12202022 BUSINESS

Sarkis loss ‘over $3bn’

if Baha Mar hit targets

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SARKIS Izmirlian would so far have “lost more than $3bn” in potential profits alone if the Baha Mar resort from which he was ousted hit his financial projections, an analyst’s report has calculated.

David Bones, the HKA partner and co-lead of its commercial damages practice, in an analysis filed with the New York State Supreme Court on Saturday revealed that he used more “conservative” indicators

to calculate the loss of profits and damages suffered by the Cable Beach mega resort’s developer after he was removed from the project in late 2015.

Determining the impact dating back from year-end 2022 to April 1, 2015, which was just days after Baha Mar’s calamitous missed opening, he calculated Mr Izmirlian’s profit loss at $1.311bn while damages and “out-of-pocket costs” were pegged at $1.435bn. The latter relates to the loss of the developer’s $845m equity investment, including cash, land and other assets, plus pre-judgment through to year-end 2022.

Insurers: ‘Light at end of tunnel’ over taxation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN insurers yesterday voiced relief that there is “light at the end of the tunnel” after the Government said it would drop plans to move the industry to a Business Licence fee taxation regime.

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that both sides have made “significant progress” in resolving concerns stemming from the May Budget announcement that the Davis administration planned to ditch the existing 3 percent premium tax in favour of a switching to a 2.25 percent Business Licence.

Following a recent meeting between the sector and Prime Minister Philip Davis and his officials, the Government has now decided to ditch the Business Licence move and retain the existing premium tax regime. However, it will now introduce a new levy on what is being termed “other income” earned by insurers.

Mr Saunders, who told this newspaper that the industry has “no issue with paying more taxes”, said it was now awaiting clarification from Simon Wilson, the Ministry of Finance’s financial secretary, on how the Government plans to define “other income” and what will be included in the base that determines the

amount of taxation to be paid.

He added, though, that the key issue for the industry was to retain the existing premium tax regime as the switch to a Business Licence fee regime would have forced insurers “to change their business model”.

The RoyalStar chief told Tribune Business: “The industry met with the Prime Minster, and I think we have light at the end of the tunnel on the premium tax matter. We met with the Prime Minister and his team, and there’s been significant progress on the matter.

“At least the industry knows what they require. There are still some areas where we are working with the financial secretary on clarifying, but this matter I believe is substantially behind us. What’s to be clarified is that they’re going to keep the premium tax regime in place but they also want a tax on ‘other income’, so we just want a clarification on what they mean by ‘other income’.”

Mr Saunders said insurers wanted to know whether this definition included investment income and earnings from stocks, as well as realised and unrealised gains in the value of assets in their balance sheets. He added, though, that the key issue of retaining the premium tax structure had been settled after almost seven months of uncertainty,

The combined $2.746bn financial blow was described as “massive” by Mr Izmirlian and his Baha Mar Properties vehicle in December 17, 2022, legal filings related to the latest round of their $2.25bn fraud and breach of contract claim against China Construction America (CCA), Baha Mar’s contractor. They cited it as evidence of just how much their removal from a project they conceived has cost them.

However, the Chinese state-owned contractor has also produced analysis asserting that it has suffered a

•

CCA: Sarkis ‘inflaming anti-Chinese sentiment’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHA Mar’s main contractor has accused Sarkis Izmirlian of “a nakedly xenophobic attempt to inflame anti-Chinese sentiment” while asserting there is “no evidence” it misused $54m to acquire the then-British Colonial Hilton.

China Construction America (CCA) and its affiliates, blasting back at allegations by Baha Mar’s original developer that it conspired with other Beijing-owned entities to seize control of the multibillion project, accused him of implying that the Bahamian court proceedings that oversaw the mega resort’s emergence from receivership “were improper or tainted”.

And it also dismissed Mr Izmirlian’s accusations that it “diverted” $54.6m

in “emergency funding” intended to speed up, and secure, Baha Mar’s timely construction completion to instead acquire downtown Nassau’s British Colonial resort and the adjacent six-acre land parcel that has now become The Pointe complex and Margaritaville resort.

A report commissioned by Mr Izmirlian from Paul Pocalyko, a certified financial forensics and fraud examiner with the HKA advisory firm, found that the $54.6m - intended to pay debts owed to CCA’s Bahamian and foreign sub-contractors - hit the Chinese state-owned company’s bank accounts just 18 days before it withdrew “at least $57m” to pay for the British Colonial acquisition.

However, in its Friday legal filings in the New York State Supreme Court, CCA asserted that

• Says no Chinese ‘conspiracy’ to seize Baha Mar

• And ‘no evidence” $54.6m misused for Hilton deal

• Same bank account already held ‘twice’ the price

his right to fight extradition to the US after a court hearing that some foreign media described as “a farce”, the ORG chief argued that this nation should have learnt

there is nothing to prove that the financing destined for Baha Mar was switched to its own Nassau resort interests. It argued that the bank account which received the $54.6m already held some $106.8m, taking the total sum on deposit to $161.4m.

As a result, the contractor said it already possessed “more than double” the sum required to acquire the now-closed British

PAGE B5

that lesson when Baha Mar fell into Chapter 11 bankruptcy protection and subsequent Bahamian legal proceedings that delayed its

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GOVERNANCE

reformers are arguing that FTX’s implosion further reinforces that there is “no silver bullet to solve our economic growth issues coming out of Dorian and COVID-19”.

Skills transfer woe still a ‘sad reality’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas must change “the sad reality” that key skills and knowledge are not being passed on to local workers by expatriate work permit holders, a prominent contractor argued yesterday.

Leonard Sands, the Bahamian Contractors Association’s (BCA) president, told Tribune Business

this is “the component of the work permit” process where the country falls down as it results in the repeated importation of skilled expatriates because Bahamians have not been properly trained to full these posts.

Speaking after The Pointe’s supposed 70:30 construction workforce split in favour of Bahamians reared up again, he argued that better enforcement of such Heads of Agreement

terms and a stronger partnership between the Government and local construction industry when negotiating such deals was needed.

Calling for more emphasis to be placed on skills and knowledge transfer to Bahamians, Mr Sands told this newspaper: “If every time you’re going to bring in skills from outside the country you’re never going

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the crypto currency exchange’s spectacular collapse again showed the danger for The Bahamas in relying upon one major foreign investor to serve as “a game changer”.

