10192023 BUSINESS

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THURSDAY, OCTOBER 19, 2023

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resorts urge Bahamas tackling blacklist PI4-week Wendy’s ‘symptom, not root cause’ decision delay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN banker yesterday argued this nation is merely “addressing the symptom as opposed to the root” cause of its blacklisting woes as he urged the Government to clarify its corporate income tax goals.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that tackling the “root” ultimately requires this nation to move to a more equitable and progressive form of taxation based on ability to pay, such as a corporate income tax.

Warning that The Bahamas cannot afford “to play cat and mouse and cute”, especially following the corporate income tax ‘green paper’ consultation earlier this year, he called

t #BOLFS TBZT UIBU NFBOT DPSQPSBUF JODPNF UBY t 6SHFT (PW U UP DPNF DMFBO PO UBY SFGPSN QMBOT t 'FBST &6 0&$% UP UBSHFU OBUJPO PO ASJOH GFODF on the Government to come clean over whether its ultimate plan is to introduce such taxation and replace the much-criticised Business Licence fees.

Speaking after The Bahamas earlier this week failed to escape the European Union’s (EU) tax blacklist, Mr Bowe told this newspaper that the country’s ambition must be to “permanently stay off” such adverse listings as opposed to having to

continually pass rushed reforms to facilitate its exist.

He also voiced fears that the EU and Organisation for Economic Co-Operation and Development (OECD) will likely raise renewed concerns around so-called “ring fencing”, namely the the provision of preferential tax regimes for foreign investors over domestic ones, as a result of Business Licence regime changes enacted in 2022.

t 4BZ OFFEFE GPS USBGmD JNQBDU TUVEZ t 0DFBO $MVC SFTJEFOUT PQQPTFE GOWON BOWE These had amended what was previously agreed with both bodies to eliminate “ring fencing”, said Mr Bowe, who argued that The Bahamas cannot pass-off Business Licence fees as a “quasi-corporate income tax” because these will be viewed as a “band aid on a cancer” or “harmful tax practice” by the international community.

And he also warned that, with administrations

SEE PAGE B7

Ex-Trust chief’s parking fears on Goodman’s Bay penthouse

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ex-Bahamas National Trust (BNT) chief yesterday argued the developer of a 14-storey Goodman’s Bay penthouse must ensure there is sufficient parking to prevent Bahamians being “further disenfranchised”.

Eric Carey, the Trust’s former executive director, told Tribune Business his concerns over the Wynn Group’s ‘Penthouses at GoldWynn’ project were “social” rather than environment-related given that he has already complained to the authorities about

ERIC CAREY staff from the developer’s existing resort taking over Goodman’s Bay with their parked vehicles.

Given the issues created by the ‘Residences at

SEE PAGE B9

Governance reformers hail ombudsman ‘priority’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday praised the Government for both treating the Ombudsman Bill as a legislative “priority” and appearing to alter the original version as a result of their feedback.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, speaking after the Government tabled the Bill as part of the first legislative package for Parliament’s new session, said he was encouraged that the power to remove the ombudsman had been switched from the Prime

Minister to the GovernorGeneral and a tribunal named by the latter.

“Ultimately, it’s really good to see this on the priority take-up list on the legislative agenda,” Mr Aubry said of the Davis administration’s decision to bring the legislation forward so early. “We’ll be looking at this Bill with benchmarking, and will provide recommendations and feedback. In the interim, we feel it’s really important citizens understand the concept of what an ombudsman means and review the legislation themselves.”

ORG, in its assessment of the original

SEE PAGE B8

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MAJOR Paradise Island resorts yesterday urged the planning authorities to delay their decision on Wendy’s bid for approvals by four weeks so that the restaurant’s impact on traffic flows can be studied.

The Paradise Island Tourism Development Association (PITDA), which represents properties such as Atlantis, the Ocean Club and Comfort Suites, said it has hired Caribbean Civil Group to confirm its suspicions that converting the former Scotiabank branch into a fast-food restaurant will “have a very negative traffic impact on

the visitors, residents and employees of Paradise Island”.

Wasting no time following Monday’s Town Planning Committee hearing on the project, Glen Haddad, the Association’s executive vice-president, argued in a letter released to the media that Aetos Holdings, the Bahamian franchisee for Wendy’s and Marco’s Pizza, had produced no evidence to support its assertions that the presence of the fastfood brands will not cause traffic problems.

Noting that Caribbean Civil Group’s traffic impact study will take three weeks to complete, and another to publish the results, the

SEE PAGE B6

PAGE 2, Thursday, October 19, 2023

THE TRIBUNE

How to minimise start-up failures S

TARTING a business comes with multiple challenges and pitfalls. And even when you are off to a good start, keeping a company running successfully is not for the faint of heart. Many small businesses encounter issues that prove to be insurmountable, sadly resulting in closure.

Many entrepreneurs start a business with optimism and high hopes but, unfortunately, more than 30 percent fail within three years of opening. Below are six typical problems that contribute to small business failure, along with ways to minimise or avoid their potentially dire ramifications.

Poor cash flow can kill a small business While new businesses commonly grapple with inadequate financing, about 38 percent of failed startups attribute their decline to running out of capital.

To foster healthy cash flow, developing a financial planning strategy is crucial:

* Create a budget: Small business owners should also set and follow a sustainable and realistic business budget. * Reach out to investors: Receiving investor funding typically helps to move away from depleting your savings or too many business loans. * Track expenses: See where your money is going, and create plans to sufficiently cover your expenses.

Maintaining a solid grasp of your cash flow is essential to tracking and improving your company’s’ financial position.

Inadequate leadership Incompetent leadership is detrimental to a business. To prevent this, it is essential to establish a clear organisational structure with designated leaders or managers for each responsibility. It is also crucial to avoid overburdening these individuals, as this can lead to demotivation and, eventually, turnover.

Disengaged employees Disengaged employees can lead to high turnover, which negatively affects company culture, causes lower productivity and decreases customer satisfaction.

Attracting employees who align with your company’s mission and values is vital to motivating your team. The key is creating a supportive work environment and finding ways to create opportunities for professional development.

Think of your business as a small community and get to know your employees personally.

Lack of business planning Without a comprehensive business plan, your business has no clear direction.

This can result in disorganisation among leaders and team members, and many investors will not fund your business without reviewing a business plan.

A business plan is crucial, as it helps you focus on your key goals and prioritise them, as well as your resources. Outline your corporate goals and objectives, identify your target customers, note the pain points you want to address, and detail your intended revenue streams.

By

DEIDRE

BASTIAN Strong competition Research has found that among all businesses that fail, 20 percent do so because they did not properly assess their competition. To help your business stand out, conduct a competitive analysis to learn more about others in your niche and identify your firm’s competitive advantage.

Small businesses will have to be more innovative to compete with established companies in addition to offering excellent customer service.

Inefficient marketing Low-return marketing strategies can hurt a company’s revenue streams significantly due to insufficient visibility or delivering the wrong message.

I recommend honing your company’s brand identity so it stands out among your competitors, and use public relations tactics to optimise your online presence by using various SEO strategies.

Consider investing in marketing campaigns that target your ideal customers, via social media, and build a strong base of new customers while staying relevant to existing customers. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

UÊ \Ê Õ ÃÌÊ welcomes feedback at deedee21bastian@gmail.com i `ÀiÊ °Ê >ÃÌ > Ê ÃÊ a professionally-trained graphic designer/brand marketing analyst, international award-winning author and certified life coach

COMMISSION IN FIVE-YEAR EDUCATION LICENSING DEAL THE SECURITIES Commission has unveiled an exclusive fiveyear licensing agreement to offer the Cambridge FinTech and Regulatory Innovation (CFTRI) programme at the University of The Bahamas.

The deal, unveiled during the inaugural D3 Bahamas Web3 and FinTech conference, aligns with a key objective in the Government’s digital assets policy ‘white paper’ to expand sector-specific education opportunities and enable Bahamians to secure jobs in the industry.

The CFTRI is a proprietary programme of the Cambridge Centre for Alternative Finance (CCAF), located at the University of Cambridge.

The programme provides insights and perspectives from experts, academics and industry leaders covering a variety of topics in the digital assets industry.

The CFTRI comprises seven modules, culminating with a final capstone project presentation. Upon completion, students will receive a certificate displaying insignias of both the University of The Bahamas and the University of Cambridge.

The licence offers a “Bahamas contextualisation” modification feature, which allows the referencing of Bahamas-specific case studies and developments to illustrate concepts introduced in each module of the course.

A proposed eighth module will cover issues such as the digital assets regulatory framework of The Bahamas.

The official signing ceremony took place at D3 Bahamas.

