SIR Franklyn Wilson last night hailed the Prime Minister for “restoring logic and sense” to tax compliance after the latter pledged that machine gun-toting officers will no longer be marching into businesses.
The FOCOL Holdings and Arawak Homes chairman, in an interview with Tribune Business, branded the previous tactics and approach of the Revenue Enhancement Task Force as “crazy” and “not making any sense” as he charged: “Whose bright idea was that?”
However, Sir Franklyn said it was “welcome news” that Prime Minister Philip Davis KC, in addressing the House of Assembly yesterday, promised that the tax enforcers will “employ a better way” that is less heavy-handed and does not require heavily-armed police and Defence Force officers to enter every business premise.
“That’s welcome news,” the Sunshine Holdings chief told this newspaper. “I don’t understand why what was happening made sense. It just didn’t make sense to me. I’m pleased to see the Prime Minister address it. That’s the return of logic and sense.”
Sir Franklyn said he first heard about the Revenue Enhancement Task Force’s on-site visits to individual businesses when he was in Eleuthera, but dismissed the
Super Value chief
fears crime ‘getting worse’ after break-in
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SUPER Value’s president last night voiced fears that crime is “getting worse” after brazen thieves smashed through the walls and doors at its Golden Gates store in a failed bid to break-in to the ATM.
Debra Symonette told Tribune Business that “it’s something you see on TV that you never think happens here but here we go” after criminals used towing cable attached to a vehicle to tear down the glass doors and security bars protecting the in-store automated teller machine (ATM).
Revealing that the damage caused by the 5am raid was “pretty extensive” and “definitely worth several thousand dollars”, even though the ATM remained operable, she added that the 13-store supermarket chain is now assessing how to further upgrade security at all its outlets in a bid to prevent such incidents re-occurring.
“It’s a concern because it seems that things are getting worse,” Ms Symonette told this newspaper.
“They’re taking desperate measures to get what they want, and this is a good example of using something to plough through the walls. That’s pretty unusual and really drastic.
“We’re going to try and figure out how we can reinforce the protection we have there. We have to come up with new ideas because these people think of new things every day. I must say that the damage is pretty significant. They took a pretty significant part of
•
reports he received as an anomaly and one-off. Asked whether he believed the approach was overkill, he replied: “Absolutely. Man, whose bright idea was that?
“That was crazy. It was crazy. I didn’t experience it myself... The first time I think I heard about this I was in Eleuthera. I just thought it was an aberration. It makes no sense and, thankfully, the Prime Minister seems to have restored sense.”
Mr Davis’ announcement of adjusted Task Force tactics did not
come as a surprise. His spokesman last week said the approach was being “reviewed” following widespread private sector outcry over machine gun-toting officers entering businesses for tax compliance check-ups, which has been variously slammed as “complete overkill”, “barbaric” and for treating companies as if they are all common criminals.
Tacitly conceding that Task Force teams have been too aggressive in their approach, the Prime Minister told the House of Assembly: “It was the enforcement unit. They thought they had to show force to enforce but, in this instance, I have expressed that there is a better way as you [the Opposition] have pointed out, and the better way will be employed going forward.
“I don’t expect to see scenes that we have seen going around in the viral of [armed] men going
By NEIL HARTNELL Tribune Business Editor
BAHAMIAN businesses yesterday said they will not make cash payments to the Government’s tax Task Force because they do not trust that all the money will make it to the Public Treasury.
Mark A Turnquest, the 242 Small Business Association and Resource Centre’s (SBARC) founder, told Tribune Business that “most businesses don’t keep no bunch of money” at their premises and physical locations in any event as he revealed that his members were reluctant to settle any outstanding tax obligations in cash when the Task Force comes calling.
Asserting that all his members and clients inspected to-date have been in full compliance, he added: “All members say they are not
paying any cash over the counter to pay any of their responsibilities because they don’t trust that the money is going to the Government. They don’t have any bunch of cash on hand in any event. “In a nutshell, that was what people said. All of them agree that they don’t want that [surprise Task Force inspections] to occur again and will never put themselves in a position of non-compliance for that harassment to take place again. All of them are going to write to the Ministry of Finance and Department of Inland Revenue with their concerns but they say they will be professional.”
Both the reluctance of Bahamian businesses to settle any outstanding tax obligations using cash, and the fact many hold minimal sums on premises, counters
Gov’t delay threat to 80% of oil explorer’s assets
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government’s “delay” in renewing an oil explorer’s three Bahamian licences threatens the value of 80 percent of its balance sheet assets and ability to recover its previous investment in this nation.
Challenger Energy Group, the former Bahamas Petroleum Company (BPC), in unveiling its 2023 annual results last week revealed that renewal of its exploration licences for another three-year period is critical to maintaining the value of $94m in “intangible” assets booked in The Bahamas.
