07152021 BUSINESS

business@tribunemedia.net

THURSDAY, JULY 15, 2021

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EMPLOYER ‘UPSET’: CAN’T FORCE STAFF TO PAY FOR COVID TESTING

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Tripartite Council’s vice-chairman yesterday warned that “a lot of employers are going to be very upset” to find they cannot mandate non-vaccinated staff pay for their own weekly COVID-19 tests.

Peter Goudie, who sits on the body dealing with all labour-related matters in The Bahamas, told Tribune Business that “the law’s the law” in confirming that the Health and Safety at Work Act forbids employers from imposing any financial “levy” on staff to ensure they comply with its stipulations.

While the Council has yet to adopt any formal position on the matter, Mr Goudie said he and its chairman Robert Farquharson, had discussed the matter and agreed that the Act’s section nine effectively bars companies from requiring non-vaccinated staff to pay for COVID-19 tests out of their own salaries.

The section states that “no employer shall levy or permit to be levied on any employee of his any charge in respect of anything done or provided in pursuance of any of the provisions of this Act”.

While employers can still require non-vaccinated worker to take regular tests, Mr Goudie confirms that the law requires the company - and not the employee - to cover the costs associated with this.

“It’s the law. It is what it is,” the head of the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division SEE PAGE B6

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‘State of emergency’ over Customs’ woes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FREEPORT was yesterday said to be “in a state of emergency” as Customs’ electronic system for clearing imported goods remained offline for the 23rd consecutive day with no word on when it will be restored.

Glennett Fowler, president of the National Import Export Association of The Bahamas (NIEA), told Tribune Business that all businesses she had spoken with yesterday were “very upset” at having to enter a fourth week of clearing crossborder commerce using manual processes.

Describing the present situation as “not feasible”, she added that Freeport’s private sector was also

* GB goods clearance system down for 23rd day * Private sector ‘very upset’ at antiquated process * Comptroller appears to blame the private sector

disgruntled about the absence of any formal communication from Customs over when and how the situation will be resolved.

With present import clearance methods the exact opposite of what Freeport requires to be competitive as a 21st century ‘free trade zone’, Ms Fowler said last Thursday’s planned virtual conference between the business community and Customs to discuss the ongoing woes never took place after the latter’s comptroller, Dr Geannine Moss, said she never got the link to join.

That meeting has now been

rescheduled to tomorrow with the private sector becoming increasingly desperate to resolve a clearance backlog that is costing it both extra time and money.

“We’re in a state of emergency with this Electronic Customs Automated Services (eCAS) thing,” Ms Fowler said, having returned to Freeport from New Providence on Tuesday evening. “There’s no information coming from Customs at all, and the system is still down.

“Everyone I have spoken to today since I got settled in is very upset. We’re preparing a petition to send around. The system has

GLENNETT FOWLER, president of the National Import Export Association of The Bahamas. been down since June 21, and in the meantime we’re all doing manual entries. I can tell you that everybody is upset. I’m not sure they’ll SEE PAGE B6

Kerzner crowdfunding Freeport’s bonded regime bid is ‘full systems go’ faces ‘precarious situation’ * Aiming to bring ‘transformational’ change to Bahamian business financing AN EQUITY crowdbenefit “people, planet funding platform and communities”. spearheaded by the late Lee Birkett, Koodoo’s Sir Sol Kerzner’s son strategic director, said yesterday said it is “full the platform - founded by systems go” on bringing Brandon Kerzner in 2018 “transformational” change - will set itself apart from to the way Bahamian busirivals such as ArawakX nesses are financed. and the Bahamas InternaKoodoo’s senior execu- THE LATE Sir Sol tional Securities Exchange tives told Tribune Business Kerzner – his son (BISX) by using its digital that two local crowdfund- will spearhead the wallet capabilities to give ing “campaigns” are poised equity crowdfund- local companies access to for launch once it receives ing platform. international investors via Securities Commission a variety of fiat currensign-off on its registration, as it cies but also “the seven most used focuses on entities with sustainable SEE PAGE B7 development ambitions that will

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FREEPORT faces “a very precarious situation” after Customs’ top official made clear the agency’s determination to disregard the city’s founding treaty as well as prior Supreme Court rulings.

Dr Geannine Moss, the Customs comptroller, in a July 1, 2021, letter responding to private sector concerns warned that Click2Clear’s implementation in Grand Bahama will require Port Authority licencees to provide the agency with a monthly report on bonded goods sales despite the existence of a permanent Supreme Court injunction that bars this.

While agreeing to remove the $10 entry processing fee for Grand Bahama Port Authority (GBPA)

licencees who purchase such goods, Dr Moss indicated this was the only concession that Customs is prepared to make to-date.

“This office has heard the concerns about the Freeport Trade Zone Module (FTZ) of Click2Clear and, in a trade-facilitative manner, has determined that suppliers of bonded goods who would be requested to make an end-ofmonth report of sales would indeed continue, and the purchasers of such goods would not be levied a $10 fee,” Dr Moss wrote.

“This process will allow suppliers of bonded goods to submit, at the end of the month, a record of all sales and pay a $10 fee while such purchasers of said goods will not have a bill to pay. Certainly, this is a most equitable and fair system for SEE PAGE B8

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WHEN COMPETITIVE BIDS DO NOT APPLY

By DANIEL FERGUSON

I

want to educate the Bahamian people about the process which allows the Government to forego competitive bidding processes in emergency situations, which allows them to request one bid for goods, works and services.

In June 2018 I had the opportunity to attend a workshop in Bridgetown, Barbados, which was sponsored by the Caribbean Development Bank (CDBH) and the Caribbean Disaster Emergency Management Agency (CEDEMA). The purpose of the workshop was to sensitise government procurement officers of the Caribbean on how to procure goods, works and services in emergency situations. This was timely because just over one year later Hurricane Dorian hit The Bahamas as a Category

5 hurricane, causing flooding and mass destruction on the north-west islands.

In Dorian’s aftermath, the Government announced it would be establishing a Disaster Reconstruction Authority.

It was around this time that an international consultant and I were advised to create a draft emergency public procurement policy that would assist both the National Emergency Management Agency (NEMA ) and the DRA in the absence of a Public Procurement Bill.

The following are excerpts from the draft policy that was provided in anticipation that it would assist both agencies with their respective financial reports and audits. It was also a template that could be used in any given emergency situation. The draft title was the following, and I quote: Policy and procedures framework for NEMA emergency procurement and the use of simplified procedures.

This set out the procurement flexibilities available to NEMA in situations requiring timely and responsive purchasing to meet the demands associated with disaster or emergency relief, in

THE TRIBUNE compliance with the Disaster Preparedness and Response (DPR) Act 2008 and orders issued by the Prime Minister.

Definition of Emergency Procurement A situation of emergency is defined as a disaster emergency declared by Order of the Prime Minister under section 27 of the DPR Act. This is issued on account of the threat or occurrence of a disaster, or any event in the maritime or aviation sector that the Prime Minister determines is a disaster having regard to the ensuing widespread loss of life or destruction of property (section 35).

Emergency procurement will be used to promptly execute public contracts in response to emergency or disaster circumstances. This will be done in an effort to remedy the conditions and meet urgent needs during a threatened disaster alert or in the event or aftermath of a disaster emergency.

General Policy Principles In order to support emergency situations, NEMA is given latitude to meet the purchasing needs of goods and services generated by the emergency and permitted to forgo routine procurement procedures.

Although NEMA is not required to use a competitive procurement method, the agency must seek as much competition as possible considering the emergency circumstances.

Emergency procurement may only be used to address the immediate needs brought about by the disaster conditions, and may not be used for subsequent non-emergency-related procurement needs.

One year and ten months later there have been continuous cries from various sectors of our community demanding that the Government, in accordance with section 11 of the Disaster Reconstruction Authority Act, provide the audited accounts of NEMA and the DRA. This section clearly states: Accounts and audit 3. Three months after the end of each financial year, the Authority shall submit a copy of the audited accounts to the minister, together with a copy of any report made by the auditor.

4. The minister shall lay a copy of such audited accounts before both Houses of Parliament, together with a copy of any such report made by the auditor on the accounts.

