03112024 BUSINESS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN restaurant chain is aiming to double its workforce by July through the creation of 48 new jobs with revenues for the year-to-date some 15 percent ahead of 2023.

Chef Kevin Culmer, Tropical Gyros chief executive, told Tribune Business the brand will fulfill its expansion promises to investors who financed its crowd-funding capital raise through the imminent launch of its mobile food trailer and summer 2024 opening of a third outlet on Carmichael Road. It is also targeting paying a dividend to shareholders after the 2024 third quarter ends.

Disclosing that the combined investment in both ventures will be around $270,000, he added that

‘Iconic’

the Carmichael Road restaurant will create some 40 posts by offering night window service until midnight. The food trailer, which is expected to start operating within two weeks from the same site as the new restaurant, will add six jobs while a further two will be needed at its production centre to meet the extra

‘Remarkable uncertainty’ over NIB back-pedalling

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government’s political opponents yesterday accused it of creating “a remarkable amount of uncertainty” for businesses and workers by backpedalling over plans to progressively increase NIB contributions.

Michael Pintard, the Free National Movement (FNM) leader, and Dr Duane Sands, the party’s chairman, both told Tribune Business it made no sense for the Government to approve just a solitary 1.5 percent rate increase on July 1 when multiple reviews have warned the National Insurance Board’s (NIB) $1.5bn reserve fund will be exhausted come 2028 without greater hikes.

Briland horses battle Gov’t and resort

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN “iconic” Harbour Island horse riding business popular with visitors is locked in a furious legal battle with the Government and Pink Sands resort over the land where its facilities are located. Court documents obtained by Tribune Business reveal allegations by Byron Bullard, principal of

B&B Horseback Riding, that he is being “threatened with eviction” from property his business has purportedly occupied for 60 years “and destruction of his stables” if he fails to relocate.

However, his bid to bring a Judicial Review challenge against the Government has been rejected by Supreme Court justice, Carla CardStubbs, who in a March 8, 2024, ruling found that Mr

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

becoming “an agile, futurefocused international bank” with well-placed sources suggesting the lay-offs were linked to the need to reduce its workforce in the aftermath of its Ansbacher (Bahamas) purchase.

“In the ordinary course of business, the bank has made a decision to realign its workforce. This strategic realignment is focused

it is concentrating on

The duo, hitting out after the Prime Minister’s Office last week asserted that plans to raise the total NIB contribution rate by 1.5 percentage points every two years for the next two decades had not been approved by Cabinet, despite such a

strategy being announced just hours earlier, argued that the Government’s pull back occurred because it had been “spooked” by negative reaction.

Dr Sands told this newspaper the situation would be “laughable if it wasn’t so serious; it would be a big joke”, while Mr Pintard said the Government’s rapid reversal undermines the “predictability” that companies and commerce require for the smooth and efficient conduct of business. The latter also urged the Davis administration and NIB to crack down on

Plastics recycling facility in 30 jobs, year-end start

Up to 30 jobs will be created by a plastics recycling facility set to be developed on three acres of land at the Gladstone Road industrial park.

Eden Recycling & Manufacturing, in a statement, said it has signed a lease agreement with the Bahamas Agricultural & Industrial Corporation (BAIC) to develop the site into what it described as this nation’s first end-to-end plastic recycling services provider. The company is aiming to break ground on the recycling and manufacturing plant by the 2024 second quarter’s close and to be in full operation by year-end.

Leroy N. Major, BAIC’s executive chairman and MP for Southern Shores, said:

“The Bahamas Agricultural & Industrial Corporation (BAIC) is delighted to sign this lease agreement today with Andrew McFall and his team to provide a very important service to the community and to the country at large; that is, recycling and manufacturing.

“Eden Recycling & Manufacturing is anticipated

to be a revolutionary endto-end recycling facility. As a company, their goal is to transform the way our country approaches recycling and sustainability, now and in the future.

“BAIC welcomes Eden Recycling & Manufacturing to its industrial park, and hopes that it will become a successful company that will assist in employing many Bahamians as they contribute to the further economic development of the Commonwealth of The Bahamas.”

Mr McFall, Eden’s chairman and chief executive, started his career in banking before turning to business.

In 2015, he started A.R.M. Bottling & Supplies to fill a gap in the market for plastic bottle production.

“The idea for Eden Recycling & Manufacturing began after considering the true impact of single-use plastics to our environment. We wanted to create a business focused on recycling on a large scale to significantly reduce local waste,” Mr McFall added. With financial backing from Access Accelerator, or

the Small Business Development Centre (SBDC), and via its partnership with BAIC, Eden plans to collect plastic waste, process that material at its plant and create new, more sustainable products for resale.

“What we are truly building goes beyond actual space. We are building a new way of thinking about our environment as we develop innovative businesses in The Bahamas. By setting up our facilities with the end-to-end in mind, we are leading with solutions,” Mr McFall explained.

“Our immediate goal over the next nine months is to erect two-prefabricated steel structures and begin the recycling arm of our business. We are indeed excited to be at this point today, and we would like to thank all of our partners for helping us bring this muchneeded business solution to our local industry.”

Garth Rolle, Eden’s director of sales and marketing, said the company’s recycling component will primarily target commercial entities such as hotels, government facilities,

schools and other large organisations.

“As the first end-toend recycling facility in our country, our impact is going to be felt immediately and this is why it was important for us to start

with the recycling part of our business model. On the manufacturing end, we have exciting opportunities to create plastic products for commercial use - primarily in the construction

and the agricultural sector,” Mr Rolle said. Besides the environmental benefits, Eden said it plans to create jobs and offer new skill sets for a team of 25-30 persons.

EDEN Recycling and Manufacturing has signed a land lease agreement with BAIC Bahamas’ for a recycling facility set to open in late 2024. Picture L to R: Troy Sampson, general manager, BAIC, Leroy N. Major, executive chairman, BAIC; Andrew McFall, chairman and chief executive, Eden Recycling & Manufacturing; and Garth Rolle, director of sales and marketing, Eden Recycling & Manufacturing.

