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Bahamas must replace vital infrastructure ‘every 20 years’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas faces having to replace its entire infrastructure every 20 years due to its exposure to more severe and frequent hurricanes, an Inter-American Development Bank (IDB) analysis has asserted. The just-revealed report, prepared as part of a $40m loan project to strengthen the Bahamian public healthcare system, said a United Nations (UN) report on disaster risk reduction showed that this nation is losing on average five percent of its “capital stock” per year due to the winds and storm surges created by hurricanes.

• Nation losing 5% of ‘capital stock’ annually to storms • IDB: Some health clinics using ‘condemned’ buildings • Just over 2% of population are fully COVID vaccinated Defining “capital stock” as fixed assets such as roads, bridges, docks, airports and public buildings, the IDB analysis said that extrapolating out the UN’s findings suggests that The Bahamas is unlikely to gain the “full useable life” from its infrastructure investments as these will need to be renewed and replaced every two decades. Taking the average annual loss (AAL) identified in the UN report, the IDB analysis said: “The UN Global Assessment Report on Disaster Risk Reduction indicates that the AAL

for The Bahamas due to natural disasters is near to five percent a year as a percentage of its capital stock, well above the two percent average of the region. “This figure indicates that, on average, every year The Bahamas loses five percent of its total capital stock due to natural disasters. This implies that The Bahamas would need to fully replace its capital stock every 20 years on average, well below the expected useable life of most infrastructure. “Throughout the Caribbean, the main threat is from wind and storm surges

that accompany hurricanes. According to this report, The Bahamas loses every year on average $2190m (sic) of capital stock due to natural disasters.” The latter figure seems extraordinarily high, and is more likely to be $219m, with the IDB analysis reflecting a typographical error. However, the concerns are borne out by the estimated $2.464bn worth of damage inflicted on Grand Bahama and Abaco by Hurricane Dorian. When added to the $104m in damages

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‘Strong possibility’ 2016 PI protest is repeated By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters A TRADE union leader yesterday said there was “a very, very strong possibility” that there will be a repeat of the 2016 protest walk over Paradise Island Bridge unless access to Cabbage Beach is resolved. Obie Ferguson, the Trades Union Congress (TUC) president, issued the warning while telling Tribune Business he planned to “very shortly” meet with the Cabbage Beach Vendors Association’s president to discuss how the umbrella union body could assist it and its members in preserving the easement adjacent to the RIU Paradise Island resort. “I was a part of that demonstration back in 2016. I was one of the key

• ‘No difficulty’ with Cabbage Beach rerun • Unions to meet over beach access row • Question over permits for $250m project

OBIE FERGUSON architects. I have no difficulty repeating that. My leg is a little weaker than it was then but I’ll be there,” Mr Ferguson said, arguing that the livelihoods of the Association’s vendor members

PI entrepreneur urges: “Let’s talk it out, PM’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN entrepreneur yesterday said he has renewed efforts to negotiate a solution to his Paradise Island crown land lease dispute by requesting a meeting with the prime minister. Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, told Tribune Business he wanted to persuade Dr Hubert Minnis to honour what he argues is “a legally binding agreement” even though the Supreme Court is due next week to hold a

“case management” hearing on the litigation he has filed against the government. “I’m putting it out there so we can sit down and have a chat,” he explained. “He’s never afforded me the opportunity. The Office of the Prime Minister has already been involved in drafting and offering my crown land lease, and I’d like my crown land lease honoured by the most honourable minister responsible for crown land [Dr Minnis]. “He has not signed my lease. The attorney general, his colleague, is telling me it’s

SEE PAGE 5

‘Ball is in their court’ over Bimini’s airport By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SENIOR government official yesterday said “the ball is in the court” of Bimini’s largest investor to submit a completed $40m offer to transform and take over management of that island’s airport. Algernon Cargill, director of aviation, told Tribune Business that the government was still waiting to receive a final proposal from Genting Group and Gerardo Capo’s RAV Bahamas, joint owners of

Resorts World Bimini, over a public-private partnership (PPP) that will see the duo “redevelop, manage and operate” the island’s primary aviation gateway. “We’re still waiting to hear from them. The ball is in their court,” he said. “I understand they’re working on it, so we need to hear from them.” This newspaper reported in early May 2021 that the Minnis Cabinet had given “approval in principle” to enter into negotiations with the duo over Bimini’s airport.

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were at stake. “That’s very, very, very, very possible. That’s a very strong possibility,” he added of a repeat of the 2016 protests. “We walked over the bridge. I was there when we told the fella we were coming in. When you have easement rights there are ways to deal with those types of things. You cannot arbitrarily do things to people accustomed to doing things in a certain way over a certain period of time. There are ways to go about doing things.” The Cabbage Beach Vendors Association is a TUC affiliate, and Mr Ferguson said the trade

union movement will stand together as one given its “obligation to look after their interests” if it is shown that vendors are being treated unfairly over use of the easement to access the beach location where they provide services to tourists. Irate vendors on Tuesday broke through the fence erected by Access Industries, the Ocean Club’s owner, which said it had blocked the easement in an effort to address “safety concerns” stemming from its contractors’ use of heavy machinery to clear the site in preparation for what it

SEE PAGE 6

ALGERNON CARGILL

DESMOND BANNISTER

Controversy-hit airport: Five ‘unsolicited’ offers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government was yesterday said to have received “at least five unsolicited” offers from the private sector to redevelop Cat Island’s New Bight airport, which has become the focus of political controversy. Algernon Cargill, the director of aviation, told Tribune Business that prior to this sudden surge of interest the government had determined that New Bight airport did not warrant “any substantial capital investment” because the airline and passenger traffic would not generate the required returns. He explained that New Bight has been “kept separate” from the other planned airport upgrades in Grand Bahama, Exuma, North Eleuthera, Long Island, Abaco and the Berry Islands because the offers for it came in after the process started, and the government does not “want to stop to incorporate that into the portfolio”. Speaking after Dionisio D’Aguilar, minister of tourism and aviation, revealed in the House of Assembly on Tuesday that a separate bidding process for New Bight airport is due to be launched in September 2021, Mr Cargill said: “It will be the same as we’ve done for the other Family Island airports, but we’re marketing that airport separately. “It’s seeking a partner to

work with the government to develop the airport, and finance, build and operate it. We have at least five to six unsolicited requests to support the government, and the most transparent way to go about it is to go through a Request for Proposal (RFP) process and standardise the applications to work with us in a controlled format.” Explaining why New Bight airport is being dealt with separately from the other Family Island airport outsourcing, Mr Cargill added: “The activities at New Bight don’t support any substantial capital investment at this time based on our experience. The airport itself is inactive. When you invest money you do so to get a substantial return on your investment. “The offers came in after all the the other projects we are working on, which is why we separated it out. There are a lot of unsolicited requests to develop that airport in Cat Island, and we are committed to developing it, but the priorities are the other airports. Right now we’re focused on the other airports. New Bight is important to us, but we’re focusing our limited resources on the other airports. We don’t want to stop and have to incorporate that in our portfolio.” Mr Cargill said commercial airline service to New Bight was limited, with Bahamasair flying in just once or twice a week, and

