11282022 BUSINESS

Marina chief suffers ‘worst Thanksgiving in 30 years’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A DRAFT Cabi

net paper seemingly prepared for the Prime Minister advised that Bahamians could enjoy a further $22m in savings if trades were executed to continue Bahamas Power & Light’s (BPL) fuel hedg ing at discounted prices.

The memorandum from the Ministry of Finance, dated September 30, 2021, said BPL was seeking approval from the Davis Cabinet to execute fur ther oil purchases at a $50 per barrel “strike price” representing a significant discount to then-oil market prices of $75. It suggested that “premiums ranging from $17 to $21 per barrel” could be obtained if the trades were executed.

The disclosure of the draft Cabinet

memorandum, a copy of which has been seen by Tribune Business, comes as the Government faces increasing pressure over allegations that its fail ure to execute the trades supporting BPL’s fuel hedging initiative have cost Bahamian households and businesses more than $100m that they did not otherwise have to pay.

With the Government’s already-precarious finan cial position leaving it

unable to further propup BPL’s fuel charge, it has moved to right the latter’s finances through imposing a series of rolling increases that will peak at a 163 percent hike in the electricity supplier’s fuel charge between June 1 and August 31 next year.

A portion of the increase will likely go to repaying the $90m debt incurred with BPL’s fuel supplier, Shell, and to repaying the

Government’s

However, the draft paper provides further evi dence this financial pain could have been avoided if the Davis administration had followed the Ministry of Finance briefing and executed the necessary trades - known as “call options” - just weeks after being elected to office on September 16, 2021.

AG tells world: Don’t blame us over FTX

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE ATTORNEY Gen eral last night blasted that it was “a gross oversimplifica tion of reality” for the world to blame The Bahamas for FTX’s collapse as no country had moved “as quickly” to tackle the crypto exchange’s implosion.

Ryan Pinder KC, in a national address that sought to rebut international criti cism of The Bahamas’ actions and digital assets regulatory regime, while also seeking to reassure Bahami ans that the Government is moving to protect the coun try’s reputation, hailed the Digital Assets and Regis tered Exchanges (DARE)

Act for providing the tools that allowed the country to respond more rapidly than any other.

The Bahamas appointed a provisional liquidator for FTX Digital Markets, the crypto exchange’s Baha mian subsidiary, one day before 134 other entities in that group were placed in Chapter 11 bankruptcy protection in the Delaware federal courts.

Mr Pinder yesterday effec tively accused John Ray, the chief executive appointed for all those companies as a result of the Chapter 11 move, of deliberately misrep resenting actions taken by the Securities Commission of The Bahamas to protect

NGOs cleared on terrorism: High risks’ $150m turnover

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ALL BAHAMIAN nonprofit groups have been cleared of any involvement in financing terrorism with those deemed to present a “higher” risk found to collectively control some $150m in turnover.

A Caribbean Finan cial Action Task Force (CFATF) paper, dated Sep tember 20, 2022, reported that just 273 out of 1,090 - or 25 percent - of regis tered Bahamian non-profit organisations (NPOs) fell into that category due to an annual turnover that exceeded $75,000, crossborder transfer of funds

and/or having an “interna tional nexus”.

The regional affiliate of the world’s anti-financial crime standard setter, which has recommended that The Bahamas this week be upgraded to ‘compliant’ with global benchmarks on non-profit regulation, added that all such groups operating from or within The Bahamas had been given a clean bill of health with no terrorism financ ing connections uncovered over a four-year period between 2018 and 2021.

“The NPO Act requires all NPOs operating in The Bahamas to register. The registration process under the NPO Act provided an estimation of the amount

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Asso ciation of Bahamas Marinas (ABM) president says he has suffered “the worst Thanksgiving in 30 years” while linking the drop-off in boating traffic directly to VAT’s imposition on foreign yacht charters.

Peter Maury, who oper ates Bay Street Marina, told Tribune Business that he and other marinas across The Bahamas are “getting creamed” with occupan cies over the Thanksgiving period - the US holiday that traditionally kicks-off the winter tourism and boating season - plunging from the traditional “high 80” per cent range to between 60-65 percent.

Revealing that he him self has “lost eight big boats to the Caribbean” for the entire season, he blamed the decline in business on the Government’s decision in the 2022-2023 Budget to impose 10 percent VAT on all foreign yacht charters.

Mr Maury said many vessels, and their owners/ operators, were being deterred by the process and bureaucracy around having to register the boat with Bahamian tax authorities and then submit the neces sary filings rather than the payments and concept of VAT taxation itself.

“We’re getting creamed. It’s not good,” he told this newspaper. “It’s the VAT on the charters. All these guys have to register their vessels, and no one wants to do it. I’ve lost eight boats for the season so far to the

financial support.

PHILIP DAVIS KC

HAPPY WORKERS KEEP A COMPANY ON TRACK

Identifying potential employee-related risks is the goal of human resource risk man agement. Businesses can avoid possible issues by ensuring they hire the right employees. It is vital to mitigate employeerelated risk to maximise revenue, reputation, profit ability and other aspects of their operations.

As part of risk man agement, it is essential to identify the most likely occurring scenarios and their possible outcomes. Whenever possible, human resource risk management experts seek to reduce risks. Unfortunately, human resource management (HRM) rarely discusses risk management or how appropriate ways of hiring, managing and developing employees can enhance organisational outcomes and mitigate operational risks.

In the first part of this series, we identified three critical human resource risks. These are employee health and well-being, pro ductivity and turnover in the workplace. This arti cle will seek to explore ways to reduce risk in the workplace.

Workflow Autonomy According to research, people who do not have much control over how work is done suffer from poorer mental health and higher cardiovascular disease rates. Allow ing employees to control how and where they complete tasks, while estab lishing agreed deliverables linked to company goals, will increase mental health resilience. Moreover, it is possible to make a signifi cant difference in employee well-being even with rela tively small changes in worker autonomy. The key is understanding and

Smith

tackling the root cause of poor employee well-being.

Personalisation is essen tial to employee well-being

Employers can demon strate they care about more than the bottom line by providing coaches, experts and counsellors - along with needed resources - to help employees develop

Maritime provider teams with RF Bank, local family office

strategies and skills tailored to their situations, strengths and values.

Strategic recruitment and hiring process

New employees should be hired promptly to avoid future problems. To ensure all candidates are properly vetted, this writer suggess that plan ning for your hiring needs in advance is best. It could be costly and damaging to the business if a reference check is not performed.

Human resources capac ity assessments should be implemented and repeated every year at a minimum. Companies use this pro cess to evaluate their needs and plan to meet them. It is imperative for human resource planning to be flexible enough to meet short-term staffing chal lenges as well as adapt to changing business condi tions in the long run.

Efficient and effective onboarding

with RF Bank & Trust (the former RoyalFidelity) and B2 Investment Holdings, a local family office headed by Franklyn Butler, who is also Cable Bahamas president and chief executive.

Glennett Fowler, FMPS president and chief execu tive, said: “This agreement aligns seamlessly with our strategic and developmen tal plans for the company, not only locally but inter nationally. We are now well-positioned to broaden the scope of services that we can provide to a more dynamic and larger segment of the market.”

Fowlco Maritime Projects & Services, formerly Fowlco Marine & Logistics Manage ment, recently celebrated 12 years of operations, having grown and expanded from largely a freight for warding and warehousing operation to a maritime and logistics solutions provider.

Mrs Fowler added: “Our foundation and dedication to continual growth has paved the way for many past opportunities, and positioned us for this next chapter in the company’s advancement. With the sup port of our new partners, we have bolstered our capacity

Implementing a com prehensive orientation programme prepares new employees at all levels for safe and effective work.

