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MONDAY, MARCH 21, 2022

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COVID testing ‘not adding up’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government and official Opposition were last night locked in a fresh battle over assertions that Bahamian taxpayers are subsidising US tourists’ return home because the $40 health travel visa cannot cover free COVID testing.

The row erupted after Michael Pintard, the Free National Movement’s (FNM) leader, argued in a statement sent to Tribune Business that it was impossible for the health travel visa fee to finance the provision of a free rapid antigen test to departing visitors as well as the initiative’s other components.

Breaking down the $40 fee, he argued that the majority - around $25 or 62.5 percent - pays for the insurance coverage that allows COVID-infected patients to either be evacuated to their home country or spend extra days in The Bahamas in isolation, together with

• Pintard slams ‘truly shameful’ subsidy to US tourists • Gov’t hits back at ‘absolutely untrue’ health visa claim • ‘Adding free COVID test means cost exceeds $40 fee’ per diem expenses. Of the balance, Mr Pintard said $10 of every health travel visa fee cover the initiative’s administrative costs and overheads, leaving a $5 surplus which represents the sums remitted to the Treasury.

However, the Opposition leader said he had been taken aback by Dr Michael Darville, minister of health and wellness, stating during last week’s conclusion to the mid-year Budget debate that all foreign visitors now have a free COVID test built into their health visa.

Mr Pintard argued that the cost of this rapid antigen test represented a

further $23 charge. When added to the $25 insurance cost, and $10 in administrative fees, he said the total cost of services provided under the health travel visa now amounts to $58 - a sum that exceeds the $40 fee by $18.

As a result, Mr Pintard said the Government - via Bahamian taxpayers - is now subsidising the return of US visitors to their homeland as it has to make up the negative difference between the health travel visa fee and the total cost.

He branded this as “truly shameful”, arguing that such funds should instead

SEE PAGE 7

MICHAEL PINTARD

DR MICHAEL DARVILLE

A SUPREME Court judge has given the Water & Sewerage Corporation two weeks to either file a defence or pay Branville McCartney’s law firm $40,000 in a dispute related to a defamation action launched by ex-chairman Adrian Gibson.

The former Democratic National Alliance (DNA) leader, in an interview with Tribune Business, slammed what he branded as “stalling tactics” by the Governmentowned water utility and its former attorneys, Harry B

BRANVILLE MCCARTNEY Sands & Lobosky, over his Halsbury Chambers firm’s demand that it be paid outstanding fees owed to it in relation to collecting on delinquent accounts.

SEE PAGE 8

Bahamas’ $3bn in Russian assets ‘under 1%’ of sector

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor yesterday said the nearly-$3bn in Russianconnected assets held by the Bahamas’ international financial services industry represents “less than 1 percent” of the sector’s total business.

John Rolle, in an e-mailed reply after the regulator revealed that $420m in Russian-related deposits, and $2.5bn in custodial and trust assets, are currently held by its licensees, told Tribune Business: “We can’t disclose how much of the totals are held by sanctioned clients. However, the published sums are a

very small fraction, under 1 percent, of the total business of banks and trust companies.”

He spoke after the Central Bank, in a statement, disclosed the extent of Russian-related assets held by Bahamas-based financial institutions that it regulates. “As an extension of its regular surveillance, the Central Bank has gathered data from international banks and trust companies on their level of Russian business activities,” the Central Bank said.

“The results of this exercise indicated as at February 28, 2022, this sector held approximately $420m in deposits and $2.5bn in

SEE PAGE 12

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Medical labs say COVID test model ‘unsustainable’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Water Corp ultimatum over Bran $40k claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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MEDICAL laboratories have warned the Government they cannot continue providing COVID-19 tests unless it alters the “unsustainable” model by which they are paid via the Bahamas health travel visa.

Bonnie Culmer, chief executive/laboratory administrator at Bonaventure Medical Laboratory, told Tribune Business the industry had agreed to accept a “nominal” $8 per test fee and not seek to make it a profit centre “in the national interest” when the pandemic was at its peak and hundreds of daily tests were required.

Now that testing volumes have sharply decreased in the wake of the Omicron variant’s dissipation, she said medical laboratories believe the only financiallyviable structure moving forward is to “cut out the middleman” of the health travel visa and “get the

Government out of the laboratory business” by having all visitors requiring a COVID test to return home pay them the $23 rapid antigen test directly.

Ms Culmer said the industry, via the Bahamas Association of Medical Technologists (BAMT), had recently put its concerns to deputy prime minister, Chester Cooper, who has ministerial oversight for the health travel visa via the Ministry of Tourism, and a “followup meeting” to determine if any action will be taken is awaited.

Mr Cooper could not be reached for comment before press time last night via phone, and no response was received despite a spokesperson for the Prime Minister’s Office saying this newspaper’s inquiries would be relayed to the deputy prime minister.

Medical industry sources, meanwhile, speculated whether the Government

SEE PAGE 6

PAGE 2, Monday, March 21, 2022

THE TRIBUNE

A PERILOUS STATE OF AFFAIRS I

n early January, before the first explosions in Ukraine, we were already looking at an economic reset of the country with constrained optimism. On January 28, the Government released its Fiscal Strategy Report and Medium-Term Debt Management report accompanied by this most sobering statement: “The nation’s fiscal health is in a perilous state.” By early February we had cause to embrace greater optimism as the evidence of a waning pandemic became clearer.

However, just over three weeks ago, the first shot was fired in eastern Europe and peril took on a longer-term persona.

This could lengthen our national recovery and further unsettle our economic challenges.

The economics around the sanctions levied against Russia will adversely affect inflation but, maybe even more seriously, the pressure on energy costs could become frightening. Imagine oil at $150 or more per barrel, following a significant increase over the last two years of COVID-19.

The US reluctance to ban Russian imports of oil seems to be fracturing. This will likely send us into the inflationary stratosphere.

US monetary policies will likely respond with an upward shift in interest rates. The implications for The Bahamas and the wider Caribbean are very serious.

