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‘Don’t derail tourism revival with higher electricity costs’ • Industry can ‘ill-afford’ major BPL hike • BHTA chief hopes fuel hedging stays as.... • ‘Power affordable for first time in long time’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian tourism industry yesterday warned it “can ill-afford to be derailed” from its post-COVID recovery by a hike in electricity prices which remain “pivotal” to the sector’s global competitiveness. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, in an e-mailed response to Tribune Business inquiries said any increase in Bahamas Power & Light (BPL) bills could disrupt “the balance” that the country’s largest industry is constantly striving to achieve between vacation cost and ensuring visitors receive “value for money”.

ROBERT SANDS

BAHAMAS POWER & LIGHT (BPL) Reacting to Shevonn Cambridge, BPL’s newly-appointed chief executive, effectively confirming that light bills will soon increase, he called for “some type

of fuel hedging” to continue as the strategy introduced by the former Minnis administration had meant “electricity was at affordable levels for the first time in a

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Coca-Cola supplier just 6-8% behind pre-COVID

Crowdfunder aiming to be ‘next Bamboo Shack’ A BAHAMIAN restaurant entrepreneur yesterday unveiled ambitions to become “the next Bamboo Shack” after raising almost one-third of his minimum $320,000 capital target within the first ten days. Chef Kevin Culmer, founder of Palmdale-based Tropical Gyros, told Tribune Business he was “ecstatic” after some 195 investors committed to investing a collective $104,000 in the five year-old business during the first days of its crowd funding raise via the ArawakX platform. Hitting the $320,000 minimum will enable the restaurant to “hire another 30 people in the next three months” through moving its present Rosetta Street location to a larger nearby premises, expanding to a second location in the Carmichael area and purchasing a food truck. And Chef Culmer disclosed that it will also set the stage for expansion throughout The Bahamas, Caribbean and even into the US via a franchising model. Revealing that its gyros, salads and bowl offerings have already attracted interest from potential partners in Jamaica and Turks & Caicos, as well as the US, he said a successful crowdfunding raise will enable Tropical Gyros to “quicken the pace” of its growth plans. The restaurant is focused on proving its business model is sustainable in The Bahamas first, and that it “can support more than one operation”, before seeking to franchise internationally over the medium term. “It seems to be gaining some momentum, which is good for us,” Chef Culmer said of retail investor response to the ArawakX crowdfunding. “It’s also good for Bahamian entrepreneurs who are hopeful of raising funds. I think it’s already exceeded our expectations. “The whole platform is new to Bahamians, and it’s not necessarily like a BISX-listed company where you will be trading the shares up and down. This is using money to fund expansion and growth potential. The fact we’ve been able to garner that attention and response in the first ten days of the launch, I’m ecstatic and it gives me cautious optimism we will be able to achieve the minimum raise at least.” Tropical Gyros is targeting a minimum capital raise from Bahamian investors of $320,000, with the maximum set at $850,000. “If we can hit the $320,000 that will put us in good stead to get some things done,” Chef Culmer explained. “One of the things we’re planning to do is that we’re challenged with the space we have right now. Like Roy Schneider, the actor who played the main character in the movie, Jaws, said when he first saw the shark: We need a bigger boat.

long time” over the past two years during the COVID-19 pandemic’s peak. Pointing out that factors such as post-COVID “pent-up demand” will not drive the Bahamian tourism industry’s performance for ever, and that price competitiveness versus rival destinations will again become critical to maintaining market share, Mr Sands told this newspaper: “We are 100 percent on the road to recovery. “However, given what we have just been through, and what may lie ahead, we can ill-afford to be derailed by factors such as a significant hike in the cost of electricity which is already a huge expense

L TO R: Kenneth Donathan, vice-president of investor relations, ArawakX; Nadia Butler, chief compliance officer, ArawakX; D’Arcy Rahming Jr, chief technology officer, ArawakX; Chef Kevin Culmer, co-founder, Tropical Gyros; D’Arcy Rahming Sr, chief executive, ArawakX; Michael Turnquest, ArawakX; Winston Rolle, vice-president of equities, ArawakX.

Gov’t won’t back MSC cruise port takeover By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE DEPUTY prime minister yesterday said the Government will not back the acquisition of a controlling ownership interest in the Nassau Cruise Port by a single or group of cruise lines. Chester Cooper, also minister for tourism, investments and aviation, said ahead of the weekly Cabinet meeting that no application has been

submitted to the Government to acquire that 49 percent equity stake. And, even if such a proposal did emerge, the Government “does not wish for any one cruise line, or combination of cruise lines, to own and operate this port”. “That is still the position of our government, and if there’s an application we will consider it appropriately,” he added. However, it is unclear what the Government can do to block any deal given that any MSC purchase of Global Ports Holding will be

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Supermarkets, with freezers, chillers, compressors and air conditioning that must run 24/7, are among the biggest electricity consumers in The Bahamas along with hotels and other manufacturers. “I suppose we’re going to go back to when oil was expensive. Before we were probably paying $1m a month,” the Super Value chief told this newspaper. “We’re probably at $500,000 to $750,000 a month now. If we go back to the order of $1m, I think it has to be figured into the price of goods. It’s like freight. It costs more to do business. It further increases the cost of living. But, of course, we’re

CARIBBEAN Bottling’s president yesterday revealed it is just 6-8 percent behind pre-COVID business levels despite the cost of key raw materials surging by as much as 20-40 percent. Walter Wells told Tribune Business that the Coca-Cola supplier is forecasting that it will complete its full pandemic recovery by 2023 given that this is inextricably tied to hotel occupancies, employment and disposable income - all of which are coming under growing pressure to varying degrees from the cost of living crisis. Speaking as Bahamas Power & Light (BPL) revealed that high global oil prices will likely produce an electricity bill increase later this summer, he hailed the utility’s previous fuel hedging strategy for both lowering energy costs and providing price stability for homeowners and businesses. Electricity bills were totally driven by consumption (volume), and Mr Wells told this newspaper that it had allowed businesses such as his to engage in long-term planning over six-month periods secure in the knowledge that they would not be hit by sudden “gyrations” in energy costs. Caribbean Bottling, as a manufacturer, is a significant energy consumer and there remains significant uncertainty over whether BPL is negotiating - or has secured - a new hedging strategy to minimise the impact of high global oil prices that last night stood at $110.7 and $114.1 per barrel on the West Texas and Brent Crude indices, respectively. “To be quite frank I actually expected it to go up before now given what we’re seeing with the price of fuel,” Mr Wells said of BPL’s fuel charge and overall bills. “There’s an expectation that it will go up as the price of fuel goes up. It doesn’t help our bottom line, and means at some point that businesses like ourselves have to pass a portion on to consumers. “All we’re doing is contributing further to inflation. It’s a fact of life today.

