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PI braces for new fast-food conflict By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PARADISE Island is bracing for a new fast-food battle with plans to establish Kentucky Fried Chicken (KFC) and Burger King outlets set to potentially double the number of such brands to four. Fresh from the recent fight over Wendy’s and Marco’s Pizza, The Bahamas’ top tourist destination is almost certain to become embroiled in renewed conflict over the bid to lease spaces in the Paradise Village Shopping Centre to the two rival labels. Jordan Developments Ltd, the shopping centre’s owner, is due to appear before the Town Planning Committee on November 27 to argue its case for why a so-called “restrictive covenant” that Atlantis is using to block KFC and Burger King should be extinguished. The existing restriction allows the Paradise Island mega resort to bar “a restaurant” from operating at the
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brands to locate across the road from its facilities so the shopping centre owner is now asking the Town Planning Committee to use its lawful powers to “nullify” the restrictive covenant. While the timing of Jordan Developments’ application may suggest it is seeking to ‘piggy back’ on the precedent created by the Committee’s Wendy’s/Marco’s Pizza approval, documents obtained by Tribune
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Marina operator says: ‘We’re not better deal’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MARINA operators are still voicing concern about The Bahamas’ prospects for the upcoming winter boating season, with one telling Tribune Business: “We’re not a better deal.” Peter Maury, a former Association of The Bahamas Marinas (ABM) president, said this nation must “stop thinking we’re the only place on the planet” as he disclosed that boat slip reservations “aren’t what they were” prior to changes to the process of obtaining charter licences and entering the country.
Reiterating previous concerns that these procedures are too complex and bureaucratic, with incoming boats and yachts seeking “value for money”, he predicted that some marinas will be challenged to “make our budget” for the 20232024 winter season. Mr Maury based this on the ever-increasing competition from rival destinations in the Caribbean and Central America, including the likes of Jamaica and Costa Rica, plus The Bahamas being a more costly destination for commodities such as fuel and groceries with its VAT and import-duty reliant tax system.
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Balmoral to appeal ‘baffling’ hotel denial By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Balmoral Club has confirmed it will appeal against the Town Planning Committee’s (TPC) “baffling” rejection of its $25m, eight-storey condo hotel expansion. Dwayne Mortimer, the Club’s president, told Tribune Business his group is in the process of filing an appeal with the Subdivision and Development Appeals Board over the Town Planning Committee’s decision to reject the 50-unit project on the grounds it was “incompatible” with land
use development trends in the western New Providence community. “This is baffling because the Town Planning Committee had already approved the initial hotel and we only applied for deviation,” he argued. The Balmoral Club, in February 2022, did obtain approval for a condo hotel that was half the height of the rejected application at four storeys and targeted at a different location. That approval, though, was obtained without a full public hearing on the application. The Balmoral Club then sought a “deviation”
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Cargo shipping disruption rises on breakwater woes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU’S main commercial shipping port is warning that repairs to the harbour’s breakwaters are becoming ever-more urgent with “interruptions” to the unloading of cargo vessels “increasing” in recent months. Dion Bethell, Arawak Port Development Company’s (APD) president and chief financial officer, told Tribune Business that while services have typically been disrupted twice a year by high seas this has escalated to the point where, over the past four months, cargo operations have been disrupted on eight to ten days. Given the increasing threat this poses to The Bahamas’ import-driven economy, with 90 percent of international shipping cargo passing through APD’s Arawak Cay facilities, he nevertheless voiced optimism that the project to repair both Nassau harbour breakwaters is moving in “a positive direction”
following meetings with Ministry of Works officials and other stakeholders. “Our other concern, and the new minister of works [Clay Sweeting] had some consultations on this last week, is on repairs to the breakwater,” Mr Bethell told this newspaper. The consultations, which were attended by Ministry of Works officials and the consultant engineers, UKbased Mott McDonald, also involved participation from other stakeholders including Junkanoo Beach vendors. The Bahamas has received Inter-American Development Bank (IDB) financing for coastal protection and restoration, and the APD chief said “included in that is the repair and restoration of the breakwater at the western end of Paradise Island and the breakwater in front of our facility. “At the meeting last week we think everything is moving in a positive direction,” Mr Bethell said. “We
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THE TRIBUNE
CORPORATE CULTURE MUST EMPHASISE COMPLIANCE B
usinesses must have a solid corporate culture to gain a competitive advantage. For a thriving business, it enhances employee performance, increases engagement and forms the backbone of a compliance programme. Conversely, a poor corporate culture, or total absence of one, restricts access to elite talent as well as leading to non-compliance with business norms, laws and societal expectations. This writer believes corporate culture is a
barometer of a company’s risk and compliance strength. Enhancements in cultural facets, especially ethics, naturally lead to reduced risks and improved compliance. To achieve this, firms must deliberately shape a corporate culture conducive to compliance. This article now reviews three strategies to craft a robust corporate culture. Pinpoint crucial cultural elements for compliance In order for leaders to succeed, they must identify
the cultural components that are vital to them and ensure they are widely adopted. It is crucial to define core values. Having them communicated and understood guides organisational behaviour. As an example, let us look at the importance of integrity. It is essential for employees to understand what this means and the expected behaviours associated with it. A company with a culture of open communication strengthens its ability to fight malpractice. It is imperative that speak-up
mechanisms are transparent and retaliation-free. Additionally, corporate values and laws must be included in comprehensive training. A successful training programme reinforces culture as well as prevents future problems. Foster human resources and compliance team synergy A so-called ‘game changer’ is merging human resources and compliance efforts. Having a documented ethical culture ticks the compliance box, but the
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goal should be to cultivate a culture of voluntary integrity. A good example is the Nasdaq Stock Exchange’s directive, endorsed by the Securities & Exchange Commission (SEC), mandating that companies have at least two diverse board members. Diversity should not be merely a legal requirement. According to McKinsey, diverse companies are more profitable than their less diverse counterparts. In a similar vein, non-profit Catalyst notes that diversity boosts employee retention and innovation while curbing ‘group think’. A diverse workforce can be highlighted by compliance, while human resources can capitalise on this talent pool. A system for tracking cultural goals, which are directly related to compliance goals, is crucial. Champion culture from the helm Culture building is a collective responsibility, with leadership and boards playing a crucial role. Corporate leaders should be the primary architects of this culture, while human resources facilitates it. Their goal should be to define the ethos of the company and the desired environment for it. Leadership that epitomises a robust culture adds long-term value and reduces risk. When leaders show respect and transparency to their employees, they foster an environment in which employees reciprocate in their duties, which minimises undesirable behaviours.
