10022023 BUSINESS

Residents ‘adamantly’ oppose resort’s West Bay expansion

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

RESIDENTS in two western New Providence communities are “adamant” a hotel should not be given permission to re-zone a West Bay Street property as “commercial” so it can develop a grocery store, cafe and other amenities.

Homeowners in Tropical Gardens and Gambier Heights have both submitted petitions to the Department of Physical Planning urging the authorities to reject the application by A Stone’s Throw Away, a resort property that is part of the Enthusiast Hotel Collection owned by former Paradise Cruise Line chief executive, Oneil Khosa.

Describing the existing resort as a “nuisance” to the community and nearby residents, with music that “literally shakes the walls of our homes” during functions, homeowners fear approving its expansion will only worsen traffic congestion and the

Bahamas can’t pay $4bn costs for climate change

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS cannot afford the $4bn required to meet its pledged climate change targets without international financial, technology and other “capacity-building” support, it has admitted.

The nation, in its updated nationally-determined contribution (NDC) that sets out the goals and road map for how it will meet the climate change mitigation measures it signed up to in the 2015 Paris Agreement, warned it simply cannot cover these costs while striving to also fulfill its economic and social “development agenda”.

lack of available parking; increase the volume of trash and pollution they have to deal with; and produce an “uptick in crime” by drawing undesirables to the area.

ArawakX blames BOB ‘mislabel’ for fund commingling allegation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS’

first-ever crowdfunding platform is alleging that the “mislabeling” of its accounts by a BISX-listed bank created the “prejudicial impression” that it was commingling investor/client funds with its own.

Documents filed by ArawakX, in its bid to fend-off the Securities Commission’s attempt to have the Supreme Court order its winding-up, allege that Bank of the Bahamas incorrectly described payments into its fiduciary accounts as ‘payroll’ rather than ‘credits’.

Fiduciary accounts are typically used by multiple forms of financial services providers, including attorneys, to fold funds and assets that belong to clients and keep them separate from those of the company.

ArawakX: Our ‘$70m pipeline’ is neglected

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ARAWAKX’S chairman is asserting that regulators are placing too much emphasis on “accounting law” and ignoring “pipeline” business that could be worth up to $7m in fee income for the platform.

D’Arcy Rahming senior, also the crowd-funding platform’s chief executive, argued that the Securities Commission is “not recognising the operating side” of its business and the market it has built amid its ongoing bid for a Supreme Court

order that will authorise the company’s winding-up.

The capital markets regulator has accused The Bahamas’ first-ever crowd-funding platform of having a solvency deficiency worth “at least $2.4m”, while also charging it with “governance irregularities, regulatory breaches and possible criminal infractions”.

Christina Rolle, the Securities Commission’s executive director, has also argued that these woes are sufficiently “insurmountable” to justify ArawakX’s winding-up amid allegations

multilateral and bilateral agreements and the local private sector,” The Bahamas warned.

“The indicative cost for

The Bahamas’ identified NDC measures through 2030 is in excess of $4,000 million for mitigation and adaptation actions. The exact cost for these activities will be further developed over the next few years. As a result of low international ambition for mitigation as well as still very high subsidies for financing of carbon intensive activities, the cost of adaptation is expected to continue to increase and even go beyond the ability of certain sectors to adapt.

“The mitigation and adaptation targets presented in the updated NDC are contingent upon receiving international support for technology transfer, capacity-building and financial resources, including through the Green Climate Fund (GCF), the Adaptation Fund (AF),

“The Bahamas is not able to pay for the incremental cost of adaptation and mitigation while supporting the development agenda of the country.” The disclosure comes as The Bahamas hosts the Climate Finance in the Americas summit at Atlantis over the next several

GOV’T MUST STRIKE BALANCE FOR PRIVATE SECTOR’S GROWTH

Economic prosperity is a multi-faceted concept that does not solely rely on market forces. Instead, it is a synergy between various elements, and at the heart of this synergy lies the Government. While governments are often associated with regulation and bureaucracy, their impact on economic growth goes far beyond. In this segment, we will explore how governments play a crucial role in facilitating economic growth and improving the overall wellbeing of their citizens.

The role of the private sector

The synergy between the Government and the private sector is instrumental in fostering economic growth and society’s overall progress. This collaboration fosters innovation, sustains job markets and enriches communities. The private sector, widely recognised as the ‘engine of prosperity’, stands as a pivotal pillar within any economy. This sector comprises businesses that are owned and operated by individuals or groups without any government affiliations.

Source of Wealth

The private sector is the primary source of wealth creation in a country. When

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individuals or entrepreneurs start businesses and invest in their ventures, they create jobs and generate income for themselves and their employees. As these businesses grow and become successful, they contribute to the country’s economic prosperity.

Supporting the Government Even if you work for the Government, the private sector plays a significant role in supporting public services. Private businesses pay taxes, which fund government initiatives, infrastructure development and social welfare programmes. The revenue generated from thriving private businesses helps the Government address

society’s needs, such as education, healthcare and public safety.

Driving Innovation

The private sector fosters innovation and creativity. Entrepreneurs often identify gaps in the market and come up with innovative solutions to meet consumer demands. New ideas and technologies introduced by private companies lead to economic growth, productivity improvements and advances in various industries.

Diversification of the Economy

A robust private sector promotes economic diversification. Relying solely on one industry can make an economy vulnerable to external shocks. By encouraging the growth of various private businesses, a country can reduce its dependence on specific sectors and create a more resilient economy.

Attracting international businesses

We understand the private sector functions as the driving force behind any economy. Therefore, it is imperative to ensure its growth and prosperity. Much of the responsibility for this rests upon the Government. In the modern world, globalisation has

intricately linked economies like never before. Governments are keenly aware of this, and consistently endeavour to draw the attention of international enterprises. This is achieved by providing various incentives, including tax benefits, improved infrastructure and streamlined administrative processes. These efforts not only attract foreign corporations to set up operations domestically, but also result in the generation of employment opportunities, the exchange of technology and the overall invigoration of local economies.

Supporting local businesses

Governments play a vital role in supporting local businesses, as they recognise the importance of these companies in driving economic growth, creating jobs and fostering community development. One significant way governments provide support is through financial assistance. They allocate funds to local businesses in the form of grants, low-interest loans and subsidies. These resources help businesses invest in research and development, expand their operations and upgrade their technology. For instance, a government might offer a grant to a local manufacturer to

develop an environmentally-friendly production process, not only improving their competitiveness but also contributing to sustainable practices.

