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TUESDAY, JULY 20, 2021
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JAMES SMITH
Austerity measures inevitable whoever wins next election By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FORMER finance minister yesterday argued that the next government will have no choice but to impose austerity measures as the prime minister branded tax increase claims “a flat out lie”. James Smith, ex-minister of state for finance under the first Christie administration, and a former Central Bank governor, told Tribune Business that unless The Bahamas discovered an economic game-changer whoever is elected as the next government will be unable to avoid fiscal tightening measures. He spoke out after Dr Hubert Minnis denied opposition claims that the Free National Movement (FNM) will implement new and/or increased taxes if the party is re-elected to office. “It is a flat-out lie for the Leader of the Opposition to say or suggest that I am planning on raising taxes immediately following any prospective election,” the prime minister blasted in a statement. “We have a plan. We are sticking to the plan. That is why from January to June 2021 we beat our revenue projections for that sixmonth period. That is why for the month of July, up to last Friday [July 16], our revenues are tracking ahead of budgetary projections for month to date as our economy roars back to life.” Mr Smith, though, said the next administration regardless of whether it is FNM or PLP - will be forced to implement unpopular fiscal policies to get The Bahamas out of its national debt and deficit hole in the absence of a massive improvement in annual economic growth. With The Bahamas facing a projected $951.8m “fiscal gap” or deficit for the 2021-2022 budget year, and the debt-to-GDP ratio approaching 100 percent, the former Cabinet minister said: “It’s a very precarious position to be in. “You can fill that gap principally in three ways reducing spending, increasing taxes or the sale of assets, or a combination
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Grand Lucayan feels the ‘chill’ with no A/C By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE Grand Lucayan’s chairman yesterday blamed the resort’s recent closure to overnight guests on an inferior water supply that “rotted our chillers” and left it without air conditioning. Michael Scott QC, pictured, slammed the cause of the government-owned property’s seven-ten day shutdown as “a disgrace”, and disclosed it is now investing around $500,000 in installing a reverse osmosis plant to produce its own water as the quality of Grand Bahama Utility Company’s (GBUC) supply cannot be trusted. Revealing that the Grand Lucayan was presently paying the Grand Bahama Port Authority (GBPA) owned utility $40,000 per month for water, he told Tribune Business that the high salinity levels in this supply were responsible for corroding the resort’s chillers and thus shutting
Minister unaware • Resort blames water supply for 7-10 day close of CCA’s reported Hilton sale • Chair slams GBUC ‘disgrace’ on ‘rotted chillers’ Pointe, By NEIL HARTNELL • Now investing $500k in own water provision
THE GRAND LUCAYAN RESORT down its A/C systems. The enforced closure resulted in the Grand Lucayan’s guests being accommodated at the nearby Pelican Bay resort, although they were still able to use some of the former property’s amenities. Mr Scott said the former property’, which is awaiting completion of long-running negotiations for its sale to the Royal Caribbean/ ITM Group joint venture, is leasing a chiller while it awaits the arrival of a
full-time replacement. Explaining what led to the temporary closure, Mr Scott said: “Very simply, the water supply we are getting from Grand Bahama Utility Company, courtesy of the Grand Bahama Port Authority, is so bad that it’s rotting our pipes, it’s rotting our chillers and its rotting our infrastructure systems. “The water they are pumping out to consumers, for which we are paying $40,000 a month, has too high a chloride/salinity content. Is it a surprise that
our pipes are being corroded? Our A/C chillers are water cooled, and that destroys them. It’s palpably a disgrace. “If water is being delivered to us in accordance with a contract of service from the Grand Bahama Utility Company, which is a GBPA company, and that water is above the limit for chloride/salinity content, can you imagine what it is doing to other people’s properties?” A GBPA spokesperson told Tribune Business that itself and Grand Bahama Utility Company will respond to Mr Scott’s concerns and criticisms today [Tuesday], although it was informed that the article will be appearing before that. However, its water provider subsidiary has long acknowledged the “impact of higher than usual salinity levels on potable
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Auto dealers take ‘blows all around’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas Motor Dealers Association’s (BMDA) president yesterday said the industry is taking “hits all around” with his own new vehicle inventories now just 25 percent of pre-pandemic levels. Fred Albury, also the Auto Mall’s principal, told Tribune Business that Bahamian dealerships may order ten vehicles from their suppliers and be “lucky to get two to three” as a result of supply chain disruptions and backlogs impacting the sector worldwide. With factory fires continuing to impact the availability of key vehicle micro chip components, and manufacturers backed up by pandemic-related lockdowns and other health measures, he revealed that a doubling of shipping container costs has further added to the setbacks
DIONISIO D’AGUILAR
• Supply chain shortages worsened by shipping woe • Industry president: Inventory at 25% of normal level • Others say sales off 50%; ‘can’t sell what don’t have’ facing auto dealers and the wider Bahamian economy. “It’s hits all around,” Mr Albury disclosed to this newspaper. “Allocations are very tight. You might order ten vehicles and be lucky to get two or three. They’re trying to share out globally what product might be available. It’s going to be tight until the end of this year. “The impact is that we don’t have any inventory to sell, so we’re trying to reduce expenditures where we can. That’s the long and short of it. We cannot sell what we don’t have. We have people interested in buying, but we just don’t have it. “It’s a double-sided whammy. With the pandemic, everybody went into
contracting their inventory and, while we were doing that, this micro chip inventory shortage came along. Now we want to build inventories back up and we cannot do it.” Mr Albury said alternative supply sources, such as the US used car market, have also tightened considerably. “Right now, the US dealers are not selling and are not giving any discounts,” he added. “Auction prices are higher on some used vehicles than new. “My inventories all around are scraping the bucket at the moment. Normally my inventory would be $4m-$4.5m in new vehicles, and we’re down to probably $1m. The upside is that the bank is not making
money off me because I’ve paid off the overdraft, and I now have money sitting in the bank for new vehicles. “It is what it is,” Mr Albury continued. “We have to make the best of it. We’re bringing in used vehicles from Japan like everyone else does, and are focusing on the service and parts department. We’re also doing body work repairs, which is a new service. That’s been very active because insurance companies prefer to deal with the dealer. If there’s a problem they’ve got more recourse. “We started a yearand-a-half, two years ago becoming an agent for a brand of tyres. The issue we
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Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister yesterday said he was unaware that China Construction America (CCA) had any plans to sell its $200m Pointe project and the adjacent British Colonial Hilton. Dionisio D’Aguilar, minister of tourism and aviation, responding to reports suggesting that the Chinese state-owned contractor had placed both properties on the market for a combined $400m, said he had recently been contacted by CCA over government participation in an opening ceremony for the Pointe. “I haven’t heard anything. They certainly haven’t come to us,” he said. “I think they were behind us because they want to do an opening now that they’ve completed construction and are ready to begin operations. I think their chairman is coming to town this week, but I don’t know what got arranged.” Daniel Liu, CCA’s top Bahamas-based executive, did not respond to Tribune Business calls seeking comment. However, staff at The Pointe, speaking on condition of anonymity, said they were unaware of any sale. And Darrin Woods, president of the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), which represents the Hilton’s line staff, said he and the union were also unaware of any sale. “I haven’t heard anything about that. Not at this stage,” Mr Woods replied, adding that the union and workers were only typically informed of a resort’s sale once an agreement on a deal was reached. “It has an effect on employees, either by way of notification or persons being made redundant,” he said of resort deals. “The reason people put properties up for sale is because usually there’s financial problems with the company, the company is not doing well or the property is not doing well.” None of this appears to be the case with CCA, which is backed by the Beijing government. “There’s so much ‘if’ in it right now that it’s
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GB Chamber chief eyes Customs ‘compromise’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GRAND Bahama’s Chamber of Commerce president yesterday voiced optimism that “a compromise” can be reached via the partial implementation of Customs’ Click2Clear system prior to the September 1 target. Gregory Laroda told Tribune Business he was “not going overboard and panicking” ahead of today’s key meeting between the private sector and Bahamas Customs, which is designed to iron out the issues and differences that have emerged over plans to finally introduce the Electronic Single Window (ESW) in Grand Bahama. Backing the position taken by Glennett Fowler, president of the National Import Export Association of The Bahamas (NIEA), Mr Laroda said he wanted to
• Seeks ‘partial’ Click2Clear implementation • Ends manual clearance; avoids legal woe • Key meeting today for resolving differences assess whether it was technically feasible - and Customs’ willingness - to introduce Click2Clear early but without the so-called ‘free trade zone’ module that is causing so much concern for Freeport’s private sector. Businesses fear that this module’s demand for monthly bonded goods sales reports from Grand Bahama Port Authority (GBPA) licencees both breaches the Hawksbill Creek Agreement, Freeport’s founding treaty, as well as numerous Supreme Court judgments, Orders and injunctions which specifically forbid Customs from seeking this data. Mr Laroda, though, said the ideal compromise was
to implement Click2Clear absent the segment that demands bonded goods sales reports until these concerns were resolved. Introducing the rest of the system ahead of the target deadline, he added, would also prevent Freeport’s cross-border commerce from being slowed to a trickle over the next month-and-a-half by Customs reverting to manual clearance processes. Customs says it has been forced back to such procedures because the present Electronic Customs Automated System (eCAS) has now been rendered “inoperable” and “beyond repair”. The GB Chamber chief said: “The persons directly involved in that field are
concerned about having to do everything manual until then. “We’re going to hear what they [Customs] have to say. Some of the persons in the field are saying to me we should be able to, or suggest, they implement Click2Clear without the part that is causing the most concern for the business community in terms of the reporting side, which seems to be tedious.” Mr Laroda said Click2Clear “doesn’t seem to be set up for a free trade zone like Freeport” where persons are actually living within the zone, unlike Panama’s Colon free trade zone. Still, he added that
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PAGE 2, Tuesday, July 20, 2021
In the third of a four-part series, Hubert Edwards warns that in the absence of greater growth The Bahamas will be borrowing for some time to come.