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CHESTER COOPER concluded offshore outside The Bahamas. Mr Cooper’s comments came after Tribune Business reported last week that Mediterranean Shipping Company (MSC) is weighing up whether to make a formal offer to fully acquire Global Ports

SEE PAGE 4

Super Value to ‘duck’ energy hike via solar By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s president yesterday said it plans to “duck” any long-term impact from higher Bahamas Power & Light (BPL) prices through the installation of solar power across its business beginning on August 2. Rupert Roberts told Tribune Business he was hoping to slash the supermarket chain’s energy bill for its 13 stores and head office by up to 75 percent while acknowledging that, in the short-term, he may have to endure a return to $1m per month electricity bills. Speaking after BPL indicated that higher fuel

RUPERT ROBERTS costs, coupled with the end of its existing fuel hedging strategy, will increase light bills this summer, Mr Roberts said management are monitoring “how much it jumps up compared to last year”.

• Despite 20-40% raw material cost jump • Forecasts full pandemic recovery in 2023 • BPL fuel hedge stopped price ‘gyrations’

PAGE 2, Wednesday, June 22, 2022

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BTC ADDS 3,000 MORE HOMES TO FIBRE NETWORK THE Bahamas Telecommunications Company (BTC) yesterday said another 3,000 homes have been connected to its new fibre-to-the-home network as its infrastructure upgrades continue apace on New Providence and Grand Bahama. The carrier, in a statement, said fixed broadband customers are able to access the Internet much more quickly and efficiently using this network. They can obtain download speeds ranging from 100 megabits per second (mbps) to 600 mbps.

Shantell Cox-Hutchinson, BTC’s director of technology operations, said in a statement: “We are keeping the momentum going and delivering exceptional service for our customers. By providing a personal fibre connection directly to the customer’s home, they get to experience the best connectivity bar none. “In the last two months, we’ve upgraded the infrastructure in over ten communities. With summer now in full swing, upgrading to fibre services will allow your children to do everything they love including

gaming, streaming, downloading and uploading content and so much more, while still allowing more than enough bandwidth for you to also stay connected.” The newly-upgraded communities include Back of Town (Grand Bahama), Dorsett Subdivision, Domingo Heights, Joan’s Heights, Meeting Street, Blue Hill, Kennedy Subdivision, Soldier Road and additional portions of Tropical Gardens. “As a result of the pandemic, many persons are working in a hybrid environment, spending a few days at the officeand other

SHANTELL COX HUTCHINSO

days working at home. With a fibre connection, we’re making it easier for customers to work remotely. Our fully converged suite of services provides all the connectivity customers need at one affordable price,” Ms Cox-Hutchinson said. “You can stay connected while at home or on the go with a BTC bundle, which includes superfast fibre speeds, unlimited landline calls including calls to the US, UK, and Canada, TV channels plus mobile voice and data services at the best rate, with no debate. What’s even better

is, for a limited time, customers will receive a free Samsung tablet when signing up on www.btcbahamas. com. It’s the perfect gift for you or your loved one for the summer holidays.” “The BTC fibre expansion project is expected to be complete by the close of 2023, and we’ve pledged to fully fiberise New Providence and Grand Bahama. Eastern New Providence is 100 percent fiberised, and we are proactively migrating customers from the legacy technology to fibre services as we plan to disable the copper network in the coming months.”

BAHAMAS CLOUD PROVIDER LEADING CARIBBEAN AGAIN A BAHAMIAN cloud services operator has for a fourth consecutive year been named one of the world’s top managed service providers in the 2022 Channel Futures MSP 501 rankings, finishing 12th in the list. Cloud Carib, in a statement, said it was also rated the industry leader for the Caribbean and Latin America. It added that for the past 16 years, managed service providers (MSPs) worldwide have submitted applications to be included on this listing. The Bahamas-based managed services provider first entered the MSP 501 list ranked 160th in 2019, and subsequently significantly improved its rating to 33rd in 2020 and 28th in 2021. “This truly has been a team effort” explained Cloud Carib chief executive, Scott MacKenzie. “Since being recognised for the first time in 2019, we’ve seen consistent growth and that is the result of hard work and dedication put in by all members of our team.”

The Channel Futures MSP 501 survey examines operator performance based on annual sales, recurring revenue, profit margins, revenue mix, growth opportunities, innovation, technology solutions, and company and customer demographics. MSPs that qualify for the list must pass a rigorous review conducted by the research team and editors of Channel Futures. It ranks applicants using a criteria that weighs financial performance according to long-term health and viability, commitment to recurring revenue and operational efficiency. “It is exciting to be named among such an impressive list of MSP’s” said Cloud Carib founder and chief technology officer, Stelios Xeroudakis. “For the past ten years, we’ve committed to providing exceptional service across the Caribbean and it’s an amazing feeling to be recognised for that work.” “The 2022 Channel Futures MSP 501 winners are the highest-performing and most innovative IT

STELIOS XEROUDAKIS providers in the industry today,” said Allison Francis, senior news editor for Channel Futures. “The 501 has truly evolved with the MSP market, as showcased by this year’s crop of winners. This is also the fifth consecutive year of application pool growth, making

this year’s list one of the best on record.” “We extend our heartfelt congratulations to the 2022 winners, and gratitude to the thousands of MSPs that have contributed to the continuing growth and success of the managed services sector,” said Kelly

SCOTT MACKENZIE Danziger, general manager of Informa Tech Channels. “These providers are most certainly driving a new wave of innovation in the industry and are demonstrating a commitment to moving the MSP and entire channel forward.”

This year’s winners are being recognised on the Channel Futures website, and will be honoured at a special ceremony at the Channel Futures MSP Summit + Channel Partners Leadership Summit from September 13-16 in Orlando, Florida.

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Wednesday, June 22, 2022, PAGE 3

ELECTRICITY COST RISE ‘PRETTY DANGEROUS’ FOR ECONOMY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN businesses yesterday warned any increase in electricity costs will be “pretty dangerous” for an economy still recovering from COVID-19’s devastation, although some said spiking global oil prices make such a hike “inevitable”. The private sector reacted negatively to recent power outages and confirmation by Shevonn Cambridge, Bahamas Power & Light’s (BPL) newly-appointed chief executive, that electricity costs are set to rise as the state-owned utility adjusts the fuel charge component of customer bills upwards in line with high global oil prices. Others said Bahamians will just have to “ride it out in the dark”. Gregory Sherman, owner/ operator of G.S. Landscaping Company & Property Management, told Tribune

