05222024 BUSINESS

Gov’t sticks to fiscal target as $215m FDI beats pre-COVID

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE GOVERNMENT says foreign direct investment (FDI) inflows are now “substantially” above pre-COVID trends at $215m while sticking to its original target of slashing this year’s fiscal deficit by 75 percent. The Davis administration gave international investors, creditors and capital markets participants an upbeat assessment of The Bahamas’ economic recovery and future prospects last month as it hailed a 29 percent increase

in “real terms” in per capita tourist spending between 2019 and 2022.

The figures were released in an April 2024 briefing given by Michael Halkitis, minister of economic affairs, in what was described as an “investor engagement”. The contents, which have only just been publicly disclosed by the Ministry of Finance, were not accompanied by the minister’s audio commentary and only feature the slides that the international audience was shown.

However, they reaffirm the Government’s mid-year Budget

Bran slams ‘absurdity’ of medical marijuana plans

By NEIL HARTNELL Tribune Business Editor

THE Democratic National Alliance’s (DNA) ex-leader yesterday slammed planned legal reforms for the distribution of medical marijuana as “an absurdity” and warned they could endanger patient lives.

Branville McCartney, whose family owns Wilmac’s Pharmacy, told Tribune Business he “100 percent supports” the Bahamas Pharmaceutical Association’s (BPA) push back against proposed Pharmacy Act changes that would allow medical marijuana to be issued

by licensed “cannabis dispensers”.

Dr Marvin Smith, the Association’s president, has previously voiced concerns that these “dispensers” are not required to be licensed pharmacists or other qualified medical personnel, and the former DNA leader agreed it was “silly” for the Pharmacy (Amendment) Bill 2024 to permit “anybody off the street” to act in this capacity.

Asserting that this was “a complete no, no” for himself and other pharmacists, Mr McCartney said the term ‘medical marijuana’ itself implied that it should only be handled by certified, trained

healthcare professionals given that those purchasing it are also likely to be on other drugs. This, he added, created a further risk to health and even life if “cannabis dispensers” were to get it wrong.

While the Bill mandates that pharmacists must have “supervision” over all cannabis dispensaries, Mr McCartney argued that it does not go far enough and should stipulate that the all “dispensers” should be licensed members of the profession.

“I totally agree with Dr Marvin Smith, who is the president of the Association and spoke about the issue where, under the Bill as presently drafted,

stance by showing that the administration is not backing down from its original 2023-2024

Budget projection that the fiscal deficit will be cut by almost $400m compared to the prior year and come in at $131m - a sum equivalent to 0.9 percent of Bahamian economic output or gross domestic product (GDP).

This is despite the deficit for the half-year to end-December 2023 coming in at almost double, or 197 percent higher, than the full-year target at $258.7m. However, the presentation given by Mr Halkitis reiterated in two places that the Government has

anyone could be allowed to dispense medical marijuana,” Mr McCartney told Tribune Business.

“Medical marijuana is put in a category of drugs such as LSC and Ecstasy and the like, and must be supervised by a pharmacist. To allow anybody off the street to be licensed to dispense medical marijuana is certainly a disservice to the patient.”

While some observers will likely accuse Bahamian

Mangrove Cay, Eleuthera hit by weekend BPL woes

By NEIL HARTNELL Tribune

REGULATORS yes-

terday said they are seeking to gain “a deeper understanding” of what caused Bahamas Power & Light’s (BPL) holiday weekend woes that were not confined just to New Providence. Juan McCartney, the Utilities Regulation and Competition Authority’s (URCA) corporate and consumer relations manager, told Tribune Business that the supervisory authority will also seek to work with BPL to

“mitigate” and prevent these incidents from reoccurring as Mangrove Cay and north Eleuthera also suffered frequent outages and load shedding.

“BPL is mandated to report all major outages to URCA, which would certainly qualify for what happened over the weekend,” he said. “In addition to that, Bahamians should expect stable, reliable power generation from all public electricity suppliers, and URCA is trying to gain a deeper understanding of what occurred over the weekend and how we cab work with BPL to

mitigate it from happening any more. “We’re working with them to stop this happening again and understand why it happened.” Mr McCartney added that URCA is taking a “holistic approach”, and working with BPL in a number of areas to help improve its operations across The Bahamas. “Certainly, what happened over the weekend we’re trying to gain an understanding of what happened and mitigate it from happening again,” he reiterated.

Tribune Business yesterday confirmed that power outages marred Mangrove

Cay’s weekend homecoming festival with electricity supply said to have been disrupted ten times over a two-day period. This also knocked out the Water & Sewerage Corporation’s water supply, leaving residents and visitors hot, sweating and in the dark.

“We just had our homecoming this weekend,” one resident said in a voice note sent to this newspaper. “Overall, it was a rather successful event from my point of view. Everything went well apart from the fact we lost power for a rather extended time both night.

Pharmacy sector at odds over medical marijuana

By FAY SIMMONS

THE body that regulates the Bahamian pharmaceutical industry yesterday appeared at odds with the association that represents its members over how widely the latter was consulted on the marijuana reforms.

Robert Sands, the Bahamas Pharmacy Council’s (BPC) chairman, in a statement backed the new medical marijuana legislative package and agreed the drug has potential to improve the quality of life for many patients.

However, his May 16 letter brings himself and the Council into potential conflict with the body that represents the professional interests of pharmacists, as Mr Sands maintained that the Bahamas Pharmaceutical Association was “actively engaged” in the consultation process. He wrote: “The Bahamas Pharmacy Council is the governing and regulatory body responsible for pharmacy in The Bahamas.

We remain supportive of the legalisation of medical cannabis, recognising its potential to alleviate suffering and improve the quality of life for many individuals.

“While we acknowledge that the Bahamas Pharmaceutical Association holds a different perspective on this matter, it is important to note that the Association was actively engaged in the consultative process. Their input was invaluable, and we respect their right to express their opinion.

“Ultimately, our decision to endorse medical cannabis is rooted in evidence-based research and the collective belief that it offers a promising avenue for addressing various health challenges faced by our citizens. We remain committed to ensuring

that any implementation of medical cannabis is done with the utmost care and consideration, and in accordance with established regulations and standards.”

But Dr Marvin Smith, the Bahamas Pharmaceutical Association’s (BPA) president, along with Dr Gemma Rolle, the Medical Association of the Bahamas (MAB) president, yesterday maintained on Guardian Radio that the Government did not adequately consult with them prior to tabling the legislation.

Dr Smith, who is also the Council’s deputy chairman, said he only became aware of its view when he saw Mr Sands’ statement yesterday. He argued

not budged from fiscal forecasts that many observers believe were too ambitious and are unlikely to be achieved. Noting that the 2023-2024 half-year deficit represented a near-$20m year-over-year decline, compared to the prior Budget year’s $279m, the presentation said: “The fiscal deficit narrowed by 7.2 percent on a year-on-year basis even as one-off capital expenditures materialised, which are expected to normalise during the second half of the year and lead to a deficit of 0.9 percent of GDP versus 3.8 percent in fiscal year 2022-2023.” It is impossible to judge how close the Government is to achieving that GFS deficit goal, which measures by how much its spending exceeds its revenue income. This benchmark does not include debt principal repayment, meaning the $131m or 0.9 percent of SEE

Pintard: Disclose study on whether BPL violated law

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s leader yesterday demanded that regulators publicly disclose the results of an upcoming study into whether Bahamas Power & Light’s (BPL) massive fuel charge hikes broke the law.

