12082022 BUSINESS

Marinas suffer 40% or more business plunge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FIDELITY Bank (Bahamas) doubled the number of debt consolida tion-linked credit reports it requested for November, its top executive revealed yesterday, as it targets a “flat” loan book outcome for the fourth quarter.

Gowon Bowe, the BISX-listed lender’s chief executive, told Tribune Business it had “certainly seen an uptick in the number of people apply ing for debt consolidation loans” as persons seek to straighten out their overleveraged finances before they can obtain new credit.

Acknowledging that the month-over-month credit report requests doubling was a sign many Baha mians remain in financial stress, he added that the

ability of the country’s first-ever credit bureau to provide a more complete picture of a borrower’s financial affairs will even tually increase private sector lending by the com mercial banks.

The Fidelity chief also told this newspaper that he is targeting a “con servative” fourth quarter outcome where the bank’s loan book shrinks no

further than its endSeptember position of $383.102m. This is despite the traditional increase in loan demand, and exten sion of credit, in the run-up to Christmas as persons seek extra financing to meet enhanced needs.

“Arresting the contrac tion” in the loan portfolio will represent “victory”, Mr Bowe said, adding that the lender is targeting a

25-25 percent return on equity for the 2022 fullyear and also experiencing a further surge in card services demand from merchants eager to ensure they have the capacity to process card and other digital payment forms this Christmas.

Emphasising that Fidel ity Bank (Bahamas) remains focused on quality

PAGE B7

FNM chairman queries FTX chief’s local status

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government should begin examining “in a very deliberate fashion” the immigration status held by embattled FTX chief, Sam Bankman-Fried, and his close associates, the FNM chairman said yesterday.

Dr Duane Sands told Tribune Business it would be “an interesting study” to find out what status the crypto currency exchange’s co-founder, and his senior executives, hold as numer ous questions surround whether their permits were “fast tracked”.

Judge rejects ex-minister’s ‘boutique resort’ evidence

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SUPREME Court judge has rejected evidence from a former Cabinet min ister alleging that a Staniel Cay homeowner “circum vented” environmental requirements in construct ing a property “typical of of a boutique hotel”.

Justice Neil Brathwaite, in a written ruling dated December 6, 2022, but released yesterday, said he “preferred” the assess ment provided by Janeen Bullard to that given by Romauld Ferreira, minister of the environment in the former Minnis administra tion, on behalf of a group of homeowners challenging

the Certificate of Environ mental Clearance (CEC) obtained by Kevin Doyle and DeepBlue Properties. In particular, he found that Mr Ferreira’s assertion that DeepBlue Proper ties had cleared its “entire property” was contradicted by photographic evidence “which shows vegetation intact at various points of the site”. Justice Brathwaite also hinted the former minister’s findings that “dumped material” came from Mr Doyle’s project were unsupported, while his report also ignored that a property owned by one of his clients had similar “set back issues”.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN marinas were yesterday said to have suffered up to a 40 percent or more decline in business that is being blamed on VAT’s imposition on yacht charter fees.

Basil Smith, the Asso ciation of Bahamas Marinas (ABM) executive direc tor, told Tribune Business that all but one marina has reported a plunge in vessel traffic for the winter season to-date with vessel owners and operators saying they prefer not to deal with the bureaucracy and red tape that comes with having to register their vessels to pay the 10 percent levy.

“I’ve been in touch with ten members and every last one of them said business is

down severely, except for one single exception that says he’s doing OK, but that is the only one that has given me a positive response,” Mr Smith said.

Some major marinas were reported to be down by as much as 60 percent.

“The one that is up said he is up by 30 percent, but the rest of them are saying they are down dramatically and one said it was precipi tously. This was cited to me: One marina was down 40 percent and another said they were down 60 per cent,” Mr Smith said.

The imposition of VAT on yacht charter fees in the 2022-2023 Budget was said to be behind this “lack of competitiveness” for The Bahamas, with many yachts “deciding to head further

Pointing out that those present in The Bahamas on work permits hold their status for a role that no longer exists, and therefore should be moving to windup their affairs and leave the jurisdiction, he added

DR DUANE SANDS

GOWON BOWE

CABLE TARGETS 33,000 NASSAU HOMES FOR NEW NETWORK IN Q1

CABLE Bahamas is targeting 33,000 southern New Providence homes for connection to its new fibre-to-the-home network starting in the 2023 first quarter after overcoming supply chain challenges that delayed the roll-out.

Franklyn Butler, the BISX-listed communica tions provider’s president and chief executive, told shareholders in its justreleased 2022 annual report that it had wanted to make faster progress on its new infrastructure but had been thwarted by difficulties in obtaining the necessary equipment in a timely fashion.

“We remain relentless in our pursuit of improv ing our levels of customer service and quality of network,” he informed investors. “We have now deployed our initial test ing of our Nokia 10GB (gigabyte) GPON service here in New Providence and had expected to have made greater progress with this roll out during financial year 2022.

“However, due to supply chain challenges we expe rienced significant delays in receiving equipment to roll out this network. During financial year 2023, this will remain our big gest area of focus to ensure that we maintain and grow

our share of connections with our world class fibreto-the-home services. The pandemic has dem onstrated how important world class connectivity is for the modern day work force and The Bahamas, as we continue to be a place for digital nomads to want to live and work.”

Affirming that it has committed an $85m capital investment to fibre-to-thehome network roll-out, as it seeks to match its main Bahamas Telecommuni cations Company (BTC) competitor and improve pay-TV, Internet and mobile service quality, Cable Bahamas said the transition from its legacy hybrid fibre coaxial (HFC) infrastructure will improve revenue yields by opening the door to higher average revenue per user (ARPU).

Besides boosting revenue per subscriber, the BISXlisted communications provider added that greater bandwidth will aid busi nesses in addition to paving the way for online gaming, home security and managed IT services. In addition to lower operations costs and greater efficiency, Cable Bahamas added that its network upgrades will also pave the way for the poten tial introduction of 5G (fifth generation) mobile technol ogy in the near future.

“The Optical Distribution Network (ODN) architec ture has been finalised,” Cable Bahamas added.

“The initial region for the roll-out remains south New Providence, starting in the less dense communi ties in south-west Adelaide moving eastward along the southern corridor through Coral Harbour to the South Beach development. A total of 33,000 homes have been surveyed and designed and scheduled for build starting in the 2023 first quarter.”

Ross McDonald, the former Royal Bank of Canada (RBC) country head who is now Cable Bahamas’ chairman, said the “unprecedented demand for robust con nectivity” driven by the increase in remote working as a result of the COVID-19 pandemic “shows no sign of abating”. He predicted that it will only further increase over the short to mediumterm, thereby driving the need for the company’s net work enhancement.

“Our response to this new demand for greater bandwidth is our fibreto-the-home (FTTH) initiative, which we announced last year. We have committed to invest more than $85m over the next two years to connect the estimated 60,000 homes and businesses in New Providence to what will be the fastest and most reli able broadband network in the country and, indeed, in the region,” Mr McDonald wrote in the annual report.

“The successful sale of Summit Broadband pro vided us with the funds to restructure our balance sheet and continue to sup port our expansion into the mobile sector through our investment in Aliv. We remain committed to expanding our network where it makes economic sense.

“Over the last year we invested in an expansion of our submarine network into Baker’s Bay in Abaco and down to Norman’s Cay in The Exumas to support the growth we are seeing in some of the most beau tiful parts of our pristine country.”

