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THURSDAY, AUGUST 4, 2022

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‘Taking Over-the-Hill projects to new level’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT doctor is asserting that his planned 15-storey parking garage and residential condo complex on Collins Avenue will “take Overthe-Hill developments

by Bahamians to another level” if approved.

Dr Conville Brown, principal of The Bahamas Heart Centre, Cancer Centre Bahamas and The Medical Pavilion Bahamas, told Tribune Business in a recent interview that the development - located at the junction with Sixth Terrace - seeks to cure multiple parking and traffic congestion ills that are undermining patient care, business opportunities and the area’s quality of life.

Pointing out that the provision of adequate parking “is a challenge for

• Touts as Collins Avenue ‘catalyst’; congestion ills cure • Town Planning ‘supports project’ but objections made Planning Committee public consultation on August 22, Dr Brown said its approval by government regulators will also ease traffic congestion and queues on the “medical corridor” of Collins Avenue - a location he described as Nassau’s equivalent of London’s Harley Street.

When Tribune Business questioned whether the complex’s height and size would dwarf the surrounding area, and not be in keeping with other

ELEUTHERA’S Chamber of Commerce president yesterday said the island “needs to rethink the formula for our success” with rolling power outages and blackouts set to potentially impact the island until Tuesday next week.

Thomas Sands told Tribune Business that Bahamas Power & Light’s (BPL) latest unit breakdowns, which have left it with a 16 percent generation shortfall and unable to meet the island’s energy demand, have again exposed “major infrastructure problems” that threaten to undermine Eleuthera’s anticipated economic and population expansion.

DR CONVILLE BROWN buildings, he recalled that “two storeys was considered high” for Collins Avenue when he was starting out in the medical business in the early 1990s.

Noting that The Bahamas Heart Centre had to obtain permission “to deviate” from this when it was constructed to three storeys in 1993, Dr Brown

SEE PAGE B3

Disclosing that his business was running on back-up generators when he spoke to this newspaper, he added that those without such redundancy “cannot do business” and will find it difficult to survive given BPL’s unreliability and latest bout of load shedding.

SEE PAGE B6

THE Prime Minister yesterday admitted that the Gold Rock group’s decision to shutter all its businesses, and exit the country entirely, is a “setback” to his administration’s efforts to revive Grand Bahama’s economy.

Philip Davis QC, speaking to the media, confirmed he had sought to persuade the Florida-based Del Zotto family, Gold Rock’s owners, to resolve

their bitter dispute with the Grand Bahama Port Authority (GBPA) and its Grand Bahama Development Company (DevCO) affiliate, and retain the 130 Bahamian jobs that will now be lost.

He added: “I’m always concerned when investors in the country find it impossible to continue with their investment, not because there is no prospect of success in that business, but rather they feel they’re being hindered in the process by persons who have

SEE PAGE B11

AN ACCOUNTANT yesterday warned that “many Bahamian businesses are on the cusp of being in the red” as local inflation hit a “record” 6.2 percent increase for the 12 months to end-June 2022.

Kendrick Christie, president of the Association of Certified Fraud Examiners

SEE PAGE B7

THOMAS SANDS

KENDRICK CHRISTIE

Ex-Cabinet minister in $2m crowdfund raise

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

Gold Rock ‘setback’ for Gov’t GB revival

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Firms ‘bleeding red’ as inflation hits 6.2% high

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Success formula rethink’ on Eleuthera’s BPL woes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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• Statistical watchdog unveils ‘recent record’ for Bahamas • Accountant: Staff terminations ‘are last resort’ for most • Urges all to ‘take heed’ of Central Bank price warnings

• Doctor plans 15-storey parking garage/condo complex

most of our commercial properties” in New Providence, he added that the project will provide sufficient off-road spaces to ensure that “patients with critical illnesses” such as cancer, heart disease and kidney disease no longer struggle to access his facilities and those of other nearby physicians, or face long walks to do so.

Declining to give a dollar value for the proposal, which will be the subject of a virtual Town

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A FORMER Cabinet minister yesterday revealed he is targeting a maximum $2m capital raise via the ArawakX crowdfunding platform as he bids to expand his food treatment network throughout The Bahamas and the Caribbean.

Dr Daniel Johnson, exminister of youth, sports and culture, said the Foot Care RX offering aims to

secure sufficient financing to launch ten clinics in The Bahamas - five in New Providence and the same amount in the Family Islands.

The company’s chief executive, he added that Foot Care RX was looking beyond The Bahamas’ borders with ambitions to establish a further five clinics in the Caribbean. “We want to put five clinics in Nassau and put five in the Family Islands. We have

SEE PAGE B10

PAGE 2, Thursday, August 4, 2022

THE TRIBUNE

Auto accident service sees 15th anniversary

FIRST Response team members are trained in accident reconstruction, and accredited as vehicle damage assessors. They begin the claims process at the scene of the accident. Pictured L to R are claims examiners, Terrel Beckles and Kenneth Miller, and motor engineer, Dwayne Roker.

THE first on-site vehicle accident assistance initiative to be launched by a Bahamian insurer is celebrating its 15th anniversary.

First Response was launched on August 1, 2007, by BISX-listed Bahamas First to provide on-location help for insurance customers involved in a motor vehicle accident.

It then supports these clients through the claim and repair process. The service is offered at no cost to drivers whose vehicles are insured through the property and casualty underwriter’s agency network.

“Back in 2007, we set out to provide a service that would offer a convenient and modern experience for the motoring public,” said Richard Darville, Bahamas First’s vice-president of claims and support services.

“First Response’s first-of-its kind process allows anyone insured with Bahamas First to receive relief and support immediately after the shock of an accident by leaving it to us to file their claim and organise towing, repairs, body work and other services.

“We are able to mobilise quickly to co-ordinate the otherwise time-consuming aftermath of an automobile accident and so, over the last 15 years, customers have been confident to give us a call, knowing that we will be able support them.”

The First Response team features five motor engineers who can complete on-site analysis of vehicle damage, and assist with the auto’s removal to a credible repair facility. They have also served as a reliable source of aid and expertise to the Royal Bahamas Police Force’s traffic unit.

“Up until March 2020, our leading-edge claims service meant being there in-person 100 percent of the time,” said First Response claims manager, Travis Donald, of COVID-19’s impact. “But when we got the call to shut down our vans, we knew that we had to be innovative and so we moved our services online. Through a heavier deployment of technology, our engineers were able to guide policyholders through the entire process just as if they were on the scene.”

Increasing consumer acceptance of technology has prompted First Response’s management team to adopt a hybrid approach following the lifting of COVID-related restrictions

TRAVIS DONALD, claims manager, First Response, Bahamas First General Insurance Company.

RICHARD DARVILLE, vicepresident, claims and support services, Bahamas First General Insurance Company. on physical gatherings.

It now offers daytime onsite assistance with virtual helplines operating after hours.

The company has been using this expanded reach since April 2022 to deliver service and assistance to Family Island policyholders. “From the initial call through towing, repair and payment, we manage the process for our agents and their customers on-site and online,” said Mr Donald.

First Response interacts with First Online, Bahamas First’s self-service online insurance portal that allows individuals to get an instant quote, make payments, purchase policies and download documents.

