07262023 BUSINESS

Insurers fear ‘hardship’ over 35% blacklist capacity threat

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN insurers yesterday warned they, and thousands of businesses and homeowners, will face “tremendous economic hardship” if 35 percent of reinsurance capacity is lost by The Bahamas failing to escape Europe’s tax blacklist.

Major property and casualty underwriters told Tribune Business that The Bahamas is running

out of time to exit the European Union’s (EU) non-cooperative list, and in effect has only one shot at achieving such an outcome through this October’s review, if it is to secure continued German reinsurance support that is “critical” to maintaining coverage for key real estate, auto and other assets.

Anton Saunders, RoyalStar Assurance’s managing director, explained that reinsurers such as Munich Re will be prevented by German law from receiving

tax relief or deductions on hurricane-related claims payouts to The Bahamas if this country still remains on the 27-nation EU’s blacklist after the October review.

Given that such payouts will likely be worth hundreds of millions of dollars if a Dorianstrength storm strikes a major Bahamian island, he added that the loss of such tax relief might deter German reinsurers from continuing to support local carriers such as RoyalStar

by underwriting the bulk of this nation’s risks.

Such a scenario, if it happens, would occur at the worst-possible time given that reinsurance capacity and willingness to underwrite risks in the disaster-prone Caribbean is at a near 30-year low. Insurance Company of The Bahamas (ICB), in its just released 2022 annual report, said the drop in reinsurance availability has already pushed property insurance costs for Bahamian homeowners and businesses to the highest levels it has seen in its 26-year history.

And premium prices would be sent skyrocketing even further if Bahamian insurers lose German reinsurance support through this nation failing to exit the EU’s blacklist. Timothy Ingraham, Summit Insurance Company’s managing director, told this newspaper that the loss of such backing would likely force

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas-based billionaire who spearheaded Albany’s development was yesterday charged with orchestrating a “brazen insider trading scheme” that allegedly netted millions of dollars in illicit profits for his closest associates.

Joe Lewis, the Briton who has been a Bahamas resident since 1979, is accused by New York federal prosecutors of tipping lovers, secretaries, friends and even his private pilots to purchase various corporate stocks using non-public information he accessed in his role as a major global investor.

The 86 year-old’s attorneys last night blasted what they branded an “egregious error” by the southern New York district

Retail savings bond in ‘final approval stages’

attorney’s office in electing to charge Mr Lewis with 16 separate counts of securities fraud and three counts of conspiracy.

David Zornow, of the Skadden Arps law firm, said in an e-mailed statement to the media: “The [US] government has made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment. Mr Lewis has come to the US voluntarily to answer these ill-conceived

charges, and we will defend him vigorously in court.”

The case against Mr Lewis is being brought by Damian Williams, the US attorney for the southern New York district, who is also leading the prosecution of Sam Bankman-Fried, founder of the Bahamas-headquartered multi-billion FTX crypto exchange that

collapsed last November. Mr Bankman-Fried and his closest associates lived and worked in multiple residences at Albany during their Bahamian stay, including the development’s flagship Orchid penthouse.

There is no link between the two cases. However,

SEE PAGE B5

Payroll errors costing taxpayers near $120m

By FAY SIMMONS Tribune Business Writer jsimmons@tribunemedia.net

SALARY and payroll errors are costing Bahamian taxpayers around $120m per year, the Government’s top finance official disclosed yesterday, as he blamed the wastage on too many systems that are not linked to each other.

Simon Wilson, the financial secretary, speaking to government employees at the Oracle ERP (enterprise resource planning) system training and professional development workshop, said the public sector payroll is estimated to have a 10 percent error rate. With public service pay and benefits accounting for about 60 percent of the Government’s budget, he added this translated

into a near-$120m annual loss.

“Well, our payroll accounts for 60 percent of the Government’s Budget. And if we have an error rate of 10 percent, that’s roughly $120m. That’s why it’s important. Those small errors…overpayments or underpayments and so forth. If you minimise

those errors, you can have tremendous savings,” Mr Wilson said. Further errors occurred when persons who have died, or have left the public service, continue to receive a salary from the taxpayers.

Mr Wilson explained that the problems stem from having separate systems for payroll, general

ledger, budget and final accounts, thus making it difficult and time consuming to move information across platforms.

“There is no one central application, so moving information between the various applications is time consuming, increases the workload of the officers within those applications themselves,” he added. “Basic functions are very manual and not properly understood.

“So, for example, we do salary reassessments, back pay. As is, it’s very, very manual. Repairing for pension payments, that is very, very manual. We can’t flip the switch and say: ‘This is what is owed’... There’s no tie-in to our revenue systems. So you still have posted manually revenue receipts. All these things take time, and

SEE PAGE B5

‘Quality new credit’ hard to find with $127m drop

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FIDELITY Bank (Bahamas) says the more than $127m collective decline in outstanding mortgage and consumer loans during 2022 shows “quality new credit” and borrowers will be tough to find despite the economy’s rebound.

The BISX-listed bank, in its just-released report ahead of tonight’s 2022 annual general meeting (AGM), said it is aiming to increase non-interest

earnings from 10.64 percent to 20 percent of total income in a bid to counter the decline in traditional loan-related income sources that Bahamian commercial banks have relied upon to drive profitability and growth.

“Statistics from the Central Bank of The Bahamas report that consumer loans and mortgage loans outstanding with commercial banks as of December 31, 2022, decreased by $89m and $38.1m compared with December 31, 2021, which demonstrates that the

availability of quality new credit is limited even as the economy of The Bahamas experiences its rebound,” Fidelity Bank (Bahamas) warned shareholders.

“Since the peak of the global pandemic, when furloughs and unemployment, particularly in the tourism sector, led to significant increases in the number of loans and advances to customers that fell into delinquency, the yeoman’s effort by the bank during the past two years led to the rehabilitation of a

significant number of such delinquent loans.

“However, certain such loans remain as of yearend and, when combined with the contraction in the primary interest earning assets of the Bank, loans and advances to customers, particularly in the consumer loan portfolio that yields higher interest margins, resulted in a decreased interest income,” bank management added.

“This was offset by the decrease in interest

SEE PAGE B6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE CENTRAL Bank is “committed” to launching a product designed to foster a greater “savings culture” among Bahamians before year-end 2023, its governor affirmed yesterday, with approvals “in the final stages”.

John Rolle, in e-mailed replies to Tribune Business questions, said the regulator is aiming to rollout the “savings bond” to small retail investors by the calendar year’s final quarter with the initiative also intended to broaden the base of government securities purchasers.

And, in further local debt market reforms, he added that the October 2023 launch of “competitive bidding” for government bonds, known as Bahamas Registered Stock (BRS), will enable the marketrather than the Central Bank or the Government - to price the latter’s issues in a “more transparent” manner that will ultimately

lead to the development of a local yield curve.

