10102023 BUSINESS AND FEATURES

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Cruise port predicts 20% visitor surge to over 5m

By NEIL HARTNELL Tribune Business Editor

NASSAU Cruise Port is projecting a near-20 percent jump in passenger volumes to over five million for 2024, it revealed yesterday, as it watches for on any fall-out from Carnival’s Grand Bahama plans from 2025 onwards.

Michael Maura, the Prince George Wharf operator’s chief executive, told Tribune Business he was “thrilled” that Nassau is poised to achieve a previously-stated ambition of Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, by next year breaking the five million cruise arrivals threshold for the first time.

Data seen by this newspaper shows that Nassau Cruise Port is forecasting it will receive 5.364m passengers during the 2024 calendar year, a 19.6 percent or 882,000 increase

on the 4.483m arrivals projected for the 2023 full year. Both figures represent major rises over previous predictions, with Mr Maura forecasting as recently as five months ago that Nassau Cruise Port had confirmed bookings for 4.2m passengers this year and between 4.5m-4.6m in 2024. The revised figures represent increases of 283,000 or 6.7 percent for 2023, and at least 764,000 or 16.6

percent for 2024, if these projections become reality. And both this year and next are predicted to easily surpass the pre-COVID high of 2019. The 2024 projection is some 1.5m, or 39 percent, higher than the 3.859m passengers that passed through Prince George Wharf during the 2019 calendar year, while this year’s forecast is for arrivals to be 16.2 percent higher than the last preCOVID period.

Mr Maura told Tribune Business that the $322.5m

Ex-Sky Bahamas chief’s ‘compliance nightmare’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

invested in upgrading Nassau Cruise Port, especially its marine infrastructure and enhanced capability to accommodate three of the world’s largest vessels at the same time, was having a “material” impact as shown in forecast passenger arrivals.

Noting that the Bahamian capital is already receiving larger ships compared to pre-COVID years, he added that both the Government and

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ArawakX slams ‘ridiculous’ capital market threat claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS’ first-ever crowd funding platform has slammed as “ridiculous” assertions that it poses a threat to capital markets integrity while accusing regulators of portraying it as a “Mom and Pop” operation.

D’Arcy Rahming senior, ArawakX’s chairman

and chief executive, told Tribune Business that the Securities Commission was “beating us over the head for every minor infraction” as the two sides continue to battle ahead of the October 13 Supreme Court hearing over the latter’s bid to wind-up the platform.

Responding to allegations by Christina Rolle, the Securities Commission’s executive director,

Commission says ArawakX ‘squandered the opportunity’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE SECURITIES

Commission has accused

The Bahamas’ first-ever crowd-funding platform of “squandering the opportunity” to show why it should not be wound-up via the Supreme Court.

Christina Rolle, the capital markets regulator’s executive director, alleged in an October 5, 2023, hearing that ArawakX and

its top officials said they came to the September 13 hearing before the Securities Commission “with the intention of not addressing any of the concerns” relating to its solvency, operations and corporate governance practices.

ArawakX and its senior executives have repeatedly complained that they have not been afforded due process by the Securities Commission, and not given

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that ArawakX’s placement into provisional liquidation “is necessary for the protection of the investing public and to maintain the integrity of the capital markets in The Bahamas”, he argued that the crowdfunding platform had done nothing to justify such actions.

Arguing that ArawakX has enjoyed a “two-thirds success rate”, with four

Central Bank: Don’t send dormant accounts ‘direct’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE CENTRAL Bank has told its commercial bank and other licensees to stop sending clients seeking to recover dormant accounts directly to it as such applications must come from the institutions itself.

Karen Rolle, the regulator’s inspector of bank and trust companies,

in her 2023 third quarter letter to the industry said these inquiries must be initiated by financial institution’s on the client’s behalf. “There continues to be room to clarify the administrative processes around dormant funds. The Central Bank is still receiving occasional inquiries, where banks have referred customers directly to the Central Bank to recover

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SKY Bahamas principal says he is enduring “a compliance nightmare” as the now-defunct airline “lives to fight another day” in the battle over its former Lynden Pindling International Airport (LPIA) hangar.

Captain Randy Butler, in legal filings, asserted that the “false” fraud allegations levelled against him by Sky Bahamas’ former chief financier, Fred Kaiser, have resulted in Bahamian commercial banks refusing to open accounts or otherwise do business with himself and the airline. His assertion that “no commercial bank in this jurisdiction is willing to open or allow me to have accounts” until the dispute is resolved by the Bahamian judicial system was revealed in a ruling thattemporarily at least - clears the way for Sky Bahamas to appeal an earlier Supreme Court verdict that ordered it to pay $220,000 plus

interest to the owner of its LPIA hangar.

That entity, AOG Maintenance Company, is controlled by Mr Kaiser. The latter’s attorney, Michael Scott KC, subsequently demanded that Sky Bahamas and Captain Butler pay “security for costs” - a performance bond to ensure his client’s legal costs are covered should they win the appealon the basis that the airline “is either insolvent or prospectively insolvent” and would thus be unable to pay the bill.

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MICHAEL MAURA

RANDY BUTLER

Customs reform vital to greater prosperity

In an increasingly interconnected world, international trade serves as the backbone of economic growth and development for multiple nations . For The Bahamas, a nation of islands in the Caribbean, trade holds the key to unlocking its economic potential. To achieve this, one crucial aspect demands attention: Reform

of Customs processes. Streamlining Customs procedures can catalyse economic growth, enhance competitiveness and foster a thriving business environment in The Bahamas.

The need for reform Customs process reforms in The Bahamas have the potential to yield substantial benefits in terms of increasing government revenue, particularly due to the significant contribution that import duties and tariffs presently make to the nation’s income. Even seemingly minor improvements in Customs procedures can result in significant gains for the Government’s coffers.

At present, a significant portion of The Bahamas’ revenue is generated through the collection of duties and tariffs on imported goods. However, cumbersome and inefficient Customs processes can inadvertently hinder revenue collection. Delays in clearing goods, lengthy paperwork and administrative bottlenecks can lead to instances of undervaluation, evasion or even avoidance of duties.

These practices not only result in revenue leakage but also foster an environment of non-compliance. By implementing Customs process reforms, The Bahamas can address these challenges and fortify its revenue collection mechanisms. Streamlined and transparent processes can significantly reduce the scope for under-valuation and duty evasion. Also, the cumulative impact of faster clearances, reduced evasion and better monitoring can result in significant gains for the Government over time.

Trade facilitation and economic efficiency

Simplifying Customs procedures within The Bahamas can play a pivotal role in significantly enhancing trade facilitation. Through the adoption of swift and seamless Customs processes, the burdens of paperwork are reduced, delays are minimised and administrative costs for businesses participating in cross-border trade are curtailed. This heightened efficiency acts as a catalyst, inspiring local enterprises to venture into international markets and establishing an alluring landscape for foreign investors keen on initiating operations within the country. An essential stride towards achieving this transformation lies in harnessing the capabilities of the Click2Clear system. This system presents immense potential for magnifying trade facilitation. By streamlining Customs procedures, it effectively trims down paperwork, mitigates delays and prunes administrative expenses for businesses actively involved in cross-border trade. The subsequent efficiency boost not only emboldens local enterprises to explore and expand across global markets, but also cultivates an inviting environment for foreign investors seeking to build a physical presence in this nation.

Strategic use of this system has the power to position The Bahamas as a preeminent hub for global trade. If we leverage the benefits of the Click2Clear system, and reap the rewards of streamlined Customs processes, our stature in international trade is elevated, further enhancing our prominence on the global stage.

Reduced costs and increased competitiveness

S

Improved efficiency in Customs processes not only encourages existing companies to expand their operations but can also attract new players seeking to capitalise on The Bahamas’ strategic location as a gateway between North and South America. As Customs processes become more streamlined and less burdensome, businesses that were once hesitant to explore international markets due to complexities at the border are now empowered to venture beyond their domestic boundaries. This expansion of existing businesses not only boosts economic activity but also contributes to job creation and overall economic growth within The Bahamas.

Moreover, the allure of an efficient Customs system extends its influence to attract fresh entrants to the economic landscape of The Bahamas. Entrepreneurs and investors seeking to establish a foothold in the region are drawn by the promise of hassle-free cross-border trade. The strategic positioning of The Bahamas as a pivotal link between the economically vibrant North and South American regions becomes even more compelling when coupled with the seamless movement of goods. This, in turn, sparks foreign direct investment, fosters innovation and enriches the nation’s business ecosystem. The transformation brought about by Customs process reform paints The Bahamas as a destination brimming with opportunities. Existing companies could expand their horizons, confident in their ability to navigate international trade more efficiently. Simultaneously, newcomers are welcomed by an environment that promotes growth, minimises barriers and offers a direct passage to tap into the vast economic potential of North and South America.

Modernisation and accountability

The integration of digital systems, and the implementation of standardised procedures, offers a substantial leap forward in accountability. These advances enable the creation of transparent, and easily traceable, records of transactions. This not only diminishes any susceptibility to corruption and bribery, but also engenders a sense of trust and assurance among local and international business partners. The Bahamas, through this overhaul, can serve as an exemplar of a nation that harnesses technology to establish an accountable and highly efficient trade environment.

In numerous economies, including The Bahamas, the foundation is often formed by small and medium-sized enterprises (SMEs). Regrettably, these firms frequently grapple with the complexities of Customs procedures.

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UK TRADE MISSION’S $1.3BN DEALS FORECAST ‘CONSERVATIVE’

By FAY SIMMONS

ORGANISERS of the first UK trade mission to The Bahamas in 20 years say the possibility it will yield some $1.3bn worth of business deals is “conservative” given the multiple opportunities that arose.

Chris Bennet, the Caribbean Council’s managing director, said: “I think that the $1.3bn is probably conservative. I think all of our delegation has found that, as they’ve entered into commercial conversations

with the different parties, they found that there are actually other projects and more opportunities.

“And one of our port companies, for example, came with one port in mind. He’s gone back with three ports in mind. So, lots and lots of opportunity.” Mr Bennett explained that some UK companies extended their stay to discuss further opportunities, while a group of Bahamian merchants is planning to travel to London next month to continue discussions.

He said: “I think there’s a huge excitement amongst the delegation to see what

they can do next. Many of them are planning to be back here very soon indeed. Some have actually stayed on over the weekend so that they can carry on with meetings next week, which they hadn’t planned to originally.

“And we’re now looking at potentially receiving a Bahamian business group in London in November, which is hugely exciting.” Mr Bennet said officials and companies that were part of the UK trade mission also met with several Cabinet ministers during last week, and discussed further opportunities for collabo-

Governance reformers raise anti-corruption Bills ‘concern’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A GOVERNANCE reformer says the omission of anti-corruption legislation from the Speech from the Throne “raises some concerns” about the Government’s upcoming legislative agenda.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business the priority must be placed on citizens having “greater capacity” to ensure their government is doing what is necessary

to preserve their rights and interests.

“The kinds of legislation we were looking for were the Ombudsman Bill, which was brought forward and we benchmarked earlier this year. This was a prime opportunity to help citizens navigate and deal with times when government is not operating the way it should,” the ORG chief added.

“The Public Disclosures Bill that was talked about, although we see value in a much more comprehensive Integrity Commission Bill, as was mentioned in the Blueprint for Change and was raised in the last

administration.” The trend in the Caribbean is that public disclosure is now part of a much broader package of integrity-related legislation where issues such as conflict of interest and patronage systems are also dealt with more comprehensively.

