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THURSDAY, APRIL 21, 2022
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Fishermen fret despite ‘best ‘Reclaiming lost ground’: Gov’ts lobster season for 30 years’ digital asset plan By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN fishermen, who have just enjoyed “the best lobster season for 30 years”, are now fretting over a potentially fallow summer due to a “tripling” of expenses brought on by soaring fuel prices. Keith Carroll, the Bahamas Commercial Fishers Alliance’s (BCFA) vice-president, told Tribune Business in a recent interview that the industry may think twice about making trips to catch other species between now and crawfish season’s August 1 re-opening when they will have to “spend almost $30,000 before they leave the dock”. Disclosing that the sector was fortunate to largely escape soaring global fuel prices prior to lobster season’s end-March closure, he said: “It didn’t affect us that much during lobster season because we had a good price on the crawfish. The season closed at $21 a pound, and we’re usually at $15-$16 a pound. Even though the price of fuel was higher than normal, the price of lobster was higher than normal. It almost balanced out. “This season, for most fishermen, was the best season we’ve had for about 30 years production wise and on price. We got rid
• Soaring fuel costs lead to ‘tripling’ of expenses • Now costing $30k ‘before boat leaves the dock’ • Sector may think twice on summer fishing trips of the poachers, we got rid of the Dominicans, foreigners working on Bahamian vessels, and then with the Royal Bahamas Defence Force we didn’t see one poaching vessel this season, not one Dominican boat. “However, it feels like we got rid of one problem and then another one comes along. It was COVID-19, and then that started to ease up, and then fuel prices go up and all kinds of different things.” As a result, Mr Carroll said a buoyant lobster season has swiftly given way to uncertainty and how fishermen and their families will support themselves over the next three months until crawfish season re-opens.
No choice but to ‘ride out’ inflation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS has no choice but “to ride out” escalating inflationary pressures, a governance reformer warned yesterday, although continued strong economic growth forecasts
could produce “a compensating effect”. Hubert Edwards, head of the Organisation for Responsible Governance’s (ORG) economic development committee, told Tribune Business the International Monetary
SEE PAGE FIVE
Marrying blockchain with carbon trading By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT’S newly-released digital assets policy proposes employing blockchain technology to help record the trading of Bahamian carbon assets and the activities of a wider “Caribbean market”.
The so-called ‘white paper’, which was released yesterday entitled The Future of Digital Assets in The Bahamas, seeks to marry a potential economic growth sector with the fight against climate change and the country’s efforts to tap
SEE PAGE SIX
The fish species they are allowed to catch during this period typically generate less financial rewards, and he added: “We don’t know how it’s going to be this summer. Crawfish season is closed and we have to look for fish.” While sales remained strong through Easter, due to Good Friday and holiday traditions, Mr Carroll said fishermen are concerned consumers may cut back on consumption due to the prevailing high prices moving forward. “Snapper usually goes for $180 a bag. Now it’s almost up to $300,” he told Tribune Business. “The fuel
SEE PAGE FIVE
• ‘Incredible opportunity on finance’s new frontier’ • PM unveils goal to be Caribbean’s ‘leading hub’ • But firm regulation set to ‘keep out bad actors’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has “an incredible opportunity to reclaim lost ground and be part of finance’s new frontier”, digital asset specialists argued yesterday, as they hailed the Government’s release of its “vision” for the $3trn industry. Andrew Rolle, the Bahamas Investments and Securities Business Association president, told Tribune Business that the policy position unveiled by
the Prime Minister in Parliament “is another step in The Bahamas positioning itself as a world digital assets leader”. The ‘white paper’, entitled The Future of Digital Assets in The Bahamas, seeks to balance signalling to crypto, blockchain and non-fungible token (NFT) providers that this nation is ‘open for business’ with the necessary risk-based regulatory approach to protect the country’s reputation and the interests of investors/ consumers.
SEE PAGE FOUR
Bahamas can be ‘first out gate’ over carbon credits By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS has “the ability to be first out the gate” in the Caribbean, and earn a potential multimillion dollar boost from the climate change fight, through legislation tabled in Parliament yesterday. Eric Carey, the Bahamas National Trust’s (BNT) executive director, told
Tribune Business that the Climate Change and Carbon Markets Bill enables this nation “to lead from the front” in developing a legal and financial framework to regulate the potential trading of its carbon credits. Prime Minister Philip Davis QC, tabling the Bill for its first reading in the House of Assembly, said the legislation would allow The Bahamas to benefit
from its natural resources - chiefly mangroves, seagrass, coral reefs and forests - that act as a “carbon sink” by removing this gas from the earth’s atmosphere. The Davis administration, ever since it took office, has been exploring how to monetise these assets and generate a potentially lucrative
SEE PAGE SIX
ERIC CAREY
PAGE 2, Thursday, April 21, 2022
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ACCESS ACCELERATOR TEAMS TO BOOST BAHAMIAN EXPORTS THE Access Accelerator Small Business Development Centre (SBDC) recently teamed with the Caribbean Export and Development Agency (CEDA) to host a training session aimed at making small businesses export-ready. The two-day workshop took place at the Access Accelerator’s new offices on Gladstone Road and was attended by its staff, clients and CEDA representatives from Barbados. The workshop focused on three main topics: Assessing export readiness; Identifying target markets; and The efficient use of market tools. LaMonica Glinton, a workshop attendee, said the event gave her a new outlook on how to expand her business. She added: “The export readiness workshop was really insightful and gave me a new perspective on simple things that I can do to expand my business into other countries successfully.”
During the trip, CEDA representatives met with Access Accelerator executives to discuss the organisation’s work in The Bahamas, the purpose of their visit and goals for their partnership. Allyson Francis, services specialist at CEDA, said: “The Caribbean Export and Development Agency is here to understand the needs of the private sector and to ensure that we respond to the needs. We’ve been working with The Bahamas since our establishment in 1996 under an inter-governmental agreement. “As a good member we want to make sure that we respond to the needs of The Bahamas’ overall private sector development, increasing exports and creating jobs. It is all about building businesses to transform lives to create jobs. “Once we understand the needs of the private sector then we can drill down to the specifics, and have very targeted interventions
for private sector development. We have several programmes that we can implement through the Access Accelerator and the Government for private sector development, while offering tools to help the organisation further analyse the specific needs of its clients to build programmes around the needs.”
BPL to host Caribbean energy leaders summit
Nicholas Higgs, the Access Accelerator’s chief operations officer and director, described the partnership with CEDA as extremely beneficial and welcomed further opportunities for collaboration. “The Access Accelerator and CEDA have partnered multiple times to get Bahamian entrepreneurs’ knowledge in key
areas for development. This has been a rewarding and valuable partnership,” Mr Higgs said. “We definitely look forward to continuing this partnership to provide Bahamians with the training to expand and enter new markets.” The Access Accelerator is the product of a tripartite arrangement between the Government, through
the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre works to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.
BAHAMAS Power and Light (BPL) will host the annual regional electrical utility leaders’ conference from May 15-19, marking the event’s return to inperson meetings following a two-year gap caused by COVID-19. The Bahamian power provider will team with CARILEC, the regional electrical utility body, to stage the Chief Executive Officers’ and Leadership Conference. It will be held alongside a Legal Officers’ and
Corporate Secretaries’ Track slated for May 18-19. The annual industry summit, which has been staged for more than 30 years, will be held at Atlantis under the theme Leadership matters: Living and learning through disruption and dislocation. More than 150 Caribbean electricity executives and international energy players are expected to attend, with the even having received “substantial support” from the Government,. Whitney Heastie, BPL’s chief executive, said: “The Chief Executive Officers’ and Leadership Conference is highly subscribed to by top-tier professionals from both the demand and supply sides of the industry alongside international agencies, policymakers, non-governmental organisations (NGOs) and consultants from the region’s energy and electricity industries.
“It offers a unique opportunity to consolidate, share and assimilate various learnings and experiences, and set the stage for building even greater solidarity and resilience in the Caribbean electric energy sector. Such a unique forum has never been more essential, as regional energy and electricity leaders continue to grapple, learn and live through the lasting effects of the COVID-19 pandemic.” Several critical topics will be explored, including how to effectively manage performance in a virtual world; meeting disruption with innovation; cultivating compassionate leadership during a crisis; the impact of COVID-19 on energy transitioning; leading a hybrid organisation; and how to achieve an ‘optimal’ worklife balance amidst digital tools and 24/7 connectivity.