Some of the more potent issues surrounding this war are the extent to which Ukraine and Russia impact the global food supply, especially as it relates to their collective grain exports, which account for 30 percent of world trade in these commodities. Then there is Russia’s dominance in oil and gas exports, and

Europe’s reliance thereon.

Coupled with the ubiquity of these products in world commerce, these push the risk of hyperinflation to a high level. The knockon effect of such a reality for countries with fossildependent energy systems cannot be understated.

At the time of writing, a barrel of oil was trending at above $125, having already flirted with levels above $130. For The Bahamas and the region, the nascent economic recovery could take a hit. The war may be many miles away, but the impact is almost immediate and extremely disruptive, adding to an already highly uncertain environment.

The impetus needed for growth could be imperiled by global inflation. This will result in additional costs as countries, for us mainly the US, continue their efforts to tame inflation by feeding it increased interest rates. This will have a direct impact on The Bahamas’ foreign currency debt. There is, though, the sliver of a possible upside where capital could shift from near the Ukraine war zone looking for “safer” homes. Shifts in strategic focus, and our usual sphere of prospecting, could make this a real possibility. In risk management terms, this is seeking to exploit possible upsides from the war. A significant part of our response to the ongoing crisis begs the questions: How must we start to think about the next six to 12 months? What are our views and outlook for the next two to five years?

What paradigm shifts and transformations will we pursue over the next five to 20 years?

Why is this train of thinking important? We have clear evidence that the resilience and robustness of the economy is below what we desire. We must accept that, and respond expeditiously to short-term priorities while preparing ourselves for the mid-term toiling and making those shifts that will better position us to contend with similar shocks in the future; the long-term future. It is my considered view that the current conversations are too “normal” in response to very abnormal, rapidlyshifting circumstances, filled with uncharacteristic levels of uncertainty.

Why is this so? The Bahamas has proven itself very resilient in spirit. The country has faced many crises and bounced back credibly. This includes the 1970s OPEC oil crisis; Middle East wars; the September 11 terror attacks; and the 2008 global financial crisis.

However, it is useful to reflect on the fact that The Bahamas has never faced a crisis in as weak a position as it is currently. We are recovering from a significant revenue downturn.

The debt stock of the country has reached levels where it is arguably imprudent to borrow heavily in the international market, despite facing an extended period of unfunded deficit and borrowing needs. Additionally, the Dorian-related destruction in Abaco and Grand Bahama has resulted in substantial portions of their economies becoming unproductive and delayed rebuilding.

The emergence of the Russian-Ukrainian war is an unwelcome bother for The Bahamas and the region.

It is likely to increase the time during which “green shoots” of economic recovery bed-in, and cause lags in the economic turnaround. The conversations must necessarily become broader and more strategic, informed by realities and more focused on solutions. The conversations must move beyond analysis of ‘what is’ to contemplating where do we go from here and how. On balance the “where” is much easier to answer and agree on. The “how”, fairly assessed, is likely to come with measures of pain and uncomfortable choices.

Hubert Edwards By

Success, though, lies firmly on the other side of these choices. Consider how the recent news has been rich with examples of challenges. Depending on how closely you follow these issues and your willingness to analyse, you might very well be able to tease out unspoken information and themes. Often, the analysis of these stories, reducing perceived abstractness, can produce greater value than the headlines, quotes and the immediate focus of the stories may convey.

The path between now and what we desire Debt-to-GDP of 50 percent; revenueto-GDP of 25 percent; a balanced budget; growth and resiliency – will require focused, strategic efforts and significant reforms.

The path is perilous, largely because of what has transpired up to now. The circumstances are abnormal and not the best to do what is necessary. There is no other path to walk.

How do we do this? How do we heighten focus on the adjustments needed?

How do we plant now for tomorrow, informed by the many instances of missed sowing that would have made us stronger today?

What strategic shifts are needed to better prepare us for the future? Where are the pitfalls with which we must contend? But, more importantly, what are the opportunities to be pursued? Without being too philosophical, “the obstacle is the path”. There is no easy way to skirt that fact, and doing so would be ill-advised. Why? COVID19 cruelly gifted us the most comprehensive risk assessment for a greater understanding of weaknesses in the economy. We are therefore well empowered in knowing what needs to be fixed and why.

In important ways, the wars for the future are raging right now. How we fit into these battles, and what spoils we intend to take from them, is maybe the most important thesis to be explored. Objective analysis would suggest near-term pain. However, taking a strategic and risk management approach, the current realities would suggest we start from points of weakness and build for the future. Address the structural weaknesses long left languishing. Creating the type of facilitative environment that will produce an economy that is more robust. Implement the reforms that are necessary to create a more facilitative environment that leads to a more robust economy.

The process of getting to this desired future, and the effort required, is the way we will pay for the past lunches we had...on credit.

We must be smart and learn from history. Dependence on the vibrancy of the US is not as prudent a strategy as some persons like to espouse. While it might be true that “when the US sneezes, we catch a cold”, it does not always follow that when it “stops sniffling” our cold will also go away to the same extent. Post-2008 global financial crisis, The Bahamas never recovered well, consistently realising growth rates of less than 2 percent. This happened firstly because we failed to adjust and take greater risks for growth, and second because we were “forced” into fiscal consolidation and maybe went too deep, too quickly. This happened during a buoyant growth window for the

SEE PAGE 12

THE TRIBUNE

Monday, March 21, 2022, PAGE 3

REGULATORS UNVEIL PRICING STRUCTURE FOR RENEWABLES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS have confirmed a new net billing-based compensation mechanism for renewable energy providers providing power to Bahamas Power & Light’s (BPL) grid with rates based on the latter’s “non-hedged avoided fuel cost”.

The Utilities Regulation and Competition Authority (URCA), unveiling its statement of results and final decision on “cost effective tariffs” for the fledgling renewable energy industry, has decided on a price structure that applies to both small-scale residential and larger business/government solar systems.

Both will be subject to a ‘net billing’ structure, URCA said, with “compensation at a rate per kWh (kilowatt hour) equivalent to the non-hedged avoided fuel cost of the public electricity supplier”.