The Grant Thornton accounting firm’s Irish subsidiary, which serves as Challenger’s external auditors, told shareholders in its opinion and report on the company’s financials that the extended wait for the Davis administration to make a decision on the licences could
THE Deputy Prime Minister yesterday hailed new medical legislation as “groundbreaking” while asserting that it will expand The Bahamas’ tourism product beyond sun, sand and sea.
Chester Cooper told the House of Assembly that the Longevity and Regenerative Therapies Bill aligns with a shifting tourism market as more travellers are embracing medical tourism. The new legislation, he added, will create a platform to springboard the Bahamas into this sector of tourism.
He said: “This Bill creates a platform for the further evolution of The Bahamas’ tourism brand from a focus on recreation to rejuvenation, longevity or regeneration. And I am frankly very excited about the possibilities.
“The data on the shifting global trend is compelling and, as lifestyles change, the requirements and expectations of travellers are changing
ultimately result in it being unable to “fully recover... some or all” of the value tied up in previous Bahamian exploration activities.
“The intangible exploration and evaluation assets include an amount of $94m relating to the exploration and evaluation assets in The Bahamas,” Grant Thornton said. “The offshore exploration licence is pending renewal with the Bahamian government for a third three-year exploration period from July 1, 2021, to June 30, 2024.
in terms of health and longevity and medical tourism. People want to travel to destinations, and stay in facilities that are human centred, and holistic and support well-being and the overall health and happiness.”
Mr Cooper said wellness tourism is a $651bn global industry that is expected to grow to $912bn in the next four years. He added that the Bill positions the country to “get its share” of a potentially trillion dollar industry.
“The global wellness Institute 2020 report estimates wellness tourism to be a $651bn industry. The wellness real estate industry, which sits within the wellness tourism ecosystem, is estimated as a $387bn economy,” the deputy prime minister added.
“It’s projected to increase to $912bn by 2028, which was in some ways
“However, the delay on the part of the Bahamian government may result in some or all of the carrying value of the capitalised exploration costs [being] not fully recoverable. The group remains in discussions with the Bahamian government over the terms of the licence renewal,” the auditors added.
SEE PAGE B4
“The group believes that the extensive studies showing sufficient potential hydrocarbon volumes in untested horizons and structures within the licence area support the recoverability of the group’s capitalised exploration costs,” the accounting firm added, referring to the findings from the $100m Perseverance One test well that Challenger previously drilled in Bahamian waters some 90 miles west of Andros.
FINANCIAL SERVICES BODY BACKS UB STUDENTS LANGUAGE TRAINING
THREE University of The Bahamas (UoB) students will next week begin a four-week Spanish language immersion programme in Mexico after receiving sponsorship from a financial services body.
The trio will study at the Centre for Linguistic and Multicultural Studies at Universidad Internacional in Cuernavaca, Mexico, after gaining backing from the Association of International Banks and Trust Companies (AIBT).
The three UoB seniors heading to Mexico are Andrea Johnson, who is pursuing a bachelors in secondary education and Spanish; Abagail Neely, who is taking a bachelors in Spanish; and Daphcarr Pepe, wo is pursuing a Bachelors in accounting.
The move is part of a drive by the Bahamian financial services industry to boost fluency in foreign languages among employees so that they can better communicate with international clients and their
key intermediaries, such as attorneys and accountants. Spanish is especially valuable given that a significant percentage of the sector’s international client base comes from Latin America.
The Universidad Internacional programme is designed to develop fluency in Spanish by focusing on four main skills: Listening comprehension, reading, conversation and writing. Classes run on a “group of five” system, where there are no more than
five students assigned to one professor, resulting in students getting dedicated and personal attention.
The Spanish Language Immersion initiative continues to be a key component in AIBT’s ongoing professional development efforts, of which The Nassau Conference is the centrepiece.
Since 2013, AIBT has sponsored language and cultural immersions for a total of 15 university students. In addition to the Spanish immersion programme, the AIBT has arranged industry internships for 30 students, with 10 going on to obtain full-time employment in the industry.
The Nassau Conference, the AIBT’s lead professional development event for the international financial services sector, and the accompanying Financial Services Bootcamp, seek to expose the next generation of executives to the financial services industry.
FROM L to R: Perry Rolle, Anastacia Johnson, Teniel Rolle, Dr Abdul Knowles, Abagail Neely, Bruno Roberts, Daphcarr Pepe, Andrea Johnson, Kimberly E. Strachan, Christine Russell and Todd M.J. Beneby.
Western Air resumes flying to New Bight
By FAY SIMMONS
Business
WESTERN Air yester-
day resumed scheduled flights to Cat Island’s New Bight airport after temporary repairs were made to the previously “hazardous” runway.
The Bahamian carrier, in a statement, said consumers affected by flight cancellations between last Thursday and yesterday will receive “alternative flight arrangements”.
