06172021 BUSINESS

business@tribunemedia.net

THURSDAY, JUNE 17, 2021

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Put real ‘Culture of theft’ costs Ex-AG: estate residency farmers up to 50-60% threshold to $1m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

F

ARMERS yesterday revealed they are developing legal reforms to crack down on “the culture of theft” that is costing some “up to 50-60 percent of their crop in one night” and devastating the industry.

Paul Maillis, the National Fisheries Association (NFA) director, whose family owns a mango farm in the Adelaide area, told Tribune Business that farmers were partnering to propose a Farmer Protection and Encouragement Act that will contain much

• Industry drafting stiffer penalties as deterrent • Suffer ‘constant battle’ to protect livelihoods • Firearm permission sought to protect assets harsher punishments than those found in existing laws in a bid to determine rampant stealing of crops and livestock.

Speaking from that farm, he revealed that Bahamian farmers throughout the archipelago face “a constant battle” to protect their produce as increasingly bold thieves simply drive and saunter on to their properties to plunder at will.

With the criminals usually long departed by the

time the police arrive, Mr Maillis warned that The Bahamas will “never accomplish the dream of a people more empowered in their own livelihoods if we turn a blind eye and treat criminals with a soft hand”.

With small farmers, in particular, living crop-tocrop and reliant on every growing season for cash flow to sustain their enterprises, the regular thefts are threatening to drive some out of business and into hardship, while also

discouraging new entrepreneurs from entering the industry.

And, when viewed from the ‘bigger picture’ perspective, the situation detailed

by Mr Maillis and others threatens to undermine the ambition of Michael Pintard, minister of agriculture and marine resources, to slash The Bahamas’ annual $1bn food import bill by at least $200m via encouraging

SEE PAGE 7

Retailer: No price, supply chain relief till mid-2022

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS were yesterday warned to brace for “across-the-board” price increases and stock shortages until mid-2022, as a prominent retailer warned: “The chickens have come home to roost.”

Andrew Wilson, the Quality Business Centre (QBC) and Fashion on Broadway principal, told Tribune Business that “the price of everything” is increasing due to manufacturing disruptions and supply chain bottlenecks caused by the fall-out from the COVID-19 pandemic’s health restrictions.

Citing the ten to 15 percent increase in TV prices since 2020 as indicative of what is happening in the wider economy, he added that product delivery times

• Tells consumers to brace for ‘across the board’ hit • TV price rises of 10-15% since 2020 a barometer • Delivery times ‘substantially retarded’ by bottlenecks for Bahamian merchants have been “substantially retarded” with the previous five-week wait for shipments from China having expanded to eight to ten weeks.

With shipping costs having also escalated due to a container shortage and supply chain disruption, the retail entrepreneur predicted that it might be another 12 months before Bahamian consumers and merchants experience any easing.

With food and construction material prices having already soared, Mr Wilson said: “The price of everything is increasing.

PI beach access closed for $250m condo-hotel plan

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Ocean Club’s owner last night said it had closed a popular access route to Paradise Island’s Cabbage Beach out of “safety concerns” as it prepares to begin construction on a $250m condominium-hotel project.

Access Industries, in an e-mailed response to Tribune Business after its decision to fence of the access route provoked fury among Cabbage Beach vendors, gave no timeframe for how long it will be blocked or, indeed, if it will ever re-open.

“Clearing work on the privately-owned, vacant tract has begun for a condominium-hotel development.

The Paradise Island project is expected to generate more than $250m in investment and economic activity for The Bahamas, including new jobs in construction, tourism and related industries. Due to safety concerns during the work phase, the path that runs over the private tract to the beach will be closed,” it said.

“Unauthorised items that had been left on the private property have been carefully collected, and security will

SEE PAGE 8

Crowdfund platform’s launch eyes start-ups looking for $1m-$2m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS-based crowdfunding platform will showcase “four, maybe five” start-ups each seeking between $1m-$2m in financing when it launches by the second week in July, it was revealed yesterday.

D’Arcy Rahming J, chief technology officer for ArawakX, told Tribune Business that the initial group of entities seeking financing for their ventures will be “mostly locally-owned” start-ups in their early stages that are focused on the international markets and resident

in The Bahamas.

“We are seeing interest from companies in other jurisdictions that want to come and operate out of here,” he added. “It’s at both ends. For us it’s about financial inclusion. We’re not just going to set up something one group can use. Financial inclusion means everybody.”

The first finance-needy ventures are said by ArawakX to be focused on industries such as health, technology, tourist attractions and agribusiness. The platform, which will also act as an exchange and secondary market in listing these

SEE PAGE 6

Everybody has to pay for the pandemic losses through the last 15 months.

It’s in everything we do.

The biggest challenge is the supply chain. Shipping costs have more than doubled. Whether you buy from China or the US, shipping costs have increased globally.

“Whether you buy in New York, Miami, California, China.... at the end of the day, we have a hard road to tread. The prices are the prices. In this economy it’s about keeping the wheels turning. There are no buyers lining up at your door to buy product. It’s about staying alive, keeping

your staff and employees.

“The cost of TVs, for instance, has increased by about ten to 15 percent in the past year. I think that’s probably held true for across the board for a variety of products. Prices are going up and there are shortages,” he continued.

“It takes forever to get everything. I’ll tell you that out of China, what previously took five weeks it’s now more like eight to ten weeks. Florida is pretty much consistent, but across the board delivery time has been substantially reduced.”

Mr Wilson warned that

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER attorney general has called for The Bahamas to increase the real estate investment threshold for economic permanent residency to $1m, and asserted: “It should never have been lower than that.

While acknowledging that there are many who will likely disagree with him, John Delaney said raising the bar from the present $750,000 qualifying threshold would enable The Bahamas to “get more out of persons choosing to be here” by attracting “a higher financial calibre” of investor to this nation.

This would also bring the real estate investment threshold in line with the $1m minimum that the government is eyeing for persons seeking to qualify for economic permanent residency via contributions to sporting, cultural, arts and social development causes - a reform that Mr Delaney hailed as “timely” given The Bahamas’ urgent need to reflate the economy, and attract investment and foreign exchange earnings, post-COVID. “It’s certainly timely that the government revisit the threshold figure of $750,000, which was set as a matter of policy. Before that it was $500,000,” the Delaney Partners principal said. “I know others feel it should be brought down for various reasons, but in my view it should never have been lower than that.”

Mr Delaney pointed out that the last Ingraham administration in 2011 established a policy whereby

JOHN DELANEY investors who made a real estate purchase valued at $1.5m or above would be accepted for so-called “accelerated” consideration of their permanent residency application.

The $750,000 threshold to qualify for non-accelerated permanent residency was raised as recently as 2018, having been left at $500,000 for some time, due to increasing concerns that the latter figure was resulting in overseas investors competing with middle class Bahamians for real estate. And Mr Delaney said a further increase in the threshold to $1m would also help to improve government tax yields.

“I would be in favour of increasing that real estate threshold because it means we get more out of persons choosing to be here, and it serves to select a higher financial calibre of persons coming to The Bahamas who are able to further contribute to The Bahamas,” he added.

“It should be no less than $1m in terms of realty. If there are going to be other mechanisms and other avenues to qualify [for economic permanent residency], I think starting at $1m should be the threshold

SEE PAGE 5

PAGE 2, Thursday, June 17, 2021

THE TRIBUNE

Don’t let storage woes cloud your designing

I

F YOU are a designer working behind a computer, there will always be the need for a large storage bin to place bits and pieces of edited and unedited photos plus data in. The need for large storage can never be evaded.

Super high resolution files that are typical of graphic design can consume pretty large amounts of data.

