11082021 BUSINESS

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MONDAY, NOVEMBER 8, 2021

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Payment provider eyes 20-25% profit increase

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN digital payments provider is forecasting a 20-25 percent profits increase in 2022 based on the financial transactions it handles being “no less than double” this year’s $100m.

Jeffrey Beckles, Island Pay’s managing director, told Tribune Business he anticipated that digital financial services usage will increase by 50 percent year-over-year in 2022 as consumers, merchants and the Government become increasingly comfortable with the technology and its use as a means of payment.

Describing digitisation, and the roll-out of electronic financial services, as “probably the most second critical component” for economic growth behind COVID-19 revival plans, he added that Island Pay had seen demand for its existing services menu - especially pre-paid MasterCards and Sand Dollar purchases - increase significantly during 2021.

• 2022 transactions to ‘double’ this year’s $100m • Forecasts customer ‘adoption’ to soar by 50% • Warns ‘wall closing in’ for traditional transfers Mr Beckles said Island Pay had grown from a four-strong team when he joined the company just over one year ago to an 11-strong JEFFREY workforce BECKLES that provides it with the platform for further expansion. Already present in Grand Bahama and Abaco, as well as New Providence, he revealed that it is poised to enter Exuma, Eleuthera

and the Berry Islands as early as the 2022 first quarter.

“I’m happy to say we’ve surpassed the $100m mark in annual transactions and transfers, which is quite an achievement,” Mr Beckles said of Island Pay’s performance for 2021 todate. “Fifty percent of that number is non-government related transfers, which means the average person is using their [digital] wallet to pay bills and put top-up on their phones to make purchases.

“We’ve seen a significant improvement in the adoption of our MasterCard programme, which has been a game changer..... This has been a strong point in the $100m

SEE PAGE 6

Dismissed BPL trio lose claim over $1.9m fraud

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THREE Bahamas Power & Light (BPL) staff accused of playing key roles in the $1.9m fraudulent invoices scam that rocked the stateowned utility have lost their wrongful/unfair dismissal claims.

Justice Ian Winder, in a November 5, 2021, ruling found that BPL had “a reasonable and honest belief” based on the findings of its investigation that Tevaughn Miller, D’Yanndra Curry and Katonia Neely had collectively processed hundreds of thousands of dollars involved in the scheme.

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New COVID rules ‘threaten hardship’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Cabinet minister has warned the proposed COVID-19 rules are too “inflexible and draconian”, and threaten to “create hardship” for businesses and citizens unless amended.

Dr Duane Sands, exminister for health who held the post at the start of the pandemic, told Tribune Business that both the language and details of the Health Services (COVID19) (General) Rules 2021 and accompanying Health Services (COVID-19) (Prevention and Management of Community Spread) Rules 2021 needed to be adjusted “to make it make sense”.

Otherwise he warned that the newly-elected Davis administration would face significant push back from the Bahamian private sector and wider society, and could create “a number of coconut water seller scenarios” - a reference to road-side vendors who were arrested and prosecuted during

DR DUANE SANDS COVID-19’s peak for allegedly operating without a licence and in breach of health protocols.

Dr Sands cited several concerns with both sets of rules, which were tabled in the House of Assembly last Monday by Dr Michael Darville, minister of health and wellness. In particular, he pointed to section 8 (2) (a) of the Health Services (COVID-19) (General) Rules, which state “every business shall ensure that all customers and staff maintain physical distancing between themselves and

SEE PAGE 8

As a result, he ruled that there had been no breach of BPL’s industrial agreement with the Bahamas Electrical Workers Union (BEWU) or the trio’s rights under the Employment Act, and therefore dismissed their claim in its entirety.

Setting out the background to the dispute, Justice Winder recalled how BPL fell victim in 2017 to a fraud ring that resulted in losses of $1.9m via payment of fictitious invoices to both existing and sham contractors for work that was never performed on the state-owned utility’s behalf.

In May 2017, BPL came to understand that it had become the object of a

SEE PAGE 7

Bahamas ‘can’t afford’ aviation downgrade

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas “cannot afford” to have any further downgrade to the aviation industry’s global standing, airline operators have warned, and are hoping for a “marked improvement” this month.

Anthony K Hamilton, Southern Air’s director of administration, and president of the Bahamas Association of Air Transport Operators, told Tribune Business “the most critical thing for us” is to obtain an improved

rating for the country’s civil aviation safety and oversight regime via an audit currently underway.

Officials from the International Civil Aviation Organisation (ICAO) are presently in The Bahamas to carry out this assessment, with both the Government and aviation industry hoping to fare significantly better than the previous 2017 audit when this nation was found to have only properly implemented 32 percent of the “critical elements of a safety oversight system”.

SEE PAGE 6

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PAGE 2, Monday, November 8, 2021

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IT GOVERNANCE VITAL IN DATA-DRIVEN WORLD C

hanging economic conditions, access to global markets, evolution of information technology and an increased demand for enhanced corporate governance are all contributing factors to the growth of the Board’s role in governance. I had the opportunity to discuss governance with the Institute of Internal Auditors’ Bahamas Chapter last week. I welcomed the conversation as internal auditors are crucial to governance because they provide objective assurance and insight on the success and efficiency of

risk management, internal controls and governance processes.

According to the Insurance Commission of the Bahamas (ICB) guidance note for corporate governance oversight assessment criteria: “Corporate governance and oversight refers to board and management functions, processes, structures and information used for directing and overseeing the operations of an institution.” Additionally, the Central Bank of The Bahamas (CBOB) guidelines for the corporate governance of banks and trust companies notes that such practices are related to

the interaction of a company’s Board, management, shareholders and other stakeholders, including its employees and customers. Globally, according to the Cadbury Committee (1992), which is viewed as establishing the UK’s first governance code: “Corporate governance is the management system which directs and controls companies.”

The role of governance is to ensure consistent management, cohesive policies, guidance, processes and decision-rights for a given area of responsibility in order to meet and/ or exceed a company’s

desired goals. Considering that October is cyber security awareness month, I wish to highlight the importance of data governance and information security governance.

Data Governance The purpose of data governance is to manage data to optimise business outcomes and drive business development.

Arguably, outside of human capital, data is the most important asset for a company. Business decisions are based on data. Data management and protection involves people, processes and technologies. A welldesigned data governance

UB NORTH TO STAGE FIRST BUSINESS EXPO

By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net UNIVERSITY of the Bahamas (UB) North, in partnership with the Small Business Development Centre (SBDC), will host its first business expo and symposium this week.

