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MONDAY, MARCH 28, 2022

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Health Visa providers warned on testing end

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HEALTH Travel Visa providers have been informed that the scheme’s COVID testing component will soon end, it was confirmed yesterday, amid assertions they have been given two months’ warning by the Government, Well-placed Tribune Business contacts, speaking on condition of anonymity, said several providers had in early March been given 60 days’ notice that both testing and their role were due to end, placing the date by which this will take effect around May 9. However, others suggested the timing was not yet set with talks continuing over the issue amid concerns that COVID-19

• Talks over issue to continue this week • DPM: COVID ‘fourth wave’ still concern • Payment firm: ‘Always short-term project’ could yet resurface via a fourth wave.

“They received a letter for the end of the testing component of the travel visa in March,” one source told Tribune Business of the Health Travel Visa providers yesterday.

“However discussions have been ongoing and meetings are scheduled this week.”

Chester Cooper, deputy prime minister, and also

minister of tourism, investments and aviation, who has immediate oversight of the Health Travel Visa, referred this newspaper to Reginald Saunders, his ministry’s permanent secretary, when questioned about the letter yesterday.

In messaged replies, he added that the Health Travel Visa scheme was being reviewed monthly to determine if it is still needed amid ongoing

concerns about a potential fourth wave of COVID infections striking The Bahamas. “The principle is that we are on a month-to-month as we monitor the ongoing need for the programme, inclusive of the possibility of a fourth wave,” Mr Cooper said. “The position is that all providers are operating on a month-to-month basis.”

Mr Saunders could not be reached for comment yesterday, but one source said the notification went beyond just an end to COVID-19 testing. “Everybody received a 60-day notice,” they added.

“Nobody knows what’s happening after that.”

They added that the notice had been issued to the trio of Ports

SEE PAGE 11

Gas stations warn on staffing, volume cuts

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GAS station operators are warning they will now have to start slashing staff hours and the volume of fuel they purchase from wholesalers after per gallon prices breached the $6 mark.

Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vice-president, told Tribune Business that prices hit $6.16 per gallon at all Esso stations, while at Rubis it went even higher to $6.33. Shell is the only chain

where prices are below $6, presently standing at $5.50, but it is likely to breach the $6 mark when it exhausts its current inventory and has to bring in a new shipment.

“We have to now start cutting back on staff hours and cutting back on how much gasoline we purchase from the wholesalers. So, instead of letting people go we may have to stagger shifts, and instead of buying 10,000 gallons of gasoline, we may have to start buying 7,500 or 6,000 just to be able to have gasoline on hand for our customers,” Mr Bastian said.

SEE PAGE 12

Regulatory easing for BTC on double-digit mobile fall

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS are proposing to ease the Bahamas Telecommunications Company’s (BTC) regulatory burden after its mobile revenue share suffered annual double-digit declines in each of the five years after Aliv entered the market.

The Utilities Regulation and Competition Authority (URCA), in a mobile market assessment that argued competition has delivered better pricing and choice for Bahamians, disclosed that BTC’s topline market share declined by an annual average compound rate of 12.58 percent

over the period between 2016 and 2020.

Aliv ended BTC’s longstanding monopoly when it launched services in November 2016, and URCA’s just-released analysis disclosed that the incumbent’s market share based on mobile connections also dropped by an annual double-digit average of 10.45 percent.

And, with annual revenue per subscriber (ARPU) dropping by 28.29 percent in real terms between 2015 and 2020, the communications industry regulator said the effects from the competition posed by Aliv - with both operators enjoying similar market

SEE PAGE 8

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‘One hand tied behind its back’ • Dorian tax break cut-off concern

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ABACO businesses and residents are voicing concerns over the imminent deadline by which they must submit applications for the continuation of Hurricane Dorian-related tax relief.

Ken Hutton, Abaco’s Chamber of Commerce president, told Tribune Business that many had yet to hear from the Ministry of Finance on whether their submissions for ongoing VAT, Excise tax and import duty relief have been approved despite the looming cut-off.

And he disclosed that there were numerous unanswered queries that needed clarifying, such as the fate of businesses and homeowners that presently lack the financing to rebuild but will have the necessary funds in several months’ time. Besides the uncertainty over whether such

KEN HUTTON persons will still receive Dorian reconstruction tax breaks, Mr Hutton said there were also concerns on if approvals will be granted if valid building permits are not yet in hand.

Arguing that Abaco was still fighting to rebuild “with one hand tied behind its back”, the Abaco Chamber chief told this newspaper: “I understand that most of the businesses have put in their application to be covered

SEE PAGE 9

PAGE 2, Monday, March 28, 2022

THE TRIBUNE

BREAKING DOWN INFLATION AND THE POLICY RESPONSE

T

o kickstart this article, let us make clear that a small amount of inflation is a good thing. But too much or too little can sink or ruin an economy. Inflation, which is the movement of prices, is constantly under scrutiny by central banks around the world. It is something that governments want to keep steady.

Inflation is beneficial because it causes money to lose value over time, which encourages investments to retain that value.

If inflation was low or at zero, this suggests there is no economic growth and/ or a recovery that is very fragile. The policies that governments may have to employ to combat a low inflation environment may

be detrimental to an economy. On the other hand, if inflation becomes too high, the economy could sink into a deep recession and collapse in on itself. Therefore, keeping prices steady is important for governments to allow for business to flourish.

What is inflation?

Inflation is a term to describe the movement of

prices. It is essentially the rise in the general level of prices of goods and services in an economy over a period of time. That means that when general price levels increase, each unit of currency buys fewer goods and services.

To measure the increase in prices, economists rely on a Consumer Price Index (CPI). The CPI represents

changes in the prices of all goods and services purchased for consumption by households. There are also different types of inflation which are caused by a variety of movementa in the economy.

1. Cost Push Inflation: Costs to businesses rise and are then passed on to consumers. This could be because of higher prices for raw materials. Workers may also be asking for more money.

2. Demand Inflation: Increased demand for a certain service or product but the supply is unmatched.

This is usually a sign that consumers have more disposable income or consumers are experiencing tax breaks.

3.

Printing Money: Another type of inflation occurs when governments increase the number of bank notes in circulation.

However, this can backfire if the same notes are buying the same number of things, which means that prices will increase.

We didn’t see it coming Recently, inflation has been driven by supply chain disruptions and pent-up consumer demand for goods following the world economy’s postCOVID re-opening. The global pandemic slowed the consumption of goods due to lockdowns, airport closures and strict COVID-19 protocols for businesses. But the world is re-opening and, while many expect things to normalise, the economy will not see this affect any time soon.

The problem is that no one really expected inflation to come. The sudden rush in buying and spending meant that the demand for goods and services became high; therefore, prices continued to soar.

The sudden rise in inflation has also put a dent in living standards across the world with The Bahamas being no exception. This means that consumers and business owners everywhere are now facing higher prices for consumption/materials with fewer items in their cart.

