12092021 BUSINESS

business@tribunemedia.net

THURSDAY, DECEMBER 9, 2021

$5.40

$5.44

$5.45

Kanoo still paddling on health travel visa

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN digital payments provider that was earlier this year ensnared in health travel visa-related controversy yesterday said it has remained on the job despite the change in government.

Nicholas Rees, Kanoo’s chairman, told Tribune Business it is still facilitating the visa fee payments on the Ministry of Tourism’s behalf after the deputy prime minister yesterday said the Government had initiated contract “renegotiations with all of our partners involved” in the project.

Confirming that Kanoo’s services have been retained by the ministry on a “monthto-month” basis after its initial contract expired, he added that it was proceeding “without any hurdles” and

• Provider now month-to-month despite PLP-led controversy • DPM: All contracts in ‘renegotiation’ as visa ends for locals • Opposition: ‘Who will now authenticate COVID test results?’

NICHOLAS REES

CHESTER COOPER

“no hiccups” despite the preelection attacks mounted on it and the health travel visa by the then-Opposition.

The digital provider was embroiled in a political firestorm after it became caught-up in the Progressive Liberal Party’s (PLP) targeting of The Bahamas’ health travel visa, and many observers felt it would be among the first to see a reduction in government-related work as a result once the new administration took office.

However, Mr Rees told this newspaper: “As it stands right now, from a technical standpoint and as a service provider, I know they’d sent us previously a revised contract but everything remains as is. From our perspective, we’re happy to continue to provide the service to the Government.

SEE PAGE 8

‘Fraud convict’ concern over $20m COVID loan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NEITHER the Government nor the Inter-American Development Bank (IDB) knew a worker helping to execute a $20m COVIDrelated loan project had been convicted for fraud in the US. The BDO Bahamas accounting firm, in an October

28, 2021 report, uncovered the lack of personnel vetting in its audit of the cash receipts and disbursements for an IDB-funded project that aims to strengthen the public healthcare system’s resilience against the deadly COVID-19 virus that has claimed more than 700 Bahamian lives.

“On our independent check of the members of the project execution unit (PEU), it was

noted that a person under the PEU has a history of previous conviction for fraud in the United States,” BDO Bahamas revealed, “in which the management and the bank were not made aware of.”

The report, which did not identify the person concerned, also made no mention of any improprieties that were uncovered or missing funds. However, it raises

serious questions over the effectiveness of staff vetting procedures carried out both the Government and IDB, and whether they are consistently applied or initiated at all in an effort to safeguard taxpayer funds and ensure value for money.

Given that it was not a full audit, BDO Bahamas said

SEE PAGE 4

Grand Bahama trying ‘to keep the lights on’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama’s tourism industry is focused on “trying to keep the lights on” amid the protracted wait for a game changer that will revive the destination, a well-known hotelier said yesterday, Magnus Alnebeck, Pelican Bay’s general manager, told Tribune Business it will remain “really tough” for the island’s tourism businesses until the fate of ITM Group/Royal Caribbean’s bid to acquire the Grand Lucayan and redevelop Freeport Harbour is resolved.

“In Grand Bahama we have very little airlift and the tourists we have are few and far between,” he said. “There isn’t that much happening to drive demand for the destination. We get these people coming who we consider to be tourists, but when you ask them what made them come to Grand Bahama, they say: ‘Mr grandmother or aunt has a house here, and I want to stay in a hotel rather than with them.

“It’s tourists who come for a particular reason.

Let’s put it this way. It is really tough here. Until something happens that starts to drive demand for

SEE PAGE 5

West End resort slowly regains COVID losses

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A GRAND Bahama resort is rebounding slowly from COVID-19’s devastation with occupancy rates - despite tripling from 2020 levels - still standing at just under 18 percent for the year.

Old Bahama Bay unit owners have been informed that occupancy rates still lag the 21.93 percent achieved in 2018, with linear feet sold in the property’s marina also recovering from last year’s pandemic-induced low but remaining below pre-COVID levels.

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, told members in a recent update: “Resort operations have increased in 2021; not just to a normal activity, but have come back strong in our summer season months.

“Employees are working on full-time/part-time basis to make sure we are taking care of our guests how they all have been used to.

After Labour [Day] when the season drops off, hours

SEE PAGE 5

$5.44

Cruise port profitability matches ‘lock up’ end • Investors must wait three years to redeem, one to sell • $25m IPO in ‘overwhelming’ response; to be fully taken • Adviser predicts up to $10m subscribed for on first day

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port is forecasting that it will start generating profits by 2024 - a timeline that coincides with the end of a three-year “lock-up” for investors in its 49 percent local shareholder.

The Bahamas Investment Fund’s (BIF) investment memorandum, released to potential investors yesterday with the $25m initial public offering’s (IPO) launch, discloses that there are two so-called “lock-up” periods during which persons will not be able to redeem and/or dispose of their shares in the cruise port equity owner.

For one year, until December 31, 2022, investors who buy into the Bahamas Investment Fund’s IPO “will not be able to transfer, sell, pledge, grant any option to purchase or otherwise dispose of” their shares in the pooled investment vehicle.

And, for a three-year period lasting until December 31, 2024, investors “will not be able to redeem any shares in the” Bahamas Investment Fund. The restrictions further affirm comments by Michael Maura, Nassau Cruise Port’s chief executive, that the IPO is “not for someone looking to make a quick buck”.

Anthony Ferguson, president of CFAL, the cruise port’s financial advisers, said the threeyear “redemption lock-up’s” end was designed to coincide with when the Bahamas Investment Fund expects to receive its first dividend

SEE PAGE 4

PAGE 2, Thursday, December 9, 2021

INVESTMENT BANKER JOINS CROWDFUNDING PLATFORM A VETERAN investment banker has joined the advisory board of a Bahamian crowdfunding platform as its chief economic officer.

ArawakX, in a statement, said Dick Kazarian has 25-plus years of experience as a quantitative specialist at Lehman Brothers, JP Morgan and other smaller specialty finance firms. His primary focus on the advisory board will be new product development.

