07262022 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 26, 2022

$6.92

$6.97

$6.96

$7.27

Gov’t hires Rothschild for $11.8bn debt help • Move could lead to ‘massive refinancing’ • Deal to focus on debt costs, management • To give ‘credibility’ in telling Bahamas story

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has hired Rothschild & Co, a major global financial group, to advise on what could become a “massive refinancing” of much of the country’s $11.8bn national debt, it was revealed yesterday.

Multiple well-placed sources, speaking on condition of anonymity because they were not authorised to talk publicly, confirmed to Tribune Business that the Davis administration has engaged a firm with some 3,800 employees spread across 40 countries to help navigate the way forward after Hurricane Dorian and COVID19 sparked a debt blow-out that

worsened already-deepening fiscal woes.

This newspaper was told that Rothschild & Co, in its capacity as the Government’s independent debt adviser, will have multiple tasks and responsibilities.

These include “figuring out how to manage” The Bahamas’ international foreign currency debt exposure, both reducing the cost (interest payments) on outstanding bonds and minimising the rates demanded by investors on future issues.

Its executives will also be charged with selling The Bahamas’ post-COVID recovery progress to the international markets amid the belief that this will be more credible coming from Rothschild & Co, which knows the investors and

players as a participant itself, than the Government. “They speak to each other and speak the same language,” one contact said of Rothschild and the global markets.

Several sources, meanwhile, said Rothschild & Co may ultimately be tasked with leading a major refinancing of both The Bahamas’ existing and international foreign currency debt. This, they added, might involve making The Bahamas’ domestic debt available to overseas investors by listing it on an international exchange - a move that would enhance liquidity by increasing the debt buyer pool and, potentially, bring yields down.

This, though, would require some nimble relaxation of The Bahamas’ existing exchange control regulations. It would

Auto dealers: Sales ‘20% higher’ if we had supply

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN auto dealers yesterday said industry-wide sales would be “20 percent higher” than the actual 159 year-over-year increase for 2022 to-date if vehicle supplies matched pre-COVID levels.

Operators spoken to by Tribune Business described the sector as facing a glass half-full situation, with overall sales for the first half up 23.6 percent year-over-year and trending towards levels attained in 2019 prior to the pandemic’s arrival.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• But sector’s sales for 2022 first half increase 159 to 833

BEN ALBURY

• Dealer reports 95% of shipment ‘pre-sold’ before arrival One dealer revealed that, of the supply he is receiving, some 95 percent of vehicle shipments are pre-sold before they even arrive in The Bahamas.

Ben Albury, the BMDA’s president, told Tribune Business that “you really need a crystal ball to

function” due to the difficulty in predicting when, and how many of the initial vehicle order, would arrive in this nation. He added that manufacturers had warned supply chain disruption, and the resulting imbalance between inventory availability and demand in The Bahamas, will likely last for another 12-18 months until end2023 at least.

SEE PAGE B4

‘No further hiccups’ over Lucayan deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader last night voiced concern that “there are no further hiccups” with the proposed Grand Lucayan sale with the extension to the buyer’s 60-day due diligence MICHAEL PINTARD period set to expire this week.

Michael Pintard told Tribune Business that the Free National Movement (FNM) was “concerned” about the Electra America Hospitality Group deal’s status in the absence of any updates from the Davis administration, adding that his party was “once again hopeful that the project will succeed”.

When the latest Grand Lucayan deal was unveiled in early May, Chester Cooper, deputy prime minister, said Electra America had agreed a Memorandum of Understanding (MoU) with the Government and was to pay a $5m deposit once a

SEE PAGE B4

GRAND LUCAYAN

Fidelity chair: Global recession risk ‘high’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed bank’s chairman has branded 2021 “the comeback year we all hoped for” after his institution cut loan loss provisions by almost $19m due to borrowers becoming current with their obligations again post-COVID. However, Scott Elphinstone, writing in Fidelity Bank (Bahamas) just-released 2022 annual report, said the post-pandemic recovery prospects for both the commercial lender and wider Bahamian economy are facing rising global economic headwinds from 40-year high inflation and other factors. He warned that the prospect of major countries

SEE PAGE B5

Attorney must pay $165k over ‘forged’ bank drafts

• Industry ‘needs crystal ball to function’ with product delay

However, manufacturing capacity shortages and supply chain bottlenecks have left virtually all Bahamas Motor Dealers Association (BMDA) members - albeit perhaps at different times - with insufficient auto inventory to meet market demand.

also mean that the price of the Government’s Bahamian dollar denominated debt would no longer be fixed, as it is currently, even though such a move would result in it being acquired by foreign investors paying foreign currency. It is unclear whether the Government or Central Bank would entertain what, in The Bahamas’ context, would be a drastic reform.

“Apparently the Government has retained them as consultants for some sort of massive debt refinancing. They’ve been retained as consultants on the issue,” one source said of Rothschild & Co. Another added: “They have a fantastic plan that they have

falling into recession in 2023 was “high”.

“I am encouraged that my optimism that the 2021-2022 winter tourist season would be back to near normal actually happened,” he told shareholders. This had a significant positive effect on the performance of the economy of the Commonwealth of The Bahamas, which impacted favourably the financial performance of Fidelity Bank (Bahamas). While the effects of the COVID-19 crises still linger, 2021 can only be thought of as the comeback year we had all hoped for.

“The conservative provision for loan losses established as of December 31, 2020, proved

SEE PAGE B6

A BAHAMIAN attorney has been ordered to pay Scotiabank some $165,000 after his business account became overdrawn due to two bank drafts that were discovered to be “forgeries or counterfeit”.

Justice Indra Charles, in a July 22, 2022, verdict rejected Glendon Rolle’s claim for loss and damages as a result of what he alleged was the commercial bank’s “breach of fiduciary duty and/or negligence”.

While finding that Scotiabank (Bahamas) was indeed negligent in protecting itself from risk, as it allowed the two bank drafts to clear and be credited to Mr Rolle in less than the 15 days stipulated by its own processes, she found the attorney was bound by the contract he signed when opening the account.

This specifically stated that neither Scotiabank, nor its directors, officers

and employees, can be held liable for “a forged, unauthorised or fraudulent use of services, cheque or instruction”. As a result, Justice Charles found the bank could credit a client’s account without a bank draft or cheque clearing first, and was thus entitled to recover the overdrawn sum from Mr Rolle.

And she ruled that the attorney, who trades as Lord Ellor & Company (Ellor is Rolle spelled backwards), had blundered in any event by failing to file a defence to Scotiabank’s counter-claim. As a result, the bank was “entitled to have final judgment entered in its favour” for the $165,000 overdrawn sum claimed - plus a monthly $15 overdraft fee that has accrued over almost five years - regardless of the final verdict.

Justice Charles’ verdict gives no indication as to who was responsible for the “fraudulent” CIBC

SEE PAGE B5

PAGE 2, Tuesday, July 26, 2022

THE TRIBUNE

ADELAIDE BEACH ESTATES NEAR ALBANY

REALTOR EYES UP TO 20% HIGH-END PRICE INCREASE A BAHAMIAN real estate firm is predicting that high-end property prices are set to increase by a further 10-20 percent after closing its largest sale to-date since being formed two years ago.

BE Luxury Real Estate (BELRE), in a statement, said it has just completed a $6.3m sale near Albany in southwestern New Providence featuring 22 undeveloped acres and more than 200 feet of shoreline. It features Shamon Campbell and Aaron Davis,

associates of the established firm, H G Christie.

Mr Davis said: “Sellers who haven’t budged to the action yet are getting close to their breaking point and will join in the action soon. This should not only match the current demand, but the demand to come from buyers who are able, but still undecided, on the Caribbean.