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PAGE 2, Friday, June 18, 2021

THE TRIBUNE

HOW EMPLOYERS CAN SHOW APPRECIATION FOR FATHERS

ITH Father’s Day just around the corner, employers may be wondering how to appreciate and keep men engaged. When your employee shows up to work, you expect them to leave everything at the door, focus on work and make the most of their time on-theclock. What you probably do not often see or discuss is the sacrifices they make by being a working father. Fatherhood done correctly

In the final of a four-part series, Hubert Edwards warns that The Bahamas has reached a ‘debt trap’ tipping point that will require a collective effort to address. ONE of the greatest complaints following the budget communication is that there was no strategy for addressing the national debt. This is not accurate. There was a strategy outlined. Essentially this called for sinking fund arrangements to pay off $775m; containing interest costs through borrowing at lower interest rates from multilateral financial institutions; leveraging fixed interest rate debt in a low interest rate environment; and creating an appropriate mix between domestic

is becoming increasingly more challenging. Father’s Day is the perfect opportunity to recognise and thank hardworking fathers for putting in an honest day’s effort regardless of circumstances, sleep-deprived and all. Here are a few examples of how you can do this: 1. Give a gift. We are way past a “No.1” dad coffee mug or a goofy tie. Give a good, well thought-out gift. Even if you do not know your dads personally

enough to know what they are interested in, there are items out there that still say: “I appreciate you”. 2. Treat the office to lunch. Have employees invite their dads, grandparents or any father figure in their life. Consider catering in your office so that everyone can participate or head to your local brewery for a burger and beer over lunch. 3. Have a company outing. Attend a sporting event or create a fun day of team-building games. There are a lot of activities you can do even during the work day. Having the outing during work hours ensures that your employees are likely to attend and builds camaraderie within your team. You may come home exhausted from an intense volleyball and domino tournament, but your employees will have memories and new friendships. 4. An activity they can do with their children. Parents love to do the things that bring a smile to their children’s faces. So whether that is going to the Ardastra

BUDGETING TO FACE FUTURE CHALLENGES BY HUBERT EDWARDS

and foreign currency debt. This will be bolstered by the extra transparency produced by the Public Debt Management Act 2021, which comes into force on July 1 and demands that a debt management strategy be published for all to see. The question here is

whether the strategy is adequate, and the extent to which it will hold in reality. The sinking fund will take some time to build up and is subject to the varying government revenue inflows. This problem is highlighted by the absence of sinking fund contributions during the current fiscal year due to the fallout from the COVID-19 pandemic. The other aspect to consider is the extent to which loans from multilateral financial institutions will be sufficient. They can be accessed at rates superior to those on the open market, but the amount of debt needed to fund the deficit will still see a significant

Garden Zoo to see the flamingos, or to a new movie about their favorite super hero, treat your dads to these activities with their children. That might be as easy as movie tickets, a zoo pass, or tickets to a local sporting event. Let the fathers know you are thinking about them and their children. 5. Time off. This may be the simplest thing you can do for your fathers in the office. Give them time off to be with their families or to do whatever they want since it is their day. You could even surprise your fathers by giving them the Monday off after Father’s Day, or plan ahead and tell them to take Friday afternoon off. You want to make sure they actually take the time, so letting them know in advance would guarantee they do not schedule meetings on those days. 6. Give out picture frames. Pass out nice gift frames to the fathers in your office so they can display photos of their children. It is a great personal gesture that

allows them to celebrate fatherhood 365 days a year. Try googling “Father’s Day photo frame” or “photo gift” for some classic and elegant ideas. 7. Create gift bags for the children of the fathers in your workplace. Some great ideas include colouring books, crayons, markers, activity books, bubbles, stickers and tattoos. Write a handwritten note about how much you appreciate each father’s hard work, and pass along the gift bag for their children. Making the effort to recognise and celebrate Father’s Day is just one way to develop a positive staff culture that will ensure your employees feel happy, respected and acknowledged. No matter the budget, there is something here for every office to incorporate this Father’s Day. A happy and valued staff member is a more productive one, so take time to recognise the fathers in your office. They deserve it.

portion of it being higher cost borrowing. The more than $100m increase in the government’s debt servicing costs, to some $512M in the 2021-2022 budget, is indicative of the rising debt burden. Interest costs now represent 23 percent of revenue and 18 percent of total expenditure, up from 18 percent and 15.5 percent, respectively. This is significant and, with uncertainty around economic performance, could become more so. The debt stock is one of the most critical issues to be faced during this and subsequent budget cycles. In the context of Gladwell’s “tipping point” definition, debt in The Bahamas has reached a “critical mass” such that it must be addressed quickly, seriously and receive concentrated attention. The total debt burden is expected to grow past $10bn. Of every dollar earned, based on the projections, twenty-three cents will go towards paying interest on this debt. The

debt-to-GDP is just shy of 100 percent. All this is against the glaring reality that the government’s accounts are done on a cash basis.This is expected to change soon with public finance reforms, but these accounts presently fail to show future spending commitments and contingencies, and the potential impact that state-owned enterprise (SOE) debt will have. This situation has the ability to significantly erode the productive capacity of the county’s finances. To put the situation in context, consider the fact that the annual fiscal deficit for the past seven years has typically been higher than interest/debt servicing costs. What this means is that The Bahamas is actually borrowing to pay its interest obligations. This will continue to tighten like a noose around the country’s economic neck. Escaping this trap by marking some hard decisions, and taking definitive actions, is critical. There is no need to reinvent

