10072022 BUSINESS

Bahamas

the engine’ after new Moody’s downgrade

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS was last night urged to “move more urgently to rev the engine” after Moody’s again downgraded the country’s sovereign cred itworthiness over fears its access to borrowing is being squeezed.

The credit rating agency, in slashing The Baha mas’ long-term issuer and senior unsecured ratings to ‘B1’ from ‘Ba3’, cited the “higher degree of gov ernment liquidity risk” as the main justification for its actions. This, Moody’s explained, stems directly from the elevated bor rowing (interest) costs

that The Bahamas would have to pay to access bond financing on the inter national capital markets given the perceive greater risk in lending to this nation.

The Ministry of Finance, responding to Moody’s action, hinted that the

latest downgrade was motivated by concerns that are not warranted.

Referring to the Govern ment’s borrowing plan for the 2022-2023 fiscal year, it argued that the document clearly stated the Govern ment is aiming to avoid the global bond markets over

the next nine months due to the adverse high interest environment it would face.

“Their concern at the moment is that elevated external borrowing costs, if experienced over an extended period of time, could lead to more lim ited financing options thus increasing government liquidity risk,” the Ministry of Finance said of Moody’s, before pointing out that it plans to seek its deficit financing from domestic investors/lenders and multinational institutions such as the Inter-Amer ican Development Bank (IDB) which tend to offer cheaper credit facilities.

Atlantis: COVID rebound to ‘absorb’ BPL hit to $30m bill

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SENIOR Atlantis executive yesterday voiced optimism that Bahamas Power & Light’s (BPL) massive fuel charge hikes will not slowdown the postCOVID tourism rebound “by itself” despite “the risk of eroding profits”.

Vaughn Roberts, senior vice-president of govern ment affairs and special projects, told Tribune Busi ness that in the aftermath of BPL’s announcement the priority must be to diversify away from fossil fuel use with the Para dise Island mega resort

typically facing a $30m annual electricity bill.

With Atlantis pres ently progressing towards pre-COVID profit levels, he added that the roll ing series of quarterly fuel charge increases that

BPL has unveiled for the next 11 months will not take The Bahamas into uncharted territory as this has been in the 20 cents per kilowatt hour (kWh) range before.

Alfred Sears KC, min ister of works and public utilities, sought to highlight that same point yesterday when he told the House of Assembly that the BPL fuel charge’s scheduled peak of 27.6 cents per kWh between May and August 2023 will be just two cents higher than the 25-cent mark recorded when oil prices peaked in 2010.

However, Mr Roberts said electricity costs were just one part of the inputs that impact the tourism industry’s competitiveness against rival Caribbean and other destinations. While the Davis admin istration has sought to

Banks must ‘clear runway’ on high loan delinquencies

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Central Bank’s governor yesterday agreed that commercial insti tutions must “focus on clearing the runway a lot more for new lending” by tackling loan delinquencies that exceed Caribbean and international norms.

John Rolle, address ing a forum staged by The Bahamas Think Tank, said comparisons between the level of non-performing bank loans in The Bahamas

and those elsewhere in the region, the US and Canada “underscores the distance we have to go in getting the delinquency ratios in our banking sector lower than they were in 2008”.

Non-performing bank loans, on which borrowers are 90 days or more past due, stood at $451.4m or 8.4 percent of total outstanding credit at end-August 2022. And further data unveiled by Mr Rolle revealed that Bahamian commercial bank lending to the private sector has contracted in every year

Bahamas ‘may never be ready’ for exchange control elimination

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank’s gov ernor yesterday warned The Bahamas “may never be ready” for the total elimina tion of exchange controls, adding: “I’d like to get to the Indy 500 but some of us aren’t even on Carmichael Road.”

John Rolle, answering questions at a forum staged by The Bahamas Think Tank, said reaching that position was unlikely “until we mature and face up to the difficult financial reforms we

need to embrace”. He added that the level of “sophistica tion” in Bahamian financial markets and the economy will also need to be signifi cantly enhanced.

“It’s not on the immediate horizon,” he replied, when asked about the prospects for completely eliminating The Bahamas’ exchange control regime. “It’s not as straightforward as throw ing a switch. What we try to emphasise is that behind the system is a framework to maintain the stability of the currency.

Extend Dorian tax breaks so Abaco hits ‘full throttle’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ABACO’S business and civic leaders yesterday united to plead with the Davis administration for an up to two-year extension of the island’s Dorian tax breaks so it can come “back to full economic throttle”.

Daphne DegregoryMiaoulis, Abaco’s Chamber of Commerce president, said the Government’s only response to their calls to-date was a letter from

the Ministry of Finance “requesting empirical data to justify our request”.

She added: “The only data we have been able to confirm is 30 percent of homeowners have not met the requirement to have power connected, which means they have not been able to repair their homes... We are exactly nine weeks away from December 1, and no knows what is going to happen.

“Will all concessions be removed? Will some

ATLANTIS RESORT AND CASINO

Gov’t disputes $250m debt payment challenge from ‘27

By NEIL HARTNELL

THE Government last night disputed Moody’s assertion that it will be challenged to repay its inter national debt obligations of $250m per year or more between 2027 and the end of this decade.

THE credit rating agency, in downgrading The Baha mas deeper into so-called ‘junk’ status, asserted that while the Government will have little difficulty repaying international inves tors holding its foreign currency debt in the shortterm it is the medium-term outlook that is less rosy.

“Moody’s expects the Government to maintain sufficiently broad access to funding to finance nar rowing fiscal deficits and upcoming amortisations, including $300m of interna tional bonds due in 2024,” the rating agency said in its analysis. “However, the Government will face a more challenging repayment period beginning in 2027, when it will need to make principal repayments on international debt of at least $250m per year until the end of the decade.

“The Government con tinues to accumulate assets in sinking funds that will be used for future repayments, and intends to deposit the collection of any tax arrears into the sinking funds for future debt repayment. How ever, amortisations related to international debt along with other external pay ments, which include loans due to multilateral lenders and commercial bank loans, will necessitate the Govern ment maintaining access to sufficiently diverse external funding options.”

This was last night dis puted by the Ministry of Finance, which said in a statement: “Moody’s

acknowledges that the Gov ernment is well-positioned to meet its obligations in the near to medium-term but points to what they consider to be a more challenging period beginning in 2027.

“A look at our repay ment profile in the Medium Term Debt Strategy would show that this period is quite favourable as it was struc tured to pay our obligations down in a consistent manner, avoiding large swings in debt service from year-to-year.

“In addition, as budg eted, assets continue to accumulate in the sinking funds established to service that debt, and the budgeted amounts are now being sup plemented by tax arrears collected. We believe that as we execute the strat egy outlined in our Fiscal Strategy Report and our Borrowing Plan, there will be improvements in debt affordability and fiscal con solidation which will put upward pressure on our ratings.”

