12012022 BUSINESS

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‘Slap in the face’ on Dorian’s tax breaks

BROKERS yesterday warned the cost of clearing goods into The Baha mas will likely increase in the New Year as Customs revealed its rev enue collections year-to-date have increased by $15m compared to pre-COVID levels.

Ralph Munroe, Customs’ acting deputy comptroller, said the revenue and border protection agency has been beating its targets by collecting an average of $100m per month since the 2022-2023 fiscal year began on July 1.

“We’ve been running at $100m a month since July of this year for the fiscal year. Revenues are recovering. I think it’s safe to say that revenue is beyond expectation and we are doing remarkably well,” he said. “I believe that the message is getting through that Customs is no longer tolerat ing that level of dishonesty and, of course, persons have been fined. We’re imposing penalties.

Mr Munroe’s comments came as Customs brokers continue to voice

concerns over what they argue is a lack of clarity and certainty surround ing the agency’s requirement for them to be fully “integrated” with its electronic goods clearance platform, Click2Clear, by January 2, 2023.

A flyer on the initiative, seen by Tribune Business, warns bro kers, in-house brokers, retailers and wholesalers that all major importers

“must submit Customs declara tions via integration to Click2Clear. Bahamas Customs will not accept manual declarations nor documents. Only integration submissions will be accepted.

The flyer names two suit able suppliers of the necessary software “integration”, Information Systems Ltd and its SWIM product, and GAAC. However, rather than mandate that brokers and major importers use the services of either of these two entities, the Customs flyer advertising an October 6, 2022, meet ing on the initiative said firms can “seek the services of an independent program developer”.

Customs brokers spoken to by Tribune Business yesterday said con fusion still surrounded the initiative, with little progress or clarity forth coming since the last meeting with government on the matter. Several raised questions as to whether the Government could force them to buy a product from a private vendor, with others suggesting that the rel evant Customs laws might need to be changed to facilitate the plan.

Liquidators to go after FTX Bahamas payouts

THE joint provisional liquidators for FTX’s Bahamian subsidiary are “guaranteed” to go after any payouts to local inves tors if they violated the Supreme Court freeze imposed as the crypto exchange imploded, it was revealed yesterday.

Well-placed sources, speaking on condition of anonymity, told Tribune Business that the trio over seeing FTX Digital Markets will certainly pursue the recovery of such payments after Sam Bankman-Fried, the embattled exchange’s chief executive, admitted he

CIBC’s New Year halt to in-branch payments

CIBC FirstCaribbean last night justified its decision to halt physical in-branch transactions from January 3 - a move that will impact thousands of Bahamiansby asserting that 85 percent of clients are already using digital banking channels.

The BISX-listed bank, which is more than 95 per cent owned by its Canadian parent through the regional Barbados head office, dis closed its plans to cease processing virtually all forms of over-the-counter

payment transactions in the New Year via an internal staff briefing paper.

The document, which has been seen by Tribune Busi ness, reveals that “effective January 3, 2023”, CIBC will no longer facilitate cash and cheque deposits; cheque cashing; corporate and small business depos its; withdrawals under the daily $3,000 automated banking machine (ABM) limit; credit card payments; bill payments; domestic and international transfers; transfers between CIBC accounts and with other CIBC clients; and third

THE GOVERNMENT was yesterday accused of delivering “a slap in the face” to Abaco and Grand Bahama by confirming that both islands’ present Dorian-related tax breaks expire today as scheduled.

Daphne DegregoryMiaoulis, the Abaco Chamber of Commerce’s president, told Tribune Business that the move will only “stagnate” the island’s efforts to recover from the Category Five storm and further delay “getting back to being the second largest revenue generating island in the country for the Public Treasury.

Branding the decision as “short-sighted”, she argued that the Davis administra tion was focused solely on

the tax revenues foregone by the past three years-plus concessions while ignor ing the multiple benefits generated by the Special Economic Recovery Zone (SERZ).

These included incen tivising a faster economic rebound than Abaco would otherwise have enjoyed if it did not have

business@tribunemedia.net THURSDAY, DECEMBER 1, 2022
SEE PAGE B5
prioritised withdrawals for Bahamas-based investors to avoid being hunted by crowds of angry locals. The confirmation came as the joint provisional liquidators, Brian Simms KC, the Lennox Paton
Brokers fret as Customs revenue $15m up on ‘19
SEE PAGE B7 SEE PAGE B4
SAM BANKMAN-FRIED • SERZ expiry rationale branded ‘outrageous’
DEGREGORY-MIAOULIS • Warn goods clearance costs to rise in New Year • Still seeking clarity over Click2Clear ‘integration’ • Customs: No ‘mandate’ to use certain providers $5.95 $5.97 $6.07 $5.87
SEE PAGE B6
DAPHNE

BAHAMAS CLOUD PROVIDER IN DATA SOVEREIGNTY FIRST

A BAHAMAS-based cloud services provider has become the first Caribbean-based entity to join an initiative that helps clients better protect national sovereignty within the region.

Cloud Carib, in a statement, said it has joined the VMware Sovereign Cloud Initiative after recently attending the VMware Explore 2022 Europe conference in Barcelona.

“We’re extremely proud to be the first Caribbean company to join the Sover eign Cloud Initiative and are committed to helping digi tal transformation initiatives realise sovereignty for the protection of the communi ties we serve,” said Stelios Xeroudakis, Cloud Carib’s founder and chief technology officer.

“We’re dedicated to bring ing sovereign cloud services to our clients, advancing the region’s data protection and sovereignty commitments,

and supporting nations as they modernise and protect their data within their borders.” Cloud Carib said more than 100 countries now have their own laws governing how data should be managed and stored within their sovereign borders. These are are con stantly changing and Cloud Carib, as a VMware Sovereign Cloud provider, added that it meets the capabilities needed to provide more secure and compliant cloud services to government organisations, those in the public sector and any client with data residency requirements or concerns.

The VMware Sovereign Cloud initiative helps cus tomers engage with national cloud service providers to meet requirements around data sovereignty and jurisdic tional control; data access and integrity; data security and compliance; data independ ence and mobility; and data analytics and innovation.

“There is no data sov ereignty without cloud sovereignty. And sovereignty does not have to come at the expense of cloud innova tion,” said Rajeev Bhardwaj, vice-president, cloud provider platform solutions, VMware. “VMware Sovereign Cloud providers such as Cloud Carib can help customers innovate and drive digital transforma tion while reducing the risk of unlocking the value of data.”

Research conducted by Vanson Bourne, and commis sioned by VMware, revealed that over the next two years some 96 percent of all com panies surveyed believe data will be a source of rev enue. Fifty percent believe it will be a significant revenue source. As economic uncer tainty intensifies,the survey indicated that more busi ness leaders are zeroing in on data as an untapped revenue source.

Cloud Carib, though, warned that the downside is just as huge. Respondents identified data sovereignty as one of the key challenges facing companies, with 95 per cent admitting it is an issue. Companies that fail to comply with data sovereignty regula tions must often pay fines in the hundreds of millions of dollars, and suffer damage to brand reputation, because of compromised data.

“The first jurisdiction to benefit from this roll-out is our home base in The Baha mas. Joining the Sovereign Cloud initiative amplifies our decade-long commitment to this region,” said Cloud Carib chief executive, Scott Mac Kenzie. “So, this really is just the beginning as we aim to further that commitment by offering sovereign cloud to each country in the region as regulations evolve and secu rity demands increase.”

PORT IN $200K PARKING UPGRADE FOR SOLOMON’S

THE GRAND Bahama Port Authority (GBPA) yesterday said it is investing $200,000 to upgrade a park ing area in preparation for the opening of downtown Freeport’s new Solomon’s food store.

The project, which began on November 21 and is expected to complete on December 16, is enhancing the parking area between AML Foods’ new Solo mon’s store, Park ‘N Shop and York Street.