REGULATORS STANDING FIRM OVER TOUGHER CONSUMER PROTECTION

REGULATORS have held firm over plans to slash the time for communications industry operators to resolve customer complaints, wrongful disconnections and new serve installation despite industry push back.

The Utilities Regulation and Competition Authority (URCA), unveiling the results and decision from sector consultation on reforms to the Consumer Protection Regulations, stuck to its originallyproposed one-third cut to the time operators have to resolve customer complaints from 30 days to 20 days. It has also remained true to its original stance to cut the time required to connect new subscribers, and activate new services, while

also holding to a 50 percent reduction in the time to reverse wrongful disconnections from four hours to two hours despite opposition from the likes of the Bahamas Telecommunications Company (BTC).

“BTC stated that URCA did not provide supporting evidence or analysis to support reducing the complaint resolution timeframe from 30 business days to 20 business days, adding that it was simply an arbitrary reduction,” URCA said of the carrier’s feedback.

“BTC considered the 20-business-day limit... to be part of the overall complaint maximum 30 business day process, and therefore the two timeframe elements could not be compared. Additional time can be required to allow for the consumer to provide further input into the process and/or to agree

to a resolution, as contemplated in [other] provisions. “BTC added that while it strives to resolve consumer complaints as quickly as possible and well within the 30 business day cap in most cases, BTC claimed that the resolution of consumer complaints is not under its control because the complainant also dictates how long it takes to reach a resolution. Therefore, BTC concluded that the 30-business-day timeframe should remain.”

URCA, though, rejected this argument on the basis that it was inconsistent with international benchmarks and standards on resolving communications industry complaints. “As shown, the 30 business day target gives The Bahamas the longest timeframe allowed for complaint resolution when compared with the other countries used in the

benchmark,” the communications regulator added. “This is consistent with URCA’s view that the current 30 business day timeframe is excessively long. Therefore, URCA maintains that the revision to 20 business days is more proportionate and in line with international targets.

“URCA notes that the 20 business day target is still on the higher end of consumer complaint resolution timeframes when compared to other jurisdictions, but considers the new target to strike a reasonable balance between improving complaint resolution times while placing practical expectations on service providers,” it continued.

“URCA disagrees with BTC’s statement that consumer complaint resolution is not under BTC’s control. URCA recognises that there are cases where the complaint resolution

process may be delayed because of a customer. However, this should be documented by BTC.”

URCA also held to its proposed revision requiring communications industry operators to “escalate” consumer complaints to it if they remain unresolved after 20 days. And it also rejected BTC arguments against lowering customer reconnection times from four working hours to two when they are cut-off from services by mistake.

“BTC disagreed with the proposed change, stating that while its goal is to reconnect customers within four hours or less, some accounts require proper reconciliation and verification before the account is reconnected which may take more than two hours,” URCA said of the carrier’s feedback.

Campaign opposes $100m Goodman's Bay penthouses

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

OPPONENTS of a proposed $100m, 14-storey Goodman's Bay penthouse complex have launched the ‘Say No to Wynn’ campaign in a bid to rally public support against approving the project.

Azaleta IshmaelNewry, the campaign's spokesperson, said Wynn Development's penthouse plans represent at "overdevelopment" of the site it will occupy and wider Goodman's Bay area as well as raising environmental and access concerns for neighbours.

She said: “The issue is overdevelopment. The building is 14 storeys high.

Many people feel that the size of the building is too large for the area and even

for the space that's allocated on the lot.

“There are environmental issues, like noise, sound, air pollution, beach erosion. One of the big concerns that I've heard from grassroots people as well is access to the beach and the whole Goodman’s Bay Park.”

Ms Ishmael-Newry said the area has seen more flooding in recent years and questioned if the development’s new seawall would cause flooding for neighbours to its east. She said: “I've lived in the area for 31 years - and over the years and especially recently - you're seeing the changes, you're seeing the beach erosion. You know, sand shifts. Whatever you do in the water will shift sand, and whatever you do on the land it will shift, so it's an environmental concern.

“We've seen water come in now that we haven't seen before, say 10 years ago, so definitely there's something in the environment that's shifting... that's causing more water to come in.

“In their EIA they spoke about joining the seawall. So if their new development joins the seawall to their existing seawall, then what happens to that water? Water is going to find the lowest point so the houses on the east of them are most likely flooded.”

Randy Hart, Wynn Group's vice-president, could not be reached for comment before press time last night. However, parking related to the project is another concern, and Ms Ishmael-Newry said the existing site does not have adequate spaces available during peak times.

She also questioned where the 300 construction workers projected by

developers will park during the building phase. “GoldWynn doesn't have enough parking. Pressure from the community made it such that they had to move the cars," Ms Ishmael-Newry said.

"I don't know where the employees will park in the 14-storey building. They say they have off-site parking so where is off-site parking? When you look at the long weekends, there's not even enough room to accommodate what’s going on there already. A lot of the taxi drivers are bringing tourists there. “Where are the 300 construction workers going to park and show up to work when they are building GoldWynn? During phase one, workers were parking around the median. They were parking in front of the property, they were parking at Goodman’s Bay. There wasn't any parking. So how

are they going to solve the parking issue?” In addition to 300 construction jobs, the development is projected to create 30 full-time posts. Ms Ishmael-Newry maintained that the employment opportunities do not outweigh the environmental concerns that neighbours have about the project, and questioned how much of the profits generated will actually be spent within The Bahamas. She said: “I don't know what 30 full-time jobs mean. Does it mean it's 30 $200-$300 a week jobs? What does it mean? I can't put that into context. We always talk about jobs, but are the planners really looking at the future of climate change?

