Category Archives: Bahamas

SAND DOLLAR

Why is the Bahamas called the Bahamas? The Bahamas is an archipelago consisting of 700 islands scattered across a vast expanse of ocean; more than 470k square kilometers. Hence the plural. The name Ba Ha Ma could have originated in the Taino language of the early inhabitants.

The challenges for payment systems using digital payments or physical cash for such a scattered archipelago are understandable. A compelling reason for the launch of the digital B$, also called the sand dollar, is to support a payment system using a liability of The Central Bank Of The Bahamas, the safest form of payment in the Bahamas. In addition, it is meant to improve financial inclusion, reduce service delivery costs and increase transactional efficiency.

After a successful 2019 pilot on the island conglomeration of Exuma which reflects the configuration of the Bahamas; the digital B$ was launched yesterday according to a tweet from the Central Bank of the Bahamas. The sand dollar is the first ever nationwide Central Bank Digital Currency in the world. As a pilot location, Exuma is a smaller version of the Bahamas.

The total GDP of the Bahamas was around $12 B in 2018, the per capita income is one of the highest in the Americas, with a 90% penetration for mobile devices. In short, you could not have asked for a more ideal ground for the release of the worlds first CBDC; a relatively well-off, scattered population with high mobile penetration. The other twist in the story is that the B$ is pegged to the USD. So in effect, this can be seen as a pilot release of a digital USD by proxy.

The project itself is to create a digital currency ecosystem to support digital payments. The main feature is a digital version of the Bahamian dollar. Additionally, an ecosystem consisting of Authorized Financial Institutions (AFI) was created that provide services to the retail customers. This is in the form of KYC/AML checks, wallet services and custodial services for the sand dollar. AFI includes money transmitter businesses, payment service providers and commercial banks.

The AFIs can provide their own version of the sand dollar app (after a strict cyber security review) or use the baseline app provided by the central bank. The digital wallets are key components as they interact with retail customers. The wallets are segregated into three tiers, this is similar to the Chinese approach. The lowest tier does not require strict KYC/AML requirements and limits the amount of sand dollars held. The other two tiers have a risk based approach to KYC, for retail customers this increases the limits; however higher amounts are taken into the custody of the appropriate AFI. All businesses or payees have to be properly KYCed.

The wallets are secured with multi-factor authentication coupled with a common password and a one time password. Protections against sim-swapping are not known. A digital identity solution for the Bahamas is also being created in parallel with the sand dollar.

The sand dollar will not pay interest and cannot be held non-domestically. Hence payees not domiciled in the Bahamas cannot be directly paid using the sand dollar. However it can be used for all wholesale and retail transactions domestically. The sand dollar can be used 24/7/365 in disconnected settings and bear very low transaction fees.

The technical solution provider is NZIA, which has a novel architectural solution consisting of NZIA Cortex DLT (a blockchain platform) at its foundation, hardware nodes running the platform, with a hybrid wireless network at the top to connect the mobile devices. The hybrid wireless network provides connectivity in exacting ecosystems. Islands in the archipelago can lose power due to hurricanes, so this is a very crucial feature. The synchronization of the wallet will happen eventually when connections pick up again.

All in all, this is an important milestone in the development of CBDCs. The benefits are not quantifiable a priori, as with any far-reaching solution the effects are emergent. It requires a certain amount of courage to embark on such a project. A population created by forced globalization with a 90% Afro-Bahamian population, a history of piracy, known as a haven for escaped slaves, but a beacon for financial freedom and economic opportunity today, is the right setting for the release of such a revolutionary form of money. With one foot in the sea and one on land, Forward, Upward, Onward Together, as the motto of the Bahamas states.

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Central Bank Digital Currency: The First Nationwide CBDC In The World Has Been Launched By The Bahamas - Forbes

Of those cases, 104 were on New Providence, five on Grand Bahama, 10 on Eleuthera, one on Crooked Island, and seven on the Berry Islands.

Another five cases are still pending location.

The ministry also advised that following a data cleaning exercise on the total confirmed cases by islands, it was discovered that some cases were from New Providence and not the island previously indicated.

