03172022 BUSINESS

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THURSDAY, MARCH 17, 2022

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Ex-PM: ‘Not one red cent missing’ Town Planning turns By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DR HUBERT Minnis yesterday asserted that “not one red cent is missing” from any of the COVID19 relief initiatives that came under fresh assault in Parliament from his successor. The former prime minister demanded that Philip Davis QC “bring the proof” of any wrongdoing involving the National Food Distribution Task Force and Bahamas Health Travel Visa, as well as the Bahamas Public Parks and Beaches Authority, and accused the current administration of “walking a very dangerous road” with its constant attacks on these efforts and agencies. Telling Tribune Business that the Government needs to produce its reports on investigations into the these three areas, and “move on” if no irregularities are established, Dr Minnis argued that Bahamians are more interested in how Mr Davis and his administration plan to combat surging inflation and the “relative devaluation of the Bahamian dollar’s” purchasing power Mr Davis and his predecessor renewed battle in the House of Assembly just five days after Dr Minnis promised to “buss his a-- and their a-- for talking stupidness” over assertions made in relation to the

• Minnis hits back on Brave’s latest assault • Demands of current PM: ‘Bring the proof’ • Davis slams his ‘aggressive incompetence’

DR HUBERT MINNIS National Food Distribution Task Force and the COVID-related relief that it provided. Speaking following the duo’s morning clash, in which Mr Davis further ‘doubled down’ with fresh claims against that initiative, the

ex-prime minister retorted: “He came with no proof; he came with no proof yet. Nothing. Nothing. There were no irregularities in there to my knowledge. The Prime Minister, he came talking, but bring the proof. “What he’s doing is damaging the private sector and the non-governmental organisations (NGOs). A lot of the food that we purchased was at rock bottom prices from the private sector, who were giving us all sorts of breaks. “When you attack the NGOs, attack the private sector, if we have another disaster in the future, God forbid, they may not want to help because they don’t want to be used as political pawns. He’s got to be careful walking down that road, because the only ones who will lose will be

SEE PAGE 12

COVID food costs ‘far below’ NGOs average By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE COVID food initiative’s 8 percent administrative costs ratio is “far below” the typical international benchmark for non-profits, a governance reformer revealed yesterday. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the sum allocated by the National Food Distribution Task Force’s administrative overheads was almost half the typical 15-20 percent ratio incurred

MATT AUBRY by non-governmental organisations (NGOs) worldwide. Speaking after the Prime Minister voiced outrage that some $4.77m,

SEE PAGE 13

BTC: Tax ‘disruptors’ like Netflix and Hulu By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) has demanded that industry regulators tax “disruptive” providers of over-the-top (OTT) services to counter their “onslaught” on local carriers. Responding to the Utilities Regulation and Competition Authority’s (URCA) draft 2022 annual plan, BTC urged the authority to follow the Government’s lead by taxing providers such as Netflix and Hulu who are making huge profits while enjoying a “free ride” by

using its network infrastructure to deliver services to Bahamian consumers. BTC, while not outlining just how such taxation should be imposed, argued that the current Bahamian regulatory regime prevented it from more rapidly responding to the competitive threat posed by OTT streaming services in a fastevolving communications market. “BTC’s view is that the current regulatory regime which BTC is subject to impedes its ability to respond rapidly to industry changes brought on by OTTs. BTC therefore looks forward to a review of the

SEE PAGE 10

down swimming pigs expansion

• Leaves operator ‘between rock and hard place’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OPPONENTS of an Adelaide-based swimming pigs attraction yesterday hailed the Town Planning Committee for upholding “the rule of law” by denying its application to develop a bar and grill. Leslie Vanderpool, principal of the Bahamas International Film Festival, and a resident of Beach Drive where Beyond Da Village Pig Experience is located, said the regulator’s decision sent a message to all developers and businesses that “people can’t operate like it’s the Wild Wild West” over the country’s planning and zoning regulations. She spoke after Glyndell Josey, the Town Planning Committee’s secretary, yesterday issued a message saying: “As a participant of the Town

Planning Committee public hearing held on March 10, 2022, this is to inform that the committee has resolved to refuse the application submitted by Charles Johnson relative to the subject matter.” Mr Johnson, Beyond Da Village’s operator, told Tribune Business that he plans to appeal the Town Planning Committee’s decision. But, regardless of the outcome, he pledged not to abandon the four pigs at his property. Disclosing that the decision has left the $50,000 investment in his business, and his six employees, in limbo, he added that he had “shut down” commercial operations at the site from Monday prior to Town Planning’s decision. Mr Johnson said he will now seek clarification on whether the bar and grill’s rejection means Beyond

SEE PAGE 11

PAGE 2, Thursday, March 17, 2022

THE TRIBUNE

Strong work ethics to open many doors W

HEN it comes to employment, there is one ‘must have’ trait. Can you guess what it is? It is work ethic. Many job seekers struggle to understand that work ethic is more than just an innate mix of good family upbringing and personal qualities but, rather, a trait you can actually nurture. So, what does work ethic mean? Work ethic refers to a set of key moral values that guide

individuals towards successfully completing their work in a formal environment. Work ethic means different things to different people. While some see it as the guiding force behind an employee’s motivation at work, others regard it simply as being a complete list of skills that companies need to get their projects done. More controversial than its simple definition, there is a strong difference of opinion over whether a

strong work ethic is something you are born with or can learn. A strong work ethic is behaviour that is honed over years of development. It is heavily influenced by what we were trained to do from early childhood. I have worked with mid to high-level professional women who, for instance, learned to become “perfectionist over-functioners”. While being a perfectionist over-functioner looks like

a great work ethic, it is a crushing way to live and can lead to exhaustion or burn out. No one is just born with a strong work ethic. It is something developed through all the small things you do - from the first human interactions you have, to school group projects and small chores at home. All are often involuntary learning opportunities we stumble upon at various stages in life. So, if work ethics are a set of skills, what are some of the traits that can be developed in time? Punctuality is one such trait. It involves getting to an appointment on time and attending classes in school. Similarly, our parents teach us to be respectful to other people and, even indirectly, guide us to become true professionals. Strong work ethic Employers are always looking for people who are eager to give their best, follow policies and are prepared for challenges. This is no surprise, since 85 percent of employers consider attitude and work ethic as the top attributes when picking their next employee. But what exactly are the benefits from hiring a worker with a strong work ethic? Time Management Regardless of how small a business is, a detailed schedule is helpful as nobody can work eight hours straight and fulfill their full potential. Most importantly, employees who organise their time efficiently also help to deliver work within deadlines. Solid work ethics also involve how well staff handle team relations and sharing information. Constructive feedback can also help a company’s growth by determining if their policies work for you and how they can be improved. Honesty and trust Trust begins among upper management to promote

honesty and faith between team members. Here are a few tips to help achieve this: * Praise employees when they deserve it * Share appropriate information in accordance with everyone’s role in the team * Allow others to speak their minds and bring their personal contribution to a project’s development * Discuss professional growth reports * Set an example by delivering on the points promised, which shows consistency and character integrity. Nurture a strong work ethic as an employee Workers do not always quit jobs for wagerelated reasons. Often, it is how well their principles align with the company. Respect, trust, well-deserved recognition and good working relationships have a huge impact in this equation. Yet a study found that managers rarely discuss an employee’s alignment with the company’s mission during meetings. Avoid procrastination Why do most people procrastinate? This is usually in direct proportion to the time allocated for a project’s completion. This means that if you have one day to complete a task, you will eventually spend it all, even though the task only requires three hours to complete. Nonetheless, the best way to beat procrastination is to make the most out of the time spent and continuously develop yourself professionally. Recognition The old saying “love your job” sets an unrealistic expectation that you have to enjoy it or else it is not worth your time. But most employees who do not feel valued are likely to leave their current job. So, in this case, it is really a two-way street, and managers, team leaders and co-workers ought to ensure employees are receiving

By

DEIDRE

BastiaN the appropriate recognition and appreciation. On the flip side, here is the hard truth. If you are only chasing better pay, chances are you will miss out on opportunities that are better suited to your own values, and you end up moving from one job to another. Organise efficiently, as all successful projects are built on a solid structure. Beyond bonuses or company awards, learn and grow professionally to reach your own milestones and work on feeding your internal motivation to succeed. 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 A.Sc. B.Sc. 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.

