A BISX-listed bank says its 2024 half-year results will prove last year’s 34 percent profits decline was “an aberration” with net income on course for “just over $9m”.
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that barring “any surprises” this week it is on target to repeat the first quarter’s $4.5m profit performance during the three months to end-June - leaving it well-placed to hit the $18m full-year net income goal. Speaking after the bank’s 2023 annual results revealed a more than$7.1m year-over-year profit decline, from $20.903m in 2022 to $13.78m, he added that the last six months’ progress showed “we certainly have the train on the rails” and the prior year was more “a slow patch”
than start of any troubling trends.
Driven by increased fee and commission income from its merchant services and cards business, and a more than halving of loan loss provisions compared to the 2023 first quarter, Fidelity Bank (Bahamas) generated a 33.2 percent or $1.132m year-over-year net income increase to $4.54m for the three months to end-March. This compared to $3.408m for the same period last year.
Mr Bowe told this newspaper that one of the keys to the commercial lender’s 2024 success is its drive to recover $90m in written-off loans. He added that $1.4m worth of such recoveries during the first quarter had helped slash loan loss provisions by 51 percent year-over-year, from $2.554m to $1.253m, as Fidelity invests in “pursuing” delinquent borrowers via bankruptcies and enforcing judgments.
“I think I had said to you in terms of our budget that
we had slipped from $20m to $14m,” Mr Bowe said of the 2023 results. “We are confident of getting back to $18m, at least in this year, and it’s really going to hinge on the success of our loan recoveries.
“One of the biggest contributors to profits, if you look at the provision for loan losses, that’s actually the beneficiary of $1.4m in recoveries in the first quarter. When you look year-on-year, it’s not that
Nine-day Eleuthera water crisis is branded ‘pathetic’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
WATER & Sewerage Corporation officials yesterday said they were able to provide “some relief” to furious central Eleuthera residents now enduring the ninth day of a water supply “crisis”.
Cyprian Gibson, the Corporation’s assistant general manager with responsibility for the Family Islands, told Tribune Business that central Eleuthera system pressures “have improved significantly” for some customers as residents blasted both the loss of water
supply and the extended time taken to effect repairs as “pathetic”. The Governmentowned water provider, in a statement, said supply interruptions to communities including Gregory Town, Governor’s Harbour, Palmetto Point and Savannah Sound began last Monday due to ‘a major equipment failure” at the reverse osmosis plant that provides its central Eleuthera customers with all their water. That plant, which is located at the former Naval Base station, is operated and managed by Aqua
Chamber labour chief: ‘I’d love’ to halve unemployed
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Chamber of Commerce’s labour division chief “would love” to halve The Bahamas’ unemployment rate as he bemoaned the “cultural” barriers dissuading young Bahamians from taking up manual jobs.
Peter Goudie, speaking after the Bahamas National Statistical Institute (BNSI) on Friday revealed a modest increase in the national jobless rate to 9.9 percent at year-end 2023, told Tribune Business he wants to see it decline to around 5-6 percent in line with the likes of the US and Canada.
“I would love to see it down around 5-6 percent,
which is what we see lately in Canada or the US,” he said. “There’s always people moving between jobs, and the economy can only take so much, but I would love to see it around 5-6 percent and we’re going to do what we can to get there.”
PM’s Office ‘addressing’ conflict on seized vessel
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Prime Minister’s Office has pledged it is “actively addressing” accusations of conflicts of interest and other irregularities involving a confiscated vessel that was forfeited to the Government.
Creswell Sturrup, permanent secretary in Philip Davis KC’s office, confirmed in a June 17, 2024, letter that the claims surrounding efforts by Kevin Dean to fulfill the terms of a magistrate’s order and repurchase the boat, Silent Prayer, had been “duly noted” and the Government plans to respond “at the earliest opportunity”.
The same May 31, 2023, Order that acquitted Mr Dean, which has been seen by this newspaper, also gave him permission to repurchase the vessel within six months of that date provided he made “full payment to the Crown of the market value of the vessel at the time of purchase”.
Mr Dean immediately moved to negotiate the Silent Prayer’s acquisition, but Ministry of Finance officials late last year imposed a $250,000 price tag and “full cash sale” on the vessel stating that this figure was based on the cost to acquire it in 2011. However, Mr Dean, a charter operator and marine mechanic, said the $250,000 valuation was almost triple, or three times’ higher, the $76,500 valuation placed on the vessel by an independent marine appraiser in 2014. And he pointed out that the Silent Prayer’s value, and condition, were likely to have depreciated after
Mr Dean and his attorney, ex-Cabinet minister Elsworth Johnson, told Tribune Business that the courts ordered the vessel be forfeited to the Government after it was used to transport illegal narcotics. Mr Dean, who was the Silent Prayer’s registered owner, had no knowledge of or involvement in the drug smuggling and was found not guilty.
GOWON BOWE
Nearly half of Caribbean firms view AI as the top technology
BAHAMIAN and regional companies are steadily increasing their investment in technology to ensure they keep pace with digital advances and growing customer expectations, a top accounting firm says.
PricewaterhouseCoopers (PwC), unveiling its Digital Readiness Survey 2024: Fast forward or fall behind, said the findings exposed a growing sense of urgency for Caribbean business executives to stay abreast of both technology development and changing customer demands.
The survey of corporate leaders from major Caribbean businesses found that while close to 70 percent view the firm’s chief executive as a champion for digital transformation, less than half of respondents (42 percent) felt their company’s processes are on track and proceeding quickly enough. Only 25 percent of survey respondents strongly agreed that their company encourages innovation and adaptability.
Close to half of Caribbean businesses surveyed, some 47 percent, said they are already seeing a return on their digital investments. Another 45 percent of respondents identified artificial intelligence (AI) as the most critical technology to their company’s strategy today, with that percentage growing to 52 percent within three years as the transformational impact of AI gathers pace. PwC added that more than a third of respondents, some 37 percent, believe
their company faces a survival-level threat from digital disruption.
