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WEDNESDAY, JULY 7, 2021
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Real estate chief’s rogue agent alert By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Real Estate Association’s (BREA) president yesterday urged law enforcement to act against rogue foreign realtors engaged in property transactions in the Family Islands. Christine WallaceWhitfield, pictured, told Tribune Business: “We’ve got foreigners trying to take advantage of the COVID-19 situation and come in to conduct real estate transactions. “I know that I had a very good discussion with the minister for immigration, Elsworth Johnson, and he had vowed that he will work along with BREA but we still have to meet again to follow up and see where we’re at. “Right now I’m in discussions with the National Association of Realtors in the US to keep them updated on people coming in to do appraisals on the Family Islands. It’s a big problem,” Mrs WallaceWhitfield added. “There are foreigners who have their properties, and then they seek out an appraiser from where they are from, but they have to realise that they have to get a Bahamian appraiser because of all of the intangibles that goes with appraising a piece of property in The Bahamas.” The established practice is for foreign realtor to cobroke, and work with, their Bahamian counterparts when it comes to selling or auctioning properties in this nation. However, there is little BREA can do about them or unlicensed local operators aside from forwarding the complaint to the police. Turning to rogue local real estate agents, Mrs WallaceWhitfield said: “There are people out there trying to mislead the public, and this is important for BREA and we will be beefing up our public relations campaign on this. “Sometimes people are intimidated by large real estate companies and I want to let the public know to don’t be. We adhere to a strict code of ethics, and we’re all licensed and mandated by the laws of the Commonwealth of The Bahamas. We have a Real Estate Act.” Mrs Wallace-Whitfield said that to become a licensed real estate agent in The Bahamas requires multiple examinations and a “sponsorship” from one of the licensed firms for at least three months, so that newcomers become accustomed to how the real estate business actually works. “We have to make sure, though, that we’re not hamsters on a wheel just going around on both local and foreign rogue agents,” she added. “We have to follow up and follow through with making sure that certain policies and rules, regulations and laws, are put into place so that the public is protected, because buying real estate is the best one of the best investments somebody will ever make in their life.” Ms Wallace-Whitfield said that despite things being “a little quiet now” with rogue local real estate agents, “we’ve been getting some complaints that people are selling without a license. When we get complaints to BREA, if they’re not registered or licensed with us then we have to tell the person to file a formal complaint with the Royal Bahamas Police Force”.
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‘High-end real estate busiest I’ve seen it’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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BAHAMIAN developer yesterday said “the high end real estate market is the busiest I have ever seen it” as he prepares to break ground on a $40m project within the next two weeks. Jason Kinsale, Aristo Development’s principal, told Tribune Business more than 30 percent of the units in his 11-storey Aqualina development have already been pre-sold as market demand for Bahamian real estate valued between $1m-$10m continues to soar amid the post-COVID surge. Disclosing that there is “nothing left” in the $4m price bracket in high-end communities such as Lyford Cay and Old Fort Bay, he
voiced optimism that the recent hike in construction material prices - coupled with supply chain bottlenecks
- will not impede Aqualina’s progress as it has done other projects such as Sandals Royal Bahamian’s $37m upgrades. “Obviously it’s a concern
HOPES were rising in Freeport last night that Customs is close to resolving the near-two week system malfunction that has tripled the length of time required to clear goods imported to Grand Bahama. Glennett Fowler, president of the National Import Export Association of The Bahamas (NIEA), told Tribune Business that while Customs’ Electronic Customs Automated Services (eCAS) system was “still down” it was “coming up” in spurts while proving unstable. Other Grand Bahama businesses, though, said the system had come back online yesterday following two weeks where cross-border commerce in Freeport’s free trade zone area has been sent back to manual processes. Confirming that the
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• As hopes rise 14-day system woe near end • Time for Freeport goods clearance tripled • Attorney hopes no bonded goods litigation
CAREY LEONARD Association, together with the Grand Bahama Chamber of Commerce and all their members, are due to meet Customs on Thursday to chart the way forward, Ms Fowler confirmed: “It’s been a slow process of getting goods. Everything is manual. It’s been taking three days to get everything cleared, whereas it was
about a day previously. “Right now I know some persons are not getting goods because they don’t want to go through the manual processes, while others are.” Ms Fowler, also president and chief executive of Fowlco, detailed these woes in a letter to the government last week: “eCAS has been down for nine days with no formal communication from the Bahamas Customs Department to the industry or the community of Grand Bahama. “This has left businesses and consumers at a standstill in many respects. In several cases entries are taking more than 72 hours to be processed manually. Some business owners had storage levied on them from
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
freight forwarders, adding further expense to their cost of goods sold. We have been advised the system will come up by tomorrow, which was stated the day prior as well.” Meanwhile, Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house counsel, told Tribune Business that it “boggles the mind” how Customs had sought to introduce its new Click2Clear electronic single window (ESW) in Freeport without accounting for its bonded goods regime and the Hawksbill Creek Agreement. “As usual, everything is done in a Nassau-centric manner without any consideration for the major
for all of us,” Mr Kinsale told this newspaper of the construction materials situation. “I was up in Toronto recently, and from what I was seeing up there, there was a lot of price gouging on concrete and steel. “I understand there was a cement shortage here as well but, as these things start to calm down in the US and Canada, hopefully over the next six months, then we will start to get back to some semblance of normalcy. My understanding is that it’s not a long-term problem.” Aqualina is presently mobilising its contractors and construction workforce
Customs GB approach branded ‘mind boggling’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Country needs plan to ‘salvage development’ THE Bahamas is facing “a salvage development plan” rather than a National Development Plan, a former Chamber executive said yesterday, as the nation seeks to “pick up the pieces” post-COVID-19. Roderick Simms, exhead of The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) Family Island unit, told Tribune Business that the pandemic had worsened the inequality between Nassau and sparsely-populated Family Islands, especially in the southern islands. Voicing fears that the rate of depopulation in these islands has only increased, as persons head for New Providence in search of employment and a better quality of life, Mr Simms said reversing this trend will be a critical task for future administrations as part of efforts to reduce overcrowding in Nassau. “Many Family Islands always struggle even when Nassau does well,” he told this newspaper. “With COVID-19 many of the islands have become increasingly depopulated. People want to provide and have jobs. Nassau has continued to attract them because people want to find jobs, provide and have a better quality of life and standard of living. “Anchor projects have not worked out, and the numbers houses have been taking money out that does not have an opportunity to circulate on the island. We have to find ways to see how we can best get people to return to their islands. “They want to return, but cannot find a job and stable employment to provide for their families and children. The southern islands, the struggle has been happening for a while.” Mr Simms said COVID-19 lockdowns and other health-related measures, while implemented to save lives and prevent the virus’ spread, also helped to widen the divide between New Providence and Family Islands. In particular, he pointed to the requirement to obtain
• $40m project’s construction to start in two weeks • Developer: No impact, but prices, supply ‘a concern’ • Reiterates call for faster permanent residency process
JASON Kinsale and a rendering of Aqualina.