Speaking out after the Government, in its recently-released annual borrowing plan, said the long-awaited savings bond will launch in the 2023 third quarter to boost capital markets participation by small investors, Mr Rolle confirmed this timeline and said the product is in “the final stages of approvals”.

“The broad framework has been developed with technical assistance from international consultants who specialise in this area,

SEE PAGE B6

Albany developer charged on ‘brazen insider trading’

JOE LEWIS JOHN ROLLE

SIMON WILSON

$5.75 $5.75 $5.80 $5.71

Combating crime key to sustainable tourism

According to a 2018 World Travel and Tourism report, this industry has become one of the global economy’s 21st century mainstays. Regardless of whatever negative circumstances may be prevailing in the world, such as financial market instability, an energy crisis and armed conflicts, tourism is directly associated with 313m jobs worldwide - almost 4.2 percent of the global total. And tourism’s share of global GDP was 10.4 percent in 2017.

Like many other destinations in the Caribbean and worldwide, The Bahamas is known for its stunning beaches and vibrant culture. It has faced challenges related to crime, and the impact this has on the development and sustainability of its tourist-based economy. While the country has taken steps to address these issues, it is important to consider both the historical context and ongoing efforts to understand the impact crime has on the tourism industry in the Bahamas. For instance, statistics show that crime has decreased in The Bahamas

NEWRY

since 2015, yet the country still faces challenges in tackling the stigma associated with this ill.

We can trace tourism development in The Bahamas back to the early 20th century. However, in the 1950s and 1960s, The Bahamas experienced significant tourism growth and became a popular destination for international travellers. The Bahamas Hotel Act

of 1946 incentivised hotels and resorts to be built. This marked a pivotal moment in the development of the tourism industry.

The opening of Nassau’s first international airport in 1957, the expansion of cruise ship tourism and the establishment of luxury resorts on Paradise Island, such as Atlantis, further contributed to tourism growth in The Bahamas. The country’s natural beauty, pristine beaches and warm climate attracted visitors from across the globe, making it a popular vacation destination.

Tourism and security go hand in hand, as threats such as terrorism, crime and armed conflicts will always influence the choice of tourist destinations. A thriving tourist industry can drive economic growth for many countries and regions. However, crime threatens the development and sustainability of a tourist-based economy. Crime impacts the growth of such economies, highlighting the importance of addressing security concerns to foster a safe and attractive destination for tourists.

Deteriorating safety perception

Incidents of crime, especially those targeted at tourists, create a negative perception of safety within the destination. News of crimes, thefts, scams or violent incidents can spread rapidly through traditional media and social networks, deterring potential tourists from visiting. The perception of an unsafe destination can have longlasting consequences, leading to a decline in tourism demand and subsequent negative economic impacts. Safety is a critical selling point, even though it may not be highlighted in the travel brochure.

Negative reputation and brand image

A destination’s reputation and brand image are critical for attracting tourists. High crime rates and safety concerns tarnish the destination’s perception, making it harder to recover and rebuild a positive perception among potential visitors. Rebuilding trust and confidence requires concerted efforts, extensive marketing campaigns

BAHAMAS RELAUNCHES DIGITAL ASSETS SUMMIT

THE Securities Commission has partnered with the Government to relaunch the first-ever D3 Bahamas Fintech Festival as part of this country’s renewed push to establish itself as a digital assets hub.

The event, which is set to take place from 10-12 October at Atlantis, was rescheduled from a date earlier this year in the wake of the FTX crypto currency exchange’s implosion. Staged in partnership with Finoverse, it will seek to promote The Bahamas as a centre of innovation in digital assets, decentralised finance and blockchain technology.

“The Bahamas is committed to leading the Fintech (financial technology) and Web3 industries as we facilitate innovation and cross-border development,” said Prime Minister Philip Davis KC in a statement. “D3 Bahamas is ready to make a transformative impact for entrepreneurial Bahamians and international Fintech leaders as we collaborate on progressive policies that protect the public and support the continued growth of this industry. The Bahamas is open and ready for business.”

D3 is designed to represent the trio of

decentralisation, digitisation and disruption of the status quo, focusing on the advances made by digital assets, decentralised finance and blockchain technology. The conference will also aim to showcase The Bahamas as a hub for technological innovation.

D3 will invite more than 800 builders, international regulators, investors, founders and thought leaders to its conference. Discussion topics will include regulation; the building blocks for Fintech (financial technology), and the steps required to transition to a successful digital economy.

“The Bahamas welcomes Fintech and Web3 leaders to Nassau for three days of discourse and networking through presentations, panels and workshops,” said Christina Rolle, the Securities Commission’s executive director .

“We are excited to present a Fintech event that not only embraces technological innovation but one that will serve as a driver for the development of inclusive and effective regulation. D3 Bahamas brings Fintech and Web3 creators and builders, enthusiasts and regulators together to better understand the

and long-term commitment from the destination to improve security measures.

Decreased tourist arrivals

High crime rates or safety concerns directly impact tourist arrivals. Potential visitors may opt for alternative destinations perceived as safer, leading to a loss of revenue and missed economic opportunities. The decline in arrivals affects various sectors associated with tourism, including accommodation, transportation, food and beverage, entertainment and other local businesses, thereby impacting overall economic vitality. This can be a slow death for an economy that relies heavily on the cash flow that visitor spending injects.

Reduced foreign investments

If the cruise ship passenger and the stopover visitor opt out of their investment, the larger investor will likely do the same. A secure and stable environment is crucial for attracting foreign investments in the tourism sector. Investors seek destinations

with a positive reputation for safety, where they can confidently establish infrastructure and develop tourism-related businesses. High crime rates, or safety issues, can discourage foreign investors, resulting in a lack of funds for infrastructure development, job creation and expansion of tourism-related services.

Strained local businesses

As mentioned earlier, tourism-dependent local businesses, such as hotels, restaurants, souvenir shops and tour operators, rely heavily on tourist spending. When crime rates increase, tourists may become cautious about venturing out or engaging in leisure activities, impacting the revenues of these businesses. The decline in business performance can lead to lay-offs, reduced wages and even business closures, affecting the livelihoods of the local population.

Increased costs and diversion of resources

Addressing crime and security concerns requires

crucial growth connections. If accepted, projects will be introduced to global and regional venture capitalists, regulators, policymakers and Finoverse communities around the world.

needs of this burgeoning community,”

Digital assets projects are encouraged to apply to D3’s Start-up Programme. This is intended to develop the Web3 community by introducing start-ups to

Anthony Sar, Finoverse’s co-founder and chief executive, said: “At Finoverse, we’ve connected Fintech and Web3 creators across Asia, Europe and the Middle East, and now we’re uniting our communities with the west. Our team is excited to join the Nassau community and host an unforgettable weekend as we welcome the next generation of Fintech and Web3 innovation to The Bahamas.”

GAMAL By

CHRISTINA ROLLE

BPL targets ‘quicker response’ to Family Island power outages

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMAS POWER & Light’s (BPL) chief executive yesterday pledged that the utility is investing in new equipment to ensure there is a “quicker response time” to Family Island power outages.

