05092023 BUSINESS AND FEATURES

‘Just one spark’ could take Bahamas captive

• Nation can be the ‘Mom and Pop’ jurisdiction

• But needs minister to ‘get up on his soap box’

• Making inroads can ‘stabilise the middle class’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS needs “just one spark” to re-establish itself as a major player in the multi-billion captive insurance industry and help “stabilise the middle class”, a local operator is asserting.

Guilden Gilbert, a principal with Chandler Gilbert Captive Managers, told Tribune Business in a recent interview that his firm is already speaking to one sizeable entity - which he declined to name - that could drive this nation’s “resurgence” in

‘Put money where mouth is’ on Abaco’s port woes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government was yesterday urged to “put your money where your mouth is” and finally address Abaco’s port woes, with frustrated residents asserting: “They need to quit promising and start doing.”

Daphne Degregory-Miaoulis, Abaco’s Chamber of Commerce president, told Tribune Business that present conditions at the Marsh Harbour port - the island’s main commercial shipping gateway - are “stifling commerce” following three-and-a-half years of failure to repair the devastation inflicted by Hurricane Dorian in September 2019.

• Gov’t urged: ‘Quit promising, start doing’

• Make Marsh Harbour ‘well-oiled machine’

• Fears port would fail security inspection

Speaking after Jobeth Coleby-Davis, minister of transport and housing, said bid documents for both the Marsh Harbour and North Abaco ports are in the final stages of being readied, she argued that “every day that passes it becomes more critical” to address the former facility’s deficiencies if Abaco’s import economy is to truly flourish

the sector if they can entice it to domicile in The Bahamas.

To aid this push, he said the minister responsible for financial services would greatly assist the effort by “getting up on his soap box and saying The Bahamas is open for business as a captive domicile” as this would provide a significant credibility boost and message that resonates around international markets.

With attendees at recent international conferences showing “renewed interest” in The Bahamas as a captive jurisdiction, and no sign of any reputational fall-out from FTX’s collapse, Mr Gilbert said the country

needed to capitalise on this momentum and the “substantial spin-off” earning and employment opportunities it provides for multiple financial services professionals - attorneys, accountants, investment managers, custodial services and compliance officers.

While Bermuda, the world’s leading captive insurance jurisdiction, earned $25bn in gross written premiums in 2019, he added that The Bahamas needed to set its sights a little lower. With insurance markets hardening, and premium costs rising, Mr Gilbert said this nation can become “the Mom and Pop” captive domicile by carving out a niche catering to companies earning $100m-$200m in annual revenues through a multi-year, sustained promotional effort.

“It went well,” he told Tribune Business of recent conferences. “There seemed to be a bit more attention on The Bahamas this year. Nobody seemed to be overly concerned with FTX’s fall-out, and that’s a good thing. As a company, we had some very good meetings with prospects and are looking to forge new relationships to bring business to The Bahamas. We’ll continue those discussions and hopefully bring them to fruition.”

SEE PAGE B4

GB Power grows solar to 10% of energy mix

and rebound from Dorian’s impact.

Mrs Degregory-Miaoulis was backed by Roscoe Thompson, head of the Marsh Harbour/Spring City Township, who told this newspaper that the island needs the Marsh Habour port to operate as “a well-oiled machine” if it is to achieve its growth potential. With Customs

and many shipping companies operating out of trailers, he added that there was still insufficient warehouse and storage space, and “major issues need to be addressed” when it comes to security.

Fidelity targets $5 with stock split by end-July

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FIDELITY Bank (Bahamas) top executive has pledged that its longawaited stock split will occur before its end-July 2023 annual general meeting (AGM) as it targets a share price in the $5 range.

Gowon Bowe, the BISX-listed lender’s chief executive, joked to

Tribune Business that he dare not face the bank’s shareholders without this happening as he confirmed that it is targeting either a three-for-one or four-forone stock split. Given that the stock closed at $18 per share yesterday, the latter appears the most likely option.

That would mean Fidelity Bank (Bahamas) shareholders will receive three shares for each

current one that they own.

Mr Bowe, while affirming the stock split is “still in progress”, revealed that it had been delayed due to the need to reform and “modernise” the bank’s memorandum and articles of association - its founding documents - so that the split can be effected.

Likening the situation to redeveloping a home, he

SEE PAGE B4

BTC suffers modest Q1 revenue, subscriber fall

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS Telecommunications Company (BTC) was yesterday revealed to have suffered modest year-over-year declines in both revenues and subscribers, with both largely flat for the 2023 first quarter.

The Bahamian carrier’s ultimate parent, Liberty Latin America, unveiling its results for the three months to end-March 2023 disclosed that BTC’s revenues fell by $600,000 or just 1.3 percent yearover-year, declining from $47.7m in 2022 to $47.1m this time around.

It was a similar outcome for subscriber numbers. BTC saw mobile

subscribers drop by a total 2,100 during the 2023 first quarter, losing 2,000 prepaid customers but only 100 of the more lucrative postpaid number, to finish at 168,300 at end-March 2023. That represented a 1.2 percent drop compared to the year-end 2022 figures, with BTC closing the first quarter with 144,400 pre-paid subscribers and 23,900 post-paid.

Elsewhere, BTC saw fixed-line customer numbers fall by 1,100 during the 2023 first quarter, but this was offset by gains elsewhere. Broadband Internet subscribers rose by 1,600, while TV and phone customers rose by 700 and 200, respectively. The carrier closed the period with 6,300 TV

SEE PAGE B7

By FAY SIMMONS jsimmons@ tribunemedia.net

Tribune Business Reporter

GRAND Bahama Power Company yesterday signed a deal with a FOCOL Holdings subsidiary that will expand renewable energy to 10 percent of its generation mix once initiated. The 25-year power purchase agreement (PPA) with Bahamas Solar and Renewables will see GB Power buy electricity at an

average rate of nine cents per kilowatt hour (kWH) from the former’s 5 Mega Watt (MW) solar facility.

Nikita Mullings, GB Power’s chief operating officer, said the deal represented the latest step in efforts to stabilise electricity costs for its estimated 19,000 consumers and help The Bahamas reach its goal of generating 30 percent of its energy needs from renewable sources by 2030.

SEE PAGE B6

DAPHNE DEGREGORY-MIAOULIS

GOWON BOWE

DEXTER ADDERLEY, President & CEO of FOCOL Holdings; Nikita Mullings, COO of the Grand Bahama Power Company; Ian Rolle, President of the Grand Bahama Port Authority.

$5.74 $5.74 $5.74 $5.71

Mobile wallets generate $4m in monthly spend

BAHAMIANS are using mobile wallets to make payments worth almost $4m per month, the Central Bank’s governor says, as the regulator moves to drive greater Sand Dollar adoption by consumers and businesses.

The Central Bankbacked digital currency, of which more than $1m is currently in circulation, was a key focus at the regulator’s recent Financial Literacy Fair and Digital Expo from April 28-29 at Fusion Superplex on Gladstone Road. John Rolle, its governor, said the Sand Dollar’s roll-out will now accelerate as more Bahamians are educated about the benefit of using it.

“Right now, we are just over $1m in terms of Sand Dollars in circulation. We are seeing the mobile wallet space is close to about $4m per month in spend by individuals to businesses, and businesses making payment, the vast majority in Sand Dollars,” said Mr Rolle.

“We have over 100,000 mobile wallets in existence in The Bahamas right now. We are focused on making

it easier for merchants to get on board, and one of the ways to do that is to focus on the needs of small businesses, particularly in the Family Islands. We are making changes in the Sand Dollar infrastructure so that institutions can structure their merchant service relationships inside the platform, setting up merchant accounts for businesses, set up the fee schedule and get them on-boarded.”

More than 1,500 businesses having access to merchant services through payment service providers authorised by the Central Bank, which are known as Authorised Financial Institutions (AFI). “In addition to a lot of new entrants that have come into the market under that framework, we also saw a lot of the money transmission businesses being able to invest in the technology and provide similar payment services,” said Mr Rolle.

He said there are currently six AFIs that have gone through the necessary cyber security assessments, and have put systems in place to provide mobile wallet access to the public.

“There are six AFIs that are active in the market, and that level of activity is only now beginning to express itself,” he added. “They have spent a lot of time building their technology platforms as well as merchant payment systems, and are now at the point where we can begin to push a lot more on the public education process for adoption.”

During the twoday Financial Literacy Fair, attendees not only received information on money management but were also exposed to the

various digital platforms and products that exist for financial services in The Bahamas through various exhibits and presentations. Hundreds of high school students attended the expo through organised field trips.

Brett Lashley, the Central Bank’s currency department deputy manager, who leads the Sand Dollar Adoption Unit, said the regulator is not seeking to force consumers to use the digital currency but, rather, provide and promote a cash alternative.

“We are trying to provide a payment eco-system that allows persons to choose how they want to spend their money,” said Mr Lashley. While The Bahamas was the first country to introduce its own Central Bank digital currency (CBDC), he added that the technology was launched due to a need in the country for it rather than a desire to simply be the first to deploy it.

“Cash carries a cost, whether you think about that in terms of the security necessary to protect your cash, and the risk involved with having a lot of cash on hand,” Mr Lashley said.

“In the southern Bahamas, we know that in some of our Family Islands the commercial banks, for several reasons, have pulled out.

“In some instances, it’s hard to find an ATM. We must find solutions to ensure that those persons remain a part of the financial system. The Sand Dollar is a solution which is accessible to anyone with a mobile device, smartphone or tablet. Anyone can use it regardless of age or status. Anyone with a phone

Tourism industry honours three leading executives

THE BAHAMAS Hotel and Tourism Association (BHTA) honoured three industry executives with its ‘Lifetime Director’ designation at the group’s recent Board of Directors meeting.

Robert Sands, the BHTA’s president, in his congratulatory message told attendees: “This prestigious award is offered in recognition of tourism and hospitality professionals who have made substantial, long-standing, impactful contributions to the tourism industry in The Bahamas, through or alongside the Bahamas Hotel and Tourism Association.”

The 2023 recipients are William “Bill” Naughton,

senior vice-president and managing partner at Comfort Suites Paradise Island. He also serves as treasurer of the Nassau Paradise Island Promotion Board (NPIPB), a position he has held for four decades, and as chairman of The Paradise Island Tourism

Development Association (PITDA).

Also honoured was Michael Reckley, industry consultant and former executive vice-president of the Bahamas Hotel and Restaurants Employers’ Association, a position he has held for almost 40 years.

Mr Reckley currently serves

as secretary to the Board of Directors of NPIPB, and is a trustee to the Board of The Bahamas Hotel Industry Management Pension

Fund and The Bahamas Hotel and Allied Industries Pension Fund.

The final award recipient to be recognised was Stephen Sawyer, a hospitality professional who has held various senior level positions in the industry over the last 50 years. Mr Sawyer has served on numerous boards and associations including the BHTA, Cable Beach Resort Association and NPIPB.

He has also been awarded numerous industry recognition awards

number can open a Sand Dollar wallet.”