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Union chief pledges ‘no public hardship’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TRADE unions will “not create hardship for the Bahamian people” if they are “forced” to take industrial action over their multiple workplace grievances, a prominent leader pledged yesterday. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business “the interests of the public” will be paramount in whatever the labour movement ultimately decides to do to “change the road map” on Bahamian industrial relations. Describing labour relations as “the worst I would have ever seen it”, with numerous unions unable to resolve outstanding matters with government and private sector employers, he said the TUC and its affiliates were determined not to lose the support they are currently receiving from “a substantial portion” of Bahamians. Warning that the Bahamian middle class is “evaporating” due to
• TUC boss promises people’s ‘interest’ paramount • But labour movement ‘under pressure to take action’ • Middle class ‘evaporates’; worker relations ‘worst ever’
OBIE FERGUSON ever-increasing economic and social pressures, Mr Ferguson said the trade union movement has a responsibility to counter this and what he branded as the growing gap between rich and poor, with “the difference between the ‘have’s’ and ‘have not’s’ becoming larger every year”. He also dismissed suggestions by John Pinder, director of labour, that the latest bout of union-related unrest was motivated by a desire to use the upcoming
general election and union votes as leverage in negotiations with the government in a bid to ensure their demands are met. Asserting that the union movement is “not trying to destabilise” the government, the TUC chief also rejected Mr Pinder’s argument that the state of workplace relations “isn’t as serious as it appears to be”. Asked what Bahamians can expect to see if outstanding industrial matters are not resolved to the unions’ satisfaction, Mr Ferguson told his newspaper that leaderships were coming under growing pressure from their memberships to act and said: “You saw what happened at Bahamas Power & Light (BPL). “I said before that there’s a possibility you will see them take a different approach. We have to do something. We can’t sit here
and twiddle our thumbs and do nothing. Our members are asking us to act and do something.” However, Mr Ferguson promised that any industrial action will be designed to avoid harming the Bahamian people in an environment where most businesses and workers are still trying to rebound from the economic devastation inflicted by the COVID-19 pandemic. “I’m having discussions with my union colleagues to determine what is the most appropriate thing to do without creating hardship on the Bahamian people,” he told Tribune Business. “That’s the discussion I’ve been having today and the last two weeks. “We are trying to find the most palatable way of doing something that changes the road map as opposed to doing something without having regard for the
interests of the Bahamian public, especially at this point in time. The conversation is that whatever we decide to do, we have to do it with the interests of the Bahamian people in mind. “We want the public to support what we’re doing, and right now a substantial portion of the workers and Bahamian people support the position we have embarked on. We don’t want to interfere with that position of empathy and trust. We have contemplated doing something, but have not finalised what it’s going to be.” Many observer will argue that union and workplacerelated unrest is the last thing The Bahamas needs, especially as its Dorian and COVID-19 battered economy is just starting to see the first glimpse of a tourism revival and the return of many furloughed staff to work. Acknowledging this, Mr Ferguson said: “We’re going to do the best we can to ensure the country comes out of the economic and
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THE TRIBUNE
Fidelity partners with SBDC on $5m small business loans THE Small Business Development Centre (SBDC) has teamed with Fidelity Bank (Bahamas) to facilitate $5m in loans to small businesses as part of the former’s guarantee programme. The initiative will see a total $16m disbursed to micro, small and mediumsized enterprises (MSMEs) by three financial institutions partnering with the SBDC. Some $1m will come from the government-sponsored Bahamas Entrepreneurial Venture Fund, along with $5m from Fidelity, while a third partner has yet to be announced. The SBDC (Access Accelerator) said in a statement that more financial institutions are expected to join efforts to provide $22m in MSME loans through an initiative being funded by the Inter-American Development Bank (IDB). The loan guarantee is designed to encourage institutions to lend to MSMEs by taking away a significant portion of the risk involved.
Nicholas Higgs, the SBDC’s deputy director and chief of operations, said: “The guarantee is for our partnering financial institutions. It lessens their risk of facilitating loans to small businesses because the institutions know that regardless, through the funding provided by the IDB, they will be covered for 75 percent to 90 percent of the loans given. “Where small businesses win in this situation is that the environment for funding is more appealing to financial institutions. This means more opportunities for funding and a higher chance for approvals as more funding agencies take the step to help support the small business sector by being a part of this programme.” The initiative is expected to strengthen private sector development and The Bahamas’ overall competitiveness, said IDB country representative, Daniela Carrera-Marquis. “The Inter-American Development Bank
Bahamas moving to develop agri-tourism TWO government agencies will this week host talks with the InterAmerican Institute for Co-Operation on Agriculture (IICA) in a bid to develop initiatives that will enhance agri-tourism in The Bahamas. The Ministry of Agriculture and Marine Resources and the Tourism Development Corporation (TDC) will lead discussions that aim to provide Bahamian producers with opportunities to develop a range of agricultural products that will
link to tourism. “One of the challenges is to take the easy road by satisfying the demand for food that tourists have,” Michael Pintard, minister of agriculture and marine resources, said in a recent TV interview on Brazil’s national syndicated TV show, Agro Americá. “And the easy road is to simply import from other jurisdictions to supply that demand. The wisest, and the most advisable route, however, is to increase local production of the items demanded by tourists and,
remains committed to supporting the country’s development goals and the financial sustainability of MSMEs in The Bahamas is a top priority, as we have outlined in our IDB Vision 2025 strategy,” she said. “This initiative assists MSMEs in securing short and long-term financial opportunities that will in turn help the country’s economic recovery coming out of this pandemic. Therefore, it is critical that we continue to support smaller businesses as an engine of recovery that acts as a primary source of employment for the nation and major suppliers of goods and services to the general population.” Gowon Bowe, Fidelity Bank (Bahamas) chief executive, described the tie-up between Fidelity and the SBDC as an avenue to further support national development and educate business owners, highlighting the significance of private sector partnerships to aid the small business sector.
