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New Ginn bid targets ‘wonder of the world’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A NEW contender to acquire the former Ginn sur mer project is aiming to construct a 28-storey “iconic tower” modelled on Alexandria’s ancient lighthouse as its focal point if the deal proceeds. Plans by Kingwood International Resorts and its principals, which have been seen by Tribune Business, call for the construction of a “a new wonderof-the-world” in Grand Bahama’s West End should they complete the acquisition and secure the necessary government approvals and permits. The tower, to be called The Lighthouse, will stand almost 400 feet high and feature “a five-star luxury hotel” with 102 rooms; 40 two-bedroom condominiums and penthouse suites on the top four floors, according to Kingwood documents. Much, though, remains to be done before such a complex can be constructed. Tribune Business sources familiar with developments at West End, speaking on condition

• US resort developer has project ‘under contract’ • Eyeing 28-storey ‘Alexandria Lighthouse’ tower • Plans promoted at Fort Lauderdale Boat Show of anonymity, said that while Kingwood International Resorts has a signed sales agreement in place, and has paid the deposit customary in all real estate-based transactions, the purchase has yet to close. They added that the developer, which owns two properties in Florida and another two in Georgia, is also working to put the necessary financing in place. And, while Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, did

A SUPREME Court judge is unsure whether she obtained “the whole truth and nothing but the truth” in an unholy battle over the land upon which a 2,500 seat mega Freeport “cathedral” now sits. Senior justice Estelle Gray-Evans, in a mammoth 128-page judgment, concluded that “there are no real winners” in a dispute that featured multiple allegations “of skullduggery, conning, conniving and betrayal” made by prominent clergy

members against their fellow brethren. Acknowledging that the dispute over the site of St John’s Jubilee Cathedral “has dragged on for far too long”, given that legal action was first initiated some 12 years ago, she added that she “simply gave up trying to address” all the irrelevant arguments made by the various parties and their attorneys, and they must “decide for yourselves” whether she did justice to their submissions. The battle, which has its roots in events dating back as far as the 1980s, ensnared both the Grand Bahama

Out Island resorts 10% above Christmas 2019 • Could finish year at 70-75% of pre-COVID volumes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE LIGHTHOUSE CONCEPT - REUNION CAY not respond to this newspaper’s calls and messages yesterday, it is understood the deal has yet to start the approvals process. Some of this is confirmed in a letter sent out to condominium owners at the Old Bahama Bay resort, which would be involved in - and impacted by - a successful Kingwood International Resorts acquisition of the former Ginn project components held now held by Lubert Adler, the Philadelphia-based investment bank that

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Unholy fight fails to ‘uncover the truth’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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FAMILY Island resorts are “expecting” business for the November-December period to be 10 percent above 2019 levels, an industry executive saying: “The needle is moving in the right direction.” Kerry Fountain, the Bahamas Out Islands Promotion Board’s executive director, told Tribune Business that should such projections come true it would ensure its 35 member hotels exceeded room revenue and room nights sold targets for the full-year that were set at the beginning of 2021. The Promotion Board and its members had aimed to reach room revenue and room nights sold levels that were 65 percent of what was achieved in 2019, but

he disclosed that they could collectively achieve 70-75 percent for both indicators if Thanksgiving and Christmas/New Year forecasts prove accurate. “We have the airlift, and are seeing the needle move in the right direction for room revenues and room nights sold,” Mr Fountain told this newspaper. “We cannot eliminate COVID19, but we can mitigate it. “All I know, based on the tea leaves and based on the actual performance for January to October from all members, it now looks like specifically for October to December, on average we’re projecting the numbers to grow even in those two months by another 5-6 percent. “It possibly can go above 70-75 percent in room revenue and room nights sold for 2021 versus 2019. If that

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Minister’s ‘open mind’ over BPL refinancing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said he is “keeping an open mind” on the best method to refinance Bahamas Power & Light (BPL) ahead of “a rapid assessment” that begins today. Alfred Sears, minister of works and public utilities, told Tribune Business that the findings from the “deep dive” that will be conducted by the Deloitte & Touche accounting firm will provide the platform for BPL’s newly-appointed Board to determine the best route for moving the troubled

ALFRED SEARS utility forward while also achieving the Government’s energy policy goals. Indicating that the former government’s proposed $535m rate reduction bond (RRB) financing mechanism is not totally off the

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PAGE 2, Monday, December 6, 2021

THE TRIBUNE

WE OWE GRAND BAHAMA AN APOLOGY FOR NEGLECT T

HE island of Grand Bahama has the potential to play a pivotal role in the social and economic development of The Bahamas. For the past few years, governments have laid out their plans to ensure that Grand Bahama rebounds, yet none has achieved a measurable improvement for the island. Grand Bahamians have endured economic fall-outs because of natural disasters, business closures, large scale lay-offs and numerous failures in its tourism industry. There is no one-stop solution or one entity/company responsible for the island’s current state. The problem with Grand Bahama is complex and, therefore, the solution to reviving the island must be innovative, strategic and requires deliberate leadership. In this segment, we will explore some of the major issues the island faces and what can be done to create a better future for its residents.

Despite all the noticeable things wrong with Grand Bahama, it has always been a planned city. This gives it the ability to host multiple economic opportunities once the right people, policies and infrastructure are in place. But the same things needed to improve Grand Bahama appear to be what stunts its growth.

Grand Bahama is lost I have often heard the phrase “Freeport is dead” being thrown around. In my opinion, this is not the case. Lost implies that direction is needed, while dead implies there is no hope left. I would disagree here. In a recent visit to Freeport, it quickly became a disheartening experience to see the slow economic activity that plagues the island. What was once referred to as the ‘Magic City’ did not seem that way, given the number of abandoned and decrepit buildings. The downtown area, which was once a thriving family spot for commerce during weekends and weekdays, looked like a spotty business centre with only essential services offered. Yet the state of the buildings that offer essential services requires major upgrades.

Failures It is best practice to start with the good before the bad, but understanding the failures of Grand Bahama will allow for a better realisation as to why opportunities for the island are either ever only talked about or take several years to come to fruition. A good starting point is the year 2004. The focus and angle of that year has always been the inability to fully recover from hurricanes Frances and Jeanne, which resulted in the closure of the former Princess Resort and Royal Casino (then called the Royal Oasis). Indeed, it is hard to sell to investors an island that has a history of repeated devastation. Does this mean Grand Bahama is bad for business? In some respects, yes. All investors seek to ensure their shareholders

SIMMS RODERICK A.

