07122022 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 12, 2022

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Atlantis eyes $500m in fresh investment

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATLANTIS is on target to “exceed” 90 percent of pre-COVID occupancy levels for the 2022 full year, a senior executive has revealed, as it eyes “well over $500m” in new investment for this decade.

Vaughn Roberts, senior vice-president of government affairs and special projects, told Tribune Business the mega resort has “a bunch of things on the table” including the

• Exploring 50-acre Club Med site possibilities • Aims to ‘exceed’ 90% preCOVID occupancy • Room rates up 25-30% in inflationary offset potential redevelopment of the 50-acre site that previously housed the Club Med property on Paradise Island’s southern shore. While not providing

any timelines, he said consultants had advised Atlantis that the site’s optimum use would be as an “ultra luxury resort and residences”.

Together with ongoing renovations to the Royal Towers, and the redevelopment of the still-closed Beach Towers into Somewhere Else, in partnership with Grammy Award-winning musician and producer, Pharrell Williams, and his business partner David Grutman, Mr Roberts suggested Atlantis could enjoy half a billion dollars of investment over a five-to-seven year period as it targets new and improved facilities.

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ATLANTIS RESORT AND CASINO

Exporters told: Prove no domestic financing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN exporters must first prove to the Central Bank that they have been rejected by all domestic financing sources before they will be given approval to seek out alternative funding from overseas.

The draft National Trade Policy, which has been released for consultation, highlights the bureaucracy, red tape and other hurdles that serve as a further disincentive for Bahamian companies to seek out new markets and consumers beyond this country’s borders.

Noting that The Bahamas offers no export financing, insurance and credit guarantees of the sort typically offered by more developed nations, the report pointed out that capital controls such as The Bahamas’ restrictions on access to foreign currency impose a further barrier to local companies and the economy diversifying through trade.

With access to overseas funding granted only when all possible local avenues have been exhausted, the National Trade Policy affirms: “The Bahamas currently has no dedicated export financing support scheme, including export credit, export credit guarantees or subsidised

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JUSTICE LOREN KLEIN

PAUL MOSS

Judge blasts attorneys over ‘lazy indulgence’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SUPREME Court judge has slammed the “lazy indulgence” of Bahamian attorneys in swearing affidavits containing “material” evidence without knowing the facts because it could “embarrass and prejudice” legal cases.

Justice Loren Klein, asserting that such evidence should come directly from parties to a legal dispute, rather than their attorneys, made his criticism as he found in favour of a Bahamian financial services provider’s bid to overturn the imposition of joint provisional

liquidators for an International Business Company (IBC) client.

The affidavit supporting the winding-up Finethic Ltd had been sworn by David Hanna, an attorney with Higgs & Johnson, which was acting for the petitioners.

This came under sustained attack from Maurice Glinton QC, the legal representative for Paul Moss and his Dominion Management Services company, who were bidding to remove the Kikivarakis & Company accounting firm as Finethic’s provisional liquidators.

Mr Glinton had sought to have the affidavit struck out on the basis that Mr Hanna had no first-hand

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‘No victory lap’ as VAT 10% up on pre-COVID • Hospital loan cancel gives Gov’t $46m surplus • But top official warns on ‘substantial tax gap’ • End-year payments spike of ‘$100m or more’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday said there is “no victory lap yet” despite the Government’s modest $46.2m April surplus due to the continued existence of a likely “substantial tax gap”.

Simon Wilson, the financial secretary, told Tribune Business that while no numbers had been produced there was strong “anecdotal” evidence that there remains a large difference between the tax revenues that the Government collects and what it is actually owed under law.

Speaking as the Government recorded a rare monthly fiscal surplus, “largely owing” to the return of an $86.2m loan facility that has been cancelled, he added that there

SIMON WILSON is “a lot more work to be done on compliance and enforcement” even though VAT revenues for the first three to four months of the 2022 calendar year were said to be 10 percent ahead of pre-COVID figures.

The Public Treasury received $121m in VAT revenues during April, which represents filings and collections from the prior month. March would have been the first month

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THE TRIBUNE

Tuesday, July 12, 2022, PAGE 3

LEGAL BATTLE LOOMS OVER TREASURE CAY REJECTION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CONTROVERSIAL Austrian financier is preparing for a legal battle after his bid to acquire Abaco’s Treasure Cay resort property was rejected by the Government.

Dr Wolfgang Groeger, speaking on behalf of Dr Mirko Kovats and his family office, responding to Tribune Business e-mails inquiring whether the Davis administration has decided against approving the acquisition, said: “The matter is with our litigation lawyers.” He did not mention who be will be targeted by any lawsuit, but presumably it will seek to challenge the Government’s decision.

Sources close to the deal, speaking on condition of

anonymity because they were not authorised to speak publicly, said Dr Kovats’ proposal was rejected by the Cabinet via letter nearly two weeks ago. Robert Meister, Treasure Cay Resort’s president, confirmed to Tribune Business that Dr Kovats has been rejected by the Government but declined to comment further.

The Meister family, long-time owners of the Treasure Cay Resort and Marina, had in talks with Dr Kovats over the potential deal for several years and a sales agreement was signed between the parties.

However, multiple property owners on Treasure Cay have opposed the Austrian financier’s acquisition bid, with some even grouping together to make a counter offer.

Eric Bethel, a Treasure Cay property owner,

amenities Board member and its former head of security, voiced fears that any legal battle launched

by Dr Kovats could tie up the destination’s ownership for years by deterring other purchasers and, consequently, retarding its development.

He told Tribune Business: “This sounds like this is going to turn into a cluster..... because now if he wants to take it to court or whatever it’s going to be dragged out over years.

This means that nothing can happen in Treasure Cay for a couple of years now, then, by the time that this gets resolved because with the criminal justice system in The Bahamas nothing moves fast.

“I don’t understand how Dr Kovats could try to purchase the Treasure Cay resort and not have a performance bond. This meant

he could have bought the property and just sat on it for years, and then flip it at a later date. We do not want that for Treasure Cay; we want an owner who is committed to the island and its development.”

