07242023 BUSINESS

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Nassau flagship drives 1/3 of parent’s income

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NASSAU Cruise Port is being hailed as a flagship investment by its controlling shareholder with The Bahamas now accounting for almost one-third of its total group adjusted revenues and operating income.

Global Ports Holding, in its justreleased annual results, touted its $322m-plus transformation of Nassau’s “iconic” port as “a testament globally” to its development abilities as it revealed the facility generated some 31.2 percent of its total adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) during the 12 months to end-March 2023.

The 49 percent equity owner also disclosed that the $34.2m in adjusted revenues generated from port operations during that

period meant Nassau was responsible for 29.4 percent of the $117.2m total generated by a 27-strong worldwide portfolio of cruise ports.

And Nassau’s increasingly important contribution to Global Ports Holding’s financial performance was further highlighted by the fact that, over the 12 months

to end-March 2023, it had received 3.8m - or 41.4 percent - of the total 9.2m passengers that passed through the group’s operated cruise ports.

Michael Maura, Nassau Cruise Port’s chief executive, told Tribune Business that this nation’s proximity to the world’s largest cruise passenger source market in the UScombined with the industry’s shift to shorter three and four-night cruises post-COVID - meant this nation had recovered more quickly than other cruise-reliant countries and ports in Global Ports Holding’s portfolio.

And, while its controlling shareholder’s ports in the Mediterranean were impacted by cruising’s regional seasonality, with ships diverted to others regions during the colder winter months, Nassau and the wider Bahamas benefit from the act that the industry is a consistent yearround business in this area when hurricanes strike. Given that Global Ports Holding had just two operating ports, Nassau and Antigua, in the Americas

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Ex-minister: ‘Bahamians must invest in our nation’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Cabinet minister says he was “moved” by multiple factors to partner with Sir Franklyn Wilson in developing the Jack’s Bay project, and urged Bahamians: “We’ve got to invest in or country.”

Dionisio D’Aguilar, exminister of tourism and aviation in the Minnis administration, told Tribune Business that those “with a couple of dollars” to spare must put them to work by investing in tourism and other productive enterprises so that the wider Bahamian economy

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Bank stability at 7-year high on $400m profits

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMIAN commercial banking sector’s stability hit a seven-year high in 2022, the industry’s regulator has revealed, as combined profits soared nearly 59 percent to just shy of $400m.

The Central Bank, unveiling the 2022 Financial Stability Report, said the industry’s soundness was at its highest level since 2016

Bran plans $250k lawsuit over ‘crippling roadworks’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Democratic National Alliance (DNA) leader will this week initiate legal action against the Government over $250,000 in loss and damages his law firm suffered when it was “crippled” by the Village Road roadworks.

Branville McCartney, the Halsbury Chambers principal, pledged to Tribune Business he will start work on his law firm’s claim once he returns from his daughter’s university graduation as he accused government ministers

and officials of being “as quiet as a mouse” over his concerns.

He added that, despite writing to Alfred Sears KC, minister of works and utilities, and Luther Smith, the ministry’s permanent secretary, three times since April 2023 to set out his firm’s case for compensation he has “not even had the decency of a response” or acknowledgement.

Mr McCartney’s claim is separate and distinct from the collective compensation that Village Road businesses are seeking over the loss of business,

thanks largely to improved profitability and system liquidity following the travails caused by COVID-19. Pointing to its Banking Stability Index, which combines these factors with others such as asset quality and soundness, the Central Bank said: “In 2022, the Banking Stability Index, which measures the soundness of deposittaking institutions in The Bahamas, continued to

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VILLAGE Road roadworks.

MICHAEL MAURA

FROM L to R: Sir Franklyn Wilson, Dionisio D’Aguilar and Tommy Turnquest.

The residents of Grand Bahama have become very weary when it comes to the prevailing economic conditions on their island. As the prolonged economic downturn persists, many have directed their frustration towards the Grand Bahama Port Authority (GBPA), seeking to hold it accountable for the lack of progress. However, this - and present events - give rise to a fresh concern. If the GBPA were to exit its current role in Freeport, what plans does the Government have in place to ensure investment and bring economic prosperity to both that city and the wider island? This uncertainty has given rise to doubts and questions regarding the Government’s readiness and ability to chart a successful path forward for Grand Bahama.

The absence of a clear road map to economic prosperity has exacerbated the worries of Grand Bahamians. The lack of transparency and public communication from the Government regarding its strategy and vision for the island’s future have left many feeling apprehensive. Without a comprehensive plan that instills confidence in residents, the Government’s ability to lead Grand Bahama

towards sustainable growth and prosperity remains uncertain.

In the following discussion, we will delve into the complex dynamics between the GBPA and the Government, examine the challenges faced by Grand Bahama, and explore the pressing need for a transparent and robust plan that can instill hope and confidence among the residents.

The goal is to ascertain whether the Government can be trusted to navigate the uncertain waters, and revive the economy of Grand Bahama, even in

the absence of the GBPA’s involvement.

Tension with the GBPA

The Hawksbill Creek Agreement (HCA) has been pivotal in shaping the relationship between the GBPA and the Government of The Bahamas. Signed in 1955, the Hawksbill Creek Agreement granted the GBPA substantial powers over, and responsibilities for, the development and management of the Freeport area in Grand Bahama.

Under the agreement, the GBPA was entrusted with fostering economic growth, attracting investments and creating job opportunities within the designated Freeport zone. The agreement offered various incentives, including tax breaks and duty exemptions, to entice businesses to establish operations in Freeport. This unique arrangement aimed to develop a second Bahamian city, stimulate economic activity and transform Grand Bahama into an industrial hub.

Over the years, tensions, and disputes between the GBPA and the Government have frequently arisen, primarily concerning the interpretation and implementation of the Hawksbill Creek Agreement. These conflicts have often revolved around issues such

as taxation, land ownership and the division of powers between the GBPA and the Government.

Critics argue that the Hawksbill Creek Agreement, while initially successful in attracting investments, has limited the Government’s ability to exercise full control and oversight over the development and economic policies in Grand Bahama. Some have questioned the effectiveness of the agreement, claiming it has hindered the Government’s ability to intervene and address pressing economic challenges on the island.

Conversely, proponents of the Hawksbill Creek Agreement highlight its role in facilitating foreign direct investment and fostering economic development in the Freeport area. They argue that the agreement has provided stability and certainty for businesses operating in Grand Bahama, contributing to job creation and overall economic growth.

Despite the tensions and occasional conflicts, both the GBPA and the Government recognise the need for collaboration and co-operation to drive the economic revival of Grand Bahama. Efforts have been made in the past to address the issues surrounding the Hawksbill Creek Agreement through negotiations and dialogue. These discussions have aimed to strike a balance between the GBPA’s autonomy and the Government’s role in promoting economic prosperity and addressing the needs of the local population.

The Government must demonstrate its commitment to transparent and inclusive decision-making, engage with stakeholders and outline a clear plan for investment and revival.

Navigating the complexities of the Hawksbill Creek Agreement, and addressing the concerns of Grand Bahama residents, will require a delicate balance between honouring the spirit of the agreement and ensuring the Government’s ability to lead and guide the island’s economic future.

Collaborative efforts and open dialogue will be crucial in building trust, finding common ground and forging a path towards what is beneficial to the residents of Grand Bahama and the overall prosperity of The Bahamas.

Where do we go from here?

To ensure confidence and address the existing lack of trust, the Government should proactively implement a series of measures to boost economic conditions on Grand Bahama. One crucial aspect is creating an enabling business environment. The Government should streamline bureaucratic processes

and simplify regulations to make it easier for businesses to operate on the island. By reducing red tape and ensuring transparent procedures, the Government can demonstrate its commitment to creating a business-friendly environment that attracts domestic and foreign investors.

FREEPORT’S REVIVAL MAP WITH OR WITHOUT GBPA SIMMS

Diversifying the economy is another essential step to instill confidence. Recognising the need for economic diversification, the Government should actively promote and support new sectors on Grand Bahama. Investing in renewable energy, technology, agriculture and creative industries can provide alternative sources of growth and employment. Encouraging entrepreneurship and the providing necessary resources can empower local businesses and foster innovation, ensuring a more resilient and diverse economy.

Infrastructure development is crucial to enhance the island’s competitiveness and attract potential investors. The Government should prioritise investments in transportation networks, utilities and technology infrastructure. Improving connectivity and efficiency will not only benefit businesses but also contribute to the overall economic development of Grand Bahama. It is imperative that these infrastructure projects be executed with transparency and accountability to reassure residents their interests are being considered.

Investing in education and workforce development programmes is also paramount to address the evolving demands of the job market. The Government should collaborate with educational institutions, industry stakeholders and international partners to provide the correct skills training, entrepreneurship initiatives and apprenticeships. This will ensure the local workforce is equipped with the necessary skills to participate in emerging industries and attract investment. By investing in human capital, the Government can provide opportunities for residents and demonstrate its commitment to their long-term economic well-being.

Finally, tourism promotion and investment play a vital role in driving economic growth on the island. The Government should actively promote Grand Bahama as a tourist destination and attract investments in the sector. Strategic marketing campaigns, collaborations with travel agencies, and partnerships with cruise lines and hotel developers can drive tourism growth. Clear plans for infrastructure development and sustainable tourism practices should

be communicated to build confidence among residents and potential investors, assuring them of the Government’s commitment to maximising the potential of the tourism industry.

Implementing these measures should be a priority for the Government in building confidence and trust among the residents of Grand Bahama. Transparency, accountability and consistent communication about progress and plans are vital to demonstrate that the Government is actively working towards revitalising the island’s economy.

The National Development Plan

If the GBPA was to exit its quasi-governmental responsibilities in Grand Bahama, the National Development Plan (NDP) could play a crucial role in guiding the Government’s efforts to revive the island’s economy. This serves as a strategic framework that outlines the Government’s long-term goals, objectives and policies for sustainable development across the country. In the absence of the GBPA, the Government would need to rely on the National Development Plan to provide a road map for economic recovery and growth specifically tailored to Grand Bahama. The plan would serve as a reference point, guiding the Government’s decision-making process and ensuring that efforts are aligned with the broader national development objectives. The plan’s comprehensive approach, encompassing economic, social and environmental considerations, ensures a holistic and sustainable approach to economic revitalisation. It serves as a vital tool in guiding the Government’s actions, enabling it to implement targeted policies and initiatives to revive the island’s economy in a post-GBPA scenario.

Conclusion Whether the GBPA remains or not, the Government must step up and take charge to boost economic conditions on Grand Bahama. This involves creating an enabling business environment, diversifying the economy, investing in infrastructure, prioritsing education and workforce development, promoting tourism and engaging the local community. These actions should be guided by the National Development Plan, which can provide a strategic framework to drive economic recovery and growth.

However, it is crucial for the Government to address the existing lack of trust among residents. By demonstrating transparency, accountability and tangible results, the Government can rebuild confidence in its ability to navigate the complex economic challenges faced by Grand Bahama.

In moving forward, collaboration and cooperation between the Government, the GBPA, private enterprises, international organisations and the local community will be vital. Only through united efforts and a shared vision can Grand Bahama overcome its economic struggles and embark on a path towards sustainable growth and prosperity.

