11252021 BUSINESS

business@tribunemedia.net

THURSDAY, NOVEMBER 25, 2021

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‘Rolling with the punches’ over retail make or break

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS Federation of Retailers co-chair yesterday reiterated that the Christmas shopping season will be “make or break” for many merchants, adding: “We’re just rolling with the punches.”

Tara Morley told Tribune Business that apart from COVID-19’s continued impact on consumer spending and confidence, the greatest challenge facing the retail sector as the festive season are the “gaps” on many shelves due to inventory/product shortages caused by the global supply chain crisis.

Describing delivery times and freight costs as “all over the place”, with the impact varying between different merchants depending on the goods they sell and

• Supply chain crisis leaves ‘gaps’ on shelves • $3,200 freight quote becomes $9,400 bill • VAT cut ‘could not be more perfectly timed’ suppliers sourced from, she added that a successful Christmas shopping season is critical to enabling Bahamian retailers to “get back on their feet” following a trying 21 months of dealing with the pandemic’s fall-out.

Despite some sectors, such as interior design, being told furniture which would normally take three months to deliver is now six months out, Ms Morley said most retailers she had

spoken to had confirmed festive staffing levels will be the same as 2019 in order to meet anticipated demand.

And, with The Bahamas exposed to rising inflation due to its status as “a price taker”, the Federation co-chair said the Government’s planned 10 percent VAT rate cut - targeted to take effect from January 2022 - “could not be more perfectly timed”. And she also hailed the curfew’s

end for enabling all retailers to return to normal opening hours.

Urging merchants to stay in close contact with their customers, and make maximum use of social media to let them know when sought-after Christmas goods have arrived, Ms Morley said retailers were also referring clients to other stores if they did not have the requested item to ensure the spend remains within the Bahamian economy.

“Try and keep it local as much as possible,” she advised Bahamian shoppers, “because it’s going to be a really critical season for all the retailers to get back on their feet.

Typically, Christmas can represent up to 50 percent of your business as a retailer.

“If they miss this Christmas, given all the pressure

SEE PAGE 8

Fidelity eyes $21m-$22m profit following ‘overshoot’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed bank is targeting full-year net income of $21m-$22m after its exceeding its budgetary target during the first nine months of 2021, its chief executive revealed yesterday.

Gowon Bowe told Tribune Business that Fidelity Bank (Bahamas) also plans to return the profits “overshoot” to shareholders with an anticipated dividend payment that will reach their bank accounts by mid-December and be “15

GOWON BOWE percent higher” than the mid-year 2021 payout.

Speaking after the bank’s total comprehensive income more than quadrupled to $17.796m for the

SEE PAGE 9

Roberts: Vaccine move to ‘get economy back’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s principal yesterday said he will be “very disappointed if thousands” of shoppers fail to get COVID-vaccinated at two of his stores this weekend, adding: “We must get to 100 percent.”

Rupert Roberts told Tribune Business that his Golden Gates outlet, as well as Quality Supermarket’s South Beach location, had partnered with the Ministry of Health, the National Vaccination Committee and Rotarians to bring COVID vaccines closer to the people in a bid to reverse declining vaccination rates.

RUPERT ROBERTS Revealing that the initiative could extend to the 14-store chain’s other outlets if this weekend is successful, and there is a sufficient vaccine supply available, he added that he had been

SEE PAGE 12

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‘Standard bearer’ bank put into administration • EY accountant takes over ‘frozen’ former PIB

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN bank, whose new owners pledged it would be “a standard bearer” for the jurisdiction just eight months ago, has been placed under statutory administration by the Central Bank.

The regulator, in a brief release last night, said Lucayas Bank - the former Private Investment Bank (PIB) - has been totally “frozen” while Igal Wizman, the EY (Ernst & Young) accountant and partner, determines the available alternatives for resuming banking services.

It is unclear why the Central Bank has delayed formally confirming this move for almost a month, as the statement said Mr Wizman was appointed back on October 27, 2021.

However, its hand was likely forced by the statutory administrator issuing a formal communication to Lucayas Bank clients yesterday informing them of the institution’s precarious status.

Explaining that it was exercising powers given to it by the Banks and Trust Companies Regulation Act 2020, which was passed last year, the Central Bank affirmed Mr Wizman’s appointment as statutory administrator for Lucayas Bank.

“The statutory administrator is responsible for managing the operations of the bank,” the Central Bank said. “As of today, November 24, 2021, the administrator has communicated with the clients of the bank that the operations of the financial institution

SEE PAGE 7

PAGE 2, Thursday, November 25, 2021

THE TRIBUNE

Pairing content with images is vital tool M

ARKETERS have known this for a while: A well-suited image makes for a successful campaign.

But how do images really work their magic?

And how can you exploit the potential of visuals in a digital space already cluttered with countless images?

The truth is quite simple.

As humans, we love looking at images. Our brains are designed to perceive the world visually, and we crave constant visual input.

Images are so attractive because we devote more of our brain’s processing power to vision than to any other sense or ability.

Eyesight is so intuitive that we would rather look at images than text. Do you know that when you are navigating through endless search results, content paired with images consistently pulls in more clicks?

A lack of visuals in any content you put online often means it is doomed to be ignored. In fact, consumers are 60 times more likely to make contact with a brand that shows up with an image in search results compared to one that does not.

Understand them intuitively As humans, we are not just happy to look at images. We are also intuitively good at understanding them. The speed at which we analyse an image is astounding and, in fact, we are able to feel the sense of a visual scene in an astonishing one-tenth of a second - way faster than getting the gist from any text that is read.

By and large, when promoting your brand online, always pair your content with visuals that will help viewers get a feel for what you are promoting.

According to research, 94 percent more views are achieved with visuals than for content that is presented without images.

Search engines favour content with pictures, and they show results that contain heavy image files first. Choosing your image wisely is rewarding, as the quality of a picture positively influences viewers.

A well-received picture can make up for mediocre content and improve consumers’ overall judgment on the product at hand.

They evoke emotions More than any other type of content, images evoke emotions in us. These emotions are more visceral than those triggered by reading a story. People also make strong associations between these emotions and the content that evoked them.

When choosing what image to pair with your online content, make sure the images you select invoke some sense of emotion. A dramatic landscape can be eye-catching, but a dramatic landscape with a loving family in it can be emotional. Pairing your

By

DEIDRE

BastiaN online content with aweinspiring pictures that manage to express feelings of love, connection or freedom will allow your viewers to instinctively connect to your brand.

They are memorable Easy to understand and able to evoke emotions, images stay in our heads. The benefit of pairing images to your online content is so powerful, as people’s ability to remember information after three days goes up from 10 percent in the case of text alone to 65 percent when the content is paired with an image.

Create engagement Apart from grabbing our attention, triggering emotions and being memorable, pictures have one more power. As any marketer knows, images increase engagement. People do

SEE PAGE 6

THE TRIBUNE

Thursday, November 25, 2021, PAGE 3

ABACO CHAMBER CHIEF CALLS FOR DORIAN TAX BREAK CLARITY

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ABACO’S Chamber of Commerce president yesterday renewed calls for the Government to extend Dorian-related tax breaks for a further five years ahead of their December 31 expiration.

Ken Hutton bemoaned to Tribune Business that decisions on whether to continue the Special Economic Recovery Zone (SERZ) for Abaco and Grand Bahama were “always left to the last minute”, with the latest six-month extension due to expire in around five weeks’ time.

While the Chamber has been told informally that an extension will be

forthcoming, nothing has been confirmed in writing as to the details, and he warned that the resulting uncertainty means both residents and second homeowners are holding back on reconstruction efforts.