IAN FERGUSON BY

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com. the wheel. Case studies abound in the region, and The Bahamas should look to those who have suffered this path before for insight. Barbados and Jamaica provide potent lessons as to what is at risk, and the potential upside of definitive actions and strategies. Jamaica struggled with the burden of debt-to-GDP at over 140 percent. Over two IMF programmes, this was reduced below 100 percent for the first time in many years. This success, though, came at a significant cost. Consider the fact that the results were secured without any notable economic growth, effectively winning on the backs of deep sacrifice by citizens. However, also consider the reforms that were secured, which arguably protected Jamaica from deeper disaster during COVID-19. This shows both the risk and the potential for The Bahamas. Continuing on its current trajectory, the

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THE TRIBUNE

Friday, June 18, 2021, PAGE 3

DPM HAILS BPL UPTURN BUT NO $535M BOND TIMELINE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE deputy prime minister yesterday hailed Bahamas Power & Light’s (BPL) fuel hedging strategy for bringing electricity rates to an all-time low but made no mention of when its $535m refinancing will occur. Desmond Bannister, in his budget debate contributing in the House of Assembly also voiced optimism that “there will be no load shedding this summer” despite the continued wait for the Rate Reduction Bond (RRB) that will refinance $321m in legacy debt and place the state-owned energy monopoly on a more sustainable footing. Tribune Business sources earlier said the bond’s issuance, which was initially supposed to have happened just prior to the COVID-19 pandemic’s start, has now been pushed back into July at the earliest although BPL’s and the government’s advisers continue to pledge it will happen. Mr Bannister’s budget

presentation shed no clarity on when the $535m bond will be placed, although he hinted that BPL had not been able to obtain the interest rate/debt servicing cost it had been seeking as a result of the pandemic and had been forced to alter strategy. “The Rate Reduction Bond will allow BPL to make the much-needed additional investments in both generation and our transmission and distribution network, as well as in training of employees in order to build greater capacity within the organisation,” he said. “In February 2020, BPL/ BRRBL (Bahamas Rate Reduction Bond Ltd) were close to launching the Rate Reduction Bond transaction in a listed, public format. However, following the declaration of COVID19 as a global pandemic by the World Health Organisation in March 2020, the public (capital) markets were severely impacted. As a result, BPL/BRRBL had to delay launch of the transaction. “In July 2020, BPL and

BAHAMAS’ CHOICES: AUSTERITY OR GROWTH By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FINANCIAL services professionals have cited “missed opportunities” and “glaring deficiencies” in the 2021-2022 budget that has been presented to Parliament for approval. Lawrence Lewis, accountant and partner at Deloitte & Touche (Bahamas), told the Financial Voice panel discussion of the budget: “The biggest thing that I thought was an open opportunity in terms of being missed is the role of financial services.

“There was a lot of talk about tourism, it was small and medium-sized businesses that are all important to the economy. But there was very little discussion, and very little in there, for financial services.” Mr Lewis added that given financial services’ relative importance to the economy as its second largest industry, he felt it was a “missed opportunity” to “propel financial services forward”. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, complained about the lack of a debt management strategy for

its lead arranger began to explore alternative funding options. These centred on accessing different markets and debt formats, using the Rate Reduction Bond structure to minimise the cost of debt ultimately borne by BPL customers. You will hear more about this as BPL takes steps to launch the Rate Reduction Bond in short order.” Bahamas Rate Reduction Bond Ltd is the special purpose vehicle (SPV) that is being created to issue the bond. It will also collect payments from BPL customers to service and repay the $535m debt, and be responsible for remitting this to the investors who purchase the bonds. Mr Bannister further signalled that much relies on the $535m refinancing when he said that the start date for constructing BPL’s new Clifton Pier power plant, an investment in which Bahamians will have equity ownership, depends on placing the bond issue. In an address which sought to focus on BPL’s positive progress, Mr Bannister added: “As a result

of a deliberate hedging strategy, our power bills are now lower than any of us can remember.” This really means that rates are lower, or at least fixed, giving consumers certainty over both the base tariff and fuel charge. Whether electricity bills are at an all-time low depends on consumers controlling their consumption. Focusing on New Providence, he said BPL had potentially up to 100 megawatts (MW) of excess generation capacity to meet summer peak demand. “We can safely account for a minimum of between 315 and 350 MW across the summer against an expected summer peak load of 250MW,” Mr Bannister added. “For reference, the highest recorded peak reached is 248 MW in 2017. So, Mr Speaker, we feel confident that there will be no load shedding this summer.” However, no load shedding does not mean no power outages as the former is just one cause of the latter. Load shedding, which plagued New Providence in 2019, is caused when power demand exceeds supply.

However, outages can be caused in multiple ways, such as problems with the transmission and distribution grid. The deputy prime minister acknowledged there have been localised power cuts caused by weatherrelated events or drivers crashing into power poles. He added: “BPL is working to improve its transmission and distribution capabilities to decrease the number of outages, and they know that I expect that appropriate action will be taken when outages are caused as a result of human error.” Mr Bannister then said: “BPL is now marching forward with a complete digital transformation plan, inculcating technology, training and development, and an appetite for consistent improvements in customer service into the fabric of its operations. “BPL has now turned its attention to improving the transmission and distribution network by upgrading its communications lines from copper to fibre optic so that faults impacting the transmission and

distribution network will be cleared more quickly, resulting in reduction of forced outages to customers as well as lessening the damage impact to equipment. “The improvement in fibre communications will improve BPL’s ability to remotely address outage incidents without the need to deploy operators to field locations. Our goal is to build a self-sustaining utility that is capable of meeting the growing power infrastructure needs of the country as additional islands are developed throughout the country.” Mr Bannister said benchmarking exercises showed BPL was exceeding its performance goals on both the length and frequency of power outages. “Another verifiable metric demonstrating the improvements at BPL is a comparison of feeder trips,” he added. “Feeders are the distribution circuits that supply power to one or more neighbourhoods. The drastic reduction in feeder trips year over year testifies to the appropriateness of the steps we have taken.”

the near-$10bn national debt. He said: “When we talk about nearing $10bn in debt, if we are not talking about a debt management strategy in great detail then that’s a glaring deficiency. “Because if we are turning to persons, and asking them to have faith in us as an economy, that will be able to rebound and be able to pay our obligations as they come due, then it was incumbent upon the administration to very clearly articulate how it was mapping out the debt that has accumulated to levels that we know are not sustainable, and has to be retarded.” The government has previously asserted that the debt management strategy requested by Mr Bowe will be released after the Public

