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‘Hope and pray’: Food, energy cost hike may last three years By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS were yesterday urged to “hope and pray” that the World Bank’s forecast of high food and energy costs lasting three years does not come true, with cooking oil and other staples increasing by up to 80 percent in recent months. Philip Beneby, the Retail Grocers Association’s president, told Tribune Business he has never experienced such food price volatility before. He added that it has left Bahamian retailers and wholesalers with little choice but “to play the hand we’re dealt” given that this country’s $1bn annual import bill makes it highly

• Retail Grocers’ chief: We need World Bank to be wrong • Cooking oil surges 80%; some food rises are ‘excessive’ • Bahamian distributors must ‘play the hand we’re dealt’ vulnerable to inflationary shocks outside its control. He spoke as the World Bank, in a grim outlook for Bahamian consumers and others worldwide, predicted that the commodity price shock inflicted by Russia’s invasion of Ukraine will result in expensive food and energy prices

lasting for a three-year period until 2024. The Washington D. C. based institution added that this risked returning the world economy to the stagflation era of the 1970s, when inflation combined with low to no growth and high unemployment.

“The World Bank has more information than I have, and it has more information than you have,” Mr Beneby said in response. “That is their prediction. We can only hope that it is not so and try our best to hold prices as much as we can in order for us to stay in business. “With high prices, that trickles down from the top to the bottom. The only thing I can say is I hope and pray it doesn’t come true. I hope and pray that they’re [the World Bank] wrong. Businesses have been trying to cut back as much as they can and hold the line, but there’s only so much we can do when high prices take place. At the end of the day, we still have to keep our doors open. It’s not easy. You have to juggle,

keep your head above water and stay in business.” Bahamian companies can only absorb increased input costs to a point before it erodes their margins to the point where they become unprofitable, thus leaving them with no choice but to pass at least a portion of these hikes on to consumers. As a country that imports around 90 percent of what it consumes, The Bahamas is especially exposed to soaring external inflation sparked by COVID-19 and subsequent supply chain disruption. These effects have now been worsened by the Ukraine conflict, which has sparked further spikes on global oil prices. The resultant increase in gasoline

SEE PAGE FOUR

‘No more blight’ on Rum Cay’s revival OBIE FERGUSON

• Verdict paves way for Sumner Point regeneration • Aiming to make marina ‘jewel it has always been’ • Eyes new operator to give island ‘what it deserves’

Judge: ‘Difficult to digest’ Gov’ts Rum Cay claims

Union chief: UoB liveable wage ‘can’t be brought in now’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SUPREME Court judge has removed the last remaining “blight” on Rum Cay’s economic revival by rejecting the Government’s claim to ownership of a key 15-acre parcel at a major marina asset. Bobby Little, Sumner Point Properties’ principal, told Tribune Business that Justice Indra Charles’ verdict in favour of buyers who acquired lots in the development (see other article on Page 1B) “allows me to make a decision on which direction to go forward”. Armed with a marina licence, and having just obtained approval for dredging to re-open its main entrance channel, he revealed that he will likely seek a buyer for the former restaurant, cottage and fuel farm site that was destroyed during his

A SUPREME Court judge says it is “difficult to digest” that the Prime Minister’s Office would assert a 15-acre Rum Cay land parcel was Crown Land when this totally contradicted evidence from the Government’s own surveyors. Justice Indra Charles, in a lengthy April 20, 2022, verdict, said the Government’s stance - first asserted under the last Ingraham administration - had “no evidence” to back it and was contrary to multiple findings by Department of Lands and Survey personnel who confirmed the tract had “accreted” over the years as a result of the sea receding. Rejecting evidence given by former acting surveyor general, Thomas Ferguson, in support of the Government’s claim, she instead granted a certificate of title to trustees representing the late purchaser who had bought

SEE PAGE FOUR

• ‘No evidence’ to back stance on 15-acre tract • PM’s Office contradicted own land surveyors • Accepted property taxes despite title claim

our customers from fraudulent charges. “We contacted via e-mail all customers who may have been affected and asked them to take additional steps to review their account statements and request replacement cards from their banks. We created a specialised contact team to individually assist each affected customer.” Aeropost said it was working with card issuing banks to try and reduce the fees and administrative costs associated with ordering new credit and debit cards. “Banks require each cardholder to contact them directly,” it added. “In the same way, we understand that our customers have concerns related to fraudulent charges. Card issuers are familiar with cases like these and have pre-established protocols

THE $2,625-$3,550 livable wage suggested by a University of the Bahamas study “cannot be implemented at this time”, a trade union leader argued yesterday, adding: “We’ve got to keep the hen that lays the eggs.” Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that the economy’s fragile recovery from COVID-19 meant that such a hike in worker earnings could not be introduced in one shot given the immense disruption it would threaten to cause. Speaking after Keith Bell, minister of labour and Immigration, yesterday said the Davis administration remained committed to replacing the minimum wage with a so-called livable wage, Mr Ferguson acknowledged that while the trade unions also remain committed to the concept any such reform must be phased-in to ensure “a win-win” for employers and workers alike. While the minimum wage is presently “very far apart” from the monthly livable variety recommended by University of The Bahamas (UoB) researchers, Mr Ferguson suggested their findings represented a benchmark that the country must ultimately aim for. “That’s something that cannot be implemented in The Bahamas at this point in time,” the TUC chief told this newspaper. “We

SEE PAGE FIVE

five lots from Sumner Point Marina - three of which lie on the disputed 15-acre tract. And, in a verdict which paves the way for Sumner Point’s developer to revive what is arguably Rum Cay’s prime economic asset after a decade-long standstill, Justice Charles rejected all claims thrown at the trustees by the Government. Dismissing its

SEE PAGE SIX

Just 6% of clients hit by data breach at Sebas’ venture By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE e-commerce platform owned by Sebas Bastian yesterday said only 6 percent of customers were impacted by a recent data breach as it sought to reassure that all necessary measures are being taken to rectify the problem. Aeropost, in a statement to Tribune Business, did not provide a gross figure for how many clients’ credit card details may have been compromised. Given its panregional client base across The Bahamas, Caribbean and Central America, that 6 percent could potentially represent hundreds - if not several thousand - customers. Explaining what occurred, Aeropost said: “Over the weekend we received reports of fraudulent

SEBAS BASTIAN activity involving Aeropost customer credit cards. Although our systems keep all customer information encrypted and under a PCI certified zone, our security monitoring protocol identified

unusual activity on a server used for file management. The server we identified as being exposed to a potential breach accounted data for 6 percent of our customers. “We are committed to protecting every one of our customers personal data and are therefore taking these precautionary measures to eliminate any additional risk to our customers.” The e-commerce platform detailed five specific steps taken to remedy the breach, mitigate risk and inform those who had been impacted. “We disabled the breached server and the data transmission services that included it,” the company added. “We deleted all login credentials in our systems (passwords) and payment information. We opened collaborative channels with banking and governmental entities in order to identify the attackers and protect

PAGE 2, Wednesday, April 27, 2022

THE TRIBUNE

BAHAMIAN FINANCIAL FIRMS FORM DIGITAL ASSET ALLIANCE TWO Bahamas-based financial services providers have unveiled an alliance that marries traditional wealth management services with a digital assets platform. Gryphon Investments Advisors Bahamas and Agio Digital, two newlycreated businesses, have partnered in an effort that will enable them to offer decentralised financial services or DeFI to their respective client bases and give them assets to the rapidly-evolving digital assets market. Zev Crystal, Gryphon Investment Advisors Bahamas’ chief executive, and his Agio Digital counterpart, Brian Jones, explained how the tie-up will work at a Monday launch that was attended by both Prime Minister Philip Davis QC and Senator Ryan Pinder, the attorney general. “In the decentralised financial world we can now offer additional value propositions to our clients,” Mr Crystal said. “We also have strategic partnerships with Generation Three Bahamas (G3B), our family office business, that continues the expansion of Generation Three Family Partners (G3FP), and locally we have an alliance with Capital Union Bank as our Bahamian banking partner.” Gryphon has received all necessary approvals to operate as an asset manager and investment advisor from this jurisdiction, enabling it to offer its Bahamian platform to wealth managers, family and multi-family offices globally.