Speaking before Sam Bankman-Fried, FTX’s embattled founder, waived

LEONARD SANDS

BAHA MAR RESORT

THE POINTE

ENTREPRENEURS GAIN KICKSTART VIA ROYAL CARIBBEAN INITIATIVE

FIVE Bahamian entrepreneurs have been awarded funding from Royal Caribbean International’s Kickstarter Programme following a final pitch competition held after eight weeks of small business training.

The first group to pass through the programme focused on a wide range of tourism-based businesses, several of which are aiming to shake up the way things are done within the industry. From tour companies to rentals for travellers with young children, the prize winners’ ideas considered the many facets of Bahamian tourism.

One Big Nut, the start-up that took home top prize, wishes to bring fresh perspective to Nassau’s West Bay Street staple of coconut water. Whether for sipping on its own or mixing in “gully wash”, fresh coconut water is much-loved but not always easy to come by, and worries about sanitary handling can overshadow the longing for a good gulp.

Alex Holden, one of the company’s co-founders, is bringing technology and tradition together by using the latest equipment to speed up the process of extracting coconut water. “At One Big Nut we are offering more than just coconut water. We are providing a safe, comfortable and authentic cultural experience,” he said.

“You can sit down and sip while our friendly staff serves you. Our coconuts come pre-chilled, pre-drilled and ready to drink, making them more refreshing and fun than any coconut water you could buy from the roadside or the food store.”

Crystal Campbell, director of business integration and destination development at Royal Caribbean, helped judge the competition. She said One Big Nut received the top prize after gaining the top score in all the judging categories, including innovation and impact; viability; sustainability; capacity; and overall presentation and delivery.

“Their concept reinvented the coconut vendor seen across The Bahamas,” said Ms Campbell. “They not only sought to create sustainable kiosks that are fun and inviting, but also simplify the process for the vendors with advanced equipment.”

Mr Holden said he did not expect to win the competition, but added that the funding will help to buy machinery and build the “giant coconut” they will operate out of. Mr Holden said the Royal Caribbean initiative provided

more value than just the financing.

“The one-on-one tutoring was one of the most valuable parts of the programme,” he said. “Also competing against talented Bahamians with great business ideas forces you to sharpen your skills. We would recommend every Bahamian entrepreneur sign up for the programme. Just bring your most creative idea and don’t be afraid to think outside of the box.”

The Kickstarter Programme, which is a collaborative effort between the cruise line and the Small Business Development Centre (SBDC), provides entrepreneurs with learning and funding opportunities to help start their businesses.

Samantha Rolle, the SBDC’s executive director, said: “SBDC’s partnership with Royal Caribbean group continues to be instrumental in curating entrepreneurial funding and training programmes which open doors for a variety of Bahamian businesses in the tourism industry.”

The programme begins with an eight-week training camp, and culminates with a pitch competition where competitors get the opportunity to win up to $15,000 in funding for their ventures.

Baha Moments, a tour company founded by D’Asante Small, took second place with a $10,000 funding prize. Revealing that she developed the idea for her business in 2020, Ms Small said: “In the midst of the pandemic, I developed what I believe will be a catalyst to the transformation of our tourism industry in The Bahamas. I was inspired to reimagine the way Bahamians access the tourism industry, and the way our visitors access Bahamian experiences.”

Ms Small said Baha Moments focuses on developing unique experiences in collaboration with vendors to ensure visitors enjoy their stay while receiving local perspectives and an infusion of Bahamian culture.

She added that she decided to participate in the Kickstarter Programme to tap into the cruise industry directly to gain insight and industry feedback, given it is a target market for her company. Ms Small said the initiative helped her fine-tune elements of her business plan, website and marketing strategy.

“The next step for us is our digital launch, which this seed money will assist to engage influencers and launch our digital ads,” she said. The third place prize of $7,500 was won by Lignum Vitae, a Grand Bahama-based store specialising in locally-produced goods.

Ariel Ferree, its proprietor, said the concept was conceived to highlight both Bahamian creators

and innovators, while providing sustainable shopping solutions.

“We want to make it as easy as possible for people to embrace a more eco-conscious lifestyle without even knowing it, because one of the biggest things that we can do is sourcing as many things locally as we can,” she said.

Ms Ferree said Lignum Vitae will carry products ranging from home decor to jewellery and fashion items to locally pressed oil and more. “It’s going to be a market and deli, so people can try some of the goods as well,” she added.

“Through the programme I was able to connect with some of the people from Grand Bahama specifically... A lot of them are the makers and the growers, and some people I’m working with to have some of their products in Lignum Vitae.”

Tishka Moss, the owner of Traveling Tots Rentals, said she was drawn to the programmed because of the education opportunities.

“It was the education aspect that drew me to apply to the boot camp,” she said. Ms Moss received a $5,000 prize to help fund her business, which was started earlier this year. Traveling Tots Rentals provides rental cribs, highchairs, strollers, car seats and other equipment needed for travelling with young children.

“It was such a hassle travelling with my young sons, and I thought about all the tourists who come to Nassau with the same issue,” said Ms Moss. While she had a steady stream of rentals before the Kickstarter programme, she now plans to use the funds to upgrade her website and provide a more user-friendly experience.

Misty Johnson, who owns AmaziTours, said her $5000 award will help achieve a big dream. Based in Freeport, she wants to ultimately start an amphibious tour.

“In order for us to get to that, we need to do something else to raise some money,” she said. “So we thought of barbecue boats, which is also a unique tour.”

Ms Johnson said the funding will help her begin the barbecue tours, which allow groups to tour the waters of Grand Bahama and end on the beach for a barbecue they will always remember. “I knew I wouldn’t have been able to secure an amphibious bike with the prize money, but it’s a start for us to get the barbecue boat,” she added.

“This has provided not only the opportunity to launch AMaziTours, but it has also given me a wealth of knowledge. Without this course, I wouldn’t be able to confidently pursue opportunities afforded to small businesses like AMaziTours.”

SUNWING RELAUNCHES GRAND BAHAMA FLIGHTS

SUNWING

to boost Grand Bahama’s

Sunwing will operate two direct flights on Saturdays into Grand Bahama from Montreal and Toronto every week. The other Sunwing flight from Montreal arrived earlier in the day. Sunwing is a low-cost charter service based in Toronto. It offers direct service from airports across Canada to destinations across the US, the Caribbean, Mexico and Central America.