Debt Management Act takes effect on July 1. Rupert Pinder, an economist who lectures at the University of The Bahamas (UoB), told the panel discussion organised by The Counsellors that the government has not begun the discussion on fiscal reform. He said: “Interest payments right now are about 18 percent of the overall recurrent expenditure, and that is obviously an unsustainable position. “While in the in the budget, I think there was a passing reference in terms of looking at the expenditure management. There was some passing reference in terms of taxation or tax reform, just by way of passing. “I think in terms of the watershed period that we’re in, in terms of what’s

happening with respect to the budget, I would expect to see more with respect to overall fiscal reform in terms of how to address some of these issues going forward.” Pamela Ferguson, CFAL’s vice-president of investments, said the government has not determined an “economic growth strategy”. She added: “The government appears to be doubling down on increases in recurrent expenditure. One of the key priorities to growing any economy is public sector infrastructure investment. “The prime minister/ minister of finance actually admitted that they are cutting back on capital expenditure in order to reduce the overall expenditure so that their deficit can go low. Key to

any economic growth strategy is investment in public infrastructure, and that was not outlined in terms of how they plan to get us out of the crisis that we are in.” Hubert Edwards, principal of Next Level Solutions, a Bahamas-based corporate governance and risk management consultancy, said the government had failed to address the issue of energy and Bahamas Power & Light (BPL) effectively. He agreed with Mrs Ferguson that the government needed to put in place a “a clear and unequivocal growth strategy” because “nothing else can fix us”, “Moving forward from here, we have two options. We either have austerity or growth, and we have to choose one or the other, it’s as simple as that,” Mr Edwards said.

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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.

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PAGE 4, Friday, June 18, 2021

BUDGETING TO FACE FUTURE CHALLENGES

FROM PAGE TWO

country is heading into a debt trap where there is a vicious cycle of borrowing and paying more, and where the power of government spending is significantly blunted by interest payment obligations. This has the potential to adversely impact individual Bahamians, as there will be a need to increase taxes, introduce new taxes, and implement austerity measures or otherwise risk entering some form of IMF adjustment programme. If there is low economic growth, and revenue is not improving, the government must increase taxes. If revenue growth cannot be secured, spending must be curtailed. The pegged exchange rate is upheld by the foreign currency reserves. If inflows are not robust, foreign exchange loans must be secured to

keep Bahamian dollar parity with the US dollar. Yes, we are clearly at a tipping point, and debt is one of the factors that will exert the most pressure going forward. However, debt is largely a function of all the other factors. When we look at the other factors in this “formula”, it becomes clear that if as a country we fail to secure broad-based solutions the impact could be long lasting with the potential to create radical shifts in living standards. Call to action These are starting points for a strategic outlook on the way forward. • The most important issue to be addressed is the a path to economic growth, and an always-evolving destination for that growth. In the process of considering this there must necessarily be some dreaming, aspirational reaching beyond the points that all realities

THE TRIBUNE suggest is impossible now. We must then shift to start asking ourselves how we can get there, how can we achieve this desire and be committed to confronting the obstacles that lie between where we are now and where we are desirous of being. • The budget has provided a real glimpse into the challenges of the future. No matter who leads the country after May 2022, the tasks will be difficult. Conventional wisdom suggests that as much as we think we now know, it could be more significant. This demands a non-partisan coalescing around a national plan. Partisan approaches have left the country’s performance sub-optimal. There is a lesson to be gleaned from Jamaica in the continuous application of its national development plan across multiple administrations. • Confront the issue of taxation and the potential implications it holds for The Bahamas, both in its onshore and offshore sectors. It is important to note the budget declaration to undertake a careful study of the tax regime. I believe

there is an urgency, or at least a set of realities, that may shorten the timeline for doing this. There is no denying that this is a difficult matter. It strikes at the core of the current value proposition. However, it is important not to miss the global shift. • The current debt situation demands a broader discussion beyond reduction. Remedial action must be tied to growth, which is tied to the fortunes of financial services and domestic investors. There should be a clear and broader discussion around debt management, taking into account the interest of all relevant stakeholders. This discussion should serve both as a platform for creating deeper appreciation of where The Bahamas is and serve to rally the country’s collective interests. Everyone has a role to play and that must become blatantly clear. Finally, a commitment to take a careful look at the enabling in investment environment. The InvestBahamas initiative is a step in this direction. However, many other

aspects hold the potential for unlocking national value. Conclusion What jobs did the budget have to solve, and did it solve them? Were there clear solutions or priming for future growth? How enabling is this budget or the initiatives announced? Regardless of your answers, I believe this budget has some good things for both the moment and longerterm impact. There is no question that the budget sought to respond to some urgent matters, such as healthcare infrastructure and unemployment. The current context within which the budget is set raises a number of questions as to whether it has at least started to answer the questions, which must be addressed for the future prosperity of The Bahamas while solving current problems. We are at a tipping point. The task is to look at the realities and ask how we can safely walk back from the threshold of those things that limit growth. How can we effectively manage those matters that

Bahamas must replace vital infrastructure ‘every 20 years’ FROM PAGE ONE suffered by the southern Bahamas during Hurricane Joaquin in 2015, the $373.911m stemming from Hurricane Matthew in 2016, and $32m generated by Hurricane Irma in 2017, total storm damages in The Bahamas over a five-year period come to almost $3bn. The IDB’s findings are being used to justify why $19.954m, or almost 50 percent, of the health system strengthening loan is required to either construct new Family Island public clinics or upgrade existing ones by incorporating natural disaster risk mitigation measures in their design and

construction. Dorian alone was said to have inflicted almost $38m in physical damage on the public healthcare system. “The healthcare infrastructure in The Bahamas is aged and vulnerable to environmental hazards. Health facilities were built in the 1980s and have experienced a series of natural disasters, especially during the last decade,” the IDB analysis said. “The clinics are scattered along the archipelago, which poses logistical and organisational challenges for appropriate maintenance and delivery of medications and supplies. Many clinics are aging and degrading due to an

inadequate maintenance programme, making them less resilient to disasters and climate conditions. The population increase exceeds the clinics’ capacity, which is becoming insufficient to satisfy demand and signals the need to retrofit and expand them. “The growing impact and the increasing number of these storms underscored the vulnerability of the health infrastructure to natural disasters, and prompted focus on climate resilience as a priority for healthcare infrastructure planning. To overcome these vulnerabilities, the Ministry of Health plans to upgrade the aging infrastructure. The scheme comprises capital works to