Thia also allows claimants to submit a claim online or through First Response, and to track it through to settlement.

Mr Donald added: “First Response changed the motor claims process 15 years ago, and now First Online has reinvented how Bahamians buy car insurance and manage their policies. What we share is the mutual effect of elevating the customer experience through innovation, expertise and professionalism.

“We came in with a unique product, developed it and have now expanded.

First Response has become a staple throughout the industry; we have gained the trust of the public and we’re here to stay.”

THE FIRST Response unit is part of the claims department at Bahamas First. Seated L to R are Desiree Taylor, claims advisor; Richard Darville, vice-president, claims and support services; Travis Donald, claims manager, First Response; Arlieth Young, claims advisor. Standing L to R: Cedric Smith, supervisor, motor claims; Terrel Beckles and Kenneth Miller, claims examiners; Dwayne Roker, motor engineer; and Ian Williamson, supervisor, First Response.

THE TRIBUNE

Thursday, August 4, 2022, PAGE 3

‘Taking Over-the-Hill projects to new level’ FROM PAGE B1 said the development will be located on a street and area that is “96 percentplus commercial however you cut it or slice it”, thus implying there will be little to no impact on residential dwellers.

However, he conceded that there will “absolutely” be objections to the plans put forward by his CSB5 Commercial Property Company, some of which have already been submitted to the Department of Physical Planning ahead of the Town Planning Committee hearing in just over two weeks’ time.

Charles Zonicle, the director of physical planning, nevertheless indicated in a July 14, 2022, letter that the Town Planning Committee “supports the project” and was “willing to relax” an unspecified parking requirement to support the project. However, he added that approval had been deferred while revised design drawings were awaited and, some 13 days later, the need to subject the plans to a public consultation hearing was added.

The parking garage and condo complex, if given the go-ahead, will be adjacent to a sixstorey commercial building that CSB5 Commercial is presently constructing.

That will house Royal Bank of Canada’s (RBC) relocated Palmdale branch once completed, as well as office rental space and a restaurant on the top floor.

Dr Brown, in a June 17, 2022, letter to Mr Zonicle confirmed he is also seeking Town Planning’s “approval in principle” to expand that Collins on Sixth Commercial Complex by three storeys - essentially doubling its height - and put the restaurant on top. The adjacent 15-storey complex will feature the ten-storey parking deck plus five storeys of residential condominiums.

“The proposed will serve to enhance and catalyse both our landmark medical, financial, banking,

commercial and residential enterprises spanning 71-79 Collins Avenue in one of The Bahamas’ main business corridors and, as a secure Over-the-Hill gated business and residential community with adequate parking,” Mr Brown wrote.

“Looking forward to your favourable consideration as we seek to promote and encourage taking Overthe-Hill developments to another level by Bahamians.” The letter also referred to the submission of a Traffic Impact Assessment that was not included in the documents made available on the project by the Department of Physical Planning.

Donald Dean, principal at The Architects Incorporated, in a letter dated the same day added: “The proposed project is the development of a 15-storey high parking garage and apartment complex. It comprises of 279,690 square feet of parking and 18,808 square feet of apartment units. The complex has a total of 450 parking spaces.”

The allocation of these spaces, Mr Dean added, will see 30 go to the 6,000 square foot RBC branch; 187 to the 38,211 square feet of office rental space; and 118 or two per unit to the 59 apartment units; with 33 for the 5,000 square foot restaurant.

Combined, these total 368 spaces, with 82 of the 450 left for other users.

Dr Brown told Tribune Business that the commercial complex that will house RBC’s former Palmdale branch is now “80 percent completed” as “has all the approvals” needed to proceed, the bank having previously announced its relocation will occur towards the end of 2022.

However, documents filed with the Department of Physical Planning indicate that process has not always been seamless. Kenrad Wilchcombe, of Plan IT Bahamas, acting as RBC’s architects and designers, in a June 17, 2022, letter to Mr Zonicle and Brent Ferguson, the building control

officer, queried why no “fitout permit” had been issued to their client despite the application having been made more than six months’ before on December 2, 2021.

“At each step in the application process we have hit roadblocks, all in relation to the overall building permit application as opposed to our fit-out application,” Mr Wilchcombe wrote.

He added that, after Town Planning’s May 31, 2022, meeting Plan It Bahamas was informed that RBC’s permit application would not be approved until Dr Brown and his company, as developers, increased the available parking space.

The letter also revealed that the Ministry of Works was “having issue with the building’s structure”, even though construction was ongoing. “We would like to understand all the issues impeding permit approval and ask for confirmation of what is required to satisfy the requests made by Public Works and Town Planning in order to approve the requests for permit,” Mr Wilchcombe added.

Dr Brown, meanwhile, told this newspaper that the proposed 15-storey parking garage and residential

NOTICE

The Public is advised that the Environmental Impact Assessment and Environmental Management Plan for Great Stirrup, Bahamas was filed with the Department of Environmental Planning and Protection (DEPP) by Norwegian Cruise Line Holdings Limited (NCLH).

A public meeting will be held on August 9th, 2022 at 6p.m at the Great Harbour Cay, Berry Islands, Community Center.

Persons may also attend virtually by accessing the meeting ID https://us06web.zoom.us/j/85051250647.

Information about the project and a downloadable version of the document is available online until September 7th, 2022 at https://ccshort.com/NCL-GSC-EIA and the hardcopies may be accessed at the local Administrators Office.

All inquiries can be submitted to the Director of the Department of Environmental Planning and Protection at Inquiries@depp.gov.bs and submitted to Norwegian Cruise Line Holdings Limited (NCLH) at gscpubliccomments@ nclcorp.com

condo complex was an attempt “to stay a bit ahead of the curve” and address what he described as a common oversight by real estate developers in The Bahamas - the failure to provide adequate parking for their projects. This, he said, results in congested roadways and streets and negatively impacts the quality of life.

Suggesting that his concept, and rationale, were no different from the Government’s efforts to address the lack of available parking in downtown Nassau, Dr Brown said the shortage of available land in New Providence for such purposes - as well as the huge costs involved - meant “you either go up or go down” in constructing a parking facility.

While the Bahamas Financial Centre in downtown Nassau has gone underground with its parking, he suggested that the proximity of the water lense means his project must go up with multi decks similar to The Pointe. While not placing a dollar value on his likely investment if the project is approved, Dr

Brown said the restaurant and residential condo components have been added to help defray the cost of what he acknowledged will be an “expensive” undertaking.

“At the end of the day we have our medical facilities that have not been able to serve our patients because they cannot park. That’s not how we ought to [treat] our medical patients, especially those that have critical illnesses,” Dr Brown told Tribune Business. “These are essential services.

They’ve been there for 30 years on the cardiac side, and the others ten years.

“There are very few commercial places that have adequate parking on Collins Avenue in particular. It’s a very busy corridor for business. It’s literally a medical corridor, like Harley Street in London, but you have a number of other businesses; funeral homes, insurance companies, quite a bit of retail. We’re very much concerned about traffic flow, but that is not going to change if no one can get off the street.

“We’re just trying to do it the right way. Hopefully it will be well received, and hopefully it will take the status of Collins Avenue to another level. Will there be objections? Absolutely, but if we cannot make our case then somebody else should do it. It’s going to be needed to be done sooner or later,” he continued.