Michael Pintard told Tribune Business it was “absolutely critical” that the Utilities Regulation and Competition Authority (URCA) unveil the findings of an independent thirdparty consultant’s review of whether the fuel charges levied on consumers since January 2021 “are in compliance with the law and regulatory framework” for the electricity sector.

He spoke out after URCA formally launched the competitive bidding process for selecting the consultant that will research how BPL has calculated the fuel tariff, which typically accounts for between 50-60

percent of of a customer’s total bill, over the 39 months (three-and-a-quarter years) between January 1, 2021, and March 31, 2024. Based on the period covered, and the scope of works/terms of reference set out in the bid’s request for proposal (RFP), if properly done the study could provide answers to a number of controversies surrounding the Davis

MICHAEL PINTARD

BRANVILLE MCCARTNEY

DR MARVIN SMITH

Wall Street drifts higher to set more records

By STAN CHOE AP Business Writer

U.S. STOCK indexes drifted higher Tuesday to set more records following another quiet day of trading.

The S&P 500 rose 13.28 points, or 0.3%, to 5,321.41 and surpassed its record set last week. The Nasdaq composite added 37.75, or 0.2%, to 16,832.62, a day after setting its latest alltime high. The Dow Jones Industrial Average rose 66.22, or 0.2%, to 39,872.99 and is sitting just below its high set last week.

Indexes have climbed to records recently largely on expectations for the Federal Reserve to cut interest rates later this year as inflation hopefully cools. More reports showing big U.S. companies earning fatter profits than expected have also boosted the market.

Macy's joined the chorus line of companies delivering a stronger profit for the latest quarter than analysts expected, and its stock jumped 5.1% following some early fluctuations. The company, which runs Bloomingdale's in addition to its namesake stores, raised the bottom ends of its forecasts for upcoming sales and profit.

Lam Research also helped support the market after the supplier for the semiconductor industry announced a program to

buy back up to $10 billion of its own stock. The company said it will undergo a 10-for-one stock split, which would bring down each share's price and make it more affordable to more investors. Its stock rose 2.3%.

That helped offset a 3.7% drop for Palo Alto Networks. The cybersecurity company delivered a better profit report than expected, but it gave a forecasted range for revenue in the current quarter whose midpoint was a hair below analysts' expectations.

Trump Media & Technology Group, the company behind Donald Trump's

Truth Social network, sank 8.7% after disclosing a net loss of $327.6 million in its first quarterly report as a publicly traded company.

Lowe's fell 1.9% despite reporting better results for the latest quarter than analysts had feared. It said it's maintaining its forecast for revenue this year, including a dip of up to 3% for an important underlying sales figure as high interest rates keep a lid on customer activity.

Rates for mortgages, credit cards and other payments have become more expensive because the Federal Reserve has been keeping its main interest

rate at the highest level in more than two decades. It's trying to pull off a tightrope walk where it grinds down on the economy just enough through high interest rates to snuff out high inflation but not so much that it causes a painful recession.

An encouraging report released last week showing inflation may finally be heading back in the right direction following a discouraging start to the year raised hopes that such a "soft landing" for the economy may be possible. It also strengthened hopes that the Federal Reserve will cut its main interest rate once or twice this year.

more retailers report solid results at the tail end of earnings season. Photo:Peter Morgan/AP

A top Fed official, Gov. Christopher Waller, said in a speech Tuesday that he's expecting to see moderation in economic data after reports recently came in weaker than expected on sales at U.S. retailers and on the strength of U.S. services businesses. That in turn should help put downward pressure on inflation.

But he said that he would "need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy," unless the job market weakened significantly before then.

Hopes for coming cuts to rates have sent Treasury yields lower, which eases the pressure on the stock market. The yield on the 10-year Treasury slipped to 4.41% from 4.48% late Monday. The two-year yield, which more closely tracks expectations for Fed actions, slipped to 4.83% from 4.85%.

This week doesn't have many top-tier economic reports, and the biggest potential for sharp moves in the market will likely come from upcoming profit reports. The week's headliner is Nvidia, whose stock has

NEW CARS IN CALIFORNIA COULD ALERT DRIVERS FOR BREAKING THE SPEED LIMIT

By ADAM BEAM Associated Press

CALIFORNIA could eventually join the European Union in requiring all new cars to alert drivers when they break the speed limit, a proposal aimed at reducing traffic deaths that would likely impact motorists across the country should it become law.

The federal government sets safety standards for

vehicles nationwide, which is why most cars now beep at drivers if their seat belt isn't fastened. A bill in the California Legislature — which passed its first vote in the state Senate on Tuesday — would go further by requiring all new cars sold in the state by 2032 to beep at drivers when they exceed the speed limit by at least 10 mph (16 kph).

"Research has shown that this does have an

impact in getting people to slow down, particularly since some people don't realize how fast that their car is going," said state Sen. Scott Wiener, a Democrat from San Francisco and the bill's author.

The bill narrowly passed on Tuesday, an indication of the tough road it could face. Republican state Sen. Brian Dahle said he voted against it in part because he said sometimes people need to

drive faster than the speed limit in an emergency.

"It's just a nanny state that we're causing here," he said.

While the goal is to reduce traffic deaths, the legislation would likely impact all new car sales in the U.S. That's because California's auto market is so large that car makers would likely just make all of their vehicles comply with the state's law.

rocketed higher amid a frenzy around artificialintelligence technology. It will report its latest quarterly results on Wednesday, and expectations are high. Target also reports on Wednesday with Ross Stores following Thursday. They could offer more details on how well spending by U.S. households is holding up. Pressure has been rising on them amid still-high inflation, and it seems to be the highest on the lowest-income customers. In stock markets abroad, indexes were lower across much of Europe and Asia. Indexes fell 2.1% in Hong Kong and 0.4% in Shanghai after S&P Global Market Intelligence raised its forecast for Chinese economic growth this year to 4.8% from 4.7% in April, but stressed it was not overly optimistic.

"The overall outlook of a tepid economic recovery remains unchanged, with the expansion supported by enhanced policy stimulus, strengthening external demand and gradually improving private-sector confidence," it said in a report.

California often throws its weight around to influence national — and international — policy. California has set its own emission standards for cars for decades, rules that more than a dozen other states have also adopted. And when California announced it would eventually ban the sale of new gas-powered cars, major automakers soon followed with their own announcement to phase out fossil-fuel vehicles.

The technology, known as intelligent speed assistance, uses GPS technology to compare a vehicle's speed with a dataset of posted speed limits. Once the car is at least 10 mph (16 kph) over the speed limit, the system would emit "a brief, one-time visual and audio signal to alert the driver."

It would not require California to maintain a list of posted speed limits. That would be left to manufacturers. It's likely these maps would not include local roads or recent changes in speed limits, resulting in conflicts.