Employers should ensure that all new staff complete the required onboarding and training. During the onboarding process, new hires can learn about what it will be like to work at the company and whether they will stay.

Unfortunately, Gallup statistics point to more than 70 percent of new employees noting that their onboarding experience left them feeling significantly unsupported and unpre pared. An inadequate onboarding procedure can lead to a high turnover rate and decreased productiv ity, which is why each new team member should be provided with an onboard ing plan tailored to their specific position.

Conclusion

to support larger and more complex projects and given the company a strong position in the country’s maritime sector.”

Michael Anderson, RF Bank & Trust president, said: “We are delighted to partner with Fowlco Mari time Projects & Services and enable the company to sig nificantly scale its business. This strategic partnership with FMPS symbolises our strong commitment to clients throughout The Bahamas and Caribbean region to create value-driven solutions to build their businesses.”

Noting that Fowlco Mari time is the only female-led company in the Bahamian maritime sector, Mr Ander son continued: “Women in leadership positions are vital to the progression of society and growth in the economy. RF is proud to support and promote diver sity and gender parity, and development of women-led organisations.

“We are excited to partner with Glennett and her team at FMPS, and believe she will continue to be a pow erful agent of change and influential in building and promoting development in the country.”

In short, it is the respon sibility of human resources management to ensure that the company and its employees are happy and on track with business objectives. For a firm to be successful, it is critical to focus on managing risks associated with health and well-being, productivity and turnover in the workplace.

• NB: About Derek Smith Jr

Derek Smith Jr. has been a governance, risk and com pliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfs burg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certi fied anti-money laundering specialist (CAMS), and the compliance officer and money laundering report ing officer (MLRO) for CG Atlantic’s family of compa nies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

Mrs Fowler, meanwhile, added: “We are grateful for the confidence that RF Bank & Trust and B2 Investment Holdings have demonstrated in our organisation, its vision and leadership. This is not only a demonstration of sup port for the maritime sector but also a valuable invest ment in Grand Bahama and the Bahamian economy.

“At Fowlco, we live our mantra of ‘limitless pos sibilities’ every day. This partnership with RF Bank & Trust and B2 Investment Holdings is another demon stration of this commitment to the development of com merce in The Bahamas and the region. We are consist ently seeking opportunities to enhance the way we do business, investing in our team, leveraging technol ogy, trends and industry opportunities.”

Fowlco Maritime Pro ject & Services (FMPS) is a subsidiary of the newlyformed Heroic Group of Companies. The company was established in 2010 and is based in Grand Bahama, providing logistics and mari time solutions to clients around the globe.

A GRAND Bahamabased maritime and logistics services provider had teamed with a local investment bank

and family office to help drive its national and inter national expansion plans.

Fowlco Maritime Pro jects & Services (FMPS) has unveiled what it described as “a strategic partnership”

Derek

By

PICTURED L-R are Talea Beneby, group financial controller, Fowlco Maritime Projects & Services; Jim Wilson, vice-president of investment banking, RF Bank & Trust; Glennett Fowler, president and chief executive, Fowlco Maritime Projects & Services; Michael Anderson, chief executive, RF Bank & Trust; Franklyn Butler, B2 Investment Holdings.

NEW PI SUPER YACHT MARINA 80% BOOKED

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

PARADISE Island’s newly-opened Hurricane Hole super yacht marina is over 80 percent booked, its principal developer says, with the wider $250m project moving forward at a brisk pace.

David Kosoy, Sterling Global Financial’s chair man, said the marina is part of a wider redevelopment of the former Hurricane Hole site that is designed to create a ‘downtown’ centre or des tination for Paradise Island via a mixed-use retail, office and residential complex anchored around the boat ing/yachting element.

“The office space is totally leased with international companies and local com panies, totally leased,” he explained. “Retail, we prob ably have about 1,000 feet left, that’s it. All the condos were sold. We’re going to be starting a new building, a seven storey building of con dominiums…. And with that we’re going to go to market

probably after the New Year. So that’s the next phase of 28 condominiums.”

Sawyer’s Fresh Market will be the supermarket retail ‘anchor’, and Mr Kosoy said: “What we’re doing is that the supermarket is going to be open next November, and it’s going to be a high-end, highend supermarket. We’ve got another couple of restau rants being built down here.

“We have a pop up that’s owned by Kyma, called Asian grill, that we’re doing now, and there’s another three high-rise build ings that are going to be coming. There will also be pharmacies here, a medi cal centre is also coming. So it’s going to be all self-serv ing to the Paradise Island community.”

Sterling’s total invest ment to-date is more than $100m, Mr Kosoy said, and “mostly Bahamians” will be employed to operate and manage the property. Mr Kosoy said “nobody else” has floating docks of the size Hurricane Hole will provide for its mega yacht clients, or the in-slip refuelling capabilities.

The Prime Minister hailed Sterling’s investment, saying: “This $250m development is set to revitalise and diver sify Paradise Island’s luxury vacation profile. The entire development has effec tively created a downtown district on Paradise Island and includes restaurants, harbourfront residences, professional offices, a food store, a wines and spirits retailer (700 Wines and Spir its), and other commercial and retail vendors.

“This boon is bring ing excitement to Paradise Island, adding to the con venience for Paradise Island residents and the experi ence of visitors at hotels and short-term rentals. More dining, boating choices, entertainment and conveni ent services will serve to augment the overall experi ence of residents and visitors alike.

“At the heart of this development is the Ster ling Hurricane Hole Superyacht Marina, capable of hosting the world’s most exclusive super yachts— boats up to 420 feet in length,” Philip Davis KC

added. “I’ve been made to understand that this marina boasts a cutting-edge rede sign with floating and fixed docks, and an impressive 6,100 linear square feet of berthing space.”

Chester Cooper, deputy prime minister and minis ter of tourism, investments and aviation, added: “These are exciting times for tour ism, and we know that our bookings for the next three months are 16 percent ahead of where they were in 2019. That didn’t happen by chance. We have a great brand called the islands of The Bahamas, and we have a great team called ‘team tourism’, and we have a phe nomenal strategy to take The Bahamas to the world.”

The Hurricane Hole redevelopment is far from Sterling’s only interest in The Bahamas. It is also developing the renamed Montage Cay in the Abacos, but Mr Kosoy revealed his company’s relationship with Schooner Bay came to an end on November 1.

“With Schooner Bay we had a contract there for a couple of months to help

BAIC EYES SECOND INDUSTRIAL PARK PLAN

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

The Bahamas Agricultural and Industrial Corpora tion’s (BAIC) chairman has revealed a new industrial park will be created on Carmichael Road as the Government seeks a $50m credit line to further boost small businesses.

Leroy Major, also MP for Southern Shores, told a Town Hall meeting at BAIC’s Old Fire Trail Road headquarters that the existing Soldier Road Industrial Park simply has insufficient space to meet demand with 50 entrepre neurs now on a waiting list to lease property in the light manufacturing facility.

Roman Knowles, director of the Bahamas Light Indus tries Development Council (BLDC), hailed plans for a second industrial park in the Carmichael Road are as a “plan to grow The Baha mas” as trade starts to pick back up for its members.

Pointing out that the light industrial sector can, if effec tively nurtured, promote entrepreneurship and help create new Bahamian indus tries, Mr Knowles added: “It creates a feeling of belong ing. It gives us an identity.”

Meanwhile Simon Wilson, the Ministry of Finance’s financial secretary, said the Government’s commitment to small businesses will extend the $250m in financ ing it has promised to make available over the next five years at an average of $50mplus per year. He added: “It’s actually going to be a little more than that. A lot more than that, and that’s the good news.