A WOMAN looks on at the destruction caused by Hurricane Dorian on Abaco. retrofit nine clinics in seven different Islands, including Exuma and Andros.” The report exposes the significant physical deterioration of several public health clinics, with the facility located at Smith’s Bay, Cat Island, presently housed in “a condemned building”. The Fresh Creek clinic in Andros, meanwhile, is based in a property that is “in a severe state of disrepair”. Both areas are to get brand new clinics, while the facilities at Black Point in Exuma, Mangrove Cay in Andros and Rock Sound in Eleuthera will also be replaced by new builds. The former two are presently based in “inadequate rental” accommodation. Besides the five new facilities, which will cost between $1.63m and $3.6m to construct, the clinics in Abaco, Andros, Long Island and Bimini will also be retrofitted and upgraded. Abaco’s primary health centre was

damaged by Hurricane Dorian, while Bimini’s has “a leaky roof” that requires repairs. Turning to the rationale for its $40m loan, the IDB said improving preventative care and early stage detection was critical to tackling the level of non-communicable diseases in The Bahamas and improving public health outcomes while reducing costs. Disclosing that diabetes and hypertension together cost almost $35m per year, representing some 17.6 percent of the Government’s annual healthcare spending, the report said: “Appropriate preventive and curative care for non-communicable diseases in primary care facilities and hospital settings can reduce health costs and up to 25 percent of the mortality rates for these conditions. “For example, more than 70 percent of breast cancer patients are diagnosed with

may have, or are approaching, a boiling point and hold important influence for social and economic resiliency? The challenges loom in a large way like an ominous dark cloud, with the potential to cover any sliver of sunlight that emerges. The difficulties suggest that we are at an important moment where the collective holds great influence on future fortunes. Now is the time for co-mingling minds, thoughts and ideas. Now is the time for accepting things as they are, and working to change the fortunes where they are inconsistent with our desires. Now is the time for The Bahamas to start actively thinking about how it can tip all scales in its favour, and embark on the adventure of securing consistent, sustained and above-average growth. Anything less will bring with it enhanced pain. The choice is yours. I ask but for one thing: Let us not argue just to win but to build consensus, in the interest of the country, so that together we all can grow and thrive. Ubuntu! late-stage cancer, which in turn reduces treatment effectiveness and life expectancy and increases the costs of care, whereas early screening increases life expectancy and reduces the costs.” Disclosing concerns over domestic violence victims being able to access healthcare, the IDB added: “One in three women on average will experience domestic violence in their lives, and among those women that suffered a violent incident that required medical attention, an intimate partner (14 percent) or a friend or acquaintance (17.8 percent) caused the injuries. “The Bahamas has taken significant strides to increase co-ordination and response to gender-based violence...... Nonetheless, human, and financial resources are still limited to address the number of persons needing assistance. Up to 22 percent of households report domestic violence, and the COVID-19 pandemic increased this problem by 11.3 percent.” As for COVID-19, the IDB report said that as at June 4, 2021, just 2.2 percent of The Bahamas’ population - some 8,659 persons - were fully vaccinated against the virus. Some 55,037 doses had been administered by that date, with the government set to request the first disbursement of an earlier $20m IDB loan within weeks to aid in acquiring vaccines.

THE TRIBUNE

PI entrepreneur urges: “Let’s talk it out, PM’ FROM PAGE ONE

not valid, and I’d like him to tell me it’s valid. I’d like to commence operations, and that can only be done on a solid foundation, which is a legally binding agreement.” Mr Smith is seeking to lease two crown land parcels at Paradise Island’s western end, one of which involves two acres around the lighthouse and another three acres for the “beach break” element of his $2m project. His court action is alleging that he was granted a valid crown land lease over both parcels, including the lighthouse and the area at Colonial Beach for his “beach break” destination,

which is now legally binding. The case is based on a January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, that was headlined “approval for crown land lease” over the two tracts he wanted. But two of the acres sought by Mr Smith are now included in Royal Caribbean’s rival crown land lease. The cruise line has steadily amassed around 13.5 acres on Paradise Island’s western end by buying out private landowners in the area, but it is also seeking to lease some ten acres of crown land in the Colonial Beach area to complete its Royal Beach Club development as part of a total $110m investment

‘Ball is in their court’ over Bimini’s airport FROM PAGE ONE

The Resorts World Bimini owners are aiming to extend the runway from its present 6,000 feet to 8,000 feet, so that it can easily accommodate commercial passenger aircraft as well as private jets. The proposal’s principal attraction for the government is that it will have to provide no financing itself from the cash-strapped Public Treasury. Genting/RAV Bahamas were seeking to source financing for their plans from a US-based company called Phoenix Infrastructure Group, although the government has not yet had contact with the latter. Mr Cargill said back in May: “We’re very excited about it. This will be a PPP with that group that is similar to other PPPs. The plans are already in the preliminary stage. They’re looking at lengthening the runway

and building a brand new terminal. “We’re being very deliberate in our discussions to ensure we have take a welldeveloped proposal before we submit it to Cabinet for approval. They’ll be the managing partner for the airport, Genting and RAV Bahamas. It’s something we’ve been planning for a couple of months. We’ve had several meetings, but contracts have not been executed.” The Bimini airport talks are separate from the proposed $150m-$200m package of Family Island airport upgrades that the government has hired RF Holdings to seek the financing balance for. The project also has no links to plans to transform Grand Bahama International Airport following its acquisition by the government. The first “market briefing” for bidders interested in developing and operating Grand Bahama