Moody’s imposition of a ‘stable’ outlook on The Bahamas indicates that no further downgrades to this nation’s sovereign credit rating are likely over the next 12 months. “Interna tional reserves have grown steadily over the three years, driven by international bond issuance, increased multilateral financing and re-insurance flows related to Hurricane Dorian,” Moody’s said of The Bahamas’ for eign currency reserves.

“International reserves, excluding gold, stood at $3.2bn as of June 30, 2022, or 45 weeks’ of import cov erage. However, in the context of higher global commodity prices feeding through to higher imports, and more limited access to international capital mar kets, international reserves will decline unless upcom ing external amortisations (debt repayments) are offset

by other sources of external financing.”

Turning to the broader economic picture, Moody’s said: “Upside risks stem from a continued strong rebound in tourism, which supports economic activity and a durable improvement in fiscal accounts. Increased utilisation of conces sional financing and credit enhancements, which improve the government’s debt affordability metrics and refinance upcoming maturities, would also repre sent an upside risk compared with Moody’s baseline scenario.

“Downside risks stem from a slowdown in tourism activity in 2023 or a weaker commitment to mediumterm fiscal targets. While government debt will remain significantly higher than levels that prevailed prior to Hurricane Dorian in 2019 and higher than similarlyrated peers, the debt burden will remain on a downward trend and debt affordability metrics will improve.

“The Bahamas’ relatively strong institutional frame work, stable political system and a fiscal policy frame work that is more responsive to economic shocks have

supported the credit profile. The relatively strong institu tional framework along with a comparatively high level of GDP per capita support the sovereign’s debt-carrying capacity.”

Looking at the economy’s actual performance, Moody’s said: “After a 24 per cent contraction in 2020, real GDP growth rebound strongly in 2021, growing 13.7 percent. Moody’s pro jects a further expansion in economic growth in 2022, with real GDP growth of 7 percent driven primarily by tourism activity.

“The Bahamas has ben efited from strong pent-up demand for travel, particu larly from the US, its main source market. Despite a worsening global external environment, forward book ing and other indicators for travel continue to point to unmet demand for travel. As pent-up demand for travel is satisfied, Moody’s expects growth from the tourism sector to moderate.

“Notwithstanding the rise in debt since 2019, Moody’s expects the government’s efforts at fiscal consolida tion to prove effective in gradually reducing the debt burden over the next two

to three years. In fiscal year 2022, stronger-thanbudgeted revenue growth contributed to the Gov ernment outperforming its original budget targets, with the fiscal deficit narrowing to 5.4 percent of GDP,” the rating agency continued.

“Moody’s projects the fiscal deficit to narrow to 4.4 percent of GDP in fiscal 2023, with the primary bal ance turning to a small surplus. Fiscal consolida tion will be based on the removal of pandemic-related spending and a gradually increasing revenue base, which will benefit strong growth in VAT collection as well as some modest gains in tax collection through gov ernment tax policy.”

The Ministry of Finance last night sought to draw comfort from this analysis, saying: “Moody’s acknowl edges that the ongoing economic recovery, driven by a rebound in tourism, and the improved fiscal perfor mance as demonstrated in the past fiscal year, will lead to reduced borrowing needs and greater fiscal consolida tion going forward.”

As for what could lead to a re-rating of The Bahamas, Moody’s said: “The stable

outlook reflects the view that risks are balanced at the ‘B1’ rating level. A dem onstrated ability to access sufficiently diverse funding, which supports an improve ment in debt affordability and reduces rollover risk, would put upward pressure on the rating.

“Implementation of fiscal and economic policies that support a fiscal consolidation process, and place govern ment debt on a more durable downward trajectory, would also put upward pressure on the rating. Evidence of more elevated government liquidity risk, which threat ens the Government’s ability to meet upcoming external amortisations, would likely prompt a downgrade.

“A slower pace of fiscal consolidation which con tributes to tighter financing conditions and weaker debt affordability metrics would lead to a downgrade. Downward pressure on the rating would emerge if The Bahamas were affected by a climate-related shock and the policy response did not present a credible return to the fiscal rule’s medium-term targets.”

Pursuant to the provisions of section 138 (4) of the International Business Companies Act, 2000

Notice is hereby given that TAVIS INVESTMENTS LTD is in dissolution and the date of commencement of the dissolution is the 18th of August 2022. The Liquidator of said company is ELCO CORPORATE SERVICES LTD. Located at Loyalist Plaza, Don Mackey Blvd. P.O. Box AB 20377, Marsh Harbour, Abaco, Bahamas.

REALTOR PUSHES EX-BACARDI SITE FOR DISASTER RESPONSE

A BAHAMIAN realtor has renewed his promotion of the $37m former Bacardi site in south-western New Providence as a regional disaster response and relief centre in Hurricane Ian’s aftermath.

“Historically, Nassau has been a fairly safe bet when it comes to hurricanes,” said Mario Carey, the Better Homes and Gardens Real Estate MCR Group Baha mas principal. “Data shows the island has few direct hits compared to others in the archipelago. And, for that reason, combined with the fact that the large majority of supplies in The Bahamas enter through and stay in New Providence, it makes sense that a dedi cated disaster response site be on the island.”

The 62-acre site that his torically housed Bacardi’s

rum manufacturing plant is one of only a few indus trial-zoned properties on southern New Providence’s waterfront. Its location, just five minutes from the Lynden Pindling Interna tional Airport, is another strategic benefit.

With 1,235 feet of water frontage and existing build ings, most of which are high-grade dry warehouses comprising more than 400,000 interior square feet, Mr Carey said: “The possi bilities are endless.”

Priced at $37m, the property also features a gas station, paved asphalt roads and millions of gallons of water stor age, generators and acres of vacant land for possible future development.

“If you were designing a suitably located regional disaster response and relief headquarters, you could not

ask for a better site than this huge parcel that is sit ting there, available right now with so much of the needed infrastructure in place already,” Mr Carey said. “You could have a massive storage facility with

countries of the Caribbean storing supplies – genera tors, tents, non-perishables, water – all organised, ready to go the minute the call goes out.”

Supplies could be lifted from on-site

helicopter pads in addition to being transported by cargo planes from nearby LPIA, he added. Rescue boats could be launched within hours. Mr Carey said this could prevent import delays in sourcing and importing supplies, goods and even donated services, negating applications and red tape in the aftermath of a crisis.

“The new US embassy is deemed a hurricane shel ter for its personnel,” he said. “In the event of the need, the embassy and a location like the Bacardi property can function well.

If set up as a hurricane centre, the property already has a lot of the needed amenities. The site has been engineered and has withstood many hurricanes, and it’s deemed a dry site in regards to flooding.”

Mr Carey also cited the recent impact of Hurricane Fiona on Puerto Rico as an example of a scenario in which such a relief centre could prove helpful for the region.

“The Bahamas has very few things it can export to the US,” said Mr Carey. “But this is one of them. We just saw Hur ricane Ian devastate parts of Florida only days after Hurricane Fiona impacted Puerto Rico. New Provi dence is ideally positioned to be able to respond not only to disasters in our own country, but also in the broader Caribbean region and the south-east US.”

