SEE PAGE B6
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ‘Second class citizens’ in the financial system A BAHAMIAN crowd funding platform was yesterday moving aggres sively to solve the challenges faced by small retail investors “cut out of the financial system”, adding: “We’ve treated these people like second classD’Arcycitizens.”Rahming Jnr, ArawakX’s chief technol ogy officer, told Tribune Business that “real world problems we have to fix as a society” were exposed when it inquired why the smallest investors in recent crowdfund equity offer ings had yet to actually pay for the shares they were acquiring.Inseeking to convert “pledges” into actual transactions, he explained that many purchasing the minimum amountbetween $36 to $50 worth of shares - were reveal ing that they either lacked bank accounts or, as work ers who were paid daily, could not afford to stand in bank lines since they would lose a day’s pay. Mr Rahming told this newspaper that such per sons had effectively been cut-off from the formal
Bahamas’ arrivals at 3m, just 16% off pre-COVID By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SEE PAGE B5 SEE PAGE B4 $50m project eyes ‘Bali in beautiful Bahamas’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BEL AIR RESORT NORTH ELEUTHERA D’ARCY RAHMING JNR PETER GOUDIE • Eleuthera development to create 200 full-time jobs • Developer: All approvals in; site clearance started • Briland experience to help: ‘I’m not a crazy guy’ SEE PAGE B4 • ArawakX: Challenge converting crowdfund pledges to purchases • Executive says ‘real world problems we have to fix as a society’ • Smallest investors lack accounts; can’t afford time on bank line $6.63 $6.63 $6.31 $6.30
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The monetary policy regulator, unveiling its July economic update, revealed that the annual domestic inflation rate had increased to 4.4 percent as opposed to 0.9 percent some 12 months ago just one day after the Prime Minister urged Baha mians to be frugal with their spending and warned that the country was “in for a rough “Reflectiveride”. of the passthrough effects of the increase in global oil prices and supply chain short ages, domestic consumer price inflation - as meas ured by the All-Bahamas Retail Price Index - rose to 4.4 percent during the 12 months to June, from 0.9 percent in the same period of 2021,” the Central Bank“Leadingsaid. this outturn, average costs for trans port rose by 14.2 percent; for communications by 12.2 percent; for educa tion by 2.3 percent; and for recreation and culture by 1.3 percent after posting respective reductions in the prior year. Further, aver age inflation accelerated for food and non-alcoholic beverages (7 percent); restaurants and hotels (6.8 percent); clothing and footwear (5.4 percent); health (4.8 percent); and furnishings, household equipment and mainte nance (2.1 “Similarly,percent).the rise in average costs quickened for alcoholic beverages, tobacco and narcotics and housing, water, gas, elec tricity and other fuels, by
THE Central Bank yes terday revealed that annual inflation for the year to June 2022 increased almost five-fold compared to the previous 12 months to give a stark indication of the cost of living crisis facing many Bahamian families.
A NORTH Eleuthera developer plans to create “a Bali in beautiful Bahamas” through a mixed-use pro ject forecast to generate up to 200 full-time jobs via a $50m investment in the resort component alone.
THE Bahamas received almost three million tour ist arrivals during the 2022 first half, it was revealed yesterday, with June’s numbers just 16 percent down on the record-break ing pre-COVID pace set in 2019.The Central Bank of The Bahamas, unveiling its monthly economic assess ment for July, reported that tourism’s post-pandemic recovery momentum was maintained although total visitor arrivals remain somewhat short of the trajectory that took this nation to 8.2m tourists in 2019 despite the devasta tion inflicted by Hurricane Dorian.“Ona year-to-date basis, total arrivals rebounded to 2.998m compared to 413,653 in the correspond ing 2021 period, when a 75.7 percent contraction was registered. Under lying this outcome, air arrivals rose to 734,976 passengers, extending the 2.2 percent gain in the preceding year, supported by growth in all major source markets. Further, sea arrivals increased to 2.263m visitors, following a 95.9 percent fall-off in 2021,” the Central Bank said.“Official data provided by the Ministry of Tour ism showed that total visitor arrivals by first port of entry rose to 562,485 in June from 135,092 visi tors in the comparative period of 2021. Contribut ing to this development, the dominant sea seg ment expanded to 421,225 visitors from 21,903 in the prior year. Similarly, air traffic increased to 141,260 from 113,189 in the previous year, restor ing 83.9 percent of the volumes registered in 2019. “A breakdown by major port of entry revealed that total arrivals to New Providence more than tripled to 265,252 visi tors in June from 83,314 in the corresponding period of 2021. Underlying this outturn, the air and sea segments both rose to 109,336 and 155,916 visitors, respectively,” it continued.“Likewise, traffic to the Family Islands strength ened to 261,812 from 44,543 a year earlier, as respective air and sea passengers measured 29,040 and 232,772. Fur ther, foreign arrivals to Grand Bahama increased to 35,421 from 7,235 in the previous year, owing
business@tribunemedia.net TUESDAY, AUGUST 30, 2022
Disclosing that site clearance has already at the 50.73-acre parcel located some 300 yards from The Cove resort, he added that the nec essary planning and environmental approvals - including the Environ mental Clearance Certificate (CEC) - have been obtained to allow Bel Air to proceed with construction work likely to start “within five months”.MrHarari, a Miami-based real estate developer who has delivered projects in Canada as well as three upscale villas on Harbour Island, told this newspaper the project’s build-out will see 50-100 construc tion workers on-site “at all times” with this number potentially increas ing to between 150-200 once work on Inflation jumps five-fold to back PM’s warning
THE Bahamas was yes terday urged “to get serious about fixing” its long-stand ing education crisis amid private sector fears that it will continue to undermine workforce productivity and economic competitiveness. Peter Goudie, the Baha mas Chamber of Commerce and Employers Confed eration’s (BCCEC) labour division head, told Tribune Business that the business community continues to be “very concerned” about the public education system’s output after just 13 per cent of students obtained five BGCSE grades of ‘C’ or higher in this summer’s exams.“That is a question that doesn’t need to be asked,” he replied to this newspa per’s inquiries. “Everybody’s concerned. They keep talk ing about reforming the education system, but it’s going to take years to fix it and that will only be if some one wants to fix it. “In many ways, social pro gression has to be stopped and people have to pass into the next grade. Yes, we’re very concerned. Of course we are. If people are not coming out with better than a ‘D-’ average, we have a problem. The thing is the Ministry of Education has got to get serious about fixing the problem, and also the private sector is wor ried about people with these grade averages and how much it’s going to affect our productivity.”Some633students gained five BGCSE grades that were ‘C’ or higher out of 4,906 total students who sat the exams this summer. That, though, was hailed by Ministry of Education offi cials as a 15 percent increase over the prior year when just 550 met this benchmark.
Eric Harari, principal for the Gregory Town-based Bel Air Resort development, told Tribune Busi ness in a recent interview he was seeking to “create something very special and unique” by combining the environment and culture that The Bahamas offers with the qual ity service typically found at Aman Resorts and other high-end Asian inspired boutique hotels.
