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Doctors secures $25m as it ‘refines’ equity offering

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

DOCTORS Hospital has secured $25m from Royal Bank of Canada (RBC) to finance its continued expansion as it works to “refine” its upcoming equity capital raise by “prioritising” three target investor groups.

Dennis Deveaux, the BISX-listed company’s chief financial officer, told Tribune Business the debt funding will enable the healthcare provider to proceed with its $25m-$30m Grand Bahama hospital and other facilities while it finalises plans for offering additional shares to investors within the next three to six months. He explained that Doctors Hospital intends to give “physicians and the medical community”; its own employees and healthcare workers; and

ArawakX’s fate now in Supreme Court hands

existing shareholders first preference to buy into and acquire shares before the opportunity is expanded to other investors - primarily smaller Bahamian retail players. The creation of an Employee Stock Ownership Plan (ESOP) is being discussed as the mechanism that would enable Doctors Hospital staff to invest.

“We continue to look at our timeline. To some extent, we’ve looked at our strategy, and that involves - in addition to equity - a commitment for some debt,” Mr Deveaux told this newspaper. “We’ll announce in a few days that we’ve secured a financing commitment from RBC of up to $25m in debt.

“It’s flexibly structured, and that will allow us the capacity to continue to fund the Grand Bahama

SEE PAGE B8

‘Very credible’ Freeport city manager emerges

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A “VERY credible” candidate to take over Freeport’s management is said to have met with both government and Grand Bahama Port Authority (GBPA) ownership as the idea of the latter devolving its quasi-governmental powers gains traction.

Members of the Concerned Freeport Licensees Association (CFLA) were last week increasingly discussing a proposal, floated at Monday’s meeting, that would involve the GBPA’s owners - the Hayward and

St George families - devolving its regulatory and other authorities into a trust structure that would be overseen by a five-person Board of trustees.

This Board would then be responsible for hiring a city manager to administer Freeport, and take over responsibility for its administration, development and infrastructure upkeep, as well as find and attract new investors and fresh capital to grow the city’s economy.

Tribune Business was told this plan, suggested at last Monday’s licensee meeting by Dillon Knowles, a

PM sounds alarm on EU blacklist’s insurance hit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister has joined insurers in sounding the alarm that remittances from European reinsurers on could be “reduced by at least 25 percent” if The Bahamas remains on the continent’s tax blacklist.

Philip Davis KC, speaking at the Group of 77 (G77) nations plus China forum in Havana last week, warned that if The Bahamas remains on the European Union’s (EU) non-cooperative tax blacklist following next month’s review then local homeowners and businesses could struggle to claim the

full insurance payout due to them in the aftermath of a severe hurricane.

Slamming the EU action as arbitrary and unjust, he added that it also represents a threat to The Bahamas’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Supreme Court will hear arguments from all sides on October 13 as to whether The Bahamas’ first-ever crowd funding platform should be woundup due to regulatory concerns about its solvency and operations. Both the Securities Commission and ArawakX, and their respective attorneys, appeared before Sir Ian Winder on Friday afternoon after the Bahamian capital markets regulator moved to initiate legal proceedings to place the platform into court-supervised liquidation.

While the Chief Justice came to no decision, he is understood to have issued case management instructions with deadlines for both sides to file their

respective arguments and evidence, plus “rebuttals” to each other’s position and allegations, over the next few weeks culminating in the October 13 hearing before the Supreme Court. And, while the Securities Commission is understood to have gone to Friday’s hearing prepared to seek an injunction that would have frozen ArawakX’s business

Fostering economic growth is of utmost importance for an island nation such as The Bahamas if it is to secure a prosperous and sustainable future. One highly effective strategy to achieve this goal is giving priority to growing

the international economy. While we previously discussed the significance of growing the local economy, it is essential to recognise that the easiest way to stimulate economic growth in the local economy is by first

fostering growth in its international equivalent.

International companies situated in The Bahamas play a pivotal role in driving economic activity, engaging in cross-border business transactions. These companies cater to overseas

customers and channel foreign currency earnings into The Bahamas. The infusion of foreign capital into the Bahamian economy acts as a catalyst, driving activity across various sectors. Hence these international companies serve as the

essential fuel that propels the engine of economic prosperity, supporting the overall growth and development of other tiers within the economy.

FORESIGHT NEEDED TO DRIVE GROWTH VIA GLOBAL BUSINESS SIMMS

These international companies located in The Bahamas play a vital role in supporting the local economy by actively participating in external business activities. The significance of cultivating a thriving international economy will be explored in this article, along with a discussion of the regulatory aspects involved and an analysis of the advantages and disadvantages of this approach.

The role of the international economy

International companies serve as important conduits for bringing foreign money into the country. This is achieved through various means, primarily exports and foreign direct investment (FDI). Through exports, these companies sell services to customers overseas, earning revenue in foreign currency that is repatriated back to The Bahamas. This not only contributes to the country’s foreign exchange reserves but also bolsters its balance of trade and enhances economic competitiveness on the global stage.

Moreover, foreign direct investments (FDIs) from international companies involve the establishment of business operations within The Bahamas. This can include setting up manufacturing facilities, service centres or regional headquarters. FDI brings in substantial capital investments, advanced technologies and management expertise, all of which can significantly augment the local economy. As these international companies invest in the country’s infrastructure, create jobs and introduce new technologies, they contribute to the overall development and progress of The Bahamas. The infusion of foreign capital through exports and FDI is instrumental in strengthening The Bahamas’ financial position. A robust financial position enables the Government to invest in critical public services such as education, healthcare and infrastructure, fostering long-term sustainable development. Furthermore, a strong financial foundation provides stability during times of economic turbulence, mitigating the impact of global economic shocks on The Bahamas.

In addition to their direct contributions, international companies create a ripple effect that fuels economic growth across various sectors of the local economy. As these companies conduct business within The Bahamas, they engage with local suppliers, service providers and support industries. The demand generated by international companies stimulates local firms, leading to increased job opportunities and income growth for the local population. This multiplier effect amplifies the positive impact of international companies on the country’s overall economic prosperity.

Why do we need international companies?

In The Bahamas, the presence of international companies brings significant benefits to the job market and contributes to healthy competition within the local economy. These companies not only create job opportunities but also raise

the bar for labour standards, offering good quality jobs that often come with competitive salaries and benefits. This is a significant advantage for the local workforce, as it provides access to higher-paying positions and opportunities for career growth. International companies, being part of the global market, operate in a highly competitive environment. To remain successful and relevant on an international scale, they must constantly innovate, improve efficiency and deliver high quality products or services.

As a result, their presence in the local economy introduces healthy competition, encouraging Bahamianowned businesses to elevate their performance and compete at a higher level.

The competitive dynamics between international companies and local businesses can lead to positive outcomes for both. Local businesses are pushed to enhance their offerings, customer service and operational efficiency to keep pace with international standards. This not only benefits consumers by providing access to better products and services, but also drives growth in the local business ecosystem.

Moreover, international companies often collaborate with local suppliers and service providers, fostering the development of a robust network of interconnected businesses. This enhances supply chain efficiencies and encourages the growth of homegrown industries that can support the needs of international enterprises. Local businesses that can meet the high standards required by international companies may also have opportunities to become part of their global supply chains, opening up new markets and opportunities for growth.

