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FRIDAY, NOVEMBER 12, 2021
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Cable and Gov’t hit by $41m Aliv losses • Mobile operator drags on BISX-listed parent • Gov’ts total share of losses now over $70m • But Cable’s 2022 Q1 loss slashed by 64% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV’S near-$41m loss for the year to end-June 2021 continues to drag on both its BISX-listed parent and the Government, justreleased financial statements reveal. Cable Bahamas’ annual group results disclosed that the mobile operator’s performance continues to weigh heavily on its near-term outlook, with those losses responsible for dropping it back ‘into the red’ following a profitable 2020 that was achieved via the $301m-plus proceeds from the one-off Summit Broadband sale. Franklyn Butler, Cable Bahamas’ group chief executive, could not be reached for comment before press time last night, but the financials also reveal the sustained, continued losses being suffered by the Government due to its majority shareholding in Aliv. By virtue of its 51.75 percent equity stake, the Government’s share of Aliv’s 2021 financial losses was pegged at $22.107m. That represented a 17.3 percent decline from the prior year’s $26.573m share of the mobile operator’s ‘red ink’, with the Government having suffered a collective $70.403m loss over the near-five years since Aliv launched in November 2016. Cable Bahamas holds the remaining 48.25 percent equity stake, and Board and management control, in the mobile phone operator which ended the Bahamas Telecommunications Company’s (BTC) monopoly in that market segment.
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‘Grave bearing’ for shipping’s safety By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Container Port’s top executive yesterday called for long-needed repairs to the harbour’s breakwaters to become a high-priority item given the “grave bearing” for shipping safety. Dion Bethell, Arawak Port Development Company’s (APD) president and chief financial officer, told Tribune Business that it planned to “resubmit” to the Government a shortlist of two firms that could examine the extent of the breakwaters’ erosion and determine the multi-million repair/replacement costs. Speaking after the BISXlisted port owner/operator said action was “imperative” in its just-released annual report, Mr Bethell explained that the Nassau harbour
• Nassau harbour breakwater repairs now ‘imperative’ • Container port chief: Needs to be high-priority item • Woes will impact Nassau Cruise Port, The Pointe
safeguards - which have been in place since Majority Rule some 54 years ago - are “no longer able to absorb the energy from the ocean” especially at high tide or during rough weather. This impacts “the channel” cargo vessels use to access Nassau’s major commercial shipping port, and complicates the work of APD staff, service providers and ship’s crew in unloading and working on the boat. Mr Bethell said the “roll”, or pitch, of cargo vessels in such circumstances can be between “six to ten feet up and down”, which is “very unforgiving” on APD’s cranes and other equipment and results in significant wear and tear. While vessels can still safely enter and exit the Arawak
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NASSAU CONTAINER PORT
Long Island businesses ‘helpless’ after bank exit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LONG Island businesses are “in a helpless state” after the exit of all commercial banks, the island’s chief councillor revealed yesterday, amid fears that it will become “a banking desert”.
Ian Knowles, exposing the challenges facing Long Island residents and companies following the departures of Scotiabank and Royal Bank of Canada (RBC), told the island’s Business Outlook conference that he had yet to receive the credit card he had applied for in March yet was now paying fees on.
While Omni Financial Services, the digital payments provider, had helped to fill some of the vacuum created by the commercial banks’ branch closures, he added that Long Islanders still faced the prospect of a weekend without cash or access to services should Scotiabank’s Automated Teller Machine (ATM) go down on a Friday.