“The MSME Guaranteed Loan Programme provided an opportunity for us to partner with the Access Accelerator, which shares the common vision for national development, specifically through MSMEs,” he said. “Businesses in the programme are not simply provided access to funds, but are rather mentored through the business life cycle, with financing being but one aspect, albeit an integral aspect. “By educating businesses on the best practices in expanding their access to their customers’ wallets; utilising digital payment solutions; and building equity and liquidity, the bank and the Access Accelerator can nurture the highest possible probability of success for the impacted MSMEs.” Mr Bowe continued: “Through appropriate planning and execution, with the support of the Access Accelerator, Fidelity and other financial institutions that follow suit, those MSMEs accessing
financing made available through the programme have an opportunity to build their own track record and financial credibility, thereby facilitating further access to capital markets and more advanced funding opportunities. “With the financial support that the programme enables MSMEs in accessing financing, along with the mentorship that accompanies such financial support, there is a greater probability of success for MSMEs and, in turn, national development. It is hoped that the successes of MSMEs in the programme will beget further successes through new MSMEs entering the marketplace and enhancing the competitiveness of The Bahamas. “This is why partnerships such as the one created between the Access Accelerator and Fidelity are integral in establishing the merits of public-privatepartnerships (PPPs), and demystifying the view that in The Bahamas such only exist in abstract
communications,” Mr Bowe added. “Fidelity confirms its commitment to the programme, and to similar partnerships and initiatives with the Access Accelerator, where the experience and expertise of this bank can support national development. Additionally, we look forward to mentoring and better serving our existing participants in the programme, which we expect in turn to support the development of future MSMEs.” The Access Accelerator is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The centre works to guide the development, funding, growth and evolution of MSMEs in The Bahamas.
in that way, you diversify your economy, you increase wealth and generate muchneeded employment.” The government is this month expected to break ground on an agro-village, which is loosely modelled on a collaboration at IICA’s headquarters in Costa Rica between the International Congress and Convention Association (ICCA) and Microsoft. This is an attempt to create a smart farm, which will include a weather station and irrigation system. Mr Pintardm said: “We expect to see greater inflow to this sector that has been challenged in terms of having data. The agrovillage will also enable us to mentor and guide these
agribusiness persons to scale up their operations to a global stage, and Brazil can play a pivotal role in this regard, so we will have discussions about how we benefit from technical assistance from that powerful institution.” Janet Johnson, the Tourism Development Corporation’s executive director, said that while the idea of agri-tourism is fairly new, initiatives are already underway to provide linkages between hotels and agricultural producers. “We are also talking with the chefs and food and beverage directors in the hotels,” she added. “[We] have challenged them to increase the ratio of purchases from the local farmers, and we want to see a lot more of that. “This has helped to drive a new level of enthusiasm among the farmers, and I think that some of the initiatives that the Ministry of Agriculture is taking are going to be very beneficial for the economy and for the local
Bahamian farmer.” Ms Johnson said the TDC is also looking to develop tours to farms to increase agri-tourism, such as pineapple farms in Eleuthera, mutton in Long Island, and cascarilla trees in Acklins. “We want to be able to share that with visitors and locals alike. We want the visitor to ask for some of the native products that are grown and cultivated here in The Bahamas. We want people to come and sample what we have in The Bahamas,” she added. “There are lots of opportunities, but we want to see more of the tours develop and we are working very feverishly on that. In the past, we have been known for our sea, sand and sun, and now the visitor is wanting us to do more land-based tours and we feel that we have some very exciting offerings in the agri-tourism field.” The IICA has also initiated bilateral talks with Dionisio D’Aguilar, minister of tourism and
aviation, Mr Pintard and Brazil’s minister of tourism, Gilson Machado. The IICA representative in The Bahamas, Mari Dunleavy, said she expects the talks to be productive. “IICA’s director-general, Manuel Otero, is keenly aware of the unique and devastating challenges that The Bahamas and her people have recently suffered from the horrors of Hurricane Dorian to the economic destruction due to COVID-19,” she said. “Whether co-ordinating high level official dialogue with Brazil - a country that spent over $17bn in international travel pre-COVID - to helping Bahamian farmers increase their farm production and quality standards, to leveraging IICA to collaborate with TDC to agri-tourism opportunities for The Bahamas and even offering scholarships to Bahamian students, IICA is ready to serve The Bahamas. And we are just getting started.”
GOWON BOWE
THE TRIBUNE
Wednesday, July 7, 2021, PAGE 3
Abaco Chamber chief Vendor ‘won’t shut’ hits at approval delays despite 5% sales By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ABACO’S Chamber of Commerce president yesterday said investment projects which could reboot the island’s economy postDorian and COVID-19 are being held up by the wait for government approvals. Ken Hutton, pictured, singled out the Bahamas Investment Authority (BIA), in particular, as being responsible for unnecessary delays and called for a more “streamlined” permitting process to speed up economic development. “Nobody is satisfied with the pace of things after Hurricane Dorian. I think a lot of it has to do with frustration that there are certain projects that are taking forever to get their permitting,” Mr Hutton said. He spoke out after
an Elbow Cay second homeowner and developer revealed that “frustration is at a peak” over his inability to obtain government assistance to clear the former Elbow Cay Club site of Dorian debris and “squatters” so that he canproceedwithanalreadyapproved $90m project. Mr Hutton advised that Mr Winslow is not the only investor facing challenges with government co-operation for their projects. He added: “It’s just very, very difficult to get our government approvals, and I think that’s probably the primary source of the frustration. “It’s not just his project; there are other projects as well that are not being held up, but are certainly not moving as quickly through the permitting and the approvals process as they should be.”
Without identifying the projects he is referring to, Mr Hutton said: “There is a project out in South Abaco that we’ve heard nothing about the progress it has been making. There is another one that is having a hell of a time getting approvals. It all comes down to the Bahamas Investment Authority; it’s just not getting through there. “Every government says they are going to streamline everything and it just gets slower and slower. There just doesn’t seem to be any follow through on the initiative of streamlining and fast-tracking investment.” The Bahamas slipped one spot in the World Bank’s ease of doing business rankings in 2020 to 119. While the country has made some improvements on key criteria for starting a business, getting electricity, paying taxes and protecting minority investors, the main problem involves registering property in a timely manner.
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A Festival Place vendor yesterday vowed not to shut down despite sales being as low as five percent of preCOVID-19 numbers. Frederick Major Jnr, owner/operator of Gloria’s Daiquiris and Tropical Delights, said he is making the best of what he has in anticipation of cruise tourism’s imminent full return to Nassau. Festival Place vendors have been relocated to a spot adjacent to the Cabinet Office in the back of Rawson Square due to the Nassau Cruise Port’s ongoing $250m redevelopment. “I doubt I can get the Ministry of Tourism to build us some tables and chairs, so I may have to build my own so we can have a sit-down atmosphere,” Mr Major said. “There is a stage out here now, and we can create our
own entertainment and we can advertise that we sell drinks and food, and even let people know we may have a fire-show, just to get people to come down to enjoy themselves.” Despite the Royal Caribbean and Crystal Cruises home-porting from Nassau, Mr Major is depending on locals more than ever now because the tourists have yet to return in pre-COVID numbers. “I’m at five percent of my normal sales, but I won’t close up shop. As long as I can keep one person employed I’m happy. To me it is still worth being open,” he said. “In business, you have to create your own business. The location isn’t bad, so whatever tourists are going to come on Bay Street, we can advertise and put up some nice signs that could work. The location is a great location for Bahamian ambiance with the typical British colonial style and colours.”