Carlton Cartwright, PwC’s digital assurance leader in The Bahamas, said: “The survey highlights the accelerated pace of digital transformation in the Caribbean and where it is moving. Emerging from the 2020 pandemic, our 2021 report emphasised the urgent need for organisations to accelerate their digital transformation efforts.
“This acceleration was crucial not only to bridge the digital divide but also to drive innovative solutions necessary for staying competitive. Today, we see Caribbean leaders steadily advancing in their investment in digital tools and technology.
“They are embracing emerging technologies that will enhance their customer service offerings, reflecting a significant commitment to digital transformation in the region. This proactive approach is positioning
Caribbean organisations to meet the evolving demands of their customers and stay ahead in the digital age.”
Zia Paton, PwC’s digital solutions leader for the Caribbean, said: “Our report underscores the increasing urgency felt by boards, the C-suite and business teams as they try to keep pace with rapid advances in technology and shifting customer expectations.
“Artificial intelligence is sharpening the focus, creating a catalyst for innovation and business model reinvention on the one side and a high degree of uncertainty and concern on the other. Well-targeted investments in systems and skills are clearly critical. But they’re not enough on their own to accelerate transformation and move out in front.
“The businesses reaping the digital dividend are marked by the boldness of their ambition, the readiness of their workforce to embrace new possibilities, and their agility and resilience in the face of
continual disruption and change.”
PwC said its report looks at how companies can move further and faster in driving transformation and becoming digital leaders, focusing on areas such as digital skills, tools and applications, systems and infrastructure, and ecosystems and culture.
The accounting firm said its survey found 55 percent of respondents are still not fully using data tools across all operational activities, even though this is key to cost control and improved productivity. Similarly, only 17 percent reported that data analytics play a central and critical role in guiding decision making and processes.
Chamber labour chief: ‘I’d love’ to halve unemployed
FROM PAGE B1
Mr Goudie, who among the private sector representatives on the National Tripartite Council, and is heavily involved with the National Apprenticeship initiative set to be launched following Parliament’s passage of the recent Apprenticeship Act, agreed that much more must be done to bolster worker qualifications and combat youth unemployment.
The Statistical Institute’s report for the 2023 fourth quarter revealed that, while 21 percent or one out of every five workers in the 237,755-strong Bahamian labour force possesses a university/college bachelor’s degree or higher, a further 25 percent - one out of four - has no formal qualifications.
“That’s not very good,” Mr Goudie told this newspaper. “We still need to bolster our education system to get away from this ‘D-’ average. We need to then get more people employed because they’ll be available to take jobs.
“You have written about the number of people who will not take manual jobs. That’s always a concern that people won’t do what they’ve got to do to get a job. If that’s all you are qualified for you need to take those jobs.”
Bemoaning that The Bahamas issues thousands of work permits per year for jobs that locals can do, such as maids, gardeners, handymen and labourers, Mr Goudie added: “There’s no need for that. It’s a cultural thing, and it’s tough to change culture.
“A lot of these jobs pay way more than the minimum wage. It’s not like they’re not meaningful jobs or not well paid. It’s a cultural thing. There’s nothing
wrong with doing these jobs. It’s a cultural thing. It’s just become a norm that these jobs aren’t good enough. I struggle with that.
“If you come out of school with a high school leaving certificate you need to be prepared to take what’s available. I don’t know how to change that culture. I don’t have the answer for that. It’s beyond me.”
The national unemployment rates disclosed by the Institute, namely 10.4 percent and 9.9 percent for the 2023 third and fourth quarters respectively, both represent an increase in the 8.8 percent rate previously revealed for last year’s second quarter at endJune. The 9.9 percent figure means that, at year-end 2023, almost one in every ten Bahamians looking for work is unable to find it.
A key factor driving the increase in both the rate and absolute number of unemployed Bahamians will likely have been the annual exodus of between 4,000-6,000 high school graduates entering the workforce - an annual ritual that always contributes to the jobless rate spiking until the economy starts to absorb these persons.
Based on comparisons of the data, the labour force appears to have undergone a more than 17,000 person expansion over the three months to end-September 2023. For the second quarter survey pegged the total labour force at 219,465 only for this to have expanded to 237,000 in just one quarter.
And, compared to the 2023 second quarter, which was touted as producing an unemployment rate lower than that from before COVID-19 and Hurricane Dorian, the absolute number of jobless Bahamians has also risen - from
PwC said that among the biggest challenges facing businesses as they look to accelerate their digital transformation, and realise the return, is how – and how quickly – to retire and replace their legacy systems.
Just 53 percent said have been able to prioritise the technology and infrastructure changes that will have the greatest impact on their business. And 37 percent have implemented design thinking and/or agile methodologies for technology upgrades.
Concerns over cyber security further highlight the challenges of creating and running a digitally-powered company. More than half the respondents (55 percent) acknowledged that their ability to safeguard sensitive data and defend against emerging threats needs improvement.
The survey findings also highlighted increased investment in workforce upskilling with 52 percent of companies investing in new tools to accomplish this. When respondents were asked about the barriers to improving workforce skills, the top three factors were cited as lack of time (40 percent); lack of budget (36 percent); and lack of strategic focus on training (28 percent).
19,290 at end-June last year to 24,585 at year-end, representing an increase of more than 5,000 in just six months.
The 24,585 figure, though, was at least moving in the right direction as it represented a 1,130 decline compared to 2023 third quarter unemployment numbers. “The number of unemployed youths. persons aged 15-24 years-old, decreased by 1,475 to 8,970 in the fourth quarter of 2023,” the Statistical Institute’s report said. Youth unemployment, though, accounted for 38 percent of the total jobless figure at year-end 2023, representing a slight decline from the 42 percent level in the 2023 third quarter. “I’m just hopeful that a number of initiatives we have coming down the pike will help with our unemployment rate and eventually reduce the number of work permits,” Mr Goudie told Tribune Business.
