Fidelity’s $500k behind but ‘still on $25m track’ despite falling
Bahamas island saved from ‘a complete loss’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SEE PAGE B5 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net • Insurance ‘unfreeze’ deal for alleged fraudster • Alleges Abaco
• Fears Dorian-type hit; SEC sceptical of figures JOSEPH CAMMARATA SEE PAGE B2 STEPHEN WRINKLE LEONARD SANDS • BISX-listed bank ‘has some work to do’ in second half • Merchant services ‘catch up’ to aid full-year profit goal • Credit bureau’s launch catches out some borrowers GOWONBOWE Tourism ‘treading warily’ over Junkanoo Beach SENATOR RANDY ROLLE $6.63 $6.29 $6.31 $6.30
A BAHAMIAN private island, which is among the most valuable assets owned by an accused $40m securities fraudster, was yesterday rescued from becoming “destroyed and a complete loss” via a US court-approved deal. Judge Chad Kennedy, sitting in the eastern Penn sylvania district court, oversaw an agreement between Joseph Cam marata and the Securities & Exchange Commission (SEC) that will allow the former to unfreeze some $38,000 in a last-ditch bid to insure Sandy Cay just days before the Atlantic hurricane season hits its traditional peak. Mr Cammarata, who with his co-accused is facing both civil and crimi nal charges that he stole monies intended to com pensate victims of earlier securities frauds, is alleging that the SEC in obtain ing a freeze over all his bank accounts and other assets has “neglected the preservation” of their value.He claimed, in an August 16, 2022, letter to Judge Kennedy that some $14m worth of assets had been placed in great peril through becoming “abandoned, [falling] into disrepair, being broken into, looted and presently uninsured”.
A member of The Baha mas Civil Aviation Council as well as a Bahamas Flying Ambassador, who attended the recent four-day private aviation meeting in Grand Bahama, he also disclosed that he was surprised to see multiple private planes at the island’s fixed base operator (FBO) despite the airport’s post-Dorian condition being less than acceptable.“TheBahamas is head and shoulders above any country in terms of vision and strategy,” Mr Gardner told this newspaper of the country’s private aviation standing. “It’s a very attrac tive, very lucrative market. I haven’t seen the official numbers as they’d come from Customs but I’d say it’s definitely up, this year over last year, and last year was up over 2019. “I can tell you that I have seen a lot of activity. There are a lot of customers moving around. Unfortu nately you did have some customers move to other destinations around the time of Click2Clear. It caused a lot of noise and disruption but it has set tled down. I’m just aware we have had a number of flights, quite a few, make it to The Bahamas. “I was asked by the Federal Aviation Admin istration (FAA) to make a presentation to their safety team. They had a webinar two weekends ago on flying to The Bahamas. It’s defi nitely on the radar for many pilots if I have to do a webi nar for Bahamasthem.” Customs aborted efforts to imple ment a new border control process for private aviation via its Click2Clear system back in May after major concerns were voiced by the industry that it would be ensnared in bureaucracy and red tape through decla rations and forms that were taking two to three hours to completeHowever,online.the effort has not been abandoned, and ‘Head and shoulders’ above aviationprivatecompetitors
FIDELITY Bank (Bahamas) is “still on track” to deliver $25m in full-year profits despite falling $500,000 behind pace at the 2022 half-way mark, its top executive said yesterday, as he looks to mer chant services to close the gap.
Gowon Bowe, the BISX-listed institution’s chief executive, told Tribune Business that “inter nally we recognise there is some work to do” after net income for the six months to end-June was essentially flat with last year at $10.367m compared to $10.332m. Besides the traditional increase in loan activity during the year’s second half, driven by Back to School and Christmas holiday spending, he disclosed that the focus on providing merchants with electronic payment, card and commerce solutions was a key area “where we see catch up in terms of where we are”.
Mr Bowe told this newspaper that Fidelity’s investment was already “starting to bear fruit”, with the number of entrepre neurs, vendors and merchants onboarded “exceeding expec tations”. Declining to give an actual number, he asserted that this success was evident through the near-$1.2m year-over-year increase in commission and fee income for the 2022 first half,
THE Bahamas was yes terday praised for standing “head and shoulders above any country in its vision and strategy” for private aviation with the market having “settled down” following earlier fears over changed border entry protocols.Rick Gardner, direc tor of CST Flight Services, which provides flight coordination and trip support services to the private avia tion industry throughout the Caribbean and Latin America, told Tribune Business that with the Click 2Clear concerns resolved back in May this nation’s private pilot and passenger visitor numbers were “defi nitely up over last year, and last year was up over 2019”.
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net SEE PAGE B5 SEE PAGE B4
But Senator Randy Rolle, global relations consult ant with the Ministry of Tourism, Investments and Aviation, told Trib une Business this was not accurate and the Ministry of Tourism has a “chain of emails” to prove it has been in contact with the Ministry of Tourism. He added the difficulty in negotiating with the Association stems from the ministry’s concern that it does not represent all the vendors on Junkanoo Beach, and there is another group that it was advised it should deal directly with.
Senator Rolle said he is “aware of the issues at Junkanoo Beach”, but until the vendors’ true rep resentation is fully sorted
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘looted and
The most important and treasured asset in this collection, Mr Cammarata added, was Sandy Cay, his private island near Man-O-War Cay in the Abacos, which was totally exposed to another major hurricane property in disrepair’
business@tribunemedia.net WEDNESDAY, AUGUST 31, 2022
Construction chiefs differ on labour gap
THE Ministry of Tourism yesterday rejected assertions that it was neglecting the con cerns of Junkanoo Beach vendors, but said it was “treading carefully” due to uncertainty over who represents and speaks for them.The ministry spoke out after Wendi Constantine, president of the Bahamas Docks & Allied Venues Association (BDAVA), who said she represents Junkanoo Beach as well as Potter’s Cay vendors, told Tribune Business that for “weeks the associa tion has been trying to get a meeting” with officials who have responsibility for Junkanoo Beach. She added that the group’s effort to arrange a meeting with Chester Cooper, deputy prime minister who is also responsible for tourism, investments and aviation, had also proven fruitless.
SEE PAGE B4
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PAST and present Bahamian Contractors Association (BCA) presi dents yesterday differed over whether construc tion is suffering an increase in skilled labour short ages post-COVID as one branded such arguments “a copStephenout”.