Business he was troubled that BPL is threatening to increase electricity costs at a time when it still cannot keep the power on. “I have a problem when governments change. All of these power cuts and problems with BPL were supposed to be a thing of the past,” he added. Mr Sherman voiced concern that BPL is still having to rely on rental generation leased from Sun Utilities, a subsidiary of BISX-listed FOCOL Holdings, and Aggreko, when its New Providence power generation woes were supposed to have been solved by the 2019 purchase of some 132 Mega Watts (MW) in new turbines/engines from Wartsila. However, Alfred Sears QC, minister of works and public utilities, who has responsibility for BPL, told the House of Assembly during the recent Budget debate that the utility has delayed $15m in maintenance overhauls beyond summer 2022 “to manage cash”, while conceding

that such practices have undermined generation “reliability”. As a result, he explained that BPL’s current generation capacity of 241.1 Mega Watts (MW) cannot cover the island’s projected peak summer demand of 260 MW. Thus faced with a near-19 MW, or 7.3 percent, generation shortfall and the total absence of any spare capacity, BPL had no choice but to contract with Aggreko and Sun Utilities for the provision of a combined 83 MW in rental generation to minimise summer load shedding and outages. Maintenance would allow for the proper cleaning of BPL’s engines, removing excess debris, and enables them to function without any blockages or impediments that may take them offline. Mr Sherman said: “I was shocked as I listened to Alfred Sears and heard that they have gone back to rental generators again when we didn’t need to. “We have more than sufficient power. We have a

total of 350 MW of power, which is more than enough to carry us through the summer. We went through the summer months last year and there wasn’t a problem.” Philip Darville, owner/ operator of SolveIT, added of the impending increase in electricity costs: “I think the rate rise at BPL is inevitable. The reality is I don’t think we have seen a fraction of the rising cost that our peers are experiencing around the region.” BPL, a state-owned enterprise, subsidises the Family Island islands through New Providence. Mr Darville said this burden cannot continue to be placed on New Providence to keep BPL an operating and viable corporation. “BPL can only be subsidised so much by the Government,” he added. “Something is going to have to give in raising costs or taxes or whatever. “We may need to find a way to get fuel from one of our regional partners. Guyana has just now started

to produce oil. Maybe we should create a partnership with them so we can get cheaper oil. Other than that, the best thing we can do is continue to move towards renewable energy. “But for now, we just have to be prepared to ride it out in the dark nights because the reality is we’re consuming more than what’s being generated, and even with the deal for the rental generators there may be gaps if any of those units go down for some reason.” Dr Kent Bazard, owner/ operator of Empire Fitness, said it is “never a good time” to raise electricity rates. However, he acknowledged this was a possibility with global oil prices last night standing at $110.7 and $114.1 per barrel on the West Texas Intermediate and Brent Crude indices, respectively. He added: “This is definitely going to have an impact on businesses, but hopefully this will be temporary. We are still on the road to recovery from the COVID-19 fall-out, so any

rise on the cost of operating a business is pretty dangerous.” Vasco Bastian, owner/ operator of the Esso service station at the East Street and Soldier Road junction, said: “I don’t think this is the right time; I think the timing is off. We are just coming out of a pandemic. The Government hasn’t been in a year yet and the board at BPL was just now appointed. “I think we need to give the Board and the new chief executive, Shevonn Cambridge, a chance to land on his feet, and I think the Board needs to sit down and really look at the overall picture of BPL in its current condition and the model that it has in providing electricity before they even suggest any type of increase for consumers at this time. Let’s work on power generation and distribution before we work on increasing the cost to consumers.”

RESTAURANT ENTREPRENEUR: GROWTH ‘BLOWS OUR MIND’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A NEW Providence restaurant entrepreneur yesterday said the company’s growth from a home-based business to an actual physical location despite the COVID-19 pandemic “blows our mind”.

Krishan Bowe, owner/ operator of Bar None Bey, told Tribune Business that the venture has grown significantly over the past two years as it evolved from a home-based operation to an actual location in western New Providence. “It’s been two years since we were operating, and one full year in our new location. Sometimes it’s scary how popular it has become. There have been

challenges, but it blows our mind,” she said. A particular challenge with operating during the COVID-19 pandemic involved closing the restaurant for more than a week due to a positive case being reported in her establishment. “Out of an abundance of caution we decided to close the store. Even though we are friendly we want everyone to be comfortable. It may

FINANCIAL INDUSTRY IN MORE ATTRITION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian banking sector saw total on-balance sheet assets shrink by $23bn or 13.3 percent in 2021 as the industry faced regulatory and other “headwinds” that continued to chip away at its size. The Central Bank, in its annual analysis of the financial services industry’s contribution to the Bahamian economy, confirmed that employment and other key indicators continued their trend of a slow, but steady, decline amid ongoing pressures relating to international tax and anti-money laundering initiatives. “Data from The Bahamas’ financial services sector 2021 survey suggests

that the sector continued to face headwinds, with global regulatory standards and efficiency pressures impacting balance sheet and operations consolidation,” the regulator said. “Further, amid reducing levels of employment, the international sector has settled towards re-domiciling clients and operations to emerging lucrative opportunities outside of North America and Europe. “During 2021, the estimated balance sheet size of financial sector operations decreased, shown by a fall-off in asset holdings within the banking sector. In particular, on-balance sheet assets contracted by approximately $23bn (13.3 percent) to $149.8bn, as the reduction in international bank assets outweighed the gains in domestic bank assets.

Further, fiduciary assets fell by $69.4bn (31.1 percent) to $153.8bn.” Breaking this down, the Central Bank added: “In 2021, total domestic assets within the banking sector grew by 1.1 percent to $11bn, trailing a gain of 2 percent in the preceding year, and average annual increase of 2.2 percent over the past five years. Growth was underpinned by a rise in Government bond holdings and surplus liquid balances with the Central Bank. “Conversely, total assets of the international banking sector reduced by 15.8 percent to $129bn. This extended the 8.7 percent fall-off from the prior year and the average annual decline of 7.2 percent over the last five years.” The report pointed to this continued attrition.

Super Value to ‘duck’ energy hike via solar FROM PAGE ONE ducking all of that because we’ve already paid the deposit and ordered and so on to go solar. “We’ll be going solar across the company. The warehouse is already solar, and the 13 stores and the head office will be going solar. We’ll get the best rates in the world. For the rest of the year we’ll probably pay BPL’s costs, but it’s all on order. I owe them a call now to see when installation will go in. It may be starting within weeks. I hope it’s quick, like three months, but it may turn out to be six months or the greater part of the year.” Mr Roberts subsequently confirmed to Tribune Business via What’s App message that “preparation for solar has started and solar panels will be installed beginning July 2”. He added: “Once the panels are here it’s a go, go,

go until they turn on the service.” The Super Value chief said converting the supermarket chain’s warehouse to solar power had cut the facility’s energy costs by around 80 percent, but the likely savings at the stores and head office would likely be slightly different due to the operating hours and structure. Praising BPL for the fuel hedging strategy it has employed over the past two years, Mr Roberts told this newspaper: “It’s really saved us a lot of money. We work closely with BPL, and I understand it saved us a lot because of their forward buying and contracts. They had the low-priced oil for the country, and were passing it on to the consumer. It saved us a lot compared to world markets. I guess that was a God send to the nation.”