Moreover, you may have started arranging a portfolio of records, and suddenly realise that more storage space is required.

Fortunately, it is 2021, and you will have heard about cloud storage options for photos. The responsibility of cloud services is to store information on a remote computer known as a cloud server, rather than locally.

This means that you are not taking up storage space on any particular physical device.

There are many devices out there to prevent you from worrying about storage limitations, hard drive failure or whatever contributes to losing files. However, let us take a closer look at iCloud.

What is iCloud? iCloud is one of the most misunderstood features of the iPhone family. Many see the term pop up but are clueless as to what it means. Simply put, the purpose of iCloud is to store data and important information such as photos, videos, documents and text messages on Apple’s remote servers (as opposed to your iPhone or iPad). This way, all of your information is backed up at a secure location and synchronised between all of your devices.

Who needs iCloud?

Anyone who has a high volume of information or photos can benefit from iCloud.

Is iCloud really a necessity?

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The Art of Graphix

BY DEIDRE M BASTIAN

Investing in any form of storage plan is smart if your work volume is heavy. Losing important documents worked on for months is not a happy feeling. This is why information backed up in the cloud is beneficial. Photo Stream is a package supplied with the basic iCloud service, which allows users to store their most recent 1,000 photos on the iCloud servers for up to 30 days free of charge.

How to use iCloud?

When iCloud is set up you would automatically receive 5GB (gigabytes) of free storage across all devices, and it is easy to add more at any time. This means iCloud securely stores your photos, videos, documents, music, or apps and updates them across all devices. This allows information to be backed up at a secure location and synchronised, which enables you to start work on one device and continue on another. Meaning that when you crop or enhance a photo from your iPhone, you will see the changes when you access your library from your Mac. Your photos and videos are organised into years, months, days and all photos.

All of your memories and people are updated universally, and are easy to locate at any time. With iCloud you can easily share everything with friends and family. Moreover, if you ever lose your Apple device, all information (ranging from contacts to photos) that were saved to iCloud

can be retrieved.

This simple procedure is done from iCloud.com by signing in with your Apple ID to automatically restore all data on your new Apple device. Depending on your Internet speed, the time it takes for you to see your photos and videos on all of your devices and iCloud. com might vary.

Can anyone see what’s on my iCloud?

If someone knew your Apple ID or your iCloud username/password, they may be able to access your information. Some security and privacy measures include determining what information you want to be accessible from iCloud, or changing the password to your iCloud account.

Apple has continued to add features to iCloud, resulting in a really robust and reliable service. It also works quietly in the background, and if you have allowed iCloud to do its thing (in many cases it operates in a default setting) you will simply find that documents are very secure.

There are one or two disadvantages if you wish to use iCloud, such as it being dependent on an Internet connection. There are small additional costs for upgrading, but the benefits certainly outweigh the disadvantages. There are lots of storage options out there, so always choose the one that works best for you. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of B. Sc and M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, June 17, 2021, PAGE 3

Social Services budget doubles within two years

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday further highlighted COVID-19’s devastating impact on Bahamian society by revealing that his ministry’s budget has increased by 100 percent in the two years since he took office.

Frankie Campbell, minister for social services, told the House of Assembly during the mid-year Budget debate that his ministry has seen its funding double over that time due to the need for increased welfare and social assistance payments to Bahamians in need.

From just over $40m allocated in the annual budget when he first assumed responsibility for the ministry in mid-2019, Mr Campbell said it is now set to receive some $80m in the 2021-2022 fiscal year - with some $20m of this increase attributed to continued unemployment assistance post-September 2021.

Mr Campbell added: “I’m pleased to say that all of the work that is being done in the Ministry of Social Services and Urban Development is being done

APPAREL RETAILERS IN PRICE RISE WARNING

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN apparel retailers yesterday predicted an increase in their prices over the remainder of 2021 if supply chain disruptions and backlogs are not resolved.

Margo Farrington, chief

throughout the Commonwealth of The Bahamas. I want to ensure, and assure, our vendors in the Family Islands that our name is good. That our paper is good. That our vouchers are good and eventually the payments will arrive.”

Pointing to the challenges faced by landlords as a result of the pandemic, he added: “I need the Bahamian public to appreciate that we always give rental assistance. There was always a manageable number and they never all came at once.

“We found ourselves in a situation that we were not prepared for. The numbers were overwhelming.

The numbers were coming from persons who had to close their offices because they, too, were affected and infected.”

Mr Campbell said the ministry had no offices to meet the needs of Grand Bahama residents because these had been destroyed in Hurricane Dorian. “There was no office, because that office was washed away.

All the documents and files were washed away,” he added.

“All of their computers and telephones were

washed away. The persons who had to man those offices also had their personal effects washed away.

So we were overwhelmed at a time when we were confronted with victims while we ourselves were victims.”

Mr Campbell urged landlords, in particular, to exercise patience with distressed and jobless tenants, adding that the ministry is working to resolve the backlog of applications for rental assistance.

Turning to the ministry’s new digital platform, he added: “PROMIS is a digital platform that affords the Ministry of Social Services, in particular the department, to enter all of our requests without the use of paper, and then follow on the platform that request until it is actually resolved.

“Then be able to maintain a history of our clients that will enable us, if there is a future request, to be able to shorten the time of delivery because you are already in the system. The end product of PROMIS is intended to be where one is able to sit in the comfort of your home, or wherever it is you get your Wifi Internet, and be able to access all of our services.”

marketing officer for Lorene’s Department Store, told Tribune Business the retailer is having “issues” securing sufficient inventory for customers.

She said: “The factories are backed up where we order from in the US. I just had a lady in yesterday waiting on one of our shipments, and they were telling us that they’re short staffed in their warehouse and they can’t get the goods out. So that’s an issue.”

Forecasting price increases over the coming months due to these supply chain issues, Ms Farrington added: “I’ve had some of our companies already send me e-mails

saying that their prices will be going up because of the dollar value against the yuan, and the shipping costs from China to here, in addition to the rising price of oil and everything along with that.”

While it was too early to determine the extent of the price increases, she acknowledged that based on what suppliers were telling Lorene’s, come July 1 consumers will “probably see about a three to five percent increase in apparel”.

Erica Adderley-Gardiner, operations manager at BATCO, confirmed

SEE PAGE 5

NOTICE

ANNUAL GENERAL MEETING THE BAHAMAS TAXI CAB UNION WILL HOST ITS ANNUAL GENERAL MEETING ON THURSDAY 15TH JULY 2021. TIME AND PLACE TO BE ANNOUNCED. ALL FINANCIAL MEMBERS ARE ASKED TO BE IN ATTENDANCE.

PAGE 4, Thursday, June 17, 2021

THE TRIBUNE

GB WATER SUPPLIER FORGES ON WITH $5M INVESTMENT GRAND Bahama’s water supplier has moved to the next phase of its $5m reverse osmosis plant project after the initial units and back-up generation arrived on Grand Bahama.

The Grand Bahama Utility Company (GBUC), in a statement on the 3m gallon plant that will restore full potable water supply to customers post-Hurricane Dorian, said reverse osmosis columns and generator pads have also been completed following the start of construction.

Working with Bahamas Hot Mix (BHM), the plant’s contractor, the utility said construction is on schedule for a late August 2021 completion barring no COVID-related shipping delays.

Once commissioned, the plant

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THE GRAND Bahama Utility Company enters the next build phase of its $5m reverse osmosis plant. will enable the remaining 30 percent of Grand Bahama to receive potable water.

“With the completion of the reverse osmosis system, more of our equipment will be updated with advanced technology which includes digitised well monitoring, reserve power supply,

pipe, valve and meter replacement programmes, and a leak protection programme,” said Philcher Grant, Grand Bahama Utility Company’s director of operations.