Wrinkle told Tribune Business there has been an “extremely noticeable” shortage of skilled tradespersons in recent months due to many persons exiting the indus try or retiring during the pandemic and its after math. Asserting that this has created “a substantial gap”, he added that the sector was facing the same difficulties as agriculture where no one is “picking up the tools and working” after “the older ones die out”.However, Leonard Sands, the current BCA president, said he “refutes and denies” the existence of labour and skills gaps in the absence of solid empiri cal evidence. While major construction projects, such as the new US embassy, may require certifications that Bahamian workers simply cannot access or obtain, he warned against making blanket statements about shortages given that “thousands” of con struction workers remain unemployed.Turningto the Dorianravaged islands of Abaco and Grand Bahama, which are still in rebuilding mode three days’ later, Mr Sands said these locations were experiencing a housing - as opposed to labour - short age. While there was “an abundance” of work, con tractors and developers were struggling to attract skilled tradespersons due to the lack of available rental accommodation at competitive prices. As a result, he warned that The Bahamas was in
strike three years after Hur ricane Dorian hit. Blaming Tribune Business coverage of his legal woes for a previous inability to obtain the necessary prop erty and casualty insurance, he argued that obtaining coverage was “now more urgent” as “the worst of the hurricane season is August, September and October and we need to insure these assets”. There may be just days to do this if the pre sent Atlantic disturbance becomes a storm, and insur ers close their doors to new business.MrCammarata argued that such a move was in the interests of all parties, including the SEC, US Jus tice Department and his alleged “victims”, as Sandy Cay - and its potential sale would be one of the lat ter’s best recovery sources should he be found guilty at trial by a jury. His reasoning proved persuasive as all parties, including the US district court, SEC and Mr Cam marata’s estranged wife, Nina, agreed to unfreeze $38,000 from a Merrill Lynch account so that the initial deposit can be paid for insurance coverage on Sandy Cay. NAGICO Insurance (Bahamas) was said to require an $123,858 premium to effect cover for 12 months from tomorrow, SeptemberDescribing1. Sandy Cay as “a priceless asset”, Mr Cammarata said efforts in January 2022 to obtain sufficient insurance protec tion had been rejected by another underwriter due to his legal troubles. This, according to court docu ments obtained by Tribune Business, occurred despite a $32,000 deposit being offered.“Asstated in my previ ous letter, and to the SEC for the last six months, the largest assets including Sandy Cay are abandoned, in disrepair, being broken into, having property looted of building materials, with trespassers coming and going,” Mr Cammarata wrote to Judge Kennedy on August 16. “The Cay and associ ated boats are all uninsured after the insurance com pany terminated because of the negative publicity fed to Bahamian media just minutes after the SEC filed their civil lawsuit and injunction against me. It has been nearly impossible to secure new insurance while the property is aban doned and not maintained, with risks for theft, fire, boats sinking and equip ment failing without regular occupants or employees.
“This is a priceless asset, [for] which the SEC has provided nothing more than a $32,000 insurance payment in January which was then rejected by the insurance company and returned, because of” the publicity surrounding the US Justice Department and SEC charges.
“On a monthly basis, the total amount of work ers’ pay is $21,360. In addition to this pay, the island incurs about $1,485 in utility bills (electricity, WIFI, etc), $1,600 in fuel, and $800 for a boat slip (a boat slip is required in the Abacos). Thus the total monthly amount required to secure and maintain Sandy Cay is approximately $25,245,” Mrs Cammarata asserted, supporting her former husband’s demand that $234,000 be released to address Sandy Cay’s woes. Ultimately, the par ties could only agree to unfreeze 16.2 percent of that sum - the $38,000 for the NAGICO insurance deposit. The SEC argued that the different sums put forward by the two Cam maratas were not backed by the necessary support ing documents and, while not opposed to securing insurance coverage, said the couple had failed to justify the $25,000 total monthly running costs - 85 percent of which was accounted for by staff wages. island saved complete Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. your news
Tribune Business assures Mr Cammarata that it was not “fed” any details regarding his case by the SEC or anyone connected to it. Meanwhile, Sandy Cay’s island manager and staff had all been termi nated from the property last December because they were not being paid due to his assets being frozen. In an earlier August 4, 2022, letter to Judge Ken nedy that was handwritten because the printer was not working at the US federal prison where he is detained, Mr Cammarata blasted: “Since December 2021 my insurance was dropped and not a single agency will insure me with the pending litigation. They all stated that they do not underwrite clients with a high profile litigation [such] as mine.... “Sandy Cay, since being abandoned and in disrepair with no employees present, has started to experience crime for the first time ever. There have been break-ins, looting, trespassers and my unpaid caretaker is seeing it all (from my security cameras) in New Jersey until the electricity gets cut off, which is any day. Not a penny has been paid in months.”Returning to his August 16 missive, Mr Cammarata said his then-attorney “con vinced me begrudgingly” to hire KW Property Man agement & Consultants to assess Sandy Cay back in February 2022 despite fears this would be “a waste of money and time”. KW has managed prop erties in Bimini, including at Bimini Bay and Bimini Sands, with homeowners at the latter criticising its per formance and ultimately initiating legal action. “I was again proven to be correct. The owner of KW recently came just a few weeks ago with his wife, on an apparent vacation, and had no means of getting to and from the property,” Mr Cammarata wrote. “It is now mid-August, in the peak of hurri cane season, with no insurance and not a penny paid in maintenance, repairs or upkeep.... Sandy Cay is in urgent need of funding before it is destroyed and a complete loss. We require an immediate $150,000 for the next three months of operation, which include bringing certain employees back to repair and main tain the property and boats, which is also mandated by the insurance policy. “It also requires $50,000 for repair and maintenance items such as generator repairs and parts, water maker membranes, and various other paint and con struction items just to bring the property from its state of disrepair. The proposed insurance premium, which is required to be effected within 30 days of August 9, is approximately $124,000 (annual premium for the property,” he continued. “Some employees are ready to return to work, and the property manager was [is] able to secure a new insurance policy if we are able to get immediate fund ing to make the necessary repairs, have staff present, required maintenance and secure the property from any more trespassers and theft.”Mr Cammarata was backed by his estranged wife, Nina, who is Sandy Cay’s co-owner even though divorce proceedings are pending and she was never previously involved in the island’s financial or opera tional affairs. She alleged in an August 22, 2022, affi davit: “In short, there is no one physically present on the island, and thus it is vulnerable to looters and vandals.“Itis my understand ing that some damage may have already taken place. Additionally, I have been advised that there is no insurance for the island and the boats that are docked there. This is particularly problematic because it is now the height of hurricane season. There is an imme diate need to physically secure the property, fix the damage that has occurred and insure it.” Mrs Cammarata said Sandy Cay’s manager, Wal lace Okulicz, had informed her he was available to carry out the necessary work. He had also revealed there were outstanding $18,389 debts for past due utilities and worker salaries that had not been paid. Besides Mr Okulicz, she alleged that there were four other Sandy Cay employees who maintained the island and effected post-Dorian repairs. These were Wesley Albury, the general utility worker, and others respon sible for the grounds and general maintenance.
KENDALL JENNER POURING 818 TEQUILA
Photos:Anthon Thompson/BIS
Baha Mar’s SLS property unveils tequila partnership
BAHA Mar’s SLS prop erty yesterday disclosed that 818 Tequila, a handcrafted tequila brand founded by reality TV per sonality, Kendall Jenner, will open its first cocktail lounge outside the US at theTheresort.hotel brand, in a statement, said the 818 Shack lounge will be located within Baha Mar’s $200m Baha Bay beachfront water park. It will offer craft cocktails presented by 818 Tequila; Mexican-inspired bites; events and weekly DJ performances.Tocelebrate the launch, the SLS resort together with 818 Tequila and the wider $4.2bn Baha Mar resort campus, will host a series of events on Sat urday, September 24, that include the opening party.