And Mr Knowles said the Government’s push to digitise public services is currently futile on Long Island because many of its offices lack the necessary technology to process debit and credit card transactions, instead relying still on cash. “The closure of Scotiabank in recent months has left
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Enough of ‘pie in the sky’ promises By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LONG Island has had enough of “pie in the sky” promises, its chief councillor said yesterday, describing “appalling” health clinics and “hanging my head in shame” over the lack of tourist facilities. Ian Knowles, addressing the Long Island Business Outlook conference, urged the Government to put “money, energy and force” behind efforts to address the island’s many infrastructure-related and other challenges rather than keep making promises that go unfulfilled. In a frank account of the island’s many pressing woes, he described roads that
were falling into disrepair; abandoned government buildings that were being consumed by “the bush” within five to ten years; a coastal landfill where waste was washed up to ten miles inland during hurricanes; and other accounts of general neglect and decay. In particular, Mr Knowles said he was “appalled” at his visits last week to the two public health clinics in Deadman’s Cay and Simms, describing the equipment staff have to operate with as “obsolete and inadequate” and not fit for purpose in the 21st century. The Deadman’s Cay morgue, he added, had been inoperable for ten years and now has “a roof ready
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‘Bright star’: Fish catches up 25% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LONG Island’s fishing industry has proven to be a “bright star” amid COVID-19, it was revealed yesterday, with catches and prices said to be up 25 percent and 40 percent respectively. Ian Knowles, Long Island’s chief councillor, told the island’s Business Outlook conference that the Royal Bahamas Defence Force (RBDF) led crackdown on illegal poachers and the
former government’s decision to ban foreigners from working on Bahamianowned vessels had also boosted the sector’s output. “The bright star in all of this has been the fishing industry,” he revealed. “We have seen the fishing industry become very robust, and some persons have told me there has been an increase in catches of up to 25 percent.” Paying tribute to the Defence Force’s enhanced surveillance and the Minnis administration’s legislative reforms, Mr Knowles
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THE TRIBUNE
COPING WITH NARCISSISTS INSIDE YOUR WORKPLACE T
he Devil Wears Prada movie, released some time ago, demonstrated the dangers of working and existing in a culture where a leader lacks the emotional intelligence to create a harmonious work environment. Narcissists create cultures that are toxic, and workplaces that are poisonous. Many do not realise the damage they cause and the stress they create. There are many circumstances that can cause someone to develop a narcissistic personality, but there are also a few basic practices that you can implement when dealing with just about any narcissist.
Here are some of the most common destructive traits of narcissists, along with solutions to help you cope and, perhaps, overcome. They come with a sense of entitlement and superiority Narcissists who are focused on their own power are usually extremely insecure. Do not allow your self-worth to depend on anyone else’s, or get caught up in the narcissist’s world of entitlement and ego. Stay clear of their path as much as possible — and when you cannot, at least keep them out of your head. They always need attention
It can be easy to lose your sense of purpose and goals when you have a leader who wants all the attention all the time, but do not allow your own priorities to be derailed. You do not need to attend to everything this person wants and needs, even if they are clamouring for attention. Instead, find a balance between moving ahead and dealing with your leader’s need for attention. They love to take and rarely give Much like the need for attention, the narcissist’s insecurity and low selfesteem means they are almost literally incapable of anything but taking. For them, it really is “all about me”. Make sure your goals and expectations are realistic, and remind yourself of their low capacity for giving. They lack the ability to empathise A narcissistic leader lacks empathy. Expect them to have a hard time
understanding other points of view, relating to what people are feeling, and communicating meaningfully. Frame what you have to say with caution and clarity, and never confide in them. They constantly criticise others It may well be true that you will never be able to please them, but remind yourself that it is not your fault they are impossible to satisfy. Do your best and look to others for more valuable feedback. They bring high levels of aggression Many narcissistic leaders have a short fuse that can be ignited quickly. Remember that it is their need to feel better about themselves that makes them behave in ways that are sneaky, undercutting and aggressive. You may even be able to provide reassurance that will help prevent them from lashing out. They are unwilling to hear feedback
IAN FERGUSON The narcissistic leader is not an open person, and listening to feedback is not on their agenda. They tend to assume that feedback is grounded in either jealousy or just contrariness, and will devalue your opinion even more as a result. Try to avoid confrontations, but if you have to say something
and it is important, frame it in a way that invites the narcissist to believe that they still have the upper hand. Above all, keep a positive outlook when dealing with a narcissistic leader, and recognise that they may need professional help. Do no’t get caught up in other people’s stories but do your best with the situation you are in. If all else fails, remove yourself before the toxic atmosphers does lasting damage. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