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BAHAMAS WOULD FACE ‘DISASTER’ WITHOUT MAJOR DEFICIT REDUCTION

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A GOVERNANCE reformer yesterday hailed the Government’s 20232024 Budget as correct for the times since The Bahamas would be facing “disaster” without a major cut to the annual fiscal deficit.

HUBERT EDWARDS

Hubert Edwards, the Organisation for Responsible Governance’s (ORG)

economic development committee head, told the Rotary Club of West Nassau that while the Budget is “imperfect” it pledges to deliver an almost-75 percent year-over-year slash to the deficit.

The latter measures the difference between how much the Government spends and what it earns, in terms of taxes and other revenue income, with the gap having to be filled by borrowing that adds to the near-$11.5bn national

deficit. For 2023-2024, the deficit is forecast to shrink to $131.1m compared to $520.6m that was projected for the just-closed 20222023 fiscal year.

Mr Edwards, noting that the Davis administration has set a trajectory where it is seeking to first reduce, then eliminate, the deficit and generate a Budget surplus, said: “The 202324 Budget is, in my view, an imperfect one. But, in macro terms, it’s the Budget which is needed for this

‘Disgruntled’ tourists seeking BPL refunds

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SOME Family Island resorts are reporting that “disgruntled clients” are demanding refunds due to the frequent Bahamas Power & Light (BPL) outages that are disrupting their experience of The Bahamas.

Arnette, the owner of Acklins Creekside Bonefish Lodge, said the property and its guests had to endure the equivalent of five full days without any power during June and July. The lodge does not possess stand-by generators able to power the whole resort, instead possessing smaller engines capable of only powering the three-foot freezer and a fridge.

Pointing to multiple power outages lasting as long as five hours, and occurring three times per week on average, the Acklins Creekside Bonefish Lodge has also suffered surges - once BPL supply is restored - that have knocked out three 32-inch TVs as well as surveillance cameras and computers,

as well as a 15 pound ice machine.

“Clients left disgruntled requesting refunds, although weather conditions were extremely poor,”

Arnette wrote. “Operating the little generator costs a minimum $500 weekly.” The loss of BPL power, she added, meant that some food supplies went bad.

Other Family Island resorts reported similar difficulties and challenges due to BPL’s inconsistent electricity supply. Yvonne Rolle, owner/operator of Rollez Villas, Cat Island, told Tribune Business that the consistent outages have rendered her resort uncomfortable for guests.

She said: “The power keeps going in and out, but thankfully no guests have cancelled. But they have been complaining about the lack of Internet service because of the power cuts. They keep asking when will the Internet come back on? We have tried our best to keep things bearable and hospitable, and make up for shortages in that area.”

Shirley Rolle, owner/ operator of Pine Island Resort, North Andros, said electricity supply has been stable for the past week

after replacement generation capacity was installed following the fire that destroyed the area’s power plant. “When it was off it cost me a few guests, but it gave me time to do some maintenance to my place,” she added.

Jeff Birch, general manager of the Small Hope Bay Lodge in North Andros, said that because his location has been receiving power from BPL’s Central Andros Fresh Creek station the resort as endured little disruption.

He said: “I think that they determined that the central area surrounding the Fresh Creek station is on regardless of where they’re sharing the power. In other words, whether they shut off the south or the north, the surrounding area of Fresh Creek, Calabash Bay and Love Hill, they seem to not be on the same schedule of sharing power. So we haven’t had to have the same burden that I think some of my brothers and sisters have had.”

Cheryl Bastian, owner/ operator of Swain’s Cay Lodge, Mangrove Cay, added: “We have our standard power cuts once or twice a week, but that’s no

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mystery. But it’s horrible and it was worse when the plant went down for the folks in the North. But in Mangrove Cay south, it has been OK, and there hasn’t been anything out of the usual.”

Chamon McIntosh of the Bluff House, Green Turtle Cay, Abaco, said BPL’s outages average between four to nine times per week, averaging 30 minutes per time, with electricity off for over four hours on one occasion.

She added: “We have some units that don’t have back-up generators, and the backlash from the renters can be a bit much as they think it’s something that we can predict or even fix ourselves, which isn’t the case.”

“Generator maintenance varies each month as we can have no issues for months and then, one day, we experience multiple issues which

particular time. I submit to you that any Budget presented in this time, which fails to deliver a significant downward trajectory of deficit, would be a disaster, plain and simple.

“When we think about the deficit, which is to be delivered this year, it’s a reduction from a 3.8 percent [of GDP] deficit. Next year, or the current fiscal that we’re in, 2023-2024, is expected to be at a 0.9 percent deficit. And then we roll into a surplus for the

have to have a technician come in and diagnose and fix them. For fuel, in total for our resort, I would say we will spend about $300 a week in fuel and the maintenance can be upwards of $3,000 annually if not more if a more serious problem occurs.

Ms McIntosh added:

“The group of BPL workers that I encounter when they arrive to fix issues are very helpful, caring, and they do inform us when they think power will be restored and what the issues were. I think the major issue is

next three years, from 0.7 percent to 1.8 percent to 2.1 percent.

“All of this foreshadowing, growth and development, it is the Budget which was required at this point in time because there is significant messaging in that trajectory; moving down in the deficit, and then growing up into a surplus.”

Mr Edwards warned, though, that the

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that the amount of power (KW or MW) needed to power all of Abaco is not being met with the current engines and generators that BPL has in place.”

Justin Dubowitz, Cape Eleuthera’s general manager, said BPL power outages are “very disruptive” and have destroyed various electrical equipment around the resort.

“This affects the guest experience of our marina and hotel guests,” he added.

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ABACO FIRM OPENS $5M INDOOR STORAGE FACILITY

AN ABACO business has opened its new $5m indoor storage facility after it was forced to shut down by a combination of Hurricane Dorian’s devastation and the COVID-19 pandemic.

Stephen Albury, President of Bay Breeze Marina and Storage Yamaha of Abaco, confirmed that the 30,000 square foot store opened in Dundas Town in late June. “It’s my passion,” he said. “I’ve wanted to do an indoor storage facility since we moved to Abaco in 2004.

“After Dorian we shut down completely and had to reorder our entire inventory that was actually on the island before the hurricane hit. We got them back in, and we were ready to get started and then COVID hit. So we had to slow down again. So, we’re now almost four years later at the point where we are fully opened.”

Construction on the new building took three years, added Mr Albury,

as he initially imagined rebuilding to half the size. But, during the pandemic, the availability of Hotels Encouragement Act incentives and rebuilding exemptions prompted the family to double the facility’s size.

Mr Albury said his family has been involved with the Yamaha brand since 1996, and described Bay Breeze Marina as being the “first true indoor storage facility for boats in The Bahamas”. The new store has the capability of hauling boats up to 42 feet in length and 24,000 pounds in weight, plus servicing any Yamaha outboard that is on the market with parts and motors in-stock.

“We’ve got some plans to also add two-bedroom, two-bath waterfront bungalows with dock access. Cut out at the point in our safe harbour marina in 2024.

Dundas Town is outside the main harbour entrance and has unrestricted access to the sea of Abaco. It’s a central point for many

FOCOL unveils app to ‘manage fuel budgets’

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FOCOL’s top executive has hailed the company’s Smartpass app as “the first of its kind in The Bahamas” given that it will offer motorists the ability to purchase fuel at the pump using modern payments technology.

Dexter Adderley, the BISX-listed petroleum products supplier’s president and chief executive, said the app will allow consumers to purchase gasoline self-service at all Shell’s New Providence stations without having to pay via the cashier or handing cash to the pump attendant.

Quick to say the initiative is not designed to replace pump attendants, he added that it is designed to provide Bahamian motorists with greater payments convenience and flexibility.

“The FOCOL Smartpass, the first of its kind in The Bahamas, is more than just an app. It is another way to make your lives easier, your transactions faster and your experience with us more delightful,” Mr Adderley said, “and we recognise that technology, no matter how sophisticated, can never replace the human connection that forms the cornerstone of ourselves.”

Clinton Rolle, managing director of Sun Oil, a FOCOL subsidiary, said: “FOCOL’s Smartpass has been carefully designed with you in mind to deliver an unparalleled convenience that matches the rapid pace of our lives. But the benefits go far beyond convenience.

“We understand the value of security in today’s digital landscape. The FOCOL Smartpass uses cutting edge encryption and robust security protocols to protect your personal and financial information. Moreover, by tracking your fuel consumption, the app can help you manage your fuel budget more effectively. I am

people, easy access, and they don’t have to enter the main Marsh Harbour,” Mr Albury added.

Open from 8am to 4pm, Monday through Friday, and by appointment on weekends, the store has a staff complement of seven Abaco residents. In addition to its fuel, maintenance, outboard and repair services, Bay Breeze provides a 24-hour securitymonitored facility along with concierge services.

thrilled to announce that as I stand here, FOCOL Smartpass is now accepted at all Shell service stations in New Providence.”

The Smartpass App is available in the Google Play Store or Apple Store for download. Fabian Fernander, Sun Oil’s sales and marketing manager, said: “We add another milestone to our journey, reflecting our commitment to excellence, convenience and, above all, fuelling growth for people.

“Our FOCOL Smartpass app is not just a mobile app; it’s a revolution and fuelling convenience. It’s our latest step and integrating cutting edge technology into our services, all designed to make your experiences with us as efficient and delightful as possible.”

New highs for old companies

ARTIFICIAL intelligence (AI) has been the new hype on Wall Street over the past six months, and investors are looking at start-ups and already-established companies to benefit from it.

Four months ago, Microsoft proudly announced that Microsoft 365 would use AI to transform the office software into “the most powerful productivity tool in the world”. This is supposed to be made possible, among other things, by the technology behind ChatGPT-4, in whose developer, OpenAI, the group has invested several billion dollars. Now the investor is learning how the company wants to monetise its investment. And Wall Street likes it.

Microsoft announced prices for the use of its AI co-pilot for the first time at an event for partner companies on Tuesday last week. Corporate customers have to pay $30 per user, per month for the new tools. After paying this fee, the

co-pilot should support users in creating documents, e-mails, presentations or tables in programs such as Word, Excel, Powerpoint, Teams, Outlook and others. The interaction with AI should take place in natural language. For example, the system could be instructed: »Inform my team about our new product strategy«, whereupon the software would generate a corresponding status update, including accompanying data and information based

FOCOL aids BPL probe into contaminated fuel

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FOCOL’s top executive has confirmed it is assisting Bahamas Power & Light (BPL) with the latter’s probe into how contaminated oil rendered one of the latter’s North Andros generation engines inoperable for several days.

Dexter Adderley, the BISX-listed petroleum

products supplier’s president and chief executive, said an investigation is underway to determine how oil contaminated with water was supplier to BPL’s facilities in North Andros.

“The situation has been normalised and we are back to normal,” Mr Adderley said.

