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‘Thunderball’ causes storm on Staniel Cay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Supreme Court this week extended the construction halt on a property at the centre of an escalating dispute between Staniel Cay homeowners over fears it is a boutique hotel development in disguise.

Justice Neil Brathwaite, in an April 26, 2022, verdict upheld the recently-reinstated injunction barring developer Keith Doyle, and his DeepBlue Properties vehicle, from continuing to expand what he describes as a “family residence” and not the “Hotel Thunderball” that was originally proposed.

While admitting in legal papers that a boutique hotel, named after the James Bond movie that filmed key scenes in the nearby Exuma cave system, was initially planned for the location, Mr Doyle asserted that “I have never submitted those plans for approval to the Ministry of Works nor the Department of

• Developer says James Bondthemed hotel abandoned • But Supreme Court upholds construction halt injunction • Rival homeowners seek permit quash, demand an EIA

TOP right is a photo of the construction and excavation alleged to have taken place at DeepBlue Properties’ location on Staniel Cay. Environmental Planning and Protection (DEPP) specifically”.

The developer, who operates a charter airline, Staniel Air, which transports visitors to the island from Fort Lauderdale, added that “harassment” from neighbours opposed to his plans for the renowned yachting and boating destination had made him abandon the Hotel Thunderball project - and its “ten private and exclusive rooms” - almost two years ago.

However, other Staniel Cay residents are far from convinced.

Supreme Court filings obtained by Tribune Business reveal their belief that what Mr Doyle is attempting to build “is larger than existing boutique hotels in Staniel Cay”, and an attempt to construct a mini high-end

SEE PAGE 8

Permit ‘backdoor’ allows developers to evade law

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE immediate past environment minister has warned that the permitting system “creates a backdoor” for developers “to cloak their boutique hotels as single family residences” and evade Bahamian law.

Romauld Ferreira, who held the post until last year’s general election,

SEE PAGE 7

• Boutique hotels can be ‘cloaked’ as family homes • Ex-minister spies loophole in system he oversaw • ‘Selfdescribing’ project nature ‘undermines’ Act

Super Value principal backs VAT’s breadbasket removal ‘No more time to avoid

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s principal yesterday backed calls to remove VAT from breadbasket foods as a means to ease the burden soaring inflation has imposed on hard-pressed consumers still struggling to recover from COVID-19’s fall-out.

Rupert Roberts told Tribune Business that “I’d certainly agree” eliminating the 10 percent levy on products such as bread, rice, flour, butter and baby food/formula would help lessen the pressure on low income Bahamians and other vulnerable groups struggling to make ends meet amid wide-ranging price hikes.

pain’ over NIB reforms

“I hear a lot of consumers talking about how government should pull back on price controlled items, take VAT off the breadbasket items,” he said. “That’s what consumers are saying, and I hear it. The consumers are telling their representatives [MPs] and telling us and our store managers. If you

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

RUPERT ROBERTS

Aliv: Third mobile player will damage consumers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV is urging regulators to stop viewing the mobile market as “silos” in its approach to overthe-top (OTT) services such as What’s App, while warning that permitting a third market entrant could undermine investment in 5G technology.

The mobile operator, in its response to the Utilities Regulation and Competition Authority’s (URCA) recently-published market assessment, argued that

the supervisory body must view OTT disruptors as part of the market because they are increasingly used as substitutes for text messages and calls.

As for the deployment of 5G or fifth generation mobile network technology in The Bahamas, Aliv warned that this will only be “commercially viable” in the more populated islands of New Providence and Grand Bahama. And it added that the incentive for itself and the Bahamas Telecommunications Company (BTC) to invest in such an

SEE PAGE 6

GOVERNANCE reformers yesterday warned “there is no more time to avoid the pain” associated with saving the National Insurance Board (NIB) as they called for “a clear plan” of rescue that will gain widespread buy-in from society.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business yesterday that the Government was caught

between the twin dilemmas of trying to avoid imposing further costs on alreadystruggling businesses and workers while, at the same time, realising it cannot avoid corrective action to sustain the country’s social security system for much longer.

“With all good conscience, it cannot continue to be pushed down the line without a clear plan of what happens going forward,” he said of reforms that will almost-certainly involve

SEE PAGE 9

PAGE 2, Thursday, April 28, 2022

FTX ATTORNEY: BE ‘THRILLED’ AT DIGITAL ASSET FEEDBACK

THE TRIBUNE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FORMER Cabinet minister yesterday said the private sector “should be thrilled that the Government has institutionalised” how it will be consulted on the future evolution of the digital assets industry.

Allyson Maynard-Gibson QC, ex-attorney general and minister of financial services and investments, told the Crypto Bahamas conference that the Davis administration’s policy ‘white paper’ on its objectives for the sector’s development provide a road map for companies, investors and participants to give feedback at every step of the process.

Mrs Maynard-Gibson, who is the attorney for FTX Digital Markets, the world’s second-largest crypto currency exchange that has just broken ground on its Bahamas headquarters, said: “On the white paper, I think the private sector should be very thrilled that the Government has actually institutionalised the means by which the private sector would be consulted, and would constantly get feedback, as to what is happening in the sector, what needs to be changed, what needs to be tweaked.

“It’s a very fast moving sector, and the Government has actually institutionalised the means by which the private sector can formally give feedback.” Mrs Maynard-Gibson also pointed to the Digital Advisory Panel, featuring private sector representatives, that will be created to provide advice and recommendations on the industry’s growth to a policy committee headed by the Prime Minister.

“So there are two means the Government has institutionalised for the private sector to feed it, making sure that The Bahamas stays on the cutting edge,” she said. Meanwhile, a current Cabinet minister said the Digital Assets and Registered Exchanges (DARE) Act is one of the “key reasons” that attracted FTX to The Bahamas

Senator Michael Halkitis, minister of economic affairs, said: “One of the key points of attractiveness of The Bahamas is, number one, we have a long-standing reputation as a well-regulated jurisdiction that is compliant and has always sought to be compliant with global, financial, prudential and regulatory standards.

“And we are very proud of our Central Bank to have pioneered the first digital currency, and we’re very proud of our Securities Commission to have shepherded through the realisation the DARE Act that was cited by FTX as one of the key reasons they came here because of our regulation.”

Promoting digital assets policy ‘white paper’, Mr Halkitis added: “The key points for discussion, and the key objectives of the white paper, are to explore new opportunities within the digital asset space, to encourage innovation and FinTech and other areas of digital assets.

“To improve the attractiveness of The Bahamas as a destination for other companies involved in the digital asset space, we want to encourage the building of capacity amongst our regulators, the Central Bank and the Securities Commisison, in improving their level of regulation.

“We also want to promote the development of skills and training amongst the population, amongst our professionals, so that they can easily transition from other segments of the financial services industry into the digital asset space,” the minister added.

“And, connected to that, is we want to explore any linkages between what we call the traditional financial services and digital assets, FinTech and crypto. So the idea is to create a discussion. We recognise that we are leading jurisdiction in terms of regulation and attractiveness; we want to maintain that position. And we believe that we do so by encouraging discussion.”

COME TO BAHAMAS, PM TELLS DIGITAL ASSET FIRMS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Prime Minister yesterday urged digital asset firms to consider establishing a physical presence in The Bahamas while hailing the “transformative” impact the sector will have for all industries and the wider economy.

Philip Davis, QC, speaking at the Crypto Bahamas conference organised by the FTX crypto currency exchange and SALT, the network leadership forum, admitted he never envisioned financial technology (FinTech) making the economic impact it has achieved in recent years.

Building on The Bahamas’ history of “invention, disruption, resilience and innovation”, which includes development of the tourism and financial services industries, he added: “Today, the arrival and presence of FTX underscores the readiness of The Bahamas to be a home for global leaders in the crypto space.