However, Ryan Pinder KC, the attorney general, last week told Tribune Business that the anti-corruption legislation referred to by Mr Aubry remains firmly on the Government’s agenda for the upcoming session of Parliament. He added that just because it was not included in the Speech from the Throne

ration with The Bahamas including the possibility of financing from UK Export Finance, the British government’s trade financing arm. He added: “We were really delighted at the access, which the ministers were able to give to us this week. We were very grateful to them for making the time to meet with us. We felt that there was a real ambition from the Bahamian government to engage and to try and see where the UK can bring new sources of finance and new skill sets to The Bahamas.

“There is a programme called UK Export Finance, which can be very generous

does not mean the Davis administration will not pursue it, as not all Bills were included in the address by governor-general, Cynthia Pratt.

Mr Aubry said: “We were excited to hear the Speaker of the House talk about the Parliamentary Services Bill, and that’s something that is really going to be important moving forward, because I think the strength and the independence of Parliament would be critical in ensuring greater democracy and policy development.

“We were very excited to hear, obviously, things like the Public Service Bill, which is an opportunity to have a more effective and efficient public service, and also the development and push forward of the National Development Plan. That is really powerful.

ELECTRICITY BILL DOUBLING ‘HOLDS BACK EVERYTHING’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

AN ABACO poultry

farm says high electricity costs are “holding back everything” after its light bill doubled to $14,000 over the summer.

Lance Pinder, Abaco Big Bird Poultry’s operations manager, told Tribune Business his planned hatchery is due to start construction this week but he remains concerned

that soaring energy costs will slow down his progress. Mr Pinder said: “I remember a few months ago, and the news reported that BPL (Bahamas Power & Light) bills were supposed to go down, but I don’t see it going down. I just see things going up.” BPL’s so-called fuel “glide path” strategy, featuring a series of phased-in increases to the energy monopoly’s fuel charge, began in October 2022 to allow it to recoup previously “under-recovered” fuel costs worth at least

$90m. These were incurred after BPL, and the Davis administration, failed to pass all the former’s fuel costs on to consumers. The fuel cost “recovery” is due to last until end-March 2024, after which consumer bills will only reflect what BPL is paying to acquire fuel at market rates. BPL told the Utilities Regulation and Competition Authority (URCA) last month that fuel charges peaked at 27.6 cents per kilowatt hour (KWh) between June and August 2023, with this rate

declining slightly to 25 cents for the three-month period between September and November.

Mr Pinder, though, said his bills have doubled yearover-year. “We have our hatchery equipment here and we are installing it this week, so we are working real hard on that right now, but I am just crying about my power bill and wondering when I might get some relief,” he added: “When your BPL bill doubles, that would put anybody back,

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towards funding projects, financing projects, and I think we’re all interested in seeing how we can make the most of that opportunity to the benefit of The Bahamas but also in a way that works for everybody.”

The UK delegation spent a day visiting Grand Bahama, and Mr Bennet said there are “definite opportunities” for partnerships on the island in many sectors including energy, construction and transportation. He said: “It was a busy day and we had a very comprehensive tour of all of the facilities on Grand Bahama. There’s

“So understanding that there’s a number of items that are going to be addressed, then the question also becomes a matter of priority, and then once done, the ability to make sure that these things are enacted.”

obviously a huge opportunity in Grand Bahama to convert what is already a well-planned master planned site into something much larger, and with a diversified range of economic activities.

“And some of the companies that we have on board could definitely be part of that. Whether it’s on the port side, whether it’s on the energy side, whether it’s on the hurricane-proof steel buildings side, there are some definite opportunities.”

Bahamians have had a “right” to freedom of information since 2017, but have not been able to use it, and this is something ORG will be following up on to ensure citizens are able to see what is going on in government.

SCOTIABANK PLAYING ITS PART IN CLIMATE CHANGE BATTLES

THE recent spate of mega storms, hurricanes and other natural disasters in the Caribbean has served as a stark reminder of how our way of life is affecting the climate. It is a wakeup call for us to seriously reconsider our treatment of planet earth.

Hurricane Dorian in 2019, for instance, cost

The Bahamas over $5bn in losses to say nothing of the dead and missing.

More recently, the World Meteorological Organisation has said the last eight years have been the warmest on record, and warned that “there are no positive indicators so far”. The United Nations (UN) estimates that the earth is now about 1.1 degrees Celsius warmer than it was in the late 1800s. Between June

to August this year, global surface temperature was 1.6 degrees above the 20th century average of 60.1°F, ranking it as the fifth warmest June to August period in the 143 years since we started tracking these temperatures.

Current estimates are that the global average sea level has risen by eight to nine inches in the last 200 years. In 2021, global sea levels hit a new record of 3.8 inches above 1993 levels, even more evidence that the rate of sea level rise is accelerating and posing significant risks to coastal towns and cities across the globe.

Here at home, we are already seeing the effects. When Hurricane Dorian tore through the archipelago in 2019, it destroyed approximately 73 percent of the mangrove trees on Grand Bahama. The loss of so many mangroves was

catastrophic as they form a natural barrier along the coast, buffering against storm surges and floodwaters that could penetrate deeper inland.

The United Nations (UN) defines climate change as the long-term shifts in global temperatures and weather patterns. While these shifts may be natural, such as variations in the solar cycle, human activities such as the burning of fossil fuels including coal, oil and gas have been credited for being the main drivers of climate change since the 1800s. Fossil fuels generate greenhouse gas emissions that act like a blanket wrapped around the Earth, trapping the sun’s heat and raising temperatures. Among the effects of climate change are intense droughts, rising sea levels, flooding and catastrophic storms annually.

We here in The Bahamas and the Caribbean can attest to these weather events, where tropical cyclones are a perennial feature for us. These storms are further worsened by the increasingly warmer ocean surface temperatures and becoming larger, more intense and more

destructive annually. Unless action is taken, this will only worsen. The world’s first climate conference in 1979, known as the First Earth Summit, adopted a declaration that set out principles for the preservation and enhancement of the human environment, and an action plan containing recommendations for international environmental action. But it was not until 1992 before the United Nations Framework Convention on Climate Change (UNFCCC) was established as an international environmental treaty to combat dangerous human interference with the climate system, in part by stabilising greenhouse gas concentrations in the atmosphere. Since then, 198 countries have ratified the Convention as parties to it.

The Kyoto protocol followed in 1995, legally binding developed countries to greenhouse gas (GHG) emission reduction targets. The most significant agreement, however, came in 2015 with the Paris Agreement at the Paris Climate Conference in 2021 (COP21). That agreement bound 196 countries to a plan to limit global warming to well below 2, preferably 1.5 degrees Celsius, compared to pre-industrial levels.

UN Secretary-General, Antonio Guterres, then called for new commitments at COP22 (Egypt 2022) that will deliver a reduction of GHG emissions by 45 percent by 2030 so that we can reach net zero emissions by mid-century.

To this end, banks and financial institutions worldwide have committed to

a ‘net zero’ 2050 target, and several have promised to take steps to reduce their direct greenhouse gas emissions, as well as those of their clients. The United Nations-convened Net Zero Banking Alliance, which started with 122 members in April 2021, now has a membership of 122 major banks across 41 countries representing $72trn in assets, which is equivalent to 40 percent of global banking assets. They expect to meet these targets through sustainable financing, a venture which takes environmental, social and governance considerations into account when making investment decisions in the financial sector. It involves giving greater consideration to financing projects and business decisions that have a positive impact on climate change mitigation and adaptation, as well as biodiversity, pollution prevention and recycling.

At Scotiabank, we are doing our part by committing to mobilising $350bn by 2030 to reduce the impact of climate change, and to ensure robust climate-related governance and transparency in reporting. We have also adopted policies that enhance the integration of climate risk assessments in our lending, financing and investing activities. In addition, enterprise-wide transformations such as solar power integration have also begun to decarbonise our own operations with innovative solutions that reduce our impact on the changing climate and ensure that we operate in an environmentally sustainable way.

For example, we have moved to bank-owned

DEVELOPER UNVEILS ARCHITECT SELECTION

A BAHAMAS-based resort development has named three international architecture firms

that will work with its inhouse designer to produce homes for real estate buyers at the project.

Jack’s Bay, the 1,200-acre private club on Eleuthera, unveiled its preferred architects programme for the Founder’s Lot custom homes in partnership with RAD Architecture, Harrison Design and DOMO Architecture and Design. The trio will work alongside Jack’s Bay’s in-house Bahamian architect, Trevor Bridgewater of On-Point Management Services, to serve buyers looking for a turnkey solution for home design.

“All three firms have earned a reputation as industry leaders with their commitment to exceptional design and craftsmanship, and we couldn’t be more thrilled to be partnering with them for Jack’s Bay.

electric vehicles for our messenger vans and installed an energy management system at our Rawson Square location. We’ve also completed the R22 refrigerant replacement and chiller system installation exercise at Rawson Square, and introduced LED lighting throughout. Our East Bay Street location has seen its ventilation and air-conditioning system upgraded, as well as its roof completely re-done to make the building more heat efficient. All of our bank-owned premises have also been retrofitted to include more energy efficient insulation, following a feasibility review of our solar energy use policies and activities, and we have even begun to make adjustments to our operations aimed at reducing paper consumption.

Finally, the bank has also established a Climate Change Centre of Excellence to mobilise internal and external collaborations, dialogue and information sharing, in order to further and contribute to the global conversation on climate change.

Several other industries, entities and partnerships have already begun to demonstrate this commitment to the environment and to renewable energy, and we hope that others will follow suit.

At Scotiabank, we believe that climate change and the environment are critical priorities for both the public and private sectors, and we are committed to playing our part in supporting advancements which are vital to preserving our delicate, valuable and lifegiving environment.

Each studio was selected for their understanding of Jack’s Bay’s architectural style to be timeless using the highest quality of natural materials available,” says Doug Maslo, director of construction and development at Jack’s Bay.

“With global exposure, we trust that our future homeowners will want to utilise RAD, Harrison Design or DOMO and the white glove service provided by Jack’s Bay.”

Jack’s Bay said it will offer a mix of housing options in harmony with one another, and each residence will be tailored to preserve the rolling topography, native vegetation and setting of the land. The overall design guidelines for Jack’s Bay reflect a Bahamian-modern influence that maximises open spaces and indoor/outdoor

living. Traditional elements of Bahamian architecture include the use of verandas, covered porches and wood shingle coverings.

Phase I of Jack’s Bay is scheduled for completion in late 2024, including the Atlantic Club, a sports pavilion, a 7,000 square foot spa village, the readyto-build lots on Founder’s Row and 12 Atlantic Club cottages. Jack’s Bay’s 10-hole golf course, designed by Tiger Woods and TGR Design, is already complete, and its 18-hole Nicklaus Heritage course is slated for completion in early 2025.

IMI Worldwide Properties is facilitating sales of the founder’s lots, and sales are already underway. The founder’s lots include a total of 24 beachfront and ocean view homesites ranging in price from $1m to nearly $3m.

ROGER ARCHER

IS GOOD NEWS REALLY GOOD NEWS?

Despite the tight monetary policy, the boom in the US job market continues unabated and is once again fuelling concerns about further interest rate hikes among financial markets players. A total of 336,000 new non-farm jobs were added, almost twice as many as many economists had expected. In addition, according to revised government data, there were around 120,000 more jobs in August and July than initially reported. The strong increase in employment surprises economists. The likelihood of a further interest rate hike by the US Federal Reserve is increasing, and the stock and bond markets reacted promptly.

The US dollar strengthened against most major currencies. On Thursday last week, the euro fell to an intra-day low of $1.0483. US Treasury yields rose sharply.