THE TRIBUNE
A MATTER OF LIFE AND DEBT BY HUBERT EDWARDS
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N contrast to the current budget, the prior year is much richer in discussions around economic diversification and the development or growth of new/fledgling industries. The then-minister of finance highlighted a number of important focus areas for growth or expenditure management. These included transformation of state-owned enterprises (SOEs); enhancing the ease of doing business; renewable energy and solar power initiatives; addressing critical public infrastructure needs; reviewing and assessing the adequacy of current tax concessions. These, together with the then-stated intention of growing agriculture to a targeted ten percent of GDP within ten years, evidence the seeds spoken of by the prime minister this year. The main point is that if we are going to be revive economically, we must not lose sight of these identified deficiencies. We must become wedded to the idea that these are imperatives for seasoning future growth. The minister of finance, in outlining the vision going forward, said: “At the foundation is our commitment to expand support for Bahamian entrepreneurs and small businesses; increase [improve] the ease of doing business; build 21st century infrastructure as a new foundation for growth; invest in education to break the cycle of poverty; invest in renewable energy to create a sustainable future; and lead the digital transformation to a modern government.” These initiatives clearly lay out in principle a road
map for a more diversified economy. Emanating from this must be a discussion around forward and horizontal integration, as The Bahamas seeks to maximise gains from its mature industries - especially tourism - and retain more export earnings. The focus on agriculture last year was clearly, and still remains, one of the most viable paths to earning foreign currency revenues with the ability to leverage spillovers and linkages from the tourism sector. Growth is resident in our ability to create innovation, especially across the private sector. Within the context of innovation, we must consistently focus on the ability to scale-up companies and operations; access to larger markets; and expanding our capacity to facilitate exports. The Bahamas must find more significant means of deploying capital investments designed to fix the “critical infrastructure needs” of the country. With the realities as they currently are, there are two main means for this to materialise - direct investments and public private partnerships (PPPs). As it stands, the government will be constrained for a long time in its ability to fund such projects. If
you take careful note, you will see that I just tied the two budgets together in a significant way towards solving the main challenges the country faces. I am not proposing that these are complete solutions. What I seek to show here is that the solutions The Bahamas needs lie outside the four corners of any single budget presentation. Fiscal responsibility and debt strategy One of the most pointed critiques of this year’s budget was the lack of a clear strategy for debt management. Marla Dukharan stated in her analysis that “while there is some cause for cautious optimism based on a few growth-oriented initiatives and the revival of the US economy, the fundamentals still point to a need to restructure re-existing unsustainable debt load and implement reforms to solidly place The Bahamas on a sustainable growth path”. This is crucial. Ms Dukharan last year posited her belief that The Bahamas would, in one year, be in the embrace of an International Monetary Fund (IMF) fiscal adjustment programme. We are delighted that her prediction did not hold true. I spoke to her recently, before an event we were both presenting at, and she was very forthright and open. She expressed that she, too, was pleased at the outcome, but admonished the exercise of caution, a position with which I am most agreeable. The Minnis administration is undoubtedly of the same belief, which was why it brought to Parliament and passed the new Public Debt Management Act, which came into
force on July 1, 2021. The Act’s objectives [are to]: • Ensure that the financing needs and payment obligations of the government are met in a timely manner, and at the lowest possible cost over the medium to long-term, consistent with a prudent degree of risk. • Promoting the development and efficient functioning of the domestic government securities market. • Ensuring that the public debt is managed consistent with the general principles of responsible fiscal management, the fiscal responsibility principles.... The question that looms large now is exactly what will be done, and at what cost will this be achieved. Will the administration employ a strategy of restructuring the debt or re-profiling? To fully understand what The Bahamas will be faced with, and gain an insight into the potential strategies or measures, we must deconstruct the targets against which the government proposes to operate. Consider the pronouncements of the minister of state for finance during the 2020 Fiscal Strategy Report. He said: “The upshot of the revenue and expenditure measures is to ensure that, at the end of the day, the government is able to meet its fiscal deficit target of 0.5 percent by 2024-2025, which is unchanged from the 2019 Fiscal Adjustment Plan.” The current budget projection holds GDP in 2023-2024 at $14bn, with a fiscal deficit of 1.1 percent and reduced interest payments, together with a reduced level of capital expenditure compared to the current year. This may suggest that we intend to either achieve debt capital reduction and save on interest costs, or restructure debt to reduce interest payments. If the arguments made earlier hold on the drain of productive capacity because of debt, then it is clear that The Bahamas is in for at least a decade-long hard slog to normalise its economic affairs. This is confirmed
by Kwasi Thompson’ saying: “The path to this objective has the overall balance moving from a high of 11.6 percent of GDP in 2020-2021 to 7.8 percent in 2021-2022, and then tapering off in the remaining years of the medium-term forecast. Even with this renewed momentum towards fiscal sustainability, the target debt-to-GDP ratio of 50 percent will not be achieved within the medium-term horizon. The ratio is expected to grow from 66 percent in 2019-2020 and peak at 85 percent in 2021-2022, before declining to 73.7 percent by 2024-2025. Based on this trajectory, the government now envisages attaining the 50 percent debt target by 2030-2031, which is an additional two years beyond the timeframe set in the 2019 Fiscal Strategy Report”. Analysis suggests that, at this stage, less than a year later these numbers may be too low. If every additional dollar of debt attained after a 58 percent debt-to GDP ratio has a negative effect, there are only two real prudent options available: Pushing aggressively for robust growth and significantly reducing borrowings. With a projected fiscal deficit of well under $200m for 2023-2024, and GDP at $14bn, this would certainly be achieved. What remains unclear, despite noted initiatives, is how exactly economic growth that helps to generate $3bn in annual government revenues will be produced. This demands some thinking, but I am unable to shake the idea of “where is the pain point” in this whole process and “what will be the price paid” to achieve the improvements. There is no question in my mind that something must give. We can, like Jamaica did in its two structural adjustment programmes, achieve gains through the reduction of debt at the cost of growth or do otherwise and go for growth with debt, and the objective of reducing the debt-to-GDP ratio. In the current global economic climate, outside of a structural plan with the
influence of an international organization (the IMF), The Bahamas will not be able to fundamentally shift its debt burden through negotiation. Extending the maturities, yes, but otherwise the gains are limited. This possibility has to also be contextualised against any possible further ratings downgrades the country may experience. Such an occurrence will make debt more expensive and add greater uncertainty to the recovery process. Either we give life to what needs to be done or be prepared to be further crushed by a burgeoning debt load. The discussion to be had cannot be focused myopically on debt and its reduction. The level of debt we experience is, and will continue to be, a function of the country’s performance and growth. If we therefore aggressively solve growth with a clear strategic focus, the debt situation will eventually resolve itself. It is in this process that our fiscal responsibility apparatus and principles will have the greatest potency. Through commitment to accountability, transparency, public sector financial reform and anti-corruption, The Bahamas will position itself for the optimal use of its resources. By becoming seriously committed to a clear strategic path, it is my view that The Bahamas will thrive. This commitment, though, is akin to the maintenance of an airport landing strip. Because it is a matter of life and death, anything and everything that takes away from or puts at risk the safe landing of the craft must be removed. The realities are a bit more complex than the analogy, but the outcome is important to the life of its people. Time for focused action The government recently released the first annual borrowing plan 2021-2022 (ABA), which outlines the approach it will take to meeting its financing needs for the current fiscal year. This, a requirement of the Public Debt Management Act 2021, is a step in the
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THE TRIBUNE
Tuesday, July 20, 2021, PAGE 3
‘NOWHERE TO GO’ ON CLIMATE WOE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A LEADING environmentalist yesterday urged The Bahamas to confront the impact of climate change head on, adding that it needs to address the potential impact “sooner rather than later”. Joe Darville, Save the Bays executive chairman, told Tribune Business that scientific data showed The Bahamas is running out of time to mitigate the impacts of global warming, such as rising sea levels and more
frequent and powerful hurricanes, as best it can. He said: “We as a country have to deal with this climate change phenomenon. This is not if, and, or but. This is something that’s happening right now and we need to deal with it as a country.” Mr Darville added that he has seen the devastation inflicted in The Bahamas by bad environmental policies and lack of enforcement, which has also impacted nearby Florida. He recalled: “I was in Miami for a conference and, at that time, there was a full moon that affected the tide,
and that evening the streets of downtown Miami were flooded. “We put on boots and went downtown in Miami, and had photographs taken, so this is a phenomenon that is going to hit The Bahamas and it is hitting The Bahamas already. That is exactly the phenomenon that will face this archipelagic nation, which is basically at sea level. “For years now, for Bahamians to have crown land, that crown land has to be at least 25 to 30 feet above sea level. We had anticipated that at least in 50 years we would see a
dramatic change in the tidal waves, and with hurricanes threatening at a phenomenal force and the coastal areas disappearing. This is not going to be 50 years from now; it’s going to be sooner than that.” Concerned that there will be “nowhere to go” when sea levels rise to the point where Bahamians will be under constant threat, Mr Darville added: “Nations in the Southern Pacific, they are already purchasing land in countries that are at least 30 feet above sea level in order for their people to find refuge.
