05052022 BUSINESS

business@tribunemedia.net

THURSDAY, MAY 5, 2022

$6.25

$6.25

‘Foolhardy’ if BISX to neglect digital assets

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange (BISX) is “actively pursuing opportunities” in digital assets, its chief executive disclosed yesterday, adding: “We’d be foolhardy to do otherwise.”

Keith Davies, while declining to provide details on what the exchange is presently developing, told Tribune Business that blockchain technology, crypto currency and digital tokens will “be a bit part of the future” for BISX with the worldwide digital assets industry having evolved into a $3trn-and-growing sector.

Unveiling a vision where The Bahamas’ first and only securities exchange will provide the “avenue”, or platform,

• Exchange ‘actively pursuing opportunities’ in space • Aims to ‘take care of backyard’ first before outside • Says B$ crypto access ‘inevitable’, ‘needs to happen’ for digital asset innovators and creators, he added that technology and investor interest had advanced to the point where BISX could play a greater role.

However, Mr Davies said his initial focus will be on the domestic market as “it’s very important to take care of your backyard” first before seeking to expand into international markets.

$6.33

‘Unacceptable’: Gov’t now chasing $1bn tax arrears • Non-compliance results in delinquency build-up • Business Licences, VAT and property tax cited • Officials threaten strong enforcement actions

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

KEITH DAVIES That makes the Government’s pledge, as outlined in its ‘white paper’ policy position, of working with the Central Bank to facilitate Bahamian dollar access to digital assets extremely important to BISX’s plans - something the exchange’s chief branded as

SEE PAGE 8

$6.33

THE GOVERNMENT’S top revenue agency yesterday revealed that “unacceptable noncompliance” by Bahamian taxpayers had resulted in the build-up of $1bn in outstanding tax arrears that it was now aggressively pursuing.

Shunda Strachan, the Department of Inland Revenue’s acting director, speaking as the Revenue

Enhancement Unit’s new Carmichael Road headquarters were formally unveiled, said: “Over the last several years, we have seen an unacceptable rate of non compliance.

“In total, taxpayers have failed to file or to pay close to $1bn. We are seeing an increasing number of businesses that are failing to renew their Business Licenses and their VAT (value added tax) returns. Worse yet, we have identified businesses that are intentionally

SEE PAGE 15

Gov’t revenue $210m ahead of projections Inflation ‘hurricane’ for property owners

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Ministry of Finance’s top official yesterday the Government revenue is $210m above forecast for the 2021-2022 fiscal year-to-date and is expected to maintain that momentum through to end-June..

Simon Wilson, the financial secretary, speaking as the Revenue Enhancement Unit’s new Carmichael Road home was unveiled, disclosed that the Public Treasury’s income will likely close the fiscal year around $200m ahead of budgetary projections.

“We are running around $210m ahead of our projection, which would probably mean that we will end the year around $200m, which

is around 10 percent higher than the projections, which is really, really significant,” he asserted.

“Normally when we see that projection it is usually because of an unexpected outlay, or transactions that we didn’t account for that came through. There is no one-off revenue in this amount. There’s a little bit of arrears money coming

SEE PAGE 9

Gov’t drove 59% of $523m reserve rise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government accounted for 59 percent of the 2022 first quarter’s $523m rise in The Bahamas’ foreign currency reserves, the Central Bank’s governor has revealed, although the banking sector subsequently took on the greater share.

John Rolle, replying to Tribune Business questions, said the Government sold a net $310m in foreign

SEE PAGE 7

HUBERT EDWARDS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HOMEOWNERS and businesses have been warned that soaring inflation could leave them under-insured as the 2022 hurricane season looms, with one underwriter describing catastrophe cover as an “expensive but necessary evil”.

Anton Saunders, RoyalStar Assurance’s managing director, and Stan Charlton, NUA Insurance Agents

and Brokers’ chief, both told Tribune Business in recent interviews that residential and commercial property owners could face significant rebuilding costs after a storm strikes if their insurance policies fail to account for higher building materials costs.

If catastrophe coverage is not adjusted for these hikes, then insurance payouts post-hurricane could be insufficient to cover reconstruction costs - especially in the event of a Hurricane Dorian-type storm. In such a scenario, the

insurance duo warned that homeowners and companies would have to finance the difference from their own financial resources or scramble to secure extra funding - a situation that will set their recovery back and that of the wider economy.

“We always have the issue, and we always battle with, under-insurance or sums insured,” Mr Saunders told this newspaper. “If you have inflation creeping up, it means the sums people may be insured for

SEE PAGE 13

PAGE 2, Thursday, May 5, 2022

THIRTY FIRMS TO ATTEND LABOUR ON THE BLOCKS

THE TRIBUNE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SOME 30 companies will be present at this weekend’s Labour on the Blocks 2.0 job fair, the Department of Labour announced yesterday, as it bids to reduce unemployment by bringing work opportunities to local neighbourhoods.

Keith Bell, minister for labour and Immigration, affirmed: “In keeping with the Government’s commitment to develop partnership with the private sector, and to reduce the levels of unemployment in our country, the Ministry of Labour and Immigration, in conjunction with the Department of Labour, is formally launching a new initiative.

“In the fourth quarter of 2015, the Department of Labour initiated a programme that was dubbed ‘Labour on the Blocks’.

The programme was spearheaded by the Public Employment Services Unit and designed to reduce the high levels of unemployment in New Providence by the utilisation of a number of public parks throughout New Providence to hold job fairs on Saturdays.

“I am extremely pleased to announce the launch

of Labour on the Blocks 2.0. Labour on the Blocks 2.0 is similar to the 2015 programme, but has been expanded to include a number of new and exciting features,” the minister added.

“While the ultimate goal is to reduce the levels of unemployment in the labour market, and bring together job seekers with employers, the new features of the 2022 version will enable both job seekers and employer to have access to additional services by the Department of Labour.

Some of the new features of Labour 2.0 include, but are not limited to, expansion beyond New Providence where job fairs will be held on a Family Islands.”

The Department of Labour plans to hold job fairs at public schools to help reduce the costs involved in staging them.

“The involvement of a number of communitybased groups, churches and NGOs (non-governmental organisations) to publicise the job fairs will ensure more participation and attendance from members in the community,” Mr Bell said.

“The utilisation of other government agencies including BTVI (Bahamas Technical and Vocational Institute), the National Training Agencyand the

University of the Bahamas, and other private institutions at the job fair, will enable job seekers to access services to better prepare them to obtain gainful employment. The utilization of the Department of Labour’s communication unit will live stream each job fair, making the event interactive and attractive to younger job seekers.”

Robert Farquharson, the Government’s director of labour, said it is impossible to determine how many Bahamians will find employment at the job fair.

However, he said: “The Sandals Group of Companies are seeking persons to fly to Exuma to work on the Exuma property [Emerald Bay], and to a property they have on Fowl Cay. “We know a number of sectors have confirmed their participation - the construction sector, the financial services sector, FirstCaribbean Bank, SuperValue, SuperClubs Breezes - all of these companies have indicated they will be present and they need people to work.”

This Saturday’s job fair will be held at Columbus Primary School between 8am and 2 pm. The Grand Bahama equivalent will be held at the Jack Hayward High School during the same time.