“Back in 2019, our Central Bank launched the Sand Dollar, the world’s first digital currency. And just last week, my government launched a policy

‘White Paper’ outlining the future of digital assets in The Bahamas. This paper sets out our vision, and the supporting framework, to transform The Bahamas into the leading digital asset hub in the Caribbean, and a global leader in the progressive regulation of businesses in this profoundly innovative space.

“The Bahamas is not only open and ready for business, but moving to the forefront of this most exciting era of digital asset innovation. I hope that consideration of the potential and possibilities in our country will feature in your discussions over these next few days.”

Mr Davis said he wanted digital financial assets, and their evolution, to benefit the many and not just the few. “In this transition to a digital future, let us do what we can to uplift and bring along the many, not just the few,” he added.

“I am determined to make sure that in my country, this era of dramatic change is also an era of progress. And if the world of crypto currency is where you see your possibilities, then The Bahamas has a place for you.”

THE TRIBUNE

Thursday, April 28, 2022, PAGE 3

SECOND CRYPTO EXCHANGE EYES BAHAMAS EXPANSION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SECOND cryptocurrency exchange yesterday confirmed it plans to establish and grow a Bahamas presence although it has no plans yet to follow FTX in making this nation a headquarters.

Dr Jillian Bethel, chief executive officer of OKX (Bahamas), speaking during the Crypto Bahamas conference, said: “I moved back to The Bahamas in 2017 because I heard about the DARE (Digital Assets and Registered Exchanges) Act. I heard that it was coming into play in 2018, and I consulted on it, and the DARE Act is just a really, really attractive piece

of legislation for anybody in the crypto currency space.

“When you look at it, when you look at different jurisdictions, you see people trying to fit crypto into squares that it just doesn’t fit into, and it will never fit into those squares.

So the DARE Act itself is built from the ground up for crypto and it’s built in a jurisdiction that is embracing it big time.

“So we have the Securities Commission, which has been very open to getting more information from the community and the industry, to keep building out that framework and keep including the evolutions of crypto and blockchain and the Metaverse, and all of these things. You don’t see that in any other jurisdiction. So the DARE Act is attractive for those reasons.

PICTURED in OKX Group Photo (L-R): Mauricio Begulemans, Okcoin Chief Legal Officer; Ianthe Tynes, OKX Bahamas CCO; Jillian Bethel, OKX Bahamas CEO; Anthony Cartwright, OKX Bahamas COO; Tom Gould, Okcoin Head of Institutional Sales and Tim Byun, OK Group Government Relations.

It’s built for crypto, and it has welcomed the crypto community to really help in framing it up.”

OKX, while making significant strides in developing its Bahamas-based operation, has no intention of making this nation its headquarters yet.

Instead, the company will

continue to hire Bahamian talent to build-up the local operation and focus on crypto currency education before making any further moves.

Dr Bethel said: “That [education] is something that is a big passion of mine. And in deciding if to join the OKX team, that

was a big thing. OKX is not just a crypto exchange. It’s a crypto exchange and a blockchain ecosystem, and a part of that ecosystem has to do with educating people on digital assets.

That’s going to help them make business get a little bit better. So those passions and priorities are definitely aligned, and so in educating the public that’s all going to come in the package.”

Understanding the OKX platform is critical because it does not operate as a depository for fiat currency, but only facilitates the exchange of crypto currency between traders. OKX touts itself as the

third largest crypto currency exchange in the world and was a platinum sponsor of Crypto Bahamas.

Anthony Cartwright, OKX’s chief operating officer, added: “A part of what makes us safe is that we have adopted a global server-based balancing system. So the tech is pretty sound as far as product offering. We’re one of the first to offer unified accounts, which more or less allow you just to trade across a number of different instruments like spot margin futures and that sort of stuff. So the platform itself is really powerful.”

DPM pledges ‘innovative’ digital assets approvals

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday pledged that the Government’s revamped investment promotion and approvals agency will be “transparent” and “innovative” in how it handles applications from digital assets providers.

Chester Cooper, also minister for tourism, investment and aviation, told the Crypto Bahamas conference: “When we came to office, the Prime Minister sent a signal to the world that we are open for business. Since then, we have been charting a course to make it easier to do business in The Bahamas and we’ve been very deliberate.

“We’ve been very focused on building the framework.

We have tons of regulations in terms of our legislative environment and our strong

infrastructure that’s already in place. Of course, we have a strong tourist industry, which should not be underestimated in things to do, and an environment that’s absolutely pristine when you bring it all together.”

Referring specifically to the Bahamas Investment Authority (BIA), which is to be transformed into the more proactive Invest Bahamas that will seek out investors, Mr Cooper said: “One of the things we try to do in Invest Bahamas and the Bahamas Investment Authority is to be very transparent and be very quick, to be innovative and be very responsive to the needs of the investment community.

“When we do this, it creates energy and this is an exciting time in The Bahamas right now. I’m delighted to have the opportunity to be involved with this process to oversee

the significant investment growth at the moment.

“The crypto business, digital asset industry genuinely brought new energy and we have been able to pivot our already-established financial services industry into doing this business. This is working very well for us. The economic impact is significant. And we see great opportunities for our people, as well as our country as a whole.”

Senator Ryan Pinder QC, the attorney general, told the same panel discussion: “Last week, the Government of the Bahamas publicised a policy white paper on digital assets to set the framework of how the country looks as it approaches this sector.

“The Bahamas has been trailblazers in the digital asset industry for a number of years now. We issued the first Central Bank-backed digital currency in the Sand Dollar. We were progressive

and innovative in developing a regulatory framework in the Digital Assets and Registered Exchanges (DARE) Act, which created the licensing and regulation for the sector, which was novel at the time.

This was in 2020.

Mr Pinder continued: “I think as a country we were very well-placed, and we had learned from our history and we knew the benefit of having to be nimble and having to be reactive to a changing marketplace. But secondly, we understood that the integrity that comes with having a regulated framework was actually a very attractive thing for a fast-growing industry. And especially for those participants in the industry.”

Explaining the benefits of the DARE Act, he added: “With the DARE Act, what we were looking to do is to put a regulatory envelope around all participants

within the digital asset business. So certainly we had a licensing regime for service providers, whether that be an exchange or whether that be another type of service provider, such as a digital wallet provider.

“We wanted to have a licensing regime for those

types of businesses doing business in The Bahamas.

But, secondly, we wanted to also have a framework for coin and token offerings.”

The DARE Act is scheduled to be amended before year-end, but Mr Pinder did not foreshadow what the changes will entail.

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REALTOR: OVERHAUL EDUCATION AND DEVELOP DIGITAL WORKFORCE A WELL-KNOWN realtor is urging the Government to overhaul the school curriculum to ensure Bahamians are wellpositioned for jobs and entrepreneurial opportunities in the emerging digital finance industry.

Mario Carey, praising the Government for “taking the lead in the digital asset world”, said the country needs to develop a workforce with the necessary skills that will attract financial technology (FinTech) businesses to domicile in The Bahamas and boost economic growth.

“In The Bahamas, we’ve got one foot in the exciting new 21st century world of digital or virtual assets, including crypto currencies and soon-to-be carbon credits, and another foot dragging behind in the last century with students coming out of school, both public and private, with little or no understanding about fiscal responsibility or the dynamic world of changing currencies,” said

Mr Carey, founder of Mario Carey Ventures (MCV).

“Where education in new currencies is available, there are Bahamians taking advantage of it and benefiting from it. One example is Michael Clare, who holds a master’s degree in blockchain finance and, as a result, not only holds a significant position in a private equity firm but has become an in-demand public speaker at financial events.”

Mr. Carey, who has handled more than $2bn in real estate transactions over a 35-year career, launched MCV a year ago to generate, nurture and support socially responsible business ideas. He remains active in the real estate firm he founded, Better Homes and Gardens MCR Real Estate, which has signed on to an international platform allowing buyers and sellers of residential, resort and commercial property to handle transactions in crypto currency.