5. All contracts awarded by the Authority within a fiscal year shall be publicly disclosed at the end of the fiscal year.

I seriously doubt that we will see any reports during this parliamentary session., and all will agree that it is inexcusable - particularly as tools such as the above were provided to the Government.

Recently, the Government has been awarding contracts without going

through a competitive bidding process, and critics have accused them of doing some of this under the guise of the Pandemic Emergency Orders. This type of tender process is called Limited Bidding, and I will quote the same from the Public Procurement Bill so that persons can come to their own conclusions as to whether the Government was correct in using such a process for the award of the many school repairs, sidewalk construction contracts and dozens of projects administered by the Department of Public Works.

34. Limited bidding (1) A procuring entity may award a procurement contract by the limited bidding method of procurement where — (c) for reasons of emergency or extreme urgency provided the circumstances giving rise to the urgency were neither foreseeable by the procuring entity nor the result of dilatory conduct on its part, including where— * The country is seriously threatened or impacted by a natural disaster, catastrophe, war or an event of force majeure. * The life or quality of life or the environment may be seriously compromised. * The condition or quality of goods, equipment, building or publicly-owned capital goods may seriously deteriorate unless action is urgently taken to maintain

the capital goods in their actual value or usefulness. * An investment project may be seriously delayed for want of an item of a minor nature, and the goods or services could not be obtained in time by means of competitive or selective bidding procedures.

Jeffrey Lloyd, minister of education, did state towards the end of last month that bids for the upcoming school repairs will go out for tender. However I wish to caution officials of the Ministry that section 34(c) (iv) should not be used in this instance because they have had months to create the scope of works and poor planning is not an excuse to avoid the competitive bidding process.

I learned recently that the Ministry of Financial Services, Trade and Industry and Immigration directed the Department of Immigration to terminate the contract of an existing vendor who provides meals for the detainees and officers of the Detention Centre, and to replace this vendor with another. I was shocked to learn this because I did not see an invitation to bid on the e-procurement supplier registry or in any of the newspapers, as this contract can be well over $300,000 per year. The only difference in the logistics is that the new vendor will be required to use a kitchen located at the Detention Centre site. I have two questions: SEE PAGE B5

THE TRIBUNE

SHOPPERS’ GROCERY BUYS CHANGE LITTLE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net’ SUPER Value’s president yesterday said consumer habits have changed little despite the rising cost of food as they opt for their “national brands”.

Rupert Roberts told Tribune Business that Bahamian shoppers are still buying groceries in the same was as before the COVID-19 lockdowns despite mounting inflationary pressures at home and abroad.

“There’s nothing changed.

People still want the national brands,” he said.

“There are some items that are of good quality and low price that people are getting, but basically people’s buying habits have not changed as many would think.

“Buying patterns are fluctuating and we are noticing that a lot of people are buying groceries at the end of the month.

They are still maintaining the same amount of products, but they are not really buying offbrand stuff.

“They like the national brand stuff.”

“We thought they wouldn’t have as much money and are buying things from out of their savings, instead of through employment.”

While Mr Roberts said two weeks ago that customers are increasingly using his store’s food stamps as opposed to cash or credit, “desperate” customers are not taking take the chance on lower-priced items.

“If we find a brand that is low priced but no quality we will just drop it. You don’t push water up a hill,” he added.

Mr Roberts and other retail grocery store owners warned that consumers must prepare for higher prices later in 2021, which are mainly being driven by supply chain bottlenecks and an increase in demand for food items as the world economy reflates following COVID-19.

Bradley Rolle, assistant manager at Centreville Food Market, said: “Things have not changed at Centreville Food Market at all from a spending or brand perspective. Things are back to normal.

“You may have one or two people taking advantage of the VAT free items as a result of the hurricane VAT waiver, but people are still buying items the same way they always used to.”

Thursday, July 15, 2021, PAGE 3

REALTORS URGED TO BE VIGILANT IN FRAUD FIGHT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net’

THE Bahamas Real Estate Association’s (BREA) president yesterday urged realtors to be more vigilant in combating fraud and increase their awareness of Know Your Customer (KYC) principles.

Christine Wallace-Whitfield told Tribune Business: “It is important to know that the Financial Intelligence Unit (FIU) is doing their best in trying to weed out fraudsters, and doing their due diligence and making sure the public is informed and protected.”

She was responding to reports that a real estate scam is being conducted in The Bahamas.

The FIU in recent months said it has seen an increase in suspicious transaction reports (STR) where an individual contacts a real estate agent or law firm via e-mail, requesting assistance or representation from these companies with

respect to the purchase because for real estate of real estate in The this is our livelihood Bahamas. and we do not want to Once the individual get caught in a situation has been made aware of where we have to then the retainer and KYC answer to authorities. documentation required, So prevention is better they will forward the than cure.” paperwork to support Acknowledging the request. However, the “savvy times” that all the documents are have seen a proliferation fraudulent. of fraudulent schemes, The retainer amount is Mrs Wallace-Whitfield often overpaid when sent said she has seen simieither directly to the law CHRISTINE lar scams before in The firm or the law firm’s Wallace-Whitfield Bahamas. bank. The individual She recalled: “I then immediately requests a haven’t seen one of these types refund of the overstated amount, of schemes in a long time, but with the hope that all funds are I’ve heard of people trying to be remitted prior to the original dishonest. cheque payment being cleared.

“I’ve heard stories but I have Mrs Wallace-Whitfield said: “It never heard of anything that has is important that we do our due hit this close to home in terms of diligence, especially for the real the real estate community. I have estate community - from agents to heard of stories. Scamsters are brokers and brokerage firms - to trying every day. We have a big real make sure that if we see any- estate community, so people will thing suspicious that we report it, try. They will try their utmost to be

SMALL LOANS PROVIDER EXTENDS LIMITS 50%

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net’

A BAHAMIAN small loans provider yesterday said it has expanded its lending facility by 50 percent to help consumers rebound from the COVID-19 pandemic.

Jeffrey Kerr, Green Leaf Financial’s chief executive, told Tribune Business that while many persons are still unemployed his company has been seeing a slow trickle starting to come in for small consumer loans to the extent that it has extended its lending limits from $10,000 to $15,000.

He added: “Green Leaf at this stage is still doing our part to see how we can assist a number of people in the community who have been impacted by the COVID-19 pandemic as a result of a loss of their job or illness.

Adjustments “Family members are coming together as Bahamians, and families should to try to assist each other. We have made some adjustments in 2020 to try to work with those persons who were negatively impacted by the COVID-19.”

Revealing that Green Leaf in some instances has increased its lending limit to $20,000, Mr Kerr said: “We’ve increased the term and reduced interest rates slightly. In addition, we have tried to make doing business a whole lot easier.

“We’ve created an online application where you can actually go to our website, and when you register it’ll give you access to apply via credit application and then you can be approved online after you have submitted all of the documentation.”

Persons are seeking consumer loans to catch up with bills they have accumulated during the lockdown in 2020, but Green Leaf has “seen a good amount of people who have indicated that they want a vacation loan”.

“I don’t know if they put in vacation as a means to get more money to do other things, but we’ve been trying to pass on financial advice and guidance and ask persons coming in to review their application carefully before they make a decision on asking for a loan for vacation. Review the situation before you make a decision to go on vacation,” Mr Kerr added.

“Things have increased marginally since 2020 in similar ways as we are doing now, but what has happened is a few more persons have returned to work, even though there are a lot of persons still unemployed.

“We’re still trying to work with those families from a collections standpoint.

But I would say things have increased marginally since last year.”

Some 75 percent of persons coming to Green Leaf for loans are returning customers, while the other 25 percent are new.

“Brand new customers are minimal, so I’ll say they are 25 percent because not many sectors are new, but the return customers are 75 percent,” said Mr Kerr.

dishonest with property dealings by using aliases and, unfortunately, these things happen.”

Warning realtors to report such matters to the FIU immediately, Mrs Wallace-Whitfield charged: “They need to inform the FIU, because BREA has met with them in the past.

