07242022 BUSINESS

business@tribunemedia.net

WEDNESDAY, JULY 13, 2022

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Seven-day approval to slash FDI ‘frustrations’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• Bahamas must cut investor wait from 60 days • Report: Take politics out of ‘antiquated’ system • Limit NEC role to ‘sensitive’, $100m projects

THE Bahamas must slash the time required to approve investment projects from “more than 60 days” to seven or less if it is to remain economically competitive and transform a “bureaucratic, onerous and antiquated” process.

A report prepared for the COVID Economic Recovery Committee, which has been obtained by Tribune Business, calls on the Government to completely overhaul an investment approvals mechanism that “is manually intensive and lacks transparency” by converting the Bahamas Investment Authority (BIA) into an online agency whose processes are fully digitised.

Besides making the BIA more efficient, the Revamping the National Investment

Policy of The Bahamas report also urges that politicians play a lesser role in the investment approvals process by reducing the National Economic Council’s (NEC) involvement with lower-value proposals that raise no “sensitive” concerns.

Suggesting that only projects worth $100m or more go before the NEC, which is really the Cabinet or a Cabinet committee/sub-committee, the report said the political directorate’s role was

viewed by investors and their advisers as “non-value added and overly bureaucratic”.

Branding the NEC’s role as “duplicative and uninviting to foreign investors”, the report said frequent changes to its meeting schedule merely lengthen “an already haphazard and onerous process”.

The resulting frustrations, it added, “discourage foreign investment” which the Davis administration has identified as critical to driving the

Bahamian economy’s postCOVID recovery and job creation.

The report went so far as to describe investor criticisms that the NEC is “not fit for 21st century business”, with both existence and role seemingly “unique to The Bahamas” as no other country has such a body to review and approve foreign direct investment (FDI) proposals.

These recommendations, which were prepared by the Securities Commission’s policy, research and compliance unit for the former Minnis administration’s COVID Economic Recovery Committee, have never been publicly disclosed before.

However, they are no less relevant today because the report appears to be the template informing the Davis administration’s efforts to transform the BIA into Invest

SEE PAGE B4

BISX ‘on it’: Exploring carbon credit potential

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange (BISX) is exploring whether to add carbon trading to its business model, its chief executive pledging: “We’re on it.”

Keith Davies told Tribune Business that the exchange was examining the Carbon

Credit Trading Bill, which was last week tabled in the House of Assembly and has been released for industry and public consultation, to determine whether it is something it can facilitate and become involved with.

If BISX is able to provide the necessary mechanism, meet all the regulatory and other requirements, and sees it as a potential new trading

activity that can add value to its business, Mr Davies said it will move to exploit the opportunity. He added that among the key issues to resolve is settlement, which involves the clearing of transactions in such manner that the seller receives full payment and the buyer the security they have purchased.

SEE PAGE B10

KEITH DAVIES

Ex-BPL union chief wants 74-month payout restored

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bahamas Power & Light (BPL) managerial union chief will today seek permission to appeal a verdict that slashed his “handsome windfall” of $621,000 in termination compensation by more than 75 percent.

Ervin Dean, who was senior manager of credit and collections at the stateowned electricity monopoly when dismissed on September 22, 2017, will appear at the Court of Appeal seeking leave to argue before the London-based Privy Council that the original award should stand rather

than be reduced from 74 months to just 18.

Legal documents, filed on June 8, 2022, reveal that Mr Dean’s appeal is based on his contention that the Court of Appeal “failed to give any weight” to evidence allegedly showing BPL “had established a practice whereby terminated managerial personnel were fully compensated for the length of their contract period”.

As a result, he contends that he should have been paid for the remaining six years and two months of his contract - as former Supreme Court justice Ruth Bowe-Darville found

SEE PAGE B5

Bahamas tariff model deemed ‘back to front’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ tariff structure is the reverse of the conventional model applied by most countries to protect domestic producers from foreign competition, the draft National Trade Policy argues.

The document, which has been released for industry and public consultation, says that - while most countries apply their highest tariffs to goods bought by the final consumer - The Bahamas has its lowest average duty rates in this area.

And, while other nations save their lowest tariff rates for raw materials used by their domestic producers, The Bahamas has its highest rates on these and other intermediate input goods. With a tariff policy that is effectively ‘back to front’, the National Trade Policy says The Bahamas has sought to protect its domestic industries via tax breaks and concessions on raw materials that can be accessed via various incentives laws.

“In most countries, this problem of effective protection has been addressed by escalating tariff structures,

SEE PAGE B10

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THE BAHAMAS CENTRAL BANK

Banks and regulator seek to ‘mute’ cheque-end dissent • Want PR effort to counter ‘fear of change’ • And ‘minimise negative public feedback’ • Tender removed following Tribune query

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday removed from its website a document seeking bids for a campaign “to mute” opposition to the elimination of cheques after the language used was questioned by Tribune Business.

The tender, which sought proposals for a public relations and education campaign over plans to cease using cheques as a payment means by end-2024, revealed that the regulator as well as the Clearing Banks Association (CBA) and wider financial services industry want to minimise “negative public feedback” to the proposal.

The Central Bank said “anecdotal” feedback suggested some Bahamians are opposed to this drive, “whether out of nostalgia, fear of change or unfamiliarity with evolving payment technologies”, and greater public education was needed to counter this.

However, this newspaper pointed out that the phrase “the parties concerned seek to mute these objections” could be interpreted by some as an effort to muzzle, or stifle, dissenting voices to the elimination of cheques as a means of settling financial transactions.

This was denied by John Rolle, the Central Bank’s governor, in an e-mail exchange with Tribune Business although he said the tender document’s wording would be reviewed.

SEE PAGE B6

PAGE 2, Wednesday, July 13, 2022

THE TRIBUNE

PM TO DELIVER KEYNOTE AT COMMUNICATIONS SUMMIT THE Prime Minister will be among the lead speakers at a Caribbean regional communications conference that is set to open in Miami on Sunday.

Philip Davis is set to deliver a keynote address at CANTO’s 37th annual conference and trade exhibition, which will focus on the future of Caribbean communications connectivity following an enforced two-year break to the

in-person summit caused

by COVID-19.