“The market cap on crypto is now up to $3trn. It is growing at a rate of more

MARIO CAREY, founder of Better Homes and Gardens MCR Real Estate, is urging that blockchain, digital assets and carbon credit finance be taught in schools to enable young Bahamians to benefit from the rapid emergence of digital assets that are becoming increasingly prevalent in real estate and other business transactions, as well as peerto-peer payments than seven percent a year and, while current figures fluctuate from just under $1bn in US currency to

closer to $2bn, experts project that the crypto market will hit $32bn in five years,” said Mr Carey.

“You cannot deny the power of those projections nor how the growth of that sector will impact finance as we know it, especially since COVID, with traditional banks pulling back from lending and interest rates climbing again. I applaud the Government and all those who contributed to The Bahamas taking the lead in the digital asset world, creating the progressive legislative and policy framework that enticed a company like FTX to open its headquarters in Nassau.

“It is incredible when you consider how small we are and what we did. But the benefits must extend beyond those of us in real estate and development.

This is the new world, and it is essential for others to be part of it. That means starting with opening the eyes of young Bahamians to a whole new arena in which they are uniquely

positioned to play a role,” Mr Carey continued.

“What we are experiencing at this moment is more than a paradigm shift; it’s like an exploding fault in the earth and, if you are on the fault line, still thinking your future is in the hands of a banker sitting in a brick and mortar building, you would do well to investigate how businesses are financing their expansion, investors are enjoying success and asset or private wealth managers are building value for their clients.

“Yes, there are risks, but you take a risk every time you cross the street.” While the value of a particular type of crypto can spike and fall like a roller coaster, those who apply it to real estate do not go along for the ride because the currency represents a form of payment which remains at a fixed price.”

Mr Carey, who specialises in high-end properties and holds the record for sales in Ocean Club Estates, Paradise Island, is also calling for an insurance industry

revamp. “For all our complaints, and there are plenty, The Bahamas has taken the lead in a number of areas – more than 50 years ago, creating a land and sea park that was the first of its kind in the world; in 2009, banning the taking of sea turtles; a few years later, becoming a shark sanctuary,” he added.

“We are the busiest cruise port in the Caribbean and, in the past few years, hosted the inaugural sailing of the world’s three largest ships.

These are remarkable feats when you consider how small we are as a nation, and now we are on the precipice of the next new thing, a revolution in finance, and I just want to suggest strongly that we upgrade and update our education experience so everyone has an opportunity to benefit and is equipped with enough information to get in the game, not sit on the sidelines nor straddle the centuries wondering where to turn to get on with life and enjoy success.”

Tourism holds Exuma regatta appreciation THE Ministry of Tourism, Investments and Aviation hosted an appreciation reception for Exuma stakeholders during last week’s National Family Regatta.

The reception was attended by Prime Minister Philip Davis; Chester Cooper, deputy prime Minister and minister of tourism, investments and aviation; Wayne Munroe,

minister of national security; Clay Sweeting, minister of agriculture, marine resources and Family Island affairs; Myles LaRoda, minister of state in the Office of the Prime Minister; Pia Glover-Rolle, minister of state for the public service; Senator Randy Rolle, the Ministry of Tourism’s global relations consultant and senior advisor; Reginald

Saunders, Ministry of Tourism, Investments and Aviation permanent secretary; and the Ministry of Tourism’s acting directorgeneral, Latia Duncombe.

Also at the reception were Kasim Reed, former mayor of Atlanta, Georgia; actor Tyrese Gibson; and other government officials. (BIS Photo:Kemuel Stubbs)

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Thursday, April 28, 2022, PAGE 5

REAPING THE REWARD FROM OUR HOSPITALITY G

ood service is critical to success in any business, especially in the hospitality sector. This is a lucrative industry that always has something innovative and exciting to offer. COVID-19 brought the sector to a sudden halt but now, as travel restrictions are being lifted, the wanderlust vibe has resurfaced for travellers and many hospitality businesses are experiencing success again.

What is hospitality? In its simplest term, it is the relationship between a guest and a host, wherein the host receives the guest with some amount of goodwill, extending an unforgettable welcome away from home.

What is more, hospitality is one of the oldest businesses, dating back to the innkeepers and taverns of biblical times.

Tourism, on the other hand, began in Europe with Switzerland being one of the first countries to develop special accommodations and services for travellers. The business of hospitality has proven to be one of the most resilient, adaptable and dynamic industries on the planet. It is an industry of constant change, where technology and innovation are being integrated to improve the guest experience. Similarly, workplace hospitality is a way to attract and retain the best employees by viewing them as valued guests, and not just staff.

Accordingly, the business of hospitality should always provide customers with a positive experience that will reap the benefits of a higher client retention rate.

Hospitality means pretty much the same thing as it does in routine life, such as

By

DEIDRE

BastiaN offering friendly treatment to guests and customers.

Its goal is to always provide customers with an enjoyable experience, whether that enjoyment comes from eating a good meal,

relaxing in a luxurious spa, or getting a good night’s rest away from home. That is paramount.

How do you create hospitality?

Key factors in building a great hospitality business include ensuring that every guest is greeted warmly; strategically building a unique experience; paying attention to the aesthetics; making sure persons are familiar with your products and services; the swift resolution of guest complaints and never forgetting to offer a fond farewell upon their departure.

Great people skills; exceptional attention to detail; leadership and teamwork abilities; and contagious enthusiasm are thus critical for those aspiring to work in the hospitality industry.

What are the benefits of hospitality jobs?

BAHAMAS SEEKS FURTHER CRUISE TOURISM GROWTH THE Bahamas is seeking to further boost its cruise tourism business through a strong presence at Seatrade, one of the industry’s largest global conferences.

The Ministry of Tourism, Investments and Aviation, in a statement, said it had teamed with Invest Grand Bahama, the investment arm of the Grand Bahama Port Authority (GBPA), in attending this year’s event.

“Cruise tourism is very important to the tourism product and has a significant impact on our economy,” said the Ministry of Tourism’s acting directorgeneral, Latia Duncombe, “and attending Seatrade, provides us the opportunity to strengthen our longstanding ties with cruise partners”.

She added that the main goals are to obtain greater cruise industry support for Bahamian entrepreneurs, including craft vendors who produce authentic products, and the development

of new tours that will see passengers visit historic sites and facilities.

“We will also focus discussions on expanding the number of cruise ships calling on Grand Bahama, and seek to attract increased disembarkation of passengers and crew at Nassau, the largest population centre, so as to increase visitor spend on the island.

For Nassau, however, we are envisioning increased disembarkation around the renaissance of Bay Street and redevelopment of the Nassau port,” said Mrs Duncombe.

Organized by the Florida Caribbean Cruise Association (FCCA), Seatrade features 500 exhibitors and more than 100 countries. It is designed to foster dialogue between industry executives and government policymakers with a focus on cruise development, ports of call, safety and security and guest vacation experiences.

The hospitality industry is not only growing, but it pays well if you work hard. And it is a great feeling knowing you have just made someone’s day better through their experience. Equally, when you feel appreciated and mutually cared for, it reflects positively on how you view yourself.

Many customers rely on Internet reviews to decide whether to visit a business and, sadly, it only takes a few dissatisfied customers sharing their terrible experiences online with the world to quickly put an industry or business in a bad light. So hospitality businesses that provide customers with a positive experience will always reap the benefits of a higher customer retention rate, as opposed to counterparts who offer a less pleasant experience. Until we

meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

CHESTER COOPER, deputy prime minister and minister of tourism, investments and aviation; Latia Duncombe, acting directorgeneral; Dr Kenneth Romer, deputy director-general and director of aviation; and senior executives at the Seatrade Cruise global conference in Miami, Florida. and aviation, met with top cruise industry executives prior to Seatrade to discuss vital operational issues and pave the way increased future business

in The Bahamas. Leading the Seatrade delegation are Mrs Duncombe and Dr Kenneth Romer, deputy director-general and director of aviation.

