11032022 BUSINESS

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THURSDAY, NOVEMBER 3, 2022

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‘Immediate audit’ urged on LPIA advertising deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• Bidder demands: ‘Shine a light’ on award • Concerns on Investment Policy, bid criteria • Winner: ‘We passed all the due diligence’

AN “IMMEDIATE independent audit” into the award of Lynden Pindling International Airport’s (LPIA) multi-million dollar advertising contract is being urged amid allegations it did not follow the bid criteria and National Investment Policy.

Bravo Airport Advertising, one of the unsuccessful bidders, in a statement to Tribune Business demanded that a probe be undertaken to “shine a light” into a tender process that ultimately resulted in the deal being awarded to a newly-formed company, RG Media (Bahamas).

It argued that such an audit was essential after this newspaper last week raised concerns over whether the winning bidder had the five-ten years’ advertising experience demanded by the Nassau Airport Development

Company (NAD), LPIA’s operator, in the original tender document. RG Media (Bahamas) was only incorporated just over five months ago at end-May 2022.

And Bravo also raised fears that RG Media (Bahamas) “consultancy agreement” with RG Media LLC, a foreign entity, was designed to enable the latter to “bypass” a National Investment Policy that reserves advertising solely for companies that are 100 percent Bahamian owned. Tribune Business reported last week that RG Media LLC appeared to be taking the lead role in taking in the LPIA advertising deal, and was supplying all the expertise and organisational know-how.

“It is quite clear that the management team from the Nassau Airport Development Company selected a company, RG Media Bahamas, that has

LYNDEN PINDLING INTERNATIONAL AIRPORT’S (LPIA)

SEE PAGE B10

Gov’t slashes Q1 deficit by $116m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s fiscal deficit for the 2022-2023 first quarter was slashed by $116m year-over-year, it was revealed yesterday, with its revenues running 4-5 percent ahead of projections.

The Ministry of Finance, unveiling the monthly

performance for September, the last month in the fiscal year’s first quarter, disclosed that the deficit - measuring by how much the Government’s spending exceeded its revenue income - shrank by 85 percent year-over-year compared to the same three-month period in 2021.

Aided by the economy’s continued post-COVID rebound, and prior year comparatives

that coincided with continued pandemic-related restrictions, the data showed that the Government’s fiscal deficit shrank to just $20.5m compared to $136.5m the year before.

Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business in a recent interview that the Government was “very close” to its

SEE PAGE B5

SIMON WILSON

Extend tax breaks on Dorian ‘apocalypse’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Cabinet minister yesterday read out pleas from his Grand Bahama constituents for the Government to extend the Hurricane Dorian tax breaks beyond December 1 as parts of the island still resemble “a scene from the apocalypse”.

Kwasi Thompson, exminister of state for finance in the Minnis administration, advocated that the present Special Economic Recovery Zone (SERZ) for both Grand Bahama and Abaco be extended beyond month’s end because the Government lacks the

KWASI THOMPSON resources and capacity “to restore all the persons” in both islands to pre-Dorian status.

The east Grand Bahama MP’s call prompted Myles

SEE PAGE B6

Old Fort Bay’s chairman ‘confounded’ by court bar

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE CHAIRMAN of one of western New Providence’s most exclusive communities says he is “confounded” that not just one but two Supreme Court injunctions have been obtained to halt work on a “multi-use pathway”.

Sean Andrews, head of the Old Fort Bay Property Owners Association, in a November 1, 2022, letter to homeowners revealed that not only has a neighbouring subdivision initiated legal action to halt construction but an unnamed “third party” has also persuaded

the Supreme Court to bar - for the moment - further development.

“We are disappointed to announce that our neighbouring community, Islands of Old Fort Bay, has sought and obtained an ex parte order (without notice to the Property Owners Association) granting an interim injunction to halt works on the multi-use pathway. The action was instituted against the Government of The Bahamas,” Mr Andrews wrote.

“Concurrently, and appearing to be in consort, a related ex-parte order was obtained by a third party

SEE PAGE B4

$5.79

Progress in pharmacy price controls dispute • But resolution still to be ‘finalised’ • Bran rejects PM’s savings point • Davis: Tax cuts not passed on

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN pharmacies and the Government were last night said to have made progress in resolving their price control dispute as one operator rejected the Prime Minister’s assertion that savings are not being passed on to consumers.

Branville McCartney, the former Democratic National Alliance (DNA) leader, whose family owns Wilmac’s Pharmacy, told Tribune Business it was “not the case at all” that his business had failed to pass on import tariff cuts to clients via reduced prices.

He was responding after Philip Davis KC, speaking in the House of Assembly yesterday, hinted that the Government had opted for a major price control regime expansion - and a significant reduction in food and pharmaceutical industry mark-ups on key products - because the private sector could not be trusted to pass the impact of tax cuts on to the Bahamian people.

While providing no evidence to back up that suggestion, the Prime Minister almost seemed to pre-empt the outcome of his 4pm meeting with pharmaceutical retailers and wholesalers by asserting that he expected the industry to come into full compliance with the revised price control regime and reduced mark-ups.

But Tribune Business sources, speaking on condition of anonymity because they were not authorised to talk publicly, told this newspaper that the meeting “went well” and the makings of a possible compromise resolution had emerged.

SEE PAGE B7

PAGE 2, Thursday, November 3, 2022

THE TRIBUNE

BAIC TEAMS WITH MILO BUTLER TO GIVE AGRO-PROCESSOR BOOST

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

KEITH BELL

Liveable wage remains Gov’ts ultimate target

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Government yesterday reiterated that implementing a so-called “liveable wage” remains its ultimate ambition as the 24 percent minimum wage increase to a weekly $260 was passed in the House of Assembly.

Keith Bell, minister for labour and immigration, said during debate on the Minimum Wage Increases Order 2022 that the Government remains “committed” to “phase in a liveable wage” over time.

A liveable wage, Mr Bell admitted, would require wide consultation with the private sector and other stakeholders. “What we are seeking to do, or what we are going to do, is we’re going to increase minimum wage to $260. That is not up for debate or discussion; that is it. Once that is done, we will then now begin to debate as to what component or what measure that we will adopt in this country in respect to our liveable wage,” he added.

Philip Davis KC, the Prime minister, said: “It’s

been a long time since the minimum wage was last raised, in fact, seven years ago in 2015, and you know who did that in 2015. We did it. We got to do it again. We believe that this increase in the minimum wage will provide some measure of relief for working Bahamians, while a growing economy will allow businesses to adjust successfully.

“The minimum wage increase is part of a larger set of policies intended to relieve the cost of living pressures, including reduced or eliminated Customs duties on key items such as food, solar supplies and building supplies; additional price control inspectors to ensure compliance; free Wi-Fi in the parks across the country and emphasis on affordable housing; a major expansion of renewable energy, which we intend to do and we’re working assiduously towards; and a history historic investment in home grown foods.”

Mr Davis said he was “careful” when negotiating this minimum wage increase because he did not want to “slow down job growth. We are very mindful of pressures facing businesses”.

THE Bahamas Agricultural and Industrial Corporation (BAIC) says its partnership with a major food wholesaler aims to expand distribution networks for local agroprocessors.

Leroy Major, BAIC’s chairman, said the signing of a Memorandum of Understanding (MoU) with Milo B Butler and Sons Ltd will help “empower food processors” producing Bahamian products and move the Government closer to fulfilling one of its sustainable development goals.

Pointing to the success of BAIC’s “taste and tell” event in April, which served as a “catalyst” for future partnerships with

food distributors, Mr Major added: “The signing of this MoU marks a culmination of months of negotiation to arrive at this mutual agreement and understanding for Milo Butler and Sons to become the primary distributor and access point to the Bahamian market for goods and produce grown, manufactured by food processors, who are clients of BAIC.” Jevon Butler, Milo Butler and Sons’ sales and marketing manager, said: “Analysing our business model, Milo Butler and Sons recognises that our company is heavily dependent on imports.....