Rising Inflation When inflation hits, financial regulators such as the Federal Reserve raise interest rates as a policy response. The idea behind this is that by raising interest rates, this lessens the desire of consumers to spend. Lower spending translates to lower demand, and this will eventually lower prices. In an economy where inflation exists, prices for consumables such as essential foods and services (groceries, medication, clothing) can skyrocket. The rising costs of items such as food and fuel will drive the CPI measure and further erode any wage gains workers may have seen in the past year.

Who does inflation impact?

During a period of inflation, financial regulators must be careful when using interest rates as a tool to combat inflation. If interest rates are too high, the market can respond by stopping spending. This stalled spending results in less money coming into the pockets of lenders, employees, producers, people on fixed incomes (pensioners) and consumers in general. For households that are poor or below the poverty line, inflation becomes a tremendous burden because they are largely “hand-to-mouth consumers” (Parrado, 2021).

On the other hand, inflation is considered a win for

SIMMS RODERICK A.

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

businesses/governments with high public sector debt, employers and landowners. For businesses with high debts, inflation can make it easier to repay debt by increasing prices to consumers and using the extra revenue to pay off debt. For governments, the real value of any debt can be lower. And for property or landowners, physical wealth tends to retain its value versus savings during a period of inflation.

Buying Power In The Bahamas and many other countries, wages simply cannot keep up with inflation. Slow wage growth can make dealing with rising prices very difficult since there is less value for money for every dollar spent. But the purchasing power of the US dollar has declined due to higher costs of living outside of the recent bout of inflation.

Therefore, any increases in wages or minimum wage may have little effect since the purchasing power is less when inflation rises.

Wages and Inflation Another aspect of rising wages is not directly related to inflation. Wages are based on the market price for services in a particular industry. This knowledge is usually known by industry stakeholders.

That is why people with low skills get paid less than people with better skills.

But inflation may impact the market price for certain skills that are needed in a market, especially if those skills are specialised.

As prices rise, consumers demand more compensation for the work they do.

If there are enough people demanding a higher wage, and employers cannot find people willing to work for lower wages, they will be forced to either increase compensation or reduce their workforce. In addition, a response such as higher wages is not always the first line of action if there is high unemployment. If there are plenty of people available for most jobs, then an employer does not need to raise what they are prepared to pay to encourage applicants.

How can governments mitigate?

The main way to do this is to try and keep prices steady. This can be done by increasing prices at a rate that is applied straight across the economy every two or three years. Therefore, all stakeholders are well informed ofwhat is expected. If inflation does occur, then it is easier to mitigate by decreasing the amount of money in the economy. The quickest way to do this is to raise interest rates. Increased interest rates encourage people to save money and discourage people from spending money.

Another way to ensure that prices remain steady, and fair, within an economy is through legislation.

In a free market economy, companies can form their own pricing and marketing strategies. However, some companies may

SEE PAGE 16

THE TRIBUNE

Monday, March 28, 2022, PAGE 3

FINCO CHIEF WARNS ON LOW GROWTH ‘CHALLENGE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FINCO’s chairman has warned shareholders it will “continue to be challenged” with low growth and credit losses despite a more than four-fold increase in net income to $39.235m for the 2021 financial year.

Chris Ronald, writing in the BISX-listed mortgage lender’s 2021 annual report, said “high levels” of nonperforming loans - which exceed the Bahamian commercial banking industry average - will act as a drag on its future performance in a “low growth” Bahamian economy still trying to rebound from COVID-19’s ravages.

“Non-performing mortgages of $94.1m (2019: $83.4m) as a percentage of the portfolio was 12.9 percent at the end of the fiscal year,” he said of a 12-month period that closed at endOctober 2021. “This result is compared to 10.9 percent at the end of financial year 2020, and compared to the industry at 11.1 percent as of October 2021.

“Operating in a low growth economy overcoming the major financial

impacts of COVID-19, RBC FINCO will continue to be challenged with mortgage growth and credit losses resulting from higher levels of non-performing mortgages.” Mr Ronald’s downbeat outlook came as the mortgage lender, which remains 75 percent majority-owned by Royal Bank of Canada (RBC), generated its highest profits in five years.

This, though, was largely driven by the one-off write back or recovery of COVID-related loan loss provisions as borrowers who had been furloughed were recalled to work and able to resume their loan repayments. FINCO was able to record a $15.453m write back of such provisions, which helped propel it to a $39.235m bottom line as opposed to 2020’s $9.202m - a 326.4 percent year-over-year increase.

Some $16.249m worth of provisions were taken in the latter year at COVID’s peak, and Mr Ronald conceded: “This significant increase is attributed primarily to the release and reversals of loan provisions charged in financial year 2020 in response to the economic shock of the

COVID-19 pandemic and Hurricane Dorian.

“Other operating costs remained relatively flat year-over-year with a 1.5 percent reduction. Our core earnings underperformed and were under pressure due to low growth and lower interest rates in a competitive market..... Notwithstanding the growth and non-performing loans challenges, the bank continues to maintain a strong capital position well above regulatory guidelines and adequate provisions for non-performing loans. We remain profitable, and there are no liquidity issues.”

As a result, Mr Ronald said FINCO had elected to maintain dividend payments to shareholders with some $0.34 (34 cents) per share returned to investors during the 12 months to end-October 2021. A further $0.07 was paid out to investors on February 17. Based on the cumulative $0.41 per share, RBC received a total $8.2m in dividend payments on its 2m shares, with the 25 percent Bahamian minority earning a collective $2.733m on their 6.667m shares.

Despite the positive near-$32m year-over-year

URCA: What’s App won’t fully replace mobile calling

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WHAT’S APP and other over-the-top (OTT) applications are “unlikely” to fully replace traditional mobile phone calls and text messages despite their 97 percent penetration of the Bahamian subscriber base, regulators believe.

The Utilities Regulation and Competition Authority (URCA), unveiling its latest assessment of the cellular market, argued that the need for mobile data and/or Internet connectivity meant that the likes of What’s App, Skype and Viber are not direct replacements for regular mobile calls. And, to communicate, both the receiver and the caller must have the same apps downloaded on their phone.

The study, unveiled just after the Bahamas Telecommunications Company (BTC) demanded that industry regulators tax “disruptive” providers of over-the-top (OTT) services to counter their “onslaught” on local carriers, nevertheless conceded the ever-increasing role that such apps and providers are playing in modern communications.

Referring to the findings from a survey of more than 1,000 Bahamian consumers, URCA said: “Current OTT service penetration in The Bahamas is very high, with

only 3 percent of respondents stating that they do not use any OTT service.

Ninety-three percent of them said they use What’s App to make calls or send messages.

“Seventy-seven percent of them download other OTT apps (Skype, Facebook, iMessage and Viber) so that they can easily communicate with

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anyone they wish across multiple platforms and devices..... Amongst the survey respondents, 66 percent of them revealed that they mainly use OTT apps for voice calls to other OTT users.”