“We are in discussions with the Caribbean Devel opment Bank (CDB) for a line of up to $50m. That money is going to be allo cated amongst the various industries. Hopefully there will be a substantial alloca tion of that for BAIC to replicate this complex else where in The Bahamas to help grow small businesses; not just in New Providence but in the Family Islands.

“Another part of that funding will go towards the Bahamas Develop ment Bank as well as to the Small Business Develop ment Centre (SBDC). That’s cash. The other part is with respect to exemptions and tax exemptions.”

The Bahamas Light Indus tries Development Council and Ministry of Finance have had “positive discussions” on “expanding” the list of exemptions needed to better spur the growth of small businesses. “The Ministry of Finance has an open door for businesses which manu facture in The Bahamas… That is very important to us, and we are always seeking ways to expand exemptions and tax breaks.

The Ministry of Finance is also moving the approval process for tax break requests online, as well as all requisitions for exemp tions. “That’s a big part of what we do for small busi nesses and that is in the millions per annum in terms of support,” Mr Wilson said.

He explained that the Government has made

the process easier for small businesses to apply for duty exemptions, and has become more flexible in its offer ing of duty exemptions for vehicles and manufacturing parts.

The third use of the pro posed CBD financing will be training for small busi nesses, which is why the Government created the SBDC. “From the Ministry of Finance’s perspective, that is very important. Most busi nesses in The Bahamas fail not from a lack of resources. They fail because of a lack of administrative knowledge of what to do,” Mr Wilson said.

them out, and we’ve done what we could, and so we figured we want to develop more of the things that we are involved in as equity partners,” he explained of the end to Sterling’s manage ment/operator relationship with Schooner Bay.

Mr Kosoy said: “We have another arm of our com pany that’s financing, and we financed a number of other developments in The Baha mas, like Norman’s Cay, the Harbour Island marina (4M). And those are two, and the new marina coming into the Exumas shortly which isn’t announced yet.

So we’ve been involved in over a $1bn worth of financ ing in our own stuff that we’ve done and we’re not through.”

Sterling has also just sold a majority interest in its bank and trust subsidiary

to IIHL Capital. The latter is a subsidiary of IndusInd International Holding, a Mauritius-based invest ment holding company with investments in finance and banking. It is also the pro moter entity of IndusInd Bank, the fifth-largest listed bank in India.

“The bank is as strong as it was equity wise,” Mr Kosoy said of the deal’s ration ale. “We have international clientele coming. We can do more things as we finance a lot of the real estate in The Bahamas. That just helps us be more competitive. We’ve got great partners that I have known for a number of years who approached us to be partners, and we’re very fond of them and they seem like they want to do more here than just banking.”

The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Laboratory Technologist, Department of Pathology and Laboratory Medicine, Princess Margaret Hospital (PMH).

Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to jobs@phabahamas.org no later than 2nd

CORAL DEPOSITS FIND DELAYS FORTUNE BAY CANAL DREDGE

DREDGING of Free port’s Fortune Bay canal system has been delayed due to the need to pro tect coral ecosystems from harm.

Lucaya Service Company (LUSCO), a subsidiary of The Grand Bahama Devel opment Company (DEVCO), in a statement acknowledged that boaters would be frustrated by the dredging mobilisation delay and apologised to boaters.

“While we regret the delay to the commencement

of the works, it was neces sary to do so in order to conduct a marine survey within the canal system after a local resident iden tified a number of coral deposits within the canal system,” said Charisse Brown, chief executive and senior legal counsel for LUSCO.

Phoenix Engineering Group, LUSCO’s project manager and local engineer of record for the project, has hired Coral Vita and its team of scientists to assist with the assessments. Coral Vita specialises in the man agement of ecosystems that sustain coastal communities

and help to protect against climate disasters such as hurricanes, storm surges and widespread erosion.

The team conducted marine surveys in the canal using a three-zone approach. The assessment of the current marine con ditions helped to determine necessary mitigation meas ures prior to the start of maintenance dredging.

Coral deposits were dis covered at the entrance channel, with the majority located on the canal walls.

To ensure preservation of the marine ecosystem’s health and resiliency, the team submitted a follow-up

report to LUSCO which included strategies for the protection of the healthy coral.

Sam Teicher, co-founder and chief reef officer for Coral Vita, said the com pany appreciates the pressing need to reopen the Fortune Bay Canal, but added that this must be bal anced against the alarming rate of coral death in The Bahamas.

“Upon completing requested surveys, we encountered a considerable number of corals, which exhibit surprisingly resilient characteristics given their ability to survive and thrive in considerably warmer and

more turbid conditions than corals on the reef,” he said.

“These may represent important populations required to keep Bahamian reefs healthy into the future against the dire threats they face, and so it is critically important that at least an advisable subset of these corals be protected before dredging commences.”

Ms Brown said: “We had initially anticipated the completion of the project in the final quarter of this year. However, we take seriously our environmental obliga tions and stewardship, and we have taken the decision to pause the start of the dredging works to resolve

this issue in consultation with the Grand Bahama Port Authority’s (GBPA) environmental department.

“As a result, LUSCO is engaging Coral Vita to ensure the protection of a portion of the healthy coral. Maintenance dredging with contractor, A & D Gai tor’s Equipment Rock and Sand, will now commence in the first quarter of 2023. We will continue to work closely with all stakehold ers involved to deliver a solution that serves local homeowners and boat ers whilst also helping to preserve our marine environment.”

Airport moves to aid disabled passengers

PASSENGERS need ing extra assistance due to hidden disabilities will now have greater support when travelling through Lynden Pindling International Air port (LPIA).

Nassau Airport Devel opment Company (NAD), LPIA’s operator, announced in a statement yesterday that it will this Thursday launch an internationally recognised initiative, the Sunflower Lanyard Pro gramme, in conjunction with the National Com mission for Persons with Disabilities and key airport stakeholders.

It added that one in seven persons globally have some form of disability. Many of these are non-vis ible or hidden, and can be physical, mental or neuro logical in nature. Wearing a Sunflower lanyard at LPIA will provide airport work ers with a visual cue that a passenger may need extra assistance, additional time or more support while in the terminal.

While the lanyard does not allow persons to skip skip security screening or queues, it immediately indi cates to airport staff that extra assistance might be required.

Non-visible disabili ties may include cognitive impairment such as trau matic brain injury, dementia or schizophrenia. It can also include learning disabilities

such as autism or Asper ger syndrome. Persons may have epilepsy, cystic fibro sis, issues with speech or stammering, visual impair ments or restricted vision, hearing loss and anxiety.

The Sunflower Lanyard initiative was first launched in 2016 at Gatwick Airport as a way for airport workers to easily identify persons with hidden disabilities and provide assistance where needed. NAD is the first organisation in The Baha mas to incorporate the programme, and LPIA will join more than 180 airports in 26 countries cur rently participating in the initiative.

“Over the years, we have built LPIA with all users in mind including accessibility features in the physical air port space for persons with visible disabilities. This new initiative allows us to take it a step further by introduc ing a programme to support passengers with hidden disabilities,” said Vernice Walkine, NAD’s president and chief executive.

“It is our hope that by implementing the Sunflower Lanyard pro gramme, persons with hidden disabilities will have an optimal experience while travelling through LPIA.” To ensure a suc cessful roll out, NAD is working closely with the global team at Hidden

Disabilities on training for airport workers. Frontline workers who interact with passengers on a daily basis are cur rently undergoing training. Staff at check-in counters, pre-board screening, US Customs & Border Patrol (USCBP), Bahamas Cus toms and Immigration will be included in the first wave of training. Sessions focus on raising awareness of the Sunflower lanyard programme, sensitising workers to hidden disabili ties and providing strategies to best assist passengers in various scenarios.