“I am very pleased that myself and the Ennismore Partnership Studio were able to bring Kendall Jen ner’s 818 Tequila brand to one of our flagship hotels, SLS Baha Mar, to create this unique offering for our guests on property. With the launch of The 818 Shack, in collabora tion with the hotel team, we will create incredible activations and experiences for our guests,” said Rohit Anand, Ennismore’s execu tive vice-president of global partnerships.“The818 Tequila brand is an ideal partner for Baha Mar, and through The 818 Shack at Baha Bay we will be able to offer a truly dynamic and elevated cock tail experience for all of our guests,” said Graeme Davis, Baha Mar’s president. “At SLS Baha Mar, we are always thinking of ways to surprise and delight our guests, and The 818 Shack in partnership with Ken dall Jenner’s 818 Tequila will be just that. It will join the resort’s vast roster of nightlife and internationally acclaimed restaurants, and offer guests a one-of-akind experience,” said Axel Gasser, SLS Baha Mar’s vice-president and general manager.“Weare very excited about the launch of the 818 Shack at the SLS Baha Mar. 818 Tequila is perfect in refreshing cocktails after a swim or a day at the beach,” added Kendall Jenner, founder of 818 Tequila. The launch will feature a dinner party with liveaction culinary stations, 818 Tequila cocktails and live music at Baha Mar’s Beach Club.
PAGE 2, Wednesday, August 31, 2022 THE TRIBUNE
TWO Disney Cruise Line executives on Monday met with the minister of transport and housing.JoeyGaskins Jnr, Disney’s regional director of public affairs for The Bahamas and Car ibbean (standing centre) and Justin Lewis paid a courtesy call on JoBeth Coleby-Davis at her ministry’s offices.
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Two Disney executives meet transport minister
from ‘a
loss’ FROM PAGE B1 The
Bahamas
KEY aviation stake holders recently ended a four-day meeting designed to showcase Grand Baha ma’s attractions and amenities to the private pilotThemarket.Ministry of Tourism, Investments and Aviation, in a state ment, said that sales and marketing and other indus try partners converged on Freeport for a Bahamas Gateway FBO (fixed base operator) familiarisation trip hosted by its vertical markets department in col laboration with the Grand Lucayan resort. The visit took place from August 25-28 and high lighted the activities and opportunities available to private pilots on Grand Bahama. Participants included a group of 35 per sons comprising fixed based operators (FBO), customer service managers and Bahamas Flying Ambas sadors, who all gained a first-hand experience of the destination.Privateaviation partners were also able to partici pate in site inspections and hold meetings to plan the upcoming 2023 Grand Bahama Air Show, which will also mark The Baha mas’ 50th Independence celebrations. The air show is scheduled for 25-29 May, 2023, during the US Memo rial Day weekend and will highlight authentic cul tural activities along with aerobatics and low-flying manoeveres over Taino Beach.The four-day meeting also saw the induction of three new ambassadors into the Bahamas Flying Ambassador Programme. Senior Flying Ambassadors were also honoured and recognised. The ambassa dors are seasoned aviators who represent The Baha mas by conducting Flying to The Bahamas seminars and acting as leads in fly-outs around the Attendeescountry.weregiven an update on conducting busi ness on Grand Bahama, and the ease of flying to and around The Bahamas so this could be passed on to their customers, readers and clients. A General Aviation Council meeting was also held to discuss aviation needs and concerns, and determine the way forward. The Ministry of Tourism said it continues to work with Bahamas Customs and private pilots, including the Aircraft Owners and Pilots Association (AOPA), to obtain feedback on the Click2Clear digital plat form for entrance into The Bahamas to ensure a seamless and user-friendly programme is implemented. Testing of Click2Clear is currently underway in order to minimise the time it takes to process the dec larations required to enter The Bahamas.
PRIME Minister and Minister of Finance the Hon. Philip Davis speaks, during the Opening Ceremony of the Cat Island Tourist Office, in New Bight, Cat Island.
AMONG those present from the capital for the event were Deputy Prime Minister and Minister of Tourism, Investments and Aviation (MOTIA), the Hon. Chester Cooper and Mrs. Cooper; Minister of State in the Office of the Prime Minister with responsibility for Disaster Preparedness, Management and Reconstruction the Hon. Myles LaRoda, and Permanent Secretary Carl Smith; MOTIA Perma nent Secretary Reginald Saunders; MOTIA Global Relations Consultant Senator the Hon. Randy Rolle; MOTIA Deputy Director General Dr. Kenneth Romer; Senior Advisor in the Office of the Prime Minister Kevin Simmons; Acting Director of Local Government Neil Campbell; and other government officials and stakeholders.
CAT Island busi nesses yesterday voiced optimism that their newlyopened tourism office will help drive increased visi tor numbers and economic activity to the island.
Denise Bethel, owner/ operator of Hidden Treas ures Restaurant in New Bight, told Tribune Busi ness such a facility was “well overdue” as there are multiple activities and attractions that can be pro moted to enhance visitor numbers.“With the office here, they will be able to provide that information and, as we grow, we will be able to see the unique characteristics of Cat Island and we will be able to be more informed and share what we have,” she explained. “An office like this is timely and it is important. When tourists get here they would want to venture out and do tours and experience the island in itsPhilipfullness.”Davis QC, the Prime Minister and also the island’s MP, officially opened the office over the weekend. “Cat Island has always been paradise to me, and I am pleased to see Cat Island assert its rightful place among the 16-island destinations that the Min istry of Tourism markets to the world. We are delighted to showcase the many jewels of our island,” said MrCatDavis.Island saw a 41 per cent year-over-year increase in visitor arrivals for 2021, exceeding tourism’s banner pre-COVID year of 2019, although total tourists still numbered only several thousand.Cindy Moss, owner/ operator of Alvernia Food Store, said the tourism office will “help get things going” on the island and market its “historical” legacy. Optimistic that this will expand commerce by educating persons on what Cat Island has to offer, Ms Moss added: “You will have tourists that will come and they will shop. “The resorts help to pass business on to the stores because you have a lot of people that come in on Sunday and they know we are open, so they will stop by and get their stuff.” Cat Island and Exuma enjoy especially strong ties as many boaters travel back and forth between both islands.“The other day we had some sailors come in, and they said other sailors have recommended the store. The island moves at a snail’s pace but it does pick up from time to time. Boaters come in from Exuma all the time because they are right across the street from us, so to speak,” Ms Moss said.
THE TRIBUNE Wednesday, August 31, 2022, PAGE 3
Tourism office to boost Cat Island
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
Grand aviationexposedBahamatoprivateparticipants
“Testing of the pro gramme is currently underway in order to minimise the time it takes to process declarations required to enter the coun try,” it added. To clear Customs upon entry to The Bahamas, private pilots presently have to file their flight plan and complete a C7A inward declara tion form. The information required includes the plane owner and pilot’s names, the aircraft registration number, the identities of any passengers, and details on where the plans is coming from and on its departure.A$50 Customs arrival fee is also payable. A general declaration form must also be completed on departure, together with the $29 per person depar ture tax. However, Customs wants to digitise these longstanding manual processes by requiring that they now be completed via its Click 2Clear electronic portal. The goal will also likely be to collect all revenue due to the Government from the private aviation industry and its custom ers, and ensure that all the necessary electronic records to document this and their arrival are in place. A ‘flyer’ from Bahamas Customs & Excise’s information tech nology (IT) unit, sent to the sector and obtained by Tribune Business, said the reforms would boost con venience and efficiency for all as pilots can submit pay ment and the forms before they land.