“FOCOL delivers millions of gallons on a monthly and annual basis. We are very confident in our systems and our processes.

on meetings, e-mails and chats. Likewise, the office co-pilot can be instructed to reformulate letters in Word for a specific purpose, to analyse Excel spreadsheets or to automatically create PowerPoint presentations based on various documents. A work assignment such as this would be particularly useful after the employee’s annual holiday: “Create a summary of the e-mails I missed during my vacation and mark all important messages”.

We have no doubt in our ability and the reliability of our systems and processes. The North Andros model is a very unique model and we are we are assisting BPL with their investigations.” The BISX-listed firm is also “well on its way” to recovering from COVID-19 and soon hopes to return to pre-pandemic profitability.

“We are benefiting from the rebound in the local tourism industry and we’re looking forward to ending our year back on track on pre-COVID levels,” he added.

Mr Adderley acknowledged that FOCOL, together with other petroleum wholesale suppliers,

In addition to cloud services, the Microsoft 365 office software is one of the Windows group’s big money machines. For the 2023 third quarter, which ended in March according to Microsoft’s calendar, the company reported a 13 percent increase in sales for its versions of the software alone. Overall, the “Productivity and business processes” segment, to which the Office products belong, achieved sales of

also wants the Government to grant it a margin increase similar to what the Bahamas Petroleum Retailers Association is seeking. However, he added that the industry understands the timing of any increase may

$17.5bn in Microsoft’s third quarter.

The stock market seems to be counting on the fact that the lure of these new opportunities will prompt many companies to conclude corresponding contracts. Microsoft’s share price rose during the last six months by approximately 43 percent, and hovers near record highs around $347.

But the competitors are watching. Apple is not being idle over artificial intelligence trends. The iPhone company is working on software that is intended to compete with ChatGPT, and internal engineers already call it AppleGPT.

Apple’s chief executive, Tim Cook, last emphasised in May that the company sees great potential in software with AI but wants to use it with care. The group uses functions with machine learning and artificial intelligence, for example, to improve photos, auto-correct when writing or to recognise

not be appropriate from the Government’s perspective despite the last rise in the wholesale segment’s 33 cents per gallon margin

SEE PAGE B6

car accidents and falls. Apple also pioneered voice assistants with the Siri software more than a decade ago. Investors are also hopeful, and Apple’s share price rose by approximately 37 percent during the last six months to around $194.

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REFORMS TO BOOST FINANCIAL SERVICES INDUSTRY FLEXIBILITY

technical things, but they are fundamental, even in an increment, to the advancement of our industry.

REFORMS to two key corporate products will boost the Bahamian financial services industry’s competitiveness by enabling it to provide more flexible structures to clients, the Attorney General has charged.

Ryan Pinder KC, speaking on the reforms to the Exempted Limited Partnership (ELP)Act and the International Business Companies (IBC) Act in the Senate, said the changes will impact commercial corporate structures as well as the investment funds industry.

He said: “These pieces of legislation are important for our second industry in our country, our financial services industry. Yes, they’re technical. And yes, they do

“The amendments before us are important. They’re important in our investment funds industry. They’re important in our commercial structuring industry. And they are important to provide the flexibility required by our financial services industry to be able to stay competitive.”

Mr Pinder explained that the IBC Act changes will allow ELPs incorporated in The Bahamas to be convert into an IBC. He said: “This Bill looks to insert a new section 84(c) into the principle Act and it’s a straightforward amendment. It allows and empowers, for Exempted Limited Partnerships incorporated in The Bahamas, to be able to convert and continue [as] an international business company.”

FOCOL AIDS BPL PROBE INTO CONTAMINATED FUEL

FROM PAGE B5

coming more than 20 years ago.

“FOCOL, we’re a part of the wholesale community. We have been in discussions with government. Government has been very

clear in what their position is. I’m really doing our best to co-operate with the Government. We all can do with a margin relief, yes. But we understand the local economic environment and

He added that reforms to the ELP Act will allow this product to continue as a limited partnership in another jurisdiction and also be converted, if the client desires, into an investment condominium (ICON). “What this bill does is add a number of sections that deal with the continuation of entities.

In particular, this allows for the continuation of an Exempted Limited Partnership as a limited partnership in another jurisdiction,” Mr Pinder said.

“So a Bahamian partnership can now be continued out of the jurisdiction into another partnership in another jurisdiction. This also allows for the conversion of an Exempted Limited Partnership into an investment condominium.” Mr Pinder said the later reform is particularly important to the financial services industry’s Brazilian customers.

we’re being as patient as we can,” said Mr Adderley. Meanwhile, FOCOL is “well on its way” to developing its Grand Bahama solar power project. Bahamas Solar and Renewables (BSR), a FOCOL subsidiary, and the Grand Bahama Power Company (GBPC), entered into a power purchase agreement (PPA) for the former to supply 5 Mega Watts (MW) of

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He added: “An investment condominium is a particular entity, a particular structure actually created when I was minister of financial services, to allow for a framework for investment funds for our civil law country clientele. Primarily Brazilian clients, where they have a different view of entities in their laws. And many of their investment funds are structured as condominiums. And so what this allows is for an Exempted Limited Partnership under Bahamian law to continue.”

The Attorney General said the reforms to both Acts will allow assets, liabilities and taxes to be carried over from one product to the next, thereby strengthening the commercial structuring regime.

“These are technical Bills, but they’re important Bills in the world of financial services and commercial structuring. Being

energy to Grand Bahama’s grid.

“We’re very pleased to be working with the GBPC, and we’re looking forward that, as we committed, within a year to have that project up and in operation and being managed by Bahamian engineers and technicians,” Mr Adderley said.

able to convert your entity into a different type of entity is fundamental for a number of reasons,” he said.

“In law, when you dissolve an entity, you have adverse tax effects. You have certain minority interest rights that come into play. You have a number of different legal obligations and rights that come with dissolving an entity. As you can see in these Bills, when you continue an entity, the corporate fundamentals of that entity continue - the assets, the liabilities, the tax implications, the ownership of this continues into the new entity. This is important from a structuring point of view.”

Mr Pinder said the reforms will incentivise nigh net worth clients and their advisers to continue doing business within The Bahamas. He added that the financial services industry

must continually evolve and not “sit on our laurels”.

“It’s also important, from a client’s point of view, to have confidence in the country,” he added. “To allow that client to have the flexibility to continue a fund, for example, that may be a partnership into an investment condominium is vital to keep that client in this jurisdiction.

“And Lord knows we need to continue to innovate and evolve to keep our clients in this jurisdiction. I support continued innovation in the industry. It’s vital when you see banks closed down. We’ve always had a policy that you see asset managers come into existence, evolve the industry into new types of offerings and activities. That is the game that we are in. Gone are the days we could sit on our laurels and have the same approach year after year.”

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positionavailable1985@gmail.com

SUBJECT: Human Resources - Accountant

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For a well-established accounting frm. Successful candidate will be assigned to a portfolio of clients, primarily in the restaurant industry.

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• Prepare payroll and vendor payments on a weekly basis

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• Comply with nancial policies and regulations

• Compute and prepare Value Added Tax returns

• Assist and other tasks as deemed necessary

Requirements and skills

• Minimum of (3) years’ Work experience as a bookkeeper

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Please send resume to: newcareer591@gmail.com Deadline to apply: July 31st, 2023

Bran plans $250k lawsuit over ‘crippling roadworks’

and property damage, they sustained from roadworks that lasted well over a year and were extended several times beyond their completion date. He and Halsbury Chambers are asserting that they, individually, were effectively put out of business for two weeks last July when a power “outage” destroyed all electrical equipment.

Asserting that the lack of response is evidence of “the same old, same old”, despite the Davis administration’s promise of ‘new day’ governance, the ex-DNA leader told this newspaper: “I’ve asked the Government, by way of a letter a few months back, to compensate my firm for the loss of business and damages done last July as a result of the roadworks.

“That really outed my firm for about two weeks because of the damage done to by the road development to my offices, which caused all of my equipment - from computers to alarm systems, cameras, the Internet, phones - everything went down. We had to buy new equipment. We were crippled business-wise for about two weeks.

“I’ve written three letters to the Government about that, in addition to the damage done to my property; the parking lots and the islands,” Mr McCartney added of the roadworks. “I’ve written three letters to the Government - to each of the minister, the permanent secretary and Mr Emil Knowles of Knowles Construction, who was in charge of the road construction.

“I’ve not received one iota of a response from Mr Sears, nor the permanent secretary, but Mr Knowles has acknowledged, I think, that physical damage was done to the property and we were supposed to arrange a time for him to come to inspect and, hopefully, redress the situation in that regard.

“But I’ve not had the decency of a response from Mr Sears nor the permanent

secretary at the Ministry of Works notwithstanding that we sent in a number of letters. I will tell you that our next step will be to bring an action against the Government. I intend to do that as soon as I get back on island this coming week,” he continued.

“We started sending letters in from earlier this year. If I’m not mistaken, it was from April. I’ve sent three letters to Mr Sears, the permanent secretary and Mr Knowles. They’re as quiet as a mouse apart from Mr Knowles, as he acknowledged certain damages being done. It’s a matter of him coming to do an assessment and to resolve.”

Detailing on what grounds he will initiate legal action against the Government, Mr McCartney said: “We will be suing the Government for loss of business, for damages, for loss of equipment. That is to the tune of around quarter-of-a-million dollars.

“It’s very frustrating. This is supposed to be a ‘new day’ government, but it’s the same old, same old in terms of lack of reply, lack of response. You always wish to have these matters resolved, and come to some agreement, prior to taking any further steps but the Government has failed to give any type of acknowledgement.

“It’s the same old, same old. I find it to be disrespectful, quite frankly, very disrespectful. And out of order. If I cannot get any answer from them I will take it to the court for the court

to give some direction as to what should be done.”

Asked how he felt over the Government’s lack of response, Mr McCartney replied: “It’s frustrating to no end, it’s frustrating to no end. Alfred Sears is a businessman, he’s an attorney. He would know how it is if your firm is knocked out for about two weeks and you’re lacking the equipment to do your work but not a reply. The letters were personally served at his office and send by e-mail. We saw where he received one of the e-mails.”

Away from Mr McCartney and Halsbury Chambers’ personal situation, Village Road-based businesses as a collective are still waiting to learn how the Government plans to follow through on previous pledges to provide some kind of financial compensation for the loss and damages they suffered due to the roadworks either cutting of customer access or deterring clients from visiting the area altogether. No details or timeline have yet been forthcoming.

Michael Fields, president of Four Walls Squash and Social Club, told Tribune Business that the group is seeking to “get things back on track” and arrange another meeting with the Government to see where the issue stands after “backing off” to allow the Davis administration to focus on the 2023-2024 Budget and subsequent debate.

Confirming that the group’s collective mission, and compensation proposal, has not changed, he added: “To be quite frank, it’s gone quiet. We’re actually probably going to set up a meeting this coming week to get things back on track.

“It’s in the Government’s hands. They came out and promised some things. I think Michael Halkitis [minister of economic affairs] made a statement about two months ago that they were considering a package, and would announce a package, and after that it went quiet.

“We backed off because it was Budget time,” Mr Fields

continued. “We haven’t heard anything. We’re going to follow up and, to be quite frank, we had not actually been following up because we knew it was the Budget cycle and wanted to give the Government an opportunity to get through that.

