business@tribunemedia.net
THURSDAY, SEPTEMBER 14, 2023
$6.05
$6.11
$6.12
$6.06
‘Happy to be rid’ of ex-Robin Hood site By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
COMPASS Point’s last owner is voicing optimism that the sale of the former Robin Hood store on Prince Charles Drive will close before year-end after the property was plagued by vandalism, vagrants and copper theft. Leigh Rodney, who closed the western New Providence resort following the 2021 general election, told Tribune Business he had received “a big enough down payment” to convince him that the prospective buyer should be given control of the 45,000 square foot property prior to the
• Last Compass Point owner eyes sale close before end-2023 • Labels buyer a ‘solid person’ and hands building’s control over • Suffered challenges from vagrants, vandalism and copper theft deal’s closure. Declining to identify the purchaser, who he described as “a very solid person”, or the potential sales price, the US investor said he was “delighted to be rid” of a location he took possession of six-eight years ago given the constant security problems encountered. The site, which was previously home to Pepsi-Cola’s Bahamas manufacturing
‘TREMENDOUS PRESSURE’: FNM FEARS FOR $131M DEFICIT TARGET By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition yesterday voiced fears that the potential $160m VAT under-shoot in the prior fiscal year puts the Government’s 2023-2024 revenue forecast “at risk” and leaves its $131m deficit target under “tremendous pressure”. Kwasi Thompson, the Free National Movement (FNM) finance spokesman, told Tribune Business that the Davis administration must “adjust their spending” if it finds itself
coming up short on the likely $340m year-overyear increase it will need to meet its 2023-2024 VAT target. And the east Grand Bahama MP said it was “stunning” that the deficit for the 11 months to endMay 2023 was similar to the prior year comparative. This was despite total revenues to-date exceeding the 2021-2022 full-year amount, leading Mr Thompson to accuse the Davis administration of “squandering the buoyant revenue from a growing economy”. SEE PAGE EIGHT
URCA ‘MONITORS’ BUT OFFERS NO RELIEF FROM ENERGY HIKES By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Regulators yesterday sought to reassure Bahamian households and businesses they are “monitoring” Bahamas Power & Light’s (BPL) sky-high bills but made no mention of any immediate relief from “compound billing’s” impact. The Utilities Regulation and Competition Authority (URCA), in a statement that appeared to have been sparked by the volume of “widespread complaints”
submitted to it, sought to soothe customer fury by disclosing BPL’s assertion that its fuel charge has now “peaked” and bills will be lower moving forward. However, URCA neglected to mention that it determined late last year that BPL had “made an adequate case” for an up to 163 percent increase in its fuel charge, thus approving the strategy behind the soaring summer bills that households and businesses are now complaining about. SEE PAGE FOUR
BAHAMAS FIRST BLAMES 50% OF $4.3M LOSS ON NEW RULES By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS First’s top executive has blamed more than 50 percent of the group’s $4.3m comprehensive loss for the 2023 first half on a major change to insurance industry accounting standards. Patrick Ward, the BISXlisted property and casualty insurer’s group president and chief executive, told shareholders that “substantial changes” to the treatment and recognition of insurance contracts under International Financial
Reporting Standard (IFRS) 17 has had a major impact on the company’s second quarter and results for the six months to end-June. Using the previous accounting standard, he explained that Bahamas First would have suffered a near $2.1m deterioration year-over-year for the 2023 first-half, falling from a $918,06 profit last year to a $1.168m loss this time around. However, under IFRS 17, a small $29,161 loss during the six months to end-June 2022 has expanded SEE PAGE NINE
facility, was acquired by retail entrepreneur, Sandy Schaefer, as part of his drive to expand the Robin Hood brand to eastern New Providence. Mr Rodney provided the financing, and ultimately took possession of the property after Mr Schaefer exited The Bahamas some six years ago in 2017. SEE PAGE SIX
THE FORMER Robin Hood building pictured last night.
Photo: Moise Amisial
ARAWAKX SUSPENSION EXTENDED TO MONDAY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ first-ever crowd funding platform yesterday saw its registration suspension extended until September 18 as it pleaded for more time to address Securities Commission concerns over its solvency. D’Arcy Rahming senior, ArawakX’s chairman and chief executive, told Tribune Business that nothing was resolved in its battle with the Bahamian capital markets regulator during the two sides’ meeting although the platform has been given until tomorrow to provide “substantive answers”
to questions surrounding its financial health. Pledging that ArawakX will continue to “work in food faith” to satisfy the Securities Commission’s concerns, he said of yesterday’s encounter: “We let our lawyer, Khalil Parker KC, do all the talking. He had presented an earlier document to them saying we needed more time to prepare ourselves properly for the hearing. There was a lot of back and forth with regards to that. “The meeting ended with the understanding that, by Friday [tomorrow], we will give them substantive answers to some of their
questions with the hope of having another hearing.” Mr Rahming, though, said the Securities Commission did not explicitly commit to another meeting between the two parties, while affirming in response to Tribune Business questions that ArawakX’s registration suspension has been extended for a further five days. The original 15-day suspension was due to have ended yesterday, coinciding with the hearing, but it is now due to last until this coming Monday. “They extended it to the 18th,” Mr Rahming confirmed. SEE PAGE SEVEN