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not have been the right thing to do revenue wise, but it was the ethical thing to do,” Ms Bowe said. With a customer base featuring visitors from the US,

Colombia and the Dominican Republic, she added: “When they stumbled into us they ask why hasn’t anybody told them about us before, and that they can’t

wait to come back. Our best nights are the weekends and Friday night, in particular, but we take in about $15,000 a week. We wish it was $15,000 a day.”

PAGE 4, Wednesday, June 22, 2022

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CROWDFUNDER AIMING TO BE ‘NEXT BAMBOO SHACK’ FROM PAGE ONE

“I’m kind of in that spot at Rosetta Street. We’re looking to move down at least two streets to a 1,500 square foot location, upgrading Rosetta Street to a higher spot. That [a successful capital raise] also allows us to do a production and distribution centre, and we can open another unit at Carmichael or Cable Beach and purchase a food truck. These things will put us in a good position to move forward.” Chef Culmer said Carmichael is “more preferable at this time” to Cable Beach due to its greater population and presence of more businesses, while the Cable Beach location that Tropical Gyros is seeking is presently not available. “You don’t open for the sake of opening up,” he added. “You want to be strategic. Carmichael makes better sense at this time for a second location.” The food truck will enable the restaurant to “generate buzz” around New Providence by taking its products into different communities. And it will also be used to pave Tropical Gyros’ entry into new

markets, giving it the ability to visit various Family Islands and spark franchise partner interest. Confirming that Freeport is a particular target, once the Grand Lucayan resort has been sold and started to re-open, Chef Culmer said: “I’ve spoken already to someone who is interested in getting the franchise rights for that area. I have someone wanting to do Eleuthera, someone looking at Turks & Caicos and someone looking at Jamaica. We have some people who have recognised the product we have, the brand we have, and the possibilities we have for expansion. “The crowdfunding platform gives people like myself and other aspiring entrepreneurs an opportunity to test the waters, get that reputation and take the business forward. A lot of people who have invested are customers of ours. They feel the flavour and see the business coming in.” Hailing Elaine Pinder, Bamboo Shack’s proprietor, as a model for entrepreneurs such as himself, Chef Culmer said: “We have the opportunity to be the next Bamboo Shack but do it

differently by offering franchise opportunities to other entrepreneurs. “She’s done a remarkable job, and I look at Ms Pinder as a model of consistency to see how she has been able to advance her business, advance her brand, and we will do our best to emulate the success she’s had. People say I’m a dreamer, and I say everything starts with a dream and you have to go after it. I believe we’ve created a product that will stand up in the international food market, it’s a Bahamian-created product, and we’re taking 242 to the world.” Tropical Gyros currently has 12 employees, divided between 12 full-time and two part-time staff. Chef Culmer revealed one had just been hired on Monday, and said the planned Carmichael outlet will have double the operating hours currently enjoyed at Rosetta Street. With Carmichael set to open until 11pm, he added that it will require 20-25 employees to cover twoand-a-half shifts. And the production/distribution centre will need another six recruits. “If the raise is successful we will be trying to

hire another 30 employees in the next three months,” Chef Culmer told Tribune Business. “It’s going to open the door.” Affirming that Tropical Gyros will seek to give staff “a leg up” via training and promotions that will enable staff to rise through the ranks, Chef Culmer said he had made a conscious decision to offer starting salaries that were slightly higher than those typically found in the restaurant industry. These were typically pegged at $7 per hour, above the present minimum wage, with experienced front-line workers enjoying around $10 per hour. Weekly take-home pay, he added, was “close to $350 per week”. Chef Culmer said: “We’re trying to give people an opportunity. The company’s philosophy is we’re not trying to become multi-millionaires on the backs of our staff. “We want to provide a living wage for staff to make it in this world. That inflation is no joke. Our food costs have gone up 7 percent right now. But sales have increased, so labour costs as a percentage of sales have dropped from 19

percent to 12 percent. With that it becomes feasible to run at 7 percent higher cost of goods because sales balance it out.” Still, Chef Culmer said Tropical Gyros was feeling the inflationary pinch like all other businesses. He cited as an example a 200-pound case of boneless chicken thighs purchased from Sysco Bahamas/Bahamas Food Services, which had risen in price from $45 to $200, although this was prior to the Budget duty cuts. Revealing that he has invested several hundred thousand dollars into the business to-date, Chef Culmer said he had suffered a $125,000 on his previous effort to establish a second outlet at The Pointe complex in downtown Nassau. While that delayed Tropical Gyros’ expansion plans, it also opened his eyes to the need to secure a stronger capital base to buttress the business against other future shocks. “When we opened at The Pointe, the first five months were rough,” Chef Culmer revealed. “And just as we started to turn the corner from an operational and financial perspective,

COVID hit.” While that location suffered a $5,000 monthly operating loss over its first five months, this was cut to just $850 in February 2020 and by the first two weeks of March it had reached a “break even” point. “Then COVID hit. Rent of $4,200 a month with no revenue coming in is tough. We tried to hold on as long as we could. I don’t think we were financially stable enough to expand at that time,” he told this newspaper. Chef Culmer also alleged that he was undermined by the failure of a verbal deal he agreed with an investor partner, who he declined to name. Chef Culmer said that, having overcome this adversity, he is now focusing on completing the crowdfunding raise and proving his model is sustainable in The Bahamas. Revealing that he had been contacted by a major US food group, who he declined to name, about taking the Tropical Gyros brand name to the US, he suggested that such expansion may occur within two to three years if all goes to plan.

GOV’T WON’T BACK MSC CRUISE PORT TAKEOVER FROM PAGE ONE

Holding, the controlling shareholder in downtown Nassau’s cruise port. Global Ports Holding, which is majority-owned by Turkish businessman, Mehmet

Kutman, its chairman, won the bidding process initiated by the former Minnis administration for the 25-year concession to redevelop and operate The Bahamas’ major cruise gateway that received more than

3.5m passengers per year pre-COVID. But the UK-listed company, the world’s largest cruise port developer/ operator, ignited several concerns locally after it confirmed in a statement to the

stock markets that MSC has made an approach to acquire 100 percent of the business. The latter, which already has numerous shipping and cruise interests in The Bahamas, now has until July 13, 2022, under the UK’s takeover code for public companies to make a formal bid to buy Global Ports Holding. Several sources, speaking on condition of anonymity, said an MSC acquisition - if it succeeds - would result in the outcome that the Government (the Minnis administration) sought to avoid by selecting Global Ports Holding as the winning bidder. It rejected a rival offer for Prince George Wharf, which featured a consortium of cruise lines, precisely because it feared this would be akin to “the fox guarding the hen house”. An MSC purchase would thus leave the Government with exactly the situation it did not want, where the cruise lines were both port developer and user, and with a much narrower ownership base than the consortium’s as well. However, discussions with Global Ports Holding, the world’s largest cruise port operator with 26 ports in 14 countries, are still at an early stage. MSC has until July 13, 2022, to submit a formal takeover offer under UK stock market rules. MSC’s existing Bahamas interests stem from its Ocean Cay private island, located near Bimini, and the fact it is one of the two main cargo shippers calling on Nassau Container Port at Arawak Cay. It is also