That supplier is BPL, with the

regulator clarifying that the fuel cost compensation will be calculated by stripping out the impact of its current hedging policy.

The move effectively fulfills URCA’s pledge to move away from the ‘buy all/sell all’ method of compensating renewable energy suppliers, the regulator having admitted last year that its policies are “not attractive” for companies and investors seeking to enter the sector, hence the pricing structure switch.

The regulator, in a muchcriticised compensation proposal for larger grid-tied renewable energy systems, in 2020 mandated that those capable of producing more than 500 kW (kilowatts) were to compensated

by BPL for selling energy to the grid via a “buy all, sell” method.

This required participants with such systems, mainly larger businesses and government facilities, to not consume any electricity generated by their renewable systems. They instead had to export all energy they

generated to BPL, and consume all the electricity they need from the state-owned monopoly at the standard retail tariff levied on all its customers.

Those who “sell all” under this arrangement have been compensated by the equivalent of BPL’s appropriate monthly fuel charge, which normally accounts for just 50-60 percent of customer bills. Such a mechanism was vehemently opposed by private sector renewable energy players on the basis that producers will not be fully compensated for what they produce.

They argued at the time that reducing the rate of return on utility investments in such a fashion will discourage Bahamians from investing in renewable systems, and URCA agreed based on the results of a study it commissioned from independent consultants, The Cadmus Group and Energynautics.

“The current RESG (Renewable Energy SelfGeneration) policy design

is likely not attractive for larger projects that are compensated at fuel rates under a buy-all/sell-All arrangement,” URCA concluded.

“While the current RESG policy design is cost effective for smaller projects that can offset significant electric purchases with self-generated energy, the current design is likely insufficient to attract participation for larger projects that are not able to offset electric purchases and are compensated at a fuel rate which is insufficient to cover project development expenses and provide system owners with the required rate of return.”

Net billing enables persons with grid-tied systems to “net off” the difference between what they supply to, and consume from, BPL. However, many in the renewable energy industry have advocated for net metering, which credits grid-tied solar system users for the energy they sell to the grid.”

BPL, in its reply to URCA’s consultation,

argued that “the valuebased approach pegged to the avoided cost of fuel is BPL’s preferred approach”.

And the regulator added: “BPL also put forward the view that investors in the renewable energy projects should be required to compete against the prevailing cost of energy to the public electricity supplier.

“BPL premised this view on URCA’s position that by setting payment rates equal to the levelised cost of energy (LCOE), policymakers can ensure that payments to project investors throughout the contract will allow them to recover their costs, including the return on their investment. BPL argues that rates charge based on LCOE will necessitate subsidies from ratepayers.”

URCA, in reply, said: “URCA notes BPL’s preference for the value-based approach pegged to the avoided cost of fuel. However, URCA reiterates that while the administrative, value-based approach is an

accepted methodology for setting the compensation rate for renewable energy generators, it pegs the value of the kWh produced by the renewable energy generator to the utility’s cost of fuel.

“There are a few drawbacks associated with this approach, including that it does not provide longterm investment certainty because the compensation rate is variable and fluctuates based on the cost of fuel; it only incentivises investment in renewable energy when the cost of fuel is high and not when the cost of fuel is low; it does not reflect the actual costs of investing and operating a renewable energy system; and it does not reflect the full value a kWh of renewable energy may deliver to the grid. Notwithstanding, URCA believes that un-hedged avoided fuel costs over the past five years are sufficiently cost effective to incentivise renewable energy investment.”

CHAMBER CHIEF URGES GB PROJECT ‘TIMELINES’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Grand Bahama Chamber of Commerce’s president has called on the Government to provide “more timelines” for when residents can expect to see progress on major investments cited by several Cabinet ministers.

James Carey, speaking to Tribune Business after last week’s Grand Bahama Business Outlook conference, said while he was pleased to learn that bidding on the Grand Bahama International Airport public-private partnership (PPP) will launch on March 28, “there was no particular timeline for these things to be accomplished”.

He added: “For the airport they promised they would go out for RFPs by

the end of the month for 30 days, but we can’t reasonably expect something to magically happen 30 days later. I think the [deputy prime] minister said the hotel, for example, that they expected to receive some presentations over the weekend and then they will focus on negotiations.

“So in Grand Bahama we are hopeful, and a lot of things can happen, and there are a number of things on the drawing board stated. They mentioned a number of things, but a number of these things have been on for a while. There’s been a disruption as a result of Hurricane Dorian, and now with COVID-19.”

Chester Cooper, deputy prime minister, said the Grand Lucayan’s Board was yesterday due to review presentations by five different bidders to determine which one it will enter

exclusive negotiations with for the hotel’s sale. He added that the Government hoped to conclude negotiations with the preferred bidder by April - an aggressive timeline by anyone’s standards.

Besides the 30-day timeline for bidders on Grand Bahama International Airport to respond, Ginger Moxey, minister for Grand Bahama, said ground breaking for Carnival’s cruise port is now being targeted for May 2022. Construction is scheduled to last two-and-ahalf years, with the start of operations projected to be November 2024.

Mr Carey also said: “We just need to see some more specifics in terms of timelines. More than the usual.

So at the moment, it’s still a bit of wait and see, and while that is happening persons who are likely to be impacted should

prepare themselves for these eventualities.”

Alfredo Bridgewater, owner/operator of Coco Nutz, said: “I was at the Grand Lucayan hotel this Friday and I saw some officials pass through, but that was in relation to a meeting they were supposed to be having. The appearance of them being aware that something needs to be done about the hotel signals that there is an issue, and they are doing something about it.”

“I see more visitors on the ground now, much more than I have seen for the past three years or so. I see a lot more people at the resort. He added that the airport remains a key concern for the island, and he will be “happy with whomever buys it”.

Harbourside Marine Limited is seeking the following:

ACCOUNTANT

3 years of accounting or bookkeeping experience Degree in accounting preferred Email resume to ian@hbsmarine.com

PAGE 4, Monday, March 21, 2022

THE TRIBUNE

DEALERS URGE CONSULTATION ON LIMITING GASOLINE RISES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

PETROLEUM dealers are calling for greater consultation with the Government over proposals to cap the amount of VAT it earns per gallon sold and mitigate the impact of rising energy prices for consumers.

Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vice-president, told Tribune Business that they

wanted to at least discuss the matter with the Davis administration rather than see it outright reject any policy action.

He was responding to comments made by Michael Halkitis, minister for economic affairs, who said the Government would not be reducing VAT on gasoline to combat soaring oil prices. “I’d be very disappointed in the minister for economic affairs if he takes that approach. I think before he made that statement he should have sat with the dealers in the

industry and discussed this, and come to some suitable, reasonable alternative,” Mr Bastian added.

“We should at least have a dialogue. I know the minister to be a good person, separate and apart from his politics. I know him to be a good person, and if he said that I would be very disappointed in the minister, and I’ll tell the minister that to his face and not behind his back to don’t do that. Let’s sit down like intelligent men and women and have a conversation.”

Mr Bastian previously told Tribune Business that if gasoline prices rose to over $6 per gallon, many dealers would have to cut back on the amount they purchase from wholesalers and go to self-service at the pump for several days per week.

Ken Hutton, the Abaco Chamber of Commerce president, has also told this newspaper that the Government should consider “capping” the amount of VAT it earns per gallon, a move that would follow Barbados which has reduce

its own taxes on gasoline in the midst of oil price volatility.

Mr Halkitis, though, said that since oil prices have dropped from their recent highs it would not have been a wise move to reduce VAT on gasoline.

Mr Bastian said: “The minister knows quite well, and he is trained in economics, and he knows that oil going back down under $100 per barrel is a temporary position and we need to address the bigger issue. A barrel of oil went down before and

then we went back to where we were.

“He can strip the price of gasoline at the pump down, and he could ask himself who gets the majority of this. He would see it is not the dealers. This has been like this for a number of years. He needs to adjust this so everybody can be happy and the minister knows better.”

The Government gets $1.54 for every gallon of gasoline sold, while dealers earn 54 cents and wholesalers collect only 33 cents.

Freeport law firm to open Nassau office A FREEPORT law firm has announced it is expanding to Nassau some 11 years after it was first founded.

“This is a very exciting time for us. The addition of a second office in Nassau means the future is very bright for us and for our clients,” Jacy Whittaker, founding partner of ParrisWhittaker, said in a statement.

“Freeport will continue to act as our operational hub, while our Nassau

office will serve our clients in that area. There was definitely a need for us to be more physically present in that area.”

Mr Whittaker and Arthur Parris started ParrisWhittaker in 2011, the statement added, as they sought to develop a leaner and more efficient boutique-style law firm. Both had worked for large law firms, but saw the potential to start an enterprise more focused on the individual client’s needs,

and without high overheads and large costs.

“Even though we’re expanding, this does not mean we will be sacrificing the individual attention that we give each client. In fact, it gives us a chance to serve them even better and provide an even higher level of service,” said A. Kenra Parris-Whittaker, partner at ParrisWhittaker. “We take pride in the fact that we’re not ‘big law’. We will continue to be a boutique

law firm that works hard for individuals and business owners in our community.”

The new Nassau office will enable ParrisWhittaker to expand the services available to clients in that

area. It is also exploring other new locations, eyeing further expansion in the near future.

“Our growing client base in Nassau necessitated a Nassau-based office.

Despite our growth, we promise to never stop putting our clients first. We will never stop fighting for them, or looking for new ways to serve them,” Mr Whittaker said.

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.

THE TRIBUNE

Monday, March 21, 2022, PAGE 5

Web 3.0

By Chris Illing “$500?” chuckled former Microsoft boss, Steve Ballmer, after Apple chief Steve Jobs introduced the first iPhone in 2007.

“This is the most expensive phone in the world. And it doesn’t appeal to business users at all because it doesn’t have a keyboard.”

Now Mark Zuckerberg says the Metaverse is the next big thing on the Internet. Accordingly, Facebook will no longer be a social media company in the future, but a metaverse company. The Metaverse is no longer just the Internet to look at. You take part in it, move in it. It is the Web 3.0.

Young people and, in particular, gamers have been dealing with the topics AR (Augmented Reality) and VR (Virtual Reality) combined with virtual, digital goods - also on the blockchain as NFTs (non-fungible tokens) - for a long time.

The flight simulators and 3D movies belong to the past of our childhood. The Metaverse wants to be a real world where we can really live, where we can

really interact, where we can really do business with other people, where things can really happen. But Facebook does not have the monopoly on the Metaverse.

The ultimate feature of the Metaverse is decentralisation. In other words, there will not be one, two or three big platforms such as Amazon, Google or Facebook controlling the market. This new virtual universe works in a decentralised manner, and everyone can in principle network with everyone else in this virtual world and move around in it. In principle, each of us can create new worlds and spaces. For example, every person can decide in which world, in which room, in which environment, in which social interaction they go, and with which other person they meet.

The whole thing can always take place peerto-peer, without an intermediary in between.

You can communicate, interact, meet directly with each other in this metaverse. And this is where the next key topic comes into play: The blockchain.

The topic of a decentralised blockchain is already known from the area of crypto currencies. Here people interact, communicate and trade directly with each other without any bank, intermediary, state or any platform in between. It also gives us a huge opportunity to regain sovereignty over our personal data.

Due to the decentralised design, it may even be possible for every single person to earn money in the Metaverse. Nowadays, Facebook (FB.US) or Google (GOOGL.US) are tracking our entire surfing behaviour and make a lot of money with it. Everything is suddenly controlled peerto-peer in a decentralised manner; everyone has sovereignty over their data You could agree to having your behaviour tracked in the metaverse, with the condition that each of us earns money from advertisements that are displayed there. The Metaverse has already its own currencies and they are being traded daily. The 5 most popular crypto currencies are Enjin, Sandbox,

Bahamas Customs Department Sale By Sealed Bids In accordance with Section 201 of the Customs Management Act 2011, the following good is available for sale by the Bahamas Customs Department: Shipment#1-Thirty-three (33) pieces of Building Supplies Shipment # 2-Six (6) - 20’ Containers of Galvanized Steel The goods can be viewed at the Bahamas Customs Warehouse located at the Gladstone Freight Terminal, Monday thru Friday from 8:00 a.m. to 4:00 pm or call 376-5607 or 424-8065. Each of the shipments is being sold separately. Bidders must specifically state what shipment they are bidding on.