BTC had previously urged URCA to tax OTT providers

SEE PAGE 16

provisioning reversal, other aspects of FINCO’s performance continued to be challenged. Net interest income fell by 4.6 percent year-over-year, from $37.67m in 2020 to $35.93m, while non-interest income was down 7.2 percent at $1.825m. Total income was off by 4.7 percent at $37.755m compared to $39.636m in 2020, a difference of close to $2m from that pandemicstricken year.

“Lower loan volumes, along with lower yields on mortgages, continue to affect the bank’s core revenue. Net interest income has been challenged in a competitive market, and new credit origination continued to be sluggish throughout fiscal year 2021,” FINCO conceded of its top-line results.

“Non-interest income is lower than the previous year by 7.2 percent given lower service-based fees derived from lower levels of customer deposits.

“Loans and advances to customers closed at $639.1m, a decrease of 2.6 percent from $656.1m in 2020. This decrease is associated with the credit origination challenges

given the current economic environment and certain non-performing loans which were written off during the year.”

FINCO added that the total allowance for loan losses had dropped to 12.2 percent of its loan portfolio, as opposed to 13.9 percent

for the prior year, while that for non-performing loans in so-called ‘stage 3’, representing the worstperforming credit, had also fallen to 54.3 percent of the total compared to 59.9 percent for the prior year.

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PAGE 4, Monday, March 28, 2022

THE TRIBUNE

CLIMATE CHANGE RISKS KEY BOARD DISCUSSION C

ontinued attention is being paid to climate change. In 2020, billionaires such as Jeff Bezos announced the establishment of a $10m fund to combat climate change. Most recently, in this 2022 first quarter, the United Kingdom - via its

Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022 and Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 - now requires corporate entities to disclose climate-related financial

information, ensuring they consider the risks and opportunities they face as a result of such changes.

Additionally, in the US, the Climate Risk Disclosure Act 2021 was introduced to require similar transparency for public companies.

This article focuses on climate change as a business risk instead of just approaching it from a natural resource perspective. It is generally accepted that climate change creates two primary financial risks: The physical impacts of the changing climate, and risks in the transition to a net-zero emission economy.

Transitional risks include policy and the legal environments, technology, markets and reputations. The Board’s responsibility regarding climate-related risk, and the implementation of climate risk assessments within a financial institution’s enterprise risk environment, will now be addressed.

Boards need to talk about environmental risks Climate change poses financial risks to institutions. First, the board of

By

Derek

Smith directors should be able to assess these risks within the firm’s overall business strategy and risk appetite.

Second, to assist with illustrating the importance of climate change impacts for businesses, this author interviewed Trevor Johnson, a Bahamian PhD student at North Dakota State University, whose area of research interests includes capacity building in disaster management while considering individual and household preparedness, and holistic recovery.

Mr Johnson explained: “Climate change impacts every socioeconomic sector, especially in a small island developing nation like The Bahamas, where statistics

illustrate how interwoven various sectors of our economy are with tourism.

The conversation and risk involved with climate change must be discussed.”

Third, Boards can use the emergence and importance of climate-related risk to reconsider their approach to assessing readiness and capacity, assessing materiality, strategic considerations, the introduction of new agenda items and, ultimately, deciding on what should be disclosed.

Climate risk assessments The US Securities and Exchange Commission (SEC) chair, Gary Gensler in his March 21, 2022, statement said: “Investors representing literally tens of trillions of dollars support climate-related disclosures because they recognise that climate risks can pose significant financial risks to companies, and investors need reliable information about climate risks to make informed investment decisions.” Simply put, investors appreciate the impact of climate-related risk. Therefore, if climate-related risks are not being addressed through a financial institution’s annual risk assessment (ARA) exercise, their ARA may be deficient. Boards and executive management must also appreciate that a robust and adaptive

risk assessment can equally identify opportunities as much as help prepare for risks. These opportunities can lead to a potentially positive financial impact on an institution.

Conclusion In short, in the face of dynamic and inter-connected climate risks and opportunities, Boards must have the right conversations surrounding climate-related risks based on their institution’s nuances. It is essential to assess the inter-connectivity of climate-related risks and opportunities that impact on business operations.

NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

THE TRIBUNE

Geo-monopoly

By Chris Illing

P

rices plummeted around the world after Russian troops invaded Ukraine. But no stock exchange has been hit as hard as the Moscow Stock Exchange. Not only did the ruble plummet, shares in Russian corporations such as Gazprom also reacted to the harsh sanctions imposed by the West.

Many companies have put their business in Russia on hold or have withdrawn completely. The consequences can also be seen in the development of the ruble. Since the start of the Ukraine war, the Russian currency has plummeted, depreciating around 30 percent against the dollar and euro.

After the opening of the stock market in Moscow for local investors last week, Russian stocks rose on Thursday. To limit a sell-off after invading Ukraine, Moscow shut down the country’s main stock exchange for almost a month. Trading had previously halted when Russia’s main stock index plummeted shortly after Russia’s February 24 attack on Ukraine.

The leading Russian index, Moex, gained 11 percent by 10.15 am CET. The Moscow Stock Exchange resumed trading in 33 Russian stocks, including some of the largest companies, for a shortened four-hour trading session Oil giant Lukoil (LKOH) and gas behemoth Gazprom (GAZP) were among the biggest climbers, while Aeroflot (AFLT) fell.

Other oil companies also outperformed.

Now Vladimir Putin is trying to stabilise the Russian Ruble. “Unfriendly states” are to pay for gas supplies in rubles in the future, according to an announcement by the Russian president. Mr Putin said last Wednesday he had instructed his government to stop accepting payments in dollars or euros. A payment for Russian goods in foreign currency has “lost

its meaning”. Deliveries would continue to be made in full, the Kremlin chief assured during a video conference broadcast on state television.

European gas prices reacted to the announcement with a significant increase of around 20 percent to 119 euros per megawatt (MW) hour.

At the beginning of the month it even exceeded 200 euros. The Russian action is directed against 48 states, including all EU countries, but also the US, Canada and Great Britain.

The announcement caused the Russian currency to appreciate. Its rate rose from around 106 rubles per dollar to less than 96 rubles. After the attack on Ukraine, it initially depreciated from an average rate of around 74 rubles to 130 rubles but has recently strengthened significantly again.

This forces foreign gas buyers to buy rubles on the foreign exchange market.

To what extent the liquidity on the ruble market is sufficient is difficult to say.

The market should not be particularly liquid because all Western countries are effectively left out. However, the Russian central bank could theoretically print unlimited rubles and sell them to the buyer countries in exchange for foreign currency, although the exchange rate is questionable. In the end, the foreign exchange would end up with the Russian central bank. The strange thing is that they are sanctioned and the bank’s reserves in the West are frozen. Now Putin is forcing the West to circumvent its sanctions themselves. The main idea is probably to create international demand for rubles.

In any case, this will influence the foreign exchange market, because then there will be more buyers and this supports the Russian currency. In principle, Russia is striving to curtail the dollar’s leading role in commodity trading.