BTC FIBRE ROLL-OUT EYES 2023 FINISH THE Bahamas Telecommunications Company (BTC) and its immediate parent this week promised the Prime Minister that the former’s nationwide fibre technology roll-out will be complete by 2023. Cable & Wireless Communications (C&W) chief executive, together with its top legal advisers and BTC’s leadership team, met with Philip Davis QC to share their development plans after investing some $173m in The Bahamas over the past five years. Inge Smidts, C&W’s chief executive, said: “We had a very productive meeting with Prime Minister Davis and his team, and we are very excited to work together. We are committed to supporting the Government to advance the technology objectives in their ten-point plan, and the
digitisation agenda throughout the country. “We’ve pledged that our entire network will be fully fibre end-to-end throughout The Bahamas by 2023. We’ve also committed our support to deliver a 5G (fifth generation) pilot in suitable areas of the country. “We believe in developing strong relationships with our key stakeholders, and I’m committed to keeping in close contact with prime ministers and senior members of government in all our markets throughout the region. When we have greater collaboration, our customers, businesses and the communities at large all benefit.” BTC’s fibre-to-the-home network currently covers 60 percent of homes in New Providence; 47 percent in Grand Bahama; and 46 percent in Exuma. It has added a further 25,000 homes to the network in 2021, and 55,000 total homes now have access to fibre-to-thehome and its broadband Internet/TV connectivity across The Bahamas. Andre Foster, BTC’s chief executive, said: “In the last five years, we’ve invested more than $173m in capital expenditure, which included hurricane restoration activities and our extensive fibre-to-the-home roll-out. “We’ve maintained a solid partnership with the
Government, and in the last few years we’ve collaborated to provide fibre to 112 schools in New Providence and across the Family Islands, a feat that we are really proud of. “This allowed us to further our partnership with the Ministry of Education and One on One Educational Services to implement and deliver a virtual learning platform following Hurricane Dorian in 2019, and in 2020 at the onset of the global pandemic. “Just recently, the Education Management Information System (EMIS) and Learning Management System (LMS) functionalities were added to the virtual learning programme.” Mr Foster and Ms Smidts also updated the Prime Minister and senior government officials on other major projects with the Government including, the CCTV (closed circuit television) initiative with nearly 350 connected cameras in New Providence, and the National Insurance Board’s (NIB) hosted collaboration system providing converged voice and data systems. The GNET project with the Ministry of Finance links 144 fibre inks to government agencies and departments country-wide. The ‘Wi-Fi in the Parks’ project, with eight parks connected with free wi-fi and fully managed
Internet, and the provision of COVID-19 services to the Royal Bahamas Police Force, NEMA and the Ministry of Health, are other initiatives that have been rolled-out. Mr Foster said: “We are proud of what we’ve been able to deliver for our residential customers. In March, we doubled our Internet speeds, making our entry level broadband speed 100mbps (megabytes per second) at no additional cost to customers. “For the first time in history, we provided an opportunity for customers to bundle all of their BTC services including landline, Internet, mobile and television at one low monthly flat rate.” “We will continue to meet with key government stakeholders including the ministries of education, health, national security and tourism in the coming weeks to see how we can align to support their agendas and aspirations. We have a number of new solutions and platforms that we believe will be beneficial.” C&W and the Government are partners in BTC, each holding a 49 percent equity stake. C&W has management and Board control, and the controlling interest, as it holds slightly more shares than the Government.
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$200m water park drives Baha Mar booking surge By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHA Mar’s president yesterday said the opening of its $200m water park triggered a demand “surge” that has driven occupancies and room rates higher than pre-COVID levels. Graeme Davis, speaking at the Caribbean Hotel Investment Conference & Operations Summit (CHICOS), said: “We are very excited about the future here, and certainly at Baha Mar with our bookings we’ve seen that trend really uptick. “When we reopened in March, all three of our properties along with the Grand Hyatt that opened up last December, we really saw that surge come in the summer time. We opened up our $200m Baha Bay water park, which opened very successfully. “That has induced additional demand, and we saw our numbers in occupancy and rate exceed 2019, starting in July, and really all the way through September. But now we’re starting to see a resurgence here in October, November, December.” Focusing on 2022, Mr Davis added: “Our booking pace right now for 2022 is well above 2019 going into 2022. So we’re very optimistic if everyone is doing their part to keep COVID down, and that strong demand continues in the leisure market in the United States. “Airlift is continuing to rebound. We’re excited to see Virgin landing here in the next week or so with
GRAEME DAVIS their inaugural flight, Frontier and new airlines coming into the market.” Mr Davis said Baha Mar’s major COVID-related concern involves the ‘Level 4’ “do not travel” advisory imposed on The Bahamas by the US health authorities, which reflects the recent spike in infections, hospitalisations and deaths. That Centres for Disease Control and Prevention (CDC) rating is acting as a potential deterrent to the MICE (meetings, incentives, conferences and exhibitions) or group market selecting The Bahamas as the location for their respective events.