Interested persons are asked to submit sealed envelopes marked “SALE

BY SEALED BIDS’ to the office of the Comptroller of Customs, Customs House, 55 University Drive, New Providence, The Bahamas.

The deadline for bid submissions is Friday, 22nd April 2022 at 5:00 p.m.

The right is reserved to reject any or all tenders.

Theta, Axie and Decentraland. Let us imagine what we can buy and experience within the Metaverse in the near future: * Travel will be no longer restricted to 5 percent of humanity. Everyone will be able to visit the beaches of The Bahamas or the European castles, and do so in a much more eco-friendly or sustainable fashion then flying there. * Meetings with friends and loved ones who live far away will now be the new norm. You arrange a meeting in the Metaverse and decide in which country you want to take a stroll together.

* Music concerts and theatre plays can be experienced by everyone, and you are participating live in 3D in your living room. * The dreaded doctor’s visit will now be arranged online, and many mandatory steps before an operation can be dealt with from home. * Zoom meetings will now be in your online meeting room. You can sit together around a table again. * Joint teaching and research projects are suddenly possible across national and university borders. And in real time.

For example, you could do research and work together in a Metaverse laboratory. * And to move and reside in the metaverse, an avatar is necessary. Such a person wants to be dressed naturally, he wants to be equipped, he wants to own certain things. Just like in the real world. Accordingly,

there will also have to be the possibility in the digital world to buy various digital goods.

Digital goods are a huge topic, and are making more and more headlines with NFTs. And here, digital artworks and trading cards of our favourite soccer players, based on the blockchain, are just the beginning of the possibilities. According to some sources, Gucci (KER.PA) has purchased an undisclosed amount of land in The Sandbox, and will develop an interactive fashion experience based on Gucci Vault in collaboration with The Sandbox.

Here, select Metaverse fashion items created by Gucci designers will be available for people to buy, own and use in their own Sandbox experience.

It will be exciting to see what will happen here in the next 10 to 20 years. This development cannot really be stopped.

PAGE 6, Monday, March 21, 2022

MEDICAL LABS SAY COVID TEST MODEL ‘UNSUSTAINABLE’ FROM PAGE ONE was going to follow other countries in doing away with COVID testing mandates, with the US expected to do so in the near future.

“The situation with the COVID testing is with the health travel visa,” Ms

Culmer told this newspaper. “The health travel visa is selling a testing voucher [to tourists], and paying the labs a nominal fee of $8 per test.

“Our argument is that if the five-day test is no longer required, and persons come into the country and need

to be tested, they should come to the lab and pay the $20-$23 fee - even up to $30 - direct to the lab instead of [the health travel visa administrator] collecting the fee for us and paying us a nominal sum. Stop getting into the laboratory business.

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“They’re trying to stay relevant by offering vouchers to the tourist. We’re saying you don’t need to be getting into the lab business and collecting a fee upfront.

It’s like someone trying to sell a tourist a voucher to purchase something from the Straw Market, collecting the full payment and paying the straw vendor a nominal sum,” she continued. “We don’t need a system where someone is selling a voucher and paying us a nominal fee. It’s not doing us any favours.

“Let the labs collect the fees. Let the tourists come

to us or we go to them. We don’t need a middleman to collect the funds and get paid a nominal fee for the service. They pay you $8 for the test, and don’t value the fact that we have to have quality systems in place. It is not enough. There’s more that goes into a charge than just swabbing a patient.

“We’re trying to maintain staff and the quality of testing in the lab. We have so many doing testing who are not qualified. We’ve heard reports of people doing testing in their kitchen.

Now we have the serious situation [with COVID-19]

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Julian J. U. Rolle & Lanelle A. Rolle of Stapleton Gardens, New Providence, Bahamas, parents of JULIAN JEREMY ULIES ROLLE JR. a minor, intends to change his name to JULIAN JEREMY ULIES WENZEL ROLLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE under control, we’re saying let’s get back to the lab standards and quality we want.”

Ms Culmer, revealing that BAMT members sacrificed the profit motive to conduct widespread testing and results analysis at COVID’s peak, said: “All of the labs got together, accepted it when it first started as it was of national importance, and said we will not make a profit.

“But it’s now not sustainable for us as labs. We have to maintain the quality of standards in The Bahamas. We are among the top in quality standards in the region, but it’s been watered down a lot because of the pandemic. Everybody has popped up to do testing. We had to accept what was going on and work with, and accept the nominal fee. It was part of our tourism economy.

“Now we’re past that, and the tourism economy is coming back, and we don’t need that system in place...

We did have a talk with the deputy prime minister, the lab association. We did share our concerns with him. We’re waiting on a follow-up meeting to see if any action will be taken to address the situation.”

Another healthcare provider, speaking on condition of anonymity, backed Ms Culmer’s position. “We’re the ones being shafted, the healthcare providers,” they added of the “nominal” fee. “With the volume decreases, and the number of tests falling regularly, it becomes more difficult to maintain your viability.

When you had 100 tests per day, versus 50 to 20 now, it is difficult because it costs the same because of the staff needed to do the tests.

“They [the Government] have to address it. They cannot just ignore it. The healthcare providers said it is not sustainable for us.

We have to come up with a different model. Maybe the Government is banking on testing going away. Maybe that’s what the Government is waiting for - for us to discontinue testing rather than having to deal with the issue.”

THE TRIBUNE

COVID TESTING ‘NOT ADDING UP’ FROM PAGE ONE

be used “for the sole benefit of the Bahamian people”.

Dr Darville could not be reached for comment before press time last night, despite messages and voice mails being left. Chester Cooper, deputy prime minister, who has responsibility for the health travel visa via the Ministry of Tourism, also could not be contacted.