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Thursday, April 21, 2022, PAGE 3
ATLANTIS IN MULTI-MILLION PRODUCT REFRESHMENTS ATLANTIS yesterday unveiled further multi-million dollar renovations and partnerships designed to refresh its product offering and provide guests with an upgraded experience. The Paradise Island mega resort, in a statement, said Chef Michael White will join Nobu Matsuhisa and José Andrés in making Atlantis a destination featuring three Michelin star-rated chefs. The former chef/owner of multiple New York restaurant brands, including Convivio, Alto, Ai Fiori and Marea, will serve Italian cuisine when Paranza at The Cove opens this year. Atlantis said it is also adding Pita, a Mediterranean-style beachside concession located near Aquaventure, offering home-made shawarma, falafel, chilled bites, dips, salads and desserts as it moves to complete room
renovations at the Royal Towers. Upgrades to all guest rooms and suites in The Royal East Tower are due to be finished by summer 2022, and be closely followed by newly-renovated rooms and suites in The Royal West Tower. Atlantis said the new designs celebrate The Bahamas’ natural aquamarine waters, white sand beaches and coral reefs. In addition, the Royal Towers’ Bridge Suite will undergo a full renovation that will be completed next year. Atlantis has already unveiled the partnership that will see the Beach Towers rebranded under a different name for the first time in its 28-year history. It has teamed with Grammy Award-winning musician and producer, Pharrell Williams, and his business partner David Grutman, in a deal that was hailed by Chester
ENTRANCE TO ATLANTIS Cooper, deputy prime minister, as creating “another standout” for the Bahamian tourism product. The duo will transform the now-closed Beach Towers into a 400-room property called Somewhere Else, which is set
to open in January 2024 after undergoing extensive renovations. Few specifics have been provided on what a rebranded Beach Towers will ultimately look like, although restaurants and bungalows featuring recording studios were said to be part of the project.
Somewhere Else will be priced somewhere between the hotel market’s most affordable rooms and highend luxury. This is the first time since Atlantis opened in December 1994 where it will be branded by a name that is not its own.
Bahamas law firm expands to Turks A BAHAMIAN law firm has unveiled international expansion plans through the opening of an office in the Turks & Caicos Islands. ParrisWhittaker, the Grand Bahama-based law firm which earlier this year
revealed plans to expand via a Nassau office, said in a statement that it is eyeing growth further afield. “We are blessed to be seeing clients from a broader geographic area in recent months and years.
This expansion will help us meet the new demand, and enable us to offer our clients even more services,” said Kenra Parris-Whittaker, partner of ParrisWhittaker. “Having a physical presence, and an office in Turks
and Caicos, ensures that we’re able to help as many people as possible, and ensure that people and business owners don’t have to travel far to work with us. It’s just one of the many ways that we put our clients first.” Its Turks and Caicos expansion features a partnership with local attorney, George C. Missick. “I’m incredibly excited to be working with Arthur, Jacy, Kenra and the entire team
at ParrisWhittaker. I believe this is a classic win-win. The firm wins by expanding their reach and the breadth of services they can offer. Meanwhile, the community wins by gaining ParrisWhittaker’s name and reputation,” said Mr Missick. “The boutique law firm model is really the best way to truly serve your clients. We have the experience to fight and win multi-jurisdictional claims in and outside
Meanwhile, other amenities set for an upgrade include the Atlantis casino, with renovations to include the expansion of its two onsite lounges, a high-limit slots lounge, and expansion of the exclusive gaming salon. The Cove, which recently introduced the Lapis Club Lounge, has also debuted its Sapphire Services concierge offerings. These include bookable experiences such as beach dinners, exclusive programming at the resort’s 14-acre marine mammal habitat, Dolphin Cay, and private cabanas. “We could not be more excited for all of the developments coming to Atlantis this year,” said Audrey Oswell, Atlantis president and managing director. “With these incredible additions, we are continuing Atlantis’ legacy of offering guests endless, immersive experiences during their stay.” the courtrooms. Yet we’re still accessible enough to stand up and fight for hardworking business owners in the community. You don’t need big law to get big experience or big success.” Mr Missick is also a notary public for the Turks and Caicos and The Bahamas. He specialises in representing resorts, banks, developers, institutions and individual clients. A former president of the Turks and Caicos Bar Association, he has also been retained previously as an expert witness in the US regarding questions of Turks and Caicos law.
PAGE 4, Thursday, April 21, 2022
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‘RECLAIMING LOST GROUND’: GOV’TS DIGITAL ASSET PLAN FROM PAGE ONE
Indicating The Bahamas’ eagerness to attract blue-chip operators of the same calibre as FTX Digital Markets, one of the world’s largest crypto currency exchanges, who wish to operate in a compliant environment, the paper lists multiple broad-brush goals and policy objectives that the Government wishes to achieve in building a sustainable digital assets sector. Pledging to work with the Central Bank and private sector to enable Bahamians to invest in digital assets using Bahamian dollars, and thus overcome a key complaint of many locals, the ‘white paper’ also promised to this year establish a Digital Policy Committee and Digital Advisory Panel to advise the Government on how best it can facilitate the sector’s growth via legislative and policy initiatives. The Committee will be headed by the Prime Minister, be charged with overseeing the attainment of the Government’s digital policy objectives, while the Panel will feature industry and regulatory executives functioning in a capacity that will see them advise the former. And, perhaps critically, the ‘white paper’ also focused on enabling Bahamian entrepreneurs and
workers to exploit digital assets opportunities by providing them with the necessary skills upgrades. It calls for a partnership between the University of The Bahamas (UoB), Securities Commission and private sector to develop crypto asset-related courses, certifications and degrees. To help finance this, the Government says it is mulling whether to impose a “development and training” levy - sum and mechanism not specified - on “the largest digital asset businesses” to ensure The Bahamas can provide the qualified, welltrained workforce that can help attract other operators to domicile in this nation. Philip Davis QC, addressing the House of Assembly on the ‘white paper’, said it was designed to both place The Bahamas “at the vanguard of this new frontier” and drive increased economic growth. He added that it could modernise, and diversify, the country’s long-standing economic model, asserting that this nation cannot afford to “sit still” following COVID-19’s devastating impact. “We have a vision to transform The Bahamas into the leading digital asset hub in the Caribbean, and a global leader in the progressive regulation of businesses in this profoundly innovative
PHILIP DAVIS QC space,” the Prime Minister added of the ‘white paper’s’ ultimate goal. “Taken together, fulfilment of these objectives will encourage the growth of an exciting new industry while protecting consumers, businesses and investors. They will also offer safeguards against systemic risks which may emerge. They will also help to promote and defend the competitiveness of The Bahamas and offer new opportunities for Bahamians and international investors alike. We wish for
our country and our people to be seen as innovators, to stand among the first and best as a great place to do business.” Mr Rolle, who has partnered with fellow Bahamian financial services executive, Brian Jones, to create Agio Digital, a digital assets “pioneer” set to launch shortly, told Tribune Business that the ‘white paper’ “complements and enhances” the Digital Assets and Registered Exchanges Act - the legislative foundation for
The Bahamas’ entrance into the sector. “I think it’s another step in The Bahamas positioning itself as a digital assets leader in the world,” he added. “I think financial services is going through a major overhaul in terms of the delivery of services and the emergence of new types of assets, the pace of which is breathtaking and it’s hard to grasp it.” The Government’s policy position release, Mr Rolle said, “bodes well for The Bahamas where we have a robust and innovative enough framework, and where we have well-established global leaders like FTX”. Although the potential benefits for the financial services industry and wider Bahamian economy cannot be quantified at this time, he added that the digital assets/FinTech (financial technology) space will boost both local entrepreneurial activity and jobs. With The Bahamas having spent more than two decades seeking to re-establish a competitive advantage in financial services, Mr Rolle said of digital assets: “I think it absolutely will present us with a great opportunity to reclaim lost ground. “I think that with the novelty of digital assets and well thought through but aggressive forward-thinking of the Securities Commission, successive administrations and stakeholders such as the Bahamas Financial Services Board (BFSB), I think this is an incredible opportunity for The Bahamas to reclaim lost ground and be part of the new frontier of finance that all the world is watching and trying to find potential opportunities to participate in.” Valdez Russell, FTX’s vice-president of communications and corporate social responsibility, yesterday told Tribune Business that it hoped the ‘white paper’s’ release will attract rival crypto currency exchanges and other digital asset providers to domicile here and do business from this jurisdiction. “We believe that the Government of The Bahamas continues to move in a progressive direction around the digital assets space, and it is our hope that this ‘white paper’s’ release... will allow The Bahamas to remain at the forefront of policies and plans to create a welcome jurisdiction for other exchanges to do business in the country. “We hope it attracts more of our colleagues, and we hope it creates new opportunities for young and brilliant Bahamians to contribute to our national economy.” Mr Russell added that FTX backed the Government’s plan to work with the Central Bank to facilitate Bahamian dollar investments in digital assets. This has been an issue for many locals, who have complained about having to go through exchange control to obtain foreign currency for such investments. “We have had numerous requests from Bahamians who want to participate on the exchange, and we’re pleased that they are
making the necessary steps to cause this to happen because this creates ownership in the country and allows Bahamians to contribute in a meaningful way,” Mr Russell added. Mr Davis yesterday reiterated the Government’s intent to “keep out bad actors” with a well-regulated, compliant digital assets sector. “While we recognise the extraordinary opportunities afforded by digital assets, we also recognise the risks and thus we emphasise the importance of effective regulation. We will attract the best companies and keep out bad actors,” the Prime Minister added. “Digital assets companies associated with our jurisdiction must operate fairly and in the interests of customers. We must ensure that customers’ money and assets are properly safeguarded, and that measures are in place to detect and prevent financial crime. In doing so, at the same time The Bahamas will be meeting its international obligations, upholding our reputation, and mitigating the inevitable risks associated with the introduction of new technologies.” The Government’s ‘white paper’, outlining the potential economic benefits to The Bahamas, said the total dollar value of digital assets globally had expanded from zero in 2008, just prior to Bitcoin’s launch a year later, to $3trn by November 2021. “The Government’s approach to digital assets builds on examples of successes in other countries, including Gibraltar, Switzerland, Liechtenstein and France. We have also considered current and proposed regimes in places such as the US, the UK, the European Union, Dubai, Singapore, Japan and Australia,” the paper said. “We have sought to formulate a balanced policy that safely encourages innovation and fosters opportunity, while adhering to best practices and rigorous standards along with meeting our international obligations..... Volatility in the value of crypto assets remains high, and therefore they are not suitable for all investors. While the opportunity for making money in digital assets is high when prices go up, so too is the risk of suffering losses when prices go down. “These risks, and the risks associated with financial crime such as fraud, money laundering and illicit financing, necessitate proportionate and relevant policy responses. Many jurisdictions fail to strike the right balance between, on the one-hand, effective risk-adjusted regulation appropriate to a novel and burgeoning industry and, on the other, supporting the growth and economic potential that innovative financial technology can bring.”