For gas supplies, there are long-term contracts

MINISTER HEADS DELEGATION TO AGRICULTURE CONFERENCE A CABINET minister is heading a five-strong Bahamian delegation to a regional conference where food security is likely to figure high on the agenda.

Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, and officials will attend the United Nations Food and Agriculture (FAO) 37th regional conference of Latin America and the Caribbean in Ecuador.

“During the first twoday sessions, we will have representatives from the ministry speak to global technical experts on strategies and practices that can be adopted in The Bahamas to benefit the agriculture and marine sectors, and another two days where regional ministers will share successful country experiences that will benefit the region,” Mr Sweeting said.

“At the end of the week, I will have a closed bilateral

meeting with the directorgeneral, Qu Dongyu, to discuss different areas of agriculture and marine resources. I expect the main topics to be about climate resilient and sustainable agrifood systems, and how we can come together as a sector to meet the demand for food security.

“FAO and supporting partners are working towards transforming the food system to strengthen local food production through improved value chains to reduce food imports, I am confident that during this week we are going to be discussing how we can achieve this.”

Mr Sweeting added: “We’ve had discussions with the FAO on how we can grow the agricultural sector. They’ve also assisted with hurricane victims in Grand Bahama and Abaco. In the marine

SEE PAGE 10

that are denominated in dollars, an industry expert says.

The “unfriendly states” could not simply accept the announcement, which is a clear breach of contract. The scenario of a complete gas embargo has now become more likely. Many European countries are considering this scenario but are reluctant to follow through for economic reasons. But, increasingly, experts are warning that a waiver of Russian oil supplies is possible because there are significant capacity reserves outside ] Russia. The increase in this alternative supply, and the decrease in demand, would curb a price increase caused by an embargo.

The geo-political monopoly continues, and you must be clear about this: Putin’s regime is a threat to everyone. If it is not defeated or weakened in this warm, and is no longer capable of further aggression, it will not stop in Ukraine. Ukrainians are also fighting for our freedom.

Monday, March 28, 2022, PAGE 5

PAGE 6, Monday, March 28, 2022

THE TRIBUNE

FINANCIAL EDUCATION DRIVER WINS ENTREPRENEUR AWARD THE Financial Academy’s founder has been named as the Deltec Young Entrepreneurs Award 2022 winner.

The Deltec Initiatives Foundation confirmed that Lakeisha A. Rolle took the honour after impressing judges of the Deltec Initiatives for Young Entrepreneurs (DIYE) with a business vision that is built around social responsibility.

She established The Financial Academy in 2019 to foster financial education

in The Bahamas, so that young Bahamians can learn how to properly manage their future. The business offers a series of products and services to support this mission, and is a registered programme with The National Accreditation and Equivalency Council of the Bahamas (NAECOB).

The Academy offers: * Personalised saving kits and savings jars, Financial Wisdom colouring books with parent lesson guides,

webinars and workshops for children aged 8 to 12 * Personal finance starter kits, financial tips and tricks guides and cash organisers, webinars and workshops for teens (ages 13 – 17) * Personal financial management guides, simple saving strategies guides and aggressive saving strategies guides, financial consultations, webinars and workshops. These are targeted at young adults aged 18 to 30.

All competing entrepreneurs were judged based on ten categories: Innovation and technology, branding and communication, business growth and sustainability, human capital and productivity, social responsibility and ethics, service excellence and entrepreneurial journey.

On February 25, 2022, six finalists attended the Deltec Young Entrepreneurs Award competition. Besides Ms Rolle, they included Bernique J. Pople of Taste Da Flava homemade ice cream; Evita A. Carey of Lioness Sushi On The Go; Kemron Lamm of Off The Grid Light & Solar Services; Arnese Bain-Roxbury of Gourmet Seafood House; and Rayeisa Basden of Body Bahama.

They presented their businesses to Jean Chalopin, Deltec’s chairman; Anthony Ferguson, president and founder, CFAL;

Rhonda McDeiganEldridge, founder and impactioneer of Harness All Possibilities; Margaret Rosenfeld, chief strategy and legal officer of Deltec International Group; and Jean-Louis van Der Velde, chief executive of Bitfinex.

Each finalist delivered a five-minute business pitch during which they presented their personal/entrepreneurial background, business model, areas of differentiation, and goals, next steps and needs. Each pitch was followed by a ten-minute question and answer period so that the judges could gain greater insight into the entrepreneurs, their businesses and their goals.

Ms Rolle said she was “delighted and honoured” to receive the Deltec Young Entrepreneurs Award and be recognised as an “outstanding Bahamian entrepreneur that goes above and beyond

to achieve higher levels of success”.

Besides a $10,000 grant for The Financial Academy, she received an offer for continuous support and mentorship from two of the judges. “As the CEO and founder of The Financial Academy, I am excited to embark on this new journey as an ambassador for the DIYE programme and I look forward to working with the team as we continue to expand business operations, raise a generation of financially literate citizens and encourage persons to make choices that add value to their financial futures,” Ms Rolle added.

Led and operated by volunteers among Deltec’s staff, the Deltec Initiative for Young Entrepreneurs worked with Bahamian emerging businesses to support them with the development of their ideas and enterprises.

PICTURED are members of the DIYE team. They are chairman, Robert Turnquest, and team member, Shanecia Rolle, and the 2022 Deltec Young Entrepreneur Award recipient, Lakeisha A. Rolle, (centre), founder of The Financial Academy.

THE TRIBUNE

Monday, March 28, 2022, PAGE 7

COMPLIANCE OFFICERS MEET MINISTER ON SELF-REGULATION

THE Bahamas Association of Compliance Officers (BACO) executive committee, led by Maria Dorsett, its president, met with Senator Michael Halkitis, minister of economic affairs, earlier this month to discuss the profession’s path to self-regulation. Pictured L to R are: Enric Deleveaux, BACO executive vice-president; Deborah Watson, director of financial services; Cora Colebrooke, permanent secretary in the Ministry of Economic Affairs; Wayde Watson, parliamentary secretary in the Ministry of Economic Affairs; Senator Michael Halkitis; Maria Dorsett, BACO president; Fareda Sands, BACO education chair; Shelly Cooke-Seymour, BACO secretary; Nicolette Duncanson, BACO treasurer (acting); and Derek Smith Jr, BACO Public Relations chair.

NOTICE

The Quieting Petition of John Williams 2019/CLE/qui/01268 The Petition of John Williams in respect of ALL THAT piece of land being 0.65 of an acre situate immediately southeast of Cox Way in the Western District of New Providence which piece of land has 32,528.4 sq. ft. and is bounded Northeast jointly by land the property of Isaac Watkins and land of the Petitioner running thereon 813 Southeast by land believe to be owned by the estate of Stanley Bethel, Sr. running thereon 40 ft. on the Southwest by land of the Petitioner and running 813 ft. on the Northwest by Cox Way and running 40 ft. which piece of land is described on the amended plan to be filed in this action and is thereon coloured Pink.