However, a spokesperson for the Prime Minister’s Office, speaking after contacting Mr Cooper, told Tribune Business “it’s absolutely not true” that Bahamian taxpayers are subsidising the departures of US tourists by part-paying for their COVID tests to comply with the Biden administration’s entry requirements.

Branding Mr Pintard’s attack as “a non-issue”, they added that the health travel visa fee had switched to cover the departure COVID test from the one taken by visitors staying in The Bahamas for five days or longer after the latter requirement was dropped several weeks ago.

“You can use that for your test to leave the country,” they added of the health travel visa fee. “The bottom line is that there’s no additional cost passed on to taxpayers. That’s absolutely not true. With respect to the five-day test that was done, all that was covered under the health travel visa.

There’s nothing to pass on to taxpayers.”

The spokesperson also suggested that administrative costs had been reduced to the bare minimum, with electronic provider Kanoo no longer involved in providing the payment gateway between the health travel visa’s online portal and bank accounts. Kanoo, though, had just several weeks ago said it was still involved and operating on a month-tomonth contract.

Mr Pintard, though, asserted: “During the wrap-up of the mid-year Budget debate, the minister of health [Dr Darville] revealed that all foreign visitors now get a free COVID health test built into their health visa. No doubt this was a surprise to most MPs and the public...

“In case you don’t understand, the $40 fee paid by the visitor for their health visa used to include just the cost of the mandatory insurance they were required to have, but now it also includes the cost of a COVID test as well. As a result, when the Government pays for the health insurance and now pays for the COVID test, the $40 fee paid by the visitor is insufficient to cover these costs.”

Adding the $23 COVID testing cost to the $25 that went to insurance; $10 for administrative costs; and $5 surplus meant that the $40 health travel visa has to cover a total $58 in costs,

Mr Pintard argued, leaving an $18 deficit that had to be covered by the Government via taxpayers.

“If you are only charging the visitors $40 for a health travel visa, then every time a visitor gets a COVID test, that test is being subsidised by the Bahamian taxpayer to the tune of $18 ($40 minus $58),” the Opposition’s leader argued. “As a result, this government is now subsidising the cost of the tests for visitors to return to the US. “They are not subsidising the cost of tests for Bahamians to travel to the US. They are not subsidising the cost of tests for Bahamians to travel home from the US....

This new policy of using health visa revenues to pay for foreigners to obtain a test to go back to the US is truly shameful given that they should really be using those revenues for the sole benefit of the Bahamian people.”

Mr Pintard argued that such “subsidies” were offsetting the savings that the Davis administration said it had generated when it eliminated the health travel visa requirement for Bahamians.

However, some might argue that it is further aiding the tourism industry’s re-opening.

The latest health travel visa controversy comes after Prime Minister Philip Davis QC, and the Government, last week used the mid-term Budget to return

to the attack on the issue.

Referring to the Auditor General’s probe into the initiative, Mr Davis again questioned how Kanoo was selected and why it initially took some six months to remit the “surplus” funds in the health travel visa bank account to the Public Treasury.

These questions, though, had largely been answered in the Auditor General’s Report, which also praised the Ministry of Tourism and Aviation’s “vision” in establishing the health travel visa initiative to facilitate The Bahamas’ tourism reopening at COVID-19’s peak. The speed with which it had to act to get the economy moving, though, likely meant that short-cuts were taken and established procedures not always followed.

One source intimately familiar with the health travel visa, and speaking on condition of anonymity,

Monday, March 21, 2022, PAGE 7 said unvaccinated visitors who required an in-destination five-day COVID test had been charged a $60 fee - not $40 - to cover the additional cost under the Minnis administration.

While only a small proportion of The Bahamas’ visitors fell into that $60 category, they argued that the Government - in dropping the five-day test - had failed to get its pricing correct with the inclusion of the return COVID test in the $40 fee.

“Even if you eliminate all the administrative costs or some of them, you are losing money,” the source said of the current health travel visa fee structure.

“Even if you’re administrative costs are zero, $25 for the insurance and $23 for the rapid antigen test to go home, equals $48 compared to $40. You’re at a loss, and on top of that you have these administrative costs. It doesn’t work.

“The vast majority of people are paying $40. They should have let people pay for the tests to go back. If you want a test to go back, click on the website and

you get upcharged. I’m sure the hotel industry is happy but the taxpayer is paying for it.” Based on 100,000 visitors per month, and 70,000 of that number availing themselves of a free COVID test, they suggested that it was potentially costing taxpayers a minimum of $560,000 per month.

Even if Kanoo was no longer involved, the Government would still have to pay another electronic provider to act as the payments gateway. Costs were also incurred in the supply of testing kits, the administration of the tests and by the health travel visa site’s programmer, the source said, meaning that some overheads were impossible to avoid.

A health professional, also speaking on condition of anonymity, yesterday backed this assessment. “It cannot be. It’s impossible.

It’s impossible for all that cost to be covered. It is transparency, and then there is the Government subsidising tourists coming into our country for no reason,” they added.

PAGE 8, Monday, March 21, 2022

WATER CORP ULTIMATUM OVER BRAN $40K CLAIM FROM PAGE ONE Mr McCartney’s description was backed by Justice Indra Charles, who in a March 16, 2022, written

ruling blasted Supreme Court deputy registrar, Carol Misiewicz, for focusing solely on the Water & Sewerage Corporation’s demands that Halsbury

Chamber produce proof of its partnership status rather than the law firm’s application for summary judgment given the utility’s failure to file a defence.

“It seems to me that the deputy registrar did not see the forest for the trees,”Justice Charles wrote. “Had she done so, she might have realised that both applications by Water & Sewerage appeared to be tactical with a view to delaying the matter.

“In the present case, the deputy registrar concentrated on an application which was not even given a hearing date and which was the last to be filed on 25 May, 2021.... No mention was made of Halsbury’s application for summary judgment which, if granted, might have disposed of the matter in its entirety especially in the absence of the outstanding defence by Water & Sewerage.”