While competition is a key driver of progress, it is essential to strike a balance between international and local businesses. The Government must implement policies and regulations that promote fair competition and safeguard the interests of domestic enterprises. This may involve offering support and incentives to local businesses, facilitating access to resources and training, and ensuring the playing field is level for both local and international companies.

The dilemma of attracting international business

While tourism has been a significant driver of international business for us, relying heavily on a single industry can leave the economy vulnerable to external shocks and limited in its potential for growth. To foster a more robust and resilient economy, it is imperative to attract international businesses

SEE PAGE B4

FLIGHT SIMULATOR BUSINESS CAN RESTART AFTER 4-YEAR POINTE BAR

A FORMER tenant at The Pointe should be permitted to “reinvigorate” its business, a Supreme Court justice has ruled, after it was barred by the landlord from accessing vital equipment for almost four years.

Justice Neil Brathwaite, in somewhat ambiguous language in his September 14 ruling, appeared to vary or set aside the December 3, 2020, order by former justice, Ruth Bowe-Darville, that “prohibited” Jetline Simulation Bahamas from removing the Boeing fixed-base trainer and flight simulator kit that the company had used to entertain both locals and tourists alike. His finding that Jetline should be able to restart “at a different location” should

it choose to do so ends an almost four-year shut down of its business after its former landlord, Neworld One Bay Street, an affiliate of The Pointe’s developer, China Construction America (CCA), locked it out of the premises on November 6, 2019, amid a rent dispute. Jetline had agreed a three-year lease for Shop 115D, comprising 1,000 square feet, on June 1, 2017, with Neworld. Besides a two-year option to renew, the lease terms required Jetline to pay rent equivalent to $38 per square foot or $38,000 ($3,166.67) for the first year; $45 per square foot or $45,000 ($3,750 per month) for the second year; and $50 per square foot or $50,000 ($4,166.67 per month) in the third year. The company occupied the space in July 2017, several months ahead of when the lease took effect on

October 1 that year, so that it could set up its flight simulation business. Both the Boeing fixed-based trainer and flight simulator kit were, according to Justice Brathwaite’s ruling, subject to a deed of debenture, which indicates they were acting as security for a loan.

“The plaintiff alleges that during the months of March, April, May, June, July and August 2018, electrical power was not provided to shop 115D due to the inadequacy of infrastructure as other units were being constructed,” Justice Brathwaite wrote of Jetline’s claim, “this resulting in the plaintiff losing revenue.

“The plaintiff approached Engel and Walker, the agent of the defendant [Neworld/ CCA] to pay rent minus any legal or equitable setoff. However, the agent did not accept the rent from

the plaintiff. Meetings were held between the plaintiff and the defendant’s agent to discuss the various setoffs which the plaintiff claimed due to the interruption of electrical supply to Shop 115D. Attempts to resolve the dispute over the amount owed were not successful.

“The plaintiff eventually advised Morley Realty, the defendant’s agent at that time, that it was affected by Hurricane Dorian and thus wanted to discuss a reduction in the rental payment.

On November 6, 2019, at approximately 8pm, the defendant repossessed and locked the plaintiff out of Shop 115D,” the judgment continued.

“The plaintiff has not been permitted to remove any of its ‘goods, chattels, trade, personal items of its employees or perishable goods and other fixtures’.”

This sparked Jetline into initiating legal action on September 11, 2020, “seeking damages for loss of revenue, excessive, illegal and wrongful distress, and exemplary damages for harsh behaviour”.

However, CCA’s Neworld affiliate hit back with a November 1, 2020, defence and counterclaim seeking damages for rental arrears owed from October 31 to the date of judgment, plus payments for electricity, interest and costs. Former justice Bowe-Darville’s late 2020 order prevented Jetline from removing the Boeing fixed-base trainer from the premises and awarded costs to the landlord.

Evidence provided by Jetline valued the Boeing fixed-base trainer at $135,696, and the flight simulator at $27,025, for a collective $162,721.

Union: ‘Everything on table’ over BPL woes

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Electrical Workers Union’s (BEWU) president says “everything is on the table” in resolving its members’ grievances with Bahamas Power & Light (BPL) after all requirements for taking strike action were met.

Kyle Wilson reiterated that the union, which represents BPL line staff, is hoping for an amicable solution to the two sides’ differences despite last week obtaining certification of its strike vote - a key step that clears the way for potential industrial action.

He added, though, that he was encouraged by newlyappointed energy minister, JoBeth Coleby-Davis, touring Blue Hills Power Station to see working conditions at the site. But Mr Wilson

added that if the union and its members have to go on strike to drive home their concerns, and the need for redress, they will.

Mr Wilson said of the strike vote: “It was a 99 percent unanimous ‘yes’ vote, telling the powers that be that there are major issues here and BPL, I don’t care how much you deny, the workers spoke strong - from Abaco to Inagua.

“So I’m happy that the minister of energy and transport, Jobeth ColebyDavis, flanked by the labour relations unit, headed by Bernard Evans, would have come here to begin to view some of the concerns that the workers have here at BPL. She also gave a commitment to travel throughout the Family Islands,to see the concerns that the union have showed on the various islands.”

A media tour of Clifton Pier’s Station

A power plant, which houses BPL’s Wartsilamade engines, exposed last month that there are cracks in the walls of the energy tower basements and yellow tape cordoning off several areas of the station.

Mr Wilson, added: “All we’re asking for is a safe environment to work in. We ask that our benefits be respected, that our industrial agreement be

respected. We’re working along with chief operating officer, Toni Seymour, who is acting in the capacity of the chief executive (Shevonn Cambridge) in his absence, and she has been nothing but a breath of fresh air for the union to work with.”

Obie Ferguson, the union’s attorney and Trade Union Congress (TUC), previously told this newspaper that an agreement between the workers and BPL was imminent and that industrial action was likely to be avoided. Mr Wilson responded: “The strike vote was done over two weeks ago, plus we’ve just received a certificate giving us the right to strike.

“He is intimately involved, Obie Ferguson, and it’s no secret that I’m tied to the hip with Mr Ferguson. We work hand in hand in his legal capacity, and in his capacity as the president of the TUC,

and so everyone wants to see peace. Bear in mind, no one wants to strike and I don’t think anyone wants BPL to strike under these conditions.

“We’re suffering with unreliable power and high heat. So even myself, I don’t even want to strike. I want to go home to enjoy the modern amenities of air conditioning. But, if it comes down to these types of things, the union is not afraid to do whatever we

Neworld, meanwhile, is claiming $111,368 in special damages, plus general damages, interest and costs.

Subsequently, Justice Brathwaite was asked to determine three summonses filed by each of the parties. In one, Jetline asserted that part of Neworld’s counterclaim should be struck out on the grounds that it was “scandalous, frivolous, vexatious and an abuse of process” because it sought compensation/damages for loss of future rental earnings even though it had repossessed the property on November 6, 2019.

“The plaintiff therefore argues that the defendant is not allowed to sue for future rent, as locking out the tenant on November 6, 2019, resulted in the lease being effectively

have to do to protect our benefits, protect our safety, and protect our standard of living following today’s tour.”

Responding to whether a strike could be delayed, Mr Wilson said: “Everything is on the table. But based on what the minister did today, it really softens the heart of the workers to do anything untoward or to get into that type of action.”

KYLE WILSON

AG to lead speakers at financial summit

By NEIL HARTNELL Tribune Business Editor

THE Nassau Conference, the annual professional development summit for the Bahamian international financial services sector, has announced this year's version will be held on Thursday, September 28, at Baha Mar.

