business@tribunemedia.net
TUESDAY, AUGUST 24, 2021
$5.10
$5.13
$5.29
$5.28
Bahamas placed on Level 4 ‘do not travel’ list by US By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Hotel and Tourism Association’s (BHTA) president called it “regrettable” that the US has placed The Bahamas on its Level 4 “do not travel” list. Yesterday, the US State Department placed The Bahamas on its Level 4 (Very High) travel advisory, warning Americans to not travel here due to the high cases of COVID-19 infections. The advisory explicitly said: “Because of the current situation in The Bahamas, even fully vaccinated travellers may be at risk for getting and
• Advisory: Even fully vaccinated travellers may be at risk • August worst reported COVID numbers of the year • Sands: ‘Very regrettable position to find ourselves in’ spreading COVID-19 variants,” despite there not being a confirmed case of any new COVID-19 variant in country. This comes at a time when the economy was seeing a minor rebound, with Tourism Minister Dionisio D’Aguilar noting that 440,000 stopover
visitors have already spent some $875m in The Bahamas in the first six months of 2021. BHTA president Robert Sands, told Tribune Business: “It is a very regrettable position to find ourselves in. I remain hopeful that Bahamians will take up the cause to become vaccinated and
also to engage in the proper protocols so that we can continue to work towards reducing the number of positive COVID-19 cases. August is being reported as the worst month of the year for COVID-19 as cases
for the month already are on track to surpass last year October when a record 2,612 cases were recorded. So far the cases confirmed over this past weekend
SEE PAGE 2
BECAUSE of the high prevalence of COVID-19 infections in The Bahamas, the US State Department placed The Bahamas on its Level 4 (Very High) travel advisory. Photo:File
Red Lobster Bahamas seeks $2.7m investment from local crowd funding platform By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Arawak X crowd funding platform is looking to deliver $2.7m for a new Red Lobster franchise. Chris Mortimer, chairman and chief executive officer of Red Lobster Bahamas, speaking at the launch of his company’s listing on the Arawak X platform yesterday, said that during his 20 year experience in the food and beverage industry he is excited to bring to this new operation to the country. The Red Lobster Bahamas will be operating formally under the Pinnacle Franchise Brands and has a location ready to open in the near future at the Mall at Marathon and the second branch by Q1 next year in the new downtown Nassau Cruise Port.
“Pinnacle Franchise, through the Red Lobster brand is looking to provide a sweet food franchise in The Bahamas and the entire Caribbean that provides affordable customer oriented services where you can enjoy dining out as an individual, family or group that still has a reasonable cost for its value provided.” Chris Mortimer CHRIS MORTIMER Mr Mortimer said: “Pinnacle Franchise Brands has a team of local and international experts and advisors with years of experience in the entertainment and food industry. They have managed companies that have produced multimillion dollar revenues and are looking to sue the expertise to bring you this wonderfully new and beloved franchise.
“Pinnacle Franchise, through the Red Lobster brand is looking to provide a sweet food franchise in The Bahamas and the entire Caribbean that provides affordable customer oriented services where you can enjoy dining out as an individual, family or group that still has a reasonable cost for its value provided. “ Pinnacle is looking to raise $2.7m that will be utilised for construction,
purchasing equipment and other furnishings for the restaurant. This is where the Arawak X crowd-funding platform will be vital for Red Lobster’s development and expansion as Pinnacle Franchise was listed on the crowd-funding platform yesterday, making them eligible to raise that money through the platform
SEE PAGE 2
Maura to serve as chairman for 2021 Anchor Awards Gala THE American Caribbean Maritime Foundation (ACMF) has announced that Mike Maura, CEO of Nassau Cruise Port Ltd., will serve as the chairman of the distinguished 2021 Anchor Awards Gala. The gala is the premier fundraising event for the ACMF, at which it recognises and honours top regional performers in the maritime industry. This year, the distinguished honourees are Alyse Lisk, Senior Vice President of Technology & Operational Excellence at Tote LLC, and Harriat “Harry” Pershad Maragh, former chairman and CEO of The Lannaman & Morris Group of Companies (posthumously).
MIKE MAURA The ACMF is a United States non-profit organization whose mission is to “alleviate poverty and transform lives in the Caribbean through maritime education and community development.”
The gala will be held on Friday, November 5 , at the historic New York Yacht Club in Manhattan. The fundraising goal of the gala is to bring in $250,000 to support the education of the next generation of Caribbean maritime professionals. The Foundation provides full-tuition scholarships and grants to Caribbean nationals who plan to work in the industry and qualify to attend any one of these three academic partners – the Caribbean Maritime University in Jamaica, University of Trinidad and Tobago, and the LJM Maritime Academy in The Bahamas. “I firmly believe that education is the most
empowering force in the world,” said Mr Maura.“As a part of our support of the event, two Nassau Cruise Port Ltd. scholarships will be established and awarded to Caribbean maritime students this year. I think that it is incumbent upon us as regional maritime professionals to help ensure that our best and brightest young minds have access and opportunities in such a vital industry.” “Seafarers and those who support them make the world go round. If we, as Caribbean maritime professionals, do not support and push the development of this sector, we will put the growth of all our economies
SEE PAGE 3
D’ARCY RAHMING SR
Rahming: Arawak X will push The Bahamas to a ‘greater arena’ By YOURI KEMP Tribune BUSINESS REPORTER ykemp@tribunemedia.net THE Arawak X crowd funding platform is moving offshore services near-shore says the company’s chief executive officer. D’Arcy Rahming Sr, speaking at a press
conference yesterday for the platform’s launch of its first two companies, said that Arawak X will push The Bahamas to a “greater arena” in the finance world. Mr Rahming Sr said: “The Bahamas will soon be known as a near shore centre because the
SEE PAGE 3