03102022 BUSINESS

business@tribunemedia.net

THURSDAY, MARCH 10, 2022

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Brave double down on Govt’s ‘hidden’ $650m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister’s accusation that his predecessor hid an “astounding” $650m of unfunded liabilities from its pre-election fiscal report was yesterday exposed as a “difference in interpretation”.

The long-promised Deloitte & Touche review of the Government’s “accounts payables”, tabled in the House of Assembly by Philip Davis QC himself, disclosed that the accounting firm had been asked to take a much “broader view” of its future spending commitments and obligations than the Minnis administration adopted when compiling the pre-election fiscal report.

The latter interpreted the Fiscal Responsibility Act as requiring it to only disclose the unpaid arrears that had crystallised, and were due for payment at that point, whereas Deloitte & Touche revealed that the Davis administration had post-election asked it to determine all current as

• ‘Differences of interpretation’ lie behind liability accusations • Deloitte: Switch to accrual accounting will resolve disputes • Opposition slams ‘reckless’ signal to global capital markets well as future liabilities and spending obligations - a much wider exercise.

This, the accounting firm’s report said, accounted for the difference between the $821.52 worth of “unbudgeted obligations” that it detected at October 14, 2021, and the $108.806m worth of unpaid arrears identified as owed by the Government in the Minnis administration’s preelection report.

SEE PAGE THREE

PHILIP DAVIS

$900m crackdown on large tax delinquents

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister yesterday unveiled plans to crackdown on delinquent taxpayers owing a collective $900m by creating a unit to focus on the Government’s major revenue generators.

Philip Davis QC, presenting the mid-year Budget statement in the House of Assembly, revealed that the Department of Inland Revenue (DIR) was considering whether to follow other countries in establishing a Large Taxpayer Unit to focus on clients who both contribute the bulk of the Government’s revenues and pose the greatest non-compliance vulnerabilities.

“This is a significant reform as currently the Department has about $900m in outstanding taxes. The vast of majority of these taxes are owed by relatively small group of businesses,” the Prime Minister revealed.

“As is done in many other countries, and as is recommended in line with best practice, [the Department of] Inland Revenue is considering exploring the establishment of a Large Taxpayer Unit (LTU). This would effect better control of, and service to, those taxpayers who contribute the majority of tax revenues.”

The potential benefits, Mr Davis added, will involve

SEE PAGE SIX

‘Comfort’ as PM pledges tax increases last resort

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BUSINESSES and Bahamians can take “comfort” from the Prime Minister’s repeated assertion that new and/or increased taxes will be “a last resort”, a governance reformer said yesterday.

Hubert Edwards, the Organisation for Responsible Governance’s (ORG) economic development head, told Tribune Business that the stance taken

by Philip Davis QC gives the private sector and households “something valuable to hold on to” as they struggle to rebound from

HUBERT EDWARDS COVID-19’s devastation and soaring inflation that will be worsened by Russia’s Ukraine invasion.

SEE PAGE EIGHT

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Top Customs officers in ‘vast fee disparity’ • Six-figure earnings by keeping best clearances for themselves

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO senior Customs officers received a combined $836,391 in reimbursements over a three-and-a-half year period by selecting themselves for the most lucrative import clearance assignments.

The Auditor General’s Office, in a report tabled in the House of Assembly yesterday, revealed that the “supervisor” in charge of Customs’ examination section and their “assistant supervisor” together accounted for 21 percent more than one-fifth - of all so-called “transportation fees”.

These are paid to the Department’s officers for using their own vehicles to attend the clearance of containers at an importer’s premises. Finding there was “a vast disparity” between the fee reimbursements

obtained by different Customs officers, the report said the “top 20” claims accounted for 61 percent - or $2.393m - of the total $3.913m paid out between July 2018 and December 2021.

That meant the other 452 Customs officers shared $1.52m, for an average of $3,363 person, a sum which pales in comparison to that received by the two senior officers. The duo are not named in the report, but the Auditor General’s Office urged that those selecting which officers handle on-site clearance “do not partake in” such visits themselves to avoid potential conflicts.

The two senior officers obtained such extensive compensation because they frequently assigned themselves to on-site container examinations involving goods imported by companies in Customs’ ‘Trusted

SEE PAGE SEVEN

PAGE 2, Thursday, March 10, 2022

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CRUISE PASSENGER COUNT AT NEW POST-COVID HIGH

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net NASSAU Cruise Port’s (NCP) new arrivals terminal will be operational by year-end 2022, its chief executive said yesterday.

Michael Maura told Tribune Business yesterday that Prince George Wharf’s near-$300m transformation has not slowed since The Bahamas reopened from COVID-19 lockdowns and associated restrictions.

He added that work has accelerated in the past few weeks.

“We have a lot planned.

We’re going to have

finished our town square and our marketplace, our living coral exhibit, our art studio and our curator product. We have the GT (ground transportation) area, which is for taxis and tour operators,” he said.

“We have our new ferry dock, which will all be available by May, and everything else I just articulated will be by the end of the year. We’ll be operating out of our new arrivals terminal by the end of the year along with Immigration, Customs and the Port department.”

Mr Maura was speaking as the world’s largest cruise ship, Royal Caribbean’s Wonder of the Seas, docked in Nassau on its maiden

NASSAU CRUISE PORT voyage. The Nassau Cruise Port chief estimated it had brought around 4,500 passengers to the Bahamian capital.

“The vessel to the side of us, which is the Freedom of the Seas, has I think around 3,500 passengers on board.

We’ve got three Carnival vessels today. Our passenger count is right around 14,000 passengers, which is the highest it’s been in some time,” he added. “We have awesome forecasts and projections with ships and passengers.”

“We’ve got a lot of fun events planned, as you would have seen. We have a Junkanoo group out there right now, we have

refreshments, we have dancers. We’re really trying to bring our Bahamian culture to these passengers as they disembark the Wonder of the Seas today.

“They’re actually here until 9pm tonight. So both ships, we have a lot also happening downtown. We have a band at Pompeii Square, we have a band in Rawson Square. So again, we’re trying to draw those passengers off the pier and into downtown, where they can spend some money and they can get their hair braided. They can get a taxi, a tour, buy something authentically Bahamian and so forth.”

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BRAVE DOUBLE DOWN ON GOVT’S ‘HIDDEN’ $650M FROM PAGE ONE Deloitte said the argument revolved around the interpretation of the Fiscal Responsibility Act, especially section (b)(viii) in its Third Schedule, which says the update only need include “the outstanding stock of arrears for all government entities, including showing separately all new unpaid invoices since the stock of arrears was last reported”.

While the Minnis administration and its officials took a narrower view, using the Government’s existing modified cash-based accounting, its successor took a much more expansive approach on what should be included by requesting that Deloitte use the accrualbased accounting method to determine the extent of all unfunded future spending commitments and liabilities.

“There are fundamental differences in the interpretation of this section of the Fiscal Responsibility Act between the former senior leadership responsible for the production of the preelection report and those responsible for producing current reports,” Deloitte said.

“For the pre-election report, former senior leadership believes that it should include the stock of arrears and any unpaid invoices that have become arrears for central government only. Former senior leadership expressed that this report should not include total payables, nor should it include any amounts for state-owned enterprises (SOEs)” Deloitte noted that the former Minnis administration, though, had requested such information from its SOEs for the pre-election report but nothing was received. As a result, that document detailed some $108.8m in unpaid invoices.