Other investors “may want to explore the possibility of dredging for mega yachts and develop ing a marina”.

Disney names Bahamian to head Castaway Cay

DISNEY Cruise Line (DCL) has named veteran Bahamian hotelier, Earle Bethell, as its island opera tions director for Castaway Cay in the Abacos chain.

He will be responsi ble for the private island’s

day-to-day operations, and will serve as the cruise line’s on-island representa tive with local government agencies.

“We are delighted to wel come Earle Bethell to the Disney Cruise Line team,”

said Ozer Balli, Disney Cruise Line’s vice-president of hotel operations. “Earle’s extensive operations back ground, strong leadership skills and commitment to delivering an extraordinary guest experience provide us

with a distinctive advantage as we expand our opera tions in The Bahamas.”

Mr Bethell, a Nassau native, said: “Now I get to be part of the team creating magical moments at Disney Castaway Cay, while also sharing our Bahamian culture with guests from around the globe. Joining this team, living and work ing on this beautiful island and seeing our crew mem bers make our guests smile each day, it’s a dream come true for me.”

He has 36 years of lead ership experience in island and resort management, including previous roles

with international chains and locally-owned hotels.

Mr Bethell earned his bach elor’s degree in hotel and restaurant management from Morris Brown Col lege, in Atlanta, Georgia, and he completed Cornell University’s General Man agers Programme.

Mr Bethell added: “In the few weeks I’ve been in this role, I’ve had the pleasure of working with incrediblytalented Bahamian crew members here at Disney Castaway Cay. Like many of our guests, they have a special connection to our brand as well as a dedica tion to creating unique and

memorable experiences that exceed our guests’ expectations.”

Disney Cruise Line said it has committed to filling all positions on Castaway Cay with Bahamians across a range of disciplines, with opportunities for train ing and advancement. About 75 percent of the cruises offered by Disney have at least one stop in The Bahamas, and all five of its ships are registered in The Bahamas. It is esti mated that Disney Cruise Line operations currently contribute more than $70m towards Bahamian eco nomic output.

DISNEY Cruise Line (DCL) has named Earle Bethell as Island Operations Director for Castaway Cay.

ATLANTIS ANNOUNCES NEW HUMAN RESOURCES CHIEF

ATLANTIS yester day announced Tameka Burrows-Forbes has suc ceeded Karen Carey, who has retired from her role as senior vice-president of human resources follow ing a 42-year career at the resort.

The Paradise Island des tination, in a statement, said Ms Burrows-Forbes had taken up the post with effect from October 1, 2022. She will now oversee talent recruitment, staff expe rience and professional development, while also being responsible for bene fits; compensation; diversity and inclusion; performance

management; and govern ing policies. Upholding the company’s culture is also within her remit.

“Tameka understands that people are at the core of our company’s growth and success. We are very pleased to have her move into this role, and excited to see her lead the trans formative changes she will bring to the organisation,” said Audrey Oswell, Atlan tis’ president and managing director.

Ms Forbes has held sev eral leadership positions since joining Atlantis in 2009. She was most recently vice-president of talent

management and acquisi tion at Atlantis, driving ‘employer of choice’ ini tiatives and creating talent pipelines and programmes for the resort.

Prior to that, she was vice-president of labour relations. In 2014, Ms Forbes founded The Lead ing Women of Atlantis Initiative (LWA), which empowers and supports female workers for profes sional growth, advancement and executive leadership.

In 2001, Ms Forbes was hired as senior compliance manager for Bank of The Bahamas. She held other leadership and management

TAMEKA BURROWS FORBES

roles during her eight years with the bank, including senior risk manager and senior manager for business

development, PR and legal affairs. She earned a certifi cate from the Association of Certified Anti-Money Laundering Specialists and was awarded Compli ance Officer of the Year in 2005 by the Bahamas Association of Compliance Officers.

Ms Forbes began her career in the Office of the Attorney General, serving as an attorney on criminal matters and representing the country at regional and international meetings on money laundering and asset forfeiture.

She received her law degree from the University

of Buckingham, and earned a human resources certifi cation from the Society of Human Resources Man agement. She holds an associate of arts degree in history from the Univer sity of The Bahamas, and is a Kingsway Academy graduate.

Ms Forbes is the sec retary to the Bahamas International Women’s Forum, and has attended leadership programmes at Harvard University in Boston and INSEAD in Paris. She resides in The Bahamas with her husband and daughter.

Banks must ‘clear runway’ on high loan delinquencies

over the past decade since 2012, with only 2019 coming close to flat.

The Central Bank gov ernor said risk averse Bahamian commercial banks are engaged in “pro-cyclical” lending, which means that they only start to extend credit once economic growth and strengthening is vis ible rather than driving this themselves through their own activities.

This prompted Dionisio D’Aguilar, former minister of tourism and aviation in the Minnis administration, to argue that commercial banks have “morphed” into fee-levying institu tions rather than engaging in their primary reason for being - lending money to qualifying borrowers. He challenged Mr Rolle over “how to fix this problem”, as the unwillingness of banks to lend was under mining economic growth.

The Central Bank gover nor replied that the former Christie administration’s introduction of mortgage

relief and the Homeowners Protection Act had under mined commercial bank confidence to lend because the latter, in particular, had made it harder to realise the distressed assets upon which delinquent loans are secured by introducing the courts into the process.

“Part of the process of enforcing collateral is the Government trying to meet certain social policy objec tives with how borrowers are impacted,” Mr Rolle said. “It’s more than just a foreclosure. The point of foreclosing on collat eral is that you should be able to liquidate. We need to appreciate that some of the protracted process of resolving collateral is a reflection that it is not easy in this real estate market to dispose of foreclosed properties.

Suggesting that home buyers would be better acquiring alreadycompleted distressed properties as opposed to building their own, which would require a cultural shift but help out lenders,

Mr Rolle said: “The col lateral issues are also tied to the fact that the middle class has been severely impacted by a lot of what’s happened in the last decade-and-a-half.

“And to the extent even if you have a new crop of potential borrowers, if they don’t as easily replace those who held on to the collateral, it’s not as easy also for them to buy into the collateral,” he said. “Going forward, the lend ing institutions want more certainty and clarity over how they assess borrowers and the credit bureau will help that so banks can feel more confident in terms of the historical basis on which persons would justify their access to credit.

“What you should be very confident with is that even though you have a high non-performing loans,

the banks have in many cases already absorbed a loss or 100 percent provi sioning on average, which means that they’ve taken a hit the profit and so it’s really just being saddled with trying to resolve assets that they might still have on the balance sheet. So we can focus on clearing the runway a lot more for new lending. I think that will help.”

Mr Rolle also pointed out that the return on equity for investors in Bahamian commercial banks is “suffi ciently lower” than some of the other Caribbean juris dictions. “It doesn’t matter what the outcomes are that we’re trying to achieve in the sector. We cannot dis criminate in terms of what investors are seeking or in terms of the desired return on equity, whether those are local or indigenously

owned interest, or interna tional interest,” he said.