Mr Davis voiced optimism that the recent decline in The Bahamas’ COVID-19 numbers will result in the CDC upgrading this nation’s rating to ‘Level 3’, which will provide a more favourable impression of the destination to both group and individual travellers. He added: “It is critically important that we as a community and a nation continue to do our part to get vaccinated. Certainly we’re following all of the necessary protocols to reduce our numbers and it’s trending in the right direction.
“We’re optimistic that with the Prime Minister and deputy prime minister’s efforts, along with the charge d’affaires of the US [embassy], that we might get to that ‘Level 3’ here very soon. If we continue on this trend of reducing the COVID cases here, and continue to vaccinate, we’ll be in a good position to have a very strong 2022.” Baha Mar has a 64 percent COVID vaccination rate among employees. It is re-opening the Melia property this coming Monday for four weeks to allow for more vaccinations. The resort has now administered 325,000 COVID-19 tests for staff and guests, with 90 percent of the latter arriving fully vaccinated. Mr Davis said: “We check every guest that comes in and 90 percent are vaccinated. So for them to have to pay $40 for a travel visa is an unnecessary burden, and an impediment to travel here as well. “So we’re hopeful that the review of the deputy prime minister and minister of tourism is evaluating that, with the Government, to remove that additional impediment of that travel visa cost.” Baha Mar is still offering its “travel with confidence programme” where a guest will be flown back to the US for free in a private jet if they contract COVID019 while in The Bahamas. Alternatively, they can quarantine for free up to 14 days. “So we have spent millions protecting our guests, and protecting our associates, to create a safe environment,” Mr Davis said.
‘BRIGHT STAR’: FISH CATCHES UP 25% FROM PAGE ONE said: “That has essentially increased the catch, and I’ve been told by some fishermen that they’ve had a 40 percent increase in price, so that industry has really kept Long Island afloat during the COVID-19 crisis.” Chester Fox, a fishing industry entrepreneur and commodore of the Long Island Sailing Club, confirmed to the Outlook that all fishermen had “been doing really well so far this season”. He added: “Fishing for Long Island is such an integral part of our economy, so when the fishermen do well it trickles down to all other businesses on Long Island. It’s vital to our economy.” Echoing Mr Knowles, he attributed the sector’s improved output in part to the improved Defence Force border protection. “Most people who know anything about fishing in The Bahamas know the
Dominican poaching situation has taken its toll on the Bahamian fishing industry for many, many years,” Mr Fox added. “At this point, I would say that for the past three seasons the Defence Force has really ramped up their patrols.” He said the impact was being felt in the fishing grounds, with stocks better able to replenish in the absence of illegal poaching by foreign vessels. “What’s also made a big difference is some of the Dominicans, we had a situation in the country where we had many boats taking out a huge number of Dominican divers, and most of those divers are very destructive fishermen,” Mr Fox asserted. “They don’t have regard for preservation. The former administration saw fit not to grant them a licence to fish on Bahamian boats, and that made a major difference to
the productivity of Bahamian fishermen.” Mr Fox also called for increased conch preservation methods, adding that fishermen had seen “a real serious decline” in stocks and that The Bahamas
needed to “bring them back to where they used to be”. He said: “I remember when I was a young fisherman you could go anywhere and pick up conch. Now you have to work hard to find them.”