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

get a return for their money. Similar to commercial banks, there is no loyalty when business gets bad. But the failures of Grand Bahama are not to be pinned on natural disasters. If that was the case, climate change would be the reason we give up on generating future economic growth. However, unlike the Grand Bahama Port Authority (GPBA) and government entities responsible for the island, climate change policymakers are working diligently to provide world leaders with a road map on how to prepare their citizens for the inevitable. Poor leadership and a lack of commitment have been, and still are, the real reasons why Grand Bahama has not achieved the level of growth needed to spark the island’s revitalisation. This is not to say there have not been any attempts or new opportunities over the past years. Diversifying Grand Bahama’s economy has always been a priority for Bahamian governments, but more on a campaign basis. Grand Bahama requires strategic planning and deliberate efforts that will cut off agreements, obligations and policies that do not contribute to the island’s real growth. We know that Grand Bahama has the potential to be a leading technology hub. We have heard deals come and go, such as the Ginn sur mer and Oban Energies. We often hear about the plans for better healthcare on the island; investing in eco-tourism; welcoming more cruise ships, investing in the rental or second home space; supporting entrepreneurs; building a new airport; and the need for foreign direct investment (FDIs) to help diversify the economy. Underlying all these plans, there is also the need to improve fundamental ‘push factors’ for local and foreign

investments. These push factors are a lower cost of consumables, lower energy and utility prices, and a fair and affordable work-tolabour ratio. This requires the GBPA and government to work together to ensure that utilities are regulated, and that the ease of doing business for Grand Bahama removes as much red tape as possible. Companies such as Buckeye, Pharmachem, Polymers, the Grand Bahama Shipyard, Bahama Rock and the Freeport Container Port are also important. These companies provide employment for residents by the thousands, and they help to put Grand Bahama on the map for potential investments in the industrial fields. The success of these companies proves that Grand Bahama has the potential to expand its industrial sector. Therefore, strong leadership is needed for Grand Bahama. Sitting at the table is not an easy job and, rightfully, investors want to make the best moves to achieve their strategic goals, whether that is to make profitable revenue or enter an untapped market. Striking a balance is important so that investors are happy while ensuring that the Bahamian economy benefits. Having a Plan An important tool that builds confidence among local and international investors, and helps diversify the economy, is a plan. The National Development Plan (NDP) for Grand Bahama is a good starting point that can build on various opportunities. The island’s tourism product, second home market, marina industry, eco-tourism and technology potential are all pillars of revenue. But it does require advances in policy and direction to ensure

Grand Bahamians see longterm benefits. Another great tool that can be leveraged is the Commercial Enterprises Act, which seeks to improve the ease of doing business and attract new and diverse industries to The Bahamas. In more recent years, the Revitalisation and Economic Expansion of Freeport committee (REEF) was formed with the intent to “change the way we think today”, and acts a collaborative link between the GBPA, Freeport’s major businesses and anyone who has an interest in the city’s success. Similar committees are formed for revitalisation projects such as rebuilding Detroit, Michigan. But the key to success for Freeport requires producing measurable outcomes from these types of committees. Measurable outcomes, in some instances, may require national policy/law changes. Meanwhile, the Davis administration has appointed Ginger Moxey as its minister for Grand Bahama. A former vice-president at the GBPA, she has stated the Government does have a plan to revitalise the nation’s second-largest city. While such statements have been made before by previous governments, there is no time left for Grand Bahamians to live in the past. Mrs Moxey appears to be confident and passionate about Grand Bahama, which is exactly what the island needs in a leader. Under the former Minnis administration, plans were underway for a new hospital, airport and the full re-opening of the Grand Lucayan. These are still important commitments that the current government should consider fulfilling. In addition to ensuring that previous commitments are fulfilled, the Davis’ administration’s plan for Grand Bahama should also consider

what it will take to keep the economy thriving in the long-term. Conclusion For years we have played the ‘blame game’ over Grand Bahama. Multiple governments, organisations and companies are being held responsible for the island’s failure. But what stands out the most from Grand Bahama’s series of bad events is poor leadership. It appears that government has focused its attention on ensuring that one engine of revenue is secured before thinking of economic sustainability for Grand Bahama and other Family Islands. But what happens if it were New Providence that was hit by a Category 4 or 5 hurricane? What if it were Baha Mar, Atlantis or Sandals that could not reopen or recover from their losses because investors pulled out? What if the airport was never repaired? Where would we ask our tourists to visit? Would we send them to one of the three hotels with limited room capacity on Grand Bahama? Through this lens, maybe we would not only worry about food shortages on one island, as perhaps it would force us to invest in a sustainable way to feed ourselves as a country. These are ideas that would allow us to use technology and to invest in Grand Bahama. We should have picked up the island’s broken pieces after Hurricane Frances. We should have allowed more business opportunities to come into fruition to help diversify the economy, and we should have listened to the public’s cry for changes in regulations/policies for better business practices. It is 2021, and we owe Grand Bahamians an apology.

ISLAND HOUSE ADDS MICHELIN CHEF FOR RESTAURANT RELAUNCH By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Island House resort has brought in a Michelin star chef to kick off the reopening of its Mahogany House restaurant under a different name. Giogio Loctatelli will be the new head chef at Mogano. Lauren Holowesko-Perez, the Island House’s director, said: “We pride ourselves on continuing to innovate and improve while we elevate the space and partner with a Michelin star chef, all the while maintaining our ethos throughout the transition. “What I love most is the synergy between two small, family-owned and operated businesses, which really creates a wonderful partnership where we rely on quality, attention to detail, and the comfort of the familiar through personalised experiences. “We are excited to collaborate and to continue to grow and improve the quality of our offering, and the community, and stand by our vision to bring world-class facilities and experiences to our community and guests.”

Chef Locatelli operated the Zafferano restaurant in London from 1995 to 2005. He opened his second restaurant in London, Locanda Locatelli, in 2002, and has now arrived in The Bahamas for his first restaurant in the Western Hemisphere. “Obviously we have come down with a certain amount of people in order to implement the training,” said Chef Locatelli said: “But our aim is to really allow the boys and the girls here to really grow and, in the near future, to themselves be able to run the restaurant, obviously, with our recipes, and with our suggestion and selection of the ingredients.” Sourcing ingredients is a work-in-progress, said Chef Mr Locatelli, as he seeks to partner with local producers to obtain fresh quality produce for the restaurant every day. “It’s not that easy to make Italian food. There will be some alignment as well, with the producer and the farmers and the fishermen that we’ve got here,” he added. “At the moment we’re holding up a little bit as well when it comes to producers and farmers, and things like that. For us it’s very important to have a standard

that goes across, and not just last one week. The “consistency” of ingredients is what Chef Locatelli is trying to achieve when partnering with local producers. “This is what we are trying to understand now; how much we can keep produce on the menu and for how long. So this is going to be an alignment job and it’s going to take few months, but I’m sure we’re going to get to that,” he explained. Ms Holowesko-Perez added: “I think it’s supply and demand. I mean, it’s really as much as the local community can provide in terms of greens. It’s hard because the growing season is very short, so as much as they can sustain a restaurant of our size. “But we try to buy as much as possible, especially greens, tomatoes, especially on the vegetable side, and then fish, oddly enough, even though we live in The Bahamas, to keep a consistent supply chain is difficult. “So we do tend to have more seasonal fish snapper and grouper when it comes to the season. So we’ll really emphasise those elements in conjunction with supply from more Italian producers.”

