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THURSDAY, AUGUST 12, 2021
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‘This boom has legs’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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ALM Cay’s developer is planning to invest a further $100m in accelerating its buildout by exploiting surging real estate demand, its top executive saying yesterday: “This boom has got some legs.” Jack Hannaby, the eastern New Providence development’s managing director, told Tribune Business it is aiming to make its “leap” forward in half the time required to reach present build-out with real estate sales “a couple of hundred percent” above 2020 levels. With construction work underway, or about to begin, on three different real estate products at Palm Cay, he said the development’s ultimate “game plan” is to become a destination where residents do not have to leave the Yamacraw community for any services or amenities they need. A grocery store, cinema, communal work space, hair salon and larger spa are among the amenities that the Yamacraw-based development plans to add over the next two-three years,
• Palm Cay eyes further $100m investment • As real estate sales up ‘couple hundred percent’ • Aiming to ‘leap’ forward in half the time SCENES of Palm Cay.
with Mr Hannaby describing Palm Cay as having become “the main hub” for economic activity and job creation in eastern New Providence. “The end game for Palm Cay is that you won’t have to leave at all,” he told this newspaper. “We have a beach club, restaurant, cafe, spa, gym and tennis courts, and we’re doing a putting green (golf) right now. Within the next three years you really won’t have
Ice cream firm gets RBC/SBDC ‘Shiver’
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN-made ice cream producer is accusing the Small Business Development Centre (SBDC) and Royal Bank of Canada (RBC) of trying to “choke” it out of business amid COVID-related distress. Melissa Darville, coowner of Shiver, told Tribune Business that the SBDC had failed to support her during what she described as undue financial and operational difficulties caused by the pandemic’s economic stress. And she added that
operations had paused due to cash flow difficulties, which she blamed on RBC’s non-cooperation and the bank levying late fees for non-repayment and taking whatever money Shiver was making from its account to cover loan arrears. Ms Darville said: “What the SBDC is doing to me is beyond inhumane. It’s just beyond. If I were a lazy person then I would say this is why the business is failing, but it’s because of the obstacles put there apart from COVID-19. “Apart from me figuring
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Palm Cay developer’s $100m ‘Rise’ in west By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PALM Cay’s developer yesterday said it was aiming to “Rise” in western New Providence by the 2022 second quarter with a $100m investment in its latest real estate project. Jack Hannaby, the eastern New Providence community’s managing director, told Tribune Business that surging real estate demand as well as progress on Palm Cay’s buildout had encouraged it to move forward with The Rise.
Revealing that the developer has owned the property, located between Sapodilla and Ocean Terraces, for as long as it has held Palm Cay, he added that the site has already been cleared for a construction start on what is currently projected to be a 100 unit condo/penthouse project spread over ten blocks with associated amenities. “We’re going to be starting construction in the second quarter next year,” Mr
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to leave at all. “There will be a cinema, work space, larger spa. In terms of boating, we already get a huge amount of traffic, with transient boaters coming in and out for the Exumas, as we’re a great stepping point for them. As we grow services there will be less requirement to leave, and Palm Cay will become a destination. “Palm Cay will turn from ‘Palm Cay, a nice place’, to ‘let’s go to Palm Cay
because of everything they have’. It will certainly be the place to go for the whole of the eastern region.” Palm Cay’s development to-date has been careful never to get ahead of market demand. With the fifth phase of its Anchorage condominiums now fully sold-out, and just two units left in its waterfront Starfish Isle residences, it is now poised to accelerate
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Don’t ‘hide behind letter of law’ over beneficial owners By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT banker yesterday criticised the government for “hiding behind the letter of the law” in not providing beneficial ownership details on COVID contract winners to the Auditor General. Gowon Bowe, pictured, Fidelity Bank (Bahamas) chief executive and a member of the Fiscal Responsibility Council, told Tribune Business that if legal restrictions were a problem then the government should “embed” in the public procurement process a requirement that the winning bidder disclose who its beneficial owners are. His comments came as Kwasi Thompson, minister of state for finance, informed this newspaper that provisions in the new Public Procurement Act, which takes effect on September 1, address at least some of the concerns raised by the Office of the Auditor General as well as Mr Bowe.
Legal reforms allow some disclosure
He added that it “provides for the government’s ability to publish the names of beneficial owners for recipients of government contracts where funding was sourced from an international agreement or funding agency. The government will comply with the law”. While this would appear to clear the way for beneficial ownership disclosure on contracts awarded using the proceeds from last year’s “emergency” $250m International Monetary Fund (IMF) loan, which was the subject of the Office of the
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THE TRIBUNE
Thursday, August 12, 2021, PAGE 3
‘WITHHELD’: PUBLIC SECTOR WARNED OVER PROCUREMENT LAW BREACHES By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNMENT entities that fail to comply with newly-legislated bidding protocols could have their procurement budgets “withheld” and face other penalties, Ministry of Finance officials warned yesterday. Speaking to legal reforms designed to infuse greater transparency, accountability and efficiency into how public funds are managed, they said “there’s no reason” for any government ministry, department, agency or state-owned enterprise (SOE) to “circumvent” the Public Procurement Act’s requirement to publicly advertise all available contracts via the law’s online portal. Gaynell Rolle, the former acting Department of Inland Revenue controller, who is now a Ministry of Finance under-secretary, said officials “are very confident” that all government entities will be compliant with the Public Procurement Act when it takes effect on September 1. Questioned by Tribune Business as to whether all ministries and agencies will be ready by that date, given that she had earlier said “approximately 33 agencies” had either been
trained or are being trained on the new Act and online procurement portal, Ms Rolle conceded the number she provided was “a bit vague”. She added that multiple government agencies, departments and SOEs beneath the 33 she referred to had participated in the preparation efforts, and was “comfortable that all of our agencies will be trained by September 1”. Journalists present on yesterday’s conference call were limited to just two questions each, and Ms Rolle did not directly answer this newspaper’s query on publicly-expressed concerns that numerous government entities have yet to start using the online portal to tender their procurement works. She also did not respond when asked about a $300,000 catering contract at the Carmichael Road Immigration Detention Centre despite suggestions that this was awarded without going through existing procurement procedures. Both issues were raised by Daniel Ferguson, who led the drafting team for the development of the Public Procurement Bill 2021 and accompanying regulations, and was subsequently attacked by the prime minister in the House of Assembly for raising
Full virtual learning ‘complete disaster’ for uniform supplier By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SCHOOL uniform supplier says reverting to full virtual learning for the upcoming semester as a result of the recent COVID-19 case spike would be “a complete disaster” for his business. James Wallace, owner/ operator of Janaees Uniform Centre, told Tribune Business he was hoping the
government elects not to move in this direction as it would result in demand for new school uniforms plummeting if children do not have to be in the classroom. He said: “If the government closes the semester again then it will be unfortunate for my business, and if does hybrid learning it will be the same thing. If they go full virtual learning it will be a complete disaster for me. “But I don’t think they
his concerns via articles in Tribune Business and elsewhere. Much is at stake over the public procurement reforms, which are designed to provide greater transparency, accountability and taxpayer “value for money” with all government contracts - something that is needed more than ever amid the fiscal and economic crisis produced by Hurricane Dorian and COVID-19. It is also intended to usher in a meritocracy, with companies able to compete on a level playing field for government work and the best selected to perform the job. This, in theory, will end longstanding practices whereby administrations often issue tenders to political supporters, family members, cronies and others close to them. Mr Ferguson, though, has repeatedly argued that these objectives - and the associated benefits - are under threat from internal resistance to change within the government and political system, as well as woes related to execution or implementation. None of this was mentioned on yesterday’s conference call. However, Ministry of Finance officials argued that the Act contains stiff penalties for government entities that fail to comply with the
Public Procurement Act’s protocols, particularly when it comes to advertising contract opportunities in a fair and transparent manner to all potential bidders. Breon Scott, a Ministry of Finance associate working on the project, said procurement budgets will be “withheld” from entities that fail to properly notify companies of bid/ tender opportunities. And Ms Rolle pledged that the Ministry of Finance’s public procurement department will oversee “a completely transparent process”. She added: “We’re going to have a very transparent, efficient and operational e-procurement system that is going to build transparency, accountability and is in full compliance with the Public Procurement Act.” Carl Oliver, the Ministry of Finance’s deputy director of economic planning, added: “Every government agency and quasi-government agency has to produce a procurement plan. The agencies and quasi-government agencies have to comply with their procurement plan in advancing procurement opportunities through the e-procurement portal. “That in itself, if they don’t follow the procurement plan, they can be penalised for that. There’s no reason for the
are going to go back to full virtual learning because we found that most of those parents found it doesn’t work.” Jeffrey Lloyd, minister of education, is set to make an announcement on the government’s COVID-related plans for the upcoming school year as indicated by the Prime Minister in his address on Monday night. Mr Wallace added: “The virtual learning is just not effective. I’ve seen challenges with family members who had persons in my store trying to help them through their school work,
and they really had a hard time paying attention. The teacher can’t control the students from a distance.” As for the upcoming VAT “holiday” for school supplies, which is scheduled to begin on August 16, Mr Wallace said: “I already have a few customers coming in and asking questions about it, but that is typical. They just wanted to know exactly when the holiday is set to begin “We have enough stock. We were stocked out for quite a while now and that
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government to circumvent the process starting on September 1. They have to comply with the procurement plan.” Mr Oliver reiterated that the requirement to advertise all procurement opportunities to Bahamian and international providers via a sole online portal “will bring some sort of transparency to the process”. Meanwhile, Ms Rolle said some 2,200 businesses have now been registered with the government’s eProcurement and Suppliers Registry. Failure to do so, she warned, will see businesses “miss out on opportunities to secure government contracts when the new law takes effect on September 1. “It is a priority for us to get all businesses registered on the eProcurement and Suppliers Registry, as we do not want anyone to miss out on the opportunity to do business with the government once the new law takes effect.” The new Act defines seven procurement methods government departments and agencies can use, including the conditions and circumstances when limited, selected or restricted bidding may be used. All government entities must publish a procurement plan on their website at the start of every
GAYNELL ROLLE budget year, detailing their needs, estimated contract values and how goods and services will be used. “Under the new law, the Tenders Board is being reconfigured. The Ministry of Finance now has a Public Procurement Department (PPD) to be headed by a chief procurement officer that will oversee procurement across government. The Ministry of Finance is currently advertising for this position,” Ms Rolle said. “Individual government entities will have their own procurement units and tender committees which will be empowered to award procurement contracts within preset financial thresholds, reducing the bottlenecks experienced under the previous model.” She added that the minister of finance can make provision to award a percentage of the government’s procurement budget to small businesses, which are defined as having a maximum of 50 employees and less than $1m in annual revenues.