Mr Hutton said Abaco’s post-Dorian rebuilding had effectively run into the perfect storm after the perfect storm, due at first to the COVID-19 pandemic with its lockdowns and associated restrictions.

That, in turn, caused the global supply chain woes that increased lumber prices by as much as 300 percent earlier this year while forcing Abaconians to wait months for vital supplies.

These setbacks to Abaco’s rebuilding efforts, the Chamber chief argued,

NASSAU’S AIRPORT TO BE ‘A LOT LIKE’ PRE-COVID

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net NASSAU’S major airport gateway will see passenger volumes “a lot like” 2019 and early 2020, its chief executive, said yesterday, reflecting tourism’s projected Christmas/New Year resurgence.

Vernice Walkine, the Nassau Airport Development Company’s (NAD) chief executive, said: “I think you’ll appreciate that Thanksgiving and Christmas are traditionally busy times for us. I mean, we have a six-week period that we call the holiday period, which is typically one week before Thanksgiving right up until the week after the New Year’s holiday.

“So for that six-week period we are traditionally very busy. In fact, New Year’s Day tends to be the busiest day for air traffic throughout the entire year. So this holiday travel period, we’re projecting we will look a lot like we did in 2019 and early 2020, which is really good news for us.

“Hotels are telling us that their occupancies are approaching 2019 levels.

In a couple of instances, I think they’re projecting they may actually do better than 2019. So that’s good news for the airport.”

Ms Walkine spoke as Virgin Atlantic’s inaugural flight from London, Heathrow, to Nassau touched down at Lynden Pindling International Airport (LPIA) during the early afternoon yesterday.

Lee Haslet, Virgin Atlantic’s vice-president of global sales, said: “We have a very strong long-haul network through to India, Pakistan, other parts of the Middle

East and Africa, and that connects nicely on to the Nassau route.

“One of the benefits of that is because we now fly to the Caribbean, and to The Bahamas, from London Heathrow. So it means that all of our passengers can connect seamlessly on to The Bahamas. So it’s a very good source market for us.”

Mr Haslet could not quantify how many passengers Virgin will bring to The Bahamas, and added: “It’s still to be seen at the moment. We’re working very hard with the tourist commissions and ourselves in those source markets; with our teams in that market, to promote the opportunity to flow through Heathrow. So still very early days, but in general the routes are doing very well for us.”

Chester Cooper, deputy prime minister, and minister for tourism, investments and aviation, said upon Virgin’s arrival: “Despite the shutdown of our tourism economy over the last 18 months, we continue to see the resilience of our tourism product.

“Our tourism numbers have been on an upward trajectory since November 2020 when the COVID protocols and requirements for international travel were stabilised. Bahamas stopover tourist arrivals are now approaching and exceeding, in fact, in some months, 2019 levels for the corresponding period.

“In fact, from some key source markets, the numbers are well beyond what we saw in 2019. In September 2021, total international stopover arrivals to the Bahamas from our key source markets were only 12.1 percent below September 2019 figures.”

PHONES ‘RINGING OFF HOOK’ FOR THANKSGIVING ROOMS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PHONES are “ringing off the hook” for one Family Island hotel which is already fully booked for the upcoming Thanksgiving holiday weekend, its proprietor said yesterday.

Cheryl Bastian, owner/ operator of Swain’s Cay Lodge in Andros, told Tribune Business: “Things are looking good for us. This is very exciting. We have a lot of people calling to book with us and that is really motivating us a bit.

“Once the Ministry of Tourism puts more innovative advertising into the fly fishing, that would be great. For right now we are fully booked for the Thanksgiving Day weekend. There is not one room left in the inn. Somebody just tried to get a room and we don’t have it. What I’m seeing, and what I foresee, we will top 2019. That’s how

excited we are. The phones are ringing off the hook.”

Christmas time is not such a busy time for Swain’s Cay Lodge as its clientele typically remain at home for Christmas, so staff are usually given the day off.

However, a wedding that is booked for Christmas Day will likely change that this year. “January is looking pretty bleak, but I hope there are some last minute changes,” Ms Bastian added.

Pratik Mehta, general manager of the Holiday Inn Express, said: “We normally don’t share the data of our bookings and occupancy, but things are going very good for the Thanksgiving Day weekend.”

The upcoming Christmas/ New Year looks favourable for the Holiday Inn Express as wel,l and Mr Mehta added: “I would say it is similar to 2019, and definitely way better than 2020. We focus on all of our guests, whether they are international or local travellers.”

justify the Government extending the SERZ by up to five years so the island can plan its rebound with certainty. He added that “three years would be OK”, while acknowledging that any extension beyond six months would likely have to be legislated via an Act of Parliament.

“There have been several discussions,” Mr Hutton said of talks with the Government over the SERZ’s year-end expiry. “We’ve been told that it will be extended. They mentioned an amount of time, but there is nothing in writing.

Right now it expires.”

He added that the Chamber met with Abaco’s two MPs, John Pinder, who is also parliamentary secretary in the Ministry of

Tourism, Investments and Aviation, and Kirk Cornish, parliamentary secretary in the Prime Minister’s Office, last week to discuss the issue. No talks, though, have been held yet with Cabinet-level ministers on the matter.

With Mr Pinder also likely to discuss the SERZ at a Town Hall meeting scheduled for this weekend, Mr Hutton said of the Chamber’s discussions: “We are reasonably encouraged by what we heard, but the proof is in the pudding.

“If it doesn’t [get extended], I heard from one of the people in Treasure Cay that there are a lot of people waiting on contracts to rebuild and, if they don’t here what is going to happen, a lot of them will

pack up and leave. This seems to be the way it works. It’s always left to the last minute.”

Mr Hutton said the contracts in question involved land and property acquisitions, as well as appliance purchases. The SERZ currently provides full VAT and import duty relief on all construction-related supplies, plus construction services.

“It’s absolutely critical,” he added of the extension uncertainty. “The complete rebuild of Treasure Cay, the rebuild of Dundas Town, Marsh Harbour and Murphy Town, all of that hinges on it. It’s [taxes] a huge chunk of money that people have to pay out, and the economy is only now

just coming for people to pay their way.

“There’s no financing here. There are no bank loans, no mortgages, no consumer loans, no nothing. Everything is being done out of pocket. We’re pushing for a five-year extension. Three years would be OK, but I think realistically it’s going to take five years particularly given the supply chain issues going on globally right now.”

As to how these have impacted Abaco, Mr Hutton said: “It’s massive.

Windows are 20 weeks’ out, doors are 10-12 weeks’ out, and appliances six months’ out. A six-month extension to the SERZ does very

SEE PAGE 7 VIRGIN Atlantic’s inaugural flight from London, Heathrow, to Nassau touched down at Lynden Pindling International Airport (LPIA) during the early afternoon yesterday.

PAGE 4, Thursday, November 25, 2021

THE TRIBUNE

GB bridge repair contracts signed LUCAYA Service Company (LUSCO) has signed contracts to restore to both the Casuarina Bridge and Sir Jack Hayward Bridge in the Lucaya area.

The Grand Bahama Development Company (DEVCO) subsidiary, in a statement, said it had hired several industry and engineering experts to investigate, and prepare reports on, the extent of

Hurricane Dorian’s impact to both bridges.

While both were structurally intact, the studies all recommended repair, reconstruction and restoration work be performed.

As a result, LUSCO has awarded repair contracts for both bridges to All Bahamas Construction (ABC) Ltd. The contract for the Casuarina Bridge was signed last Friday,

although the sum involved was not disclosed, and work began on Monday.