THE TRIBUNE

Monday, December 6, 2021, PAGE 3

RETAILER’S $10M SPEND CREATES UP TO 70 JOBS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN retailer yesterday said its $10m eastern New Providence investment, which has created 60-70 jobs, attracted more consumer traffic than expected during Saturday’s opening. Don Davis, Quality Home Centre’s general manager, joked to Tribune Business that he can now “relax and take a vacation” after supervising the department store’s expansion through a trying two-year period that included both the COVID-19 pandemic and Hurricane Dorian. Affirming that the second location, situated on Prince Charles Drive immediately east of the former Robin Hood store, had been planned from 2019, he added that many customers who attended the weekend’s opening voiced relief that they no longer have to trek to the Mall at Marathon or further west to obtain housewares, furnishings and fixtures. “It was a little better than I expected,” Mr Davis told this newspaper of the consumer response to the 83,000 square foot store’s opening. “We had a continuous flow of traffic. A lot of people came in to do shopping pre-Christmas. We had

20 percent off store-wide, getting people to come in. “A lot of people from the east were happy we are out there. They came in and said: ‘We’re happy you guys are out there because we had to travel all the way to Carmichael Road before.” He confirmed that Quality Home Centre’s second location has created 60-70 jobs much-needed jobs as the economy continues to struggle with the postCOVID recovery. “It’s a little over $10m the total investment,” Mr Davis said, adding: “Now I can relax and take a vacation because I’ve been managing this project myself.” Besides moving Quality Home Centre closer to the large population and consumer base in eastern New Providence, the Prince Charles Drive location also enables it to diversify and expand its revenue and profit streams. Voicing optimism that Prince Charles Drive’s performance will soon match that of its inaugural store, located at the junctions of Blue Hill Road and Carmichael Road next door to the Southwest Plaza, he added: “There are a lot of people out east who don’t like fighting the traffic to go to the Mall, so I’m expecting equal [performance]; about the same.” Mr Davis also affirmed that Quality Home Centre

is focused on bedding in its new store, and has no further expansion ambitions at present. “I’ll stick with those two for right now,” he said. “There’s none in the works.” The pre-Christmas opening also fulfills Mr Davis’ ambition, as stated in a previous interview with this newspaper, to open at Prince Charles before the 2021 holiday season. It only narrowly missed the Black Friday and Thanksgiving shopping period. The section of Prince Charles where it is located is becoming a major commercial destination, with a Go Postal site also having just been constructed across the road. The second outlet will provide increased competition for Kelly’s Home Centre at the Mall at Marathon, as the Prince Charles Drive site gives Quality Home Centre a proximity advantage to consumers in areas such as Winton, Yamacraw and Nassau East. The first Quality Home Centre involved a $9m investment when it opened a decade ago just before Thanksgiving 2011. The inaugural 50,000 square foot outlet sought to provide such a wide range of products that Bahamians would no longer have to travel to the US to shop.

Around 80 staff were hired initially for the first store, with its principals Mr Davis and his brother, Trevor - then harbouring ambitions to stock up to 40,000 products. The product mix included a toys department; Christmas decorations; clothing for adults and children; hardware and paints; and mirrors, lamps, tables and fixtures; plus barbecues, fridges and couches. Before the Quality Home Centre,

they had already launched the 8,000 square foot Q Club on Mackey Street. Tribune Business was initially informed that Quality Home Centre was acquiring or leasing the neighbouring site that hosts the former Robin Hood store, but this ultimately proved not to be the case. Leigh Rodney, the Compass Point owner, who holds a mortgage on that site as security for loans he previously advanced to

Sandy Schaefer, the Robin Hood owner who has since departed The Bahamas, revealed that while Quality Home Centre and its principals had looked at his property the two sides were unable to reach a deal. “They looked at the building, said the price was too high and ended up building a property right next door behind the church,” Mr Rodney disclosed. “They

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ISLAND HOUSE SAYS FULLY BOOKED TO END-JANUARY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Island House is fully booked for the Christmas season and into the New Year as it moves to reopen its Mahogany House restaurant together with a new cocktail bar. Lauren HoloweskoPerez, general manager of the Island House, said the resort is at 100 percent occupancy and trending to remain that way until the end of January. She said: “It’s been a really long two years, trying to pivot and adapt to now recover from the effects of the pandemic. I know everyone’s been through

it, and the toll it’s taken on the tourism industry. Specifically, in this case on our team, we have overcome numerous obstacles to bring together this team.” Along with the re-opening of the renamed Mahogany House restaurant (see article on Page 2B), the property is also unveiling a cocktail bar called the Yellow Bill that opened three weeks prior to the restaurant re-opening. Ms Holowesko-Perez said: “It gives a little bit of a nightlife to the property that was missing before. So, now from three until midnight, we have a really fun bar menu. You can sit and have more of a tapasstyle experience, sharing dish experience, with really

elegant craft cocktails, and then obviously live music throughout the week.” All staff have returned to work, with the Island House boasting 120-plus employees and the restaurant some 55 Bahamian staff, not including expatriates. Ms Holowesko-Perez said: “I think there’s a comfort and familiarity to Mahogany House. It’s kind of a nice environment for families, and it’s still an approachable price point, which I think is really key. “I think that’s one of the key metrics we want to get across, but we kind of pride ourselves on the fact that it’s approachable for everybody.”