The Petitioner, John Williams, claims to the legal and beneficial owner in fee simple in possession of ALL THAT piece of land hereinbefore described and the Petitioner has made application to the Supreme Court of The Bahamas under Section 3 of the Quieting Titles Act, 1959, to have his title to the said land investigated.

Copies of the filed plan may be inspected during normal working hours at:a) The Registry of the Supreme Court, British American Building, Marlborough and George Streets, Nassau, N. P., Bahamas; or b) The Chambers of Martin, Martin and Co, Vet CF Place 8th. East, Nassau, N. P. NOTICE IS HEREBY GIVEN that any person having dower or right to dower or any adverse claim or claim not recognised in the Petition shall on or before the 20th. day of March, 2022, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before the 20th. day of March, A. D. 2022, will operate as a bar to such claim.

Dated the 22nd day of March, A. D. 2021 Martin Martin and Co. Attorneys for the Petitioners

PAGE 8, Monday, March 28, 2022

THE TRIBUNE

REGULATORY EASING FOR BTC ON DOUBLE-DIGIT MOBILE FALL FROM PAGE ONE

shares - meant BTC no longer needs to be treated as having significant market

power (SMP) in mobile services.

As a result, URCA plans to relax reporting, accounting and price regulation requirements that were

imposed on BTC during and immediately after the end of its mobile monopoly. Justifying its decision, URCA said: “Aliv has captured a considerable share

of the market in terms of mobile connections and retail mobile revenue.

“Indeed, between 2016 and 2020, BTC’s shares by mobile connections

and retail mobile revenue decreased at an average annual compound rate of 10.45 percent and 12.58 percent, respectively....

This suggests there has been a consistent and considerable erosion in BTC’s market power in the retail mobile market.

“Based on market share figures alone, the market is almost evenly split between the two existing mobile network operators (MNOs). In URCA’s view, this does not warrant a finding of single dominance in the examined market.... Indeed, based upon the available evidence there has been a 28.29 percent drop in total monthly ARPU for mobile services between 2015 and 2020.”

ARPU, which measures per subscriber yields, is a key benchmark of communications industry performance as it indicates whether operators have been able to extract more pricing power with their services. URCA said that, while BTC’s ARPU has been declining ever since it entered the market, Aliv’s has been increasing with both converging towards a similar level or market average.

“It is worth noting that a 20 percent decline occurred around the time of Aliv’s entry in 2016. This suggests to URCA that the sheer threat of entry from a second MNO might have resulted in the incumbent reducing prices during the years leading up to the market entry,” URCA said of the drop-off in ARPU. “Meanwhile, total monthly ARPU continued to fall until 2019, but then increased by 9 percent in 2020 (which could be a link to the COVID-19 pandemic increasing the demand for voice and data communications services).... URCA attributes the declining monthly ARPU trends to competitive dynamics in the retail mobile market.

“This view is supported by the fact that mobile usage in terms of average call minutes and mobile data usage has not declined, but increased during that period. With call and data usage increasing during the period, arguably the declining monthly ARPU trends are underestimating the extent of the drop in effective unit prices to endusers,” the regulator added.

“Crucially, price competition has generated benefits for consumers in terms of increased take-up/usage and growth of traditional mobile telephony and data, and is supported by survey evidence. For example, the respondents to the URCAPD (Public Domain) survey said Aliv’s entry has resulted in lower pricing and greater data allowance (45 percent/43 percent) as well as greater call SMS allowance (23 percent).”

URCA, pointing to a further indicator of how Aliv has eroded BTC’s customer base, said: “While Aliv has been able to attract new customers, it has also gained subscribers at the expense of BTC. This is reflected in data on ported mobile numbers, which shows that the volume of mobile numbers ported from BTC to Aliv represented 78.65 percent (or 76,661) of total successful ports (97,469) between 2017 and 2020....

“According to available information, Aliv has not earned a positive return since entering the market in 2016, despite capturing mobile connections and retail mobile revenue.

In its submission in relation to profitability, Aliv reported negative EBITDA (earnings before interest, taxation, depreciation and amortisation) from 2016 to 2019 and projected a positive EBITDA for 2020.

“Based on BTC’s regulated accounts, BTC has managed to sustain a level of profitability on its retail mobile activities beyond its regulated cost of capital (11.71 percent) even though profits have fallen between 2016 and 2020.

This does not necessarily imply that BTC holds a dominant position in the market, especially on a forward-looking basis as its profitability has fallen significantly in recent years, in line with its market shares.

“This, in line with Aliv’s profitability trends, would suggest that overall the market is trending towards profitability levels more common in competitive markets. Clearly, the assessment of profitability criterion is not suggestive of single firm dominance on the part of either BTC or Aliv.”

NOTICE

NIRVANA PARK LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) NIRVANA PARK LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st February, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 28th day of March A.D. 2022 _______________________________ Octagon Management Limited Liquidator

THE TRIBUNE

‘ONE HAND TIED BEHIND ITS BACK’ FROM PAGE ONE

2022, included a clause that was little-noticed at the time with most persons just grateful for the extra time. “A person desirous of importing goods into a SERZ.... must make application to the minister of finance to do so within 90 days of the commencement of this Order, and any approval granted shall be valid until December 1, 2022,” the Order said.

The tax breaks/concessions that must be applied for are those that fall under the VAT, Excise, Tariff and Customs Management Act, and cover construction materials, household furniture and appliances, electrical and plumbing supplies. While it would seem that businesses and residents on Abaco and Grand Bahama will still be able to access these incentives after month’s end, even if the approvals come back later, Mr Hutton said other question still linger.

Given that the SERZ Order was signed on January 5, 2022, it appears likely that the deadline will be April 5, 2022, rather than end-March. Still, Mr Hutton added of the cutoff: “The issues we have with that are: Let’s say you aren’t ready, don’t have the money right now, but know that it is coming in a couple of months. You can’t apply now, you can’t apply for March 31, and are past deadline.

“And what happens if the permits are not ready yet? Can you apply and get it? What if you are not living in Abaco presently?

Can you apply? The SERZ also expires on December 1, not December 31.” Mr Hutton said applicants have to explain precisely what it is they are constructing, adding that some suspected the March 31 deadline may have been chosen as part of efforts to ensure second homeowners are up-to-date

on their real property tax payments.

Simon Wilson, the Ministry of Finance’s financial secretary, could not be reached for comment yesterday. Meanwhile, Mr Hutton argued: “I’m not sure what the reason is to apply for something people already have. I don’t know of anyone who has been rejected yet.

“In the Prime Minister’s own words, up here opening the bridge the other week, he said Abaco has always punched above its weight economically speaking. Right now, it has one hand tied behind its back. If the Government lets us be, and lets us get on with it, Abaco can come back much faster and be in a much stronger position.”

With soaring inflation and construction materials costs, the Dorian-related tax breaks are widely viewed as critical to speeding up and assisting recovery following the devastating Category Five storm. However, the Government’s decision to reinstate the 10 percent levy on construction services in the hurricane-hit areas has already provoked an outcry when it occurred on New Year’s Day. The Ministry of Finance, in its response, indicated its concern that the Government was giving away too much in tax breaks to wealthy second homeowners who could afford to rebuild without such assistance. “It should be noted that the vast majority of persons in the impacted areas, in repairing their property, will purchase materials and employ labour to effect the repairs,” the Ministry of Finance said.