“Dick brings a wealth of experience in the financial markets, as well as an extensive network of Wall Street, academic, regulatory and think tank contacts,” said ArawakX chief technology officer, D’Arcy Rahming Jr. “We are pleased that he has agreed to formally join our advisory board, and will be a key team player.”

“The Bahamas is perfectly poised to become a leading nearshore centre operating between the US and the Caribbean and Latin America,” said Mr Kazarian. “I am excited to help develop the markets, products and financial services through ArawakX.” ArawakX currently facilitates crowdfunding for start-ups and high growth companies seeking to raise between $500,000 and $5m.

“We are competing with the rest of the world

DICK KAZARIAN for raising capital. Our unique edge is the talent in our people, our technology, our license, our investment network ecosystem and our ability to innovate,” added Mr Rahming. ArawakX has already launched three companies, and had one successful raise of about $2m. It said another 200 companies are also seeking funding.

More than 6,000 persons have registered on ArawakX’s platform, with about 2,000 pledging for stocks. ArawakX yesterday said it ultimately intends to become a public company through offering its shares to investors in an initial public offering (IPO). “With a major talent like Dick Kazarian we think we are well on the way to becoming a major international player,” said Mr Rahming.

THE TRIBUNE

Deltec urges Fintech focus for Bahamas SENIOR Deltec International Group (DIG) executives earlier this week met with Prime Minister Philip Davis to confirm they will play their part in growing Bahamian financial services.

Representing Deltec were its chairman, Jean Chalopin, and Odetta Morton, chief executive of its subsidiary, Deltec Bank and Trust. Mr Chalopin affirmed Deltec’s commitment to working with the Government in growing the financial services industry, emphasising the importance of keeping the country’s product offering diverse and innovative.

He also encouraged the Government to continue enhancing the ease of doing business. Mrs Morton, meanwhile, said there was a need for ongoing dialogue to move the financial services industry forward.

L to R: Jean Chalopin, Deltec International Group (DIG) chairman; Philip Davis, prime minister; and Odetta Morton, chief executive of Deltec Bank and Trust.

“It is essential that the private sector works in conjunction with the Government to grow the industry and deliver economic success to our people. Deltec has been in The Bahamas for over 70

years, and we are committed to keeping the country’s financial services industry competitive and deliver exceptional products and services to global clientele,” said Mrs Morton.

She added that legislation such as the Digital Assets

SUMMIT ORGANISER HAILS ‘MOST CHALLENGING’ EVENT A CONFERENCE organiser says the fifth edition of his annual summit was “the most challenging yet most rewarding” to-date.

Hubert Edwards, founder of Hubert Edwards Global (HEG), said the two-day Success Summit, held under the theme, Success keys to transform your world, was worth “every single moment of discomfort” In a statement issued after the conference ended, he added: “Last year I stated that this was the most challenging yet most rewarding summit to date.

And I will simply repeat that statement.

“Challenges with adjusting to the new environment, working to improve on last year, executing with a very small team, really tested our commitment and resolve. It was very challenging but, looking at the results, every single moment of discomfort was worth it.”

Success Summit 2021 featured speakers and hosts from The Bahamas, Canada, Nigeria, US and Jamaica. The inaugural Youth Day, presented in collaboration with I Rise, and the main Summit Day reached over 600 participants via Zoom and hundreds other through streaming

on various social media platforms.

Pastor Dave Burrows, senior pastor at Bahamas Faith Ministries, and founder of I Rise, said: “The Success Summit is a valuable tool designed to inspire the best in each of us for personal and professional development.

“This year’s Summit exceeded my expectations with the quality and variety of presentations.

I, like many others, was truly inspired and motivated to continue my pursuit of purpose and excellence.”

Former senator and Success advocate, Cheryl Bazard, added: “The world over has found itself humbled and wearied owing to things entirely out of its control. Success Summit 2021 reminded us that the ability to look up and climb still exists, while offering powerful keys to get there.”

Besides the Dr Myles Munroe Memorial Leadership Excellence Award, conference organisers - with the support of Julius Garvey, son or Marcus Garvey, added a new award called the Marcus Garvey/Dr Robert Love Memorial Leadership Excellence Award for Bahamians and residents.

and Registered Exchanges Act 2020 (DARE Act) attracts innovators and entrepreneurs within the technology industry.

“There is significance in promoting The Bahamas’ efforts to become the hub for financial technology (Fintech), regulatory technology (Regtech), blockchain technology and digital assets,” she said. “We believe that it is important that we share innovative ideas with policymakers if we are to position the financial services industry for growth.”

Mrs Morton and other Deltec executives have met with the Prime Minister; Senator Ryan Pinder, the attorney general; and Senator Michael Halkitis, minister of economic affairs, since the new administration took office in September.

Tanya McCartney, Ivylyn Cassar, Keith L. Major Snr and Dave Burrows received the Dr Myles Munroe award, while Clement Foster and Patrick Hanlan received the inaugural Garvey/Love award. “Each of our awardees, in their own way, has demonstrated exemplary commitment to their own personal development and leadership and, importantly, that of others around them,” said Mr Edwards.

“They are all deserving of this recognition, and we are proud and humbled to have been able to do so. Further, as recipients, they evidence the continued great care we take to set a high standard for these awards and to maintain the integrity thereof.” Previous honorees include Barry Rassin; Ricardo P. Deveaux; Anthony J. Longley; Felix Stubbs; Joan Albury; and Mario Moxey.

Next year’s Success Summit will be held on December 2-3. “The planning has already started for Success Summit 6,” Mr Edwards said. “We will spend time to secure broad feedback, suggestions, insights and ideas and strategies to take the next one to a higher level for greater impact.

“Our vision is to create ‘the signature’ personal development and leadership event within the region. While we may still have some ways to go in this regard, the goal remains immutable and our commitment to achieve it firm.

L to R: Ricardo Deveaux, trustee; Clement Foster; Hubert Edwards; Patrick Hanlan; Joan Albury, trustee.

