07072022 BUSINESS

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THURSDAY, JULY 7, 2022

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Get to $16bn economy after COVID hit ‘shock’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE “shocking” losses inflicted by COVID and Hurricane Dorian reinforce the urgency for The Bahamas to become a “$15bn-$16bn” economy, a governance reformer warned yesterday.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business this nation rapidly needs “a 30-50 percent increase” in economic output after a joint InterAmerican Development Bank (IDB) and Economic Commission for Latin America (ECLAC) study revealed the twin disasters have inflicted a total $13.1bn in economic losses and damage.

That impact is greater than both present Bahamian gross domestic product (GDP) and the national debt, with COVID’s costs alone pegged at $9.5bn, and the ORG chief said a combination of increased economic growth and “much

• ORG chief: Bahamas needs 30-50% output growth • Following combined $13.1bn pandemic/Dorian blow • But nation ‘swimming headlong’ into living cost crisis more fiscal prudence” is now needed to regain the financial headroom to cope with the annual threat posed by major hurricanes.

Yet he warned this effort will be “swimming headlong” into the cost of living crisis sparked by global inflation, and the growing fears of a recession in the US and other major markets, which threatens to restrict The Bahamas’ GDP growth potential due to the country’s dependence on external economic drivers.

“Wow. That’s a big number.

It seems very high to me,” Mr Myers told this newspaper

when informed of the IDB/ ECLAC’s COVID findings.

“We’re going to have to be considerably more fiscally prudent in order to get the headroom for these types of events that are clearly not going to go away. They’re more likely to increase in frequency than decrease.

“It’s not just hurricanes.

You’re seeing the effects of multiple natural disasters, whether it’s famine, disease or drought. These things are a sign of much bigger environmental issues. It’s very hard

SEE PAGE B5

THE HON. Dr. Michael Darville, Minister of Health and Wellness addressing a Special Presentation of the Disaster and Loss Assessment (DaLA) of the impacts of the COVID-19 Pandemic on The Bahamas, prepared by the Inter-American Development Bank (IDB), and the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). The event was held on Wednesday, July 6, 2022 at IDB House on East Bay Street.

Photo:Kristaan Ingraham/BIS

Bahamas’ 20% shrink ‘not seen in worst crisis’

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters BAHAMIAN economic output shrunk by a “remarkable” 20 percent in 2020, an Inter-American Development Bank (IDB) economist said yesterday, branding this COVID-induced plunge as “something you don’t see in the worst crisis”.

Chloe Ortiz, the IDB’s Bahamas country economist, speaking as the multilateral lender and a United Nations (UN) agency unveiled their assessment of the economic losses and damage inflicted on this nation by the pandemic, branded the gross domestic product (GDP) contraction as “massive” and of an extent rarely seen.

With the IDB and Economic Commission for Latin America and the Caribbean (ECLAC) study projecting that The Bahamas will continue to incur COVID-related losses through to near yearend 2023, taking the forecast total to $9.5bn, Ms Ortiz said this nation faces “a long road to recovery”.

This is especially since it is still grappling with the fall-out

from Hurricane Dorian, with the catastrophic Category Five storm having combined with COVID to cause $13.1bn in economic losses and damage. While conceding that “the worst of the pandemic seems to be over, at least for now”, Ms Ortiz added that the possibility of a more deadly infection

Banks’ fee income doubles in decade

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN commercial banks are generating an ever-increasing share of their income from the fees detested by many consumers, which now account for more than $1 out of every $5 in earnings.

The Central Bank of The Bahamas, unveiling its latest half-yearly fee assessment for the six months to endDecember 2021, noted that fee income as a percentage of total commercial bank

earnings steadily increased over the decade to 2021.

This coincided with the reverse trend for net interest income, which declined as a percentage of total earnings over the same period, and will likely further fuel Bahamian consumer suspicions that the commercial banks have hiked fee income to compensate for reduced returns on their loan portfolios due to relatively high delinquency levels.

“After interest earnings, fees on the products and services prove to be the second

SEE PAGE B14

SEE PAGE B8

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COVID’s $9.5bn blow nearly a triple Dorian

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters THE Bahamas will never recover $9.5bn in economic losses and damage caused

by COVID-19, it was revealed yesterday, with the pandemic combining with Hurricane Dorian to deliver a shattering $13.1bn blow to this nation.

Daniela Carrera Marquis, the Inter-American Development Bank’s (IDB) Bahamas country representative, said the global health crisis had caused “more than twice” the $3.5bn economic losses and costs inflicted by the Category Five storm as she described this nation as “one of the most disaster prone countries in the world”. The level of impact was 2.7 times’ that of Dorian.

Speaking as the IDB unveiled a study on COVID’s Bahamas impact, produced in conjunction with the United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC), she added that this nation will continue to suffer repercussions

SEE PAGE B4

Gov’t to avoid global bond market for year

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government last night affirmed it plans to avoid the international bond markets for the next 12 months while raising 57 percent of its $1.761bn financing needs for 2022-2023 from domestic investors.

The Davis administration, unveiling its annual borrowing plan in time to meet today’s deadline, said it aims to exploit what it branded “favourable liquidity conditions” in The Bahamas to source “the bulk of its funding requirements” for the newly-started fiscal year. This will cover both the projected $564m fiscal deficit as well as the need to rollover, or refinance, some $1.197bn in maturing debt issues and loans.

While still accessing some $764.7m in external foreign currency debt, which will complement the $996.1m it is seeking in Bahamian dollar capital, the Government said it plans to source the former via a mix of proposed loans by

SEE PAGE B13

THE TRIBUNE

Thursday, July 7, 2022, PAGE 3

COVID IMPOSES $120M PUBLIC HEALTH SYSTEM COST

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

A CABINET minister yesterday said COVID-19 has cost the public health system some $120m to-date, leaving it with $50m in “unbudgeted debt” which he discovered upon taking office.