The German Dax gained around 1 percent during the last trading day last week, and closed at 15,229 points. All three major US stock indexes were moving higher on Friday.

The 10-year Treasury yield surpassed its highest level of the year. It surged after the jobs report to 4.858 percent, the highest since July

2007, before easing back to 4.775 percent. The probability of a further interest rate hike in the current year was estimated at around 50 percent. Prior to the jobs report, the chance had only been priced in at about 34 percent. The US labour market is proving to be unexpectedly robust. So many new jobs have not been created in a month since January. The rapid rise in interest rates that we have seen (550 basis points in 18 months) still has not dampened the US economy and job market, and consumer spending is more resilient than expected. It was also not so important that the separately-calculated unemployment rate remained at the previous month’s level of 3.8 percent in September. Experts had expected a decline to 3.7 percent. The US Federal Reserve is fighting high inflation with a tight monetary policy line. At the same time, it wants to cool down the hot labour market without choking off the economic engine. After some strong interest rate hikes, the central bank recently left the key monetary policy rate in the range of 5.25 to 5.50 percent, but kept the door open for further interest rate hikes.

The incoming inflation and labour market figures are important benchmarks for the future interest rate path. With inflationary pressures in mind, the Fed is also keeping a close eye on wage growth. Average hourly wages rose by 4.2

percent in September compared to the previous year. Compared with the previous month, there was an increase of 0.2 percent in September. Economists had expected an increase of 0.3 percent.

The resilience of the labour market has already surprised Fed officials and poses inflation risks in the medium-term, especially since wage increases have also remained respectable. From the point of view of the US Federal Reserve, the employment momentum has not yet weakened sufficiently and a key interest rate hike is therefore still in the air.

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EX-SKY BAHAMAS CHIEF’S ‘COMPLIANCE NIGHTMARE’

The initial “security for costs” demand of $1.117m was reduced to $500,000, but Mr Butler and Sky Bahamas argued that such a sum was oppressive and intended to “stifle” their claim before it was even heard by the Court of Appeal.

Anishka Pennerman, the deputy registrar, while finding that Sky Bahamas was indeed likely insolvent, and that the prospects for its appeal succeeding “do not appear very favourable”, reduced the “security for costs” that the airline must pay to $50,000 - one-tenth of what Mr Kaiser and his attorney were seeking. This has to be lodged by December 8, 2023, and be in the form of “a bond with sureties with a licensed financial institution”.

Failing to comply with this will result in the appeal’s dismissal but Sky Bahamas’ attorney, Ashley Williams, in a message to Tribune Business said the outcome means the airline “lives to fight another day”. This interpretation, though, was rejected by Mr Scott, who told this newspaper yesterday: “They only live to fight another day if they’re able to come up with the directed bond by December 8 inclusive of sureties.

“The registrar more or less echoed our view that the appeal’s prospects are bleak to dismal. To the extent they look at the ruling as a kind of victory, my response to that is it’s pure fantasy. In the end, Mr Butler should realise, as

with everything else in life, justice will prevail.”

Captain Butler, who had yet to read the full verdict when contacted by this newspaper, maintained that his and Sky Bahamas’ chances of success at the Court of Appeal were good. “I do have faith in the justice system of The Bahamas,” he told Tribune Business. “I believe any reasonable judge that will have seen the evidence before them will come up with a different judgment.

“That’s as simple as it is. That’s why I continue to appeal. The other side is trying to stop this case going before the Court of Appeal. I have my faith in the system.”

The hangar battle is the first in a series of cases in the dispute involving Captain Butler, Sky Bahamas and the airline’s main financier, foreign investor Fred Kaiser and his companies, Alpha Aviation and Advanced Aviation.

The latter first initiated legal action over an an alleged $28m “bogus loan conspiracy” in late 2020, and the battle over the LPIA hangar reached the Supreme Court first. The affair triggered the resignation of former deputy prime minister and minister of finance, K Peter Turnquest, from the Minnis administration even though he was not named as a defendant in the original writ and has vehemently denied all claims against him.

Mr Kaiser cited numerous corporate infractions as the basis of his “security for costs” demand, including Sky Bahamas not having “a registered office for a considerable period of time”;

not being in good standing with the Registrar General because no corporate returns had been filed for the years 2019-2023; and no declarations of ownership and no annual fees being paid for the same year.

Sky Bahamas admitted it had little to no money to meet this demand, but opposed Mr Kaiser’s application on the grounds that if granted it would “stifle a genuine claim”. Although the airline’s initial evidence was “woefully deficient” in enabling the court to determine whether it could pay “security for costs”, the deputy registrar gave it a chance to rectify the matter.

Having determined she had jurisdiction to hear the case, Ms Pennerman noted that Mr Kaiser and his company “set out extensive affidavit evidence to support its belief that Sky Bahamas is either insolvent or prospectively insolvent and, thus, unlikely to have the financial capacity to indemnify it if Sky Bahamas is unsuccessful in the appeal”.

Besides outstanding costs worth $77,308 stemming from a preliminary application in their battle, Mr Kaiser and AOG Investments Company also cited the $219,928 plus interest awarded by Justice Stewart to them over the hangar at the Supreme Court level plus further costs at $819,549 that were ordered to be paid. The industrial dispute with 43 former Sky Bahamas staff for alleged “unfair” or “wrongful dismissal” has also yet to be resolved.

EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the securities and capital markets, investment funds, fnancial and corporate service provides and digital assets and exchanges, invites applications from qualifed individuals for the following position:

HUMAN RESOURCE MANAGER

We seek to hire a full-time Human Resource (HR) Manager to provide executive level leadership and guidance to the organization’s HR operations. The HR manager is responsible for setting, enforcing and evaluating legally compliant human resource policies, procedures and best practices, and identifying and implementing long-range strategic talent management goals. Compensation packages are competitive with the fnancial services industry and other regulatory bodies.

Supervisory Responsibilities:

• Development of recruitment, retention and talent management strategies

• Development and evaluation of performance review criteria

• Recommendation on compensation packages for approval by the Board of the Commission

• Overseeing the daily workfow of the HR Department

• Administration of disciplinary process and termination of employees, when necessary

Duties/Responsibilities:

• Collaborate with executive leadership to defne the organization’s long-term mission and goals, and identify ways to support this mission through talent management

• Review and draft policies, procedures, and practices, and amend/update where necessary

• Oversee all aspects of the organization’s recruitment and hiring process

• Lead in the development and implementation of the annual training plan

• Ensure payments and benefts to staff are processed in a correct and timely manner

• Create and review programs and initiatives aimed at improving employees’ quality of work-life and morale

• Oversee employee development initiatives and coaching to assist employees in growing in their current roles or advancing to new ones within the organization

• Oversee the performance management and bonus system

• Plan and conduct employee engagement surveys at least annually and ensure actions are taken to improve results

• Oversee employee relations and address issues such as harassment, discrimination, intimidation, exploitation, and workplace health and safety

• Oversee the development and implementation of staff wellness (i.e. CPR, health monitors etc.), including mentoring and counselling

• Lead in the development and implementation of the organization’s succession plan

• Develop programs to foster a culture of teamwork, employee empowerment and commitment to organizational goals

Ensure grievance and disciplinary procedures are handled fairly and consistently

• Participate in professional development and networking conferences and events

• Keep current with trends, best practice, regulatory changes and technologies in HR with the aim of adoption where they would lend to improvements and effciencies in HR services

Knowledge/Skills:

• Excellent oral and written communication skills

• Well organized with the ability to work in a fast paced environment

• Knowledge of laws, regulations, and best practices in employment law, HR and talent management

• Experience with the development of HR policies, processes and procedures

• Mediation training

• Profciency in Microsoft Offce Suite (Word, Excel, PowerPoint, etc.)

Qualifcations/Experience:

• Master’s degree in HR management, psychology or related area with a minimum of 10 years’ experience as an HR Manager

• Bachelor’s degree in HR management, psychology or related area with a minimum of 15 years’ experience as an HR Manager

• Senior level SHRM and/or HRCI certifcations

Contact Information: Senior Manager, Human Resource Department Securities Commission of The Bahamas Tel: (242) 397-4100 E-mail: hrm@scb.gov.bs

Deadline for applications: Friday 20 October 2023

The former Sky Bahamas financier then pointed to the $394,245 judgment obtained against Sky Bahamas by Nassau Airport Development Company (NAD), LPIA’s operator, and alleged that Captain Butler had “improperly” sought to charge an outstanding credit card debt of $67,140 that he personally owes Royal Bank of Canada (RBC) to the airline.

“The evidence supporting Sky Bahamas’ potential insolvency is overwhelming. Its ascertainable and liquidated exposure in costs and judgments awarded against it is more than $700,000. Significantly, none of the affidavits filed on behalf of Sky Bahamas dispute that these amounts are still outstanding,” Ms Pennerman wrote.

“Thus, in my view, the evidence presented by the applicant is sufficient to justify the concern that if Sky Bahamas has not yet satisfied its outstanding costs orders and judgments, there is a legitimate concern as to whether it will be able to satisfy additional costs, should its present appeal be unsuccessful.”

Captain Butler in his own evidence also admitted that Sky Bahamas is “in fact impecunious and does not have sufficient assets within the jurisdiction to cover the respondent’s costs”. Sky Bahamas alleged that he was unable to personally raise this sum due to “strained banking relationships” over the denied fraud claims; his own indebtedness; and the fact Mr Kaiser, who was the airline’s primary financier, is now opposing it.

With no dispute over Sky Bahamas’ inability to pay the appeal costs of it loses, Ms Pennerman said the airline never provided sufficient evidence to show its case would be stifled if a costs order was made. “There was also no evidence as to who financed the trial, nor who has financed this appeal thus far, which includes paying the legal fees of Sky Bahamas,” she added.

“Rather, Sky Bahamas seemed to leave it to this court to draw inferences that its claim would be stifled. The dearth of evidence provided has been plainly insufficient and inadequate evidence on which to reach the conclusion that a substantial order for security would stifle the claim. Accordingly, I am not satisfied, on the evidence provided by Sky Bahamas, that its claim would be stifled if an order for security is made.”

And Mr Kaiser and AOG also asserted that Sky Bahamas’ “protests of financial disability are false and completely disingenuous”. An investigations outlet, D&T Investigations, and the Glinton, Sweeting & O’Brien law firm, found real estate assets in both New Providence and Andros in the name of Captain Butler and his wife, Sky Bahamas and an entity called Daran Holdings Corporation.

Captain Butler and his wife, together with Daran, were alleged to collectively own some 12 parcels of land. Real estate in High Point Estates and Chazon Estates was also located. “The Butlers are substantial homeowners in New Providence and hold baronial estates in Andros,” evidence filed on behalf of Mr Kaiser alleged.

Mr Butler, in his evidence, alleged: “I can state unequivocally, that it would be impossible for me to raise the funds as a director of the appellant via private sources due to all of the false allegations made by Mr Kaiser and/or his agents which have been published in several of the daily newspapers, which include allegations of fraud.

“This, of course, creates a compliance nightmare as local banks have determined that they are unable to do business with myself or the appellant until all of the matters are resolved in court.”

The former Sky Bahamas principal also alleged that both his personal accounts and those of Sky Bahamas were frozen due to action by the Department of Inland Revenue over the non-payment of VAT.

Returning to his banking troubles, he added: “No commercial bank in the jurisdiction is willing to open or allow me to have accounts until a determination has been made by the Supreme Court... On the same token, Commonwealth Bank by letter dated September 2, 2021, also did not allow my wife and I to open a new account as a result of the allegations made.”

