Issuu

Fraud claim rejected over will drawn up by ex-DPM

ABACO’S Chamber of Commerce president yes terday said the island had suffered “a lost opportu nity” to properly plan its sustainable post-Dorian rebirth while warning that the current housing short age is “stifling our growth”. Daphne DegregoryMiaoulis told Tribune Business that COVID-19’s eruption had been “cata strophic” for efforts to rebuild the island following the Category Five storm as she argued that Abaco had missed the chance to properly masterplan Marsh Harbour’s resilient revival. “One of the sad things after Marsh Harbour was levelled is a master plan was not considered,” she said. “It should have been time for the business com munity and government representatives to come together with proper archi tects and town planning to really shape how we wanted to look instead of letting businesses operate from the side of a road, from a car

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PAGE B11

‘Lost opportunity’ to plan Dorian revival

Price gouge warning: Fear Abaco’s ‘loyal visitors’ lost

business@tribunemedia.net THURSDAY, SEPTEMBER 1, 2022

A SMALL business advocate yesterday voiced fears the sector will suffer “a slow death” if Baha mians cut back too much on spending after the Prime Minister’s inflation warning, adding: “We don’t want to frighten people.” Mark A Turnquest, head of the fledgling 242 Small Business Associa tion and Resource Centre, told Tribune Business that while his members “understand” why Philip Davis QC called for con sumer caution they were concerned it may provoke too sharp a reduction in purchases from Bahamianowned companies. Also a consultant to the sector, he warned that the first casualty of any spend ing slowdown would be employee salaries and, potentially, jobs if con sumer demand and the

• Property Fund ‘interested’ in Rodney Bain Building • Renews acquisition and $100m portfolio ambitions • Profits jump 45% as flagship’s occupancy ‘over 80%’ MICHAEL ANDERSON • Chamber chief receives ‘outraged’ complaints • Urges businesses against exploiting inflation • Post-Dorian revival picks up in past 6 months SEE PAGE B6 SEE PAGE B10 MARK A TURNQUEST $6.25 $6.29 $6.31 $6.30

A BISX-listed fund yesterday declared its con tinuing interest in solving downtown Nassau’s parking woes by redeveloping the Registrar General’s former home as it renews ambi tions to expand to a $100m propertyMichaelportfolio.Anderson told Tribune Business that the Bahamas Property Fund

SEE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SUPREME Court judge has rejected allega tions that a will drawn up by an ex-deputy prime minister and his law firm on their client’s behalf was “fraudulent”.JusticeIan Winder, in one of the last verdicts he delivered before becom ing chief justice, upheld “the validity of a will” prepared by Desmond Ban nister and Commonwealth Law Advocates for Alicia Maria Stockdale despite the claims and assertions made by her two Barringtonsons.Smith, an accountant, and Leon Smith, an attorney by pro fession, blocked the grant of probate for their moth er’s estate after she died in Florida on August 22, 2015. One of their sisters, Betty Smith-Forbes, had initially obtained the probate grant on December 15 that same year but this was recalled due to her brothers’

BISX-listed fund still eyeing parkingdowntownsolution

SEE PAGE

‘Slow death’ fears if spend cut too deep

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net B5 B7

ABACO’S Chamber of Commerce president yesterday appealed to busi nesses not to price gouge for fear it could drive away “the loyal visitor base” that has stuck with the island through its Dorian and COVID travails. Daphne DegregoryMiaoulis, speaking as Abaco and the wider Bahamas remember the victims of the devastat ing Category Five storm that struck exactly three years ago, urged the pri vate sector not to exploit inflationary pressures and soaring costs to push their prices to “unreasonable” levels.She told Tribune Busi ness she has received complaints from longstanding visitors, who have been coming to Abaco for decades, who were “outraged” at the prices they were being charged. Mrs Degregory-Miaoulis said they were increas ingly eating at home, or where they were staying, because “they will not tol erate” what is being levied by restaurants and other tourist-related amenities andDescribingattractions. increased costs, driven by exter nal inflation, as “a huge challenge” for Aba co’s recovery and “not something that we have any control over”, she added: “I made an appeal to the business community, especially here in Abaco, not to use that as a reason for price “Everybodygouging.wants to recover their losses, but this is a time when Abaco needs to give impeccable customer service to eve ryone, local and foreign. We’ve all gone through, and are going through, dif ficult times and we have to be more compassionate towards one another and grateful for our visitors for coming back to an island that has not recovered 100 percent, and does not off all the amenities they are accustomed to and would like to “I’veenjoy.had com plaints from visitors,” Mrs havethatreallyate.isandtingthethat’softenandAbaco.forcomingabouttoaboutsonable.becausebuttocontinued.Degregory-Miaoulis“They’reableaffordtopaytheprices,areoutragedatthemthey’reunreaI’mnottalkingeverydayvisitorstheisland;I’mtalkingpeoplewho’vebeenhereeveryyear20yearsandwholove“Butthey’rebuyingeatingathomemorethantheygoout,andbecausetheyfeelproducttheyaregetisnotuptostandard,theserviceandpricenotwhattheywilltolerWehavetobereally,carefulwedon’tloseloyalvisitorbasewebypricegouging.”No

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET speaker will lead-off the speaker line-up at the 18th Abaco Business Outlook (ABO) conference that will be held online on September 15.

PAGE 2, Thursday, September 1, 2022 THE TRIBUNE

As we all know, mar keting is an inescapable necessity for any business. Value propositions, market research, marketing plans, branding and, especially, social media plans are essential to reaching and capturing the intended demographic. However, throwing cash into market ing campaigns with bright colours and beautiful people no longer suffices. People with pandemic fatigue want a guaran tee that their ‘problem’ is going to be solved. These ‘problems’ are also in some cases still compounded by COVID restrictions. For example, if a customer’s problem is hunger and you have reduced seating capac ity in your restaurant due to COVID restrictions, how will you make up for the wait time for a table? The food was marketed as delicious, but tasty fare coupled with fantastic ser vice will most likely satisfy the customer and solve the ‘problem’. Giving the customer more than he or she expects is usually the only way to ensure your marketing efforts are suc cessful once your target audience is reached. Your customers and clients, after all, will become your best marketing agents when they spread the word about your business. Adaptability “You don’t have to get ready if you stay ready.” I have always liked this modern colloquialism because it succinctly illu minates the importance of preparation and adapt ability. No one could have predicted the pandemic and the lasting effects it would have on the economy, most notably small and mediumsized enterprises (SMEs). However, most SME prin cipals have some idea of their company’s ability to resist external shocks (vul nerability), and the ability to recover from such shocks (adaptability). Due to recent global events, every business owner should now have a playbook on how to handle customer or client demand with foot traffic blocks; economic recessions; and should even be paying attention to global trends. Being able to roll with the punches not only looks good, but is an invaluable skill to pos sess when it comes to the survival of your business. This skill will no doubt strengthen your compa ny’s sea legs when things get rough and eliminate any visible dents in your organisation. To the regu lar customer you would be reliable. To them, it would be business as usual.

RIDING THE COVID ROLLER COASTER BACK TO NORMALITY

NEWLY-installed Securities Commission Board members are shown at their first meeting. Standing from L to R: Michael Pa ton, deputy chairman; Peter T Carey; Christina Rolle, executive director; retired Justice K Neville Adderley, chairman; Jerome Gomez; and Luther McDonald. Seated from L to R: Bede Sands and Phaedra Mackey-Knowles.