Bahamas urged to ‘get serious on education fix’
SEE PAGE B6
The New Duff and its principal, Kendrick Dela ney, now advance to the next round, the Caribbean regional finals, in a global competition that pits the national winners from 200 countries against each other.
Philip Darville, owner/ operator of SolveIt Bahamas, said he under stood what the Prime Minister is trying to convey because there has been a “slow erosion of dispos able income” due to rising prices. “If you are not budgeting effectively, you could be in for a tough time especially within most households,” he added.
Gov’t’s ‘precarious finances’
The cost of travelling has also become more expensive for tourists. “This is what we have to be care ful about because we don’t know how long this is going to drag on, but this is like a pre-recession approach. Most banking executives are warning against exces sive spending, too,” Mr Darville added.
A BAHAMIAN startup with ambitions to take guava duff to an inter national audience says it recently won the local final of the Entrepreneurship World Cup.
Business Reporters
judges were Winston Rolle, a former Chamber of Com merce president and now vice-president of equi ties for the ArawakX Pan-Caribbean Securities Exchange, plus Christopher Moultrie, account exec utive, The Bahamas Company.TelecommunicationsInpreparationfor the Entrepreneurship World Cup global finals, Mr Dela ney will participate in an acceleration initiative that features virtual training and one-to-one mentoring targeted to their company’s current stage and growth trajectory.RyanLightbourne, the New Duff’s co-owner and head of operations, said: “Opportunities like this remind us to keep our heads down and forge ahead toward the ultimate goalinternational exposure”
The Entrepreneurship World Cup is a start-up pitch competition and sup port programme, featuring more than 370,000 entre preneurs from more than 200 countries and offer ing winners life-changing prizes. Since launching in 2019, the Entrepreneurship World Cup has awarded $3m in cash prizes, $150m in in-kind prizes and pro vided opportunities for entrepreneurs to reach the next stage in their journey by providing them with free access to training and resources.
BTVI partnership gives drop-outs Smart Start
URBAN Renewal leaders made a commitment to recruit Smart Start #dontcountusout participants following a meeting hosted by BTVI.
rule out tax offset to inflation
TAX and duty cuts to counter surging inflation are ruled out given the Government’s “precarious finances” and $12b-plus national debt, a governance reformer warned last night. Hubert Edwards, head of the Organisation for Responsible Governance’s (ORG) economic develop ment committee, backed the Prime Minister’s call for Bahamian consumers to be frugal in their spend ing given that this nation’s need to import virtually all it consumes leaves it at the mercy of global economic forces.Acknowledging that inflationary pressures may have yet to peak, with Bahamians feeling higher prices at the food store and gas pump, in particular, he argued that there was little the Government could do to ease the pain beyond the May Budget’s tariff cuts due to the growing need for tax revenue given its own fiscal crisis.
“The Bahamas is a net importer of inflation and, coupled with a regressive taxation regime, the con tinued heightened level of inflation holds serious implications for consum ers,” Mr Edwards asserted to this newspaper. “Our inflation comes hard baked into our imports, which gets further impacted by the regressive nature of the taxation system. “The one thing which appears to be certain is that inflation continue at the heightened levels we are currently experiencing and possibly go higher.... The Prime Minister is acknowledging the fact that since The Bahamas is an importer of inflation there is nothing we can do. Citi zens and residents will have to become more aware of how they spend, budget more effectively and adjust spending habits as a way of compensating for price increases.”MrEdwards pointed to the Government’s “diffi culty in giving up taxes at this time” due to its own deficit and debt pressures, and the scrutiny it is receiv ing from sceptical financial markets, rating agencies and investors. “The nature of our economy renders the Government extremely limited in doing anything about the level of inflation or its impact save giving up a portion of its already narrow fiscal revenue,” he added.“Short of giving up rev enue, the Prime Minister is accurate. There is nothing much that can be done and giving up revenue at this point given our precarious finances... holds implica tions for the future of the country’s debt. The Prime Minister’s call is therefore wise as it will likely get worse before it gets better.” With inflation, and asso ciated price hikes, largely negating the relief intended by the Budget’s tax cuts, Mr Edwards nevertheless urged the Government to focus on ways to enhance its “social safety net” as a means to protect the most “vulnerable segments of the population” from the cost of living crisis. Not all segments of the private sector agreed with Philip Davis QC’s call for “frugality”, with one busi nessperson branding it “the dumbest thing” they have ever heard amid fears it will cause a reduction in consumer spending and, subsequently, a contraction in economic activity. Manera Rolle, owner of Willow’s Wheelz, told Tribune Business it was a “silly statement” for the Prime Minister to say that consumers must now be “frugal” because inflation ary pressures will continue to mount over the coming months. “It’s obvious he never took an econom ics class, clearly. One of his advisors should have told him differently,” she argued.“Ifwe stopped spend ing, doesn’t that mean that the economy would go down? So I must not go to Goldie’s for a conch salad to help him pay for his staff. Wouldn’t that cause a trickle down effect if he tells us to stop spending? That’s the dumbest thing I have ever heard.” Mr Davis said at the weekend that Bahamians must be frugal with their spending because it appears the country is in for “a rough ride for another few months” from inflationary pressures.MsRolle has been unable to bring in her usual batch of vehicles to properly run her business due to the inflationary pinch. “I’ve found another way of bring ing in cars,” she added. “I have a link with some one who is able to bring in cars on a percentage, and what this new supplier is trying to do is they are trying to sell-off the cars before they get to Nassau, meaning that at least a person who was invested with them would be able to get paid back in addition to the remaining balance being paid-off. So that’s what this new supplier is trying to Alfredodo.”
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PICTURED from L to R are BTVI’s smart start co-ordinator, Val derine Major, and Urban Renewal’s Bain and Grants Town centre manager, Rosalie Thompson.
worse”.policy“contractionarytrybecausePrimetoo,moneyyouryousaidNutzowner/operatorBridgewater,ofCocoinGrandBahama,the“rationaleisthatshouldtrytosupporteconomybyhavingincirculation”.He,wasperplexedbytheMinister’scommentsforasmallcounsuchasTheBahamaseconomicwillmakethings
PAGE 2, Tuesday, August 30, 2022 THE TRIBUNE
“The Bahamas could globally export and make guava duff worldwide,” said Mr Delaney. “Just like the croissant and Cinnabon. Going global was always in the plan once we realised how quickly the Bahamian public embraced us, and we’re incredibly happy to be given the opportunity to show what we really can do.”The New Duff said its product combines the taste of original duff with guava-based sauce. Lazar Delorenzo Charlton, coowner responsible for business development and public relations, added in a statement: “Moving for ward in this competition is huge for us and a testament to all the hard work we put into being an innova tive, world-class Bahamian brand.”TheNew Duff emerged victorious from a 22-strong local field, with each con estant receiving access to free virtual training services and up to $25,000 to help them take their venture to the next level. Other finalists were said to have included Nassaubased Limeade Bahamas, a drinks start-up; Blue Water Organic Farms from Grand Bahama, a venture focused on rebuilding the shrimp farming market; AmberL, a Nassau start-up that has developed a skin care line; and Cruising Adventures, a Nassau company involved in the tourism and water sportsCompetitionarena.