LOT FOR SALE In 2019, the last full year of tourist travel before the COVID-19 pandemic, The Bahamas welcomed 5.43m cruise visitors whose spend injected $125 million into the economy. According to FCCA data, between 2017 and 2018, Bahamas cruise tourism expenditure pegged shy of half a billion dollars, and created direct and indirect Bahamian employment, more specifically, just

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The ministry’s statement said Chester Cooper, deputy prime minister and minister of tourism, investments

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ILO OFFICIALS ASSESS BAHAMAS UNEMPLOYMENT BENEFIT SCHEME

INTERNATIONAL Labour Organisation (ILO) representatives are in Nassau on a fact-finding mission related to unemployment insurance, and met with the trade union movement at the Department of Labour.

Photo:Patrick Hanna/BIS

ALIV: THIRD MOBILE PLAYER WILL DAMAGE CONSUMERS FROM PAGE ONE

ISRAELI MEETS MINISTER ON FOOD SECURITY HELP A SENIOR Israeli official yesterday met with a Bahamian Cabinet minister to discuss several initiatives to improve food security in The Bahamas.

Nadav Goren, deputy chief of mission at the Israeli embassy in Mexico, met with Clay Sweeting, minister of agriculture, marine resources and Family Island affairs with the pair also exchanging tokens of appreciation.

Photo:Kendea Smith

expensive roll-out would be undermined if a third operator was permitted to enter the market and dilute their revenues and customer bases.

“URCA’s conclusion shows that there would be no additional benefits to consumers from a third operator, as they already have access to the benefits that arise from effective competition. Indeed, another operator would only dilute the revenues that the existing operators need to support further investment in networks (such as 5G), thereby making consumers worse off,” Aliv, which is owned by the Government and Cable Bahamas, argued.

“As the experience of similar jurisdictions elsewhere in the Caribbean region shows, the mobile market in The Bahamas cannot support more than two mobile network operators, but does provide a competitive marketplace that benefits consumers. The majority (17 out of 22) have two operators, and the number of countries with more than two operators has fallen from 11 to five, illustrating how small markets, such as

The Bahamas, cannot support more than two operators.”

Many will view Aliv’s argument against a third operator as self-serving. Using International Telecommunications Union (ITU) data, Aliv said mobile prices had fallen “significantly” in The Bahamas since 2018. Mobile data and voice prices had declined by between 26 percent and 33 percent over that period based on the ITU’s “price baskets”, it added, while costs associated with “low” mobile use had gone down 6 percent.

Just “data only” packages had increased, and that was by 2 percent.

“URCA should move ahead with the issue of spectrum for 5G and develop a plan that will enable all parts of The Bahamas to benefit from 5G. As Aliv has explained in its submissions to government, the roll-out of 5G to New Providence and Grand Bahama appears to be commercially viable,” Aliv said.

“However, its roll-out to the Family Islands is not, and so will need a different approach by government, for example by permitting a single wholesale 5G network and deploying universal service

funds. URCA’s finding that the mobile market is competitive means it can move ahead to 5G without being concerned about the implications for market regulation. The advent of 5G networks should result in new mobile services and products that will give a boost to growth and competition in the mobile market.”

Elsewhere, Aliv rejected URCA’s decision not to classify OTT services as competitors and part of the mobile market. “By continuing to define the markets in silos, URCA does not recognise one of the main trends in telecommunications: The gradual replacement of traditional services like TV, messaging and voice by OTT data services, with customers accessing such services across multiple platforms including mobiles,” it said.

“In the context of this consultation, URCA presents significant evidence that OTT messaging and voice services are substituting SMS (text) services, and OTT services therefore form part of the mobile market. The results from URCA’s consumer surveys make it clear that the vast majority of mobile customers

use OTT services, and that substantial substitution does take place between mobile call and messaging services and OTT services.

“In addition, faced with a 5-10 percent price increase in mobile services, 30 percent of customers would make fewer mobile calls and use OTT call/ messaging instead.... URCA notes that OTT users can only make calls to others who have downloaded the same app as a constraint on substitution.

Aliv wishes to point out that the cost of such downloads is zero, and so is not in itself a limitation,” the mobile operator continued.

“As most calls and messages (whether made on the mobile network or on OTT services) are to a circle of friends and relatives (or, in the case of small businesses, to repeat customers and suppliers), they are likely to share the same app and so the majority of calls and messages will be sent over the OTT service.

“URCA’s primary research reveals that 93 percent of mobile users said they use WhatsApp to make calls or send messages. This is the main alternative platform for voice and messaging services, and so URCA’s argument about the download being a constraint does not hold.”

THE TRIBUNE

Thursday, April 28, 2022, PAGE 7

PERMIT ‘BACKDOOR’ ALLOWS DEVELOPERS TO EVADE LAW

FROM PAGE ONE warned in an April 12, 2022, report that developers can “circumvent the requirements” for an Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP), and avoid public consultation and scrutiny, by improperly describing the nature of their projects as residential - rather than commercial - when applying for a Certificate of Environmental Clearance (CEC).

This, he added, threatens to “undermine the very purpose” for which the Environmental Planning and Protection Act was implemented under the Minnis administration, namely to regulate real estate-related development.

And it would allow developers to “evade and avoid complying with Bahamian environmental law”.

Mr Ferreira raised these concerns in a report produced for a group of Staniel Cay homeowners pursuing a Judicial Review action

seeking to quash the CEC granted to a fellow resident for an increasingly controversial project on the island located in the Exuma cays. They are also seeking Supreme Court orders requiring that the developer, Kevin Doyle and his DeepBlue Properties vehicle, produce an EIA and EMP, and that there be public consultation on the development.

Mr Doyle, while admitting that he initially planned to develop a 16-room boutique resort called Hotel Thunderball, named after the James Bond movie that was filmed nearby, said this plan had been abandoned due to the “harassment” received from fellow residents and he was now constructing a single family residence on the site as permitted by the CEC (see other article on Page 1B).

However, the size and scale of that residence has led his opponents to believe that the boutique hotel is still being built - albeit in the guise of a single family residence. The latter still

has eight bedrooms, eight bathrooms, general staff and chef quarters, multiple kitchens, four bars, eight washers and dryers, and multiple boat racks, pools, septic tanks and grease pits.

Mr Doyle, though, says this is needed to accommodate his large family.

Mr Ferreira, ironically, was still minister responsible for the environment when the DEPP issued Mr Doyle and DeepBlue Properties with their CEC for that “single family residence” on August 9, 2021, signed by then-director Rochelle Newbold.

In a report that identifies purported weaknesses in a system whose implementation he oversaw as environment minister, Mr Ferreira said: “Historically, typical single family residences on Staniel Cay do not have the number of bedrooms, kitchens, pools and bars as what is being proposed. Further, typical single family residences do not require such extensive mining, nor do

they generate such massive quantities of mined material.”

Dr Rhianna Neely-Murphy, the DEPP’s current director, conceded in court evidence that while Mr Doyle’s project was “above average for a single family residence, it is not without precedent in the Commonwealth of The Bahamas”.

Mr Ferreira, in response, said that while such “precedent” may exist in Lyford Cay, Old Fort Bay and the Ocean Club, it was unheard of on Staniel Cay. Asserting that easement restrictions, requiring that there be a 15-foot buffer between the “development footprint” and rocky shoreline, had been “grossly violated” by DeepBlue Properties, the former minister added: “The excavations are not minor. Nor are they typical of a single family residence in Staniel Cay, Exuma. So much material has been mined and excavated from the site, it has overwhelmed the site itself.

“Upon true construction and interpretation, the nature and scope of this project is typical of a boutique hotel on Staniel Cay, not a single family residence. DeepBlue Properties, by not describing their development as a boutique hotel during the application process for a CEC, were able to circumvent the requirements for an EIA...

“This development is atypical. It couches itself as a single home residence in name and form only, but in actuality the environmental impacts associated with the construction and operation of this single family residence are in keeping with that of a boutique hotel. In fact, the impact to the environment caused thus far by this development have already exceeded those of two adjacent boutique hotels.”