“This will be a milestone achievement for Grand Bahama Utility Company, enabling us to expand our

capacity as part of our modernidation and longterm storm-hardening plan.

We are rebuilding stronger and better.”

Remington Wilchcombe, Grand Bahama Utility Company’s operations manager, said that due to extensive preconstruction work that included surveying, environmental approvals and engineering design, the customised plan that was created for the Island’s reverse osmosis facility will

meet the exact requirements and specifications outlined by the utility and the World Health Organisation (WHO).

“By integrating mobility into the design for the reverse osmosis plant, we are ensuring that the equipment can and will be moved in the event of a storm which will limit damage risk due to flooding or high winds,” Mr Wilchcombe added. “The reverse osmosis facility will not only bring the entire island of Grand Bahama to full potability, but it will also meet the needs of water customers reliably for many years to come.”

The second shipment of reverse osmosis units is scheduled for mid-July, when the new water plant pumping station and wellfield will also be completed.

The full reverse osmosis system is on schedule to be tested and ready for commercial use by the late August deadline.

Ms Grant said that while 70 per cent of Grand Bahama is currently potable, the reverse osmosis facility will not only enable full restoration of the island’s water supply, but also create sustainability and a back-up in the event there is another

catastrophic storm such as Hurricane Dorian.

She added: “We wanted to ensure reliability of fresh, potable water supply, today and in the future, and the reverse osmosis system was the right solution to make that happen.”

Grand Bahama Utility Company’s $5m capital investment was sparked by damage to the fresh water aquifer located at wellfield six which, prior to Dorian, serviced 60 percent of Grand Bahama with high quality, abundant and reliable drinking water for decades.

“Not only do we work here, but we live here, too,” said Ms Grant. “That’s why our Grand Bahama Utility Company team has worked so tirelessly. We have experienced first-hand the same challenges as our customers.

“The completion of the reverse osmosis system allows us to meet the potable water needs of all our customers, and ensures that Grand Bahamians will never again be without potable water for a prolonged period no matter what we endure, whether interruption to our power servers or a severe storm season.”

GB OPERATION INCLUDED IN COMPANY REBRANDING A BUSINESS process outsourcer, with operations in The Bahamas, has rebranded its operations across the Caribbean, Latin America, the US and Canada. itelbpo, which began its international expansion with the 2013 move to establish operations in Grand Bahama, said it will now be known as itel ahead of opening new customer experience operations in Guyana and Honduras this summer.

The company, in a statement, said it is also establishing a core technology development

team in Colombia. It will unveil a new 90,000 square foot facility located in Kingston, Jamaica, this fall to house 1,500 on-site employees and manage a network of work-at-home agents. “itel has always provided a partnership style that is coveted by our clients, and that’s not going to change as we grow,” said Yoni Epstein, its founding chairman and chief executive.

“As change accelerated in 2020, from how we work to how we shop and how we live, companies were forced to be nimble. For those locked in with CX partners that were too large to pivot

and adapt, 2020 left scars on their brand and customer satisfaction.

“Our teams are more empowered and accessible than larger customer experience providers, yet our service delivery platform is diversified across the Caribbean and the Americas. Our ability to provide customised CX solutions is one of our true differentiators. The way we partner with our clients, our flat management style, modern workspaces and family-like culture has put us in a league of our own – and we’re only becoming stronger as we expand internationally.”

Career Opportunity Scotia Wealth Management is seeking the services of an

AML Officer Position Summary: Contributes to the overall success of the IWM AML Program by ensuring the specific plans & initiatives relating to the successful implementation of Scotiabank’s AML/ATF Program are executed within agreed timelines in the Business Units. To support the program sustainment, the role provides ongoing specialized guidance to the Business Units. Ensures all activities conducted are in compliance with applicable governing legislation/ regulations, as well as internal policies & procedures.

Key Accountabilities for this role: w Provide direction to the Business Units in order to operationalize the AML Program components with reference to the specific products/services/clients. w Ensure appropriate action is taken to close identified AML Policy compliance gaps by developing and tracking project roadmaps. w Manage all aspects of the AML Program deliverables and develop relationships with matrix partners e.g.

AML PMO, AML IT, GAMLU, EDDU, 1B Testing, in EO and locally to oversee and support all phases of the Program. w Escalate AML issues, red flags, and Policy variances and exceptions, as necessary, and assuring that the Business Units Management and the AML Executive Committees are fully informed of significant AML issues and/or gaps on a timely basis. w Monitor the progress of the implementation of the AML Program, develop and provide deliverables and status reports to the IWM AML Office; provide ongoing guidance to help the local teams overcome roadblocks. w Support the development and delivery of specialized training sessions to Business and Operations Units on AML concepts and AML Risk Management procedures, when training gaps are identified. w Deliver advice and interpretation on the application of the Policy and other relevant AML Policy documents and related documentation; and provide ongoing guidance to ensure the Business Units adopts the observations and recommendations made by Business Management, AML Advisor, and the AML team. w Work with the Business Units to ensure the provision of advice and guidance on developed procedures and processes to implement the KYC requirements. w Oversee the Annual AML/Sanctions Risk Assessment process ensuring the Business Units meets the established deadlines and standards for response and provide support in completing the assessment and associated responses. w Demonstrate leadership in championing a high-performance environment and implementing a people/HR strategy that attracts, retains, develops and motivates the team by fostering an inclusive work environment, effectively communicating vision/values/strategy and managing succession and development planning for the team.

Educational/Competency Requirements: w E xcellent interpersonal, communication and negotiation skills in order to build consensus and obtain cooperation. w Excellent understanding of the Business’ operations/ structure/ products & service models w Experience in managing complex projects and initiatives to completion within tight timelines, across different businesses and cultures. w Broad knowledge of Operational Risk Management practices. w Project Management skills and experience w Ability to think and respond quickly, able to adapt to change readily. w ICA/ACAMs Certification or bachelor’s degree (University Degree) in business administration, finance, or law with minimum 3 years of experience in AML, Compliance and/or Risk Mgmt capacity in a financial institution, or its equivalent in education and work experience w Strong understanding of the AML Enterprise and Local country regulatory landscape

Qualified candidates should submit C.V. via email to: hrbahamas@scotiawealth.com on or before June 21st, 2021. Please note that only those individuals short-listed for an interview will be contacted.

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

THE TRIBUNE

Thursday, June 17, 2021, PAGE 5

Retailer: No price, supply Ex-AG: Put real chain relief till mid-2022 estate residency threshold to $1m FROM PAGE ONE

supply chains to The Bahamas could face further disruption from COVID-19 outbreaks in major source markets for products, which may force a further tightening of health restrictions overseas. He indicated this was already happening, with one Chinese supplier in “a major hub” having informed him of a resurgence in infections there.

“We’re going to have ups and downs for the remainder of 2021 without a doubt,” the QBC chief told Tribune Business on price and inventory disruption. “It looks like 2022, mid-2022, we’ll be able to breathe a sigh of relief and be out of the woods.

“It’s going to be a rough ride, but hopefully by mid2022, in the absence of some new COVID strain impacting us, we should see some improvement. The cost of everything is going up, the price of everything is going up. The chickens have come home to roost.”

Mr Wilson said consumers and their spending have effectively been “disemboweled, for lack of a better word”, until jobs and disposable incomes - especially in the hotel industry - recover from the COVID-19 fall-out. His retail businesses have seen only a minor increase in the amount of US dollar bills passing through their tills since last year, indicating tourism remains depressed.

“Whereas before we were seeing a handful of $5m, $10 and $20 US dollar bills, we’re seeing one or two $50 and $100 bills in circulation.

That’s expected to improve, but overall the US dollar is still absent.”