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Thursday, April 21, 2022, PAGE 5
FISHERMEN FRET DESPITE ‘BEST LOBSTER SEASON FOR 30 YEARS’
FROM PAGE ONE
that’s $6,000 to $7,000, and then there are groceries, motor oil, water. You’re going to have expenses of almost $30,000 before you leave the dock. “And if you go fishing this summer, you are not going to make as much money as if you are going for lobster. We don’t know what is going to happen. We may have to wait until lobster season starts again and hope the price goes up. In the summer, you go out and make one or two trips. It’s not the same money; it’s not that much.
“What you spent last year for fishing, this year you will have to spend double or triple to make those trips. If you spent $1,000 last season to make $5,000, you now have to spend $3,000 to make the same $5,000. The expense has tripled.” Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business that increased fuel costs were “a killer” for himself and other operators.”To think that last year we were able to get diesel at $3.40 a gallon or thereabouts, and now it’s a $5 and, in some places
in the Family Islands it’s even more expensive, it really cuts into profitability and makes it a lot harder to get a trip going because you have to invest so much more,” he said. “The fuel is not the only thing to worry about. The price of fuel is causing everything to go up. I’m finding my trips to be costing an extra $500 to $1,000, and I’m just a small fisherman. My trips are only about three to four days. Some of the guys are going out for three to four weeks, sometimes even longer. Their fuel costs and prices
are going up exponentially already. “It’s so hard not to pass that increased cost on to the customer. Fishing is already expensive in many cases, and I hate to be part of inflation. We’ve not done that so far. If these cost increases persist for weeks longer, fishermen may have to adjust their prices.” Mr Maillis echoed Mr Carroll’s assessment of crawfish season, adding that Bahamian lobster prices and associated demand had benefited from COVID-19 lockdowns and other restrictions that had
impacted competitor markets such as South Africa, Australia and the US west coast. “They have had serious lockdowns and restrictions on fishing that helped to narrow the market and create high demand and prices for our product,” he said. Mr Maillis added that The Bahamas had also benefited from its Marine Stewardship Council (MSC) designation, which affirms the quality of its lobster exports.
NO CHOICE BUT TO ‘RIDE OUT’ INFLATION
out of this upheaval, will we be in a better position to ride out the next one? ‘Will we learn the lessons from COVID-19? Will we learn the lessons from a high inflation environment? Will we get more creative in searching for goods? Will we get more creative in diversifying the economy? Will we do these things so that when the next shock hits we will be in a better position to ride it out? I hope we’re not going through this crisis and wasting it, but using this to make the country better and stronger. “This is the reason why we must prepare for a rainy day. We have to run the economy in such a way that we have savings and a buffer for counter-cyclical spending. We’re currently going through a big period of upheaval because of the pandemic and war, but at the end of the day the country must be put in a position to secure more robust growth and grow savings through the likes of a sovereign wealth fund. We have to have something to call on.” Inflation erodes living standards and raises the cost of living, especially in an environment where wages and salaries are relatively stagnant. It also causes particular problems for those on fixed incomes, such as pensioners, and erodes the value of savings and dollar purchasing power, hitting the lower and middle classes hardest. The current price surge has been driven by the fall-out from the COVID19 pandemic, where the supply chain backlog and
crisis has meant producers are unable to catch up with soaring demand as the world economy reflates. Shortages have resulted, and oil price increases and volatility - made worse by Russia’s invasion of Ukraine - have further fuelled global inflation. “I think it’s a significant threat for a number of
reasons,” Mr Edwards said of rising inflation. “One, we’re facing these additional headwinds at a time when we’re least capable of grappling with it. We’re coming off a significant pandemic, and the impact that had, and the country’s fiscal circumstances are significantly weakened. A high inflationary environment
could make that even more so. “From a global perspective, high levels of inflation could lead to a recession and that will be the most dangerous factor for us at this particular time. A recessionary environment will have a more significant impact on the tourism market.”
and the diesel, diesel is $6.76 a gallon and it’s usually around $3.15 to $3.20. Fuel has doubled in price. The fishermen need to put fuel in to go fishing. To tell you the truth, I don’t know it many fishermen will go back out.” Detailing the typical costs incurred by fishing vessels in stocking up on fuel and provisions before they head out, Mr Carroll said: “You put 2,000 gallons of diesel in your boat, that’s [close to] $14,000. You have to buy 1,000 gallons of gasoline,
FROM PAGE ONE Fund’s (IMF) decision to maintain its 6 percent GDP growth forecast for The Bahamas could help offset the greatest sustained increase in prices this nation has seen in around 30 years. With the Fund slashing its global growth predictions due to the fall-out from Russia’s invasion of Ukraine, he added that The Bahamas’ projected economic expansion was “positive because there are some additional headwinds coming down the line. “The IMF itself has projected reduced global growth and indicated we’re going to see an increase in inflation in developing and emerging markets like The Bahamas,” Mr Edwards told this newspaper. “If we have a scenario where there is robust growth but we also have these headwinds, you might have a compensating effect.” The IMF’s growth and inflation projections for The Bahamas, released in its World Economic Outlook this week, are no different from those issued on March 21, 2022, when it issued an update on the Article IV consultation with The Bahamas. It predicted then that GDP growth of 6 percent for 2022, and 4.1 percent for 2023, both of which have been maintained. The World Economic Outlook added 1.5 percent
GDP growth for 2027, which indicates the IMF believes this nation will return to traditional anemic economic expansion once the recovery from COVID19 is complete. And the inflation data released in the World Economic Outlook is also no different from that in the Article IV consultation statement. The “period average” 7.3 percent inflation rate for 2022 is shown as dropping to 4.5 percent in 2023, then returning to a more normal 2.4 percent come 2027. This is consistent with March’s Article IV consultation, with the “end of period” inflation rates for 2022 and 2023 pegged at 6.7 percent and 3.5 percent, respectively, data which was reported on by Tribune Business almost one month ago. Mr Edwards, meanwhile, said there was little The Bahamas - as a price-taking country that imports virtually all it consumes, and produces little for itself - can do in the near-term to combat a projected 7.3 percent inflation rate that is close to mirroring that of the US. “We’re going to have to ride this thing out in the best possible way,” he told Tribune Business. “But we should not waste this window. We know the things happening today, there’s not much we can change about them. What’s important is, when we get
PAGE 6, Thursday, April 21, 2022
BAHAMAS CAN BE ‘FIRST OUT GATE’ OVER CARBON CREDITS
FROM PAGE ONE revenue stream that could finance the preservation, restoration and conservation of these ecosystems with any surplus helping to narrow The Bahamas’ annual fiscal deficits. Aiming to exploit the outcome from the COP26 climate change conference, where participating countries agreed rules on global carbon market co-operation, the Prime Minister said these now allow countries to trade carbon credits - and sell excess ones - as a means to reduce harmful emissions and minimise climate change impacts. “The Bahamas has significant resources that, with conservation and restoration, can remove carbon from the earth’s atmosphere,” Mr Davis said. “The sale of
carbon credits can aid the country in further protecting our seagrasses, mangroves, forests, and coral reefs. This means high carbon-emitting countries could buy credits from us, compensating us for the role our country can play as a carbon sink and reducing the overall total amount of carbon being emitted.” Suggesting that The Bahamas has a 28-year window in which to benefit from carbon credit trading, given that all nations have committed to become net zero emitters by 2050, Mr Davis said a sizeable voluntary carbon credit market already exists among eco-conscious companies. With 20 percent of the world’s largest 2,000 publiclytraded companies having pledged themselves to achieve a net zero emissions target, the Prime Minister added: “The provision of Bahamian carbon credits
would prove of mutual benefit for our country and these private sector entities. The first step is to map out, scientifically, the mangroves, seagrasses and forests that we have that are functioning or could function as a carbon sink.... “While this mapping and verification process is taking place, we need to set up the legal and financial frameworks that can ensure that any resulting carbon credits are managed in the best interests of the Bahamian people. That is the goal of the legislation we lay before the House today.” He continued: “By participating in and benefiting from the trade of carbon credits, The Bahamas will not be standing idly by, hoping that the rest of the world does right by us. This Bill will encourage us to positively engage with high
carbon emitting countries and companies. This Bill will ensure that the financial benefits arising from the trade in carbon credits will be well-regulated, well-run and well-managed. “And, in aligning with best practices established by the international agreements of which we are a part, this Bill will even further enhance the standing and reputation of The Bahamas as a good place to do business.” Before The Bahamas can participate in the carbon market, it must first undergo a multi-year process to establish the necessary framework for accurately valuing the nation’s carbon credit potential, then have this verified and internationally certified so trading can occur. This is what Mr Davis alluded to with his reference to “mapping”. The Bill tabled yesterday gives the Prime Minister “overall general oversight” of how it will be administered, with the minister of finance responsible for the financial elements. it permits the Government to hire an independent, private sector company with the necessary environmental and management expertise to manage The Bahamas’ carbon credit trading. An Advisory Council on the trading and management of carbon assets will also be created, with The Bahamas having three trading options - transactions with another country via a bilateral or multi-country mechanism; transactions directly with a private sector