"Are they looking at how the shores are being eroded? Are they looking forward to 10/15/20 years when we are gone and

“Once it is verified that a wrongful disconnection has occurred, it is not clear what further reconciliation and verification is needed before a customer is reconnected. BTC did not provide examples or a detailed explanation to supports its argument.

“Given that the service provider wrongfully disconnected the customer, the time before reconnection should be as short as possible to minimise harmful effects on the consumer. Therefore, URCA affirms that the target reconnection for a wrongful disconnection will be reduced from four working hours to two working hours.”

URCA is also mandating that carriers take less time to activate new services/ subscribers once they are approved even though BTC argued that it is inhibited

we're no longer here, and the next generation has to pick up the problems? Or are they only looking for the current?

“The other thing we always have to think about with foreign direct investment is investors coming in. That can be great but how much of that money is leaving our shores?”

The public hearing on the penthouse complex’s Environmental Impact Assessment (EIA) was held last month and the Department of Environmental Planning and Protection will be accepting public queries and feedback until March 20.

A CABINET minister has unveiled the ‘Coming Home’ initiative designed to attract Grand Bahamians to return home and exploit the island’s touted $2bn investment project pipeline.

Ginger Moxey, minister for Grand Bahama, told the House of Assembly during the mid-year Budget debate that Grand Bahama needs a critical population mass to return for its potential economic revival to succeed.

She added that Grand Bahama can easily accommodate more than 250,000 persons but currently hosts just 47,000. “We need all of you to help us to boom again. It’s time to come home because critical mass is what we need to thrive. We have the capacity to easily accommodate a

HOME’ TO BOOST CRITICAL MASS IN FREEPORT

GINGER MOXEY

population of over 250,000 yet we are barely scratching the surface,” Mrs Moxey said.

“Grand Bahama’s once 60,000 population has dwindled to 47,000 on an island that has some of the best infrastructure, modern amenities, and a ‘best of both worlds’ environment of native communities in the east and west and the city centre. Real estate is affordable. Where some see a dilapidated building,

DPM: ‘We won’t tolerate’ cruise lines deterring their passengers

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Deputy Prime Minister has warned the cruise lines that advising their passengers not to disembark in The Bahamas is “not something we tolerate”.

Chester Cooper, also minister of tourism, investments and aviation, spoke out during his mid-year Budget presentation in the House of Assembly after a video widely circulated on social media on Wednesday captured an alleged group of Carnival cruise line passengers sharing warnings they received about the alleged crime-related dangers of disembarking in Grand Bahama.

One visitor said passengers were afraid to disembark after being warned by the ship’s crew that “people are being robbed and drugged and raped and murdered”. She said: “Same thing from all the cruise lines is people are being robbed and drugged and raped and murdered, so

all the tourists are scared. That’s exactly what they are saying. “It’s even on our paper… don’t bring no jewellery, no purses, no money… Carnival was even giving people money back because they didn’t want to go on excursions.” A Bahamian questioned why the cruise lines would choose Grand Bahama as a port of call if it was so dangerous, and she answered: “That what I said. They still want your money, but they don’t want ya’ll to make money.”

Mr Cooper said Bahamians were “rightfully outraged” by the video, adding that he has spoken directly with Carnival’s chief executive about its contents and the alleged warnings given to passengers exiting the ship in The Bahamas.

He added that Carnival assured him the notice was not endorsed by the cruise line and “affirmed” its partnership with The Bahamas. Mr Cooper said he will continue to work with the

SEE PAGE B8

others see an opportunity for redevelopment. So it’s all about perspective. It’s time to come home and grow together.”

Mrs Moxey highlighted tourism investments such as the $250m Six Senses project, Carnival’s $600m Celebration Key, and Royal Caribbean International and ITM Group’s $70m redevelopment of Freeport Harbour’s cruise port.

She said: “It’s time to come home because Carnival’s $600m Celebration Key will bring over four million cruise passengers every year to Grand Bahama, creating entrepreneurial opportunities to empower you and other Bahamians like you.

“It’s time to come home because Royal Caribbean, MSC (Mediterranean Shipping Company) and ITM are creating a new cruise port destination at Freeport Harbour, with additional

beach experiences creating entrepreneurial spin off opportunities for you. It’s time to come home because the airport redevelopment will create the meaningful opportunities for our people and give us our preclearance back.”

Mrs Moxey said Grand Bahama is projected to attract more than six million visitors annually by 2027 while, after 20 years, downtown Freeport is “alive again with over $13.5m in investments”.

She added: “After 20 years of decline, downtown is back and bustling with activity and much more to come. And, by 2027, it is projected that over six million visitors will be visiting Grand Bahama.

“Imagine the impact on our economy. And what I like to remind our people is, if at least 10 percent of cruise passengers leave the walls of the cruise port and

traverse our communities, do you know what that can mean for you?”

Mrs Moxey said new healthcare facilities such as the $200m Freeport Health Campus, which is under construction; the $200m second phase of the Western Atlantic Medical School; and the $30m Doctors Hospital facility will provide medical care for residents.

“It’s also time to come home where healthcare will have the much-needed infrastructure with the Freeport Health Campus and Doctor’s Hospital flagship facility,” she added.

The minister for Grand Bahama said the ‘Coming Home’ initiative will be led by her ministry’s Collab unit and provide opportunities and plans for Grand Bahama.

She said: “Here you can find out what’s going on - the plans for the island,

opportunities for collaboration and for public-private partnerships. The same opportunity exists for those who have stayed there with us. If you have an idea, let’s see how we can assist you in making it happen.

Mrs Moxey said her ministry is collaborating with the Grand Bahama Port Authority and the Grand Bahama Chamber of Commerce to improve the ease of doing business on the island.

She added: “My ministry is always in active discussions with both the Grand Bahama Port Authority, as well as the Grand Bahama Chamber of Commerce, with respect to ease of doing business so that both local and international investors are always given the attention they deserve in Grand Bahama and we are not just playing lip service.”