“The runway at New Bight, Cat Island airport has undergone temporary repairs, and regular flight
service will resume on Monday, July 1, 2024,” said Western Air.
“The temporary fixes are expected to support ongoing flight operations until a permanent solution for the runway is implemented. Affected passengers of the temporary pause are being assisted with alternative flight arrangements.”
Western Air announced on Thursday that flights to New Bight airport were suspended due to the “hazardous state” of a runway that has previously damaged aircraft and prevented a scheduled take-off.
Over the weekend, it was revealed that representatives from the Civil Aviation Authority
FLAMINGO AIR: PASSENGER OPENED DOOR ON RUNWAY
By FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
A BAHAMIAN airline yesterday accused a passenger of opening an emergency exit door while the aircraft was taxiing on the runway after landing.
A widely-circulated video on social media yesterday depicted what appeared to be a Flamingo Air aircraft moving without a door while passengers sat in the plane.
The airline has released a statement explaining that, as a scheduled flight from Bimini to Freeport landed and was taxiing on the Grand Bahama International Airport runway. a passenger opened the emergency exit. Flamingo Air maintained that no incidents occurred while the aircraft was airborne and “swift action” was taken by the crew to ensure all passengers were unharmed.
“We wish to advise the general public that during our regular morning flight out of Bimini into Freeport today, July 1, 2024, upon landing and taxiing on the Grand Bahama International Airport runway, a passenger opened the emergency door,” said Flamingo Air.
“Swift action was taken by our crew to ensure the safety of all onboard the aircraft.
At no time was there an incident while the aircraft was airborne as being reported by a mainstream news outlet and a video making the rounds on social media.”
Last year, the airline was grounded after a video of an aircraft’s open door while hovering over Bahamian waters went viral on social media. The incident resulted in the Civil Aviation Authority suspending operations and launching investigations.
An employee had failed to latch the aircraft’s door.
Following the incident, the airline described the incident as a “minor issue”.
“Flamingo Air takes full responsibility for the human error that resulted in the disruption of our services temporarily and apologises profusely for the incident that caused such concern among our valued customers,” the company’s statement said.
“We are committed to ensuring your safety and will ensure that the strict checks and safety protocols that are part of operations are followed.” Flamingo Air said it has taken and will continue to take steps to prevent any future recurrence of such an incident.
“We take this opportunity to thank our valued customers for their ongoing demonstrated trust and confidence,” the company said.
Bahamas (CAAB) and the Airport Authority conducted a site visit to the airport to assess the ongoing renovations.
Dr Kenneth Romer, the Government’s director of aviation, confirmed work began at the airport on Friday to address the issues raised by Western Air.
The airline earlier said New Bight’s runway had “deteriorated” to such an extent that it was no longer safe for jet aircraft because multiple pieces of broken asphalt were in danger of being “ingested” by their engines.
Western Air’s decision to suspend flights to Cat Island came amid a planned $18m overhaul of New
Bight’s airport that includes runway upgrades. The decision to suspend flights to New Bight, and the concerns over Andros runways, highlight why the Government is urgently moving to upgrade, overhaul and transform airports throughout The Bahamas using private capital and partners. It simply does not have the means to finance itself the $263m needs of just 14 of the 29 airports it holds via the Airport Authority.
Dr Romer in May 2023 pledged that Cat Island was “going to get the whole hog” when it comes to airport, roads and utilities upgrades and investments. He added that the New Bight International Airport’s runway
will be moved further south and extended in an $18m overhaul as part of the 14 Family Island airport private-public partnerships (PPPs).
Revealing that the proposed 12,000 square foot terminal facility will also get a new control tower, fire station and maintenance facilities, as well as a 102-space parking lot, he reiterated previous assertions that New Bight will become “the regional model and trend setter when it comes to sustainable airports”.
Dr Romer said: “Cat Island, you’re going to get, like mama says, you’re going to get the whole hog in Cat Island. It’s coming
sooner rather than later. As we like to say in The Bahamas, it’s coming soon directly...... It’s for the future generations. Cat Island, for a long time, has been crying for airport infrastructure in Arthur’s Town and New Bight.”
However, he also acknowledged the poor condition of the existing runway. “We landed yesterday and I prayed for the plane,” Dr Romer revealed, adding that the improvements to both airports will address “the risk of breaking up those planes every time they land”.
MP alleges new water plant ‘parked in bush’
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
CABINET ministers and MPs were among government officials that toured Eleuthera’s reverse osmosis plants over the weekend following a two-week water supply crisis.
Clay Sweeting, minister of works and Family Island affairs, along with Leon Lundy, minister of state in the Prime Minister’s Office with responsibility for the Water and Sewerage Corporation, also held a Town Hall meeting with residents to discuss the disruption
“The time for action is now. The water crisis in Eleuthera has plagued our community for too long, and we cannot afford to delay any longer,” said Mr Sweeting “We must work together, shoulder to shoulder, to address and resolve this critical issue once and for all.”