As a result, four cases have been subtracted from Andros, Bimini and Cat Cay, Cat Island, and Long Island and added to the total for New Providence.

The ministry said the capital has recorded 4,645 cases to date.

Fifty-nine percent of the new cases were men, while 41 percent were women.

Another three COVID deaths were also confirmed on New Providence, including a 51-year-old woman who died on October 10, and a 62-year-old man and a 77-year-old man, who both died on October 20.

COVID-related deaths now stand at 127, with 14 deaths still under investigation.

The number of hospitalized cases now stands at 119, of which 108 are moderately ill and 11 are in the Intensive Care Unit.

Health officials also confirmed an additional 108 recoveries, taking the number of recovered cases to 108.

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SURGE: Bahamas records more than 1000 cases in less than two weeks - EyeWitness News

Everything Fresh Jamaica Limited, which initiated operations in the Bahamas in2019, says it has "realized remarkable growth" in its business in that northern Caribbean country.

In a letter to shareholders on October 27, 2020, company directors also noted thatthe transfer of 60 per cent of Everything Fresh Bahamas to listed company Everything Fresh Jamaica Limited is complete.The Bahamas venture was pursued as a measure to diversify the business.

The Bahamas is a hard currency territory with the US dollar of equal value with the Bahamian dollar. By comparison, in Jamaica, the Jamaican dollar is currently valued at J$146 to one US dollar and continues to fluctuate in value.

Managing Director CourtneyPullen noted in the company's June report that sales to supermarkets and retail in Jamaica were trending up, compared to 2019. The company has expressed its intention to diversity into this new space, as opposed to a previous concentration on the hotel sector.

Consistent with our vision when Everything fresh completed its IPO, the company has sought to replicate its operations and its success in other islands of the Caribbean. In early 2019, with the approval of the Board, the company began to explore a transaction that could satisfy this critical diversification role.

Now with the completion of the transfer of a sixty per cent stake of Everything Fresh Bahamas Limited to the parent company Everything Fresh Jamaica Limited, the listed company takes this opportunity to update all shareholdersm," the letter stated, adding that Everything Fresh Bahamas Limited is focused on supplying food products to supermarkets and the retail trade in the Bahamas.

The letter said that the new company has realized remarkable growth from a standing start, propelled by a knowledgeable and logistics savvy Jamaican and Bahamian staff.

The USDA Foreign Agricultural Service, which researches trade, indicatesthat the Bahamas is the second largest market for US consumer-oriented products in the Caribbean.

Total imports of consumer-oriented products amounted to US$310 million in 2018, with the United States capturing about 76 percent, or US$237 million of this market segment. By todays exchange rate, the market in the Bahamas is valued at J$45.26 billion.

In the letter to shareholders, theEverything Fresh directors also noted thatDespite the challenges of the COVID epidemic, we expect to see it (Everything Fresh Bahamas) continue to deliver value to the market and grow further in the near term."

Sales for the Jamaican company for the second quarter ended June 30, 2020were $83.9 million, down from $520.5 million at June 2019. This was due, directors said, to the COVID-19pandemic as well as the companys decision to discontinue special pork cuts.

The company's net losses for the June 2020 quarter were $56.3 million compared to losses of $28.8 millionat June 2019.

Excerpt from:

Everything Fresh touts 'remarkable growth' in Bahamas - Loop News Jamaica

Today, at approximately 11:56 local time, an American Eagle Embraer ERJ-145LR operating flight AA4194 overran the runway shortly after landing in Freeport, Bahamas. Details are scarce, but it has been reported that all passengers and crew are safe.

An American Airlines flight from Miami to Freeport overran the runway just before noon on October 24th. The flight was AA4194 and used an Embraer ERJ-145. Envoy Air actually operates the aircraft as an American Eagle service. American Eagle is the airlines regional brand.

On the aircraft were 25 passengers and three crew members. All were reported as OK, having deplaned safely.

Below is a photo posted by the Twitter channel Breaking Aviation News & Videos:

American Airlines flight AA4194 from Miami overruns on landing at Freeport, Bahamas. No injuries reported. pic.twitter.com/lfcyx4YoGt

Breaking Aviation News & Videos (@breakingavnews) October 24, 2020

The following statement was provided by American Airlines:

American Eagle flight 4194, operated by Envoy Air with an ERJ-145, experienced an issue with the rear landing gear upon landing at Freeport (FPO) which caused it to slide off the runway. No serious injuries were reported. All 25 passengers and three crew members deplaned safely into the terminal.