THE TRIBUNE

Thursday, December 9, 2021, PAGE 3

PM PLEDGES FULL SUPPORT FOR ‘LEAPFROG’ ON FINTECH

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Prime Minister yesterday pledged the Government’s full backing for efforts to help The Bahamas “leapfrog” into the digital assets space.

Philip Davis QC, speaking at the Future of Caribbean Money Conference, said his administration is committed to putting in place the necessary laws to make the jurisdiction more attractive for

cryptocurrency and blockchain technology.

He said: “We still have a long way to go to develop a digital ecosystem that will provide the kinds of products and services our people long for. But we can make a start, and the arrival of digitally-based money here in the Caribbean, I believe, has the potential to help us leapfrog into that future.”

The Bahamas has already launched the world’s first Central Bank-backed digital currency, the Sand Dollar, which is now in the process of being integrated with the clearing banks so that it can become

PHILIP DAVIS QC interchangeable with fiat currency in customer bank accounts.

And this nation has also passed the Digital Assets

and Registered Exchanges (DARE) Act, which allows for digital assets and exchanges to be regulated in The Bahamas. This helped attract to one of the world’s top cryptocurrency exchanges, FTX Trading, to establish a subsidiary in this country.

Building on this framework, Mr Davis said he is looking for more “inclusion” by bringing more “unbanked” and “unbankable” Bahamians into the formal financial system via the use of digital currency. He added: “The future where digital money lessens reliance on, or fills

the gaps, left by foreign banking partners, or fills both immediate and future needs, this has to be a good thing.

“We will invest in education to produce the necessary intellectual capital to produce high-quality digital products and services. We intend to expand the development and use of artificial intelligence. We will incentivise the Bahamian or iGaming industry to compete globally.

“We will ensure access to devices and data within centralised community centres.

We will provide a worldclass optimal environment

for cryptocurrencies and blockchain technology.

We will establish a hightechnology zone, where Bahamian technology experts partner with foreign entities to produce global technical solutions,” the Prime Minister continued.

“Along with the arrival of the Internet, it is not an overstatement to say that the Caribbean region based on the digital economy, in turn facilitated by digital money, might just be the most disruptive thing that many of us have experienced in our lifetimes.”

‘GETTING OVER THE HUMP OF BECOMING RICH QUICK’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A NEW co-working space for digital entrepreneurs is launching months ahead of schedule at the former Luciano’s restaurant on East Bay Street, its chief executive said yesterday.

Dr Jillian Bethel, Crypto Isle’s principal, told Tribune Business: “We’ve been putting together this project for a while, looking to do things for Bahamians in the blockchain and cryptocurrency and generally tech space. And we are kind of ready to launch a couple months before we thought we would be.”

It is offering “a connect, learn and earn space”, Dr Bethel added. “This is a

co-working space that’s built on top of all the problems that we had operating our crypto business prior to this one, and that was with Island Bit. But you know, there’s a lot to do,” she said.

Island Bit was a platform designed to link cryptocurrencies to cryptocurrency ATMs, but the venture never took off the way it was envisioned. Learning from that failure, Dr Bethel added: “There’s a lot in crypto where you have to know how to build businesses. You have to figure out the tech, figure out where to get talent to work on your team, figure out where to get funding.

“And what we’re doing here is building a place that’s a one-stop shop for people to come in, work, find their team, learn about

and these are the kinds of things that we are testing now before we really, really launch what we need to do.”

Dr Bethel added: “One of the other challenges actually has to do with the demand of the market. We find that a lot of people want to understand crypto, but they want to get in and

NAME NAME cryptocurrency, build their business and get the funding that their business may need in a longer term.”

This cryptocurrency incubator will deal with such “challenges” head on. “When it comes to the infrastructural tech, there’s

BILL WILL PLACE MARITIME SECTOR ON ‘CUTTING EDGE’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said the upgraded Merchant Shipping Bill will enable The Bahamas to better fulfill its international obligations in a maritime sector vital to the country’s economy.

Jobeth Coleby-Davis, minister for housing and transportation, in leading off House of Assembly debate on the Bill, said: “The new Merchant Shipping Bill seeks to continue to provide for the registration of Bahamian ships with proprietary interest, the training certification and watch-keeping related to seafarers, the conditions of employment of seafarers and the health and well-being of seafarers on board a ship, the prevention of collisions or the safety of navigation, the safety of cargoes, including transhipment activities, the prevention of pollution, maritime safety and security, the liability of ship owners and investigations into marine casualties.”

The last major overhaul to the Merchant Shipping Act took place in 1999, and the latest reforms were described as critical to maintaining The Bahamas’ maritime industry standing given its 1,500-strong ship registry that has contributed more than $100m in fees to the Public Treasury over its lifetime.

The Bill’s “objects and reasons” section said the changes will enable The Bahamas to more easily incorporate international shipping conventions and codes, such as those passed by the International Maritime Organisation (IMO) and International Labour Organisation (ILO), into its own laws, thereby providing a better mechanism by which to fulfill international obligations.

“This new modern, cutting-edge Bill will modernise merchant shipping and stimulate creative thinking and technological innovation,” the Bill said.

“This Bill retains the fundamental provisions of the 1976 Act, and consolidates the 1989 Act.

JOBETH COLEBY-DAVIS “Further, it introduces new provisions which aim to give effect to the international maritime conventions or instruments.

Some of these instruments are: the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW Convention), the Safety of Life At Sea Convention (SOLAS) and the Maritime Labour Convention (MLC).”

Mrs Coleby-Davis added: “The Bill retains and updates the requirements for the regulation and development of merchant shipping and related

services. The provisions of the Limitation of Liability Act will be incorporated into this new Bill. Accordingly, the new Bill will bring together Acts of Parliament in a single, comprehensive Act, which embraces the subject matter of the enactment.”

“The process of formal adoption of an international convention requires the affected country to have in place the legislative mechanisms to incorporate relevant provisions into its law prior to, or simultaneously with, the presenting of its instruments of ratification or accession to the IMO or the ILO as appropriate for the Bahamas.”