Mr Davis, in his mid-year Budget address, yesterday threw in $64.3m to make the total $173.1m.

Turning to the Davis administration’s position, and the assignment it was to perform, Deloitte said it was asked to determine the Government’s “current payables position” by pulling together “all obligations/ commitments (recurrent, capital and SOEs, which are not included in the 2021-2022 approved Budget estimates”.

Tellingly, it explained: “This differed from the request for total arrears only, used in preparation of the pre-election report. This is a broader view.” Adding in future spending commitments that have yet to crystallise, Deloitte said the Government’s unbudgeted obligations as at October 14, 2021, comprised $315.387m on the recurrent spending side and $130.442m for capital works.

SOE obligations totalled $120.37m, while there was an additional $255.32m in debt servicing - the latter sum relating entirely to the legacy Bahamas Power & Light (BPL) debt that the Government assumed responsibility for servicing.

“Current senior leadership also believes that the Bahamas Resolve bond of approximately $167.7m, which becomes due in August 2022, has crystallised as a current liability and should be reported,” Deloitte said, referring to the redemption that will make Bank of The Bahamas’ balance sheet whole. This would give the Prime Minister the $1bn in unfunded liabilities he was seeking.

Mr Davis, though, yesterday doubled down on his accusation that the Minnis administration had concealed the true extent of The Bahamas’ fiscal woes by omitting extensive unfunded liabilities from its pre-election report.

“It is extremely regrettable, Madam Speaker, that the previous administration fell well short in its legal and moral duties to be as transparent as practically possible in order that

it might be held accountable for its decisions and actions,” Mr Davis said.

“In August last year, the former administration released its pre-election report as required under the Fiscal Responsibility Act. In part, this Act mandates the Government to disclose its account of arrears, unpaid bills and other unbudgeted financial obligations. Sadly, Madam Speaker, the report from last August fell woefully short of the standard required by law.”

Describing Deloitte’s findings as “simply astounding”, he asserted: “The previous administration failed to disclose significant liabilities and unfunded obligations of the Government, totalling some $821.5m - almost $1bn.”

Apart from the $255.3m legacy BPL debt, Mr Davis identified other unfunded arrears as: * $155.5m in unpaid bills and other obligations owed

by SOEs * $25.7m for the Ministry of The Public Service, “largely representing outstanding payments for insurance services” * $17.7m for the Office of the Attorney General “to settle outstanding legal claims” * $14.2m in VAT refunds for the Department of Inland Revenue. Mr Davis said this amount represented what has been refunded to-date, and added that total refund claims “exceed $100m”.

The balance has not been verified and the Government is still working with those anticipating receiving reimbursement * $15.8m for the Ministry of Health, including outstanding payments owed to Doctors Hospital for critical care COVID-19 patient support * $129.5m in unfunded contract obligations for the Ministry of Public Works * $23m in bills for water purchased by the Water and Sewerage Corporation * $56m for the Public Hospital Authority, including

over $25m in potential liabilities for the 2018 union agreement * $34.2m for the Ministry of Tourism, including a significant amount of unpaid bills for Bahamasair “Are we to assume that all these invoices and unfunded obligations magically appeared in less than two months after the election?” Mr Davis asked, adding that “for the first time the Bahamian people, investors and lenders now have a comprehensive picture of the progress we are making towards our fiscal targets”.

The Opposition, which includes several former Minnis Cabinet ministers, yesterday hit back immediately by attacking the Prime Minister for “reckless” and “irresponsible” statements that sent the wrong signal to rating agencies, investors and lenders through suggesting the previous administration deliberately concealed the depth of The Bahamas’ fiscal crisis.

Kwasi Thompson, former minister of state for finance, told Tribune Business that Mr Davis’ statements represented “a lot of smoke and mirrors”. He argued that while the pre-election and Deloitte reports could both be deemed correct, it was impossible to compare them because they had very different remits and were based on two separate accounting methods.

“Deloitte’s report clearly indicates that the difference is as a result of different interpretations, and it was spelled out clearly in the report. It was a difference of interpretation between the Ministry of Finance officials under the previous administration and Ministry of Finance officials under this current administration,” Mr Thompson said.

“We are very concerned about the message this sends out to the rating agencies and international community. It is one thing to have political differences and political back and forth, but it is an entirely different

Thursday, March 10, 2022, PAGE 3

situation to make an accusation that really puts the reputation of the Government in jeopardy.

“That is not just the former FNM administration. It puts the entire reputation of the Government in jeopardy when you make those unfounded allegations, so we’re very concerned. The Deloitte report clearly indicates the difference, and what that accounts for and what should and should not be in the report. It’s wholly irresponsible to make these allegations under these circumstances.”

He was echoed by Opposition leader Michael Pintard, who accused the Prime Minister of seeking to “score political points” despite the Deloitte report itself “saying something else and having a different tone to his. Mr Pintard also suggested a substantial portion of the unfunded obligations referenced by Mr Davis had been accumulated under the last Christie administration.

Tribune Business reported last year that while the Deloitte report likely provides a more accurate picture of the Government’s financial position, it is based on an accrual accounting method not presently employed by the public sector.

The Government presently uses a cashbased system, as reflected by the pre-election report, while Deloitte was requested by the Davis administration to use the accrual method - the difference creating the wild variation between their findings.

Deloitte, in its March 8, 2022, assessment, concluded that the pre-election fiscal report was “generally compliant with the Fiscal Responsibility Act” apart from two areas. These were revenue and expenditure forecasts, where the Minnis administration was deemed “partially compliant”, and non-compliance on new spending and outstanding arrears.

While the latter was disputed by persons close to the Minnis administration, the accounting firm added: “These areas of deficiency are pivotal to compiling an accurate accounts payable position... It is our view that pre-election and other periodic reports and updates, to be meaningful, should provide a reasonable assessment of the obligations of the Government.

“The stock of arrears should be reported, as stated in the Fiscal Responsibility Act, for all ‘government entities’ which, for us, would include the SOEs. It is also our view that any significant unbudgeted obligations should be brought to the Government’s attention in a timely manner.”

Revealing that Ministry of Finance officials had admitted the failure to include the Government’s arrears in all previous mid-year Budget reports had been “an oversight”, Deloitte called for the Fiscal Responsibility Act’s terms and definitions to be clarified so that there is no room for misunderstanding or interpretation.

It added that for the Fiscal Responsibility Act “to become fully potent and enable the Ministry of Finance to sufficiently and accurately determine the country’s full risk profile, it should be amended to include all outstanding liabilities inclusive of stock of arrears”. Otherwise, Deloitte warned, The Bahamas’ risk profile will “always be understated”.

Questioning whether the Ministry of Finance reviews information received from all other departments and agencies thoroughly, given the “discrepancies” it uncovered, Deloitte said the only area both administrations agreed on was the need to transition the Government to accrual-based accounting.

“This has been the intent of multiple administrations without any significant progress,” Deloitte said.

“The challenges noted in this report are a direct consequence of maintaining the current approach to accounting.”

PAGE 4, Thursday, March 10, 2022

DPM HAILS WORLD’S LARGEST CRUISE SHIP

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday hailed the arrival of the world’s largest cruise ship in Nassau as epitomising “what a good partnership is supposed to look like”.

Chester Cooper, also minister for tourism, investments and aviation, speaking at the inaugural arrival of Royal Caribbean’s Wonder of the Seas in Nassau, said:

“The Bahamian people are thrilled about the impact of the Wonder of the Seas. This trip also features two days in our destination, one in Nassau and one at Perfect Day at Coco Cay amid this seven-day cruise.”