Tax incentives are another means by which governments aid local businesses. By reducing the tax burden on companies, governments encourage them to invest, hire more employees and stimulate economic activity. An example of this is a government providing tax credits to small businesses that hire and train residents, thereby supporting both business growth and community employment.

Regulatory simplification is crucial to reducing barriers for local businesses. Governments can streamline licensing, permitting and compliance processes, making it easier for firms to operate and expand. For instance, a local municipality might implement an online platform that enables entrepreneurs to swiftly register their businesses, eliminating bureaucratic hurdles and saving valuable time.

Access to Markets

Governments play a role in helping companies access new markets through trade agreements. Let us consider Company Y, a small manufacturer in Country

C that produces unique hand-crafted items. The government of Country C recognises the potential of Company Y’s products in international markets. To help Company Y access new markets, the government provides various forms of support. They organise trade fairs and exhibitions where Company Y can showcase its products to potential international buyers. The government also offers financial assistance to cover some of the costs associated with participating in these events.

Additionally, the government provides export training and resources to help Company Y navigate the complexities of international trade, such as understanding regulations, documentation requirements and cultural nuances. This support empowers Company Y to confidently enter foreign markets, establish partnerships and grow its customer base.

By providing these resources and assistance, the government not only aids Company Y’s expansion but also contributes to the overall growth of the country’s export sector. This example demonstrates how governments play a direct role in helping companies overcome barriers and gain

Chamber chief calls for ‘business-friendly’ policy

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE BAHAMAS Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday urged the Government to unveil more “business friendly” policies and legislation when Parliament reconvenes this Wednesday.

Krystle Rutherford-Ferguson, in a statement, said:

“The BCCEC is hopeful that we can expect more policies that will positively impact businesses during the reconvening of Parliament. The business community’s desire is for more businessfriendly policies which will create a supportive environment to navigate economic challenges.

“In today’s challenging economy, it is imperative that policies are tabled in the House of Assembly that promote growth and sustainability within the business sector.”

Mrs Rutherford-Ferguson said the business community’s “frustration” over how commerce is conducted

in The Bahamas has been exacerbated by high electricity costs and frequent outages; inadequate public infrastructure; and issues with the Bahamas Customs declaration portal. She said: “We should not forget that businesses are still challenged by legacy issues such as the rising cost to do business, high electricity costs and power outages. Another issue facing the business community is the intermittent issues with the operability of the Bahamas Customs system which clears goods, delaying the delivery of goods to its final destination.

“There is overall frustration with the difficulty in doing business in our country. Further, the business community is also challenged by the strain that recent flooding has been putting on public infrastructure. The disrepair of roads has negatively impacted businesses and their patrons, with flooding impeding access to certain businesses.”

Mrs Rutherford-Ferguson called for initiatives that focus on tax reform and incentives, plus capital access

and the ease of conducting business, and encouraged further collaboration with the Government to ensure continued economic growth and development.

She said: “The BCCEC believes that businessfriendly policies ought to prioritise reducing regulatory hurdles, foster innovation, address skills gaps, grow our manufacturing sector and contribute to the ongoing strengthening of other more mature sectors. This ought to occur while the Government, through legislative policies, creates a conducive atmosphere for businesses to flourish.

“A focus on tax reform and incentives, access to capital and the removal of unnecessary bureaucracy can significantly aid businesses in our quest for growth. Collaboration between the Government of The Bahamas and the business community is essential to craft policies that strike a balance between economic development and regulatory responsibility.”

IMM

RODERICK A.

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

BAHAMAS FACED WITH LOSING ‘MATERIAL AMOUNT’ OF FUNDS

By FAY SIMMONS

THE Attorney General has warned that The Bahamas is threatened with losing “a material amount” of its investment funds due to likely tax reforms in Brazil.

Ryan Pinder KC, speaking at the Nassau Conference, explained that the threat posed to The Bahamas’ investment condominium (ICON) product

underlined his call for renewed innovation in the financial services industry to maintain its competitive advantage. The ICON was specifically developed for the Brazilian market as an offshore structure through which investors from that country could hold and make investments while, at the same time, remaining compliant with home country tax laws. It was a version of the same product they are familiar with at home, but tax law changes are seemingly set to eliminate

any advantage from using The Bahamas. Mr Pinder said: “Brazil is close to passing controlled foreign corporation laws which would eliminate any tax benefit of holding financial investments in an offshore fund. We could end up losing a material amount of funds in The Bahamas, with clients unwinding their structures before year-end. We enjoyed the prosperity of our innovation for ten years; it is now time to innovate again.” He explained that the ICON was marketed

Downtown valet parking seeking permanent spot

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE valet parking service implemented for downtown Nassau is aiming to become a permanent feature this Christmas as demand for its service grows.

Turan Miller, owner/ operator of 5 Star Valet, told Tribune Business it will provide its attendants with scooters so they can move more swiftly between the parking site at the old Royal Victoria Gardens and the location where customers drop-off their vehicles at the junction of Bay Street and Parliament Street.

“Things have certainly grown from day one, and now just over two months we have seen growth and more people come in and take advantage of the service. When we first started a lot of people didn’t know what the service was about, but now everyone is getting used to it,” Mr Miller said. Vehicles are taken to the Victoria Gardens parking

“aggressively” in Brazil, resulting in a large number of such products becoming licensed as fund

lot and then retrieved when motorists are ready to leave downtown Nassau. With employees having to walk back and forth between Victoria Gardens and Bay Street, Mr Miller said: “We are used to the walk, and the people who we bring on to the operation know that it is a walk and they are prepared for it. But I’m happy to say that we have just recently purchased some scooters; some folding scooters. So what’s going to happen is that when we take cars up to the parking spot we are going to have scooters to bring us back down.”

BDB’S FUNDING ‘DROUGHT’ END WITH $30M RECAPITALISATION

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Bahamas Development Bank’s (BDB) near two-decade funding “drought” will end through a $30m recapitalisation from the Africa ExportImport Bank.

Senator Quinton Lightbourne, the institution’s chairman, said the injection will end a “capital drought” that has endured since 2005 and which has “hindered” its ability to provide financing for start-ups,

entrepreneurs and small businesses.

“It has been a long and arduous journey for the Bahamas Development Bank since the last capitalisation approval in 2005. For nearly two decades the institution has enjoyed a capital drought that has hindered its ability to fulfill its mandate in supporting development of our Bahamian economy,” Mr Lightbourne said.

“The Cabinet Office of The Bahamas has approved a $30m capitalisation from the Africa Export-Import Bank. The approval of this

funding reflects the historic transformation of the Bahamas Development Bank.”