“If the world’s wealthiest continue to spend as we’ve seen in the past two to three years, prepare for a further 10-20 percent uptick in the

SHAMON CAMPBELL

AARON DAVIS

price on luxury properties and for overlooked, nongated areas, like oceanfront Eastern Road, and beachfront Southern Shores and Adelaide, to trade significantly higher.”

BELRE said it is focusing on their latest exclusive listing, a waterfront property in Old Fort Bay that carries an $8.1m price tag.

“We’re humbled by our success in the first half of 2022. It is simply the results of our vision for local expertise and direct global relationships.

Alongside

our broker, H G Christie, we expect to continue to increase our marketing initiatives and provide an incomparable level of service to our clients,” Ms Campbell said.

BELRE also has its sights on properties in Turks and Caicos and the Latin Caribbean market. Ms Campbell said that while The Bahamas leads in buyer and traveller interest, its ultimate goal is to be a trusted resource for real estate in comparable markets across the Caribbean.

BTC parent to JUMP across digital divide THE Bahamas Telecommunications Company’s (BTC) immediate parent company says it has unveiled a strategy to help bridge the digital divide across the Caribbean.

Cable & Wireless Communications (CWC), in a statement, said its ‘JUMP’ initiative has been introduced by BTC, as well as its other Caribbean brands, Flow, Flow Business and C&W Business, in a bid to drive greater Internet and digital access in a region where broadband penetration is still less than 60 percent.

“Low broadband penetration in the Caribbean contributes to diminished opportunities for individuals, communities and local economies, but with the support of funding partners we aim to significantly close this gap within three to five years through a comprehensive programme that focuses on providing access, devices and digital skills,” said Rosario Veras, CWC’s

senior director, marketing and operations.

She made the JUMP pledge while speaking to Caribbean heads of state and government, along with regulators, telecommunications operators and industry stakeholders, at CANTO’s recent 37th annual conference and trade exhibition in Miami.

“Digital inclusion is about ensuring the benefits of digital technologies are available to everyone, and we must have intentional digital inclusion strategies and strive to eliminate institutional and structural barriers to technology accessibility,” Ms Veras added.

She said ‘JUMP’ was a long-term investment aimed at changing lives, unlocking the potential of economies, and enabling progress across the Caribbean.

“We are committed to harnessing our resources and capabilities so more students can connect to their virtual classrooms,

(LEFT TO RIGHT): Curt Hollingsworth (Consul General - Miami, Florida), Paco Deal (BTC Board Director), The Rt. Hon. Philip Davis, Prime Minister, and Valentine Grimes (Deputy Chairman, BTC Board of Directors). more people can benefit from tele-health and job seekers can improve their search for work and application access. Our core social mission is to connect everyone to the Internet,

irrespective of their income or where they live,” Ms Veras said.

CWC said it will be partnering with Caribbean governments, along with non-profit organisations and private sector

partners, to ensure JUMP succeeds.

“The digital divide is a large, multi-faceted issue that requires holistic solutions, and a successful strategy requires building innovative partnerships,

so we must co-create solutions in partnership with the communities we serve to ensure no citizen is left out,” Ms Veras said. “There is a role for each business, government and community, and we are hoping to create an opportunity for all to bring their energy, commitment and collaboration on the mission of uplifting our region.”

Aamir Hussain, chief technology and product officer at Liberty Latin America, CWC’s parent, also addressed the conference on The future of broadband in the Caribbean.

“In our digital age, broadband is a critical tool to enable progress and create access, and although there are currently 27m users in the Caribbean, this only represents 60 percent of the total population and therefore there is a tremendous opportunity for growth,” he said.

INSURANCE REGULATOR HIRES ITS DEPUTY SUPERINTENDENT PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY FINANCE & ACCOUNTING OFFICER III – PAYROLLS PRINCESS MARGARET HOSPITAL (PMH) The Public Hospitals Authority invites applications from suitably qualified individuals for the post of Finance & Accounting Officer III – Payrolls.

POSITION SUMMARY The Finance & Accounting Officer III is responsible for supervising and managing the Accounting area; evaluates staff assigned.

KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING: • Assists in the supervision of the Payroll operations; • Process payroll changes including new appointments, promotions, reclassifications, confirmations, reassessments and extra hours; • Prepares vouchers for Salary Advances, Gratuity and Vacation Payouts; • Assists in the preparation of the monthly payroll such as calculation of salary arrears, overtime, allowances etc.; • Liaises with the Human Resource and Corporate Payrolls Department; • Assists with budget preparation; • Performs Payroll Audits to ensure compliance with PHA Policies and Relevant union agreements.

EDUCATIONAL/EXPERIENCE: Professional accounting certification OR CIA qualification with two (2) years’ experience as an Accountant OR MBA, MA Degree with at least three (3) years’ experience as an Accountant OR BSc. Degree with four (4) years’ experience as an Accountant OR HND in Accounting and five (5) years’ experience as an Accountant OR Associate Degree and six (6) years’ experience as an Accountant.

COMPETENCY REQUIREMENTS: • Excellent organizational skills; • Excellent communication skills (oral and written); analytical and conceptualized thinking skills; • Excellent interpersonal and leadership skills; • Excellent computer skills, proficiency in Excel a must.

The Finance & Accounting Officer III reports to the Finance & Accounting Manager I Letter of application and curriculum vitae should be forwarded through the Head of Department to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to jobs@phabahamas.org no later than 8th August, 2022.

THE Insurance Commission yesterday confirmed Dana MunningsGray, who has held senior positions with both financial institutions and regulators, is now its deputy superintendent.

The Bahamian insurance supervisor, in a statement, said Mrs Munnings-Gray has served as manager of the Securities Commission’s supervision department as well as holding managerial positions - including head of risk and compliance and money laundering reporting officer - with private financial institutions.

Mrs Munnings-Gray was called to the Bar of England and Wales as a member of the Honourable Society of Gray’s Inn, and to the Bahamas Bar as an attorney in 2014. She obtained a bachelor of law degree from the University of Buckingham in England, and completed her bar professional training course at City University in London.

The Insurance Commission’s deputy superintendent, who is its second most senior official, also holds a bachelor of science in political science and a bachelor of arts in business management from the College of Saint Benedict in Minnesota.

Mrs Munnings-Gray recently served on the Caribbean Financial Action Task Force’s (CFATF) assessment team, and

DANA MUNNINGS-GRAY, deputy superintendent of insurance, Insurance Commission of The Bahamas. currently holds observer status with the Bahamas Association of Compliance Officers (BACO). She is a member of the Association of Certified Fraud Examiners and has achieved certifications from the Association of Certified Financial Crime Specialists and the International Compliance Association.

Mrs Munnings-Gray was also said to have acquired a designation as a certified international risk manager (CIRM), and a specialist certification in financial crime risk in global banking

and market. She has also completed regulatory and management training, and certification, with the International Organisation of Securities Commissions (IOSCO), Harvard Law School and the London School of Economics.

Michele Fields, the Insurance Commission’s superintendent of insurance, said of Mrs Munnings-Gray: “Her wealth of knowledge and experience will serve to enhance the Commission’s robust regulation of the insurance industry.”

THE TRIBUNE

Tuesday, July 26, 2022, PAGE 3

ATTORNEY GENERAL HAILS ‘TRAILBLAZING’ CARBON BILL

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Attorney General yesterday hailed the Carbon Credit Trading Bill as “trailblazing”, asserting that The Bahamas is further ahead of the entire world in having a “specific framework” to regulate this multi-million dollar activity.