• NB: Lazar Delorenzo Charlton is a real estate agent at Condo Vikings & Jolie Luxury Homes, and is co-owner heading up business development and public relations at The New Duff

Up and down goes the COVID-19 roller coaster, and we all have no choice but to stay on the ride. It does not matter if you get (motion) sickness, or simply just want off; we all have learned to just keep moving forward or, in fact, hurtle forward in an effort to catch up to the time we think we have lost. In the last survey done by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), just over 40 percent of Bahamian businesses saw their revenues drop by 60 percent or more due to COVID-19. Small and medium-sized enterprises (SMEs) have not been immune to this auto-gener ated urgency to recapture lost dollars and time. So, how do we return to full ‘normalcy’ or get closer to it? Competition is good There is space in the market for all budding and veteran business owners, but there is only so much room at the top. There are not many things more gal vanising than having to fight your way to the top in your arena. To be seen, to be heard, and to be regarded as the best. There are tens of, if not a couple hundred, businesses that have either arisen and/or flourished in The Bahamas since the start of the pandemic, a large number out of neces sity. The best cake bakers, landscapers and food delivery services have sur vived because they quickly realised that there was no other choice. The result of this augmented database of entrepreneurial wonders is the return of the service industry, with new and improved cogs and gears. Convenience and good ser vice are two of the pillars of a growing business, espe cially in small communities, and nine times out of ten the frontrunners will have learned from the mistakes of their predecessors. This collectively-acquired com petitive advantage has not only made the consumer’s life easier, but also helped to lessen the sting of pan demic restrictions and give us the feeling of ‘regular ity’. Budding entrepreneurs should not only take note of their favourite business establishments, but truly pay attention to what keeps bringing them back to pat ronise them. Attention-grabbing mar keting is no longer enough

Abaco Outlook unveils guest presenter line-up

A FORMER Supreme Court judge has been named as the Securities Commission’s chairman as its newly-installed Board met for the first time last week. Besides retired Jus tice K Neville Adderley as chairman, the Board also includes the Securities Commis sion’s executive director, Christina Rolle; Peter T Carey; Jerome Gomez; Luther McDonald; Phaedra Mackey-Knowles; Michael Paton; and Bede Sands. Justice Adderley thanked the Government for appointing him “to such a challenging and interest ing area which can have measurable effects on the diversification of the financial industry and the Bahamian economy gen erally”. He praised the Securities Commission’s management, staff and former Board while also noting the expertise pro vided by incoming fellow directors.“TheBahamas will con tinue to grow and attract new business in financial services and Fintech [finan cial technology] as long as it maintains a reputation as a well-regulated jurisdiction, while having a progressive attitude to different ways to further encourage and attract new entrants to the industry,” the chairman said.Members of the Com mission’s Board are appointed by the minister of finance based on their experience and expertise in matters relating to the securities industry, and the disciplines of commerce, law, finance, economics and administration.

Senator Michael Halkitis, minister of economic affairs, will serve as the keynote speaker for the annual con ference organised by TCL Group as part of its Busi ness Outlook series. Other presenters include south Abaco MP John Pinder, parliamentary secretary in the Ministry of Tourism, Investments and Aviation, and Allison Levarity, vicepresident of customer experience for Cable Baha mas.They will be followed by Craig Dahlgren, execu tive director from the Perry Institute for Marine Sci ences; Shevonn Cambridge, Bahamas Power & Light’s (BPL) chief executive; Cyprian Gibson, the Water & Sewerage Corporation’s acting deputy general man ager; Brandon Carpenter, senior analyst for Carib bean planning at American Airlines; Prince Storr, Bahamasair’s deputy man aging director; and Esmond Johnson, manager of Baha mas operations at Silver Airways.Theline-up is rounded out by Sumayyah Cargill, the Bahamas Development Bank’s manager for stra tegic development and initiatives; Tehranique Dar rell, Family Island manager, for Access Accelerator Bahamas (the Small Busi ness Development Centre); and Brent Ingraham, director of sales and mar keting for the Abaco Beach Resort.“Itshould matter to all of us to get Abaco up and run ning again better than ever before. No simple descrip tion can do justice to the importance of Abaco’s eco nomic performance to the well-being not only of that island group, but also to the SEE PAGE B7

Lazar CharLton

Ex-judge named to chair Securities Commission

JOB VACANCY HR COORDINATOR

Attractive package and a job security offered to the successful candidate. Apply by email ONLY to info@picinsure.com Only suitable candidates will be replied to

Requirements:

•

THE TRIBUNE Thursday, September 1, 2022, PAGE 3

MORTGAGE CORP CUTS NASSAU LOANS DELINQUENCIES TO 30%

‘INCREDIBLE THAT WE CAN’T KEEP LIGHTS ON’

The responsibilities of the HR Coordinator include but are not limited to the following:

PINDER’S CUSTOMS BROKERAGE LTD.

• PHRI or SHRM certifications are preferred.

Requirements: • At least 5 years General Insurance (not Life & Health) experience Bachelor’s Degree from reputable university or college Solid knowledge of General Insurance law and practice Hardworking, enthusiastic, presentable and a good communicator Significant profess in CII examinations

THE Bahamas Mortgage Corporation has slashed Nassau loan delinquencies by 20 percentage points, its chair disclosed yesterday, adding that too many bor rowers believe they can escape paying because it is government owned. Barbara Cartwright told Tribune Business that since she was appointed the Cor poration has been chipping away at non-performing loans that once accounted for as much as half its loan book, reducing these from 50 percent to around 30 per cent for New Providence largely by restructuring existing facilities. The delin quency rate among Family Island mortgage borrowers stands slightly higher at 35 percent.“We haven’t financed a house in years. They did a couple of private mort gages but not that many. The thing is we had a delin quency problem when I first got there, so we’re trying to work through that and trying to restructure mortgages. We’ve been doing a lot of that since November,” Ms Cartwright said. The Mortgage Corpora tion is working with the Ministry of Housing and Transport to develop hous ing subdivisions around the country, the Pine Crest and Carmichael Village pro jects in New Providence, and others in Abaco and Eleuthera, among the most prominent. These are employing a public-private partnership (PPP) model where private capital and developers are financing and/or constructing these developments.ArawakHomes has con structed properties in the Pine Crest subdivision, while the Carmichael Village pro ject is being financed by thethathavepeoplebuttogrammeCarmichaelment’sProvenJamaican-headquarteredWealthManage$20minvestment.MsCartwrightsaid:“TheVillageproisjustaboutreadystartontheconstruction,wealreadyhave107pre-approved.Wehadover400peoplehaveappliedand,frominitialprocessforthe assessment, they have been approved. But we have to make sure we check loan balances and all of the other things.”Some 200 homes will be constructed in Carmichael Village’s first phase. “We have another 47 homes in Pine Crest, and then 30 homes in Abaco and 50 in Eleuthera. They have started the clearing and land surveying in Eleuthera already, but they haven’t started their construction,” Ms Cartwright said. “But things are going good all around at the Bahamas Mortgage Corporation. We are giving out another set of keys at the end of the week for Pine Crest, and then Car michael Village is going to start shortly. We also have a couple of houses finished in Abaco and they will get keys nextTheweek.”Abaco homes were expected to be completed before September 16, but there were “a lot of hurdles with the Ministry of Works”. Only two of the 30 homes are ready now, with a total of 200 ultimately planned for Abaco.

• Exceptional oral and written communication skills.

• High level of database management and record keeping skills.

• Assist with updating job descriptions and employee policy manual.

Interested and qualified applicants are invited to submit their resume along with 2 references via email to hr@pinderscustoms.combySeptember7th,2022.

By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net

truck ran into a cable line, which caused the line to bounce and ricochet against the power lines, which resulted in a fire on the line”. This caused BPL to “initiate a protective system shutdown”, resulting in yes terday’s partial blackout. Andrew Higgs, general manager of WHIM Auto motive, said: “On this island if you don’t have a genera tor then you had better get one. Some people may have generators but they may not keep them serviced. There is no sense in having them if you are not going to service them.”“When we see our gen erator hit a quarter of a tank of gasoline, we will it back up. But it’s only a couple of hundred dollars to fill it back up and then a couple of hundred for maintenance every month. If you don’t have a generator that means you would get zero in sales, so you have to make that investment.”Whilekeeping a gen erator properly maintained adds up in expenses, Mr Higgs said he “not sold on” renewable energy just yet. “They villainised solar ear lier because everybody that wanted solar, they wouldn’t let you get it. But now they’re trying to push these various things, but they aren’t going to let everyone get into it unless they figure out how they are going to make some money out of it,” he “Weadded.looked at solar power here. You’re looking at six figures to solarise the building, but when are you going to realise a return on that if we’re paying a couple of thousand per month from BPL and you have to have batteries changed and ser viced? Solar panels don’t lastVascoforever.”Bastian, owner/ operator of Esso East Street and Soldier Road, added: “We went off for a couple of minutes, but we got right back on when our genera tor kicked in. So we really weren’t affected in any way.” BPL crews were dis patched and, by noon yesterday, “most of the areas were restored” with just a few pockets left to be addressed.

• Knowledge of local employment laws.

• A minimum of two years’ experience in an HR role.

• Assist with the recruiting and staffing process.

•

• Organizational and time management skills.

• Competency to analyze information. • Proficiency in the use of Microsoft Office Suite, Adobe Acrobat.

• Coordinate employee performance reviews.

By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net

• Strong interpersonal skills.

• Maintain physical and digital copies of employees’ records.

• Knowledge of HR software and tools.