ALEX HOLDEN, Theo McClain and Kowaski Lindley, owners of One Big Nut, won $15,000 in funding through the Royal Caribbean Kickstarter Programme.

Airlines brought 188 passengers to Grand Bahama on its second Saturday flight as it relaunched direct service to the island.

Chester Cooper, deputy prime minister, and minister of tourism, investments and aviation, was joined by Ginger Moxey, minister for Grand Bahama, and other government officials in welcoming the passengers as they disembarked. The Sunwing flights are another element in the Ministry of Tourism’s wider strategy

struggling economy through additional airlift.

FLIGHTS for the fall/winter season are scheduled through to May 1, 2023.

Photo:Andrew Miller/BIS

DPM: GB AIRPORT GROUND BREAKING SET FOR Q1 2023

By

KEMP

THE Deputy Prime Minister yesterday voiced optimism that the groundbreaking for Grand Bahama International Airport’s (GBIA) redevelopment will take place in the 2023 first quarter once the Government approves its new operator.

Chester Cooper, also the minister for tourism, investments and aviation, said the preferred development and operating partner will be presented to the Davis Cabinet within the next

two weeks for its former approval with the selection process at the “stage of completion”.

“We are delighted that we are going to have a strong management partner. We are mandating that the construction is completed by January 2025. This is going to work absolute wonders for the economy of Grand Bahama to attract new investments to the island,” he told media yesterday.

That January 2025 date is the target for construction completion of the airport’s domestic and US terminals.

“We hope that we will see the return of pre-clearance as a result of these two terminals,” Mr Cooper added.

The Government is employing the same model to facilitate Grand Bahama International Airport’s redevelopment as is still being employed for Lynden Pindling International Airport (LPIA) in Nassau. While the Government retains ownership of the assets and real estate, it leases them long-term to an private sector operating/ management company, in that case Nassau Airport Development Company (NAD) and its partner, Vantage.

It is the private sector partner that will be charged with raising the financing for redeveloping Grand Bahama International

Airport, then subsequently managing the facility under a long-term lease concession. The Government, though, will continue to own the asset via the Grand Bahama Airport Development Company. There have been suggestions that Ireland’s Dublin Airport Authority is among the frontrunners for the Grand Bahama deal.

Grand Bahama International Airport has yet to recover from being devastated by Hurricane Dorian’s Category Five storm surge and winds in September 2019. While still able to receive commercial and private aviation traffic, it has also lost its US

pre-clearance facilities. Their restoration, and that of the wider airport given its status as Grand Bahama’s prime stopover visitor gateway, is seen as critical to facilitating the Grand Lucayan resort’s sale.

Mr Cooper, meanwhile, said the Government will also set out a schedule for redeveloping other Family Island airports. He indicated that announcements on Long Island and Cat Island airports will come soon. “I want to be very deliberate when I talk about timeframes. But I can tell you that I’ve given you all of the priority airports on the list of all of the aggressive infrastructural,

aviation development we are going to do,” he said.

The deputy prime minister pledged that their redevelopment will not take as long as Great Harbour Cay Airport in the Berry Islands, which took more than three years to complete after construction was interrupted by COVID-19.

He added: “We are going to build the airport to suit the demands and culture of the islands where they operate. So we don’t have a one size fits all model. But we are going to ensure that we do what’s in the best interests of the people of the islands.”

Berry Islands hail new airport as ‘huge step up from shack’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BERRY Island businesses yesterday hailed their new airport as a “huge step up” that promises to revive the tourism economy.

Tourism holds first in-person AGM since COVID erupted

THE Bahamas Hotel & Tourism Association’s (BHTA) 70th annual general meeting, held on December 9, was the first in-person encounter for three years due to the COVID-19 pandemic.

Tourism stakeholders, government and quasigovernment representatives were presented with a variety of reports from tourism industry partners including Robert “Sandy” Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, who

was re-elected to serve for another two-year term; Jackson Weech, BHTA senior vice-president; and Jamal Glover, BHTA treasurer, who were both re-elected to serve in their respective capacities.

Vernice Walkine, the Nassau Airport Development Company’s (NAD) president and chief executive, was also re-elected to serve for an additional term as vice-president for the BHTA’s allied members.

Jermaine Wright, general manager, Comfort Suites; Marco Gobbi,

general manager of Viva Wyndham Fortuna Beach, Grand Bahama; and Emmanuel ‘Manny’ Alexiou, of the Abaco Beach Resort & Marina, were elected to serve as vicepresidents for Nassau/ Paradise Island; Grand Bahama and the Family Islands, respectively.

Also reporting were Promotion Board partners including Joy Jibrilu, the Nassau Paradise Island Promotion Board’s (NPIPB) chief executive; Kerry Fountain, executive director of the Bahamas

Out Islands Promotion Board (BOIPB); Carmel Churchill from the Grand Bahama Island Tourism Board; and Basil Smith, executive director of the Association of Bahamas Marinas (ABM).

The Ministry of Tourism, Investments and Aviation was well-represented with its permanent secretary, Reginald Saunders, and acting director-general, Latia Duncombe, in attendance. Shevonn Cambridge, Bahamas Power & Light’s (BPL) chief executive, spoke as part of an effort to “continue the conversation and collaborate in a meaningful manner” to address energy costs and reliability in New Providence and the Family Islands.

BTVI launches its upgraded website

THE Bahamas Technical and Vocational Institute (BTVI) is promising that current and potential students, as well as other stakeholders, will be greeted with a more engaging and innovative website for the institution.

Developed with a focus on user needs and expectations, BTVI in a statement unveiled a revamped website that highlights BTVI programmes, campus life, events and news.

BTVI’s interim president, Dr. Linda A. Davis, said: “The new BTVI website better embodies our culture and character as a leading technical and vocational education and training (TVET) institute. It was a huge, deliberate undertaking and reflects our commitment to continually improve our services offered to a diverse college community, which consists mostly of digitallyinclined individuals who expect a modern online resource.

“We know that our students, alumni, faculty and even industry partners will find the website especially useful, and are excited to launch with thanks to the hard work and dedicated efforts of both internal and external contributors.”

