business@tribunemedia.net
THURSDAY, MARCH 11, 2021
$4.52
$4.52
‘Game changer’ for tourism’s jumpstart By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Bahamas is close to sealing deals that will be “a game changer to jump start the tourism economy” post-COVID and provide an annual multimillion dollar boost, it was revealed yesterday. Michael Maura, Nassau Cruise Port’s chief executive, confirmed to Tribune Business that agreements for up to four separate cruise lines to use Prince George Wharf as a “home port” - and bring hundreds of thousands of extra passengers to New Providence every year could be concluded within the next 90 days. Declining to name the companies involved, he added that negotiations have moved “past the point of conversation” and are now at the stage of finalising operational plans for cruise ships to use Nassau as the start and end-point
• Four cruise lines eye Nassau ‘home port’ deals • Port chief says completion in 90 days targeted • Would triple revenues; five-fold visitor spend rise
MICHAEL MAURA
DIONISIO D’AGUILAR
for cruises around The Bahamas. Mr Maura said “the financial gain for a broad section of the economy is fantastic”, as cruise passengers will have to fly in and out of New Providence to join their ships and also when they return after the voyage. Besides increased traffic flows through Lynden Pindling International Airport (LPIA), he explained
that “home porting” passengers may also spend a several nights in Nassau prior to their cruise ships departing and when their itineraries end. Hotels and multiple elements in the tourism industry, such as ground transportation providers, stand to reap significant financial gains. The Nassau Cruise Port chief also asserted that using Nassau as a home
Bank’s new owner aiming to become ‘standard bearer’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN bank’s new owners yesterday said they aim to expand its assets under administration to $1.5bn within two years and pledged to become “a standard bearer” for the jurisdiction. The Lucayas Group, in a series of written replies to Tribune Business questions, said Private Investment Bank (PIB) will be rebranded under their name as they move to buck the trend of international institutions either exiting or divesting their Bahamian interests.
Promising that the renamed Lucayas Bank will reflect the new ownership’s commitment to The Bahamas, the group said it was already eyeing a tourism industry investment that could create “at least 75 full-time jobs” separate from the 24 staff it has inherited with the PIB deal. Describing itself as a PIB client for many years, the Lucayas Group said it was invited to bid to acquire 100 percent of the Queen Street-based bank from its previous owner, Banque Cramer. While the sales process took nine months, and was delayed by the
SEE PAGE 10
$50m bail-out for aviation’s SOEs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
TAXPAYERS will have spent an extra $50m to bail-out the government’s state-owned aviation entities by mid-June, a Cabinet minister revealed yesterday. Dionisio D’Aguilar, minister of tourism and aviation, used the mid-year budget debate to reveal the full extent of the COVID19 devastation inflicted on Bahamasair and other
aviation-related stateowned enterprises (SOEs) with more than $75m likely required to keep them afloat by the time the 20202021 fiscal year closes. He revealed that this collective outlay was more than three times’ the subsidy allocated to the national flag carrier, the Airport Authority and Nassau Flight Services back in May 2020, which will require an increasingly-squeezed
SEE PAGE 11
port was not an attempt by the cruise lines to evade the Centres for Disease Control and Prevention’s (CDC) COVID-19 health regulations and restrictions on sailing from the US, while Bahamian measures - such as the need to produce a negative COVID-19 PCR test taken within five days of travel - will also still apply. And, with cruise vessels likely to resume voyages at around 50-60 percent capacity, Mr Maura said Nassau would likely attract around 4,000-5,000 home port passengers per week to start with the potential to ramp up to hundreds of thousands annually once the industry gets back to full loads. “It’s actually four cruise lines,” Mr Maura told this
SEE PAGE 8
$4.52
$4.52
Disney targeting Lighthouse Point work start in 2021 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DISNEY Cruise Line yesterday voiced hope it can start developing its Lighthouse Point project this year while reaffirming the investment and job creation commitments given pre-COVID-19. Kim Prunty, its vice-president of public affairs, told a Zoom call with Bahamian media that despite the pandemic delaying Disney’s plans by “a year to a yearand-a-half” it will still deliver 120 construction jobs - some 80 percent of which will be Bahamian - for a cruise destination whose build-out will be complete by the 2024 first half. Speaking as Disney released its 550-page Environmental Impact Assessment (EIA), a document whose disclosure has long been demanded by local and environmental activists, Ms Prunty promised that the project’s economic impact will “significantly exceed the concessions” granted by the Bahamian government.
While not providing any details on the tax breaks and other incentives received by the cruise line, she said Disney did not ask for anything beyond what the government typically grants in its Heads of Agreements with major foreign investors. Acknowledging that “the pandemic has impacted the timing” of the project located on Eleuthera’s southern tip, Ms Prunty added: “Assuming we’re able to receive government acceptance of the EIA and Environmental Management Plan (EMP) this year, and get through the consultation and permitting with the Ministry of Works, we’d like to begin work this year with completion in the first half of 2024.” Pledging that Disney was “making every effort to maximise Bahamian participation in this project”, she reaffirmed the cruise line’s goal of creating “150 well-paying operations jobs” - with an average weekly wage of $600-$700 similar to its existing Castaway Cay destination - when the destination opens on 2024.
SEE PAGE 9
PAGE 2, Thursday, March 11, 2021
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
The taxing path ahead BY HUBERT EDWARDS
In the final part of a three-article series, Hubert Edwards warns that profound taxation reforms may be forced upon The Bahamas if it fails to remain alert.