Shevonn Cambridge, acknowledging the challenges that BPL has endured with load shedding and outages on multiple Family Islands over the past month, told Tribune Business that the power cuts endured by Eleuthera resulted solely from a generator outage.

“We had a failure on one of our large units out of Hatchet Bay. But since then we have returned that unit, and another unit that was also out for maintenance at the time. We’ve returned both of them. All

of the units at Hatchet Bay are now operable,” he said, while seeking to reassure that all Family Island generation concerns have been addressed.

“In Cat Island, there have been weather-related outages but there haven’t been any plant-related issues,” Mr Cambridge added. “On the Family Islands, especially when you have these electrical storms, for miles and miles the only thing standing up is our pole, and lightning finds its way to the ground. So they get hit from time to time.

“Most of our power stations are in the middle of the island, with one feeder going north and another feeder going south. If the south feeder gets hit, the entire south goes out. Now we are making some investments in things like auto-reclosers and stuff like that. We’re leveraging the technology to make our response time quicker.”

Mr Cambridge said BPL’s network frequently suffers 20-second power cuts, where power is disrupted for a short period of time before it reconnects. He added that this happens multiple times per day across all islands. The autoreclosers will ensure that if one fails, another will kickin. If both fail, BPL will then have to dispatch linemen and bucket trucks to

physically visit the affected site and address the issue.

Stable, consistent electricity supply has been an issue for many Family Island resorts which have been losing guests as a result of visitor stays becoming uncomfortable when air conditioning and refrigeration is knocked out.

Mr Cambridge, meanwhile, confirmed that the

contaminated oil provided by Sun Oil for BPL’s North Andros power plant is being investigated. “The water was drained from the tanks immediately once it was discovered. So we now have fuel that we can use. I think the investigation has determined what was the source of the contamination,” he added.

Solar power provider’s $8m Turks expansion

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN solar power provider has expanded abroad via an $8m microgrid project it is developing in the Turks & Caicos Islands.

Justin Cunningham, Compass Solar Systems’ chief executive, told Tribune Business the development in North Caicos is set to be completed by the 2024 second quarter.

He explained that it is the first solar microgrid project for Turks & Caicos’ power company, Fortis TCI, and will support both the North and Middle Caicos if they ever were to become disconnected from the main plant in Providenciales. The mircogrid can thus “act as a backup” to the existing electricity grid network.

Mr Cunningham said: “We’ve already done

several of these projects here in The Bahamas. You can find locations like Chub Cay, and a lot of other locations like Central Abaco primary, that have different sizes but similar projects.”

Compass Solar Systems has also carried out renewable energy projects at the Lynden Pindling International Airport (LPIA), the Nassau Cruise Port and Baha Mar. “When regulations changed at the end of 2016 and the start of 2017, Compass Solar came around and it has really been off to the races since mid-2017 as the regulations changed and allowed for self-generation,” Mr Cunningham said.

Demand for renewable energy solutions is continuing to increase in the private sector, especially among banks and large food retailers, given that Bahamas Power & Light’s (BPL) all-in energy rate now stands at 41 cents per kilowatt hour. “This doesn’t

even encompass yet what the outer islands have done from a private standpoint with the private resorts,”

Mr Cunningham added of renewables demand.

The Government, too, has sought to support renewable energy development with the National Energy Policy goal that The Bahamas generate 30 percent of all its power needs from sustainable sources by 2030.

Mr Cunningham said:

“I think the two biggest options for solar power development are with regard to the work the Government is doing and having their plan in place. There’s also a couple of IDB (InterAmerican Development Bank) loans that have taken place, and it’s really helping the uptake from the public sector. Then, obviously, there’s a lot of private sector development that’s happening throughout the islands and their cost of

electricity is huge. So that’s a huge market.”

The public sector is “by far” the biggest opportunity for solar development, while the “private sector has the fastest uptake” for projects. However, regulations may have to be updated to ensure solarpowered projects are continually fast-tracked to meet the 2030 goals.

Mr Cunningham said: “I don’t think that looking at solar power as being lucrative is the right way to look at things. We have to make sure it’s shared equally.

“We are a small island nation and there is only so much PV (Photovoltaic) to

go around in order to have BPL still able to do their functionality. So I think one of the important things is, while the private sector is a lot faster to act, we need

to make sure that the public sector gets the benefit of it as well. So that when we pay our light bill, it isn’t as high as it needs to be either.”

SHEVONN CAMBRIDGE

INSURERS FEAR ‘HARDSHIP’ OVER 35% BLACKLIST CAPACITY THREAT

all local property and casualty underwriters to halt taking on any new business, adding: “That’s not a scenario we want.”

For the progress of new commercial and residential real estate developments, which generate growth and jobs, may be halted if they are unable to obtain the insurance coverage their lenders demand. The Davis administration has been working feverishly to address the deficiencies cited by the EU in time for the latter’s October blacklist review, while at the same time blasting the bloc for unfairly targeting The Bahamas with an initiative based on double standards. Both Prime Minister Philip Davis KC and Ryan Pinder KC, the attorney general, have in recent weeks blasted the EU for subjecting this nation to demands it refuses to impose on its own members even though the likes of Luxembourg are viewed by

many as far greater offenders when it comes to tax transparency. And, acknowledging the insurance industry’s fears, both have warned that Brussels’ initiative threatens to make it harder for The Bahamas to rebuild in the wake of natural disasters if reinsurance support is lost. Mr Saunders, while praising the stance they and the Government have taken, warned that this has to be backed by concrete action to almost guarantee that this nation escapes the EU blacklist by October/ November 2023 as this is when the next reinsurance cycle starts. “The Prime Minister and the Attorney General have made statements on the blacklisting and how unfair it is to countries like ours,” the RoyalStar chief said. “I think we all in the industry are happy they are taking a keen interest in what is going on. However, at the end of the day, we hope the technocrats are doing their

job to ensure we get off this blacklist.”

The Bahamas was relisted by the EU in late 2022 for alleged deficiencies with its ‘economic substance’ regime - in particular the online portal via which companies fulfilled their reporting requirements under Bahamian law. ‘Economic substance’ requires specific companies to be doing real business in the jurisdiction and have a physical presence - not be operating as ‘brass plate’ or ‘letterbox’ companies.

The Government has moved to correct the flaws with the economic substance reporting portal, having contracted BDO to develop a solution that will address the EU’s concerns. Mr Pinder previously voiced optimism that The Bahamas is on course to escape the 27-nation bloc’s blacklisting when it reviews the allegedly non-cooperative countries in October.

Mr Saunders, meanwhile, said reforms to Germany’s Tax Haven Prevention law have already eliminated the concerns referenced by Mr Pinder and the Government - that the German authorities could apply a 16 percent withholding tax on claims payouts to blacklisted countries such as The Bahamas.