“Hopefully people will see it for what it will do for the area and, quite honestly, for the country. How many developments have you seen where there are tons of traffic and not enough parking? All we can do is indicate why we are asking.

I don’t know of anybody willing to spend money with little chance of recovering it. We’re looking at this, and how to optimise and present our case. If they say ‘no’, we’ll look at what we can do.”

Dr Brown argued that his project will have little to no impact on residential

land users because Collins Avenue has largely evolved into a commercial area.

In a July 25, 2022, letter to Mr Zonicle he asserted that of the 144-150 lots between Shirley Street and Wulff Road, just five were “overtly residential” meaning that between 96.3-96.5 percent of properties were being employed for commercial use. Those deemed residential, he added, are several blocks from his project.

Describing the “commercialisation of Collins Avenue” as being “essentially complete”, Dr Brown wrote: “In light of the foregoing we feel we ought to be considered to exist in a well-established commercial zone.” The doctor and his team presented their project to Town Planning on July 12, 2022, fielding various questions. Mr Zonicle wrote back two days later indicating the committee’s support subject to the receipt of several drawings and modifications.

However, objections have already been raised. Inez Major, who lives on East Avenue in a property adjacent to Dr Brown’s, said she met with Mr Zonicle on June 8, 2022, “to express my deepest concerns” over the construction of the 15-storey parking and condo complex “five feet or less” from her boundary line. She fears that her only view in future will be to look up at the sky.

And Melanie Spence, director of Funshine Academy day care and preschool, which also borders Dr Brown’s property on East Avenue, in a June 13, 2022, letter voiced concern about the complex’s setback from her boundary line.

“My greatest concern is that, as a pre-school, the adverse effects of the ongoing construction can prove hazardous to the well-being of the children as there has already been construction debris coming on to the playground,” Ms Spence wrote.

PAGE 4, Thursday, August 4, 2022

$1m initiative targeting Gov’t sector ‘pain points’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

and the production of government services. So we’re very serious about digitisation and e-government and ICT going forward.”

To participate, applicants must be a Bahamian citizen, and the ideas and proposals “must be” for improving government services. There are no age limits on participants.

Patrick Davis, national co-ordinator for information technology and the programme’s manager, said: “What we are trying to promote here is to reward and encourage young folks to participate in submitting creative ideas and benefiting from it financially, but also at the same time helping the Government and

the public service to be more efficient in the way that we operate.”

Elva Laing-Carey, digital literacy co-ordinator, added: “We are undertaking a digital literacy programme, and that basic digital literacy programme is a programme that is going to be geared towards citizens where they’re going to be trained in basic digital skills. We are currently working on a stack of courses that we can offer, and it’ll be a programme where we will introduce digital learning concepts to all ages.”

Businessman: Gold Rock’s exit comes after expansion

not impacted by the aggregate talks, the GBPA said: “This move, seemingly motivated by nothing but spite, will cost yet more hardworking families their livelihoods and further shrink the options available to consumers in a struggling economy.”

Acknowledging that Grand Bahama’s economy has been “topsy-turvy” since Hurricane Matthew hit in 2016, with even more devastating blows subsequently inflicted by Dorian and COVID, Mr Rolle said of the aggregate contract dispute: “DevCo may have realised that they can’t be blind to everything that is asked of them to do because DevCo/GBPA is supposed to be looking out for all licensees.

“You can’t be giving concessions to one and then the other licensees are out there just trying to make ends meet. I think DevCo realises they should be getting more out of the deal than they were getting.”

THE Government is seeking to eliminate ease of doing business “pain points” in the public sector through a $1m digital solutions grant funding scheme that also aims to boost Bahamian innovation.

Wayde Watson, parliamentary secretary in the Ministry of Economic Affairs, told a webinar yesterday that the Digi Innovative Projects initiative is seeking to incentivise Bahamians to submit technology-based solutions that will enhance

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN businessman yesterday voiced surprise that Gold Rock and its principals have decided to exit Freeport after expanding the size of their business interests in recent years.

James Rolle, Dolly Madison’s general manager, told Tribune Business the size of their concrete manufacturing business alone suggested

efficiency in the delivery of government services.

The competition will be supervised by a panel featuring representatives from the Small Business Development Centre (SBDC), the Bahamas Development Bank (BDB) and Department of Transformation and Digitisation(DTAD).

Mr Watson said: “It is geared towards providing innovation and technology to the public service, and also providing funding by the Government in order to ensure that these projects are fully implemented. What we’re trying to address are those pain points within the public service, so there is no specific

THE TRIBUNE

the Florida-based Del Zotto family did not require any other operations to provide alternative, diverse revenue streams.

“If you see the type of operation, you would figure that with that type of operation you wouldn’t need any other businesses in Freeport. Because in the last few years they actually expanded their square footage almost at three times of what they were operating initially,” he added.

Mr Rolle spoke after the Del Zottos revealed last

WADE WATSON area, but we’re trying to address those issues that may present a challenge with respect to the efficiency of government services.

Friday that, besides Gold Rock, their pre-cast, block and ready mix concrete manufacturer, they also plan to shutter the Home Design Center and Do It Center, their hardware and furniture/home stores.

Immediately following the closure announcement, a Home Design Centre advertisement was promoting a “30 percent off” storewide sale with effect from Saturday on all appliances, housewares, rugs, bedding and other decor accessories, describing this

“This programme is very important.

COVID-19 provided us with an opportunity to expand our use of technology, and the virtual environment for production

as a “clearance sale; everything must go” with “all sales final”.

The Del Zottos announced their departure as relations with the Grand Bahama Port Authority (GBPA), plus its Grand Bahama Development Company (DevCO) affiliate, appeared to have completely broken down with little prospect of reconciliation.

The spark that triggered the conflict appears to have been Gold Rock’s negotiations with DevCO over access to aggregate/fill in the latter’s Devonshire subdivision that was critical for its ready mix, block and pre-cast concrete products.

DevCO, though, has argued that Gold Rock’s continued monopoly over this source cannot be justified because it had under-performed the previous contract by not taking the stipulated tonnage.

Unable to make headway over the terms they want, Gold Rock and the Del Zottos branded the GBPA as “the leaders of the most grossly underperforming island in The Bahamas” as they unveiled the shuttering of not just their concretemaking business but also their Grand Bahama-based hardware store and furniture and home centre.

The GBPA, though, said DevCO wanted to “right size” the deal such that Gold Rock would still have access to the same level of aggregate it previously mined, and be able to sustain its operations, but give up its exclusivity to let other Bahamian contractors have access to the same fill and thus create a “more equitable” arrangement for all industry players.

Arguing that the Home Design Center and Do It Center closures are “unnecessary”, because they are

THE TRIBUNE

Thursday, August 4, 2022, PAGE 5

EXPLORER: WE WON’T SELL OFF BAHAMAS HERITAGE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN UNDERWATER explorer has pledged not to sell or “split up” the valuable gems and historical artifacts it is recovering from the wreck of a centuries-old Spanish treasure galleon in Bahamian waters.

Carl Allen, the multimillion owner of Walker’s Cay in the Abacos, in a statement announcing next Monday’s opening of his Bahamas Maritime Museum said he is also purchasing - and returning to this nation - items that have been salvaged from other wrecks and taken out of the country without generating a single cent to benefit Bahamians.