Dr Groeger told Tribune Business in May that there has never been a request for a $20m performance bond, despite the North Abaco MP, Kirk Cornish, confirming such a security guarantee was requested but that the Austrian financier had refused to pay it.

A resident of Lyford Cay, Dr Kovats made an unsuccessful attempt to buy the former South Ocean property in southwestern New Providence prior to its acquisition by Albany’s developers. And he is also running into opposition from Love Beach residents over plans to develop a condominium complex there.

Amid earlier assertions that he has a tendency to sit on property in The Bahamas and do nothing to develop it, the financier has also attracted controversy in his native Austria throughout his business and investing career, despite building his publicly-listed industrial group, A-Tec Industries, into a conglomerate that once featured over 70 companies and more than 10,000 employees, with turnover pegged at more than one billion euros.

Numerous companies he was involved with early in his business career became insolvent, and Dr Kovats has faced numerous civil lawsuits during his business career, being criminally indicted twice. He was

sentenced to six months’ probation in 2000 by the Vienna High Court over the bankruptcy of a nightclub he had invested in. Dr Kovats was also charged over another nightclub insolvency in 2007, although he was never convicted.

Tribune Business’s own research also found that Dr Kovats and a fellow executive were fined by Austrian regulators in 2012 for providing misleading information to the capital markets, thus harming investors. Following a two-year period of turbulence that began in 2011, A-Tec moved to restart business activities in 2013, after undergoing a reorganisation.

‘Frustration’ mounts over new Eleuthera water woe

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Water & Sewerage Corporation says it has voiced “frustration” to its central Eleuthera water supplier over mechanical breakdowns that left some customers without service from Independence Day evening.

The state-owned water utility, in a statement, said it only has sufficient production to meet 55 percent of the area’s water demand following “a major mechanical failure” at the reverse osmosis plant located at the former US naval station.

While it is investing $2.756m in two water tanks, with the combined capacity to hold two million imperial gallons of water, the Water & Sewerage Corporation statement said this solution will “take several months” to construct and install.

With normal water supply not expected to resume until last night at earliest, the Corporation explained: “This failure has resulted in the loss of water production from one of the

two desalination trains at the plant.

“Presently, customers are being supplied utilising the available storage and the water production from the remaining operational train. However, once the water storage is fully depleted, which we expect by [Sunday] evening, residents in Central Eleuthera, particularly those at higher elevations and those at the ends of the system will experience no water supply, and other residents will experience low water pressure as the remaining operational train water production is only approximately 55 percent of the system demand.”

Central Eleuthera, and the US naval base reverse osmosis plant, were at the centre of the controversy sparked last year under the former Minnis administration when its operator, Aqua Design, frequently threatened to cut-off supply over non-payment. This, though, does not appear to have been a factor this time.

The Water & Sewerage Corporation’s latest statement does not mention

Aqua Design by name as it urged Eleuthera businesses and households to conserve as much water as possible through today.

“The Corporation is also working closely with our desalination contractor who has plants at Waterford, Tarpum Bay, Naval Bay and Bogue, Eleuthera, to identify all major mechanical failure risk components and to ensure that critical spares are readily available on island and adequate redundancies are in place,” it added.

“The Corporation’s Board and management met with the desalination contractor as late as June 28, 2022, to express the frustrations of our customers and all stakeholders with these failures and to agree to a strategic plan for rigorous investments and major operational improvements at these plants.”

The Corporation continued: “The Corporation’s Board has mandated that critical water supply investments for Eleuthera move ahead urgently without delay, and the Corporation recently executed a contract

for a new one million imperial gallon storage tank at our Naval Base pumping station and another one million imperial gallon storage tank at our Bogue Pumping Station at a total contract value of $2.756m.

“The Corporation has paid the initial deposits for both tanks and we are pressing the tank contractor to move as quickly as possible but these works will take several months to complete and commission.

These tanks will increase the available water in storage that can be utilised to supply customers while major mechanical issues are addressed, thereby reducing the frequency of water supply interruptions.”

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NAD INTERN ASCENDS TO OPERATIONAL CHIEF A FORMER Nassau Airport Development Company (NAD) intern has ascended to become its vice-president of operations, At 34, Jonathan Hanna becomes the youngest person appointed to the Lynden Pindling International Airport (LPIA) operator’s executive management team. He replaces Deborah Coleby, who retired from the role in June 2022 after 15 years of service.

Mr Hanna will now lead a team of 100-plus individuals, and be responsible for directing, planning and managing the airport’s facilities, including all airside, landside and terminal operations. He will also direct the development and execution of the airport’s long and short-term operations plans, while maintaining stakeholder relationships and growing

industry knowledge within the company.

Since April 2020, Mr Hanna has served as NAD’s director of terminal operations and facilitation. He has played a key role in managing LPIA’s COVID19 response by developing and implementing health protocols to minimise virus transmission and restore traveller confidence.

Having been fascinated since childhood with how airplanes worked, Mr Hanna spent hours flying model airplanes with his father and - on many weekends - watching aircraft take off and land at LPIA. After graduating from high school in 2006, he enrolled at the Florida Institute of Technology.

NAD began operations the following year and, while in college, Mr Hanna landed a summer internship with the airport management company. He spent every consecutive summer in

JONATHAN Hanna is appointed as NAD’s new vicepresident of operations. His appointment took effect on July 1, 2022.

NAD’s operations department and, on alternate school breaks, volunteered to work during the Easter and Christmas holidays to further study the aviation sector.

Mr Hanna subsequently earned a Bachelor of Science in

Aviation Management and a Master of Science in Aviation Development & Management. In April 2014, he officially joined NAD as a duty supervisor, where he conducted daily terminal inspections and identified ways to address operational risks.

Mr Hanna later became an airside safety supervisor, where he developed operational manuals and worked to conduct safety audit peer reviews for airports within the Vantage network. Vantage is NAD’s operating/ management partner, and in 2017 he was seconded for five months to Vantage Bahamas, a local subsidiary of Vantage, as manager for airport solutions with responsibility for regulatory compliance.