During the Town Hall meeting, residents discussed short-term interventions and long-term solutions to ensure a sustainable water supply. Mr Sweeting, who is also MP for Central and South Eleuthera, maintained yesterday during his contribution in Parliament that the Government is “committed” to resolving the water issues that he “inherited”.
He said: “The people of Eleuthera deserve the best.
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The member for North Eleuthera and myself inherited these failing systems, and to correct the issues and provide stability going forward the Prime Minister and the Cabinet of the Bahamas is committed to doing what is necessary to fix it. We are committed to utilising every resource in our collective arsenal to tackle these problems head on.”
Adrian Gibson, MP for Long Island and the Water & Sewerage Corporation’s executive chairman during the former Minnis administration, said it, too, inherited the contracts drafted with
Aqua Design,the reverse osmosis plant operator, under the former Ingraham administration
He maintained the water crisis was made worse by the Davis administration choosing not to bring the Waterford plant in South Eleuthera online, which he asserted was “brand new” when he left office and is now “parked in the bushes”.
Mr Gibson said: “When we left office a brand new plant was installed in South Eleuthera, Waterford to be exact. It was to be brought online. We left office with that to be brought online…
“Since that time, that plant has been uprooted from Waterford and I have photographs of a brand new plant [where] hundreds of thousands of dollars is parked in the bushes in Central Eleuthera and not in use… in the bushes…this is a plant that could have resolved much of the water issues in Eleuthera.”
Mr Gibson also acknowledged that the contracts with Aqua Design were “very bad contracts”, but suggested that the Davis
administration is currently renegotiating the deals with Aqua Design and considering selling the existing Water and Sewerage plants in Eleuthera to the firm. He said: “Granted, Madam Speaker, these contracts are very bad contracts. Aqua Design has a monopoly in Eleuthera, and four different locations in Eleuthera… Aqua Design runs the entire I couldn’t believe it… that one company was given a monopoly on this island, and all of the contracts - all but one - was signed by a PLP government; the other was signed by the Ingraham administration in 2011.
“However, many of the contracts for those plants are currently due, and I understand that either the Government has signed those plants over or is thinking to. I have also come to understand that the Government is selling the plants that Water and Sewerage owns to the very company, Aqua Design, that is causing all this problems in Eleuthera.”
CLAY SWEETING
PM ‘restores logic and sense’ on Task Force
into businesses unless it’s a necessary escalation of issues that might apply. In some instances, the advice I was given was that the armed persons were present because they were collecting cash at some establishments, and they were there for the purposes of protecting the cash as they were going on.
“But it just spilled over into other areas. There will be a demarcation where they are collecting cash, and they need security for the cash, or whether they’re just going to make inquiries about compliance. Those demarcations have been, are now being, implemented,” Mr Davis continued.
“We don’t expect to see that unless, as I said, it’s a circumstance where cash is being collected from a business establishment or, in
cases where there’s some escalation of issues between the inquirers and the business places. As I said, there’s a better way, and the better way will be employed.”
It remains to be seen how the “better way” unveiled by the Prime Minister is interpreted by the Task Force and implemented in practice. Mr Davis seemed to imply that armed officers will no longer automatically march into businesses alongside revenue officials, and instead will largely remain outside the premises unless there is a perceived threat to the Task Force’s safety or they are needed to secure cash payments. Meanwhile, Family Island business communities are bracing for the start of Task Force visits and inspections in their destinations.
Daphne de Gregory-Miaoulis, the Abaco Chamber of
Commerce president, told Tribune Business she was unaware of any incidents on Abaco to-date but asserted it was “inevitable” that the enforcement check-ups will start.
“I think it’s horrendous what they are doing,” she said. “I can’t believe that people are giving millions of dollars in cash for them to need that kind of protection. It’s actually shocking. I don’t know how they can actually justify it.
“I know why they are going unannounced because they think they’re going to catch criminals running out the door with files. Have we not got more real criminals they need to be going after rather than people actually paying and complying with their taxes?”
Asked about the mood among Abaco’s business community, having seen
what has happened on New Providence and elsewhere, Mrs de Gregory-Miaoulis replied: “I’m sure that people are very concerned about it and looking at what they need to do to be prepared for it.
“It’s inevitable that they’re going to come. It’s inevitable that they are going to come to all the major islands. I think it’s alarming. I’m glad I’m not in Nassau. I’d be fearful if I was a business owner. It doesn’t encourage the spirit of entrepreneurship that they are going after seasoned businesses.
“A person going into business, with all the red tape and all the hoops you have to jump through to get a Business Licence and still operate, they might think twice now about what they are getting into.”