“With more than 300 destinations around the world, The Bahamas remains one of the best ports of call for passengers, and that can provide another opportunity for growth in our relationship for tourism arrivals and, indirectly, more jobs and opportunities for families,” he added.

“2019 was the last full year of tourism arrivals before the pandemic.

We welcomed 5.4m [cruise] visitors whose spending injected in the range of $125m into our economy.

Royal Caribbean, along with its subsidiaries, provided 34 percent, approximately 1.84m cruise passengers, to The Bahamas. What is significant about that number is that they arrived at The Bahamas as the first port of call, and that their guests are still very energetic and they still have a

lot of money in their pocket to spend “In 2021, our cruise visitor arrivals totalled 1.21m, with Royal Caribbean and its subsidiaries bringing in 526,000, or approximately 47 percent, of cruise travellers to our shores as their first port of entry.

This tells me that before the pandemic, it was 34 percent, and now it is 47 percent. That tells me that, at the port of Nassau, Royal Caribbean’s rebound is faster than the rest of the industry,” Mr Cooper.

“We can confidently say that The Bahamas’ tourism is rebounding, and rebounding faster than the rest of the region. With the incredible and newest, largest cruise ship, you will undoubtedly reach historic occupancy levels into an economic boost.”

Michael Bayley, Royal Caribbean’s president and chief executive, yesterday said the cruise line did not submit a new bid for the Grand Lucayan resort during the latest sales process initiated by the Government. The cruise

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line and its then-partner, ITM Group, mutually agreed with the Government to cease pursuit of their pre-pandemic deal late last year.

Mr Bayley indicated that Royal Caribbean is pursuing a different project, thought to be the redevelopment of Freeport Harbour, which it has long been negotiating with Freeport Harbour Company and its controlling shareholder, Hutchison Whampoa.

ALIV and Cable Bahamas executives at MWC 2022 in Barcelona. From L to R: Aliv executive consultant, Will Casselton; Huawei account manager, Jesus Castellano; Amber Carey, senior director of commercial and marketing; John Gomez, Aliv chief executive; Tracey Boucher, group vice-president of engineering; Stephen Curran, group chief technical officer; and Franklyn Butler, Cable Bahamas group president and chief executive.

TOP CABLE, ALIV EXECUTIVES ATTEND MOBILE TRADE SHOW CABLE Bahamas and Aliv’s top executives last week attended one of the world’s largest mobile communication trade shows held in Barcelona, Spain.

Both Cable Bahamas group chief executive, Franklyn Butler, and Aliv chief executive, John Gomez, were present at GSMA’s Mobile World Congress 2022. “As GSMA members and leaders in communication, it was pivotal for us to attend the Mobile World Congress conference,” said Mr Butler.

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“We engaged other leaders to discuss the future of the industry and opportunities that could benefit The Bahamas. Additionally, we were able to further align our business and The Bahamas with opportunities surrounding the digital transformation, including 5G, fibre, etc.”

The conference was postponed in 2020 due to COVID-19, and then reduced in size for 2021, but has returned for in-person meetings and presentations this year. On the last day, international winners of the Global Mobile

Awards (GLOMO) were recognised.

“Despite the pandemic slowing down many aspects of life, it has inspired exponential growth locally and internationally surrounding the digital transformation,” said Mr Gomez. “It was extremely encouraging to see companies, like ours, be recognised for dedication and network accomplishments.

“By attending events like Mobile World Congress, Aliv continues to prove that it’s a competitive network in the local and regional markets.” Mobile World Congress showcases how the digital world transforms lives and supports the global recovery, while recognising the increased need for connectivity.

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Thursday, March 10, 2022, PAGE 5

AGENCIES EYE TECHNOLOGY OVER FOOD SECURITY BOOST TWO government agencies say they are exploring new technologies to help deliver improved food security for The Bahamas in the wake of the COVID-19 pandemic.

Representatives from both the Bahamas Agricultural Industrial Corporation (BAIC) and The Bahamas Agricultural Health and Food Safety Authority (BAHFSA) were a part of a delegation that recently travelled to Dubai for the inaugural Food for Future Summit, which was a part of Food, Agriculture and

Livelihoods week at the World Expo 2020.

BAIC chairman, Leroy Major, said: “We’ve seen a lot of vertical farming. I know that there are some farmers that are doing it now, but if we invest in that, we can do a lot more in a very small area. I think that is the way that we need to go to sustain what we have, and we must get a whole lot more farmers involved.

“To get more farmers involved, it is going to call for more land leases. But if we could get our farmers to go vertically, and give them

the technology, support and knowledge they need, I believe we can accomplish the goal of food security.

“Food security is more than just putting a seed in the ground. You need to know the technology because it needs to be sustainable. We need to be more concerned about climate change. Sustainability calls for innovation, and calls for bridging the gap between the young and old.

It also calls for us to protect our assets in the agricultural sector.”

Mr Major said he hopes to stage several workshops to educate farmers on new technologies that can assist them to yield more flourishing crops.

“We are going to gather all the farmers, talk, help and encourage them and, most of all, we are going to implement some sustainability programmes that will cause us to sustain what we are growing in agriculture,” he said. “Food security is a global crisis, but if we can come together, we can handle ourselves and do

what we need to do to save our country some money.”

Chris Worrell, BAHFSA’s director, said he attended numerous forums at the Expo that focused on health and safety. “One of the important problems that we have in our country is data, and how to get the data that farmers will need to be able to combat the pests,” he added.

“So right now, we are inspired to look at satellite data to predict pests flourishing before farmers plant their crops, which would give them much more

flourishing and productive crops.

“Additionally, there are many ways where businesses can actually improve productivity by utilising waste and converting it, which helps us with managing climate change. It allows us to be more resilient, and helps us to move forward and get more healthier food out there and helps us with the goal to be more self-sufficient.”

Taking STEP towards first-ever conference BOARD members from the Society of Trust and Estate Practitioners (Bahamas) branch met with Senator Michael Halkitis, minister of economic affairs, to discuss plans for their first conference.

Theo Burrows, STEP Bahamas Board chair, outlined plans for the event that will be held in October this year. It is expected to attract a significant number of foreign delegates and provide a cross-sector overview of the value that The Bahamas offers to the financial services industry.

Other key issues to be discussed at the upcoming conference are climate change, the economy and their nexus to the

financial services industry; smart funds; ICON funds; the DARE (Digital Assets and Registered Exchanges Act; trusts and other products and initiatives that form part of the country’s offering.

“This in-person event will demonstrate to the world that The Bahamas is open for business, and that we mean business,” said Mr Burrows.

John Lawrence, past STEP Bahamas chair, added: “This is a major initiative for our organisation, long in the making, and we greatly look forward to showcasing all that our country has to offer the international financial community.”

STEP is a global professional body comprising lawyers, accountants, trustees and other practitioners that help families plan for their futures. It has more than 21,000 members worldwide, and is considered the leading body in the international estate and wealth-planning sector.

The STEP Bahamas Board also informed Mr Halkitis that it plans to offer immersion language programmes in Spanish and Portuguese to qualified individuals, in partnership with other industry stakeholders, and will implement an awards ceremony to recognise practitioners and their contributions.