In August 2018, Mr Hanna assumed the role of manager, airport solutions, at NAD with a focus on developing operations manuals and training team

members to ensure compliance with international standards. That same year, Airports Council International (ACI) named him its first Young Airport Professional of the Year.

Vernice Walkine, NAD’s president and chief executive, said of Mr Hanna’s appointment: “Jonathan’s career track at NAD was promising from the start.

Very early on, he showed leadership qualities and strengths in the Operations Department. He has a passion for aviation and is forward thinking.

“Jonathan has the ability to seek out and implement solutions with both operations and customer service in mind. This is critical as we look to optimise productivity, reduce costs and increase our overall efficiency. He has demonstrated his commitment to LPIA’s growth and future progress, and we are pleased to have him join

THE TRIBUNE

our executive management team.

“As we make this transition, we would also like to take this opportunity to thank our outgoing vicepresident of operations, Deborah Coleby, for her steadfast leadership. We see the impact of her work in our ability to run LPIA in the safest, most efficient manner. Both Debbie and Jonathan have worked closely together over the years and we look forward to continuing to implement our short and long-term operational goals for the airport.”

Mr Hanna said: “I’m excited to take on this new role and to be a part of how the future of aviation is shaped in our country. Our goal is to leverage technology to improve the passenger experience in our facilities and, in turn, our overall operations. That will be a major focus over the next three to five years.”

Accounting firm teams for Scotiabank in top Venture Fund presentation banking honour A LOCAL accounting firm teamed with the Bahamas Entrepreneurial Venture Fund for a presentation on how start-ups and micro, small and mediumsized enterprises (MSMEs) can access funding from the latter.

Baker Tilly Gomez was among the companies to present at the Bahamas Development Bank’s (BDB) first-ever Financing Innovation Business Expo, held from July 1-2 at Crypto Isle on East Bay Street. The two-day event featured a tourism village, panel discussions, giveaways, pitch competition, on-site financiers and product demonstrations.

The accounting firm also demonstrated the assurance

and corporate services it provides.

Pictured are Andrew Gomez, audit associate, Baker Tilly; Vernita Campbell, supervisor, Baker Tilly; Senator Quinton Lightbourne, chairman,

Bahamas Development Bank; Chester Cooper, deputy prime minister; Jamal Ijeoma, partner, Baker Tilly; Ilzhem Aragundi, director, Baker Tilly.

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THE ROLE | Based in Nassau and reporting to the Financial Controller, you will assist with managing accounts payables. Duties will include, but not be limited to, preparing claims and return premium cheques/payments, posting credit card payments, posting cheque payments to the General Ledger, reconciling supplier statements and invoices, maintaining a filing system, and reconciling the accounts payable sub-ledger to accounts payable control. In addition, you will undertake administrative and clerical duties to support your primary role and the Finance Department as required.

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SCOTIABANK yesterday said it has been selected by Global Finance Magazine (New York) as The Bahamas’ best bank for 2022.

Roger Archer, Scotiabank (Bahamas) managing director, said: “This award is only possible because of the tremendous efforts of our team during what continues to be a very challenging period, and I want to say a heartfelt thanks to the entire Scotiabank (Bahamas) family.

“As we continue to invest in and evolve our digital banking footprint, we look forward to continuing our tradition of delivering bestin class and even more efficient banking services to our valued customers. We are also extremely grateful for our many loyal customers who continue to place their trust in us as their

financial services provider of choice.”

Scotiabank (Bahamas) said this year’s recognition includes its digital transformation progress, with features added to the Scotia Caribbean Mobile App, including the launch of Scotia SelectPay. The latter is an installments programme for credit card customers.

The bank has also converted three branch locations to a digital banking model where most day-to-day and all personal cash transactions are facilitated at smart Automated Banking Machines. Other innovations were designed to improve banking security and convenience for all customers.

Joseph D. Giarraputo, publisher and editorial director of Global Finance, said of the 2022 awards:

ROGER ARCHER “Corporate leaders face a new set of challenges concerning the choice of their banking relationships. Following on the enormous difficulties wrought by the pandemic, these changes demand increased attention to global commercial relationships. Our awards support decision-makers in selecting the best financial partners.”

THE TRIBUNE

Tuesday, July 12, 2022, PAGE 5

The wrong Tweet

By CHRIS ILLING Business Developer ActivTrades Corp

M

any consider Elon Musk to be the messiah of the global technology industry. But he got bogged down with his billion dollar plans to take over Twitter.

And, at Tesla, the problems are piling up.

Elon Musk is tired: The billionaire has cancelled the agreement to buy the social media service, Twitter.

Automotive chief executives once made fun of Elon Musk. The Tesla boss is an announcement world champion who only burns money with his electric cars. Musk proved them all wrong.

Tesla is now generating returns on sales on par with Porsche. And hardly anyone seriously denies

that the future belongs to e-mobility.

But the recent Twitter takeover battle brings back uncomfortable memories of Musk’s entrepreneurial early days, when it was difficult to be sure whether he was the genius his followers think he is or just a phony.

Does he want to save the planet, and accelerate the global switch to renewable energies? Is he actually pursuing the goal of increasing freedom of expression on Twitter? Or is Musk just about power – and a lot of money?

On April 4, 2022, Musk announced in a stock

market document that he had bought 73.5m Twitter shares for almost $2.9bn.

That corresponded to a 9.2 percent stake, and made the richest person in the world the largest Twitter shareholder. The Twitter share jumped in price, increasing by around 25 percent.

Suddenly, on April 13, Musk started a fullblown takeover attempt.

He wanted to buy all the shares in Twitter at a price of $54.20 each, and take the online platform off the stock exchange.

From the outset, it was unclear exactly what Musk

intended to do with Twitter, or what leverage he saw to significantly increase the value and benefits of the short message service. This was especially since Musk’s strength so far has been in building new, revolutionary companies such as Tesla or SpaceX, instead of investing in corporations that have been stagnating for years like Twitter.