The Bahamian private sector to-date has viewed
GOV’T DELAY THREAT TO 80% OF OIL EXPLORER’S ASSETS
“Because of the inherent uncertainty surrounding the Bahamian licence renewal, the judgements and assumptions made by the directors.... may differ from the actual results, and such differences could
be material. The ultimate outcome of this matter is uncertain and the financial statements do not include any potential adjustments that may be required arising out of alternative outcomes.”
The financials later confirmed that the $93.963m value attached to exploration costs “relates almost entirely to the cost of exploration licences, geological and geophysical consultancy, seismic data acquisition and interpretation and the
drilling of exploration wells in the Bahamian offshore licences”.
Challenger’s total “intangible exploration and evaluation assets” were carried at a $95.726m value on its balance sheet at year-end 2023, with The Bahamas
the Task Force’s approach as overly-aggressive, unnecessary and particularly disruptive and damaging to tourism-based businesses such as marinas, where visitors have witnessed revenue officials descend on businesses accompanied by machine-gun toting officers.
However, Commander Bertram Bowleg, chairman of the Government’s Maritime Revenue Enhancement Task Force, last week explained that its activities are part of a “door-to-door” tax enforcement strategy to ensure companies are compliant with all taxes.
Signalling that this is the next step, following the recent voluntary compliance exercise staged by the revenue agencies, Commander Bowleg refuted suggestions that its teams were “heavy handed” or “aggressive” in their approach.
accounting for virtually all that sum with its $94m. The latter figure also represents around 80 percent of the oil explorer’s $117.01m total assets, meaning that - if none of this sum can be recovered - Challenger would be left with a net worth of $4.452m. The timing of any Bahamian government decision on Challenger’s licence renewals could thus have a significant effect on the oil explorer’s financials while it waits for its activities and prospects in both Uruguay and Trinidad & Tobago to come to fruition. Ever since
Perseverance One, the company has shifted its focus to those two nations, which have become the core of its operations.
These implications perhaps explain why Eytan Uliel, Challenger’s chief executive, in his message to shareholders branded the Bahamian licence renewal process as “frustratingly slow” while conceding its importance to the company’s ability to “monetise” its local assets.
“In relation to the company’s licences in The Bahamas, throughout the course of 2023 we continued to pursue a renewal of the licences into a third exploration period. In parallel we continued to explore various alternative strategies seeking to monetise those assets. The process has been frustratingly slow, but we expect to make better progress in the coming 12 months,” Mr Uliel wrote.
“In the next 12 months we will be looking to see a result from efforts to realise value from our assets in Trinidad and, as noted, we hope to reach a resolution in relation to our licences in The Bahamas in the same timeframe. But, undoubtedly, the key area of focus and value creation for Challenger Energy going forward will be Uruguay.”
Challenger’s accounts described the long wait for the Government to make a decision on its licence renewal as “within the bounds of normal expectation in The Bahamas” noting that its first licence renewal took almost five years to come through. The “alternative strategies” likely refers to plans previously discussed by Mr Uliel to monetise the value of Challenger’s Bahamian licences, and previous exploration activity, through renewals that would require it to drill another well in this nation’s territorial waters within the three-year licence period.
Should commercially viable, extractable quantities of oil be discovered beneath the Bahamian seabed, Challenger - rather than extract it - would instead work with the Government to develop and share proceeds from a scheme involving the issuing of carbon credits whose value would be determined by the oil foregone.
Challenger has always signalled that it would likely not undertake any further exploratory drilling in Bahamian waters without securing joint venture or farm-in partner to take the bulk of the financial, technical and operational risk as it seeks to extract what value it can from its Perseverance One investment.
“Once this renewal process is completed, the key licence obligation for the new three-year period would be the drilling of a further exploration well within the licence area
Asserting that officers are not pointing their weapons aggressively at customers or staff, he pointed out that it was standard practice for law enforcement to carry arms in the modern Bahamas. Commander Bowleg said the presence of armed officers was necessary to protect tax officials given the possibility that some delinquent companies may react negatively to demands for payment.
“We are doing on-the-spot compliance,” Commander Bowleg said. “You can pay now. We’re coming to you and getting you straight and compliant. We’re trying to reach out more. We aren’t trying to shut down nobody. We’re not trying to inconvenience anybody. We’ll have to do another voluntary compliance in my opinion. We want people to come in. We will run another voluntary compliance week shortly in a couple of weeks.”
before the expiry of the renewed licence term. The ability of the group to discharge this obligation would be contingent on securing the funding required to execute a second exploration well,” Challenger’s financials said. They also revealed that Challenger has yet to resolve outstanding licence fees owed to the Government from its previous licence term. “The parties entered into discussions with a view to finalising this outstanding matter, although as at the date of this report there has been no substantive progress on this issue with the Government of The Bahamas,” the oil explorer said.
“The amount which the group considers to be outstanding is small, and the group expects this will be addressed as part of the broader discussion around renewal of the licence areas.”