For the Bahamas to stay ahead of global maritime industry developments, Mrs Coleby-Davis said the relevant Acts need to be continually updated. She said: “This Bill will provide a more dynamic and efficient legislative process to efficiently regulate and avoid unnecessary delays, which will ultimately contribute to the growth and development of the merchant shipping industry in The Bahamas.”

a lot that we need here,” Dr Bethel said. “Fortunately, we have a lot of people who are interested in partnering with us to make sure that those things really happen.

“We need to take care of the Internet here. We need to explore these things,

get rich quick or something like that.

“So this, this place, gets people over the hump of getting out of this ‘get rich quick’, and then really understanding what crypto was....to kind of get rich, right. So that’s what Crypto Isle is.”

THE BAHAMAS CYCLES COMPANY Will hold its Annual General Meeting on Thursday, 16th December at 5pm at the Magnoia Building on the corner of Bay Street and Elizabeth Avenue.

PAGE 4, Thursday, December 9, 2021

THE TRIBUNE

CRUISE PORT PROFITABILITY MATCHES ‘LOCK UP’ END FROM PAGE ONE from Nassau Cruise Port in 2025.

This, in turn, would give the BIF the necessary liquidity to redeem shares from investors who want to exit their investment, while also coinciding with Nassau Cruise Port’s first full year of post-construction operations and projected first year of profitability.

However, once in, no investor will be able to exit for a whole year. And those seeking to “redeem”, rather than sell their BIF shares to another investor, will be unable to get out for three years. Still, Mr Ferguson told Tribune Business that the BIF IPO appeared on course to raise up to $10m, or 40 percent of the total

capital sought, within its first day.

“We expect this to be a very successful offering based on the demand we’ve seen so far,” he said.

“Overwhelming is perhaps the best way to put it. We expect to have more than one-third at the end of the day, possibly over $10m. We fully expect to be oversubscribed.”

He added that the Bahamas Investment Fund’s website saw its bandwidth doubled twice yesterday to enable it to cope with the level of inquiries and demand from investors, after the site crashed in the morning.

The BIF offering memorandum forecasts that the Nassau Cruise Port, in which it will hold a 49 percent equity ownership

stake on behalf of its Bahamian investors, will suffer a $10.1m net loss for the 12 months to year-end 2021 due to a combination of the cruise industry’s COVID shutdown - which only lifted in July - and the ongoing interest and other construction-related costs.

These losses are projected to decline to $2.4m and $4.9m in 2022 and 2023, respectively, before the Prince George Wharf operator makes it into ‘the black’ in 2024 with a $100,000 forecast net profit.

Net income is then projected to rise steadily to $3.4m in 2025, with further increases to $6.9m and $10.7m in 2026 and 2027, respectively. Over that time period, top-line revenues - earned largely from user fees paid by cruise

passengers on ships that dock at Nassau Cruise Port, are forecast to rise from $45m in 2024 to $52.9m in 2026 and $57.4m in 2027.

And operating income, or earnings before interest, taxation, depreciation and amortisation (EBITDA) are projected to grow from $27.9m with a 62 percent margin in 2024 to $38.5m and a 67.1 percent margin in 2027.

Mr Maura yesterday said Nassau Cruise Port derives “90 percent-plus of our income” from the $8.50 per head passenger facility fee.

He revealed that the fee is “based on the manifest”, meaning that all passengers must pay regardless of whether they disembark the vessel, and that the cruise port has “the discretion” to increase it in line with

inflation as measured by the US consumer price index.

With the investment required to transform Prince George Wharf into “a best in class cruise port” and waterfront destination having increased to $303m, as opposed to the initially projected $250m, Mr Maura said the project was driven by the need to enhance a key Bahamian tourism gateway and the industry’s surrounding product.

“A lot of it is on the back of decades of tourist reports and Bahamian comment that downtown has lost its lustre, its magic, and is growing old,” he asserted.

“This project is as much about that as anything.”

However, there is no guarantee that the Bahamas Investment Fund will list its shares on the Bahamas

‘FRAUD CONVICT’ CONCERN OVER $20M COVID LOAN FROM PAGE ONE

it “considered this matter as a reportable condition for the lack of background investigation on personnel but not a material weakness”.

It defined “reportable condition” as a “significant deficiency” in internal controls that could endanger the project’s successful outcome. The PEU is a unit within the Ministry of Health.

The report, which was signed-off by Colin Higgs, the Ministry of Health and Wellness’ permanent secretary, and Lindon Nairn, the $20m loan project manager, revealed that the $8m received from the IDB between March 17, 2021, and end-June this year had already been spent.

The funds, which were initially placed in an account at the Central Bank of The Bahamas, were used to purchase COVID-related supplies, medicines and personal protective equipment

(PPE) through the COVAX facility while also better equipping healthcare units.

Another $2m was advanced by the IDB on September 1, 2021, with “contracts for individual consultants of the PEU) signed on September 15 one day before the general election and made retroactive to September 6. Some $1.39m was also used to finance the purchase of 57,330 Pfizer vaccine doses.

However, the $20m COVID loan was not the only IDB-funded project that BDO Bahamas voiced concern about as a result of its audit findings. Reporting on the $25m credit facility being made available to support micro, small and medium-sized enterprises (MSMEs) over a five-year period, the accounting firm said it had uncovered weaknesses in how these monies were being handled.

“The unutilised funds of the programme are invested in an investment management account with

CFAL (the former Colina Financial Advisors) and the remainder is maintained in a Royal Bank of Canada (RBC) bank account,” BDO Bahamas said.

“The RBC account is under the name of the executing agency (the Small Business Development Centre) and is restricted to being utilised solely for the programme. In disbursing the expenses, however, we have noticed that payments are being made through a separate bank account of the [SBDC] and will then be reimbursed by the RBC bank account.

“The above approach defeats the purpose of maintaining a separate bank account for operating the programme as it is not being utilised upon actual payment of expenses. Consequently, expenses were not recorded in the period of actual payment but only until reimbursed.”