“In preparation for the opening of a new Solomon’s

food store, we are upgrad ing the parking area for shoppers and the island’s visitors,” said Troy McIn tosh, the GBPA’s deputy director of building and development services, and city manager.

“Along with Austin Outdoor Landscape, the contractor for the project, we are installing plants, a new irrigation system and lighting, as well as sealing the existing asphalt sur face, installing curbing and line stripping.” During the work, patrons are able to

park their vehicles in the western parking lot next to the stores and walk across the street for shopping.

“This upgrade and beau tification project, at a cost of $200,000, is another investment in Downtown Freeport in support of the many GBPA licensees working diligently to earn the business of Freeport shoppers,” said Ian Rolle, the GBPA’s president.

“Our team is working hard to ensure the parking area is rendered safe and welcoming in time for the new Solomon’s food store, slated to open in short order. We look forward to a fresh, new retail store that delivers a first-class shop ping experience before you even enter the doors.”

PAGE 2, Thursday, December 1, 2022 THE TRIBUNE
EARLIER this year, Cloud Carib secured the 2022 VMware Social Impact Award for Latin America.

A FORMER finance minister yesterday accused the Government of “aban doning” Abaco and Grand Bahama residents after it elected not to extend the present Hurricane Dorian tax breaks beyond today’s expiration.

Kwasi Thompson, now east Grand Bahama MP after holding that post in the Minnis Cabinet, told Tribune Business that the present Special Economic Recovery Zone (SERZ) Order should have been extended for another 12 months “through next year” with a proper review done during that period to determine the best conces sions framework for aiding the islands’ post-storm recovery.

“The people of Grand Bahama and the people of Abaco, I believe, feel aban doned,” Mr Thompson said after the Davis administra tion elected not to extend the existing “blanket exemptions. “I understand that the SERZ Order

cannot proceed indefinitely. However, the people in Grand Bahama and the people in Abaco are still in the recovery process.

“I would have liked to have seen the SERZ Order extend to next year and a thorough review of the situ ation done during that time. Extend it through next year, do a review at that time, and

formalise a decision as to what happens afterwards. It most certainly should have been extended.”

Mr Thompson also lamented the uncertainty for businesses and resi dents on the storm-ravaged islands, adding that the Government has yet to specify which productsbuilding materials, vehicles,

Dorian tax breaks end ‘contradictory’

A FREEPORT business man yesterday accused the Government of issuing a “contradictory” expla nation for its decision not to renew the Hurricane Dorian tax breaks in their present form.

Antoine Brooks, the Downtown Freeport Busi ness Association’s (DFBA) president, told Trib une Business that the Government is arguing con cessions granted under the Special Economic Recovery Zone (SERZ) Order need to be “rebalanced” because it is giving up too much tax revenue while, at the same time, hailing the lowest first quarter fiscal deficit for more than a decade.

Responding to Simon Wilson, the Ministry of Finance’s financial secre tary, who said the present “blanket” Dorian tax exemptions “cannot go on indefinitely”, as the Government is foregoing $40m-$50m “and higher” in annual tax revenues, Mr Brooks said: “I don’t understand. These are con tradictory statements.

“They have collected more money, accord ing to the news reports I have read, than they have anticipated collecting and they are doing great. The country is back on a good financial basis. So this is contradictory to the state ments they are now putting out there.”

The Government recently reported that its fiscal deficit for the three months to end-September 2022, representing the

first quarter of its current Budget year, was slashed by almost $116m year-on-year to just over $20m.

Questioning the Davis administration’s logic, Mr Brooks added: “They say it costs the Government money not to be collect ing taxes, but does it really cost the Government any thing if the Government is not spending any money because it’s not collecting the taxes that they would have been collecting if they didn’t have the SERZ order?

“It’s not money coming from a budget; it’s just that they are not collecting any money now. It’s always easier to give a conces sion versus having to spend money on social services. That’s actual cash money coming out of your Budget versus giving concessions, when concessions don’t cost you anything.

“In light of the recession they say that’s coming in the world, I think it would be good and prudent advice for the Government to allow the little momentum that’s starting to grow back in the two islands to con tinue as they don’t want to be a burden on social services.”

Grand Bahama and Abaco were devastated by Hurricane Dorian which inflicted an estimated $3.4bn in total losses and damage on the islands.

Efforts to rebuild critical infrastructure, homes and businesses were also dis rupted by the lockdowns and other restrictions imposed due to the COVID-19 pandemic.

“Abaco is a smaller community than Grand Bahama. I was in Marsh

Harbour and they look tre mendous. I walked around and saw businesses open ing. I looked around and it was hard for me to find a place to lease, because I thought about expanding my business to Abaco,” Mr Brooks said.

Grand Bahama is coming back slowly, however, with the arrival of Solomon’s Fresh Market in down town Freeport as well as

furniture, fixtures and appliances - will be covered under the new concessions regime or if only some will continue to enjoy tax breaks.

“The Government has not provided any details on how a case-by-case basis is supposed to work. Thus is completely unacceptable,” Mr Thompson blasted. “I most certainly believe this is a setback and going to make the full recovery harder. It’s going to make getting back to pre-Dorian and pre-COVID more dif ficult. They have provided absolutely no clarity.

“The Opposition is astounded to learn that the administration has taken the heartless decision not to extend the tax-free zones under the Special Economic Recovery Zone Orders (SERZ). These SERZ provisions have been, and continue, to be critical to the full recovery of Abaco and Grand Bahama.

“We all know that the SERZ Order cannot remain in place indefinitely. However, any concerns can be crafted in an amend ment to the Orders to limit

the parameters to prevent fraud. Also, how is it even legally possible to give concessions on a case-bycase basis? How can we be assured that the process will not be bogged down in red tape or that political favouritism will not occur?”

Michael Halkitis, minis ter of economic affairs, first signalled the Government’s new direction at the Abaco Business Outlook confer ence when he asserted that the present wide-ranging concessions regime was “not optimal” and cannot “go on for ever”, hinting it may switch to a framework where tax breaks were granted on a case-by-case application basis.

The Davis administra tion feels the existing SERZ is giving away too much revenue in tax breaks. It reimposed VAT

on construction services earlier this year, with the Ministry of Finance stating at the time that conces sions were being granted to wealthy second homeown ers who did not need them to rebuild properties that were fully insured to their replacement value. Essen tially, the view was such homeowners were getting VAT and duty-relief twice.

Ministry of Finance offi cials also subsequently said the SERZ and related tax breaks were being abused for tax evasion and other illicit purposes, with vehi cles and other expensive items imported using the VAT and duty exemptions turning up at Potter’s Cay in Nassau and other loca tions outside the Dorian hit areas.

other businesses scheduled to open in the downtown Freeport area. Mr Brooks said. “I think the economy is building back, but you don’t want to suck the life support from the patient when he is just now get ting better. You have to let them get on their feet and at least begin to walk first before you can take away the crutches.”

THE TRIBUNE Thursday, December 1, 2022, PAGE 3
‘ABANDONED’: MP ACCUSES GOV’T
NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ON DORIAN TAX RELIEF By
PUBLIC NOTICE Please be advised that Kendanique Williams-Adderley is no longer authorized to conduct business on behalf of RDC Partners & Associates. RDC Partners & Associates #30 Queen Street | P.O. Box N8711, Nassau, Bahamas Website: www.rdcpartners.com Local: (242) 677-2839 E: info@rdcpartners.com USA: (954) 945-0693
KWASI THOMPSON

CIBC’s New Year halt to in-branch payments

party transfers physically in its branches.

Other in-branch services that will also be discon tinued are the opening of “personal and sole propri etorship” bank accounts and deposit account open ings. However, the briefing paper added: “Clients will still be required to visit the branch to open accounts for politically exposed persons (PEPs) and joint accounts.

