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TUESDAY, OCTOBER 5, 2021

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APD container volumes 1,100 below pre-COVID

August marks ‘historic’ revenue high for Aliv

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NEW Providence’s commercial shipping industry has suffered “no significant” impact from global supply chain disruptions with container volumes up 11 percent for the two months to end-August.

Dion Bethell, Arawak Port Development Company’s (APD) president and chief financial officer, yesterday told Tribune Business that twenty foot equivalent (TEU) unit throughput at the BISX-listed port operator signalled that while the Bahamian economy continues to slowly recover from COVID-19 there is much ground left to reclaim.

Based on data for the first two months of APD’s current financial year, which started on July 1, container volumes passing through the Arawak Cay-based commercial port remain more than 1,100 down on the numbers that were processed and cleared during the same period in 2019 - the last pre-COVID year.

• Arawak port off 9% compared to summer 2019 • Yet 11% ahead of last year as economy revives • Break bulk down as Bahamians reduce travel

ARAWAK PORT DEVELOPMENT COMPANY (APD)

ALIV’S top executive yesterday said August was the highest revenue-generating month in the mobile operator’s history as it bids to dominate market share by end-June 2022.

John Gomez, who took over Aliv’s leadership from Damian Blackburn barely four months ago, told Tribune Business it aimed to convince subscribers it was “more than a mobile app” but a platform they can use to enter a “smart” future where various apps run different elements in their daily lives.

With 178,000 subscribers presently as competition with the Bahamas Telecommunications Company (BTC) intensifies, he added

JOHN GOMEZ that Aliv was already in the initial stages of costing and planning the transition to 5G (fifth generation) technology.

While declining to provide figures on the investment required, as the details are still being

SEE PAGE 5

Battling supply chain ‘every minute of day’

‘High rise’ gambling costs Atlantis staffer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEE PAGE 4

SUPER Value’s principal yesterday said he is battling supply chain disruption “every minute of the day” while reassuring that possible 8-10 percent Christmas price rises will not be “across the board”.

Rupert Roberts told Tribune Business that the 13-strong supermarket chain was monitoring the worldwide situation very closely after being informed that corn beef prices from Brazil have “gone through the roof” and reached levels not seen for many years.

With developed countries becoming increasingly concerned that manufacturer backlogs, container shortages and shipping delays, and an insufficient supply of heavy goods vehicle (HGV) drivers will disrupt Christmas inventories and result in price

SEE PAGE 6

RUPERT ROBERTS

Air arrivals now 76% of pre-COVID figures

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AIR arrivals to The Bahamas in July rebounded to over three-quarters of their pre-COVID levels, the Central Bank revealed yesterday, while the dropoff in vacation rental demand eased in August.

The regulator, unveiling its monthly economic developments report for August, said: “Preliminary evidence suggests that monthly tourism output maintained signs of a slow recovery, albeit continuing to face

headwinds, owing to the ongoing globally imposed travel restrictions related to the COVID-19 pandemic.

“Nonetheless, domestic demand continued to provide support to the vacation rental market. Initial data from the Ministry of Tourism indicated that total visitor arrivals by first port of entry expanded to 183,270 in July from just 23,820 in the corresponding period of 2020, as international borders were reopened, although with imposed restrictions.

SEE PAGE 6

AN Atlantis shift engineer’s claim for wrongful dismissal has been rejected after himself and other employees were caught gambling in the electrical room on the Reef’s 20th floor.

Ingrid Cooper-Brookes, the Industrial Tribunal’s vice-president, found that Romese Williams was “lawfully terminated” from his

post because there was sufficient evidence to back Atlantis’ claim that he had committed “gross misconduct” by gambling for money on hotel premises during work hours.

The shift engineer, who earned $425 per week during his near seven-year employment with the Paradise Island mega resort, alleged he had been scheduled to work at both the

SEE PAGE 5

PAGE 2, Tuesday, October 5, 2021

THE TRIBUNE

TOP LIFE INSURERS SEE CREDIT RATINGS AFFIRMED THE Bahamas’ two largest life and health insurers have seen their financial strength and ratings reaffirmed by the industry’s top credit assessor in a sign it believes they have weathered the worst of COVID-19.

A. M. Best said it has reaffirmed the financial strength rating of ‘A-’ (Excellent) and the longterm issuer credit rating of ‘a-’ (Excellent) for Colina Insurance (Colina), the subsidiary of BISX-listed Colina Holdings (Bahamas). The latter also saw its long-term issuer credit rating of ‘bbb-’ (Good) reaffirmed, although A. M.Best has kept a “negative outlook” on all three ratings.

Similarly, A. M. Best added that it has also affirmed the financial strength rating of ‘A-’ (Excellent) and the longterm issuer credit rating of ‘a-’ (Excellent) for Colina’s rival, Family Guardian

Insurance Company.

