HALF the Family Islands boast hotels already beating forecasts that they will post room revenues equivalent to 110 percent of pre-COVID levels in 2023, it was revealed yesterday.
Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, told
THE Opposition yesterday accused the Government of negotiating major multi-million dollar contracts “in the dark” as it emerged multiple parties have approached it with proposals for Bahamas Power & Light (BPL).
Duane Sands, the Free National Movement (FNM) chairman, asked “on what basis” has the Davis administration chosen to negotiate with a joint venture involving BISX-listed FOCOL Holdings and Shell over a potential public-private partnership (PPP) involving the supply of
utility-scale solar power and liquefied natural gas (LNG) fuel to BPL.
Speaking after it was reported that Bahamas Utilities Holdings, a FOCOL subsidiary, was reported to be “in the infancy stages” of negotiations with the Government, he told Tribune Business: “I’d like to know exactly how it is that a particular private
provider winds up being the preferred partner for a national corporation.
“Perhaps there’s more to this story than they’re telling us, but in the absence of disclosure it becomes very important to understand on what basis does a single provider or a single private entity become the partner of the Government? We’d like to know.”
Tribune Business that resorts were either exceeding or matching both their 2023 targets and 2019’s pre-pandemic performance on five of the ten islands where it boasts member properties.
Based on figures for January and February 2023, he revealed that hotels on Abaco, Andros, Harbour Island, Acklins and San Salvador are ahead of predictions that they will achieve 100 percent of annual room
nights sold, and 110 percent of room revenues, generated immediately before COVID hit.
Should those goals be realised, it would return the industry to a position matching - or exceeding - 2019 levels. Voicing optimism that this outcome will be realised, Mr Fountain said his confidence was based on increased airlift seat capacity for 2023, the removal of COVID-related travel restrictions that were still present in early 2022, and the return of group business via the meetings, incentives, conferences and events (MICE) segment. While initially disappointed that two major Family Island markets, Eleuthera and Exuma, appeared to have underperformed during the winter tourism season’s start, he added that “lifting
the hood” revealed this was due to room inventory at one major property on either island being taken offline.
The Promotion Board chief, though, warned that “everybody has to work in sync” if 2023’s ambitions are to be realised, and said hotels must find ways to
SEE PAGE B5
Dr Sands said he was casting “no aspersions” on FOCOL, but said the nature of the revelation and seeming lack of process raised questions. Sir Franklyn Wilson, chairman of FOCOL Holdings, which operates the Shell brand, declined to comment when contacted by Tribune Business. “I’m just not in a position to comment on that,” he said. “I just cannot really go into that. I don’t want to say anything about it. I cannot.”
SHORTAGES of employee housing and certified fly fishing guides, and high ground transportation costs, were yesterday cited as some of the major “headwinds” impeding Family Island stopover tourism growth.
Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, told Tribune Business
that while same-day airlift connectivity from and to Nassau remains “the lowest hanging fruit” there are multiple other common challenges that must be addressed for these destinations to fully thrive.
“What we’re also noticing for islands like Abaco, and we’re definitely seeing due to the popularity of second home rentals, is a shortage of staff housing,” he explained. “The problem that then creates, if you cannot find the staff because you don’t have
any affordable housing - and it’s not just Abaco, but Abaco comes to mind because of Dorian’s housing shortage - is that it creates service issues.
“That’s not in terms of rudeness, but in terms of slowness. You have too many visitors with too few staff members. That’s going to create slow service complaints, which is already among our top six complaints for all the Family Islands.” And that is not the only area where
some Family Islands are running short.
“One of the things brought to my attention by a third-party foreign fishing tour operator is that the demand for fly fishing in The Bahamas has grown astronomically,” Mr Fountain added. “The problem is we don’t have enough certified fly fishing guides.
“I know the Ministry of Tourism and BAMSI (the Bahamas Agricultural and Marine Science
SEE PAGE B4
THE BAHAMAS is seeking to double Texas’ share of its tourism customer base to 10 percent, the deputy prime minister has revealed, while revealing that the Houston Rockets basketball team will likely hold their training camp in Nassau.
Chester Cooper, also minister of tourism, investments and
aviation, in a videotaped interview following his ministry’s promotional tour to Austin, Dallas and Houston voiced confidence that the growth in visitor numbers from the so-called ‘Lone Star’ state will outpace the forecast 20 percent increase in overall arrivals for 2023.
Detailing his team’s meeting with American Airlines, which is responsible for about 30 percent of The Bahamas international airlift capacity, he
said: “This was a great opportunity for us to touch base with them and talk about their business; how well they are doing in terms of the load factors.
“We were assured that all of their flights, all of their routes, are doing exceptionally well. In one particular case, we were falling slightly below the 80 percent mark. We’ve agreed to work with them on some marketing
SEE PAGE B6
THE BAHAMIAN international banking sector is still contracting because the “retreat” of European assets is “outpacing” new growth from Latin America, the Central Bank’s governor has affirmed.