SAND DOLLAR PASSES TEST WITH THE POLICE THE government yesterday announced that Bahamians can now pay for public services using the Sand Dollar digital currency following a successful period of testing. The Central Bankbacked digital currency roll-out has now been integrated with the government’s Bahamas Digital Payment Platform, also known as DigiPay, as a payment method for a variety of services, it said in a statement. Sand Dollars were used to pay for a character certificate (police record) from the Royal Bahamas Police Force (RBPF) last week, and were said to have passed all test phases without incident. As a result, the government and the Central Bank will begin
integrating other public sector agencies into the Sand Dollar ecosystem. “The government’s push towards a more digitised Bahamas is continuing to take shape with this exciting development. With DigiPay, we are modernising the way Bahamians pay for government services: Improving the efficiency, access and security of payments by means of digital innovation,” said Kwasi Thompson, minister of state for finance. “We are able to further this goal with the successful implementation of Sand Dollar’s ecosystem, which aims to achieve similar outcomes for our country’s payment landscape. With that, the Sand Dollar will soon serve as a standard means of payment
GB Chamber chief eyes Customs ‘compromise’
clearance - and the challenges and delays with that, we want to see if we can compromise and implement part of Click2Clear and deal with the issues around the Hawksbill Creek Agreement before the full roll-out. “We need to see exactly where they [Customs] sit with that, and what they’re willing to do, before I go overboard and panic. This meeting tomorrow [today] is an important one where we hope to come some sort of understanding around the roll-out of Click2Clear,” Mr Laroda continued. “It’s not the business community saying no to Click2Clear. There’s some general understanding that it’s a necessary move, but as it relates to the Hawksbill Creek Agreement there are some issues that need to be investigated, and discussions that have to be had, but we don’t want this manual system until September. We want something before then that resolves the delays and increased cost the manual
FROM PAGE ONE
the Grand Bahama private sector was not opposed to the new system, or Customs’ efforts to operate more efficiently while collecting all revenue due to the government. “We understand the government needs to get better control,” the GB Chamber president said, “but we need to come up with a system that is mutually beneficial to everyone..... It’s how it marries with the Hawksbill Creek Agreement, and the issues around reporting of that, which are of concern to the business community, so we want to see if we can come up with a compromise over that. “What we want to suggest is rather than wait until September 1, and doing manual clearance until then - there are some Customs officers themselves who are not familiar with manual
KIMWOOD MOTT, project manager, digital currency, Central Bank of The Bahamas; Nicole Riley, director, revenue audit and cash management unit, Ministry of Finance; and Garnell Rolle, assistant superintendent of police, Criminal Records Office, are pictured at the pilot test for Sand Dollar transactions on the DigiPay platform. collection through the DigiPay platform for government services. “This step is also an historic achievement which signals the government’s commitment to building and expanding the Sand Dollar ecosystem across The Bahamas. This step encourages the public to participate in the Sand Dollar ecosystem by affording them the opportunity system is experiencing now.” Freeport’s ‘over-the-counter’ bonded goods regime has been a key feature of the city’s business environment for almost three decades, and is now an established practice under the Hawksbill Creek Agreement. It allows GBPA licensees to sell goods duty-free (bonded) to fellow companies within the Port area for use in the latter’s own business. But any sales to a consumer or household do attract duty, and these taxes have to be submitted in a report - together with the full tax owed - to Customs by the 15th of the following month. While post-paid duty sales have to be reported, there have never been similar requirements for so-called ‘bonded’ sales reports, but the latter is exactly what Customs is seeking with the implementation of its Electronic Single Window (ESW) or Click2Clear platform in Grand Bahama even though this has been barred by a Supreme Court injunction.
POINCIANA SPV LTD. NOTICE EXPRESSION OF INTEREST ELECTRICAL REMEDIAL WORKS Poinciana SPV Ltd. invites Expressions of Interest for the completion of remedial works to the Electrical Installation to Poinciana House on East Bay Street, Nassau, Bahamas. The building comprises 2 separate structures with an approximate overall building area of 34,500 square feet. Interested persons can contact the Project Manager via N&M Architects. To obtain a copy of the Scopes of Work and additional information, please telephone: 1(242) 327-8495 or email: info@nandmarchitects.com and/or dhp@dhpassociates.com. All Expressions of Interest documents are to be placed in a sealed envelope marked: Poinciana House Renovations Electrical Remedial Works – Poinciana SPV Ltd. c/o N&M Architects #27 Sandyport Plaza West Bay Street P. O. Box SP-61273 Nassau, Bahamas Companies should submit Expressions of Interest no later than 26th July 2021. Only persons with a valid Business License, Tax Compliance letter, Registration Certificate and Letter from National Insurance (NIB) stating your company is in good standing need apply.
to pay for government services with the convenience that digital currency brings. This step also establishes The Bahamas as a world leader in Central Bank digital currency.” The final install of equipment allowing the police to accept Sand Dollars as a means of payment was completed this past week past at the force’s Oakes Field office. Other agencies
A MATTER OF LIFE AND DEBT FROM PAGE TWO
JOE DARVILLE “So we have to look diligently at how we’re going to deal with this, and it is not if this is going to happen - it is going to happen. The fact is that the majority of our oceans are thousands of feet deep. In fact, it is about seven miles deep, so what is going to happen when that surge comes across these islands.” will be brought on and equipped with the necessary hardware to allow them to accept Sand Dollars as payment throughout July. “This is an exciting moment for our team. I applaud the efforts of Kristie Powell, representing the technical arm of DigiPay, and all stakeholders involved for such a smooth and productive testing period,” said Nicole Reilly, director of the Ministry of Finance’s revenue audit and cash management unit. “Phase one of the Sand Dollar ecosystem build, which encompasses revenue collection for government agencies, is now complete on the technical side. We are eager to move on to phase two, which involves government expenditure payouts in Sand Dollars throughout the cash districts of our southern Bahamian islands. The tentative date for this phase to go live is set for September 1, 2021.”
right direction. This approach will undoubtedly be one of the legacies of the current administration, and it brings a new level of transparency and clarity to the debt management effort. It shows the need for $1.85bn, driven largely by the deficit of $951m and debt redemption of $899.7m (both domestic and external). The plan says: “Given the scale of the budgetary financing required, and the observed absorption constraints in the domestic market, the government will continue to leverage foreign currency borrowing opportunities, although not with the explicit strategic objective of supporting the countries’ external reserves”. The latter statement is an interesting one which, taking into account all the impacts of the current pandemic, is challenging to accept but may be indicative of the pressures involved. The government will borrow $959m (or 51 percent) in foreign currency. This continues the erosion of the difference between local and external debt. The document details maturing domestic bonds ($484.1m), analyses the issuances in foreign currency instruments and loans, and provides a clear understanding of the strategy and intention of the administration. This, in my opinion, should bring greater understanding and appreciation of where the country stands. One weakness, I believe, is a lack of analysis of the total debt burden. Such a broader assessment would provide greater context for analysis. It is, however, a positive start with stark underlying messages. Unless we grow or get austere, we will be borrowing for a while yet. To be continued...
PAGE 4, Tuesday, July 20, 2021
THE TRIBUNE
CONSTRUCTION INNOVATION KEY THEME FOR WEBINAR THE Bahamas Engineers, Architects and Allied Professionals (BEAAP) yesterday announced they will be holding a free webinar this Thursday on driving innovation and change in the construction industry. The event, which will run from 9.30am to 2.30pm, aims to advance the conversation on transforming the construction industry and providing information to industry professionals and the general public. “Construction is one of the largest industries in the country and a key economic driver. It is intricately linked to our most important industry, tourism, with billions of dollars invested along the coastline of many islands in our archipelago,” said Sonia Brown, BEAAP chairperson and principal of Graphite Engineering. “But construction is also
ROMAULD FERREIRA
KEYSHAN BASTIAN
DESMOND BANNISTER
ELSWORTH JOHNSON
an intimate undertaking, where many Bahamian families place thousands of hard-earned dollars in the hands of professionals to build houses that become homes. Given the socioeconomic weight of this most important industry, we
sought to present a slate of speakers and panelists who can speak intimately about four factors that significantly impact the construction industry: Building works, environmental impact, trade services and immigration, and education.”
Speakers include Desmond Bannister, deputy prime minister and minister of public works; Romauld Ferreira, minister of the environment and housing; Elsworth Johnson, minister of financial services, trade and industry and Immigration; Keyshan Bastian, assistant director of education, career and technical education, Ministry of Education; and Dr Robert Robertson, president, Bahamas Technical & Vocational Institute. The webinar will also feature four panel discussions about the way forward in the Bahamian construction industry. Michael Pratt, president, Construction Speciality Group; Dr Kevin Storr, associate professor, Prairie View A&M University; Robert Whittingham, principal, Whittingham Design Consultants; and Sonia Brown will discuss opportunities for growth in buildings works. Rochelle Newbold, director, Department of Environmental Planning and Protection (DEPP); Carlos Palacious, managing principal, BRON Ltd; Dr Bently Higgs, engineer, New Providence Ecology Park; and Melissa Alexiou, director, Waypoint Consulting, will discuss drivers of environmental policy change and how such changes can influence sustainable construction. John Michael Clarke, president and managing director, VERITAS Consultants; Leonard Sands, past president, Bahamian Contractors Association; and Marcus Laing, licensed architect, TDG Architect Ltd, will focus on the impact of trade and immigration. Dr Storr will return to join Ashley Glinton, president, Woslee Construction; Tameka Hanna, president, EBT, Construction Services and Environmental Projects; and Quentin Knowles, electrical contractor and electrical engineer, in a discussion about improving training for students and employees.