“Try to understand what’s driving these differentials. One of those that Central Bank has a medium-term focus on is trying to get some of the excess capital out of the system, which means some of it is going to go out in terms of repatria tion [of dividends- because sitting in the system it’s not entirely productive.”

BAHAMAS WASTE TO GO CASHLESS DECEMBER 1

BAHAMAS Waste yes terday announced it is going cashless with effect from December 1, 2022, as it moves to digitise all its operations, “Certain aspects of our business have been digi tal for quite some time,” Jasmine Davis, the waste services provider’s chief financial officer, said in a statement. “With the advent

of the pandemic, how we all do business changed dramatically. It has caused many of us to utilise digital platforms for the first time or ramp up utilisation. Our customers are accustomed to receiving their bills elec tronically, and many of them already use different forms of digital payments.”

The BISX-listed firm has partnered with payments

provider, Cash N’ Go, to facilitate the transition to electronic payments. “Part nering with local businesses to provide payment options for their customers is a core element of what we do,” said LaMarque Drew, Cash N’ Go’s general manager.

“Through virtual wallet payments or over-the-coun ter, we provide safe, secure electronic payments that

can help reduce theft and increase peace of mind for hardworking Bahamians.”

“This will allow us to move with the times, and gives our customers the freedom to pay their bills wherever they are. Custom ers who absolutely have to pay in cash will have the convenience of using any Cash N’ Go location,” Ms Davis added.

Bahamas Waste said the transition to a cash less environment will begin immediately. It is providing four options for its cus tomers to use: Cash N’Go services; credit card; online bank transfers; and cheque payments via drop box at the company’s main office.

“This marks the begin ning of our advertising blitz to inform the community of

this change. We invite those wanting to know more to visit our website payment tab for details,” said Ms Davis. “We would like to assure our customers that in taking this leap we will still maintain our company’s mission to provide a supe rior customer experience.”

Atlantis: COVID rebound to ‘absorb’ BPL hit to $30m bill

that impact the tourism industry’s competitiveness against rival Caribbean and other destinations. While the Davis administration has sought to show that BPL’s planned fuel charge hikes are not out of line with regional competitors, he added that the overall cost package - including air lift (airline tickets) - must be assessed in its entirety.

“I don’t think so. I don’t think this is in and of itself going to cause any slow down in what we’re seeing. The business and volumes that we’re seeing will kind of absorb it,” Mr Roberts told Tribune Business, when asked whether the BPL fuel cost hikes threaten to derail Atlantis’ post-COVID rebound and the wider tourism recovery. “At least now we can plan for it. We

know what the next year looks like.

“We’ve seen over the last year the benefits of having room rates increase any where from 25 percent to 30 percent. Rates are market driven. They are driven by a variety of factors, and we have a very sophisti cated revenue management team. The increasing cost of inputs has some risk of eroding profits, but at the same time our business is rebounding. We’re not at the profits we were preCOVID, but we’re getting there.”

BPL has segmented the fuel charge increases, which all customers will see for the first time in their November billings, into two categories. Customers that consume less than 800 kilowatt hours (kWh) of electricity per month will see their fuel charge rise via a series of rolling two cent

quarterly increases, while for those using more than that threshold it will be a 4.3 cents per kWh quarterly leap.

As for businesses and households that use over 800 kWh, such as Atlan tis, fuel charges are set to increase by 138 percent, 163 percent and 138 per cent - more than doubling compared to the present 10.5 kWh rate - during the periods of March 1 to May 31, 2023; June 1 to August 31, 2023, and September 1 to November 30, 2023.

Mr Roberts said Atlan tis typically spends $30m per year in electricity costs. Given this bill, which aver ages $2.5m per month, assuming the BPL fuel charge accounts for 50 per cent of that figure works out to be $1.25m.

Taking the peak 27.6 cents per kWh charge would send Atlantis’ fuel

charge soaring to $3.2875m per month, just over a $2m increase. And, when added to the base tariff cost, Trib une Business calculated that this would take the Para dise Island mega resort’s total monthly light bill to $4.5375m - an 81.5 percent jump.

While only a rough esti mate, it gives an indication of the huge surge in energy costs that major users such as hotels, food stores and other businesses must now brace for in 2023 given the extent of the BPL fuel cost increases. “We’ve seen this sort of stuff before,” Mr Roberts added.

“It’s been in the 20 cents before. I think that we are in an inflationary envi ronment, and know we generate electricity with fossil fuels. It’s subject to the volatility of fuel prices. We’ve been very fortunate over the last few years to

have a relatively stable level of prices.

“This will have some impact, but really the solu tion is we need to diversify energy generation, and it needs to be done with some priority. It’s sort of inconsistent for the Prime Minister to be championing around climate change miti gation and not move more aggressively to diversify from legacy fossil genera tion. It will benefit us all.

The sooner we can move in that direction, the better for all of us.”

Noting BPL’s cost comparisons with other Caribbean territories when it came to the fuel charge, Mr Roberts said each nation’s total cost struc ture was different. “When you look at the total cost of travel to The Bahamas and other destinations, you cannot just think about what the energy rate is,” he added. “The potential comparison with other Car ibbean destinations, energy use is but one part of it. You have the cost of the ticket, which is a significant cost, and fees for the airport.”

Minister details 2,535 annual home shortfall

By YOURI KEMP Tribune Business

A CABINET minister yes terday said there is a 2,535 annual shortfall between housing demand and the number of new homes being constructed.

Jobeth Coleby-Davis, minister for housing and transport, unveiling the Gov ernment’s ‘A Place to Call Home’ rent-to-own initiative in the House of Assembly, said an Inter-American Development Bank (IDB) report from 2016 said 3,600

new homes or housing repairs were needed annu ally to meet the Bahamian population’s housing needs.

This represented a signifi cant increase on the 1,777 annual new home construc tion estimate contained in a 1984 study performed for the then-Ministry of Hous ing and National Insurance.

However, Mrs Coleby-Davis said the pace of residential housing construction has failed to keep pace with both these forecasts and demand.

She drew on Central Bank of The Bahamas’ data for the period between 2012 and 2020 which showed that on

average 1,065 annual resi dential construction permits are being issued - to come up with the 2,535 new housing starts “deficit”.

Over almost the same period, Mrs Coleby-Davis said average monthly mortgage payments by Bahamians have risen from $1,187 in 2012 to $1,907 in 2021. This represents a $720 per month increase in just nine years. “A glaring obser vation is that the average monthly mortgage payment exceeds the monthly earn ings of many low and middle income earning Bahamians,” she added.

“Further, of the over $2bn outstanding in consumer debt, over $800m is catego rised as debt consolidation - a further indication of the financial strain on low and middle income earners.” As a result, Mrs Coleby-Davis said the main challenges are “a shortage of affordable housing and personal finan cial challenges that impede many Bahamians”.