entity; or transactions in the “voluntary carbon market”. The latter two mechanisms require Cabinet approval. A National Emissions Registry is also to be created, and the Bill features provisions that prevent so-called “double counting” - where countries and companies count the same emission reductions twice. “This Act prohibits the trade of carbon offsets without a reliable and independent auditor undertaking a validation of each project before it starts and to verify each result,” the legislation adds. Mr Carey, who acknowledged he had not read the Bill but watched its House of Assembly tabling, described the move as “very positive” and “very proactive” for The Bahamas. He added that Senator Ryan Pinder, the attorney general, had promised him “a couple of months ago” that the legislation would be tabled in Parliament shortly, adding that this had been achieved ahead of schedule. “There is a lot of work to be done,” the BNT chief told Tribune Business. “This is really the beginning, but the Government is certainly signalling that this is a pretty strong start. This is also, I think, important and strategic from a regional perspective. “I think this puts The Bahamas ahead of many other countries in the Caribbean with respect to the legal and policy framework put in place. We have the ability to lead from the front, be first
MARRYING BLOCKCHAIN WITH CARBON TRADING FROM PAGE ONE into a potentially lucrative new income stream. “Sustainability and climate change are global challenges,” the policy document said. “We believe that The Bahamas should play its part in helping address these crucial issues. We will explore ways in which the country can both do good and leverage new opportunities in this field. “We will consider the feasibility of introducing incentives for digital asset businesses that prioritise more energy efficient digital assets such as those using proof-of-stake mechanisms over those that are less energy efficient, such as those using proof-of-work. “To help mitigate the effects of greenhouse gases, we will explore the feasibility of establishing a system of carbon credits and a Caribbean carbon market using DLT (distributed ledger technology or blockchain) and operating within The Bahamas’ digital asset regime.” The Government’s policy paper also acknowledged the need for Bahamian law
firms, accountants, corporate services firms and other financial providers to adjust to the digital assets world. “Equally important is the need for banks, other regulated firms and the professions in The Bahamas to recognise the challenges of dealing with digital and largely non-face-to-face businesses and, accordingly, to expand their capabilities to support a burgeoning digital asset sector,” the paper said. “Regulated entities will need to understand that, rightly or wrongly, digital assets are perceived as being at a higher risk for money laundering than many traditional financial asserts. As such, they will have to adapt their risk management processes, develop and implement appropriate compliance policies and procedures, and conduct appropriate staff training in order for those entities to enjoy the full advantage of the growth opportunities presented by digital asset businesses.” Promising to ensure full tax compliance in a regulated Bahamian digital assets sector, the Government’s
THE TRIBUNE out of the gate and, if we verify our stocks, we will be ahead of other countries still trying to verify their strategy and legislation.” Mr Carey said it would likely take the BNT some two to three years to “get everything verified properly” from a carbon credit perspective in the areas it manages, namely the national parks and Marine Protected Areas (MPAs). “We’re still looking to work with partners, both locally and internationally, to make sure we have the resources and expertise to guide us towards making sure we can take advantage of the window still open to The Bahamas for carbon trading,” he added. “Anyone who looks at what we do as a country, we definitely have a favourable advantage because we’re not a net emitter. Across our archipelago we have a small carbon footprint. Many of the southern islands, and islands like Andros, do not have a large carbon footprint and when we’re able to verify the carbon we have for trading we’re in a very favourable position because of the net positive position The Bahamas is in.” Mr Carey said estimates of how much The Bahamas can potentially earn from carbon credit trading are all “speculative” until the mapping, verification (valuation) and certification of this nation’s carbon stocks is completed. “People have been speculating in the hundreds of millions, and some people have speculated more than $1bn,” he added. “That is still all very speculative, and won’t be determined until we finalise the mapping.” policy position added: “The Bahamas is committed to fiscal transparency, and the enforcement of rules and international standards and best practices that ensure proper disclosure of the identity of ultimate beneficial owners and relevant stakeholders in digital asset businesses operating in the country as required. “The Government will endeavour to ensure that digital assets are not used for the evasion of taxes or sanctions, and will seek to ensure compliance with all applicable Tax Information Exchange Agreements (TIEA) and domestic laws and agreed OECD standards.” And the ‘white paper’ continued: “The Bahamas will support its courts and relevant regulatory agencies (including the Registrar General’s Department) so they can continue to enable parties to protect and enforce rights in trademarks, copyrights, patents and all other forms of intellectual property as they relate to or implicate digital assets. “As technology and markets evolve, dispute resolution mechanisms in The Bahamas, including arbitration, will strive to properly address disputes relating to digital assets, smart contracts, distributed ledger technology and FinTech (financial technology).”
Bahamas Customs Department Sale By Sealed Bids In accordance with Section 201 of the Customs Management Act 2011, the following good is available for sale by the Bahamas Customs Department: Shipment#1-Thirty-three (33) pieces of Building Supplies Shipment # 2-Six (6) - 20’ Containers of Galvanized Steel The goods can be viewed at the Bahamas Customs Warehouse located at the Gladstone Freight Terminal, Monday thru Friday from 8:00 a.m. to 4:00 pm or call 376-5607 or 424-8065. Each of the shipments is being sold separately. Bidders must specifically state what shipment they are bidding on. Interested persons are asked to submit sealed envelopes marked “SALE BY SEALED BIDS’ to the office of the Comptroller of Customs, Customs House, 55 University Drive, New Providence, The Bahamas. The deadline for bid submissions is Friday, 22nd April 2022 at 5:00 p.m. The right is reserved to reject any or all tenders.
THE TRIBUNE
Thursday, April 21, 2022, PAGE 7
Judge rejects gag order in suit over 2018 Elon Musk tweets By TOM KRISHER AP Auto Writer DETROIT (AP) — A federal judge in California has rejected a request from shareholders in a lawsuit to force Elon Musk stop talking about his 2018 tweets in which he said he had the funding to make Tesla a private company. The ruling by U.S. District Judge Edward Chen Wednesday came just hours after the Tesla CEO’s lawyer filed a document in the case saying that a gag order would trample on Musk’s free speech rights. Lawyers for the shareholders have argued that Musk is trying to influence potential jurors before the lawsuit comes to trial on Jan. 17. The lawsuit contends that the CEO’s August 2018 tweets were written to manipulate Tesla’s stock price, costing shareholders money. Chen confirmed in an order Wednesday that he has ruled that Musk’s 2018 tweets about having the money to take Tesla private at $420 per share were false. But he wrote that one of the shareholders who pursued the gag order in the class-action lawsuit failed to prove his case. Chen wrote that the trial has been rescheduled for early next year, and that publicity during or just before a trial is a larger concern. He also wrote that the jury would be drawn from a large metro area, and that Musk’s comments are consistent with public positions in another related court case. Lawyers for the plaintiffs also argued that Musk violated an October 2018, court settlement with U.S. securities regulators. Musk signed the agreement to pay a $20 million fine and not make any statements
denying the securities fraud allegations. Musk is challenging the agreement, saying it is unconstitutional. The ruling comes about a week after Musk, the world’s richest person, made a controversial offer to take over Twitter and turn it into a private company with a $43 billion offer that equals $54.20 per share. Twitter’s board on Friday adopted a “poison pill” strategy that would make it prohibitively expensive for Musk to buy the shares. At issue is Musk’s April 14 interview at the TED 2022 conference, where he said that he did have funding secured to take Tesla private in 2018. He called the Securities and Exchange Commission a profane name and said he only settled the case because bankers told him they would stop providing capital if he didn’t, and the Austin, Texas-based Tesla would have gone bankrupt. Lawyers for the shareholders say Musk’s comments in the interview were an “unsubtle attempt to absolve himself in the court of public opinion” over misrepresentations made with his Aug. 7, 2018 tweets. But Musk attorney Alex Spiro wrote in his response that the shareholders didn’t show that Musk’s speech presented a “clear and discernable danger” that the whole community would be corrupted by pretrial publicity, or that finding 12 objective jurors would be impossible. His motion says that Musk is in the middle of a public offer to take over Twitter, which has led to debate over censorship. Reporters, he wrote, have compared this to Musk’s previous statements about taking Tesla private.
During the TED interview, Musk was asked if funding was secured for the Twitter deal, a reference to the 2018 Tesla tweets. “Mr. Musk should be permitted to respond meaningfully and truthfully to inquiries such as this, and not be compelled to remain silent,” Spiro wrote. If Musk violated the SEC agreement, the agency can ask a judge to scrap it and restore the securities fraud complaint. The SEC wouldn’t comment.