Businesses describe minimal social distance ease impact By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE GOVERNMENT’S decision to cut social distancing requirements by 50 percent to three feet yesterday drew a mixed reaction from businesses

with several suggesting it will have little impact. Roberta Garzaroli, Graycliff’s general manager, told Tribune Business that easing the previous six feet spacing will make little difference to her because persons prefer to be separated at the property’s restaurant. She added: “When people come to us we follow the rules strictly. We still ask them to fill in the contact tracing form and take them through all of the rigamarole. I’ve been to places in Nassau that have not been as strict as we are, so when friends come over to Graycliff they say it’s like coming to see the Gestapo and I tell them that’s good; I will keep making sure we stay strict.” Lucy Burrows, Geoffrey Jones’s general manager, added: “To be honest, this is not going to affect us because we don’t have that many people in the store at one time anyway. Our doors are no longer locked and we allow people to walk in freely now. It’s an odd occasion now where we tell a customer that they can’t come in because it’s crowded.” This time of year for Geoffrey Jones is historically slow, and normally remains that way leading up to summer. The companies spoke out after the Ministry of Health and Wellness confirmed it was cutting social distancing requirements inside businesses by 50 percent - from six feet to three feet. “Business establishments shall ensure that all customers and staff maintain physical distancing between themselves and others of not less than three feet while inside or awaiting entry outside the business,” it said. “Businesses shall determine the number of persons permitted entry into the business at any one time

based on one person for every 30 square feet of floor space which is unoccupied by furnishings, fixtures or machinery and is accessible to the public. “Businesses must have distance markers three feet apart, indicating where each customer is to stand on a line awaiting entry or check out...... All restaurants shall ensure that seating is arranged so that there is the spacing of at least three feet between each dining party.” Dwayne Higgs, WHIM Automotive’s general manager, described the move as a “good thing”. He continued: “I have already started to make preparations because we can fit eight people at the counter, and about five people waiting inside, so we can increase the number of people waiting inside.” “I don’t think I’m going back to how it used to be where we just let a bunch of people in and they walk around picking numbers. I think that was a very disorganised system. What we do now is sort of like what a bank does, where you let people in, you form a line and, when the next part specialist is available, the first person in line goes to them. It’s a lot more organised. I think we’re going to stick with that.” Mr Higgs asserted, though, that the mask mandate easing for only hotels and resorts was “discriminatory.” He continued: “All this does is create animosity and make Bahamians feel like they are second class citizens. “You’re telling me that a foreigner in any hotel or casino can take off his or her mask but, as a Bahamian, in my business in the same country I have to wear a mask? That makes no sense at all and it should be straight across the board for everybody.”

THE TRIBUNE

Thursday, March 17, 2022, PAGE 3

SENATOR MICHAEL HALKITIS

KEN HUTTON

No plans for tax cuts on gasoline By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister says the Government presently has no plans for cutting VAT on gasoline to help offset inflationary pressures from volatile global oil prices. Senator Michael Halkitis, minister of economic affairs, asked whether the Government was contemplating such a move prior to the weekly Cabinet meeting, simply said: “No.” His confirmation of the Government’s position comes despite calls from the private sector for it to “cap” the amount of VAT it earns on every gallon of gasoline sold in this nation. Ken Hutton, the Abaco Chamber of Commerce’s president, last week called for the imposition of a 45 cents per gallon ceiling on the Government’s VAT earnings as a means to “alleviate the pain” of soaring fuel costs. He argued that his proposal, which had received backing from other Family Island Chambers, was likely the only short-term measure The Bahamas could take to ease the impact of near-record oil prices, although these fell back yesterday to below $100 per barrel on renewed hopes of a Russia-Ukraine ceasefire and concerns about new COVID lockdowns in China. Mr Hutton, though, last week said that while any “cap” would deprive the Public Treasury of a potential revenue “windfall” from higher gas prices, the Government would not “lose any money” while helping to mitigate some of the negative impact on hard-pressed Bahamian households and businesses still struggling to recover from COVID-19’s economic devastation. Barbados appeared to be taking note, as the southern Caribbean nation on Tuesday announced the imposition of just such a VAT “cap” on sales of gasoline and diesel fuel. Due to take effect today, it will cost the Barbadian government some $25m in revenue that will instead be retained by drivers at the pump. That country’s prime minister, Mia Mottley, said the move will reduce the per litre gasoline price by 14 cents to $3.99, while the cost of diesel will drop

by the same amount from $3.46 to $3.32 per gallon. Tribune Business reported previously that one of the few beneficiaries from the surge in global oil prices and, indeed, all current inflationary pressures, is the Public Treasury. Given that VAT and import/Excise duties are levied as a percentage on the landed cost of imports, the across-the-board increase in prices could spark a revenue windfall for the Government unless consumers cut-back. Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vice-president, recently confirmed to this newspaper that the Government is currently earning $1.54 per gallon of gasoline when it is sold to end-users. That means, based on current retail prices, that between 25 percent and 30 percent of each gallon of gasoline sold goes to the Public Treasury. Petroleum products are thought to be the largest VAT-generator for the Government. Sir Franklyn Wilson, chairman of FOCOL Holdings, the Shell distributor, told Tribune Business that the industry’s tax contribution was “very substantial”, although he declined to provide a figure, and added: “That’s the way it is. That’s the reality of the tax system.” Thus while reducing, or capping, the Government’s fuel tax take remains the only short-term option for The Bahamas to mitigate the impact of volatile global oil prices, the Davis administration will have to balance any such action with its need for revenue given the ongoing fiscal crisis that the country faces. Mr Halkitis, meanwhile, said it is “early days” to judge what impact the VAT rate cut to 10 percent is having on the economy and government revenues. A better gauge will come when March’s VAT returns and payments are filed towards the end of April, as this will include all VAT registrants - monthly as well as quarterly payers - for the first time since the rate was slashed from 12 percent. “This is March, so we will have the experience of the returns really for January. The returns for February will be coming soon,” Mr Halkitis said. “So far, it’s holding steady. There does not appear to be any reduction in terms of what the Government is taking in,

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ACCOUNTANT

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which is consistent with forecasts. “But, again, it’s early days, and so as we get to another month or two, we should be able to see a trend being established.” While tourism’s recovery is leading the rebound in government revenues, it is also earning income from taxing activities that are either booked offshore, such as Airbnb vacation rentals, or which take place in the digital economy via the likes of Facebook. Mr Halkitis said: “We are receiving revenues from them. Because they’re new, as we go along what we do is we assess how it’s working, and look at ways for improvement. But it’s in place and we have what we call a Revenue Policy Committee, which will be looking at things across the government sector as to how your revenue collection was working and ways to improve it. “The Government has an ongoing digitisation process. We actually have a loan with the IDB (InterAmerican Development Bank) that we’re executing to digitise the processes within the Government... The more that we can make processes digital in terms of revenue collection, it improves our collection, improves our accounting, auditing, all of that.”