Hutchison Ports’ partner in the Freeport Container Port. The shipping giant has also invested heavily in its cruise business, especially expanding its terminal in Miami. Thus it is not hard to see why it is interested in Global Ports Holding and, by extension, Nassau because of its need for additional destinations. It also has the finances required because, unlike rivals solely focused on the cruise business, it was able to keep operating during COVID due to its cargo shipping interests. Mr Cooper, meanwhile, affirmed a renewed focus by the Government on approving Long Island investments. He said: “We foreshadowed last week and during the Budget debate that we will likely approve a project in Long Island worth $250m. There is a cruise port component involved, a small boutique resort in the vicinity of 250 rooms and a water park. We expect that to be presented to the NEC (National Economic Council) next week. “We approved another project in southern Long Island in the general vicinity for a 10,000 acre development, of which 1,400 acres will be built out. The remaining will be a natural reserve which has the support of the Bahamas National Trust and we are excited about the prospects for these developments in the island of Long Island.” The latter project is thought to be The Salinas Bahamas, which bills itself

as a “trailblazing marine park in Long Island”. The principals are Nina Pesavento, described as the project lead, and David Young, the property owner. Its Facebook page refers to meetings with the BNT, and shows the proposal was in existence when the Minnis administration was in office. “We are transforming an abandoned industrial site in Long Island, Bahamas into a world class national park spanning 9,000 acres,” the Salinas page states. That “industrial site” is understood to be the former Maritek/Diamond Crystal salt mine. The Government’s renewed Long Island focus is thought to be connected to a possible by-election if the legal woes facing the island’s current MP, Adrian Gibson, force him to resign the seat. Mr Cooper, meanwhile, said of the Grand Lucayan’s $100m sale to Electra America Hospitality Group: “We’ve met on a few occasions since we made the announcement. We have another meeting next week. We’re working through the agreements, including the Heads of Agreement and the definitive purchase agreement. We expect that those will go for review to the Attorney General’s Office some time this week, and we are still positive about closing the deal. “Once I once I meet with the proposed developers early next week, I’ll have more to say about it. Suffice to say I’m very happy with the progress so far.”

THE TRIBUNE

Wednesday, June 22, 2022, PAGE 5

‘DON’T DERAIL TOURISM REVIVAL WITH HIGHER ELECTRICITY COSTS’ FROM PAGE ONE

item for tourism stakeholders. The BHTA continues to stress the importance of the provision of ‘consistent and affordable clean power’ to businesses in The Bahamas as foundational to our ability to operate as a successful tourism destination. “The tourism sector, historically, has faced challenges related to the cost of doing business in The Bahamas. The high cost of operating in The Bahamas is directly and inextricably related to the price of a vacation in the destination. Post-COVID, the pent-up demand for travel has - and will - continue to fuel the momentum of our economic rebound.” Mr Sands, though, reiterated that it was “vital that we understand” many factors driving The Bahamas’ post-tourism rebound will likely be temporary. As persons regain confidence to travel long distances once again, as COVID-related travel restrictions are eliminated or eased, longstanding concerns over The Bahamas’ cost competitiveness will resurface. “Pent-up demand will eventually begin to wane, [and] key motivating factors once prevalent in the face of COVID will play less of a part in the traveller’s decision-making process. Proximity, for example, while it will always play a vital role in our ability to entice persons to our shores, will be less of a motivating force in the face of fading transatlantic or other longhaul travel ‘fears’,” Mr Sands said. “The removal of impediments put in place to combat COVID, such as cross-border entry protocols globally, will once again see people regain their appetite to travel farther to experience their destination of choice. Therefore, price competitiveness, albeit for comparable markets, will play a pivotal role as travel determinants begins to ‘normalise’. “We must continue to offer value for money spent; we must continue to be competitive and ensure we attain our carefully constructed balance between pricing and the tourism product we provide. It is essential our tourism service offering must be top-ofclass. Our ability to achieve this balance will be challenged if the industry is forced to face a heightened cost of doing business. All of these factors play a part.” Mr Sands told Tribune Business that BPL’s fuel hedging strategy, first

implemented in June 2020, had ensured electricity costs for the hotel industry were “manageable” at a critical time when the tourism economy collapsed virtually overnight due to the border closures, lockdowns and other restrictive measures designed to combat the COVID-19 pandemic. The fuel charge component of customer bills, which typically accounts for 50-60 percent of the total amount, was held at a stable, relatively cheap 10.5 cents per kilowatt hour (KwH) for a 24-month period that is due to end next week on June 30. The BHTA president yesterday affirmed that BPL’s fuel hedging was “absolutely” critical to minimising hotel/tourism industry costs and losses at a time when the COVID-19 strain was greatest. “That played a significant role in the stabilisation of prices and held the fuel charge at a manageable level for The Bahamas and the tourism sector in particular,” Mr Sands told this newspaper. “When we speak of doing everything in their [BPL’s] power to mitigate increases and look at options, we hope - or would have hoped - some type of hedging would have been continued.” The Davis administration and BPL have yet to clarify whether the latter’s fuel hedging strategy will continue beyond July 1, and if a new structure has been put in place. Mr Sands acknowledged that the increase in global oil prices, which last night stood at $110.7 and $114.1 per barrel on the West Texas and Brent Crude indices, respectively, meant BPL will inevitably have to pay more for its fuel

even if a fresh hedging strategy is implemented. The Government has allocated $29m in the 20222023 Budget for “finance/ hedging charges”, and the BHTA president said such a strategy - even if it locks in higher prices - will be a help. Noting that hotels remained major consumers of electricity despite having no customers at COVID’s peak, as air conditioning and security lights still had to be run, he added: “That was a significant help during that period. “It meant electricity for the first time in a long time was at levels that were affordable. There are elements beyond the control of BPL that we recognise, but whatever they can do in their power to ensure fuel pricing is minimised will be to the benefit of not only The Bahamas but the tourism sector as well. “We encourage BPL to do everything within their power to mitigate increases in the cost of electricity for businesses in The Bahamas, including our tourism sector, which is a massive consumer of electricity in the jurisdiction.” BPL’s fuel hedging strategy has effectively been the one successful constant that has, to-date, helped to ease the growing cost of living crisis for Bahamian businesses and consumers. Yet it is unclear whether a new structure will be in place from July 1. The Bahamas Electricity Corporation (Amendment) Regulations 2020, which govern BPL’s fuel hedging activities, mandate that the “fuel charge may be held constant for a period of up to 12 months in order to provide price stability to the