Mr Lightbourne added: “The funding we received today is a significant step towards bringing our economic prosperity to inclusion and touching the lives of every Bahamian. The impact of this capital infusion will reverberate throughout our beautiful country, not just within New Providence.

“The Bahamas Development Bank is a development bank for the entire nation...... The facility is open to all Bahamians

operating businesses or projects in the sectors in which the bank operates. The standard interest rate between 6.75 to 8 percent will remain.”

Mr Lightbourne explained that the BDB should receive the funds from Africa ExportImport Bank next month, and that some companies have already been identified for assistance.

“November, funds will be in hand, and we’ll be able to be in a position to disperse funding for local

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structures in The Bahamas. Many of the assets were held in custody locally. The ICON was created through a joint venture between the Bahamian government, the financial services industry and the Brazilian legal community to ensure it resembled the domestic investment condominiums in Brazil.

Mr Pinder said: “As a country we have worked hard over the years to develop the financial services market in Brazil. The ICON was developed jointly between The

Mr Miller said 5 Star Valet has an arrangement with the security officers at Royal Victoria Gardens where they don’t let anyone else, aside from Ministry of Health staff, park at that location.

“There is no contract with the Ministry of Tourism for this,” Mr Miller added. “We just have a permit. We don’t give the ministry any charge and they don’t pay anything. We just provide a service and we are being permitted to provide that service.”

The permit is still in the “review stage”, with 5 Star aiming to remain

Bahamas’ government, the Bahamian financial services industry and the Brazilian legal community. The ICON created another influx of licensed funds originating from Brazil, providing a product that was structurally familiar to the investment condominium in Brazil. “As a result of these innovations, a material amount of funds licensed in The Bahamas originated from Brazil. This is now all at risk due to tax changes that are proposed in Brazil.”

permanently downtown this coming December. “The review period is still ongoing, but we are expected to get a permit. So hopefully by Christmas we can have a firm agreement,” Mr Miller said.

The lack of sufficient parking in downtown Nassau, for residents, visitors and workers alike, has been a decades-long challenge that many view as a key factor in the area’s steady decline. The present administration is now trying to reverse this trend, with 5 Star Valet seen as part of the solution - at least in the short-term.

SENATOR QUINTON LIGHTBOURNE

HOW TO COMBAT THREATS TO CORPORATE REPUTATION

One of the most significant threats to a company’s longterm viability is reputation risk. This is often referred to as the risk stemming from negative public perceptions. The consequences of a tarnished reputation can be severe and lasting, regardless of how well a company performs in other risk management areas. Consider the Uber workplace culture that came under fire in 2017 due to allegations of sexual harassment and gender discrimination. Such revelations damaged Uber’s public image. The scandal eventually led to executive resignations and a complete overhaul of the company’s cultural norms and practices. The Uber debacle culminated with a settlement with the Equal Employment Opportunity Commission. In this settlement, a fund of $4.4m was established to compensate current and former employees who were sexually harassed at work. The misunderstanding of reputational risk is

not new. Robert Eccles, Scott Newquistand Roland Schatz wrote in the Harvard Business Review that companies tend to focus their efforts on dealing with existing reputational threats. The trio added: “This is not risk management; it is crisis management—a reactive approach whose purpose is to limit the damage.” This article aims to provide colour around reputational risk management.

Awareness Your reputation is at risk when stakeholders’ expectations and your actual performance do not match. These stakeholders include clients, employees, partners, investors and regulators. Why do discrepancies occur, and how can they be classified?

1. Operational and Ethical Missteps: Observing your team’s behaviour, from juniors to executives, is crucial. A wrong move by your chief executive or another team member can jeopardise your brand’s image.

2. Compromised Product or Service Quality: A lapse in the quality of what you offer can tarnish your reputation. In manufacturing, a defective item that requires recall can erode stakeholder trust. Similarly, a breach of customer privacy can undermine your brand’s credibility.

3. Resisting Evolution: Reputational risks arise when companies fail to align with stakeholders’ evolving

perspectives. Stakeholder expectations change over time and vary by region. Keeping up with these shifts is critical. Moreover, staying abreast of industry norms and regulations keeps your business agile. An approach to managing reputational risk

1. Assess potential threats: Start your risk management journey by identifying potential threats to your company’s reputation. Investigate the likelihood and impact of these risks materialising.

2. Deep Dive into Stakeholder Insights: Knowing your stakeholders’ expectations is crucial to your strategy. Stakeholders, internally and externally, may perceive you differently. Use tools such as surveys, interviews and polls to gain a comprehensive perspective.

3. Audit Your Business Practices: Identify gaps between stakeholder expectations and your company’s performance. To

uncover any soft spots or potential pitfalls in your operation, approach this step objectively.

4. Craft a Proactive Strategy: Develop a plan responsive to your enterprise’s needs, armed with a deeper understanding of the looming risks. Adapt your strategy to address specific challenges based on the insights from your preliminary risk assessment.

5. Implement Protective Measures: Take proactive steps to reduce or eliminate potential risks. A robust training programme, revamped policies and digital tools can strengthen your reputation.

6. Maintain Constant Vigilance: There is constant change in the risk landscape. Maintain an agile approach to responding to the shifting sands of the market by tracking stakeholder sentiments and business activities perpetually.

7. Harness the Power of Technology: Software solutions can simplify and

enhance your risk management efforts. Utilise technology to improve business oversight and alert you to emerging risks, streamlining the entire risk management process.

Conclusion Institutions will need to be prepared to deal with reputational risk.. In order to prevent reputational damage, you should consider following a risk management process like the one outlined above.

Smith Jr a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLexspecialist (CAMS), and money laundering report-and Turks & Caicos.

Sebas e-commerce platform launches courier services

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE e-commerce provider owned by Sebas Bastian and his partners has confirmed its expansion into freight forwarding services via a sales tax-free US address.

Aeropost, in a statement, said it has officially launched its Aeropost Courier arm, known as Click to Collect, that will offer the freight forwarding services. It will allow Bahamian shoppers to ship goods acquired from US online stores as well as Aerospace’s online marketplace.

Among the benefits that Bahamian shoppers can now enjoy, Aeropost said that besides its sales tax-free US address it will also provide weight-based shipping; advanced order tracking; a simplified returns process; secure transactions; multiple payment options, including Visa, Mastercard, American Express and PayPal; and a ClickBox smart parcel locker pick-up at more than 20-plus locations, including 24-hour package pick-up at all Esso locations.

Sebastian Bastian, Aeropost’s executive chairman, explained: “What’s going to make Aeropost unique in this offering, and what our niche is going to

be, is Aeropost is one of four companies in the state of Florida that has its own zip code and that zip code is a tax-free zip code.