Regional heads of state and government, along with regulators, telecommunications operators and industry stakeholders, will come together at the Fontainebleau Hotel to discuss global trends, best practices and forge new alliances.

Cable & Wireless (C&W) Communications, operators of the Flow, Flow Business, C&W

Business and Bahamas Telecommunications Company (BTC) brands, is the main sponsor of the event which is being held under the theme, Enabling the Digital Evolution.

“C&W Communications has a long and proud history of providing reliable connections for the people of the Caribbean, and we are committed to collaborating with all stakeholders to deliver greater opportunities and added value

for our customers and, likewise, all those who communicate via our networks,” said Inge Smidts, CWC’s chief executive.

“This year’s theme brings a focus to the future of connectivity across the region, and we are pleased to be the premier sponsor of this important event as we seek to enable greater digitisation across the region and move this critical agenda forward.”

Mark Anthony Phillips, prime minister and first vice-president of Guyana, will also deliver a keynote address at the conference. Other featured presenters include Aamir Hussain, senior vice-president, chief technology and product officer, Liberty Latin America; Dr Hyginus Leon, president, Caribbean Development Bank; and David Cox, Chairman of CANTO.

CANTO is a non-profit association made up of operators, companies, and individuals in the information and communications technology (ICT) sector.

It advocates for policies, legislation and rules that advance the creation of an environment that facilitates the deployment of services and technologies around the Caribbean and Americas.

BAHAMAS PROVIDES Bank helps top junior achievers MULTIPLE CULINARY AWARDS NOMINEES THE Bahamas is among five nominees in the Caribbean’s Best Culinary Destination 2022 category at this year’s third Annual World Culinary Awards, with leading leading local restaurants also competing for honours.

Voting for all categories opened on June 7, 2022, and closes on August 31, 2022. The World Culinary Awards is a global gastronomy competition that showcases and rewards excellence in the culinary industry.

The Bahamian nominees who will go head-to-head with Caribbean rivals are: * The Bahamas as the Caribbean’s Best Culinary Destination 2022 * The Graycliff Restaurant for the Caribbean’s Best Fine Dining Hotel Restaurant 2022 * Santana’s Bar and Grill, Exuma, for the Caribbean’s Best Landmark Restaurant * Cafe Boulud at the Rosewood for the Caribbean’s Best New Restaurant * Marcus at Baha Mar Fish + Chop House for the Caribbean’s Best Rooftop Restaurant * The University of The Bahamas Tourism Hospitality, Culinary Arts and Leisure Management School for the Caribbean’s Best Culinary Training Institution Participants can also vote for who they believe is The Bahamas’ Best Hotel Restaurant 2022. The nominees for this category are: Carna at SLS Baha Mar; Fish at Atlantis; Graycliff Restaurant; and Hemingway’s at Resorts World Bimini.

The World Culinary Awards was established in 2020, and is the sister event of World Travel Awards, which started in 1994.

THREE top-performing Junior Achievement (JA) Bahamas participants have received a $5,000 donation from CIBC FirstCaribbean International Bank (Bahamas) to assist with higher education costs.

Iyanda Hilton, Chardonnay Bowe and Laverna Hutchins, all winners of the Most Distinguished Achiever (MDA) awards, will use the funds to help pay for college. Hilton, of New Providence, and Bowe, of Grand Bahama, placed fourth in the MDA Awards and received $2,000 each, while fifth place winner Hutchins, from New Providence, received a $1,000 scholarship.

“We are staunch supporters of Junior Achievement Bahamas and acutely aware of the void this non-profit youth organisation fills within our communities,” said Marvin Major, CIBC FirstCaribbean’s Shirley Street branch manager.

“Their dedication to teaching students the foundational principles of financial literacy, work readiness and entrepreneurship is commendable. As a financial institution, we at CIBC FirstCaribbean directly benefit from the savvy, young financial professionals programmes like JA Bahamas produce. Helping students to reach maximum potential in their chosen career fields by assisting with a college level education is one of the many

PICTURED from L to R are Jasmine Joseph, programme co-ordinator of junior achievement for New Providence, and Marvin Major, CIBC FirstCaribbean’s Shirley Street branch manager. ways we invest in our people and our industry.”

While Junior Achievement Bahamas is widely known for its company programme, the organisation also offers a full array of programming that teaches critical life skills to students from K5 to grade 12. This is available to every school on every island in The Bahamas. Using COVID-19 as

a disruptor for positive change, the non-profit now offers these programmes in both face-toface and virtual formats.

Tammy Lecky, JA Bahamas executive director, said: “We know that our programmes change the lives of students.

We only need look at the pillars of industry and community who are JA Bahamas alum to

see the impact we’ve had over the past 42 years.

“However, that being said, we are humbled by regional institutions like CIBC FirstCaribbean recognising our contributions and making the financial commitment to give our achievers even more tools to create the futures they envision while participating in our programmes.”

THE TRIBUNE

Wednesday, July 13, 2022, PAGE 3

Retailer’s Independence sales on pace to ‘triple’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN retailer yesterday said sales of Independence Day memorabilia are on track to triple yearover-year, with business so strong he has had to “turn some away”.

Pedro Neely, owner/ operator of PC Smart Tees, told Tribune Business that significant “support from the Family Islands” helped to boost this year’s sales as Independence festivities returned following a twoyear hiatus caused by the COVID-19 pandemic.

“Locally we did other custom orders, like birthdays and graduations, but Independence was good.

We had multiple orders and we had to turn some away because the holiday started and I needed to enjoy it myself,” Mr Neely said. He added that specialty Independence items will be available for the entire month at PC Smart

Tees, because there are always “late comers” and those who want to celebrate for the entire month.

“We keep our sales up for the entire month because we still have people that want shirts for the Fridays and weekends.

They always want new designs,” Mr Neely said.

While “hidden design” t-shirts have traditionally sold well for PC Smart Tees, the company did not have the product this year. Yet, despite the lack of inventory, Mr Neely added: “Sales were great.

“Last year, for the whole month of July, I had over 100 shirts done and, right now, I’m about halfway and just one week into July, so I think we will crush the 100 mark again. So we’re trending up to be triple of what we had in 2021.”