In the lead up to the website’s launch, BTVI executives and staff met with Sophia Walker of AIFO Design and Consulting to present ideas, review updates and give feedback on matters ranging from website copy to layout and design.

“The objective of AIFOS Design and Consulting in leading this project was to co-ordinate the launch of the corporate website along with a cross-section of individuals across BTVI. For the initial launch, we have created a redesigned web presence that members of

the institution can be proud of,” Ms Walker said.

“A website is dynamic, and all visitors to the site can look forward to continuous improvement, feature enhancements and incorporation of essential

functionality. It is certainly a pleasure collaborating on a project with persons of shared vision and commitment to achieving the desired outcomes.”

The website’s second phase upgrade will include

THE BAHAMAS Technical and Vocational Institute’s (BTVI) Board of Directors were the first to officially explore the institute’s new digital hub, www.btvi.edu.bs. The project was led by Sophia Walker (standing) of AIFO Design and Consulting, and supported by members of BTVI’s internal team, including Kingsley Forbes and Candeece Gibson, who are seated at front.

online payment capabilities, alumni merchandise for purchase and additional content - all of which will occur early next year. The project team will also continue to make updates based on recommendations that the first phase of the new website may inspire.

Lena Roberts, general manager of Cooliemae’s Sunset by the Sea, told Tribune Business that the new airport is a “huge step up” from the old terminal building that was used for more than 20 years. “We just need to get the roads fixed now. We need that to be done in order for the guests to be able to come and ride their scooter and rent bicycles, but we will benefit from the airport,” she added.

Naomi Mackey, general manager of Mackey’s Complete Construction, said the new airport is a big difference from the “shack” that the Berry Islands has had to endure for decades. “I was here from 1986 and, over the years and as storms come with the rain, the old building started to fall apart, but here now we are presented with something brand new and we are truly grateful for the new airport,” she added.

“I think this is really going to tip our economy off. We would be able to see daily flights from the US. I believe this will bring the airlines into the Berry Islands once they even see the locals opting to fly direct to the US by hopping on a

flight from here. I see great things from that airport.”

The Berry Islands is home to Royal Caribbean’s private island, the so-called ‘Perfect Day’ destination at Coco Cay. While much of the economy revolves around that project, the new airport will bring “people from around the world” to diversify the tourism product and increase visitor arrivals.

Norman Bastian, coowner of Harbour Inn Guest House, said: “I’m excited about the airport, but I don’t feel it would bring about a huge boost because we depend more on = Royal Caribbean than the domestic travellers.”

He does not believe the new airport will bring more tourists from South Florida, adding: “If they will come then they will come. The airport alone would not bring in any more tourists than we have now. The island needs more in terms of resorts.”

Lillian Wallace, owner of Lily’s Creations, said: “It’s been a long time coming and we should have had it a long time ago, but we give God thanks for it. We just had a shack before this so this is a huge improvement. This has been in the making for the past two years, so no one should be shocked. But this is really nice. I really think this will boost the economy. When you look at the airport, it is nicely tarred and people can see the difference from what it was before.”

BTVI 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.

FROM L to R: Joe Dargavage, principal, Romora Bay Resort & Marina; Joy Jibrilu, chief executive, Nassau Paradise Island Promotion Board and Bahamas Hotel and Tourism Association (BHTA) chairperson; Suzanne Pattusch, executive vice-president, BHTA; Jermaine Wright, vice-president, Nassau/Paradise Island, BHTA and general manager of Comfort Suites; Jackson Weech, senior vice-president, BHTA, and vice-president and general manager, operations, Atlantis; Cheryl Cambridge, Board of Directors, BHTA, and proprietor of Cheryl’s Bahamas Taxi and Tours; Latia Duncombe, acting director-general, Ministry of Tourism; Robert Sands, BHTA president; Vernice Walkine, vice-president, allied members, BHTA, and president and chief executive of The Nassau Airport Development Company (NAD); Jamal Glover, BHTA treasurer and general manager of Bayview Suites; and Emmanuel ‘Manny’ Alexiou, Family Islands vice-president, BHTA, and owner of the Abaco Beach Resort & Marina.

Photo:

Sarkis loss ‘over $3bn’ if Baha Mar hit targets

FROM

collective $357m loss on its preference share investment in Baha Mar when the project was placed into Chapter 11 bankruptcy protection in Delaware, and subsequently joint provisional liquidation and receivership before the Bahamian Supreme Court.

Its own financial forensics analyst, Rodney Sowards of SOCOTEC Advisory, in an August 1, 2022, report submitted to the New York State Supreme Court calculated that besides the loss of its initial $150m investment the Chinese contractor has also lost out on a cumulative $207m in preference share dividend payments dating back more than a decade to when it made that investment in 2011.

The competing damages and loss of profit claims will have to be meticulously unpicked by Judge Andrew Borrock in the New York State Supreme Court when the two parties’ bitter dispute eventually reaches a full trial on the merits of the case. Recent filings by both sides show the court

is having to deal with a rapidly expanding volume of paperwork, coupled with accusations and counteraccusations, in the run-up to the main hearing.

Taking their cue from Mr Bones’ assessment, Mr Izmirlian and his Baha Mar Properties vehicle blasted: “CCA profited enormously from its wrongdoing, including receiving a remobilisation fee ($700m), with catastrophic results for Baha Mar Properties. Baha Mar Properties damages are massive. As explained in the expert report, Baha Mar Properties’ out-of- pocket costs including pre-judgment interest are $1.435bn. Baha Mar Properties’ lost profits are $1.311bn.”

The HKA partner indicated that the latter figure may well have been more had Mr Izmirlian’s projections for Baha Mar’s financial performance through year-end 2022 come true. “Baha Mar Properties’ 2015 projections reflected net operating income (NOI) ranging from $118.8m in 2015 to $315.3m

in 2019,” Mr Bones concluded.

“Had I relied on those NOI projections, and grown 2019 NOI at a compound annual growth rate of 3 percent through 2024, I would have calculated lost profits of $3.051bn discounted to December 31, 2022. In other words, I relied upon available, real-world data and independent research, which served to reduce lost profits by more than $1.7bn.

“This is another indication of the conservative nature of many of the inputs I ultimately selected for my analysis. However, if Baha Mar Properties did generate financial results consistent with its projections, lost profits would be more than $3bn.”