“We’ve got, as we all know, a ‘D-’ average in the schools. They can say all they want, but the ‘D-’ average means we have a lot of people leaving high school with just a leaving certificate. We’ve got to do something about that. If we can bolster up the education system that should impact everybody.
“If the unemployment rate goes down our economy gets better because more people are spending money. It’s a straightforward equation: Put more money into the system, and the system generates more employment.”
Mr Goudie said the Apprenticeship Bill waits its signing by the GovernorGeneral before it becomes law and then “we can get the machine rolling”. He added: “Our apprenticeship programme is going to start by September. We’ve got 100 people scheduled to start in the maritime training.”
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CARLTON CARTWRIGHT JR
Minister hails 1,475 drop in youth unemployment
By FAY SIMMONS Tribune Business Reporter
A CABINET minister has hailed the 1,475-strong reduction in youth unemployment during the 2023 fourth quarter while touting the number of persons placed in jobs over the past year.
Pia Glover-Rolle, minister of labour and the public service, responding to the Bahamas National Statistical Institute's (BNSI) disclosure that the national unemployment rate had increased slightly to 9.9 percent at year-end 2023 compared to 8.8 percent at the year's half-way mark, said she was "optimistic about Bahamians' employment prospects" while noting the drop in youth joblessness.
In a statement, she said it is anticipated the numbers will "remain positive" as new quarterly statistics capture seasonal changes in the labour market. Mrs Glover-Rolle said: “We were particularly pleased to see that our policies are making an impact on youth unemployment as the number of unemployed youth decreased by 1,475 in the fourth quarter of 2023.
“Moving forward, as BNSI embraces a new methodology, which will include the release of labour force data every quarter, we anticipate even more positive employment news. There will naturally be an ebb and flow as cyclical employment patterns and the impact of large-scale projects affect employment numbers on a day-to-day basis. However,
we anticipate that the numbers will remain positive for the foreseeable future.”
Ms Glover-Rolle said more than 1,900 jobs will be created in the cruise sector over the coming months, while the Department of Labour has placed 1,517 Bahamians in jobs over the past year via its 'Labour on the Blocks' job fairs and skills database.
She said: “The Department of Labour is doing its part by engaging with employers and job seekers throughout the country to promote local employment opportunities. In meetings with major employers, we continue to advocate for the employment of Bahamians and compliance with our Notice of Vacancy policies to ensure that Bahamian understudies are trained for specialised roles.
"As a result of our efforts, in the coming months over 1,900 jobs will be created in the cruise sector alone. Through our job fairs and labour skills database, we have placed 1,517 Bahamians on jobs in the past year.
"For segments of the population experiencing issues with employability, we host regular employability and job preparedness workshops, and we also provide free training through the National Training Agency. The upcoming National Apprenticeship Programme will further enhance the employability of our youth and entry-level employees to continue building on our momentum as we seek to further lower the unemployment rate.”
December 2023's 9.9 percent unemployment rate was 0.5 percentage points lower than the 10.4 percent cited for the 2023 third quarter, with skilled agriculture and fisheries workers experiencing the largest increase by occupational group quarter-on-quarter.
The BNSI report said 3,025 individuals were employed in the sector, a 20 percent increase from the 2023 third quarter. The increase can be attributed in part to seasonal workers entering the sector during the crawfish season, a change the labour survey now captures as it has transitioned from bi-annual to quarterly production.
The BNSI said the new method will “provide quarterly and annual estimates on employment, unemployment, underemployment and the informal sector by multiple demographic characteristics”. The quarterly survey revealed the number of persons in the labour force was 237,755, an increase of 755 or 0.32 percent compared to the third quarter.
By island, New Providence had 176,525 people in the labour force158,840 employed, 16,685 unemployed - and an unemployment rate of 9.5 percent. Abaco had 10,560 people in the labour force - 9,720 employed, 840 unemployed - and the lowest unemployment rate of 8 percent.
Grand Bahama had 28,655 people in the labour force - 25,675 employed, 2,980 unemployed - and the highest unemployment rate
of the islands surveyed at 10.4 percent.
“In quarter four 2023, the number of unemployed persons was 24,585, a decrease of 1,130 compared to the third quarter. The number of unemployed males was 10,755, up from 10,665. The number of unemployed females was 12,830, down from 14,050. The number of unemployed youths (persons aged 15-24) decreased by 1,475 to 8,970 in the
fourth quarter 2023,” said the BNSI report.
“The unemployment rate for males remained unchanged, while the unemployment rate for females of declined by 1 percentage point from 11.9 to 10.9 percent. For the youths, the unemployment rate was 20.5 percent, representing a decrease of 2.3 percentage points compared to 22.8 percent in quarter three.” That means one out of every five young
The
Bahamians looking for work cannot find it.
number of discouraged workers, the category of individuals available for work, yet not actively seeking employment as they are not hopeful about their job prospects, decreased from 10,880 in the third quarter to 9,500 in the 2023 fourth quarter. New Providence had 6,525 discouraged workers in quarter four, while Grand Bahama had 1,095 and Abaco 645.
PIA GLOVER-ROLLE
PM’s Office ‘addressing’ conflict on seized vessel
the boat was laid up in the police yard for around two years following its seizure.
Suggesting that the $250,000 price was quoted in a bid to “deter” him from pursuing the vessel’s repurchase, Mr Dean and Mr Johnson said they subsequently hired a private investigator who located the Silent Prayer at a residence belonging to one of the Ministry of Finance officials who he had spoken to about regaining ownership of the boat.