Mr Lashley said one of the Sand Dollar’s key benefits compared to other digital payments are the low transaction costs associated with it.

“Merchants are realising that where a commercial bank may charge anywhere from 3 to 4 percent or more to accept Visa and MasterCard payments, our Sand Dollar digital wallet providers are offering the ability to accept payments at one to 2 percent per transaction,” Me Lashley explained.

“AFIs are key to the Sand Dollar. We issue Sand Dollars to AFIs, and they set up the digital wallets and get the wallets topped up. It has been a bit of a learning curve. This is new technology, and we are pleased with the innovation we see in this space. Our digital wallet providers are going beyond what we would have envisaged for Sand Dollar in terms of what they are incorporating in their applications.”

including the Hotelier of the Year (BHTA) in 1989; The Wyndham Hotels Leadership/General Manager of the Year (1991), the Golden Conch Award/ Caribbean Hotelier of the Year (CHTA) in 1997, and the Commonwealth of The Bahamas Silver Jubilee Award in recognition of Outstanding Contribution to National Development in Tourism in 1998. Past award recipients include George Myers; Barrie Farrington; the late William “Bill” Saunders; Anders Wiberg; and Nettica Symonette.

MINISTER LEADS OUT ISLAND INFRASTRUCTURE INSPECTION

A CABINET minister led a government delegation to Crooked Island and Acklins to inspect the state of public infrastructure assets and roadworks projects.

Alfred Sears, minister of works and utilities, headed a delegation featuring representatives from various ministries and agencies, and

local government officials, on a two-day tour at the end of April. The first stop was Long Cay (north and south), where they viewed docks, government buildings previously used as a clinic, a school, post office and administrative office.

They also discussed the condition of the Landrail

Point dock and a proposed site for a new dock there.

The delegation includes Bacchus Rolle, parliamentary secretary in the Ministry of Works and Utilities; Basil McIntosh, MP for MICAL; Sharon PrattRolle, under-secretary in the Ministry of Works and Utilities; Damian Francis, deputy director, Ministry of Works and Utilities; David Cox, senior civil engineer; and Shamrose Thompson, administrator for Crooked Island.

WILLIAM NAUGHTON MICHAEL RECKLEY STEPHEN SAWYER

Photo:Ulric Woodside/BIS

Restaurant crowdfunder targeting $2.4m in sales

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A RESTAURANT entrepreneur yesterday said he is targeting $2.4m in total sales for 2023 as he mulls opening a third location on Carmichael Road.

Chef Kevin Culmer, Tropical Gyros chief executive, told Tribune Business the third site will be near the Scotiabank branch on Carmichael Road. “We’re looking at Carmichael, but we don’t want to say just

yet where on Carmichael until we sign the lease and make arrangements to fix the place up,” he said. “It’s a high traffic area, there are other food operations in that area, so people traverse that area quite frequently.”

The possible third location for Tropical Gyros comes just months after the successful opening of its second location in the RND West Plaza on JFK Drive, which is now doing “extraordinarily well”.

“I think we lucked out and made a good choice coming to this plaza. We’re doing very well and on pace

to do about $1.2m for the year for both the Rosetta Street and RND locations. So we’re looking at $2.4m for the entire operation for the year,” Chef Culmer added.

“We have the production and distribution centre opened at the RND location as well. That’s three doors down and that’s going well. This allows us to keep our consistency.” The sauces that Tropical Gyros has become known for outside of its wraps and gyros have to wait, however, as Chef Culmer tries to “work out all of the kinks”.

Getting the product to the restaurants on time remains a priority, and he is confident this will improve soon. “As we are looking at our third location we have to find the money from somewhere. We had the ArawakX capital raise last year and we didn’t receive what we thought we would have received, so we have to be careful before we dip into our reserves to open up that new location on Carmichael Road,” Chef Culmer said.

“We don’t want to be put in the position and, speaking with my advisors, they

BTVI NOW TRAINING 16 ELEUTHERA ELECTRICIANS

A GROUP of electricians on Eleuthera are half-way through a Single Phase Electrical course that brings them a step closer to obtaining their licences.

The Bahamas Technical and Vocational Institute (BTVI) is offering the 14-week course after recently partnering with Disney Cruise Line to construct a new campus in Green Castle, Eleuthera, for the training of the island’s residents. It allows them to leverage opportunities to participate in Disney’s Lighthouse Point development, Jack’s Bay and other investment projects in the pipeline for the island.

The single phase electrical course is being taught

by the National Centre for Construction Education and Research (NCCER)certified, and BTVI adjunct instructor, Steven Galanis. The classes are being held at the Central Eleuthera High School in Palmetto Point.

“The single phase doesn’t teach them to be electricians; they are already in the field. We teach them how to pass the three-anda-half hour written exam. There is also an oral and practical exam, and what we teach can help with that, too, but our focus is the written portion,” said Mr Galanis, a 25-year electrical industry veteran.

“The students are getting a science and mathematical explanation as to why

they do what they do in the field. They’re learning formulas and calculations. Sometimes it’s complex, but I have a simplified way of teaching. Also, as soon as a topic is done, there is a test to keep them sharp. We’re doing sprints towards the exam.”

There are 16 students enrolled in the course, including one woman, Destiny Seymour. “I love math and the sciences. I began studying electrical engineering at university and hope to go back. It’s a field that would allow me to use math and science. I also like to create, and engineers create,” said the 23-year-old.

“Everyone looks at me as a girl, but I could answer

every question. It’s equally empowering as it is intimidating. Being in class with all these electricians, it gives me exposure. I believe it will also put the participants in spaces and rooms they may not have been able to get in previously. Also, Mr Galanis is a good instructor and mentor. I am excited.”

BTVI’s Eleuthera coordinator, Andrea Carey, said: “Eleuthera is known as the land of freedom, and this is a freedom we are experiencing. I am grateful to be a part of this inaugural course and a part of this legacy. Our people no longer have to travel to New Providence or Grand Bahama to obtain technical skills.”

are saying we don’t want to take the little bit of our reserves we have developed over the first quarter and sink that into another location and then something drastic happens and we have no cash liquidity to carry us through the situation.”

External investments are needed for the proposed Carmichael Road expansion as the distribution centre costs money to operate and is pulling money from the existing locations. Out of the $586,665 capital raised via ArawakX’s crowdfunding, Mr Culmer

BTC backs regattas while driving sales

THE BAHAMAS Telecommunications Company (BTC) gave a $10,000 sponsorship to Exuma’s 67th regatta, while also using the event to promote its broadband Internet product and offer consumers deals.

“BTC has been a longtime sponsor of the National Family Island Regatta, and we are grateful and happy that BTC has

partnered again with us this year,” said Danny Strachan, chairman and commodore of the National Family Island Regatta.

BTC had a major presence in George Town, with tent space at the regatta site featuring the carrier’s flags and banners. The company partnered with ZNS TV & Radio, as well as Exuma’s

98.3 The Blaze, to promote special regatta plans.

Sameer Bhatti, BTC’s chief executive, said: “Regattas are national events on the Bahamian social calendar, and a big part of our culture, so having our presence felt on the ground in Exuma as the largest telecoms operator in The Bahamas was important to us.

“Having sponsored the Exuma regatta for many years, our presence in Exuma last week gave us the opportunity to deepen and strengthen our connection with residents, and forge new relationships as we continue to roll-out fibre on the island.” BTC’s fibre network has been installed

in George Town, Bahama Sound 11, 14 & 18, Forest, Farmer’s Hill, Staniel Cay and Black Point.

Fibre-to-the-home network infrastructure will ultimately replace BTC’s copper network, and allow users to experience a more robust service with faster Internet speeds of up to 1

said only $260,000 was actually collected in funds from people who pledged to invest. Getting the RND West location and distribution centre off the ground cost more than $300,000, forcing Tropical Gyros to dip into its reserves.

Despite this, Tropical Gyros has a “bright future” and is “hoping to come in where operational costs are 80 percent of revenue, so we are looking at at least a 20 percent profit margin”.

gigabyte, more broadband and a higher capability to stream.

Persons visiting George Town Park are also able to use the free BTC-powered Wi-Fi that was installed last August in conjunction with BTC’s partnership with the Government and its ParkConnect initiative.

NATIONAL Centre for Construction Education and Research (NCCER)-certified and BTVI adjunct instructor, Steven Galanis, is shown teaching the single phase electrical course in Rock Sound, Eleuthera.

MEMBERS of BTC’s sales team were in Exuma to offer various services to residents and visitors.

Fidelity targets $5 with stock split by end-July

told this newspaper that “when you take up the flooring to put down new tiles you sometimes find more challenges than you expect” as he pledged that the stock split is receiving renewed focus at both Board and senior management level.

Mr Bowe told this newspaper: “When we went about commencing the stock split exercise, some of the statutory documents needed updating in terms of authorised capital and the way it was structured.

“We ended up doing amendments to all the Articles of Association to facilitate the stock split, and also modernising them since we were already having to make amendments. I know there is enthusiasm, if you will, by the shareholders to

have that [stock split] done, and that’s an oversight on my part. “But we’re still having discussions as part of the legal process that have to be completed in terms of the memorandum and articles that accompany the stock split, and modernisation of the statutory records. As that is completed, the mechanism for the stock split will take effect. We’re hoping that will be done within six weeks once we approve the modifications and articles of association.”

With Fidelity Bank (Bahamas) having set Wednesday, July 26, for its AGM, Mr Bowe pledged that “the stock split will be done by whatever date that is”. He added: “I know I cannot stand on the podium at the AGM, or in a Zoom format, without it being in effect.”

Stock splits are nothing new to the Bahamian capital markets. Commonwealth Bank, FOCOL Holdings and Cable Bahamas are just a few of the other BISX-listed companies to go down this route in the past. They are typically done to make an in-demand stock more affordable to retail investors, in particular, as well as broadening liquidity, boosting trading volumes and expanding the investor base.

“We’re actually looking potentially at four-to-one, so we have some wiggle room as to where we end up,” Mr Bowe disclosed of Fidelity Bank (Bahamas) plans. “The share price has consistently been trading at $17-$18, so it will be a three-for-one or four-forone. If it is three or four, it will put us in the $5 range, which is what the target is.”

However, he pointed out that the value of each investor’s holdings in Fidelity Bank (Bahamas) will not change as a result of the stock split. “The value of the securities does not change by the number of shares in existence,” Mr Bowe said. “That’s not to diminish the desire of shareholders.” The BISX-listed retail bank, which is 75 percent majority owned by its parent, Fidelity Bank & Trust International, currently has around 30m shares issued and outstanding. Based on the present $18 share price, that collectively values the bank at $540m - a value that will not change regardless of whether there are 90m shares, or 120m shares, in existence.

“A greater number of shares and lower price per

‘JUST ONE SPARK’ COULD TAKE BAHAMAS CAPTIVE

FROM PAGE B1

Mr Gilbert, together with the Bahamas Financial Services Board (BFSB) and Insurance Commission of The Bahamas representatives, attended the Captive Insurance Companies Association (CICA) International forum earlier this year, which was followed subsequently by the World Captive Forum.