Grand Lucayan feels the ‘chill’ with no A/C FROM PAGE ONE
(drinkable) water” supply as a result of Hurricane Dorian, whose September 2019 storm surge overwhelmed the wellfields long relied upon by Freeport and wider Grand Bahama. To counter this salt water intrusion and restore supply, Grand Bahama Utility Company is investing $5m in a new three million gallon reverse osmosis plant that is scheduled to be completed by late August. Its arrival has been billed as the key to restoring full water potability across Grand Bahama, with 30 percent of the island still awaiting the return of such supply almost two years after Dorian’s passage. That cannot come soon enough for the Grand Lucayan and its chairman, with Mr Scott reiterating yesterday: “We’re paying $40,000 per month for this. It’s impossible to use that water for anything else other than flushing toilets as it is currently being pumped. It’s a major problem. “We’re now in the midst of putting in a reverse osmosis plant, a used reverse osmosis plant, and then will lease and buy a new chiller. We will lease a chiller then order a new one, as it takes seven to eight weeks’ lead time.” The Grand Lucayan Renewal Holdings chair said the total investment, which will effectively be funded by Bahamian taxpayers via the Government’s ownership, will likely amount to around $500,000 as he confirmed the resort’s Lighthouse Pointe complex has fully re-opened once again. “We’re back up and running now, but that was the cause of our problems,” Mr Scott said in reference to the water supply. “We want to keep the hotel open, and cannot do so unless you have
an A/C system. We’ve been up and running since the end of last week; Thursday of last week. It was not our fault. We were trying to open with a situation that was not of our making.” He added that the Grand Lucayan has “an arrangement with across the street” whereby the nearby Pelican Bay resort was able to provide overnight room accommodation to its guests. Those guests were able to return and use amenities such as restaurants as these facilities were equipped with air filtration and cooling systems. The rooms, though, were “not habitable” in the absence of A/C cooling. Magnus Alnebeck, Pelican Bay’s general manager, said his hotel had received a temporary boost from the “overflow” created by the Grand Lucayan’s A/C problems as he revealed it was presently enjoying “about 40 percent” occupancy levels. “The majority of that is people who are here for a reason,” he added. “It’s corporate travellers, people visiting family and who are here to pick up a boat. We just had a fishing tournament in Grand Bahama, and had a spike from that. There have been some projects at the Shipyard, and that makes all the difference. All that matters for us is to keep on going and going. “In predicting future business we don’t look beyond two weeks. It is so difficult to forecast because it all depends on what happens [with COVID-19]. American Airlines is going to five days a week in mid-August with its flights to Grand Bahama from Miami, which is a bit concerning as we will not have direct flights for the full seven days, but it’s a question of supply and demand.”
THE TRIBUNE
Tuesday, July 20, 2021, PAGE 5
Austerity measures inevitable whoever wins next election FROM PAGE ONE
THE HILTON hotel, top, and The Pointe, below.
Minister unaware of CCA’s reported Pointe, Hilton sale FROM PAGE ONE
difficult to speak definitively to anything that might happen there right now until it starts to unfold,” Mr Woods added. “We don’t let anything take us by surprise, but we have to wait and see. They’ll have to put more meat on the bone for us.” CCA acquired the British Colonial Hilton for a price thought to be in the $50m-$60m range in October 2014, right at the time when it was supposed to be racing the multi-billion dollar Baha Mar project to construction completion under former owner Sarkis Izmirlian. That deal is among the multiple targets of Mr Izmirlian’s request for
Bahamian judicial assistance relating to his $2.25bn fraud and breach of contract claim against CCA. Legal documents obtained by Tribune Business reveal that the New York State Supreme Court, which will ultimately determine the outcome of the fight between CCA and Baha Mar’s original developer, is requesting help in obtaining potential evidence thought to be held by multiple Bahamas-based banks and companies. One assistance request is for Cross & Mosko Real Estate and Development Company, whose principals are Jimmy Mosko and Kevin Cross, to produce multiple documents and communications relating to the British Colonial Hilton’s October 2014 sale to CCA which they brokered. Mr Izmirlian and BML Properties believe these may provide evidence to support their claim that the Chinese
state-owned contractor used a disputed $54m payment intended to “accelerate” its construction work at Baha Mar to instead fund the acquisition of the downtown Nassau resort. “Plaintiff seeks to obtain documents from Cross & Mosko, who brokered the sale in October 2014 of the British Colonial Hilton to defendants,” the New York court’s legal assistance request states. “These documents have a direct connection to the subject matter of the New York litigation because plaintiff alleges that in order to purchase and develop the British Colonial Hilton, defendants used funds they had pledged to the Baha Mar project and diverted both tangible and intangible resources to the Hilton venture, defrauding plaintiff and exacerbating the delays already plaguing Baha Mar.”
of all three.” Mr Smith said a significant portion of the Budget, some $670.935m this fiscal year, was “baked into salaries” with allowances and NIB contributions accounting for a further $107m-plus. Reducing this wage bill by sending civil servants home is “not very palatable” for any government, he added, especially given the redundancy pay-off costs and resulting social services burden, plus the fall-out for the wider society and economy. New and/or increased taxes were just as unappealing, Mr Smith said, adding: “There’s no appetite for asset sales. Governments before have had to deal with the backlash from
DR HUBERT MINNIS privatisation projects. Privatisation itself is not the problem; it’s the way the process was handled.” Together with the $512m allocated for debt servicing (interest) payments, the government’s $670m wage bill accounts for $1.182bn or 41.8 percent of total recurrent spending in the 2021-2022 fiscal year. Mr Smith added that “doing nothing”, and continuing to borrow to fill the annual deficits, was not an option for the government given
that it would eventually run out of willing lenders. Arguing that the next administration needs to broaden the tax base to lessen the burden on middle class families, Mr Smith said: “You can’t walk away and pretend this is not happening. They say you’re kicking the can down the road, but I don’t think we have much road left. When you begin to borrow to pay off loans, you know you are close to the cliff. “The only other option, given our performance over the last ten years, is if we got an economic shot in the arm that produces growth and new revenue streams, but I don’t see anything on the horizon to attract it.... I’m forever hopeful that something appears to mitigate what will be a very challenging future, but I don’t see anything on the horizon.”
PAGE 6, Tuesday, July 20, 2021
THE TRIBUNE
Auto dealers take ‘blows all around’
To advertise in The Tribune, contact 502-2394
FROM PAGE ONE
NOTICE NOTICE is hereby given that GLADIS McPHEE FRANCIS, of #126 Redwood Lane, Nassau, The Bahamas 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 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
now have with that is we used to pay $5,000-$6,000 a shipping container out of Taiwan, but that has now jumped to $10,000-$12,000. Ben Albury, Bahamas Bus and Truck’s general manager, confirmed his dealership was grappling with similar issues when it came to having the vehicles sought by consumers “in a timely manner” as well as increased product costs. Overall sales are down by around 50 percent. He added that the industry’s current status was “the complete opposite” of where he and other executives thought it would have been, having anticipated that there would be too much product and too little demand for it. Instead,
he said there was high demand and too few of the right vehicles to satisfy it. “That’s been an ongoing challenge for me for months,” Ben Albury said of supply. “It’s terrible. I used to project my orders, depending on where they are coming from, from four to six months out, and now they are taking anywhere from six months to ten months. “Nobody can give an accurate assessment. The reports I get every week on when to expect product is garbage. I don’t read them any more. They indicate that a vehicle will be available by a certain date, and I get it two, three and four months later. “It’s having a large impact. We have a lot of pre-sales with people
NOTICE
NOTICE
NOTICE is hereby given that MR. KEVIN LEE PRICE of the Western District of the Island of 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 20th day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that SHONNA MICHEL of Tropical Gardens, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that MICHELAINE AUGUSTIN of Washington Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that TAMEKIA ANN-MARIE ARMBRISTER of Southwind Gardens, P.O. Box SB-52798, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
MARKET REPORT www.bisxbahamas.com
BISX ALL SHARE INDEX:
CHANGE
1967.92
-1.52
%CHANGE
YTD
YTD%
-0.08 -124.54
-5.95
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.78 6.00 7.00 3.60 5.27 3.90 6.16 12.00 2.71 7.76 10.71 9.55 14.31 4.10 8.97 16.00
52WK LOW 3.20 22.65 1.46 1.62 1.43 5.00 6.00 2.76 4.25 2.47 5.00 9.75 2.10 5.30 9.50 8.35 13.00 3.42 8.00 15.20
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 96.68 100.00 100.95 100.53 100.30 100.62 100.70
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.68 93.28 100.95 100.29 100.05 100.62 100.46
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
CLOSE 6.20 39.95 1.60 2.61 1.44 6.00 6.97 3.06 5.27 2.60 5.95 10.20 2.42 7.75 11.11 9.55 14.00 3.99 8.30 15.50
CHANGE (0.30) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 (0.15) 0.00 0.00 0.00 0.00 0.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1070360 BSBGR1321391 BSBGRS630211 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.16 100.00 100.19 100.27 100.05 100.62 100.72
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.16 100.00 100.19 100.27 100.05 100.62 100.72
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
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 BGR107036 BGRS FX BGR132139 BGRS FL BGRS63021 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026
LAST CLOSE 6.50 39.95 1.60 2.61 1.44 6.00 6.97 3.06 5.27 2.60 5.95 10.20 2.46 7.75 11.26 9.55 14.00 3.99 8.30 15.50
VOLUME 50,000
75
VOLUME
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 25.9 42.9 N/M N/M N/M N/M 18.9 -7.0 37.6 14.1 13.3 14.1 23.7 16.6 17.2 13.1 17.2 19.7 8.8 24.6
YIELD 2.74% 3.15% 1.25% 1.15% 0.00% 0.00% 3.73% 0.00% 0.00% 4.62% 3.70% 7.06% 17.93% 0.77% 2.95% 2.51% 3.86% 3.01% 2.41% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
MATURITY 19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.29% 4.81% 4.53% 4.56% 4.50% 4.53%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 26-Aug-2036 15-Oct-2039 12-Dec-2021 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026
MUTUAL FUNDS 52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.12 8.75 10.46 7.40 15.99 12.72 10.39 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.75 10.46 7.40 15.99 12.72 10.39 N/A 10.43 14.89
YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.04% 0.20% -2.27% -3.15% -0.08% -0.57% -1.94% -3.33% 3.13% 5.76% 4.29% 7.07% 1.70% 3.85% 14.99% 38.64% -1.20% -0.36% 3.43% 0.76% N/A N/A 3.00% 25.60% 7.90% 48.70%
NAV Date 31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 31-May-2021 31-May-2021 31-May-2021 31-May-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
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
not being able to get the product in a timely manner, and then the increased cost. In the US, the price of preowned vehicles has gone up about 35 percent. It will be even more here because it is compounded by duty and shipping charges. “It makes it impossible to bring any used product in from the US, and in Japan they are having similar increases, although maybe not to 35 percent. It’s definitely not making life any easier. It’s very tough. Sometimes I’ll have a shipment come in and have an improved month because everything goes, and then I’ll have a shipment delayed and have very little.” Ben Albury said the disruption was likely to persist until next year, adding that food stores, hardware stores and other sectors of the Bahamian economy are facing similar issues. “I hope it’s over sooner rather than later,” he said.