Surviving from random tourists staying at the major resorts cannot sustain business at the temporary Festival Place, as vendors have traditionally relied on cruise ship passengers. For the time being, Mr Major said “we have to make it work” as he was one of only three open yesterday afternoon. “The move is not as good as everyone anticipated, but I certainly appreciate the effort that the Nassau Cruise Port has put into it in providing a space. It’s not their fault,” he added. “They promised us some signs to create some direction for people to know where we are and that we are there, but the signs have not gone up, as they have not gotten around to it as yet, but the signs saying we are there are definitely important. I do not intend to close. I intend to stay open for seven days a week and create a business for myself.”
BPL URGED TO BUILD NETWORK BEFORE STORM RECOVERY FUND By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A BAHAMAS Chamber of Commerce director yesterday urged Bahamas Power & Light (BPL) to prioritise “building up transmission and distribution” rather than developing “a hurricane fund”. Debbie Deal, head of the Chamber’s energy and environment division, told Tribune Business she did not mind paying $30 extra a month on her electricity bill if it resulted in something tangible as she warned regulators against approving the “hurricane fund” that BPL is requesting. BPL, in a response to the Utilities Regulation and Competition Authority’s (URCA) recently-completed tariff review framework, said it wants to establish a socalled “hurricane fund” so that it can build up reserves to finance infrastructure repairs in the aftermath of a storm. The state-owned energy monopoly, while noting that URCA’s tariff
review did not address a recovery mechanism for non-insurable assets, urged the regulator to consider approving such a fund given that utilities in nations prone to hurricane damage are typically unable to insure their transmission and distribution networks. Ms Deal, however, said she could see why BPL wants the hurricane fund to be added to its revenue revenue needs while at the same time excluding the Rate Reduction Bond (RRB) repayments. “I see why BPL doesn’t want to include that RRB, because that’s $500m that has to be paid back. But I would prefer them to not even borrow that money, because it’s paying off money they already borrowed. That was blown money that was never paid off so they could borrow more money. To me, that doesn’t make any sense,” Ms Deal added “BPL also talked about the cost of energy in Abaco caused by Hurricane Dorian, and they said the total cost was $131.3m and that $8.4 m of that was transmission and
distribution for flooded areas. Then, for power not sold, the loss was $68.9m. That, to me, is the elephant in the room. “The longer your power is out and you’re an energy company, the more it’s costing you, because you can see their replacement of transmission and distribution at $8.4m, but the loss of power not sold is $68.9m. So that is the elephant in the room. “When the transmission and distribution is down and they have to recreate it - and there are still parts of Abaco that don’t have power - all of that length of time you’re not having a sale of your power is basically taking any profits that you would make and stopping you from actually paying your bills.” Ms Deal added that there will also be questions over how BPL replenishes its hurricane fund, and how it will be managed - especially when BPL has not shown itself capable of managing the assets it has currently. She added: “They can create the hurricane fund, but it has to be effective.
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BPL said that they want to establish the fund to build up resources for when needed, but URCA is saying that they have to look at that. “But when you look at
the fact that Dorian created $131m in damages, how long would it take BPL to build up those funds, let alone them needing the transmission and
distribution repaired now? I would prefer them prioritising the transmission and distribution over a hurricane fund. It just makes sense to me.”
PAGE 6, Wednesday, July 7, 2021
BAHAMAS SIGNS ON TO AVIATION CLIMATE MOVE THE Bahamas yesterday became one of 16 small island developing states (SIDS) to sign on
to an international initiative designed to reduce aviation’s climate change impact.
THE TRIBUNE Dr Fang Liu, the International Civil Aviation Organisation’s (ICAO) secretary-general, said The Bahamas was among those countries that have elected to voluntarily participate in its Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).
JOB OPPORTUNITY Property Superintendent - to oversee day-today operations of a commercial property in Nassau. The Property Superintendent is responsible for overseeing all daily maintenance, repairs, security, janitorial services, landscaping, etc. and to handle tenant maintenance complaints. Responsible for performing periodic property inspections to ensure tenant compliance with leases, scheduling routine service and maintenance on equipment and proper upkeep of the property.
This brings the total number of participating states to 104, with the others including Barbados, Belize, the Cook Islands, Gambia, Grenada, Kiribati, Nauru, Oman, Saint Kitts and Nevis, South Sudan, Suriname, Tonga, Trinidad and Tobago, Tuvalu and Vanuatu. CORSIA is designed to reduce the climate impact of flying. Other measures being undertaken include technological innovation, operational improvement and the implementation of sustainable aviation fuels. While the CORSIA implementation of carbon dioxide monitoring, reporting and verification has been on-track, more participating states will bring ICAO closer to meeting the goal of carbon neutral
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Property or property management experience required.
to start installing its foundation, and related pilings, within the next two weeks and Mr Kinsale said the project had yet to feel the supply chain shortages and price hikes that have impacted others. “We had to order some steel and didn’t have any issues,” he added. “We have always looked at a two-week lead time, and were still able to buy in
Qualified applicants are to email a current and complete resumé to: bahamaspropertymanager position@gmail.com by July 14th, 2021
that “the ICAO assistance, capacity building and training for CORSIA (ACT-CORSIA) programme has also been well in place, bringing states and the aviation industry to partner together for the full implementation of CORSIA. In the best spirit of ICAO’s No Country Left Behind initiative, ICAO will continue its efforts to support states and encourage more to join CORSIA.” Jane Hupe, ICAO’s deputy director of the environment, added: “Joining CORSIA is a sign from member states of commitment to climate action in aviation through ICAO. We stand fully behind those states in responding to the climate change challenge, facilitating concrete actions.”