The $25m is supposed to be distributed by the SBDC via five equal $5m annual

installments. Some $22m is provide “partial guarantees to financial institutions” to entice them to lend to MSMEs, while the $3m balance is to provide “institutional strengthening” to the SBDC. Some $2.604m was transferred by the IDB to the SBDC’s RBC account on December 17, 2020.

And, on April 20, 2021, a $1.996m sum was transferred to CFAL to establish an investment management account that was to support $1.439m in guarantees issued on behalf of MSMEs to financial institutions in return for credit.

Those companies are Alvernia Business Consultants; Drive Green Car Rentals; The Cookie Caterer; Dynasty Café; Rip Tyd Bahamian Craft Beer; Kevco Printing; Discount Distributors; More Play Entertainment; Fowlco Ltd; Le Pavillion Boost Educational Services; Pampered By Promise; and Strawd Paper Straws.

Another $1.5m was received by the SBDC on July 29, 2021, for “investment purposes”. And, of the $2.683m received from the IDB on October 4, 2021, some $2.142m went into CFAL’s investment management account.

Meanwhile, the $30m initiative to enhance the Government’s digital transformation and enhance The Bahamas’ overall competitiveness, did not escape BDO Bahamas’ scrutiny either.

“The loan drawdowns for the programme are received in an account at the Central

International Securities Exchange (BISX), which could be a key requirement for those investors seeking greater transparency, liquidity and price certainty.

“The shares are not listed on BISX. In the future, the fund may list the shares on BISX,” the offering memorandum said Nassau Cruise Port will also pay the offering expenses, estimated at 1.5 percent of total subscriptions. The BIF’s first audited financial statements will be issued for the year ending on March 31, 2023.

CFAL is acting as investment manager, placement agent, sponsor and administrator for BIF, while CFAL Securities will be the investment fund’s custodian Bank of The Bahamas from the IDB,” the accounting firm found. “Once funds have been cleared, the Ministry of Finance submits a request to the Central Bank of The Bahamas to transfer the funds from the account to the Government’s Consolidated Fund, where all payments related to the programme are then disbursed.

“There is no specific bank account restricted for programme disbursements. It shows that the programme management does not have direct control and custody of the account balance. We are also unable to confirm the balance as at June 30, 2021. As a result, a qualified audit opinion was issued.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

THE TRIBUNE

Thursday, December 9, 2021, PAGE 5

GRAND BAHAMA TRYING ‘TO KEEP THE LIGHTS ON’

FROM PAGE ONE the destination, there’s very little that’s going to happen.

I see very little going on with the Grand Lucayan, and until that situation is resolved it’s going to be to try and keep the lights on.”

Pelican Bay has traditionally fared better due to its corporate market, featuring business travellers and persons on work permits at the likes of the Grand Bahama Shipyard. However, Mr

Alnebeck said this segment was difficult to forecast.

“It’s a lot of peaks and valleys,” he explained. “It’s not an easy business to forecast. Some businesses need a lot of rooms some weeks, and the next week need no rooms. That’s often with very little notice.”

And, with many expatriate workers set to head back to their home countries for Christmas, the Pelican Bay chief said the resort will be “happy” with a 15 percent average

occupancy rate over the 10-day Christmas/New Year period.

“We’ve had two Christmases after Dorian, and the first Christmas in 2019 was really, really slow; one of the slowest ever here when people associated with the Dorian clean-up and rebuilding left to go home for Christmas,” Mr Alnebeck recalled.

“Last year was extremely slow as well. This year, basically from next week, will be very slow at Pelican Bay

but that is kind of what we expect...... For the Christmas and New Year period, if we hit 15 percent occupancy we will be extremely happy. We’ll be happy if we hit that over those ten days.”

However, he added that Grand Bahama International Airport’s passenger experience had improved significantly since being acquired by the Government from Hutchison Whampoa. “We have a better airport now than

we’ve had for the last five years,” Mr Alnebeck said.

“You can now get a bottle of water and sandwich after you go through security.

For years you were not able to get that. There’s been an improvement in the product, no question about that.

It will be nice to have preclearance back and more flights back. Then we will have a problem because of space in the temporary terminal, but that’s a good problem to have.”

WEST END RESORT SLOWLY REGAINS COVID LOSSES FROM PAGE ONE are reduced and reigned in. Total revenue year-todate as of end-September is at $1.222m compared to our last year of fully functioning operations, which would be 2018, when we ended with $1.67m.

“It must be noted 2021 did not get started until April when the Bahamian government finally relaxed restrictions, which made the first quarter dismal,

but we do hope to have a good holiday season in addition to the added revenue the Old Bahama Bay Charity Cup will bring in. Occupancy is up from 5.03 percent in 2020 to 17.96 percent in 2021. 2018 showed an occupancy rate of 21.93 percent.”

As for the marina, IVRC said: “Marina activity has increased, in large part due to room bookings having come back since April 2021. In 2018 we had

occupancy linear feet sold of 29.19 percent, reaching a low of 6.65 percent during the height of the pandemic in 2020 and now back up to 23.34 percent.

“Total current revenue as of end-September is $832,521, while having $1.39m in 2018 and $218,792 in 2020. All of the fuel tanks have been sand blasted, cleaned and painted. New electronic pumps have been installed with back up pumps for

INSTAGRAM HEAD FACES SENATORS AMID ANGER OVER POSSIBLE HARMS

By MARCY GORDON AND BARBARA ORTUTAY AP Business Writers WASHINGTON (AP) — The head of Instagram on Wednesday met with deep skepticism on Capitol Hill over new measures the social media platform is adopting to protect young users.

Adam Mosseri appeared before a Senate panel and faced off with lawmakers angry over revelations of how the photo-sharing platform can harm some young users. Senators are also demanding the company commit to making changes and increase its transparancy.

Sen. Richard Blumenthal, D-Conn., who heads the Senate Commerce subcommittee on consumer protection, dismissed as "a public relations tactic" some safety measures announced by the popular photo-sharing platform.