The free symposium, which runs from November 11-12, will be virtual and can be accessed online at UB North’s Facebook page.

It will be held under the theme, The challenges and triumphs of doing business in Grand Bahama.

Dr Teo Cooper, UB North’s dean of students, told a recent media briefing that the event is being held to empower persons, both young and old, to participate actively in the island’s prosperity through entrepreneurship.

“It is no secret (that) for the past few decades the economy of Grand Bahama has been

experiencing insurmountable challenges,” he said.

“If there is one lesson we have learned from this it is that we cannot depend solely on the Government or the Grand Bahama Port Authority alone in order to stimulate economic growth and revitalise the economy of Grand Bahama.”

He said that by partnering with the Access Accelerator (SBDC), they will provide information so persons can fully understand the nuances of

doing business in Grand Bahama and the fundamentals involved in building a sustainable business. Dr Cooper said the symposium will also expose, and engage, young innovators who are on the island doing business successfully.

“Because of the support of our sponsors, we are able to hold this free of charge.

And we hope that high school and college students, and the business community, will take interest and join this event,” he said.

programme is critical to ensuring data maximisation. The framework is considered a hub and must, at a minimum, include a data architecture, data modelling and design, data storage and operations, data quality, metadata, data warehousing and business intelligence and data security.

Information Technology (IT) governance It is a triple-pillar approach of structure, participation and process. The structure speaks to the mode of operation selected for implementation. Participation involves the mechanisms implemented

Yvette O’Conno, senior business development specialist at Access Accelerator SBDC, said small businesses are the driving force in the economy.

“They help to stimulate economic growth through job development,” she said.

“UB is one of our strategic partners and… we are proud and excited to be the title sponsor of this first business symposium.”

Ms O’Conno said all businesses have had to adjust to the COVID-19 business environment.

“This could not come at a more pivotal time as small businesses in Grand

By

Derek

Smith to engage all parties and ensure transparency in the decision-making process.

The use of multiple IT

SEE PAGE 12 Bahama are trying to rebound from COVID-19 and Dorian. And so some stakeholders are coming together in collaboration to provide the tools and strategies necessary to maintain, sustain and start a business on Grand Bahama,” she added.

The symposium will broadcast live on UB’s Facebook page http:// www.facebook.com/ UBNorthGB. Those interested in registering can get information at ubnbes@ub.edu.bs. Or call 699-5903.

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Monday, November 8, 2021, PAGE 3

BREA PRESIDENT: POST OFFICE LEASE ‘GOOD DEAL’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Real Estate Association’s (BREA) president says moving the Post Office to the Town Centre Mall was the best option given the location and rental rate that was obtained.

Christine Wallace Whitfield told Tribune Business that if it were not for the politics there would be no concerns about the Post Office moving to the Town Centre Mall given the lease terms that were obtained.

She said: “Everybody knew the price would be $12 per square foot. They searched around for other places and nobody had a suitable place. I thought it was a decent rate and a good deal.

“But when you are dealing with large spaces like this people don’t realise and sit down, and try to figure out the price per square foot

and what CAM (Common Area Maintenance) charges would be, because commercial spaces have always been known to be more.”

Mrs Wallace-Whitfield added that the Town Centre Mall’s relatively central location was a further advantage to locating the Post Office there as it made it more accessible to a wider range of people.

“I think that given the location of it being in a centralised area, and being easy to get to and from, people would prefer to go there,” she added. “You can get there by jitney, by car or on foot if you are in a nearby area.

“People from the southeast can get to it, people from the western area via the Tonique Williams Darling Highway can get to it, so I think for the location and for the price per square foot I thought it was pretty comparable to other commercial places.”

It is impossible to judge, based on the lease agreement itself, whether the

Government received value for money. However, the details show that the Minnis administration kept to its word in achieving a rental rate of $12 per square foot when the Government pays $30-$40 per square foot at some of its other properties.

The Post Office’s annual rental rate was set at $632,952 over the five-year period for 52,746 square feet. This equates to $12 per square foot per annum, with the monthly rental figure pegged at $52,746. Thus the total gross rental income received by the Town Centre Mall’s owners over the fiveyear period to February 28, 2024, when the lease expires will be $3.165m Jobeth Coleby-Davis, minister of transport and housing, last week told the House of Assembly that the true annual payments by the Post Office/government actually total $820,053 equating to just over $4.1m for the full five-year term.

She added on the $75,954 in VAT that the Government must pay on the lease,

at a rate of $6,330 per month, plus $111,177 per annum to reimburse the Town Centre Mall owners for financing a $500,000 upgrade to accommodate the Post Office.

However, given that VAT is the Government’s main revenue sources, that $75,954 per annum payment will come back to the Public Treasury. Therefore, an argument can be made that the true cost is really $744,129 per year or $3.721m over the full fiveyear lifetime of the lease.

The latter figure compares reasonably well alongside the $4m that the Minnis administration said would be required to outfit the former Phil’s Food Services building on Gladstone Road to accommodate the Post Office.

And the location left by the last Christie administration, the former Independence Shopping Centre on East-West Highway, was said to have cost $4m to purchase and another $4m-$5m to renovate.

The space taken by the Post Office at Town Centre Mall is also much less than the 75,000 square feet first envisaged when debate on the lease kicked-off in the House of Assembly in October 2018. That would have cost an annual rental payment of around $900,000, or $4.5m over the five-year lease lifetime.

The Post Office lease aroused significant controversy at the time because Brent Symonette, then a sitting Cabinet minister, is among the Town Centre Mall’s owners with himself and his brother, Craig, holding a 50 percent equity stake in the property. The other 50 percent is owned by the Darville family.

Mr Symonette was thus in a position to benefit financially from the Post Office lease, and many Bahamians including the then-Opposition Progressive Liberal Party (PLP) blasted the deal as a ‘conflict of interest’ given his Cabinet position, even though this was fully

End ‘double speak’ over oil exploration

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTAL activists yesterday urged the Prime Minister to eliminate “the double speak” and clarify whether or not his government will approve any form of oil exploration in Bahamian waters.

Responding to Philip Davis’ remarks upon his return from the global climate change summit in Glasgow, they also questioned how The Bahamas would benefit from carbon credits if it barred exploration outfits from extracting any commercial oil reserves discovered beneath this nation’s seabed.

Sam Duncombe, reEarth’s president, told Tribune Business that The Bahamas would likely have to pay compensation worth hundreds of millions of dollars to Challenger Energy Group (the former Bahamas Petroleum Company) or any other oil explorer that it blocked from realising the financial fruits of their discovery. This, in turn, would offset or negate any perceived carbon credit benefits.