NOTICE NOTICE is hereby given that ELVEUS ST AMAR, of Carmichael Road, Nassau, The Bahamas 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 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)
VACATION TIME SHARE TRAVEL INC. IBC No. 7701 B (In Voluntary Liquidation)
NOTICE is hereby given that as follows: (a) That VACATION TIME SHARE TRAVEL INC. is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 19th day of July, 2021 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.
MONDAY, 19 JULY 2021 CLOSE
paying deposits. Some are understanding, and realise this is happening globally, while others are not. It’s brought a different type and level of stress to dayto-day functioning.” Ben Albury said the inability to meet demand was worse for “fast-moving inventory” such as SUVs, jeeps and pre-owned vehicles. He added that prices for the latter have risen substantially due to increased purchaser demand as the market moved away from new vehicles in favour of lowerpriced product. “Shipping is going up daily,” the Bahamas Bus and Truck general manager said. “You have containers due to come at a certain time, and they cannot make the boat. The cost of a container used to be $5,000, and now it’s $13,000. It’s insane. “The impact is what it always is: The inconvenience and then the bottom line. The inconvenience of
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
(d) Any person having a Claim against the above name Company are required on or before the 18th day of August, 2021 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator
LIQUIDATOR’S NOTICE PURSUANT TO SECTION 240 (2) OF THE COMPANIES ACT 1992 We, Sterling (Bahamas) Limited, Liquidator of THURGAU LTD., hereby certify that the winding up and dissolution of THURGAU LTD., has been completed and the Company’s name has been removed from the Register of Companies as of the 29th day of June, 2021. Dated this 19th day of July, 2021.
Sterling (Bahamas) Limited Liquidator
LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT We, Sterling (Bahamas) Limited, Liquidator of CITY LIGHTS LIMITED, hereby certify that the winding up and dissolution of CITY LIGHTS LIMITED, has been completed in accordance with the Articles of Dissolution. Dated the 24th day of March, 2021.
Sterling (Bahamas) Limited Liquidator TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 8, Tuesday, July 20, 2021
THE TRIBUNE
BODY AND MIND
DR Mikhail Higgins performing the UFE procedure.
New non-surgical procedure to remove fibroids available in Bahamas for first time By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net FIBROID surgery is one of the most highly requested medical procedures by Bahamian women. Those seeking to correct the issue that plagues their body and interrupts their life resort to going “under the knife”. Surgery to remove fibroids was the only medical solution to the problem until the only interventional radiologist in the Bahamas, Dr Mikhail Higgins, brought back his expertise to deliver on a non-surgical, minimally invasive solution that requires very little down time to this common problem among Bahamian women. Uterine fibroid embolisation (UFE) is now offered in the Bahamas to treat fibroids. The first procedure in the Bahamas was successfully performed by Dr Diggins at Doctors Hospital last week. Fibroids are abnormal growths that develop in or on a woman’s uterus. Sometimes these tumours become quite large and cause severe abdominal pain and heavy periods. In other cases, they cause no signs or symptoms at all. The growths are typically benign, or non-cancerous. However, non-cancerous fibroids can cause excruciating pain and affect a woman’s daily life, leaving them with only one option to manage the condition: surgery.
Learning of this, Dr Higgins collaborated with the Family Medicine Centre on Blake Road to offer the non-surgical alternative to those women who fear managing their fibroid problem means “getting cut”. “Through conversations with Dr Graham Cates (Family Medicine Centre’s founder) I realised one of the major issues affecting women is fibroids. I asked how are women managing this and what I have been told was there are three options- all surgical,” he told Tribune Health. “A woman may be told, ‘This is so large I have to take your uterus out with the fibroid’. This is like taking the baby and throwing it out with the bath water. This requires a large incision and long recovery time. “The second option is a myoectmy, which is where
the fibroids are carved out through an open incision. You get to keep the uterus and in this instance it’s like you’re scooping out the bath water but keeping the baby in terms of the uterus being preserved,” he said. Laparoscopic is the other procedure to treat fibroids locally that is only offered by few gynaecologist. “This is really precluded based on the size of the fibroids. Two millimetre incisions, three of them that are made, if they are doing them super minimally invasive. They go through these three sites carve out the fibroids and try to break them up inside the body in order to get it through the holes. It’s minimally invasive but they there is still recovery time associated with it,” he explained. As for UFE, the recovery time is significantly less. “You have these three
procedures on the table and many women who do not want to be cut have opted not to embrace this. Some of them who Dr Cates has seen has opted to suffer through this because they just do not want to be cut. And for me that is unacceptable because there is a fourth option that exists,” he said. Scores of Bahamian women, Dr Diggins, said have travelled abroad to have the UFE. In a UFE procedure, physicians use an X-ray camera called a fluoroscope to guide the delivery of small particles to the uterus and fibroids. The small particles are injected through a thin, flexible tube called a catheter. These block the arteries that provide blood flow, causing the fibroids to shrink. Nearly 90 percent of women with fibroids experience relief of their symptoms.
The recovery time period for this procedure is about one to two weeks. Once the procedure is completed, the patient is prescribed medication to control any pain. The primary side effect of uterine artery embolisation is pain, which may be a reaction to stopping blood flow to the fibroids and a temporary drop in blood flow to normal uterine tissue. Pain usually peaks during the first 24 hours, Dr Higgins said. Most women return home a day after the procedure. UFE falls under the umbrella of vascular and interventional radiology (IR) a new frontier in pain and disease treatment available for the first time in the Bahamas at Family Medicine Centre. The therapies offered by IR are more precise, minimally invasive and more
effective than ever. IR provides new options in the Bahamas to treat and mitigate disease and ultimately restore you to your best health. IR is built on a simple principle, which mirrors the wellness philosophy at Family Medicine Centre. The centre treats disease from the inside out, minimising physical trauma to the patient. IR offers procedures for all the body’s organ systems and provide a progressive and now locally viable alternative to the more invasive nature and increased risks posed by open surgery. Dr Higgins said he is proud to present this option to a condition that disrupts the lives of many women many who suffer in silence. Dr Higgins, MD, MPH, is the country’s first board-certified fellowshiptrained interventional radiologist, specialising in image-guided minimally invasive interventions. Some of his professional minimally invasive expertise include women’s health including endovascular management of uterine fibroids, adenomyosis and pelvic congestion syndrome, prostate artery embolisation for benign prostatic hyperplasia (BPH) and acute urinary retention, vascular interventions for peripheral artery disease, varicocele, deep vein thrombosis (DVT), varicose veins, compression fractures, liver and renal tumours.
BAHAMAS MEDICAL AND SURGICAL SUPPLIES ANNOUNCES NEW PARTNERSHIP By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net
HYGIENE has always been important, but the global COVID-19 pandemic has really brought home how crucial it is for infection protection. Bahamas Medical and Surgical Supplies consider it vital, now more than ever, to have a trusted brand of sanitiser products they can depend on to combat the virus, hence the most recent partnership with the American brand Purell. “At Bahamas Medical we pride ourselves developing in partnerships with the leaders in the healthcare industry and making their products more accessible to Bahamians,” said Phylicia Laramore-Ferguson,
GOJO’s director of business development for Latin America Sergio Aroaz said he looks forward to the partnership between their brand, Purell, and Bahamas Medical and Surgical Supplies. Photo: Donavan McIntosh/Tribune Staff communications representative at Bahamas Medical and Surgical Supplies. “With 2020 being unexpected globally, GOJO and Purell also did not expect
the influx of requests, but despite the demand of products they were still able to expand their factory and workers in the same year allowing them to
add on more partnerships. In March 2021, we became distributors.” Bahamas Medical and Surgical Supplies is a premier distributor of medical equipment, medical and surgical consumables, pharmaceuticals and home-care products locally. The business operates from its office complex on 9 Fifth Terrace, Centreville, which is in close proximity to major hospitals and other healthcare facilities. Ms Laramore-Ferguson told Tribune Health that Purell is a brand of GOJO Industries, Inc. And similar to Bahamas Medical, it is a family-run company that is purpose-driven. “In 1988, Purell was created and became the number one hand-sanitiser brand in the United States because of the unique
science-based approach to developing a product that is not only effective but maintains the skin health of all who use it,” she said. She said the products now being offered in the Bahamas were created by GOJO to achieve the purpose which is saving lives and making life better. Their goal is to make life safer and give peace of mind to all who use their wide range of products worldwide. “In order for the Bahamian community to understand the importance of using the Purell, they must understand the standards that all of their products fulfil, which is that they are effective because they have formulated the most effective solution. They are safe, as they use the safest and most sustainable
ingredients available, and continually seek even better alternatives. Purell products improve the health and well-being of people, facilities and institutions everywhere,” said Ms Laramore-Ferguson. “Bahamas Medical and surgical supplies is an organization of integrity and always progressing with an innovative mindset of providing quality products and service excellence. As it relates to health and wellness, for the remainder of the year, the Bahamas Medical and Surgical aims to stay abreast of cutting-edge technology. Prominently positioned to provide an essential service to the Bahamas while elevating the standards of healthcare. We are excited to tap into new markets in the future.”