MINISTER EYES DISNEY JOBS BOOST FOR HIS CONSTITUENTS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said Disney Cruise Line plans to stage another job fair in his South Eleuthera constituency so that residents have first

chance to secure the extra 180 construction jobs at its Lighthouse Point project.

Clay Sweeting, minister for agriculture, marine resources and Family Island affairs, told reporters prior to the weekly Cabinet meeting: “Central and South Eleuthera have lacked development for a long time, and I’m very excited that Disney is coming on stream. They have promised 300 Bahamian jobs compared to the 120 that was in the HOA (Heads of Agreement), so we’re looking forward to that.

“We’re looking forward to development, and we’re looking forward to them also being environmentally friendly. They’re only going to use 17 percent of the footprint there in South Eleuthera. But what’s most important for me, and most important for the people and Eleuthera, is that they have access to these jobs.”

Mr Sweeting, MP for central and south Eleuthera, said environmental protection had to be balanced with sparking the economic growth and job creation that the area has lacked for decades. He said: “As a pro-development advocate, I understand that while we want to protect the environment we must also understand that development is needed to help the people that actually live there.

“The Prime Minister said one time that it’s no use to have a lot of corn in the barn if your people are starving. So I think it’s important that we balance

both. They [Disney] are only supposed to use 17 percent of the actual footprint there, and the rest will be environmentally friendly. They’re also going to relocate the coral where they’re supposed to put the pier.

“We understand the challenge, and we also understand the concern, but we also understand that central and south [Eleuthera] has been a constituency that has lacked development for years and years, and we have to understand that the people must also benefit while we balance out the environmental part of our country.”

Disney has also pledged to help Bahamian entrepreneurs to develop, too. Mr Sweeting said: “A lot of Eleutherans have the wherewithal to become entrepreneurs and to become business owners.

But if there’s nobody to sell their product to or to engage, there’s no use to start a business if they are not going to be successful. So once we find ways to co-operate, merge the two, then we’re able to say Disney will allow Bahamians to provide these tours, and Bahamians will get engaged.

“We have a lot of entrepreneurs in Eleuthera, and a lot of people that do tours in the north because they have the tourist element there. So once it moves to the south, I’m sure that people will be engaged and will do what they can to reap the benefits of whatever investment comes in the constituency.”

LIGHTHOUSE POINT

THE TRIBUNE

Thursday, May 5, 2022, PAGE 3

BTC revenues up 6% as subscribers decline

GOV’T TO DECIDE ON BAKER’S BAY’S ‘GLOBAL WORKFORCE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister yesterday said the Mexican workers hired to rebuild Abaco’s Baker’s Bay Golf & Ocean Club may be reengaged while reaffirming the long-standing policy that qualified and available Bahamians get first preference.

Keith Bell, minister for labour and Immigration, said the Davis administration will not approve work permits for expatriate workers if Bahamians are qualified, available and willing to perform the work.

When asked if this means the work permits issued to Baker’s Bay’s Mexican workforce will not be renewed, he asserted that particular case was “misconstrued”. Mr Bell said: “We have what’s called a global workforce down there at Baker’s Bay. You would recall that following the devastating hurricanes, Baker’s Bay was completely decimated.

“So in order to get those homes up and reconstructed, we needed to bring in foreign labour

THE BAHAMAS Telecommunications Company’s (BTC) revenues increased by 6 percent year-over-year for the 2022 first quarter as the carrier continued its steady recovery from the lows caused by the COVID-19 pandemic.

The Bahamian carrier’s ultimate parent, Liberty Latin America (LiLAC), unveiling its results for the three months to end-March 2022, disclosed that BTC enjoyed a $2.7m increase in top-line income for the period as this rose to $47.7m compared to $45m during the 2021 first quarter.

However, subscriber growth proved hard to come by. On the mobile business, where BTC remains locked in fierce competition with its Aliv rival, total customer numbers fell by 2,900 compared to year-end 2021. The carrier, which remains 49 percent owned by the Government, lost 1,700 pre-paid customers and 1,200 from the higher-margin post-paid segment during the three months to end-March 2022.

As a result, BTC’s total mobile subscriber base declined by 1.6 percent during the 2022 first quarter, falling to 173,500 from 176,400 at year-end 2021.

As at end-March, the mobile incumbent still has 141,400 pre-paid customers and 32,100 post-paid clients.

This contrasts sharply with the end to 2021, when BTC was able to reverse the post-liberalisation decline in its mobile subscriber numbers by adding a total of 1,300 new customers in the 2021 fourth quarter.

Some 900 new pre-paid, and 400 post-paid, subscribers were added during

BAHAMAS TELECOMMUNICATIONS COMPANY’S (BTC)

the three months to endDecember 2021, according to figures published by LiLAC. BTC closed the year with some 176,400 mobile customers, divided into 143,100 pre-paid subscribers and 33,300 of the post-paid variety.

Subscriber gains in BTC’s other business lines were modest during the 2022 first quarter. While the carrier added 200 TV, and 700 Internet, customers over that period this was largely negated by the loss of 700 fixed-line telephone subscribers. All in all, BTC lost 1,400 fixed-line “customer relationships”.

This continues the trend set late last year, when BTC lost 2,900 “revenue generating units” or customer relationships during the 2021 fourth quarter.

Then, Internet and TV subscribers declined by 1,200 and 100, respectively, while fixed-line phone subscribers also fell by some 1,600.

Andre Foster, BTC’s chief executive, told Tribune Business in an interview earlier this year that the carrier plans “to become a real attacker” in the battle for market share with ambitions to buildout its new network by end-2023.

He pledged that all subscribers across The Bahamas will enjoy faster, better quality broadband Internet and TV services when it completes the transition from its legacy copper infrastructure to fibre-tothe-home (FTTH) within the next 23 months.

“It’s progressing well,” he said of the switch. “I wish I could say I was exactly where I want to be, meaning we have 100 percent of our network converted to fibre-to-the-home. We’ve made a commitment to have fibre-to-the-home available throughout the archipelago by 2023.”

While conceding that more remote locations in the Family Islands will likely be serviced by wireless, as opposed to fibre, technology, Mr Foster said The Bahamas would be “fully FTTH in the main islands” by year-end next year as BTC and its parent entities continue to invest millions of dollars in the network’s transformation.

“Our goal is to be off the copper network by 2023.

That’s a big focus for us, and why we’re building it as quickly as we can,” he told this newspaper. The BTC chief also revealed that BTC plans to take the offensive in the battle for

market share with Cable Bahamas and Aliv, asserting that 2021 had seen it build a platform to make gains in this area during the current calendar year.

“We are very focused on growing our fixed footprint, and we did a fairly good job in achieving some objectives around that in 2021, so we feel very confident that we are rolling back to BTC a strong base of fixed customers,” Mr Foster told Tribune Business.

“We feel post-paid mobile, we have done very well with that. On the prepaid side I would say we are feeling good about our future there. We do have some great things coming up that will really bring back some subscribers in that area. We feel good about where we ended 2021. We feel there’s an opportunity to become a real attacker, retain our customer base, and we’ll see more of that happen for us in the future.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

because the local level wasn’t sufficient given the widespread damage - not just down there on those islands, but all of the islands which were ravaged.”