Mr Butler, meanwhile, said net income attribut able to Cable Bahamas’ ordinary shareholders for the 12 months to end-June 2022 was a positive $5.1m - an $11m improvement from the net loss suffered in the 2021 financial year. The positive turnaround came despite the com pany incurring an overall $11.257m net loss for the 12 months to end-June 2022, which related entirely to accounting treatment of the loss suffered by the Government on its Aliv shareholding.

“We closed the financial year 2022 with revenue of $218m, representing growth of 9 percent over the pre vious year’s $200m, and EBITDA (earnings before interest, taxation, depre ciation and amortisation)

of $75m for the year, which is approximately 41 per cent higher than the $53m from the previous year,” Mr Butler said. “Our balance sheet remained strong with cash balances at $74m and the refinancing of our longterm debt completed with 10 and 15-year maturities.”

Elsewhere, Cable Baha mas touted increased market share and revenues across various business seg ments. Asserting that it was “winning the fight” against BTC on customer con nections, the BISX-listed provider unveiled charts showing that its numbers had roughly doubled from around 139,000 in 2015prior to Aliv’s launch - to some 333,000 by its 2022 financial year-end close.

In contrast, BTC’s cus tomer connections were shown as dropping from around 450,000 to below 300,000 over the same period, with Cable Baha mas’ collective market share rising from 49 percent in 2019 to 58 percent in 2022. It added that EBITDA had risen by $22m or 41 percent year-over-year in its 2022 financial year, growing from $53m to $75m. Revenue growth was $18m.

The BISX-listed com munications provider said debtor days outstanding improved, or fell by, 38 per cent over the two years to end-June 2022, which repre sented around half a month of operating cash. “Debtor days outstanding declined

from 42 days to 26 days between June 2022 and June 2020, resulting in a significant improvement in operating cash flow,” Cable Bahamas said.

“Aliv’s consumer pre paid services are nationally significant, having gained 50 percent market share in less than six years of opera tion. Aliv continues to grow its portfolio by enhancing the marketability of these products with seven-day prepaid plans experienc ing 17 percent annualised growth this fiscal year.....

“Aliv continues to expand the consumer data and analytics solutions to over come a range of issues like employing subscriber acqui sition costs for increased ARPU, which grew by 3 percent year-over-year, and improved consumer returns on investment. The business focused on true consumer differentiation, providing automated reve nue optimisation campaigns and pricing solutions which drove $1m in incremental revenue.”

Cable Bahamas said total Internet subscribers, some 58,000 at end-June 2022, were higher than the 54,000 recorded prior to Hurricane Dorian in Sep tember 2019. It also boasted of 50 percent market share in fixed-line voice, and 15 percent growth in businessto-business (B2B) revenues over the two years since 2020.

Dorian tax breaks access sparks House controversy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE deputy prime min ister yesterday pledged that Dorian-devastated Baha mians who “need help will get help” amid ongoing con cerns that the mechanisms to provide continued access to tax breaks are not fully in place.

Chester Cooper reaf firmed to the House of Assembly that the Davis administration had brought the previous “umbrella” Special Economic Recov ery Zone (SERZ) order and associated concessions to an end in a bid to “plug finan cial loopholes” that were allegedly being exploited by wealthy foreign homeown ers and tax evaders.

However, Myles Laroda, his Cabinet colleague and minister of state in the Prime Minister’s Office, was later forced to clarify when and where application forms for Dorian-related tax breaks and other conces sions are available following questioning from the Oppo sition’s east Grand Bahama MP, Kwasi Thompson.

The latter told the House of Assembly he had vis ited the Ministry of Grand Bahama on Tuesday to see if the necessary forms were available as promised, only to be told they had yet to be approved by the Ministry

of Finance. Mr Thompson also complained that “there are no criteria, there are no parameters” on the type of tax breaks that could be obtained, and what sup porting documents were required to access them.

Mr Laroda, address ing these concerns when the House resumed its afternoon sitting, said the relevant application forms were “now available” at the Ministry of Grand Bahama’s customer service desk and could also be accessed at the administrator’s office in High Rock from today.

He added that they “will also be available” at the Prime Minister’s Office in Abaco, but said he would have to consult Cabinet colleagues to determine if vehicles are still included among the products that can be imported VAT and duty-free with the necessary government approvals.

The row over the Gov ernment’s decision not to extend the “blanket” SERZ order beyond its Decem ber 1 expiry was sparked by Opposition leader Michael Pintard during his contri bution to the debate on the Disaster Risk Management Bill. This prompted Mr Cooper to hit back: “Again the member is seeking once more to earn cheap politi cal points in misleading the House.

“Yes, the SERZ Order ended, but it was made very clear that persons suffer ing as a result of Dorian can make applications and get assistance. The Government sought to plug financial loopholes..... I say for the record that any citizen in Grand Bahama, any citizen in Abaco, who has been disadvantaged with their property can still make an application to the Ministry of Grand Bahama, can still make an application to the Prime Minister’s Office in Abaco, and get relief.

“We will not provide relief to foreigners build ing second homes. We will not provide relief for per sons who, for example, have insurance. We will ensure the Government’s revenues are collected, so that people in need will be supported, and we can build schools, roads and seawalls, but per sons needing help will get help.”

He was backed by John Pinder, the central and south Abaco MP, who acknowl edged that it “may have taken three years” for his constituents to “get back on their feet”. Encouraging those still in need of Dorianrelated tax breaks to speed up and lower their rebuild ing costs to apply as needed, he promised that their “case will be heard”.

However, the parliamen tary secretary in the Ministry

of Tourism, Investments and Aviation also argued that the previous “blanket” SERZ was being abused by those who did not need the tax breaks benefit and others who were exploiting the concessions for tax evasion and other illicit purposes.

“I saw investment houses,” Mr Pinder said. “There were owners of second homes building

second and third homes, building homes twice as big. I’ve seen Bahamians with materials from Grand Bahama and Abaco, and sending them throughout the cays. It’s not what that Act was supposed to be. It was supposed to assist the rebuilding from the big gest natural disaster in our modern history.”

The Government indi cated more than two months ago that it was seeking to move away from the “blanket” tax exemptions, granted in September 2019 in Dorian’s immediate after math, to a process where concessions will have to be applied for and approved on a case-by-case basis.

CUSTOMER SERVICE IS KEY TO STAND OUT FROM CROWD

Today’s business environment is incredibly competi tive, and superb customer service is required if you wish your company to suc ceed. Where rival products are similar, it is usually extraordinary “customer service” that tips the scales in favour of the market leader. Excellent customer service requires going beyond meeting a custom er’s basic needs. Courtesy begins with the front line team who interact with cus tomers daily. It is important all businesses understand this.

Communicate

When customers reach out with a problem, your staff should not just solve the issue. They should also be able to articulate a host of relevant details, com municating and explaining the cause of the problem and the process involved in resolving it.

DEIDRE BastiaN By

Be Helpful

One of the best attrib utes of excellent customer service is to be positively helpful. This may involve walking a customer to a specific shelf location or enthusiastically providing

information about a prod uct or service. Customers should also be kept abreast of pricing or return policies, and how it benefits them.

Good Impression

In customer service, the first impression is often the only impression that mat ters. Otherwise you may risk losing customers before a purchase is even made. Be friendly, say thank you, show respect, listen and be responsive. These are all cornerstones of an excellent customer service team.

Follow Up

Follow-ups are a huge part of providing excellent customer service, as they demonstrate your busi ness is not only interested in sales. They also make customers happy and some times transform an unhappy client into a loyal one.

Training

Providing adequate training is an awesome initi ative towards guaranteeing excellent customer service. The vision for excellent customer service should not only be learned, but also reinforced. Ultimately, it is vital to articulate your vision and how it translates to your business.