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MIA MOTTLEY

PAGE 4, Thursday, March 17, 2022

THE TRIBUNE

SOFTWARE FIRM DESIGNS ONE STOP APP FOR COVID TESTING A BAHAMIAN software development firm has designed a custom-built app for Doctors Hospital’s new COVID-19 testing portal, which launched on March 3. The app, created by Plato Alpha, centralises test scheduling, payments and patient history in one platform. “This new software will help us increase efficiencies by automating many of our back office operational tasks,” said Doctors Hospital’s results manager, Sherzel Smith. “Considering the quick turnaround time, the platform that Plato Alpha has produced is nothing short of amazing. “Doctors Hospital is the only organisation in The Bahamas with a COVID testing platform with these capabilities, and our expectation is that it will continue to help us provide quality service.” Built in less than three months, the new portal

enhances customer experience by streamlining the scheduling process, enabling patients to create an account to book and pay for tests. Patients may also access their accounts to view their test history. “The previous system required a multi-step process utilising several platforms. We have created a custom solution that integrates all of the steps into one centralised platform,” said Plato Alpha Design chief executive, Duran Humes. The portal also integrates elements to verify test results, mitigating fraud. “We designed a platform that generates a unique QR code for each test completed. That code appears on every test result document,” said Plato Alpha Design’s chief operating officer, Keith Roye II. “If you were to scan that QR code, you would be able to see the test results on your device. If that result

does not show up on your device, it’s most likely a fraudulent test. That’s just one of the ways we helped to vet tests and prevent fraud.” Besides enhancing the patient experience, the new platform gives medical professionals instant access to metrics with a centralised data hub that facilitates efficient reporting. Plato Alpha, launched in 2019, is a full-service software and product development company that aims to increase business efficiency and profitability by delivering winning digital solutions. “Our goal is to pioneer The Bahamas’ digital age and eliminate the need to source programmers, coders and software developers from outside our borders,” said Mr Humes. Plato Alpha has designed and developed digital systems for various local and international organisations,

KEITH ROYE II, Plato Alpha chief operating officer.

DURAN HUMES, Plato Alpha chief executive.

including the Rotary Clubs; the Government; Super Value; and Codelitt. It has also developed a proprietary product, TriBlock HR, specifically for Bahamian businesses. This aims to reduces the time human resources and payroll departments spend doing repetitive work.

“We were honoured to work with Doctors Hospital, and we look forward to strengthening our relationship with them,” shared Mr Roy. “This project was a blast to work on and aligns with our mission to provide cutting-edge, high-quality software solutions that deliver measurable results.”

PLATO Alpha Design has designed Doctors Hospital’s new COVID-19 testing portal, making the latter the only testing facility in The Bahamas that allows people to pay, receive and review past and present test results in one place.

Bahamas nominated for nine world travel awards

Professional Trainee Programme RoyalStar Assurance Ltd. invites qualified career-oriented individuals to apply for the above programme. Key Accountabilities: This programme is geared towards training qualied candidates in various aspects of General Insurance, including the underwriting and claim functions and assisting them in preparing for professional examinations. Duties include but are not limited to: • Developing an overall understanding of the Company’s operations, insurance laws and regional regulations • Developing an understanding of the underwriting processes and guidelines for various General Insurance products • Developing a basic understanding of reinsurance • Understanding the basic process of claims negotiation and settlement • Developing and maintaining relationships with agents and brokers

Educational Qualications & Required Skills: • Associate Degree or High School Education with a minimum of ve BGCSEs • Basic knowledge of Microsoft Word and Excel • Sound writing, communication and interpersonal skills • Must attain insurance qualication • May be required to travel to the various territories in which the Company operates Salary and benefits commensurate with qualifications and experience for the position. ROYALSTAR ASSURANCE LTD. (RSA) IS A PROPERTY AND CASUALTY INSURANCE COMPANY. RSA HAS INSURANCE LICENCES TO OPERATE IN SIX COUNTRIES (THE BAHAMAS, THE TURKS & CAICOS ISLANDS, THE CAYMAN ISLANDS, THE BRITISH VIRGIN ISLANDS, THE U.S. VIRGIN ISLANDS AND ANGUILLA). BASED ON OUR CONSISTENT FINANCIAL PERFORMANCE, EXPERIENCED MANAGEMENT TEAM AND OUR TECHNICAL UNDERWRITING AND REINSURANCE APPROACH, A.M. BEST HAS GRANTED RSA A RATING OF A (EXCELLENT) WITH A STABLE OUTLOOK.

Please submit resume before 31 March 2022, to: employment@royalalliance.bs FOR ADDITIONAL INFORMATION ABOUT RSA, VISIT OUR WEBSITE, RSABAHAMAS.COM.

THE Bahamas has been nominated in nine categories for this year’s 29th annual World Travel Awards, the Ministry of Tourism has disclosed. The World Travel Awards acknowledge, reward and celebrate excellence across all sectors of the global travel and tourism industry. The Bahamas has been nominated in the following categories: 1. Caribbean’s leading beach destination 2022 2. Caribbean’s leading cruise destination 2022 3. Caribbean’s leading cruise port 2022 (Nassau Cruise Port) 4. Caribbean’s leading destination 2022 5. Caribbean’s leading dive destination 2022 6. Caribbean’s leading honeymoon destination 2022 7. Caribbean’s leading luxury island destination 2022 8. Caribbean’s leading tourist board 2022 (the Ministry of Tourism) 9. Caribbean’s most romantic destination 2022 The Ministry of Tourism, in a statement, said several Bahamian tourism brands have also been nominated in the awards’ airline, resort, attractions and tour operator categories. Latia Duncombe, acting director-general for the

Ministry of Tourism, Investments and Aviation, said: “The Bahamas is honoured to be nominated for accolades bestowed by the prestigious World Travel Awards. “In every sector of our industry, our focus is guest centric, and we strive to deliver outstanding product offerings and the highest standards of service. The nominations across multiple categories are a sure indication that we are meeting the goals set by our destination for product and service excellence.”

Voting began for the Caribbean and North America region on 15 March, and ends on 3 May. Votes can be cast by travel professionals, media and tourism consumers. The nominee gaining the most votes in each category will be announced as the 2022 World Travel Awards winner. Once voting is closed, the winners of each category will be invited to attend the World Travel Awards Caribbean & North America gala ceremony, which takes place on June 14, 2022, at Sandals Montego Bay.