Working “hand in hand” with the BFSB to push The Bahamas as an alternative domicile for the captive insurance industry, he added: “When you’re trying to redevelop or develop an economic pillar it takes a lot of time, a lot of patience and sometimes quite a bit of money. The only thing I would like to see is for the responsible minister just to talk that The Bahamas is open for business for captives.

“As a company, we’re not looking for anything from the Government. All we want is for the Government to stand up and say The Bahamas is open for business, and that the Bahamas government fully supports the establishment of the jurisdiction as a captive domicile.

“The BFSB has done it, but I think it’s important to hear from the minister responsible for the industry.

I think here, the minister almost needs to get up on his soap box and say The Bahamas is open for business as a captive domicile. That would go a long way, and I think that statement said a few times will permeate.”

Mr Gilbert said efforts to promote The Bahamas to the captive insurance industry had been interrupted by the COVID-19 pandemic and associated lockdowns plus travel restrictions. “I think we were making more inroads prior to COVID, but COVID came and you couldn’t travel,” he told Tribune Business. “A lot of irons we had in the fire dwindled out there, but we’ve had some interesting discussions with potential clients [at recent conferences].

“These are fairly significant clients. We have to wait and see where it goes, and if we can close the door. I think if we can get one fairly high profile entity to use The Bahamas as a domicile for captives that will start the burn. It will only take a spark to start the fire, and that’s what we need. One that has some strength to it. One of the entities we had discussions with, who are interested in The Bahamas, if we can win them it will help to spark a resurgence.”

The Bahamas was once a leading captive insurance jurisdiction, but legal

reforms in the early years of the Pindling administration promptly saw the sector depart to rival international financial centres (IFCs) such as Bermuda and the Cayman Islands. Re-establishing this nation as a captive insurance player was one of many strategies mulled to diversify the Bahamian financial services industry in the wake of repeated blacklistings, but the effort has yet to grow strong roots.

Captive insurance, at its most basic, is a means of self-insurance. And captive insurance companies are typically entities whollyowned and controlled by their insureds, insuring the risks of its owners who also benefit from the captive insurer’s underwriting profits. They are often used to insure large and/or unusual risks and liabilities, such as those faced by specialist doctors, as the premium costs can be managed and controlled, and kept lower than with private carriers.

Mr Gilbert, meanwhile, said “a very strong message” had been sent about The Bahamas’ eagerness to reestablish itself as a captive domicile through his and the BFSB’s presence at major conference. “The market is happy The Bahamas is here now, and looking to get back into the space,” he added.

“The work is ongoing. It’s

going to have to be a continual presence. This type of thing can’t be developed through a Zoom call or phone call.”

Rather than compete head-on with Bermuda, or try to steal its market share, Mr Gilbert argued that The Bahamas should focus on a different niche. “It doesn’t make sense trying to target the Bermuda captives,” he told this newspaper. “They tend to be the Fortune 500, Fortune 1,000 even the Fortune 2,000 companies.

“The Bahamas is probably what I call the ‘Mom and Pop’ operation; the $100m-$200m companies. They don’t necessarily have major risks on their books but it’s important for them to control their insurance costs because these are becoming a greater portion of their overall expenses. These entities feel it more because they’re at the lower end of the economy, and don’t have the same revenue streams as Fortune 2,000 companies, so controlling costs is very important to them.

“I believe there is a niche market there that The Bahamas can tap into.” Mr Gilbert conceded that reestablishing The Bahamas’ presence in captive insurance, which is considered less vulnerable to global tax regulatory initiatives, will not happen overnight

share has been shown in various markets to create greater liquidity, but that is usually a temporary increase in liquidity and it levels off to pre-stock split levels,” Mr Bowe told this newspaper. “It’s one of those where there’s no harm to having it. It has no benefit, but if it addresses the demand of shareholders we as a Board and management have a responsibility to carry it out. It will not have any detrimental impact.”

The Fidelity chief acknowledged that the stock split may have taken “a back seat” in recent months to the bank’s growth strategy, 2022 annual audit, and a focus on “keeping the value of the company up”, but it was now firmly on the agenda of both Board and management.

but will be well worth it in the long-run due to gains in jobs, earnings and economic diversification.

“My goal is really looking at how this can impact The Bahamas in the next 10, 15, 20 years and beyond,” he told Tribune Business.

“It helps to stabilise, and is definitely needed. Insurance is a stabilising force, and it brings a more diversified economy. I think we have a good chance. I feel good about The Bahamas as a domicile, and it’s really just continuing to pound the pavement.

“I think the market is ripe now for captive growth because the hard insurance market is driving up premiums. Captive users are looking to contain and

Mr Bowe said the revisions to Fidelity Bank (Bahamas) memorandum and articles of association, which were appropriate when the bank was formed in 1978, were needed to ensure they kept up with modern times and were fit for purpose. He pledged, though, that the changes will “not lessen or in any way reduce shareholder rights”.

“All modifications and enhancements have been going back and forth with legal advisers and consultants, and that has been going on since October last year,” Mr Bowe said. “We focused out attention on the audit and retaining value in the first quarter. We’re turning out attention back to it. It’s not the start of the process; it’s the end of the process that’s coming up.”

mitigate insurance costs. The Bahamas has a fairly welleducated workforce. With the growth in the insurance sector that creates additional opportunities across the board.” Mr Gilbert said captive insurers require attorneys to incorporate them; auditors to audit them on an annual basis; banks to provide bank accounts; and investment managers and custodial services, as well as compliance officers. “The spin-offs can be significant and substantial,” he added, “and employment can be enhanced as well. If we can grow the sector, it will increase the average salary in the industry and help stabilise the middle and upper middle class.”

N O T I C E

GLOBO AZUL MANAGEMENT LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) GLOBO AZUL MANAGEMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 4th May, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands.

Dated this 9th day of May, A.D. 2023.

Leeward Nominees Limited Liquidator

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 XVEST XCHANGE LIMITED (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of XVEST XCHANGE LIMITED is complete.

L. Michael Dean

Sole Liquidator

Address: Equity Trust House Caves Village West Bay Street P. O. Box N-10697 Nassau, Bahamas

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

SAFRA LEMURIA INVESTMENT FUND LTD. Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of SAFRA LEMURIA INVESTMENT FUND LTD. has completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 13th April 2023.

Israel Borba Lyford Financial Centre, Building 2 - Western Road P.O. Box CB-10988 Lyford Cay Nassau, Bahamas

‘Put money where mouth is’ on Abaco’s port woes

While Mrs Coleby-Davis indicated that bidding processes to seek qualified groups to redevelop, operate and manage both the Marsh Harbour and North Abaco ports under a private-public partnership (PPP) arrangement may be just weeks away from launch, such promises were forthcoming from the Minnis administration almost two years ago, and Abaco residents appear to be running out of patience.

“It has been critical ever since Dorian three years ago,” Mrs DegregoryMiaoulis said of Marsh Harbour’s port, “so with every day that passes it becomes even more critical. We’ve heard the promises in the past. At this point, we’re past talking. We want to see some action. Talk is cheap. Put your money where your mouth is and get something sorted.

“It just makes for very frustrating working conditions, and just the ease of doing business. There’s nothing easy about doing business in this place. We have a government complex that only operates to noon, for the better part, and a port that is difficult to deal with. Everything is just not getting up to proper business operational standards in every aspect - the port, the airport, the Government complex......”

Mr Thompson, echoing the Chamber president’s

concerns, said he wanted to give Mrs Coleby-Davis and the Government “the benefit of the doubt” in hoping that the tender documents for both port PPPs will be released soon. Voicing hope that funds may be allocated to address both facilities in the upcoming 2023-2024 Budget, which is due to be unveiled at end-May, he nevertheless said: “Mouth can say anything. Actions speak louder than words.

“Until we see it, it’s a lot of talk... It needs to be addressed. They need to quit promising and start doing. It’s been a couple of years now, so they should have something on the drawing board. It’s disheartening, the state that our port is still in. As it is right now, it does need to be addressed for Abaco’s continued growth. We’ve outgrown what we have there now.

“It needs to be sorted out. It needs to be a well-oiled machine. Right now it’s just like it was after Dorian,” Mr Thompson continued of Marsh Harbour. “Customs is still operating out of the trailer down there. Most of the shipping companies are still operating out of trailers there. All the buildings have been cleaned up, but there’s a lot of containers and not much for the shipping companies to store freight and things like that.

“With no warehouse space, they’re having to leave containers on the

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NOTICE

NOTICE is hereby given that BRIAN SYLVESTRE, of East Street North, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of May 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ALBERTE FLEURIMON of Fire Trail Road, New Providence, 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 2nd day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ANDRICKA DESROSIERS of #13 Sandpiper Drive, Freeport, Grand Bahama, 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 2nd day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SELINA LARAIN WALTERS of Sandilands Village, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

dock to unload and then load back up before they move them. It would be more economical and easier if they had proper facilities. The port has a security team, but no cameras, and I don’t know if they have the lighting back. There are some major issues that need to be addressed.”

Mr Thompson, and other contacts spoken to by Tribune Business, voiced doubts over whether the Marsh Harbour port in its present condition would pass an International Ship and Port Security (ISPS) inspection. Failure would result in the loss of commercial shipping traffic, with vessels no longer able to sail directly to Abaco from the US. Cargos, in such a scenario, would have to be diverted to Nassau and Freeport, adding both time and cost for businesses and consumers.

“If they came in right now I don’t think they’d pass,” he added of an inspection. “The port is supposed to be well-lit, is supposed to have security cameras, but if you’re going to the port now all you have to do is show a driver’s licence and they will let you go through.”

As for the economic fallout from Marsh Harbour’s

present condition, Mr Thompson said: “It just makes things a little slower to get things off the dock. It causes that little additional red tape. It just makes things a little more difficult to get freight off the dock.”

Mrs Coleby-Davis, in a messaged reply to Tribune Business inquiries, said the Attorney General’s Office is reviewing draft tender documents for bidding processes that will seek qualified groups to redevelop, operate and manage both the Marsh Harbour and North Abaco ports under a private-public partnership (PPP) arrangement.

Pledging that the Government is “committed” to developing both facilities, she added that her ministry is continuing to plot the way forward and said: “Greater details will be shared with the people of Abaco in short order.

“Specifically, I can confirm that my ministry is in active communication with the Office of the Attorney General. They are reviewing draft Requests for Proposal (RFP) for both ports, and we are moving for a quick resolution and to have final drafts available for public review. As the minister of transport and housing, I understand

N O T I C E THE GREENHAVEN LAND COMPANY LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) THE GREENHAVEN LAND COMPANY LTD. is in dissolution under the provisions of the International Business Companies Act, 2000.

(b) The dissolution of the said Company commenced on the 5 May, 2023 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Ms. Jonell Rolle.

Dated the 8th day of May, 2023.

H&J CORPORATE SERVICES LTD.

Registered Agent for the above-named Company

the importance of the ports to the economic growth of Abaco. I will have much more to say in a few weeks.”