•

Professional Insurance Consultants Limited has a vacancy for an ACCOUNT EXECUTIVE will include but not be limited to: Production of new clients and accounts Preparation of policies, endorsements etc. Servicing of existing business Rating of new business and renewals Assisting with the profitable continued growth of the Company

•

BAHAMAS Power & Light (BPL) yester day blamed outside “interference” for an hourslong power outage that impacted much of New Providence and cost many businesses valuable sales andBrentincomeBurrows, CBS Bahamas (Commonwealth Building Supplies) chief, told Tribune Business that his decision to work from home could not have been worse as his electricity supply was interrupted for almost half the day. “I’m working from home today and I’ve been severely affected because I can’t do anything,” he said. “This is 2022 and it’s incredible that we can’t keep the lights on. This is just incredible. You would think that at this time in our country’s development that we can have dependable power.”CBS’ physical store in Carmichael Road’s South west Plaza, in common with many companies, retail and office complexes, has long employed back-up gen erators that automatically kick-in due to the con stant interruptions in BPL’s electricity supply that were a regular occurrence prior to the purchase and instal lation of new generation capacity at the Clifton Pier power plant under the former partyoutagesnessresponsetwowithoutParadisedenceRoad;CollinsStreet;ofHillStreet;MarketAppProvidence.corridorsblackresult.ofbeengeneratorbusinessesesthours,whichsince.frequency2019thesheddingsspreadgeneration,Supplementedadministration.byrentalthedailywideblackoutsandloadenduredduringsummersof2018andhavereducedinbothanddurationYesterday’soutage,lastedforseveralwasamongthelonginrecentmonths,andallwithoutback-upsupplywillhaveimpactedthroughlosssalesandcustomersasaThepartialisland-wideoutaffectingmultipleandareasinNewBPL’sWhatsGroupreportedthatStreetNorthtoBayFortCharlotte;BlueRoadNorthandsouthSoldierRoad;ErnestEastStreetSouth;Avenue;WulffeasternNewProviinitsentirety;andIslandeastwereallpowerforatleastfullhours.ABPLspokesperson,intoTribuneBusiinquiries,saidtheresultedfrom“thirdinterferencewherea

• BS degree in Human Resources or related field.

Duties

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Pinder’s Customs Brokerage Ltd. invites applications from suitably qualified persons for the post of HR Coordinator.

The HR Coordinator is expected to undertake a variety of HR administrative duties. The HR Coordinator will facilitate daily HR functions like keeping track of employee records and supporting the interview, onboarding, and performance review processes among other tasks.

PAGE 4, Thursday, September 1, 2022 THE TRIBUNE

MULTIPLE government agencies were repre sented at Tuesday’s second renewable energy steer ing committee where project implementation timelines and objectives wereThediscussed.meeting was chaired by the Ministry of Finance’s permanent secretary, Janice Miller, with Marco Rolle serving as co-chair. Simon Wilson, the Ministry of Finance’s financial secre tary, was also present and discussed some of the goals and installation sched ules for renewable energy projects that involve the roll-out of solar panels and other sustainable sources. Reports and updates on current projects, which are being financed via an $80m Inter-American Develop ment Bank (IDB) loan and $9m European Union (EU) grant, were provided. Attendees also discussed the progress of the $14.5m New Providence street lighting project, which is being facilitated by the Car ibbean Development Bank (CDB).

Photos:Ulric Woodside/BIS

Renewable energy group meets to assess progress STEERING COMMITTEE MEETING ON RENEWABLE ENERGY FINANCIAL SECRETARY SIMON WILSON Mr. N’kem Kareem Wilson, Administrative Cadet is asked to contact the Human Resources Unit of the Department of Labour, Rosetta Street,PUBLICURGENTLY.NOTICE NEW OFFICE SPACE AVAILABLE 2,400 sq/ft Centrally Located Complete with private bathroom Conference room, reception area, kitchenette Sitting area and 4 individual offices CONTACT: 394-0245/6

To-date, solar panels have been installed at C.V. Bethel Senior High School and T.G. Glover Primary School. Plans are in place to purchase electric vehicles for use by government agencies. The steering com mittee will meet again in November for a further dis cussion on progress.

THE TRIBUNE Thursday, September 1, 2022, PAGE 5 remains keen on delivering “a massive improvement” to the city of Nassau by con verting the former Rodney Bain Building, which sits at the junction of Shirley and Parliament Streets, into a multi-storey parking garage with condominium units “onThetop”.RF Bank & Trust president, who serves as the Fund’s administrator, disclosed that its recent “recapitalisation” - which saw bank debt replaced with $8m worth of prefer ence shares - will revive both its acquisition hunger and the resumption of investor dividend payments following a decade-long “struggle” after the 20082009 financial crisis. With a dividend decla ration set to be made “in the next few weeks”, and the balance sheet freed to take on new debt to finance property acquisitions, Mr Anderson told this newspa per that the Fund is seeking to diversify both in prop erty type and location. While specific opportuni ties have yet to emerge, he said it wants to expand from its present narrow focus on office buildings into retail/ shopping centres and “even the residential space”. And the Fund is also aiming to expand geographically beyond Nassau and Para dise Island via the potential acquisition of western New Providence.MrAnderson said increased occupancies, especially at the Fund’s flagship Bahamas Financial Centre property in down town Nassau, coupled with the preference share financ ing strategy had begun to bear fruit during the 2022 first half as net income rose 44.5 percent year-over-year to And,$364,771.with the full ben efits yet to come through, he predicted that the year’s final six months will be “a lot stronger” and produce “a significant improve ment” over the first half as the full impact of the new Financial Centre leases is felt.“This idea of recapitalis ing the Fund was also with an eye on adding more properties to the portfolio,” Mr Anderson told Tribune Business. “We don’t have any bank debt, and have significant capacity to take on future debt with the bal ance sheet we now have. “We don’t have any spe cific properties that we have made any progress with, but we are now actively looking for opportunities; getting back to paying dividends, getting back to acquisitions, and starting to inch forward again. It’s been a long tenyear period struggling to get it back on track.” The Bahamas Property Fund has never lost its enthusiasm for developing a multi-storey garage that can solve downtown Nas sau’s long-standing parking shortage, and Mr Anderson affirmed: “I’m still inter ested in doing that.” Having identified the RodneyGovernment-ownedBainbuilding as a potential location for such a project, he added: “Principally it’s a govern ment-related issue where they have to decide what they’re going to do with that property. It’s not a sig nificant problem for them or much income to come from the sale to justify get ting involved with. “The building has been condemned and is in a dilapidated state, and for the downtown area it would make a massive improve ment if we get to retool that space. What we’d like to do is create a blend of resi dential and parking space; condos on top, that kind of thing.“I think there’s an increasing interest in having people reside down town. With the new cruise port coming on stream, hopefully there will be a renewed interest in doing things downtown a lot more assiduously. We’re still interested in doing that,” Mr Anderson continued. “There’s a few things that the Government has to go along with, and there’s the space next to it that they have to sort out, but it would make a big differ ence. If the Government figures out what to do with that property, we can move forward.”While height and size might be different, the concept outlined by Mr Anderson would be the same as the 14-storey parking garage and condo complex proposed by Dr Conville Brown at the junction of Collins Avenue and Sixth Terrace. There appears to be a growing recognition among devel opers that, with remaining land on New Providence increasingly limited, the only way to build is to go vertical.Mr Anderson, mean while, affirmed to this newspaper that growing the Property Fund to $100m in assets is “still the target”, an ambition that would require it to near-triple its present $36.7m portfolio. He added that it is also seeking to “diversify into shopping centers or some other properties where it’s not as entirely reliant on office space”. Besides the Bahamas Financial Centre, the Fund’s other properties include One Marina Drive on Paradise Island and Providence House on East Hill Street where RF Bank & Trust is based. Retail and residential leases tend to be shorter than the typical office variety, with the former normally lasting for two to three years and the latter five years. Residential leases are often shorter than that, for one year or less.“We’re looking at diversi fying out of office space into other areas, so we are look ing at other opportunities,” Mr Anderson confirmed. “The western area of New Providence would be fine, and we are looking at some properties out there, but we don’t have any active dis cussions or negotiations.” Mr Anderson spoke after the Property Fund saw its total rental and parking income rise by 7.6 percent year-over-year to $1.58m for the 2022 first half. As a result of the increased Financial Centre occupan cies, landlord expenses dropped by 15.2 percent or $136,000 year-over-year to $752,159 as tenants paid a growing share of common area maintenance (CAM) costs.The reduction in landlord expenses was offset by a sharp jump in legal fees to $191,876, likely associated with the recently completed $8m preference share offer ing, but Mr Anderson said the bottom line improve ment was largely driven by increased Bahamas Finan cial Centre occupancies from the Registrar Gener al’s Department and other government tenants moving in.He added that the “over 80 percent occupancy rate is a significant improvement over the prior year, where it was down as low as 55 per cent; somewhere around there”. The RF Bank & Trust president added: “It’s really good to see the interest that we have in the Bahamas Financial Centre, and so we now have less than 20 percent to rent out. “It’s nice position to be in, and we have other people interested in that space. One Marina Drive is around the mid-30s in occupancy, and Providence House is 100 percent occu pied. Overall, in terms of total space, we have around 160,000 square feet and of that we’ve most probably got 120,000 rented. “That’s a significant improvement over prior years. That reflects some of the tenants coming in, and since then we’ve had even more. The rent to June does not really reflect that, so the income for the second half of the year will be a lot stronger than for the first half. I expect the second half of the year to be a significant improve ment over the first half with all these new leases coming through.”MrAnderson said party of the rationale for replac ing bank debt with the preference shares was to place the Property Fund “in a good cash position to pay dividends. We’ll be making an announcement shortly on dividends in the next few weeks”.Conceding that it had been more than a decade since equity shareholders last received a dividend, he added that the Fund has finally emerged to a point where it has good occupan cies, is on a solid financial footing and can thus return capital to investors more consistently.With tourist-related activity starting to rebound on Paradise Island, Mr Anderson voiced optimism that One Marina Drive, located between the two bridges connecting New Providence, will soon start to lower its vacancy rate. A much smaller property of around 20,000 square feet, he added that only 12,000 needs to be filled but - with tenants typically taking smaller spaces - it may require finding at least five or six. BISX-LISTED FUND STILL EYEING DOWNTOWN PARKING SOLUTION FROM PAGE B1