Dr Michael Darville, minister of health and wellness, speaking at the unveiling of research forecasting that the pandemic will inflict $9.5bn in losses and extra costs on The Bahamas, said: “Our record demonstrates direct costs to the PHA (Public Hospital Authority) of about $88.6m, and the Ministry of Health at just over $31.5m.”

He added that the Davis administration had to move rapidly in crafting its 2021/2022 supplementary Budget because the financial drain imposed by COVID19 had left the public health system with “no resources” to work with. “When I came into office, I found about $50m of unbudgeted debt at the Ministry of Health and Wellness,” Dr Darville said.

“The Government in its 2021-2022 supplementary Budget revised expenditure to our agencies at $271.1m of recurrent [spending].

The PHA received $223.5m, NHIA (the National Health Insurance Authority) received $45m, the Ministry of Health and Wellness in the Department of Public Health had $28.6m, and there was a capital budget of $36.6m on the capital side.”

Dr Darville hinted that the Government, through the Ministry of Health, is seeking more financing from the Inter-American Development Bank (IDB) on top of the $65m in loans and grants it had already received in the last 12 months to help strengthen the public health infrastructure in COVID-19’s aftermath.

“We are moving with a degree of speed because we don’t know what’s around the corner as a result of climate change,” he added.

“We anticipate that we will have an active [hurricane] season, and so while I’m here with our IDB counterparts, this is the reason why we’re pushing so hard.

“Even though the loan facility extends to five years,

Cruise tourism reliance exacerbated COVID hit

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas was yesterday urged to intensify its focus on the digital economy as a new source of gross domestic product (GDP) growth post-COVID. Omar Bello, economics affairs officer at the United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC), told Tribune Business that the digital economy and related

services will continue to grow after those sectors that rely on human interaction, especially tourism, suffered a major contraction during the pandemic.

He suggested that COVID’s drastic impact on tourism may have been somewhat lessened if The Bahamas had concentrated on developing boutique resorts as opposed to mass market cruise passengers. “In the case of The Bahamas, I would like to highlight that given that your tourism sector, the cruise ships are very important. The Bahamas was one of the most impacted

if I have another natural disaster, in the current state that I’m in it can actually almost knock out our primary health care systems throughout the Family Islands. So I beg you to work with us so that we can be able to get brick and mortar on the ground to improve the clinic infrastructure.”

The Ministry of Health has hired 478 new employees for this upcoming 2022-2023 fiscal year, with a provision for 15 extra doctors and 70 nurses. Dr Darville said: “The Bahamas spent $17.8m to execute strategies aimed at suppressing the SARSCoV-2 (COVID-19 virus).

Sixty-four percent of the total sum spent was for the protection of our frontline workers, PPEs (personal protective equipment).

“I want to thank all the countries around the world, as well as all of those agencies that came to our needs and are still coming to our need, to provide these essential PPEs. For the frontline workers, it was a cost of $11.4m.” In addition, $17.8m was spent on free testing facilities and equipment.

The IDB’s assessment of COVID-19’s impact on The

Bahamas, conducted with the United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC), estimated that the pandemic imposed some $50m in extra costs on the public health system at its peak in 2020.

These additional expenses were related to COVID treatment and prevention, which were forecast to have cost $16.041m and $18.37m, respectively plus the purchase of extra supplies and $5.724m in infrastructure upgrades as well as “death management”.

The report acknowledged that the Bahamian public healthcare system was already strained prior to COVID-19, and said: “These challenges are related to the fragmentation of its health system, unequal quality of care, and inadequate health facilities and medical equipment conditions due to poor maintenance and the effects of Hurricane Dorian.

“The COVID-19 pandemic is an additional critical challenge. Although the number of cases and deaths is below the regional average, it still represents a significant public health

emergency given the limitations of the healthcare services. Moreover, the disruption of preventive and curative care for patients other than COVID-19 cases reduced access to healthcare, particularly for patients with chronic conditions.”

The IDB/ECLAC report found that the closure of public health facilities to all services bar life-threatening emergencies during the pandemic’s first phase, marked by lockdowns and other restrictions, caused significant disruption to treatment access for hundreds of Bahamians. This, it added, had resulted in “excess morbidity and mortality” stemming from non-COVID illnesses and other complications.

“Disruptions to hospital admissions, and access to community and outpatient services during COVID19, are tangible. Significant disruptions to hospital utilisation yielded negative magnitudes of change that far exceed the pre-COVID findings,” the report said.

“Specifically, in fiscal year 2019-2020, when compared to the prior five-year pre-COVID-19 average, disruption in access to services

resulted in an almost homogeneous decline in utilisation data ranging from 27 percent to 7 percent. Service types experiencing the most significant disruptions were critical care, psychiatry, and internal medicine services, with 29 percent, 22 percent and 22 percent declines, respectively.

The IDB/ECLAC assessment continued: “The non-ward services offered through the public hospitals were halted during the first wave of the pandemic in The Bahamas. Most routine healthcare appointments were cancelled or postponed. It is noted that tele-health modalities did support mental health strategies and initiatives, even while the Community Counselling and Assessment Centre (CCAC) was closed.

“These observed interruptions to health services have had implications for the level of control of chronic diseases, delayed demand for essential health screening (for breast cancer, cervical cancer, diabetes, and hypertension – among others) and, ultimately, excess morbidity and mortality from non-COVID conditions and complications.”

countries given the structure of the tourism that you have,” Mr Bello added.

a 6.2 percentage increase over that period.

“The IMF (International Monetary Fund) forecasts lacklustre growth between 2023 and 2026 of an average of 1.7 percent per year.