Cayle Mortimer, owner/ operator of Mortimer Candies, added: “This was a good year for sales. I think because everything is starting to open up now more people had our candies

out for their customers this year.”

Mortimer Candies specialised in the flag-coloured mint candies that have become a year-round treat after they were designed some four years ago to take advantage of the holiday spirit surrounding the Independence celebrations.

Mr Mortimer added: “When first started, the flag-coloured candies used to be once a year, but they grew to a point where we make them year-round now.”

Mitzie Butler, general manager of Party Land, said: “Independence items moved fairly good. Compared to last year it was almost the same; there wasn’t much difference.”

Party Land will keep Independence items on the shelves for a few more days. It will not extend them through the rest of 2022 in common with other retailers because they are in “transition” and many seasonal items will have to move.

‘No impact’ to tourism from US COVID surge

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamian tourism industry has seen “no impact” from the recent rise in COVID-19 cases in the US, a senior hotelier said yesterday.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that infection numbers will continue to fluctuate until the virus has been totally eradicated or brought under greater control.

The US is in the middle of a surge in COVID-19 cases with BA.5, an offshoot of the Omicron variant, now the dominant strain, according to the Centres for Disease Control and Prevention (CDC). The BA.5 sub-variant carries “key mutations” that help it evade antibodies generated by vaccines and prior infection, aiding its rapid spread.

And, a result of the variant being more virulent, hospitalisation rates are expected to increase along with the rise in infections.

Infections through the BA.5 variant will also likely

be underreported because of the rise in at-home testing, with results simply not reported because they have been historically hard to track.

But, despite the spike in COVID infections in The Bahamas’ key source markets in the US, there has been “no impact on bookings” to-date, Mr Sands said.

He added: “There is certainly no indication that it will impact travel to international destinations, and neither has there been any reaction by the CDC, which will be an indicator of what may or may not happen. So, at this time, it’s just something we continue to monitor, but I think we have to be satisfied that cases will fluctuate from time to time.”

The Bahamas is still benefiting from “pent-up demand” among US travellers in the pandemic’s aftermath as the country remains “top of mind precisely because of proximity in terms of closeness to our main market and also the time to get here”.

Mr Sands said: “I think people are satisfied that we’ve also done a very good

ROBERT SANDS

Legal Notice

NOTICE IN THE ESTATE OF HARVEY ERNEST WARREN PLACE late of Unit 9 Harbour Breeze Condominium, Paradise Island, The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before 2 August, 2022 after which date the Executor will proceed to distribute the assets having regard only to the claims of which the Executor shall then have had notice and will not, as respect to the property so distributed, be liable to any person of whose claim the Executor shall not then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

KING & CO., Attorneys for the Executor, Olde Towne Marina, 2nd Floor, Sandy Port, Nassau, Bahamas (Attention: Monique R. Cartwright)

job in terms of COVID management, and also the fact that there are very few impediments to travel to come to this destination at this point in time. So I think all of that is a very positive indication that pent-up demand, and also interest in the destination of The Bahamas, will continue for some time.”

While efforts to market The Bahamas have been less noticeable than in the past, Mr Sands said: “I think what you are not seeing is that marketing comes in multiple forms.

Social media is perhaps the most effective form of marketing and our business today. So you’re not going to see a lot of the splash, expensive TV ads.”

PAGE 4, Wednesday, July 13, 2022

THE TRIBUNE

SEVEN-DAY APPROVAL TO SLASH FDI ‘FRUSTRATIONS’ FROM PAGE B1

Bahamas. That name was first coined by former prime minister, Dr Hubert Minnis, and the current government appears determined to see what was started under its predecessor through to execution.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said in his recent Budget presentation that the revamped Invest Bahamas will be launched this September. He indicated that it will be modelled along the lines of Jamaica’s investment promotional agency, JamPRO, and be transformed into a proactive entity that will target specific industries and investors that The Bahamas perceives to be of great economic value.

Such reforms will be critical to the Government’s strategy of growing its way out of the twin economic and fiscal crises produced

by COVID-19 and Hurricane Dorian, given that it has identified attracting higher levels of FDI as the central element in this expansion strategy.

The BIA is presently the main gateway through which investment projects seeking government approval are funnelled, but this year’s World Investment Report, unveiled by the United Nations Conference on Trade and Development (UNCTAD) agency, disclosed that inbound FDI flows to The Bahamas fell from $897m in 2020 during COVID’s peak to $360m last year - a 60 percent decline.

And the Revamping the National Investment Policy

of The Bahamas report warned that, in COVID’s aftermath, competition between countries to attract FDI will only become more intense with investors becoming increasingly selective over where they deploy their capital to generate the best returns. To succeed in such an environment, it said wide-ranging, deep-rooted and urgent reform is essential.

“Currently, the investment process is unnecessarily bureaucratic, onerous and antiquated.

The entire process, from the submission of a completed application to a final decision by the NEC, can exceed 60 days. Moreover, investors largely bear the responsibility of navigating the various government agencies to complete the approval process, although the BIA does assist with this process,” the report warned of the current process.

“This paper recommends that the BIA be restructured, and that its functions are expanded to more efficiently facilitate and co-ordinate the investment process, ultimately providing a more modern, transparent and faster experience for investors.”

Leaving little doubt as to why such transformation is urgently required, it added: “To become more attractive to foreign investors, increase the level of foreign direct investment inflows and, as a result, increase economic growth, it is critical that The Bahamas revamps the existing National Investment Policy and framework to both apply for and access concessions to compete with both

emerging and advanced countries......

“FDI inflows to The Bahamas have been on the decline, with 2019 marking the second consecutive year of FDI contraction, and are at its [their] nadir since 2010.” Streamlining the BIA and investment approval process to provide faster, more efficient answers for investors, and eliminate any uncertainty, is a key step to reversing this trend, the report added.

“Currently, the process for investment approval from the BIA can take 60 days. This is not a competitive timeline. Additionally, the process is manually intensive and lacks transparency. It is recommended that the BIA be digitised in the first instance,” the report recommended.

It added that The Bahamas’ ‘60-days and counting’ approvals timeline compared unfavourably with rivals such as the United Arab Emirates (UAE), which on average took five days. Hong Kong was said to process online applications within one day, and hard copy applications within four days, while the Cayman Islands took two to four weeks. Even Jamaica took only three to five days to acknowledge receipt of an investment application.