While this is no longer a threat, the RoyalStar chief explained the remaining worry is that the same German law still prohibits its reinsurers from being able to claim tax deductions, or relief, on these claims payments. Should this provision stay, and The Bahamas remain on the blacklist post-October, these reinsurers may determine it is no longer worth

doing business with this nation because they will lose valuable income while potentially spending hundreds of millions of dollars.

“That’s not on the table any more. That’s been resolved,” Mr Saunders said of the withholding. “The Germans have passed an amendment to that portion of the law. What has not been resolved is the taxation of the reinsurance industry. They will not be allowed to deduct their taxes if there’s a big loss. If that law is not changed, or we’re not off the backlist, they may not be willing or able to trade with us.

“Therefore we will not be able to access that [reinsurance] capacity, meaning that 35 percent of reinsurance capacity for Caribbean countries can potentially disappear for blacklisted countries, which will cause tremendous economic hardship for the insurance industry in the Caribbean and, especially, The Bahamas.

“If they cannot claim income tax deductions they will not do business because we are talking big monies. And if we cannot access 35 percent of our market, what do you think is going to happen to insurance costs? It will be availability first, and then the insurance costs. We are just waiting and hoping that October brings positive news.” Bahamian property and casualty underwriters must acquire huge amounts of reinsurance annually because their relatively thin capital bases mean they cannot cover the multibillion dollar assets at risk in this nation, thus making them dependent on global support.

German reinsurers such as Munich Re, Hanover Re and R & V Re have played pivotal roles in providing such backing. However, escaping the

EU blacklist is becoming increasingly time sensitive, and must be accomplished by October, for this is when Bahamian property and casualty underwriters typically will begin negotiations on their reinsurance contracts - including prices and terms - for 2024.

Summit’s Mr Ingraham told Tribune Business that Germany’s Tax Haven Prevention Act, as it currently stands, will impose a 30 percent penalty on the annual tax returns of that jurisdiction’s reinsurers should they make claims payouts to blacklisted states such as The Bahamas.

“It could be a significant amount of money they are not allowed to claim back through their tax system,” he added. “So German companies will be faced with a loss of their ability to claim back money and may decide not to do business with so-called tax havens because it becomes a penalty.

“If you look at the fact that German reinsurers provide a substantial amount of reinsurance to this country, let’s say on the high-end 25-30 percent, if you look at an event like Dorian where there was a total $2bn payout that’s $500m the German companies are responsible for. If they’re not able to claim 30 percent tax relief on that, that’s quite a chunk of money that’s being lost.

“I have heard one or two companies that have said to do business in this jurisdiction is against the spirit of that [Tax Haven Prevention] Act. We have one or two reinsurers who have said they will not continue to do business until we are removed. Once we’re removed from the blacklist, they’ll be able to enter the market again,” Mr Ingraham added.

“That’s why it’s critical for us to make every effort

to come off the EU blacklist to ensure we continue to have reinsurance support. At the moment, there is a large gap between supply and demand for reinsurance globally. What we’ve seen in this country is that it could be difficult to find insurance, number one, and once you do, it’s very expensive.”

Pointing out that this is a global challenge not peculiar to The Bahamas, Mr Ingraham added that any loss of German reinsurance support would only worsen these problems for consumers. “It would be very difficult, if not impossible, to replace the German capacity on reinsurance treaties so it’s critical for us that we continue to do business with these reinsurers,” he added.

“It is really bad timing for something like this to happen because we cannot go out and replace that capacity.... We’re already seeing high prices and lack of capacity, with one or two insurers not taking on any new business. We’d probably see that expand to the entire market where nobody is taking on new business. That’s not a scenario we want.

“We are in constant contact with the Government on this. They have promised us they are in the process of presenting some Bills to Parliament to address it and will do whatever is required to remove us from the blacklist. It needs to be done by October because that’s when the next review comes up. We’ve spoken to the Government several times and they appreciate the urgency of it. They have told us they are making every effort to get it corrected and we are cautiously optimistic they will.”

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Payroll errors costing taxpayers near $120m

to compensate for time we hire a lot of people.”

Pointing to specific difficulties, Mr Wilson said: “Everyone knows of the employees who get lost in the system. In the Family Islands, they work for local government, they work for the school board, but they are hired irregularly. They’re not in the pay sheet, they’re paid by some other mechanism or some other means.

“Every employee is going to be captured in this system. That is for us critical because we assume, sometimes wrongly, that we know of every employee, that we know the details of every employee. But every year, we find instances where we do not know an employee existed or was being paid or has been paid by the Government or the ministry.

“I know from my own experience in the Ministry of Finance we had employees in Andros who we paid for 40 years, every month, employees of the Ministry of Finance. We don’t know what he did, never did an ACR of those employees, but they were paid every

month and they retired,” he added. “And what they did when they retired? They took a flight and come up to the Ministry of Finance and said I retired, where is my gratuity? And we had no answer. We checked their records and, yes, surely enough we paid them from 1974 up until 2014, every month, but we had no record. We have too much instances like that, and persons go undetected, and then we have to go through this long, arduous process of trying to regularise them.”

Mr Wilson said the Oracle system’s time attendance feature will allow agencies to keep track of employees that work outside the Ministry of Finance headquarters. He added that in larger ministries such as education, employees may be absent from work for months without human resources being aware.

“Things such as time attendance, which we don’t have in the public service, is a key feature in this new application,” Mr Wilson said.”For larger agencies such as the Ministry of Education, time attendance is critical. You have 5,000 employees and 90 percent

Albany developer charged on ‘brazen insider trading’

FROM PAGE B1

in unveiling the charges against Mr Lewis via social media, Mr Williams said: “Today I am announcing that my office, the southern district of New York, has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme.

“We allege that, for years, Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots and his friends. These folks then traded on that inside information and made millions of dollars in the stock markets. Thanks to Joe Lewis, those bets were a sure thing.

“Now, none of this was necessary,” Mr Williams added. “Joe Lewis is a wealthy man but, as we allege, he used inside information to compensate his employees or to shower gifts on his friends and lovers. It’s classic corporate corruption. It’s cheating, and it’s against the law; laws that apply to everyone else no matter who you are.

That’s why Joe Lewis has been indicted, and will face justice here in the US in the southern district of New York.”

From a Bahamas perspective, the most important immediate issue is whatif any - impact the charges will have on Mr Lewis’ local investments and, principally, Albany, which is responsible for the direct and indirect employment of hundreds of Bahamians and injects a multi-million dollar impact annually into the economy. Any near-term fall-out is thought minimal at best.

Besides Mr Lewis’ Tavistock Group, his investment vehicle that has declared more than 200 interests and corporate holdings spread across 13 countries, Albany’s other deep-pocketed investors include worldrenowned golfers, Tiger Woods and Ernie Els, plus singer Justin Timberlake.

Albany has also been seeking to acquire its neighbouring South Ocean property, although consummation of that deal has been placed on hold due to litigation initiated by rival Austrian investor, Dr Mirko Kovats, who also resides at Lyford Cay.