Items recovered todate, the release from Mr Allen’s Allen Exploration said, include “a major collection owned by a former project’s investor and a rare bronze Spanish navigational astrolabe found off Lucaya Beach”.

This revelation comes as the Grand Bahama-based museum prepares to display the results of Allen Exploration’s efforts to-date in salvaging the Spanish galleon, the Nuestra Senora de la Maravillas.

The underwater explorer’s statement also affirmed that it was granted a survey licence by the Bahamian government as far back as 2019, with an excavation licence provided the following year. That has now been renewed by the present Davis administration.

The initial licences were issued with zero transparency by the former Minnis administration, especially given that this move ended a long-standing moratorium on underwater salvage and exploration licences going back at least a decade, and their granting was not confirmed until a Tribune Business investigation just prior to the September 2021 general election.

“Finds are divided between the Government of The Bahamas and Allen Exploration,” the explorer said, without detailing this division or who earns what. “Allen Exploration has proven its commitment to keeping its collection together for the public good by sponsoring the build, opening and running of The Bahamas Maritime Museum. There are no intentions to split up the collection or sell it.”

The treasure hunting proceeds are to be split 75/25 in favour of Mr Allen, as stipulated by the Antiquities, Monuments and Museums (AMMC) Act 2011, and the accompanying regulations.

However, Ryan Pinder, the

attorney general, told the Senate during his contribution to the Budget debate that planned legal reforms will “reverse” this formula and “rebalance” it in favour of the Government.

Mr Pinder said: “The Government is seeking to update The Bahamas’ legislation relative to underwater cultural heritage by amending the Antiquities, Monuments and Museums Act (AMMA) along with amendments to the associated regulations. The proposed amendments specifically relate to licensing requirements, costs, timeframes, geographical areas, and the current government licensing revenue split with respect to salvage licensees.

“Right now, the Government gets 25 percent of the assets that people dive for and dig up. We will reverse that. We will get the majority interest in cultural assets underwater in this country.”

Mr Pinder’s remarks could have been interpreted as suggesting that the present 75/25 developer weighted formula will be reversed so that the Government now receives three-quarters of any financial proceeds.

However, the Attorney General subsequently clarified to Tribune Business that the revised split has yet to be determined by the Davis Cabinet. “Cabinet would decide what the actual split will be, but we anticipate that it will be the majority position,” Mr Pinder told this newspaper.

“It will be rebalanced in favour of the Government.

That goes before the Cabinet. The Cabinet will decide the actual split.”

Allen Exploration, meanwhile, said it has identified another 18 shipwrecks in Bahamian waters during its search for the Nuestra Senora de la Maravillas. It added that there are hundreds, if not thousands, more wrecks scattered across the Little Bahama Bank and elsewhere throughout this nation’s territorial waters.

The exploration outfit added that its team, made up of marine archaeologists, operations directors and local Bahamian divers, has plotted over 8,800 magnetometer targets across a search area for the Spanish galleon measuring around 12 by eight kilometres.

“By mapping each type of find, Allen Exploration is finally reconstructing the mystery of how the ship was wrecked and fell apart,” says project marine archaeologist James Sinclair.

“This isn’t just forensic marine archaeology. We’re also digging into former excavations, working out what previous salvage teams got up to, where and why. So much data has been

sadly lost from this ravaged wreck. Allen Exploration’s respectful, science-led approach to the Maravillas is reversing former trends.”

“Exploring the debris field veering away from the Maravillas’ strike point is a mixed feeling,” said Mr Allen. “The sea bottom is barren. The colorful coral that divers remembered from the 1970s is gone, poisoned by ocean acidification and choked by meters of shifting sand. It’s painfully sad.

“Still lying on those dead grey reefs, though, are sparkling finds: Olive jars, the spikes that held the Maravillas together, the odd cannon and anchors. And then there are the lucky strikes. Scatters of emeralds and amethysts mined in Colombia, not registered on the manifest, are telltale proof of contraband trafficking.”

One discovery involves an 887-gram gold chain, 176 centimetres long, made up of 80 alternating circular links. They are decorated with four-lobed rosette motifs. There are also the Order of Santiago jewels, a golden pendant with the Cross of Santiago (St James) at its centre, just 3.5 centimetres long, and designed in the form of a scallop shell.

A second golden pendant is oval in shape and 4.7 centimetres long. At its centre is a gold Cross of St James, which overlies a large green oval Colombian emerald.

The outer edge is framed by 12 more square emeralds, perhaps symbolising the 12 apostles. A 5.3-centimetre majestic oval gold locket with an elaborate cross of St James, framed by swirling foliage incised on the back, has also been recovered.

“When we brought up the oval emerald and gold pendant, my breath caught in my throat,” said Mr Allen.

“I feel a greater connection with every day finds than coins and jewels, but these Santiago finds bridge both

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worlds. The pendant mesmerises me when I hold it and think about its history.

How these tiny pendants survived in these harsh waters, and how we managed to find them, is the miracle of the Maravillas.”

“For a nation built from the ocean, it’s astonishing how little is understood about The Bahamas’ maritime links,” said Dr Michael Pateman, director of The Bahamas Maritime Museum. “Few know that

the indigenous Lucayan peoples, for instance, settled here 1,300 years ago.

“Or that the whole population, up to 50,000 people, was forced out by Spanish guns, made to dive for pearls off Venezuela, and killed off in less than three decades. There was a dazzling old world culture in The Bahamas long before European ships thought they found a new world.

The Lucayans, the slave trade, pirates and the Maravillas are core stories we’re sharing in the museum.”

The Nuestra Senora de la Maravillas was transporting gold, silver and other riches plundered from Spain’s Latin American colonies back to the homeland when it sank on January 4, 1656, near Little Bahama Bank off Grand Bahama after being rammed by one of the other vessels in its ninestrong fleet as they sought to avoid shallow water.

The site, said to have been lying under 30 to 50 feet of shifting sand, was

eventually located in 1972 by treasure hunter Richard Marx but his exploration efforts were cut short following a falling-out with the then-Bahamian government.

Subsequently, the Washington Post reported in 1986 that a Memphis businessman with an interest in wreck salvaging, Herbert Humphreys, had located the wreck and begun to recover artifacts. The value of its cargo was pegged at $1.6bn by the article, which said several million dollars’ worth of gems - including a 49.5 carat emerald worth $1m - had already been recovered.

Humphreys’ work was said to have had the blessing of the then-Bahamian government, which received 25 percent of the value of whatever was recovered - a sum consistent with current law. It is unclear when his salvaging stopped, and how much may be left for Allen Exploration to uncover.

PAGE 6, Thursday, August 4, 2022

THE TRIBUNE

‘Success formula rethink’ on Eleuthera’s BPL woes FROM PAGE B1 “They have some serious problems; they have some serious problems,” Mr Sands said of BPL’s Eleuthera operations.

“We’re off now; we’re on generator right now. We are essentially on and off every day for hours at a time. If

you don’t have a generator, I don’t know how you survive. You can’t do business. Your operations are shut down for that period of time, and if you have need for refrigeration you are dead in the water.