Thus the recovery is projected to be gradual, with risk towards the downside due to the country’s vulnerability to natural disasters.”

Mr Watson added: “This report prepared by the IDB and the ECLAC on the impact of the COVID-19 pandemic on The Bahamas economy is one such report which is very important to aid in the process of sound, evidence-based policy-making.

“It provides a sectorial accounting of the losses as a result of the pandemic, analyses key vulnerabilities

and threats and, most importantly, provides recommendations to allow The Bahamas to build

resilience

“Hurricane Dorian was the worst hurricane that hit The Bahamas in the history of the Bahamas, and the cost was really high. Then what happened is that in The Bahamas, I will say that was one of the Caribbean countries that was most impacted by this COVID-19.”

Wayde Watson, the Ministry of Economic Affairs parliamentary secretary, said: “After growing modestly by 2.3 percent in 2021, the last ELCAC forecasts for The Bahamas, real growth in GDP is projected at 8.5 percent in 2022, which represents a difference of

against

future

security issues based on data and analytics.”

PAGE 4, Thursday, July 7, 2022

THE TRIBUNE

COVID’s $9.5bn blow nearly a triple Dorian FROM PAGE B1 from the pandemic through to year-end 2023.

With the potential for COVID to cause even greater costs than the projected $9.5bn if new infection waves emerge that are more contagious and deadly, the IDB/ECLAC study found that more than 83 percent - or $7.9bn - of The Bahamas’ total pandemic-related damages stem from tourism losses due to the lockdowns, border closures and other restrictions implemented in 2020 and 2021.

Ms Carrera-Marquis said: “According to the report, COVID-19 losses in The Bahamas were especially devastating in the initial stages of the pandemic. Eighty-four percent of the losses were concentrated between 2020 and 2021, and 48 percent of the losses in 2020 alone.

“The report reveals that reveals that the estimated impact on employment for the period [through to] 2023 will be around 30,000

jobs, which is equivalent to 14.7 percent of the labor force of the Bahamas. This is consistent with a spike in the unemployment rate of 25.6 percent seen in initial stages of the pandemic.”

Total wage losses suffered

by Bahamian workers over the four years through to 2023 have been pegged at $2.4bn, a sum equal to an average 4.9 percent of GDP. The Bahamian private sector, meaning businesses and their employees, bore a disproportionate burden from COVID’s impact by incurring 93 percent of the losses and damage.

Tourism, which the IDB/ ECLAC study said also includes bars, restaurants, entertainment, transportation and shopping, as well as hotels, suffered 91 percent of the losses inflicted upon what were described as the economy’s “productive sectors”.

Of the $7.9bn in total tourism industry losses, the vast majority - some $6.4bn or 81 percent - relates to the loss of higher-yielding

stopover visitors who were otherwise projected to visit The Bahamas between 2020-2023. The remaining balance comprises $1bn lost as a result of the cruise industry’s 15-month sailing halt and $373m foregone in lost earnings from visiting boaters, yachters and other excursions.

On a monthly basis, tourism losses peaked at over $450m in the early months of the pandemic between April and July 2020. Despite spiking again to $400m in March 2021, these losses are projected to steadily decline over the remainder of 2022 and into 2023, although they will not be eliminated prior to the latter year’s end.

“In broad terms, the economy is expected to return to its pre-pandemic level only by 2024, mainly because of the gradual pace of recovery in the tourism sector and the long-lasting effects of COVID-19 in this sector,” the IDB/ECLAC study said.

The tourism industry’s COVID losses, which were pegged at $3.637bn in 2020 and $2.91bn in 2021, are projected to drop to $1.241bn in 2022. However, a further if relatively modest cost of $88.9m is forecast for 2023. Total economic losses and damage from COVID in that year are projected to be $117.6m.

Looking beyond tourism, the IDB/ECLAC study said: “The commerce sector got severely impacted due to the COVID-19 pandemic. The total losses in commercial sales to residents due to the COVID-19 pandemic are $823m. A portion of this is related to the fact that residents’ spending got impacted first due to the curfews and lockdowns, and then due to a decline in household income.

“Another part of this is directly related to tourism, which experienced a great decline during the first year of the pandemic..... Due to the Government restrictions related to the COVID-19 pandemic, the transportation system suffered a dramatic demand decrease in 2020, especially in the airport traffic and the recreational marine flow (cruises and general pleasure vessels).

“This situation generated a decrease in the usage of airports and marine piers, according to the restrictions implemented by The Bahamas’ government. For this sector, the estimated losses are approximately $595m

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for the whole country, which are mainly caused by the decrease in tariff payments by air and marine passengers at airports and navy piers (92 percent). The rest is related to the fall in the collection of aircraft landing fees, cruises fees cargo vessels fees.”

Fisheries suffered minimal impact, according to the IDB/ECLAC report, which said: “Fisheries is an important activity for The Bahamas, both economically and culturally.

The impact of the COVID19 pandemic in the sector was reduced and circumscribed to some staples. The main fishing staple (spiny lobster) was unaffected.

The estimated losses are $1.86m, mostly in snapper and groupers.”

However, the study said Bahamian landlords suffered a significant loss of rental income as a result of foreign tenants leaving the country during COVID while many locals were unable to make due payments due to loss of income and being temporarily furloughed.

“According to the baseline analysis, 3,096 homes were rented by foreigners who left the country,” the IDB/ECLAC report said. “Using the 2021 baseline home value as a base plus the land value, the loss of those rentals can be estimated in the amount of $118.325m in those 20 months, representing 0.94 percent of GDP in 2021.

“The most significant impact on the reduction of income from rental housing is noticeable in New Providence for a total of $82.4m, Grand Bahama with $16.6m, Abaco with $5.2m, and Eleuthera with $5m.”