And it also confirmed the long-term issuer credit rating of ‘bbb-’ (Good) for Family Guardian’s parent, BISX-listed FamGuard Corporation. The outlook for these ratings is also “negative”.

A. M.Best said of Colina: “The ratings reflect Colina’s balance sheet strength, which A. M. Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

“The balance sheet strength assessment reflects a very strong level of risk-adjusted capital, low financial leverage levels and good liquidity, which is partly offset by the company’s limited investment options and high concentration of sovereign debt holdings.

“The company’s mortgage loan portfolio has been declining as a portion

of its total investment portfolio, but does contain an elevated proportion of delinquent loans. Operating performance remains strong with minimal impact to operating earnings resulting from Hurricane Dorian and COVID-19 in recent years. Significant uncertainty on future investment performance remains due to COVID-19.”

Looking ahead, A. M. Best added: “Colina’s business profile assessment considers its position as a market leader in The Bahamas and creditworthy product offerings, but these are offset by its geographic concentration in The Bahamas. The company’s ERM (enterprise risk management) framework and governance structure are appropriate for its risk profile.

“The negative outlooks reflect A. M. Best’s concern regarding global economic conditions and their negative impact on territories

in the Caribbean. Regional territories in the Caribbean are impacted materially by tourism and energy factors, which are being affected in the short-term by global conditions.

“The negative outlooks also reflect A. M. Best’s concern that these conditions could result in volatility in the operating performance and deterioration in the company’s risk based capitalisation of these insurers in the short to intermediate term. A. M. Best will continue to monitor the economic conditions in The Bahamas and take appropriate rating actions as they change.”

As for Family Guardian, A. M. Best said: “The ratings reflect Family Guardian’s balance sheet strength, which A. M. Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

“The balance sheet strength assessment reflects risk-adjusted capital at the strongest level, low financial leverage and good liquidity, which is partly offset by the company’s limited investment options and high concentration of sovereign debt holdings. The company’s mortgage loan portfolio has been declining as a portion of its total investment portfolio, but allocations to mortgage loans remain elevated.

“Family Guardian’s operating performance remains strong, with return on equity levels consistently over 10 percent and positive net earnings which have supported capital growth.

The business profile assessment considers Family Guardian’s good market position in The Bahamas and creditworthy product offerings offset by its geographic concentration in The Bahamas. The company’s ERM framework and governance structure

are appropriate for its risk profile.”

Turning to the future, A. M. Best said: “The negative outlooks reflect A.M. Best’s concern regarding global economic conditions and their negative impact on territories in the Caribbean.

Regional territories in the Caribbean are impacted materially by tourism and energy factors, which are being affected in the shortterm by global conditions.

“The negative outlooks also reflect A. M. Best’s concern that these conditions could result in volatility in the operating performance and deterioration in the company’s risk-based capitalisation of these insurers in the short to intermediate term.

A. M. Best will continue to monitor the conditions in The Bahamas and take appropriate rating actions as conditions change.”

Bahamas races to finish Expo pavilion THE Bahamas’ was racing to complete its Pavilion at Expo 2020 Dubai ahead of the event’s launch on October 1.

The Bahamas’ team, featuring ambassador Tony Joudi; architect Michael Diggiss; Janet Johnson, head of the Tourism Development Corporation; Val Pintard-Flax; Nameiko Miller; and Kishan Munroe; met with its logistics director, Ashraf Badwan, who has been working on the ground in Dubai to bring the Paviliion project to fruition.

Marking The Bahamas’ first participation in a World Fair, the two-storey pavilion traces this nation’s cultural history, explores its sustainability-driven future and highlights its natural beauty.

Visitors will explore interactive displays, designed by Val Pintard-Flax, Nameiko Miller and Kishan Munroe.

They will see an actual Bahamian sloop, provided by Baha Mar, as well as paintings

and sculptures by local artists and artisans, and have the opportunity to purchase souvenirs in the pavilion’s retail area.

The Bahamas will seek to drive international investment in this nation via its participation in Expo 2020.

This will be facilitated by its socalled Embassy for Business on the second floor of the Pavilion.

Expo 2020, which has retained its original name despite being pushed back into 2021 by the COVID-19 pandemic, has attracted participation from 192 countries. It is expected to host more than 10 million international visitors during its six-month run.

Millions watched the livestreamed official opening, which featured international artists including Andrea Bocelli, Angelique Kidjo, Andra Day and Lang Lang. Set in the huge Al Wasl projection dome, some 20m visitors are anticipated.

FROM R to L: The on-site team of Ambassador Tony Joudi; pavilion curator, Nameiko Miller; architect, Val Pintard-Flax; Leah Moughabghab, Expo 2020 Dubai co-ordinator country manager; Ashraf Badwan, logistics manager; and Michael Diggiss, senior project manager and architect. Not shown are Janet Johnson, director of development, and Kishan Munroe, interior design artist.