T
HERE is an important wrinkle that The Bahamas must contend with. It could render moot everything that has been discussed to this point on whether to change or stick with the current tax system. The European Union (EU), and especially members of its parliament, recently lamented the fact that countries such as The Bahamas were removed from the continent’s tax blacklist after making what was described as only “minor tweaks”. The EU has emphatically stated that by the end of 2021, it will review the criteria for inclusion/removal from this list, and the expectation is that the changes will strike at the heart of The Bahamas’ financial services industry. Based on the EU’s standards, The Bahamas is directly in its crosshairs over the ongoing campaign against so-called “harmful taxation”. The criteria for identifying a jurisdiction with potentially harmful measures include an effective level of taxation that is significantly lower than the general level of taxation in the country concerned; tax benefits reserved for nonresidents; and tax incentives for activities which are isolated from the domestic economy and therefore have no impact on the national tax base. All these conditions exist in The Bahamas and play out in the international financial services industry. At the core of most decisions is the benefit to be derived because of no existing corporation or other forms of income taxation. The EU has concluded that its process of blacklisting and removing jurisdictions requires greater transparency. This call is certainly not in response to The Bahamas’ arguments, but rather a self-serving effort to help address what the EU considers an ineffective process for the blacklisting of jurisdictions. The EU has initiated reform of the overall blacklisting process, together with refining the definition of harmful tax practices and the criteria for determining whether a nation is non-cooperative. Various groups have offered recommendations as to where they think this should head. Oxfam International, for example, recommends “blacklisting zero and low corporate tax jurisdictions. Make zero and low corporate tax rates a standalone criterion of the EU tax haven list. Include economic analysis to identify harmful regimes. Use levels of foreign direct investment and passive income as red flags for the identification of tax havens. Properly screen EU countries: EU countries must be held to the same if not higher standards than non-EU countries’’. The arguments offered by the EU, as it seeks to give greater potency to its efforts, parallel these suggestions. It states: “Criterion to judge if a country’s tax system is fair or not needs to be widened. Countries should not be removed from the blacklist if they only make symbolic tweaks. Additionally, a zero percent tax rate policy should automatically lead to being placed on the blacklist.” If the above becomes reality by year-end 20201, then certainly the Bahamian financial services sector will see some level of disruption. It therefore begs the question: “What exactly are we
doing at this time?” Beyond concerns about the usefulness, suitability, equity and regressive nature of our current tax regime, there lies a potential external threat that has the ability to impose on us what we seem fully committed to avoiding. The new pronouncement by the EU on the blacklisting criteria (no country with zero corporation tax should be left off) could add greater potency to their campaigns against jurisdictions such as The Bahamas. The proposed criteria for a 12.5 percent minimum effective tax rate, together with “zero rate and you are on the listing” is certainly designed to be a major game changer in their effort. The EU previously indicated it had its “foot on the neck of The Bahamas”; a foot it will not move until it gets its way. This, together with the idea that small tweaks will not get a jurisdiction off its blacklist, hold important implications for The Bahamas. Will we be forced to implement corporate income tax to accommodate the survival of the financial services industry? While there are great arguments to be made for reclassification of current taxes and charges such that the financial impact of any tax burden remains relatively unchanged, it is my view that any introduction of corporation tax - and in any amount - fundamentally shifts the value proposition of the financial services industry. This is why, in my opinion, the current public discussions on taxation is inadequate. Forced into implementing this form of income tax, the country will have to face the consequences without having the chance for careful, deliberate analysis and full comprehensive assessments. The urgency that may result from being back on a blacklist creates the possibilities for mistakes, overreach and missteps. I believe the time is right to start having a national discussion that confronts these issues head-on. Any potential changes would be so radical and cultureshifting that early, clear and open discussion, leading to a sound understanding and support for acceptance or rejection, is definitely needed. Again, the scope for the long-term rejection of corporation tax, a form of income tax, is very limited and could quickly become non-existent should the EU follow through on its “threats”. We understand and appreciate the unease and hesitancy involved. However, given the timeline proposed by the EU, I would recommend the following: • Initiate a clear and focused conversation, especially within the financial services industry, on what the issues are and the options facing The Bahamas. The reality is that just as the EU may apply pressure to its business model, the sector, too, will become a source of immense pressure for the policymakers. The possibility of a retrenchment in business and economic activity in this area should not be ignored. In the first instance, discussions focused on bringing clarity and, more importantly, greater certainty to the sector is a strategic imperative for the country. Outside that narrow sector, selling the idea of any form
SEE PAGE 4
THE TRIBUNE
Thursday, March 11, 2021, PAGE 3
TOURISM TARGETS 45,000 VISITOR REOPENING PEAK By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister yesterday predicted stopover visitor arrivals will hit a 45,000 post-COVID reopening peak for March - albeit they remain up to 90 percent down on pre-pandemic levels. Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly during the midyear Budget debate that tourism’s revival - and that of the wider economy and government finances - hinge on the speed and success of vaccination roll-outs in The Bahamas and its key visitor source markets. Arguing that tourism’s rebound remains the only viable recovery option for The Bahamas, Mr D’Aguilar - in what could be interpreted as a warning to his fellow MPs and Cabinet ministers not to consider new and/or increased taxes - warned that “the taxpayer has no more to give”. Acknowledging that the 2020-2021 Budget deficit is “unsustainable”, and that “you can’t keep borrowing $1.3bn year-after-year
DIONISIO D’Aguilar. Photo: Kemuel Stubbs/BIS and not run yourself up on rocks”, Mr D’Aguilar argued that “growing back the economy” was the only sustainable way to eliminate the vast quantities of “red ink” covering the government’s balance sheet. Noting that the instinctive reaction of politicians is to seek increased revenue, he said: “The cry from Rawson Square is always for more. We want more. The taxpayer needs to give us more. With spending already at $3bn, I can realistically say that the taxpayer has no more to give. That is the reality. We can kid ourselves that there is more. But Mr Speaker, there is no more.”
With stopover visitors currently at just 10-12 percent of the 1.8m that The Bahamas attracted pre-COVID in 2019, Mr D’Aguilar argued: “No matter what the pundits say, there is absolutely nothing that can replace tourism in the short-term..... Our tourism industry has received billions upon billions upon billions of investment, employs two out of every three Bahamians and generates at least 50 percent of our GDP. “Given the significance of tourism, given our dependency on tourism, our recovery and the subsequent reduction of this massive $1.3bn annual deficit is contingent on the revival of tourism. Plain and simple. Our economy will improve when tourism improves. “And tourism will improve when persons feel safe to travel here. And tourism will improve when the current health situation improves in our core markets such that they don’t need to go through the current riga-ma-roll of COVID testing and getting a health visa in order to travel to The Bahamas.
“So, I encourage all Bahamians to get vaccinated as quickly as they can, especially those employed in the tourism sector. If our visitors are vaccinated and we are vaccinated, then we will be in a good position to blow open the borders and let the good times roll again.” Mr D’Aguilar said the Ministry of Tourism was receiving calls from Americans every day asking if they can visit The Bahamas without producing a COVID-19 negative PCR test because they have been vaccinated. This, he argued, underscored the need for this nation to rapidly roll-out its vaccination initiative as tourism’s rebound is becoming increasingly dependent on it. Pointing to research by the United Nations’ World Tourism Organisation that shows tourism losses related to COVID-19 are 11 times’ those of the 2008-2009 global financial crisis, Mr D’Aguilar said the pandemic last year sent international travel back to 1990 levels. While total visitor arrivals to The Bahamas were down 74 percent year-over-year in
2020, which was a greater plunge than the Caribbean’s 67 percent average, the minister added: “For the past four months, we have received over 125,000 travel applications from both visitors and returning residents. Since the New Year, we are averaging over 2,000 each day. “And, each month, Mr Speaker, the number of visitors applying for health visas is slowly increasing. In November, our first month of re-opening, there were 14,000 visitors who applied. In December, there were 32,000 visitors who applied. In January, there were 21,000 who applied - a decrease caused by President Biden’s announcement that quarantining for persons returning to the US from travel abroad was being contemplated....an idea that was later dismissed. “In February, there were over 28,000 that applied. And for March, I estimate that close to 45,000 visitors will apply for a health visa given that Easter falls at the end of this month and the hotels are reporting healthier bookings. So, as you can see, Mr. Speaker, the visitors are slowly returning, still a
far cry from the 150,000 per month we were receiving pre-COVID, but increasing every month.” With The Bahamas receiving 125,000 total visitors since its November re-opening, Mr D’Aguilar predicted that arrivals will steadily improve throughout 2021 to result in a positive Christmas for the tourism industry. Pointing to pent-up travel demand, with all Americans predicted to be vaccinated by the end of May, Mr D’Aguilar warned that “a delayed vaccine roll-out will prove another costly setback; one we cannot afford”. Turning to the challenges for The Bahamas’ niche tourism markets, he added that “Bahamas Bridal Association members cited almost a 99 percent cancellation or postponement trend across the board” due to COVID-19. “The Bahamas virtual romance expo was in some way part of the Ministry’s rescue and restoration plan for The Bahamas’ very lucrative romance business which netted more than $400m in revenue in 2019 and over 182,000 visitors,” Mr D’Aguilar said.