Gov’s wants ‘happy medium’ on petroleum retail demands

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Prime Minister’s spokesperson has reaffirmed the Government is still trying to reach a “happy medium” with petroleum retailers that does not involve raising gas prices for Bahamians.

Keishla Adderley said the Government is effectively trying to balance the competing demands of motorists and gas station operators in achieving the desired “consensus that will be mutually beneficial” for all parties.

Speaking at the Prime Minister’s Office’s weekly media briefing, she added that the Government remains in negotiations with the Bahamas Petroleum Retailers Association (BPRA) and its members through on-off talks that have lasted almost two years.

“I know that they’re in continued discussions. Talks are pending,” Ms Adderley said. “The Prime Minister is determined, or trying his best, not to raise prices that will create a further burden

for members of the public while, at the same time trying to, you know, create a happy medium with gas retailers.

“So the short answer is, talks are ongoing. A meeting is pending, and they’re still trying to come to a consensus that will be mutually beneficial.” Ms Adderley’s comments came after gas station operators earlier this week sent a letter to the Prime Minister pleading for discussions to resume and tackle the “dire straits” caused by fixed gasoline margins that have remained unchanged for 12 years.

The Association, in its February 26, 2024, letter to the Prime Minister, said increases to the 54 cents per gallon of gasoline, and 34 cents per gallon of diesel, margins are “so desperately needed” because it is impossible for them to cover costs that have escalated significantly over the past decade-plus.

“Prime Minister, on behalf of our members, I wish to request an urgent meeting with you to discuss the dire straits that petroleum retailers find themselves. With your leadership, we must come to a final resolution on the margin adjustment,” Mr Raymond Jones BPRA president wrote for the Association.

“Many petroleum retailers are at the point of closing their doors as costs continue to mount against the current margin. These businesses affect the livelihoods of countless Bahamian entrepreneurs and their employees, and a closure of any of these sites has a ripple

effect in our economy,” he continued.

“We are Bahamian entrepreneurs and need immediate relief via a margin adjustment which is established by the Government. It has been more than a decade since a margin adjustment was made, clearly not keeping pace with the rising costs

“Prime Minister, we were told over and repeatedly ‘wait for the price to go down, then the Government will take action’. Last year, 2023, and in 2022, between July and September, a significant price decrease [in global oil costs] was realised, yet despite our appeals for a mere $25 cents per gallon [increase] no action was taken. We are respectfully calling on you to take decisive action with this matter.”

Mr Jones subsequently told Tribune Business that reduced operating hours, with dealers no longer staying open 24/7 in a bid to cut costs, was one possible response if a margin increase - either fixed or a percentage-based mechanism - was not forthcoming.

Speaking after dealers held an “emergency meeting” with the Government yet to respond to their letter, Mr Jones said the Association and its members need to understand what help the Government plans to provide and when so they can budget accordingly for their businesses.

“At the end of the day, the silence is too great. Stay tuned,” Mr Jones told this newspaper. “It’s likely that at some point you will see dealers reduce their hours

or do something else. We don’t want to inconvenience the motoring public, but for us to stay in business these are the things we have to do. It’s a double-edged sword because it impacts the public and impacts us.

“After doing what we can to minimise operating costs we need margins that give us cash flow to stay in business.” Asked how long the Association can wait for a reply from the Prime Minister and the Government, Mr Jones added that rising global oil prices and the impending summer months meant retailers needed quick resolution to negotiations that have dragged on for almost two years.

“I don’t think we can wait longer than a week,” he told Tribune Business. “We’re already in March. It’s taken too long. It’s been 12 years since the last increase. We’ve given some suggestions. They made a proposal to us, which we accepted, and then we thought the deal was done. Nothing happened.

“Subsequent to that, the minister [Michael Halkitis] said there would be no increase, which was a shocker because they’d proposed a new mechanism which we’d accepted. It can be done as a percentage of the landed cost.

“We just want a margin that’s reasonable for us to survive to be put in place. The current one is not tenable, won’t work and we won’t survive with it. Whatever means they’re comfortable with, we can agree with that and move on. Too much time has been spent on this.”

MULTIPLE OPERATORS GIVE AI INVESTMENT OPTIONS

After Nvidia’s price hype, investors are wondering which company might be the next Artificial Intelligence (AI) star on the stock market The technology giants are hoping for big business with artificial intelligence.

Probably no technology has spread faster than AI. The number of users of the pioneering chatbot, ChatGPT,from OpenAI makes this clear. It took only three months to reach 100 million users when, in comparison, it took Twitter five years. And hardly any other technology has driven up share prices as much.

Two weeks ago, the chip manufacturer, Nvidia, became the third US company to break the $2trn mark in market value after the latest quarterly earnings beat all expectations.

The manufacturer’s flagship chip, the H100, has a

unit price of up to $30,000. Due to low availability, the H100 is even being sought for up to $45,000 on Ebay. Facebook’s founder, Mark Zuckerberg, just announced that Meta will invest massively into AI and will order 350,000 chips worth around $10bn. No wonder other chip manufacturers are standing in line and hoping their share prices will have the same meteoric rise once their products become the new hype. It is also clear that the market will not be dominated by one provider forever. Let us look at the possible players. AMD (Advanced Micro Devices), the chip manufacturer from California, is considered to be the hottest contender for further success in the AI chip segment. Its MI300 chip wants to compete with Nvidia’s H100 and is promising faster speeds and less energy consumption. INTEL used to be the icon of chip

manufacturers but recently suffered from a decline in its PC and server business. Now the company wants to enter the so-called foundry business on a large scale, meaning contract manufacturing for third parties.

The Taiwan Semiconductor Manufacturing Company (TSMC) is the world’s largest contract manufacturer of computer chips, and is therefore on the radar of investors who want to invest in this sector. TSMC builds the chips for almost all well-known companies, ranging from Apple to Nvidia and AMD to Infineon.