PAGE 6, Thursday, September 1, 2022 THE TRIBUNE names, products or prices wereDespitecited. these concerns, Mrs Degregory-Miaoulis, a realtor by profession who owns and operates the Abaco Neem organic farm with her husband, Nick, said the island’s eco nomic recovery momentum appeared to have picked up over the past six months with more micro, small and medium-sized (MSMEs) enterprises opening outside the traditional Marsh Har bour corporate space. “I did have a meeting yesterday with one of the bank managers here, and according to her in the last six months there has been a real increase in business banking,” she told Trib une Business. “There are a lot of SMEs, small and medium-sized businesses, popping up and opening up and that’s encouraging because they’re what drives the“I’meconomy.also happy to say that those businesses are opening in areas outside of Marsh Harbour’s main business centre - in Dundas Town and areas that are more locally populated - which is also a positive shift in my opinion. It is probably because the rents are more affordable, the rents are lower and the rental properties in Marsh Harbour proper are not readily available. Cost, I think the primary reason. “I see this as a positive, all in all. Definitely, within the last six months activity has picked up, which is great because we’ve gone into a real lull that is normal for this beautifulthemoreareownerperiodNovemberSeptember/October/peakhurricanewhensecondhomeandvisitornumbersdecreasing.Wehavebusinessactivityinlocalmarket.Ihadalunchatabrand new restaurant, Sugar Cane, which is right next to Abaco Suites. Several new eateries have opened up.” Utilities, especially a “reliable” electricity and water supply plus Internet, are critical for businesses to properly function but remain a challenge for many on Abaco. “I just spoke to one of our second homeowners who lives in Eastern Shores, one of the most expensive areas where the Government collects handsome real property tax,” Mrs Degreg ory-Miaoulis disclosed. “They still don’t have water supply. They are still dealing with Water & Sew erage to get a steady water supply. They’re rebuild ing but are having to truck water into their properties so that they can function. We’ve had three years to bring infrastructure, basic water supply. That’s the very least we should have done.”The Abaco Cham ber chief forecast that it will likely take up to five more years for the island to recover, physically at least, from the catastrophic devastation inflicted by Hurricane Dorian. “I always said it was going to take at least seven to ten years to get back to being the viable city we should be and can be,” she told Trib une Business “Where are we now? Three years? I’m sticking to that timeframe. It’s at least another, at best, three to five years barring any unforeseen new obstacles that may come about.... Abaco has come through the toughest times. We are resilient. We will come back. We do have a loyal customer base. We think we will be the second from“exemptedislandsfullytheregionclestoaffordandyear,expirepost-DorianconcessionstheongreaterGovernmentberherself,lisareineconomic-generatingbiggestislandthecountryagainifwenotalreadythere.”MrsDegregory-MiaourenewedcallsmadebyandherChampredecessor,forthetoprovideandearlierclarityitsplansforextendingtaxbreaksandothergrantedtoaidreconstruction.ThelatestareduetoonDecember1thisandshesaidAbacoGrandBahamacannotfortheGovernment“presentfurtherobstatousinourdisasterbynotgivingusallconcessionsweneedtorebuild”.Arguingthatbothshouldhavebeenaltogether”havingtopayVAT,

PRICE GOUGE WARNING: FEAR ABACO’S ‘LOYAL VISITORS’ LOST FROM PAGE B1

Mrs wholeincreased,slowsbuildingfactoverTheyisingrowthhaveFinance’sknowbusinesstheiralwaysherewhichhourtendsonofshewetheGovernmentinflation.chainswiftlyandto(SERZ)EconomicofenjoyedassertedDegregory-Miaoulisthattheyhadonly“threerealmonthsbenefit”fromtheSpecialRecoveryZonedesignationduetheCOVIDlockdownsrestrictionsthatwerefollowedbysupplybottlenecksand“We’rehopingthatthewillcontinueSERZexemptionsasstillneedtorebuild,”said.“Ihaven’theardanydefinitivedecisionit,buttheGovernmenttowaituntilthe11thtomakeadecision,Iexpectiswhatwillagainunfortunately.Itaffectspeoplewithplanning,especiallyplanning.“ThethingisthatwefromtheMinistryofperspectivetheyseenconsiderableoverthispastyearAbaco.Iunderstandthatwhattheyhaveadvised.expectitwillcontinuethenextyear.Theofthematteristhatifandreconstructionbecausecostshavethatdefeatsthepurpose.”

Abaco presenterunveilsOutlookguestline-up

THE TRIBUNE Thursday, September 1, 2022, PAGE 7 challenge to largely being cut out of their mother’s will.This triggered a Supreme Court battle between Betty and her two brothers, with Barrington and Leon alleg ing that the 2007 will drawn up by Commonwealth Law Advocates was “fraudulent in that the signature” on it was not their mother’s. They also cited what they alleged were other incon sistencies and inaccuracies, including that the will was not prepared by Anthony Thompson, said to be their mother’s “usual attorney” and who prepared an ear lier will in 1993. That latter will handed Alicia’s Windsor Terrace subdivision property to Leon, and her four apart ments at Carmichael Road, to Barrington. Alicia, who had another daughter to take her total offspring to four, also gave the quartet equal shares in her Imperial Life life insurance policy. However, the 2007 will stipulated a less equita ble distribution of the deceased’s assets. Instead of the Carmichael Road property, Barrington was to be paid $50,000 for his interest in it and only receive his mother’s 1995 Toyota Corona. And Leon, who was said to have never fulfilled his promise to sat isfy the FINCO mortgage secured on the same Bel Air Estates, Carmichael Road, was to get only the $50,000 Imperial Life insurance proceeds he had already received. Betty asserted that the 2007 will, for which she was named executrix, is the valid document while Bar rington and Leon argued differently. Mr Bannister, in a witness statement sub mitted on March 10, 2017, just two months before that year’s general elec tion which him elected as Carmichael’s FNM MP, tes tified that he first met Alicia during his then-unsuccessful 2002 campaign to be elected as the constituency’s MP. She then became his client, and Mr Bannister alleged that in 2004 she instructed him to prepare her last will and testament that excluded Leon from any benefit in the estate. After his election to office, and appointment as min ister of education, in 2007 he was informed by Com monwealth Law Advocates staff that Alicia wanted to modify her will. Later, in 2015, he spoke to Alicia several times to confirm her will’sPearlineintentions.Ingraham, an attorney with Common wealth Law Advocates, testified that she was instructed to prepare the will by Mr Bannister in Sep tember 2007 - four months after he became a Cabinet minister. Other staff from the law firm confirmed they were present when Alicia signed the 2007 will. Barrington, though, argued that the will’s ref erence to St Matthew’s Anglican Church was among “the conflicts and errors” because his mother had never attended it. He added that one of his sister’s names was incorrectly spelt, and there was no mention of several properties his mother owned. Leon made similar assertions, adding that the mortgage referred to had been dealt with. Justice Winder said he had to “accept the will is valid and effective” given the statements from those Commonwealth Law Advo cates staff who witnessed Alicia signing. He added the minor spelling error in the name of the other sister, Lois, was “hardly a cause for declaring the 2007 will as fraudulent or a forgery”, and there was nothing to suggest Alicia was of “unsound mind” when the will was signed because this occurred eight year prior to herWhiledeath. acknowledging that Barrington and Leon were surprised by the changes, and their virtual exclusion from inheriting the estate, Justice Winder said Alicia was within her rights to change her mind and distribute her assets as she saw fit. Finding that Mr Bannister and the others were “truthful, independent witnesses”, he rejected the brothers’ claims of fraud and forgery. FRAUD CLAIM REJECTED OVER WILL DRAWN UP BY EX-DPM FROM PAGE B1 national revenue and devel opment,” said Joan Albury, TCL Group’s president. “As is our organisa tional pattern for all our Business Outlooks, the chosen speakers who have so kindly agreed to par ticipate are well-positioned to inform on Abaco’s pro gress and the abundant investment opportunities now presenting as related to airlift, tourism and hos pitality, and banking and investment available for the domestic and international market.“Itis obvious, too, that utilities such as electricity and water and sewerage are always imperative in discus sions of recovery, quality development and sustain ability,” Mrs Albury said. “Neither can we omit talk of the state of the marine environment of the Abaco sub-archipelago. The sea in this area is not just the pre mier support for tourism in those islands but also integral to the integrity and well-being of The Baha mas in its entirety. For this reason, we have secured a foremost expert on the subject for this 18th Abaco Business Outlook. “All of us must be con cerned about the well-being of the Abacos, so we’re hoping that we will get great support for this year’s Abaco Business Outlook. Those interested in joining the online audience may register online at tclev ents.com or by contacting Margaret Albury at (242) 322-1000.”TheAbaco Business Outlook is one of TCL Group’s eight Business Outlook forums, which also cover Andros, Cat Island, Eleuthera, Exuma, Grand Bahama, Long Island and the founding Bahamas Business Outlook held traditionally held in Janu ary to present the national outlook.