‘ALL DUCKS LINED UP’ ON GRAND LUCAYAN’S SALE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister yesterday voiced optimism that “all of the ducks have been lined up” to finally complete the Grand Lucayan’s long-awaited sale to the ITM/Royal Caribbean joint venture. Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly during the midyear Budget debate that he believed talks between the government and potential purchaser are “nearing the
GRAND LUCAYAN end of the journey” more than a year after the two sides held a lavish signing ceremony in Freeport to herald the deal.
Acknowledging that the government’s efforts to exit ownership of Freeport’s ‘flagship’ resort property have “taken many twists
and turns”, and blaming the pandemic for scuppering an earlier closing, Mr D’Aguilar said commercial terms for the sale have now largely been agreed but did not disclose them. He argued that COVID19, which has devastated the cruise-dependent businesses of Royal Caribbean and ITM, had complicated closing the sale given the multi-billion dollar losses both purchasing parties have incurred. And the deal was made “that much more complex” by ITM/Royal Caribbean’s need to negotiate a separate agreement with Hutchison Whampoa, controlling 50 percent owner of Freeport Harbour Company, for the redevelopment of Freeport Harbour via the addition of two new cruise berths. Suggesting that himself and Kwasi Thompson, minister of state for finance, “have spent countless hours trying to bring this project to a conclusion”, Mr D’Aguilar said: “Back in March 2020, we had a deal. Signed and sealed. “And then the pandemic struck, which significantly impacted the lead investors in that project, Royal Caribbean and the ITM Group.
To advertise in The Tribune, contact 502-2394
Both of those companies are significantly involved in the cruise business and, as we all know, they have been at a dead stop since March of last year.” Arguing that attempting to sell a hotel that was first impacted by Hurricane Matthew, then Hurricane Dorian “in the middle of a pandemic is to no easy task”, the minister added: “While the journey has been long, and at times very painful, I think we are nearing the end of the journey. “The terms have been essentially agreed and, having the sale of the hotel tied to Royal Caribbean and ITM first striking a deal with Hutchison Ports has made this transaction that much more complex. But I think all of the ducks have been lined up and we are nearing completion. I remain hopeful.” No estimated timeline was given for the Grand Lucayan sale’s completion, and nor was any mention made of the report by the KPMG accounting firm that analysed whether the commercial terms were in the Bahamian people’s interests and contained sufficient benefits for them. Michael Scott QC, chairman of Lucayan Renewal Holdings, the governmentowned vehicle that owns the resort, previously told Tribune Business he personally views the sale to ITM Group/Royal Caribbean’s Holistica partnership as “a bad deal” that does not create sufficient immediate benefits for the Bahamian people after the terms
were watered down due to COVID-19. Suggesting that his views were shared by other Board members, Mr Scott said the Lucayan Renewal Holdings directors were now looking at “other viable options” for the resort’s future in case the ITM Group/Royal Caribbean deal fails to materialise. In the meantime, Lucayan Renewal Holdings and the government are moving to re-open the resort on March 25. Tribune Business understands that Mr Scott and the Board are presently focused on operational matters, and have effectively been shut out of the ITM/Royal Caribbean negotiations. They have not even been presented with a copy of the KPMG report. Mr D’Aguilar, meanwhile, responding to opposition taunts that the Grand Lucaya has consumed some $150m in taxpayer monies since the government acquired it in September 2018, retorted that the Minnis administration acquired the property to prevent a repeat of the derelict property that is now the Royal Oasis. “They wanted it to sit and, I guess, go the way of that other hotel which sits abandoned and an eyesore in the downtown Freeport area,” he added. “But we said ‘no way’. No matter the cost - and it has been costly - we were going to do what we could to save that hotel. And that is exactly what we intend to do. We owe that to the people of Grand Bahama.”
PAGE 4, Thursday, March 11, 2021
The taxing path ahead FROM PAGE TWO of tax directly affecting income will be an uphill climb, and therefore the conversations with - and messaging to - citizens will require careful attention. • Create a full study of the tax system with a clear focus on alternatives and the need to address inequities. Accepting that there will be no levying of income or corporation tax prior to the election, constitutionally due by May 2022, it would be reasonable for all
political parties to share the burden by having bi-partisan buy-in for such a study. This approach capitalises on time and seeks to hedge against any drastic action that may be taken by the EU towards the end of 2021 or early 2022. A “national” commitment to a study itself will hold important messaging for external parties. Ultimately, the main objective is to be strategic so as not to be caught flat-footed at a time of great urgency. • Make taxation systems, tax revenue and
THE TRIBUNE space a critical and intricate part of the economic recovery discussion. Conversations to-date have adopted a rather abstract and disjointed approach. As an example, the ability of the government to meet its interest payments on its debt is directly influenced, at some level, by what taxes are collected. Depending on the economic climate, the sufficiency of said taxes comes under pressure. Therefore, as we look to secure a more resilient economy, The Bahamas must come to grips with the need for greater funding, at least from time to time. COVID-19 has caused dramatic spending to shore up society. Make the issue of equity and sufficiency more than rhetoric. • There are potential risks to the certainty of government revenue, having regard
for the potential impact of tax planning in an income tax system, especially with corporate tax. The ability to use group losses as tax credits, for example, could result in revenue volatility. The Bahamas must therefore actively start looking for potential gains from any changes, voluntary or forced. Benefiting in a fundamental way from double taxation treaties, and the opportunity to expand into the headquartering segment of the financial services sector, are just two examples. The country must also assess opportunities to gain strategic advantages over regional competitors with “settled” income tax systems. If there is ever such a change, the best approach is to squeeze out every possible advantage, which positions the country to earn more. • Fundamentally rethink tax administration, understanding that it gets much more complex with income taxes. The general regressive nature of the current tax system has the advantage of checking itself. You cannot clear a piece of heavy-duty
equipment, for example, unless VAT is paid as part of the customs process. How that equipment is treated for tax purposes, though, could have a fundamental bearing on how much tax is ultimately paid to the government. The tax administration infrastructure and enforcement will need to be ready to address new and unfamiliar complexities. Conclusion In this piece we sought to show how the state of The Bahamas’ economy has implications for its tax system, while also addressing EU pronouncements that could push the country towards introducing corporate income tax in some form well before it may feel comfortable doing so. The very nature of the subject matter demanded some level of speculation. and consequently we share the view that, eventually, income tax will not just be left on the table but will be front and centre as “the discussion” to be had. The country is reeling from the effects of the COVID-19 pandemic, and the main task is to strategise a path
to recovery and resilience. We make the argument that given important shifts in the economy, and potential lingering effects from this crisis, an unfortunate build-up of debt, and the performance of government revenue, the time may be approaching when a shift to a more progressive taxation system will serve the country better. This is not without its fair share of challenges. It is an important matter. A matter demanding the attention of every business, citizen and resident. It is a matter of sufficient national strategic importance that it argues for the suspension of the usual adversarial debates, and calls for a sober, practical and collective discourse for the benefit of The Bahamas. Ultimately, the whole premise of this piece may fall flat, and be of no value. In such a case, we would gladly acknowledge how wrong we were in our assessment. What, though, if it holds true and we fail as a country to ready ourselves to at least have the conversations necessary to advance the national cause. What if?