Mr Wilson spoke after a prominent economist

FROM PAGE ONE

ANDREW Wilson presents a gift to a student at his QBC store. warned earlier this week that rising inflation poses “a very significant” threat to the speed and strength of The Bahamas’ post-COVID economic revival.

Rupert Pinder, who lectures on economics at the University of The Bahamas, told Tribune Business that the sustained and escalating price increases being experienced in key sectors - especially construction and food - and over which this nation has little influence could undermine prospects for a faster rebound from the pandemic.

Speaking after Rupert Roberts, Super Value’s president, warned consumers to brace for grocery and meat prices increases of eight percent and ten to 12 percent, respectively, by Christmas, he added that “the domino effect” of increased construction input costs could rob another industry of vital impetus.

The government is relying heavily on construction to lead the post-COVID revival, and absorb some of The Bahamas’ record unemployment levels, but Mr Pinder said inflationary impacts imported from abroad “can dampen any sort of growth prospects” in a variety of ways.

He warned that The

Bahamas’ consumptionbased tax system - with its reliance on border duties and VAT - only serves to worsen the impact inflation has on imports.

And, while there will be no impact on the one:one exchange rate with the US dollar, he said its “real value” - on a purchasing power parity (PPP) basis - will be weakened by the sustained price increases for key products. If inflation results in subdued economic growth, Mr Pinder said the impact will also filter through to government revenue projections that many already view as overly-optimistic.

entry point, and there could be others up to $1.5m.

That’s not an unknown level for us as we’ve have been there from ten years ago.

“In my opinion, we have to be more concerned with achieving a certain level of economic impact, whether it comes from real estate investments or something else. I would say that $1m is a good level of economic impact that indicates the person will be a beneficial contributor to the economy.”

Mr Delaney, meanwhile, backed the government’s plans to reform the Immigration Act and expand the routes by which persons can qualify for economic permanent residency beyond just real estate purchases.

He added that it would strengthen the “framework” supporting the financial services sector and supporting industries by making it more attractive for their high net worth clients to domicile in The Bahamas.

“We need to reflate the economy, and attracting persons to come in and make a substantial level of investment in the economy by way of economic permanent residency is an excellent way to quickly reflate the economy and get jobs - good paying jobs - back online,” the former attorney general added.

“When these people come here they want all the things people of that wherewithal want to enjoy and consume. It’s a good move.

We ought to be looking at how we improve the economic permanent residency product. There are many European countries doing this for a very long time.

Portugal has an excellent programme. We’re in good company. The UK has a form of it.

“Any effort required to make The Bahamas more a choice for persons to relocate to should be done,” Mr Delaney continued. “It’s not costing us anything to do this. We’re in the business of welcoming people to come here. We’ve done this for generations, welcoming

people to come here. It’s our principle industry, and inviting these people to come here is tourism on steroids.

“All this is doing is leveraging what we already have to get more out of persons coming here and making greater investments as opposed to simply room nights in a hotel.”

Mr Delaney told this newspaper that a more flexible, and enhanced, economic permanent residency product “especially goes hand in hand” with the economic substance requirements that The Bahamas has embraced in response to European Union (EU) pressures as well as the potential 15 percent minimum global corporate tax that is now being pushed by G-7 members.

He added that The Bahamas could use permanent residency, and its substance regime, as a tool to ensure investors went beyond just their “mere presence” in the jurisdiction to establishing physical businesses that employ locals and contribute annually to national gross domestic product (GDP).

“It’s timely that we as a jurisdiction, as a country, as a government, take a second look at this,” Mr Delaney said.

APPAREL RETAILERS IN PRICE RISE WARNING FROM PAGE THREE

the business is also “definitely” having supply chain challenges and shortages in inventory.

“Our suppliers are having shortages in inventory, and they also have a lot of manpower issues with persons either not working or not choosing to work. So they are short-staffed,” Ms Adderley-Gardiner said.

“Containers, freight and truckers are moving now, so it’s a lot of different issues. We’re seeing price increases right now. The thing is your regular suppliers are being stretched trying to get products.

Obviously we’re having to source from other persons, and their prices are higher anyway because a lot of people are trying to find product. So they are already jumping prices on us.”

Ms Adderley-Gardiner warned that if there is no change prices will steadily increase for the remainder of the year.

Charlise Curry, general manager of Shayne’s department store, said supply issues dating from last year have been resolved and they are “back to where they started from”.

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PAGE 6, Thursday, June 17, 2021

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Crowdfund platform’s launch eyes start-ups looking for $1m-$2m FROM PAGE ONE

businesses after equity shares are offered to investors, says it has obtained all necessary approvals and licensing from the Securities Commission of The Bahamas to launch.

Christina Rolle, the Securities Commission’s executive director, yesterday told Tribune Business that its new crowdfunding rules were expected to be implemented in time for ArawakX’s planned July start.

“We expect them to be done probably within another week or so,” she said. “They’re with the minster [Dr Hubert Minnis] for his ‘no objection’, and then they’ll be signed off and gazzetted.”

Crowdfunding involves financing a project or business venture by raising small amounts of money from a large number of people, typically via an Internet-based electronic platform such as ArawakX. It pools money from friends, family and investors.

Bahamian entrepreneurs and small and medium-sized enterprises are especially familiar with this, as it is typically the mechanism they have employed to raise startup and expansion capital.

Crowdfunders take equity stakes in the businesses they finance, appointing directors to the board to safeguard their interests, rather than offering debt financing.

Besides crowdfunders earning a higher return on their investment, via dividends and share price appreciation if the business prospers, this financing method also enables startups and entrepreneurs to avoid having to take on a heavy debt financing burden than can often cause their idea to fail.

“The need for funding is great across all sectors because the banks are not lending, and that

Career Opportunity Scotia Wealth Management is seeking the services of a

Senior Client Accounting Officer Position Summary: Contributes to the overall success of the Client Accounting Department in The Bahamas ensuring specific individual goals, plans, initiatives are executed / delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures.

Key Accountabilities for this role: w Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge. w Ensure prompt and accurate preparation of financial statements for trust, company and agency accounts. w To comply with and contribute to the maintenance of effective internal controls relating to accounting by ensuring the: • accurate and timely completion of work-papers.

• forwarding of all financial statement drafts for review by the supervising client accountant to ensure accuracy, and forwarding in a timely manner completed work-papersfor review by the respective account administrator.

• monitoring of the progress and status of working papers and financial statements through the preparation cycle to ensure accounts are finalized within the specified time period.

• closing and adjusting entries are prepared in a timely manner.

• reviewing of trial balances with administrators to ensure accurate closing. w Provide effective assistance to account administrators. w Contribute to the development of Client Accounting Section. w Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions. w A ctively pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework , Regulatory Compliance Risk Management Framework , AML/ATF Global Handbook and the Guidelines for Business Conduct. w C hampions a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vison/ values/business strategy and managing succession and development planning for the team.

Educational/Competency Requirements: w T he incumbent requires a thorough knowledge of accounting principles and applications for trusts and companies incorporated in various jurisdictions. w He/she should have a sound knowledge of international reporting standards and must know how to utilize computer systems. w A bachelor’s degree or other similar qualification, with emphasis on accounting is beneficial for this position. w The incumbent requires the ability to perform in-depth analysis of information received from time to time, which may arise as a result of inquiries made. w The greatest challenge the incumbent faces is applying proper accounting principles and treatment to more complex situations, ascertaining the accuracy and proper categorizing of information to be included in financial statements, and ensuring the accurate and timely production of all financial reports and statements.

Qualified candidates should submit C.V. via email to: hrbahamas@scotiawealth.com on or before June 21st, 2021. Please note that only those individuals short-listed for an interview will be contacted.