PICTURED (L to R): Deborah C. Watson, director of financial services; Cora Colebrooke, Ministry of Economic Affairs permanent secretary; STEP Bahamas directors Patwell Rose and Samantha Saunders; STEP Bahamas chair, Theo Burrows; Senator Halkitis; John Lawrence, past chair of STEP Bahamas; STEP Bahamas treasurer, Anayah Miller; and STEP Bahamas directors, Shivron Gay and Taryn Gordon.

Photo:STEP Bahamas

PAGE 6, Thursday, March 10, 2022

$900M CRACKDOWN ON LARGE TAX DELINQUENTS

FROM PAGE ONE

“stabilising the collection of a large portion of national revenue collections, bringing predictability to revenue planning”, while enhancing compliance and improving quality of service for large taxpayers generating a significant portion of the Government’s income via VAT, import tariffs, property taxes and Business Licence fees.

Hubert Edwards, the Organisation for Responsible Governance’s (ORG) economic development chief, told Tribune Business

he has “no problem in principle” with the creation of a Large Taxpayer Unit within the Department of Inland Revenue given the need to ensure all pay their fair share in taxes.

“I believe that any initiative that makes tax collection more efficient and complete is a good thing,” he added, “because obviously if a tax payable is owed and payable, then collection and enforcement has to be a part of that process.

“To the extent an individual has a tax liability that is genuine and outstanding,

they should pay, and if payment does not happen or they are significantly late one expects the Government will put in place a system and process to enhance collection.”

Mr Davis’ mid-year Budget statement gave an insight into the Government’s thinking as it seeks to boost compliance, enforcement and revenue administration in an effort to grow its income to a sum equal to 25 percent of gross domestic product (GDP) by 2025-2026 - a target that the Prime Minister

himself yesterday admitted is “bold” and “aggressive”.

“The team at the Ministry of Finance, along with our international consultants, are continually exploring various revenue options that might be implemented if necessary,” he said. “There are several administrative reforms that the team has identified which will improve operational efficiencies and improve overall revenue collections.”

Besides the Large Taxpayer Unit, Mr Davis said the Government is also mulling whether to designate qualified businesses as VAT “withholding agents”.

Such companies will be able to withhold the VAT payable to their suppliers and vendors on the invoices they receive, and instead directly remit due payment to the Government themselves.

It is a practice employed by other nations, and Mr Davis said: “To further strengthen VAT collections, the establishment of VAT withholding agents and the introduction of electronic fiscal devices (EFDs) is also recommended.

“As for the former option, legislation would be needed to appoint certain

purchasers of goods and services as ‘VAT withholding agents’. They would be required to withhold the VAT amount when paying invoices from standard rate vendors, and remit that VAT directly to the Government on behalf of the vendor.”

The Prime Minister also confirmed that the Government is mulling whether to implement the long-talkedabout idea, via legislation or agreements, for mortgage lenders to include real property tax payments in their borrower clients’ monthly repayments.

“Consideration could also be given to require that property taxes be included in the amortisation schedules of all mortgages, through both negotiated agreements with financial institutions, and via legislation,” Mr Davis said.

“The revenue impact could be significant as it would ensure the collection of real property tax revenues, and eliminate opportunities for non- payment by mortgage holders.... The Government is continuing, through data collection agreements, to exploit the use of big data techniques to detect tax evasion and avoidance.

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“For instance, the Government already collects data on Airbnb rentals, which facilitates the identification of properties collecting revenue but not paying taxes. To build further on this initiative, Inland Revenue has engaged an international firm to provide data on a variety of online transactions.”

Then there is the need to build-up the Department of Inland Revenue’s expertise and human resources capacity. The Prime Minister added: “We must address the long-standing staffing challenges at the Department of Inland Revenue.

“Upon coming to office, we met the Department of Inland Revenue with 214 employees, of which only 52 were permanent and 49 seconded from other departments Fifty-four per cent of the officers were on contract, the vast majority of which have expired.

“The last person to hold the post of controller of the Department retired in 2017.

Since then, no-one has been appointed to the post, or chosen to act in the capacity of controller. There have also been no appointments (even on an acting basis) to the posts of deputy or assistant controller.

“Since 2017, the Department had also experienced a very high turnover of staff resulting in the suspension of critical functions, such as audits. As a result the Department of Inland Revenue has performed poorly in ensuring that payments were submitted in a timely manner. Reforming the Department of Inland Revenue with adequate staffing is an absolute necessity.”

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Thursday, March 10, 2022, PAGE 7

TOP CUSTOMS OFFICERS IN ‘VAST FEE DISPARITY’ FROM PAGE ONE Traders’ programme, who typically import the greatest cargo volumes on a near-daily basis.

“The process of assignment and scheduling of attendance requests for onsite examination is under the supervision of the Examination section supervisors, a senior Customs officer and Grade 1 Customs officer,” the Auditor General’s Office reported.

“We noted that the supervisors in charge, senior Customs officer and Grade 1 Customs officer, had the authority to assign and schedule the on-site examination visits. In managing the process, both of these Customs officers assigned themselves to be in charge of the majority of ‘Trusted Traders’.

“The ‘Trusted Traders’ are the bulk of the on-site examination visits and, as such, volumes of container movements and attendance requests are transacted.

This trade drives the ‘highest transportation fee payments’ and is linked to the bulk of Customs’ revenue and activities.”

Tribune Business understands that the transportation fee

reimbursement claims were signed-off by senior Customs officers. The size of the payments is thought to have attracted the attention of top Ministry of Finance officials under the former Minnis administration, who became suspicious and initiated the probe by the Auditor General after Customs found it hard to justify the sums involved.

Dr Geannine Moss, Customs’ comptroller, was recently placed on administrative leave by the Davis administration. This newspaper understands her response to the ‘transportation fee’ probe had been awaited when the Minnis administration was voted out of office in September 2021, although there was no suggestion of wrongdoing on her part.

The Auditor General’s report confirmed that these fees are “reimbursement to Customs officers for the utilisation of their personal vehicle in the execution of their duties at on-site examination at importers’ place of business”.

For Customs officers to inspect containers and imported goods on-site, companies must pay a $75 ‘Road Tax’ fee and a further $100 ‘Service’ fee. A

$50 charge is also levied as a ‘Requesting Officer’ fee, while the ‘transportation fee’ for Customs officers is set at $40-$50.

The Auditor General’s Office, though, found that a “disproportionate distribution” of these transportation fees had occurred through senior officers selecting the most lucrative on-site examinations for themselves.

“We were informed that it is a practice for senior Customs officers and Grade 1 Customs officers to manage the ‘Trusted Traders’ on-site examinations,” the Auditor General’s Office found.

“Assigning Customs officers to examine the bulk of ‘Trusted Traders’ resulted in a vast disparity in officers receiving much higher overall transportation fee payments than all of the other examination team of Customs officers, who are providing attendance and examination services and using their private vehicles.

“The continuance of the large share of attendance requests by ‘Trusted Traders’ assignments to the first and second in command (the supervisors of the Examinations section)

contributed to the disproportionate distribution.”

The Examination section’s supervisor received $351,849 in transportation fees over the near threeand-a-half year period assessed, while their deputy took home some $484,542.

The next highest ‘earner’, by contrast, received just $190,619.

The so-called “top 20” fee earners were reimbursed sums ranging from $31,850 to $484,542. All were assigned to the clearance of containers and other goods imported by so-called ‘Trusted Traders’.

In contrast, the other 452 received reimbursements ranging from $31,177 to just $1.54.