The move marks the latest step by CIBC, in common with other Baha mian commercial banks and especially its Cana dian-owned counterparts at Royal Bank of Canada (RBC) and Scotiabank, to increasingly drive consum ers towards using online, Internet and ABM banking channels to conduct regular transactions and day-to-day financial services business.

The COVID-19 pan demic, with its lockdowns and associated restrictions, has merely accelerated this drive. Explaining the rationale for its move, which is due to take effect in just over a month once the Christmas and New Year holiday is over, CIBC told staff: “Effective January 3,

2023, CIBC FirstCaribbean branches in The Baha mas and Turks and Caicos Islands will no longer be processing over-the-coun ter transactions that can be performed via our alterna tive banking channels.”

These were listed as the bank’s instant teller/ smart ABM network; night deposit box; online bank ing and mobile app. “This change supports the bank’s vision of deliv ering a modern digital banking experience which is personalised, easy and convenient,” CIBC staff were informed. “It also sup ports our frontline teams by freeing up capacity to focus on providing additional value-added service to our clients.”

No mention was made of any redundancies that will result from the move.

Teresa Mortimer, head of the Bahamas Financial Services Union, which rep resents CIBC’s line staff, last night told Tribune Busi ness there had been no talks with the bank over poten tial lay-offs resulting from the move.

“I haven’t had any dis cussions about staff being laid-off because of that,” she confirmed. “They’ve

been driving the digital channel for a while. I’ve said to them that it’s alright to drive, but you have to prepare your elderly popu lation. There’s been no talk about lay-offs. Not even with the Palmdale branch’s closure. For right now there’s no loss of staff because of it.”

While use of digital and electronic banking channels has been increasing among Bahamians and local busi nesses, CIBC’s January 3 move will still likely rep resent a culture shock for many and those used to conducting transactions physically in-branch - espe cially the elderly - may be faced with a steep learning curve.

Queues seen oustide the bank’s branches at Mall at Marathon and Sandyport indicate many persons still do banking in-branch, as well as raising questions as to how many tellers are on duty. This newspaper, though, understands that CIBC will make staff avail able to assist persons in conducting transactions via the ABM.

The BISX-listed bank, in a statement issued to this newspaper last night, made clear its irritation

over the fact its plans had leaked prematurely. “It is unfortunate that an inter nal briefing document that was meant to prepare our team for the cessation of payments over-the-counter has been circulated in the public domain prior to the bank circulating communi cations to the public on the matter,” CIBC said.

“We encourage our clients, who need addi tional support to perform transactions on our digital platforms, to reach out to our branch teams who are there to provide that assis tance. Our digital banking officers will be on hand to show clients how to use the ABM to make depos its, transfers or to get cash during the transition. Addi tionally, our website has video tutorials to walk cli ents through the processes.” Explaining the rationale driving the changes, CIBC said: “The fact is that, since the days of the pandemic, when no one was allowed in our branches for trans actions of any kind, we have been preparing our clients for this change. It is also a fact that at this stage a very small percent age of our clients are still coming into the branches

to make payments. We have continued to observe a noticeable decline in clients performing over-the-coun ter transactions.

“With advancements in our digital services, there have been an increasingly greater number of clients who wish to execute their transactions in a safe, easy and convenient manner through our alternative channels. In fact, over 85 percent of our clients have been performing transactions such as wires, credit card payments and withdrawals under the ABM limit, which have been in effect for a number of months.

With the advancement of technology and the avail ability of digital banking solutions that have allowed our clients to do their bank ing anywhere and at any time, either from their mobile devices, the home computer or our extensive ABM network, it is simply no longer necessary for clients to come into the branch to perform every day transactions such as payments. This allows our branch teams more time with each client to be able to provide more valueadded services.”

POWELL: FED TO KEEP RATES HIGHER FOR LONGER TO CUT INFLATION

THE Federal Reserve will push rates higher than pre viously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday in remarks likely intended to underscore the Fed's singleminded focus on combating stubborn inflation.

Yet in a speech at the Brookings Institution, Powell also signaled that the Fed may increase its key interest rate by a half-point at its December meeting, a smaller boost after four straight three-quarter point hikes. Rate increases could then fall to a more tradi tional quarter-point size at its February and March meetings, based on previous Fed forecasts.

Powell said the Fed is seeking to increase its benchmark rate by enough to slow the economy, hiring, and wage growth, but not

so much as to send the U.S. into recession.

It has lifted the rate six times this year to a range of 3.75% to 4%, the highest in 15 years. Those increases have sharply boosted mort gage rates, causing home sales to plunge, while also raising costs for most other

consumer and business loans.

"We think that slowing down at this point is a good way to balance the risks," Powell said. "The time for moderating the pace of rate increases may come as soon as the December meeting," which will take place Dec. 13-14.

Financial markets rallied in response to Powell's sug gestion that rate increases will slow. The S&P 500 jumped 122 points, or 3.1%. It had fallen before Powell spoke.

But Powell also stressed that smaller hikes shouldn't be taken as a sign the Fed will let up on its inflation fight anytime soon.

"It is likely that restoring price stability will require holding (interest rates) at a restrictive level for some time," Powell said. "History cautions strongly against prematurely loosening policy."

Powell acknowledged there has been some good news on the inflation front, with the cost of goods such as cars, furniture, and appli ances in retreat. He also said that rents and other housing costs — which make up about a third of the consumer price index — were likely to decline next year.

But the cost of services, which includes dining out,

traveling, and health care, are still rising at a fast clip and will likely be much harder to rein in, he said.

"Despite some promising developments, we have a long way to go in restoring price stability," Powell said.

The Fed chair singled out strong hiring and wage gains as the main driver keeping services costs high. Paychecks, on average, have jumped about 5% in the past year, before infla tion, the fastest pace in four decades.

"We want wages to go up strongly, but they've got to go up at a level that is con sistent with 2% inflation over time," Powell said. Wage growth at about 3.5% a year would fit that criteria, he said.

Slowing the increases in paychecks will likely be difficult, he said, because robust wage gains are largely being driven by a labor shortage that began during the pandemic and shows no sign of ending soon.

Pointing to The Baha mas’ and Central Bank’s broader public policy goals, CIBC said: “It is also public knowledge that, from as early as last year, The Bahamas has been moving towards the elimination of the use of cheques in the country, and that the use of electronic channels such as those employed by CIBC FirstCaribbean are being encouraged.

“Additionally, most entities such as utility com panies have introduced over the past several years methods of online pay ments for their services, thereby eliminating the need for commercial banks such as CIBC FirstCarib bean to continue to process such payments.”

Bahamian commercial banks have been steadily shrinking the size of their branch networks for more than a decade, first exiting unprofitable Family Island locations before making similar moves on New Prov idence as they seek greater efficiencies, cost savings and economies of scale. Branch locations are also being converted into what they term “service centres” focused on meeting custom ers’ credit and other needs.

Fed officials had hoped to see the number of people working or looking for work rebound more strongly as the pandemic waned, but that hasn't happened.

The lack of workers reflects a jump in early retirements, the deaths of several hundred thousand working-age people from COVID-19, and a sharp decline in immigration and slower population growth, Powell said.

With the supply of work ers limited, the Fed's higher interest rate policies will have to reduce businesses' demand for new employees to meet the lower level of supply, he added.

Economists generally expect that will mean rising layoffs and a higher unem ployment rate, with the economy potentially falling into recession.

But Powell, in remarks during a question-andanswer session, held out hope that employers could cut the near record-high number of job openings they have posted, rather than lay off large numbers of workers.

PAGE 4, Thursday, December 1, 2022 THE TRIBUNE
PAGE B1
FROM
FEDERAL Reserve Chair Jerome Powell speaks at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institute on Wednesday, Nov. 30, 2022, in Washington. Photo:Nathan Howard/AP

the concessions. And Mrs Degregory-Miaoulis also urged the Government to “take the guessing out of this game” by providing clear guidelines and criteria for how Abaco residents and businesses - and their Grand Bahama counter parts - can apply for, access and qualify for Dorianrelated tax breaks under the new regime that takes effect today.