Asserting that it is “definitely my boat”, and that it was still in the same location as of Friday with photographs to prove it, Mr Dean is arguing it is now “unfair for me to get the boat back without compensation” given the uncertainty over what work has been performed on it.
Mr Johnson, meanwhile, said the case raises numerous questions about possible conflict of interests, given that some of the
Ministry of Finance officials his client had spoken to about reacquiring the vessel appeared to have been involved in pre-determining its fate and taken possession of the asset themselves
He added that it also raises concerns over the management/handling of confiscated assets duly forfeited to the Government, and whether the proceeds are maximised for the Bahamian people’s benefit, as there is no evidence that the Silent Prayer was ever put up for public auction. And, not least, Mr Johnson also queried whether the situation breaches the magistrate’s May 31, 2023, Order.
The Ministry of Finance did not respond to Tribune Business calls and messages seeking comment before press time last night. This newspaper knows the identity of the official in whose yard the Silent Prayer is allegedly located, but has been told not to name them for legal reasons.
Mr Johnson told Tribune Business: “We want the boat to be returned. We want to know the circumstances. The questions we have are: Is the boat still available for purchase and redemption [by Mr Dean]? If not, was it sold by public tender? Does this official have the boat in their possession, and how much did they pay for it? Mr Dean should have had the first opportunity to purchase it...
“Government agencies are required by law to conduct their affairs in an honest, fair, reasonable and transparent way, and to do it in accordance with the law. Neither do they have the authority to violate practices and procedures with items forfeited to the Crown. Once forfeited to the Crown, it has to be auctioned off and the proceeds and contents used for the benefit of the people of The Bahamas.
“What we are considering here, if we are correct, are fundamental breaches. If what we describe amounts
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PLACE
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to procedural irregularity, and a loss of assets to the state, this goes to the root of their responsibility in administering the people’s assets.”
Asked how he and Mr Dean plan to proceed should the Government’s response prove less than satisfactory, Mr Johnson said they are prepared to wait several weeks but “I have very little confidence they’ll respond or do anything on this matter.
“Then we’re going to take legal action against them,” he added. “This is most unusual and unacceptable. We’re looking at a Judicial Review and will then see what else we’ll do. This is very disheartening for me. This is what causes the break down in law and order in the country.
“Once the average citizen comes to that state of hopelessness; that the structures designed by law to protect them are not doing so, they’re minded to do absolutely nothing or to resolve matters themselves. The structures designed to protect them are just not functioning.”
Mr Sturrup, in his June 17, 2024, response, said the Prime Minister was unaware of earlier correspondence sent to him by Mr Johnson on Mr Dean’s behalf on January 24 this year. “The Prime Minister advises that the contents of the letters have been duly noted and are being actively addressed, with a view to reversion at the earliest opportunity,” Mr Sturrup wrote.
Meanwhile Mr Dean, confirming that he acquired the Silent Prayer around 14 years ago, said the saga began when he finished repairing its engines in 2020. Disclosing that he runs numerous excursions to see Exuma’s swimming
pigs, he took the vessel from Nassau to Exuma to test the engines prior to bringing it back into service.
After duly developing further problems during the test run, Mr Dean said he took the vessel down to George Town and left it at a marina operated by a friend as he needed to swiftly return to Nassau for business the following day. “I left it in the care of one of my captains who normally runs my boat on charters, and needed him to bring the boat back,” Mr Dean said.
“He went and did some different, other activities other than bring the boat back to me. They [the police] allegedly found drugs on board. I was not aware of it, but four to five days later they came to my house to search for weapons and drugs, and said they found the boat was registered in my name.”
Magistrate Samuel McKinney’s May 31, 2023, certificate of forfeiture order, confirms that while Mr Dean was the Silent Prayer’s registered owner he “was found not guilty and acquitted”. The other two defendants, Basil Johnson and Alfraido Poitier, were both found guilty and, as required by the Dangerous Drugs Act, the vessel, its engines and equipment were to “be forfeited to the Crown”.
However, Magistrate McKinney added: “Kevin Dean, the registered owner of the vessel, is permitted to redeem the vessel within six months from the date of this order upon full payment to the Crown of the market value of the vessel at the time of purchase.”
Mr Dean said it took around a month-and-a-half to obtain the necessary court letter and documents confirming this. Upon
receiving them, he immediately went to the Ministry of Finance but the official he spoke to refused to even discuss the matter with him. Instead, it took a call from Magistrate McKinney to the Ministry of Finance for negotiations to begin.
After providing a letter stating what he had purchased the Silent Prayer for, Mr Dean said he was called back to the Ministry of Finance three days’ later to pick up a “proposal”. This confirmed that a $250,000 price tag had been placed on the vessel, with the ministry basing this on a $175,000-$200,000 preimport valuation in 2011 plus Customs duty.
Mr Dean told Tribune Business that the $250,000 was both “far more than what the boat was worth” and the $76,500 independent appraisal given in 2014. “They distracted me by giving a large quote to deter me from buying the boat back,” he asserted. “I sent a letter back asking if it was possible a public adjuster could do an adjustment” on the boat to determine its current, fair value.
“It was laid up in the police compound for more than two years. The purchase price they gave me was worth more than the boat’s value,” Mr Dean added. Further letters to the Ministry of Finance produced no reply, but then a private investigator hired by himself and Mr Johnson allegedly tracked the Silent Prayer down to a residence allegedly belonging to one of the officials he had negotiated with.
“I got a call to go with someone who would show me where the boat was actually parked at,” Mr Dean said. “I saw the boat, and took pictures of the boat. They had taken off the registration, and it looked like they’d stated making repairs. They’d sanded down the whole boat....
“To be honest, right now I want to be compensated. The mere fact the boat left the police compound and went to another party, and I was not given the opportunity to buy it back. It’s actually in someone else’s care and I don’t know what they’ve done with it. I’ve only seen from pictures the external work they’ve done to the boat.