On May 10, Musk announced his plan to bring Donald Trump back to the platform. Twitter permanently banned the former US president after his supporters stormed the Capitol building in January 2021.

On May 16, in the struggle for the Twitter deal, Musk raised some eyebrows with statements about a possibly lower price. An agreement on a lower bid is “not out of the question”, he said in a video interview. Twitter shares

ended the day down about eight percent in US trading at $37.38.

Viewed today, Musk’s $44bn bid back in April was far too high, as technology stocks have fallen into the abyss in the past few months. On June 6, Musk accused Twitter of breaching the agreed terms for the multi-billion dollar takeover. In a letter from his lawyers, it was said that Twitter refuses to release data requested by the entrepreneur about spam and fake user accounts on the platform.

On July 9, Musk cancelled his agreement to buy Twitter. As a reason, his lawyers refer to allegedly insufficient information on the number of fake accounts.

Twitter shares fell more than 6 percent in afterhours trading following the announcement.

The time and energy Musk is wasting on Twitter would be better invested at Tesla. In China, Tesla is suffering from the government’s rigid pandemic control. In the US, the NHTSA (National Highway Traffic Safety Administration) is investigating the extent to which Tesla’s autopilot could have caused accidents. And, in Germany, Tesla has already lost its pioneering role in highly automated driving.

Whether Musk can be forced to take over Twitter remains to be seen. However, Twitter will at least try to obtain from Musk the contractual penalty of up to $1bn provided for in the event of a breach of the agreement. Tesla shareholders seem to like the news since Tesla shares are up a notch.

PM URGED: TAKE ‘DEFINITIVE’ STANCE OVER OIL EXPLORATION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN environmental activist is again demanding the Government take a “definitive” stance on oil drilling in Bahamian waters as he branded this nation’s efforts to combat climate change a “fallacy” without banning such activities.

Joseph Darville, head of Save the Bays and Waterkeepers Bahamas (WKB), reiterated to Tribune Business: “Saying no to oil drilling has to be unequivocal, and has to be put in documentation and made in a sacred trust that there will never be such a thing as oil drilling, neither on land or offshore in the archipelagic nation of The Bahamas.”

Without the Government taking such a step, he asserted that the

Government’s efforts to monetise this nation’s environment and so-called “carbon sinks” via initiatives such as the Climate Change and Carbon Market Initiatives Bill 2022 were effectively meaningless.

The Prime Minister, in his public statements, has said that while his administration would permit future oil exploration in Bahamian waters it would not allow commercial extraction of any discoveries. Instead, somewhat like carbon credits, it would then seek to obtain financial compensation for deciding not to access this resource and, in so doing, aiding the world’s efforts to reduce fossil fuel use and fight climate change.

Mr Darville, though, branded this position as a “fallacy”. He added: “It has been proven from seismic exercises that there is oil in The Bahamas. We don’t

even know why Bahamas Petroleum Company abandoned the oil exploration?

They did not complete the drilling of that place and, interestingly enough, without accurate information and with a lack of a Freedom of Information Act to gain information we don’t know exactly why they stopped.”

Bahamas Petroleum Company, now Challenger Energy Group, in early 2021 said its Perseverance One well - drilled in waters 90 miles west of Andros - failed to uncover commercial oil deposits that would be economically viable to extract. It has since moved on to more promising territory in Trinidad, where it acquired an entity that owned fields already producing oil, as well as offshore exploration licences off Uruguay.

However, it has not given up on The Bahamas.

Challenger has repeatedly said it is seeking to negotiate an extension of its four now-expired exploration licences with the Bahamian government which, if successful, would be used for the drilling of another exploratory well in this nation’s waters. However, it has indicated that no further oil drilling will take place unless it finds a joint venture partner to share the financial, technical and operational risk.

Mr Darville said he hoped oil exploration in Bahamian waters was “dead”, with activists still awaiting the Prime Minister’s response to their letter calling for the Government to make a “definitive determination” on the issue.

“That has to be sworn in legal terms. The Bahamas is still quibbling around with it, and I think it is for the benefit of other people who may have been entangled

in this affair initially, and those who probably still are on the slate, to gain benefits from it. So it’s the devil in the details,” he added.

As for The Bahamas’ efforts to monetise its environment via carbon credits, Mr Darville said: “We have a phenomenal amount of mangroves in this archipelagic nation of The Bahamas, and we have an abundance of reefs and channels and so forth, so we have a very live and productive ocean and coastal area, and what protects our coastal area are the mangroves because they have the ability to suppress that abundance of carbon more than any other tree.

“So we are in a potentially good area in order for people to benefit in reducing their carbon footprint, but not at the same time encourage them to maintain their foolishness. If we are enabling them to do that

JOSEPH DARVILLE then it is a contradiction in terms, and I certainly hope and pray that we don’t go down that route simply because we are going to get a few dollars or something.

We are going to allow other major companies in the world to continue to pollute our environment with fossil fuels and so on.”

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 6, Tuesday, July 12, 2022

STOCKS SLUMP ON WALL STREET AMID RECESSION, RATE WORRIES

By DAMIAN J. TROISE AND STAN CHOE AP Business Writers WALL Street got back to slumping Monday to kick off a week full of updates about how bad inflation is and how corporate profits are handling it.

The S&P 500 fell 1.2% and gave up the majority of its gains from the prior week. The Dow Jones Industrial Average slipped 0.5%, and the Nasdaq composite dropped 2.3%.

Stocks of smaller companies were some of the biggest losers, with the Russell 2000 index down 2.1%, as worries about a possible recession continue to dog markets.

The highest inflation in four decades is pushing the Federal Reserve to hike interest rates, which puts the clamps on the economy and pushes downward on all kinds of investments.

Parts of the economy are slowing already, though the still-hot jobs market remains a notable exception.

COVID also continues to drag on the global economy.

An outbreak of infections is forcing casinos in the Asian gambling center of Macao to shut for at least a week.