The bill states that if the system receives conflicting information about the speed limit, it must use the higher limit.

The technology is not new and has been used in Europe for years. Starting later this year, the European Union will require all new cars sold there to have the technology — although drivers would be able to turn it off.

The National Highway and Traffic Safety Administration estimates that 10% of all car crashes reported to police in 2021 were speeding related — including an 8% increase in speeding-related fatalities.

GLOBAL EYY LIMITED

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 205140 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 21st day of May A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Edilson Yoshito Yuhara whose address is Rua Barao Do Rio Branco, Num 824, Apto 404, Xanxere, CEP: 89820-000, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 20th day of June A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may such claim is proved.

Dated this 21st day of May A.D. 2024. EDILSON YOSHITO YUHARA Liquidator

NOTICE

2GO CONVEXITY LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 206142 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 17th day of May A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Erik De Paiva Buischi, whose address is 465 Brickell Avenue 3001, Miami, CEP: 33131, Florida, USA. Any Persons having a Claim against the above-named Company are required on or before the 17th day of June A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from proved.

Dated this 17th day of May A.D. 2024. ERIK DE PAIVA BUISCHI LIQUIDATOR NOTICE

THE NEW York Stock Exchange is shown on Tuesday, May 21, 2024, in New York. Stocks on Wall Street were mixed in quiet premarket trading as

that engage both public and private sector stakeholders. The Bahamas competed in Category A, which included destinations with more than 500,000 annual stopover visitors. The judging criteria included five main themes: Commitments to partnership and collaboration; sustainable/resiliency-related activities; innovation and technology; linkages and external engagement; and

contribution of initiatives to tourism. The Bahamas’ submission showcased the Abacos’ resilience post-Hurricane Dorian, and highlighted the strategic use of collaborative partnerships. These efforts not only facilitated the islands’ reconstruction but also emphasised the importance of preserving its natural and cultural heritage. Through this, the Abacos ensure visitors have memorable experiences that honour

the environment and uplift local communities.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said: “The Caribbean Destination Resilience Award is a real achievement for the Abacos, and the thanks go out to the many public and private entities that have come together and worked in partnership to make sustainable tourism a priority to preserve, protect and promote the area as a travel

destination with a strong future.

“From mangrove restoration to energy conservation, and the promotion of community-based tourism activities that celebrate the islands, the Abacos are proof positive that collaboration is the way to address the important issues of the day.”

Across the Abacos, organisations such as The Abacos Stewardship Council, Friends of the Environment and the Bahamas National Trust worked

Donald Trump's campaign says it will begin accepting contributions through cryptocurrency

By FATIMA HUSSEIN Associated Press

DONALD Trump 's presidential campaign said Tuesday it would begin accepting donations in cryptocurrency as part of an effort to build what it calls a "crypto army" leading up to Election Day.

The Trump campaign launched a fundraising page that allows "any federally permissible donor the ability to give" to its political committees using any crypto asset accepted

through the Coinbase cryptocurrency exchange.

The announcement promotes Trump's message that he is a crypto-friendly candidate, and also appeals to a core group of young male voters who are increasingly likely to dabble in digital assets. It came as Trump's defense rested in his hush money case in New York.

Cryptocurrencies are a digital asset that can be traded over the internet without relying on the global banking system.

Trump's campaign is accepting a range of popular cryptocurrencies that include Bitcoin, Ether and US Dollar Coin, and also include the low-value coins that tend to be popular with Internet personalities like Shiba Inu Coin, and Dogecoin.

Billionaire Elon Musk, most notably, is considered a fan of the latter two, traded on markets as DOGE and SHIB.

It's not clear whether the Trump campaign will hold onto the crypto or will immediately sell it, and

SEVERE TURBULENCE DURING SINGAPORE AIRLINES FLIGHT LEAVES SEVERAL PEOPLE BADLY INJURED. ONE MAN DIED

By CHALIDA EKVITTHAYAVECHNUKUL Associated Press

A SINGAPORE Airlines

flight hit severe turbulence over the Indian Ocean and descended 6,000 feet (around 1,800 meters) in about three minutes, the carrier said Tuesday. A British man died and authorities said dozens of passengers were injured, some severely. An airport official said the 73-year-old man may have had a heart attack, though that hasn't been confirmed. His name wasn't immediately released.

The Boeing 777 flight from London's Heathrow airport to Singapore, with 211 passengers and 18 crew members aboard, was diverted and landed in stormy weather in Bangkok.

British passenger

Andrew Davies told Sky News that the seatbelt sign was illuminated but crew members didn't have time to take their seats.

"Every single cabin crew person I saw was injured in some way or another, maybe with a gash on their head," Davies said. "One had a bad back, who was in obvious pain."

Dzafran Azmir, a 28-yearold student on the flight, told ABC News: "Some people hit their heads on the baggage cabins overhead and dented it. They hit the places where lights and masks are and broke straight through it."

Kittipong Kittikachorn, general manager of Suvarnabhumi Airport, told a news conference that the sudden descent occurred as passengers were being served food.

He said seven passengers were severely injured, and 23 passengers and nine crew members had moderate injuries. Sixteen with less serious injuries received hospital treatment and 14 were treated at the airport. He said the British man appeared to have had a heart attack but medical authorities would need to confirm that.

A later statement from Samitivej Srinakarin Hospital said 71 people had been treated there, including six who were severely injured. No explanation of the discrepancy was available.

Tracking data captured by FlightRadar24 and analyzed by The Associated Press show the Singapore Airlines flight SQ321 cruising at an altitude of 37,000 feet (11,300 meters).

At one point, the Boeing 777-300ER suddenly and sharply descended to 31,000 feet (9,400 meters) over about three minutes,

according to the data. The aircraft then stayed at 31,000 feet (9,400 meters) for under 10 minutes before diverting and landing in Bangkok less than a halfhour later.

The sharp descent occurred as the flight was over the Andaman Sea, near Myanmar. The aircraft sent a "squawk code" of 7700 at that time, an international emergency signal. Details of the weather weren't immediately available.

Most people associate turbulence with heavy storms, but the most dangerous type is so-called clear air turbulence. Wind shear can occur in wispy cirrus clouds or even in clear air near thunderstorms, as differences in temperature and pressure create powerful currents of fast-moving air.

The problem of turbulence was highlighted in December, when a total of 41 people on two separate flights hit by turbulence in the United States were hurt or received medical treatment on two consecutive days.

According to a 2021 report by the U.S. National Transportation Safety Board, turbulence accounted for 37.6% of all accidents on larger commercial airlines between 2009 and 2018. The Federal Aviation Administration, another U.S. government agency, said after the December incidents that there were 146 serious injuries from

turbulence from 2009 to 2021.

The NTSB said it was sending a team to support Singapore's investigation of accident.

Boeing extended condolences to the family of the dead man and said it was in contact with Singapore Airlines "and stand ready to support them."

The wide-body Boeing 777 is a workhorse of the aviation industry, used mainly for long-haul flights by airlines around the world. The 777-300ER variant of the twin-engine, two-aisle plane is larger and can carry more passengers than earlier models.