Set to be held under the theme, “The way forward: Crafting a new vision and enhancing expertise

for the financial services sector', the conference's key speaker will be attorney general and minister of legal affairs, Senator Ryan Pinder KC. He will speak on the topic 'Policy action for a sustainable financial services sector.' Attendees will also learn about 'Developing specialised skills for the financial services sector' through a panel including Andrew Scales of Scales & Associates and Patrice Taylor of Hepzibah human resources training and development.

This will be followed by a discussion on 'Crafting a National Development Plan for The Bahamas’ with Felix Stubbs of Doctors Hospital Health System; Gowon Bowe of Fidelity Bank (Bahamas); and Dr Nicola Virgill-Rolle of the Lyford Cay Foundation. Olivia Espley-Ault, a senior manager in EY Bermuda's tax practice, will present on the topic 'Corporate income tax and The Bahamas' tax structure', which will be followed by a session on 'Environmental,

Social and Governance (ESG)' by Begoña Ramos Justo of KPMG. The afternoon sessions will explore topics including “AI & financial services – Threat and opportunity?” with Rose LeJiste of Alliance One Management Consulting, followed by a panel discussion on 'The future of regulation in the financial services sector' with Christina Rolle, the Securities Commission's executive director, and John Rolle, the Central Bank of The Bahamas governor.

The half-day Financial Services Bootcamp, a practical workshop for individuals working in financial services, will be held the day before the Nassau Conference to provide updates on key products and services. The event also serves as an introduction for new entrants to the sector and those considering careers in financial services, including university students.

The Bootcamp will explore various topics, including 'Trust, compliance and governance

Issues' with Theo Burrows of STEP Bahamas, 'The future of The Bahamas as a digital assets hub' with Ianthé Tynes of OKX Bahamas, and Mechelle Martinborough of the Securities Commission, and a session on 'Effective networking” led by Keshelle Davis of The Training Authority. Both events are organised by the Association of International Banks and Trust Companies (AIBT).

Foresight needed to drive growth via global business

FROM PAGE B2

in non-traditional sectors.

However, achieving this goal presents certain challenges that require careful consideration and strategic planning.

One of the key hurdles in attracting international business lies in the country’s tax system. While The

Bahamas offers certain tax advantages, including no income tax and low corporate tax rates, the international business community often seeks stability and predictability in tax regulations. This requires a comprehensive review of the tax structure to strike a balance between providing attractive incentives for

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investors and ensuring a stable revenue base for the Government.

Additionally, improving the business landscape involves addressing issues related to infrastructure, logistics and the ease of doing business. Efficient transportation systems, modernised ports and streamlined administrative processes are critical for facilitating smooth business operations. A focus on these areas can enhance The Bahamas’ competitiveness and appeal to international investors seeking a seamless and conducive environment for their enterprises.

Furthermore, The Bahamas needs to address the challenges related to the availability and cost of

skilled labour. While the local workforce has significant potential, ensuring it meets the demands of diverse industries requires strategic investments in education, vocational training and skills development programmes. Attracting and retaining talent is essential to fueling the growth of international businesses and encouraging them to establish long-term operations in the country.

The National Development Plan

As discussed previously, The Bahamas has traditionally relied heavily on the tourism industry for FDI. While tourism remains a vital sector, the National Development Plan (NDP) recognises the need to expand the economic landscape and attract international businesses in non-traditional sectors. To achieve this, the plan emphasises the importance of creating a conducive business environment that includes tax incentives, streamlined regulations and investments in infrastructure and human capital.

The NDP places a strong focus on fostering economic growth via the international economy. By nurturing tier one businesses, such as international companies, which are directly engaged in cross-border activities, the plan seeks to have a positive ripple effect throughout the economy, supporting the growth and development of other sectors. The plan recognises the pivotal role played by international companies in bringing foreign money into the country through exports and FDI, thereby strengthening the financial position of The Bahamas and driving economic activity across various industries.

Additionally, the NDP emphasises the significance of striking a balance between international and local interests. While attracting foreign investments is essential, the plan aims to protect and promote local businesses, ensuring they can also thrive and compete on a global stage. By encouraging collaboration between international companies and local suppliers, the plan seeks to create a robust network of

interconnected businesses that can support the needs of both foreign and domestic enterprises.

Conclusion In conclusion, the path to sustained economic growth and prosperity for The Bahamas lies in a well-balanced and comprehensive approach. The importance of growing the economy in the international arena cannot be overstated, as it brings in foreign capital, drives economic activity and creates valuable job opportunities. International companies, acting as key players in the local economy, serve as catalysts for progress and innovation, stimulating healthy competition that benefits both domestic and foreign enterprises. However, to truly overcome the dilemma of attracting international business, The Bahamas must navigate the challenges with foresight and diligence. The NDP emerges as a crucial blueprint, charting a course towards economic diversification and resilience. By fostering a conducive business environment, addressing regulatory concerns, investing in infrastructure and human capital, and nurturing local industries, the NDP aims to strike a harmonious balance that welcomes international investments while safeguarding the interests of homegrown businesses.

A NEW ERA OF BIG GOVERNMENT SPENDING: RESHAPING THE

AMERICAN ECONOMY AMID GEOPOLITICAL UNCERTAINTY

By RICARDO EVANGELISTA

Over the past two years, the US has witnessed a profound shift in economic policy, marking the dawn of a new era of big government spending. This transformation is driven by a combination of factors, including President Joe Biden’s ambitious initiatives, such as the Inflation Reduction Act and the CHIP Act, which are reminiscent of the largest government spending sprees of the 1930s. These initiatives not only aim to reboot the US economy but also set a precedent for the world to follow.

The contrast between this new era and the Reaganomics doctrine of the 1980s, the latter characterised by low taxes and a small state, could not be starker. While Ronald Reagan’s approach focused on limited government intervention, President Biden’s administration is embracing a more interventionist stance, emphasising the role of the state in addressing pressing national challenges.

One of the driving forces behind the shift in government spending priorities is

the looming demographic changes in the Western world. In the OECD countries, by 2050, the number of people over 65 is expected to exceed those who are younger, thus placing substantial pressure on public finances for pensions and healthcare.

Moreover, Western states have accumulated significant debt levels following the gargantuan stimulus deployed during the COVID pandemic and even before, following the 2008 financial crisis. Some nations’ debt levels have surpassed their national GDP. The interest payments on this debt alone are adding substantial pressure to public finances, necessitating a re-evaluation of fiscal policies. This debt burden not only constrains a government’s ability to invest in critical areas but also threatens the longterm economic stability of these nations.

In addition to addressing demographic challenges

and debt burdens, the imperative of transitioning to a greener economy is another significant driver of increased government spending. As the world grapples with the pressing issue of climate change, fiscal authorities are expected to be the catalyst for the necessary acceleration towards carbon neutrality. The state costs associated with this transition are substantial, encompassing investments in infrastructure and incentives for renewable energy sustainable technologies.

Amid these challenges, geopolitical instability has added another layer of complexity to the equation. The invasion of Ukraine by Russia, and China’s increasingly belligerent stance, have led to a rearmament trend, with defence spending on the rise. This rearmament puts additional pressure on already-stretched public finances, as governments strive to bolster

their national security in an increasingly uncertain world.