Mr Thompson, though, reiterated previous concerns that contracting the Marsh Harbour port out to a private company would further increase the cost of goods imported into Abaco for both businesses and consumers. This is because the winning PPP bidder would levy new tariffs/fees, or increase existing ones, on shipping companies and other port users in a bid to gain a return on its significant capital investment and repay financiers.

“If it goes to a private company is going to cause everything to go up in price. It’s going to make it a lot harder on our economy and people that are struggling,” Mr Thompson told Tribune Business. “If it’s a PPP, they have got to recoup the money somehow. We know our shipping bills are going to go up because of the tariffs and everything.”

As an alternative, he questioned why the Government had seemingly “turned down” a proposal by his township, together with two non-profit groups, the One Abaco Foundation and Guy Harvey Foundation, that would have

involved the construction of a new administration and Customs warehouse building for Marsh Harbour’s commercial shipping port.

This, Mr Thompson argued, would have avoided the costs and increased rates associated with a PPP.

“They need to get input from the locals in the communities, and not just the shipping companies. Nassau shouldn’t be dictating what Abaco needs,” he said.

Mrs Degregory-Miaoulis, meanwhile, said getting the $41m Cooper’s Town port fully operational was even more urgent for the economic well-being of North Abaco residents. Without it, they are forced to make a 100-mile round-trip to collect imports from Marsh Harbour, thus greatly increasing fuel costs, time and inconvenience.

“They really need that port to be operational. Just add that to your cost of operations; the fuel and the time,” she said. “The designated person has to drive down, wait in line, pick up and drive back. That all cuts down on productivity. They spent a lot of our money to build it, and for it not to be operational it further retards the development potential for those in the north.”

N O T I C E

ZUCCI HOLDINGS LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) ZUCCI HOLDINGS LTD. is in dissolution under the provisions of the International Business Companies Act, 2000.

(b) The dissolution of the said Company commenced on the 27 April, 2023 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Ms. Jonell Rolle.

Dated the 8th day of May, 2023.

H&J CORPORATE SERVICES LTD.

Registered Agent for the above-named Company

Benchmark (Bahamas) Ltd. wishes to advise the investing public we have requested and received from The Bahamas International Securities Exchange an extension for filing our 2022 Audited Annual Financial Statements to allow further research into a difference in the due to clients account in the statement of financial position.

We are working to eliminate this difference by providing sufficient support to determine the adjustment and avoid a qualified opinion.

The Statement will be filed on or before May 31st, 2023.

GB Power grows solar to 10% of energy mix

FROM PAGE B1

“When completed, the Bahamas Solar and Renewables 5 MW plant will further progress us towards a shared 30/30 vision with an agreement to purchase all of the energy produced by Bahamas Solar and Renewables at a rate of nine cents per kilowatt hour,” she said.

“This agreement creates a physical hedge against the volatility of the oil market, which further strengthens our ability to stabilise costs for all of our customers. We are doing our part to support the Government of The Bahamas in their 30/30 goals.

“With this third, independent power producer PPA, Grand Bahama Power Company will have nearly 10 percent of its generation from renewable energy once this is completed. So for our customers what it does is it stabilises the rates, whereby customers are protected from the volatility of the fuel market.”

Dexter Adderely, FOCOL Holdings president and chief executive, said the agreement will increase educational and employment opportunities for Bahamians. He added that 20 FOCOL employees are currently being trained in the maintenance of renewable energy apparatus.

“We are thrilled to be working with Grand Bahama Power Company as we expand opportunities for Bahamians to access training and develop new skills in the renewable energy sector,” Mr Adderley said. “This rapidly growing industry requires a workforce with the necessary skills and knowledge to meet the demands of this sector.

“Already at FOCOL, 20 staff members are enrolled in international training

programmes so that they are equipped with the necessary skills and certifications to ensure our operations are conducted safely and efficiently.

Again, this reflects our commitment to creating a more sustainable, cleaner future for The Bahamas. Bahamas Solar and Renewables is fully committed to delivering jobs, and clean renewable energy, for the people of Grand Bahama

“We recognise that our actions have a direct impact on the environment. And we are devoted to harnessing the power of the sun and other renewable sources to minimise our carbon footprint. This ambitious project will not only serve as a symbol of our commitment to renewable energy, but also as an opportunity to stimulate economic growth and create much needed jobs for the community,” he continued.

“By investing in clean, sustainable energy, we are actively working to preserve the environment for generations to come while empowering our community with new employment opportunities.”

Ian Rolle, the Grand Bahama Port Authority’s president, said the agreement between GB Power and FOCOL Holdings further positioned the island as a local leader in renewable energy development.

He added: “This project is an exciting step towards cleaner and greener energy sources that reduce our carbon footprint. Not only that, but it is the second project of its kind announced within the past 30 days positioning Grand Bahama as the leader in renewable energy development for The Bahamas.

“The significance of this project extends beyond Grand Bahama as it contributes to The Bahamas’

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efforts to combat climate change. Apart from that, investing in renewable energy is a critical step towards building a more resilient future for the country.

“The new solar farm project on Grand Bahama will significantly impact the island’s energy landscape. It will generate clean, renewable energy, reduce carbon emissions and improve the island’s energy security. It will also create jobs, boost economic growth and promote sustainable development across the length and breadth of our island.”

Mr Rolle added that the stabilisation of energy prices will drive growth on Grand Bahama.

He said: “The stabilisation of the cost of fuel actually lands well for the potential growth of new business, but also it gives the existing businesses a chance to plan better. So when we have major fluctuations in fuel prices, and fluctuation in electricity costs - we’ve seen that elsewhere in the region - it destabilises growth, and it brings about uncertainty. So today is a very significant day to help us with future growth and also to sustain what we have.”

Dave McGregor, Grand Bahama Power Company’s president, said Bahamas Solar and Renewables 5 MW plant will be located separately from those being constructed by other independent power producer (IPP), Lucayas Solar Power

He said: “It’s a 5 MW plant; a fairly standard solar plant. It will be located in the industrial area, which is actually distinct and separate from the other two solar projects we announced with Lucayas earlier this year, and that’s important for us. It’s important the solar plants are distributed across the island evenly.

“So that, you know, if we have the odd cloudy day or the cloud passing over, all the solar plants are not impacted at the same time. The plant will be connected directly to our grid, to our transmission system, and the solar renewable energy will be distributed to all our customers.”

FROM left back row Philip Brown, Plant Manager of Bahamas Utilities; Clinton Rolle, General Manager & Managing Director of Sun Oil; Nixon Lindor (Assistant General Manager of Freeport Oil; Joshua Williams, Renewable Energy Business Development Manager of Bahamas Solar & Renewables; Steven Adderley, General Manager of Freeport Oil. Front row: Dexter Adderley, President & CEO of FOCOL Holdings; Nikita Mullings, COO of the Grand Bahama Power Company; Robert Hall, General Manager of Bahamas Utilities Company.

BTC suffers modest Q1 revenue, subscriber fall

FROM PAGE B1

subscribers, 24,700 on the Internet and 33,7800 for fixed-line phone.

BTC’s 2023 first quarter performance was similar to that posted during the latter part of 2022. Its yearover-year revenue growth slowed to just 1.3 percent year-over-year for the 2022 third quarter even though it remained ahead of prior year comparatives for the

first nine months. BTC’s top-line income grew by less than $1m for the third quarter when measured against 2021 figures.

Revenues for the three months to end-September were just 1.3 percent higher year-over-year at $48.4m, as opposed to $47.8m in the prior year’s third quarter. For the first nine months, BTC’s revenues were 2.8 percent ahead of 2021

at $144.5m compared to $140.5m in 2021. The yearover-year top line rise was some $4m. BTC’s subscriber numbers remained flat yet again during the 2022 third quarter, with an increase of 200 mobile pre-paid customers more than offset by a 400 fall in the more lucrative post-paid segment. This made for a total mobile subscriber decline of 200

US to propose new rules for airline cancellations, delays

By DAVID KOENIG AP Airlines Writer

PRESIDENT Joe Biden said Monday his administration will write new regulations that will require airlines to compensate air travelers and cover their meals and hotel rooms if they are stranded for reasons within the airline’s control.

The compensation would be in addition to ticket refunds when the airline is at fault for a flight being canceled or significantly delayed. It would give consumers in the United States protections similar to those in the European Union.

“I know how frustrated many of you are with the service you get from your U.S. airlines,” Biden said.

“That’s why our top priority has been to get American air travelers a better deal.”

Biden added, “You deserve more than just getting the price of your ticket (refunded) — you deserve to be fully compensated. Your time matters, the impact on your life matters.”

Biden’s pledge comes just weeks before the start of the peak summer travel season, when air travel could exceed pre-coronavirus pandemic records.

Officials at the Transportation Department, which will write the new rules, said they didn’t have a precise date for when they expect to finish, but indicated they are working to quickly publish a notice that is required to get the process started.

As outlined at the White House by Biden and Transportation Secretary Pete Buttigieg, the rules would focus on cancellations and long delays caused by things such as mechanical issues with the plane or lack of a crew. Airlines for America, which represents the biggest carriers, said in a statement that airlines have no incentive to delay or cancel flights. The trade group said more than half of cancellations in 2022 and 2023 have been caused by “extreme weather” or air traffic control outages.

“Carriers have taken responsibility for challenges within their control and continue working diligently to improve operational reliability,” including hiring more workers and reducing their schedules, the group said.

After the pandemic hit, airlines received $54 billion in federal aid that included a prohibition on layoffs, but that didn’t prevent them from paying tens of thousands of workers to quit or retire early.

Airlines have added about 118,000 workers since November 2020 and now have 5% more employees than before the pandemic, according to Transportation Department figures.

The rate of canceled flights has declined to 1.6% so far this year, compared with 2.1% in the same period last year. However, delays are slightly more common and a few minutes longer on average, according to data from tracking service FlightAware.

Currently, when an airline cancels a flight for any reason, consumers can demand a refund of the unused part of their ticket and certain extras that they might have paid to the airline, such as fees for checking a bag or getting a seat assignment. Airlines often try to persuade consumers to accept a travel voucher instead of a refund.

After widespread flight disruptions last summer, the Transportation Department posted an online dashboard to let consumers compare airline policies on refunds and compensation.

The Transportation Department is expanding the site to indicate when airlines offer cash, travel vouchers or frequent-flyer miles as compensation for flight disruptions under their control.

None of the major U.S. airlines offer cash for controllable cancellations or long delays, only Alaska Airlines offers frequentflyer miles, and only Alaska and JetBlue provide travel credits, according to the dashboard.

Banks report tougher

credit standards in wake of failures

By CHRISTOPHER RUGABER

AP Economics Writer

A FEDERAL Reserve report Monday showed that banks raised their lending standards for business and consumer loans in the aftermath of three large bank failures and expect to lift them more this year, a trend that could slow the economy in coming months and increases the risk of a recession.

The report, known as the senior loan officers survey, asked banks if they have tightened their lending standards by taking steps such as demanding higher credit scores, charging higher interest rates, or requiring more collateral, among other steps, that altogether would make it harder for businesses and consumers to obtain loans.