“Whether it’s in grocery stores, whether it’s with electronics or with the cost of raw materials, they have gone up and labour, too, has gone up. The cost of trans portation is sky high. That means that you are going to get a lot less than what you are currently spending, and even less products for the amount of money. It’s going to be a challenge.”
Guava duff vendor triumphs in Entrepreneurship World Cup
THE Baha mas Technical and Vocational Institute (BTVI) has teamed with Urban Renewal in a bid to impact the lives of young persons who did not com plete high school during the COVID-hit years of 2020, 2021 and 2022. The two entities, in a statement, said Urban Renewal is using its Baha mas-wide network to scout for school drop-outs and get them to register for BTVI’s workforce readiness programme, Smart Start #dontcountusout.DrLinda A. Davis, BTVI’s interim pres ident, said Urban Renewal was the obvious choice to partner with for help in recruiting young people whose lives can be set on a different“BTVIpath.isaware of the large footprint Urban Renewal has made in con stituencies across The Bahamas. From tutoring programmes to character development workshops, Urban Renewal is on the ground and connected with residents from Grand Bahama to Inagua, and virtually every island in between. This is the reach BTVI’s Smart Start pro gramme endeavours to achieve,” said Dr Davis. The 12-week full-time, or 24-week part-time, Smart Start initiative allows par ticipants to earn a certificate in automotive mechan ics, beauty, construction or fashion at no cost to them. It includes a 30-hour service-learning, appren tice-type component that is incorporated in partnership with industry and business partners. The curriculum also stresses employability skills, professionalism and the importance of positive characterStephentraits.Dean, the Urban Renewal Commission’s chairman, said the Smart Start initiative is a viable option for Bahamian youth who want a successful career. “BTVI has taken the initiative and opened the door to a second chance at life for many members of disadvantaged com munities. Those who are normally marginalised now have more hope. For Urban Renewal, we saw this as a great opportunity aligned with our vision and mis sion,” he said. Along with recruitment support from politicians and community organisations, BTVI is inviting the pri vate sector to get involved with Smart Start or assist in equipping them with tools and equipment kits needed for any of the four certifi cate programmes currently available.TheSmart Start ini tiative began in Grand Bahama in mid-July and will be launched next month in New Providence. A rollout across several Family Islands will follow by the end of September or early October. Registration is ongoing and interested per sons, community groups or businesses can email smart start@btvi.edu.bs for more information.
By NEIL HARTNELL and YOURI KEMP Tribune
ELEUTHERA busi ness operators yesterday backed the Government’s plans to keep the Glass Window Bridge at two lanes instead of four as a common sense solution dic tated by projected traffic flows.Christopher Cates, the Lumber Shed’s owner, told Tribune Business that such a plan “just makes sense” because vehicle vol umes do not warrant four lanes despite the potential danger that the Atlantic side represents to motor ists during high seas and roughSelitaweather.Adderley, co-owner of Adderley’s Landscaping and Plant Nursery, added: “That road is not even big enough for four lanes. They need to keep it at two lanes because with four lanes it was going to cause a prob lem. That meant that they had to do a lot more con struction to open the road leading to the bridge even more, and it was going to become a problem.
it more friendly with our Bahamian heritage,” Ms Aranha said. “I do not want us to turn into Miami Beach. I want us to retain our Bahamian culture. The four pencils in a coffee cup didn’t appeal to us at all. The height has come down. That, I think, is a good thing. I think it’s good also for hurricanes. “It will also be a very good thing if there is a fire. I’m not too sure that with us being all the way out west we would have been able to handle a fire in a nine-sto rey building. The one thing is we must not lose our Bahamian culture because it’s so easy to get gobbled up by other countries.” Keenan Johnson, the Town Planning Commit tee’s chairman, told Tribune Business that “after exten sive deliberations” last Tuesday it had decided to allow the development proposed by Eastmor to proceed to the next stage of the approvals process pro vided the number of units is reduced by 22.
“With the waves beating up the bridge on a constant basis it is good to have the two lanes, so you won’t spend money on something that would erode quickly because it will be exposed more. It makes sense.” Dion Thompson, owner of Island Designs, Imag ing and Drafting, added: “I could agree with it just being two lanes. I really didn’t see the need for four lanes. The road gets pretty dangerous in bad weather, but I don’t know what they could do about that because even with four lanes the water that comes over the top is tremendous.”
He also backed shift ing the replacement bridge more towards the Eleuthera Bight/Caribbean side. “For safety it is better,” Mr Thompson added. The Government’s advis ers have ruled out replacing Eleuthera’s Glass Window Bridge with a four-lane highway because the island’s projected growth will not generate sufficient traffic volumes to warrant suchTheexpansion.results of a traf fic impact study, released ahead of a public con sultation on the bridge’s proposed replacement, said the two-lane solution - with traffic flowing both waysoffered sufficient capacity for commercial and passen ger vehicles for the next 20 years and beyond. Even with a so-called “high growth” scenario, which would see a 5 per cent annual increase in traffic, the Government’s engineers and planners said the 2,200 daily vehicles this would generate by 2042 - a doubling of today’s 1,100 autos passing over the Glass Window in both direc tions - was still far below levels requiring a four-lane solution.“Ahigh-level planning analysis of the capacity of the Glass Window Bridge was undertaken to assess the potential need for a four-lane structure based on 20-year travel demand forecasts. The requirement for widening is based on the volume-to-capacity ratio of the forecast 20-year traffic volumes to published theo retical lane capacities,” the report“Thesaid.
andbasedanotofofferslanethenariostrafficperiods,lessityyear,tion.ancles,14,000matedatransportationlevel-of-servicecapacityoftwo-lanebridgewasestibetween11,500toaveragedailyvehior700-to-800vehicleshourinthepeakdirecInthe2042horizonthevolume-to-capacratiowasfoundtobethan0.26inalltimedirectionsandvolumegrowthsceconsideredwithinassessment.“Therefore,thetwo-GlassWindowBridgeasignificantamountsparecapacityanddoesrequirewideningtofour-lanecross-sectiononprojecteddailyhourlytraveldemands.
Eleuthera businesses back two-lane Glass Window plan GLASS WINDOW BRIDGE ELEUTHERA CALL 502-2394 TO ADVERTISE TODAY!
