business@tribunemedia.net
THURSDAY, SEPTEMBER 30, 2021
Davis Gov’t ‘decider if we sink or swim’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Davis administration’s actions will “be the decider as to whether this country sinks or swims” amid its ongoing COVIDrelated health, economic and fiscal crises, a governance reformer argued yesterday. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the “poor governance and bad management” of successive former administrations meant The Bahamas cannot afford to
• ORG chief brands new/ raised taxes ‘futile’ • Urges: ‘Don’t wait for investors to come to you’ • Criticises former Gov’t on Dorian/COVID ‘misses’ look beyond the present government to reverse course. Arguing that new and/ or increased taxes were “futile” in the postCOVID environment, he added that a laser-like
focus on stimulating Bahamian and foreign direct investment (FDI) was “the only rising tide that stimulates all boats” and generates sufficient jobs, foreign currency inflows and government revenues
ROBERT MYERS to turn the economic and fiscal tide. Warning that further deficit and national debt slippage will be “the death of us”, Mr Myers added that increased investment
SEE PAGE 8
Bank chief pushes back on imminent debt default By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT banker yesterday said there are no signs the international capital markets agree with a Caribbean economist that a Bahamian sovereign debt default is imminent. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that The Bahamas’ ‘Ba3’ credit rating was still above the ‘C’ territory where most
defaults occur while the country’s bondholders were giving “no immediate sense of panic” or sign a sell-off is close. He pushed back after Marla Dukharan, the former Royal Bank of Canada (RBC) chief economist for the Caribbean, doubled down on her earlier prediction by restating in her monthly newsletter that a Bahamian sovereign debt restructuring and International Monetary Fund (IMF)
adjustment programme will occur within the next two years. “We expect a debt restructure and an IMF programme in the next year or two,” she said. “In June-July 2021, stay-overs (stopover visitors) reached 72 percent of corresponding 2019 levels. Government debt reached $10.356bn at end-June 2021, up 16 percent year-over-year.
SEE PAGE 5
A GOVERNANCE reformer yesterday urged the Davis administration to keep politics out of its contract and promotion reviews, adding: “It’s so critical that’s looked at with the most objective eye”. And Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, while not commenting directly on exCabinet minister, Jerome Fitzgerald’s, appointment as head of the Prime Minister’s Delivery Unit, said it was essential that the right appointment be made “to continue momentum” with its work. While the Prime Minister’s Office said Mr Fitzgerald’s appointment to that role, as well the post of
MATT AUBRY senior policy adviser, had not been finalised, Tribune Business obtained a photo showing Mr Fitzgerald posing alongside what appear to be member of the Delivery Unit.
SEE PAGE 4
Gov’t opens up Sunday trading By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters nhartnell@tribunemedia.net THE Davis administration last night further re-opened the Bahamian economy by abolishing the restriction that prevented construction and retail businesses from working on Sundays. Senator Michael Halkitis, minister of economic affairs, said in a statement that the Government was revoking further parts of
the COVID emergency orders “that are not undergirded by science and economic data”. He added: “This repeal now permits the construction industry and retail businesses to operate on Sunday. The repealed orders prevented the construction industry as well as retail businesses such as water depots, beauty salons and cinemas from operating on Sundays. “Such businesses will no longer face these restrictions but will have to
SEE PAGE 5
Gov’t intervention sought on Atlantis COVID testing • PI resort’s unvaccinated staff to pay from October 1 • ‘COVID-free Bahamas’ only way tourism ‘can thrive’ • Union refers issue to Labour Dept over law violation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MARLA DUKHARAN
‘Keep politics out of contract review’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ENTRANCE OF ALANTIS RESORT
THE hotel union last night said it has referred Atlantis’ plan to make all unvaccinated staff pay for weekly COVID-19 tests from tomorrow to the Department of Labour as it seeks the Government’s intervention. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) head, told Tribune Business he maintained his belief that the Paradise Island mega resort and other employers cannot mandate that workers pay
because it would represent a violation of Bahamian law. Asserting that the newly-elected Davis administration “haven’t got time to fiddle their thumbs”, he reiterated that the Health and Safety at Work Act’s section nine forbids Bahamian employers from imposing any financial “levy” on staff to ensure they comply with this law’s stipulations. This was viewed by unionists as barring companies from requiring non-vaccinated staff to pay for COVID-19
SEE PAGE 7
PAGE 2, Thursday, September 30, 2021
THE TRIBUNE
NEW $100 BANKNOTE TO LAUNCH OCTOBER 6 THE Central Bank of The Bahamas yesterday said it will complete its banknote family line-up with the launch of the new $100 note on October 6. The regulator, in a statement, added that the $100 note’s issuance will finish the phased-in approach to launching the CRISP Evolution group of Bahamian banknotes. That began in 2016 with the introduction of the $10 banknote. Moving to issue more modern and secure banknotes, the Central Bank
said it had again combined advanced design with “industry-first innovations to create culturally relevant banknotes”. The late Arthur Dion Hanna, former governor-general and ex-deputy prime minister, and a former minister of finance, has been added to the Bahamian banknote group via the new $100 bill. The new $100 bill incorporates several security enhancements to help promote public confidence in banknotes. The Central Bank said that in common with the CRISP
SPECIMENS of the new $100 notes found on Central Bank website. Evolution $50, it is printed on Landqart’s Durasafe substrate. It also includes Crane’s MOTION Surface technology, making it one of the most secure
banknotes produced by the Central Bank to-date. The most noticeable change to this note is its predominantly brown colour, with shades of red
and yellow. The bill maintains the same dimensions as existing banknotes. The front bears a portrait of the late Arthur Dion Hanna and an image of a partially open Royal Poinciana flower in the centre, while the back introduces a redesigned likeness of a blue marlin surrounded by marine life. The design-to-issuance process for this banknote
took almost four years to complete. To aid public education, the Central Bank will add the $100 note to its banknote app, ‘CBB Banknote MAP’, on October 6. This showcases security features for all CRISP Evolution banknotes. The app may be used to assist with the authentication of genuine Bahamian banknotes.