“I went there again yesterday and it’s still there. It’s still inside the yard. It’s definitely my boat. Definitely my boat. Now I don’t think it’s fair even if they redeem the boat back. Because it went beyond the point of return it’s unfair for me to get the boat back without compensation. I don’t know the extent of what they did with the boat.”
No vacancy
By CHRIS ILLING CCO @ ActivTrades Corp
UNCONVENTIONAL
holiday accommodations paired with individual discoveries. This is the basic promise of Airbnb, which has its finger on the pulse of the times in almost every major city in the world, from Berlin, Madrid and Miami to Nassau as well.
For millions of travellers, traditional hotels are too expensive or they are craving more authentic experiences and seeking out personal connections. But ever-growing mass tourism is considered an important factor behind the housing shortage facing many
people. Owners prefer to rely on high-priced shortterm rentals via Airbnb and other platforms instead of renting long-term to locals.
Last year New York introduced “Local Law 18”. The law massively restricts the rental of private apartments and rooms to tourists via the Internet platform offered by Airbnb. The US provider even speaks of a de facto
ban. Among other restrictions, short-term tenants must register with the city, while rooms may only be offered in apartments that are occupied by the landlords themselves. Another new feature is that only two guests are allowed at the same time.
Barcelona, the Spanish seaside city, is also now fighting against this kind of mass
tourism. The administrators of the Catalan city are now taking a drastic step. Last week, Mayor Jaume Collboni told the media that, by the end of 2028, Barcelona wants to completely abolish the rental of holiday apartments. All apartments that are currently legally rented to tourists for a short-term stay could then be used by residents of the metropolis in north-eastern Spain.
Resentment against mass tourism is increasing rapidly in Spain. In tourist strongholds such as Barcelona, Mallorca or the Canary Islands, there have recently been major protests. The increasing number of visitors is blamed, in particular, for the lack of affordable housing, but also for environmental destruction, congestion, overcrowding, price increases and water shortages, as well as for the overloading of the health sector and waste disposal.
Tough times for the publicly-listed vacation rental company, but maybe good news for the traditional hotel chains. The savvy investor will follow the developments overseas and close to home.
Fidelity’s $9m half-year profit to prove 2023 ‘an aberration’
we have a wonderful lending environment.
“We have $90m in writtenoff loans we are pursuing, and last quarter was successful. You have to spend money to make money, and we’re spending additional resources on litigation, putting people into consideration for bankruptcy and enforcing judgments from previous years in a more aggressive manner.”
The Fidelity Bank (Bahamas) said the country’s first-ever credit bureau, which was formed to provide banks and other formal lenders with a better means to assess the credit risk posed by every borrower, has become “a more positive contributor”.
He explained that, by exposing present borrower debts and loan defaults, it was forcing people to “come in to try and rectify their credit situation” through restructuring or extinguishing credit that is past due or in default. “A portion of the results in the first quarter are a direct result of the credit bureau,” Mr Bowe said.
On the income side, Fidelity Bank (Bahamas) saw fee and commission earnings for the 2024 first quarter jump by $677,000 or 34.7 percent year-over-year to $2.34m compared to $1.662m for the same period in 2023. This overcame relatively flat net interest income from the bank’s loan portfolio to drive a near-$800,000 rise in overall income to $15.282m.
“Our overall fee projection for this year is over $10m,” Mr Bowe told Tribune Business. “That’s based on some of the merchant contracts. You wouldn’t see all that coming through in the first quarter. If that continues with most of the merchants, and it’s not cyclical - they spend throughout the year - so you would see a large part of that coming through in the next three quarters.
“We just declared a dividend of 25 cents per share compared to 24 cents that we did last year. Right now, we have nearly finished the second quarter. Certainly, unless we have any surprises during the last week of June, we are looking at just over $9m for the half-year.
“We have some initiatives in terms of system modifications and upgrades we are rolling through. Some of it will have a bit of a drag
but, right now, the second quarter is mirroring the first quarter in terms of results.
The $18m is to demonstrate to the market last year was an aberration,” the Fidelity Bank (Bahamas) chief continued.
“It was not unknown to us, but we had to take steps to abate any similar future under-performance and knew the traditional lending market will be subdued for at least two years. We have to maintain market share and lending to our traditional base of consumer loans but have done more with small and medium-businesses than in previous years.”
Mr Bowe, revealing that the BISX-listed commercial lender is not opposed to “adding jelly to our bread and butter”, said it was exploring lending and financing opportunities in the Family Island second home market where loanto-value ratios were around 40-50 percent “in most of these scenarios”.
“We’ve looked at residential opportunities in the Family Islands, where second homeowners are looking to finance but not at high loan-to-value,” he explained. “You have fairly good equity in the property, and fairly active sales of these properties. We have certainly hardened our mandate to ensure we are not going to move away from our bread and butter, but we are not averse to adding a bit of jelly from time to time.”
The Fidelity chief, reiterating that he never “gets too high on the highs or too low on the lows”, added he “didn’t have any significant panic” with 2023’s profits drop because the bank was aware of the actions it needed to take to address the decline.
“We’ve been able to demonstrate, if you watch us, that we certainly have the train on the rails,” Mr Bowe told Tribune Business. “We ran into a slow patch but did not have any derailings of any sort. With return on equity, we are still looking at around 15-20 percent.
“We’re still within what is the the target for banking globally; we’ve just become more used to 20-25 percent, and we’re progressing back towards that to show these are strong levels that we can maintain.”
Nine-day Eleuthera water crisis is branded ‘pathetic’
Design Bahamas after reverse osmosis production was outsourced to private companies. “High pressure, high salinity water sprayed on to high voltage electrical equipment, causing critical motor burn-out,” the Corporation said in a statement. “As a result, the plant’s production capacity was reduced.”