That sent Wynn Resorts and Las Vegas Sands down more than 6% apiece for some of the larger losses in the S&P 500. Twitter lost even more, 11.3%, in the first trading after billionaire Elon Musk said he wants out of his deal to buy the social media platform for

$44 billion. Twitter said it will take Musk to court to uphold the agreement.

Other big technology companies were also particularly weak. It’s a continuation of this year’s trend, where rising rates most hurt the investments that soared highest earlier in the pandemic.

The struggles pulled the Nasdaq down 262.71 points to close at 11,372.60. The S&P 500 dropped 44.95

THE TRIBUNE to 3,854.43, and the Dow dipped 164.31 to 31,173.84.

In the bond market, a warning signal continued to flash about a possible recession. The yield on the 10-year Treasury slid to 2.98% from 3.09% late Friday as investors moved dollars into investments seen as holding up better in a downturn. It remains below the two-year Treasury yield, which fell to 3.07%.

Such a thing doesn’t occur often, and some investors see it as a sign that a recession may hit in the next year or two. Other warning signals in the bond market that some see as more reliable, which focus on shorter-term yields, still aren’t flashing.

But they also are showing less optimism.

‘No victory lap’ as VAT 10% up on pre-COVID FROM PAGE B1 that all VAT registrants quarterly as well as monthly payers - submitted filings at the new, lower 10 percent rate and on a broader tax base due to the elimination of most ‘zero ratings’ and ‘exemptions’.

Mr Wilson said the April outturn, which was narrowly higher than the $119.3m in VAT collected in January (December’s filings and payments) under the old 12 percent rate, showed that the reduced rate and broader tax base had produced the “desired effect” by increasing revenues.

However, he conceded that

the economy’s post-COVID reflation and inflation will also have played a part.

And, even though VAT collections exceeded fullyear targets in the first ten months of the 2021-2022 fiscal year, the financial secretary said the Government is not making any upward revisions to projections that revenues will come in some $208m ahead of the original Budget estimates.

This, Mr Wilson explained, is because VAT revenues on real estate purchases were “soft” in June as parties involved in such deals delayed bringing documents forward for stamping until this

month so that they could tax advantage of the lower rates associated with the 2022-2023 Budget.

And government spending typically peaks just before the fiscal year closes at end-June as ministries, agencies and departments present all their unpaid bills and IOUs for payment in a bid to clear them before that date. Mr Wilson said the Ministry of Finance is presently calculating this payment surge, but conceded it “could be up to $100m easy or way more”.

Still, he added that the Government was “very confident” based on the April numbers and figures

for the two prior months that the VAT rate cut - from 12 percent to 10 percent has had no negative impact on revenues and may have slightly increased them.

“We said initially that it would take us about three months to properly see if the cut has really had the effect we desired. I think it has, but we have a lot of work to do on enforcement and compliance,” Mr Wilson told this newspaper.

“We don’t know our tax gap.

“That is the gap between what is paid and what the amount potentially owed is. What we have seen is the gap may be substantial, so we have a lot of work to do. Anecdotally, it could be substantial, so there’s much more work to be done on the compliance side, much more.”

The Prime Minister alluded to such a “tax gap” in his May Budget presentation, when he said the $169.433m real property tax collection target for 2022-2023 is but a mere 60 percent of the total $280m billed to taxpayers, meaning that $4 out of every $10 owing to the Public Treasury goes uncollected.

“We’re somewhat satisfied but not very satisfied,” Mr Wilson added of the April figures and fiscal performance over the 20212022 budget year’s first ten months. “We have a lot more work to be done on the revenue side, a lot more. The Business Licence is an area of concern, so there is no victory lap yet.”

VAT collections of $956m for the ten months to endApril exceeded full-year forecasts of almost $926m with two months still to go in the fiscal year. “I think we’re trending about 10

percent above over those three to four months. We’re trending higher than preCOVID. We’re trending above 2019,” Mr Wilson said of the VAT figures.

Based on performance for 2021-2022 to-date, the Government could have realised an additional $170m in VAT over the 2021-2022 fiscal year’s final two months. This would take total collections for the full-year to around $1.126bn, a figure that would be close to $300m shy of the $1.412bn in VAT targeted for 2022-2023.

“We said we’re going to be $208m above the projection and we’re sticking with that projection,” Mr Wilson said of full-year revenue, suggesting that VAT has not closed out 2021-2022 so strongly. “Because of the changing rates, many persons held their property transaction documents back in June. June was kind of soft.”

The Government has introduced a tiered scale for VAT payable on property transactions below $1m, eliminating the previous 10 percent rate that all purchases valued at above $100,000 paid. While persons buying property valued at less than $100,000 will still pay the 2.5 percent VAT rate on the sale/purchase, those acquiring at a price between $100,000 and $300,000 now pay 4 percent.

Non-first time buyers face a 6 percent VAT rate where the property value falls between $300,000 and $500,000, and 8 percent between $500,000 and $700,000. Properties valued at between $700,000 and $1m attract 9 percent. To obtain these lower rates persons held back bringing

Regardless of whether a recession is imminent, investors likely need to brace for much more volatile markets than they’ve become accustomed to over the last 40 years, strategists at BlackRock said Monday.

For decades, an era of “Great Moderation” smoothed out swings in economic growth and inflation and rewarded investors for “buying the dip” whenever prices dropped. Now, with production constraints driving inflation higher, heavy debt levels weighing on economies and “the hyper-politicization of everything” affecting policy decisions, BlackRock strategists say they’re expecting more volatility and shorter time periods between recessions.

their conveyances forward for stamping, and payment of due taxes, until this month.

The April fiscal report, released by the Ministry of Finance, reveals that while the Government generated a $46.2m surplus for the month this was “largely owing to the return of a $86.2m PHA (Public Hospitals Authority) capital subvention”.

Mr Wilson confirmed this relates to the cancellation of a loan from Banco Santander, underwritten or guaranteed by the World Bank’s Multilateral Investment Guarantee Agency (MIGA), which was taken out by the former Minnis administration to finance redevelopment of both the Princess Margaret Hospital (PMH) and Rand Memorial Hospital. Despite the low 3.23 percent interest rate attached, the Davis administration has elected not to proceed with that.