“So, when you are issued an Aeropost US address to make your purchases and subsequently have them shipped to The Bahamas on behalf of us, the sites that you shop on would not even charge you tax because it’s a tax-free zip code.”

Gershan A. Major, chief executive of Click to Collect Company, and incountry general manager for Aeropost Bahamas, said: “We are extremely excited to extend our business offering beyond our Aeropost Marketplace with

the launch of our Click to Collect courier service.

“Our personal and commercial customers have been asking for the ability to broaden their shopping and shipping experience with us. We have listened and we have executed.” Aeropost Courier has been in existence since 1986, distributing some 40,000 packages per week.

Its Bahamian unit operates two hub locations - one on Carmichael Road and another on Thompson Boulevard. Smart parcel lockers are convenientlyplaced throughout Nassau, including at Boyd Road, Cable Beach, Carmichael Road, Charles Saunders Highway, Mall at Marathon,

Robinson Road and Wulff Rd and East Street, to give persons more convenience in picking up their shipments.

These lockers are also available at eight Esso service station locations: Faith Avenue, Oakes Field Road, South Beach, East Street and Soldier Road, Village Road, Mackey Street, Blue Hill Road, East Bay Street and Fox Hill Road.

In August 2023, Aeropost Bahamas added a ClickBox smart locker location at the University of The Bahamas’ Oakes Field Campus.

Aeropost was acquired in 2021 by Click Partners, a group of e-commerce and operations investors cofounded by Mr Bastian. The

regional e-commerce and cross-border logistics provider added that it has a presence in more than 38 countries and territories throughout The Caribbean, Central and Latin America, with The Bahamas becoming the latest addition to its roster in November 2021. Aeropost said it offers a dual shopping function. This includes an extensive online catalogue of more than two million items to browse and shop, and which is now available in The Bahamas, plus a traditional courier service which provides clients with their own Miami PO Box address to ship orders from US online retailers.

The price of life

By CHRIS ILLING

Who wants to live for ever? And how long will I live? If you want to know this, you should have your telomeres examined. These are the sequences at the end of the chromosomes. And the longer the telomeres are, the longer the lifespan. For this discovery, Elizabeth Blackburn, Carol W. Greider and Jack Szostak received the Nobel Prize in Medicine in 2009.

Presently, “forever young” is the motto of the technology elite in Silicon Valley. They invest millions in start-ups with a mission to stop the human aging process. They even experiment on their own bodies. Would it not be great to be in the prime of your

life, with a bank account full to the tilt, and be able to enjoy this state for ever? However, aging and dying are the course of life, often associated with serious illnesses. The tech elite in Silicon Valley does not want to accept this. They plan to hack human biology, and extend your health span or even the entire lifespan. Jeff Bezos and his fellow travellers are investing millions in companies that research medical utopias. Not just for its own sake, because they also smell big business.

A major player in the highly sought-after longevity market, founded by Dave Asprey, is ‘Bulletproof’, a wellness empire that offers care products and nutritional supplements. He promotes methods for longevity and healthy living with a gigantic target group. Asprey’s goal is to live to age 180. He gained great fame through his biohacking experiments. He recently injected stem cells “into every joint, between every vertebra and into my cerebrospinal fluid, my face and my sexual organs”.

His competitors are not as keen to experiment but are particularly willing to pay. ChatGPT creator, Sam Altman, was an earlystage technology investor in the largest bull market in history. In 2021, he invested $180m in ‘Retro Biosciences’, a start-up that wants to extend the healthy human lifespan by 10 years. Amazon founder, Jeff Bezos, also supports the reprogramming technology that allows human cells to return to the stem cell state with his investment in the company, Altos Labs. This means the body becomes young and healthy again, which increases life expectancy. The GermanAmerican investor, Peter Thiel, also sees great potential in this and financially supports the Methusalah Foundation. Their motto:

“Make 90 the new 50 by 2030”.

The global anti-aging market is worth billions of dollars with significant growth potential. Here is a list of some of the antiaging stocks looking to capitalise on that growth.

1. Acumen Pharmaceuticals specialises in gene therapy.

2. Meira GTx is focused on regenerative medicine, human embryonic stem cell technology and induced pluripotent stem cell technology.

3. Lineage Cell Therapeutics is developing regenerative medicines for chronic and life-threatening aging-related conditions.

American doctor, Dr Mark Hyman, is not a tech billionaire but is considered an internationally-popular expert

on longevity and, according to his own statements, has reduced his biological age from 63 to 43 years. His recipe for success is a fixed morning routine, three hours of exercise a day and a special, natural diet. The Silicon Valley utopia of a longer life is not Hyman’s focus, and he concentrates on an extended period of health. Because aging is not automatically linked to diseases and other impairments “people don’t realise that these problems are related to things that we can change, that are reversible”. Even making lifestyle changes influences healthy aging, as studies show, without any biohacking or reprogramming. But the investment hype for living longer is real and gives the savvy investor another opportunity.

GOV’T INITIATES DRAIN CLEANING FOR DOWNTOWN FLOODING RELIEF

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government is targeting several sectors of downtown Nassau for “short-term fixes” that may provide “temporary relief” from flooding that has plagued the area for decades.

Senator Randy Rolle, global relations consultant at the Ministry of Tourism, Investments and Aviation,

and who leads the Downtown Revitalisation Project, said in a statement that the Government has already identified several drain blockages it will seek to clear in a bid to immediately ease the situation. Initial works are due to begin this week to clear debris from the main culverts, and improve drainage flow, with the Ministry of Works and the Water & Sewerage Corporation partnering with the Downtown

Revitalisation Project in the effort. A technical team along with the Ministry of Works has begun investigating the long-standing flooding issues, and is in the early stages of finding a permanent solution that would remedy extreme flooding in the downtown area.

Senator Rolle said: “Resolving the downtown flooding issue is a long-term goal, but we have identified some of the key areas where

BDB’s funding ‘drought’ end with $30m recapitalisation

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businesses,” he added. “We have a few businesses in the pipeline... [Once] the funding has hit our account then we’ll be able to disseminate.”

Mr Lightbourne added that BDB has been “rebuilt from the ground up”, and is now focused on Family Island development, food security, manufacturing, tourism and renewable energy. He said: “We have essentially rebuilt this institution from the ground up, instilling best practices in our policies, operations and governance, complemented with the revitalisation vision and strategic plan.

“We are currently collaborating with partners to create real time opportunities for business growth, particularly focusing on Family Island development. We are dedicated to enhancing food security by investing in smart agricultural solutions, reducing our

dependency on imports and increasing our exports by expanding the value-added manufacturing sector.

