04012021 BUSINESS

business@tribunemedia.net

THURSDAY, APRIL 1, 2021

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PI entrepreneur makes ‘let’s go PM’ challenge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE entrepreneur behind the proposed $2m restoration of Paradise Island’s lighthouse yesterday said he is “throwing down the gauntlet” to the government, and urged: “Let’s go prime minister.”

Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, told Tribune Business he was turning the minister of tourism’s call for Bahamians to develop tours and attractions “of scale” back at the Minnis administration with his own challenge for it to “take your feet off the necks

• Urges govt: ‘Take feet off Bahamian necks’ • Says held-up project answers minister’s call • ‘Time to put up or shut up’ over local support of Bahamians and let us thrive”.

Emphasising that he was not criticising Mr D’Aguilar, who he said “gets it”, Mr Smith said he has been trying for 3,274 days to get just such a project past the “hoops and hurdles” constantly placed in his way by a government bureaucracy that continually favours foreign investors over their Bahamian counterparts.

Reiterating that his

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LIGHTHOUSE at Paradise Island.

$4.5m investor recovery derailed by perfect storm

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A $4.5m recovery for long-suffering investors in a Bahamas-based investment fund structure has been derailed by a combination of Hurricane Dorian, COVID-19 and the loss of a major tenant.

Myles Culmer, director of BDO Bahamas’ advisory services, confirmed in recent e-mailed replies to Tribune Business questions that he and fellow liquidators face having to start afresh on one of the major compensation sources for investors in the Olympus Univest fund which collapsed almost 16 years ago owing some $471m.

That source is the majority 50.4 percent equity interest in Premier Real Estate Investment Corporation, the former BISX-listed

• Dorian damage hits Premier Commerical value • Compounded by Oxyanos’ move to exit lease • Wait goes on for long-suffering 2,000 investors real estate investment trust (REIT), whose commercial property portfolio has gradually shrunk to just the one Freeport office complex it owns presently.

That stake is held by Mosaic Composite, the major investment counterparty for Olympus Univest.

Both entities are now controlled by Mr Culmer and his co-liquidators from Richter Advisory in Canada, who have been repeatedly frustrated in their attempts to maximise the value of this holding and convert it into liquid cash for the benefit of investors.

Previous reports by the liquidators estimated this

Oil explorer: ‘Funds fled’ after activists launched challenge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Petroleum Company (BPC) was forced to seek additional funding for its Perseverance One well after “funds fled away from us” due to the legal challenge launched by environmentalists.

Simon Potter, the company’s chief executive, in a March 30, 2021, interview with Proactive London revealed that the Judicial Review initiated by Save the Bays and Waterkeepers Bahamas had “created the perfect storm” that forced the oil explorer to seek an additional $19m in financing from

SIMON POTTER an institutional investment fund managed by Lombard Odier Asset Management.

That move angered a number of existing BPC shareholders, who argued that it would serve to dilute the value of their holdings

SEE PAGE 5

Cruise tourism is ‘resoundingly’ not for Harbour Island

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ELEUTHERA’S Chamber of Commerce president has warned the Ministry of Tourism that Harbour Island “resoundingly” believes Crystal Cruises is “the wrong model” for its destination.

Thomas Sands, in an e-mailed communication to Janet Johnson, head of the Tourism Development Corporation, said: “Further to your communication requesting feedback from the Eleuthera Chamber of Commerce related to the proposed Crystal Cruises stopover to Harbour Island, please note that our membership

across Eleuthera (from north to south, resident and non-resident) have voiced their concern regarding the proposal.

“The resounding sentiment is that this is the wrong model for the Harbour Island destination.

Specifically, there are logistical concerns (related to how to safely get passengers on and off the ship, particularly during rough seas); infrastructural concerns (given the likely increase in street traffic, increase in garbage, etc); and concerns that the economic benefit would not compensate for

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would realise between $4m-$5m, expanding the mere $10.7m recovered for Olympus Univest investors to-date by almost 50 percent and lessening the blow - albeit modestly from what was seen at the time as a black mark for the Bahamian financial services sector.

However, confirming that such ambitions have again - at least for the moment been dashed - Mr Culmer told this newspaper: “As you are aware both Hurricane Dorian and the COVID-19 pandemic have had devastating impacts on Grand Bahama’s economy, and these effects have been

felt throughout the country.

“We have thus far been unsuccessful in selling Mosaic’s equity stake in Premier Commercial, but The Mosaic joint official liquidators are continuing in their efforts to either monetise or enhance the value of Premier’s last remaining property - all in an attempt to realise upon same while marketing the controlling shares of Premier.”

While Premier Commercial sold the two former Caribbean Bottling properties it owned in 2016, liquidators’ reports obtained by Tribune

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Activists get $200k for BPC hearing but there’s a catch

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OIL exploration opponents were last night faced with having to seek the Supreme Court’s permission for more time despite raising the $200,000 to cover Bahamas Petroleum Company’s (BPC) legal costs.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business he was “aghast” at the oil explorer’s refusal to co-operate in overcoming The Bahamas’ strict bank account opening procedures so that the “security for costs” could be secured in compliance with the Supreme Court’s orders.

He argued that BPC’s decision to decline an extension for his clients, Save the Bays and Waterkeepers Bahamas, showed that it was “obsessed with striking out” the activists’ Judicial Review challenge and was using the “security for costs” demand as a tactic to achieve this.

Asserting that BPC would have agreed to an extension “if they were really interested in having security for their costs”, Mr Smith said the oil explorer - which recently failed to strike commercial quantities of oil in Bahamian waters with its Perseverance One well had “waited until the 59th minute of the 11th hour for time to run out” to decline co-operation.

An e-mail from Adrian Hunt, an attorney and partner at Graham, Thompson & Company, the law firm acting for BPC, responded to Mr Smith’s requests by saying: “We have received instructions and can confirm that our clients are not prepared to agree the extension.”

FRED SMITH QC That e-mail was sent at 11.07am yesterday, which was one day after the March 30, 2021, deadline set by Justice Petra HannaAdderley for the activists to produce the $200,000 bond to cover BPC’s costs so that the substantive issues raised by their Judicial Review challenge can be heard.

The environmentalists now face having to go back before the Supreme Court to argue their case for an extension of the March 30 deadline to April 15. This point has been reached despite Mr Smith and his law firm, Callenders & Co, reaching out to BPC’s attorneys from Monday, March 29, confirming their clients have raised the $200,000 and seeking help in overcoming The Bahamas’ Know Your Customer (KYC) rules.

Mr Smith, according to documents filed with the Supreme Court, wrote to Leif Farquharson on Monday, March 29, telling him: “We have been informed by our clients that they have raised the full $200,000 through various fund-raising efforts internationally, and that these funds are currently being transferred to Callenders.

“Given the onerous KYC and administrative requirements of our banks, we foresee some delay

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PAGE 2, Thursday, April 1, 2021

THE TRIBUNE

ALIV CHIEF SET TO DEPART AFTER SEIZING 50% MARKET SHARE ALIV’S founding top executive will depart on April 30, 2021, after taking the upstart mobile operator to near-50 per cent market share and $77m in revenues in under five years.

Cable Bahamas, its BISX-listed controlled shareholder, announced Mr Blackburn’s forthcoming move yesterday. He will be replaced by John Gomez, the group’s chief operating officer.

Franklyn Butler, Cable Bahamas’ president and chief executive, said in a statement: “Damian has been a remarkable leader at Aliv. His expertise, experience and business acumen delivered a monopoly-breaking brand and business. His contribution, focus and leadership have been instrumental in changing what value, network and experience truly means for cellular customers here in The Bahamas....

“Looking at Aliv’s performance in its first

DAMIAN BLACKBURN

JOHN GOMEZ

15 trading quarters, it has rapidly grown market share to just shy of 50 percent. Revenue growth has followed with a 56 percent compound annual revenue growth rate as the business recorded $76.8m in revenues generated in financial year 2020.

“This rapid growth has led to a positive $8m contribution to EBITDA (earnings before interest, taxation, depreciation and amortisation to Cable Bahamas in financial year 2020. I am extremely proud of the transformation which has occurred in

the landscape of mobile telecommunications in The Bahamas under Damian’s leadership of Aliv.”