GOVT MOVES FORWARD ON MARIJUANA ZONING By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said the government is moving forward with zoning regulations to facilitate the cultivation of medical marijuana and industrial hemp. Michael Pintard, minister for agriculture and marine resources, addressing the House of Assembly during the mid-year budget debate, said he was also focused on “non-food items that are important”as he pledged that Bahamians will be at the “front of the line”. Pointing specifically to the Bahamas’ medical marijuana prospects, he said: “You have heard us talk about the potential in industrial hemp, being careful that there isn’t cross contamination between
industrial and any other hams that may eventually become legal. So zoning is going to be important here. “The Marijuana Commission is in the Prime Minister’s Office. The prime minister is going to determine ultimately who has carriage for that. The Ministry of Agriculture was asked on several occasions to interview groups that were looking at both cannabis as well as industrial hemp, and we’ve been in a number of discussions.” Mr Pintard affirmed that Bahamians will be at “the front of the line” on any cannabis business or production in the country. But some marijuana cultivation proponents, such as Terry Miller, chairman of the Bahamas Cannabis Research Institute (BACARI), have
articulated their displeasure at not being involved in the discussions or announcements around marijuana production. Mr Miller has called for a “clearer path” on marijuana legislation development, while arguing that hemp cultivation should be more of a focus compared to legalising marijuana for personal use. He said hemp can be more widely used for various products and industrial development. Mr Pintard said that in the event marijuana legalisation comes “online”, it “will be an indigenous business and foreigners can participate as strategic partners, but certainly minority partners in Bahamian companies”. He added: “We believe that all Bahamians should be entitled to opportunities that exist.
THE TRIBUNE
Thursday, March 11, 2021, PAGE 5
Designing by type
mobile apps, web apps and games. These designers work closely with UX (user experience) designers (determining how the app works) and use interface developers (who write code to make it work). Examples of user interface graphic design are web page design, theme design (WordPress, Shopify), game interfaces and App design. In addition to graphics apps, designers require knowledge of programming languages such as HTML, CSS and JavaScript. Publication graphic design Publication design is a classic type of design. Designers are required to understand colour
management, printing and digital publishing. Some examples of publication graphic design are books, newspapers, newsletters, directories, annual reports, magazines and catalogs. Packaging graphic design Most products require some form of packaging to protect and prepare them for storage, distribution and sale. Every box, bottle, bag, can, container or cannister is a chance to tell the story of a brand. Packaging designers specialise in packaging (such as labels) and, in addition, they must be flexible and aware of current trends. Motion graphic design Simply put, motion graphics are graphics that are in motion. This can include animation, audio, typography, imagery, video and other effects that are used in online media, television and film. Motion graphics designers begin by developing storyboards and then bring their concepts to life with animation, video and traditional art. Depending on the industry, a strong working knowledge of marketing, coding and 3D modelling can be definite assets. Environmental graphic design Environmental graphic design visually connects people to places to improve their overall experience by making spaces more informative or easier to navigate. Some examples are signage, wall murals, museum exhibitions, office branding, public transportation navigation, retail store interiors, stadium branding and event/conference spaces. They must be familiar with industrial design concepts and able to read
their financing and advisory needs,” said Darryl White, RBC Financial (Caribbean) chief executive and regional vice-president of corporate banking. “This adds to our alreadyrobust suite of financial solutions, and is yet another way we can stand out from our competition. As one of the ten largest banks globally based on market capitalisation, RBC is uniquely positioned to leverage the talent and expertise of over 90,000 employees in 36 countries and territories to help businesses and organisations with a variety of critical services essential to their operations and continued growth.” Two vice-presidents will oversee RBC’s new CFAS business. Marc Jardine will be responsible for the southern Caribbean (Trinidad and Tobago, Barbados and the Dutch Caribbean), while Jerry Butler will oversee the
northern Caribbean including The Bahamas, Turks and Caicos Islands, and the Cayman Islands. Mr Butler’s experience in public accounting, wealth management and financial services spans more than 30 years across a variety of roles based in New York, Europe and the Caribbean. “We believe that this new business is a real opportunity for new and existing Caribbean clients to take full advantage of RBC’s reputation as a world leader in comprehensive financial and advisory solutions,” said Joe Olivier, RBC’s regional vicepresident for high net worth clients in the Caribbean. “As we expand our corporate, business, and private banking financial offerings to include this consultative business advice, it grants our clients access to a robust suite of solutions to help them grow, thrive and prosper.”
G
RAPHIC design uses visual compositions to solve problems and communicate ideas through typography, imagery, colour and form. There exists several types of graphic design, each with their very own area of specialisation. Though they often overlap, each type requires a specific set of skills and design techniques. Here are a few types of graphic designs: Visual identity graphic design These are designers that specialise in visual identity graphic design, and collaborate with brand stakeholders to create assets such as logos, typography, color palettes and image libraries that represent a brand’s personality. Marketing and advertising graphic design Great marketing engages people based on the wants, needs, awareness and satisfaction about a product, service or brand. A few types of marketing graphic design are postcards, flyers, magazines, newspaper ads, posters, banners, billboards, infographics, brochures (print and digital), vehicle wraps, signage and trade show displays. User interface graphic design These designers specialise in desktop apps,
RBC OFFERING CORPORATE CARIBBEAN NEW SERVICE ROYAL Bank of Canada (RBC) yesterday launched RBC Caribbean Financial Advisory Services (CFAS) as a value-added service targeting business and corporate clients across the Caribbean. CFAS will offer consultancy services in mergers and acquisitions, financial consulting, and debt and equity financing. These services are focused on corporate banking, business banking, and private banking clients plus governments and public agencies throughout the region. “With the addition of CFAS, these clients now have access to a one-stop-shop for
The Art of Graphix BY DEIDRE M BASTIAN
and sketch architectural plans. Art and illustration Graphic art and illustration are often seen as being the same as graphic design. However, they are each very different. Designers create compositions to communicate and solve problems, while graphic artists and illustrators create original artwork. Examples of art and illustration for graphic design are t-shirt design, textile patterns, motion graphics, stock images, graphic novels,
video games, websites, comic books, book covers and concept art. Overall, graphic design is an ever-growing field, and the demand for specialised designers is on the rise. When you are looking for the right design, knowing the different categories of graphic skill-sets will help to identify the specialist needed. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes
feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
PAGE 6, Thursday, March 11, 2021
TEMPLE CHRISTIAN HIGH SCHOOL
ENTRANCE EXAMINATION 2021-2022 Temple Christian High School will hold its Entrance Examination on Saturday, March 20, 2021 at the school on Shirley Street from 8:30 a.m. to 12 noon for students wishing to enter grades 7, 8, 9 and 10. Application forms are available at the High School Office. The application fee is twentyfive dollars ($25). Application forms should be completed and returned to the school by Friday, March 19, 2021. For further information, please call telephone number: 394-4481/394-4484.