FINANCING FOR PROJECTS International sources of funds willing to finance Bahamian projects in the Resort, Housing, Energy, Tourism, Maritime, and Agriculture Sectors. $2 million and above. Must provide Executive Summary, with three years financials, management and marketing capabilities, and collateral offered. Infrastructure projects based on PPP’s also wanted. Serious inquiries only.
Bahamas Business Network Ltd Suite #2, Nassau Court, Marlborough St. DownTown Telephone (242) 698-0634 / (242) 815-9118 Email: inquiries@bahamasbusinessnetwork.com Website: www.bahamasbusinessnetwork.com
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THE TRIBUNE
Royal Caribbean partners for $500k help to tourism SMEs THE Small Business Development Centre (SBDC) and Royal Caribbean yesterday said they have pooled resources to provide $500,000 in funding and training opportunities to support small tourism businesses. Known as the Royal Caribbean Programme, it will cover tourism sector businesses on New Providence, Grand Bahama and the Berry Islands. Royal Caribbean provided $250,000 in total funding, which will be matched by the SBDC or Access Accelerator, to provide a total of $500,000. Existing companies can apply for up to $15,000, which will be disbursed as a combination of a 50 percent loan and 50 percent grant. The funding structure is divided into three groups. Group A is for businesses with annual sales of less than $250,000, allowing companies to request funding up to $5,000. Group B is for entities with annual sales between $250,001 to $500,000, enabling them to apply for funding up to $10,000. Group C caters to businesses with annual sales between $500,001 to $1m, allowing for funding up to $15,000. The programme is unique to the Access Accelerator because it will continue to fund itself over time. As businesses pay back their loans, the funds will finance other businesses that apply to the programme. Josh Carroll, vicepresident of destination development for Royal Caribbean, said the decision to create this initiative stems from the cruise line’s desire to see The Bahamas recover from the COVID-19 pandemic’s devastating impact. “Getting back on your feet is easier when someone has extended a hand
to help pull you up,” said Mr Carroll. “We wanted to provide the resources to empower small businesses to be self-sufficient and sustainable over the long term, and rebuild a tourism-dependent economy. This programme, and the leadership of the Access Accelerator Small Business Development Centre, provides the jump-start so many will need to recover.” Samantha L Rolle, the Access Accelerator’s director of external relations, stated the initiative with Royal Caribbean is another example of how the private sector is vital to boosting and sustaining the small business sector. She said: “The partnership with Royal Caribbean is extremely exciting as it caters to a sector that needs assistance due to all that has transpired because of the COVID-19 pandemic. As an organisation, we have been pushing small business owners and entrepreneurs to enter and build up industries such as agriculture, fishing, farming, technology and sustainability. “However, it is important to get small businesses that cater to the tourism industry back in operation as many businesses fall in that area. The more industries that small businesses can operate in, the better it is for the economy.” Ms Rolle added: “The only way that we can continue to support the small business sector in a significant way is through partnerships with members of the private sector. Royal Caribbean evaluated the needs of small businesses and has done a great job at offering unique ways to assist, but also opportunities for training and expansion.” Among its list of eligibility standards and criteria, the programme requires the
completion of mandatory training. The training covers sessions such as hospitality and entrepreneurship; eco-friendly products and services; production/tour scheduling; quality controls; liability insurance; pricing strategies; forecasting; brand identity; digital marketing and export readiness. The Royal Caribbean Programme is open and will approve businesses bi-monthly until funding is exhausted. It will resume when funding is replenished. To ensure a transparent and fair approval process, an adjudication committee will review applications. The committee features representatives from the Access Accelerator; Royal Caribbean; Bahamas Agricultural and Industrial Corporation (BAIC); the Bahamas Chamber of Commerce and Employers’ Confederation; Bahamas Development Bank; Bahamas Hotel & Tourism Association; Bahamas Entrepreneurial Venture Fund; The Grand Bahama Chamber of Commerce; and The University of The Bahamas. For more information on the programme or to apply, persons can visit www.accessaccelerator.org/ royalcaribbeanprogramme. The Access Accelerator is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Access Accelerator works to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas. Visit us at www.accessaccelerator.org.
TECHNOLOGY PROVIDER HOSTS ENGINEER CAMP A BAHAMIAN technology provider has hosted the eighth annual BETA Camp Bahamas with organisers hosting sessions that combined virtual and in-person learning for participating students. The camp took over the first floor of Cloud Carib’s Centre of Excellence with up to seven different engineering streams ranging from software and mechanical engineering to aerospace engineering, rocketry and even a biomedical engineering stream that was hosted in person by the company. The camp, co-founded by Bahamian engineers Trenicka Dukes and D’Andre Wilson-Ihejirika, aims to teach and inspire the next generation of Bahamian engineers to harness the technology around them and address vital infrastructure issues across The Bahamas. For a third consecutive year, Cloud Carib returned as a gold sponsor patron of the annual camp. In addition to providing this year’s prizes and STEM kits, Cloud Carib also gave campers access to its purpose-built Centre of Excellence. The centre, which boasts more than 4,000 square feet of space, allowed campers to interact with each other safely and meet all COVID-19 protocols. “Part of our mandate is to help create and mold the next generation of tech industry professionals and we take that responsibility very seriously,” explained Cloud Carib founder and chief technology officer, Stelios Xeroudakis. “When we learned that one of the camp’s streams required an in-person experience, we jumped at the opportunity to provide them with access to our Centre of Excellence, which was built and designed with this type of event in mind. We knew the students would benefit from an opportunity to take full advantage of the camp’s new hybrid format.”
