09222021 BUSINESS

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WEDNESDAY, SEPTEMBER 22, 2021

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Gov’t told: ‘Rubber stamp’ fish poaching crackdown • Association urges ‘action now’ for sustainability • Director says new Gov’t must see effort through • Brands initiative ‘revolutionary’ with US tie-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Davis administration was yesterday urged to “endorse and rubber stamp” the international initiative to stamp out fisheries poaching in Bahamian waters, as one fisherman warned: “We must take action now”.

Paul Maillis, the National Fisheries Association (NFA) director, told Tribune Business it was important that the new government realise the progress and objectives of the Marine Action Partnership (MAP) so that such initiatives

were not “terminated through lack of understanding”.

Expressing the NFA and wider industry’s desire to work with the new government and Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, he added that it simply needed to support the MAP and see it through to full “fruition” given the results it had already achieved.

The initiative, which involves all Bahamian law enforcement agencies working with US counterparts such as Florida Fish and Wildlife, earlier this year helped secure the conviction and sentence

imposed by the south Florida federal courts on Henry Danzig, ordering him to hand over a brand new boat to the Royal Bahamas Defence Force (RBDF) after being caught fishing illegally in this nation’s waters.

With rampant poaching and illegal fishing in Bahamian waters thought to have depleted fisheries stocks to levels where their sustainability is endangered, Mr Maillis said: “We want the Government to endorse and bring to fruition the Marine Action Partnership. This is a multiagency law enforcement partnership to tackle illegal,

unreported and unregulated fishing.

“It involves the Royal Bahamas Defence Force, Royal Bahamas Police Force, Customs and Immigration, all our law enforcement bodies, coupled with our international partners such as the National Oceanic and Atmospheric Administration (NOAA) and Florida Fish and Wildlife Conservation Commission (FWCC), in tracking down and stopping large-scale illegal fishing operations.

“It’s a revolutionary, comprehensive plan that has been

SEE PAGE 2

Investment inflows must be ‘felt by man on street’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BPL HEADQUARTERS

Utility-scale solar found ‘impractical’ for Nassau

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTALISTS were bluntly told by Bahamas Power & Light (BPL) that utility-scale solar solutions for New Providence are “impractical” because up to 1,800 acres would be required to generate sufficient energy.

Burlington Strachan, BPL’s director of grid solutions and support services, told Eric Carey, the Bahamas National Trust’s (BNT) executive director, that solar was not a substitute or alternative for the 85 Mega Watt (MW) Station D power plant that both were discussing on a conference call.

“Essentially, as a base-load plant, energy needs to be produced 24/7 and at adequate levels,” Mr Strachan said of the demands on solar. “In order to achieve the same level of energy output, BPL would need to build a plant that is about 360 MW of traffic in order to produce the same amount of energy.

“For a solar operation of this scale, 1,400 to 1,800 acres of land would be required for the solar field and a significant amount of battery storage to hold three-quarters of the 360 MW for when direct sunlight is not available.

These factors make solar energy impractical for a new plant on New Providence.”

Mr Strachan reiterated the same rationale in a subsequent conference call, adding: “The new engines [at Station D] are part of BPL’s overall efficiency improvement strategy, so these engines are significantly more efficient and - are more environmentally friendly - than the older generation which fits into BPL’s improved energy mix approach.

“With respect to renewables, BPL’s primary focus right now is on the Family Islands where BPL is able to create higher penetration projects on those islands to keep them in the green and pristine condition that they’re in, and develop that as an attractive element to the tourism product.

SEE PAGE 9

THE Government must ensure that every new foreign and domestic investment project is “felt by the man on the street” otherwise “it’s only a number”, a well-known accountant has warned.

Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez managing partner, told Tribune Business that the $897m in foreign direct investment (FDI) for 2020 - much-hyped by the former Minnis administration - was relatively meaningless if it was not felt by working class Bahamians via increased jobs, incomes and economic activity.

The United Nations (UN) agency that came up with the $897m figure said much of it related to Hurricane Dorian reinsurance claims, which was not disclosed by the last government.

And Mr Gomez said: “When next time we quote these numbers, we have to be sure; the Government has to be sure, that this impact can be felt at ground level.

“The ‘man on the street’, the working class, has to be able to feel the impact of foreign direct investment otherwise it’s only a number, and something only the business community and economists will talk about. We want to get this economy to the point where any investment, foreign or domestic, is felt by the working class in this community.”

While The Bahamas led all small island developing states (SIDS) in the amount of foreign direct investment attracted in 2020, attracting more than

• No good if ‘only a number’, says top accountant double the dollar amount of any other nation in the same category, the small print in the report detailing the 47 percent rise to $897m showed this was not as impressive as it seemed.

For it indicated that much of the increase stemmed from reinsurance inflows related to Hurricane Dorian reconstruction, as opposed to capital investments in tourism and other industries/businesses, thus highlighting Mr Gomez’s concerns about such projects positively touching and benefiting all levels of Bahamian society.

The Baker Tilly chief, meanwhile, said Prime Minister Philip Davis and

SEE PAGE 7

CRAIG A. ‘TONY’ GOMEZ

CHRISTINA ROLLE

Bahamas’ DARE pays off • Commission chief hails ‘huge vote of confidence’ in Act • Helps attract the world’s third largest crypto exchange • Regulator now working on accompanying rules, policy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Securities Commission’s executive director yesterday said its legislative DARE has received “a huge vote of confidence” through attracting a major crypto currency exchange to The Bahamas.