Environmental activists yesterday blasted that it would be “lunacy” and “totally contradictory” for the Government to renew Challenger’s exploration licences for a fresh threeyear term given the twin global messages that The Bahamas has been pushing about the devastating impact of climate change and its desire to be a leading issuer of “blue” carbon credits.
Joe Darville, head of Save the Bays, told Tribune Business: “It would be lunacy when we’re talking all this about all the carbon credits we could secure because we have the cleanest water, the cleanest air on Planet Earth. We would want to take a chance on that? Absolutely not.
“It would be totally contradictory to what we’re trying to tell the rest of the world; that we’re this sanctuary for carbon credits, and we consider something like that. It’s totally contradictory to the stand that we’re taking, and the Prime Minister is touting our clean air, our clean water and we could earn carbon credits from all the seagrass and mangroves we have.
“Do we want to take that chance in a million chances? Do we want to take a chance like that? Absolutely not.” The Our Islands, Our Future group, a coalition of environmental groups which has consistently opposed oil exploration in Bahamian waters, said the delays complained of by Challenger showed the Government is moving away from fossil fuels to better protecting the environment.
“The Government’s refusal to consider renewal based on non-payment of licence fees was an important step, and three years have now gone by since those licenses expired,” said Chris Wilke of Waterkeeper Alliance.
“With Challenger still knocking at the door, a permanent ban on oil drilling would provide the strongest possible assurance of the Bahamian commitment to safeguarding the marine environment and a clean energy future.”
“The fact that the Government has not renewed or considered these licences is a positive indication that The Bahamas is looking towards a cleaner, greener future,” said Andurah Daxon, executive director of Waterkeepers Bahamas. “We cannot afford to jeopardise our marine environment and coastal ecosystems for uncertain oil prospects.”
‘Groundbreaking” Bill to open up medical tourism
accelerated by the pandemic, making wellness real estate one of the fastest growing sectors. In fact, the fastest growing sector of the wellness economy since 2017. I see this Bill as an opportunity that is unique to tourism.”
Mr Cooper said the Bill will open new business opportunities and, by establishing a robust legal and regulatory framework, The Bahamas will be positioned
at the “forefront” of this ‘“rapidly” growing field. Mr Cooper, who is also minister of tourism, investments and aviation, said visitors will be able to receive “cutting edge” medical treatments such as stem cell and gene therapies over vacations that can last weeks.
He said: “The Bill is designed to attract investors in the space that integrates regenerative wellness with the diversity in wellness amenities experiences.
“Persons visiting The Bahamas can receive cutting edge, longevity enhancing and regenerative therapies like stem cells, gene therapies and other therapies, and they can extend their stay to experience The Bahamas for days, weeks. That’s what we want as we deepen their regenerative wellness experience.”
Mr Cooper added that global trends show destinations that mix wellness and tourism are “the future”, and the Bill has the potential
Super Value chief fears crime ‘getting worse’ after break-in
FROM PAGE B1
the wall down, all the glass doors, caused damage to the tiles. It’s pretty extensive. Definitely several thousand dollars. I can’t say for sure.
Maybe $5,000, maybe more.”
The method used to break down Super Value’s doors and walls has become increasingly common in nations such as the US and UK, where criminals use tow cables, ropes and other devices attached to powerful vehicles to rip off and tear down security measures so they can break into stores and other assets.
“It’s something we see on TV and you never think it happens here. Here we go. It’s happened,” Ms Symonette said. “They’re [ATMs] so convenient for the customer.
I’d hate to discontinue having them in the stores.
It’s a pain to have people do stuff like that just to get to those machines.”
ATMs suddenly appear to have become a major target for criminals, this newspaper having been shown a damaged Bank of The Bahamas
machine that criminals broke into at a location said to be Bargain City. Ms Symonette, confirming she had heard about this, said: “I guess it’s a pretty common thing now. “Fortunately we didn’t have to stop anything because the damaged structure was in the section there. We were able to still let people into the other store sections and continue business as usual. Construction and repairs were ongoing while the store was open. They’ve gotten pretty far building it back up. I feel pretty safe; it’s to a point where everything is secured. “We’re going to do some more work to reinforce it. It’s just so unfortunate that people don’t want to work. These days they want to take the easy way out and get it from somebody else that does all the work. It’s just so unfortunate that we have to spend money to fix something that shouldn’t be necessary because every time this type of thing happens it causes insurance rates to go up if they keep this up.”
BUSINESSES WILL NOT SETTLE TAX DEBTS WITH TASK FORCE IN CASH
FROM PAGE B1
one of the main reasons for why the Task Force says it needs to be accompanied by heavily-armed, machine gun-toting, police and Defence Force officers.
Prime Minister Philip Davis KC, addressing the House of Assembly yesterday, said: “In some instances, the advice I was given was that the armed persons were present because they were collecting cash at some establishments, and they were there for the purposes of protecting the cash as they were going on.