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NEW US COVID TESTING CREATES ‘ADDED WRINKLE’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE US has created “an added wrinkle” to alreadycumbersome COVID travel protocols with the measure that all returning citizens be tested within the 24 hours before their flight departs. The Biden administration’s decision to narrow the testing window from 72 hours to 24 kicks-in this week. Bahamian hotels say they are up to the challenge of complying with this requirement, and are thankful that the US did not make PCR-tests mandatory as this would “ruin” tourism for the Christmas and New Year period. Matthew Brear, general manager of Cape Santa Maria on Long Island, told Tribune Business: “It’s an added wrinkle. But, I mean,

THE TRIBUNE we’ve had to be pretty reactive for the last 18 months, and we’ve managed to make it work. So it’s just that the one consistent thing about these protocols and rules is that they keep changing, so we just have to keep changing with them. “On Long Island, we’ve got a great, great team at the clinic that have been very accommodating. They will come to the resort and do tests, and they have been very accommodating to our guests. We just have to deal with it; we just don’t have any control over these things.” The COVID-19 testing capacity has improved significantly on Long Island in the last several months. Bonaventure Labs is operating on the island to providing testing services along with the clinics at Deadman’s Cay and Simms. “With Bonaventure labs just opening up in November here on Long Island, they’ve been able to accommodate the RT-PCR requirements, and then we have great nursing staff and medical staff at the two local clinics with Simms and Deadman’s Cay,” Mr Brear said. “They have been readily available. If they needed to come in and do emergency

tests at all hours first thing in the morning and in the evening, or right before we’re at the airport, I mean, they’ve been amazing.” Ned Mulford, owner of Cat Island’s Pigeon Cay Club, added: “If it’s a rapid [antigen] test, it won’t be a big deal. If Biden does the PCR, then it would be another issue. He can’t do that anyway because he won’t get the PCR tests back in time.” RT-PCR tests can take up to four days before people receive their results, but it is seen as the “gold standard” COVID-19 test in terms of results accuracy. Mr Mulford added: “I don’t believe it’s that. I believe it’s going to be the rapid antigen test. Biden didn’t seem clear about that. The RT-PCR would ruin us, but if it was rapid antigen it’s not going to have any effect.” Medical facilities on Cat Island are sufficiently adequate to turn rapid antigen test results around in 24 hours, providing enough time for travellers to meet the US entry requirements. Fears of the new Omicron COVID-19 variant have prompted The Bahamas and other countries such as the US to impose travel bans on several countries in Africa.

RBC NAMED TOP PRIVATE BANK IN THE BAHAMAS ROYAL Bank of Canada (RBC) says it has been named Best Private Bank in both The Bahamas and wider Caribbean for the second consecutive year by Global Finance Magazine. “This win exemplifies the power of a collaborative, innovative and client-focused approach to delivering differentiated solutions that go beyond traditional banking for our private banking

clientele,” said Dwight Burrows, RBC’s regional vice-president, private banking, Caribbean. “Our private banking team strives to leverage the skills and expertise that come from being part of one of the world’s largest and strongest financial institutions. It also demonstrates our resilience and success emerging from the global pandemic. I want to congratulate all of our

private banking employees on this achievement while extending my sincerest thanks to all clients who put their trust in RBC.” Global Finance regularly selects the top performers among banks and other financial services providers. Its editorial review board selected this year’s winners based on input from industry analysts, corporate executives and technology specialists.

MINISTER’S ‘OPEN MIND’ OVER BPL REFINANCING

business and household customers, via an additional charge added to their bill that would be used to pay interest on the bonds to investors who purchased them, “cannot be justified”. However, cash-strapped BPL’s debt and operational woes are not going anywhere, and no alternative to the RRB has been announced by the Government for a financing mechanism that was viewed as the preferred option by both the last Christie administration and its Minnis successor. The Rate Reduction Bond Act 2015, which provided the legislative platform to facilitate the $535m refinancing, was passed by Parliament when Mr Davis was then-deputy prime minister and minister of works, with responsibility for BPL. Abandoning the bond now would waste years of work, and several sources have suggested the RRB will likely still proceed but be delayed until next year - and possibly restructured - in the hope better interest rates, and therefore lower costs for BPL consumers, can be obtained. And, if the bond does not proceed, the Government will be unable to pay out the $246m loan that the former administration transferred from BPL’s balance sheet to its own - a transaction that Mr Davis complained about as recently as last week. Mr Sears yesterday said he was grateful that the former BPL Board, headed by Dr Donovan Moxey, had provided transition notes to its successor. “We have interrogated them on some of the issues,” he added. Referring to the RRB, the minister said: “Clearly, it was being explored by the former Board and in June that had a proposal for the RRB before Cabinet, but that was not approved. I’m still trying to clarify what the rationale was. “There was also a proposal to amend certain legislation. I think, as a condition to satisfy the lenders with respect to the way the RRB was structured, I think it would have required BEC to transfer certain assets to BPL and have them encumbered for the loans. That is as I understood it.”

FROM PAGE ONE table as an option, he added that he was still “trying to clarify what the rationale was” for the former Minnis administration’s decision not to proceed when it came before Cabinet in the summer. And Mr Sears said he understood that the planned changes to the Rate Reduction Bond Act, which according to the former Board were essential to the bond issue proceeding, involved transferring property assets held in the name

of BPL’s parent, the Bahamas Electricity Corporation (BEC), to the former to give investors extra security and comfort. Those reforms, too, were never passed or brought to Parliament under the former administration. However, Mr Sears told this newspaper: “The Board was constituted, and Deloitte will be going in tomorrow morning [today]. That is to start the process. Tomorrow will be their first day. “It is a rapid assessment within 30 days. Once we see what their assessment is, a determination will be made as to whether there will be a need to zero in on any specific matter. We’re just asking them to do a deep dive. We have a new Board and it’s important to know precisely what the situation is. “There are urgent matters. We have a legacy debt, we have a business strategy that is needing to pivot to more renewables. There are decisions the Board has to make very quickly, and the assessment is to facilitate that and, from a policy standpoint, give us the data that can assist us with that.” Mr Sears said the Deloitte & Touche review will include the RRB issue, BPL’s fuel hedging strategies and “there is some operational stuff they are supposed to look at”. However, he added that he is “keeping an open mind” on the best financing mechanism for recapitalising BPL, as well as providing funds to upgrade its aged transmission and distribution network. BPL’s fuel hedging strategy was put into place under the former Minnis administration and is due to end in June 2022 unless renewed. And Mr Sears’ comments further indicate that the $535m bond refinancing mechanism is not “dead in the water” as seemingly signalled by the Prime Minister last month. Philip Davis said the 20 percent increase in electricity costs that would have been imposed on BPL’s