Lanyards will be distrib uted free of charge and can be used at participating airports and organisations around the world. Persons can email sunflower@nas.bs and provide the name, date of travel and flight details to secure a Sunflower lan yard. NAD will arrange collection through the rel evant airlines. Requests can also be made by contacting The National Commission for Persons with Disabili ties on J.F. K. Drive and Bethel Avenue or calling 1-242-397-8600.

On December 3, Inter national Day of Disabled Persons, all proceeds from the ‘give change’ donation boxes located in LPIA’s terminal buildings will be used to underwrite the cost of the Sunflower lanyard programme.

VACANCY

HUMAN RESOURCES MANAGER

Higgs & Johnson, a full-service corporate and commercial law firm serving clients around the globe, is seeking a progressive Human Resources Manager who will lead and direct the routine functions of the Human Resources (HR) department while developing effective relationships with attorneys, managers, and staff, resulting in optimal client experiences.

The responsibilities include:-

Partnering with the leadership team to understand and execute the organization’s human resource and talent strategy particularly as it relates to current and future talent needs, recruiting, retention, and succession planning.

Providing support and guidance to management, and staff when complex, specialized, and sensitive questions and issues arise; may be required to administer and execute routine tasks in delicate circumstances such as investigating allegations of wrongdoing, and terminations.

Analyzing trends in compensation and benefits; researches and proposes competitive base and incentive pay programs to ensure the organization attracts and retains top talent.

Creating learning and development programs and initiatives that provide internal development opportunities for employees.

Maintaining compliance with local employment laws and regulations and recommended best practices; reviews policies and practices to maintain compliance; prepare and maintain office policy and procedure manuals.

Maintaining knowledge of trends, best practices, regulatory changes, and new technologies in human resources, talent management, and employment law.

Ensuring a smooth flow of communication among all employees.

Facilitating employee engagement strategies and employee events (including the reward and recognition program

Candidates must possess:

Bachelor’s degree in Human Resources, Business Administration, or related field

Minimum five (5) years of human resources management experience preferred Strong human capital management knowledge and experience in HR frameworks

Superior interpersonal, coaching, communication, negotiation, and conflict resolution skills

Demonstrated commitment to health, safety and environmental policies and procedures

Thorough knowledge of employment-related laws and regulations

Proficient with Microsoft Office Suite and HR related software

Qualified candidates interested in this exciting and rewarding opportunity, should forward their resume to dbarnes@higgsjohnson.com by Monday, December 5, 2022. Only qualified, short-listed applicants will be scheduled to interview

By CHRIS ILLING CCO ActivTrades Corp

The collapse of the FTX crypto exchange, and the controversy swirling around its founder, Sam Bankman-Fried (SBF), have plunged the crypto market into an existential crisis.

The new FTX chief exec utive is John J. Ray lll, who charges $1,300 per hour and has been through several bankruptcies in his 40-year legal career including Enron, one of the largest corporate failures in US his tory. But his latest case has left this lawyer stunned. Mr Ray wrote to the Delaware bankruptcy court last week that he had never seen such a complete failure of con trol mechanisms, and that the situation was “unprec edented”. FTX does not even have a central inven tory of its own cash reserves or know the number of its employees.

Mr Bankman-Fried was the face of the crypto indus try: A shorts-wearing nerd who dabbled in computer

games while seemingly effortlessly running a $32bn company. The self-pro claimed “most regulated crypto exchange in the world” was shown to be a madhouse within the space of a few days.

Mr Bankman-Fried and his confidants left behind a barely transparent net work of more than 100 companies. Professional funds such as Blackrock or Softbank were taken in by FTX, as well as small inves tors, who will hardly see anything of their savings again. FTX owes more than $3bn to its 50 largest credi tors alone, and more than one million are likely to be affected.

A question that pops up now is whether FTX is a fatal isolated case, or is the crypto world build on sand? When Bitcoin reached new record highs last year,

DPM heading Bahamas team to tourism summit

THE DEPUTY prime minister is heading the Bahamian delegation to the 22nd World Travel & Tourism Council (WTTC) summit that begins today in Riyadh, Saudi Arabia.

Chester Cooper, also minister of tourism, invest ments and aviation, will be attending a four-day con ference where government and global travel indus try executives will gather under the theme ‘Travel for a better future’ in a bid to

align efforts to support the sector’s recovery and move beyond COVID to a safer, more resilient, inclusive and sustainable future.

“As we continue to learn from the challenges, changes and opportuni ties brought about in the tourism sector following the COVID-19 pandemic, never has there been a more important time for us to share knowledge, experi ence and ideas on a global level,” said Mr Cooper.

hundreds of thousands wanted to get involved in the market. Adding to the appeal was the almost philosophical promise of blockchain projects, such as Bitcoin and Ethereum, to create a better financial system controlled by incor ruptible algorithms rather than “old”, power-hungry regulators and central banks. At the height of the hype, all crypto currencies combined were worth more than $3trn.

In Washington’s political circles, Mr Bankman-Fried became everyone’s dar ling, thanks in part to generous political dona tions of around $40m. The fact that crypto currencies were able to become a mass mania, despite the regu lar crashes and scandals, is also thanks to the grow ing number of prominent advocates. Social media

“I am looking forward to connecting with my fellow ministers and delegates for what promises to be a very insightful summit, as well as sharing our vision and the approach that The Baha mas is taking to sustainable tourism for the future of our people and our beauti ful islands.”

Mr Cooper will be speak ing on a panel moderated by Eleni Giokos, a CNN anchor and correspond ent, which will focus on the digitisation of the tour ism industry. The panel will highlight the changes in spending habits accelerated during the pandemic and

SEE PAGE B9

influencers, ath letes, actresses and musicians who were har nessed by the coin lobby earned millions. But sympathy for the Washington mega donor has evaporated as quickly as his crypto millions. US treasury secretary, Janet Yellen, urged regulators to exhaust existing controls until Congress closes loop holes. A Florida lawyer is pursuing a class action lawsuit against all the stars who gave their good name to FTX. And SBF does not help his case. The VOX reporter wanted to know if his promotion of mild regu lation of the crypto scene was his honest opinion. SBF replied unequivocally: “F… the regulators. They make everything worse.”

Important promises made by the crypto community have not been fulfilled. The digital currencies have not turned out to be an effective protection against inflation, and nor are they independ ent of what is happening on the stock exchange. Since central banks have been raising interest rates, not only technology stocks but also digital currencies have been caught in a whirlpool. There have been dozens of other exchange hacks and crashes since the Mount Gox disaster in 2014, with investors losing billions around the world.

With FTX, history is now repeating itself on an even greater scale. There is a

growing realisation in the crypto world that the lost trust can only be regained with stricter supervision.

All of this brings back memories of the dot-com bubble at the turn of the millennium. But its collapse was not the end of the new digital business models. Many of the most success ful ones only came about afterwards. Blockchain technology is justified, and the technical aspect of Bit coin has worked just fine since 2008.

For investors it is more important than ever to do their due diligence on the broker and the platform they are using. Do your homework.

The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Deputy Principal Nursing Officer Clinical Services, Grand Bahama Health Services (GBHS).

POSITION SUMMARY:

The Deputy Principal is responsible for leading and coordinating nursing clinical services for the effective strategic, clinical, and operational performance of Nursing Department. Enforcing Nursing Services Philosophy, Vision, Mission, Policies and Procedures to meet the organization’ s goals.

KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING:

• Supervising the daily clinical functioning of Nursing Services;

• Developing and implementing clinical quality programs, assess and monitor for sustainable positive patient outcomes;

• Conducting nursing care audits, case reviews and informal observational studies to assess adherence to policies and standards for compliance;

• Initiating and leading clinical performance improvement programs, using data to drive decision and planning performance improvement strategies in collaboration with the Senior Nursing Officer and Nursing Officer 1 Clinical Tract;

• Planning, directing, and evaluating strategies for the maintenance of standards resulting in positive clinical outcome;

• Planning, applying, and maintaining cost containment initiatives for Nursing Services;

• Assisting with the review of reports submitted to the Principal Nursing Officer and arranging for follow-up;

• Supporting the office of Principal Nursing Officer with epidemiological trending and management within Grand Bahama Health Services;

• Collaborating with multidisciplinary teams of health professionals to provide optimal patient care;

• Ensuring productivity, quality assurance, patient-service, and health strategies.

EDUCATION/ EXPERIENCE:

• Bachelor of Science or Master of Science in Nursing;

• Advanced Certificate/Diploma in area of Clinical Specialty or Clinical Nurse

Specialist/Advanced Practice Nurse

• Registered Nurse holding current Registration with the Nursing Council of The Commonwealth of The Bahamas;

• Three (3) years’ experience in the post of Senior Nursing Officer (Clinical) or five (5) years as a Nursing Officer 1 (Clinical);

• Twelve (12) Contact hours of Continuing Nursing Education per annum related to duties over the last three (3) years.

COMPETENCY REQUIREMENTS:

• Effective Communication (oral and written) and computer,

• Excellent analytical and interpersonal skills.

The Deputy Principal Nursing Officer will report to the Principal Nursing Officer.

Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to jobs@phabahamas.org no

No date and copy number are included at the top of the document, although there is notation for a “past reference” of ICC 13(20)1. It says the paper is “for PED”, which is the same initials as the Prime Min ister, Philip Edward Davis KC, although it does not prove he received or read it. Mr Davis has consistently denied being provided with recommendations on BPL’s fuel hedging trades, as did Alfred Sears, minster of works and utilities, who has responsibility for BPL.

However, the draft Cabi net paper’s existence raises further questions of who knew what, and when, and why the advice to execute the trades was not fol lowed. It suggests that Mr Sears was himself briefed, as it states: “The Ministry of Finance has also shared this Cabinet memorandum with the minister of works and utilities to provide his comments at the [Cabinet ] table.”

The document, which requested that Mr Davis in his capacity as min ister of finance give the necessary approvals, said:

“This memorandum seeks Cabinet’s approval for the Ministry of Finance to facilitate plans by BPL to extend its fuel hedging pro gramme in ongoing efforts to stabilise its fuel costs for its customer base, and the country at large,

“Colleagues would be aware that BPL’s fuel costs constitute a significant portion of total costs for the company (averaging between $175m and $225m annually), and is a 100 percent pass through to cus tomers. By implementing a fuel hedging programme, BPL would be able to reduce its exposure to vola tile and potentially rising fuel costs and soften the consequential impact on the final cost to the consumer.”

The paper acknowl edged that a fuel hedging initiative does not automat ically result in lower costs, but acts as a safeguard to oil (and electricity bill) price volatility and turbu lence resulting from market spikes, while allowing BPL to exploit instances when costs are low to lock-in future prices.

This occurred when the fuel hedge was first initi ated by the former Minnis administration in 2020. BPL, working with the Ministry of Finance, InterAmerican Development Bank (IDB) and other advisers, was able to take advantage of low fuel costs at the peak of the COVID19 pandemic to execute four hedging contracts cov ering between 31 percent to 80 percent of its “total fuel requirements”.

These structures were executed “at a uniformed strike price of $40 per barrel for a collective $79.2m in premiums”, the Cabinet paper said. “Based on the performance of the hedges, the initial contract resulted in savings of approximately $24.1m as of August 31, 2020,” it added. “BPL pro jects that, if current fuel prices hold through the end of the contract period (Jan uary 2022) savings could increase to nearly $46m over the 18-month hedge horizon.”

The draft paper made clear that BPL’s fuel hedg ing did not add to the Government’s debt, or impact its loan balances, as all transactions were executed using existing facilities with the IDB. All costs associated with the fuel trades were passed on to BPL, meaning there was no exposure for Bahamian taxpayers.

Fast forwarding to Sep tember 2021, when the memorandum was writ ten, and it said: “BPL has indicated to the Minis try of Finance that, given current oil prices (approxi mately $75 per barrel), the company is contem plating another tranche of conservative hedges over the period July 2022 to December 2024 of 10 per cent of forecasted annual consumption (aggregating 795,000 barrels).

“The latest quotes from the market for a $50 strike price suggest premiums ranging from $17 to $21 per barrel. BPL also advised that it does not intend to execute any hedge contract beyond December 2024 because of the possibility of a significant change in the fuel mix with the introduc tion of liquefied natural gas (LNG).”

The proposed trades were said to align with BPL’s risk management policy and hedge strategy, and be cov ered by an existing IDB loan facility. The Ministry of Finance was said by the draft paper “to be support ive of the continuation of BPL’s fuel hedging pro gramme” as it “promotes an efficient approach to risk management and cost containment”.

All that was required was for Mr Davis, as min ister of finance, to submit a letter to the IDB setting out the new hedge terms “as agreed between BPL and IDB” and requesting that it be executed. This, though, was never done and, as a result, the trades lined up to secure fuel at below-market prices for BPL, thereby filling in the volumes it required and enabling it to maintain a stable, relatively

low fuel charge were never executed.

Mr Sears previously acknowledged the draft Cabinet paper’s existence in a House of Assembly debate, and said the Min istry of Finance ultimately came to the conclusion that the BPL fuel hedging initia tive as structured - and the trades to support it - were not in The Bahamas’ best interests.

“BPL, it’s a determina tion by the Ministry of Finance. The Ministry of Finance, in October [2021], made a determination that the proposal the honour able member is referring to was not supported,” Mr Sears said in reply to Opposition leader Michael Pintard. “Only the Minis try of Finance can support using the Public Treasury’s money in an undertaking. It was not persuaded at that time, before the Ministry of Finance.. it was not in the interests of the country at that time.”

The reasons and rationale for the Ministry of Finance’s decision not to execute the trades, and effectively pull the rug from under BPL’s fuel hedging initiative, was never explained by Mr Sears. However, it backs Tribune Business sources who have revealed that senior Ministry of Finance officials opposed the trades, believing that the hedging strategy was not optimal, could be done better and was effectively “a subsidy for hotels and rich people”.

Prior to that exchange, both Mr Sears and the Prime Minister had denied repeatedly that they received any recommenda tions relating to BPL’s fuel hedging. And Mr Davis last week maintained that he had no knowledge of the proposals.

“I had no knowledge of it. He (Mr Sears) said the Ministry of Finance had knowledge of it. That’s a big ministry. That was not me,” Mr Davis said. “I saw no documents about that. But this weekend I was provided with information concerning that. I am now assessing to determine all

the misstatements about what actually went on. What I do know is that the financial secretary [Simon Wilson] had some views about it proceeding and I think those were the views that were adopted.”

Mr Pintard last night renewed his calls for Mr Sears to resign, arguing that “on no less than eight occa sions he denied over and repeatedly that he got any kind of advice or recom mendations on the hedge”. Calling on the Prime Minister to act to restore confidence in his adminis tration and its “credibility”, the Opposition leader said Mr Davis’ reference to Mr Wilson and the “adoption” of those views showed he must have received advice and proposals on the issue.