• A cover letter of interest highlighting work experience and accomplishments relevant to the position;
The deadline for submissions is Friday 9th September 2022 Mr. N’kem Kareem Wilson, Administrative Cadet is asked to contact the Human Resources Unit of the Department of Labour, Rosetta Street,
“I think it’s hard for anyone to prove that state ment,” he added of the gap concerns. “How would you determine a labour short age? What metrics are you using? To just say there’s a labour shortage, I refute that, I deny that, and I would ask anyone to prove that. That’s an easy cop out for persons to say there’s a labour shortage. You have to be specific. “If you put out an advert for building a property in this country, and said you need someone to supply your labour needs, you’ll have 1,000 persons knock ing on your door... We have to be careful when we talk about labour shortages in The Bahamas. There are projects going on across the length and breadth of The Bahamas where there are no shortages. And there are thousands of people unem ployed in the construction sector looking for work. Tell them there are shortages.”
Interested applicants should submit electronically to the Vice President, Human Resources via hrapply@ub.edu.bs all of the following documents:
• Current Curriculum Vitae or Resume;
the Click2Clear plan was discussed at the four-day Grand Bahama meeting which concluded on Sunday. The Ministry of Tourism, in a statement on the out come, said it was working to “gauge feedback on the Click2Clear digital platform and ensure a seamless and user-friendly programme is implemented.
“The big projects here hire every available skilled tradesman they can find on the island and bring new ones in,” he said. “It sucks up our tradesmen and it’s a loss-loss. Our population has migrated away from the construction trades and skill sets. Our pool has been reduced. Once the old ones die out, there’s a gap like in farming.“It’sa huge hindrance to all contractors. I don’t know if you can put a mon etary value on it except it does impact your schedule because you lack productiv ity. If you have to stop a job to train people on the job, it’s going to be a hindrance. They need you to train them, and don’t come with any skills or any tools. Basic math skills are often absent. It’s a very difficult busi ness, very difficult industry, especially for Bahamian contractors. We don’t have anyMralternative.”Wrinkle renewed calls that major develop ers be mandated to provide the necessary construc tion trades training in their Heads of Agreement with the Government. How ever, Mr Sands argued that labour and skills shortages should not be the focusespecially in the Dorian reconstruction zones.
FROM www.ub.edu.bs
Mr Wrinkle yester day backed the IDB’s assessment, telling this newspaper: “Skilled work ers are a big problem for us. A lot of people left the industry during COVID, and a lot of older skilled workers retired out. We’re left with a substantial gap in skilled tradespeople. And if we can’t get get skilled tradespeople, we cannot do the job “That’sproperly.whywe have to bring people in. It’s a Catch22. We’ve got a serious gap in trades in this country.” Such trades include masons, carpenters, plumbers and welders, and Mr Wrinkle added that it had been “a big problem for a while” with an “extremely notice able” worsening following the COVID-19 pandemic.
A detailed position announcement is accessible at: http://www.ub.edu.bs/ Requiredabout-us/career-opportunities/staff/qualificationsincludea Bachelor’s degree in a relevant area with at least three years’ experience in an HR role. Certifications in HR (PHR or SHRM-CP) would be an asset.
PUBLICURGENTLY.NOTICE
Suitably qualified persons are invited to apply for the position of: Human Resources Information Systems Analyst in the Office of Information Technology responsible for coordinating with OIT and HR teams to analyze all HRIS requirements, develop and implement various HRIS procedures and prepare customized reports for finance and payroll teams; designing all custom ad hoc reports; resolving queries and ensuring accuracy; preparing all business documents and providing upgrades if required; and monitoring HRIS systems, maintaining integrity of all data. Other duties and responsibilities include, but are not limited to, preparing reports for all HR systems and applications; troubleshooting on all technical processes and providing support to all HRIS users; assisting with the training of users and preparing user manuals for KRONOS and BANNER applications.
labour issues have arisen just days after the Government gave the go-ahead for an InterAmerican Development (IDB) financed project that aims “to identify skills needs and implement a talent pipeline that closes skills gaps in strategic sectors”.CarlOliver, a Ministry of Finance official, writing on behalf of financial secretary Simon Wilson, detailed in an August 25, 2022, letter to Daniela Carrera Mar quis, the IDB’s Bahamas representative, that the multilateral lender will con duct a survey to identify employer labour demands and areas where there are skills gaps, identifying their causes and a strategy to address them, as well as develop “an action plan to develop human capi tal in strategic productive sectors”.Withthe Bahamian econ omy expected to return to pre-COVID output/growth levels by end-2023, infla tion and global economic developments permitting, the IDB warned in accom panying documents: “This economic recovery, how ever, may not translate into an equitable rebound of the labour“Structuralmarket. changes in the labour market due to the pandemic may have permanently affected the demand of certain occupa tions and skills, and some workers may find limited opportunities for reemploy ment. Before the pandemic, significant gaps between the skills of the workforce and the current and future needs of the labour market had led to an uneven depend ence of foreign talent and skills, creating tensions between labour and Immi gration“Moreover,policies. low local returns to skills stimu late outbound migration. Approximately two-thirds of Bahamians with a ter tiary education degree migrate to the US, Canada or Europe. To the extent that the pandemic may lead to structural changes in the labour market, making some occupations and skills redundant, these mis matches can persist or even become more pronounced.”
CAREER OPPORTUNITY
• Copies of all academic qualifications with transcripts (original transcripts will be required upon employment) and/ or Certificates; and
Construction chiefs differ on labour gap
PAGE B1
FROM PAGE B1 danger of “repeating the same cycle” of illegal hous ing communities (shanty towns) that Abaco saw preDorian with Pigeon Pea and the Mudd as persons work ing on that island would build such structures for theirConstructionfamilies.
• Completed Employment Application Form f(www.ub.edu.bs/wp-content/uploads/2017/01/Application-orEmployment-Staff.pdf)
Turning to the Dorian hit islands, Mr Sands added: “I’ve spoken to some per sons on the ground in Abaco and Grand Bahama, and they will tell you there’s a housing shortage. They want to hire tradespeople like carpenters but there’s no place for them to live, so that creates a labour short age. It’s not really a labour shortage in cases where there’s an abundance of work. It’s a housing crisis.” Such a “crisis”, he added, could result in the creation of new, illegal structures and communities mirroring those that existed pre-Dorian as workers needed to find somewhere for their families while they earned an income to sup portThethem.IDB, meanwhile, warned: “Labour demand in The Bahamas will also be affected by global trends, such as digital transforma tion and climate change. While the adoption of new digital technologies can increase productivity and competitiveness, it can also reduce the demand for workers, particu larly of those whose skills are substitutes of digital technologies.“Environmental policies, such as transition to cleaner technologies and adapta tion to extreme weather events, as well as emerging sectors such as the renew able energy sector also have the potential to change the demand for skills. If adequate reskilling or upskilling policies are not implemented, the adoption of digital and/or cleaner technologies can have a negative impact on many workers.“The Bahamas requires an agenda to reskill dislo cated workers, train those that may be affected by digital change and create a pool of talent to support the diversification agenda. This will have to be implemented efficiently, ensuring quality and relevance. The fiscal space has been eroded, limiting the room for social services.”
• The names and contact information of at least three (3) professional references.
PAGE 4, Wednesday, August 31, 2022 THE TRIBUNE ‘HEAD AND SHOULDERS’ ABOVE PRIVATE AVIATION COMPETITORS
Mr Gardner, meanwhile, said he was “surprised” by the level of private aviation activity he encountered at Grand Bahama Interna tional Airport and its FBO despite “the shape it is in” post-Dorian. With private aviation at a slow point in its annual calendar, he added that the counted “five rows 60 yards long” at the FBO ramp.