Customer feedback

Take time to listen to customers, and incorporate their ideas and suggestions into your business, as it will offer added knowledge of how your business is performing in comparison to your competitors. This provides insights into other products and services your customers might be inter ested in.

Know your product

Expansive knowledge of your products is an essen tial customer service skill. You should believe in your product, be able to dis cuss its features and how

DORIAN TAX BREAKS ACCESS SPARKS HOUSE CONTROVERSY

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 con struction services earlier this year, with the Ministry of Finance stating at the time that concessions were being granted to wealthy second homeowners who did not need them to rebuild prop erties that were fully insured to their replacement value. Essentially, the view was such homeowners were get ting 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 vehicles

the service can benefit customers.

Active listening Listen to what your cus tomers are saying without pushing a personal agenda. Demonstrate active listen ing skills, such as saying: “Let me make sure I’ve got this right.” Active lis tening also means you are mindful of your customer’s unique personality and cur rent emotional state, so as to tailor a response to fit the situation. Customer service is not a ‘one size fits all’.

Proactive and helpful Sometimes, anticipating customers’ needs before they articulate them is help ful. In fact, customers may ask for one thing without realising they really need another.

Customers want to inter act with a person and not be treated as a number in a ticket queue. When they feel valued, they will keep

and other expensive items imported using the VAT and duty exemptions turning up at Potter’s Cay in Nassau and other locations outside the Dorian hit areas.

Mr Pinder’s comments prompted Mr Thompson to intervene and question whether the necessary mech anisms were in place to apply for Dorian-related tax breaks post-December 1. “I went to the Ministry of Grand Bahama at 1pm yesterday,” he said. “I went in there. I asked: ‘Are there any forms?’ The answer was no. The Ministry of Finance had not approved any forms. That was the answer pro vided to me.

“What was also said was if I had an already-stamped form, bring that stamped form and send a letter in.”

The east Grand Bahama MP said the application forms, and process for accessing the concessions, was not in place

coming back and do some thing good such as buying your service or products. Customers are the most critical part of your busi ness; that is why investing in customer service is key to long-term business success. If you maintain this simple mantra as the foun dation of your business practices, you will do great in any industry. Be mindful that you may have a fantas tic product or service, but if your customer service is not impressive custom ers will not stay. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bas tian@gmail.com

contrary to the representa tions by Mr Cooper and Mr Pinder.

The deputy prime min ister retorted that he had been assured that morning by Michael Halkitis, min ister of economic affairs, that “the matter is in hand”. However, Mr Thompson stuck to his position, saying: “There are no forms. There are no criteria. There are no parameters on what can be asked for. For example, can cars be asked for? Building materials? Can we ask for any assistance for duty-free? There are no parameters, no system in place.”

Mr Laroda initially indi cated that, given three years have passed since Hurricane Dorian, residents in Grand Bahama and Abaco have had sufficient time to apply for tax breaks. “Even if you didn’t have the money, the forms or applications for assistance should not take three years,” he added, asking: “Should we print 10,000 forms?”

The minister’s approach seemed to have altered, though, by the time the House of Assembly’s afternoon session started. Effectively admitting that the application forms had not been available when Mr Thompson called, Mr Laroda said 20 submis sions for Dorian relief were stamped yesterday by the Ministry of Finance and will be sent back to the appli cants tomorrow. Requests submitted now were likely to receive approval by early January.

ABOUT COLUMNIST: Deidre M. Bastian is a pro fessionally-trained graphic designer/brand marketing analyst, author and certified life coach

Michael Halkitis, minis ter of economic affairs, first signalled the Government’s

GB’s business summit attracts 200 attendees

A TWO-DAY conference that sought to empower Grand Bahama’s small and medium-sized enterprises to exploit emerging growth opportunities attracted more than 200 attendees.

Business proprietors and aspiring entrepreneurs met at the Pelican Bay Convention Centre for the Emerge Grand Bahama Small Business Sympo sium, which was staged through a partnership between the Grand Bahama Port Authority (GBPA), the Grand Bahama Cham ber of Commerce (GBCC), the Bahamas Develop ment Bank (BDB) and the Access Accelerator Small Business Development Centre (SBDC).

Ian Rolle, the GBPA’s president, told attend ees: “The economic landscape of Grand Bahama is changing rapidly, and as drivers of the economy, the MSME (micro, small and medium-sized business) community must be ready. Our goal is to empower you with information and expose you to global trends, progressive concepts and innovative ideas that add value and diversity to Free port’s economy.

“Explore the concepts presented, look for your unique and competitive advantage within ideas and conversations over the next two days. And, most impor tantly, use it to plan and prepare accordingly.”

Realtor hires filmmaker to tell 100-year ‘vision’

A BAHAMIAN realtor hired filmmaker, Kareem Mortimer, to tell its 100year story as it celebrates an entire century in business.

Mr Mortimer produced a documentary entitled VISION: The Story of Sir Harold Christie to highlight HG Christie’s 100 years in the real estate business. “We were thinking about something special we could do in commemoration of our 100 year anniversary,”

said chief executive John Christie.

“It was important for us to create a vehicle through which we could tell the HG Christie story and celebrate the company’s legacy, and so we Kareem Mortimer to help us tell that story”.

Privately screened at the Island House Thea tre in New Providence last month, the completed film represents several months of work that began at the height of the COVID

“This platform was intended as an enabling environment for sharing information, learning, net working and professional development,” said Derek Newbold, the GBPA’s chief investment officer. “Fur ther, each panel discussion was specifically designed to encourage dialogue between industry leaders open to sharing their knowledge and expertise for the future advancement of our MSME business community.

“We were thoroughly pleased with each of the presenters, and especially inspired by the interest and desire for more of the con tent by participants. We did not have sufficient time to cover it all. However, plans are already underway for 2023.”

The Emerge Grand Bahama symposium was the closing event for Global Entrepreneurship Month. LaShawn Dames, the GBPA’s business ser vices manager and event’s

co-organiser, added: “We are encouraged by the busi ness community’s interest in the event, with many expressing that the speaker line-up and engagement was exceptional. We are already looking to 2023 and contin ued collaborations between partners to make the event even more exciting.

“The symposium also proved to be the perfect catalyst for small businesses, allowing them to engage

with and promote their goods and services to a wider customer audience. It also exposed many of them to digital transactions powered by Kanoo Pays, who provided a fully digi tal, cashless merchant and customer experience for everyone at the symposium. We were delighted to have them.”

A SPECIAL group of at tendees were treated to an exclusive screening of VISION a documen tary produced by HG Christie and unveiled at The Island House theatre this November. The story takes an intimate look at the life and times of real estate tycoon Harold G. Chris tie who founded the company in 1922.

pandemic. “The process of this film took two years,” Mr Mortimer said. “We were able to get some inter views in person, but many of our interviews were conducted during COVID lockdowns via Zoom.”

Based on the life of Sir Harold G Christie, the 80-minute film tells the

company’s story. Through a series of interviews, VISION took an intimate look at the life’s work of the late real estate tycoon, chronicling his family upbringing and the found ing of the business back in 1922.

The film also took a deep dive into the development

of the Bahamian real estate industry and the country as a whole. “Every time I get to tell a Bahamian story it’s a pleasure for me,” said Mr Mortimer. “We worked really hard to tell the story as accurately and as objec tively as possible.”

The film, which softlaunched over two nights, has attracted audiences of

more than 50 persons. “The reaction to the documen tary has been incredible thus far,” said John Chris tie. “This was not just an opportunity to tell the story of HG for our family but also to tell the story of his contributions to The Bahamas.” The film will be officially released to the public in early 2023.