John Rolle, in written replies to Tribune Business questions, acknowledged that the financial services industry has yet to regain momentum following two decades of scrutiny and regulatory pressures imposed by major world powers and fora such as the Organisation for Economic Co-Operation and Development (OECD) that act on their behalf.
“In the international sector, there has been continued reduction in the size of the aggregate balance sheet for multiple reasons but, chiefly, the reduction in business from Europe,” he said. “This retreat is still outpacing new areas of business growth from Latin America.
JOHN ROLLE“In responding to the industry’s needs, the Central Bank has worked with industry and government to help introduce new regulated products such as private trust companies (PTCs) [and] executive entities, which allow financial institutions to use additional regulated vehicles to serve their client needs. The use of these vehicles has increased over the last decade.
“The retreat of the European business summarises the sector’s response to heightened scrutiny that international financial centres like The Bahamas have faced over at least two straight decades around
SEE PAGE B4
PHARMACEUTI-
CAL companies typically compete with each other in various areas such as research and development, marketing and sales. Some of the biggest pharmaceutical companies in the world include Pfizer, Novartis, Roche, Merck & Co and Sanofi, and all of them are being traded on the various stock exchanges.
The latest battlefield is the market for weight loss products and weight loss management, which is forecast to reach about $400bn in size by 2030. The growth of this market is attributed to the increasing rate of obesity and rise in lifestyle diseases. But pharmaceutical companies are not the only competitors in the weight loss industry. Other competitors include companies that produce weight loss supplements, fitness
and wellness programs, and even surgery centers that offer bariatric surgery as a weight loss solution. There is also competition from natural remedies and lifestyle changes such as exercise and diet modifications. But a new type of drug is generating excitement among the pharmaceutical companies as well as the rich and beautiful. Hollywood stars love it. Kim Kardashian swears by it, and Elon Musk has used it successfully. Just one injection is enough, and the pounds will melt off. Sounds pretty tempting. A real hype has already
broken out in social media networks. The new class of drugs is called GLP-1 recptor agoinists. It is already being sold by Novo Nordisk under the brand name Wegovy in the US, Denmark and Norway, and will soon be available in other countries. Ozempic, a lower-dose version, is a diabetes drug that is also being used ‘off label’ for weight loss. The drug is only approved for the treatment of diabetes and obesity. For these people, the syringe is obviously a game changer. Wegovy has been difficult to obtain since its approval in 2021. Due to manufacturing issues, supplies were
THE GOVERNMENT
has extended the initial bidding deadline for the $260m Family Island airports transformation project by two weeks to end-April to ensure “we get it right”.
The Ministry of Tourism, Investments and Aviation, in a statement, said it has extended the deadline for pre-qualification submissions beyond Sunday’s April 16, 2023, target at the request of potential bidders wanting more time to gather relevant information.
It added that the twoweek extension to a new April 30, 2023, deadline will “allow for the highest possible level of participation” by local and international bidders.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said: “Many credible, interested parties have asked us for more time to gather the information
required to qualify to present proposals. “This is something we have to get right to ensure the future growth of our Family Islands. We want the widest set of competent options to choose from before we move to the next stage.” The Government launched the process to transform 14 Family Island
airports on March 1, 2023, seeking bids from parties capable of building, financing, operating and managing these facilities via a private-public partnership (PPP) business model. The winning groups will lease the airports under a longterm concession, although the Government will retain ownership of the land and real estate.
limited, preventing Novo Nordisk from exploiting its lead on its closest competitor. And long-time competitor, Eli Lilly, is catching up with Tirzepatide, in which test subjects used in one study lost 21 percent of their weight. The market for this sort of drug seems to only increase with time and the change in our lifestyle habits. Two out of every five persons worldwide were overweight in 2020, and the COVID pandemic made us even more aware
of this growing problem. In 2035, more than 4bn people worldwide will be overweight or obese.
Obesity can contribute to cardiovascular disease, diabetes and various types of cancer. And these illnesses can be very costly for each country and all involved industries. The increase in obesity will reduce global gross domestic product (GDP) and hamper the development of low income countries. In absolute figures, the greatest economic damage is to be expected
FROM PAGE B1
Pedro Rolle, BPL’s chairman, was said to have written a memorandum to other Board members to inform them that “the finer details of the proposed agreement” with Bahamas Utilities Holdings “are still being negotiated at the senior government level”. This implies that talks are being held at the Cabinet, Cabinet committee and/or senior policymaker level, and raises several questions. No open tender process appears to have been conducted for BPL, which would enable all interested parties to bid under the same terms and conditions, even though the Public Procurement Act - and reforms to purportedly make the legislation even more transparent, and provide greater accountability and taxpayer value for money - recently passed through Parliament and received significant public focus.
And, based on Mr Rolle’s memorandum, it appears that BPL’s Board and senior management are
playing little to no role in the talks. Dr Sands blasted: “This administration has taken the approach that the entire procurement process, since coming to office, has been in the dark. There’s no transparency. We don’t know Bahamian taxpayer dollars are being spent.”