Friday, June 18, 2021, PAGE 5 billed as creating $26m in local spend and 200 fulltime jobs. “I’m looking forward to court next week,” Mr Smith added, “but my door has always been open to the government and Royal Caribbean. It’s unfortunate that they’ve not been so responsive, and they both seem to have a track record of ignoring me. “I’ve had to beg for nine years. I’m in my tenth year of trying, and there is now a legal aspect to this. Come on, why do Bahamians have to go through such an exhaustive process to have an opportunity in this country? The legal process could be avoided by honouring the lease. I’ve accepted the government’s challenge to provide scalable tourism destinations and I’d like to get on with it. I don’t like conflict. “It’s a very simple matter. If he [the prime minister] International Airport, plus the airports in Exuma, North Eleuthera, Great Harbour Cay, San Salvador, Abaco and Long Island, is due to be held before the end of June. “We have created two SPVs (special purpose vehicles), Freeport Airport Development Company or FAD, and the Bahamas Airport Development Company or BAD, that will operate both the Freeport and other already identified Family Island airports independent of the Airport Authority in much the same way as NAD manages LPIA,” Dionisio D’Aguilar, minister of tourism and aviation, said earlier this week. Asked whether the government is seeking separate bids for Freeport and the Family Island airports, or just one offer for all, Mr Cargill said yesterday: “Right now it’s split out, but a bidder may want to bid on Freeport and the other airports. It’s up to the bidder. “We definitely want to deliver on what we promised we’d set out to do. Those PPPs we’re working on, the Request for Proposals, have our immediate attention.”

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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

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THE LIGHTHOUSE AT PARADISE ISLAND

wants to approve Royal Caribbean for crown land that does not include my areas, that’s between Royal Caribbean and the Bahamian people. Let’s get on with it for God’s sake. No party should stop the Bahamian people from progress by putting up all these hurdles to honouring my lease.” And, in a reference to the controversy that erupted at Cabbage Beach over the blocking of beach access, Mr Smith said: “Crown land and beach access is a hot topic. It keeps reoccurring and seems like it’s not resolved to the benefit of Bahamians.”

PAGE 6, Friday, June 18, 2021

‘Strong possibility’ 2016 PI protest is repeated FROM PAGE ONE

described as a $250m condominium hotel project. Dionisio D’Aguilar, minister of tourism and aviation, said he had been “blindsided” by Access Industries’ move and urged them to change course. He added that the government will seek to maintain the easement as a public access point to Cabbage Beach, and said he had told the developers to come up with a plan that accommodates both the vendors and the public. The minister’s reaction immediately raises questions as to whether the Ocean Club owner has all the necessary permits and approvals to begin the development. There were strong indications that it does not, especially since no public consultations appear to have been held either by the Town Planning Committee or the Department of Environmental Planning

and Protection (DEPP). Adrian White, the Town Planning Committee’s chairman, who is also the FNM’s St Ann’s candidate in the upcoming general election, referred Tribune Business to Mandie Maynard, the committee’s secretary and a Department of Physical Planning employee, when asked whether Access Industries had applied for the necessary permits and if a public consultation had been held or scheduled. Neither Ms Maynard or Charles Zonicle, acting director of physical planning, could be contacted or returned messages seeking comment. Rochelle Newbold, director of the Department of Environmental Planning and Protection, also could not be reached for comment before press time. However, Mr White’s reaction strongly suggests no approvals have been granted, or public

THE TRIBUNE consultations held, by Town Planning. Access Industries, in a statement last night, said it had merely been doing site clearing so it could better assess the property’s development possibilities. “The owner of the private land is doing comprehensive and permissible site work, including the clearing, so it can assess the property for the development of the hotel, condominium and retail project,” it added. “Because of the use of heavy machinery, the site was closed because of safety concerns, and signs were posted to this effect, as well as to direct traffic to other access points to the beach.” Mr Ferguson yesterday said the issue of whether Access Industries had the necessary approvals was “a very major concern”. “Sometimes these things happen with a limited number of people knowing what’s going on,” he said. “No Bahamian thinking properly could support what is going on at Cabbage Beach. That’s not being Bahamian. Bahamians don’t function like that. “These are [vendors’] businesses and livelihoods. That’s where they eat from, feed their families from. What do you expect them to do? One hundred dollars a week will not do much. These government agencies

have the responsibility to ensure the playing field is equal. It’s not equal.” However, numerous Supreme Court rulings have confirmed that this particular route/easement used to access Cabbage Beach lies on land owned by Access Industries. Justice Gregory Hilton, in an April 30, 2019, ruling found it was “a private access way” over which the owner can set the terms and conditions of its use. This effectively means the Ocean Club owner can act as it sees fit. Ownership of the Cabbage Beach property was transferred from Atlantis – owned by Brookfield Asset Management – to a subsidiary of Access Industries in 2014 as part of the Ocean Club’s sale to the latter. Prior to the sale, Atlantis had allowed access to the beach via the easement through the private property. However, the company had petitioned the government on several occasions to address the vendor operation at the beach, due to concerns that standards were not consistent with the high-end tourism product the mega resort was offering. In December 2015, the Cabbage Beach Vendors Association filed an injunction in the Supreme Court to prevent Access Industries from restricting

PUBLIC NOTICE

Special Dividend Notice To All Shareholders The Board of Directors has declared another special dividend of 2 cents per share to all shareholders of record 24th June, 2021. The payment of this special dividend will be made along with the regular dividend on June 30th, 2021 through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent Brent Roberts Secretary

access by way of the path. A 30-day injunction was put in place, but further applications to have that extended were denied. The vendors, from that point, still had just over 50 days to access the beach via that easement, based on an agreement between the then-Christie administration and Access Industries that was not made public. These events allowed Access Industries the leeway to erect a fence to restrict access to the beach, leading to the 2016 dispute and protest that eventually resulted in it being taken down. Despite what happened five years, the Ocean Club owner appears to have given no advance warning or notice of the new fence that was erected on Wednesday, even though the 2016 protest should have alerted it to just how sensitive and emotive an issue Bahamian access to land - and especially beaches - is. Its initial release, saying Bahamians “still can readily access the beach at Beach Club Drive, off Paradise Island Drive, or consider Junkanoo Beach or Montagu Beach in Nassau”, is also unlikely to have gone down well with many. Meanwhile, Maria Daxon, attorney for the Cabbage Beach Business