As it was, the HKA partner added: “Baha Mar Properties’ damages related to out-of-pocket costs are $845m, plus $589.646m in pre- judgment interest through December 31, 2022, an approximate date of trial, for a total of $1.435bn. Baha Mar’s damages related to lost profits are $1.311bn, discounted to December 31, 2022, as an

approximation for the date of trial.”

The report explained that the “out-of-pocket” damages suffered by Mr Izmirlian as a result of control being wrested away from him included the loss of real estate parcels, cash “and other tangible and intangible assets” he assembled to form and finance Baha Mar. The latter assets included leased facilities, improvements, personal property, contracts, approvals, hotel assets, intellectual property, intangible personal property, and casino operations and related licenses.

“I understand that as a result of the CCA impacts, Baha Mar Properties lost the value of its contributed assets. Therefore, I have estimated economic damages to Baha Mar Properties in terms of the out-of-pocket losses related to the contributed assets,” Mr Bones wrote.

“The value of the Baha Mar Properties contribution, exclusive of $85m in cash, was agreed to be $745m. Including the cash contribution, Baha Mar

Properties contributed a total of $830m at closing on January 31, 2011.” A further $15m in cash was contributed after the mega resort’s construction suffered an equity shortfall when the March 27, 2015, opening date was missed, thus taking the investment by Mr Izmirlian and his vehicle to $845m.

“As a result of the CCA impacts, including the subsequent bankruptcy and receivership, I understand that the Baha Mar resort did not open as planned on March 27, 2015 and that Baha Mar Properties lost its $845m investment,” Mr Bones assessed.

“I calculated the current value of Baha Mar Properties’ lost investment. Using a pre-judgment interest rate of 9 percent, I calculated out-of-pocket damages of $1.435bn inclusive of the $845m in lost investment and $589.646m in interest accrued from April 1, 2015 through December 31, 2022, an approximation for the date of trial.”

As for calculating Mr Izmirlian’s economic damages, as measured by lost

Insurers: ‘Light at end of tunnel’ over taxation

which he added could have been resolved much earlier if the two sides had met and talked to settle any differences.

“Hopefully we’ll get it done before year-end,” Mr Saunders said of the outstanding matters. “I think the key issue was the

premium tax and not having to change the business model of insurance companies. Because the premium tax is staying it means the business model of companies does not have to change. We’ll have a back and forth with the financial secretary, and are confident we can resolve it in the interests of both parties.

NOTICE

KP INVESTMENT ADVISORS LTD

NOTICE is hereby given as follows:

(a) KP Investment Advisors Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the RegistrarGeneral of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 15th December 2022

Beatus Limited Liquidator

NOTICE

Hopesprings Ltd.

NOTICE is hereby given as follows:

(a) Hopesprings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

N O T I C E

STRAITS HARVEST HOLDINGS LTD.

N O T I C E IS HEREBY GIVEN as follows:

(a) STRAITS HARVEST HOLDINGS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 14th December, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 20th day of December, 2022

Bukit Merah Limited Liquidator

“We’re happy that the Prime Minister stepped in and showed a lot of wisdom in the matter. All could have been resolved if we had sat down at the table with them a long, long time ago. None of us have any issue with paying more taxes; we’re all in the same boat. The issue was just clarifying what they mean

so we all understand what is due to the Government.”

The 3 percent levy paid by consumers on all insurance policies was to be eliminated on July 1 this year as the Budget’s tax measures became law. But the absence of any implementation road map, together with a precise “definition” of what turnover means

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

MSX LTD.

Registration number 205787 B

Notice is hereby given that in accordance with Section 138(8) of the International Business Companies Act 2000, the dissolution of MSX LTD., has been completed. A Certificate of Dissolution has been issued by the Registrar General on the 28th day of November, 2022.

Bruno Toni Sarah LIQUIDATOR

NOTICE

BUBBLE ‘N’ SQUEAK LTD.

NOTICE is hereby given as follows:

(a) Bubble “N” Squeak Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 15th December 2022

Beatus Limited Liquidator

and a clear basis for calculating the new Business Licence fee, left the entire sector - both property and casualty, as well as life and health insurers - scrambling to adjust without possessing key details.

A critical issue was the definition of “turnover” that the Government planned to apply for the purpose of calculating the Business Licence fees payable by the sector. Underwriters, in particular, were seeking clarity as to whether “gross written premium” or “net premium earned”, the latter of which strips out the sums ceded to reinsurers, was to be used as the basis for the calculation or even “net underwriting income”.

The resulting uncertainty made it impossible for the industry to plan or properly advise partners such as reinsurers. Mr Saunders said previously that while Tribune Business’ copy of the Business Licence (Amendment) Bill showed insurers as having to pay a fee equivalent to 2.25 percent of annual turnover, the draft

profits, Mr Bones said he employed Atlantis’ financial performance as well as data from Smith’s Travel Research in the calculations rather than just rely on the original developer’s forecasts. Outstanding debt, cumulative deficits and proceeds from the sale of Baha Mar’s 284 residential units were taken into account.

However, CCA has countered with estimates of its own financial losses. “Had Baha Mar Properties not caused CSCEC Bahamas (China State Construction, CCA’s parent) to lose its investment, and had CSCEC Bahamas been able to redeem the preferred stock, as of the date of this Report, CSCEC Bahamas would be owed its original investment of $150m plus accrued dividends of $207m totaling $357m for its investment in the preferred stock,” its hired analyst wrote.

“After the date of this report, dividends will continue to accrue at a rate of $1.5m per month or $50,000 per day.”

he possesses shows that as being 2 percent.

The Royal Star chief, meanwhile, said there had also been progress in resolving tax concerns specific to health insurers. These centre on the VAT treatment of private medical claims, with the Government seeking to bring this into line with what it argues is standard global practice.

This would result in consumers paying the 10 percent VAT on private health insurance claims payouts, rather than the tax being treated as an ‘input’ deduction and offset against the insurer’s output VAT.

With the industry no longer able to treat medical bill VAT as an ‘input’ deduction, it has warned that consumers will “ultimately” pay the price through having to absorb the levy on their patient care expenses - something that will effectively increase health treatment costs by 10 percent at a time when Bahamians are grappling with soaring inflation and the continuing fall-out from the ongoing COVID-pandemic.