Justice Charles, in granting the appeal by Mr McCartney and Halsbury Chambers, also lifted the “stay” that had prevented their claim from progressing until they provided proof that the law firm was indeed a partnership. “I’m very happy with the outcome but quite disappointed in the attorneys who brought these stalling tactics,” the former DNA leader told this newspaper of the appeal brought against the deputy registrar’s decision.

THE TRIBUNE “The Water & Sewerage Corporation tried to put up all sorts of stuff. They put up some allegations that my firm was not a real firm and she [the deputy registrar] stayed the proceedings. She demanded that I produce my partnership agreement.

The Water & Sewerage Corporation brought these preliminary applications to the claim my law firm has against them. I appealed it, was successful and was awarded costs of $10,000.”

Justice Charles, in trading the dispute’s origins, noted how relations between Mr McCartney and his law firm, and Water & Sewerage, allegedly broke down after they refused to pursue a defamation case on behalf of then-executive chairman, Adrian Gibson. The ex-DNA leader and his firm claimed they told the nowLong Island MP that he himself, rather than the utility, needed to cover all legal expenses incurred.

“Halsbury alleged that, on or about January 2019, Water & Sewerage (through its then-chairman, Adrian Gibson), engaged Halsbury to act on its behalf in the collection of monies from its delinquent customers.

Halsbury commenced collection proceedings against delinquent customers on or about February 2019, and alleged that the chairman publicly commented on the success of the exercise,” the judge wrote in her ruling.

“On or about July 2019, Mr Gibson allegedly requested Halsbury to institute defamatory proceedings against one Gregory Miller, president of Apex Underground and Utilities Company. Pursuant to Mr Gibson’s request, a demand letter was issued and served on Mr Miller requesting a public apology and retraction of statements made in the media about Mr Gibson.

“Mr. Miller was given 7 days to comply. Mr Miller did not respond to the demand letter. Halsbury alleged that Mr Gibson insisted that a defamation action be instituted against Mr Miller, and that the legal fees relative thereto be paid

by Water & Sewerage and not by him personally.”

Justice Charles said that when Halsbury Chambers informed him Mr Gibson he would have to foot the legal bill, and not Water & Sewerage, “he stopped all communication and wilfully refused and/or neglected to pay legal fees regarding

the collection of delinquent accounts to Halsbury”.

Mr McCartney and his firm alleged that former Water & Sewerage general manager, Elwood Donaldson, agreed that fees were owed to them and would be paid in two installments.

One payment was made in February 2020, and another $20,000 that September, which the utility said represented settlement of all sums owed. Halsbury Chambers denied this, but its demand for the remaining $40,221 said to still be outstanding was not met.

The law firm initiated legal action. While Water & Sewerage has yet to file a defence, it moved to try and strike out the action and also asserted that Halsbury Chambers was not a partnership at the time the lawsuit was filed. It thus argued that Mr McCartney and his company “lacked the capacity to commence the action” and demanded that the matter be halted until this was addressed - something the Supreme Court deputy registrar agreed to.

Overturning that verdict, Justice Charles ruled: “It will be difficult to see how Water & Sewerage could escape liability having engaged Halsbury in the collection of monies from its delinquent customers.

Water & Sewerage was a party to the contract and intended to create legal relations with Halsbury....

“To my mind, the issue of whether or not Halsbury was a partnership at the material time is not relevant to the crux of the action since Water & Sewerage contracted with Halsbury...... Further, the deputy registrar should have entered final judgment for Halsbury in the sum claimed, or alternatively, directed Water & Sewerage to file its defence so that this matter may be proceeded with in a fair and efficient manner.

“In my opinion, the deputy registrar took irrelevant matters into consideration when she concentrated on the application

by Water & Sewerage for specific discovery of the partnership agreement instead of focusing on the failure of Water & Sewerage to file and serve its defence notwithstanding that the time for doing so had long expired.”

NOTICE

NOTICE is hereby given that MICHELDA LAGUERRE of Blackwood, North Eluehtera, Eleuthera, 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 21st 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 NAKIA GELIN of Pine Dale, Eight Mile Rock, Freeport, 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 14th 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 CARLOS MANUEL PERALTA VARGAS of Annes Terrace, Sunset Park, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 21st day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, March 21, 2022, PAGE 9

NOTICE

PUBLIC NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that TARESHA GELIN of Pine Dale, Eight Mile Rock, Freeport, 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 14th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The Public is hereby advised that I, GAZALLA LATOYA HIGGS of #44 Gladstone Terrace, Freeport, Grand Bahama, Bahamas, intend to change my name to GAZEL LATOYA HIGGS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, CODY NATHANIEL McCARDY of P.O.Box SB-50874, Misty Gardens, Marshall Road, New Providence, Bahamas, intend to change my name to CODY NATHANIEL McHARDY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

AYA CORPORATE MANAGEMENT SOLUTIONS INC In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, AYA CORPORATE MANAGEMENT SOLUTIONS INC is in dissolution as of March 16th, 2022.

International Liquidator Services Limited situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

MARKET REPORT www.bisxbahamas.com

FRIDAY, 18 MARCH 2022

BISX ALL SHARE INDEX:

NOTICE

STAGERWING LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 25th day of February, A.D., 2022.

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

Dated the 21st day of March, A.D., 2022.

Oliver Hemmer LIQUIDATOR Jedergass 132 9487 Gamprin-Bendern Liechtenstein

1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

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

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2249.99

-1.32

-0.06

21.75

0.98

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)

NOTICE IN THE ESTATE OF EDWARD E. WALPOLE III, late of 564 SW Thornhill Lane, Palm City, of the State of Florida one of the United States of America, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 19th day of April, A.D. 2022 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 21st day of March, A.D. 2022 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas

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 2.06 10.06 11.65 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 7.90 2.82 7.16 13.00 1.95 10.06 11.62 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

2,000 1,880

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 (0.09) 0.00 0.00 0.00 (0.11) 0.00 (0.03) 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 56.4 15.3 15.9 18.0 19.1 21.5 18.0 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% 22.26% 0.60% 2.82% 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

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

PAGE 12, Monday, March 21, 2022

A PERILOUS STATE OF AFFAIRS FROM PAGE TWO

US. To make progress we cannot afford to repeat the failings of the past.