Nor did the utilities, namely the Water & Sewerage Corporation and Bahamas Power & Light (BPL), escape unscathed as the increase in residential consumption - with more persons forced to live and work at home due to COVID and accompanying government regulation

- partially offsetting dropoff in commercial use.

“Lockdowns instantaneously reduced water consumption in those companies or agencies that started home office,” the IDB/ECLAC report said. “At the same time, residential consumption presented two different effects: An increase, given the suddenly high number of people isolated at home, but also a reduction, since the international borders were closed, and owners and renters ultimately vacated many second houses during a period of restrictions.

“Total loss for this sector rises to $55.8m, which is the combination of residential and non-residential customers. This value considers the losses of 2020 and 2021, and the projected losses for 2022 and 2023. The losses are calculated as the difference between the projected consumption in a COVID19-free context and the projected consumption under COVID-19, considering 2020 and 2021 actual consumptions.”

It was a similar tale at BPL. “Losses were estimated at $25m, of which 90 percent occurred between 2020 and 2021,” the study added. “The pandemic response measures caused people to stay in their homes longer and their electricity consumption increased above what was expected prior to the pandemic. This makes the billing exceed that of the baseline.

“On the contrary, border closures and other mobility restriction measures reduced commercial turnover. Losses for this concept reached $36m but were partially offset by the increase in household consumption.” It is unclear, though, whether the analysis also includes the impact of ‘do not disconnect’ instructions issued to the utilities for much of the pandemic.

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THE TRIBUNE

Thursday, July 7, 2022, PAGE 5

Get to $16bn economy after COVID hit ‘shock’

FROM PAGE B1

to get your head around it, but there’s no doubt of it happening. The likelihood is we’ll have more of these events, and we need to get our fiscal house in order.

“We need headroom, we need resources. Wasting it [taxpayer dollars] on inefficiency and corruption is not an option. That is going to cause us to go under. The report just provides even more impetus to get our house in order, our fiscal house in order. It’s just shocking to see it in one big number like that. It just shows you how impactful that is, and how much harder we have to work and plan to deal with these things.”

The combined $13.1bn in losses inflicted by COVID and Dorian are equivalent to 117.5 percent of The Bahamas’ forecast $11.142bn real GDP for the 2022-2023 fiscal year, as outlined in the recent Budget document. Real GDP strips out the impact of inflation but, even using the constant benchmark that allows for the impact of rising prices, the Bahamian economy is barely just bigger at $13.264bn.

And, when set against the $11.843bn national debt at end-March 2022, the total COVID/Dorian impact is some 10.6 percent greater. This shows the sheer enormity of what the backto-back natural and health calamities are estimated to have cost the Bahamian economy, and how much the country has been set back, with the IDB/ECLAC report predicting that the effects of the pandemic will linger through to almost year-end 2023 provided there are no further shocks.

Their assessment also estimated that COVID will cost Bahamian workers an estimated $2.4bn in lost wages between 2020 and 2023, with the employment impact of these losses pegged at around 30,000 workers or 14.7 percent of the workforce. Some 83 percent, or $7.9bn of the $9.5bn total

COVID loss, relates to tourism and the damage caused by lockdowns, border closures, testing requirements and other restrictions that hit international travel.

Given the scale of this damage, Mr Myers told Tribune Business: “We’ve got to get GDP to $15bn to $16bn. That’s the reality of it. We need a 30 percent, 40 percent, 50 percent increase in GDP, and that’s only going to happen through development, efficiency in government, improving the ease and cost of doing business, and through generating improvements in education, particularly workforce productivity.

“We don’t need that [report] to illustrate how far we need to go to get back up. We know that. ORG has been talking about this for four to five years now.

That’s nothing new. The only thing that’s new is if someone takes it seriously. The previous administration didn’t.”

Based on the $11.142bn real GDP projected for 20222023, The Bahamas will need to increase economic output by between 34.6 percent and 43.6 percent to hit Mr Myers’ target.

And, while the economy is “rapidly improving” and unemployment “has got to be going down” compared to COVID-19’s darkest days, the ORG chief added that hitting his GDP goals will likely soon run into obstacles.

“Unfortunately we’re swimming headlong into global inflation,” he added, “and the likelihood of a global recession. That growth is going to be capped at some point because prices are out of control. Gasoline in The Bahamas is close to $7 per gallon.”

Mr Myers backed the Prime Minister’s drive to ram home to the world’s major polluters the great harm that climate change is causing to The Bahamas, as well as themselves, while agreeing that post-hurricane rebuilding costs have accounted for a significant portion of the country’s national debt

-possibly as much as 40 percent.

He added, though, that The Bahamas must practice what it preaches on climate change as “men living in glass houses shouldn’t throw rocks”. Explaining what he meant, Mr Myers said: “We should be more fiscally prudent, stop importing Bunker C oil and have a higher degree of solar and renewable energy penetration, and have less gas vehicles. We’re equally culpable.”

Describing The Bahamas as “one of the most disaster prone countries in the world”, the IDB/ECLAC study spelled out the consequences of this continued vulnerability.

“National losses due to COVID-19 for the period 2020-2023 were estimated at $9.5bn,” the report said.

“Note that although there was no infrastructure destruction, this is 2.7 times the cost of damages and losses due to Hurricane Dorian. The two disasters, caused by external shocks (Hurricane Dorian and the COVID-19 pandemic), are estimated to have cost the country $13.1bn. This puts the Bahamas in an even more vulnerable situation as the 2022 hurricane season begins.

“In September 2019, Hurricane Dorian devastated the island of Abaco and part of Grand Bahama. It was the most costly disaster in the country’s recent history.

Recovery and reconstruction works began before the pandemic, but reconstruction efforts have been impacted by different economic and resource challenges that have been exacerbated due to COVID-19,” it added.