BAHAMAS COMPLETING DUBAI EXPO PRESENCE THE Bahamas is now completing final preparations on the pavilion that will mark its presence at Expo 2020 in Dubai, which is set to open this Friday. Planning for The Bahamas Pavilion, which will showcase this nation’s participation at the Expo, began in 2016 with encouragement from thenminister of foreign affairs, Fred Mitchell, who has since returned to that job following the 2021 general election. The Bahamas’ pavilion, which has been designed by local architects Michael Diggiss, Val Flax and TJ Thompson, is a two-storey structure, with an exterior featuring life-size Junkanoo panels and the Pavilion logo – Bahamas Strong. The building is intended to reflect the vibrancy and excitement of The Bahamas at an event that has attracted participation from 192 countries, and is expected to host more than 10m international visitors over a six-month period. The Bahamas’ pavilion is located in the Expo’s Sustainability District, which will highlight some of the world’s most advanced technology and what countries are doing to champion
sustainability. The district will also attempt to show how humans can live in harmony with nature in a technology-driven future. The Bahamas’ pavilion traces the country’s cultural history, and explores its sustainability-driven future. Visitors will explore interactive displays, designed by Val Flax, Nameiko Miller and Kishan Munroe. They will also see an actual Bahamian sloop, loaned by Baha Mar, paintings and sculptures by Bahamian artists and artisans, and have the opportunity to purchase souvenirs in a retail area. The Bahamas is aiming to exploit Expo 2020 to drive opportunities to attract international business and investment to The Bahamas. This will be facilitated by the Embassy for Business, located on the second floor of the Pavilion. Entrepreneurs and companies will be able to meet with potential international investors or partners. The pavilion will highlight The Bahamas’ investment climate and its opportunities, and provide a forum for the exchange of ideas and the investment potential of this nation. Representatives will be available to assist with appointments.
THE BAHAMAS Pavillion at Expo 2020 in Dubai.
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THE TRIBUNE
Thursday, September 30, 2021, PAGE 3
TAXI DRIVERS WARN ATLANTIS: WE’RE READYING TO PROTEST By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TAXI drivers are ready to protest in Rawson Square or block access to Atlantis’ Royal Towers if the Paradise Island resort continues to interfere with their business, their union president threatened yesterday. Wesley Ferguson, the Bahamas Taxi Cab Union’s (BTCU) head, told Tribune Business that his members were
unhappy about Atlantis staff attempting to direct where they should go, and what they should do, in picking up and dropping-off resort guests. He alleged that Atlantis had even asked him to allow resort management to give taxi drivers “letters of suspension from the property” for failure to comply with their requirements. The situation seemingly represents a continuation of the rift that erupted in late 2020 following the tourism industry’s post-COVID re-opening, when Atlantis
wanted to operate in a “safety bubble”. It had advertised that guests should opt for resortprovided transportation as opposed to using the members of the BTCU and other taxi drivers. “Atlantis had their own hidden agenda that they wanted to use their own mode of transportation to transport these people in the bubble system. Atlantis was trying to take over the taxi cab industry from then,” said Mr Ferguson. “Remember we also blocked off Atlantis’s Royal Towers entrance a couple
of months ago in protest of Atlantis trying to tell taxi drivers how many of them could come to work and they lost that round. So now Atlantis has come up with a third round where they have closed down the Coral Towers, and they still want to have this control over the taxi industry where they could say what happens and they could discipline taxi drivers and so on and so forth. “That’s what my letters back and forth to the Atlantis senior management is all about. Since
I sent the letter to Mr Miller over the weekend I have not heard anything from Atlantis senior management.” Mr Miller is Russell Miller, Atlantis’ senior vice-president. Tribune Business was yesterday told by an Atlantis spokesperson that they had “reached out” to Mr Ferguson and the BTCU following the publication of his letter to the resort. But Mr Ferguson replied: “I haven’t spoken to anybody. I’m quite certain they read the story in The Tribune and they know it’s in
there, and so they will be reaching out to me sooner or later, or they might ignore it.” Mr Ferguson said he will “strategise” with his executive board now, and said: “I met with the taxi drivers on Monday and told them what was going on and what steps I was taking. I told them to wait until the letter hits the newspaper and then we’ll make another move from there. So I will send Russell Miller another e-mail today [yesterday] and tell him that was step one, and then we’ll go from there.”