Singapore Airlines, the city-state's flag carrier, operates 22 of the aircraft as part of its fleet of more than 140 planes. The airline's parent company is majority owned by Singapore's Temasek government investment conglomerate and also operates the budget airline Scoot.

Thailand's transport minister, Suriya Jungrungruangkit, said Singapore was dispatching another plane to transport those who could travel. It arrived in Bangkok on Tuesday night.

Singapore Transport Minister Chee Hong Tat in a Facebook post said his ministry and Singapore's Foreign Ministry, as well as the country's Civil Aviation Authority and Changi Airport officials along with airline staff, "are providing support to the affected passengers and their families."

what sort of fees it may pay to liquidate. While the campaign says it plans to follow U.S. election laws, the anonymous nature of cryptocurrencies can make it tricky to confirm the funds are coming from who they say they are.

Trump has already received millions in cryptocurrency personally through his Trump Digital Trading Cards non-fungible token projects and his MAGA coin, which was released last August.

Julia Krieger, a spokeswoman for Coinbase, told

with non-governmental organisations (NGOs) and other community groups to address sustainable reconstruction, environmental restoration and community empowerment.

“We are immensely proud of The Abacos for receiving the CHTA Destination Resilience Award,” said Latia Duncombe, the Ministry of Tourism’s director-general. “This recognition is a testament to the unwavering spirit and dedication of the Abaco community and our partner

The Associated Press that "crypto is nonpartisan and moves money forward because it's cheaper and faster," adding that the Coinbase platform is open to all candidates this election season.

A representative from President Joe Biden's campaign did not respond to an Associated Press request for comment on whether it will begin accepting cryptocurrency donations.

While some states don't allow cryptocurrency donations in state races under existing campaign finance laws, the Federal Election Commission does allow committees to receive bitcoin as contributions.

A 2014 advisory opinion issued by the

organisations, in championing sustainable tourism and resilience.

“The Abacos have not only recovered but have become a beacon of inspiration for sustainable tourism in the Caribbean.”

The Caribbean Destination Resilience Award highlights best practices in the region, serving as an inspiration for other destinations to adopt similar approaches to sustainability.

commission concluded that bitcoin is "money or anything of value" within the meaning of the law and political committees should value the contribution based on the market value of bitcoin at the time the contribution is received.

The presidential campaign for independent candidate Robert F. Kennedy Jr. currently accepts bitcoin donations.

In conventional money, Biden and the Democratic National Committee said Monday that they raised more than $51 million in April, falling well short of the $76 million that Trump and the Republican Party reported taking in for the month.

AMBULANCES wait to carry passengers from a London-Singapore flight that encountered severe turbulence, in Bangkok, Thailand, Tuesday, May 21, 2024. The plane apparently plummeted for a number of minutes before it was diverted to Bangkok, where emergency crews rushed to help injured passengers amid stormy weather, Singapore Airlines said Tuesday. Photo:Sakchai Lalit/AP

GDP represents net new debt that will further add to the $12.748bn in total Bahamian public sector debt.

No fiscal figures have been released since those for the six months to endDecember 2023 were unveiled with the mid-year Budget, and last month’s investor presentation similarly did not reveal any data beyond year-end. The Ministry of Finance has yet to unveil the monthly reports on fiscal performance for January, February and March 2024, along with the quarterly report covering those three months.

The Public Finance Management Act 2023 stipulates that the Ministry of Finance’s financial secretary “shall publish the monthly summary report.... no later than four weeks after the end of the month or as soon as reasonably practicable thereafter”. A similar timeline, namely “no later than four weeks or as soon

as reasonably practicable thereafter”, applies to the quarterly fiscal reports. The January, February and March 2024 monthly reports, as well as the 20232024 third quarter report, are all now past deadline although the “as soon as reasonably practicable thereafter” language gives the Government an escape clause. It is unclear why no fiscal data has been forthcoming beyond the 2023-2024 fiscal year’s first six months, although observers suggested there are two potential explanations - the Government’s financial performance has fallen well short of target and expectations, or the Davis administration has met/ exceeded them and plans to surprise everyone with a grand reveal during next Wednesday’s Budget.

The investor presentation given by Mr Halkitis hailed a “well-tuned counter-cyclical fiscal policy offering The Bahamas greater leeway

to improve budgetary performance”. It also touted a 6.7 percent year-over-year increase in tax revenues during the 2023-2024 first half, and an “expected” 29.4 percent jump in nontax revenue during the 12 months to end-June 2024.

The Government’s revenues, as a percentage of GDP, are still predicted to hit 23 percent at $3.3bn this fiscal year - just two percentage points shy of its professed 25 percent of GDP target. Total revenues, according to the presentation, are forecast to increase further to $3.6bn in 2024-2025 and $3.9bn in 2025-2026.

“Despite a challenging environment, The Bahamas’ fiscal performance in the first half of 2023-2024 showed a slight improvement over the outperforming 2022-2023 levels,” the investor presentation said. “Revenue collection remains a key driver of fiscal performance, up 3.6 percent on

a year-on-year basis and year-end levels on track to exceed pre-Dorian and prepandemic figures.”

However, the Government’s investor presentation was almost as notable for what it did not include. Tribune Business previously reported at the time of the mid-year Budget that 2023-2024 first half total revenue and tax collections, as a percentage of the full-year projection, were behind the 44.9 percent and 44 percent achieved during the prior year period featuring the six months to end-December 2022.

And, while government revenues may be up yearover-year, they were behind the full-year growth targets. VAT accounted for $47.2m, or more than half, of the $73m year-over-year growth in tax revenues to come in at $646m for the six months to end-December 2023. This accounted for more than half, or 55.2 percent, of the Government’s

total tax revenues and was equal to 40.6 percent of the full-year target.

However, while VAT revenues were up by 7.9 percent year-over-year, this growth rate has to hit a much greater 27 percent or $339m over the $1.252bn collected in 2022-2023 to hit this year’s target of $1.591bn. And full-year total revenue and tax collections must also expand by a much faster 16 percent if the Government is to achieve its $3.319bn revenue target for the full year.

The Government’s investor presentation last month, though, highlighted the Bahamian tourism industry’s post-COVID rebound by pointing to 360 percent growth in visitor arrivals between 2021 and 2023, which rose from 2.1m to 9.7m largely due to the continued expansion of the cruise industry.

And, while no dollar figures were provided, investors were informed that per capita visitor

Mangrove Cay, Eleuthera hit by weekend BPL woes

“For the first night our elected representative, Leon Lundy, was here so he got to experience that and then the following day, in the afternoon, Prime Minister Brave Davis came along with his entourage and also Leon Lundy, and they spoke and acknowledged the challenge that we have.... We had probably ten times the power went out the last two nights.

“It was obviously a lack of proper planning. We know we cannot keep the water on for an average population of 800 people here. Why did we think if we doubled the population for a couple of days we were not going to run out of water, which we did. It’s still down to a trickle.... What can you call it other

than a collapse of our infrastructure?”