And she argued that The Bahamas could not have it both ways when it came to oil exploration, given that the Prime Minister’s Friday

message seemed to say: “We’re not drilling for oil but we are - kind of.”

Mr Davis, in somewhat ambiguous language upon his return from the COP26 conference, seemed to suggest that while his newlyelected administration is opposed to the extraction and commercial exploitation of any commercial oil discoveries within Bahamian water, it was not necessarily against exploratory drilling.

Should the latter activities result in any discoveries, the Prime Minister hinted that The Bahamas would seek to monetise this in a different way via the carbon credit route rather than engage in oil production.

“I am not in any definitive position now to say, but as I speak having come from the COP conference and having had conversations with world leaders, having had conversations with technical people, I am minded not to allow oil drilling and for certain at this time I am not prepared to move toward oil exploitation,” he said.

“Because you could still cap and monetise; you could still exploit. Exploitation is something that I’m not....... with the world going the way it is, I will be going with the world.” Environmental activists, trying to decode Mr Davis, said he seemed

to be opposing any extraction but would still permit exploratory drilling to determine if The Bahamas does have any commercial oil sources.

“It is pretty disturbing to be honest. I’m not sure how that is going to work,” Mrs Duncombe said of Mr Davis’ statement. “I don’t know how you can say you are not going to drill for oil, but you are. It’s like saying you are slightly pregnant; you either are, or you are not. It’s either one or the other. I don’t understand what he’s getting at.

“Whether it’s Challenger or someone else, they are not going to say: ‘Here you are, Bahamas.

There are hundreds of millions of gallons of oil down here. Here you go; monetise it and make it work’.”

These exploration outfits, she added, would all want compensation for not being allowed to extract any oil discoveries, thus offsetting the impact of any carbon credits for the country.

“I’m really tired of the double speak,” Mrs Duncombe added.

“There should be a definitive no, we’re not exploring for oil.

We’re going to leave the oil in the ground.”

Meanwhile Rashema Ingraham, executive director of Waterkeepers

Bahamas, told Tribune Business that “there needs to be no other exploration done”.

Given that Challenger’s previous exploration licences have all expired, she argued that the Government should instead monetise these four licence areas for carbon credits rather than move to renew them.

“As there are no active licences of any oil company, the Government is in a position to do that,” she said. “It’s been a flipflop from all governments, but particularly the PLP administrations, for decades. We need him [the Prime Minister] to say these are the exact intentions of

the Government, and how we’re going to go about it.

“If this is his version of environmentally-friendly oil drilling, where we’re not extracting any further, not going to issue any new licences and look at monetising those existing licence areas and wellfields for the benefit of Bahamians via carbon credits, we can see it makes sense as the way forward.

“If we are still pursuing exploration, I completely stand against him and that plan. There is definitely a need for more clarity, and eliminate the amount of buzz words and using those to manipulate or cloud the message. What we don’t

disclosed and the matter debated in Parliament.

Mr Symonette also said he was not present in The Bahamas when the Minnis Cabinet voted to move the Post Office to Town Centre Mall, as he was attending the Society of Trust and Estate Practitioners (STEP) Latin American regional conference. However, the then-Opposition viewed it as a deal that would make one of its rivals even wealthier.

Mrs Coleby-Davis said of the lease terms: “It should also be noted that the Government is responsible for the utility bills, including all connection fees and deposits, as well as property and personal injury insurance.

“When the lease ends, the Government would also have to pay any associated legal fees if litigation arises.

The lease is binding for five years until February 28, 2024.”

want is for the door to be opened or cracked. Small or large, we don’t want to get there. It seems they are leaving loopholes in place if they fall back on the word they have given to The Bahamas and the world.

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, said: “Now is the perfect time to put in place a definitive ban on oil drilling while there are no longer any active oil exploration licences in the country. Following on from the commitments made during COP26, The Bahamas has the chance to truly lead the world.”

She added that she was encouraged by the Prime Minister’s statements both at COP26 and on his return to The Bahamas.

PAGE 4, Monday, November 8, 2021

TOURISM CONFERENCE BOOST FOR BAHAMAS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas this week has a chance to attract fresh investment and operators to its resort industry as it plays host to a leading tourism conference.

The Caribbean Hotel Investment Conference & Operations Summit (CHICOS) is being held at the Grand Hyatt at Baha Mar from November 10-12, and will provide The Bahamas with an opportunity to source fresh investment capital for its major economic driver as it seeks to continue the post-COVID rebound.

Parris Jordan, managing director of HVS, and the chairman and founder of CHICOS, told Tribune Business, that around 250-300 hotel and tourism executives from Caribbean and North America, as well as government officials, are expected to attend.

“Attendees are senior level executives from hotel companies like Marriott, Hilton and the Hyatt,” he said.”They’re signing deals for those brands.

They’re the lenders that lend hundreds of millions of dollars to hotel projects throughout the Caribbean region. They are government officials, the different executives, within the hotel space, that are trying to

do deals throughout the region.”

Calling on Bahamian entrepreneurs seeking resort industry partners to attend, Mr Jordan added: “What they can also expect is updates on the latest trends in the Caribbean and learning what’s been taking place in the hospitality landscape in the Caribbean region.

“What is happening now as the recovery is starting to take place, and then our forecasts for what’s going to happen in the future.

In 2021 we see the Caribbean market is recovering strongly, not just The Bahamas but the Caribbean islands in general.”

Speaking about The Bahamas specifically, Mr

Jordan said he sees an “upswing” in the next 24 months with business volumes returning to 2019 levels. Despite occupancies being down due to the COVID-19 pandemic, room rates and yields have largely held-up, enabling some hotels to recover without having to discount and becoming under-priced.

“What The Bahamas has going for it is that it has lots of airlift and ways for people to get to the country. That will bode well going into the end of 2021 and into 2022,” Mr Jordan said.

He said also said: “The RevPAR ( revenue per available room) is increasing over occupancy rates. Occupancy is still

challenging, but the average rate is increasing, which is good for the region.

“As a hotel owner, and as a destination, you want your rates to be high because you know occupancy does come back when people are more comfortable to fly, and all of the things are being putting in place for that to happen.

With the restrictions easing, and more and more people getting vaccinated, airlift occupancy will return.”

“The average rate for hotels in the Caribbean and in The Bahamas is growing strongly monthover-month, but the occupancy levels are not growing at the same rate and are growing at a lower rate,” Mr Jordan added.