THE TRIBUNE

Tuesday, October 5, 2021, PAGE 3

HEALTH VISA PROCESSOR AGAINST CHARGING FEE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE digital payment provider responsible for processing health travel visa fees yesterday said it was merely obeying government policy as it felt such charges should not be levied.

Nicholas Rees, Kanoo’s chairman, told Tribune Business: “My position was always that Bahamians should not be charged for the travel visa. But we’re a service provider and we

have nothing to do with government policy.”

He was responding to deputy prime minister, Chester Cooper, who confirmed that health travel visa fees would be waived for all Bahamians and residents returning to the country, as well as those engaged in inter-island travel around the country. International travellers are the only category that will still pay a fee.

Mr Rees added: “I think the comments from the current minister of tourism (Chester Cooper) on the position seem to be

extremely sober, logical, intelligent and have a lot of foresight.

“I think they’ve come in and realised the value of the platform and the system.”

He added that Kanoo does not provide the health travel visa platform but is just the “facilitator for processing the payments”.

Kanoo partnered with technology firm, Think Simple, which created a platform that generates stopover visitor data from which Kanoo uses to process the payments for the travel health visa. Mr Cooper, and his predecessor

as minister of tourism, Dionisio D’Aguilar, views that data as “critical” in gathering information on international travellers.

Mr Rees said: “The data is invaluable. The Government of the day now has the ability to market to existing clientele or customers for repeat visits, for surveys and that’s a tremendous opportunity for us as a country to have that kind of data.”

“I salute the current government for its position and stance, and we look forward to assisting in any way we can. We have no access

to the data; we just process payments. We receive instructions to collect $40, we charge it and that’s that.”

The health travel visa, implemented in May 2020, was seized upon by the Progressive Liberal Party (PLP) as a major general election campaign issue given that paying a fee to return to their country was unpopular with many Bahamians.

There were claims that the Minnis administration and Kanoo stood to make millions of dollars from charging Bahamians

and international travellers for the visa, and that the funds were not being deposited into the Government’s Consolidated Fund.

These allegations were subsequently rebutted by the Ministry of Tourism, and the Government’s 2021-2022 Budget essentially showed the health travel visa was a ‘break even’ proposition with revenues almost exactly equal to costs. This meant that the fees were merely designed to cover the expenses associated with operating the health travel visa.

PM: ‘No regrets’ on Adrian Fox support

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Prime Minister yesterday said he had “no regrets” over urging a US judge to halt the federal authorities’ pursuit of Island Luck’s co-founder over charges relating to human smuggling.

Philip Davis QC, speaking to the media, said Adrian Fox was “his client” when he headed his Davis & Company law firm and he was “very familiar with him”.

Disclosing that he had acted on Mr Fox’s behalf in talks with US law enforcement prior to being appointed deputy prime minister in 2012, he added: “I had discussions myself on his behalf with the US government prior to 2012, and he has so reordered his life and his philanthropy, and what he has been doing and helping this community.

“I thought it only fitting for me to say to the court what I thought of him and those are my views. Asked if I would do it again, I would do it again. I have no regrets.”

ADRIAN FOX PHILIP DAVIS Mr Davis was responding after this newspaper revealed he was among numerous Bahamian politicians, clergymen, attorneys and even former FBI agents to submit character references to the southern New York federal court on Mr Fox’s behalf ahead of his October 15 sentencing on charges linked to a human smuggling operation.

Mr Fox’s plea deal with US authorities, which omits all mention of the human smuggling offences he was initially charged with, has resulted in him agreeing to plead guilty to one count of helping to operate a vessel in US waters “in a grossly negligent manner”.

Besides Mr Davis, character references were also supplied by two of

his newly-elected Cabinet ministers, Jomo Campbell, minister of state for legal affairs, and Alfred Sears, minister of works and utilities. Both men and their law firms provided legal services to Mr Fox and his companies prior to their election as MPs and Cabinet ministers, and their letters were also written in August 2021.

Two ex-Cabinet ministers also vouched on Mr Fox’s behalf, Shane Gibson and Leslie Miller. And

further character references were submitted by Mr Miller’s daughter, Leslia Miller-Brice, the newlyelected Seabreeze MP, and her husband Leander, who operates the Asure Win web shop chain and is the Island Luck co-founder’s nephew.

Testimonies from two ex-FBI agents; multiple Bahamian clergymen; two UK expatriates who are neighbours of Mr Fox in Ocean Club Estates on Paradise Island; and other

attorneys, business partners and persons aided

by Mr Fox’s generosity rounded out the character references.

Mr Davis, who is also minister for finance, said: “I’m looking for the best and brightest amongst us to bring about the big changes I have for this country.

Each one person I have some confidence in to help me deliver that.”

Describing the Government’s fiscal position as “dismal”, Mr Davis said he and his team are trying to get “answers” to the questions he has raised after reviewing the Ministry of Finance’s position.