Christina Rolle told Tribune Business that FTX Trading’s decision to establish a subsidiary with physical presence in this nation signalled that The Bahamas “went in the right direction” by passing the Digital Assets and Registered Exchanges (DARE) Act to fully regulate this fast-evolving and moving sector.

Pledging that the capital markets regulator is “keeping on top” of global developments relating to crypto currency and virtual assets, she added that more DARE-related applications for licences and registration are “in the pipeline” although their number and identities were not disclosed.

And Ms Rolle also revealed the Securities Commission is working on anti-money laundering/counter-terror financing/proliferation financing rules for the virtual asset space, as well as policies “addressing certain operational matters” in addition to when a virtual asset - or token - crosses over to become a physical security.

She explained that the Securities Commission was opting for rules, rather than regulations, as the latter were “too

SEE PAGE 6

Fish Fry chief: COVID still ‘real’ despite extra hours

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Arawak Cay Association’s president yesterday said his member vendors “cannot take our eyes off” COVID19 despite being allowed to return to near normality by the curfew’s push back to a 12pm start.

Rodney Russell told Tribune Business: “Since the Government gave the country a few extra hours, by extension that gives Arawak Cay a few extra hours to operate.

This kind of takes us back to normalcy as we were operating from early in the morning from about 10am until 7pm, so this takes us back to closing up at 12pm.”

THE FISH FRAY AT ARAWAK CAY. Warning that this does not mean Arawak Cay can become slack on its COVID19 protocols, Mr Russell added: “We still have to follow the protocols from hand sanitising to social distancing and mask wearing, which is

good because we have to be reminded that COVID-19 is real and it still is a problem we have despite the extra hours for operation.

“We cannot take our eyes off of that problem even though we have these three

extra hours. So that means people will be staying on later, there will be more eating and drinking, and more money will be spent. But we have to always be reminded that COVID-19 is still real.”

Despite the COVID-19 concerns, Mr Russell predicted that more Arawak Cay vendors’ employees will be able to come to work as a result of the additional hours of operation, while other businesses that support the Fish Fry will also see the benefits.

“The economy will begin to pick up for the simple reason that the fishermen and the farmers market vendors can sell more of their products. So you will find more fishermen

SEE PAGE 6

PAGE 2, Wednesday, September 22, 2021

THE TRIBUNE

Day one downgrade can spark impetus for change

T

HE pendulum has swung the other way. The people of The Bahamas have spoken and there are some important lessons to learn, based on the results and extent of voter participation.

Congratulations are in order for Prime Minister Philip Davis and his deputy prime minister, I. Chester Cooper, on leading their party to victory. There will be great demands on their leadership and significant expectations given their own pronouncements on the campaign trail and during the swearing-in ceremonies. The declarations are important, as over the next five years, the fate of The Bahamas will lie largely in the hands of these two individuals and their policy successes.

Both men are members of Toastmasters. Both have achieved the highest award possible in this programme, a Distinguished Toastmaster (DTM), with Mr Cooper at the time being the youngest person in The Bahamas to do so. I and many others will be actively looking to see the values of Toastmasters International - integrity, respect, service and excellence - being the hallmark of their leadership. As a country, we must wish them well and be prepared to work alongside the willing to make The Bahamas better. I commit to continue my contribution, through objective writing and commentary, to draw attention to what is good, what may not be good and potential solutions for problems observed.

Moody’s has downgraded The Bahamas’ sovereign creditworthiness as a result of the high national debt.

To say this is most awkward in its timing would be an understatement, but it potentially explains recent developments.

Elections are about ideas and choices, and the recently-elected PLP administration has outlined some very important initiatives - including one that directly contradicts this downgrade, namely the plan to reduce the VAT rate to 10 percent. A very different view must be taken on this due to Moody’s action. This development is significant in that it has direct implications for a largely unfinanced budget.

This may be indicative of the space between the administration’s platform and reality, based on deep budgetary constraints This downgrade is a big and urgent issue to contend with, given there is $1.6bn on the table that is not yet financed. Most importantly, about half of this amount is earmarked for debt repayment. The Bahamas cannot afford to default on its debt.

It is not likely to do so, but Moody’s actions create a reality of borrowing more expensively, and potentially having some measure of difficulty in doing so.

The Bahamas may need to reschedule or reorganise

large portions of debt, attracting greater costs than previously budgeted.

It is worth recalling that total current debt servicing (interest) costs for 2021-2022 are pegged at $512m, or about one-sixth of projected revenue. This downgrade sets the stage for additional costs, increased deficit sand greater difficulties in refinancing.

This is not a good development for The Bahamas and the new administration. My recent article in Tribune Business looked at a number of challenges the election winner will face.

While it did not anticipate this development, there was extensive focus on how the current debt stock would impact decision-making.

Every decision, new initiative and new idea must pass through the crucible of a constraining debt burden. This new twist from Moody’s is an important extra wrinkle in that formula when one considers not only the actual extent of the downgrade, but also the stated justification of significant erosion in the economic strength of The Bahamas and the expectation of slow recovery up to 2024.

That article, Time to Face the Brutal Facts, generally sought to address this very type of occurrence. The fact is that The Bahamas has huge economic challenges.

The reality is that up to now the discussions from policymakers have not fully elaborated on the depth of these challenges. While the understanding gleaned from publicly available information provides a reasonable appreciation, in my analyses, as a rule of thumb, I always conclude that such pronouncements are never

as good as stated. It calls for us to face up to the facts, refuse to tiptoe around the issues, and take them on.