KAYLON MULLINGS, an 11-year-old Columbus Primary School student, receives hands-on assistance from BETA Camp mentor Theodore Davis, who walked students through an ACL reconstruction procedure to learn and understand biomechanics of the knee joint using bone models of the femur and tibia. As many as 36 students, ranging in ages from 10 to 16 years-old, participated in this year’s camp which concluded with a final competition involving inter-island connectivity as its theme. “This year, we focused our programme on building innovative, sustainable and inter-island economies,” Dukes added. “We’re helping students understand what economies exist across the islands, what natural resources are there and how we capitalise on those resources to support the larger Bahamas.” For Kaylon Mullings, a student at Columbus Primary, his mentors’ care and attention during was a highlight. “We learned to build circuit boards and I like how they spent the time to teach me. I did not feel rushed at all. They really stick with you,” he said. Reii Lightbourne, one of 14 girls who participated, says BETA Camp presented a world of new career opportunities. “I actually wanted to be a lawyer,” she explained, “but being in the camp has made me want to jump into biomedical engineering.” The week of work ended with a competition that gave participants the opportunity to put all they learned to use. “This year’s campers were randomly assigned a Family Island and were challenged to find ways to leverage the
islands’ independent and collaborative economies,” Dukes explained. Taking into consideration a variety of infrastructure requirements and multiple industries, each team was required to develop island economies that would be sustainable, scalable and capable of feeding the larger economy of The Bahamas. Students were judged on their technical content, problem solving abilities, and the feasibility and relevance of their overall presentation. When the scores were tallied the team comprised of 15-year-old, Ray Brown, 13-year-old, Kaeden Levarity, and 11-year-old, Xavier Clarke, took top honours with an overall score of 168 out of 195. “The student presentations at the end of the programme are always a highlight for me,” said Cloud Carib senior marketing manager, Olivia Dorsett. “I am always so impressed with the talent, innovation and overall dedication the students show. “I take pride in challenging them and they respond with renewed zeal and eagerness to learn and innovate. It really is a testament to the magnificent work the BETA Camp coordinators continue to do, and Cloud Carib is proud to be a part of it each year.”
THE TRIBUNE
Thursday, August 12, 2021, PAGE 5
TOP REALTOR URGES: GO AFTER ILLEGAL ‘ROBBERS’ A PROMINENT realtor has backed the industry association’s pledge to go after illegal foreign operators who “rob qualified Bahamians of work” by operating in this country without a license to do so. Mario Carey, founder and president of Better Homes and Gardens MCR Group, spoke out one day after the Bahamas Real Estate Association’s (BREA) president said the 700-plus member body is dedicated to closing loopholes in the industry’s 25-year-old legislation. While the law bans foreigners from coming in and operating in The Bahamas, it fails to provide penalties and fines for those who do so. “I am tired of mincing words and being polite,” said Mr Carey. “I applaud BREA for taking the strong stance against foreign real estate agents and, especially lately, foreign appraisers. I have seen these people come in time and time again, and taking some of the largest appraisal jobs, including hotels, when they are totally illegal and they are not allowed to engage in this work. “I cannot go into the United States and do an
REALTOR Mario Carey says he is “fed up” with foreign appraisers and sales agents entering The Bahamas and taking work from qualified Bahamians. He wants stiff fines and the fear of imprisonment to deter them. appraisal. I would be thrown into jail if I did, and that is the same thing that should happen to them. Fine them $50,000 and throw them in jail.” Christine Wallace-Whitfield, recently re-elected for a fifth consecutive term as BREA president, said the problem of foreigners operating illegally in the Bahamian real estate industry has been raised with both Elsworth Johnson, minister of financial services, trade and industry, and Clarence Russell, the director of immigration. “They (minister Elsworth Johnson and the director)
have pledged complete co-operation and we are grateful for that,” said Mrs Wallace-Whitfield. “That means we have more eyes out there watching out for this illegal activity, both appraisers and sales agents, but until the legislation is updated to include serious fines or jail time, until we make it a crime and not just a civil offense, we will continue to face this ongoing problem. “We want every real estate agent to be on the lookout and, if they see anything suspicious, to let us know because we will seek action immediately. We have members who are trying their very best to earn a living and it is not right for someone else to take that bread out of their mouths, especially in challenging times like these.” Mr Carey said some of the bigger jobs for appraisers, involving assessing value for insurance or pre-sale market value, can run up to “a handsome five-figure amount”. “The culprits are the companies in The Bahamas that are bringing them in, and they enter the country as a tourist. You don’t need heavy equipment to be an appraiser,” said Mr Carey,
who has more than 40 years of appraising experience and has handled some $3bn in transactions. “All you need is knowledge, a set of architect’s drawings or plans, laser measuring tools that fit into the pocket of a pair of slacks, an experienced eye and the willingness to justify their appointment by satisfying the wishes of the client when it comes to valuation.” Mr Carey said he has seen a number of reports produced by operators who have entered The Bahamas illegally. “These companies, which earn their revenue in The Bahamas, are taking money that should go to well-qualified BREA-licensed agents and appraisers,” he added. “And we have many qualified persons. “It won’t stop until the first one is fined $50,000 or thrown in jail. The companies that hire them know they are violating the law and they should be ashamed of themselves. When the first illegal appraiser is expelled from the country permanently, and the company that hired them is fined and embarrassed, it will teach everyone else a lesson.”
TOURISM OFFICIALS VISIT FARMS TO PICK AGRI-TOURISM POSSIBILITIES TOURISM officials have been touring various Bahamian farms in a bid to create farm-to-table tour experiences for visitors to this nation. Tourism Development Corporation (TDC) executives said the tours will fulfill the mandate of the Agri-tourism Tours SubCommittee, which consists of officials from the Ministry of Agriculture and Marine Resources, the Ministry of Tourism, and Bahamas Agriculture and Marine Science Institute (BAMSI) as well as other stakeholders. Janet Johnson, the Tourism Development Corporation’s executive director, who is also co-chairman of the Agri-tourism Council, said the need for more farm experiences has become
AGRICULTURE and Landscape Manager of Global Environment Facility (GEF) Dr Allan Davidson Lloyd, Tourism Development Corporation (TDC) Executive Director and CEO Janet Johnson, Eeden Farms Manager Latesha Gibson and Inter-American Institute for Cooperation on Agriculture (IICA) Representative Shacara Lightbourne. increasingly apparent since Crystal Cruises began home porting in July. “Visitors are asking for these types of experiential activities. They want to put
their carbon footprint forward so that they can visit these sites and have a more robust cultural heritage experience,” she said. “Visitors are also
requesting fresh produce cut from the farm in the morning to be used in preparation of their meals. A lot of them come from cities and urban centres, and they have no idea how things grow. Just seeing a hand of bananas, guavas and guineps – people are fascinated when they discover how some things are grown. “Just the mere fact of being able to pick them and learn how to eat them is an incredible, unforgettable experience. And so we are looking to assist in creating these experiences that can be economically beneficial and culturally enriching.” Tourism Development
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Full virtual learning ‘complete disaster’ for uniform supplier FROM PAGE THREE is one area where I don’t have a problem, but my biggest challenge this year will be keeping people socially distanced in the store with the short staff that I have.” Mr Wallace furloughed workers at the height of the COVID-19 pandemic last year, and is now “just building back up” his staff complement. “I have to keep people outside of the store because we can only let so much in at a time,” he said, further arguing that this will be a “real time consuming” exercise when the VAT holiday kicks in on August 16. Mr Wallace said: “I could have let 100 people into my store because of the size of the store, but now I can only let people in based on
how much sales people I have on duty. I can’t leave customers unattended in the store. I have a certain amount of sales people, so I can only deal with a certain amount of customers and the rest will just have to wait outside. “We are building our staff back up with what we normally do, but the only difference is where we would have allowed customers to enjoy the air conditioning inside of the store, and where some would have helped themselves, we can’t allow that now. We can’t have customers flinging over the merchandise, so we have to have a staff member dedicated to every customer or group of customers to shepherd them through the store.”
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PAGE 6, Thursday, August 12, 2021
TOURISM OFFICIALS VISIT FARMS TO PICK AGRITOURISM POSSIBILITIES FROM PAGE FIVE
Corporation officials visited Bristol Farm, Holey Farm, Down to Earth Adventure Farm, Farquharson Farm, Eeden Farms and a couple’s South Westridge backyard farm. Caron Shepard, the event co-ordinator, of Sinclair’s Down to Earth Adventure Farm, said that while it has been catering to field trips for local schools, the farm is hoping to expand further into agri-tourism. “I think it’s a very good idea and it has a lot of potential. The reason it has so much potential is because when tourists come to The Bahamas, they want to see things that are native to The Bahamas and with food
being on the common thread, people want to see where food is being grown,” Ms Shepard said. “So, it is a very good thing that people can actually visit the farms and see exactly what we are growing and what is native to The Bahamas, and get a feel of what we are doing.” The Down to Earth Adventure Farm, which has been operational for nearly 20 years, has numerous amenities including a tour for plants and animals; farmer’s market; smoothie booth and a pizza parlour. The farm also sells many freshly-made items such as tomato sauces, jams and jellies, and hot sauces. Ms Shepard encouraged other farms to take advantage of agri-tourism opportunities. “This is something that is going to grow, and so I would encourage
THE TRIBUNE farmers to present their farms in a way that it can be an agri-tourism adventure by improving their grounds and environment. That makes it more attractive for tourists who want to have that oneof-a-kind experience,” she said. Latesha Gibson, farm manager at Eeden Farms, said the business, which opened last year, is also interested in agritourism opportunities. “We would be very interested in having that opportunity to have tours with tourists. We have had a lot of local tours and a lot of traction and excitement, so getting more tours with agriculture and farming in The Bahamas is an exciting venture for us,” she said. “There are a lot of farms around the islands that are hidden gems because a lot of people keep their farms hidden away.”