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“The Bahamas has great inventory. You have Baha Mar, and it has the most meeting space in the Caribbean. So when our investors visit they want to see the property and they want to be in The Bahamas.

You have the Margaritaville that just opened. So you have great product, and new, quality product in The Bahamas, and you have lots of options to travel in and out.”

Mr Jordan added that AM Resorts was a major hotel brand looking to operate in The Bahamas.

And while the Marriott is present with its Courtyard label, it has over a dozen more brands that can be made available to The Bahamas.

BTVI CHIEF BRANDS RECORD DONATION ‘GAME CHANGER’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE largest-ever donation received by the Bahamas Technical and Vocational Institute (BTVI) has been branded by its president as a “game changer” in

narrowing this nation’s skills gap.

Dr Robert W. Robertson said the $200,000 anonymous gift is to support technical trades training on Grand Bahama in the aftermath of Hurricane Dorian. It is the single largest donation by a

private donor in the institution’s history.

The donation will be used to support delivery of National Centre for Construction Education and Research (NCCER) certified training by way of a mobile laboratory. A laboratory able to move around the

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island, and support individuals and communities in need of certified skills training in areas such as electrical, plumbing and carpentry, will now be acquired.

“We are delighted to have the community support for this endeavour, and we look forward to advancing this mobile lab and building key skills across Grand Bahama.

This is a substantial donation and vote of confidence in the direction advanced by BTVI, as well as our graduates. Our sincere thanks to the donor,” Dr Robertson said.

The head of construction and auto mechanics at BTVI’s Grand Bahama campus, Kenton Roker, added: “We have seen considerable interest in the trades across Grand Bahama, particularly after Hurricane Dorian. This strategic donation will assist in addressing that demand.”

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THE RACE TO GO GREEN

By CARL CHRIS ILLING “WE cannot outrun your carbon emissions. We cannot outrun the hurricanes, which are becoming more powerful, and we cannot outrun our sea levels as our islands disappear.”

Philip E. Davis, Prime Minister of the Commonwealth of the Bahamas, Bloomberg’s “Quote of the day”, November 2, 2021.

Our newly-elected Prime Minister did not mince his words at the United Nations (UN) Climate Summit in Glasgow last week. He urged the industrial nations to finally put their money where their mouth is and take action now to prevent the worst-case scenario.

The small island states account for less than one percent of global greenhouse gas (GHG) emissions but are among the most vulnerable of all locations to the potential adverse effects of climate change and sea-level rise, such as losing coastal arable land to degradation as well as salinification.

As developing economies relying on sectors vulnerable to climate patterns such as tourism, agriculture and fishing, Caribbean nations would be greatly affected by the ongoing rise in sea levels, changes in rain patterns and temperatures, and increasing intensity of natural disasters identified by the Intergovernmental

Panel on Climate Change (IPCC).

Climate change refers to long-term shifts in temperatures and weather patterns. These shifts may be natural, but since the 1800s, human activities have been the main driver of climate change, primarily due to the burning of fossil fuels (such as coal, oil and gas), which produce heattrapping gases, especially carbon dioxide (CO2). The invisible molecule CO2 has become a symbol of an energy industry that no longer appears sustainable.

In contrast, renewable energies are largely free of such climate-affecting emissions. Their costs have been falling for years and will probably continue to do so, making them increasingly attractive as investments in a future worth living in.

With the power of the sun, they generate clean energy - in the form of solar, wind and hydro power.

Major upside: The sun does not send us an invoice.

Its radiation energy is about 5,000 times greater than the energy needs of all people. Global politicians have long recognised the potential and have been promoting the expansion of corresponding power plants with legislation such as the Renewable Energy Sources Act (EEG) since 2000.

Green investment is a subsection of the global socially responsible

GREEN FUTURE investing (SRI) trend that has taken the world by storm. In a nutshell, SRI is the process of investing in projects or companies dedicated to conscious business activities. SRI is often considered through the lens of environmental, social and governance (ESG) investments.

Investors can also benefit from this development, especially because investments in renewable energies have long ceased to be a niche product. They have successfully established themselves on the market for sustainable investments. In 2020 alone, sustainable fund assets hit a record $1.7 trillion. Global ESG assets are projected to exceed $53 trillion by 2025, and $100 trillion by 2030.

The market for renewable energy investments

is growing steadily, so it is even more important to have a good overview for your own investment decision. With a sustainable investment you can make an effective contribution to climate protection.

And we have now several ways to invest in a better future: Direct investment in renewable energy projects, investment in exchangetraded funds (ETFs) or buy renewable energy stocks.

Monday, November 8, 2021, PAGE 5

Some of our established energy companies are now heavily involved in the push towards green energy. Shell (RDSA), for example, has spent about $2bn since 2016 on investing in renewable energy.

The Strathcona renewable diesel project is part of ExxonMobil’s (XOM) plans to provide more than 40,000 barrels per day of low-emissions fuels by 2025.

In the US, the company has agreed to purchase up to five million barrels of renewable diesel annually from Global Clean Energy to supply markets in California. Both companies share prices are up by over 50 percent in 2021.

But also, relatively new companies such as Tesla (TSLA), JinkoSolar (JKS) and Siemens Renewable

Energy (SGRE) had an incredible performance in recent years. The Tesla share price just reached a new record on Thursday at $1230.

Clean energy ETFs are exchange-traded funds that invest in stocks in the alternative energy sector, which might include solar energy, wind, hydroelectric and geothermal companies. Like other types of funds, clean energy ETFs can easily diversify your portfolio.

The question for most investors now is not if but when they will become a part of the green revolution. As years of market history had shown, the sooner, the better.

Bahamian cadets join Disney vessel

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO LJM Maritime Academy cadets have joined the Disney Dream cruise vessel for a year as part of their maritime certification efforts.

Christina Adderley, from Eleuthera, and Emily Bain, from New Providence, met with Disney Parks, Experiences and Products chairman, Josh

D’Amaro, along with other Disney Cruise Line executives aboard the vessel last Monday.

They joined the vessel as part of the Disney Cruise Line maritime scholarship programme, which included two years of study at LJM Maritime Academy in Nassau and one year of service aboard a Disney ship.

Ms Adderley and Ms Bain will spend about 12 months onboard various Disney Cruise Line vessels,

gaining onboard experience and working toward their maritime certifications.