MICHAEL HALKITIS, minister of economic affairs, delivered the main address at the recent Emerge Grand Bahama Small Business symposium. Pictured from L to R: LaShawn Dames, GBPA business services manager and co-organiser for the event; James Carey, president of the Grand Bahama Chamber of Commerce; Michael Halkitis, minister of economic affairs; Derek Newbold, GBPA chief investment officer.

THE SECOND day of the Emerge Grand Bahama Small Business symposium featured a panel discussion on economic growth in Freeport. Pictured from L to R: Kenton Roker, Bahamas Tech nical & Vocational Institute’s department head for the construc tion trades; Davinia Bain, co-Founder, Crypto Isle & Islandbit; and Derek Newbold, the GBPA’s chief investment officer.

Photos:J.Co Photog raphy & Film/Barefoot Marketing

JOHN CHRISTIE, HGC President and Managing Broker, tapped the acclaimed and talented Bahamian Filmmaker Kareem Mortimer to execute the 80-minute film which began production back in 2020.

south” rather than the come into Bahamian waters.

Mr Smith said: “I think the main problem is the VAT regulations that have been imposed. Some of them are citing that they can understand the Gov ernment’s need for taxation, but some of them are con cerned about entering a tax role for whatever reasons people may have at that end of wealth. Some of them wish to not be involved in too much paperwork.”

“I think the marina mem bers are concerned about The Bahamas just being not competitive and it is becom ing too costly for them. Some of the destinations we compete with, despite the distance being further, there are no bureaucratic impediments. Many of the competing destinations seem to be a bit more open in their embrace. The ABM is making formal represen tation to the Government so I’d rather make no fur ther comment at this time.”

Mr Smith’s comments echo that of former ABM president, Peter Maury, who told this newspaper recently he had suffered the worst Thanksgiving Day for 30 years. He, too, linked the drop off in foreign yachts to the imposition of the VAT on foreign yacht charters.

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

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

Mr Maury said many vessels, and their owners/

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

“We’re getting creamed. It’s not good,” he told this newspaper. “It’s the VAT on the charters. All these guys have to register their vessels, and no one wants to do it. I’ve lost eight boats for the season so far to the Caribbean, all big boats. It’s terrible. I’ve never seen the marinas this empty at Thanksgiving.

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

Prior to the Budget reforms earlier this year, foreign yacht charters were already supposed to pay a fee equivalent to 4 percent of the contract value to the Port Department. How ever, the Boat Registration (Yacht) (Amendment) Rules 2022 now effectively subject the industry to ‘double taxation’ by levy ing 10 percent VAT on the same contract. This more than triples the tax rate for yacht charters, taking it from 4 percent to 14 percent.

However, not every one will be lamenting the increased taxation on foreign yacht charters. Bahamian tour and excur sion operators, including the Bahamas Excursion Operators Association (BEOA), had for years been urging the Govern ment to place them on an even taxation competitive playing field with foreign rivals who they argued were incurring a much lighter

burden than themselves when it came to Public Treasury contributions.

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

The Government agreed. Senator Michael Halki tis, minister of economic affairs, after the Budget’s presentation argued that the foreign yacht char ter industry had for years “enjoyed a windfall at The Bahamas’ expense” by using this country’s marine environment and natural resources to earn millions of dollars without paying its fair share.

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

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

“They charge a fee to do the charter, and the Gov ernment is supposed to get a 4 percent charter fee. What we’re saying now is that these individuals have to register for VAT and we get VAT on the cost of the charter. Because the yachts are coming into our waters, they’re enjoying our envi ronment, they’re making money, we feel justified in earning something from that. It’s our resources that are being used generate this money, so we think we should get something for it. “We don’t think it’s oner ous,” Mr Halkitis added of the 10 percent VAT levy. “We did some checks and found, for example, that if you do a charter in the Mediterranean the VAT is 22 percent and we’re charg ing 10 percent. We don’t think that will chase any body away.”

Judge rejects ex-minister’s ‘boutique resort’ evidence

FROM PAGE B1

However, the judge denied the bid by the Attor ney General’s Office to exclude Mr Ferreira’s evi dence on the ground that he was “conflicted” by virtue of having been minister of the environment, with respon sibility for the Department of Environmental Planning and Protection (DEPP), when the Certificate of Envi ronmental Clearance (CEC) at the heart of the Judicial Review challenge was issued on August 9, 2021.

Five other Staniel Cay homeowners, including two Bahamians, Don Rolle and Loyal Rolle, together with Paul Fuchs, Robert Kelly Blake Jr and Daniel Clay Smith Jr, had initiated Judi cial Review proceedings

seeking to quash the Cer tificate of Environmental Clearance that allowed Mr Doyle to proceed with construction.

They claimed the prop erty was “larger than existing boutique hotels in Staniel Cay”, and an attempt to construct a mini high-end resort under the guise of a family residential property.

Mr Doyle, though, described the project as a “family resi dence” and not the “Hotel Thunderball” that was origi nally proposed. The CEC permit forbade any exca vation, mining, burning or mass clearance of vegetation by DeepBlue Properties.

Mr Ferreira, in his evi dence, denied the Attorney General’s Office’s ‘conflict of interest’ claims, assert ing: “I can confirm that I

had no involvement with the decision-making with regard to the issuance of the CEC in this matter, not would I have been expected to, as the issuance of CECs falls within the purview of the director of environmental planning and protection pur suant to the Environmental Impact Assessment Regula tions 2020.”

The former environment minister, in his assessment of DeepBlue Properties’ project, argued that by pre senting it as a single family residence and private villarather than a boutique hotel - the developer had been able to obtain the necessary permits while sidestepping the need to perform an Environmental Impact Assessment (EIA).

“Upon true construc tion and interpretation, the nature and scope of this pro ject is typical of a boutique hotel on Staniel Cay not a single family residence,” Mr Ferreira argued. “DeepBlue Properties, by not describ ing their development as a boutique hotel during the application process for a CEC, were able to circum vent the requirements for an EIA.”

The Attorney General’s Office, acting for the DEPP, attacked Mr Ferreira’s evi dence on the basis that he was the minister responsi ble for the agency when the CEC was issued and handled any appeals of its decisions. It also asserted that his role contravened the Bahamas Bar Association’s profes sional conduct regulations, which stipulated that an attorney should not repre sent any party “with whom he has been concerned in any capacity”.

“They therefore submit that the [former] minis ter is conflicted and, as a

DEBT CONSOLIDATION ‘UPTICK’ AS CREDIT REPORTS DOUBLE

FROM PAGE B1

borrowers as opposed to “a race to the bottom”, he revealed: “We would cer tainly have seen an uptick in the number of people coming in for consolidation. What I can tell you is that the number of credit reports that we’ve run from October to November has doubled.

“Most of those we are using credit reports on are largely new customers that are consolidating, and it allows us to get a feel for them. The number of credit reports we’re pulling, the amount we pulled in Novem ber compared to October has doubled.” Debt consolida tion loans are often viewed as the last resort to stabilised troubled borrowers, who are now increasingly exposed by the credit bureau’s ability to access their histories from a variety of lending sources.

“We are seeing increased demand as we normally do during this period,” Mr Bowe said of Bahamian eagerness to access credit. “What would be considered positive for us would be flat, meaning that in this quarter there is no contraction in the loan book. For us, being able to arrest the contraction in the portfolio is a victory. That’s our target as opposed to growing the portfolio by any meaningful number between now and the end of the year.