“One of our key pillars is to be able to offer global wealth management partners that work on our platform a comprehensive, digital platform. This has been achieved through our alliance with Agio,” Mr Crystal said. “Our focus for the past 30 years has been involved with fixed income. We are now partly shifting that focus to the decentralised finance (DeFi) segment of the crypto ecosystem, which is a very similar characteristic when comparing stable coin yields to shortterm bonds but with a true return.” Agio, meanwhile, was established to offer an alternative investment platform that provides an avenue for investing in the new web3 economy. It also aims to provide investment vehicles that will bolster the underserved capital market in The Bahamas. Brian Jones, a former Bahamas Financial Services Board (BFSB) and UBS (Bahamas) director, and ex-president and managing director at Deltec Fund Services, leads Agio and its efforts to offer services such as tokenization through operations in The Bahamas and Dubai. “I had to find a way to pursue my passion for digital assets and, at the same time, continue to pursue my passion for funds,” Mr Jones said. “And so, over the past year, I have been working with my experienced team to achieve this goal. “We feel that this is happening at the right time, and everything is falling into place. We are looking to open up capital

DIRECTOR of Agio Andrew Rolle, Prime Minister Philip 'Brave' Davis and CEO of Agio Brian Jones.

GRYPHON CEO Zev Crystal, Prime Minister Davis and Joanne Crystal.

markets in a way that they haven’t been opened in the past, and we are looking to bring access to many Bahamians who have been struggling to break into this space.” The Agio team includes attorney Andrew Rolle, the Bahamas Investments and Securities Business Association president, and network engineer and cyber security expert, Hamid Bhatti. Mr Jones said Agio is working with Bahamian artist, Antonius Roberts, to support the Incubator for Collaborative Expression (ICE) project. This is a space where creatives can promote their work through non-fungible tokens (NFTs), a form of digital asset. “I’ve been around long enough to know that if we want to move forward in the creative industry, it is important for us to consider collaborating, particularly with the financial sector. I’ve been privileged to be involved with the kind of co-ordination and

crucial to establishing and strengthening our country’s golden market position in the financial and digital assets space,” Mr Davis added. “Agio has now made history as the first digital platform for alternative investments based in The Bahamas, and the first Bahamian-owned company to be licensed as a digital wallet provider for crypto. “The collaboration of these firms brings together a powerful alliance of international and local expertise, resources and network to maximise global financial success. Businesses like this will bring together a remarkable opportunity for our country by strengthening the financial landscape of The Bahamas. We will continue to build on our leverage of world-class financial service expertise, diversify our economy, engage a whole new generation of Bahamians and lead the way in innovation.” The Government last week unveiled its “white paper” policy position on digital assets, which will

development of a lot of large national programmes, such as the Central Bank of The Bahamas art show and FINCO art programmes,” Mr Jones added. “Those relationships lasted for over 30 years simply because of the relationship with the financial sector. So, when Brian came to me, it piqued my interest not just for profit but to create opportunities for young creatives.” Mr Davis, praising the two companies, said: “Businesses like these help uphold and facilitate the very mandate of economic stimulation my government is promoting, and continues diligently to advance. “Following the economic strain of the COVID-19 pandemic felt worldwide, it is essential more than ever to drive the economic framework of The Bahamas and provide the necessary legislation and support needed for Bahamians to establish financial freedom and empowerment. “This is why businesses like Gryphon and Agio are

proposes allowing Bahamians to access digital assets using Bahamian dollars and for them to pay taxes using digital assets. This follows the Digital Assets and Registered Exchanges (DARE) Act, which was passed in 2020 and paved the way for developing the digital assets sector in this nation. Mr Pinder, lauding Agio, said: “A key component of the Government’s white paper on digital assets is embracing the furtherance of a new industry, and leading the way in education and exposure through participation in the industry - whether it be from a consumer point of view and a professional point of view. “This is something to be extremely proud of - marrying what Brian’s vision is, and what his experience is - and I am deeply, deeply proud of what Brian has been able to do launching this framework of innovative digital wallet and alternative asset administration.”

Bahamas holds key conference ‘captive’

REPRESENTATIVES from the Insurance Commission of the Bahamas at RIMS 2022. Pictured (LR): Tamika Bodie-Dean, manager, intermediaries and market conduct; Jamell Bodie, manager, insurance company supervision; Dana Munnings-Gray, deputy superintendent of insurance; Michele Fields, superintendent of insurance. THE Bahamas Financial Services Board (BFSB) has sponsored a major global insurance conference as part of efforts to promote this jurisdiction as an emerging captive domicile. Michele Fields, superintendent of insurance, was accompanied by senior Insurance Commission officials including Dana Munnings-Gray, deputy insurance superintendent; Tamika Bodie-Dean, manager, intermediaries and market conduct; and Jamell Bodie, manager of insurance company supervision, as well as BFSB

executives, when they attended the Risk & Insurance Management Society (RIMS) Risk World 2022 Conference in San Francisco from April 10-13. RIMS is the largest annual conference and trade show for thousands global risk management and financial services professionals. It focuses on educating the world’s financial services industry on how to combat disruption, while also enhancing preventative measures. The RIMS conference is also a networking hub that allows risk managers,

regulators, captive owners and financial services executives to promote regional developments and products and services, plus resource solutions. More than 10,000 persons attended. The BFSB said The Bahamas is continuing to nurture captive insurance as an important addition to its growing financial services products. It added that it will continue to invest in ensuring there is greater awareness of The Bahamas as an international financial centre committed to international best practices.

ARBITRATORS BRANCH MEETS BEFORE AGM THE Chartered Institute of Arbitrators (CIArb) Bahamas branch last Saturday held a luncheon at Fusion Superplex one week prior to its annual general meeting (AGM), which is scheduled for the upcoming weekend. In attendance was outgoing chair Rengin Johnson, a former magistrate in Freeport; and Dr Earl Cash, a branch patron and partner at Higgs & Johnson. Not pictured is scrutineer, Roshan Noronha. Committee members include Dr Peter Maynard, past branch chair.

THE TRIBUNE

Wednesday, April 27, 2022, PAGE 3

GOV’T COMMITTED OVER LIVEABLE WAGE PLEDGE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday said the Government remains committed to “eliminating” the minimum wage and replacing it via a so-called “livable wage”, with legislation to give effect to this due to be released later this year. Keith Bell, minister for labour and Immigration, told media ahead of the weekly Cabinet meeting that the Government is sticking to its general election campaign pledge to introduce a livable wage, although he gave no firm timeline for doing so and did not indicate what the weekly or monthly sum would be. He added that the issue has to now go before Cabinet, while widespread consultation has to take

place with stakeholders including the business community, trade unions, workers, civil society and others. “We have to speak with employers, and also employees in the wider community, before anything else is done and legislation is introduced,” Mr Bell said. “I anticipate that we will be seeing it some time this year. We’re going to go on a very aggressive campaign and, of course, we want to make sure we dot our ‘i’s’ and cross our ‘t’s’ to make sure that we get it right.” Mr Bell said there were numerous government ministers from around the region who were “very interested” in how The Bahamas rolls out a livable wage, Mr Bell said, adding: “It is important that we get it right, because the entire Caribbean is watching us.” Soaring inflation has been factored into the proposed livable wage, and Mr Bell added: “Everything is

fluid right now. So even by the time it is introduced, it may very well be that it has to be changed. But again, it all has to be based on what the employer and what the Government is able to afford.” Still, rejecting the notion that there will be a “phased approach” to implementing a livable wage, Mr Bell said: “It just has to be introduced. That’s the bottom line. Now what they are able to do is another question. I don’t think it can be phased. “Once the National Tripartite Council presented to me the report, and once the Cabinet considers it, there will be widespread dialogue with the private sector and it will be across the board. It won’t just be for government workers; it will be for everyone. So therefore we have to consult with the private sector, the employers everywhere, and even the persons who

are self -employed. So there is going to be widespread dialogue.” The authors of a recent University of the Bahamas (UoB) study found New Providence’s living wage was almost triple the existing $210 weekly minimum wage. The UoB study, dated September 30, 2020, and authored by Lesvie Archer, Olivia Saunders, Bridget Hogg, Vijaya Permual and Brittney Johnson, concluded that a living wage in New Providence and Grand Bahama is $2,625 and $3,550 per month respectively. “Our gross living wage estimate for New Providence is 26 percent lower than the Grand Bahama living wage estimate, nearly 200 percent higher than the national minimum wage, 127 percent higher than 2013 poverty line and nearly 75 percent higher than the minimum wage

in each island; it’s going to be greenhouse parks. So one island, and one park, is going to have multiple greenhouses and be growing different crops.” This will allow BAMSI to know the specific produce coming from each Family Island so it can “break down the importation of the particular crops. We are looking at a timeframe of between the end of May to the beginning of July, somewhere in that timeframe. “Every one of the greenhouses will be assigned to a farmer,” Mr Young continued. “So it will be either on a low lease, or whatever the agreement is, but every farmer is going to have a greenhouse. One farmer to one greenhouse; it is not a community farming initiative.” BAMSI is also launching its first “pop up market” this Saturday at the Holy Trinity Anglican Church in Stapledon Gardens, which will serve as a platform for backyard farmers who do not have an outlet to sell excess produce. “For those who overgrow, and they don’t have the means to get rid of these items, this is a platform bringing awareness to

what is available and then, also, an outlet for backyard farmers, artisans and agriculturalists to showcase what is available,” Mr Young said. Discussions are taking place over taking the “pop up” initiative to the Family Islands to see if it is “doable” there. Speaking to newlypassed legislation that gives BAMSI more autonomy, Mr Young said: “BAMSI is officially going to be on the books as a corporation based on the Act. Once the Act becomes effective, which will be coming up some time soon between now and July, the effective date should be set for that to become law.” The Act is designed to remove undue political meddling and put in place proper governance structures so the school is not swayed from its mandate. The BAMSI Act will also enable it to sign a Memorandum of Understanding with various agricultural institutes around the world, something Mr Young described as “a game changer”. He added that several agencies, which he did not name, have agreed to provide technical support

to BAMSI. “So once the Act comes into effect it is going to go a long way and really help out with our goal, and it’s going to bring more focus on farming and more availability on technology and education for Bahamians,” Senator Young said.