And the house in High Point Estates was also alleged to be the subject of legal proceedings by Royal Bank of Canada (RBC) which was seeking to recover $700,000. However, Ms Pennerman said no evidence had been provided to show that all Captain Butler’s and Sky Bahamas’ accounts had been frozen by the Department of Inland Revenue, or that all banks had denied him accounts - just CIBC FirstCaribbean.

“I accept the point by Randy Butler that there is no legal obligation on behalf of Daran Holdings to use its assets to assist Sky Bahamas. However, it is not unreasonable that if Randy Butler has an interest in both Daran Holdings and in Sky Bahamas, to the extent that the former has assets, it may be to its advantage to consider whether they might be used to assist Sky Bahamas in its time of need,” Ms Pennerman wrote.

“Nonetheless, Randy Butler has asserted that neither he nor any of his affiliated companies can be the friend that Sky Bahamas needs to assist with its security.” Stating that she was “not wholly persuaded” that Sky Bahamas could not raise its “security for costs”, Ms Pennerman nevertheless reduced the sum the airline must post to $50,000.

She did this on the basis that the “security” can only cover costs incurred before the Court of Appeal, and not include those run-up before the Supreme Court. She also found Mr Scott’s $122,000 bill of costs “not realistic”, and found that the bulk of expenses before the Court of Appeal will be incurred by Sky Bahamas.

Customs reform vital to greater prosperity

Yet a solution exists in the form of simplification and standardisation.

By streamlining these procedures, The Bahamas can eliminate barriers, ensuring SMEs can engage more actively in international trade. This inclusive approach carries the potential to invigorate entrepreneurship, nurture innovation and contribute to the cultivation of a more varied and resilient economy. Through this endeavour, The Bahamas not only empowers its SMEs but also paves the way for a more robust economic landscape.

Alignment with global standards

Adopting Customs processes that align with

international standards set by bodies, such as the World Trade Organisation (WTO) and the World Customs Organisation (WCO), holds great significance for The Bahamas, especially considering its potential future membership in the WTO. Embracing this ensures The Bahamas aligns with global norms, thereby promoting seamless engagements with international trading partners. This uniformity fosters predictability and trust among businesses and governments alike, solidifying The Bahamas’ reputation as a dependable participant in the global trade arena.

The National Development Plan

The integration of Customs reform into

ELECTRICITY BILL DOUBLING ‘HOLDS BACK EVERYTHING’

FROM PAGE B4

especially when my bill goes from $7,000 to $14,000. It has to put you back.”

Abaco Big Bird cut its energy usage by 15 percent

in June, but its bills have only increased since then, leaving Mr Pinder wondering “what’s really happening” at BPL. “This is affecting everything we

The Bahamas’ National Development Plan (NDP) presents a strategic avenue to realise comprehensive and sustained improvements in trade facilitation. The National Development Plan (NDP) serves as a blueprint that outlines the country’s longterm vision for growth and development. By incorporating Customs reform as a core component of this plan, The Bahamas can ensure the process is aligned with overarching national goals. This alignment provides a clear message to stakeholders, both domestic and international, about the Government’s commitment to creating a more efficient and streamlined trade environment.

do because you are putting money into BPL when you could be putting it into other things. It’s holding back everything. This is tough,” he said. Despite this, Abaco Big Bird has held back on raising prices because “they can only go so high before people stop buying the product”.

OIL PRICES AND DEFENSE STOCKS CLIMB AFTER ISRAEL DECLARES WAR ON HAMAS

By STAN CHOE AP Business Writer

OIL prices are climbing, and stocks are wavering Monday as violence in the Middle East injects more caution into financial markets.

The S&P 500 was 0.1% lower in its first trading since Hamas launched a surprise attack against Israel, which then formally declared war.

The Dow Jones Industrial Average was up 6 points, or less than 0.1%, as of 12:30 p.m. Eastern time, and the Nasdaq composite was 0.4% lower.

The area under conflict is not home to major oil production, but fears that the fighting could spill into the politics around the crude market sent a barrel of U.S. oil up 4.1% to $86.10. Brent crude, the international standard, rose 3.9% to $87.93 per barrel.

One potential outcome is a slowdown in Iranian oil exports, which have been growing this year, according to Barclays energy analyst

Amarpreet Singh. Less supply of crude would raise its price, all else equal.

The conflict could also hurt the possibility of potential improvement in relations between Israel and Saudi Arabia, which is the world's second-largest producer of oil. Traders may be taking off some bets that Saudi Arabia would raise its oil output to help secure a deal on Israel with the United States, according to Singh.

Oil prices had already been volatile leading into the weekend. A barrel of U.S. crude jumped from less than $70 during the summer to more than $90 last week, raising the pressure on inflation and the overall economy. It pulled back sharply last week before jumping again after the fighting began in Israel.

Monday's rise in crude helped oil and gas stocks to some of Wall Street's biggest gains. Marathon Oil rose 4.7%, and Halliburton climbed 5.7%.

Stocks of defense contractors that make weapons were also particularly strong. Northrop Grumman rallied 11.2%, and Lockheed Martin gained 7.9%.

On the opposite end were companies that count fuel as among their biggest expenses. American Airlines sank 4.5%, and Norwegian Cruse Line fell 4.4%. Major airlines have suspended flights to Israel as the U.S. State Department issued travel advisories for the region citing potential for terrorism and civil unrest.

The U.S. stock market broadly has been shaky since the end of July, weighed down by the pressure of much higher yields in the bond market. With inflation still too high for policy makers' liking, and the U.S. economy in solid shape, expectations have built on Wall Street that the Federal Reserve will keep its main interest rate high for longer than traders had hoped.

Furthermore, the NDP facilitates effective resource allocation for Customs reform initiatives. As the plan designates resources for various strategic objectives, it can ensure the necessary funding, technology and expertise are directed towards Customs process improvements. By earmarking resources in this manner, The Bahamas can enhance the implementation of reforms and provide the necessary infrastructure for modernising Customs procedures. The plan’s structured approach also fosters collaboration among different government agencies and stakeholders involved in the reform process. This co-ordinated effort can lead to smoother

execution, minimise overlaps and ultimately accelerate the achievement of Customs reform milestones outlined in the National Development Plan.

Conclusion As The Bahamas stands at the crossroads of international trade, the integration of Customs reform within its national development plan becomes paramount. This strategic alignment ensures the reform initiatives are seamlessly woven into the fabric of the nation’s overarching growth strategy. By designating resources, setting measurable targets and fostering collaboration, the plan acts as a guiding compass, steering The Bahamas towards efficient

trade facilitation and heightened revenue collection.

Furthermore, Customs reform directly resonates with the ethos of The Bahamas as a trade-friendly nation. It strengthens the Bahamas’ position on the global stage as a reliable partner that adheres to international standards and norms. Whether it is by attracting foreign investors through enhanced efficiency, empowering local SMEs through simplified procedures or bolstering government revenue through improved accountability, Customs reform stands as a transformative force that holds the potential to shape The Bahamas’ future prosperity.

ArawakX slams ‘ridiculous’ capital market threat claim

of the six crowd-funding offers to-date meeting their minimum target raise, Mr Rahming also questioned why James Campbell, its largest investor, “would give us funds” totalling some $1.6m if it was commingling company and investor/client funds as alleged by the regulator.

“I’m looking forward to the day in court, and don’t think we’ve done anything or are in any way a danger to the public or the marketplace,” he argued. “It’s ridiculous. How are we a danger to the public if we have had a two-thirds success rate? Nobody complained about their funds, nobody complained about our service.

“Yes, we are not perfect. We have challenges like any operator to improve our service to all stakeholders, but nothing to the level to wind me up without a hearing. We’ve done nothing to that effect.” Mr Rahming argued that “we also have to understand, respectfully, the limitations of the Commission”, asserting that it was a regulator rather than a commercial operator.

“Obviously we are the operators, we are the entrepreneurs and we are the ones who put our capital and that of others to use,” he added. “Respectfully, we are the better operator. We are the ones able to work with companies. We had Tropical Gyro, Footcare Rx and Nassau Gas. All along the naysayers were saying this is impossible, it won’t work. But despite severe

challenges we have been able to work through it.

“As a former regulator, I can say the regulators have a very important job, and that’s to ensure integrity, to protect all stakeholders and to protect minority interests. But the regulators are not commercial operators. They should be enabling, not to beat you over the head for every minor infraction. The regulators should be there to enable commerce, make life better for you.”

Ms Rolle and the Securities Commission would likely vehemently disagree with the description of “minor infraction” to characterise what has occurred. In her latest affidavit, dated October 5, 2023, she reiterated her position that the crowd-funding platform’s solvency, operational and corporate governance woes are “insurmountable and, as such, the respondent must be wound-up.

“The appointment of a provisional liquidator is immediately necessary in order for further investigation to be done of the books and records of the respondent,” she added. “Based on all of the outstanding issues identified in this and the principal affidavit to-date, the continued operation of the respondent would be detrimental to the interest of the investing public.

“In meeting the Commission’s mandate to protect investors, the Commission is obliged to pursue the winding-up.... The windingup of the respondent is necessary for the protection of the investing public and to maintain the integrity of the capital markets in The Bahamas.”

Mr Rahming, though, argued: “She’s trying to make us look like a ‘Mom and Pop’ operator.” He was backed by two other ArawakX executives, including Winston Rolle, its chief of equities and a former Bahamas Chamber of Commerce president, who argued that management “believe in the continued viability” of the crowd-funding platform “as demonstrated by its over-ready pipeline of business and its demonstrated success”.

“We remain committed to returning the respondent to successful operation,” Mr Rolle alleged. “The forced winding-up of the respondent on the false and flawed premises articulated by the applicant herein would not only be unreasonable and unfair, but also a personal tragedy for my colleagues and I, as well as our issuer and investors”.

ArawakX had supplied the Securities Commission with a “pipeline forecast” that “represents a capital demand of over $60m. These companies are at different stages of onboarding with an objective to be listed on the platform by the end of the year.

“There are other companies that we are in discussions with but are still being evaluated or working with their respective business development managers to fine-tune their products to meet our requirements.

The companies represent a wide range of industries, and include companies

from outside of The Bahamas seeking to raise capital and establish a presence locally, as well as local companies seeking to grow and expand their operations outside of The Bahamas.”

This, though, made little impression on Ms Rolle and the Securities Commission. She reiterated the regulator’s position that it cannot include unearned revenues or income in its calculation of ArawakX’s solvency. “Tied to the respondent’s solvency claim is the assertion that there is pipeline business that should be considered by the Commission,” she acknowledged in her latest affidavit.

“In its assessment of the solvency and financial fitness of its registrants, the Commission is not able to entertain hypothetical projections about future earnings. The respondent should be aware of this and the Commission is gravely concerned that they would make such assertions nonetheless.”

Ms Rolle, though, said that “notwithstanding the Commission’s inability to consider the pipeline business as a solution for insolvency”, the regulator had reviewed the forecast provided by ArawakX on May 8, 2023, which projected that it could earn fee income of between $2.4m to $4.7m from the crowd-fund offerings it had potentially lined up.

However, the Securities Commission chief alleged that, based on its analysis and ArawakX’s past fee earnings, the projections were likely overblown. “There were 24 potential companies listed, of which six offerings were already concluded,” Ms Rolle said. “Of the six concluded offerings, four were successful raises and two failed.

“From the six concluded offerings, the respondent projected maximum fees of $1.16m whereas the actual success fees totalled approximately $254,000. Of the remaining 18 companies, seven companies are indicated as having a listing agreement with the respondent, three companies are indicated as having a non-binding Memorandum of Understanding (MoU) or agreement, and seven companies have no agreement.”