ELECTRIC CAR DEALER EYES DOUBLING SALES IN 2022 By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN electric car dealer’s yesterday said they are aiming to “change the nature of transportation” through education and exposing persons to the benefits of such vehicles. Pia Farmer, a director of Easy Car Sales, told Tribune Business that she wants an “all-inclusive” electric car industry in The Bahamas that provides everything consumers need. “We want people to go into the electric car business,” she added. “We want people to start businesses doing public charging stations. We want people to be certified to support electric cars, we want other car companies to start bringing in electric cars, and we
want the Government to start supporting and transitioning their fleet to electric cars and lead by example.” Aiming to double electric car sales for the second year in a row in 2022, Ms Farmer said such autos could achieve majority vehicle market share in The Bahamas much earlier than the projected 2060 timeline. “The proof is the numbers are climbing,” she added. “We are consistently performing well out of all new cars, and it will continue to grow because it’s a much simpler solution to transportation. It’s cheaper, it’s cleaner, it’s simpler and it’s more practical, and much more logical than continuing with the technology of combustion engines that’s over 100 years-old.” Not all Bahamian auto dealers hold that view. Lionel Albury, managing
MINISTER TOURS OFFICES FOR FINANCIAL SERVICES
SENATOR MICHAEL HALKITIS, Minister of Economic Affairs, toured the ministry’s Financial Services offices on Monday, September 27. He is pictured meeting with permanent secretary, Janice Miller, and with parliamentary secretary for economic affairs, Wayde Watson. Photos:Ulric Woodside/BIS
director of Quality Auto Sales Ltd, told Tribune Business: “I don’t think they [combustion engines] will be obsolete in five years. A lot of the major governments are saying by 2040, so they are trying to accelerate that in the major markets. I think small world developing countries will still have combustion engines for about 20 more years at least. “You are not going to see a take-off in the US to the extent that it should until they get vehicles at a longer range. With electric cars you can’t drive for long distances. Drivers have to stop and charge their vehicle for an hour or hour-and-a-half.
That’s not going to work. For a city drive, you may be alright but I think the speed of the technology will dictate that.” Ms Farmer, though, said: “BPL (Bahamas Power & Light) has already purchased the Nissan Leaf several years ago, and they have just now purchased the BYD new vehicles to add to their fleet. BPL is seeing the light and they are understanding that it is a much better way for them to do their business.” Electric vehicles cost less and half as much to operate than gas powered cars, Ms Farmer added, although importing them into The Bahamas costs the
same as combustion engine models. “In countries like Denmark, Italy and Germany, people are receiving financial incentives and tax breaks and support from the government,” she said. “In The Bahamas, the success of the electric car movement has happened without any support from the Government other than the reduction in duty which was extended to gas cars under 1.5 litres as well.” Mr Albury said: “I can’t speak too much to electrics because what’s really hurting us now is the global supply, because for us demand is there for vehicles. It’s just so difficult to get right now.
“We had one of our best months in BMW sales in recent history this month, but we’re going to have nothing really to sell for the rest of the year. Shipping is an issue and production is an issue. I can’t tell you the amount of vehicles I have on back order. We’ve been ordering and ordering, and they’re just not producing right now. “I think this holds up electric vehicles as well as this shipping issue has pushed everything back, because if they can’t produce combustion vehicles the major brands are definitely going to have challenges producing electric vehicles right now.”
PAGE 4, Thursday, September 30, 2021
THE TRIBUNE
‘KEEP POLITICS OUT OF CONTRACT REVIEW’
FROM PAGE ONE
The former education minister, who played a leading behind-the-scenes role in the Progressive Liberal Party’s (PLP) recent successful election campaign, was embroiled in controversy just prior to the 2017 general election when e-mails were obtained suggesting he was using his public ministerial role for private advantage. Mr Aubry, responding to Mr Fitzgerald’s appointment to such a key post, told this newspaper: “We need to keep things moving, and make sure the appointments in these spaces are the right ones to continue the momentum on projects that benefit us.” He added that ORG had supported the Delivery Unit, which was created
by the Minnis administration and headed up then by Viana Gardiner, because it took a comprehensive overview of whether multiple government ministries were meeting their objectives and key performance targets within the timelines required. Pointing out that the Delivery Unit had adopted “a much more private sector-driven” culture to drive efficiency and effectiveness improvements within government by setting benchmarks and timelines for their achievement. “Going forward, we hope any appointment secures the asset and takes it where it needs to go,” Mr Aubry said, adding that The Bahamas could not afford to allow the Delivery Unit “to fall into wastage and
difficulties” given its role in cutting across government silos and bringing ministries together. “This part of government that has been developed has tremendous opportunities, in our opinion, and it’s important that those people put in it drive it forward,” Mr Aubry told Tribune Business. “They need to place the persons that are most effective at it in the right role. “Where we see some folks who have been in government before come back into government, the question is can they get the job done, provide greater efficiency and effectiveness in government, and make sure taxpayer monies are used to the greatest benefit? “Where people see folks coming in with a political bent it’s important
Asian shares mostly gain after mixed session on Wall Street
they communicate their goals, how they’re going to improve the ministry. It’s critical to ensure it’s not perceived through a political lense, but the lense of national development,” Mr Aubry continued. “The call for transparency seems to be louder than ever. For Bahamian citizens, based on the election results, they want to believe the Government is as open as possible to them and making decisions in their best interests. It’s definitely that time to embrace transparency, embrace accountability and embrace good governance as much as possible.” Mr Fitzgerald confirmed in 2017 that he sought contracts from then-Baha Mar owner, Sarkis Izmirlian, for his family’s businesses but denied he had an ownership
interest in them. This came after it was revealed that he requested brokerage, trucking and limousine contracts worth millions from the mega resort. Critics claim that he breached the Manual of Cabinet and Ministry Procedure, which states that a minister must not “solicit or accept any benefits advantage or promise of future advantage whether for himself, his immediate family or any business concern or trust with which he is associated from persons who are in, or seek to be in, any contractual or special relationship with the government.” The Davis administration’s confirmation that it will review contracts and promotions initiated by its predecessor was not
opposed by Mr Aubry - so long as this is done properly. “It makes sense that appointments, contracts, be reviewed, but it’s so critical that it’s looked at with the most objective eye and not seen as a political agenda,” he told Tribune Business. “When we start seeing things being viewed through a political lense, that causes concern and a loss of trust. That is something we can sacrifice. “It’s important citizens fully understand what is being done by the Government, what decisions are being taken and why they are making decisions so that we can build back trust and ensure the country, society and economy move back to where they need to be.”