The FNM has frequently blasted the Davis administration for allegedly violating the original Act by failing to publish all public sector contracts awarded since it took office in September 2021, along with the identities of the winning bidders and the dollar value of the award.
The Government, though, has argued that its predecessor left in place “unworkable” legislation that was unsuited to the practical realities of The Bahamas and how government operates. It asserted that key posts required by the Public Procurement Act had not been filled, and that there had been no capacity building in the public service to ensure it could be implemented. It has also pledged to publish contract award details.
“They are proceeding as if they are a law unto themselves,” Dr Sands argued. “When you are talking about my money and your money, I have a right to know a contract is being awarded, and on what basis and to whom. This is par for the course. This is the ordinary way of doing business for this administration, and they don’t see it - given their super-majority in the House of Assembly - as something they need to change.”
Well-placed Tribune Business sources, though, revealed that FOCOL Holdings (Bahamas Utilities Holdings) and Shell are far from the only party interested in BPL. “There are a number of other parties with proposals in front of the Government,” one confirmed, speaking on condition of anonymity. “All of the usual suspects are at the table and then some. None of them ever left the table.
“This article gave the impression that the FOCOL group are the only guys at the table with the
in China, the US and India. It will cost China an estimated $10trn by 2060, while the US will have to budget $2.5trn in damage and India $850bn. Obesity will reduce GDP by about 10 percent in The Bahamas by 2060.
Therefore, it is no surprise that the pharmaceutical companies are spending tons of money to be on the forefront of the latest craze. The share prize for Novo Nordisk has jumped 42 percent yearover-year. Eli Lilly has seen an increase of 23 percent. Compare this to the share price changes year-overyear of Novartis and Pfizer, and you can see the impact the new kind of drug has made.
Overall, the weight loss industry is highly competitive with a variety of companies competing for market share. It represents a great opportunity for the savvy investor.
Government, when nothing could be further from the truth. It’s giving people the impression they are the last ones at the table and are finalising their deal, and that’s not the case. It couldn’t be further from the truth.”
The FOCOL/Shell partnership, based on information disclosed, is offering to supply BPL with power generated by utilityscale solar as well as LNG fuel. The proposal is also offering to manage some of BPL’s New Providence generation assets and, from that perspective, bears a striking resemblance to the power plant deal with Shell North America that was left behind by the Minnis administration - albeit with FOCOL now included.
Those negotiations had focused on Shell taking over responsibility for New Providence’s baseload generation via 220 Mega Watts (MW) at Clifton Pier, much of which was already installed. The multinational energy giant was also to finance and construct an LNG regasification terminal so that this fuel would be available to drive the new power plant’s engines. Following the fuel hedging controversy, the Davis administration has yet to publicly reveal a comprehensive strategy for dealing with cash-strapped BPL’s multiple issues. These include the long-awaited, and much-needed, refinancing of its legacy debt that was supposed to have been done by the Rate Reduction Bond (RRB) issue that has been shelved after global interest rates moved against it.
One contact suggested the Government will soon be under pressure to unveil a BPL solution when summer electricity bills peak in a few months’ time due to the 163 percent fuel charge hike compared to October 2022, as the utility moves to reimburse Shell for $90m in under-recovered fuel costs.
“They have to make a decision now,” they said. “If everything goes perfect it will take three years to build an LNG regasification facility. If the Government wants to cut the ribbon before the next election, they will have to do something now.”
Notice is given hereby in accordance with Section 138(8) of the International Business Companies Act, 2000, the dissolution of NMHG INVESTMENTS LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Registrar.
HOTELS throughout
The Bahamas yesterday said they are enjoying a record-breaking 2023 todate with high occupancy levels recorded over the Easter period.
Chad Hinsey, of Small Hope Bay Lodge in Andros, said the resort has been running at full occupancy since January. “We had a pretty crazy start and
we’ve been having a great year all year basically,” he said. “It’s very rare, but we’ve been having a recordbreaking year so far. We’ve been running at almost full occupancy since January. It has slowed down here and there but it’s overall been pretty good.”
Jamal Glover, general manager of Bayview Suites, and treasurer for the Bahamas Hotel and Tourism Association (BHTA), said the Paradise Island resort
has enjoyed a robust winter tourism season with business volumes approaching pre-COVID levels. He said: “We’ve had similar results as everybody - just a robust Easter and Spring Break season. We’re very close to pre-pandemic levels, so it was a very busy two months or six weeks.
I’m assuming that the operations people at LPIA (Lynden Pindling International Airport will say the same thing; that the traffic
over the last six weeks has been remarkably high. The traffic we had for the last six weeks, you know, we can’t complain.”
Mr Glover said he was optimistic that current tourism trends will continue provided the US economy remains strong. He added:
“Hopefully the United States doesn’t have a recession or some crazy thing that hinders our progress. We’ve been trying to get back to these levels for the
last two years, so hopefully the United States remains relatively buoyant in their economy.”