While the latter category all possessed a letter from Winston Rolle, ArawakX’s chief of equities, requesting confirmation of their continued interest in listing, Ms Rolle alleged: “Based on the historical success rates of the six concluded listings (with a 67 percent success rate and 32.56 percent actual versus projected fees on successful raises, the Commission estimates that the respondent could reasonably project income of approximately $806,411 on their pipeline of 18 companies.

“Given that only seven of the 18 are indicated as having a listing agreement, that projection should be reduced to approximately $176,703.” As a result, the Securities Commission chief implied this will do little to address ArawakX’s solvency concerns in the regulator’s eyes.

Central Bank: Don’t send dormant accounts ‘direct’

or investigate the existence of funds,” she said.

Noting that bank accounts are classified as “dormant” after seven years of inactivity, under the Banks and Trust Companies Regulations Act 2020 and the Guidelines for the Administration and Ultimate Disposition of Dormant Bank Accounts, she added: “At this time, these funds are to be submitted to the Central Bank of The Bahamas, where they are held for an additional ten years before remittance to the Public Treasury.

“However, where dormant claims or inquiries are initiated, these must be made by the submitting

banks on behalf of their clients. In instances where the banks transferred ownership or were dissolved, the administration of the transferred dormant funds are to be transferred to the acquiring bank or liquidator, also preserving the chain of responsibility for future claims.”

Ms Rolle continued: “In accordance with the guidelines, all dormant funds claim forms must be accompanied with a cover letter, which should include the full settlement instructions of the bank (not the client). The cover letter should also include a contact, the amount of the claim and the client’s account number.... “Once the documents are received and reviewed, the Central Bank will process

the claim and return the funds to the respective bank for issuance to the client. Banks are encouraged to ensure that their clients are properly advised that all claims are to be submitted on their behalf.

The Central Bank does not issue claimed dormant funds directly to the banks’ customers.”

The Central Bank, in its 2022 annual report, revealed: “As at December 31, 2022, the Bank maintained custody of 41,878 dormant facilities with balances totalling $89m denominated in six currencies. Balances in US dollars and Bahamian dollars combined accounted for a dominant 91.4 percent of the total, while the Canadian dollar, Swiss franc,

Euro and British pound accounted for the remaining 8.6 percent.

“In accordance with the Act, as at December 31, 2022, an estimated $1.9m in dormant funds was due for remittance to the Government against the applicable ten-year custodial period expiration.” Elsewhere, Ms Rolle said the Government and financial services regulators are progressing towards signing a Memorandum of Understanding (MoU) that would create a Financial Stability Council.

“The Central Bank, in collaboration with the Ministry of Finance, the Securities Commission, the Insurance Commission and the Deposit Insurance Corporation, is making progress towards the

establishment of a Financial Stability Council.,” she wrote. “A Memorandum of Understanding is being finalised to complete the arrangements.

“The Council would be a non-statutory body to monitor emerging risks to financial stability in The Bahamas, and ensure that there is timely communication and co-ordination during both normal times and episodes of systemic crises.

“The multi-agency cooperation will also help to strengthen the analytical framework for the existing financial stability report, particularly with respect to more comprehensive data coverage, the interconnectedness with the regulated sub-sectors, vulnerabilities

and threats to financial stability.”

Ms Rolle added that the Central Bank is “poised to release” final Digital Assets Guidelines, which outline the Central Bank’s expectations for exposure to digital asset activities and identification of accepted best practices for effective risk management.

“To be clear, the guidelines do not diminish the legal and regulatory standards enforced by the Securities Commission for engagement in such activities, including, where additional licensing requirements are mandated,” she said.

Commission says ArawakX ‘squandered the opportunity’

FROM PAGE B1

a proper chance to put their case, ahead of this Friday’s Supreme Court hearing where both sides will lay out their arguments for and against the crowd-funding platform’s winding-up.

Ms Rolle, though, maintained that ArawakX’s allegations “of the Commission starving its operations and there being a year of mandatory inactivity is false”. While the regulator’s probe began almost a year ago, on October 11, 2022, she added that no restrictions were placed on its ability to conduct crowd-funding offerings until March 23, 2023, as a result of the findings from an inspection for-cause.

“They accepted the restrictions, and did not at any time make application for the approval of new business, which the Commission indicated they would be willing to consider notwithstanding the restrictions on the registration,” Ms Rolle alleged. “Furthermore, the Commission notes that the respondent could not properly fund its operations prior to the Commission’s investigation and continuously sought capital to do so.”

The Securities Commission chief, who argued that ArawakX was given “numerous opportunities to appear before the Commission to address issues of concern regarding its business practices, governance and solvency, added that the regulator cannot now regularise or approve the $1.9m that investors pledged to subscribe for shares in the crowd-fund platform as it would mean sanctioning investments for which approval was not properly sought.

“The Commission is unaware that the subscribers in company shares have agreed to be reclassified as debt,” Ms Rolle alleged.

“Further, the Commission is not aware that redeemable preference shares validly exist or existed. This creates a number of issues that can only be properly addressed by a provisional liquidator who must, after investigation under proper court supervision, determine the proper classification for these subscribers.

However, Ken Donathan, ArawakX’s acting chief executive, argued in an October 5, 2023, affidavit that the crowd-funding platform is “being stymied by the applicant [Securities Commission’s] oppressive and unreasonable 11-month investigation” into the company and its operations.

Upon assuming his post, he alleged that “the practices then employed by the former chief financial officer were in my opinion inappropriate for the type of business being operated and were not sensitive to the operating cash

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position” at ArawakX. As a result, he initiated reforms requiring all bank balance to be reconciled daily, with daily reports on these and both processed and unprocessed transactions.

Outflows from fiduciary accounts, which held issuer/ investor monies, had to be reviewed by two signatories as well as ArawakX’s compliance officer, with all transactions on its trading platform reconciled daily and unreconciled client deposits “actively followed up” with the bank of client in question.

“The respondent pivoted immediately,” Mr Donathan said of ArawakX, “and we successfully ensured that there was no longlasting damage and that the proper protocols and processes were implemented and maintained.” He added that he assured the Securities Commission there was “no commingling of client funds”.

“At no point was it suggested by the applicant [Securities Commission] during my interview or otherwise that the applicant considered that the respondent had engaged in any misconduct under the Act or otherwise,” Mr Donathan alleged. “I was therefore taken by surprise at the applicant’s unfair, unreasonable and prejudicial representations to the Supreme Court in support of its ill-conceived application to have the respondent wound-up.

“The respondent remains a viable company with significant commercial prospects that are being stymied by the applicant’s oppressive and unreasonable

11-month investigation

as compounded by the present application. The respondent can, and ought to be allowed to, return

to operation as was at all material times advised by the public.

“ Even if the applicant genuinely held the views

expressed in the petition, the respondent was entitled to a proper hearing to disabuse the applicant of its said views. The respondent

poses no threat to the public, its issuers or subscribers, and I reject the applicant’s baseless suggestions in that regard.”

CRUISE PORT PREDICTS 20% VISITOR SURGE TO OVER 5M

private sector must now work together to enhance the tourism product so that it proves attractive to everincreasing visitor numbers and raises their per capita spend. Cruise passenger spending in Nassau, and associated yields, have always been perceived as among the lowest in the Caribbean.

Meanwhile, Mr Maura said Nassau Cruise Port has yet to see any impact on ship calls and bookings as a result of Carnival’s plans to open its own port, known as Celebration Cay, in Grand Bahama from mid-2025 onwards. Bookings have already been made available by the cruise line on 400 sailings by 12 of its ships from eight US ports.

“We are thrilled to be looking at the numbers we are looking at,” the Nassau Cruise Port chief told this newspaper. “We’re three to four weeks away from the winter season, so we have seen a material spike in passenger volumes which we’re looking forward to. Ship bookings and calls are very, very strong.

“We are watching Carnival, with their Grand Bahama port operation, to see whether it will any impact here, and so far it does not look like it will have an impact on Nassau because we have not seen a reduction in calls. Given the fact the industry books two-plus years in advance in terms of securing berths and so forth..

“We would be able to see, closing in on the end of 2023 and as we roll into 2024, cruise lines have already booked all of 2024 and 2025. We’d be able to see if there was a material falloff in business from their [Carnival’s] itinerary to Celebration Cay, and we’ve not seen that at this point.”

Mr Maura conceded it was “very difficult” to forecast cruise ship occupancy numbers, with Nassau Cruise Port using 100 percent occupancy of a double-bed cabin as a benchmark. However, he added that there are now typically more than two persons per cabin.

“We’ve seen occupancy numbers fluctuate month-to-month as high as 108 percent to 109 percent,” he added. This had dropped slightly in September to

around 106 percent, in line with the traditional drop-off in tourism numbers at that time due to factors such as peak hurricane season and an end to family vacations as children head back to school.

The Nassau Cruise Port chief, though, said Prince George Wharf’s ability to receive more larger cruise ships at the same time was already producing payback and returns on the recent $322.5m upgrade. “The investment in marine infrastructure, specifically the addition of the sixth berth and extension of berth number one, is material,” he added. “So if we have six cruise ships in port we have the ability to receive three Oasis class ships, which will become three Icon class ships, at the same time.”

Noting that Nassau Cruise Port received 3.85m passengers and 1,206 vessel calls in 2019, for an average of 3,192 passengers per ship, Mr Maura said the forecast 1,219 calls for the 2023 full year was not materially different from that preCOVID period.

However, based on the forecast 4.483m passenger

total for 2023, which now has less than three months left, Mr Maura added that average cruise ship occupancy this year was 3,677 - almost 500 higher than four years ago. “What that tells us is that we are getting larger ships,” Mr Maura said. “The number of ships has not materially increased. The investment in marine infrastructure is most certainly facilitating and accommodating larger ships in Nassau.”

Speaking to the enhanced passenger volumes for 2024, he added: “We were forecasting right around the 4.5m to 4.6m, but what we have seen is a large increase in bookings from the industry.” Total vessel calls to Nassau for 2024 are projected to increase by 23.1 percent to 1,501, a 282 rise over this year’s numbers.

Mr Maura said Royal Caribbean is next year projected to bring the largest number of cruise passengers to Nassau as it ramps up its scheduled calls ahead of its $110m Royal Beach Club on Paradise Island launching in 2025. “Royal is a big part of that in that, as they have been moving forward with their Royal Beach Club

project on Paradise Island, the only way they are going to make their money back on that investment is to bring more people,” he added.

“I think this is a great opportunity for New Providence to invest in expanded activities and to work on improvement of the product, so as Royal brings those guests to Nassau we now have an opportunity to market ourselves to an increased number of guests that otherwise will not be coming to Nassau.

“Royal’s passengers, many of them will not want to sit on a beach. We see the project as providing an opportunity for those guests to do more; certainly enjoy the Royal Beach Club but not exclusively, and also enjoy what else Nassau has to offer.” This, Mr Maura said, was aided by the fact the Royal Beach Club is just a water taxi ride away across the harbour, thus allowing passengers to move freely between Paradise Island and downtown Nassau.

Meanwhile, Disney is projected to increase the volume of cruise passengers it brings to Nassau by more than 20 percent in

2024. Carnival is forecast to have the largest number of cruise ship calls next year, with Mediterranean Shipping Company predicted to “double the number of passengers to Nassau” and become the port’s third largest customer.

“We are continuing to work on our product at Nassau Cruise Port,” he added. “We are in the early stages of activating our amphitheatre, and bringing more music into the space. We still have food and beverage outlets waiting for activation, which are expected in the next 30 days.”