THE TRIBUNE
Tuesday, July 20, 2021, PAGE 9
Possible causes of ‘smelly’ urine DO YOU actually take notice of the smell of your urine? The odour of your urine can be affected by many factors; some are harmless, and others can be of great concern. 1. Dietary causes A 2016 British Medical Journal found that approximately 40 percent of study participants could detect the difference in the smell of their urine after eating asparagus. Asparagus anosmia is the ability to detect a variation in urine odour after asparagus intake, which is determined by genetic variations in the sense of smell and not the actual smell of the urine. Foods that commonly actually change the smell of urine include alcohol, coffee, garlic, curry, sprouts and onions, amongst others. The breakdown of coffee by the body leads to byproducts that could alter the smell of urine. Coffee like alcohol is a diuretic, which could lead to more concentrated urine which could make urine more pungent. A high intake of salt could concentrate your urine and make your urine a stronger scent. Excess salt could actually lead to dehydration as the sodium in salt draws water out of the body cells and into your blood. Certain vitamins, supplements and medications could alter the smell of your urine. Heart medication and multivitamins in particular often alter the odor of urine. 2. You might be dehydrated Insufficient fluid intake leading to dehydration quite often causes pungent urine. The urine is more concentrated and often a darker yellow in appearance. Ideally the average adult should consume eight glasses of water or fluid per day. 3. There might be a urinary tract infection The strong smell of ammonia from urine is a possible sign of a urinary tract infection. Urine infections can also present themselves with a sweet urine aroma. Urinary tract infection may lead to a burning sensation when urinating and increased urinary urgency and frequency. Women in particular are prone to recurrent urinary tract infections, with about 40 percent of
women developing a second urinary tract infection within six months of the first UTI being successful treated. Seek medical advice if a urinary tract infection is suspected. Yeast infections due to the overgrowth of naturally occurring vaginal fungus may cause a distinctive yeast smell. The use of antibiotics by women could lead to yeast infections and women who are pregnant or have uncontrolled diabetes are at greater risk of yeast infections.
4. Diabetes and pre-diabetes can alter urine odour It is sadly estimated that as many as one in seven Bahamians and residents are either diabetic or pre-diabetic. Diabetes may cause a fruity urine smell and increased urine frequency and a greater risk of urinary tract infections. Increased sugar being excreted in urine in some pre-diabetic and diabetic persons might cause a fruity smelling urine. Type 2 diabetes is more common than Type 1 and is caused by the body not using insulin well and poorly regulating body sugar levels. Type 2 diabetes is diagnosed more frequently in adults than Type 1 so sudden onset of fruity smelling urine in adults should necessitate a visit to a physician to rule out diabetes. Women who are pregnant should be wary of the sudden onset of fruit smelling urine as it may be a sign of gestational diabetes. 5. Kidney stones Kidney stones are caused by the super saturation of certain
chemicals in urine that crystallise. Kidney stones predispose persons to urinary tract infections. Dehydration and high salt intake or high intake of sugars are all risk factors for kidney stone formation and these factors as previously discussed, may lead to an alteration in urine smell. Cloudy, foul-smelling urine with flank or abdominal pain might be signs of a kidney stone and a physician visit is warranted. 6. Possible STI Sexually transmitted illnesses (STIs) can cause urine to be foul smelling. Chlamydia and trichomoniasis are well known for making urine pungent. STIs may also present with a genital discharge that may also be foul smelling, and a burning sensation when urinating. Any suspicion of a sexually transmitted illness should lead to a prompt medical consult. 7. You may be pregnant or ovulating The hormones oestrogen and progesterone are at work during monthly ovulation and during
pregnancy. These hormones can alter the smell of urine and they may make the female develop a keener sense of smell. The ammonia in urine may be more pungent to the woman with a more acute sense of smell, during pregnancy and ovulation. A persistent sudden change in the scent of one’s urine should not be completely dismissed as it may be a warning sign of serious conditions such as uncontrolled diabetes, a sexually transmitted disease, a urinary tract infection or many other causes. Seek the consult of a urologist if urine odor is concerning as the likely cause in unknown. • Dr Greggory Pinto is a board-certified Bahamian urologist and laparoscopic surgeon. He has trained in Germany, South Africa and France, and is a member of the European Association of Urology. He can be contacted at OakTree Medical Center, #2 Fifth Terrace & Mount Royal Avenue. Telephone: (242) 322-1145 (6) (7); e-mail: welcome@urologycarebahamas.com, or visit the website:www.urologycarebahamas.com.
HOW ALCOHOL AFFECTS YOUR KIDNEYS (THE CLEVELAND CLINIC FLORIDA) After a night of one too many cocktails or a weekend of drinking too many beers at the beach, you wake up dehydrated with a stitch in your side. Is that pang your kidneys crying help? Drinking alcohol to excess is linked to several health and social problems, including liver disease and an increased risk of some cancers, not to mention risks from drunk driving, depression, alcohol addiction, domestic violence or accidental injuries while intoxicated. Many people drink more than they realize. When experts talk about one drink, they are talking about one 12-ounce bottle of beer, one glass of wine (5 ounces), or one shot (1.5 ounces) of “hard liquor” (https://www.kidney.org/ atoz/content/alcohol). So heavy drinking is defined as:
A kidney specialist breaks down this problematic relationship For women: More than seven drinks per week or more than three drinks in a single day. For men: More than 14 drinks per week, or more than four drinks in a single day. The relationship between alcohol and your kidneys is a bit nuanced. Kidney specialist Dr Shane A Bobart, FASN, a nephrologist at Cleveland Clinic Weston Hospital in Florida, breaks down this troublesome pairing. Your kidneys have an important role to fill. They filter waste from your blood, regulate the balance of water and minerals in your body and produce hormones. When you drink heavily,
your kidneys have to work harder to filter out the alcohol. Binge drinking — five or more drinks within two hours — can raise a person’s blood alcohol to dangerous levels, causing a sudden drop in kidney function called acute kidney injury. This serious condition occurs when toxins from alcohol build up in your blood so fast your kidneys can’t maintain the proper fluid balance. When this happens, dialysis is needed until a person’s kidney function returns to normal. Acute kidney injury usually goes away in time, but in some cases, it can lead to lasting kidney damage. Regular, heavy alcohol use can also be harmful to your
kidneys over time. According to the National Kidney Foundation (USA), regular heavy drinking can double the risk of chronic kidney disease. The risk is even higher in people who drink heavily and also smoke. Heavy drinking also has an indirect effect on kidney health. “The body is a big domino set,” said Dr Bobart. “If you have one part of your body that’s not in balance, it can cause problems in many other parts of the body.” Drinking heavily can increase the risk of high blood pressure and Type 2 diabetes, for example. These conditions are the most common causes of chronic kidney disease in
The Bahamas. Chronic alcohol use is also a major cause of liver disease. When your liver isn’t functioning well, it can impair blood flow to your kidneys. “Liver disease can have significant impacts on the kidneys,” said Dr Bobart. What is clear is that heavy drinking takes a toll on your organs, kidneys included. “I urge anyone who has any trouble with alcohol to seek medical help,” said Dr Bobart. “Doing so is nothing to be ashamed of. We have a lot of avenues to help people, and there are
resources out there to get people the help they need.” • The Cleveland Clinic Florida is a nonprofit, multi-specialty healthcare provider that integrates clinical and hospital care with research and education. The Florida region includes Cleveland Clinic Weston Hospital, Cleveland Clinic Indian River Hospital, Cleveland Clinic Martin Health and numerous outpatient centres in Broward, Palm Beach, Martin, Indian River and St Lucie Counties. For more information, visit www.clevelandclinicflorida.org.