Insider trading occurs when perpetrators exploit their access to privileged, non-public information to gain an unfair advantage over other investors who lack the same knowledge. They typically use the details to tip-off their family and close friends, using them to buy or sell shares ahead of a public

of those employees do not work in headquarters.

“They come to work, they don’t come to work, you don’t know, sometimes for months. Those are resources that we cannot recover, significant resources. So that’s why time attendance is a big feature of this application”

Another benefit of the system, Mr Wilson explained, is that less human intervention will be required when processing promotions and salary adjustments.

He said: “Paperless means less intervention by the finance accounting officer. Right now, in the public sector, promotions are done by the Commission, goes back into the ministry. The ministry sends one letter to the JD Edwards unit who uploads the new salary. That then goes into the department of the ministry, then the department calculates the back pay and make adjustments.

“In the new paradigm, promotions will be done

by the Commission. That information will go into the JD Edwards unit and that’s it. Backpay calculated, salary changed, all of the above. Intervention from a department level will not be necessary.”

Mr Wilson added that Oracle has agreed to help transfer the existing payroll data on to its platform, ensuring that critical information is not lost or compromised. “That’s why we’re staying primarily with the Oracle family of applications, because the risks of moving to a different platform and not being sure of your data integrity was too great,” he added. “We are not simply doing what we did before when you go in detail in terms of what offerings are under the fusion platform. You will realise this is not business as usual. We want to elevate and move the public service forward.”

Mr Wilson said he is hopeful the new platform will launch early next year and recognised the important role that financial

officers will play in its successful implementation.

“The next couple of months is going to be very intense. Because we have gathered the information and the work rules to make sure that we flip the switch, hopefully around January/ February, the system works as necessary. And so the role of the finance accounting officers is very, very important in this transition process,” he added.

“We cannot see results unless there’s buy-in from the finance accounting officers. This is not just about technology. We realise that we have to look out for the officers…. and make sure that they are satisfied because the best technology in the world is not going to change their own colours unless persons who are responsible for making sure processes are followed and doing it correctly are motivated.”

He noted that the launch of the Oracle payroll system and human resource features will provide government with the ‘greatest

potential savings’. He added that in the coming months discussions will begin on how the transition will affect procurement, accounting, vendors, budgeting and final accounts.

Mr Wilson said: “This process is comprehensive. As we move on, we’ll be talking about the linkages between the procurement and the accounting system. We will be talking about vendor relationships and how they will be impacted; changed by the system. And, finally, we’ll talk budgeting and the final accounts.

“We want new final accounts which can be read by anybody, understood by anybody. That’s critical. To me, that’s a mark of success. Those are things that will be covered in the coming months but, right now, the first phase of this is concentrating on payroll, human resource models, because that’s what we are going to launch first and that has the greatest potential savings for the Government.”

revelation that typically boosts or lowers the stock’s value, thereby enabling all to make significant profits with the initial perpetrator sharing in the windfall.

The grand jury indictment against Mr Lewis, which was unsealed yesterday, alleged that the Lyford Cay billionaire tipped his closest associates to the results of clinical trials. He is purported to have shared information on life sciences groups, Solid Biosciences and Mirati Therapeutics, plus beef producer Australian Agricultural Company and a special acquisition company, BCTG. Life sciences investments are among those that feature in Tavistock Group’s portfolio.

Prosecutors said that in some insider trading cases, Mr Lewis lent money to recipients of his tips, including in October 2019 when he wired $1m to two pilots so they could buy more Mirati shares. The indictment quoted one pilot texting a friend that “boss lent Marty and I $500,000 each for this”, and that he thought “the boss has inside info” because “otherwise why would he make us invest”.

Both pilots allegedly repaid their loans soon after Mirati announced favourable results from a clinical trial, causing its stock price to rise 16.7 percent. “Loan payback for MRTX,” the second pilot wrote in his records.

Mr Lewis, who started out in east London’s restaurant industry, moved to The Bahamas in 1979 and is said to have made his fortune from currency trading and speculation. According to the Sunday Times’ 2023 ‘rich list’, he has a net worth of some £5.096bn.

He previously owned New Providence Development Company, before exiting the investment and handing the company over to his former business partner, New Orleans-based Terry White, to focus on Albany’s development. Mr Lewis also owns the majority of English Premier League soccer club, Tottenham Hotspur, while the Tavistock Group also developed the Lake Nona and Isleworth communities in Florida.

Retail savings bond in ‘final approval stages’

including input from the Commonwealth Secretariat,” the Governor told this newspaper. “The framework is in the final stages of approvals.

“The saving bonds will look similar to Bahamas Government Registered Stock (BRS) in many ways, having stated terms to maturity, face value and paying interest on a periodic basis. But it will appeal to smaller investors, who will have the option of making purchases in regular, smaller and potentially more affordable increments than for BRS. This will place the instrument within reach of the wider population.

“The savings bond, in addition to featuring low investment increments, would offer competitive interest rates with no material disadvantage over buying other government bonds of the same maturity,” Mr Rolle continued. “It is intended to encourage savings, particularly

through the frequency of monthly offers. “The main objective of the savings bond framework is to encourage a culture of increased savings among the population, thereby promoting a higher incidence of financial independence. As structured, the instrument would make it easier for those with lesser financial resources to accumulate savings in affordable increments, and to have access to low-risk rates of return that are typically only within the reach of investors with large sums to invest.

“The benefit for the Government is that it would be delivering another investment/savings option to residents that has the potential to tap investors who may not currently participate in the securities market. However, this is expected to be a very gradual result over time.”

Turning to the October target for launching “competitive bidding” on the Government’s BRS bond issues, Mr Rolle described

this as a move away from the current structure where all issues are purchased at “par” or 100 percent of face value and at set interest coupons.

“Bahamas Government Registered Stock (BRS) offers are currently issued on a non-competitive basis. What this means is that investors submit applications to purchase bonds at par value at a set price in the primary market,” Mr Rolle explained. “Under competitive bidding, the investors would have to indicate the price at which they wish to purchase the bonds, given the coupon rates of interest that the Government would set in advance.

“Investors who offer the best or highest price for such bonds on offer would be allowed to purchase the amounts being offered. Investors who do not offer competitive bids could find themselves excluded from an offering. In instances where there is an over-subscription to a bond offering, the bidders who offer the

best price could get fully satisfied, while others could be completely shut out.

“This is different from a non-tender process, where the bonds are allocated on a first come, first served basis or all investors get a reduced, prorated amount.

The competitive bidding will be done through the Bahamas Government Securities Depository (BGSD) system, same as the Treasury Bill auctions, and would be a transparent and objective process,” he added.

“A tender is a more transparent process for the market to price bonds in line with the level of interest expressed by investors. It should be noted though that each tender process would reserve a fraction of the bonds for non-competitive investors. Rather than submitting a bid, such investors would be consenting in advance to pay the average price obtained from successful competitive bids.”