“We aim to diversify and expand our tourism product to unforgettable experiences for our visitors. I would like to say in addition to this, we are

committed to preserving our cultural assets, ensuring that they remain the cornerstone of our tourism industry. Energy efficiency and renewable energy will be the focus for us going forward.”

NOTICE is hereby given that STENISE FEDERIQUE-JOSEPH, of Hepburn Town, Eight Mile Rock, Grand Bahamas, 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 25th day of September 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

we’ve noticed a lot of blockages. We understand that this is a short-term fix, and it may give us temporary relief.” The effort will focus on Dowdeswell Street, School Lane, Victoria Street and East Bay Street to remediate the drainage blockage. The project will take over a month to complete.

“Resolving the issue of flooding in the downtown area over the long-term requires substantial changes to the infrastructure, and is a matter that we have to work closely with the experts to resolve. This matter will be addressed by the deputy prime minister [Chester Cooper] and his ministerial colleague in public works [Clay

Sweeting] for a permanent, long-term solution. But, in the interim, we’re happy that the works currently being undertaken should bring some small relief,” Senator Rolle added. Once the main culverts have been cleared, the downtown drainage system would undergo quarterly cleanings to help prevent severe flooding.

that investor funds were “commingled” with those belonging to the company; staff had not been paid for “several months”; and capital-raising companies had not received all monies due to them because these were being misused to fund the platform’s operations. However, pushing back against these assertions, Mr Rahming told this newspaper: “Christina Rolle is using

‘$70M PIPELINE’ IS NEGLECTED

an accounting law versus the operations of a company. If you have a negative equity, it doesn’t mean you have a going concern issue. If you have negative equity and have no business in the pipeline, you have a problem.

“But if you have business in the pipeline, and I think it’s companies looking for over $70m of funding, we have a 10 percent fee so our potential at the highest level is $7m. I’m not suggesting

we’re going to get every penny of that, but we clearly will get a percentage of that, which will put us in a good operating position.

“We have built a strong market, we have a strong need, and it’s unfortunate the operating side is not being recognised for what it is. Our auditor’s report, which was done for before the end of July [2022], was done prior to us having three successful companies go through. You

cannot take a snapshot in July 2022 prior to us having pivoted and understood what it takes to get successful companies. There’s a lot of timing issues that are not being stated.” The three crowd-fund raises referred to by Mr Rahming are Chef Culmer’s Tropical Gyro; Dr Daniel Johnson’s Footcare Rx; and Nassau Gas and Tanks. However, ArawakX’s own external auditors previously warned that so-called “pipeline” income - representing business that is on the books, but has yet to be

earned through funds being paid by clients - could not be employed to restore the crowd-funding platform to a net positive equity position.

Lambert Longley, LDL & Associates managing partner, told the Securities Commission in a July 3, 2023, e-mail that ArawakX had sought to use this income - derived from projected listing and ‘roadshow’ fees that had yet to be earned - to eliminate its solvency deficiency as at February this year.

He, however, advised the crowd-funding platform that such sums could not be included in its management accounts yet. “The company’s net equity improved to $488,344 at February 28, 2023, but included ‘active user pipeline’ revenues from roadshow fees of $596,500 reported as generated in January and February 2023, and $60,000 from listing fees reported as generated between September and December 2022,” Mr Longley told the capital markets regulator.

“This revenue of $656,500 related to persons who have agreed to list on ArawakX (subject to verification of the details) but for whom services have not yet been delivered because of restrictions imposed by the Securities Commission. As such, we have advised that it would not be appropriate to recognise receivables or revenues for those transactions in the company’s accounts.

“We advised further that these future revenues represent an important source of capital that is expected to be injected in the future, but it cannot be recognised in the management accounts yet. They do not directly impact the company’s solvency at February 2023, but do provide evidence that the company has a source of revenue that will allow it to return to solvency when the restrictions are lifted.”

However, Mr Rahming argued that more credit should be given for this. “Ten percent of that, if we fully realise it, and I am not saying we will, but we will realise a portion of it. The last time I checked in our database there was about $70m worth of people asking for assistance,” he told Tribune Business

“We were at the stage where we had begun to work

with the majority of them, and had Memorandums of Understanding and Letters of Intent. These are not numbers we are pulling out of thin air. These are people we were working with and spending time with to make them investable.”

When asked to break down the $70m by potential issuer, and for their identities, Mr Rahming pointed this newspaper to ArawakX’s website. Tribune Business found 17 potential issuers listed, with varying target sums between $250,000 and $4.5m, but the total capital being sought by this group amounted to some $24m - some way short of the total figure cited by the platform’s chairman. It is unclear if there are other issuers not cited on the website.

The Securities Commission, which finally received ArawakX’s draft financial statements for the year to end-July 2022 on July 11 this year, said the crowdfunding platform’s external auditors, Lambert Longley and his associate, Charlene Fox-Deveaux, had noted how $1.9m in equity capital had been raised from investors not approved by the regulator.

“The auditor, as a result, is proposing on the draft to classify these persons as creditors rather than equity investors,” the Securities Commission’s winding-up petition said. It also noted that ArawakX had incurred a “major net loss” for 2022, with the amount of ‘red ink’ growing “two times’ for the same 12-month period - from $908,637 to $1.75m.

Revenues of $211,135 were dwarfed by $1.909m in operating expenses, and the Securities Commission noted that its “negative equity” had “grown substantially” - increasing more than fourfold year-over-year - from -$551,000 in 2021 to -$2.3m.

“Income of $200,000 is only enough to pay the annual rent and cannot cover other operations expenses,” the regulator added. “Note indicated that accounts payable grew by 1,032 percent and additional debts of approximately $500,000 were indicated in notes 11 and 12. That this company does not have sufficient total assets to discharge itself of its debts, hence the equity is negative.”

In documents filed with the Department of Physical Planning, and in subsequent interviews with Tribune Business, residents also expressed concerns that once the Town Planning Committee approves the re-zoning any commercial structures - such as a nightclub, bar or fast-food restaurant - could be constructed at the Tropical Gardens Road junction where traffic access to West Bay Street is already difficult and a potential accident hazard.

However, Mr Khosa, in his original July 30, 2023, application for the rezoning alleged that “the community appreciated and supported our proposal” during a meeting held the week before. That meeting was attended by both Dr Hubert Minnis, the former

prime minister who is the area’s MP, and Keenan Johnson, the Town Planning Committee’s chairman. Dr Minnis did not respond to Tribune Business calls and requests seeking comment on the brewing A Stone’s Throw Away controversy ahead of the Town Planning Committee meeting on the matter tonight. However, multiple sources confirmed to this newspaper that the former prime minister lives atop the apartment complex immediately opposite the resort, and just up the hill from the site it proposes to develop and which is causing consternation among his constituents.