Friday, November 12, 2021, PAGE 3
ENOUGH OF ‘PIE IN THE SKY’ PROMISES FROM PAGE ONE
to collapse”. This has left Long Island with a solitary morgue at Simms, capable of handling just three bodies at a time, and leaving open the possibility that bodies may have to be transported to Nassau if there is any overflow resulting from a COVID-19 outbreak. The absence of quality healthcare meant islanders face having to pay $8,000$10,000 to be air evacuated to Nassau in an emergency, Mr Knowles said, unless they had insurance. And the absence of an ambulance meant persons had to be transported to the clinics via truck or car on poorly conditioned roads. Turning to the long-anticipated redevelopment of Deadman’s Cay airport into an international gateway to Long Island, the chief councillor said this had been a topic of discussion at all seven annual Business Outlook conferences held on the island to-date. “The airport at Deadman’s Cay, especially the terminal building, is an international disgrace,” blasted Mr Knowles. “Anyone coming to Long Island out of Nassau or any Family Island nearby and looking at the state of that airport.... It’s incumbent that the Government does something about it.” Voicing personal disappointment that the airport work had not already started, he added: “It hinders progress, it hinders travel. We’ve had so many complaints about that old, antiquated airport building there to the extent it’s almost null and void. It makes no sense using it. “We’ve been having talks after talks, promises after promises, and nothing is done about it. All we’ve seen is a plan, nice 3D images and that’s waiting on someone’s desk to get approval.” Adrian Gibson, Long Island’s MP, subsequently said he had been informed that the Minnis Cabinet had approved construction contracts for both the terminal and airside (runway) works before it was voted out of office on September 16. The Davis administration subsequently placed the Deadman’s Cay project and other Family Island airport public-private partnerships (PPPs) under review. Elsewhere, Mr Knowles said “90 percent of” Long Island’s side roads are either
in a stat of disrepair or need to be closed. And of 72 drainage well locations identified on the island, just two have been installed, leaving multiple areas prone to flooding once again in major hurricanes. “All we’ve been hearing from Business Outlooks, time after time, is promises, promises and more promises,” the Long Island chief councillor said. “It’s always we’ll do it next year, we’ll do it after that, or we’ll do it after the next election. “Me personally, as chief councillor, I’m tired of hearing about elections and promises. I have to go those roads along with many other persons in our communities. Those of you who live here feel it, know it on a daily basis. “You might wonder why I’m so passionate about this this morning. We talk about this every Business Outlook. It seems that there’s a little piece of road that happened there, and after the next election another piece there.’ Mr Knowles said Long Island had been promised three new landfills “about 15-16 years ago” but none had materialised, and he described this pledge as “pie in the sky”. He added that the existing one in southern Long Island is “right on the water’s edge, and when there’s a high tide or a hurricane all the dump that’s in that moves all over within a ten-mile range”. Turning to Dean’s Blue Hole, he added that would should have been a worldclass attraction for the Crystal Serenity’s cruise passengers during the ship’s Bahamas home porting had turned out to be something less. “There has to be proper access,” Mr Knowles added. “Even trying to get to the Blue Hole is challenging because the road is not paved, and there are no bathroom facilities. Can you imagine tourists coming off the cruise ship and wanting to visit the Blue Hole, but there are no bathrooms. When they ask where the bathroom is, I have to hang my head down in shame.”
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LEGAL NOTICE
N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION TRINIDAD AND TOBAGO LIMITED Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 3rd day of December, A.D., 2021. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 12th day of November, A.D., 2021. Rebecca L. Wittrock Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A. LEGAL NOTICE
N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION TRINIDAD AND TOBAGO LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION TRINIDAD AND TOBAGO LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 9th day of November 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Rebecca L Wittrock, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 12th day of November, A.D., 2021. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
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THE TRIBUNE
CABLE AND GOV’T HIT BY $41M ALIV LOSSES FROM PAGE ONE While many Cable Bahamas’ shareholders are likely to be alarmed at the extent of Aliv’s losses, executives from both the BISX-listed communications provider and its mobile subsidiary have repeatedly argued that the journey to achieving profitability for the latter is a marathon and not a sprint. Damian Blackburn, Aliv’s former top executive, told this newspaper earlier this year that its positive earnings before interest, taxes, depreciation and