“But it just spilled over into other areas. There will be a demarcation where they are collecting cash, and they need security for the cash, or whether they’re just going to make inquiries about compliance. Those demarcations have been, are now being, implemented.
“We don’t expect to see that unless, as I said, it’s a circumstance where cash is being collected from a business establishment or, in cases where there’s some escalation of issues between the inquirers and the business places. As I said, there’s a better way, and the better way will be employed.”
Leonard Sands, the Bahamian Contractors Association’s (BCA) president, yesterday also railed against being forced to settle tax obligations via cash in asserting that he preferred to pay online so that receipts confirming the amount and timing of the payment were received.
“If I pay my taxes online before, why would I depart from that process?” he challenged. “Whether you come to my business or not, why would I be inclined to pay my taxes via cash? I want to make sure when I remit my taxes there’s a receipt for the amount I remit. Why would I hand it to these individuals?”
The Maritime Revenue Enhancement Task Force has previously said that it makes available facilities for businesses to pay by debit and/or credit card during its on-site inspections, but Mr Sands said providing it with the authority to demand onthe-spot payments appeared to be “over-reach”.
He added: “You have to question whether they thought things through. No one is against them having a right to inspect, but I want to remit taxes the way I want
and make sure there is a receipt. Imagine the inconvenience: You show up to my business, don’t announce you are coming, say ‘do you have $3,000 in cash and can we take it from you?’ The answer is no.
“I think the Prime Minister is realising someone within his ministry, where he is responsible as minister of finance, has just gone off on a whim and done something silly. The Prime Minister, I believe, is just pulling this back and saying: ‘Did you think this through?’”
Mr Sands also queried the need for the Task Force, pointing out that the National Insurance Board (NIB) has had its own inspectorate for many years which goes and checks businesses for compliance. “The Government has to be careful not to create disruption to businesses because disruption to businesses is disruption to its tax collection, and then you defeat the purpose of what you said you were enforcing,” he added.
Mr Turnquest, who said his members were assessed for compliance with NIB, Business Licence fees, Customs and Immigration, said the whole process would have been made much more simpler and efficient if the Task Force had simply e-mailed statements and spread sheets to companies in advance showing which taxes they were non-compliant with and by how much. In some cases, he added that officials had visited branch stores or outlets that only possessed sales data rather than head offices which held the information they were seeking. “They were not scared but very concerned,” Mr Turnquest said of his clients. “The customers were more fearful than the managers. They were like it’s a raid or a robbery when they first came in. That was a major problem.
“My advice to the Government is to try and do a better communication with the public and private sector because it has an adverse effect on the public. If customers are fearful, they think there’s a crime wave, a robbery going down, it does not give a good impression. Some of the customers also thought the business was being untruthful with the Government on taxes. It could have a bad PR effect.”
Ms Symonette voiced optimism that the police will be able to catch the Golden Gates culprits, saying she was “pretty confident” based on the quality and coverage of surveillance videos.
“I guess we’re going to have to reinforce the security we have,” she said of the wider Super Value chain. “We’re going to have to install more cameras so that in the event of anything like this happening we will be able to see what really went on and track the culprits easier. We’ve just got to try to build back stronger and
to see visitors “flock” to the country for advanced medical treatments. He encouraged businesses and investors in the field to “set up” within The Bahamas
Mr Cooper said: “Global trends show a mounting connection between lifestyles with wellness and tourism as the future. Tourism hospitality products of the future will be a complex, mixed-use, cross generational hybrid hospitality buildings that integrate the benefits of a hotel, the
try to make sure that it’s reinforced against whatever force may be applied.
“I am concerned because you just have to be so careful about how to protect yourself every day. It’s something new, and you see so much happening around you and you wonder am I next. You’re just waiting and wondering and all you can do is try and protect yourself as best as possible and the police are able to catch up with these people doing all this crime.”
Police said they were called to the Blue Hill Road South store shortly before 5am on Monday. Thieves smashed the eastern glass doors to gain entry to steal the ATM. The incident damaged the store, including the ATM, which is still operable.
residents with longevity and wellness or regenerative health therapies, wellness tourism amenities and, you know, God has given us the environmental aspects such as sun, sun, oceans, culture, people and communities.
“In tourism we are going further beyond sun, sand and sea, and this Bill will help us. It has the potential to see tourists seeking advanced medical treatment flock to The Bahamas, benefiting from our world-class facilities and the scenic beauty.
We can become a premier destination for health and wellness.
“This Bill is designed to create a conducive environment for investment, but also enhance safety in this business by offering financial incentives, regulatory exclusivity and streamlined approval processes. We encourage businesses and investors to set up operations in The Bahamas.”
STORE damage at Suer Value Golden Gates.
Wall Street drifts, yields jump and Paris stocks soar as elections drive markets
By STAN CHOE AP Business Writer
U.S. stocks drifted to a mixed finish Monday, and yields jumped in the bond market as elections continue to drive swings in financial markets worldwide.