About 46% of all banks said they had raised standards for business loans known as commercial and industrial loans, up from just under 45% in the previous quarter. That increase was not as dramatic as in previous quarters, but banks were tightening credit before the bank failures. A year ago, slightly

Biden and Buttigieg credited the dashboard with pushing the 10 largest U.S. airlines to promise to provide cash or vouchers for meals when a carrier-caused cancellation forces passengers to wait at least three hours for another flight. Nine of the 10 — all but Frontier Airlines — also promise under those circumstances to pay for accommodations for passengers stranded overnight. Questions arose again around reimbursing consumers for out-of-pocket costs after Southwest Airlines canceled nearly 17,000 flights during a December meltdown in service. The Transportation and Justice departments are investigating whether Southwest scheduled more flights than it realistically could handle.

as BTC remains locked in fierce competitive battle for market share with its rival, Aliv.

On the fixed-line side, a 100 subscriber increase in Internet customers was outweighed by an 800-strong decrease on fixed-line voice, resulting in a net decrease of 700 fixed-line customers. Total fixed-line customer numbers for BTC was pegged at 5,200.

As a result of this slow, continued attrition and whittling away, BTC’s mobile subscriber base remained flat at 173,000 at end-September 2022.

This consists of 141,900 pre-paid and 31,100 postpaid subscribers. On the TV, Internet and fixed-line voice side, it presently has some 72,300 total revenue generating units (RGUs).

These are split into 9,600 TV/video subscribers, 31,600 Internet clients and 31,100 fixed-line voice customers. This compares to 73,00 fixed-line revenue generating units at endJune 2022, split between 31,500 broadband Internet customers and 31,900 fixed-line voice subscribers, with 9,600 video/TV clients making up the balance then.

more banks were easing credit standards than raising them. Now nearly half are tightening.

At the depths of the 2008 financial crisis, that figure topped 80%.

The Fed's survey also found that a majority of banks plan to tighten their credit further this year.

"That will starve firms and households of credit and help push the economy into recession in the second half of this year," Michael Pearce, lead US economist at Oxford Economics, wrote in a note.

Other economists say it is hard to know exactly when a pullback in lending will start to slow the economy and by how much. Federal Reserve staff economists have also forecast a "mild recession" for later this year, in part because of an expected reduction in lending.

Last week Fed Chair Jerome Powell said that the turmoil in the banking sector could slow the economy and help the central bank in reducing inflation, which would mean the Fed wouldn't have to raise interest rates as high as it would otherwise.

PASSENGERS wait in line to check in for their flights at Southwest Airlines service desk at LaGuardia Airport, on Dec. 27, 2022, in New York. The Biden administration is working on new regulations that would require airlines to compensate passengers and cover their meals and hotel rooms if they are stranded for reasons within the airline’s control. The White House said President Joe Biden and Transportation Secretary Pete Buttigieg would announce the start of the rulemaking process Monday May 8, 2023.

Photo:Yuki Iwamura/AP

Stock market today: Wall Street steadies as banks stabilize

By STAN CHOE

AP Business Writer

WALL Street held steady Monday ahead of a week full of reports on some of the market's biggest worries, including how stubbornly high inflation remains across the economy.

The S&P 500 edged up by 1.87, or less than 0.1%, to 4,138.12 coming off its worst week in nearly two months. The Dow Jones Industrial Average slipped 55.69 points, or 0.2%, to 33,618.69, while the Nasdaq composite added 21.50, or 0.2%, to 12,256.92.

Besides a strong reading on U.S. jobs, which calmed worries about a possible recession but raised concerns about high inflation, last week was dominated by fears about smaller and mid-sized banks.

PacWest Bancorp rose 3.6% to recover some of its 43% plunge last week.

It said on Friday night that it's cutting its dividend to help it build its financial strength. Several other smaller- and mid-sized

banks also rose, including a 0.6% tick higher for Western Alliance Bancorp. They've been under heavy pressure as Wall Street hunts for the next weak link following three U.S. bank failures since March. Weighed down by much higher interest rates,

smaller and mid-sized banks are scrambling to assure Wall Street their deposits are secure and not at threat of seeing a sudden exodus, similar to the runs that toppled Silicon Valley Bank and others.

The larger concern for markets is that all the

turmoil could cause banks to pull back on their lending. That in turn could raise the risk of a recession that many investors already see as highly likely. A report from the Federal Reserve on Monday showed many banks tightened their lending

standards during the first three months of the year. Not only that, the survey suggested banks widely expect to raise their standards over the course of 2023. Among the reasons some smaller and mid-sized banks gave for the forecast were wanting to take less risk and worries about deposit outflows.

Weighing down on Wall Street Monday were stocks of companies that turned in worse results for the latest quarter than expected.

Tyson Foods tumbled 16.4% after it reported a loss, instead of the profit that analysts had forecast. Its revenue also fell short of expectations.

So far this earnings reporting season, the trend has been to beat analysts' forecasts. Apple was last week's highlight, and its better-than-expected report helped the market immensely because its stock is Wall Street's largest and packs the most weight on the S&P 500 and other indexes.

Six Flags Entertainment jumped 18.6% Monday after it reported a loss that wasn't as bad as analysts expected. It also said attendance was improving.

Expectations were broadly quite low, though, given high interest rates and a slowing economy. Like Apple, companies

across the S&P 500 are on track to report a drop in profit for the latest quarter versus a year earlier.

In an encouraging signal, more companies than usual have been offering forecasts for upcoming results above Wall Street's expectations. The ratio of such pre-announcements is at its strongest level in two years, equity strategist Savita Subramanian said in a BofA Global Research report, and analysts expect earnings growth to resume in the third quarter of this year. That's helped to steady stocks despite all the worries about much higher interest rates. The S&P 500 has been roughly churning in place since early April. It hasn't had a weekly gain or loss of at least 1% since March, its longest stretch in nearly two years, said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. The Federal Reserve has lifted its benchmark interest rate to a range of 5% to 5.25%, up from virtually zero early last year, in hopes of slowing high inflation. High rates do that by slowing the economy and hurting prices for investments, which runs the risk of causing a recession if they stay too high for too long.

NOTICE

BURKEVIEW LTD.

NOTICE is hereby given as follows:

(a) Burkeview Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 9th May 2023.

Beatus Limited

Liquidator

NOTICE

CHECK PLEASE LTD.

NOTICE is hereby given as follows:

(a) Check Please Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 5th May 2023.

Beatus Limited

Liquidator

NOTICE

SODICONNECT (BAHAMAS) LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, SODICONNECT (BAHAMAS) LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 24th day of March, A.D., 2023.

Dated the 5th day of May, A.D., 2023.

Beatus Limited

Liquidator

THE NEW York Stock Exchange is seen in New York, Wednesday, May 3, 2023.

Photo:Seth Wenig/AP

N O T I C E

IN THE ESTATE OF ROBERT RICHARD

RUSSELL late of Windsor Estates

Subdivision, in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before 20 June 2023, after which date the Executrixes will proceed to distribute the assets having regard only to the claims of which they shall then have had notice.

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

BAYCOURT CHAMBERS

Attorneys for the Executrixes Chambers

P.O. Box SS-6836

Cumberland House

15 Cumberland & Duke Streets New Providence, The Bahamas.

JOB OPPORTUNITY

Access Medical Clinic Nassau is seeking a

Pharmacist to join our team! As a leading provider of pharmaceutical services in the area, we are committed to delivering the highest level of care to our patients.

The ideal candidate must have a Doctor of Pharmacy degree and a current license to practice in The Bahamas. Additionally, the candidate must be able to work independently and have strong communication skills to interact with both patients and healthcare professionals.

We are offering a sign-on bonus for the successful candidate to join our team, and we provide a competitive salary and benefits package, including health insurance, and paid time off.

If you are a motivated and dedicated pharmacist looking for an exciting opportunity to advance your career, Access Pharmacy is the place for you. To apply, please send your resume and cover letter to accessmedicalbahamas@gmail.com. We look forward to hearing from you soon!

Sandilands Geriatric Hospital’s Push-a-thon returns Cynthia “Mother” Pratt to serve as this year’s patron

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

Senior citizens of New Providence are being put on notice to prepare themselves for the return of Sandilands Rehabilitation Centre’s annual Geriatric Push-a-thon.

The event had been put on hold due to the COVID-19 pandemic, but now seniors are once again being called on to participate in this fun community initiative which helps raise money for much-needed equipment for the centre’s residents.

Push-a-thon 2023 is scheduled for June 3 under the theme “PUSHH on Bahamaland” to coincide with the country’s 50th independence celebrations. (The ‘PUSHH stands for ‘Positively Uplifting Seniors With Helping Hands’)

This year, the event is endorsed by the Independence Secretariat as part of the official “Road to 50” calendar.

Sandilands also announced that former Deputy Prime Minister Cynthia “Mother” Pratt will be the patron of this year’s event, which kicks off at 6am.

“Chosen for her legendary accomplishments, amicable personality, and, most importantly, her unique qualities as an activist, nation builder and influencer, Mother Pratt, commands the respect of the public. Throughout her career she used her platform to support worthwhile causes and ensured that her lifestyle aligns with the message that is being promoted,” said Betsy Duvalier,

public relations manager at Sandilands.

Mrs Pratt’s “rare professional experience in nursing, athletics and politics”, she added, fits the role of patron for the Push-a-thon.

“The affectionate title of ‘mother’ aptly describes her nurturing spirit, gentle, patient qualities and encourages persons to listen to this positive health message that will save lives, improve health, build up families and strengthen our nation,” said Ms Duvalier.

Born out of Sandilands’ observance of the World Health Organisation’s World Health Day 2012, where the topic was “Aging and Health” under the theme “Good Health Adds Life to Years”, the Geriatric Hospital introduced the push-a-thon as a creative way to promote mobility while engaging caregivers and the community at large. It was thought of as one of the ways to promote healthy aging by encouraging regular physical activity in the elderly.

The push-a-thon allows even those with mobility challenges to participate. Additionally, it helps promote community awareness about aging as well and the involvement of the physically disabled.

“Over the past 12 years, the geriatric community at large has enjoyed this annual opportunity to compete and fellowship with clients of SRC, healthcare professionals, national leaders, and peers,” said Ms Duvalier.

“In the past, residents of the Geriatric Hospital have received special honours at the event. They included clients, the late Daniel

Bastian, Winston Gaitor, Larry Malone, and others.”

The goal of the push-a-thon, Ms Duvalier said, is to promote healthy aging while building community and bridging the age gap. People and patients of all ages will have an opportunity to exercise, fellowship, and create precious memories.

All proceeds from this event, as in the past, will be used towards the purchase of accessories that will assist with ensuring Sandilands’ patients overall safety, mobility and comfort. Equipment to be purchased includes wheelchairs, medical lift chairs and walking canes.

“It is our hope to also donate to the South Andros Senior Citizens Home, a partner in the care of older persons with the Geriatric Hospital, wheelchairs, and safe, appropriate sleeping beds for the benefit of their clients,” said Ms Duvalier.