hike proposed by a local union,” they wrote. “Our living wage estimate for Grand Bahama is nearly 300 percent higher than the living wage, 200 percent higher than the 2013 poverty line and 140 percent higher than the minimum wage hike proposed by a local union.” The Bahamas’ private sector minimum wage, last increased following VAT’s introduction in 2015, is currently $210 a week. Mr Bell, meanwhile, said: “I can say there has been a significant decline in the number of persons seeking unemployment benefits, so that in itself is indicative of the number of persons who are now going back to work.” As for the possibility of a strike by the Public

Managers Union, which represents middle managers at the National Insurance Board (NIB), the minister added: “There was a vote and the vote was 155 in favour of a strike and 15 said ‘no’. And so, from all indications, the next stage will be for a certificate to be issued. “Of course, as you would appreciate, if they do strike the matter can be referred to the Industrial Tribunal. But nonetheless I am pleased again to indicate that I have spoken with minister Myles Laroda [minister with responsibility for National Insurance] and also with the union, and from all indications they are at the table and we are hoping that they are able to amicably resolve that matter and avoid a strike.”

LOT FOR SALE BAMSI targets May for greenhouses roll-out By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Agricultural and Marine Science Institute’s (BAMSI) chairman yesterday said the nationwide roll-out of its “commercial greenhouses” project will begin at the end of May. Senator Tyrell Young said the “automated, stateof-the-art” facilities will be installed across the Family Islands over several months with the goal of completing this project by July. “These greenhouses will be erected, and they will be set up and turned over to local farmers to operate their businesses out of. This will allow a lot of crops to be staggered. The greenhouses will allow proper forecasting of crops so that he market will know in advance what is available and when it will be available,” Mr Young added. Describing the greenhouses as a “game changer” that will allow farmers to grow crops year-round, he said: “This is going to cut-off the seasonal growing in a lot of crops. We are not just setting up one

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PAGE 4, Wednesday, April 27, 2022

THE TRIBUNE

‘HOPE AND PRAY’: FOOD, ENERGY COST HIKE MAY LAST THREE YEARS FROM PAGE ONE

(transportation) and energy costs has been felt by all Bahamians via acrossthe-board price rises for multiple products, resulting in what some commentators have described as a cost of living “crisis” that has left no country unscathed. Mr Beneby said food retailers and wholesalers, together with the wider private sector, faced significant fixed costs and overheads, particularly labour and electricity, together with multiple government taxes and fees such as Business Licences, real property taxes and National Insurance Board (NIB) contributions. Unfriendly, archaic bureaucratic restrictions such as price control further exacerbated these woes. “All of that we have to contend with,” he added. “Some of the price increases on food items have been minimal, and

then there are some that have been excessive. I was just about to mention cooking oil; that’s been one of the items that has really increased. Cooking oil has increased by as much as 75-80 percent in some cases, maybe even more. There have been a lot of disposable items, food trays, where the increases have been exorbitant. “There ain’t much we can do if truth be told. There’s nothing much we can do when we are hit with the increases. You have to work with what is handed to you.” Some retailers, such as Super Value, have built up inventories and sought to exploit buying power and sourcing from new suppliers at competitive rates to hold prices down. However, Mr Beneby said carrying costs associated with maintaining high inventory levels added another cost for retailers and wholesalers. “There are some items that you may

stock up on if they’re not readily available and there are some items that the wholesalers tend to run out of rather quickly, rice and other stuff,” he added. Asked whether he had encountered such price turbulence before, Mr Beneby told Tribune Business: “I don’t think there’s any other time I can recall that we have seen this type of increases in food prices. The prices are just... there’s nothing you can do about it. What can we do? That’s the way of the world today. You just have to play the hand you’re dealt, and play it the best you can. “We are all concerned for the consumer. The consumer has a lot to deal with; increasing food prices, increasing gas prices, increases almost everywhere you can go. They only thing they can do is buy what they need, and what they don’t need... What you can do without, save those couple of

dollars for where they will be needed. See what can be afforded and where you can get savings.” The World Bank’s prediction follows swiftly behind the International Monetary Fund’s (IMF) projected 7.3 percent inflation rate for The Bahamas in 2022, which represents the highest sustained increase in prices experienced in this nation since the 1990s some 30 years ago. Inflation is then forecast to moderate to 4.5 percent in 2023, then returning to a more normal 2.4 percent come 2027. Yet the World Bank, which is often viewed as the IMF’s ‘twin’ or counterpart, predicted that Bahamians and all nationalities will have to cope with an elevated cost of living for several more years. Indicating that the pressures will not ease overnight, it said that in the two years since the COVID-19 pandemic the world has seen the biggest increase in energy

‘NO MORE BLIGHT’ ON RUM CAY’S REVIVAL FROM PAGE ONE

Cummings, a case which is

long-running feud with fellow American David

still proceeding through the Supreme Court.

With the uncertainty created by the Government’s rival land ownership claim quashed, and believing

an appeal unlikely, Mr Little told this newspaper that “Rum Cay deserves a viable developer to come in” and revive an asset that remains critical to the welfare of an island where just a 75-80 strong population remains. “I’ve been kind of shut down,” he told Tribune Business of the wait for Justice Charles’ ruling. “It has a loft of effect. It was amazing that the Government stayed in this fight for so long. It destroyed this island. This island has had no economic benefit since 2012. I want to rebuild but there’s nothing left. It took my family 30 years to build up the family business and there’s nothing left. “The good part is that we don’t have the Government looming over things, and the concern that we’re going to lose our property. The Government never came to us saying: ‘We think this is Crown Land’. We got letters saying: ‘This is Crown Land; leave’. That was Audley Greaves [an official in the Prime Minister’s Office at the time]. There was no negotiation. I doubt they will appeal the ruling, though they may do.” While the land dispute with the Government and other adverse claimants tied-up almost one-third of Sumner Point’s 95-plus acres, much of its facilities - including the dockage, infrastructure and statues at the marina, plus the ‘Out of the Blue Restaurant’, ‘The Kalik House’ and four beach cottages - were

prices since the 1973 oil crisis and the greatest jump in food and fertiliser prices since 2008. Food and energy costs are predicted to remain above their five-year average through 2024, with oil prices set to average $100 per barrel for 2022 and decline only slightly to $92 in 2023. The former price represents a year-over-year increase of 40 percent. As for food, the World Bank expects wheat prices to soar by 40 percent this year as the war hits both Russia and Ukraine, which are major producers and exporters. Wheat is typically milled into flour, which is then used to make a wide range of products including bread, cereals, crumpets, muffins, noodles, pasta, biscuits, cakes, pastries, cereal bars, sweet and savoury snack foods, crackers, crisp-breads, sauces and confectionery items. Thus any wheat/flour

supply shortages and price increases will raise the cost of these items. Russia is the world’s third-largest wheat producer and Ukraine is the ninth largest, based on 2017 data. Between the two, they produced 112.1m tonnes of wheat that year, but a combination of fighting, sanctions and the substantial damage inflicted on Ukraine’s infrastructure could disrupt or prevent such supply for some time to come. Russia and Ukraine together are responsible for almost one-seventh of the world’s wheat supply, based on that 2017 data, but recent estimates have pegged their contribution as high as 25 percent. As a vital commodity and food staple, wheat prices as measured by the Chicago Board of Trade jumped 5.43 percent on February 24, the day Russia invaded.