Mr Blackburn spearheaded Aliv’s November 2016 launch, having joined the company on July 1 that year after a 20-year career working with Virgin Mobile, BT Group, Digicel and Vodafone in the US, European and Caribbean regions. He now leaves for an opportunity with undisclosed telecommunications provider outside The Bahamas.

“While we will miss Damian’s leadership, we

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are proud that we will not be losing his valuable insights and the principles upon which Aliv is built,” said Ross McDonald, Cable Bahamas group chairman.

“The relationship between Cable Bahamas group and Damian was, is and will always be, one of deep mutual respect. We owe a huge debt of gratitude for all that Damian has done and as such, he will always be part of the Cable Bahamas group family.”

Aliv was born after Cable Bahamas made a successful $62.5m bid for The Bahamas’ second mobile licence.

It has delivered peak quarterly revenues of $21mplus in the second and third quarters of a 2020 financial year that closed at end-June 2020.

A part of the team that launched Virgin Mobile in the UK, Mr Blackburn over a six-year period created hundreds of jobs and led the company to an

initial public offering (IPO) on the London Stock Exchange.

In addition to his Virgin Mobile experience, he has held key roles at Digicel as regional chief executive of the eastern, northern and Dutch Caribbean markets, chief executive of Digicel’s largest market in Haiti and its operation in Honduras. While group business development director, he led Digicel’s entry into the cable TV market across multiple markets.

Mr Butler said of Mr Gomez: “When we started ALIV in 2016, we had committed to ensure that Bahamians were given an opportunity to understudy key leadership roles and John has spent much time underpinning key operational roles in Aliv, including customer experience and store operations.

“John, a proud Bahamian and an even prouder Eleutheran, has a long history within Cable Bahamas

group where he has built a strong reputation as being a customer centric and respected leader and executive. I have no doubt that he will do exceptionally well in his new role as chief Aliv officer.

“John joined Cable Bahamas group in 2001 as director of engineering.

In 2003, he was appointed vice-president of engineering, and in May 2016 he assumed his current position as chief operating officer. He is a transformational executive with foresight and has an impressive history of surpassing ambitious business goals by delivering revolutionary technological innovations.”

Mr McDonald added of Mr Gomez: “He has an innate ability to quickly identify and actualise valuable ideas, employing strategies that maximise organizational capabilities, operations, service offerings and staff performance.”

$40,000 GRANT BOOST FOR LONG ISLAND FARM REVIVAL EFFORTS to revive goat and sheep production on Long Island have received a $40,000 grant funding boost from the European Union (EU).

The Bahamas Development Bank, in a statement, said the monies from the EU’s ACP TradeCom II Programme will enable the Long Island Small Ruminants Revitalisation Programme (SRRP) to hire two consultants for the project, Dr Ashton Stanley and Dr Keith Cox, who will be tasked with refining its business model.

The announcement comes after sheep and goat farmers from various Long Island settlements, ranging from Burnt Ground in the north to Clarence Town in the south, were last week invited to a stakeholder meeting where they were

able to voice their concerns and gain valuable insight into the SRRP. The BDB team also visited farmers to conduct interviews and site assessments. The information gathered will be used to prepare financing models for the planned abattoir and fattening facilities.

These facilities will provide the infrastructure necessary to reinvigorate the sheep and goat industry.

The state-owned bank said it expected that the farmers will form a cooperative to operate the facilities after receiving the necessary training. The cooperative could also facilitate increased access to supplies and feed at a reasonable cost for other farmers on the island.

On an individual basis, the BDB said it will provide

specially tailored loans for farmers to improve their capabilities. This would ensure the abattoir and fattening facilities receive an adequate supply of weaned animals to meet market demands.

The bank added that completion of these facilities will modernise the industry while producing greater returns. Farmers will build housing structures to shelter goats from the weather, thus improving their health. As a climate change adaptation measure, these structures will be elevated to protect animals during flooding.

The fattening facility will allow farmers to shorten the average weaning time, giving them a quicker turnover time for new livestock and ultimately increasing production, while the

abattoir will ensure food safety, precise cuts and the eventual national exportation of branded, Long Island produced mutton.

The BDB said the initiative is designed to offer Family Island youth an opportunity for employment in their own communities; disperse wealth via new businesses; and improve food security. There are four major components to the programme, including eucation and training; establishing programme participants and their roles; government support; and access to funding.

After the final results and financial models have been produced by the consultants, the team will return to Long Island to discuss the way forward with farmers and other stakeholders.

FIRSTCARIBBEAN NAMES ITS NEW BAHAMAS CHIEF CIBC FirstCaribbean International Bank yesterday unveiled a replacement for Marie Rodland-Allen as managing director of its Bahamian subsidiary.

Colette Delaney, its

group chief executive, announced Dr Jacqueline Bend will take up the post in Nassau as she unveiled two other executive appointments by the bank that will also take effect

CARL LEWIS

on April 1.

The CIBC statement described Dr Bend as someone with 30 years’ banking experience, of which 20 years were in senior leadership roles where she led teams in change management, operations, reconciliation and investigations, cards operations, and retail and business banking.

In her role as director of retail and business banking channels, Dr Bend was said to have been responsible for branch operations; people development; strategic initiatives and process improvement; risk and compliance; expense management; digital banking; and the customer care and service centres.

Elsewhere, CIBC FirstCaribbean International Bank said it has appointed Carl Lewis to the position of chief financial officer to replace Doug Williamson, who is returning to Canada to take up a key position with its parent company.

DR JACQUELINE BEND

KHADIJA BOURNE

Appointed to replace Mr. Lewis in his former role is Khadija Bourne, who formerly served as director, operational risk, in the bank’s risk management function.

Ms Delaney said: “Carl, Khadija and Jacqui are among the best the region has to offer in the field of financial services. We are extremely pleased to have them on FirstCaribbean’s executive team and are positive they will continue to contribute to the success of the company and help us chart the course for the next several years”.

THE TRIBUNE

Thursday, April 1, 2021, PAGE 3

WATER CORP’S MAIN SUPPLIER DEBT NEAR $20M BY MARCH 1

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Water & Sewerage Corporation’s debts to its main supplier rose by 17 percent over the two months to end-February 2021 to reach almost $20m, it was revealed last night.

BISX-listed Consolidated Water, in its annual yearend 10-K filing with the US Securities & Exchange Commission (SEC), confirmed the ongoing challenges the state-owned utility faces in paying its bills by disclosing that sums owed had increased by $2.8m in the period since year-end 2020.

Consolidated Water has always adopted a fairly relaxed, sanguine attitude towards the Water & Sewerage Corporation’s persistent eight-figure receivables given that it has been able to rely on the

government, via the Bahamian taxpayer, to bail-out the utility and pay down these debts.

However, with more than 75 percent or three-quarters of the $16.8m owed at year-end 2020 classified as “delinquent”, meaning it is three months or more past due, Consolidated Water acknowledged its Bahamian subsidiary’s liquidity is being affected as the government struggles to cover the Water & Sewerage Corporation’s bills amid the financial ravages inflicted by the COVID-19 pandemic.

“Consolidated Water (Bahamas) accounts receivable balances (which include accrued interest) due from the Water & Sewerage Corporation amounted to $16.8m and $18.4m as of December 31, 2020, and 2019, respectively,” the company’s

form 10-K said.

“Approximately 76 percent of the December 31, 2020, accounts receivable balance was delinquent as of that date. The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary. As of February 28, 2021, Consolidated Water (Bahamas)’ accounts receivable from the Water & Sewerage Corporation totalled $19.6m.”

Consolidated Water conceded that Hurricane Dorian, which knocked out Abaco as the Water & Sewerage Corporation’s second main revenue generator behind New Providence and inflicted $30m in restoration costs, had combined with the COVID-19 pandemic to further undermine timely repayments to it.

“We believe the delays we have experienced in collecting Consolidated

Water (Bahamas)’ receivables were extended due to the impact of Hurricane Dorian, which devastated the northern Bahamas in September 2019, and the severe economic impact of the COVID-19 pandemic on The Bahamas government’s revenue sources,” Consolidated Water said.