Owners Association (CBBOA), yesterday said she was is seeking an “urgent meeting” with the government to resolve the matter. She added that she was writing to the Prime Minister, Mr D’Aguilar and Shanendon Cartwright, chairman of The Bahamas Public Parks and Beaches Authority, adding: “They need to tell us about this property that they allowed to be sold to these people, and they need to tell us why, how and when was it sold. “When did Desmond Bannister [deputy prime minister and minister for works] allow this property to get approved when vendors need access to that beach? How could they build a condominium when the Ministry of Tourism is supposed to be building a cultural centre? When did they change? They were fully aware that people were using that access, and they knew that when they gave them permission to build.” Ms Daxon said the Association was also due to meet with Wayne Munroe QC yesterday evening to determine what “their next steps are going to be”. Mr Munroe is a candidate for the opposition Progressive Liberal Party (PLP) in the upcoming general election.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, BELSHEVA SYLVIA FERGUSON of Deadman’s Cay, Long Island, Bahamas intend to change my name to SYLVIA SHARON ROLLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, MARY ANN WHYLLY of #81 Pear Dale, P.O.Box EE17759 Nassau, Bahamas intend to change my name to MARY ANN SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ANFRNEE GAYLAND NORDELUS aka ANFRREE GAYLAND NORDELUS of Firetrail Road, Nassau, Bahamas intend to change my name to ANFRENEE GAYLAND NORDELUS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, SANDRA RONNIE PATTERSON aka SANDRA RONI PATTERSON aka RONI SANDRA PATTERSON of Blair Estates, Nassau, Bahamas intend to change my name to RONI LILLIAN PATTERSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Friday, June 18, 2021, PAGE 7

BAHAMAS TO BOOST INTELLECTUAL PROPERTY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas is moving to strengthen and upgrade its intellectual property rights regime in a bid to boost cultural exports, a Cabinet minister has confirmed. Elsworth Johnson, pictured, minister of financial services, trade and industry and Immigration, in his contribution to the budget debate said The Bahamas planned to take advantage of the EU Development Fund initiative, CarIPI, which is being implemented to help Caribbean countries benefit from the Economic Partnership Agreement (EPA) trade

agreement with Brussels. “The CARIFORUMEU EPA, through the European Development Fund, is also implementing a regional project, CarIPI, to support the enabling framework for innovation and competitiveness in the private sector. Through the project, entrepreneurs, including those in the creative industry, will learn about and take advantage of opportunities to export authentic Bahamian culture across the globe,” Mr Johnson said. He added that the project aimed to increase awareness of the value of intellectual property rights; improve intellectual property Institutions; enhance legal and policy frameworks to enforce intellectual property rights; and improve the capacity of the productive sector to create and protect intellectual property. The minister’s remarks came after talks between his ministry’s Trade & Industry Unit and members of the EU Intellectual

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NOTICE

NOTICE is hereby given that CHATALIE DELVA, of Mt.Rose Avenue, Clifton Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Property Office (EUIPO), together with the regional CARIFORUM Intellectual Property Rights and Innovation (CarIPI) initiative. Participating in the discussion was Brickell Pinder, The Bahamas’ acting director of trade and industry, along with trade and Industry officers that serve as the EPA co-ordinators for The Bahamas. Representing CarIPI was activity co-ordinator, Dr Wendy Hollingsworth, who was joined by EU Intellectual Property Office (EUIPO) co-operation specialist, Alexandra Mayr, and communications expert, Ana Lopez. “As we are seeing through CarIPI’s work with trademarks, geographical indicators and other forms of IP protections, many local entrepreneurs are not aware of the need and value of intellectual property rights in protecting their creative output from being stolen or copied, locally or internationally,” said Ms Pinder. “The work that CarIPI is doing is invaluable, and we hope that Bahamian entrepreneurs

will begin to see the benefits of this work.” Moves to better protect Bahamian intellectual property and copyrighted works tie into the Invest Bahamas initiative, which will create a national investment agency and new investment framework. This will involve a number of changes to the existing intellectual property (IP) framework. The reforms will reflect those outlined in the Economic Recovery Committee’s (ERC) report, and may include the creation of online processes for applying for intellectual property rights’ protections such as patents and trademarks, the creation of online search portals, and the signing of new IP treaties. Ms Mayr said: “It’s very good to hear that The Bahamas is aiming to streamline and digitalise the application and search processes. EUIPO has been selected for three years in a row as the most innovative IP office in the world, and we are aiming to share our expertise with other intellectual property offices

around the globe. “We stand ready to support any of these initiatives by freely sharing software that is being used internationally, as well as our expertise and experiences in drafting state-of-the art laws and creating efficient

intellectual property offices.” Dr Wendy Hollingsworth emphasised CarIPI’s willingness to “partner with member countries to strengthen IP offices, and to work with groups around the region to share experiences and best practices”.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Charlton Anderson (father) and Avery Anderson (mother) of Ramsey Street, P.O. Box N-214, New Providence, Bahamas, parents of AZAI CARTER RAHMING, a minor, intends to change his name to AZAI KING CARTER ANDERSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that MARY ELIZABETH SWABY BASDEN, of Imperial Park, Caravel Beach, Freeport, Grand Bahama 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 18TH day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that CATHERENE ANTONETTE WEEKS, of #26B Palmetto Street P.O. Box N9426, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SANDRA RONNIE PATTERSON aka SANDRA RONI PATTERSON aka RONI SANDRA PATTERSON of Blair Estates, Nassau, Bahamas intend to change my name to RONI LILLIAN PATTERSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that we, Charlton Anderson (father) and Avery Anderson (mother) of Ramsey Street, P.O. Box N-214, New Providence, Bahamas, parents of AZAI CARTER RAHMING, a minor, intends to change his name to AZAI KING CARTER ANDERSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 17 JUNE 2021

BISX ALL SHARE INDEX:

CHANGE

1969.10

-5.06

%CHANGE

YTD

YTD%

-0.26 -123.36

-5.90

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.29 33.95 1.50 2.90 1.78 6.00 6.96 3.60 6.00 3.98 6.16 12.00 2.75 7.55 10.71 9.01 14.60 4.10 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.00 15.20

PREFERENCE SHARES

NOTICE

NOTICE is hereby given that LAVANIE PRESCA IGNACE, of Hanna Hill, Eight Mile Rock, Freeport, Grand Bahamais 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 18TH day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JEFFREY JOSEPH, of P.O. Box N1572, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

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 6.29 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

CLOSE 6.29 39.95 1.50 2.61 1.44 6.00 6.96 3.53 4.25 2.85 5.95 9.98 2.48 7.55 11.41 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

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 BSBGR1322498 BSBGR1341506

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.56 100.00 100.14 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.56 100.00 100.14 100.98 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.98 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 101.00 100.49 100.74 100.98 100.00