Referring to recentlyreinstated financial secretary, Simon Wilson, the Prime Minister added: “He was always the financial secretary. He was sent home and he was still being paid out of the public purse.

For four years the Government has been paying him for doing nothing. Now he’s back to work.”

Marlon Johnson replaced Mr Wilson as acting financial secretary after the 2017 general election.

Crypto exchange chief hails Bahamas’ regulatory balance

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE head of the world’s third largest cryptocurrency exchange yesterday hailed The Bahamas for establishing the “world’s first comprehensive” regulatory regime for the sector.

Speaking at the official launch of its Bahamian operation, Samuel Bankman-Fried, founder and chief executive of FTX Capital Markets, told Tribune Business it was “impressive” to be headquartered in this nation as opposed to the group’s former base in Hong Kong.

He said the ability of Bahamian regulators and the Government to work with FTX and other businesses in keeping the cryptocurrency space “compliant and regulated”, while at the same time being welcoming to business, was critical to moving the group’s headquarters to The Bahamas.

Christina Rolle, the Securities Commission’s executive director, described FTX Capital Markets as a company that wants to “leave a real footprint” in The Bahamas by “giving back in terms of its involvement in the community”.

FTX Capital Markets has worked with Kanoo on

the roll-out of its school assistance programme and made several real estate investments around New Providence, its communications and corporate social responsibility vice-president, Valdez Russell, said yesterday.

Ms Rolle, meanwhile, added: “FTX purport themselves to be the third largest exchange in the world. Obviously the Securities Commission has been working on DARE (the Digital Assets and Registered Exchanges Act) for almost two years before it was passed, and to have the legislation validated in this way is good.

“I think it’s definitely a vote of confidence that we

went in the right direction with the legislation. We have some more applications in the pipeline and we know there are a number of lawyers in the jurisdiction who are working on applications to send in our direction. So certainly we see some pipeline business coming our way.”

Mr Bankman-Fried added: “This has been a huge, positive sign for us and we think a really good omen of things to come here.” To prevent crypto-related fraud, he said: “There have been a lot of tools we have been using for a long time. It’s incumbent upon us and the other big players in the business, as well as the regulators, to

make sure that the space remains safe for all of the users.

“We have a ton of tools that we use for that, including AML/KYC (anti-money laundering/Know Your Customer) checks, market manipulation checks and screenings, and we have a ton that we’re rolling out

every day. It’s absolutely crucial for the space to be able to grow in a safe way.

“There are a ton of really exciting things that we have planned over the next years to help grow sustainable and efficient markets, and to help give access to the financial system to those who haven’t had it before.”

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PAGE 4, Tuesday, October 5, 2021

THE TRIBUNE

MINISTERS TOUR BAY STREET TO ASSESS SUNDAY RE-OPEN

CHESTER COOPER, Deputy Prime Minister and Minister of Tourism, Aviation and Investments, was joined by Michael Halkitis, Minister of Economic Affairs, for a tour of Bay Street on Sunday, October 3. The ministers wanted to get a first-hand look at how businesses were doing on the first Sunday after stores were permitted to reopen on that day.

Photos:Kemuel Stubbs/BIS

APD CONTAINER VOLUMES 1,100 BELOW PRE-COVID FROM PAGE ONE Pointing out that it was “not easy” to close such a gap quickly, Mr Bethell said the traditional “season” for Christmas inventory imports by retailers and wholesalers - which normally starts this month for APD - will give a better indicator of future container flows at the port as well as the overall economy’s strength.

With total TEU volumes for July and August 2021 standing at 10,952, compared to the 9,836 received for the same months in 2020, Mr Bethell said: “We’re up by about 11 percent over the same period last year for those two months.”

Yet, compared to the 12,082 TEUs processed by APD in July-August 2019, container volumes are still 9 percent down on their last pre-COVID comparisons. “While we are about 11 percent over what we did last year, being in the midst of COVID-19, against the prior period pre-COVID we are still running about 9 percent down,” Mr Bethell added.

“The difference between that and now is a little over 1,100 TEUs, and it is not easy to make that volume up quickly. It will be difficult to be honest, but the good thing is that we are at the beginning of October. A lot of the wholesalers, and the Kelly’s of this world, bring in their merchandise

for Christmas. We really move into that season in October.”

Mr Bethell added that it was difficult to predict import and TEU volumes for Christmas 2021, as these have yet to really materialise, while he added that September was traditionally a slow month for the shipping industry due to back-to-school and the end to vacations.

This year also contained the added distraction of a general election, but its precise impact cannot yet be measured as APD is still finalising September numbers. However, Mr Bethell said The Bahamas has todate largely escaped any impact from global supply chain disruption stemming from factors such as container shortages, shipping delays and manufacturer backlogs.

“We have not seen a significant impact on our volumes primarily because the lion’s share of cargo for this market comes out of the North American market,” the APD chief explained.

“There have been some delays for those importers

that bring in containerised cargo from Europe and Asia. That is principally because of containers; insufficient containers to meet the demand. Those volumes to this market are not significant.”