This is something that we need to do and inform real estate companies and members about why it is important to fill out the KYC documentation, so persons can be stopped at the beginning and not at the end.”

The FIU also warned any individual or financial institution that has been approached by someone using any of the names “Andrew Franklin; Franklin Andrew; Frank Andrews; or Frank Andrew”, or a variation thereof, to contact them immediately.

The FIU recommended institutions stop depositing any cheques remitted to them by this person and discontinue any communication with the individual.

MIXED VERDICT OVER INDEPENDENCE SALES

are still watching their

By YOURI KEMP Tribune Business Reporter money”. She added: “ A lot of people brought out their ykemp@tribunemedia.net’ old shirts from two years ago MERCHANTS yesterday or last year, and they became gave a mixed assessment more conservative. I think of Independence Day sales COVID-19 really caused with one claiming there that. was a lot of “enthusiasm” “People that used to go while another blamed low all out in decorating their consumer turnout on COV- homes, they basically wanted ID-19’s lingering impact. a couple of bows or just one Loretta Francis, market- flag and things like that.” ing manager for Suntee Still, Dr Strachan said she Embroidme, told Tribune- “won’t complain” as she preBusiness that sales had fers to “give thanks to God” been “great”, adding: “We for allowing her to remain in don’t have a lot of stuff left business. over; we did decently. We set She added: “We don’t get a our expectations and we met lot of tourists. If we get tourour expectations and projec- ists, it’s basically those who tions. We met our projections come looking for a flag for in terms of sales, customer their yacht or flags to take flow and traffic. home as souvenirs.

“I did notice as I drove “Most of those souvearound town that a lot of the niur-coded items are sold roadside vendors had our to residents and not tourshirts on the roadside. Eeve- ists. For a tourist to come to rything this year was dri-fit. us, a taxi driver would have We sold dri-fit t-shirts, dri-fit to bring them or someone polo shirts. Bahamians love would have to refer them the dri-fit especially as its to me, but we don’t do too getting hotter each year. So much for the tourist market.

I would say that polo shirts We basically cater to the sold definitely a little more residents.” this year.”

Dr Strachan is also under Dr Cheryl Strachan, the impression that her prodowner/operator of Beyond ucts stand a good chance Flags, though, said of being resold because “sales could have been resellers were buying them in better” but “a lot of people bulk at wholesale prices.

PAGE 4, Thursday, July 15, 2021

THE TRIBUNE

VIDEO MARKETING MAKES FOR MUCH BETTER VIEWING SOME marketing executives are caught in the conundrum of trying to decide whether to embark on a video advertising campaign or wondering why they are not already doing it.

High-quality visual content in your social media marketing efforts can generate more likes, shares and comments than a simple text.

Simply put, if your business is not using video as part of your marketing strategy you will be left behind. Here is why: Your customers are watching videos from rival companies The statistics prove that your target audience is watching video. Some 92% of B2B (business-to-business) prospects consume online video.

Around four billion videos are watched on YouTube every day, while about one-third of shoppers will purchase a

adding a video ad to a product description increases the chances of a shopper buying that item by up to 35 percent.

People share video An engaging visual content is more likely to go viral, meaning that people will share it further with their friends, family and other members of their online community.

Educational Because they incorporate audio and visual elements that appeal to multiple senses, video ads perform just as well as educational tools. They are especially effective when used for product demonstrations or as a ‘how to’ guide. product after viewing a video advertisement.

Video ads convert sales The biggest names in online marketplaces report that

Search engines love video The biggest search engine companies place priority on video content when making tweaks to the algorithms that present certain sites higher

on the rankings page. Distributing videos via social media and websites increases the likelihood that your target audience will find you when searching for relevant information.

A video conveys huge amounts of information in a short time More information can be shown in a shorter space of time on video as compared to text. Videos are more engaging to the senses.

Video tells your story better than other formats A more personal relationship is captured when you are storytelling through sight and sound, as it connects a viewer’s emotions to your product or service.

Analytics are telling The primary video sites, including Facebook and YouTube, include features

that enable you to see how your content performs. Subsequently the views, shares, likes and social interactions are more effective at reaching your target audience.

Increases views Your social media content will generate 94 percent more views if it contains visual elements, which proves that people prefer to engage with content that is both informative and pleasing to the eye.

Boosts engagement An appealing visual content will boost engagement among social followers. The fact of the matter is that Facebook users watch eight billion videos per day, and a live video turned out to be the most popular format.

People are visual beings, and video marketing is an incredibly easy way to put your product or brand before new customers each

day. Young consumers are not fond of sifting through pages of information to figure out what your business offers and why it could be of importance to them.

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

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

BAHAMAS PROVIDER TOPS CARIBBEAN ONCE AGAIN A BAHAMAS-based technology firm has been named again as the Caribbean’s top premier managed service provider in the 2021 Channel Futures MSP 501 rankings.

Cloud Carib, in a statement, said that for the third consecutive year it has been selected as one of the technology industry’s leading managed services

providers (MSPs) by the editors of Channel Futures.

Besides leading the Caribbean, it was also chosen as one of the niche’s top worldwide performers.

The company added that for the past 15 years, managed services providers globally have submitted applications to be included on this list. After making its 2019 entrance at 160th spot, Cloud Carib’s ranking jumped to 33rd in 2020 and, this year, it improved again to 28th in Channel Futures’ 2021 MSP 501 listing, making it only one of two Caribbean managed service providers to be counted.

“This is really a testament to our team’s commitment to growth and improvement,” said Cloud Carib chief executive, Scott MacKenzie. “It’s a huge accomplishment to be

counted in the world’s leading MSPs and we’re very excited to once again be recognised for the work that we do despite the impact of the ongoing pandemic.

The Channel Futures MSP 501 survey examines company performance based on annual sales, recurring revenue, profit margins, revenue mix, growth opportunities, innovation, technology solutions supported, and company and customer demographics.

Managed services providers that qualify for the list must pass a review conducted by the research team and editors at Channel Futures that ranks applicants using a methodology that weighs financial performance based on long-term health and viability, a commitment to recurring revenue and operational efficiency.

This year’s list attracted a record number of applicants.

Winners are being recognised on the Channel Futures website and will be honoured at a special ceremony at the MSP Summit on November 1-2 in Las Vegas, Nevada, as part of the Channel Partners Conference & Expo.

“The 2021 Channel Futures MSP 501 winners are the highest-performing and most innovative IT providers in the industry today.

They stand head and shoulders above the competition,”

said Robert DeMarzo, vicepresident of content for the Channel Futures and Channel Partners Conference & Expo division of Informa Tech Channels.

“Vendors that are aligned with the Channel Futures MSP 501 are driving a new wave of innovation in the industry.

Through their partnerships they are demonstrating a commitment to moving the MSP and entire channel forward,” said Kelly Danziger, general manager of Informa Tech Channels.

CABINET MINISTER IN PANEL ON MORE RESILIENT FOOD SYSTEMS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN Cabinet minister will next Monday participate in a panel discussion on building more resilient food systems in the Caribbean.

Michael Pintard, minister of agriculture and marine resources, will join other panellists for a virtual talk hosted by the non-profit group, World Central Kitchen. Other parrticipants include Positive Nelson, the US Virgin Islands’ commissioner of agriculture, and Ramón “Pirul’’ González, secretary of agriculture in Puerto Rico.

It will be moderated by Uriyoán Colón-Ramos, associate professor at George Washington University.

The panelists will discuss how regional governments and organisations can work together to respond to a crisis and to facilitate the

recovery process.

The dialogue will be hosted online in English with simultaneous translation in Spanish.

Through its Food Producer Network, World Central Kitchen partners with and supports smallholder farmers, fishermen and small food-related businesses that produce or distribute food by providing funding, training and networking.

The Food Producer Network was established in Puerto Rico in 2018 in response to the 2017 hurricanes that devastated the island, and has since awarded over $3.4m in grants to food producers affected by natural disasters in the Caribbean and Latin America. In 2020, the programme expanded its efforts in the USVI, The Bahamas and Guatemala, and works to support food

security throughout the region.