“The pandemic also highlighted the country’s socio-economic vulnerability as businesses and citizens felt the crunch. These impacts highlighted the need for comprehensive Disaster Risk Management (DRM) and Health Risk Management (HRM), among other strategies and instruments, to serve the country better.”

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PAGE 8, Thursday, July 7, 2022

THE TRIBUNE

BAHAMAS’ 20% SHRINK ‘NOT SEEN IN WORST CRISIS’ FROM PAGE B1 wave as well as The Bahamas’ vulnerability to major storms means its economic

recovery faces multiple risks.

“The drop in real GDP in 2020 of more than 20 percent, you don’t see those

type of numbers in the worst crisis. This is remarkable,” she exclaimed, adding that The Bahamas will not return to pre-COVID

output levels until end-2023 or early 2024. “It’s kind of a long road to recovery,” Ms Ortiz said.

“On the good news, with tourism arrivals, we can see some improvement. When you focus on 2020, you can very clearly see that the first quarter was good, but then COVID-19 hit the country and hit the world, and the tourism mobility went down to almost zero.

“In 2021, recovery started, and if we look at the whole year and compare it to arrivals in 2019, it’s still short; it’s 29 percent only, so less than a third. But we clearly see that increasing trend and, by the first quarter of the current year, we have arrivals at 70 percent.” That ratio reached 85 percent for April stopover arrivals, according to the Central Bank earlier this week.

And, in tandem with a protracted economic recovery, Ms Ortiz said Bahamian unemployment figures will only decline gradually. “We still have very high unemployment rates,” she added. “It’s estimated that, at the worst of the pandemic, one in four active Bahamians was out of a job. That number has gone down so, right now, we’re at 18 percent. But

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still it’s above pre-COVID levels [and], in 2019, we were at a 10 percent unemployment rate. It’s getting better but we still have a lot to do.”

Ms Ortiz said “we are all feeling it in our pockets” with respect to the cost of living crisis and inflation, with rising food, gasoline and other costs disproportionately impacting lower income Bahamians and the most vulnerable in society because they spend more of their monies on such commodities.

As a result, she warned there are “risks we have to beware of” when it comes to The Bahamas’ progress in reviving its economy. These included the potential for new COVID strains that are more contagious and deadly to emerge, particularly given The Bahamas’ relatively low vaccination rate that the IDB/ECLAC report pegged at just 40 percent of the population at end-January 2022. And just 38 percent were fully vaccinated.

Warning that vaccine hesitancy could “prove damaging” and “a big issue” for The Bahamas if not addressed, Ms Ortiz added that a major hurricane strike - even a Category Three or Four storm that hit New Providence or multiple islands - will also undermine livelihoods and the Government’s finances.

Besides inflation’s domestic impact, she also warned that skyrocketing prices in the US and major visitor source markets - combined with rising interest rates could deter some tourists from travelling or prompt them to delay their trip, while also reducing vacation spending. “It could generate spillover meaning less tourists arrive in The Bahamas,” Ms Ortiz said.

“So although US inflation is rising even more

J O B

rapidly than in The Bahamas, it is becoming a big issue. We see energy prices going up, food prices going up. The fact that The Bahamas imports a good share of what it consumes in terms of these items represents a challenge.”

A further concern is the possibility that any of a COVID resurgence, major hurricane or inflation/US recession could “derail” the Government from achieving its fiscal targets and objectives in an environment where the pandemic has already exacted “a massive toll” on the public finances.

Backing the Government’s efforts to “put their house in order”, Ms Ortiz said rising interest rates in the US and elsewhere may also threaten to “impose further pressure on the fiscal balance” by increasing The Bahamas’ sovereign borrowing costs.

“Risk aversion is on the rise, not particularly in The Bahamas, but around the world,” said Ms Ortiz.

“Interest rates are rising in part because of that risk aversion, but also because of inflation and we see countries like the US are starting to increase their reference rates to try to control that inflation.

“So rising financing costs, given that financing needs are important in the Bahamas could pose some further pressure on our fiscal balances and that’s something that we have to take into account.”

“The worst of the pandemic seems to be over, at least for now,” Ms Ortiz asserted. “We have to be attentive because there are many risks. Things could change in the short and medium-term if you are hit by any of these additional shocks.”

O P P O R T U N I T Y

Office Assistant Receptionist / Scanner /Filer Requirements/Qualification Answer and field phone calls in a professional manner; Scan and file documents in a professional and timely manner; Provide general administrative support to staff; Any other duties as assigned from time to time; Computer literate and organized; and High school diploma or equivalent.

Resumes should be submitted by email to

hrlawresume@gmail.com LEGAL NOTICE

NOTICE International Business Companies Act 2000

COMVENTURES LIMITED Pursuant to the provisions of Section 138 (6), I, Koi Bain, Liquidator of COMVENTURES LIMITED, herereby certify that the liquidation and winding up of the said Company has been completed in accordance with the Articles of Dissolution dated the 27th day of January, A.D. 2022.

Kofi Bain Liquidator

THE TRIBUNE

NAD: JUNE AIRPORT TRAFFIC AT 76% OF PRE-COVID LEVELS NASSAU’S airport operator yesterday said June passenger traffic equalled 76 percent of pre-COVID numbers as it forecast a busy summer travel season.

The Nassau Airport Development Company (NAD), in a statement, said itself and other Lynden Pindling International Airport (LPIA) stakeholders have acted to ensure the smooth processing and flow of passengers through the terminal buildings in anticipation of increased Bahamian travel over the summer holidays.

With traveller numbers now equivalent to

three-quarters of prepandemic traffic, NAD said initial passenger traffic for June 2022 was 285,244 arriving and departing persons.