To finance the increased spending, governments are pinning their hopes on increases in productivity and economic growth, which would generate larger fiscal income. This optimistic scenario is seen as the path to sustainable funding for these expansive policies. However, even if economic growth does materialise and generate more fiscal income, a prolonged era of heavy tax

burdens looms on the horizon. Substantial tax rises may not be the immediate answer, but meaningful cuts also appear unlikely over the next few years.

As the world grapples with the challenges of the 21st century, the era of big government spending is a response to the pressing issues of our time. Demographic shifts, rising debt burdens, the imperative of a green transition and geopolitical instability have converged to redefine the role of the state in modern

PRIORITISE STAFF NEEDS DURING DIFFICULT TIMES

The only constant in modern business is unpredictability.

There are numerous challenges facing small to mid-sized businesses today, ranging from economic hardships to digitisation, artificial intelligence, cyber security threats and shifting government policies. Furthermore, workforce management is looming within the

context of geopolitical shifts and evolving work environments. A robust risk-management strategy is one solution to this problem.

Ariane Chapelle noted in her Harvard Business Review article: 'Managing risks is inseparable from managing performance'. Unfortunately, business owners often feel out of their depth, which is why specialists - from risk and

compliance advisors to cyber security experts - step in to assist them. These professionals offer their expertise in guiding clients through the murky waters of potential pitfalls.

The purpose of this article is to briefly examine a critical risk factor that is sometimes overlooked when companies assess risks, and to suggest areas that small businesses should

consider when evaluating possible threats.

People First: Your prime asset

There is potential for emotional involvement in decision-making during difficult economic times. However, this could lead to crucial errors, such as sidelining top talent or skimping on employee benefits. In the wake of brighter days, companies

must be prepared to leverage the upswing, and not play catch-up. To achieve this level of readiness, you must prioritise and understand your employees' needs.

As such, when searching for consultants and advisors, finding resources with experience in compensation, wellness programmes

SEE PAGE B6

economies. The USis leading the way in this paradigm shift, and its success or failure will undoubtedly influence the policies of other nations. Ultimately, it remains to be seen whether this new era of big government spending will be the answer to the complex challenges we are facing, or an economic experiment with uncertain consequences. In either case, the path forward will require careful consideration of fiscal policies and their implications for the future.

THE FUTURE OF MONEY

MINISTER HOPES BPL RATES REDUCE ‘SOON’

THE newly-appointed energy minister says she hopes electricity rates will be lowered “soon” after Bahamas Power & Light’s (BPL) fuel charge ‘glide path’ passed the projected peak in its bid to recoup under-recovered costs.

JoBeth Coleby-Davis, minister of energy and transport, asked when BPL consumers would see some

relief, replied: “I’m hoping that it’s soon, because it seems as if the major part of the (sliding) scale is coming to an end now.” BPL’s fuel charge ‘glide path’ was supposed to peak at 27.6 cents per kilowatt hour (KWh) between June and August this year, and then decrease slightly to 25 cents per KWh between September and November 2023. The reduced fuel charge, together with the likely slight easing in consumption from the summer peak, should ultimately cause some decrease in

light bills for both households and businesses. Mrs Coleby-Davis, meanwhile, said incentives will be provided to the private sector to facilitate investment in, and the transition to, solar power, with BPL taking the lead on this, although she provided no details.

“Being the leaders (BPL), it helps encourage the private sector to take it seriously and make the investment, and then the Government can partner with them and encourage and support them,” the minister added.

“Because sometimes you want to do it, when it comes to renewable, but it’s really expensive, and so we’re going to be putting forward some plans and have a lot more discussions on the energy and alternative energy side in the public to help and give them the information needed, but also to see how the Government can partner with them.”

The Davis administration recently signed an agreement with the Caribbean Centre for Renewable Energy

and Energy Efficiency (CCREEE) to help bring renewed momentum to the National Energy Policy’s goal of generating at least 30 percent of The Bahamas’ total energy needs from renewable sources by 2030.

Putting BPL on an accelerated path to exploit renewable energy is key to achieving this objective.

The Blue Hills power station has a 25 Mega Watt (MW) battery energy storage facility that currently provides a back-up energy reserve when a generator goes down, but it will be

PRIORITISE STAFF NEEDS DURING DIFFICULT TIMES

and succession planning is imperative.

Risk Management: Think ahead, think broad COVID underscored the unforeseen risks businesses might face. The pandemic shed light on the weaknesses of many companies. A 2020 Forbes. com survey revealed that businesses with monthly expenses surpassing $10,000

were just two weeks away from depleting their cash reserves. This reality is a call to action, emphasising pre-emptive planning. When considering risk management, a holistic view is essential:

* People Risk: Do you provide adequate benefits and incentives to retain and nurture your employees?

* Financial Risk: Are you prepared for economic fluctuations or cash flow disruptions?

* Liability Risk: Could unforeseen risks, such as natural calamities or legal challenges, jeopardise your operations?

* Climate Risk: Have you identified a management person responsible for environmental sustainability who would oversee environmental risks to avoid them being overlooked? reliable, ethical, and in accordance with your brand

values are your risk management partners?

It might be necessary to reinforce ties with current partners or bring in fresh expertise to identify these potential blind spots.

Conclusion

The nature of entrepreneurs is to take risks, but in today’s volatile business environment, simply winging it is a gamble. It is possible to bolster your company’s resilience, preserve its reputation and

ensure you are prepared to take advantage of emerging opportunities with the help of a competent risk management partner.

used for future renewable development when BPL unveils its solar farm next year.

Meanwhile, speaking to her transport portfolio and impending bus fare increase, Mrs ColebyDavis said there will be a schedule of public meetings hosted by her ministry and the associated jitney unions next week. The proposal that will be discussed is an increase of 25 cents, which would take adult fares from $1.25 to $1.50.

ARAWAKX’S FATE NOW IN SUPREME COURT HANDS

until October 13, that ultimately became unnecessary.

Khalil Parker KC, the Bahamas Bar Association chairman who is representing the crowd funding platform, gave an undertaking that his client will maintain the present ‘status quo’ and no pledge, deal or do anything that impacts client assets.

This is as good as an injunction because it means that ArawakX’s business is effectively shut down until the October 13 hearing. The Securities Commission had previously extended the suspension of its registration and licence until today following last Wednesday’s meeting between the two sides, where the platform committed to providing “substantive answers” to the regulator’s solvency and other questions by last Friday.

The Securities Commission, though, decided not to wait for those answers before making its legal move. The details of Friday’s Supreme Court

hearing were yesterday confirmed by D’Arcy Rahming senior, ArawakX’s chairman and chief executive, who told Tribune Business that the undertaking given by his attorney makes little difference because “they’ve shut us down for the last 11 months since October [2022]” anyway.

He also voiced optimism that placing the dispute with the Securities Commission before the Supreme Court will ultimately lead to a resolution.

“I want to say that I have every confidence in our legal process, and I’m happy to have my day in court,” Mr Rahming told this newspaper. “I have every confidence in what is going on.

“I’m satisfied and really believe in this country, believe in our system, and I’m happy we’re at this stage. Our position is that they’ve shut us down for the last 11 months from October, so it ain’t no news for us. We’re putting it in somebody’s hands who are fair, the courts, and we’ll have our day in court.

That’s all we’ve been asking for from the beginning. “We’ve been consistent with that. At this stage, I have just to trust in my lawyer and all the things that are set up. Once all this is done, people will be educated.” The Securities Commission, in a late Tuesday night statement last week, confirmed that its probe relates to concerns over “the trading platform’s solvency”, although it provided no further details.