Europe’s largest technology company is also indirectly involved in the AI business. ASML, based in the Netherlands and with a market capitalisation of around 350 billion euros, produces lithography machines that are needed to make microchips. It is the only company whose machines can produce the

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.

most sophisticated chips with the smallest so-called node sizes.

The savvy investor has many other companies to consider in the AI sector, and many of them of them are tradeable on our platform.

AI RACE

‘Iconic’ Briland horses battle Gov’t and resort

Bullard and his attorney, Geoffrey Farquharson, had failed to identify any decision by a public body that merited her intervention.

Mr Bullard had listed 13 grounds for “relief” in his original February 10, 2023, application for permission to bring Judicial Review proceedings against the minister responsible for lands and surveys (the Prime Minister), including that the Government’s actions were breaching his constitutional rights and that it had “acted maliciously, corruptly, unlawfully, high handedly and oppressively” towards him.

His case is that the horse riding business, which he has owned and operated since the late 1980s, has occupied its present site “for more than 60 years” dating back to the 1950s when it was under other ownership. As a result, Mr Bullard is arguing that - through more than 36 years of “undisturbed possession” - he has met the 30-year legal minimum to be declared owner of the property.

Tribune Business, though, has obtained an approved September 2016 survey plan for the Pink Sands subdivision which seemingly shows that B&B Horseback Riding’s paddock, stables and other facilities are located on lot 17 in the south-eastern corner. The Pink Sands resort is understood to be claiming ownership of the very same land, and wants the horse riding business to move.

This newspaper yesterday sought to contact Kym Neilsen, Pink Sands’ general manager, for comment but, after explaining the nature of its inquiry, the call was either dropped or disconnected. His phone went straight to voice mail when called back and, although a message was left, it was not returned before press time last night.

One Briland source, familiar with the dispute but speaking on condition of anonymity, voiced disappointment that Pink Sands and Mr Bullard have not been able to reach a compromise and settle their differences amicably.

“It’s a battle. They can’t get along,” the source said. “It’s just a shame they cannot come up with some compromise. I think Pink Sands could find a sliver of

land, down wind from its cottages, which is still close to the dry dock and near public beach access. I can’t believe they can’t come up with a compromise.

“They have four or five horses and take them out every day. They walk them down the beach and set up. They are a huge draw for the tourists. They love to ride bare back on the pink beach with the crystal clear blue water in the background.

“It’s an iconic thing, those horses on the beach. It’s a tourism thing. They’re good horses, well trained and they clean up after them. There’s enough land on the beach and they need to figure out a solution.”

Justice Card-Stubbs, detailing Mr Bullard’s evidence in the Judicial Review proceedings, said it “relays an antagonistic relationship with a hotel occupying adjacent land, and allegations are made of threats of eviction by the respondent (the Government), one such threat issued by way of a letter”.

It was this letter, dated December 29, 2022, that Mr Bullard alleged demonstrated the Government had intervened in the dispute on Pink Sands’ behalf and was the cause of his Judicial Review action. The B&B Horseback Riding principal, in an affidavit, alleged that Pink Sands had been “taken over by new operators” who had “recently built cottages remote from the hotel on the beach” next to his operation.

“They then insisted that I must vacate my business, or they would demolish my stables and seize my land,” Mr Bullard claimed, who said he was “contacted by the junior minster in the Prime Minister’s Office” in the middle of negotiating with Pink Sands over purchasing the property.

At the same time, “the hotel and its management renewed their threats to demolish my buildings and seize my land”, he added, resulting in Mr Bullard initiating separate legal action against the resort.

“Whereupon I received a letter from the respondents [sic] purporting to step into the shoes of the hotel and its management in order to attempt to seize my land and destroy my buildings,” Mr Bullard alleged against the Government.

“Accordingly, I am seeking Judicial Review of the

actions of the respondent and an injunction restraining him (minister responsible for lands and surveys) from interfering with my land, buildings, or any right or any access or egress thereto pending the resolution of this matter.”

The Supreme Court verdict did not identify the “junior minister”, although the candidates would include former minister of state in the Prime Minister’s Office, Myles Laroda, and his replacement and previous parliamentary secretary, Leon Lundy.

However, when contacted by Tribune Business yesterday, Mr Bullard identified “Mr Fitzgerald” as “the main one telling me to leave”. That would appear

to be Jerome Fitzgerald, former MP and Cabinet minister, who is now Prime Minister Philip Davis KC’s senior policy adviser.

While the “junior minister’s” December 29, 2022, letter formed the basis of Mr Bullard’s Judicial Review bid, he and his attorney argued “it was not essential” that it be produced to obtain permission to proceed and would instead be revealed during the later substantive hearing.

Yet the Attorney General’s Office, as the Government’s legal representative, argued that Mr Bullard should seek alternative legal remedies via land law. And, pointing out that Judicial Review actions were concerned with decisions made by government/ public bodies and officials, it argued that he and his attorney had failed to identify the relevant decision, who made it and when.

Justice Card-Stubbs agreed, finding: “The applicant claims to have a legitimate grievance about something gone amiss, or under threat of going amiss. However, what is not before this court is the decision complained of....... “I also note that the applicant is asserting a claim to the possession of land and has filed suit elsewhere in that regard. Indeed, the first of the remedies sought in the notice of application is declaration of ownership of the land. It seems to me that if this is a title issue, then Judicial Review is inappropriate in the first instance.

“The Applicant is said to be taking steps to have ownership of the property addressed. If that is so, and if there is an alternative remedy, then that remedy ought to be pursued. Judicial Review is said to be a remedy of last resort. If indeed there is a threatened trespass, then that matter

ought to be pursued by the applicant for a remedy in private law. If Judicial Review is to be constituted, it may well be that this application is premature.”

Mr Bullard told Tribune Business that B&B Horseback Riding is properly licensed, with vets from the US visiting every February to check on the horses’ health. He added that he had obtained the necessary permits, and gone through the required local government channels, to be able to construct the stables and paddock where the horses feed and get their hay during the day.