These issues are not limited to raw economics but matters cutting across all segments of the country’s economic arrangements, together with social challenges. A downgrade on day one in office. The timing has to be uncomfortable. However, as former governor of the Central Bank, James Smith, alluded to in a recent interview, there are some things which the Government must now have frank conversations with the public about.

It is time to get down to the essentials of economic recovery in new and bold ways. Business as usual long went out the window with Hurricane Dorian, the arrival of COVID-19 and back-to-back record deficits and a national debt approaching $11bn. I think it is obvious that this new PLP administration will have no honeymoon. The issues are simply too large, concentrated and urgent for anything other than the moments of celebration on election night. Plans are quickly meeting the dynamism of a highly disrupted and disruptive reality, and careful but bold nimbleness will be the order of the day. We must also hope that there is no spike in COVID-19 cases due to recent election campaigning that leads to any further disruption in national commerce.

Maybe the greatest threat is the often-repeated need to enter into some

arrangement with the International Monetary Fund (IMF). It is my view that this should be avoided at all costs but, as the downgrade is signalling, this cannot be done on the cheap. Therefore, the matter of the IMF will linger on the periphery of all discussions - and very uncomfortably so. There is a price to be paid for the increase in our national debt. There must be concerns about the future state of our external reserves.

Far-thinking persons must be considering the efficacy of our tax regime.

The new administration will no doubt be mindful of the potential impact this and other developments will have on its platform, Blueprint for Change.

It is time for all to join hands. The Bahamas should be uneasy about where it stands now.

However, this is where the impact of clear, capable and competent leadership will make a difference. The new administration no doubt has significant resources in the form of advisors to call on, and will do so. My only admonishment would be that they must plan for the long haul and be as inclusive as possible. Make decisions that are designed to secure long-term value. Strategise, implement and execute for the long-term as part of the price that must be paid for recovery, and accept the obvious near-term sacrifice and pain. Engage the collective intellectual power and brawn that The Bahamas has available to it.

It was said that the country needed a small miracle

Hubert Edwards to get out of the challenging circumstances in which it currently finds itself. My response to that statement was that there are no miracles likely to emerge in this challenging global environment. I also said then that small miracles have in the past taken our eyes off the areas of focus, leading ultimately to problems not being fixed. In a perverse sort of a way, then, this downgrade could be such a small miracle. Not an ideal one, but if it creates greater impetus to direct focus from day one on what truly matters then maybe, just maybe, in the end we may come out the better for it.

• NB: Hubert Edwards is the principal of Next Level Solutions (NLS), a management consultancy firm. He can be reached at info@nlsolustionsbahamas. com. He specialises in governance, risk and compliance (GRC), accounting and finance.

NLS provides services in the areas of enterprise risk management; internal audit and policy and procedures development; regulatory consulting; anti-money laundering; accounting and strategic planning.

GOV’T TOLD: ‘RUBBER STAMP’ FISH POACHING CRACKDOWN FROM PAGE ONE developed over the past three years. It’s been solidified into an action plan that has details in how it is to be applied, and has support from all the parties in law enforcement. We’re excited to see it implemented and brought into full effect.”

The Danzig case was seen as sending a strong deterrent message to “gofast fishermen” based in Florida who fish illegally in Bahamian waters. The guilty party was also selling fish caught in The Bahamas through his restaurant, in violation of the US Lacey Act. A striking feature of the case was that, while the prosecution and sentencing took place in Florida, the forfeiture will benefit The Bahamas. The major part of the punishment required Danzig to turn over a new 30-foot Contender Tournament boat, which will be used by the Royal Bahamas Defense Force to combat illegal and unreported fishing.

Mr Sweeting could not be reached for comment before press time last night but, asked what the Bahamian fisheries industry wanted from the new government in relation to the MAP, Mr Maillis replied: “All they really need to do is rubber stamp it because it’s in progress. It’s a go.

We’re using actionable intelligence from the Canadian and US governments, and are getting a lot of support from international partners.

“They need to listen to the existing people on the ground, understand the facts on the ground and move accordingly so we don’t have projects that are positive terminated through lack of understanding.”

Mr Maillis said the MAP had already made the US agencies involved “much more sensitive to our issues regarding illegal poaching”, while their Bahamian counterparts were “eager to see their own gaps filled” when

it came to combating illegal poaching.

“It’s been very powerful to see how these issues have been addressed, and the willingness of our law enforcement agencies to address the deficiencies in our capacity to deal with fisheries offences,” he added. “The MAP has better information sharing, and proper intelligence sharing in a safe and secure way that is going to the right people so that fisheries crimes can be investigated beyond sportsfishing.”

Mr Maillis said the intent was to “go deeper” and crack down on international criminal rings that “involve more than just the boat”.

He added that fisheries crimes were often linked to more serious offences, such as human, narcotics and weapons trafficking.

Such crimes often “take away attention from fisheries” related offences because the latter are often “viewed as low priority”.

Mr Maillis added: “We have all these agreements with the US to combat human smuggling, weapons smuggling, but they do not mention fishing specifically.

“We have interpreted and brought meaning to fisheries offences in these agreements, and used US legislation - the Lacey Act against parties in the US for breaking our laws. We’re bringing awareness to multiple countries and agencies about how to tackle illegal fishing. The MAP is a strategic plan, a plan of action and pushes things to law enforcement status in the fisheries sector.”