HOPES were voiced yes terday that a controversial Lyford Cay condominium project will reflect “Baha mian heritage” and “not turn us into Miami Beach”. Kim Aranha, a resident of the western New Provi dence gated community, told Tribune Business that the size and scale reduc tions mandated by the Town Planning Committee have made the develop ment proposed by Eastmor Properties and its prin cipal, David Dingman, more acceptable for other residents.TheTown Planning Com mittee is requiring that the number of condo units be cut by 30 percent, and that the height be reduced by one-third from nine to six storeys, to address con cerns that the site will be overdeveloped. “I hope the architects will factor in a little bit of individuality in their designs and make
Mr. N’kem Kareem Wilson, Administrative Cadet is asked to contact the Human Resources Unit of the Department of Labour, Rosetta Street,PUBLICURGENTLY.NOTICE
Lyford Cay condo project told:
THE TRIBUNE Tuesday, August 30, 2022, PAGE 3
In the case where Eleuthera experiences significant urbanisation, investment in its tourism industry and a rising population, the bridge would still have significant capacity to accommodate an increase well beyond 20,000 persons on the island.”
He added, via What’s App message, that the Committee also wants the height to be lowered by three storeys although it had deemed the devel opment compatible with the relevant land use and zoning requirements. “The Committee agrees that the proposed use by the appli cant for condominiums is compatible with the land [use],” Mr Johnson wrote. “The Committee consid ers the proposal of nine storeys and 72 units to be an overdevelopment of the site. However, the Commit tee is prepared to accept a proposal of a maximum six storeys and 50 units. The above is subject to the applicant obtaining a Traffic Impact Analysis and a Cer tificate of Environmental Clearance.”TheTown Planning Com mittee’s decision now places the onus on Mr Dingman and Eastmor to determine if they can accept a reduc tion in the project’s size, and whether it can work financially with a reduced number of units for sale. A reduced size could also help lower construction costs. Some may also view the decision as an effort to keep both sides happy - giving Eastmor a way to proceed while addressing some of its opponents’ concerns. Mr Dingman did not directly address this or the Town Planning Committee’s stipulation that the condo complex’s height be cut by one-third in a statement to Tribune Business. Focusing on the positive, he pointed out that the Committee had upheld Eastmor’s argument that the project site could be used for a condominium development and pledged that the developer will now move to complete the stud ies and other approvals needed.“Eastmor is most appre ciative of the decision of the Town Planning Com mittee, which has affirmed the use of its land as a condominium site,” Mr Dingman said. “It looks forward to completing the studies requested by the Town Planning Committee, speaking with community stakeholders and to obtain ing final approval, so that building may commence. “As well as the positive economic impact antici pated, these condominiums will provide a vibrant Baha mian space for people who wish to enjoy condominium living.” The Town Plan ning Committee gave the go-ahead provided that Eastmor Properties reduces the density, scale and size of the proposed development. Besides the proposed development’s height, Lyford Cay residents also felt the project site was not zoned for multi-family dwellings. Ms Aranha said: “I thought it had originally been multi-family, and then it was converted to single family. My understand ing has been that those lots were originally zoned multi-family, and the people who bought it voluntarily changed it to single family.” The conveyance for lot 12 in Lyford Cay’s Block 46, subdivision three, where part of the condo complex is to be constructed, says the property as granted to Eastmor Properties is for use to construct a single family dwelling. The second schedule states that “no duplex house, apartment house or other building designed for occupation by more than one family with its guests and servants shall be built on any lot provided always that noth ing herein contained shall be deemed to restrict the building of condominium apartment units designed for occupation by more than one family on those lots previous designated on the plan but excluding the hereditaments”.MsAranhasaid: “I think condos are absolutely fine, but it needs to be done tastefully. I have no idea what the developers have in mind. I just hope that it will be done tastefully and I hope there is more park ing. If they cut the tops off of their towers right now they still wouldn’t have enough parking space. I believe in Bahamian law you need 1.2 parking spaces for every unit by law.”
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
‘Don’t turn us into Miami Beach’
RAPHAELLiquidatorBAUMANN,
(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 30th day of August, 2022.
3m, just 16% off pre-COVID
‘Second class citizens’ in the financial system
As for short-term vaca tion rentals, data provided by AirDNA showed that total room nights sold for the seven months to endJuly 2022 rose by 51.7 percent year-over-year while average daily rates (ADR) for “hotel compara ble” properties jumped 12.1 percent. The average ADR rate for entire place list ings increased by 8 percent year-over-year.“Intheshort-term vaca tion rental market, data provided by AirDNA for July revealed ongoing gains,” the Central Bank said. “In particular, during the month, total room nights sold expanded to 170,904, from 129,708 in the corresponding 2021 period. Underlying this outturn, the occupancy rate for hotel comparable listings firmed
FROM PAGE B1 financial and banking system, meaning that The Bahamas still has some way to travel before it can con vert promises of financial inclusion into reality. Some of the smallest investors, he added, were prepared to spend more than their daily pay to acquire shares in the companies offered via the crowdfund shareensuretoasandviders,withArawakXplatform.isnowworkingdigitalpaymentprosuchasCashN’GoIslandPay,aswellthecommercialbanksfacilitatepaymentandpledgesconvertintoownership.However, Mr Rahming confirmed this will likely take some time, and added: “To solve anything in this town is not easy.”Hetold Tribune Business: “What we’ve discovered in trying to make the market more financially inclusive is that when people purchase $36 or $50, those are people with no bank account. Those are people who have never bought securities in their“Whatlife. we are finding is that we’re calling them. They say: ‘I’m going to pay, I’m going to pay. I want to be a participant in the financial system, I want to own assets. But it’s difficult for me to pay because I get paid daily’. And it’s difficult for them to stand on a bank line.“Think about the guy making a daily wage. It’s like that for a couple hundred people we have talked to. It’s not like they don’t want to pay. They cannot afford to stand on the bank line as they will lose a day’s pay. That’s why we’re addressing these pay ment options. That’s why we’re working with Cash N’ Go and other providers to give people a plethora of payment options. They want to be part of this, but the system is so difficult to makeChefpayments.”Kevin Culmer, founder of Tropical Gyros, the restaurant business that has raised its $320,000 minimum capital target via ArawakX, confirmed to this newspaper that the offering was still struggling to con vert some investor pledges into actual share purchases. “The difficulty we’ve been having is that we’ve got a lot of pledges,” he explained. “The one thing is people getting into pay, so ArawakX is coming up with options for people to go to Cash N’ Go and Island Pay so that they can convert pledges into cash and share ownership.”MrRahming, mean while, added: “I’ve always had a bank account, and never thought it would be so difficult for people to make payments. But we’ve treated them like secondclass citizens. They’re cut out of the system. We want to be as financially inclu sive as possible, but there are real world problems we have to fix as a society. “These people have to pay more than their daily wage to invest. My God, that’s incredible. That’s what we’re experiencing. The real world. It’s fine to say we will be financially inclusive, but to get to the crux of it that is a real prob lem. I couldn’t live under those circumstances. It’s insane.“That’s what’s really hap pening and we’re working our way through it. We’re working with the payment services providers and other financial institutions to solve it. I don’t think any one’s figured out why are financial system is like that but that’s the way it is. It’s going to be solved. It’s just time.”The Central Bank has previously argued that access to bank accounts is relatively good, with domestic commercial banks reporting having around 495,000 custom ers and 580,000 accounts as at year-end 2020. How ever, Mr Rahming said that besides the “tie in” with digital payment providers, ArawakX is also seeking to open up its own account with each of the commercial banks to help make investor payments easier. “I’m just thinking about all the forms I have to fill out,” Mr Rahming joked. “There’s lots of inefficiency in this space, which will take time to take out, but from the outside we’re trying to close that gap. It’s the smaller investors. It’s not a lot that they’re buying, $36, $50, but when you get a lot of them it adds up really quickly. These guys may not own a home, but can participate in society at some level and this is all this is about.“We’ve spent the last couple of months of the [Tropical Gyros] raise trying to get down to the problem. People are reluc tant to admit some of these things, that they don’t have a bank account, and it takes time to get the facts from people. For the first 30 days people were saying they will pay next week, next week. That’s Bahamian speak for ‘we’ll get to “Eventuallyit’. people said it was just too difficult; that they cannot afford to stand on this bank line. When we found out about this it was: ‘Oh my God. I can’t imag ine living like that’. This is a labour of love for our com pany. We know we need it as a business community for the financing, but we also need it as an investor com munity. People need to be allowed to participate in the system.”
Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 23rd day of September, A.D., 2022. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 30th day of August, A.D., 2022 Daniel A. LiquidatorBates 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
SILMARIL LIMITED
FROM PAGE B1
HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
(b) The dissolution of the said company commenced on the 24th August, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.
Dated the 30th day of August, A.D., 2022 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
Notice is hereby given that the aforementioned Company has been dissolved and struck off the register.
CST Administration (Bahamas) Limited Liquidator
(b) The dissolution of the said Company commenced on the 25th day of August, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General.
N O T I C E
(a) EXXONMOBIL RUSSIA KARA SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 25th day of August, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General.
N O T I C E IS HEREBY GIVEN as follows: (a) MAINDUCK INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
MAINDUCKLIMITEDINVESTMENTS
(b) The dissolution of the said company commenced on the 24th August, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
PAGE 4, Tuesday, August 30, 2022 THE TRIBUNE
Bahamas’ arrivals at
N O T I C E
Pursuant to Section 167(8) of the International Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines, 2009.
EXXONMOBIL RUSSIA BLACK SEA SERVICES LIMITED
N O T I C E IS HEREBY GIVEN as follows:
(c) The Liquidator of the said Company is Daniel A. Bates, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.2 Dated the 30th day of August, A.D., 2022
(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 30th day of August, 2022.
to gains in the air and sea components to 2,884 and 32,537, respectively.”
EXXONMOBIL RUSSIA KARA SEA SERVICES LIMITED
N O T I C E NICODEMUS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) NICODEMUS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
CST Administration (Bahamas) Limited Liquidator
EXXONMOBIL RUSSIA KARA SEA SERVICES LIMITED N O T I C E IS HEREBY GIVEN as follows:
The Central Bank added that total visitor arriv als for the 2022 first-half had increased more than seven-fold compared to the same period in 2021, rising by some 624.9 per cent, which comes as little surprise given that the prior year was still impacted by COVID-related restric tions, lockdowns, border closures and testing meas ures designed to combat the virus’ spread. For the first six months of 2022, air arrivals more than doubled year-over-year, rising by 105.6 percent, while sea arrivals were ahead by 3,934 percent due to the near-total shutdown of cruise traffic with that
LEGAL NOTICE N O T I C E
N O T I C E
Dated this 30th day of August, 2022. Bukit Merah LiquidatorLimited
(b) The dissolution of the said company commenced on the 24th August, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.
LEGAL NOTICE THE BUSINESS COMPANIES (AMENDMENT AND CONSOLIDATION) ACT, CHAPTER 149 OF THE REVISED LAWS OF SAINT VINCENT AND THE GRENADINES, 2009 CAENDIE LIMITED (NO.: 18753 BC 2010) (NOTICE OF COMPANY DISSOLUTION) (THIRD PUBLICATION)
Dated the 30th day of August, A.D., 2022
“In addition, rising energy costs could erode the travel industry’s com petitiveness, while the major central banks’ coun ter-inflation policies could constrain travel spend ing capacity of key source market consumers. None theless, new and ongoing foreign investment-led projects, combined with post-hurricane rebuild ing works, are anticipated to provide stimulus via the construction sector, which will foster economic growth.”
EXXONMOBIL RUSSIA BLACK SEA SERVICES LIMITED
N O T I C E
Daniel A. LiquidatorBates 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
LEGAL NOTICE
industry only starting to resume sailing in June 2021. Meanwhile, departures from Lynden Pindling International Airport (LPIA), the country’s pri mary aviation gateway, also more than doubled for 2022 to-date with a 107.6 per cent increase for the seven months to end-July. US departures were up 87.4 percent, representing The Bahamas’ core market, while non-US departures jumped more than six-fold or by 570.9 percent as they were slower to re-open post-COVID.“Themost recent data provided by the Nassau Airport Development Company (NAD) indi cated that, for the month of July, total depar tures net of domestic passengers advanced to 144,368 from 114,548 in the corresponding month of 2021,” the Central Bank said. “In particular, US departures accelerated to 129,181 from 109,454 in the prior year, while non-US departures grew to 15,187 vis-à-vis 5,094 in the previ ous“Onyear. a year-to-date basis, total outbound traf fic more than doubled to 775,852 from 373,787 passengers in the preced ing year, a recovery from the 2 percent decline last year. Reflecting this out turn, US departures rose by 87.4 percent to 671,192 visitors, surpassing the 12.1 percent increase in the comparative period in 2021. Similarly, non-US departures accelerated to 104,660, a reversal from the 74.7 percent contraction in the corresponding period last year.”
(a) EXXONMOBIL RUSSIA BLACK SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.
LEGAL NOTICE N O T I C E
to 55 percent from 54.1 per cent a year “Conversely,earlier.the occu pancy rate for entire place listings declined margin ally to 61.8 percent from 62.8 percent in the previ ous year. Further, price indicators showed that, year-over-year, the average daily room rate (ADR) for both entire place listings and hotel comparable list ings grew by 7.7 percent and 8.3 percent to $538.01 and $195.88, respectively.” The Central Bank, as a result, saw no need to change its economic out look or monetary policy stance. “The domestic economy is expected to maintain its recovery tra jectory in 2022, supported by further strengthening in tourism sector output. However, downside risks to the industry persist, as the emergence of new strains of the COVID-19 virus could potentially stall the progress made on the inter national health front and disrupt travel sector activ ity,” it added.