Signing the agreement on behalf of their respective organisations were: Christina Rolle, executive director, Securities Commission of The Bahamas; Dr Maria Woodside-Oriakhi, provost, University of The Bahamas (UB); and Hunter Sims, associate director, CCAF. Other attendees included Dr Robert Wardrop, centre director, CCAF; Dr Dee Allen, head of capacity building and education and programme tutor, CCAF; Allyson MaynardGibson, chair of the board of trustees, University of The Bahamas; K. Neville Adderley, chairman, Securities Commission of The Bahamas; Ryan Pinder KC, Attorney General of The Bahamas; and Tom Hartley, British High Commissioner to The Bahamas.

Prime Minister Philip Davis KC said: “As a pioneer in the digital asset space, the Government fully intends to capitalise on its game-changing potential.

“Just as my administration has taken care to guide the financial services industry through international policy changes with legislative redress, it will likewise stay on the cutting edge of new developments

SEE PAGE B5

THE TRIBUNE

Thursday, October 19, 2023, PAGE 3

TREASURE CAY RESIDENTS HIT AT WATER CORP DORIAN BILLING

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TREASURE Cay residents have accused the Water & Sewerage Corporation of billing them for services never supplied due to Hurricane Dorian’s destruction of the utility’s systems.

Homeowners told Trib une Business they have recently been receiving multiple bills per week dating back to early September 2019, which was when the Category Five storm devastated Grand Bahama and Abaco. They

are alleging that are being hit with the minimum charge simply for— having a meter on their property, even though the Water & Sewerage Corporation was incapable of providing services.

Nanci Stone-Rock, a Treasure Cay second homeowner, said she has been receiving bills from the Water & Sewerage Corporation every day for the past week at $131.89 per bill.

“During August 2019 to May 2023 there were no water bills,” she explained.

“As a matter of fact, there was no meter on the water line. So at some point the Water & Sewerage Corporation, while we were not

there, came around and they cut off my lock and they put a meter on it.

“But then there was nothing until about three weeks ago from Water & Sewerage Corporation, and then they started coming every day. Every day they would charge us about $132.” These charges have compounded to a total of over $1,200 for her water and sewerage services.

“The minimum charge is $18, and there’s a water service charge of $12, and that comes to $30, which is reasonable if they are back online,” Ms Stone-Rock said. “Then there is a sewer unit charge, which is $90 plus VAT of $11.99. So the

new charges are $131.89, and they went back to a week before Dorian. As everyone knows, our sewer may have just gone online as of July.”

Sylvanus Petty, the Water & Sewerage Corporation’s executive chairman, recently confirmed that restoration works in Treasure Cay were completed in July.

Ms Stone-Rock added: “The last bill that I got was on October 13, and the bill was $1,187.01. That would have been the last bill I received, and they are starting to send bills every day.

Every day the bill goes up by that $131.89. I have been getting an e-mail every day with a bill.” Water &

TEAM TO TACKLE CYBERSECURITY ISSUES ‘TO LAUNCH IN DECEMBER’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net AS part of efforts to strengthen cybersecurity, the National Computer Incident Response Team (CIRT) will be launched in December, according to Minister of Economic Affairs Michael Halkitis.

Mr Halkitis said yesterday that the Davis administration is “dedicated” to strengthening the country’s level of cybersecurity, saying: “The government of The Bahamas has dedicated itself to advancing the cybersecurity posture in The Bahamas.

This has materialised, in part, through the establishment of the National CIRT, set to officially launch and begin offering an introductory set of services compliant with national laws and regulations, industry standards, and best practices this December.”

Mr Halkitis spoke yesterday at the opening of the OAS Cybersecurity Symposium, and said cybersecurity is important from a financial and national security perspective.

He said: “Cybersecurity plays a pivotal role in our national strategy and is crucial for advancing our utilisation of information and communications

Sewerage Corporation bills are typically issued quarterly, so residents are querying whether there is a “glitch” in its system.

Water & Sewerage Corporation management did not respond to Tribune Business inquiries before press time as other Treasure Cay residents took to Facebook to air their concerns over the same billing problems.

Carmen Williams said: “I got the same bills. Marsh Harbour office told me I had to pay because the meter was on my property.

It didn’t matter that I did not have water access.”

Em Arundel added: “I have been receiving water

bills for my beach villa in the last few days. They started with the service from 9/4/19 (three days after Dorian, when there was no water or sewer) and are sending me a bill for every succeeding quarter about every three days.

“It appears that they are billing the minimum water (there was no water) of $48 and sewer of $46.40 plus VAT of $9.44 for a total of $103.84 per quarter. At this rate, it appears that it will be a minimum total about $1,661 for 16 quarters. I have sent a couple of e-mails to Water & Sewerage Corporation but so far no reply.”

MINISTER of Economic Affairs Sen. the Hon. Michael Halkitis brings remarks during the opening ceremony for the Organization of American States (OAS) Cybersecurity Symposium 2023 held at Baha Mar Resort on Wednesday, October 18, 2023.

Pictured seated is Principal Assistant Executive Secretary for the Bureau of Cyberspace and Digital Policy, US, Jennifer Bachus.

Photo:Patrick Hanna/BIS

technology and managing cyber risks — particularly from an economic, but also from a national security perspective.”

He said the CIRT will respond to cybersecurity incidents for public and private organisations, and that a National Cybersecurity Strategy will be drafted.

He said: “As it strengthens its international partnerships, CIRT-BS will serve as The Bahamas’

focal point for cybersecurity incident response to cyberattacks and will provide proactive and reactive services to public and private organisations.

“By championing the cybersecurity maturity model assessment and drafting the National Cybersecurity Strategy, The Bahamas is one step closer to its goal of becoming a cybersecurity leader in the region.”

Mr Halkitis also noted that with the amount of activity conducted online, collaboration with the private sector, governments and organisations is vital.

He said: “With so much of commerce as well as government activity occurring online, cybersecurity, that is protecting the information and financial resources that are online is very, very important.

“It’s very important that we collaborate, government with the private sector, government with other governments, governments with other organisations, so that we share information.”

He said ensuring that all members of the digital ecosystem have adequate cyber protection and enacting

“best in practice” legislation is important to maintaining investor confidence and the country’s reputation.

He said: “You can have a government or a corporation that have very, very strong cybersecurity protections, but if one of their partners is a weak link, then the strength of the chain is dependent on the weakest link.

“So it’s very important to collaborate, to talk, share experiences, have best in practice legislation, so that you can get the confidence and keep the confidence of your partners, people who want to do business in your country or participate with the government.”

HALKITIS: WE’RE NOT TRYING TO DIGITAL PAYMENTS ‘PARAMOUNT’ TO TOURISM CONTINUING SUCCESS CIRCUMVENT PROCUREMENT ACT

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE government is not trying to “circumvent” the requirements of the Public Procurement Act, the Minister of Economic Affairs insisted yesterday.

Senator Michael Halkitis, speaking to reporters, reiterated that “there was never any intention of this administration to circumvent any requirements under the Public Procurement Act” and that there is “nothing to hide”.

He said: “As I said at the press briefing a week ago, there was never any intention of this administration to circumvent any requirements under the Public Procurement Act.” On Sunday, the Ministry of Finance disclosed that 843 contracts worth $140m were awarded from September 1, 2022, to June 30, 2023, however, opposition leader, Michael Pintard said the contract procurement report was ‘incomplete’ and failed to satisfy the transparency requirements of the Procurement Act. Mr Halkitis said the publication had been done at

the “appropriate time” and promised a communication to the Bahamian people on the issue. He claimed the previous FNM administration enacted the Act before the last election to ensure they would not have to comply.

He added: “We had an administration who put in a Procurement Act and trumpeted this procurement act, but never had to live with it. We have to live with it. We’ve implemented it.

We continue to update the information and the public will have access to all information, nothing to hide.”

Mr Halkitis said the previous administration enacted the Public Procurement Act, but “intentionally” did not put it into effect until two weeks before election, ensuring that they would not have to comply.

He said: “This Procurement Act was enacted by the former administration early in 2021, and specifically, did not come, by their action, did not come into effect until September 2 2021, two weeks before the election.

“So you had an administration who put in a piece of legislation that they did not

SEE PAGE B12

LEGAL SECRETARY

WANTED Established law firm seeks Legal Secretary with a minimum 5 years’ experience companies, conveyancing, probate.

Only qualified applicants need apply.

Submit resumes with references to lawfirmnp2023@gmail.com by 27th October, 2023

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

DIGITAL engagement by the tourism sector is “paramount” to the continued success of the industry, according to Rafique Symonette, chairman of the Tourism Development Corporation (TDC).

Speaking at the OAS Cybersecurity Symposium yesterday, Mr Symonette said many visitors arrive with the expectation vendors will accept digital payments and that business owners must be able to accommodate their requests to fully engage with them.

He said: “Getting us digital as the whole country is paramount for us to succeed. And I think without that we can’t engage

in the commerce at the level that is expected right now from the international community.