THE TRIBUNE

Thursday, March 17, 2022, PAGE 5

FAMILY ISLAND RESORTS IN FURTHER COVID EASE CALL By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SOME Family Island resorts yesterday called for the further easing of COVID-19 restrictions while backing the Government’s relaxation of the mask mandate within hotels. Carl Rolle, manager of Rollez Villas Beach Resort in Cat Island, told Tribune Business he supported the reduction in mask protocols as well as the decision to cut social distancing requirements by 50 percent, cutting them from six feet to three feet. “If they are lowering the distancing requirement then they must have some justification for it. More

than 90 percent of my staff have taken their second COVID-19 vaccination, so we are fully boosted,” Mr Rolle added. “But we are still going to use the social distancing, and we will try to protect ourselves against the [virus] coming to the island. We must protect ourselves. “I don’t think this will have any effect on us other than in a positive way. They must have some scientific information. But what they should do now is remove the rapid antigen test from travelling through the Family Islands. If they remove that, that would be the most important thing for us.” Mr Rolle spoke out after the Ministry of Health and Wellness, in a statement, confirmed the mask

mandate easing for resort properties and their guests. “A person is not required to wear a face mask while in a lobby, corridor, or casino of a hotel or while in an outdoor setting where there is at least three feet of space between persons who are not of the same household,” it said. And the Ministry of Health and Wellness also cut social distancing requirements inside businesses by 50 percent - from six feet to three feet. “Business establishments shall ensure that all customers and staff maintain physical distancing between themselves and others of not less than three feet while inside or awaiting entry outside the business,” it said. “Businesses shall determine the number of persons

permitted entry into the business at any one time based on one person for every 30 square feet of floor space which is unoccupied by furnishings, fixtures or machinery and is accessible to the public. “Businesses must have distance markers three feet apart, indicating where each customer is to stand on a line awaiting entry or check out...... All restaurants shall ensure that seating is arranged so that there is the spacing of at least three feet between each dining party.” Cheryl Bastian, owner/ operator of Swain’s Cay Lodge in Andros, said of the easing: “I just love it. This will open up a gateway for us. Given that everyone’s count is going down with this pandemic, we are

not in the extreme danger that we were in a year ago.” Just four fresh COVID19 cases, all on New Providence, were recorded on Friday. Active cases total 101, with some 11 persons in hospital. Two of these are in intensive care. Ms Bastian added of the mask ease: “This is not being irresponsible. I just travelled to the US to about four cities, and the tourists weren’t wearing any masks. I didn’t put one on either. I think it’s getting better and it is not an extreme risk for The Bahamas. “The death rate, and the number of persons dying from COVID-19, is very low. Even our hospitals are doing fine now. This thing seems to be passing, and this time I hope for good.

We hope that with herd immunity we will be okay.” Jeff Birch, owner/operator of the Small Hope Bay Lodge in Fresh Creek, Andros, said of the mask relaxation: “I think it’s very appropriate. I think that hotels, 99 to 100 percent of our visitors now, are double vaccinated and have the booster. And, believe it or not, a lot of them have contracted and had no problem whatsoever with getting over the COVID-19 Omicron. “Prior to even thinking about coming to The Bahamas, all of our clients, I think, who come to the tourism destinations are all very sensitive to what has transpired. So they’re all individually very careful. So I think it’s appropriate. I

SEE PAGE SEVEN

Realtor celebrates sixth anniversary A BAHAMIAN real estate firm is celebrating its sixth anniversary as one of the country’s few female-led firms. Founded in 2016 by Donna Laing-Jones and Kiara Jones, Keys Bahamas Realty says it has moved away from the traditional brokerage model of competing agents to develop a collaborative culture based on training and the growing use of technology. “The industry overall has seen an immense shift,” said founding president and partner, Ms Jones. “The buyers and sellers are more in tune with the markets, the competition has increased and it’s all about who can perform and provide the best and fastest results for clients. “In today’s market, you need to be smarter, faster and hungrier than everyone else in order to really reach the top as a real estate professional.” “It has been more than 20 years since I started in this

industry,” Ms Laing-Jones said. “I’m used to being the only woman in meetings, but I’ve learned to command those spaces without challenge and I encourage other women to join and do the same.” The Keys Bahamas Realty duo have opened a second location in New Providence, and Ms Laing-Jones added: “The future of our business will continue to be driven by technology.... We will continue to nurture our clients, and grow our brand and our team to become the best in the industry.” Ms Jones said: “Being able to employ young Bahamian professionals, my peers... it makes me proud to know that I lead a company that puts young Bahamians at the forefront. We’ve got amazing client projects and partnerships coming up for the company, and I’m excited to show where Keys Bahamas Realty goes from here.”

DONNA LAING-JONES

KIARA JONES

Accounts Administrator RoyalStar Assurance Ltd. invites qualified career-oriented individuals to apply for the above position. Key Accountabilities: Assist the Senior Accountant with the day-to-day operation of the Finance Department. Duties include but are not limited to: • • • • • • •

Review of general ledger transactions Preparation of key reconciliations including banks, agency and reinsurance statements Assist with the preparation and analysis of monthly and quarterly management nancials Assist with the preparation of VAT and premium tax returns Assist with the preparation of quarterly reporting to reinsurance brokers and various insurance regulators Liaise with agents, nancial institutions and regulators as required Assist with the preparation of IFRS compliant audited nancial statements and annual report

Educational Qualications & Required Skills: • • • • • • • • •

Bachelor’s Degree in Business Administration, Accounting or Finance Minimum 3-5 years’ experience in related eld Knowledge of the insurance industry preferred but not essential Strong writing, communication and interpersonal skills Must be disciplined, a team player and demonstrate a strong work ethic Analytical and problem-solving skills Ability to work with minimal supervision Prociency in Microsoft Excel and Word May be required to travel to the various territories in which the Company operates Salary and benefits commensurate with qualifications and experience for the position.

ROYALSTAR ASSURANCE LTD. (RSA) IS A PROPERTY AND CASUALTY INSURANCE COMPANY. RSA HAS INSURANCE LICENCES TO OPERATE IN SIX COUNTRIES (THE BAHAMAS, THE TURKS & CAICOS ISLANDS, THE CAYMAN ISLANDS, THE BRITISH VIRGIN ISLANDS, THE U.S. VIRGIN ISLANDS AND ANGUILLA). BASED ON OUR CONSISTENT FINANCIAL PERFORMANCE, EXPERIENCED MANAGEMENT TEAM AND OUR TECHNICAL UNDERWRITING AND REINSURANCE APPROACH, A.M. BEST HAS GRANTED RSA A RATING OF A (EXCELLENT) WITH A STABLE OUTLOOK.

Please submit resume before 31 March 2022, to: employment@royalalliance.bs FOR ADDITIONAL INFORMATION ABOUT RSA, VISIT OUR WEBSITE, RSABAHAMAS.COM.

PAGE 6, Thursday, March 17, 2022

BAHAMIAN FIRM, PARTNER TOUT AI ONBOARDING TOOL A CALIFORNIA firm and its Bahamian affiliate yesterday said their artificial intelligence-driven due diligence tool will enable financial institutions to speed-up taking on clients. Bluestone Technologies and its local Bahamas affiliate, Bluestone Labs, said in a statement that their Bluestone Advantage product will streamline

the Know Your Customer (KYC) and anti-money laundering/counter terror financing regime for financial institutions just as this nation sanctioned 121 Russian individuals and entities over the Ukraine invasion. They added that Bluestone Advantage is already used by 13 unnamed international financial institutions and crypto

companies across the US and Europe to on-board and verify new clients, as well as to provide ongoing transaction monitoring. John Bridgewater, Bluestone Technologies’ founder and chief executive, said: “The Bahamas should not just stop at financial institutions. We should also turn our attention to

different airports and other ports of entry. “Who are these people that are coming to The Bahamas? Do we even know? And, do we really know outside of them just buying a ticket? Do we really know as a country who we’re doing business with? We don’t really know. “As an international trade and destination hub,

you can be doing business with a trust company whose beneficiaries may be another shell company in Switzerland, and travellers that may be passing through our borders who may be high risk,” he added. “We’ve constantly seen in the past where The Bahamas appeared in controversial data leaks like the Panama Papers and others. Our artificial intelligence finds the answers to these important questions and monitors them in the event of changes.” The company said its Bluestone Advantage product scrubs hundreds of millions of articles every 15 minutes in order to detect individuals on sanctions lists, and those who may be politically exposed, and provides that data to clients in real time to maintain compliance. Mr Bridgewater touted Bluestone Advantage as “an advanced and affordable competitor to WorldCheck, LexusNexus and others”. He added: “I think it’s time that the country starts to take identity verification seriously and prepare itself for the digital economy. “When you look at different countries around the

THE TRIBUNE

world, digital IDs are rolling out very quickly with verification at every point of sale. You have to verify everywhere in the world right now. You have to get ready for that kind of environment, and having the tools available for our institutions will help us get there.” Suggesting the product has multiple uses, Mr Bridgewater responded: “Anyone can download the mobile app in the app stores to digitally carry their passport, driver’s licence or NIB card around. “You can also share your B-ID number with select local clients to streamline service. Our AI (artificial intelligence) recognises over 80 IDs from around the world. You should not have to physically carry your IDs in 2022 for verification. It should be done from your phone in one click.” The B-ID mobile app is available in the App Store and Google Play. The platform was initially created to locate missing persons after the passage of Hurricane Dorian in September 2019. It now offers an array of global e-services.