Economies of scale have made it cheaper to import and resell goods to the public, rather than fully embrace local farmers, fishermen and manufacturers.

“At the beginning of our fiscal year 2022 to 2023,

a conscientious decision was taken by the Board of Directors, requiring that 25 percent of product sold through Milo Butler and Sons be Bahamian grown, produced and manufactured within the next three years.”

BAIC is also beefing up its agro-processing capabilities and training methods to help food processors around The Bahamas.

Tonjia Burrows, its senior food processing officer, said: “We are about to establish a cooperative, and one of the things that we are focusing on in the cooperative is safety; a place for them to be able to process.

“That’s why BDB (Bahamas Developemnt Bank) and SBDC (Small Business Development Centre) are so important because we would need those type of environments for us to be able to process

properly. Persons in the Family Islands have been trained in the past.

“We did food processing workshops throughout the Bahamas a couple of years ago, and we’re about to embark on them again.

Mostly, they’re done in high schools now, but we are getting back into going back to the Family Islands and here locally.”

Troy Sampson, BAIC’s general manager, said: “Part of BAIC’s responsibilities will be to assess the processing facilities of all those who are seeking to be qualified. They will have to meet a particular standard because you’re now talking about transmitting food product to the public, and there’s certain liability that comes to Milo Butler and Sons with that, and to BAIC and to the processor with that.”

EASY Car Sales will deliver 50 new vehicles to the Ministry of Finance.

Gov’ts electric vehicle fleet set for threefold expansion A BAHAMIAN electric car dealer yesterday disclosed it will this week deliver 50 new vehicles to the Ministry of Finance a move that will expand the Government’s existing 15-strong fleet more than three-fold.

Pia Farmer, Easy Car Sales’ managing director, said in a statement that the vehicle delivery represents a “first step in fulfilling The Bahamas’ commitment to the Paris Agreement on reducing harmful CO2 (carbon dioxide) emissions from transportation that are contributing to global warming and climate change”.

Promising that Easy Car Sales will soon provide more eco-friendly vehicles to the Government, she added that transport is responsible for 23 percent of global energy-related greenhouse gas (GHG) emissions and is growing faster than any other energy end-use industry.

Ms Farmer said that for every gas-powered car replaced by an electric vehicle, harmful tail pipe emissions are reduced by 100 percent or 4.6 metric tons per vehicle per year.

By comparison, hybrid plug-in vehicles only reduce life-cycle greenhouse gas emissions by 20 percent compared to old internal combustion engine (ICE) cars.

PIA FARMER “Even more significant for the Bahamian taxpayer, the total cost of ownership of an electric vehicle is about 70 percent less than a gas car, making tax dollars spent on electric transportation a much better value,” she said in a statement. “Charging an electric vehicle at the new BPL rates costs about $1.50 to go the same distance as a gallon of gas at $6.

“Maintenance is minimal because there is no combustion engine in an electric vehicle, and there are about 1,000 fewer parts to service or replace. Even better, electric vehicles are solar ready, offering additional savings, greater sustainability, better use of natural resources and increased national energy security.”

THE TRIBUNE

Thursday, November 3, 2022, PAGE 3

Downtown Freeport calls for Dorian tax breaks extension

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Downtown Freeport Business Association (DFBA) yesterday urged the Government to extend the Hurricane Dorianrelated tax breaks and help revive an area where one in three buildings sit empty.

Antoine Brooks, its president, told Tribune Business that extending the present Special Economic Recovery Zone (SERZ) order, which is due to expire in one month’s time is helping to keep downtown and the wider economy afloat by encouraging Grand Bahama residents to shop at home.

The tax concessions enable Freeport merchants to be more price competitive with Florida rivals, thereby ensuring more money and spending stays within The Bahamas.

“It’s keeping a lot of money at home because really we can jump on a boat and go to Florida and get our materials,” Mr Brooks said of the SERZ. “It’s not like Nassau because it is just a three-hour trip. We can load up the boat and be back.

“So it’s very easy for people to go on the boat and shop in America and come back. But with that SERZ order, people are staying home because they are realising that we can buy stuff bonded here in Freeport. That allows people to stay at home and keeps businesses open, and keeps money circulating in the local economy.”

Mr Brooks’ plea for the existing SERZ order to be extended thus bolsters similar calls from the Abaco Chamber of Commerce and other businesses on the other island that was devastated by Dorian in September 2019. The Order, though, is due to expire on December 1 and the Government has already signalled it will not be extended in its present blanket form.

Michael Halkitis, minister of economic affairs, has said at least twice that the Davis administration believes the current SERZ format is giving away too much in revenue. It feels that the tax breaks are being exploited by those who do not require them, especially wealthy foreign second homeowners, and that the SERZ is also being abused for tax evasion and other nefarious purposes by Bahamians living outside Grand Bahama and Abaco.

The minister has indicated, though, that a structure will be established where Abaco and Grand Bahama residents and businesses will still be able to apply for relief on a caseby-case basis. It is unclear, though, how this will work and whether it is likely to become mired in bureaucracy and red tape.

Mr Brooks, meanwhile, said of The Bahamas’ city centres: “Downtown has really gone down. Some parts of downtown Nassau look almost the same and it looks empty, a lot of broken windows and vagrants hanging around.

“It was a slow and gradual decline, and then from

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Hurricane Dorian that really made a decline in the economy of Grand Bahama and a lot of stores closed are empty. People have broken the windows out of a lot of these places. Now, with Solomon’s coming back and a couple other people that are interested coming back, I think we will see it totally change.”

Unable to speak specifically to which companies outside of Solomon’s Fresh Market will be locating in downtown Freeport, Mr Brooks said interest has been shown by different “restaurants, nightclubs, coffee shops and a few electronics stores. Somebody told me about a Yoga café

and the usual sneaker stores and things like that”.

“At least one in three buildings are empty in downtown Freeport; there is a lot of empty store space,” Mr Brooks continued. “But I know a lot of people are interested and a lot of people are calling me about it. I think downtown Freeport is poised for a great comeback and, with the University of The Bahamas being downtown, it’s a totally different aspect that’s going to add to the flavour of downtown.

“Because college students, they go to school during the day and they don’t leave and go home when they have to come back for evening classes. So

with that dynamic in place a lot of businesses should be able to open up and really benefit.”

The Association is working with the Grand Bahama Port Authority (GBPA) to beautify the downtown area, with the latter pledging to install new street lights before the year’s end.

“In this venture with the DFBA they have been very helpful with their business and development team,” Mr Brooks added.

“They showed us their plans to beautify downtown with lighting and security.

They are putting up a lot of cameras, and it is actually supposed to start this week. They are taking it section by section, and the

first section is supposed to start this week because they promised us by next week we would see some movement on the ground. So the GBPA has been very helpful because our success is their success.”

Mr Brooks, also a member of the Grand Bahama Chamber of Commerce, added: “I think we have a great relationship with the Chamber. I think we can always improve, and there is room for improvement in the relationship and to come together on different events.

It’s a work in progress. I would like to see there be a seat on the Chamber board for the Association, but I haven’t discussed it with them as yet.”

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PAGE 4, Thursday, November 3, 2022

THE TRIBUNE

DIGITAL PROVIDER LAUNCHES FACE PAYMENT TECHNOLOGY A BAHAMIAN digital payments provider yesterday unveiled technology it says will allow mobile wallet clients to make purchases with a scan of their face.

Suncash, in a statement, said that apart from its FacePay product it is also launching its FastPay Kiosks Service that allows customers to more efficiently switch from fiat/paper currency to the digital variety.