FROM PAGE B2

That’s the way we pay our bills and that’s how we stay in business. A lot of us have made sacrifices. I person ally have been in business 22-23 years, and all I can do is save my business and stay in business. I have encouraged my members and clients to budget what it costs them every month. If they need $3,000-$4,000 to pay their monthly costs, try to get sales above that of $5,000-$6,000 to stay in business for next month. “We call it business sur vival mode. All of us are in business survival mode right now and waiting for Christ mas and Thanksgiving.” Mr Turnquest said many Baha mian small businesses were now sourcing product from US states such as California in a bid to avoid shipment delays and backlogs from China and Panama. “It doesn’t make sense to hurt your head by pinching pen nies and stuff from China reaches a month or two later,” he “Anotheradded.thing my mem bers are doing, and I have encouraged them to do, is they like to mark up 200 percent to 300 percent over first cost. What I did was encourage them to reduce it to a 106 percent mark up so the customer benefits and they get the sales. The pandemic has made it very competitive.”Established small Baha mian businesses, Mr Turnquest said, are now competing against homebased rivals created by workers furloughed during COVID. The latter, he added, were operating with less overheads and costs which enables them to keep prices down. The Prime Minister, speaking to the media earlier this week, told con sumers: “I’ll advise that they be vigilant and be frugal, and let us work together to combat the challenges that we have for inflation....“When you look at all what I call the economic indices that speak to whether inflation is going to be stabilised and/or it’s going to be a runaway horse, as it has been, from their prognosis it seems that we are in for yet a rough ride for another few months.”

PAGE 10, Thursday, September 1, 2022 THE TRIBUNE wider economy nosedived and the right balance was notMrstruck.Davis, in comments to the media on Sunday, called on Bahamians to be “frugal” and careful over what they spend their money on given the global inflationary pressures that are driving broad-based price increases locally and eroding living standards. While the Prime Min ister’s concerns over the cost of living crisis were supported by his mem bers, Mr Turnquest told this newspaper many of his members feared the comments may tip the pendulum too far in favour of a spending slow down that undermines the post-COVID recovery for local“Oncebusinesses.wecut down too much that will be the slow death for Bahamian busi nesses,” he warned. “We might frighten people. We don’t want to frighten people right now. We understand what the Prime Minister is saying as an Association, but we have to beNotingreal.” that all the Asso ciation’s members are micro, small and mediumsized businesses earning less than $500,000 per year, with 90 percent generating $250,000 or less in top-line sales, Mr Turnquest added: “We don’t need no cutting down too much. If that hap pens, salary cuts will be the first thing to occur, and then employees will be let go,. “We understand the Prime Minister, being the leader of the country, wants us to tighten up and knuckle down. Small busi nesses, though, we need to encourage people to buy but for the right reasons. That’s why our members are lowering costs and offering discounts to be competitive. What we don’t want is for the consumers to buy from overseas and ship their purchases in. We had that problem in the pandemic and have still not overcome that challenge. “Although the Prime Minister indicated that he wanted consumers to act in a frugal way, we as business owners need to stay open.” And the only way that will happen, Mr Turnquest reiterated, is if Bahamian consumers continue to spend their dis posable income with local merchants on products such as clothes, electronics and other“Righttechnologies.nowwe cannot worry about profitability. We cannot hurt our head over how much we make in profit,” he added, with many Association members still battling to rebound from COVID-19 and other challenges. “They have to pay their fixed costs and expenses; rents, salaries, light bill and other monthly obligations to stay in business.“Nothing will get paid unless a cash sale is made.

‘Slow death’ fears if spend cut too deep FROM PAGE B1 Requirements • Must have a High School Diploma or equivalent thereof. • Excellent knowledge of Microsoft Office (especially Word and Excel) • Familiarity with office machines (e.g., Printers, Scanners, etc.) • Must possess strong communication and interpersonal skills • Must possess good organizational skills and multi-tasking abilities Individuals who are interested are asked to email your Resumes/Cover Letters Deadlinerforsythe@allianceinvest.comtotoapplyisTuesday,September6th,2022.Compensationwillcommensuratewith relevant qualifications and experience. NOW HIRING Office Assistant/ Receptionist

FROM PAGE B1

plan Dorian revival

THE TRIBUNE Thursday, September 1, 2022, PAGE 11 trunk or have shops in resi dential areas. It was a lost warnedtiveaccommodationtheskilledweretractorsabundance”reconstruction.comeslabourshortageareAbacodent,Associationtheproblem.”wouldit’sit’sputIHowthey’reBahamasTheforrealtor,istrypresidenttionoptingwhogovernmentersshestillotherTownHarboureratorswashingCustomsfinancing.homesworkersneedsaddressingmentalsoopportunity.”MrsDegregory-MiaoulisurgedtheGoverntolookseriouslyatthehousingofpublicserviceitselfbybuildingorunderwritingtheirPointingoutthatwasstilloperatfromtrailersthatlackroomsand,often,genatboththeMarshandWilliamsports,sheaddedthatcivilservantswerebeinghousedinwhatestimatedwere50trailattheMarshHarbourcomplex.“Unfortunately,thosehaverentalhomesarefortheAirbnbvacarentals,”theChambersaid.“TheMinofEducation,I’maandthey’relookingfivehomesforteachers.policeandtheRoyalDefenceForce,lookingforhomes.“HowdoIquantifyit?bigistheproblem?wouldn’tknowhowtoapercentageonit,butcertainlyenoughandstiflingourgrowth.Isayit’squiteahugeLeonardSands,BahamianContractors(BCA)presiearlierthisweeksaidandGrandBahamasufferingahousing-asopposedtoashortage-whenittotheirpost-DorianWhiletherewas“anofwork,conanddevelopersstrugglingtoattracttradespersonsduetolackofavailablerentalatcompetiprices.Asaresult,hethatTheBahamas was in danger of “repeating the same cycle” of ille gal housing communities (shanty towns) that Abaco saw pre-Dorian with Pigeon Pea and the Mudd as per sons working on that island would build such structures for their families. Mr Sands added: “I’ve spoken to some persons on the ground in Abaco and Grand Bahama, and they will tell you there’s a hous ing shortage. They want to hire tradespeople like car penters but there’s no place for them to live, so that cre ates a labour shortage. It’s not really a labour shortage in cases where there’s an abundance of work. It’s a housingMeanwhile,crisis.” the Disaster Reconstruction Authority’s (DRA) chairman yesterday said persons who received Dorian aid from the previ ous administration’s small home repair programme used the money to buy nonapproved products such as “high end mattresses” and“Wemirrors.discovered cat egories of damage that were not confined to recon struction parameters and what is considered major damage,” he said. “In some instances, we saw high-end mattresses and interior mir rors, for example, being purchased with aid funds. I saw one purchase order and invoice that was paid for, I think, a $2,500 mattress using funds that were sup posed to be used for home repair.”Hesaid many of the pur chased items were not on the DRA’s approved list and instead were approved by workers in the agency. He added that the small home repairs initiative was over subscribed. Some $2m has been allocated for the Davis administration’s version of small home repairs, which will be launched in phases. “The programme will be different from the predeces sor as the authority will now seek to procure building supplies in bulk and directly include direct employment of skilled labour,” Mr Storr said during a press confer ence at the Office of the Prime“WeMinister.have established a reconstruction unit to assist as many homeown ers as possible with their reconstruction efforts. We do recognise that all governments are limited financially, which is why we sought to change the model to this “Purchaseone. orders and direct grants will no longer be used as we discovered some received funds but their homes are still in need of repair. On that note, I would like to announce that homeowners and businesses are being notified that all outstanding purchase orders that are out there are being cancelled.” ‘Lost opportunity’ to