We often look far afield for guidance. In this instance, I would

recommend a careful study of Jamaica and how, as a colleague puts it, “it is emerging from the economic doldrums”. The study, though, should be properly contextualised for differences between the

two countries. What lessons are there to be learned from what some may consider a lesser performing country.

Mainly that discipline and commitment to sensible reforms has the ability to fundamentally improve the

economic circumstances of the country. The fact is that the “emergence” that my colleague might be observing was realised because of what was “imposed” on the country through the vehicle of two successive IMF adjustment programmes.

The “emergence” is the result of a suite of reforms, fiscal and structural adjustments, that led to a “freeing up” of expenditure, mainly from the reduction in national debt levels and facilitating investment in the economy. The outcomes are the “green shoots” and “new growths” being seen today. I believe that the earlier this path is taken, the more effective it will be for The Bahamas.

Senator Michael Halkitis, minister for economic affairs, in a recent interview with Marla Dukharan, alluded to employing some approaches that we have seen in Jamaica, such has having a private sector advisory body. He was

“encouraged” to look at Jamaica’s Economic Growth Council and its efforts. While there is value for the engagement of private sector committees, the rubber will meet the road when the will to effect reforms become evident or otherwise. Here I use reforms very broadly to cover not only legislative and policy changes, but also behavioural changes necessary to facilitate and undergird effective governance.

We are at a critical point in the life of our nation.

The nation’s fiscal health is in a perilous state, and this Ukraine war will not make it any easier. The need for action is clear. I am convinced that we have the competency at the level of national governance to navigate this perilous course, but it will require taking tough decisions. Our collective progress rests on quality, productive and principled actions. The way

THE TRIBUNE forward will require real commitment. The success of The Bahamas from this point forward is going to be through the greatest suite of reforms that the country has ever seen. The level and quality of governance is the critical ‘x-factor’, the thing that will be the difference maker.

NB: Hubert Edwards is the principal of Next Level Solutions (NLS), a management consultancy firm. He can be reached at info@nlsolustionsbahamas.com. He specialises in governance, risk and compliance (GRC), accounting and finance. NLS provides services in the areas of enterprise risk management, internal audit and policy and procedures development, regulatory consulting, anti-money laundering, accounting and strategic planning. Hubert also chairs the Organisation for Responsible Governance’s (ORG) Economic Development Committee. This and other articles are available at www.nlsolutionsbahamas.com.

BAHAMAS’ $3BN IN RUSSIAN ASSETS ‘UNDER 1%’ OF SECTOR FROM PAGE ONE $420m in deposits and $2.5bn in custody or trust assets with ultimate beneficial owners from or connected to Russia.

“The greatest proportion of Russian exposure would be linked to the international sector. However, the Central Bank is currently canvassing domestic financial institutions - that is the commercial banks, money transmission business and electronic money service providers - to ascertain any level of exposure within those sectors.”

The Central Bank made clear that none of this near$3bn sum was necessarily connected to the 121 sanctioned Russian individuals and entities it named last week. The last survey of the financial sector’s total contribution to the Bahamian economy, released in 2021 but based on 2020 data, revealed that international banking industry assets in The Bahamas totalled $153.3bn.

That places the $2.92bn Russian exposure at just 1.9 percent of the Bahamian sector’s total business portfolio. And Russian presence in the domestic

banking industry, which had just under $11bn in assets, is likely to be negligible if non-existent.

Paul Moss, president of Dominion Financial Management, one of the few Bahamian-owned firms in the international sector, yesterday said: “I don’t think any Russian client will have an account with any domestic banks. I seriously doubt that you will find that. Knowing and seeing how they operate, I doubt they will have the patience to wait for bank accounts to be opened.

“Doing business with domestic banks, I don’t know how to describe it, but it’s counter-productive to doing business. I doubt people are going to want to do that, making an application to one of the banks.”

Mr Moss, though, said the Central Bank’s announcement on the relatively minimal Russian presence in The Bahamas - although $3bn will be a lot to some - came as no surprise to himself.

“I always said we should remain neutral in all of this, and not be part of the sanctions,” he added. “The Bahamas has to carve out its role in foreign affairs, and we serve a better role by being neutral . Switzerland used to play that role.

The Bahamas has to project itself as an independent, neutral country no matter what.”

The Attorney General’s Office, in a statement last week, listed 22 individuals - including Roman Abramovich, owner of the UK’s Chelsea football club - as well as 99 private and public Russian and Belarus entities now subject to sanctions.

It has instructed all regulators to “request their licensees and registrants to perform a search of their database and register of beneficial owners for any of the individuals or entities named”, with such findings to be referred to the Attorney General’s Office.

The Bahamas, as a major international financial centre (IFC), has come under growing pressure from the US, its major trading partner, to act in

imposing sanctions over the Ukraine invasion. The Davis administration had been hoping to act in concert with other CARICOM members, but has now moved on its own after a common position failed to develop yet.

The Ministry of Foreign Affairs, in a statement last week, said the matter was “an evolving story and remains under active review”. It added that discussions with other CARICOM members continued. And the financial services regulators - in a joint statement - said that given “due consideration to [the] interests of this jurisdiction and the financial services sector operating within it” they had to ban all dealings with those sanctioned by the US, UK, Canada and European Union (EU).

“The agencies comprising the group of financial services regulators (GFSR) hereby direct regulated entities that are licensed or authorised to operate from or within The Bahamas not to engage in transactions with sanctioned persons, entities or businesses linked to Russia and Belarus,” said the statement.

“Regulated entities should apply the highest level of risk management controls to deter the potential for any misuse of the Bahamian financial system in the current global environment and, indeed, every circumstance.” The statement was issued on behalf of the Central Bank, Securities Commission, Insurance Commission, Gaming Board and Compliance Commission.

The Central Bank, in a further statement, said this action was designed to “prohibit business activities with parties sanctioned by the US and other identified western countries in response to the war in Ukraine. The Attorney General has also published directions for the financial services regulators to report information from supervised financial institutions on any exposures to a list of parties named in sanctions”.