“Gone are the days where we can transact vis a vis dollars, everything is now digital. If you go to the airport now, you’ll see that many tourists actually arrive without any cash on hand and look to jump in a taxi and they pull out their credit card.

“Unless we’re able to convert all those tourism

entrepreneurs... to be fully digitally engaged, they won’t be able to engage with the customer.”

He said many local entrepreneurs do not understand the importance of cybersecurity and maintaining best practices, so ensuring the industry is engaged with stakeholders to keep up to date on current trends is important to the TDC.

SEE PAGE B5

PAGE 4, Thursday, October 19, 2023

THE TRIBUNE

Aviation summit to position Nassau as ‘top destination’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE NASSAU Paradise Island Promotion Board’s (NPIPB) chief executive yesterday said hosting the “much sought after” Routes 2025 aviation summit will showcase The Bahamas’ “first class” airport.

Joy Jibrilu told Tribune Business she is “delighted” that the country is hosting the regional Routes America conference on February 10-13, 2025. “After a very long and tough bidding process, Nassau was selected as the destination to host Routes America 2025,” she said.

“Our bid was submitted with the full support of the Bahamas Ministry of Tourism, Aviation & Investments (MOTIA) and the Nassau Airport Development Company (NAD). We all saw the importance of hosting Routes America at this time, as Routes America positions The Bahamas as a prime destination for networking, meetings and event programming generally.

“But particularly, in this instance, this provides a rare opportunity to have top airline executives, senior industry professionals from airlines, airports and destinations immersed in Bahamian culture, both through their accommodations and their island

experiences,” Mrs Jibrilu added.

“Routes America will also bring awareness to the plethora of direct flights connecting Nassau with key locations in the US, Canada, the UK and Latin America and we hope, following this, even further afield.”

Routes Americas, in a statement, said: “As a top destination with a growing number of direct flights from the US, Canada and the UK, Nassau Paradise Island will serve as an ideal location for the 18th edition of Routes Americas.

“Nassau is home to Lynden Pindling International Airport (LPIA), the first airport outside of the US to offer TSA PreCheck

Professional Insurance Consultants Limited has a vacancy for a

Receptionist

Duties will include but not be limited to: UÊ > }ÊÌ iÊ À ÌÊ ià Ê> `Ê}ÀiiÌ }ÊV i Ìà UÊ ÃÜiÀ }ÊÌ iÊÌi i« i]ÊV iVÌ }ÊV> Ã]ÊÌ> }Ê>VVÕÀ>ÌiÊ Ê iÃÃ>}ià UÊÊ Êw }Ê`ÕÌ ià UÊÊ i « }ÊÜ Ì ÊÀi iÜ> ÊV> Õ«Ã UÊ ÞÊ Ì iÀÊ`ÕÌ iÃÊ>ÃÊ>Ãà } i`ÊLÞÊ > >}i i Ì Requirements: UÊ i > i]ÊÕ `iÀÊÓxÊÞi>ÀÃÊ ` UÊ iiÀvÕ ]Ê ii Ê> `Êi Ì Õà >ÃÌ VÊ` ë Ã Ì UÊ - >ÀÌÊ> `Ê>ÌÌÀ>VÌ ÛiÊ>««i>À> Vi UÊ >À`Ü À }]Ê«Õ VÌÕ> ]Ê iÃÌÊ> `Ê>ÊV i>ÀÊëi> iÀ UÊ ÌiÀ>Ìi]Ê Õ iÀ>ÌiÊ> `ÊV «ÕÌiÀ Ã>ÜÞ UÊ / iÊ>L ÌÞÊÌ Ê Õ Ì Ì>à Ê>ÃÊ iViÃÃ>ÀÞ Attractive package, excellent job security and promotion prospects offered to the successful candidate. Apply by email ONLY to info@picinsure.com. Only suitable candidates will be replied to.

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BUSINESS DEVELOPMENT ASSOCIATE Job Summary: The successful candidate is responsible for the solicitation of new business, including the provision of banking products and services to new customers of the bank.

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Solicit prospective (new) customers offering banking, deposit, merchant, and credit products Account opening and relationship management for new customers (loan, merchant, credit card and deposit customers) Meeting with assigned or prospective clients seeking: - Banking products (savings accounts, fixed deposits, debit cards, credit cards, cash secured loans, personal loans and lot loans) - Personal Financial Planning - Merchant Services - Retirement Planning Presentations at events, seminars, etc.

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Facilitate Personal Financial Planning and Financial Coaching Sessions Participation in the Customer Retention Program and Initiatives

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and one of the few select airports offering US Customs and Immigration pre-clearance, along with US Global Entry expedited clearance.

“It is also one of the few Caribbean destinations to offer non-stop service from New York with flights from all three destination airports, and recently announced its first direct flight from LAX (Los Angeles International Airport).”

Vernice Walkine, President and chief executive at NAD, LPIA’s operator, said: “As an airport serving a premier destination, we are thrilled to have been selected to host the Routes Americas forum for a second time. Back in 2012, we welcomed top airlines and airports in the midst of a major infrastructural upgrade at Lynden Pindling International Airport.

“Together with our partners at the Ministry of Tourism, Investments and Aviation and the Nassau Paradise Island Promotion Board, we look forward to putting on another fantastic forum in paradise where delegates will experience our rich culture and see how significant investments in the country continue to make Nassau/Paradise Island a top-ranking destination in the region.

“Airline executives will see the fully redeveloped LPIA and be informed regarding the airport’s growth and expansion plans. It is truly an exciting time for the airport and the destination, and we are so pleased to have been chosen once again to host this extraordinary forum.’”

PICTURED from L to R: Dr. Kenneth Romer, Joy Jibrilu and Steve Small.

Mrs Jibrilu added: “It also provides an opportunity for airline partners to see first-hand our first-class international airport and all the work that has been done in making Nassau a seamless international gateway. When a destination has hosted Routes, it has inevitably led to increased airlift, and we are confident that the same will hold true for Nassau and The Bahamas.

“By highlighting the extensive redevelopment of Nassau’s Lynden Pindling International Airport, airlines will gain insight into why Nassau/Paradise Island ranks as a top-tier destination. And again, we

hope to first and foremost see increased airlift being added for the destination.

“The conference will be hosted at Atlantis, providing attendees with an opportunity to experience one of the island’s most iconic resorts, conveniently located within walking distance of local Bahamian cultural treasures, including authentic cuisine, art, music and culture. In addition, it provides a wonderful opportunity to enhance The Bahamas’ networking and partnership opportunities by showcasing the variety of experiences the islands have to offer.”

THE TRIBUNE

Thursday, October 19, 2023, PAGE 5

NO MORE CHANGES ARE NEEDED’ TO GET OFF EU BLACKLIST - HALKITIS

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net “WE don’t have to change anything,” said Minister of Economic Affairs Michael Halkitis yesterday as he insisted that the country is still on track for the rerating by the OECD Forum on Harmful Tax Practices.

Speaking to the Tribune yesterday, Mr Halkitis said

the country remained on the EU’s list of non-cooperative jurisdictions for tax purposes – often referred to as a blacklist - because they met prior to the OECD and maintained the country has “done all the changes that they asked”.

He said: “We don’t have to change anything, it’s just a matter of we’ve done the changes that they asked, it’s just a matter of how they haven’t had a chance to meet to look at it.

“We are being graded by the forum on harmful tax practices. The EU takes their recommendation, unfortunately they met before, so we have to stay.

“Now when the forum on tax practices meet, they’re going to report and then when the EU has the next meeting, they will take into consideration what the forum on harmful tax practices say.”

The Ministry of Finance released a statement on the EU’s revised list of

non-cooperative jurisdictions yesterday, noting the decision was made based on the OECD’s meeting in April, prior to the implementation of economic substance reforms.

It also said the government is “cautiously optimistic for a favourable review” by the OECD this month and that will be taken into consideration by the EU at their February 2024 meeting.

It said: “The EU’s determination was based on the

recommendation of the OECD’s Forum on Harmful Tax Practices (‘FHTP’) meeting held in April 2023, before many of our reforms for economic substance were implemented.

“The FHTP will meet again at the end of this month. The government of The Bahamas is cautiously optimistic for a favourable review by the FHTP. “A favourable review by the FHTP at the end of month will be considered by the EU in their February

COMMISSION IN FIVE-YEAR EDUCATION LICENSING DEAL FROM PAGE B2 in the FinTech (financial technology) space in anticipation of its increased relevance in the financial services sector of the future.

“This signing signifies a running start to the educational opportunities that will be made available to the young people of the country who seek to benefit from the most cutting-edge advancements in this space and take further ownership of their future.”

Mrs Maynard-Gibson KC added: “Building on the legacy of Sir Lynden Pindling at the inauguration of COB, UB is thrilled to participate in this historic moment in the 50th year of its establishment, and thanks the Securities Commission and, especially, its executive director, Christina Rolle, who tirelessly worked to bring us to this historic moment.