The Auditor General’s Office said “the payment variance is significant”, with “the uneven distribution of attendance requests resulting in inconsistencies in transportation fee payments”. It attributed this to the daily on-site examination requests submitted by ‘Trusted Traders’, who on

average moved between 11 and 20 containers per day.

Some had as high as 29 container movements per day.

“This is the main reason for the two Customs officers that supervised the Examination section receiving $484,542 and $351,850m respectively,” the Auditor General’s Office added.

“The record reflects that they assigned several ‘Trusted Traders’ to themselves....

“We recommend that those who manage the distribution and assignment of attendance records for on-site examination, ‘supervisors of the Examination

section’, do not partake in on-site visits that require use of personal vehicles for transportation fee reimbursement.

“We further recommend that the assignment of ‘Trusted Traders’ on-site examination attendance requests be equitably distributed and rotated to strengthen the internal controls. In addition, we recommend using data analytics and reviewing performance reports for effective decision-making for continuous improvement in good governance and accountability.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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, Thursday, March 10, 2022

THE TRIBUNE

‘COMFORT’ AS PM PLEDGES TAX INCREASES LAST RESORT FROM PAGE ONE He spoke out after the Prime Minister used yesterday’s mid-year Budget statement to repeatedly promise that new and/ or increased taxes will only be implemented if all other options to address The Bahamas’ fiscal crisis fail, while ruling out any such measures in the shortterm given the fragility of the Bahamian economy’s recovery.

Acknowledging that price increases will be sustained through at least the fiscal year’s end-June

2022 close, Mr Davis told the House of Assembly: “The Government and its agencies are the largest providers of goods and services in this economy. This means that the Government feels the impact of inflation immediately.

“Despite this, we are committed to not increasing taxes or fees in the short-term as we believe that this surge in inflation is not structural in nature.”

He added that the VAT rate cut, from 12 percent to 10 percent, together with the elimination of

almost all zero ratings and exemptions, had cut the tax burden on “95 percent of goods and services” and helped to mitigate inflation’s impact.

Mr Davis repeated similar ‘no tax increase’ pledges twice more in his address.

Despite setting the ambitious goal of a 25 percent revenue-to-GDP ratio by 2025-2026, a five percentage point increase from the current fiscal year’s projection, he added: “I have stated unequivocally that tax increases would

be a last resort for this administration.”

And, after detailing several revenue administration enhancements currently being mulled by the Government, the Prime Minister added: “For the avoidance of doubt, my Government stands firmly by the statements we made when in Opposition. We still maintain that only increasing taxes as a means of resolving fiscal challenges is a lazy approach to governance.

“Increasing taxes essentially decreases the income of citizens, increases hardship and should only be used when absolutely necessary. While the team in the Ministry of Finance, along with their consultants, have explored potential tax options, any increases would only be implemented

after we have exhausted all other options.”

In response to Mr Davis’ “last resort approach”, Mr Edwards said: “I would agree with that sentiment absolutely. It has to be a last resort. If it is not needed, then it shouldn’t be done. From a business perspective, this should be something valuable to hold on to because the administration is signalling this is not an exercise of automatic tax increases.

“The right approach is not to go into this with a pre-determined position that there will be a tax increase..... Comfort should be taken by the public and business houses that increases are a last resort, and that is a prudent approach to take, quite frankly.”

However, Rick Lowe, an executive with the

Nassau Institute thinktank, responded by telling Tribune Business: “We’re near a last resort if this war in Ukraine keeps going.

It’s [tax increases] going to be necessary if things keep going the way they are going. All the chickens are coming home to roost, I’m afraid. It’s been coming for decades, but I think it’s here.”

Mr Davis, meanwhile, said achieving a 25 percent revenue-to-GDP target by 2024-2025 was critical to restoring The Bahamas’ fiscal health and providing the Government with the resources it needs to deliver efficient public services.

“This is a bold and aggressive plan that is designed to manage an unprecedented fiscal challenge. It is also a reasonable, responsible and realistic plan. Bringing us to that 25 per cent level would merely bring into line, though still at the lower limit, with the norm that prevails in other economies in the region,” he argued.

“Many Latin American and Caribbean countries post an average ratio of 27 per cent, with regional rates of 30-31 per cent in Jamaica, Barbados and Belize. Modern governance necessitates that government has access to the fiscal resources needed to meet the needs of its citizenry. Relentlessly and perpetually ignoring that need, and simply financing Government activities by borrowing at home and abroad, is a prescription for eventual disaster.”

THE TRIBUNE

Thursday, March 10, 2022, PAGE 9

‘UNNECESSARY DAMAGE’: FOOD TASK FORCE HEAD REBUTS PM

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE head of the former COVID-19 feeding programme yesterday voiced fears that participants will be “unnecessarily damaged” by the Prime Minister’s continuing attacks on its work.

Susan Larson, who ran the National Food Distribution Task Force created by the former Minnis administration, told Tribune Business that Philip Davis QC was creating the “wrong perception” when he asserted in the House of Assembly that one nongovernmental organisation (NGO) member had “close to $2m sitting in their bank accounts” when the initiative ended.

She explained that the monies the Prime Minister was referencing were “miscoded, not misappropriated” and the relevant NGO was not even aware the funds were in its account. Mrs Larson said that once the “accounting error” was discovered, steps were immediately taken to return the funds to the Public Treasury.

And she pledged to publicly “defend the honour” of all the NGOs that participated “because they don’t deserve this”. Mrs Larson spoke out after Mr Davis, in unveiling the mid-year Budget statement in the House of Assembly, said the “ongoing” review of the COVID-19 feeding initiative “has produced some startling results”.

“During a period of great food insecurity, when many Bahamians were struggling to feed themselves and their families, several NGOs failed to utilise the full amount allocated to them,” the Prime Minister asserted.

“Why not? What is the point of holding onto funds when there was such a huge need to feed people? And if the funds were available, why was better quality food not provided to all Bahamians?” After voicing complaints about food

quality, Mr Davis then referred to the $2m.

“These NGOs were holding on to substantial amounts of cash. In one case, one had close to $2m sitting in their bank accounts. Why?” he asked.

“These amounts have since been returned as we have demanded, but this fact, coupled with the extremely poor record-keeping which characterised all elements of this programme, leaves one to question what exactly was the true purpose of this programme.

It clearly was not just to address food insecurity.

“Some NGOs have, in fact, failed to provide any real information. In Grand Bahama, the programme was run out of the political office of the then-minister for Grand Bahama, and no real co-operation has been forthcoming. The Bahamian people deserve answers and steps have, and will be, taken to ensure that those responsible will be held accountable.”

In response, Mrs Larson effectively told this newspaper that the Davis administration is creating controversy where none exists. “I think that you will find each of the NGOs that participated in the Task Force stands by their record and their service to the Bahamian people.

“The funds that the Prime Minister is referring to were miscoded, and not misappropriated, so they were not holding on to these funds as if they knew they had them and refused to spend them. This was an accounting error which, when discovered, the funds were put into escrow and the NGO awaited instructions on returning them to the Public Treasury.

“If you know how account numbers are applied to monies going in and going out, it was miscoded and not tallied in accounts attached to the Task Force.

It was not spent, it was not tallied. As soon as the error was realised it was held in escrow and immediate steps were taken to return it to the Public Treasury.”

The Minnis administration’s COVID-19 feeding initiative has come under attack and scrutiny ever since its successor was voted into office on September 16 last year. “I think the choice of words is unfortunate,” Mrs Larson said of the Prime Minister’s comments.