Without this one-off development, a deficit of some $40m would have been recorded for April.

And, while the deficit for the ten months to endApril 2022 looks relatively healthy at $290m, just 33.8 percent of the $858.6m projected in the supplementary Budget, this was set to expand substantially before June ends.

Besides the extra $251.4m in supplementary borrowing needed to pay off various arrears, Mr Wilson said “the cyclical nature of the Budget” meant many government payments take place towards fiscal year-end. He added that this “could be substantial”, ranging from $65m or 0.5 percent of GDP, to “up to $100m easy or way more”, as both government vendors and agencies bid to “clear their books” before end-June.

THE TRIBUNE

ATLANTIS EYES $500M IN FRESH INVESTMENT FROM PAGE B1 In the immediate term, he added that the destination resort is seeing “no headwinds” or “any danger in front of us” despite growing fears that the US may slip into recession as the Federal Reserve continues raising interest rates to counter inflation that is now at 40-year highs.

Revealing that Atlantis is seeing no let-up in the pace of guest bookings, which has returned to pre-COVID levels and presently remains strong through into 2023, Mr Roberts said the property was on track to either match or beat its target of reaching 90 percent of prepandemic occupancy levels for this year.

And, if occupancies dropped below budgetary projections, he revealed that this was being offset by average daily room rates (ADRs) that are 25-30 percent higher than previous year comparisons. As a result, Atlantis is “holding margins well”, with The Bahamas’ decision to eliminate COVID entry testing for vaccinated tourists both removing a potential travel deterrent and reason for travellers to select another destination.

“We’ve got a bunch of things on the table,” Mr Roberts told this newspaper, indicating Atlantis is not just focused on the immediate future. “There’s the redevelopment of the Beach Towers, the

renovations to the Royal Towers. We have 50 acres of highly valuable land for future development where the former Club Med site is.

So if you factor those things in it will be well over $500m over five to seven years.

“That includes some development on Club Med. There are significant opportunities in front of us to really improve our facilities and add new facilities as well.” Mr Roberts gave no development timelines but, while no construction start is imminent, he disclosed that Atlantis has been exploring which type of resort-related development on that site will yield the best return.

“The obvious opportunity is ultra luxury resorts and residences,” he affirmed. “I would think that’s the highest and best use for the site.

That’s what all the consultants we’re talking to are saying, so that’s probably where it ends up. To the extent that The Bahamas is very attractive for development, that’s a very precious site.”

More immediately, Mr Roberts said Atlantis has seen no sign that growing concern over the US economy’s health is having any impact on its bookings and visitor interest. Besides the pent-up COVID demand that continues to hold, he added that the stock market’s previously strong performance and pandemic stimulus pumped into the economy by the federal

government were also providing travel support.

“We’re not seeing any impact, any headwinds from that stuff in our bookings yet, even into next year,” the Atlantis executive said of global inflation woes.

“People want to get out and see the world. Obviously being so close to our main market, business is still strong.

“We’ve returned to pace on future booking levels, seeing continued strength in the bookings through the rest of this year into next year. In the group market, which in its traditional booking window, books a year out - sometimes two to three years out - we’re not seeing anything in our booking pace that suggests there’s any kind of slowdown in the next 18 months.

“If the US falls into recession, which would have wider global implications, some of that business on the books now will fall away but we’re not seeing anything to suggest at this point that there’s any danger in front of us other than what we’re hearing in the financial markets.”

Mr Roberts, as a result, voiced confidence that Atlantis will hit - or even beat - its target of returning to 90 percent of pre-COVID occupancies for the full year. “We’re getting much closer to closing in on where we were prepandemic,” he told Tribune Business. “We’re projecting this year, budgeting this

year, to be about 90 percent of where we were prepandemic. Across the year, we’re trying to get to 90 percent of where we were.

“We’ve built up to that very well. The year is half-way through, and our performance against budget is very good and very strong. Even when occupancy numbers are lighter than budgeted, we’re seeing so much uptick in room rates that margins are holding well. We’re very confident that we’re going to meet and exceed our budget, which is 90 percent of pre-COVID occupancy.

We’re very happy with where we are and what we see for the next six months.”

Mr Roberts said the “higher ADRs than budgeted” have helped Atlantis to offset, and counter, its own increased costs and expenses that have resulted from inflation and supply chain backlogs. “The rates are priced up so from a cost perspective we’re managing through inflation on supplies and supply chain issues, and paying very close attention to what is happening here with utilities,” he added. “We’re very carefully watching that.”

Average daily room rates (ADRs) are up 25-30 percent on prior year comparatives for the same period, and the Atlantis executive said this was being driven by a combination of higher visitor demand and reduced room

Tuesday, July 12, 2022, PAGE 7 inventory at both the resort and wider destination.

Apart from the Beach Towers closure, rooms at Atlantis’ Royal Towers are also presently offline due to renovations. In addition, both the Melia Nassau Beach Resort and British Colonial properties are presently closed with the former also undergoing upgrades while the latter awaits a new brand partner.

“You have to bear in mind a large portion of the room inventory is closed,” Mr Roberts said. “It’s well over 1,500 rooms out of service in a destination that has 11,000 to 12,000.” Thus the supply restrictions, coupled with post-COVID demand, have combined to give Atlantis - and possibly other Nassau/Paradise Island resorts - higher room rates.

He added that, after two years of grappling with COVID, the Nassau/ Paradise Island destination appeared poised for “a good run”. Pointing out that both Atlantis and Baha Mar had both enjoyed “record years” in 2019 prior to the pandemic, Mr Roberts said “there’s still upside” for both properties as their combined marketing spend helps to draw new visitors to the destination.

Despite concerns over the airline industry’s continuing travails, involving flight cancellations and pilot/staff shortages, Atlantis is focusing on what it can control by “driving demand” for the resort with help from the Ministry of Tourism and Nassau/Paradise Island Promotion Board. Once that

proves successful, airlift will expand accordingly from key source markets such as Miami and Atlanta and the key connecting hubs that service them.