Senator Ryan Pinder QC, speaking in the Senate, said Carbon Management Ltd, the entity that will be created to manage The Bahamas’ carbon credits and their trading, will operate just like any other corporate vehicle licensed and registered with the Securities Commission.

He added that the Bill “creates a framework

for investigation and cooperation needed for international obligations, and imposes anti-money laundering obligations on the licensees. This piece of legislation, frankly, is trailblazing internationally, one of the first to prescribe a specific framework for the trading in carbon credits all over the world.”

The Bahamas was also asked to sit on the steering committee for the International Organisation of Securities Commissions’ (IOSCO) financial technology (FinTech) task force, Mr Pinder added, saying this resulted partially from how “advanced” this nation is in developing a legal and regulatory platform to govern its carbon credits.

“We are pioneering the blue carbon space,

RYAN PINDER QC contributing to the design and the framework of international legislation many will copy,” he said. “Many will try to do what we do, and that’s the importance of having the management company that has the experience, and that the

Government is a shareholder in.

“Because when they try to copy us, they’re going to want the management company who put it in place to do it for them, and when they do it for them, The Bahamas shares in that. That’s the nature of the structure which we have established.

“We will take this frontier to the world and we will participate across the globe. We are going into the global marketplace that we create. We are at the front of the frontier, making it happen and bringing the benefits back to the greatest little country and all over the world.”

Mr Pinder said the objective is establish a carbon credit marketplace in The Bahamas so that the country can exploit any

long-term benefits from this industry. “The economic value for the trade in carbon credits is significant.

One tonne of carbon credits in the voluntary marketplace is valued at $55 a ton, and in Europe we’ve seen pricing up to $99 a ton,” he added.

“This value will only further increase as the Article Six marketplace is advanced and continues, as we move towards the 2030 and 2050 deadlines where companies and countries have to be net zero from a carbon emissions point of view. As you get closer to that time period, carbon credits become more valuable and the price goes up.”

Article 6 of the Paris Agreement on greenhouse gasses enables signatories to cooperate in implementing their nationally-determined

contributions (NDCs) towards emission reduction. This means that emission reductions can be transferred between countries and counted towards NDCs. Mr Pinder said: “We need a framework and an exchange to be able to sell our carbon credits in the marketplace. Why not have this marketplace be in The Bahamas? Why not own a piece of this marketplace as the Bahamian government?

“That is what we’re doing. That is why the Carbon Credit Trading Bill 2022 is here today to create the framework to do just this. It provides for a comprehensive legislative regulatory framework for the operation of a carbon market exchange and related businesses.”

Gas dealers ‘optimistic’ despite wait over relief

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN gas station operators yesterday said they remain “optimistic” about their relief negotiations with the Government despite the two sides not having met or communicated for “quite a while”.

Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vice-president, told Tribune Business: “The Government is working behind the scenes to bring some type of resolution to the matter, and I don’t want

to paint their efforts in a negative way because the Government has continued to do what they promised, and I’m happy with whatever negotiations they are doing behind the scenes but I haven’t spoken to them in a while.”

Petroleum dealers have been seeking a 50 percent per gallon of gas margin increase, which would take this from the present 54 cents to 81 cents. They want a revamp of their price-controlled, fixed-margin model which makes the industry purely a volumedriven business.

With higher oil prices increasing the sums they

have to pay the three major oil companies for their fuel inventory, gas station operators say their gross margins are now to low to cover rents, employee payroll, and rising bank (overdraft and credit card) charges.

As a result, some may be forced out of business.

The last margin increase was granted under the then-Free National Movement (FNM) administration of Hubert Ingraham in 2011. While global oil prices have fallen slightly, they remain relatively high, standing at $96.02 per barrel on the West Texas Intermediate index and at $104.5 for Brent crude. However,

Senator Michael Halkitis, minister of economic affairs, has rejected the idea of a margin increase due to fears about the impact higher prices will have on consumers.

Mr Bastian said of the Government’s margin inflexibility: “The Government is entitled to do what it wants to do and I don’t know what they really want.

I spoke to them a couple of months ago and, based on my communications with them, I am happy with what I left them with at that time and remain optimistic until we meet with them again.

“These type of policies could impact nationally,

and the Government has to be careful and look at all of the different scenarios before they make a decision so I can respect that even though we are still having our challenges. The Government has a lot of issues going on. Our issues are on the table, and the Government has met with us several times and we feel positive that, at the end of the day, things will work out for everyone.”

Association members were said to understand this is a “waiting game” with the Government, and are being patient until it makes a decision. There will be no closure of gas stations,

as was threatened over the Easter weekend, because there will be “no inconveniencing the public at this time”, Mr Bastian said.

He added: “I was always opposed to that closing down. I’m not in the business of closing down and providing additional hardship for the Bahamian people. The Bahamian people are the ones who keep us operating, and any closing down that will affect mother’s and children and people that depend on us, I was not going to be a part of that.”

Exuma oil spillage: ‘Polluter must pay’

I had to drink some water

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

just

AN ENVIRONMENTAL activist yesterday said it was vital those responsible for last week’s Exuma oil spill pay the full clean-up cost and “meaningful penalties” to deter further pollution-related negligence.

Casuarina McKinneyLambert, executive director of the Bahamas Reef Environmental Educational Foundation (BREEF), said: “It’s important that the polluter pays, both for the cost of clean-up and restoration, and meaningful penalties for allowing this sort of damage to occur.

“It’s important that all facilities that transfer or use fuels have adequate cleanup equipment on site. It was fortunate that in this instance much of the diesel was contained in one bay, and the booms appear to have been deployed rapidly after the spill. However we are concerned that there apparently were dispersant chemicals used that actually make the spill more toxic.

“This needs to be a wakeup call to ensure that the

spill response plans are in place for larger spills. The first few hours are critical as oil can travel large distances and cause damage far from the source of the spill and, in some cases, for decades afterwards. The Bahamas also has a tremendous opportunity to shift away from generating electricity through fossil fuels and make the transition to renewable energy.”

Some 30,000 gallons of diesel fuel were lost into the ocean after a hose ruptured when MT Arabian, a vessel owned by D&T Shipping, a Sun Oil/FOCOL Holdings contractor, was offloading its cargo to Bahamas Power & Light’s (BPL) storage facility. No findings have yet been made as to who is liable, who is paying for the clean-up costs, whether there was proper insurance in place, and if any of those involved will penalties/fines imposed on them.

Roston McGreggor, owner/operator of Valiant Marine Salvage, one of the companies involved in the clean-up, told Tribune Business he believes the remediation is complete.

He has not returned to the site near the Old Navy Base since Friday after

sucking most of the diesel fuel out of the water.

Mr McGreggor said: “It took that long to get rid of the first 95 percent of the oil and then, after that, you just get back to the point of diminishing returns. So that’s why we brought in the vacuum truck which was most effective at that point, because we just had a little bit to slurp up off of the surface in the corners and putting down additional oil rags.

“A company from Freeport came to do that kind of stuff. I got rid of the bulk of it, basically with what I was able to get to with my skimmers and the pumps, and then everything else was just more tedious.” There are still challenges, though, with diesel “leaching out of the sand”, and there is no indication how long this will continue with the falling and rising tide cycle.

Mr McGreggor added: “Pumping is gruelling work.

Using the pumps that we had and the equipment that we had, it was it was very gruelling and it took a lot of concentration and just physical stamina to be skimming the way that we were, so it was just gruelling.”

A PHOTOGRAPH shows the extent of the oil spill in Exuma yesterday.