“All of us on the Task Force are very, very proud of what we accomplished under extraordinary circumstances and we’ll just stand by that. We were in a pandemic, lockdowns, and the bottom fell out of the Bahamian economy virtually overnight, and we have fed tens of thousands of people for the last two years.

“I’m very concerned that the good reputation of the NGOs, who have served the country in a stellar fashion for years, is going to be unnecessarily damaged. This was an accounting error, there was nothing under hand. This was a simple human mistake,” she continued.

“It’s very unfortunate this has happened, and I’ll go out to the general public to defend the honour of the NGOs because they don’t deserve this... The wrong perception is being created by the choice of words being used here.”

PAGE 12, Thursday, March 10, 2022

STOCKS JUMP MOST SINCE JUNE 2020 AS OIL PRICES FALL SHARPLY

By STAN CHOE, DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers NEW YORK (AP) — Stocks rallied for their biggest gain in nearly two

years Wednesday as a sharp drop in oil prices eased fears that inflation was about to get worse around the globe.

The S&P 500 climbed 2.6%, its biggest increase since June 2020. The Dow Jones Industrial Average

rose 2% and the Nasdaq composite jumped 3.6%.

The gains snapped a fourday losing streak for the major indexes, though they remained on pace for weekly losses.

The market turnaround came as the price of U.S. crude oil dropped 12%, the most since November, bringing relief after a sharp runup in crude prices since Russia invaded Ukraine.

Brent, the international oil

THE TRIBUNE standard, fell 13.2%, its biggest fall in almost two years.

Big swings have been jerking markets around in recent weeks as investors grope to guess how much economic damage Russia’s invasion of Ukraine will do. The swings have struck not only day-to-day but also hour-to-hour, with some days seeing several big reversals.

The chaotic movements are likely only to continue with uncertainty so high about the war in Ukraine and its ultimate economic fallout. The region is key to markets because it’s a major producer of oil, wheat and other commodities, whose prices have spiked on worries about disruptions to supplies.

“It’s one day, so it’s hard to really draw any type of conclusions,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “Markets had their backs against the wall, kind of expecting the worst.”

Crude oil prices tumbled and the slide accelerated amid reports that the United Arab Emirates will urge fellow OPEC members to boost production and ease supply concerns.

A barrel of U.S. crude oil settled at $108.70. Brent settled at $111.14.

Stocks once again moved in the opposite direction of oil prices Wednesday, with inflation such a dominant worry. Analysts said bargain hunters may be scooping up stocks after concerns about a slowing economy coupled with high inflation triggered their steep recent slide. Many of those buyers appear to be smallerpocketed, “retail” investors trading on their phones and laptops. And they’re often buying shares that big professional investors are selling.

Last week saw record selling of U.S. stocks by hedge funds, strategist Jill Carey Hall wrote in a recent BofA Global Research report. Retail investors and institutional investors were net buyers.

The moves by retail investors may be a result of people worrying about missing out on any potential rebound. A “buy-the-dip” strategy, where drops in stocks were seen mainly as opportunities to buy low, was very successful following the 2020 crash caused by the coronavirus. The S&P 500 kept climbing from that plummet without a 10% drop until just recently.

Big recent moves for markets also show that prices already reflect a lot of pessimism, with crude oil prices up more than 45% so far in 2022. That may be why crude prices actually

receded on Tuesday, after President Joe Biden announced a U.S. ban on imports of Russian oil. A ban will mean disruptions to supplies, but oil traders may already have accounted for it when they briefly pushed the price of U.S. crude above $130 a day before the announcement.

Gold prices and a measure of nervousness among stock investors on Wall Street also eased.

All told, the benchmark S&P 500 rose 107.18 to 4,277.88. The Dow added 653.61 to 33,286.25, and the Nasdaq gained 459.99 to 13,255.55. The Russell 2000 index of smaller company stocks rose 53.28, or 2.7%, to 2,016.29.

European stocks rallied even more than the U.S. market. Germany’s DAX jumped 7.9% and France’s CAC 40 rose 7.1%.

European nations face an even greater shock than the U.S. from rising energy prices because of Russia’s invasion of Ukraine. That could result in the European Union taking greater action to shore up its economy.

The result could be more stimulus and more caution from central banks on interest rate increases, said Stephen Dover, chief market strategist and head of Franklin Templeton Investment Institute.

“Whereas the U.S. will have the wind in its face as stimulus falls, Europe may actually have the wind at its back.”

On Wall Street, the gains were broad-based, with nearly 85% of the stocks in the S&P 500 rising, led by technology companies. Some of the strongest moves came from airlines, travel companies and other stocks that bounced back from steep drops on worries about fuel costs and the economy.

Among Wednesday’s few decliners were oil-related companies, which lost momentum following big leaps this year on the back of rising crude prices. Halliburton fell 5.2%, though it’s still up 52% for 2022.

Such swings have been particularly wide in markets for commodities because Russia is the No. 2 oil exporter and the No. 3 supplier of nickel, which is used in electric car batteries, stainless steel and other products. Russia and Ukraine also are among the biggest global sellers of wheat.

Less than a week after removing from Russia its list of nations deemed a safe place to invest, Fitch cut its credit rating on the nation further into junk status and warned of an imminent default on sovereign debt.

THE WALL St. street sign is framed by the American flags flying outside the New York Stock exchange, Friday, Jan. 14, 2022, in the Financial District. Stocks are opening sharply higher and signs of fear on markets are easing in early trading on Wall Street Wednesday, March 9.

Photo:Mary Altaffer/AP

THE TRIBUNE

Thursday, March 10, 2022, PAGE 13

LIMITS ON INSULIN COSTS REVIVED IN PUSH FOR SENATE ACTION

By RICARDO ALONSOZALDIVAR Associated Press WASHINGTON (AP) — Legislation to limit insulin costs for people with diabetes is getting revived in the Senate. Democrats say they want to move quickly, but they’ll need Republican support to get anything through an evenly divided chamber — and they’re not there yet.

Curbs on insulin costs have the backing of President Joe Biden, and before that, even enjoyed support from his Republican predecessor Donald Trump.

The goal reemerged this week after Senate Majority Leader Chuck Schumer, D-N.Y., wrote colleagues that “negotiations are underway with Senate Republicans on legislation to lower the cost of insulin,” part of an urgent push to address economic pain points for American families.

Democrats want to regain momentum on drug costs that they frittered away when endless rounds of intraparty disagreements stalled Biden’s domestic agenda. Some Republicans would also like to notch an accomplishment in a policy area that galvanizes voters across the political spectrum. House Democrats say insulin legislation that musters 60 votes in the Senate would also pass their chamber.

Schumer is a prominent cosponsor of a recent bill from Sen. Raphael Warnock, D-Ga., that would limit insulin copays to $35 a month for

patients covered by private insurance and those on Medicare. Although it would expand on a Medicare option launched as an experiment by the Trump administration, the bill’s roster of cosponsors includes no Republicans.

Sen. Susan Collins, R-Maine, says she is getting ready to introduce bipartisan legislation that takes a broader approach, also helping uninsured patients who bear the brunt of high and rising list prices for insulin. Collins says she’s working with New Hampshire Democratic Sen. Jeanne Shaheen, and their bill could incorporate something along the lines of Warnock’s proposal.

“I think that there ought to be enough support to get this passed in a bipartisan way,” Warnock said.

“Something as puny as politics shouldn’t get in the way of providing access to a lifesaving drug.” Health care has been a central issue for the freshman senator.