Arguing that it was becoming ever-more urgent to clamp down on illegal poaching in The Bahamas, the NFA director told this newspaper: “In this day and age, when there is so much concern about making natural resources available to Bahamian citizens, it’s more important than ever to have tighter controls over our fisheries resources and where they are going.

“We have to be more concerned about fisheries conservation than ever before. Stocks are struggling, and they cannot sustain the pressure from poachers and our local fishermen. It’s important to take action now, follow through and support law enforcement.”

Asserting that the NFA is “committed to advancing the fisheries industry of The Bahamas and making it sustainable for generations to come”, Mr Maillis said the Association also wanted the administration to maintain the position of commercial fishing being reserved for Bahamians only.

Acknowledging that both the Prime Minister and Mr Sweeting had committed to just such a stance while in opposition, he added that the NFA was totally opposed to placing access to Bahamian fisheries and waters on “the bargaining table” when trade deals with other nations are being negotiated.

The Danzig prosecution was said, from the US perspective, to be part of Operation Bahamarama which involves the NOAA; National Marine Fisheries Service (NMFS); Office for Law Enforcement (OLE); the US Coast Guard (USCG); and the Florida Fish and Wildlife Conservation Commission (FWCC).

It is designed to target illegal, unreported and unregulated (IUU) fishing to and from the waters of the US Exclusive Economic Zone (EEZ). The Royal Bahamas Defence Force’s (BDF) air and marine assets, and intelligence gathering efforts, were described as critical to the case.

“Information had been received by NOAA special agents regarding Florida-origin IUU fishing in The Bahamas, resulting in enforcement efforts focused on known violators,” the US attorney’s office for the southern district of Florida said in a statement.

THE TRIBUNE

Wednesday, September 22, 2021, PAGE 3

PHARMACISTS EYE EXPANSION INTO COVID-19 VACCINATIONS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Pharmaceutical Association’s (BPA) president yesterday said drug prices are starting to “settle” due to increased options being made available to distributors.

Shantia McBride told Tribune Business that due to local wholesalers finding other suppliers drug prices are starting to “settle” in The Bahamas, making it easier for patients to afford their medicines.

Ms McBride said: “We have gotten familiar with those drugs that have increased, and we’re still seeing fluctuations, but for the most part everything is settling but not decreasing.

Everything is getting mixed up, I think.

“Some prices that we assume may be going down are becoming more costly, so it’s just a matter of us seeing changes that we’re becoming familiar with.”

There was no dramatic increase in drug prices last year despite pharmacists registering “medicine scarcity” concerns due to the

COVID-19 pandemic. Ms McBride said that while prices did rise somewhat, the trend has not continued into 2021.

And ordering supplies from distributors who have “opened up their supply product listing” is also having an impact.

Ms McBride added: “So now we have been seeing companies providing more, which is good. So what you possibly would only find at one wholesaler, there are now options at different distributors. That’s what I mean when I say we are becoming more familiar,

because when I could have only gotten a specific drug from one supplier, I now have the option price wise.”

Bahamian consumers have been responding to generic drugs more favourably as the COVID-19 pandemic has “opened up” conversations on healthcare, allowing pharmacists to talk with patients and engendering more trust in the process.

Ms McBride said: “By staying healthy, if patients are on medication, then we now allow them to just go from staying healthy from COVID-19 with the

vitamins and all of that to knowing to continue their medication.

“If they couldn’t afford it then we have options for them price wise with different brands that they can take. So the conversation now extends from COVID19 into their general health with different ailments that they have with the different conditions that they may have.”

Ms McBride said the BPA is now looking to “expand” its practice by offering COVID-19 vaccinations, and is assisting the government in doing that.

“There are pharmacists who are being trained now on immunisation, so we are expanding the role we have in the country to help,” Ms McBride said.

“So now with basic wellness programmes, patient and medication management, you will also be able to have pharmacists give basic eye exams and medication therapy treatment, which is where we guide you through your medication, making sure you come in for your regular checks like glucose and blood pressure so we can forward that on to your physician.”

GB POWER TARGETS 25% SMART METER CONVERSION BY YEAR-END GRAND Bahama Power Company (GBPC) yesterday said it will switch 25 percent of its customers to smart meters by year-end and integrate them into its new Advanced Metering Infrastructure (AMI).

Describing AMI as a critical element in its electricity grid modernisation initiative, GB Power said it represents an integrated system of smart meters, communications networks and data management systems that enable two-way communication between utilities and customers.

“We are committed to investing in Grand Bahama’s electricity grid to provide advanced, safe and secure communication and control capabilities to benefit our customers,” said

Nikita Mullings, GB Power’s chief operating officer.

“Our teams have installed the communication network and devices, and commenced the initial phase of testing. Installation of smart meters to every customer site is a critical component of AMI. To-date, 2,500 meters have been installed, and we expect to have deployed 5,000 smart meters by the end of this year.

“In the coming weeks, we will launch an informational series to make customers aware of AMI and what they should expect. Smart meters provide significant value for customers, and we want to ensure they can take advantage of all its capabilities

THROUGHOUT the rest of the year, Grand Bahama residents can expect to see installers in communities across the island changing out older analog meters on a daily basis.

SEE PAGE 9

DPM’S TOURISM BRIEF ‘SPEAKS VOLUMES’ A TOP hotelier yesterday said the decision to place tourism within the deputy prime minister’s ministerial portfolio “speaks volumes” about the industry’s role in The Bahamas’ postCOVID economic recovery.