Integrated Building Services (IBS), which provided advice on the bridges’ superstructure and civil components, has been hired as the engineer of record for both reconstruction projects. The contract signing for the Sir Jack Hayward Bridge will take place in the coming weeks, LUSCO said.

The company also warned that parts of the navigational railings at the Casuarina Bridge have recently been dislodged.

Portions are visible, while other parts remain submerged, and this could impede or obstruct navigation. The waterway is presently passable, but boaters have been warned to proceed with caution.

LUSCO said that, after consulting partners including The Bahamas Air Sea Rescue Association (BASRA), the waterway will be closed from November 30 to December 2, 2021, between 9am and 2pm to facilitate removal of the railings. To assist mariners, LUSCO has erected navigational signs in the area in an effort to boost safety.

TO COMMON SHAREHOLDERS The Board of Directors of FOCOL Holdings Limited has declared an Extraordinary Dividend Payment of 3 cents per share on Common Shares to all shareholders of record as of November 30, 2021.

The payment will be made on or before December 10, 2021 through The Bahamas Central Securities Depository, the Registrar & Transfer Agent, in the usual manner.

CARYL A.E. LASHLEY Corporate Secretary

“Fuelling Growth For People”

THE TRIBUNE

Thursday, November 25, 2021, PAGE 5

ACCOUNTING NETWORK ADDS BAHAMAS FIRM A GLOBAL accounting and advisory firm has added a Bahamian subsidiary, and its three partners, to a worldwide network of more than 170 companies.

Kreston Global, which describes itself as the world’s 13th largest accounting network, confirmed in a statement yesterday that it has added Kreston Bahamas to its network.

Kreston Bahamas provides accountancy, advisory, audit and assurance, outsourcing and taxation services to domestic and international clients. It was formed following a merger earlier this year between Seagreen Accounting, Integritas Advisors and Next Gen Advisory Group.

The company has three partners - Jacqueline Hunt, Pretino Albury and Sean Rolle - plus professional and administrative staff spread across two offices on New Providence. It has a particular focus on sectors including financial services; leisure and hospitality; government and the public sector; retail; healthcare; real estate; and consumer businesses.

Ms Hunt, partner at Kreston Bahamas, said: “Kreston Global stood out amongst other global networks thanks to its forward-looking ethos, strong sense of community, and standards of excellence.

dynamic regional business centre, and Kreston Bahamas is a superbly wellconnected firm with clients

JACQUELINE HUNT

PRETINO ALBURY

SEAN ROLLE “As we move into this next stage of our growth, we will be working closely with our new colleagues to build on the success we have enjoyed to date, and to provide our domestic and international clients with the breadth and depth of service associated with a global network.”

Liza Robbins, chief executive of Kreston Global, said: “The Bahamas is a

PAYMENT PROVIDER IN CHRISTMAS GIVE BACK

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN electronic payments provider has launched its Win It Back holiday campaign through which 50 customers will receive 100 percent cash back on their purchases.

Island Pay, in a statement, said these transactions must be made using its reloadable prepaid MasterCard between November 15 to December 15, 2021.

“This is our first major Christmas campaign, so we wanted to make it exciting and meaningful for as many customers as possible,” said Jeffrey Beckles, Island Pay’s managing director. “At the beginning of the year, we set out to process $100m in payments, and thanks to our loyal customers we have achieved that goal.

“Attaining this milestone was a huge accomplishment.

In return, we wanted to do something for the holidays that would show our customers how much we appreciate their support. We’re closing out the year by giving 50 Island Pay customers 100 percent cash back on whatever they spend during the campaign period. That’s 50 amazing chances to win their money back.

“This giveaway is open to current Island Pay customers and prospective customers, so anyone who makes a purchase using a reloadable Island Pay prepaid MasterCard can win their cash back,” he continued. “This includes our customers who have digital wallets, but don’t have a prepaid MasterCard – all they have to do is sign up for one in the Island Pay app.

“All customers and prospective customers have the option of downloading a virtual card, or requesting and using a physical card, through the Island Pay app to participate. Once you use your existing or new prepaid MasterCard, you will be automatically entered into the prize drawing with every purchase.

“If you use your card several times, you would win the total of all of your purchases made during the campaign if you are randomly selected as one of our 50 campaign winners.”

Shannon Hanna, Island Pay’s deputy general manager, said: “The best feature about these cards, in addition to the convenience of being able to use them to shop online and in brickand-mortar stores, is the fact that they are reloadable.

“This gives our customers the flexibility to use them repeatedly without paying the incredibly high interest rates, overdraft fees or annual fees associated with credit cards. You can only spend what’s there, then you can reload it and use it again.”

“E-commerce is growing; online spending is showing no sign of slowing down,” Mr Beckles added. “With the holidays approaching, it’s much smarter for consumers to manage their spending using prepaid cards rather than racking up endless fees by using credit cards.

“I’m sure we can all also agree that using the reloadable Island Pay prepaid MasterCard – whether virtual or physical – is much safer than carrying cash. We encourage everyone to protect their money and their budgets this holiday season with our prepaid virtual or physical MasterCard.”

at the highest level. As a network we are excited to be further consolidating our global scope, and we look

forward to building opportunities with the Kreston Bahamas team, both in the region and beyond.”

The Kreston Global network was rebranded in July 2021, and is this year celebrating its 50th anniversary.

PAGE 6, Thursday, November 25, 2021

THE TRIBUNE

BTC TARGETS EXTRA 10,000 HOMES FOR FIBRE UPGRADE THE Bahamas Telecommunications Company (BTC) is launching a fibre upgrade targeting 10,000 New Providence homes in time for the Christmas holidays.

The company, in a statement, said the move is part of its Share the Magic of Christmas campaign. It added that it plans to provide these homes with 600mbps (megabits per second) of Internet broadband connectivity for Christmas.

Andre Foster, BTC’s chief executive, said: “I’ve issued the challenge to my technical team to provide broadband services to another 10,000 customers before Christmas, and they’ve graciously accepted.

“We are hard at work, and we’re upgrading our services from copper to fibre throughout the Carmichael Road community, Cowpen Road, Pinewood Gardens, East Street, Farrington Road, Fort Charlotte, Coral Lakes,

Coral Harbour, Coral Vista and South Beach.

“The end result will be blazing speeds and reliable services at an unmatched price for our customers, enabling them to connect even more devices and stream more content.”

Portions of Faith Avenue, Gladstone Road, Bacardi Road, Flamingo Gardens, Marshall Road, Misty Gardens, Shrimp Road and Hamster Road are among the areas in Carmichael Road that are being upgraded. Davis Street,

Warren Street, Boyd Road, Quarry Mission and Killarney Shores are also in the mix in New Providence.

BTC is also continuing to upgrade its fibre network in Abaco. It has now extended fibre connectivity to Green Turtle Cay, and the company is optimistic about delivering upgraded service to the roughly 350 customers residing there.

Central Pines, Dundas Town, Murphy Town and Marsh Harbour now have access to fibre services.

Mr Foster continued: “The global pandemic has encouraged us to think and operate differently. We have seen the advent of many home-based and mobile businesses. Of course, we’re still seeing many children attend school virtually, so there’s a continued demand for best-in-class services at affordable prices.

“Therefore, we are aggressively upgrading our network. Our mission really is to provide access at affordable prices, and in many instances we’ve

PAIRING CONTENT WITH IMAGES IS VITAL TOOL FROM PAGE TWO

happens in the visual cortex of the brain, meaning that the moment consumers lay eyes on your content, they are already thinking about what their next step is going to be, whether a social media share or answering a call to action.

not just want to look at pictures; they want to share them and then they want to see more of them. In fact, content with images receives up to 40 percent more shares than content without pictures.