Subsequent services canceled

Unfortunately, subsequent services of American Eagle AA4194 are now listed as canceled by FlightRadar24.com. The aircraft in question, an Embraer ERJ-145LR registered as N674RJ, does not have any subsequent flights listed, but due to this latest incident, we can safely assume that it will not be operating for at least a day or two.

Simple Flying has reported on several ERJ-145 incidents already this year specifically involving Envoy Air jets.

The ERJ-145 is the largest of the ERJ family of regional jets and is designed to carry 50 passengers on short-haul intercity flights. Built by Brazilian planemaker Embraer, the plane competes with aircraft from the Bombardier CRJ family of twin-engine regional jets.

Launched at the Paris Airshow in 1989, theERJ-145first entered service with Continental Express Airlines in December of 1996. The aircraft proved popular with American commuter airlines and is in service today with ExpressJet, Envoy Air, Piedmont Airlines, and CommutAir.

Envoy Air is a wholly-owned subsidiary of theAmerican AirlinesGroup, operating under the banner ofAmerican Eagle. Headquartered in Irving, Texas, it is one of the worlds largest regional carriers. It has hubs in Dallas/Fort Worth, Chicago, Miami, New York, and Los Angeles.

Have you flown with American Eagle or on an Embraer ERJ-145 before? Please share your experience with us in the comments.

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American Eagle ERJ145 Runs Off The Runway In The Bahamas - Simple Flying

The Bahamas government has announced the temporary resignation of the Minister of State, Kwasi Thompson, so as to facilitate the business of the Senate during the absence of ministers in the Senate who are in quarantine.

A brief government statement said that Thompson will be replaced by Senator Dwight Sawyer, who will step down from his temporary appointment this week, after which Thompson will be sworn in and resume his duties as minister of state.

The announcement comes as the government moves to the Parliament on Monday to seek an extension on the state of emergency to November 30 as part of the efforts to curb the spread of the coronavirus (COVID-19) that has so far infected 6,466 and killed 132 others here.

Parliament is expected to debate a resolution to extend the state of emergency which expires on October 31.

However, the majority of the Cabinet, including Prime Minister Dr. Hubert Minnis, will be absent from the House after Minister of Public Works Desmond Bannister tested positive for COVID-19 last week.

A number of other government ministers are also reported to be in quarantine.

The Ministry of Health recommends 14-day isolation from the point of possible contact or contact with a COVID-19-positive individual.

House Speaker Halson Moultrie, is quoted in the Nassau Guardian as saying that he has been advocating for a hybrid model for House proceedings since some of his staffers tested positive for COVID-19 last month.

But nearly two months later, a resolution allowing the new model has yet to be tabled in Parliament.

Moultrie said that he is optimistic that the matter would be placed on the agenda for the sitting but it cannot be debated because no sufficient notice wouldve been given.

I believe if we had proceeded with the resolution to establish a situation where we could meet face-to-face and virtually with members, who attend virtually, having all the rights and privileges of those in chamber, we would not have had an issue at all as a matter of fact because all of the Cabinet members who are unable to attend tomorrow would have been able to attend virtually.

CMC

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COVID Impacts Heavily on Government Business Says Bahamas - caribbeannationalweekly.com

As the coronavirus pandemic continues to keep anxious travelers inside, more and more people are looking to plan adventurous trips to embark on once destinations open back up. Bustling cities will be on the back burner for a while as travelers look in the direction of remote, less-crowded locales.

The Bahamas has officially entered Phase 3 of its tourism reopening, and the destination is inviting visitors back. With an ideal location in the Caribbean and plenty of things to see and do, The Bahamas is a go-to destination for winter getaways.

This destination is home to more than 700 islands, which is why sailing proves to be one of the best ways to explore it. Click&Boat has travelers covered in this department with a Bahamas Yacht Charter.