amortisation (EBITDA) growth was a better measure of the company’s performance as a start-up mobile operator. He explained that net or “bottom line” profitability is a longer-term objective that industry players typically reach in their seventh to tenth years due to the heavy investment in network build-out and the subsequent “depreciation” that attracts on balance sheet and income statement values. The figures unveiled by Cable Bahamas seem to provide some support
for this argument. Aliv’s revenues rose 8.5 percent year-over-year to $83.314m, compared to $76.811m for the year to end-June 2020. Operating expenses, meanwhile, remained flat at $70.558m for the 12 months to end-June 2021 as opposed to $70.834m in the prior year. What drove Aliv to its net loss was continued interest expense on the debt incurred to buildout its nationwide mobile network infrastructure, plus the depreciation and amortisation charges that Mr Blackburn cited to this
newspaper in early 2021. They stood at $19.886m and $26.517m, respectively, combining to account for $46.4m worth of expenses. This compared to over $42m in 2020. While some may argue that these are so-called ‘paper losses’ related to accounting treatments and practices, and having to include the Government’s share, others are likely to retort that a loss is a loss. And it is unclear how patient Cable Bahamas shareholders are willing to be in waiting for Aliv to turn a net profit, especially given that the Bahamian capital markets are extremely dividend driven. For Aliv’s loss wiped out more than $12m in net profits generated by Cable Bahamas’ TV, Internet and fixed-line businesses over the 12 months to end-June 2021. The BISX-listed communications provider’s group-wide loss was pegged at just over $28m due to the ‘red ink’ incurred by its mobile subsidiary. However, Cable Bahamas’ 2022 first quarter results released yesterday indicate that both group and Aliv’s performance have improved subsequent to the 2021 year-end with the mobile operator likely losing around $8m for the period based on the $4.522m hit taken by the Government. And, while Cable Bahamas suffered a $2.009m group net loss for the period based on having to incorporate the Government’s loss in its accounts, that represented a 64 percent
CABLE BAHAMAS HEADQUARTERS year-over-year reduction on the $5,524m impact suffered in the 2020 first quarter. The communications provider’s share of Aliv’s losses also appears to have been dwarfed by profits from its other business segments, as “net and comprehensive income” attributable to its own operations stood at $2.513m. Elsewhere, Cable Bahamas said it had come back into compliance with covenants related to $60m worth of outstanding bonds after the terms were amended following consultation with the issue’s trustee. “During the 2020 fiscal year, the group was not in compliance with the financial covenants of the notes as set out in the trustee agreement. As a result, the notes were classified as current liabilities in the comparative consolidated
statement of financial position,” Cable Bahamas’ 2021 financial statements said. “During the year ended June 30, 2021, the trustee agreed with the group to amend the notes’ trust deed covenants. The amended covenants became effective as of June 30, 2021. As such, the notes were reclassified to non- current liabilities in the consolidated statement of financial position.” Cable Bahamas has also recognised a provision over its ongoing struggle with the Utilities Regulation and Competition Authority (URCA) over whether the latter or the Grand Bahama Port Authority (GBPA) is responsible for regulating its Freeport subsidiary. “During 2016 and 2017, URCA issued preliminary determinations outlining perceived breaches by the group relating to the nonpayment of fees with respect to operations in Grand Bahama. URCA believes that the group is in breach of Parts IV and XVI of the Communications Act and, as such, has pursued regulatory measures against the group with the view to resolve this matter,” Cable said “The group, however, has maintained that based on provisions of the Hawksbill Creek Agreement, URCA does not have a legal basis to license its operations in Grand Bahama, and has commenced legal proceedings to support the group’s position. As at June 30, 2021, a provision has been recognised for what the group considers to be a probable future outflow.”
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‘GRAVE BEARING’ FOR SHIPPING’S SAFETY FROM PAGE ONE Cay-based port, he added that APD “won’t compromise” on safety. And Mr Bethell said the cargo port operator is not the only major entity impacted by the breakwater deterioration, adding that both the new $250m Nassau Cruise Port and The Pointe will feel the lack of protection as well. APD, in its 2021 annual report to shareholders, said: “APD will continue to work with the Government to develop a plan for the restoration of the breakwater at the entrance of the Nassau Harbour and bordering Nassau Container Port, which government will support. “Clearly visible, erosion of shorelines and beaches in the vicinity of Nassau Container Port has continued and will impact a major amenity of shoreline hotels such as The Pointe. For APD, the repair has become an imperative because the disappearing breakwater will have grave bearing on the safety and efficiency of ships docking at the Nassau Container Port and Nassau Cruise Port.