Baker’s Bay’s reconstruction was projected to cost more than $400m over three years from September 2019, with over 470 persons employed property-wide. The Mexicans were to be employed on a rotation basis, with more than 100 brought in initially to kickstart post-Dorian reconstruction at the highend Great Guana Cay development.

Mr Bell said: “The former administration agreed to bring on what is called a global workforce.

That is where they would be allowed to bring in so much persons and they could rotate them, and that soon expires.

“So we would wait to see what would happen based on the progress they’ve made, and reconstruction of those homes. So once that is done, then the Government will make a determination whether or not to extend or to ensure that once that global workforce’s time expires, they will have to leave the country.”

PAGE 4, Thursday, May 5, 2022

THE TRIBUNE

FOOD GRANTS EXPAND TO FIVE BAHAMIAN ISLANDS A HUMANITARIAN non-profit has announced it is expanding its grants initiative to support Bahamian food producers on five different islands.

World Central Kitchen (WCK), founded by Chef Jose Andres, said in a statement that the grants disbursed via its Food Producer Network (FPN) will cover producers on Abaco, Andros, Eleuthera, Grand Bahama and New Providence. The initiative aims to build resilient local food systems, and strengthen food security, through direct financial support to farmers, fishermen, small food-related businesses and

non-profit organisations in The Bahamas.

The Food Producer Network seeks to revitalise its beneficiaries’ operations and rebuild their capacity to produce, distribute and sell food at the local level to reduce The Bahamas’ heavy reliance on food imports.

The grants are available to businesses and organisations that produce or distribute food at a local level, and can be used to finance capital improvements such as building greenhouses, walk-in coolers or storage units as well as purchasing tractors, ice machines, irrigation and rainwater collection

systems, and engines for fishing boats.

World Central Kitchen also offers a free online training programme, which includes technical training, to raise production as well as business skills classes to enhance commercial operations, increase sales and access to markets.

“Before World Central Kitchen’s support I was running my business at lower capacity than I had the potential to. Beyond the grant, all the training opportunities offered by World Central Kitchen have taught me how to build my business and develop a better product,” said

LOT FOR SALE VENICE BAY Lot #9 in Block #10 GATED COMMUNITY 10,000 SQ FT WITH FOUNDATION

$135,000.00

If you are serious call 424-3955.

Tanique Brutus of C&T Fishing in Abaco.

She used her grant to purchase a new 150-horsepower engine for her boat, ice maker and chest freezer, all of which have allowed the business to surpass pre-Hurricane Dorian production levels.

The Food Producer Network was established in 2018 in response to the devastating hurricane season the year before.

Since then, $4.9m in grants have been disbursed to over 300 food producers affected by natural disasters in the Caribbean and Central America. In 2020, to improve food security throughout the region, the programmes geographical coverage expanded to include The Bahamas and support communities impacted by Hurricane Dorian.

To-date, World Central Kitchen has invested $600,000 through 40 grants in The Bahamas. The Food Producer Network team will today at 5pm lead a virtual information session for persons interested in learning more about the financial support, training and volunteering offered in The Bahamas. Those interested can register at wck.org/ Bahamas-info-session.

The window to submit grant applications opened yesterday, and will remain open until Friday, June 24.

For more information or to submit an application, visit wck.org/apply and follow Food Producer Network on Facebook at facebook.com/ wckfpn

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

THE TRIBUNE

Thursday, May 5, 2022, PAGE 5

NATIONAL TRUST REJECTS ATHOL ISLAND PROJECTS THE BAHAMAS National Trust yesterday voiced its opposition to various proposals to develop excursion and beach break destinations on Athol Island, renewing its previous call for the area to be designated as a national park.

The Trust, in a statement, said it had advocated for the island’s protection from development since 1982.

Describing it as a small barrier island that protects north-eastern New Providence from storm surge, the BNT said the site and its surrounding waters “are of ecological and historical importance, and hold economic potential for sustainable tourism ventures”.

Noting that Athol Island is just two miles in length, the BNT added that it “boasts outstanding representative biodiversity.

It provides a habitat for many species of birds and several species of reptiles.

The marine environment surrounding the island is shallow and consists of a mosaic of seagrass beds, patch reefs and underwater communities that support stony and soft corals, fish and invertebrates”.

Eric Carey, the Trust’s executive director, said: “The BNT’s recommendation that Athol Island be designated a national park remains unchanged. We feel it is an ideal location to

create a national park that is easily accessible for all to learn of its importance and enjoy the environment of The Bahamas with trails, signage and mooring buoys.

“Its unique location would provide opportunities for eco-tour operators, and it is a place where Nassau residents can enjoy an off-island boating experience. We don’t want to lose it.” Tribune Business confirmed last month that multiple Bahamian investors are targeting Athol Island with tour and beach break destination proposals that one said could create up to 100 jobs if approved.

Al Collie, developer of West Bay Street’s Club Luna, formerly known as the Zoo, told Tribune Business that The Bahamas needs “to spruce things up” with refreshed excursions and attractions for both cruise ship and stopover visitors as he confirmed plans to develop the existing Crown Land site he leases from the Government.

With a seawall already under construction, he added that he was now seeking the necessary Town Planning, environmental and other approvals to develop the parcel via an investment that may now reach $2m and create some 100 jobs for Bahamians.

However, Mr Collie is far from alone in eyeing Athol Island as a beach

break destination. Tribune Business’s interest in the island, which lies 0.75 miles east of Paradise Island and was once eyed by former Atlantis owner, Kerzner International, as a potential golf course location, was sparked when it obtained an Environmental Impact Assessment (EIA), dated November 29, 2021, that was conducted on behalf of a company called Sand Dollar Tours Ltd. A ‘Google’ search for a company with this name proved fruitless, but multiple sources suggested this had been conducted for Mr Collie and his project.

The well-known businessman did not disagree with that when contacted by this newspaper but, subsequently, Mike Darville, nephew of Sunshine Cruise operator, Chris Darville, told this newspaper that Sand Dollar Tours is his company and that he commissioned the EIA. The EIA said the project is seeking the relevant government approvals to construct a 1,900 square foot timber dock; an 800 square foot floating dock; 3,200 square foot deck; and a surveyor’s trail. The beach where this activity will take place is shown as being located on the northern side of Athol Island.

And this newspaper has learned of a third project proposal for Athol Island,

which is two miles’ long and part of the National Marine Park.

Tony Knowles, chief executive of Pirate’s Revenge, operator of the pirate-themed ship, the Blackbeard’s Revenge, yesterday said he had submitted an application to create a “Treasure Island” destination for guests that would embrace eco-tourism while preserving historical ruins in the area.

The BNT, in its statement, said: “Athol Island has a long history. In 1892, the waters to the west were designated as the very first marine protected area (MPA) in The Bahamas, known as Sea Gardens. It became a popular site for tourists to visit in glass-bottomed canoes.

“Previously, around 1860, a quarantine station was constructed to protect New Providence from ships whose crews carried yellow fever, smallpox and other infectious diseases.

The ruins of the quarantine station and a former lighthouse remain, and provide great opportunities for ecofriendly tourism.