“With the extension of the SERZ Order, those persons will not be affected because building materials will remain tax free and VAT is not charged on labour in these circumstances. The removal of the

NOTICE IN THE ESTATE of FRANK PRESTON REID late of 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 demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 18th day of April A.D., 2022, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

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 Attorneys for the Personal Representatives

zero-rating on construction services is expected to impact a minority of cases, mostly high-end properties.

“The Ministry of Finance will continue to process

applications for relief under the SERZ on a case-bycase basis and consider any application for special consideration on its merits.”

Monday, March 28, 2022, PAGE 9

Mr Hutton, in response, said: “That’s one way to look at it, but those rich second homeowners look at those properties to bring in tourists and provide jobs.

It’s not a one-way street.

They are tourist properties that generate revenue for the Treasury. It’s just something else to think about.”

PAGE 10, Monday, March 28, 2022

THE TRIBUNE

MINISTER HEADS DELEGATION TO AGRICULTURE CONFERENCE FROM PAGE FIVE sector, they’ve held workshops for fish pots to assist fishermen with getting back on their feet again.

“They’ve also provided training with apparatus and how they can – as fishermen - use their own products.

They are putting together a plan so that we can find ways to feed ourselves not

just by modernising but by also working with farmers through an agribusiness incubator to enhance their business skills and increase market linkages through the National School Feeding Project.”

Mr Sweeting said The Bahamas is working to produce a country strategic framework for food

production from 2022-2026 that is linked to the Government’s priorities. “The agenda would be to transform the food sector to being sustainable and resilient to climate and economic shocks. We look forward to working with them, and they are working along with other countries because that’s how we can

beat this food insecurity that we all are facing,” he added.

“We are looking to enhance government’s current assistance to farmers.

We also understand that there are farmers that are producing an excessive amount of produce. So, to create added value, we have created some production and food kitchens across

the Family Islands to ensure that produce that might have been wasted in previous years will now have added value in jams and jellies, or whatever they feel can create a new part of the industry.

“There is a lot of potential in the Ministry, and a lot of untapped value, and we are hoping that the ministry can

facilitate and be the driver of this. The wholesalers are looking for people that are innovative and are able to transform the industry in various ways. I have spoken to many wholesalers, and they are ready to support.

We just have to – as Bahamians, farmers and other persons in the sector - capitalise on all that’s out there.”

THE TRIBUNE

Monday, March 28, 2022, PAGE 11

HEALTH VISA PROVIDERS WARNED ON TESTING END FROM PAGE ONE

International, Alpha Tango Media and Think Simple.

The former supplies the rapid antigen test kits employed for the Health Travel Visa, with Alpha Tango’s job being to facilitate distribution of these kits to the 150 laboratories conducting the testing nationwide. Think Simple is the software programmer for the scheme’s online portal.

“I don’t know if they wish to put their people there,” the source said of the Government. “I don’t get why they are doing this. Don’t just constantly tweak it to fulfill a political agenda. Are they going to shut it down or give it to someone else?

They will probably say they are bringing it in-house.

“The only thing that worries me is if they get rid of the programmer. Software is quite complex, and somebody has to navigate through that. You have 1m records in that thing, passport information, and so far they’ve succeeded in keeping the hackers at bay.”

The Auditor General’s Office, in its recent report on the Health Travel Visa, voiced concern that the source code listings remained Think Simple’s property. It warned that this exposed the Ministry of Tourism to “significant risks” if the programmer ceased to exist, was sold to another firm, or a dispute erupted that was resolved in Think Simple’s favour,

as changes to the online application would be nearimpossible without the source codes.

However, the source argued that the Government owns both the software and the Health Travel Visa program. They added that eliminating the Health Travel Visa online platform would result in the Ministry of Tourism again having to rely on the manual Immigration cards to determine visitors’ preferences and experiences, adding: “The information is priceless.”

Nicholas Rees, Kanoo’s chairman, told Tribune Business that the digital payments provider has received no notification from the Government and continues operating month-to-month as the link between the Health Travel Visa portal and the Ministry of Tourism’s bank account.

“I can’t confirm that but I have heard of that also,” he said of the letter sent to other scheme providers. “I haven’t received any notice like that; not yet. I heard that they may be getting removed, cancelled or

changed, but if you look globally how long is this programme going to be permitted in any event?

“It was always a shortterm project. Aruba is eliminating everything altogether. It will be interesting to see how long it lasts. I always expected it to go for a year.” The Minnis administration had budgeted for the Health Travel Visa to be phased-out in the 2022-2023 fiscal year, with fee income dropping from $40m in 2021-2022 to $22.32m and zero after that.

Much may depend on when/if the US relaxes its own entry requirements, which mandate that returning citizens and travellers produce a negative COVID test taken within 24 hours of their flight departing.

That will likely prompt The Bahamas to relax its own COVID testing requirements.

However, one COVID testing provider, speaking on condition of anonymity, voiced fears that the lack of information could leave themselves and others financially exposed having pre-ordered, and paid for,

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

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COVID test kits that may now not be needed.

“A lot of us have invested a hell of a lot in rapid antigen testing,” they said. “If they are going to throw in the towel on it, it will be without common courtesy.

What I don’t understand is that all of us should have received notification. What about the testers? Aren’t we entitled to prior knowledge as well? What about those of us doing large volumes of tests? We’ve pre-paid for large volumes of tests.”

The Health Travel Visa had become unpopular with many Bahamians, who viewed the associated fees

as akin to being taxed to return to their homeland, prior to the Government lifting that burden on locals in December 2021. It has also been viewed as a deterrent to travel to The Bahamas, both because of the extra bureaucracy and costs - especially for a family - despite the approval turnaround time having narrowed considerably.

Mr Cooper also recently confirmed that the Government plans to end the Health Travel Visa, although he did not say when. “We are hopeful that we have seen the end of COVID,” Mr Cooper said

last week. “We are monitoring it in collaboration with the Ministry of Health, and when we make a determination that we no longer need the Health Travel Visa, it will go away.

“So I foreshadow this is a transition period, and during the transition period, if the determination is made that we are comfortable with the state of COVID in the world, then it will be eliminated. It is not here to stay indefinitely, but I cannot give you a specific date at this time as to when it will be eliminated.”