“From time to time (including presently), Consolidated Water (Bahamas) has experienced delays in collecting its accounts receivable from the Water & Sewerage Corporation. When these delays occur, we hold discussions and meetings with representatives of the Water & Sewerage Corporation and The Bahamas government. As a result, payment schedules are developed for Water & Sewerage Corporation’s delinquent accounts receivable.

“All previous delinquent accounts receivable from

the Water & Sewerage Corporation, including accrued interest thereon, were eventually paid in full. Based upon this payment history, Consolidated Water (Bahamas) has never been required to provide an allowance for doubtful accounts for any of its accounts receivable, despite the periodic accumulation of significant delinquent balances,” it added.

“As of December 31, 2020, we have not provided an allowance for doubtful accounts for Consolidated Water (Bahamas)’ accounts receivable from the Water & Sewerage Corporation. [But] if Consolidated Water (Bahamas) continues to be unable to collect a significant portion of its delinquent accounts receivable, one or more of the following events may occur.

“Consolidated Water (Bahamas) may not have

sufficient liquidity to meet its obligations, we may be required to cease the recognition of revenue on Consolidated Water (Bahamas)’ water supply agreements with the Water & Sewerage Corporation; and (iii) we may be required to provide an allowance for doubtful accounts for Consolidated Water (Bahamas)’ accounts receivable. Any of these events could have a material adverse impact on our consolidated financial condition, results of operations and cash flows.”

The Water & Sewerage Corporation represents 30 percent of Consolidated Water’s revenues, and is its largest client. The latter supplies the water that the state-owned utility pipes to Bahamian businesses and households from its two Nassau-based reverse osmosis plants at Blue Hills and Windsor.

RESORTS ‘PLEASANTLY SURPRISED’ OVER EASTER BOOKING NUMBERS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A SENIOR Atlantis executive yesterday said he is “encouraged” by Easter bookings despite tourism not yet recovering to 2019 levels.

Russell Miller, the Paradise Island mega resort’s executive vice-president of hotel operations, told Tribune Business yesterday that holiday weekend bookings are “looking good” despite not being comparable to pre-COVID-19 figures.

“Based on what’s going on in the situation we faced with COVID-19, we’re encouraged by the bookings,” he added. Mr Miller confirmed that the resort has now opened three of its towers - The Royal Towers, the Cove at Atlantis and the Reef - and sad: “We’re pleasantly surprised with the numbers and we’re looking forward to having a

great holiday weekend.

“We’ve had a Spring Break period, but we’ve controlled it and limited it.

Again, it is not the volumes we had in past years, but it is very manageable with the numbers we do have. It’s been good.”

Looking forward to Easter with renewed optimism, Atlantis has planned several activities for guests including a choir on Sunday for a small concert and an Easter bunny for an Easter egg hunt. “We have some nice celebrations and programmes for the weekend,” Mr Miller said.

The Nassau Airport Development Company (NAD), in a statement, said March had been the strongest month for passenger traffic passing through Lynden Pindling International Airport (LPIA) since the COVID-19 pandemic began just over one year ago.

The airport operator said Easter’s timing meant April

will start strongly, but urged travellers to arrive at LPIA at least three hours before departure to allow time to go through all COVID-19 protocols. Persons heading to the US, and who want to take their rapid antigen test at the airport, were told to arrive three-and-half hours before departure.

“NAD has seen steady but incremental monthly increases in domestic traffic since November 2020,” it said. “There have also been month-over-month increases in international travellers for November, December and January.

“The airport experienced a slight downturn in international passengers during February compared to January. However, March has shown the type of positive upward trend that we hope can continue throughout 2021.

“During March, NAD had non-stop flights from 21 markets. Nine of those 21 markets had daily or

near-daily service for the month. It is anticipated that April will have non-stop flights from 23 markets with American Airlines adding flights from WashingtonDC; JetBlue adding flights from New Jersey; and United Airlines reintroducing its Denver flight.”

Baha Mar, in a short statement to Tribune Business, said: “We have seen a promising increase in bookings over the last few weeks, exceeding our pace of reservations compared to the same time in 2019.

“Spring Break and Easter are the current highlights, but we are observing increasing reservations for summer, fall and winter as well. We are hopeful that slowly declining cases of COVID-19 in our key markets, and the roll-out of the vaccine, will encourage people to take a much-needed vacation.”

Andoni Lisgaris, owner/ operator of Reel Dreams Sport fishing Charters, said

he has been having a solid Easter period leading up to the holiday weekend, but said business may be impacted by forecast windy weather over the upcoming weekend.

Mr Lasgaris said: “Things picked up and they came suddenly. This time of year, traditionally, is pretty busy for us because of Spring Break and Easter. I think what happened was a lot of people weren’t booking too many things in advance because they wanted to see if they would test negative in order to enter The Bahamas.

“We’ve had days when we were completely booked, but I do think it’s slightly different for the group excursions because they are supposed to be limited. For us, everything is private so we only carry up to six groups at a time and these are people that have travelled together so they are exempt from the limitations. A lot of Americans

were ready to travel.”

Mr Lasgaris said there has been a “good mix” of customers coming from Atlantis and Baha Mar, but he has seen “definitely more” customers from Airbnb’s. He added: “This is just for us, because when they book we ask them to indicate where they are staying, and on our booking forms you can see that it is definitely more Airbnb’s than we would normally attract.”

Nicholas Pinder, general manager of Born Free Fishing Charters, said business has been “tremendous” over the past two weeks.

However, he also said he may not go out on tours this weekend because of the possibility of bad weather.

He added: “The tours that are sought after, like the swimming pigs tours and the Out Island tours, have been pretty popular. The fishing tours are struggling,

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PAGE 4, Thursday, April 1, 2021

RESORTS ‘PLEASANTLY SURPRISED’ OVER EASTER BOOKING NUMBERS FROM PAGE THREE but the main Exuma runs and the Eleuthera runs have been okay.

“We have been getting most of our customers online. It is hard to get clients out of the hotels because the hotels are tied up with their preferred vendors in the hotels. So it’s harder to get reservations other than they pre-book, but I would say the reservations are about 50/50 between Atlantis and Baha Mar.” Iola Knowles, director of Sandytoes Excursion, said weather permitting they have a trip scheduled for Saturday. For the three days per week that she opts to operate, Ms Knowles said that things are “decent” for this time of year but it is “nowhere near 2019 numbers.”

Ms Knowles said:

“Compared to 2019 it’s obviously way down. We are 75 percent down, but despite that we are glad that we are able to put on three scheduled tours a week. Two years ago we were operating every day per week at 100 percent capacity.”

Ms Knowles also complained about the lack of business from Baha Mar and Atlantis, saying the large resorts have opted to drive their own tours in-house. She added: “We have to drive all of our business.

“We’re literally doing as much online marketing, search engine optimisation, social media, but we are driving 95 percent of our own traffic right now. We do get a few bookings through the Warwick with Majestic Tours. They have a presence there and they sell us as much as they can.”

THE TRIBUNE

Union leader files actions over COVID redundancy

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TRADE union leader yesterday said he has taken court action against Atlantis on behalf of individual workers over claims involving unfair dismissal, breach of contract and COVID-19 redundancy pay.

Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business he has filed paperwork with the Supreme Court over the resort’s failure to make requested redundancy payments to staff who have been furloughed for more than a year due to the COVID-19 pandemic.

He said: “What we have done is that we are dealing with this individually. A few

OBIE FERGUSON

JOHN PINDER

of the members and workers have come forward, and we have filed appropriate action on that basis.” Refusing to provide documents, or detail how many Atlantis workers he is representing, Mr Ferguson said: “Members from Atlantis have come to me for representation and we have filed appropriate action in the courts.

“I’m representing quite a bit of workers on this court action. I’m sifting through the batch that have asked for redundancy, and it is quite a lot of them. Then there are the ones for breach of contract and there are some for unfair dismissal. There are quite a bit of workers who have made their situation known.”