BY
DEREK
SMITH Creating a vibrant workplace is not the only aspect of cultivating corporate culture. A culture based on business values holds more outstanding merit than camaraderie. Such a culture invariably reduces risk, augments compliance and magnetises top-tier talent, clients and stakeholders. UÊ \Ê L ÕÌÊ iÀi Ê Smith Jr iÀi Ê- Ì Ê À°Ê >ÃÊLii Ê >Ê} ÛiÀ > Vi]ÊÀ à Ê> `ÊV pliance professional for ÀiÊÌ > ÊÓäÊÞi>ÀÃ°Ê iÊ >ÃÊ held positions at a TerraLex i LiÀÊ >ÜÊ wÀ ]Ê >Ê 7 vÃLÕÀ}Ê À Õ«Ê i LiÀÊ L> Ê > `Ê >Ê ¼L }Ê v ÕÀ½Ê >VV Õ Ì }Ê wÀ °Ê ÀÊ - Ì Ê ÃÊ >Ê ViÀÌ wi`Ê > Ì iÞÊ >Õ `iÀ }Ê Ã«iV > ÃÌÊ -®]Ê > `Ê Ì iÊ V « > ViÊ vwViÀÊ > `Ê money laundering report }Ê vwViÀÊ ,"®Êv ÀÊ Ê Ì > Ì V½ÃÊ v> ÞÊ vÊ V «> iÃÊ i LiÀÊ vÊ À> à iÊ À Õ«®Ê v ÀÊ / iÊ > > >ÃÊ > `Ê/ÕÀ ÃÊEÊ > V ð
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s finance spokesman yesterday urged the Government to reintroduce 12 percent VAT on high-value property purchases to finance his call for expanded tax relief on foods. Kwasi Thompson, exminister of state for finance, told Tribune Business that the Minnis administration’s implementation of higherrate VAT on property purchases over $2m - which was reversed by the current government - should be reinstated to compensate for taxes foregone by eliminating the 10 percent levy on “all essential healthy food items”. While not identifying or defining such products, he argued that Bahamians need further cost of living relief given that the Central Bank recently revealed that food and non-alcoholic beverage inflation for the 12-months to end-July stood at 10.4 percent. “We have to find ways of paying for this,” Mr Thompson acknowledged to this newspaper.”One simple way of paying for this is to reinstate additional VAT on property transactions worth $2m and above. When they came to office they reduced it from 12 percent to 10 percent. “If they revisit that, that is something that will bring in additional revenue. At least look at that to offset some of the adjustment.” The Davis administration eliminated the 12 percent VAT on high-value real estate purchases, arguing
KWASI THOMPSON this would create administrative simplicity. However, Mr Thompson countered: “We are in crisis. It’s far more important to bring relief to ordinary persons, those who need it and are desperately in need. That should be the priority. There are governments that have taken this position and adjusted that, even on a temporary basis, because they have to bring relief from the inflation issue.” The Opposition finance spokesman’s call represents an expansion of the relief his party has previously called for in just eliminating VAT on so-called ‘breadbasket’ items. “The PLP Government must act immediately and remove VAT from all essential healthy food items,” he argued. “This PLP government must move beyond just talk and follow the example of governments all over the world who have taken definitive action to combat high food prices and the inflation crisis by removing VAT from essential healthy food......Studies have also
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Monday, November 6, 2023, PAGE 3
Bahamas must target 70% cruise visitor ratio By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A WELL-KNOWN hotelier says The Bahamas must do a better job on cruise passenger “conversion” and increasing the number of resort rooms if it is to maximise tourism’s economic benefits Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told the Prime Minister’s Office’s weekly briefing that this nation needs to place more focus on encouraging cruise passengers to return to this nation as higher-spending stopover visitors. He argued that The Bahamas needs to target a 70/30 visitor mix, weighted in favour of cruise visitors, as opposed to the existing 80/20 split. Although the country has welcomed more than 7.2m arrivals for the first nine months of 2023, over 80 percent were cruise passengers and the number of stopover visitors is still “lagging” slightly behind 2019’s pre-COVID record numbers. The BHTA president said: “The 7.2m visitors to September was represented in principle by close to 5.8m in cruise visitors to the destination at 81.5 percent of the total arrivals. “This number is very good for us, but I think it also creates significant opportunities for the destination when we look at stopover visitors to-date, who are lagging slightly behind our 2019 numbers at 1.3m and representing 18.5 percent.” Mr Sands explained that the average stop-over passenger spends about $2,700 during their visit to The Bahamas, while the average cruise passenger spends $85, so converting more cruise passengers to the land-based variety will ensure tourism delivers an even greater economic impact. He said: “It would be very good if we can work on increasing the conversion of a percentage of these cruise passengers to stopover visitors, thereby giving us a
LPIA HOTEL ‘VERY MUCH AT THE FOREFRONT AGAIN’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
ROBERT SANDS much better mix of cruise and stopover visitors, which should really be in the area 30 to 70 percent. It will also give us the opportunity to increase spending when we look at the spend of a cruise passenger versus the spend of a stopover visitor “For example, this year, the cruise passenger spending approximately $85, a stopover visitor spending close to $2,700. So the conversion of five to 10 percent of those individuals… would have an incremental and positive impact on revenues for the country.” Mr Sands said the biggest obstacle to increasing stopover visitors is a reduction in available rooms by 25 percent. The reopening of the British Colonial hotel next month will increase New Providence’s room inventory by 350 rooms alone. Inventory has also been impacted by the closure of the Melia Nassau Beach Resort, and its subsequent demolition, and the Atlantis Beach Towers closure for Somewhere Else. He said: “We have over 35 to 40 percent market share of all cruise visitors to the Caribbean. Our biggest opportunity lies in increasing our stopover visitors, and that has been hampered most directly by a reduction in available hotel rooms. Some 25 percent of our inventory is down as a result of a number of reasons. “We are aware of Melia, we are aware of hotels in Grand Bahama, Paradise Island. Fortunately, we have British Colonial coming online in December of this year, which will bring an additional 350 rooms to inventory.”
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PLANS to develop a hotel at Lynden Pindling International Airport (LPIA) are “very much at the forefront again” as its operator seeks to acquire extra land from the Government for expansion. Vernice Walkine, the Nassau Airport Development Company’s (NAD) president and chief executive, speaking at Saturday’s reception for the first-ever non-stop JetBlue flight to Nassau from Los Angeles explained that The Bahamas’ primary aviation gateway is now embarking on a “capacity building” drive. She said: “We’re literally looking at how we can, and if we need to blow out walls to expand check-in halls and hold rooms and so on. That’s underway. And that will take us a little bit
VERNICE WALKINE longer, because we obviously need to be very, very deliberate about timing for doing that kind of construction. But that’s an exercise that’s underway. “We’re also looking at a land site development plan, where we are acquiring from the Government some additional acreage, which will allow us to do some things, given the fact that in the very near-term we don’t expect that our passenger numbers will grow to any material extent because
we are not growing hotel rooms.” Ms Walkine added: “So we’re looking at some commercial opportunities on that additional land, which will allow the airport well into the future to have sustainable revenue. That is non-passenger revenue, so some of the things we’re looking at will obviously be for the benefit of passengers. “But they will also be for the benefit of the community, which will allow us as an airport to really develop into an aerodrome. One of the things we’re looking at that you would have heard about before, and that was suspended, was an airport hotel. That’s very much at the forefront again.” Discussions about an airport hotel at LPIA have been occurring ‘on and off’ for more than a decade. NAD issued a Request for Proposal (RFP) document outlining bid details and specifications for the hotel
project in January 2019, but no further progress was seemingly made. Dr Kenneth Romer, director of aviation, said Jet Blue’s inaugural flight is an “exciting time” for airlift into The Bahamas. He added: “I think the most significant challenge is that our growth is constrained by capacity. When I speak about capacity, Vernice would have mentioned again, our hotel capacity. Persons want to come here and our hotels are experiencing right now unprecedented levels of occupancy. “The ADRs (average daily room rates) are very high in our hotels. Again, this speaks about a basic economic principle about supply and demand or demand and supply. And our major challenge right now is persons are going to be asking: Where can we put the heads in the beds?”