THE TRIBUNE

Monday, December 6, 2021, PAGE 5

SMALL BUT MIGHTY By CHRIS ILLING

hese are very small parts, sometimes no larger than a grain of rice, that are causing such great turbulence in the world economy. Semiconductors, or chips, can be found in almost every device today - in hairdryers as well as in washing machines, in game consoles, cell phones, wind turbines and in cars. Everything is electronic, and with it come the many small circuits on silicon chips. An electric car, for example, needs significantly more semi-conductors than conventional vehicles, and today you cannot even open the car window without electronics. The average electric vehicle has about 2,000 chips, roughly twice as much as a non-electric one. But semi-conductors are suddenly in short supply. The great chip crisis has become a major threat to the global economy. The economic upswing after the pandemic could be impaired, or even stalled, by the bottlenecks in the supply chain. Many economies are counting urgently on a recovery after the sharp decline in the pandemic. Many car manufacturers have already had to interrupt their production, the production lines have come to a standstill, and thousands of employees have nothing to do or were sent home. BMW (BMW.GE) has just warned that the situation is becoming more and more tense. The big German manufacturers will not produce many hundreds of thousands of vehicles that are in high demand presently. The former GM (General Motors) company, Opel, even fears that it will not be able to produce 1.4m cars this year because the important components are missing. In August, Ford Motor Company (F.US) told customers that a lack of chips would put off delivery of its flagship EV, the Mustang Mach-E, for several

weeks, and General Motors Company (GM.US) temporarily shut the Detroit factory where it makes the Bolt EV. In August, Rivian Automotive (RIVN.US), the electric truck-maker, cited semi-conductors as the reason for a delay, and its output remains very slow. But who is to blame for the low output that threatens everyone? On the one hand, the trend towards digitizsation grew significantly during the pandemic and, for this, more chips of all kinds are needed everywhere. But at the outset of the pandemic, automobile manufacturers all over the world anticipated a fall in demand. So these companies decided to order fewer semi-conductor chips to cut their inventory expenses when production was shut down. At the same time, however, the large semiconductor companies worldwide have production problems. The supply chain is still interrupted by shipping delays, and workers were locked down due to a sharp rise in infections. And a semi-conductor factory, with its expensive machines and extremely hygienic rooms which are cleaner than any operating room, cannot be built overnight. It takes a few years and

requires billions of dollars to be invested. There is no rapid improvement in sight. The situation could possibly worsen because a decrease in demand is not to be expected for the time being. Taiwan is one of the world’s largest chip suppliers, and new problems could arise in the medium term if the country becomes politically unstable - for example, if China tries to expand its influence. For too long the industry has relied on something to be replenished. The dependence on Asia (China and Taiwan) for this key technology has grown steadily, which is fatal in times of trade disputes. Today, only around 10 percent of all semi-conductors worldwide are manufactured in Europe, but the European economy needs much more. Today, there is only one European company among the ten largest chip producers in the world: Infineon from Munich. Only 12 percent of chips sold worldwide were made in the US in 2019, down from 37 percent in 1990. For decades, that was not seen as a problem. Now politicians have discovered the subject. The European Union (EU) Commission wants to

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CHIPS IN CARS promote chip production in Europe, which has been neglected for many years, and is promoting the establishment of new factories. But that is not enough. In the US, the Creating Helpful Incentives to Produce Semi-conductors (CHIPS)

for America Act, or CHIPS for America Act in short, was passed by the Senate in June as part of a bigger bill but has not received a vote in the House of Representatives. A $52bn bill that would encourage domestic semi-conductor production

and research. Everyone has to feel responsible for the microelectronics industry: governments, universities, companies. They all have to take care of training, research and development. The small chips are the future.

PAGE 6, Monday, December 6, 2021

THE TRIBUNE

NEW GINN BID TARGETS ‘WONDER OF THE WORLD’ FROM PAGE ONE

was its financing partner and provided West End’s seed capital. Confirming that Kingswood has Lubert Adler’s West End assets “under contract”, and is hoping to complete the purchase in “the first part of 2022” once its due diligence is satisfactorily completed, representatives of the condo owners referred to two meetings with the potential buyer and its executives. “On June 17, members of the IVRC board met with representatives of Kingwood International Resorts and their principal, Farbod ‘Fred’ Zohouri, at Kingwood’s recently acquired Reunion Resort in the Orlando/Kissimmee area,” the update said. “Kingwood and LRAOBB (Lubert-Adler-Old Bahama Bay) advised that Kingwood had the Lubert Adler West End property under contract, and were in the process of their due diligence review of the site. “Recall that LRA-OBB owns the common areas around the Old Bahama Bay condominiums, the pool, beach, marina, shops, restaurants undeveloped golf course, and much of the

property previously owned by the Ginn company,” it continued. “Kingwood has plans for a large casino, resort hotel, mega yacht marina, golf course and for-sale residential products on the Lubert Adler property. The name of their planned resort is Reunion Cay...... Due diligence review by Kingwood is still underway and their stated goal is to have a closing with Lubert Adler the first part of 2022.” A link to Reunion Cay is posted on Kingwood International Resorts website. Tribune Business has also seen photographs, published in the newspaper today, of the Reunion Cay booth at the recent Fort Lauderdale International Boat Show that was used to promote the deal and the developer’s plans for West End. IVRC stands for Island Ventures Resort and Club (IVRC), the entity formed by Old Bahama Bay’s 73 condo owners to keep the Grand Bahama resort open following Ginn’s 2011 default. It has been operating Old Bahama Bay’s marina, retail and restaurant facilities, and other amenities, under the terms of a

June 2012 lease with Lubert Adler. Providing further details on the June 17 meeting, the IVRC letter said: “They advised that the condos at Old Bahama Bay play a significant role in their plans, since they will need places for their team to stay during development and rooms for those looking at purchasing property at Reunion Cay. “Further, Kingwood stated that they would like to assume management of IVRC and the Old Bahama Bay condos, and integrate them into their resort product since Old Bahama Bay could function as a more secluded opportunity for guests to enjoy while still having access to the Reunion Cay amenities. “Kingwood did outline what we already know as owners; the condos and surrounding property need upgrading and refurbishing to make them more desirable,” IVRC continued, although it was cautious on Kingwood’s management proposal. “The IVRC board representatives outlined that the co-operative effort has merit, but the details on how any upgrades/refurbishing, operations and longevity

of the arrangement, among other issues, would need to be properly vetted to ensure that the condo owners are treated fairly and protected as development of Reunion Cay goes forward.” Another meeting with Kingwood was held in October, this time involving just one IVRC director, John MacDonald, and the developer’s “Mr Carll”. The latter “presented the Reunion Cay website, the trade show booth for the upcoming Fort Lauderdale trade show, renderings and concept plans”. “Mr Macdonald reported the meeting was very positive and upbeat, and hopes everything works out as planned as it will be good for all,” the newsletter concluded. Among the documents disclosed are renderings for The Lighthouse, Kingwood’s replica of the Lighthouse of Alexandria that was destroyed many centuries ago by a succession of earthquakes between 956 and 1323 AD. Some observers might question whether such a 28-storey structure is appropriate for West End, and a country facing increasingly frequent and powerful hurricanes, but Kingwood documents said: “On Reunion Cay we have the opportunity to build a new wonder-of-the-world with the Lighthouse; an iconic tower that will be the focus and unique attraction of the development. “Its image will resonate globally. The Lighthouse is the terminus of a grand axis at the heart of the resort,