Share your news

Photo: Reno Curling

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

This is the largest remediation exercise Valiant Marine has ever been involved in. “There were other people that were

trying to help and were involved as well, but it takes a really steady hand and a lot of concentration. There were times I hit a wall and

and psyche myself up and get back to work. It was physical

and

emo-

tional exhaustion, but you just have to keep at it,” Mr McGreggor said.

PAGE 4, Tuesday, July 26, 2022

THE TRIBUNE

Auto dealers: Sales ‘20% higher’ if we had supply FROM PAGE B1 BMDA members collectively sold some 833 vehicles during the 2022 first half, a near-24 percent rise on the 674 transactions during the same period last year when The Bahamas and the world were emerging from COVID restrictions. For the three months to end-June 2022, new vehicle sales were ahead by 17.3 percent yearover-year, with the gross number just shy of pre-pandemic levels hit in 2019.

Disclosing that he was enjoying “a stellar month” for July at his business, Bahamas Bus and Truck, compared to prior months, Ben Albury told this newspaper: “The worst part is knowing what the potential is and the lack of resources to satisfy that. It’s very frustrating when you’re getting

phone calls, inquiries and people knocking at your door requesting product, and you don’t have it or will have it in a few months.

“What becomes the most stressful part of it is that you have to lay out incredible amounts of money in deposits, and you used to lay that out with the understanding that there would be product delivery within a certain timeframe. Now you’re laying out hundreds of thousands of dollars sometimes on deposits with so much uncertainty on if and when you will see that product.

“That’s what’s most stressful; laying out this money to get inventory and, if it doesn’t come, how do I get a return in a timely fashion? You’re saddled down, and have to be extremely careful with cash flow. If you get product, you are

able to get a return and pay your bills. Right now it’s just impossible to gauge your business,” Ben Albury continued.

“What a lot of manufacturers are doing is encouraging you to be very aggressive in your ordering, and if you order 50 you might get ten, but that’s a scary way to conduct your business. Sometimes it’s scary to have a big batch of those shipments and you have to pay for those things.

You really need a crystal ball to function.”

The BMDA president said “you’re definitely cutting things close from time to time” by paying huge deposits for vehicles that were likely to be delayed, or orders that may be cancelled entirely, hampering cash flow amid uncertainty over whether dealers will ever see a return on their

investment. He added that sometimes choices had to be made between placing large vehicle orders and “having enough money to make ends meet”.

“Some of my suppliers have now gone to about eight months, some of my other suppliers have gone up to 10-12 months delivery,” Ben Albury added.

“It used to be four months from the US and probably six months from Japan. The Japanese are still holding fairly good for their production, but the US markets we deal with, honestly it’s non-existent.”

He cited his experience with Wrangler jeeps, which informed Bahamas Bus and Truck that one model it had ordered was cancelled, but encouraged the local dealer to stick with another variety it could provide. “I stuck with this order, and started

to tell people what was coming, and now ten days ago they sent me an e-mail cancelling the entire order,” Ben Albury said, leading to consumer as well as dealer frustration.

His namesake Fred Albury, the Auto Mall’s principal, told Tribune Business that “if anything it has gotten a bit worse” with manufacturing holdups and supply backlogs.

He disclosed that a Zoom call this week with Toyota, one of his brands, had reinforced problems such as a lack of raw materials for hybrid vehicles as well as shortages of micro chips for audio and safety devices.

“The impression I walked away with is this is going to continue well into 2023,” Fred Albury said. “Some of my big fleet users want to order 40-5o vehicles and I cannot get

‘No further hiccups’ over Lucayan deal FROM PAGE B1 sales agreement is signed.

That deposit becomes nonrefundable after a 60-day due diligence period closes, with the $95m balance to be paid within 120 days of the MoU signing.

The 60-day due diligence period was thus due to come to an end in early July, and the subsequent 15-day extension would have taken that time through until this week. Mr Pintard voiced hope that Electra America has the required “deep pockets, commitment and has the capacity” to see the acquisition through to

completion, and that “the Government is doing everything possible to facilitate them”.

“We hope there are no further hiccups in that regard,” the Opposition’s leader told this newspaper as he resumed his verbal battle with the deputy prime minister that was sparked by comments Mr Pintard made over Grand Bahama International Airport.

“We continue to caution the deputy prime minister to under-sell in his public pronouncements and over-deliver in execution so as not to unduly raise

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Lauren Moncur of Jackfish Drive, Carmichael, Nassau, Bahamas, the parent of NEVAEH LAVIA MONCUR intend to change my child name to NEVAEH LAVIA COLEBROOK. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

expectations,” he added of Mr Cooper. Referring to the initial Grand Lucayan MoU announcement with Electra America, Mr Pintard asserted: “He talked about this initiative in a manner that made many members of the public fell as of this was sold.

“The way in which it was represented, the way in which he couched it in language, and the presentation sent the wrong message to the public. We urge him to be cautious in his public pronouncements and let us know what the plan is.”

Mr Cooper, on Friday, had hit back at Mr Pintard over current conditions at Grand Bahama International Airport. Asserting that temporary upgrades, including recently-arrived modular units for displaced workers, generators and new elevators for the control tower had either all arrived or were on the way, the deputy prime minister slammed the Minnis administration’s “abysmal” treatment of Grand Bahama.

Noting that Mr Pintard was a member of the former Cabinet, Mr Cooper asserted it was “astounding” the Opposition leader was now giving advice on upgrading the airport when “neither shame nor humility compels him” to acknowledge how the former government neglected the facility for two years post-Hurricane Dorian apart from negotiating its purchase from Hutchison Whampoa and the Grand Bahama Port Authority (GBPA).

Mr Pintard yesterday hit back, saying Mr Cooper was “extremely sensitive on the lack of significant progress on the reconstruction and redevelopment of Grand Bahama International Airport. What we have come to learn about deputy prime minister Cooper is that he has little to no tolerance for constructive criticism”.

He added that the Opposition’s efforts to be constructive “will not stop us from calling out hype and showmanship when we see it or hear it. Sadly, so

NOTICE KRAKEN INVESTMENT LIMITED N O T I C E IS HEREBY GIVEN as follows:

TEMPLE CHRISTIAN SCHOOL

STAFF VACANCIES 2022 – 2023

Temple Christian School invites applications from qualified Christian persons for the following positions for the 2022-2023 school year: • Elementary Teacher’s Aide • Social Studies Teacher, Grades 7 - 9 Applicants must: A) Be a practicing born again Christian who is willing to subscribe to the Statement of Faith of Temple Christian School.

B) In the case of the teacher’s aide, have a Bachelor’s Degree and Teacher’s Certificate. Persons with an Associate of Arts Degree in Elementary Education and relevant work experience will be considered. A valid teachers’ certificate is encouraged. Have a minimum of two (2) years of teaching experience in the relevant subject area and be willing to participate in the school’s extra-curricular programs.

C) In the case of a high school teacher, have a Bachelor’s Degree or higher in the relevant field and/or a Teacher’s Certificate/Diploma from an accredited/recognized college or university. Also have the ability to prepare students for the BJC and BGCSE examinations respectively. Have a minimum of two (2) years of teaching experience in the relevant subject area and be willing to participate in the school’s extra-curricular programs.

Applications are available on the school’s website www.templechristianbahamas.com and at the Administrator’s Office, 4th Terrace East Collins Avenue (directly behind the New Evangelistic Temple). A detailed job description is also available at the Office of the Administrator.

Applications are to be submitted to: Dr. Samuel L. Rutherford Administrator Temple Christian School 4th Terrace East, Collins Avenue P.O. Box N-1566 Nassau, Bahamas Ph: 325-1095 / 322-5157 Applications should be delivered to Temple Christian Elementary School, 4th Terrace West, Collins Avenue.