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

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 BGR132249 BGRS FX BGR134150

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 0.00 (0.01) 0.05 (0.05) 0.00 0.00 0.00 0.00 0.00

VOLUME

350 2,000

23,195

15,801

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

2,500 1,500 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 15.5 13.3 13.8 24.3 16.2 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% 4.21% 3.70% 7.21% 17.50% 0.79% 2.87% 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% 5.65% 5.69%

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 15-Oct-2049 17-Jan-1950

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

PAGE 10, Friday, June 18, 2021

THE TRIBUNE

Controversy-hit airport: Five ‘unsolicited’ offers FROM PAGE ONE

not much activity by other commercial carriers although Western Air does fly to the island. The New Bight outsourcing RFP became the subject of political controversy earlier this week after Philip Davis, the opposition’s leader, argued that the government had abandoned earlier plans left by the former Christie administration to develop that airport. Desmond Bannister, deputy prime minister and minister of works, yesterday

government had initially agreed that the Cat Island Partners developer consortium, whose long-anticipated project has yet to materialise despite breaking ground under the last Ingraham administration, would pay $11.5m to develop the new terminal building, runway and airside facilities with the government guaranteeing to repay them. “By letter dated 23 March, 2016, the permanent secretary advised the developer, represented by Alexiou, Knowles & Company, that the agreement for construction by the developers and repayment by the government did not pan out and that the government would construct the facility using its own resources. The project was to be funded by NIB

waded into the row during his budget debate contribution when he read out a government “minute paper” produced during the former administration that purported to show the blame laid with the then-government. Mr Bannister argued that it showed the former Christie administration failed to acquire the land required to expand New Bight airport despite knowing this was required from March 6, 2015, which was two years prior to the general election. The document, according to the deputy prime minister, showed that the former

(availability of the funds is to be confirmed),” the paper said. A Bahamian engineering and architecture team, together with quantity surveyors, was assembled for the project. Stantec, the international consultants used by both administrations, were hired to ensure the plans met international aviation standards. However, the paper added: “By Memorandum dated 6 March, 2015, [Ministry of Works] permanent secretary Colin Higgs advised the Officer of Prime Minister of the need to acquire property in the area where the runway encroaches on property owned by Cream Property Ltd. This acquisition remains outstanding. “In the ‘Final Cost’ report

dated December 2015, Veritas Consultants provided a recommended cost of $18.926m inclusive of Customs Duties for terminal building and landside works. Approval to sit with the recommended contractor, Wooslee Construction, to agree the price was not received. “It is intended that the airside works will be completed as a separate contract. Approved drawings for the terminal building and landside works are available for collection in Buildings Control. If it is intended to commence the works there is a need to review the design to ensure completeness and compliance with the latest international standards, and to agree the construction price.”

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 75° F/24° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

Clouds and limited sun

Mostly cloudy and warm

Times of clouds and sun

Intervals of clouds and sunshine

Nice with partial sunshine

A shower, mostly sunny otherwise

High: 89°

Low: 80°

High: 89° Low: 79°

High: 88° Low: 78°

AccuWeather RealFeel

100° F

87° F

99°-86° F

99°-85° F

97°-84° F

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

almanac

ABACO

High: 85° F/29° C Low: 80° F/27° C

6-12 knots

WEST PALM BEACH High: 88° F/31° C Low: 80° F/27° C

6-12 knots

FT. LAUDERDALE E

FREEPORT

High: 87° F/31° C Low: 81° F/27° C

High: 87° F/31° C Low: 78° F/26° C

MIAMI

High: 88° F/31° C Low: 81° F/27° C

8-16 knots

KEY WEST

High: 88° F/31° C Low: 83° F/28° C

High: 89° F/32° C Low: 80° F/27° C

High: 85° F/29° C Low: 79° F/26° C

uV inDex toDay

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.) 0.2 0.5

Today

2:05 a.m. 2:48 p.m.

2.7 2.6

8:34 a.m. 9:01 p.m.

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

Thursday

2.7 3.7

2:06 a.m. -0.3 2:00 p.m. -0.7

7:54 a.m. 8:29 p.m.

sun anD moon Sunrise Sunset

6:20 a.m. 8:02 p.m.

Moonrise Moonset

1:43 p.m. 1:33 a.m.

Full

Last

New

First

Jun. 24

Jul. 1

Jul. 9

Jul. 17

CAT ISLAND

High: 85° F/29° C Low: 79° F/26° C

8-16 knots

10-20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 77° F/25° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 87° F/30° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 6.40” Normal year to date ................................... 11.32”

ELEUTHERA

NASSAU

In response, Mr Bannister said: “I have come across no evidence whatsoever to suggest that members opposite took any steps whatsoever to acquire the land in the 21 months between August 2015 and elections in May 2017. So, Mr Speaker, I’m in the clear. It wasn’t me or this administration. Members opposite dropped the ball on the Cat Island airport themselves.”

| Go to AccuWeather.com

TONIGHT

High: 89° F/32° C Low: 78° F/26° C

PHILIP “BRAVE” DAVIS

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

High: 87° F/31° C Low: 80° F/27° C

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 79° F/26° C

8-16 knots

MAYAGUANA High: 86° F/30° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 81° F/27° C

High: 86° F/30° C Low: 80° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 81° F/27° C

12-25 knots

10-20 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SE at 6-12 Knots SE at 8-16 Knots SE at 8-16 Knots ESE at 8-16 Knots ESE at 8-16 Knots ESE at 10-20 Knots E at 10-20 Knots ESE at 12-25 Knots ESE at 8-16 Knots ESE at 10-20 Knots ESE at 7-14 Knots SE at 7-14 Knots SE at 10-20 Knots ESE at 10-20 Knots E at 10-20 Knots ESE at 12-25 Knots E at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots ESE at 8-16 Knots ESE at 10-20 Knots E at 12-25 Knots E at 10-20 Knots SE at 8-16 Knots ESE at 10-20 Knots

WAVES 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-5 Feet 1-2 Feet 1-2 Feet 2-3 Feet 2-4 Feet 3-4 Feet 3-5 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 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 83° F 82° F 85° F 86° F 83° F 83° F 81° F 82° F 83° F 83° F 85° F 83° F 85° F 86° F 81° F 82° F 82° F 82° F 81° F 81° F 83° F 84° F 83° F 82° F 83° F 83° F