It branded the alleged lack of support by the Min istry of Tourism as “very concerning” and lending to “mistrust”. Citing heavy traffic congestion with lim ited parking, and a lack of controls, the Association continued: “Tourists are left scrambling everywhere with no control along with a lack of safety measures for Junkanoo Beach. “The Association com mends small business owners on Junkanoo Beach and they should be respected and supported. The Association admits that private investment is necessary but says investing in Bahamians should be the Government’s priority,” it added.“The country should have learned a valuable lesson from the pandemic. Hoteliers packed up and left when the going got tough but small Bahamianowned businesses kept Bahamians employed. The Association is asking the deputy prime minister to step in to arrange a meet ing with us, along with the vendors and the Ministry of Tourism, to discuss a way to resolve some of the ven dors’ concerns, which are in reason.“On Friday August 26, there was a fire at an estab lishment on Junkanoo Beach and to-date not one person from the Ministry of Tourism reached out to the Association. The vendors on Junkanoo Beach have had concerns for a long time. In light of this situa tion the Association hopes that the Ministry of Tour ism can see the urgency for dialogue that involve the vendors and our number one industry.”
The bank’s loan book shrunk by more than $11m to just over $390m in the 2022 first half, and he conceded: “It’s still quite challenging in terms of new credit. What we are seeing in large part is recycled credit with existing custom ers. It’s not the expanded growth; it’s really tempered and you have others paying off.“The mortgage portfolio is not growing as it is in a run-off state. We get around $4m-$5m repayments on mortgages that are not being replaced on that side. On personal loans, we’re not finding an abundance of new customers. It’s typically existing customers making payments and seeking to extend credit on existing loans. That’s why we’re moving back to the private sector” and seeking oppor tunities from qualified borrowers there.
TOURISM ‘TREADING WARILY’ JUNKANOOOVERBEACH FROM PAGE B1
PAGE B1
FROM out the ministry wishes to “tread carefully.”
He added: “We have been working feverishly on trying to make the Junka noo Beach more attractive for visitors to the area. Upon coming to office, we were aware that there was a lack of running water and we brought Water and Sewerage out to Junkanoo Beach to deal with that matter. We have only been in power for less than a year and these longstanding matters take time.”
The Association, in a statement, said: “Success ful business owners would share the same concerns that vendors have as it relates to the productivity, safety and upward mobility of their businesses.
FIDELITY’S $500K BEHIND BUT ‘STILL ON $25M TRACK’ DESPITE FALLING
The Bahamas’ first-ever credit bureau has begun issuing reports to lenders on borrowers’ complete credit histories and loan exposures, and Mr Bowe disclosed: “The credit bureau is having a greater impact because it is ena bling us to see the extent of exposure of some of our consumers.“Therehave been some interesting response: ‘I don’t remember that one’ or ‘I meant to include that’.” Describing the process as “a learning exercise”, he added that while it would not chill the banking sec tor’s willingness to lend it is “illuminating some of the risks we have to confront”. With the economy contin uing to re-open and recover post-COVID, Mr Bowe said Fidelity Bank (Baha mas) was returning to hotel industry workers, those in ancillary businesses such as restaurants and other reviv ing sectors in its search for new lending opportunities.
THE TRIBUNE Wednesday, August 31, 2022, PAGE 5 which had risen by 70.7 percent to $2.839m from $1.664m.TheBISX-listed com mercial bank also incurred expenses during the 2022 first half that will not be repeated in the latter six months, Mr Bowe said, adding that when these were stripped out the insti tution’s net profit for the mid-way mark would have been around $12m - not far off 50 percent of the $25m target.“In terms of it’s over all performance, it was quite as strong as the first quarter but, ultimately, it’s not behind where we had expected,” he told Tribune Business. “It was roughly in line with expectations. It’s $500,000 behind where we would have liked to have been.“We knew we would not be spot on at the mid-point, but when you strip out all the [non-recurring expense] elements we’re not too far off the $12m mark, which is what we had intended.... In the absence of economic shocks, and with inflation factored in, we’re confident we are still on track to meet thatMr$25m.”Bowe said the nonrecurring expenses taken in the year’s first half involved non-material amounts in the hundreds of thou sands of dollars range, such as $500,000-$600,000, and included items such as performance incentive payments to staff that had carried over from 2021 due to a change in how this will now be Profitscalculated.forthe three months to end-June 2022 were lower quarter-overquarter at $4.654m, as opposed to the $5.7m-plus generated during the year’s first quarter. “Internally we recognise we have some work to do, but we’ve not dropped in terms of what our expectations are,” the Fidelity chief added. “When you strip out the elements that are not recur ring we’re just shy of a mid-year performance of $12.5m. It’s probably equiv alent to $12m, so we have some work to do in the second“We’vehalf.spent the first half of the year investing, where we moved into mer chant services, and we will now start to see the fruits of that labour as people use the terminals. We’ve onboarded a significant number of merchants, start ing out with those that need it, did not have merchant services and were missing out on significant numbers because they could not swipeTaxicards.”drivers and straw vendors were among the entrepreneurs set to ben efit from the portable swipe devices provided by Fidelity Bank (Bahamas), which is also rolling out its Click and Pay product among mer chants with an established physical presence. This enables small businesses and others to send invoices electronically and receive debit and credit card pay ments the same way, thus providing them with an e-commerce platform.
Mr Bowe said borrow ers whose loans went into arrears, or default, because of COVID and the asso ciated clampdown on commercial activity would not be moved back into the “performing” category until they had made six months of consistent payments to ensure it is not “a blip in terms of employment”.
“It has certainly exceeded our expectations and it’s continuing,” Mr Bowe told Tribune Business. “It’s start ing to build, so if we keep the momentum that’s where we see catch up in terms of where we are. We’ll start to see it in the fees and com missions. We’re not looking to replace interest income; we’re seeking to add ser vices and derive fees from alternative services. “We’re looking to expand the base with expanded ser vices. We’re $1.2m ahead of last year for the first half on fee and commission income. That gives you an indication of how successful it has been. A pleasant sur prise has been the Family Islands where, despite the protests we see from time to time there are far more businesses willing to move to digital and saying that if they have the terminal it opens up far more opportu nities for them.”
“The Association com mended the Government’s participation in the Memo randum of Understanding (MOU), which was signed between the Government and the unions to increase and encourage dialogue. However, the Ministry of Tourism is not showing the same sincerity as the Office of the Prime Minister has on similar matters.”
Photo:Mark Lennihan
Califf told The Associ ated Press that the sheer scale of the epidemic makes potential remedies a challenge.“Almost everything that we want to do involves some other entity or part of society that we need to work with to figure things out,” Califf said in an inter viewCaliffTuesday.promised to con duct a full review of FDA’s approach to opioids, including their prescrib ing instructions, to clinch Senate confirmation early this year. He told the AP last month that the public would soon hear “a lot more about this.”
A LONG-awaited review of prescrip tion opioid medications, including their risks and contribution to the U.S. overdose epidemic, is still underway at the Food and Drug Administration, the agency’s commissioner said Tuesday.Dr.Robert Califf wrote in a blog entry that the FDA is still studying “what revisions are needed to support appropriate use” of opioid painkillers and “lessons learned” by the agency. The update comes as part of a broader outline of the FDA’s ideas and ini tiatives for combating drug misuse and addiction.