Civil servants ‘empowered’ to challenge law breaches By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CIVIL servants are being “empowered” to formally object to orders they believe violate the Public Finance Management Act or any other legislation, a Ministry of Finance undersecretary said yesterday. Gaynell Rolle, also a former Department of Inland Revenue acting controller, said the “objection to direction” provision in the Public Financial Management Act will enable public officials “to uphold their oath while protecting themselves against future liability”. She explained: “Essentially, if a public officer feels as though they were given a direction that goes against the Act or any other legislation, there is now a legal process that empowers public servants to formally object. “This involves a written objection to the minister or public officer that gave the direction with further oversight by at least two other stakeholders, including the permanent secretary, the chairman of the Public
Service Commission, Attorney General or financial secretary.” Speaking to the Act’s benefits, Ms Rolle added: “The Public Finance Management Act or PFM governs how the public sector manages its finances at every level. It shifts the overall approach to budgeting and public financial management by focusing on outcomes/performance. “Rather than an administrative approach, which was the standard with the Financial Administration and Audit Act of 2020, the Act attempts to bring more accountability, transparency and efficiency to fiscal affairs. The Act is so comprehensive that changes will take effect on a scheduled basis over the next few years.” Among its requirements is for all government agencies to maintain a “higher level of transparency and forward planning with mandated annual and business plans, quarterly and annual reports that must be presented to Parliament and published online”. This, Ms Rolle said, would align with the Fiscal Strategy Report, quarterly Budget
performance reports and upcoming Debt Strategy Report published by the Ministry of Finance. “Finally, what you will find in this Act are clearly defined roles and responsibilities for every stakeholder involved in public financial management, and stronger penalties that serve as a deterrent to misconduct or negligence, such as dismissal, reduction in rank or salary and prosecution,” she added. “The new Act provides each stakeholder - for example, the Accountant General, previously known as the treasurer, and principal accounting officers such as permanent secretaries more clarity on their roles, responsibilities and obligations. This creates a higher level of accountability across the system, ensuring that public officers carry out their responsibilities in accordance with the Act.” Ms Rolle said this, and other legislative reforms, were “designed to raise the standard of existing government processes to meet global best practices with a focus on transparency and accountability”.
Bimini welcomes curfew push back By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BIMINI businesses yesterday said the government’s decision to push the COVID curfew’s start back to 9pm will be beneficial because “now we can make money”. Fabrice Stuart, owner/ operator of Stuart’s Conch Stand, told Tribune Business that the two-hour extension to the curfew was welltimed because it coincides with the arrival of cruise ships to the island. She said: “May until September is the busy season, plus we have two additional cruise ships, so if the tourists could be on the road, then why can’t we? Before the COVID-19 we closed at 9pm from Monday to Saturday and on Sunday at 7pm, so this curfew easing comes right in time for us. We will go back to our 9pm closing
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Associate degree in Graphic Design Proficient in Adobe suite of products Proficient in both Mac/PC platform Working knowledge of Java Script, PHP, HTML, Flash and web design Strong artistic and technical skills in design and layout Ability to handle multiple projects in a fast pace environment Strong print production skills Social media skills Organized and disciplined Knowledge of video production/video editing Excellent oral and written communication skills Personable and team player
Requirements: • • • • • • •
Assisting the marketing team with various projects and special assignments Researching, designing, and maintaining promotional materials and tools to support the company’s image, design standards, brand and marketing initiatives Graphic log upkeep Management of promotional inventory Website maintenance Marketing event assistance Social media content
PLEASE SUBMIT BEFORE August 20th, 2021 to:
HUMAN RESOURCES Re: Graphic Designer careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
time today.” Ms Stuart was responding after Dr Hubert Minnis yesterday told Parliament that Bimini’s curfew start will now move from 7pm to 9pm. Mimose Rielecunt, general manager of This is it Takeaway, said: “This will be an advantage for the natives and the tourists here on the island. Due to the fact that the operating hours have been increased the tourists can now come down into the community and get lunch and dinner. “We also have workers down at the Hilton resort. After they get off from work they’ll come down for food. When they get off they can always stop by and get something to eat because not all of the workers there live on the property, so this extra two hours gives them sufficient time to come in and get something to eat before they go home.” Steve Rolle, general
manager of Three Daughters Restaurant, added that the curfew being moved to 9pm was much better for his operation. “I’m really concerned about my workers because this gives my workers more time,” he said. “Pre-COVID I closed at 10pm, so they have another hour to give me.” Marie Robins, general manager of M&S Liquor Store, said: “I close at 6pm anyway, so this is more for the young people. I’m not an outgoing person either so it doesn’t matter to me.” Whether or not M&S decides to open up for additional hours “all depends on the level of business”, Ms Robins said. She added: “I’m still afraid of COVID19, so I’m glad we close at 6pm. Plus everything stops in this town at about 6pm and I’m on one end of the island away from the town square and don’t go uptown.”
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Thursday, August 12, 2021, PAGE 7
Don’t ‘hide behind letter of law’ over beneficial owners
FROM PAGE ONE
Auditor General’s report, it seemingly does not cover many other procurements done without either of the conditions referred to being present. Separately, another source, speaking on condition of anonymity because they were not authorised to talk, said the government’s failure to provide the beneficial ownership details sought by the Office of the Auditor General for the COVID contracts was not willful or deliberate. They reiterated that existing laws, particularly the Date Protection Act and Register of Beneficial Ownership Act, prevented the government from doing what was requested on the grounds that this would be a breach of privacy or confidentiality. However, Mr Bowe argued that such a stance was not good enough amid 21st century demands for greater transparency and accountability over the use of taxpayer monies. “I think it’s extremely disappointing that the Ministry of Finance would take the position
about what the legislation provides,” he told Tribune Business. “In the bidding process, there’s nothing to prevent the Ministry of Finance saying to all companies lining up to bid that they must consent to disclosure of who their beneficial owners are. If you feel the law as written prevents disclosure, you should embed disclosure in the process of contract award.” Arguing that it “does not bode well for the country”, Mr Bowe said The Bahamas has already amended its confidentiality laws under pressure from the likes of the G-7/OECD such that beneficial ownership information can now be shared with foreign countries. Suggesting that disclosure should only not occur if there was a proven threat to “national security”, he reiterated: “It’s one where we have to mature as a country and we are not hiding behind the letter of the law but providing full transparency and disclosure. “I would hope the Ministry of Finance, acting financial secretary and all those seeking to embed the
Palm Cay developer’s $100m ‘Rise’ in west
FROM PAGE ONE
Hannaby revealed. “We’ve had a lot of pre-reservations, people trying to reserve units. We’re trying to sort of scope out amenities, and are getting are permits and approvals sorted out.”