The product features several kiosks and ATMs that have been programmed to recognise and allow the loading of any local digital wallet, backing the Central Bank’s efforts to create an

interoperable platform for the Sand Dollar digital currency Shawn Smith, Suncash’s head of business development, said: “We softly launched these products earlier this year and have had tremendous response from merchants; Family Islanders in particular. We are bridging that gap for many by making it easier to realise modern and cutting edge financial services in areas where they may not be available. We want the public to buy in to using technology that is safe and reliable.”

Acknowledging the need for more public education

on the use of the app, he added: “We wanted to make using our app and accessing Sand Dollar as simple as 1-2-3. That is what we have found is the greatest thing when it comes to (public) acceptance; make it simple.

This has made a big difference in the way people used Sand Dollar. If you talk to any of the merchants at the Wine & Art Festival who accepted Sand Dollar, they would tell you that using the app was so easy.”

Mr Smith said mobile app interoperability was another major issue. He pointed out that at another recent festival, attendees could not load their existing digital wallets

on site without downloading a particular mobile app - a process that encountered some challenges.

Suncash provided a variety of cash receiving kiosks/ATMs at the Wine & Arts Festival, which allowed users of all local digital wallets - regardless of their provider - to quickly load their wallets/accounts with cash. There were also Suncash agents on site offering assistance. During the Wine & Arts Festival, John Rolle, the Central Bank’s governor, was able to load his Sand Dollar wallet using cash via the Suncash platform.

Mr Smith added that reliable Internet connectivity and capacity is also critical for digital payments. “We realised that a strong infrastructure was key to the entire puzzle. We provided a number of access points that provided fast and secure Internet to vendors and festival goers,” he explained.

“We are doing the work behind the scenes to make the overall process simple.

We understand that it’s about speed. Once you get people online quickly, the faster they will download the app and the faster they will load their wallets and make purchases with vendors.”

After two days of what seemed like non-stop traffic, Owner of ‘Me 2 U, Paintings by Charliese’, Charliese Bevans, said of Suncash: “I was happy to sign up with them. I understand that I will be able to use this (app) after this when I go to other venues. That is a plus for me.

“So I would encourage other business persons to use the Suncash App. We didn’t have any problems at all; it was a quick learn.

I’m not so tech savvy but I was able to get it right away.

My manager and I used it for several sales (Saturday and Sunday) and it is working perfect for me.”

Old Fort Bay’s chairman ‘confounded’ by court bar FROM PAGE B1 to halt all works for the installation of a pathway servicing the Lyford Cay International School. The purpose of the footpath is to facilitate safe passage for students of the school. The next hearing date for both matters is Tuesday, November 8, 2022. Until the hearing date no further work can be performed on the pathway.

“The Property Owners Association are confounded by the steps taken

by Islands of Old Fort Bay to obstruct the installation of a pathway which addresses a very clear public need, and provides safe passage for a multitude of residents within all communities and the public at large,” he continued.

“The Property Owners Association wish to advise

that all due diligence was undertaken, and the application was submitted and approved by the Government through the correct processes. The feedback we have received on this initiative has been overwhelmingly positive.

The Board is grateful to our homeowners for their ongoing and continued support, and will keep the community updated on the court proceedings.”

Mr Andrews’ missive ignores the fact that the Association’s actions and that of its contractor, Bahamas Hot Mix (BHM Construction), do not match that of a body unaware of an impending legal action.

BHM started construction some five days before the advertised beginning on October 31, and the pace at which it worked suggests an effort to complete work

before such an injunction could be obtained so as to render legal proceedings a nullity.

Stuart Tavares, a homeowner in Islands at Old Fort Bay subdivision, in an October 28, 2022, affidavit supporting the Judicial Review application alleged that in their haste the Old Fort Bay Property Owners Association and its contractor had “disrupted cable services throughout the community” by inadvertently cutting a cable line.

He added that they had engaged “in a race” to complete a pathway that would “transform Western Road traversed regularly by heavy-duty trucks into a “three-way lane”, and argued that the “dangers..... are foreseeable”.

Chief Justice Ian Winder yesterday signed the Order permitting property owners

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in the Islands at Old Fort Bay community - one of the subdivisions that makes up the full development - to launch a Judicial Review challenge to the permits and approvals granted for the pathway.

The proposed Order contains an interim injunction halting further construction by the Old Fort Bay Property Owners Association and Bahamas Hot Mix (BHM Construction) until the November 8, 2022, hearing where all sides will be present to argue whether the bar should be extended for the duration of any Judicial Review proceedings.

The legal battle will further escalate the dispute between the Old Fort Bay Property Owners Association and residents of other subdivisions that form the upscale western New Providence community,

especially the Islands at Old Fort Bay and Bay Creek.

Tribune Business previously reported how a row over security fees morphed into the Association closing the “middle access gate”, effectively splitting Old Fort Bay in two.

The dispute over the pathway’s construction, seen by Islands at Old Fort Bay and Bay Creek residents as the Association’s solution to the loss of “free” golf cart and bike access that residents in Old Fort proper have suffered as a result of the gate closure, which has denied them access to West Bay Street via the other subdivisions, is only serving to further heighten tensions.

One Islands at Old Fort Bay resident and homeowner, and Old Fort Bay Club member, said the “middle access gate”

closure resembles the divide between two countries at war with each other.

“For the past 22-plus years the so-called ‘middle gate’ inside Old Fort was essentially a speed bump and the road was unguarded, open and accessible to all in the community who were well within their rights to cross over,” the resident said, speaking on condition of anonymity.

“Now the gate looks like an international border crossing between two nations at war with each other...... The proposed path construction that was due to start on October 31, and be completed on November 17, reeks of desperation, grandstanding... How many construction projects of this nature are approved and completed within such a short timeframe?”

THE TRIBUNE

Thursday, November 3, 2022, PAGE 5

BAHAMAS KICKS-OFF WEEK-LONG CANADIAN TOURISM PROMOTION THE Bahamas this week launched an almost week-long series of events to promote tourism and investment to the Canadian market ahead of the upcoming peak winter visitor season.

The Ministry of Tourism, Investments & Aviation, in a statement, said it will continue its global sales and marketing missions with back-to-back events that started in Calgary on Monday, before concluding

hotel partners, sales and trade representatives and destination representatives, will participate in events that include meetings with key stakeholders and media from across the Canadian tourism industry.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, will lead the missions in Toronto and Montreal where he will be the featured speaker. The delegation will highlight

The Bahamas’ steadily growing tourism numbers, plans for future growth and innovation, the appeal of its 16 islands and the reasons why The Bahamas continues to be a sought-after destination for Canadians.

“The ease of travel to The Bahamas from Calgary, Toronto and Montreal makes the destination easily accessible for Canadian travellers,” said Latia Duncombe, the Ministry of Tourism’s acting

director-general.

“We’re looking forward to ensuring that media, travel agents, industry stakeholders and the Canadian consumer are aware of the many options there are for direct flights to destinations throughout The Bahamas, including new direct flights from Toronto and Montreal to Grand Bahama Island starting on December 17, 2022.”

The Ministry of Tourism, Investments and Aviation

team will also be heading to Atlanta, Houston, Dallas and Los Angeles in the future. Once the missions to the major travel hubs across the US and Canada have concluded, the Bahamian delegation will visit Latin America and Europe to take the country directly to key international markets across the globe and inspire travel to this destination.

GOV’T SLASHES Q1 DEFICIT BY $116M

support,” the Ministry of Finance continued.

“Capital expenditure contracted by $4.3m (13.8 percent) to $26.7m. In total, aggregate expenditure contracted by $52.7m during the period to total $218.3m as the Government continued to enforce prudent management of expenditure during the month. The net result was a deficit of $22m, a $73.5m decrease from the deficit of $95.6m realised in the same period of the prior year.”