The deadline is Friday, July 29, 2022 at 3:00 p.m.

(a) KRAKEN INVESTMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 22nd July, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 26th day of July, 2022. ___________________________________ Bukit Merah Limited Liquidator

Legal Notice

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

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

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

far, there is very little evidence of substance and, as such, there has been very little substantive progress at the Grand Bahama International Airport”.

Mr Pintard argued that the upgrades outlined by Mr Cooper were “cosmetic and routine”, and told Tribune Business that the airport’s transformation into an international gateway “goes hand in hand” with the Grand Lucayan sale.

Mr Cooper, during his Budget presentation said three “credible” investors had expressed interest in redeveloping Grand Bahama International Airport via a public-private partnership (PPP) although he did not name them.

“I am pleased to advise that as a result of the RFP (Request for Proposal) process, we have three credible suitors for the redevelopment of a world-class Grand Bahama International Airport. They’re credible with a track record and their own money so we expect construction to be completed by January 2025,” he added.

However, this PPP process - albeit one that has been adjusted - was largely inherited from the former

them out there. It’s like that across-the-board with all manufacturers.

The demand is there, the demand is high.

“When my ships arrive I’m 95 percent pre-sold.

When the land at the port, it’s a matter of getting them off, getting them prepared, cleaned, licensed and registered and out the door. On my Toyota Rav 4s, I’ve got deposits on limited inventory until November. You may order ten, and I’m lucky if I get three or four a month. That’s the issue.

“We have the buyers, but don’t have the product.

I think if we had the product sales would at least be 20 percent more than what we have right now. If it’s not one thing, it’s the next.”

Minnis administration.

Meanwhile, Florida-headquartered Electra America Hospitality Group is effectively a joint venture between Electra America, a real estate developer, operator and financier, and AKA, which is billed as a luxury hotel residences specialist.

The group’s website says their partnership, boasting $6.85bn in assets under management, aims “to capitalise on disruption in the hotel industry” via a focus on acquiring, renovating and managing “well located hotel assets with upside potential in major US markets”. It currently includes two Florida properties, Hotel AKA Brickell in Miami, and Hotel AKA West Palm, in West Palm Beach, among its active portfolio, although the Grand Lucayan represents its first expansion outside the US and UK. Three resort properties for the Grand Lucayan have been detailed. A four to five-star branded luxury lifestyle hotel, featuring 198 rooms and 24 villas and targeted at corporate and leisure business; a fourstar convention hotel with 535 rooms, featuring an amphitheatre and convention centre; and a 257-room condo-hotel style family resort with suites that are double the size of the Grand Lucayan’s existing rooms.

ASIAN STOCKS HIGHER AHEAD OF POSSIBLE US RATE HIKE

By JOE MCDONALD AP Business Writer ASIAN stock markets were mostly higher Tuesday as investors braced for another sharp interest rate hike by the Federal Reserve to cool inflation.

Shanghai, Hong Kong and Seoul advanced. Tokyo edged lower. Oil rose more than $1 per barrel.

Wall Street ended up 0.1% on Monday ahead of this week's Fed meeting at which officials are expected to announce a rate hike of up to three-quarters of a percentage point, triple the usual margin. That would put the Fed's benchmark rate in a range of 2.25% to 2.5%, the highest since 2018 before the coronavirus pandemic.

Mixed market reactions suggest investor sentiments are split and optimists hope for a "Fed dial back," said Tan Boon Heng of Mizuho Bank in a report.

The Shanghai Composite Index rose 0.6% to 3,270.31 while the Nikkei 225 in Tokyo shed less than 0.1% to 27,581.73. The Hang Seng in Hong Kong gained 1.4% to 20,808.56.

Alibaba, China's biggest e-commerce company said Tuesday it plans to apply for a primary listing in Hong Kong. The move would make Alibaba a dual-primary listed company on the New York Stock Exchange and the Hong Kong Stock Exchange. Alibaba went public in New York in September 2014 and completed a secondary listing in Hong Kong in November 2019.

CEO Daniel Zhang said the company was pursuing

another primary listing venue to foster a wider, diverse investor base.

That would appear to be mainly mainland Chinese investors.

The Kospi in Seoul added 0.3% to 2,408.85 and Sydney's S&P-ASX 200 was 0.1% higher at 6,798.00.

New Zealand retreated while Southeast Asian markets gained.

Investors worry aggressive rate hikes by the Fed to contain inflation that is at four-decade highs and similar action by central banks in Europe and Asia might derail global economic growth.

U.S. inflation has accelerated to 9.1%, its highest since 1981.

The U.S. economy is slowing, but healthy hiring shows it isn't in recession, Treasury Secretary Janet Yellen said Sunday. Fed officials who have publicly supported a rate hike also cite a relatively strong job market as evidence the economy can stand higher borrowing costs.

On Wall Street, the S&P 500 advanced to 3,966.84 Monday. The Dow Jones Industrial Average rose 0.3% to 31,990.04. The Nasdaq Composite fell 0.4% to 11,782.67.

The major indexes are coming off solid gains last week following a mix of mostly better-than-expected reports on corporate profits.

On Monday, Walmart shares fell nearly 10% in after-hours trading after the retail giant lowered its profit outlook for the second quarter and full year.

THE TRIBUNE

Tuesday, July 26, 2022, PAGE 5

Attorney must pay $165k over ‘forged’ bank drafts FROM PAGE B1 FirstCaribbean bank drafts, worth a combined $428,000, that were deposited by Mr Rolle and became central to his dispute with Scotiabank (Bahamas). The attorney submitted his application to open the account on January 19, 2016, and it held a $3.233 balance by July 20, 2017.

That was the date when Mr Rolle deposited the first CIBC bank draft, for $196,920, which was credited to the account on or before that month’s end.

He then instructed Scotiabank (Bahamas) to wire transfer some $143,774 from the same account to the Mizuho Bank in Tokyo, Japan, for the benefit of his client, Verhenz Japan Company Ltd, on July 31, 2017.

The wire transfer was made the same day, leaving a $55,269 balance. Mr Rolle subsequently withdrew a further $33,025 in a series of transactions up until August 15, 2017. And, on August 8, he had deposited the second CIBC bank draft to the account for the sum of $231,811.

Mr Rolle, on August 16, 2017, then instructed Scotiabank (Bahamas) to

make a second wire transfer worth $164,019 to the same bank and client in Japan.

This, too, was carried out the same day, but Justice Charles noted: “Also on August 16, 2017, the bank determined that the first bank draft was fraudulent by reason of being a forgery or counterfeit.

“The bank successfully rescinded the second wire transfer but the first wire transfer of $143,774 was never recovered by the bank. On August 18, 2017, the bank advised the plaintiff that the first bank draft was returned on the ground that it was fraudulent.

“On August 21, 2017, [Mr Rolle] met with representatives of the bank and wrote a letter to Edward Smith, an investigation services officer of the bank, requesting that the matter be investigated and further requesting that the wire transfer by stopped immediately.”

The net result of the “fraudulent” bank drafts, and first $143,774 wire transfer that could not be recovered, was that Mr Rolle’s business account with Scotiabank was overdrawn by some $173,794 as at September 14, 2017. The

bank demanded repayment, advising that same day that the second CIBC bank draft was “rejected”. An incoming $9,164 wire transfer in early 2018 was applied to the overdrawn sum, which Mr Rolle refused to pay.

He accused Scotiabank of “failing to exercise reasonable skill and care” in carrying out his instructions and not ensuring the first CIBC bank draft had properly cleared before he withdrew the additional $33,000-plus. He claimed on several grounds, including loss of prospective earnings and reputation damage.