However, Mr Bethell said APD’s break bulk cargo volumes were likely off because fewer Bahamians were shopping abroad and shipping back ‘big ticket’ items. “While Bahamians are travelling internationally, it’s not to the extent they would have this past summer to go on vacation,” he added.

“A lot of times when they are shopping in Florida they send stuff back. We still see a fall-off on break bulk cargo. Those volumes are still down. While the vaccine is there, there’s still some hesitancy to travel to COVID ‘hot spots’ such as Florida, so people are not travelling at this time.”

Mr Bethell revealed that APD’s TEU forecasts for the first two months of its current financial year, which closes at end-June 20223, have been largely spot on. “July and August have been pretty much flat

against budget, only six TEUs off at 10,952 compared to 10,946,” he told his newspaper. “I call that flat to the extent our volumes are pretty low. On the vehicle side, we’re off by 24.”

Tonnage volumes were slightly up due to the repatriation of heavy equipment required for dredging at Prince George Wharf as part of the $250m Nassau Cruise Port expansion. “We would also have had some project volumes related to rock, sand and cement,” Mr Bethell added.

“There was some concern worldwide with cement, but we’re back on track where we see scheduled arrivals of cement vessels. We’ve seen some exports of sand mined locally. Our tariffs on those have been designed to encourage exports so they are not over-bearing on the exporter. There’s not a tremendous amount of volume associated with both those exports.”

The APD chief said the refinancing of the port operator’s near-$31m preference share debt with cheaper commercial bank funding, and which will slash its debt servicing

(interest) costs by some $4.5m per annum, will start to be felt shortly.

With the switch occurring on September 6, 2021, APD will go from paying interest of 5.5 percent on its preference shares to a rate of Prime minus 1.15 percent - 3.1 percent - on its new bank debt, resulting in a 2.4 percentage point reduction on its debt servicing costs.

“We will see a sizeable saving to our bottom line as a result of that,” Mr Bethell told Tribune Business, “but we won’t feel a significant impact until the end of the year.” While legal, professional and other auxiliary fees were incurred in putting the bank facility in place, he added: “The net result is still a positive one for our financial statements.

“We continue to battle on, and find some innovative ways to keep costs down and continue to manage debt.” No financial figures were provided as APD is currently in a ‘closed’ period ahead of publication of its 2021 fullyear and fourth quarter results.

THE TRIBUNE

Tuesday, October 5, 2021, PAGE 5

AUGUST MARKS ‘HISTORIC’ REVENUE HIGH FOR ALIV FROM PAGE ONE worked out, Mr Gomez said the sum required for a transition likely to happen in two years’ time will be equivalent to “rebuilding your entire network”.

He added that Aliv was generating favourable revenue trends despite roaming income that was off 25 percent against preCOVID levels due to a tourism industry that is still rebounding in terms of visitor numbers, while fewer Bahamians are also travelling abroad.

Declining to provide figures as BISX-listed Cable Bahamas, Aliv’s 48.25 percent controlling shareholder, is in a closed period ahead of publishing its results for the year to end-June 2021, Mr Gomez nevertheless told this newspaper: “We have hit our highest numbers in any given month in the history of the business despite COVID-19.

“August was the highest amount of revenues in the history of the business.

September is looking similar; not like August, but higher than in the past, and we’ve seen that trend in the last three months despite the challenges with the economy.

“We’re still feeling the impact of the pandemic. For example, roaming - although tourists are coming back - we still don’t have the volume of tourists travelling, so we are missing that side of the business quite substantially.

As things settle down with COVID variants, hopefully more people will travel and there will be a positive uptick for us there,” Mr Gomez added.

“I would say we are still maybe about 75 percent back on roaming revenues.

There are Bahamians travelling about as well, but it is below the targets we have set for ourselves.” Roaming

revenues are generated whenever Aliv customers use their phones or abroad, or tourists and visitors use the operator’s network to make calls while in The Bahamas.

Looking ahead, Mr Gomez added that the transition to 5G mobile networks and technology is “on the horizon” and “maybe one, two years out”. He said: “We are starting to look at it, have conversations and look at timelines. The main factor is cost; the cost of upgrading the network to 5G.” With mobile communications equipment and devices now being manufactured for 5G platforms, the Aliv chief said the Bahamian operator has little choice but to move. “We’ve got back-of-the-napkin type of stuff, but don’t want to quote anything until we get hard numbers,” Mr Gomez added.

“It’s going to be a real tidy sum. It’s going to be like rebuilding an entire network. We should have hard numbers in a few weeks. The business moves very rapidly, but at the same time we need to stay ahead of the curve so we provide a service that clients are willing to pay for.”

Aliv’s current network took between $200m-$250m to build-out nationwide.