One central Eleuthera resident, speaking to Tribune Business on condition of anonymity late Sunday afternoon, disclosed that his water supply has been off since last week Saturday - some nine days ago. “Central Eleuthera is awful. Day nine and I have no water. Not a trickle. Nothing. Zero,” they blasted. “I’m just really annoyed.
“I’m fortunate enough to have a cistern and back up water. So many folks here have no back up water..... It really is pathetic in this day and age if we cannot keep the water on. Nine days is a crisis. If you look at the World Health Organisation advice, after three days you are endangering human life.
“They [the Corporation and Aqua Design] reported this morning that the repairs were on and they were making water, but my house still doesn’t have water and I’m in Palmetto Point. They could be getting trucks from North
Eleuthera and trucking it down, distributing drinking water, but unfortunately that hasn’t happened. I have not had water since last week Saturday, municipal water.”
Mr Gibson yesterday argued that it is “not the case” all central Eleuthera customers have been totally without water for eight to nine days. He said those living at higher “elevations”, meaning on small hills and slight rises, as well as towards the end of the Water & Sewerage Corporation’s pipe distribution network, have been more badly impacted by the loss of system pressure.
“We are working on it, and we were able to improve the pressures in the system today,” Mr Gibson added. “We did make some adjustments, and a number of customers got improved pressures. The pressures have improved significantly. Of course, it takes time for the system to recover and rebuild.”
However, Mr Gibson acknowledged that repairs have not been completed. “We provided some added relief today. However, Aqua Design were affected by the inclement weather as they attempted to finalise the last set of shipments,” he told this newspaper via written message last night. This was confirmed by central Eleuthera residents
on social media, with persons on communities such as Savannah Sound and parts of Palmetto Point complaining that their Water & Sewerage Corporation supply had yet to be restored as of Sunday evening.
And the water woes were not confined just to central Eleuthera. Chris Cates, proprietor of The Lumber Shed in Rock Sound, told Tribune Business that retired and elderly residents - including his 80 year-old mother-in-lawwere having to use buckets to collect the drips from outside taps before hauling the collected water inside for use in every-day functions.
“The struggle continues,” Mr Cates told this newspaper. “I’m not in central, where it’s a really bad situation and they have a very limited supply. The folks here have been dealing with it for a couple of years, maybe longer. The water situation remains a daily issue and you never know what to expect. I’ve not had water at our residence since Friday.
“We get a few drips here and there. We’ve set up holding tanks with electric pumps to keep the pressure to our toilets. As far as running water from the faucet, it remains an ongoing issue... My 80 year-old mother-in-law is having to use a bucket to collect enough water from the drips in the outside faucet and bring that in for domestic purposes, doing the dishes, flushing the toilet. That’s how bad it is.”
Mr Cates said that “on Friday evening you can almost count on the water pressure dropping down to little or nothing”, which he attributed to system pressure and production being able to keep up with demand. “Boy, have we taken a step back. It’s really disappointing,” he added, recalling how today’s water woes mirror those he could remember as a child growing up in Rock Sound.
“It’s something we have had to adapt to in the Family Islands,” he added. “It makes it very difficult. I’m having to put a pressure pump system in for my mother-in-law tomorrow [today]. I cannot continue to see her doing what she is doing. It’s unreasonable.
“I just got a message from an elderly friend in south Palmetto Point. She’s 77. She’s telling me she’s been hauling water in a bucket for the last several days. She’s part of the central system that has really collapsed.”
The Water & Sewerage Corporation, in a statement, said the repairs required to the burn-out motor at Aqua Design’s reverse osmosis plant were “quite extensive” and resulted in the equipment having to be “reprocessed”. These efforts lasted into Friday, and the loss of the motor meant central Eleuthera’s system pressure and water output had to be reduced.
While repairs were completed, and the motor returned to Eleuthera on Saturday and reinstalled at Aqua Design’s plant, the Corporation said “a
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NOTICE is hereby given that KETLY DUBIQUE of Yellow Elder Gardens, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of June, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
secondary failure of a control mechanism” meant the system could not be restarted. A replacement mechanism was then flown in yesterday morning on a flight chartered by Sylvanus Petty, the North Eleuthera MP and former Corporation executive chairman.
“A required mechanical part was shipped to the island on Sunday morning via charter flight but this, too, was insufficient to fully resolve the problem,” the Corporation said. “A further mechanical part has been identified and attempts are being made to ship via charter flight or boat this evening but bad weather is preventing this.
“Another charter flight is scheduled for 6.30AM on Monday [today], and a further update will follow once this part is installed and the pump activated. In the interim, reduced water production at the desalination plant has forced the Corporation to closely manage water supply to residents.
“Water pressures, and the quantity of water being pumped out, has been carefully managed over the period to conserve supply and maintain a basic level of service throughout this period. Our Eleuthera team is working tirelessly to minimise water supply disruptions,” the Corporation added.
“However, customers in areas farther north and south, and those at higher elevations, will experience low to no water pressure due to these necessary adjustments. Water Corporation is tankering water to those residents who are experiencing extended periods of low pressure and/ or no water supply, and we have also commenced the delivery of bottled water to residents in need.
“The Government of The Bahamas and Water & Sewerage Corporation have
both expressed our extreme frustration to Aqua Design Bahamas regarding this extended water supply challenge and the severe adverse impact it is having on residents and businesses in Central Eleuthera.”
This is not the first time that the Government and Corporation have tangled with Aqua Design as both sides were embroiled in a courtroom battle under the Minnis administration after the latter threatened to cut-off supply due to nonpayment of bills owed to it. Clay Sweeting, minister of works and Family Island affairs, and the south Eleuthera MP, and Leon Lundy, minister of state in the Prime Minister’s Office with responsibility for the Water & Sewerage Corporation, issued a thinly-veiled statement warning that the Government may terminate Aqua Design’s contract unless the situation improves.