“For the last four years we have been supporting food producers across the region and have connected with each of the panellists in unique ways. In our conversations, we learned there is a great opportunity to learn and co-operate amongst the Caribbean islands,” said Mikol Hoffman, director of World Central Kitchen’s Food Producer Network.

“Community is at the heart of everything we do, and we wanted to convene some of our incredible partners to exchange ideas and create a space for collaboration.” To register for Creating Resilient Food Systems in the Caribbean, use: http://wck.org/resilience-panel. This event is open to the public and will include an opportunity to ask questions.

THE TRIBUNE

Thursday, July 15, 2021, PAGE 5

WITH TAXPAYERS’ HELP, DELTA POSTS $652 MILLION PROFIT IN 2Q

By DAVID KOENIG AP Airlines Writer DELTA Air Lines reported its first quarterly profit since the pandemic devastated the airline industry more than a year ago, as hordes of vacation travelers and money from U.S. taxpayers offset weak corporate and international travel.

Delta said Wednesday that it earned $652 million in the second quarter. However, Delta’s report shows that airlines still face turbulence as they try to rebound from their worst year ever.

Without $1.5 billion in federal pandemic relief and other one-time events, the Atlanta airline would have posted an adjusted loss of $678 million.

Even though crowds at the nation’s airports are approaching 2019 levels, Delta’s operating revenue is still only half of pre-pandemic levels.

And the company expects costs to rise as it rebuilds its operation, including hiring and training employees to handle the growing number of passengers.

“We still have a long ways to go,” CEO Ed Bastian said in an interview, “but the business is in a much, much better place than it was 90 days ago.

We posted a solid profit in the month of June, and it augurs well for where we’re going this summer.”

Bastian predicted that the airline — which lost more than $12 billion last year — will be profitable in both the third and fourth quarters without federal aid. Delta forecasts third-quarter revenue will be down a more manageable 30% to 35% compared with 2019.

Shares of Delta Air Lines Inc., the first U.S. carrier to report June-quarter numbers, fell 2%.

FROM PAGE B2 * Who is the vendor? * What constituency does the owner of the company reside in?

Once you discover the answers to these questions then you will understand why the Public Procurement Bill is being delayed and best procurement practices are being ignored. I am surprised by this Ministry’s actions. However, the business community can in the upcoming months possibly expect a proliferation of contracts to be awarded this way.

TOURISM TO RE-ESTABLISH ITS BASE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Tourism Development Corporation (TDC) yesterday said it was moving to establish an association that will represent the interests of tourist-related businesses throughout The Bahamas.

In a statement, it said the Bahamas Association of Shore Experiences (BASE) will act as a lobbying body to ensure inclusion in government benefits, policy-setting and give input into legislative amendments affecting shore experiences and tours.

BASE’s membership is intended to include entrepreneurs and Airbnb vendors; members of organisations such as the Bahamas Diving Association, Bahamas Bridal Association and Association of Bahamas Marinas; tour operators; hair braiders; boutique resorts; taxi and surrey drivers; jet ski operators and more.

The association will also aim to benefit members by offering discounted services from the TDC; World Travel Tourism Council (WTTC) Safe Travel Stamp inspection and decal; access to industry research; business development support from TDC; and group rates

for liability insurance through the Bahamas Tours Alliance (BTA).

Janet Johnson, Tourism Development Corporation executive director, said BASE will expand to include new aspects of the tourism industry.

“BASE provides the umbrella that covers all tourism-related enterprises; facilitates economies of scale to lower premiums; provides cutting edge training modules to drive creativity; brings NGO partners to the table to help raise the standards and implement new best practices; provides that larger share of voice that will strengthen the resolve of its lobby and make it

a force to be reckoned with and listened to on behalf of its members,” she said.

To join BASE, there is a onetime membership fee of $200 and annual dues of $100 thereafter. The association will hold its inaugural annual general meeting on Thursday, July 29, at 6pm via Zoom.

Elections that will establish a board of directors, which will include a chairman, deputy chairman, secretary, treasurer and three directors, are scheduled for August.

The online nomination period will close on August 19, at which time the top three nominees will be put forward as final candidates.

CRYSTAL OFFERING ‘RESIDENT SPECIAL’ ON LOCAL CRUISES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

CRYSTAL Cruises says it is introducing a Bahamas Resident Special for locals wanting to join its seven-night, week-long home porting voyages around the archipelago.

The Ministry of Tourism, in a statement, said resident fares start at $1,314 per guest for an ocean view cabin, $1,814 for verandah accommodation and $3,314 for the penthouse.

“Each island has its own unique personality and different experiences for which it is known, with so much for guests to explore,” said Joy Jibrilu, the Ministry of Tourism’s director-general.

“Visitors flock to The Exumas for yachting, sailing, fishing, scuba diving and exploring the blue holes, as well as its shallow waters, spectacular reefs and shipwrecks.

“Not to mention a visit to Big Major Cay is not to be missed, as it’s the official home of the swimming

pigs, where visitors have a once-in-a-lifetime experience to swim with The Exumas’ most famous four-legged animals.”

“San Salvador,” Mrs Jibrilu continued, “is a premier scuba diving

destination, offering diverse terrain including rolling hills, secluded beaches, saltwater lakes and lively reefs, which make for ideal diving sites.”

“Long Island,” she

added, “is one of the most scenic hideaways in The Bahamas, offering excellent fishing, diving, boating and natural beauty.

“Long Island is perhaps most known for

Dean’s Blue Hole, which draws free divers from around the globe to compete to see who can dive the deepest in what may be the deepest landlocked blue hole in the world.”

WHEN COMPETITIVE BIDS DO NOT APPLY regulations. He is a chartered member of the Chartered Institute of Procurement

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NB: Daniel Ferguson, a retired chief petty officer with the Royal Bahamas Defence Force (RBDF), is a former procurement officer in the Ministry Health and Ministry of Finance, and former component co-ordinator for the Inter-American Development Bank (IDB) sponsored public financial management reform project, in particular the public procurement reform. He led the drafting team for the development of the Public Procurement Bill 2021, and public procurement

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and

PAGE 6, Thursday, July 15, 2021 FROM PAGE ONE

wait on the Association before doing something because we don’t seem to be making any headway.”

Ms Fowler said the National Import Export Association and other businesses were now exploring if Customs’ Electronic Single Window, known as Click2Clear and which has been implemented in all other islands bar Grand Bahama, can now be installed in the latter location but without its controversial “free trade zone” module.

Click2Clear’s Grand Bahama implementation has been pushed back from July 1, 2021, to September this year in response to private sector fears that its introduction as-is would violate both the Hawksbill Creek Agreement, Freeport’s founding treaty, as well as previous Supreme Court rulings and injunctions. However, Customs appears determined to ram the system down Freeport’s throat (see other article on Page 1B).

“We’re trying to see if we can launch the Single Window without the bonded goods side,” Ms Fowler explained. “That’s the best resolution we’re coming to. There’s no formal communication [from Customs] for us to have a leg to stand on now.

Anything else would be an assumption.”

She added that last Thursday’s planned meeting with Customs, which would have featured representatives from both the National Import Export Association and Grand Bahama Chamber of Commerce, did not take place due to the comptroller’s inability to join despite other officers being present. Ms

THE TRIBUNE

‘State of emergency’ over Customs’ woes Fowler said Dr Moss had been sent the link on July 5.

The Customs comptroller, in a July 1, 2021, letter almost appeared to blame the agency’s Freeport woes on private sector opposition to implementing Click2Clear by the originally intended deadline.

System The letter, which has been seen by Tribune Business, said it was imperative that the present eCAS system be rapidly retired as it had “gone beyond its life span of operability”. Referring to Click2Clear, Dr Moss wrote: “For your information, Grand Bahama is the last island to become a part of this system which was launched since 2018.

“Be advised that this office nor this Department are novices concerning embracing and/or rectifying issues when detected, either internally or externally, and as such are well poised to steer Grand Bahama in alignment with the rest of The Bahamas.

“Currently, Grand Bahama is the sole island in the Commonwealth of The Bahamas still operating on the old legacy system of Electronic Customs Automated System (eCAS) and

Customs Automated System (CAS),” Dr Moss added.