“People come from the charter planes just to ride in the water,” Mr Bullard said. “The tourists really love the horses. Pink Sands is making money off those horses, calling me every day, but yet I need to move from in front of them because they are claiming the whole area.”

delinquent contribution payers to ease the need for further rises.

The FNM chairman added that the Government “have been playing this game for two-and-a-half years”, noting that this was not the first occasion where Philip Davis KC has moved quickly to contradict his Cabinet ministers when it comes to NIB and proposed contribution rate increases.

He pointed to a similar reaction after Myles Laroda, who formerly had responsibility for NIB prior to last year’s Cabinet reshuffle, forecast that increased contribution rates were critical to NIB’s survival and would need to be raised imminently.

Mr Davis quickly came out and said no rate increase had been agreed, while

then-press secretary, Clint Watson, branded such a move “the lazy way out”.

A similar chain of events occurred last Thursday after Alfred Sears KC, the minister with Cabinet responsibility for NIB, unveiled plans to raise the total contribution rate by 1.5 percentage points every two years over the next two decades through to 2044 with the Prime Minister’s Office stating just hours later that this series of phased-in hikes had not been approved or agreed by Cabinet.

“I find it implausible to believe that the minister with responsibility for NIB, Alfred Sears, would speak out of tune off the hymn sheet,” Dr Sands told Tribune Business, adding that the minister appeared to have been “thrown under the bus by

the Prime Minister who, I think, got spooked by the very loud public push back and response of immediate outrage...

“It’s not lost on me that, as he often does, the Prime Minister takes his finger out of his mouth, puts it up in the air and realises it’s not going to fly.” Tribune Business reported on Friday that the strategy unveiled by Mr Sears, if fully implemented, would mean the all-in NIB contribution rate as a percentage of insurable wages will increase to 26.3 percent by 2044 - a rate equivalent to a developed country’s income tax.

Mr Sears and senior NIB officials gave every impression that the contribution rate increase strategy had been approved. Heather Maynard, NIB’s acting director, confirmed to Tribune Business that the series

of 11 increases unveiled by Mr Sears in his midyear Budget presentation would ultimately more than double NIB’s total contribution rate from the present 9.8 percent to 26.3 percent after July 1, 2044.

That would represent a 168.4 percent increase in the contribution rate - spread over a 20-year period - in a bid to ease the financial burden and strain this may impose on both businesses and working Bahamians. Ms Maynard also confirmed that, under this strategy, the contribution rate paid by workers will more than triple - rising from the current 3.9 percent of insurable wages to 12.15 percent.

Bahamian businesses, who presently face a 5.9 percent contribution rate, would see this jump to 14.15 percent by 2044 based on

the series of 1.5 percentage point increases all being split evenly between employer and employeemeaning their respective shares will rise by 0.75 percentage points every two years.

Mr Sears, for his part, said: “NIB reform is not a matter of choice but a matter of necessity. We can no longer delay or ignore this issue, as it affects our present and future welfare. We have a collective responsibility to protect and preserve the National Insurance Board.

“Therefore, effective the first Monday of July 2024, the contribution rate for NIB will be increased by 1.5 percent [percentage points] to be shared equally between the employer and the employee, and thereafter a 1.5 percent increase every two years from July 1, 2024 to July 1, 2044. Similarly, the same increase will be applied to self-employed persons and voluntarily insured persons.”

The increases set to take effect on July 1, 2024, will increase the employer and employee contributions by 0.75 percentage points each. The employer contribution will rise to 6.65 percent from the existing 5.9 percent, while that for employees will grow from 3.9 percent to 4.65 percent.

The contribution rates for self-employed and voluntarily insured persons will jump from the present 8.8 percent and 5 percent, respectively, to 10.3 percent and 6.5 percent as part of a strategy to ensure The Bahamas’ national social security system survives for the long-term to meet its benefit obligations to all citizens and legitimate persons who qualify for assistance.

However, the July increase will only take the all-in NIB contribution rate for working Bahamians to 11.3 percent - a level that financial studies, known as actuarial reports, state is still too low to ensure the scheme’s medium and longterm survival and prevent the $1.5bn reserve fund from being depleted in 2028 as predicted. “An increase of the contribution rate by 2

percent (over the existing 9.8 percent) every two years starting on July 1, 2022, and ending on July 1, 2036, could restore the short and medium-term financial sustainability of the scheme,” the last NIB actuarial report said.

“Starting in 2029, the required annual contribution rate to pay for all expenditures becomes the pay-as-you-go (PAYG) rate. As an illustration, the contribution rate will have to increase from 9.8 per cent to 16.9 per cent in 2029, and will reach 32.3 per cent in 2078.”

“By their own admission, NIB’s path to solvency, even with this increase, will not be attained in 2030,” Dr Sands told Tribune Business. “For the Prime Minister to come out after the minister spoke to say they’ve not agreed to anything beyond the increase in 2024, what they are saying is basically we are prepared to let NIB fail. By their own admission this increase is not going to solve the problem.”

Mr Pintard, meanwhile, argued that the Government’s NIB back-pedalling has only increased uncertainty for workers (over how much they will lose from their take home pay) and businesses alike.

“When I spoke about this months ago I said businesses need predictability,” he told Tribune Business.

“It made no sense for them to indicate an increase was coming without saying what it is. Then, after all this time, come and give a figure that is dramatically high over 20 years and, in a matter of hours, back pedal on it. The predictability businesses expect to have, you want the regulators, the policymakers to have some certainty with what they’re putting in place and rely on them.

“People want to come into a business environment that is predictable, and we are a country of laws, and not at the whim and fancy of politicians which changes from day to day. Davis and those are creating tremendous uncertainty.”

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.