“In 2016, The BNT collaborated with The Nature Conservancy and The Bahamas Reef Environmental Educational Foundation (BREEF) to implement The Bahamas Protected Project - a threeyear initiative to support the Government in meeting

CONTRACTORS ELECT TWO-YEAR BOARD THE BAHAMIAN Contractors Association (BCA) marked its first postCOVID in-person meeting on April 14 with elections that selected its new Board for 2022.

The Association, in a statement, said its annual general meeting (AGM) at the Poop Deck restaurant on West Bay Street featured a hybrid election model with some members participating in-person and others through the electronic submission of nominations.

Elected to office for a two-year term that lasts until 2024 were Leonard Sands, BCA president; Tameka Hanna, vice-president; Hubert Edwards, treasurer; Tyrone Thurston, secretary; Dr Allen Albury, councilman; Cristobal Gomez, councilman; Sandlee Brutus, councilman; Deborah Deal, trustee; and Robyn Oglive, trustee.

The Association was formed in 1958 by a group of Bahamian contractors to be the advocacy voice for the local construction industry. Industry collaboration, and the adoption of

its commitment to the Caribbean Challenge Initiative and the United Nations Convention on Biodiversity,” the Trust added.

“This commitment saw The Bahamas agree to effectively conserve at least 20 percent of our nearshore marine resources by 2020. In 2018, Athol Island was one of 43 areas proposed for protection and national park status in a formal submission to the Government.”

Noting that Bahamians have traditionally used Athol Island for camping and picnicking, the BNT said: “New Providence residents have been vocal about the loss of public access to shoreline areas, and Athol Island provides an opportunity for small

boats to make an afternoon getaway from Nassau.”

It urged residents to provide feedback to the Department of Environmental Planning and Protection (DEPP), sharing any concerns they may have or to offer support for the designation of Athol Island as a national park for all Bahamians to enjoy.

To learn more about the role the BNT plays to manage terrestrial and marine national parks, protect species that inhabit them, and inform environmental policy, please visit its website: www.bnt.bs and follow/subscribe to various social media channels: Facebook, Instagram, Twitter, and YouTube.

FOR SALE WATERFRONT 14 Acres

North Acklins For ONLY

$285,000

Serious Enquiries ONLY Please

(242) 815-0911 OFFER WON’T LAST LONG

Effective Immediately Mr. Bjorn Munroe is no longer employed by Purity Bakery Ltd. regulation and good practices, were seen as necessary to protect and promote the sector’s growth.

A statutory nonprofit organisation, the BCA represents Bahamian contractors on international affiliations; trade agreements; foreign competition; and the framing of national industry policies and

legislation.

The BCA also represents the local construction industry in the Economic Partnership Agreement (EPA) with the European Union (EU), and at the Coalition of Caribbean Contractors and CARICOM levels.

The BCA also thanked Michael Pratt, the

outgoing president, and his board for their services to the Association and the wider industry.

Therefore, he is NOT authorized to conduct any business on behalf of Purity Bakery Ltd.

PAGE 6, Thursday, May 5, 2022

THE TRIBUNE

BTC pushes new fibre technology THE BAHAMAS Telecommunications Company (BTC) is offering all customers who sign up to its fibre-to-the-home broadband network some two months of free service.

The carrier, in a statement, said that since June 2021 it has been reengineering its business model to focus on both service quality and value for subscribers. It now bundles all its services, providing customers with just one monthly bill, as opposed to paying for each service separately.

Andre Foster, BTC’s chief executive, said: “No matter where I go, people are looking for ways to shop smarter and reduce their costs. A year ago, we took a hard look at our business and we made some pointed changes. We’re striving not just to be a great provider, but to focus on building better relationships with our customers.

“A lot of that is simply listening and responding to needs. Last week, I spent some time going door-todoor to homes in Exuma, and customers are focused

on getting the best service with the greatest value.

We’ve invested in our network and redesigned our offers to ensure that no customer is left behind.

We’ve built plans suitable and affordable for every customer.”

The two-month broadband promotion, which is valid until July 14, offers all new Internet subscribers or customers adding postpaid mobile services to their existing broadband subscription, the second and third month free.

“We’re providing significant value to our customers.

So stacked up against any competitor, customers are saving more than half of what they are currently paying when bundling their services. Customers can potentially save up to $1,000 each year, and get unmatched speeds. We challenge any competitor to dispute this,” Mr Foster said.

“We are providing the most high-end, future-proof broadband that there is so that our customers can enjoy their life. The world

continues to evolve, and the evolution is all centred around technology. Every single sector is technology driven, whether it’s finance, tourism, agriculture, education or anything.

“This is why we’re so focused on completing our fibre roll-out or, as we like to call it, ‘fiberising’ our communities. We are ensuring that we are bridging the digital divide by offering products and services that are second nature for our customers, while not having them second guess the costs.”

BTC plans to soon begin the shutdown of its copper network in areas where fibre-to-the-home has been rolled out. This offer provides customers with an incentive to begin the migration process ahead of time. Customers will benefit from up to 600mbps (megabits per second) of faster Internet speeds bundled with IPTV services, landline services and mobile services, on one bill and at one rate.

FARMERS RAISE CONCERNS IN SECOND GOV’T MEETING BAHAMIAN farmers laid out their concerns to the Government’s key agriculture agencies during a second meeting aimed at fostering better co-operation between private and public sectors.

Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, and his officials were among those present during the April 28 virtual meeting. The event was chaired

by Leonardo Lightbourne, the ministry’s parliamentary secretary.

Also present were Leroy Major, the Bahamas Agricultural & Industrial Corporation’s (BAIC) executive chairman, and Senator Tyrel Young, the Bahamas Agriculture & Marine Science Institute’s (BAMSI) executive chairman.

“As you are all aware, the issue of food security

is a pressing one for the Government. So we are trying our best to address that issue and to ensure that food security remains at the top of our priorities.

So meeting with you is an important part of meeting the objective of feeding ourselves by understanding the best methods, and to get feedback from you,” Mr Sweeting said.

Among the issues raised by the farmers was the need

for fresh seeds for planting, and the challenges of sourcing seeds locally at a reasonable price. Other challenges raised included the importation of goods for livestock production.

Mr Sweeting promised to raise these concerns with his Cabinet colleagues.

Mr Young gave an overview of recent developments at BAMSI, including the restarting of chicken farms beginning with Andros. Other islands will

follow, he added. Mr Young also discussed plans for a summer camp on Andros and New Providence, and the launch of a Flats Fishing certificate course at the Institute. He said there was a need for expertise in this area, but no certification courses currently exist. BAMSI is also working on greenhouses to be established on New Providence and the Family Islands.

CLAY SWEETING

Digital assets empowering says Bahamian executive

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net DIGITAL assets are about empowerment through the movement of information, people and money, the Bahamian chief executive for a global cryptocurrency exchange says.

Dr Jillian Bethel, chief executive of OKX (Bahamas), speaking at the Crypto Bahamas conference, said she had a “profound moment” when she realized cryptocurrency had enhanced the “speed and efficiency of access, and the movement of information, people, things and money.”

She added: “I think like when we can really, really take those three things and maximise them, then we have the framework to empower many of the people. The things around those three things that need to happen are the access to

those three things, and then the creativity developed from those three things.