consumer”. This, though, has to be assessed and adjusted every 12 months by July 1 each year. BPL’s Mr Cambridge was likely referring to this when he said that BPL is examining whether the necessary “triggers or threshold” have been reached that require it to make the adjustment. “Right now, there is a fixed fuel charge,” he said. “There is a mechanism in place that allows for the adjustment of that fuel charge. We’re currently conducting an internal review to see if the necessary triggers or threshold have been reached that will require us to do that adjustment. “Based on the current fuel prices, right, when it does come it will be up - it won’t be down. Exactly when that will occur, we’re not certain as yet. The prices have gone up, so obviously when we adjust more than likely the adjustment will be an upward adjustment.” Asked for clarity on whether the adjustment will mean bills are likely to increase, he said: “They will see an increase in the fuel charge when that adjustment occurs. Their bills depend on their consumption but remember I told you we’re going into our peak demand period.” Summer, and peak demand, could thus coincide with higher fuel charges and send electricity bills soaring come August and September - the period when they traditionally are highest.

TOUR DRIVER/TOUR GUIDE WANTED

The 2020 regulations stipulate that this “adjustment” takes place via an “over and under account”, which was created to monitor fuel price movements over the hedge’s year-long period. The “over and under account” is allowed to fluctuate by 5 percent either side of the fixed price at which BPL purchases fuel, and if it exceeds those limits then the fuel charge - presently standing at 10.5 cents perKwH - has to be adjusted. One source explained that if BPL’s fuel costs were more than 5 percent below the price it paid for fuel, then the excess savings had to be passed on to the customer. But if fuel costs exceeded that purchase price by more than 5 percent, then BPL has to also

pass these extra costs on to consumers via increased fuel costs. There has also been no indication of how the Government plans to solve BPL’s financial woes with the $535m Rate Reduction Bond (RRB) left behind by the Minnis administration having been shelved for fear of the cost it will impose on Bahamian businesses and households. And there has been no discussion surrounding the fate of the proposed Shell North America liquefied natural gas (LNG) terminal and power plant at Clifton Pier - a project that was supposed to enable BPL to exit power generation and become solely a customerfocused, transmission and distribution business.

NOTICE

NOTICE is hereby given that TIMSON WILLIAMS of Pinehurst Bahemia Apt. 1, Freeport, Grand Bahama, 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 22nd day of June, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

EBAJ-iA. i,.:

SECURITIES COMMISSION OF THE BAHAMAS JOB OPPORTUNITIES The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision

PUBLIC SERVICE DRIVERS LICENSE IS A PLUS

and regulation of the Investment Funds, Securities and Capital Markets, in or from The Bahamas, as well

as the supervision of Financial and Corporate Service Providers, invites applications from qualified

individuals to fill the following positions:

SENIOR OFFICER- EXAMINATIONS DEPARTMENT

Knowledge of Bahamian Cuisine A PLUS

OFFICER- EXAMINATIONS DEPARTMENT APPLICATIONS:

Full details of the job opportunities, guidelines for the submission of applications and general information

Call: 425-0982 FOR AN APPOINTMENT

about the Securities Commission of The Bahamas may be obtained from the Commission's website at

www.scb.gov.bs under Career Opportunities. The closing date for applications is June 25, 2022.

VICE PRESIDENT, CLIENT ACCOUNTING

A boutique Offshore Bank is seeking a candidate for the position of Vice President, Client Accounting who will be responsible for managing the improvement of the client A boutique Offshore Bank is seeking a candidate for the position of Vice President, Clie accounting functionality of all accounting services of the Bank, its Subsidiaries and Accounting will be applicant responsible managing improvement The successful must for be able to performthe the following roles: of the clie Affiliates.who

accounting functionality of all accounting services of the Bank, its Subsidiaries a Affiliates. The successful applicant must be able to perform the following roles: RESPONSIBILITIES:

 Oversee the timely and accurate production of client financial statements for all RESPONSIBILITIES:

    

private trust clients of the Bank  Ensure that the proper accounting procedures and standards are adhered to Oversee the timely and accurate production  Participate in all Group financial related projectsof client financial statements for private trust Client clientsAccounting of the Bank  Manage Supervision to include Investments and monitoring portfolios. Ensure that the proper accounting procedures and standards are adhered to  Responsible the in-house for the Subsidiaries and Affiliates of the Participate in allfor Group financialaccounting related projects Bank Client Accounting Supervision to include Investments and monitori Manage  Manage the client accounting reporting of financial statements portfolios.  Manage the periodic investment reviews Responsible for in-house accounting for the Subsidiaries and Affiliates of t  Assist with thethe annual financial audit process Bank  Review new IAS Reporting Standards inclusive of Notes to Financial Statements Manage the client reporting financial statements  Responsible for accounting VAT Reporting and Filingof requirements  Ensure that monthly client accounting statements are completed Manage the periodic investment reviews  Ensure that all billing and collections (outstanding invoices) are updated Assist with the annual financial audit process  Review all regulatory reporting requirements

    Review new IAS Reporting Standards inclusive of Notes to Financial Statements  Responsible for VAT Reporting and Filing requirements  REQUIRED Ensure that monthly client accounting statements are completed QUALIFICATIONS AND SKILLS:  Ensure that all billing and collections (outstanding invoices) are updated • Professional Certification i.e. CPA, ACCA or CA  Review all regulatory reporting requirements

• 7-10 years’ experience within banking or financial services field • Minimum of 5 years’ experience in a managerial capacity • QUALIFICATIONS Strong oral and written communication skills REQUIRED AND SKILLS: • Knowledge of trusts, companies, pension and investment products and their application in overall management and administration of wealth • Professional i.e. CPA, ACCAand or CA • Ability toCertification identify potential risk issues solutions and to communicate these • 7-10 years’ experience within banking or financial services field effectively to Executive Management • Minimum of 5time years’ experience in a managerial capacity skills • Excellent management, organization and administrative • Strong and problem-solving skills • Strong oralanalytical and written communication skills • The driveof andtrusts, motivation to meet targets • Knowledge companies, pension and investment products and th • Strong PC skills application in overall management and administration of wealth • Strong interpersonal skills and excellent team player • Ability to identify potential risk issues and solutions and to communicate the • Work effectively the team and corporate framework Salary and benefits willwithin commensurate with qualifications and experience. Suitable

effectively to Executive Management candidates should submit their Curriculum (CV) electronically to: and benefits will commensurate withVitae qualifications and experience. • Salary Excellent time management, organization and administrative skills Suitable should submit their Curriculumskills Vitae (CV) electronically to: • candidates Strong analytical and problem-solving • The drive and motivationRecruitinghr2009@gmail.com to meet targets • Strong PCSUBJECT: skills HumanRecruitinghr2009@gmail.com Resources – Vice President, Client Accounting • Strong interpersonal skills and excellent team playerClient Accounting SUBJECT: Human Resources – Vice President, • Work effectively within the team and corporate framework