THE TRIBUNE
$25m project hailed for local-only hiring A FINANCIAL services provider says its $25m headquarters building is being credited with generating “the single biggest boost to Bahamian contractors in years” thanks to a policy of local hiring only. Leno added that the praise for contracting solely Bahamian-owned and operated sub-contractors and businesses came during a contract signing, and what was expected to be a routine site visit, at its five-storey property on top of the hill at Collins Avenue and Third Terrace. The March 5 event marked the milestone of reaching the first floor belt course after completion of all infrastructure. “Speaking for CBS (Bahamas Ltd) we have done a lot of jobs, but this is the largest we have done for an all-Bahamian owned company in a very long time and we are very excited to be part of this project. It is an economic boost that is very welcomed and needed,” said CBS vicepresident Brent Burrows, whose company will provide the hurricane-rated windows
LENO’s founder and chief executive, Sean K Longley, third from left, pledged to “Build Bahamian” when the company broke ground on its $25m hilltop headquarters on Collins Avenue. One year later during a site visit that included the latest contract signing with CBS Bahamas Ltd for doors and windows, Bahamians gathered to thank the leading financial services firm for keeping its word. From left: Architect Wellington Woods, CBS VP Brent Burrows, Sean K Longley, Project Manager Tyrone Thurston, Foreman Ellis Knowles, and Leno Realty Managing Broker Hartman G Longley II. Photo: Racardo Thomas/DPA and doors. Sean K Longley, Leno’s founder and chief executive, said: “We are founded on the principle of finding the best Bahamian talent and serving a wide range of Bahamian individuals, business enterprises and institutions with the services that help them manage and grow their assets. “We are carrying out the same mandate in the construction of this state-ofthe-art property, which will include the best environmentally-friendly power supply we can find and utilise as many local products and services as we can identify.” Construction on Leno’s head office provides employment for about 50 persons in addition to significant contracts for sub-contractors. Among those benefiting
from the project is architect Wellington Woods. He said the COVID-19 lockdown, which started shortly after construction began in February last year, along with associated supply chain shortages and shipping delays for lumber and other imported materials, set the anticipated completion date back by several months. That is now set for year-end. Other contractors include Woods Plumbing, Basden Elevator Systems, Humes Air-conditioning, Norman Dean of Circuit Electric, Elvis Clarke for fire protection, Elston Bain, Tactical Security & Investigations, along with camera installation by Vonricko Lewis of VNet Multi Enterprises, IT by Tim Wicker of Tim Wicker and Associates and solar and
specialty systems by Gibson Solar Company. When completed, the building will house some 50,000 square feet of dedicated office and common area space, including a conference room, café and coffee shop and art space in the welcome reception area. Hartman G Longley II, of Leno Realty, the official leasing broker, said the top floor is fully leased with each of the 10,000 square foot remaining floors available. The property also features 100 parking spaces. The prime minister officially broke ground on the complex in February 2020 shortly before the first COVID-19 case was reported in The Bahamas, resulting in a national lockdown that halted construction nationwide.
THE TRIBUNE
Thursday, March 11, 2021, PAGE 7
OUTSOURCING TO DRIVE GROWTH IN AGRICULTURAL By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A CABINET minister yesterday unveiled a privatisation, outsourcing and public-private partnership (PPP) strategy that is designed to reverse agricultural sector contraction and empower Bahamians. Michael Pintard, pictured, minister for agriculture and marine resources, addressing the House of Assembly during the mid-year budget debate, said his ministry was working with the private sector in several key areas to improve the struggling industry’s efficiency. This includes “the privatisation of the feed-mill”,
with Mr Pintard lamenting previous failures to provide livestock farmers with the “efficiency and effectiveness” required to grow the industry. He added that his ministry has endorsed several PPPs, while the Minnis Cabinet has recently agreed that “all packing houses throughout the Commonwealth of the Bahamas and the produce exchange
on Potter’s Cay (dock) will now be available for producer organisations, preferably farmer producer organisations, to acquire the individual packing houses or all of the packing houses in order to use them as distribution centres”. Mr Pintard added that the goal was for private sector purchasers to turn these packing houses into “centres where they may process vegetables and fruits for a number of the value-added products that we are presently importing”. He added that delivering on the packing house privatisations fulfills a promise made by the current FNM administration to improve food security, with the
Chamber chair offers vaccine roll-out PPP By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Chamber of Commerce’s chair yesterday said the business community is ready to assist the
government in rolling out COVID-19 vaccinations via public-private partnerships (PPPs). Khrystle RutherfordFerguson, pictured, told Tribune Business: “I don’t
private sector now sharing the load and producing greater efficiency. The Bahamas’ main distribution centre is in Andros at the Bahamas Agriculture and Marine Science Institute (BAMSI), which is currently managed by the government. Private distribution centres, though, can decentralise the supply network by offering options to farmers and creating greater efficiency in the systems for quality control. However, the downside is that private distribution centres still have to be subsidised by the state, and often raise the overall cost of food when the network becomes too burdensome.
Mr Pintard said: “Remember, if we’re going to have a thriving agriculture sector it is absolutely important to have a robust distribution centre, and that whole distribution ecosystem can in fact be augmented by the acquisition of these packing houses throughout The Bahamas, and the produce exchange located at Potter’s Cay (dock).” “If we had to have a vibrant livestock sector, there is a need for us to have a slaughterhouse, a national slaughterhouse system and, again, the Cabinet has paved the way for that to happen.” He said the Bahamas Agriculture, Health and Food Safety
Authority (BAHFSA) will be overseeing the slaughterhouse system. Mr Pintard added that another “key policy decision has been the requirement that all Heads of Agreement written in the Commonwealth of the Bahamas mandate that hotels, restaurants, food stores and others that are sourcing food for sale to tourists in the Bahamas and Bahamians; 40 percent of that must be sourced from Bahamian producers.” He said that for the government to show its sincerity on this initiative, large ministries must spend at least 75 cents of every $1 allocated to food with Bahamian producers.
think anyone can properly predict when we will see a rebound of the economy. I think what is important to realise in all of this is that countries all over the world have been waiting with bated breath for batches of the vaccine. “That’s because it’s seen as the most effective way to reduce the community spread, and to stabilise the
economy.” Some 20,000 COVID-19 vaccine doses that were donated by India arrived in The Bahamas yesterday. Ms Ferguson added: “I can’t speak to whether there will be enough manpower to roll out the vaccines, but what I would definitely say is that there should be consideration for public-private partnerships. They should
definitely be developed to allow for private establishments to be used for vaccinations when the vaccines are made available to the general public.” Mark Roberts, president of FYP Builders Mall, said that while he was unable to predict when the economy will rebound as a result of
SEE PAGE 8
In the Estate of ELIZABETH DAMES late of #23 Johnstone Avenue, Stapledon Gardens in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased.
NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 17th day of May, A.D. 2021, after which date the Executrix will proceed to distribute the estate having regard only to the claims of which she shall have had notice. AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned. CEDRIC L. PARKER & CO. Attorneys for the Executrix 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas
www.ub.edu.bs
CAREER OPPORTUNITY SENIOR ADMINISTRATION University of The Bahamas invites suitably qualified candidates to apply for the position of Vice President of Finance and Business Enterprises. Reporting directly to the President, but also working collaboratively with all other vice presidents and senior administrators, the VP Finance and Business Enterprises serves as senior staff to the Board Committee on Finance and also works closely with the Chief Internal Auditor. Among other duties and responsibilities, the successful candidate will: • Direct the University community in all matters relating to operating budgets and planning; financial and treasurer accounting records and core systems; and ancillary services. • Ensure the University’s financial operations are administered in accordance with institutional policies, government requirements and International Financial Reporting Standards (IFRS). • Oversee the preparation and delivery of financial reports to the President, Board of Trustees, government and other relevant agencies. • Advise the President and Board of Trustees on all aspects of financial management, including long-range economic trends; consequences of financial compliance and regulatory changes; and internal resource management • Conduct annual budget hearings (November of each year) with all direct reports to the President (all Vice Presidents) in preparation for February/March submission of the new academic year budget to the President and the Board. • Provide financial oversight to the University’s campuses and research and field stations. To read the full position announcement, visit www.ub.edu.bs/about-us/career-opportunities/administration/ Qualifications include earned credentials as a Certified Public Accountant from an accredited institution; at least ten (10) years of work experience at a leadership level in finance or accounting in a complex organization, preferably in higher education; and applicable accounting and finance certifications and training. Applicants should submit the following: • A letter of application highlighting work experience and accomplishments relevant to the position; • Resume; • The names and contact information of three professional references. Applicants must submit electronically by Monday, 15th March 2021 to: Chief of Staff, Office of the President maelynn.seymour-major@ub.edu.bs University of The Bahamas Poinciana Drive & University Drive Nassau, The Bahamas hrapply@ub.edu.bs
PAGE 8, Thursday, March 11, 2021
‘Game changer’ for tourism’s jumpstart FROM PAGE ONE
newspaper, after Dionisio D’Aguilar, minister of tourism and aviation, revealed details of the “home port” talks in the House of Assembly. “It’s exciting from a national perspective. It’s wonderful from the perspective of our visitors flying, as they do today for a hotel stay, and passing through LPIA. “LPIA gets a piece of the action. Those home porting
passengers would be using a taxi to get to the hotel and stay a night before the cruise starts, or going direct to the port. There are so many areas of our local economy that get to touch that home port passenger, both on arrival and departure. “The financial gain for a broad cross-section of the economy is fantastic. For every dollar we [Nassau Cruise Port] would make from a transit passenger that arrives in Nassau on a cruise vessel, stays for eight
NASSAU Cruise Port. hours and leaves, we’d make $3 from a home port passenger. A big part of that is the luggage handling; it’s like checking into a hotel checking out of the hotel,” he continued. “This is a big game changer for New Providence and The Bahamas. A cruise line looking at Nassau as a home port is going to utilise and leverage what Bahamians enjoy every day, which is our Family Islands. It’s fair to anticipate we’ll see an increase in cruise passenger traffic in The Bahamas, not just in New Providence but the entire Bahamas will benefit from a home port in Nassau.” Cruise line “home porting” in The Bahamas is not a new concept. It was previously mulled as an answer to Freeport’s tourism woes, but never gained the traction it now appears to have received, with the cruise lines staying firmly attached to their Florida home ports
of Miami, Port Everglades and Port Canaveral. The timing suggests that the move may have been influenced by COVID-19 and its devastating impact on the cruise industry, which will likely restart with shorter sailings - the three to four-night cruises - in The Bahamas while it gains its sea legs again. Asked how serious the talks were, Mr Maura replied: “It’s four cruise lines that have approached us. We have passed the point of conversation and are finalising the operational plans, including the procurement of equipment to deal with luggage, scanning equipment, security equipment and other equipment required to safely and efficiently support a home port operation.” With a return air fare to The Bahamas also added to the cruise vacation cost, the Nassau Cruise Port chief added: “The home port
THE TRIBUNE passenger’s value is going to be greater than those who would otherwise drive to Port Everglades. That equates to the potential for greater spend in Nassau. You are dealing with passengers who have already made the decision to invest more in a vacation. “This is an economic opportunity for us. My understanding is that the Ministry of Tourism has been working closely with some of the larger resorts with a plan to encourage cruise passengers coming in to do a cruise and stay, or stay and cruise, and spend a couple of nights in a hotel to experience Nassau. “It’s trying to add value to a cruise. It’s a great way to kind of jump start our economy for anyone involved in the tourism industry.” Mr Maura said the home port agreements may be complete within 90 days, a timeline that could coincide with US president Joe Biden’s May estimation for when all US residents will be vaccinated against COVID19, as doses administered are presently running at 2m per day. “The light is clearly shining in front of us, and we’re close in terms of getting back to normal,” he added, although the cruise industry has currently pushed US sailings back to end-May as it awaits the CDC go-ahead. Nassau Cruise Port, too, is presently in the middle of its $250m upgrade, although this was designed to still accommodate passengers. Mr D’Aguilar, in revealing the home port move yesterday, said: “Cruise companies are approaching us about the possibility of home porting in Nassau. Mr Speaker, three [four] companies have approached us about starting and ending their cruises right out there
at Prince George Dock. And they want to start ASAP – as soon as possible. “Mr Speaker, the economic implications of this development are significant. Cruise passengers would fly into Nassau, naturally complying with our current health protocols, either spend a couple of nights at a local hotel here in Nassau or just proceed directly from the airport to the cruise port to board their cruise. “Then, they move about The Bahamas to Freeport or their private island or to other islands in The Bahamas, and then return to Nassau where they can decide to extend their stay at one of our many hotels or proceed directly back to the United States via LPIA,” he continued. “Mr Speaker, this is new. An extremely exciting development that the Ministry of Tourism, the Ministry of Health, the Nassau Cruise Port, NAD are all working together diligently to see if we can pull it off. “Persons who start and end their cruise in a particular destination end up spending five times’ more than they typically spend in a destination where they pop in for a couple of hours. So, we are anxious to make this reality.” Mr D’Aguilar said some $50m has been spent on Prince George Wharf’s revamp to-date, with 2,000 feet of new pier currently under construction. Once completed, he said the cruise port will have six berths, three of which will be able to accommodate the world’s largest vessels. With the cruise industry hoping to resume sailing by the 2021 third or fourth quarter, the minister added that Nassau berth bookings for the year’s second half stood at 810 - an increase of 120 or 20 percent over 2019. And, for the 2022 full year, berth bookings currently stand at 1,284, which Mr D’Aguilar said was an increase of 101 or nine percent on 2019. Turning to blast the Opposition, he added: “Let us also not forget that, under the former administration, the port was so run down that the government actually paid the cruise companies millions upon millions of dollars in incentives annually to come to Nassau. “Mr. Speaker, can you believe it? They took over $10m of scarce taxpayer money every year, sometimes as much as $15m a year, and gave it to the cruise companies, begging them to come to Nassau by throwing my money and your money - money we all worked hard to pay in taxes - by throwing that money at them in incentives.” Arguing that The Bahamas sometimes “undersell ourselves”, he added: “Let us not forget that the cruise passengers will now be paying $8.50 plus VAT to come to our new port whereas, under the former government, the cruise passengers only paid 70 cents to get off a ship in Nassau.”