Since, as humans, we rely so much on our vision to perceive the world, we also make decisions based on what we see. We now know that part of the decision-making process

New tools While technology only accounts for a tiny fraction of all searches at the moment, visual searches rose from 250m in 2017

to 600m in 2018, which shows the magnitude of the change to be expected in the years ahead.

What goes into a successful picture?

Pairing your content with the right picture is easier said than done but, fortunately, there are some guidelines to help you choose the right one and boost those clicks. Bear in mind that consumers today

have a lot of experience in judging pictures.

While images should represent your brand, its mission statement and its values, it is important to keep in mind that people are drawn to other people.

Pictures with humans attract more views than pictures without.

Having a person in a picture means that not only will it attract more views and clicks, but that your brand will be perceived

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more positively by consumers, especially if the picture focuses on the face, increasing perceived trustworthiness even more.

How are brands already exploiting the power of images?

Brands are aware of the power of images, and they have been using them successfully in their marketing campaigns. To this end, visuals are vital to representing your brand, and ensuring that it stands out authentically against its competitors is a win-win.

In order to be successful, the images you develop or select need to be consistent with the message you send across all channels and, to

reduced our costs as we now bundle our services for customers.

“Customers in our fibre footprint have the ability to upgrade their services with 150mbps of broadband, 157 television channels, and a landline service with unlimited calls to the US, UK and Canada for under $100.” Customers have the option of also bundling up to four postpaid mobile accounts with their residential plan. achieve this, it is important to develop and follow brand guidelines. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, November 25, 2021, PAGE 7

‘STANDARD BEARER’ BANK PUT INTO ADMINISTRATION FROM PAGE ONE have been frozen ‘whilst alternatives to provide continuity of banking services are urgently considered’.

“The Central Bank is working closely with the statutory administrator in the discharge of his duties to oversee the affairs of Lucayas Bank, and to deploy an appropriate resolution plan that will protect the interest of depositors and creditors of the bank.

The statutory administrator is providing regular updates to the Central Bank.

No explanation was given for why the Central Bank has taken this action. The timing also seems bizarre, given that it comes barely eight-nine months after the regulator itself gave approval for PIB’s purchase and its renaming as Lucayas Bank by the present ownership.

Several prominent Bahamians were named to Lucayas Bank’s Board post-acquisition, while others worked on the purchase itself. The bank’s directors include former PLP chairman, attorney Raynard Rigby; ex-FNM

Senator under the last administration, Lisa Bostwick; and James Smith, former minister of state for finance and Central Bank governor.

Mrs Bostwick’s brother, John Bostwick, another former FNM senator, also acted as the Lucayas Group’s Bahamian attorney in the transaction. Tribune Business was last night told that the Board and all parties involved in the matter have been “gagged”, and Mr Bostwick declined to comment when contacted by this newspaper.

“I’m not too sure about the extent to which I am able to comment,” he messaged in a brief reply.

However, well-placed Tribune Business sources revealed that the Central Bank’s action was driven by terms it imposed on the new owners for the recapitalisation of Lucayas Bank and the timeframe in which this was to take place.

The situation has its roots in efforts by the bank’s last owner, Banque Cramer, to sell its interest in the then-PIB. Banque Cramer previously thought it had disposed of a majority 85

percent stake in the Bahamian institution to IPG Securities Asset Management (Bahamas), and its principals, Carlos Molina and Jorge Carreras, in 2018.

However, the Central Bank subsequently demanded that Mr Molina resign from the bank’s board and dispose of his equity stake in PIB, plus any “affiliate businesses” in which the bank had an interest, by March 31 last year - a move that was upheld by the Supreme Court despite Mr Molina’s protestations.

This forced Banque Cramer to place PIB back on the market and seek a fresh purchaser, which it found in the Lucayas Group whose acquisition was subsequently approved by the Central Bank. However, under Messrs Molina and Carreras, the bank had acquired property at Goodman’s Bay opposite the Prime Minister’s Office, and this became the source of the regulator’s concern.

“They acquired a fixed asset, which impacted the bank’s capital and created other issues,” one source said. “The sale [to

the Lucayas Group] was approved by the Central Bank with some conditions regarding the recapitalisation of the bank. One part of that was to sell the property purchased by the bank.

“They initially wanted to develop the property, but the Central Bank said ‘no’.

It said that if you want to treat it as capital, you have to sell it and bring the proceeds back into the bank.”

The issue then became the tight deadline set by the Central Bank for the property’s sale, which the source said was almost impossible to meet given how the real estate market functions.

“The Central Bank gave them a short timeline in which to do it,” the source added. “The bank’s principals will argue the Central Bank gave them some very tight deadlines in which to turn around the property.

“For a foreign person wishing to acquire property in The Bahamas, you need sign-off by the Investments Board, you have to establish a relationship with a Bahamian broker. They gave them just seven to ten days.”

The tension with the Central Bank, together with Mr Wizman’s appointment, was said to have sparked “somewhere between a run on the bank and clients getting cold feet”, which triggered several to pull their money put of the bank and resulted in the “freezing” of its operations.

All this is a far cry from when Lucayas Bank’s new owners unveiled plans on March 11 this year to expand its assets under administration to $1.5bn within two years. They added that they were already eyeing a tourism industry investment that could create “at least 75 full-time jobs” separate from the 24 staff it has inherited with the PIB deal.

“Because of the footprint of the group, but also the important network of the same, the group thought it could be the ideal solution to consolidate business in a business-friendly and stable environment such as The Bahamas,” Lucayas Group said of the acquisition, while declining to reveal a purchase price or any of the sale terms.

“The group is looking into growing its interest in The Bahamas as well as looking for new minority Bahamian partners, and hopes to expand further its Bahamian economic partnerships in future..... There are currently 24 staff in the bank. The target is to grow assets under management to $1.5bn in the next two years.

“This is perceived to be a realistic ambition given the pipeline of clients which exists, as well as new commercial hires and assets under management acquisition through additional purchases. While other banks are leaving or divesting from The Bahamas, we are heavily committed to growth.”

The Lucayas Group declined to reveal much about the identity of its major or controlling shareholders, only saying that its various companies have been operating for up to 20 years and the principal stakeholder is “an AngloIrish and American family trust with other individuals holding minority stakes”.

ABACO CHAMBER CHIEF CALLS FOR DORIAN TAX BREAK CLARITY FROM PAGE THREE little. People need to be able to plan and budget for these things, and the way inflation is rising......

“Earlier this year, the price of lumber shot up 300 percent. It’s gone down now, but who knows what may happen in the future?

We’re seeing inflation that we’ve not seen for 40 years.

Shipping costs are up 10-15 percent. You’re going to see inflation hit the food stores starting next month and January.

“We’re already seeing prices go up tremendously. Prices have gone

up generally by 20 percent.

If you don’t have bad luck, you have no luck at all.”

As a result, the Abaco Chamber chief said a decision needed to be made on the SERZ extension “the sooner the better”.

“I understand there’s a lot of priorities, but obviously

we believe this is definitely a priority for us. It needs to be done the sooner the better so people can plan,” Mr Hutton added. “You have second homeowners coming back and wanting to rebuild, but they don’t know to what extent they can do it.

“Unfortunately, they have a month to a monthand-a-half left. If they bring in a bath tub today, it won’t get here in time....... We have to give them [the Government] a chance to get their feet underneath them, but that honeymoon period will be drawing to a close

soon - I believe not just for us, but everything.”

Mr Hutton said it was critical that the next extension be longer than six months, as a short-term duration was not “helpful”. He acknowledged that any longer extension would have to be legislated via Parliament.