“Obviously there’s frustration, but we also understand that things come to a halt around Budget time. We recognise that. Obviously, with the summer months and increase in BPL costs, many businesses are still struggling to get back on their feet and anything will help. We presented our case. The Government listened. The Government made some promises to do something. It’s really now to see what they come up with.”

Some Village Road businesses saw sales plummet by up to 70 percent during peak roadworks activity last year. Some 15 companies had signed their names to a letter authored by Mr Fields where it was suggested the Government provide “refurbishment grants” for residents and business owners to repair damaged premises, vehicles and other facilities impacted by the project. It also called for Bahamas Power & Light (BPL) bill discounts, and “full sponsorship” of a collaborative marketing campaign to entice consumers back to the Village Road area. VAT credits, plus Business Licence and real property tax waivers,

were also suggested as mechanisms to compensate for the damage inflicted by roadworks that have caused consumers to avoid the area “like the plague” and resulted in up to a 46 percent income losses for businesses. It is not unheard of, though, for the Government to provide tax breaks and other concessions for businesses impacted by long-running roadworks projects. The last Christie administration did so for the New Providence Road Improvement Project that impacted multiple businesses in numerous areas of the island more than one decade ago.

BRANVILLE MCCARTNEY

Bank stability at 7-year high on $400m profits

improve underpinned by the ongoing strengthening in the domestic economy. The index increased to 2.01 from 1.53 in 2021, signalling that the sector remained sound.

“Specifically, the normalised profitability indicator rose to 1.04, higher than the 0.61 firming in the previous year, reflective of an increase in profitability, as returns on both assets and equity sustained its positive

trend in 2022, extending the gains in the preceding year. In addition, the liquidity indicator firmed to 0.53 from 0.46 in 2021, as banking sector liquidity maintained robust levels.

The normalized asset quality indicator also moved higher to 0.47 from 0.42 in the prior year.”

Commercial bank profitability was boosted by the Bahamian economy’s post-COVID re-opening and recovery

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from the pandemic. This, and the return of thousands of Bahamians to full-time work and normal hours, meant many borrowers were able to meet their loan obligations once again and, as a consequence, banks were able to recover multi-million dollar loss provisions taken during COVID’s peak.

“Domestic banks reported net profits of $397m in 2022, extending the previous year’s $254.7m net earnings,” the Central Bank said. “Contributing to this outturn was a decline in provisions for bad debts and reductions in staff and occupancy costs. Correspondingly, the ratios of net income to average monthly assets (return on assets), and to equity (return on equity) grew to 3.5 percent and 17.9 percent, respectively, from 2.3 percent and 10.9 percent in 2021.

“Total provisions for bad debts fell by $140.1m (27.5 percent) to $371.8m, extending the 10.9 percent decrease in the previous

year. As a result, the attendant ratio to average assets declined by 1.2 percentage points to 3.2 percent. In addition, depreciation costs reduced by 4.6 percent, a turnaround from a 20.6 percent rise in 2021, with the attendant ratio lower by one basis point at 0.17 percent.

“In contrast, total operating costs increased by 2.3 percent after an 11.6 percent reduction a year earlier for an eight basis points rise in the relevant ratio to 3.6 percent. Further, the ratio of net interest income to average assets firmed by eight basis points to 4.7 percent while the ratio of commission and foreign exchange income to average assets moved higher by seven basis points to 0.5 percent.” Breaking down the improvement in loan delinquencies witnesses in 2022, the Central Bank added: “Total private sector loan arrears contracted by $169.6m (21.8 percent) to $610.2m at end-December 2022, a reversal from a growth of $6.7m (0.9 percent) in the prior year.

“The decline was led by the reduction in consumer loan arrears, with more modest decreases reported

for commercial delinquencies and mortgage arrears. Consequently, the ratio of arrears to total private sector loans fell by 2.9 percentage points to 11.4 percent following a 42 basis point rise a year earlier.

“A disaggregation of delinquencies by average age showed that the nonperforming loan segment decreased by $113m (21.4 percent) to $414.9m, a switch from a $53.4m (11.2 percent) gain in 2021. The outturn was occasioned by reductions for all loan types, with non-performing loans for consumer loans lower by $87.7m (43.6 percent), mortgages by $23.1m (8.3 percent) and commercial arrears by $2.2m (4.7 percent),” the regulator continued.

“By comparison, shortterm (31-90 days) arrears reduced by $56.6m (22.5 percent) to $195.2m, extending the year-earlier $46.6m (15.6 percent) decline. In particular, mortgage delinquencies fell by $33.8m (21.2 percent), while commercial and consumer arrears were lower by $14.1m (59 percent) and by $8.8m (12.7 percent), respectively.

“As a result, the non-performing loan ratio against

total private sector loans decreased by 1.9 percentage points to 7.7 percent, while the ratio of past due loans to total private sector loans narrowed by one percentage point to 3.6 percent.”

Turning to commercial banking sector liquidity, the Central Bank said: “Banking sector liquidity remained buoyant in 2022, supported by government’s foreign currency borrowings and receipts from real sector activities. As a share of total assets, banks’ holdings of liquid assets grew by 3.5 percentage points to 37.3 percent, outpacing a year-earlier 1.4 percentage point gain.

“Further, the ratio of liquid assets to short-term liabilities rose by 2.1 percentage points to 48.8 percent, exceeding the previous year’s 1.0 percentage point improvement. The ratio of deposits to total loans firmed by 13.3 percentage points to 135.5 percent, following a more modest 7.6 percentage point gain in 2021. Meanwhile, the ratio of demand deposits to total deposits strengthened by three percentage points to 50.6 percent, extending the 2.5 percentage point increase in 2021.”

Ex-minister: ‘Bahamians must invest in our nation’

can enjoy much faster growth rates.

Speaking after it was confirmed he is joining Sir Franklyn and multiple other Bahamians as an investor in the Eleuthera-based project, he disclosed that he is targeting returns higher than the standard 6-7 percent available on standard Bahamian dollar preference share issues.

Declining to confirm the size of his Jack’s Bay investment, or the equity percentage he will hold in the development and its immediate parent, Eleuthera Properties Ltd, Mr D’Aguilar told this newspaper that Sir Franklyn and the project’s management/financial team made “a very credible case” as to why he should entrust them with his capital.

In particular he noted that fellow ex-tourism minister, Tommy Turnquest, with whom he worked while in government as chairman of Bahamasair, is managing Jack’s Bay’s day-to-day operations - a factor that gave him extra confidence and made the decision less risky.

“I was moved by the presentation, moved by the project, moved by the other people involved in the project to invest. I was moved

to invest,” Mr D’Aguilar told Tribune Business “A pitch was made by Sir Franklyn and his financial team, led by Tommy Turnquest, where a very credible case was put forward for attractive returns given the ever-increasing interest in the project.

“The project has been going on for quite some time. It’s been carefully and patiently been put together over the years to get to this position where, as Sir Franklyn says, they are where they’re at without having any outstanding debt. I was always interested, during my time as minister of tourism, to seek out an investment in the tourism sector after I left office because, as you know, probably most of my investment is in my business, Superwash.”

Signalling that he took what is commonly known as a ‘cooling off’ period, waiting for over a year after stepping down from ministerial office before assessing potential tourism-related investments, he added: “When you spend four-anda-half years as minister of tourism and see the potential of the industry, one has to bide one’s time after demiting office and looking at opportunities in the tourism sector that provide attractive returns.

“When it comes to investment, there are a lot of people with ideas, but you also have to look at the team running the project.

Sir Franklyn, I have to say, is the grandfather of this project but Tommy Turnquest is the day-to-day manager. I worked with Tommy Turnquest when he was chairman of Bahamasair. I watched his style and how he operated. It was attractive that he is the principal driver and manager of this project.”

Mr D’Aguilar said further factors in Jack’s Bay’s favour, besides Eleuthera’s natural beauty, are the greater resilience that Family Island tourism has shown compared to New Providence when confronted by global recessions and the COVID-19 pandemic.

Recalling The Bahamas’ focus on “the discerning upmarket traveller” when he was tourism minister, he added that Eleuthera was well-positioned to cater to the growing visitor market seeking remote experiences and looking for second home investments.

And, with exchange controls still restricting the ability of Bahamians to diversify investment portfolios abroad, Mr D’Aguilar urged locals to inject capital into the nation’s largest

�e�uest for Tender� Internal Audit Services

�e�uest for Tender� Internal Audit Services �uly ��th ����

Internal Audit Services

Audit Services

The Bahamas Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the service provider”) to design and execute an internal audit function on behalf of the Bank. The service provider �ill create a plan for, design and execute an internal audit program for the Bank.

The Bank invites eligible vendors to submit competitive �uotes for the provision of these services. �ailure to provide a �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder from selection.

industry - via the likes of boutique hotels and vacation rentals - along with other productive industries as a means to grow the economy and create jobs.

“We’ve got to invest in our country,” he told Tribune Business. “I think it’s very, very important to continually reinvest in our country because that’s how we cause the economy to keep growing. If you keep it in the bank and it earns zero percent, and the bank only lends that for consumer loans, that does not bring about national development. If you have a couple of dollars, try and invest in your country and in enterprises that are going to have a significant economic impact.

“My family was invested in the tourism sector in the late 1970s. We owned the Dolphin Hotel on the corner of Nassau Street and West Bay Street. We owned that hotel from 1979 to 1992. Unfortunately, it did not go well. It wasn’t a profitable investment, but nevertheless we invested in it. I think we’re a lot more savvy and have a lot more management expertise to begin to invest more heavily in our tourism sector.

“You look at the smaller boutique hotels like The Other Side in Harbour

Island. These are all hotels that are predominantly Bahamian and the investors are Bahamian. They’re doing very well. Our tourism sector continues to rebound nicely following COVID-19, and cruise passengers continue to grow by leaps and bounds.”

Mr D’Aguilar said the potential returns available via Jack’s Bay were attractive compared to the alternatives.”You get zero in the bank, 3-4 percent on government bonds and 6-7 percent on preference shares,” he added, stating he was targeting anything north of that.

“This is not a start-up, and with start-ups there’s a hell of a lot more risk,” he continued. “Sir Franklyn and his group have been at this for many, many years. They’ve learnt a lot in the process. Now there’s seemingly ever-increasing interest in it, and they’ve always been slow and deliberate to make sure they don’t over-leverage it.”

Jack’s Bay, which in April 2023 revealed that renowned golfer, Jack Nicklaus, and his company will design and develop a $20m, 18-hole golf course at the property to complement the existing shorter course produced by Tiger Woods’s firm, has also launched its

latest ‘founders programme’ featuring 24 sites valued between $1m and $3m.