Scotiabank, though, held fast to the Small Business Financial Services Agreement that Mr Rolle signed when opening the bank account. Leif Farquharson QC, a Graham, Thompson & Company attorney and partner acting for the bank, argued simply that his client could not be held liable for “any indirect, special, consequential, exemplary or punitive damages or losses in connection with the account” due to the contract’s terms.

Cathleen N. Hassan, representing Mr Rolle, argued that Scotiabank (Bahamas) had “had a duty to verify the

bank drafts before making the funds available, and certainly before effecting wire transfers therefrom”.

And she also asserted that the bank account contract was overridden by the Consumer Protection Act, which requires that all consumer-related agreements be “reasonable”.

However, Justice Charles said the Act’s wording made it clear that the definition of “consumer” does not apply to persons using services for their business, as Mr Rolle had been doing with the account, and it therefore did not apply.

And, describing Mr Rolle’s failure to file a defence to Scotiabank’s counterclaim as “unusual”, Justice Charles suggested this was enough by itself to decide the outcome. “In failing to file a defence to counterclaim, the plaintiff is deemed to have admitted every allegation of fact within the bank’s counterclaim,” she found.

“I therefore agree with the submissions advanced

by Mr Farquharson that the bank is entitled to have final judgment entered in its favour in the terms prayed for in the counterclaim.

I shall make this order.”

Justice Charles nevertheless proceeded to see the case through to the end, noting that Lauryn Cartwright, a Scotiabank executive, said its policy is to only release funds from cheques after 15 working days to ensure they are not “defective”.

“Ms Cartwright admitted that, contrary to the bank’s policy, the first and second bank drafts were credited to the account in seven working days and that the holds should have still been in place. She also admitted that the first wire transfer was effected in less than 15 working days and that the hold should have been in place at the time of the transfer,” the verdict added.

Justice Charles, finding that the relationship between the two parties was contractual, said no fiduciary duty was owed by Scotiabank to Mr Rolle.

And she found the provisions in the account opening contract “excuses the bank’s actions that the plaintiff asserts was negligent – crediting the account without having settled the bank draft”.

“The bank was negligent.

Absent the [contract], the bank would be prevented from remedying its own

negligence by seeking to recover the funds paid pursuant to the fraudulent bank drafts,” Justice Charles ruled. “As I reiterated, the bank took a risk by making the funds available before conclusively determining the validity of the bank drafts.

“However, the [contract] is plain. There can be no liability on the part of the bank to its customer arising from any action taken pursuant to an instruction to the customer. This is expressly so where the instruction or payment in reliance thereon relates to a fraudulent item.

“However, as Mr Farquharson QC correctly stated, the bank is entitled to credit the account without having clearing the instrument, and it follows that the bank cannot be liable and to deduct amounts paid that turn out to be fraudulent even if they have not settled the instrument purporting to pay the same. Accordingly, the bank is entitled to recover the overdraft sum from the plaintiff.” Justice Charles also dismissed Mr Rolle’s claim.

Gov’t hires Rothschild for $11.8bn debt help FROM PAGE B1 provided the Government with to refinance the debt and create the narrative to give the creditors a level of confidence to try and get the credit rating back up to scratch.

“It’s going to involve both the domestic debt and foreign currency. The positive thing is that the world will know The Bahamas has a plan of action and that the Government is not just scratching around.” Neither Simon Wilson, the Ministry of Finance’s financial secretary, nor Senator Michael Halkitis, minister of economic affairs, could be reached or responded to Tribune Business inquiries on Rothschild’s hiring before press time last night.

However, Mr Wilson previously told this newspaper that this nation’s bond prices “don’t reflect the confidence investors have in The Bahamas” and “a benchmark issue” may be needed to help address this. Rather than issue new sovereign debt, the Government could seek to consolidate existing bond issues via a collective $1bnplus refinancing that would help establish “a benchmark yield” for all Bahamas issues traded on the international capital markets.

“Our bonds are held closely by a small group of investors. One of the challenges we have is that we are not on an index, such as the JP Morgan Index. If our bonds were indexed, placed on an index, the potential amount of persons willing to purchase our bonds will increase,” Mr Wilson said at end-April.

“That will have some downward pressure on pricing. What we have to do is find ways to find new investors. For us it means it’s an education process, talking to investors, talking to banks and having strategy.

One of the things we need to do is have a benchmark yield. Our offerings are relatively small; $100m, $500m, $600m. Investors like bigger offerings.

“We need to think about having a benchmark issue, $1bn or so. That does not mean new debt.

It’s sweeping up smaller debt investors are holding and taking them up. We have to think about that.

It enhances liquidity. Our bond pricing doesn’t reflect the confidence investors have in The Bahamas and certainty.

Data from the Frankfurt stock exchange shows that the $600m bond, placed by the Minnis administration at the height of the COVID-19 pandemic in 2020 at an 8.95 percent interest rate, closed last night at a near-36 percent discount to its face value.

And the yield on the same issue, whose principal is due to mature for repayment in 2032, is also just shy of 17 percent.

Meanwhile, the $650m bond placed in 2018 at 6.95 percent, and which represented the last major foreign currency issue before the COVID-19 pandemic, is trading at a near 33 percent discount and yield of almost 15 percent. This suggests global investors are heavily discounting The Bahamas’ sovereign debt because of the perceived increased risk associated with it following the pandemic-induced debt surge and multiple credit rating downgrades.

The Bahamas was also reported by Bloomberg News to be among 19 “emerging markets” who may eventually struggle to repay their debts based on current prices (discounts) and yields demanded by investors. It was among ten nations identified as falling into this “distressed territory” since the beginning of 2022.

It is against this backdrop that Rothschild & Co will get to work. The Bahamas’ total foreign currency debt stood at $5.351bn, some 45.2 percent of the total, at end-March 2022, while the debt-to-GDP ratio was over 98 percent. “I think they’ve retained Rothschild & Co to help them figure out how to manage their international debt exposure,” one source said of the Government.

“At the moment, it’s about advising how to potentially reduce the cost of future debt if they have to go to market to raise more as well as help them manage the existing dent in terms of the credit rating so they improve the cost of funds and value of bonds on the international market.

They are supposed to help the Government figure out how to minimise the cost, and the best way for how to structure it, with regard to the existing debt and maturities.”

Tribune Business was told that the Government had been talking to potential

candidates for the debt advisory role since late 2021. Rothschild & Co was among three to four financial advisory groups that visited The Bahamas to give presentations, and it was selected as the “preferred” bidder - a choice that is also understood to have been approved by the Government-appointed Debt Advisory Committee.

Members of the Debt Advisory Committee have not been publicly disclosed apart from its chairman, former minister of state for finance and ex-Central Bank governor, James Smith. Tribune Business, though, can reveal that other members include well-known business executive Felix Stubbs; RF Bank & Trust president, Michael Anderson; RBC Bahamas head, LaSonya Missick; and executives from financial institutions, Deltec and Pictet.

“I do think the Government is positioning itself so they can approach the international markets, whether the multilaterals or anyone else, so that they have more substance to go and negotiate,” one source said. Another added that Rothschild & Co will also be “advising on the messaging” that The Bahamas delivers to the global capital markets and investors about the pace of its COVID recovery.

“There’s also a perception that The Bahamas’ position is seemingly not fully understood in the international community, the capital markets,” they added. “The rate of a recovery of a tourist destination 40 minutes from Miami is a

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

lot quicker than Barbados, which relies more heavily on UK visitors, and other parts of the Caribbean. The Bahamas is closer to the US and well-known.