‘VALUE FOR MONEY’ FEARS ON 100% LIGHT BILL RISES By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net A SENIOR hotelier says The Bahamas must deliver “value for money” to hit projected tourism growth levels after 100 percent light bill increases sparked fresh cost of doing business concerns. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, speaking at the Prime Minister’s Office’s weekly press briefing, said that operating costs remain a key issue for hotel owners and operators in this jurisdiction. He said: “Cost of doing business is always a major concern because there’s
only so much you can charge a visitor in a particular destination, and I think that’s an opportunity that we have to work on, but it’s a collective bag. “We have to look at cost of food, cost of imports, costs of goods and services, etc. At the end of the day, unless the visitor perceives the vacation as being value for money, we’re not going to see the levels of growth that we can see in the future.” Mr Sands added that “electricity is the second largest expense” for most hotels, with some seeing their energy costs double - a 100 percent increase due to Bahamas Power & Light’s (BPL) elevated fuel charge as it seeks to regain
previous under-recovery because the full costs were not passed on to consumers. “Reliable, consistent, cost-effective pricing in terms of electricity remains a significant challenge, particularly for hotels within the Family Islands,” he added. “This year was certainly an anomaly where many properties may have been hit with increases that represent 100 percent increases in their electricity costs at a minimum. “The rates are coming down slowly. They have not increased this month, so we have to see what happens by the end of the year. Many hotels are latching on to the initiative to go towards renewable energy; different forms of electricity
that will bring down the costs. Electricity is the second largest expense for most operations.” Mr Sands added that The Bahamas’ operating costs are higher than for many rival Caribbean destinations which have diversified their economies and do not have to rely as heavily on imports. He said: “The Bahamas is at somewhat of a disadvantage with some of our Caribbean partners whereby they’ve learned about our success in tourism, but also diversified their economies to have agriculture, industry and tourism.
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$15m solar project targets early 2024 ‘commissioning’ A $15m solar energy project is targeting the 2024 first quarter for “commissioning” facilities that will supply Grand Bahama Power Company (GBPC) with almost 10 Mega Watts (MW) of renewable energy. Lucayas Solar Power, whose project is being financed by an Inter-American Development Bank (IDB) arm, IDB Invest, said in a statement that “significant progress” has been made with the installation of solar panel foundations already underway at one of its two sites. The project’s first phase, which broke ground in March 2023, is located on the 15-acre Fairfield site. The solar panel foundation installation, according to the company, is on schedule and expected to be completed in the coming months. The solar panels themselves are poised to follow shortly thereafter. Lucayas Solar Power added that its second 15-acre site, known as Devon, has been cleared and is now being readied for the next construction stage. Besides helping to meet Grand Bahama’s energy demands, the project will also reduce the island’s carbon footprint. “We are very pleased with the progress of the Lucayas Solar Power project. The solar farm will not only provide renewable energy to the island but is also creating jobs and has the potential to assist in stimulating economic growth on the island,” said Owen Bethel, chief executive of Inti Corporation, the engineering, procurement and construction (EPC) contractor hired to build and operate the facility.
OWEN BETHEL AND TEAM DISCUSSING PROJECT
OWEN BETHEL AND TEAM IN FIELD
“Our team is dedicated to ensuring that Grand Bahama reaps the environmental and economic benefits of this initiative. The project aligns with the Bahamian government’s commitment to reducing carbon emissions and achieving a more environmentally-friendly energy landscape. “Inti welcomes progress made over the last seven months on the $15m Lucayas Solar Power project on the island of Grand Bahama. It is anticipated that commissioning of the facility will take place in the first quarter of 2024, well within the estimated timeline.” “We, together with our partners, are proud to be a part of this transformative project,” said Lucayas Solar Power’s president, Jorge Marquez. “The Lucayas Solar Power project will play a crucial role in diversifying the country’s energy sources and reducing our dependency on fossil fuels.” “In addition to the environmental and economic benefits, this initiative is also a testament to the power of collaboration and innovation in addressing the energy needs of the island while simultaneously contributing to a greener future,” Mr. Bethel added. “As the Lucayas Solar Power project progresses, the partners involved remain dedicated to its successful completion and the positive change it will bring to the region.” The necessary licensing and power purchase agreements (PPAs) were signed earlier this year with the Grand Bahama Port Authority (GBPA) and the Grand Bahama Power Company.
THE TRIBUNE
Monday, November 6, 2023, PAGE 5
BAHAMAS REPUTATION ‘WHOLE’ DESPITE SBF GUILTY VERDICT By FAY SIMMONS Tribune Business Reporter jsimmons@trinunemedia.net THE Prime Minister’s press secretary has maintained that The Bahamas’ financial services reputation remains intact after FTX’s founder was last week found guilty of defrauding clients of up to $10bn. Keishla Adderley, speaking at the Prime Minister’s Office weekly briefing, said Sam Bankman-Fried had been “held accountable” for his crimes in accordance with US laws and The Bahamas will continue to collaborate with international authorities when dealing with suspected wrongdoers within its borders. She added: “The United States, like The Bahamas, is a country of laws. Mr Bankman-Fried faced a trial based on the crimes that he’s now been convicted of. The Bahamas has, from time to time, collaborated and co-operated with
SAM BANKMAN-FRIED the United States when it comes to suspects who, where, you know, the interests of the United States and The Bahamas cross paths, and will continue to do that. “But he’s been held accountable for the crimes that he’s been convicted of in accordance with the laws of the United States.” Evidence and testimony that emerged during Mr Bankman-Fried’s trial forced the Prime Minister and his officials that the FTX founder and his crypto exchange provided Philip Davis KC
with “courtside seats” and free hospitality at a Miami Heat basketball game. They did admit, though, that Mr Davis contacted Mr Bankman-Fried to arrange a meeting between the latter and his son, Christopher, who was seeking advice on a non-fungible token (NFT) project he was developing. While the meeting with the Prime Minister’s son took place, Mr Davis via his officials said nothing untoward or improper happened, and no money changed hands. “The Office has responded to that and I continue to stand on that statement. I don’t have anything further,” Ms Adderley said. She added that, using the Digital Assets and Registered Exchanges (DARE) Act, the Securities Commission was able to act “swiftly” and appoint a provisional liquidator for FTX Digital Markets - thus becoming the first jurisdiction to act when the crypto exchange’s troubles emerged.