Adventure-seekers can depart from popular destinations such as Nassau, Freeport or Mash Harbour and embark on a sailing trip of a lifetime.

Some of the many unique areas to visit include Green Turtle Cay, Tahiti Beach, Eleuthera and Big Major Cay, among others. From diving to swimming with pigs to finding pink sand beaches, The Bahamas offers something for all types of travelers.

Due to pleasant weather year-round weather, travelers can set sail in The Bahamas at any time. However, January is one of the best months to visit, since its the start of the dry season and the islands are not too busy.

To learn more about The Bahamas or to start planning for your winter sailing adventure, visit the Click&Boat website.

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Discover the Dreamy Islands of The Bahamas With a Yacht Charter - TravelPulse

ST. PETERSBURG, Fla. Nicholas Holzerland is about to take a very long trip for a very good cause.

The 23-year-old St. Pete native embarks on a 400-plus-mile solo paddleboard journey Tuesday as a way to raise money for foster children at the Crossroads Hope Academy.

"I prefer to do things alone with nature," says Holzerland. "I want to be with it and grow with it and eat off the land."

Holzerland will paddle from the Peace River in Bartow, down the southwest coast of Florida, to the Bahamas. He hopes to make the journey alone, on a catamaran-style paddleboard in three to four weeks.

"So I'm bringing 400 pounds, including me, on this board," Holzerland says about the crate of gear he'll carry with him. "You can still actually paddle with ease, and it's really stable."

His Paddle for People mission started when Crossroads Hope Academy contacted his business, It's Time Kayak, about an outing.

The foster school for boys struggles with extracurricular funds, so Holzerland decided to help.

With his epic journey, he hopes to raise $6,000, so the school can afford one water sports outing per month for a whole year.

For more information on this epic journey, click here.

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St. Pete native to paddleboard more than 400 miles from Tampa Bay area to Bahamas - ABC Action News

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

BAHAMAS Union of Teachers President Belinda Wilson said that the union is closely monitoring the situation at the Freeport Primary School in Grand Bahama after a teacher there tested positive for COVID-19.

On Friday, the school was dismissed around 1pm, and parents were asked to immediately collect their children.

When contacted on Saturday, Mrs Wilson said: The health and safety of teachers and students are paramount for me as the president and the union will ensure that their safety is first.

Its the unions expectation that the school will be cleaned and sanitised, teachers and students who are close contacts would be quarantined and that contact tracing will be conducted in a timely manner.

She also said: I can confirm that a teacher from Freeport Primary School tested positive for COVID-19 and school was dismissed.

According to reports in the Freeport News, District Superintendent Ivan Butler indicated Friday that the teacher became ill a few weeks ago but was not at school, and later tested positive with the coronavirus.

The teacher, he said, was not at school for the past two weeks adding that no one at the school was in any kind of danger.

Mrs Wilson said that Dr Frank Bartlett, chairman of the GB COVID-19 task force, met with staff at the school on Friday.

She noted that the union is monitoring the situation closely. The unions area vice president, Quinton Laroda, has met with Dr Bartlett and with Ministry of Education officials in Grand Bahama.

The area vice president Laroda has been in meetings and will continue to be in dialogue with the medical professional and the district superintendent. I am being updated regularly by the school representative and the area vice president and we will monitor the situation, she said.

Freeport Primary uses a hybrid model where students are engaged in face-to-face instructions three days of the week, and two days of online virtual learning.

Earlier this month, Dr Bartlett noted that the task force would be reviewing the strategic plans for the schools and will conduct evaluations of the 18 schools that are using the hybrid and the face-to-face models.

He noted that the main concern was with the face-to-face model due to the risk associated with contracting the disease. He said that the challenge and fear is the possibility that students will bring potential diseases into the school.

In a statement released Friday, Minister of State for Grand Bahama Kwasi Thompson urged residents to be encouraged as the number of COVID-19 cases increased after the Ministry of Health reported 19 new cases for Grand Bahama for October 22. This came after several weeks of a decline on the island.

He stressed that persons should wear masks when they leave home, wash hands frequently and thoroughly, sanitize frequently touched surfaces, and avoid large gatherings.

Mr Thompson said businesses must continue to enforce health protocols with employees and customers.