“So the movement of information in people and things, and the movement of money and, obviously, crypto is the movement of money in a very, very efficient” way. She believes this will drive empowerment in the digital assets industry worldwide.

Dr Bethel said: “I think crypto provides the infrastructure for a lot more people to be a lot more creative with the financial products that are out there.

So you can potentially open up our financial system to a lot of things that are useful for people.

“For instance, there are a couple of systems that are needed. In certain places like The Bahamas, we have the Asue, and I know a few people who have tried to put this on the blockchain and are still working toward it. But now we have the power to take that from

an institutional place and let creativity among the people really develop those things.”

While digital asset access remains a problem, Dr Bethel said: “In our space, we’re moving in the right direction to get everyone onboarded and get everybody where they need to be. But we do have this system of regulations; these regulatory frameworks. But the direction that I think we are moving in is creating some space for people who may not fall directly in an infrastructure system, i.e., KYC [know your customer] goals.

“There are people who are always going to fall outside of this, and it’s important for us to create access for those types of people - \ access in terms of changing a little bit of the regulatory framework to get those people stuck in the system. It’s one of the barriers that really helps.”

ESTATE OF JULLIANN LAURENE MORTIMER a.k.a.

JULLIANN LAURENE MORTIMER NEE FERGUSON TAKE NOTICE that anyone having a claim against the Estate of JULLIANN LAURENE MORTIMER a.k.a. JULLIANN LAURENE MORTIMER NEE FERGUSON late of Sunset Drive, Nassau, Bahamas, who died on the 9th day of December, 2020, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th June, A.D., 2022.

THE TRIBUNE

GOV’T DROVE 59% OF $523M RESERVE RISE FROM PAGE ONE currency to the Central Bank during the three months to end-March 2022, likely representing the proceeds from its foreign currency borrowings. The $212m-$213m balance came from purchases from the commercial banking sector.

“Commercial banks made a net sale of $212m to the Central Bank during the first quarter of 2022,” Mr Rolle disclosed. “In the same period there was a net sale to the Central Bank from the public sector, mostly government, of $310m. By the end of April, the cumulative net sale from banks would have increased further, while the net contribution from government would have been less owing to net use of foreign exchange for foreign currency debt service payments.”

Mr Rolle announced on Monday that the Central Bank was raising its year-end forecast for The Bahamas’ external reserves holdings after they started May above $3bn following the $523m expansion during the first three months of 2022. He added that the monetary policy regulator now expected the foreign currency reserves - which are key to supporting The Bahamas’ fixed one:one exchange rate peg with the US dollar - to close 2022 ahead of year before levels.

The external reserves closed 2021 at $2.459bn, and Mr Rolle said the 2022 first quarter increase had been driven by a combination of the Central Bank’s net foreign currency purchases from the commercial

banks and the proceeds of government borrowings.

“In the first quarter, the seasonal pattern of private sector net contribution to gains in the Central Bank’s external reserves was also re-established, as commercial banks made a net sizable sale of foreign exchange to the Central Bank,” the governor explained. “This, added to proceeds from the Government’s foreign currency borrowing, boosted the reserves by $523m over the quarter.

“Taking net private sector receipts for April into account, the reserves as of the beginning of May were just above $3bn. The Central Bank expects further seasonal accumulation in the external reserves over the remainder of the peak tourism months, before some reduction sets in over the second half of 2022.

“Nevertheless, we believe that conditions have improved enough such that, by the end of 2022, some net gains will remain in the reserves compared to the end of 2021. This is an upward revision to the forecast for the reserves.... The strength of the reserves and improved tourism outlook continue to support a more accommodating monetary policy position for credit expansion.”

Meanwhile, one of the “headwinds” facing the Bahamian economy came into sharper focus yesterday as the US Federal Reserve in a move that was widely expected - implemented the sharpest short-term interest rate hike since 2020 with a 0.5 percentage point

JOHN ROLLE increase to a target range between 0.75 percent and 1 percent. The move, which was widely expected as part of efforts to dampen inflation, is projected to be the first of many this year with another forecast for June.

Hubert Edwards, head of the Organisation for Responsible Governance’s (ORG) economic development committee, yesterday told Tribune Business that The Bahamas “must make every single policy action

WANTED Copy Editor The copy editor will be responsible for proofreading and modifying all written content and documents for grammar, syntax, punctuation, and spelling errors. This includes ensuring they are grammatically accurate, readable, and align with the brand image and target audience of the company.

Educational Requirements • Bachelor’s degree in Communications, English, or related fields.

• Previous experience in copyediting, writing, and related fields.

• Knowledge of broadcast and web-based journalism principles and techniques.

Please send a cover letter and resume by May 15th, 2022 to vmediahousehr@gmail.com

Thursday, May 5, 2022, PAGE 7

count” as it faces “a complex multiplicity of issues” that lie beyond its control and will take some time to resolve.

While predicting that the Federal Reserve’s action will not impact pent-up tourism demand “in a hugely significant way”, he added that the most obvious near-term impact would be to raise borrowing (interest) costs on The Bahamas’ existing and any future foreign currency bond issues.

“From our perspective, it’s really about the impact it has on the cost of borrowing in foreign currency,” Mr Edwards said. “Inevitably, to the extent we have any variable loans out there, the price is going to increase.

As the Government looks to reorganise the current portfolio, and maybe go back to the market for roll-over debt, it’s likely regardless of how well they organise it or how improved the performance is - there will be an additional cost to

reinvest, particularly in the near-term.”

As a result, Mr Edwards said it was important that the Government shift back to sourcing more of its financing needs locally in domestic currency or Bahamian dollars to reduce the exposure to US interest rate hikes. Mr Rolle on Monday said there was now more scope for it to do just that given that the external reserves are presently above $3bn.

“Right now we’re in a place where there’s a complex multiplicity of issues, and it will take a while for them to fall away,” Mr Edwards said, pointing to the Russian invasion of Ukraine and the western world’s fight against inflation. “It’s not necessarily that the country is over a cliff but it calls for a different mindset in managing our affairs, and a mindset that calls for us to make fundamental changes to fix things for the long-term.”

PAGE 8, Thursday, May 5, 2022

‘FOOLHARDY’ IF BISX TO NEGLECT DIGITAL ASSETS FROM PAGE ONE “inevitable” and “needs to happen”.

While BISX’s scale may pale compared to the likes of Sam Bankman-Fried’s FTX Digital Markets, the world’s second largest crypto currency exchange which is now constructing its headquarters in The Bahamas, Mr Davies said he had always believed that the future of capital markets - and especially securities - lay in digital assets.

“One of the things that is is very interesting for us is the level of interaction that can be pursued with digital assets, in particular digitising and tokenising

securities,” he told this newspaper. “For us, I said it many years ago that the future of securities is in digital assets. To the extent we can leverage that technology for the betterment and advancement of this industry, it’s possible.

“The DARE Act (Digital Assets and Regulated Exchanges Act) makes it possible, and also the persons we are working with and in discussions with.

There are a lot of avenues that can be pursued, and BISX is looking to pursue them. We are actively pursuing opportunities in that space currently.”

Mr Davies declined to provide specifics on these activities, though he

indicated they are close to being finalised and presented to BISX’s Board for discussion and approval.