He added that his actions are based on two points. “The workers are saying that they want redundancy pay so they could absorb some of these outstanding bills that they have now, and that’s where this issue is going to boil down

to,” said Mr Ferguson.

He argued that Atlantis, or any resort that has temporarily laid-off workers due to the pandemic, will find it difficult to depend on the government’s COVID Emergency Orders suspending section 28C of the Employment Act for up to 30 days after these provisions expire. This, Mr Ferguson said, is because there is no Section 28C in the Employment Act. He added: “We are going to court with everything that is relevant, and we are going to do what we have to do. The system is not structured for working people. If there is going to be an amendment, it is not only the employer that is involved but the employees as well.

“So, if there is going to be an amendment to the legislation, particularly where it speaks to staying their particular benefits that they are entitled to, they need to know and they need to be a

part of the process.”

John Pinder, director of labour, speaking to Tribune Business yesterday, said: “Certainly Mr Ferguson has some grounds if there is no section 28C in the Employment Act. I don’t think the government has been made aware of that. From a legal aspect, Mr Ferguson and the attorney general need to work that out, but to my knowledge redundancy pay has been suspended.

“The court has to make a ruling on this if this is the case. Atlantis has to pay the people. Whatever ruling the court makes then it will be binding on the employer.”

Mr Pinder added: “I thought it was a wise thing for the government to suspend redundancies so that the employers didn’t find themselves in bankruptcy trying to sell assets to pay off the debt owed to persons who they had to make redundant.

“Secondly, it secured the jobs of these people that once the economy began to rebound, it would be better because now you are seeing everybody is starting to go back to work. But if they had made these people redundant they would have had to have hired all of these people back at entry level or at a lower level post in most cases.”

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THE TRIBUNE

Thursday, April 1, 2021, PAGE 5

Oil explorer: ‘Funds fled’ after GLOBAL ECONOMIC REBOUND activists launched challenge HIKES BAHAMAS GAS PRICES FROM PAGE ONE

when they had been led to believe the company’s first exploratory well in The Bahamas was already fully financed.

Explaining the Lombard Odier move, Mr Potter said BPC had kept its Perseverance One financing options open via “a range of facilities” that had been put in place ahead of exploratory drilling that began in late December around Christmas.

These, he added, were structured to ensure that financing was only drawn down when it was needed so that BPC was not paying for debt facilities it did not need. The greatest cash consumption, he added, was designed to occur when the Stena IceMAXX drilling rig arrived in The Bahamas and headed to the drill site in waters 90 miles west of Andros.

“As is often the case, the rig was arriving just at the time a perfect storm was created for us,” Mr Potter said. “We had the rig on the way to the site, we were in the middle of the Christmas holidays, and a group of environmentalists took out an injunction to try and stop the well.

“What this meant was essentially a number of the facilities were essentially not available to us. The uncertainty associated with that injunction meant those funds fled away from us.

We did what we could do.

We arranged a facility with Lombard Odier.

“These facilities are not cheap, and there are a lot of catches associated with them. We did what we had to do, which meant that we got the Perseverance well drilled. Like I said, we did what we had to do and drilled the well.”

It is more accurate to say that the Supreme Court rejected the activists’ bid

for an injunction that would have halted BPC’s plans, and the well was allowed to proceed, although Mr Potter’s point about the uncertainty the ongoing Judicial Review created is that it impacted the confidence of potential financing sources.

The BPC chief, meanwhile, said the company’s total spend in The Bahamas had hit $150m as he affirmed the oil explorer’s continuing interest in this nation and plan to apply for a renewal of its licences into a third exploration period. This will give it a chance to earn a return on its investment by “monetising” the value of these licences through securing a joint venture or farm-in partner.

Both the Prime Minister and Romauld Ferreira, minister of the environment and housing, have both said they remain personally opposed to oil drilling in Bahamian waters, so it is unclear what the fate of any renewal application will be. The opposition, though, has indicated it remains in favour of allowing oil exploration.

Despite its Perseverance One well failing to strike commercial quantities, BPC has signalled that the drilling data obtained - as well as interest from other companies in partnering with it - had given it sufficient confidence to move forward.

“Since the completion of the drilling of Perseverance One, the company has had discussions with industry counterparties in relation to a potential farm-out of its licences in The Bahamas, and is working to formalise an entirely new farm-out process. Consequently, the company intends to renew the four southern licences in The Bahamas into a third, three-year ‘drill or drop’ exploration period,” BPC said.

“The Perseverance No.1 well did not result in a commercial discovery.

The company is, however,

encouraged that the results from the Perseverance One well indicated the presence of hydrocarbons.”

This, together with renewed interest from potential joint venture partners, means BPC is not giving up on or abandoning The Bahamas just yet.

BPC added that its first exploratory well was drilled on a seabed structure that is more than double New Providence’s size, with its licences covering some 3m acres. In effect, Perseverance One represented just one pinprick in a vast area, and the drilling results and data derived from that first well suggest there is the possibility of finding commercial oil quantities nearby.

Suggesting that deeper drilling may be required, BPC’s statement said it was now focused on integrating Perseverance One’s findings with existing data on its licence areas as well as resuming the search for a joint venture (farm-in) partner to share the financial, technical and operational risks associated with drilling another exploratory well in Bahamian waters.

“Given these technical results, since announcing the results of the well the company has had a number of discussions with industry counterparties in relation to a potential farm-out of the licences, and the company is now working to formalise and launch an entirely new farm-out process via Gneiss Energy,” BPC said.

The statement indicates that the oil explorer will likely only drill another exploratory well in The Bahamas if it can secure a joint venture partner to help “monetise” its licence assets and provide some return on the $120m it invested in the run-up to Perseverance One.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN petroleum executives yesterday said higher gas prices are being driven by increased demand for crude oil as economic activity ramps up following last year’s COVID19 restrictions.

Keith Glinton, regional manager for Sol Petroleum/ Esso, told Tribune Business there was little The Bahamas can do to counter global oil market forces given its relatively small scale and the fact it is a “price taker” that imports 100 percent of the fuel it consumes.

He said: “What has happened is we’re seeing a material run-up in crude costs, primarily, that has found its way into finished products. It takes a little while for that to work its way into The Bahamas just because of the amount of inventory we hold. So we’re

seeing the impact of, essentially, crude prices that have been increasing since the beginning of the year.

Gasoline prices at all major service stations are over $4.80 per gallon, and have slowly been creeping back towards the $5 mark which is likely to be hit by the summer.

Mr Glinton said “a global set of factors” were influencing oil prices and crude supply. “We try not to determine what’s driving it; we just know that it is,” he added.

“But I believe we’ve seen some cut back as a result of the COVID demand destruction from last year, and as you bring that demand back on, supply has to catch up.

“What happens is bringing that supply back on takes a little longer than it takes for the demand to come back, so you’re going to obviously see upward pricing pressure as demand starts to come back and supply needs to catch up with demand.

Dexter Adderley, managing director of Sun Oil, said Bahamian gasoline pump prices are “affected by the world market”. He added: “The cost of gasoline is based on the purchase cost, and the local prices are based on the purchase cost and the global market.”

Mr Glinton, meanwhile, said: “It’s really hard to predict where prices are going for the remainder of the year. There are a number of factors that play into that, and I think there’s a set of consequences that are fairly different, so I would not venture to predict what prices would be doing for the remainder of the year.”

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PAGE 6, Thursday, April 1, 2021

PI entrepreneur makes ‘let’s go PM’ challenge FROM PAGE ONE proposal to restore the 203 year-old lighthouse on Paradise Island’s western end, and create an accompanying beach break destination over five acres, was fully financed and capable of growing its full-time workforce beyond the original 40 employees, he added that the government needs to “put up or shut up” on its professed commitment to supporting local entrepreneurs.

Mr Smith, saying he was prepared to do “whatever it takes” to move his ambitions forward, also struck a conciliatory tone over the Supreme Court action he has filed over the government’s alleged failure to honour a crown land lease for the project, suggesting this would be dropped if the project finally receives the go-ahead and adding: “Let’s get on and do it, please.”