“I will say that, fortunately, and because the administration was prudent, they were laws in place to guide the financial services industry and the FinTech industry, which safeguarded us at the end of the day,” Ms Adderley said. “So the administration is happy that those things were in place. We were able to jump into action very swiftly with the liquidation process so that the image of the financial services industry could remain whole.” When pressed if the administration believes that the image of the financial services industry in The Bahamas remains intact after the FTX debacle, Ms Adderley simply responded “yes”.
Chamber chair: Online start-ups expanding beyond social media By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman said online ventures created during COVID are expanding from social media to full scale e-commerce platforms. Khrystle RutherfordFerguson, speaking at Saturday’s Chamber-organised Trade Expo 2023, said some of these businesses start “very small with regard to their social media platforms, because that’s the introduction into this whole world wide web, and making sure your businesses are on the Internet and able to reach a number of people. “So we’ve seen a steady growth from social media platforms to online platforms, and making sure
KHRYSTLE RUTHERFORD-FERGUSON they have their e-commerce platforms,” she added. “And, again, that is very important to not only reach local potential customers but international customers. And we continue to see that the international community is interested in doing business in The Bahamas.” The Trade Expol held at Crypto Isle, was held for the first time since COVID and designed to connect
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PAGE 6, Monday, November 6, 2023
THE TRIBUNE
BAHAMAS TEAM ATTENDS WORLD TOURISM SUMMIT THE MINISTRY of Tourism, Investments & Aviation’s director-general headed The Bahamas’ delegation to this year’s World Travel & Tourism Council (WTTC) global summit in Kigali, Rwanda. Latia Duncombe was accompanied to the event, which took place from 1-3 November, by Anthony Stuart, the Ministry of Tourism’s senior director of emerging markets, and Faye Cash, its director of international relations. Mrs Duncombe, in a statement prior to
including Thursday’s panel, Clearing the Pathway. In September 2023, The Bahamas recorded its highest visitor numbers and, with the news that global tourism is expected to reach 96 percent of 2019 levels in the 2023 fourth quarter, conversations around driving the global economy through tourism and supporting emerging markets are imperative. “In the hotseat session, titled ‘Meet the traveller of the Future’, we’ll be interested to find out what we might come to expect from
future visitors to The Bahamas and to understand how tourism’s impact on climate will affect traveller behaviours,” she added. “Our nation is made up of thousands of islands and cays, intrinsically linked to the ocean, and therefore directly susceptible to the effects of global warming. It is our goal as caretakers of The Bahamas and its tourism industry to protect and safeguard our nation against the impact of climate change. “We join the WTTC Global Summit 2023 as
Chamber chair: Online start-ups expanding beyond social media
making sure that these businesses, at the end of the day, not only put their brand out there more but they make strong connections with each other to support each other.” Following the setbacks caused by the COVID-19 pandemic, Mrs RutherfordFerguson said companies now must commit to “business continuity planning” while simultaneously ensuring \ they can reach the widest possible customer base via any and all mediums. E-commerce represents one way to achieve that.
FROM PAGE B5 exhibiting companies with a wider public audience. There were 40 businesses represented - from small craft manufacturers to insurance companies, commercial banks and construction firms. “We have representation from retail services,” Mrs Rutherford-Ferguson said. “In terms of the larger businesses, you’d see even some of the clearing banks and some of the insurance companies. In terms of micro businesses and mediumsized businesses, we have persons here who have a
travelling, said: “The World Travel & Tourism Council Global Summit is a prominent marker in our calendar, consistently delivering a stimulating and inspiring forum through its excellent programme of events, roundtables and panels. Therefore, I am delighted to be in attendance once again to lead our delegation from The Bahamas. “Along with my colleagues, we look forward to joining in and appreciating the varied sessions in the Global Summit schedule,
team of one to two persons up to employing hundreds of persons in the Bahamian economy. “So we all know that small and medium-sized businesses, they’re the lifeblood of the Bahamian economy. The BCCEC tries to support and give opportunities for them to showcase what they’re able to do. “We have very talented and resilient people and, for that reason, we thought it was important to be able to provide a space where businesses can support each other but also get their
brand and awareness out there in the public domain.” Mrs Rutherford Ferguson continued: “I expect these businesses to make some great connections with each other, too. Because there’s a circular economy. There’s this opportunity where, yes, you want the public to understand that you exist. Your brand awareness is important, and to make sure that the public can find your business and purchase from you and really take advantage of your services. “But also businesses can rely on each other to support each other. So that’s an important element to
responsible patrons of The Bahamas and look forward to learning more from our industry peers, sharing our stories of sustainability and collaborating on the future of responsible travel.” While the WTTC forecasts indicate an 11.5 percent increase in travel and tourism investment for 2023, recent surveys highlight that environmental concerns rank among the top ten global risks. This year’s meeting focused on sustainable investment, incorporating data and insights into the
environmental and social impact of decisions made by travel and tourism stakeholder. WTTC 2023 brought together leaders from both the public and private sectors, including government ministers, top chief executives and tourism professionals worldwide. It provided a platform to address priorities, concerns and opportunities for collaboration within the tourism sector.
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IN THE ESTATE OF JACQUELYN GLENDINA DEAN late of #44 Knowles Drive South, Faith Gardens in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 12th day of December, A.D. 2023, after which date the Executrix will proceed to distribute the assets having regard only to the claims to which she shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. MERIDIAN LAW CHAMBERS Attorneys for the Executrix Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.