The project has a large number of Bahamian shareholders in its immediate holding company, Eleuthera Properties. While Sir Franklyn’s Sunshine Holdings group is the largest shareholder, its other investors include the likes of Colina, BAF Financial, the John Bull Group of Companies and Royal Bank of Canada (RBC). Besides the corporate investors, the Anglican Church has been “gifted” shares in Eleuthera Properties Ltd, while the estates of the late John Morley and Billy Lowe were also among the shareholders. Eleuthera links to the investors are through the estates of the late Albert Sands and Whitfield Kemp. Another Eleuthera shareholder is businessman Lawrence Griffin from Governor’s Harbour, while Sir Orville Turnquest, the former governor-general, and his family - long-time investment and business partners of Sir Franklynare also invested. Tommy Turnquest, Sir Orville’s son and the former MP and Cabinet minister, is Jack’s Bay’s deputy chairman and chief executive.

by key personnel i.e. Partners, Directors, etc., and other team members, the proposed schedule for submission of progress reports, and follo� up timelines.

�eferences of �omparable �ngagements A list of references of similar or comparable engagements should be provided �ith the proposal. At least three (�) references should be provided and each reference must be clients retained for a minimum of t�e lve (��) months. A summary of the pro�ect and client names and contacts should be provided to enable the Bank to contact references if re�uired.

Applicants must declare any areas that may constitute conflict of interest related to this proposal

� Scope of �ork

The independent service provider �ill design, implement, and execute the internal audit function for the Bank. The service provider �ill meet �ith the Audit �ommittee and �xecutive �anagement to discuss the structure and intended design of the internal audit frame�ork The service provider �ill be responsible for designing the ne� frame�ork and developing an Internal Audit Policies and procedures to support it The service provider �ill also be responsible for development and execution of an integrated annual audit program for the function.

The service provider �ill provide a proposed plan of action to achieve the ob�ectives of the internal audit function. Internal Audit �unction Design and Implementation Services and deliverables expected include�

�. �eet �ith Audit �ommittee and �xecutive �anagement to determine suitable structure for internal audit unit function of the Bank

�. Development of the Internal Audit �harter.

�. Set ob�ectives and performance measurements for the internal audit function.

�. �evie� and advise on the �uality of the existing internal control frame�ork, including best practice reporting relationships.

�. �onduct an �nterprise �isk Assessment for the Bank

Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the provider”) to design and execute an internal audit function on behalf of the Bank. The service create a plan for, design and execute an internal audit program for the Bank.

�. Development of risk assessment and audit methodology for the organi�ation, including identification of audit universe.

�. Develop an internal audit �ork program to cover all departments �ithin the Bank.

� Background

The primary purpose of the Bahamas Development Bank is to assist in the economic development of The Bahamas by providing financial and technical assistance in areas including Agriculture, �isheries, Tourism, Industry, �ousing and Business Development �or more information see� ���.bdb.gov.bs

�. �valuation, ac�uisition, and maintenance of audit tools and technology.

� Subcontractors

eligible vendors to submit competitive �uotes for the provision of these services. �ailure �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder

� Terms and �onditions

�here a firm or company intends to submit a proposal, the re�uirements, and terms, including all instructions, re�uirements, and specifications, provided in this ��P should be revie�ed in their entirety

The Bank shall incur no liability in the case of failure of a proposing firm or company to understand the contents of the ��P. It is the service provider’s duty to properly understand and examine the ��P and re�uest any clarification or make any reasonable in�uiry and satisfy itself as to the completeness and sufficiency of its response.

If a proposer intends to subcontract some of the �ork to another company or individual for any reason, the Proposer must identify the �ork items that they intend on subcontracting, to �hom, and the experience and �ualifications of the organi�ation or individual. The Bank reserves the right to approve all subcontractors.

� Schedule of �ork and �xpected Deliverables

The Proposer should present a preliminary �ork plan outlining key tasks, schedules and anticipated start and completion dates for each deliverable �ithin the scope of �ork re�uested.

� �eporting and �ommunication

purpose of the Bahamas Development Bank is to assist in the economic development of The providing financial and technical assistance in areas including Agriculture, �isheries, Tourism, �ousing and Business Development �or more information see� ���.bdb.gov.bs

The Bank and its officials, officers, employees and advisors are not liable or responsible in any �ay for any costs, expenses, losses, damages or liabilities incurred in the preparation of a proposal in response to this ��P. This includes but is not limited to costs associated �ith preparing the submission of its proposals, costs associated �ith the undertaking of any due diligence, and any other costs associated �ith this ��P process �esponses to this ��P and any ackno�ledgement of receipt of proposal shall not constitute an obligation on the part of the Bank to a�ard a contract for any services or combination of services. �ailure of the Bank to select a contractor by �ay of this ��P shall not result in any claim �hatsoever against the Bank

�onditions

The Bank reserves the right, in its sole and absolute discretion, to re�ect any or all proposals in part or in full, �ithout assigning any reason. The Bank may, at any time, vary the ��P process or abandon the ��P process �ithout assigning any reason thereof and �ithout notice.

The Proposer �ill report directly to the Audit �ommittee, functionally, and to the �anaging Director, for administrative purposes. It is expected that the selected team �ill submit periodic progress reports �ith recommendations on mutually agreed upon dates throughout the engagement period. The Bank may re�uest additional reports over the course of the contract period.

�� Pricing Structure and �ees

Proposers should provide a separate financial proposal outlining all proposed fees and the proposed pricing structure to complete the �ork effort. The financial proposal should be itemi�ed by expected engagement deliverables and should be inclusive of any ongoing costs. The contracted rate and any necessary scope changes �ill be revie�ed by the Bank annually. The annual contracted fee �ill be paid on a �uarterly basis. �� �valuation �riteria

company intends to submit a proposal, the re�uirements, and terms, including all re�uirements, and specifications, provided in this ��P should be revie�ed i n their entirety incur no liability in the case of failure of a proposing firm or company to understand the ��P. It is the service provider’s duty to properly understand and examine the ��P and clarification or make any reasonable in�uiry and satisfy itself as to the completeness and response.

The Bank �ill consider the follo�ing factors in the evaluation and selection of proposals.

�. �ompleteness of Proposal�

The information provided by the Bank in connection �ith this ��P is for the sole purpose of this solicitation and is to be considered confidential. Any information learned by a Proposer in connection �ith this solicitation �ill not be revealed by such service provider or used for any purpose other than the preparation of their proposal.

This ��P shall be governed by the la�s of The Bahamas. Any legal action or proceedings arising out of or in connection �ith such terms and procedures shall be sub�ect to the exclusive �urisdiction of the courts of The �ommon�ealth of The Bahamas.

The Bank, in its sole discretion, may modify the re�uirements, terms, and conditions for this ��P

� �ontract Term

The initial contract period �ill be for t�o (�) years. The Bank reserves the right to extend the contract for �uality management, including updates, enhancements, and maintenance services.

� �onditions� information for applicants

These instructions are provided for general information for the preparation of the proposal. Proposals should be concise and contain the sections described belo� Proposals that fail to adhere to or comply �ith the prescribed format may be excluded from the evaluation process. The proposal should be submitted in �nglish and must include the follo�ing� Proposal �etter All proposals must be submitted �ith a duly signed proposal letter, �hich should include the signatures of the individual or individuals authori�ed to legally bind the firm or company (“the authori�ed person”).

Business Profile The proposal must include an overvie� of the firm�company i.e. Business profile.

The profile must include�

o Type of Business (i.e. �ompany, Partnership, etc.)

o Date of incorporation�formation�

o Address of registered office�

o �ame of key contact person and address for communication (i.e. phone contact and email)�

o Business Status� and

o The name and position of key personnel (Partners�Directors����) and team members along �ith an attachment of their �ualifications, including professional licenses or certifications (i.e. �urriculum �itae)

An �xecutive Summary of the proposal should also be provided for ease of reference.

Scope of �ork The proposing firm or company should respond to all re�uirements outlined in the re�uested scope of �ork in a comprehensive and clear manner. This should include any information or supplemental material that may clearly outline ho� the scope of �ork �ill be approached and ho� the team �ill address all re�uirements specified.

A list of references of similar or comparable engagements should be provided �ith the proposal. At least three (�) references should be provided and each reference must be

and client

clients

�. Appropriateness of Approach to �ngagement and�or �ethodology�

�. �uality and Depth of �esponse�

�. �ualifications and �xperience of �ey Personnel�

�. �uality of �eferences and Demonstrated �elevant �xperience in the Provision of Internal Audit Services� �. �eputation of the �irm or �ompany�

�. �uality of Preliminary �ork Plan and Schedule� and

�. Pricing and �ee structure.

The Bank reserves the right to evaluate the proposals either by itself and�or in coordination �ith and�or by engaging any external consultants.

�� �ontract A�ard

The Bank reserves the right to make no a�ard, make a partial a�ard, make multiple a�ards, or to a�ard in aggregate or by line item in scope of services as determined by the Bank to be in its best interest, sub�ect to determination that the price proposal is fair, reasonable, and provides the best value to the Bank given the re�uirements of the pro�ect.

Appointment as a successful contractor shall be sub�ect to the parties agreeing to mutually acceptable contractual terms and conditions. In the event of the parties failing to reach such agreement, the Bank reserves the right to appoint an alternative service provider.

�� �ontract �ompletion �riteria �here a contract results from this ��P, such contract �ill be considered complete �hen the Bank has approved and accepted all assigned contract deliverables.

�� Insurance �overage

The selected contractor is to provide professional liability insurance covering the services described in the contract.

�� Deadline The due date for submission of the tender is ��th �uly, ���� �ate submissions �ill be returned unopened to the sender.

Please send all tenders clearly marked “Internal Audit Service Proposal” to �mail� careers�bdb.gov.bs Person� Submit by hand in the tenders’ box at BDB’s reception, add address.

�or any complaints regarding the tenders please refer to the �omplaints section on the BD B �ebsite.

NASSAU FLAGSHIP DRIVES 1/3 OF PARENT’S INCOME

region during its 2023 financial year, Nassau accounted for the vast majority of both the area’s $40.5m in adjusted revenue and $29m in adjusted EBITDA given that the southern Caribbean nation only contributed just over $6m to the former figure and received only 600,000 passengers.

Adjusted revenues and EBITDA were up 174 percent and 474 percent, respectively, compared to the prior year when the cruise industry was just starting its post-COVID recovery. With Nassau Cruise Port leading the way on both those percentage increases, Mr Maura told Tribune Business of The Bahamas’ importance to Global Ports Holding: “It’s material.

“Nassau’s operating revenue for that reporting period was $34.2m. We are a large contributor to the group’s overall financial performance. In terms of revenue, Nassau represents 29.4 percent of group revenue for this particular reporting period for port operations. Nassau also received 3,814,850 passengers, which represents 41.4 percent of the total group passenger volumes.”

Mr Maura also confirmed that Nassau Cruise Port’s EBITDA for the 12 months to end-March 2023 stood at $22.692m, which was equivalent to 31.2 percent - just under one-third - of Global Ports Holding’s total $72.7m in adjusted EBITDA. Nassau’s passenger count accounted for 86 percent of the Americas region’s total, and over 41 percent of the group’s 9.2m visitors.

“Nassau’s revenues were $34.2m from operations driven by 3.8m passengers landed during the period,”

Mr Maura told this newspaper. “Nassau’s revenue and operating performance are expected to improve further driven by stronger passenger volume growth of 4.2m in 2023 and 4.6m in 2023. With respect to Nassau’s future performance compared to other ports in the portfolio, Nassau will remain a strong contributor to the group’s income.”