Robert Sands, the Bahamas Hotel and Tourism Association’s president, said in a statement: “We look forward to working with Prime Minister Davis and members of his government on matters of

national importance. We fully recognise that there are urgent matters that need immediate attention.

The health and welfare of the people of the Bahamas - citizens, residents and visitors - is of paramount importance.

“We are most pleased to have deputy prime minister, Chester Cooper, at the helm for tourism, investments and aviation. In addition, the assignment of

SEE PAGE 9

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PAGE 6, Wednesday, September 22, 2021

THE TRIBUNE

BAHAMAS’ DARE PAYS OFF FROM PAGE ONE prescriptive” and could stunt growth and innovation in the digital niche

where The Bahamas has a chance to become a market leader and regain some of the ground it has lost in

financial services over the past 20 years.

“It’s a huge vote of confidence for the jurisdiction, and what it signals is that you have a big player like this [FTX Trading] that is really looking for a jurisdiction that has clearly defined the scope of its regulation, and that is what DARE provides,” Ms Rolle told this newspaper. “I think this is certainly a possible signal that we went in the right direction.

“It’s a huge vote of confidence, and a signal that this is the direction other jurisdictions are likely to go in....

I would imagine that with such a big player, which has planted its flag in The Bahamas as they describe it, they will attract other players because they will be seen as a leader in the space. We know other players are looking intently at the jurisdiction, so we think this will be a good opportunity for The Bahamas.”

The Securities Commission chief said FTX Trading and its Bahamian subsidiary, FTX Digital Markets, had been seeking “a space in which they can operate in a regulated way” and this was what The Bahamas can provide via the DARE Act that was passed under the former Minnis administration.

FTX Trading bills itself as the world’s third-largest crypto currency exchange, and projects that it will

enjoy close to $1bn in revenues this year. Its trading volume is pegged at $4.3bn according to Coinmarketcap.com Nevertheless, sounding some caution when it came to The Bahamas’ entrance into digital assets, Ms Rolle said: “It’s early days, and we don’t know yet what kind of push back there will be from the international community.

“We do know, in so far as there is international guidance with respect to digital assets, we’re keeping on top of these things so we’re very likely to come out soon with anti-money laundering/counter-terror financing/proliferation financing rules with respect to DARE very soon. We’ll come out with those with respect to DARE to satisfy the FATF requirement./ “We’re also likely to come out soon with a policy with respect to DARE that will address certain operational matters, and how the Commission views a token and when the token processes over to become a security.”

The Securities Commission chief further explained: “We have rules; we don’t have regulations. We were deliberate in not setting regulations at the moment.

They tend to be very prescriptive, and we want the breathing room to observe the space without being prescriptive.

“The policy and rules allow us to address certain matters at the moment, and the Act provides the regulatory framework that allows us to regulate in a responsible and legal way without being overly prescriptive.”

Ms Rolle pledged that the Securities Commission will stay abreast of international regulatory developments involving digital assets, adding: “It’s up to us to keep pace with the regulatory pace, and keep pace with developments in the area. We’ve been keeping up so far.

“It’s just a matter of us making sure we’re ahead enough so we can ensure we see where it’s going.

It’s matter of staying on top of things and constantly talking to players in the market, making sure we’re constantly involved in the regulatory space internationally.”

Ms Rolle said FTX Trading is aiming to provide a further “leg up for the jurisdiction” by hiring and training Bahamians, although she was unable to say how many. She added, though, that “building capacity” is critical to the Bahamian financial services industry’s sustainability.

“What’s really good is that we have a first mover that is not only a big player in the crypto world, but they are also committed to regulation, committed to compliance, and want to be physically present in the jurisdiction and community,” she added.

“They definitely tick all the boxes in that respect, and hopefully this pans

out to what we think it will be - a big entity who will be a major player in The Bahamas.”

Sam Bankman-Fried, FTX’s chief executive and founder, said of The Bahamas move: “With this expansion through the DARE Act we are further committing to providing all our clients with a safe, trustworthy and compliant exchange.

“We are committed to maintaining a close working relationship with local regulators so that together we can navigate putting a comprehensive regulatory framework in place to help promote the growth of this nascent asset class.”

FTX Digital Markets said it expects to establish a substantial presence in The Bahamas, with plans to hire Bahamians to serve in the areas of finance, marketing and software development.

Ryan Salame, chief executive of FTX Digital Markets, the Bahamian subsidiary, added: “I’m excited to plant the flag for FTX in The Bahamas.

The relationship we have fostered with local regulators, culminating with us being authorised under the framework offered through the DARE Act, gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions.”

Allyson Maynard-Gibson, former attorney general and minister for financial services and investments, was FTX Trading’s legal adviser

FISH FRY CHIEF: COVID STILL ‘REAL’ DESPITE EXTRA HOURS FROM PAGE ONE going out again, knowing that we have a few more

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hours to sell product,” Mr Russell said.

“We will be buying more products, more beverages and even more ice now, and using more cooking gas. It’s a domino effect, so now you

should expect the economy to turn around at Arawak Cay for the persons who Arawak Cay purchases their goods from.”

Mr Russell is planning a meeting with his association

NOTICE NOTICE is hereby given that RONALD PIERRE of #6 Finlayson Street, 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 15th day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

in the near future to address COVID-19 protocols and prepare for full hours of operation. “I’m preaching to them the fact that we are coming out of this pandemic, but we still need to protect our staff and protect our customers, and we still need to protect ourselves and our families,” he said.