Mr Gomez said Aliv was looking to innovation, and the introduction of new mobile apps, to help attract long-standing BTC customers to it. With subscribers challenged by unemployment and COVID-19’s devastating impact, he added: “We have customer churn back and forth as we offer promotions and the competitor does the same thing.

“The last five years for us, by reaching 48 percent market share, the loyal ones are embedded. That

will be the next part of our story; winning over those customers to join our network as well. That’s where innovation comes in for us, looking at technology and different ways to use the device differently through apps put in place.”

Smart homes, where mobile devices were used to activate air conditioning and other functions before a subscriber returned home, smart or tele-medicine and education were all areas where Aliv was focused, Mr Gomez added.

“We’re looking at those avenues to drive the innovation and get customers to recognise there is more value underneath the service we provide rather than just a phone service,” he said. “That’s the only way; innovation. It’s more than a mobile app; it’s a platform you can use to do so many things.

“We’re just hovering below 180,000 subscribers

at 178,000. We’re never satisfied. We want to grow that number. They are the two drivers for us right now; to grow market share and improve revenue and average revenue per unit (ARPU).” The latter, which means average revenue per subscriber, stands at $28.

With Aliv harbouring ambitions to become market share leader by end-June 2022, Mr Gomez said the mobile operator was focused on eliminating network congestion in the Carmichael area on New Providence and in Abaco as businesses and residents came back online post-Dorian.

He added that Aliv had seen no growth in demand for its broadband services this year due to students returning to the classroom, while companies were now calling more workers back to the office as COVID-19 restrictions eased.

‘HIGH RISE’ GAMBLING COSTS ATLANTIS STAFFER FROM PAGE ONE Cove and Reef towers on July 31, 2014.

Mr Williams claimed that his supervisor, Dorothy Martin, had asked him to check the electricity supply in guest room 20916 at the Reef. He asserted that the power was off, which required him to go to the Reef’s electrical room to reset the breaker.

While there, Mr Williams said he saw two other unnamed engineers sitting there and talking. After resetting the breaker, it was only as he exited the electrical room that he saw Troy Capron, Atlantis’ technical systems manager; Leonardo Deleveaux, a plumbing manager; and Sydnease Rolle, a security guard.

Mr Williams was told

by Mr Deleveaux to go to Atlantis’ security investigations manager to file a report, “but once there refused to answer any questions” because no hotel union shop steward was present. None could be found, and the shift engineer was told moments later he was suspended without pay for two days.

Termination duly followed, but Atlantis’ witnesses all contradicted Mr Williams’ evidence - particularly that there was no

instruction for him to enter room 20916 in the Reef.

And Mr Capron’s evidence described the panic among the gamblers when they were caught.

“In my attempt to gain access to the room, another employee prevented me from entering the room by pulling the door,” Mr Capron alleged.

“He shouted towards the other employees in the room, including [Mr Williams]: “Bey, ya’ll clean it up. I tell ya’ll to clean it up.

“During this period I was able to poke my head into the room and observed the employees, including the applicant, moving cards and cash from the table. A few seconds later, the applicant, who had no authorisation to be in the electrical closet, exited the same and proceeded to the staff elevators without explanation.

“Finally, after gaining access to the room, I discovered playing cards on the ground with cash on top of a chair in the room. I also saw a table surrounded by two chairs and a ladder.

It was during this period that another employee remained in the room collecting the cards and cash which he secured in his pocket.”

ARAWAK PORT DEVELOPMENT COMPANY (APD) Photos of the cash and cards were recorded for evidence by Mr Capron and, while Mr Wiliams said there were no photographs of himself in the room, Ms Cooper-Brookes’ own verdict pointed out his own testimony placed himself at the scene.

Ms Martin also refuted Mr Williams’ testimony, asserting that he had not been assigned to the Reef’s

20th floor and that there were no issues relating to room 20916 since no guest complaint had been made and recorded in Atlantis’ system. And, even if he was assigned to the Reef, the relevant breaker would have been behind the room door, not the electrical room.

Atlantis launched its own investigation, during which Mr Williams refused to answer any questions.

Tameka Forbes, Atlantis’ vice-president with responsibility for labour matters, then testified that a hearing was held where Mr Williams was supported by representatives from the Bahamas Hotel, Catering and Allied Workers Union and given a chance to rebut the allegations against him.

While a review committee subsequently recommended that Mr Williams’ termination be

reconsidered, Ms CooperBrookes said there was no obligation on Atlantis to adopt this. Finding that the resort had conducted a reasonable and thorough investigation, she dismissed the wrongful dismissal claim.

Mr Williams received $1,834 in “earned pay”, which the Industrial Tribunal vice-president ruled was appropriate compensation.

LEGAL NOTICE

N O T I C E EXXONMOBIL JAPAN (SHIMIZU II) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL JAPAN (SHIMIZU II) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 29th day of September 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Martin F. Miller, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 5th day of October, A.D., 2021.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.

