01262024 Business by tribune242

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FRIDAY, JANUARY 26, 2024

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PM says ‘I have no disputes’ with GBPA conference, acknowledged the Government’s criticisms of the GBPA and concerns over whether it is fulfilling its mandate to further develop Freeport, but said management and shareholders remain open to solving the situation through dialogue. He added: “I think the Prime Minister has made certain comments, and other ministers made certain comments about what they want to see and, of course, the Prime Minister is very

passionate about the entire Bahamas. “He wants to see progress on every single island, including Grand Bahama. We are open to have discussions with the Government of the Bahamas. We’ve said it openly, and I think that will probably happen at the end of the day. As far as I know, we’re not up for sale.” Philip Davis KC was also coy on the Government’s

approach and attitude towards the GBPA after it emerged last week that his administration plans to launch arbitration proceedings against Freeport’s quasi-governmental regulator over monies owed to cover the provision of public services in the city where the costs involved have exceeded tax revenues generated. “I have no disputes with them…. I will do what I have

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

IAN ROLLE to do to get Grand Bahama on the right track,” Mr Davis told reporters. Tribune Business reported last year that the Government has been speaking to both GBPA owners, the St George and Hayward families, and their representatives, about its willingness to acquire the GBPA for months.

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Hotel deal: ‘11th hour impasse’ over minimum wage workers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HOTEL employers yesterday pledged that an “11th hour impasse” will “not derail” their bid to reach a new industrial deal amid accusations they are seeking to “discriminate” against minimum wage staff. Darrin Woods, the Bahamas Hotel, Catering and

Allied Workers Union’s (BHCAWU) president, told Tribune Business that the early morning protest at the Sir Sidney Poitier Bridge was sparked after the Bahamas Hotel and Restaurant Employers Association allegedly sought to alter the proposed agreement’s terms at the last minute. He said all the documents were in the process of being vetted, and “finalised”, last

week when the Association purportedly took the position that minimum wage staff would not necessarily receive the 8 percent “across-theboard” salary increase the union wants for all members. Mr Woods instead said the Association has adopted the stance that such workers, mainly staff who gain the bulk of their income from guest tips, should receive “whichever is greater” - the

minimum wage increase or an 8 percent pay rise, but not both - when it comes to their base salary. This would mean that if a hotel worker’s base pay increased by more than 8 percent due to the Government increasing the minimum wage last year, they would not be entitled to a further rise under the new industrial agreement.

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Firms do not possess ‘unlimited money tree’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday said the Government seems to feel firms have access to an “unlimited money tree” with the private sector often falling victim to “suppressive” policies. Timothy Ingraham, speaking on a panel discussion at the Bahamas Business Outlook conference, said the business community was frequently ignored by policymakers who proceeded with pre-conceived laws and regulations despite being warned of the potential harm they may inflict on the economy.

TIMOTHY INGRAHAM “It is critically important that the business community is involved in what is happening in this country, and planning in this country,” he argued. “I’ve seen too many times when we get called into collaborate

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Commission calls police in over ‘fictitious’ e-mail By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Securities Commission yesterday called for a police probe into a “fictitious” e-mail purporting to have come from its top executive which criticised proposed Securities Industry Act reforms. A spokesman for the capital markets regulator said it was “concerned” that the message, to which was attached a lengthy critique of the Securities Industry Bill 2024, was falsely sent under the name of Christina Rolle, its executive director. “The Commission is concerned that someone created a fictitious e-mail

CHRISTINA ROLLE address that gave the impression it was coming from the executive director to make the disclosure, and we’ve reported the matter to the police.” Separately, Tribune Business sources confirmed that

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By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

t 1PSU DIJFG VOBXBSF JG SFHVMBUPS GPS TBMF THE Prime Minister and Grand Bahama Port Authority’s (GBPA) president t %BWJT AXJMM EP XIBU * yesterday sought to downplay the two sides’ differences with IBWF UP EP GPS (# the latter saying he is unaware if Freeport’s regulator is t #PUI TFFL UP EPXOQMBZ up for sale. Ian Rolle, speaking at the UIFJS EJGGFSFODFT Bahamas Business Outlook

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THE Chamber of Commerce’s chairman yesterday blasted the Government’s new online tax payment portal as “a complete mess” with frustrated businesses receiving no relief from deadlines or fines. Timothy Ingraham, speaking on a panel discussion at the Bahamas Business Outlook conference, said companies who missed this week’s VAT payment filing date still face the threat of financial sanctions as there has been no confirmation these will be waived or deadlines extended despite the multiple known challenges with the new system. Questioning why the Department of Inland Revenue had timed the upgraded portal’s launch for one of its busiest months, given the end-January deadline for Business Licence filings, the Chamber chief said it appeared that “no thought was given as to how this is going to work” when tax-paying companies tried to long-in from New Year’s Day. Asked by panel moderator, Christel SandsFeaste, the Higgs & Johnson attorney and partner, whether he thought policymakers “appreciate the necessity” to make it easier to do business in The Bahamas and the “negative impact” this is having on the private sector, Mr Ingraham replied: “An emphatic ‘no’. I don’t think they appreciate this. “There is such a clear example of this close to us: The roll-out of the tax reporting portal recently. And so the tax authorities, on January 1, decided to roll-out a new reporting portal. It’s been a complete mess, OK, to put it mildly. Wouldn’t it have been better to have rolled this out softly three months ago and let people start to get used to it? “No information was given on this. There should have been training in the lead up to