‘HIGH-END REAL ESTATE BUSIEST I’VE SEEN IT’
The following qualities are desirable for job selection:
- exceptional communication and organizational skills, detail oriented, customer service experience, ability to work under pressure, self motivated, self-directed, assertive, group problem solving and the ability to take direction and be an effective part of a property management team.
growth for international aviation. That was agreed through ICAO. “I highly welcome the announcements and engagement of more states to volunteer to join CORSIA. The increasing number of ICAO member states’ participating in CORSIA sends a strong signal in terms of ICAO’s continued commitment to addressing carbon dioxide emissions from international aviation, as recently emphasised by the Council. This timely leadership will help to build the strong momentum for global climate action, in the lead up toward the next ICAO Assembly and beyond,” said ICAO council president, Salvatore Sciacchitano. Dr Fang Liu emphasised
that period. Plywood has increased substantially, but we don’t have one sheet of plywood in the project. It’s mostly concrete. “I believe this is hurting the middle market, especially the $500,000 condominium, as you can’t increase prices to offset costs. The buyers don’t have the budget. It’s having an impact on everybody, but some are able to weather the storm better than others. We’re hoping that by the time we’re ready for major materials construction costs will have come down by then.” Mr Kinsale said Aqualina has pre-sold ten of its high-end condos to existing buyers, with units ranging in price from $2.6m up to a peak of $11m for the penthouse residence. “Considering that we’ve not broken ground and just got the project started, we’re pretty happy with that,” he added. “It wasn’t something we really expected. It makes you realise there’s a lot of money out there. “I think that the high-end real estate market without a doubt is the busiest I have ever seen it. If you try and find anything in Old Fort Bay, Lyford Cay, in the $4m range, nothing is left. Everything is getting into the $5m-$6m range. Every day I’m getting e-mails saying ‘sold’, ‘full’, and ‘nothing available’. It’s all the highend communities.” Defining the high-end market as between $1m$10m, Mr Kinsale disclosed that The Bahamas was attracting American real estate purchasers in numbers “we’ve never really seen before” because the benefits of permanent residency were more than offset by the global reach of the US tax system. He added that this interest was “being driven by lifestyle decisions” in the aftermath of COVID-19, as persons with wealth and means sought to escape colder home climates and pandemic lockdowns/ health restrictions via properties in other countries. “I didn’t really understand it until I was up in Toronto and sitting there for six weeks,” Mr Kinsale told Tribune Business.
“You’re sitting in the house; you’re cold and bored, with nothing to do. People with money don’t like to be locked up and told what to do. “I said: ‘I understand why they’re coming to The Bahamas and other parts of the world.” Aqualina will employ around 175 workers at the construction peak, with units starting at 2,6900 square feet for a three-bedroom. “The developments that have done well historically, Bayroc, Albany and Caves, all had larger condo units in their development,” the Aristo chief explained. “We don’t try and fool ourselves into believing there’s unlimited demand, and we’ve learned over the years to be conservative in our forecasting. If we can, we’d like to sell one unit a month, but if it sells out sooner then great.” Mr Kinsale, though, said he had yet to see any improvement in the pace at which economic permanent residency applications are processed on behalf of high-end expatriate buyers. “It’s very frustrating, and it’s something that in my opinion is a major revenue source for the country,” he added. “I’ve said it before and sound like a broken record, but if we make it easy and people tell their friends and family they got permanent residency in a month, it will attract more persons to come here. Affluent people hang out with affluent people. We need to expedite those quickly. “I don’t understand why it has to go through Cabinet approvals. It boggles my mind. Make them easy. It’s not that hard, especially if we have financial concerns and need money. Fifteen thousand dollars for an economic permanent residency application can add up pretty quickly, and I’m sure there’s plenty of them out there,” Mr Kinsale said. “I’ve seen the kind of growth they’re having in Toronto, and it’s all driven by immigration - responsible immigration. That’s something we should really be pushing.”
NOTICE
NOTICE is hereby given that SHANAY PARKINSON of P. O. Box EE-17947, Charles Saunders Highway, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
THE TRIBUNE
Wednesday, July 7, 2021, PAGE 7
Union chief pledges ‘no public hardship’ FROM PAGE ONE
COVID-19 situation that we’re in. But if it continues to go the way it’s going we’ll be forced to do something. The members are demanding it..... “The issues of the people must be recognised legally and socially. The way we’re going we’re concerned about the middle class. The middle class looks like it’s being evaporated. The trade unions have played a major role in establishing the middle class in this country, and the way it’s going now creates some difficulty as to whether the middle class does or does not exist. The difference between the have’s and have not’s is becoming larger and larger.” Dismissing suggestions that trade unions are exploiting the upcoming general election to “turn up the fire”, Mr Ferguson added: “What the unions are doing
now is raising concerns on legitimate issues affecting the workers, and the failure of government corporations ostensibly - and some of the private sector - to sit down and negotiate with the unions. “We’ve asked for the Industrial Tribunal to be made the industrial side of the Supreme Court, which will affect 220,000 workers.” He said unions with outstanding grievances ranged from the air traffic controllers to the Public Managers Union, those in the hotel and electricity industries, and the two unions representing doctors in the public healthcare sector. “It’s bad; it’s very, very bad,” Mr Ferguson said of industrial relations in The Bahamas. “It’s the worst I would have ever seen it. It’s really bad. The morale of workers is very low, and trade union leaders have been made to look impotent
Country needs plan to ‘salvage development’ FROM PAGE ONE COVID-19 PCR and rapid antigen tests for persons to travel inter-island. Many Family Islands had relied on domestic tourism, and travel by family and friends, to help sustain their economies and much of this was cut-off as persons viewed the testing costs - when added to other travel-related fees - as
RODERICK SIMMS simply prohibitive. “It’s the local tourist that keeps some of these islands going,” Mr Simms added. “With that travel shut-off and additional cost of travelling to the Family Islands,
because the system is not working.” Noting that Mr Pinder is the FNM’s likely Fox Hill candidate in the upcoming general elections, the TUC president retorted: “I can assure you that from where I sit that the unions are complaining on legitimate issues. It’s not political at all. We don’t think in terms of trying to destabilise the government. That would not be proper “It is very serious because the Labour Department has a function to act as a facilitator and mediator with respect to all labour issues. I had two calls today where unions are trying to get conciliation meetings at the Labour Department. All we’re trying do is present the workers’ case, and have it heard in a reasonable time. Every matter at the Labour Department should be heard within seven days, but that is not happening.” it put travel out too much for many. It was a hard time. It was a difficult time.” Arguing that the National Development Plan remains the best road map for addressing Family Island woes, he said COVID-19 had temporarily changed the focus. “It’s not a National Development Plan; it’s a salvage development plan,” Mr Simms told Tribune Business. “We have to salvage and pick up the pieces shattered by COVID-19 and the social and economic disruption that it has caused.”