She added that the Department of Housing is “currently reviewing over 1,200 active applications for housing. Each customer service repre sentative at the Department

BAHAMAS ‘MAY NEVER BE READY’ FOR EXCHANGE CONTROL ELIMINATION

FROM PAGE B1

“How do you maintain that stability, and the stabil ity of the financial system, when we remove exchange controls? Until we mature, and face up to the difficult financial reforms we need to embrace, we may never be ready. There are difficult reforms that need to take place, and even then we may run into a barrier with the level of sophistication of the economy and financial markets.”

Mr Rolle did not spec ify the “difficult financial reforms” that The Baha mas will require to facilitate complete exchange control liberalisation, although he indicated that the Cen tral Bank will continue with the gradual, phased liberalisation that it was pur suing prior to the COVID-19 pandemic.

“In the interim we can manage exchange controls so that they can be tweaked to facilitate more savings and investments, but still be very careful how we expose ourselves to speculative pressures that we cannot control,” the Governor added. “Like you, I’d like to get to the Indy 500 but some of us are not on Carmichael Road. Until we improve the road on implementing reforms, it remains a high way we cannot reach.”

Mr Rolle’s cautionary comments came on the same day that the Central Bank unveiled “a tempo rary waiver” of the 5 percent investment currency market (ICM) premium to facilitate investments by Bahamasbased institutional and retail investors in the Gov ernment’s foreign currency bonds that are largely US dollar-denominated.

The easing, which came just hours before Moody’s again downgraded The Bahamas’ sovereign cred itworthiness, was said to

have been made in response to increased local inves tor interest in acquiring the Government’s foreign cur rency debt securities.

“The Central Bank of The Bahamas wishes to announce the temporary waiver of the Investment Currency Market (ICM) pre mium for resident investors (including entities) applying to invest in Bahamas Gov ernment bonds denominated in US dollars, and currently trading in the international capital markets,” the Cen tral Bank explained of the rationale for such a move.

“The ICM premium of 5 percent associated with purchases of foreign cur rency for these specific portfolio investments is being waived for a limited period.” The regulator did not provide a date for when the waiver will end, adding that it would be determined by local investor interest and demand.

“The Central Bank will monitor aggregate inves tor interest to determine a future cut-off point for this accommodation,” the Central Bank added. “The Central Bank has seen increasing investor interest in purchasing the Bahamas government instruments.

“After consultation with the minister of finance [Philip Davis KC], it has been decided that appli cations to facilitate such transactions will be approved at the official market rate by the Bank. The waiver of the ICM premium on out flows would preclude any approved transactions from the partial ICM premium rebate on the capital on the liquidation of the investment and repatriation of proceeds to The Bahamas.”

The easing will, in theory, enable Bahamas-based investors to benefit from the greater returns on the Gov ernment’s foreign currency bonds through their higher

interest rates and yields compared to Bahamiandollar denominated debt.

And, in turn, the move will expand the pool of investors purchasing the debt thereby increasing demand for gov ernment paper.

Mr Rolle’s comments, and the Central Bank’s move, coincided not only with the Moody’s downgrade but repeated questioning of the Central Bank governor by Sir Franklyn Wilson, the Arawak Homes and Sun shine Holdings chairman, over why the Government is paying between two to three percentage points more in interest rates than privatelyowned Bahamian companies for its debt financing.

Arguing that the reverse should be true, Sir Franklyn said: “I genuinely believe it’s in the best interests of the country to understand how the Government debt can be in a situation where the Government of The Bahamas is paying at least two percentage points; two to three percentage points more than anyone. Why should the Government be paying that?” He pointed to a pension fund that lent money to a unnamed private business at an interest rate of 4 percent.

Mr Rolle, replying to this and other questions, asserted: “The Bahamas does not have a sovereign debt crisis. We’re not in sovereign debt distress. The Government has incred ible leeway and flexibility to raise revenues if it needs to.”

He also challenged Sir Franklyn and others to effec tively put their money where their mouth is through investing as individuals in Bahamian-denominated government securities. “A government acts if it needs to act. If it needs to strengthen the confidence of lenders, and some of it is perception, it engages with the lenders. Some of that is happening,

ESTATE OF ANDREE ASTON ALBURY A.K.A. ANDRE ASTON ALBURY

TAKE NOTICE that anyone having a claim against the Estate of ANDREE ASTON ALBURY a.k.a ANDRE ASTON ALBURY late of the Settlement of Marsh Harbour, Great Abaco, Bahamas, who died on the 19th day of January, 2021, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th November, A.D., 2022.

and we are seeing some of that recently in the domestic market in increased interest in purchasing instruments.”

Mr Rolle, confirming that the Central Bank continues to work on developing a savings bond “for the small man to invest in government instruments, added that individual retail investors also “collectively need to be more visible in that space” as opposed to relying almost wholly on institutions to purchase every government bond or Treasury Bill issue.

“We have to demonstrate our confidence to get out

is currently managing over 350 applications. These applications are from all seg ments of Bahamian society and include teachers, nurses, police officers, hospital ity workers and bankers, to name a few”.

The ‘A Place To Call Home’ rent-to-own initia tive is being launched under the Housing Act, which allows the Government to sell, lease, exchange or oth erwise dispose of real or personal property acquired under that law.

Mrs Coleby-Davis said: “‘A Place To Call Home’ is designed for

there and buy into govern ment instruments,” the Governor added.

The Bahamas’ fixed exchange rate regime and the associated capital con trols currently preserve the one:one peg with the US dollar. The Central Bank, prior to COVID, had embarked on a gradual easing of exchange controls designed, in particular, to facilitate overseas invest ments by Bahamians in productive assets such as stocks and real estate.

The peg, which has existed since 1973, is generally seen as having served The Baha mas well thus far, but several in the private sector have

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT Equity Side

working Bahamians. It is a multi-island, sustainable, financially viable housing solution administered by the Department of Hous ing with oversight provided by an advisory committee comprised of qualified and experienced Bahamian pro fessionals from the public and private sector.”

‘A Place to Call Home’ will be launched in Abaco through five units in Spring City, and will be extended to Cat Island, Exuma and North Andros during this initial phase.

privately voiced frustration to this newspaper over what they view as a too-conserva tive policy.

Their argument is that a fixed exchange rate regime is anachronistic, and out of place, in a world where capi tal is increasingly allowed to flow freely across bor ders - especially with the continued digital assets evolution. They view faster, and greater, liberalisation as critical to spurring greater Bahamian and foreign direct investment (FDI) in this nation, providing the pri vate sector and productive economy with greater access to capital.

2022 No.00524

IN THE MATTER OF All. THAT piece parcel or lot of land (hereinafter referred to as the said parcel of land) containing by admeasurement Seven Thousand (7,000) Sq. Ft er thereabout being designated La: No. Fifty-four(54) in the subdivision known as "Yamacraw Beach Estates" recorded in the Department of Lands and Surveys as File No.P8/20 and situate on the eastern side of Cat Island Avenue and approximately 70 ft. south of Berry Avenue in the Eastern District of the Island of New Providence in the Commonwealth of The Bahamas. The said parcel of land is more accu rately described as follows: Commencing at a point (hereinafter referred to as the point of origin) coordinated N 2.7@, 404.874 (m) E 268, 838.659 (m) running in a direction of N 99 33' 10" for a distance of One Hundred (100 .00) Feet to a point, thence in a direction of N 189° 33' 10" for a distance of Seventy(70.00) Feet to a point, thence in a direction of N 279 33' 10" for a distance of One Hundred (100.00) Feet to a point, thence in a direction of N 09° 33' 10" for a distance of Seventy{70.00) Feet to the point of origin.