We are all grateful that our COVID-19 infections have been down for several weeks. I take this opportunity to commend residents for your collective efforts and self-discipline which contributed to the decrease in new cases here on the island since the most recent surge.

However, the Ministry of Health reported 19 new cases for Grand Bahama in its daily COVID-19 report for October 22, 2020. This number indicates an increase which we should all be concerned about and that we must get ahead of.

As we now resume many of our daily activities and move into a greater sense of normalcy, I encourage Grand Bahamians not to let your guards down. While we may all be battling COVID-19 fatigue we must keep this fight at the forefront of our minds. Remember that we are still in the midst of a global pandemic and must continue to practice health protocols to keep ourselves and our loved ones safe.

Although we are close to completing the renovations to our hospital, health facilities are still very vulnerable. Our economy is still feeling the effects of previous lockdowns, and no one wants any further restrictions.

This means you should wear your masks when you leave home, wash your hands frequently and thoroughly, sanitize frequently touched surfaces often, and avoid large gatherings. Businesses must continue to enforce health protocols with employees and customers.

In addition, I encourage the public to only rely on official sources for accurate news and updates. It is critical that we remain calm and avoid sharing false news as we navigate this new reality, Mr Thompson said.

The rest is here:

Teacher tests positive at school in Grand Bahama - Bahamas Tribune

WASHINGTON, Oct 22, CMC The Bahamas, one of the Caribbean Community (CARICOM) countries, with a high number of cases of the coronavirus (COVID-19) says the pandemic has severely affected its tourism-dependent economy.

Addressing the 50th General Assembly of the Organisation of American States, the countrys Permanent Representative, Sidney Collie, said while The Bahamas is no stranger to exogenous shocks, in recent times it has had to deal with a number of major hurricanes during the period 2015 to 2019; including Hurricane Dorian, the largest Atlantic storm in recorded history.

He said with respect to the current 2020 Atlantic hurricane season, an additional three named storms will result in the most active hurricane season on record and that the frequency and intensity of these storms are no doubt aggravated by climate change; an existential threat for our region.

He said the current on-going COVID-19 pandemic has severely challenged The Bahamas and all countries of the region. Collie said that with the countrys economy relying heavily on tourism, the closure of the borders and restriction in the movement of people has resulted in a severe slowdown of economic activity.

Moreover, he said the growing challenges have highlighted the importance of moving beyond antiquated methodologies including the use of the gross domestic product (GDP) per capita in determining access to concessional financing.

Such methodologies give no consideration to a countrys vulnerability to existential threats and ability to recover from external shocks, the Bahamian diplomat said, expressing thanks to the OAS for its commitment to advocate for a review of the per capita income criterion.

Collie noted Nassau is of the view that when compared with other multilateral bodies, the OAS maintains a comparative advantage and provides value-added in the areas of capacity building, technical cooperation, and support for human development which are more important now than ever before.

He said The Bahamas remains steadfast in its belief in the Organizations capacity to assist Member States in building resilience as the hemisphere confront the reality of the many challenges that continue to evolve in theeconomic, social, and environmental spheres in the lives of the citizens of the Americas.

Foreign Minister Darren A. Henfield, was unanimously elected as President of the 50th General Assembly and urged member countries to hold an open, frank, and constructive dialogue.

A time when every single country has had to urgently reset priorities to protect the health and survival of their citizens, to achieve food security, address social security needs, achieve diversification and technological modernization of their economies, while managing a complex pandemic together with resultant disruptions in the supply chain of basic medical and protective equipment, Henfield said.

The OAS meeting ends later on Wednesday.

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COVID has severely affected the tourism dependent economy says Bahamas - NYCaribNews

Former United States Supreme Court Justice ThurgoodMarshall once said, "History teaches that gravethreats to liberty often come in times of urgency, whenconstitutional rights seem too extravagant toendure."1

Recently, the Government of The Bahamas announced an ambitiousrental assistance programme to assist tenants who have beeneconomically affected by COVID-19 and are unable to satisfy theircontractual obligation to pay rent. According to the Prime Ministerof The Bahamas, tenants who qualify for the programme would havethe following benefits during the months of April, May and June20202:

In order to qualify for the programme, tenantsmust3:

It should be noted that such programme has no impact oncommercial leases or residential rentals over $2,000.00 per month.Thus, landlords in such circumstances could distrain for rent orproceed to have tenants evicted4.