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PAGE 2, Friday, January 26, 2024

THE TRIBUNE

IMPROVED STAFF FITNESS AIDS CORPORATE HEALTH M

illions of people made improved fitness in 2024 a New Year’s pledge. But most never realise their fitness goal. Businesses can certainly help employees see this objective come to fruition. Promoting fitness is a continuous process that requires dedication and extra effort on the part of corporate leadership, but it is worthwhile as it will generate benefits at every step. Employee well-being is crucial for the success of any company, and encouraging physical activity is a way to boost the health and

well-being of employees. A culture of fitness will lead to employees adopting a healthier lifestyle and also reaping the benefits in their own lives. This week’s column focuses on nine steps that companies can take to promote health and wellness through fitness: 1. Pay for gym membership. Paying for membership at a local gym not only supports micro, small and medium-sized businesses in the community, but also provides an essential benefit to your

team. A growing number of companies have formed partnerships with gyms to offer discounts to their staff. 2. Build a gym in the office. Many businesses have the room to spare and could easily create a gym space for employees. For less than $10,000, a weight set and used gym equipment can outfit a space that can service you entire employee base. Nothing beats the convenience of having your own personal employee gym.

3. Participate as a corporate sponsor for all of the fun run walk exercises. Almost every week in our country, a walkathon or marathon is advertised for the wider public. This is a wonderful way to demonstrate corporate social responsibility and encourage employee fitness at the same time. 4. Parking lot distance from workspace. A great way to get employees moving is from the very start of the work day. A 400 metre walk from the parking lot is a good way to get morning steps in and get the brain functioning for the start of a new day. 5. Purchase employee incentive gifts that encourage fitness. Rewards and recognition should be a significant part of the life cycle of a thriving business. Anything from sporting gear, a step recording watch and walking sneakers can give great motivation to employees. 6. Signage encouraging fitness goals. Encouragement in the form of signs

can go a long way in promoting fitness goals. Signs such as… “take the elevator” or “walk for heart health” motivate employees to take movement seriously. 7. A get up and dance break. A scheduled period of movement with music is a growing trend in many businesses. Particularly for offices, where people are expected to sit at a desk for prolonged periods of time, this is a wonderful and creative way to realise your employee fitness goals. 8. Create sporting teams and establish leagues with other sectors and industries. Running and gym activity is not attractive for some. To engage more employees in physical activity, companies need to establish basketball, volleyball, softball and football leagues. 9. Hire a resident nutritionist and sports coach on staff. Some employees need a cheerleader and a consistent motivator to achieve their fitness goals. This person can serve other purposes as well, but an additional stipend to keep

IAN FERGUSON everyone on track is worth the investment. UÊ \Ê > Ê ,Ê iÀ}ÕÃ Ê ÃÊ a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

U.S. SETS PLANS TO PROTECT ENDANGERED WHALES NEAR OFFSHORE WIND FARMS; FIRMS SWAP WIND LEASES By WAYNE PARRY Associated Press TWO federal environmental agencies issued plans Thursday to better protect endangered whales amid offshore wind farm development. That move came as two offshore wind developers announced they were swapping projects. The U.S. Bureau of Ocean Energy Management and the National Oceanic and Atmospheric Administration released final plans to protect endangered North American right whales, of which there are only about 360 left in the world.

The agencies said they are trying to find ways to better protect the whales amid a surge of offshore wind farm projects, particularly on the U.S. East Coast. They plan to look for ways to mitigate any potential adverse impacts of offshore wind projects on the whales and their habitat. The strategy will use artificial intelligence and passive acoustic monitoring to determine where the whales are at a given time and to monitor the impacts of wind development on the animals. It also calls for avoiding the granting of offshore wind leases in areas where major impacts to right

whales may occur; establishing noise limits during construction; supporting research to develop new harm minimization technologies; and making it a priority to develop quieter technology and operating methods for offshore wind development. They also want to conduct "robust sound field verification" of offshore wind operations to ensure that noise levels are not louder than expected. The news came about an hour before the companies Equinor and energy giant BP announced they were swapping leases for offshore wind projects in New York and Massachusetts.

Waterkeepers Bahamas/Bahamas Mangrove Alliance

IS LOOKING FOR A

Coordinator About the Bahamas Mangrove Alliance The Bahamas Mangrove Alliance (BMA) was co-founded by Waterkeepers Bahamas (WKB), Bonefish & Tarpon Trust (BTT), and the Perry Institute for Marine Science (PIMS) to promote mangrove conservation and restoration in The Bahamas. The BMA pursues these objectives by working to harmonize and scale mangrove science and restoration nationwide, and to advocate for mangrove conservation through education and strategic outreach key to audiences. The BMA is a growing alliance of NGOs, community leaders, civil society, sustainablyminded businesses, and other local and national stakeholders. About Waterkeepers® Bahamas Waterkeepers Bahamas (WKB) is a Bahamas-registered Non-Profit Organization focused on community-based initiatives to ensure the waters of the Bahamas are safe for swimming, fishing and drinking for future generations. It is an accredited member of the Waterkeeper® Alliance, the largest and fastest-growing global nonprofit focused on clean water. WKB is leading grassroots community organising and strategic communications for the BMA and is hiring a coordinator to execute the BMA’s secretariat function and increase overall alliance impact.