ELON Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington. Musk’s lawyer says a federal judge would trample on the Tesla CEO’s free speech rights if he ordered Musk to stop talking about 2018 tweets saying he had the funding to make Tesla a private company. In a court document filed Wednesday, April 20, 2022, Lawyer Alex Spiro says a motion from a group of Tesla shareholders seeking a gag order doesn’t establish that Musk’s comments will prejudice the pool of jurors who may hear the case. Photo:Susan Walsh/ AP
PAGE 8, Thursday, April 21, 2022
THE TRIBUNE
THE NEWLY painted Cinderella Castle at the Magic Kingdom at Walt Disney World is seen with the the crest to celebrate the 50th anniversary of the theme park Monday, Aug. 30, 2021, in Lake Buena Vista, Fla. The idea was presented to Florida lawmakers 55 years ago: Let Disney form its own government and in exchange it would create a futuristic city of tomorrow. That city never materialized, but Walt Disney World became an economic juggernaut, and its government retained unprecedented powers. Five decades later, Gov. Ron DeSantis is asking lawmakers to end Disney’s government in a move that throws a wrench into decades of symbiotic relations between the company and state government. Photo:John Raoux/AP
FLORIDA SENATE PASSES BILL TO END DISNEY SELF-GOVERNMENT By ANTHONY IZAGUIRRE Associated Press
TALLAHASSEE, Fla. (AP) — The Florida Senate on Wednesday passed a bill to repeal a law allowing Walt Disney World to operate a private government over its properties in the state, escalating a feud with the entertainment giant over its opposition to what critics call the “ Don’t Say Gay “ law. The proposal could have huge tax implications for Disney, whose series of theme parks have over the decades transformed Orlando into one of the world’s most popular tourist destinations. And Democrats have warned that the move could cause local homeowners to get hit with big tax bills if they have to absorb bond debt from Disney — although such details are far from clear. The measures, pushed by Republican Gov. Ron DeSantis, comes as the governor battles with Disney after the company’s criticism of a new GOP law barring instruction on sexual orientation and gender identity in kindergarten through third grade as well as instruction that is not “age appropriate or developmentally appropriate.” The bill would eliminate the Reedy Creek Improvement District, as the Disney government is known, as well as a handful of other similar districts by June 2023. The measure leaves room for the districts to be reestablished, with a Republican legislative leader signaling a likely restructuring of a 1967 deal that lawmakers struck with the company that allows it to provide services such as zoning, fire protection, utilities and infrastructure. “By doing it this early, we have until next June or July to this put together, so we’re actually giving ourselves more time to be thoughtful,” Republican Senate President Wilton Simpson told reporters after the vote. “I don’t know how the end will come, but I know that this is a very worthy process that we’re taking and I think whatever comes out of it will be better than what we have today.” Still, the move represents the latest blow in a culture war harnessed by DeSantis as he runs for reelection and bolsters himself as a
potential 2024 GOP presidential candidate through staunch opposition to liberal policies on race, gender and abortion. “If Disney wants to pick a fight, they chose the wrong guy,” DeSantis wrote in a campaign fundraising email Wednesday. “As governor, I was elected to put the people of Florida first, and I will not allow a woke corporation based in California to run our state.” Democrats, the minority party in the Legislature, have railed against the proposal as clear retaliation against a company that has been a major economic driver in the state. “Let’s call this what it is, it’s the punitive, petulant political payback to a corporation who dared to say the emperor has no clothes, but if they behave this next election cycle, maybe we’ll put it back together,” said Sen. Gary M. Farmer, a Democrat. Disney did not return an email seeking comment. The company is one of Florida’s biggest private employers and last year said it had more than 60,000 workers in the state. It is not immediately clear exactly how Disney or neighboring governments would be affected if the district was dissolved. The push to punish Disney came after it announced it would suspend political donations in the state and said it was committed to supporting organizations working to oppose the state’s new law limiting sexual orientation or gender identify instruction in the classroom. DeSantis and other Republicans have lashed out at Disney and other critics of the law, arguing that the policy is reasonable and that parents, not teachers, should be addressing such topics with children. The creation of the Reedy Creek Improvement District, and the control it gave Disney over 27,000 acres (11,000 hectares) in Florida, was a crucial element in the company’s plans to build near Orlando in the 1960s. Company officials said they needed autonomy to plan a futuristic city along with the theme park. The city never materialized, however; instead, it morphed into the Epcot theme park. The Florida House of Representatives is expected to take up the bill Thursday.
THE TRIBUNE
WALZ BLASTS LEGISLATURE OVER UNEMPLOYMENT INSURANCE DISPUTE By STEVE KARNOWSKI Associated Press ST. PAUL, Minn. (AP) — Gov. Tim Walz sharply criticized the Minnesota Legislature on Wednesday for failing to break its impasse over an unemployment insurance tax increase that businesses are already starting to pay. The Democratic governor blamed both the Senate Republican and House Democratic majorities, saying it's "absolutely ridiculous" that they didn't reach a deal soon after the legislative session began in January. He said they need to pick up the pace with the May 23 adjournment coming up in just over four weeks, and said he'll propose a path forward in his State of the State speech on Sunday. Employers across Minnesota started getting bills for higher first-quarter unemployment insurance taxes soon after legislative
leaders failed to agree by the March 15 deadline for heading off an automatic increase. The increase kicked in because the state must replenish its unemployment insurance trust fund, which has been depleted by the pandemic. The state can tap over $1 billion in federal COVID-19 relief money and the state's $9.25 billion budget surplus to raise the necessary $2.7 billion. But House Democrats have made a tax rollback contingent on Senate Republicans agreeing to $1 billion in "hero pay" for frontline workers instead of the $250 million target all sides set last year. Walz said lawmakers could have settled it all back in January. "This should have been the easiest deal in Minnesota political history," Walz said during a visit to a Cub Foods supermarket in north Minneapolis to talk about his tax rebate proposal.
Doug Loon, president and CEO of the Minnesota Chamber of Commerce, told reporters at the Capitol that his group shares the governor's frustrations. Democratic House Speaker Melissa Hortman has said the real deadline is April 30, when the first tax bills reflecting the increase come due. Walz and Loon both said some companies have already paid those bills. And Walz said he hopes the frustrations of those employers prods lawmakers into a deal. Loon said the businesses he represents are universally reporting double-digit or higher increases in their unemployment insurance tax bills when they're already struggling to be competitive. "Other states have fixed this. And Minnesota as an outlier state needs to be competitive," Loon said. "If we don't fix this,
Minnesota businesses are at a disadvantage." Walz spoke as the Chamber coincidentally held its annual lobbying day at the Capitol. Loon said around 100 of his members fanned out to meet with their local lawmakers and tell them how the tax increase was affecting them. They included Frank Soukup, marketing director for Grand View Lodge resort in Nisswa. He said
Thursday, April 21, 2022, PAGE 9
the hike was about 15% for his company, which employs over 850 people during a normal summer, at a time when it and other hospitality businesses are already having trouble hiring enough workers. Walz went to the supermarket to promote his proposal for income tax rebates to give part of the $9.25 billion budget surplus back to taxpayers. He's dubbed his proposal "Walz
Checks." It calls for rebates of $500 for single filers and $1,000 for joint filers. The idea has received a cool reception from the Legislature. Senate Republicans want to use most of the surplus for permanent income tax cuts. House Democrats want targeted tax relief through expanded child care and property tax credits and refunds, plus more spending on education and other programs. Walz is hoping his rebate plan could emerge as a compromise to bridge the gap. Standing in the produce section, flanked by full grocery carts, Walz said taxpayers could use their rebates to pay for food, diapers, gas, rent or even vacations.
PAGE 12, Thursday, April 21, 2022
THE TRIBUNE
CRYPTOCURRENCY MINER IN LATEST RUSSIAN SANCTIONS TARGETS By FATIMA HUSSEIN Associated Press WASHINGTON (AP) — The U.S. rolled out new sanctions on Wednesday against more than 40 individuals and entities accused of evading the ongoing wave of penalties imposed on Russia as punishment for invading Ukraine. The sanctions include the first set of penalties against a cryptocurrency mining firm in relation to the war. The Treasury Department's sanctions arm designated the commercial bank Transkapitalbank, which has operations in China and the Middle East. Transkapitalbank is a Russian privately owned commercial bank which the
U.S. says has helped sanctioned clients process dollar payments, by providing an alternative communication channel to SWIFT — the dominant system for global financial transactions. Treasury also targeted people and companies led by U.S.-designated Russian oligarch Konstantin Malofeyev — the founder of a Russian Orthodox news channel, Tsargrad TV. Malofeyev was also designated for sanctions in December 2014. Treasury said he was one of the main sources of financing for Russians promoting separatism in Crimea. In a first, the U.S. government issued penalties against a cryptocurrency
mining firm in relation to the war. Digital currency firm Bitriver AG and 10 of its subsidiaries were included in Wednesday's package of sanctions from Treasury's Office of Foreign Assets Control. "The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions," Treasury said in a statement. Lawmakers and administration officials have voiced concerns that Russia may be using cryptocurrency to avoid pain from the avalanche of sanctions imposed on banks, oligarchs and the
TREASURY Secretary Janet Yellen listens during a House Committee on Financial Services hearing, Wednesday, April 6, 2022, on Capitol Hill in Washington. The U.S. rolled out new sanctions on Wednesday, April 20, against more than 40 individuals and entities accused of evading the ongoing wave of penalties imposed on Russia as punishment for invading Ukraine. In a statement that was released shortly after the sanctions became public, Yellen said “Russia’s invasion is an assault on fundamental international rules and norms and threatens the core of the international order.” Photo:Evan Vucci/AP energy industry in recent months due to the invasion. Experts say an increased reliance on cryptocurrency would be an inevitable avenue for Russia to try to prop up its financial transactions, but Treasury
officials have rejected the claim that cryptocurrency could be a major driver of sanctions evasion. Adam Zarazinski, CEO of Inca Digital, a crypto data company that does work for several federal
agencies, says he predicts more penalties against cryptocurrency miners and firms could be forthcoming, as oligarchs and sanctioned individuals find ways to offload their money to avoid sanctions impacts.