The push-a-thon committee has set a goal of at least 500 participants, with at least 50 “pusher-pushee” combinations to commemorate the Bahamas’ Road to 50. People of all ages (10-100 years) are invited to participate, especially those over 65 years of age.

Those interested can register on the event’s website at www. pushathon242.com; at pop-up registrations which will be announced in the coming weeks; at the Geriatric Hospital, AML food stores, and at the Mall at Marathon. Payments can be made at the Sandilands Rehabilitation Centre Business Office and via Cash N’ Go or the Digital Wallet.

Bringing CPR training to your doorstep

Local nurse launches company to teach life-saving skills to Eleutherans

By ALESHA CADET Tribune Features Writer acadet@tribunemedia.net

Growing up in a large but close-knit family meant caring for others came naturally to Cornell Johnson; it also later motivated her to want to help others through a career in nursing, and in her latest endeavour, create a company to teach life-saving skills.

“I am passionate about helping others, and most importantly, I love educating and empowering persons on what they can do to manage their conditions and maintain optimal health and wellbeing,” she told Tribune Health. Nurse Johnson said this passion has grown through various community alliances and outreach initiatives.

She is a member of the Rotary Club of Eleuthera and currently serves as the chairperson for the Nurses Association of the Commonwealth of the Bahamas, Eleuthera branch.

“Nursing is a noble profession. It is one that demands a lot of time, empathy and skill. It provides access to professional, competent healthcare services to residents and visitors, which is essential, particularly on the Family Islands, which lack tertiary level healthcare facilities,” she said.

Nurse Johnson recently launched Tropic Responders, a company that provides life-saving CPR training in Eleuthera.

“(There is) a global appreciation for the importance of bystander cardiopulmonary resuscitation (CPR). I saw the need for the service on the island of Eleuthera and invested in being able to conduct the trainings. Because there are no local businesses that provide CPR trainings, this makes it rather costly, considering (people would) have to travel to Nassau, and/or, pay for trainers to come to the island to conduct training,” she explained.

The cost associated with either travelling to Nassau or inviting trainers and importing equipment, she said, may also deter healthcare workers in the Family Islands

from keeping their CPR certifications up-to-date. Through Tropic Responders, Nurse Johnson aims to provide professional skilled training and

certification aligned with the Doctors Hospital health system, through the American Heart Association’s Advance Cardiac Life Support, basic life support,

CPR, first aid, and automated external defibrillator training.

Tropic Responders, she said, is a mobile training service throughout the island of Eleuthera.

“There is a growing market for CPR training on the island, with projected expansions in healthcare facilities and tourist destinations, which will increase service demands. Healthcare is essential, even more so, emergency responders are crucial and training is necessary to ensure effective care,” she said.

Nurse Johnson’s targeted groups are: nurses, doctors, public and private sector support staff, patient care assistants, emergency volunteers and EMTs, hotel/ resort staff, nursing cadet students, as well as BPL and Water and Sewerage employees and Environmental Health Department staff (bloodborne pathogens training).

“Recently, I had the opportunity to undergo an entrepreneurial training with Access Accelerator which helped greatly in the development of a business mindset. It was a wonderful opportunity

for persons like myself to gain knowledge and mentorship as it relates to the requirements for starting and sustaining small business ideas. My vision is to eventually establish a CPR centre on Eleuthera to provide ease of access to training for those requiring and or that are interested in learning life saving techniques,” she said.

Nurse Johnson said her greatest joy comes from seeing that the care she provides can help save a life.

Through her career in nursing, Nurse Johnson said she has come to realise that no two cases are the same, as each comes with its own uniqueness and challenges.

“Needless to say that my most memorable experiences all come from working with children in need of care and seeing their health status improve. To have their little hands embrace you, as the innocent look on their faces expresses appreciation for making them feel so much better….Involuntarily, nurses adopt these little ones who are forever embedded into our hearts,” she said.

CYNTHIA “Mother” Pratt (left) with Sandra Mortimer, acting administrator at the Sandilands Geriatic Hospital, and one of this year’s push-a-thon participants.

NURSE Cornell Johnson

EVEN kids can learn CPR

A man’s shortcomings – Part II

Throughout history, many cultures and communities have viewed penile size as a sign of masculinity and sexual ability.

Men who have false penile shortness (buried, webbed, or concealed penis); congenital penile shortness (“true micropenis”); acquired intrinsic penile shortness, or body dysmorphic disorder/penile dysmorphic disorder (extreme distress generated by perceived defect(s) or flaw(s) in the physical appearance), can seek the help of a medical practitioner/urologist trained in male reproductive disorders and management.

Non-surgical options

• Psychotherapy: The desire to improve self- perception and selfesteem may drive patients towards penile extension. A key target in the psychotherapy would be to decipher the patients and partners motivation and expectation from the proposed penile extension surgery. At this stage it is crucial to discuss the real changes and the possible long-term impact in the patient and partners perceptions and sexual/relationship routine for those considering penile extension options. Poor satisfaction post-surgical therapy usually results from divergence in the real versus expected results.

For patients with BDD/PDD this is one of the main stays for therapy.

• Penile traction therapy: It seems effective in lengthening the penis length in the limp and stretched state however the high-quality evidence is lacking. Patients are advised to wear a penile extender for 4-6 hours/day for about 6 months. The device secures the penis in a pulled state. This form of therapy does not seem to work in increasing the penile girth. In some studies, the mean gain in the erect penis was about 1.2cm. Side effects include- penile numbness, pain, and bruising.

• Vacuum erect devices: No evidence in the setting of penile lengthening, but it has been used in the post radical prostatectomy and cystectomy patients- as a form of rehabilitation to prevent acquired intrinsic penile shortening with reported success.

• Hormonal therapy: Testosterone therapy can be used in infants and boys before puberty to increase penile length in those with micropenis. Testosterone does not increase penile length in men.

Surgical options

Congenital penile shortness

• Suspensory ligament release- release of the suspensory ligament which attaches the penis to the pubic bone via a small cut just below the pubic

bone. Some studies have shown significant improvement in sexual self-esteem and functioning with congenital penile shortness. In a study by Spyropoulos et al, there was mean length gain of approximately 1.6cm and girth gain of about 2.3cm.

• Ventral phalloplasty at the base and underside of the penis. The skin at the junction of the scrotum and penis is incised and moved towards the perineum. This exposes the penile shaft therefore improving the visual of a lengthened penile.

• Suprapubic lipoplasty/liposuction or lipomyemectomy. The flattening of the suprapubic fat helps with increasing the penile shaft exposure.

• Total phallic reconstruction. A complex reconstruction surgery reserved for severe penile insufficiency cases.

Acquired penile shortness

• Penile prosthesis implantation;not effective in increasing penile length.

• Penile disassembly and corporal lengthening manoeuvres; limited evidence.

• Total penile reconstruction. Although there are high rates of post-operative complications, satisfactory outcomes have

THE UROLOGY DOCTOR IS IN...

Chronic venous disease

By DR DELTON FARQUHARSON

Recently, the World Vascular Community celebrated Vein Week. This was the perfect opportunity for vascular specialists and leaders to highlight and emphasize the good, the bad and the ugly of venous and lymphatic diseases. Many coordinated educational events occurred around the world and will continue throughout the remainder of the month.

These conditions have a significant burden on the health of every nation and this week especially underlined the need for safe, reliable, effective and accessible treatments as well as ongoing development of additional applicable therapies to combat these conditions.

The Bahamas and the Caribbean vascular surgeon community supports this global v-WIN initiative that not only brings awareness to the global problem of venous and lymphatic diseases, but supports local initiatives that ensure continuation of educational and research efforts.

Venous disease is a chronic, progressive and debilitating condition that seemingly persists throughout the lives of many individuals. Because of its chronicity, the impact of the condition in the community and society has been underestimated. The physical, psychological and socio-economic impact has been enumerated and even this appears to be misunderstood by the general populace.

Venous disease encompasses a range of conditions that begin with telangiectasia (spider veins) and spans to include the most debilitating end-stage condition of venous leg ulcers.

Chronic venous insufficiency, an advanced stage of chronic venous disease is characterised with swelling, skin changes, ulcerations and venous hypertension. This portends a poor quality of

Dr Greggory Pinto

been reported for this surgical procedure.

Penile girth enhancement

• Injection therapies

Various injectable materials such as hyaluronic acid (HA), poly-l-lactic acid (PLA), hydroxyethyl methacrylate, polyalkylamide hydrogel (PAAG), polymethylmethacrylate (PMMA), calcium hydroxyapatite are used for girth enhancement. Patient satisfaction is high with soft tissue fillers, up to 78 percent. Use of silicone, paraffin and petroleum jelly can cause a range of complications from swelling to severe life-threatening infection such as Fournier’s gangrene.

• Surgical techniques such as autologous fat grafts- there is no long-term data and for now there are mixed results as regards patient satisfaction.

• Subcutaneous penile implants. This is done with a silicone implant placed around the penis to enhance the girth. No long-term data available for now.

We are now more than ever more sexually aware of ourselves. With this comes personal insecurities and for some this may cause major disruption in their day-to-day life. It is important to recognise that help is available and for some groups there is more than one option available to address their concerns. However, with so many newer technologies and treatment modalities one may need a more guided approach to help choose the right direction. The roles of the urologist are ever expanding, and this is one such area where our knowledge and experience can lend a helping hand to many that have until now suffered in silence.

• Dr Greggory Pinto is a board-certified Bahamian urologist and laparoscopic surgeon. He can be contacted at OakTree Medical Center #2 Fifth Terrace and Mount Royal Avenue, Nassau, Bahamas; Telephone – (242) 322-1145-7; email: welcome@urologycarebahamas.com or visit the website:www.urologycarebahamas.com

life. Because we were designed to be bipedal, the lower extremities are most vulnerable to the effects of venous diseases. Chronic venous disease is perhaps the most common condition worldwide.

The worldwide incidence stands at around 2.6 percent in women and 1.9 percent in men. In the US, it is estimated that about 40 percent of the population is affected, with about six million persons having the advanced form of this condition. It is further estimated that the cost to treat those affected alone is more than $3 billion dollars annually. The exorbitant cost alone is a significant burden on any healthcare system. Chronic venous disease occurs more commonly in the advancing age groups. For this reason, the incidence and prevalence are

expected to increase. The condition also affects pregnant women and it is believed to be due to the hormonal and physiologic effects of pregnancy. In addition, the number of pregnancies has a contributory albeit variable effect.

In nulliparous women 40 years of age and older, the prevalence of varicose veins is estimated at about 20 percent. This increases to 40 percent in women who had one to four pregnancies. A further increase in prevalence to 65 percent is observes in women having more than five pregnancies. The overall impact of venous disease on women as a group is a cause of concern and greater emphasis on targeted prevention strategies are necessary. Other factors contributing to the development of chronic venous diseases include obesity/

overweight, sedentary lifestyle, prolonged sitting and standing, previous and new blood clots, smoking, family history and proinflammatory states. These factors may influence different pathologic mechanisms that relate to the onset or progression of venous disease. Obesity and overweight are ever rising and coupled with advancing age, it is anticipated that the burden of chronic venous disease will be increasing in the near and long term.