Mr Ferreira argued that the case exposed “the inherent danger in allowing developers to selfdescribe” their projects when applying for permits

SUPER VALUE PRINCIPAL BACKS VAT’S BREADBASKET REMOVAL FROM PAGE ONE want to get a funny feeling in your stomach, listen to the consumers when they are shopping. They are finding it hard.”

Asked whether he would support removing 10 percent VAT from price-controlled breadbasket food staples, Mr Roberts responded: “I’d agree certainly. I’d take them off. All we have to do is touch a button and that goes away. I’d be glad if Mr Halkitis gave me the word.”

The Super Value chief spoke after VAT and breadbasket foods, together with what some are terming “the cost of living crisis” now facing Bahamians and all countries, provoked a furious row in the House of Assembly between the Free National Movement’s (FNM) deputy leader, Shannendon Cartwright, and Glenys Hanna Martin, minister of education.

The Opposition has frequently attacked the Government’s decision to reimpose VAT on breadbasket foods and medicines, making them VAT-able for consumers once again by removing the zero rating and exemption tax breaks introduced by the former Minnis administration as part of cutting the rate from 12 percent to 10 percent. It has sought to portray the Davis administration as insensitive and heartless, especially when it comes to the plight of the poor and working class.

Mr Cartwright resumed this offensive yesterday, renewing calls for the zero ratings and exemptions to be reinstated. Pointing

to reports of a “US trucking recession”, and potential further price hikes and supply chain disruption that will result, he said: “We’re asking the Government to take VAT off breadbasket items, bring some relief to the Bahamian people.”

With many struggling “to survive right now” and stretch their dollars to meet their essential needs, and those of their family, the FNM deputy leader said many were having to choose what they eat and when they ate. “Persons are messaging me on a daily basis, battling to stretch $20 to meet the needs of their families. We must make this change to bring relief to poor, working class and middle class Bahamians,” Mr Cartwright asserted.

“The Bahamian people are out there hurting, and desperately need relief. Go no further than the food stores. You hear the cries of people at the cash register, and you hear the cries of people at the gas pump.”

Arguing that Bahamians “cannot carry any more”, the St Barnabas MP said: “We continue to put the burden on working class Bahamians, and must do something about it.

“The Government makes decisions every day to find relief in many ways, but the biggest relief is for Bahamians out there hurting every single day. I wish I had time to read some of the messages I get; it’s harrowing to see what people are dealing with. We can come here today, the Government can

come here today, and move VAT off breadbasket items.

“I had a message from a lady the other day saying she couldn’t get as much of her blood pressure pills. The Bahamian people are hurting, and they expect us to do something. Take VAT off breadbasket items.”

Mrs Hanna Martin, though accused the FNM deputy leader of seeking to score “a political point” by calling for VAT’s removal from breadbasket items and the return of zero rating/ exemption tax breaks for consumers. She hit back by pointing out that Mr Cartwright voted in favour of the former government hiking the VAT rate from 7.5 percent to 12 percent in 2018, and questioned where his concern for the poor was then.

“I’m wondering if he has just arrived in the reality of what is going on in this country,” the minister said, pointing to COVID-19’s devastating economic impact when many Bahamians no longer had a single dollar to their name. Saying that she had been dealing with constituents unable to afford vital medicines for years, Mrs Hanna Martin said: “I didn’t hear the member for St Barnabas crying for the poor then.”

Agreeing that there was “a level of hardship” in Bahamian society, she added: “I know the people of this country have been suffering for an extended period. He [Mr Cartwright] acts as if this is a new phenomenon because he wants to make a political point.”

Mr Cartwright retorted that all Bahamians knew he cared about the poor, adding that “the question is what the Government doing now”. This sparked a furious exchange between the duo, and prompted the intervention of the House of Assembly’s deputy speaker.

The issue of whether to implement or eliminate

VAT on breadbasket foods and medicines has always been a controversial topic.

The Minnis administration did the latter in 2018, hoping it would ease the burden of the rate hike to 12 percent for low income and working class Bahamians, while also fulfilling an election campaign pledge.

and approvals”, adding that DeepBlue Properties’ development “will exceed those of a typical boutique hotel” on Staniel Cay during the construction phase, meaning that the DEPP should mandate an EIA be produced.

“To not do so creates a backdoor as it allows developers to self-describe projects to avoid legal compliance and circumvent the law,” he argued. “In this instance, the empirical evidence is clear and incontrovertible. To allow this project to proceed without an EIA would be to allow developers to cloak their boutique hotels as single family residences for the sole purpose of evading and complying with Bahamian environmental law.

“This sets a dangerous precedent likely to attract more developers of the same kind who seek to evade and avoid the law.

More importantly, it undermines the very purpose for which the law was enacted; to regulate development.”

However, various experts had urged The Bahamas to maintain a low-rate, broadbased VAT when it was introduced in 2015 and keep zero ratings, exemptions and other tax breaks to a minimum. The latter was seen as undermining the efficiency and administration of the tax, and it was recommended that increased social assistance instead be provided to mitigate its impact on poor and low income Bahamians.

PAGE 8, Thursday, April 28, 2022

THE TRIBUNE

‘THUNDERBALL’ CAUSES STORM ON STANIEL CAY FROM PAGE ONE resort under the guise of a family residential property.

Five homeowners, including two Bahamians, Don Rolle and Loyal Rolle, together with Paul Fuchs, Robert Kelly Blake Jr and Daniel Clay Smith Jr, have initiated Judicial Review proceedings seeking to quash the Certificate of Environmental Clearance (CEC) that the DEPP issued to DeepBlue Properties on August 9, 2021, so that it could proceed with construction.

The certificate, which has been seen by Tribune Business, is for a “single family home/residential” and not a boutique hotel. It also expressly forbids Mr Doyle and DeepBlue Properties from excavating and mining activities on the property, and bars “mass clearing of vegetation”.

Yet the five homeowners’ expert witnesses, especially Romauld Ferreira, who until September 16, 2021, was the Government’s minister of environment and housing, are alleging that this is exactly what has been occurring during construction in violation of the certificate’s terms and conditions.

The five Staniel Cay homeowners behind the Judicial Review are also seeking Supreme Court orders that public consultation take place over the development, and that the DEPP require Mr Doyle and DeepBlue Properties to submit an Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) before any approvals and permits are granted.

None of this has yet come before Justice Brathwaite, who was only asked to rule on whether the constructionhalting injunction that was recently reinstated should remain. Finding in favour of Mr Doyle’s opponents, he ruled that “circumstances have sufficiently changed” due to recent construction work such that the Supreme Court needed to take a fresh look at the situation.

Finding that these changes were “material”, the judge agreed that the case raised “serious issues” that needed to be tried before the Supreme Court.

“I am further of the view that damages could not adequately compensate for any harm that might be done to the environment, while damages could be assessed to compensate

ROMAULD FERREIRA for any delays, inconvenience or expenses incurred by [DeepBlue Properties] should the action ultimately fail,” he said in upholding the injunction.

The opposing homeowners initially persuaded Justice Brathwaite to order a construction halt on December 30, 2021, but he then discharged it on March 14, 2022, “on the basis that I was not satisfied that there was a danger of irreparable harm to the environment”.

The initial injunction was removed after Dr Rhianna Neely-Murphy, the newlyappointed DEPP director, asserted in evidence that only “minor excavation” was required for a pool and

foundation. However, the rival homeowners raced back before the Supreme Court after obtaining evidence that work went beyond this, with “photos showing excavations close to the shoreline as deep as the height of a man”.

The injunction was restored at an “urgent” hearing before Justice Loren Klein on April 13, and this is the bar that has now been upheld by Justice Braithwaite. Mr Ferreira, in a report conducted on behalf of Mr Doyle’s opponents, alleged: “The site is heavily impacted by extensive excavation and mining works.

The impact to the environment has been dramatic, extensive and irreversible.