The S&P 500 rose 0.3% to kick off a shortened, four-day week that includes the Fourth of July holiday.
The Dow Jones Industrial Average edged up by 50 points, or 0.1%, and the Nasdaq composite gained 0.8%.
Some of the world's strongest action was across the Atlantic, where the CAC 40 index in Paris jumped as much as 2.8% before settling to a gain of 1.1%. Results from France suggested a far-right political party may not win a decisive majority in the country's legislative elections. That bolstered hopes for potential gridlock in the French government, which would prevent a worst-case
scenario where a far-right with a clear majority could push policies that would greatly increase the French government's debt. This is a big year for elections worldwide, with voters heading to the polls in the United Kingdom later this week and soon elsewhere.
In the United States, pollsters are measuring the fallout from last week's debate between President Joe Biden and former President Donald Trump. It all underscores "political polarisation and how elections are determining economics, rather than vice versa," according to Nick Gentle and other members of the product management group at Barclays.
Trump Media & Technology Group, whose stock has been rising and falling with Trump's White House chances, climbed 1% to $33.08. Shares of the company behind Trump's Truth Social platform, though, are still well below their perch
Legal Notice NOTICE
International Business Companies Act No.45 Of 2000
FLR International Ltd (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of FLR International Ltd., has been 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 the 24th day of June, 2024.
of roughly $70 reached earlier this year.
The bond market was home to some of U.S. markets' strongest action. Treasury yields jumped again, as they did Friday immediately following the Biden-Trump debate. Increased prospects for a Republican sweep in November sent traders back to moves from 2016, according to strategists at Morgan Stanley. Besides pushing rates higher, traders also piled into stocks of oil-and-gas and financial companies.
The yield on the 10-year Treasury climbed to 4.46% from 4.39% late Friday and from 4.29% late Thursday. It's a reversal of the general trend since the spring, when the 10-year Treasury yield had topped 4.70% in late April.
Yields had been largely easing on hopes inflation will slow enough to convince the Federal Reserve to cut its main interest rate later this year, down from
the highest level in more than two decades. High rates have been grinding on the U.S. economy by making it more expensive to borrow money for a house, car or anything else.
Hopes for rate cuts held after a report on Monday showed U.S. manufacturing weakened last month by more than economists expected. Perhaps even more importantly for Wall Street, the report from the Institute for Supply
Legal Notice NOTICE
International Business Companies Act No.45 Of 2000
JMULLER International Ltd (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of JMULLER International Ltd., has been 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 the 18th day of June, 2024.
Management also said price increases are decelerating. Taken together, the data could offer more of the evidence that the Federal Reserve wants to see of lessening pressure on inflation before it will cut rates. This week's economic highlight will likely arrive Friday, when the U.S. government will say how many workers employers hired during June. Economists predict overall hiring slowed to 190,000 from May's 272,000. That would get the number closer to what Bank of America calls the "Goldilocks" figure of roughly 150,000, give or take 25,000. At that level, the U.S. economy could continue to grow and avoid a recession without being so strong that it puts too much upward pressure on inflation.
A MAN walking on Wall Street approaches the New York Stock Exchange, right, on June 26, 2024, in New York. Shares advanced in Europe on July 1, 2024, with the benchmark in Paris up 2.8% briefly after the far-right National Rally gained a strong lead in first-round legislative elections.
On Wall Street, Chewy swung from a big early gain to a loss of 6.6% after a widely followed trader named Keith Gill revealed he owned just over 9 million shares of the pet supply company. That's about 6.6% of the entire company, according to a filing made Monday with the Securities and Exchange Commission. Gill came to fame during the original meme-stock craze of 2021 that saw GameStop rally to marketbending heights. Gill, who goes by "Roaring Kitty" and other nicknames, became the face of fans pushing GameStop upward. Gill had returned to talking about GameStop again recently, which helped its stock rally. But it fell 5.5% Monday following Gill's disclosure about Chewy. Elsewhere on Wall Street, Spirit AeroSystems rose 3.3% after Boeing said it would buy the maker of fuselages and other airplane parts for $4.7 billion in stock.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, CHARADE MARIE SARGENT, of Denmark Street off Gramham 122 Drive,P.O. Box SB 51540 Nassau, The Bahamas, intend to change my name to CHARADE MARIE VERONICA SARGENT If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ANTHIA LAKISHA GRAY of Bain Town, New Providence, The Bahamas, intend to change my name to ANTHIA LAKISHA BARRY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than Thirty (30) days after the date of publication of this notice.
NOTICE POSEIDON WORLDWIDE LIMITED
(In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of June 2024. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.
Dated this 13th day of June 2024
AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR
NOTICE
AVOCADO BAHAMAS LTD.
(In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 21st day of June 2024. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.