THE TRIBUNE
Monday, November 6, 2023, PAGE 7
‘Value for money’ fears on 100% light bill rises FROM PAGE B3 “And therefore their costs are much better than the cost that we have here in New Providence. That is going to have to be an opportunity that we work on because we cannot continue to be perceived as an expensive destination, but perceived more of a destination that offers value for money going forward.” The BHTA president said labour costs and productivity remain a “significant issue”, along with availability, as many persons have chosen to become entrepreneurs
leading to a shortage of talent. “Labour tends to be a significant issue in terms of getting the right type of talent to work in the hospitality business. In light of the fact that entrepreneurial opportunities have also escalated significantly, and therefore most persons tend to want their own businesses, which is good, that puts a strain on the ability to have a cadre of talent on an ongoing basis,” he added. Mr Sands said that overall the Bahamas’ tourism sector is on a “good wicket’” and that the market for meetings, incentives, conferences
Bahamas must target 70% cruise visitor ratio FROM PAGE B3 Mr Sands added that hotels have seen an increase in their occupancy levels by ten to 15 percent, and that having more rooms available will “{augur well” for the sector. He said: “The hotels that that are currently operating have achieved significant increases in their occupancy levels as well as in their average rates. We would have seen occupancy levels increase by anywhere from ten to 15 percent for the period today, but you can’t get over a particular threshold if you do not have the number of inventory of rooms available. “The thrust to have more hotel rooms available will augur well for much greater stopover arrivals to the destination, and a much more financially successful result
as a result of the spend of those individual persons coming to the Bahamas” Mr Sands said discussions between the Government and Baha Mar about the Melia’s replacement are at a “very advanced stage” and plans will be announced once they are “concretised”. He added: “I can say that Baha Mar is in negotiations and discussions with the Government of The Bahamas and, as soon as those plans are finalised, I think there will be a joint announcement as to what in fact will happen there. I think those discussions are at a very advanced stage, and we are hopeful that an announcement can be made as soon as they have been concretised.” Mr Sands said the shortterm rental market’s growth has helped compensate
and events (MICE) has increased. He said: “The MICE market, which is meetings, incentives, conferences and expositions continues to grow. So you’re going to be seeing much more of that business in 2024. You’re also going to be seeing more collaboration in terms of special events that are taking place throughout various hotels in the islands that’s going to drive incremental business. “You’re seeing much more diverse entertainment that’s also driving business. There’s no question that the cruise port opening and functioning is also driving a segment of the business. So, I think The Bahamas is on a very good wicket.” for reduced hotel room inventory, and said cruise passenger conversion rates will improve in tandem with enhanced guest experiences. He added: “A segment that is doing very well, and we will continue to encourage them, is the Airbnb segment, which obviously the Government is looking at to see how they can be registered and have a better handle on their impact on the economy. “But certainly, between that sector and the stopover sector, to have achieved 1.3m, which is almost maybe 10,000 off the number for 2019, I think it’s commendable with reduced inventory. “Conversion happens as a result of multiple issues - engagement, visitor satisfaction in the destination, guest experiences in the various ports of entry and, as these improve, so does the conversion element. Also, direct contacts through marketing efforts by various brands that exist throughout the islands.”
Does Anyone In Nassau Play The BAGPIPES? PLEASE CONTACT | 376-8310
NOTICE
TO ALL PENSIONERS & BENEFICIARIES OF THE
BAHAMAS HOTEL AND ALLIED INDUSTRIES PENSION FUND VERIFICATION AND DISTRIBUTION OF GIFT CARDS THE BAHAMAS HOTEL AND ALLIED INDUSTRIES PENSION FUND
______________________________________________________
“DRIVE THRU ONLY” MONDAY NOVEMBER 27th – FRIDAY DECEMBER 15TH 2023 FROM 9:00AM TO 2:00PM
Surnames
Dates
A, B, C D, E, F
Monday November 27th Wednesday November 29th
G, H, I J, K, L
Thursday November 30th Monday December 4th
M, N, O P, Q
Tuesday December 5th Thursday December 7th
R, S, T
Friday December 8th Tuesday December 12th
U, V, W, Y, Z
Wednesday December 13th Friday December 15th
Please Present Your National Insurance Card for Verification.
PAGE 8, Monday, November 6, 2023
THE TRIBUNE
PI braces for new fast-food conflict FROM PAGE B1 Business from the relevant file suggest this is somewhat coincidental. The application on the Paradise Village Shopping Centre’s behalf was initially submitted on May 19, 2022, but sat with the planning authorities for almost 16 months before being addressed. Charles Zonicle, the Department of Physical Planning’s director, in a September 15, 2023, e-mail gave a “humble apology for the inordinate delay” and said it was because the file “was not brought to the attention of a senior officer”. The Wendy’s/Marco’s Pizza and KFC/Burger King applications are also not exact matches. While all restrictive covenants limiting the types of development at the former Scotiabank branch site had expired, they remain in place at the shopping centre, and thus on the surface appear to give Atlantis and its fellow Paradise Island resorts a much stronger argument for why the latter two brands should not be facilitated. Neither Atlantis nor the Paradise Island Tourism Development Association (PITDA), both of which were extremely vocal in the campaign to block Wendy’s and Marco’s Pizza, responded to requests for comment on the KFC/ Burger King situation before press time last night.
PITDA also represents the likes of Comfort Suites, the Ocean Club and Paradise Landing (the former Hurricane Hole). Documents seen by Tribune Business show Restaurants (Bahamas), part of the group headed by the late George Myers, was refused permission to become tenants in the shopping centre by Atlantis on April 21, 2022. In response, Obi Pindling, son of Sir Lynden and Jordan Developments’ attorney, wrote to Audrey Oswell, Atlantis’ president and managing director, four days later accusing the mega resort of seeking to “restrict competition” for its Marina Village restaurants, which include outlets such as Cafe Martinique, Carmine’s, Seattle Steakhouse, Frankie Gone Bananas and the Village Burger Shack. “Our clients had been contacted by Restaurant (Bahamas) seeking to rent shop spaces to operate two of their franchises, Burger King and KFC, therein,” Mr Pindling wrote to Ms Oswell. “Our clients have been advised that the said Restaurants (Bahamas) had written to yourselves seeking permission to operate the said franchises but, by letter dated April 21, 2022, your company denied their request.” Jordan Developments acquired the land upon which it constructed the
Paradise Village Shopping Centre on April 30, 1979, from Paradise Island Ltd - one of Atlantis’ predecessor companies. Mr Pindling acknowledged the existence of a covenant that restrictions “restaurant” operations at the site, although Anthony’s Seafood & Ribs and a Dunkin’ Donuts outlet are already present in the shopping centre. Pointing out that Jordan Developments has “strictly complied” with the restrictions to-date, Mr Pindling added: “Our client is of the view that you denial of Restaurants (Bahamas) request is unfair, unreasonable and unsustainable as its primary objective was to restrict competition for the restaurant facilities in Marina Village and, indeed, your resort as a whole.” While the original restrictive covenant “may possibly have had some practicality” when introduced in 1979, Mr Pindling argued that “circumstances have radically changed since that time”. These included the “vast expansion” of Atlantis’ facilities, such as the Marina Village, with its multiple restaurants across the street from the proposed KFC and Burger King locations. “Your denial of Restaurant (Bahamas) request seems to very strongly suggest that your company wishes to be the only entity to have and operate
restaurants in the immediate vicinity,” Mr Pindling asserted. “In a world of free enterprise, our client believes that your company’s position is wholly untenable and, indeed, illegal.” He duly warned Atlantis that Jordan Developments would request that the Town Planning Committee exercise its powers, under the Planning and Subdivisions Act’s section 25 (3) (c) to “extinguish” the offending covenant “on the ground that its purpose.... is primarily for the restriction of competition”. Christina DavisJustin, a Graham, Thompson & Company attorney, responded on Atlantis’ behalf on May 9, 2022, by warning that the mega resort will oppose any attempt to eliminate the restrictive covenant, thereby setting the stage for a November 27 showdown before the Town Planning Committee. She confirmed that Restaurant (Bahamas) lease requests for KFC and Burger King were denied by her client, but rejected Mr Pindling’s assertion that this position was unfair and done primarily to stifle competition for Atlantis’ own restaurants. “We emphatically state that there is a plethora of precedence in common law jurisdictions which uphold restrictive covenants prohibiting particular