Mr Maura identified Bamboo Shack and Island Post as the two outlets expected to open within the next month. Chef Simeon Hall’s partnership with the University of The Bahamas (UoB) is expected to open in December, with a bar also set to launch in November. “There’s still more to come. There’s still additional experiences to be had in New Providence. We’re just scratching the surface in terms of entertainment, but from what we’ve seen so far Bahamians love to come out to watch the entertainment. We’re just getting started in terms of music and so forth.”

Monday, October 9th, 2023

IN this file photo made Jan. 21, 2010, a passenger walks past a Delta Airlines 747 aircraft in McNamara Terminal at Detroit Metropolitan Wayne County Airport in Romulus, Mich. Major airlines are suspending flights to Israel after it formally declared war following a massive attack by Hamas. American Airlines, United Airlines and Delta Air Lines suspended service as the U.S. State Department issued travel advisories for the region citing potential for terrorism and civil unrest. Delta said its Tel Aviv flights have been canceled into this week. Photo:

AIRLINES HALT FLIGHTS IN AND OUT OF ISRAEL AFTER A MASSIVE ATTACK BY HAMAS IGNITES HEAVY FIGHTING

By MICHELLE CHAPMAN Associated Press

MAJOR airlines have suspended flights in and out of Israel after the nation declared war following a massive attack by Hamas.

Israel hit more than

1,000 targets in Gaza and Palestinian militants continued firing barrages of rockets, setting off air raid sirens in Jerusalem and Tel Aviv. Video posted online appeared to show a plume of smoke near a terminal at Tel Aviv's Ben Gurion International Airport.

Scores of arriving and departing flights at Ben Gurion were canceled or delayed, according to the airport's online flight board, which also showed a steady trickle of flights. Most were operated by Israel's national airline El Al along with others by regional carriers like Turkey's Pegasus Airlines and Greece's Blue Bird Airways.

American Airlines, United Airlines and Delta Air Lines suspended service as the U.S. State Department issued travel advisories for the region citing potential for terrorism and civil unrest.

American suspended service to Tel Aviv through Friday. The airline said that it has issued a travel alert providing additional flexibility for customers whose travel plans are impacted.

"We continue to monitor the situation with safety and security top of mind and will adjust our operation as needed," American said.

United said it allowed two scheduled flights out of Tel Aviv late Saturday and early Sunday and accommodated its customers, crews and employee travelers who were at the airport. The airline said that its Tel Aviv flights will remain suspended until conditions improve. Delta said its Tel Aviv flights have been canceled into this week. The airline said

it's monitoring the situation and making schedule adjustments accordingly. The company said customers with canceled flights or who want to change their Tel Aviv ticket should check the Delta app, website or call Delta reservations to make adjustments.

Airlines in Europe and Asia also put flights on hold amid the hostilities, offering refunds and waiving rebooking fees for passengers.

Air France said that it has suspended services to Tel Aviv "until further notice" after coordinating with French and Israeli authorities.

"The airline is constantly monitoring the geopolitical situation in the areas served and overflown by its aircraft in order to ensure the highest level of flight safety," Air France said in on its website. Germany's Lufthansa, which suspended flights to and from Tel Aviv until Saturday, said Monday that the decision regarding its planes and those of its subsidiaries was made "due to the still unclear developing security situation in Israel and after an intensive analysis of the situation."

The Lufthansa Group includes Austrian Airlines, Swiss and Brussels Airlines as well as Lufthansa itself.

Hong Kong's main carrier, Cathay Pacific Airways, said that "in view of the latest situation in Israel," it was cancelling its Tel Aviv flights scheduled for Tuesday and Thursday.

"The safety of our passengers and crew are our top priority. We will continue to monitor the situation very closely," the airline said on its website, adding it would provide another update on Friday ahead of its third weekly flight on Sunday to the Israeli city.

Virgin Atlantic canceled its service between London's Heathrow Airport to Tel Aviv on Monday and Tuesday as well as part of that route on Wednesday.

Paul Sancya/AP

Advances in male factor infertility management

FERTILITY refers to a couple’s reproductive ability through sexual reproduction, which happens through the union of male and female gametes. The inability of achieve clinical pregnancy after 12 months of unprotected sexual intercourse affects nearly 186 million people worldwide. In about 20-30% of couples, males are the only cause of infertility. However, 1 in 2 couples will have a male factor as a contributing factor to infertility.

Male factor infertility can be an emotionally and psychologically draining scenario for men and their spouses. Men diagnosed with male factor infertility may feel guilty, embarrassed, and as if they have failed their spouses. It is natural for them to doubt their masculinity, which can lead to a loss of confidence and self-esteem. There may also be feelings of loneliness, as many men believe they are unable to discuss their problems with others owing to cultural stigmas surrounding infertility.

Male factor infertility affects more than just males and can have a substantial influence on relationships. It is typical for couples to experience despair, rage, and frustration as they cope with the obstacles they face. The stress and pressure of infertility can also impact their relationship, leading to communication breakdowns and feelings of isolation.

It may also have an impact on a man’s career and social interactions. Men may have difficulty concentrating at work, resulting in lower productivity and poor job performance. They may also find it difficult to engage in social activities, which can contribute to feelings of loneliness and social isolation.

Infertility in men can be caused by a multitude of variables such as genetic flaws, hormone imbalances, illness, lifestyle problems, and physical obstructions. Sperm production can be affected by genetic abnormalities such as Klinefelter’s Syndrome and Y chromosomal deletions. Hormonal imbalances produced by conditions such as hypogonadism, thyroid problems, and diabetes can impair sperm production and motility. Infections such as mumps, gonorrhoea, and chlamydia can harm the reproductive organs, resulting in infertility. Excessive alcohol intake, smoking, and stress can all have an impact on sperm production and motility. Physical obstructions such as varicoceles, blockages, and testicular traumas can also contribute to male infertility.

The therapy choices for male factor infertility are determined on the underlying cause. Hormone replacement treatment can help restore normal sperm production in situations of hormonal abnormalities. To restore sperm flow, surgery can be used to remove blockages, varicoceles, or other obstacles. When other therapies fail, assisted reproductive procedures such as

intrauterine insemination (IUI), intracytoplasmic sperm injection (ICSI), and in vitro fertilization (IVF) might be used to help couples conceive. Smoking cessation, reduced alcohol intake, and stress management can all increase sperm production and quality. Although science has come a long way to explain and offer possible solutions to such couples there remains many cases that are labelled Idiopathic (unknown cause) with no targeted solutions to help these couples conceive. In a group of ten men with male factor infertility, approximately three will have an unknown cause according to the Fertility Centre of San Antonio.

Whereas infertility can have a significant bearing on the future propagation of one’s lineage, newer data now suggests that Male factor infertility may have a bearing on the general health of those affected. According to an editorial in the Journal of Urology, Drs Lundy and Vij from the Cleveland clinic certainly agree to treat infertility as a harbinger of more serious underlying disease.

In other studies, conducted by various researchers, infertility has been linked to testicular cancer, prostate cancer, leukaemia, lymphoma, and thyroid cancer. Infertility has also been associated with an increased risk of cardiovascular diseases according to Chen and team. This would mean a broader approach to this group of men as this may be the only point of contact to change the trajectory of lethal diseases such as cancer.

There are fresh advancements on the horizon that will increase our expertise in this subject, as well as others that will allow these couples to realize their goals of having their own children.

Varicoceles

Varicoceles are distended, enlarged testicular veins that may feel like a bag of worms in a man’s scrotum. Varicoceles can occur on one side within the scrotum or on both sides. They usually appear during or soon after puberty, but they can occur at any time. Varicoceles can become larger and more symptomatic over time. Varicoceles are more common on the left side of the scrotum, as the normal male anatomy is predisposed more for left varicocele formation than right.

Approximately 15 to 20 percent of men have varicoceles.

A plexus or collection of veins collects blood from the testicles and delivers it back to the heart.

Both testicles have a spermatic cord that holds them up and within the spermatic cords are nerves, arteries, and veins. Veins have valves that allow blood to flow in one direction back to the heart. If the valves in the veins that prevent backflow of blood are not working properly then blood in the testicular vein backs up and forms a varicocele.

There is a grading system for varicoceles that is used to

characterize varicoceles and aid in determining along with other parameters whether treatment is needed.

Most men with low grade varicoceles will only complain of a dull pain in the affected side of the scrotum, with the pain sometimes radiating to the lower abdomen on the same side. Pain usually gets worse with activity and is relieved partially at rest.

Higher grade varicoceles could cause persistent severe pain even at rest that negatively effects the quality of life of the afflicted men. Varicoceles may lead to more severe pain with thrombophlebitis, which occurs with inflammation and clotting of blood within the testicular veins. Up to 50 percent of varicoceles on one side will eventually lead to the diagnosis of varicoceles on both sides. Varicoceles that cannot be felt in the scrotum by a urologist can be diagnosed with imaging such as with an ultrasound. The male may be asked to bear down and strain during the ultrasound study to lead to more prominent distension of the varicocele if it is present. Varicoceles are not life threatening but very rarely, particularly in older men, may occur secondary to a kidney cancer or an abdominal mass that might be cancerous.

Varicoceles and Male Infertility

A varicocele could affect the testicular function and temperature. Sperm are produced by the testicles.

Sperm production and the quality of sperms produced could be negatively influenced by an increase in testicular temperature potentially caused by some varicoceles. The back flow of blood in the testicular veins could lead to a reduction in the oxygen supply to the testicles and impair sperm production. Varicoceles could lead to a low sperm count, decreased motility of sperm, and an increased number of deformed sperm.

40 percent of men diagnosed with infertility have one or bilateral varicoceles. 15 percent of men with a varicocele are found to have some form of male infertility; thus, 85 percent of men with a varicocele are fertile.

Varicoceles can be treated with a outpatient minimally invasive laparoscopic varicocele repair with small keyhole abdominal incisions and minimal recovery necessary.

A Fresh Look at Semen Analysis

Computer-Assisted Semen Analysis (CASA) - starting with process of collection - providing an ejaculated sample in the clinic or laboratory setting can be quite stressful and uncomfortable. Numerous companies are now looking into mail in or home collection options for patients and this may not only be convenient but also according to study conducted by Elzanaty in 2008

showed that home collected samples were of higher quality than those collected in the laboratory. Though being a fairly new technology there is still much to improve before this form of testing becomes mainstream, it can currently aid in having men seek medical attention earlier to improve outcomes and avoid delays. Besides this the current methods of semen analysis are heavily reliant on manual counts which is labour intensive and time consuming. Use of automated machines may improve the accuracy and reproducibility of the results and therefore help in correctly classifying affected individuals.

Semen Viscosity- Around 20-30 minutes after ejaculation, the gellike semen begins the proteolytic process known as liquefaction, which makes the semen watery. This is a critical stage in the female reproductive system, allowing for improved sperm motility and effective transit to the fertilization site. The whole or partial failure of the liquefaction process is most likely due to semen hyper viscosity, a condition that is considered an indicator of male infertility. Pathologies like cystic fibrosis, inflammation and infection have been implicated in the formation of hyper viscous semen. Currently this parameter is evaluated by qualitative, operator-dependent, and non-reproducible methods. This potentially cofounds further work-up and management in this group of patients. There have been studies that have aimed to quantitatively classify the viscoelastic properties of semen and there is a promise towards a more informed and structured approach for those with hyper viscous semen.