PAGE 6, Wednesday, June 22, 2022

COCA-COLA SUPPLIER JUST 6-8% BEHIND PRE-COVID FROM PAGE ONE

All of us, businesses and consumers, are going to have to manage our way through this process. It will pass. We’ve been through it before, those of us old enough to remember it. It’s a challenge today for everybody.” Mr Wells added that BPL’s fuel hedge, which

fixed the fuel charge component of electricity bills at 10.5 cents per kilowatt hour (KwH) for two years after it was introduced in June 2020, had “obviously brought a great deal of stability to our business and every business and homeowner as well”. “That brought stability to our business as it meant we could plan for the next

six months,” he explained, “and I wouldn’t see any gyrations in my energy costs. The country has benefited substantially from it, but any contract agreement does not last forever and, at some point, expires.” Given that oil prices have increased substantially in that time, Mr Wells said any new BPL fuel hedge would

obviously involve higher prices. “Given what we’re seeing globally we’re not immune from inflation,” he told Tribune Business of Caribbean Bottling. “Pretty much everything we utilise today in our business, from raw materials to freight and surcharges on various items we use, everything is going

Legal Notice

NOTICE

International Business Companies Act No.45 of 2000

GLADCON INVESTMENTS LTD. (the “Company”)

HILLSTONE LIMITED (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of GLADCON INVESTMENTS LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 25th May 2022.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of HILLSTONE LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 12th May 2022.

Legal Notice

NOTICE

International Business Companies Act No.45 of 2000

SEALUN ENTERPRISES LTD. (the “Company”)

GLOBULUS HOLDINGS LTD. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of SEALUN ENTERPRISES LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 25th May 2022.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of GLOBULUS HOLDINGS LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 25th May 2022.

MARKET REPORT BISX ALL SHARE INDEX: 52WK HI 6.70 53.00 2.30 2.61 2.60 6.10 10.05 3.89 9.02 3.10 8.00 16.60 2.65 10.75 11.25 10.85 15.80 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.54 2.20 1.30 5.75 6.96 2.82 4.50 2.27 5.95 9.75 1.99 7.05 10.02 9.55 13.10 3.50 8.19 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CHANGE

%CHANGE

YTD

YTD%

2474.14

0.10

0.00

245.90

11.04

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB9 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.68 100.47 100.67 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.97 99.96 100.67 100.43 100.04 100.00 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.52 4.69 2.22 207.86 212.41 1.73 1.83 1.82 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 0.99 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR141230 BGRS FL BGRS97033 BGRS FL BGRS71024 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1412307 BSBGRS970336 BSBGRS710245 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.45 39.95 2.25 2.35 2.51 6.10 9.75 3.89 8.36 3.01 8.00 16.00 2.62 10.26 10.93 10.85 15.80 3.98 10.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.02 100.09 100.91 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 5.45 39.95 2.25 2.35 2.51 6.10 9.75 3.89 8.36 3.01 8.00 16.00 2.69 10.26 10.97 10.85 15.80 3.98 10.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.04 0.00 0.00 0.00 0.00 0.00

VOLUME

1,600

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.68 100.09 100.91 100.54 100.34 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

revealed. “2021 was still well below 2019, which we use as a benchmark year, and for 2022 we’re running somewhere in the range of 6-8 percent behind 2019. “That’s nothing to complain about given what we’ve been through and where we’ve been. It’s quite encouraging. I think, though, it will be in 2023 before we see that [full COVID recovery]. A lot of that is heavily contingent on hotels getting back to where they were, and I don’t think hotels have brought back all the employees they had pre-pandemic, which means unemployment is higher than it was. “All of that is a burden on disposable income, and all the people who have jobs today, their dollar does not stretch as far as it did pre-pandemic. There are some things left out of the grocery cart. Getting back to pre-pandemic depends a lot on how the economy evolves and unemployment. We’re certainly not complaining. We continue to improve on a monthly basis.”

NOTICE

NOTICE is hereby given that CANDIDO SAMBOY MATOS of Anderson Street, New Providence, 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 22nd day of June, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LENISE IVOY GEORGES of P. O. Box N-3756, Cox Way off East Street South, 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 22nd day of June, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

www.bisxbahamas.com

TUESDAY, 21 JUNE 2022

BISX LISTED & TRADED SECURITIES

up. We’re really seeing it from all angles. “Aluminum cans have gone up pretty close to 20 percent over the last five months. That’s the bulk of our production process. Who knows where it’s going to end up? Bottle costs in some cases have gone up anywhere from 17 percent to 40 percent. It’s a challenge, but we manage our way through it. “Most companies don’t want to change their pricing. Certainly every manufacturer does not want to change their pricing every month. We manage as best we can, and perhaps two times’ on an annual basis we assess it and make adjustments if necessary.” Despite the inflationary pressures, Mr Wells said Caribbean Bottling was “seemingly tracking in the right direction” on its postCOVID recovery. “2020 was obviously the worst year with the pandemic when we saw a decline by as much as 40 percent,” he

THE TRIBUNE

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

800 200

NAV 2.52 4.69 2.21 197.44 202.39 1.73 1.82 1.82 0.99 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.35% 4.31% 4.56% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69% YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 0.83% 2.82% -0.18% 3.72% 0.76% 3.55% -3.55% -3.85% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.8 42.9 N/M 16.8 N/M N/M 26.4 -8.9 59.7 16.4 17.8 22.2 26.4 22.0 17.0 14.9 19.4 19.6 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.12% 3.15% 0.89% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.99% 2.75% 4.50% 16.13% 0.58% 2.99% 2.21% 3.42% 3.02% 2.00% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 17-Nov-2030 17-Apr-2033 22-Oct-2024 7-Sep-2022 26-Jul-2037 26-Jul-2028 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

LEGAL NOTICE

NOTICE Northfield International Holdings Limited Company No. 1647479 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Northfield International Holdings Limited is in voluntary liquidation. The voluntary liquidation commenced on 26th May 2022 and Martin Signer of Binzallee 19, 8055 Zurich, Switzerland been appointed as the Sole Liquidator. Dated this 26th day of May 2022 Sgd. Martin Signer Voluntary Liquidator

PAGE 8, Wednesday, June 22, 2022

THE TRIBUNE

WALL STREET ENDS BROADLY HIGHER AFTER SHARP LOSSES LAST WEEK By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers STOCKS finished broadly higher on Wall Street Tuesday, clawing back some of the ground they lost in their worst weekly drop since the beginning of the pandemic. The rally to start the holiday-shortened week came as investors look ahead to what Federal Reserve Chair Jerome Powell will tell Congress on Wednesday, the first of two days of testimony as part of the central bank's semi-annual monetary policy report.