“The Commission finds it most unfortunate that, instead of addressing the Commission’s substantive and very serious issues, Mr Rahming has chosen to make inflammatory misrepresentations and outright fabrications of the Commission’s concerns in a public forum,” the Securities Commission said then.

“The Securities Commission has exercised both patience and restraint in dealing with MDollaz, trading as ArawakX, and we continue to exercise our professionalism in this regard. However, the Commission will not tolerate wild, misleading and potentially libellous accusations of the nature made in the referenced communication.

“The Commission seeks only to resolve its regulatory concerns with the principals of MDollaz trading as ArawakX in the interest of the investing public. As always, the Commission remains committed

to its professionalism and hopeful that these matters can come to a productive end.”

Mr Rahming, in exposing ArawakX’s woes publicly via a letter issued to the capital markets and media, linked its difficulties to a highly-publicised battle for control of the crowd-funding platform with one-time Colina Insurance Company president, James Campbell.

Tribune Business disclosed in June how the fight with Mr Campbell, an ‘angel investor’ who provided ArawakX with a portion of its start-up funding, resulted in multiple bank accounts held with BISX-listed Bank of The Bahamas being temporarily frozen.

Justice Simone Fitzcharles, in a May 16, 2023, Order that also mentions Mr Campbell by name, ruled that Bank of The Bahamas “shall forthwith restore the claimant’s [ArawakX] access to, and operation of, all of the accounts” that had previously been frozen.

The Supreme Court judge also ordered that Mr Campbell, “and all persons claiming under, by and through Mr Campbell, shall not continue or subsequently prosecute” any claims against the BISXlisted institution as set out in “the Higgs and Johnson letter dated October 28, 2022”.

Mr Rahming, a former Bahamas International Securities Exchange (BISX) chief operating officer, blamed the battle with Mr Campbell for triggering the Securities Commission’s “investigation that is still ongoing, 11 months later”. He subsequently described it as “an 11-month ‘examination’ without end”, with the regulator placing “impositions formal and informal” on ArawakX that threaten to “starve” it of capital and drive the platform into voluntary liquidation.

But, given what transpired between Arawak X and Mr Campbell, father of newly-promoted minister of agriculture and fisheries, Jomo Campbell, any financial regulator would be drawn to examine the financial implications for the crowd-funding platform, its corporate issuers and wider Bahamian investors.

ArawakX was originally created to fill a void in the Bahamian capital markets, which previously lacked a platform allowing startups and entrepreneurs to raise up to $5m in equity financing within a regulated market. It was also designed to give Bahamian investors access to greater and more diversified ownership opportunities, thereby helping to increase and spread the wealth. Among the entities that have successfully crowdfunded via ArawakX

to-date are the Red Lobster restaurant franchise (Pinnacle Franchise Brands), spearheaded by the late Chris Mortimer and James Owen; Dr Daniel Johnson’s medical venture specialising in foot care; Chef Culmer’s Tropical Gyro; and Nassau Gas.

ArawakX’s woes have been evident for some time. Besides the battle with Mr Campbell, this newspaper revealed last month how its landlord, Sandyport Development Company, had placed an eviction notice on its offices and changed the locks due to the platform falling into arrears on rental payments.

ArawakX said at the time that it had moved to its own building off Joe Farrington Road, attributing the lease default to legal issues being ironed out with one of its financiers. Referring to the battle with Mr Campbell, Mr Rahming said: “During this time we haven’t been able to generate any revenues or put any funds into the company.

“We recognise the impact of our Sandyport offices as a Community Investor Education Centre and we intend to be reopening that shortly as well. We fell behind in our bill because during this takeover, audit and examination period we haven’t been able to generate any revenue or inject any funds, including our own into the company.”

DOCTORS SECURES $25M AS IT ‘REFINES’ EQUITY OFFERING

hospital while we properly engage [potential investors] regarding the share offering. There are three groups we are targeting, including the physicians and medical community at large. We want to invite physicians to invest along with us, and be not only partners but owners of Doctors Hospital as it goes forward with private medicine in the country.

“We are refining our offering to target physicians at large and our associates. We’re discussing an ESOP for employees and healthcare workers. We want them to not only be partners but owners in what we’re trying to do. Third, we want to give every opportunity for existing shareholders not to be diluted,” Mr Deveaux continued.

“Existing and large shareholders have indicated they want to participate in the raise. We think that once we’re able to sort out the priority of those three groups - physicians and partners in medicine; associates; and existing shareholders - we intend to come to the Bahamian public, the retail investor, with an opportunity to buy into our business.

“Our intention is that we have executed on the $25m commitment from RBC. We’re certainly going to advance that and add an equity component, hopefully over the next three to six months. We remain open, but we’re not prioritising a private placement for the reasons mentioned.”

Mr Deveaux’s comments indicate that Doctors Hospital has pushed back the timeline for its planned equity capital raise given that he told Tribune Business in mid-June 2023 that the healthcare provider was targeting an end-August launch. Given the “three to six months” mentioned, it now appears to have been delayed until the fourth quarter or even moved into early 2024.

Besides its hundreds of shareholders, Doctors Hospital’s just-released 2023 annual report reveals that it 1,022 total persons during the 12 months to end-January - 595 full-time and 427 contract workers - which gives an idea of how many may be eligible for participation in the proposed ESOP.

“What I would say is that there’s huge interest we’re fielding on the equity side,” Mr Deveaux told Tribune Business, “so it’s really important to give the priority out to physicians, staff and existing shareholders before we go to the public. We have a target in mind, and a flexible strategy on good, affordable, well-structured debt and then equity. That’s our current thinking and we’ll keep the public apprised.” He declined to reveal the equity raise target.

The Doctors Hospital chief, meanwhile, said the healthcare provider continued to be concerned at “the alarming rate of uncompensated care” it is incurring,

meaning that it is providing medical care and services to patients who would traditionally be seen by the public sector but receiving no compensation for this.

“Uncompensated care remains a top priority for redress,” Doctors Hospital said in its annual report. “In financial year 2023, Doctors Hospital saw its provision for self-pay receivables grow to 40 percent for noncurrent receivables aged up to 364 days, and 100 percent for all receivables aged 365 days or more.

“These issues are balanced against Doctors Hospital’s commitment to remain affordable and accessible, but nonetheless represented a considerable impact to profitability and cash flow in financial year 2023. Accordingly, Doctors Hospital reported a loss allowance for trade receivables of $5.8m in financial year 2023 versus $3.5m in financial year 2022, a 64.7 percent increase.

“Most of this risk is significantly concentrated in self-pay patients presenting with acute medical conditions. Such cases result in write-offs for Doctors Hospital given no capacity exists to facilitate a safe and seamless transition to care at the Princess Margaret Hospital (PMH), or to an alternate US-based hospital for clinical and financial reasons.”

Mr Deveaux, who in June disclosed that “uncompensated care” is costing Doctors Hospital between $3m to $5m per annum, backed up the annual report’s warning. “The only thing I continue to be concerned about is the alarming rate of uncompensated care we continue to have,” he told Tribune Business

“It’s a difficult challenge. Bahamians want high quality care, and sometimes on the private side it’s difficult to afford. We continue to try and find ways to work with the Government of The Bahamas to solve the issue of uncompensated care in the country. We know Bahamians ultimately deserve access to high quality and affordable care.