JOHN BRIDGEWATER, founder and chief executive of Bluestone Technologies, at Bahamas Business Outlook 2020 discussing the role of artificial intelligence and digital IDs for businesses, governments and society.

TEMPLE CHRISTIAN HIGH SCHOOL ENTRANCE EXAMINATION 2020-2021 Temple Christian High School will hold its Entrance Examination on Saturday, March 19, 2022 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 twenty-five dollars ($25). Application forms should be completed and returned to the school by Friday, March 18, 2022. For further information, please call telephone number: 394-4481/394-4484

THE TRIBUNE

Thursday, March 17, 2022, PAGE 7

Central Bank wins banknote honour CRISP Evolution banknote series B$10 through B$100.

CRISP Evolution banknote series B$1⁄2 through B$5.

Family Island resorts in further COVID ease call FROM PAGE FIVE think it’s timely. And I think it’s going to make a big difference to people’s Family Island experience.” Responding to the change in social distancing , Mr Birch added: “Here’s what happened. I think when it was six feet, and somebody decided that they wanted to get up in your face, they got up in your face anyway. And at three feet, if they want to get up in your face, they’re going to get up in your face. “I think three feet is very appropriate because it’s a distance that makes practical sense when it comes to dining and any sort of activities that are being offered, etc., and given the way that the virus is being mitigated. This is very appropriate.”

THE CENTRAL Bank yesterday said it has been awarded the Regional Banknote of the Year Best New Series award for its CRISP evolution family of Bahamian dollar banknotes. The honour was unveiled on Tuesday at the High Security Printing Latin America conference in Mexico City, Mexico. Reconnaissance International, which runs the event, every year accepts nominations for significant achievements in banknote design and innovation. Industry professionals vote in three categories: Best new banknote; best new series; and best new commemorative note. Through the Best New Series award, the Central Bank joins regional peers, such as the Eastern Caribbean Central Bank; the Banco Central de Costa Rica; and Banco Central de Bolivia, which have also received this award. Derek Rolle, the Central Bank’s governor, who accepted the award, said: “The CRISP Evolution family of banknotes represents more than nine years of work, including countless hours contributed by dozens of industry professionals both inside and outside the Central Bank. “When the Central Bank began this project in 201, as the successor to its CRISP family, its objective was

to provide the Bahamian public with more durable and secure banknotes, incorporating Bahamian culture with a more modern perspective. The conceptual designs for the banknote family were provided by Orell Füssli Security Printing in Switzerland. The $10 and $20 designs were then adapted and printed by De La Rue Currency, UK; the $1 and $5 by Giesecke & Devrient, Germany and Orell Füssli, Switzerland, respectively; the $1⁄2 and $3 by Oberthur Fiduciaire, France; and the $50 and

$100 by Canadian Bank Note, Canada. Landquart AG, in Switzerland, and Crane Currency, in the US, provided substrate-thread integration on the $50 note and advisory support for the $100 bill. SICPA SA, of Switzerland, provided many products and services; and Secura Monde International, UK, for pre and post-print compliance testing. The Central Bank said Bahamian dollar banknotes will be further enhanced with security and durability features, and their designs refined over time.

PAGE 10, Thursday, March 17, 2022

BTC: TAX ‘DISRUPTORS’ LIKE NETFLIX AND HULU

FROM PAGE ONE

OTT policy that contemplates the impact of the current local regulations on operators’ ability to innovatively compete with international OTTs,” BTC, which is 49 percent owned by government, said. “BTC also recognises that the industry has changed where traditional electronic communications infrastructure providers, especially in the US, have focused on mergers and acquisitions with established content providers to keep pace. The realities and scales at

which BTC and other local communications providers operate does not lend itself to this model.” OTT operators, who also include the likes of HBO Now, Amazon Video, You Tube and SlingTV, offer services direct to consumers via the Internet while bypassing traditional TV/ video content distributors such as cable, broadcast and satellite television platforms. BTC and Cable Bahamas fit into the latter categories, with OTT providers now cutting into

their market share and customer numbers. BTC, in making its taxation call, told URCA: “This is not a novel concept as the Government of the Bahamas formed agreements with Facebook and Airbnb for the realisation of tax revenues for services rendered here in the Bahamas. “As URCA is aware, the onslaught from OTTs is two-fold. There is direct competition with services offered by traditional service providers such as pay TV and telephony services. Secondly, investment in

infrastructure brought on by the exponential growth in traffic by OTTs constrains budgets. “It is BTC’s view that URCA should investigate and advocate for a licensing regime where disruptive OTTs are taxed. As it is now, operators are saddled with OTTs who are making huge profits while enjoying a ‘free ride’ on networks that are costly to maintain while under no regulatory obligations. BTC asks that URCA hastens its regulatory intervention to prevent further defunding of electronic communications infrastructure by OTTs.” Tribune Business, though, has previously been presented with evidence by subscribers that VAT is already being levied on

Netflix services consumed in The Bahamas. Cable Bahamas, in its own response to the URCA consultation, said it was seeking a “fast-paced” move to further deregulate the Bahamian pay TV market through the removal of its designation as the operator with significant market power (SMP) in this niche. “The croup awaits the results of the electronic communications market surveys on pay TV as it has made no secret that its overarching objective is a deliberate and fast-paced move towards deregulation of the pay TV market with the removal of the SMP designation (particularly given the competition with OTT services),” the

THE TRIBUNE BISX-listed communications provider said. It also called for “a focus initially on ex-post (after the event) regulation, followed only by wholesale regulation and evolving to a regulatory regime which does not impede the commercial freedom of licensees and allows for nimbleness and flexibility to respond to the demands of consumers as per the [TV channel] repackaging exercise”. “Indeed, the entire pay TV industry is in flux, with the owners of content now developing direct channels to market in competition with their traditional distribution partners, the TV operators,” Cable Bahamas said. “The distribution of content is also not part of a ‘fixed market’ as defined by URCA.” “Content is now accessed across multiple platforms, including mobile. It is the group’s view that even a cursory review of the evolving supply chain of content services will reveal that the real market power is in the hands of the content owners, not the traditional distributors of content in TV form. “The revolution around the flexible viewership habits of consumers, and the changes being made by programmers unilaterally, causing further dilution of the TV product, must be recognised by URCA, and URCA must address the steady decline of traditional TV viewership in the face of competition from external and unlicensed players who, when included in the count with licensed operators, provide proof that significant competition does exist and that consumers do have multiple choices,” it added. “The losses incurred in the pay TV market by URCA licensees demands the removal of the dominance label, and a completely new approach by URCA in order to level the playing field.”