The Tribune wants to hear from people who are making news in their youronantheforcause,fundsPerhapsneighbourhoods.youareraisingforagoodcampaigningimprovementsinareaorhavewonaward.Ifso,callus322-1986andsharestory.

yourSharenews

NOTICE

NOTICE is hereby given that OSHANE ORANE PHIPPS of P.O. Box N-7970, Hudsons Place, Soldier Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

4.50%6.95% 31-May-202231-Mar-2022 6.25%4.50% 15-Oct-204923-Sep-203221-Apr-205025-Mar-202215-Oct-202226-Jun-204526-Jun-202230-Jul-204515-Dec-204430-Jul-202215-Dec-202131-May-202231-May-202231-Jan-202231-Jan-202231-Jan-202231-Jan-202231-May-202231-Jan-202231-Jan-202231-Mar-2021

INTENT

The Public is hereby advised that I, ELTANEKA CURRY of #48 Cox Street, Fox Hill, Nassau, Bahamas intend to change my child’s name from ELKANAH LINTON CURRY to ELKANAH LINTON SYMONETTE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice. TO CHANGE NAME BY DEED POLL PUBLIC NOTICE

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund

Clifford Square Global Strategy Fund Ltd is in dissolution under the provisions of the International Business Companies Act, 2000.

First

MATURITY 31-Mar-202231-Mar-202220-Nov-202919-Oct-20226.25% 31-Mar-202230-Sep-20254.25%6.25%4.50%6.25% NAV Date 5.55%4.33%4.31%4.30%4.30%5.69%5.65% 15-Apr-204926-Jul-202817-Apr-203323-Sep-2032

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as a)follows:-

100.00100.000.00

INTEREST Prime + 1.75% 31-Mar-202131-Mar-2021

c) The Liquidator of the said Company is Israel Borba whose address is Lyford Financial Centre, Building 2, Western Road, P.O. Box CB-10988, New Providence, The Bahamas. IsraelLiquidatorBorba

BG0307

MARKET REPORT

BED BATH & BEYOND TO CLOSE STORES, CUT JOBS IN REBOUND BID

BED-Bath-&-Beyond-Strategic-Update,Shoppers enter and exit a Bed Bath & Beyond in Schaumburg, Ill., Jan. 14, 2021. Shares of Bed Bath & Beyond plunged in premarket trading Wednes day, Aug. 31, 2022, after the struggling home goods retailer announced a restructuring that includes store closures, layoffs and a stock offering. The company plans to close about 150 namesake stores but will keep its buybuy BabyPhoto:chain.Nam Y. Huh/AP (Note 100.00100.00Bahamas Holdings LimitedBFHB BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92104.79Bahamas Note 6.95 (2029) BAH29 100.00100.00BGS: 2014-12-7Y BG0107 100.00100.000.00 100.00100.00BGS: 2015-1-7Y 100.00100.00BGS: 2014-12-30Y BG0130 100.00100.00BGS: 2015-1-30Y BG0230 100.00100.000.00 100.00100.00BGS: 2015-6-7Y 100.00100.000.00 100.00100.00BGS: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 100.2299.98BGRS FL BGRS99032 BSBGS990326100.50100.500.00 100.2299.98BGRS FL BGRS99032 BSBGRS990326100.50100.500.00 100.4399.96BGRS FL BGRS97033 BSBGRS970336100.09100.090.00 100.43100.43BGRS FL BGRS75022 BSBGRS750225100.54100.540.00 100.34100.04BGRS NAV YTD%12 MTH% 2.522.11 2.520.99%4.22% 4.693.30 4.690.36%5.78% 2.221.68 2.210.67%2.74% 207.86164.74 197.44-2.97%-2.35% 212.41116.70 202.39-4.72%6.04% 1.741.37%3.03% 1.841.75 1.841.19%5.23% 1.831.76 1.831.62%4.13% 1.030.97 0.97-5.25%-6.07% 9.376.41 9.37-0.02%10.36% 11.837.62 11.79-0.33%18.23% 7.545.66 7.540.22%3.05% 16.648.65 15.94-3.89%14.76% 12.8410.54 12.47-1.04%-2.57% 10.779.57 10.740.81%4.20% 10.009.88 N/AN/AN/A 10.438.45 10.433.00%25.60% 14.8911.20 14.897.90%48.70%

107.31107.310.00

FL BGRS81037 BSBGRS810375100.34100.340.00 100.23100.00BGRS FL BGRS88028 BSBGRS880287100.00100.000.00 100.0089.62BGRS FX BGR129249 BSBGR129249389.6289.620.00 100.0089.00BGRS FX BGR131249 BSBGR1312499100.00100.000.00 100.9890.24BGRS FX BGR132249 BSBGR1322498100.00100.000.00 100.0090.73BGRS FX BGR136150 BSBGR1361504100.00100.000.00 MUTUAL FUNDS 52WK HI52WK LOW

100.00100.000.00

Voluntary Liquidation

BG0207 100.00100.000.00

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333 5.60% 15-Jul-2049 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial

Bahamas Fund Class F CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund

1.741.69

By ANNE D’INNOCENZIO AP Retail Writer BED Bath & Beyond said Wednesday that it will shutter stores and lay off workers in a bid to turn around its beleaguered business.Thehome goods retailer based in Union, New Jersey, said it will close about 150 of its namesakes stores and slash its workforce by 20%. It estimated those cuts would save $250 million in the company’s current fiscal year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of newButfinancing.itwill keep its buybuy Baby chain, which earlier this year it consid eredBedselling.Bath & Beyond’s stock fell more than 21% Wednesday and is down 65% in the last 12 months. Mired in a prolonged sales slump, the company also announced it will revert to its original strat egy of focusing on national brands, instead of push ing its own store labels. That reverses a strategy embraced by its former CEO Mark Tritton, who was ousted in June after less than three years at the helm. It said it would get rid of one-third of its store brands, which had started to be rolled out in the last year or “There’sso. still an incred ible degree of love for Bed Bath & Beyond,” Mara Sirhal, the newly named brand president of Bed Bath & Beyond, told indus try analysts Wednesday. “We must get back to our rightful place as the homecategory destination, and our goal is to achieve this by leading with the products and brands our customers want.”Asof May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores and 51 stores under the names Harmon, Harmon Face Values or Face Values. As of February, it had roughly 32,000Timeemployees.isofthe essence for the company heading into the critical holiday shopping season. It said it expects a 26% decline in comparable sales for its fiscal second quarter, which ended Saturday. It burned through $325 million of cash in the quarter. Sirhal said the retailer wants to get back to being a place where shoppers find innovative items. For exam ple, Bed Bath & Beyond was the first to bring items like the air fryer and the single-serve coffee maker to its customers, she said. Neil Saunders, manag ing director at GlobalData Retail, said he applauds the strategic shift. But he said that task is “easier said than done” and will require much closer relationships with suppliers to secure unique offerings. “If Bed Bath & Beyond simply stocks the same sort of things as can be found at Target, Walmart, or Amazon, then it will strug gle to differentiate and will find margins compressed as it needs to match on price, “ heBedsaid.Bath & Beyond has been facing lots of turbulence recently. Its shares made a monstrous run from $5.77 to $23.08 in a little more than two weeks in August, in trad ing reminiscent of last year’s meme-stock craze, when out-of-favor com panies suddenly became darlings of smaller-pock etedButinvestors.theshares fell back to earth after a deep-pock eted investor, activist Ryan Cohen, the billionaire co-founder of online petproducts retailer Chewy Inc., sold his entire stake i n the company.