“The question is how we do that in partnership with the Government, and we remain optimistic about finding a solution.” Mr Deveaux explained that uncompensated care typically arose when patients normally seen by the public health system, usually at PMH or the Rand Memorial Hospital in Freeport, have to seek treatment at Doctors Hospital “because capacity issues mean they cannot be accommodated” at those two institutions.

“Some of that is borne by ourselves, and there is no reimbursement for that, so ultimately the shareholders at Doctors Hospital ultimately end up picking up the tab. That’s something we feel needs long-term resolution. There are solutions and we have confidence we are going to find one,” he added.

“That’s the only part of our business that continues to be under stress. With everything else, we are having strong signals from the market that there is high demand for our services, and we are able to deliver on that efficiently with the quality of service that Doctors Hospital is known for.”

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PM SOUNDS ALARM ON EU BLACKLIST’S INSURANCE HIT

ability to withstand the effects of climate change. “The effect of the climate crisis is felt disproportionately by small developing countries like The Bahamas. This is exacerbated by the arbitrary blacklisting of these same vulnerable countries such as The Bahamas from the very same countries that are responsible for the climate crisis,” Mr Davis argued.

“For example, when it comes to insurance, these blacklists result in any remittances from European reinsurers on claims being automatically reduced by at least 25 percent. A significant percentage of the monies owed is punitively retained by the EU. We are thus poorer and less able to rebuild because of the effects of the climate crisis.”

Tribune Business reported earlier this year warnings from Bahamian property and casualty insurers that they could lose up to 35 percent of reinsurance capacity if this nation fails to escape the 27-nation EU’s blacklist after next month’s review. Otherwise German reinsurers such as Munich Re will be prevented by German law from receiving tax relief or deductions on hurricanerelated claims payouts to The Bahamas

Given that such payouts will likely be worth hundreds of millions of dollars if a Dorian-strength storm strikes a major Bahamian island, the loss of such tax relief might deter German reinsurers from continuing to support local carriers by underwriting the bulk of this nation’s risks.

Such a scenario, if it happens, would occur at

the worst-possible time given that reinsurance capacity and willingness to underwrite risks in the disaster-prone Caribbean is at a near 30-year low.

Insurance Company of The Bahamas (ICB), in its 2022 annual report, said the drop in reinsurance availability has already pushed property insurance costs for Bahamian homeowners and businesses to the highest levels it has seen in its 26-year history. Bahamian insurers recently reiterated previous warnings that, in present market conditions, they would struggle to replace the loss of capacity provided by German reinsurers. Besides further increasing already-high premiums, they added that the loss of reinsurance supply might also leave them unable to provide coverage for new homeowner and business clients.

Timothy Ingraham, Summit Insurance Company’s managing director, said: “It’s critically important that we are removed. The consequences if we’re not removed could be loss of capacity, specifically from the German market, and/or increased rates by having to find capacity elsewhere that may be far more expensive than the rates we’re paying now. It will create problems of affordability for many.

“We’re hoping everything necessary gets done prior to the October review. That is coming up very shortly. Hopefully all that is done in time for the EU to review it and says we’ve done what needs to be done.”

Anton Saunders, RoyalStar Assurance’s managing director, told this

newspaper: “The concern will be if we don’t get off, can we access capacity to replace the German reinsurance capacity? We’re telling the Germans we are doing what is necessary to get off the list, and don’t think we should be on the list next year.

“We had a very good meeting with the attorney general [Ryan Pinder KC]. We believe he’s doing the right things and passing the right laws, but as we told him, it’s up to the technocrats to do their job.” To address EU concerns over deficiencies in its economic substance regime, The Bahamas has implemented a new reporting portal, reformed the relevant laws and implemented an inspection regime to ensure financial providers are in compliance.

Mr Davis, meanwhile, used his G77 plus China address to renew calls for the United Nations (UN) to replace the EU and Organisation for Economic Co-Operation and Development (OECD) as the arbiter on global tax co-operation and administration. “The United Nations is the appropriate body to design and build a truly equitable and inclusive international tax administration architecture with equal footed representation, an environment of one country, one vote,” he argued.

“For too long we have all lived in an environment where global tax policy was mandated and designed by the OECD, where concepts underpinning the current international tax system prefer the interests of the global north, that is, OECD members and developed

countries, at the expense of small developing countries, primarily black governed former colonies in the global south, former colonies of those same members of the OECD.

“The arbitrary and discriminatory actions of the OECD and EU have disproportionately affected countries of the global south, already reeling from

actions and impacts of countries from the global north..... We demand equal treatment, we demand the UN be the proper arbiter in tax matters, we demand privileged multilateral organisations like the OECD take your knee off the proverbial necks of countries like The Bahamas, countries of the global south,” he added.

“So, the way forward for the G77 is clear. It’s a path paved with technology, driven by the ambitions and aspirations of our youth, and steered by the collective wisdom of our nations. The G77 also must make a stand in support of equality among countries and governance at appropriate forums such as the UN, an environment where developing countries in the global south have the same policy impact globally as developed countries of the global north.”

THOUSANDS MARCH TO KICK OFF CLIMATE SUMMIT, DEMANDING AN END TO WARMING-CAUSING FOSSIL FUELS

By SETH BORENSTEIN

AP Science Writer

YELLING that the future and their lives depend on ending fossil fuels, thousands of protesters on Sunday kicked off a week where leaders will try once again to curb climate change primarily caused by coal, oil and natural gas.

But protestors say it's not going to be enough. And they aimed their wrath directly at U.S. President Joe Biden, urging him to stop approving new oil and gas projects, phase out

current ones and declare a climate emergency with larger executive powers.

"We hold the power of the people, the power you need to win this election," 17-year-old Emma Buretta of Brooklyn and the youth protest group Fridays for Future said. "If you want to win in 2024, if you do not want the blood of my generation to be on your hands, end fossil fuels."

The March to End Fossil Fuels featured such politicians as Rep. Alexandria Ocasio-Cortez and actors Susan Sarandon, Ethan

Hawke, Edward Norton, Kyra Sedgewick and Kevin Bacon. But the real action on Broadway was where protesters crowded the street, pleading for a better but not-so-hot future. It served as the opening salvo to New York's Climate Week, where world leaders in business, politics and the arts get together to try to save the planet, highlighted by a new special United Nations summit Wednesday. But many of the leaders of the countries that cause the most heat-trapping carbon pollution will not

be atttending the United Nations gathering or hear the protesters' plea. And they won't speak at the summit organized by U.N. Secretary-General Antonio Guterres in a way that only countries that promise new concrete action are invited to speak.

But 8-year-old Athena Wilson from Boca Raton, Florida, and her mother Maleah, flew from Florida just for Sunday's protest.

"Because we care about our planet," Athena said. "I really want the Earth to feel better."

People in the South, especially where the oil industry is, and the global

south, "have not felt heard," said 23-year-old Alexandria Gordon, who is originally from Houston. "It is frustrating."

Protest organizers emphasized how let down they felt that Biden, who many of them supported in 2020, has overseen increased drilling for oil and fossil fuels.

"President Biden, our lives depend on your actions today," said Louisiana environmental activist Sharon Lavigne. "If you don't stop fossil fuels our blood is on your hands."

Nearly one-third of the world's planned drilling for oil and gas between now and 2050 is by U.S.

PUBLIC NOTICE

INTENT TO CHANGE

NAME BY DEED POLL

The Public is hereby advised that I, KYLE ANTHONY GRIFFITH of Orange Drive, Lake Park, Florida, United States of America, intend to change my name to KYLE ANTHONY SULLIVAN If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

interests, environmental activists calculate. Over the past 100 years, the United States has put more heattrapping carbon dioxide in the atmosphere than any other country, though China now emits more carbon pollution on an annual basis.