“While it may be alright to make an extra dollar, we have to be minded that this pandemic is still real and we still have persons who believe they should be able to fraternize and interact with others ,and refuse to be vaccinated. We have to look out for persons like that..”

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

THE TRIBUNE

Wednesday, September 22, 2021, PAGE 7

INVESTMENT INFLOWS MUST BE ‘FELT BY MAN ON STREET’ FROM PAGE ONE his administration will also have to “drill in” to the country’s unemployment numbers given the pressing priority to get more Bahamians back to fulltime work so they can take care of themselves and their families.

No official unemployment estimates have been produced since the COVID19 pandemic began, with the last data released in November 2019 just after Hurricane Dorian. Besides those looking for work and unable to find it, Mr Gomez said the Government will also have to factor underemployment and reduced incomes into its calculations as well as those workers still on furlough.

Backing its focus on improving the ease of doing business, and furthering reforms started by the past administration, Mr Gomez added that the Davis-led government will also have to address the perception (and reality) among most Bahamian businessmen and women that foreign investors receive preferential treatment and more tax breaks/concessions than they do in their own country.

“The Government has an opportunity now, as it assesses the way forward, to see the process of attracting foreign direct investment and, at the same time, not ignore Bahamians wanting to do a similar business,” Mr Gomez said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JAZARIA LALIQUE JOE of #80 Albertha Drive, Freeport, Grand Bahama, intend to change my name to JAZARIA LALIQUE GIBSON . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, NATALIZIA ROLLE & KENNEDY STRACHAN of Commonwealth Blvd., P.O. Box EE-15309, New Providence, Bahamas, parents of NATALIA ROLLE a minor, intends to change our child’s name to NATALIA STRACHAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

“It’s always been the view of Bahamian businessmen that the concessions provided for foreign business persons doing business in The Bahamas exceed what they receive. The carpet has thus been made a lot lighter for those persons.

“The carpet has been laid out and greater concessions provided for foreign businessmen seeking to do business in The Bahamas versus Bahamians seeking to do similar businesses but not provided the same concessions,” Mr Gomez added.

“The Government has a two-prong exercise to perform. It must attract foreign direct investment and stimulate domestic business.

A Bahamian employing five, ten persons, it all adds up and helps to grow our economy.”

Rather than implement any new and/or increased taxes to tackle The Bahamas’ expanding $10.356bn national debt, Mr Gomez backed the Progressive Liberal Party’s (PLP) election “blueprint” by arguing that the new administration should focus on collecting existing taxes on the books - especially the $600m in outstanding real property tax said to be owed by the Auditor General.

With tax increases the last thing already-struggling businesses and consumers can shoulder, the Baker Tilly chief told Tribune Business: “The Bahamas has not so much a unique position, but government taxes have not been collected.

“I don’t know if this government will look to increase taxes, especially given that they ran on a

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KAREEM STEPHEN WILLIAMS of Jumbey Drive, Golden Gates #1, Nassau, The Bahamas, intend to change my name to KAREEM KENT STEPHEN WILLDREAM. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Tre Kronor Investments Limited is in dissolution and the date of commencement of the dissolution is 16 September 2021.

NOTICE HUDSON VIEW INVESTMENTS LTD. (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 21st day of September, 2021. The Liquidator is Windermere Corporate Management Limited, East Bay Street, P.O. Box N-7797, Suite A-084, Nassau, Bahamas.

WINDERMERE CORPORATE MANAGEMENT LIMITED

Liquidator

LEGAL NOTICE

NOTICE International Business Companies Act (No. 45 of 2000) LINTON INTERNATIONAL HOLDINGS LTD. Registration Number: 172891 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000) Linton International Holdings Ltd. commenced voluntary liquidation on the 22nd day of September, 2021.

Any person having any claim against Linton International Holdings Ltd. is required on or before the 22nd day of October, 2021 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.

GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of Linton International Holdings Ltd.

GSO Corporate Services Ltd. Liquidator

Beecham Braynen and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple House #4 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

platform that the increase in VAT [by the Minnis administration] was not necessary, and they promised a rate cut to 10 percent.

“We have an idea of how much uncollected tax there is. I think we’ve reached this place where the new government can exercise its right to create mechanisms to allow persons who owe the Government funds to pay taxes without penalty.”

Tax amnesties have always been controversial in that they reward delinquent taxpayers but do not do similar for those who have always paid in full and on time. The recent real property tax amnesty generated at least $27m for the Public Treasury, although the corresponding amount that was written-off has yet to be disclosed.

However, Mr Gomez said that once delinquent taxpayers had failed to pay despite being given ample time to do so, “it will then call for the aggressive collection of taxes without having to go to new taxes”.

He acknowledged, though, that such collection efforts will be difficult in a COVIDwracked economy where many persons are struggling to make ends meet.

“Collection of any kind of tax is very difficult when you see mortgages defaulting and higher unemployment because no matter what tax relief you bring to the table, if you cannot pay, you cannot pay,” the Baker Tilly chief said.

“Getting the economy back on line so people who own homes and real estate can get into a payment plan for arrears is absolutely essential for the collection of taxes.”

THE TRIBUNE

Wednesday, September 22, 2021, PAGE 9

SMALL BUSINESS ADVOCACY: ‘FROM MARCH TO MOVEMENT’ A SMALL business consultant yesterday said his new advocacy group has gone from a march to a movement as it prioritises lobbying for legislation to undergird the sector.