As governments around the world grapple with the impact ofCOVID-19 and its legal implications, some legal pundits havequestioned the legality/constitutionality of rental assistanceprogrammes which abrogate contractual rights. The impact of statesof emergency on lease agreements is well documented. In the UnitedKingdom, during World Wars I and II, legislation was enacted whichessentially modified obligations arising under lease agreements. In1916, the (Emergency Powers) (Amendment) Act, 1916 was enacted,which allowed tenants to apply to the court for leave to have theirtenancies terminated. The court had an absolute discretion toterminate a lease notwithstanding any provisions within the leasedealing with termination. Further, termination of the lease couldtake place on such notice or terms that the court deemedfit5. See Revill v. Bethel [1918] 1 K.B. 638.

Similarly, according to the Courts (Emergency Powers) Act, 1939,also enacted in The United Kingdom, landlords were barred fromtaking possession of property or recovering rent during a state ofemergency without leave of the court6. In the EnglishCourt of Appeal decision of Re Affairs of Kirby [1944] K.B. 2139,Scott LJ said the following in interpreting theAct7:

"..both legal proceedings and measures of self-helpavailable to landlords for recovery of rent or of possession ofland for non-payment of rent are forbidden without leave of thecourt, and the effect of that Act was to create in the tenant aquasi-right to possession and to immunity from rent or mesneprofits which continued so long as the court did not give thelandlord leave to proceed by either road courts orself-help."

See also the Court of Appeal decision in Humberston EstatesLimited v Allen et al [1941] 2 K.B. 317.

In 1941, the United Kingdom enacted the Liabilities (War-TimeAdjustment) Act, 1941 which had the effect of suspending theexecution of a landlord's judgment for possession. The purposeof the Act was intended to be a middle course for debtors who wereindebted to creditors as a result of World War II, without imposingthe harsh stigma of having such persons adjudgedbankrupt8.

In many constitutional democracies, such as The Bahamas, thestate has powers to authorise measures which are reasonablyjustified during the subsistence of a state ofemergency9. Given the broad scope of Article 29(2) ofthe Bahamian Constitution, these measures could include theimplementation of a rental assistance programme.

The rental assistance programme foreshadowed by the Governmentof The Bahamas is clearly important to the public health and safetyof the community and reasonably justified during the COVID-19pandemic. If landlords can evict tenants with no or limited income,jurisdictions like The Bahamas would likely see a sharp increase inhomelessness. As a result, governments would have to open sheltersto accommodate such persons, where social distancing would beimpractical.

If an outbreak were to occur at a shelter the public healthimpact could be cataclysmic, leading to a surge in COVID-19 casesand creating broader challenges. In fact, governments like TheBahamas may be forced to take the draconian step of compulsorilyacquiring properties to house homeless persons 10.

Notwithstanding the emergency powers available to states,jurisdictions like The Bahamas must ensure that they do not actcapriciously. It is incumbent on The Bahamas and otherjurisdictions to enact legislation giving effect to rentalassistance. Any abrogation of rights under a lease should be donethrough the enactment of robust legislation and not a policy.

In the absence of legislation, any attempt by the Government toimplement and enforce such programme would be illegal. Presently,no legislation has been enacted in The Bahamas giving effect to therental assistance programme.

In the wake of COVID-19, jurisdictions globally will have tore-evaluate laws relating to landlords and tenants. Nations shouldconsider enacting legislation similar to those previously mentionedin this article in order to protect the interests of both landlordsand tenants. Lastly, landlords should consider including termswithin lease agreements specifically relating to states ofemergency.

During a state of emergency, governments can implement rentalassistance measures which allows for statutory modification ofrights under a lease. However, such actions must not be undertakenin a cavalier manner and well considered legislation ought to beenacted in support of the same.

Footnotes

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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The Potential Impact Of COVID-19 On Leases In The Bahamas - Real Estate and Construction - Bahamas - Mondaq News Alerts