“CAS was rolled out circa 1991 some 30 years ago while eCAS was rolled out in 2012 some nine years ago. These systems have reached the end of the road as evidenced with its failure during the week of June 20, 2021. It is imperative that these legacy systems are retired as they are working sporadically and have gone beyond its life span of operability.”

Several conspiracy theorists have already suggested to Tribune Business that the protracted delay in resolving the eCAS system woes is actually a ploy designed to drive the Freeport and Grand Bahama business sector’s acceptance of an earlier Click2Clear implementation.

While there is no evidence to support that, Dr Moss wrote: “It is therefore of paramount importance that the Click2Clear system be launched in Grand Bahama so that its residents can enjoy the accessibility and seamless operability of the system that the rest of The Bahamas currently enjoys.

“The decision was made to delay the launch of Click2Clear in September 2021 based on feedback from the clearance stakeholders that you espoused.

Please note that this delaying

FROM PAGE ONE told this newspaper. “It says you can’t do that, and employers are going to have to factor that in.

“I’m sure there’s a lot of people who don’t like it or do not agree with it, but if that’s the law of the country it is what it is.

“It’s the law of the land, and you’re going to have to follow it. I’m sure there are a lot of employers that are going to be very upset, but if it’s the law, it’s the law.

There’s nothing else I can say.”

While the cost burden for COVID-19 employee testing must now be absorbed by the employer, as opposed to the employee, Mr Goudie said this development - and the fact companies also cannot make it mandatory for workers to become vaccinated - will likely result in changes to contracts for new hires going forward.

“What it’s going to do is make employers put

of the launch of this system has caused officers to perform their duties manually for the majority of the time as the performance of eCAS and CAS is unstable.

“We ask that you communicate to your membership and request their patience as we navigate summer imports.

With assurance and certainty, the Click2Clear system will be launched in its entirety.....”

Directives Dr Moss blamed the eCAS woes on an “electronic malfunction out of the control of this Department, who made every effort to try rectify the matter with immediacy”. She confirmed that directives were given to switch to a manual system so that Freeport’s cross-border commerce could continue to flow freely and imports still reach their destination.

The comptroller added that criticisms of Customs’ failure to communicate what was happening earlier to Grand Bahama Port Authority (GBPA) licensees, brokers and importers was “disappointing to say the least” given that officers had informed the private sector verbally as well as posting communications

on the agency’s website and social media facilities.

Ms Fowler, though, in a July 7 response, pointed out that Customs’ first social media post on its Grand Bahama woes on June 30 received just “one like”, while the second on July 2 received just “two shares”. She added: “These analytics suggest that many persons could have missed, not seen or do not follow the Bahamas Customs Department on social media.

“We (The NIEA) will begin a campaign to have our membership follow any or all of the Bahamas Customs Department social media pages to ensure this minimises the concern of lack of communication in the future.”

Ms Fowler also disputed Dr Moss’ assertion that there had been no validation of concerns that the delay in clearing shipments, as a result of switching to a manual system, was causing persons to incur extra storage fees.

The National Import Export Association president wrote: “We have verified that members, business owners and individuals received storage charges for goods not being cleared within the timeframe allotted by a certain ocean freight forwarders/ shipping line. In some cases, fees were waived by 50 percent.”

EMPLOYER ‘UPSET’: CAN’T FORCE STAFF TO PAY FOR COVID TESTING different rules in for new employees,” he told Tribune Business. “That’s what it’s going to force employers to do. You can’t change the rules after the fact, but you can change the rules for new employees. That’s what’s going to happen.”

Mandating that existing workers take the COVID19 vaccine amounts to an arbitrary, one-sided alteration of their employment terms and conditions, which breaches Bahamian law and will likely result in multiple legal actions at both the Industrial Tribunal and Supreme Court level.

However, Mr Goudie urged all Bahamians “to get vaccinated to save themselves just like the Prime Minister keeps saying, and he’s right. People need to get vaccinated even if the Government said you

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can’t force people to do so.

We’re in difficult times, and people need to get vaccinated. That’s a fact.”

The effect of the Health and Safety at Work Act’s section nine is to remove a tool employers had been counting on to incentivise staff to become inoculated, given that many would likely have become tired of paying for a weekly test out of their own pocket.

Tribune Business had reported last month how CBS Bahamas (Commonwealth Building Supplies) had told staff it will only pay for the rapid antigen test costs for non-vaccinated staff until August 16, after which they will have to cover the $22.40 weekly cost themselves.

In its staff letter, dated June 18, the company said: “As The Bahamas continues to struggle with the COVID-19 pandemic, we at CBS Bahamas must take the steps necessary to protect both our team members and our customers....

“Effective July 1, any employee that has not received the COVID-19 vaccination will be required to submit to a weekly COVID-19 rapid antigen test. These tests will be administered by Doctor’s Hospital at the Town Centre Mall drive through location and will be paid for

by CBS Bahamas.”

The company added that employees who receive their first vaccine jab will no longer be required to take the rapid antigen test some two weeks after that date, but it then said: “Effective August 16, 2021, the above weekly testing will still apply but CBS Bahamas will no longer bear the costs

POSITION AVAILABLE BOOK KEEPER King & Co., a law firm, requires the services of a bookkeeper The responsibilities for the position include: • Maintaining and reconciling the petty cash on a monthly basis; • Ensuring all bills are processed and paid; • Writing checks in Quickbooks; • Posting online transactions; • Preparation of bank deposits; • General filing Requirements: • Experience with Quickbooks; • Experience in a similar role; • Good organizational skills with the ability to work independently; • Experience with using Microsoft Excel, Word and Outlook.

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15th

PETER GOUDIE of these tests and employees will be responsible for this cost which at present is $22.40 per week.”

This it cannot do, and the company will have to continue paying for employees’ tests if it persists with this policy. Brent Burrows, CBS Bahamas president, could not be reached for comment yesterday.

Meanwhile, John Pinder, director of labour, said he and Mr Farquharson were “of the same accord” when it came to the Act’s section prohibiting employers from mandating that workers pay for COVID-19 tests.

“The Act speaks to the responsibility for health and safety in the workplace,” he told this newspaper.

“It is not the responsibility of the employee; it is the employer’s responsibility. The employer cannot charge anyone for safety measures. They cannot make it mandatory, and nor can they make it mandatory for everybody to take the vaccine.”

Mr Pinder, though, said “it appears that the employers are becoming a little more reasonable” as the number of complaints being made to the Department of Labour on the matter are now “not as bad as they were in the beginning”.

THE TRIBUNE

Thursday, July 15, 2021, PAGE 7

KERZNER CROWDFUNDING BID IS ‘FULL SYSTEMS GO’

SHOPPERS cross a traffic junction along the Wangfujing retail street in Beijing Wednesday. China’s economic growth slowed to a still-strong 7.9% over a year ago in the three months ending in June as a rebound from the coronavirus leveled off. (AP Photo/Ng Han Guan)

CHINA’S ECONOMIC GROWTH SLOWS TO STILL-ROBUST 7.9%

By JOE MCDONALD AP Business Writer BEIJING (AP) — China’s economic growth slowed to a still-strong 7.9% over a year earlier in the three months ending in June as a rebound from the coronavirus leveled off.

Growth reported Thursday was down from the previous quarter’s explosive 18.3%, which was magnified by comparison with early 2020, when the world’s second-largest economy closed factories, stores and offices to fight the coronavirus.

Growth in the April-June quarter over the previous three months, the way other major economies report results, was 1.3%, reflecting a return to normal for factory activity and consumer spending as government stimulus and easy credit wind down. That was up from the previous quarter’s 0.6% expansion over the final three months of 2020.

“Overall, China’s economy looks to be on track for recovery,” said Chaoping Zhu of JP Morgan Asset Management in a report. The latest data, Zhu said, suggest the economy “has already peaked and is easing back to its long-term average growth rate.”

Still, China’s economic outlook is clouded by a lingering trade war with Washington.

President Joe Biden says he wants better relations with Beijing but has yet to say whether he will roll back tariff hikes imposed by his predecessor, Donald Trump.