“Investing in people, this collaboration between UB and Cambridge University

will ensure the sustainability of the digital assets sector.”

Dr Robert Wardrop said: “The CFTRI Programme has a track record of creating impact and transformation for financial authorities globally, with over 1,600 participants representing more than 315 institutions and 146 countries.

“We recognise the importance of deeper local contextualisation and inclusion of the private sector

Digital payments ‘paramount’ to tourism continuing success FROM PAGE B3 He said: “Cybersecurity is a major part of what’s needed for tourism, especially for our businesses.

What we found is that a lot of local tourism entrepreneurs don’t understand the importance of meeting that international standard.

“We want to basically learn about all the current cutting-edge trends so that we can make sure to be able to help our local entrepreneurs understand what they need to put in place.

“We think that it’s paramount that we do it in the right way and a secure way,

which is why the cybersecurity projects are so important.”

Mr Symonette said the TDC is a “lifeline for tourism entrepreneurs” as many of them did not have the support that international players have access to. He noted the Tourism Development Cooperation Act allows the agency to use its “full teeth” to support local entrepreneurs.

He said: “The TDC Act was just approved July 1, which now allows us to be able to take full force to go after our main goals, which is actually to be what we

call a lifeline for tourism entrepreneurs.

“For too long what we found is that tourism entrepreneurs, especially local ones, were always forced to actually take it on their own and find out solutions, while large international partners are provided with different concessions.

“So the TDC in many ways is supposed to be that solution to enact and make it possible for local entrepreneurs to participate viably within the sector.

And this legislation allows us to actually use our full teeth to go after and support this space.”

Are you highly Adaptable, Results Oriented, Able to Work in a High Performance Environment, Energetic, and Competitive?

Fidelity is looking for a passionate, sales-driven, networking professional to fill the role of:

CLIENT CREDIT ASSOCIATE If you have what it takes, we want you!

Job Summary: The ideal Candidate must be a proven sales representative who is target-driven and possesses excellent communication and interpersonal skills. This role is primarily responsible for the sale of Fidelity’s loan and credit card products.

Main Duties and Responsibilities: • • • • •

The solicitation and sale of loans, credit cards and other credit products to new customers Solicit and interact with prospective clients regarding loan applications and other credit matters Prepare credit applications (loans, overdrafts, credit cards) and perform credit facility renewals The solicitation of customers for overdue loan and credit card payments Backup and relief for other Lending roles or functions as required

Additionally, the ideal candidate must be someone who: - Can multi-task while maintaining a high level of accuracy - Practices good communication skills - Can assist with sales by making referrals (as per minimum quota) - Has the ability to cross-sell Fidelity’s products and services - Possesses excellent work ethics - Has the ability to stay alert and attentive at all times - Can work shifts, evenings and weekends (Saturday) - Is computer literate

Benefits: • • •

Competitive salary with incentives, performance bonuses, and referral fees Pension plan and medical insurance Extensive training and personal development opportunities

All applications will be held in strict confidence.

Only short!listed candidates will be contacted.

HUMAN RESOURCES

Friday, October 27th, 2023

Re: Client Credit Associate, 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

in the participation of this learning. We are excited about partnering with the Securities Commission, with whom we have had a relationship for the past four years, and look forward to deepening that relationship and extending its impact in partnership with the University of The Bahamas.”

Mr Hartley added: “Cambridge is the finest university in the world, and The Bahamas has one of the most advanced

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regulatory frameworks in the world. This partnership brings together the world’s best education and experience with the world’s most experienced regulators and policy makers.

“The partnership will improve financial regulations, grow The Bahamas’ financial sector and attract more companies to invest here. The Bahamas is Cambridge’s only partner in the whole of the Americas, and I’m so proud to see Britain

2024 meeting. The Government of The Bahamas has and continues to do everything in its power to address the compliance with the economic substance regime.

“The Government of The Bahamas has made considerable progress over the last year and this is reflective in the non-compliance on the BEPs Action 13 Countryby-Country Reporting being removed from the EU’s determination.” and The Bahamas come together in this way.”

Ms Rolle said: “Since the inception of the CRTFI Programme, 15 employees of the Commission have completed the programme. This programme offering at University of The Bahamas is the first of its kind in the region, and brings the key element of education to the fore, which is imperative for the development of the industry.

“We are leaders in taking this step to prepare and qualify Bahamians, as well as the entire region, to participate and innovate in this space.”

The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

PAGE 6, Thursday, October 19, 2023

THE TRIBUNE

PI resorts urge 4-week Wendy’s decision delay FROM PAGE B1 Association and its hotel members - who include leading opponents of the Wendy’s/Marco Pizza proposal - are pleading with the Town Planning Committee to delay any decision on the bid for site plan approval by four weeks.

Describing this as “a reasonable request”, Mr Haddad wrote that following Monday’s public consultation the Association “still has serious concerns about the increased traffic the restaurants could cause and how this would affect PITDA’s member hotels and partners”.

He added: “Despite the claims from the developer that his restaurants would not cause any additional traffic issues, he did not provide the Town Planning Committee or the public any documents or studies in support of that claim.

“Given our direct longstanding experience of maintaining all the roads, traffic lights and directional

signage, other infrastructure and traffic security across Paradise Island, PITDA strongly believes that this development will indeed have a very negative traffic impact on the visitors, residents and employees of Paradise Island.

“Due to this major concern, PITDA has retained traffic experts, Caribbean Civil Group, to immediately conduct a traffic impact study around these proposed fast-food restaurants on Paradise Island.”

Calling for the Town Planning Committee to provide sufficient time to complete this exercise, Mr Haddad said: “Due to fact that this detailed study will take a minimum of three weeks to complete, and another week to publish the results, PITDA is separately going through the appropriate channels and making an official request that the Town Planning Committee provide a four-week delay on their decision.

“We think this is a reasonable request, as the

study will for the first time provide actual evidence on traffic impact – not speculation – and must therefore be a key factor in any fair and equitable decision on the part of the committee.

“We believe we owe it to the people who live, work and play on our beautiful island to get to the truth about whether this proposed development will cause increased traffic congestion, thereby affecting people’s quality of life and the ease of doing business on Paradise Island.”

No explanation was given for why the Association and its members, who include Atlantis, Bay View Suites, Comfort Suites, Paradise Island Beach Club, The Ocean Club, Paradise Landing (Hurricane Hole) and Ocean Club Estates, had not commissioned such a traffic impact study prior to Monday night’s Town Planning Committee meeting.

It is also unclear whether the Town Planning Committee has requested such a study from Aetos Holdings,

although it sometimes conditions its approvals on traffic impact assessments being completed by the responsible developer.

Chris Tsavoussis, who along with his brother, Terry, heads Aetos Holdings, at Monday night’s hearing said he does not “understand what all this fuss is about” as they sought to argue why their Paradise Island restaurant project should receive planning permission.

He questioned why there was so much opposition to the proposal to convert the former Scotiabank branch when the adjacent shopping plaza hosts a Dunkin Donuts franchise, web shops and a liquor store.

Concerns over increased traffic congestion that would result from the restaurants’ presence, and an alleged lack of parking spaces, were raised frequently during the meeting.

Mr Tsavoussis said Aetos Holdings will provide transportation for their employees similar to

the scheme that they use for staff at their Lynden Pindling International Airport (LPIA) location. He added that traffic existed in the area when Scotiabank occupied the site, and he anticipates Wendy’s generating “less traffic” than the bank.

He added: “You know, the overflow used to exist before us with a bank there and the ATMs going and everything else. We anticipate less traffic than what they were putting out. The fact that all of our employees will, for the most part, be brought over.... we may have perhaps three employee cars at any given moment on that site, which leaves the rest of that 20 or so car parking area open to the public...

“This thing about traffic..it is something that is so subjective that any individual who wants to can put a spin on it any they want. We live in reality. We do this every day. We see customers every day. And we manage this every day.

It’s what we do for a living.

And we know, and we have a very good sense, of how it all works. And that is the difference between somebody who thinks they may know…but has absolutely no clue on the reality of what goes on.”

Meanwhile, the respective homeowners associations for Ocean Club Estates and Ocean Club Residences and Marina, which collectively purport to represent more than 200 property owners, have also voiced their opposition to the Wendy’s/Marco’s Pizza dual restaurant on the basis that the project does not fit with Paradise Island’s upscale image and will adversely impact their property values.

A letter, signed by Paolo Garzaroli as Ocean Club Estates president, and Mark Newman as Ocean Club Residences chair, said: “We represent more than 200 homeowners and condo owners on Paradise Island, which is the vast majority of the people who have made their homes on Paradise

Island and who are directly impacted by the pending decision of the Town Planning Committee.