The Disney scholarship programme, announced in 2019 in partnership with LJM Maritime Academy, is part of a larger collection of initiatives Disney Cruise Line has implemented to inspire future maritime professionals and support communities across The Bahamas.

LJM Maritime Academy Cadets Christina Adderley, from Eleuthera, and Emily Bain, from New Providence, met with Disney Parks, Experiences and Products Chairman Josh D’Amaro along with other Disney Cruise Line executives aboard the Disney Dream on Monday.

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PAGE 6, Monday, November 8, 2021

BAHAMAS ‘CAN’T AFFORD’ AVIATION DOWNGRADE FROM PAGE ONE Mr Hamilton said: “It’s going to be a most critical audit, particularly with the prior experience. We need to fare well with this.

Giving consideration to the state of affairs with aviation locally and internationally, we cannot afford to have a downgrade. That’s the most critical thing for us; having the excellent end result with this audit.”

Dionisio D’Aguilar, minister of tourism and aviation under the former Minnis administration, oversaw several regulatory reforms designed to address weaknesses exposed by the last ICAO audit. This included passage of the revised Civil Aviation Act, plus the Bahamas Air Navigation Services (BANS) Authority Act, which further separated regulator and operations by breaking

out the air traffic controllers from the Civil Aviation Department.

Finally, the Civil Aviation Authority Act defined the Civil Aviation Authority’s organisational structure and set-up as the sector regulator, as well as “how it operates and codifying in law” the oversight functions it performed.

Mr Hamilton yesterday voiced optimism that The Bahamas “should not be anywhere near” 32 percent in the latest ICAO audit findings, but agreed that much depends on the “corrective action” taken by the Government and Civil Aviation Authority.

He also voiced concern over the loss of the late Michael Allen, the Authority’s former director-general, who he said had been “doing an excellent job to ensure we were on track for an excellent

outcome” with ICAO. “I hope the team has kept it on track so we can have a result that will be most pleasing,” Mr Hamilton said.

“The part that aviation plays in our economy, if we are further downgraded it will not be good news for us. Like everything else we need to be in compliance.

That’s vitally important.

For the sake of all of us I hope we fare well, and not just better but a marked improvement in the end result. I would hope that as best an effort that could have been made would have been made for this thing.

“The very corrective action on the part of the authorities should augur well for us to be in a better position this time around.

If we don’t, then we’re not going to have such a good experience in terms of how

aviation moves forward from this juncture,” he continued.

“There are certain prerequisites to ensure success, and one of the most critical is a successful audit from ICAO. It’s a major plank in the middle of it.”

A poor ICAO audit would adversely impact The Bahamas’ international aviation standing and how it is perceived by industry stakeholders, in addition to disrupting plans to launch an upgraded aircraft registry. The ICAO audit team last week meet Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, to discuss their work and visit.

The last ICAO report revealed that The Bahamas had only properly implemented 32 percent of the “critical elements of a safety oversight system” for

the aviation industry, with deficiencies found in all eight key areas.

The report, which effectively “downgraded” The Bahamas from 56.98 percent compliance pre-audit, found it had implemented just 2.5 percent of its aviation industry “surveillance”, and 15.97 percent of its “licensing, certification and authorisation”, obligations.

Similar low scores were achieved on the “resolution of safety issues”, where The Bahamas was found

by ICAO’s team to be just 11.76 percent compliant, and on “qualified technical personnel”, where it gained a 36 percent ranking.

It fared better on the quality of its aviation legislation and “state systems and functions”, which both scored in the 50 percent range, and achieved its highest compliance rating

PAYMENT PROVIDER EYES 20-25% PROFIT INCREASE FROM PAGE ONE worth of transactions and transfers that we have seen.”

Island Pay, as “principal licence holder” with MasterCard, is able to issue cards attached to its clients’ digital wallets. Mr Beckles revealed that pre-paid MasterCard purchases by the digital payments provider’s clients had jumped 50 percent this year, accounting for one of its major growth areas, along with purchases of the Bahamian digital currency at its 13 New Providence kiosks.

“It expands our capacity, and enables wallet holders to have fiat currency, have Sand Dollars, on it,” the Island Pay chief added

of the MasterCard cards and tie-up. “It has drastically expanded the capacity of the user, which serves to strengthen the economy, because users have more flexibility with their wallet, more security and can transfer dollars to their card when they travel.”

Describing this as a “huge advantage” for Bahamian consumers, Mr Beckles said they can load up to $500 on to a pre-paid card at any Island Pay kiosk. “That has greatly empowered the unbanked, the underbanked and those that cannot be bothered to go to the bank,” he added.

“It provides them with the ability to manage their money without adding to their debt. Consumer

debt is a problem, but with our programme they have access to services they would not have. That empowers the average Bahamian who otherwise would not have access to a debit or credit card.”

Mr Beckles conceded that The Bahamas needs to further “accelerate” the socalled “adoption rate”, or pace at which Bahamians use digital financial services, if the economy is become and remain competitive in the post-COVID world.

Optimistic that the Government’s digitisation drive, the desire of merchants to go cashless, and global trends will unite to help achieve this objective, he told Tribune Business of the adoption rate: “I think we’ll

see as much as a 50 percent increase in 2022, and that’s going to be driven by a couple of things.

“The Government will accelerate its plans to digitise services, and as the merchant community continues to go cashless it will be driven by that. The third thing that will drive it is access to global markets as they become digitised.

Bahamians love access to global markets, and these things are going to drive the adoption rate.

“The walls are closing in. You cannot access certain services by traditional means, so you have to access them through digital means. I think we saw that in the 50 percent of our $100m in transfers this year

NOTICE NOTICE is hereby given that MAXO CAMILLE of Podoleo 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 8th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

being driven by non-government transfers.”

The Island Pay chief revealed that it has handled some 500,000 in transactions for 2021 to-date, with the peak daily value witnessed so far amounting to $2.6m. The peak daily volume is 13,000 transactions and transfers, with the provider’s current digital wallet client base standing at 24,000.

While “the adoption rate is less than we’d like”, Mr Beckles said usage continues to grow at a significant pace which makes him increasingly confident about Island Pay’s growth prospects. Asked about the transaction value the company was likely to handle next year, he predicted it would be “no less than double” this year’s $100m mark and could even surpass the $200m level.

“On our current trajectory, and I’m happy to say we are profitable already, I think we could see our profits up by 20-25 percent [in 2022], which would be reasonable. That’s not beyond consideration,” Mr Beckles said.

“We are still in recovery mode, where customers are still trying to find their feet, their legs as it were.

Businesses are beginning to settle into this new norm.