WEDNESDAY, 31 AUGUST 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2567.031.220.05338.7915.20 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 6.985.30 AML Foods Limited AML 6.95 6.950.00 0.2390.17029.12.45% 53.0033.80 APD Limited APD 39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 2.612.20Bahamas First Holdings Limited BFH 2.46 2.460.00 0.1400.08017.63.25% 2.851.30Bank of Bahamas BOB 2.76 2.850.09 2,0000.0700.000N/M0.00% 6.205.75Bahamas Property Fund BPF 6.20 6.200.00 1.7600.000N/M0.00% 10.058.25Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.152.82Cable Bahamas CAB 4.00 4.000.00 -0.4380.000-9.1 0.00% 10.655.99Commonwealth Brewery CBB 10.15 10.200.05 1,0000.1400.00072.90.00% 3.652.27Commonwealth Bank CBL 3.11 3.110.00 0.1840.12016.93.86% 8.255.29Colina Holdings CHL 8.23 8.230.00 0.4490.22018.32.67% 17.5010.25CIBC FirstCaribbean Bank CIB 16.00 16.000.00 1000.7220.72022.24.50% 3.251.99Consolidated Water BDRs CWCB 3.25 3.24 (0.01) 0.1020.43431.813.40% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.41 11.33 (0.08) 0.6460.32817.52.89% 10.8510.00Famguard FAM 10.85 10.850.00 0.7280.24014.92.21% 18.3014.05Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% 4.003.50Focol FCL 3.90 3.900.00 0.2030.12019.23.08% 11.008.20Finco FIN 11.00 11.000.00 0.9390.20011.71.82% 16.5015.50J. S. Johnson JSJ 15.50 15.500.00 0.6310.61024.63.94% PREFERENCE SHARES 1.001.00Bahamas First Holdings PreferenceBFHP 1.00 1.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 6 CAB6 1000.001000.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 9 CAB9 1000.001000.000.00 0.0000.0000.0000.00% 1.001.00Colina Holdings Class A CHLA 1.00 1.000.00 0.0000.0000.0006.25% 10.0010.00Fidelity Bank Bahamas Class A FBBA 10.0010.000.00 0.0000.0000.0007.00% 1.001.00Focol Class B FCLB 1.00 1.000.00 0.0000.0000.0006.50% CORPORATE DEBT - (percentage pricing) 52WK HI52WK LOWSECURITY SYMBOLLAST SALECLOSECHANGEVOLUME 100.00100.00Fidelity Bank

PAGE 12, Thursday, September 1, 2022 THE TRIBUNE

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ABACO Today: SE at 4 8 Knots 1 3 Feet 7 Miles 85° F Friday: E at 7 14 Knots 1 3 Feet 7 Miles 85° F ANDROS Today: SE at 4 8 Knots 0 1 Feet 7 Miles 86° F Friday: E at 7 14 Knots 1 2 Feet 7 Miles 87° F CAT ISLAND Today: E at 6 12 Knots 1 3 Feet 10 Miles 86° F Friday: ENE at 8 16 Knots 2 4 Feet 10 Miles 85° F

5-Day Forecast Mostly sunny High: 89° AccuWeather RealFeel 100° F The exclusive AccuWeather RealFeel Temperature is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day. Partly cloudy Low: 78° AccuWeather RealFeel 87° F A t‑storm in spots in the morning High: 90° AccuWeather RealFeel Low: 78° 100°-82° F A t‑storm in the morning; breezy High: 89° AccuWeather RealFeel Low: 80° 97°-86° F A morning t‑shower; partly sunny High: 90° AccuWeather RealFeel Low: 79° 100°-88° F Partly sunny with a stray t‑storm High: 89° AccuWeather100°-89°RealFeelF Low: 78° TODAY TONIGHT FRIDAY SATURDAY SUNDAY MONDAY almanac High 90° F/32° C Low 79° F/26° C Normal high 88° F/31° C Normal low 75° F/24° C Last year’s high 91° F/33° C Last year’s low 73° F/23° C As of 2 p.m. yesterday 0.00” Year to date 40.66” Normal year to date 24.96” Statistics are for Nassau through 2 p.m. yesterday PrecipitationTemperature sun anD moon tiDes For nassau Sep.First3 Sep.Full10 Sep.Last17 Sep.New25 Sunrise 6:51 a.m. Sunset 7:29 p.m. Moonrise 11:37 a.m. Moonset 10:55 p.m. SundaySaturdayFridayToday High Ht.(ft.) Low Ht.(ft.) 11:58 a.m. 3.2 5:40 a.m. 0.5 ‑‑‑‑‑ ‑‑‑‑‑ 6:19 p.m. 0.9 12:11 a.m. 2.8 6:25 a.m. 0.6 12:50 p.m. 3.2 7:16 p.m. 1.0 1:04 a.m. 2.7 7:17 a.m. 0.6 1:49 p.m. 3.2 8:20 p.m. 1.1 2:06 a.m. 2.6 8:18 a.m. 0.7 2:55 p.m. 3.3 9:29 p.m. 1.1 WednesdayTuesdayMonday 3:15 a.m. 2.6 9:26 a.m. 0.6 4:03 p.m. 3.4 10:38 p.m. 1.0 4:25 a.m. 2.7 10:36 a.m. 0.5 5:09 p.m. 3.5 11:42 p.m. 0.8 5:32 a.m. 2.8 11:42 a.m. 0.4 6:09 p.m. 3.6 ‑‑‑‑‑ ‑‑‑‑‑

THE WEATHER

Photo:Julia Nikhinson/AP C MAYAGUANALow:80°F/27°CHigh:88°F/31°C GREAT INAGUA Low: 78° F/26° C High: 88° F/31° C Low:ANDROS80°F/27° C High: 89° F/32° C Low: 77° F/25° C High: 88° F/31° C FREEPORT NASSAULow: 79° F/26° C High: 92° F/33° C MIAMI

CROOKED ISLAND Today: ENE at 7 14 Knots 1 3 Feet 7 Miles 85° F Friday: ENE at 8 16 Knots 2 4 Feet 10 Miles 84° F

A CHOPPY day of trad ing ended Wednesday with a broad slide for stocks as Wall Street closed the books on a rocky August that started off strong, but wound up leaving the market deeper in the red for the year. The S&P 500 fell 0.8%, extending its losing streak to a fourth day. The bench mark index ended the month with a 4.2.% loss after surging 9.1% in July. The Dow Jones Indus trial Average fell 0.9%, while the Nasdaq compos ite slid 0.6%. The major stock indexes are on pace for weekly Technologylosses.stocks and big retailers were among the heaviest weights on the market. Only commu nications stocks eked out a slight gain. Smaller com pany stocks also fell, pulling the Russell 2000 index 0.6% lower.The latest pullback for stocks came as Treasury yields rose broadly. The yield on the 10-year Treas ury, which influences interest rates on mortgages and other consumer loans, rose to 3.17% from 3.11% lateBondTuesday.yields have been rising along with expecta tions for higher interest rates, which the Federal Reserve has been increas ing in a bid to squash the highest inflation in decades. “You have the bond market now taking the Fed seriously,” said Willie Del wiche, investment strategist at All Star Charts. “And it’s not that stocks can’t over come that, but so far they haven’t overcome that.” The last time stocks mounted a big rally was in July and early August, when bond yields came off their highs as expectations for higher rates eased. “If the underlying trend in stocks is lower, then higher bond yields weigh on that,” Delwiche said. The S&P 500 fell 31.16 points to 3,955. The index is now down 17% so far this year. The Nasdaq lost 66.93 points to 11,816.20, while the Dow gave up 280.44 points to close at 31,510.43. The Russell fell 11.48 points to 1,844.12. Stocks got off to a solid start in early August, continuing a July rally.

NASSAU Today: ESE at 4 8 Knots 0 1 Feet 10 Miles 85° F Friday: E at 7 14 Knots 1 2 Feet 7 Miles 86° F

GREAT EXUMA Today: E at 6 12 Knots 0 1 Feet 6 Miles 86° F Friday: ENE at 8 16 Knots 1 2 Feet 10 Miles 87° F

By ALEX VEIGA AP Business Writer

FREEPORT Today: E at 4 8 Knots 0 1 Feet 7 Miles 86° F Friday: E at 6 12 Knots 1 2 Feet 7 Miles 86° F

Investors were encouraged to see that signs that infla tion, while still high, was leveling off. That fueled optimism on Wall Street that the Federal Reserve might be able to ease back on raising interest rates, its main weapon in its fight to bring inflation down. Those gains followed a weak first half of the year where the S&P 500 dropped 20% from its most recent high and entered a bear market. That optimism faded by mid-August as the central bank signaled it would keep raising rates and keep them high as long as necessary to tame the the hottest infla tion in four decades. On Friday, Federal Reserve Chairman Jerome Powell underscored the Fed’s intention in a speech at the central bank’s annual symposium.WallStreet is worried that the Fed could hit the brakes too hard on an already slowing economy and veer it into a reces sion. Higher interest rates also hurt investment prices, especially for pricier stocks like technology companies. Traders are now trying to get a better sense of how far and how quickly the Fed’s rate hikes will go, beginning with the central bank’s upcoming interest rate policy meeting September 20-21. The Fed has already raised interest rates four times this year and is expected to raise short-term rates by another 0.75 percentage points at its September meeting, according to CME Group. Investors have been closely watching economic data for any additional signs that the economy is slow ing down or that inflation may be cooling or at least holding at its current level. Businesses and consumers have been hit hard by rising prices on everything from food to clothing, but recent declines in gasoline prices have provided some relief. Strong U.S. employ ment data have helped fuel expectations of more inter est rate hikes. The Labor Department reported Tues day there were two jobs for every unemployed person in July, giving ammunition to Fed officials who argue the economy can tolerate more rate hikes to tame inflation that is at multidecade highs.