Peri-Operative Advances

Imaging: Surgical sperm retrieval may be the only option for men with a clinical condition namely, non-obstructive azoospermia (NOA). The seminiferous tubules are tightly coiled tubes located within the testis and are responsible for production and maturation of sperm. It is estimated that these tubules can run up to several hundred meters if uncoiled and placed in a straight line. This may prove to be an arduous task for the surgeon retrieving the sperm in the NOA patients who may have only a few clusters of sperms situated in certain areas throughout the testis. The ultrasound can be used to identify dilated tubules signifying increase sperm concentration to increase the yield and eventual outcomes in these patients.

Improved Visualisation: sperm retrieval is a microsurgical technique and what better way to improve outcomes than improving the visualisation of the operating field. With the ORBEYE- 4K-3D vision the surgeon has enhanced visualisation during microsurgical procedures. The Raman micro spectroscopy allows for real-time evaluation of sperms without the

need of fixation or processing thereby aiding in identification of those sperms that are more likely to yield positive results.

Microfluidic Sperm Sortingin the case of intracytoplasmic sperm injection- microfluidic sperm sorting can help identify high quality sperm in the laboratory and potentially improve the live birth rates. Though robust data is lacking this a potentially interesting technology to obtain superior outcomes from in-vitro fertilisation.

Others

3D Printing: in the effort to preserve fertility in cancer survivors, this technology aims to preserve immature cells once retrieved from the patient utilising 3D printed scaffolds in the artificial testis. These scaffolds are believed to provide vital cellular interactions leading to in- vitro culture and maturation of sperm cells. Robinson and team from Canada recently published their promising first report on this technology which may prove to be a game changer in cancer survivors.

Semen Microbiome and Role of Probiotics: previously semen was considered sterile such that no microorganisms existed in semen. However, with the advent of technologies such as the Polymerase chain reaction (PCR) we can detect the genetic material of pathogenic bacteria such a Chlamydia and Mycoplasma in the semen leading to a dysbiosis affecting fertility. Although the effects of probiotic use on semen parameters are not clear, Barbonetti et al in 2011 suggested an indirect role of probiotics improving semen parameters possibly explained by the reduction in oxidative stress.

It is truly fascinating to observe the remarkable strides we have made in comprehending a fundamental challenge in the perpetuation of life. Our current epoch is widely regarded as the golden age of Andrology, where we are progressively assembling the disparate fragments of the puzzle to devise more effective strategies for those beset by this affliction. With the escalating incidence of infertility worldwide, we find ourselves delving ever deeper into comprehending the intricate processes underlying the genesis of life on our planet, recognizing its profound significance to the survival of our species.

• Dr Greggory Pinto is a boardcertified Bahamian urologist and laparoscopic surgeon. He can be contacted at OakTree Medical Center #2 Fifth Terrace and Mount Royal Avenue, Nassau, Bahamas; Telephone – (242) 322-1145-7; email: welcome@ urologycarebahamas.com or visit the website:www.urologycarebahamas.com

PODIATRIST BRANCHES OUT WITH OPENING OF SECOND LOCATION

AWARD-WINNING

podiatrist, author and medical director Dr Kenneth Kemp has opened a second location in Nassau, the Bahamas Foot and Ankle Medi-Pedi Spa.

The location in Rosetta Street, Palmdale, builds on the success of Dr Kemp’s successful Bahamas Foot and Ankle practice in western New Providence.

The new venue, opened in September, is The Bahamas’ first fully-certified medipedi spa and its founder said while the word pedicure may sound frivolous, caring for your feet is anything but.

It’s all about finding a safe way, he says, to care for the part of the body that grants mobility, provides balance, impacts posture and can lead to a healthy or a very bad back.

He said: “I started our Palmdale office because I was constantly being inundated with calls from patients enquiring where they could go to get a pedicure performed safely.

“At my (Bahamas Foot and Ankle) location at Caves Village, we do X-rays, remove ingrown toenails and treat other conditions but we do not do any cosmetic work so when asked for recommendations, I would refer patients to reputable salons or spas.”

He might have gone on doing that if it had not been for a diabetic patient who got nicked during a pedicure and wound up with a life-threatening bacterial infection.

He also saw patients who came in with fungal infections. Rather than issue danger warnings, he decided to research, invest and open a new practice, a medi-pedi spa where clients would have a fully-certified practitioner under the supervision of a medical professional. The biggest surprise so far – the number of men booking appointments. The medical pedicure, or medi-pedi for short, differs from a standard pedicure from start to finish, though prices are similar and in some cases, even less expensive, particularly in comparison to hotel spas. There is no water, no soaking, every step involves hospital grade sterilisation techniques, all cleaning is done with a toxin-free,

tea tree alcohol-based substance.

There are no sharppointed scissors so there is no chance of an accidental slip or nick. All filing and buffing are done with a small, hand-held electric device, the attachment disposed of after every use.

Treatments range from a 30-minute nail polish change to a full 90-minute, 8-step procedure that includes a choice of sugar scrub — coconut, watermelon or brown sugar. But one of the most important differences, according to certified technician Melissa Sweeting, who trained in Canada for the position even though she had nine years of pedicure experience, is how the polish is handled.

“Once the client chooses the colour, we pour out the amount we will need on a disposable palette and we use a fine, single-use brush so the brush is never dipped back into the bottle and re-used on another client,” she said. “The chance for any contamination is eliminated.”

For a patient with diabetes or neuropathy, a non-medical pedicure can be risky – a single cut can lead to nerve damage, causing worsening pain, infection or, in extreme cases, leading to

amputation.

Dr Kemp added: “The purpose of a medical pedicure is not just to treat medical issues, but to prevent them. In 15 years of practice, I have seen and treated everything from open fractures to diabetic wounds requiring amputation, infected ingrown toenails, athletic injuries, chronic heel and arch pain, hypertrophic fungal nails and so much more. Having worked at a Level 1 trauma center in New York and in my role as chief resident for foot and ankle surgery at Mount Sinai in New York, I saw pain and suffering, but I also learned to respect the role of the anatomical part we literally look down on, our feet, the foundation of good health and I want others to understand the power they have in their hands to enjoy their best life with a little care for the complicated and critical, oft-neglected foot.”

Certified medical pedicure specialist Melissa Sweeting uses hospital grade sterilisation techniques including toxinfree tea tree ingredients, sugar scrubs and a specially formulated polish poured onto an artist’s palette and applied with a disposable brush to avoid contamination.

DR KENNETH KEMP

Friends with benefits

By CHANTAL GAUTIER Lecturer, Sex and Relationship Therapist, University of Westminster

THERE are many kinds of sexual situations people can get into – everything from committed monogamous relationships to a one-night stand. But friends with benefits (FWB) situations are often still seen as controversial, perhaps because of the potential for heartbreak.

Typically, FWB arrangements involve two people engaging in casual sexual activities without the expectations and constraints often associated with romantic partnerships. Unlike a fling or a hook-up, there is often an understanding that the situation is indefinite and that the friendship may resume or continue even if the physical relationship ends.

Different types of relationships can serve different purposes. Psychological research into FWB arrangements has shown they can be more complicated than media portrayals give them credit for. Unlike a fling or a hook-up, FWB arrangements, often involve

understanding that the situation is indefinite and that the friendship may resume even if the physical relationship ends.

It’s not for everyone

Recognising your relationship preference is key to understanding whether FWB can work for you or not. If you’re trying to decide whether it’s for you, take some time to think about how you approach commitment. Consider, for example, whether you have a strong inclination towards exclusive relationships. Research suggests that some people lean towards a committed monogamous relationship while others are comfortable with arrangements across the spectrum of casual and noncommittal arrangement types. FWB relationships tend to fall into three camps: best friends, sex only and network opportunities. Sex-only relations for example, focus on the physical aspect, while the motivation for network opportunity relationships revolves around opportunity and access to each other’s social circles. Best friends relationships often

enjoy both a physical and platonic connection.

The benefits Research shows many people have a positive experience: it doesn’t always end in disaster.

One of the main perks is that FWB relationships give people sexual freedom, without the constraints of a monogamous romantic partnership. It is like having a trusted partner to experiment with and to enjoy regular consensual sex, but with greater emotional independence.

FWB setups give partners the space and time to explore different relationship styles, as people go through different stages in their lives. For example, one person may be going through a phase where they want more than a one-night stand but are not quite ready for a long-term commitment.

FWB relationships may in fact empower younger women to get their sexual needs met in a way that is similar to men’s ability to do so through casual one-time encounters. Some women report they are more likely to have their sexual needs met in

a FWB situation than a hook-up. For instance, in one study of US university students, young women said FWB was a situation where they were encouraged to express their sexuality and were not “held back” by society’s double standards such as slut shaming. So it can be an important part of people’s sexual and relational development that allows them to explore different parts of themselves.

The downsides

Jumping into a FWB is not without its risks. You could end up losing the friendship. Perhaps one person hopes for more than a casual liaison, while the other person wants to keep things simple and physical. The person who wants a deeper relationship may avoid rocking the boat out of fear the arrangement will end if they tell the truth. Those unequal feelings can end up causing heartache. It is also worth mentioning that some people may deliberately give their FWB the idea it could lead to commitment so that they can get intimacy as they want. Here are some signs your FWB partner has

malicious intentions:

• Coercing you into in sexual acts you’ve expressed reluctance to participate in

• Refusing to practice safe sex

• Gaslighting (manipulating you into questioning your own sanity or powers of reasoning)

• Unwillingness to negotiate emotional boundaries.

Of course, some cultures reject the idea of nonmonogamous relationships. As long as unorthodox relationships such as FWB lack universal recognition, they are vulnerable to stigma and judgement.

What to keep in mind

As you spend more time in a FWB relationship, feelings can sneak in when you least expect it, which can hit one person harder than the other. This is one of the most challenging complications of this type of relationship. Some people might avoid these kinds of conversations because they might fear it sounds like they’re taking the relationship more seriously than the other. Yet, it is important to know where you stand to avoid psychological

distress, uncertainty and esteem issues.

There is no rulebook for how to steer FWBs. But be upfront about your feelings and boundaries and manage expectations. This can help minimise misunderstandings. If you discover you both want different things out of the situation, reassess whether it’s time to find a more compatible partnership somewhere else.

Also remember to practice safe sex. Studies show that when people trust their partner, they are less likely to use condoms. Unprotected sex puts all parties at risk for STIs and unwanted pregnancies.

Navigating FWB setups can be tricky. From a sex therapist’s point of view, there is no one-size-fits-all solution when it comes to relationships. This arrangement should work as long as you both want the same things.

• This article is republished from The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts.

Read the original article here: https://theconversation.com

BOOK REVIEW: ROMANCE STRIKES IN ‘MAYBE ONCE, MAYBE TWICE’

By DONNA EDWARDS Associated Press

ON MAGGIE Vine’s 30th birthday, she makes a marriage pact with the handsome, broad-shouldered, sunbeam-smile-having Garrett Scholl. Thing is, the struggling singer-songwriter had already made a similar deal with her first boyfriend, Asher Reyes, who’s now an extremely successful — and attractive — actor. Thus, the two great loves of Maggie’s life come crashing back to her at 35.

Alison Rose Greenberg’s second novel, “Maybe Once, Maybe Twice,” is a long, luscious buildup of will-they-won’t-they, lovetriangling, song-writing, and trips down memory lane as the narrative hops back to teen Maggie and 20-something Maggie to flesh out her past.

Greenberg writes exceptional characters who still fit into the ordinary world, like our protagonist. Maggie Vine is the chic, All The Feels, folk-singing heroine we wanted but secretly didn’t believe could exist so tastefully. She’s got humor and sorrow, pride and doubt, good moments and bad, and a model-gorgeous, standoffish-yet-lovable best friend for a sidekick.