Global Ports Holding’s annual report also disclosed that Nassau Cruise Port generated $19.23m in total comprehensive income for the year to end-March 2023. However, the 41-plus percent share of total cruise passengers did not translate into the same share of Global Ports Holding’s adjusted revenue

and EBITDA (operating income).

Mr Maura noted that other ports in Global Ports Holding’s portfolio, namely Ege in Turkey, have a different rate structure which means they deliver a higher per passenger impact and contribution than Nassau. He added that “a very material objective of the company”, as well as the Government and all downtown Nassau tourism stakeholders, was to increase per capita cruise passenger spend.

The Nassau Cruise Port chief said this goal will be aided when all its restaurant, and food and beverage tenants, commence full operations now that the port’s own construction activities have been completed. He added that the attractions and activities offered by the port itself will also serve as a catalyst to attract more Bahamians, and stopover visitors staying at the likes of Atlantis and Baha Mar, to visit Bay Street and the surrounding area, and spend their money.

“There are very active discussions going on among downtown stakeholders, of which Nassau Cruise Port is one, and the Government. It is about improving the product of downtown given the legacy challenges we’ve had

from passenger surveys and so forth,” Mr Maura said.

“While the company’s construction activities as part of this phase have been completed, we still have a few - less than a handful of tenants - almost exclusively on the food and beverage side in the process of completing their fit-out and getting operational. That’s going to have a material impact on passenger spend and the amount of time people spend in the area.

“The Island Port restaurant is expected to open in two weeks. Bamboo Shack is expected to open in about a month. Obviously that has a very strong brand from a Bahamian perspective. We have Chef Simeon Hall Junior and his partnership with the University of The Bahamas. Construction activity within that restaurant space is underway and that is likely not going to be completed until September,” Mr Maura added.

“They were delayed getting started, but that will be a big draw for our visitors and Bahamians coming down. We have two bar areas, modular in terms of construction, being constructed away and, when they come in, it will be a plug and play. We don’t expect them to come in until September. The food

and beverage and bar element in the cruise port will have a material benefit to all aspects of the cruise port and, really, Woodes Rogers Wharf.

“The more there is to do in the downtown area, the more reason there is to come downtown and spend money. One of the principal objectives is to encourage Atlantis guests, Baha Mar guests and Bahamians to come downtown, enjoy the waterfront and spend time downtown.”

Mr Maura said reaction to the newly-unveiled Nassau Cruise Port had to-date been largely positive, especially from passengers. Pointing out that the city is “the largest transit port in the world for cruise passengers”, due to its US proximity, with many regular cruisers having visited multiple time, he said many visitors were “coming off the ship taking selfies and pictures of this new waterfront and downtown experience”.

Mehmet Kutman, Global Ports Holding’s chairman and chief executive, in his message to shareholders, wrote: “Nassau Cruise Port benefited from its proximity to the key home ports in Florida and the cruise lines’ near-term desire to operate a higher volume than normal of short cruises in

this area at the expense of longer itineraries to other parts of the Caribbean. This decision helped Nassau Cruise Port report a 196 percent increase in cruise passengers to 3.8m.

“Nassau Cruise Port, on some days, is now hosting six cruise ships simultaneously, utilising the new berthing that was created as part of our significant investment into the port. On February 27, 2023, the port welcomed a record 28,554 passengers in a single day.

“Our investment in the transformation of Nassau Cruise Port continued..... Our vision for this iconic port is becoming a reality, and we believe this port will stand as a testament globally to our cruise port and destination development capabilities. Due to the major US cruise lines focusing on short cruises close to the southern US home ports throughout the winter 20222-23 cruise season, the recovery rate in passenger volumes at southern Caribbean cruise ports was less strong.

“For Global Ports Holding, this meant Antigua Cruise Port’s cruise operations recovered at a slower pace than that experienced by Nassau Cruise Port. Cruise passenger volumes at Antigua Cruise Port of 556,000 in the reporting period were up 135 percent from the 237,000 during the prior reporting period.”

by key personnel i.e. Partners, Directors, etc., and other team members, the proposed schedule for submission of progress reports, and follow up timelines.

�eferences of Comparable �ngagements � list of references of similar or comparable engagements should be provided with the proposal. �t least three (�) references should be provided and each reference must be clients retained for a minimum of twelve (��) months. � summary of the pro�ect and client names and contacts should be provided to enable the Bank to contact references if re�uired.

�pplicants must declare any areas that may constitute conflict of interest related to this proposal

� Scope of �ork

�e�uest for Tender� Compliance Services

�e�uest for Tender� Compliance Services

�uly ��th, ����

Sub�ect� Compliance Services

���� Compliance Services

� Purpose

The Bahamas Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the service provider”) to execute the compliance function on behalf of the Bank. The service provider will create a plan for and execute the compliance program for the Bank.

The independent service provider will design, implement, and execute the compliance program for the Bank. The service provider will meet with �xecutive �anagement to discuss the structure and intended design of the compliance framework The service provider will be responsible for designing the new framework and updating the Compliance policies and procedures to support it The service provider will also be responsible for development and execution of an integrated annual compliance program for the function.

The service provider will provide a proposed plan of action to achieve the ob�ectives of the compliance function Services and deliverables expected include�

�. �erification of compliance with policies, procedures and controls relating to money laundering activities;

�. Completion of compliance on boarding approval of new accounts;

�. Periodic due diligence review of client’s accounts;

�. �ssessing risks relating to ����C�T re�uirements;

Purpose Bahamas Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the provider”) to execute the compliance function on behalf of the Bank. The service provider will plan for and execute the compliance program for the Bank.

�. �onitoring and responsibility for ��C and compliance risk rating ;

The Bank invites eligible vendors to submit competitive �uotes for the provision of these services. �ailure to provide a �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder from selection.

� Background

The primary purpose of the Bahamas Development Bank is to assist in the economic development of The Bahamas by providing financial and technical assistance in areas including �griculture, �isheries, Tourism, �ndustry, �ousing and Business Development �or more information see� www.bdb.gov.bs

�. Prepare monthly and �uarterly compliance reports ;

�. Drafting and updating the Bank’s compliance policies and procedures in accordance with regulatory re�uirements and best practices;

�. �aintaining a log of suspicious activities and reports;

�. �acilitating the compliance training program for all relevant staff members;

��. �onitoring developments and changes in legislation and regulations that affect the Bank;

invites eligible vendors to submit competitive �uotes for the provision of these services. �ailure �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder selection.

��. �iaising with regulators, external auditors and other interested parties to ensure compliance matters addressed

� Subcontractors

� Terms and Conditions

�here a firm or company intends to submit a proposal, the re�uirements, and terms, including all instructions, re�uirements, and specifications, provided in this ��P should be reviewed in their entirety

The Bank shall incur no liability in the case of failure of a proposing firm or company to understand the contents of the ��P. �t is the service provider’s duty to properly understand and examine the ��P and re�uest any clarification or make any reasonable in�uiry and satisfy itself as to the completeness and sufficiency of its response.

�f a proposer intends to subcontract some of the work to another company or individual for any reason, the Proposer must identify the work items that they intend on subcontracting, to whom, and the experience and �ualifications of the organi�ation or individual. The Bank reserves the right to approve all subcontractors.

ound purpose of the Bahamas Development Bank is to assist in the economic development of The providing financial and technical assistance in areas including �griculture, �isheries, Tourism, �ousing and Business Development �or more information see� www.bdb.gov.bs

and Conditions

The Bank and its officials, officers, employees and advisors are not liable or responsible in any way for any costs, expenses, losses, damages or liabilities incurred in the preparation of a proposal in response to this ��P. This includes but is not limited to costs associated with preparing the submission of its proposals, costs associated with the undertaking of any due diligence, and any other costs associated with this ��P process �esponses to this ��P and any acknowledgement of receipt of proposal shall not constitute an obligation on the part of the Bank to award a contract for any services or combination of services. �ailure of the Bank to select a contractor by way of this ��P shall not result in any claim whatsoever against the Bank

� Schedule of �ork and �xpected Deliverables

The Proposer should present a preliminary work plan outlining key tasks, schedules and anticipated start and completion dates for each deliverable within the scope of work re�uested.

� �eporting and Communication

The Proposer will report directly to the �anager, �overnance, �isk and Compliance �t is expected that the selected team will submit periodic progress reports with recommendations on mutually agreed upon dates throughout the engagement period. The Bank may re�uest additional reports over the course of the contract period.

firm or company intends to submit a proposal, the re�uirements, and terms, including all re�uirements, and specifications, provided in this ��P should be reviewed i n their entirety shall incur no liability in the case of failure of a proposing firm or company to understand the the ��P. �t is the service provider’s duty to properly understand and examine the ��P and clarification or make any reasonable in�uiry and satisfy itself as to the completeness and of its response.

�� Pricing Structure and �ees

The Bank reserves the right, in its sole and absolute discretion, to re�ect any or all proposals in part or in full, without assigning any reason. The Bank may, at any time, vary the ��P process or abandon the ��P process without assigning any reason thereof and without notice.

The information provided by the Bank in connection with this ��P is for the sole purpose of this solicitation and is to be considered confidential. �ny information learned by a Proposer in connection with this solicitation will not be revealed by such service provider or used for any purpose other than the preparation of their proposal.

Proposers should provide a separate financial proposal outlining all proposed fees and the proposed pricing structure to complete the work effort. The financial proposal should be itemi�ed by expected engagement deliverables and should be inclusive of any ongoing costs. The contracted rate and any necessary scope changes will be reviewed by the Bank annually. The annual contracted fee will be paid on a �uarterly basis.

�� �valuation Criteria

The Bank will consider the following factors in the evaluation and selection of proposals.

�. Completeness of Proposal;

�. �ppropriateness of �pproach to �ngagement and�or �ethodology;

�. �uality and Depth of �esponse;

This ��P shall be governed by the laws of The Bahamas. �ny legal action or proceedings arising out of or in connection with such terms and procedures shall be sub�ect to the exclusive �urisdiction of the courts of The Commonwealth of The Bahamas.

The Bank, in its sole discretion, may modify the re�uirements, terms, and conditions for this ��P

and its officials, officers, employees and advisors are not liable or responsible in any way for any expenses, losses, damages or liabilities incurred in the preparation of a pr oposal in response to this includes but is not limited to costs associated with preparing the submission of its proposals, costs with the undertaking of any due diligence, and any other costs associated with this ��P process to this ��P and any acknowledgement of receipt of proposal shall not constitute an obligati on of the Bank to award a contract for any services or combination of services. �ailure of the Bank contractor by way of this ��P shall not result in any claim w hatsoever against the Bank

� Contract Term

The initial contract period will be for two (�) years. The Bank reserves the right to extend the contract for �uality management, including updates, enhancements, and maintenance services

� Conditions� information for applicants

These instructions are provided for general information for the preparation of the proposal. Proposals should be concise and contain the sections described below Proposals that fail to adhere to or comply with the prescribed format may be excluded from the evaluation process. The pr oposal should be submitted in �nglish and must include the following� Proposal �etter �ll proposals must be submitted with a duly signed proposal letter, which should include the signatures of the individual or individuals authori�ed to legally bind the firm or company (“the authori�ed person”).