Collins says a limit on copays for insured people is only a partial solution, since it doesn’t help uninsured patients. The uninsured get stuck with high list prices because they’re excluded from deep discounts available through insurers and middlemen companies that manage prescription benefits.

“We are looking more broadly at the whole system of insulin pricing,” Collins said. “It is a priority for both Jeanne and me, and we believe we are positioned to advance a well-thought-out bill.” They plan to introduce it later this month.

A PATIENT holds a vial of insulin during a news conference outside the Olde Walkersville Pharmacy, July 28, 2019, in Windsor, Canada. Legislation to limit insulin costs for people with diabetes is getting a new push in the Senate. Democrats say they want to move quickly, but they’ll need Republican support to get anything through an evenly divided chamber.

Photo:Carlos Osorio/AP

PAGE 14, Thursday, March 10, 2022

THE TRIBUNE

PUBLIC NOTICE

NOTICE

Baygrove Limited

INTENT TO CHANGE NAME BY DEED POLL

Incorporated under the International Business Companies Act, 2000of the Commonwealth of The Bahamas.

Registration Number 105,446 B (In Voluntary Liquidation) Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Richard L. Broughton, No 6 Bosham Close, Camperdown Heights, P.O. Box SP 63801, NP, The Bahamas. Persons having a Claim against the above-named Company are required on or before the 9th day of May, 2022 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

The Public is hereby advised that I, JEANNANDREU SAINTLOUIS of St James Road, Nassau, Bahamas, intend to change my name to JEAN SAINT LOUIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that KEVIN TELUSNOR of Weybridge Road, Marathon, 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 10th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Dated this 9th day of March, 2022

Richard L. Broughton Liquidator

NOTICE NOTICE is hereby given that PABLO CRISOSTOMO of Marathon Estate, 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 10th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 9 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 2.56 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%

2249.42

-0.11

0.00

21.18

0.95

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 2.20 10.06 11.71 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 2.22 10.06 11.55 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

3,150 1,500

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 0.02 0.00 (0.16) 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 21.8 21.5 17.9 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% 19.55% 0.60% 2.84% 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

THE TRIBUNE

Thursday, March 10, 2022, PAGE 15

DID AMAZON VIOLATE FEDERAL LAWS? LAWMAKERS ASK FOR DOJ PROBE

By MARCY GORDON AP Business Writer WASHINGTON (AP) — Lawmakers followed through Wednesday on their threat to seek a criminal investigation of Amazon, asking the Justice Department to investigate whether the tech giant and senior executives obstructed Congress or violated other federal laws in testimony on its competition practices.

The House Judiciary Committee escalated the bipartisan battle against the world's biggest online retailer with a letter to Attorney General Merrick Garland referring the case for a criminal inquiry.

Amazon engaged in misleading conduct that

appeared designed to "influence, obstruct or impede" the antitrust subcommittee's 2019-20 investigation into the market dominance of Big Tech, the letter says.

As an example, it cited testimony by a senior Amazon official maintaining that the company doesn't use the data it collects on third-party merchants on its platform to compete with them, and doesn't list its own products in customer search results before those of third parties. Those assertions have been contradicted by credible news reports, the letter says.

News reports have detailed Amazon's alleged practice of undercutting the businesses that sell

on its platform by making "knock-offs," or very similar products, and boosting their presence on the site.

"Amazon attempted to clean up the inaccurate testimony through evershifting explanations of its internal policies and denials of the investigative reports," the lawmakers said. "The committee uncovered evidence from former Amazon employees, and former and current sellers, that corroborated the reports' claims."

"After Amazon was caught in a lie and repeated misrepresentations, it stonewalled the committee's efforts to uncover the truth," the letter says. It was signed by Judiciary Committee Chairman Jerrold Nadler, D-N.Y., and the

Democratic and Republican leaders of the antitrust subcommittee.

The Seattle-based company has previously denied that its executives misled the panel in their testimony.

In a statement Wednesday, Amazon said "there's no factual basis" for the committee's action, "as demonstrated in the huge volume of information we've provided over several years of good-faith cooperation with this investigation."

Amazon's third-party marketplace, with independent merchants listing millions of their products on the site, is a huge part of the company's business. It has about 2 million sellers, and Amazon has said that more than half the goods

sold on Amazon.com come from third-party sellers. It also makes money by charging third-party sellers fees, bringing in tens of billions in revenue.

In a May 2020 letter to Amazon founder and then-CEO Jeff Bezos, the antitrust subcommittee threatened a subpoena if Bezos didn't agree voluntarily to appear before the panel.

The Wall Street Journal reported at that time that Amazon used sensitive, confidential information about sellers on its marketplace, their products and transactions to develop its own competing products. An Amazon executive denied such a practice in statements at a subcommittee

THE WEATHER REPORT

5-Day Forecast

TODAY

SATURDAY

SUNDAY

MONDAY

Mostly sunny

Partly cloudy

Mostly sunny and nice

Breezy with times of clouds and sun

Strong winds subsiding; not as warm

Mostly cloudy with winds subsiding

High: 83°

Low: 73°

High: 84° Low: 72°

High: 85° Low: 66°

High: 75° Low: 65°

High: 77° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

90° F

79° F

91°-75° F

91°-68° F

75°-61° F

76°-68° F

High: 82° F/28° C Low: 72° F/22° C

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

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ABACO

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High: 80° F/27° C Low: 73° F/23° C

12-25 knots

S

High: 86° F/30° C Low: 70° F/21° C

8-16 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 73° F/23° C

E

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WEST PALM BEACH

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uV inDex toDay

FRIDAY

ORLANDO

TAMPA

| Go to AccuWeather.com

TONIGHT

High: 85° F/29° C Low: 69° F/21° C

High: 82° F/28° C Low: 71° F/22° C

MIAMI

High: 85° F/29° C Low: 73° F/23° C

8-16 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 72° F/22° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 76° F/25° C Last year’s low ................................... 67° F/19° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.37” Normal year to date ..................................... 3.37”

ELEUTHERA

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 81° F/27° C Low: 74° F/23° C

NASSAU

High: 83° F/28° C Low: 73° F/23° C N

KEY WEST

High: 83° F/28° C Low: 76° F/24° C

tiDes For nassau Low

Ht.(ft.)

Today

1:11 a.m.

1:26 p.m.

High

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 ---------

Tuesday

6:42 a.m.

7:00 p.m.

2.7 2.3

12:20 a.m. 0.2 1:07 p.m. 0.2

Wednesday 7:23 a.m.

7:41 p.m.

2.8 2.5

1:07 a.m.

1:45 p.m.

E

W

8-16 knots

S

0.0 0.0

6:24 a.m.

6:16 p.m.

Moonrise Moonset

11:33 a.m.

12:53 a.m.

First

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Mar. 10

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SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 74° F/23° C

High: 82° F/28° C Low: 75° F/24° C

8-16 knots

ANDROS

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High: 82° F/28° C Low: 74° F/23° C

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tracking map

High: 83° F/28° C Low: 74° F/23° C

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sun anD moon Sunrise Sunset

High: 81° F/27° C Low: 74° F/23° C

N

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

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

CAT ISLAND

E

W

hearing in July 2019, saying the company has a formal policy against it.

Amazon says it investigates any allegation of violations of its policies and takes appropriate action when warranted.