Mark A. Turnquest, president of the 242 Small Business Association and Resource Centre (SBARC), told Tribune Business that the passage of a Small Business Act remains top of the agenda for an organisation set to launch officially on October 1.

He said: “We are focusing on the alternative to the Chamber of Commerce.

We’re looking at all of the thousands of small business owners in the country.” Mr Turnquest suggested the

Bahamas Chamber of Commerce and Employers Confederation (BCCEC) does not fully represent all businesses in The Bahamas, and his group is seeking to offer an alternative to Chamber rather than compete with it.

“They focus on a different set of individuals and they failed the public last year in reference to the COVID-19,” Mr Turnquest argued. The concept of a Small Business Act has been talked about across successive administrations from the time the first Christie government was in office during the 2002-2007 period.

While no legislation has been enacted, the Minnis

administration sought to embrace the idea by creating the Small Business Development Centre (SBDC) - the agency that was supposed to be charged with implementing and executing the Act. Mr Turnquest said last year’s march by small business owners “was as a result of over 15 years of MSMEs (medium-sized, small and micro enterprise) owners’ frustration because of past and present governments’ failure to develop a sustainable national plan for small business development.

“Subsequently, consecutive governments failed to have the ‘political will’ to legislate a Small Business Act of The Bahamas. The framework

of the Small Business Act was formulated in 2009,” he added.

Mr Turnquest continued: “The strategic goals of the SBARC 242 are as follows: One, The strategic reopening of non-essential businesses in a safe manner that aligns with medical and economic competing factors. Two, an MSME national development plan.

“Three, the legislation of a Small Business Act. Four, more participation of nonessential MSME owners when it comes to creating policies to govern their sector. Five, the relaxing of regulations that act as barriers to obtaining local and international funding for MSMEs.”

MARK A. TURNQUEST

BAHAMAS NOMINATED FOR 20 TOURISM AWARDS UTILITY-SCALE SOLAR FOUND

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has been nominated in 20 categories at the upcoming Caribbean Journal Travelers’ Choice Awards 2021.

These categories including Best Beach; Best Cultural Destination; Best Family Resort in the

Caribbean; and Best Caribbean Wedding Destination.

Joy Jibrilu, the Ministry of Tourism & Aviation’s director-general, said: “As a leading warm weather, island and beach destination, The Bahamas takes pride in offering restorative, healing escape to travellers from all over the world.

“The 20 nominations the islands of The Bahamas have received for the Caribbean Journal Travelers’ Choice Awards 2021 are an encouraging affirmation of the commitment of Bahamas tourism professionals who work diligently to deliver service and product excellence to travellers.

I take this opportunity to congratulate tourism

professionals in every sector of our industry.”

The Ministry of Tourism & Aviation is encouraging Bahamians to go online at https://www.surveymonkey.com/r/TPXF89P and vote for The Bahamas.

Voting will be ongoing until the end of October. The winners will be announced on November 15, 2021.

SCOTIABANK BAHAMAS IN DIGITAL BANKING WIN SCOTIABANK Bahamas says it has been named as Best Consumer Digital Bank 2021 by Global Finance (New York) after seeing electronic transactions increase by two-thirds.

Roger Archer, the bank’s managing director, said: “We have pledged to make banking easier for our loyal customers and continue to make this a top priority, especially as we navigate the ongoing pandemic. We are very excited that the progress made against our digital strategy

has been recognised as well as the functionalities of our digital channels, which our customers have come to depend on during these difficult times.

“Over the past year, we have launched a number of new initiatives in the digital space including new solutions for everyday retail banking as well as for our business customers, and we have additional plans in the pipeline for further expansions. We are grateful to our customers for their continued trust and confidence

in our digital banking channel.”

During the past year, Mr Archer said Scotiabank Bahamas has seen a more than 67 percent increase in online and mobile banking transactions.

Winning banks were selected using the criteria of strength of strategy for attracting and servicing digital customers; success in getting clients to use digital offerings; growth of digital customers; breadth of product offerings; evidence of tangible benefits gained

from digital initiatives; and web/mobile site design and functionality.

Scotiabank Bahamas’ award for Best Consumer Digital Bank follows another recent global recognition by The Banker’s Global Innovation in Digital Banking Awards 2021.

The Most Innovative in Data award acknowledges Scotiabank’s investments in data and analytics, as well as its commitment to delivering a more personalised customer experience.

‘IMPRACTICAL’ FOR NASSAU FROM PAGE ONE “Station D on New Providence is specifically a baseload plant, and so when BPL considered looking at renewables, the challenge is the amount of renewables that BPL would need to put in place. A plant capable of producing the same amount of energy as Station D would require between 1,400 and 1,800 acres of land for construction. For that reason, BPL tabled solar and pursued the other elements of its improvement strategy.”

As for the renewable energy progress made todate, Mr Strachan added: “BPL has been involved with the Ministry of the Environment in the past, and with some of their current projects, promoting the use of solar water heaters. BPL has frequently suggested individuals and agencies consider it as it is a good opportunity given our environment.

“As I stated earlier, the idea of a blended

conventional and renewable power station, considering the energy density from renewables for this level of capacity and use profile on New Providence, is not really practical. Even if the solar installation only provides 10 MW, a significant acreage of land would be required. BPL is looking to encourage use of solar from the customer side, through its SSRG programme.