“What we take for granted in terms of knowledge of the place, that is not necessarily known by some

WeCap Alternative Fund Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of WeCap Alternative Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 5th day of July, 2022.

Alejandro Muszak Liquidator

of Rothschild and the global capital markets.

“We felt they can carry the message with a little more credibility. There is the old Bahamian saying: ‘A fisherman never says his fish are stink’.”

PUBLIC HOSPITALS AUTHORITY PUBLICADVERTISEMENT HOSPITALS AUTHORITY PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY ADVERTISEMENT VACANCY FINANCIAL CONTROLLER VACANCY FINANCIAL CONTROLLER PRINCESS MARGARET HOSPITAL FINANCIAL CONTROLLER PRINCESS MARGARET HOSPITAL PRINCESS The Public Hospitals Authority (PHA)MARGARET invites applicationsHOSPITAL from suitably qualified persons for

the post of Financial Princess Margaret Hospital.

The Public HospitalsController, Authority (PHA) invites applications from suitably qualified persons for The Public HospitalsController, Authority (PHA) invites applications from suitably qualified persons for the post of Financial Princess Margaret Hospital.

POSITION SUMMARY: the post of Financial Controller, Princess Margaret Hospital.

POSITION SUMMARY: The Financial Controller is responsible for managing and supervising the Accounting POSITION SUMMARY: Department; implementing and systems to safeguard of revenue and PHA The Financial Controller controls is responsible for managing andcollection supervising the Accounting assets; provides monthly expenditure and revenue reports at the end of each month; prepares The Financial Controller is responsible for managing and supervising the Accounting Department; implementing controls and systems to safeguard collection of revenue and PHA monthly analysis of expenditure revenue; prepares annual The Financial Department; implementing controls and and safeguard collection of revenue and PHA assets; provides monthly expenditure andsystems revenuetoreports at the end ofbudget. each month; prepares Controller will assist driving theand fiscal strategy reports of the organization. assets; provides monthly expenditure andrevenue; revenue at the end ofbudget. each month; prepares monthly analysis ofwith expenditure prepares annual The Financial monthly expenditure prepares annual budget. The Financial Controlleranalysis will assistofwith driving theand fiscalrevenue; strategy of the organization.

Controller will assist with driving the fiscal strategy of the organization.

THE RESPONSIBILITIES OF THE FINANCIAL CONTROLLER INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: THE RESPONSIBILITIES OF THE FINANCIAL CONTROLLER INCLUDE, BUT ARE NOT THE RESPONSIBILITIES OF THE FINANCIAL CONTROLLER INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: • Participates fully in the management and governance of Princess Margaret Hospital LIMITED TO THE FOLLOWING: support fully Senior Management, and thegovernance Board withoffinancial other business • and Participates in the management and Princessand Margaret Hospital advice to permit discharge of responsibilities for public accountability, operation of • and Participates fully in the management and Princessand Margaret Hospital support Senior Management, and thegovernance Board withoffinancial other business effective systems of financial control, corporate governance and ensures that financial and support Senior Management, and the Board with financial and other business advice to permit discharge of responsibilities for public accountability, operation of targets to forsystems the year met inofcontrol, aresponsibilities manner that maintains financial advice permit discharge for public accountability, operation of effective ofare financial corporate governance and stability; ensures that financial • Leads management thecorporate Audit work and for delivery of effective financial governance andplan ensures that financial targetsPMH forsystems the yearofare metrole incontrol, afor manner thatCommittee’s maintains financial stability; PMH’s five (5) year financial plan and in-year revenue budget; ensuring sound systems targets for the year are met in a manner that maintains financial stability; • Leads PMH management role for the Audit Committee’s work plan and for delivery of of internal good financial management inwork place.

• PMH’s Leads PMH management role forand thein-year Audit Committee’s plan andsound for delivery of fivecontrols (5) year and financial plan revenueare budget; ensuring systems • PMH’s The post holder will provide high level financial advice and support to sound the Director of five (5) year financial plan and in-year revenue budget; ensuring systems of internal controls and good financial management are in place.

Administrator, other Directors, andare departmental of internal controls and good high financial in place.

• Finance, The post Hospital holder will provide levelmanagement financial advice and supportbudget to the holders; Director of •• Plans, controls and monitors the flow of PMH’s ensure is The post holder will provide high level financial advice andtosupport to expenditure the holders; Director of Finance, Hospital Administrator, other Directors, andfunds departmental budget contained within budget.

Ensures accountability by all persons charged with the use of Finance, Hospital Administrator, other Directors, and departmental budget holders; • Plans, controls and monitors the flow of PMH’s funds to ensure expenditure is • funds; Plans, controls and monitors the flow of PMH’s to charged ensure expenditure is contained within budget.

Ensures accountability by allfunds persons with the use of • Ensures effective coordination across all elements of the finance of the contained within budget.

Ensures accountability by all persons chargedfunctions with the use of funds; the Margaret Hospital; funds; the • Princess Ensures effective coordination across all elements of the finance functions of the • Liaises with audit, both internal and across externalalltoelements ensure systems of control are adequate Ensures the effective coordination of the finance functions of the Princess Margaret Hospital; and secure; promotes optimum standards of professionalism within theadequate finance Princess Margaret Hospital; • Liaises with audit, both internal and external to ensure systems of control are to audit, ensure compliance withstandards externaltostandards and best practices.

• functions Liaises with both internal and external ensure systems of control and secure; promotes optimum of professionalism withinare theadequate finance and secure; promotes optimum standards of professionalism within the finance functions to ensure compliance with external standards and best practices.

EDUCATION/EXPERIENCE: functions to ensure compliance with external standards and best practices.

•

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

hedge fund or pension fund.

They want to know how you are going to pay me back or my clients. They want to know the chances of recovery for foreign currency inflows.

“They speak to each other; they speak the same language,” the source said

• •

Professional qualification from a recognized accounting body, namely, American Institute of Certified Public Accountants (AICPA), designation CPA, or Association of Chartered Certified Accounts (ACCA), designation CA or Canadian Institute of Chartered Accountants (CICA), designation CA or Certified General Accountants Association of Canada (CGA), or equivalent; Minimum of five (5) years’ experience as a Financial Controller in a similar sized institution, OR Professional Qualification CPA, CA or CGA and five (5) years’ experience as a Manager with a public accounting firm;

COMPETENCIES: • • • • • • •

Excellent leadership and organizational skills; Excellent interpersonal and communication skills (oral and written); Excellent technical and analytical skills; Current professional registration; Demonstrated experience in business analysis, and implementing financial systems reforms and capacity building; and extensive experience in policy related work, planning and management; In-depth understanding of the organization and management of Public and Private organizations with a focus on Financial Service Management; Proven ability to work with team members and stakeholders from different backgrounds.

The Financial Controller will report to the Director of Finance, Public Hospitals Authority.

Letter of application and curriculum vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, at jobs@phabahamas.org no later than 12th August , 2022

PAGE 6, Tuesday, July 26, 2022

THE TRIBUNE

Fidelity chair: Global recession risk ‘high’ FROM PAGE B1 adequate and therefore had no drag on the current year, improving the expense for provision for loan losses by $18.968m.

One of the lasting impacts of the COVID-19 crises is that loan demand remains lower than in the recent pre-COVID-19 era, contributing to a reduction in net interest income of 3.58 percent over the prior year.

“In response, there is a renewed focus on card merchant acquiring services, which contributed to an increase in non-interest

income. Inflation is the major consequence of the global health crisis. Not unexpectedly, the bank’s non-interest expenses grew by 6.31 percent year-overyear and cost management will be important to maintaining profits in the years ahead.”