“The comments made by the Prime Minister denying the statement by his minis ter [Mr Sears] has brought into question the credibil ity of this administration in a very serious way,” Mr Pintard asserted. “This is a very unusual occurrence in our system of governance where a minister and Prime Minister have both been accused of making a bad judgment call on the hedge and the trades that resulted in an over $100m cost to the Bahamian people.

“They coupled the bad judgment and bad deci sions by trying to conceal they were advised prop erly but decided to go in a different direction. This matter turned out not to be the usual ‘stop, review and cancel’ of a previous administration’s policy; this turned out to have dire consequences for BPL’s liquidity and financial position.”

Mr Pintard said Mr Sears had repeatedly stated that the BPL fuel hedge recom mendations had gone to the minister of finance, mean ing Mr Davis, as opposed to the Ministry of Finance. And he added that it would not be consistent with the country’s system of gov ernance for such a major decision to be left to civil servants or a group of civil servants.

FTX Digital Markets’ creditors and investors in his desire to earn a steady stream of legal and consulting fees from the crypto exchange’s implosion.

Mr Ray, in filings with the Delaware bankruptcy court seeking an Order that the Bahamian joint provisional liquidators’ bid for US legal recognition be switched from New York to Delaware, made accusations that the Government “directed unau thorised access” to FTX’s systems, and aided the with drawal of digital assets, in violation of both local and American court orders.

However, Tribune Business has seen an emergency Baha mian Supreme Court Order, dated November 12, 2022, that gave the Securities Com mission lawful permission to transfer assets potentially worth millions of dollars from FTX Digital Markets to “a safer space” amid fears they were about to be stolen by hackers.

Mr Pinder, moving to defend the Bahamian legal and regulatory system, and its response to FTX’ col lapse, said: “It is extremely regrettable that in Chapter 11 filings for bankruptcy pro tection made in New York [sic, Delaware] last week that the new chief executive of FTX Trading Ltd, not the Bahamas-based FTX Digi tal Markets but an affiliate company incorporated in Antigua and Barbuda, mis represented the timely action taken by the Securities Com mission and used inaccurate allegations lodged in the transfer motion to do so.

“It is possible that the prospect of multi-million dollar legal and consultant fees is driving both their legal strategy and the intemper ate statements. In any case, we urge prudence and accu racy in all future filings.” Mr Pinder also suggested it was convenient for other jurisdic tions, and the international media, to pin blame for FTX’s collapse on The Baha mas when many of those countries had not yet imple mented specific digital assets regulatory regimes.

“Any attempt to lay the entirety of this deba cle at the feet of The Bahamas, because FTX is

headquartered here, would be a gross oversimplification of reality,” he asserted. “The dozens and dozens of com panies involved, registered in numerous jurisdictions across the world, the scope of related parties, includ ing some of the world’s most sophisticated investors, dem onstrate the cross-border, multi-jurisdictional nature of this event.

“We have been shocked at the ignorance of those who assert that FTX came to The Bahamas because they did not want to submit to regu latory scrutiny. In fact, the world is full of countries in which there is no legislative or regulatory authority over crypto, but The Bahamas is not one of them.”

Pointing out that The Bahamas had previously been ranked as having the world’s leading digital assets regulatory regime, he added: “The Securities Commission was able to move so quickly because of the strength of the legislative framework which was already in place in The Bahamas to regulate digital asset companies like FTX Digital Markets. No other jurisdiction in the world moved or could have moved this quickly in circumstances such as these.......

“The actions the Securities Commission of The Bahamas took on November 10 and 12 were to protect the clients and creditors of FTX Digital Markets. This demonstrates why the DARE Act is among the world’s leading legislative frameworks for the regu lation of digital assets and related businesses.”

However, there are ques tions for the Securities Commission and the regula tors to answer. Given that Mr Ray, who oversaw the bank ruptcy and restructuring of energy trader Enron, one of the biggest corporate failures in history, said that “never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy finan cial information as occurred” with FTX, it is unclear why this was not picked up before.

For the Securities Com mission would have had to conduct due diligence on FTX, co-founder Sam Bank man-Fried and his fellow principals when they first

moved to The Bahamas in September 2021. Audited financial statements should have been required, along with further scrutiny of a group that Mr Ray alleges held virtually no Board meet ings, had no central cash management system, did not know how many employees it had and did not keep proper books and records.

Mr Bankman-Fried was also said to have communi cated “using applications that were set to auto-delete after a short period of time, and encouraged employees to do the same”. A Caribbean Financial Action Task Force (CFATF) paper, presented in September 2022, said that as at May 18, 2022, The Baha mas had three DARE Act registrants - one of which had to be FTX.

The document added that all three had undergone a “fit and proper” and “oper ational risk” assessment, raising questions as to what if anything was uncovered with FTX Digital Markets. One of the registrants, which was unnamed, was found to present a “medium” risk and as at August 17, 2022, was undergoing an on-site examination by the Securities Commission.

It is unclear if this is FTX, but if it was, then the crypto exchange’s offices and books were being examined by regulators just two months before it collapsed. “Three digital asset services pro viders have been risk rated – two categorised as low and the other as medium,” the CFATF paper said. “As of August, 2022, the [pro vider identified as medium, and therefore prioritised for an onsite inspection, is in the process of being examined by the Securities Commission.

“As at May 18, 2022, there were three registrants under DARE, which were all licensed and are operating in the jurisdiction since Sep tember 2021 (eight months or less). They were initially risk rated at the application stage which included a fit and proper assessment, review of operational risk as well as anti-money laundering, counter-terror financing and proliferation financing risk.

“Based on the ini tial anti-money laundering, counter-terror financing

and proliferation financing risk rating, two registrants were assessed as low risk and one registrant assessed as medium risk specifically for anti-money laundering, counter-terror financing and proliferation financing risk.”

Mr Pinder, meanwhile, last night said FTX’s will not deter The Bahamas from pursuing economic diversifi cation and the revival of its financial services industry via the digital assets niche. “We do not apologise for our ambition for Bahamians to be at the forefront of this

exciting, innovative sector. The Bahamas stands behind its decision to regulate digital assets and related businesses. We stand behind the quality of the regulations that exist,” he asserted.

“We continue to invite digital assets businesses to operate from this jurisdic tion. All told, we remain one of few countries in the world with such a complete and effective regulatory frame work.... Like the dotcom boom and bust of the past, we believe that the turbulence currently being experienced

by the digital asset sector will pass, and that there is still much potential for growth and opportunity ahead.

“In fact, I am fully con fident that, as matters progress, and the activities of the FTX group are either restructured or wound down, The Bahamas will emerge, held in even higher esteem. A turbulent crypto currency period on a global basis, and the downfall of a single Bahamian company, in no way threaten a bright future for The Bahamas.”

Marina chief suffers ‘worst Thanksgiving in 30 years’

Caribbean, all big boats. It’s terrible. I’ve never seen the marinas this empty at Thanksgiving.

“All the marinas in New Providence, even Harbour Island and Eleuthera, many of the vessels have skedad dled. It’s slow everywhere. You go on Marine Traf fic, and all the boats are in the Caribbean. That’s what I always use as a gauge. Nobody has got a full marina right now. We’ll see how it goes. Hopefully it gets better, but so far this is the worst Thanksgiving I’ve seen in 30 years in the business.”

Prior to the Budget reforms earlier this year, foreign yacht charters were already supposed to pay a fee equivalent to 4 percent of the contract value to the Port Department. How ever, the Boat Registration (Yacht) (Amendment) Rules 2022 now effectively subject the industry to ‘double taxation’ by levying 10 percent VAT on the same contract. This more than

triples the tax rate for yacht charters, taking it from 4 percent to 14 percent.