Exports, reported Tuesday, surged 32.2% in June over the year before, though a government spokesman warned trade growth might weaken.

China led the rebound from the coronavirus after the ruling Communist Party declared the disease under control last March and allowed most commercial activity to return to normal.

Manufacturing, auto sales and consumer spending have recovered to above prepandemic levels. Exporters benefited from the relatively early reopening while China’s foreign competitors still were hampered by anti-disease controls.

The International Monetary Fund and private sector forecasters expect economic growth this year of about 8% but say that should decline next year. The government is in the midst of a marathon effort to steer China to slower, more sustainable growth based on domestic consumption instead of exports and investment.

FROM PAGE ONE cryptocurrencies” in the world.

He revealed that Koodoo was “keen to use The Bahamas as a global first for crowdfunding with digital currency” due to the Central Bank’s development of the Sand Dollar as the electronic version of the Bahamian dollar, adding that this initiative is “leading the way in how money should move”.

Disclosing that Mr Kerzner and others have invested “an eye-watering amount” in Koodoo’s development, Mr Birkett said the Government’s enactment of the Securities Industry (Business Capital) Rules 2021 will now enable it to realise its vision in The Bahamas.

Praising The Bahamas’ new crowdfunding rules as “best of breed”, he told this newspaper: “The pre-existing Bahamas infrastructure to do any equity raise was pretty archaic. Crowdfunding is a little lighter touch and more proportionate to the amount being raised.

If someone wants to put $100 into something, they shouldn’t have to undergo a week’s worth of scrutiny.

“These regulations that have been adopted are very much best of breed with what’s happening in the UK. I think it’s very common sense; a maximum of $10,000 for a non-sophisticated investors, and I’m very pleased that the Government and Securities Commission opened up the opportunity for external investment.

“Crowdfunding is the perfect platform for that to occur. It does need the full support and engagement from the local authorities. For them to come out and publicly

support the proposition, it has every chance to succeed.”

The Securities Commission, in unveiling the Securities Industry (Business Capital) Rules 2021, said small and medium sized enterprises (SMEs) can raise a maximum $5m via crowdfunding within a 12-month period through no more than two issues of equity securities to investors.

Businesses Businesses eligible to seek capital via crowdfunding must be organised under the Companies Act, operating in The Bahamas, and categorized as a small or medium-sized enterprise.

Small-sized businesses are defined as having annual gross incomes of up to $1.5m, while medium-sized businesses have annual gross incomes between $1.5m and $3m.

As for investors, individuals - known as retail investors - are limited to investing up to $10,00 per crowdfunding issue, or a total of $50,000 over a single 12-month period.

They will be able to trade their shares on the secondary market provided by platforms such as Koodoo.

Mr Birkett yesterday told Tribune Business that Koodoo was “ready to go” once its registration was formally approved by the Securities Commission, and he voiced hope that this could be “fast-tracked” given that the platform is already regulated in three

other jurisdictions including the US and UK. “It’s pretty much full systems go,” he said. “We’ve got [crowdfunding] campaigns ready to go live.

We’re waiting for the speed of the sign-off on the registration.

“We cannot put Bahamian companies live without registration, but people can register with us now. We’re working with local professionals as well to carry out the relevant due diligence.

“At the moment there’s two from The Bahamas.

Health is one, and food and beverage is the other.

“They both meet the UN’s sustainable development goals.

“The Bahamian entity we’re working with on the campaign for medical space said the bank will finance a physical building but not medical equipment.

“These are entities that are looking to change the community but don’t have the means to do so.

“That was the missing trigger point that convinced Brandon something needed to be done in this space.”

Varun Boughram, Koodoo’s operations and finance chief, added that the first was focused on healthcare for all, and the second “responsible consumption” with an eye on creating jobs for women in the entrepreneur’s own community Describing Koodoo’s origins, the duo said Mr Kerzner, son of the late Atlantis founder, had always been interested in the financial technology (Fintech) space and how cryptocurrencies

were disrupting and challenging “traditional financial architecture”.

With the Kerzner family “very close to community development” in all the countries where they have interests, Mr Boughram said it was his sister, Andrea’s, involvement as founder and chief executive of Lalela, a charity dedicated to bringing the arts to at-risk youth in South Africa, that enabled Brandon to see the potential marriage between a digital crowdfunding platform and firms needing finance for sustainable development.

Mr Boughram said Koodoo’s experiences in other nations, notably South Africa, had enabled it to “incorporate best practices” into the model it will employ in The Bahamas and help set it apart from what is shaping up to be a crowded marketplace for crowdfunding platforms.

“I think multi-currency is the big option,” Mr Birkett replied, when asked what will distinguish Koodoo from the competition.

“We have an established digital wallet platform, which enables US dollar, sterling and euro funding, but also enables the seven most-widely used cryptocurrencies in the world.

“The Sand Dollar concept is leading the way in this in how money should move from nation to nation, and this is why we’re keen to use The Bahamas as a global first for crowdfunding using digital currency because the Central Bank digital currency is the first one.”

PAGE 8, Thursday, July 15, 2021

THE TRIBUNE

Freeport’s bonded regime faces ‘precarious situation’ FROM PAGE ONE persons licensed to sell and purchase bonded goods.”

Many GBPA licencees are likely to disagree, not least because requiring 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 that found there was “no legal basis” for demanding such documentation.

Freeport’s ‘over-thecounter’ bonded goods regime has been a key feature of the city’s business environment for almost three decades, and is now an established practice under the Hawksbill Creek Agreement.

It allows GBPA licensees to sell goods duty-free (bonded) to fellow companies within the Port area for use in the latter’s own business. But any sales to a consumer or household do attract duty, and these taxes have to be submitted in a report - together with the full tax owed - to Customs by the 15th of the following month.

While post-paid duty sales have to be reported, there have never been similar requirements for so-called ‘bonded’ sales reports, but Dr Moss’ letter shows that is exactly what Customs is seeking with the implementation of its Electronic Single Window (ESW) or Click2Clear platform in Grand Bahama.

The comptroller’s letter was sent to Glennett Fowler, president of the National Import Export Association of The Bahamas (NIEA), who yesterday confirmed to Tribune Business that Customs was calling in GBPA licencees for one-on-one meetings in which it was effectively dictating how they will file and report using Click2Clear.

“They’re asking for monthly reports on the 25th or something like that, but because they have not had a general meeting with us we are getting different things from different people until they send out some kind of standard operating procedure,” she said of Customs, while warning that several GBPA

licencees are now considering legal action.

“I believe they’re playing around with us until it gets ready to launch.

“I’ve spoken to a few people who have said they will wait to the launch and then put something in the courts.

“That’s what we’re hearing. We’re hoping everybody taking legal action will do it together, and to put in one action as opposed to individual companies doing it, but I don’t know if everybody will go for that.

“This is a very precarious situation, and I think that because everyone is very timid in dealing with Customs many persons are not making comments in these meetings, and instead using them to gather information.

“Until we get together and deal with this as an issue affecting everybody, Customs will get away with it.”

A well-placed Freeport source, speaking on condition of anonymity, yesterday said Customs was using the one-onone meetings with GBPA licencees as part of familiar “divide and conquer” tactics designed to pick off companies one at a time.

Revealing that single licencee representatives were being confronted with five to six Customs officers, the source said: “They are coming out of these meetings totally bewildered because it’s impossible to comply with what they want. Customs is ganging

up on them, and most people are completely timid when dealing with Customs.”

Disclosing that two fellow licencees had informed them they will cease operations if Click2Clear is implemented as is, the source said: “We would have to upload our entire inventory to Customs Click2Clear system.

And every single day we would have to update to show both bonded and duty-paid sales.

“If we were to sell a 2 x 4 x 8 piece of lumber, we have to do an entry for it, and the customer - if a GBPA licencee - must upload to Customs’ site that they’ve gained a 2 x 4 x 8 piece of lumber in their inventory. It’s not possible.

We’re going to have to shut down. It’s not possible to physically comply.

“Everybody is just reeling. Customs is doggedly pursuing this and it just cannot happen. De facto it’s going to put hundreds of people out of work.