Cheryl Bastian, owner/ operator of Andros-based Swain’s Cay Lodge, backed this account by telling Tribune Business: “The power was off for such long periods when we were having our annual homecoming and an opportunity for people to make some money. At one point it came on for one minute and then went off until 2pm. It was just in and out, in and out.

“It’s an annual event and income earner for our people who have all sorts of things planned and events all over the cay... It was just horrible. People left the island early. It was so disappointing. It’s getting worse. We’re going backwards. They want us to suffer.”

Ms Bastian said she had “a full house” at Swain’s

Cay Lodge for the home-

coming weekend, but in the absence of a generator “everybody just had to be in the dark... No light, no water and the temperature at the weekend was a record for May”.

The situation was not much better in north Eleuthera, which received a weekend visit from Jobeth Coleby-Davis, minister of energy and transport. One local resident, speaking on condition of anonymity, described the minster’s appearance as “totally a PR stunt”, while revealing that his electricity supply went out at 10pm on Monday night, was restored at midday only to go off one hour later, and then come back on in late afternoon.

“It’s absolutely disgusting,” they said of the island’s electricity woes. “The equipment is old,

outdated, Eleuthera has grown by leaps and bounds and the infrastructure has not kept up. That’s the bottom line. It’s nothing new. It’s been going on for eight to ten months. You can’t blame the local BPL guys. They can only work with what they have.”

In the capital, BPL blamed its weekend load shedding, which some New Providence residents asserted lasted for up to five to ten hours, on record-breaking heat and temperatures coinciding with the loss of 50 Mega Watts (MW) of generation capacity. That is between one-sixth and one-seventh of the island’s total generation capacity. Besides the failure of a 25 MW engine at its Clifton Pier power station, BPL also disclosed that the same amount of rental generation was unavailable due to what was described as “planned maintenance and

other issues”. And, even when the 25 MW unit at Clifton Pier was returned to service on Sunday, May 19, at 6pm, BPL said customer demand still exceeded its projections by 20 MW. As a result, with total New Providence electricity demand still exceeding BPL’s supply capacity, the state-owned utility was forced to reduce the burden via load sheddingand rotating which areas it temporarily cut-off - during peak hours. BPL, in a statement, said it was working with rental generation providers - such as FOCOL Holdings - to return 10 MW to the grid within 24 hours to reduce the shortfall. It added that another 10 MW should be restored by this Friday, while BPL said it is working to return another three units that are offline for maintenance by end-May in a bid to meet peak summer demand.

“These units will add 59

spending and the industry’s economic impact continue to grow. Agreeing that “structurally increasing visitor spending is critical [to] underpin this momentum”, the presentation added:

“The average amount of visitor expenditure per visitor has steadily increased since 2012, and was 29 percent higher in 2022 than in 2019 in real terms.”

As for economic growth, the Government’s investor presentation included the lower 2.6 percent real GDP growth estimate for 2023 produced by the Bahamas National Statistical Institute (BNSI) and agreed that this nation’s pace of economic expansion is trending towards the 1.7 percent forecast over the medium-term (2024-2026) by the International Monetary Fund (IMF). That, though, is still above preCOVID rates.

MW to the current capacity,” BPL said, not detailing whether these are its own generation assets or ones which it has rented.

BPL said it continued to work towards its “summer readiness plan” and anticipates 300 MW of available generation by June. “BPL continues to work towards its summer readiness plan, which includes restoring all rental generation capacity before the end of the month and completing repairs on three major units,” it added.

“By June, BPL anticipates 300 MW of available generation and is also working on other solutions to add additional megawatts to the grid, allowing the company to meet the projected summer peak with sufficient reserves to accommodate for increased demand or loss of generation.”

However, that 300 MW only slightly exceeds the 281 MW projected peak demand for New Providence this summer that was forecast recently by Ryan Pinder KC, the attorney general.

Pharmacy sector at odds over medical marijuana

FROM PAGE A24

that the Association is not “interested in playing politics” and, as healthcare providers, is concerned with ensuring Bahamians are provided with quality healthcare.

He said: “We met with them. Both associations have put out a statement, a written formal position to them. No response.There’s an article in another newspaper this morning in which the Pharmacy Council chair has indicated that the council agrees with this and everything else. Now here’s the problem. The letter is dated May 16. The first time I saw a draft of this was today.

“The Pharmacy Council is the registering body. They work under the Government. The association is for all. We’re not interested in playing politics. This is not a PLP or FNM or any other party issue. We’re healthcare providers….this is a critical time for leadership in terms of how we create proper healthcare in the country.”

Dr Smith has been open about his concerns with the cannabis legislation, including that it should be dispensed by pharmacists

to ensure patients receive the correct dosage of medication and that it does not counter other prescriptions they are taking.

Dr Rolle agreed that the consultation process was not widespread with stakeholders, and raised concerns that the legislation allows the minister to appoint the Board that would control cannabis dispensaries. She maintained that physicians who sit on medical boards are recommended by the Medical Association, and the minister should not have full authority to designate board members.

She said: “We haven’t seen changes consistent with what our concerns will be. The Act states that the minister has full authority to appoint the Board. Most boards, if there is a physician on it, is nominated by the Medical Association, who sits on the Bahamas Medical Council, the Health Professions Council. We provide a physician as recommended and nominated by the Association.”

Dr Rolle also raised concerns about visitors being able to access medical cannabis with a prescription from their home country, as there is not an international database of licenced

dispensaries and their patients

She said: “There was a concern raised that this may create disparities between tourists and residents. What would prevent visitors, who have purchased cannabis with very little resistance, to smoke cannabis during their limited time here? Will we be willing to penalise these people? And will we allow it for tourists and not for locals, where there isn’t much verification?

“The verification of the patients that would be coming in from abroad, we’re unaware of an international database of licensed cannabis authorities that actually regulate the use of medical marijuana the way that we are. We are crossing jurisdictions”

Dr Smith noted that even if that database existed, receiving patient information would violate confidentiality laws in many jurisdictions. He said:

“Even more so even if you can get a public list of providers from these places. You’re not going to get an updated list of who the patients are because that would violate patient confidentiality laws in almost all of those jurisdictions.”

PINTARD: DISCLOSE STUDY ON WHETHER BPL VIOLATED LAW

administration’s management of BPL that have yet to be resolved.

These include the fuel hedging initiative left in place by its predecessor, and whether the current administration failed to ensure its continuation and thereby unnecessarily burdened Bahamian businesses and households with an extra cost thought to total between $90m-$110m.

That resulted from the so-called “glide path” strategy, implemented by BPL and the Government with URCA’s approval from October 2022 to March 2024, in an effort to enable the state-owned energy monopoly to reclaim previously “under-recovered” fuel costs that are supposed -under law and regulationto be passed on 100 percent to electricity users.