However, not every one will be lamenting the increased taxation on foreign yacht charters. Bahamian tour and excur sion operators, including the Bahamas Excursion Opera tors Association (BEOA), had for years been urging the Government to place them on an even taxation competitive playing field with foreign rivals who they argued were incur ring a much lighter burden than themselves when it came to Public Treasury contributions.

And they also charged that the Government was missing out on significant uncollected revenues from the yacht charter industry as many operators were avoid ing or evading payment of the 4 percent fee to the Port Department.

The Government agreed.

Senator Michael Halkitis, minister of economic affairs, after the Budget’s presenta tion argued that the foreign yacht charter industry had

for years “enjoyed a wind fall at The Bahamas’ expense” by using this country’s marine environ ment and natural resources to earn millions of dollars without paying its fair share.

Dismissing arguments that the VAT hike on for eign yacht charters was too onerous, Mr Halkitis chuck led at suggestions the move would “kill” the sector. He recalled how private pilots had threatened to abandon The Bahamas, and instead travel to destinations such as Turks & Caicos, when the Government introduced a $50 fee for Customs pro cessing of private planes.

Asserting that the reverse happened, and private avia tion business had actually increased since, the min ister said the Government had for years struggled to collect due taxes from for eign yacht charters via the 4 percent fee. “In terms of the yacht charters, that’s been a vexing problem as well,” Mr Halkitis said. “There is a 4 percent fee on the charter.

“They charge a fee to do the charter, and the

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Government is supposed to get a 4 percent charter fee. What we’re saying now is that these individuals have to register for VAT and we get VAT on the cost of the charter. Because the yachts are coming into our waters, they’re enjoying our envi ronment, they’re making money, we feel justified in earning something from that. It’s our resources that are being used generate this money, so we think we should get something for it.

“We don’t think it’s oner ous,” Mr Halkitis added of the 10 percent VAT levy. “We did some checks and found, for example, that if you do a charter in the Mediterranean the VAT is 22 percent and we’re charg ing 10 percent. We don’t think that will chase any body away.”

Mr Maury, though, said the ABM and marinas are asking the Government to “reconsider” its taxation stance given the seeming impact on The Bahamas’ boating business. He added that they have proposed an alternative, which involves greater enforcement of the existing foreign yacht char ter fee and increasing it by 50 percent - from 4 percent to 6 percent.

Reiterating that the ABM had collected $3.4m in yacht charter fees for the Public Treasury via its own online portal, he told Tribune Busi ness: “That’s what we were fighting for; to raise the fee. Instead, they put VAT in. It’s complicating it. It’s the registration for VAT. It’s the whole point of registering the boats, and filing taxes

quarterly. You have to reg ister, and people don’t want to do that.”

Mr Maury said the 4 per cent fee is paid by yacht brokers to the Port Depart ment, but VAT registration has to be addressed and filed by the vessel’s owners. He added that despite inform ing boat owners they can offset the 10 percent levy against any VAT incurred on expenses “in-country”, clients were saying: “That’s not the problem. It’s the filing system, everybody is saying, rather than payment of the fee.

“We’ve asked them to reconsider. We recom mended increasing the fee to 6 percent, going up 50 percent, and do a better job of enforcing it. Every body agrees that not all are paying what they owe. But these boats, when in-coun try, spend $100,000 - just one boat - renting dockage, buying groceries, in hotels and casinos plus the Gov ernment gets the 4 percent charter fee.”

Mr Maury urged the Government to use the automatic identification system (AIS), which tracks a vessel’s position, to monitor yacht charter movements in The Bahamas - how long vessels stay and where they go - to determine how much they should be taxed and billed. He likened this to how The Bahamas is now levying overflight fees on planes using its air space.

“It’s very frustrating that they didn’t listen to us,” he added of the Govern ment. “I’d normally be in the high 80s now [on marina

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occupancy]. It’s in the 60-65 percent range. Most of the marinas are like this. To me, it’s affected a lot of boats, a lot of marinas, which is unfortunate.”

Mr Maury recalled a con versation with one boat captain who had informed him he was going to the Car ibbean, then the Pacific, and effectively bypassing The Bahamas. “I said: ‘I guess you’re not coming back here any time soon’. He said: ‘You probably won’t see me for a year’. He didn’t even stop for Thanksgiving. He stopped for fuel, and kept going,” he recalled.

“He headed for the Car ibbean for charters after Christmas, and then will go to the Pacific. That’s more attractive. That’s the way it is.” Mr Maury said the ABM had offered to add registration and fee/tax col lection functions to its own app, with all funds remitted to the Government, but the latter declined.

He also revealed that the ABM is no longer collecting the 4 percent yacht char ter fee through its online portal, the Government having asked that this cease around three months ago because “they couldn’t rec oncile the bank accounts”. Mr Maury continued: “We wanted to continue to do it, but they said ‘no’.

“It is what it is. They want to make business hard and life tough for Bahamians. That’s what they’re doing. They say they’re not, but that’s how it is. We’re just moving on. It looks like hurricane season now; not many boats. The worst part about it is that I’ll be OK in the marina, as I can cut back on staff, but there’s a lot of businesses - boat brokers and agents - this is the only business they have. All those people who were doing well are now not doing so well.”

The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Phlebotomist, Department of Pathology and Laboratory Medicine, Princess Margaret Hospital (PMH).

POSITION SUMMARY

:

The Phlebotomist performs a variety of venipuncture techniques and collects blood specimens from patients in support of laboratory procedures used in the diagnosis and treatment of disease.

KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING:

• Follows proper patient identification procedures before obtaining blood specimens and using proper technique;

• Draws blood from patients using accepted guidelines for venipuncture, heel sticks, (on infants) or finger sticks;

• Ensures that all specimens requirements are delivered to the laboratory in a timely manner;

• Ensures that patients are appropriately prepared for the procedure;

• Orders laboratory tests, cancelling laboratory request and updating specimens in the Laboratory Information System (LIS);

• Ensures that all tubes are labeled after the puncture and be aware of post-phlebotomy complications that may occur;

• Practices standard precautions always by using protective equipment in performing functions and specimen collection.

EDUCATION/EXPERIENCE:

• High School Diploma;

• Certification as American Medical Technologist (AMT),

American Society of Clinical Pathologist (ASCP) or any other recognized certification body;

• Proficient in Microsoft Office Suite.

COMPETENCY REQUIREMENTS:

• Effective communication skills (oral and written);

• Excellent analytical, interpersonal, organizational and leadership skills.

The Phlebotomist will report to the Laboratory Supervisor.

Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to jobs@phabahamas.org no later than 2nd December 2022

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

NGOs cleared on terrorism: High risks’ $150m turnover

FROM

of NPOs operating within the jurisdiction. As of April 2022, there were a total of 1,090 registered NPOs in The Bahamas,” the CFATF report added. “Following the risk rating exercise of all 1,090 registered NPOs, it was found that the major portion of the sector’s NPOs were rated as low risk (800-plus)

“The Bahamas carried out a desk based review in 2020 with the purpose being to identify the NPOs which hold a significant portion of the resources under control of the sector, and a substan tial share of the sector’s activities. Using the infor mation gained through the registration process, some 273 NPOs with a turnover of $75,000 or more were identified. These 273 NPOs accounted for a combined turnover estimated to be in excess of $150m.”

That turnover is sig nificant, but the CFATF report added: “Information obtained from the relevant agencies reveal that no NPOs registered in The Bahamas were involved in the financing of terror ism within the assessment

period (2018-2021) or any other period. The Royal Bahamas Police Force and director of public prosecu tions provided information that reveal that there were no investigations, pros ecutions or convictions involving NPOs.