/AP
AN ARRANGEMENT of Oxycodone pills sit next to a bottle in New York on Aug. 29, 2018. A long-awaited review of prescription opioid medications, including their risks and contribution to the U.S. overdose epidemic, is still underway at the Food and Drug Administration, the agency’s commissioner said Tuesday, Aug. 30, 2022.
Part of the delay in reas sessing the drugs is that makers of long-acting opioids didn’t originally study the medications’ effectiveness for long-term pain, which carries risks of addiction and overdose. FDA-mandated studies to get at that question have dragged on for years.
“FDA does its best when it has high quality evidence, and we don’t have high quality evidence now,” Califf said, adding that it may ultimately take government-run studies to answer the question of long-term opioid safety andTuesday’seffectiveness.update is also unlikely to appease Califf’s critics in Congress, includ ing five Senate Democrats who voted against his nomination, largely over concerns that the FDA hasn’t taken bolder action to reduce opioid prescrib ing and misuse. It’s not the first attempt at a reset on opioids for the FDA — or even for Califf. During his brief stint as FDA commissioner at the end of the Obama administration, Califf had also vowed to conduct a “sweeping review” of opioids.Dr.Andrew Kolodny, an FDA critic who has testi fied against drugmakers in court, said Califf must do more than review FDA’s “lessons learned” on opioids.“Healso needs to take on the heavier lift of cor recting past mistakes” by removing unproven medi cations from the market, said Kolodny, who leads a group that favors tighter opioid prescribing. Last year, U.S. overdose deaths soared to a record of 107,000, driven over whelmingly by fentanyl and other illegal opioids. Opioid prescriptions have fallen about 40% in the last decade but deaths tied to the medications remain at 13,000 to 14,000 per year. Califf’s post lays out a framework for combating drug addiction and over doses overall, focusing on reducing inappropriate prescribing, developing new addiction and over dose therapies and shutting down suppliers of illicit drugs.But many of the agency’s specific ideas have failed to gainFortraction.example, a recent FDA proposal that would require pharmacies to dispense “mail-back” enve lopes with every opioid prescription has faced resistance from pharma cists, drugmakers and other groups. Elsewhere the FDA has tried for nearly a decade to require doctors and other health profes sionals to undergo training in safe opioid prescribing. That effort has been stalled over questions of whether it requires action by Con gress or other government agencies. Medical societies generally oppose any blan ketCaliffrequirement.saidthe FDA con tinues to work with other federal officials to find a way to implement broader training.“I’mpersonally in favor of mandatory education,” Califf said, but it must match “the needs of the clinicians, which I think is very hard to do.” Califf said another pri ority will be encouraging the development of an over-the-counter version of naloxone, the medica tion that can reverse opioid overdose. Most states have passed measures allowing pharmacists to dispense the drug without a prescription, but an overthe-counter version would further expand access. Even that proposal could have unintended conse quences, if consumers are unable to afford naloxone that’s no longer covered by insurance.
FDA CHIEF SAYS LONG-AWAITED OPIOID REVIEW STILL IN THE WORKS PAGE 6, Wednesday, August 31, 2022 THE TRIBUNE
By MATTHEW PERRONE AP Health Writer
NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 30th day of September, A.D. 2022 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late DAVID ARTHUR LUNN will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated this 29th day of August, A.D., 2022. c/o PYFROM & CO Attorneys for the Executors, No.259 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.
Job vacancies rose in July, dashing Fed hopes for cooling
Photo:John Minchillo/AP
Stocks post another loss as
By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
STOCKS deepened their late August skid with more losses Tuesday, as Wall Street grapples with the prospect that high interest rates are here to stay until the Federal Reserve brings inflation down. The S&P 500 fell 1.1%, bringing its loss in the past three days to 5.1%. The benchmark index is down 3.5% for the month with one day left in August. The Dow Jones Industrial Average dropped 1%, while the Nasdaq composite lost 1.1%. Smaller company stocks also fell, dragging the Russell 2000 1.5% lower. Markets have been weaker since Federal Reserve Chairman Jerome Powell indicated Friday that the central bank will stick to its strategy of rais ing interest rates to try and tame the hottest inflation in fourThedecades.latestwave of selling reflects a “hangover” from Powell’s speech last week and uncertainty ahead of the Labor Department’s monthly employment report on Friday, said Megan Horneman, chief investment officer at Ver dence Capital Advisors. Markets are trying to get a better sense of “how far, how fast the Fed’s going to have to go” in slowing down the economy in order to fight inflation, she said. A strong report on the job market Tuesday morn ing further diminished any hopes that the Fed would be able to ease up on its inflation-fighting policy. The higher rates the Fed is imposing are meant to keep inflation in check by slowing down the economy, including the pace of hiring. The government reported that there were were 11.2 million open jobs on the last day of July. That’s near;y two jobs for every unemployed person, on average. That number was up from 11 million in June, and June’s figure was also revised sharply higher. “Employers will have to increase their incentives to fill jobs, which could be inflationary,” said Sam Stovall, chief investment strategist at CFRA. “We’re not seeing numbers that are consistently offering encouragement.”
THE number of open jobs in the United States rose in July after three months of declines, a sign that employers are still urgently seeking workers despite a weakening econ omy and high inflation. The increase that the gov ernment reported Tuesday will be a disappointment for Federal Reserve officials, who are seeking to cool hiring and the economy by raising short-term interest rates to try to slow borrow ing and spending, which tend to fuel inflation. Fed officials hope that their policies will serve primar ily to reduce job openings and spare workers the pain of widespread layoffs and higher pressureableleveldemandresearchbankeconomistAnetalabornarrowinglittlerevisedJune.—everytwolastopenThereunemployment.were11.2millionjobsavailableonthedayofJuly—nearlyjobs,onaverage,forunemployedpersonupfrom11millioninJune’sfigurewasalsosharplyhigher.“TheFedhasmadeveryprogressintermsofthegapbetweensupplyanddemand,”Markowska,chiefatinvestmentJefferies,wroteinanote.Reducingthehighforworkerstoaclosertotheavailsupplywouldeasetheoncompaniesto pay higher wages to attract and keep workers. Higher pay has been passed on by many businesses to consum ers in the form of higher prices, thereby intensifying inflation.Lastmonth, job openings rose in retail, warehousing and shipping, professional services, and in state and local education. Openings declined in manufacturing and health care. The number of people who quit their jobs declined slightly in July, to 4.18 million from 4.25 mil lion in June, according to Tuesday’s report. People typically quit jobs for a new position, usually at higher pay. As a result, fewer quits could lessen the pressure on companies to raise pay. But quitting still remains far above pre-pandemic levels, when it rarely topped 3 million.Thedata released Tues day also included a measure of layoffs, which slipped slightly in July. Despite high-profile reports of job cuts, the report reinforced the impression that most companies are holding onto the vast majority of their employees.Jobvacancies have been elevated since the econ omy began recovering from the pandemic reces sion more than two years ago. As demand has rap idly rebounded, employers have sought to quickly add workers.
PEDESTRIANS walk past the New York Stock Exchange on July 8, 2022, in New York. Stocks are opening slightly higher on Wall Street, Tuesday, Aug. 30, following two days of slumps as inves tors worry that high interest rates aren’t going away any time soon as the Federal Reserve fights inflation.