“We’ve worked on a few things and are close on some. We are a few weeks away on that,” he added, refusing to be drawn out further.

Asked about the potential size of BISX’s digital asset market, Mr Davies pointed to its existing $9.153bn market capitalisation. That includes 20 ordinary stocks worth a combined $4.84bn; $3.5bn in Bahamas Government Registered Stock (BGRS); some eight preference share issues worth $249m; and nine Bahamas Government Stock (BGS)

and corporate bonds valued collectively at $462m.

“If you can imagine all the securities we have being tokenised, digitised and traded, that’s the size of the market and goes for private, public and government,” he explained. “It’s a different way of interacting with, and dealing with, how securities operate. It’s modernising the space.

“The next step from that, in terms of digital, is that it allows for a greater variety of avenues - be it local or international. It allows for a potentially wider audience, and provides a level of access and stability that did not exist before. For us, when we look at this space and what is eligible to be sold, what is a security and what can be tokenised.

Think of how creative it can become with things that were not previously thought of being monetised.

That’s the goal.

“What I love about this space is that technically, if it can be done, it will be done. It’s a function of time.

There are enough creative people in this space, and we need to allow them to be creative and develop products and services. The exchange will be the avenue for them to have that level of access.”

While BISX’s traditional securities business “will always be there”, Mr Davies said the key question was: “Where can we take the tokenisation and digitisation business?” He added that the two sides will “interact” sooner or

later, and said of digital assets: “I see it as being a big part of our future..

“Someone said many years ago at the beginning of the Internet and dot.com age that they could never imagine anyone buying and selling something online. It was a fad. Those persons are already probably kicking themselves and have changed their tune,” the BISX chief executive said.

“Blockchain, digital assets and crypto are there.

There’s tremendous interest and focus. There’s tremendous money behind it, and technological advances.

It’s in our operational and financial interests to operate in this space and see how we capitalise on it. We would be foolhardy to do otherwise. We are actively pursuing opportunities in it, and we hope to be a very active participant.”

Mr Davies said BISX was focused on digital asset opportunities at home first before any move is made to expand beyond The Bahamas’ shores. “It’s very important to take care of your backyard before you go into someone else’s backyard, so we will focus on our market first,” he told Tribune Business. “You get left out if you don’t participate. We have to be proactive in our approach.

You get left out by doing nothing.”

With Bahamian access to digital assets, especially in local currency, viewed as a major obstacle to local participation, the BISX chief said: “The point is this: It’s

THE TRIBUNE

inevitable, and it needs to happen. We want our regulators and government to be actively thinking how it will happen and benefit the country. We need to find the answers for it to happen the right way. I applaud them for doing it, and it’s in everyone’s best interests for things to be done in an orderly fashion.”

Mr Davies spoke as Ryan Pinder QC, the attorney general, reiterated yesterday to the Senate that the Government’s goal is to establish The Bahamas as a “digital assets hub” for the Caribbean and Western Hemisphere. In so doing, he unveiled the members of the Digital Advisory Panel that will provide policy feedback to the Government and help it stay abreast of trends in a rapidly-evolving niche.

Besides himself, the other members include Gowon Bowe, Fidelity Bank (Bahamas) chief executive; Brian Jones, the Agio chief; Aliya Allen, the Graham, Thompson & Company attorney; Emmanuel Komolafe, ex-Bahamas Insurance Association (BIA) chair; Delphino Cassar; Rhonda Eldridge; Kelly Banks; and Dellarese Taylor Russell.

Their role, Mr Pinder said, will be “to keep digital asset development, emerging trends and associated risks constantly under review”.

He added: “The panel will be charged with keeping the Government, the Digital Asset Policy Committee and appropriate regulators fully updated with relevant information.

“They will be expected to recommend any necessary changes to policy, the DARE Act and other legislation to ensure that The Bahamas maintains its place as a well-regulated digital asset jurisdiction, while at the same time continuing to remain relevant and attractive for digital asset businesses to operate from, to grow and to prosper.”

ESTATE OF RANDOLPH MCDONALD WORRELL TAKE NOTICE that anyone having a claim against the Estate of RANDOLPH MCDONALD WORRELL late of #25 Adelaide Road, Nassau, Bahamas, who died on the 23rd day of September, 2021, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th June, A.D., 2022.

THE TRIBUNE

Thursday, May 5, 2022, PAGE 9

GOV’T REVENUE $210M AHEAD OF PROJECTIONS

FROM PAGE ONE

in, but this is really just the normal people paying the taxes which are due. There’s no windfall of taxes coming through. This is normal economic activity generating this yield, which is really good.”

Mr Wilson did not specify whether the “projection” referred to was the $2.245bn estimate contained in the Minnis administration’s May 2021 Budget, or the $2.337bn set out in the Davis administration’s supplemental Budget late last year. However, either way, taking the $200m mentioned yesterday would result in full-year revenue of $2.445bn or $2.557bn - both of which would exceed the previous revenue record of $2.426bn set in 2018-2019 prior to COVID. Those two totals would fall slightly short of a 10 percent-above-projections outcome, but not by much.

Government officials have previously said the economy’s faster-than-expected reflation, driven by tourism demand and construction activity, together with the re-employment of many workers has boosted economic activity and the volume of VAT-attracting transactions that are taking place.

However, given the regressive consumptionbased nature of VAT and Customs duties, and the fact they are levied as a percentage of a good’s value, the current inflationary

environment with its higher prices will also have aided government revenues.

Senator Michael Halkitis, minister of economic affairs, last week acknowledged that inflation was an element in the revenue increase although he downplayed its significance.

And of the projectionbeating $200m increase, some $92m of this occurred during the 2021-2022 fiscal year’s first quarter when the Minnis administration was in office. The Government also received a $23.5m windfall from the unexpected Bahamas Telecommunications Company (BTC) dividend payment.

Shunda Strachan, the Department of Inland Revenue’s acting director, yesterday said the agency aims “to increase annual revenue collections by $200m over the next two years, and to contribute to the Government’s target of reaching a 25 percent revenue-to-GDP ratio within the next five years”.

She added that the Department of Inland Revenue expects to collect much of this increase from real property taxes primarily because it is the “biggest tax type that really has the greatest amount of delinquencies”.

“So we are actively collecting real property tax,” she added. “I mean, I can’t emphasise that enough.

We’re doing things really differently with real property tax. We’ve engaged with the banks, so we have begun sending real property

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

tax statements. So, if you have a mortgage with the bank, chances are we have already or we are about to send your real property tax mortgage statement to your lender.

“We expect that they will engage you and that they will settle those arrears, and that’s quite a significant amount of monies.

So we are also engaging

private collectors to help us with our foreign property owners.”

Mr Wilson added: “All revenue categories, with the exception of Business Licenses, have seen a significant increase. Because Business License is a tax based on turnover it has seen a decline... But we’ve seen an increase in Customs duties. I think for

the first two months of the year, we’ve seen an overall increase of $50m against a comparison of 2020. That’s a significant increase.

The Government has seen increased revenues from VAT and real property tax. Mr Wilson described these as “significant increases driven not just by the new assessment, but by arrears being paid. In

the first three months of the year, repayments on [property tax] arrears was $10m.