Branding the company’s service level as “unacceptable” and failing to “meet the standards we expect in The Bahamas”, the duo said frustrations with water supply challenges in central and south Eleuthera were previously voiced in 2022.
“The recent equipment failure at the reverse osmosis desalination plant and the subsequent delays in repair are indicative of a significant lapse in service delivery,” they said. “This is unacceptable for our communities to endure extended disruptions in such a critical service was water supply....
“The Government will thoroughly revisit the contractual arrangements with Aqua Design Bahamas. If the current arrangement proves inadequate to meet the needs of our people, we will take the necessary steps to seek alternative solutions that ensure consistent and reliable water services.”
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Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. CHOIL PLOSK, whose address is R Joao Lira 46, AP 501, Leblon, Rio de Janeiro, RJ, 22430-210, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 22nd day of July A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
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Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Diego Silva Franca, whose address is Rua Carlos Vasconcellos, 107 Ap 301 Tijuca – Rio de Janeiro – RJ - Brazil. Any Persons having a Claim against the above-named Company are required on or before the 22nd day of July A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
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California Democrats agree to delay health care worker minimum wage increase to help balance budget
By ADAM BEAM Associated Press
DEMOCRATS in California have agreed to delay a minimum wage increase for about 426,000 health care workers to help balance the state's budget.
The agreement between Gov. Gavin Newsom and legislative leaders is part of a larger plan to close an estimated $46.8 billion shortfall — the second year in a row the nation's most populous state has had a multibillion-dollar deficit.
Health care workers were supposed to get a raise July 1, part of a plan to gradually increase their pay to $25 per hour over the next decade.
Now, if approved by the Legislature next week, they could get that raise Oct. 15 — but only if California's revenues between July and September are at least 3% higher than what officials have estimated.
If that doesn't happen, the raise won't start until Jan. 1 at the latest.
The delay preserves a hard-fought victory for one of the state's largest labor unions — and one of Democrats' largest
campaign donors. Dave Regan, president of Service Employees International Union-United Healthcare Workers West, said workers are disappointed they won't get raises this summer.
"But we also recognize and appreciate that legislative leaders and the Governor listened to us as we mobilized and spoke out this year to insist that, despite a historic budget deficit, California's patient care and healthcare workforce crisis must be addressed," he said in a statement.
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NOTICE is hereby given that SONITA SUZETTE SCOTT-VICKERIE of P.O. Box N-111, Zion Blvd, South Beach, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason whyregistration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of June, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
The minimum wage for most people in California is $16 per hour, which is already among the highest in the nation. The minimum wage for most fast food workers in the state is $20 per hour, an increase that began in April and has had ripple effects statewide.
But increasing wages for health care workers is trickier because of the budget impact budget. California employs some health care workers, and it also pays for medical benefits through the state's Medicaid program.
CALIFORNIA Gov. Gavin Newsom answers a reporters question about his revised 2024-25 state budget during a news conference in Sacramento, Calif., Friday, May 10, 2024. On Saturday, June 22, Newsom and legislative leaders announced an agreement to close an estimated $46.8 billion budget deficit.
The Newsom administration had previously said the minimum wage increase would cost the state about $2 billion. But if delayed until January, it will cost the general fund about $600 million — a figure that would rise yearly to reflect scheduled increases until it reaches $25 per hour for most health care workers.
California's revenues, while declining for much of the past two years, have rebounded recently.
"We are confident that the initial raise for workers who have not yet received it will happen in the Fall," Regan said.
In total, the budget agreement would approve $297.9 billion in spending over the next fiscal year that begins on July 1. Newsom and legislative leaders agreed to $16 billion in cuts, including $110 million to a program that helps students from middle-class families pay
Photo:Rich Pedroncelli
/AP
for college and $1.1 billion across various affordable housing programs. But Newsom and lawmakers agreed to abandon some previously proposed cuts, including one that would have stopped paying for people to care for some low-income disabled immigrants who are on Medicaid. Lawmakers agreed to lend $400 million to the utility Pacific Gas & Electric to help extend the life of the state's only remaining nuclear power
plant — money that some lawmakers had opposed because they were worried it might not ever be paid back.
And Newsom agreed to increase how much the state's Medicaid program pays doctors to treat patients — although the amount is far less than he previously agreed to spend. Meanwhile, doctors have qualified a measure for the November ballot that would force the state to pay them more for treating Medicaid patients.
In addition to a nearly 8% cut across the board for state agencies, the agreement includes an additional $350 million cut for state prisons.
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IN THE ESTATE of ELLA ELVA ROBERTS late of the Settlement of Resort Area of Treasure Cay on the Island of Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased.
Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 4th day of July A.D., 2024, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice.
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Climate change makes India’s monsoons erratic. Can farmers still find a way to prosper?
By SIBI ARASU Associated Press
EACH year from June to September, a heavy band of rain makes its way from India's southwest coast to its northeastern borders, quenching farmers' thirsty fields.
India's monsoon season is arguably the single most important weather phenomenon for the country, and a good monsoon can noticeably boost the nation's economy and the livelihoods of its 120 million farmers. But human-caused climate change is making the rainfall more erratic, making it difficult for farmers to plant, grow and harvest crops on their rainfed fields.
"Either it rains too much within a short time or it doesn't rain at all," said Vijay Jawandhia, a 77-year-old farmer in western Maharashtra state.
Jawandhia grows cotton, soya bean and various other crops that require a relatively cool climate and constant irrigation for the first few weeks after sowing.
"We planted our cotton seeds after a good monsoon was predicted but it rained just two days and stopped after, so now we're worried our crops will fail again."
The Indian Meteorological Department had predicted good rainfall from the monsoon clouds earlier this year, but extreme heat in northern India stalled the rain's progress. The agency revised its predictions in June, saying the rainfall this year will be less than previously expected. Many are looking for ways to adapt to this new, unpredictable reality.