Mr Khosa, who last year left Paradise Cruise Line, the company that operated the Grand Celebration vessel (now rebranded as Margaritaville at Sea) that called on Freeport, wrote:

“In a residents meeting held on July 23, 2023, that was also attended by Dr Minnis and Keenan Johnson for the beautification of the Tropical Gardens entrance, the community appreciated and supported our proposal for the intended use that was put forward by Meka McWeeney.”

However, Geoffrey Stuart, one of the residents who attended that meeting and is also opposing A Stone’s Throw Away’s project, gave a totally different version of what transpired when contacted by Tribune Business. He said the July 23 event was called to discuss the community’s general concerns about the encroachment of commercial ventures into residential areas, with Mr Johnson on Town Planning’s behalf there to explain the necessary processes and approvals required.

Mr Stuart said the proposed re-zoning of the site at the junction of West Bay Street and Tropical Gardens Road was only presented at the end of the meeting, with Dr Minnis introducing the proponents. He added that no connection was made between the re-zoning and A Stone’s Throw Away, and he was given the impression that it was to facilitate “a coffee shop” - operated by the same person with a similar venture at Compass Point - and not the larger project eyed by the hotel.

“There was no formal agreement at that particular meeting,” Mr Stuart said in response to Mr Khosa’s assertion of community backing. “It was like an ad-hoc comment.

Some people put up their hands, others didn’t. It was not overwhelming support. The Stone’s Throw Away property was not even mentioned. Someone did make a presentation, and we were told it was going to be a coffee shop.”

Documents filed with Town Planning, though, reveal this is not the first time that A Stone’s Throw Away has sought to gain approval for re-zoning this same site. However, its 2020 bid, which involved developing the property into a restaurant and fast-food takeaway, was rejected by the Minnis administration’s Town Planning Committee.

Charles Zonicle, the physical planning director, in a December 16, 202, paper said of the 16,526 square foot site that it was virtually surrounded by single family and residential properties. And, at the public consultation held virtually some six days before, “two neighbours, immediately east and west of the subject property, expressed objections to the proposed change of land use as incompatible in relation to their residential properties”.

As a result, and with parking concerns also factored into the mix, Mr Zonicle wrote: “The Department does not support the request to change the use of the two small structures to commercial land use. The proposed development is deemed to be an incompatible land use.”

This history was noted by Jehan Wallace, the Department of Physical Planning’s chief physical planner, in her August 2023 paper to

the Town Planning Committee. However, it appears that three years later he planning authorities have decided to test the waters again.

“Although the current request is similar in nature,” Ms Wallace wrote, “significant time has passed and the Department would like to determine if he neighbourhood objections are still the same.” Hence tonight’s public hearing and consultation at the Department of Physical Planning’s offices.

Mr Khosa, who Tribune Business made numerous attempts to contact but was unsuccessful, in his July 30, 2023, application confirmed he owns the site and that it is adjacent to the existing hotel property. Explaining the rationale the re-zoning, he argued: “Currently the land has two buildings that have been left abandoned for a long period by the previous owners.

“Our intention is to upgrade the existing buildings without any real external changes and use them to start a cafe, flower shop cum grocery store and food and beverage. We believe such use will not only be a great solution for these two buildings but will also help beautify and enhance the entire curb appeal of the corner.”

Nearby homeowners disagree. Bianca Armbrister, in a September 12, 2023, letter to physical planning, wrote: “I live immediately across from the property and I have never gotten a satisfactory answer as to why Stone’s Throw Away was allowed to operate in the capacity of a commercial entity.

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“As it stands, the property is a nuisance to myself and other members of the community. They have hosted events (mainly wedding receptions and graduation parties) onproperty that play music at obnoxious levels and have literally shaken the walls of our homes. Myself and other occupants of my household have to shut ourselves in our rooms like hermits just to be able to sleep.

“The sound is audible as far as Hollyhock Drive and the community has made numerous complaints regarding this. The music isn’t the only problem. The attendees frequently obstruct the entrances to my property with their vehicles, leave trash next to where they have parked on the hill slope and along my wall. Sometimes they throw trash into my yard.”

And Tropical Gardens residents, in their petition to physical planning, said re-zoning the property to commercial could “attract outside persons” to the area and “produce an uptick in crime”. Reiterating that they “strongly oppose” the proposal, they added: “We are also concerned that, once it is designated commercial, it may change from the project that was initially approved to something else.

“The company presently operates a bed and breakfast called A Stone’s Throw Away, which does not have any parking space and sometimes creates congestion at the top of the hill. The new operation would pose the same issue we foresee; that the clientele would park on both sides of the street, whether it is illegal or not. Food definitely attracts rodents, which creates another problem.”

Mr Stuart, on behalf of Gambier Heights residents, said he “sometimes has trouble navigating to my home” and exiting his yard due to the amount of vehicles that park in the street to access A Stone’s Throw Away. “When there is an event, their music is intolerable, wherein we are challenged to watch our television as the sound drowns out the sound from the television,” he added.

“Once you change the usage from residential to commercial, there is nothing that prevents the owner from using the commercial blanket to change the type of business they operate from the premises.” Mr Stuart subsequently told Tribune Business: “My concern is what else can go there? It does not restrict them changing what they operate there to something else. It may be a nightclub.

“If people start parking on both sides of the street we will have a bigger problem, and it’s a dangerous curve, a blind curve coming from Bay Street into the community..... We are adamant that it should not go forward. The majority of people that I know, definitely in my community, Gambier Heights, every household agrees it should not be developed.”

Mr Stuart and others were backed by Raymond Winder, the former Deloitte & Touche managing partner and Commonwealth Bank president, who lives two spots down from the site in question on West Bay Street. “When you look at the parking and that area now, it’s a challenge right now trying to get out of Tropical Gardens Road on to West Bay Street unless you use the mirror there.

“I say that to say it’s a challenge in that area now without any potential commercial property being there, and it’s just going to make it even worse. I can’t imagine why Town Planning would agree to give it to them. It’s a small space to have any kind of commercial enterprise. I’m in favour of the residents. That it shouldn’t be there. I can’t see any reason why they should have approval for that. I think they’ve got it all wrong. I haven’t met anyone in favour of that. They have my support.”