PAGE 12, Monday, March 28, 2022

THE TRIBUNE

GAS STATIONS WARN ON STAFFING, VOLUME CUTS FROM PAGE ONE

MARKET REPORT www.bisxbahamas.com

FRIDAY, 25 MARCH 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.50 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 9.00 13.10 3.50 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%

2229.09

15.79

0.71

0.85

0.04

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 9.25 3.30 7.90 2.54 7.16 13.00 2.04 10.10 11.79 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 9.25 3.30 7.90 2.66 7.16 13.00 2.08 10.10 11.87 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 115

10,100

200

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 0.12 0.00 0.00 0.04 0.00 0.08 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 25.1 -7.5 56.4 14.5 15.9 18.0 20.4 21.6 18.4 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% 2.81% 0.00% 0.00% 4.51% 3.07% 5.54% 20.87% 0.59% 2.76% 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

The spike in gasoline prices was foreshadowed by Mr Bastian several weeks ago when he revealed that exceeding $6 per gallon would cause problems for petroleum dealers. He added that prices are heading towards $8 per gallon by this summer, and maybe even $10 by July if the war between Russia and the Ukraine continues to rage for an extended period of time.

“If you look at how much it has increased this last time, by over 42 cents, if it continues on this trend we are looking at a 50 cent increase to a $1 increase every month or so, and we have to be on top of this stuff,” Mr Bastian explained.

“Whenever you have a price increase, the quantity demanded decreases, but there still is the demand so it would affect the quantity demanded by the retailers.

Us retailers have to adjust our bootstraps and, rather than ordering a 10,000 gallon tanker, we would have to order 7,500 or we might have to order a 6,000 gallon tanker.

“We would have to adjust our ordering quantity to try to offset the price. I would encourage motorists that now is the time to fill up and put in your new gas treatment and all the other stuff.” Increasing gas prices strains cash flow for station operators as they have to spend more to purchase fuel from their wholesale supplier, forcing them to tap into available credit lines and repay them when the inventory is sold, only to repeat the cycle all over again.

The Government, which is among the few who benefit from rising gas prices because VAT and its taxes are based on a percentage, has rejected calls to cap its tax take - presently around $1.54 per gallon - as a way to offset rising prices in the short-term and provide some relief for hard-pressed businesses and consumers still struggling to recover

from COVID-19 and soaring inflation.

Wesley Ferguson, the Bahamas Taxi Cab Union’s (BTCU) president, said in response to $6 per gallon: “The minister [of transport and housing] is open for discussions with us on a fare rise, so we will need a meeting with her as soon as we can to best address these gasoline price rises. We have to tread lightly because we still don’t know how this thing is going to go. We don’t want to jump the gun.”

Given oil market volatility, Mr Ferguson said that to ask for a fare rise, then come back to the Government and ask for another because gasoline went up more than projected, “would not be prudent”. He added: “A lot of people would get anxious and go and ask for a $2 raise because of the $6 price of gas now, but what if it goes to $10 by the summer?

Then we would have to come right back and ask for another fare raise. We have to just be prudent now and watch to see how this thing plays out.”

Granville Collie, managing director of MUTRU, the delivery provider, said: “This gas price rise is a serious thing. We had recently raised our price for delivery fee, but that was based on inflation and everything else. That was before the gas prices started to shoot up.

“I see the Government is also working on that minimum wage increase, but we’re going to try to hold off on any additional increase at this time.

Depending on how things go I definitely could see us increasing our rates before the end of the year if nothing changes.”

MUTRU is trying to “absorb” any inflationary increases because it does not want to put customers off from using its service.

“We want to add more customers and balance out the burden between multiple orders,” Mr Collie said.

PAGE 14, Monday, March 28, 2022

NOTICE

NOTICE

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.

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 is hereby given that MONELLE DAVILMAR of #180 Pioneers Way , Nassau, 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 28rd day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 60° F/16° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Mostly sunny and nice

Mainly clear

Partly sunny and nice

Windy with partial sunshine

Windy with times of sun and clouds

Breezy in the a.m.; sunlit, humid

High: 80°

Low: 68°

High: 80° Low: 71°

High: 81° Low: 72°

High: 83° Low: 74°

High: 85° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

69° F

86°-70° F

83°-70° F

86°-76° F

93°-77° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

E

W

ABACO

S

N

High: 78° F/26° C Low: 69° F/21° C

4-8 knots

S

High: 82° F/28° C Low: 62° F/17° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 65° F/18° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TUESDAY

N

N

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TONIGHT

High: 82° F/28° C Low: 63° F/17° C

High: 79° F/26° C Low: 69° F/21° C

MIAMI

High: 82° F/28° C Low: 65° F/18° C

6-12 knots

KEY WEST

High: 79° F/26° C Low: 72° F/22° C

NASSAU

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 78° F/26° C Low: 71° F/22° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:31 a.m.

5:59 p.m.

2.9 2.5

12:00 p.m. 0.0 ---------

Tuesday

6:27 a.m.

6:53 p.m.

2.9 2.7

12:09 a.m. -0.1 12:52 p.m. -0.2

Wednesday 7:17 a.m.

7:42 p.m.

3.0 2.8

1:05 a.m. -0.2 1:37 p.m. -0.3

Thursday

8:02 a.m.

8:27 p.m.

2.9 3.0

1:56 a.m. -0.3 2:19 p.m. -0.4

Friday

8:45 a.m.

9:09 p.m.

2.8 3.0

2:43 a.m. -0.4 2:59 p.m. -0.4

Saturday

9:26 a.m.

9:49 p.m.

2.7 3.0

3:27 a.m. -0.3 3:37 p.m. -0.4

Sunday

10:05 a.m.

10:28 p.m.

2.5 2.9

4:10 a.m. -0.2 4:13 p.m. -0.3

sun anD moon Sunrise Sunset

7:06 a.m. Moonrise 7:25 p.m. Moonset

4:58 a.m.

4:07 p.m.

New

First

Full

Last

Apr. 1

Apr. 9

Apr. 16

Apr. 23

CAT ISLAND

E

W

High: 78° F/26° C Low: 70° F/21° C

N

S

E

W

6-12 knots

S

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 65° F/18° C Normal high ....................................... 80° F/27° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 6.36” Normal year to date ..................................... 4.34”

ELEUTHERA

High: 80° F/27° C Low: 68° F/20° C

THE TRIBUNE

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 71° F/22° C

High: 79° F/26° C Low: 73° F/23° C

N

High: 78° F/26° C Low: 74° F/23° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 72° F/22° C

8-16 knots

MAYAGUANA High: 81° F/27° C Low: 76° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 72° F/22° C

GREAT INAGUA High: 82° F/28° C Low: 73° F/23° C

N

H

N E

W

E

W

H

High: 79° F/26° C Low: 72° F/22° C

S

S

10-20 knots

10-20 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NW at 6-12 Knots E at 4-8 Knots NE at 6-12 Knots E at 10-20 Knots NNE at 8-16 Knots ENE at 10-20 Knots NNE at 10-20 Knots ENE at 12-25 Knots NNE at 7-14 Knots ENE at 8-16 Knots NW at 6-12 Knots SE at 4-8 Knots NE at 8-16 Knots ENE at 10-20 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 8-16 Knots ENE at 12-25 Knots NNE at 8-16 Knots NE at 10-20 Knots NE at 6-12 Knots E at 8-16 Knots NE at 10-20 Knots ENE at 12-25 Knots NE at 8-16 Knots ENE at 10-20 Knots

WAVES 3-5 Feet 2-4 Feet 1-2 Feet 1-2 Feet 3-6 Feet 3-5 Feet 2-4 Feet 3-6 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-6 Feet 2-4 Feet 3-5 Feet 4-7 Feet 4-7 Feet 1-2 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 77° F 77° F 75° F 77° F 77° F 80° F 80° F 76° F 77° F 78° F 79° F 78° F 77° F 80° F 80° F 79° F 79° F 79° F 79° F 77° F 77° F 79° F 79° F 77° F 77° F

PAGE 16, Monday, March 28, 2022

THE TRIBUNE

URCA: WHAT’S APP WON’T FULLY REPLACE MOBILE CALLING FROM PAGE THREE

because they were making huge profits while enjoying a “free ride”, using its network infrastructure to deliver services to Bahamian consumers without contributing a cent of investment towards its upkeep and build-out.