We have less people on the road, less people moving about, less people in office, which translates into online services and puts it right in our lap.”

He added that the COVID-19 pandemic and associated lockdowns/ health restrictions, which

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of 61.06 percent for “specific operating regulations”.

Captain Charles Beneby, the Bahamas Civil Aviation Authority’s former director-general, told Tribune Business at the time that the last ICAO audit had caught the regulator when it was “transitioning” from a government entity to a standalone supervisory authority.

As a result, he argued that the BCAA “didn’t have sufficient time” to show ICAO that The Bahamas had implemented more of the necessary safety standards than allowed for by the report.

Captain Beneby also said it was aiming to achieve a 65 percent “effective implementation” score during this audit, effectively ‘doubling’ the present 31.98 percent safety oversight compliance rating. forced persons into online working/living and staying at home, had accelerated the move to online financial services by “easily 90 percent; almost 100 percent.

Remember we were doing a snail’s pace walk, and then accelerated more in two years than we had done in ten years”.

Warning that The Bahamas cannot afford to “take our foot off the pedal” when it comes to the country’s digital transformation, as there is “too much to lose”, Mr Beckles said Island Pay and other electronic payments providers will help fill the vacuum created by commercial bank withdrawal from the Family Islands.

“We have multiple locations in Nassau,” he added.

“We are in Grand Bahama and Abaco, and are soon to be in additional Family Islands in the 2022 first quarter. We’ll be in Exuma, Eleuthera and the Berry Islands.

“It is part of the plan to be nationwide, but also part of the plan to absorb some of the pressure created by the vacuum from commercial banks leaving the islands. Our current models can provide services to those islands.”

Mr Beckles added that Island Pay also plans to expand the 24-hour, seven days per week, customer call centre that it established in January 2021 in the upcoming year. “We’re looking to expand our presence in Freeport as well,” he said.

“We will have staff in Freeport and Abaco. We’re also expanding our presence in Eight Mile Rock, West End and East End as early as January.”

NOTICE NOTICE is hereby given that RYAN KEVIN MINDS of Sea Breeze Lane 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 1st day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, November 8, 2021, PAGE 7

DISMISSED BPL TRIO LOSE CLAIM OVER $1.9M FRAUD

FROM PAGE ONE

fraudulent scheme which began within BPL,” his judgment recorded. “The scheme involved the presentation of fraudulent invoices and payment of those invoices being made to both existing and fictional contractors of BPL. “It resulted in the loss of some $1.9m for BPL. Having been made aware of the fraudulent scheme, BPL commenced investigations into several of its employees, including the plaintiffs.”

The trio were subject to a series of suspensions from work as the Governmentowned electricity monopoly investigated the fraud, with the probe’s findings resulting in the trio’s August 16, 2017, terminations. The trio were told their actions both violated the Employment Act as well as the industrial agreement with the BEWU. However, they countered with almost-identical legal actions claiming wrongful and/or unfair dismissal as well as breaches of the BPL/BEWU industrial agreement and the Employment Act. They claimed they were never told of the allegations against them, and did not have an opportunity to defend themselves or present their case.

However, BPL produced evidence of a supplemental agreement with the BEWU, signed by Astrid Bodie, the latter’s secretary, and other union officials, which agreed to the suspension of Miller and the others for an additional 30 days beyond that provided in the industrial agreement so the $1.9m fraud investigation could continue.

The utility cited this as evidence of “the procedural fairness of the investigation”, and Chequita Johnson, BPL’s former human resources manager, compensation and benefits, told the Supreme Court that each of the trio knew of the allegations against them as they were provided with documents linking them to the fraud.

BPL also alleged that Miller, Curry and Neely abandoned its grievance procedure before it was completed in favour of initiating Supreme Court action, with the investigation into the fraud conducted by the utility’s information technology (IT) department as well as the EY (Ernst & Young) accounting firm.

Miller, according to Justice Winder’s ruling, was found to have entered three fraudulent cheques worth a collective $121,069 in BPL’s system on behalf of companies Bahamas Industrial Equipment, James Munroe

BAHAMAS POWER & LIGHT (BPL) HEADQUARTERS. Company and Scuderia Electrical.

“BPL submits that Tevaughn [Miller], by virtue of his role as filing clerk in the finance division, always had access to and was involved in the movement of cheques and invoices with the accounts payable department,” Justice Winder wrote. “They say that this is where the opportunity for him to participate in the fraudulent scheme arose.

“Both the internal investigation and the report by EY pointed to Tevaughn’s involvement, says BPL. It was noted that Tevaughn’s job duties were to maintain a complete and accurate log of all cheques that are printed and their status (still in accounts payable for vetting, released to the executive wing for signature, waiting for pick-up by vendors).

“A review of Tevaughn’s cheque log noted that it was generally incomplete, making it impossible to trace the final whereabouts of the fraudulent cheques prior to being reviewed from BPL headquarters.”

Noting further evidence, Justice Winder added: “BPL says that its monitoring of Tevaughn’s employee key card during its investigation showed him on the company’s grounds when he was not scheduled to work, and on a day when one of the three (3) cheques in question was deposited to a bank.

“There was no indication that anyone other than Tevaughn ever used his key card. The evidence in favour of Tevaughn being a part of the fraudulent scheme included Johnson’s evidence that six fraudulent cheques were found in his work desk. Tevaughn denied any knowledge of the cheques.”

As for D’Yanndra Curry, Justice Winder’s judgment said: “BPL submits that the investigation shows that she was responsible for entering fraudulent invoices. Chantal Williams’ evidence (BPL internal audit] was that 25 of 44 of what were discovered to be fictitious invoices totaling $1.441m were entered by D’Yanndra.

“D’Yanndra’s oral evidence was that she did not consider anything suspicious about her singularly having inputted 25 of the cheques, as it was her job to process cheques..... The audit report also cited that D’Yanndra inputted six of 13 fictitious vendors into BPL’s accounts system which cheques were issued to.

“She also was responsible for performing a first level review and signing off on five cheques which totaled $111,734. On May 10, 2017, D’Yanndra was also found to have fraudulent cheques in her desk drawer, six in total, which had already been cleared by the bank,” he continued.

“She claimed that she was not made aware of the cheques being found in her desk during her interview.

BPL contended that during her interview D’Yanndra became agitated and left early without completing the interview.”