“You may say that’s a con servative target, but there are a number of factors. The potential for some con sumer loans to move into the non-bank space with quite significant interest rates, and customers getting into difficulty, that’s one aspect. We’re not trying to compete with that.

“The credit reports are leading to a lot more people coming in to consolidate. We won’t say unemployment is reduced in the country. We won’t say there us any meaningful growth in the economy as the buoyancy is still related to the rebound from COVID, not any growth beyond that.”

Fidelity Bank (Bahamas) loan portfolio contracted by 4.6 percent or close to $18.5m during the first nine months of 2022, dropping from $401.585m to $383.102m, in line with the rest of the commercial banking indus try as it struggles to find new lending opportunities and qualified borrowers in the post-COVID environment.

However, Kenrick Brath waite, Bank of The Bahamas managing director, also con firmed to Tribune Business that Christmas loan appli cations have returned to pre-COVID levels following two years when consumer confidence/demand was sup pressed by the pandemic and related restrictions.

“The tourism industry is rebounding, and that pro vides another set of potential borrowers,” he explained. “Last year was an anomaly because of COVID. The last two years were pretty unusual in terms of lower than expected [credit] num bers, but this year’s numbers seem to be more in line with pre-COVID. Employment significantly impacts that. Once business is doing well, you are going to have that stream of customers for bor rowing and everybody will be happy.”

Meanwhile Mr Bowe, emphasising that Fidelity Bank (Bahamas) is targeting “long-term customers rather than default on risks, added: “We are focusing on main taining credit quality that has served us well through out the year even though the loan book has contracted.

“This last quarter, we’re not seeing any contraction so far. We’ll have the usual repayments, the normal refinancings that may take place with competitors, so that means writing sufficient loans to replace those amor tised normally or financed elsewhere.”

Pointing to the continued strength of Fidelity Bank (Bahamas) merchant card services, Mr Bowe added: “There’s significant opti mism among merchants so we’ve been continuing growth on the card side.

There are a lot more mer chants looking at December and putting significant pres sure on us to get them up and running as quickly as possible because they’ve seen the trends.

“Despite the reservations and objections by some,

practicing attorney, is in breach of the Bar Code of Professional Conduct and, as a result, his evidence should be excluded,” Jus tice Brathwaite noted while rejecting the Attorney Gen eral’s Office bid.

“I note, as was submitted by the applicant, that Mr Ferreira is not appearing in this matter as counsel and attorney. The provisions of the Bar Code of Professional Conduct are therefore, in my view, irrelevant. I also do not consider that there is any potential conflict as Mr Fer reira has not referenced any information which may have been obtained by him in his former capacity, and there is no suggestion that this matter came to his attention as minister in any way..

“More importantly, the evidence given by Mr Fer reira relates primarily to an ‘environmental audit’ conducted by him at the construction site well after he ceased being a minister. I therefore decline to exclude the evidence of Mr Ferreira

there’s greater movement to digital payment platforms. We are seeing merchants slow on the take-up to this point, and who are largely in cash-based businesses, applying for merchant ser vices because they realise a number of their regular customers are using debit and credit cards, so they are

on the basis of any perceived conflict.”

Mr Doyle’s opponents also alleged that the CEC was no longer valid because there had been excava tion that was expressly forbidden by the permit itself. However, the judge was unpersuaded by that argument or Mr Ferreira’s evidence. He added that Dr Rhianna Neely-Murphy, the DEPP’s director, could not be accused of irrational action in issuing the CEC because there were three other properties of similar size on Staniel Cay.

Justice Brathwaite applied the same logic in finding that there was no need for an EIA or Environmental Management Plan (EMP). And the swimming pool was excluded from the CEC’s prohibition on excavation, resulting in the judge dis missing the Judicial Review and removing the injunction that had halted DeepBlue Properties’ construction work.

looking to meet demand by having terminals in-store.

“We see December on the fees and commissions side as being a ‘black month’, like Black Friday, when retail ers see themselves coming into profit for the first time and riding that through to Christmas. We are looking to capitalise on that as well.”

FNM chairman queries FTX chief’s local status

that Mr Bankman-Fried’s status would also “speak to the policy” pursued by the Davis administration in embracing FTX when it arrived in this nation in Sep tember 2021.

“It would be an interest ing study to know what the various permit statuses are for all of the primaries and then to make a determina tion as to whether or not there is still a need for these individuals in-country,” Dr Sands told this newspaper. “We don’t know if they are on work permits or have residency.

“It would be an interest ing exercise to find out the statuses. It would be inter esting to see whether or not they were fast-tracked.” Given the significant value of Bahamian property purchases made by FTX Property Holdings, esti mated conservatively to have a collective worth of between $120m to $130m, and the $2m One Cable Beach penthouse said to be in his personal name, Mr Bankman-Fried

would certainly have met the criteria for acceler ated permanent residency consideration.

“You’re talking about a significant amount of prop erty acquired, but also are only talking about Septem ber 2021 until now,” Dr Sands said. “You could ask the question how is it that could happen so quick or whether there was any spe cial consideration given. I am sure that many people would find it an interesting case study to know.

“Given that the Depart ment of Immigration, and the Ministry of Labour and Immigration, ought to be keeping tabs on anyone in the country whose pri mary role no longer exists, I’d like to know what their plans are to remain in the country and on what basis. I think it’s perfectly reason able now for that process to take place in a very deliber ate fashion. This is going to have some ramifications as this whole story plays out.”

The Bahamian Immigra tion status enjoyed by Mr Bankman-Fried and his

close associates has been a little-explored angle amid FTX’s spectacular implo sion, and collapse into provisional liquidation in The Bahamas and Chapter 11 bankruptcy protection in the US. Keith Bell, minister of labour and Immigration, declined comment when contacted by Tribune Business

Dr Sands yesterday said the possibility of crimi nal charges being brought against Mr Bankman-Fried, either in The Bahamas or US, remains “speculative” at this stage and he declined further comment. However, as long as the FTX cofounder remains holed up in The Bahamas, conducting his ‘mea culpa’ world tour via the Internet, intense global media attention will be focused on this nation together with all the repu tational and integrity risks that brings.

“It is not an unreason able concern,” the FNM chairman said of the Immi gration issue, “particularly as you look at the way in which this entity, FTX,

imploded. Some may say it’s a bit too climactic that we are dissecting this, but these are important concerns.

“The person talking the most now is Sam BankmanFried himself. I don’t think anyone can be speaking any more than he is. As of right now he seems to be resident in The Bahamas, whether that’s as a perma nent resident or on a work permit. There are obviously people that know, but at no point has that been made public to my knowledge. It will be interesting to know what Immigration status he holds because it’s going to speak to the policy of this administration.”

Tribune Business was previously shown a report, which checks confirmed was genuine and had been well-researched, disclosing that FTX has acquired some $74.23m in west New Provi dence real estate during 2022 alone. Most of these purchases involved prop erty in the high-end Albany community, along with the acquisition of units in the Veridian Corporate Centre.

The acquisitions by FTX Property Holdings, the crypto exchange’s real estate arm, ranged in value from a high of $30m to $8.9m, $7.479m, $7.311m, $7m and $6.75m at Albany, according to the report, which was being widely circulated on social media.

Some $4.5m was also spent to acquire the Bayside Executive Park site for its planned $60m headquar ters, which is now almost certain not to proceed.

The report also showed a $2.29m purchase at the Veridian Corporate Centre.

“The corporate offices for FTX are currently housed at the Veridian Corporate Centre,” the document said.