“Our members strongly object to the proposed change in use of this property to make it fast food restaurants.” The October 12 letter, addressed to Charles Zonicle, director of physical planning, cited fears that the Wendy’s/Marco’s Pizza location will drive increased traffic, congestion and “loitering” compared to Scotiabank. “This will create nuisance and possibly hardship for members of the community,” they wrote.

“The proposed fast-food restaurants will be positioned at what is in essence the front gate to our community, creating a negative first impression on ourselves daily and our guests.

The fast-food restaurants are inconsistent with the luxury properties of homeowners and condo owners.

“Both our desire and expectations are that Paradise Island would remain an upscale and luxurious place to reside. This is particularly so given the other high-end commercial operations which are prominently featured on the island,” the Ocean Club chiefs said.

“The introduction of the Wendy’s and Marco’s Pizza restaurants in our community will adversely affect the value of our properties. Each of our members has invested considerably to be a part of the Paradise Island community and has an expectation that these values would not be knowingly devalued by a change in use approval by the governing authorities.”

The letter, calling for the restaurant proposal to be rejected, added that the fast-food restaurants would be “conspicuous” and “do not comport” with Paradise Island’s appearance.

The project could generate between 70 to 100 construction and full-time jobs, and involve an investment of up to $4m.

JOB OPPORTUNITY

Sushi Chef •

Minimum 5 years’ experience as Sushi Chef

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Minimum 5 years working knowledge of authentic Asian cuisine

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THE TRIBUNE

Thursday, October 19, 2023, PAGE 7

BAHAMAS TACKLING BLACKLIST ‘SYMPTOM, NOT ROOT CAUSE’ FROM PAGE B1 and tax policy seemingly changing every five years, The Bahamas was in danger of undermining international trust that it will live up to obligations and commitments entered into by predecessor governments.

“It is more important us getting permanently off these lists as best we can as opposed to temporarily off these lists,” Mr Bowe told Tribune Business. “I think there are a number of matters that have been raised by the EU and OECD in the past that don’t seem to have been comprehensively dealt with then. We seem to be dealing with them on an individual basis.

“Not to be a naysayer, but I believe there are matters going to be raised around ‘ring fencing’ because we have changed the taxation around the Business Licence from what was initially agreed. We had moved away from Business Licence being the form of taxation because of differences in what businesses paid, and the systemically important domestic banks moved to pay direct licence fees to the regulator.

“In 2022, we went back to a revised Business Licence.

You had the matter with the insurance companies moving away from a premium tax to a Business Licence. The domestically important, systemic bank licensees who were paying to the Central Bank, they now have a revised Business Licence fee,” the Fidelity chief added.

“They have attempted to impose a similar licence fee on international banks and the domestic ones, but that has not been consistently applied. We have to be very careful not to address the symptom as opposed to the root.”

Explaining what he meant, Mr Bowe indicated that the best way to permanently escape the EU’s and all other tax-related ‘blacklists’ is for The Bahamas to introduce income-based taxation. “The issue we have, and if we were to put all cards on the table, the Government is certainly moving strongly to corporate income tax,” he told this newspaper.

This, the Fidelity chief executive added, had been signalled by the “new business rules” unveiled by the Prime Minister during the 2023-2024 Budget debate. Mr Davis billed these as “encouraging

better record-keeping” and “honest reporting” by Bahamian businesses.

However, the requirements for audited financial statements and “review statements” by independent accountants seemed to go much further than the topline revenue certification previously demanded for Business Licence purposes.

Several accountants at the time suggested this was a prelude to, and designed to prepare companies for, the transition to a corporate income tax.

They and others have acknowledged that it will likely take The Bahamas some three to four years to fully implement a corporate income tax once the decision, and Mr Bowe said: “If you look at the filing requirements, if you look at their improvements to the Business Licence regime, they are seeking to eliminate the difference between businesses that operate within The Bahamas and businesses that operate outside The Bahamas with international clientele”.

However, he added reform was “haphazard”, and significant “ambiguity” exists as to the Business Licence fee’s scope and whether all corporate

entities are covered. “Using the Business Licence as a quasi-corporate tax is not going to be a solution,” Mr Bowe warned. “It will not be accepted by the international community. It will be seen as a band aid on a cancer or a form of harmful tax practice.

“There doesn’t seem to be consistency between administrations. The political parties don’t seem to recognise that government is continuous, and policy seems to change without regard to the commitments given by previous administrations. We have to demonstrate our commitment by having a well-documented tax policy that can stand the test of time and can survive the election process.

“If we continue to see changes in terms of administrations that fundamentally have different views of taxation, and not only have different views but seek to impose those views without regard to prior commitments, we are going to run into a situation where countries will ask: ‘Can we trust any commitments by any prior administration?” he added.

“We need to demonstrate we are abiding by a

clear plan, clear guidelines and have the infrastructure to implement them, as opposed to committing to do things, putting in window dressing so it looks like there’s movement, but nothing can be validated and stands the test of time.”

Mr Bowe, who headed the private sector’s Coalition for Responsible Taxation at the time VAT was implemented in January 2015, said The Bahamas must develop a tax system that “complies with all the requirements” of the likes of the EU and OECD as opposed to solely focusing on tax information exchange and reporting.

Asserting that The Bahamas must get ahead of any potential blacklisting, he reiterated: “We know the reason we were blacklisted previously was the Business Licence regime and we assessed that.

It’s been revised and put back to what it was, apart from removing exemptions, which has also been a challenge. We have to very careful we are not addressing the symptom as opposed to the root cause.

“The reality is that we can call it [the EU blacklisting] unfair if we wish, but if we consistently only answer

the question asked we cannot be surprised when they ask questions we don’t have all the answers to. We should be asking for a complete list of questions, and devising responses and our strategy to each one to put ourselves on a more stable footing.

“Rules change, but at this point in time we are only responding to the immediate issue as opposed to the root cause. It’s not about getting off the blacklist in six months only to be reinstated. It’s about being comfortable and doing all the things asked to stay off the list.”

Urging the Government to come clean on its corporate income tax ambitions, Mr Bowe said it had likely not done so for political reasons. “This is one where we cannot play cat and mouse and cute,” he added.

“If the intention is to look at a system of corporate income tax, and address the [OECD’s] Pillar One and Pillar Two initiatives, let’s do that even though it’s politically unfavourable.”

PAGE 8, Thursday, October 19, 2023

THE TRIBUNE

Governance reformers hail ombudsman ‘priority’ FROM PAGE B1 Bill, recommended that the power to remove the ombudsman lie with Parliament rather than just the Prime Minister. “The Bill states that the Prime Minister may represent to the Governor General that the ombudsman be removed,” it added.

“Although there are specific conditions for removal outlined, placing this power solely in the remit of the Prime Minister reduces the independence and potential for political influence to the Office of the Ombudsman.

“Best practices would recommend that this power lie with the agreement of both houses of Parliament.

Revise to give the power to represent removal of the ombudsman to lie with agreement among both houses of Parliament.”

While not handing this power to Parliament, section six in the first schedule of the Bill tabled yesterday stipulates that the Prime Minister’s role is now confined to making

representations to the Governor-General that “the question of removing the ombudsman be investigated”.

The Governor-General then has to appoint a tribunal of no less than three persons to conduct the investigation, selected from those who hold or have held “high judicial office” upon the Chief Justice’s advice.

The tribunal ultimately has the responsibility to advise if the ombudsman should be removed from office “for inability or misbehaviour”, and the Governor-General must act on their recommendation.

“It should be in the hands of the Governor-General or judiciary,” Mr Aubry told Tribune Business of powers to remove the ombudsman. The reforms will likely boost the independence and integrity of the ombudsman post, and perceptions of the same, which is vital given the role he/she will play.

For an ombudsman provides a pathway for citizens to redress grievances over maladministration and how

MATT AUBRY they are treated by the Government, especially in accessing and receiving public services. Their job is to investigate allegations

by Bahamian citizens that there has been a “breach of fundamental rights and freedoms” in how they have been dealt with by a government body.

However, the fresh Ombudsman Bill appears not to have addressed a key concern raised by ORG with the initial version. For it still contains section 8 (3), which allows the Attorney

General to bar the ombudsman from investigating any complaint if, in their “opinion”, such a probe is “prejudicial to the public interest”.

Mr Aubry yesterday questioned how the “public interest” is to be determined, adding that this should be “looked at and assessed” by someone independent of government rather than the Attorney General who is a member of the Cabinet.

“The assessment and determination of what is in

the public interest is best established by, one, a clear public interest test, and two, by an independent body,” he added. ‘It’s not ideal or representative of what would be best practice globally.”

ORG, in its response to the initial Bill, said: “The Bill allows that ‘the Attorney General may by notice to the ombudsman exclude the exercise of the powers of the ombudsman in whole or in part to any specific complaint being investigated by the ombudsman if, in his opinion, the application of subsection (1) might be prejudicial to the public interest’.

