While there was a 12 percent increase in construction activity in the third quarter of 2022, measured by the number of new construction permits issued, the correspondent value of those permits dropped by more than $30 million compared to the same period in 2021, the Bahamas National Statistical Institute (BNSI) revealed yesterday.

Construction activity is a key economic indicator. The BNSI's data reveals that there were 424 new construction permits issued at a value of $135 million, higher than the 380 issued in the third quarter of 2021, which however carried a value of $167 million.

"The main reason for this decrease was a drop of 59 percent in the commercial/industrial sector of $47 million, which was mitigated by increases in the private/residential sector of $11 million and the public sector of $4 million. The third quarter 2022 permits value was shared across the islands, with New Providence representing 76 percent, Grand Bahama 20 percent and the remaining Family Islands four percent," the BNSI said.

"The number of new construction starts all Bahamas decreased by 17 when comparing the third quarter of 2021 (150) and the third quarter of 2022 (133). During this same period however, the value of construction starts all Bahamas increased by $35 million or 74 percent. This increase in value was led by the private/residential sector and the public sector, with increases of $36 million and $5,000 respectively. Contrarily, the commercial/industrial sector decreased by $645,000 or four percent. New Providence represented 76 percent and Grand Bahama 24 percent of the recorded number of new construction starts in the third quarter of 2022."

There were 165 projects completed in the third quarter of 2022, down from 171 in the third quarter of 2021.

"The value of construction completions, however, increased by approximately $106 million or 176 percent. There was an increase in the commercial/industrial sector of approximately $114 million, leading this overall increase in value. New Providence commercial/industrial sector construction completions value increased from $11 million to $126 million over this same period," the data shows.

FTX Trading Ltd. and its affiliated debtors released a statement yesterday explaining that they are requesting money back from people who may have received contributions or other payments from former FTX executives before the cryptocurrency exchange collapsed in November last year.

The statement was released in the context of ongoing legal matters in the US, therefore it's unclear if it could impact local charities and individuals, or even if there is a legal avenue for FTX debtors to pursue funds in The Bahamas.

The statement explained that the FTX debtors expect those funds to be returned by the end of this month.

"FTX Trading Ltd. and its affiliated debtors announced the FTX debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX debtors, Samuel Bankman-Fried or other officers or principals of the FTX debtors," the statement said.

"These recipients are requested to return such funds to the FTX debtors by February 28, 2023."

The statement added that if the funds are not returned voluntarily, the FTX debtors could take legal action through the bankruptcy court to recover those funds.

The statement explained that the private massages to those who owe funds followed an announcement in December that payment arrangements had been made available for those who wished to return funds voluntarily.

When concerns where raised that charities might have to return money donated to them by FTX, the Singing Bishop, Bishop Lawrence Rolle of International Deliverance Praying Ministry, said at the end of November that his church had already used the $50,000 donation they received.

"The feeding ministry is $10,000 a week," said Rolle. "The record and everything is there. We spent the last portion of it for Easter. The feeding program is on Wednesdays, where we have about 1,000 people; Sunday, about 500; and through the week, it's people with autism, the sick and shut-in."

The FTX statement explains that even if a contribution was received and given to a third party, like a charity, the FTX debtors can still pursue the return of those funds.

"Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX contributor does not prevent the FTX debtors from seeking recovery from the recipient or any subsequent transferee," the statement notes.

It adds: "To the extent such payments are not returned voluntarily, the FTX debtors reserve the right to commence actions before the bankruptcy court to require the return of such payments, with interest accruing from the date any action is commenced."

AGRICULTURE, Marine Resources and Family Island Affairs Minister Clay Sweeting confirmed that two one million-gallon tanks are on the ground in Eleuthera.

In early December, the minister had expressed deep frustration and disappointment to his colleagues over the seven-day disruption in water supply on the island at the time. He had also noted that the supply on the island had been inconsistent for several months. #While in Grand Bahama this week, Minister Sweeting, who is the MP for Central and South Eleuthera, was asked for an update on the water situation in Eleuthera. #He reported that while the situation has been much better since, there is still room for improvement. #“The tanks are on the ground,” he said. “And, they have started to construct them now. I know they have cleared the area for where the tanks will now sit.” #The MP said that they also have access to another well that will help to provide more water. #“They also put another temporary facility there to make more water so the other one could have down time to make renovations and whatever is necessary to keep it up and running,” he said. #“We have outages at times, but it has been much better,” he explained. “At the time I had released the statement we had been seven days without water. But currently it is better. It can be improved, but currently residents do have water. #“I think we had some challenges in the north as of late, but for the most part it was in the Central Eleuthera area. #“So, the North Eleuthera station as well as central, Water and Sewerage secured large tanks. The one in Central Eleuthera will be one million imperial gallons, which will help.” #Mr Sweeting said the initial tanks produce only enough water for consumption for one day, which is 250,000 gallons. #“So, in one day we used that in the constituency because of the development of homes that are being built. So, this should give you another four days,” he explained. #The Water and Sewerage Corporation had announced that it executed a contract for a new 1,000,000 imperial gallon storage tank at its naval base pumping station and another 1,000,000 imperial gallon storage tank at its Bogue pumping station. The total contract value for those tanks is $2,756,000, and a further $525,000 in related support works will be executed. #When asked his thoughts as minister of agriculture about the new tax Minister of Health and Wellness Dr Michael Darville is looking to put tax on sugar and excess salt coming into the country to encourage healthy eating, Mr Sweeting said they all as ministers have a mandate. #“I think all of us have a mandate as ministers to ensure our mandate is carried out. The minister of health and wellness’ mandate is to ensure that this country becomes healthy and has a healthy lifestyle. #“I know the former administration had looked at a soda and sugar tax as well. I have seen the minister’s interview and he also said himself in consultation as well. #“I know as Bahamians I do not eat as healthy as I should. So, we need to be creative as ministers and find ways to ensure our mandate is carried out. The minister’s mandate is to ensure that we become healthy and that is something I am sure he is looking at,” Mr Sweeting said.