Business Profile The proposal must include an overview of the firm�company i.e. Business profile. The profile must include�

o Type of Business (i.e. Company, Partnership, etc.)

o Date of incorporation�formation;

o �ddress of registered office;

o �ame of key contact person and address for communication (i.e. phone contact and email);

o Business Status; and

o The name and position of key personnel (Partners�Directors�C��) and team members along with an attachment of their �ualifications, including professional licenses or certifications (i.e. Curriculum �itae).

�n �xecutive Summary of the proposal should also be provided for ease of reference.

Scope of �ork The proposing firm or company should respond to all re�uiremen ts outlined in the re�uested scope of work in a comprehensive and clear manner. This should include any information or supplemental material that may clearly outline how the scope of work will be approached and how the team will address all re�uirements specified.

Proposed Schedule of �ork The proposal should include a schedule of work with proposed timelines for the specified work period of one year. The schedule should include work to be done by key personnel i.e. Partners, Directors, etc., and other team members, the proposed schedule for submission of progress reports, and follow up timelines.

�eferences of Comparable �ngagements � list of references of similar or comparable engagements should be provided with the proposal. �t least three (�) references should be provided and each reference must be clients retained for a minimum of twelve (��) months. � summary of the pro�ect and client names and contacts should be provided to enable the Bank to contact references if re�uired.

�pplicants must declare any areas that may constitute conflict of interest related to this proposal

�. �ualifications and �xperience of �ey Personnel;

�. �uality of �eferences and Demonstrated �elevant �xperience in the Provision of Compliance Services;

�. �eputation of the �irm or Company;

�. �uality of Preliminary �ork Plan and Schedule; and

�. Pricing and �ee structure.

The Bank reserves the right to evaluate the proposals either by itself and�or in coordination with and�or by engaging any external consultants.

�� Contract �ward

The Bank reserves the right to make no award, make a partial award, make multiple awards, or to award in aggregate or by line item in scope of services as determined by the Bank to be in its best interest, sub�ect to determination that the price proposal is fair, reasonable, and provides the best value to the Bank given the re�uirements of the pro�ect.

�ppointment as a successful contractor shall be sub�ect to the parties agreeing to mutually acceptable contractual terms and conditions. �n the event of the parties failing to reach such agreement, the Bank reserves the right to appoint an alternative service provider.

�� Contract Completion Criteria �here a contract results from this ��P, such contract will be considered complete when the Bank has approved and accepted all assigned contract deliverables.

�� �nsurance Coverage

The selected contractor is to provide professional liability insurance covering the services described in the contract.

�� Deadline The due date for submission of the tender is ��th �uly, ���� �ate submissions will be returned unopened to the sender.

Please send all tenders clearly marked “Compliance Service Proposal” to �mail� careers�bdb.gov.bs Person� Submit by hand in the tenders’ box at BDB’s reception, add address.

�or any complaints regarding the tenders please refer to the Complaints section on the BD B website.

Government might struggle to meet its deficit and other fiscal targets if the Bahamian economy fails to grow by the projected 4 percent in 2023. He said: “The truth is we don’t necessarily have to get to a 0.9% deficit. In my mind, a 1 percent deficit would work. Something a little bit larger would work as long as it’s not moving in a direction where it’s increasing significantly.

“It is my submission to you that the numbers are positive, but the increase in the [economic] growth rate which is underlying this Budget, the deficit moving into surplus, is kind of different from the historical growth rate that we have experienced.

“And the IMF and the governor of the Central

Bank of the Bahamas said The Bahamas runs the risk of moving back to its historical levels of growth, which is kind of like 1.5 percent to 2 percent. When you look at the Budget, it is assuming a growth rate of about 3-4 percent. We have to get that. If that doesn’t materialise, then we could find some weaknesses.”

While the 2023-2024 Budget was billed as having no new or increased taxes, Mr Edwards said it creates a “cautionary circumstance” as all taxes must be sustainable and work. He added that The Bahamas has been warned that it must reduce spending and increase revenue to avoid a further credit rating downgrade.

Mr Edwards said: “The Bahamas, through this administration, has decided

that there will be no new taxes and, as a result of no new taxes, it creates in my mind a cautionary circumstance. Because while taxes have increased in absolute terms, the fact that there were no new categories of taxes introduced, it says to us that those which we are working with today, as announced in the Budget they must be sustainable, and they must work.

“The response from this Budget, I think, goes directly to credit rating agencies, especially Moody’s and then S&P. Because in the last couple of months, when we were last downgraded as a country, there were some statements made. And one of those statements, which stands out very, very clearly, and very vividly, is the fact

that The Bahamas, in order to avoid downgrades going forward, must demonstrate its ability to secure additional revenue and to become sustained in reducing its expenditure.”

Mr Edwards predicted that, unless a major or catastrophic event happens, the Budget “should be ‘good”. He added that the Budget shows The Bahamas is focused on increasing revenue and reducing spending. “This Budget sent a very, very clear signal to the world that The Bahamas appreciates, and knows, the problem that it has, and has set out to find greater revenue,” the ORG executive said.

“At the end of the day, right now as we speak, the biggest problem The Bahamas has is finding revenue

Amazon is asking some corporate workers to relocate as part of its return-to-office policy

Associated Press

AMAZON is asking some corporate workers to relocate to other cities as part of its return-to-office policy, which mandates workers to be in the office three days a week. An Amazon spokesperson confirmed on Friday that relocations are happening but would not comment on reports by several news outlets that the tech giant was requiring some workers in smaller offices to move to main offices located in bigger cities. Amazon didn't provide details on the number of employees that will be required to relocate.

Amazon spokesperson Brad

Glasser said the company will provide "relocations benefits" to workers who are asked to move and consider requests for exceptions on a case-by-case basis.

"There's more energy, collaboration, and connections happening since we've been working together at least three days per week, and we've heard this from lots of employees and the businesses that surround our offices," Glasser said in a prepared statement. "We continue to look at the best ways to bring more teams together in the same locations, and we'll communicate directly with employees as we make decisions that

Notice of Appointment of a Liquidator under Section 204 of the BVI Business Company Act

EROL PARTICIPATION CORP. (IN VOLUNTARY LIQUIDATION) Company No. 1928769

NOTICE is hereby given pursuant to section 204, subsection 1 (b) of the BVI Business Companies Act, 2004 that the Company is in Voluntary Liquidation. The Voluntary Liquidation commenced on 4th July 2023. The Liquidator is Myron Walwyn of Travers Thorp Alberga, 2nd Floor Jayla Place, P.O. Box 216, Road Town, Tortola, British Virgin Islands, VG1110.

Dated 5th July 2023

(Sgd) Myron Walwyn Voluntary Liquidator

N O T I C E

Nunswell Investments Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 27th day of June 2023

Simon Ball Liquidator of Nunswell Investments Limited

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

MGP Invest S.A. (IN VOLUNTARY LIQUIDATION)

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

Kim D Thompson Sole Liquidator

affect them." The relocations represent an escalation of the company's efforts to get workers back to the office. In February, Amazon introduced a new policy that would require workers to be in the office three days a week. The policy went into effect in May, prompting hundreds of corporate workers to protest outside of the company's headquarters in Seattle. Amazon had previously allowed team leaders to determine how their teams worked.

Amazon CEO Andy Jassy said in February that the company made its decision to bring workers back after observing what

worked during the pandemic. Among other things, he said the senior leadership team watched how staff performed and talked to leaders at other companies. He said they concluded employees tended to be more engaged in person and collaborate more easily.

Citing internal messages, Business Insider reported earlier Amazon employees who refuse to relocate near main offices of their teams are being told they either have to find a new job internally or leave the company through a "voluntary resignation." The company has cut 27,000 jobs in the past few months.

NOTICE

International Business Companies Act (No. 45 of 2000)

Albany Marina 5B Ltd.

Registration Number: 198668 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Albany Marina 5B Ltd., has been dissolved and has been struck off the Register of Companies with effect from the 7th day of July, 2023.

GSO Corporate Services Ltd. Liquidator

to pay down its expenses. And, in order to do that, it has to make some adjustment. I believe we should be good for 2023-2024 unless something major and significant happens, like a big storm or a major downgrade.

“We must meet the targets which have been set this year - a $3.3bn budget in terms of revenue, $3bn in terms of expenditure. We

can’t go much above that, and the deficit must become low, as projected. The tax measures must prove to be sustainable. So, no new taxes, we increase some fees. We must collect them. And they must work out based on projections plus or minus a few.”

NOTICE

TORRES SPECIALTY COFFEE LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 207564 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 21st day of July A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Newton De Aguiar Torres whose address is Rua Pascal, 760-AP142, CEP: 04616002, Sao Paulo, SP, Brazil. Persons having a Claim against the above-named Company are required on or before the day 21st day of August A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 21st day of July A.D. 2023.

NEWTON DE AGUIAR TORRES Liquidator

To: Monica Smith 28 Garnet Lane Freeport, Grand Bahama Bahamas

TAKE NOTICE THAT:

1. On 21st October 2022 BEORE HIS LORDSHIP the Honourable Justice Andrew Forbes at the Supreme Court Registry, Garnet Levarity Justice Centre, The Mall Drive, Freeport, Grand Bahama the Court ordered that the: laintiff s ist of ocuments fled on e tember 2nd , 2022.

laintiff s tatement of acts and ssues fled on September 2nd, 2022.

itness statement of enise ilson fled on September 13th, 2022.

laintiff undles of ocuments fled on September 13th, 2022.

laintiff undles of ocuments fled on September 13th, 2022.

laintiff undles of ocuments fled on September 13th, 2022.

laintiff istin uestionnaire fled on e tember 13th, 2022.

laintiff s undle of leadin s fled on o ember 3rd, 2022

and all other documents in the said action be effected on you by virtue of this advertisement (“the Order”). ublication of this otice constitutes ser ice of the aforementioned documents and the Order, copies of which may be obtained from the Supreme Court Registry, Garnet Levarity Justice Centre, The Mall Drive, Freeport, Grand Bahama, The Bahamas or McIntosh and Co, Peach Tree Street, Grand Bahama, The Bahamas during normal business hours.

AND TAKE FURTHER NOTICE that the trial in this matter is scheduled for September 8th 2023 and September 22nd, 2023 at 1:00 p.m. and that the Court may proceed in this action in your absence and make such Order as it deems just.

MCINTOSH & CO., Chambers, Peach Tree Street, Freeport, Grand Bahama, BAHAMAS

Attorneys for the Plaintiff

Cupkin children’s cups sold on Amazon recalled over newly-detected lead levels

NEW YORK

Associated Press

MORE than 345,000 children's cups are being recalled due to lead levels that exceed the federal content ban, the U.S.

Consumer Product Safety Commission said Thursday.

Soojimus is recalling 8-ounce and 12-ounce models of its Cupkin Double-Walled Stainless Steel Children's Cups — sold in various colors on Amazon

and the Cupkin website from 2018 through earlier this year.