"I believe that the time for self-policing and self-regulation is over," Blumenthal said. "Selfpolicing depends on trust.

Trust is over."

Under sharp questioning by senators of both parties, Mosseri defended the company's conduct and the efficacy of its new safety measures. He challenged the assertion that Instagram has been shown by research to be addictive for young people. Instagram, which along with Facebook is part of Meta Platforms Inc., has an estimated 1 billion users of all ages.

On Tuesday, Instagram introduced a previously announced feature that urges teenagers to take breaks from the platform. The company also

announced other tools, including parental controls due to come out early next year, that it says are aimed at protecting young users from harmful content.

Senators of both parties were united in condemnation of the social network giant and Instagram, the photo-sharing juggernaut valued at some $100 billion that Facebook acquired for $1 billion in 2012.

The hearing grew more confrontational and emotionally charged as it went on.

"Sir, I have to tell you, you did sound callous," Sen. Marsha Blackburn of Tennessee, the panel's senior Republican, told Mosseri near the end of the hearing.

Senators repeatedly tried to win commitments from Mosseri for Instagram to provide full results of its internal research and its computer formulas for ranking content to independent monitors and Congress. They also tried to enlist his support for legislation that would curb the ways in which Big Tech deploys social media geared toward young people.

Mosseri responded mostly with general endorsements of openness and accountability, insisting that Instagram is an industry leader in transparency.

The issue is becoming increasingly urgent. An alarming advisory issued Tuesday by U.S. Surgeon General Vivek Murthy warned about a mental health crisis among children and young adults that has been worsened by the coronavirus pandemic.

He said tech companies must design social media platforms that strengthen,

Sales & Full Service Department

T: 322-2188/9

456-7423

geoffjones242.com

rather than harm, young people's mental health.

Meta, which is based in Menlo Park, California, has been roiled by public and political outrage over the disclosures by former Facebook employee Frances Haugen. She has made the case before lawmakers in the U.S., Britain and Europe that that the company's systems amplify online hate and extremism and that the company elevates profits over the safety of users.

Haugen, a data scientist who had worked in Facebook's civic integrity unit, buttressed her assertions with a trove of internal company documents she secretly copied and provided to federal securities regulators and Congress.

The Senate panel has examined Facebook's use of information from its own researchers that could indicate potential harm for some of its young users, especially girls, while it publicly downplayed the negative impacts. For some Instagram-devoted teens, peer pressure generated by the visually focused app led to mental-health and body-image problems, and in some cases, eating disorders and suicidal thoughts, the research detailed in the Facebook documents showed.

The revelations in a report by The Wall Street Journal, based on the documents leaked by Haugen, set off a wave of recriminations from lawmakers, critics of Big Tech, childdevelopment experts and parents.

"As head of Instagram, I am especially focused on the safety of the youngest people who use our services," Mosseri testified.

redundancy. All bills with the local petrol company have been brought current and in good standing......

“The marina is being worked on to fix certain docks back to par as well as fixing electrical issues caused over time and by storms. The West Wall dock (fuel dock area) is currently receiving extensive structural repairs due to age-related lower support board failure and sea wall shifting. Various other

docks were lifted and new supports are being installed, again due to age.”

And, when it came to marketing, IVRC told members: “We continue to provide live streaming of the resort through our YouTube channel as well as making collaboration videos with other popular YouTube channels. We will begin to do e-mail surveys all of guests to make sure we have adequate data and metrics.

Mr Alnebeck said Pelican Bay, which has 80 staff, has brought back all workers who want to return.

He bemoaned, though, the difficulty in finding good quality staff given that many have left Grand Bahama in search of work elsewhere. “People that are driven and want to do better have already left,” he said. “It’s difficult to find good staff.”

“As of now on our YouTube channels we have roughly 60m views combined with all of the videos we have made, and most recently had another released on November 14.

Our social media pages continue to increase in popularity and interaction.

“Our Website remains our best outreach to clients.

The new look and design has truly help boost our numbers. So far we have 132,000 page hits, 58,000 sessions, with a 27.65 percent conversion rate and a very small bounce back rate of 18.98 percent.”

ADAM MOSSERI, the head of Instagram, testifies before the Senate Commerce, Science, and Transportation Subcommittee on Consumer Protection, Product Safety, and Data Security hearing on Capitol Hill in Washington Wednesday Dec. 8, 2021.

Photo:Jose Luis Magana/AP

PAGE 8, Thursday, December 9, 2021

THE TRIBUNE

KANOO STILL PADDLING ON HEALTH TRAVEL VISA FROM PAGE ONE “To-date, everything continues without any hitches.

No hiccups. Everything is smooth from our end. Our agreement with the ministry, they’ve handled everything perfectly. They are doing their due diligence, which is expected and what they should do. There’s nothing untoward, nothing to hide, and we continue to provide the service.”

Mr Rees said himself and his fellow Kanoo partners were hoping that the cooled political temperature in The Bahamas following the September 16 general election, and new administration taking office, will take an unwanted spotlight off the company’s business.

“We’re hopeful we can step out of the political fray completely, and continue to do business as young entrepreneurs,” he disclosed.

“They’d [the Ministry of Tourism] sent us a monthto-month contract because our previous contract had expired, and they renewed it on a month-to-month while they evaluate it and make a determination on the way forward.

“From a technical standpoint, everything’s the same.

It was all really blown out of proportion, our involvement. We’re hoping it’s time for the truth to come out.

Our position remains the same. We serve The Bahamas and its people, and support our government.”

Kanoo facilitates the health travel visa fee payments on the Ministry of Tourism’s behalf, and questions surrounding the fees it was earning and why the money was not being deposited in the Government’s consolidated fund emerged in the run-up to the September general election.

The allegations then expanded to political favouritism and nepotism amid claims that Dr Nigel Lewis, the FNM’s national campaign co-ordinator, was a Kanoo director and that the company had won multiple other government contracts.