Registered Agent for the above-named Company LEGAL NOTICE

LEGAL NOTICE

N O T I C E

N O T I C E

EXXONMOBIL JAPAN (SHIMIZU) LIMITED

EXXONMOBIL JAPAN (SHIMIZU II) LIMITED

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 27th day of October, A.D., 2021. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 27th day of October, A.D., 2021. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 5th day of October, A.D., 2021.

Dated the 5th day of October, A.D., 2021.

Martin F. Miller Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Martin F. Miller Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

LEGAL NOTICE

N O T I C E EXXONMOBIL JAPAN (SHIMIZU) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL JAPAN (SHIMIZU) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 29th day of September 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Martin F. Miller, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 5th day of October, A.D., 2021.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.

Registered Agent for the above-named Company

PAGE 6, Tuesday, October 5, 2021

BATTLING SUPPLY CHAIN ‘EVERY MINUTE OF DAY’ FROM PAGE ONE

hikes, Mr Roberts said: “We’re monitoring the situation every day....

“We’re watching it very carefully, and taking steps to ensure that that won’t happen to us. We’re trying to stay ahead of the supply chain. We’re trying every minute of the day. We’re trying to avoid that.

“The pressure on freight; every time you turn there’s an increase in the price of freight and slowdown in freight. What would take one month now takes two, and what took two months takes four. The price increases and delays on freight are affecting everything else.”

Mr Roberts showed this newspaper a message from his corn beef supplier, which revealed that Super Value’s “last booked

container” of corn beef had left Brazil by ship en route for a mid-October arrival in Nassau.

“For your information, corned beef prices since we booked these loads have gone through the roof,” the supplier added, describing “the perfect storm” of increased raw material costs - with frozen beef exports from Brazil to China hitting record levels - and “huge rises in tinplate and packaging costs”.

“Then factor in these ridiculous freight rates that we are having to pay.. all have conspired to push prices up to levels that I haven’t seen for many years,” the supplier added.

Mr Roberts, meanwhile, said alarms were raised for Super Value at the weekend when reports emerged of a poor sugar crop in Brazil just ahead of what

he described as the start of “the baking season” in The Bahamas ahead of the run-up to the Christmas holidays.

While the supermarket chain can source from other countries to ensure it has sufficient sugar and flour stocks, the Super Value principal also pointed to a shortage of plastic bottles able to carry the likes of apple and grape juices which will “create pressure on cans”.

Pointing to another example, Mr Roberts added: “We have five containers of corn on order.

What is the status of trucking to get it from New York to Florida? We have 60 cases in stock, and we’re praying for five containers to hit the docks, but that’s not going to happen in 24 hours.

“In the pandemic, we’d pay for corn to be on the dock for the next morning, corn beef to be on the dock the next morning.

We couldn’t get it to the warehouse; we’d have to distribute it from the dock and it looks like we will have to do it again. It’s leaving us breathless.”

The Super Value chief, though, said his forecast 8-10 percent price increases

by Christmas will only impact “certain commodities. I don’t see how that will be across the board.

We’re trying not to. We’re trying to do a job for the country, and we are trying to stay ahead of prices.

“I don’t anticipate any problems between now and Christmas. We have planned the time, and we should get it on time. We are more flexible than the agencies. We can juggle

AIR ARRIVALS NOW 76% OF PRE-COVID FIGURES FROM PAGE ONE “Leading this outcome, air arrivals strengthened to 133,811 from 15,355 in the previous year, representing 76 percent of the arrivals recorded in 2019. In addition, sea traffic increased to 49,459, compared to a mere 8,465 in the preceding year, as the uptick in cruise bookings persisted and more ships and ports resume activity.”

The Central Bank continued: “Disaggregated by major market, total arrivals to New Providence rose to 118,797 from 7,899 in the same period of 2020. Contributing to this outturn, the air and sea segments measured 101,524 and 17,273, respectively.

“Similarly, foreign arrivals to Grand Bahama increased to 11,638, extending the volume of 1,854 registered a year earlier, as sea and air arrivals amounted to 8,689 and 2,949, respectively. Further, total traffic to the Family Islands grew to 52,835 from 14,067 in the prior year, attributed to respective

improvements in the air and sea segments, of 29,338 and 23,497.”

Turning to the first eight months of 2021, the Central Bank added: “On a yearto-date basis, total arrivals reduced by 65.5 percent, surpassing the 61.8 percent decrease registered a year earlier, which had included healthy first quarter activity.

“Notable cruise business was more materially absent, with a 92.3 percent reduction in sea traffic, exceeding the 59.6 percent contraction in 2020. In contrast, air arrivals recovered by 34.6 percent, opposing the 68.4 percent fall-off recorded in the previous year, as all major markets registered positive movements during the review period.”

As for the vacation rental market, the banking regulator said: “In the vacation rental market, the latest data from AirDNA showed that the decrease in demand for short-term rentals moderated during the month of August. Specifically, the reduction

in total room nights sold slowed to 27.8 percent, compared to 47.7 percent in the corresponding period of the preceding year.”