The Ministry of Grand Bahama, in a short threeparagraph statement that confirmed the present “blanket” exemption struc ture ends today, said those still requiring tax relief to aid their post-Dorian recov ery can apply either to its offices in Freeport or the Prime Minister’s Office in Abaco.

“The Ministry of Finance will review and, where appropriate, approve appli cations on a case- by-case basis to ensure that [they are] directly related to loss associated with Hurricane Dorian, and that conditions of the concessions are being honoured,” the Ministry of Grand Bahama added.

Simon Wilson, the Min istry of Finance’s financial secretary, told Tribune Business earlier this week that the present concession structure “cannot go on indefinitely” and needs to be “rebalanced” given that the Government is forego ing $40m-$50m in annual revenues, and “actually higher”, as a result. He said the Dorian tax breaks were effectively being financed, or “cross-subsidised”, by taxpayers on New Provi dence and other islands that escaped the Category Five storm.

This drew a rebuke from Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house counsel, who described the Government’s rationale as “outrageous” and betrayed a lack of understanding of the plight Abaco and Grand Bahama residents still face from having their homes and livelihoods “obliterated”.

Pointing out that Grand Bahama and Abaco had, for many years, both been positive net revenue con tributors to the Public Treasury, the now-Callen ders & Co attorney argued that both islands had pre viously subsidised Nassau and the capital’s economy that remains heavily reliant

on the Government and public sector.

“I would like to remind Mr Wilson that I had a conversation with a former financial secretary who said the profits from Grand Bahama to the Public Treasury was approxi mately $60m a year,” Mr Leonard asserted. He quickly acknowledged that this had slipped over the past two decades, and the island is now likely a net drain on taxpayers, but said the surplus delivered by Grand Bahama “went on for decades and was not less than $60m”.

Pointing out that Abaco, too, was a positive net tax earner prior to Dorian, Mr Leonard blasted: “To turn around and say they’ve been subsidised by Nassau for three years is an outrageous comment. In addition, I want to remind him that a former minister of finance said one in five jobs in The Bahamas is attributed to the Govern ment, whether direct public service employees or work ing for corporations like Bahamas Power & Light (BPL) and Bahamasair.

“Whatever. Let us remember that the major ity of civil servants work in Nassau. That probably means one in three jobs in Nassau are related to the Government. That also means for years that the islands of Grand Bahama

and Abaco have been propping up the islands of Nassau.”

Asserting that he was “quite frankly offended” by the argument that New Providence has been subsi dising Nassau post-Dorian, Mr Leonard agreed that the expiring “blanket” conces sions could not continue indefinitely. However, he added it was “clear” that the Government has “little understanding of the dif ficulties Bahamians are facing when their home or business is obliterated.

“It takes more than three years to recover,” the attor ney said. “If they want to limit the items that are coming in VAT and dutyfree, that may be something to consider, but they need to be realistic about it. They cannot be Nassau centric. Someone needs to stand up, quite frankly, for the people of Abaco and Grand Bahama.”

Mrs Degregory-Miaoulis, meanwhile, said the Gov ernment’s SERZ move was “expected” but still frus trating for residents and businesses on both islands. “I just think it’s going to seriously delay and slow the process of ongoing repairs,” she added. “People still haven’t cleaned up their properties. What’s the Gov ernment going to do about that?

“It’s going to slow the process. It’s going to

stagnate and slow the potential of Abaco getting back to being the second largest revenue generat ing island in the country. It’s going to be very diffi cult for those persons who have not started. I think it’s short-sighted and I think it’s unfair.”

Calling on the Govern ment to provide concrete figures for how much revenue has been given up under the SERZ, and the taxes gained from Abaco and Grand Bahama over the same period, Mrs Degregory-Miaoulis argued: “They’re looking at it from one end - the loss of revenue, but are they taking into consideration what they gained on the other side?”

Pointing out that Abaco’s economy, and taxes gener ated by tourism and real property levies, may not have rebounded as quickly as they have without the post-Dorian tax breaks, she added: “How many people have been able to rebuild, how many have been employed, how many busi nesses re-opened and how many vacation homes have been rebuilt?

“You can’t look at it just from a loss standpoint. You have to look at the gains. They’re basically ignoring the upside of the SERZ and just looking at the down side of the SERZ. They’re making no allowance for the year-and-a-half lost to COVID lockdowns. The Abaco Chamber of Com merce is disappointed that they’ve given no considera tion to the year-and-a-half lost and revenue generated as a result of the SERZ Order being in place. They can’t look at it from one side.”

Mrs Degregory-Miaoulis also called on the Gov ernment to provide far more information on how the new Dorian tax relief regime will work. While it yesterday revealed who applications should be made to, she said much more was needed - espe cially the nature of the supporting documents that must be provided; the cri teria that will be used to judge and vet which appli cations will be approved; how quickly they will be turned around; and for how long approvals will last.

The Abaco Chamber chief added that clarity was also required over whether approvals could be used to obtain tax relief on pur chases from Abaco and Grand Bahama-based businesses, or if they only applied to imports from abroad. “They haven’t come out with clear guide lines on how we apply, what we need to apply and what the criteria is,” she said.

“They need to be very clear on who qualifies, and how. We want to know what the process is.... who, what and how concessions can be obtained, in what time frame and how long are they going to be honoured for? Do you have to apply within 12 months, and how long will they take them into consideration before they say: ‘No more’. They need to take the guessing out of this game.”

THE TRIBUNE Thursday, December 1, 2022, PAGE 5
in the face’
Dorian’s
breaks FROM PAGE B1
‘Slap
on
tax
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CAREY LEONARD

Brokers fret as Customs revenue $15m up on ‘19

David Humes, owner/ operator of Integral Logis tics, told Tribune Business that the flyer’s assertions about ending manual sub missions was “not an accurate statement” as such filings were already elimi nated when the Electronic Single Window and Click 2Clear first came into being.

“We don’t know what is going on. We haven’t been informed since the last meet ing,” he said. “One of the persons [software provid ers] mentioned, the costs are really astronomical. One of the persons mentioned has a really high cost of doing business.” Mr Humes added that brokers adopting this solution would have to pay $2,000 to acquire and install the software, a further $400 for training and $600 per month for its continued use.

“Any small business person couldn’t possibly

absorb that cost. We don’t make that kind of money,” he told this newspaper. “Costs will go up consider ably in order for persons like myself to survive. I can tell you persons like myself are apprehensive and don’t know what to do. It’s really confusing at this point.”

Mr Humes said the other software provider named in the flyer had informed him he had no idea he was included on it. He added that brokers had also been advised to “do it ourselves or find someone to do it for us, which he branded “prac tically impossible” given the length of time required to develop software that was compatible and could inte grate with Click2Clear.

Kenneth Gibson, chief executive of Five Star Bro kers, told Tribune Business that among the brokerage industry’s first questions when the initiative was

announced was “who’s going to bear the cost?” He added: “I’m ultimately preparing myself for the transition. They’ve not said anything further, and I still need to operate.

“If they tell you that you don’t have access to Click 2Clear then all my clients are going to suffer. That’s the path I’ve taken because I’ve not had the opportunity to get any further understand ing from the Government. It will be to my disadvantage if they enforce this thing and I’m not ready.”

Acknowledging that there will be “a learning curve” over the Click2Clear inte gration, Mr Gibson added: “For us it’s going to increase our costs because the soft ware is duty entry specific. We’re going to have to increase our prices as it’s going to take a little more effort to enter items in the system. We’ll have to have

a slight increase to accom modate the cost of doing business.