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

D’ARCY RAHMING SR was the traditional source of funding,” Mr Rahming said yesterday. “A big catastrophic event like COVID-19 shakes everything up, but in shaking everything up it creates a ton of opportunities.

“That’s kind of why we need something like ArawakX. There are lots of good business people here that need funding to go after opportunities that are only there for fleeting moments.

Technology has finally caught up with finance.”

Mr Rahming, in an earlier statement, added: “The primary purpose of ArawakX is to move Bahamians from consumers to owners. We have targeted early-stage international startups that are resident in the Bahamas.

And our rules are written for Bahamians to participate through share ownership.

ArawakX itself will be a publicly traded company so Bahamians of all financial levels will finally be able to own their own capital markets.

“We are changing the reality that Bahamians can only get jobs from these companies, but can actually own a portion of them. When the company grows so will the potential wealth of the owner investor. Additionally, with just our initial launch we will begin to see diversification in the economy and the potential creation of hundreds of jobs. Our regulations are very robust and provide strong protection for Bahamian owners”.

Mr Rahming said Bahamians could participate in

LEROY ARCHER

WINSTON ROLLE investing with as little as $25, with ArawakX having obtained its licence after four years of scrutiny. D’Arcy Rahming, his father, will act as ArawakX’s chairman and chief executive.

To round out its executive management team, ArawakX has appointed Winston Rolle, former Chamber of Commerce president, as chief of equities, while Leroy Archer, ex-Commonwealth Brewery managing director will be chief of investor relations.

Kenneth Donathon, former RND Holdings managing director, will be chief community officer.

“These successful and proven Bahamian executives should give confidence to the Bahamian and international community.

Additionally, our rules are being designed and vetted by some of the world’s foremost authorities on exchanges. We have literally looked at dozens of exchange rule-sets and adopted the best ones to suit Bahamians so that they can grow their wealth,” said Mr Rahming.

THE TRIBUNE

‘Culture of theft’ costs farmers up to 50-60% FROM PAGE ONE greater domestic production and substitution.

The post-COVID goal of improved food security is also being endangered.

Describing the situation faced by himself and his family, Mr Maillis said thieves were able to use the surrounding forest area to enter and exit their farm, pillaging the mango orchard at will. “On a daily basis we have to constantly worry about thieves,” he told Tribune Business. “We have to lock our gates, we have to set patrols, we have to monitor the farm constantly throughout the day.

“Our family members take turns watching the orchard. People are very bold. Some drive on to the property, come through the gate and come through the fence, and take as many mangos as they want.

Where there’s a will there’s a way. You cannot fence the entire property. Once they’ve loaded up with mangos, you cannot stop them leaving, and by the time you call the police and they arrive, the thieves are gone.

“We’ve made pleas and tried to get people arrested, but because it’s such a minor offence it’s difficult to take it further or get the police to take it seriously. One of the conditions is that the theft must be over a certain value, and if it doesn’t get over that then the offence is treated as minimal,” Mr Maillis added.

“It’s a challenge for us.

It’s a constant battle. We lose about one-quarter of our crop to theft, and we have a substantial crop.

Couple that with hurricanes, other natural disasters and frequent wind storms, we have already lost a substantial portion of our crop and then have to deal with the human element. Our mangos are known around the country, and people take advantage of us. It’s disheartening.”

Mr Maillis estimated that 30-40 percent of mango crops were lost to such factors prior to theft, which he added had “spiralled out of control” with persons taking entire trees “out of the ground” or stripping them entirely of their fruits.

To combat the problem,

he revealed that a group of farmers are working on a draft Farmer Protection and Encouragement Act that is designed to strengthen the penalties and convictions that the courts can impose on persons found guilty of stealing from them.

A draft discussion paper on the proposed Act describes farms as “unique” when it comes to property protection due to their size, lack of inhabitants and “vulnerability of valuable products”. It added: “The law does not permit the apprehension of a thief using force once the thief has begun to flee the scene of the crime.

“Theft of farm produce is not considered an offence of significance, and the same Penal Code provisions related to monetary value often make farm theft insignificant in the criminal justice system.”

Caron Shepherd, president of the newly-formed Bahamas Agro Entrepreneurs Group, backed Mr Maillis in describing farm theft as an “ongoing problem”. She told Tribune Business: “It has started to

escalate because of the fact the farmers are increasing their production, and as a result of that you have an increase in larceny.”

Confirming that the industry is working on the Farmer Protection and Encouragement Act as a means to increase fines and penalties for those found guilty of stealing, Ms Shepherd revealed that a farmer is presently before the courts after being charged with using a BB gun to shoot a person they found “in their chicken cage” at 1am in the morning.

“Most of the male farmers are seeking to have hand guns to be able to protect themselves and their property,” she disclosed.

“A month ago a farmer was brought before the courts because they tried to protect their property. As a result of that the farmers have come together to seek permission to have hand guns and shotguns to protect themselves.”

Ms Shepherd said her farm, Down Too Earth Adventure Farm, had suffered the theft of sheep some five months ago but had not reported it to

Thursday, June 17, 2021, PAGE 7 police, adding that stealing was occurring in the Family Islands as well as Nassau.

“Jamaica, Trinidad, the US and the UK, there are strong penalties for farm theft,” Mr Maillis said, “and we need to make that the case here. Farmers need not to fear when defending their property, crops and livestock.

“We have to make farmers feel confident. This industry is very volatile, and you are subject to a loss at a whim. Farmers can’t afford the increasing cost of electricity, water and every utility that is going up. We cannot afford theft; we have to deter theft.

“My family is more blessed than most; we have land and working capital, so we are able to survive this situation. The vast majority of farmers are very small, and have to depend on each crop to provide cash flow. They’ve been devastated,” he added.

“We’ll never accomplish the dream of a people more involved and empowered in their own livelihood. We’ll never accomplish that if we turn a blind eye and treat criminals with a soft hand.

Mangos are not a necessity; they’re a luxury food.

People stealing mangos are driven by pure lust and greed as opposed to pure food to sustain themselves.

“It goes to the mentality of Bahamians. They see something they want and believe they have a right to take it. It’s not right. It enhances the cycle of theft, the culture of theft. We have to fight the culture.”

Mr Maillis said the extent

of losses due to theft varied according to size of farm and the types of crops/livestock they were involved in. But he added: “Some farmers lose everything in a single night. On large farms the impact of theft is much less, but on smaller farms some can lose 50-60 percent of their crop in one night.”

The issue of farm theft was yesterday raised in the House of Assembly by Frankie Campbell, minister of social security, who called for tougher penalties to be imposed on those found guilty due to the harm it was causing his Southern Shores constituents.

He said: “Farmers in that area, and I’m sure throughout that southwestern area, the minister and member for Marco City would confirm, continue to complain that their hardearned labour is being stolen from them and while someone seeks just a hand of bananas, but I want you to compare it with another individual’s monthly salary because, in fact, that is what it is.

“When the farmer plants that banana sucker and waits for months and months and waters it, and now there’s bananas and the farmer is counting days before he can reap that banana, but some thief decides ‘I shouldn’t have to work, I shouldn’t have to sweat, Farmer Turnquest, Farmer Kates, Farmer Jones, Farmer Sweeting…. has planted something for me’. It’s wrong, Mr Speaker.”

PAGE 8, Thursday, June 17, 2021

PI beach access closed for $250m condo-hotel plan FROM PAGE ONE have them available for pick-up through Friday.

The public still can readily access the beach at Beach Club Drive, off Paradise Island Drive, or consider Junkanoo Beach or Montagu Beach in Nassau.