Companies will shut down because they cannot comply. It can’t fly. It’s impossible to comply and flies in the face of an existing court injunction,” the source continued.

“They have never consulted with the licencees or anybody else as to how to properly implement Click2Clear in the Hawksbill Creek area.

“They were told several years ago it couldn’t work, and even the then-comptroller conceded it couldn’t be applied here.”

THE FEDERAL Reserve in Washington. (AP Photo/Patrick Semansky, File)

FED SURVEY: US ECONOMY STRONG BUT HINDERED BY BOTTLENECKS

By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) — The Federal Reserve’s latest nationwide business survey found that the economy strengthened further in late May and early June, despite supplychain bottlenecks that led to price hikes.

The Fed said Wednesday that seven of its 12 regional bank districts reported strong price increases with some businesses expressing concerns that the supply chain disruptions would push prices even higher.

The U.S. economy is rebounding strongly from the recession brought on

by the coronavirus pandemic. That has led to a surge in people seeking everything from new cars to hotel stays, leaving businesses struggling to find enough components and employees to meet the demand.

“While some contacts felt that pricing pressures were transitory, the majority expected further increases in input costs and selling prices in the coming months,” the Fed said in its latest beige book report, based on interviews with its business contacts around the country.

The report said that business sectors dealing with transportation, travel and tourism, and manufacturing all experienced above-average economic growth in the period.

Shortages But the survey also found that the supplychain disruptions led to shortages of materials and labour, along with low inventories and constrained sales of many consumer goods.

“A report like this would have roiled markets several decades ago,” said Robert Brusca, an economist with FAO Economics. “There are lots of shortages and prices rising and input costs going up and labor in short supply.”

The Fed survey was based on interviews by the Fed’s 12 regional banks with business contacts in their regions.

It will form the basis for discussions on the economy when central bank officials next meet on July 27-28.

The expectation is that after that meeting the central bank will keep interest unchanged near a record low of zero percent as a way to bolster the economy as it rebounds from last year’s pandemic recession.

The survey found that three-fourths of the Fed’s districts reported either slight or modest job gains with demand strongest for low-skilled workers, with labour shortages often cited as the reason that firms could not fill their vacancies.

“All districts noted an increased use of nonwage cash incentives to attract and retain workers,” the Fed said with many businesses expecting the difficulty in finding workers to extend into the early fall.

Federal Reserve Chairman Jerome Powell delivered the Fed’s twicea-year monetary report to Congress on Wednesday.

In his testimony, Powell suggested that inflation, which has been surging as the economy strengthens, will remain elevated in coming months but will then moderate.

Powell was upbeat in his views on the economy, saying growth is on track “to post its fastest rate of increase in decades” but that there was still a long way to go before the labour market is fully healed.

THE TRIBUNE

Thursday, July 15, 2021, PAGE 9

CLIMATE ACTIVISTS HAIL DEM BUDGET SPENDING ON CLEAN ENERGY

By MATTHEW DALY ASSOCIATED PRESS

environmental justice and American manufacturing.

The framework would WASHINGTON (AP) fund a so-called Clean — Environmental groups Electricity Standard that hailed a sweeping $3.5 would require the electric trillion domestic spending grid to move away from plan announced by Dem- fossil fuels such as coal, ocrats, saying it would oil and natural gas, and make “transformational replace them with renewinvestments” in clean able sources such as solar, energy and jobs and put wind and hydropower, the nation on a path to cut along with nuclear energy, greenhouse emissions by which currently provides at least 50% by 2030. The about 20% of the nation’s plan also would move the electricity. country toward a carbon“Given the enormity free electric grid by 2035, of the climate crisis, enviwith 100% of U.S. elec- ronmental injustice and tricity powered by solar, economic inequality, it’s wind, nuclear and other critical that this agreeclean energy sources. ment serve as the floor But with few details — not the ceiling — for made public, transformational and narrow investments in Democratic clean energy, majorities in jobs and justhe House and tice,’’ said Senate, the deal Tiernan Sitreached late tenfeld, senior Tuesday was far vice president from settled. of the League At least one of Conservation prominent Voters.

Democrat, West “Any legVirginia Sen. islation on Joe Manchin, infrastructure signalled he will needs to address US President oppose plans to the backlog Joe Biden. curb subsidies of repairs” to for fossil fuels such as roads, bridges and trancoal and natural gas. sit systems, as well as Both fuels are crucial the challenges of clito his rural state’s mate change and racial economy. inequities, added Deron “Anybody moving in Lovaas, a senior advocate a direction where they at the Natural Resources think they can walk away Defense Council, another and not have any fossil environmental group. (fuel) in play, that’s just Sen. Tina Smith, wrong,” said Manchin, the D-Minn., called incluchamber’s most conserva- sion of a Clean Electricity tive Democrat and chair Standard in the budget of the Senate Energy deal “the cornerstone of and Natural Resources the progressive, practical Committee. transformation to a clean Eliminating fossil fuels, energy future we urgently which are major contribu- need.” tors to global warming, Sen. Jeff Merkley, “won’t happen,” Manchin D-Ore., a member of told reporters Wednes- the Senate Budget Comday. “It can’t happen and mittee and one of the it doesn’t do a darn thing negotiators of the budget but makes the world framework, said the plan worse.” takes “bold action” to Manchin’s comments address the climate crisis were out of step with already being felt by milmost Democrats and cli- lions in the parched West, mate activists, who said where triple-digit temthe proposed budget peratures have caused deal meets President Joe hundreds of deaths in Biden’s climate change recent weeks. goals of 80% clean elec“We need to do even tricity by 2030 and a more, but this sets the 50% cut in greenhouse stage for America to gas emissions across finally start working to the economy within a reduce carbon pollution,’’ decade, while advancing Merkley said.

NOTICE

NOTICE is hereby given that JORDI MOLTIMER, of Marsh Harbour, Abaco, 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 15th day of July 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 DIANETTE CENATUS, of Granger Street, Chippingham, 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 15th day of July 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 SHARANO SHAVON WILSON, of Marsh Harbour, Abaco, 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 15th day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

TOYOTA REVS UP ITS DIGITAL MAPPING SUBSIDIARY WOVEN PLANET

By YURI KAGEYAMA AP BUSINESS WRITER

TOKYO (AP) — Toyota plans to hire more people and invest heavily in its subsidiary Woven Planet to work on mobility technology so the Japanese automaker stays competitive amid the global shift to using artificial intelligence and robotics in everyday driving.

“Toyota’s traditional strength in hardware is something we never want to lose. To make safe mobility we need both, great hardware and great software,” Woven Planet Holdings Chief Executive James Kuffner said. “The world is changing. The automotive industry is going through this once-in-a-hundred-year revolution. And so how do we remain relevant?”

Woven Planet, fully owned by Toyota Motor Corp., announced Thursday it had acquired CARMERA Inc., based in Seattle and New York.

CARMERA specializes in sophisticated road mapping updates that are cheaper and faster by using crowdsourced information, obtained in real time from the millions of net-connected Toyota cars on roads.

Kuffner stressed that winning social acceptance for such technology, which in the future will become commercial products, was as much a challenge as perfecting the

IN this photo from 2019, James Kuffner, then Toyota Research Institute Advanced Development CEO, speaks during a workshop in Tokyo.

Toyota plans to hire more people and invest heavily in its subsidiary Woven Planet to work on mobility technology so the Japanese automaker stays competitive amid the global shift to using artificial intelligence and robotics in everyday driving. To make safe mobility we need both, great hardware and great software,” Woven Planet Holdings Chief Executive Kuffner said. (AP Photo/Koji Sasahara, File) software.

“When a person crashes, we have empathy for that person. We all make mistakes, and we think: That could have been me. If a computer crashes, people have no empathy,” Kuffner said in an interview with The Associated Press from

Portland, where he was visiting family.

“Making a computer system that is just as good as a human may not be good enough.”

Kuffner, who sits on Toyota’s board and is based in Tokyo, worked as part of the initial engineering team that built Google’s self-driving cars.

The latest Woven Planet deal follows the one in April to acquire Level 5, the selfdriving division of Lyft, for $550 million.