PAGE 8, Thursday, November 25, 2021

THE TRIBUNE

‘ROLLING WITH THE PUNCHES’ OVER RETAIL MAKE OR BREAK FROM PAGE ONE put on them last year, you’ll see a big difference in making or breaking a lot of businesses. That said, I think everyone is being super-optimistic.

We’re just praying for a return to normal. We’re seeing an uptick in tourists coming back into downtown stores, and hotels full, which everybody is thankful for.

“I would say everyone is excited to be back to full hours, and hopefully we will have a very productive Christmas season. The biggest hurdle is going back to this supply chain crisis we’re experiencing. You walk into every shop, and you are going to notice some gaps in their assortment,” Ms Morley said.

“Everyone is just doing the best that they can, and I think people have been patronising one another.

If you don’t find it in our shop, try this store that got their shipment in. Try and keep it in the economy.

Everyone’s trying to send

customers to each other so The Bahamas benefits.”

The inflationary impact from the global supply chain crisis was also highlighted yesterday by Rick Lowe, Nassau Motor Company’s (NMC) operations manager/director. He revealed that a shipment of motor oil, initially quoted at $3,200 for freight, turned into a $9,400 actual bill when it arrived in The Bahamas.

“It’s just astronomical,” he said of the near-tripling in cost. “It’s happening to everybody, I understand, not just to us. You have to pay VAT and duty on that. The end result is that the consumer pays more.

Our costs have skyrocketed. Everybody is being impacted in the same way.”

Ms Morley, meanwhile, said all retailers were having “their own delays” as a result of the supply chain backlog, with the length of delivery hold-ups determined by multiple factors including the goods and suppliers involved;

where the inventory was being shipped from; and the ports and carriers involved.

“At this point it’s just keeping up with the inventory and supply chain stress,” she told Tribune Business. “Just to give you an example, I’ve noticed with Christmas decor, which is hyper seasonal, some people have received their goods and others were subject to delays and are just getting inventory into their stores.”

As a result, and with COVID making it even more important for The Bahamas to retain every dollar spent this Christmas that it possibly can, the Federation co-chair urged shoppers to keep “an open mind” and be patient if the goods they want have yet to reach store shelves.

“It’s incredibly important with this Christmas, especially given the past two years that we’ve all been going through together, that the extent to which we keep all the money in

the economy and circulate in the economy is going to go a long way to more jobs back in the market and help everyone get back to some sort of normalcy,” Ms Morley said.

“Everybody I’ve spoken to plans on going back to normal on staffing for Christmas. They’ve looked at what they did in 2019, and that’s their plan for this year. That’s everybody’s plan, and everybody is patiently working through their delays with goods.”

With inflation becoming a growing threat, Ms Morley said there was little that The Bahamas can do to counter this because it imports virtually everything it consumes. “The Bahamas is very much a price taker,” she agreed. “I can say across all our businesses we’ve seen some price increases depending on the category but other categories remain flat.

“It’s a mixed bag, and due to inflation’s impact on costs the reduction in VAT for January couldn’t

be more perfectly timed to help to offset some of the increase.” Ms Morley operates three retail formats, Cole’s of Nassau, Morley for Men and Maison Decor, and across their various clothing, gift and furniture inventory some price rises have been seen.

“It’s not just the inflation on the goods themselves but the shipping to get them here,” she added. “If that goes up, it goes into the cost of goods sold. It’s all over the place. I’m seeing

some rates that are astronomical, some that are the same as before. It doesn’t seem to have a whole lot of rhyme and reason, and we’re just rolling with the punches.”

Ms Morley said some products she ordered, which would normally take two weeks to arrive in The Bahamas, had only reached after six months. And interior designers have been told that what is usually a three-month ordering cycle will now take two years.

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PUBLIC NOTICE In accordance with the Order of the Honorable Justice Cheryl Grant-Thompson made October 21, 2021, Shares numbered 2,001 to 4,000 describe in share certificate #2 in Blue Illusions Ltd. are to be sold by public auction on Friday November 26, 2021, in front of Supreme Court main Building, Bank Lane, Nassau, The Bahamas between the hours of 12:00 pm and 3:00 pm

THE TRIBUNE

Thursday, November 25, 2021, PAGE 9

FIDELITY EYES $21M-$22M PROFIT FOLLOWING ‘OVERSHOOT’ FROM PAGE ONE nine months to end-September 2021, as opposed to just $3.723m the prior year, he acknowledged that profitability had already exceeded the $15m target set for the year.

However, Mr Bowe conceded that Fidelity Bank (Bahamas) was not without challenges. Its loan portfolio has contracted by $15m since year-end 2020, while “cash on hand” has jumped by almost $87m to nearly $275m due to the difficulty in finding qualified borrowers that it can extend credit to.

And the near $85m rise in deposits to $660m, combined with Fidelity Bank (Bahamas) decision to maintain some of the “highest” deposit rates in the market at around 2 percent, has resulted in interest expense for the nine months rising by over $100,000 to just over $9m a move that has shrunk net interest margins.

Mr Bowe also suggested that Fidelity Bank (Bahamas) will struggle to match the $7.464m profit generated for the 2021 third quarter in the fourth, suggesting that a further $4m to $5m will be added to the

full-year bottom line during the period.

He explained that the more modest expectations were based on the provisioning that the commercial lender will have to take on its $115m government securities investments due to the recent sovereign downgrades by both Moody’s and Standard & Poor’s (S&P), as well as the likelihood that some borrowers will prioritise Christmas shopping over loan repayments.

Fidelity’s increased 2021 profitability has been driven largely by reduced loan loss provisions, which fell by 76.4 percent yearover-year - from $20.314m in the first nine months of 2020 to $4.793m - as a result of it booking anticipated losses related to COVID-19 early.

“If you look into the details there are some stark realities,” Mr Bowe said.

“The loan portfolio has contracted by $15m and cash on hand is continuing to increase, as is the growth in deposits.”

He added that Fidelity Bank (Bahamas) had maintained its deposit rates at levels “which we are confident are premiums in the market today”, which is part of a strategy that balances rewarding

shareholders and providing benefits to depositors “who create the liquidity to expand the loan portfolio by putting money into the bank”.

Mr Bowe acknowledged that this creates “greater pressure” via increased interest expense and an expanding deposit base, but added that the bank was “confident” it was managing its effective interest rate because interest costs had not gone up “commensurate” with deposits.

“The shrinking loan portfolio is not yet concerning to us,” he told Tribune Business, “but is something we are working on aggressively so that when our economic resurgence comes about we will be very active in that space to grow the portfolio.”

With Fidelity Bank (Bahamas) having beaten its full-year profit targets in just nine months, Mr Bowe said it planned to return the excess to shareholders via an upcoming dividend payment. “What we recognise is that we don’t want to set a precedent that says we are going to overshoot budget by that amount every year,” he added.

Confirming that an application has been made to the Central Bank for

regulatory approval of a pre-Christmas dividend, the Fidelity Bank (Bahamas) chief said: “We’re not going to retain capital that is not productive and impacts our return on equity (ROE), so we’re going to pay out that excess profit in the normal dividend.

“I can say to you that if you look at the halfyear dividend, it will be 15

percent higher than what we did in June.” Even with the dividend, which Fidelity Bank (Bahamas) hopes to declare by the first week of December, its risk weighted asset capital ratio will be at 23.9 percent and significantly above the Central Bank’s regulatory requirements.

As for the revised fullyear profit target, Mr Bowe

said: “We believe we can do $21m-$22m. We recognise we will not achieve the same $7m we did in the third quarter. We believe we will come in at $4m-$5m for the fourth quarter.