However, Mr Saunders said: “The Government and health insurers are working on a transition on how to deal with that matter.”

NOTICE VATAL INVEST LTD.

NOTICE is hereby given as follows:

(a) Vatal Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 15th December 2022

Beatus Limited Liquidator

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

Harrow European and Emerging Growth Company Ltd. (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No. 45 of 2000), Harrow European and Emerging Growth Company Ltd. Registration no. 91651 B is in dissolution. The date of commencement of the dissolution is the 16th day of December, 2022. The Liquidator is Ian McConnell and can be contacted at Av. de las Américas 8000, Parque Miramar, Canelones SP 14.000, Uruguay. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 28th day of December, 2022

Ian McConnell Liquidator

CCA: Sarkis ‘inflaming anti-Chinese sentiment’

Colonial, and therefore had no need to misuse the $54.6m provided by fellow state-owned entity, the China Export-Import Bank, which was Baha Mar’s main $2.45bn financier.

The heated accusations and denials are contained in the latest legal salvos fired by Mr Izmirlian and CCA in their $2.25bn fraud and breach of contract claims stemming from the disputed events that eventually resulted in Baha Mar’s original developer filing for Chapter 11 bankruptcy protection at end-June 2015 in an ultimately futile attempt to prevent his ousting via a receivership/joint provisional liquidation process that sold the project to Chow Tai Fook Enterprises (CTFE).

CCA, though, in its December 16, 2022, court papers denied that there was any conspiracy involving itself, the China Export-Import Bank and other Beijing-owned entities to force Mr Izmirlian out and wrest control of an asset critical to The

Bahamas’ future economic growth and employment levels.

Referring to Baha Mar’s receivership, from which the project was eventually removed and sold, CCA said: “Baha Mar Properties (Mr Izmirlian’s vehicle) writes in its memorandum that this judicially-supervised process reflects a conspiracy among ‘Chinese entities . . . to ensure that the resort and casino were transferred fully over to Chinese control’.

“But Baha Mar Properties does not include an evidentiary cite for this assertion, or otherwise cite evidence to support its implicit accusation that the end results of the Bahamian judicial proceedings were improper or tainted.

Instead, the accusation appears to be a nakedly xenophobic attempt to capitalise on and inflame anti-Chinese sentiment.”

Tribune Business, though, previously reported on evidence filed as part of the dispute that showed both CCA and the China Export-Import Bank were

treating the mega resort project as “state-owned assets” even prior to Mr Izmirlian’s ousting.

The “meeting minutes” from a September 28, 2015, encounter at the China Export-Import Bank’s conference room in Beijing also raised questions over whether the process to sell Baha Mar in early 2016 was effectively a sham given that the two Chinese stateowned entities had already agreed that they would “give priority to Chinese companies” in the search for a buyer.

The meeting, which was held just after Mr Izmirlian’s Chapter 11 bankruptcy protection bid had been rejected by the Delaware court, was chaired by CCA chairman Guan Qing, and attended by the China Export-Import Bank’s president, Liu Lange. They discussed how to appoint a receiver for Baha Mar and “generally achieve the goal of maintaining the value of state-owned assets”

And CCA was just as dismissive of Mr Izmirlian’s court-filed analysis purporting to show it effectively

misappropriated the $54.6m in Baha Mar financing for its own purposes to fund the British Colonial’s purchase. “Baha Mar Properties’ assertion that CCA (Bahamas) ‘diverted the $54m they had demanded for sub-contractors to finance the Hilton’ is based solely on a citation to an expert report,” the Chinese contractor blasted.

“In the report, Baha Mar Properties’ expert states that the $54m received under the meeting minutes was used to buy the Hilton because the money was received by CCA (Bahamas) 18 days before CCA (Bahamas) closed on the Hilton. The undisputed evidence, however, shows that the bank account in question held approximately $106.8m even prior to the deposit of the $54m on December 5, 2014.

“The December 5 deposit increased the account balance to $161.4m. Therefore, even prior to the receipt of the $54m, CCA (Bahamas) had sufficient funds in its account (nearly twice as much as needed) to consummate the Hilton

Skills transfer woe still a ‘sad reality’

to have the skills transfer. That’s the problem. That’s the component of the work permit process we lack doing development projects.

“If we want that skills transfer, we want a 19 year-old working with a 42 year-old to do that. Because we don’t do that, we have these great projects but no skills transfer. That’s the sad reality. We have to change that.” Knowledge transfer, or the lack of it, from skilled expatriate work permit holders to Bahamians has been a frequent issue across multiple sectors not just construction.

The Pointe’s construction in downtown Nassau, adjacent to the British Colonial resort, saw repeated concerns and criticisms that Bahamian contractors and workers were being denied income and opportunities by the project’s owner, China Construction America (CCA), and its preference for a Chinesemajority workforce despite the 70: 30 worker ratio in favour of locals that was agreed with the then-Christie administration.

Mr Sands said the Government frequently lacked

the data to demonstrate to international developers that Bahamian contractors and workers possess most of the skills and capacity they are seeking because the industry is not consulted on, or involved in, Heads of Agreement negotiations when such terms are discussed.

“The point can always be taken that The Bahamas, as a developing nation, does not have a skilled workforce that could deliver projects of the same scale that international companies are used to,” the BCA president said. “That can always be argued. However, I believe that when you look at what we’ve actually developed that stance turns out not to be true.”

Mr Sands said the construction workforces employed on the Gold Wynn condo project at Goodman’s Bay, as well as One Cable Beach and Sandals Royal Bahamian’s recent upgrades, were between 90-95 percent Bahamian. “The challenge is they [developers] ask the Government to demonstrate the skills capacity within the industry,” he added.

“That’s what our failing is. The Government doesn’t have the data to support

the argument we have the skills capacity to build these projects. If ever the Government gives the BCA an opportunity to advise on how to properly negotiate that part of the Heads of Agreement, that will yield a better result and outcome.”

The BCA chief also said greater enforcement by the Department of Labour is required in ensuring projects live up to their Bahamian worker ratio obligations otherwise “the developer can do whatever they want to do.

“One part of the argument is the Government does not have enough information to negotiate a different kind of agreement, and the Government should have done a better job with the Department of Labour of enforcing the Heads of Agreement,” he added.