“Investors should be able to electronically submit applications online, receive an acknowledgement of receipt of application, track the stages of the proposal and be notified of approval, denial or any request for additional information. To this end, the BIA should have an initial response rate of one to three days

for acknowledgement of receipt of proposal, and the entire process should not take more than seven working days if The Bahamas is to remain competitive,” the report said.

“If completion of approval within seven days is not feasible, efforts should be made to increase response time to acknowledge receipt of proposal and to reduce the NEC approval timeline. Foreign investors should also have the ability to register for property acquisition or apply for permits to acquire property via an online platform.

Additionally, application for investment concessions should be able to be made through the BIA as opposed to investors having to apply for them separately.”

Cabinet ministers in the Davis administration have said the NEC is meeting on a more frequent and regular basis in an effort to speed up investment approvals.

However, the report suggested that the NEC’s role needs to be revamped with the BIA empowered to approve more projects itself - especially those valued below $100m, and which did not involve “sensitive” matters such as Crown Land and environmental concerns.

Identifying issues that Bahamian attorneys who represent investors will doubtless recognise, the report said: “The NEC has been heavily criticised by both foreign investors and local law firms, whose staff typically processes the investment applications on behalf of foreign investors. Firstly, the NEC has

been characterised as nonvalue adding and overly bureaucratic.

“Critics aver that the National Investment Policy already outlines the areas that are targeted for foreign investment and the requirements to qualify for the investment. As a result, a foreign investor, assuming they have met the requisite stipulations, should not have to receive a separate approval for their investment.”

It continued: “The NEC’s involvement is considered duplicative and uninviting to foreign investors. Secondly, critics assert that the often capricious meeting schedule of NEC members elongates an already haphazard and onerous process. As previously mentioned, the NEC convenes weekly meetings. However, due to the exigencies of the Government, the meetings are not always held.

“Investors note that the frustration in having to ‘wait for the NEC to meet’ discourages foreign investment. Finally, and perhaps most importantly, critics aver that the NEC is an analogue institution that is not conducive for 21st century business..... Moreover, the NEC appears unique to The Bahamas as virtually no other country employs an NEC-type organisation to both review and render decisions on foreign investment approvals.:” Suggesting what should and should not go before Cabinet, the report added: “Sensitive applications, involving bespoke matters such as Crown Land, environmental concerns and applications to develop industries that are not on the ‘specifically targeted for investors list’, and investments greater than $100m, may be referred to the NEC.”

NOTICE

NOTICE is hereby given that JOHN COMET of Hudson Estates, Freeport, Grand Bahama, 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 6th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE

NOTICE is hereby given that ELIZABETH MORRISON of P. O. Box SS-19445, Serenity Subdivision, 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 13th 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 LEMOINE ALEXANDER of P. O. Box CR-45802, Faith Avenue North, Carmichael 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 6th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, July 13, 2022, PAGE 5

Ex-BPL union chief wants 74-month payout restored FROM PAGE B1 in the initial verdict, when she awarded Mr Dean the equivalent of 74 months’ compensation for his termination.

This, though, was reduced substantially by the Court of Appeal, which ruled that the 74-month payout was “unduly generous” and that there was “no evidence to support such a handsome windfall”.

It slashed the award to 18 months, describing this as “reasonable compensation in lieu of notice”.

With Mr Dean’s award cut to $174,806, the Court of Appeal reduced this further by deducting two previous payments BPL made to him worth $97,608 and $10,981, respectively, representing a mix of termination and accrued vacation pay plus Christmas bonuses. And, taking into account a further $20,792 “ex-gratia” payment made by BPL to the ex-union president, the Court of Appeal ruled that just a further $45,425 was due to Mr Dean.

Now seeking permission to appeal this decision to the highest court in the Bahamian judicial system, Mr Dean is asserting that the Court of Appeal “erred” in “law, fact and procedure” by cutting his breach of contract claim to just 18 months’ worth of damages.

He alleges that it “incorrectly classified the loss of future income award as a claim for payment in lieu of notice” and, as a result, failed to award any breach of contract damages despite BPL purportedly admitting to such a violation. And the former union chief is arguing that he ought to have received damages for wrongful and unfair dismissal on the grounds that BPL failed to comply with the disciplinary procedures in his contract and the union’s industrial agreement.

Court of Appeal justice Jon Isaacs, in a June 16, 2022, ruling that ordered Mr Dean to pay 80 percent of BPL’s legal costs, suggested the legal battle might have been avoided if the state-owned utility had been less “stubborn”.

“In my view, had the appellant (BPL) approached the respondent’s (Mr Dean) claim with a counter-offer commensurate with the respondent’s position under Article 14(2) of the industrial agreement, legal action may have been forestalled,” he wrote. This came after the main verdict, in which he branded BPL’s offer of one month’s salary in lieu of notice to Mr Dean upon his termination as “unduly niggardly” and “woefully deficient”.

Mr Dean, who was 54 years-old when terminated, and had just celebrated 30 years’ service with BPL, asserted that he was dismissed “unjustly” and that he should have been compensated in accordance with the management union’s industrial agreement with BPL. Former justice BoweDarville found that BPL had breached Mr Dean’s employment contract.

She calculated total damages due to him, including a $71,564 pension contribution; $29,6900 rostering allowance; $29,600 for health insurance contributions; and a $20,054 private car allowance over those 74 months, at $750,012.

However, from the latter figure, she deducted the $97,608 and $10,981 already paid by BPL to Mr Dean.

And the Court of Appeal verdict revealed how exjustice Bowe-Darville had directed during the trial that the $20,792 “ex-gratia” payment be made to the ex-union chief even though he had initially rejected it. When these three payments were deducted, the

$621,000 in remaining compensation was arrived at.

However, while the Court of Appeal upheld the Supreme Court’s findings that Mr Dean was entitled to a greater payout than the minimum stipulated by the Employment Act, it rejected the 74 weeks’ award.

Appeal justice Isaacs wrote: “I am satisfied that 74 months is unduly generous to the intended respondent as the period for which he should receive payment.