MARKET REPORT www.bisxbahamas.com
TUESDAY, 6 JULY 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1938.57
-1.34
%CHANGE
YTD
YTD%
-0.07 -153.89
-7.35
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANIQUA DEE MADERA CARRASCO NEE WOODSIDE of Greater Chippingham, P.O. Box EE-15027, Nassau, Bahamas intend to change my name to SHANIQUA DEE MADERA. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that GERMANIE PIERRE, of Lower Bogue, Eleuthera, 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 30th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that CELINA DORCEUS, of Finlayson Street, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
52WK HI 6.50 33.95 1.62 2.90 1.78 6.00 6.96 3.60 5.32 3.90 6.16 12.00 2.75 7.76 10.71 9.55 14.44 4.10 8.97 16.00
52WK LOW 3.13 22.65 1.46 1.62 1.43 5.00 6.00 2.70 4.25 2.47 5.00 9.75 2.10 4.90 9.50 8.35 13.00 3.42 8.00 15.20
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
LAST CLOSE 6.00 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.75 2.48 5.95 10.20 2.37 7.76 11.20 9.55 13.99 3.70 8.30 15.50
CLOSE 6.40 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.75 2.48 5.95 10.20 2.36 7.05 11.18 9.55 13.99 3.70 8.30 15.50
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1292394 BSBGRS650219 BSBGRS900283 BSBGR1322498 BSBGR1341506
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.67 100.14 100.98 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.67 100.14 100.98 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.67 100.74 100.98 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.67 100.14 100.00 100.00
52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.12 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
MUTUAL FUNDS
MARKET TERMS
Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR129239 BGRS FL BGRS65021 BGRS FL BGRS90028 BGRS FX BGR132249 BGRS FX BGR134150
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
CHANGE 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) (0.71) (0.02) 0.00 0.00 0.00 0.00 0.00
VOLUME 2,000 115
100
134,418
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 26.8 42.9 N/M N/M N/M N/M 18.9 -8.1 33.9 13.5 13.3 14.1 23.1 15.1 17.3 13.1 17.1 18.2 8.8 24.6
YIELD 2.66% 3.15% 1.25% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.84% 3.70% 7.06% 18.39% 0.85% 2.93% 2.51% 3.86% 3.24% 2.41% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.04% 4.63% 4.39% 5.65% 5.69%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Apr-2039 6-Sep-2021 10-Dec-2028 15-Oct-2049 17-Jan-1950
YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.04% 0.20% -2.27% -3.15% -0.08% -0.57% -1.94% -3.33% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%
MATURITY
NAV Date
31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 31-May-2021 31-May-2021 31-May-2021 31-May-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 8, Wednesday, July 7, 2021
THE TRIBUNE
Customs GB approach branded ‘mind boggling’ FROM PAGE ONE industrialised area of the country,” the now-Callenders & Co attorney and partner blasted. “Pharmachem, the Container Port and the Shipyard employ thousands of people, and for some reason they’ve just ignored them all. “The Hawksbill Creek Agreement and bonded items should have been taken into account from the time they started the Click2Clear programme. There are other things coming up where Customs is asking for information, and I couldn’t find it in legislation that empowers them to do it. That’s not unusual for Customs.” Click2Clear has been rolled out throughout The Bahamas with the exception
of Grand Bahama due to fears it would undermine, and conflict with, Freeport’s long-standing over-thecounter bonded goods regime and the rights Grand Bahama Port Authority (GBPA) licensees enjoy under the Hawksbill Creek Agreement. Besides potentially violating Freeport’s founding treaty, concerns have been raised that Customs’ bid to require both sellers and purchasers to submit monthly bonded goods reports breaches a Supreme Court verdict and injunction won by Kelly’s (Freeport) in early 2017, which found there was “no legal basis” for demanding such documentation. The original Click2Clear implementation plan’s demands for such reports would also increase the red tape and manpower
required to administer Freeport’s bonded goods regime, and result in raised costs and delays for the private sector. This burden would ultimately result in companies electing to pay duty on items they should be entitled to tax-free under the bonded goods regime, since the hassle and expense associated with reporting to Customs will simply outweigh the concession’s benefits. And, in turn, GBPA licensees will “abandon” buying from other local businesses in favour of importing all the goods they need themselves, reducing local commerce and the amount of money circulating within the Bahamian economy. Mr Leonard voiced hope that renewed legal action would not be necessary, and that Customs would adjust
Click2Clear “in a manner this would be an overreach. practice under the Hawksbill that’s sustainable for the It would be an overreach. If Creek Agreement. smooth operation of indus- Customs is concerned about It allows GBPA licentry on Grand Bahama and certain individuals and busi- sees to sell goods duty-free the licensees”. nesses, they can conduct an (bonded) to fellow compaHe added: “Grand investigation just like the nies within the Port area Bahama has the second police. It just means Cus- for use in the latter’s own largest population in the toms will have to do some business. But any sales to a country, and to ignore it is proper investigation and consumer or household do mind boggling. It’s enough inspections,” Mr Leonard attract duty, and these taxes to blow your mind. How can continued. have to be submitted in a you manage a country ignor“Providing monthly report - together with the ing one-fifth or one-sixth of bonded goods sales reports full tax owed - to Customs the population? It is mind will not solve the problem, by the 15th of the following PRIVATE INVESTMENT BANK LIMITED boggling.Consolidated Statement of Financial quite frankly. It’s a com- month. Position “Business likes certainty, plete waste of manpower While post-paid duty sales and as December usual 31,everything and it’s inefficient. have to be reported, there 2020, with corresponding figures for 2019 To me, (ExpressedPeople in United States is uncertain. are dollars) the most important thing is had never been a similar muddling through at the to get Click2Clear to work, requirements for so-called Notes moment, and many are wait- increase productivity, and 2020 “bonded” 2019 sales. Justice ASSETS ing to see of this program increase government rev- Estelle Gray-Evans found can be done properly and enue as business expands.” in April 2017 that the right Due from banks – demand and call 4, 5, 17, 20 & 22 $ 92,568,926 71,661,410 efficiently. For this [bonded Freeport’s “over-the-counof Kelly’s (Freeport) - or any Derivative financial instruments 4, 17, 20, 21 & 22 120,638 88,930 goods sales reports] to be ter” bonded goods regime other GBPA licensee - to sell Loans and advances - net 4, 6, 7, 17 & 20 28,800,631 38,812,255 raised again seems a little has been a key of the “over-the-counter” bonded Investment participation 4, 10 feature & 20 ‒ 6,343,922 Other assets and receivables - net 4, 11, 17environment & 20 597,719 crazy to me. city’s business goods did692,710 not depend on Prepaid & 20 decades, 167,513 “I can’t findexpenses any legisla- for almost 17three submitting347,873 a monthly report held-for-sale 12 & 20 ‒ 2,400,000 tion thatAsset provides for it, so and is now an established on such sales to Customs. Property and equipment 8 & 20 10,025,017 10,683,837 Intangibles Total Assets
9 & 20
1,433,632 $ 133,714,076
1,693,455 132,724,392
4, 5, 17, & 20 $ 7,894 4, 17, 20 & 22 122,117,157 4, 17, 20, 21 & 22 125,932 4, 12, 13, 17 & 20 2,423,790 124,674,773
65,243 113,771,037 53,753 4,611,742 118,501,775
LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Due to banks – demand Due to customers – demand Derivative financial instruments Accrued expenses and other liabilities Total Liabilities
KPMG PO Box N-123 Montague Sterling Centre 13 East Bay Street Nassau, Bahamas
Shareholders’ Equity Share capital Additional paid-in capital Property revaluation reserve Retained (losses)/earnings Total Shareholders’ Equity
INDEPENDENT AUDITORS’ REPORT To the Shareholders of Private Investment Bank Limited Opinion We have audited the accompanying consolidated financial statements of Private Investment Bank Limited (“the Bank”) and its subsidiaries (together, “the Group”), which comprise the consolidated statement of financial position as of December 31, 2020, and the consolidated statements of comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”).