“Unfortunately we had the downgrade by both rating agencies, which means we have an impact on our $115m in government exposure” due to the increased possibility of default under international accounting standards.

PAGE 12, Thursday, November 25, 2021

ROBERTS: VACCINE MOVE TO ‘GET ECONOMY BACK’ FROM PAGE ONE promoting the inoculation drive on social media.

“I want to spread that around in the chats,” Mr Roberts told this newspaper. “We’ve got to get this nation up to 100 percent [vaccinated] so we can get our economy back, keep our tourists coming and everybody stays safe.”

He revealed that six months ago, under the former Minnis administration, he had offered all Super Value and Quality Supermarket stores as potential vaccination sites to the Ministry of Health.

However, the Super Value

chief suggested this was never taken up because, amid the country’s COVID19 “third wave” and rising death rates, vaccinations were at the time increasing.

“They have now slowed down, so we’re going to have to go into the population,” Mr Roberts said, adding that Bahamians will now be able to combine their weekly grocery shopping with receiving their COVID-19 jabs.

He explained that the Golden Gates and South Beach locations were selected because they are “in heavily populated areas, so that’s what we’re targeting”. Super Value’s Golden Gates store, in particular,

lies at the heart of one of the busiest areas in New Providence, located across the road from the South-West Shopping Plaza with bank, Wendy’s and KFC branches all nearby.

“I think that while they are in the vicinity to come grocery shopping they’re going to have the opportunity to get vaccinated before and after,” Mr Roberts said.

“We’re hoping to really pick up the numbers. We have to get the country vaccinated.

We have to get this country’s numbers up.

“The minister [Dr Michael Darville] said that in the last couple of months, 95 percent of the deaths were persons

who were unvaccinated, so we will protect our tourists, get our economy back and keep the population safe.

I believe that now, since they cannot go to the US, and cannot go to Wal-Mart, they’re considering it [vaccinations] more and we will make it easier for them.”

Food store vaccinations, Mr Roberts said, will likely be more convenient for Bahamians and residents who presently have to “make time and go out of their way” to get vaccinated at government-appointed sites.

“We will be in the most populated areas of the island,” he reiterated. “If

THE TRIBUNE we get the numbers through we will do next week and go on.” The Super Value chief said this was no different from the US and Florida, which have used retail chains such as WalMart, Target and Walgreens to more widely distribute COVID-19 vaccines at a much faster pace.

Mr Roberts also voiced optimism that the provision of in-store vaccinations will increase inoculation rates among Super Value’s staff.

He added that 40 percent of workers were fully vaccinated when he checked one month ago, and said this had likely risen to 45 percent.

“I’ll be very disappointed if everybody in those two stores is not vaccinated by the end of this weekend,” Mr Roberts told this

newspaper. “It would be a big disappointment to me...

If we don’t do vaccinations by the thousands I’m going to be very disappointed.

“Then we’ll have to figure out another strategy, but I believe it’s going to be more convenient for people. This is not my part; it’s my duty to the country. If it works we can go to every [store] location. We can go anywhere.”

Mr Roberts said he and the Ministry of Health had initially looked at Golden Gates and Prince Charles Drive as the two COVID-19 vaccination pioneering sites, but the latter venue was switched to South Beach because it is a more denselypopulated area.

THE TRIBUNE

Thursday, November 25, 2021, PAGE 13

HOUSING MARKET TRENDS FUEL SINGLE-FAMILY HOME RENTAL GROWTH

By ALEX VEIGA AP Business Writer LOS ANGELES (AP) — Homebuilders and other real estate companies are increasingly betting that would-be homebuyers frustrated with a shortage of homes for sale and runaway prices will settle for renting their slice of the American Dream.

While individual homeowners and mom-and-pop investors still account for the vast majority of single-family rental homes, homebuilders have stepped up construction this year of new houses being built for rent.

In the third quarter, builders broke ground on 16,000 single-family homes

slated to become rentals.

That’s the highest quarterly total of housing starts for built-to-rent homes going back to at least 1990, according to an analysis of U.S. Census data by the National Association of Home Builders.

The trade association’s analysis includes only homes that builders are going to hang onto and rent out. That excludes homes being built to be sold to real estate investment trusts or investors planning on renting the properties.

While those rental homes accounted for only 5.4% of all single-family housing starts in the third quarter, builders are doubling down on the build-for-rent model, with some already aiming

to build more homes for rent for investors or corporate landlords eager to capitalize should potential homeowners continue to struggle to find affordable properties.

“Traditional builders are finding it very hard to do entry level housing,” said Ali Wolf, chief economist at Zonda Economics, a real estate industry tracker.

“The build-to-rent space kind of serves its purpose as being entry level housing in a market where new homes at a reasonable price point are few and far between.”

Rising home prices and fierce competition for relatively few affordable homes for sale are stretching the limits of affordability for many would-be buyers. The

THIS is a home for sale in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. Homebuilders and other real estate companies are increasingly betting that would-be homebuyers frustrated with a shortage of homes for sale and runaway prices will settle for renting their slice of the American Dream. While individual homeowners and mom-and-pop investors still account for the vast majority of single-family rental homes, homebuilders have stepped up construction this year of new houses being built for rent.

Photo:Gene J. Puskar/AP median price of a previously occupied U.S. home jumped to $353,900 in October, a 13.1% increase from a year earlier, according to the National Association of Realtors. Homes sell within

days of being put up for sale.

These trends have been good news for landlords, however. Rents for U.S. single-family homes jumped 10.2% in September from a year earlier, according

to real estate information company CoreLogic.

The firm excludes apartments from its single-family home rental data, though it includes condominium and townhome rentals.

PAGE 14, Thursday, November 25, 2021

THE TRIBUNE

STOCKS EDGE HIGHER AFTER ANOTHER CHOPPY DAY ON WALL STREET

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers WALL Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of the Thanksgiving holiday in the U.S. The S&P 500 rose 0.2% after wavering between small gains and losses most of the morning. The benchmark index regained its footing in the final hour of trading.

The Dow Jones Industrial Average slipped less than 0.1% after having been down 0.6% in the early going. The Nasdaq rose 0.4%, getting a lift from a late-afternoon rally in technology stocks.

The Federal Reserve released the minutes from its October policy meeting, which showed that Fed officials discussed how they “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.

The minutes also revealed Fed officials maintained that the spike in inflation seen this year was still likely to be transitory while acknowledging that the rise in prices had been greater than expected. The minutes covered a meeting in which the Fed voted to take the first steps to roll back the massive support it has provided to the economy struggling to recover from a global pandemic.

Supply chain problems and pressure from inflation have been key concerns for a wide range of industries. Many companies have warned that they are having trouble meeting demand and are dealing with higher costs for raw materials.

Those higher costs are being passed off to consumers, who have been paying more for everything from food and other staples to a wide range of retail items.

“You’ve got an environment where the persistence of supply chain issues is starting to wear on people,” said Eric Freedman, chief

investment officer at U.S. Bank Wealth Management.

The S&P 500 rose 10.76 points to 4,701.46. The index set an all-time high last Thursday. The Dow slipped 9.42 points to 35,804.38, and the Nasdaq gained 70.09 points to 15,845.23.

Small company stocks also rose. The Russell 2000 index added 3.60 points, or 0.2%, to 2,331.46.

Slightly more stocks in the S&P 500 index fell than rose. Gains in technology, real estate and energy stocks outweighed a slide in banks, materials companies and elsewhere in the market.