BPL’s failure to do so produced the “glide path”, which resulted in fuel charges imposed on Bahamian consumers increasing by 163 percent over an eight-month period between October 2022 and June 2023, hitting their peak in time for maximum summer consumption. And the consultant’s fuel charge review will also assess how BPL and the Government have used the extra funds generated by the “glide path”. This has recently become another source of BPLrelated controversy. The Ministry of Finance, in its recently-released debt bulletin for the three months to end-March 2024, retroactively revised figures for the debt owed by BPL going back almost two years. BPL’s debt was hiked by

around $70m for each of the quarters going back to endJune 2022 when compared to the numbers contained in the prior report. And, while the “glide path” was advertised as essential to enable BPL to reclaim its under-recovered fuel costs, repay a previous loan advanced by the Government and thereby reduce its outstanding debts, the data contained in the Ministry of Finance’s report showed there has been relatively little progress in achieving the latter objective.

BPL’s end-March 2024 total debt stood at $255.4m, representing just a $2.8m decline from the endDecember 2023 figure just three months earlier, and only an $11m drop from the debt’s peak at $266.4m at end-March 2023. With the debt still so high, Mr Pintard was among those arguing it appeared the monies generated by the fuel charge hikes have not been used for the purpose stated by the Davis administration.

This will now all be reviewed by URCA’s consultant, with the energy sector regulator hinting it has been pushed to act by the “widespread outcry” from Bahamians over this nation’s astronomical energy costs.

“The objective is to document how the BPL fuel tariff is calculated - the process followed, formula used and the supporting documentation required - and determine if the charges to customers since 2021 are in compliance with the law and regulatory frameworks,” URCA said of the imminent fuel charge review.

“The Bahamas is facing very high electricity costs, primarily driven by the high and volatile cost of fuel used. This is also compounded by the use of old and inefficient generation assets. The high price of energy has resulted in widespread outcry from customers from all rate classes.

“The fuel cost for a generating unit can be attributed to its heat rate, fuel price and level of utilisation, plus other charges for transportation and applicable taxes and duties. The level of utilisation of fuel will be significantly impacted by operating practices.”

After reviewing all applicable legislation and regulations, including the existing Electricity Act 2015 and its 2018 amendments plus the 2020 regulations introduced to facilitate BPL’s fuel hedging strategy, URCA said that among the consultant’s goals is to “determine if the [fuel charges to customers between January 1, 2021, and March 31, 2024, complied with the law and regulatory frameworks”.

They will tasked to “advise whether BPL has complied with the law, regulations and regulatory frameworks in the cost per kilowatt hour charged to customers for fuel in each rate class”. And, if BPL has violated the law and regulations, the consultant must “describe the breach in words and quantify it in monetary terms” meaning the dollar amount this has cost the Bahamian people.

The report must also “provide a listing of the actual allowable recoverable fuel cost broken down by each component, for

example, purchase price, additives, transport etc; the actual fuel charge billed to customers broken down by rate class; [and] the amount of under/over recovered for each month”.

Once this has been completed, the consultant - for each of the 39 months covered by the study - must look at the fuel charges billed to BPL customers; the revenue received by the utility and outstanding accounts receivables, breaking this down by rate class.

These actions, according to the RFP issued by URCA, will enable the consultant to “provide an account of the changes in BPL’s accounts used to record fuel purchases [and] advise on how the funds received from customers have been applied to pay for fuel purchases”. In other words, to determine how BPL has been using the proceeds and if fuel costs are all that it has been recovering.

Mr Pintard told Tribune Business that the URCA scope of works, and questions that the review is seeking to answer, are exactly the same as those raised by the Opposition in the House of Assembly, press conferences and letters written to the regulator and Prime Minister Philip Davis KC and for which they have “gotten very few answers”.

This, the FNM leader added, was why it was so critical for URCA to publish the full findings once the study is completed so that the Bahamian people can judge for themselves. “We look forward to seeing what the outcome is of the studies being conducted,”

Mr Pintard said. “We have asked in multiple ways, and in different forms, to get to the bottom of what is being contemplated by URCA.

“That’s what’s important: The release of the results to the general public so that all and sundry are able to make a determination themselves on the manner in which BPL is functioning and the extent to which policymakers are compliant with the law and acting in the best interest of consumers. They have to be very transparent. That’s absolutely critical. They ought to publish it. Absolutely.”

Mr Pintard, though, pointed out that in effect the consultant will also be scrutinising URCA’s actions given that it approved, or stated it had no objection to, BPL’s “glide path” strategy and fuel charge hikes. “URCA itself had authorised the glide path and increased fees,” he added.

“One perspective is that URCA had to do some review and study of its own to justify supporting the increase that the Government has asked for. And some of what they are asking for now must have been the basis for why they approved such an increase. Some of those questions they should be able to answer themselves.”

No timeline is provided for when a consultant will be selected, and the BPL fuel charge review completed, but all bids are to be submitted by a June 24, 2024, deadline. The first preliminary report is to be provided to URCA within five years of being hired.

The Davis administration has blamed a variety of factors for soaring BPL costs, including the Ukraine war’s

Bran slams ‘absurdity’ of medical marijuana plans

pharmacists of seeking to secure a monopoly over cannabis dispensaries and the distribution of medical marijuana, Mr McCartney joined Dr Smith in arguing that there are good and valid reasons for the Association and wider profession’s stance.

“How practical is that going to be?” he asked of licensed pharmacists supervising cannabis dispensers.

“We lack pharmacists in The Bahamas as is. That’s not going to be practical. The category of drugs that medical marijuana will be placed under, even pharmacy techs cannot dispense that type of drugs. It has to be a pharmacist.

“Medical marijuana, in many cases, will not be dispensed in isolation.

For persons with illnesses like cancer, medical marijuana will be in addition to the medications they take already. You need a pharmacist to oversee and ensure the dispensing of medical marijuana works in conjunction with the medications that people are already on.

“It’s silly to say the least that the Bill is crafted in a way that allows persons who are not pharmacists to dispense it. That’s a no, no. A complete no, no. A complete no, no.”

Mr McCartney said his position might be different if The Bahamas was also permitting marijuana for recreational

PAGE A24 NOTICE

purposes, but argued that the term “medical” by itself meant something that was approved by licensed, certified healthcare professionals.

“It ought to be prescribed by a doctor and ought to be dispensed by a pharmacist,” he added, “not a pharmacy tech, not someone off the street who gets licensed as a cannabis dispenser under this Bill. There’s absolutely nothing about medical personnel being allowed to dispense it.

“That’s an absurdity and, quite frankly, is very dangerous for the patient.... You need a pharmacist that knows. Medical marijuana will be dispensed, and the consequences really could be dire effects for the patient which goes against the essence of why medical marijuana is introduced. It goes completely contrary to that.

“If they decide to do it this way, why not get

persons off the street to dispense ecstasy or LSD? It’s the same principle. I am in 100 percent support of Dr Marvin Smith and the Pharmacy Association on this, 100 percent.”

Mr McCartney said “the main point” is that prescribing the wrong quantity of medical marijuana, or at all, could create complications for patients taking other medications. It could react badly, or trigger an allergic reaction, with other drugs that the patient is using, causing complications that - in a worst case scenario - could result in injury or death.

Asserting that such a situation is best prevented by mandating that only pharmacists or other qualified medical personnel serve as “cannabis dispensers”, Mr McCartney added: “Patients will be in jeopardy. And not only in jeopardy; it is something that could cause death.