“There are costs as bro kers that we have to absorb, and costs we pass on to the customer. A lot of my clients are not fully aware of what is about to happen.” Both Mr Gibson and Mr Humes said the “integration” ini tiative appeared to be driven by the Ministry of Finance, rather than Customs, with the former complaining that there were “a lot of inac curate classifications” and wanting to obtain better data from the system.

“The rationale was that the present system is unable to provide the support ing data that the Ministry of Finance needs, and the third-party providers have the software that will allow them to extract the criti cal data they require,” Mr Gibson said. “They also mentioned there were a lot

of issues with regard to tariff headings. They wanted to improve compliance with the Click2Clear system.”

Mr Munroe yesterday said there was no mandate from the Government or Customs that brokers had to use one of the two soft ware providers named. He said: “That’s not true. Let’s look at what the facts are. As a government department our whole job is trade facili tation, and trade facilitation, the very word itself suggests that we are here to assist and to make things easy.

“We’re in the electronic age and what we’re doing in some cases, you may say we’re troubleshooting. But if we were to come up with a proposal or programme and it doesn’t work, we will adjust it until it does. But we are not in any way, shape, or form, forcing anything on anybody.

“We want to work along with our partners, because that’s why we’re here. We’re not here for ourselves; we’re here to facilitate persons

and trade, and so whatever we believe is the best that is what we will advance.”

James Albury, senior Customs officer with respon sibility for IT, said: “What we’re doing is that, as a mandate from the financial secretary, Simon Wilson, we have a process what we called integration where we have a program that sub mits declarations through an electronic XML format.

“What happens is that we have two major companies that are doing the program ming in the Bahamas, one is ISL Bahamas and the GATS Bahamas. So what is hap pening is that those are the two persons that are avail able in The Bahamas.

“We are asking them [brokers] to reach out to those two companies, or an independent programming company, so that they can be ready for January 2 with our integration where they will have to submit declarations electronically into the Cus toms system.”

Outreach Officer

Bahamas National Trust New Providence, Bahamas

The Bahamas National Trust (BNT) has an exciting opportunity for an environmental professional to help the BNT advance its outreach program. The successful candidate will be responsible for stakeholder engagement and the execution of departmental programs and projects.

• Participate in strategic departmental planning.

Required Skills & Qualifications:

• Bachelor’s degree in Environmental Education, Sociology, Psychology, or Natural Resource Management. An advanced degree is considered an asset.

• At least three years’ work experience

• Excellent oral and written communication skills and demonstrable computing skills.

• Excellent organizational skills, attention to detail, and the ability to multi task

• Capable of working independently and as part of a team.

• Knowledge and understanding of communication principles.

• Good understanding of basic research techniques.

• Great interpersonal skills and relationship building proficiencies

• Capable of working flexible hours including weekends; ability and willingness to travel nationally and internationally as needed.

• Prepared to work in remote areas.

• Data collection and analysis grant and project management experience are all considered a plus.

PAGE 6, Thursday, December 1, 2022 THE TRIBUNE
FROM PAGE B1 Outreach Officer Bahamas National Trust New Providence, Bahamas The Bahamas National Trust (BNT) has an exciting opportunity for an environmental professional to help the BNT advance its outreach program The successful candidate will be responsible for stakeholder engagement and the execution of departmental programs and projects. Responsibilities:
Plan and execute socio cultural surveys among relevant stakeholders
Collate, analyze, and report on survey results.
Develop the Stakeholder Matrix
Lead, development, and implement the Stakeholder Engagement Strategy
Organize and host major events for various stakeholder groups
Organize a Partners Communication
and Training Workshop
Support stronger collaboration with fishing associations and major fishing communities
Provide logistical management and support for project activities
Execute aspects of other grants or projects managed by the organization.
Liaise with BNT colleagues and key stakeholders as needed.
Represent the BNT at internal and external meetings.
Write and review reports, papers, articles, and educational materials as needed.
Please visit bnt.bs/get involved/join the team/ to apply by 5:00 PM December 12th, 2022

LIQUIDATORS TO GO AFTER FTX BAHAMAS PAYOUTS

FROM

senior partner, and Price waterhouseCoopers (PwC) accounting duo, Kevin Cambridge and Peter Greaves, said in a statement that efforts to secure and recover assets for the ben efit of FTX Digital Markets creditors have been “ham pered” by the inability to access the company’s books and financial records.

Revealing that these were stored on “cloudbased servers”, the three said they were working to “re-establish access” to documents that will give them a complete picture of the Bahamian subsidiary’s financial health when it was placed into provisional liq uidation by the Supreme Court on November 10, 2022.

Acknowledging that “significant uncertainty” surrounds the outcome of FTX Digital Markets’ pro visional liquidation, but that those of its 40-strong local staff who have not resigned remain employed, the joint provisional liquidators also served notice of their intent to negotiate an informationsharing protocol with John Ray, chief executive of the 134 FTX companies in Chapter 11 bankruptcy pro tection in the US, in a bid to avoid a costly battle for con trol and assets.

“Since their appointment by the Supreme Court, the joint provisional liquida tors have been reviewing the financial position of FTX Digital, investigating the causes of the collapse of FTX globally and its impact on FTX Digital, seeking to identify and secure assets, and investigating all paths available to the company with a view to realising the maximum possible value for FTX Digital stakeholders. This work is ongoing,” the trio’s statement said.

“As previously disclosed, the work of the joint pro visional liquidators has been hampered by the joint provisional liquida tors’ lack of access to FTX Digital’s own books and

records, particularly cus tomer information, stored on cloud-based servers. The joint provisional liquidators are seeking to re-establish access to FTX Digital’s books and records. This includes an application to seek recognition of the pro visional liquidation of FTX Digital in the US under Chapter 15.”

Mr Ray has already succeeded in having that Chapter 15 action moved from the southern New York bankruptcy court to Delaware - a move that was ultimately consented to by the Bahamian joint provisional liquidators. The latter’s statement also indicated they still hope to avoid a costly and pro tracted battle for control of FTX’s restructuring and/or liquidation, and assets, with Mr Ray.

“Additionally, the joint provisional liquidators intend to enter discussions with the debtors in pos session under the Chapter 11 proceedings in the US in order to seek to agree a protocol whereby, amongst other matters, information may be shared,” the trio added, while acknowledg ing their co-operation with the Securities Commission and the regulator’s efforts to secure assets belonging to FTX Digital Markets clients.

“There remains signifi cant uncertainty around the outcome of proceedings involving FTX Digital,” the joint provisional liquidators said. “As of the date hereof, the joint provisional liquida tors confirm that they have not made any redundancies and that employees who remained in the employ ment of FTX Digital as at the date of the provisional liquidation Order, and have not resigned or indicated their intention to resign, will continue to be retained by FTX Digital until further notice.

“The joint provisional liquidators are focused on addressing FTX Digi tal employee issues and

concerns, and would like to thank the employees for their ongoing understand ing and co-operation.” The three joint provisional liq uidators’ statement came as a visibly nervous Mr Bankman-Fried yesterday made one of his first public appearances since FTX’s spectacular implosion at the New York Times’ DealBook Summit.

The appearance, likely a nightmare for his attor neys given the possibility of charges being brought against him in the US and elsewhere, saw Mr Bank man-Fried at times seem in denial about the crypto exchange’s plight and the fact he will have no say in whether it is restructured, sold-off in whole or in part, or is fully wound-up. He again seemed to sug gest that its US operation was still liquid, and that he wanted to help make FTX’s one million-plus clients “whole”.

This was interspersed with more admissions and ‘mea culpas’ as Mr Bank man-Fried took much of the blame for FTX’s fail ure. Admitting that he and the crypto exchange “completely failed on risk management”, he added: “There was no person in charge of positional risk on FTX.” However, he denied that any criminal or improper conduct, such as fraud, ever took place.