POSITION SUMMARY The WKB BMA Coordinator is a new position that will be the alliance’s first full-time staff member reporting to the WKB Executive Director (ED) while acting as the “executive secretariat” for all BMA members. In the first year the WKB BMA Coordinator will focus on continuing to formalize and operationalize the BMA by creating systems and processes required for a successful multi-year campaign primarily focused on mangrove/wetlands conservation in The Bahamas. The coordinator will also assist and support the BMA membership and other national actors in scaling Bahamian mangrove restoration initiatives. In partnership with the ED and in close coordination with key BMA members who are involved day-to-day, this position will lead WKB’s efforts to: 8 Recruit additional organisations, community leaders, and the Bahamian public. 8 Drive coalition logistics, planning, budgeting. 8 Lead new resource development/ fundraising, and new partnership opportunities.

8 Assist the ED in representing the BMA to Government and other external stakeholders. 8 Support coordination and collaboration on mangrove science and restoration efforts among BMA members and other groups. 8 Identify, recruit, and support capacity building efforts. CANDIDATE REQUIREMENTS, TERM, APPLICATIONS 8 Candidates from diverse sectors who have communications and organizing acumen, nonprofit management, project management, and public policy experience are encouraged to apply (science and conservation backgrounds welcomed but not required). 8 This position is based in Nassau or Freeport, The Bahamas and a work permit will not be sought. 8 Regular job-related commuting between New Providence and Grand Bahama Island will be required. 8 The position requires a three-year contract.

To apply, email a one-paragraph expression of interest and a PDF Resume/CV to: waterkeepers@bahamasexecutivesearch.com For full job description visit: h!p://www.waterkeepersbahamas.com/index.php/careers-2/bma-coordinator-2/

THE TRIBUNE

Friday, January 26, 2024, PAGE 3

TAX ENVIRONMENT ‘WORRISOME’ FOR BAHAMAS-KEEN INVESTORS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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yesterday suggested The Bahamas should "pause" to assess whether its tax structure and mooted reforms are making the jurisdiction sufficiently attractive to investors. Prince Rahming, PricewaterhouseCoopers (PwC) territory manager, told the Bahamas Business Outlook conference that an "important message" is being sent to policymakers because investors of all sizes are voicing concern over this nation's "tax environment". He added that Business Licence reforms, where companies with annual turnovers exceeding $5m must now verify the accuracy of their submissions by providing full audited financial statements, and proposals for the introduction of corporate income tax are causing investors "to rethink the financial

models" that first brought them to The Bahamas. Mr Rahming also urged the Government to tackle rising crime, and the soaring murder rate, as "a matter of priority" because it threatens to undermine the "health" of The Bahamas' brand reputation in the international marketplace and thereby deter further investment. Noting that PwC's Bahamian subsidiary works with multiple investors, who are at various stages of their projects and developments in this nation, Mr Rahming said "the ease of doing business often comes up in discussions and the cost of doing business is another element. "I was on the phone with a client yesterday who told me we need to do a benchmarking against

other jurisdictions when we think about the ease of doing business and the cost of doing business," he added. "The Bahamas is a high-cost jurisdiction. That's also in keeping with that because we position ourselves as such. We're a luxury destination, so it's in keeping with that. "There is a concern around some of the latest discussion around the Business Licence fee, around income tax, that is worrisome to many of these investors. A number of them are having to go back now and rethink their financial models which brought them to the country. "I hazard to say some of the new entities to the country, I've been having discussions with them around the tax environment in the country. It is a cause

Commission calls police in over ‘fictitious’ e-mail FROM PAGE B1 the Royal Bahamas Police Force’s cyber crimes unit has been asked to probe the origins of an e-mail that was also sent to this newspaper. It identified the sender as “Christina Rolle”, and was sent from an address of “rollechristina31@gmail. com”. Tribune Business elected not to publish the contents, purportedly created by a “Bahamian practicing lawyer who does not desire to be victimised”, on the basis that it lacked credibility because the author/ sender failed to identify themselves even to this newspaper. Besides the media, it is understood the documents were also sent to all Securities Commission licensees and registrants plus members of the Bahamas Bar Association. A nine-page attachment slammed the Securities Industry Bill 2024 for allegedly granting the Securities Commission too much regulatory without sufficient oversight and checks and balances to protect the rights of aggrieved parties. The regulator, in issuing the Bill for industry consultation at year-end 2023, said it wanted to upgrade the key law governing the Bahamian capital markets to ensure the supervisory framework is “current, competitive and reflects international best practice and standards”.

It said: “The Bill updates and clarifies the Commission’s supervisory authority framework to enable the Commission to address non-compliance with specific statutory obligations immediately through automatic administrative action without a hearing or disciplinary action process. “These supervisory actions include: Automatic fines; ability to issue orders to licensees and registrants to take specific actions or to cease and desist specific activities; and the ability to require/access any information needed by the Commission to assess the current status of the licensee or registrant as it relates to non-compliance; and attach specific conditions to the license or registration of the non-compliant licensee or registrant.” The proposed Bill also includes updates to the legislative framework to provide specific enforcement authority related to anti-money laundering and counter terror financing obligations, and addresses deficiencies in the current enforcement regime. Provisions to publish penalties levied by the regulator have also been included in the proposed Bill, with fines to be made public “as soon as practicable” along with the reason for the breach and identity of the offender. The Securities Commission said: “Provisions addressing when and what