By ELAINE KURTENBACH AP Business Writer
and retail sales data. Shares also fell in Hong Kong but other regional benchmarks advanced. Japanese investors appeared to take in stride the choice of former Foreign Minister Fumio Kishida to head the ruling Liberal Democrats and thus become the next prime minister. China Evergrande Group's shares fell as reports said the company, which is struggling to whittle down its debt, was likely to miss another payment on a bond. Evergrande's shares had surged Wednesday after it announced it was selling a stake in Shengjing Bank to help repay a 10 billion yuan ($1.6 billion) its debt to the lender based in northeastern China. Hong Kong's Hang Seng index lost 0.9% to 24,452.61 while the Nikkei 225 in Tokyo shed 104.92 points to 29,439.37. The Shanghai Composite index gained 0.4% to 3,550.24 and Australia's S&P/ASX 200 jumped 1.5% to 7,302.50. In Seoul, the Kospi edged 0.1% higher, to 3,063.19. The yield on the 10-year Treasury, which is used to set interest rates on many kinds of loans, slipped early Thursday to 1.51% from 1.53%. On Wednesday, the S&P 500 rose 0.2% to 4,359.46 after shedding most of a 0.8% gain. The modest gain came a day after the benchmark index posted its worst drop since May. The index is on pace for its first first monthly loss since January.
The Dow Jones Industrial Average also lost momentum, but managed a 0.3% gain to 34,390.72, while the tech-heavy Nasdaq composite gave back 0.2% to 14,512.44. The Russell 2000 index of small companies also fell, shedding 0.2% to 2,225.31. Bond yields stabilized after surging over the past week and weighing on the market, especially technology stocks. The higher yields have forced investors to reassess whether prices have run too high for stocks, because it makes them look expensive by comparison. The broader market has lost ground in September, leaving the S&P 500 down 3.6% for the month with one day left to go. Investors have spent much of the month reviewing a mixed batch of economic data that showed COVID-19 and the highly contagious delta variant's impact on consumer spending and the employment market recovery. Investors are still closely watching the Federal Reserve to gauge how the slowdown in economic growth will impact the speed of its plan to eventually trim the bond purchases it's been making to helped keep interest rates low. Wall Street also has its eye on Washington, where Democrats and Republicans in Congress are wrestling over extending the nation's debt limit.
ASIAN shares were mostly higher on Thursday after a mixed trading session on Wall Street. Tokyo's Nikkei 225 index fell 0.4% after the release of disappointing factory
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THE TRIBUNE
Thursday, September 30, 2021, PAGE 5
BANK CHIEF PUSHES BACK ON IMMINENT DEBT DEFAULT FROM PAGE ONE
“External debt rose 44 percent year-over-year in July 2021 to $4.36bn, providing a boost to international reserves. An [IMF] special drawing rights (SDR) allocation of $174.8m added approximately $247.5m to international reserves in August 2021. International reserves stood at $2.61bn in July 2021, up 32 year-overyear, with usable reserves at $1.31bn.” While The Bahamas is certainly headed for an IMF adjustment programme and debt default if it fails to rapidly alter course and lower government borrowing, it has not occurred yet. And Mr Bowe argued that Ms Dukharan’s assessment was based on a static, theoretical model that did not allow for government policy changes which could head-off such a catastrophic outcome. “I’m not being dismissive,” the Fidelity chief told this newspaper of Ms Dukharan’s assertions, “but it’s often overly theoretical and does not have consideration of policy actions that, if not taken, could lead to those outcomes. There are a couple of aspects the Government and knowledgeable persons have to rebut.” Mr Bowe said a debt default occurred when the Government was unable to either service its debt or repay an issue due to mature, but he added that Ms Dukharan had failed to identify such a “triggering event”. He added: “Our credit rating is not where there is a default of any high probability. Until we get into ‘C’ territory we’re not getting into a high probability of a debt default.”
he said. “Once we have a proper list of government assets, they can be sold to domestic investors.
GOWON BOWE The Prime Minister has already suggested that his administration would seek to restructure and renegotiate The Bahamas’ debt if the opportunity arises, extending the maturities on existing bond issues and reducing associated interest rates to lower the burden on Bahamian taxpayers. Ms Dukharan’s prediction last year that The Bahamas would suffer a balance of payments crisis and IMF initiative within 12 months has also failed to materialise. However, Mr Bowe conceded that The Bahamas’ “leaves ourselves exposed” because it does not have the national statistics and fiscal plans that offer “an alternative story to present” to outside observers. “We have to lay out that these are the policies our administration is going to take more comprehensively because the observers, particularly the lenders and creditors, look at how policies work,” he added. Noting that present yields and interest rates on Bahamian sovereign debt show “no sense of panic or a selloff” among investors, Mr Bowe said: “We don’t see