Seeking Financial Controller An exciting opportunity to lead this strategically located select service hotel on Junkanoo Beach Nassau. The Financial Controller responsible for all financial aspects of the hotel operation, as Financial Controller, you will oversee and be responsible for: Preparation of Annual Budgets, Forecasts, financial Reports and Statements Act as Finance guru and business partner, supporting and guiding the GM and hotel team in achieving all financial targets and compliance Talent management and organizational capability of a small team Compliance with all policies, procedures, local laws and legislation Owner and Brand Relations Legal, Health and Safety Compliance Managing operating expenses whilst balancing and driving guest experience and metrics Managing and preparing financial audits Candidates should have at least 5 years senior hotel finance management experience and hold a relevant degree from a recognized institute. Previous experience as financial controller of a select service branded hotel or Assistant Director of Finance of a large full-service hotel; candidates ready for their first Financial Controller position. Position offers a competitive basic salary, plus bonus. To apply, please send resume to: johnshazard@gmail.com Please note, all applicants welcome but priority will be given to Bahamian Nationals.
THE TRIBUNE
Thursday, April 21, 2022, PAGE 13
AS SHARES PLUNGE, NETFLIX TAKES AIM AT PASSWORD SHARING, ADS By MICHAEL LIEDTKE AND MAE ANDERSON AP Business Writers SAN FRANCISCO (AP) — An unexpected drop in subscribers sent Netflix shares into freefall Wednesday, forcing the company to consider experimenting with ads and -- hold onto your remote -- cracking down on millions of freeloaders who use passwords shared by friends or family. The surprising net loss of 200,000 subscribers rattled investors, who had been told by the company to expect a gain of 2.5 million subscribers. Netflix shares sank 35% on the news, falling to their lowest level since early 2018. Netflix estimates that about 100 million households worldwide — or roughly one out of every three households using its service — are streaming for free. "We've just got to get paid at some degree for them," co-CEO Reed Hastings said during a shareholder call Tuesday. Netflix has already been experimenting in Latin America with programs that use a soft touch to convince the unsubscribed to sign up. In Costa Rica, for instance, Netflix plan prices range from $9 to $15 a month, but subscribers can create sub-accounts for two other individuals outside their household for $3 a month. On Tuesday, Hastings suggested that the company may adopt something similar in other markets.
Just how Netflix will erect barriers remains unclear, and Hastings indicated that the company probably will spend the next year assessing different approaches. In one test last year, Netflix prompted viewers to verify their accounts via email or text. Some current subscribers say even a gentle nudge to reduce password sharing might push them to sign off. Alexander Klein, who lives near Albany, N.Y., has subscribed to Netflix since 2013 and shares his account with his mother-in-law. While he likes the service, a string of price increases and the loss of licensed shows has annoyed him — and any password-sharing crackdown might be the last straw. "If they start cracking down on password sharing and I'm stuck paying the full $15 (a month) just for one person watching at a time, that's frustrating," he said. "If they decided to do that I'd likely cancel." Netflix is bracing for more subscriber losses even before it attempts to weed out freeloaders. The company predicted its customer base will shrink by another 2 million subscribers by the end of June. That would still leave Netflix with 220 million worldwide subscribers, more than any other video streaming service. Despite some fears that a Netflix crackdown on password-sharing could encourage other streaming
services to follow suit, experts say that's not likely. "I think we would see competitors take different strategies here," said Raj Venkatesan, a professor of business administration at the University of Virginia. "Some will follow the lead of Netflix and crack down on password sharing. Others will use this as a differentiator and promise simplicity by saying you can have one password for the family." For years, amid rapid global growth, Netflix has looked the other way at the not-so-secret practice of subscribers sharing passwords beyond their households. And Hastings has spoken passionately in the past about keeping Netflix ad-free. But competitive pressure is on the rise. Deep-pocketed rivals such as Apple, Walt Disney and HBO have begun to chip away at Netflix's dominance with their own streaming services. The easing of the pandemic is giving consumers entertainment options beyond binge-watching their favorite shows, and rising inflation is making families think twice about how many different streaming services they're willing to pay for. All of this has given investors major jitters for months. The Wednesday selloff came on top of earlier trouble for the stock, which has lost 62 percent of its market value since the end of 2021, erasing $167 billion in shareholder wealth.
THIS Aug. 13, 2020, photo shows a logo for Netflix on a remote control in Portland, Ore. Netflix’s video streaming service suffered the first loss in worldwide subscribers in its history, leading to a massive sell-off of its shares. The company’s customer base fell by 200,000 subscribers during the January-March period, according to a quarterly report released Tuesday, April 19, 2022; its stock dropped by 23% in after-market trading. Photo:Jenny Kane/AP
PAGE 14, Thursday, April 21, 2022
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UNITED AIRLINES LOSES $1.4B IN 1Q, BUT EXPECTS PROFIT IN 2Q CHICAGO (AP) — United Airlines reported Wednesday that it lost $1.38 billion in the first quarter of 2022 but said it expects to return to profitability in the current three-month period as post-pandemic travel ramps back up. The Chicago-based airline posted revenue of $7.67 billion in the quarter that ended March 31. That was down 21% from the first quarter of 2019. The airline is still running fewer flights than before the pandemic. But it said it had reopened all of its lounges, resumed 19 international routes and restarted services to six cities that
haven't been served since the pandemic began. Shares in United Airlines Holdings Inc. jumped almost 8% in after-hours trading following the earnings report. The number of miles flown by paying passengers fell 27% from a year earlier. However United is flying with roughly 73% of its available seats full. While not as high as the 81% of all seats before the pandemic, it is much better than it was in 2021 first quarter, when roughly half of all seats were filled with paying passengers. The first quarter started off troubled for the airline industry, dominated in the
early weeks by omicron variant of the COVID-19 virus. The virus abated, and caseloads across the U.S. have been low for some time. A federal judge this week put an injunction on the government's mask mandate on planes, trains and travel hubs but the Justice Department said Wednesday it is filing an appeal seeking to overturn the order. "We continue to believe we will see a strong spring and lead in to summer as restrictions disappear and more people travel," said analysts at Cowen & Co. "We believe if the U.S. testing mandate were to be eliminated, we would see
PASSENGERS queue up to check in at the counter for United Airlines Monday, Jan. 3, 2022, in the main terminal of Denver International Airport in Denver. United Airlines says it lost $1.38 billion in the first quarter of 2022 but it expects to return to profitability in the current three-month period as post-pandemic travel ramps back up. The Chicago-based airline said Wednesday, April 20, it had operating revenues of $7.57 billion in the quarter, which was down 21% from the first quarter of 2019. Photo:David Zalubowski/AP strong pent-up demand for the summer on transatlantic routes." The airline appeared optimistic that its pandemicrelated losses were behind
it. United said it expects to post a profit for the second quarter and for the full year 2022. This is despite United facing higher fuel costs this quarter, paying
on average $2.88 for fuel, up 40% from a year earlier. The airline forecasted an operating gross margin of 10%, which was above analysts' expectations.
Seeking General Manager An exciting opportunity to lead this strategically located select service hotel on Junkanoo Beach Nassau. The General Manager will be responsible for all aspects of the hotel operation, as General Manager, you will oversee and be responsible for: Sales and Strategy Leadership and Execution Service Strategies and Execution to meet Brand Standards and Service Targets Talent Management and Organizational Capability Employee and Labor Relations Owner and Brand Relations Legal, Health and Safety Compliance Candidates should have at least 5 years senior hotel management experience and hold a relevant degree from a recognized institute. Previous experience as GM of a select service branded hotel or a Director of Operations/Hotel Manager of a large full-service hotel; candidates ready for their first GM position. Position offers a competitive basic salary, plus bonus. To apply, please send resume to: johnshazard@gmail.com Please note, all applicants welcome but priority will be given to Bahamian Nationals.
THE TRIBUNE
NOTICE
NOTICE is hereby given that EMERIO JOSE ACOSTA RICARDO of Storrs Ct., Yellow Elder, 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 14th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Thursday, April 21, 2022, PAGE 15
CSX 1Q PROFIT JUMPS 22% ON HIGHER RATES DESPITE SERVICE WOES By JOSH FUNK AP Business Writer OMAHA, Neb. (AP) — CSX railroad struggled to keep up with demand in the first three months of the year but still managed to deliver 22% more profit thanks to higher shipping
rates offsetting a slight decline in the number of shipments it handled. The Jacksonville, Florida-based railroad said Wednesday it earned $859 million, or 39 cents per share, in the first quarter. That's up from $706 million,
or 31 cents per share, a year ago. The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share in the latest quarter.