businesses/trades on land, which seemingly exist partly or wholly to prevent competition. Therefore, in our view this position is untenable,” Mrs Davis-Justin wrote. She added that a key consideration for the Town Planning Committee, in determining whether to eliminate a restrictive covenant, is if “the character of the neighbourhood has substantially changed”. This, Mrs Davis-Justin argued, was not the case with Paradise Island and the shopping centre. “The operation of Marina Village has not resulted in so complete a change in the character of the area to render the relevant covenant valueless,” she said. “Quite contrarily, it is the existence of the covenant which has preserved the character of the area over the years, and it remains relevant and useful at present. “Furthermore, the ‘expansions’ to which you refer have not introduced any commercial activities which were not existing on the premises at the date of the conveyance. In the premises, we maintain that Atlantis Holdings (Bahamas) denial is not unreasonable or illegal.... The present commercial conditions in the area have not substantially changed so as to render the covenants valueless.” This prompted Mr Pindling, on May 19, 2022, to write to Mr Zonicle requesting that the Town Planning Committee eliminate the offending covenant. “Our clients do not support, or agree with, the arguments put forth or the position taken by Atlantis’ attorneys in their letter,” he added. “Our client believes the facts and circumstances of this matter clearly and very loudly speak for themselves.” Yet it took more than a year for Physical Planning to move the application forward. Mr Zonicle, belatedly acknowledging Mr Pindling’s letter, wrote
in a September 15, 2023, e-mail: “Unfortunately the file was not brought to the attention of any senior officer and no action was taken on the same. Please accept my humble apology for the inordinate delay in communication.” The Town Planning Committee agreed at its October 24, 2023, meeting to defer a decision on the covenant elimination and hold a public hearing so that all sides can voice their opinions. Besides Anthony’s and Dunkin’ Donuts, the 1.083-acre shopping centre also includes Bristol Wines & Spirits and two gaming houses, Island Luck and FML, among its existing tenants. Besides restaurants, other types of business that are presently blocked at that location - at the junction of Casino and Paradise Island Drives - by the restrictive covenants include banks, hotels, guest and boarding houses, casinos, nightclubs, a real estate office, car repair shops and fuel distribution. The beneficial ownership of Jordan Developments and the Paradise Village Shopping Centre was not disclosed in the Town Planning file. Several sources yesterday suggested that the late Mr Myers also had an ownership interest in the shopping centre, but this could not be confirmed before press time. The opposition to KFC and Burger King from Atlantis, PITDA and other Paradise Island-based resorts is likely to be just as fierce as that encountered by Wendy’s and Marco’s Pizza, with assertions that fast-food brands are not the right fit with the destination’s upmarket image and will devalue it just as the likes of Four Seasons are considering new investment projects. The timing also coincides with reports that Atlantis owner, Brookfield Asset Management, is again mulling whether to launch a formal sales process to seek a buyer for the mega resort.
NOTICE THE INTERNATIONAL BUSINESS COMPANIES ACT as Amended by THE COMPANIES WINDING UP AMENDMENT ACT of the Commonwealth of The Bahamas. HNI GROWTH FUND LTD. (In Voluntary Liquidation) Registration Number 122618 B TAKE NOTICE that:1.
The above-named Company was put into voluntary dissolution on the 22nd day of December A.D., 2004.
2.
A petition has been presented to the Supreme Court of The Bahamas by the Voluntary Liquidators for an order that the liquidation continue under the supervision of the Court.
3.
The hearing of the petition will take place via ZOOM from the Supreme Court, Nassau on the 16th day of November, A.D., 2023 at 12:00 o’clock in the afternoon.
4.
Any member or creditor of the Company is entitled to appear at the hearing of the petition for the purpose of being heard upon the question of who should be a ointed as official li uidator of the Company. Any member or creditor wishing to be heard must serve notice of appearance upon the Voluntary Liquidator at No. 6 Bosham Close, Camperdown Heights, P.O. Box SP 63801, New Providence, Bahamas not less than three (3) days prior to the hearing date. Dated this 6th day of November, 2023 _______________________________________
Janet Kemp (formerly Janet Thompson) and Michael Kloter Voluntary Liquidators No. 6 Bosham Close Camperdown Heights P.O. Box SP 63801 New Providence, Bahamas
NOTICE IN THE ESTATE OF OCTAVIO PENALOZA SANDOVAL late of Calle Sur 136 116, Las Aamericas, Alvaro Obregon, Mexico City. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 21st day of November A. D., 2023 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned. AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late OCTAVIO PENALOZA SANDOVAL will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice in writing. Dated this 23rd day of October, A. D. 2023 Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.
THE TRIBUNE
Monday, November 6, 2023, PAGE 9
Cargo shipping disruption rises on breakwater woes FROM PAGE B1 await patiently to see what the next steps are.” He told Tribune Business, though, that the continued deterioration of the breakwaters - especially the one directly in front of APD’s facilities - is making the need for repairs increasingly urgent. “It’s reaching that point where, in prior years, where we may have had interruptions in service twice a year with great swells, in recent times, the last four months, we’ve maybe had eight to ten days where it’d made operating and working a vessel extremely difficult,” Mr Bethell explained. “So much so that, at King tide, with prevailing winds and bad weather, we’ve had to ask some of the vessels to leave the berth until the weather calms down, so it’s increasing.” Mr Bethell said that, based on what was communicated in the recent meeting with Ministry of Works officials, “we remain very hopeful... things will manifest by way of repairs to the breakwaters”. He added that, besides APD and its facilities, there are other “key national assets and some key investments” affected by the breakwater situation, including the $322.5m Nassau Cruise Port plus
The Pointe complex and its Margaritaville resort. “We have Junkanoo Beach, Long Wharf, where waves erode the coastline there, and we have the Nassau Container Port, which is the gateway for the majority of cargo imported into New Providence,” Mr Bethell told this newspaper. The Ministry of Works could not be reached for comment before press time last night. The breakwaters, which function as Nassau harbour safeguards have been in place since Majority Rule some 56 years ago but are “no longer able to absorb the energy from the ocean” especially at high tide or during rough weather. This impacts “the channel” cargo vessels use to access Nassau’s major commercial shipping port, and complicates the work of APD staff, service providers and ship’s crew in unloading and working on the boat. The “roll”, or pitch, of cargo vessels in such circumstances can be between “six to ten feet up and down”, which is unforgiving on APD’s cranes and other equipment and results in significant wear and tear. While vessels can still safely enter and exit the Arawak Cay-based port,
NOTICE NOTICE is hereby given that JEAN ROSE THOMASof P.O. Box WRIGHT CR55506, #15 Meadows Drive, Victoria Gardens, New Providence, The 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 30th 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 DIEULA FRANCOIS PROPHETE, P.O. Box NP-7060, Podoleo Street , 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 6th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that ILLANETTE TELUS of P. O. Box N-3876, Allen Drive, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE IN THE ESTATE OF MARIA REGINA WILLIAMS, late of Sequoia Street, Pinewood Gardens Subdivision in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are requested to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before “6th January, A.D., 2024”, and if required, to prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall have had Notice AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated the 6th day of November, A.D., 2023. NATHANIEL DEAN & Co. CHAMBERS Attorneys for the Administrator 55 Rosetta Street, Palmdale Nassau, The Bahamas (N. 6, 13, 20)
APD has previously said it “won’t compromise” on safety. Junkanoo Beach, and the area in close proximity to The Pointe, were already selected as one of the sites to benefit from the $35m IDB loan Mr Bethell referred to in a bid enhance coastal zone management and related infrastructure in the face of climate change impacts. APD, in its annual report last year, renewed warnings that failure to repair Nassau harbour’s western breakwater could “result in immense damage to, and threaten life”, in the city centre. It added that
reversing the continued deterioration of this protective barrier against storm surge and high seas remains on its “front burner” due to the danger posed not just to its own viability but Nassau’s cruise tourism product. The BISX-listed port owner and operator, repeating an annual call for action that goes back at least five to six years, said in 2022 it had “an obligation” to continue working with the Government in a bid to see repair work begin. “For the new fiscal year and beyond, the restoration of the Nassau
Harbour western breakwater will remain on the front burner for APD, owing to the threat this vital barrier’s ongoing degradation poses to the safety of ships entering the harbour to do business with Nassau Container Port and Nassau Cruise Port,” the Arawak Cay port owner said. “Furthermore, this situation impacts the efficiency of, and profitability of, both entities as well as that of the tourism/hospitality plant and other coastal business ventures. Moreover, if erosion of this essential barrier continues, as science and observation have
shown us, failure to rebuild could result in immense damage to the city itself and threaten life. We take it as an obligation to continue to work with government to see the project launched in 2022-2023.” Nassau Container Port and its senior executives have constantly urged that repairs to the breakwater be a high-priority item given the potential threat to tourism, the cruise industry and commercial shipping - all three of which are industries that the Bahamian economy and society rely heavily on to provide a lifeline.