“The entire crest of the Ironshore (rocky shoreline) has been completely mined and excavated down to the main high tide mark. These excavations are so extensive that the volume of fill mined from the site cannot be stored on the site. Nor is it conceivable that all of the mined material will be used on-site to construct ‘the single family residence’.”

Ironically, Mr Ferreira was still minister responsible for the environment when the DEPP issued Mr Doyle and DeepBlue Properties with their CEC. He is now working to challenge, and help overturn, a permit issued by a government agency he oversaw.

Kayla Greene-Smith, representing the DEPP for the Attorney General’s Office, argued that Mr Ferreira’s evidence ought not to be permitted “due to a conflict” because of his ministerial position at the time when the permit was issued. Justice Brathwaite made no decision, though, on this issue.

John Wilson QC, the McKinney, Bancroft & Hughes senior partner who is representing Mr Doyle and DeepBlue Properties, did not reply to Tribune Business phone calls, messages and e-mails seeking comment on the verdict and construction halt before press time last night.

However, evidence presented to the Supreme Court showed Mr Doyle had been marketing the project as “Hotel Thunderball” on his Facebook and social media pages since 2019. In an e-mailed reply to inquires by the Gail Lockhart-Charles & Company law firm, which is acting for the other Staniel Cay homeowners, Mr Doyle wrote: “I am well aware of the full process and the legal path I need to follow to get commercial property in Staniel Cay. “From the time I bought the property it was my intention to build a place that would bring a lot of tourism to the Exumas as I already operate an airline from Fort Lauderdale to Staniel and brought over 1,500 people last year [2019]. Building this will bring a lot more jobs for locals.”

His May 22, 2020, e-mail asserted that the Hotel Thunderball plans had received “100 percent consent” from Exuma’s local government authorities and the necessary approval was in-hand, although COVID19 delayed the submission of the necessary application to the Investments Board in Nassau.

Arguing that his opponents were in a minority, and it was “very unfair for one person” to block what

had already been approved, Mr Doyle, who said he had been visiting Staniel Cay for 12 years, added: “I have made it well-known to all the locals what my intentions were, and if there was push back I would not pursue this venture....

“I told your client that I might just build a villa to avoid conflict but I don’t think a foreign national should have say as to the well-being of locals.... I think I will let the Bahamian government decide what is best for The Bahamas and the local people of the Exumas.”

Then, in another e-mail to Mrs Lockhart-Charles’ law firm on August 25, 2020, Mr Doyle conceded: “I would also like to take this opportunity to say that I did design a boutique hotel with 16 rooms and wanted to develop it as it would deliver many construction jobs and long-term jobs....

“I have 230 feet of ocean and I have decided not to build the hotel because of all the harassment I am receiving. I am having new plans drawn up and will submit them through the correct process as I have built a property in The Bahamas before and will make sure it is a legal structure and it will be a single family home. I hope this clears this matter.”

That latter statement has proven to be wishful thinking, as his fellow Staniel Cay homeowners remain suspicious the boutique hotel has not been abandoned due to the size and scale of the “single family residence”. Mr Ferreira, in his report, said the project features eight bedrooms, eight bathrooms, general staff and chef quarters, multiple kitchens, four bars, eight washers and dryers, and multiple boat racks, pools, septic tanks and grease pits.

However, Mr Doyle subsequently refuted the contents of Mr Ferreira’s report and the innuendo that it is a boutique hotel in disguise. “Contrary to what the intended applicants suggest, I did not just change the application from a boutique hotel to a single family residence,” he argued. “I obtained different plans for the single family residence and those were submitted to the DEPP for approval for the CEC. “The reason the residence is designed with eight bedrooms and the various amenities is that I have six kids and grandkids, so the eight rooms become useful for my direct family. We also have a big extended family that normally comes to The Bahamas with me. Having a chef is a personal choice, and I am in the pool industry, hence the pools.” Mr Doyle denied that the excavation carried out to-date violated the CEC terms as alleged by Mr Ferreira.

THE TRIBUNE

Thursday, April 28, 2022, PAGE 9

‘NO MORE TIME TO AVOID PAIN’ OVER NIB REFORMS FROM PAGE ONE

increased contributions and rates for both employer and worker. “The recommendations that government has had, small amendments have happened, but nothing significant to right this.

“What we saw from the Government’s comments in the last few weeks is the challenge. This thing is so critical for us and needs to be resolved. Clearly, we are in unprecedented times, and there’s going to be a significant impact doing anything going forward with NIB, but it cannot sit any longer.

It’s six years away, and think about those folks that made contributions for years in good faith. What’s their status?”

Mr Aubry added that “if pain is to be incurred” in fixing NIB, and ensuring it survives, all Bahamians needed to know what that cost will be and how it impacts them. If they can see how reforms will benefit themselves, their families and the entire country, they will be more likely to buy-in to any rescue plan even if it impacts take-home pay and disposable income.

Also calling for greater transparency and improved governance over NIB’s investments and its operations, ORG said in a release yesterday: “ORG recognises that the National Insurance Board, like many other government and quasi-government-run institutions, faces significant operational challenges that require immediate remedies. Many of these are resulting from decades of short-term ‘painless’ and politically safe approaches.

“Our current circumstances, amidst rising inflation and a global fuel crisis, do not present an ideal time to address the long-standing issues of NIB. But years of avoiding the pain of significant long-term reform have left The Bahamas with few other options.

As evidenced by the imminent risk of NIB’s ultimate depletion, there is no more time to avoid the pain. To achieve sustainability, NIB must be fixed to address the needs of Bahamians in the future.”

Myles Laroda, minister of state in the Prime Minister’s Office with responsibility for NIB, earlier this month revealed that actuaries are forecasting the social security system’s $1.6bn reserve fund will be fully depleted by 2028 if no reforms are implemented. Benefit payouts were exceeding contribution income prior to COVID-19, due to an ageing population that is living longer and supported by fewer working Bahamians.

He added that the justcompleted 11th actuarial review had recommended a contribution rate increase of between 1.5-2 percent that could come as early as this year depending on whether the Davis administration agrees to implement it.

And this will not be a onetime rate increase, as the

minister warned Bahamians to brace for “numerous increases” over several years in a bid to shore up NIB’s $1.6bn reserve fund which, according to the actuarial review’s projections, will be completely exhausted by 2028 - just six years away.

NIB’s present reality was predicted more than two decades by its seventh actuarial review, completed in 2001, which forecast that “reserves are projected to become exhausted” by 2029 if comprehensive reforms are not implemented to address the fundamental problem of benefit payouts exceeding contribution income. The recipient of that review, which was only one year out, on September 11, 2002, was then-NIB chairman and now-Prime Minister, Philip Davis QC. Now, with just six years left to the NIB Fund’s total depletion, the magnitude of the correction will be that much more severe for businesses and workers already grappling with surging inflation, COVID recovery, rising gas prices and a potential minimum wage increase.

Private sector executives have described the prospect of NIB contribution hikes as a “double” or even “quadruple whammy” for a business community still fighting for “survival”.

ORG’s statement yesterday backed Mr Laroda’s position, saying: “The crucial role the NIB plays in The Bahamas, as the primary source of financial benefits to various segments of the population, is undeniable. This is particularly so for vulnerable communities such as those who have retired or who have become disabled.

“The mandate and objectives of the NIB to support Bahamians makes its failure and the resulting socio-economic impacts almost unthinkable. Simply put, The Bahamas needs a working NIB to achieve a positive and sustainable future.”

Noting that NIB had financed the payment of some $100m in unemployment benefits during COVID-19, thereby providing a safety net for thousands of Bahamians and their families who saw their income dry up overnight, ORG added: “The dilemma presented in the Government’s exchange about how to deal with the current NIB problems reflects a bigger systemic issue.

“With acknowledgment of the unprecedented and significant economic hardship of The Bahamas’ current state, succeeding administrations have taken a similar stance to delay addressing the fundamental problem of NIB, which is extremely time sensitive.”