THE TRIBUNE Wednesday, August 31, 2022, PAGE 7
NOTICE IN THE ESTATE OF DAVID ARTHUR LUNN, late of No.13 Montague Avenue, Montague Heights Subdivision in the island of New Providence, in the Commonwealth of The Bahamas. Deceased.
Wall Street is worried that the Fed could hit the brakes too hard on an already slowing economy and veer it into a reces sion. Higher interest rates also hurt investment prices, especially for pricier stocks. The central bank has already raised interest rates four times this year and is expected to raise shortterm rates by another 0.75 percentage points at its next meeting in September, according to CME Group. The selling was wide spread Tuesday, with all the sectors in the S&P 500 ending in the red. All told, the S&P 500 fell 44.45 points to 3,986.16. The Dow dropped 308.12 points to 31,790.87 and the Nasdaq fell 134.53 points to 11,883.14. The Russell 2000 gave up 27.35 points to close at Major1,855.59.indexes had gained ground in July and into early August on hopes that weaker economic data would prompt the Fed to ease up on its high-interest rate policy. Those gains fol lowed a weak first half of the year where the S&P 500 dropped 20% from its most recent high and entered a bearInvestorsmarket. have been closely watching economic data for any additional signs that the economy is slow ing down or that inflation may be cooling or at least holding at its current level. Businesses and consumers have been hit hard by rising prices on everything from food to clothing, but recent declines in gasoline prices have provided some relief. markets worry about higher rates
By APRUGABERCHRISTOPHEREconomicsWriter
VIVACIANOTICELTD.
NOTICE
NOTICE
NOTICE is hereby given that RUTHNET TILME of Shirley Street, Okra Hill, P.O. Box General Delivery, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PAGE 8, Wednesday, August 31, 2022 THE TRIBUNE
INTEREST Prime + 1.75% MARKET REPORT 31-Mar-202131-Mar-2021 MATURITY 31-Mar-202231-Mar-202220-Nov-202919-Oct-20224.50%6.95% 31-May-202231-Mar-2022 5.60%6.25%4.50% 15-Jul-2049 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
NOTICE is hereby given that MAURICIO MERCEDES VALENZUELA of Shirley Street, #1 Shirlea, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Dated 29th August 2022 BeatusLiquidatorLimited
NOTICE is hereby given that DARREO PIERRE of Marsh Harbour, 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 registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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
NOTICE TUESDAY, 30 AUGUST 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2565.81-44.97-1.72337.5715.15 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 6.985.30 AML Foods Limited AML 6.98 6.95 (0.03) 4,0000.2390.17029.12.45% 53.0033.80 APD Limited APD 39.95 39.950.00 500.9321.26042.93.15% 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 0.1400.08017.63.25% 2.801.30Bank of Bahamas BOB 2.76 2.760.00 5000.0700.000N/M0.00% 6.205.75Bahamas Property Fund BPF 6.20 6.200.00 1.7600.000N/M0.00% 10.058.25Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.152.82Cable Bahamas CAB 4.00 4.000.00 3,000-0.4380.000-9.1 0.00% 10.655.40Commonwealth Brewery CBB 10.15 10.150.00 0.1400.00072.50.00% 3.652.27Commonwealth Bank CBL 3.45 3.11 (0.34) 4,5000.1840.12016.93.86% 8.255.29Colina Holdings CHL 8.23 8.230.00 0.4490.22018.32.67% 17.509.80CIBC FirstCaribbean Bank CIB 16.00 16.000.00 0.7220.72022.24.50% 3.251.99Consolidated Water BDRs CWCB 3.31 3.25 (0.06) 1,0000.1020.43431.913.35% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.57 11.41 (0.16) 0.6460.32817.72.87% 10.8510.00Famguard FAM 10.85 10.850.00 0.7280.24014.92.21% 18.3014.05Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% 4.003.50Focol FCL 3.90 3.900.00 0.2030.12019.23.08% 11.008.20Finco FIN 11.00 11.000.00 0.9390.20011.71.82% 16.5015.50J. S. Johnson JSJ 15.50 15.500.00 0.6310.61024.63.94% PREFERENCE SHARES 1.001.00Bahamas First Holdings PreferenceBFHP 1.00 1.000.00 0.0000.0000.0000.00% 1000.001000.00 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% 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 BSBGS990326100.50100.500.00 100.2299.98BGRS 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 BGRS88028 BSBGRS880287100.00100.000.00 100.0089.62BGRS FX BGR129249 BSBGR129249389.6289.620.00 100.0089.00BGRS FX BGR131249 BSBGR1312499100.00100.000.00 100.9890.24BGRS FX BGR132249 BSBGR1322498100.00100.000.00 100.0090.73BGRS FX BGR136150 BSBGR1361504100.00100.000.00 MUTUAL FUNDS 52WK HI52WK LOW NAV YTD%12 MTH% 2.522.11 2.520.99%4.22% 4.693.30 4.690.36%5.78% 2.221.68 2.210.67%2.74% 207.86164.74 197.44-2.97%-2.35% 212.41116.70 202.39-4.72%6.04% 1.741.69 1.741.37%3.03% 1.841.75 1.841.19%5.23% 1.831.76 1.831.62%4.13% 1.030.97 0.97-5.25%-6.07% 9.376.41 9.37-0.02%10.36% 11.837.62 11.79-0.33%18.23% 7.545.66 7.540.22%3.05% 16.648.65 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% MARKET TERMS 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 from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333 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% 31-Mar-202230-Sep-2025FUND 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%
NOTICE is hereby given that MIGUEL PAUL of Cowpen Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason registration/naturalizationwhy should not be granted, should send a written and signed statement of the facts within twentyeight days from the 31st day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given as follows: (a) Vivacia Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.
NOTICE
NOTICE NOTICE is hereby given that WILNY PIERRE-LOUIS of Carmichael Road, 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 24th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
3.2
WARREN Buffett’s com pany has trimmed its stake in Chinese electric car and battery maker BYD for the first time since it bought the shares in 2008, an invest ment that has soared in value.Berkshire Hathaway said in a regulatory filing Tues day with the Hong Kong stock exchange that it had sold 1.33 million of its BYD shares for roughly $47 mil lion ($368.8 million Hong KongBerkshiredollars).paid $232 mil lion for the 225 million BYD shares it bought in 2008. By the end of last year, the value of those shares had ballooned to nearly $7.7 billion. The suc cess of the BYD investment is one example of why so many investors follow Buf fett’s moves closely because he has a remarkably suc cessful track record over theBYDdecades.said in an earnings report this week that sales of its vehicles continued to climb in the first half of this year and help it increase market share, even as auto sales slowed in its home market of China. BYD said its revenue jumped nearly 66% in the first half of this year thanks to the rapid growth in its electric vehi cle sales, and its net income more than tripled to $520 million (3.6 billion yuan). Berkshire said it owned about 7.7% of BYD before the latest stock sales, and that figure won’t change much after the sales. Berk shire said its holdings of the Hong Kong-issued shares of BYD dipped slightly from 20.49% to 19.92%. In the past, Buffett and Berkshire Vice Chair man Charlie Munger have heaped praise on BYD Chairman and founder Wang Chanfu and said they were investing in him even more than in BYD’s technology. Munger has said that Wang managed to accomplish several feats that seemed impossible at the time, including taking one-third of the lithium battery market away from Japanese manufacturers by 2010.Buffett even took the rare step of visiting a BYD factory in China in 2010 to demonstrate his support for the company. Hdidn’t immediately respond Tues day to questions about the BYD stock sale. Besides investments, Buffett’s Omaha, Nebraskabased conglomerate also owns more than 90 com panies outright including Geico insurance, BNSF rail road, several major utilities and an eclectic assortment of retail and manufacturing companies such as Dairy Queen, Helzberg Diamonds and Precision Castparts.