THE

The higher the AccuWeather UV Index number, the greater the need for eye and skin protection.

tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. NS EW S 4 8 knots NS EW S E 4 8 knots NSW S E 4 8 knots NSW E 6 12 knots NSW E 6 12 knots NSW S E 8 16 knots NSW S E 7 14 knots NS EW S 4 8 knots | Go to AccuWeather.com

GREAT INAGUA Today: NE at 8 16 Knots 1 3 Feet 10 Miles 85° F Friday: ENE at 8 16 Knots 2 4 Feet 10 Miles 85° F

LONG ISLAND Today: E at 7 14 Knots 1 3 Feet 6 Miles 85° F Friday: ENE at 8 16 Knots 2 4 Feet 6 Miles 85° F MAYAGUANA Today: ENE at 8 16 Knots 2 4 Feet 10 Miles 84° F Friday: ENE at 8 16 Knots 3 5 Feet 10 Miles 84° F

REPORT

Stocks end lower in choppy trading, on pace for loss NEW York Stock Exchange on Wednesday, June 29, 2022, in New York. Stocks are opening mostly higher on Wall Street, Thursday, Aug. 25, but major indexes remain in the red for the week. Stocks are off to a slightly higher start on Wall Street, Wednesday, Aug. 31, but major indexes remain lower for the week after several days of declines.

ELEUTHERA Today: E at 4 8 Knots 1 3 Feet 6 Miles 85° F Friday: ENE at 8 16 Knots 2 4 Feet 6 Miles 85° F

marine Forecast WINDS WAVES VISIBILITY WATER TEMPS.

weekly

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO76°F/24° C High: 94° F/34° C Low:TAMPA78°F/26° C High: 91° F/33° C WEST PALM BEACH Low: 79° F/26° C High: 92° F/33° C FT.High:Low:LAUDERDALE80°F/27°C91°F/33°C KEY WEST Low: 82° F/28° C High: 90° F/32° C Low: 78° F/26° C High: 89° F/32° C Low:ABACO80°F/27° C High: 88° F/31° C High:Low:ELEUTHERA78°F/26°C89°F/32°C RAGGED ISLAND Low: 79° F/26° C High: 87° F/31° C GREAT EXUMA Low: 79° F/26° C High: 87° F/31° C CAT ISLAND Low: 78° F/26° C High: 88° F/31° C SANHigh:Low:SALVADOR78°F/26°C88°F/31°C CROOKED ISLAND / ACKLINS Low: 78° F/26° C High: 88° F/31° C LONG ISLAND Low: 78° F/26° C High: 88° F/31°

RAGGED ISLAND Today: NE at 7 14 Knots 1 3 Feet 10 Miles 85° F Friday: ENE at 8 16 Knots 2 4 Feet 6 Miles 85° F SAN SALVADOR Today: E at 6 12 Knots 0 1 Feet 6 Miles 86° F Friday: ENE at 8 16 Knots 1 3 Feet 6 Miles 85° inDex toDay

F uV

THE TRIBUNE Thursday, September 1, 2022, PAGE 13

US clears updated

“One needs to refresh the immune system with what is actually circulating,” Marks said. That’s why FDA also is no longer authorizing boosters made with the original recipe for those 12 and older.

The hope, Marks said, is that a vaccine matched to currently spreading vari ants might do a better job fighting infection, not just serious illness, at least for a while.What’s next? Even as modified shots roll out, Moderna and Pfizer are conducting human studies to help assess their value, including how they hold up if a new mutant comes along.And for children, Pfizer plans to ask FDA to allow updated boosters for 5- to 11-year-olds in early October.It’sthe first U.S. update to the COVID-19 vac cine recipe, an important but expected next step -like how flu vaccines get updated every year.

THE TRIBUNE Thursday, September 1, 2022, PAGE 15

Photo:Pfizer/AP

THE U.S. on Wednesday authorized its first update to COVID-19 vaccines, booster doses that target today’s most common omi cron strain. Shots could begin within days. The move by the Food and Drug Administration tweaks the recipe of shots made by Pfizer and rival Moderna that already have saved millions of lives. The hope is that the modi fied boosters will blunt yet another winter surge — and help tamp down the BA.5 omicron relative that con tinues to spread widely. “These updated boosters present us with an oppor tunity to get ahead” of the next COVID-19 wave, said FDA Commissioner Dr. Robert Califf. Until now, COVID-19 vaccines have targeted the original coronavirus strain, even as wildly different mutants emerged. The new U.S. boosters are combina tion, or “bivalent,” shots. They contain half that original vaccine recipe and half protection against the newest omicron versions, BA.4 and BA.5, that are considered the most conta giousTheyet.combination aims to increase cross-protection against multiple variants. “It really provides the broadest opportunity for protection,” Pfizer vaccine chief Annaliesa Anderson told The Associated Press. The updated boosters are only for people who have already had their primary vaccinations, using the orig inal vaccines. Doses made by Pfizer and its partner BioNTech are for anyone 12 and older while Mod erna’s updated shots are for adults — if it has been at least two months since their last primary vaccination or their latest booster. They’re not to be used for initial vaccinations.There’sone more step before a fall booster cam paign begins: The Centers for Disease Control and Prevention must recom mend who should get the additional shot. An influ ential CDC advisory panel will debate the evidence Thursday — including whether people at high risk from COVID-19 should go first.The U.S. has purchased more than 170 million doses from the two companies. Pfizer said it could ship up to 15 million of those doses by the end of next week. Moderna didn’t immedi ately say how many doses are ready to ship but that some will be available “in the coming days.” The big question is whether people weary of vaccinations will roll up their sleeves again. Just half of vaccinated Americans got the first recommended booster dose, and only a third of those 50 and older who were urged to get a second booster did so. Here’s the rub: The origi nal vaccines still offer strong protection against severe disease and death from COVID-19 for generally healthy people, especially if they got that important first booster dose. It’s not clear just how much more benefit an updated booster will bring — beyond a tem porary jump in antibodies capable of fending off an omicron infection. Still, “people have to realize this is a different kind of booster than was previously available. It will work better at protecting against omicron,” said virol ogist Andrew Pekosz of the Johns Hopkins Bloomberg School of Public Health. Even people who had an earlier omicron version still can get reinfected so “you should definitely go for the booster even if you’ve been infected in the last year,” added Pekosz. He thinks “if we can get good buy-in to use this, we might really be able to make a dent” in COVID-19 cases. The FDA cleared the modifications ahead of studies in people, a step toward eventually handling COVID-19 vaccine updates more like yearly changes to fluFDAshots. vaccine chief Dr. Peter Marks stressed the agency considered “the totality” of evidence. Pfizer and Moderna have previ ously brewed vaccine doses updated to match earlier mutants — including the omicron strain named BA.1 that struck last winter — and tested them in people. Those earlier recipe changes were safe, and the BA.1 version substan tially boosted virus-fighting antibodies — more than another dose of the original vaccine — although fewer that recognized today’s genetically distinct BA.4 and BA.5 strains. But instead of using those BA.1 shots, FDA ordered the companies to brew even more up-to-date doses that target those newest omicron mutants, spark ing a race to roll them out. Rather than waiting a few more months for additional human studies of that very similar recipe tweak, Marks said animal tests showed the latest update spurs “a very good immune response.”

COVID variantstargetingboostersnewest

THIS August 2022 photo provided by Pfizer shows vials of the company’s updated COVID-19 vaccine during production in Kalamazoo, Mich. U.S. regulators have authorized updated COVID-19 boosters, the first to directly target today’s most common omicron strain. The move on Wednes day, Aug. 13, 2022, by the Food and Drug Administration tweaks the recipe of shots made by Pfizer and rival Moderna that already have saved millions of lives.

By APNEERGAARDLAURANMedicalWriter