"You need to phase out fossil fuels to survive our planet," said Jean Su, a march organizer and energy justice director for the Center for Biological Diversity.

Marchers and speakers spoke of increasing urgency and fear of the future. The actress known as V, formerly Eve Ensler, was scheduled to premiere the anthem "Panic" from her new climate change oriented musical scheduled for next year.

Climate protests have been going on worldwide for several years, but this march seemed to have more of a sense of urgency and frustration, said Anna Fels, a New Yorker who has been protesting and marching since the Vietnam War. And the march, unlike others, was more clearly focused on fossil fuels.

FLIGHT SIMULATOR BUSINESS CAN RESTART AFTER 4-YEAR POINTE BAR

terminated,” the judge noted. Jetline also argued that, having “relied on the remedy of distress”, Neworld had no right to keep its tenant or trade fixtures, namely the Boeing fixed-based trainer and flight simulator kit, and that it should be given a “reasonable opportunity” to remove items “privileged from distress”.

Neworld, though, opposed both the bid to strike out part of its counterclaim and Jetline’s submission that the issues raised to tried as “preliminary” matters before going to a full trial. The landlord also suggested that it “should be relieved of the

undertaking not to interfere with the equipment, as the matter is not proceeding in a timely fashion and they are continuing to suffer loss as a result of not being permitted to lease the space to another tenant”.

Justice Brathwaite, echoing a UK law lord’s “treacherous shortcut” description, declined Jetline’s request for a “preliminary” determination as there were serious issues in dispute between the two

parties that needed to be decided via a full trial. However, his verdict on the other issues was more favourable for the former tenant.

Finding that the November 2019 repossession and lock-out by Neworld brought Jetline’s tenancy at the downtown Nassau development, adjacent to the British Colonial, to an end, Justice Brathwaite said “there can be no claim for rent” after this and agreed that the offending parts of the landlord’s counter-claim be struck out.

Meanwhile, Daniel Liu, a Bahamas-based senior CCA executive, proposed in a January 22, 2021, affidavit that the flight simulation

equipment be moved “to independent storage facilities” - all at Jetline’s expense - where they were to remain until the trial was over. Jetline, he suggested, should pay for all transportation and removal costs, while also insuring the equipment for Neworld’s benefit.

Justice Brathwaite, while acknowledging Neworld’s desire to “mitigate losses”, added: “I cannot accept that the plaintiff should be required to pay for the removal and storage of the items merely to keep them available to satisfy any debts found to be owing to the defendant at the conclusion of these proceedings.

“It would seem that the defendant wishes to preserve the ability to distrain, at the plaintiff’s expense, but without the plaintiff being able to also mitigate losses by reinvigorating the business if possible. In my view, the preferable course of action is that the items be removed at the expense of the plaintiff, who would be permitted to establish the business at a different location should they choose to do so, and with the express direction that the plaintiff will take no actions to dispose of the items or to diminish the value of the equipment prior to the conclusion of this matter.” Thus the way appears to have been paved for Jetline to recover its equipment and restart the business.

Poland imposes EU ban on all Russian-registered passenger cars

By VANESSA GERA

Associated Press

POLAND began to enforce a European Union ban Sunday on all Russian-registered passenger cars seeking to enter the country — the latest in a series of sanctions on Russia in punishment for its war against Ukraine.

Under the EU's decision, motor vehicles registered in the Russian Federation are no longer allowed to enter the territory of the 27-member bloc.

"A car registered in Russia has no right to enter Poland," Polish Interior Minister Mariusz Kaminski said Saturday, announcing the ban that took effect hours later at midnight.

"This is another element of the sanctions imposed on Russia and its citizens in connection with the brutal war in Ukraine, due to the

fact that the Russian state today constitutes a threat to international security," Kaminski said.

The move comes just days after the nearby Baltic states of Lithuania, Latvia and Estonia banned vehicles with Russian license plates from entering their territory — a joint move in line with a recent interpretation of the EU's sanctions on Moscow.

Poland and the Baltic states are among the most vocal European critics of Russia and President Vladimir Putin.

On Tuesday, Dmitry Medvedev, the deputy head of Russia's Security Council chaired by President Vladimir Putin, denounced the European Commission's move as racist. He suggested that Moscow could retaliate by suspending diplomatic ties with the EU and recalling its diplomats from Brussels.

Poland shares a land border with the Russian territory of Kaliningrad, which is an exclave separated from the Russian mainland. The Border Guard agency said the ban would be the same regardless of which border the vehicles sought to cross.

In addition to Kaliningrad, Poland has Belarus and Ukraine on its eastern borders. It is otherwise bordered by EU and NATO allies Germany, Slovakia, Czechia and Lithuania, where there are no border checks. The Border Guard's website said that Russian-tagged cars "will be returned to the non-EU country from which they came, regardless of whether it is Russia or another country. Such actions will be carried out even if the driver of the car is not a citizen of the Russian Federation."

CARS queue towards Poland at the Krakovets - Korcheva border crossing point in Krakovets, Ukraine, Tuesday, Aug. 16, 2022. Poland has begun enforcing an entry ban on all Russian-registered passenger cars seeking to enter the country. The move comes just days after the nearby Baltic states of Lithuania, Latvia and Estonia banned vehicles with Russian license plates from entering their territory.

Photo:Roman Baluk/AP

NOTICE

NOTICE is hereby given that

MARIE JEANNE GUSTAVE, of P.O Box SB-51031 #2 Alexandria Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

SONOMA SHIPPING COMPANY LIMITED

(In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Sole Member of the above-named company by Resolution passed on the 29th day of August 2023 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 18th day of October 2023, after which date the books will be closed and the assets of the company distributed.

Dated the 14th day of September 2023

Bennet R. Atkinson Liquidator

LEGAL NOTICE

CAROLINE SHIPPING COMPANY LIMITED (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Sole Member of the above-named company by Resolution passed on the 29th day of August 2023 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P. O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 18th day of October 2023, after which date the books will be closed and the assets of the company distributed.

Dated the 14th day of September 2023

Bennet R. Atkinson Liquidator

LEGAL NOTICE

SORAYA SHIPPING COMPANY LIMITED (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Sole Member of the above-named company by Resolution passed on the 29th day of August 2023 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 18th day of October 2023, after which date the books will be closed and the assets of the company distributed.

Dated the 14th day of September 2023

Bennet R. Atkinson Liquidator

‘Very credible’ Freeport city manager emerges

former GBPA executive, is effectively a version or variant of the Hawksbill Creek Agreement’s clause 4b, which effectively provides an exit route for the Port Authority’s owners/ developers by enabling them to devolve their quasi-governmental or regulatory powers to a local government or homeowners association-style authority with the agreement of 80 percent of licensees.

Such a move, if it meets the 80 percent threshold, cannot be changed or overridden by Parliament, Monday’s meeting is understood to have been told. Meanwhile, under this proposal, the Hayward and St George families will be allowed to retain ownership of the key Freeport assets they own, namely the half-shares in Freeport Harbour Company and Grand Bahama Development Company, which now come under Port Group Ltd, a GBPA affiliate.

Only the GBPA and its powers would be devolved, this newspaper was told, with the Board overseeing the trust featuring one representative each from the Government, Port Group Ltd, licensees and local government, plus one other person who will have a casting vote.