N O T I C E IS HEREBY GIVEN as follows: (a) SILMARIL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(c) The Liquidator of the said Company is Daniel A. Bates, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.2
Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 23rd day of September, A.D., 2022. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
the planned 44 residential home sites begins. Pledging that the develop ment will seek to employ as many Bahamians, and espe cially Eleuthera natives, as possible, he revealed the first phase will involve a $15m investment on con struction of the club house, associated amenities and 15 cottages that will be the first units in a hotel pool intended to ultimately be 70-strong.Describing The Bahamas as his “second home”, Mr Harari said construction work on the first phase will likely take between six to eight months from start, and the first buildings should emerge by summer 2023. Asked why he had selected North Eleuthera as the site for his second Bel Airbranded development, the developer cited airlift access to major aviation hubs such as Miami and Fort Lauderd ale as well as proximity to his existing interests in Har bour“FirstIsland.off, I love North Eleuthera specifically. I’ve been to central Eleuthera, but I haven’t gone as far as south Eleuthera. I was looking for sites, and what attracted me is the proxim ity to Harbour Island,” Mr Harari told Tribune Busi ness. “There’s no land in Harbour Island any more. We bought 55 total acres. Harbour Island is 400 acres. It’s about 12 percent [sic 13.75 percent] of the island. “My second home is The Bahamas. Why would I do it anywhere else? I wanted to create something very spe cial, bringing like a Balinese Bahamas project with a lot of privacy between the units. To bring Bali, Asia in The Bahamas, this was my inspiration. This is some thing very different. “I’ve visited multiple Aman Resorts where the attention is on service. The service is impeccable, and there is a large number of staff working in the hotel compared to the number of guests. It can be a Bali in beautiful Bahamas. I’ve been to the Maldives, Taiwan, Japan. But when I walk into this place it slaps me in the face, Eleuthera, Harbour Island,” he continued.“It’sstuck in time, and that’s what I like. I would imagine it was the same 50 years ago. This is the chal lenge and why no one is coming. No one wants to be the first in. It’s an oppor tunity to create something special. We’re very excited to have this opportunity to create something unique.” The Environmental Impact Assessment (EIA) for the Bel Air project, pro duced by Bahamas-based SEV Consulting Group, reveals that unlike many resort and beachfront developments Mr Harari is proposing no marina or golf course facilities. The project will instead feature a resort compo nent featuring 70 cottages complete with a restaurant, bar, pool, gym and spa. A further 20-30 cottages will be linked to a beach club house, while 44 residential lot/home packages will be offered to potential real estate buyers. Bel Air’s total 56 acres is rounded out by a 5.41 acre parcel some 3.5 miles north west of Gregory Town on Gaulding Cay. “The Gauld ing Cay property is one of the most beautiful I’ve seen and and we’re going to do a bistro and beach club for our clients. We intend to recreate a pool beach on The Bluff property, but people also want a beach experience.” Mr Harari said.Revealing that the CEC approval was received from the Department of Environmental Planning and Protection one month ago, the developer added: “We’ve already started the site preparation and have been in there for three weeks. It’s tedious work. We’re starting to push the roads down, and are pre paring to start construction probably within five months.
“In phase one we’re going to do the clubhouse, luxury amenities and are going to start 15 cottages. Some $15m will be invested in the first instance on the hotel part, and we’re probably talking $40m-$50m over the life of the project for the hotel part. We will build to 70. Once we start with this, we will scale it up every year by building another 15 so that it’s “Whensustainable.thewhole hotel part is fully completed, we anticipate 150-200 people will be working there. The construction part, we’re going to have sub-contrac tors, so there will probably be 50-100 people at all times.”Having studied law at university, Mr Harari said he entered the construction and real estate business in Miami in 1999 with a focus on the short-term rental market prior to the evolu tion of vacation rental sites such as Airbnb. After decid ing to exit the Miami market because it was over-satu rated, he launched his first Bel Air - Bel Air Tremblant - in Canada as a 543-acre site located minutes away from Quebec’s Mount Tremblant Ski Resort. Having initially thought it would take 15 years to build out, Mr Harari said some 133 lots spread across 400 acres have now been acquired by real estate buyers, with 120 of those sales occurring within four years. Some 40 homes have already been built, he added, while a 90-unit hotel was developed over the remaining 143 acres. Besides Canada, his other focus has been The Bahamas. “I fell in love with Harbour Island,” he revealed. “I’ve been coming to The Bahamas for 40 years, and went to Harbour Island for the first time in 2001. I said it was beauti ful, and would like to build a home for myself.” While it took around more than a decade to find a suitable site, Mr Harari has now developed three high-end rental properties
THE TRIBUNE Tuesday, August 30, 2022, PAGE 5
- the La Palmeraie Villas collection - two of which are next to each other on the pink sand beach. These two each have nine bedrooms, while the third has seven and is located 300 feet from the beach. Collectively, they can accommodate 50 persons.Disclosing that some $25m has been invested col lectively in these properties, Mr Harari said their devel opment had given himself and his team the necessary experience to navigate The Bahamas’ approvals process more seamlessly than new comers to this country. “One of the big differ ences we have with other people... People say I’m a crazy guy, just another crazy guy. I don’t think I’m crazy. I understand how The Bahamas works. We got this project approved in nine months. It was complicated. We did it, and are moving along,” he told Tribune Business “When people tell me it’s complicated, it’s complicated. The Baha mas is very hard. It’s easy to fall in love, but is hard to execute because people do not know what they’re faced with. I know how this works.” Mr Harari said the boutique size of his company, with 50-60 per sons split between Miami, Canada and The Bahamas, give it an advantage over larger rivals by afford ing flexibility as well as the chance to be innovative and creative with projects.
$50m project eyes ‘Bali in beautiful Bahamas’ FROM PAGE B1
10.655.40Commonwealth Brewery
PREFERENCE SHARES 1.001.00Bahamas
2.522.11
16.648.65
8.255.29Colina Holdings
‘GET SERIOUS ON EDUCATION FIX’
First Holdings PreferenceBFHP 1.00 1.000.00 0.0000.0000.0000.00% Cable Bahamas Series 6 CAB6 1000.001000.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 9 CAB9 1000.001000.000.00 0.0000.0000.0000.00% 1.001.00Colina Holdings Class A CHLA 1.00 1.000.00 0.0000.0000.0006.25% 10.0010.00Fidelity Bank Bahamas Class A FBBA 10.0010.000.00 0.0000.0000.0007.00% 1.001.00Focol Class B FCLB 1.00 1.000.00 0.0000.0000.0006.50%
NOTICE is hereby given that JUNIOR JEAN-LOUIS of Treasure Cay, Abaco, 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 shouldregistration/naturalizationnotbegranted,should send a written and signed statement of the facts within twenty-eight days from the 23rd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The Public is hereby advised that I, HEATHER JONES HAM of Hanna Hill, Eight Mile Rock, Grand Bahama, Bahamas, intend to change my name to HEATHER JONES. 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
the last 12 month earnings TO TRADE CALL: CFAL
NOTICE is hereby given that CHANDELINE ARISTILE of East Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
INFLATION JUMPS FIVE-FOLD TO BACK PM’S WARNING
FX BGR132249 BSBGR1322498100.00100.000.00 100.0090.73BGRS FX BGR136150 BSBGR1361504100.00100.000.00 MUTUAL FUNDS 52WK HI52WK LOW
15.500.00
1.841.75
“A Bahamian executive makes it a practice to inter view all job candidates in his departments; and during each interview he always leaves the office and asks the candidate to write a brief paragraph that includes his name and a description of his education and/or work experience. Invariably the applicant cannot write a par agraph with clear sentences, correctly arranged and with minimal spelling errors.”