information regarding penalties is appropriate for publication are included in the Bill. Penalties will be required to be published as soon as practicable after the person on whom the penalty is imposed has been informed of that decision, and the notice should include the final decision or summary thereof, the reasons for the decision and the identity of the person against whom the decision is made.” The proposed bill also updates the requirements for winding-up and freeing a company’s assets. The Securities Commission said the draft legislation “updated the legislative standards around freezing assets, including scope of authority and the duration of freeze orders, standards around court involvement and flexibility to extend, remove or refer matters for continuation in courts etc. “The Bill updates the legislative framework to establish the Commission’s authority and locus standi in any matter relating to the dissolution of a licensee or registrant of the Commission. This includes initiating the winding-up of registrants. “In this regard the Bill sets the foundation for legislative provisions in subsidiary legislation which will address the framework for winding-up licensees and registrants by the Commission.”

of concern," Mr Rahming continued. "That's not to say all of the other elements of The Bahamas are not attractive, but it's at the point where we have to pause as a country to determine exactly how we want to position ourselves from a country perspective and whether or not we are presenting the right elements to make the jurisdiction financially attractive to some of then investors coming in.

"We work with investors large and small, and they are all saying the same thing, which is is an important message to go back to the policymakers." The PwC Bahamas chief also said there was "a bit of concern around the rise in crime" from the perspective of investment flows into The Bahamas, although he praised the Government's recent focus and commitment to addressing the issue.

"I think that fundamentally that has to be addressed as a matter of priority because it impacts the brand's health in the global community," Mr Rahming said. "Therefore, further investment depends on it. In my view, these are the three elements alongside the ease of doing business" that The Bahamas must tackle.

PAGE 4, Friday, January 26, 2024

THE TRIBUNE

Chamber chair blasts tax portal as ‘complete mess’ FROM PAGE B1 this to tell people how it’s going to work. There was no thought given to when taxpayers log-on in January how this is going to work.” Giving a practical example of how tax portal woes have impacted the Bahamian private sector’s ease of doing business, Mr Ingraham said: “This morning I got a message from one of our members. She has a few companies to administer. She got one company registered. She used the same process she was going through, but could not

get the other companies registered. “So now, rather than doing something productive, she has to spend her time trying to reach the officials at the Department of Inland Revenue. There’s no response coming, no response to he e-mails, so she’s frustrated. She cannot get done what she needs to get done.” The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman added that many companies remain anxious that they will be fined for missing Monday’s VAT payment

and returns filing deadline, with many complaining that they were unable to make electronic payments via the tax portal while others have yet to receive their new log-in credentials following the upgrades. Dexter Fernander, the Department of Inland Revenue’s operations manager, admitted to this newspaper earlier this week that the new tax portal is suffering “growing pains” and experiencing “infrastructure issues at peak times” such as the date VAT and other filings are due. While the Government’s main revenue agency is

asking the system’s developer to provide “more bandwidth”, so that it can better cope with use and demand at deadline time, he added that too many companies “wait for the last day” before they pay their VAT and other taxes. And Mr Fernander said complaints that companies cannot pay online are “not a good excuse” when they are aware that two other options - wire transfers or a physical visit to a Royal Bank of Canada (RBC) branch - are open to them. He promised, though, that the Department of Inland Revenue will address legitimate concerns with the functioning of its new tax portal system as they are brought to its attention. Meanwhile, Mr Ingraham was joined by Mrs Sands-Feaste in pleading for greater certainty, consistency and continuity in government taxation policy. They warned that it has reached the point where businesses are waiting with bated breath every last Wednesday in May, when the Government’s annual Budget is unveiled, fearing they will be hit with new/ and or increased taxes or changes to existing regimes.

“We need the taxes taken away. We need this consistent. Every June everyone is sitting around waiting for the latest thing to drop,” Mr Ingraham said in relation to the Budget. “We need the Government to understand that when you’re extracting it from the business community you’re preventing growth in the business community, you’re preventing them from hiring more people, preventing them from doing what we need in this country, expanding the tax base.” These concerns were also echoed by Mrs SandsFeaste, who added: “Every June, the perception in the business community is..... there’s always a sense of anticipation that on June 1 we’ll hear about new taxes or policy changes that impact the cost of doing business in the middle of the financial year for many businesses as they’re effective on July 1. “In many instances, businesses don’t have sufficient time to comply or understand what it means. It’s costly to comply, and compliance requirements are onerous. I want to say to the policymakers that businesses want to comply

NOTICE NOTICE is hereby given that MAIRELIS DURAN ECHEVARRIA of Beach Lane 12, Sandyport, 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 19th day of January, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice NOTICE

ENDEAVOUR ASSET HOLDING COMPANY LTD. NOTICE IS HEREBY GIVEN as follows: (a)

ENDEAVOUR ASSET HOLDING COMPANY LTD. is in voluntarydissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 25th day of January 2024.