While declining to

comment on the status of his legal claim, on the basis that it remains before the courts, the entrepreneur said he had been driven to speak out by Mr D’Aguilar’s call for Bahamians to develop “projects of scale” that can accommodate hundreds - if not thousands - of cruise passengers visiting Nassau at a time.

Arguing that his development fits exactly what the minister is looking for, Mr Smith charged: “Absolutely I’m challenging them.

Enough of them challenging me. It’s challenging enough with the hoops and hurdles you’re making me go through. I’m not saying that maliciously; I’m saying let’s get on with it.”

He is seeking to lease two crown land parcels at Paradise Island’s western end, one of which involves two acres around the lighthouse and another three acres for the “beach break” element.

Mr Smith said this was of sufficient scale to potentially

allow hundreds of visitors to socially distance in small groups while still complying with the government’s COVID-19 protocols.

“I’m putting the prime minister on notice to lead.

If they’re looking for something [a large project] I’m brave enough to accept the challenge,” he asserted. “As far as I’m concerned we already have the lease. They need to give me all the bona fide documents so we can proceed; not a promise, not a whim.

“For me, we need a meeting of the minds so that we can do whatever is necessary to get this project going..... Everything is lined up. It has been lined up for nine years. What needs to line up is the government side. I’m challenging them.

They need to meet the challenge by putting up or shutting up.

“This is going to provide jobs for Bahamians, great; it’s going to provide ownership for Bahamians,

great; it’s the right segment of the market, that’s great; and Bahamians need more beach access, that’s great.

Let’s go.”

Mr Smith said the project would start with 40 full-time Bahamian employees and “organically build on those numbers. I’m not going to give out pie in the sky numbers; the business will grow organically but we’ll have the capacity to host thousands of visitors over five acres of land.

“I’m ready, willing and able, and all the boxes are checked in terms of the best interests of Bahamians. I’d love to hire more people.

Whatever it takes. I’m throwing down my gauntlet.

Let’s go prime minister.” A minimum of 40 construction jobs will also be required to restore the lighthouse to former glories and develop the beach break component.

Mr Smith’s court action is alleging that he was granted a valid crown land lease over both parcels, including the lighthouse and the area at Colonial Beach for his “beach break” destination, which is now legally binding.

A January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, was headlined “approval for crown land lease” over the two tracts. Mr Smith previously told this newspaper he returned the lease, bearing his signature and other formalities, to the government

THE TRIBUNE on January 9, 2020.

However, the government has to-date failed to apply its signature and execute the lease, with officials telling the entrepreneur that the document is now “not worth the paper it is written on”.

Mr Smith voiced fears at the time that his project was being “marginalised” and treated like “a second class citizen” to make way for Royal Caribbean Cruise Lines’ rival beach break destination that is targeted at the same portion of crown land on Paradise Island.

However he entrepreneur, in a missive responding to Mr D’Aguilar’s call of earlier this week, said: “We are already ahead of the game. We are Bahamian, we have approval from the Bahamas Investment Authority (BIA), we have a Memorandum of Understanding (MoU) and we accepted the Government of The Bahamas’ offer for a lease of crown land on Paradise Island.

“We want to restore the Paradise Island lighthouse free of charge and create a beach excursion for Bahamians and our guests. Since April 12, 2012, we have waited 3,274 days. We have the physical space on Paradise Island to handle thousands of cruise passengers; there’s so much room they can be spread over acres of beach.

“We understand, through their example, that the government favours foreigners: They demonstrate this every day and their desire to make Bahamians sit small and wait. How much more challenging does government wish to make it? We have met with more than 100 government employees from the prime minister, ministers, permanent secretaries, directors, Boards, chairmen and the

list goes on from 15 government agencies,” Mr Smith continued.

“We initiated legal proceedings against the Government of the Bahamas, and ever since this all began the government could have just recognised the merit of the project and let us get on with it but instead they wish to pursue giving it to Royal Caribbean Cruise Lines.

“If Michael Bayley, chief executive of Royal Caribbean, calls the prime minister, he takes his call.

If a Bahamian calls for a meeting he ‘sucks his teet’ and we shall continue to go about our quest in a dignified, well mannered way, despite provocation from those in government that wish to provoke this into gutter politics.”

Arguing that Dr Minnis had been “flammin’ me” since he took office on May 10, 2017, Mr Smith added: “Compare that to every photo op he can get and ask yourself how many Bahamian entrepreneurs does he welcome into his office to meet and publish photos?

“Look at the red carpet treatment he gives to foreign investors while peanut and coconut vendors trying to make ends meet in providing for their families in an honest way [are locked up].” Calling for Bahamians similarly stuck in “red tape” over seeking government approvals, Mr Smith said the “running around the mulberry bush” with government agencies must halt.

“I would like to unite with other Bahamians and express to this Minnis-led administration that we are fed up watching him entertaining foreign investment.... and leaving the hardworking, honest, enterprising Bahamians out of the mix and settling for crumbs. We want a piece of the pie,” he blasted.

“Beach access for Bahamians is getting more and more limited. We are losing our historical buildings over time. If government are clearly not prepared to fix up the oldest lighthouse in the country at 203 years old, get out our way.

“We wish to publicly recognise the support that Dionisio D’Aguilar has given us publicly and privately; he gets it and we appreciate it. My challenge to government: Get out of the way, take your feet off the necks of Bahamians and let us thrive.”

Mr Smith said the alternative was for the prime minister to let him proceed with his plans so that the project can be operational in time for when the cruise ships resume sailing from South Florida.

THE TRIBUNE

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Thursday, April 1, 2021, PAGE 7

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PAGE 8, Thursday, April 1, 2021

THE TRIBUNE

Activists get $200k for BPC hearing - but there’s a catch FROM PAGE ONE

in arranging the mechanisms for securing these funds as ordered. Can we please have your agreement to have the funds paid into a joint account which can be set up in the name of one of Graham Thompson’s partners and one of the partners of Callenders.”

Dawson Malone, a Callenders & Co attorney, then wrote to Mr Hunt the following day, which was the deadline set by the Supreme Court, confirming that the $200,000 had been received and requesting that an extension of time be agreed so that the necessary bank account arrangements could be made.

BPC’s refusal to cooperate affirms its desire to see-off the activists, and ensure the Judicial Review challenge to the permits and approvals for its Perseverance One well - and the processes by which they were issued - do not proceed. And there is nothing in law that says it must co-operate.

However, Mr Smith blasted: “I am aghast that

BPC would refuse to cooperate and agree an extension of time to set up the security documents between the two law firms.

This demonstrates beyond a reasonable doubt that BPC is obsessed with striking out Our Islands, Our Future’s [of which Save the Bays and Waterkeepers Bahamas are part] cause.

“If they were really interested in having security for their costs why wouldn’t they simply agree one or two days later to setting things up? Everybody in The Bahamas knows how difficult banking is, how much KYC and red tape there is in the financial services sector.

“We received the money in time from our international donors and we did the considered thing to allow BPC to agree an extension. Instead, we are going to have to waste valuable resources and judicial time arguing procedural trench warfare tactics instead of the merits of the case,” he continued.

“BPC waited until the end of the 11th hour. BPC waited until the 59th minute

of the 11th hour for time to run out to say ‘no’, even though we approached them days before.”

Suggesting there were wider ramifications, Mr Smith said: “This is another example of why Judicial Review in The Bahamas always costs so much money because at every step of the way either the government or the developer fails to make discovery, objects to leave, applies for security for costs or when you actually provide security for costs they won’t agree to a few days extra to set up the documents.

“This demonstrates everything we said about BPC - that their intention was to simply block, delay, prevent and drive us from access to the court - was correct.... Hopefully people will see how difficult it is for civil society, NGOs, environmentalists to pursue public interest cases as constant procedural roadblocks are being set up to the resolution of what should be a quick, inexpensive and efficient Judicial Review process.”

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THE TRIBUNE

Thursday, April 1, 2021, PAGE 9

$4.5m investor recovery derailed by perfect storm FROM PAGE ONE

Business reveal that neither Mosaic nor the Olympus Univest estate received any financial benefits because the sale proceeds were used to pay-off mortgage debt secured on its now-sole remaining property.