ArawakX, in documents filed last week, alleged that by labelling these transactions as ‘payroll’ Bank of The Bahamas have the wrong, misleading impression that it was using client monies to meet staff salary costs - something it has vehemently denied doing.

And, of the nine transactions cited, ArawakX alleged that eight purportedly occurred after Bank of The Bahamas froze all its accounts on November 1, 2022, amid confusion as to

whether it was the crowdfunding platform’s two principals, D’Arcy Rahming senior and his son, or their largest investor, James Campbell, who had authority and control over them.

Mr Rahming senior, in an April 5, 2023, letter to Christina Rolle, the Securities Commission’s executive director, responding to the regulator’s investigation that was triggered by a combination of the account freezing and Mr Campbell’s complaints, said the probe “did not arise in a vacuum” and drew

her attention to what the crowd-fund platform had allegedly discovered after launching Supreme Court litigation against Bank of The Bahamas.

“During our audit, inspection and discovery in our Supreme Court action against Bank of The Bahamas, we discovered what appears to be [incorrectly] labelled transaction,” he alleged. “Which transactions were ‘credits’ to ArawakX’s accounts mislabelled as ‘payroll’, creating the false and prejudicial impression that ArawakX

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was meeting its payroll with, or otherwise commingling, client assets. “We believe this was communicated to the Commission in order to bolster a false narrative to the detriment of ArawakX.” Mr Rahming senior asserted that this was “deployed to weaponise the Commission against ArawakX to artificially drive the false narrative that ArawakX was insolvent, and argued that the regulatory restrictions imposed on the platform, which prevented it from conducting further

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Interested candidates are invited to submit their letter of application and curriculum vitae to the following address: “Chief Executive Offcer,” P.O. Box CB11642, Nassau, Bahamas. The application deadline is October 2nd, 2023. Join our dynamic team and lead our company toward a prosperous future. Your vision and leadership will be instrumental in shaping our success.

equity crowd-fund raises on behalf of companies, had “curtailed” its business.

“While ArawakX continues to be solvent, we cannot deny the adverse impact the forced inactivity of the past five months, since November 1, 2022, has done,” Mr Rahming senior added. “Additionally, the actions of Bank of The Bahamas have continued to stymie our efforts to service Nassau Gas and Tanks, whose funds remain tied up in that dispute.”

Nassau Gas and Tanks was the last equity crowdfund that ArawakX facilitated before it was consumed by its regulatory woes. It was only able to pass the funds raised from investors to the company in mid-May 2023, some five months after the offer closed, following Justice Simone Fitzcharles’ order that the accounts held by Bank of The Bahamas be unfrozen.

Mr Rahming senior told Tribune Business that ArawakX is presently in talks with Bank of The Bahamas to settle the litigation it launched against the BISX-listed lender on December 5, 2022. “Yes, we are,” he confirmed. “The case with them is coming up in late October; October 22, I think, is when it goes back to court. “We have the initial injunction where we had always proven the monies held up in the fiduciary accounts belonged to the actual issuers, and as soon as those accounts were released we gave those issuers their funds to ensure they were able to conduct their operations.”

ArawakX, in responding to “suspicious transactions” that purportedly showed its was commingling client funds with its own, and using them to finance payroll, wrote to the Securities Commission: “Notice the dates of these transactions all occurred after the accounts were frozen and access thereto denied to ArawakX.

“One transaction occurred after Bank of The Bahamas’ October 21 partial freeze, and eight transactions occurred after Bank of The Bahamas’ October 31 full freeze. Yet these credits were presented as the proverbial ‘smoking gun’ of their assault against our company.

“Use of the term ‘payroll’ knowingly implied that this was a debit to the fiduciary account (money removed to pay staff). However, the nine transactions in question are all credits (incoming). These

are bank-generated transactions.” However, Bank of The Bahamas purportedly said “it is difficult to conclude that the account balance is that of clients alone”, thus alleging ArawakX was commingling funds.

In its statement of claim against Bank of The Bahamas, the crowdfunding platform and its parent, MDollaz, said it first learned of a problem when Tianna Gomez, a client relationship officer, informed ArawakX’s vicepresident of clearing, Ken Donathan, on October 24, 2022, that it was unable to process a $48,900 payment to Foot and Ankle International.

This represented a payment of investor monies to Dr Daniel Johnson’s business, Footcare RX, which had been raised from a crowd-funding issue via ArawakX. The latter alleged that it was then informed by Yvette Johnson, Bank of The Bahamas’ manager of premier and private banking, that its accounts were frozen following a meeting with Mr Campbell.

“The bank was visited yesterday (October 20, 2022) by Mr James Campbell, who provided an amendment to the Memorandum and Articles of Association which introduced new articles specific to overriding provisions for the captioned company,” Ms Johnson allegedly wrote. “In light of the above, effective immediately all accounts have been placed on hold and actively ceased as a result of the untenable position the bank is presented with.”

Other legal documents allege that a new Memorandum and Articles of Association for ArawakX were drawn up to facilitate Mr Campbell, as its largest investor, becoming a director with an option to convert his $1.3m into a 22 percent equity stake. However, the Rahmings have alleged these were never ratified, and they subsequently move to unwind them amid a battle for control of the crowd-funding platform with the former Colina Insurance Company president.

ArawakX is now seeking damages from Bank of The Bahamas for breach of contract, injury to its credit and reputation and alleged “unlawful interference” with its business relationships, plus aggravated damages. No dollar figure, though, is specified in the statement of claim.

IN THE ESTATE of NISHA LASCELLES ARMBRISTER late of #1 Stanford Drive, West Bay Street, Western District, New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certifed in writing to the undersigned on or before the 13th day of October A.D., 2023, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrators shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Administrators Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

BAHAMAS CAN’T PAY $4BN COSTS FOR CLIMATE CHANGE

days, with the Inter-American Development Bank providing $220,000 to fund the event’s hosting and also help develop support for “regional climate action”.

Addressing the opening ceremony last night, Prime Minister Philip Davis KC said: “We are here to build solutions in climate finance and sustainable development at a time when such solutions can no longer be postponed. In order to survive the changing climate, we need to co-operate, we need to co-ordinate, and we need to collaborate.”

With climate change

finance and sustainable development inextricably linked, Mr Davis reiterated that The Bahamas had incurred “billions in hurricane-related debt” due to being struck by four storms of Category Four intensity or above in less than one decade. “Every hurricane leaves us less fiscal space to prepare for the next one, and also means we are under-investing in our people, our economy and our future,” he added.

Warning that “millions of climate refugees” will be the result if the crisis is

left unchecked, impacting virtually all countries in the world, Mr Davis said it was vital that “we build climate finance solutions that freeup resources in this new era of extreme weather”.