In the last month of March, over $3m and near $4m, which was really significant because when we analyse that we can see there’s tremendous progress.

“We are overall very comfortable in terms of where we’re going. The numbers speak for themselves.”

THE TRIBUNE

Thursday, May 5, 2022, PAGE 13

INFLATION ‘HURRICANE’ FOR PROPERTY OWNERS FROM PAGE ONE are not adequate. Rebuilding costs will have gone up, those kinds of things. And if there’s a major hurricane there will be an interruption in supplies.

“You have an issue, or your bank. We do a lot of work with our clients, and do what we can as fairly as we can for everybody. Certainly, when things happen the Government steps in with duty relief and the like.” However, Mr Saunders said business and homeowners should not rely on government support and concessions to aid the restoration of hurricanebattered properties.

Acknowledging that The Bahamas’ location in the hurricane belt, combined with the increased frequency and severity of storms, had made all-perils coverage prohibitively expensive for many, the RoyalStar chief argued that the multi-billion dollar damage inflicted by

Hurricane Dorian showed why consumers cannot do without it.

“We understand the premium is high and the costs are high,” Mr Saunders said, “but we need the protection. Everyone can see what happens in a major, extraordinary storm such as Dorian. People who had insurance fared better than those that did not have it.

It’s very expensive but it’s a necessary evil.”

His position was echoed

by Mr Charlton, who said: “The whole thing with the pandemic and inflation, that’s going to affect everyone. We’re trying to educate consumers on the importance of ensuring their home values are kept up-to-date with inflation to ensure they are not underinsured. We try to tell them to get an appraisal done every two-three years to ensure your home is insured for the correct value.”

And, in a nod to Mr Saunders’ acknowledgement,

LEGAL NOTICE

NOTICE

JAGCOOP CONSULTING LTD In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, JAGCOOP CONSULTING LTD is in dissolution as of April 28th, 2022.

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

LIQUIDATOR

the NUA managing director added: “We’re trying to ensure premiums are not too much. We’re trying to meet consumers where they are.” Insurance penetration, or the lack of it, has been an issue in The Bahamas for decades and was brutally exposed during Hurricane Dorian.

While banks and other formal lenders mandate that their mortgage clients are fully insured as part of the loan terms, those whose properties have no liens secured on them often tend to drop or reduce all-perils coverage to save costs.

And insurance penetration tends to be far lower outside Nassau and the major islands, with the result that home and business often look to the Government (taxpayer) for help following natural disasters.

In common with the cost of imported goods, Bahamian insurers have minimal influence over the premium prices charged to consumers because these are largely dictated by external factors outside the country.

The main one is the reliance on reinsurers, who underwrite or cover the vast majority of risks in this nation because of the relatively thin balance sheets of Bahamian property and casualty insurers.

The latter have to rely on reinsurance support to provide cover for assets collectively worth billions of dollars, effectively making the local industry a price taker. “Let’s all be candid that the reinsurance market, where we get our support, is having its challenges,” Mr Saunders told Tribune Business.

“A lot of the traditional companies are scaling back in the Caribbean, or have scaled back, and so for us what we want is to ensure we are close to our reinsurers, develop alternative markets if they are out there, and ensure we have sufficient capacity in our company, so small spikes we can absorb as long as we get the reinsurance support.

“Customers understand that we live in a hurricane zone area, and some of it is dictated by reinsurance.

This year, we have decided not to pass on any costs [premium increases] to customers in The Bahamas.

In the future, as long as we keep reinsurance costs manageable, we will determine it from year-to-year,” he added.

“There will always be that pressure as long as we rely on reinsurance, and the foreign reinsurance market.

That pressure is always going to be there.”

THE TRIBUNE

Thursday, May 5, 2022, PAGE 15

Fidelity Bank (Bahamas) Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 31 March 2022 (Expressed in Bahamian dollars)

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investments in joint ventures Property, plant and equipment

2022 $

2021 $

373,568,230 100,796,469 395,479,453 6,601,690 183,218 11,106,824

378,754,192 105,409,865 401,585,362 1,937,147 195,695 11,219,518

Total assets

887,735,884

899,101,779

LIABILITIES Deposits from customers Accrued expenses and other liabilities Debt securities

752,439,274 4,720,357 20,436,145

769,754,950 4,851,294 20,068,330

Total liabilities

777,595,776

794,674,574

20,449,512 15,000,000 1,166,210 73,524,386

20,449,512 15,000,000 1,176,670 67,801,023

Total equity

110,140,108

104,427,205

Total liabilities and equity

887,735,884

899,101,779

2022 $

2021 $

14,633,120 1,015,611

15,365,411 902,138

15,648,731

16,267,549

Interest expense

(3,052,553)

(2,983,207 )

Net interest income

12,596,178

13,284,342

1,302,528 52,797

795,793 67,793

13,951,503

14,147,928

3,830,733 2,974,431 1,156,937 264,022

3,358,358 2,948,738 2,778,699 263,778

8,226,123

9,349,573

5,725,380

4,798,355

EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Retained earnings

Consolidated Statement of Comprehensive Income (Unaudited) For the Three (3) Months Ended 31 March 2022 (Expressed in Bahamian dollars)

INCOME Interest income Bank deposits, loans and advances Investment securities

Fees and commissions Other income EXPENSES General and administrative Salaries and employee benefits Provision for loan losses Depreciation and amortisation

Operating profit Share of profits of joint ventures

(12,477)

Net income and total comprehensive income

Weighted average number of ordinary shares outstanding Earnings per share

550

5,712,903

4,798,905

28,830,129

28,815,779

0.19

0.16

Consolidated Statement of Changes in Equity (Unaudited) For the Three (3) Months Ended 31 March 2022 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Retained Earnings $

Total $

20,449,512

15,000,000

1,176,670

67,801,023

104,427,205

Net income

-

-

-

5,712,903

5,712,903

Total comprehensive income

-

-

5,712,903

5,712,903

Depreciation transfer

-

-

10,460

(10,460 )

-

Total transfers

-

-

10,460

(10,460 )

-

Issuance of ordinary shares

-

-

-

-

-

Dividends – preference shares

-

-

-

-

-

Dividends – ordinary shares

-

-

-

-

-

Total transactions with owners

-

-

-

-

-

20,449,512

15,000,000

1,166,210

73,524,386

110,140,108

-

-

As of 1 January 2022 Comprehensive income

Transfers

Transactions with owners

As of 31 March 2022 Dividends per share

Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2021 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Retained Earnings $

Total $

20,410,050

15,000,000

971,225

61,429,700

97,810,975

Net income

-

-

-

22,169,732

22,169,732

Total comprehensive income

-

-

22,169,732

22,169,732

Depreciation transfer

-

-

205,445

(205,445 )

-

Total transfers

-

-

205,445

(205,445 )

-

39,462

-

-

104,038

143,500

Dividends – preference shares

-

-

-

(975,000 )

(975,000 )

Dividends – ordinary shares

-

-

-

(14,722,002 )

(14,722,002 )

Total transactions with owners

-

-

-

(15,592,964 )

(15,553,502 )

20,449,512

15,000,000

1,176,670

67,801,023

104,427,205

0.51

0.65

As of 1 January 2021 Comprehensive income

Transfers

Transactions with owners Issuance of ordinary shares

As of 31 December 2021 Dividends per share

Notes to the Consolidated Financial Statements (Unaudited) For the Three (3) Months Ended 31 March 2022 (Expressed in Bahamian dollars) Corresponding Figures Where necessary, corresponding figures are adjusted to conform with changes in presentation in the current year.