them pricing in the risk of default. The persons who have the money in the risk are not pricing in a default at the minute. “We need to get better quality information into the public domain around the statistics and policy actions. We talk about a government’s first 100 days, and what’s going to be critical is a plan of action that is made around how we address the debt-to-GDP ratio and the deficit. “We as a country need to be calm and not seek to respond to individuals, but respond to the markets and international observers appropriately. The better the response, the better they will price and the better the result will be.” As a “low-tax jurisdiction”, Mr Bowe argued that The Bahamas still has multiple options to ward-off a debt default. Apart from new and/or increased taxes, hiring and salary freezes in the public sector remain an option, while the sale of government assets and public-private partnerships (PPPs) remain an option. “There are government assets available for sale that there’s no inventory of,”
GOV’T OPENS UP SUNDAY TRADING FROM PAGE ONE comply with the current public health measures. The relaxation of the orders is designed to meet the real needs of all stakeholders in the local economy.” Philip Davis QC, the Prime Minister, added: “We are seeking to eliminate inconsistencies found in the Orders that do not make economic sense while aiming to stimulate positive economic movement, as these portions of the orders are no longer grounded in science. “Cruise passengers must be vaccinated in order to enter the country, and this greatly reduces the risk of the spread of COVID-19 among businesses catering to such visitors”. It is unclear where the reference to cruise passengers comes from, as they are not seemingly mentioned or included in the amendment to the emergency orders that was released last night. However, Michael Maura, Nassau Cruise Port’s chief executive had on Wednesday urged the Government to swiftly extend a cruise passenger COVID-19 vaccination mandate that has brought “peace of mind” to the tourism industry. He told Tribune Business it would be “prudent” for the Davis administration to extend the requirement that all passengers aged 12 years and older be fully vaccinated before they embark on a cruise beyond its November 1, 2021, expiration. Arguing that it served as a COVID-19 “mitigator” both on board ships and when passengers are ashore in The Bahamas, he added that time was running out to extend the measure - either via the existing Emergency Orders or some other mechanism - given that there are less than five weeks before it ends. Mr Maura said the urgency to do this was made more pressing by the cruise industry booking cycle, with passengers typically selecting their trips a month in advance, as The Bahamas could not risk causing any sudden last-minute shocks for visitors via a sudden change in health protocols. Meanwhile, a former Bahamian Contractors Association (BCA) president last night said allowing
construction to take place outside the 12 midnight to 5am curfew hours - as now permitted by the emergency order provisions - is pointless and makes no sense. Leonard Sands said: “I don’t see any purpose for changing the orders to allow for construction firms to work after the curfew at 11:59pm at night. Nothing happens in the construction industry after 7pm at best. I don’t know of any project where the deadlines are so imminent that you need to work that kind of time.” Speculating as to the reasons why the Government would make this amendment specifically for the construction industry, Mr Sands added: “What I think this would allow is in instances where there is a government project, or PPP (public-private partnership) going on, where they need to run a 24-hour shift, so they are making sure they don’t constrain themselves.” “We need to find out more of what’s going on because I don’t know of any government PPP project going on now that would have the need to work those hours unless something is coming down the pike.”
“Our conversation needs to be around policy actions developed over the next 18 months. The next Budget needs to cover 18 months.
Focusing from January to June will be an exercise in futility; we need to focus on the next 18 months.”
PAGE 6, Thursday, September 30, 2021
THE TRIBUNE
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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
2020 CLE/Qui/No. 01001
IN THE MATTER OF Mk, PETITON OF TREVOR MANSFORI) SMITH OF MARS BAY SOUTH ANDROS THE BAHAMAS. AND IN THE MATTER OF THE QUIETING TITLES ACT. 1959 STATUTE LAW OF THE BAHAMAS CHAPTER 393
IN THE MATTER OF ALL of that parcel of land containing 1.71 acres being a Portion of Crown Grant F - 71 to Anthony Smith situate on the Eastern Side of the Main Public Road approximately 400 feet Southwards from BTC Tower in Mars Bay South Andros one of the Islands of the Commonwealth of the Bahamas NOTICE OF PETITION The Petition of Trevor Manford Smith of Mars Bay South Andros one of the Islands of the Commonwealth of the Bahamas, in respect of ALL of that parcel of land containing 1.71 acres being a Portion of Crown Grant F - 71 to Anthony Smith situate on the Eastern Side of the Main Public Road approximately 400 feet Southwards from BTC Tower in Mars Bay South Andros one of the Islands of the Commonwealth of the Bahamas. The Petitioner claims to be the equitable owner in fee simple possession of the parcel of land hereinbefore described and has made an application in the Supreme Court of the Commonwealth of the Bahamas under Section three (3) of the Quieting Titles Act 1959 to have his title to the said land investigated and the nature and extent be determined in a Certificate of Title in accordance with the provision of the Act. Copies of the filed Plan may be inspected during normal office hours at: (1)
The Registry of the Supreme Court 1st floor Marlborough House Marlborough Street Nassau N. P. the Bahamas; and
(2)
The Chambers of Sivle Law Chambers # 20 Montrose Avenue New Providence the Bahamas.