“The Financial Intelli gence Unit (FIU) reported that there were also no intelligence or suspicious transactions reported involving NPOs. No open source information indi cated NPOs involvement in terrorism financing in The Bahamas. It was deter mined that there was no evidence to indicate actual or potential terrorism financing activity within The Bahamas.”

Most Bahamian nonprofits were focused on domestic issues, the CFATF report found, with the Gov ernment having worked with the sector “to develop best practices to address terrorist financing risk and vulnerabilities” via a Best Practices Manual that was released to the industry on May 10, 2022. However, adjusting to the new regu latory framework has not been easy for all.

“During the initial reg istration process, several NPOs had their bank accounts frozen for fail ure to register. Banks were consulted, and several meetings and consultations were conducted in 2020 to enable an understanding of the obligations so as not to cause any undue restric tion to NPOs,” the CFATF conceded.

“The freezing of accounts have proven dissuasive during the process as there was a massive influx of reg istration applications after publishing public notices of this effect. The process has seen smaller NPOs having their accounts frozen as opposed to larger NPOs who have more efficient and sophisticated opera tions or are managed by regulated persons.”

Noting that The Bahamas now has “a full understand ing of the risks” presented by the non-profit sector, the CFATF added that sanc tions - including the loss of registration and forfeiture of assets - were among the enforcement options avail able to the authorities if non-profits break the law.

“Each individual NPO will be reassessed on either

DPM HEADING BAHAMAS TEAM TO TOURISM SUMMIT

FROM PAGE B5

how an increasing number of people are leading a “cashless” life.

From the use of new currencies and payment models to redesigned destinations and entry pro cesses, the panellists will debate the future of tech nology-enabled travel and the impact of new curren cies and cashless societies.

The Ministry of Tourism, Investments and Aviation, in a statement, said the WTTC summit will focus on maximising the travel industry’s inclusive and sustainable growth poten tial by partnering with governments, destinations, communities and other stakeholders to drive eco nomic development, create jobs and reduce poverty.

Mr Cooper will be accom panied to Saudi Arabia by

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his wife, Cecillia Cooper; Latia Duncombe, acting director-general of Tour ism; Anthony Stuart, the Ministry of Tourism’s executive director for UK, Europe and the Middle East; Andy Burrows, Bahamas Investment Authority; Ivan Thomp son, deputy head of protocol; and Inspector Kevin Duncombe.

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an annual or biennial basis to serve to underpin its updated risk assessment. Further, the sector as a whole will be reassessed on a periodic basis,” the CFATF added. “Addition ally, The Bahamas has implemented a risk-based supervision framework that allows for proportion ate and effective actions for those NPOs deemed at higher risk.

“The Bahamas is able to engage a number of sanc tions that are dissuasive, and proportionate, which includes the power to revoke business licences, order that the corporate body be wound up, forfei ture of assets and criminal fines up to $25m.

“The Bahamas has ensured that the law enforcement authorities have the requisite training and expertise to effectively

investigate NPOs. A Mem orandum of Understanding between the Registrar Gen eral and relevant authorities for the sharing of informa tion on money laundering and terrorist financing has been established as a mechanism to ensure infor mation is promptly shared with competent authorities to take preventative and investigative action.”

2.552.24%4.01% 4.833.30 4.833.42%7.26% 2.241.68 2.241.70%2.82% 207.86164.74 197.44-2.97%-2.35% 212.41116.70 202.39-4.72%6.04% 1.761.71 1.762.49%2.79% 1.941.78 1.935.71%7.96% 1.881.79 1.863.39%3.91% 1.030.93 0.93-8.94%-9.55% 9.376.41 9.37-0.02%10.36% 11.837.62 11.79-0.33%18.23% 7.545.66 7.540.22%3.05% 16.648.65 15.94-3.89%14.76% 12.8410.54 12.47-1.04%-2.57% 10.779.57 10.740.81%4.20% 10.009.88 N/AN/AN/A 10.438.45 10.433.00%25.60% 14.8911.20 14.897.90%48.70%

US FCC BANS SALES, IMPORT OF CHINESE TECH FROM HUAWEI, ZTE

WASHINGTON Associated Press

THE U.S. is banning the sale of communications equipment made by Chi nese companies Huawei and ZTE and restricting the use of some China-made video surveillance systems, citing an “unacceptable risk” to national security.

The five-member Federal Communications Commis sion said Friday it has voted unanimously to adopt new rules that will block the importation or sale of cer tain technology products that pose security risks to U.S. critical infrastructure. It’s the latest in a years-long escalation of U.S. restric tions of Chinese technology that began with President Donald Trump and has con tinued under President Joe Biden’s administration.

“The FCC is committed to protecting our national security by ensuring that untrustworthy communi cations equipment is not authorized for use within our borders, and we are continuing that work here,” said FCC Chairwoman Jessica Rosenworcel, a Democrat, in a prepared statement.

Huawei declined com ment Friday. Along with Huawei and ZTE, the order affects products made by

companies such as Hikvi sion and Dahua, makers of widely used video surveil lance cameras.

The FCC’s order applies to future authorizations of equipment, though the agency leaves open the possibility it could revoke previous authorizations.

“Our unanimous deci sion represents the first time in FCC history that we have voted to prohibit the authorization of new equip ment based on national security concerns,” tweeted Brendan Carr, a Republi can FCC commissioner.

Carr added that as “a result of our order, no new Huawei or ZTE equip ment can be approved. And no new Dahua, Hikvi sion, or Hytera gear can be approved unless they assure the FCC that their gear won’t be used for public safety, security of govern ment facilities, & other national security purposes.”

Hikvision said in a state ment that its video products “present no security threat” to the U.S. but the FCC’s decision “will do a great deal to make it more harm ful and more expensive for US small businesses, local authorities, school districts, and individual consum ers to protect themselves, their homes, businesses and property.”

responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

IN this Sept. 26, 2018 file photo, visitors walk past a display from Chinese technology firm ZTE at the PT Expo in Beijing. The U.S. is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video surveillance systems, citing an “unac ceptable risk” to national security.

Photo:Mark Schiefelbein/AP

NOTICE is hereby given that BLEKLEY COICOU of P. O. Box AP 59223, SLot 547, Venice Bay, Lot 34, New Providence, 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 21st day of November, 2022 to the Minister

BREWERY ‘CRACKS’ INTO ACTION THROUGH LIGHT BEER’S LAUNCH

THE BAHAMIAN Brewery and Beverage Company has launched its Bush Crack Light (BCL) product in a bid to give con sumers “more options” in the light beer category.

Gary Sands, its general manager, said: “We wanted

to create another light beer because we felt the market needed some more options in this category. We picked Bush Crack because it’s already an established brand in the market that our cus tomers love, and we wanted to expand on that base.”

Bush Crack Light is being marketed under the slogan, Work Hard, Drink Easy, with the company saying it is priced for the average hard-working Bahamian at three for $6.50. It is the first new Bahamian Brewery product since the company

was rebuilt after Hurricane Dorian.

Mr Sands said: “We had plans for Bush Crack Light in 2019. This product has been in the works for quite some time but Hurricane Dorian was a major set back with the immediate

follow-up of COVID, which restricted us in a major way in launching our core brands Sands and Sands Light.

“We are very proud and excited to be here today with all the setbacks that we faced. Jimmy Sands, our president and chief executive, never gave up on Bahamian Brewery and Beverage Company and Jimmy’s Wines & Spirits.

“With his determining spirit, dedication to the staff and the commitments he’s made, that same attitude and spirit have been instilled in all of us that work here. We are proud Bahamians that produce exceptional beer. We are all family here at the brewery and Jimmy’s Wines & Spirits, and these principles are what keep us together.”