torn down amid Mr Little’s battle with Mr Cummings. “There’s a lot of cleaning up. It’s figuring out where to start. It’s figuring how to open the channel up. What this [verdict] does is that it allows me to make a decision which direction to go forward in. The marina has been the heat of this island since 1994..... Once the marina gets going, and boats start coming back in, everything will get going again,” Mr Little told Tribune Business. “We have the dredging permit, and a clear sight to go forward with dredging the channel, and a licence for the marina. It’s putting a clear plan in place and getting this place open up again.” Sumner Point arguably represents Rum Cay’s major remaining economic asset, and it’s near decadelong standstill has meant the island’s economy has stagnated with it. Revealing that some $25,000 was invested over the past three weeks with a local contractor to restore the marina’s docking capacity, Mr Little voiced optimism that business will return in earnest once the facility fully opens within the next month. He added, though, that he may leave rebuilding the marina complex and landside facilities to “a viable operator”. “It took a quarter of my life to fight, and I don’t want to spend the rest of my life building back up,” Mr Little explained. “I started in 1991, and wasn’t a developer who took the money. Everything went back in. I think Rum Cay deserves a viable developer to come in and I think there’s a good market for it with the boating community. It may take

a year, two years to sell but the tide is good.... “We got the dredging permit last Monday, and it will be put on the mail boat this [yesterday[ evening, so we will have it on Thursday or Friday. It’s currently a small channel.” While Sumner Point’s marina can currently handle eight to ten boats, their size is limited until the channel is properly dredged. Meanwhile, a spokesperson for Mr Little and Sumner Point told Tribune Business of the Supreme Court verdict: “There’s no more blight over the land, no more exposure, nothing negative. It’s finally been put to rest. This ruling really cements the future for Bobby, Sumner Point and Rum Cay. That marina was the bread and butter for the Rum Cay economy.” Adding that Justice Charles’ ruling effectively perfects title to the two land parcels that make up Sumner Point’s total 95-plus acres, they added: “There’s no blight, nothing hanging over his head. It’s fully licensed, and we just got our dredging permit. Everything is moving rapidly. We want to see Sumner Point back to the day when 30-40 percent of the island was employed there, and every family had a member working there. “We want to get the boaters back in. That impacts economic activity. We want to build something a million times better and want it to be the jewel of Rum Cay that it has always been. This ruling has paved the way to clean up Rum Cay. It’s one of the best things we could ever imagine.”

THE TRIBUNE

Wednesday, April 27, 2022, PAGE 5

UNION CHIEF: UOB LIVEABLE WAGE ‘CAN’T BE BROUGHT IN NOW’ FROM PAGE ONE

have to look at it and use it as a guide, but find something that’s a medium and workable for all parties. It’s not a one-way street. We want to work in the best interests of all the parties, all the players.... “We want to make sure that the $ remains the $, and make sure the economy is well. We’ve got to keep the hen that is laying the eggs. It the hen is not around to lay the eggs, nothing happens. We’ve been very fortunate. COVID has not gone, but certainly it has become manageable. We have to give God thanks and do what we need to do as a people. “If we put aside vested interests and personal agendas, as we try to rebuild what we have, the only way we will be able to do that is if capital and labour co-exist.” The UoB study, dated September 30, 2020, and authored by Lesvie Archer, Olivia Saunders, Bridget Hogg, Vijaya Permual and Brittney Johnson, concluded that a living wage in New Providence and Grand Bahama is $2,625 and $3,550 per month respectively. “Our gross living wage estimate for New Providence is 26 percent lower than the Grand Bahama living wage estimate, nearly 200 percent higher than the national minimum wage, 127 percent higher than 2013 poverty line and nearly 75 percent higher than the minimum wage hike proposed by a local union,” they wrote. “Our living wage estimate for Grand Bahama is nearly 300 percent higher than the living wage, 200 percent higher than the 2013 poverty line and 140 percent higher than the minimum wage hike proposed by a local union.” The Bahamas’ private sector minimum wage,

last increased following VAT’s introduction in 2015, is currently $210 a week. Mr Ferguson, pointing out that the commitment to introducing a livable wage was part of the Progressive Liberal Party’s (PLP ) accord struck with the TUC and National Congress of Trade Unions of The Bahamas (NCTUB) prior to the September 2021 general election, said the labour movement intended to work with the Government to achieve this objective. However, he warned that determining the amount of any living wage would have to be based on empirical data and research. And some worker groups may have to wait for such promises to be fulfilled based on the state of the economy and their industry. “We’re very cognisant of the state of the economy, and want to work with the Government and, in some cases, the employer to hammer out something sustainable and reasonable to all parties,” Mr Ferguson told Tribune Business. “I’m certain we’ll come up with something that’s a win-win situation for all players. “But we know we have people who are not able to sustain their families, and that’s a factor we have to look at because the living wage is where we can reasonably satisfy a family of four.... A country owes its citizens a living or livable wage, and that is something we all must work towards. “We’re not saying it has to be this today. What we do is gradually work towards it. There is a gradual process we should go through to make this fundamental change, but we have to take everything into consideration. It’s critically important all players are part of that process so that all ideas are put in the pot.”

JUST 6% OF CLIENTS HIT BY DATA BREACH AT SEBAS’ VENTURE FROM PAGE ONE in place to eliminate such charges and protect the cardholder... “We reiterate our commitment to continually ensuring each of our customers’ data is protected.” Tribune Business first revealed the data breach on Monday. It is understood that the data breach affects many more countries and nationalities than The Bahamas. Hacks/data breaches are the main achilles heel or weak point for companies involved in the digital economy, including e-commerce platforms such as Aeropost. The theft of personal financial data exposes customers to both identity theft and financial loss, with their bank accounts pillaged and credit histories compromised. For the companies it involved, it can completely undermine a business model that relies on electronic security to build trust and confidence. In its initial client alert, Aeropost said: “We regret to inform you that the credit card we have on file may have been compromised in a recent data breach. Although our systems safely store your card information encrypted, it may be possible that enforcers [hackers or fraudsters] attempt to run transactions. “To prevent further damage from being done, we recommend the following. Check your credit card statement for fraudulent transactions and report them to the credit card issuer [and] request a replacement card. As a preventative measure, we have reset your Aeropost account credentials and deleted your credit cards stored in our system. Aeropost will never ask you for personal information in e-mails related to this incident. We apologise for any inconvenience this incident may cause.” Bahamians were on Sunday already reporting having become the victim of fraudulent transactions as a result of the Aeropost data breach. “Has anyone else received an e-mail regarding a data breach and

possible compromised card from Aeropost?” one wrote on Facebook yesterday. “Follow up: As I am on hold attempting to block my card, a fraudulent charge came through. I suggest everyone checks their card.” Mr Bastian, the Island Luck co-founder, unveiled ambitions for Aeropost to become an “Amazon-like” presence among 60m consumers across the Caribbean, Latin American and Central American region when he confirmed his acquisition of the e-commerce platform in early December 2021. At the time, he said Aeropost will be a vehicle that allows small businesses to sell their products online through its portal while offering “the lowest bar” to market. Describing what differentiates it from its competitors, Mr Bastian said it will direct sell as well as acting as a middleman between other vendors and consumers. The Bahamas has become the latest addition to the 38 territories it already services. “We have our own catalogue where we have direct seller relationships,” he added. “We also have an integration with some of the major retailers; one is Amazon. And if you can’t find what you’re looking for on our catalogue and our search bar, you can copy and paste the link from any website. “So if you’re browsing on Google or Amazon, when you see a product you can just copy the product link, paste it in Aeropost’s search bar, hit the search button, and in seconds you will be presented with a fully landed price of that actual item. So, in that short space of time, it is actually calculating the shipping costs, the duty costs and the delivery costs into those regions.” Aeropost allows merchants to post their items on the platform’s catalogue, and arrange for their shipping and delivery to purchasers. Consumers will be able to pick up their goods from its main fulfilment centre, or any Esso service station

PAGE 6, Wednesday, April 27, 2022

THE TRIBUNE

JUDGE: ‘DIFFICULT TO DIGEST’ GOV’TS RUM CAY CLAIMS

FROM PAGE ONE

allegation that the necessary International Persons Landholding Act approvals had not been obtained, she also found that it had accepted real property tax payments for the land despite claiming it for the Crown. The trustees for the late Stephen Orlando, Scott and Brandon Findeisen, initiated a Quieting Titles action in November 2016 to confirm ownership of the lots on the 15.14-acre parcel in a move that drew out several rival claims, including that of the Government. The latter’s was the last remaining one to defeat in the hearing before Justice Charles. The Government initially also challenged the