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Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO76°F/24° C High: 93° F/34° C Low:TAMPA80°F/27° C High: 90° F/32° C WEST PALM BEACH Low: 77° F/25° C High: 91° F/33° C FT.High:Low:LAUDERDALE79°F/26°C91°F/33°C KEY WEST Low: 82° F/28° C High: 89° F/32° C Low: 79° F/26° C High: 89° F/32° C Low:ABACO80°F/27° C High: 89° F/32° C High:Low:ELEUTHERA79°F/26°C89°F/32°C RAGGED ISLAND Low: 80° F/27° C High: 88° F/31° C GREAT EXUMA Low: 80° F/27° C High: 88° F/31° C CAT ISLAND Low: 78° F/26° C High: 89° F/32° C SANHigh:Low:SALVADOR78°F/26°C89°F/32°C CROOKED ISLAND / ACKLINS Low: 79° F/26° C High: 88° F/31° C LONG ISLAND Low: 79° F/26° C High: 89° F/32° C MAYAGUANALow:80°F/27°CHigh:89°F/32°C GREAT INAGUA Low: 79° F/26° C High: 89° F/32° C Low:ANDROS79°F/26° C High: 89° F/32° C Low: 76° F/24° C High: 89° F/32° C FREEPORT NASSAULow: 79° F/26° C High: 92° F/33° C MIAMI THE WEATHER REPORT 5-Day Forecast A t‑storm in spots in the afternoon High: 89° AccuWeather RealFeel 100° F The exclusive AccuWeather RealFeel Temperature is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day. A couple of t‑storms in the evening Low: 79° AccuWeather RealFeel 90° F Mostly sunny High: 90° AccuWeather RealFeel Low: 79° 100°-88° F A t‑storm in spots in the morning High: 90° AccuWeather RealFeel Low: 78° 100°-84° F A t‑storm; breezy in the morning High: 89° AccuWeather RealFeel Low: 80° 97°-88° F Partly sunny, a couple of t‑showers High: 90° AccuWeather100°-89°RealFeelF Low: 79° TODAY TONIGHT THURSDAY FRIDAY SATURDAY SUNDAY almanac High 88° F/31° C Low 81° F/27° C Normal high 89° F/31° C Normal low 76° F/24° C Last year’s high 90° F/32° C Last year’s low 73° F/23° C As of 2 p.m. yesterday 0.14” Year to date 40.66” Normal year to date 24.76” Statistics are for Nassau through 2 p.m. yesterday PrecipitationTemperature sun anD moon tiDes For nassau Sep.First3 Sep.Full10 Sep.Last17 Sep.New25 Sunrise 6:50 a.m. Sunset 7:30 p.m. Moonrise 10:38 a.m. Moonset 10:17 p.m. SaturdayFridayThursdayToday High Ht.(ft.) Low Ht.(ft.)
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MICROSOFT Corporation founder Bill Gates, second from right, speaks while American investor Warren Buffett, center, Charlie Munger, vice chairman of Berkshire Hathaway, second from left, and Chinese tycoon, BYD Chairman Wang Chuanfu, right, look on after unveiling BYD’s new M6 model in Beijing, China, on Sept. 29, 2010.
BUFFETT’S COMPANY TRIMS ITS STAKE IN CHINESE EV MAKER BYD
marine Forecast WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: SE at 6 12 Knots 2 4 Feet 10 Miles 84° F Thursday: S at 4 8 Knots 1 3 Feet 10 Miles 85° F ANDROS Today: SE at 4 8 Knots 0 1 Feet 10 Miles 86° F Thursday: ESE at 4 8 Knots 0 1 Feet 10 Miles 86° F CAT ISLAND Today: SE at 6 12 Knots 1 3 Feet 10 Miles 85° F Thursday: E at 6 12 Knots 1 3 Feet 10 Miles 85° F CROOKED ISLAND Today: E at 6 12 Knots 1 3 Feet 10 Miles 84° F Thursday: E at 7 14 Knots 1 3 Feet 10 Miles 84° F ELEUTHERA Today: SSE at 6 12 Knots 2 4 Feet 10 Miles 85° F Thursday: ESE at 4 8 Knots 1 3 Feet 10 Miles 85° F FREEPORT Today: S at 4 8 Knots 0 1 Feet 10 Miles 85° F Thursday: WNW at 4 8 Knots 0 1 Feet 7 Miles 85° F GREAT EXUMA Today: SE at 6 12 Knots 0 1 Feet 10 Miles 85° F Thursday: ESE at 6 12 Knots 0 1 Feet 10 Miles 86° F GREAT INAGUA Today: NE at 7 14 Knots 1 2 Feet 10 Miles 85° F Thursday: ENE at 8 16 Knots 1 3 Feet 10 Miles 85° F LONG ISLAND Today: ESE at 6 12 Knots 1 3 Feet 10 Miles 85° F Thursday: E at 7 14 Knots 1 3 Feet 10 Miles 85° F MAYAGUANA Today: ESE at 6 12 Knots 2 4 Feet 5 Miles 84° F Thursday: E at 7 14 Knots 2 4 Feet 10 Miles 85° F NASSAU Today: SSE at 6 12 Knots 0 1 Feet 10 Miles 85° F Thursday: SE at 4 8 Knots 0 1 Feet 10 Miles 85° F RAGGED ISLAND Today: SE at 6 12 Knots 1 2 Feet 10 Miles 85° F Thursday: E at 7 14 Knots 1 3 Feet 10 Miles 85° F SAN SALVADOR Today: SE at 6 12 Knots 0 1 Feet 10 Miles 85° F Thursday: ESE at 4 8 Knots 1 2 Feet 10 Miles 85° F uV inDex toDay The higher the AccuWeather UV Index number, the greater the need for eye and skin protection. Forecasts and graphics provided by AccuWeather, Inc. ©2022 H tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. NS EW 6 12 knots NS EW S 6 12 knots NS EW S 4 8 knots NS EW S 6 12 knots NS EW S 6 12 knots NSW S E 7 14 knots NS EW S 6 12 knots NS EW S 4 8 knots | Go to AccuWeather.com
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PAGE 10, Wednesday, August 31, 2022 THE TRIBUNE
By JOSH FUNK AP Business Writer
Photo:Andy WongAP 11:12 a.m. a.m. p.m. 11:58 a.m. 5:40 a.m. 6:19 p.m. 12:11 a.m. 2.8 6:25 a.m. 0.6 12:50 p.m. 3.2 7:16 p.m. 1.0 1:04 a.m. 2.7 7:17 a.m. 0.6 1:49 p.m. 3.2 8:20 p.m. 1.1 2:06 a.m. 2.6 8:18 a.m. 0.7 2:55 p.m. 3.3 9:29 p.m. 1.1 3:15 a.m. 2.6 9:26 a.m. 0.6 4:03 p.m. 3.4 10:38 p.m. 1.0 4:25 a.m. 2.7 10:36 a.m. 0.5 5:09 p.m. 3.5 11:42 p.m. 0.8
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