“This clause undermines the strength and independence of the Act and the ombudsman by conveying the power to limit the remit of the office to a politically-appointed official. Additionally, there is no specific set of conditions or guidelines in which the Attorney General may exclude the powers of the ombudsman.

“The Bill allows that they are able to be limited based on ‘an opinion’. This is not reflective of best practices or regional norms. Jamaica does not afford the Attorney General such power, and Trinidad, which does afford the Attorney General some ability to limit the ombudsman function, has a very specific set of criteria,” ORG continued.

“The ombudsman’s office should certainly have checks and balances.

However, the Bill already provides for appeal of decision and a process for removal of the ombudsman.

Revision or removal of this clause would preserve the strength of the Bill.

“Remove the clause providing the Attorney General the capacity to exclude the exercise of the Ombudsman based on ‘opinion that it is prejudicial to the public interest’ or revise to specify the conditions that would justify such a limiting of powers.”

THE TRIBUNE

Thursday, October 19, 2023, PAGE 9

Ex-Trust chief’s parking fears on Goodman’s Bay penthouse FROM PAGE B1 GoldWynn’, which opened earlier this year, he called on the planning authorities to ensure the proposed penthouse has sufficient off-road parking to prevent it adding to existing problems in the area. It has previously been advertised as having 49 parking spaces.

Speaking ahead of last night’s Town Planning Committee hearing on Wynn’s application for site plan approval, Mr Carey told this newspaper of the first resort: “My view, and I’ve seen that development as it was being constructed and after it was completed, is it doesn’t have enough parking.

“My view is that GoldWynn should not be utilising public parking at Goodman’s Bay or anywhere else for their staff. When you’ve done one building with inadequate parking, and you’re creating another building on an even smaller piece of property....

“I haven’t seen their drawings. Maybe they have a parking garage on the first two or three floors, I don’t know. If not; if they haven’t built a parking facility on two floors, it’s going to exacerbate the parking problems that already exist,” Mr Carey continued.

“I use the Goodman’s Bay park. I go there in the morning, and the park is

full because the staff from GoldWynn are using it. I complained to the Public Parks and Beaches Authority, and they said they were going to work on a solution, but I’m not sure if they have.

“My concerns are not environmental; they are social. I’m just saying they have to build into their design adequate parking so the public is not further disadvantaged or disenfranchised by what they are building.”

Mr Carey, in an earlier social media posting which he confirmed was genuine, suggested that Wynn should use the property for parking rather than construct its planned penthouse complex. He added that this “helps the developer and the Government solve a vexing problem” of inadequate parking.

Describing the existing issues as an “egregious planning approval error”, he added: “Their staff grossly encroach on public parking at the people’s Goodman’s Bay parking lot and at the Office of the Prime Minister’s parking lot.”

Other social media postings signalled growing concerns and opposition to Wynn’s plans ahead of last night’s Town Planning public consultation. One asked: “Trying to become

Little Miami?” Another described the proposal as “ridiculously large”, while others said it was a sign of “over development of New Providence”. “They are destroying the beauty of The Bahamas with all these over-sized buildings,” one added.

Wynn has been forced to restart its bid for planning permission after agreeing that the initial approvals granted to the project should be “quashed”. It is now urging the Town Planning Committee to abide by an Appeals Board order requiring the former to hear its site plan approval application “as expeditiously as possible” in return for not opposing the overturn of its initial permits.

The developer had to wait more than a year for the appeal hearing outcome, which has likely cost the multi-million dollar development both time and money, and its attorneys had urged the Committee to “schedule a public hearing as soon as possible” and ensure it complies with the process laid out in the Planning and Subdivision Act and its accompanying rules and regulations.

Well-placed Tribune Business sources, speaking on condition of anonymity, confirmed that Wynn had “consented” to the quashing of its earlier approval

- provided its site plan application was quickly heard again - on the basis that the legal requirements for public consultation may not have been properly complied with by the planning authorities.

The initial “preliminary support of application approval”, which had been granted to Wynn for the second phase of its Goodman’s Bay development on July 12, 2022, was appealed

by Eric Hoffer, who is understood to be the penthouse complex’s immediate neighbour to the east. The Hoffers have since been running a campaign, via newspaper ads and other means, to galvanise opposition to the project.

Tribune Business records indicate the penthouse project has expanded in both size and number of units. Marketing materials released back in March 2023 said it would be 12 storeys high, and feature 35 units, but Town Planning Committee materials suggest it has increased to 14 storeys and 40 units. Sales prices in March ranged

from $2.6m for a two-bedroom unit to $7.25m for a five-bedroom.

Randy Hart, the Wynn Group’s vice-president, in March said the project would be an “elegant addition” to the West Bay Street skyline, predicted that construction would start by summer 2023 and suggested the project’s height was unlikely to run into significant opposition. That start date, though, has already been missed.

“From my window on Cable Beach from the GoldWynn I see multiple buildings, including Aqualina and other ones that are the exact same heights,” Mr Hart said then. “This strip of beachfront here was re-zoned for commercial

development and, to my knowledge, we’re not the only ones who are moving forward with development plans to put 12-storey buildings on the shoreline here.....

“This will be a very elegant addition to the shoreline and, also in terms of density, it would be lower than some of the other buildings on Cable Beach with only 35 units. The building has already gone through the Town Planning Committee and other governmental agencies, and has received the approval of the authorities.” Mr Hart, though, did not mention the existence of Mr Hoffer’s appeal, which had already been filed at that time.

NOTICE IN THE ESTATE OF RICHARD BYER a.k.a. RICHARD AUSTIN WINFIELD BYER late of #20 Cambridge Road, Nassau East Subdivision in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 30th November, A. D. 2023, after which date the Executrix will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

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

EDWARD B. TURNER & CO. #24 Leonie Place Flax Terrace off Malcolm Road Nassau, Bahamas Attorneys for the Executrix of the Estate of the late Richard Byer a.k.a. Richard Austin Winfield Byer Are YOU Dependable, Highly Organized, a Multi!Tasker, Able to Give Attention to Detail?

If you possess these qualities, we invite you to apply for the position of:

CUSTOMER SERVICE CLERK Job Summary: Fidelity Bank (Bahamas) Limited is seeking proficient, service-oriented, Customer Service Clerks (Tellers and Clerical Assistants) to join our team to perform banking transactions and support services for our customers. The position also entails sundry duties, document scanning, and cross training opportunities.

This position requires a great attitude, professionalism, an outgoing personality, with a high degree of precision and competence.

Main Duties and Responsibilities: • • • • • • • •

Can multi-task while maintaining a high level of accuracy Practices good communication skills Can assist with sales by making referrals (as per minimum quota) Has the ability to cross-sell Fidelity’s products and services Possesses excellent work ethics Has the ability to stay alert and attentive at all times Can work shifts, evenings and weekends (Saturday) Is computer literate

Benefits: • • •

Competitive salary with incentives, performance bonuses, and referral fees Pension plan and medical insurance Extensive training and personal development opportunities

All applications will be held in strict confidence.

Only short!listed candidates will be contacted.

HUMAN RESOURCES

Friday, October 27th, 2023

Re: Customer Service Clerk, 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

PAGE 12, Thursday, October 19, 2023

HALKITIS: WE’RE NOT TRYING TO CIRCUMVENT PROCUREMENT ACT FROM PAGE B3 have to comply with, intentionally. They did not have to comply with it, they did not have to live with it.”

He said the Davis administration had to engage a procurement officer, acquire technology and train staff to ensure that

the Public Procurement Act put in practice.

He said: “The leader of the opposition, continues to talk about breaking the law and not complying with publication that is one element of the procurement legislation, a much more important element that we, coming in, in 2021, had to do was engage chief

THE TRIBUNE procurement officer, establish a procurement board, acquire technology, train individuals in every single government ministry and every single government agency in using the system, acquire the system, an adequate system, I might add, and so, we’ve done that.”

He said updating the information in the publication will be a “continuous process” and that an annual report will be released to the public.

He said: “The provision of the law that requires a

publication, we’ve done that. The publication and the update of the information is a continuous process.

If you go today, you’ll see more information than was there yesterday, go tomorrow, you’ll see more information than there’s today. So it’s a continual process. It also calls for an annual report that will be done and all the information will be made public.”

ENERGY Secretary Jennifer Granholm speaks at McKinstry Aug. 15, 2023, in Seattle. The Biden administration on Oct. 18 announced $3.5 billion for 58 projects across the country to strengthen electric grid resilience.

Photo:Lindsey Wasson/AP

BIDEN ANNOUNCES $3.5B FOR PROJECTS NATIONWIDE TO STRENGTHEN ELECTRIC GRID, BOLSTER RESILIENCE

By MATTHEW DALY Associated Press THE Biden administration on Wednesday announced $3.5 billion for 58 projects across the country to strengthen electric grid resilience as extreme weather events such as the deadly Maui and California wildfires continue to strain the nation's aging transmission systems.