Teynarae Newbold, general manager of The Rock House Hotel and Restaurant on Harbour Island, said high occupancy levels had exceeded Spring projections. She said: “I mean, for us, occupancy has been about 80 to 90 percent for the Easter weekend. So that is a little bit more than
we were expecting, but we were happy for it.
“Truthfully, I can’t really compare it only because this was a different company pre-pandemic and we re-opened it after the pandemic. So, this group has only been in business for the past two years, so we don’t really have the prepandemic numbers because we weren’t here.”
GRAND Bahama Port Authority (GBPA) licensees say they have developed new contacts, and forged new business relationships, through their attendance at a major cruise industry event.
Some 20 Freeport businesses were present at the four-day SeaTrade Cruise Global (STCG) conference in Fort Lauderdale, which attracts cruise line executives, travel professionals, investors, vendors and suppliers from all parts of the cruise and maritime industry.
The GBPA’s licensees, representing Freeport’s tourism, industry, logistics and maritime sectors, both showcased their businesses and highlighted the ease of doing business and the benefits of investing in Freeport during the event from March 27-30.
Among the participants were executives from Freeport Harbour Company and Freeport Container Port, Pirates Cove Zipline & Waterpark, Elnet Maritime Services, H. Forbes Private Charters & Tours, Bahamas Distillery Company, Pelican Bay Hotel and Leslie’s Trade and Logistics Services.
Representatives from Elnet Maritime Services said they have made new contacts and laid the foundation for future business deals.
“Elnet Maritime attends SeaTrade Cruise Global annually, and this year we were excited to partner with the Grand Bahama Port Authority, Invest Grand Bahama,” said Ellie Hepburn, Elnet Maritime’s president and chief executive.
“It was a successful event for Elnet as we signed an exclusive cruise agreement with the world’s largest cruise port agency network, Inchcape Shipping Services, and we had the opportunity to network with cruise executives through our platinum partnership with the Florida-Caribbean Cruise Association. The Bahamas took centre stage at the event, and we look forward to partnering with the GBPA again in 2024.”
Hadley Forbes Senior, president of H. Forbes Private Charters & Tours, said: “Our sincere thanks go out to the Grand Bahama Port Authority for inviting H. Forbes Charter Services to exhibit at SeaTrade Global. Mrs Dames and her team did an outstanding job organising the event, and
the networking opportunities were exceptional. Thank you again for the opportunity to partner with you and for a wonderful experience.”
Pirates Cove Zipline & Waterpark also had a successful experience at the event. David Wallace, its president and general manager, said: “There was a lot of interest in our adventure tourism offerings, and we are excited about the potential for growth in this sector.
The Grand Bahama Port Authority has given us an opportunity through SeaTrade to meet the world and the major players within the maritime and cruise industry. Let’s do it together.”
Sarah St George, the GBPA’s vice-chairman, said: “We are thrilled with the success of our participation at the 2023 SeaTrade Cruise Global event. It allowed us to showcase the many investment opportunities existing in Freeport, and to highlight the significant progress we’ve made in recent years in terms of business expansion, infrastructure development, and our focus on creating a more sustainable tourism economy for the future.
“It was great to have our licensees with us, showcasing the potential of Freeport as a premier investment destination, and we are confident that it will lead to new partnerships and opportunities for our licensees.”
Ian Rolle, the GBPA’s president, said: “The success of this event is a testament to the potential of Freeport as a destination for investment and business growth. We are grateful for the opportunity to showcase our city and the many talented entrepreneurs who call it home.”
The GBPA and its licensees have already begun discussions on their participation in the 2024 event, which is due to be held from April 8-11 at the Miami Beach Convention Centre “For 2024, we plan to have an entire pavilion with even more licensees participating and doing so in tandem with the Ministry of Tourism,” said Derek Newbold, chief investment officer at the GBPA. “Following a post-mortem of the event, we’ve come away with some excellent ideas to ensure an even more extraordinary showcasing of Grand Bahama for next year.”
JAHG INVESTMENTS LTD.
Notice is given hereby in accordance with Section 138(8) of the International Business Companies Act, 2000, the dissolution of JAHG INVESTMENTS LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Registrar.
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Institute) have certified training programmes ongoing in Andros, but that’s not happening fast enough and the certified programmes need to be expanded beyond Andros. “And, last but not least, and something that we definitely have to address with the project to transform 14 Family Island airports, is the cost of ground transportation. I was talking to one of our members in Long Island,
and to travel from Stella Maris to Deadman’s Cay it’s $160 one-way for two people,” he continued.
“From Marsh Harbour to the Green Turtle ferry dock it’s $100 one way for two people in terms of transportation. We somehow have to address that. Even if we cannot lower the cost we have to have visible signage at the airport or on Bahamas.com with these prices so people are not surprised by the cost.
“Another issue I am hearing from the members on Bimini is the harassment of their guests upon arrival by some - not all, only someof the taxi cab drivers trying to get business. That, on Bimini, has to be addressed. These are some of the headwinds based on the feedback from members that I am hearing.”