PAGE 14, Monday, November 6, 2023
THE TRIBUNE
Balmoral to appeal ‘baffling’ hotel denial FROM PAGE B1 from the early 2022 decision in its bid to gain approval for the larger version. Tribune Business sources, speaking on condition of anonymity, said Balmoral residents and homeowners were unaware of the four-storey proposal or the original Town Planning Committee approval from 2022 until the expansion to eight storeys required that the project be published in the newspapers and a public hearing held. Mr Mortimer added: “The other question that they raised was the scaling, and we can address that. But the building will be no taller than many other buildings that exist around them. One thousand feet to the west, next to the American Embassy, there is a building much taller than that. So I do believe based on the facts that were discussed at the meeting we will address these issues properly.” Balmoral residents had voiced their concerns over not being consulted on such a large structure, but Mr Mortimer said: “It’s not my fault if I invited the residents to a meeting to discuss the matter and
nobody showed up to hear what I had to say.” Although he is travelling presently, Mr Mortimer said the first thing he will do when he returns to The Bahamas is launch a proper appeal, remove all emotions from the debate and just “present the Board with the facts”. Some $150,000 has been invested in preliminary planning for the project, and he added: “We are ready to turn and go full blown with the project in the first quarter next year. It’s our industry and you will see a number of Bahamian hoteliers and Bahamians getting into the hotel industry. This is just one and there is more to come.” Keenan Johnson, the Town Planning Committee’s chairman, earlier confirmed to Tribune Business that site plan approval was refused because the project’s scale and “height in and of itself” did not fit with the existing gated residential community on Sanford Drive. He explained, though, that the rejection of the eight-storey proposal does not impact the previous approval granted to the Balmoral Club’s four-storey
version in February last year. “Last year February they made a request for four storeys, which was approved,” Mr Johnson said, “and then requested a variation to eight storeys. “The public hearing was about the application that we received for eight storeys. They had already been approved for four storeys. This approval only lasts for a particular period of time that they have to act on it. If they do not move ahead with the development for four storeys in a particular timeframe, that approval will expire and they will have to register for re-approval.” It is presently unclear whether the Balmoral Club will move ahead with the four-storey proposal. The earlier Town Planning Committee approval, revealing that the condo hotel application was first submitted more than two years ago on August 24, 2021, granted site plan approval subject to the project meeting several other conditions. These included obtaining a Certificate of Environmental Clearance (CEC) from the Department of Environmental Planning and Protection (DEPP)
prior to work beginning. “On-site drainage and internal roadways must meet the requirements of the civil design section of the Ministry of Works,” the earlier Town Planning Committee approval stipulated. “Provisions for site infrastructure (electricity, water supply and treatment and waste management) must be reviewed and meet the requirements of the relevant utility corporations. Any excavation on the property must adhere to the provisions of the Conservation and Protection of the Physical Landscape of The Bahamas Act.” Charles Diggiss, the condo hotel’s architect and project manager, in a May 30, 2023, letter said a “deviation” from the original 2022 approval was being sought because of a change in the condo hotel’s location to the north-east portion of the existing Balmoral clubhouse. No mention was made of the doubling in storeys from four to eight. Balmoral residents, in the petition opposing the 119 feet high condo hotel in their gated community, located on Sanford Drive just to the west of the US ambassador’s residence and at the back entrance to the
Prime Minister’s Office/ Ministry of Finance, argued that its development would undermine their quality of life, security and hit property values. “The presence of a hotel will undoubtedly decrease property values in the area due to persons not wishing to live in a commercialzoned area with excess noise, traffic and increased security risks,” the petition argued. It also referred to fears over the “potential difficulty of selling or renting residential properties in a commercialised neighbourhood originally sold/ marketed as a gated private resident neighbourhood. The community in its current state is very desirable, and this desire will decrease with the addition of a hotel. “Residents who purchased or invested in Balmoral because of the privately gated nature of the development will now want to sell their homes rather than be a part of a commercialised community,” the petition added. “More than 200 families call Balmoral home. They trust that their children are safe playing out of doors. They feel secure walking their dog in the evening or
arriving home and entering their doors after dark knowing that the security at the gate and roaming in golf carts provides the soughtafter protection for which they pay monthly in their HOA (homeowners association) fees. “A hotel within the confines of a solely residential neighbourhood opens the doors to those who come and go on a transient basis. They have no ties to the community and there is no way to track who enters the property as hotel guests, their guests, vendors, staff, taxi and livery services, housekeeping, laundry services and more.” The petition also argued that a condo hotel would over-burden Balmoral’s already-strained infrastructure. “The single condo, townhouse, 2.5 storey and private residences of the gated community of Balmoral were constructed on the site of what was a single-family estate,” it added. “The infrastructure is strained to the limit at present. Sewerage back-ups are far too common.”