This represents around 76 percent of June 2019 figures, and the LPIA operator said it is predicting that July and August will be equally robust now that both the US and The Bahamas have lifted COVID-related travel restrictions.

“During this busy summer travel period we wish to assure the travelling public that, firstly, their safety is our paramount

concern. Our overall objective is to make certain that a high level of efficiency prevails in the terminals coupled with excellent customer service, resulting in a positive experience for our passengers,” said Vernice Walkine, NAD’s president and chief executive.

“The airport stakeholders are continuously working together to maximise the efficiency of operations and mitigate any potential challenges within our facilities.”

NAD is urging passengers, especially those travelling to the US on peak travel days and

times, to arrive at the airport three to threeand-a-half hours ahead of their scheduled flight departure time. For domestic travellers, it is advising them to arrive one-and-ahalf hours in advance.

The airport operator also suggested avoiding travel to the US on busy days such as Saturday and Sunday this summer. It advised passengers to travel during off peak times, and look for flights either before 9am or after 2pm.

Thursday, July 7, 2022, PAGE 9

OFFICE ADMINISTRATOR WANTED! Must be proficient in QuickBooks for data entry, filing, must have organizational skills, able to work independently.

CASHIERS NEEDED To work in fast pace environment.

Please send resumes to

oneeded72@gmail.com

KINGSWAY ACADEMY Staff Vacancy Kingsway Academy invites applications from matured, highly qualified and experienced candidates who are committed to the spiritual, intellectual, and social development of students, and who are willing to enrich our school community beyond the classroom.

Director of Academy Affairs: Applicants should: • Be a born-again Christian • Have at minimum a Master’s Degree from an accredited college or university • Be a strong business leader • Possess Human Resources skills; be a motivator of people resources • Be willing to provide academic leadership and a commitment to the school’s vision and goals • Possess strong oral and written communication skills • Be Ambitious, Innovative, and Creative *A background in education will be an asset A complete application package includes the following: A completed Kingsway Academy Employment Application form (including a legible e-mail address and working telephone contacts), a detailed resume with cover letter, a recent photo, three references (one being from your church’s Pastor), a police record, and a health record. The application form is accessible on the school’s website at www.kingswayacademy.com (click on About Us, Forms) or at the school’s Business Office located on Bernard Road.

Packages should be forwarded to: Human Resources Kingsway Academy Bernard Road Nassau, The Bahamas or Email: employment@kingswayacademy.edu.bs To ensure consideration, application packages must be received at the school by July 31, 2022.

PAGE 10, Thursday, July 7, 2022

THE TRIBUNE

Banks’ fee income doubles in decade FROM PAGE B1 most important source of revenue for banks. As such, fees also compensate for structural gaps in banks’ revenue streams, representing an expanding share of the receipts over the last decade,” the Central Bank report said.

“While the net earnings margin from lending activities provide the bulk of gross returns, amounting to an average of 77.3 percent of the total in the last decade, the ratio fell steadily on average from just above 80 percent in 2012 to around 70 percent in 2021. Instead, gross fee-based receipts averaged 18.6 percent of earnings (net of deposit costs), rising on average from just under 15 percent in 2012 to approximately 23.7 percent in 2021.

“Although a smaller share of the total, commission and foreign exchange income also increased in relative importance since 2012.

In the meantime, the diminishing importance of the net interest margin coincided with a decade-long elevated average non-performing loans ratio as compared to the lower averages in the prior decade.”

The Central Bank’s data shows that, between 2012 and 2021, net interest margin for the commercial banks remained relatively steady and came in at $139.53m in 2021. This compares to a decade-low of $127.53m in 2012. In contrast, fee income has more than doubled, jumping by more than 100 percent from $23.14m in 2012 to $47.27m in 2021.

Meanwhile, several of the Canadian-owned banks were shown to have charge the highest fees and penalties. The Central Bank compared its licensees’ fees across three scenarios - a student with under $200 in their account who does two transactions per month; a retiree with a balance of $400 per month receiving a pension, and who does two transactions a month; and someone with checking

and savings accounts below $1,200 and who does four monthly transactions.

“Based on the December 2021 fee structure, a profiled retail banking customer making maximum assumed use of digital or electronic services options would incur average monthly charges ranging from a low of $2.53 to a high of $15.21,” the Central Bank said.

“Students received the most concessions, followed by retirees. Compared to June 2021, most estimates firmed except for the average on the student profile.

Meanwhile, checking accounts continued to be the mostly costly to operate, with adult savings accounts in the middle of the cost range.”

As for physical banking, the Central Bank said: “Overall, profiled customers, who either preferred or were constrained to less efficient physical channels for deposit services, would as of December 2021 incur average monthly charges ranging from a low of $9.08 to a high of $23.02.

“In the estimates, the rankings placed the studentprofiled costs as the second lowest as opposed to being the lowest in June 2021, with the retiree profile experiencing the lowest as compared to the second lowest in the six months prior. In this regard, the averages were firmed for student accounts and adult savings facilities, but reduced for retirees and adult-profiled chequing facilities.”

When it came to which bank was cheapest, the Central Bank said: “Student transactions conducted optimally via digital services channels were simulated as being the least costly at Commonwealth Bank, with First Caribbean International Bank (Bahamas), Scotiabank and Royal Bank (Bahamas) providing the identically competitive second lowest cost options.

“However, the Commonwealth Bank option does not make ATM cards available to student account

holders. Costs at FirstCaribbean were exclusively the lowest for retires using digital services channels; it was similarly the case of being cheapest at FirstCaribbean for both students and retirees who made maximum use of in-branch access and other physical channels.

“For non-preferential adult clients who made use of digital delivery channels, Bank of The Bahamas offered the lowest cost for adults with a chequing account, while FirstCaribbean offered the lowest cost arrangements on the equivalent savings accounts.