Noting that it was vital that NIB regain public trust via on-time financial reporting, the last annual report having been for 2017, ORG added: “The fund has been regularly used over numerous administrations as a secondary pool of funding by governments with minimal consistent rationales

TEMPLE CHRISTIAN SCHOOL

ENTRANCE EXAMINATION 2022-2023

Temple Christian High School will hold its Entrance Examination on Saturday, April 30, 2022 at the school on Shirley Street from 8:30 a.m. to 12 noon for students wishing to enter grades 7, 8, 9 and 10.

Application forms are available at the High School Office. The application fee is twenty-five dollars ($25). Application forms should be completed and returned to the school by Friday, April 29, 2022.

For further information, please call telephone number: 394-4481/394-4484.

for such actions. Unrealised housing developments, no return government projects and even a bailout of The Bank of The Bahamas have occurred to the detriment of

the long-term fiscal health of NIB. “Fundamentally, NIB was not designed to serve as an alternative source of revenue or offer government

a resource to bail-out bad investments. In response to this practice, there have been ongoing urgent and unanswered calls from civil society and the private

sector for greater transparency on the usage of the NIB funds and investments.

There is a strong case for the need for an immediate clear and open long-term plan toward effective fiscal management and restoration of the viability of the fund.”

PAGE 12, Thursday, April 28, 2022

THE TRIBUNE

A SECURITY surveillance camera is seen near the Microsoft office building in Beijing, July 20, 2021. Microsoft says cyberattacks by state-backed Russian hackers have destroyed data across dozens of organizations in Ukraine and produced a “chaotic information environment.” The company said in a report released Wednesday, April 27, that Russia-aligned threat groups were preparing long before the Feb. 24 invasion.

Photo:Andy Wong/AP

Microsoft: Russian hacks often accompany Ukraine attacks

By FRANK BAJAK Associated Press BOSTON (AP) — Cyberattacks by statebacked Russian hackers have destroyed data across dozens of organizations in Ukraine and produced “a chaotic information environment,” Microsoft says in a report released Wednesday.

Nearly half the destructive attacks were against critical infrastructure, many times simultaneous to physical attacks, the report notes.

A top Ukrainian cybersecurity official, Victor Zhora, told reporters in a news briefing on Wednesday that cyberattacks on telecommunications have sometimes coincided with artillery and other physical attacks.

Microsoft assessed that Russia-aligned threat groups were “pre-positioning for the conflict as early as March 2021,” hacking into networks to obtain footholds they could later use to collect “strategic and battlefield intelligence or to

facilitate future destructive attacks.”

During the war, Russia’s cyberattacks “have at times not only degraded the functions of the targeted organizations but sought to disrupt citizens’ access to reliable information and critical life services, and to shake confidence in the country’s leadership,” the company’s Digital Security Unit says in the 20-page report.

Kremlin cyber operations “have had an impact in terms of technical disruption of services and causing a chaotic information environment, but Microsoft is not able to evaluate their broader strategic impact,” the report says.

Disruption from Russian cyber activity has been more modest than many anticipated ahead of the Feb. 24 invasion, and Microsoft said damaging attacks have “been accompanied by broad espionage and intelligence activities.”

Early on, a cyberattack that also affected European broadband users knocked out satellite service to

Ukrainian military, police and other institutions.

But Ukrainian defenders, aided by outside cybersecurity firms, have also scored victories. Microsoft and Slovakia-based ESET helped them thwart an attempt earlier this month to cut power to millions of Ukrainians.

The report says groups with known or suspected ties with Russia’s GRU military intelligence agency have used destructive “wiper” malware “at a pace of two to three incidents a week since the eve of the invasion.”

It did not name specific targets but they are known to include telecommunications companies and local, regional and national agencies.

From the invasion onset until April 8, Microsoft said at least eight different malware strains were used in “nearly 40 discrete destructive attacks that permanently destroyed files in hundreds of systems across dozens of organizations in Ukraine.”

IN this June 24, 2011 photo, a Boeing 787 Dreamliner aircraft standing next to a Polish Airlines LOT plane at the Frederic Chopin airport in Warsaw, Poland. Poland’s air travel authorities are warning travelers of possible flight delays and cancellations at Warsaw’s airport due to a protest and some flight controllers quitting their jobs.

Photo:Alik Keplicz/AP

Shares of Facebook parent Meta soar despite growth slowdown

By BARBARA ORTUTAY AP Technology Writer FACEBOOK parent Meta’s first quarter profit and its count of daily users jumped past Wall Street’s expectations despite the company’s slowest revenue growth since going public a decade ago. Shares were up sharply in after-hours trading.

Meta cut a sharp contrast with Google parent Alphabet, which on Monday reported what analysts called disappointing earnings, with profit below Wall Street’s expectations.

Google also reported a revenue growth slowdown, but for Meta this appeared to have been mitigated by an increase in daily active users that “was enough to send the shorts covering and the stock surging,” said Jesse Cohen, senior analyst at Investing.com.

“That being said, it was a mixed report overall as the social media giant continues to struggle with slowing revenue growth amid reduced ad spending amid the current inflationary environment,” Cohen said. Apple’s recent privacy changes to its iPhone software iOS have made it harder for companies like Meta to track people for advertising purposes, which also puts pressure on the company’s revenue. For months now, Meta has been warning investors that its revenue can’t continue to grow at the breakneck pace they are accustomed to, so it’s likely that the quarter’s single-digit revenue growth was already baked into investor expectations.

CEO Mark Zuckerberg said in a conference call with analysts that the revenue acceleration Meta saw during the pandemic has now tapered off and the

company will now “slow the pace of some of our investments” so it can continue to grow profits. This mainly refers to Meta’s Reality Labs segment, which encompasses its futuristic “metaverse” project. The company, which changed its name to Meta Platforms last fall, invested more than $10 billion in Reality Labs — which includes its virtual reality headsets and augmented reality technology — in 2021.

The company earned $7.47 billion, or $2.72 per share, in the January-March period. That’s down 21% from $9.5 billion, or $3.30 per share, in the same period a year earlier.

Revenue rose 7% to $27.91 billion from $26.17 billion — the slowest growth rate in a decade for the online advertising powerhouse that generally reports sales growth in the double digits.

THE TRIBUNE

Thursday, April 28, 2022, PAGE 13

Ford loses $3.1 billion, hit by investment and chip shortage

By DAVID KOENIG AP Business Writer DALLAS (AP) — Ford Motor Co. reported Wednesday that it lost $3.1 billion in the first quarter, weighed down by its investment in an electric-vehicle startup, and its revenue slid as a shortage of chips limited the supply of pickups and SUVs in North America.

Company executives pointed away from the loss and toward results that excluded the lower value of its stake in Rivian. Ford said that it made $2.3 billion in pretax profit and is still on track to hit its full-year target for that measurement.

Ford said it sold 966,000 vehicles in the first quarter, down 9% from a year earlier.

Chief Financial Officer John Lawler said the quarter produced mixed results.

"Clearly the demand for our new products is very strong," Lawler said, "yet we continue to have issues with supply of chips, which constrained us, and in particular here in North America, it hit us disproportionately on our large vehicles."

The chip shortage has caused Ford and General Motors to close multiple North American factories for a week or two at a time, including plants that build popular full-size pickups.

Ford executives said they also faced inflationary pressure from suppliers, but have been able to recover that in higher vehicles prices. They said additional increases were possible if inflation continues to run high.

The company said this week that it has built about 2,000 copies of its new electric pickup, the F-150 Lightning, at a plant near Detroit and would begin delivering them to customers. The truck is critical to Ford's hopes of gaining a bigger share of electric-vehicle sales. CEO Jim Farley

said Wednesday that buyers of the F-150 Lightning are generally not traditional truck owners.

"The customer profile is dramatically younger. It's in states like California and New York that we normally don't sell full-size trucks," he said on a call with analysts.

The appeal of electric vehicles to younger consumers helped drive investor interest in Rivian. Ford's 12% stake was worth more than $10 billion after the startup's IPO in November.