Chamber chair offers vaccine roll-out PPP FROM PAGE SEVEN
local and worldwide COVID-19 vaccinations, by October or November Bahamians should be anticipating a much better Christmas than they did in 2020. “I have no idea on how they are going to roll the vaccine out,” he added. “I think it’s going to be a little logistical challenge. It all depends on which one of the vaccines they get, if it has to be refrigerated and there are so many factors.” Mr Roberts said that despite The Bahamas only receiving 20,000 vaccines so far, it is still a “boost of confidence”. He added: “I would think that the hotel employees should be the first people that are vaccinated because that would give the world confidence that we could proudly say you can come to The Bahamas, because all of our concierge services and all of our staff and all of our people that are on the front lines with the tourism industry are vaccinated.”
THE TRIBUNE
Thursday, March 11, 2021, PAGE 9
Disney targeting Lighthouse Point work start in 2021
FROM PAGE ONE
Disney also stuck to figures detailing the project’s economic impact from an Oxford Economics study performed pre-COVID, which estimated that Lighthouse Point will increase Bahamian gross domestic product (GDP) by more than $800m over a 25-year period while also growing government revenues by $355m over the same period. The annual increases, some $32m for GDP and $14.2m in government revenue, are slightly less impressive but significant nonetheless - especially for a South Eleuthera community that was desperate for revitalisation and a major increase in economic activity even prior to COVID-19. Ms Prunty also asserted that Disney’s planned Lighthouse Point investment of between $250m-$400m “has not changed despite the pandemic”, although it was unclear how much of this is consumed by construction of the pier that will take passengers from the cruise ship to land. She added that Disney “plans to have a ship in port three to five days a week” at Lighthouse Point, with the destination only having room for one vessel at a time and passenger numbers depending on which particular ship it is. “The number of guests traveling on Disney Cruise
Line ships will range from 11,400 to 26,600 per week, depending on the season,” the Lighthouse Point EIA says. “The guests will be contained in designated areas within the project site and not allowed access to sensitive areas or allowed to roam freely from paths and guest areas. Disney Cruise Line has extensive experience in managing guest flows and control.” Ms Prunty added: “The Disney Magic and Disney Wonder can hold 2,700 passengers, and the Disney Dream and Disney Fantasy can hold 4,000 passengers. Today, we operate Castaway Cay and have also developed lest than 20 percent of the acreage there. We have the same ships calling on Castaway (one at a time as well) and are able to effectively protect the environment.” She said Disney has committed to developing “less than 20 percent” of Lighthouse Point’s 758 acres, with the actual area covered by its cruise passenger and beach break destination set to cover around 16 percent of the site. Ms Prunty said around 25 percent of the property, some 190 acres, is being donated to the government and Bahamian people, meaning they will have more land than Disney will develop, with the majority left untouched. The 190-acre donation, she added, was effectively
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Karla-Yadley of New Providence, The Bahamas, intend to change my name to Karla Yadley-Petit. 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, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.
LEGAL NOTICE
NOTICE
ADDISON CHURCHILL CORP.
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Addison Churchill Corp. has been completed and the company has been struck from the Register on the 6th day of November, 2020.
Delco Investments Ltd. Liquidator
A VIEW of Lighthouse Point. returning land valued at $6.29m to the Bahamian people for free, with public access also being maintained to a site renowned for its environmental and natural beauty. Pointing out that the ambitions of the previous developer, from whom Disney acquired Lighthouse Point, would have had “a significant environmental impact”, Ms Prunty detailed several adjustments made by Disney based on feedback from Eleuthera residents and other stakeholders.
She explained that Disney had switched the location for its “back-of-house” facilities from the north-western section of its property to the north-east after finding the former area was inhabited by protected trees and historical ruins. No development will take place around Lighthouse Point’s Salt Pond, while Ms Prunty said changes have also been made to the cruise ship docking pier by narrowing its width to reduce the impact by some 25 percent. “We have spent an
NOTICE IN THE ESTATE OF RONALD ROOSEVELT SAUNDERS late of #19 Egret Street, Nassau East North in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 27th day of April, A.D. 2021, after which date the Executrix will proceed to distribute the assets having regard only to the claims to which she shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. MERIDIAN LAW CHAMBERS Attorneys for the Executrix Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.
unprecedented three years developing one of the most comprehensive EIAs ever produced for a project in The Bahamas. Along the way, we have engaged with hundreds of stakeholders and experts throughout The Bahamas, whose thoughtful feedback has enabled us to continue to evolve our plans,” said Dr Mark Penning, Disney’s vice-president of animals, science and the environment. “As we have said from the beginning, we will only move forward with a project
at Lighthouse Point if we are able to do so in a way that aligns with our company’s deep and longstanding commitment to the environment. The EIA has confirmed this will be possible with the appropriate environmental management plan in place.” Disney’s project is not without its opponents. Sam Duncombe, reEarth’s president, who helped spearhead a petition against Lighthouse Point’s development that has attracted 440,317 signatures to-date, accused the Department of Environmental Planning and Protection (DEPP) of “dereliction of duty” by failing to publish Disney’s EIA itself and letting the cruise line take the lead. “It is absolutely obscene that the EIA is not on the government site, and that Disney is being allowed to take the lead on collecting public comment,” she blasted, while saying she was “looking forward to a proper consultation period”.
NOTICE MS. VERNICA BUTLER DAUGHTER OF THE LATE MRS. KAREN BUTLER-WILLIAMS PLEASE CONTACT NASSAU FLIGHT SERVICES LTD. AT
702-7308 EXT.7224 OR 702-7224
PAGE 10, Thursday, March 11, 2021
THE TRIBUNE
Bank’s new owner aiming to become ‘standard bearer’ FROM PAGE ONE COVID-19 pandemic, the deal has received the necessary Central Bank approvals to give the new owners the Bahamian platform they seemingly crave. “Because of the footprint of the group, but also the important network of the same, the group thought it
could be the ideal solution to consolidate business in a business-friendly and stable environment such as The Bahamas,” Lucayas Group said of the acquisition, while declining to reveal a purchase price or any of the sale terms. “The group is looking into growing its interest in The Bahamas as well as looking for new minority
Bahamian partners, and hopes to expand further its Bahamian economic partnerships in future..... There are currently 24 staff in the bank. The target is to grow assets under management to $1.5bn in the next two years. “This is perceived to be a realistic ambition given the pipeline of clients which exists, as well as new
commercial hires and assets under management acquisition through additional purchases. While other banks are leaving or divesting from The Bahamas, we are heavily committed to growth.” The Lucayas Group declined to reveal much about the identity of its major or controlling shareholders, only saying that
www.bisxbahamas.com
WEDNESDAY, 10 MARCH 2021
BISX ALL SHARE INDEX:
CHANGE
1952.55
-2.10
%CHANGE
YTD
YTD%
-0.11 -139.91
-6.69
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.29 6.16 12.00 2.75 6.85 10.88 8.44 14.60 4.25 9.00 16.00
52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.80 5.20 10.20 2.10 4.90 9.50 7.70 13.00 3.70 8.15 14.00
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 0.90
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
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
LAST CLOSE 4.55 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.74 2.84 5.20 10.20 3.01 6.84 10.08 8.40 13.92 3.80 8.35 15.50
CLOSE 4.55 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.74 2.84 5.00 10.20 3.05 6.84 10.15 8.40 13.92 3.80 8.35 15.50
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGR1321391 BSBGR1322498
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 BSBGR FX BSBGR1200371 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.20) 0.00 0.04 0.00 0.07 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
VOLUME
222,277 2,300
250,000
VOLUME
EPS$ 0.239 0.932 0.000 0.110 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
DIV$ 0.170 1.260 0.020 0.030 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
P/E 19.0 34.5 N/M N/M N/M N/M 17.3 -8.1 33.9 15.4 11.1 14.1 29.9 14.6 15.7 11.5 17.1 18.7 8.9 24.6
YIELD 3.74% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.23% 4.40% 7.06% 14.23% 0.88% 3.23% 2.86% 3.88% 3.16% 2.40% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
MATURITY
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.29% 5.65%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 15-Oct-2039 15-Oct-2049
MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.66 1.79 1.75 1.05 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
took positive and productive steps to align systems, technology and business processes to prepare for the growth strategy, and so one could say the bank is actually in great shape and ready to be relaunched.” It added: “The Lucayas Group, its principals and partners are committed to contributing to The Bahamas both economically and by being a standard bearer for Bahamian excellence. The group believes that The Bahamas is a nexus of opportunity with important links to the UK, the US as well as having fostered an independent and growing relationship with the Far East. “It is stable from a political perspective and, in addition, has substantial ambassadorial presence from the aforementioned foreign nations coupled with an attractive fiscal policy. Lucayas Group will invest in tourism with a current project that could generate at least 75 full-time jobs in addition to those slated for addition to PIB. Separately, the group will enhance its funds offering and its technology investments on-island.” Despite the economic devastation inflicted by COVID-19, PIB’s new owner added: “Lucayas believes that there is a perversely positive trend emerging. The group is already fielding many inquiries from industry leaders and professionals abroad who are interested in establishing a base in paradise. “Access to decent communications, the advantages of a skilled workforce and a positive attitude towards business, as well as its unique proximity to everywhere, make The Bahamas a great choice.”