Mr Rees, refuting these claims, produced Kanoo’s annual returns filed with the Registrar General’s Department to show that Dr Lewis is not a director. He holds less than a 1 percent equity stake in the company, which was given as a reward for putting himself and his fellow Bahamian entrepreneurs in touch with their Atlanta-based technology partner some five years ago.

The Kanoo chief spoke out after Chester Cooper, deputy prime minister, and minister of tourism, investments and aviation, said the Government’s review of all health travel visarelated contracts was now complete.

“Our administration promised a review of all of the contracts associated with The Bahamas’

NAME NAME health travel visa. I am pleased to report that that review has been done and renegotiations are underway with all of our partners,” he told the House of Assembly.

Tribune Business understands, though, that some providers have already changed following the September 16 general election.

In particular, the insurance provider responsible for underwriting all medical treatment and evacuation costs for tourists stricken with COVID-19, has switched from Coralisle Group’s Atlantic Medical to Colina Insurance Company.

Mr Cooper, meanwhile, confirmed the contract negotiations while announcing that the Davis administration will this Monday fulfill another campaign promise by abolishing the need for Bahamians and residents to fill out a health travel and subsequently have it - and their COVID tests - vetted and approved

by Ministry of Tourism staff so they can return to their home.

“Members would recall that the Progressive Liberal Party never felt this Bahamas health travel visa should apply to Bahamian citizens and permanent residents who call The Bahamas home,” the deputy prime minister said.

“It was both a financial and regulatory burden on Bahamians and we vowed to stop it.

“Shortly after we came to office, we assessed the programme and eliminated the fees for Bahamian citizens and residents, and eliminated the visa altogether for inter-island travel. The fees were left in place for visitors.

“After assessing the programme we are pleased to announce that as of Monday, December 13, 2021, Bahamians and residents will no longer be required to obtain a health travel visa to enter their beautiful home,” Mr Cooper added.

The PLP promised to end the travel health visa for Bahamians and residents unfairly implemented by the previous administration and we are doing just that. So promised, so delivered...We emphasise that the health travel visa will remain in place for tourists for the foreseeable future.

“We believe that this provides a level of protection

for the health and safety of all in The Bahamas by vetting the authenticity of documents by the Bahamas health travel visa programme well in advance of travel.”

Eliminating payment of the health travel visa fee by Bahamians and residents should result in reduced fee income as there are fewer persons paying it. However, the Davis administration’s supplementary Budget revenue estimates of $40m in revenue for 2021-2022, and a further $23.32m in 2022-2023, are unchanged from its predecessor’s May Budget.

And expenses related to the health travel visa are also unchanged, remaining at $37m for 2021-2022 and $17m for 2022-2023, respectively.

Meanwhile, Mr Cooper confirmed that COVID testing requirements remain in place for all travellers, with the unvaccinated required to produce a negative RT-PCR test, and the vaccinated a rapid antigen test, taken within five days of arrival.

This prompted Kwasi Thompson, the east Grand Bahama MP, to question how the Government will be able to vet and authenticate the COVID tests provided by Bahamians and residents now the health travel visa requirement is being removed. Mr Cooper, in reply, said all airlines

required passengers to present a negative test.

The former Minnis administration saw the health travel visa and related documents as an effective tool to verify that all incoming travellers had taken the correct COVID test, within the mandated timeframe, and that the results were obtained from an accredited clinic or laboratory overseas. Now this safeguard is being removed.

“Let me put it this way,” Mr Thompson told Tribune Business. “What I would say is we obviously support any changes that will assist residents. However, it must also keep them safe. We are obviously concerned about the new variant and also the increase in cases in the US.” Pointing out that the health travel visa provides a mechanism to “verify the authenticity” of COVID tests, he added: “Our main question and concern would be what is the mechanism that is going to be put in place to verify the COVID19 tests.

“That is what the person who managed the health travel visa does. They would look at the tests and verify them. This puts the onus on someone else. What we would like to know, and the question that has to be answered, is what is the new verification process that will be put in place to ensure someone checks the authenticity of the tests.”

THE TRIBUNE

Thursday, December 9, 2021, PAGE 9

STOCKS END MODESTLY HIGHER AFTER A CHOPPY DAY OF TRADING

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers MAJOR stock indexes weathered a bout of choppy trading on Wall Street Wednesday and closed higher for the third day in a row.

The S&P 500 rose 0.3%, with 62% of the stocks within the benchmark index closing higher. The muted trading followed a strong start to the week that included the index’s biggest gain since March. With the latest gain, the S&P 500 has now recovered all of its losses from its two-week skid heading into this week.

The Dow Jones Industrial Average bounced back from an early drop to eke out a 0.1% gain, while the Nasdaq composite rose 0.6%.

Markets had slipped the previous two weeks over several concerns, including rising inflation, the newest coronavirus variant and how both issues could impact economic growth.

Stocks steadied this week following comments from Dr. Anthony Fauci, the White House’s chief medical adviser, who on Monday said early indications suggested that the omicron variant may be less dangerous than delta.

“The generally more confident tone is a function of omicron news,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “Regardless of what’s happening, it’s still amazing to see all the

flip-flopping happening at the sector level.”

The choppiness in the market will likely persist through December, she said.

The S&P 500 rose 14.46 points to 4,701.21, and is now up 25.2% for the year. The Dow gained 35.32 points to 35,754.75.

The blue chip index swung between a loss of 116 and a gain of 121.

The tech-heavy Nasdaq had also been down in the early going before bouncing back to gain 100.07 points and end at 15,786.99.

Smaller company stocks outpaced the rest of the market. The Russell 2000 rose 17.92 points, or 0.8%, to 2,271.71.

A wide range of travelrelated companies gained ground in a sign that investors are confident that the industry will continue its recovery despite the threat from the omicron variant of COVID-19.

Norwegian Cruise Line jumped 8.2% for the biggest gain in the S&P 500, while rivals Carnival rose 5.5% and Royal Caribbean gained 5.2%. United Airlines rose 4.2% and Las Vegas Sands added 4.4%.