“As noted in our 2020 annual report, APD has done major due diligence. We engaged two firms widely recognised and respected in marine and industrial construction: Orion Marine Construction and Bermello Ajamil & Partners to provide proposals for the design of repairs to the breakwater structures located at the Nassau Harbour entrance and adjacent to Arawak Cay.” Explaining where the issue stands now, Mr Bethell said APD is planning to resubmit the two companies’ names to the Davis administration for its consideration given that its predecessor failed to decide which should perform the breakwater assessment. This study, he added, was needed to determine a cost that is likely to extend into millions of dollars. “We had put to the Government an option for consideration for two entities to provide an assessment,” he told Tribune Business. “No final commitment was made by the Government as to which one, of the two we put forward, they would like us to move ahead with.
NOTICE NOTICE is hereby given that JALEENA SHANISKA MONTES of Carmichael Road, Mildred Avenue, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ROSOWSKY TORRYLL PAUL of #101 Charles, St. Vincent Street, Nassau, The Bahamas, P.O. Box N-1309 intend to change my name to TERRELL RODUSKY HANNA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that DAPHNE ELFRA of, Palmetto Point, Eleuthera, 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 12th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that CHRISTAL LISA SWABY of, Bimini, 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 12th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that TIANA DANIELLA CULMER of #26 Caribbean Gardens off Gladstone Road, P.O. Box SB 50181 Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The
“That was prior to the change in administrations. Subsequent to the change in administration we are now going to resend and resubmit it to the Government for it to determine who would be the perfect service provider.” Junkanoo Beach, and the area in close proximity to The Pointe, had previously been selected as one of the sites to benefit from a $35m Inter-American Development Bank (IDB) loan designed to enhance coastal zone management and related infrastructure, and make it more resilient to climate change impacts. Mr Bethell said that while it may be possible to access some of that financing for breakwater repairs, only the eastern one was included in that facility. This leaves the western breakwater, thought to have suffered the greater deterioration, outside the $35m loan’s remit. Acknowledging that it has yet to be determined who will pay for the repairs, whether it is APD or the
Government by themselves, in a joint venture arrangement or tie-up with other private sector partners to share the cost burden, the Arawak Port chief gave an example of how disruptive the eroding protection could be to vessel operations. “If you take earlier this week as an example, we had some challenges in the channel with the swell,” Mr Bethell told this newspaper. “The breakwater is not absorbing the energy from the ocean in the channel and that made it difficult for us to work on the vessel. “The roll of the vessel was six feet to 10 feet up and down. What happens is that ends up being very unforgiving on the equipment. We are trusting that this will come to the forefront at the earliest opportunity, especially as the construction development at Prince George Wharf continues to the forecast completion in calendar year 2022. “It also impacts the investment at The Pointe, and we hope that the
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KEYRON LIVINGSTON SMITH of Poppy Avenue, Garden Hills, Nassau, The Bahamas, intend to change my name to KEYRON LIVINGSTON SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that ANTANEL PIERRE of,Munnings Drive, St. Vincent 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 12th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Friday, November 12, 2021, PAGE 5 Government would certainly take a look at the much-needed repairs to the breakwater.” With the issue impacting assets that are critical to the Bahamian economy’s well-being, it cannot be ignored for much longer. Some 90 percent of cargo imported to New Providence is cleared through the Nassau Container Port, while over 3.5m cruise passengers passed through Prince George Wharf in pre-COVID times, making them vital to the postCOVID recovery. “We’re still able to berth vessels,” Mr Bethell said. “We have much more of a challenge at high tide. It delays the vessel’s operations significantly, but we’re still able to get vessels in and out safely. We won’t compromise on safety in trying to get it out quickly, but that is an additional cost and disrupts business.”