from the beach through the hotels of the resort core, the retail boulevard and out across the inner harbour. It sits on the harbour edge as the focal point to this grand, ambitious development.” The Ginn sur mer project, and West End in general, have been at a standstill for more than a decade since the original developer, Bobby Ginn and his Ginn Clubs & Resorts, defaulted on their project financing in 2011 in the wake of the 2008-2009 recession. Efforts to find a new developer have resulted in several misses. Skyline Investments, a Toronto-based real estate investor/developer listed on the Israeli stock exchange, with $500m in assets and a focus on hotel and resort development, broke cover to unveil its plans for the 2,012acre property in the early years of the Minnis administration although no deal ever ultimately materialised. Tribune Business sources previously suggested that resolving West End’s fate has the added complication of dealing with two vendors. What would have been the core project is owned by Lubert-Adler, which holds 280 acres that were earmarked as the site for the hotels and casino. Its landholdings also include key amenities such as the airport, marina and utilities. Lubert-Adler also controls the Old Bahama Bay Resort, the golf course, the existing marina, commercial facilities such as the restaurants and retail, and associated operational facilities. It previously engaged Crave Group to masterplan its holdings and chart the way forward. Kingwood acquired Ginn’s former Reunion property in

Orlando from Lubert Adler, which has given the latter confidence it may be able to take West End off its hands, too. But a Credit Suisse-led lending syndicate took possession of the remaining 1,476 acres at the former Ginn sur mer project after Ginn Development Company defaulted on its $276m loan. It effectively inherited the real estate component of the Ginn project, and hired Replay Resorts to master plan that property. Lubert Adler and Credit Suisse have, though, worked together in the belief this is the best way to maximise their exit price - and potential recovery - by selling the former Ginn sur mer as one. It is unclear, though, if Kingwood will acquire both pieces. Hundreds of millions of dollars were invested in developing West End’s infrastructure prior to Ginn’s collapse, so any purchaser will inherit a foundation on which to build. Tribune Business understood this amounted to $200m in infrastructure spend, but was told yesterday by a source familiar with the project that the actual spend was closer to $523m. They added that the former Ginn project’s core, featuring amenities such as the casino and marina, has to be developed all at once rather than in phases - something that will cost at least $200m-plus. And they suggested that “the money in that project” is to be made from the marina, which has the ability - at full build-out - to host up to 35 350-400 foot mega yachts at any one time.

THE TRIBUNE

UNHOLY FIGHT FAILS TO ‘UNCOVER THE TRUTH’

FROM PAGE ONE

Port Authority (GBPA) and two of its subsidiaries that are Freeport’s largest landowners. Other defendants included a BISX-listed bank and Bishop Godfrey R. Williams, “leader” of the cathedral, as well as his company, Godfrey R. Williams Ministries. Among those featuring in the ruling, although not as defendants, are the late Edward St George, the GBPA’s then-co-chairman, and Bishop Neil Ellis and his Full Baptist group. And the law firm that handled the conveyances at the root of the dispute was Christie, Davis & Co, now just Davis & Co, the law firm of the current - as well as a former - Bahamian prime minister. Senior Justice GrayEvans, whose November 16 ruling ultimately dismissed every claim made by the plaintiff, the Incorporated Trustees of the St John’s Particular Church of Native Baptists, against all defendants, indicated that she had been severely vexed by the sheer volume of evidence, arguments and submissions presented before her. “This is another unfortunate case involving land disputes and churches,” she wrote. “This has not been an easy case. Not so much because of the difficulty of the issues to be decided, although they were difficult, nor because of the law and authorities cited, although they were many. “But rather because, firstly, it is a matter dealing with deacons and bishops, and pastors and general superintendents and trustees, of churches where allegations of skullduggery, conning, conniving, betrayal

and such were words used to describe witnesses and/ or their actions in a matter that has dragged on for far too long where, in my judgment, at the end of the day, regardless of this or any other court’s decision, there are no real winners.” And, while the Incorporated Trustees were accused by the defendants of “mischaracterising the facts” of the case, senior justice Gray-Evans said a review of the evidence suggested they were far from the only party guilty of this. “While I readily admit that I do not believe that the evidence adduced at trial discloses ‘the whole truth and nothing but the truth’, I have come to a decision in this matter,” she wrote. “I simply gave up trying to address every point that was raised either by witnesses or counsel which I determined were not, in my judgment, sufficiently material to the issues that had to be determined.” The 12-year legal battle has its roots in events dating back to 1987-1988. This was when the GBPA was asked to donate land upon which a new church would be constructed, as the then 500seat St John’s Native Baptist Church in Coral Road was becoming too small to handle an expanding congregation. The Grand Bahama Development Company (DeVCO) responded on November 1, 1998, in a letter to then-Rev Williams agreeing to donate the 4.38acre that now houses the cathedral for “your church”. No conveyance transferring title to the land was to be concluded until the new church was either completed

or a mortgage needed to be secured upon it. Bank of The Bahamas, in 1997, agreed to provide $1.05m mortgage financing to fund the construction. This was secured by a lien over the property, as well as a $500,000 fixed deposit that was assigned to the bank. Wallace Allen, an attorney with the thenChristie, Davis & Company, informed the GBPA that it represented the bank and that title was to be taken by the Incorporated Trustees. The conveyance handled by Christie, Davis & Co thus transferred the 4.38 acres to the Incorporated Trustees from Freeport Commercial & Industrial Ltd, the GBPA subsidiary that is one of Freeport’s largest landowners, on February 10, 1998. However, more than three years later, DeVCO discovered that conveyance was defective because Freeport Commercial & Industrial did not own that land. To cure the problem, DeVCO - which is Board and management-controlled by Hutchison Whampoa - began preparing a new conveyance upon this discovery in July 2001. The second conveyance was sent to Christie, Davis & Co for it to check and the pass on to “St John’s” for its execution and signing. However, this did not happen and the second conveyance was never returned to DeVCO, meaning that the perfected transfer to the Incorporated Trustees never happened. In the meantime, Bishop Williams had created his own company, Godfrey Williams Ministries, on December 11, 2002. And, just one day later at his request, DeVCO conveyed