DPM: ‘We won’t tolerate’ cruise lines deterring their passengers

Mr Cooper said Bahamians were “rightfully outraged” by the video, adding that he has spoken directly with Carnival’s chief executive about its contents and the alleged warnings given to passengers exiting the ship in The Bahamas. He added that Carnival assured him the notice was not endorsed by the cruise

line and “affirmed” its partnership with The Bahamas. Mr Cooper said he will continue to work with the cruise lines to ensure that a “win-win partnership that benefits Bahamians” is maintained.

“Let me just take a minute, if you would permit me the time, to acknowledge that I have received a video between

NOTICE

NOTICE is hereby given that

JALOMEY GENEVE PINNOCK BROOKS of P.O Box CR-55750 Carmichael Road, Nassau, The Bahamas 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 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

yesterday and today of a presumed Carnival passenger. I received the video 171 times,” Mr Cooper said.

“Bahamians are rightfully outraged. I’ve spoken directly with the chief executive of Carnival on this matter and indicated that it’s not something we tolerate. He has confirmed and affirmed our partnership, and he has indicated that

it’s not something endorsed by Carnival and it’s not the standard notice of Carnival. He’s provided me with those notices.

“We continue to work with him, and all of the chief executives of cruise lines who serve The Bahamas, to ensure that we have an embracing partnership that is a win-win partnership that benefits Bahamians

with

2024 International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

and The Bahamas directly. These dialogues will continue.”

Mr Cooper said the negative publicity surrounding the US and Canadian travel advisories has largely dissipated, with 99 percent of current media coverage on the country being positive. He said: “I am pleased to tell you that the wave of bad news has subsided and our monitoring reveals that 99 percent of stories on The

Bahamas now are positive or neutral, demonstrating our quick crisis communications plan coupled with our reputation for safe, fun visits, is buffering any negative effects thus far.

“These measures are part of a broader initiative to not only address immediate concerns but to ensure the long-term safety and wellbeing of everyone who sets foot on our islands.”

Regulators standing firm over tougher consumer protection

FROM PAGE B3

by “a deficit of skilled fibre technicians”. “BTC objected to the reductions in the service activation timeframe targets, stating that URCA provided no supporting evidence, analysis or rationale to justify the proposed reductions, which BTC called arbitrary in nature,” the regulator added. “In BTC’s view, the existing targets are adequate. BTC explained that the proposed targets would be difficult to achieve due to various reasons including the geographic layout of The Bahamas as a large archipelago, reduced flight availability on commercial airlines to the more remote islands, and the cost of chartered flights as an alternative to commercial flights.

“Following the COVID pandemic, there has been a decrease in the number

of available flights thereby making it more difficult to get a technician on-site than it was when the 2013 regulations were issued.” Cable Bahamas also objected to the revised timelines.

Elsewhere, communications providers must now notify consumers of planned or unplanned disruptions with detailed information, including expected restoration times, through a minimum of three mainstream communication channels. And they must also gain permission from a customer before sending text messages containing advertisements.

The only major area where URCA has relented is in doubling the time that communications providers have to comply with, and implement, the new consumer protection regulations from 90 days to now six months.

NOTICE

NOTICE is hereby given that

PATRICK ANTHONY ROBERTS

82 Soldier Road, Nassau, The Bahamas 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 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that

WILSMINE VANESSA JACOTIN Sandilands Village, Nassau, The Bahamas 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 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that

HISMANYA FERDINAND of P.O Box N.P 3363 3rd Street Grove, 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 twentyeight days from the 11th day of March, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that EVELINE GUERRIER Pinewood Gardens, Nassau, The Bahamas 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 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

RESTAURANT CHAIN TO DOUBLE STAFF AS REVENUES RISE 15%

Charles Shopping Centre in Nassau, and is waiting on the respective franchisees to secure the necessary financing and other resources to move forward.

And, while he has already been approached about international expansion to Jamaica, Chef Culmer said he plans to focus on Tropical Gyros’ Bahamian expansion first and become “more comfortable” operating multiple outlets and the logistics/supply chain at home first before venturing overseas.

Tropical Gyros was the second crowd-fund via ArawakX to successfully hit its minimum target, raising a net $218,193 in new investor equity after the payment of offering fees, and Chef Culmer told Tribune Business: “The beauty is that people are able to see what we’ve done with the investment. We want to expand. That is the beauty about that.

“I just landed my food trailer. It’s an exclusive-only food trailer, very well done. I had it build and designed in Florida at United Food Trucks, and expect to launch that in two weeks as soon as we get it licensed.

We’re also building out the Carmichael Road location and that should be open this summer. “We had to put that on pause as we had to put money into the food trailer. They’re not cheap, the good ones. The total landed cost is $120,000. What we plan to do is put it on the same site where we’re building out Carmichael Road to generate presence there, so that when the restaurant opens people know Tropical Gyros is there.” Chef Culmer said electricity and bathroom facilities are already present at the Carmichael Road site to enable the mobile food truck to operate and, once the physical restaurant is operational, Tropical Gyros plans to “move it around” to various sites in New Providence.

“We’re looking at the investment in Carmichael as being $150,000,” he added of the restaurant. “We have to do some ground work on the outside of the building to get it up to scratch. That’s going to be a seven-day-a-week operation. We’re going to open in July, and have a night window service from 8pm to 12am midnight.

“We’re looking at 40 jobs for the Carmichael Road outlet, six for the food trailer and will need two more persons in the production centre to generate the inventory we need to support this operation. We have 42 persons on staff right now.”

The Carmichael Road and mobile food trailer expansion will thus see Tropical Gyros more than double the size of its existing workforce. “We’re looking now,” Chef Culmer said of the extra staff need. “We’re going to start to recruit persons around May so we can get people fully trained, not rush it, and find the right mix of people that we’re targeting.”

The Carmichael Road restaurant will be located in the building opposite John Chea, just before the police station for persons travelling west. The chain will share the property with a clothing store located on its eastern side.