The issue of how many Bahamian contractors and construction workers were employed at The Pointe, a $200m development now featuring the Margaritaville resort, condo hotel, parking lot, retail, office and other amenities, was a long-running controversy amid work that largely took place under the Minnis administration.

frequently blast The Bahamas in public, that the crypto currency exchange’s implosion would have occurred wherever it was domiciled.

Numerous calls were made for the Department of Labour to investigate whether CCA was breaching the project Heads of Agreement, and denying contractors and their employees much-needed income. CCA was so insistent on a majority Chinese workforce that it threatened to “downsize” The Pointe project unless it got its way.

This was triggered by a May 13, 2015, e-mail from Sir Baltron Bethel, Prime Minister Perry Christie’s senior policy adviser, to Daniel Liu, CCA Bahamas senior vice-president, which said: “I refer to your May 7 e-mail and your suggested language relating to the 70:30 ratio of Bahamian to non-Bahamian labour. This ratio applies only to persons employed in construction.”

purchase. Since money is fungible, there is no evidence to support the expert’s opinion that the $54m received from Baha Mar [the China ExportImport Bank] was used to purchase the Hilton.”

Mr Pocalyko, in his report, found CCA signed the agreements to acquire the British Colonial and adjacent six-acre parcel on October 21, 2014. This was less than a month before the November 17-18 meetings in Beijing, during which Baha Mar and the contractor sought to resolve their commercial and scheduling disputes under the China Export-Import Bank’s watchful eyes.

This produced the agreed March 27, 2015, opening and substantial completion date that was ultimately missed and triggered the Chapter 11 crisis. In return, Baha Mar agreed to pay $54.6m to CCA by submitting an “emergency” request to the China Export-Import Bank for release of such funding.

Some $7.551m of this sum represented 50 percent of costs in dispute; a further

He then proposed altering the draft Heads of Agreement text to reflect this, amending a version that stipulated the same 70:30 ratio in favour of Bahamian workers was also to apply to operations staff and management. Sir Baltron’s version confirmed that Bahamian sub-contractors “will perform at least 40 percent of the construction work”, and be included as part of the 70:30 split.

Yet Mr Christie’s senior policy adviser crossed out language that included operations and management staff in this ratio. This provoked fury from Mr Liu and CCA, with the former writing: “It’s impossible for us to employ 70 percent Bahamian construction workers on the project because that only leaves 30 percent left as Chinese construction workers.

“If we have 400 Chinese workers that means we’d have to employ over 900 Bahamians. Then employ a

$32.071m was to cover 70 percent of costs in review; and the $15m balance as to settle all outstanding commercial disputes.

However, Mr Pocalyko concluded: “Based on my analysis, CCA (Bahamas) utilised the cash it obtained from Baha Mar to fund the acquisition of the Hilton transaction as opposed to paying the sub-contractors and suppliers for the project.”

CCA identified just five sub-contractors as receiving a collective $7.41m out of the $54.6m total, with the balance going to unidentified companies, and the forensic accountant said it was unusual that all payments were rounded to the nearest ten thousand. Mr Pocalyko said numerous sub-contractors continued to complain about nonpayment for months after the $54.6m was received, including Bahamas Hot Mix and Bahamas Marine Construction.

These assertions, though, were vehemently denied by CCA.

further 500 permanent staff to run the hotel. For a start we won’t need 1,300 people to build this project and, second, why are the permanent staff being excluded or described differently from construction workers........ Jobs are jobs, right?”

CCA argued that “the super structure and shell and base build, large MEP (mechanical, engineering and plumbing” were construction skills “most Bahamians do not possess”, indicating that the fit-out of The Pointe’s retail stores was more appropriate for locals.

Mr Liu justified the contractor’s stance by pointing to American and Mexican workers engaged on Baha Mar’s multi-storey car park and Atlantis’ MEP works, respectively, and added: “I think there is a misunderstanding at Cabinet level as to what’s possible on our project re: labour and also what’s available in the local work pool.”

completion and opening for some two years.

Mr Aubry also suggested to this newspaper that the laser-like focus successive administrations have placed on attracting multi-million foreign direct investment (FDI) projects has served to distract attention from building greater resilience in the domestic Bahamian economy, and enabling small businesses to scale up so they can become midsized and larger enterprises.

“I think it highlights a couple of things,” he explained of the FTX situation. “We’ve seen this before in The Bahamas, building out foreign direct investment as the next big thing. We’ve seen projects like Baha Mar have hiccups where entities do not manifest themselves exactly as intended, but the presentation the Government puts out; it puts more emphasis on whatever entities are coming in and bringing investment to move forward.

“The big lesson coming from this is there’s no silver bullet to solve our economic growth issues coming out of Dorian and COVID. We need to spend time building local economic development, building more resilience to external shocks, whether it’s things like this, COVID and hurricanes coming in here.

“We need to nurture scalable small businesses that move into medium-sized businesses, that move into larger businesses. It reinforces this need to have

solid, diverse, inclusive economic growth. Our focus on one big project coming in and changing the game takes our focus off building slow and steady in other spaces.”

Arguing that the Government’s latest public procurement reforms, which are designed to create a fair, transparent and competitive tendering process for all public sector contracts and counter the decades-old system of political patronage, is one such area that requires sustained attention, Mr Aubry said initiatives that foster small and local business growth will better enable the economy to withstand FTX-style collapses.

“If a problem like FTX comes around, it doesn’t send such different types of shocks through the system,” he explained. “It’s not going to move our attention off building or with what’s happening with small local businesses.”

The ORG chief agreed with Prime Minister Philip Davis, in an assessment that was also backed by John Ray, FTX’s now-US chief who has chosen to

“This is something that could have happened in any jurisdiction,” Mr Aubry argued. “We are dealing with a new industry. It’s important to keep this in context. We’ve seen other large scale businesses go down through poor administration or lack of appropriate corporate governance structures. That’s not the Government’s responsibility to ensure an entity like that is going to be successful.

“It’s important to remember, first and foremost, that The Bahamas should never expect to live or die by one project or one entity like that. It does raise a number of things. From a regulatory standpoint specifically related to crypto, the industry as we look at it is this is new territory...

“If we are going to position ourselves to take advantage of it, we have to ensure that as entities come there’s a better sense of what things look like and what framework we need for the build-out of this industry. We now have a bit of real life experience in what can go wrong.”