Mr Fountain also warned that more work is required to solve the same-day connection challenges for persons transiting Lynden
Pindling International Airport (LPIA) as they either head on to their Family Island destination or return from that location to head home.
“As always for us, airlift out of LPIA is a challenge,” he told Tribune Business “It’s not a matter of the number of seats flying from different Family Islands to LPIA. We need to tweak the timing of flights when we have flights coming into Nassau bringing passengers connecting to the Family
Islands. We need to work with our airline partners in The Bahamas to allow sameday connectivity. That’s the lowest hanging fruit right there.”
Voicing confidence that
Promotion Board members will hit their 2023 financial targets (see other article on Page 1B), Mr Fountain said: “We have to have everybody working in sync. It has to involve the Ministry of Tourism doing the heavy lifting internationally and
FROM PAGE B1
anti-money laundering and tax transparency standards,” Mr Rolle continued.
“In this regard, the Central Bank and other regulators continue to work to improve the jurisdiction’s anti-money laundering profile through national efforts to secure peer assessments that validate the effective and compliant standing of The Bahamas against the rest of the world. This aids banks and trust companies in maintaining solid correspondent banking relations, which are essential to the viability of their business models.
“We have also improved direct outreach to correspondent banks to ensure more accurate assessments of anti-money laundering risk management practices. Also, we have began a highly successful annual antimoney laundering research conference that is leading to more objective scrutiny of the effectiveness of the international approaches to anti-money laundering and financial crimes deterrence.”
Data unveiled by the Central Bank in a February 2023 industry briefing reveals that the total number of Bahamas-domiciled banks and trust companies fell by 18, or 8.1 percent, from 221 to 203 over the four-year period between 2019 and 2022. Banks, and banks and trust companies, both declined by three over that period, while trust providers fell by
12 - from 147 to 135. Private trust companies, meanwhile, expanded from 142 to 155.
Total bank and trust industry assets stood at $138.926bn at year-end 2022, with fiduciary assets (those belonging to clients) hitting $277.336bn. Collectively, total assets in the sector’s safekeeping stood at $416.262bn.
“There are 20 banks and trust companies that offer services in the domestic market,” Mr Rolle said. “In that total, ten have commercial banking licences and ten have bank and trust licences, which allow them to provide foreign currency trust and investment services to residents, but with a more substantial focus on international banking clients and with a majority of their trust clients being international.
“Another 55 public banks and trust companies have unrestricted licences to operate in the international sector, and the Central Bank licenses 127 restricted and non-active banks and trust companies, whose business activities are restricted to the areas specified within their licences, and which are for the most part managed by 55 public banks and trust companies mentioned earlier.
“Domestic banks and trust companies have total assets of $20bn - roughly $11.4bn onshore in The Bahamas, and the rest attributed to international business. For international banks and trust companies the size of
the assets base was approximately $118bn at the end of 2022.”
Turning to the domestic market, Mr Rolle said the Central Bank is in the initial stages of developing a regulatory framework for so-called “agency banking” which would deepen financial inclusion by allowing licensed, regulated third parties to provide services on behalf of banks in far-flung Family Island communities.
“The Central Bank is currently in the early stages of developing a regulatory framework for agency banking as part of its financial inclusion strategies. Absent the overarching regulatory framework, some agency arrangements already exist in The Bahamas in very limited ways through outsourcing arrangements,” Mr Rolle explained.
“Currently, an agreement is in place between one of the money transmission service providers that provides cash handling servicing support to one of commercial banks on the Family Islands. The final evolved outcomes for The Bahamas, though, are expected to be more complex this.
“The introduction of agency banking would be a vital addition to the regulatory framework as it would allow for certain banking services to be offered more efficiently within communities that do not, or no longer, have traditional brick and mortar outlets. Agency models would be expected
to eliminate many if not all of the reasons that individuals still have to travel to the capital to do banking (including deposits and withdrawals),” the Governor continued.
“As well, agents should make it easier for banks to take on new customers who live in the Family Islands.
Currently, we have a model in the money services space where money transmission businesses can apply to money transmission agents throughout The Bahamas.
“Agents tend to be medium to micro-size businesses. A model for banking services has not been defined yet, but it is likely to draw on templates already in use in countries in the Caribbean and elsewhere. It could resemble the money transmission business framework depending
on the amount of direct regulatory interaction that Central Bank is required to have with agents. In addition, we expect some agency models could leverage Fintech (financial technology) and be very digital in nature.”
Regulatory reforms are also planned for credit unions. “There will soon be extensive public consultation around the proposed reforms to the Credit Union Act,” Mr Rolle said. “These changes have a strong governance enhancing impact, particularly around the election of the Boards of credit unions.
“This process would be better aligned with the regulatory scrutiny that is applied for other Central Bank supervised entities. In addition, the Central Bank’s powers would be
promotion on a consistent basis, not off and on.