That is Freeport’s First Commercial Centre which, besides suffering damage from Hurricane Dorian, also lost a major tenant in the shape of the Okyanos Centre for Regenerative Medicine, the pioneering stem cell therapy provider, which shut down following the storm and is now in Supreme Court-supervised liquidation itself. This almost certainly means Mosaic’s stake is now worth less than $4.5m.

An October 20, 2020, report by Richter Advisory, the contents of which were confirmed as still accurate by co-liquidator Mr Culmer, revealed that Premier Commercial is seeking damages in its capacity as landlord for what it alleges is Okyanos’ breach of their lease agreement.

“The COVID-19 pandemic has affected The Bahamas and further compounds the challenge of disposing of the remaining property,” Richter Advisory said in relation to the First Commercial Centre. “The feasibility of finding a buyer for this asset at an appropriate price and within a reasonable timeframe is currently in doubt.

“Based on the latest appraisal (January 2019), Mosaic’s interest in the remaining property was estimated to have a value of approximately $4.5m.

It is clear that the devastation caused by Hurricane Dorian as well as the departure of a large tenant will impact the market value of the remaining property. An updated appraisal has not

been commissioned by Premier management at this time.”

The report affirmed that the co-liquidators were reassessing their strategy for exiting Premier Commercial following these developments, while asserting that First Commercial Centre suffered no structural damage. It added that a settlement for property damage and revenue losses had been reached with insurers, with the proceeds used to complete repairs and “support other ongoing operating needs”.

While the CIBC FirstCaribbean International Bank (Bahamas) branch that resides in First Commercial Centre has been repaired and is operational, the Richter report alleged that Okyanos had immediately ceased operations and left “in contravention of its long-term lease with Premier”.

It added: “Legal proceedings were instituted against this tenant as well as its primary shareholder. The corporate entity that was operating the clinic is now in liquidation, and a claim has been filed for the damages incurred in connection with the unexpired term of the lease. Recoveries from these legal proceedings and the liquidation are uncertain at this time.”

The amount of damages was not mentioned in the Richter report, which added that Premier Commercial’s delisting from BISX meant that annual appraisals of the First Commercial Centre’s value and audited financial statements “are no longer required”. No appraisal had been completed “in years”.

Premier Commercial was founded and sponsored by Hannes Babak, the former Grand Bahama Port Authority (GBPA) and Freeport Concrete chairman, to acquire several commercial properties

Cruise tourism is ‘resoundingly’ not for Harbour Island FROM PAGE ONE

the negative overall impact to the island and its current clientele.”

Mr Sands indicated that Crystal Cruises would likely receive a warmer reception from mainland Eleuthera, especially in the south, where the economic impact produced by the weekly visit of its 900 passengers is more urgently needed.

“It should be noted that members are not opposed to cruise visitors. Suggestions from persons in both north and South Eleuthera indicate that there is strong support for having the cruise line explore South Eleuthera as a destination. Members note that South Eleuthera communities have a long history of welcoming cruise passengers and would be better suited for the guests,” he added.

“In summary, Eleuthera is happy for opportunities that will grow its economy but it wants to ensure that the nuances of its differing communities are considered.

We would be open to further dialogue and trust that a workable solution will be reached in the not too distant future.”

Mr Sands’ formal response differs in tone from the public statement put out as a press release, which was not sent to this newspaper, yet has been obtained. This version, more conciliatory, states: “The idea of some level of cruise [tourism] into the Family Islands, when properly planned and executed, can be economically beneficial.

“With that said, infrastructure in the Family Islands is limited and even though there have been improvements it is not where it should be. Beyond the civil infrastructure, the tourism infrastructure is also poor given comparable tourist destinations. With that being said, we are of the view that Harbour Island is currently not in a position to cater to 900 cruise passengers all at once.

“We invite a broader conversation, which would incorporate mainland Eleuthera, Spanish Wells and Harbour Island. We understand that the rule in cruise is that not all passengers will want to have the same

experience. Planning with the cruise line, if it chooses to engage, could lead to defining smaller groups and experiences dispersed across the multiple locations,” Mr Sands added.

“If this is going to succeed, the planning, programming and execution must bring together all stakeholders. Additionally, there must be full transparency in the process and an understanding that communities across Eleuthera vary, have different needs, and require thoughtful consideration.”

Dionisio D’Aguilar, minister of tourism and aviation, recently admitted that Harbour Island’s tourism industry “has made a compelling case” for why it should not become a cruise destination.

He told Tribune Business he will now “convey that message” to Crystal Cruises and “explore the possibilities” of it switching to an alternative destination on its weekly seven-night Bahamas cruises that are scheduled to begin on July 3 and last for four months through to October.

The minister acknowledged that Harbour Island has established a destination brand that is the “antithesis” of mass market cruise tourism, focusing on highend visitors seeking a quiet getaway in boutique resorts and vacation rentals, and conceded there were valid concerns this could be “significantly negatively impacted”

by Crystal Cruises plans.

Pledging to “engineer a good outcome for all sides”, Mr D’Aguilar told this newspaper: “The hotel owners and operators have expressed their view that Harbour Island really is not a preferred destination for cruise ship passengers, and they have made a very strong and compelling case as to why.

“In many respects it relates to branding. They have branded their destination as the antithesis for cruising, and instead as a destination that caters to high-end, low density travellers looking for that unique and boutique experience. They feel that by introducing a cruise component on to the island that will significantly negatively impact their branding.”

including the First Commercial Centre he himself developed. However, it was never a strong financial performer, and eventually came off BISX. Among Premier’s founding directors, although he is no longer on the Board, was Stephen Hancock, president and chief executive of Cardinal International, the ex-Bahamian fund administrator for Olympus Univest, Mosaic and a number of other entities in the investment structure.

Cardinal, too, shut down at the time that Olympus Univest and Mosaic went into court-supervised liquidation. The Olympus Univest/Mosaic Composite collapse left around 1,900 small retail investors, many of them Canadian, out of pocket with no explanation as to where most of the

money went.

The co-liquidators’ previous reports detailed how recovering investor monies has been made difficult by “incomplete financial records, missing financial information and, in certain cases, the destruction of key books and records”.

Norshield, the investment manager, placed retail investor monies into its Olympus Funds, which then invested them into the asset manager’s wholly-owned subsidiary, Barbados-based Olympus Bank.

The bank co-mingled retail investor funds with capital received from institutional investors, such as pension funds and financial institutions, placing all monies into Bahamas-based Olympus Univest. The latter used these funds to make “substantial investments”

in Mosaic, a “fund of funds” structure, which invested in “both hedged and nonhedged assets”, but these were vastly inflated beyond their real value.

Okyanos, meanwhile, lost more than $30m over its lifetime prior to being placed in Supreme Court supervision. Cheryl Simms, the Kikivarakis & Co accountant acting as liquidator, revealed in her first report last year that the company had lost $30.172m - some $14.856m of which was incurred over the three years to end-2019.

These losses provide some insight into why LS Enterprises, Okyanos’ main debt financier, may have been eager to petition for the company’s court-supervised winding-up in the aftermath of Hurricane Dorian’s devastation given that it was owed

some $12.438m in outstanding principal and interest.

“From a review of the company’s audited balance sheet as of December 31, 2017, and December 31, 2018, and its unaudited balance sheet as of December 31, 2019, the company has consistently made losses having accumulated $14.856m in total losses over those three years,” Ms Simms wrote.

Tribune Business previously reported that Okyanos had just $5.667m worth of assets, including just $335,218 in cash, to cover $13.22m in liabilities, thereby creating a $7.553m solvency deficiency. LS Enterprises was owed more than $12m on some $15.9m that it had advanced to Okyanos via four separate lending facilities agreed between 2017 and 2019.

PAGE 10, Thursday, April 1, 2021

THE TRIBUNE

Biden announces huge infrastructure plan to ‘win the future’ in America PITTSBURGH Associated Press PRESIDENT Joe Biden outlined a huge $2.3tn plan yesterday to reengineer the nation’s infrastructure in what he billed as “a once in a generation investment in America” that would undo his predecessor’s signature legislative achievement of giant tax cuts for corporations in the process.