80 acres held by Sumner Point Properties, the developer controlled by Bobby Little, and upon which the other two of Orlando’s lots lie. Justice Charles rejected this after Mr Ferguson contradicted himself under cross-examination, despite first “forcefully” asserting that there was a “significant variance” between the property subject to the initial 1806 Crown grant and what was later “commuted” to William Sumner. “The Crown objected to Sumner Point Properties being the owner at the time they sold to Stephen Orlando,” Justice Charles said of the 80-acre parcel. “However, I agree with [Timothy] Eneas QC

that the documents reveal that Sumner Point Properties owned the property at the time they sold to the petitioners for valuable consideration.” Having settled the 80-acre parcel’s ownership in favour of Mr Little and the Orlando trustees, Justice Charles moved on to the 15.14-acre tract. Kenrea Smith of the Attorney General’s Office, representing the minister for Crown Lands, sought to argue that the sale to Orlando was invalid because Sumner Point Properties had never obtained International Persons Landholding Act approval for its own acquisition of the property in 1968. This argument, though, was quickly dismissed by the judge on the basis that there were no restrictions on foreigners acquiring Bahamian real estate in 1968. Any purchases that existed prior to the Immovable Property (Acquisition by Foreign Persons) Act 1981 coming into effect were upheld and grandfathered into the new law, and there was nothing in its replacement - the International Persons Landholding

Act 1993 - requiring Sumner Point to obtain a permit. “The International Persons Landholding Act 1993 could not, and did not, affect the title to the 80-acre tract which was lawfully acquired and held by Sumner Point Properties at the time that Act came into force,” Justice Charles wrote. “The argument by the Crown that Sumner Point Properties required the permission of the Investment Board is groundless.” She also found that the 15 acres had developed through natural accretion, as affirmed in a 1977 survey by Leonard Chee-A-Tow, a surveyor, who calculated the extent of Sumner Point’s property to be 95.809 acres when the two parcels - 80 acres and 15.14 acres - were combined. He confirmed this in 1996 via a letter to then deputy director at the Department of Lands and Surveys, Tex Turnquest. This was backed by an August 22, 1996, letter from Loftus Butler, thensurveyor general to the Department of Legal Affairs, informing that “it can only be reasonably concluded that there has been

an accretion of land to the position with really no south-west of the sea by evidence. 15.143 acres” and that this “This is difficult to digest, now forms part of Sumner especially having regard to Point’s property. the fact that the opinion was Moving ahead to 2008, expressed by several highlyMontana Holdings, the qualified surveyors, who had developer headed by John no interest in the land or no Mittens, was informed by axe to grind.” No steps were the then-acting surveyor taken by the Government general when it sought to to challenge Sumner Point acquire Sumner Point from Properties’ ownership prior Mr Little that “the parcel of to 1994, when it began to land (15.14 acres) adjacent develop the disputed propto the 80 acres which was erty by dividing it into lots originally granted to Wil- to sell to real estate buyers. liam Sumner is considered Nor did it inform the late a part of that land and not Mr Orlando of its interest Crown property”. when he acquired his lots. This position was reit“Instead of advising Mr erated to the permanent Orlando of the Crown’s secretary in the Prime Min- position regarding the ister’s Office one year later ownership of Parcel B, a on December 29, 2009. certificate of registration Yet Audley Greaves, in an under the International PerAugust 16, 2010, memo told sons Landholding Act was the director of lands and issued to Mr Orlando to surveys that the minister acquire Lot No. 2 on Febfor Crown Lands (Hubert ruary 3, 1995. Similarly, the Ingraham) took the view Investment Board issued that land accreted from the a permit for the acquisisea was government-owned tion of Lots 3, 9 and 10 on and Sumner Point could or about 1998, and Lot 5 on not lay claim to its own14 November, 2007,” Justice ership. The memo added that Sumner Point Proper- Charles found. “Additionally, the petities would have to buy it at tioners have paid - and the “market price”. Government of The BahaMr Eneas, representing the Orlando trustees, mas has received - real argued that the documen- property taxes in connectary evidence showed the tion with each of the lots. In Government’s alleged own- light of the foregoing, the ership claim “is the result of ptitioners argued that it political decisions or agen- would be inequitable for das and not based on any the Crown after having facts or scientific evidence”. approved the transactions for the acquisition of the As part of an audit in accordance ISAs, exercise professional and maintain professional Thiswith was a we position Justice judgment scepticism throughout the audit. We also: lots, and after having colCharles agreed with. lected real property taxes • Identify and assess the risks of material the financial information, whether due to “There is amisstatement wealth of ofdocfraud or error, design and perform audit procedures responsive from those risks, and obtain audit the petitioners, to now umentary evidence from as to evidence that is sufficient and appropriate to provide a basis for ourseek opinion. risk of an not detecting toThe assert interest in early as 1996 where highly a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may to of the detriment qualified surveyors in the the involve collusion, forgery, intentional omissions, misrepresentations, or thelots override internal control. of the petitioners. Department of Lands and • Obtain an understanding of internal control relevant to the audit in order to design audit procedures this reason, Surveys had expressed that are appropriate in the circumstances, but not for thethat purpose of “For expressing an opinion on the the petitioners argued that the effectiveness of the Bank’s control. tract (Parcel theinternal 15-acre Crown is now estopped B) was accretedpolicies land,” she • Evaluate the appropriateness of accounting used and the reasonableness of accountingfrom ruled. “That was the con- asserting or enforcing any estimates and related disclosures made by management. title to any portion of the sensus.ofItmanagement’s was not until 2008, • Conclude on the appropriateness use of the going concern basis of accounting and, lots. exists I agree that the Crown after obtained, the department made based on the audit evidence whether a material uncertainty related to events or conditions that may castitsignificant ability to continue as a goingfrom concern.asserting If we is estopped clear doubt thaton the theBank’s 15-acre conclude that a materialtract uncertainty are required to draw its attention auditors’ report strictin our legal rights to toownwasexists, partwe of the Wilthe related disclosures in the financial information or, if such disclosures are inadequate, to modify ership having regard to its liam Sumner grant and our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ the period land theBankconduct report. However, future not eventsCrown or conditions may that cause the to cease to during continue as a going concern. Office of the Prime Min- 1977 to the commencement at a regarding, contrary these proceedings.” We communicate with thoseister chargedarrived with governance amongof 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.

Other Matters

The Bank has prepared a separate set of financial statements for the year ended December 31, 2021 in accordance with International Financial Reporting Standards, on which we issued a separate auditors’ report to the Shareholders dated April 13, 2022. This report, including the opinion, has been prepared for and only for the Shareholders, in accordance with the terms of our engagement letter and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Independent auditors’ report To the Shareholders of Santander Bank & Trust Ltd.

Chartered Accountants Nassau, Bahamas

Report on the audit of the financial information

April 13, 2022

Our opinion

In our opinion, the financial information of Santander Bank & Trust Ltd. (the Bank) as at December 31, 2021, is prepared, in all material respects, in accordance with the basis of preparation as set out in Note 1 to the financial information.

Santander Bank & Trust Ltd.

What we have audited The Bank’s financial information comprises: • the statement of financial position of the Bank as at December 31, 2021.

Statement of Financial Position As at December 31, 2021 (Expressed in thousands of Euros, except for share amounts)

(Incorporated under the laws of the Commonwealth of the Bahamas)

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial information section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Bank in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code). We are independent of the Bank in accordance with International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

Emphasis of Matter - Basis of preparation

We draw attention to Note 1 to the financial information, which describes the basis of preparation. The financial information is prepared to comply with the requirements of the Bank’s regulator. As a result, the financial information may not be suitable for another purpose. The financial information does not comprise a full set of financial statements prepared in accordance with International Financial Reporting Standards. Our opinion is not modified in respect of this matter.

Responsibilities of management for the financial information

Management is responsible for the preparation of the financial information in accordance with the basis of preparation as set out in Note 1 to the financial information and for such internal control as management determines is necessary to enable the preparation of financial information that is free from material misstatement, whether due to fraud or error. In preparing the financial information, management is responsible for assessing the Bank’s 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.

Auditors’ responsibilities for the audit of the financial information

Our objectives are to obtain reasonable assurance about whether the financial information as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. 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 this financial information. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial information, 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 PricewaterhouseCoopers, 2 Bayside Executive Park, Westmisrepresentations, Bay Street & Blake Road, P.O. Box N-3910, Nassau, involve collusion, forgery, intentional omissions, or the override of internal control.

•

2021 €

2020 €

Time - Others Total cash and due from banks Mortgage securitization bonds Foreign currency forward contracts Loans Investment in Group entities Intangible assets Other assets and receivables Right-of-use asset – Fixed Asset

74,753 262 75,015 45 75,060 58 107,484 375 4,635 48 230 164

57,219 276 57,495 42 57,537 125 108,412 147,633 4,635 3 284 61

Total Assets

188,054

318,690

LIABILITIES Due to Group entities Demand deposits Time Foreign currency forward contracts Other liabilities

3,044 117,970 2,286 351

149,515 101,974 1,121 233

Total Liabilities

123,651

252,843

EQUITY Share capital Authorized, issued and fully paid: 10,000 ordinary shares of €75.79 each Reserve for foreign currency translation Retained earnings

758 (10,004 ) 73,649

758 (10,004 ) 75,093

64,403

65,847

188,054

318,690

ASSETS Cash and due from banks Demand - Group - Others

Total Equity Total Liabilities and Equity

These financial statements were approved by the Board of Directors on April 13, 2022 and are signed on its behalf by:

Bahamas T: + 1 242 302-5300, F: + 1 242 302-5350, www.pwc.com/bs

•

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 Bank’s internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial information or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

We communicate with those charged with governance 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.