He explained that The Rise’s first phase will include the first two condo blocks and associated amenities, with the latter set to include a spa, gym and cafe - several of the assets that are already in place at Palm Cay. Unit prices, Mr Hannaby
new public procurement legislation not only embrace the law but the spirit of the law, and say that all parties seeking to do business with the government consent to full disclosure of their ultimate beneficial owners. “This is not a contractual relationship between two private entities; this is the government. The government is the ultimate public interest entity..... This is an element of moving into the 21st century. We are a maturing nation, but it is disappointing to see that we got into that state and it’s disappointing to see that we are using the legal reasons for not doing so.” Gaynell Rolle, the Ministry of Finance’s under-secretary, declined to comment on the Office of the Auditor General’s report and the beneficial ownership non-disclosure when questioned yesterday, instead referring the media to Mr Thompson. However, Arinthia Komolafe, the Democratic National Alliance’s (DNA) leader, yesterday echoed Mr Bowe in arguing that the public interest, and need for accountability and transparency on the COVID contracts, should override the legal obstacles. “While there might be legal obstacles to the
public disclosure of ownership details of companies that benefited from these COVID contracts, the public interest and the need for transparency and accountability supersedes such impediments,” she argued. “The consent of the entities involved should have been obtained and, at a minimum, the details ought to have been provided to the Office of the Auditor General. “In recent weeks, the government and companies that were awarded contracts during the pandemic have come under pressure and scrutiny based on allegations of cronyism, nepotism, favouritism and political patronage. This recent revelation further places a dark cloud over the Minnis administration and exposes a flawed public procurement system. “The Democratic National Alliance (DNA) calls on the government to prove that the COVID pandemic has not been used to unjustly enrich its political supporters, cronies, family, friends and lovers. Respond to the request and reveal the names of those who received millions in COVID contracts.” While the Auditor General and his staff were provided by the Minnis administration with a list of
companies “that received payments for the delivery of goods and services related to COVID-19”, that list was not disclosed in the report. “Request was made for the beneficial ownership of these business entities. However, the same is pending,” the Office of the Auditor General added. The Office of the Auditor General admitted Bahamian law restricts the disclosure of beneficial ownership information based on an opinion it received from the Ministry of Finance’s legal unit. This opinion, which was attached to the report, said it was “suitable” to publish the name of a company awarded a government contract and details such as its shareholder register - but only if the latter is “publicly available”. The Register of Beneficial Ownership Act gives the government no authority to disclose “beneficial ownership information in relation to the tendering process”, while the Data Protection Act is another barrier to its release. “There is no law which imposes mandatory disclosure of beneficial ownership information on the government,” the Office of the Auditor General added. The Act restricts access to beneficial ownership details to law enforcement
agencies and financial services regulators for purposes of responding to overseas legal requests, and any unauthorised disclosure is treated as a breach of privacy/ confidentiality. Nevertheless, the Office of the Auditor General recommended “addressing the beneficial ownership disclosure in terms of advancing and strengthening good governance”. It also called for “harnessing accountability in public procurement and financial affairs”, and “further strengthening good corporate governance of all legal entities doing business in the country”. The Office of the Auditor General also referenced an IMF quote that stated: “Knowing who ultimately owns companies (their beneficial owners) is a key piece of data that allows governments and citizens to check that money is going where intended.” Drawing on this, it added: “We note that beneficial ownership full disclosure plays a pivotal role in the good governance in governmental financial affairs with respect to transparency and accountability; integrity and law enforcement; and mitigating the risks associated with abuse of public funds, corruption and financial fraud.”
said, will start at $850,000 and go to between $2-$3m although this and the number of units may still be subject to change. Asked why Palm Cay’s developer had decided to develop The Rise now, despite all the uncertainties associated with the COVID19 pandemic, he replied: “First of all, timing. “In terms of demand, The Rise is as strong if not stronger than Palm Cay in terms of interest and demand, so that’s worked out
pretty quickly. That land was bought before Palm Cay or in a very similar timeframe. “Ultimately, the developer has been extremely focused on the very big build-out of Palm Cay, and fulfilling the scope and vision for Palm Cay, but with demand out
there and Palm Cay moving so well it can now start this project,” Mr Hannaby continued. “With all the amenities it will not be far off $100m once we complete all the infrastructure. It will be four storeys with the roof top.”
To advertise in The Tribune, contact 502-2394
PAGE 8, Thursday, August 12, 2021
THE TRIBUNE THE POOL at Palm Cay.
Analytical, Self-Motivated, Team Player, Results Driven If you possess these qualities, we invite you to apply for the position of:
SENIOR INTERNAL AUDITOR Job Summary:
‘This boom has legs’
In this highly visible position, the successful candidate will be responsible for performing internal audits and fraud investigations for Fidelity Bank & Trust International Limited and its subsidiaries, Fidelity Bank (Bahamas) Limited and Fidelity Bank (Cayman) Limited, (collectively referred to as the Bank).
FROM PAGE ONE
Duties and Responsibilities: • Act as lead auditor for the team. • Successfully plan, coordinate and lead meetings and interviews with all levels of management and employees. • Conduct and document thorough analysis of business processes for areas under audit. • Develop specific audit procedures that are designed to achieve audit objectives. • Ensure all specific audit test work is properly performed and adequately documented. • Summarize, draw conclusions and effectively report testing results. In addition, understand, assess and track deficiencies or exceptions noted during testing. • Provide cost effective solutions and recommendations to problems encountered during the audit. • Prepare and review detailed audit work papers to substantiate the fieldwork performed, testing results, and audit conclusions reached. • Prepare audit reports detailing the audit results and findings inclusive of recommendations. • Ensure audit findings are properly communicated with management and appropriately tracked through remediation.
its build-out by capitalising on its critical mass and the post-COVID boom for high-end real estate that is benefiting both construction and real estate. “We must be over $100m now that has been invested in Palm Cay as a whole,” Mr Hannaby told Tribune Business. “In terms of what is ultimately invested going forward, it will probably be similar. It’s over $100m now and $100m to go. “To step back and look at where we have come in ten years is good. It’s travelled a good distance, but effectively we will be doing the same leap in five years. We’re going to be doing the same leap since inception, but in a much shorter space of time. “It’s at a tipping point, and you naturally accelerate to reach that number. We’ve pushed the snowball up the hill, and now we’re going down the hill gaining momentum.” Describing Palm Cay’s marina and its proximity to Exuma as the development’s “biggest draw”, with marina and dock slips consistently at 80-100 percent occupancy levels, Mr Hannaby said it was enjoying its share of demand for Bahamian real estate. “In terms of sales it’s been a record year for us so far,” he disclosed. “This year’s sales volumes have already passed what we did last year, so it’s been an exponential increase - a couple of hundred percent.
Requirements/Qualifications: • Bachelor’s degree in Accounting, Finance or Business Administration with advanced knowledge of accounting principles. • Professional designation, e.g. Certified Public Accountant (CPA) or Certified Internal Auditor (CIA), is preferred. • At least five (5) years of progressive audit experience in public accounting or a minimum of ten (10) years of experience in retail banking, including at least three (3) years of supervisory or managerial experience. • Extensive knowledge of financial, operational and system audits, as well as business process control reviews. • Proficiency in Microsoft Excel and Word programs. • Knowledge of TeamMate is preferred. • Exceptional communication and interpersonal skills are required with strong attention to detail and accuracy. • Exceptional organizational skills with the ability to prioritize, meet tight deadlines and work well under pressure. • Highly confidential. • Ability to work flexible hours and travel.
PLEASE SUBMIT BEFORE August 20th, 2021 to:
ABSOLUTELY NO PHONE CALLS
HUMAN RESOURCES Re: Senior Internal Audit 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 11 AUGUST 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1978.21
21.22
%CHANGE
YTD
YTD%
1.08 -114.25
-5.46
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.67 6.00 7.00 3.60 6.01 3.80 6.16 12.00 2.71 7.76 10.71 10.08 14.31 4.10 9.00 16.00
52WK LOW 3.50 22.65 1.46 1.62 1.35 5.00 6.00 2.80 4.25 2.47 5.00 9.75 2.10 5.30 9.50 8.35 13.00 3.42 8.00 15.20
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard RF Bank & Trust (Bahamas) Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CLOSE 6.49 39.95 1.60 2.39 1.36 6.00 6.97 3.24 5.40 2.74 5.95 9.80 2.53 7.75 11.59 10.08 14.09 3.98 8.93 15.50
CHANGE (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.00 0.00 0.00 (0.01) 0.00 0.14 0.53 0.99 (0.01) 0.58 0.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS810375 BSBGR1211386 BSBGRS810375 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.05 100.00 100.05 100.27 100.05 100.62 100.72
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.05 93.68 100.05 100.27 100.05 100.62 100.72
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (6.32) 0.00 0.00 0.00 0.00 0.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.31 100.00 100.31 100.53 100.30 100.62 100.70
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.04 93.68 100.04 100.29 100.05 100.62 100.46
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS81037 BGRS FX BGR121138 BGRS FL BGRS81037 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026