“It has to involve the Bahamas Out Island Promotion Board having the right offers in the market on behalf of the members and marketing different offers to guests at the right time of the year in the right market, and it has to involve our hotel members doing what they need to do and making sure every time somebody visits their hotel they obtain an e-mail address to target potential repeat guests.”
enhanced, similar to the case for other regulated entities, so that during times of severe stress there could be swifter and more effective intervention to stabilise such co-operatives.
The Governor added:
“There is also a strong financial stability focus to improving the credit union framework, as they are members of the Deposit Insurance Corporation. In this regard, The Bahamian crisis management framework has to extend fully to the credit union sector, and the legal framework has to be consistent with this objective.
“Overall the reforms would help to strengthen outlook for the credit union sector, and provide greater transparency around their operations, enhance resourcing prospects for the Boards, and give added financial safety to the shareholders and depositors of the co-operatives.”
distinguish themselves from - and offer a competitive advantage over - the rapidly expanding vacation rental market that is increasingly making inroads into their customer base.
“Last year, our goal in terms of room nights sold
was to achieve 95 percent of what we did in 2019 and, in terms if room revenues, our goal was to achieve 86 percent of what we did in 2019,” Mr Fountain told Tribune Business of 2022’s targets.
“We did 84 percent of room nights sold. We were 11 percentage points below
NOTICE is hereby given that THANIS FRANCOIS of #1 Timothy Lane, Fox Hill, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of April, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that RONY JEAN of Bacardi Road, 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 11th day of April, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
INTENT TO CHANGE NAME BY DEED
POLLThe Public is hereby advised that I, GUERDA EDOUARD of Southern District, New Providence, Bahamas, Mother of RAYANNA ALIA SIMILIEN also known as RAYANNA ALIA EDOUARD A minor intend to change my child’s name to RAYANNA ALIA EDOUARD 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.
INTENT TO CHANGE NAME BY
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where we had projected in terms of room nights sold. For room revenues, we achieved 97 percent of what we achieved in 2019. Our goal was 86 percent, so we were 11 percentage points above our goal.
“Given this performance, we set our goals for 2023 at 100 percent of room nights sold compared to 2019, and 110 percent of room revenues compared to 2019. We felt these two goals will be realised based on the available seat capacity increase by American Airlines, Delta, Makers Air and Aztec Airways,” the Promotion Board chief continued.
“Despite the drop in seat count by Silver Airways, due to the pilot shortage they are experiencing, we also felt we would achieve these goals because it’s easier to travel to The Bahamas compared to 2022. In early 2022 we still had the Health Travel Visa in place and testing was required in major source markets. It’s much easier and less hassle.
“We also feel these goals are achievable because we are starting to see these meetings, incentives, conferences and groups - this business - coming back. You factor all that in, and that’s why we feel the goals of 100 percent room nights sold and 110 percent room revenues compared to 2019 are achievable. So, how are we doing?”
Based on data for January and February, as March numbers are still being
submitted by the Promotion Board’s member properties, Mr Fountain said Andros, Abaco and Harbour Island - all of which are served by direct airlift from the USare performing “way above 2019 in room nights sold and room revenue”. He added: “I can say in the case of Andros that for those months it was hovering around 103 percent and 105 percent in room nights sold and room revenues, and Abaco and Harbour Island, their numbers were way above goal - way above 100 percent on room nights sold and way above 110 percent on room revenue.
“We also saw a pleasant surprise in the performance from Acklins and San Salvador. We’re not talking big numbers, but any increase means a lot for hoteliers on those islands. For the January to February period, Acklins and San Salvador, despite the challenges in getting people to those islands via Lynden Pindling International Airport, both are performing above goal and realising the numbers they did in 2019 compared to this year.
“Those five islands, and we only have members on ten islands, of Abaco, Andros, Acklins, Harbour Island and San Salvador, are performing above or just above 100 percent on room nights sold compared to 2019 and 110 percent in room revenue.”
As for the other five Family Islands where there are Promotion Board member properties, Mr Fountain said: “I was a bit disappointed at first in Exuma and Eleuthera’s numbers. Those two islands are not performing above and beyond expectations. They’re not hitting goals.”
However, once he “met with hoteliers and lifted the hood to determine why they were not performing up to expectations”, he learnt it was due to property-specific issues at one large member property on each island. “In the case of Eleuthera, the member has a lot of rooms out of inventory because of a lease contract,” Mr Fountain said. “If those rooms were back in inventory, Eleuthera would be performing like Abaco - way above goal.
“In the case of Exuma, all of our resorts are performing above goal but there is one big member that is not and that is dragging Exuma down. That is due to rooms being out of inventory due to an ongoing renovation programme. If you look at Long Island and Cat Island, Long Island is still suffering from airlift issues out of Nassau with Southern Air and Bahamasair.
“I feel Cat Island should be performing much better. We will be meeting with all hotel stakeholders to determine what the itch is. Based on anecdotal evidence, and based on the proportion of second home vacation
rental guests going to Cat Island, we feel people are staying in hotels on their initial visit and coming back to stay in rental properties,” he added.