“Equally, I am satisfied that given the factors mentioned in article 14(2) of the industrial agreement, one month’s salary in lieu of notice is woefully deficient. There was insufficient material before the judge to arrive at the period of 74 months. There was no admissible evidence to suggest there was any custom of the intended appellant to justify such a payout.

“What may have been received by the former employees... could not be used to form the basis of a custom. There was nothing in the industrial agreement to suggest that the intended respondent was entitled to any better compensation than what he actually received..... Thus, although 74 months is unduly generous, I hold the view that one month was unduly niggardly in the circumstances,” he continued.

“The judge’s order for payment of 74 months must be set aside as there is no evidence to support such a handsome windfall.

I might add that not even counsel for the intended respondent could provide a precedent or authority that supported such an extraordinary period of time. In my view, the amount the judge awarded is so excessive that an appellate tribunal would be justified in interfering with her assessment.”

PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY NETWORK ADMINISTRATOR II GRAND BAHAMA The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Network Administrator III in the Information Communication & Technology Unit (ICT), Grand Bahama.

JOB SUMMARY: The Network Administrator II is responsible for the daily operations and maintenance of the network equipment including operating system, configurations, and utilities; provides support for the daily functioning and ongoing management of all related components; directs involvement in analyzing the business requirements and design and implementation of an infrastructure for business solutions; assists with projects within the Unit.

KEY ACCOUNTABILITY FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING: • • • •

• • • • • • • •

Manages different network topologies and multiple platforms; Manages and supports all client access environments, including installation, maintenance, and upgrades; Installs, maintains, and troubleshoots Local Area Network (LAN), Wide Area Network (WAN) equipment including CISCO routers, switches and wireless infrastructure; Employs security administration which includes planning, implementing, and enforcing security policy to ensure protection of data and shared network resources; configure, implement, and maintain host security (including passwords, file permissions and file security, maintaining firewalls, deploying authentication systems, or applying cryptography to network applications); Provides technical leadership and/or supervise other technical staff; Assists in designing and implementing local and wide area networks; Assists with policy development and implementation including disaster recovery plan and backups; Creates and maintains user group profiles and accounts; configures network file systems; Configures and maintains TCP/IP networks, routers, and terminal servers; Resolves and recovers crashed systems; ensures regular software updates and anti-virus protection; performs and monitors backup procedures and recovery of data; Monitors and controls resource usage; Provides helpdesk support to end users.

EDUCATION/EXPERIENCE: • • •

Bachelor’s Degree in computer science, Information Technology or equivalent; Certification in Microsoft Certified System Engineer (MCSE) or Microsoft Certified System Administrator (MCSA) or CNE Five (5) years’ Experience in Information Technology and network environment

COMPETENCY REQUIREMENTS: • • •

Must be flexible to work off hours support and respond to ad-hoc support requests; Experience with Linux/Unix is a plus; Experience with troubleshooting Microsoft Windows and Active Directory is a plus;

The Network Administrator II, reports to the Senior Information Communication Technology (ICT) lead in Grand Bahama.

Letter of application and curriculum vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, Third and West Terraces, Centreville; or email to jobs@phabahamas.org no later than 20th July 2022.

PAGE 6, Wednesday, July 13, 2022

THE TRIBUNE

Banks and regulator seek to ‘mute’ cheque-end dissent FROM PAGE B1 “We will look at the document again. Mute is not to suppress. It is to actively respond to the queries being raised,” he wrote in response.

Subsequently, the tender document was removed from its original position on the Central Bank’s website and could not be relocated before press deadline last night.

Setting out the tender’s purpose, the bid document said: “The Central Bank, along with the Clearing Banks Association and ‘supervised financial institutions (SFIs) operating in The Bahamas, invites proposals from qualified firms to engage in the design and execution of a public education and public relations media campaign for the elimination of the use of cheques as negotiable instruments for the acquisition of goods and services, and settlement of legal and financial obligations, in The Bahamas.”

Noting that this effort will involve “content and distribution channels from both public and private sector stakeholders”, the Central Bank reiterated that itself and the banking industry “have agreed to cease the use of cheques as

negotiable instruments on December 31, 2024”.

“The parties concerned wish to move ahead with the elimination of this instrument in an effort to improve the efficiency and effectiveness of the domestic payments sector, and to respond to the technological advancement of other payment instruments,” the bid document added.

“However, initial anecdotal feedback has indicated a preference by some stakeholders for the retention of the instrument, whether out of nostalgia, fear of change or unfamiliarity with evolving payment technologies.

The parties concerned seek to mute these objections and implement a strategy that would facilitate the cheque elimination project with minimal negative public feedback.

“The objective is to develop and implement an effective public education and public relations strategy to allow the parties concerned to move forward with the cheque elimination plan, in designated phases, reflecting infrastructural development, and culminating with the final December 31, 2024, ‘drop dead’ date,” it continued.

“The successful respondent must be able to propose

a national media campaign designed to effectively reach the entire population of The Bahamas. To be considered, firms must demonstrate a clear understanding of The Bahamas’ domestic financial services payment circumstances.

They must also have an established track record in developing communications on complex subject matter in ways that are clear, accessible and actionable for lay audiences.”

Companies were asked to indicate whether they plan to bid by July 31, with full proposals to be completed and submitted by August 22. The Central Bank, together with commercial banks and the wider financial services industry, view the elimination of cheques as another key step in the evolution of digital payments channels and efforts to drive ever-increasing numbers of Bahamians to use them.

Their contention is that digital and online banking channels are more convenient, cheaper and easier for consumers to use, eliminating the time spent queuing physically at banks. In addition, eliminating cheques, as well as significantly reducing the use of cash, will enhance consumer security

JOHN ROLLE and create greater certainty that payment transactions will be settled - especially given the susceptibility of cheques to ‘bounce’ or be exploited by fraudsters and scammers.

However, even though the volume of cheque use has declined by around 50 percent over the five years since 2017, some 1.2m payments - involving a collective $4.2bn sum - were made by this method in 2021 according to the Central Bank’s own annual report.

“Over the review period, cheque usage remained subdued, with the exception of largevalue transactions. More specifically, the number of processed cheques declined by 7.6 percent to 1.2m, while the attendant value fell by 6.8 percent to $4.2bn,

year-on-year,” the report said.