The initial stages of venous disease are aesthetically unpleasant, prompting most people seek medical advice for the cosmetic effect rather than the potential pathologic result. Most times, the mere ‘cosmetic vein’ progresses and becomes more symptomatic when left untreated. When symptomatic, venous disease presents with pain and swelling. The pain can be vague but is usually described as heaviness, discomfort, pressure or burning in the legs. The associated swelling is initially at the ankles but eventually progresses proximally. Other conditions that may cause swelling need to be excluded. It is important to consult with physicians familiar with venous diseases.

On occasion, patients may present with complications from venous disease. These complications include blood clots, inflammation, bleeding, advanced eczema or dermatitis and in very rare cases, malignant transformation of a longstanding ulcer to a cancer. In addition, the associated inflammation may cause skin cracking that may lead to a severe infection. The underlying psychological effect of depression or anxiety from this condition may go unnoticed and rarely may prompt medical attention. These, however, need to be considered in the overall holistic care of patients.

Treatment of CVD uses, a combination of medical, non-medical and surgical strategies to bring

relief of symptoms, improve the quality of life and maximize the better outcomes. These strategies include:

• Compression therapy directed at modulating venous hemodynamics

• Pharmacologic and nonpharmacologic therapies aimed at modifying factors affecting the pathophysiologic mechanisms and relieving symptoms especially pain

• Exercise strategies aimed at improving calf muscles and the calf muscle pump, reducing venous volume in the extremity and the modest benefit of weight reduction

• The goal of surgical interventions whether minimally invasive or frankly invasive, is to achieve a favorable hemodynamic response and an acceptable cosmetic appearance. The identified refluxing vein is eliminated and the structural abnormalities are obliterated or modified.

Chronic venous disease is a debilitating condition that generates a significant socio-economic burden that demands extensive treatments strategies. The condition is underestimated, underdiagnosed and underreported. There are several genetic, environmental and physiologic risk factors that contribute to venous system alterations that lead to initiation or progression of this chronic condition. A number of therapeutic approaches have been devised that improve and alleviate the clinical manifestations of this condition. Evidence is being built that many of the treatment modalities improve quality of life and symptomatology.

• Dr Delton Farquharson is the co-founder and CEO of BSAC Director Vascular Lab, general and vascular surgeon.

DR Delton Farquharson

Image by www.freepik.com

For love of country WOW WORLD OF WOMEN

By VICTORIA SARNE

Change is inevitable and that’s usually a positive thing if it signifies growth or awareness, but sometimes we discard or disrupt without giving sufficient thought to how we will replace those ideals or traditions some are willing to relinquish in our seemingly unquenchable thirst for something new and shiny.

I had reason to think about this over the weekend during the coronation of King Charles in Westminster Abbey with all its magnificent pageantry, immaculate planning and performance bringing people out onto the streets in their hundreds of thousands with many more watching on television all over the world.

The anti-monarchists tell us the institution is an anachronism, a terrible waste of public money and ask why one family, one dynasty with all its flaws exposed, should be so entitled.

Although I have now accumulated more years living abroad than in my home country, England, I love my country so for me those questions frame a narrow perspective and are a little simplistic ignoring as they do, history, heritage, identity, culture, tradition, stability and democracy.

I don’t think we can reduce the monarchy to being simply a money-guzzling business, I defy anyone to keep up the the same pace of days or hours that the late Queen did in service to her country and, lest we forget, all of the royals have served their country in

Bare Naked Advice

the armed forces. Neither should we dispense with them because, as a family, they have their trials and tribulations, as do the rest of we flawed human beings, except our indiscretions or failings are not broadcast to the world.

The next obvious question is with what should they be replaced? Looking around the world, we see that it is in turmoil and balances of power in individual regimes, republics, democracies and dictatorships

are internally and globally on a see-saw. From an historical perspective I see more safeguards for democracy with a stable monarchy. As of 2023, there are still 43 sovereign states in the world with a monarch as head of state.

There are 13 in Asia, 12 in Europe, 9 in the Americas, 6 in Oceania, and 3 in Africa. In the land mass of the small island that comprises the United Kingdom today, it contains four distinct countries, each with their own ethnic language, England, Ireland Scotland and Wales and while there are many divergent opinions and rumblings of wanting to break away, it is currently still intact. As historical fact, this island has had a king or queen since the year 927! Remarkable continuity.

I was invited to breakfast by Loretta Thomas, the owner of Café Channing Noelle, Caves Village, to participate in the ZNS coronation coverage in a cut-away broadcast. I was, needless to say, surrounded by a small group of very elegant Bahamian women and I felt honoured to be given a soundbite, but of much more significance to me, were the words of Dr Gilbert Morris when he reminded us that the British Constitution is 2,000 years old and is the oldest Constitution in the world. Also remarkable.

How do we know who we are or where we might be going if we don’t embrace our history, the good, the bad and the sometimes ugly. We need to acknowledge the wrongdoings certainly but we also need take pride in those things which inspire us because that’s what keeps a country and its people strong and united. We

Ask Maggie and get answers

Relationship and intimacy specialist Maggie Bain – also known as the Bare Naked Coach – has returned to the Bahamas to help local couples repair their relationships. She will be answering questions which she has received for Tribune Woman in the hopes of helping individuals with similar romantic problems.

Q:“How to keep a relationship alive, especially the intimacy part after children?”

need to learn from history to become better, braver, kinder, more understanding of the myriad challenges the world, our planet, faces and summon up the courage to address the adversities we are all confronted with. Despite what the media delights in feeding us - the cynical, the shocking, the salacious or negative headlines about the monarchy, thousands and thousands of people came to wait in the rain, set up tents, carry umbrellas, get dressed up in incredibly creative costumes and accessories of all kinds and then walk the not inconsiderable distance from the Abbey to Buckingham Palace, old, young, children and tots on shoulders - and all with happy, smiling, laughing faces, waving to the cameras and having a good time. Everyone rubbing along, shoulder to shoulder, en masse, united in spirit and enthusiasm, whether British or foreign; and millions more across the world watching on television.

History and continuity give a society stability, a sense of security and permanence. I hope those countries which are still part of the Commonwealth understand that in this fast changing, increasingly fragmented world, intelligent love of country and maintaining a strong cultural identity while being part of a larger community, is a partnership which benefits and unites all of us through a common bond. We are stronger together. In other words, ‘the whole is more than the sum of its parts.’

As P Anthony White used to say, “For what it’s worth.”

Keeping it ‘hot’ after children

A:If there was ever a universal question amongst parents, it would be this one!

Without a doubt, stepping into parenthood changes almost all aspects of our life. As women, not only will we experience physical changes, which we have to adjust to, but we now have a little human being who needs us for everything. As much as we love them, their dependency can feel overwhelming at times and challenges us in ways we never could have imagined. Obviously fathers do not experience body changes (lucky them!), however, depending on their involvement they too can feel the shift in focus.

This redirection of attention for both of you towards your newborn will inevitably change how you relate with each other. Not only are your eyes drawn in another direction, but also your loving affection.

Hopefully you will have talked about this during pregnancy, but being aware of this happening and talking about it in the moment, will help not to lose sight of your connection with each other. This is so important in the early days because hormone fluctuations and coming to terms with a new body image can diminish libido. This is why understanding the feel-good effect of sensual touch such as

cuddling, stroking and massage can provide a light relief, in the moment.

‘Start as you mean to go on’ is a very apt expression for establishing healthy relationship habits for your growing family. However, even for those with the best of intentions may find themselves slipping, because it is easier.

Have you guessed where I am heading with this?

Yes, the most common parental problem that affects a couple’s sexual intimacy is ‘the family bed’. Whether this is your chosen parenting style or a solution to pacify a crying child, it can become a barrier in your relationship.

Having a sleeping child lying between you both can over time become an excuse for not touching or making love. New habits take root and almost unknowingly a shift has taken place and you have moved the most intimate area of your relationship aside for your child. Do you recognise yourselves in this story? Sounds like you need to make some small adjustments.

When couples come to see me for advice, they are often surprised by some quick and easy to implement solutions. For example, a reminder that a sleeping child can be lifted to another location, to allow for some intimate

time together, even if they need to return at a later time. Now this may seem common sense but it is proof of how easily we can forget the simple things. Another example is that sexual intimacy is not an exclusive nighttime activity, and can be worked into anyone’s daily routine.

Time passes and your family is growing. Hopefully your connection has sustained, even if there were some teething pains. Unfortunately some couples reach a point when one or both notice a disconnect has taken place. Things are not the same anymore between them and memories of passionate love making may seem distant.This is not usually intentional, but a sad result of not paying attention to the importance of ensuring the bond that ties you both is secure. If any of these scenarios sounds like you, then here are a few tips to get you started.

1 Try opening the conversation outside of the bedroom. Make sure it’s not a pointing-thefinger question but an opener born out of genuine curiosity and the desire for both of you to have your needs met. Ask your partner about their feelings regarding your sex life. Ask them what they want and need. Talk about your hopes and desires. And then listen carefully.

2 Discuss and find a light sense of humor for discussing sexual intimacy. How can you make it more fun and playful?

3 Talk about the flirting, and the things that you did, or liked, at the beginning of your relationship. Then start doing some of those things again: eye gazing, brush of the hand, holding hands, sweet name calling, etc.

4 Kiss. Kiss. Kiss some more. Deep passionate kissing is the gateway to all forms of eroticism, and it is the quickest way to increase arousal. Reintroduce or enhance the frequency, intensity, technique of your kissing.

5 Flirt and take your time. Anticipation is important for heightening sexual desire. Have fun, creating, and planning.

Start rekindling the heat today!

• Maggie Bain is a relationship and intimacy specialist with the Family Medicine Centre on Blake Road. Book a consultation at (242)702 9310 ext. 130; e-mail mbain@fmcbahamas.org; visit maggie@barenakedcoach. com or https://barenakedcoach. com.

Tiffany Hanna went from fast food worker in Freeport to Sandals Emerald Bay, Exuma, working her way up from entry level room attendant to supervisor and putting her son, Ackeem, through college debt-free. He’s now a mechanical engineer with an excellent job and a very proud mom who thanks Sandals for its upward mobility policy.

Tiffany was working at a fastfood restaurant in Freeport, Grand Bahama when she came home one night, picked up the paper and saw an ad for a job at the Exuma resort. It was far from home on an island where she knew no one. But what she saw was a chance at a new life for herself and her son. She went for it.

Sandals Emerald Bay in Exuma was looking to hire a room attendant, entry level perhaps, but one of the most essential to keep any resort going, and to someone working fast food with a young son who had visions of going to college, the opportunity, if she could get it, was a step in the right direction.

Tiffany completed the online application, uploaded her resume, and a few days later got a call to come for an interview in Nassau. She took the chance and a flight to the capital. Three days passed and no word, then the call came: she had gotten the job and they were sending her a ticket to Exuma.