(c)

The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 26th day of January A.D., 2024 Baird One Limited Liquidator

but, in many instances, they don’t understand how to comply or, as Tim has pointed out, they cannot comply. “Businesses want to pay their Business Licences, taxes but they can’t. So I want the policymakers to hear what we’re saying. We want to comply. Businesses want to pay their taxes as long as the requirements are clear for what businesses have to do.” Mr Ingraham added that further taxation-related disruption often occurs every five years with the election cycle when incoming administrations decide to dismantle policies and reforms implemented by their predecessors, thus presenting further obstacles to business continuity. “We have five-year cycles where something happens today, a change is made and, in five years, it’s changed [again],” he said. “I don’t know when to pay my taxes, where to pay them, what taxes I have to pay. That has to stop. It needs to be consistent, it needs to be settled.” Mr Ingraham also urged reform at the Registrar General’s Department, adding: “I’m sure if I say Registry Department it’s going to trigger some of the attorneys in the office and this building today. Whenever you deal with that department......” Ryan Pinder KC, the attorney general, has pledged that much-needed reforms to upgrade both the registry’s civil and corporate side are underway with its records currently being migrated to a new platform. The registry is critical for company incorporations and name registrations, a vital function for financial services and the wider private sector, as well as the real estate industry on the recording of conveyances. “There also has to be more transparency with government finances,” the Chamber chairman urged yesterday. “People don’t mind paying more taxes when they see they are getting value for money and, right now, there is a sense that we’re not getting value for money. We could be getting it, but we’re not getting the information to tell us. We need to see that as well.”

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THE TRIBUNE

Friday, January 26, 2024, PAGE 5

Hotel deal: ‘11th hour impasse’ over minimum wage workers FROM PAGE B1 “We agreed on an 8 percent increase,” the hotel union chief told this newspaper. “It’s supposed to be across-the-board but, according to the Association, they want to give the greater of the 8 percent or the minimum wage increase - whichever is greater. “I said to them: We cannot negotiate for one group; we negotiate for everyone. We said notwithstanding what the Government did, they still have to get an increase. We actually thought we were past this until last week when we finalised the documents. When they confirmed to me that was their position, that was not agreed. “The union has always maintained that it is negotiating for every member. We cannot say some persons will get it and others won’t.

You’re [the Association] trying to chastise the people because the Government increased the minimum wage. You cannot do that. You cannot chastise what the Government has done.” Russell Miller, the senior Atlantis executive and Bahamas Hotel and Restaurant Employers Association president, in a statement said it was “surprised and disappointed” by the union’s stance given that both sides had “agreed to all financial and nonfinancial terms” for a first industrial agreement in more than a decade. “Given that we were in the final stages of completing these negotiations with the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), we are surprised and disappointed by the statements made by BHCAWU’s president, Darrin Woods,” Mr Miller said.

PM SAYS ‘I HAVE NO DISPUTES’ WITH GBPA FROM PAGE B1 This newspaper was told the St George estate was united in its desire to exit, and sell, their 50 percent interest in the GBPA and its Port Group Ltd affiliate if the terms and price are right. However, the intentions of the Hayward side are less clear. The Sir Jack Hayward 1993 Discretionary Settlement, which is the trust that holds the family’s 50 percent GBPA interest, is currently under the control of Supreme Courtappointed judicial trustees. These are Paul Winder, an expatriate banker with Lyford Cay-based Deltec Bank & Trust, and Mark Richford of Rhone Trustees. Fred Mitchell, minister of foreign affairs, recently said the Government has withdrawn its offer to acquire the GBPA and its affiliates in favour of launching arbitration action in a bid to claim what has been suggested as $150m allegedly owed to the Public Treasury in Freeport. However, it remains unclear as to what is the Government’s ultimate goal and end game. While arbitration could be designed to squeeze the two families, and force them to sell to the Government on more favourable terms given the latter’s belief they would be unable to pay the $150m if a decision goes against them, such proceedings will take years to resolve especially if there is an appeals process. Some sources are already questioning if arbitration is

a face-saving move by the Government, and a signal that it no longer has a private sector buyer waiting in the background to acquire Port Group Ltd’s assets such as the 50 percent equity stakes in Freeport Harbour Company and Grand Bahama Development Company (DevCO). Mr Davis, meanwhile, yesterday voiced optimism that the Grand Lucayan may finally be sold this year. He added that a “number of suitors for engagement” are being scrutinised by Chester Cooper, deputy prime minister, before a recommendation will be made. When questioned if the sale will be completed in 2024, he answered: “I think so. Well, it’s still on the market for sale and we have a number of suitors for engagement that the DPM is sifting through now to make some recommendation to us on whether we go with any of them.” Mr Rolle added that the GBPA is currently working with the Ministry of Grand Bahama to improve the ease of doing business on the island that includes some potential changes to the Hawksbill Creek Agreement bylaws. He said: “The Ministry for Grand Bahama is working very closely with the Grand Bahama Port Authority executives to ensure that we focus on ease of doing business initiatives, and also to get other things done. The Grand Bahama Board Authority has requested certain amendments to the bylaws, and the Ministry of Grand

“Both sides had already agreed to all financial and non-financial terms and conditions in the new agreement, and we were in the process of vetting and binding documents for signature. This unexpected, 11th-hour impasse is incredibly unfair to our bargaining unit team members who have worked without an agreement since 2013 due to the union’s failure to put a new contract forward. “We have continued to honour and operate under the terms of the expired agreement without fail. We will not allow today to derail our commitment to finalising a new agreement as soon as possible.” The reference to the “union’s failure” refers to the fact it did not submit an offer for a new industrial deal 90 days or more before the last agreement’s expiry in 2013 as the contract mandated it must do.