Speaking to the benefits of shifting to competitive

bidding, Mr Rolle said: “Competitive bidding initiates price discovery and, for government bonds, would help to develop a true yield curve. This is a major step in further developing the domestic securities market.

“It would empower the market to develop more transparent bond prices, rather than reliance on either government or the Central Bank setting the both price and yield. This approach should build further confidence in the market and enhance the level of take-up of government securities in both the primary and secondary markets.”

The Central Bank is now also due to publish bond issuance schedules 15 days before the start of every quarter, and the Governor added: “This is mostly a shift in timing, as bond issuance calendars have been published since 2018. Bond issuance calendars are planning tools for both investors and government. They enhance market transparency and development. In

‘Quality new credit’ hard to find with $127m drop

expense as a result of the maturity and redemption of debt securities and other interest rate adjustments. Overall, net interest income for the current year decreased by $328,434 demonstrating that the bank, despite pressures from contraction in its primary line of business, is maximising yield from its interest earning assets.”

To counter this trend, Fidelity Bank (Bahamas) said it will target fee income, which increased year-over-year by more than 65 percent in 2022, moving forward. “The bank has more aggressively pursued penetration in credit, debit and prepaid cards business, including the issuance of cards and the offering of merchant acquiring services; that is, enabling merchants to

accept cards as payment for goods and services,” the bank’s management told investors.

“The bank expects to exponentially grow the fees and commissions earned, with an almost direct correlation in growth in profitability, as it increases market share in this business, as defined by usage levels, namely the volume and quantum of transactions involving cards as opposed to the number of cards or merchants given significant elements of the required infrastructure and resources are already deployed.

“The exponential growth materialised in part during the year ended December 31, 2022, with fees and commissions increasing by 65.21 percent over the prior year to $6.145m, with non-interest income now representing 10.64 percent of total income. Continuing the exponential growth in the contribution of non-interest income to total income to a target of 20 percent is considered achievable through solely focusing on value added service offerings, notwithstanding net interest income will remain the overwhelming major contributor to total income.”

Looking ahead, Fidelity Bank (Bahamas) said:

“The prospects for 2023 and beyond remain positive. However, the initial experience with continuing contraction in loans and advances to customers and increased loan delinquency has refortified the resolve of the bank to appropriately diversify its sources of profitability through business expansion, with expansion in presence in the Family Islands front and centre with the impending opening of offices in Exuma.

“Further, macroeconomic projections report returns to pre-COVID-19 GDP levels, but growth

this regard, there is room to strengthen market reach with this refined approach.

“This level of transparency would provide the Government with more reliable indicators of market appetite for bond tenors and the timing of offers. It would also bolster the confidence that [investors have] around the development of its annual borrowing plan and annual issuance calendar.”

And, with auction details set to be published after government bond issues have closed, Mr Rolle said: “This is mostly an enhancement around auction details, as the results of bond offerings in the primary market have been published since 2018. Publication of auction results is another key aspect of transparency. This helps to confirm to the market that the process is fairly executed. It would also provide information that help market participants better plan their activities.”

thereafter is what is needed. Recent global macroeconomic conditions that unfortunately are inherited by The Bahamas, such as inflation and the risk of recession in major economies, continue to give reason for caution...

“The way commerce is transacted, and the manner in which persons will live, have gone through an irreversible revolution, and accordingly the economies, sectors, industries, businesses and individuals, globally and more specifically in The Bahamas, will not simply recover to preCOVID-19 conditions.”

Seeking To Find

COMMONWEALTH OF THE BAHAMAS 2007

IN THE SUPREME COURT

CLE/QUI-984

COMMON LAW & EQUITY DIVISION IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND

IN THE MATTER OF ALL THAT parcel or lot of land being known as lot Number Sixteen (16) Block Number Nineteen (19) Centreville District, as shown on the Master Plan in the Department of Lands And Surveys in the Island of New Providence AND

IN THE MATTER OF THE Petition of JULIETTE L. RAMSEY

NOTICE JULIETTE L. RAMSEY the Petitioner claim to be the owner in fee simple in possession of the parcel of land and free from encumbrances. The Petitioner has made application to the Supreme Court of the Commonwealth of The Bahamas Section 3 of the Quieting Act, 1959 to have their Title to the said land investigated and declared in a Certifcate of Title to be granted by the Court in accordance with the provisions of the act.

Copies of the fle plan may be inspected during normal hours at:

1. The Registry of the Supreme Court; and

2. The Chambers of Ramsey And Associates, Rames Building, 23 Plantol, Nassau, Bahamas

Notice is hereby given that any person or persons having a right of dower or any adverse claim not recognized in the Petition shall within thirty (30) days after the publication of the notice herein fled in the registry of the Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of such claim in the prescribed Form, verifed by an affdavit to be fled therewith. Failure of any such person to fle and serve a statement a such claim within thirty days (30) herein will operate as a bar to such claim.

Dated this 17 day of September A. D. 2009

Dulwich Law Chambers Farrington Road, Nassau, Bahamas

COMMONWEALTH OF THE BAHAMAS

THE COMPANIES ACT, CH. 308

NOTICE OF INTENTION TO DECLARE

FINAL DIVIDEND

RURAL INTERNATIONAL BANK LIMITED (IN LIQUIDATION)

Supreme Court Cause No. COM/bnk/0088 of 2013

TO: The Creditors of the Company

TAKE NOTICE that the Joint Offcial Liquidators intend to declare a fnal dividend.

Any Creditor who has not already lodged his proof of debt with the Joint Offcial Liquidators must do so no later than 30th September, 2023. The Joint Offcial Liquidators are not obliged to adjudicate upon any proof of debt received after this date, with the result that your failure to lodge a proof of debt by the fnal date for proving may result in you being excluded from the fnal dividend.

Dated this 21st day of July, 2023

Maria M. Ferere Alison J. Treco Joint Offcial Liquidators Goodman’s Bay Corporate Centre, 1st Floor West Bay Street P.O. Box N-3932 Nassau, Bahamas Phone: (242) 328-7131, Facsimile: (242) 328-7129

Email addresses: mferere@ftconsultants.net and atreco@ftconsultants.net

Busy Optometry offce in New Providence looking for full time Optometrist. Must have Doctorate of Optometry degree from an accredited college of Optometry or trained at a college of Optometry from the UK. Must be licensed to practice in country of training. Must be profcient in OCT and Humphrey’s Visual Field.

Combating crime key to sustainable tourism

substantial investments in law enforcement, infrastructure and initiatives to combat criminal activities. Governments and tourism authorities may need to allocate funds and resources that could have been used for other social projects. The diversion of resources impacts overall economic development, and hinders investment in critical areas such as education, healthcare and infrastructure. Over the years, Caribbean countries have

continued to invest in the tourism industry, developing their infrastructure, expanding accommodations and diversifying tourism offerings. Today, tourism is a vital economic sector for the countries in the region, contributing significantly to employment, foreign exchange earnings and the overall economy. Governments have actively promoted tourism through marketing campaigns, international partnerships and the development of ecotourism initiatives. The

industry has evolved to cater to cruise ship passengers, luxury resort guests, eco-tourists and adventure seekers. There have been other challenges to tourism in the Caribbean besides crime, such as economic recessions, natural disasters and competition from other destinations. However, the industry has shown resilience and adaptability, consistently striving to enhance visitor experiences and promote sustainable practices.