“This new development will be an appealing addition to the amenities on the island, designed as an area of pride that will embrace and feature the local community. Developers are keen to ensure continued local participation, featuring Bahamian workers, artisans and others. The development also plans to include

restaurants and retail that will be open to the public.”

No details on the number of jobs that will be created for Bahamians, or the economic benefits that will flow from the $250m condo project, were provided in the Access Industries statement. Previous Supreme Court rulings have established that the Ocean Club owner has the legal right to do this, since it is a ‘private access way’ that lies over land it owns.

Maria Daxon, lawyer for the Cabbage Beach Business Owners Association (CBBOA), which represents the beach vendors who have been displaced, told Tribune Business that

THE TRIBUNE the fence blocking access appeared to have been erected at night when nobody was around.

She said: “Nobody seems to know who put the fence up. So what we did is we went and removed the fence, and we went on the beach and told the vendors who had their items on the beach to put it back on the beach.

“The beach belongs to them. I spoke to the police officer who came to investigate yesterday, and he told me that this had to happen after 12am in the morning during curfew when nobody was supposed to be out and moving about. We are looking to sue whoever it is as these people have lost their personal and business items they left on the beach.”

Ishmael Sutherland, a vendor, speaking out in a video that went viral on

social media, said more than half his beach chairs had gone. “I had 90 chairs, and only 42 I could find. Some of them are still broken. The umbrellas, I had 60 of them, and only 20-something of them I could find and all of them are broken.”

Mr Sutherland said he found all of his chairs, tables and other items were pushed to one side of the beach. The situation is a tricky development for the prime minister and the government, given that they gained much political capital when in opposition by supporting protests that

tore down similar accessblocking fencing at the same site.

In 2014, ownership of the Cabbage Beach property was transferred from Atlantis – owned by Brookfield Asset Management – to a subsidiary of Access Industries, namely the Ocean Club. Prior to the sale of the property, Atlantis had allowed access to the beach via an easement through their private property.

However, the company had petitioned the government on several occasions to address the vendor operation at the beach.

In December 2015, the vendors’ association filed an injunction in the Supreme Court to prevent Access Industries from restricting access by way of the path. Subsequently, a 30-day injunction was put in place. Further applications were made to get that injunction extended, but this was denied. This allowed Access Industries the leeway to erect a fence to restrict access to the beach atop its property. The day after some vendors protested the fence was taken down.

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THE TRIBUNE

Thursday, June 17, 2021, PAGE 9

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PAGE 10, Thursday, June 17, 2021

THE TRIBUNE

FED SEES EARLIER TIME FRAME FOR RATE HIKES WITH INFLATION UP WASHINGTON Associated Press THE Federal Reserve signaled yesterday that it may act sooner than previously planned to start

dialing back the low-interest-rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation.

The Fed’s policymakers

forecast that they would raise their benchmark short-term rate — which affects many consumer and business loans, including mortgages and credit cards — twice by late 2023. They

had previously estimated that no rate hike would occur before 2024.

At a news conference, Chair Jerome Powell, pictured, said the Fed’s policymaking committee also began discussing when to reduce its monthly bond purchases. But Powell made clear that the Fed has yet to decide when it will do so.

The purchases, which consist of $120bn in Treasury and mortgage bonds, are intended to keep longerterm rates low to encourage borrowing.

The Fed has made clear that its first step in slowing its support for the economy will be to pare its bond purchases — and that it would begin to raise rates only sometime after that. Its key rate has been pinned near zero since March 2020.

The central bank’s new forecast for rate hikes starting in 2023 reflects an economy that’s achieving faster progress than was expected earlier this year.

At the same time, Powell sought yesterday to dispel any concerns that the Fed might be in a hurry to withdraw its economic support by making borrowing more expensive. The economy, he

said, still hasn’t improved enough to reduce the pace of the monthly bond purchases, which the Fed has said it intends to continue until “substantial further progress” has been made toward its employment and inflation goals.

“We are a ways away from substantial further progress, we think,” Powell said at his news conference. “But we are making progress.”

Soon after the Fed issued its statement yesterday, US stocks fell further from their record highs, and bond yields rose. The yield on the ten-year Treasury note rose from 1.48% to 1.55%.

Sung Won Sohn, an economist at Loyola Marymount University in Los Angeles, suggested that the markets’ initially negative reaction to the Fed’s statement might have caused Powell to take a more dovish tone at his news conference. (“Doves”, in Fed parlance, typically focus on the Fed’s mandate to maximise employment and worry less about inflation. “Hawks”, by contrast, tend to concern themselves more with the need to prevent high inflation.)

“We got two different messages from the Fed today,” Sohn said. “The interest rate projections were a bit more hawkish than the market expected.”

But at his news conference, Sohn said, Powell “emphasised that the economy is still not where it should be, especially in terms of unemployment .... and the Fed still thinks the economy needs stimulus from the central bank.”

Still, Powell also sketched an overall optimistic picture in his remarks yesterday.

The inflation spikes of the past two months, he said, will likely prove temporary, and hiring should accelerate through summer and into the fall as COVID19 recedes further with increased vaccinations.

That will allow schools and day care centres to reopen, which will enable more parents to work, while supplemental federal aid for the jobless ends.

“There is every reason,” Powell said, “to think that we will (soon) be in a labor market with very attractive numbers, with low unemployment, high participation and rising wages across the spectrum.”

His comments suggested that the Fed chair isn’t concerned that hiring this spring, while solid, has fallen shy of forecasts.

Powell had said in early spring that he would want to see a “string” of hiring reports showing about 1 million added jobs each month. The job market has yet to reach that total in any month this year, though employers have posted a record-high number of open jobs At the same time, inflation has shot up much faster

than the Fed’s policymakers had forecast in March.

Inflation jumped to 5% in May compared with a year earlier — the largest 12-month spike since 2008.

The increase was driven partly by a huge rise in used car prices, which have soared as shortages of semiconductors have slowed vehicle production. Sharply higher prices for car rentals, airline tickets, and hotel rooms were also major factors, reflecting pentup demand as consumers shift away from the large goods purchases many of them had made while stuck at home to spending on services.

Powell stuck with his long-standing view that those spikes will have only a temporary impact.

“The prices that are driving higher inflation are from categories that are being directly affected by the recovery from the pandemic and the reopening of the economy,” he said.

“Prices that have moved up really quickly because of the shortages and bottlenecks and the like, they should stop going up. And at some point, they in some cases should actually go down.”

The central bank yesterday raised its forecast for inflation to 3.4% by the end of this year, from 2.4% in its previous projection in March. Yet the officials foresee price increases remaining tame in the following two years.

Fed officials also expect the economy to grow 7% this year, which would be the fastest calendar-year expansion since 1984. They project that growth will slow after that, to 3.3% in 2022 and 2.4% in 2023.

Economists generally expect the Fed to continue discussing tapering its bond purchases and then — by late August or September — to outline specifically how and when it would begin. That would set the stage for a reduction in bond purchases to actually begin near the end of this year or in early 2022.

Another key consideration for the Fed is whether inflation persists long enough to affect the public’s behaviour. If Americans begin to expect price increases, those expectations can trigger a self-fulfilling cycle as workers demand higher wages, which, in turn, can lead their employers to keep raising prices to offset their higher labour costs.

Powell said that measures of longer-term inflation expectations have increased in recent months, after falling at the outset of the pandemic. But they mostly remain in a range consistent with the Fed’s 2% inflation target.

“It’s gratifying to see them having moved up off of their pandemic lows,” he said.

NOTICE NOTICE is hereby given that ROSNY JEAN of Christopher Road off Farrington Road, 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 17th day of June, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, June 17, 2021, PAGE 11

Millions fear eviction as US housing crisis worsens NEW YORK Associated Press

MORE than four million people say they fear being evicted or foreclosed upon in the coming months, just as two studies released yesterday found that the nation’s housing availability and affordability crisis is expected to worsen significantly following the pandemic.