URCA, though, argued that What’s App and its

fellow travellers cannot totally replace traditional mobile calls and messaging.

Reliable Internet connectivity, via mobile data or otherwise, is critical to facilitating What’s App calls via voice or video, while there is no interoperability between different OTT applications - meaning that they cannot be used to

field calls originating on a different application.

Still, the regulator conceded that there was no denying the popularity of OTT services. “OTT call and messaging services are widely available throughout The Bahamas.

Eighty-two of persons surveyed said they have access to mobile data through

a smartphone,” URCA added.

“Smartphone and tablet ownership is high in The Bahamas. Ninety-eight percent of respondents said they hold a smartphone or tablet with capability of connecting to the Internet and/or send emails, and 50 percent owned two or more devices with the capability to access the Internet

(and/or send e-mail). This high level of smartphone/ tablet ownership provides a strong foundation for the widespread use of OTT services in The Bahamas.....

“In addition, 40 percent of users stated that OTT services have impacted their use of traditional mobile call and messaging services. According to them, due to OTT services, they send less SMS (messages), make less domestic and outbound international calls while using more mobile data. Some have even purchased a SIM just because of OTT.” Elsewhere, URCA confirmed that 93 percent of survey respondents use OTT apps to make calls and send messaged. Some 11 percent and 44 percent, respectively, said they use OTT providers to call fixed and mobile numbers in The Bahamas, while a further 24 percent used the likes of What’s App to call cell phone numbers abroad. A similar percentage said they employed OTTs to send text messages overseas.

“Sixty-two percent said they send less SMS, 59 percent/32 percent make less

domestic and outbound international calls whilst using more mobile data (47 percent). Thirty-five percent have even purchased a SIM just because of OTT,” URCA said.

“The average usage of SMS fell consistently from 28 messages a month in 2016 to eight messages a month in 2020.The average usage of domestic mobile calls increased from 92 minutes a month to 133 minutes a month within the period.

The usage trends in SMS thus suggests there may have been some substitution from mobile messaging to OTT messaging. While the growth in mobile calling is likely to be a result of mobile calls being relatively inexpensive and convenient.

“The increasing availability of OTT services has not resulted in any decline in mobile connection in The Bahamas. As has been the experience elsewhere, endusers in The Bahamas have not given up their mobile phone service entirely for OTT services as end-users still require a mobile connection and mobile data to be able to use OTT services from any location.”

BREAKING DOWN INFLATION AND THE POLICY RESPONSE FROM PAGE TWO practice price gouging, which occurs when retailers and others take advantage of spikes in demand by charging exorbitant prices for necessities, often after a natural disaster or other state of emergency. In The Bahamas, the Price Control Act is legislation implemented by government to provide for the control and regulation of goods and services prices, and matters connected to the sale of these items. However, in periods of inflation, organisations such as the Consumer Protection Commission or the Price Control Commission will have very little impact since the rise in global

prices often impact the suppliers who have no control on what price they are able to purchase goods/materials at.

Conclusion There is no perfect solution to inflation, since it is a natural occurrence in the capitalist economic system.

The US inflation rate continues to be at an all-time high since last year, and still shows signs of rising beyond seven percent.

Therefore, to combat inflation, both the government and Bahamian consumers must be ready to adapt changes that will support the ease of doing business, add value to consumption and become more stringent in their purchasing habits.

ASIAN STOCKS FALL AFTER WEST VOWS MORE RUSSIA SANCTIONS

By JOE MCDONALD AP Business Writer

BEIJING (AP) — Asian stock markets fell Friday after Western governments promised new sanctions on Russia and President Vladimir Putin tried to prop up Moscow's sinking ruble by threatening to require Europe to use it to pay for gas exports.

Shanghai, Tokyo, Hong Kong and Sydney declined.

Oil prices were littlechanged but stayed above $110 per barrel.

Wall Street's benchmark S&P 500 index rose 1.4% after the number of Americans applying for unemployment fell to a 52-year low.

Western leaders meeting Thursday promised additional sanctions, which President Joe Biden said were meant to "increase the pain" on Putin. But the leaders released no details of possible new penalties.

Putin threatened to require European customers that rely on Russia gas supplies to pay in rubles.

That would increase demand for the Russian currency, pushing up an exchange rate that has slumped under sanctions.

European leaders on Thursday rejected the possibility, potentially setting up a clash over energy supplies. Putin's demand is a "cunning gambit meant to frustrate sanctions" while "elevating uncertainty for the West," said Tan Boon Heng of Mizuho Bank in a report.

The Shanghai Composite Index lost 0.3% to 3,240.22 and the Nikkei 225 in Tokyo shed 0.2% to 28,062.18. The

Hang Seng in Hong Kong fell 1.5% to 21,619.33.

The Kospi in Seoul lost less than 0.1% to 2,727.03 while Sydney's S&P-ASX 200 gained 0.3% to 7,409.00.

New Zealand, Singapore and Bangkok advanced while Jakarta declined.

On Wall Street, the S&P 500 rose to 4,520.16. The Dow Jones Industrial Average gained 1% to 34,707.94 and the Nasdaq composite rose 1.9% to 14,191.84.

Technology and communications stocks propelled the gains.

Big Tech companies have outsized values that tend to sway the broader market in either direction. Chipmaker Nvidia vaulted 9.8% for the biggest gain in the S&P 500.

Facebook parent, Meta, rose 2.9%.

Health care stocks also rose. Insurers UnitedHealth Group added 2% and Anthem gained 2.5%.

Russia's Feb. 24 invasion of Ukraine sparked investor unease about the impact on prices of oil, gas, wheat and other commodities. Russia is the second-biggest oil exporter and both Moscow and Ukraine are major wheat suppliers.

Markets already were on edge about plans by the Federal Reserve and other central banks to fight surging inflation by rolling back ultra-low interest rates and other stimulus that is pushing up stock prices.

Oil prices are up more than 50% in 2022 due to worries about inflation and possible supply disruptions.

Benchmark U.S. crude edged down 10 cents to $112.24 per barrel in electronic trading on the New York Mercantile Exchange.