BAHAMAS URGED TO
NOTICE
Turning to the eco nomic implications, the Coalition’s report added: “The Bahamian business man cannot help but agree with the BGCSE report that the overall level of aca demic achievement of high school graduates is ‘totally unacceptable’.“Hecannot help but worry about a world that is becoming ever more ‘knowl edge driven’. Improvements in productivity can come with the adoption of new technologies that require increased worker and managerial skills, and sur vival may be possible only by exploiting new service industries requiring greater job skills. In discussing the BGCSE reports and the untapped resource, one can only conclude that some thing significant must be done with the Bahamian educational system.”
16.000.00
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price
12 months
to
Vol.
|
31-May-202231-May-202231-Jan-202231-Jan-202231-Jan-202231-Jan-202231-May-202231-Jan-202231-Jan-202231-Mar-202115-Oct-204923-Sep-203221-Apr-205025-Mar-202215-Oct-202226-Jun-204526-Jun-202230-Jul-204515-Dec-204430-Jul-202215-Dec-2021
4.50%6.95%
INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
In the commercial banking sector, both non-perform ing loans and short-term arrears declined during July. “Specifically, total private sector arrears were reduced by $27.2m (3.9 percent) to $661.9m, corresponding with a 48-basis point decrease in the associated ratio to 12.2 percent of outstanding claims,” the Central Bank said.“An analysis by average age of delinquency showed that non-performing loans (NPLs) fell by $23.9m (4.9 percent) to $463.9m, with the relevant ratio lower by 43 basis points, at 8.6 per cent, and declines in the NPL rates for commercial loans by 57 basis points to 5.3 percent; consumer loans by 53 basis points to 7.9 per cent, and mortgages by 30 basis points to 10.3 percent. “In addition, short-term arrears (31-90 days) reduced by $3.3m (1.6 percent) to $198m with the accompa nying ratio narrowing by five basis points to 3.7 per cent. Disaggregated by loan category, consumer delin quencies contracted by $13m (5.9 percent) to $208.5m as both the non-accruals and short-term segments fell by $11.2m (6.7 percent) and by $1.8m (3.3 percent), respec tively,” it “Similarly,added. mortgage arrears declined by $9.6m (2.4 percent) to $392.3m, reflecting respective fall-offs in long and shortterm arrears of $7.7m (2.9 percent) and $1.9m (1.4 percent). Further, com mercial arrears reduced by $4.6m (7 percent) to $61.1m as the non-perform ing segment decreased by $5m (9.3 percent), overshad owing a $0.4m (2.9 percent) uptick in the short-term component.”
FROM PAGE B1
31-Mar-202230-Sep-2025
NOTICE is hereby given that VEONICA VERSANE of Key West Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MATURITY
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund 4.25%6.25%4.50%6.25% NAV Date 4.30%5.69%5.65%
| ROYALFIDELITY
4.693.30
2.761.30Bank of Bahamas BOB 2.51 2.760.25 2,0000.0700.000N/M0.00% 6.205.75Bahamas Property Fund BPF 6.20 6.200.00
11.6711.25Emera Incorporated
PAGE 6, Tuesday, August 30, 2022 THE TRIBUNE
8.230.00
18.3014.05Fidelity Bank
207.86164.74
$
11.008.20Finco
per share paid
MARKET REPORT
1000.001000.00
1.831.76
FROM PAGE B1 2.8 percent each. Provid ing some offset, the average cost for miscellaneous goods and services decreased by 1.8 percent following a gain of 2.7 percent in 2021.” Elsewhere, the Central Bank revealed that exter nal reserves ended July at more than $3.33bn driven by foreign currency flows generated by the private sector as tourism and the wider economy continued to rebound. “External reserves increased by $83.6m to $3.33bn during the review month, expanding the $37m accumulation in 2021, buoyed by net foreign cur rency inflows through the private sector,” it added..
11.288.25Doctor's Hospital
10.057.50Bahamas Waste BWL 9.75 9.750.00
MARKET TERMS from day day EPS $ - A company's reported earnings per share for the last 12 mths Daily - Number of total NAV - Net Asset Value DIV - Dividends in the last N/M - Not Meaningful P/E - Closing by 242-502-7010 242-356-7764 242-502-7525 242-396-3225 BENCHMARK 242-326-7333
3.91 4.000.09
shares traded today
FRIDAY, 26 AUGUST 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2610.713.280.13382.4717.16 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 6.985.30 AML Foods Limited AML 6.98 6.980.00 0.2390.17029.22.44% 53.0033.80 APD Limited APD 39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 2.612.20Bahamas First Holdings Limited BFH 2.46 2.460.00
The Public is hereby advised that I, MARIO NEILLY also known as MARIO ROOSEVELT NEILLY of the Settlement of Lower Bogue, on the island of Eleuthera, intend to change my name to MARIO ROSEVELT NEILLY. 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.
5.55%4.33%4.31%4.30% 15-Apr-204926-Jul-202817-Apr-203323-Sep-20324.87%4.43% 26-Jul-20377-Sep-2022 6.25%
3.652.27Commonwealth
FX
price divided
17.509.80CIBC FirstCaribbean
3.450.00
“Contributing to this out turn, the Central Bank’s net foreign currency purchases from the public sector broadened to $54.8m from $15.3m in the preceding year. In addition, the Cen tral Bank’s net purchases from the commercial banks rose to $33.9m from $21.5m in the same period last year. Further, commercial banks’ net intake from their clients grew to $23.1m from $20.4m in the prior year.” As a result, the Cen tral Bank said there was no threat to the exter nal reserves and, by extension, the Bahamian dollar’s one:one fixed exchange rate peg with its US counterpart. “Exter nal reserves are forecast to remain buoyant over the year, ending 2022 above international benchmarks, bolstered by anticipated foreign currency inflows from tourism and other net private sector receipts,” it added.“Consequently, exter nal balances should remain more than adequate to sus tain the Bahamian dollar currency peg... In the labour market, the unemployment rate is forecast to remain above pre-pandemic levels, although decreasing, with job gains concentrated predominantly in the con struction sector and the full rehiring of tourism sector employees.“Interms of prices, infla tion is projected to remain elevated, attributed to the rise in international oil prices, higher costs for other imported goods and supply chain shortages, related to geopolitical tensions in East ernForeignEurope.”currency demand was also elevated as the Bahamian economy recov ers from its post-COVID lockdown. “Preliminary data on foreign currency sales for current account transactions showed a $99.7m rise in outflows to $563.1m in July relative to the same period in the previous year,” the Central Bank “Specifically,said. payments for ‘other’ current items moved higher by $53.2m, primarily credit and debit card transactions, while oil and non-oil imports rose by $42.4m and by $21m, respec tively. Further, increases were registered for trans fer payments ($6.7m) and travel-related transactions ($1.7m). In a modest offset, factor income payments decreased by $15.6m, com pared to the same period last year.”