But the work would not be easy: clean 12 rooms a day up to the Sandals standards that account for 70 percent of all their guests being return visitors.

Most of those guests, she learned, were brand loyal, going from one Sandals resort to another for all their Bahamian or Caribbean vacations.

“When I first heard 12 rooms, I blurted out, ‘All in one day?’

and my manager looked me right in the eye and said, ‘Yes’. Then she asked me the most important question: ‘Where do you want to be in five years?’ I thought about it, looked back at her and told her, ‘Wow, I want to be standing where you are right now. I want to be in executive management,’ and I went about cleaning those 12 rooms, giving it my all,” said Tiffany.

That was orientation day at Sandals Emerald Bay, on January 12, 2012. The date is etched in her mind.

“It was rough at first and there were times I wanted to give up.

I missed my family in Freeport, especially the first months before my son came, but the Sandals team is like family and for the first time in my life, I did not just

have a job, I had a purpose,” said Tiffany.

Within months, her son was able to join her. He finished school in Exuma and earned a small basketball scholarship for college, which he later gave up to focus on academics.

Three years after she started, Tiffany was promoted to supervisor. Today, she oversees up to eight teams of room attendants.

She still loves the reward of transforming a messy place into a spotless welcoming space. She vividly remembers the statement she blurted out a decade ago and the quick decision she set as her goal: to one day to be in executive management.

As for her son, Ackeem Hanna, he’s now 23. With what she earned and that small scholarship, she sent him off to Anderson University in South Carolina. There were no student loans necessary; Tiffany had earned enough to put him through college debt-free. She was there for graduation, proudly grinning as Ackeem tossed his mortarboard in the air. Later, she hugged him as he left for his new job in the discipline he studied, Mechanical Engineering.

“When you love something and you have a goal, you wouldn’t give it up for the world,” said Tiffany, who still has her eye on a job in executive management. “I am not going to stop until I get there.”

KRISTEN Curry during a Coronation event at Café Channing Noelle in Caves Village last Saturday.

From fast food worker to resort supervisor who makes son’s dreams come true

TIFFANY Hanna with her son Ackeem at his college graduation

Pre-teen recognised for ‘outstanding’ service to cancer patients by Zonta Club of New Providence

In a world where people are often self-absorbed and focused on personal pleasure, 12-year-old Alexia Bain is truly a standout.

The Zonta Club of New Providence recently recognised this young lady at her school’s assembly for her service to community.

The sixth-grade student of St Thomas More School is making it her mission to spread joy and to help as many people as she can.

Alexia is the founder of ABC (Alexia Bain Cares) through which she has donated some 200 care packages to the Sister Sister Breast Cancer Support Group.

Alexia chose this group because her family has been closely touched by cancer. Her grandmother and her mother’s close friend both battled the disease. The care packages consisted of coconut water, biscuits, crackers, ginger mints, water, hand lotion, lip balm and a scripture verse.

The scripture, is Alexia’s thinking, allows the cancer patient to focus on something encouraging while going through a trying time.

Alexia has a throng of supporters that consist of her family, church members of the St Thomas More Roman Catholic Church, friends and classmates, who have embraced her campaign to assist women fighting cancer.

Her school mates have helped to pack bags, and the strong support has allowed Alexia and her

mom to increase their initial donation of 50 bags to over 200 bags to date.

Joanne Bain, Alexia’s mom, said her daughter has been her conscience since she was a little girl. She always wanted to help and possesses a caring spirit and heart.

“She has always been that way and I would not want to take that from her,” said Joanne. “I only hope that by keeping her

grounded and around positivity, she will continue what she does.”

In addition to the care packages, Alexia began to make pillows for cancer patients as well. After a mastectomy, women can experience soreness, so the pillows protect the patient when travelling in the car. Designer Apryl Burrows, a friend from church, came on board by donating Androsia fabric and providing a stencil to cut out the pattern. Apryl cut the fabric for Alexia

while another friend assisted with sewing.

Alexia, who was selected as Student of the Year at St Thomas More, said that it’s great to know that her project is helping cancer patients.

Moreover, she hopes that it encourages other young girls like herself to do the same and even more. When asked about all the support she has received, Alexia replied, “I love the support. I didn’t expect so many people to help out. I’m grateful and thankful for their support.”

An aspiring physician, Alexia only wishes that she could do more for others. She also hopes

that other people join in to do the same.

Without a doubt, the Zonta Club of New Providence said, Alexia is showcasing that one can make a difference at any age, and that a village can make any dream a reality.

The Club seeks to build a better world for women and girls, and said is delighted that a young lady in our community is making such a positive impact.

“May Alexia continue to be a spark that leads us all in doing what we can to change the lives of those around us,” the Club stated.

ALEXIA Bain packs care packages for cancer patients

ALEXIA Bain was Student of the Year at the St Thomas More School

The life lessons our

mothers taught us

Prominent Bahamians share personal stories of their moms’ wisdom

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

MOTHERS play a profound role in our lives, and when it comes to describing who they are to us, words fall short sometimes. So to our words we add efforts, gifts and celebrations to truly express in more ways than one the depth of our appreciation for our life givers and nurturers.

In addition to giving each of us the gift of life, mothers are the first teachers we ever have. They teach us how to show love, kindness and appreciation.

For many, their mothers will be immortalised by the life lessons they teach.

This week, Tribune Woman celebrates mothers ahead of Mother’s Day this Sunday by asking several prominent Bahamians to share some of the most important lessons they have been taught by their moms.

Lessons on finances

Communications specialist

Margo Gibson said one of the most important life lessons her mother, Theresa Munnings-Kite, taught was about finances and money management.

“ ‘Mommy may have and Daddy may have, but God bless the child that have his/her own’ is something she always said,” Margo told Tribune Woman.

“My mother always said even though you may enjoy and share what your family and friends may have, the best practice is to equip yourself with how to acquire your own. Get the best education you can, grasp every opportunity to learn all that you can. Spend your money wisely as you invest in your own future. Rest, push and pray daily.”

Lessons on love and relationships

One of the most important lessons Travis Edgecombe, a public relations specialist, learned from his mother, Dellareese Wilson, was that marriage takes great sacrifice.

“My mother was married to my father for almost 30 years. I observed my mom as the queen of our house, doing her wifely duties and simply being the mother I’ve grown to love today. There were good years and there were bad, but I watched my mother support, lend advice, pray for, cry and love my father to the very end,” said Travis.

“She never made him feel less than a man. She acknowledged he was the head of the home and trusted him to make decisions that were best for our family. I have watched my mom sacrifice for both me and my brother, and without a doubt I know that we are her world. She is God-fearing, beautiful and sassy.”

Lessons on cooking

Celebrity Chef Simeon Hall Jr has always credited his with mother, Linda Marie Hall, with a

‘Simple’ Mother’s Day wishes

By CARA HUNT Tribune Features Writer cbrennen@tribunemedia.net

Mother’s Day 2023 is fast approaching, and while all women love a nice handbag, some sparkly jewellery, a nice dinner, or even a trip, sometimes it’s the simple things that really show mom how much she is loved.

This week, we asked our readers about their dream Mother’s Day gift.

“I would love my husband to book me a hotel room for the weekend with spa services and watch the kids,” said Veronica, a mother of a pre-teen boy and girl.

“I want to stretch out in a king size with no one to bother me and sleep to my heart’s content, wake up, go to the spa and then go back to sleep, and when I am all relaxed and refreshed, I want to come home to a spotless house.”

Mom-of-two Alana said it’s the Netflix and chill for her.

“Honestly, I would love to have a weekend where I could just

catch up on my shows in peace without having to pause the juicy bits because children are around. Just me with some food in my bed and my remote,” she said.

Gina, a mother of three school-aged kids, said she wishes her children would just “get it together” in the mornings.

“I just want my kids to have a few days where they wake up and get dressed on time and we get out the door without a fight. I would love for everyone to be packed the night before. If you really love me, give me easy mornings,” she said.

Ronnie, who has a two-year-old daughter, said she would love for her to sleep through the night in her own bed and to give up her pacifier.”

On the other end of the spectrum, Elda, a mother to grown-up children, said all she wants is for her son to accompany her to church.

“I can’t swear, but I feel he up to no good and I just want get him in the church door so that God could speak a word to him. He say, ‘Mummy, what you want for

lot of what he knows about cooking good food.

“Anybody who knows me and followed me over the years knows that I credit my mom for a lot of the things that I do in the kitchen. My mom lived in Tennessee for some time with Dad and she learned Southern American cuisine, and that’s something I love to work with,” he said.

“She taught me how to cook one-pot meals, being able to cook very fast, very clean, very neat; that’s my mom – she does that all the time. It’s literally magical when she gets in the kitchen.

“Also, if you know me and follow me, my mom makes the best stuffing in the world. Her secret to it is not a secret anymore because I tell it all the time. She adds tuna fish to her stuffing. It tastes like you added seafood to it and it is just divine.”

Lessons on morals

As for Romanique Johnson, she appreciates her mother, Yvonne Johnson, for encouraging her to develop a spiritual life and stay grounded by following good morals.

“My mother has taught me so many life lessons; what to do and what not to do. She taught me to always put God first before I do anything – meaning prioritising time for Him throughout my day and before I go to bed. She taught me that as a young lady I should have morals – I should know the difference between wrong and right – values, self-worth –I shouldn’t have to depend on anyone to make me feel good about myself, because I’m confident and aware of the strengths and abilities I have and simply because I’m fine the way I am.

“She taught me to be goal-oriented. She also taught me how to

maintain a household and how to make time for what matters the most, which is family time. Once again, happy Mother’s Day to my mother who I love so dearly to the moon and back.”

Lessons on life

Life coach Stanya Davis is still being schooled by her mother, Wilma KJ Marshall, on the most important lesson she was ever taught.

“There are so many lessons that I have learned from my mother over the years, but my mind now drifts to the present. My mom was diagnosed with cancer last year, and in a crazy way let’s just say, I have been learning. Learning about giving her all the love that she gave me. Learning about what really matters and what doesn’t. Learning about the importance of living in the now, and learning about how much time we waste being angry at people we love and who love us,” she said.

“I have also learned that in order for me to give to others, I must also give to myself. This Mother’s Day I am thankful that I have my mother.”

a cleaning fairy.

“I have so much laundry and areas I need to clean, I just want someone to come in and clean and do the laundry,” she said.

But she admits that because she is so picky, it would be difficult to find the perfect person for the job.

“I need the fairy to do things exactly the way that I need them done, and so what I really need is a clone of myself,” said Rica. Meanwhile, mom-of-two Tracey’s wish is very simple: “Can I just go in the bathroom and pee in peace.”

CHEF Simeon Hall Jr and his mother Linda Marie Hall

MARGO Gibson and her mother Theresa Munnings-Kite

ROMANIQUE Johnson and her mother Yvonne Johnson

STANYA Davis and her mother Wilma KJ Marshall TRAVIS Edgecombe and his mother Dellareese Wilson