And with both The Bahamas and US easing/ eliminating their COVID entry testing requirements, Mr Roberts said a potential reason to choose either Florida or the Caribbean over this nation has been eradicated. “It’s continued to strengthen our business,” he said. “Our business has been rebounding anyway in the first half of this year, and we’d been advocating for the Government to relax the protocols.

“We knew all along that they would not take action until the US acted on its protocols. They moved very quickly when they did. It’s removed one more hurdle.

We had larger groups concerned about how we could test 400 people within the required time. We’ve done a good job setting up testing facilities, it was a concern for group producers.”

Mr Roberts said both Atlantis and Baha Mar were “packed” last week following US Independence Day as families take advantage of the summer vacation season to travel.

“We’re seeing new patterns in some of this,” he said. “The first two weeks in June typically might have been softer weeks. In some of the shoulder periods we’re seeing stronger demand than has historically been there.”

PAGE 8, Tuesday, July 12, 2022

THE TRIBUNE

Exporters told: Prove no domestic financing FROM PAGE B1 export insurance, in place.

In addition, due to the capital controls in place, exporters cannot easily obtain such services from foreign financial services providers.

“Although foreign sources of financing can be obtained, this requires prior application with and approval by the Central Bank. Approval will also only be granted if the business has first tried to obtain the financing domestically, and demonstrates this to the Central Bank in the application - for example, by providing refusal letters by domestic financial services providers.

“This requires additional work and time by exporting businesses. Although some of the commercial banks in principle offer export finance services, these are costly and difficult to obtain for first-time exporters.”

The National Trade Policy continued: “The absence of dedicated export financing, as well as guarantees and related schemes reducing risks for exporters, has a negative effect on exports. It particularly deters businesses without trade experience from entering into exports in the first place, based on risk-benefit considerations.

By offering risk sharing, a government-supported export finance and guarantee programme can induce domestic businesses to start exporting.”

Export credit guarantees and insurance are designed to minimise the risk that a company will suffer loss, or not receive full payment for their goods and services, when it exports them to an overseas market. Their provision also helps to provide access to bank and

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

other commercial financing sources at lower interest rates.

However, offering such products and protection could be a step too far for a conservative, risk averse government which is already facing severe fiscal constraints and challenges due to its $11.8bn national debt which has only been made worse by the Dorian and COVID-19 blow-outs.

Nevertheless, the National Trade Policy recommends that the Government go ahead in partnership with domestic lenders.

“The Government will develop and establish a programme to provide export credits, export credit guarantees, as well as insurance against export risks,” it proposes. “Collaboration with existing commercial financial institutions will be sought in order to avoid crowding out of the commercial trade finance supply.

“Specific actions to be taken are [to] develop and adopt concept for export credit, export credit guarantee and export insurance schemes [and] implement adopted schemes.” This, it suggests, will require input from the Central Bank and Insurance Commission, as well as the involvement of the likes of the Bahamas Development Bank (BDB) “preferably” working with private sector lenders and insurers.

The National Trade Policy also calls on The Bahamas to review its existing investment incentives and legislation given the complexities created by having multiple Acts and uncertainties over how companies qualify to access them.

“The Government maintains various support schemes for businesses in The Bahamas. These schemes include - but are not limited to - the Industries Encouragement Act, the Agricultural Manufacturers Act, the Spirits and Beer Manufacture Act and

the Hotels Encouragement Act. In addition, Chapter 98 of the Tariff Act also provides for exemptions from customs duties for additional groups of products and beneficiaries,” the report says.

“Although in principle these existing incentive schemes have helped (some businesses stated that they have been essential) domestic businesses and compete with import competition and on export markets, they also pose a number of challenges. First, not all businesses are eligible (or register) for the exemptions, and it is not always clearly specified who is eligible or not.

“Also, the lists of inputs or equipment exempted from import duties are not always fully appropriate or up-to-date. Third, and related to the first point, the various encouragement Acts set different conditions to benefit from exemptions as well as provide a different scope for exemptions,” the National Trade Policy added.

“Fourth, the administrative and compliance costs of incentive acts are higher – further exacerbated by the spread of exemptions and benefits across various laws and regulations, involving a range of ministries in the administration – compared to a situation where statutory tariffs were lower.”

Calling on the Government to “streamline the system and enhance efficiency”, the report suggested “a comparative review of all incentive schemes that are in place for domestic businesses, covering their respective scope, approach -whether they list specific items or provide for general exemptions - requirements for and conditions of access to benefit from incentives, and the actual use of the scheme by businesses, resulting in recommendations for alignment and harmonisation, including the possibility of combining schemes”.

Financial Controller A Bahamian owned company is seeking a

Financial Controller

Applicants should possess the following qualifications: Knowledge and Education: • An accounting Degree • A minimum of ten years industry experience as a financial controller in managerial capacity.

Skills: • Excellent interpersonal skills • Excellent managerial skills • Strong computer skills • Strong analytical skills • Strong oral and written skills • Able to work in a very dynamic environment Job responsibilities include the following: • Supervising the complete accounting cycle • Preparing monthly financial statements • Co-ordinating all other areas of the business to ensure optimal efficiency • Dealing with all government reporting requirements Interested persons should apply no later than July 19, 2022.

Apply to: DA #140375 c/o The Tribune P.O. Box N-3207 Nassau, The Bahamas

THE TRIBUNE

JUDGE BLASTS ATTORNEYS OVER ‘LAZY INDULGENCE’ FROM PAGE B1 knowledge of the facts he was attesting to, and Justice Klein agreed it was “a most troubling point” that it had come from an attorney in the firm that was pushing the winding-up petition.

While it was acceptable for attorneys to swear affidavits for matters in which they have direct involvement, such as settlement negotiations, the judge added: “In my considered view, affidavits which seek to establish facts material to the application, and which might have to be tested on cross-examination ought not to be sworn by counsel of the same firm presenting the application, and certainly not by the advocate appearing himself.”