Further, corresponding figures presented in the consolidated statement of financial position and related notes are as of 31 December 2021.

Capital Management The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are: 

To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).



To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and



To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis.

The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the three (3) months ended 31 March 2022 and the year ended 31 December 2021, the Bank complied with all of the externally imposed capital requirements to which it is subject.

‘UNACCEPTABLE’: GOV’T NOW CHASING $1BN TAX ARREARS FROM PAGE ONE under-recording [the value of transactions] to avoid what they are obligated to pay.”

Ms Strachan did not specifically identify the areas where these arrears have accumulated, although her words indicated that VAT and Business Licence fees are two. The others are likely to include real property tax and Customs duties, as all four are the main target areas that the Revenue Enhancement Unit is focused on when it comes to pursuing billducking tax cheats.

The timeframe when these arrears accumulated was also not identified, although the last full-year report by the AuditorGeneral revealed that some $600m in outstanding real property taxes were owed at the end of the 2017-2018 fiscal year. Focusing on real property tax, the Department of Inland Revenue chief said: “In terms of categories we do know that the greatest category of delinquency is in our commercial properties.

“So those are the persons or the property owners that have commercial properties. More than 70 percent of our arrears stem from

there. Then, after that, we have the category of persons with vacant land or foreigners who own vacant land.”

Given the Government’s strained financial position, with the national debt now over $10.5bn and still growing, Ms Strachan reiterated that the Government plans to get tough with tax delinquents. The collection/ enforcement measures could see the Department of Inland Revenue seek to “garnish”, or take a lien over, wages, revenues and bank accounts, she said, along with the imposition of sanctions such as penalties, surcharges and fines.

Private collection agencies have also been hired to pursue outstanding real property taxes. Ms Strachan said: “This time around, we have engaged private collection agencies with all those accounts that have been consistently delinquent.

“I must stress knowing your real property tax status is a responsibility that comes along with property ownership. So the real property tax reassessment initiative [by Tyler Technologies] was just one of the many efforts that we have embarked upon to begin the compliance process.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, FANTASHIA CRUZ’ WILLNIQUE JOHNSON of Gatewood Lane off Sandilands Village Road, Fox Hill Subdivision, P.O. Box BE-17913, Nassau, Bahamas, intend to change my name to FANTASHIA CRUZ’ WILLNIQUE TAYLOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Ministry of Finance has already served notice on all financial services regulators and their mortgage-lending licensees that it plans to finally use powers it has long-possessed under the Real Property Tax Act to require the latter to pay tax on behalf of their borrowers who are in arrears.

The Government is pressuring the banks and other financial lenders to ensure their mortgage clients and up-to-date, and have no outstanding real property tax arrears. Institutions have responded by urging borrowers to become current, given that outstanding taxes would supplant their security as a first lien over the subject property, and warning that the situation could impact their mortgage loans and whether they remain current.

It previously contracted Tyler Technologies to conduct an island-wide mapping exercise of New Providence that ensured all properties are captured on the real property tax roll.

This, and the subsequent revaluations, are a first step in what the Government views as a wide-ranging exercise that will lead to all taxable property owners paying their fair share.

Ralph Munroe, deputy comptroller of Customs, said the agency continues to be challenged by importers submitting false or undervalued declarations in a bid to avoid or evade the full payment of due taxes. He described the problem as “significant”.

As an example, Customs may only collect 85 percent of what is due to the Government. While “that’s a high figure”, and results in the agency collecting $800m per fiscal year, that 15 percent which is missed is equivalent to $120m which the Government never realises.

“Most of it is due to undervaluation, and not that persons don’t declare, but it is with false declarations. Then it depends on the classification. If you entered the wrong rate or an undervaluation, then give us a value that will reflect the actual cost of the transaction,” he said.

Simon Wilson, the Ministry of Finance’s financial secretary, said the Government “has the tools” to determine which goods are undervalued. This was easy to determine with vehicles, he added, as the Ministry of Finance has access to the same valuation books that importers use, As a result, it would be difficult to pass vehicles through Customs using a false declaration that under-values the purchase.

PAGE 16, Thursday, May 5, 2022

NOTICE

NOTICE is hereby given that KEREAN MESSAM-HANNA of Queens Highway, Bailey Town, Bimini, 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 5th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that WATSON ZAMI of Dolphin Drive, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

THE TRIBUNE

NOTICE is hereby given that SHOWN CLERISIER of Miami Street, 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 28th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 4 MAY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.05 2.90 2.60 6.05 10.05 3.50 9.02 3.10 8.00 14.00 2.71 10.25 11.25 10.75 15.00 4.10 10.00 16.50

52WK LOW 4.75 32.12 1.46 2.20 1.30 5.50 6.96 2.82 4.25 2.27 5.90 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

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

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

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2296.21

13.21

0.58

67.97

3.05

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.54 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 90.76 100.00 99.98 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.52 4.69 2.22 207.86 212.41 1.73 1.83 1.82 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 0.99 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR134150 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 BSBGR1341506 BSBGRS790262 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.35 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.52 2.65 8.00 14.00 2.13 10.25 11.61 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 90.79 100.54 99.98 100.00 100.00 89.08 89.62 100.00 100.00 100.00

CLOSE 5.35 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.52 2.75 8.00 14.00 2.19 10.25 11.71 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

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 90.79 100.54 99.98 100.00 100.00 89.08 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 0.10 0.00 0.00 0.06 0.00 0.10 0.00 0.00 0.00 0.00 0.00

VOLUME 2,770

111,083

50

VOLUME

(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

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.00% 4.53% 4.50% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.52 4.69 2.21 197.44 202.39 1.73 1.82 1.82 0.99 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 0.83% 2.82% -0.18% 3.72% 0.76% 3.55% -3.55% -3.85% -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 22.4 42.9 N/M 16.5 N/M N/M 25.1 -7.4 53.7 14.9 17.8 19.4 21.5 21.9 18.1 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.18% 3.15% 0.98% 3.46% 0.00% 0.00% 2.81% 0.00% 0.00% 4.36% 2.75% 5.14% 19.82% 0.59% 2.80% 2.23% 3.60% 3.01% 2.00% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Oct-2038 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-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

LEGAL NOTICE

Jeile Vignoble Ltd. INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), that Jeile Vignoble Ltd. (Registration No. 199714B) is in dissolution. The date of commencement of the dissolution is the 27th day of April, 2022. The Liquidator of “The Company” is JTC Corporate Services (USA) LLC and can be contacted at 140 N Phillips Avenue, Suite 301, Sioux Falls, South Dakota, 57104. Email: JTCOfficesSouthDakota@ gtcgroup.com. All persons having claims against the above-named company are required to mail and email their names, addresses and particulars of their debts or claims to the Liquidator before the 27th day of May, 2022.

Signed: ______________________________ JTC Corporate Services USA LLC Liquidator