In recent weeks, several groups of railroad shippers have complained to regulators about rail shipping delays that have forced grain mills, ethanol plants and food producers to idle their plants at times while waiting for trains. Federal regulators plan to hold a hearing on the issues next week. But the problems predate those complaints. The railroad has been struggling for some time to hire the workers it needs as the economy recovers from the pandemic.
NOTICE
NOTICE is hereby given that NICOLAS PETER HAAN of P. O. Box N-7776, Windsor Field Road, Venetian West, 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 14th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE IN THE ESTATE OF NORA HELEN DuPLESSIS late of Harmony Hill, Village Road in the Eastern District of The Island of New Providence one of the Islands of The Commonwealth of The Bahamas. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 7th day of May A. D., 2022 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned. AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late NORA HELEN DuPLESSIS will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice in writing. Dated this 6th day of April, A. D. 2022 Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.
NOTICE IN THE ESTATE OF ELIZABETH DOREEN CLARIDGE late of Russell Island off Eleuthera one of the Islands of The Commonwealth of The Bahamas. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 7th day of May A. D., 2022 to send their names and addresses and particulars of their claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned. AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late ELIZABETH DOREEN CLARIDGE will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice in writing. Dated this 6th day of April, A. D. 2022.
MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 20 APRIL 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 3.55 9.02 3.10 7.20 14.00 2.71 10.25 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 6.96 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%
2276.88
0.15
0.01
48.64
2.18
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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 100.00 100.00 100.98 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.36 100.00 99.98 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 FL BGRS69023 BGRS FL BGRS79026 BGRS FL BGRS78024 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 BSBGRS690231 BSBGRS790262 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504
LAST CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.24 10.13 12.47 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 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00
CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.25 10.13 12.65 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
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
600 1,400
4,200
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
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
MARKET TERMS
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.18 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% 4.59% 4.53% 4.50% 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 -7.4 54.3 14.5 15.9 19.4 22.1 21.7 19.6 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% 5.14% 19.29% 0.59% 2.59% 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 9-Feb-2023 28-Mar-2026 22-Sep-2024 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
Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas. TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 16, Thursday, April 21, 2022
THE TRIBUNE
TESLA 1Q EARNINGS 7 TIMES MORE THAN YEAR AGO ON STRONG SALES By TOM KRISHER AP Auto Writer DETROIT (AP) — Tesla reported Wednesday that its first-quarter net earnings were over seven times greater than a year ago, powered by strong sales despite global supply chain kinks and pandemic-related production cuts in China. The electric vehicle and solar panel company made a record $3.32 billion from January through March. Excluding special items such as stock-based compensation, the Austin, Texas, company made $3.22 per share. That soundly beat Wall Street estimates of $2.26 per share according to data provider FactSet. Revenue for the quarter was $18.76 billion, also beating estimates of $17.85 billion. It was boosted by multiple price hikes meant
to offset rising costs of lithium, nickel, cobalt and other raw materials. It may be harder for Tesla to post similar numbers later this year. It's facing costs from ramping up new factories in Germany and Texas, as well as rising commodity prices. It's also looking at increased competition as startups and legacy automakers roll out more electric models. But CEO Elon Musk said on a conference call with analysts that waiting lists are long even as Tesla raised prices anticipating costs that will come during the next six to 12 months. "We are obviously not demand limited, we are production limited," he said. Tesla has been spared many increases because of long-term contracts that have kept costs down, Musk said, but those contracts
IN this Feb. 2, 2020, file photo, the company logo appears on an unsold 2020 Model X at a Tesla dealership in Littleton, Colo. Tesla reported Wednesday, April 20, 2022, that its first-quarter net earnings were over seven times greater than a year ago, powered by strong sales despite global supply chain kinks and pandemic-related production cuts in China. Photo:David Zalubowski/AP
will expire. Some suppliers are seeking 20% to 30% price increases from last year through the end of this year, he said. "We hope we don't need to increase the pricing further," Musk said.
Tesla's lowest-priced car, the Model 3, now starts at nearly $47,000. Tesla has also been able to control costs with manufacturing efficiencies and a new battery chemistry that has higher energy density per cell, the company has said.
The company said its weekly production for the quarter was strong, but a spike in COVID-19 cases brought the temporary shutdown of its factory in Shanghai, as well as part of Tesla's supply chain. Tesla seems to have dealt with parts shortages better than the rest of the industry. Musk said the Shanghai plant is operational now but lost a couple of weeks of production. He still expects Tesla to build 1.5 million vehicles this year. Shares of Tesla closed Wednesday down nearly 5% at $977.20, but it more than regained the day's
losses in extended trading, after the company released its numbers. The stock is down about 7.5% so far this year. Musk was not asked about his $43 billion hostile bid to take over Twitter. Despite the Chinese production and supply chain problems, Tesla reiterated its guidance of 50% annual average growth in vehicle deliveries over the next several years. "The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain," the company said.
Inteligo Bank Ltd. Statement of Financial Position December 31, 2021 (Amounts expressed in thousands of US$ dollars)
Independent
Report
The Board of Directors Inteligo Bank Ltd. Report on the Audit of the Financial Statements Opinion , which comprise the statement of financial We have audited the financial statements of Inteligo Bank Ltd. ( position as at December 31, 2021, and the statement of comprehensive income, equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Bank as at December 31, 2021 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion
ASSETS Cash and deposit with banks Cash Deposit with banks: 5, 11 Demand deposits 5 Time deposits
Financial assets: At fair value through profit or loss (FVPL) (includes 6, 21 $67,907 pledged as collateral in 2021) (2020: $71,675) At fair value through other comprehensive income 6, 21 (FVOCI) (includes $30,316 pledged as collateral in 2021) (2020: $36,959)
7
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under responsibilities for the audit of the financial statements section those standards are further described in the of our report. We are independent of the Bank in accordance with the International Ethics Standards Board for International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and the Board of Directors for the Financial Statements
Loans, net
Accrued interest receivable Property, furniture, equipment and improvements Intangible assets Securities sold pending settlement 10 Other assets 8 9
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards (IFRSs), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so. The Board of Directors are responsible for overseeing
2020 US$ 000
2021 US$ 000
Notes
TOTAL ASSETS
9
9
288,265 79,182 367,456
93,931 59,864 153,804
510,976
399,494
61,849
105,866
572,825
505,360
423,819 423,819
464,943 464,943
8,415 8,636 3,508 906 8,855 30,320
8,264 5,705 3,283 5,004 8,920 31,176
1,394,420
1,155,283
Inteligo Bank Ltd. Statement of Financial Position (continued) December 31, 2021 (Amounts expressed in thousands of US$ dollars)
financial reporting process.
Financial Statements This report is made solely to the Board of Directors, as a body. Our audit work has been undertaken so that we might state to the Board of Directors those matters we are required to state to them purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Bank and the Board of Directors as a body, for our audit work, for this report, or for the opinion we have formed.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
2020 US$ 000
Liabilities
The accompanying Deposits: notes are an integral part of these financial statements. 11, 21
12
Demand Time
3
Borrowings Accrued interest payable Securities bought pending settlement Other liabilities
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
2021 US$ 000
Notes
Total liabilities
13
Share capital Other accumulated comprehensive (loss) income Regulatory reserve Retained earnings
EQUITY
593,617 452,479 1,046,096
366,000 419,558 785,558
46,000
83,000
2,804 1,659 7,531 11,994 1,104,090
3,689 5,048 4,514 13,251 881,809
20,000 (1,312) 2,242 269,400 290,330
20,000 3,338 2,242 247,894 273,474
1,394,420
1,155,283
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may ability to continue as a going concern. If we conclude that a material cast significant doubt on in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based may cause the Bank to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
April 6, 2022
Approved on behalf of the Board of Directors on April 6, 2022 by the following:
________________________ Roberto Hoyle Director
_____________________ Reynaldo Roisenvit Director
Interested parties may obtain completed Audited Financials from the LICENSEE Inteligo Bank Ltd. First Floor Seventeen Shop Building Fourth Terrace Centreville P. O. Box 54 N-3732 Nassau N.P. Bahamas T (242) 328-6846/F (242) 328-6847 Email@inteligogroup.com
THE TRIBUNE
Thursday, April 21, 2022, PAGE 17
YOSHINOYA BEEF BOWL CHAIN EXECUTIVE FIRED OVER SEXIST REMARK By MARI YAMAGUCHI Associated Press
TOKYO (AP) — A popular Japanese beef bowl chain, Yoshinoya Holdings Co., has fired an executive over sexist remarks he made about a marketing strategy aiming to get young women "hooked" on its products as though turning "virgins into drug addicts." Masaaki Ito, a managing director at Yoshinoya, known for its "gyudon" beef-over-rice dish, made the inflammatory remarks at a marketing lecture at Tokyo's Waseda University on Saturday. Gender disparity runs deep in Japan, where only a
small percentage of women hold decision-making positions in business, academia and politics. The comments made by a rising marketing strategist that only surfaced at a seminar outside the company suggest how gender bias and other discrimination are still widespread and tolerated in the Japanese corporate world. The revelation of the Yoshinoya case came only days after the Nikkei business daily came under fire for publishing a full-page advertisement for a comic book featuring a high school girl in a mini-skirt uniform with bulging breasts,
prompting complaints from UN Women that it was "unacceptable" and violated guidelines against stereotypes. Ito was asking participants in the lecture to devise a marketing strategy that would "get country girls hooked on (Yoshinoya) like drug addicts while they are still naive virgins," according to a participant who complained about the remark on social media. Ito continued, saying "they won't eat (gyudon) once they start getting treated to expensive meals by men." The participant who posted the message expressed disappointment
ONE of Yoshinoya Holding Co. restaurants is seen on April 19, 2022, in Tokyo. A popular Japanese beef bowl chain, Yoshinoya Holdings Co., has fired an executive over sexist remarks he made about a marketing strategy aiming to get young women “hooked” on its products as though turning “virgins into drug addicts.” Photo:Kyodo News/AP
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 80° F/27° C Low: 66° F/19° C
TAMPA
SATURDAY
SUNDAY
MONDAY
Strong winds subsid‑ ing; a shower
A stray t‑shower; winds subsiding
Partly sunny, a thun‑ derstorm; windy
Partly sunny and windy
Windy with a shower and t‑storm
Winds subsiding with a thunderstorm
High: 81°
Low: 72°
High: 81° Low: 73°
High: 82° Low: 72°
High: 83° Low: 71°
High: 80° Low: 70°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
83° F
70° F
86°-72° F
85°-70° F
88°-70° F
85°-69° 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: 79° F/26° C Low: 73° F/23° C
12‑25 knots
S
High: 81° F/27° C Low: 73° F/23° C
12‑25 knots
FT. LAUDERDALE
FREEPORT
High: 81° F/27° C Low: 73° F/23° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
FRIDAY
N
N
| Go to AccuWeather.com
TONIGHT
High: 86° F/30° C Low: 68° F/20° C
High: 80° F/27° C Low: 70° F/21° C
MIAMI
High: 82° F/28° C Low: 73° F/23° C
8‑16 knots
KEY WEST
High: 83° F/28° C Low: 74° F/23° C
ELEUTHERA
NASSAU
High: 81° F/27° C Low: 72° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
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
12:16 p.m. ‑‑‑‑‑
2.3 ‑‑‑‑‑
6:26 a.m. ‑0.1 6:22 p.m. ‑0.2
Friday
12:52 a.m. 1:20 p.m.