Investors kept an eye on the latest batch of quarterly report cards. Computer maker HP rose 10.10% for the biggest gain in the S&P 500 after reporting solid financial results. Autodesk slumped 15.5% after the design software company warned investors the pace of its recovery is being impacted by supply chain problems and pressure from inflation.

THE NEW York Stock Exchange operates during normal business hours in the Financial District, Wednesday, Oct. 13, 2021, in New York. Stocks are opening lower on Wall Street, Wednesday, Nov. 24, as the market continues an unsettled period of trading ahead of the Thanksgiving holiday in the U.S. Photo:John Minchillo/AP A mix of retailers that rely on direct consumer spending also turned choppy. Online crafts marketplace Etsy rose 6.2%.

Gap nosedived 24.1% after the clothing chain said supply chain problems crimped its third-quarter earnings and revenue.

Department store operator Nordstrom plunged 29% after reporting weak thirdquarter earnings.

Energy stocks made gains as crude oil prices remained relatively stable and natural gas prices rose. Devon Energy rose 3.8%.

Bond yields were mixed.

The yield on the 10-year Treasury slipped to 1.64% from 1.67% late Tuesday.

That weighed down banks,

which rely on higher yields to charge more lucrative interest on loans. JPMorgan Chase fell 0.8%.

The latest update on consumer spending showed an October rebound with a 1.3% rise, according to the Commerce Department. That’s slightly more than double the gain in September.

It’s been an otherwise uneventful and short week for investors. Markets will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

Investors received several upbeat economic updates on Wednesday.

The Commerce Department reported that the

U.S. economy slowed to a modest annual rate of 2.1% growth in the OctoberDecember quarter, slightly better than its first estimate.

But economists are predicting a solid rebound in the current quarter as long as rising inflation and a recent uptick in COVID cases do not derail activity.

The Labor Department reported that the number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year’s coronavirus recession.

THE TRIBUNE

Thursday, November 25, 2021, PAGE 15

FED OFFICIALS EXPRESS RESOLVE TO ADDRESS INFLATION RISKS

By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) — Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.

In minutes released Wednesday of the Fed’s Nov. 2-3 meeting, Fed officials maintained that the spike in inflation seen this year was still likely to be transitory while acknowledging that the rise in prices had been greater than expected.

The minutes covered a meeting in which the Fed voted to take the first step to roll back the massive support it has provided to an economy pushed into a recession last year after widespread lockdowns to contain the COVID virus.

At the November meeting, the Fed approved reductions in the amount of Treasury bonds and mortgage backed securities it had been purchasing to put downward pressure on long-term interest rates.

The committee approved reducing by $15 billion in November and another $15 billion cut in December in the $120 billion in monthly bond purchases it had been making. The expectation was that these reductions would continue until the bond purchase program was phased out in the middle of next year.

Inflation in recent months has been hitting levels not seen in decades. Fed Chairman Jerome Powell and other Fed officials have argued that the prices pressures were likely to be transitory and fade away once problems such as supply chain bottlenecks are resolved.

But the Fed minutes showed a growing concern that the unwanted price pressures could last for a longer time and the Fed should be prepared to move to reduce bond purchases more quickly or even start raising the Fed’s benchmark interest rate sooner to make sure inflation did not get out of hand.

“Various participants noted that the committee should be prepared to adjust the pace of asset purchases and raise the target

range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher than levels consistent with the committee’s objectives,” the minutes said.

Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, said she still believes the Fed will not rush into hiking rates.

She bases that view on her forecast that inflation will moderate significantly by mid-2022 and the Fed’s maximum employment goal will not be reached until the end of next year.

But she said that given the sizable inflation gains reported for October and increased inflation worries by some Fed members, she expects the central bank will accelerate the bond reductions. Under that scenario, the reductions would be completed by the end of April rather than June, with the first rate hikes coming in September rather than her earlier forecast for rate hikes starting in December of next year.

She said it was significant that the minutes noted that “price increases had become more widespread” with the increases being

FEDERAL Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing Thursday, Sept. 30, 2021, on Capitol Hill in Washington. Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.

Photo:Sarah Silbiger/AP driven by higher energy costs, faster wage gains and increases in residential rents.

The Fed’s policy rate was cut to a record low of 0% to 0.25% in the spring of 2020 as the Fed focused its efforts on keeping the COVID recession from

spiraling into a deeper downturn. Since the Fed’s November meeting, a few Fed officials have publicly expressed an openness to accelerating the pace of winding down the monthly bond purchases.

Fed Vice Chairman Richard Clarida said last

week that he would be looking closely at incoming economic data before the Fed’s next meeting on Dec. 14-15 to determine whether it would be appropriate to increase the pace of the reductions in bond purchases.

PAGE 16, Thursday, November 25, 2021

THE TRIBUNE

CALIFORNIA DENIES MOST FRACKING PERMITS AHEAD OF 2024 BAN SACRAMENTO, CALIF. Associated Press CALIFORNIA regulators haven't approved permits for the controversial oil and gas extraction process known as fracking since February, effectively phasing out the process ahead of Gov. Gavin Newsom's 2024 deadline to end it.

The state's Geologic Energy Management Division, known as CalGEM, has rejected an unprecedented 109 fracking permits in 2021, the San Francisco Chronicle reported. That's the most denials the division has issued in a single year since California began permitting fracking in 2015.

Fifty of the permits, mostly from Bakersfield-based Aera Energy, were denied based solely on climate change concerns.

State oil and gas supervisor Uduak-Joe Ntuk wrote in a September letter to Aera that he could "not in good conscience" grant the permits "given the increasingly urgent climate effects of fossil-fuel production" and "the continuing impacts of climate change and hydraulic fracturing on public health and natural resources."

Newsom, a Democrat, called in 2020 for state lawmakers to ban the practice by 2024. But a proposal before lawmakers failed, leading Newsom to direct CalGEM to proceed with the timeline on its own. It's

only one piece of Newsom's climate change agenda, which includes a complete end to oil and gas production in the state by 2045, long after he's left office.

Kern County, where most fracking in the state occurs, and the Western States Petroleum Association have sued the state over the denials. WSPA's lawsuit, filed in October, argues state law requires CalGEM to permit fracking if it meets technical requirements and that the denials amount to a de facto ban on the process that hasn't been approved by the Legislature.

A hearing in the Kern case is scheduled for Monday and the state must respond to WSPA's lawsuit

by Dec. 2.

Fracking is the process of injecting a high-pressure mix of mostly water with some sand and chemical additives into rock to create or expand fractures that allow for the extraction of oil and gas. Permitted fracking operations account for just 2% of oil production in California. But the practice is controversial due to concerns about the chemicals used in the fracking fluid contaminating groundwater.

Environmental justice organizations representing low-income communities and people of color have protested fracking for its potential water contamination and the methane released by the process. Methane is a highly potent greenhouse gas.

NOTICE AGENCIA CENTRAL II LIMITED Registration Number 169525 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that AGENCIA CENTRAL II LIMITED has been dissolved and struck off the Register of Companies with effect from the 7th day of October, 2021.

DEBRA RACKSTRAW Liquidator LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 KABOD INVEST LIMITED (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, KABOD INVEST LIMITED is in dissolution. The dissolution of the said Company commenced on 19th November 2021 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas. The sole liquidator of the said Company is Kim D. Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D. Thompson Sole Liquidator

THE TRIBUNE

Thursday, November 25, 2021, PAGE 17

NOTICE IN THE ESTATE of HENRY GEORGE SMITH, GEORGE HENRY SMITH, late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 16th day of December A.D., 2021, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

NOTICE IN THE ESTATE of JOAN ELEANOR HANNA, late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 6th day of December A.D., 2021, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Administrator Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

NOTICE NOTICE is hereby given that ANNE MICHELLE METELUS of, Carmichael Road, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th 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 YAMILKA CORREOSO TOLEDO #30 Tahiti Drive, Freeport, Grand 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 25th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, November 25, 2021, PAGE 19

AMERICANS ARE SPENDING BUT INFLATION CASTS PALL OVER ECONOMY

By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) — Americans are doing the main thing that drives the U.S. economy — spending — but accelerating inflation is casting a pall.