The studies come as a federal eviction moratorium is set to expire at the end of the month. The moratorium has kept many tenants owing back rent housed. Making matters worse, the tens of billions of dollars in federal emergency rental assistance that

was supposed to solve the problem has not reached most tenants.

The housing crisis, the studies found, risks widening the gap between Black, Latino and white households, as well as putting homeownership out of the reach of lower-income Americans.

The reports were released on the same day as Census Bureau’s biweekly Household Pulse Survey came out. It showed that nearly 4.2 million people nationwide report that it is likely or somewhat likely that they will be evicted or foreclosed upon in the next two months.

Many of those tenants are waiting to see what becomes of the Centers

for Disease Control and Prevention eviction moratorium, which is set expire June 30. Housing advocates are pressuring President Joe Biden’s administration to extend it. They argue extending it would give states the time to distribute more than $45bn in rental assistance and protect vulnerable communities from COVID-19. The rental assistance has been slow to reach tenants.

“The latest data confirm two things — emergency rental assistance is very slow to reach renters in need, and millions of renters remain behind on rent and at heightened risk of evictions,” Diane Yentel, president of the National Low-Income Housing Coalition, said in an email.

Among those confronting the June 30 deadline is Victor Richardson. The 78-year-old, who is disabled and in a wheelchair, is facing eviction from his $2,500-a-month assisted living centre in Tucson, Arizona, and has a court hearing early next month.

“We have been successfully fighting this and I’ve come to believe we are going to come out this

victoriously,” said Richardson, who housing advocates said would not be admitted to a homeless shelter because of his disability.

The reports by Harvard University and the National Association of Realtors come from different perspectives, but ultimately reach the same conclusion: The United States isn’t building enough housing to address population growth, causing record low home availability, and rising home prices are putting homeownership out of reach of millions of Americans.

Without substantial changes in homebuilding and home affordability, both reports say, the result will be a more-or-less permanent class of renters contrasted with what will likely be a mostly white class of homeowners. While these problems were known before the coronavirus pandemic, the economic impact of the pandemic exacerbated the problem, the reports say.

“These disparities are likely to persist even as the

economy recovers, with many lower-income households slow to regain their financial footing and facing possible eviction or foreclosure,” researchers at Joint Center for Housing Studies at Harvard University wrote.

A separate study commissioned by the National Association of Realtors found that the US housing market needs to build at least 5.5 million new units to keep up with demand and keeping home ownership affordable over the next ten years. That’s on top of the roughly 1.2 million units built per year on average, or a roughly 60% increase in home construction for the next decade, just to keep up with demand.

“The scale of underbuilding and the existing demand-supply gap is enormous and will require a major national commitment to build more housing of all types by expanding resources, addressing barriers to new development and making new housing

construction an integral part of a national infrastructure strategy,” wrote Kenneth Rosen, David Bank, Max Hall, Scott Reed and Carson Goldman with the Rosen Consulting Group, in its report to the association of realtors.

The association’s report points out several regions requiring more homes, including many parts of California and the West, Southern Florida, and the Northeast, particularly the New York-New Jersey metropolitan area.

Without additional housing, an increasing share of Americans are likely to become renters in the coming years. While renting is not necessarily a bad thing since it provides more flexibility, homeownership has been the primary driver of wealth generation in the US since World War II. Home equity is often a way for Americans to have a financial safety net at times of economic trouble, as seen in the pandemic.

PAGE 12, Thursday, June 17, 2021

THE TRIBUNE

BIPARTISAN INFRASTRUCTURE GROUP SWELLS TO 21 SENATORS WASHINGTON Associated Press

A BIPARTISAN senators’ group working on a $1tn infrastructure compromise more than doubled in size to 21 members yesterday, a key threshold that gives momentum to their effort as President Joe Biden returns from overseas at a pivotal time for his big legislative priority.

Biden told reporters he had yet to see the emerging proposal from the group but remained hopeful a bipartisan agreement could be reached, despite weeks of on-again, off-again talks over his more robust $1.7bn American Jobs Plan.

“I’m still hoping we can put together the two bookends here,” Biden said as he prepared to depart Geneva after attending a summit of European leaders.

The administration dispatched top White House advisers for backto-back meetings on Capitol Hill while the president was away. Biden

SEN JOE MANCHIN, D-W Va, one of the key Senate infrastructure negotiators, rushes back to a basement room at the Capitol as he and other Democrats work behind closed doors, in Washington, yesterday.

Photo: J Scott Applewhite/AP and his Democratic allies in Congress are proceeding on a two-track strategy — seeking a bipartisan bill while preparing to go it alone if Republicans try to block the investments with a filibuster in the Senate.

The administration officials huddled late yesterday in the Capitol basement with the Democratic

senators in the bipartisan group, grinding through details of the proposal. On Tuesday, the White House team shored up restless House Democrats eager for momentum on a shared domestic priority with the president.

Ahead of yesterday’s late afternoon session, the 20 senators issued a joint statement backing the emerging bipartisan proposal, doubling their ranks in a show of momentum as Biden is expected to reengage at home. The list was later updated to 21.

The number is significant: With 11 Republicans and ten Democrats the group for the first time shows the potential for a bipartisan accord that could theoretically reach the 60-vote threshold in the Senate, which is now evenly split 50-50, that’s needed to advance bills.

“We support this bipartisan framework that provides an historic investment in our nation’s core infrastructure needs without raising taxes,” the

senators said. “We look forward to working with our Republican and Democratic colleagues to develop legislation based on this framework to address America’s critical infrastructure challenges.”

At the same time, Senate Majority Leader Chuck Schumer convened a private meeting of the Democratic senators on the Budget Committee to set the groundwork for a process that would allow majority passage of the package, without the need for Republican votes. Initial votes could start in July.

“There was universal agreement we have a lot of things we have to do to help the American people and we have to have unity to do it,” Schumer told reporters afterward. “Good first meeting.”

Biden has proposed a historic investment in US infrastructure, spending that goes beyond roads and bridges to include efforts to fight climate change and to shore up what the White House calls the human

infrastructure of everyday life — child care centers, veterans hospitals, community colleges and elder care.

Together, the American Jobs Plan and the $1.8tn American Families Plan make up a wish-list of Democratic priorities that most Republicans say are investments that go far beyond what they are comfortable spending.

As an alternative, the bipartisan group is eyeing a scaled-back nearly $1tn proposal that includes about $579bn in new spending, including $110bn on roads and highways, $66bn on passenger and freight rail and $48bn on public transit, according a Republican who requested anonymity to discuss the package. There’s another $47bn on resiliency efforts to fight climate change and money for electric vehicle charging stations.

Biden has proposed raising taxes on corporations, from 21% to 28%, to fund the jobs plan, and increasing taxes on wealthy Americans earning more

than $400,000 for the other investments — tax hikes Republicans flatly oppose.

Instead, the bipartisan group suggests tapping $120bn in unspent COVID19 relief funds and $315bn from the Paycheck Protection Program that was designed to help businesses pay workers during the coronavirus lockdowns. They also proposed going after tax dodgers by bolstering the Internal Revenue Service.

One source of contention in the bipartisan group is over a proposal to hike gas taxes by linking future increases to inflation — an idea many other Democrats oppose and that goes against Biden’s vow not to tax Americans earning less than $400,000. The bipartisan group was also eyeing a fee on electric vehicle users.

The bipartisan group includes some of the most watched members of the Senate, some known for reaching across the aisle or bucking their party to strike deals.