‘HEALTHY, WEALTHY AND WISE’ PROGRAMME ATTRACTS MORE 100 NIB STAFF MORE than 100 enthusiastic National Insurance Board (NIB) employees spanning three islands recently committed to becoming more ‘Healthy, Wealthy and Wise’. Over the course of eight weeks, NIB staff based in Andros, Grand Bahama, and New Providence learned about taking care of their overall well-being and how doing so influences every aspect of their lives. A regular week for participants transformed into “Meatless Monday”, “Testing Tuesday”, “Water Wednesday”, “Touchdown Thursday”, “Fruitful Friday”, “Salad Saturday”, and “Sugarless Sunday”. The initiative also featured a “Biggest Loser” challenge which was led by a cohort of experienced and diversely skilled fitness trainers within NIB, namely Everette Sweeting, CrossFit Level 1 certified trainer; Nadia Vanderpool, 2019/2020 National
FROM left, Wayne Newman, Carolyn Douglas-Evans, Joey Pennerman and Kayla Ward are committed to being ‘Healthy, Wealthy and Wise’. Wellness Bikini Champion; Luchanio Seymour, aerobics instructor; Christopher Wright, personal trainer and former national track and field athlete; Edward “Eddie” Thompson, former trainer at the Bahamas Royal Bahamas Defense Force; Tonique Williams, Olympic Gold medallist and owner of TWD Fitness Club, and Louvin Sands, personal fitness trainer. Chairperson of the
wellness initiative Sonovia Campbell underscored that NIB’s ‘Healthy, Wealthy, and Wise’ programme featured a wide range of activities from beginning to end. “Our committee members were sure to come up with engaging ways to keep participants enthusiastic and committed to making it to the program’s finish line.” “By starting participants off with health screenings, they were made aware of
their current standings. The blood pressure, glucose, weight and body mass index (BMI) results recorded also gave everyone a better idea about what areas they may need to pay extra attention to,” she said. Ms Campbell continued, “Looking back at the success of the programme, we see just how important each aspect was. From the initial and final health screening to the health talks and fitness classes that came in between, each part of the program played an integral role in the reach of our ultimate goal: encouraging staff to live a healthier lifestyle that can improve their quality of life.” “The benefits of our efforts are not only seen in our personal lives but our careers too. We extend special thanks to Linda Jarett, our broker from Star General Insurance, for her guidance and contributions, and to our sponsors for their generous donations.” Presentations included
“Healthy Eating Habits” by Brianne Pritchard; “You and Your Financial Health” by Odia Gaskin of Fidelity Bank; “Mental Wellness - The Whole You!” by Dr Wendy Fernander; “Nutrition- A Holistic Approach” by Dr Ann Rolle, and “Your Wellness is everything” by Cherrylee Pinder of C P Training and Consulting Service. Clarice Lewis, one of NIB’s Grand Bahama programme spoke of the excitement felt when dance exercise instructor Shylock came in twice a week to teach the participants new moves. “Since the start of our wellness initiative, many of the staff members have changed to a healthier way of life. They are trying their best to eat better and exercise regularly. We are very grateful for this wellness initiative brought on by the National Insurance Board. This was a great start to encourage us to make healthier choices,” said
Ms Lewis. She added, “I was grateful to assist the organization with this initiative. Stacie Basden (a NIB staff), who was the instructor for the exercise program (in Grand Bahama), assisted as well. This wellness initiative was necessary in helping us get our mind and bodies together, and it came during a time when we all needed a recharge. I hope that this becomes an annual programme.” The National Insurance Board will continue spreading awareness with monthly seminars. Upcoming initiatives to further encourage staff to take on healthier lifestyle habits include and another “Biggest Loser” challenge at the end of the year, breakfast fruit distributions and health-related email blasts. Employees fully embraced the National Insurance Board’s wellness initiative while sponsors happily assisted in its success.
PAGE 10, Tuesday, July 20, 2021
THE TRIBUNE
‘Momtrepreneur’ offers blueprint for success By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net AS A passionate “momtrepreneur” who has more than a decade of expertise in the art and media industries under her belt, Aisha Armbrister has faced her share of frustrations, setbacks and burn-out. The mother-of-four, pictured, who is also an award-winning holistic health coach, recently hosted a virtual inaugural business and tech conference which she considers a first step towards achieving economic equity. The conference, ‘BluePrints and MasterMinds”, was hosted by Aisha’s women-led business consultancy ElementalBusiness Solutions. Last Saturday’s conference, she explained to Tribune Woman, was designed withthe under-served and underrepresented countries and communities in mind,
particularly in the Caribbean. A primary goal is to help people feel visible in the industry, to give them a look at the possibilities available to them when they tap into their talents and develop marketable skills for a career or business. Aisha Armbrister, more widely known as Aisha NesutAni, said the conference served as a mid-year checkpoint for small business owners, entrepreneurs and creatives to regroup, re-envision what’s possible, and prepare to step into a future - post COVID-19. Aisha has been her own boss since 2009. “I very quickly recognised a gap in the local entrepreneur community. Without hesitation I formed Viva La Bella in 2011 to support other up and coming women business owners and provide some leverage by way of workshops, ‘femminars’, expert coaching and networking events. During this time, I collaborated with
other groups and organisations. Being active in these spaces gave me insight into some of the fundamental challenges women were experiencing in their businesses, startups and side hustles. Right then, it was clear to me that my passion and purpose was to help more people - especially women and single mothers like myself - gain financial, social and economic freedom by becoming successful business owners,” she said. To this end, she said, her BluePrints and MasterMinds conference sought to bring together world-class industry leaders from The Bahamas, the Caribbean and the US in one space to share their “blueprints” for success. “BluePrints and Masterminds was established to bridge the massive gap between present-day leaders, digital shapers, experts, investors, and the apprentices and next-generation thinkers, innovators, and entrepreneurs,” she said.
“It’s a continuation and evolution of the work I started with Viva La Bella. Ten years later, gaps still exist and there is an even greater need to advance our abilities and make global connections, provide representation and create the platforms that focus on providing accessibility to resources for under-served and under-represented groups.” Aisha said she first-hand experience of what it’s like to be under-represented, under-funded, under-served and underestimated. “I feel a responsibility in being a part of the change I wish to see. We all have that responsibility, but it’s the fire that drives me because I also believe that we have the power to create a better future. History has proven that when we unify for a common goal, we can impact change. And as a mom, I’m constantly thinking about the next generation. How can we make it better for them? How can we better equip
them to participate in also building a better future for their next generation? For me, it starts with ownership and economic equity,” she said. “This platform is important because through strategic and favorable regional and international partnerships, we’ll be able to provide the systematic support that will allow entrepreneurs, creatives, innovators, leaders and professionals to flourish.” Her goal was to have the attendees of the virtual conference walk away feeling inspired, and even more than that: with a sense of clarity as it relates to strategies they can implement in their businesses or careers. “I mostly looked forward to the Women Who Position Their Power Fireside forum. I was one of the four extraordinary women on the panel and this segment was a moment of celebration for me on successfully launching my company, Elemental Business Solutions,
as well as BluePrints and MasterMinds to the world. It was a transparent and open discussion on what it means to know, own and position your power as a woman,” she said. Aisha will be adding to her portfolio by launching a BluePrints and MasterMinds podcast this Fall featuring industry leaders and business experts from around the world. Additionally, she’s excited her Lightbulb Accelerator project - a 20-week programme through which business owners can learn to master their brand and product development, marketplace positioning, strategic planning, meet with industry experts, as well as have the opportunity to pitch their ideas to investors. “Our debut cohort is scheduled for the first quarter of 2022 and will target Bahamian entrepreneurs first before we open up Lightbulb Accelerator to the wider Caribbean region,” said Aisha.
HOW CINDERELLA LOST ITS ORIGINAL FEMINIST EDGE IN THE HANDS OF MEN By ALEXANDER SERGEANT Lecturer in Film & Media Studies, University of Portsmouth
IN THE words of its publicity department, Andrew Lloyd Webber’s new production of Cinderella offers audiences nothing less than “a complete reinvention of the classic fairy-tale”. Written by Emerald Fennell (Oscar-nominated for the movie “Promising Young Women”), the production promises a feminist revision of the classic fairy tale, updating the wellknown story to reflect contemporary attitudes towards gender. But Cinderella has always been a feminist text. You might have heard of figures like Charles Perrault, the Brothers Grimm and Walt Disney, each playing a key role in popularising the folk story for a new generation. But behind their versions of the classic fairytale lies an untold story of female storytellers like MarieCatherine D’Aulnoy and the Comtesse de Murat. Before the Grimms, these pioneering women were drawn to Cinderella not because they felt the story needed updating or revising, but because they were attracted by the culture that birthed it – a storytelling network created by and for women.
and the glass slipper, giving the tale its two most iconic features. The Grimms turned the stepsisters ugly, as well as removed the fairy godmother in favour of a magical wishing tree. These adaptations reflected unconscious misogyny, stripping the story of much of its feminist potential and making it instead about enchantment over representation.
CINDERELLA GOES TO THE CINEMA CIRCA 1830: Cinderella, having tried on the glass slipper, produces its fellow. Etching by George Cruikshank as an illustration for Grimm’s “Aschenputtel.”
CINDERELLA’S ORIGINS Cinderella began its life as a folk tale, passed orally from household to household. The earliest recorded copy dates back to China in 850-860. This version of the story probably entered into European society by the women working on the great Silk Road. At a time when only men could be writers or artists, women used folk tales as a means of expressing their creativity. Female labourers and housewives passed the stories onto one another to dispense shared wisdom, or
else to break up the boredom of another working day as they toiled away from the prying eyes of men. These storytelling traditions echo to this day. It is where we get the notion of the old wives’ tale. According to feminist writers like Marina Warner, it is also why we have to come to associate gossip with women. Cinderella reflects these customs. It is a story about domestic labour, female violence and friendship, and the oppression of servitude. Perhaps most significantly, it is a story about female desire in a world where women were denied any role in society. The precise story of
Cinderella has always been in flux. In some, she still has a mother. In others, the stepsisters resort to slicing off their heels to win the heart of the prince. But whatever incarnation, Cinderella has historically been a story about women and for women. So what happened to poor Cinders to make her so powerless? Well, men. As the story became increasing popular, male writers and artists became interested in adapting the tale. But in doing so, they found in Cinderella not a story of female wish-fulfilment but a more general sense of escapism. It was Perrault who introduced the famous pumpkin
These traditions continue in Cinderella’s cinematic adaptations. The first person to adapt Cinderella for the big screen was the French magician turned film director Georges Méliès. In his hands, the character became little more than a passive, frightened waif, her job seemingly to stand in the corners of the shots and look amazed at the latest special effect appearing on screen. Decades later, Walt Disney used Cinderella as part of the studio’s strategy of mining European folk tales for popular entertainment, a tradition begun with Snow White and the Seven Dwarfs (1937). Released in 1950, Disney’s Cinderella reflected the conservative values of US society at the time. The figure of the wicked stepmother took on a supervillainesque quality in the form of Lady Tremaine.