“The Small-Scale Renewable Generation (SSRG) programme allows individuals and business owners to generate energy using solar and tie that generation into the grid, so that they can self-consume and sell the remainder to BPL,” he continued.

“There are currently about 100 individuals and companies enrolled in the programme. BPL is also looking at renewable integration in the Family Islands, for example Ragged Island, where BPL is doing deep penetration for renewables.”

DPM’s tourism brief ‘speaks volumes’ FROM PAGE THREE

MR Cooper (pictured seated at the head of the table) yesterday met with executives at the Ministry of Tourism’s offices. Standing from L to R: executive director/administrative operations, Ian Ferguson; financial controller, Rochelle Minnis; permanent secretary, Reginald Saunders; Mr Cooper; director-general, Joy Jibrilu; and executive director - product quality and support, Dr Kenneth Romer. Also at the meeting virtually were the Ministry’s executive director of global communications, Mia Lange; and global sales executive, Bridgette King.

these aligned roles and responsibilities under the tutelage of deputy prime minister Cooper speaks volumes about the Government’s recognition that tourism is an integral part of the road to recovery, and that tourism has the potential to expand and diversify exponentially, to better empower Bahamians throughout the archipelago.

“The BHTA, particularly in the past decade, has been a driver and advocate of ‘local sourcing’ initiatives designed to promote and support local entrepreneurs, artists, artisans, musicians, cultural historians and culinarians,” Mr Sands continued. “We have created, supported and deployed programmes and undertakings to enhance the infusion of Bahamian culture, customs, cuisine into our tourism mix.

“We look forward to working with the Prime Minister, deputy prime minister and other members of government

ROBERT SANDS to reinvigorate initiatives including The Tru Tru Bahamian Festival, the National Culinary Team and other programmes designed to support Bahamian entrepreneurship and ensure even more Bahamians benefit from the fruits that tourism bears.”

GB POWER TARGETS 25% SMART METER CONVERSION BY YEAR-END FROM PAGE THREE

MR Cooper (standing centre) also met with director of aviation, Algernon Cargill (left), along with the Ministry’s permanent secretary, Reginald Saunders.

Photos:Kemuel Stubbs/BIS

including secure access to energy cost information on a monthly, daily and hourly basis.”

Throughout the rest of the year, Grand Bahama residents can expect to see installers in communities across the island changing out older analog meters on a daily basis. “When their new meter is scheduled to be deployed, customers will receive an e-mail indicating when installers will be in their area,” added Mrs Mullings.

“A brief interruption to electricity service will occur

when the meter is installed, and customers don’t need to be at their home or business for the installation. We want to assure customers that the meter change-out won’t impact their account information or billing cycle.”

AMI enables functionality not previously possible, or which had to be performed manually.

This includes the ability to automatically and remotely measure electricity use; connect and disconnect service; detect tampering; identify and isolate outages; and monitor voltage.

PAGE 10, Wednesday, September 22, 2021

THE TRIBUNE

US SUES TO STOP DEAL BETWEEN AMERICAN AIRLINES AND JETBLUE

By DAVID KOENIG AP Airlines Writer THE Justice Department and officials in six states have filed a lawsuit to block a partnership formed by American Airlines and JetBlue, claiming that it will reduce competition and lead to higher fares.

The Justice Department said Tuesday that the agreement will eliminate important competition in Boston and New York and reduce JetBlue's incentive to compete against American in other parts of the country.

Attorney General Merrick Garland said the lawsuit was about ensuring fair

competition that lets Americans fly at affordable prices.

"In an industry where just four airlines control more than 80% of domestic air travel, American Airlines' 'alliance' with JetBlue is, in fact, an unprecedented maneuver to further consolidate the industry," Garland said in a statement. "It would result in higher fares, fewer choices, and lower quality service if allowed to continue."

The airlines vowed to fight the lawsuit.

American and JetBlue say they have started 58 new routes from four airports in the Northeast, added flights on other routes, and plan

new international routes through 2022 because of the partnership.

American CEO Doug Parker said blocking the JetBlue deal will "take away consumer choice and inhibit competition, not encourage it. This is not a merger: American and JetBlue are – and will remain – independent airlines."

JetBlue CEO Robin Hayes said his airline has been successful in New York and Boston but can't grow much more against Delta and United because of hurdles such as the difficulty of getting more flight times at the region's crowded airports.

"These obstacles to growth led us to an unlikely alliance with American Airlines which, even as the world's largest carrier, also has not been able to compete with Delta and United's dominance in the Northeast," Hayes said.

American and JetBlue announced their deal last year and have already started to coordinate their flights in the Northeast.

They argue that it is a proconsumer arrangement that has already helped them add several dozen new routes and challenge Delta Air Lines and United Airlines in the region.

The lawsuit comes two months after President Joe Biden issued an executive order calling on government agencies to help consumers by increasing competition in the airline industry and other parts of the economy.

The agreement was approved with certain conditions by the Transportation Department in the final days of the Trump administration.

However, antitrust lawyers at the Justice Department began examining the deal more closely this spring and requested interviews and documents from the airlines, according to an airline lawyer involved in the case.

In the last three weeks it became apparent that the Justice Department was likely to file a lawsuit, said the attorney, who spoke on condition of anonymity because discussions with the regulators were private.

The airlines call their partnership the Northeast Alliance or NEA. It lets American and JetBlue sell seats on each other's flights and give customers reciprocal benefits in the separate frequent-flyer programs.

American and JetBlue argue that the deal is proconsumer by making their combination a stronger competitor in the Northeast.