But, once Carmichael Road is operational, Chef Culmer disclosed that Tropical Gyros’ continued expansion will be placed in the hands of others.

“After Carmichael Road, we will probably not open any more restaurants

ourselves,” he said. “We prefer to grow through franchisees as opposed to our own operations.

“I’m in discussions with three potential franchisees. One for Grand Bahama and two for here in New Providence. I’ve been to Grand Bahama a few times, been to Freeport on a couple of trips to find a place with the potential franchisee. I’ve approved that location and they’re trying to put the funding and financing together to bring it to fruition.

“We have a franchisee looking to put one on Prince Charles Drive, in the shopping plaza where Super Value and KFC are, where Pizza Hut was located, and another looking at the new plaza being built at Old Fort Bay.”

Chef Culmer told this newspaper that Tropical Gyros’ potential Freeport franchisee is eyeing the downtown Regency Plaza that used to house a Quiznos eatery. “I’m just hoping the franchisee for each one is able to secure that location,” he said. “With the Pizza Hut one, my wife and I were talking about opening a location in that plaza because it’s right

around the corner from Sea Breeze where we live.

“They have to move fast because a lot of persons will be looking to capitalise on Pizza Hut moving out. I’m waiting to hear from him. He’s putting his package together and hopefully next week we hear from him.”

Tropical Gyros’ opportunities are not confined to The Bahamas. “I had a meeting with three gentlemen who want to bring us to Jamaica,” Chef Culmer disclosed, “and wanted to fly us down to Jamaica at the Easter weekend to look at the environment.

“It sounds exciting, but I’m a little reluctant right now. We want to take advantage of Bahamian expansion first. I want to feel more comfortable operating multiple units in The Bahamas first before we take on international.

Although I feel we can compete internationally, I want to feel comfortable about the logistical aspects before we open outside The Bahamas.”

Chef Culmer said Tropical Gyros is enjoying an improved trading performance in early 2024 as inflation-related cost pressures, including electricity expenses, ease when

compared to 2023. “We had a very good sales year last year,” he recalled.

“Expenses were high, but we were still able to show a profit [margin] of about 8 percent.”

With expenses equal to about 92 percent of revenues, the Tropical Gyros chief explained: “The cost of goods spiked to 55 percent. It used to fluctuate between 38 percent and 42 percent. Then the summer months, when BPL was just rampant, my BPL bill spiked by 300 percent for four months right across all locations. It just hammered us.

“This year [revenues] are about 15 percent over last year for the same period, and we’ve been able to operate at 88 percent [expenses to revenue ratio] for the first two months. A lot of it is because we’ve seen a 3 percent decrease in the cost of goods and the cost of electricity has stabilised.

“We feel like we’re on the right track with the opening of the Carmichael Road location this summer and mobile food trailer. We should be looking to pay a dividend after the end of the third quarter” which will close on September 30.

Deltec’s terminations ‘to realign workforce’

on consolidating the gains from its recent acquisition,” Deltec said in a statement.

“Despite recent headlines and stories, the Deltec team grew the capabilities needed to accommodate a diverse portfolio for further profitability and sustainability and, in this strategic realignment, will reiterate its positioning, which expands well beyond servicing the digital assets sector.”

Tribune Business contacts, speaking on condition of anonymity, said Deltec Bank & Trust is also reducing its exposure to digital assets and the volatility associated with the industry.

“There was a downsizing on Thursday or Friday last week. I think they let about 11 people go,” one said.

“It was in line with the aftermath of the Ansbacher acquisition. They did a lot of investment in technology and kept people on longer than they needed to. After the acquisition they are kind of right-sizing. I don’t know why they took that long.”

Deltec, in its statement, added: “The bank is deeply grateful for the dedication and hard work of the team

members that are impacted by this, and to support affected colleagues has provided comprehensive severance packages, personalised career transition services, and job placement assistance in collaboration with the Ministry of Labour.

“Deltec Bank remains dedicated to its mission of providing exceptional banking services worldwide, is excited about the future and confident in its strategic direction, supported by a talented team of over 100 people, cutting-edge technology and the trust of clients and stakeholders.”

However, several sources said Deltec is also undertaking “a shift in their business model” to reduce its digital assets exposure as a percentage of its overall business. “I don’t think they’ll be leaving that sector totally,” one said. “It’s just reducing the exposure, the amount of money and adjusting their appetite.

“They’re going to be selective in the type of client they take on, and are going to be going back to their core business. A part of that is focusing on corporate business but not digital assets. I think you can understand why. That sector

is more risky than typical sectors. I think it’s going to be quite a significant reduction in their overall exposure to the sector.”

Deltec and its chairman, Jean Chalopin, have become embroiled in class action lawsuits launched by aggrieved FTX investors in the wake of the crypto exchange’s high-profile November 2022 collapse. Their pursuit has been given fresh ammunition from the production of 7,000 pages of Telegram messages - many featuring the Bahamian bank’s executives - by Sam Bankman-Fried’s former girlfriend.

Deltec and Mr Chalopin last month reaffirmed their stance that the latest allegations represent more “meritless claims” that will be “vigorously defended”, while suggesting that Caroline Ellison and other former cronies of the FTX founder are motivated by their desire to settle the same class action lawsuit’s claims against them.

“We are aware of the amended complaint filed by plaintiffs’ lawyers in the FTX matter. The new complaint does not cure the defects of the prior complaints and Deltec will continue to vigorously defend against these meritless claims, which do not belong in a US court,” they asserted in a written response to Tribune Business inquiries.

“The new allegations rely heavily on unsubstantiated statements by individuals who we understand are settling their lawsuits with plaintiffs in exchange for providing the information.

Like the rest of the world, Deltec Bank and Jean Chalopin had no knowledge of FTX’s misconduct until it was made public.”

Deltec, in legal filings in the south Florida court, said it had less than 150 full-time staff and net profits of under $15m for 2023.