“If that is true, and it has to be determined, we’ll have to make some adjustments. We’ll have to determine what the competitive advantages are of staying in a hotel versus second home vacation rentals..... Hotels have to dig deeper to differentiate themselves from second home rentals. The demand for vacation rentals is continuing to grow, and they must ask themselves: What comparative advantage do I have as a hotel?’”
Mr Fountain said Bimini had performed below expectations for January and February because a “major member” was not operational, but had since opened on March 1, 2023. “As far as Bimini is concerned, we know we have to have more airlift on bigger aircraft out of south Florida,” he added. “Balearia, the fast ferry, will not be operating if they experience weather like we had last week.
“Tropic Ocean Airways has an eight-seater that flies in eight times’ a day, but that’s 64 people. We still need larger aircraft. We also note that, during peak season for Bimini, which is summer, while they do very well on weekends we need to come up with a strategy to figure out how to get some of those rooms filled mid-week.”
Incorporated under the Companies Act, 1992 of the Commonwealth of The Bahamas.
Registration Number 55786 (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in Voluntary Dissolution, commencing on the 2nd day of March, 2023.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Paul A. (Andy) Gomez, of Baker Tilly, Paje House, 17 Marlborough Street, P.O. Box N-8285, Nassau, The Bahamas. All claims against the above-named Company are required, on or before the 19th day of May, 2023, to send their names, addresses and particulars of the Company’s debt, and their claims, to the Liquidator of the Company, or in default thereof may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 18th day of April, 2023.
Paul A. (Andy) Gomez Liquidator
initiatives so we were really strengthening our partnership for the future.
“We talked about some potential new airlift, some more frequent flights to Grand Bahama, for example. The continuation of American Airlines flight from Charlotte to Marsh Harbour, Abaco.
We noticed it’s taking a short break in the month of May. We made a strong case for the flight to continue non-stop consistently throughout the year given the demand we are seeing for those months,” the deputy prime minister added.
“Overall, we continue to have a great relationship with American Airlines and
we expect even more frequencies in terms of flights moving forward. There’s always room for growth. We are doing exceptionally well year-over-year. We are getting about 5-6 percent of our overall tourists coming from Texas. We think we can get that to 10 percent.”
Latia Duncombe, the Ministry of Tourism’s director-general, said The Bahamas’ delegation had discussed with American Airlines the possibility of launching “new routes from the LA (Los Angeles) market” and others that she declined to name.
Mr Cooper, meanwhile, suggested that the three cities visited provided fertile ground for increased tourism to The Bahamas due to their growth and
relative wealth. With many Texas residents already owning second homes in this nation, the deputy prime minister said the Ministry of Tourism was encouraging several to continue their “natural endorsement of The Bahamas”.
He added that his team were also “very optimistic” that United Airlines will increase the frequency of its direct flights from Houston to Nassau from one to two per day during the summer, thereby “making accessibility easier”. Mr Cooper said: “I think the fact you can get to Nassau in less then three hours from here is a great plus.”
Describing Houston as a “significant airline hub”, offering connectivity to Europe, Canada, South
America and the Middle East that The Bahamas can seek to exploit, Mr Cooper said The Bahamas was also “advancing in the partnership space” with the Dallas Cowboys football team as it seeks to gain access to the NFL franchise’s client, fan and corporate database - as well as partners - to generate new tourism leads.
“We’re looking to see how we can get more of their fans coming to The Bahamas. We had a great meeting with the ownership of the Houston Rockets today,” the deputy prime minister added of the NBA basketball franchise. “It was a great meeting not just for tourism but investment opportunities. “These are multi-billion dollar franchises with
significant investment activity throughout the year.
Access to their players, access to their fans, access to their families and partners is what we are after.
Today we are looking at tourism. We are returning to perhaps do an investment forum. Houston is the fourth largest city in the US and it’s growing rapidly. We want to see how we can leverage that growth.
“I can tell you we have a preliminary commitment from the Houston Rockets to have their training camp in Nassau in September, so we think that’s a big win for us and we’ll continue to pursue other opportunities like this. What it means when these training camps go on is that the team, they bring their spouses, their
STOCKS on Wall Street dipped Friday as worries about interest rates overshadowed an encouraging start to earnings reporting season for big U.S. companies.
The S&P 500 fell 8.58 points, or 0.2%, to 4,137.64 after giving up an early gain. The Dow Jones Industrial Average lost 143.22, or 0.4%, to 33,886.47, while the Nasdaq composite sank 42.81, or 0.4%, to 12,123.47.
The S&P 500 still squeezed out a fourth winning week in the last five,
built in part on hopes the Federal Reserve may soon end its barrage of rate hikes as inflation cools. High interest rates can stifle inflation but only by slowing the economy, raising the risk of a recession and dragging on prices for investments.
A top Fed official dampened those hopes
Friday after saying inflation remains far too high and more tightening may be needed. Christopher Waller, a member of the Fed's governing board, also said that even after hikes to rates end, they will likely need to stay high for longer than markets expect.