THE TRIBUNE
Monday, November 6, 2023, PAGE 15
Marina operator says: ‘We’re not better deal’ FROM PAGE B1 He also asserted that, unlike other jurisdictions, foreign yacht charters are not able to offset or ‘net off’ the VAT incurred on their in-country supplies purchases against the 10 percent levy paid to the Government on the charter fee. Speaking after returning from the recent Fort Lauderdale Boat Show, as well as the Monaco Boat Show, Mr Maury said The Bahamas and its private sector “showed well” but expressed misgivings over whether this will outweigh all the negatives currently impacting the jurisdiction’s attraction for boat captains, charter firms and yacht brokers. “The feedback is the same as always,” he told Tribune Business. “People want to come to The Bahamas but we have a very difficult and very complicated way for boats to enter the country, pay all the fees and everything else. It’s not easy; it’s very complicated no matter what people say. “The Government always says they’re super rich and can pay the tax. But people want value for money whether they’re wealthy or
not. They don’t want a complicated process. We had a good show, and a lot of Bahamian companies were there. But it doesn’t matter when we make it so difficult. It takes us down a few notches. “As an Association, a group of companies, a Board, we’ve tried to mention to the Government they need to make this whole process better and nobody seems to be listening. We have the likes of Belize, Costa Rica, the Virgin Islands, even Jamaica getting into the yacht and marina programme now.” Mr Maury reiterated previous voiced concerns that the process of obtaining a charter licence to operate in The Bahamas has been made more complex by the requirement to manually obtain a “commercial transire”, a shipping document normally used by cargo vessels in relation to duty payments, before vesses can get their cruising permit and pay associated fees to the Port Department. Whereas previously they could obtain a cruising permit, apply to the Port Department for a charter licence, pay their 4
Opposition: Pay for VAT food relief via higher property rate FROM PAGE B2 shown that an effective way of encouraging healthy eating is by making healthy food cheaper.” Mr Thompson urged the Government to consult with “major food stores and listen to businesses and consumers to come up with a VAT-free list of essential healthy food”, and also “expand the traditional breadbasket list to include healthier food, such as fruits and vegetables”. “Use the examples of other countries that have changed their course and removed VAT from essential food,” he added. “In Portugal, the government has removed VAT from
essential food temporarily to bring relief from high food prices. In Spain and Germany, the government has taken similar measures. In addition, the Caribbean country of Trinidad and Tobago has done the same. “The PLP government must be concerned and take action to mitigate the impact of food price increases on all consumers, particularly the vulnerable. We again demand the Government cease its stubbornness and mitigate the impact of rising food prices by immediately removing VAT from essential healthy food items, such as fruits and vegetables and other healthy foods.”
percent fee and start work, he added that they now have to obtain the transire from Customs and produce this to obtain the charter licence. “This takes three to four weeks. Nobody will come here for a month and go through this process. It’s too difficult,” Mr Maury argued, adding that foreign charters now also have to obtain a Taxpayer Identification Number (TIN) to pay the 10 percent VAT now also due on the foreign charter fee. “A lot of other countries have a much easier process for when you bring stuff in for boats. You’re allowed to bring it in duty-free and they spend their money in-country,” he added. “I don’t want to get myself in trouble. Our product is very expensive. Our fuel is more expensive, our groceries are more expensive because we have high duty rates and VAT. “On competitiveness, we’re not even close. We charge VAT, we charge the 4 percent Port Department fee when other countries are at zero.” Mr Maury said that while the Government liked to compare The Bahamas to Europe when
it came to boating industry taxes, the latter operated VAT differently than this nation when it came the sector. He added that, in Europe, boats were able to offset or ‘net off’ a portion of the VAT payable on the charter fee against what they paid in taxes on fuel, groceries and other consumable supplies. This, the former ABM president added, incentivised charters, guests and crew to spend money in the destinations they visit, thereby boosting economic activity and employment. But The Bahamas, Mr Maury said, was not doing it this way. While in Monaco, he said the president of the European Council of Yacht Professionals informed him that The Bahamas has “the highest tax rates not in the Caribbean but the world” when it comes to the yachting and boating sector. “The market is definitely becoming more competitive,” the ex-ABM president said. “In my opinion, there’s going to be people looking for a better deal, and we’re not a better deal. If the Government can move at the speed with which they introduced these changes, we have a shot at
salvaging our winter season. They need to go back to the way it was done before.” Calling on the Government to eliminate the 4 percent Port Department fee, and keep the VAT while giving the ability for charters to deduct what is paid against their local spending, Mr Maury added: “The reservations aren’t what they were prior to the new set of rules coming in. I know that for a fact, and know that from other operators, not only me. Other marinas are seeing what we’re seeing. “I wish some people in government would sit down and meet with the stakeholders. No matter what they think, we know what’s going on. We deal directly with the customers. There seems to be a disconnect hearing what we’re saying.” As for the winter season’s prospects, Mr Maury said: “I think it’s going to be a challenge. It’s going to be a challenge for some of us to meet our budget in my opinion. Our fuel is a lot higher, our cost of goods is a lot higher. It’s going to be challenging because people are going to make decisions based on economics
“The show was good. There were a lot of boats. We have to be more proactive in getting them to come to The Bahamas and stop thinking we’re the only place in the planet.” Marques Williams, the ABM’s current president, said in contrast that The Bahamas received a “very favourable” response at the Fort Lauderdale Boat Show and the main concern was improved communications and giving the industry time to adjust to tax and entry process changes. “Everybody just wants clarity on it,” he told this newspaper. “The general feeling was, ‘hey we understand the VAT and Business Licence fee are going up’. It’s just the messaging and how things are being communicated to the industry. That was the main thing. We’ve got to make sure we get it out there, giving them time to adjust to the changes. “We’re pretty much getting ready for the season. There’s a lot of tentative bookings, so we’re waiting to see how solid and how many of those pan out.”
PAGE 16, Monday, November 6, 2023
THE TRIBUNE
THE CARBON credit trading session with Rick Fox (founder/chief executive, Partanna); Keith Davies, chief executive, Bahamas International Securities Exchange (BISX); Antoine Bastian, director, Carbon Management Ltd; Tara Cooper-Burnside KC and Alexandra Hall (Both Higgs & Johnson partners)
LAW FIRM’S FORUM TALKS T CARBON CREDITS, AVIATON
he Higgs & Johnson law firm held its annual private client seminar last week, featuring sessions and panel discussions on topics such as carbon credits and their trading plus aviation industry reform.
CHESTER COOPER, deputy prime minister and minister of tourism, investments and aviation, gave opening remarks.
HSBC’s senior wealth planner, Giev Askari, and senior associate, Kimberleigh Turnquest, discuss the next generation of ultra high net worth individuals.
KENDRICK KNOWLES, assistant vice-president of IT and infrastructure at Commonwealth Bank), on the rise of artificial intelligence (AI).
ATTORNEYS in Higgs & Johnson’s private client practice, Dr Earl A. Cash, Sharmon Y. Ingraham and Dinesh Menon, on capacity considerations.
RICK FOX, founder and chief executive of Partanna.