“These are not rentals or leases. FTX has purchased these units outright. Addi tionally, there is one purchase of a condominium at One Cable Beach for $2m made by Sam BankmanFried directly in late 2021.”

Robert J. Ray, the chief executive for FTX Trading and the entities covered by the Delaware Chapter 11 fil ings, alleged previously that

corporate funds belonging to the crypto exchange were used to fund Bahamian real estate purchases by its executives who then put the properties in their own, per sonal names rather than the company’s.

“In The Bahamas, I understand that corporate funds of the FTX group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to be documentation for cer tain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of The Baha mas,” Mr Ray asserted.

CHINA EASES ANTI-COVID MEASURES FOLLOWING PROTESTS

BEIJING Associated Press

CHINA rolled back rules on isolating people with COVID-19 and dropped virus test requirements for some public places yester day in a dramatic change to a strategy that confined millions of people to their homes and sparked protests and demands for President Xi Jinping to resign.

The move adds to earlier easing that fueled hopes Beijing was scrapping its “zero COVID” strategy, which is disrupting manu facturing and global trade. Experts warn, however, that restrictions can’t be lifted completely until at least mid-2023 because millions of elderly people still must be vaccinated and the health care system strengthened.

China is the last major country still trying to stamp out transmission of the virus while many nations switch to trying to live with it. As they lift restrictions, Chinese officials have also shifted to talking about the virus as less threatening — a possible effort to prepare people for a similar switch.

People with mild cases will be allowed for the first time to isolate at home, the National Health Commis sion announced, instead of going to sometimes over crowded or unsanitary quarantine centers. That addresses a major irritation that helped to drive protests that erupted November 25 in Shanghai and other cities.

Public facilities except for “special places,” such as schools, hospitals and nurs ing homes, will no longer require visitors to produce

a “health code” on a smart phone app that tracks their virus tests and whether they have been to areas deemed at high risk of infection.

Local officials must “take strict and detailed meas ures to protect people’s life, safety and health” but at the same time “minimise the impact of the epidemic on economic and social development,” the state ment said.

China’s restrictions have helped to keep case num bers low, but that means few people have developed natural immunity, a factor that might set back reopen ing plans if cases surge and authorities feel compelled to reimpose restrictions.

Still, after three years spent warning the public about COVID-19’s dan gers, Chinese officials have begun to paint it as less threatening.

People with mild cases “can recover by themselves without special medical care”, said Wu Zunyou, chief epidemiologist of the China Centers for Disease Control, on his social media account. “The good news is that the data show the pro portion of severe cases is low,” said Wu.

The latest changes are “small steps” in a gradual process aimed at ending restrictions, said Liang Wannian, a member of an expert group advising the National Health Commis sion, at a news conference.

The government’s goal is “to return to the state before the epidemic, but the reali sation of the goal must have

conditions,” said Liang, one of China’s most prominent anti-epidemic experts.

Ray Yip, a public health expert, also emphasised the gradual nature of the shift, calling it “the first 20-degree turn of a 180-degree turn”.

“The challenge is how they will react when the case load goes way up, which will start to happen. Not sure they will hold the course of loosening up,” said Yip, who founded the US Centers for Disease Control and Pre vention’s office in China. The government announced a campaign last week to vaccinate the elderly that health experts say must be done before China can end restrictions on visitors coming from abroad. They say the ruling Communist Party also needs to build up China’s hospital system to cope with a possible rise in cases.

But public frustration is rising now, as millions of people are repeatedly confined at home for uncer tain periods, schools close abruptly and economic growth falls.

The changes have been rolled out despite a renewed spike in infections started in October. On Wednesday, the government reported 25,231 new cases, including 20,912 without symptoms.

Xi’s government has held up “zero COVID” as proof of the superiority of China’s system compared with the United States and Western countries. China’s official death toll is 5,235 since the start of the pandemic versus a US count of 1.1 million.

Rules were left in place that warn apartment and office buildings might be sealed if infections are found. Complaints that families are confined for

weeks at a time with uncer tain access to food and medicine were a key driver of the protests.

The ruling party switched early this year to suspend ing access to neighborhoods or districts where infections were discovered instead of isolating whole cities.

On Wednesday, the gov ernment said the scope of closures will be narrowed still further to single apart ment floors or buildings instead of neighborhoods.

It said schools in com munities with no outbreaks must return to in-person teaching.

That appeared to be a response to complaints that local leaders, threatened with the loss of their jobs in the event of outbreaks, impose closures that are destructive, might be unnec essary and exceed what the central government allows.

Photo: Ng Han Guan/AP

COULD TRAWLER CAMS HELP SAVE WORLD’S DWINDLING

PORTLAND, Maine Associated Press

FOR years, Mark Hager’s job as an observer aboard New England fishing boats made him a marked man, seen as a meddling cop on the ocean, counting and scrutinising every cod, haddock and flounder to enforce rules and help set crucial quotas.

On one particularly per ilous voyage, he spent 12 days at sea and no crew member uttered even a single word to him.

Now Hager is working to replace such federallymandated observers with high-definition cameras affixed to fishing boat masts. From the safety of his office, Hager uses a laptop to watch hours of footage of crew members hauling the day’s catch aboard and measuring it

with long sticks marked with thick black lines. And he’s able to zoom in on every fish to verify its size and species, noting whether it is kept or flung overboard in accordance with the law.

“Once you’ve seen hun dreds of thousands of pounds of these species it

becomes second nature,” said Hager as he toggled from one fish to another.

Hager’s Maine-based start-up, New England Mar itime Monitoring, is one of several companies seeking to help commercial vessels comply with new US man dates aimed at protecting

NOTICE

In

Notice is hereby given that all persons having claims or demands against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 15th day of January, A.D., 2023 after which date the Intended Administratrix will proceed to distribute the estate having regard only to the proved debts or claims of which notice would have been given.

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

COMMONWEALTH LAW ADVOCATES

Chambers No. 79 Duncanson House Montrose Avenue Nassau, Bahamas

Attorneys for the Administrator of the Estate of Carl Eugene Stubbs

dwindling fish stocks. It’s a brisk business as demand for sustainably caught sea food and around-the-clock monitoring has exploded from the Gulf of Alaska to the Straits of Florida.

But taking the technology overseas, where the vast majority of seafood con sumed in the US is caught, is a steep challenge. Only a few countries can match the US’s strict regulatory oversight. And China - the world’s biggest seafood sup plier with a record of illegal fishing - appears unlikely to embrace the fishing equiva lent of a police bodycam.

The result, scientists fear, could be that well-intended initiatives to replenish fish stocks and reduce uninten tional bycatch of threatened species like sharks and sea turtles could backfire: By adding to the regulatory burdens already faced by America’s skippers, more fishing could be transferred overseas and further out of view of conservationists and consumers.

“The challenge now is getting the political will,” said Jamie Gibbon, an environmental scientist at The Pew Charitable Trusts. “We are getting close to the point where the technol ogy is reliable enough that countries are going to have

to show whether they are committed or not to trans parency and responsible fisheries management.”

Since 1970, the world’s fish population has plum meted, to the point that today 35% of commer cial stocks are overfished. Meanwhile, an estimated 11% of US seafood imports come from illegal, unre ported and unregulated fishing, according to the US International Trade Commission.

To sustainably manage what’s left, scientists need reliable data on the activi ties of the tens of thousands of fishing vessels that ply the oceans every day. Tra ditional tools like captains’ logbooks and dockside inspections provide limited information. And independ ent observers are scarce, barely 2,000 globally.