Fidelity Bank, however, maintained the advantage for both simulated chequing services and savings account services, when choosing physical services delivery.”

Looking at the opposite end, the Central Bank said: “Simulated customer profiles consistently placed adults with both savings and chequing accounts at Scotiabank as the costliest.

This was the case with both clients that fully exploited the digital channels and a typical customer with significant reliance on physical transactions.

“Scotiabank costs also averaged highest for retirees and students who relied heavily on in-branch visits.

Meanwhile, RBC ranked at the upper end of costs for retirees who used digital services channels, and costs at RBC FINCO were at the highest for students using similar channels.”

Turning to late payment fees, the Central Bank said: “While there was less variance across lenders for delinquency costs on personal loans, Fidelity Bank was simulated as being the least costly in all three categories, and matching the estimated penalty for Bank of The Bahamas in the case of late or missed credit card payments.

“Regarding the higher end of costs, RBC placed highest for credit cards and matched RBC FINCO for mortgage penalties. Meanwhile, above certain thresholds of principal and interest payments, Commonwealth Bank would have ranked highest for arrears or late penalties on personal loans.”

THE TRIBUNE

Thursday, July 7, 2022, PAGE 11

HOUSEKEEPER JOB

Share your news

• Maintain household: laundry, bedding, cleaning all rooms;

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

A housekeeper is needed by a small family in Paradise Island (Ocean Club) to help:

• Cook healthy meals and snacks for the family; • Run errands (grocery shopping, water plants, etc)

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RENALDO JEAN SAINT-FORT of #28 Malcom Road, New Providence, The Bahamas intend to change my name to RENALDO JEAN RUSSELL. 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.

LEGAL NOTICE

LEGAL NOTICE

• Must be FLUENT in English.

N O T I C E

N O T I C E

This is a FULL-TIME position.

AGRICOLA NACIONAL II LIMITED

AGRICULTURAL INVESTMENT LIMITED

Registration Number 169558 B

Registration Number 3245 B

Previous experience in private household is required.

E-mail your resume to: jobs@lightchainventures.com LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

Shallowbrook Enterprises Ltd.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that AGRICULTURAL INVESTMENT LIMITED has been dissolved and struck off the Register of Companies with effect from the 10th day of June, 2022.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that AGRICOLA NACIONAL II LIMITED has been dissolved and struck off the Register of Companies with effect from the 10th day of June, 2022.

(the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Shallowbrook Enterprises Ltd., has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 15th November, 2021.

AIDAN GALLAGHER Liquidator

AIDAN GALLAGHER Liquidator

LEGAL NOTICE

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

International Business Companies Act No.45 of 2000

MATKI HOLDINGS LIMITED

PLF Business Consulting Inc.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of MATKI HOLDINGS LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 10th December, 2021.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of PLF Business Consulting Inc. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 28th October, 2021.

(the “Company”)

(the “Company”)

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

Aleen Enterprises Assets Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act No. 45 of 2000 the Dissolution of Aleen Enterprises Assets Ltd., has been completed a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 18th October, 2021.

MARKET REPORT BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

ANOSA LIMITED (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of ANOSA LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 30th March, 2022.

52WK HI 6.70 53.00 2.47 2.61 2.60 6.10 10.05 4.15 9.90 3.65 8.25 17.50 2.65 10.75 11.25 10.85 17.40 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.60 2.20 1.30 5.75 6.96 2.82 5.00 2.27 5.95 9.80 1.99 7.75 10.02 10.00 13.10 3.50 8.20 15.50

International Business Companies Act (No. 45 of 2000)

FAJITA LTD. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of FAJITA LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 7th April, 2022.

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

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

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

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2584.42

-9.17

-0.35

356.18

15.98

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.33 100.00 100.67 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.71 94.12 100.67 100.43 100.04 100.00 89.62 89.00 90.24 90.73

MUTUAL FUNDS

LEGAL NOTICE

www.bisxbahamas.com

WEDNESDAY, 06 JULY 2022

52WK HI 2.52 4.69 2.22 207.86 212.41 1.74 1.84 1.83 1.03 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.69 1.75 1.76 0.97 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR109036 BGRS FX BGR118037 BGRS FL BGRS71024 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1090368 BSBGR1180375 BSBGRS710245 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.90 39.95 2.44 2.35 2.51 6.10 9.75 3.95 9.33 3.64 8.00 16.00 2.89 10.26 11.23 10.85 17.26 3.98 10.10 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.15 100.00 100.91 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 6.48 39.95 2.44 2.35 2.51 6.10 9.75 3.95 9.33 3.55 8.00 16.00 2.82 10.26 11.31 10.85 17.26 3.98 10.10 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME 1,000 50

4,200 354 440

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.15 100.00 100.91 100.54 100.34 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.09) 0.00 0.00 (0.07) 0.00 0.08 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

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

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.22% 4.56% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69%

NAV 2.52 4.69 2.21 197.44 202.39 1.74 1.84 1.83 0.97 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 1.37% 3.03% 1.19% 5.23% 1.62% 4.13% -5.25% -6.07% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 27.1 42.9 N/M 16.8 N/M N/M 26.4 -9.0 66.6 19.3 17.8 22.2 27.6 22.0 17.5 14.9 21.2 19.6 10.8 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.62% 3.15% 0.82% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.38% 2.75% 4.50% 15.39% 0.58% 2.90% 2.21% 3.13% 3.02% 1.98% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 3-Oct-2036 13-Oct-2037 22-Oct-2024 7-Sep-2022 26-Jul-2037 26-Jul-2028 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-May-2022 31-May-2022 31-May-2022 31-May-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

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

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

THE TRIBUNE

Thursday, July 7, 2022, PAGE 13

Gov’t to avoid global bond market for year FROM PAGE B1 multilateral lenders such as the Inter-American Development Bank (IDB), drawdowns on existing credit arrangements and commercial loans.