This saw “declines in bookings for both hotel comparable and entire place listings easing to 20.1 percent and 28.6 percent, respectively, from 38.2 percent and 48.8 percent a year earlier.

“Price indicators improved year-over-year, as the average daily room rate (ADR) increased for hotel comparable and entire place listings, by 23.2 percent and by 18.7 percent, to $174.78 and $484.42, respectively,” the Central Bank said.

“On a year-to-date basis, total room nights sold firmed by 38.8 percent, reflecting respective gains in bookings for entire place and hotel comparable listings to 41 percent and 21.7 percent. Meanwhile, pricing data revealed that the ADR grew for both entire place and hotel comparable listings, by 16.1 percent and by 11.4 percent, to $478.25 and $170.29, respectively.”

Shifting to the data provided by the Nassau Airport Development Company (NAD) on departures from Lynden Pindling International Airport (LPIA), the Central Bank said total departures - net of domestic passengers - rose to 101,530 in August compared to a modest 2,139 in the same month of 2020, reflecting the economy and border re-opening.

“In particular, US departures advanced to 94,166 from just 1,074 in the prior year, while non-US departures increased to 7,364 from a mere 1,065 in the preceding year. On a yearto-date basis, outward bound traffic recovered by 24 percent following a decline of 68.5 percent last year,” the Central Bank said.

“In particular, US departures grew by 41.1 percent after a 69.7 percent fall-off in the previous year. In contrast, the reduction in non-US departures extended to 63.4 percent from 60.8 percent in the prior year.”

around. We can go to different Florida suppliers.

“I get involved because of my 60 years’ experience and, of course, in that timespan I’ve met most of the suppliers all over the world.

We can go from one to the other, country to country, to get what we want.”

Mr Roberts had warned via Tribune Business in June that a combination of increased demand, as the Bahamian and global economies continue to reflate following COVID-19, combined with soaring freight and trucking costs and other supply chain bottlenecks, were all feeding into increased food prices.

“It looks like by Christmas it’s going to be at least 8 percent, and possibly a 10 percent, increase,” he disclosed. “It’s feeding in every day, and by the time we’re getting on to Christmas

THE TRIBUNE

we’re going to have the full effect. Some grocery articles will be up in the vicinity of 8 percent, and meat and poultry probably by 10-12 percent. That’s a big pill....

“Freight and trucking costs are really playing hell with all of it. By October/ November we’ll see things increasing up to 8-10 percent, which is beyond this country’s control. Just buy as you need and don’t over stock the pantry.”

Mr Roberts instructed Super Value’s buyers then to “lock in all you can, even at higher prices, if you suspect they’re going to go higher. I thought Christmas would catch us by 5-8 percent higher, but it now looks more like 10-12 percent higher as the country opens up and the US gets back to normal”.

Asian shares slide after big-tech selloff on Wall Street

By ELAINE KURTENBACH AP Business Writer SHARES have fallen in Asia after a broad slide on Wall Street led by technology companies.

Tokyo's Nikkei dropped 3%, while oil prices edged higher. China-U.S. tensions regained the spotlight after U.S. Trade Representative Katherine Tai said she plans frank conversations with officials in Beijing about an interim trade deal aimed at resolving a tariff war.

Tai said she did not want to "inflame trade tensions with China." But her comments suggested continuity of U.S. policy toward Beijing under President Joe Biden from the strategy adopted by his predecessor, Donald Trump.

Speaking to the Center for Strategic and International Studies in Washington, D.C., she also said that the U.S. "must defend to the hilt our economic interests" and take "all steps necessary to protect ourselves against the

waves of damage inflicted over the years through unfair competition."

Shanghai is closed until Friday for a national holiday. But shares fell 0.3% in Hong Kong to 23,989.61, while Tokyo finished the morning down 2.8% at 27,658.31. South Korea's Kospi dropped 2.1% to 2,956.04 and the S&P/ASX 200 in Australia declined 0.8% to 7,218.90.

Rising bond yields and energy prices are stoking investor concern about inflation. The price of U.S. oil has risen to nearly $78 per barrel, its highest level since 2014, as OPEC and allied oil producers stuck to a plan for cautious production increases even as global demand for crude surges.

The yield on the 10-year Treasury note held steady at 1.48%.

The S&P 500 fell 1.3% to 4,300.46. The Dow Jones Industrial Average dropped 0.9% to 34,002.92, and the tech-heavy Nasdaq lost 2.1% to 14,255.48.

NOTICE NOTICE is hereby given that ALONZO MARK KNOWLES of Guana Cay Avenue, Fox Hill Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that BELIZER PRESENDIE of Carew Street, Centerville, P.O. Box SS19924 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 5th day of October, 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 LOUVINSGYE ANDILULO SYLVESTRE of Mount Royal Avenue, 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 28th day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.