“They [BPL] advised us there are some challenges

with some of their equipment that they are trying to address, but it must be drastic.” Suggesting that Eleuthera’s present energy woes are merely symptoms of a long-standing problem that has yet to be addressed, the Chamber chief added: “There’s a much bigger

infrastructure problem that has existed for some time, and it just climaxes at certain points.

“We have some major infrastructure problems across the board that have been existence for some time, and now we have that compounded with the economic growth set to take place. As COVID has trained us, we have to pivot and find some solutions.....

“The guys here at BPL are trying their best with what they have to work with. I don’t want to belittle their efforts; we commend their efforts for what they are doing. But, in terms of the formula for success for this island, we have to rethink a lot of things. We have to invite and incentivise everyone, businesses and residents, to have other solutions that make sense long-term.” Told that BPL expects to have power supplies fully restored by Tuesday, Mr Sands replied: “We pray.”

Mr Sands spoke after BPL, in a statement, blamed its Eleuthera generation shortfall on a succession of breakdowns and mechanical failures impacting units at all three plants on the island. Events started, it said, with the loss of a backup unit at Hatchet Bay, which it anticipates will be restored to service within 24 hours once spare parts arrive by the end of this week.

Problems began in earnest when a Harbour Island rental generation unit, which had been taken out of service for maintenance by the contractor, could not be restored last Wednesday.

That same day, July 27, a unit at BPL’s Rock Sound plant also broke down and the state-owned utility monopoly was forced to begin load shedding due to the loss of both turbines.

A second Rock Sound generation unit was also forced off-line for repairs due to mechanical issues on Sunday, July 31, causing “a lengthy outage affecting south Eleuthera” before power was restored at 11.50pm that night. “At present, we have a shortfall of approximately 2.5-3 mega watts (MW), approximately 16 percent of the current load demand,” BPL’s statement said.

“BPL assures that our teams are working ardently to restore capacity to the island. This should relieve the bulk of the load shedding. It is anticipated that this work will be completed

by Tuesday, August 9. A provisional load shedding schedule through Saturday, August 6, will be provided through our normal communication channels.”

BPL also sought to reassure that it is working on a long-term solution to its Eleuthera generation challenges by pledging to increase the island’s capacity by more than one-third, or 34.5 percent, from the present 25.28 MW to 34 MW by fall 2022.

No specifics were given on how this 8.72 MW increase will be generated, with the statement concluding: “BPL has three power stations which it operates in Eleuthera. The Harbour Island station, which services most of Harbour Island and the Hatchet

Bay and Rock Sound stations, which are tied together, feeding the entire mainland.

“The Harbour Island site presently has 5 MW of rental generation installed.

Hatchet Bay has 15.28 MW of generation installed, while Rock Sound has 5 MW of generation installed.

BPL is in the process of increasing generation capacity to 34 MW by fall 2022.”

Mr Sands, though, yesterday voiced doubts as to whether this generation capacity increase will be sufficient. “I think we’re going to run into serious problems very quickly even with the new units being put in place, and the cost of fuel - that’s unsustainable,” he told Tribune Business.

“I think our growth is going to be very significant, and we’re very thankful for that, but the growth of the population we suspect will be very significant over the next 12 months so even if we put in extra capacity, if we have a growing economy and numbers moving to the island that raises questions of sustainability.”

The Eleuthera Chamber chief branded the BPL outages “a poor reflection” on the island, adding that they were especially impacting its vacation rental industry.

“There are a number of vacation rental homes here, there are people in those homes, and there are one or two calling the landlords,” Mr Sands said.

“Tourists are frustrated.

They are on vacation. We had somebody arrive, and an hour after they arrived the power went off. They’re frustrated and griping to the homeowner. It puts us in a very poor position.” He added that the Government needs to provide greater tax breaks and incentives for Eleuthera residents to invest in grid-tied renewable energy systems that benefit the environment while feeding power back to BPL.

THE TRIBUNE

Thursday, August 4, 2022, PAGE 7

Firms ‘bleeding red’ as inflation hits 6.2% high FROM PAGE B1 Bahamas chapter (ACFE), told Tribune Business that his clients and business contacts had confirmed many companies are “bleeding” but doing everything they can to hold-off on terminating employees despite the mounting financial pressures.

And he warned that both Bahamian consumers and the private sector need to “take heed” of the Central Bank’s warning that inflation has yet to peak, although the Crowe (Bahamas) accountant and partner suggested the regulator was being “conservative” in its forecast that economic growth will further narrow to “at least 5 percent” for the 2022 full year.

Mr Christie spoke as the Bahamas National Statistical Institute, formerly the

Department of Statistics, unveiled its latest Consumer Price Index report showing inflation at levels higher than those set out

by John Rolle, the Central Bank’s governor, and the regulator itself, when unveiling their half-yearly economic and financial update on Tuesday.

While the Central Bank pegged Bahamian inflation at 3.8 percent for the year to April 2022, the National Statistical Institute placed it at 6.2 percent for the 12 months to end-June.

It branded this as “the largest change recorded for The Bahamas in recent years”, with the impact especially pronounced in food and gasoline prices.

“The All Items Index for June 2022 recorded a surge of 6.2 percent yearover-year following a 5.5 percent gain in May 2022. This increase, which

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was the largest change recorded for The Bahamas in recent years, is being felt globally as many other countries also grapple with rising prices,” the Institute said.

“On a year-over-year basis, consumers paid 33.5 percent more for gasoline, while diesel saw a 32.1 percent increase, contributing significantly to consumer inflation in The Bahamas. Additionally, the categories of restaurants and hotels and food and non-alcoholic beverages also showed increases of 13.8 percent and 13.6 percent, respectively, for the same period.”

While the findings are not surprising, they further affirm the growing cost of living crisis that has increasing numbers of Bahamian families struggling to make ends meet. Low-income Bahamians, especially, but also those in the middle class as well as on fixed incomes such as pensioners, have been hit hard by food and gas price increases in the wake of COVID19. Wages have largely remained stagnant, which has resulted in living standards for many eroding.

Turning to month-overmonth measurements of

ESTATE OF VINCENT MAYNARD HIGGS TAKE NOTICE that anyone having a claim against the Estate of VINCENT MAYNARD HIGGS late of the Settlement of Marsh Harbour, Great Abaco, Bahamas, who died on the 6th day of February, 2020, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st August, A.D., 2022.

price increases, the Institute added: “For the month of June 2022, monthly inflation for the All Items Index increased by 0.5 percent when compared to May 2022. This June 2022 rate followed a 0.8 percent increase between the months of April 2022 and May 2022.

“The monthly increase (0.5 percent) for the month of June 2022 was due to the Transportation Index. The Transportation Index, which included fuel commodities, rose 7.9 percent month-over-month and was the largest contributor to the All Items increase.”

Mr Christie, meanwhile, said Bahamians “need to be concerned” by the Central Bank governor’s warning that local inflation rates have yet to peak and do what they can to prepare.

“We have to take this seriously. He’s spot on. I share that view. It’s better to be prepared for what we may see coming down the road,” he told Tribune Business.

“The Central Bank oftentimes sounds the warning, and we as businesses and the like have to pay heed; take heed.