The said lot of land is bounded on the North by Lot No. Fifty-three (53) of the said subdivision, which is said to be the property of Stephanie Ferguson on the EAST by Lot No. Four (4) of Yamacraw Shore Subdivision ownership which is unknown on the SOUTH by Lot No. 55 of the said subdivision. which is said to be the property of Stephen and Ladonna Hudson and on the WEST by a public road reservation known as Cat Island Avenue.

The said lot of land has such position, shape, dimensions and boundary marks as shown on plan.

AND

IN THE MATIER of the Quieting Titles Act 1959 AND

IN THE MATIER of the Petition of CANDICE DIONNE DAVIS AND PATRICIA ANN JOHNSON

NOTICE

THE PETITION OF CANDICE DIONNE DAVIS AND PATRICIA ANN JOHNSON in respect of:

IN THE MATTER OF ALL THAT piece parcel or lot of land (hereinafter referred to as the said parcel of land) containing by admeasurement Seven Thousand (7,000) Sq. Ft. or thereabout being designated Lot No. Fifty-four (54) in the subdivision known as "Yamacraw Beach Estates" recorded in the Department of Lands and Surveys as File No.P8/20 and situate on the eastern side of Cat Island Avenue and approximately 70 ft. south of Berry Avenue in the Eastern District of the Island of New Providence in the Commonwealth of The Bahamas. The said parcel of land is more accurately described as follows: Commencing at a point (hereinafter referred to as the point of origin) coordinated N 2.769, 404.874 (m) E 268, 838.659 (m) running in a direction of N 99 ° 33' 10" for a distance of One Hundred (100.00) Feet to a point, thence in a direction of N 189 ° 33' 10" for a distance of Seventy (70.00) Feet to a point, thence in a direction of N 279 ° 33' 10" for a distance of One Hundred (100.00) Feet to a point, thence in a direction of N 09° 33' 1O" for a distance of Seventy (70.00) Feet to the point of origin.

The said lot of land is bounded on the North by Lot No. Fifty-three (53) of the said subdivision, which is said to be the property of Stephanie Ferguson on the EAST by Lot No. Four (4) of Yamacraw Shore Subdivision ownership which is unknown on the SOUTH by Lot No. 55 of the said subdivision, which is said to be the property of Stephen and Ladonna Hudson and on the WEST by a public road reservation known as Cat Island Avenue.

The said lot of land has such position, shape, dimensions and boundary marks as shown on plan.

CANDICE DIONNE DAVIS AND PATRICIA ANN JOHNSON claim to be the owners of the unencumbered fee simpie in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act, 1959 to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act.

Copies of the Petition and Plan of the said Land may

Extend Dorian tax breaks so Abaco hits ‘full throttle’

concessions be removed?

Will there be an applica tion process? What about people who still need to rebuild but are not able to return or afford to rebuild?

Will any further possible concessions be allowed?

Will it only be for individu als on an import-by-import basis? Or will it include local vendors? These are just some of the very impor tant questions not being answered.”

The joint call is the latest phase in efforts by Abaco’s business and community leaders to persuade the Government to extend the Dorian-related tax breaks and other concessions for at least another year to aid, and speed-up, the island’s bid to recover from the devastating Category Five storm that was estimated to have cost $3.4bn in com bined economic losses and damage.

The present Special Economic Recovery Zone (SERZ) regime, which underpins the tax breaks for both Abaco and Grand Bahama, is currently set to expire on December 1, 2022. Senator Michael Halkitis, minister of

economic affairs, at last month’s Abaco Business Outlook conference gave a strong indication that the Davis administration is leaning away from renew ing the present “blanket” exemptions for Abaco and Grand Bahama.

He asserted that the present wide-ranging con cessions regime was “not optimal” and cannot “go on for ever”, hinting that the Government may switch to a framework where tax breaks were granted on a case-by-case application basis.

The Davis administration has previously signalled it feels the existing SERZ is giving away too much revenue in tax breaks. It reimposed VAT on con struction services, with the Ministry of Finance stating at the time that conces sions were being granted to wealthy second homeown ers who did not need them to rebuild their properties.

Ministry of Finance offi cials also subsequently said the SERZ and related tax breaks were being abused for tax evasion and other illicit purposes, with vehi cles and other expensive items imported using the VAT and duty exemptions

SCARLET OAK

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Scarlet Oak Investment Company Ltd. has been completed and the company has been struck from the Register on the 16th day of September 2022.

Baird One Limited Liquidator

DAPHNE DEGREGORY-MIAOULIS

turning up at Potter’s Cay in Nassau and other loca tions outside the Dorian hit areas.

Rev Paulette Cartwright, president of Abaco’s Chris tian Council, joined the private sector yesterday in backing calls for the tax breaks to be extended on the basis that Dorian has left the island “down in the dumps”. She explained:

“It’s been three years of struggle, and the struggle is still here and the struggle is very real.

“There are some people who have made some pro gress, some are trying to find their way, and some are bogged down in the rubble of everything that happened to their lives. Our people need some form of hope. That hope can come to us today in the form of the Government extending the concessions that have been granted to us.”

Rev Cartwright added that some individuals and families were only just starting the process of home reconstruction due to the cost and difficulty asso ciated with finding “scarce resources” - a problem that will be made worse if the tax breaks are not renewed.

Pointing out that many homes were levelled “to their foundation” by Dorian, she added of the SERZ uncertainty: “It’s giving our people less hope for what the future is hold ing for them. I stand today with the Abaco Chamber of Commerce in petition ing the Government, and asking that they would truly consider offering and giving the people of Abaco more time by extending the concessions.

“We would ask for one year, but personally I would

MUSCARI COMPANY

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Muscari Company Limited has been completed and the company has been struck from the Register on the 16th day of September 2022.

Baird One Limited Liquidator

ask for two years so that we can do what we can to bring Abaco back to what it was, because Dorian has taken Abaco down to the dumps.

We are trying. The Abaco nians are resilient people, they are strong people and trying and doing their level best to come back. They are coming back, yes, but we don’t want to cut off their legs from under some of them. We don’t want to take away hope from our people.”

Mrs Degregory-Miaoulis, acknowledging the Govern ment’s own fiscal pressures and other constraints, added: “It is in all of our best interests to get Abaco and Grand Bahama con tributing back to the Public Treasury again rather than being an added burden.”

Pointing out that, since Dorian, Abaco has also had to cope with COVID-19, the supply chain break down, soaring inflation especially on food and energy/fuel costs, and increased construction material prices only par tially offset by the SERZ tax breaks, she said: “The only thing Abaco has been asking for is some breathing room to get our house back in order.