Given the numerous hotel closures and terminations in recent years, the Association is now by and large solely representing Atlantis in the industrial agreement talks. Mr Woods yesterday alleged that the Association was effectively trying to “discriminate” against tipped and minimum wage employees, and pledged that the union is “standing firm”. He added that the umbrella union body, the Bahamas National Congress of Trade Unions (BNCTU), of which the hotel union is part plans to raise the issue in an upcoming meeting with Pia Glover-Rolle, minister of labour and the public service. And Howard Thompson, the director of labour, is trying to organise a meeting between the Association and union next week in a bid to resolve the dispute.

“This is something we’re trying to get behind us,” Mr Woods said of the industrial agreement, with negotiations having gone on for months. “It was my hope that this would be agreed and signed before the holidays. That didn’t happen due to various factors, and now we’re facing another one. Every time the Association wants a new position or takes a new position, they take a militant position. “Once we get past this, everything will be agreed. The members have decided we cannot take no more. We actually wanted to sign it this week. We had a meeting with our membership on Wednesday night and they indicated that they have had enough. They are frustrated and their frustration is towards us. “They have now gotten personal. Any time you have someone tell you that

they know where you live, you can’t take that lightly. We are trying our best to bring this to a conclusion and that means by whatever means necessary.” When asked what action the union may take if hotel employers fail to budge, Mr Woods added: “Well, who knows? I wouldn’t want to think that far to be honest. I’m hoping it can be resolved relatively quickly. I was very disappointed. “Through it all, I think what has probably thrown us for a loop is you know when you feel like you are right there, it’s that time, and something has come up and knocked you back. We’re just trying to get the best for our membership at the end of the day. We just want to get this behind us.”

Bahama was working very closely with us to cause the amendments to happen.” Mr Rolle reiterated that there are $1.5b worth of projects “in the pipeline” that will assist with the rebound of Grand Bahama’s economy from Hurricane Dorian and the COVID-19 pandemic. He said: “The pandemic and the various hurricanes have caused significant issues with the economy in Grand Bahama. There’s no other island in The Bahamas who suffered like Grand Bahama a result of these natural disasters. “And so I think persons on the island have become frustrated, and had communications with government, etc. Of course, the Government, which is very passionate about every single island wanting development to happen, was very concerned. But we are pleased to actually say to everybody that we have well over $1.5bn, almost $2bn worth, of projects now for Grand Bahama.” Critics have questioned whether the GBPA has done enough to improve the economy of Grand Bahama, but Mr Rolle maintained it is a “difficult task” to restore economic activity after multiple natural disasters and the pandemic. He said: “After a storm, it typically would take maybe three years before you see positive turnaround, and so once we started seeing positive turnaround after a few of the storms you have Matthew and then you have Dorian and then the pandemic. “It’s a very difficult task, but we have weathered the storm and the people in Grand Bahama, are going to be rewarded for their patience and resilience.” Mr Rolle added that Grand

Bahama is on an upward trajectory due to new investments, and voiced optimism that the GBPA and government can work out their issues. He said: “After all these bad years of economic activity due to these various natural disasters, we will

see a significant turnaround in Grand Bahama and I would like not only people in Grand Bahama to benefit, but persons in Nassau will also see Grand Bahama as a huge potential to invest and be a part of the growing economy that’s about to happen.”

“We believe that if we sit down together, anything can be worked out for the betterment of Grand Bahama and the betterment of The Bahamas because if Grand Bahama does well, the entire Bahamas does well.”

PAGE 6, Friday, January 26, 2024

THE TRIBUNE

WALL STREET RISES AFTER DATA ON THE ECONOMY STOMPS EXPECTATIONS By STAN CHOE AP Business Writer MOST U.S. stocks rose Thursday following the latest signal the economy remains much stronger than expected. The S&P 500 added 25.61 points, or 0.4%, to 4,894.16 and set a record for a fifth straight day. The Dow Jones Industrial Average climbed 242.74, or 0.6%, to 38,049.13, and the Nasdaq composite gained 28.58, or 0.2%, to 15,510.50. IBM helped lead the market with a gain of 9.5%

after it reported a better profit for the latest quarter than analysts expected. Four out of five stocks in the S&P 500 rose alongside it, but Tesla kept the market's gains in check with its drop of 12.1%. The electric-vehicle maker reported earnings and revenue that fell short of forecasts and warned of lower sales growth this year. As one of the largest stocks on Wall Street, its movements carry extra weight on indexes, and it was the heaviest weight by far on the S&P 500.

Wall Street's main focus was on a report indicating the U.S. economy continues to steam ahead, demolishing last year's forecasts for an imminent recession because of high interest rates. The economy grew at a 3.3% annual rate in the last three months of 2023, according to an initial estimate by the U.S. government. That was much stronger than the 1.8% growth economists expected, according to FactSet. Such a resilient economy should drive

profits for companies, which are one of the main inputs that set stock prices. The report also gave encouraging corroboration that inflation continued to moderate at the end of 2023. Hopes are high that inflation has cooled enough from its peak two summers ago for the Federal Reserve to start cutting interest rates this year. That in turn would ease the pressure on financial markets and boost investment prices. Such cuts would be a sharp turnaround from the prior two years of dramatic

NOTICE

NOTICE is hereby given that ROSELAINE ALCE of P.O Box SP52453 14A John Chipman Street, Nassau, The Bahamas 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 26th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that JOCELIN ALCE of P.O Box SP52453 14A John Chipman Street, Nassau, The Bahamas 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 26th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