THE TRIBUNE

Thursday, March 17, 2022, PAGE 11

TOWN PLANNING TURNS DOWN SWIMMING PIGS EXPANSION FROM PAGE ONE Da Village cannot conduct any commercial operations, including permitting tourists and visitors to swim with his pigs. “I will appeal. I will appeal the decision,” he confirmed to this newspaper. “I’m not giving up my animals. I raised them from when they were small. I have animals that I know through their names. They just don’t want any type of commercial activity on that property it appears. “I cannot presume I’m allowed to conduct commercial activity. I cannot render any services that appear to be commercial on that property. We just shut it down,

which we did from Monday. We’ve not been operating from Monday. I will not deny that I cannot sell or do anything of that sort; any commercial activity on that property.” Mr Johnson said he also needed to clarify whether persons can still access the beach through his property. He added that he had invested $50,000 in Beyond Da Village, and moved into the tourism business, when COVID forced the temporary closure of his gym enterprise - an outlay that has now been endangered by Town Planning’s decision. The main obstacle that Beyond Da Village faced, apart from its lack of Town Planning approval when it began operating last June,

was the fact it is located in an area that is zoned as ‘Low Density Residential 1’. This means commercial activity is not supposed to take place. “The Government, obviously they took the recommendations from the new zoning committee they have, and also the views from just the people on this particular road [Beach Drive],” Mr Johnson added. “I think they used me as a measure to stop any further activity. “The issue might not be me. It sets the precedent for future activity to follow. I don’t think it’s fair. Each application has to be viewed on a case-by-case basis. I’m between a rock and a hard place. I have all the relevant agency approvals on one hand, but not Town

NOTICE IN THE ESTATE OF MARIO LAWRENCE GORDON, SR. late of Strachan’s Subdivision off Nassau Village, 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 their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 18th April, A. D. 2022, after which date the Executorwill proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned. EDWARD B. TURNER & CO. #24 Leonie Place Flax Terrace off Malcolm Road Nassau, Bahamas Attorneys for the Executor of the Estate of the late Mario Lawrence Gordon, Sr.

TRUST COMPANY CLIENT ACCOUNTANT Requirements: · Bachelor’s Degree or higher · Professional qualification – Completion of CPA examination · Minimum five years’ experience in client accounting at a senior level · Extensive knowledge of, and commitment to, systems, procedures and controls · Comprehensive knowledge of the international financial services industry · Excellent PC skills · Excellent command of the English Language, both written and oral Personal Attributes: · Integrity combined with excellent work attitude, punctuality and attendance record · Ability to interact with others in a professional manner · Ability to prioritize tasks within a team environment We offer an excellent remuneration package that includes medical insurance, performance based incentives and a pension plan. Interested persons should submit their curriculum vitae and supporting documents, by email to: Email: employerbahamas9@gmail.com Deadline: March 21, 2022

Planning. It’s kind of disappointing it took so long to get to to this point. I invested everything I had.” The Town Planning decision likely sets a precedent for the other Beach Drive-based swimming pigs attraction, Da Pig Beach, which has yet to come up for a hearing although the regulator is understood to have similar concerns about its presence in a residentiallyzoned area. Mr Johnson, who said bars and other commercial activity had been permitted in the area many years ago, argued that Town Planning may have given too much weight to the relatively small number of Beach Drive residents opposed to his venture and largely ignored the 175strong petition supporting him because many signatories did not live on that road. Asserting that many Beach Drive residents were absentee owners, the Beyond Da Village operator said his commercial closure - temporary or otherwise - would deprive New Providence of a much-needed tourist experience that was off-property for hotel guests. “I try to obey the law as much as possible,” Mr Johnson said. “That’s what I’ve been doing, and why we had all these approvals in place from last year. The only issue was the zoning aspect. I don’t get it. They’re going to leave it low residential zoning, but they have

a bunch if vacation homes in the back, Airbnbs. Yet I cannot use my beach?” Ms Vanderpool, as a fellow business owner, voiced sympathy for the plight that Mr Johnson now finds himself in. “It’s never a win when you have a business that has to close, but it is in the wrong place,” she told Tribune Business. “He just has to work out how to plan according to the law. I feel bad for the people employed there. “We’re relieved, but I wish him a successful venture wherever he goes next. I did not approach it in the right way. He just came on the scene, pitched up shop and provided opportunities to people.” Ms Vanderpool added: “People cannot operate like it’s the Wild Wild West. There’s certain rules and regulations you have to abide by. People must realise they cannot feel like they can continue without having proper licences in place. Everyone has to go through the same process, and you cannot be exempt. “I’ve had to do the same with my business. The scrutiny that I had, I’m glad those procedures are in place to ensure accountability. You have to abide by the proper procedures. It’s important to start and establish businesses here, but you have to do it in the right way to be a legitimate operator and professional. “I just hope this is a message. We’re not saying don’t operate, but it’s not a commercial space. Anyone

can operate in a commercial zone with the right approach.” Sam Duncombe, president of the reEarth environmental group, who also lives on Beach Drive, echoed Ms Vanderpool by saying: “I wish he had found the appropriate place and done things according to the planning laws, and then this situation would never have happened. “We need as a country, as citizens, to follow the law of the land because it protects everybody. I’m a bit sad for Mr Johnson, but if we work together as a community, as a country, we can make things happen. We have to follow the law and everybody is better off for that, as we can live in a civilised country that understands that and respects that. “There are certain ways to do things, and certain ways not to do things. We’re happy in this particular instance it was very, very clear how the area was zoned. We’re very, very satisfied that Town Planning did as we understood it to be, and they acted accordingly,” Ms Duncombe continued. “It certainly gives me a measure of hope that if we go down this road again, the same laws and regulations that guided this decision will decide all decisions that are made in every facet of government. That’s what keeps us from falling into complete and utter anarchy.”

PAGE 12, Thursday, March 17, 2022

EX-PM: ‘NOT ONE RED CENT MISSING’ FROM PAGE ONE

the Bahamian people, not the Prime Minister. It’s a very dangerous road he’s walking.” Dr Minnis reiterated he had no tolerance for any corrupt acts that could be proven against members of his former administration. “If you find me involved in something untoward, bring charges. If you find my people are involved, bring charges, but move on,” he said. “What is he [Mr Davis] going to do about the cost of living increase? What is he going to do about fuel price increases? What is he going to do about food price increases? What is he going to do about the relative devaluation of the Bahamian dollar? Where they once spent $1 for their food, they now have to spend $1.50. It’s a relative devaluation of the Bahamian

dollar. Tell us what you’re going to do about it.” As for the Health Travel Visa, the former prime minister said the Auditor General’s Office had praised it for “out-of-thebox thinking and creativity” by rapidly putting together a scheme that facilitated the safe post-COVID reopening of the Bahamian economy and tourism industry while collecting $34.5m - mainly from visitors. “There was no money missing,” Dr Minnis said. “We concentrated on putting together a programme to ensure guests had safe entrance to The Bahamas, and enjoyed themselves in The Bahamas, so that the Bahamian economy and Bahamian people benefited..... Not one red cent was missing, and no government entity can speak processing 3,000 persons per day with minimal complaints.”