Bezos testified on the issue in an appearance at a July 2020 hearing on Big Tech's alleged monopolistic practices, along with Facebook CEO Mark Zuckerberg, Apple CEO Tim Cook and Google CEO Sundar Pichai. Addressing allegations that Amazon has used data generated by independent sellers on its platform to compete against them, Bezos said it would be "unacceptable" if those claims were proven to be true.

8-16 knots

MAYAGUANA High: 82° F/28° C Low: 76° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 75° F/24° C

H

High: 82° F/28° C Low: 74° F/23° C

GREAT INAGUA High: 85° F/29° C Low: 76° F/24° C

N

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W

N

S

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10-20 knots

12-25 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS S at 8-16 Knots S at 8-16 Knots SE at 8-16 Knots SE at 8-16 Knots SE at 8-16 Knots SE at 8-16 Knots ESE at 12-25 Knots ESE at 10-20 Knots SE at 8-16 Knots SE at 8-16 Knots S at 10-20 Knots S at 10-20 Knots SE at 8-16 Knots SE at 8-16 Knots SE at 12-25 Knots ESE at 10-20 Knots ESE at 10-20 Knots ESE at 8-16 Knots ESE at 10-20 Knots ESE at 10-20 Knots SSE at 7-14 Knots SSE at 8-16 Knots SE at 10-20 Knots ESE at 10-20 Knots SE at 8-16 Knots SE at 8-16 Knots

WAVES 3-5 Feet 3-5 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-5 Feet 3-6 Feet 3-5 Feet 3-5 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 4-8 Feet 4-7 Feet 1-2 Feet 1-2 Feet 3-5 Feet 2-4 Feet 1-3 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. 76° F 77° F 78° F 79° F 78° F 79° F 80° F 80° F 77° F 77° F 78° F 79° F 79° F 79° F 80° F 80° F 79° F 79° F 78° F 78° F 77° F 77° F 79° F 79° F 79° F 79° F

THE TRIBUNE

Thursday, March 10, 2022, PAGE 21

A CUSTOMER makes a purchase at a Starbucks coffee shop,in Philadelphia, Monday, April 26, 2021. Employees at three more Starbucks stores in suburban Buffalo, N.Y., have voted to form unions, bringing to six the number of unionized Starbucks shops and further advancing organizing efforts underway in at least two dozen states.

Photo:Matt Rourke/AP

STARBUCKS WORKERS AT 3 MORE NY STORES VOTE TO UNIONIZE

By CAROLYN THOMPSON Associated Press

BUFFALO, N.Y. (AP) — Employees at three more Starbucks stores in suburban Buffalo have voted to form unions, a count of ballots revealed Wednesday, bringing to six the number of unionized Starbucks shops and further advancing organizing efforts underway in at least two dozen states.

Workers at stores in Cheektowaga, Amherst and Depew voted by narrow margins in favor of unionizing, according to the National Labor Relations Board's tally. The count was 8-7 in Cheektowaga, 15-12 in Amherst and 15-12 in Depew.

Union supporters said the close results likely reflected what they described as efforts by Starbucks to intimidate workers as they weighed their choice, including flooding stores with out-of-town managers.

"Starbucks has not made this about whether or not you want to vote for a union, they've made it about whether you want to keep your job, whether you want to keep your hours, whether or not you want to be bullied at work," Casey Moore, one of the leaders of the efforts, said after the vote.

Starbucks has denied using intimidation tactics but has fought unionization efforts, saying its more than 8,000 company-owned U.S. stores function best when Starbucks works directly with employees, which the company calls "partners."

"As we have said throughout, we will respect the process and will bargain in good faith guided by our principles," Starbucks said in a statement acknowledging Wednesday's results.

The vote count was delayed for two weeks after Starbucks filed a request for review with the labor board. The Seattle-based coffee giant argued that its Buffalo-area stores should vote as a group on the issue of unionization, rather than individually, to avoid labor instability across stores that may share employees. The NLRB on Monday ruled against the request, saying it saw no issues.

This was the second round of union votes involving Starbucks stores in Buffalo, where the spreading efforts to unionize first took hold. Two stores voted in favor of unionizing in December. A suburban Phoenix location last month became the first store outside New York to organize.

They are the first Starbucks-owned stores in the U.S. to be represented by a union since the 1980s when the United Food and Commercial Workers union represented workers at six stores in the Seattle area for several years.

Employees who favor unionizing say they want more input, through collective bargaining, on pay, working conditions and store operations.

Workers at more than 100 stores in 26 states have now petitioned the NLRB to hold their own union elections, according to Workers United, the union that's organizing the effort.

"It's not slowing down.

Every time we have a a win ... that's continuing to build that momentum and that excitement and that strength," organizer Michelle Eisen said.

Union membership levels are rising for U.S. workers between 25 and 34 years old, even as they decline among other age groups, according to the federal Bureau of Labor Statistics.

PAGE 22, Thursday, March 10, 2022

THE TRIBUNE

TRUMP A PARIAH? NEW $100 MILLION BANK LOAN SUGGESTS NOT

By BERNARD CONDON Associated Press NEW YORK (AP) — A bank’s decision to loan Donald Trump’s company $100 million is the latest evidence the former president might survive

fraud investigations and a business-world backlash over his efforts to stay in office after losing the 2020 election.

San Diego-based Axos Bank finalized the loan with the Trump Organization on Feb. 17, according

to documents filed with the city Tuesday.

That’s just three days after public revelations that the Republican’s longtime accountants had disavowed a decade’s worth of his financial statements amid allegations by New York’s

attorney general that they had exaggerated his wealth.

The Axos loan is being used to pay back an old loan backed by commercial space at Trump Tower that was coming due in September.

A year ago, it looked possible that Trump might become a pariah after his supporters stormed the U.S. Capitol in an attempt to stop a vote certifying President Joe Biden’s election win. Banks, insurers and other business partners all cut ties following the riot.

Last year, the Trump Organization was indicted in New York on charges it helped executives evade taxes. And for two years, the company has been the subject of civil and criminal investigations by New York Attorney General Letitia James and the Manhattan district attorney.

But in the fall, Trump struck a deal to sell his Washington hotel for far more than expected. And a partnership he’s involved with that owns two office towers recently took out new loans for far more than needed to pay off old ones coming due.

“He bounces back,” says Barbara Res, a former Trump Organization executive who is not a fan and even urged people not to vote for him.

“If a guy brings me a property with good cash flow, a good location and good tenants, why do I

care what his politics are?” says Mike Offit, a former Deutsche Bank lender to Trump who now consults on real estate finance.

“Trump has good buildings and manages them well.”

The Trump Organization declined to disclose the interest rate on the new loan and other terms. Axos, citing customer privacy rules, would not comment.

Asked for comment for this story, one of Trump’s sons lashed out at journalists for depicting the family company as struggling.

“We should have never been underestimated,” Eric Trump said in an emailed statement, adding, “We have very low debt, are sitting on tremendous amount of cash and have extremely profitable properties.”

Assessing the Trump Organization’s overall financial health is challenging, given that it is a private company that releases few figures publicly.

During his presidency, Trump’s name was stripped off hotels and residential towers in several cities.

His Scottish golf course lost millions, and condos in his apartment buildings have been selling at deep discounts.

A PEDESTRIAN passes security barricades in front of Trump Tower, Feb. 17, 2021, in New York. Donald Trump’s company has secured a loan for its Trump Tower in New York despite banks cutting ties with it a year ago, the latest of several financial wins for the ex-president suggesting he might buck a business backlash following Capitol riots.

Photo:John Minchillo/AP