19 & 24 19 & 24 8
Commitments and contingent liabilities
3,000,000 4,000,000 2,327,762 (288,459) 9,039,303
3,000,000 4,000,000 2,091,379 5,131,238 14,222,617
18
Total Liabilities and Shareholders’ Equity
$ 133,714,076
132,724,392
See accompanying notes to consolidated financial statements. These consolidated financial statements were approved on behalf of the Board of Directors on July 2, 2021 by the following:
Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process. Auditors’ Responsibility for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. ‘Reasonable assurance’ is a high level of assurance, but is not a KPMG, a Bahamian partnership and a member firm of the KPMG global organization of independent Phone: +1 242 393 2007 guarantee that an audit conducted in accordance with ISAs will always detect a +1material misstatement member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Fax: 242 393 1772 Internet: www.kpmg.com.bs when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: -
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
-
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, then we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable, related safeguards.
4
PRIVATE INVESTMENT BANK LIMITED Notes to Consolidated Financial Statements Year ended December 31, 2020 (Expressed in United States dollars)
1. General Private Investment Bank Limited (“the Bank”) is incorporated under the Companies Act, 1992 of the Commonwealth of The Bahamas (“The Bahamas”) and is licensed under the Banks and Trust Companies Regulation Act, 2000 to conduct banking and trust business, including the provision of portfolio management services, from within The Bahamas. The Bank is also licensed with the Securities Commission of The Bahamas under The Investment Funds Act, 2003 as an Unrestricted Fund Administrator, and under the Securities Industries Act, 2011 and Securities Industry Regulations, 2012 under the categories Dealing in Securities as Agent, Managing Securities, and Advising on Securities. Prior to April 17, 2018, the Bank was a wholly owned subsidiary of Banque Cramer & Cie SA (“the interim Parent Company” or “BCC”), a Swiss bank. The Bank’s interim Ultimate Parent Company was Norinvest Holding SA. Norinvest Holding SA, a public company domiciled in Switzerland and was delisted on April 28, 2017. On April 17, 2018, the BCC sold 85% of its shares to IPG Securities Asset Management Limited (“IPG” or “former Parent Company”), a Bahamian incorporated company. BCC continued to hold the remaining 15% of its shares in the Bank. All balances and transactions with IPG, the BCC, the shareholders and directors of IPG and BCC, the directors and officers of the Bank, and the Bank’s subsidiaries are disclosed as being with related parties. The Bank’s former Ultimate Parent Company is IPG Securities Asset Management, SA (“IPGSAM” or “former Ultimate Parent”), a licenced limited company domiciled in Switzerland. Pursuant to a Share Sale and Purchase Agreement (“SPA”) and the related Pledge Agreement (the “Pledge Agreement”), both dated April 17, 2018 between the BCC and IPG, regarding
the Bank, and following an Event of Default by IPG on January 29, 2020, IPG’s voting rights relating to the shares of the Bank (the “Pledged Shares”), were suspended and BCC had the right, but not an obligation, to take ownership of the Pledged Shares.
On March 25, 2020, BCC gave notification regarding exercise of the voting rights according to the SPA and the Pledge Agreement and exercised its voting rights relating to the Pledged Shares from then on until an enforcement of the Pledge has taken place. As a result, BCC held, as of March 25, 2020, 90.90% of the voting rights of the Bank. On June 23, 2020, BCC purchased the remaining 9% of the shares of the Bank from IPG. Therefore, total outstanding and issued shares of the Bank are wholly owned by BCC until the sale of the Bank on February 26, 2021 (note 25), when BCC finalised the sale of all of its shares of the Bank to Old Church Financial Investments Co. Ltd. (“OCFI” or “new Parent Company”). This transaction was concluded with effect from December 31, 2020. OCFI is an International Business Company incorporated in the Bahamas. The registered office of the Bank is located at Devonshire House, Queen Street, Nassau, The Bahamas. The Bank has two wholly owned subsidiaries, Pine Limited and Teak Limited, both of which are incorporated under the Companies Act, 1992 of the Commonwealth of The Bahamas, which provide nominee services to the customers of the Bank. The Bank and its subsidiaries are referred to in these consolidated financial statements as the Group. 5
PRIVATE INVESTMENT BANK LIMITED Notes to Consolidated Financial Statements Year ended December 31, 2020 (Expressed in United States dollars)
KPMG, a Bahamian partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
July 2, 2021 Nassau, Bahamas
Page 2
1. General (continued) The outbreak of the COVID-19 pandemic during the year adversely affected the global economy and may continue to lead to significant volatility. As with similar businesses, the Bank was impacted by the effects of the crisis. Specific policies were put in place to mitigate potential adverse consequences, including changes in working practices being implemented to ensure the safety of all staff members. The economic impact of the crisis continue to be uncertain; however, management continues to monitor the situation and the Bank remains in a strong position and is confident of continuing to manage the impact of the crisis effectively.
PRIVATE INVESTMENT BANK LIMITED Consolidated Statement of Financial Position
December 31, 2020, with corresponding figures for 2019 (Expressed in United States dollars) ASSETS Due from banks – demand and call Derivative financial instruments Loans and advances - net Investment participation Other assets and receivables - net Prepaid expenses Asset held-for-sale Property and equipment Intangibles Total Assets
Notes
2019
2. Publication of Consolidated Financial Statements 4, 5, 17, 20 & 22 $ 92,568,926 4, 17, 20, 21 & 22 120,638 4, 6, 7, 17 & 20 28,800,631 4, 10 & 20 ‒ 4, 11, 17 & 20 597,719 17 & 20 167,513 12 & 20 ‒ 8 & 20 10,025,017 9 & 20 1,433,632 $ 133,714,076
LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities
2020
71,661,410 88,930 38,812,255 6,343,922 692,710 347,873 2,400,000 10,683,837 1,693,455 132,724,392
The Bank has received an approval from The Central Bank of The Bahamas, to publish an abridged version of the consolidated financial statements which provide for a waiver from the requirement to publish all of the accompanying notes to the consolidated financial statements. The accompanying consolidated statement of financial position is an extract from Private Investment Bank Limited’s consolidated financial statements. The independent auditors’ report included herewith should be read in conjunction with the full set of consolidated financial statements which can be obtained at, or requested in writing from, the Bank located at Devonshire House, Queen Street, Nassau, The Bahamas.