Speaking at a carpenters union training center in Pittsburgh, Biden drew comparisons between his hard-hatted proposed transformation of the US economy and the space race — and promised results as grand in scale as the New

PRESIDENT JOE BIDEN

Deal or Great Society programs that shaped the 20th century.

“It’s not a plan that tinkers around the edges,” Biden said. “It’s a once-ina-generation investment in America unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago. In fact, it’s the largest American jobs investment since World War II. It will create millions of jobs, good-paying jobs.”

White House officials say the spending would generate those jobs as the country shifts away from fossil fuels and combats the perils of climate change. It is also an effort to compete

with the technology and public investments made

by China, which has the world’s second-largest economy and is fast gaining on the United States’ dominant position.

“I’m convinced that if we act now, in 50 years people are going to look back and say this is the moment when America won the future,” Biden said.

The Democratic president’s infrastructure projects would be financed by higher corporate taxes — a trade-off that could lead to f ierce resistance from the business community and thwart attempts to work with Republican lawmakers. Biden hopes to pass an infrastructure plan by summer, which could mean relying solely on the slim Democratic majorities in the House and the Senate.

The higher corporate taxes would aim to raise the necessary piles of money over 15 years and then reduce the deficit going forward. In doing so, Biden would undo the action by Trump and congressional Republicans to lift the corporate tax rate to 28% from the 21% rate set in a 2017 overhaul.

“Ninety-one Fortune 500 Companies, including Amazon, pay not a single solitary penny in income tax,” Biden said.

Yesterday’s announcement will be followed in coming weeks by Biden pushing a companion bill of roughly equal size for investments in child care, family tax credits and other domestic programs. That nearly $2tn package would be paid for by tax hikes on wealthy individuals and families.

“Wall Street didn’t build this country,” Biden said.

“You, the great middle class, built this country. And unions built the middle class.”

Biden’s choice of Pittsburgh for unveiling the plan carried important economic and political resonance. He not only won Pittsburgh and its surrounding county to help secure the presidency, but he launched his campaign there in 2019. The city famed for steel mills that powered America’s industrial rise has steadily pivoted toward technology and health care, drawing in college graduates in a sign of how economies can change.

The White House says the largest chunk of the proposal includes $621bn for roads, bridges, public transit, electric vehicle charging stations and other transportation infrastructure. The spending would push the country away from internal combustion engines that the auto industry views as an increasingly antiquated technology.

An additional $111bn would go to replace lead water pipes and upgrade sewers. Broadband internet would blanket the country for $100bn. Separately, $100bn would upgrade the power grid to deliver clean electricity. Homes would get retrofitted, schools modernised, workers trained and hospitals renovated under the plan, which also seeks to strengthen US manufacturing.

The new construction could keep the economy running hot, coming on the heels of Biden’s $1.9tn coronavirus relief package.

Economists already estimate it could push growth above 6% this year.

To keep companies from shifting profits overseas to avoid taxation, a 21% global minimum tax would be imposed. The tax code would also be updated so that companies could not merge with a foreign business and avoid taxes by moving their headquarters to a tax haven. And among other provisions, it would increase IRS audits of corporations.

Biden appealed for Republicans and the business community to join him in negotiations on the bill, but the legislative prospects for Biden’s twin proposals already appear to hinge on Democrats

coming up with the votes on their own through the budget reconciliation process, which requires just a simple majority in the 50-50 Senate.

“I’m going to bring Republicans into the Oval Office, listen to them, what they have to say and be open to other ideas,” Biden said. “We’ll have a good faith negotiation. Any Republican who wants to help get this done. But we have to get it done.”

Democratic leaders embraced Biden’s plan yesterday. Senate Majority Leader Chuck Schumer of New York said it would create millions of jobs.

“I look forward to working with President Biden to pass a big, bold plan that will drive America forward for decades to come,” Schumer said at an event in Buffalo.

But key GOP and business leaders were already panning the package.

“It seems like President Biden has an insatiable appetite to spend more money and raise people’s taxes,” Rep Steve Scalise of Louisiana, the GOP whip, said in an interview.

Senate Republican leader Mitch McConnell dismissed Biden’s package as nothing more than a “Trojan horse” for tax hikes.

The business community favors updating US infrastructure but dislikes higher tax rates. US Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley, said in a statement that “we applaud the Biden administration for making infrastructure a top priority. However, we believe the proposal is dangerously misguided when it comes to how to pay for infrastructure”. The Business Roundtable, a group of CEOs, would rather have infrastructure funded with user fees such as tolls.

Trump, in a statement, blasted his successor’s proposal, claiming it “would be among the largest selfinflicted economic wounds in history”.

Infrastructure spending usually holds the promise of juicing economic growth, but by how much remains a subject of political debate.

Commutes and shipping times could be shortened, while public health would be improved and construction jobs would bolster consumer spending.

Standard & Poor’s chief US economist, Beth Ann Bovino, estimated last year that a $2.1tn boost in infrastructure spending could add as much as $5.7tn in income to the entire economy over a decade. Those kinds of analyses have led liberal Democrats in Congress such as Washington Rep Pramila Jayapal to conclude on Tuesday, “The economic consensus is that infrastructure pays for itself over time.”

But the Biden administration is taking a more cautious approach than some Democrats might like. After $1.9tn in pandemic aid and $4tn in relief last year, the administration is trying to avoid raising the national debt to levels that would trigger higher interest rates and make it harder to repay.

Biden’s efforts may also be complicated by demands from a handful of Democratic lawmakers who say they cannot support the bill unless it addresses the $10,000 cap on individuals’ state and local tax deductions put in place under Trump and a Republicanled Congress.

With a narrow majority in the House, they could conceivably quash any bill that doesn’t significantly lift the cap or repeal it entirely.

“I can only vote for a bill that has meaningful tax impact for my constituents if it addresses the SALT cap,” tweeted Rep. Tom Malinowski, D-NJ. “We say No SALT, no deal,” said Democratic Reps Tom Suozzi of New York and Bill Pascrell and Josh Gottheimer of New Jersey in a joint statement.

THE TRIBUNE

Thursday, April 1, 2021, PAGE 11

Yellen says regulatory panel to look at 2020 market turmoil WASHINGTON Associated Press LAST year’s coronavirustriggered market turmoil exposed vulnerable areas in the US economy that need to be addressed by the nation’s top-level financial supervisory group, Treasury Secretary Janet Yellen said yesterday.

Yellen told members of the Financial Stability Oversight Council that she wants the panel to examine what needs to be done to better protect the financial system from further turmoil. It should also study the impact of climate change on the stability of financial institutions, she said.

“Almost exactly one year ago, the pandemic’s outbreak caused significant stress in the economy and in the financial system,” Yellen told the panel during its public session. “In response to the deep uncertainty, investors sought safety in the form of cash and sort-term government securities. Bond markets became illiquid.”

Yellen said that the country is now “digging out of a deep hole”, but she said the hole could have been

Congress and by the regulations passed in response to the 2008 financial crisis.

“But the fact that extreme policy interventions were still required to support market functioning should serve as a clear reminder: We have to do more to address vulnerabilities in the financial system,” Yellen said.

Her comments marked a change in tone from the Trump administration. ThenTreasury Secretary Steven Mnuchin and other panel members searched for ways to lessen the burden of financial regulations that had been imposed by the Dodd-Frank Act passed in response to the TREASURY Secretary Janet Yellen speaks during a virtual roundtable with participants from Black Chambers of Commerce across the country to discuss the American Rescue Plan in Washington. Last year’s coronavirus-triggered market turmoil exposed vulnerable areas in the US economy that need to be addressed by the nation’s top-level financial supervisory group, Yellen said yesterday.

Photo: Jacquelyn Martin/AP even deeper if not for swift rescue actions by the Federal Reserve, Treasury and

LEGAL NOTICE

KAISER VENTURES LIMITED Company No. 492892 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that KAISER VENTURES LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 29th March, 2021 and Dr. Oliver Nesensohn of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein been appointed as the Sole Liquidator.