To advertise in The Tribune, contact 502-2394
MARKET REPORT CLOSE
its various companies have been operating for up to 20 years and the principal stakeholder is “an AngloIrish and American family trust with other individuals holding minority stakes”. John Bostwick acted as the Lucayas Group’s Bahamian attorney in the transaction, and the bank’s board of directors now includes fellow attorney Raynard Rigby; Mr Bostwick’s sister, Senator Lisa Bostwick; and James Smith, former minister of state for finance and Central Bank governor. Marco Netzer remains as chairman, and Edward Lynch joins as vice-chairman. The Lucayas Group purchase promises to bring much-needed stability to PIB, which next year celebrates its 40th anniversary after being founded in 1982. Banque Cramer previously thought it had disposed of a majority 85 percent stake in the Bahamian institution to IPG Securities Asset Management (Bahamas), and its principals, Carlos Molina and Jorge Carreras, in 2018. However, the Central Bank subsequently demanded that Mr Molina resign from the bank’s board and dispose of his equity stake in PIB, plus any “affiliate businesses” in which the bank had an interest, by March 31 last year - a move that was upheld by the Supreme Court despite Mr Molina’s protestations. This forced Banque Cramer to place PIB back on the market and seek a fresh purchaser. “The board of directors have crafted an ambitious but realistic relaunch plan, and the bank can turn its attention from preservation and consolidation for sale to growth,” Lucayas Group told this newspaper. “During this sale process the former board
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 Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.40 4.44 2.15 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79
YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.20% 0.65% -0.37% -2.43% 0.16% 0.20% -0.66% -14.82% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%
NAV Date
31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
YIELD - last 12 month dividends divided by closing price
52wk-Hi - Highest closing price in last 52 weeks
Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks
Ask $ - Selling price of Colina and fidelity
Previous Close - Previous day's weighted price for daily volume
Last Price - Last traded over-the-counter price
Today's Close - Current day's weighted price for daily volume
Weekly Vol. - Trading volume of the prior week
Change - Change in closing price from day to day
EPS $ - A company's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today
NAV - Net Asset Value
DIV $ - Dividends per share paid in the last 12 months
N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NOTICE NOTICE is hereby given that JAGRANI BHIMSAIN of Apt #12 Thurston Court, Clarks Lane, Oakes Field, 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 4th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that VALANDA JOSEPH of Treasure Cay, Abaco, 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 4th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that MICHAEL PIERRE of Prince Charles Drive, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Thursday, March 11, 2021, PAGE 11
$50m bail-out for aviation’s SOEs FROM PAGE ONE
taxpayer to pick up the bill for the unbudgeted $50m. With the three SOEs collecting little to no revenue due to COVID-19 lockdowns and associated restrictions, and minimal travel and tourism since The Bahamas re-opened in November 2020, the $19m originally allocated to Bahamasair, plus the $5m for the Airport Authority and $1.5m for Nassau Flight Services, have simply been woefully inadequate to cover their costs. To-date, Mr D’Aguilar said Bahamasair has required $49m in taxpayer subsidies to keep it in the air, with the Airport Authority consuming $8m
YOUR
and Nassau Flight Services a further $4.5m. This, he added, totals some $61.5m compared to the original collective full-year subsidy of $25.5m. “Mr Speaker, the level of taxpayer support for these entities is already 2.4 times greater than what was budgeted and we still have three-and-a-half months to go until the end of the budget year,” Mr D’Aguilar revealed. “I estimate, Mr Speaker, that by year-end, these entities will have cost the taxpayer over $75m, which is three times more than what was budgeted. We budgeted $25m but will probably spend $75m - an extra $50m that the taxpayer has had to borrow to keep these companies
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KERVENS PIERRE of Cowpen Road, New Providence, Bahamas, intend to change my name to KEVIS DANIEL ALVAREZ. 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 Aaliyha Simor Marjie Humes of Doubloon Drive, South Bahamia, Grand Bahama, 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 11th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that MACKESE MILFORT of Butler’s Way, Carmichael Road, 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 4th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that KENEL BRAVE of Cowpen Road, 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 4th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
DIONISIO D’AGUILAR afloat and everyone receiving their full pay. “Mr Speaker, as you can see, these entities are costing the taxpayer a fortune so I respectively ask
the employees of these companies to understand and appreciate the difficulties that the Treasury sometimes experiences when trying to fund these
unbudgeted expenses.” Mr D’Aguilar then disclosed that upgrading all Family Island airports will cost $250m. The first four selected - Exuma, North Eleuthera, Abaco and Long Island - will account for $175m of this figure, with some $143m to be raised by RF Holdings (the former Royal Fidelity Merchant Bank & Trust). The $32m balance will come from an Inter-American Development Bank (IDB) loan. As for Grand Bahama International Airport, Mr D’Aguilar said the government was “on the cusp of acquiring” the Dorianravaged facility from Hutchison Whampoa and the Grand Bahama Port Authority (GBPA). “The government will
purchase the property for a nominal price and establish a legal construct where they are not obligated to pay any amount to the Port Authority in fees,” he added. “The government will then hire a consultant to advise it on how best to redevelop that airport given the high probability of another weather event impacting that airport.... “Upon acquisition, the overnment of The Bahamas plans to invest approximately $1.5m in capital improvements to the airport facility in the short-term, and then, after receiving a report from the consultants on the way forward, enter into a public-private partnership (PPP) to redevelop this airport.”