NOTICE

that he wrote twice to Albert Gray, the GBPA’s then-vice-president, in 1987 and 1988 requesting a donation of land for the new church. He added that it was made clear that Bishop Williams was only acting on behalf of the Trustees. However, the date on which the 1987 letter was written was challenged, with attorneys for the defendants suggesting it did not seek a land donation from the GBPA. And, when challenged that he had failed to copy Bishop Williams on his letters to Mr Gray, even though the latter had done so for him, Bishop Symonette replied: “He had to copy me. I’s the Bishop. I didn’t have to copy him. He had to copy me. I’s the chief.” And, when asked why he took two years to make inquiries of the GBPA after finding the conveyance to Bishop Williams’ company, Bishop Symonette replied: “Wait on the Lord.” Mr Gray, whose evidence the judge appeared to lean on heavily, testified that Mr St George held Bishop Williams “in high regard and was very fond of him”, with the former Freeport Power Company employee providing “spiritual guidance” to the late GBPA co-chair. He added that it was Bishop Williams who had approached the GBPA and its affiliates in the late 1980s to seek a land donation “in anticipation of breaking away” from the Incorporated Trustees and becoming affiliated with Bishop Neil Ellis and his church. “According to Mr Gray, at no time was he contacted by the plaintiff or any person on the plaintiff’s behalf regarding a donation of the property,” senior justice Gray-Evans wrote, noting that the ex-GBPA executive said he had never seen

NOTICE

EDDIE-JO MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows:

the 4.38-acre tract to that company. Not only did this render the first conveyance “null and void”, but the land was transferred to Bishop Williams and his company - not the Incorporated Trustees. Bank of The Bahamas, in 2003, lent funds to Godfrey Williams Ministries that were secured via a mortgage over the cathedral property. These were subsequently paid off, and the third conveyance and mortgage were recorded at the Registry of Records on December 9, 2003. The Incorporated Trustees, alleging that it had never been informed of the first conveyance’s defects or any subsequent events, including the land ownership transfer to Bishop Williams’ company, said it only found out what had happened when it searched the Registry and uncovered the third conveyance. Ultimately raising holy hell over the situation, the Incorporated Trustees finally initiated legal action against Freeport Commercial & Industrial and DeVCO on September 8, 2009, alleging negligent misrepresentation. DeVCO subsequently served notice of a third party claim against Bishop Williams’ company over the instructions to convey the land to it. The Incorporated Trustees then alleged breach of fiduciary duty against Bishop Williams, asserting that he held the property for them as a “constructive trustee”. Damages were also sought, but the defendants denied all claims against them. Rev Dr Michael Symonette, the Trustees’ chairman and superintendent, alleged

Monday, December 6, 2021, PAGE 7

NOTICE

BIG PINE TREE LIMITED N O T I C E IS HEREBY GIVEN as follows:

the purported letters from Bishop Symonette until the trial came up for hearing. “Mr Gray said he was aware that the fourth defendant [Bishop Williams] had first approached Edward St George on a personal basis with a request for land; that Mr St George made it clear to him that the land so identified was meant for the fourth defendant personally, and that the title was to be taken in the name of the fourth defendant or whatever entity he chose to take title. “Mr Gray’s evidence is that the reason the letter of offer was addressed to the fourth defendant at St John’s Church was ‘probably because the second defendant [DeVCO] could only make offers to entities licensed by the Port Authority, and at the time the third defendant was not yet incorporated’.” Finding that DeVCO never intended to grant the 4.38 acres to the Incorporated Trustees, the judge also ruled that the Incorporated Trustees’ claims against the GBPA subsidiaries were statute-barred under the Limitation Act as they should have been brought in 2004 and 2003, some five to six years before legal action was initiated. Having dismissed the claims in any event, she also declined to find that “Christie, Davis & Co’s knowledge about the error with the first conveyance, and the circumstances relating to the second and third conveyances, ought to be imputed to the plaintiff [the Trustees] on the basis that that firm was the plaintiff’s attorney”. It was unclear whether the law firm was representing Bank of The Bahamas, the Incorporated Trustees or both.

CADILLAC LIMITED N O T I C E IS HEREBY GIVEN as follows:

(a)

EDDIE-JO MANAGEMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) BIG PINE TREE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) CADILLAC LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas.

Dated this 6th day of December, A. D. 2021 ________________________________

Bukit Merah Limited Liquidator

CST Administration (Bahamas) Limited Liquidator

NOTICE

RIJUVE HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows:

WHITEHART LIMITED N O T I C E IS HEREBY GIVEN as follows:

NOTICE

LION GATE HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows:

(a) REJUVE HOLDINGS LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

WHITEHART LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

LION GATE HOLDINGS LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 6th day of December, A. D. 2021 ________________________________

Bukit Merah Limited Liquidator

NOTICE

AMAKEN INTERNATIONAL LIMITED N O T I C E IS HEREBY GIVEN as follows:

NOTICE

SHINE RAISE LIMITED N O T I C E IS HEREBY GIVEN as follows:

SADA GLOBAL LIMITED N O T I C E IS HEREBY GIVEN as follows:

(a) AMAKEN INTERNATIONAL LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

SHINE RAISE LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

SADA GLOBAL LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 2nd December, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 6th day of December, A. D. 2021 ________________________________

Dated this 6th day of December, A. D. 2021 ________________________________

Bukit Merah Limited Liquidator

PAGE 8, Monday, December 6, 2021

OUT ISLAND RESORTS 10% ABOVE CHRISTMAS 2019 FROM PAGE ONE is the case, then a lot of the staff members that are furloughed will be brought back to work.” Mr Fountain explained that he has already received indications that furloughed Out Island resort workers are being recalled after the Promotion Board’s member properties inquired whether these persons can

be included in its COVID19 vaccination incentives. “Right now, we know we did 65 percent for January through October,” he reiterated of average room nights sold and room revenues compared to 2019. “If you look at the November to December period, we’re expecting an additional 10 percent growth, which means that will bring us up to 70-75 percent of what

we did for the full year in 2019.” Mr Fountain, though, said he “must also temper” such optimism due to the tightened US border entry protocols designed to cope with COVID-19’s new Omicron variant. The Biden administration has narrowed the window in which returning US citizens, who make up 90 percent of The Bahamas’ tourists, must

obtain a negative COVID test from within 72 hours to 24 hours before departure. “There has been a lull in new reservations because of uncertainty over Biden’s announcement,” the Out Island Promotion Board’s executive director said. “Folks are waiting: It is a rapid antigen test, which we believe it will be, or a PCR test.”