LAST CLOSE 6.50 39.95 1.60 2.39 1.36 6.00 6.97 3.25 5.40 2.74 5.95 9.80 2.54 7.75 11.45 9.55 13.10 3.99 8.35 15.50
VOLUME 3,000
1,340 8,400
1,100 9,000 5,500 4,500
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
50
1,000 10,727
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 27.2 42.9 N/M N/M N/M N/M 18.9 -7.4 38.6 14.9 13.3 13.6 24.8 16.6 17.9 13.8 17.3 19.6 9.5 24.6
YIELD 2.62% 3.15% 1.25% 1.26% 0.00% 0.00% 3.73% 0.00% 0.00% 4.38% 3.70% 7.35% 17.15% 0.77% 2.83% 2.38% 3.83% 3.02% 2.24% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
MATURITY 19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.87% 5.24% 4.87% 4.53% 4.56% 4.50% 4.53%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 26-Jul-2037 23-Feb-2038 26-Jul-2037 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026
MUTUAL FUNDS 52WK HI 2.43 4.47 2.17 202.18 190.86 1.70 1.81 1.78 1.07 8.75 10.46 7.40 15.99 12.72 10.39 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.43 4.47 2.17 202.18 190.86 1.70 1.76 1.77 1.04 8.75 10.46 7.40 15.99 12.72 10.39 N/A 10.43 14.89
YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.37% 1.52% -2.05% -2.21% 0.36% 0.76% -1.28% -2.30% 3.13% 5.76% 4.29% 7.07% 1.70% 3.85% 14.99% 38.64% -1.20% -0.36% 3.43% 0.76% N/A N/A 3.00% 25.60% 7.90% 48.70%
NAV Date 31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
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
Last year wasn’t too bad to be honest. Given the pandemic, I’d say there was a slight fall-off, but this year has seen a massive boom in demand.” Palm Cay has traditionally attracted strong interest from Canada, and real estate-related inquiries from that market have persisted despite its COVID-related travel bans and restrictions that are likely to be relaxed soon. This, together with similar relaxations in the UK and Europe, have left Mr Hannaby reasonably confident that present market interest will be sustained. “Even though at some point the Canadians will slow down, I’m not sure it will be this calendar year,” he added. “Once Canada picks up travel, I think this year going into next we will see large amounts of transactions and large amounts of sales. “That does not take into account we are not getting service from Europe. We do get, not a large amount of business, but a steady flow from the UK. I’d be surprised if that didn’t increase and we did not see a pick up. I’d say this boom has legs.” Palm Cay is presently focused on three construction projects that are either started, just started or about to begin. Mr Hannaby said its three-phase Galleon Bay condominium project, featuring 36 total units divided equally between the stages, was “well underway” with construction having reached the “first belt course” on the first two phases that are being developed together. He revealed that 75 percent of first phase units have been sold, a several in the second, for an average 50 percent pre-sold across the two. Palm Cay is hoping
that both phases are soldout by the end of 2021, with price points ranging from $485,000 to $610,000. Work on the foundation for the “flagship” Cove product, located at the entrance to the marina and overlooking the sea, has just begun. Four of the potential 10-12 units have already been pre-sold, with price points starting at $2m and going up to a $4.75m peak. And One Marina II, featuring condo units adjacent to the marina’s eastern side, was said by Mr Hannaby to be 70 percent pre-sold ahead of construction’s imminent start. He described these units as “super modern with a super chic feel, like any top-end condo in New York and London”. “We anticipate that we’ll be sold out by the fourth quarter this year [on One Marina II], and by the end of the year we’ll be 50 percent sold out on phase three, which will tie-in nicely with a second quarter [2022] start for phase three,” he added. Estimating that the development is presently providing jobs for between 300-400m persons, Mr Hannaby said Palm Cay’s prior experience in managing construction projects would enable it to cope with the build-out of three different real estate product types at the same time. One Marina, he added, has five phases and “we’d hope we’d start to move to the final phase in the next three to four years. The Cove is one hit, and will be done in 18 months, and Galleon Bay’s first and second phases will be complete by October 2022. We’ll start phase three some time next year, and that will take between two to two-and-ahalf years”.
NOTICE
NOTICE is hereby given that ANNE DOMINQUE JOSEPH, of Sandilands Village, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Thursday, August 12, 2021, PAGE 9
Ice cream firm gets RBC/SBDC ‘Shiver’ FROM PAGE ONE out how to make money during COVID-19, they are still putting obstacles in front of me. It was basically like they were trying to choke me to death.” The SBDC, in response to questions posed by Tribune Business, said in an e-mailed reply: “In response to media inquiries about Shiver, one of our early success stories, the Access Accelerator Small Business Development Centre (Access Accelerator) wishes to state that our very existence is founded on the notion that Bahamians can get into business and succeed. “We have spent countless man-hours, and employed the ingenuity of dozens of Bahamian experts, in attempting to assist every client, including Shiver. Our process is clear and has been public from the very beginning of the Access Accelerator in September 2018. One of the most important elements of our process is what we term the ‘three-year handshake’. “This means that once a client accesses funding, we assign someone for three years to work with the client and the financing partners to ensure that, first, the business remains healthy and that all the necessary obligations are met to ensure business sustainability. Second, the three-year handshake is meant to ensure that financial obligations are both clearly articulated and understood, and ultimately, met,” it added. The SBDC disputed Ms Darville’s assertion that it had abandoned Shiver or any other client, adding that the COVID-19 pandemic had “put pressure” on all businesses and that their “mandate includes diligent oversight and fiduciary responsibility of the taxpayer dollars that are in our system. To that end, we adhere strictly to best practices and our published methodology”.
RBC did not respond to Tribune Business e-mails and inquiries seeking comment. Ms Darville said Shiver is on a “break” because cash-flow issues that are putting pressure on its operations. “It’s like the SBDC and RBC were trying to do whatever it is they had to do to get the business to fail, and RBC was even putting in $400 late fees that had nothing to do with my loan,” she alleged. Ms Darville and her initial business partner, Elvis Percentie, obtained a loan from RBC to finance Shiver via the SBDC. With the help of the SBDC, it received $161,600 in funding in 2019. Some $100,000 was via a loan from RBC, with the balance featuring a $50,000 equity investment from the Bahamas Entrepreneurial Venture Fund (BEVF) along with $11,600 in grant funding from the government. After Shiver ran into financial difficulties as a result of the COVID-19 pandemic, Ms Darville said she started receiving frequent phone calls from the SBDC. These increased, she added, when the SBDC found out that Mr Percentie was no longer directly involved with Shiver’s dayto-day operations. “My business partner was 50 percent with me, but he left a year-and-a-half ago and hasn’t helped me with anything. No contribution at all to this business,” Ms Darville said. “So the SBDC reached out to him and was trying to liaise with him to come back and take over the company, and I’m saying he is dead equity now. He has not contributed to this business and he knows nothing about what’s going on here.” She added that her SBDC advisor kept asking if she was ready to “let someone take over the day -to-day operations of the business. I was like how could you interrupt my cash flow and then expect them to be operating efficiently even in the face of COVID-19?”
To advertise in The Tribune, contact 502-2394 LEGAL NOTICE
EMERA INCORPORATED (“Emera”) Notice to Holders of Depositary Receipts DIVIDEND NOTICE UPDATE
The custodian of Emera’s depositary receipts has advised Emera that due to logistical challenges related to Covid-19, the payment of the dividend of CAD $0.159375 per Emera depositary receipt (CAD $0.6375 per common share of Emera) payable to depositary receipt holders of record as at August 3, 2021 may be delayed until on or before August 30, 2021.
Ms Darville was referring to money she received from the Dubai Expo 2020, where she invoiced the Expo for $9,999. She alleges a significant amount of this sum was taken by RBC for loan arrears, and her account was frozen, leaving her unable to deposit money she could use. Asserting that was still on a COVID loan deferral scheme with RBC at the time, Ms Darville admitted to withdrawing $4,000 of the $9,999 but said it was to pay her Bahamas Power & Light (BPL) bill because the power company was ready to disconnect her service. She said: “RBC told me I was not allowed to use bank funds to pay my light bill because that’s not a part of the agreement. But this is an ice cream business? How do you expect me to function with no electricity?” Ms Darville said RBC took out late payment fees averaging $400 per payment, and also froze subsequent deposits for loan payments. The SBDC, however, in defending RBC, said: “We are in the business of assisting Bahamian micro, small and medium-sized enterprises. Our funding partners in this venture, RBC and the venture fund, are perfectly aligned with that model and have worked with us and our clients to fulfill that mandate.” Ms Darville showed Tribune Business an RBC statement print out of four loan deduction payments on February 8, averaging $1,900, and said it is “impossible to keep up
with operations with that kind of pressure on me. I had to give Shiver a break until I sort out some means of funding”. A screenshot of an e-mail exchange between the SBDC’s executive director, Davinia Grant, to RBC representatives questioning the bank on the deductions, and asking them to clarify if whether or not the deductions were as a result of the loan payments, showed the agency was aware of Shiver’s situation.
Ms Darville said: “The SBDC were entertaining people who wanted to buy my equipment and trying to get me to concede to let them manage my company and I just sit back. I can’t agree to that because it’s my idea and it’s my company, and I’m not going to let someone just come in and take my stuff. “It’s not that I’m not capable of getting the company back on the ground, it’s just that I don’t have enough funds to do it. So they are essentially telling
me that they won’t give me any more money, but would allow for someone else to run the business for me. I said to them no. I told them I would die and turn to dust because I give my company to someone else. “I have complained to the Inter-American Development Bank about the SBDC because I know they just borrowed some money to run this programme from them. I also complained to the RBC Caribbean headquarters in Barbados.”