Pursuant to the provisions of Section 222 (2) of The Companies Act, 1992 notice is hereby given that an Extraordinary General Meeting of the Members of CLEAR CHOICE DRINKING WATER LTD. PDC Corporate Services Ltd. In No. 204 Saffrey Square, East & Bay St in the City of Nassau on the 8th day of May, 2024 at 12 o’clock in the afternoon.

The purpose of the said Meeting is to have laid before the Members of the Company the Final Statements of the liquidator showing the manner in which the winding up of the Company has been conducted, the property of the Company disposed of, the debts and obligations of the Company discharged and also to hear any explanations that may be given by the Liquidator. All claims by creditors of the Company must be received by the Liquidator at No.204 Saffrey Square, N.P. The Bahamas before the 22nd day of June 2024.

Dated this 22nd day of May, 2024. Peter D. Cartwright Liquidator of the above-named Company

impact on global oil prices, while also attempting to talk away the fuel hedge initiated by its predecessor as having failed to deliver the promised savings and not being worth the paper it was written on.

However, ex-BPL chief executive Whitney Heastie, in a letter to Alfred Sears KC, then-minister of works and utilities, on October 18, 2021, said the fuel hedge was on track to save electricity consumers some $54m over the 18 months to January 2022 if maintained.

The Opposition has charged that the Davis administration failed to support the fuel hedging structure it met in place because it did not execute the trades required to purchase the extra cut-price oil volumes needed to keep the fuel charge to consumers low. Scheduled to have been executed in tight windows in September 2021 and December 2021 just after the Davis administration took office, the trades did not occur.

As a result, BPL was forced to increasingly buy fuel at higher market rates even though the tariff/ charge to consumers was held artificially low at 10.5 cents per kWh via a combination of government subsidies/loans and nonpayment to its fuel supplier, Shell.

It was thus failing to cover the cost of its fuel supplies, and the Davis administration compounded the amount that had to be subsequently recovered via the “glide path” by holding the fuel charge at 10.5 cents for a further eight months.

cannabis dispensaries under “the supervision” of licensed pharmacists.

“If the medical marijuana is dispensed along with other drugs, and it counters the other drugs being taken by the patient, it could lead to death. My God, for the life of me I do not understand why the Government does not consult fully with the professionals in the Pharmacy Association.

“I don’t understand why the Government, when they look at enacting a Bill, doesn’t speak to the pharmacists and the persons in the industry body. I don’t think they did that to any great extent with the Pharmacy Association. How silly can that be? They’re the legislators, not the professionals.”

However, the Bahamas Pharmacy Council, which is the body that governs, regulates and licences pharmacists in this nation, via an advertisement in

yesterday’s newspapers contradicted the Association by arguing that the latter was “actively engaged in the consultative process” on the draft legislation which has now been tabled in the House of Assembly. Mr McCartney, though, said of the Council’s May 16 letter, which was published under the name of its chairman, Robert Sands: “I don’t think the Pharmaceutical Association was in agreement with that letter sent out on behalf of the Council or the content of that letter. From my understanding, the Council wrote that letter without even discussing it with the Pharmaceutical Association.”

The reforms to the Pharmacy Act, via the Pharmacy (Amendment) Bill 2024, appear to give the profession much of what it wanted by placing all registered

The Bill, which has been tabled in the House of Assembly, stipulates: “No person shall, unless he is registered as a cannabis dispenser under the Health Professions Act (Chapter 233) make use of the title of ‘cannabis dispenser’.”

Then, through the insertion of a new section 10A into the existing Act, it mandates that pharmacists must have “supervision” over all cannabis dispensaries. “Every cannabis dispensary shall be under the supervision of a licensed pharmacist who shall be responsible for the oversight of the cannabis dispensary,” the Bill states. “Specifically, this Bill seeks to provide for the establishment of a type of pharmacy to be known as a ‘cannabis dispensary’.”

A FIVE-STAR resort brand will manage the hotel and rental programme for a multi-million dollar development targeted at Bimini, it was revealed yesterday.

Rockwell Island Development Group (RIDGE), in a statement, said it has teamed with resort brand, Banyan Tree, and others, to develop the 750-acre Banyan Tree Bimini Resort & Residences project that will feature 54 waterfront residences, a 50-key hotel, Bonito Beach Club, super yacht marina and 18-hole golf course at full build-out.

Also named as part of the development group are Oppenheim Architecture, which is responsible for the development’s design, and OFFICIAL, which will lead marketing efforts in the US. Sales and construction were said to have already begun, with the first five complete residences set to be delivered in early 2025.

“Since the onset of this project, my focus has always been to assemble a world-class team dedicated to elevating the island to new heights,” said Rafael Reyes, owner and developer of Rockwell Island

THE Bahamas Telecommunications Company (BTC) yesterday unveiled plans to improve its mobile network by consolidating all spectrum used by consumers into 4G (fourth generation) technology.

The carrier, in a statement, confirmed it is presently using a mix of 2G, 3G and 4G LTE (long-term evolution) technology to deliver services to Bahamians nationwide. It will now streamline this technology by only using 4G in a bid to optimise its network and improve the customer experience.

Drexel Woods, BTC’s director of technology and

Development Group. “Being the closest Bahamian island to the US, Bimini is a hidden gem that world-class travellers will soon get to experience. Time slows down here, and life unfolds effortlessly.”

The Rockwell Island project is not a new concept. Tribune Business records show that it was first promoted more than a decade ago in 2012 as a $250m development intended to make Bimini the socalled “Hamptons of The Bahamas”.

The project at that time was being spearheaded by RAV Bahamas, the Bahamian affiliate of the Miami-based Capo Group, which was headed by the original developer of the Bimini Bay Resort, Gerardo Capo. Mr Capo subsequently sold the majority interest in Bimini Bay to Genting, which renamed the property Resorts World Bimini. While the Rockwell Island development subsequently went quiet, it appears to now be in the process of being revived by Mr Reyes, who is Mr Capo’s son-in-law. Private

operations, said of what amounts to a spectrum clean-up: “We are undergoing a comprehensive review of our networks. On the mobile side of the

residences at Banyan Tree Bimini Resort & Residences will have prices starting at $3.5m. Each home will have a private dock, nearby beach access and ample indoor/outdoor space, and can be placed in a rental programme managed by Banyan Tree.

“The Bahamas has always held a special allure for residents of South Florida,” said Oren Alexander, co-founder of The Alexander Team and OFFICIAL.

“Our clients have been hungry for a weekend hideaway that blends refined living, a sense of adventure and door-to-door ease, and Bimini perfectly encapsulates all.

“Despite the 20-minute commute from South Florida, Banyan Tree Bimini Resort & Residences feels worlds away with its pristine beaches and turquoise waters.” RIDGE has hired Miami-based architectural firm, Oppenheim Architecture, to lead the design effort with Raymond Jungles as the development’s landscape architect.

Chad Oppenheim, founder and principal of Oppenheim Architecture,

network, we are aligning with industry standards and transitioning those still utilising the 2G network to the faster, stronger and more reliable 4G-LTE network.