He also called for multilateral institutions, such as the IDB and World Bank, to be reformed so they “can de-risk and incentivise new ventures and partnerships, and unleash funding at the scale needed for robust action and investment”.

Renewing his call for industrialised nations to live up to their promises to reduce greenhouse gas emissions and global warming, Mr Davis said “innovative insurance solutions to address gaps in protection and affordability” are also required

Meanwhile, The Bahamas’ revised 40 NDC commitments largely revolve around energy, building code and land use reform. Implementation of the proposed new Bahamas Building Code, and resulting reduction in energy demand, is estimated to reduce this nation’s annual carbon emissions footprint by the equivalent of 22.6 gigagrams of carbon dioxide by 2030.

“The Bahamas currently has a building code from 2003. The revised building code is expected to improve the minimum standards, provisions and requirements for safe and stable building design and construction methods,” the country’s updated NDC commitments pledge.

“It is assumed that the adoption and implementation of The Bahamas’ revised building code will reduce energy used for cooling and lighting by 25 percent in the new residential and commercial buildings. One thousand one hundred thirty-two new residential (1132) buildings per year are assumed, with an average annual electricity consumption of 1,835 kWh (kilowatt hours) per household for lighting and 2,618 kWh per household for air conditioning (AC).

“One hundred and ten (110) new commercial buildings per year are assumed, 86 percent of which are non-governmental. The average floor space is assumed as 1,455 square metres per building, with an average annual electricity consumption of 31.2 kWh per square metre for

lighting and 58.13 kWh per square metre for AC,” the NDC paper added.

“It is assumed that all new residential and commercial buildings will have air conditioning systems. This revised building code will impact the new construction of residential and commercial buildings between 2024 and 2030. Improving building design can reduce the energy demand and enhance resilience. The adoption and implementation of this revised building code will assist in the reduction of emissions for commercial and residential buildings.

“The revision of the building code is currently ongoing, with several stakeholder workshops and webinars. The revised building code is expected to cover the entire Commonwealth of The Bahamas except for the Port area in Grand Bahama island.”

As for the energy sector, The Bahamas’ commitments call for it to increase the use of solar water heating by 40 percent. “Replacement of electrical and LPG (liquefied petroleum gas) water heaters both in the residential and commercial sectors with

solar water heaters will help reduce energy consumption and emissions,” this country has pledged, estimating that achieving this will reduce annual carbon emissions footprint by the equivalent of 34.5 gigagrams of carbon dioxide.

“It is assumed that the current uptake of solar water heaters is 5 percent, and an increase in use of solar water heaters of 40 percent is expected by 2030,” The Bahamas’ NDC commitments paper added. “Of the current 115,660 households, 60 percent use water heaters. The average annual energy consumption of water heaters is 1,890 kWh per household.

“There are currently 3,946 commercial buildings with an average floor space of 1,455 square metres per building. Ten percent of commercial buildings use water heaters with an average annual energy consumption of 2.15 kWh per square metre. Currently, water heating is mainly electric or with LPG. Only 5 percent of water heaters are solar.”

The goal is to increase the solar water hearer “uptake” rate to 20 percent, quadrupling the present pace.

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The plan’s emphasis on long-term thinking enables the Government to address systemic issues, making

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NIGERIA'S LEADER INCREASES WAGES TO AVERT A STRIKE THAT COULD SHUT DOWN THE GOVERNMENT

By CHINEDU ASADU

Associated Press

NIGERIA'S leader increased the wages of some government workers in last-minute efforts to appease labor unions whose planned strike this week could shut down government offices in all sectors of Africa's largest economy.

Low-grade workers will in the next six months be paid an additional 25,000 naira ($32) a month, President Bola Tinubu said Sunday in a nationwide broadcast to mark Nigeria's 63rd independence anniversary.

The increase expected to take effect this month takes the minimum wage to 55,000 naira ($71), still far below the 200,000 naira ($258) the unions had requested. The labor unions did not immediately comment on Tinubu's announcement.

The unions representing Nigeria's government workers announced they will go on an indefinite strike starting Tuesday to protest the government's austerity measures.

In office since May 29, Tinubu's policies aimed at fixing Nigeria's ailing economy have more than

doubled the cost of living for more than 210 million people who already were grappling with a surging inflation. It hit an 18-year high of 25.8% in August.

After he ended the yearslong expensive subsidies for gas on his first day in office, the price of petrol more than doubled, resulting in a similar hike in the price of other commodities. The government's devaluation of the currency further increased prices, including food.

Talks with the labor unions have stalled and a slow start to several intervention efforts resulted in last week's announcement of the indefinite strike. On Sunday, Tinubu said the new wage increase will enhance the workers' pay "without causing undue inflation."

He again appealed to Nigerians to bear with his government during the economic hardship, saying that the burdens they face today "should have been shed years ago."

"I wish today's difficulties did not exist. But we must endure if we are to reach the good side of our future," he said.

To boost employment and incomes, Tinubu said

his administration is providing investment funding for enterprises and will start giving cash handouts to additional 15 million "vulnerable households" as part of a social welfare program.

fostering a sense of unity towards a common vision. In this manner, the plan becomes a potent instrument through which the Government can proactively shape the nation’s trajectory, promoting inclusive growth and resilient development.

Conclusion

In essence, the role of government is a complex inter-play between governance, service provision, protection of rights and facilitation of society’s progress. However, finding the right balance in the Government’s involvement in various aspects of society remains an ongoing challenge. Striking the

This feeds into the overall aim of increasing the proportion of The Bahamas’ energy needs that are generated by renewables to 30 percent by 2030 - a target that, if reached, would reduce this nation’s annual carbon dioxide emissions by an amount equal to 412.6 gigagrams.

“The utility grids are able to handle the increase in renewables without undergoing major upgrades to their system. To achieve 30 percent in renewable energy penetration, the following was modelled - 174 Mega Watts (MW) of Solar photovoltaic (PV) systems, 30kW of ocean thermal energy conversion (OTEC), 15 MW of waste-to-energy and 20MW of wind,” the NDC report said.

“This action will help diversify the Bahamian energy mix reducing its dependency to fossil fuels and, consequently, reducing the probability of system disruptions due to extreme weather and spikes in demand.”

balance between individual freedom and collective well-being, between regulation and innovation, and between central authority and local autonomy requires thoughtful deliberation and adaptation to changing circumstances. As societies evolve, the role of government must adapt and evolve as well, embracing innovation, inclusivity and the principles of good governance to ensure the well-being and prosperity of all its citizens.