“A lot of businesses are trying to find ways to do things internally and not pass on costs directly to

their customer base. In the long run, though, inflation will have a tell-tale effect on business. I know a lot of Bahamian businesses that are on the cusp of being in the red and having to make cuts.

“I can say from my experience as a businessman and accountant there are a number of medium-sized businesses, especially in the financial sector, that are bleeding red. I know a number of businesses in the red and close to being in the red.” While he declined to give names of companies in that situation, Mr Christie said Bahamian employers typically resorted to terminations only as “a last resort” given that they are in such close proximity to affected workers.

“Bahamian businesses tend to keep employees on, reduce overtime and find ways other than termination,” he added. “They have really tried to keep their employees occupied and use other ways of cutting down their costs.

They rotate employees, do not hire any new ones or replace those that have left.

“That [termination] seems to be the last resort, but if inflation goes up further we may see owners forced to work on employee

numbers. Our first thing is not to cut employees because ultimately we know a lot of persons in the network and are culturally tied, while it may have a negative on the company’s reputation. In the US, you’re sitting hundreds of miles from the decision, while in The Bahamas you’re sitting in the decision.”

Despite growing fears that the US economy is in recession, despite the absence of official confirmation, Mr Christie argued that the Central Bank’s decision to trim its 2022 economic growth forecast from 6 percent to “at least 5 percent” veered towards the “conservative” because there was no sign yet of any slowdown in The Bahamas’ tourism recovery post-COVID. He added that there was always a “time lag” between economic developments in the US and when they were felt in The Bahamas, with the gap typically amounting to several months. As a result, Mr Christie said any negative US headwinds are unlikely to be felt much before year-end 2022, although this could impact the Thanksgiving and Christmas/New Year tourism seasons.

PAGE 10, Thursday, August 4, 2022

THE TRIBUNE

Ex-Cabinet minister in $2m crowdfund raise FROM PAGE B1 five requests in the Caribbean region,” Dr Johnson said.

“We have Carmichael Road open now, we have Fort Charlotte.

We’re going to do something on Prince Charles Drive that we’re looking at now, and

probably one in Palmdale.

We have to go and open in Freeport, where we have our satellites that are functioning once a week, but we have to open every day in Grand Bahama, Abaco, Eleuthera, Exuma and Andros.”

The Caribbean islands that have expressed an

interest in Foot Care RX and its treatment offerings are Bermuda, Barbados, Jamaica, the Turks and Caicos Islands and an as-yet unidentified island.

The company is offering a total of 200,000 shares, priced at $10 per share and with a minimum investment

floor of $50, to crowdfunding investors.

ArawakX’s website last night showed that Foot Care RX has already raised $112,850, or 75 percent, of its minimum $150,000 raise - a target well below the maximum $2m, and which it almost certainly will hit.

Foot Care RX, in its pitch to investors, says it plans to offer affordable treatments for “foot disorders” that typically go unattended due to high healthcare costs. It will give patients a way to access preventative care via examinations and maintaining good foot health.

The company said its products will reduce diabetic food surgeries and amputations in The Bahamas, and wider Caribbean, by up to 50 percent. “Many diabetic foot amputations could easily be avoidable if patients simply have regular checks by a health practitioner before complications occur,” it added. “High risk

DR. DANIEL JOHNSON individuals with chronic disorders such as arthritis, and vascular problems are also an underserved market.”

Foot Care RX believes there are 600,000 diabetic patients in the

English-speaking Caribbean, and it is aiming to service 65,000 or 11 percent of that market. It plans to expand via a franchise model, where it will receive a 20 percent royalty from clinic franchisees on two revenue streams - the examination fee and sale of Foot Care RX branded medical supplies. Given that both are estimated to cost and average $50, Foot Care RX will earn $20 from each patient visit Franchisees will be provided with machines to perform the necessary examinations and diagnosis. Dr Johnson said he is aiming for the New Providence locations to be built out by next year and, one year after that, for the Caribbean clinics to also be complete and operational.

He added: “And in three to five years, you will see this company on the ArawakX Bahamian stock exchange, getting ready to do dividends, and we are going to be issuing 20 percent of the profits every year after three years and people will see the value of their shares as we grow.”

Foot Care RX will go beyond just medical treatment with a retail side to its business. It will offer “everything feet” - from anti-fungal treatment to treatments for fallen arches, achilles tendons and calf injuries, swollen legs and dermatitis. Dr Johnson added: “This will be stuff that will be on a retail shelf, and you will get the guidance and the advice. This is retail storefront medicine at your fingertips. The retail part of this business is going to be bigger than the medical part.”

Foot injuries are significant in The Bahamas and the wider Caribbean, with one out of three Bahamians being admitted to hospital with diabetic-related foot problems. “Barbados is leading the world in amputation with no let up in sight and we are not far behind,” Dr Johnson said.

He added that Foot Care RX is fully accredited by all insurers in The Bahamas.

“The insurance industry is going to call us one day and offer our shareholders a massive amount of money because this programme will save them a third of their cost of hospitalisation.

This is population medicine,” Dr Johnson said.

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THE TRIBUNE

Thursday, August 4, 2022, PAGE 11

Gold Rock ‘setback’ for Gov’t GB revival FROM PAGE B1 the authority to allow them to prosper.

“Any closure of business will have a deleterious effect on the economy. We are assiduously moving to revive Grand Bahama’s economy. We think we are well on the way. This will be a setback to our revitalisation efforts. What we are hoping to be able to move to is some how find another initiative to fill that gap until this matter is resolved.”

The Del Zottos believe their relationship with Freeport’s quasi-governmental authority and DevCo has broken down to the point where it is likely irretrievable. As a result, they have announced the closures of their concrete manufacturing, hardware and home furnishings and accessories businesses.

A successful intervention by the Government could also be extremely difficult to achieve given that relations between the parties appear to have completely broken down with little prospect of reconciliation given the hostility exhibited to each other in their respective statements.

The spark that triggered the conflict appears to have been Gold Rock’s negotiations with DevCO over access to aggregate/fill in the latter’s Devonshire subdivision that was critical for its ready mix, block and pre-cast concrete products.

DevCO, though, has argued that Gold Rock’s continued monopoly over this source cannot be justified because it had under-performed the previous contract by not taking the stipulated tonnage.

Unable to make headway over the terms they want, Gold Rock and the Del

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Zottos branded the GBPA as “the leaders of the most grossly underperforming island in The Bahamas” as they unveiled the shuttering of not just their concretemaking business but also their Grand Bahama-based hardware store and furniture and home centre.

The GBPA, though, said DevCO wanted to “right size” the deal such that Gold Rock would still have access to the same level of aggregate it previously mined, and be able to sustain its operations, but give up its exclusivity to let other Bahamian contractors have access to the same fill and thus create a “more equitable” arrangement for all industry players.

Arguing that the Home Design Center and Do It Center closures are “unnecessary”, because they are not impacted by the aggregate talks, the GBPA said: “DevCO’s new contract was seeking to do two things: Provide the Del Zotto family with exactly what they have been using to run their operations so they would not be disadvantaged, and free up unused resources so that

PHILIP DAVIS QC prospective investors, including local Bahamians, would not continue to be disenfranchised and would have the same entrepreneurial opportunity as the Del Zottos of Florida.

“Contractors, the construction sector and the

wider community in Grand Bahama are well aware of the above and may have raised the issue of a more equitable arrangement

under the circumstances.