NOTICE IS HEREBY GIVEN that any person having a dower or a right to a dower or an adverse claim or a claim not recognized in the Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned Law Firm a statement of his or her claim in the prescribed form verified by an Affidavit. Failure of any such persons to file and serve a statement of his or her claim on or before the final publication of these presents will operate as a bar for such claim. Dated this 10th day of August 2021 SIVLE LAW CHAMBERS # 20 Montrose Avenue New Providence The Bahamas The Attorney for the Petitioner
THE TRIBUNE
Thursday, September 30, 2021, PAGE 7
GOV’T INTERVENTION SOUGHT ON ATLANTIS COVID TESTING
FROM PAGE ONE tests out of their own salaries, and Mr Woods was last night backed up by Robert Farquharson, who is understood to have been reappointed as the Government’s director of labour with effect from Monday. While Mr Farquharson declined to comment on that posting, referring Tribune Business to Keith Bell, minister of labour and Immigration, he added that in his position as vicechairman of the National Tripartite Council “our position remains the same” in that making unvaccinated employees pay for their own COVID tests “violates section nine of the Health and Safety at Work Act”. “I can also advise you that the matter has been put before the minister of labour, and he expects to address it shortly,” Mr Farquharson told this newspaper. “That’s certainly one of the things that has to be looked at.” The duo spoke out after Audrey Oswell, Atlantis’ president and managing director, told staff in a letter yesterday that all unvaccinated staff will be “financially responsible” for paying for their weekly $16.50 rapid antigen test with effect from Friday, October 1. Asserting that the Paradise Island mega resort was following other Bahamian companies “in putting the community’s health and the economy first”, Ms Oswell said Atlantis will cease encouraging COVID-19 testing as an alternative to vaccination. Pointing out that “a COVID-free Bahamas” is the only way for the economy and tourism industry “to thrive again”, she wrote: “Some of you have decided not to get vaccinated and instead participate in weekly testing to ensure you are healthy on the job. As we have shared since July, Atlantis will not pay the cost of testing indefinitely. We also will not continue to encourage testing as an alternative to vaccination. “Effective October 1, 2021, Atlantis joins many other Bahamian companies in requiring team members who are not vaccinated to be financially responsible
DARRIN WOODS
ROBERT FARQUHARSON
for their weekly rapid antigen test. We have secured a highly discounted rate of $16.50 a week for unvaccinated team members to receive this test.” Noting COVID-19’s “significant and immeasurable” impact on Atlantis over the past 18 months, Ms Oswell continued: “We have done everything we can to protect our health and safety in the workplace during this difficult period. We have also taken every step possible to foster an environment where our guests feel confident and comfortable returning to Atlantis and The Bahamas. “Travel and tourism are our livelihood and serve as
taking the same approach in putting the community’s health and the economy first.” An Atlantis spokesperson last night said they did not have data on how many of the resort’s estimated 6,600 staff have been fully vaccinated, although the human resources department was now compiling that information. Given that staff interact with each other in close proximity regularly, as well as with guests, the spokesperson said requiring unvaccinated employees to pay for their weekly COVID-19 antigen tests was “the next step” in incentivising them to become inoculated.
the foundation of the Bahamian economy. We know the safest and most effective way to fight COVID-19 is through vaccination. I am grateful to many of you who have taken steps to become fully vaccinated. “By getting the free and widely available vaccine, you are protecting yourself and your family, colleagues, our guests, and the community from COVID-19. You are also playing an essential role in helping achieve a COVID-free Bahamas, which is the only path forward for our economy and tourism to thrive again.” Describing “a shared responsibility” for keeping staff members, Atlantis and the wider Bahamas free from COVID-19, Ms Oswell concluded: “This issue is more significant than any one individual or Atlantis – it impacts our family, friends, neighbours and the industry. “Atlantis is proud to join with a growing number of Bahamas-based and international companies in
This, they added, would ensure they better protect themselves, their families, community and tourists against COVID-19. “We’re joining Baha Mar and other companies that have implemented that policy for their employees, and we’re trying to get more vaccinated,” the spokesperson said. “We’ve done everything we can. We had the raffle where we gave away a couple of thousand dollars for employees, so this is the next step.” Tribune Business understands that Baha Mar has required unvaccinated employees to pay for their weekly tests for about a month now. The Atlantis spokesperson cited the John Bull Group of Companies and the Margaritaville resort as two other employers that have implemented such a policy, but that could not be confirmed before press time last night. Mr Woods, meanwhile, said Atlantis had wanted to make unvaccinated staff pay for their
COVID tests from September 1, but argued that the resort delayed this by a month due to the thenupcoming general election. He added that fellow Paradise Island-based resort, the Four Seasons Ocean Club, also wanted to make their staff pay. “This matter has now been referred to the director of labour [Mr Farquharson], who happens to be the same person that was saying it should not happen,” Mr Woods told Tribune Business. “I spoke to him on Monday, so now the new minister of labour and Immigration has to get to work.
“The first concern I have is that this violates the law, the Health and Safety at Work Act, which says that anything in this Act cannot be passed on to the employee. They’re trying to make vaccines mandatory, saying that if you are unvaccinated you have to pay for your test. “Now, unfortunately, the Government doesn’t have any time for slackness to ride. They have to get to work on behalf of the workers.... I ain’t playing. They haven’t got time to fiddle their thumbs. It’s time to get to work,” he continued. “The workers in the hospitality industry have caught eternal hell over the
past 18-20 months because of the emergency orders, and they are now being asked to pay for testing in the slowest period of the tourism calendar when days have been reduced and there is less work.” Mr Woods also argued that the testing payment requirement represented an arbitrary, unilateral change to a worker’s terms and conditions of employment, thus representing a breach of the Employment Act. And Mr Farquharson previously warned that requiring minimum wage workers to pay could push them below this legal salary floor in terms of take home pay.
CAREER OPPORTUNITY INFORMATION SECURITY OFFICER The successful candidate will be expected to perform the following duties: • • •
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Coordinate information security technology audits within Ansbacher (Bahamas) Limited (“Ansbacher”) and Colina Insurance Limited (“Colina”) with internal and external auditors Establish and maintain relationships with Ansbacher, Colina, and AF Holdings Group Ltd. to provide Information Security expertise as needed Ensure that Ansbacher and Colina are compliant with the internal/external Information Security requirements of third party vendors/partners and regulators and any deficiencies are tracked and closed Conduct and perform mandatory Information Security Training Ensure both Ansbacher and Colina’s company cyber vulnerability assessments/ethical hacks are conducted in a timely manner and issues identified and closely managed for the applications they support Manage Information Security risks such as data privacy, continuity of business preparedness etc. during the development/procurement of new applications or technology services to ensure that security risks are mitigated Work with tech team to support and complete the application and infrastructure entitlement review process. Complete and report Technology Risk Management review including Key Risk Indicators as required by internal controls departments, external controls, the Central Bank and other regulators Develop corrective action plans for all Information Security related gaps and monitor through completion. Ensure that the Information Security Framework (cyber security, patch management, OS upgrades, firmware updates, planned downtime/maintenance windows, user access management reviews etc.) is adhered to, updated and monitored Ensure security policies are updated and enforced within Ansbacher/Colina.