While the figure of the stepmother had been the antagonist in most versions of the folk story, Disney’s Tremaine was a villain to rank among the studio’s many infamous examples of monstrous women. In Disney’s hands, an oftennuanced character within the original tale was turned into a vivid caricature of feminine power and greed. The most recent live-action remake starring Cate Blanchett as Tremaine did little to change these preconceptions of the folk tale, as Cinderella became a nostalgic symbol not only for childhood storytelling but for Disney as its most popular storyteller. The role of women in the creation of Cinderella as we know it was lost to animation and special effects. So what is the moral of the story of this particular fairy tale? If anything, it’s that Cinderella is not a story that needs a complete reinvention. Instead, the story needs reclaiming from the hands of those who would dismiss it as just a fairy story or would use it as a vehicle for spectacle at the expense of the story buried beneath. • This article is republished from The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Read the original article here: https://theconversation.com
THE TRIBUNE
Tuesday, July 20, 2021, PAGE 11
BTVI CLASS OF ‘21 STUDENTS GET INDUCTED INTO HONOUR SOCIETY from back page
employment opportunities that come along with being a member of NTHS. “To be inducted into the honour society is an opportunity for endless doors to be opened for me. It makes me more employable and increases my networking opportunities. I will get to meet persons who can help get me where I need to be and broaden my horizon. It will help me be more marketable,” said the graduate who has hopes to make a difference in the human resources field.
While at BTVI, Edwinique was one of six students who were afforded exchange program scholarships - thanks to the Emerging Leaders in Americas Programme (ELAP). She was able to study at the College of the Rockies in Cranbrook, British Columbia in Canada in fall 2019. She graduated BTVI with a GPA of 3.83. The NTHS is a nonprofit organisation founded in 1984 by C Allen Powell and John H Poteat to honor excellence in workforce education. The primary focus of NTHS is
to honour student achievement and leadership, promote excellence and enhance career opportunities for the membership. NTHS promotes the values of responsibility, scholarship, skill, honesty, citizenship, leadership and service. Students must maintain a cumulative grade point average of 3.75 or above to be considered for membership. NTHS awards over $300,000 in scholarships annually. BTVI’s NTHS chapter was initiated as the first international chapter in 1996.
NATIONAL Technical Honour Society (NTHS) member Edwinique Culmer with BTVI’s Dean of Student Affairs, Racquel Bethel. Photo: Shantique Longley/BIS
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 91° F/33° C Low: 76° F/24° C
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A shower and t‑storm in the morning
A t‑storm in spots in the evening
Partly sunny and pleasant
A t‑storm around in the morning
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Sunshine and some clouds
High: 89°
Low: 79°
High: 90° Low: 80°
High: 88° Low: 79°
High: 89° Low: 79°
High: 90° Low: 78°
AccuWeather RealFeel
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100° F
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High: 91° F/33° C Low: 79° F/26° C
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.
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High: 90° F/32° C Low: 80° F/27° C
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KEY WEST
High: 88° F/31° C Low: 83° F/28° C
ELEUTHERA
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 87° F/31° C Low: 81° F/27° C
NASSAU
High: 89° F/32° C Low: 79° F/26° C N
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High Today
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4:42 a.m. 5:28 p.m.
2.6 3.4
10:55 a.m. ‑0.1 11:59 p.m. 0.3
Wednesday 5:44 a.m. 6:26 p.m.
2.6 3.5
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Thursday
6:44 a.m. 7:22 p.m.
2.7 3.6
12:58 a.m. 0.2 12:52 p.m. ‑0.3
Friday
7:41 a.m. 8:15 p.m.
2.8 3.7
1:53 a.m. 0.0 1:48 p.m. ‑0.3
Saturday
8:35 a.m. 9:05 p.m.
2.8 3.7
2:45 a.m. 0.0 2:41 p.m. ‑0.3
Sunday
9:27 a.m. 9:54 p.m.
2.9 3.5
3:34 a.m. 0.0 3:33 p.m. ‑0.1
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10:17 a.m. 10:41 p.m.
2.9 3.4
4:22 a.m. 4:24 p.m.
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sun anD moon Sunrise Sunset
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Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 76° F/24° 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 ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.01” Year to date ............................................... 10.76” Normal year to date ................................... 17.35”
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Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 81° F/27° C
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marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:
WINDS SE at 6‑12 Knots SSE at 6‑12 Knots SE at 7‑14 Knots SE at 6‑12 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 7‑14 Knots SE at 7‑14 Knots S at 6‑12 Knots SSE at 6‑12 Knots SE at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 6‑12 Knots SE at 6‑12 Knots E at 8‑16 Knots ESE at 8‑16 Knots SE at 7‑14 Knots ESE at 7‑14 Knots
WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 4‑7 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet
VISIBILITY 7 Miles 10 Miles 7 Miles 10 Miles 10 Miles 9 Miles 5 Miles 10 Miles 5 Miles 10 Miles 7 Miles 6 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 6 Miles 9 Miles
WATER TEMPS. 85° F 85° F 86° F 86° F 83° F 84° F 84° F 84° F 83° F 84° F 86° F 86° F 85° F 86° F 83° F 84° F 84° F 84° F 81° F 81° F 85° F 85° F 84° F 84° F 83° F 83° F
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TUESDAY, JULY 20, 2021
Would you get married after 28 years of ‘dating’? By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
relationships waiting on the right or opportune time to tie the knot. Tribune Woman spoke to several AFTER 28 years of Bahamians who weighed being with his lover and in on “marriage timelines” partner, Marvel actor Don and how long they will wait Cheadle can finally call to wed. himself a married man. Tinesha told Tribune The “Iron Man” and Woman that her grand“Avengers” franchise star parents have something in recently revealed he and common with Cheadle and his long-time girlfriend his new wife. Bridgid Coulter tied the After being together for knot in 2020. almost 30 years, her grandHowever, the decision parents also finally tied the to finally say “I do” wasn’t knot last year. made with “It brought romantic ideas ‘It was like my me to tears in mind, but when my more so with grandmother grandmother financial ones. broke a told me she “Our generational was getting accountant promarried. I was posed to both curse over stunned. She of us and he our family. My and my stepshowed us the mother had grandfather numbers, and were together we said, ‘Yeah, never been from I was we should prob- married. Her a child, and ably do it,’” the mother never I am now 31 actor joked to so they had Entertainment got married, been together Tonight last neither did her for decades. week. grandmother, I don’t know However, what changed Cheadle, 56, so it was just for them, but insisted that he special’ something and Coulter, 52, pushed them always knew they would eventually get in that direction, and it was just a really happy married. “It came up a lot of moment.” Tinesha said this was times,” he said. “But every time, we were like, ‘But particularly special for her we’re already together?’ because her grandmother (The accountant said), is one of few women in ‘Yeah, but this is a better her immediate family to be reason to be together.’ married. “It was like my Really, it’s because our broke a accountant proposed to grandmother us. I wish there were some generational curse over big, sweet romantic story, our family. My mother but the romance hap- had never been married. pened, you know, the first Her mother never got married, neither did her year.” Many people find grandmother, so it was just themselves in long-term special,” she said.
In the case of Don Cheadle and his wife, their children even joked about their parents’ decision. Daughters Ayana, 26, and Imani, 24, have on occasions urged them make their relationship official. “They’re like, ‘OK, Mom and Dad, now you’re doing this?’” said Coulter. During the interview Cheadle also had this tongue-in-cheek advice to give to people: “Wait 28 years before you get married. Do not rush into things. Be very careful!” “You’ve got to make sure,” Coulter added. “I wasn’t sure. Now, I think I’m almost sure.” Tribune reader Royann shared her take on the whole situation. “I always believe the man is the leader in the relationship. All those years I believe he just did not want to get married or wanted to be locked down because of all the things that come with a Hollywood lifestyle. Now that he is much older and is seeing the need to have someone by his side as he ages, he wants to make sure he had that in her. It’s hogwash. I won’t DON Cheadle and be waiting all Brigid Coulter picthose years,” tured in 1998 (photo she said. by Ron Galella) and, Meantop, as they are while, today. Cynthia had concerns that a piece of paper won’t change Cheawhy complicate things dle’s relationship in an with marriage? I really unexpected way. want to know what their “Why get married after 28 years? I mean, it’s a accountant actually told reason why they felt it them to make them have worked out for all that that ‘ah hah’ moment and time without marriage, so get married,” she said.
As for Tameka, she believes couples have the right to determine the destination and time schedule of their relationship, even if it goes against the grain. “It’s their life. Some
people don’t believe in marriage and some people do. But no matter what side of the fence you come down on, people can still change their minds,” she said.
You Go Girls BTVI CLASS OF ‘21 STUDENTS GET INDUCTED INTO HONOUR SOCIETY A FEW members of the Bahamas Technical and Vocational Institute (BTVI)’s Class of 2021, who were eligible to be inducted into the National Technical Honour Society (NTHS), were recently recognised. The new inductees received a professional portfolio containing their membership certificate and card. In addition, they received an official NTHS diploma seal, graduation tassel, purple chord, lapel pin and window decal to display their NTHS affiliation. BTVI’s Dean of Student Affairs, Racquel Bethel and her team planned
and hosted the induction ceremony. During the ceremony, Ms. Bethel expressed the institution’s pride in having its graduates be inducted into an international organisation that will benefit them on their journey to achieving their education and career goals. BTVI’s Dean of Academic Affairs, Dr Pleshette McPhee, was also present during the ceremony and assisted with adorning the graduates in their lapels, pins and chords. She too shared encouraging words with the all-female group. Meanwhile, Edwinique Culmer, who completed her
associate of applied science degree in Human Resources Management, shared her excitement about being a part of NTHS. She intends to pursue a
doctorate degree in Human Resources and is looking forward to the increased scholarship, networking and SEE PAGE 11
SEATED from left, NTHS member Anastasia Knowles; BTVI Dean of Academic Affairs Dr Pleshette McPhee; BTVI Dean of Student Affairs Racquel Bethel and BTVI Student Counsellor Pamela McCartney. Standing left to right: NTHS members Laverne Gardiner, Edwinique Culmer, Bianca Seymour, Geraldine Rahming, Keisha Jones, Rehema Farrington and Stefanique Russell. Photo: Shantique Longley/BIS