This is exactly what DevCO sought to provide. That the Del Zotto family does not appear to share this perspective says more at the end of the day about their attitude to Grand Bahama than it does DevCO or the GBPA. “Regardless of their stance on the mining contract, there is no need to shut down the other businesses in Freeport, including a much-needed hardware store and furniture and home centre, which were totally unaffected by the Gold Rock negotiations. This move, seemingly motivated by nothing but spite, will cost yet more hardworking families their livelihoods and further shrink the options available to consumers in a struggling economy.”

However, Gold Rock and the Del Zottos blasted back: “The decision to withdraw our investment in its entirety comes from years of witnessing the blatant disregard for the growth of this island by

the GBPA. Our operations have never ran to their fullest production capability because of the economic decline and stagnation that Freeport has been forced to endure.

“That is not to say we have not prospered. We have reinvested every dollar back into these operations with the hope of the island reaching its true potential, and to match the rest of The Bahamas’ growing economy. We see this through infrastructure products we sell to the Family Islands. Sadly, Grand Bahama’s youthful and ambitious leave to find careers elsewhere because of the perpetual wilting economy.

“Gold Rock will no longer contribute under the jurisdiction of the ‘Pink Building’ after the way we have been treated and disregarded. We have no confidence in continuing our 30-year investment. We are not alone; many large companies before us have left for these same reasons.”

PAGE 12, Thursday, August 4, 2022

THE TRIBUNE

WHITE HOUSE: FALLING GAS PRICES MEAN MORE THAN OPEC NUMBERS

By JOSH BOAK Associated Press

PRESIDENT Joe Biden traveled to Saudi Arabia last month on the possibility that he could get some additional oil production out of OPEC+ in coming weeks, but the cartel and other nations announced a scant increase Wednesday.

The White House responded by stressing that what matters is the steady decline in oil and gasoline prices from summer highs, not the actions taken by OPEC+ to pump an additional 100,000 barrels of oil in September. White House press secretary Karine JeanPierre noted that the decline began June 14, the day the administration disclosed

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RENO RENALDO RASHAD FOUNTAIN of Howard Street, New Providence, Bahamas, intend to change my name to PRINCE SIROCK XYLOU XANDIER FOUNTAIN. 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.

plans for Biden’s trip to Israel and Saudi Arabia.

“The fact of the matter is that oil and gas prices are coming down,” JeanPierre told reporters at her briefing. “The moment he announced his trip we saw gas prices and oil prices coming down.”

While there may be a correlation, it is unclear whether the announced trip caused prices to decline. Oil prices can be determined by a wide range of factors including changes in supply, the pace of economic growth, geopolitical events and extreme weather.

Behind Jean-Pierre in the briefing room was a blue chart that showed a 17% drop in average U.S. gas costs since prices peaked at about $5 a gallon. AAA puts the current national average at $4.16 a gallon. Crude oil prices fell Wednesday to just below $91 a barrel, down from more than $120 in early June.

Still, gas prices are 31% above their level last year, frustrating voters ahead of the midterm elections and heightening concerns about an economic downturn in the U.S. and Europe

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PERRINO ROLLE of Williams Lane, Kemp Road, New Providence, Bahamas, intend to change my name to PERRINO TAYLOR. 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.

NOTICE

NOTICE is hereby given that DIANNA LERISSA STLUC of Central Pines, Abaco The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 02 AUGUST 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.47 2.61 2.60 6.20 10.05 4.15 10.30 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 8.25 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%

2609.46

4.10

0.16

381.22

17.11

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 6.20 9.75 3.88 9.98 3.50 8.06 16.00 3.11 10.26 11.59 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 6.20 9.75 3.88 10.30 3.50 8.06 16.00 3.05 10.26 11.44 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

1,000

400

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 0.32 0.00 0.00 0.00 (0.06) 0.00 (0.15) 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 73.6 19.0 18.0 22.2 29.9 22.0 17.7 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% 3.43% 2.73% 4.50% 14.23% 0.58% 2.87% 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

as central banks try to get inflation under control.

Energy prices jumped after Russia, a major energy producer, invaded Ukraine in late February.

That prompted a series of sanctions and other measures at a time when refining capacity was tight and oil production was still recovering from the pandemic that began in 2020. The Biden administration has called on OPEC+ as well as domestic producers and refineries to increase output, an effort the administration tried to bridge by releasing 1 million barrels daily from the U.S. strategic reserve.

The war in Ukraine quickly rejiggered global politics. Natural gas shortages threatened Europe and Biden’s approval ratings sank as prices at the

pump climbed. Biden’s Saudi Arabia trip was something of an about-face, given that at a 2019 debate during the presidential campaign, Biden had called the kingdom a “pariah” for the killing of Washington Post contributor Jamal Khashoggi.

Yet after Biden met with Saudi Crown Prince Mohammed bin Salman in mid-July, Biden raised expectations that a meaningful amount of supply could be coming onto the market. Asked about the impact his meeting would have on oil prices, he said “you won’t see that for another couple of weeks” in what appeared to be a reference to Wednesday’s meeting of the OPEC oil cartel.

THE TRIBUNE

Thursday, August 4, 2022, PAGE 15

NEW CRYPTO OVERSIGHT LEGISLATION ARRIVES AS INDUSTRY SHAKES

By FATIMA HUSSEIN AND KEN SWEET Associated Press

AFTER 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry.

The latest bipartisan proposal came Wednesday from Sens. Debbie Stabenow, D-Mich., and John Boozman, R-Ark. It would hand the regulatory

authority over Bitcoin and Ether to the Commodities Futures Trading Commission. Stabenow and Boozman lead the Senate Agriculture Committee, which has authority over CTFC. Bills proposed by other members of Congress and consumer advocates have suggested giving the authority to the Securities and Exchange Commission.

This year, crypto investors have seen prices plunge and companies crater with fortunes and jobs disappearing overnight, and some firms have been accused by federal regulators of running an illegal

securities exchange. Bitcoin, the largest digital asset, trades at a fraction of its all-time high, down from more than $68,000 in November 2021 to about $23,000 on Wednesday.

While cryptocurrencies have had crashes before, most recently in 2018, this crash has been broader and more systemic. A major hedge fund filed for bankruptcy earlier this summer, which in turn has caused other cryptocurrency brokers to collapse as well.

Some crypto brokers have falsely claimed that their customers’ deposits are backed by deposit insurance, like banks are.

Lawmakers, who have run out of patience with the cryptocurrency industry’s attempts to live out an unregulated Libertarian, bank-free world, are now desperate to implement stringent oversight. The industry spent $9 million in 2021 on lobbying fees, according to a report by Public Citizen, a figure that is certain to be higher with all the Congressional proposals this year.