This represents a steep drop from the near-2.5m cheques written in 2017 and 2018, and the estimated 2.3m passed in 2019, with the big drop-off occurring in 2020 amid the COVID19 pandemic’s lockdowns and other restrictions which forced Bahamian businesses and consumers to digital banking channels.

The number of cheques written in 2020 fell by 35 percent year-over-year to between 1.3m-1.4m, and that decline - albeit at a lower rate - continued in 2021.

The Central Bank, in unveiling its plans to eliminate cheques at end-2021, said: “At the aggregate level, commercial banks revealed that during 20162019 the total number of cheques presented for

payment fell by an average rate of 1.3 percent annually to 3.5m transactions, albeit the corresponding value grew by an annual average of 4.7 percent to $16.7bn as cheques remained a preferred method for some larger-value payments.....

“In 2020, the Central Bank surveyed both businesses and consumers to ascertain the pattern of use of payments instruments and the outlook that respondents maintained concerning their likely future pattern of transactions. The surveys revealed that between 20 percent to 30 percent of consumers still used cash for all bill payments.

“For all categories of payments, however, the average frequency of cheque usage was significantly lower than for transactions through electronic (online) banking channels and use of credit and debit cards.

Meanwhile, mobile wallet products were documented to be at a very early stage of adoption,” it added.

“There was also evidently a greater shift away from cash and cheques during the pandemic. Further, more than a majority of surveyed persons expected to use less cash in the future.

Where hesitance still existed around acceptance of digital delivery channels, members of the public expressed concerns around cyber security, fraud and the ease of use.”

THE TRIBUNE

Wednesday, July 13, 2022, PAGE 7

NOTICE

NOTICE is hereby given that NEISHA NICHOLAS of Cowpen 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 13th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Financial Controller A Bahamian owned company is seeking a

Financial Controller

Applicants should possess the following qualifications:

MARKET REPORT 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

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

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

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

MARKET TERMS

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

JOB SUMMARY: The Help Desk Officer III is responsible for handling support calls in the department for assistance via phone, email or walk-in; assign the task to a Technical Service Officer or Infrastructure team member; assist senior Head of Department with quotes, procurements, receipts and disposals of ICT assets; and monitor the trouble ticketing.

KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING:

• • • • • • •

Acting as the front-line point of contact to end users who contact the Help Desk for assistance; Ensure that end users are greeted with a pleasant voice, welcoming message and an eager attitude towards proving the support required; Ensuring effective security measures are communicated and enforced with end users; Ensuring that ICT phone lines are always covered and answered within a reasonable timeframe; Aiding in level 1 support over the phone or via remote control using only approved tools and procedures; Providing technical support to users by researching and answering questions, troubleshooting problems, and assigning tickets to team members for resolution; Providing answers to end users by identifying problems, researching answers, and guiding clients through corrective steps where possible; Improving client references by ensuring trouble tickets are opened, properly filled out and updated with resolution steps; Providing level 1 support for low impact service requests that can be solved over the phone; Accommodating end user concerns by recommending tools, techniques, and options for improvement; Assisting with procurement process by securing required quotes, follow up with vendor for purchases, liaise with finance for payments and update Head of Department on progress; Assisting with documentation of ICT asset lifecycle and maintain a good working relationship with asset management department.

EDUCATION/ EXPERIENCE: • •

Associate degree in Information Technology or related Business area; Certification in related IT topic or business administration.

COMPETENCY REQUIREMENTS: • • • • •

%CHANGE

YTD

YTD%

2592.70

-0.02

0.00

364.46

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

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 2.83 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 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 2.78 10.26 11.40 10.85 17.26 3.90 10.10 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

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 (0.05) 0.00 0.04 0.00 0.00 0.00 0.00 0.00

VOLUME

2,000

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

(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 27.3 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

Prior information technology or help desk/support experience with telephone support; Skills in using Microsoft desktop software, email, and related tools; Skills in troubleshooting basic computer problems; Strong interpersonal skills, calm disposition, and ability to work in fast paced environment; Good time management and organizational skills.

The Help Desk Officer III will report to the Help Desk Supervisor.

Letter of application and curriculum vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, Third and West Terraces, Centreville; or email to jobs@phabahamas.org no later than 20th July 2022.

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% 15.61% 0.58% 2.88% 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

The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Help Desk Officer III in the Information, Communication & Technology (ICT) Department, Corporate Office.

• • •

CHANGE

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

PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY HELP DESK OFFICER III CORPORATE

• •

CLOSE

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

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

www.bisxbahamas.com

TUESDAY, 12 JULY 2022

THE TRIBUNE

Wednesday, July 13, 2022, PAGE 9

TWITTER SUES TO FORCE MUSK TO COMPLETE HIS $44B ACQUISITION

By MATT O’BRIEN Associated Press Twitter sued Tesla CEO Elon Musk on Tuesday to force him to complete the $44 billion acquisition of the social media company.

Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company.

Twitter’s lawsuit opens with a sharply-worded accusation: “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” the suit says.

Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter, that are incorporated there.

As part of the April deal, Musk and Twitter had agreed to pay each other a $1 billion breakup fee if either was responsible for the deal falling through.

The company could have pushed Musk to pay the hefty fee but is going farther than that, trying to force him to complete the full $44 billion purchase approved by the company’s board.

“Oh the irony lol,” Musk tweeted after Twitter filed the lawsuit, without explanation.

The arguments and evidence laid out by Twitter are “very strong and compelling” and likely to get a

receptive ear in the Delaware court, which doesn’t look kindly on sophisticated buyers backing off of deals, said Brian Quinn, a law professor at Boston College.

“They make a very strong argument that this is just buyer’s remorse,” Quinn said. “You have to eat your mistakes in the Delaware Chancery Court. That’s going to work very favorably for Twitter.”

Musk alleged Friday that Twitter has failed to provide enough information about the number of fake accounts on its service.

Twitter said last month that it was making available to

Musk a “fire hose” of raw data on hundreds of millions of daily tweets.

The company has said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake. Musk is also alleging that Twitter broke the acquisition agreement when it fired two top managers and laid off a third of its talent-acquisition team.