“Although most users are already on the LTE network, there are still pockets of customers that utilise the 2G network. A number of these are business customers, who use the technology for a variety of solutions. Over the last few weeks, we have been reaching out to them to provide guidance on how they can use the LTE network for their business.”

To ensure customers remain connected, and continue to access the mobile network, BTC said

said: “Since beginning work on Banyan Tree Bimini Resort & Residences, we have held true to the philosophy that the architecture should celebrate the island’s spirit of place.

“Our mission has been to celebrate the essence of Bimini through design that becomes hidden in the landscape. There is artistry in the change of sky, water and light, and we translated those qualities into timeless homes and bungalows that celebrate the island’s natural beauty.”

Besides branded and serviced residences, the development features a boutique resort also designed by Oppenheim Architecture and managed by Banyan Tree. Banyan Tree operates resorts, residences and spas in destinations such as Thailand, Bali, Vietnam and Riviera Maya.

The planned hotel will have 24 beachfront villas and 26 overwater bungalows, similar to those in destinations such as the Maldives. “We are delighted to partner with Rockwell Island Development Group to introduce

they should upgrade their phone’s SIM card to an LTE SIM card. And, where necessary, also upgrade their mobile phone devices. SIM card upgrades are free of charge at any BTC retail store.

The mobile network is not the only network that BTC intends to streamline. The carrier has already begun to phase-out its legacy copper network by decommissioning this in several communities in Grand Bahama and New Providence. The 2G mobile network will be shut down in phases across the Family Islands and New Providence. It should be fully turned off by the end of June 2024.

Banyan Tree to this exceptional destination, further expanding our presence in this vibrant region,” said Eddy See, president and chief executive of Banyan Group “From Phuket to Shanghai, Saudi Arabia to Mexico, Banyan Tree is going global as the advocate of sustainable travel. The Banyan Tree brand embodies intimacy, nature and local traditions, and Banyan Tree Bimini Resort & Residences reflects these values by embracing the local culture and natural environment, inviting guests to immerse themselves in this sanctuary for the senses.”

RIDGE, in its statement, said it played a key role in obtaining the Government’s approval for the $80m redevelopment of the South Bimini International Airport in November 2023. Bimini Airport Development Partners has committed to undertaking the project over two phases. The first phase will begin in 2024, including airside and terminal improvements to enable international commercial traffic from key US and European markets.

Construction will also begin on a ferry terminal to bring visitors directly from the airport to North Bimini.

RIDGE said it has also secured approval for a seaplane terminal in partnership with Tropic Ocean Airways, complete with Customs and Immigration facilities, to make travel to and from Banyan Tree Bimini Resort & Residences more seamless. It promised this will be the “largest seaplane base in all the Family Islands”. Mr Reyes and Ridge Rockwell Island Development Group described themselves as having “been at the forefront of premier residential, hospitality, marine and aviation development in The Bahamas”, boasting “a track record that includes the construction of more than 400 luxury residences, a 308-key hotel, a 15,000-square-foot casino and a 242-slip marina - the largest in the Family Islands in The Bahamas”.

THE Bahamas has received the Caribbean Destination Resilience Award from the Caribbean Hotel and Tourism Association (CHTA) and the Caribbean Alliance for Sustainable Tourism (CAST).

The honour was said to recognise this nation’s commitment to sustainability and resilience in tourism, and its embrace of the United Nations World Tourism Organisation’s (UNWTO) 17 sustainable development goals (SDGs). It highlights destinations that focus on resiliency, especially through innovative strategies and efforts SEE PAGE A19

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Water and Sewerage Corporation (WSC) yesterday confirmed it has completed repairs to the ruptured main water line on Prince Charles Drive that left hundreds without water at the weekend. While repairs were completed around 9.30 pm on Sunday, ending either no or low water pressure for the Corporation’s eastern New Providence customers, workers left a mountain of excavated tarmac piled in the middle of the re-opened four-lane highway. They had also neglected to repave the large hole in the road created by the repairs, resulting in traffic backlogs during the Tuesday morning rush hour. A statement released by the Corporation on Sunday explained that, as a result of the repairs, a portion of Prince Charles Drive had to be be closed off that day so technicians could excavate the water mains and replace the leaking line.

“At approximately 1.45am today, the Corporation’s system control received alarms from its SCADA system, alongside public reports, indicating a major leak on Prince Charles Drive opposite Ashley’s Furniture. Our personnel promptly responded by securing the roadway and shutting down the water supply to eastern New Providence to prevent further flooding and damage to the roadway,” it explained.

“As a result, water supply to customers in eastern New Providence was interrupted. By 7am, our repair teams had excavated down to the water mains and confirmed a longitudinal split on the 24-inch main, necessitating the replacement of a section of the main.”

Speaking in the House of Assembly last week, Leon Lundy, minister of state in the Office of the Prime Minister, said the Water & Sewerage Corporation is currently undertaking a $175m capital works

NOTICE

programme designed to improve water and sanitation services throughout The Bahamas. This was described as the largest infrastructure upgrade it has undertaken to date.

Mr Lundy also outlined some of the $5.25m water works for Eleuthera, including a 500,000 imperial gallon tank that has been installed at Water & Sewerage Corporation’s Bogue plant and a new tank to be commissioned in early summer that will increase the site’s overall capacity by more than 70 percent.

The minister also reported that extensive repairs were being undertaken to eliminate the leaks in the existing Spanish Wells storage tank, and work has begun on the installation of two new 250,000 imperial gallon tanks in Harbour Island to replace the current 200,000 imperial gallon tank that is “old and leaking substantially”.

He expects the first new tank to be completed by mid-summer, and the existing tank will be demolished and replaced by late 2024. Generators will also be installed in Hatchet Bay and at the Arawak transfer station to improve the reliability of water supply for Hatchet Bay and Gregory Town in the event of extended power failures. Work is also underway to increase the capacity of the Bogue wellfield groundwater supplies, and to improve the electrical supply to the wellfield. A new standby generator was installed at the Bogue to ensure there is no interruption of water supply transfer from mainland Eleuthera to Harbour Island in the event of a power outage.

On Russell Island, Mr Lundy said an exercise was undertaken to bring potable water to over 60 homes and the second phase of the work will start in the coming months.

Pursuant to the provisions of Section, 218 of The Companies Act, 1992 notice is hereby given that at an Extraordinary General Meeting of the Members of CLEAR CHOICE DRINKING WATER LTD. held on the 8th day of May, 2024 the following Resolution was unanimously passed:

RESOLVED that the Company take all such steps as may be necessary to effect its liquidation and forthwith cause its name to be struck off the Register of Companies in accordance with The Companies Act, 1992 AND that Peter Cartwright of 204 Saffrey Square, East & Bay Street, Nassau, N.P. The Bahamas be and is hereby appointed Liquidator of the Company for the purpose of such liquidation.

Dated the 22nd day of May 2024.

PETER D. CARTWRIGHT LIQUIDATOR FOR THE ABOVE-NAMED COMPANY

DREXEL WOODS

FROM L to R: Latia Duncombe, the Ministry of Tourism’s director-general; Chester Cooper, deputy prime minister and minister of tourism and another attendee pose with the award.