The Ministry of Finance, in its more detailed analysis, added: “Central government’s net debt increased during the period by $2.7m, and accounted for a 93.1 percent ($36.5m) decrease from the prior year, as a net result of $90.3m in borrowings and $87.5m in repayments.

“Proceeds of borrowings during the period totaled $90.3m, sourced by $50m in Bahamas Registered

Stock, $30m in Central Bank advances and $10.3m in Treasury Bill placements. Repayments totalled $87.5m, primarily driven by repayments of $50m for Bahamas Registered Stock, $30m for Central Bank advances and $7.5m for foreign currency loans.”

On the revenue side, it added: “Revenue receipts totaled $196.2m, an 11.8 percent increase ($20.7m) year-over-year. Tax collections totalled $164.5m, supported by $100.9m in VAT receipts; $39.9m in international trade and transactions taxes; $16.6million in other taxes on goods and services; and $6.9m in property taxes.

“Non-tax revenue collections of $16.9m was explained by $15.9m from the sale of goods and services, and $15.7m in other non-tax revenue.” As for spending, the Ministry of Finance added: “Aggregate expenditure equated

$218.3m, a 19.5 percent ($52.7m) decrease compared to the same period of the prior year.

“Recurrent expenditures fell 20.2 percent ($48.4m) compared to the prior year and totalled $191.6m. Capital expenditures declined 13.8 percent ($4.3m) to $26.7m and included $24.3m to acquire nonfinancial assets and $2.4m in capital transfers.”

FROM PAGE B1 Budget projections. “Revenues are slightly ahead, 4-5 percent,” he revealed.

“Because July to September is our weaker quarter, we expect to see a pickup in revenue some time around mid-November to December.

“We are hoping to finish the fiscal first quarter ahead of revenue targets. On the expenditure side, I think we’re running aligned with our cost forecast and are slightly below on expenditure. Spending is slightly less than anticipated. We don’t see any external shocks yet, as they could throw those numbers off.

“It’s the first quarter, and we’ve still got eight months to go, so we have to be cautious and watchful. It makes planning a lot more

a two-day visit to Toronto yesterday. The push will end on Thursday in Montreal.

These events, designed to strengthen relationships with tourism partners and boost visitor arrivals to The Bahamas, come prior to the start of the winter travel season and the start of direct flights from both Toronto and Montreal to Grand Bahama.

The Bahamian delegation, comprised of senior tourism officials, Bahamian

difficult, but overall we will have a smaller deficit for the first quarter than projected.” Mr Wilson added that the timing of bill payments, and when expenses come due, could also throw off monthly figures.

The Ministry of Finance, in a statement on the September 2022 performance, touted that VAT revenues were up by $33.4m or some 49.4 percent year-over-year at $100.9m for the month.

“At end-September 2022, revenue receipts totalled $196.2m, representing a $20.8m (11.9 percent increase) over the $175.5m collected in the same month of the prior year,” it said.

“This positive performance is largely attributed to rebounds in tourism as compared to the prior year as well as improving domestic economic conditions.

VAT collections firmed by $33.4m (49.4 percent) yearover-year. Similarly, taxes on international transactions and trade revenues improved by $6.8m, largely owing to a $3.9m increase in departure taxes.

“Owing to the reinstatement of allowances, increments, promotions and other benefits since the cessation of COVID-19 emergency orders, spending on personal emoluments increased $1.5m (2.3 percent) year-over-year. Other key areas of public spending included acquisition of goods and services of $44.3m, public debt interest at $29.6m and subsidies to government-owned and/ or controlled enterprises of $18.6m to assist the health and education sectors as well as small business

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PAGE 6, Thursday, November 3, 2022

EXTEND TAX BREAKS ON DORIAN ‘APOCALYPSE’ FROM PAGE B1 Laroda, minister of state in the Prime Minister’s Office who has responsibility for the Disaster Reconstruction Authority (DRA), to venture that he would raise the SERZ Order’s imminent expiration with his colleagues in the Davis Cabinet.

With anxiety growing among both residents and businesses on the two Dorian-devastated islands, and the Government having signalled on several occasions it will not extend the SERZ and related tax breaks in their current format, Mr Thompson said: “I’ve been getting calls, social media, text messages and been stopped on the street to send a clear message to the Government to extend the SERZ Order for building materials, appliances, furniture, and supplies.”

Asserting that “Grand Bahama and Abaco are clearly still in recovery mode”, he read out letters from two constituents - who he did not name - pleading for the tax breaks to be extended as they remain in “dire” circumstances and have been unable to complete rebuilding their homes

more than three years after the Category Five storm the strongest to ever hit The Bahamas - struck.

Stating that he “really could not have said it better” himself, the first constituent told Mr Thompson that the likelihood the SERZ will not be extended in its present relief - with Dorian victims having to apply to the Government on an individual case-bycase basis for continued tax concessions and other relief - “is unacceptable on many levels”.

They wrote: “There are quite a few families living back in their homes, and some are more or less camping there. What criteria do they think is acceptable for one but not for another?!

I know to some - particularly those in Nassau who have no idea what Grand Bahama went through or the extent of damage that was incurred - [but] the road out east looks like a scene out of the apocalypse.

“Some houses are in utter ruin. What is going to happen to those properties?

The owners can’t afford the high cost of knocking them down, but then the rest of us have to live with daily reminders, and some places look like a war zone.

Granted, there has been a lot of improvement, but it’s far from complete. Some of it is not visible to the eye; when you drive through residential areas, the structural part of the homes looks fine, but they were gutted inside.

“If they don’t reconsider extending this exigency order, we will never be whole again, and if we do get that far it’s going to take such a long time. It makes our beautiful island look like a dump. But then again, Nassau doesn’t care less about the survival of Grand Bahama,” the constituent continued.

“We are tired of falling down the hole all the time, and it’s time someone truly stands up for Grand Bahama. We deserve more from government and we have a lot to offer if we can get the island back to standard. Please keep pushing for us.”

Mr Thompson’s second constituent, echoing similar sentiments, wrote: “I am hopeful that our government will consider extending the SERZ order, even if only for extenuating circumstances, to Bahamians in Abaco and Grand Bahama. My family home of 16 years in Turtle Reef, Bevan’s Town,

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east Grand Bahama was rendered unlivable by Hurricane Dorian in 2019. I then lost my job due to the pandemic and subsequent lockdown.

“Until recently, we have been unable to take advantage of the SERZ concessions because of the lack of income and the restrictions imposed by the lock down. We are currently in the middle of building a new home in Freeport and fear that we will not be able to finish if the SERZ order is cancelled.

“We are still in need of a considerable amount of materials, plumbing and electrical fittings, household furnishings and major appliances to name a few. While we make an honest effort to shop locally when possible, supply chain issues have also made this difficult. We are desperate to finish our home and get out of paying both rent and a mortgage at the same time. Being in such a dire situation can hardly be considered ‘economic recovery’.”

Concluding with a flourish, Mr Thompson demanded of the Government: “Take VAT off food, take VAT off medicines, and you need to extend the SERZ Order for people

in Grand Bahama and Abaco.” This prompted Mr Laroda to request that the east Grand Bahama MP send both constituents’ letters to himself and he would do what can to assist.

Mr Thompson, in response, argued that there were so many Abaco and Grand Bahama residents still struggling to rebuild that the Government with its limited financial resources - would find it impossible to help all in need. Instead, he argued that the Government should assist those who can to help themselves by reducing recovery costs via tax breaks.

“There are so many others,” he added. “The reality is I don’t believe the Government has the capacity to restore all the persons in Abaco and all the persons in Grand Bahama with all their needs. I don’t believe the Government is going to be able to supply all of our building material needs for everyone damaged in Hurricane Dorian.”