Enter electronic monitor ing. For as little as $10,000, vessels can be equipped with high-resolution cam eras, sensors and other technology capable of pro viding a safe, reliable look at what was once a giant blind spot. Some setups allow the video to be transmitted by satellite or cellular data back to shore in real time.

“This isn’t your grandfa ther’s fishery,” said Captain

NOTICE

NOTICE is hereby given that JEFRASON LIMA of Quintine Alley off Wulf Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Al Cottone, who recently had cameras installed on his 45-foot groundfish trawler, the Sabrina Maria. “If you’re going to sail, you just turn the cameras on and you go.”

Despite such advantages, video monitoring has been slow to catch on. Only about 1,500 of the world’s 400,000 industrial fishing vessels have installed such monitoring systems. About 600 of those vessels are in the US, which has been driving innovation in the field.

The stakes are espe cially high in the Western and Central Pacific Ocean — home to the world’s larg est tuna fishery. Observer coverage of the Pacific’s longline fleet, which num bers around 100,000 boats, is around 2% — well below the 20% minimum thresh old scientists say they need to assess a fish stock’s health.

“Right now we’re flying blind,” said Mark Zimring, an environmental scientist for The Nature Conserv ancy focused on spreading video monitoring to largescale fisheries around the world.

By far the biggest obsta cle to a faster rollout internationally is the lack of political will to do it. Of the 13 regional fisheries man agement organisations in the world, only six require on-board monitoring — observers or cameras — to enforce rules on gear usage, unintentional catches and quotas, according to a 2019 study by the Paris-based Organization for Eco nomic Cooperation and Development.

Among the worst offend ers is China. Despite boasting the world’s larg est fishing fleet, with at least 3,000 industrial-sized vessels operating inter nationally, and tens of thousands closer to home, China has fewer than 100 observers. Electronic moni toring consists of just a few pilot programs.

NOTICE is hereby given that COLLINS 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.

NOTICELast year, China deployed just two scientists to monitor a few hundred vessels that spent months fishing for squid near the Galapagos Islands. At the same time, it has blocked a widely backed proposal at the South Pacific Regional Fisheries Management Organization to boost observer requirements

“If they want to do some thing they definitely can,” said Yong Chen, a fisher ies scientist whose lab at Stony Brook University in New York hosts regu lar exchanges with China. “It’s just a question of priorities.”

MARK HAGER, left, positions a camera with the help of Anthony Lucia, right, as captain Al Cottone watches the feed on a monitor from his boat, the Sabrina Maria, in Gloucester, Massachussets. Photo: David Goldman/AP

the Estate of Carl Eugene Stubbs, late of Vista Marina in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

SOUTHWEST AIRLINES BRINGS BACK DIVIDEND AS TRAVEL REBOUNDS

DALLAS Associated Press

SOUTHWEST Airlines said yesterday that it is bringing back dividends for shareholders, which it sus pended when the pandemic devastated the airline busi ness in early 2020.

Dallas-based Southwest said in a regulatory filing that it will pay a quarterly dividend of 18 cents per share on January 31.

The move comes as air travel rebounds and US airlines return to profitabil ity due to full planes and sharply higher fares than a year ago.

Southwest has posted the highest net income among US airlines in the first nine months of this year, report ing a $759m profit in that span.

The airline said the deci sion to restore the dividend reflected a strong return in demand for travel and the company’s financial results since March. Executives said the trend of strong bookings is likely to spill into 2023 despite consum ers facing high inflation and uncertainty about the economy.

“So far we are seeing no signs of a slowdown in travel demand,” Chief Financial Officer Tammy Romo said during a

Southwest meeting with analysts in New York. Her comment echoed a similar remark this week by United Airlines CEO Scott Kirby.

US airlines were barred from paying dividends or buying back their own stock until October, as a condi tion of taking $54 billion in federal pandemic aid. None of the largest airlines have

resumed share buybacks, which have drawn criticism from unions and congres sional Democrats.

“At some point it will be appropriate to talk about share repurchases, and that’s not today,” CEO Robert Jordan told analysts.

Southwest repeated its previous forecast that

of training more pilots. Southwest said in Wednes day’s filing that it expects to increase passenger-carrying

next year by up to 15%.

Southwest — along with rivals Delta, American and United — is negotiating new contracts with many labor groups, most nota bly pilots, the highest-paid work group. A pilot short age at smaller airlines is giving unions leverage to seek big raises. Last week Delta reached an “agree ment in principle” to raise pilot pay by a cumulative 34% over four years — a deal that could become the model for the other large airlines.

Southwest pilots pick eted outside the investor event to call for higher pay. Their union said in a state ment that the pilots were highlighting Southwest’s “deviation from its core values of taking care of its employees.”

Shares of Southwest Airlines Co. fell 4% in afternoon trading, and other US airlines also dropped.

fourth-quarter revenue will rise by up to 17% over the same period in 2019. Jordan said last week that Southwest is unable to

use 40 to 45 of its 700-plus airplanes because it doesn’t have enough pilots to fly them. The airline has been hiring, but is in the process

capacity

NEW YORK Associated Press

THE New York Times is bracing for a 24-hour walkout today by hundreds of journalists and other employees, in what would be the first strike of its kind at the newspaper in more than 40 years.

Newsroom employees and other members of The NewsGuild of New York say they are fed up with bargaining that has dragged on since their last contract

expired in March 2021.

The union announced last week that more than 1,100 employees would stage a 24-hour work stoppage starting at 12:01am today unless the two sides reach a contract deal.

Negotiations lasted for more than 12 hours into late Tuesday and contin ued Wednesday, but the sides remained far apart on issues including wage increases and remote-work policies.

“It’s looking very likely

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.

that we are walking on Thursday,” said Stacy Cowley, a finance reporter and union representative. “There is still a pretty wide gulf between us on both economic and a number of issues.”

It was unclear how the day’s coverage would be affected, but the strike’s supporters include mem bers of the fast-paced live-news desk, which covers breaking news for the digital paper. Employ ees are planning a rally for this afternoon outside the newspaper’s offices near Times Square.

New York Times spokes person Danielle Rhoades Ha told The Associated Press that the company has “solid plans in place” to continue producing con tent, that include relying on international reporters and other journalists who are not union members.

“While we are disap pointed that the NewsGuild is threatening to strike, we are prepared to ensure The Times continues to serve our readers without disrup tion,” Rhoades Ha said in separate statement.

In a note sent to Guildrepresented staff Tuesday night, Deputy Managing Editor Cliff Levy called the planned strike “puzzling” and “an unsettling moment in negotiations over a new contract.” He said it would be the first strike by the bar gaining unit since 1981 and “comes despite intensifying efforts by the company to make progress.”

But in a letter signed by more than 1,000 employ ees, the NewsGuild said management has been “dragging its feet” bargain ing for nearly two years and “time is running out to reach a fair contract” by the end of the year.

The NewsGuild also said the company told employ ees planning to strike they would not get paid for the duration of the walkout. Members were also asked to work extra hours get work done ahead of the strike, according to the union.

The New York Times has seen other, shorter walkouts in recent years, including a half-day protest in August by a new union represent ing technology workers who claimed unfair labour practices.

In one breakthrough that both sides called significant, the company backed off its proposal to replace the existing adjustable pension plan with an enhanced 401 (k) retirement plan. The Times offered instead to let

the union choose between the two. The company also agreed to expand fertility treatment benefits.

Levy said the company has also offered to raise wages by 5.5% upon rati fication of the contract, followed by 3% increases in 2023 and 2024. That would be an increase from the 2.2% annual increases in the expired contract.