Applicants should ideally possess the following minimum qualifications and experience: • • • • • • •
Minimum BA in Technology or related field 5+ years’ experience in a similar role Certified Information System Auditor (CISA) or Certified Information Security Manager (CISM) required Proven track record in Information Security Risk Management Ability to successfully matrix report and work within a complex organizational structure Excellent written and verbal communication skills Knowledge of industry standard Cyber Tools
This job offers a competitive salary and excellent benefits. Please apply via our website: https://www.colina.com/careers/ by October 14, 2021.
PAGE 8, Thursday, September 30, 2021
DAVIS GOV’T ‘DECIDER IF WE SINK OR SWIM’ FROM PAGE ONE
flows were the only option for The Bahamas’ small, narrow-based economy that is largely services-based and heavily reliant on tourism. The ORG chief, while backing economic diversification into new industries over the medium to longterm, said this would not occur quickly enough to deliver the country from a national debt that is bigger than the economy’s size. He added that, “unless oil starts bubbling up out of Lake Cunningham”, the short-term focus has to be on reviving The Bahamas’ largest industry, tourism. “This administration has most assuredly got their
work cut out for them,” Mr Myers told Tribune Business. “This administration is literally going to be the decider for this country as to whether it sinks or swims because of all the poor governance and bad management of other successive administrations. “The onus and responsibility is most assuredly going to fall squarely on the shoulders of this administration. For its people, it’s an absolute sink or swim moment in my opinion.” The Bahamas’ $10.356bn debt is currently 100.4 percent of gross domestic product (GDP), meaning the national debt is greater than the country’s post-COVID economic
output, with a $951m deficit set to add further to those figures. Reserving judgment on the new administration, given that it has been in office for less than two weeks, Mr Myers added: “Let’s wait and see if they can do what they say. The issue with the last administration was they came up short on what they said. “Clearly, what the Bahamian people want is for their politicians to do what they say. That’s really what we heard pretty loudly and clearly at the general election. That’s what they’re about. If you don’t do what you say, you’re out. That’s how it’s supposed to be.”
Mr Myers said the recent Moody’s downgrade and 100 percent debt-to-GDP ratio came as little surprise, given that he had predicted the latter barrier would be breached by year-end 2021. “I said by the end of this year it would be 100 percent, and we didn’t even make the end of the year. The former administration clearly chose to sugarcoat that as best it could, but the reality is the reality,” he added. The ORG chief also critcised what he branded as the inadequate post-Hurricane Dorian reconstruction assistance on Abaco and Grand Bahamas, as well as the failure to secure more COVID-19 vaccines earlier as well as extra healthcare resources to combat new virus variants and the latest surge in cases. He branded these as “real misses” on both counts. To reverse course, and avoid the debt defaults and International Monetary Fund (IMF) adjustment plan that many pundits are gloomily forecasting for The Bahamas, Mr Myers said the new administration needed to adopt a pro-investment and private sector approach that was capable of raising annual GDP growth to presently unheard of levels at around 6-7 percent. While achieving such explosive growth will likely be difficult given The Bahamas’ anemic track record,
he added: “The focus has to be on GDP growth. It’s the only rising tide that floats all boats. Growth has to be earned by stimulating foreign and local investment because we only sell sun, sand, sea, fun and proximity to the US. We can talk about aragonite, salt and sand, but they’re not big enough. “We are a service-driven economy. Until oil starts bubbling up out of Lake Cunningham, it’s sun, sea, sand and fun. That’s got to be the paramount focus, local and foreign direct investment that’s it. We have got to make ourselves regionally competitive and have got to get power prices down. Power costs, the ease and cost of doing business, and labour productivity are all factors in that. They all go hand in hand.” Acknowledging that Chester Cooper, the deputy prime minister, would likely understand this given his background as BAF Financial’s principal and a former Chamber of Commerce president, Mr Myers argued that new and/or increased taxes were not the way to go in getting The Bahamas out of its economic and fiscal woes. Asserting that they would only further strain alreadystruggling companies and households, he said: “Taxing people more at this point is futile. All you’re doing is increasing the cost
THE TRIBUNE of business and making us less regionally competitive... “We provided a paper on getting projects shovel ready. The Government ought to be proactive, get ahead and look at spaces projects need based on the assets around them. Then get those projects shovel ready so foreign and local investors are not slowed by the Department of Environmental Planning and Protection and Ministry of Works. Those sites are already approved by those agencies. “Don’t wait for investors to come to you; go to investors with shovel-ready projects. Don’t wait for them to come in the door. Go to them. Use business ambassadors to get people to look at The Bahamas, but we have got to have a plan and got to have a vision,” Mr Myers continued. “Right now, if we don’t get the economy moving we will not have enough money to worry about social and environmental aspects of the National Development Plan. We’ve got to get people employed and productive, and then we have some hope.” The Minnis administration had planned to reform the Bahamas Investment Authority (BIA) into Invest Bahamas, transforming it from a reactive to proactive investment promotion agency that would go out and seek investors in targeted sectors and niches - similar to what Mr Myers is calling for. The Progressive Liberal Party (PLP) had promised something similar in its election campaign manifesto.