Asked why FTX bought so much Bahamian real

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estate, whose collective worth has been estimated as high as $300m, Mr Bankman-Fried said: “We wanted to incentivise people to move here so we gave them a comfortable environment.” The FTX chief said he was also no longer resident in the crypto exchange’s $30m penthouse, but hinted he was still in The Bahamas - possibly at the $2m One Cable Beach penthouse said to have been acquired in his name.

Meanwhile, wellplaced contacts yesterday confirmed that the joint pro visional liquidators will go after Bahamians and local residents who may have been able to withdraw their funds from FTX in viola tion of the Supreme Court freezing Order imposed on November 10 as these could be considered “fraudu lent preferences” that have such investors an unfair advantage over others. This is especially if FTX Digi tal Markets goes into full liquidation.

Mr Bankman-Fried, in a November 16 interview with a You Tube personal ity, alleged that he gave the Securities Commission a “heads up” that he planned to prioritise Bahamian with drawals and payouts but never got a response either way. He added that it was done because “you do not want to be in a country with a lot of angry people in it”.

This newspaper previ ously confirmed that some clients of FTX Digital Mar kets were able to retrieve their assets - which the crypto exchange was hold ing for them on trust or in escrow, in a fiduciary capac ity - starting around the time that the Supreme Court issued its Order shutting down all local operations.

FTX, in a Twitter tweet sent out at 2.08pm on Thurs day, November 10, barely hours before the Securities Commission’s announce ment of the asset freeze and provisional liquidator’s appointment, wrote: “Per our Bahamian HQ’s (FTX Digital Markets) regulation

and regulators, we have begun to facilitate with drawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we com plied with the regulators.

“The amounts withdrawn comprise a small fraction of the assets we currently hold on hand, and we are actively working on additional routes to enable withdraw als for the rest of our user base. We are also actively investigating what we can and should do across the world.”

This assertion, and the subsequent fall-out, eventu ally prompted the Securities Commission to clarify that it had not given FTX Digi tal Markets permission to release customer funds or prioritise/give preference to Bahamian clients. In a state ment issued more than 48 hours after FTX’s original tweet, it warned that such payments would be treated as “voidable preferences” and likely subject to being “clawed back” by the provi sional liquidator.

THE TRIBUNE Thursday, December 1, 2022, PAGE 7
PAGE B1

HOUSE VOTES TO AVERT RAIL STRIKE, IMPOSE DEAL ON UNIONS

THE U.S. House moved urgently to head off the looming nationwide rail strike on Wednesday, pass ing a bill that would bind companies and workers to a proposed settlement that was reached in September but rejected by some of the 12 unions involved.

The measure passed by a vote of 290-137 and now heads to the Senate. If approved there, it will be signed by President Joe Biden, who urged the Senate to act swiftly.

“Without the certainty of a final vote to avoid a shut down this week, railroads will begin to halt the move ment of critical materials like chemicals to clean our drinking water as soon as this weekend,” Biden said. “Let me say that again: without action this week, disruptions to our auto supply chains, our ability to move food to tables, and our ability to remove haz ardous waste from gasoline refineries will begin.”

Business groups including the U.S. Chamber of Com merce and the American Farm Bureau Federation have warned that halting rail service would cause a devastating $2 billion per day hit to the economy.

The bill would impose a compromise labor agree ment brokered by the Biden administration that was ultimately voted down by four of the 12 unions rep resenting roughly 115,000 employees at large freight railroads. The unions have threatened to strike if an agreement can’t be reached before a Dec. 9 deadline.

Lawmakers from both parties expressed reserva tions about overriding the negotiations. The inter vention was particularly difficult for Democratic lawmakers who have tra ditionally sought to align themselves with the politi cally powerful labor unions that criticized Biden’s move to intervene in the contract dispute and block a strike.

House Speaker Nancy Pelosi responded to that

concern by adding a second vote Wednesday that would add seven days of paid sick leave per year for rail workers covered under the agreement. However, it will take effect only if the Senate goes along and passes both measures. The House passed the sick leave measure as well, but by a much narrower margin, 221-207, as Republicans overwhelmingly opposed it, indicating that prospects for passage of the add-on are slim in the evenly divided Senate.

Business groups and the Association of American Railroads trade association praised the House vote to block the strike but urged senators to resist adding sick time to the deal.

“Unless Congress wants to become the de facto endgame for future nego tiations, any effort to put its thumb on the bargain ing scale to artificially advantage either party, or otherwise obstruct a swift resolution, would be wholly irresponsible,” said Ian Jef feries, head of the AAR.

On the other hand, the Transportation Trades Department labor coali tion that includes all the rail unions praised the vote to add sick time and told law makers who voted against it they had “abandoned your working class constituents.”

The focus now turns to the Senate where the timing for a vote is unclear. Labor Secretary Marty Walsh and Transportation Secretary Pete Buttigieg will meet with Democratic senators Thursday to discuss the rail negotiations. Some Demo crats are insistent that the Senate vote on provid ing seven days of paid sick leave.

“A multibillion-dollar industry that is engaged in buybacks, that has doubled its profit margins during the pandemic should not be able to force its workers to come in when they are sick and injured,” said Sen. Eliz abeth Warren, D-Mass.

But most Republicans are reluctant to alter the tenta tive settlement reached in September.

PAGE 8, Thursday, December 1, 2022 THE TRIBUNE
FREIGHT train cars sit in a Norfolk Southern rail yard on Sept. 14, 2022, in Atlanta. Business groups are increasing the pres sure on lawmakers to intervene and block a railroad strike before next month’s deadline in the stalled contract talks. A coalition of more than 400 business groups sent a letter to Congressional leaders Monday, Nov. 28, 2022 urging them to step in because of fears about the devastating potential impact of a strike that could force many businesses to shut down. Photo:Danny Karnik/AP

EU warns Musk to beef up Twitter controls ahead of new rules

A TOP European Union official warned Elon Musk on Wednesday that Twitter needs to beef up measures to protect users from hate speech, misinformation and other harmful content to avoid violating new rules that threaten tech giants with big fines or even a ban in the 27-nation bloc.

Thierry Breton, the EU’s commissioner for digital policy, told the billionaire Tesla CEO that the social media platform will have to significantly increase efforts to comply with the new rules, known as the Digi tal Services Act, set to take effect next year.

The two held a video call to discuss Twitter’s prepar edness for the law, which will require tech compa nies to better police their platforms for material that, for instance, promotes ter rorism, child sexual abuse, hate speech and commercial scams.

It’s part of a new digital rulebook that has made Europe the global leader in the push to rein in the power of social media companies, potentially set ting up a clash with Musk’s vision for a more unfettered Twitter. U.S. Treasury Sec retary Janet Yellen also said Wednesday that an inves tigation into Musk’s $44 billion purchase was not off the table.

Breton said he was pleased to hear that Musk considers the EU rules “a sensible approach to imple ment on a worldwide basis.”

“But let’s also be clear that there is still huge work ahead,” Musk said, accord ing to a readout of the call released by Breton’s office. “Twitter will have to implement transparent user policies, significantly reinforce content modera tion and protect freedom of speech, tackle disinforma tion with resolve, and limit targeted advertising.”

After Musk, a selfdescribed “free speech absolutist,” bought Twitter a month ago, groups that monitor the platform for racist, antisemitic and other toxic speech, such the Cyber Civil Rights Initiative, say it’s been on the rise on the world’s de facto digital public square.

Musk has signaled an interest in rolling back many of Twitter’s previous rules meant to combat mis information, most recently by abandoning enforcement of its COVID-19 misinfor mation policy. He already reinstated some high-profile accounts that had violated

Twitter’s content rules and had promised a “general amnesty” restoring most suspended accounts starting this week.

Twitter didn’t respond to an email request for com ment. In a separate blog post Wednesday, the com pany said “human safety” is its top priority and that its trust and safety team “con tinues its diligent work to keep the platform safe from hateful conduct, abusive behavior, and any violation of Twitter’s rules.”