Maggie wants it all: love, a kid, and a career. And, honestly, why can’t she have it?

When Maggie learns that Asher will be co-producing a film adaptation of her favourite novel, it could be the key to unlocking all her dreams. She can reconnect with Asher, prove herself as the best musician to write the songs for it, and, with the kind of money she’d make on a movie deal like that, she could start a

family.

Greenberg’s style is sharp and funny, with quirky lines like “Stop trying to make me fall in love with Dave Matthews!” and “Progressive grandmas are national treasures.”

For as fun as the story is, you can almost forget that it still takes place in an insidious industry that often uses women’s bodies and minds for the gains of the men at the top. Except Maggie can’t forget.

After more than 100 pages, we get the name of the man who had dangled a career in front of her before ripping it apart: Cole Wyan.

The tone turns downright ominous surrounding this Chekhov’s gun of a man who we readers hope against all hope doesn’t find his way back into the pages of this book.

But Greenberg doesn’t leave us hanging in despair.

Maggie Vine always chooses hope, and finally, FINALLY, maybe it’s possible that a woman does all the right things and actually comes out better for it; rewarded for fighting back and going to therapy and telling the truth.

Ripe for a super-meta film adaptation (about the novel about a film adaptation of a novel), “Maybe Once, Maybe Twice” is everything you want in a smart romantic comedy: deep, tear-inducing emotions; sharp, sardonic humor; steamy sex scenes played by even steamier leads; and an epic soundtrack underneath it all.

Musically, it’s handsdown five stars, complete with an accompanying playlist on Spotify. Musical mentions range from Dolly Parton to Fall Out Boy to Olivia Rodrigo. And, of course, Stevie

Nicks — the novel’s very title is an homage to the great musical prowess of the Rock & Roll Hall of Famer.

The story wraps up quickly — a sudden halt at the end of a roller coaster that leaves you wondering what that ending really means, and whether lightning strikes three times.

KALE, CRISPY BACON UPGRADES GRILLED CHEESE TO AN ADULT LEVEL

By CHRISTOPHER KIMBALL Christopher Kimball’s Milk Street

SATISFYING, tasty and quick, a grilled cheese is a weeknight staple for a reason. But we use a couple tricks to spruce it up, taking it from an after-school kids’ treat to a meal an adult would love.

First, we don’t shy away from a bit of cooking before assembling the sandwich, as in this recipe from our book “Cook What You Have,” which draws on pantry staples to create easy, weeknight meals. We give grilled cheese a tasty — and somewhat healthful! — update by sautéing kale by the handful with caramelised onions to make the bulk of the filling for the sandwich.

Second, when we grill the buttered bread, we press down on the sandwich to make more contact with the pan, which promotes flavorful browning. A slather of mustard lends tangy contrast to

the melty cheese. To add a salty-smoky note, tuck crisp bacon slices inside the sandwiches before cooking them, though it’s still delicious without it.

Just be sure to use a hearty sandwich bread that’s sturdy enough to contain all the fillings so the sandwich doesn’t fall apart when you pull it out of the pan.

• • •

Kale and Cheddar Melts with Caramelised Onion

Start to finish: 40 minutes

Servings: 4

2 tablespoons extra-virgin olive oil

1 medium yellow onion, halved and thinly sliced

Kosher salt and ground black pepper

1 large bunch lacinato kale OR curly kale, stemmed and chopped into rough 1-inch pieces (about 12 cups)

2 tablespoons salted butter, room temperature

8 slices hearty white OR

whole-wheat OR rye sandwich bread

4 teaspoons whole-grain mustard OR Dijon mustard

8 slices cheddar OR provolone OR whole-milk mozzarella OR pepper jack cheese

4 slices cooked bacon (optional)

In a 12-inch nonstick skillet over medium-high, heat the oil until shimmering. Add the onion, ¾ teaspoon salt and ½ teaspoon pepper. Cook, stirring occasionally, until the onion is soft and golden brown, about 10 minutes. Add the kale a large handful at a time, stirring to slightly wilt after each addition. Add ¼ cup water, then reduce to medium, cover and cook, stirring occasionally, until the kale is tender, 10 to 12 minutes. Transfer the kale mixture to a medium bowl; set aside. Wipe out the skillet.

Meanwhile, spread butter over 1 side of each slice of bread, evenly dividing the butter. Flip the

slices to be buttered side down, then spread about ½ teaspoon mustard on each slice. Top each of 4 bread slices with 1 slice of cheese, a quarter of the kale mixture and 1 slice of bacon (if using), torn to fit. Top each with a slice of the remaining cheese, then with another slice of bread, buttered side up. Press on the sandwiches to compact the fillings. Heat the skillet over medium until droplets of water flicked onto the surface quickly sizzle and evaporate. Add 2 of the sandwiches and cook until golden brown on the bottoms, 2 to 3 minutes. Using a wide spatula, flip the sandwiches and cook, pressing down lightly and adjusting the heat as needed, until golden brown on the second sides and the cheese is melted, 2 to 3 minutes. Transfer to a cutting board. Cook the remaining sandwiches in the same way (the second batch may cook faster). Cut each sandwich in half.

What a sex and relationship therapist wants you to know

THE LIFE OF A CLOWN – ‘I

FEEL GOOD WHEN I SEE THE SMILES ON KIDS’ FACES’

from back page

said, ‘Why you don’t create a brand of your own?’ and started calling me Meggy the Clown. From that day forth, I ran with the idea and ventured out on my own, booking parties and events and keeping the name Meggy the Clown.”

Today, Meggy the Clown offers party hosting services, including for sip and paint events; face painting and balloon twisting, as well as various games.

“My most memorable client experience was at a party where the children had begged Meggy the Clown to stay longer and continue playing games. The birthday child expressed this to his mother and Meggy, how much fun he was having, and it was the best birthday ever. The mother also said she was happy I was keeping the children busy and requested that Meggy stay another hour,” she said.

Megan said her brand has grown tremendously over the years.

“Meggy the Clown went from being booked with one party every other weekend to two to three parties a weekend; on Saturday, Sunday and even some

weekdays. It started with me handing my business cards to students at school, at parties and at events. Then word about Meggy started to spread via word of mouth and social media,” she said.

She believes Meggy the Clown has a bright future ahead of her, as she continues to evolve and update her brand and services.

“Customer feedback is what keeps me motivated

and pushing forward with the business,” she said.

“My main goal at the events is to make the kids happy and engaged. I tell myself once the kids are happy and have fun, I’ve done my job. The kids also express their feelings to the parents, and everyone is glad. I have had a few who booked Meggy the following year because they were satisfied with the service.”

For the remainder of the year, Megan said Meggy the Clown will be booked and busy. She is hoping to upgrade her services by taking courses, purchasing new equipment, and increasing her level creativity to accommodate kids and adults.

“I often seek new ways and items to assist with bettering my brand. Every year, my goal is to be better than the year before,” said Megan.

Gardeners celebrate the Beauty of 50

BY CARA HUNT Tribune Features Writer chunt@tribunemedia.net

THREE of the country’s largest garden clubs will combine their talents for a special showcase to commemorate the country’s fifth anniversary of Independence.

The Carver Garden Club, the Nassau Garden Club and the International Garden Club will host The Beauty of Fifty - a show of Horticulture and Design this weekend.

The purpose of the show is to educate the public as to what can be grown successfully in our climate, says Cynthia Gibbs, one of the event’s co-chairs.

The show also seeks to spark the joys of gardening in others.

Mrs Gibbs said: “The combined clubs started preparing for the event - which is on the official roster of the anniversary secretariat - back in March.

“Persons can expect a lovely variety of beautiful plants, I would say that our exhibitors have literally turned themselves into plant whisperers for the past couple weeks, they have been petting up these plants, grooming them and talking to them to make sure that they are in perfection on show day.”

Each of the clubs predates independence, having a collective history of more than 200 years between them.

Jackie Sawyer, the president of the Carver Garden Club, added that when the clubs were initially formed a large part of what they did was to beautify public spaces such as roundabouts and also to help restore the landscape after hurricanes.

The Carver Garden Club also planted trees along Poinciana Drive.

Fifty years is a long time, Cynthia acknowledges, when asked if the clubs have remained relevant. She said: “I think as more people have more leisure time and more disposable income people have paid a lot of attention to plants just for pleasure.

“You know in our parents’ time, gardening was seen as the way you provide food for your family. Now today’s gardeners do grow food and backyard gardening has come back into style again but I think the majority of garden clubbers, they do a lot of plants just for the fun - and some people will specialise in orchids, bromeliads, some love African violets or ferns, so as people get more and more exposed to plants they gravitate to particularly one and some people just have a general collection.”

She added that the clubs have actively sought to attract new members to ensure they remain relevant. A great part of gardening is sharing, she added.

“You can’t be a selfish person and be a gardener. If something happens to another’s member’s plant and it dies then I have one that I can give her, it’s always reciprocal,” Cynthia said.

Jackie added: “Why it remains relevant, if you drive around and you look at the garden and the landscaping of the yards, it is just simply beautiful, you know, it is still relevant.

Cynthia said: “And as the world becomes more stressful, a beautiful yard becomes a refuge for you.”

The show will include a pop-up restaurant from the young chefs of the University of The Bahamas.

Plant lovers can add to to their collection with offerings from Marina Greeves, Dornell Ferguson and Arimentha Hanna.

Art lovers can visit Havens Acrylic Art and Jacqueline’s Exquisite collections. Another vendor, Divine Nature, will be offering organic healing and wellness products.

The Ministry of Health Mobile Health Screening Clinic will be in attendance and there will be a display of local bush medicine collections.

The Beauty of Fifty takes place on Saturday, October 14, from 2-7pm, and Sunday, October 15, from noon to 6pm at the Bahamas Mortgage Corporation Gardens East Hill Street. Admission is free.

THE LIFE OF A CLOWN – ‘I FEEL GOOD WHEN I SEE THE SMILES ON KIDS’ FACES’

BY ALESHA CADET Tribune Features Writer acadet@tribunemedia.net

EDUCATOR Megan Bodie-Ferguson is on a mission to spread joy and fun all throughout the islands of the Bahamas, and she is doing this by embodying an age-old form of entertainer: the clown.

The earliest ancestors of the clown go all the way back to Ancient Greece, and ‘clown’ was first recorded as an English word in 1560.

But Megan has taken this staple of entertainment and brought it fully into the 21st century.

As Meggy the Clown, the mother-of-three finds immense joy in entertaining kids at parties and other events, which she does for

the last seven years.

“After my events, I often go home tired but well-pleased with myself, knowing I left with Meggy the Clown’s name (being remembered) on good terms. I feel good when I do my part and see the smiles on the kids’ and adults’ faces,” she told Tribune Woman.

“Having the children excited to participate in the games gives Meggy the boost she needs to match their energy to have extreme fun. Even when the adults ask to join in the fun, that rallies Meggy even more. Happy clients equal a happy Meggy. I desire to pass the brand on to my daughter to keep the Meggy legacy going.”

A wife and mother, Megan works with children

in several spheres of her life. She is also a mentor for the Youth Empowerment Programme (YEP) and assistant director her church’s children’s ministry.

“My passion from a young age was always to work with children. About 10-plus years ago, I accompanied my cousin as she went on jobs dressed as a clown. I often tagged along merely to attend the parties, but after a while I started to assist her with the children and learned how to facepaint. I went from tagging along to working alongside her,” she explained.

“A few years later, I met a parent who also was into children’s entertainment. I started to work alongside her as well. One day, she

MEGAN BodieFerguson loves spreading joy as Meggy the Clown.