THE TRIBUNE Mr Fountain said the Promotion Board’s data was based on room night and revenue data provided by around 60 percent of its member hotels at the end of every month. He added that, despite September and October being traditionally slow months, the sector was “exactly on target” for the January-October period with projections that both indicators will be 65 percent of 2019 levels. And some islands fared even better. While properties in Abaco would have seen no business in September and October 2019 due to Hurricane Dorian-related devastation, thus skewing the comparisons somewhat, Mr Fountain said Promotion Board member properties were 176 percent and 184 percent ahead, respectively, on room nights sold and revenue compared to that year. “Islands like Eleuthera. In terms of room nights sold, Eleuthera is at 84 percent of what it did in 2019 for room nights sold, and 85 percent of what it did on room revenues,” he added. “Harbour Island was 89 percent and 94 percent, respectively.” To remove fluctuations caused by Promotion Board members leaving, and different ones joining, Mr Fountain said it had also done comparisons between numbers for hotels that were with it in both 2019 and 2021. “When you look at the hotels in 2019 and compare them to the same hotels

we had in 2021, we’re still seeing that 65 percent for room nights sold and room revenue,” he explained. “The same hotels collectively are achieving that.” Mr Fountain, though, acknowledged that the tourism industry and hotels on islands such as Cat Island and San Salvador (the latter grappling with Club Med’s closure) continue to “struggle”. He suggested this was largely because of inconsistent airlift, with flight frequency as low as two to three days per week. However, he added that travel trends and visitor desires continue to favour the Family Islands due to their lack of crowds and natural social distancing. “Talking to our Trip Advisor colleagues, they are continuing to see the trend of visitors wanting to visit new destinations and, particularly, destinations that offer elbow room, which is what we do in abundance in the Out Islands of The Bahamas,” Mr Fountain said. “The Out Islands mainly offer a getaway from it all and an authentic, genuine experience. We don’t have to do anything. God blessed us with that and, factoring in our proximity, you don’t have to travel far to find a place you have never been before. “It’s uncrowded, it’s untroubled, authentic. If you’re looking for something new, why fly beyond us is beyond us.”

NOTICE NOTICE is hereby given that JACQUELING ROBINSONNEILLY of #34 Trinidad Avenue & Tobago Cresent, Elizabeth Estate, Nassau, 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 6th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE IN THE ESTATE of JOAN ELEANOR HANNA, late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased. Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 6th day of December A.D., 2021, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Administrator Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas NOTICE IN THE ESTATE of HENRY GEORGE SMITH, GEORGE HENRY SMITH, late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 16th day of December A.D., 2021, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

THE TRIBUNE

Monday, December 6, 2021, PAGE 9

Retailer’s $10m spend creates up to 70 jobs FROM PAGE THREE approached me a year or two ago. They said this building was a tear down, it was not a solid building, which was not the case. It seemed as if they were negotiating just to buy the land.” The Compass Point chief, who was embroiled in controversy with the former Minnis administration over plans to close that resort due to its failure to address his concerns over the hotel licensing regime and other issues, said he had been trying to sell the former Pepsi Cola and Robin Hood site “ever since Sandy Schaefer left the island” some years ago.

“It hasn’t been overly busy,” he added, in terms of buyer inquiries. “We’ve kept the sign up. There’s a limited number of people that will come to The Bahamas looking for a 40,000 square foot industrial building. “I have approached a couple of people in The Bahamas that I recognise as being good businessmen, saying how about making me a partner and you can move into this larger building? I’ll be your landlord and partner, and it will be a good deal for you. You can become the size of a Bahamas Food Services. I’ve not found anyone to make that leap.”

PAGE 12, Monday, December 6, 2021

THE TRIBUNE

STOCKS SLUMP AFTER MURKY JOBS REPORT AS MARKETS SWING By STAN CHOE AND ALEX VEIGA AP Business Writers A WEEK of volatile swings on Wall Street ended Friday with more losses for stocks, as a mixed batch of U.S. job market data triggered another bout of dizzying trading. The S&P 500 closed 0.8% lower after erasing a 0.7% gain in the early going. The benchmark index was coming off a jolting stretch where it swerved by at least 1.2% in five straight days, pounded by uncertainty about how badly the newest coronavirus variant will hit the economy and about when the Federal Reserve will halt its immense support for financial markets. The Dow Jones Industrial Average slipped 0.2% and the Nasdaq composite lost 1.9%. The Russell 2000 index of company stocks slumped 2.1%. All the indexes also posted a weekly loss. Treasury yields fell, rose and then fell again as investors struggled to square what the jobs report means the Federal Reserve will do on interest rates. The erratic movements fit right in with a week where the S&P 500 swung from a 1.9% gain to a 1.2% loss in one day. “We got some mixed messages on the data” from the jobs report, “and that can make for some messy markets,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments. The report, which is usually the most anticipated economic data by Wall Street each month, showed employers added only 210,000 jobs last month. It was a disappointing result when economists were expecting much stronger hiring of 530,000, and it raised worries the economy may stagnate while inflation

THE NEW York Stock Exchange operates during normal business hours in the Financial District, Wednesday, Oct. 13, 2021, in New York. Stocks are moving tentatively higher in early trading on Wall Street Friday, Dec. 3, as traders struggle to parse data from a report on the U.S. job market. Photo:John Minchillo/AP remains high. That’s a worse-case scenario called “stagflation” by economists, and the omicron variant’s arrival makes its likelihood more uncertain. But other areas of the jobs report showed better strength. More people are coming back to the workforce, and the unemployment rate improved to 4.2% from 4.6%. Those encouraging numbers helped Treasury yields briefly climb during the morning. But they also came from a section of the jobs report that usually takes a back seat in investors’ eyes to the jobs-growth figure. That’s because they come from different surveys, one of employers and the other of households, and many investors see the job-growth numbers as the more reliable ones historically. “Today’s non-farm payroll report looks messy to me,” said Jamie Cox, managing partner for Harris Financial Group. “Best to wait for the revisions next month before sounding the stagflation alarm too loudly.”

Some investors said the jobs report could ultimately push the Fed to get more aggressive about raising short-term interest rates off their record low. Others, though, said they expected the mixed report to have no effect, and the wide differences in opinion helped lead to the day’s sharp swings in the market. What the Fed decides is a huge deal for stocks because low interest rates have been one of the main reasons the S&P 500 has roughly doubled since the early days of the pandemic. Low rates encourage borrowers to spend more and investors to pay higher prices for stocks. The Fed has already begun slowing, or tapering, its program to buy billions of dollars of bonds each month to support the economy and markets. Chair Jerome Powell jolted markets earlier this week when he said the Fed could wrap up its bond-buying program months before the June target it had been on pace for. That would open the door for the Fed to make the more impactful decision of raising short-term rates.