Other Matters

Basis of preparation The accompanying financial information is an extract from Santander Bank & Trust Ltd.’s financial statements as at December 31, 2021 and for the year then ended, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and is used to submit to The Central Bank of The Bahamas. The auditors’ report included herewith should be read in conjunction with the full set of financial statements, which can be obtained at Santander Bank & Trust Ltd.’s office located at Caves Corporate Centre, Building A 1st Floor, West Bay Street and Blake Road, Nassau, Bahamas.

THE TRIBUNE

Wednesday, April 27, 2022, PAGE 7

TECH STOCKS SLUMP AGAIN; NASDAQ HAS WORST LOSS SINCE 2020 By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — Stocks closed broadly lower on Wall Street Tuesday, weighed down by sharp declines in Big Tech stocks that also left the Nasdaq with its worst drop since September 2020. Investors are busy reviewing the latest round of corporate earnings and are facing a particularly heavy week with results from some of the nation’s biggest companies. Earnings growth has been one of the pillars of the market, but the reports so far haven’t offset investors’ concerns about rising inflation, interest rate hikes and potential damage to global economic growth from pandemic-related lockdowns in China. The S&P 500 fell 120.92 points, or 2.8% to 4,175.20. The benchmark index closed the day with 95% of its stocks losing ground. The Dow Jones Industrial Average fell 809.28 points, or 2.4%, to 33,240.18. The tech-heavy Nasdaq bore the brunt of the day’s losses. It fell 514.11 points, or 4%, to 12,490.74. That’s its worst drop since Sept. 8, 2020. The index is now down 20% so far this year as investors shun the ultrapricey tech sector, which had made gangbuster gains for much of the pandemic. With the Federal Reserve set to aggressively raise interest rates as it steps up its inflation fight, traders are less and less willing to endure the lofty prices they had been paying for Microsoft, Facebook’s parent company and other tech giants. Microsoft fell 3.7%. Google’s parent company, Alphabet, fell 3.6% in regular trading and lost another 6% in after-hours trading after reporting results

that fell short of analysts’ estimates. More big technology companies are on deck to report earnings this week, including Facebook parent’s company, Meta, on Wednesday, and Apple on Thursday. Tesla slumped 12.2% over concerns that CEO Elon Musk will be distracted and less engaged in running the electric vehicle maker as he buys social media company Twitter, which fell 3.9%. Retailers and other companies that rely on direct consumer spending also fell broadly. General Motors fell 4.5% while Nike slipped 5.8%. General Electric fell 10.3% for one of the sharpest losses in the market after telling investors that inflation and other pressures are weighing on its profit forecast for the year.

Bond yields fell. The yield on the 10-year Treasury fell to 2.73% from 2.82% late Monday. Energy companies eked out a gain, the only one of the 11 sectors in the S&P 500 to do so. The price of benchmark U.S. crude oil rose 3.2%. After rallying the second half of March, stocks have been on shaky ground in April. The S&P 500 has fallen for three straight weeks. “It’s the market getting a little more comfortable with a slowdown at best and recessionary fears at worst,” said Ross Mayfield, investment strategy analyst at Baird. The last few days have been volatile as Wall Street also tries to assess how China’s strict lockdown measures to fight COVID-19 will impact the broader global economy,

including hurting demand in the world’s second-largest economy. It could be prompting a resetting of expectations while Wall Street is also still focused on the Federal Reserve’s plan to raise its benchmark interest rates this year. “The market had gotten comfortable, to an extent, with the Fed, but when you layer on demand destruction in China, it’s a little much for the market to stomach,” Mayfield said. Outside of technology companies, earnings for industrial and retail companies remain a key focus of Wall Street for the rest of the week. Airplane maker Boeing reports its results on Wednesday. Industrial bellwether Caterpillar reports its results on Thursday, along with McDonald’s and Amazon. Investors are closely reviewing the latest round

of corporate report cards to get a better sense of how different industries are handling rising inflation, which has prompted many companies to raise prices.

The results will also give a clearer picture of how consumers are reacting to higher prices on everything from food to clothing and gasoline.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: •

Identify and assess the risks of material misstatement of the financial information, 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.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

A WALL Street sign is shown in the Financial District, Wednesday, Oct. 13, 2021,estimates in the Manhattan and related disclosures made by management. borough of New York. Stocks are opening lower on Wall Street again, and big technology compa• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, nies were leading the way lower ahead of a busy week of earnings reports from several of them. based on the audit evidence obtained, whether a material uncertainty exists related to events or Microsoft and Google's parent company, Alphabet, were among the bigger weights on thethat market conditions may cast significant doubt on the Bank’s ability to continue as a going concern. If we in early trading Tuesday, April 26, 2022. conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial information or, if such disclosures are inadequate, to modify Photo:John Minchillo/AP

our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

Other Matters

Independent auditors’ report

This report, including the opinion, has been prepared for and only for the Shareholders, in accordance with the terms of our engagement letter and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

To the Shareholders of Santander Investment Bank Limited

Report on the audit of the financial information Our opinion

Chartered Accountants Nassau, Bahamas

In our opinion, the financial information of Santander Investment Bank Limited (the Bank) as at December 31, 2021, is prepared, in all material respects, in accordance with the basis of preparation as set out in Note 1 to the financial information.

April 13, 2022

What we have audited The Bank’s financial information comprises: • the statement of financial position of the Bank as at December 31, 2021.

Santander Investment Bank Limited

Basis for opinion

Statement of Financial Position As at December 31, 2021 (Expressed in thousands of Euros)

Emphasis of Matter - Basis of preparation

Responsibilities of management for the financial information

Auditors’ responsibilities for the audit of the financial information

(Incorporated under the laws of the Commonwealth of the Bahamas)

ASSETS Cash and due from banks Demand – Group Time – Group Total cash and due from banks Loans – Group Prepaid expenses Intangible assets Investment in Group entities Right-of-use asset – Fixed Asset Other assets – Other

2021 €

2020 €

2,524 117,958 120,482 375,616 33 1 98,333 164 133

1,351 101,964 103,315 527,646 49 98,333 52 81

Total Assets

594,762

729,476

LIABILITIES Due to Group entities - Demand deposits Accrued expenses – Others

2,100 398

152,100 246

Total Liabilities

2,498

152,346

EQUITY Share capital Authorized, issued and fully paid: 10,000 ordinary shares of €757.92 each Additional contributed capital Reserve for foreign currency translation Accumulated deficit

7,579 613,105 (2,141) (26,279)

7,579 613,105 (2,141) (41,413)

Total Equity

592,264

577,130

Total Liabilities and Equity

594,762

729,476

These financial statements were approved by the Board of Directors on February 23, 2022 and are signed on its behalf by:

•

Director

Bahamas T: + 1 242 302-5300, F: + 1 242 302-5350, www.pwc.com/bs

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•

Basis of preparation The accompanying financial information is an extract from Santander Investment Bank Limited’s financial statements as at December 31, 2021 and for the year then ended, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and is used to submit to The Central Bank of The Bahamas. The auditors’ report included herewith should be read in conjunction with the full set of financial statements, which can be obtained at Santander Investment Bank Limited’s office located at Caves Corporate Centre, Building A 1st Floor, West Bay Street and Blake Road, Nassau, Bahamas.

PAGE 8, Wednesday, April 27, 2022

THE TRIBUNE

JETBLUE SEES RETURN TO PROFITABILITY DELAYED BY FLIGHT WOES By DAVID KOENIG AP Airlines Writer DALLAS (AP) — JetBlue Airways said Tuesday that it lost $255 million in the first quarter, and widespread flight cancellations in April plus the need to hire and train more pilots will delay the company's return to profitability. New York-based JetBlue said it would further reduce its schedule this summer to limit delays and cancellations. The company's shares fell 11.4% to close at $11.57, barely above their 12-month low. Like other airlines that have reported financial results this month, JetBlue said demand for tickets is

strong and fares are rising — the average first-quarter fare was 31% higher than a year ago — as consumers continued to return to travel after two years of pandemic. But JetBlue struggled in April, canceling 10% of its flights. The company blamed its problems on an increase in pilots leaving, bad weather in Florida and New York, air-traffic control delays and other factors. The pilots' union has heaped some of the blame on the airline's chief of systems operations. A union official said the airline's reputation has suffered as customers endure canceled flights and the airline mishandles pilot scheduling.