THE TRIBUNE
Thursday, September 30, 2021, PAGE 9
S&P 500 CLINGS TO A MODEST GAIN AS OTHER INDEXES END MIXED By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
WALL Street capped a wobbly day of trading Wednesday with a mixed finish for the major stock indexes, as technology and communication companies weighed on the market for a second straight day. The S&P 500 rose 0.2% after shedding most of a 0.8% gain. The modest gain came a day after the benchmark index posted its worst drop since May. The index is on pace for its first first monthly loss since January. The Dow Jones Industrial Average also lost momentum as the day went on, but managed a 0.3% gain, while the tech-heavy Nasdaq composite gave back 0.2% after having been up 0.9% in the early going. Bond yields stabilized after surging over the past week and weighing on the market, especially technology stocks. The higher yields have forced investors to reassess whether prices have run too high for stocks, because it makes them look expensive by comparison. The broader market has lost ground in September,
leaving the S&P 500 down 3.6% for the month with one day left to go. Investors have spent much of the month reviewing a mixed batch of economic data that showed COVID-19 and the highly contagious delta variant’s impact on consumer spending and the employment market recovery. Wall Street is still trying to gauge just how persistent rising inflation will be as the economy works through, and eventually recovers from, the pandemic. The Fed has said that higher inflation will likely be temporary and tied to the economic recovery, but more companies have signaled that they expect higher costs to linger. Bond yields began rising last week after the central bank signaled that it could begin taking action in coming months to curtail some of the support its been providing to the economy throughout the pandemic. “Today is a sort of a tugof-war between which is the bigger concern: is it inflation or is it rates?” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. “Today’s action tells me we don’t know.”
NOTICE NOTICE is hereby given that FRITZ AUGUSTIN of Nicholls Town, North Andros, The Bahamas P.O. Box 7H14147, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that WIDNET SIMILIEN of Garden Hills, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE
NOTICE Troon Management Inc. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 23rd day of September 2021. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas). Dated this 29th day of September 2021
(AMICORP BAHAMAS MANAGEMENT LIMITED) LIQUIDATOR LEGAL NOTICE
LUNCHAST HOLDINGS CORP.
(Incorporated under the International Business Companies Act No. 45 of 2000)
TAKE NOTICE that the International Business Company, LUNCHAST HOLDINGS CORP. incorporated on 6th May, 2015 has registered its articles of dissolution with the Registrar General’s Department effective 28th September, 2021. The name and address of the Liquidator is: G W & Partners LP West Bay Street, Nassau, Bahamas.
TRADER GEORGE ETTINGER, left, works on the floor of the New York Stock Exchange, Wednesday, Sept. 29, 2021. Stocks rose modestly in morning trading on Wall Street Wednesday as the market regains its footing following a sharp drop a day earlier. Photo:Richard Drew/AP
The S&P 500 rose 6.83 points to 4,359.46. The Dow gained 90.73 points to 34,390.72, while the Nasdaq fell 34.24 points to 14,512.44. The Russell 2000 index of small companies also fell, shedding 4.47 points, or 0.2%, to 2,225.31.
The yield on the 10-year Treasury, which is used to set interest rates on many kinds of loans, held at 1.53%. Health care companies and a mix of companies that focus on consumer products accounted for a large share
of the gains in the S&P 500. Eli Lilly rose 4% and Procter & Gamble added 1%. Investors are still closely watching the Federal Reserve to gauge how the slowdown in economic growth will impact the speed of its plan to eventually trim the bond purchases it’s been making to helped keep interest rates low. Wall Street also has its eye on Washington, where Democrats and Republicans in Congress are wrestling over extending the nation’s debt limit. If the limit, which caps the amount of money the federal government can
borrow, isn’t raised by Oct. 18, the country “would likely face a financial crisis and economic recession,” Treasury Secretary Janet Yellen told Congress on Wednesday. Yellen’s remarks came a day after Senate Republicans blocked consideration of a bill that would have raised the debt limit. The standoff is beginning to worry Wall Street, Frederick said. “I expect the market to get more volatile and possibly move lower commensurate with how close we get to that deadline,” he said.
THE TRIBUNE
Thursday, September 30, 2021, PAGE 11
POWELL DEFENDS FED POLICIES, SAYS INFLATION MAY PERSIST By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday defended the ultra-low interest rate policies he has pursued since the pandemic decimated the economy more than 18 months ago. But he acknowledged inflation has stayed higher for longer than he expected. At a panel sponsored by the European Central Bank, Powell was asked if the Fed is “overdoing it” with its policy of cutting its shortterm interest rate to nearly
zero and purchasing $120 billion a month in bonds to lower longer-term rates. “The historical record is thick with examples of underdoing it,” Powell responded. “And pretty much in every cycle, we just tend to underestimate the damage and underestimate the need for a response. I think we’ve avoided that this time.” Criticism of the Fed’s policies, however, has grown in recent months as inflation has jumped to 30-year highs. The economy’s main challenge, meanwhile, has shifted from weak demand as a result of widespread layoffs, which the Fed can help
counter with lower interest rates, to supply shortages, which the Fed can do little about. When consumers began ramping up spending this spring and summer, fueled by stimulus checks, many businesses were caught off guard, and shortages of cars, furniture and electronics quickly materialized. That pushed inflation to 4.2% in July from a year earlier, according to the Fed’s preferred measure. Powell initially called such inflation “transitory” and said it would fade as the economy reopened further and the supply chain kinks
FEDERAL Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act on Capitol Hill, Tuesday, Sept. 28, 2021 in Washington. Photo:Kevin Dietsch/AP
were worked out. In recent comments, however, that description has faded. Many supply bottlenecks remain, with ships backed up at major West Coast ports. And shortages of chemicals are now pushing up prices for a range of goods from plastics to paint. Powell said it is “frustrating to see the bottlenecks and supply chain problems not getting better, in fact, at the margin, apparently getting a little bit worse.” “We see that continuing into next year probably and holding inflation up longer than we had thought,” Powell concluded.