Consumers in possession of the recalled Cupkin cups are urged to stop using them immediately and contact Soojimus for a

full refund. No illnesses or injuries related to the recall have been reported to date. According to Cupkin, liquid in the now-recalled cups is "not exposed to lead due to the double walled construction." The

exposure to lead can occur if the cup bottoms are mistreated, the brand said.

In a response to the recall on its website, Cupkin noted that it initiated the voluntary recall after receiving consumer feedback and conducting additional testing. Lead was not detected during the products' initial development, the brand added.

"When we initially developed these cups, our manufacturing partner confirmed multiple times that absolutely no lead was used in any part of our production process," Cupkin's message read, adding that the cups were also tested by two separate third-party labs accredited by the CPSC.

"Learning that our manufacturing partner and not one, but two CPSCaccredited labs let us down is a heavy set back both financially and emotionally," Cupkin continued. "However, no matter the cost...we are going to be as transparent and proactive as possible to resolve this ASAP."

Soojimus and Amazon will be directly contacting all known purchasers of the recalled Cupkin cups, the CPSC said Thursday. To

receive a refund, consumers can submit photographs of the cups showing their destruction and fill out a form on Cupkin's website.

"My wife and I have two little girls. As parents, our intentions with the Cupkin cups were to be lead-free from the beginning," Max Kang, one of the co-founders of Cupkin, said in an emailed statement to The Associated Press. "I just want all of our customers to know that we take this very seriously and will rebuild from here."

Kang reiterated that their manufacturer initially confirmed no lead was used in the cups' glass beads, which are placed at the bottom of the products for vacuum sealing. But the manufacturer later admitted fault, he said.

Health officials maintain there is no safe level of lead, which can harm brain development in young children. Kids can be exposed to the metal through bits of old paint, contaminated dust and sometimes drinking water that passes through lead pipes.

N O T I C E EXXONMOBIL ABU DHABI (UNCONVENTIONAL) LIMITED

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 22nd day of June, 2023.

Dated the 24th day of July A.D., 2023

D. A. Bates Liquidator of EXXONMOBIL ABU DHABI (UNCONVENTIONAL) LIMITED

NOTICE

NOTICE is hereby given that RAFAEL ANTONIO GOMEZ SIMO of High Vista, #2 Orange Grove 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 twentyeight days from the 24th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that GUERRIER DIEUVEUILLE of Grass Hopper Lane, Johnson Road Estates, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KAREN SHANTOLO DUPRENA of South Beach Hollday Drive, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

One year old, US climate law is already turbocharging clean energy technology

By ISABELLA O'MALLEY AND MICHAEL PHILLIS

Associated Press

ON a recent day under the July sun, three men heaved solar panels onto the roof of a roomy, twostory house near the banks of the Kentucky River, a few miles upstream from the state capitol where lawmakers have promoted coal for more than a century.

The U.S. climate law that passed one year ago offers a 30% discount off this installation via a tax credit, and that's helping push clean energy even into places where coal still provides cheap electricity. For Heather Baggett's family in Frankfort, it was a good deal.

"For us, it's not politically motivated," said Baggett. "It really came down to financially, it made sense."

On August 16, after the hottest June ever recorded and a scorching July, America's long-sought response to climate change, the Inflation Reduction Act, turns one year old. In less than a year it has prompted investment in a massive buildout

of battery and EV manufacturing across the states. Nearly 80 major clean energy manufacturing facilities have been announced, an investment equal to the previous seven years combined, according to the American Clean Power Association.

"It seems like every week there's a new factory facility somewhere" being announced, said Jesse Jenkins, a professor at Princeton and leader of the REPEAT Project which has been deeply involved in analysis of the law.

"We've been talking about bringing manufacturing jobs back to America for my entire life. We're finally doing it, right? That's pretty exciting," he said.

The IRA is America's most significant response to climate change, after decades of lobbying by oil, gas and coal interests stalled action, while carbon emissions climbed, creating a hotter, more dangerous world. It is designed to spur clean energy buildout on a scale that will bend the arc of U.S. greenhouse gas emissions. It also aims

to build domestic supply chains to reverse China's and other nations' early domination of this vital sector.

One target of the law is cleaner transportation, the largest source of climate pollution for the U.S. Siemens, one of the biggest tech companies in the world, produces charging stations for EVs. Executives say this alignment of U.S. policy on climate is driving higher demand for batteries.

"When the federal government makes an investment, we get to the tipping point faster," said Barbara Humpton, CEO of Siemens USA, adding that the company has invested $260 million in battery or battery storage projects in recent years.

The law also encourages more of the type of batteries that feed electricity to the grid when the wind is slack, or at night when the sun isn't hitting solar panels. It could put the storage business on the same upward trajectory that solar blazed a decade ago, said Michael McGowan, head of North American infrastructure

private markets for Mercer Alternatives, a consulting firm.

Derrick Flakoll, North America policy associate at Bloomberg NEF, pointed out that sales at the largest manufacturer of solar panels in the U.S., First Solar, skyrocketed after the law passed, creating a big backlog of orders.

"This is years and years of manufacturing capacity that is already booked out because people are bullish about the U.S.-produced solar market," he said.

The IRA is also helping technologies that are expensive, but promising for near-term decarbonization.

Jason Mortimer is senior vice president of global sales at EH2, which makes large, low-cost electrolyzers — machines that split hydrogen from water.

Hydrogen as clean energy is still in its infancy. "The IRA accelerates the implementation of hydrogen at scale by about four to five years," making the U.S. competitive with Europe, he said.

But these changes, significant as they are, may just be the beginning, experts say.

"I think we're about to see a quite a flood of investment in wind and solar-related manufacturing in the U.S.," Jenkins said, adding that 2026 to 2028 is when the country will see the law's full impact.

Other countries, some of them ahead of the U.S. in addressing climate change, have enacted their own further efforts to speed the changeover to clean energy.

Canada has announced a matching policy and Europe has its own measures to attract manufacturing, similar to the IRA.

"European and Japanese automakers are trying to think about how to change supply chains in order to try and compete," said Neil Mehrotra, assistant vice president and policy advisor at the Federal Reserve Bank of Minneapolis and contributor to a report about the U.S. law published by the Brookings Institution.

The Congressional Budget Office initially estimated the IRA's tax credits would cost about $270 billion over a decade, but Brookings says businesses

might take advantage of the credits far more aggressively and the federal government could pay out three or four times more.

The law is supposed to reduce the emissions of the U.S. — the country most responsible for greenhouse gases historically — by as much as 41% by 2030, according to a new analysis by Princeton researchers. That's not enough to hit U.S. goals, but is a significant improvement.

But those crucial greenhouse gas cuts are partially at risk if the U.S. electric grid cannot grow enough to connect new wind and solar farms and handle new demands, like mass vehicle charging.

Despite the new investment in red states, not everyone likes it. Republicans recently proposed repealing major elements of the law. And Frankfort resident Jessie Decker, whose neighbor has solar panels, said he wouldn't consider them, and doesn't think the federal government should be "wasting money" on dubious climate programs.

WALL STREET CLOSES ANOTHER WINNING WEEK BY BARELY MOVING

By STAN CHOE AP Business Writer

WALL Street closed out another winning week with a quiet Friday, as stocks found some stability after sliding the day before.

The S&P 500 edged up by 1.47, or less than 0.1%, to 4,536.34 to cap its eighth winning week in the last 10. The Dow Jones Industrial Average added 2.51 points, or less than 0.1%, to 35,227.69, its 10th gain in a row. The Nasdaq composite slipped 30.50, or 0.2%, to 14,032.81 a day after tumbling to its worst loss in more than four months.

Roper Technologies rallied 3.7% for one of the larger gains in the S&P 500 after it reported better profit and revenue for the spring than analysts expected. The company, which looks to dominate niche tech markets, also raised its financial forecasts for the full year.

The earnings reporting season is gaining momentum, and a majority of companies are reporting better results than expected. They’re doing so by a bit less than usual, though, according to FactSet.

On the losing side of Wall Street was American Express, which fell 3.9%. It reported stronger profit for the spring than expected, but its revenue fell short of forecasts.

Comerica swung from an initial gain to a loss of 4.1% after reporting stronger profit and revenue for the spring than analysts expected. The regional bank also reported a decline in average customer deposits, though it said the levels stabilized in the second half of the quarter.

Deposits have been under heavy scrutiny since several banks failed in March after customers suddenly yanked out their cash. The stock market has generally been on a tear this year as the economy has defied predictions for a recession. It’s so far powered through much higher interest rates meant to bring down inflation, and the hope is that it may outlast the Federal Reserve’s rate-hike campaign.

The Fed is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. But the hope is that will be the final increase of the cycle because inflation has been cooling since last summer. The federal funds rate started last year at virtually zero.

To be sure, the 18.1% jump for the S&P 500 this year also has critics saying the rally has come too far, too fast. The risk of recession remains because inflation and interest rates remain high.

When Fed Chair Jerome Powell speaks on Wednesday after the central bank’s decision on rates, economists at Deutsche Bank say he “is likely to emphasize that further evidence is needed to have confidence inflation will be tamed.”

Besides the Fed meeting, next week will also feature earnings reports from three of the “Magnificent Seven” companies behind the majority of the S&P 500’s gains this year. Alphabet, Meta Platforms and Microsoft will report their earnings, and expectations are high after they all soared more than 35% so far this year.

Another one of the seven, Tesla, slumped sharply on Thursday despite reporting stronger profit and revenue than expected on fears about upcoming growth. It

helped drag the S&P 500 to a loss and the Nasdaq composite to a drop of 2.1%.

The top stocks have become so big and their movements have become so influential over the market that Nasdaq is rebalancing its Nasdaq 100 index before trading begins Monday, to lessen the impact some stocks have on the overall index.

The seven stocks, which also include Amazon, Apple and Nvidia, are collectively trading with stock prices that are 44 times higher than their earnings per share over the last 12 months, according to Savita Subramanian, equity strategist at Bank of America.

That’s an expensive level compared with history, but the other stocks in the S&P 500 are trading at a more reasonable-looking 17 times earnings. The stock market’s gains have broadened out a bit recently, and Subramanian said in a BofA Global Research report that she expects that to continue.

In the bond market, Treasury yields were mixed.

The 10-year Treasury yield fell to 3.83% from 3.86% late Thursday. It helps set rates for mortgages and other important loans.

The two-year Treasury yield, which moves more on expectations for the Fed, ticked up to 4.85% from 4.84%.

In markets abroad, stocks were mixed across Europe and Asia.

Taiwan’s Taiex fell 0.8% after TSMC, the world’s biggest manufacturer of computer chips, said it expects its sales to fall 10% this year as demand wanes. It also said it would not meet a 2024 target for starting production at a factory under construction in Arizona.

THE U.S. flag flies over the side entrance to the New York Stock Exchange in New York Tuesday, July 18, 2023. A strong stock market turnaround is helping spur a resurgence in companies going public a year after the number of Wall Street newcomers fell to the lowest level since the Great Recession. Some 55 initial public offerings, or IPOs, have priced so far this year, raising $9.7 billion in proceeds, according to IPO tracker Renaissance Capital.

Photo:J. David Ake/AP