Finally, Katonia Neely was alleged to have been responsible for reviewing, signing-off and stamping $23,000 worth of fraudulent cheques made out to Bahamas Heavy Machinery and Trucking. “BPL further says that Katonia admitted to having a non-work relationship with Reno Bethel, who the Royal Bahamas Police Force determined was a primary suspect in the fraudulent scheme,” the judge said.

“She told the court in her evidence that she had a side business selling jewellery, amongst other items,

and Bethel was one of her customers. BPL says that

Katonia

was

not

forthcoming about her relationship with Bethel.

“Part of what led them to this conclusion is that Katonia could not or would not produce messages between herself and Bethel when asked to do so. Katonia says that her mobile phone ran out of space and the messages were deleted.”

Justice Winder said he found BPL’s evidence, and that of its current and former executives, more credible than the dismissed trio’s testimony. “I accept that BPL was not dissuaded by the explanations offered by the plaintiffs from forming an honest and reasonable belief that the plaintiffs were involved or responsible for BPL’s financial loss,” he ruled.

“I am not required to find that they were in fact guilty of the misconduct alleged, and I refrain from such a finding, but on the evidence before the court I accept that it was open to BPL to form such a belief, which I found that it honestly held.”

PAGE 8, Monday, November 8, 2021

NEW COVID RULES ‘THREATEN HARDSHIP’

FROM PAGE ONE others of not less than six feet while inside or awaiting entry outside the business”.

“The rules say that if you are a business person, you have to maintain a distance of six feet from your customer,” Dr Sands said.

“How are you going to check someone out if they have to be six feet away from you? Do they throw money at you? There are

some practical issues that make no sense.

“The policies sound very good, but you are putting in some very hoity-toity items that have little practical utility.” Similarly, pointing to ambiguities in the language that need to be cleared up, Dr Sand singled out section 9 (1) of the Health Services (COVID-19) (General) Rules that require persons to wear a mask every time they leave their residence.

LEGAL NOTICE

NOTICE Encompt Corporation Ltd. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 24th day of September, 2021. The Liquidator is Kim D. Thompson of Nassau Bahamas.

Kim D. Thompson (Liquidator) LEGAL NOTICE

NOTICE Equisign Company Limited (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 24th day of September, 2021. The Liquidator is Kim D. Thompson of Nassau Bahamas.

Kim D. Thompson (Liquidator)

This, he added, did not seemingly account for persons who may be leaving their parents or girlfriend/ boyfriend residence, raising questions about whether such scenarios had been considered by the new COVID rules.

Chester Cooper, deputy prime minister, last week told the House of Assembly that the new COVID rules, which are designed to replace the former Minnis administration’s emergency orders, are not set in stone and that the Government was seeking feedback and suggested amendments to them.

The Bahamian private sector is understood to be especially concerned by parts of section 25 in the Health Services (COVID-19) (Prevention and Management of Community Spread) Rules 2021, which allow the minister of health - upon the chief medical officer’s advice - to “order the closure of any business due to an outbreak, spread or recurrence of COVID-19 or non-compliance with the COVID-19 protocols”.

While many of these measures have transitioned over from the COVID emergency orders, businesses are concerned about the amount of power concentrated in the hands of one minister; that the level

of “outbreak, spread or recurrence” that warrants a closure is not defined; and that there is no timeline or “sunset” clause for when the closure will end.

Similarly, the COVID-19 rules require companies to prepare a health “protocol document” tailored to their own individual businesses.

Non-compliance with this and the general COVID-19 measures can, at the third time of asking, result in a company’s business licence being suspended for up to three months.

“The principal was good, it’s progressive and I’m happy to see they’re moving beyond the emergency orders,” Dr Sands said of the proposed COVID-19 rules, “but there’s still work to be done on the language and specifics to make it make sense.

“The devil is in the details.

These matters become so inflexible and draconian that they can be more harmful than intended.......... Let’s look at the language, have some people review them line by line to determine what is reasonable and what doesn’t impose an unreasonable burden on businesses but, at the same time, provide some level of protection.

“We want the legislation to have enough teeth to be effective but, at the same time, it cannot be so

NOTICE PURSUANT TO SECTION 218(1)(e) COMPANIES ACT, 1992 Management Nominee Ltd. (the “Company”) (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that on October 12, 2021 the Company was placed into voluntary liquidation.

The Liquidator is Kim D. Thompson of Equity Trust House, Caves Village, West Bay Street, P.O. Box N-10697, Nassau, Bahamas and can be contacted on/via 242 676-8188; kthompson@equitybahamas.com Dated: November 4, 2021 Signed: Kim D. Thompson

THE TRIBUNE inflexible and so unreasonable that all you do is create hardship for people trying to conduct business in an ethical and reasonable fashion,” Dr Sands continued.

“We want to provide assurance they are complying with reasonable public health standards, but to maintain six feet between workers and the public is impossible. You cannot do it. Because it is not workable you are going to get situations where reasonable people say it’s not workable, this is nonsense and you find yourself at odds with reasonable people and create a number of coconut water seller scenarios.

“Let us applaud the effort, but there needs to be a realignment of the rules, the regulations and the language. I think we ought to look at that again and perhaps be a little more reasonable with the language and we’ll get better adherence.”

Several sources suggested that many of the new COVID-19 rules’ requirements had been “cut and pasted” from the former emergency orders, and that the former was effectively only a name change.

However, Dr Sands said: “I’m not suggesting that we scrap the transition but before this is completed in the House of Assembly and Senate, there ought to be a significant revision in a bi-partisan way to achieve something palatable and workable for the Bahamian people. I don’t think the first pass achieves either of the above.”

Tribune Business understands that the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is due to meet this week to discuss the COVID rules. One private sector source, speaking on

condition of anonymity, said: “It appoints the minister and you don’t have the Competent Authority; that’s the effect of it, and you don’t see the difference.

It’s very uncertain for businesses to deal with.”

Another added: “It’s a little over the top. You have to produce a protocol document or one written by the ministry. There’s just too much bureaucracy. There are so many if’s, and’s and but’s.”

Another business community member, also speaking on condition of anonymity, voiced concern that “there’s no end in sight” to COVID-19 restrictions based on the new rules. Nor was there “a sunset clause” in how long a business suffering a COVID outbreak will have to remain closed.

“It invests so much authority in the minister to dictate how business operate,” they said. “There was no mechanism to challenge it or go to the courts. There was no review mechanism. Who pays the people when a business has to close down? NIB? Is it a furlough? Is it a lay-off? If the business goes bankrupt or does not re-open after being forced to close, who accepts the liability for the employees?