Technology companies accounted for a big slice of the S&P 500’s gains, though Apple’s 2.3% rise did a lot of the heavy lifting as its weighting gives it a large influence on the sector.

Other big tech companies fell, including chipmaker Nvidia, which dropped 1.9% and Intel, which closed 1.6% lower.

A SIGN for Wall Street hangs in front of the New York Stock Exchange, July 8, 2021. Stocks are wobbling between gains and losses in early trading on Wall Street as gains for energy, health care and other companies are blunted by losses for some of the big technology companies. The S&P 500 was bobbing up and down near the breakeven line in the first few minutes of trading Wednesday, Dec. 8, 2021.

Photo:Mark Lennihan/AP

Communications and health care stocks made solid gains.

Facebook parent Meta Platforms rose 2.4% and Twitter rose 2.8%. UnitedHealth Group rose 0.9%.

Financial stocks were the biggest laggards. JPMorgan Chase fell 1.1% and Bank of America slid 1.2%.

Energy futures rose.

The price of U.S. crude oil gained 0.4%, though energy stocks were mixed.

Bond yields rose. The yield on the 10-year Treasury rose to 1.52% from 1.48% late Tuesday.

Markets in Asia were mostly higher. Tokyo’s Nikkei gained 1.4% as economists are forecasting a rebound for the world’s third largest economy in the current quarter after

coronavirus caseloads plummeted.

Markets in Europe fell.

Germany’s Dax shed 0.8% as Germany’s parliament elected Olaf Scholz as the country’s ninth postWorld War II chancellor, opening a new era for the European Union’s largest economy after Angela Merkel’s 16-year tenure.

Investors could get more insight into how the economy is faring later this week and next week. On Friday, the Labor Department will give an update on how rising prices are impacting consumers with the release of its Consumer Price Index for November.

The Federal Reserve is scheduled to hold a two-day meeting of policymakers next week that could offer an update on the central bank’s plans to tackle inflation. The Fed has said it plans to speed up

the pace at which it trims its bond purchases, which have helped keep interest rates low. That has raised concerns that the Fed will raise its benchmark interest rates next year sooner than expected.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTIYA JOSEPH of Fox Hill, Romer Street, Nassau, The Bahamas, Parent of BENJANEAYA CHRISTINA DESTIN A minor intend to change my child’s name to BENJANEAYA CHRISTINA JOSEPH If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NASSAU

ABACO

IN STOCK

PVC SLIDING WINDOWS REGULAR GLASS 5MM THICKNESS GREY GLASS

26x26 1/2 $132.81 26x38 $185.94

38x26 $185.94 37x38 $191.25 37x50 $235.88

53x38 $283.60 53x50 $396.31

IN STOCK VISIT OUR SHOWROOM TODAY KITCHEN CABINETS GRANITE COUNTER TOPS LAMINATED FLOORING FLOOR TILES NASSAU

394 5865/ 727 4910 394-5865

107 Lagoon Court Sandy Port Plaza, Nassau

ABACO 699 1136 699-1429 727 1389 BAV Plaza Crockette Drive

Don McKay Blvd.

Marsh Harbour, Abaco

PAGE 10, Thursday, December 9, 2021

THE TRIBUNE

SENATE REJECTS BIDEN’S VACCINE MANDATE FOR BUSINESSES

By KEVIN FREKING Associated Press

WASHINGTON (AP) — The Senate narrowly approved a resolution Wednesday to nullify the Biden administration's requirement that businesses with 100 or more workers have their employees be vaccinated against

the coronavirus or submit to weekly testing.

The vote was 52-48. The Democratic-led House is unlikely to take the measure up, which means the mandate would stand, though courts have put it on hold for now. Still, the vote gave senators a chance to voice opposition to a policy that they say has sparked fears back home from

businesses and from unvaccinated constituents who worry about losing their jobs should the rule go into effect.

"Every so often Washington D.C. does something that lights up the phone lines. This is one of these moments," said Sen. Steve Daines, R-Mont. At home, he said, "this issue is what

I hear about. This issue is a top-of-mind issue."

Lawmakers can invalidate certain federal agency regulations if a joint resolution is approved by both houses of Congress and signed by the president, or if Congress overrides a presidential veto. That's unlikely to happen in this case.

GN- 2649

Under the rule, privatesector companies with 100 or more workers must require their employees to be fully vaccinated against COVID-19 or be tested for the virus weekly and wear masks on the job.

The Occupational Safety and Health Administration said it would work with companies on compliance but would fine them up to more than $13,000 for each violation, though implementation and enforcement is suspended as the litigation unfolds.

Senate Majority Leader Chuck Schumer, D-N.Y., said Americans who have refused to get vaccinated are the biggest impediment

to ending the pandemic. He implied that some of the resistance to mandated vaccines is based on politics.

"Some of the anti-vaxxers here in this chamber remind me of what happened 400 years ago when people were clinging to the fact that the sun revolved around the Earth. They just didn't believe science. Or 500 years ago when they were sure the Earth was flat," Schumer said.

Schumer said social media has played a role in spreading falsehoods about the vaccine, and "so has the far right." He urged senators to vote against the resolution, sponsored by Sen. Mike Braun, R-Ind.

MID-SIZED LAW FIRM SEEKING MESSENGER Messenger Responsibilities Include filing documents, interacting with various government agencies, delivery, collection of packages, and other assigned. Candidates should have experience in the desired post, outstanding interpersonal, time-management, and strong communication skills.

Please apply by email attaching current resume, cover letter, and references to Legal242@outlook.com on or before December 20th 2021

NOTICE NOTICE is hereby given that JOHN TONY PETION of South Beach, P.O. Box CB-12676 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 2th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

NOTICE NOTICE is hereby given that PETION FRANCOIS of Carmichael Road, 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 9th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Thursday, December 9, 2021, PAGE 11

NOTICE

NOTICE is hereby given that JEAN RIGUAD JOSEPH of Carmichael Road, 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 9th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.