The COVID testing associated with the Health Travel Visa requirements helped to create 500 jobs in The Bahamas, he asserted, with another 120 posts filled at the laboratories that tested samples and provided results. And the Visa’s insurance component ensured that COVID-infected tourists did “not burden our healthcare system”. Dr Minnis then touted his administration’s efforts in coping with the devastation inflicted by COVID-19, plus Hurricanes Dorian and Irma. With the latter, he pointed to the mass air evacuation that was organised to lift southern Bahamas residents out of Irma’s path. As for Dorian, the exprime minister said the US Federal Emergency Management Agency (FEMA) had suggested “it would take 15 years to rebuild

after such devastation, but everyone wanted us to do it in one year”. “When we came in, our entire governance was a new frontier,” Dr Minnis told this newspaper. “We were the Government of new frontiers and solving problems... We faced three catastrophic events never seen before in The Bahamas, and in every one we stepped to the fore and delivered and brought The Bahamas through.” Dr Minnis hit back after Mr Davis told the House of Assembly that the probes into the Food Taskforce, as well as the Health Travel Visa and Bahamas Public Parks and Beaches Authority, had raised several “commonalities” in the issues uncovered. Asserting that his government would adopt a different approach from its predecessor, the Prime Minister argued that the Minnis administration’s failure to reveal the results of investigations initiated during its time in office “added greatly to the cynicism and anger of our people”. “We intend to find the answers, and intend to make them public whatever the result,” Mr Davis said. He accused the former administration of using the crisis created by COVID19 to “bypass” public sector processes and protocols, and “hide their spending decisions”. “Who was getting how much, and for what purpose, and under what terms?” the Prime Minister blasted. Dr Minnis then intervened to urge that the Government complete its investigation, and “let the chips fall where they may”. “Mr deputy speaker, we would not be having this conversation if he had done his job and followed the law,” Mr Davis hit back. Last evening, in response to Dr Minnis’ mid-year Budget address, he said of his Food Task Force allegations: “It’s not an attack on NGOs. It’s an attack on your aggressive incompetence.” Mr Davis said the Food Task Force and Health Travel Visa, in particular, were structures “set up outside the public service, outside the system of accountability. These structures were staffed by people that had no competency to run these particular structures, and there were little to no checks and balances.

“These violated a number of laws, regulations and good practice. Vast sums of money were run through these structures, totalling hundreds of millions of dollars. These structures had incredibly poor record-keeping in how the money was taken in, and how the money was spent,” Mr Davis said, arguing that there was “a lack of transparency in financial reporting and accountability”. “This administration handed over big structures of governance to their wealthy friends,” he added. “Let me be clear: The words ‘food assistance’ are not so sacred, and the Bahamian people do deserve answers as to how millions of dollars” in taxpayer monies were spent. “The good work of some does not provide justification for the malfeasance of others.” Mr Davis identified Hands for Hunger as the NGO which mistakenly received $2m via an accounting error. Susan Larson, the Food Task Force chair, last week told Tribune Business that the NGO was unaware it had these monies in its accounts and, once the error was discovered, the funds were placed in escrow for return to the Public Treasury. However, the Prime Minister, asserting that the Government was “extremely surprised” by this response, retorted: “While the phrase accounting error many cover any multitude of sins, what we do know is that on February 17, she [Mrs Larson] said she knew of no organisation that had such a balance in an interview with those persons she was talking to.” Given that Hands for Hunger had returned the funds, Mr Davis added: “We don’t know where the truth lies. During the inquiries they [Hands for Hunger] started off by saying they had $1.1m something to return. Then they later discovered: ‘Uh oh, there’s another misapplication or accounting error where $588,000 was not properly booked. Therefore, the $1.1m ended up being $1.7mm to return.” Mr Davis said two unidentified entities, which collectively received $15m via the Food Task Force, had “not responded to queries on how the money was used”. And he suggested instructions from

THE TRIBUNE Mrs Larson to transfer funds between participants showed the initiative was badly designed. When it came to the Health Travel Visa, Mr Davis largely recycled questions that have been raised before. He argued that the involvement of digital payments provider, Kanoo, resulted in the creation of another structure and payments system that was outside the Government and public service. Kanoo has previously denied that it set up, and controlled any bank account, asserting that at all times the Ministry of Tourism had charge and oversight of all Health Travel Visa monies. However, Mr Davis asserted that this arrangement was “in direct contravention of the law” with up to six months elapsing between funds being received and the surplus transferred to the Public Treasury. “We only have their word that they have handed over the funds. That may well be the case, but we don’t know,” Mr Davis said. “What was the connection between Kanoo and the Ministry of Tourism that made them the beneficiaries of a large contract agreed to after a verbal discussion?” Kanoo has always asserted that it had a written contract with the Ministry of Tourism. While the delay in remitting funds to the Public Treasury was admitted, the Ministry of Tourism’s reply to the Auditor General said it had been focused on ensuring the Health Travel Visa worked for tourists and the timeliness of money transfers had constantly improved. Mr Davis, though, accused the Ministry of Tourism of operating in “flagrant violation of the law” with several entities involved in the Health Travel Visa seeking “to delay or frustrate our investigation”. “There are many, many questions that need to be answered. Rest assured we will not let this drag on forever,” the Prime Minister said, questioning the lack of co-operation “if they have nothing to hide”. The Ministry of Tourism, in its response to the Auditor-General, said the Promotion of Tourism Act allowed it to open bank accounts and enter contracts such as those involved in the Health Travel Visa.

THE TRIBUNE

Thursday, March 17, 2022, PAGE 13

COVID FOOD COSTS ‘FAR BELOW’ NGOS AVERAGE FROM PAGE ONE or 9 percent, of the $53m worth of taxpayer monies allocated to the COVID feeding initiative went to cover administrative and start-up costs, he asserted that there needs to be greater “understanding” of the work NGOs perform and how they are financed. Mr Aubry, who helped to set-up and structure an initiative that fed thousands of Bahamians at the pandemic’s height, said 15-20 percent of financial resources going to cover administrative costs was the normal global average. “The Task Force took it to much less than globally recognised benchmarks,” he told this newspaper. “Eight percent is definitely far below in that space. That is a very responsible percentage. That model by any measure is not excessive. “The other thing to understand is that effective NGOs are professionally run. They have structures in place to do these things. If you think about businesses and government as an alternative, when you look at the Government’s Budget - just the most recent one you can see administrative costs represent between 13-15 percent of how government monies are used.” By way of further comparison, the Food Task Force’s 8 percent

administrative costs ratio is about one-third of that incurred by the National Insurance Board (NIB), which typically consumes between 20-25 percent of its contribution income in this area. Mr Aubry said another way of looking at the administrative cost ratio was that between 91-92 percent of the $53m in taxpayer funding allocated to the National Food Distribution Task Force went to providing Bahamians with much-needed food to sustain themselves after the economy was shut down virtually overnight. “There’s not a lot of understanding about how a non-profit functions,” the ORG chief added. “What are the costs that go in, and the costs that go out? Think about a model where 91-92 percent goes on the actual services.” He explained that members of the Food Task Force, which included NGOs such as Bahamas Feeding Network, Hands for Hunger, the One Eleuthera Foundation and the Red Cross, had to cover transportation costs involved in getting resources to where it was needed as well as pay volunteers for their time and efforts. Mr Aubry spoke out after Philip Davis QC yesterday launched another attack on the Food Task Force, singling out in particular the 8

percent of funds that went to administrative costs as well as a further 1 percent that went on “start-up” costs. The Prime Minister also noted that Susan Larson, the Task Force’s chair, was paid a $7,000 monthly salary - equivalent to $1,750 per week or $84,000 per year - by the Government for her work. “Did we know that? Did we expect that?” he asked. “It appears she was not required to report to anyone on how that money [$53m] was spent.” Mrs Larson’s compensation, though, certainly pales in comparison to that received by Kay ForbesSmith in her role as the Disaster Reconstruction Authority’s (DRA) managing director. However, Mr Davis was not finished with the Food Task Force. He referred to a Zoom call and accompanying presentation by Mrs Larson, part of which he held up in the House of Assembly yesterday, which