Dated this 29th day of March, 2021 Sgd. Dr. Oliver Nesensohn Voluntary Liquidator LEGAL NOTICE

NOTICE

GOLDHUB LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

GOLDHUB 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 30th March, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 1st April, A. D. 2021 _________________________________ Bukit Merah Limited Liquidator

2008 financial crisis.

The stability panel, which was created by the Dodd-Frank law to address failures to coordinate oversight, includes the heads of government regulatory agencies including Treasury, the Federal Reserve, the Office of the Comptroller of the Currency and the Securities and Exchange Commission.

While yesterday’s session was Yellen’s first as chair of the panel, she had served as a member for the four years she served as chair of the Fed. Yellen said the examination of last year’s financial market turmoil would include a review of

potential reforms for money market mutual funds and the operation of hedge funds.

Yellen said the council’s review would also address ways to make the Treasury securities market more resilient to future disruptions.

The council will also examine ways to make financial institutions more resilient to the threats imposed by climate change, she said.

“We know that storms will hit us with more frequency and more intensity,” Yellen said. “Our financial system must be prepared for the market and credit risks of these climate-related events.”

PAGE 12, Thursday, April 1, 2021

THE TRIBUNE

China’s Huawei says 2020 sales rose despite US sanctions

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BEIJING Associated Press CHINESE tech giant Huawei said yesterday it eked out higher sales and profit last year but growth plunged after its smartphone unit was hammered by US sanctions imposed in a fight with Beijing over technology and security.

China’s first global tech brand reported sales of phones, network gear and other technology rose 3.8% over 2019 to 891.4 billion yuan ($135.8bn), a decline from the previous year’s 19.1% growth. That was propelled by a 15.4% gain in China, while sales in other markets shrank.

Huawei Technologies Ltd is struggling to keep its global markets after then-President Donald Trump in 2019 cut off access to US processor chips and other technology.

Huawei was the top-selling smartphone brand in the second quarter of 2020 but fell out of the global top five after losing Google’s music and other popular services.

“We think this is a very unfair situation to Huawei. It has damaged us a lot,” chairman Ken Hu said at a news conference at Huawei headquarters in the southern city of Shenzhen.

The results reflect the damage from sanctions and point to a possible future for Huawei that focuses on China and on networks and other products that are less vulnerable to foreign pressure.

Huawei, which denies accusations it might aid Chinese spying, sold its lower-priced Honor smartphone brand in hopes of reviving sales by separating it from the sanctions on the parent company.

Huawei says it has a stockpile of US chips for its high-end smartphones but executives have said those are running out. Trump expanded sanctions by barring global suppliers last year from using US technology to produce chips for Huawei.

Economists and political analysts expect little change under President Joe Biden,

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 31 MARCH 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1963.78

6.92

%CHANGE

YTD

YTD%

0.35 -128.68

-6.15

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.95 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.01 4.07 6.16 12.00 2.75 6.85 10.71 9.00 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 4.95 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.40 2.99 5.67 9.75 2.70 6.84 10.81 9.00 14.00 3.80 8.35 15.50

CLOSE 4.95 32.12 1.62 2.90 1.59 6.00 6.74 3.56 4.40 2.99 5.67 9.75 2.69 6.84 10.88 9.00 14.00 3.94 8.35 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGRS710237 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 102.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 102.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 104.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.25 100.00

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BSBGR FX BSBGR1200371 BGRS FL BSBGRS710237 BGRS FX BSBGR1322498

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.34 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.07 0.00 0.00 0.14 0.00 0.00

VOLUME

2,805 2,000

100 3,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 20.7 34.5 N/M N/M N/M N/M 18.3 -8.1 31.4 16.3 12.6 13.5 26.4 14.6 16.8 12.4 17.2 19.4 8.9 24.6

YIELD 3.43% 3.92% 1.23% 1.03% 0.00% 0.00% 3.86% 0.00% 0.00% 4.01% 3.88% 7.38% 16.13% 0.88% 3.01% 2.67% 3.86% 3.05% 2.40% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 4.53% 5.65%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 22-Oct-2023 15-Oct-2049

MATURITY

MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.83 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.40 4.44 2.15 201.90 184.85 1.68 1.73 1.75 1.03 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79

YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.36% 0.77% -3.49% -4.68% -0.85% -0.65% -1.79% -16.80% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%

NAV Date

31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 28-Feb-2021 28-Feb-2021 28-Feb-2021 28-Feb-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

A SHOPPER tries out the smartphones at a Huawei store in Beijing. Chinese tech giant Huawei said yesterday it eked out a gain in sales and profit last year but growth plunged after its smartphone unit was hammered by US sanctions imposed in a fight with Beijing over technology and security.

Photo: Ng Han Guan/AP who succeeded Trump in January. The founder of Huawei, Ren Zhengfei, said in February he sees little chance that sanctions will be lifted.

Hu didn’t respond directly when asked how Huawei would cope if sanctions remain and when China’s fledgling tech industry might supply the advanced chips it needs. But he said US suppliers have lost $10bn-20bn in annual sales to Huawei and expressed hope for unspecified “help from national leaders around the world” to restore interaction with global chip suppliers.

“We hope they can help us to restore this kind of cooperation in the semiconductor industry,” he said.

Hu expressed confidence global sales will rebound once the coronavirus pandemic is brought under control.

“I’m pretty positive about 2021 performance in regions outside China, but I’m not able to give you a definitive forecast,” he said.

The clash with Washington prompted the ruling Communist Party to make transforming China into a self-reliant “technology power” this year’s top economic priority. The Finance Ministry announced this week chipmakers will be exempt from import taxes on equipment and raw materials through 2030.

Huawei said 2020 profit edged up 3.2% to 64.6 billion yuan ($9.8bn), decelerating from 2019’s 5.6% growth.

Sales growth was the weakest since a one-year contraction in the early 2000s after the tech industry was shaken by the collapse of share prices for internet companies on Wall Street, according to the company.

Sales of smartphones and other consumer products rose 3.3% over 2019 to 487 billion yuan ($74.1bn), or 54% of total revenue.

That was down from a 34% increase in 2019.

In a show of technical prowess, the company unveiled a folding

smartphone in February with an eight-inch-wide (20-centimeter-wide) screen. But it said the Mate X2 will be sold only in China, possibly reflecting shortages of processor chips to manufacture it.

Research and development spending, already among the highest for any company, rose to 141.9 billion yuan ($21.6bn), according to Huawei. That was 16% of revenue, up from about 10% in previous years.

Sales in 2020 were hurt by the coronavirus pandemic.

The 15.4% sales growth was less than half of 2019’s 36.2%.

Network equipment sales to global phone carriers were flat at 302.6 billion yuan ($46.4bn) after Washington pressured European and other allies to exclude Huawei as they upgrade to next-generation technology.

Chinese officials accuse Washington of using phony security accusations to hurt a rising competitor.

The two governments, along with Canada, are fighting over the arrest in Vancouver of a Huawei executive, Meng Wanzhou, who is Ren’s daughter. She is fighting extradition to the United States on charges related to possible violation of US trade sanctions on Iran.

Two former Canadian diplomats were arrested in China and are being prosecuted on spying charges in what is widely seen as an attempt to pressure Prime Minister Justin Trudeau’s government to release Meng.

As more people worked remotely, technology sales to manufacturers, health care and other businesses jumped 23% in 2020 to 103.4 billion yuan ($15.4bn), up from 2019’s 8.6% gain.

Huawei says it is owned by the Chinese employees who make up half its workforce of 197,000 in 170 countries. The company began reporting financial results a decade ago in an attempt to defuse Western security concerns.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PRUDENCE LOUISE THOMPSON-RICHARDS, of Faith Gardens, Charles Drive #25 Apartment Nassau, Bahamas intend to change my name to PRUDENCE LOUISE SMITH. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DORESE ELIZABETH WINTER, of #7 Boatswain Hill, Nassau, Bahamas intend to change my name to DORESE ELIZABETH LAING. 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 NOTICE is hereby given that PRESENDIEU DIEUVEUIL, of Ethel Street off Robinson Road, 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 twenty-eight days from the 1st day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 16, Thursday, April 1, 2021

THE TRIBUNE