Twitter’s suit repeatedly emphasizes Musk’s contemplation of starting a Twitter competitor -- an alternative option he sometimes aired publicly and sometimes privately to Twitter’s executives and board members.

While the company has said

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 94° F/34° C Low: 77° F/25° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

A strong morning t‑storm in spots

Mainly clear

Breezy; thunder‑ storms at night

A t‑storm in spots in the afternoon

Breezy; an afternoon thunderstorm

Cloudy and breezy; a p.m. t‑storm

High: 89°

Low: 80°

High: 89° Low: 78°

High: 88° Low: 79°

High: 89° Low: 78°

High: 90° Low: 80°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

99° F

86° F

98°-79° F

96°-82° F

96°-85° F

99°-88° F

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

almanac

E

W

ABACO

S

N

High: 90° F/32° C Low: 78° F/26° C

6‑12 knots

S

High: 92° F/33° C Low: 78° F/26° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 80° F/27° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

THURSDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 94° F/34° C Low: 81° F/27° C

High: 90° F/32° C Low: 79° F/26° C

MIAMI

High: 92° F/33° C Low: 80° F/27° C

6‑12 knots

KEY WEST

High: 90° F/32° C Low: 82° F/28° C

ELEUTHERA

NASSAU

High: 89° F/31° C Low: 80° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:51 a.m.

8:27 p.m.

2.7 3.8

2:05 a.m. ‑0.1 1:58 p.m. ‑0.5

Thursday

8:48 a.m.

9:21 p.m.

2.8 3.8

2:58 a.m. ‑0.2 2:55 p.m. ‑0.5

Friday

9:43 a.m.

10:13 p.m.

2.9 3.7

3:51 a.m. ‑0.3 3:51 p.m. ‑0.4

Saturday

10:39 a.m.

11:05 p.m.

3.0 3.5

4:42 a.m. ‑0.2 4:47 p.m. ‑0.2

Sunday

11:35 a.m.

11:57 p.m.

3.0 3.3

5:33 a.m. ‑0.2 5:44 p.m. 0.0

Monday

12:32 p.m. ‑‑‑‑‑

3.0 ‑‑‑‑‑

6:24 a.m.

6:43 p.m.

0.0 0.3

Tuesday

12:50 a.m.

1:29 p.m.

3.0 2.9

7:15 a.m.

7:43 p.m.

0.1 0.6

sun anD moon Sunrise Sunset

6:29 a.m. Moonrise 8:03 p.m. Moonset

8:26 p.m.

6:00 a.m.

Full

Last

New

First

Jul. 13

Jul. 20

Jul. 28

Aug. 5

CAT ISLAND

E

W

High: 89° F/32° C Low: 78° F/26° C

N

S

E

W

6‑12 knots

S

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 79° F/26° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 30.57” Normal year to date ................................... 16.13”

High: 89° F/32° C Low: 79° F/26° C

it cooperated in providing the spam bot data he requested, the lawsuit suggests there was concern that disclosing too much “highly sensitive information” could expose Twitter to competitive harm if shared.

The biggest surprise for Quinn was how much evidence Twitter has -- for instance, communications with Musk about whether to retain or lay off employees, as well as the billionaire’s own public tweets -- to reject his arguments for backing out.

“They are marshaling many of Musk’s own tweets to hoist him on his own petard,” he said.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 89° F/32° C Low: 79° F/26° C

High: 89° F/32° C Low: 79° F/26° C

N

High: 88° F/31° C Low: 77° F/25° C

E

W S

LONG ISLAND

tracking map

High: 90° F/32° C Low: 79° F/26° C

8‑16 knots

MAYAGUANA High: 88° F/31° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 89° F/32° C Low: 79° F/26° C

High: 89° F/32° C Low: 79° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 78° F/26° C

N

E

W

E

W

N

S

S

10‑20 knots

10‑20 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 7‑14 Knots SE at 8‑16 Knots SE at 6‑12 Knots ESE at 8‑16 Knots SE at 8‑16 Knots E at 10‑20 Knots ESE at 10‑20 Knots E at 10‑20 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SSE at 6‑12 Knots S at 7‑14 Knots SE at 8‑16 Knots ESE at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots ESE at 10‑20 Knots E at 10‑20 Knots ESE at 10‑20 Knots E at 8‑16 Knots SSE at 8‑16 Knots ESE at 8‑16 Knots SE at 10‑20 Knots E at 10‑20 Knots SE at 8‑16 Knots ESE at 8‑16 Knots

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

VISIBILITY 10 Miles 10 Miles 7 Miles 9 Miles 8 Miles 10 Miles 10 Miles 6 Miles 9 Miles 10 Miles 6 Miles 9 Miles 8 Miles 10 Miles 10 Miles 7 Miles 10 Miles 9 Miles 10 Miles 6 Miles 4 Miles 8 Miles 9 Miles 9 Miles 7 Miles 7 Miles

WATER TEMPS. 84° F 84° F 86° F 87° F 84° F 84° F 83° F 83° F 84° F 84° F 84° F 85° F 85° F 85° F 84° F 83° F 84° F 84° F 83° F 83° F 85° F 84° F 85° F 84° F 84° F 84° F

PAGE 10, Wednesday, July 13, 2022

THE TRIBUNE

BISX ‘on it’: Exploring carbon credit potential FROM PAGE B1 “The short answer is, if we look at any security, yes,” the BISX chief responded when asked by this newspaper if it would explore getting into carbon credit trading. “The long answer is the Bill has been presented, it’s out for consultation by the Securities Commission currently, and what we have to do is look at it to see what is required.

“At the end of the day, a security is a security is a security is a security. The difficulty with any transaction is settlement. The nature of the security is

where it is located, who the owners are and how the parties interact with one another. The most important requirements are interaction and settlement, and the means to pay.

“We’ll be reviewing it,” Mr Davies said of the Bill, “and then make a determination as to whether or not we’re able to provide the facility and go from there. I need to look at who the intermediaries are and how they interact. A stock exchange like ours is obviously driven by its members. It’s one thing to have the law, and

another thing to have the mechanism.