But after nearly touching $180, the shares have since tumbled — they closed Wednesday at $31.22

— dragging down the value of Ford's stake.

Ford's loss contrasted with General Motors, which reported a $2.94 billion quarterly profit on Tuesday.

The first-quarter loss of $3.11 billion compared with a profit of $3.26 billion in the same period last year.

Revenue skidded 9% lower that a year ago, to $34.48 billion. Ford said it earned 38 cents a share in the latest quarter after adjusting to exclude one-time items.

Analysts expected Ford to earn an adjusted 37 cents per share on revenue of $34.53 billion, according to a FactSet survey.

NOTICE

NOTICE is hereby given that SHOWN CLERISIER of Miami Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 27 APRIL 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.05 2.90 2.60 6.05 10.05 3.55 9.02 3.10 7.50 14.00 2.71 10.25 11.25 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.96 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 9.01 13.10 3.50 8.00 15.50

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LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), ARROWSMITH FINANCE CORPORATION (the “Company”) is in dissolution.

The date of commencement of the dissolution is April 20th, 2022. Roger Frick is the Liquidator and can be contacted at PH Destiny Tower, Apt 48C Avenida Balboa Panama City I Rep. of Panama. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before May 20th, 2022.

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.36 100.00 99.98 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.73 1.83 1.82 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 0.99 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS69023 BGRS FL BGRS79026 BGRS FL BGRS78024 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS690231 BSBGRS790262 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.13 10.13 12.27 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.15 10.13 12.28 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME 115

250 750

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.59% 4.53% 4.50% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.73 1.82 1.82 0.99 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.83% 2.82% -0.18% 3.72% 0.76% 3.55% -3.55% -3.85% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.1 -7.4 54.3 14.5 15.9 19.4 21.1 21.7 19.0 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.81% 0.00% 0.00% 4.51% 3.07% 5.14% 20.19% 0.59% 2.67% 2.23% 3.60% 3.01% 2.00% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 9-Feb-2023 28-Mar-2026 22-Sep-2024 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Thursday, April 28, 2022, PAGE 19

STOCKS END MIXED AFTER ANOTHER WOBBLY DAY ON WALL STREET

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers NEW YORK (AP) — Stocks on Wall Street managed only meager gains Wednesday, after a broad rally led by technology companies faded by late afternoon, leaving the market little changed a day after a big sell-off.

The lackluster finish punctuated a wobbly start for stocks, the latest turbulence for the market as traders brace for more earnings reports from major U.S. companies this week.

The S&P 500 saw most of a midday rally evaporate and wound up with a gain of just 0.2%. The Nasdaq ended just barely in the red after the tech stock rebound petered out. The Dow Jones Industrial Average edged up 0.2%.

The indexes rallied to a strong finish late Monday only to slump on Tuesday.

They are all down 1.5% or more so far this week.

“We’re kind of in this time period where we’re in front of the Fed, earnings are OK, but the forward look at just how sustainable earnings growth might be, those are certainly open questions for people in this environment,” said Eric Freedman, chief invesment officer at U.S. Bank Asset Management Group.

The S&P 500 rose 8.76 points to 4,183.96, while the Dow added 61.75 points to 33,301.93. The Nasdaq slipped 1.81 points to 12,488.93.

Smaller company stocks lost ground. The Russell 2000 fell 6.44 points, or 0.3%, to 1,884.04.

Investors reviewed the latest batch of company earnings Wednesday, including results from

several big technology and communications companies.

Software giant Microsoft rose 4.8% after reporting strong profits for its most recent quarter. Payments processing giant Visa jumped 6.5% after reporting a surge in profits fueled by a large jump in spending on the company’s namesake credit and debit card network.

Alphabet, Google’s parent company, fell 3.7%, after posting its slowest quarterly revenue growth since 2020. Facebook’s parent company, Meta Platforms, jumped 14.6% in after-hours trading following its latest quarterly earnings, which topped Wall Street’s estimates.

Investors were also focused on earnings from industrial companies and various retailers. Boeing slumped 7.5% after it reported a loss that was far worse than Wall Street expected. Chipotle rose 2.6% after reporting solid financial results.

Twitter, Apple and Amazon will report their results on Thursday.

The latest round of company earnings comes amid lingering concerns about rising inflation and plans from central banks to raise interest rates in order to temper the impact of higher costs on businesses and consumers. Investors are closely watching to see how companies have fared amid supply chain problems and higher costs while assessing how consumers are dealing with higher prices for everything from food to clothing and gas.

“Everyone is dealing with this sort of whack-a-mole of risks that seems to be getting bigger as days and months go by,” said Katie

IN this photo provided by the New York Stock Exchange, specialist James Denaro works with traders at his post on the floor, Wednesday, April 27, 2022. Stocks shook off a wobbly start and gained ground in late morning trading on Wall Street Wednesday, after a big sell-off of tech stocks a day earlier. It’s the latest turbulence for the market as traders brace for more earnings reports from major U.S. companies this week.

Photo:Courtney Crow/AP

ELON MUSK PREVAILS IN DELAWARE COURT CASE ON SOLARCITY DEAL WILMINGTON, Del. (AP) — A Delaware court sided with Tesla CEO Elon Musk in a bitter legal battle over whether he acted against the best interest of other shareholders when he steered the electric car maker into a $2.6 billion acquisition of a solar panel maker founded by two of his cousins.

The 132-page decision issued Wednesday by Delaware Chancery Court Vice Chancellor Joseph R. Slights vindicated Musk, who appeared on the witness stand last summer during two days of often combative testimony. Musk defended his reasons for thinking it was a good idea for Tesla to buy SolarCity in November 2016, even as some analysts and some stockholders questioned the deal's wisdom.

Musk decided to fight the lawsuit even after other directors on Tesla's board at the time of the deal reached a $60 million settlement without an admission of fault. Had the Delaware court ruled against him, Musk could have been ordered to pay $2 billion or more at the same time he is trying close a $44 billion acquisition of Twitter.

Musk has pledged to cover $21 billion of the price in the Twitter deal, which was struck earlier this week.

The long-running shareholder lawsuit alleged that Musk breached his fiduciary lawsuit by pursuing the SolarCity deal despite glaring conflicts of interest.

Musk was SolarCity's largest shareholder at the time Tesla struck the deal.

But Slights ruled the acquisition was "entirely fair," even while conceding that "Elon was more involved in the process than a conflicted fiduciary should be."

While shareholders had argued Musk grossly misrepresented the value of SolarCity's technology for Tesla, Slights disagreed.

Pointing to evidence showing Tesla has been able to cross-sell solar and home battery storage products to consumers who also bought Tesla cars, "the preponderance of the evidence suggests that the Acquisition was and is synergistic," the judge wrote.

Tesla's stock price has increased by 22-fold since the SolarCity purchase was completed, creating more than $850 billion in shareholder wealth. That apparently wasn't lost on Slights, who observed that "Tesla's value has massively increased following the acquisition."

Nixon, chief investment officer for Northern Trust Wealth Management.

The U.S. Federal Reserve is set to aggressively hike rates as it steps up its fight against inflation. The chair of the Fed has indicated the central bank may hike short-term interest rates by double the usual amount at upcoming meetings, starting next week. It has

already raised its key overnight rate once, the first such increase since 2018.

Bond yields have generally been rising throughout the year as investors prepare for higher rates. The yield on the 10-year Treasury rose to 2.83% from 2.77% late Tuesday.

Wall Street remains focused on inflation’s path forward amid lingering

threats from Russia’s war against Ukraine and the virus pandemic.

“We just keep moving more areas of uncertainty onto the pile of uncertainties,” Nixon said.

Natural gas prices surged as much as 24% over the last day in Europe and the euro weakened after Russia said it would cut off supplies to Poland and Bulgaria.

Natural gas and oil prices had already been rising as the pandemic eased and demand increased, but the Russian invasion of Ukraine has added to price increases. Crude oil and and natural gas prices have jumped so far in 2022 and that has made gasoline and heating more expensive for consumers.