The APD chief, meanwhile, predicted that Bahamians would face reduced living standards and disposable incomes in 2022 due to the impact of inflation and price rises imported from outside. Warning that salaries and incomes will not match these increases, he added that global supply chain disruptions are already driving increased food and building material price hikes. Mr Bethell, though, said he was “very confident” that APD’s container throughput volumes will rapidly return to pre-COVID levels in the 2022 first quarter. “We are approaching very quickly the pre-COVID levels,” he added, “and if these trends continue the expectation is that as long as we maintain some reasonable control of COVID we will be able to see the emergence of pre-COVID volumes in early 2022.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHERTIGRA THOMPSON of #386A Prince Charles Drive, Nassau, The Bahamas, Parent of KHAID WILLIAM THOMPSON A minor intend to change my child’s name to KHAID WILLIAM BROWN If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE GENS HOLDINGS COMPANY LIMITED (Voluntary Liquidation) NOTICE is hereby given in pursuant to the provisions of Section 218 of The Companies Act, 1992 that the Members of the abovenamed Company by Resolution passed on the 14th day of October, A.D., 2021 that the Company be wound up voluntarily and that the Liquidator be Barbara J. Barmes of 28 Oak Hill Road, Cable Beach, New Providence, The Bahamas with an address at c/o Clement T. Maynard and Company, G. K. Symonette Building, Shirley Street, P. O. Box N-7525, Nassau, The Bahamas. ALL persons having claims against the above-named Company are requested to submit particulars of such claims and proof thereof in writing to the Liquidator, Barbara J. Barmes, c/o Clement T. Maynard and Company, G. K. Symonette Building, Shirley Street, P. O. Box N-7525, Nassau, The Bahamas no later than the 28th day of October, A.D., 2021.
Barbara J. Barmes Liquidator for the above-named Company
THE TRIBUNE
Friday, November 12, 2021, PAGE 7
LONG ISLAND BUSINESSES ‘HELPLESS’ AFTER BANK EXIT FROM PAGE ONE
Long Island at a standstill, especially the business community, without being able to do deposits and other transactions. Imagine Long Island, right after the banks closed, there was talk of going to Nassau or Exuma to make deposits,” the chief councillor recalled. “Thankfully, Omni stepped in to fill some of the needs businesses experienced. But when it comes to personal banking, for both Scotiabank and RBC clients, there’s little to no personal banking. Can you imagine living on Long Island right now when the ATM goes down on a Friday and does not come up till Monday? The whole weekend you are
without any type of services or cash.” Mr Knowles, adding that his efforts to obtain a new credit card are now into their eighth month, continued: “I’ve had experience recently of trying to get my card from Scotiabank. Could you imagine from March to this month of November and still not getting the credit card you are paying for? That’s how difficult it is in Long Island.” Pointing to the negative impact on Long Island businesses and the wider economy, as well as the island’s ability to compete for foreign direct investment (FDI), the chief councillor added: “Banking is an issue we have been fighting for some time.
“We’ve been trying to see if Bank of The Bahamas could come in and assist us, but to no avail so far. It has left us in a helpless state. Most businesses will allude to that later. Without proper banking infrastructure a business will die.” Warning that the Government’s digitisation ambitions are a long way from being realised on Long Island, Mr Knowles said: “There are not many government entities that are cashless. Most of them are still cash [based]. You can imagine that the Government is pushing their agenda, but they still don’t have debit or credit card machines in their offices.” Adrian Gibson, Long Island’s re-elected MP, who also participated in the
Business Outlook conference, voiced fears that his constituency will become “a banking desert” or “unbanked” while promising to renew the push for Bank of The Bahamas to establish a branch. And, while digital financial services held promise for resolving the situation, he argued that Long Island’s general lack of high speed Internet connectivity as well as an elderly population that was computer illiterate, were obstacles that need to be overcome. “I’m concerned about the banking situation on the island,” Mr Gibson said. “Scotiabank pulled out some years ago but they left a functioning ATM that islanders continue to use. Royal Bank pulled
out before that. Omni has sought to replace them. “We know banking in The Bahamas is changing. We see banks’ bricks and mortar closing throughout the Commonwealth. I’m very concerned about the devastating impact of lack of access to financial services upon my people in Long Island. “Most certainly I’m very fearful Long Island will become a banking desert. We desperately need financial inclusion and, as I’ve said in many instances, Long Island cannot be unbanked,” Mr Gibson continued. “While we move banking to an online business model, we must recognise that we have the business community and the elderly
that could be affected immensely. We have a large elderly population, who lack digital literacy and are not computer savvy about doing business online.” This, Mr Gibson said, “coupled with poor Internet connectivity makes accessing digital financial services difficult for my constituents”. He added that he had written to then-deputy prime minister, K. Peter Turnquest, and the Bank of The Bahamas chairman when the Minnis administration was in office urging the bank to establish a Long Island branch but no action was taken. “I will continue to pursue that option in the coming days, weeks and months,” the MP added, “because I believe a physical presence on the island will bode well for my people.”