CEO Robin Hayes said JetBlue is a victim of a pilot shortage affecting the entire industry. "We continue to experience elevated levels of pilot attrition and training pressure," he told analysts. Hayes said JetBlue will further trim planned growth in its summer schedule "to get the operation back on track," and that will delay JetBlue's return to profitability until the second half of this year. JetBlue previously said it would cut its May schedule by up to 10%. On the call with management, analysts peppered JetBlue executives about the operational problems and rising costs.

A TRAVELER wearing a protective mask, due to the coronavirus outbreak, walks through the nearly empty JetBlue terminal at Logan Airport in Boston, Friday, May 29, 2020. JetBlue is further dialing back its growth plans after struggling with a high number of canceled flights. The company said Tuesday, April 26, 2022, that it lost $255 million in the first quarter but saw strong demand for travel, which pushed revenue higher. Photo:Charles Krupa/AP "While we've been willing to look through a quarter or two of operational strain in the past, our confidence in management's ability to wrestle (non-fuel costs) back under control is low," JPMorgan analyst Jamie Baker said in a note to clients. He lowered his rating on JetBlue's stock from "overweight," or buy, to "underweight."

The airline said its adjusted loss was 80 cents per share, slightly better than the loss of 85 cents per share forecast by analysts in a FactSet survey. Revenue more than doubled from a year earlier, to $1.74 billion. However, fuel spending nearly tripled, and labor costs rose by one-third from the same quarter last year.

JetBlue offered this month to buy Spirit Airlines for $3.6 billion to gain more heft, which it said it needed to better compete with American, Delta, United and Southwest. Hayes declined to answer questions Tuesday about the bid, which seeks to top an earlier offer by Frontier Airlines.

GM’S $2.94B 1Q PROFIT TOPS STREET VIEWS, BUT REVENUE MISSES By ALEX VEIGA AP Business Writer LOS ANGELES (AP) — General Motors' net income declined in the first quarter, as the automaker sold fewer cars and trucks worldwide, although higher prices helped boost revenue, especially in North America. GM late Tuesday reported net income of $2.94 billion, or $1.35 per share, versus a profit of $3.02 billion, or $2.03 per share, in the same quarter last year. Excluding one-time items, such as costs related to its Cruise autonomous vehicle subsidiary, GM's earnings amounted to $2.09 per share. Analysts' consensus estimate was for $1.65 per share, according to FactSet. Revenue jumped nearly 11% to $35.98 billion, but fell below the $36.89 billion analysts projected. GM's sales in the U.S., its most profitable market, jumped 13.5% in the first quarter versus a year earlier to $29.46 billion. GM sold 1.43 million vehicles during the quarter, down from 1.75 million in the same period last year. The Detroit-based company's worldwide market share slipped to 7.3% from 8.1%.

The public may view a full set of the audited financial statements from the Bank, situated at The Caves Corporate Centre, 1st Floor, West Bay Street & Blake Road, Nassau, Bahamas.

THE GMC logo is displayed on the grill of a truck at a GMC dealership in Warminster, Pa., Tuesday, April 26, 2022. General Motors’ net income declined in the first quarter of 2022, as the automaker sold fewer cars and trucks worldwide, although higher prices helped boost revenue, especially in North America. Photo:Matt Rourke/AP CEO Mary Barra said during a conference call with reporters that demand for the company's vehicles remains strong. "What we're seeing from a GM perspective gives us confidence that we have the pricing power and we have the customer demand for our products," she said. Global supply chain disruptions continue to make access to computer chips needed in automobile manufacturing volatile, but GM saw improvement on that front in the first quarter, Barra said. "We think we'll continue to see a stronger chip supply in the second half of the year versus the first half of the year," she said,

adding: "We still believe we'll be able to make 25%30% more vehicles this year than we did last year, even with what we're seeing in the market today." GM is banking on strong demand for electric vehicles. The company has several models in the works, including electric variants of the Chevy Blazer, Equinox, Silverado pickup and Corvette. Earlier this month, GM announced it will co-develop "affordable" electric vehicles with Honda. One of the vehicles that will come about from that venture is a crossover that GM plans to price below the Equinox electric variant, Barra said Tuesday.

THE TRIBUNE

Wednesday, April 27, 2022, PAGE 9

GOOGLE PARENT SUFFERS 1Q GROWTH SLOWDOWN, PROFIT DECLINE

By MICHAEL LIEDTKE AP Technology Writer

SAN RAMON, Calif. (AP) — Google's corporate parent on Tuesday posted its slowest quarterly revenue growth since 2020, the latest sign that the huge gains enjoyed by technology companies during the pandemic are fading into the rear-view mirror. For most companies, the numbers announced by Alphabet Inc. would be a cause for celebration. But tech companies are sized up differently, with investors typically measuring them by how much growth they deliver each quarter compared to the previous year. Alphabet began this year with growth trends shifting dramatically downward. That already contributed to a 20% decline in its stock price since it peaked at about $3,030 in early February before a widespread sell-off in tech stocks. The shares shed another 4% in extended trading Tuesday

after the latest quarterly numbers came out. The concerns about slowing growth have become an even bigger worry amid rising interest rates aimed at tamping down the highest inflation rates in more than 40 years. Higher borrowing costs, coupled with the economic upheaval caused by the war between Russia and Ukraine, are more likely to cool off the U.S. economy and create on even bigger drag on growth. Alphabet's revenue during the January-March period totaled $68 billion, a 23% increase from the same time last year. That was the first time since 2020 that the company has reported as year-over-year revenue gain of less than 30%. The figure fell about $40 million below the average estimate among analysts polled by FactSet Research The first-quarter profit drooped 8% from last year to $16.4 billion, or $24.62 per share. That was also below the average analyst

NOTICE

NOTICE is hereby given that GERRY DELVA of Palmetto Point, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE International Business Companies Act (No. 45 of 2000)

Monkey Wrench Aviation Ltd. Registration No. IBC 201329 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Monkey Wrench Aviation Ltd. has been dissolved and struck off the Register of Companies with effect from the 31st day of January, 2022.

projection of $25.47 per share, according to FactSet. As usual, advertising funneled through Google's dominant search engine and a vast network that snakes through most of the digital economy. Google's ad sales totaled $54.7 billion, during the first quarter, a 22% increase from the same time last year. The comparisons from last year were bound to be difficult for Google and a wide range of other tech companies. Their digital services and gadgets were in hot demand during a pandemic that forced most people to spend far more time at home, often by themselves, amid government lockdowns and other restrictions. Initially, Google was hurt by economic jitters that resulted in its first-ever

year-over-year decline in quarterly revenue during the first few months of the pandemic. But the company based in Mountain View, California, rebounded robustly as a surge in electronic commerce spurred a flood of advertising. But now that uptick appears to be over, confronting Alphabet with a more challenging year ahead. With its stock now in the doldrums, the company announced plans to buy back up to $70 billion of its stock when it sees fit. "Alphabet is facing the same headwinds as the other major digital platforms — with the war in Ukraine and rising inflation added to the comparison against hyper growth quarters during COVID lockdowns, and these results reflect that," said

NOTICE

NOTICE is hereby given that MACKDALENE APPLISE of Yellow Elde, 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 27th day of April, 2022 tothe Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Tom Johnson, chief digital officer for WPP Mindshare, a worldwide media agency. Ruth Porat, Alphabet's chief financial officer, appeared to be preparing for another quarter of sluggish growth during the current April-June period by reminding analysts during a conference call late Tuesday that the company posted a 62% gain last year. That, she said, will make for a "tough" comparison that will be compounded by Google's suspension of operations in Russia in protest of its invasion of Ukraine.

NOTICE

NOTICE is hereby given that CEZARLES DENIS of 3rd Street, Coconut Grove, 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 20th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

EDRG INTERNATIONAL BUSINESS INVESTMENT LTD.

NOTICE

In Voluntary Liquidation

NOTICE is hereby given that ELIZABETH ELIZA BETHEL NEE SINCLAIR of P.O. Box N-690, Providence Ave., Chippingham, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, EDRG INTERNATIONAL BUSINESS INVESTMENT LTD. is in dissolution as of April 12th, 2022. International Liquidator Services Limited, situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

MARKET REPORT www.bisxbahamas.com

TUESDAY, 26 APRIL 2022

Galnom Ltd. Liquidator

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT PROBATE SIDE IN THE ESTATE OF WILLIAM F. PLUMMER, III late of 70 Old Schoolhouse Road, Sagadahoc County in the City of Georgetown, in the State of Maine one of the States of the United States of America, deceased. NOTICE is hereby given that all persons having any claims and/or demands against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 27th May 2022 after which date the Executor will proceed to distribute the assets having regard only to the claims of which they shall then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

GLINTON SWEETING O’BRIEN Attorneys for the Executor 303 Shirley Street Nassau, The Bahamas

(A. 13, A. 23, S.3)

NOTICE Bremasip Ltd NOTICE IS HEREBY GIVEN in accordance with Section 138(4) of the International Business Companies Act, (no. 45 of 2000) as follows: (a) Bremasip Ltd (the “Company”) is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 25th day of April, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Ms. Jonell Rolle. Dated the 25th day of April, 2022.