Persons were saying they could bring in the necessary construction materials and home fixtures, Mr Thompson added, and were only calling for the Government to facilitate their VAT and

THE TRIBUNE duty-free importation and purchase. “We are asking you to continue the SERZ order,” he said.

Mr Laroda replied: “No government has the capacity to do it all. On this side we will do as much as we can for as many as we can.”

He added, though, that he was “not too big to take that to Cabinet to consider”. The Order, though, is due to expire on December 1 and the Government has already signalled it will not be extended in its present blanket form.

Michael Halkitis, minister of economic affairs, has said at least twice that the Davis administration believes the current SERZ format is giving away too much in revenue. It feels that the tax breaks are being exploited by those who do not require them, especially wealthy foreign second homeowners, and that the SERZ is also being abused for tax evasion and other nefarious purposes by Bahamians living outside Grand Bahama and Abaco.

The minister has indicated, though, that a structure will be established where Abaco and Grand Bahama residents and businesses will still be able to apply for relief on a caseby-case basis. It is unclear, though, how this will work and whether it is likely to become mired in bureaucracy and red tape.

THE TRIBUNE

Thursday, November 3, 2022, PAGE 7

Progress in pharmacy price controls dispute FROM PAGE B1 “I just heard that the meeting went well and a compromise was reached.

Exactly what that is I’m not sure at this point,” one pharmacist said, adding that while industry and government had “reached agreement it has to be finalised in further negotiations”.

Both sides were tightlipped last night on what was discussed at the meeting and its outcome.

Shantia McBride, the Bahamas Pharmaceutical Association’s (BPA) president, did not return this newspaper’s messages seeking comment. Michael Halkitis, minister of economic affairs, who was at the meeting, also did not respond before press time although it seems like further negotiations and talks are required.

Tribune Business understands that both sides verbally agreed to keep their discussions confidential. Sources suggested negotiations over the price controlled mark-ups for wholesale and retail operators were especially tough, but that they had come out at “the higher end of the margins”.

The Bahamas Pharmaceutical Association, in its October 27 letter to the Government, urged that it retain the 25 percent and 50 percent price control margins for wholesalers and retailers, respectively, which have been in place for 40 years on prescription

drugs. The Government’s revised mark-ups, unveiled in mid-October, range from 15 percent to 18 percent for pharmaceutical wholesalers. For retailers, the range is from 35 percent to 40 percent.

Had the initial proposal been eliminated it would, in percentage terms, have cut retail pharmacy margins by between 20-30 percent, while those for wholesalers would have dropped by between 28 percent to 40 percent.

The medicines covered include vaccines, anti-diabetic drugs, decongestants, laxatives, contraceptives, antacids, anti-hypertension medicines, cough preparations, cardiovascular agents and serums.

The Prime Minister’s morning comments in the House of Assembly indicated that the Government was not minded to shift its stance, and that it expected all retail pharmacies and their wholesale suppliers to implement the new regime or be subjected to enforcement measures or fines.

“We are very mindful of pressures facing Bahamian businesses,” Mr Davis said as he led debate on a resolution to increase the private sector minimum wage to $260 per week. “Similarly, when we added diapers and more food items to our price control list, we are signalling to businesses that we expect the savings from reduced Customs duties to be passed on to Bahamians. Business

owners will still make a profit, just a little less than they would otherwise.

“We have listened to their concerns, and we have been flexible about some of the details. We will continue to review the impact of price controls on both consumers and businesses. But the bottom line is the costs of this global inflation crisis must be a shared burden, not one that falls primarily on Bahamian families that are working to get by.

“It’s a shared burden.

That’s my cry to all. So that’s all I’m asking. Let’s share this burden. The new price controls on medications are in effect. Pharmacies will remain open, and we expect pharmacies to come into full compliance in the coming days. In raising the minimum wage and expanding price controls, my government is holding firm in protecting the interests of the Bahamian people.”

Mr McCartney, though, rejected the notion that his family’s Wilmac Pharmacy had withheld import tariff cuts from consumers and failed to pass them on. “That’s not the case,” he told Tribune Business.

“I don’t know about other pharmacies and food stores, but that’s certainly not the case for me personally.

That’s not the case at all.

Not for my business. That’s not true. No, no, no.

“I don’t see that happening. Certainly if that’s the case you wouldn’t see the pharmacies and grocers in

such an uproar. Just speaking to some of the other pharmacies, that’s not the case at all. Jesus, pharmacies have been barely making it in this country at all, especially since the National Prescription Drug Plan came into play. That took up a lot of our business. We’re doing that for the Government; we’re their agents, more or less.”

Mr McCartney reiterated that the Government has provided retail pharmacies with too little time to transition to a new price control regime, and that they will be forced to sell much of their existing medicine industries - bought at a higher price prior to the change - at a significant loss.

“Look at the stocks we have in place already,” he said. “Let’s just say new price controls come in and

everybody complies. New stocks are fine to put those on right away, but when you have existing stocks in your pharmacy, to put that type of cost on it you’ll lose tremendously on those types of products.

“We’re just barely getting by. Something is going to have to give if this goes through. It goes against what the Government is trying to do. I understand what the Government is trying to achieve; I’m a consumer. I go to the food stores. I’m feeling the pinch personally. But if consumers lose their jobs as well, what does that do? The Government cannot get involved in private business. That’s a recipe for disaster.”

The Association, in statement released on Tuesday calling for a meeting with the Prime

Minister, said the price control reforms unveiled by the Government would impact “some 60-70 percent” of retail pharmacy and wholesale revenues and “threaten their ability to survive in an already-challenging business environment”.

It added: “With the list of products affected by the Government’s price control amendment representing some 60-70 percent of the revenue generated by local pharmacies and pharmaceutical wholesalers, it would be hard to make up that revenue on anything else.

Current mark-ups have been in place for more than 40 years and, in spite of the increase in overhead, there has been no increase in mark-ups since that time.”

PAGE 10, Thursday, November 3, 2022

‘IMMEDIATE AUDIT’ URGED ON LPIA ADVERTISING DEAL FROM PAGE B1 no advertising experience and is ultimately operated by foreign entities for the airport advertising concessionaire contract,” Bravo blasted.

“These foreign entities are using a Bahamian, Shane Garner, the financial controller at John Bull who created RG Media (Bahamas), to bypass requirements that reserve all media and advertising contracts strictly for 100 percent Bahamianowned companies.....

“In order to hold these parties accountable now and in the future, Bravo Airport Advertising is calling for an immediate independent audit of the NAD advertising concessionaire RFP process.

Our hope is that this process will shine a light on any and all conduct.... throughout this RFP process.”

Bravo’s principals are Bahamian businessman John Bethel, who held the LPIA advertising concession for ten years via his other entity, Bahamas Airport Advertising, and his son, Thomas.

The two teamed for a joint venture bid after NAD decided to put the airport advertising contract, said by well-placed sources to be worth up to $3.5m per year in revenues pre-COVID, out to tender in March 2022.

Thomas Bethel told Tribune Business the tender process became “extremely vexing”, and revealed that Bravo declined to respond to a series of questions posed to it by NAD in early September 2022 - just weeks prior to confirmation of the contract’s award to RG Media (Bahamas) - over fears it was being asked to supply proprietary information related to its bid.

“We were asked several questions at the end that we did not want to provide further detail to unless first selected,” Thomas Bethel added. “While we will have a lot more to say on the matter in the coming days and weeks, especially on the qualifications of RG Media (Bahamas), we are calling for an immediate disqualification of the award to RG Media and a full independent audit into the RFP process.”

Mr Garner, in a statement to Tribune Business, again vehemently denied allegations and suspicions that he is ‘fronting’ for RG Media’s UK parent or its US and Latin American subsidiaries.