Acknowledging a much grimmer global outlook, he added: “Unlike this time last year, the global economic backdrop is concerning. Consumer inflation measures have moved up sharply to levels not seen for 40 years. In response the

central banks in all large, western, developed countries are increasing interest rates. The likelihood that they will increase interest rates to levels that put the global economy into a recession in 2023 is high.

“In a recession, consumers will be quick to reduce discretionary expenses such as travel. As we all live in a small island country, we know that when the big economies catch a cold, we get the flu. The stability of the fiscal performance of the Government of The Bahamas in the context of

a global recession requires very close monitoring, which is continuous by the Board of Directors.”

Meanwhile, Gregory Bethel, Fidelity Bank (Bahamas) president, said the BISX-listed lender was “moving towards normal.

We are not quite there yet, but we are moving in the right direction”. Recalling its growth prior to COVID, he added: “We closed the last decade with an overall growth of $428m or 152 percent on our consolidated statement of financial position.

“We expanded our customer base by 13,000 accounts or almost 100 percent, whilst the share price moved from $2.17 to $13.75 based primarily on a highly successful credit business.

However, due to the global pandemic, we began the new decade with a ‘reset’ of our credit business.

“The restrictions imposed due to the global pandemic suppressed demand for credit and increased the risk of default. Therefore, we declined to focus on growth but focused instead on the retention of quality

borrowers.

Nevertheless, these unwelcome restrictions also presented an opportunity to relaunch our enhanced card merchant acquiring services and digital banking platforms...

“A return on average ordinary shareholders’ equity of 24.61 percent, an efficiency ratio of 49.14 percent and a threefold increase in net income are evidence of their performance and the highly competent leadership of the executive management and managers.”

STOCKS CLOSING MIXED; INVESTORS BRACE FOR FED MEETING

By ALEX VEIGA AP Business Writer WALL Street capped a choppy day of trading with a mixed finish for stock indexes Monday, as investors brace for another sharp interest rate hike by the Federal Reserve this week as the central bank combats inflation.

The S&P 500 edged up 0.1% after fluctuating between gains and losses.

The Dow Jones Industrial Average rose 0.3%, while the tech-heavy Nasdaq Composite fell 0.4%.

Smaller company stocks fared better than the broader market, sending the Russell 2000 0.6% higher.

The major indexes are coming off solid gains last week following a mix of mostly better-than-expected reports on corporate profits.

Falling yields in the bond market also helped, easing the pressure on stocks after expectations for rate hikes by the Fed sent yields soaring much of this year.

On Wednesday, most economists expect the Fed to announce a three-quarter percentage point hike in its short-term rate, a second consecutive hefty increase that it hasn’t otherwise implemented since 1994. It would put the Fed’s benchmark rate in a range of 2.25% to 2.5%, the highest since 2018.

NOTICE

NOTICE is hereby given that RONIALD BRUTUS of Carmichael Road, Allen Drive, 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 19th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

STATUES adorn the facade of the New York Stock Exchange, July 14, 2022, in New York. Stocks are opening mixed on Wall Street Monday, July 25, 2022. Cruise lines are falling while gold miner Freeport-McMoRan and Texas-based oil explorer Diamondback Energy are leading the gainers at the opening bell.

Photo:John Minchillo/AP

Wall Street will closely watch a news conference by Fed Chair Jerome Powell on Wednesday to get a sense of policymakers’ next steps.

“The only question is will Powell sound a little

less hawkish in his press conference, which could allow the market to continue to breathe a sigh of relief,” said Sam Stovall, chief investment strategist at CFRA.

NOTICE

NOTICE is hereby given that JESENE CHENIQUA BAROCHIN of Cooper’s Terrace, Kemp Road, 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 26th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

MONDAY, 25 JULY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.47 2.61 2.60 6.10 10.05 4.15 10.00 3.65 8.25 17.50 2.65 10.75 11.25 10.85 18.10 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.60 2.20 1.30 5.75 6.96 2.82 5.40 2.27 5.95 9.80 1.99 7.75 10.02 10.00 13.10 3.50 8.20 15.50

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

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

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

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2617.52

2.81

0.11

17.47

389.28

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.57 100.43 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.34 99.96 100.43 100.04 100.00 89.62 89.00 90.24 90.73

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

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

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS76026 BGRS FL BGRS95032 BGRS FL BGRS97033 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760265 BSBGRS950320 BSBGRS970336 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.70 39.95 2.44 2.35 2.51 6.10 9.75 3.88 9.78 3.60 8.00 16.00 2.86 10.27 11.39 10.85 18.10 3.90 11.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 6.70 39.95 2.44 2.35 2.51 6.10 9.75 3.88 9.98 3.60 8.00 16.00 2.91 10.27 11.51 10.85 18.10 3.90 11.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

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

VOLUME

27,000

670 10,000

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

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

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

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20 0.00 0.00 0.00 0.05 0.00 0.12 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.56% 4.31% 4.31% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69%

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

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

P/E 28.0 42.9 N/M 16.8 N/M N/M 26.4 -8.9 71.3 19.6 17.8 22.2 28.5 22.0 17.8 14.9 22.2 19.2 11.7 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.54% 3.15% 0.82% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.33% 2.75% 4.50% 14.91% 0.58% 2.85% 2.21% 2.98% 3.08% 1.82% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 18-Jan-2026 25-Sep-2032 17-Apr-2033 7-Sep-2022 26-Jul-2037 26-Jul-2028 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

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

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

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

The U.S. economy is slowing, but healthy hiring shows it isn’t yet in recession, Treasury Secretary Janet Yellen said Sunday on NBC’s “Meet the Press.”

She spoke ahead of a slew of economic reports due this week that will shed light on an economy currently besieged by rampant inflation.

Since the Fed last met in June, the government has reported that inflation accelerated to a 9.1% annual rate, the most since 1981.

Still, some early signs suggest that inflation may be cooling from red-hot levels.

Auto club AAA said on its website as of Monday that the average price of a gallon of regular gas is $4.36 per gallon. That’s down 16 cents from a week ago, and 55 cents cheaper than late June, when the average price was $4.91 per gallon.

Crude oil prices have fallen nearly 10% this month alone.

Even so, elevated inflation is increasingly prompting consumers to reprioritize their spending.

Walmart’s shares fell nearly 10% in after-hours trading Monday after the retail giant lowered its profit outlook for the second quarter and full year. The company blamed surging

inflation on basics like food that are forcing shoppers to cut back on discretionary items, particularly clothing, that carry higher profit margins.

Outside of the Fed meeting, the week’s highestprofile report will likely be Thursday, when the Commerce Department releases its first estimate of the economy’s output in the April-June quarter. Some economists forecast it may show a contraction for the second quarter in a row.

The economy shrank 1.6% in the January-March quarter. Two straight negative readings is informally considered a recession.

On Wall Street, the S&P 500 rose 5.21 points to close at 3,966.84 Monday.

The Dow gained 90.75 points to 31,990.04, and the Nasdaq fell 51.45 points to 11,782.67. The Russell 2000 added 10.89 points to 1,817.77.

Energy companies, banks and health care stocks helped lift the market Monday. Exxon Mobil rose 3.3% and Bank of America added 0.9%. UnitedHealth Group gained 1.5%.

Losses by technology and communications stocks kept indexes’ gains in check.

Chipmaker Nvidia fell 1.7% and Meta closed 1.6% lower.

NOTICE

NOTICE is hereby given that KAYLA JOACHIN of Faith Avenue north, 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 26th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that BONIKA PIERRE of Nassau Village, Hope Gardens #16, 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 26th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that DIANIE FRANCOIS/LIMAGE of #6 Santa Maria Drive, 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 19th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.