PAGE 10, Thursday, August 12, 2021
THE TRIBUNE
S&P 500, Dow industrials mark records but Nasdaq lags behind
Associated Press BANKS and industrial companies helped lift stocks on Wall Street mostly higher yesterday, pushing the S&P 500 and Dow Jones Industrial Average past the record highs they set a day earlier. The S&P 500 rose 0.2% after another wobbly day of trading. Nearly threefourths of the companies in the benchmark index notched gains, including energy stocks, which rose along with the price of crude oil. Health care was the only sector to fall. After a stumbling start to
the week, stocks have been moving higher on the back of strong earnings and better-than-expected economic data. Traders got a dose of decent economic news yesterday when the Labor Department said that consumer prices rose 0.5% from June to July, down from the previous monthly increase of 0.9%. Year over year, consumer prices have increased a substantial 5.4%. Investors’ relief that the June data didn’t show a bigger increase in inflation may have kept stock prices moving higher, said Sam
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTONYON LOUIS of Carmichael Road, Faith Avenue North, Nassau, The Bahamas intend to change my name to ANTONIO DEVON LAFRANCE. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.
Stovall, chief investment strategist at CFRA. “Our estimate was that June was going to be the peak month in inflation, and it appears that it was,” Stovall said. The S&P 500 index rose 10.95 points to 4,447.70. The Dow gained 220.30 points, or 0.6%, to 35,484.97. Both indexes also set all-time highs on Friday and Tuesday. Weakness in some technology stocks helped pull the Nasdaq composite slightly lower. It fell 22.95 points, or 0.2%, to 14,765.14. Smaller company stocks rose. The Russell 2000 index picked up 10.98 points, or 0.5%, to 2,250.34. Bond yields mostly edged lower. After reaching 1.36% in the early going, the yield on the 10-year Treasury slipped to 1.33% from 1.34% late on Tuesday.
Investors’ concerns about inflation and uncertainty about the Federal Reserve’s future plans to ease up on its support for low interest rates have been hanging over the market. While the headline figures may seem bad, most of the rise in consumer prices has been tied to very specific goods that are not expected to impact the long-term health of the economy, like used cars, building materials and hotel rooms. These items came into short supply during the pandemic, and the increased economic activity has made prices for those items rise faster than usual. The Federal Reserve has repeatedly said it believes any increase in inflation would be temporary and largely a result of the supply disruptions that happened because of the pandemic. Investors will
get another inflation snapshot today, when the Labor Department issues its July wholesale price data. Banks made some of the strongest gains yesterday after bond yields initially edged higher, which benefits lenders because it allows them to charge higher interest on loans. Bank of America rose 1.3%. Industrial stocks also helped lift the market. United Rentals climbed 5% for one of the biggest gains in the S&P 500. Traders had a mix of earnings and corporate news to review. Coinbase, a platform where traders can buy and sell digital currencies like Bitcoin, rose 3.2% after reporting strong growth in the last quarter. Weight-loss program operator WW International plunged 24.6% after reporting disappointing second-quarter financial
results, while hamburger chain Wendy’s rose 3.7% after raising its profit forecast for the year and increasing its dividend. Meanwhile, the New York Stock Exchange will begin requiring on Sept. 13 that anyone entering its trading floor show proof that they’ve been vaccinated against COVID-19, according to an email obtained by the Associated Press. Persons granted an exception to the rule because they can’t get vaccinated due to qualifying medical or religious reasons will be required to show they tested negative for the virus three times a week. The policy change, which applies to anyone with access to the NYSE or American Options Trading Floors, comes as alarm grows over the rapidly spreading delta variant.
BIDEN TEAM IS SEEKING WAYS TO ADDRESS RISING ENERGY PRICES WASHINGTON (AP) — President Joe Biden’s administration is moving
at home and abroad to try to address concerns about rising energy prices slowing the nation’s recovery from the pandemic-induced recession. National security adviser Jake Sullivan yesterday called on the Organization of the Petroleum Exporting Countries to move faster to restore global supply of petroleum to pre-pandemic levels, and the White House asked the Federal Trade Commission to investigate the domestic gasoline market for any anti-competitive behaviour that could be increasing prices. The joint actions come as the administration is increasingly sensitive to rising prices across the economy as it faces both political and policy pressure from inflation.
“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan said in a statement. He said the administration was pressuring OPEC and producers allied with the cartel to more quickly undo the production cuts put in place at the start of the pandemic. “The production cuts made during the pandemic should be reversed as the global economy recovers in order to lower prices for consumers,” Biden said yesterday. Biden’s National Economic Council director, Brian Deese, asked the FTC head, Lina Khan, to “monitor the US gasoline market and address any illegal conduct that might be contributing to price increases for consumers at the pump”. The FTC is an independent
agency and may take advice, but not direction, from the White House. Yesterday’s report from the Labor Department showed that consumer prices jumped 0.5% from June to July, down from the previous monthly increase of 0.9%. They have increased a substantial 5.4% compared with a year earlier, erasing much of the benefit to workers from higher pay. Gas prices are up about a $1 from than a year ago as Americans hit peak summer driving season and return to roads after pandemic shut-ins. The White House says it’s no cause for alarm, saying the country is “not at an historically high gas price moment” and that prices are roughly where they were in 2018, still Biden acknowledged they’re high enough to “pinch” working families.
Passionate, Results Oriented, Ability to Work in a High Pressure Environment, Driven to Succeed If you possess these qualities, we invite you to apply for the position of
OPERATIONS SUPERVISOR Job Summary: The successful candidate will be responsible for assisting the Financial Centre Manager with customer service, operations and logistics, as well as providing non-credit banking services to clients of the Financial Centre. The primary role will be cash management, training and supervision of tellers, maintenance of premises and equipment, security administration and of special assignments as required.
Duties and Responsibilities: • Cash management (treasury & ATMs) and supervision of tellers • Management of premises security (liaising with Security Service Providers, Financial Centre Managers and Security Administrator) • Unit AML/CFT Compliance Officer in the absence of the Unit Compliance Officer • Implement and maintain Guiding Principles, Paradigm and Minimum Service Standards • Training, coaching and assessment of Tellers and Sales Support Staff • Referral of products and services: • Savings Accounts • Fixed Deposits • VISA and MASTERCARD Prepaid Cards, Debit Cards and Credit Cards • Loans • Online Banking • Banking App • Merchant Services
Requirements/Qualifications: • • • • • •
High school diploma or equivalent vocational training Minimum 5 years’ experience in the Financial Services Industry Must have excellent communication skills (verbal and written) Proficient at Microsoft Office Suite programs Ability to work in a self-motivated environment with little supervision Ability to manage the administration of multiple tasks at one time.
PLEASE SUBMIT BEFORE August 20th, 2021 to: Only persons shortlisted will be contacted
HUMAN RESOURCES Re: Operations Supervisor 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification.