He added that, as part of the bid process, he had to swear an affidavit that RG Media (Bahamas) was 100 percent Bahamian-owned.

Affirming that his company passed “all the required due diligence”, Mr Garner said all necessary “documents and guarantees” have

been provided to NAD. “RG Media Bahamas confirms that it is a fully-owned Bahamian company. The sole owner of the company was born in The Bahamas, at Princess Margaret Hospital, and is a citizen of The Bahamas,” he added in a statement.

“It should be noted that the airport requested an affidavit of beneficial ownership. This affidavit was provided showing 100 percent Bahamian ownership.

In all our workings with the airport, RG Media (Bahamas) has met all the required due diligence requested and provided all requested documents and guarantees to support any claims.”

Mr Garner, who previously told this newspaper he has no plans to leave his post at John Bull despite the contract win, added: “RG Media (Bahamas) is actively engaged in the process of hiring Bahamian talent to support its advertising programme commitments to NAD and LPIA. “RG Media (Bahamas) has entered into a consultancy agreement with RG Media LLC. The RG Media LLC team has a proven track record of providing world-class advertising platforms in numerous airports throughout the Caribbean and Latin America. They bring decades of design, sales

and marketing experience, and with their assistance, RG Media (Bahamas) will provide extensive advertising opportunities to local and international brands.

“We look forward to utilising their experience to enhance the airport advertising programme for the benefit of the LPIA, its passengers and Bahamian citizens.” However, Thomas Bethel argued that Mr Garner was only able to meet NAD’s airport advertising experience demands via RG Media LLC and Gilbert Aguiles, the US-based executive leading its Bahamian support efforts, who has worked for Clear Channel and its affiliates on similar airport deals.

Mr Aguiles last week confirmed he had been “contracted to help win the bid and to help with the build-out” of RG Media (Bahamas), but denied that himself or RG Media LLC has any ownership interest in the Bahamian entity. I was brought in as a consultant to help Mr Garner win the tender, and we are assisting in hiring a local sales presence, co-ordinating with local contractors and assisting with the establishment of the graphic houses,” he added.

While some may dismiss Bravo’s concerns as ‘sour grapes’ simply because it did not won the contract, other bidders have privately voiced similar concerns about the award to RG Media (Bahamas) and Mr Garner. A search of The Bahamas’ companies registry revealed that RG Media (Bahamas) was only incorporated on May 30, 2022 - only two months after the LPIA advertising tender was launched to potential bidders on March 24 this year.

All this raised questions over whether the company qualified to bid, as the original Request for Proposal (RFP) stipulated that the “minimum qualifications” to participate were “five to ten years’ experience in the operation of an advertising programme that includes generating high volume display advertising sales and revenue at airports”. RG

THE TRIBUNE Media (Bahamas) had a track record of five months.

The winning bidder also appears to be affiliated with RG Media, a UK-headquartered company bearing the same name, and which is a subsidiary of Roadgrip - a firm that has previously performed runway surfacing and paving at LPIA and other airports throughout The Bahamas.

This has sparked concerns that a foreign company is taking over LPIA’s lucrative advertising contract when the National Investment Policy stipulates that the sector is reserved for Bahamian-owned businesses only, along with questions over whether a quasi-government agency such as NAD is adhering to the Davis administration’s pledge to put Bahamians first. It could also lead to multi-million revenues, which previously circulated locally, now being taken out of the country.

“That’s what makes it strange to me,” another Bahamian rival, speaking on condition of anonymity, told Tribune Business. “How could Shane get it when he has absolutely zero experience in the market and the company was not formed when the RFP went out?

Does that mean anyone can set up a company, bring in a foreign consultant and put in a bid?

“For me, something is wrong. RG Media (Bahamas) is no relation to RG Media in the US and UK? It does not make sense. It’s the same name. Does that not show you something is not right? Does he [Mr Garner] have experience? No. How long has the company been up and running?”

The bidder told this newspaper that the advertising RFP also required the provision of prior financial statements - something it argued that RG Media (Bahamas), as a five-month newborn, would have been unable to supply. “They should have been disqualified at an early stage,” the source added. “They had no experience, no history of financials and the company was only just set up.

It’s unfair to the Bahamian business owner trying to do business here.”

They said they ultimately elected not to bid because of concerns that NAD’s

requirement for a $1m investment over a five-year period may not provide sufficient time in which to earn the desired rate of return.

All electronic and billboard advertising displays, and related equipment, presently at LPIA is the property of John Bethel’s Bahamas Airport Advertising and faces being removed after it was not awarded the contract.

The winning bidder will now have to invest to replace this equipment, with Mr Aguiles previously disclosing that RG Media will invest $1.5m in capital upgrades at LPIA. This newspaper understands that bidders were asked to propose a revenue-sharing agreement detailing how advertising earnings would be split between NAD and themselves, along with a minimum guaranteed amount the airport operator would receive.

Vernice Walkine, NAD’s president and chief executive, in written replies to Tribune Business questions last week said it had conducted “extensive due diligence” before selecting RG Media (Bahamas).

Rejecting the concerns voiced over the award, she added that the move was “in the best interests of the airport”.

The NAD chief also affirmed it was the company’s “preference to work with Bahamians first” and that it adheres to a National Investment Policy that stipulates all advertising, marketing and public relations (PR) activity is supposed to be exclusively reserved for companies 100 percent owned by locals.

Signalling that NAD was unhappy with Bahamas Airport Advertising’s performance, Ms Walkine described the relationship between Mr Garner and RG Media (Bahamas), and RG Media LLC, as a “consulting agreement” whereby the latter will be providing its expertise to assist with building out the Bahamian company’s operation and training its staff.

However, several private sector sources have asserted that “consulting agreements” are increasingly being used as a device to enable foreign companies and investors to get around National Investment Policy restrictions that reserve certain industries for Bahamian ownership only.

THE TRIBUNE

Thursday, November 3, 2022, PAGE 11

BAHAMIAN FOOD PROCESSOR TARGETING EXPANSION PLANS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN food processor is aiming to add more manufacturing capacity at its 28-acre Eleuthera farm, with plans to further develop its cassava flour product and produce a flatbread from it.

Denise Worrell, president and chief executive of Naturally Bahamian, said:

“We do curried vegetables as well, and we do bean patties. We have a variety of things we are putting out there for vegans and vegetarians, and for people that just love meat.”

Naturally Bahamian sits on a 28-acre property in Eleuthera, where it is recognised for its pineapple growing.

“The processing plant is in the works. The plant is actually in Nassau; the farm is in Eleuthera,” said Paul Worrell, the company’s general

manager. “The plans are to secure our water with water catchment, or electricity with a solar system, and we will have the processing plant there as well.

“We’d like to have a retail space as well as a relaxation station, all in Eleuthera, the best place in the world. We are going to have a wide variety of plants because we believe in diversity, as well as rotation of plants and also not clearing everything, keeping a lot of the natural vegetation for many

AG says BFSB’s promotional drive needed more than ever THE ATTORNEY General says the Bahamas Financial Services Board’s (BFSB) efforts to promote this nation as a leading financial centre are needed more than ever.

Addressing the Board’s 24th annual general meeting (AGM), at which a new Board of Directors was elected to serve a twoyear term until 2024, Ryan Pinder KC said: “If there was a time for the BFSB to continue its mission and mandate, and advance The Bahamas as a pre-eminent financial centre, it is now.

The industry continues to change, evolve, expand and, yes, experience new and evolving challenges.

“The leadership of the BFSB, and the continued partnership and close working relationship with the Government, is paramount.

The Government of The Bahamas is committed to positioning The Bahamas as a compliant, innovative jurisdiction to do financial services business in.”