showed the initiative was being structured with the respective allocations to start-up and administrative costs. “That sounds like 9 percent,” the Prime Minister asserted. “We should all ask the question: That looks like $4.77m. That’s what it looks like. I thought that would be something where the say NGOs in that situation are volunteers.... I didn’t expect anyone to be paid to do this job.” Amid shouts from his parliamentary colleagues that such services should be free, Mr Davis asserted that both the director of social services and Ministry of Social Services permanent secretary were excluded from the design of the Food Task Force - something that Tribune Business sources later suggested was incorrect. And he added that the likes of churches and the Red Cross appeared to have been excluded from participating in the initiative, as

they would have provided their services for free, even though Mr Aubry said the latter had been involved. The 8 percent figure, though, is no surprise. Michael Pintard, the Opposition’s leader, last year told Tribune Business that the Minnis administration had sought to keep the food programme’s administration costs as low as possible with just 8 percent of monies used for this purpose on New Providence. This rose to 12 percent on the Family Islands, and 18 percent on Abaco where infrastructure had been devastated by Hurricane Dorian. And Mr Pintard said both the United Nations Development Programme (UNDP) and the World Food Programme had been involved in helping to structure and execute the initiative, and drawing up the criteria used to determine who would receive help. While Mr Davis yesterday said he only wanted

to confirm how the $53m provided by Bahamian taxpayers had been spent, and if the Government received value for money, the ORG chief said it was vital that the report into the Food Task Force be published so all Bahamians can draw their own conclusions. Tribune Business understands that the external auditor conducting the probe is Kershala Albury, a former executive with Commonwealth Bank and Family Guardian, who is now president and principal consultant at her own firm, ATI Company Ltd. Mr Aubry said: “This is why I think the critical need is to have this evaluation done in an as objective a way as possible, and the full report presented so that we understand this in its full context. We have to learn from this, adjust, and be as efficient and effective as possible, particularly when working with the Government to execute taxpayer monies.”

PAGE 14, Thursday, March 17, 2022

THE TRIBUNE

STOCKS, YIELDS END HIGHER AFTER FED RAISES INTEREST RATES By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers STOCKS reversed an afternoon fade and closed broadly higher Wednesday after the Federal Reserve announced its first interest rate hike since 2018. As Wall Street largely anticipated, the central bank announced it

was increasing its key short-term rate by 0.25 percentage points. The Fed, which has kept its rate near zero since the pandemic recession struck two years ago, also signaled potentially up to seven rate hikes this year. The move marks a shift in policy by the Fed away from maintaining ultra-low interest rates as it seeks to

tame inflation, which is running at the highest level since the early 1980s. Rate hikes eventually result in higher loan rates for many consumers and businesses. Stocks lost most of their early gains and bond yields rose sharply shortly after the 2 p.m. Eastern release of the Fed's latest policy statement. The indexes wavered as Fed Chair Jerome Powell

delivered remarks during a press conference before surging in the final hour of trading. The S&P 500 rose 2.2%, the Dow Jones Industrial Average gained 1.5% and the Nasdaq composite climbed 3.8%, its biggest gain since November 2020. Bond yields rose sharply after the Fed's announcement. The yield on the

10-year Treasury rose to 2.20%, then hovered at 2.17% by late afternoon. It was at 2.15% late Tuesday. The 2-year Treasury yield rose to 2% then eased back to 1.94%, still a big move from 1.85% a day earlier. "The market got what it expected," said Randy Frederick, vice president of trading & derivatives at Charles Schwab. "Interest rates need to be higher. Inflation needs to be under control, and the risk to everything is a lot greater from high inflation than it is from high interest rates." The Fed is trying to slow the economy enough to tamp down the high inflation sweeping the country, but not so much as to trigger a recession. It is part of a larger movement by central banks around the world to pull the plug on the support they poured into the global economy after the pandemic struck. Inflation has hit its highest level in generations as the global economy recovers. Economists worry that could eventually curtail spending and hurt growth. The latest retail sales report from the Commerce Department shows that Americans slowed their spending in February on gadgets, home furnishings and other discretionary items as higher prices for food, gasoline, and shelter are eating up more of their wallet. In remarks after the release of the central bank's statement, Powell noted that before the Russian invasion of Ukraine he had expected inflation would stabilize within the first three months of this year. He now believes inflation will come down in the second half of the year. "We are now seeing short-term upward inflation in oil prices, other commodities prices," he said. "You're seeing supply chains around shipping and lots of countries and companies not wanting to touch Russian goods —- that means more tangled supply chains." The S&P 500 rose 95.41 points to 4,357.86. The Dow added 518.76 points to 34,063.10. The Nasdaq

gained 487.93 points to 13,436.55. Small company stocks also notched solid gains. The Russell 2000 index rose 61.75 points, or 3.1%, to 2,030.72. A list of concerns including inflation have made for volatile markets over the last few weeks. Stocks have been swaying sharply on a daily, sometimes hourly basis. That volatility will likely remain until investors get a better sense of where the economy is headed. "It's not uncommon for hiking cycles to spook stocks," said Gargi Chaudhuri, head of iShares Investment Strategy Americas. "But as the path forward becomes clearer, most sectors in the S&P 500 index muster positive returns in the year that follows the first hike." Even so, the combination of higher rates and inflation represent a risk for the economy, noted Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. "The stock market is vulnerable to the dual threats of too-high inflation, which will put a damper on corporate profits and consumer demand, and too-high interest rates, which could cause a recession," he said. Oil prices have mostly surged since late February amid concerns that the conflict in Ukraine will squeeze energy markets. Benchmark U.S. crude fell 1.5%, a relatively subdued move considering the gigantic swings it has made recently. Prices are up nearly 30% for the year, and the recent surge has pushed gas prices in the U.S. to record highs. That has increased concerns that inflation could worsen. Technology stocks, banks, retailers and other companies that rely on consumer spending accounted for much of the S&P 500's gains as investors shifted money into sectors that are considered riskier. Microsoft rose 2.9%, JPMorgan Chase added 4.5% and Amazon.com gained 3.9%. Energy companies and traditionally safe-play stocks, such as utilities, lagged the broader market.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 16 MARCH 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.15 2.05 2.90 2.60 6.05 10.05 2.56 9.02 3.10 7.20 13.00 2.71 10.10 11.25 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 8.40 13.10 3.42 8.00 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2251.22

-0.04

0.00

22.98

1.03

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.98 100.00

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

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

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR106036 BGRS FX BGR117037 BGRS FX BGR118037 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

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

LAST CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.99 2.82 7.16 13.00 2.07 10.06 11.57 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.99 2.82 7.16 13.00 2.03 10.06 11.57 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME 50

400

4,000 1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.20% 5.22% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

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

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

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.7 -7.5 57.1 15.3 15.9 18.0 19.9 21.5 17.9 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.74% 0.00% 0.00% 4.26% 3.07% 5.54% 21.38% 0.60% 2.83% 2.23% 3.60% 3.01% 2.00% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 4-Aug-2036 14-Jul-2037 13-Oct-2037 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

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

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

TRADERS MICHAEL CONLON, left, and Glenn Kessler work on the floor of the New York Stock Exchange, Wednesday, March 16, 2022. Stocks rose in afternoon trading Wednesday and Wall Street added to its gains as markets gather hope that there may be better news on the horizon on inflation, the war in Ukraine and other worries that have been keeping investors unsettled. Photo:Richard Drew/AP

NOTICE NOTICE is hereby given that KEVIN TELUSNOR of Weybridge Road, Marathon, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that PABLO CRISOSTOMO of Marathon Estate, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.