THE TRIBUNE

Thursday, June 17, 2021, PAGE 13

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N O T I C E EXXONMOBIL NAMIBIA (NAMIBE BASIN) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 7th day of June, 2021.

Dated the 17th day of June, 2021.

REBECCA WITTROCK Liquidator of EXXONMOBIL NAMIBIA (NAMIBE BASIN)LIMITED

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1.00 10.00 0.90

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

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

LAST CLOSE 6.28 39.95 1.50 2.61 1.44 6.00 6.96 3.53 4.25 2.89 5.95 9.75 2.57 7.50 11.55 9.01 14.00 3.75 8.19 15.50

CLOSE 6.29 39.95 1.50 2.61 1.44 6.00 6.96 3.53 4.25 2.89 5.95 9.98 2.49 7.50 11.46 9.01 14.00 3.75 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS750241 BSBGRS880378 BSBGRS900283 BSBGRS940313 BSBGRS780230

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.56 100.00 100.14 93.98 100.66

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.56 100.00 100.14 93.98 100.66

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 101.00 100.49 100.74 91.53 100.55

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.60 100.00 100.14 84.59 100.00

52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.16 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS75024 BGRS FL BGRS88037 BGRS FL BGRS90028 BGRS FX BGRS94031 BGRS FL BGRS78023

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

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

CHANGE 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.23 (0.08) 0.00 (0.09) 0.00 0.00 0.00 0.00 0.00

VOLUME 1,500

1,038,062 1,550

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

20 200 150 196

NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

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

P/E 26.3 42.9 N/M N/M N/M N/M 18.9 -8.1 30.4 15.7 13.3 13.8 24.4 16.1 17.7 12.4 17.2 18.5 8.7 24.6

YIELD 2.70% 3.15% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.15% 3.70% 7.21% 17.43% 0.80% 2.86% 2.66% 3.86% 3.20% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.50% 4.43% 4.39% 4.35% 4.47%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 7-Sep-2024 26-Jul-2037 10-Dec-2028 16-Jul-2031 22-Sep-2023

YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

MATURITY

NAV Date

31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 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

THE TRIBUNE

Thursday, June 17, 2021, PAGE 15

Southwest still struggling with flight delays, cancellations DALLAS Associated Press

and more than 1,000 were delayed, according to tracking service FlightAware.

Combined, the disruptions affected 40% of the airline’s schedule.

Passengers took to Twitter to complain about long delays — and also report that Southwest’s online sweepstakes promotion didn’t seem to be working either.

A Southwest spokesman

PASSENGERS on Southwest Airlines had to deal with cancelled flights and delays for a third day yesterday, as the airline tried to recover from technology problems that started earlier this week.

By late afternoon Central time, Southwest had canceled nearly 400 flights

said the airline fixed what it termed a network-connectivity issue that cropped up Tuesday but was still experiencing cancelations and delays as it worked to resume normal operations.

The disruptions come as airlines gear up for what they hope will be a money-making summer.

Next month, Southwest plans to operate about 87% of its July 2019 schedule,

according to aviation research firm Cirium — further evidence that leisure travel has mostly recovered from the pandemic as millions of Americans have been vaccinated.

While Southwest’s problems yesterday were far more extensive than at other US airlines — American canceled about 40 flights and delayed 350 more, according to

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 73° F/23° C

TAMPA

SATURDAY

SUNDAY

MONDAY

A morning thunderstorm; clearing

Clouds breaking

Sun through high clouds

Mostly cloudy

More clouds than sun

Considerable cloudiness

High: 87°

Low: 79°

High: 89° Low: 79°

High: 89° Low: 79°

High: 88° Low: 79°

High: 89° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

87° F

100°-87° F

100°-86° F

98°-84° F

98°-82° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

ABACO

S

N

High: 83° F/28° C Low: 79° F/26° C

6-12 knots

S

High: 87° F/31° C Low: 78° F/26° C

3-6 knots

FT. LAUDERDALE

FREEPORT

High: 86° F/30° C Low: 80° F/27° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

FRIDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 88° F/31° C Low: 78° F/26° C

High: 85° F/29° C Low: 78° F/26° C

MIAMI

High: 87° F/31° C Low: 81° F/27° C

7-14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 76° F/24° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 6.40” Normal year to date ................................... 11.31”

ELEUTHERA

NASSAU

High: 87° F/31° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 85° F/29° C Low: 79° F/26° C

N

KEY WEST

High: 87° F/31° C Low: 82° F/28° C

tiDes For nassau High

E

W

4-8 knots

S

7-14 knots

Low

Ht.(ft.)

1:11 a.m.

1:50 p.m.

2.8 2.4

7:43 a.m.

7:56 p.m.

0.3 0.5

Friday

2:05 a.m.

2:48 p.m.

2.7 2.6

8:34 a.m.

9:01 p.m.

0.2 0.5

Saturday

3:02 a.m.

3:48 p.m.

2.6 2.8

9:27 a.m. 0.0 10:07 p.m. 0.4

Sunday

4:02 a.m.

4:47 p.m.

2.6 3.1

10:22 a.m. -0.2 11:11 p.m. 0.2

Monday

5:02 a.m.

5:45 p.m.

2.6 3.3

11:17 a.m. -0.4 ---------

Tuesday

6:01 a.m.

6:41 p.m.

2.6 3.5

12:13 a.m. 0.0 12:12 p.m. -0.5

Wednesday 6:58 a.m.

7:35 p.m.

2.6 3.6

1:11 a.m. -0.2 1:06 p.m. -0.7

sun anD moon Sunrise Sunset

6:20 a.m.

8:02 p.m.

Moonrise Moonset

12:44 p.m.

12:58 a.m.

First

Full

Last

New

Jun. 17

Jun. 24

Jul. 1

Jul. 9

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 79° F/26° C

High: 85° F/29° C Low: 80° F/27° C

N

High: 87° F/31° C Low: 80° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 79° F/26° C

8-16 knots

MAYAGUANA High: 87° F/31° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

L

Ht.(ft.)

Today

High: 86° F/30° C Low: 79° F/26° C

N

S

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

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

CAT ISLAND

E

W

FlightAware — it was an improvement over the previous two days.

A problem with weather data supplied by a contractor caused Southwest to delay about 1,500 flights Monday.

On Tuesday, the Federal Aviation Administration briefly grounded Southwest flights and the airline cancelled about 560 flights and delayed 1,800 more over the network issue.

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

High: 86° F/30° C Low: 78° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 80° F/27° C

N

E

W

E

W

N

S

S

8-16 knots

10-20 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS NE at 3-6 Knots ENE at 3-6 Knots SE at 4-8 Knots ESE at 8-16 Knots SE at 8-16 Knots ESE at 8-16 Knots ESE at 10-20 Knots ESE at 10-20 Knots SSE at 7-14 Knots ESE at 7-14 Knots SE at 2-4 Knots E at 6-12 Knots SE at 7-14 Knots ESE at 8-16 Knots SE at 10-20 Knots E at 10-20 Knots ESE at 8-16 Knots E at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots SE at 6-12 Knots ESE at 7-14 Knots SE at 8-16 Knots E at 10-20 Knots SE at 8-16 Knots ESE at 8-16 Knots

WAVES 1-3 Feet 2-4 Feet 0-1 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-5 Feet 2-4 Feet 2-4 Feet 0-1 Feet 0-1 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-6 Feet 1-2 Feet 1-2 Feet 1-3 Feet 2-4 Feet 1-3 Feet 1-2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 81° F 81° F 84° F 84° F 82° F 84° F 83° F 83° F 82° F 82° F 82° F 82° F 83° F 84° F 83° F 83° F 83° F 83° F 82° F 82° F 82° F 82° F 83° F 83° F 82° F 82° F