Wall Street loses ground, marking 2nd straight weekly loss

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers

WALL Street racked up more losses Friday, as worries mounted that the Federal Reserve and other central banks are willing to bring on a recession if that’s what it takes to crush inflation.

The S&P 500 fell 1.1%, its third straight drop. The Dow Jones Industrial Average dropped 0.8% and the Nasdaq composite lost 1%. The major indexes marked their second straight weekly loss.

The pullback was broad. More than 80% of stocks in the benchmark S&P 500 fell. Technology and health

care stocks were among the biggest weights on the market. Microsoft fell 1.7% and Pfizer slid 4.1%.

The Fed this week raised its forecast for how high it will ultimately take interest rates and tried to dash some investors’ hopes that rate cuts may happen next year. In Europe, the central bank came off as even more aggressive in many investors’ eyes.

“Inflation continues to be the monster in the room,” said Liz Young, head of investment strategy at SoFi.

Inflation has been easing from its hottest levels in decades, but remains painfully high. That has prompted the Fed to maintain its aggressive attack

on prices by raising interest rates to slow economic growth. The strategy increasingly risks slamming on the brakes too hard and sending an already slowing economy into a recession.

“Whether it’s a mild, medium, or deep recession is still unknown,” Young said.

A mixed report from S&P Global on Friday highlighted the recession risk. It showed that business activity slowed more than expected this month as inflation squeezes companies. It also noted that it was the sharpest drop since May of 2020, but that inflation pressures have also been easing.

“In short, the survey data suggest that Fed rate hikes are having the desired effect on inflation, but that the economic cost is building and recession risks are consequently mounting,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said.

The S&P 500 fell 43.39 points to 3,852.36. It’s now down about 19% this year. The Dow dropped 281.76 points to finish at 32,920.46. The Nasdaq slid 105.11 points to 10,705.41.

Small company stocks had more moderate losses than the broader market. The Russell 2000 fell 11.19 points, or 0.6%, to 1,763.42.

Bond yields were mixed. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.49% from 3.45% late Thursday. The yield on the two-year Treasury, which closely tracks expectations for Fed moves, fell to 4.21% from 4.24% late Thursday.

The Fed on Wednesday ended its final meeting of the year by raising its shortterm interest rate by half a percentage point, its seventh straight increase this year. Wall Street had been hoping that the central bank would signal an easing of rate increases heading into 2023, but the Fed instead signaled the opposite.

The federal funds rate stands at a range of 4.25%

to 4.5%, the highest level in 15 years. Fed policymakers forecast that the central bank’s rate will reach a range of 5% to 5.25% by the end of 2023. Their forecast doesn’t call for a rate cut before 2024.

Several companies bucked the broader losses on Friday after reporting strong financial results and forecasts. Software maker Adobe rose 3% after topping Wall Street’s fiscal fourth-quarter earnings forecasts. United States Steel gained 5.8% after giving investors a strong earnings forecast.

Asian markets follow Wall St lower amid gloomy outlook

By JOE MCDONALD AP Business Writers

ASIAN stock markets extended their losses Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation.

Shanghai, Hong Kong and Sydney declined. Tokyo advanced. Oil prices rose almost $1 per barrel.

Markets are sliding after the U.S. Federal Reserve raised its key lending rate last week and the European Central Bank said more rate hikes are ahead. That

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, KERVENS HARRIS of P.O Box N-10461 Sandilands Village, Nassau, Bahamas, intend to change my name to KEVIN HARRIS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

fueled investor fears central bankers might be willing to cause a recession to fight inflation that is at multidecade highs. Wall Street declined Monday for a fifth day after the Fed said last week rates might have to stay elevated longer than previously forecast.

“The tone in markets reflects a cloudy outlook for the global economy,” said Anderson Alves of ActivTrades in a report.

The Shanghai Composite Index lost 0.6% to 3,088.80 after the World Bank cut its forecast of China’s economic growth this year to

PUBLIC NOTICE

The Public is hereby advised that I, Emmanise John of Flint & East Street, New Providence, The Bahamas, intend to change my name to Emmanise Jean. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

2.7% from its June outlook of 4.3%. The bank cited repeated shutdowns of major cities to fight COVID-19 outbreaks.

The Hang Seng in Hong Kong sank 1% to 19,151.04 while the Nikkei 225 in Tokyo added 0.3% to 27,319.86.

The Kospi in Seoul shed 0.1% to 2,348.93 and Sydney’s S&P-ASX 200 lost 0.6% to 7,089.30. New Zealand and Southeast Asian markets also retreated.

Wall Street’s benchmark S&P 500 index fell 0.9% to 3,817.66. The index is down about 20% this year with less than two weeks left in 2022. The Dow Jones Industrial Average fell 0.5% to 32,757.54. The Nasdaq composite lost 1.5% to 10,546.03.

Communications services stocks, technology companies and retailers declined. Disney slid 4.8%, Microsoft fell 1.7% and Home Depot dropped 1.9% lower.

Facebook’s parent company fell 4.1% after the European Union accused the company of breaching antitrust rules by distorting competition in the online classified ads business.

The Fed raised its shortterm lending rate last week by one-half percentage in its seventh increase this year. The federal funds rate stands at a 15-year high of range of 4.25% to 4.5%. The Fed forecast that will reach a range of 5% to 5.25% by the end of 2023. The forecast doesn’t call for a cut before 2024.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY

DEED POLL

0.3690.26026.42.67% 4.342.82Cable

0.00%

0.1400.00073.20.00%

0.1840.12019.53.35%

0.4490.22019.02.58%

0.6310.61025.03.87%

The Public is hereby advised that I, Emmanise John of Flint & East Street, New Providence, The Bahamas, intend to change my name to Emmanise Jean. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days

date of publication of this notice.

NOTICE

NOTICE

N-7147,

A CURRENCY trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 20, 2022.

Photo:Ahn Young-joon/AP

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that JEAN CLAUDE JOSEPH of #70 Spring Field Road, Fox Hill, Nassau, 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 13th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that LINOUSE CASIMIR of Okra Hill, Nassau, 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 13th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

is hereby given that WILLIAM KAJOKAYA of P.O Box SP 60178 High Vista, Nassau, 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 20th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box

Nassau, Bahamas.

after the