Musk, however, has laid off half the company’s 7,500person workforce, along with an untold number of contractors responsible for content moderation. Many others have resigned, including the company’s head of trust and safety.

In the call Wednesday, Musk agreed to let the EU’s executive Commission carry out a “stress test” at Twit ter’s headquarters early next year to help the plat form comply with the new rules ahead of schedule, the readout said.

That will also help the company prepare for an “extensive independent audit” as required by the new law, which is aimed at protecting internet users from illegal content and reducing the spread of harmful but legal material.

Violations could result in huge fines of up to 6% of a company’s annual global revenue or even a ban on operating in the European Union’s single market.

Along with European regulators, Musk risks run ning afoul of Apple and Google, which power most of the world’s smartphones. Both have stringent poli cies against misinformation, hate speech and other misconduct, previously enforced to boot apps like the social media platform Parler from their devices. Apps must also meet cer tain data security, privacy and performance standards.

Musk tweeted without providing evidence this week that Apple “threat ened to withhold Twitter from its App Store, but won’t tell us why.” Apple hasn’t commented but Musk backtracked on his claim Wednesday, saying he met with Apple CEO Tim Cook who “was clear that Apple never considered” remov ing Twitter.

Meanwhile, U.S. Treas ury Secretary Janet Yellen walked back her statements about whether Musk’s pur chase of Twitter warrants government review.

“I misspoke,” she said at The New York Times’ DealBook Summit on

Wednesday, referring to a CBS interview this month where she said there was “no basis” to review the Twitter purchase.

The Treasury secretary oversees the Committee on Foreign Investment in the United States, an intera gency committee that investigates the national security risks from foreign investments in American firms.

“If there are such risks, it would be appropriate for the Treasury to have a look,” Yellen told The New York Times.

She declined to confirm whether CFIUS is currently investigating Musk’s Twitter purchase.

Billionaire Saudi Prince Alwaleed bin Talal is, through his investment company, Twitter’s biggest shareholder after Musk.

THE TRIBUNE Thursday, December 1, 2022, PAGE 9
CALL 502-2394 TO ADVERTISE TODAY! NOTICE is hereby given that
and
any
should
send
NOTICE NOTICE is hereby given that
P. O. Box SS-19261, Anson Road,
and that any person who
registration/naturalization
should send
and
NOTICE
A TWITTER logo hangs outside the company’s San Francisco offices on Nov. 1, 2022. A top Euro pean Union official warned Elon Musk on Wednesday Nov. 30, 2022 that Twitter needs to beef up measures to protect users from hate speech, misinformation and other harmful content to avoid violating new rules that threaten tech giants with big fines or even a ban in the 27-nation bloc. Photo:Noah Berger/AP
SHAREN GUERRIER of Haslemere Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas,
that
person who knows any reason why registration/naturalization
not be granted, should
a written and signed statement of the facts within twenty-eight days from the 24th day of November, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
COLLINS NGIGI NJENGA of
Stapledon Gardens, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas,
knows any reason why
should not be granted,
a written
signed statement of the facts within twenty-eight days from the 1st day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

STOCKS RALLY AFTER FED CHAIR SIGNALS SLOWDOWN IN RATE HIKES

WALL Street closed out a solid November with a broad market rally Wednesday after the head of the Federal Reserve said the central bank could soon begin easing up on its aggressive interest rate increases aimed at taming inflation.

Fed Chair Jerome Powell, speaking at the Brookings Institution, reaf firmed that the central bank could begin moderating its

pace of rate hikes as soon as December, when its policy making committee is due to hold its next meeting.

“We have a risk manage ment balance to strike,” Powell said. “And we think that slowing down (on rate hikes) at this point is a good way to balance the risks.”

Stocks roared higher following Powell’s midaft ernoon remarks. The S&P 500 rose 3.1%, snapping a three-day losing streak. The Dow Jones Industrial Aver age gained 2.2% and the Nasdaq composite climbed 4.4%.

The major indexes ended November with their second straight month of gains, though they remain in the red for the year.

Powell’s comments sent Treasury yields sharply lower. The yield on the 10-year Treasury dropped to 3.65% from 3.75% late Tuesday. The yield on the two-year note, which tends to track market expecta tions of future Fed action, fell to 4.34%. It was trading at 4.48% late Tuesday and had been as high as 4.53% shortly before Powell’s speech.

“Perhaps all that the market was looking for today was confirmation that we’re going to have a smaller rate hike in Decem ber,” said Kristina Hooper,

chief global market strate gist at Invesco.

While citing some recent signs that inflation is cool ing, Powell stressed that the Fed will push rates higher than previously expected and keep them there for an extended period to ensure inflation comes down sufficiently.

“History cautions strongly against prema turely loosening policy,” Powell said. “We will stay the course until the job is done.”

The path ahead, though, is far from certain.

“The only thing we know is that a smaller rate hike is likely in December,” Hooper said. “We have really very little in the way of visibility of when the pause is going to be.”

Major indexes have been unsteady all year as the economy and financial mar kets dealt with stubbornly hot inflation and the Fed’s attempt to cool high prices with aggressive interest rate increases.

Wall Street has been hoping that the Fed will slow the scale and pace of its interest rate hikes. It has raised its benchmark interest rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. The goal is to make borrowing more dif ficult and generally slow the economy in order to tame inflation.

Those increases have helped send mortgage rates sharply higher, caus ing home sales to plunge, and it has raised costs for most other consumer and business loans. Many econ omists expect the U.S. will slip into a recession next

year as higher borrow ing costs slow economic activity.

In his remarks Wednes day, Powell said the Fed may increase its key interest rate by a smaller increment at its December meeting, only a half-point, after four straight three-quarter point hikes.

“Cutting rates is not something we want to do soon,” Powell said. “That’s why we’re slowing down.” Investors welcomed the prospect of more modest rate hikes.

More than 95% of the stocks in the benchmark S&P 500 index notched gains Wednesday, with technology companies lead ing the gains. Apple rose 4.9% and Microsoft jumped 6.2%.

All told, the S&P 500 rose 122.48 points to 4,080.11. The index gained 5.4% in November, but remains down about 14% so far this year.

The Dow climbed 737.24 points to close at 34,589.77, while the tech-heavy Nasdaq surged 484.22 points to 11,468.

Small company stocks also rallied. The Rus sell 2000 index rose 50.03 points, or 2.7%, to 1,886.58. Markets in Asia and Europe closed mostly higher. U.S. crude oil prices climbed 3%.

The economy has been slowing, but contains strong pockets that have given markets hope that a reces sion could be avoided. The government on Wednesday said the economy grew at a 2.9% annual rate from July through September, an upgrade from its initial estimate.

NOTICE is hereby given in pursuant to the provisions of Section 218 of The Companies Act, 1992 that Eighty (80%) of the total shareholding of the Members of the abovenamed Company by Resolution passed on the 25th day of November, A.D., 2022 that the Company be wound up voluntarily and that the Liquidator be Jean Hénon of 15 bis,route de la Halte des Gauthiers, 17100 Saintes, France with an address at c/o Clement T. Maynard and Company, G. K. Symonette Building, Shirley Street, P. O. Box N-7525, Nassau, The Bahamas.

ALL persons having claims against the abovenamed Company are requested to submit particulars of such claims and proof thereof in writing to the Liquidator, Jean Hénon, c/o Clement T. Maynard and Company, G. K. Symonette Building, Shirley Street, P. O. Box N-7525, Nassau, The Bahamas no later than the 15th day of December, A.D., 2022.