“We were told we would have three years. That was reasonable under normal circumstances, but the last three years have been anything but normal. At the very least we require another year of SERZ concessions. We require increased, ongoing and reg ular consultation with the Government on the best ways to bring our islands and cays back at full eco nomic throttle.

“We require clarity on those things so our people and our businesses and our investors can decide and plan how we’re going to bring Abaco back to being the touristic and economic powerhouse it once was.”

Michael Albury, prin cipal of the Conch Inn and Marina, estimated that the property requires another year before postDorian reconstruction can be completed. “Like so many others we had a total wipe-out of our residential and business holdings,” he said. “We are trying to put them back together. We are probably a year away from completion.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SICLLY ELMARRA LAING of South Beach Estates, New Providence, The Bahamas intend to change my name to SICLLY ELMARRA ROBERTS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

CARMEL INVEST & TRADE INC. Company No. 1632407 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CARMEL INVEST & TRADE INC. is in voluntary liquidation. The voluntary liquidation commenced on 03rd October 2022 and Pinar Akkas of Badenerstrasse 13b, 8180 Bülach, Switzerland been appointed as the Sole Liquidator.

Dated this 05th day of October 2022 Sgd. Pinar Akkas Voluntary Liquidator

1.7600.000N/M0.00%

0.3690.26023.82.96%

-0.4380.000-9.0 0.00% 10.656.80Commonwealth

10.35 10.25 (0.10) 25,0000.1400.00073.20.00% 3.652.27Commonwealth

3.58 3.580.00 0.1840.12019.53.35% 8.255.29Colina

8.23 8.230.00 0.4490.22018.32.67% 17.5010.25CIBC

0.7220.72022.24.50%

0.1020.43432.712.99%

0.4670.06022.50.57%

0.6460.32814.83.44%

Notice

BIG DIPPER COMPANY LIMITED

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Big Dipper Company Limited has been completed and the company has been struck from the Register on the 16th day of September 2022.

Baird One Limited Liquidator

NOTICE JVM INTERNATIONAL LIMITED

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of JVM International Limited has been completed and the company has been struck from the Register on the 16th day of September 2022.

One Limited Liquidator

“The Government has laid out a clearly-articu lated strategy in its annual borrowing plan to miti gate against the impact of the elevated external costs being seen now. The plan has identified the local market and multilaterals as major sources of financing during this period.

“Multilateral support via guarantees and other credit enhancement will be used to attract other private financing, and the Ministry has already seen significant appetite for such structures. This, in combination with lower gross financing needs, has eliminated the need to go to the bond market in the near to medium-term.”

Moody’s, though, argued that the ability of Baha mian investors to meet the Government’s financ ing needs is “limited” despite there being some $2.3bn in surplus liquid ity in the commercial banking sector. “The key driver of the downgrade is Moody’s assessment that tighter financing conditions over the past year indicate more constrained financ ing options compared to prevailing conditions at the time of the downgrade to ‘Ba3’ in September 2021,” it said.

“Tighter financial con ditions come amid still elevated, albeit declining, gross borrowing require ments, which Moody’s estimates at around 20 percent of GDP when including Treasury bills. A narrowing fiscal deficit, which Moody’s expects to turn to a surplus by the fiscal year ending June

‘REV THE ENGINE’

30, 2025, will reduce gross financing requirements.

“The Government plans to rely more heavily on domestic financing and greater utilisation of mul tilateral funding, including guarantees and other credit enhancements to mobilise private financing. If suc cessful, this would reduce the need to rely on inter national bond issuances. However, the timing and the amount raised through these transactions is uncer tain,” Moody’s continued.

“The domestic market provides a relatively stable source of financing at affordable rates and with varying tenors. Recent Treasury bill auctions have shown strong demand from the banking sector for gov ernment securities, and Moody’s expects domes tic investors to continue to rollover domestic amortisa tion and finance a portion of the Government’s net financing needs.

“However, in Moody’s view, the capacity of the domestic market to meet larger financing needs, including upcom ing external amortisations (repayments), is limited.”

The timing of the Moody’s downgrade, though, is especially unwel come given that it coincides with an up to 163 percent increase in Bahamas Power & Light’s (BPL) fuel charge that was announced this week while the European Union (EU) ratified its blacklisting of this nation for allegedly being ‘uncoop erative’ on tax matters.

This latest action plunges The Bahamas fur ther into non-investment grade or ‘junk’ status. The

consequences of the latest downgrade include a fur ther potential increase in the Government’s borrow ing costs when it goes out to raise hundreds of mil lions of dollars in more debt financing later this year.

Investors will likely seek higher interest rates on Bahamian sovereign debt to compensate for the extra risk due to the Government’s loss of cred itworthiness.

This, in turn, will lead to higher debt servicing costs that will ulti mately have to be paid by the Bahamian taxpayer.

Gowon Bowe, Fidel ity Bank (Bahamas) chief executive, last night said the cut from ‘Ba3’ to ‘B1’ - the second consecutive year in which Moody’s has lowered the country’s cred itworthiness - is “a fairly sizeable downgrade from where they moved from”.

Arguing that The Baha mas must now focus on actions “to restore greater confidence going forward”, rather than become fix ated on the downgrade, Mr Bowe added: “They talked not about economic factors but more about liquidity in financing. It means the traditional means of rais ing debt is continuing to be tightened, and we can acknowledge that is true.

“It’s not exhausted. It is tightening, and there are a number of world events we have to take into con sideration.” With the US and other major econo mies hiking interest rates to combat inflation, the Fidelity Bank (Bahamas) chief added: “If we con sider market rates are going up, and credit spreads are going up, it’s putting signifi cant pressure on the cost of borrowing.”

Hubert Edwards, the Organisation for Respon sible Governance’s (ORG) economic development committee head, told Trib une Business that The Bahamas could still get caught in a “vicious cycle” if the Government’s plans to meet the bulk of its near$2bn gross financing needs in the domestic market do not materialise.

“The fact we are being downgraded in the envi ronment we are currently in, and facing the circum stances we are currently in, obviously means these things are going to get a bit more challenging for the country,” he added. “The cost of debt increases on the back of a downgrade. It’s going to get even harder to access borrowing.

“We are kind of creep ing into an era where we

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must look to creative ways to raise funding. I believe that if the domestic market does not respond positively to the Government’s efforts to raise more funds, the Government may be forced to start thinking about how to raise taxes to meet its obligations.

“While we would be having these discussions that raising taxes may be a last resort, this pronounce ment on the downgrade from Moody’s certainly moves us closer to that possibility. I don’t know how close, but it’s certainly moved us closer to that absolute last possibility, and is therefore something for us all to be concerned about.”

Mr Edwards said Moody’s downgrade also means The Bahamas needs to quicken the pace of out standing economic reforms.

“These pronouncements are a clear indication of the fact we need to more more aggressively to fix these issues plaguing the country,” he told Tribune

Business. “Those that are known, those that are longstanding, those that require urgent attention.”