Energy Secretary Jennifer Granholm said it was the largest federal investment ever in grid infrastructure, supporting projects that will harden electric systems and improve energy reliability and affordability. The federal spending, combined with money promised by private partners, could result in up to $8 billion in investments nationally to upgrade the grid, Granholm said.

"The grid, as it currently sits, is not is not equipped to handle all the new demand" and withstand natural disasters and extreme weather worsened by climate change, Granholm said at a news conference Wednesday. "We need it to be bigger, we need it to be stronger, we need it to be smarter" to bring a range of renewable energy projects online and meet the Biden administration's goal of reaching 100% clean electricity by 2035, she said.

Projects funded by the federal Grid Resilience and Innovation Partnerships program will increase the flexibility, efficiency and reliability of electric power systems, with a particular focus on spurring solar, wind, and other renewable energy, Granholm said. The projects also are aimed at fixing problems that may contribute to wildfires and other disasters and will improve reliability by deploying innovative approaches to electricity transmission, storage and distribution, she and other officials said.

Projects to be funded include $249 million each for rural areas in Georgia and Louisiana and $250 million for a Native American tribe in Oregon.

The largest grant, $464 million, will go to improve five transmission projects across seven Midwestern states, from Iowa to North Dakota. The money includes $95 million previously announced for Hawaii in the wake of devastating wildfires this summer, and $150 million to PacifiCorp to upgrade the grid and boost wildfire mitigation in California, Oregon, Utah and other states.

"Our outdated grid has been in need of an update for a long, long time," said Mitch Landrieu, a White House senior adviser who coordinates implementation of the 2021 infrastructure law signed by President Joe Biden.

The grid "is especially vulnerable to the increasing impacts of the climate crisis," Landrieu added.

"Older equipment can overload during extreme heat and cold when power is needed most. And it's more likely to fail when

communities are washed out by historic floods and decimated by stronger storms.''

The nation's existing power grids are not built to handle the growing energy demand, a fact that is complicated by the intermittent nature of renewables, since energy isn't generated when the sun doesn't shine or the wind isn't blowing.

"As we sadly saw in California, aging electricity infrastructure can cause catastrophic loss of life, property, natural areas and forest fires," said Jonathan Foley, executive director of Project Drawdown, a San Francisco-based group that publicizes climate solutions.

The projects announced Wednesday are "exactly the kind of thing that we should be doing: promoting renewables, better storage and better electrical grids for a better, greener, more resilient future," Foley said.

Minnesota Gov. Tim Walz said the $464 million grant to the state Department of Commerce and its partners for five high-voltage transmission lines in seven states will spur about $1 billion in private investments, reducing costs to ratepayers and providing communities with a range of benefits.

"Minnesota is proud to lead the way on delivering affordable, clean energy to families across the Midwest," he said.

In Georgia, the state's environmental finance authority and companies that supports Georgia's electric cooperatives will team up on a project to upgrade the grid, including investments in battery storage, local microgrids, grid reliability and new transmission lines. The project will focus on remote, historically underinvested communities, Granholm said, including rural Locust Grove, Georgia, where she visited Wednesday as part of the grant rollout.

In Louisiana, two projects will focus on helping disadvantaged communities withstand extreme weather and develop microgrids to work with local utilities and back up existing assets.

Entergy New Orleans also will enhance the local grid's resilience to severe weather, including hardening existing transmission lines and distribution systems to reduce outage frequency and duration.

CPS Energy in San Antonio will receive $30 million for a resiliency program, and Minnesota-based Xcel Energy will receive $100 million for projects in Texas, Colorado, New Mexico, Minnesota and Wisconsin to mitigate wildfire risk, including thousands of fireresistant poles. Texas has faced repeated challenges, from sweltering heat this summer to a winter blackout in 2021 that knocked out power to millions of customers and resulted in hundreds of deaths.

In Michigan, Consumers Energy will get $100 million to strengthen electric systems in disadvantaged communities where outages are more frequent, including northern Michigan and the Flint and Grand Rapids areas.

THE TRIBUNE

Thursday, October 19, 2023, PAGE 13

UNITED AIRLINES ROLLING OUT PLAN THAT LETS PASSENGERS IN ECONOMY CLASS WITH WINDOW SEATS BOARD FIRST

By MICHELLE CHAPMAN AND DAVID KOENIG AP Business Writers UNITED Airlines will start boarding passengers in economy class with window seats first starting next week, a move designed to reduce the time planes spend sitting on the ground.

The airline said in an internal memo that it will implement the plan on Oct. 26. The plan – called WILMA, for window, middle and aisle — was tested at several locations and deemed to shave up to two minutes off boarding time.

Variations of the WILMA approach have existed for many years.

"It spreads people out along the aisle of the airplane so that more people can put their luggage away at the same time. That's the main thing that speeds up the boarding process," said Jason Steffen, an associate professor of physics at the University of Nevada, Las Vegas, who designed his own boarding model a decade ago.

The change will begin with passengers in the fourth boarding group.

Customers in first class and business class will see no change in their routine, and there's also no change for those with priority-boarding privileges, including travelers with disabilities, unaccompanied minors, active-duty military, and families with children who are 2 or under.

Chicago-based United said that when multiple customers are on the same economy reservation, such as families, they will be allowed to board together.

The new policy will be used on domestic flights and some international flights.

Airlines have long searched for the perfect boarding process. Even Orville and Wilbur Wright flipped a coin to see who got the lone seat on their flying machine.

United is making changes now because, it says, average boarding time has increased by two minutes since 2019.

Tinkering with the boarding process has increased

since airlines began charging fees for checked bags more than a decade ago.

Those fees encourage passengers to bring carry-on bags, which generally are still free except at low-cost carriers such as Spirit and Frontier.

"Any time you have to wrestle with luggage up over your head, it's going to slow things down," Steffen said.

The push to board faster is also complicated by the airlines' desire to sell early boarding or give it to elite members of their frequentflier programs. Only after those people are seated — generally near the front of the plane — can everyone else board, passing the priority customers on the way to their seats in the back of the cabin.

"Priority boarding is a moneymaker. Up to a certain point, that money is worth more than worrying about boarding three minutes earlier every time," said Seth Miller, who writes about the travel experience at Paxex.aero.

A UNITED Airlines plane sits at a gate at Ronald Reagan Washington National Airport in Arlington, Va., Nov. 23, 2022. United Airlines says that it will start boarding passengers in economy class with window seats first starting next week, a move that will speed up boarding times for flights.

Photo:Patrick Semansky/AP

Two minutes doesn't make much difference on a transatlantic flight, but on heavily trafficked shorter routes — think about the Northeast, or between the Hawaiian islands — delays tend to cascade, pushing late-day flights farther and farther behind schedule.

If a few passengers dawdle while stowing their bag and finding their seat, it can make the difference between a flight being on time or late in the government's official statistics.

The last passengers to board face the risk that there won't be room for

their carry-on bag in the overhead bins. That leads passengers in late boarding groups to crowd the gate area so they can jump in line ahead of others. Gate agents and seasoned travelers call the line jumpers "gate lice."

PAGE 14, Thursday, October 19, 2023

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STOCK MARKET TODAY

Wall Street drops following profit reports, and oil prices jump on war worries

By STAN CHOE AP Business Writer WALL Street dropped Wednesday after rising Treasury yields tightened the vise further on the stock market and big U.S. companies delivered a mixed set of profit reports. Worries about war in the Middle East also dragged on the market.

The S&P 500 sank 1.3%.

The Dow Jones Industrial Average dropped 332 points, or 1%, and the Nasdaq composite lost 1.6%.

Crude oil prices jumped sharply overnight following a deadly explosion at a hospital in the Gaza Strip, which sparked protests across the Middle East.

Gold, meanwhile, rose as investors continue to look for safer investments following the Oct. 7 surprise attack on Israel by Hamas.

On Wall Street, United Airlines slumped 9.7% after it showed how big a hit to profits it may take because of surging fuel prices and the suspension of flights to Tel Aviv. It gave a profit forecast for the last

three months of the year that fell well short of analysts’ expectations.

The forecast overshadowed United’s reporting a bigger profit for the summer than Wall Street had predicted. Other airlines fell in concert, with American Airlines down 4.9% and Delta Air Lines down 4.4%.

Morgan Stanley also tumbled, down 6.8%, even though it likewise reported a bigger profit for the latest quarter than analysts expected. Investors focused on a weaker-than-expected showing by the company’s

wealth management business, analysts said.

On the winning side of Wall Street was Procter & Gamble, the giant behind such brands as Charmin, Febreze and Oral-B. It rose 2.6% after reporting stronger profit than expected for the latest quarter. Its revenue rose after it increased prices for its products.