Cowley said the union is seeing 10% pay raises at ratification, which she said

would make up for the pay raises not received over the past two years. She also said the union wants the contract to guar antee employees the option to work remotely some of the time, if their roles allow for it, but the company wants right to recall workers to the office full time. Cowley said the Times has required its staff to be in office three days a week but many have been showing up fewer days in an informal protest.

THE NEW York Times building.

SLUMP IN TECH STOCKS HELPS SEND WALL STREET TO ANOTHER LOSS

MORE weakness in tech stocks sent Wall Street mostly lower after another day of wobbly trading. The S&P 500 ended 0.2% lower Wednesday, its fifth straight loss. The Nasdaq, which is heavily weighted with tech companies, lost 0.5%. The Dow Jones Industrial Aver age ended just barely in the green. Treasury yields fell. Campbell Soup rose after reporting earnings and revenue that easily beat analysts’ forecasts. Carvana plunged as fears grew that the online car seller could file for bankruptcy. Crude oil prices fell again. More data on inflation and con sumer sentiment is due at the end of the week.

Every major index is on track for weekly losses.

Treasury yields fell sig nificantly. The yield on the 10-year Treasury slid to 3.43% from 3.53% late on

Tuesday. Investors have been deal ing with a relative lack of news ahead of updates on inflation and consumer sen timent later this week and the Federal Reserve’s meet ing next week.

China rolled back more of its strict COVID-19 rules that have hindered

that nation’s economy and added more uncertainty to global supply chains. Markets in Asia closed lower overnight and Euro pean markets mostly fell. US crude oil prices fell 3%.

Technology and com munication services stocks were the biggest weights on the benchmark S&P 500

index. Apple fell 1.3% and Google parent Alphabet was down 1.9%.

Health care stocks were among the few bright spots. Pfizer rose 1.3%.

Investors rewarded sev eral companies for solid earnings reports. Camp bell Soup rose 5.5% after reporting strong results.

Carvana plunged 41.4% after analysts at Wedbush Securities warned that the used vehicle chain’s bank ruptcy risk is rising. The company has lost 98% of its value since the beginning of the year.

Inflation, the Fed’s aggressive interest rate increases and recession worries remain the big concerns for Wall Street. Economic updates later this week could give investors more insight into inflation’s path ahead and how the Fed will continue fighting

high prices. The US will release data on weekly unemployment claims today. The jobs market has been a strong area of the otherwise slow ing economy and that has made it more difficult for the Fed to tame inflation.

The government will release a report on whole sale prices on Friday that will provide more details on how inflation is affecting businesses. The University of Michigan will release a December survey on con sumer sentiment on Friday.

The reports do not typi cally move markets but are receiving elevated attention as they are some of the final data dumps before the Fed meets next week.

The central bank is expected to raise interest rates by a half-percentage point at its meeting next week. It has raised its

benchmark rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. Wall Street expects the bench mark rate to reach a peak range of 5% to 5.25% by the middle of 2023.

Inflation has been easing and economists expect the upcoming data on whole sale and consumer prices to reflect that trend. The pace has been slow, though, and the Fed has been very clear about its intent to keep raising interest rates until it is sure that inflation is cooling. That has raised concerns that the central bank could hit the brakes too hard on the economy and cause a recession.

A growing number of analysts expect the US economy to slip into a recession in 2023, but are unsure of its potential severity and duration.

PUBLIC NOTICE

The Public is hereby advised that I, SHAKEGRA CHRISTANTI ROLLE of #4 Breamar Drive, Freeport, Grand Bahama, P.O. Box F-44093, intend to change my name to SHAKEGRA CHRISTANTI THOMPSONROLLE If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

ANAMUDI GROUP S.A. Company No. 1706870 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that ANAMUDI GROUP S.A. is in voluntary liquidation. The voluntary liquidation commenced on 2nd December 2022 and Querube C. De Nunez of Pasea Estate, Road Town, Tortola, British Virgin Islands been appointed as the Sole Liquidator.

Dated this 2nd day of December 2022 Sgd. Querube C. De Nunez Voluntary Liquidator

CHISTAR ENTERPRISES CORP.

Company No. 323168 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CHISTAR ENTERPRISES CORP. is in voluntary liquidation. The voluntary liquidation commenced on 6th December 2022 and Roland Waldvogel of Schützenweg 47, 8604 Volketswil, Switzerland been appointed as the Sole Liquidator.

Dated this 7th day of December 2022

Sgd. Roland Waldvogel

Voluntary Liquidator

WEDNESDAY, 7 DECEMBER 2022

CLOSECHANGE%CHANGEYTDYTD%

BISX ALL SHARE INDEX: 2627.600.190.01399.3617.92 BISX LISTED &

(242)323-2330 (242) 323-2320

52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 7.005.30 AML Foods Limited AML 6.95 6.950.00 0.2390.17029.12.45% 53.0040.02 APD Limited APD 39.95 39.950.00 500.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 2.462.31Bahamas First Holdings Limited BFH 2.46 2.460.00 0.1400.08017.63.25% 2.852.25Bank of Bahamas BOB 2.57 2.570.00 0.0700.000N/M0.00% 6.306.00Bahamas Property Fund BPF 6.20 6.300.10 5,0001.7600.000N/M0.00% 9.808.78Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.342.82Cable Bahamas CAB 3.95 3.950.00 -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 3.49 3.490.00 0.1840.12019.03.44% 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 2.90 2.950.05 0.1020.43428.914.71% 11.2810.05Doctor's Hospital DHS 10.50 10.500.00 0.4670.06022.50.57% 11.679.16Emera Incorporated EMAB 9.49 9.530.04 0.6460.32814.83.44% 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. S. Johnson JSJ 15.75 15.750.00 0.6310.61025.03.87%

PREFERENCE SHARES 1.001.00Bahamas First Holdings PreferenceBFHP 1.00 1.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 6 CAB6 1000.001000.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 9 CAB9 1000.001000.000.00 0.0000.0000.0000.00% 1.001.00Colina Holdings Class A CHLA 1.00 1.000.00 0.0000.0000.0006.25% 10.0010.00Fidelity Bank Bahamas Class A FBBA 10.0010.000.00 0.0000.0000.0007.00% 1.001.00Focol Class B FCLB 1.00 1.000.00 0.0000.0000.0006.50%

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 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: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 97.4996.72BGRS FX BGR109036

BSBGR109036897.1597.150.00 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 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

BSBGR1312499100.00100.000.00 100.9890.95BGRS FX BGR132249 BSBGR132249890.9590.950.00 100.0090.73BGRS FX BGR136150 BSBGR1361504100.00100.000.00

MATURITY 19-Oct-2022 20-Nov-2029

6.25% 30-Sep-2025

4.50% 6.25%

6.25% 4.50% 6.25% 4.25%

5.40%

5.55% 6.35% 4.31% 5.55%

5.65% 5.69%

MUTUAL FUNDS 52WK HI52WK LOW NAV YTD%12 MTH% 2.572.11 2.573.15%3.89% 4.873.30 4.843.60%5.49% 2.251.68 2.252.43%2.92% 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%

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

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

5.60% 15-Jul-2049

3-Oct-2036 15-Oct-2049

21-Apr-2050

31-Oct-2022 31-Oct-2022

15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 28-Oct-2022

31-Mar-2022

6.95% 4.50% 31-Mar-2022 31-Oct-2022

31-Oct-2022 31-Oct-2022

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

31-Jan-2022 31-Jan-2022

31-Mar-2021 31-Mar-2021

31-Mar-2021

INTENT TO CHANGE NAME BY DEED POLL