But at least Google isn't yet facing as much pressure as some other once highflying tech companies, such as video streaming leader Netflix, which suffered its first loss of subscribers in more than a decade at the beginning of this year after reveling in meteoric growth at the pandemic's outset. In an effort to regain its lost momentum, Netflix plans to crack down on subscribers who have been sharing their passwords with freeloading viewers and may start showing ads on a lower-priced version of its service for the first time.

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.05 2.90 2.60 6.05 10.05 3.55 9.02 3.10 7.50 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 9.01 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

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

CHANGE

%CHANGE

YTD

YTD%

2276.47

-0.01

0.00

48.23

2.16

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 2.15 10.13 12.26 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 2.13 10.13 12.27 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

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 (0.02) 0.00 0.01 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 20.9 21.7 19.0 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

H&J CORPORA TE SERVICES LTD.

Registered Agent for the above-named Company

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% 20.38% 0.59% 2.67% 2.23% 3.60% 3.01% 2.00% 3.94%

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

PAGE 14, Wednesday, April 27, 2022

THE TRIBUNE

POLAND, BULGARIA SAY RUSSIA SUSPENDING NATURAL GAS SUPPLIES By VANESSA GERA AND MONIKA SCISLOWSKA Associated Press

WARSAW, Poland (AP) — Polish and Bulgarian officials said Tuesday that Moscow is cutting off natural gas deliveries to their countries due to their refusal to pay in Russian rubles, a demand made by President Vladimir Putin after sanctions were levied against his nation over the invasion of Ukraine. Russian state-owned energy giant Gazprom informed the two EU and NATO member nations that gas supplies will be

suspended starting Wednesday, their governments said. The suspensions would be the first since Putin’s announcement last month that “unfriendly foreign buyers” would have to transact with Gazprom in rubles instead of dollars and euros. Only Hungary has agreed to do so, with other countries rejecting the demand as an unacceptable, one-sided breach of contracts and a violation of sanctions. If deliveries are halted to other countries as well, it could cause economic pain in Europe, driving natural gas prices up and possibly

leading to rationing — but it would also deal a blow to Russia’s own economy. Wednesday’s cutoffs will affect deliveries of Russian gas to Poland through the Yamal-Europe pipeline, according to Polish state gas company PGNiG, and to Bulgaria via the TurkStream pipeline, that country’s Energy Ministry aaid. The Yamal-Europe carries gas from Russia to Poland and Germany, via Belarus. Poland has been receiving some 9 billion cubic meters annually, fulfilling some 45% of the country’s need.

PGNiG said it was considering legal action over Moscow’s payment demand. But Climate Minister Anna Moskwa said Poland is prepared to make do after having worked to reduce its reliance on Russian energy sources. Several years ago the country opened its first terminal for liquefied natural gas, or LNG, in Swinoujscie, on the Baltic Sea coast, and later this year a pipeline from Norway is to become operational. “There will be no shortage of gas in Polish homes,” Moskwa tweeted. Bulgaria said it was working with state gas companies

to find alternative sources and no restrictions on domestic consumption would be imposed for now, even though the Balkan country of 6.5 million people meets over 90% of its gas needs with Russian imports. Poland has been a strong supporter of neighboring Ukraine during the Russian invasion and has acted as a transit point for weapons the United States and other Western nations have provided to Kyiv. Warsaw said this week that it, too, was sending weaponry to Ukraine’s army, in the form of tanks. On Tuesday it announced

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 69° F/21° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Nice with sunshine and a few clouds

Clear

Mostly sunny and pleasant

Partly sunny with a passing shower

Clouds and sun with a stray t‑storm

A stray t‑storm; breezy in the a.m.

High: 82°

Low: 71°

High: 81° Low: 69°

High: 80° Low: 71°

High: 81° Low: 71°

High: 82° Low: 73°

AccuWeather RealFeel

90° F

73° F

92°-70° F

87°-68° F

88°-67° F

88°-70° 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

ABACO

High: 79° F/26° C Low: 71° F/22° C

4‑8 knots

High: 86° F/30° C Low: 69° F/21° C

4‑8 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 71° F/22° C

E S

WEST PALM BEACH

uV inDex toDay

THURSDAY

| Go to AccuWeather.com

TONIGHT

High: 87° F/31° C Low: 70° F/21° C

High: 82° F/28° C Low: 69° F/21° C

MIAMI

High: 85° F/29° C Low: 71° F/22° C

4‑8 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 68° F/20° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 8.28” Normal year to date ..................................... 5.99”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 71° F/22° C

High: 79° F/26° C Low: 70° F/21° C

KEY WEST

High: 82° F/28° C Low: 74° F/23° C

tiDes For nassau High

6‑12 knots

Low

Ht.(ft.)

6:05 a.m. 6:36 p.m.

2.7 2.8

12:25 p.m. ‑0.1 ‑‑‑‑‑ ‑‑‑‑‑

Thursday

6:53 a.m. 7:22 p.m.

2.7 2.9

12:53 a.m. 0.0 1:08 p.m. ‑0.2

Friday

7:37 a.m. 8:03 p.m.

2.6 3.0

1:41 a.m. ‑0.1 1:48 p.m. ‑0.3

Saturday

8:18 a.m. 8:43 p.m.

2.5 3.0

2:25 a.m. ‑0.1 2:26 p.m. ‑0.3

Sunday

8:58 a.m. 9:21 p.m.

2.4 3.0

3:07 a.m. ‑0.1 3:02 p.m. ‑0.2

Monday

9:36 a.m. 9:58 p.m.

2.3 2.9

3:47 a.m. ‑0.1 3:38 p.m. ‑0.1

Tuesday

10:15 a.m. 10:37 p.m.

2.2 2.8

4:27 a.m. 4:15 p.m.

0.0 0.0

sun anD moon Sunrise Sunset

6:37 a.m. Moonrise 7:38 p.m. Moonset

4:52 a.m. 4:57 p.m.

New

First

Full

Last

Apr. 30

May 8

May 16

May 22

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 69° F/21° C

High: 80° F/27° C Low: 71° F/22° C

High: 79° F/26° C Low: 75° F/24° C

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 69° F/21° C

6‑12 knots

MAYAGUANA High: 80° F/27° C Low: 74° F/23° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 80° F/27° C Low: 71° F/22° C

High: 80° F/27° C Low: 70° F/21° C

GREAT INAGUA High: 82° F/28° C Low: 72° F/22° C

Ht.(ft.)

Today

High: 79° F/26° C Low: 69° F/21° C

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

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

CAT ISLAND

sanctions targeting 50 Russian oligarchs and companies, including Gazprom. Bulgaria, once one of Moscow’s closest allies, has cut many of its ties with Russia after a new, liberal government took the reins last fall and also in the wake of the invasion. It has supported sanctions against Russia and sent humanitarian aid to Ukraine. Bulgaria has been hesitant to provide military aid, but Prime Minister Kiril Petkov and members of his coalition government were expected in Kyiv on Wednesday for talks about further assistance.

8‑16 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SW at 4‑8 Knots NNW at 6‑12 Knots E at 6‑12 Knots ESE at 4‑8 Knots ENE at 6‑12 Knots ESE at 4‑8 Knots ENE at 7‑14 Knots E at 7‑14 Knots ENE at 6‑12 Knots ESE at 3‑6 Knots SSW at 4‑8 Knots NE at 7‑14 Knots NE at 6‑12 Knots ESE at 4‑8 Knots NE at 8‑16 Knots ENE at 7‑14 Knots ENE at 7‑14 Knots E at 6‑12 Knots ENE at 7‑14 Knots E at 6‑12 Knots E at 4‑8 Knots SE at 4‑8 Knots NE at 8‑16 Knots E at 7‑14 Knots NE at 6‑12 Knots E at 4‑8 Knots

WAVES 3‑6 Feet 3‑5 Feet 0‑1 Feet 0‑1 Feet 3‑6 Feet 3‑5 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑3 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 5‑9 Feet 4‑7 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet

VISIBILITY 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 79° F 79° F 79° F 79° F 79° F 80° F 80° F 78° F 79° F 79° F 81° F 79° F 79° F 80° F 80° F 80° F 80° F 79° F 79° F 78° F 79° F 80° F 80° F 78° F 79° F