That deal, once approved, will raise the number of employees at Woven Planet from 860 to more than 1,000 people.

But Kuffner said he wanted to possibly quadruple that number, while acknowledging he was careful to avoid getting “too bloated or too bureaucratic.” The monetary value of Thursday’s acquisition was not disclosed.

San Francisco-based Lyft develops, markets, and operates a mobile app, offering vehicles for hire, motorized scooters and food delivery.

The addition of CARMERA is strategic for Woven Planet, whose Woven Alpha team is developing the automated mapping platform.

Woven Planet, formerly called the Toyota Research Institute, has been collaborating with CARMERA since 2018.

All major automakers are working on similar technology, and no one is ahead of the pack, said Koji Endo, auto analyst with SBI Securities Co. in Tokyo.

“We’re talking about two or three decades into the future, and so no one really knows for sure, to be honest,” Endo said, noting the automakers are partnering or investing in several players to hedge their bets.

“But one thing is clear: No one wants to fall behind.”

The various technology that allows cars to communicate with each other, drive themselves and slash emissions will mean improved safety, less traffic congestions and quicker parking, Endo said.

Kuffner said he hoped to bring his Silicon Valleytype expertise to Toyota, traditionally known for craftsmanship in hardware. Companies downsizing because of economic damage from the pandemic has proved an investment opportunity, he added.

Toyota has held up relatively well in the pandemic and has cash.

“Some things we’re going to do are going to fail. But, as I always tell my team, it isn’t a failure if you learn.

We are always going to be learning, in the spirit of ‘kaizen’ and improvement,” Kuffner said, using a longtime Toyota manufacturing term.

NOTICE

NOTICE

NOTICE is hereby given that FLEURISA AUGUSTIN ANOUSE, of Garden Hills #2, 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 15th day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that YVONNIA BLANC, of Pinewood Gardens, Nassau, 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 8th day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 14 JULY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1959.62

1.69

%CHANGE

YTD

YTD%

0.09 -132.84

-6.35

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.78 6.00 6.96 3.60 5.27 3.90 6.16 12.00 2.71 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 2.76 4.25 2.47 5.00 9.75 2.10 5.10 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

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 96.68 100.00 100.95 100.53 100.30 100.62 100.70

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.68 93.28 100.95 100.29 100.05 100.62 100.46

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

CLOSE 6.49 39.95 1.60 2.61 1.44 6.00 6.96 3.40 5.27 2.48 5.95 10.20 2.43 7.75 11.19 9.55 13.99 3.99 8.30 15.50

CHANGE 0.09 0.00 0.00 0.00 0.00 0.00 0.00 (0.13) 0.27 0.00 0.00 0.00 0.02 0.00 0.02 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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 BSBGR1070360 BSBGR1321391 BSBGRS630211 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.16 100.00 100.19 100.27 100.05 100.62 100.72

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.16 100.00 100.19 100.27 100.05 100.62 100.72

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 BGR107036 BGRS FX BGR132139 BGRS FL BGRS63021 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026

LAST CLOSE 6.40 39.95 1.60 2.61 1.44 6.00 6.96 3.53 5.00 2.48 5.95 10.20 2.41 7.75 11.17 9.55 13.99 3.99 8.30 15.50

VOLUME 4,000

3,900 3,240

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

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 27.2 42.9 N/M N/M N/M N/M 18.9 -7.8 37.6 13.5 13.3 14.1 23.8 16.6 17.3 13.1 17.1 19.7 8.8 24.6

YIELD 2.62% 3.15% 1.25% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.84% 3.70% 7.06% 17.86% 0.77% 2.93% 2.51% 3.86% 3.01% 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%

MATURITY 19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.29% 4.81% 4.53% 4.56% 4.50% 4.53%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 26-Aug-2036 15-Oct-2039 12-Dec-2021 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026

MUTUAL FUNDS 52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.12 8.75 10.46 7.40 15.99 12.72 10.39 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

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

NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.75 10.46 7.40 15.99 12.72 10.39 N/A 10.43 14.89

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% 3.13% 5.76% 4.29% 7.07% 1.70% 3.85% 14.99% 38.64% -1.20% -0.36% 3.43% 0.76% N/A N/A 3.00% 25.60% 7.90% 48.70%

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 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS 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

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

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

THE TRIBUNE

Thursday, July 15, 2021, PAGE 11

STOCKS END A WOBBLY DAY MIXED AND JUST SHY OF RECORD HIGHS

By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers WALL Street capped a wobbly day of trading with mixed results Wednesday, as a rally in technology stocks was kept in check by a slide in banks and energy companies.

The S&P 500 eked out a 0.1% gain after recovering from an early stumble and then losing much of its momentum by late afternoon.

The benchmark index recovered some of its losses from a day earlier, but finished just short of its all-time high set on Monday.

The Nasdaq composite slipped 0.2% despite gains by several big tech companies including Apple. Small company stocks continued to lag the broader market.

Investors had a mixed reaction to a new batch of earnings news from banks, airlines and other companies, as well as the latest report showing another rise in inflation.

They also kept an eye on the latest comments on inflation from the Federal Reserve chair, who reaffirmed the Fed’s view that the surge in costs across the economy is temporary.

“Investors right now are focusing on earnings because they are still buying what the Fed is saying about inflation (and) that it’s too early to start to raise rates and potentially slow a reopening economy,” said Sam Stovall, chief investment strategist at CFRA. The S&P 500 rose 5.09 points to 4,374.30.

The Dow Jones Industrial Average added 44.44 points, or 0.1%, to

34,993.23. The Nasdaq slipped 32.70 points to 14,644.95. The Russell 2000 index of smaller companies slid 36.51, or 1.6%, to 2,202.36.

Earnings Wall Street is closely watching the latest round of earnings for confirmation about the scale and pace of the economic recovery as people return to work, travel again and generally try to get back to some semblance of normal following the worst of the virus pandemic.

Banks mostly fell even after several of them turned in solid earnings reports. Citigroup gave up an early gain and fell 0.3%, despite reporting a more than five-fold rise in profits, helped by an improving economy

FOUNDER & CEO Kenny Dichter, of charter flight company Wheels Up Experience Inc., gavels trading closed after ringing the New York Stock Exchange closing bell, marking his company’s first day of trading, Wednesday, in New York. (AP Photo/Richard Drew)

that resulted in fewer bad loans on the bank’s balance sheet. Wells Fargo rose 4% for the biggest gain in the S&P 500 after reporting its most profitable quarter in two years.

Mixed results from Bank of America disappointed investors.

It fell 2.5% after reporting solid profits, but weak revenue.

Airlines showed more signs of recovery as people begin to resume travel for work and leisure. American Airlines rose 3% after giving investors an encouraging update on its second-quarter financial picture.

Outside of earnings, investors are still closely watching measures of inflation to better gauge how it could impact the recovery. Inflation at the wholesale level jumped 1% in June, pushing price

gains over the past 12 months up by a record 7.3%. The news on wholesale prices followed a report Tuesday that consumer prices increased in June by 0.9% and were up 5.4% over the past 12 months, the biggest 12-month gain in 13 years.

Inflation Federal Reserve Chair Jerome Powell suggested in testimony to a House committee that inflation will likely remain elevated, but eventually moderate, reinforcing the central bank’s position that rising inflation is a temporary impact from the recovering economy.

A key concern for investors has been how quickly the Fed will shift its interest rate policies in the face of rising inflation, but it

has signalled there is no imminent change coming.

Long-term bond yields were mostly lower. The yield on the 10-year Treasury note fell to 1.34% from 1.41% late Tuesday.

“If the market were truly worried by the inflationary numbers then the 10-year note (yield) probably would have gone up,” Stovall said.

Energy companies had some of the biggest losses, partly due to a 2.8% drop in the price of benchmark U.S. crude oil. Occidental Petroleum fell 7.5% for the biggest drop in the S&P 500, while Cabot Oil & Gas slid 5%.

Technology stocks notched solid gains, led by a 2.4% increase in Apple following a published report that the consumer electronics giant planned to increase production of iPhones.