Experts suggest growing crops that need less water, better and more localized forecasting methods and protection against
unexpected weather. But changing centuries-old ways of tending to the land won't be an easy task. How is climate change affecting monsoons?India typically has two monsoons: one from June to September moving southwest to northeast, and another from October to December going the opposite direction.
But with more planetwarming gases in the air, the rain now only loosely follows this pattern. This is because the warmer air can hold more moisture from the Indian Ocean, and that rain then gets dumped all at once. It means the monsoon is punctuated with intense flooding and dry spells, rather than sustained rain throughout.
"When it rains now, it rains heavily," said Madhavan Rajeevan, a retired senior official at India's Ministry of Earth Sciences.
Rajeevan has tracked the monsoons for decades, and has noticed "the number of rainy days is decreasing even though the total amount of seasonal rainfall has remained the same for the last century or so."
Landslides and flooding are increasing, he said, alongside high temperatures and longer periods of drought that are adding to farmer's woes.
The flooding can also result in death and economic losses, such as the hundreds killed and the over $1.42 billion in damages in Himachal Pradesh in 2023 because of heavy monsoon rains.
Rajeevan added that hydropower resources that generate large amounts of electricity are also built with sustained rains in mind, and extreme rain and floods can lead to health issues such as increased cases of typhoid, cholera and malaria.
What does this mean for farmers?The erratic rain is a significant blow to their livelihood.
Maharashtra has witnessed thousands of farmers dying by suicide that many say is a result of agriculturerelated debt. "Our region has become infamous for this," said Jawandhia, the farmer.
Farmers in traditionally resource-rich regions, such as Punjab and Haryana in northern India, also say they are adversely affected by both fewer rainy days and too much rain when it pours.
Tezveer Singh, a farmer in Ambala city in Haryana remembers how "entire towns and fields were flooded, hundreds of cattle died due to drowning and three people lost their lives" there in last year's flooding. Singh grows rice, potatoes and sugarcane on his 20-acre farm and said urgent policy changes are needed to stop flood damage.
He suggested that officials can "give compensation for our losses when needed, provide climateresilient seeds, make supply chains for farm produce more efficient and increase minimum prices for crops."
"The climate has become tough and we need to adapt," he said. How can they adapt?India's weather agency makes statelevel monsoon rain predictions for the entire country, but climate experts say forecasts need to be more localized in order to be useful to farmers.
Vishwas Chitale, who leads the climate resilience team at the New Delhibased Council on Energy, Environment and Water, said making localized weather predictions and changing the times of year farmers plant their crops accordingly can help.
In many places across India, "maximum rainfall
occurs in October now and not really June and July as it used to," said Chitale, who also co-authored a 2024 report looking at India's changing monsoon patterns. "This results in a lot of crops that are waiting to be harvested getting damaged."
He added that it's important that better forecasting is available for everyone across the country who needs it.
Some farmers are already adapting to a warmer world. In southern Kerala state, an organic farming collective has begun altering when they sow and harvest plants according to shifting rain patterns. The farming collective has also drawn up an agriculture calendar that factors in climate change that they share with other local farmers.
"The preparedness helps farmers," said Rajesh Krishnan, a paddy farmer who's part of the collective that worked with local weather officials on the forecasts. Krishnan said their daily and weekly forecasts have an accuracy of at least 70%. "This is helping cut losses and also get a better crop. The forecasts are also helping us decide when to harvest our crops," he said.
Climate experts like Rajeevan said the collective's model needs to be replicated across the country to allow farmers to work with the changing monsoons.
After all, he said, "monsoons are a part of our culture. We cannot think of India without monsoons."
India boosts defense ties with Bangladesh as it tries to become a counterweight to China
By ASHOK SHARMA Associated Press
INDIA and Bangladesh on Saturday moved to bolster their defense relationship and signed agreements for expanding cooperation in maritime security, ocean economy, space, and telecommunication sectors, as New Delhi tries to present itself as a regional power and a counterweight to China.
The agreements were signed during Bangladesh Prime Minister Sheikh Hasina's visit to India, the first foreign leader to visit New Delhi since Narendra Modi became the country's prime minister for a third term two weeks ago. Modi welcomed Bangladesh's decision to join his Indo-Pacific Oceans Initiative to expand and facilitate regional cooperation of India's maritime neighbors. He said the deals with Dhaka were part of his country's pursuit of a neighborhood-first approach. Bangladesh also enjoys good ties with China, its major trade partner mostly for raw materials. But maintaining a close relationship with Beijing is challenging for Bangladesh, which also balances diplomatic and trade relationships with
India and the United States, China's main rivals. Bangladesh's garment industry, which brings in more than 80% of foreign currency from exports, is heavily dependent on China for raw materials.
Hasina told reporters in New Delhi that the two countries decided to boost the sharing of river waters and cooperation in the power and energy sectors. She also met Indian industry leaders and invited them to invest in Bangladesh which plans to develop bigger ports, waterways, rail, and road connectivity. India loaned Bangladesh $8 billion in the last eight years, to help expand that infrastructure. Since Sheikh Hasina's Awami League party came to power in 2009, she has acted to address New Delhi's concern about Indian militant groups taking shelter in Bangladesh. However, an agreement on sharing the waters of the River Teesta remains elusive. The question of illegal immigration from Bangladesh to India also has dogged bilateral ties for years. India is Bangladesh's largest export destination in Asia. Trade between the two countries touched $15.9 billion in the financial year 2022-23.
A FARMER walks as he works in a paddy field on the outskirts of Gauhati, India, July 30, 2021. Human-caused climate change is making rainfall more unpredictable and erratic, which makes it difficult for farmers to plant, grow and harvest crops on their rain-fed fields.