Nasdaq climbed 4% for one of the market’s bigger gains after reporting stronger profit than expected. It benefited from high-profile stock debuts on

NOTICE

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NOTICE is hereby given that KENNY CHEN JOSEPH, Wilson Track, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LEON LAROSE, Faith Avenue, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE

NOTICE is hereby given that EDWARDSON JEAN GUSTAVE, Carmichael Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that RAFAEL MONEGRO BRITO, Nassau Village, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

its trading exchange, as well as growth for its anti-financial crime business.

All told, the S&P 500 fell 58.60 to 4,314.60. The Dow dropped 332.57 to 33,665.08, and the Nasdaq sank 219.44 to 13,314.30.

The earnings reporting season for the summer is still in its early days, and the broad expectation is for S&P 500 companies to say their overall earnings per share rose last quarter for the first time in a year.

Such growth in profits is essential for the stock market to keep rising, particularly when the other big factor that drives stock prices is pushing the other way. Treasury yields in the bond market have been on a steady march higher as investors accept a new normal where the Federal Reserve will likely keep interest rates high to get inflation under control.

High rates and yields hurt prices for stocks and other investments.

The yield on the 10-year Treasury rose to 4.89% from 4.84% late Tuesday and from less than 3.50% during the spring. It topped 4.90% earlier in the day for the first time since since 2007.

Financial markets “are increasingly concerned that the next move higher could be on the cusp of 5%, and whether the broader economy is equipped to assimilate” the higher costs to raise money, said Quincy Krosby, chief global strategist for LPL Financial.

Yields have climbed as the U.S. economy has remained remarkably resilient, even after the Federal Reserve raised its main interest rate to the highest level since 2001.

That strength has a large group of investors believing the Fed may pull off the balancing act of slowing the economy through high rates just enough to smother high inflation but not so much as to cause a painful recession.

NOTICE NOTICE is hereby given that ADDLY CADET of Pinedale, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that CEDNA SAINT-LUC, Rainbow Bay, Eleuthera, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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Thursday, October 19, 2023, PAGE 19

Tesla's price cuts eat into Cybertruck maker's profits as net income plunges 44% in the 3rd quarter

By ALEX VEIGA AP Business Writer

TESLA'S net income slumped in the third quarter versus a year earlier, as price reductions helped drive strong sales growth but also ate into the automaker's profit margins The Austin, Texas, maker of electric vehicles, solar panels and batteries on Wednesday reported net income of $1.85 billion for the July-September quarter, a 44% decline from a year earlier. Earnings per share fell to 53 cents from 95 cents.

Excluding stock-based compensation, Tesla's adjusted net income fell to $2.32 billion, or 66 cents per share. On that basis, Tesla's earnings fell short of analysts' consensus estimate of 73 cents per share, according to FactSet. Total revenue rose 9% to $23.35 billion. Analysts had forecast $24.19 billion.

Earlier this month, the company reported that it sold 435,059 vehicles during the July-September period, an increase of 27% from the same stretch last year. Even so, Tesla's deliveries came in below the 461,000 vehicles analysts had predicted the company would sell during the quarter, according to FactSet Research.

The third-quarter sales also marked a step back from Tesla's 466,140 vehicle deliveries during the Aprilto-June period, something Tesla blamed on planned downtime to upgrade its factories.

Tesla has been slashing prices most of this year to keep attracting buyers who now have a wider selection

of electric vehicles as more automakers shift away from gasoline-powered cars and trucks. The discounts range from $4,400 on Tesla's topselling vehicles to as much as $20,000 on its most expensive models.

The latest round of cost cutting trimmed Tesla's operating margin, which represents how efficiently sales are turned into pretax profits, down to 7.6% in the third quarter. That's down from 17.2% a year earlier.

The measure also declined sharply in the first two quarters of this year.

In addition to lowered electric vehicle prices, increased expenses related to Tesla's Cybertruck and the development of an AItrained "humanoid robot" also hurt the company's bottom line.

As usual, Tesla's thirdquarter sales consisted primarily of its Model 3 and Model Y vehicles, which have been made even more attractive by lowered prices.

Despite large price cuts, sales of the aging models S and X fell 14% year over year to 15,985.

Looking ahead, the company reiterated its plans to produce around 1.8 million vehicles this year. And said its long-awaited, Cybertruck electric pickup is on track to begin deliveries this year.

During a conference call with analysts, CEO Elon Musk said the company will end up producing roughly a quarter-million Cybertrucks a year. He clarified that he doesn't expect Tesla will reach that production level for the futuristic-looking vehicle next year, but "probably" sometime in 2025.

PAGE 20, Thursday, October 19, 2023

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A NETFLIX sign is photographed outside its office building in Los Angeles, Wednesday, April 20, 2022. Netflix reports earnings on Wednesday, Oct. 18, 2023.

Photo:Jae C. Hong/AP

NETFLIX'S PASSWORDSHARING CRACKDOWN REELS IN SUBSCRIBERS AS IT RAISES PRICES FOR ITS PREMIUM PLAN

By MICHAEL LIEDTKE AP Technology Writer NETFLIX on Wednesday disclosed summertime subscriber gains that surpassed industry analysts' projections, signaling the video streaming service's crackdown on password sharing is converting former freeloaders into paying customers.

In an effort to bring in even more revenue, Netflix also announced it's raising the price for its most expensive streaming service by $2 to $23 per month in the U.S. — a 10% increase — and its lowest-priced, ad-free streaming plan to $12 — another $2 bump.

The $15.50 per month price for Netflix's most popular

streaming option in the U.S. will remain unchanged, as will a $7 monthly plan that includes intermittent commercials.

It also raised its prices for subscribers in the U.K. and France.

The company added nearly 8.8 million worldwide subscribers during the July-September period, more than tripling the number gained during the same time last year when Netflix was scrambling to recover from a downturn in customers during the first half last year. The increase left Netflix with about 247 million worldwide subscribers, well above the 243.8 million projected by analysts surveyed by FactSet Research.

Netflix's financial performance also topped the analyst forecasts that shape investor expectations. The Los Gatos, California, company earned $1.68 billion, or $3.73 per share, a 20% increase from the same time last year while revenue climbed 8% to $8.54 billion.

The company's stock price soared more than 12% in extended trading after the latest quarterly numbers came out. Netflix shares have increased by about 30% so far this year amid mounting evidence its video streaming service is faring better than most in a crowded fielded of competitors that is testing the financial limits of many households.

Netflix has picked up more than 16 million subscribers through the first nine months of the year, already eclipsing the 8.9 million subscribers that it added all of last year.

But it's still a fraction of the more than 36 million additional subscribers that Netflix attracted in 2020 when the pandemic turned into a gold mine for the service at a time when people were looking for ways to stay entertained while tethered to home.

This year's subscriber inroads have been made despite entertainment labor strife centered in part on writers' and actors' complaints about unfairly low payments doled out by video streaming services such as Netflix. The company has been able to withstand the recently settled writers' strike and ongoing actors strike by drawing upon a backlog of already finished TV series and movies in the U.S., as well as productions made in international markets unaffected by the labor disputes.

In an apparent effort to rebuild its library of original programming after everyone returns to work, Netflix said it expects to spend about $17 billion on TV series and films next year.

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Netflix's decision to abandon its long-established practice of allowing subscribers to share their account passwords with friends and family outside their households has prompted more viewers who had been watching the video service for free to sign up for their own accounts.

The crackdown also has boosted Netflix's in another way – current subscribers can share their accounts with someone living outside their households by paying higher monthly fees.

"We are incredibly pleased with how it has been going," Netflix co-CEO Greg Peters said when asked about the password-sharing crackdown during a Wednesday video conference call. He predicted more subscriber gains will accrue from the crackdown for at least several more quarters as Netflix confronts more "borrower households" about watching the service's programming without paying for it.

The apparent success of the password-sharing crackdown could now free management to focus on other ways to bring in more revenue, such as a lowpriced option that includes advertising introduced a year ago.

Netflix's decision to open its service up to commercials hasn't been a big boon yet. But Harding Loevner analyst Uday Cheruvu said he believes that will change as advertisers realize that the personal information the company has gleaned from viewers' entertainment tastes can help target their commercials at consumers most likely to buy their products in the same way internet powerhouses such as Google and Facebook have been doing for years. Peters said during the video conference call that Netflix is already working with is ad partner, Microsoft, to target its commercials more precisely.

"I think the advertising potential of Netflix is underappreciated," Cheruvu said.

"The audience engagement with the video advertising there could be multiple times stronger than a social media platform."

In a shareholder letter, Netflix said roughly 30% of its incoming subscribers are opting for the $7 plan with commercials, growth that is likely to attract more spending from advertisers.

The higher prices for Netflix's premium plans also seems likely to divert more subscribers into the ad-supported option.

"The 'streamflation' era is upon us, and consumers should expect to be hit with price hikes, password sharing limits, and enticed with ad supported options," said Scott Purdy, U.S. media leader for KPMG.