The Stabenow-Boozman bill would be a win for the cryptocurrency industry, which sees the CFTC as more industry-friendly regulator than the SEC. The CFTC, which had a

budget last year of $304 million with roughly 666 employees, is a fraction of the size of the SEC, which had a budget of nearly $2 billion and 4,500 full-time employees. “(The cryptocurrency industry is) trying to get anyone other than the SEC to regulate them,” said Cory Klippsten, CEO of Swan Bitcoin. While an advocate for Bitcoin, Klippsten is deeply skeptical of much of broader crypto industry, which has produced a myriad of tokens and other coins that he considers to be nothing more than scams.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 75° F/24° C

TAMPA

SATURDAY

SUNDAY

MONDAY

A t‑storm around in the morning

Patchy clouds with a thunderstorm

A t‑storm around in the morning

Breezy; a shower in the morning

Partly sunny, a shower; breezy

Some sun with a t‑storm; breezy

High: 89°

Low: 79°

High: 89° Low: 80°

High: 88° Low: 79°

High: 89° Low: 80°

High: 90° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

97° F

84° F

98°-85° F

97°-85° F

98°-87° F

99°-85° F

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

almanac

E

W

ABACO

S

N

High: 89° F/32° C Low: 80° F/27° C

8‑16 knots

S

High: 92° F/33° C Low: 80° F/27° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 81° F/27° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

FRIDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 93° F/34° C Low: 79° F/26° C

High: 90° F/32° C Low: 79° F/26° C

MIAMI

High: 90° F/32° C Low: 80° F/27° C

6‑12 knots

KEY WEST

High: 88° F/31° C Low: 81° F/27° C

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

2.8 2.9

6:57 a.m.

7:34 p.m.

0.5 0.9

1:27 a.m.

2:13 p.m.

2.6 3.0

7:46 a.m.

8:37 p.m.

0.5 0.9

Saturday

2:24 a.m.

3:15 p.m.

2.5 3.1

8:41 a.m.

9:44 p.m.

0.4 0.9

Sunday

3:28 a.m.

4:19 p.m.

2.5 3.3

9:42 a.m. 0.3 10:51 p.m. 0.8

Monday

4:35 a.m.

5:22 p.m.

2.5 3.4

10:46 a.m. 0.2 11:55 p.m. 0.6

Tuesday

5:40 a.m.

6:22 p.m.

2.7 3.6

11:49 a.m. 0.0 ‑‑‑‑‑ ‑‑‑‑‑

Wednesday 6:41 a.m.

7:19 p.m.

2.8 3.8

12:54 a.m. 0.4 12:50 p.m. ‑0.1

Today

12:36 a.m.

1:17 p.m.

Friday

sun anD moon Sunrise Sunset

6:39 a.m. Moonrise 7:53 p.m. Moonset

12:42 p.m. none

First

Full

Last

New

Aug. 5

Aug. 11

Aug. 19

Aug. 27

CAT ISLAND

E

W

High: 87° F/31° C Low: 78° F/26° C

N

S

E

W

8‑16 knots

S

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 81° F/27° C Normal high ....................................... 89° F/31° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 37.68” Normal year to date ................................... 20.33”

High: 88° F/31° C Low: 77° F/25° C

Cryptocurrency billionaire Sam Bankman-Fried, who has donated millions of dollars to mostly Democratic-leaning candidates and super PACs, tweeted his support for the Stabenow-Boozman bill.

Boozman, in a call with reporters, said the industry’s preferred choice to regulate crypto is the CFTC. “They are fairly united on this,” he said.

In a press conference, Stabenow and Boozman both acknowledged that while they have faith that the CFTC is up to the task of regulating cryptocurrencies, the agency would need support.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 78° F/26° C

High: 86° F/30° C Low: 80° F/27° C

N

High: 88° F/31° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 78° F/26° C

8‑16 knots

MAYAGUANA High: 88° F/31° C Low: 79° F/26° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 87° F/31° C Low: 79° F/26° C

High: 87° F/31° C Low: 78° F/26° C

GREAT INAGUA High: 89° F/32° C Low: 79° F/26° C

N

E

W

E

W

N

S

S

8‑16 knots

12‑25 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 8‑16 Knots ESE at 8‑16 Knots SE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 12‑25 Knots E at 8‑16 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 12‑25 Knots E at 12‑25 Knots E at 8‑16 Knots E at 12‑25 Knots ESE at 8‑16 Knots ENE at 12‑25 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 12‑25 Knots E at 8‑16 Knots E at 10‑20 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 8 Miles 5 Miles 7 Miles 7 Miles 7 Miles 9 Miles 8 Miles 10 Miles 8 Miles 7 Miles 7 Miles 6 Miles 7 Miles 6 Miles 8 Miles 10 Miles 7 Miles 7 Miles 7 Miles 7 Miles 6 Miles 5 Miles 7 Miles 10 Miles 6 Miles 6 Miles

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

PAGE 16, Thursday, August 4, 2022

THE TRIBUNE

US stocks rise following solid earnings reports

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers STOCKS on Wall Street closed broadly higher Wednesday as investors welcomed encouraging economic data and quarterly earnings reports from big companies including Starbucks.

The S&P 500 rose 1.6% to an almost 2-month high, while the Nasdaq gained 2.6%. Both indexes more than recouped losses earlier in the week. The Dow Jones Industrial Average rose 1.3% and the Russell 2000 index of smaller companies ended 1.4% higher.

Technology companies, retailers and communications companies were some of the biggest winners. Only energy sector stocks fell, dragged down by lower oil prices.

Investors cheered a report on the services sector, which makes up the bulk of the U.S. economy.

The sector grew faster than expected in July, according to the Institute for Supply Management. A separate report showed U.S. orders for big-ticket, durable goods increased more than expected in June.

Some weak recent data on the economy heightened speculation that the peak for inflation and for the Federal Reserve’s aggressive rate hikes may be approaching or has already passed. The weak data, though, also shows the risk of a recession as the Fed puts the brake on the economy.

That’s why Wednesday’s more positive economic reports helped put traders in a buying mood.

THE NEW York Stock Exchange, Wednesday, Aug. 3, 2022, in New York.

Photo:Julia Nikhinson/AP “That just provides people with more evidence that this economy is hanging in there,” said Jeff Buchbinder, equity strategist for LPL Financial. “At this point, we have a combination of evidence that inflation is coming down.”

The S&P 500 rose 63.98 points to 4,155.17. It had been down nearly 1% for the week heading into Wednesday. It’s now up 0.6% for the week.

The Dow gained 416.33 points to 32,812.50. The Nasdaq added 319.40 points to end at 12,668.16. The Russell 2000 picked up 26.48 points to 1,908.93.

The yield on the 10-year Treasury fell to 2.71% from 2.73% late Tuesday.

The S&P 500’s bumpy start this week follows its best month since late 2020. July was a rare winning stretch for the market, which has struggled this year under worries about the highest inflation in 40 years and rising interest rates from the Federal Reserve to combat it.

Earnings remain in focus this week as investors parse the latest results and statements from companies to better understand how inflation is affecting businesses and consumers.

Drugstore chain CVS rose 6.3% after reporting solid financial results and raising its profit forecast for the year. Starbucks rose 4.3% after also reporting solid financial results.

Nearly three-quarters of companies within the benchmark S&P 500 have reported earnings for the latest quarter and the results have mostly beaten analysts’ forecasts.

Several companies, though, have slipped amid disappointing results. Taco Bell owner Yum Brands fell 1.9% following a weak earnings report and online dating service company Match Group tumbled 17.6% after giving investors a weak financial forecast.

PayPal jumped 9.2% on a report that activist investor Elliott Management has taken a large stake in the payment company.