THE TRIBUNE
Thursday, August 12, 2021, PAGE 11
FOR BIDEN AND SENATORS, A SENSE THAT ‘WORLD WAS WATCHING’ WASHINGTON Associated Press WHEN President Joe Biden, pictured, first announced the framework he’d reached with a bipartisan group of senators for a big infrastructure bill, he said it meant more than building roads and bridges. Agreement, he said two months ago, would send a signal “to ourselves and to the world that American democracy can deliver”. The senators who led the legislation to passage Tuesday agreed. “We all knew that, quite honestly, that the world was watching,” said Sen Jon Tester, D-Mont. Approved on an overwhelming 69-30 vote, the nearly $1tn package would boost federal spending for major improvements of roads, bridges, internet access and other public works in communities from coast to coast. The bill goes next to the House. What should have been a routine task — Biden recalled infrastructure as “probably the least difficult thing to do” when he was a senator — became an exercise in showing how damaged the legislative process has become in partisan Washington and how a president and core group of senators were determined to try to fix it. Powering past skeptics, the five Democratic and five Republican senators who negotiated the deal were
interested in Biden’s call to “build back better” after so many failed attempts at an infrastructure overhaul. But they also wanted to build back the confidence of Americans and the world that the US government could tackle big problems. “We really realised that this was going to be important for the country and I think it’s important for the institution,” Sen Lisa Murkowski, R-Alaska, said recently after a long day at the Capitol. “I’m really worried that everybody believes that we’re as dysfunctional as we appear to be, and so prove otherwise, it’s kind of important.” Since Biden took office, small groups of senators had been talking and meeting quietly on their own and sometimes with the White House, searching for ways to reach across the aisle on a range of issue — among them the minimum wage, immigration and infrastructure. Many were alumni of the bipartisan coalition that stitched together a year-end
COVID-19 relief package and saw an opportunity for compromise in the evenly split 50-50 Senate, where typically 60 votes are needed to advance any legislation over an opposing filibuster. Democratic Sen Joe Manchin of West Virginia and Murkowski held private lunches with senators in a committee room. Others hosted dinners at their homes. These were the early days of the Biden administration, not long after rioters stormed the Capitol on Jan 6 in the deadly insurrection that shattered civic norms and left a deepening unease among lawmakers. Biden had delivered an inaugural address with a call for unity after the turbulent 2020 election, and some of the Republican senators had joined in voting to convict Donald Trump of inciting the insurrection to upend Biden’s presidency. The former president was ultimately acquitted in his impeachment trial. Republican Sen Susan Collins of Maine said those
Fidelity Bank (Bahamas) Limited
issues, along with the history of failed efforts to invest in infrastructure, were on her mind as she joined the effort. “It was a major motivation for me,” Collins said, “to demonstrate to the American people that we could overcome the hyper-partisanship in Washington on a very important issue that administrations of both parties have been calling for, for the past 20 years.” Biden had been in talks with another coalition led by West Virginia Sen Shelley Moore Capito, a Republican, but once that effort collapsed, he reached out to Sen Kyrsten Sinema, the Democratic senator from Arizona. A newer lawmaker, better known for her purple pandemic wig and chatting on the GOP side of the Senate aisle, Sinema made no secret of her reluctance to embrace Biden’s big infrastructure plan, which initially topped $4tn. She had already been working behind the scenes with Sen Rob Portman, R-Ohio, and others in what another member of the group, Sen Mitt Romney, R-Utah, described as a “backburner” coalition. They became the group of ten. The White House sprang into action, eventually engaging in hundreds of meetings and phones calls with lawmakers of both parties in the House and Senate. The administration coordinated visits by members of
the president’s “Jobs Cabinet”, and counselor Steve Ricchetti became a fixture on Capitol Hill. “If there was a special sauce it was relationships,” Transportation Secretary Pete Buttigieg said in an interview. The president was highly engaged, briefed multiple times a day about the talks and often directing the strategy. He worked the phones. Biden “was able to establish a tone,” Buttigieg said. Trump, like previous presidents, had sought to assemble an infrastructure package during his time at the White House, but often sent mixed signals to negotiators and frustrated lawmakers by threatening to withdraw support from items to which he had previously committed. But senators said it was clear when Biden sent his top aides to talk with the senators, “they had the president’s proxy”, Collins said. “That made a difference.” As final weeks of negotiations moved to Portman’s basement office at the Capitol, the group popped bottles of wine and ordered pizza for the difficult late-night sessions. Tempers flared, frustration mounted and exhaustion set in. “We didn’t fully throw pizza,” said Democratic Sen. Mark Warner of Virginia. But there were “lots of time when people do get mad with each other”. The whole deal almost collapsed the June day it was
Consolidated Statement of Changes in Equity (Unaudited) For the Six (6) Months Ended 30 June 2021 (Expressed in Bahamian dollars)
(Incorporated under the laws of the Commonwealth of The Bahamas)
Capital – Ordinary Shares $
Capital – Preference Shares $
Revaluation Reserve $
Retained Earnings $
Total $
20,410,050
15,000,000
971,225
61,429,700
97,810,975
Net income
-
-
-
10,332,288
10,332,288
Total comprehensive income
-
-
10,332,288
10,332,288
Depreciation transfer
-
-
(20,920 )
20,920
-
Total transfers
-
-
(20,920 )
20,920
-
Dividends – preference shares
-
-
-
Dividends – ordinary shares
-
-
-
-
Total transactions with owners
-
-
-
(483,493)
20,410,050
15,000,000
950,305
71,299,415
107,659,770
-
0.32
Capital – Ordinary Shares $
Capital – Preference Shares $
Revaluation Reserve $
Retained Earnings $
Total $
20,410,050
15,000,000
1,013,064
61,299,140
97,722,254
Net income
-
-
-
7,414,389
7,414,389
Total comprehensive income
-
-
7,414,389
7,414,389
Depreciation transfer
-
-
(41,839 )
41,839
-
Total transfers
-
-
(41,839 )
41,839
-
Dividends – preference shares
-
-
-
(975,000)
(975,000 )
Dividends – ordinary shares
-
-
-
(6,350,668)
(6,350,668 )
Total transactions with owners
-
-
-
(7,325,668)
(7,325,668 )
20,410,050
15,000,000
971,225
61,429,700
97,810,975
0.22
0.65
Consolidated Statement of Financial Position (Unaudited) As of 30 June 2021 (Expressed in Bahamian dollars) As of 1 January 2021
ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investments in joint ventures Property, plant and equipment
2021 $
2020 $
210,060,141 108,552,418 409,359,523 3,630,834 199,525 9,702,215
187,658,187 92,942,871 418,491,123 950,320 202,955 10,237,901
Total assets
741,504,656
710,483,357
LIABILITIES Deposits from customers Accrued expenses and other liabilities Debt securities
599,285,397 10,464,259 24,095,230
574,997,393 13,665,774 24,009,215
Total liabilities
633,844,886
612,672,382
20,410,050 15,000,000 950,305 71,299,415
20,410,050 15,000,000 971,225 61,429,700
Total equity
107,659,770
97,810,975
Total liabilities and equity
741,504,656
710,483,357
EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Retained earnings
first announced when Biden suggested at a news conference he would not sign it into law without also having his broader $3.5tn package alongside it, infuriating the Republicans who staunchly oppose that bill. Collins was waiting at the airport for a flight back home to Maine when she read the headline and immediately called Biden’s top staff for an explanation. Tester, sitting on his tractor at home in Montana, was dumbfounded. Biden sent a lengthy statement two days later assuring the group that he would fight for both bills and putting negotiations back on track. After Tuesday’s overwhelming vote in the Senate, the president called Majority Leader Chuck Schumer and each of the ten senators personally, reaching Sinema in the Senate cloakroom. “They sent me a note. It said, ‘Biden on three for you.’ I literally said, ‘I don’t know what that means,’” Sinema told The Associated Press. “He said congratulations and we spent some time talking about how important this victory is, not just for the work we’re doing on infrastructure but also to demonstrate that bipartisanship is still alive and our Congress can function,” she said. “And then we talked about continuing to work together to get this bill across the finish line and onto his desk.”
Comprehensive income
Transfers
Transactions with owners
As of 30 June 2021 Dividends per share
(483,493)
(483,493 ) (483,493 )
Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2020 (Expressed in Bahamian dollars)
As of 1 January 2020 Comprehensive income
Transfers
Consolidated Statement of Comprehensive Income (Unaudited) For the Six (6) Months Ended 30 June 2021 (Expressed in Bahamian dollars) 3 Months Ended 30 June 2021 $ INCOME Interest income Bank deposits, loans and advances Investment securities
6 Months Ended 30 June 30 June 2021 2020 $ $
Transactions with owners
As of 31 December 2020
15,090,919 1,023,684
30,456,330 1,925,822
32,271,948 1,724,338
16,114,603
32,382,152
33,996,286
Interest expense
(2,993,040 )
(5,976,247 )
(5,805,478 )
Notes to the Consolidated Financial Statements (Unaudited) For the Six (6) Months Ended 30 June 2021 (Expressed in Bahamian dollars)
Net interest income
13,121,563
26,405,905
28,190,808
Corresponding Figures
867,742 69,287
1,663,535 137,080
1,490,193 92,219
14,058,592
28,206,520
29,773,220
EXPENSES General and administrative Salaries and employee benefits Provision for loan losses Depreciation and amortisation
3,106,871 2,944,674 2,001,496 474,675
6,465,229 5,893,412 4,780,195 738,453
6,484,904 6,608,551 8,611,334 610,064
Total expenses
8,527,716
17,877,289
22,314,853
Operating profit
5,530,876
10,329,231
7,458,367
2,507
3,057
12,125
5,533,383
10,332,288
7,470,492
Fees and commissions Other income Total income
Share of profits of joint ventures Net income and total comprehensive income Weighted average number of ordinary shares outstanding Earnings per share
28,815,779
28,815,779
28,815,779
0.18
0.34
0.24
Dividends per share
Where necessary, corresponding figures are adjusted to conform with changes in presentation in the current year. Further, corresponding figures presented in the consolidated statement of financial position and related notes are as of 31 December 2020. Capital Management The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are:
To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).
To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and
To maintain a strong capital base to support the development of its business.
Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis. The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the six (6) months ended 30 June 2021 and the year ended 31 December 2020, the Bank complied with all of the externally imposed capital requirements to which it is subject. Subsequent Events Subsequent to 30 June 2021, the Directors declared a dividend on ordinary shares in the amount of $0.23 per share.