Last week, the Fed hiked its key short-term interest rate by the most since 1994, the central bank's latest effort to tame the worst inflation in 40 years. The S&P 500 rose 2.4%, recouping about 40% of its losses last week. More than 85% of the stocks in the benchmark index gained ground. The Dow Jones Industrial Average rose 2.1% and the Nasdaq climbed 2.5%. "This is a little more of an oversold bounce that the market is looking at and trying to figure out what is the path the Federal Reserve is actually going

to navigate," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. Technology stocks had some of the strongest gains. Apple rose 3.3% and Microsoft rose 2.5%. Retailers, health care companies and banks also made solid gains. Kellogg rose 2% after the maker of Frosted Flakes and Rice Krispies said it would split into three companies. Spirit Airlines jumped 7.9% after JetBlue sweetened its buyout offer for the budget airline. European markets ended mostly higher, while Asian

markets closed mixed overnight. The yield on the 10-year Treasury rose to 3.30% from 3.23% late Friday. Markets were closed Monday for the observation of Juneteenth. All told, the S&P 500 rose 89.95 points to 3,764.79. The index remains stuck in a slump, though, along with every other major index, and is still down 21.5% from the record high it set in January. It's posted a weekly loss in 10 out of the last 11 weeks. The Dow rose 641.47 points to 30,530.25, while the Nasdaq added 270.95 points to 11,069.30.

Smaller company stocks also gained ground. The Russell 2000 rose 28.34 points, or 1.8%, to 1,694.03. Stocks have been mostly sliding in recent weeks as investors adjust to higher interest rates that the Federal Reserve and other central banks are increasingly doling out. The aggressive rate hikes are part of a plan to temper record-high inflation, but investors are worried that the Fed risks slowing economic growth too much and bringing on a recession. The worries over inflation and interest rates have been worsened by a spike

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 71° F/22° C

TAMPA

uV inDex toDay

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny and breezy

Mainly clear

Partly sunny

A t‑storm around in the afternoon

Pleasant with some sun

Mostly cloudy with brief showers

High: 85°

Low: 76°

High: 86° Low: 77°

High: 88° Low: 78°

High: 86° Low: 77°

High: 87° Low: 78°

AccuWeather RealFeel

92° F

78° F

97°-83° F

99°-85° F

99°-86° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 82° F/28° C Low: 76° F/24° C

8‑16 knots

High: 86° F/30° C Low: 73° F/23° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 75° F/24° C

N E S

WEST PALM BEACH

| Go to AccuWeather.com

TONIGHT

High: 92° F/33° C Low: 78° F/26° C

High: 84° F/29° C Low: 74° F/23° C

MIAMI

High: 86° F/30° C Low: 75° F/24° C

8‑16 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 81° F/27° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 76° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 25.77” Normal year to date ................................... 12.04”

ELEUTHERA

NASSAU

High: 85° F/29° C Low: 76° F/24° C

High: 84° F/29° C Low: 76° F/24° C

KEY WEST

High: 85° F/29° C Low: 79° F/26° C

High: 83° F/28° C Low: 77° F/25° C

8‑16 knots

ANDROS

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

3:15 a.m. 4:01 p.m.

2.6 2.7

9:39 a.m. 0.1 10:20 p.m. 0.6

Thursday

4:12 a.m. 4:56 p.m.

2.4 2.8

10:30 a.m. 0.1 11:19 p.m. 0.6

Friday

5:06 a.m. 5:46 p.m.

2.3 2.8

11:18 a.m. 0.1 ‑‑‑‑‑ ‑‑‑‑‑

Saturday

5:56 a.m. 6:31 p.m.

2.2 2.9

12:13 a.m. 0.5 12:03 p.m. 0.1

Sunday

6:42 a.m. 7:13 p.m.

2.2 2.9

1:00 a.m. 0.4 12:45 p.m. 0.1

Monday

7:25 a.m. 7:54 p.m.

2.2 2.9

1:44 a.m. 1:26 p.m.

0.4 0.1

Tuesday

8:06 a.m. 8:33 p.m.

2.2 3.0

2:25 a.m. 2:06 p.m.

0.3 0.1

sun anD moon Sunrise Sunset

6:21 a.m. Moonrise 8:03 p.m. Moonset

2:01 a.m. 2:38 p.m.

New

First

Full

Last

Jun. 28

Jul. 6

Jul. 13

Jul. 20

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 77° F/25° C

High: 83° F/28° C Low: 78° F/26° C

High: 84° F/29° C Low: 79° F/26° C

W S

LONG ISLAND

tracking map H

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

CAT ISLAND

in energy prices following Russia's invasion of Ukraine. The price of U.S. crude oil rose 1% to settle at $110.65 per barrel Tuesday. It's up about 52% for the year. That has taken a bigger bite out of people's wallets at the gas pump and is prompting a slowdown in spending elsewhere. The lingering list of worries has made for an extremely turbulent market. Daily swings between gains and losses has been common and major indexes have sometimes shifted between sharp gains and losses on an hourly basis.

High: 84° F/29° C Low: 78° F/26° C

8‑16 knots

MAYAGUANA High: 86° F/30° C Low: 81° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 84° F/29° C Low: 78° F/26° C

High: 84° F/29° C Low: 78° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 79° F/26° C

6‑12 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS NE at 10‑20 Knots SW at 4‑8 Knots NE at 8‑16 Knots E at 4‑8 Knots NE at 8‑16 Knots SSW at 4‑8 Knots E at 6‑12 Knots ESE at 6‑12 Knots ENE at 8‑16 Knots NNE at 4‑8 Knots ENE at 8‑16 Knots SW at 4‑8 Knots NE at 8‑16 Knots ESE at 4‑8 Knots NE at 6‑12 Knots ENE at 6‑12 Knots ENE at 4‑8 Knots SE at 4‑8 Knots ESE at 6‑12 Knots SE at 6‑12 Knots ENE at 8‑16 Knots E at 4‑8 Knots E at 6‑12 Knots E at 6‑12 Knots NE at 8‑16 Knots W at 4‑8 Knots

WAVES 2‑4 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 0‑1 Feet 1‑2 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 0‑1 Feet

VISIBILITY 10 Miles 10 Miles 7 Miles 10 Miles 8 Miles 7 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 8 Miles 10 Miles 7 Miles 8 Miles 6 Miles 7 Miles 10 Miles 10 Miles 8 Miles 8 Miles 10 Miles 10 Miles

WATER TEMPS. 83° F 83° F 87° F 85° F 83° F 81° F 84° F 83° F 84° F 82° F 84° F 84° F 85° F 84° F 84° F 83° F 84° F 83° F 83° F 82° F 84° F 83° F 84° F 84° F 84° F 82° F