Milozzi Capital Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 211245 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 24th day of January A.D. 2024. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Frederico Octaviano Nogueira whose address is R Leopoldo Couto De Magalhaes JR, 695 AP 101, CEP: 04542-011, Sao Paulo, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 23rd day of February A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 25th day of January A.D. 2024. Frederico Octaviano Nogueira Liquidator

hikes to rates by the Fed, which was trying to get painfully high inflation under control. "The headline data are the perfect mix of strong consumption and dropping inflation," said Jamie Cox, managing partner for Harris Financial Group. "This is exactly what you want to see if you are running the Fed and want to move rates lower this year." A separate report showed that more U.S. workers applied for unemployment benefits last week, but the number remains low

relative to history and indicates a still-resilient job market. Of course, critics say traders on Wall Street are still overly optimistic about how many times the Federal Reserve will cut interest rates in 2024, and when it will begin. Traders are betting on a better than coin flip's chance for six cuts this year, which would be double what the Fed has indicated. Wall Street also added to bets that the Fed would begin cutting rates as soon as March following the morning's economic report.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JOHN FRANKLYN BODIE of P. O. Box N-10703, #16 Cedar Way, Carmichael Road, New Providence, Bahamas intend to change my name to JONATHAN FRANKLYN BODIE. 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, The Bahamas no later than Thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that ASHLEY RUMSFIELD BENITEZ of P.O Box SP-62634 #10 Third Terrace, Nassau, The Bahamas 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 26th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 8, Friday, January 26, 2024

THE TRIBUNE

Firms do not possess ‘unlimited money tree’ FROM PAGE B1 only to be told what is going to happen and our feedback is ignored, and the powers that be will go forward with their plans despite what we are saying. “Most business people in this country have invested millions of dollars in this country, in their businesses. It’s in their best interests to see that investment grow to get a return on it. That’s why they invested. They can tell you what’s best for their businesses, what’s the best way to move this country forward for their businesses. “There’s no sense me planning what we’re going to do for tourism if I’m not speaking to the stakeholders in tourism. There’s no sense me planning what’s going to happen with employment in this country if I’m not speaking to the small and medium-sized enterprises that drive employment in this country,” Mr Ingraham continued. “A lot of times we see policies that seem to be regressive for business, almost serving to hold the businesses back. There seems to be a kind of feeling that businesses have an unlimited supply of money: Just go to the money tree

out back and get it to pay for whatever needs to be paid. “And so it’s critically important we sit down and have open dialogue with the business community when decisions are being made.” The Chamber chair said this occurred via the Economic Recovery Committee that was created by the Minnis administration to develop ideas and strategies for The Bahamas’ post-COVID revival, where the private sector was centrally involved in providing recommendations and advice. “To leave the business community out of these discussions, to ignore the advice, I think it’s going to go nowhere because you’re going to come up with policies that are bad for business, that are going to suppress business and which don’t encourage growth,” Mr Ingraham said. Asked to identify the two priority reforms necessary to drive increased investment by all sizes and types of business, the Chamber chief identified “fixing” The Bahamas’ education system as the country’s greatest need. He added that a recent Chamber survey of its members had again identified the private sector’s

“number one” problem as finding employees with the right basic skills, attitude and work ethic. Revealing that the survey will likely be discussed with Pia Glover-Rolle, minister of labour and the public service, in an upcoming meeting with the Chamber, Mr Ingraham added that improved educational outcomes - together with better job and income prospects is a key element in the fight against rising crime. “I believe it all starts with education,” he said. “Our education system has been failing us for quite a while. We don’t seem to have the formula to fix it yet but we need to fix it. We see the incidents on our streets, which is a manifestation of that.” Referring to an earlier discussion at yesterday’s Bahamas Business Outlook, Mr Ingraham continued: “The tourism people were talking about bringing new ideas for businesses. When people are better educated they are able to come up with those ideas. “The Chamber sent out a survey to its members last week. We’re meeting with the minister of labour in a couple of days and the education level of persons being employed is

the number one problem that most of our members have been reporting. They cannot find good employees to do the basic things they need to get done. “We need to get the education fixed, and we need to get that fixed as quickly as possible for so many reasons - for crime, for economic development. A better educated population tends to attract higher level business operations. All of those we need to get done.” Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told the same panel discussion that The Bahamas has reached where it is today economically more through its UX proximity, natural environment (sun, sand and sea) and luck rather than any clear strategic direction or planning. And he warned that the Government “loses credibility”, including with outside observers, every time it reverses course on policy or taxation-related decisions when it is faced with legitimate resistance and push back from the private sector and citizens. The Fidelity chief cited two such instances as the Davis administration’s late 2022 decision to expand price controls on foods

and medicines, and the recent controversy over four-digit percentage hikes in boat registration fees, contrasting these with the ultimately more collaborative approach that the Government and private sector settled on over VAT’s 2015 implementation. “I’ve a couple of examples that show how we become stagnant or progressive,” Mr Bowe said. “When we had the talk on VAT, it was: ‘This is going to happen’. Then there was massive resistance, both from businesses and individuals.” Noting that businesses were “over-reacting” to the prospect of far-reaching tax reform, he recalled how they were “going in the opposite direction. The Government was going left, businesses were going right. There was a right one in the middle”. Eventually the Chamber, via its Coalition for Responsible Taxation, obtained the necessary information to conduct a study so business could make “informed decisions”. Once the studies were completed, education of the private sector and citizens followed, and Mr Bowe said of VAT: “It was then actually embraced, and is now almost common place and