“In this kind of economy that’s a serious blow, not only to the business but the economy. Let’s say it’s a supermarket. You’re shutting down a major food supplier. Are they going to close a Kelly’s? I don’t think so. Are they going to close a Super Value? Does that mean they will only target small businesses? Is that fair? It’s a very open-ended Act and a real Pandora’s Box. There’s more questions than answers.”

LEGAL NOTICE

NOTICE Execore Company Limited (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 24th day of September, 2021. The Liquidator is Kim D. Thompson of Nassau Bahamas.

Kim D. Thompson (Liquidator)

NOTICE PURSUANT TO SECTION 218(1)(e) COMPANIES ACT, 1992 Directors Nominee Ltd. (the “Company”) (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that on October 12, 2021 the Company was placed into voluntary liquidation.

The Liquidator is Kim D. Thompson of Equity Trust House, Caves Village, West Bay Street, P.O. Box N-10697, Nassau, Bahamas and can be contacted on/via 242 676-8188; kthompson@ equitybahamas.com Dated: November 4, 2021 Signed: Kim D. Thompson

NOTICE PURSUANT TO SECTION 218(1)(e) COMPANIES ACT, 1992 EBL Nominee Ltd. (the “Company”) (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that on October 12, 2021 the Company was placed into voluntary liquidation.

The Liquidator is Kim D. Thompson of Equity Trust House, Caves Village, West Bay Street, P.O. Box N-10697, Nassau, Bahamas and can be contacted on/via 242 676-8188; kthompson@ equitybahamas.com Dated: November 4, 2021 Signed: Kim D. Thompson

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Monday, November 8, 2021, PAGE 11

PAGE 12, Monday, November 8, 2021

THE TRIBUNE

IT GOVERNANCE VITAL IN DATA-DRIVEN WORLD FROM PAGE TWO

standards and frameworks to best facilitate effective governance and controls around IT governance is the process.

Conclusion In short, as companies address the growing array of risks created by new technology, cyber security, regulatory and disruptive innovation, being

agile while compliant with corporate governance and oversight requirements is key to capitalising on opportunities. * NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years.

He has held positions at a TerraLex member law

firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm.

Mr Smith is a certified anti-money laundering specialist (CAMS), and the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

PRESIDENT Joe Biden departs after speaking about the October jobs report from the State Dining Room of the White House, Friday, Nov. 5, 2021, in Washington.

Photos:Evan Vucci/AP

BIDEN’S BET THAT ECONOMY WOULD BOOST DEMOCRATS FALLS FLAT

By JOSH BOAK Associated Press

WASHINGTON (AP) — The U.S. economy was supposed to help President Joe Biden and Democrats, but as of late it’s been hurting them with voters.

Biden on Friday praised the U.S. economy for performing better than the rest of the world, saying it’s largely because of his $1.9 trillion coronavirus relief package and plans for additional spending of roughly $2.75 trillion on infrastructure, families, schools, health care and climate change.

Yet Americans have turned pessimistic about the economy as inflation has persisted. On Tuesday, voters in Virginia rewarded Republican Glenn Youngkin with a win in the governor’s election in part based on a belief that he would be better for economic growth. The president could not ignore these realities, yet he said Friday at the White House that the latest numbers show a ruggedly energetic economy.

“We still have to tackle the costs that American families are facing, but this recovery is faster, stronger and fairer and wider than almost anyone could have predicted,” Biden said.

“That’s what the numbers say.”

The president also acknowledged that voters can’t just rely on the numbers — they need to “feel it in their lives and their bank accounts and their hopes and expectations.”

This question as to whether Americans are feeling what the economic numbers show is at the heart of Biden’s challenge in the months leading up to the 2022 elections, when control of the House and Senate could possibly slip from the Democrats. It’s not enough for the president to highlight Friday’s employment report of 531,000 job gains and a 4.6% unemployment report in October, so long as the pandemic rages and shortages of basic goods ranging from auto to furniture keep pushing up prices.

Beneath this challenge rests a deeper set of questions about how politics and the economy mingle after the pandemic. Do Americans care more about job growth or inflation?

VIRGINIA GOV.-ELECT, Glenn Youngkin, second from right, speaks to the media as Virginia Gov. Ralph Northam, second from left, Suzanne Youngkin, right, and Pam Northam look on after a transition meeting outside the Governors Mansion at the Capitol in Richmond, Va., Thursday, Nov. 4, 2021.

Are they skeptical that government spending can permanently improve the economy for the better?

Can Democrats expect to be rewarded for their results or are voters indifferent to policy achievements?

These questions also posed an obstacle as House Democrats on Friday finally approved Biden’s bipartisan $1 trillion infrastructure deal, which had already cleared the Senate.

The House also moved forward with a $1.85 trillion measure bolstering health, family and climate change programs, with a plan to vote on it by the week of Nov. 15.

After attending the U.N. climate summit, Biden suggested at a Tuesday news conference in Glasgow, Scotland, that the failure to pass his agenda earlier would have no impact on how the Democrats fared in the 2021 election.

“I’ve not seen any evidence that whether or not I am doing well or poorly, whether or not I’ve got my agenda passed or not is going to have any real impact on winning or losing,” the president said.

“Even if we had passed my agenda, I wouldn’t claim, ‘We won because Biden’s agenda passed.’”

Economists across the ideological spectrum noted that the country faces an unusual situation after the coronavirus. The delta variant appears to have hobbled growth late this summer and the rush of money from the government caused consumer and business demand to surge

in ways not seen in recent recoveries.

As a result, some reliable indicators of the economy have become less reliable.

Yes, there has been a solid recovery in hiring yet so many people have stopped working or seeking jobs that the adjusted unemployment rate is closer to 7.3%, instead of 4.6%, said Heidi Shierholz, president of the liberal Economic Policy Institute and a former chief economist at the Labor Department.

“We are still in a huge hole,” Shierholz said.

“Coming out of the COVID recession has created some unique circumstances that people never experienced before.”

This created a Dickensian-like framework in which it could be the best of times and the worst of times. The economy is poised for the fastest growth since 1984 and the stock market’s Dow Jones industrial average hit a record high this week. Yet inflation is running high at an annualized rate of 5.4% and eating into paychecks.

Employers are struggling to find workers despite raising wages. Container ships are stuck waiting to dock at ports, creating empty shelves and long delays for consumers ahead of the holiday shopping season.

“Inflation is outpacing wage gains and that’s a big problem,” said Michael Strain, director of economic policy studies at the centerright American Enterprise Institute. “It feels like the economy has gotten worse.”