Mr Pinder also provided an update on the Government’s response to various international initiatives, such as those driven by the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD), as well as its commitment to policy innovation that boosts The Bahamas’ growth and expansion as a financial and commercial centre.

Dr Tanya McCartney, BFSB’S chief executive and executive director, in her AGM report to members highlighted key areas of focus. These include tracking international initiatives impacting the sector, and continued promotion and marketing of the jurisdiction.

She advised attendees that BFSB has remained true to its mandate of promoting a greater awareness of The Bahamas’ strengths as an international financial centre. This, coupled with advocacy for the industry on policy matters, has dominated its agenda.

Subsequent to the AGM, the Board held its first meeting on October 17, 2022, where the following executives were elected to lead The Bahamas Financial Services Board: 1. Chairperson – LaTonia Symonette-Tinker, principal at The Bayshore Group and former consultant in The Ministry of Financial Services, Trade and Industry and Immigration 2.

Vice-chairman – Antoine Bastian, chief executive at Genesis Fund Services Group 3. Treasurer – Kriston Moore, CFA Society, The Bahamas/ CG Atlantic Pensions 4. Assistant treasurer – Kelli Ingraham, attorney, Hubert A. Ingraham Chambers 5. Secretary – Theresa Haven-Adderley, managing director at Isle of Knight Trust Company 6. Assistant aecretary – Dr Iyandra Bryan, chief executive at Quantfury Trading Permanent Directors

LATONIA Symonette-Tinker (left), chairperson, Bahamas Financial Services Board (BFS) Antoine Bastian (right), deputy chairman.

Dr Tanya McCartney, BFSB chief executive and executive director Brandace Duncanson, deputy director of financial services in the Ministry of Economic Affairs BFSB Board of Directors for the 2020-2022 term.

Theresa Haven-Adderley, Isles of Knight Trust Company Deidree Bain, Suntera (Bahamas) Antoine Bastian, Genesis Fund Services (Bahamas) Iyandra Smith-Bryan, Quantfury Trading Angela Butler, Credit Suisse Trust Alexander Christie, McKinney, Bancroft & Hughes Rochelle Cleare, Union Bancaire Privee Timothy Colclough, JPMorgan Trust Company (Bahamas) Linda Beidler-D’Aguilar, Glinton Sweeting O’Brien Arada Davis, UBS Trustees (Bahamas) Cira Davis, Credit Suisse Trust Jamal Ijeoma, Baker Tilly Gomez Kelli Ingraham, Hubert Alexander Ingraham Chambers Taran Mackey, IPG Family Office Portia Nicholson, Higgs & Johnson Sarah Packington, GrahamThompson Latonia SymonetteTinker, The Bayshore Group Glennette Reckley, The Bank of Nova Scotia Trust Company (Bahamas) George White, Leno Corporate Services Raquel Wilson, Lombard Odier & Cie (Bahamas) Igal Wizman, EY Bahamas Ltd. Representatives of Professional Industry Associations Shawn Forbes, Association of International Banks & Trust Companies (AIBT) Endric Deleveaux, Bahamas Association of Compliance Officers (BACO) Kelli Ingraham, Bahamas Bar Association (BBA) Warren Rolle, Bahamas Insurance Association (BIA) Diveane Bowe, Bahamas Institute of Chartered Accountants (BICA) Andrew Rolle, Bahamas Investment and Securities Business Association (BISBA) Nikki Beouf, Bahamas Real Estate Association (BREA)

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Nicolette Gardiner, Chartered Institute of Arbitrators Kriston Moore, CFA Society Bahamas Zelma Wilson, Restructuring and Insolvency Specialist Association (RISA)

reasons and that’s our plans for expansion.”

Better labelling and packaging is included in this expansion because Naturally Bahamian is becoming more visible as the 11 year-old company continues to grow. Its products have already penetrated Baha Mar’s Rosewood property, where they are used

“exclusively” for the hotel’s toiletries in addition to Solomon’s Fresh Market.

Mr Worrell added: “We have produced private labels for other major hotels in The Bahamas and on Paradise Island. We plan to expand the private label business. It’s always exciting when you can expand your client base, especially in The Bahamas.

“Really, our primary interest is in providing wholesome foods at a good price for the Bahamian public. Our focus right now is not in the international market. We want to capture the Bahamian market, and actually capture the imagination of the Bahamian people as to what can you produce locally and how healthy and tasty it is.”

PAGE 12, Thursday, November 3, 2022

THE TRIBUNE

Stocks fall after Fed says rates may rise more than expected

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers STOCKS fell sharply after Federal Reserve Chair Jerome Powell signaled that interest rates may need to go even higher than previously thought in order to tame the worst inflation in decades. The Fed raised its benchmark rate by threequarters of a percentage point Wednesday, its fourth consecutive hike of that magnitude and its sixth this year. Markets had initially

rallied after Fed policymakers seemed to suggest in a statement that they might slow the pace of increases.

Those gains disappeared and stocks turned lower again after Powell delivered the sobering news that the Fed may need to hold back the economy with high interest rates for some time before the fight against inflation is done.

“It’s very premature, in my view, to think about or to be talking about pausing our rate hikes,” Powell in a

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news conference. “We have a ways to go.”

The S&P 500 fell 2.5%, its third straight drop. It had been up by 1% earlier.

The Dow Jones Industrial Average fell 1.5% and the Nasdaq composite slid 3.4%. Long-term Treasury yields jumped after a brief pullback. The yield on the two-year Treasury, which tends to track market expectations of future Fed action, rose to 4.58% from 4.55% shortly before the Fed released its statement.

The yield on the 10-year Treasury, which helps set mortgage rates, climbed to 4.09% after having fallen to 3.98% earlier in the afternoon. The Fed’s move raised its key short-term rate to a range of 3.75% to 4%, its highest level in 15 years. It was the central bank’s sixth rate hike this year, a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.

TRADERS work on the floor at the New York Stock Exchange in New York, Wednesday, Nov. 2, 2022.

Photo:Seth Wenig/AP Higher rates not only slow the economy by discouraging borrowing, they also make stocks look less appealing compared to lower-risk assets like bonds and CDs. In a statement announcing the rate hike the Fed suggested that it could soon shift to a more deliberate pace of rate increases. And said that in coming months it would consider the cumulative impact of its large rate hikes on the economy.

Any encouragement that gave investors faded when Powell said during a press conference that the central bank would rather make a mistake of taking interest rates too high than easing too quickly, noting that a premature pullback on rate hikes could lead inflation to become entrenched, which risks more pain for households.

Powell also said that regardless of whether the Fed dials down its interest rate hike in December, it may still end up pulling its key short-term rate ultimately to a higher level than previously anticipated.