Higgs & Johnson, a full-service corporate and commercial law firm serving clients around the globe, is seeking a qualified Real Estate Associate for our expanding Marsh Harbour, Abaco location.
Candidates must possess:
• Minimum three (3) years’ experience
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Qualified candidates interested in this exciting and rewarding opportunity, should forward their resume to fmullings@higgsjohnson.com by Monday, April 24, 2023. Only qualified, short-listed applicants will be scheduled to interview
After his comments, traders built bets that the Fed will raise rates at its next meeting in May, instead of taking its first pause in more than a year. Some also began betting the Fed may hike rates again in June, according to data from CME Group. High-growth stocks tend to be among the most hurt by high rates, and Big Tech stocks were among the heaviest weights on the S&P 500. Microsoft fell 1.3%.
Swaths of the economy have already begun slowing under the weight of higher interest rates, raising worries that a recession may be likely. A report on Friday showed U.S. shoppers cut their spending at retailers by more last month than expected. Much of that was due to falling gasoline prices, and the drop for what economists call "core retail sales" wasn't as bad as forecast.
"The Fed's challenge has been to cool inflation without putting the economy into a deep freeze in the process," said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. "The dynamic is still playing out in the markets, and we could see more choppy price action as a result."
Potentially making things more difficult for the Fed was another report Friday that said U.S. households are girding for higher inflation. Consumers are expecting inflation over the next year of 4.6%, up from expectations for 3.6% a month earlier, according to a preliminary survey by the University of Michigan. That could be troublesome, as the Fed has long feared entrenched expectations of high inflation could lead to a vicious cycle that keeps it high. Longer-term expectations for inflation, though, remain stable and clocked in at 2.9% for a fifth straight month, according to the survey.
families, and sometimes their children, so there are significant heads in beds.’
Mr Cooper said Sylvester Turner, Houston’s mayor, who is in the latter stages of his second term in office has “committed” to leading a trade mission to The Bahamas before stepping down. “He wants to visit Nassau as well as Grand Bahama,” the deputy prime minister added, “so we are very positive about the possibilities there....
“Over the course of the year we anticipate we are going to increase overall arrivals to The Bahamas in the 20 percent range when we compare 2023 to 2022. I fully expect Texas will beat that 20 percent, so I am very optimistic.”
All the worries helped push Treasury yields higher.
The 10-year Treasury yield rose to 3.51% from 3.45% late Thursday. It helps set rates for mortgages and other important loans.
The two-year Treasury yield moves more on expectations for the Fed, and its gain was sharper, up to 4.10% from 3.97%.
Helping to offset some of the worries about rates were big gains by several of the nation's biggest banks.
They reported profits for the first three months of the year that blew past expectations.
They helped kick off the reporting season for big U.S. companies, where expectations are mostly dismal. Despite such worries, JPMorgan Chase jumped 7.6% after its profit surged by more than half from a year earlier.
It benefited from the strains unearthed in the banking system last month that shook global markets. Those worries pushed some customers to pull cash from smaller banks and move it to bigger ones.
Citigroup rose 4.8% after it also reported stronger profit than expected. BlackRock, the world's largest asset manager, rose 3.1% after its earnings likewise topped forecasts.
Boeing was one of the heaviest weights on the S&P 500. Its stock slid 5.6% after the aircraft maker said Thursday that production and delivery of a "significant number" of its 737 Max planes could be delayed because of questions about a supplier's work on the fuselages.
Boeing said the supplier, Spirit AeroSystems, used a "non-standard manufacturing process" during installation of fittings near the rear of some 737s. Boeing said the situation is not an immediate safety issue and planes already flying "can continue operating safely."
NOTICE is hereby given that RAYMOND THIMOTHEE, of Martin Town, Freeport, Grand Bahama 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 11th day of April 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that PRINCESS SHELITA BELLEVUE, of Mount Royal Avenue, New Providence, 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 18th day of April 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Across 1 Husband shows reticence (7)
4 Leaves on even terms (5)
7 Pretentious songs? (4)
8 Keepers put dogs around a hill (8)
10 The more they cut down, the more they gain (10)
12 Arouse revolutionary tribes (6)
13 I’m out of aspirin ordered for the injury (6)
15 They face the wall (10)
18 A diet put out for fitness (8)
19 One in prison. He killed his brother (4)
20 To be hesitant is not entirely modest (5)
21 Politician for whom no tears are shed (7)
Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday
SMall CroSSWord across: 1 Leftovers, 7 Guinea, 9
Best described as a number crossword, the task in Kakuro is to fill all of the empty squares, using numbers 1 to 9, so the sum of each horizontal block equals the number to its left, and the sum of each vertical block equals the number on its top. No number may be used in the same block more than once. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday.
Down
1 Come up to stretch between bends (5)
2 Drunken purser is disposed to stagger (8)
3 Right sort of stock (6)
4 A child of four (10)
5 Trickster admitting his image? (4)
6 Meeting that has no standing? (7)
9 He is known by his acts (10)
11 Tie up an order for speedy production (4,4)