Finding that a company’s affairs should always be detailed by someone with first-hand knowledge of the situation, Justice Klein said: “The facility of having in-house counsel swear material affidavits might be regarded as a simple matter of convenience.

“To my mind, however, it is a lazy indulgence that should not be encouraged or tolerated having regard to the relative ease with which affidavits can be procured from the proper principals wherever situated in the world by the use of information technology, even if it means filing such affidavits under cover of local affidavits until the requirements under the Hague Convention 1961 for apostilisation can be satisfied.”

While there was nothing in law to prevent this, Justice Klein said equally that there was “very little in the law or practice to condone it”. He added: “All of the cases and authorities speak with one voice in deprecating the practice and indicate that it is to be avoided at all costs.

“In my view, it amounts to something more than an undesirable or bad practice; it necessarily diminishes the probative value of the evidence before the court and always has the potential to embarrass and prejudice the proceedings.”

Justice Klein’s comments came as he ruled on a dispute involving Finethic’s equal 50/50 shareholders, the brothers Georgio and Andrea Nembri. The two had been at loggerheads over the management and direction of the company since 2015, with “the paralysis” resulting in the resignations of its thendirectors, Gina A. Martinez and Fernando A. Gil, on December 12, 2016.

Aleman, Cordero, Galindo & Lee (Bahamas) also resigned as registered agent on that same date.

However, a written resolution passed solely by Andrea Nembri on April 20, 2017, installed Dominion Management Services as the new registered agent, with Mr Moss and Melanie Lightbourne as president and secretary, respectively.

This sparked Georgio to initiate winding-up proceedings on August 21, 20201, on the basis that Finethic was in “gridlock”. At a hearing where only himself was represented, then-justice Ruth Bowe-Darville granted the winding-up and Anthony Kikivarakis and Cheryl Simms of Kikivarakis &

Co were appointed as joint provisional liquidators.

Mr Moss, Dominion and Finethic moved within three weeks to have the winding-up overturned, and the Kikivarakis & Co accountants removed, via legal action initiated on September 17, 2020. Georgio Nembri alleged in his petition that the appointments of Mr Moss and Ms Lightbourne were invalid because he, as a 50 percent shareholder, had never agreed to them.

“It is further alleged that based on the lack of participation by the petitioner in the appointment process, the petitioner is of the view that Andrea Nembri and Mr Moss ‘have conspired to take improper steps to prejudice his interests in the company,” Justice Klein recorded.

“It is stated that the company holds a bank account with LGT Bank AG in Liechtenstein, which is said to contain a significant amount of money belonging to Andrea and Georgio as members of the company.

It is averred that the petitioner was contacted by the bank and made aware that by resolution dated May 8, 2020, Mr Moss conveyed to the bank that he was entitled to access the account.”

Georgio Nembri alleged that Mr Moss’ actions were “alarming and entirely improper”, and that he needed to be “immediately restrained” otherwise Finethic could suffer “irreparable harm”. However, Justice Klein found that Mr Moss had standing to act as the company’s president and director.

And Mr Moss, in his witness statement, said the allegation that he conspired with Andrea Nembri against Georgio was “unfounded and false”. He added: “I am both offended and embarrassed by the allegations, and that the Act could be so manipulated to procure such appointment (of joint provisional liquidators) by maligning my professional reputation as counsel and attorney and personal character.”

Justice Klein found for Mr Moss, ruling: “There is the suggestion that the steps taken by Mr. Moss vis-à-vis the banking arrangements were to take control of the bank account, and that this was being done pursuant to some conspiracy between Mr Moss and Andrea. But these were bare, unsubstantiated second-hand allegations and innuendos, made in circumstances where there was plainly no evidence to support them.....

“Neither were there any specific allegations of any culpable behavior involving any breach of duty, or mismanagement or misconduct.” Justice Klein also noted Mr Moss’s assertion that Georgio had failed to fully disclose all the necessary facts, including a $1.4m arbitration ruling against him in Italy over allegations he had “stripped” funds from Finethic’s key asset.

“It seems the petitioner benefits if the company is ordered wound up,” Mr Moss alleged. Justice Klein ultimately set aside the appointment of the joint provisional liquidators, finding that the grounds to justify their appointment had not been met.

NOTICE

NOTICE is hereby given that ERIC TREVOR MOORE of #19 Mall Road, Soldier Road West, 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 5th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Tuesday, July 12, 2022, PAGE 9

PAGE 10, Tuesday, July 12, 2022

THE TRIBUNE

NOTICE

NOTICE is hereby given that JEAN CARNOLD DAUTRUCHE of #49 Tropical Gardens, 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 12th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

CROSSWORD PUZZLE

Monday, July 11, 2022

NOTICE

NOTICE is hereby given that LERESTE CINEAS of Marathon Road, 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 12th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ZADIA TANESHA MCLEAN of #5 St Albans Drive, P.O. Box N-7509, 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 4th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau,

NOTICE

NOTICE is hereby given that DEMARI NATHANIEL DAVIS of #5 St Albans Drive, P.O. Box N-7509, 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 4th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LOVELY DANY of Tropical Gardens, 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 12th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE IN THE ESTATE OF CHARLES ELLIOT SANDS, late of Leo Pinder Main Street of the Settlement of Spanish Wells, St. Georges Cay in the Commonwealth of The Bahamas, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 4th day of August, A.D. 2022 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 5th day of July, A.D. 2022 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

MARKET REPORT www.bisxbahamas.com

FRIDAY, 08 JULY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 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

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%

2592.72

0.01

0.00

364.48

16.36

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 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 6.48 39.95 2.44 2.35 2.51 6.10 9.75 3.95 9.33 3.64 8.00 16.00 2.84 10.26 11.34 10.85 17.26 3.90 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 3.64 8.00 16.00 2.83 10.26 11.36 10.85 17.26 3.90 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

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.02 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 19.8 17.8 22.2 27.7 22.0 17.6 14.9 21.2 19.2 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% 3.30% 2.75% 4.50% 15.34% 0.58% 2.89% 2.21% 3.13% 3.08% 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