A raft of economic data issued Wednesday showed the economy on solid footing, with Americans’ incomes rising and jobless claims falling to a level not seen since the Beatles were still together.

The spike in prices for everything from gas to rent, however, will likely be the chief economic indicator Americans discuss over Thanksgiving Day dinner.

The Commerce Department reported that U.S. consumer spending rebounded by 1.3% in October. That was despite inflation that over the past year has accelerated faster than it has at any point in more than three decades.

The jump in consumer spending last month was double the 0.6% gain in September.

At the same time, consumer prices rose 5% compared with the same period last year, the fastest 12-month gain since the same stretch ending in November 1990.

“Although consumer confidence has declined in the fall because of high inflation, households continue to spend,” said Gus Faucher chief economist at PNC Financial.

Personal incomes, which provide the fuel for future spending increases, rose 0.5% in October after having fallen 1% in September, which reflected a drop in government support payments.

Pay for Americans has been on the rise with companies desperate for workers, and government stimulus checks earlier this year further padded their bank accounts. That bodes well for a strong holiday season and major U.S. retailers say they’re ready after some companies, like Walmart and Target, went to extreme lengths to make

sure that their shelves are full despite widespread shortages.

Analysts said the solid increase in spending in October, the first month in the new quarter, was encouraging evidence that overall economic growth, which slowed to a modest annual rate of 2.1% in the July-September quarter, will post a sizable rebound in the current quarter. That is expected as long as the recent rise in COVID cases and concerns about inflation don’t dampen holiday shopping.

“After experiencing one of the most severe economic shocks of the past century in 2020, the U.S. economy has displayed one of the most rapid recoveries in modern history in 2021,”

“After experiencing one of the most severe economic shocks of the past century in 2020, the U.S. economy has displayed one of the most rapid recoveries in modern history in 2021.”

Gregory Daco Gregory Daco, chief U.S. economist for Oxford Economics, wrote in a note to clients. Daco predicts GDP in the current OctoberDecember period would rebound to a growth rate of 5.6%.

The number of Americans applying for unemployment benefits, meanwhile, dropped last week by 71,000 to 199,000, the lowest since mid-November 1969. But seasonal adjustments around the Thanksgiving holiday contributed significantly to the bigger-than-expected drop.

Unadjusted, claims actually ticked up by more than 18,000 to nearly 259,000.

PEOPLE shop for frozen turkeys for Thanksgiving dinner at a grocery store in Mount Prospect, Ill., Wednesday, Nov. 17, 2021. First, the good news: There is no shortage of whole turkeys in the U.S. this Thanksgiving. But those turkeys — along with other holiday staples like cranberry sauce and pie filling — could cost more.

Photo:Nam Y. Huh/ AP

In a cautionary note Wednesday the University of Michigan reported that its consumer sentiment index fell 4.3 percentage points to a reading of 67.4 this month, its lowest level since November 2011, weighed down by inflation concerns.

And there are regions in the U.S. experiencing a surge in COVID-19 cases that could get worse as families travel the country for the Thanksgiving holiday.

President Joe Biden acted Tuesday to counter spiking gasoline prices by

ordering a release from the nation’s strategic petroleum reserve, but economists expect that move to have only a minimal effect on the surge in gas prices.

The Fed seeks to conduct its interest-rate policies to achieve annual gains in its preferred price index of around 2%. However, over the past two decades, inflation has perennially failed to reach the Fed’s 2% inflation target.

Fed officials at their November meeting announced the start of a reduction in its $120 billion

per month in bond purchases which the central bank had been making to put downward pressure on long-term interest rates in order to spur the economy.

Minutes from that meeting showed Fed officials increasingly concerned that the unwanted price pressures could last for a longer time. Officials indicated that the Fed should be prepared to move to reduce its bond purchases more quickly — or even start raising the Fed’s benchmark interest rate sooner — to

make sure inflation does not get out of hand.

The reduction in bond purchases marked the Fed’s first maneuver to pull back on the massive support it has been providing to the economy. Economists expect that will be followed in the second half of 2022 by an increase to the Fed’s benchmark interest rate, which influences millions of consumer and business loans. That rate has been at a record low of 0% to 0.25% since the pandemic hit in the spring of 2020.

PAGE 20, Thursday, November 25, 2021

THE TRIBUNE

BRAZILIANS FIND STOCK EXCHANGE BULL UNBEARABLE, REMOVE IT

By MAURICIO SAVARESE Associated Press

SAO PAULO (AP) — Many Brazilians felt bearish about the new Wall Streetinspired bull sculpture outside the stock exchange, and didn’t have to wait long for it to crash: The statue has been removed a week after it was installed.

Sao Paulo’s stock exchange had hoped to bestow the rundown city center with a flashy landmark. But its golden sheen was offset by nearby tents for the homeless and the daily line outside a major trade union of people searching for jobs -- any job.

By Tuesday night, it was gone.

Critics said the metal and fiberglass sculpture at the gates of the stock exchange in no way reflects Brazil’s current economic crossroads nor near-term prospects, with poverty and unemployment high and inflation running in the double digits. Local media have shown poor Brazilians in several cities so desperate for food that they rummage through rejected meat scraps.

“It represents the strength and the resilience of the Brazilian people,” Gilson Finkelsztain, the exchange’s CEO, said at its Nov. 16 unveiling. It was sponsored by the stock exchange and investor Paulo Spyer.

ACTIVISTS paste the Portuguese word “hungry” on the Golden Bull, a replica of Wall street Charging Bull symbolizing the financial market, outside the Brazilian B3 Stock Exchange in Sao Paulo, Brazil, Wednesday, Nov. 17, 2021.

Photo:Andre Penner/AP Spyer, who owns a consultancy firm named Vai Tourinho (“Go Little Bull” in Portuguese), said he was honored to give “a gift to all Brazilians.” Some locals were keen to snap pictures with the sculpture, which resembles the Charging Bull in Manhattan’s financial district.

But celebration was swiftly met with protests.

The next day, a dozen students posted stickers that read “HUNGER” on the bull’s body. After their removal, the nonprofit group SP Invisible, which aids the poor, organized a barbecue beside the bull to feed homeless people. Both demonstrations reverberated widely on social media.

“This bull is suggesting we are experiencing some progress, but it is the exact opposite,” Vinícius Lima, one of the nonprofit’s organizers, told journalists. “Beef prices have skyrocketed. It costs double what it used to.

Fewer and fewer Brazilians can afford it. That’s why we came here.”

Over the weekend, the bull’s sponsors attempted to co-opt demonstrations by asking visitors to bring food for donation. Still, the bull continued getting roasted.

City Hall’s urban planning body summoned the sculpture’s sponsors and the artist who crafted it for a meeting. Its main objection with the golden beast was that sponsors didn’t seek approval beforehand and it apparently violated a law limiting what can be displayed outdoors. Sao Paulo limits outdoor advertising.

“There is a law and it must be followed. Everyone has to be aware of the law before doing something,” Viviane Rubio, an adviser to the urban planning body, said during Tuesday’s afternoon meeting. “You needed to let us know before you placed it there,” she said.

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