In early December, the minister had expressed deep frustration and disappointment to his colleagues over the seven-day disruption in water supply on the island at the time. He had also noted that the supply on the island had been inconsistent for several months.

While in Grand Bahama this week, Minister Sweeting, who is the MP for Central and South Eleuthera, was asked for an update on the water situation in Eleuthera.

He reported that while the situation has been much better since, there is still room for improvement.

“The tanks are on the ground,” he said. “And, they have started to construct them now. I know they have cleared the area for where the tanks will now sit.”

The MP said that they also have access to another well that will help to provide more water.

“They also put another temporary facility there to make more water so the other one could have down time to make renovations and whatever is necessary to keep it up and running,” he said.

“We have outages at times, but it has been much better,” he explained. “At the time I had released the statement we had been seven days without water. But currently it is better. It can be improved, but currently residents do have water.

“I think we had some challenges in the north as of late, but for the most part it was in the Central Eleuthera area.

“So, the North Eleuthera station as well as central, Water and Sewerage secured large tanks. The one in Central Eleuthera will be one million imperial gallons, which will help.”

Mr Sweeting said the initial tanks produce only enough water for consumption for one day, which is 250,000 gallons.

“So, in one day we used that in the constituency because of the development of homes that are being built. So, this should give you another four days,” he explained.

The Water and Sewerage Corporation had announced that it executed a contract for a new 1,000,000 imperial gallon storage tank at its naval base pumping station and another 1,000,000 imperial gallon storage tank at its Bogue pumping station. The total contract value for those tanks is $2,756,000, and a further $525,000 in related support works will be executed.

When asked his thoughts as minister of agriculture about the new tax Minister of Health and Wellness Dr Michael Darville is looking to put tax on sugar and excess salt coming into the country to encourage healthy eating, Mr Sweeting said they all as ministers have a mandate.

“I think all of us have a mandate as ministers to ensure our mandate is carried out. The minister of health and wellness’ mandate is to ensure that this country becomes healthy and has a healthy lifestyle.

“I know the former administration had looked at a soda and sugar tax as well. I have seen the minister’s interview and he also said himself in consultation as well.

“I know as Bahamians I do not eat as healthy as I should. So, we need to be creative as ministers and find ways to ensure our mandate is carried out. The minister’s mandate is to ensure that we become healthy and that is something I am sure he is looking at,” Mr Sweeting said.

Central Bank Governor John Rolle confirmed earlier this week that more work will be done to ensure local banks are able to settle digital transactions faster, with better cost efficiency and in greater numbers, before it moves to completely eliminate checks.

Guardian Business reported in December 2021 that the Central Bank announced the elimination of Bahamian dollar checks by December 2024, with a universal cutoff date to eliminate all check cashing activities at the end of 2022, at which time only check deposits would be allowed until the complete elimination.

Responding directly to a Guardian Business question at the Central Bank's first quarterly press briefing earlier this week, Rolle admitted that the move is a sensitive issue for many segments of the business community, which last year pushed back against the announcement.

"We are working to 2024 in terms of meaningful progress. I did notice some misperception in some quarters and some individuals thinking that it was happening at the end of last year, 2022. That's not the case, but I can say this, we are getting important representation from stakeholder groups around the process, and we are in talks with the government around how that process would look. Not all the feedback is comforting or receptive of the change and we understand that. That is a clear function of the necessary communication and public outreach that is ahead of us," he said.

"Speaking with the banking sector, the very next step will be that they put together a steering committee. It will join the government and the insurers, credit unions and other important stakeholders and we will focus on the kinds of key performance indicators that we should be targeting for improvement, as we move towards reduced use of checks and even reduced use of cash.

"Those indicators would include improving the focus on the speed at which transactions are being settled in the electronic funds transfer space, looking at the cost of those transactions relative to the alternatives, and also benchmarking progress relative to the speed at which the public is migrating towards digital payments. Wrapped up in that is the issue of not just how the public is migrating, but whether there is a deliberate financial inclusion outcome, so that we can address the access issues. So those are the three very important performance indicators that we will be tracking and targeting over the coming months and years to make certain that there is meaningful progress toward the end goal."

Last July, the only two major check printers in the country - Bahamas Cheque Services and Executive Cheque Printers - said The Central Bank of The Bahamas (CBOB) will end their business with the planned elimination of checks.

They said on average there remains more than 4,000 companies that regularly utilize checks and on average well over 100,000 checks are printed each month for attorney's offices, banks and real estate firms, among other companies.

Rolle said the next year will be spent engaging more stakeholders to ensure all are prepared for the switch.

"A public education campaign will begin to pick up. There is already internal agreement on the firm that is going to assist us in that respect and there is already considerable work being done in terms of scrutinizing the existing legal framework for payments, to identify if necessary where any changes are needed. But it is appreciated that it is still a very sensitive issue and it's not going to be as simple as just the flick of a switch," he said.