Kirk Antoni, the Cafferata & Company attorney and partner, and

a prominent member of the licensee Association, confirmed the proposal was raised at last Monday’s meeting by Mr Knowles and further discussed since. He also disclosed that a “very credible” entity to take over Freeport’s management already exists, adding that the Association has now written to Ginger Moxey, minister of Grand Bahama, seeking a meeting on the way forward for Freeport.

However, other sources, speaking on condition of anonymity, voiced scepticism over the trust idea.

They questioned whether the Hayward and St George families would ever relinquish control in Freeport, and pointed to the families’ failure to live up to their obligations and promises in the 2016 Memorandum of Understanding (MoU) with the Government, in which they pledged to seek a buyer for all or part of their Port holdings. Some suggested this would supersede the licensee proposal.

“That cannot work because it has to be led by an investor who is prepared to invest their capital,” one contact added, suggesting a city manager/adminis trator would not pan out.. “It wouldn’t work. It can’t. The question is where is the capital going to come from. You think anyone is going to come here and put money in where they don’t have a financial stake?

They need a financial stake.

Accounts Clerk Needed

Two years’ experience working in an accounting offce. Familiar with QuickBooks, Sage or similar accounting program. Experience with Microsoft Word and Excel. Must be able to multitask. Candidates must be able to work a Saturday rotation schedule.

Job responsibilities to include:

1) Accounts Payable - Purchase order System - print, reconcile to invoices and vendor statements, print cheques

2) Accounts Receivables - Print monthly Sales invoices and statements, post account payments

3) Bank reconciliations

4) Calculate timecards and post to spreadsheet

5) Assist in other offce tasks as required - fling, answering phones, greeting customers, dealing with cash.

Please send resume and cover letter to admin@themallatmarathon.bs by Friday September 22nd, 2023.

Nobody is going to invest in something they do not own.”

Mr Antoni, though, indicated the idea is more than just a proposal. “We have a company we think can do this. They have talked to Sarah St. George [GBPA co-chair], they have talked to government. The Government knows of them, and we have to see what Sarah’s position is,” he told Tribune Business.

“It’s an elite company that has done this in other countries of the world.

They’ll come in, enter a five-year contract and have to achieve certain metrics. If they achieve them, they gain another five years. They’ll bring in the right type of investor to make Freeport. The Prime Minister has met with them, and Sarah has met with them.

They know who they are.”

Mr Antoni declined to identify the entity concerned, but said: “I think they’re credible, very credible, and they’re in with this

charter city type of thing, consultation and development. I think they’re genuine and legitimate, but they have to convince the Port families this is the right way to go.

“In the meantime, we’re going to continue to develop our licensee base... We’re quite happy as licensees to extend the Hawksbill Creek Agreement from East End to West End. We’d have to rename Freeport as something else. I’m hoping we can meet Ginger Moxey next [this] week and hope she has something positive to say to us because she’s supposed to be in discussions with the GBPA about extending the concessions. We don’t know. We’re still in the dark.”

Licensees are seeking reassurances on key tax breaks they currently enjoy, and whether and for how long these incentives will continue. “These concessions have expired, and we’re really living in this

period of uncertainty,” Mr Antoni added. “We don’t know what the current administration might do.”

This is related to the Grand Bahama (Port Area) Investment Incentives Act

2016, which mandated that all GBPA licenseesbesides the Port Authority itself and Hutchison Whampoa - apply to Nassau for the renewal of real property tax, capital gains and income tax-related exemptions. The Act has never been implemented but the Minnis administration, which promised to repeal it, never did.

Mr Antoni, meanwhile, suggested it would be impossible to force the GBPA’s two families to sell the assets they own, although the 2016 MoU may provide the Government with such means. Fred Mitchell, minister of foreign affairs, who has been the Cabinet’s most outspoken member in supporting the Prime Minister, and attacking the GBPA and its

owners, has sought to portray the licensee meeting as “based on a false premise” and as organised by the FNM.

“There was that socalled education meeting of the GBPA licensees on Monday evening in Freeport,” Mr Mitchell said in one of his voice notes. “The sad thing is, as a matter of law, the disposition of shares of the GBPA and the policy on the Hawksbill Creek Agreement, is a matter between the Government and the Port, not the licensees, so the entire meeting was simply based on a false premise. How sad.”

Mr Antoni, who has previously asserted that politics is not involved in the Association’s actions, declined to respond to Mr Mitchell. “I don’t know what false premise he’s talking about and am not going to get engaged in a debate with him,” he added.

NOTICE International Business Companies Act No.45 of 2000

CLEMENTINA OVERSEAS LIMITED (The “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of CLEMENTIA OVERSEAS LIMITED has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 16th August, 2023.

Wall Street closes lower, giving S&P 500 another losing week

By DAMIAN J. TROISE AND ALEX VEIGA

AP Business Writers

WALL Street capped a choppy week of trading with a broad slide for stocks Friday, giving the S&P 500 its second losing week in a row. The benchmark index fell 1.2%, its first loss in three days. The Dow Jones Industrial Average dropped 0.8% and the Nasdaq composite gave back 1.6%. U.S. automaker stocks proved to be resilient after members of the United Auto Workers union walked off the job at several plants overnight. Ford slipped 0.1% and General Motors rose 0.9%. Shares in Stellantis gained 1.9% in trading on the Milan Stock Exchange in Italy. The market posted some gains earlier this week following several healthy indicators on the economy.

Wall Street has been watching economic updates ahead of the Federal Reserve’s

interest rate policy meeting next week. The central bank is expected to hold interest rates steady after spending much of the last two years pushing rates higher in its bid to tame inflation.

Boosting market sentiment this week was a

report Thursday that said U.S. shoppers spent more at retailers last month than economists expected. A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected. A third report on Thursday said prices getting

paid at the wholesale level rose more last month than economists expected. That could be a discouraging signal for households if the higher-than-expected inflation gets passed on to shoppers at the consumer level.

TRADER

York Stock Exchange, Wednesday, Sept. 13, 2023. Stocks are churning in place on Wall Street after a highly anticipated report showed inflation accelerated across the country last month, but not by much more than expected. Photo:Richard Drew/AP

Meanwhile, a closelywatched survey from the University of Michigan showed consumer sentiment slipped a bit in September. The latest reading, though, shows that overall sentiment remains strong. It also said consumers lowered their expectations for inflation in the year ahead to 3.1%, which is the lowest reading since March 2021.

“Things were fairly in line from a data perspective,” said Matthew Stucky, senior portfolio manager at Northwestern Mutual Wealth Management. “Really, the market is laser-focused on what’s going to impact Federal Reserve activity.”

The central bank raised rates aggressively through 2022 and 2023 in an effort to tame inflation, but it maintained interest rate

THE WEATHER REPORT

levels at its last meeting. Inflation has generally been easing back to the central bank’s target of 2%.

“A lot of the optimism about the Fed pausing is priced into markets,” Stucky said. Inflation at the consumer level edged higher than expected in August, but high gasoline prices were the biggest driver. Oil prices have been climbing over the summer after Saudi Arabia decided to maintain production cuts. That raised concerns about gasoline prices rising and stoking inflation. Investors are overwhelmingly betting that the Fed will hold interest rates steady when it closes a two-day meeting on Wednesday. They also expect the central bank could hold rates steady for the rest of the year.

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Fred DeMarco works on the floor of the New