“It’s something we have to look at to see if we can facilitate it. If it is, we’ll be on it and, if not, we’ll look to see what gaps we can fill.

As a national exchange, that’s something we ought to do and will do. Anything we can do to facilitate securities trading is a benefit to us. It will be a collaboration between BISX and its members to ensure we can provide the right services.”

Mr Davies said settlement was critical to the viability of any stock exchange, which involves

recognising the identities of both seller and buyer, how much is paid for a particular security and determining “where the security lives” in terms of who has possession of it.

It is unclear, though, where BISX fits in. Jerome Fitzgerald, the Prime Minister’s senior policy adviser, recently said the Government was working with FTX Digital Markets, the Bahamas-domiciled crypto currency exchange, to develop a trading mechanism for the blue carbon credit that this nation hopes to launch this year.

The draft Carbon Credit Trading Bill, designed as another step to facilitate the Government’s ambitions for The Bahamas to become a carbon credit and trading hub, requires that BISX and all potential carbon trading exchanges apply for and become registered with the Securities Commission before starting business.

The must supply “a detailed plan” for how the exchange will operate, as well as the rules governing how carbon credit products will be admitted for listing and trading. All carbon exchange applicants must demonstrate their ability “to meet solvency standards and levels of capital” that will be stipulated by yet-to-be-published regulations, as well showing their

controls and systems are robust enough to combat “fraud and market abuse” as well as other risks.

These controls and systems must also be able to “record, store, protect and transmit information”; monitor and effect transactions; settle transactions; and safeguard investor assets. A business continuity plan is also required.

Ryan Pinder, the attorney general, told the Senate during his Budget debate contribution how the Carbon Credit Trading Bill will work. He added: “To advance the monetisation of carbon credits, we will be bringing to Parliament specially-drafted legislation to establish a carbon credit exchange in The Bahamas.

“The desire is to create a regulated framework that will establish The Bahamas as the regional, and hopefully the global, centre for the trade in carbon credits.

We will participate in the vertically integrated carbon credit marketplace. The Bahamas is a leader in the world on this issue.”

As for the “monetisation” itself, Mr Pinder added: “We are also working to ensure that our efforts in blue carbon credits can start to be monetised this 2022-2023 fiscal year.

We are on track to start our scientific verification exercises and monetisation of our blue carbon credits.”

These credits will be entered into a database until they are ready to be monetised. The Government has already identified $300m in coastal assets it is seeking to offer on the carbon market. The Climate Change and Carbon Market Incentives Bill tabled in April was the first step in securing a carbon credit payment system for the country.

Mr Pinder said: “The development of a leadership position in carbon credits is not merely to provide a framework for revenues to the Government, but it creates a new industry that will be vertically integrated and will present opportunities for Bahamians to participate in every element of the new frontier.

“Bahamian scientists will be trained in the technical components identifying blue carbon sequestration, Bahamian financial services professionals will have opportunities in the new capital markets created.

The leadership position of The Bahamas in this area will positively contribute to economic diversification.”

The global carbon credit market focuses primarily on “green” carbon credits that are tied to forests and grasslands. The Bahamas aims to be one of the first countries to begin selling ocean “blue” based credits.

Bahamas tariff model deemed ‘back to front’ FROM PAGE B1 where tariffs on raw materials are lowest, intermediary goods slightly higher, and final products highest,” the report said. “For The Bahamas, no such tariff structure is evident.

“Consumption goods actually enjoy lower tariffs than goods needed by the domestic industries. Rather, the primary instrument for providing effective protection has been through duty exemptions on inputs used

by Bahamian businesses through various incentive Acts.

“Under these, while statutory tariffs might be high, registered businesses are typically eligible to not pay duties on their inputs.

This system, however, may have some disadvantages such as limited transparency, inequality of access,

and opportunities for arbitrage.”

The National Trade Policy showed that The Bahamas’ “simple average tariff” on goods sold to the end-consumer had altered little between 2018 and 2021, standing at 18.1 percent in the former year and 17.2 percent in the latter.

However, both rates were considerably lower - almost 50 percent less in percentage terms - when compared to what The Bahamas levies on capital, intermediate and raw material goods.

The simple average tariff for raw material imports stood at 32.2 percent in 2021, while those for intermediate and capital goods were 35.3 percent and 33.7 percent, respectively.

Some of these products are required by Bahamian industries and producers in their production processes, hence the need for duty relief and tax breaks.

“A gradual reduction of The Bahamas’ statutory tariffs has taken place over time, especially since 2015 after the introduction of VAT,” the National Trade Policy said. “Since 2018, import tariffs were reduced for a number of products, including for environmentally-friendly goods, medical goods needed in relation with the COVID-19 pandemic, certain household appliances and consumer goods, and certain equipment and inputs used by domestic industries.

“At the same time, some tariffs for goods produced domestically remain high and protect domestic manufacturers, which enjoy tariff protection of up to 100 percent. In principle, as long as The Bahamas is not a World Trade Organisation (WTO) member, tariffs can be set unilaterally through changes in the Tariff Act at any level.

“Although current tariffs are aimed at protecting domestic businesses against imports that can be produced and exported to The Bahamas at much lower costs, one has to acknowledge that high tariffs do not necessarily grant effective protection,” the report added.

“This is especially the case where businesses have to pay high duties on imported inputs, and in The Bahamas the vast majority of inputs across sectors are imported, or drives up costs otherwise. In such a situation high tariffs provide no effective protection to import-competing businesses, and also reduce the competitiveness of businesses primarily aimed at exports.”

The National Trade Policy said tariffs were inextricably linked to the Government’s tax revenues given the Public Treasury’s still-high reliance on them.

“WTO accession would also require certain changes in the country’s tariff policies. These include, first, a reduction on overall average tariffs, although certain tariff peaks could be maintained,” it explained.

“Considering the still high dependence of government revenues on import duties, this might cause problems for public finances. Second, some WTO members have claimed that some of the current tariff and tax provisions (such as maximum variable duties, MVDs, or excise taxes imposed only on imports) are not in line with WTO rules.”

The National Trade Policy called for a review of existing tariffs “with the aim of strengthening effective protection. In doing this review and the potential restructuring of tariffs, care will be taken that potential unintended implications are considered”.