“If there was any doubt about whether or not they’re going to continue hiking and maybe err on the side of ‘still too far’ rather than ‘not far enough,’ that was erased with his comments,” said Liz Young, head of investment strategy at SoFi. Wall Street has been closely watching the latest economic data this week, particularly on the employment market, which has remained strong despite inflation. That strength is being taken as a sign that the Fed will have to remain aggressive in its fight against high prices.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 1 NOVEMBER 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 7.00 53.00 2.76 2.46 2.85 6.20 10.05 4.34 10.65 3.65 8.51 17.50 3.25 11.28 11.67 11.50 18.30 4.00 11.50 16.50

52WK LOW 5.30 40.00 1.60 2.20 2.15 5.75 8.78 2.82 7.50 2.27 6.01 10.25 1.99 9.25 9.16 10.00 14.05 3.50 9.25 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2584.51

-0.89

-0.03

256.27

15.59

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB9 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.97 100.03 99.95 99.95 100.57 100.52 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.54 100.03 99.30 99.95 100.11 99.96 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.55 4.83 2.24 207.86 212.41 1.75 1.91 1.87 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.70 1.76 1.77 0.96 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR120037 BGRS FL BGRS99031 BGRS FX BGR142251 BGRS FL BGRS91032 BGRS FL BGRS95032 BGRS FL BGRS97033 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGRS990318 BSBGR1420516 BSBGRS910324 BSBGRS950320 BSBGRS970336 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.95 39.95 2.76 2.46 2.85 6.20 8.78 3.95 10.25 3.20 8.23 16.00 3.67 10.50 9.07 10.85 18.10 4.00 11.38 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.03 99.95 99.95 100.45 100.19 89.62 100.00 100.00 100.00

CLOSE 6.95 39.95 2.76 2.46 2.85 6.20 8.78 3.95 10.25 3.20 8.23 16.00 3.67 10.50 9.07 10.85 18.10 3.98 11.38 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME 100

2,500

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.97 100.03 99.95 99.95 100.45 100.19 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2.07) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.02) 0.00 0.00

(242) 323-2330 (242) 323-2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

970

NAV 2.55 4.83 2.24 197.44 202.39 1.75 1.91 1.87 0.96 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 4.30% 6.40% 4.37% 4.31% 4.31% 5.55% 5.60% 5.65% 5.69% YTD% 12 MTH% 2.24% 4.01% 3.42% 7.26% 1.70% 2.82% -2.97% -2.35% -4.72% 6.04% 1.96% 2.84% 4.83% 7.23% 3.48% 4.44% -6.57% -8.29% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 29.1 42.9 N/M 17.6 N/M N/M 23.8 -9.0 73.2 17.4 18.3 22.2 36.0 22.5 14.0 14.9 22.2 19.6 12.1 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.45% 3.15% 0.72% 3.25% 0.00% 0.00% 2.96% 0.00% 0.00% 3.75% 2.67% 4.50% 11.83% 0.57% 3.62% 2.21% 2.98% 3.02% 1.76% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 23-Sep-2031 15-Feb-2051 15-Aug-2032 25-Sep-2032 17-Apr-2033 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jul-2022 31-Jul-2022 29-Jul-2022 31-Mar-2022 31-Mar-2022 31-Aug-2022 31-Aug-2022 31-Aug-2022 31-Aug-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NOTICE

NOTICE is hereby given that CHRISTIANE CHARLES of Farrington Road, 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 27th 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 WILFRID ESTIME JR of P.O Box SB-51250 Wild Guava Avenue, Pinewood Gardens, 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 27th 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 JONEY JOSEPH of Butler’s Way off Carmichael Road, 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 27th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 16, Thursday, November 3, 2022

THE TRIBUNE

Powell: Rate hikes may slow, but inflation fight hardly over

By CHRISTOPHER RUGABER AP Economics Writer FEDERAL Reserve Chair Jerome Powell sought Wednesday to strike a delicate balance at a moment when high inflation is bedeviling the nation’s economy and commanding a central role in the midterm elections.

Powell suggested that the Fed may decide in coming months to slow its aggressive interest rate increases.

Yet he also made clear that the Fed isn’t even close to declaring victory in its fight to curb an inflation rate that is near four-decade highs and has shown few signs of ebbing.

When the Fed ended its latest policy meeting Wednesday, it announced that it was pumping up its benchmark rate by a substantial three-quarters of a point for a fourth straight time. Its key rate now stands in a range of 3.75% to 4%, the highest in 15 years.

It was the central bank’s sixth rate hike this year — a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.

The statement the Fed issued suggested that it would begin to take a more deliberate approach to rate hikes, likely leading to smaller increases in borrowing costs. In doing so, it would consider that rate hikes take time to feed into the economy and achieve their goal of slowing inflation.

The financial markets initially cheered the notion that the Fed might soon decide to slow its hikes, with stock and bond prices surging higher.

Yet as his news conference got under way, Powell struck a harder line. He stressed that the Fed’s policymakers have seen little progress in their efforts to control inflation and would likely have to send rates even higher than they thought they would at their last meeting in September.

“We still have some ways to go,” he said. “Incoming data since our last meeting suggests” that the officials might have to raise rates higher than the 4.6% they forecast in September.

The Fed chair pointedly emphasized that it would be “very premature” to even think about halting the rate hikes. Inflation pressures, he said, remain far too high.

The abrupt shift in tone gave the financial markets whiplash. Stocks sharply reversed their gains and tumbled into the close of trading. The Dow Jones Industrial Average ended the day down over 500 points, or about 1.5%.

“I think he accomplished his goal” of striking hawkish and dovish notes, said Vince Reinhart, chief economist at Dreyfus and Mellon. (“Hawks” generally prefer higher rates to fight inflation, while “doves” often lean more toward lower rates to support hiring.)

“That’s why the market was so confused.”

The Fed’s meeting occurred as financial markets and many economists have grown nervous that Powell will end up leading the central bank to raise borrowing costs higher than needed to tame inflation and will cause a painful recession in the process.

Powell implicitly addressed those fears at his news conference. He kept the door open to downshifting to a half-point hike when the Fed next meets

FEDERAL Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting, Wednesday, Nov. 2, 2022, in Washington.

Photo:Patrick Semansky/AP

“At some point, it will become appropriate to slow the pace of increases. So that time is coming, and it may come as soon as the next meeting or the one after that.

No decision has been made.”

Jerome Powell in December. The central bank could then step down even further to a quarterpoint increase — a more typically sized rate hike — early next year.

“At some point,” he said, “it will become appropriate to slow the pace of increases. So that time is coming, and it may come as soon as the next meeting or the one after that. No decision has been made.”

At the same time, Powell noted that the job market

remains strong, which means many businesses must raise pay to keep workers — raises that are often passed on to consumers in the form of higher prices.

This week, the government reported that companies posted more job openings in September than in August. There are now 1.9 available jobs for each unemployed worker, an unusually large supply, which also fuels bigger pay

increases and adds to inflationary pressures.

Overall, Powell said the Fed has made little progress against inflation so far.

“We think we have a ways to go, we have some ground to cover with interest rates,” he continued, “before we get to that level of interest rates that we think is sufficiently restrictive.”

The persistence of inflated prices and higher borrowing costs is pressuring American households and has undercut the ability of Democrats to campaign on the health of the job market as they try to keep control of Congress.

Republican candidates have hammered Democrats on the punishing impact of inflation in the run-up to the midterm elections that will end Tuesday.

“Chair Powell stuck to this two-pronged message: We’re not done yet, due to high inflation and a strong

commitment to bring it down,” Sal Guatieri, senior economist at BMO Capital Markets Economics, wrote in a note. “But we may not need to keep cranking rates aggressively, due to an economy that has slowed significantly from last year and long-term inflation expectations that are still ‘well anchored.’ “ Typically, the Fed raises rates in quarter-point increments. But after having miscalculated in downplaying inflation last year as likely transitory, Powell has led the Fed to raise rates aggressively to try to slow borrowing and spending and ease price pressures.

The average rate on a 30-year fixed mortgage, just 3.14% a year ago, surpassed 7% last week, mortgage buyer Freddie Mac reported. Sales of existing homes have dropped for eight straight months.

Still, the policymakers may feel they can soon slow the pace of their rate hikes because some early signs suggest that inflation could start declining in 2023. Consumer spending, squeezed by high prices and costlier loans, is barely growing.

Supply chain snarls are easing, which means fewer shortages of goods and parts. Wage growth is plateauing, which, if followed by declines, would reduce inflationary pressures.

Outside the United States, many other major central banks are also rapidly raising rates to try to cool inflation levels that are even higher than in the U.S. Last week, the European Central Bank announced its second consecutive jumbo rate hike, increasing rates at the fastest pace in the euro currency’s history to try to curb inflation that soared to a record 10.7% last month.