PAGE 10, Wednesday, July 7, 2021
THE TRIBUNE
BTC GIVES 650 FAMILIES FASTER INTERNET ACCESS THE Bahamas Telecommunications Company (BTC) says completed fibre upgrades in several western New Providence communities have given more than 650 families access to higher Internet speeds. The communications carrier, in a statement, said residents in Tropical Gardens and Westridge North now have access to up to 600 megabits per second (Mpbs) of broadband speed directly to their homes. Andre Foster, BTC’s chief executive, said: “Our promise to upgrade our
communities throughout the country continues, and we are proud to announce that we’ve elevated the broadband experience for residents in both Tropical Gardens and Westridge North. “These customers can now benefit from unrivaled super-fast broadband speeds at unbeatable prices, giving them access to stay connected to what matters most. Last Saturday, our teams upgraded customers’ services on the spot with same-day installation.” BTC said it has rolledout its Plus Bundles to all
BTC’s Neighbourhood Connect team in Tropical Gardens. customers, enabling them to combine all their services on one bill at a low, flat monthly rate. It added that customers can now add postpaid mobile to their existing landline, Internet and television fixed bundle to receive even bigger savings. They can add either
two or up to four postpaid mobile lines with unlimited voice, data and roaming services. “Essentially we’ve combined the power of The Bahamas’ best network with the nation’s best offer – a single connectivity plan for the entire family that
fits every want, need and budget,” said Mr Foster. “With the addition of our Plus Bundles, customers are paying as low as $1.66 per line, per day for mobile services which includes unlimited voice and up to 300GB (gigabytes) of mobile data with roaming.”
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 83° F/28° C Low: 74° F/23° C
TAMPA
FRIDAY
SATURDAY
SUNDAY
Breezy with a shower and t‑storm
Partly cloudy with a shower or two
Breezy in the morning; sunshine
Pleasant with clouds and sun
Nice with some sun
Breezy; a passing morning shower
High: 89°
Low: 79°
High: 89° Low: 80°
High: 89° Low: 79°
High: 88° Low: 79°
High: 89° Low: 78°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
99° F
85° F
99°-88° F
99°-87° F
98°-84° F
99°-82° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
ABACO
S
N
High: 87° F/31° C Low: 81° F/27° C
8‑16 knots
S
High: 88° F/31° C Low: 79° F/26° C
8‑16 knots
FT. LAUDERDALE
FREEPORT
High: 87° F/31° C Low: 79° F/26° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
THURSDAY
W
N
| Go to AccuWeather.com
TONIGHT
High: 85° F/29° C Low: 79° F/26° C
High: 88° F/31° C Low: 79° F/26° C
MIAMI
High: 88° F/31° C Low: 79° F/26° C
8‑16 knots
KEY WEST
High: 87° F/31° C Low: 81° F/27° C
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 9.76” Normal year to date ................................... 14.83”
ELEUTHERA
NASSAU
High: 89° F/32° C Low: 79° F/26° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 86° F/30° C Low: 80° F/27° C
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The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
6:42 a.m. 7:13 p.m.
2.2 2.9
Thursday
7:25 a.m. 7:54 p.m.
2.2 3.0
1:43 a.m. 1:26 p.m.
0.5 0.2
Friday
8:07 a.m. 8:34 p.m.
2.3 3.1
2:25 a.m. 2:07 p.m.
0.4 0.2
Saturday
8:48 a.m. 9:13 p.m.
2.3 3.2
3:04 a.m. 2:48 p.m.
0.3 0.2
Sunday
9:29 a.m. 9:52 p.m.
2.4 3.2
3:44 a.m. 3:29 p.m.
0.3 0.2
Monday
10:11 a.m. 10:32 p.m.
2.5 3.2
4:22 a.m. 4:11 p.m.
0.3 0.3
Tuesday
10:54 a.m. 11:13 p.m.
2.5 3.1
5:02 a.m. 4:56 p.m.
0.3 0.4
1:01 a.m. 0.6 12:45 p.m. 0.3
sun anD moon Sunrise Sunset
6:26 a.m. 8:04 p.m.
Moonrise Moonset
4:18 a.m. 6:20 p.m.
New
First
Full
Last
Jul. 9
Jul. 17
Jul. 23
Jul. 31
CAT ISLAND
E
W
High: 86° F/30° C Low: 78° F/26° C
N
S
E
W
7‑14 knots
S
8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
BTC said its staff have visited the Fortune Bay community in Grand Bahama to provide onthe-spot installation for customers who wish to be connected to recentlyupgraded fibre services. BTC is currently completing its fibre-to-the-home (FTTH) roll out in the Flamingo Gardens community, and by the end of July residents will be able to benefit from those upgrades. BTC said it has made significant investments over the past year in upgrading its infrastructure, as it elevates its network from copper to fibre to provide a better customer experience. In May, BTC increased its entrylevel broadband speed for fibre customers from 50Mbps to 100Mbps.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 86° F/30° C Low: 79° F/26° C
High: 86° F/30° C Low: 80° F/27° C
N
High: 88° F/31° C Low: 81° F/27° C
E
W S
LONG ISLAND
tracking map
High: 87° F/31° C Low: 80° F/27° C
8‑16 knots
MAYAGUANA High: 87° F/31° C Low: 80° F/27° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C
High: 86° F/30° C Low: 80° F/27° C
GREAT INAGUA High: 88° F/31° C Low: 80° F/27° C
N
E
W
E
W
N
S
S
8‑16 knots
8‑16 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:
WINDS SE at 8‑16 Knots SE at 8‑16 Knots SE at 7‑14 Knots SE at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SSE at 8‑16 Knots SSE at 7‑14 Knots SE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots SE at 7‑14 Knots SE at 7‑14 Knots SE at 8‑16 Knots E at 10‑20 Knots SE at 8‑16 Knots ESE at 8‑16 Knots
WAVES 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 4‑7 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 84° F 84° F 85° F 86° F 83° F 83° F 83° F 83° F 84° F 84° F 84° F 85° F 85° F 85° F 83° F 83° F 83° F 83° F 82° F 82° F 84° F 84° F 83° F 83° F 83° F 83° F