He listed energy reform, improvements to the ease of doing business, more efficient state-owned enterprises (SOEs) and a public sector that was more responsive and facilitative to the private sector’s needs as priority areas. “Where the coun try is right now, the only viable answer to changing our trajectory is to secure faster economic growth,” Mr Edwards said, otherwise The Bahamas will continue to “languish” when the world economy rebounds.

“The call to policymak ers is to look seriously at reform and implement the changes to put us in a better position to rev the engine so we can create momentum and, at the appropriate time, move for ward with greater speed. I think it’s that important,” Mr Edwards told this newspaper.

JUDGE DELAYS TWITTER TRIAL, GIVES MUSK TIME TO SEAL BUYOUT

By MATT O'BRIEN and BARBARA ORTUTAY AP Technology Writers

A JUDGE has delayed a looming trial between Twit ter and Elon Musk, giving the Tesla CEO more time to close his $44 billion deal to buy the company after months spent fighting to get out of it.

Musk had asked to halt the upcoming Delaware

court trial, where the Tesla billionaire was expected to fare poorly against Twit ter's lawsuit to force him to complete his April merger agreement. Musk revived the takeover offer on Monday but said he needed time to get the financing in order.

Chancellor Kathaleen St. Jude McCormick, head of the Delaware Chancery Court, said Thursday that

Musk and Twitter now have until Oct. 28 to close the deal. A trial originally set for Oct. 17 will happen in November if they don't, she said.

Twitter had asked McCormick earlier Thurs day to proceed with the trial, saying the billionaire refuses to accept the "con tractual obligations" of his April agreement to buy the

social media company and take it private.

Twitter disputed Musk's claim that the San Fran cisco-based company is refusing to accept his renewed bid. Musk told Twitter earlier this week he's ready to buy the com pany once again after trying to back out of the deal over the summer, accus ing it of refusing to give

him information about "spam bot" accounts on the service.

Twitter described Musk's move to delay the trial as "an invitation to further mischief and delay" after his arguments for terminat ing the agreement haven't had merit.

But after the judge's ruling, Twitter reiterated in a statement that it was ready to close the deal on the share price agreed upon in April: "We look forward to closing the transaction at $54.20 by October 28th,"

referring to the price Musk originally offered for each Twitter share.

Brooklyn Law School professor Andrew Jennings said Twitter wants to be cer tain that the deal will get done and not allow "wiggle room for Musk to walk away again."

Musk attorneys argued that Twitter was disagreeing with the trial delay "based on the theoretical possibil ity" of Musk not coming up with the financing, which they called "baseless speculation."

NOTICE

NOTICE is hereby given that HONECA JANE DOWNERBROWN of Blue Wave Estates. P.O. BOX N-8582, 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 29th day of September, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that TAMARA KEISHELL

CLERVIL of Eneas Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that YVENA JOSEPH of Market Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that DANTÉ CHARLES HANNA of Freeport, Grand Bahama, 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 7th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that TINA HERON-WATSON of Lobster Avenue, Golden Gates off Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of September, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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STOCKS CLOSE LOWER AGAIN ON WALL STREET, STILL UP FOR WEEK

By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers

A CHOPPY day of trading ended with stocks broadly lower on Wall Street Thursday, though indexes have managed to hold onto most of their size able gains from a big rally at the start of the week.

The S&P 500 fell 1% after having been up 0.4% in the early going. The benchmark index is up 4.4% for the week follow ing its best two-day rally since the spring of 2020.

The selling was wide spread, with roughly 80% of the stocks in the S&P 500 ending in the red. The Dow Jones Industrial Average fell 1.1%, while the Nasdaq composite lost 0.7%. The Russell 2000 index of smaller company stocks closed 0.6% lower.

Treasury yields gained ground and put more pres sure on stocks. The yield on the 10-year Treasury, which helps set rates for mort gages and many other kinds of loans, rose to 3.81% from 3.75% late Wednesday. The yield on the two-year Treas ury, which more closely tracks expectations for Fed eral Reserve action, rose to 4.22% from 4.14% late Monday.

Investors were review ing the latest data on jobs, which showed more Americans filed for unem ployment benefits last week. Traders will be watching closely on Friday when the government releases its monthly job market data.

The labor market remains strong in the face of persistent inflation and a slowing overall U.S. economy. That’s good for job hunters, but could give the Federal Reserve more reason to keep raising inter est rates in its bid to crush inflation. Wall Street is eager for definitive signs that inflation is on the wane and the central bank can

finally ease back on its rate hikes.

“We still have very, very hot inflation, and there’s nothing slowing the Fed anytime soon,” said Paul Kim, CEO of Simplify ETFs. “And the market’s just waiting for clarity. And that’s why you’re seeing a little bit of choppiness, but no real clear direction.”

The S&P 500 fell 38.76 points to 3,744.52. The Dow dropped 346.93 points to close at 29,926.94. The Nasdaq slid 75.33 points at 11,073.31. The Russell 2000 fell 10.18 points to 1,752.51.

Technology, financial and health care stocks were among the biggest weights on the market. Intel dropped 1.7%, Citigroup fell 1.8% and Johnson & Johnson fell 1.9%.

Energy stocks mostly rose as the price of U.S. crude oil increased 0.8%.

Marathon Oil gained 3.9%.

Shares in cannabis com panies surged following a late-afternoon announce ment by the White House that President Biden is pardoning thousands of Americans convicted of “simple possession” of mar ijuana under federal law.

Biden also directed the secretary of Health and Human Services and the U.S. attorney general to review how marijuana is scheduled under federal law. It is currently classi fied as a Schedule I drug, alongside heroin and LSD. Rescheduling the drug would reduce or potentially eliminate criminal penalties for possession.

Tilray Brands, MedMen Enterprises, Curaleaf and Trulieve Cannabis were among the cannabis stocks that jumped at least 30%. These and most other can nabis stocks remain deeply in the red for the year, however.

Wall Street is watch ing employment data very closely as the Fed remains determined to raise inter est rates to try and tame the hottest inflation in

AMERICAN flags fly outside the New York Stock Exchange, Friday, Sept. 23, 2022, in New York.

Photo:Mary Altaffer/AP

DOCTORS HOSPITAL ANNOUNCES 2022 STUDENT CAREER EXPO

DOCTORS Hospital Health System (DHHS) is proud to announce our 2022 Student Career Expo, where we aim to introduce local high school students to the wonderful career paths in healthcare.

The two-day event is scheduled for October 11th & 12th 2022 at the National Training Agency at Glad stone Road and will feature presentations by DHHS’ leadership team.

The fair comes just a few days after we hosted Guidance Counselors from both the public and private

school systems where we invited them to select a cross-section of 10th, 11th, and 12th graders with an interest in sciences to attend.

DHHS remains commit ted to inspiring the next generation of healthcare leaders and profession als through programs like this and our ever-expand ing Bridge to the Future initiative.

We invite parents and guardians to contact their school’s Guidance Counse lor’s Department to sign up.