PAGE 12, Thursday, December 1, 2022 THE TRIBUNE
CHRISTMAS decorations are displayed as traders work on the floor at the New York Stock Ex change in New York, Monday, Nov. 28, 2022. Photo:Seth Wenig/AP NOTICE is hereby given that JULIA TOUSSAINT HERCULE of Carew Street, 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 24th day of November, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE SEAFLEET LIMITED (Voluntary Liquidation)

NOTICE

NOTICE is hereby given that ANDY FRANCKLYN of P.O Box FH 14406 Bernard Road, Fox Hill, 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 24th day of November, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

CABILDO INVEST & TRADE

LTD.

Company No. 157925 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that CABILDO INVEST & TRADE LTD. is in voluntary liquidation. The voluntary liquidation commenced on 25th November 2022 and Frank Buser of Jenatschstrasse 1, 8002 Zurich/Switzerland been appointed as the Sole Liquidator.

DOMO VENTURES FORIGN INVESTMENTS LTD.

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 14th day of November 2022.

AMICORP

NOTICE SEAFARI (BAHAMAS) LIMITED

(Voluntary Liquidation)

NOTICE is hereby given in pursuant to the provisions of Section 218 of The Companies Act, 1992 that Eighty-five (85%) of the total shareholding of the Members of the abovenamed Company by Resolution passed on the 25th day of November, A.D., 2022 that the Company be wound up voluntarily and that the Liquidator be Jean Hénon of 15 bis, route de la Halte des Gauthiers, 17100 Saintes, France with an address at c/o Clement T. Maynard and Company, G. K. Symonette Building, Shirley Street, P. O. Box N-7525, Nassau, The Bahamas.

ALL persons having claims against the abovenamed Company are requested to submit particulars of such claims and proof thereof in writing to the Liquidator, Jean Hénon, c/o Clement T. Maynard and Company, G. K. Symonette Building, Shirley Street, P. O. Box N-7525, Nassau, The Bahamas no later than the 15th day of December, A.D., 2022.

Jean Hénon

Liquidator for the above-named Company

7.005.30

(242)323-2330 (242) 323-2320 www.bisxbahamas.com

CLOSECLOSECHANGE

1.75% MARKET REPORT

6.94 6.950.01 2,0820.2390.17029.12.45% 53.0040.02

39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 2.462.31Bahamas

2.46 2.460.00 0.1400.08017.63.25% 2.852.25Bank of

BOB 2.53 2.570.04 3,9800.0700.000N/M0.00% 6.205.75Bahamas

6.20 6.200.00 1.7600.000N/M0.00% 9.808.78Bahamas

BWL 9.65 9.650.00 0.3690.26026.22.69% 4.342.82Cable Bahamas CAB 3.94 3.950.01 1,500-0.4380.000-9.0 0.00% 10.657.50Commonwealth Brewery CBB 10.25 10.250.00 0.1400.00073.20.00% 3.652.54Commonwealth Bank CBL 3.40 3.490.0923,5000.1840.12019.03.44% 8.547.00Colina Holdings CHL 8.53 8.530.00 0.4490.22019.02.58% 17.5012.00CIBC FirstCaribbean Bank CIB 15.99 15.990.00 0.7220.72022.14.50% 3.251.99Consolidated Water BDRs CWCB 2.86 2.910.05 0.1020.43428.514.91% 11.2810.05Doctor's Hospital DHS 10.49 10.500.01 1,0000.4670.06022.50.57% 11.679.16Emera Incorporated EMAB 9.28 9.550.27 0.6460.32814.83.43% 11.5010.06Famguard FAM 11.22 11.220.00 0.7280.24015.42.14% 18.3014.05Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% 4.003.50Focol FCL 3.98 3.980.00 0.2030.12019.63.02% 11.509.85Finco FIN 11.38 11.380.00 0.9390.20012.11.76% 16.2515.50J.

15.75 15.750.00 0.6310.61025.03.87%

INTEREST

2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 100.0089.02BGRS FX BGR127149 BSBGR127149789.7289.720.00 90.3689.01BGRS FX BGR129249 BSBGR129249389.4289.420.00 99.3098.65BGRS FX BGR141350 BSBGR141250599.3099.300.00 92.6891.69BGRS FX BGR124238 BSBGR124238191.6991.690.00 94.9993.54BGRS

6.25% 30-Sep-2025

6.25% 4.50% 6.25% 4.25%

5.50%

5.55% 6.35% 4.31% 5.55%

5.65% 5.69%

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%

MATURITY 19-Oct-2022 20-Nov-2029 31-Jul-2022 31-Jul-2022

5.06% 5.22% 13-Jul-2038 15-Dec-2037

15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 29-Jul-2022

15-Apr-2049 17-Nov-2050 17-Apr-2033 15-Apr-2049

21-Apr-2050

31-Mar-2022

31-Oct-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022

4.50% 6.25% 5.60% 15-Jul-2049 CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund

15-Jan-2049 15-Oct-2049 31-Mar-2021

31-Jan-2022 31-Jan-2022

THE TRIBUNE Thursday, December 1, 2022, PAGE 13
& TRADED SECURITIES
SYMBOLLAST
S. Johnson JSJ
PREFERENCE SHARES
First Holdings PreferenceBFHP
Cable Bahamas Series 6 CAB6
Cable Bahamas Series 9 CAB9
1.001.00Colina Holdings Class A CHLA 1.00
10.0010.00Fidelity Bank Bahamas Class A FBBA 10.0010.000.00
1.001.00Focol Class B FCLB 1.00 1.000.00131,0000.0000.0000.0006.50% CORPORATE DEBT - (percentage pricing) 52WK HI52WK LOWSECURITY SYMBOLLAST SALECLOSECHANGEVOLUME 100.00100.00Fidelity Bank (Note 22 Series B+)FBB22 100.00100.000.00 100.00100.00Bahamas First Holdings LimitedBFHB 100.00100.000.00 BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92104.79Bahamas Note 6.95 (2029) BAH29 107.31107.310.00 100.00100.00BGS: 2014-12-7Y
FX
FX
MUTUAL FUNDS 52WK HI52WK LOW NAV YTD%12 MTH%
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
WEDNESDAY, 30 NOVEMBER 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2627.2812.630.48399.0417.91 BISX LISTED
52WK HI52WK LOWSECURITY
VOLUMEEPS$DIV$P/E YIELD
AML Foods Limited AML
APD Limited APD
First Holdings Limited BFH
Bahamas
Property Fund BPF
Waste
1.001.00Bahamas
1.00 1.000.00 0.0000.0000.0000.00% 1000.001000.00
1000.001000.000.00 0.0000.0000.0000.00% 1000.001000.00
1000.001000.000.00 0.0000.0000.0000.00%
1.000.00 0.0000.0000.0006.25%
0.0000.0000.0007.00%
BG0107 100.00100.000.00 100.00100.00BGS: 2015-1-7Y BG0207 100.00100.000.00 100.00100.00BGS: 2014-12-30Y BG0130 100.00100.000.00 100.00100.00BGS: 2015-1-30Y BG0230 100.00100.000.00 100.00100.00BGS: 2015-6-7Y BG0307 100.00100.000.00 100.00100.00BGS:
FX BGR120037 BSBGR120037194.9994.990.00 100.5299.96BGRS FL BGRS97033 BSBGRS970336100.19100.190.00 100.0089.62BGRS FX BGR129249 BSBGR129249389.6289.620.00 100.0089.00BGRS FX BGR131249 BSBGR1312499100.00100.000.00 100.9890.24BGRS
BGR132249 BSBGR1322498100.00100.000.00 100.0090.73BGRS
BGR136150 BSBGR1361504100.00100.000.00
2.552.11
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund
NAV Date
31-Oct-2022 31-Oct-2022 Prime +
31-Mar-2021 31-Mar-2021
6.95% 4.50% 31-Mar-2022 31-Oct-2022 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NOTICE is hereby given that ELIZABETH NJERI NGIGI NJENGA of P. O. Box SS-19261, Anson Road, Stapledon Gardens, 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 1st day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
Dated this 29th day of November 2022
Sgd. Frank Buser Voluntary Liquidator

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