BGRS88028
FX
9.376.41
| CORALISLE
| LENO
Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F 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 (242)323 2330 (242) 323 2320 www.bisxbahamas.com
1.741.69
11.837.62
CORPORATE DEBT - (percentage pricing) 52WK HI52WK LOWSECURITY SYMBOLLAST SALECLOSECHANGEVOLUME 100.00100.00Fidelity Bank (Note 22 Series B+)FBB22 100.00100.000.00 100.00100.00Bahamas First Holdings LimitedBFHB 100.00100.000.00 BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92104.79Bahamas Note 6.95 (2029) BAH29 107.31107.310.00 100.00100.00BGS: 2014-12-7Y BG0107 100.00100.000.00 100.00100.00BGS: 2015-1-7Y BG0207 100.00100.000.00 100.00100.00BGS: 2014-12-30Y BG0130 100.00100.000.00 100.00100.00BGS: 2015-1-30Y BG0230 100.00100.000.00 100.00100.00BGS: 2015-6-7Y BG0307 100.00100.000.00 100.00100.00BGS: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 100.2299.98BGRS FL BGRS99032 BSBGS990326100.50100.500.00 200 100.2299.98BGRS FL BGRS99032 BSBGRS990326100.50100.500.00 100.4399.96BGRS FL BGRS97033 BSBGRS970336100.09100.090.00 100.43100.43BGRS FL BGRS75022 BSBGRS750225100.54100.540.00 100.34100.04BGRS FL BGRS81037 BSBGRS810375100.34100.340.00 100.23100.00BGRS FL BSBGRS880287100.00100.000.00 100.0089.62BGRS BGR129249 BSBGR129249389.6289.620.00 100.0089.00BGRS BGR131249 BSBGR1312499100.00100.000.00 100.9890.24BGRS NAV YTD%12 MTH% 2.520.99%4.22% 4.690.36%5.78% 2.210.67%2.74% 197.44-2.97%-2.35% 202.39-4.72%6.04% 1.741.37%3.03% 1.841.19%5.23% 1.831.62%4.13% 0.97-5.25%-6.07% 9.37-0.02%10.36% 11.79-0.33%18.23% 7.540.22%3.05% 15.94-3.89%14.76% 12.8410.54 12.47-1.04%-2.57% 10.779.57 10.740.81%4.20% 10.009.88 N/AN/AN/A 10.438.45 10.433.00%25.60% 14.8911.20 14.897.90%48.70%
2.221.68
1.030.97
Mr Goudie, who is among the private sector repre sentatives on the National Tripartite Council, the body that deals with all labour-related matters in The Bahamas, said pro ductivity-related concerns surrounding the quality of public high school gradu ates - their skills, knowledge and suitability for the work environment - were why a Productivity Council had been included in this nation’s Decent Work coun tryThatprogramme.hasbeen approved by the Government, and he added that an apprenticeship initiative is also planned. Both that and the Produc tivity Council, though, await the necessary funding from the Government and there has been no indication yet on how or when this will be forthcoming.“We’vegot to have people coming out of school with enough education to be productive,” Mr Goudie reiterated. “We’re going to have a problem. We’re going to have a problem if we can’t increase productivity. Anyone can figure that out. It’s very “We’veurgent.talked about reforming the education system for years, but it has not been done. Until some one gets serious we’re not going to get anywhere. All you have to do is ask your self how long have we had a ‘D-’ average on the BGCSE. That’s all you have to ask yourself. That’s not accept able. We’re in trouble.” A highly-educated, skilled and agile workforce is critical to The Bahamas’ economic prospects in the service-oriented export industries in which it com petes as an international business and financial centre, focused on tourism and financial services. Yet every year there have been concerns over how many of the estimated annual 5,000 high school leavers, espe cially those entering the workforce, will find gainful employment.Some392 students, or just 7.99 percent of those that took the BGCSEs this summer, earned a ‘C’ or higher in maths, English and a science, further serving to highlight concerns about the literacy and numeracy levels of high school gradu ates. Another 952, or 19.4 percent, gained a minimum ‘D’ grade in at least five subjects. The results came as Sandals Royal Bahamian prepares to hold a job fair tomorrow seeking 60 Baha mian recruits to fill a variety of Theposts.results show that little to nothing has changed since the private sector’s Coalition for Education Reform pro duced its 2005 report, drawn up by economist Ralph Massey, which revealed that the average mean math and English BGCSE grades for 2004 were ‘E’ and ‘D-’ respectively.Highlighting real-life examples of functional literacy, or the lack of it, among Bahamian job seek ers, the report said: “A recent high school graduate in a beginning class at the Bahamas Technical & Voca tional Institute answered ‘22’ to the question ‘What does 2 times 2 equal?’ The next question ‘What does 7 times 7 equal?’ was answered ‘14’.
4.152.82Cable Bahamas
3.131.99Consolidated Water
NOTICE is hereby given that NELSON JEAN-LOUIS of Treasure Cay, Abaco, 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 shouldregistration/naturalizationnotbegranted,should send a written and signed statement of the facts within twenty-eight days from the 23rd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
4.003.50Focol
16.5015.50J. S. Johnson
10.150.00
10.8510.00Famguard
7.545.66
INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
212.41116.70
NOTICE
NOTICE 0.1400.08017.63.25% 1.7600.000N/M0.00% 0.3690.26026.42.67% CAB 1,000-0.4380.000-9.1 0.00% CBB 10.15 0.1400.00072.50.00% Bank CBL 3.45 0.1840.12018.83.48% CHL 8.23 0.4490.22018.32.67% Bank CIB 16.00 0.7220.72022.24.50% BDRs CWCB 3.28 3.27 (0.01) 0.1020.43432.113.27% DHS 10.26 10.260.00 0.4670.06022.00.58% EMAB 11.62 11.52 (0.10) 0.6460.32817.82.85% FAM 10.85 10.850.00 0.7280.24014.92.21% (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% FCL 3.90 3.900.00 0.2030.12019.23.08% FIN 11.00 11.000.00 0.9390.20011.71.82% JSJ 15.50 0.6310.61024.63.94%
INTEREST Prime + 1.75% 31-Mar-202131-Mar-2021 31-Mar-202231-Mar-202220-Nov-202919-Oct-2022 31-May-202231-Mar-2022 5.60%6.25%4.50% 15-Jul-2049