Credit supplied by multilateral lenders is often cheaper, with lower interest coupons attached, than that available from commercial sources. The Government’s determination to avoid the global bond markets is also driven by the hikes in US interest rates, which have increased US dollar borrowing costs for emerging market nations such as The Bahamas, as well as the market’s negative sentiment towards its existing listed debt.

The $800m bond, placed at 8.95 percent in late 2020 amid the COVID-19 pandemic’s peak, closed last night on the Frankfurt Stock Exchange at a discount of more than 30 percent to its face value, with a yield of 15.45 percent. The previous $300m issue, which carries a 6.95 percent coupon and was placed before the pandemic, is faring slightly better with a a 27.5 percent discount to face value and a yield at 13.2 percent.

“During fiscal year 20222023, the Government does not contemplate accessing the international bond market for financing.

However, pending market conditions, the Government intends to explore opportunities for liability management, in line with the overarching debt management strategy of reducing cost and managing risks,” the Government’s borrowing plan said.

This indicates the Davis administration will seek to lower interest costs associated with its existing foreign currency debt sourced from international investors.

Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business earlier this year that the Government does not plan to return to the global bond markets this fiscal year and the borrowing strategy reflects.

While the Government moves to create

breathing space so that the international bond markets - and their sentiment towards The Bahamas - have time to recover and become more favourable, the plan added: “Foreign currency loan financing is to be predominantly sourced from proposed new international financial institution related policy loans totalling $372.5m, of which $160m is expected to be accessed by December 2022.

“This approach is aligned with the broader debt management strategy objective of lengthening the maturity structure of the debt. The Government budgeted an estimated $112.2m in installment disbursements on existing multilateral loans associated with investment projects and budgetary support initiatives.

“Of this total, approximately $84.9m (75.7 percent) represents IDB-related projects, $21.8m (19.4 percent) are Caribbean Development Bank-financed projects and the remaining $5.5m (4.9 percent) are associated with a European Union facility.”

The Government is thus planning to exploit the $2.836bn in surplus assets within the Bahamian commercial banking system at end-May 2022 to generate the bulk of its debt financing needs. “The fiscal year 2022-2023 annual borrowing plan envisages a domestic environment in which liquidity conditions remain favourable and support opportunities for the Government to obtain the bulk of its funding requirements through a combination of domestic short and longterm security issuances and loans,” the report said.

“This scenario will allow the Government to progressively reduce its reliance on foreign currency borrowings, as designed in the fiscal year 2022-2023 to fiscal year 2024-2025 mediumterm debt strategy. Of the $1.761bn in gross financing requirements, approximately $996.1m (56.6 percent) is to be sourced in Bahamian dollars and the remaining $764.7m (43.4 percent) in foreign currency.

“However, the Government will continue to monitor domestic market conditions and investor sentiment to capitalise on opportunities for achieving a greater proportion of the financing from domestic sources.” The Davis administration has repeatedly voiced confidence in its ability to do

this even though commercial banks and other institutional investors are at or near their prudential and regulatory limits over the amount of government securities they hold.

“Bond redemptions in fiscal year 2022-2023 of $606.1m will be refinanced in the domestic market with

new issuances. The Government also proposes the issuance of an additional $125m in domestic bonds, bringing the total issuance to $731.1m” the borrowing plan said.

It added that the Government plans to adjust the maturity of its issues to meet market demand, while seeking to push this out “to minimise refinancing risk and promote a sustainable debt path over the medium to

long-term”. The remaining $220m will be sourced from commercial loans.

The majority of its domestic bond refinancing will take place in October 2021, when $200m comes due for rollover, with $100m maturing in both December 2021 and March 2022. Treasury Bill rollovers in the current fiscal year will total $3.428bn with some $45m in new money raised.

PAGE 14, Thursday, July 7, 2022

THE TRIBUNE

TRUMP PROPERTY APPRAISER HELD IN CONTEMPT IN NY CIVIL PROBE

By MICHAEL R. SISAK Associated Press NEW YORK (AP) — A company that has performed appraisals on some of Donald Trump's most prized properties has been held in contempt of court for missing a deadline to turn over documents in the New York attorney general's civil investigation into the former president's business practices.

Manhattan Judge Arthur Engoron said late Tuesday that real estate services firm Cushman & Wakefield had

shown a "willful failure" to comply with Attorney General Letitia James' subpoenas, which sought records on Trump properties including a suburban Seven Springs Estate, Wall Street office building, Chicago skyscraper and Los Angeles golf course.

Engoron ordered Cushman & Wakefield to pay a fine of $10,000 per day, beginning Thursday, for each day that it fails to fully comply with James' subpoenas. The same judge recently lifted a contempt order for Trump after a

NOTICE

NOTICE is hereby given that KEVIN PIERRE of Panza Corner, New Providence, 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 30th day of June, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

two-month legal fight over his slow response to a subpoena for documents in James' probe.

Engoron, in a written order posted to the court docket Wednesday morning, appeared incensed that Cushman & Wakefield had asked for him for more time after missing a June 27 deadline that he'd set for the company to turn over subpoenaed documents.

The company said last year it would no longer do business with Trump's company, Trump Organization.

"Cushman & Wakefield has only itself to blame if it chose to treat the looming deadlines cavalierly," Engoron wrote, noting that each delay only prejudices James' investigation and, "indirectly, the people of New York State."

Cushman & Wakefield said it will appeal Engoron's ruling, which came after months of legal jousting between the company's lawyers and James' office.

In a written statement, Cushman & Wakefield said Engoron's contempt finding "demonstrates a failure to understand the extreme lengths Cushman has gone to comply with the Court's order."

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