Crime nevertheless poses a significant challenge to the development and sustainability of a touristbased economy. High crime rates, safety concerns and negative perceptions deter tourists, decrease visitor arrivals and impact the revenues of tourism-related businesses. The negative reputation resulting from crime incidents also hampers foreign investments and diverts resources that could be used for broader economic development. A successful and

STOCK MARKET TODAY:

sustainable tourist economy requires destinations to prioritise security measures, collaborate with law enforcement agencies and implement effective strategies to address crime and ensure the safety of visitors. By doing so, they can create an environment that attracts tourists, encourages investments and supports the overall growth and prosperity of the destination.

Wall Street rises to 15-month high as earnings reports roll in

By STAN CHOE AP Business Writer

WALL Street strength-

ened Tuesday after more companies reported fatter profits for the spring than expected.

The S&P 500 rose 12.82, or 0.3%, to 4,567.46 and its highest close since early April 2022. The Dow Jones Industrial Average gained 26.83, or 0.1%, to 35,438.07, and the Nasdaq composite climbed 85.69, or 0.6%, to 14,144.56.

General Electric helped lead the market with a 6.3% rally after it reported stronger profit for the latest quarter than analysts expected. It also raised its forecasts for full-year revenue and profits.

Another industrial giant, 3M, rose 5.3% after the maker of Scotch-Brite and Post-It raised its forecast for profits for the full year thanks in part to cost cutting efforts. Home builder PulteGroup climbed 6.2% after reporting stronger profit for the spring than expected.

On the losing side of Wall Street were airline stocks, led by Alaska Air Group. It fell 9.7% despite reporting stronger profit and revenue for the latest quarter

than expected. Analysts said investors may have been disappointed with its financial forecasts for the current quarter.

Raytheon Technologies tumbled 10.2% after saying accelerated removals and inspections are needed for some of its Pratt & Whitney aircraft engines to look for a rare condition in powder metal. That pushed the company to lower its forecast for how much cash it will generate this year, though it also reported stronger profit for the spring than analysts expected.

This week is a busy one for earnings reports, and roughly 30% of the companies in the S&P 500 are on the schedule. The majority have been topping analysts' expectations so far this reporting season, as is usually the case.

Two of Wall Street's most influential stocks reported their results after trading closed for the day, Microsoft and Alphabet. They're two of the seven stocks behind the majority of the S&P 500's nearly 16% gain through the first half of the year.

That "Magnificent 7" will need to deliver strong results to justify their huge

gains for the year so far, as their stocks soared on on expectations they'll continue to deliver strong growth. Both Alphabet and Microsoft are up more than 38% for the year so far.

UPS, meanwhile, swung between gains and losses after reaching a tentative deal with 340,000 unionized workers to raise pay, which potentially averts a strike. UPS ended the day down 1.9%

This week's other highlight for Wall Street also got underway Tuesday: the Federal Reserve's latest meeting on interest rates.

The wide expectation is for the Fed on Wednesday to announce another increase to interest rates, as it tries to wrestle high inflation under control. That would take the federal funds rate to a range of 5.25% to 5.50%, its highest level in two decades and up from virtually zero early last year.

High rates grind down on inflation by slowing the entire economy and hurting prices for stocks and other investments. The hope among traders is Wednesday's move will be the final increase of this cycle because inflation has been cooling since last summer.

Such hopes, along with rising belief that the economy can avoid a longpredicted recession, have helped stocks rally strongly this year. The job market has remained remarkably solid, which has allowed U.S. households to keep spending and propping up the economy. A report on Tuesday showed confidence among U.S.

consumers rose by more than economists expected. But many on Wall Street warn the Fed is unlikely to give any signals on Wednesday that it's done raising rates. Inflation is still high, even if it's moderated somewhat, and the economy may have to "yield to a long but shallow recession if the Fed is to return inflation to

its 2% target," according to Steven Ricchiuto, US chief economist at Mizuho Securities.

In the bond market, yields were relatively steady for Treasurys.

The 10-year Treasury yield was holding at 3.88%. It helps set rates for mortgages and other important loans.

INVESTMENT OPPORTUNITY

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Seriously interested persons should send their name and private contact number in confdence via email to pdgbizguru@gmail.com to initiate a brief but direct overview of low risk and income potentials.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

Common Law and Equity Division

BETWEEN

2023

CLE/Qui/00294

IN THE MATTER of the Quieting Titles Act, 1959 AND

IN THE MATTER of ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and shown on a plan on record in the Department of Lands and Surveys as Plan numbered 6113 NP.

AND

IN THE MATTER of the Petition of VANESSA WALKES-SANDS

NOTICE

THE PETITION OF VANESSA WALKES-SANDS in respect of:-

“ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and more particularly described and shown and delineated on Plan No. 6113 NP fled in the Department of Lands and Surveys.”

THE PETITIONER claims to be the owner of the fee simple estate in possession of the parcel of land hereinbefore described free from encumbrances and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act, 1959, in the above action, to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certifcate of Title to be granted in accordance with the provisions of the said Act.

NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the fnal publication of these presents, fle in the said Registry of Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verifed by an Affdavit to be fled therewith. Failure of any such person to fle and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the fnal publication of these presents will operate as bar to such claims.

Copies of the Petition and Plan of the said land may be inspected during normal offce hours in the following places:- the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas, and the Chambers of the Petitioner’s Attorneys, Duffus House Annex, 36B Sears Road in the City of Nassau, The Bahamas.

NORWOOD A. ROLLE & CO., Chambers, Duffus House Annex, 36B Sears Road, Nassau, N.P. The Bahamas. Attorneys for the Petitioner

Microsoft reports $20.1B quarterly profit as it promises to lead ‘the new AI platform shift’

By MATT O'BRIEN AP Technology Writer

MICROSOFT reported a 20% spike in quarterly profits Tuesday, helping to fuel its battle to get ahead of rivals like Google, Amazon and Facebook parent Meta in selling the latest artificial intelligence technology.

The software giant said its fiscal fourth-quarter profit

was $20.1 billion, or $2.69 per share, beating analyst expectations for $2.55 per share.

It posted revenue of $56.2 billion in the AprilJune period, up 8% from last year. Analysts polled by FactSet Research had been looking for revenue of $55.49 billion.