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 83° F/28° C Low: 64° F/18° C

TAMPA

TODAY

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny, breezy and pleasant

Mainly clear with a shower in spots

Breezy in the morning; mostly sunny

A couple of morning showers

Partly sunny, windy and not as warm

Low clouds

High: 81°

Low: 70°

High: 81° Low: 71°

High: 83° Low: 70°

High: 73° Low: 61°

High: 73° Low: 59°

AccuWeather RealFeel

83° F

71° F

86°-72° F

88°-68° F

73°-57° F

71°-54° F

High: 79° F/26° C Low: 66° F/19° C

ABACO

High: 79° F/26° C Low: 63° F/17° C

8-16 knots

WEST PALM BEACH High: 82° F/28° C Low: 72° F/22° C

8-16 knots

FT. LAUDERDALE E

FREEPORT

High: 83° F/28° C Low: 74° F/23° C

High: 81° F/27° C Low: 71° F/22° C

MIAMI

High: 82° F/28° C Low: 73° F/23° C

7-14 knots

KEY WEST

High: 80° F/27° C Low: 73° F/23° C

NASSAU

Today

8:10 a.m. 8:27 p.m.

2.8 2.2

1:48 a.m. -0.2 2:38 p.m. -0.1

ALMANAC

Saturday

8:47 a.m. 9:05 p.m.

2.8 2.2

2:28 a.m. -0.1 3:13 p.m. -0.1

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 70° F/21° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high .................................. 84° F/29° C Last year’s low ................................... 70° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date .................................................. 0.66” Normal year to date ..................................... 1.05”

Sunday

9:22 a.m. 9:43 p.m.

2.7 2.2

3:08 a.m. 3:47 p.m.

0.0 0.0

Monday

9:58 a.m. 10:22 p.m.

2.5 2.3

3:47 a.m. 4:21 p.m.

0.1 0.0

Tuesday

10:33 a.m. 11:02 p.m.

2.4 2.3

4:28 a.m. 4:55 p.m.

0.2 0.0

Wednesday 11:10 a.m. 11:44 p.m.

2.2 2.2

5:11 a.m. 5:30 p.m.

0.3 0.1

Thursday

2.1 -----

5:57 a.m. 6:08 p.m.

0.5 0.1

High: 81° F/27° C Low: 63° F/17° C

Ht.(ft.)

SUN AND MOON Sunrise Sunset

High: 82° F/28° C Low: 72° F/22° C

8-16 knots

10-20 knots

6:55 a.m. Moonrise 5:50 p.m. Moonset

6:47 p.m. 7:44 a.m.

Last

New

First

Full

Feb. 2

Feb. 9

Feb. 16

Feb. 24

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 71° F/22° C

High: 81° F/27° C Low: 73° F/23° C

High: 80° F/27° C Low: 67° F/19° C

W S

LONG ISLAND

TRACKING MAP

High: 80° F/27° C Low: 67° F/19° C

11:50 a.m. -----

Low

CAT ISLAND

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

TIDES FOR NASSAU Ht.(ft.)

N W

UV INDEX TODAY

High

ELEUTHERA

High: 81° F/27° C Low: 70° F/21° C

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

persons don’t think about it except they’re still asking where the VAT money has gone.” However, he then added: “When we come back to that and say it worked, we said we’re going to impose price controls without discussion. Then: ‘Well, we may not do it. We may not do it at all’.” Mr Bowe, in an obvious reference to the current boat registration fee controversy, also added: “We’re going to impose these fees, but then we get push back saying these fees don’t work in various areas. “So we’ll reverse that, but maybe we don’t, and partially. The result is that every time you make a decision that’s not collaborative, and you reverse or revisit, you lose credibility as an administration and, to the outside world, the question is do you know what you are doing? And, you know, if we are seen as either incompetent or arrogant I don’t know which is worse.”

10-20 knots

MAYAGUANA High: 81° F/27° C Low: 73° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 83° F/28° C Low: 67° F/19° C

High: 83° F/28° C Low: 67° F/19° C

GREAT INAGUA High: 83° F/28° C Low: 68° F/20° C

12-25 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SE at 8-16 Knots SE at 8-16 Knots E at 8-16 Knots ESE at 8-16 Knots E at 12-25 Knots ESE at 10-20 Knots E at 12-25 Knots E at 12-25 Knots E at 10-20 Knots ESE at 8-16 Knots SE at 7-14 Knots SSE at 7-14 Knots E at 10-20 Knots ESE at 8-16 Knots E at 12-25 Knots E at 12-25 Knots E at 12-25 Knots ESE at 10-20 Knots E at 12-25 Knots E at 12-25 Knots E at 8-16 Knots ESE at 8-16 Knots E at 12-25 Knots ESE at 10-20 Knots E at 10-20 Knots ESE at 8-16 Knots

WAVES 4-7 Feet 3-6 Feet 1-2 Feet 1-2 Feet 4-8 Feet 4-7 Feet 4-8 Feet 4-7 Feet 4-7 Feet 4-7 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 3-6 Feet 3-5 Feet 4-7 Feet 3-6 Feet 6-10 Feet 5-9 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 75° F 75° F 75° F 76° F 78° F 78° F 79° F 79° F 77° F 77° F 76° F 78° F 76° F 76° F 79° F 79° F 79° F 79° F 79° F 79° F 76° F 76° F 79° F 79° F 77° F 77° F