3.0 2.2
7:28 a.m. 7:26 p.m.
0.0 0.0
Saturday
1:57 a.m. 2:30 p.m.
2.9 2.2
8:34 a.m. 8:37 p.m.
0.1 0.1
Sunday
3:04 a.m. 3:41 p.m.
2.8 2.3
9:41 a.m. 9:50 p.m.
0.2 0.2
Monday
4:10 a.m. 4:47 p.m.
2.8 2.4
10:42 a.m. 0.1 10:58 p.m. 0.2
Tuesday
5:11 a.m. 5:45 p.m.
2.7 2.6
11:37 a.m. 0.0 11:59 p.m. 0.1
Wednesday 6:05 a.m. 6:36 p.m.
2.7 2.8
12:25 p.m. ‑0.1 ‑‑‑‑‑ ‑‑‑‑‑
sun anD moon Sunrise Sunset
6:42 a.m. Moonrise 7:35 p.m. Moonset
12:10 a.m. 10:46 a.m.
Last
New
First
Full
Apr. 23
Apr. 30
May 8
May 16
CAT ISLAND
E
W
High: 81° F/27° C Low: 74° F/23° C
N
S
E
W
10‑20 knots
S
12‑25 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 ................................................... 81° F/27° C Low .................................................... 74° F/23° C Normal high ....................................... 82° F/28° C Normal low ........................................ 69° F/21° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 7.32” Normal year to date ..................................... 5.72”
High: 81° F/27° C Low: 74° F/23° C
and anger over the content of the lecture, which was part of an expensive course at a prestigious university. Ito's comments quickly sparked outrage on Twitter and other social media, where people said the remarks insulted women as well as people from the countryside, prompting the company to apologize and dismiss Ito. Yoshinoya, in a statement Monday, apologized for "causing trouble and unpleasant feelings." It said "the choice of words and expression used during the lecture were extremely inappropriate and could not be tolerated."
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 80° F/27° C Low: 74° F/23° C
High: 80° F/27° C Low: 75° F/24° C
N
High: 78° F/26° C Low: 71° F/22° C
E
W S
LONG ISLAND
tracking map
High: 81° F/27° C Low: 74° F/23° C
12‑25 knots
MAYAGUANA High: 82° F/28° C Low: 75° F/24° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 81° F/27° C Low: 75° F/24° C
High: 80° F/27° C Low: 75° F/24° C
GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C
N
E
W
E
W
N
S
S
12‑25 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: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS NE at 12‑25 Knots NE at 12‑25 Knots NE at 10‑20 Knots ENE at 10‑20 Knots NE at 12‑25 Knots ENE at 12‑25 Knots ENE at 12‑25 Knots ENE at 10‑20 Knots NE at 10‑20 Knots ENE at 10‑20 Knots ENE at 10‑20 Knots NE at 12‑25 Knots NE at 12‑25 Knots ENE at 12‑25 Knots NE at 10‑20 Knots ENE at 10‑20 Knots NE at 10‑20 Knots ENE at 12‑25 Knots ENE at 10‑20 Knots ENE at 10‑20 Knots NE at 10‑20 Knots ENE at 10‑20 Knots NE at 12‑25 Knots ENE at 10‑20 Knots NE at 12‑25 Knots ENE at 12‑25 Knots
WAVES 5‑9 Feet 5‑9 Feet 1‑3 Feet 1‑3 Feet 6‑10 Feet 6‑10 Feet 4‑7 Feet 3‑6 Feet 6‑10 Feet 6‑10 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 3‑6 Feet 3‑6 Feet 5‑9 Feet 4‑8 Feet 2‑4 Feet 2‑4 Feet 4‑7 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet
VISIBILITY 10 Miles 7 Miles 10 Miles 8 Miles 6 Miles 10 Miles 7 Miles 8 Miles 10 Miles 7 Miles 10 Miles 7 Miles 8 Miles 7 Miles 7 Miles 8 Miles 5 Miles 7 Miles 7 Miles 8 Miles 8 Miles 9 Miles 8 Miles 7 Miles 6 Miles 8 Miles
WATER TEMPS. 76° F 76° F 79° F 78° F 78° F 78° F 80° F 80° F 77° F 77° F 77° F 77° F 78° F 78° F 80° F 80° F 79° F 79° F 78° F 78° F 78° F 78° F 79° F 79° F 77° F 77° F
PAGE 20, Thursday, April 21, 2022
THE TRIBUNE
INDEXES END MIXED, NETFLIX PLUNGES ON SUBSCRIBER LOSSES By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
NEW YORK (AP) — Wall Street’s major stock indexes ended mixed Wednesday after another day of choppy trading, while Netflix lost more than
a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. The S&P 500 slipped 0.1% after a late-afternoon fade, while the Nasdaq fell 1.2%. The Dow Jones Industrial Average rose
0.7%, having received a bump from IBM, which added 7.1% after reporting quarterly results that beat analysts’ estimates. Netflix slumped 35.1% a day after the streaming giant reported its first decline in subscribers in more than a decade.
The company also said it expects a steeper decline during the current quarter. Netflix is now considering changes that it has long resisted, including minimizing password sharing and creating a low-cost subscription option supported by advertising. The stock
is now down 67% from the all-time high it reached in November. The skid in Netflix, one of Wall Street’s Big Tech high flyers in recent years, weighed heavily on the S&P 500, outweighing gains elsewhere in the benchmark index, and hit the communication services sector the hardest, pulling it 4.1% lower. “While it is in communication services, it is also a discretionary stock, clearly, in that it’s one of those things people buy because they want, not because they have to,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. Technology stocks, retailers and other companies that rely on consumer spending also weighed on the market. Chipmaker Nvidia fell 3.2% and Amazon dropped 2.6%. Health care stocks made some of the biggest gains. CVS rose 2.7% and medical device maker Boston Scientific added 3%. Banks and household product makers also bucked the market’s overall decline. JPMorgan Chase rose 0.4%, while Charmin and Dawn maker Procter & Gamble rose 2.7% after beating analysts’ quarterly earnings forecasts.
Tesla rose 4% in afterhours trading after reporting first-quarter net earnings that were over seven times greater than a year earlier. The electric vehicle and solar panel company benefited from strong sales despite global supply chain kinks and pandemic-related production cuts in China. All told, the S&P 500 slipped 2.76 points to 4,459.45, and the Nasdaq fell 166.59 points to 13,453.07. The Dow rose 249.59 points to 35,160.79. Smaller company stocks held up better than the broader market. The Russell 2000 added 7.42 points, or 0.4%, to 2,038.19. Investors continue focusing on the latest round of corporate earnings as they try to determine how companies are dealing with rising inflation and cost pressures. American Airlines and Union Pacific are due to report results on Thursday. Inflation has been putting increasing pressure on a wide range of industries and increasingly squeezing consumers. Rising prices have prompted the Federal Reserve and other central banks to raise interest rates in order to help temper inflation’s impact.
THE NEW York Stock Exchange is seen in New York on Thursday, Feb. 24, 2022. Stocks are edging mostly higher in early trading on Wall Street Wednesday, April 20, with the notable exception of Netflix, which lost nearly a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. Photo:Seth Wenig/AP