CEO Satya Nadella said the company remains

NOTICE

NOTICE is hereby given that ANNA-KAY STEWART of P. O. Box SB-52108, Zenia Street, Kennedy Subdivision, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of July, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

IN THE ESTATE OF IRVIN R. PYFROM a.k.a. IRWIN PYFROM, late of Ridgeland Park West, in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are requested to send their names, addresses and particulars of the same duly certifed in writing to the undersigned on or before “14th September, A.D., 2023”, and if required, to prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall have had Notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

Dated the 19th day of July, A.D., 2023

NATHANIEL DEAN & Co. CHAMBERS

Attorneys for the Administrator

55 Rosetta Street, Palmdale New Providence, The Bahamas

(J.19, 26, A.2)

focused on "leading the new AI platform shift," though its push to add AI features to its existing products — among them cloud computing services, workplace software and its Bing search engine — are not yet making an obvious mark on its financial results.

Microsoft was an early mover in this year's hype around "generative AI" tools that can help people write documents and create new images and other media. It capitalized on its multibillion dollar investments in ChatGPT-maker OpenAI to launch a Bing chatbot and similar tools tailored to its business customers. It said last week that it would start charging $30 per user for business accounts that sign up for its new AI "Copilot" that integrates with existing software such as Word, Excel and email.

"Organizations are asking not only how – but how fast

– they can apply this next generation of AI to address the biggest opportunities and challenges they face – safely and responsibly," Nadella said in a prepared statement.

Despite beating Wall Street analyst expectations for profit and revenues, Microsoft's stock dropped slightly in after-hours trading after it released its financial report upon the market's close Tuesday.

Macquarie analyst Sarah Hindlian-Bowler said investors have been focused on Microsoft's early revenue from those artificial intelligence investments, the performance of the Azure cloud computing platform and the likelihood that Microsoft will close its deal to buy video game company Activision Blizzard, which could help boost gaming revenue and drive more users to the Xbox game system and other Microsoft platforms.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, GORDON HENDERSON of Freeport, Grand Bahama, Parent of LESLIE QUINN ISABELLA DIEU A minor intend to change my child’s name to LESLIE QUINN ISABELLA HENDERSON If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that

DESRAVINES ELYSER of Windsor Lane, New Providence, 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 26th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

More than 18 months after announcing the $69 billion deal, Microsoft is still negotiating with a British antitrust regulator over concerns it will harm competition. The U.S. Federal Trade Commission also opposed the transaction but lost a court fight to stop it.

"We still expect a successful close as the company works toward an amenable solution that satisfies the U.K.'s concerns," HindlianBowler said in an analyst note ahead of Tuesday's earnings.

Quarterly sales were highest in Microsoft's cloud business segment, which the company said grew 15% from the same time last year to $24 billion. Much of that was driven by its flagship Azure platform "and other cloud services revenue," which grew 26%.

Microsoft doesn't reveal the total revenue for its

Azure business, though a document inadvertently disclosed during its recent court fight with the FTC showed it as $34 billion last year, Hindlian-Bowler said. Microsoft has declined to comment on that number. It's long been seen as the runner-up to Amazon's dominant cloud platform, Amazon Web Services. Microsoft's secondbiggest business segment — centered on productivity software led by its Office suite of workplace products — grew 10% to $18.3 billion in sales for the April-June quarter.

While AI has captivated the attention of the public and investors, Microsoft is also still heavily reliant on its personal computing business centered around the licensing fees paid by the makers of computers running its Windows software.

NOTICE

International Business Companies Act (No. 45 of 2000)

DRESSAGE LTD.

Registration Number: 9100 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that DRESSAGE LTD., has been dissolved and has been struck off the Register of Companies with effect from the 13th day of June, 2023.

GSO Corporate Services Ltd. Liquidator

Legal Notice

Kerzner Health Care Ltd.

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the dissolution of Kerzner Health Care Ltd. has been co leted, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of co letion of the Dissolution was June 19, 2023.

Crowe Bahamas Liquidator

Legal Notice

Goodwood Investments Holdings Inc.

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the dissolution of Goodwood Investments Holdings Inc. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was June 19, 2023.

Crowe Bahamas Liquidator

THE LOGO for Microsoft, and a scene from Activision “Call of Duty - Modern Warfare,” are shown in this photo, in New York, Wednesday, June 21, 2023. Microsoft reports earnings on Tuesday July 25, 2023.

Photo:Richard Drew/AP

PREMIUMS WILL

GO UP NEXT YEAR, BUT MANY CONSUMERS WON’T FEEL IT

By ADAM BEAM Associated Press

MONTHLY health insurance premiums for roughly 1.7 million people in California will go up an average of 9.6% next year — the largest increase in five years — but state officials said many consumers won’t feel those hikes because taxpayers will pay for them.

The federal Affordable Care Act lets people who don’t get health insurance from their job buy coverage from a marketplace. Most states let the federal government run their marketplaces for them. But California runs its own marketplace called Covered California.

Monthly premiums on plans purchased through Covered California were stable throughout the pandemic, increasing an average of just over 1% per year from 2020 through 2022 as many people delayed routine health care. But this year, rates jumped 5.6% in California as people started returning to doctor’s offices.

State officials blamed next year’s increase on a variety of factors, including inflation, higher pharmacy costs and labor shortages. Covered California Executive Director Jessica Altman called it “a challenging year for health care costs.”

But Tuesday’s announcement was not met by

hand-wringing from consumer advocates, who said many people won’t end up paying more because of a number of government assistance programs. Congress passed a law last year that says when a person buys a Silver plan — the most commonly purchased coverage — the premium cannot exceed 8.5% of that

person’s income. The federal government will pay the difference, a law that will be in place through the end of 2025. State officials say that means more than one-third of people who buy coverage through Covered California would see no change in their monthly premiums as long as they stay with the

AGENTS help sign people up for insurance through the Covered California exchange at their storefront in Huntington Beach, Calif., on Nov. 1, 2016. Health insurance premiums on Covered California will increase an average of 9.6% next year. But state officials say most people will avoid price hikes because of government assistance programs. More than 1.7 million Californians buy their health insurance through Covered California.

same insurance company and don’t move to another part of the state. Covered California says 20% of consumers won’t pay any premiums at all.

In addition, California’s state budget this year included new spending to eliminate hospital deductibles for about 650,000 people who purchase Silver plans through Covered California. The money comes from a tax on people who refuse to buy health insurance. The new spending means individuals who make up to $34,000 per year and families of four with incomes of up to $70,000 per year will save up to $5,400, according to Health Access California, a consumer advocacy group.

“Consumers should be alarmed by rising health costs, but also be comforted that Covered California is

THE WEATHER REPORT

Nick Agro/AP

offering direct and meaningful relief that should shield them from premium hikes,” Health Access California Executive Director Anthony Wright said.

Still, some consumers could see increases next year, depending on where they live and what company they use. The biggest average increases will be in rural parts of the state with small populations and fewer coverage options.

Of the 11 companies that sell plans on the state exchange, Blue Shield of California had the biggest average increase at 15%. The company reported more than $24 billion of revenue last year, but said most of it went to paying claims, resulting in a loss of $910 million for the year. Aetna CVS Health had the smallest average increase with 0.2%.

Photo: