01082021 BUSINESS

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FRIDAY, JANUARY 8, 2021

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Port slashes visitor projections by 1.1m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

N

ASSAU Cruise Port yesterday said it has slashed its 2021 arrival estimates by more than one million passengers, or 42.3 percent, due to Carnival and its affiliates delaying their return beyond end-March.

Michael Maura, its chief executive, told Tribune Business that in a worstcase scenario cruise arrivals for this year could possibly fall by 1.5m compared to initial projections as

• Says could even fall 1.5m in worst case • But IPO, debt raise are ‘certainly coming’ • Cruise chief: Still have 950 vessel bookings

MICHAEL MAURA

the uncertainty created by COVID-19’s economic and health devastation continues to ravage the industry.

Suggesting that a decline of around 1.1m visitors was more likely based on present indications of when the cruise industry will resume sailing from US ports, Mr Maura added that the impact to Nassau Cruise Port’s revenues and other financial projections

would not affect its ability to service interest payments on the $150m bond it had placed last year.

Asserting that “there’s no difficulty there”, he said the Prince George Wharf operator will “certainly be coming to market in 2021” to raise both the remaining debt financing needed to complete the cruise port’s

SEE PAGE 4

San Sal’s ‘lifeblood’ terminates 190 staff

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FEARS were mounting yesterday that San Salvador will suffer a population drain as the island’s Club Med “lifeblood” terminated its 190 staff amid warnings the resort may not re-open until 2022.

John Pinder, director of labour, told Tribune Business that the government has been advised by the resort chain that it may remain closed throughout 2021 rather than re-opening in December as originally planned due to continuing uncertainties surrounding the COVID-19 pandemic.

These concerns were echoed by Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, who said the all-inclusive property

• Labour chief: Club Med may not re-open till 2022 • Population drain fears as severance is paid out • Employees given no hint of re-opening timeline

JOHN PINDER

DARRIN PINDER

had not indicated a re-opening date in the termination letters handed to employees.

Confirming that the resort’s staff, including the union’s 172 members, received their due severance pay yesterday, Mr Woods said workers had received their notice and

Christmas bonus the week before.

Club Med, in deciding to shutter the resort last September, had indicated it would seek to re-open its Columbus Isle property by mid-December 2021 in time to catch this year’s Christmas

Oil exploration ‘not in country’s interest’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A UNIVERSITY of The Bahamas (UB) professor yesterday said that exploratory oil drilling is “absolutely against our best interest” as a country due to the nation’s climate change vulnerabilities.

Dr Adelle Thomas, climate change specialist and director of UoB’s Climate Change Adaptation and Resilience Research Centre, told a Bahamas Business Outlook preview: “With regards to the oil drilling, I

think it is absolutely against our best interests - as one of the most vulnerable countries in the world to climate change - to pursue oil drilling.

“It is the equivalent of us being on a sinking ship, and asking the international community for help, while at the same time drilling holes in the hole and throwing out our lifeboats.”

BPC’s backers, though, will likely argue that the Bahamian economy has been crying out for more than a decade for the diversification

SEE PAGE 5

Gambler winnings tax pushed to January 16

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net IMPLEMENTATION of the tax on web shop patrons’ winnings has been pushed back two weeks to January 16 to allow the government to provide all those impacted with sufficient notice.

A Gaming Board spokesman confirmed to Tribune Business that the tax’s start date had been delayed from the original New Year’s Day target so that it could be properly announced

in the official government gazzette, which is the daily newspapers.

This was duly done on Wednesday via an advertisement signed by Gaming Board secretary, Ian Tynes, who said Bahamian gamblers will be taxed on their winnings from midnight on Saturday, January 16, despite push back from the web shop industry itself as well as patrons.

Leander Brice and Garvin Newball, A Sure Win’s co-chief executives, told

SEE PAGE 2

and New Year’s holidays.

However, Mr Woods said: “In the letter to the employees they didn’t give a date. In the original letter they said they don’t see themselves reopening before December 2021.

“We’re very concerned.

This impacts that island greatly. Club Med is the major employer on the island. In some instances you have a household where two persons are working at Club Med, and people who work elsewhere are also able to pick up additional shifts there during the day and night.”

SEE PAGE 5

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Realtor fears for Bahamas over Democrat wins

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT realtor yesterday warned that Democratic control of both houses in the US Congress could hit The Bahamas’ post-COVID recovery if the party moves to push through steep tax hikes.

John Christie, HG Christie’s president and managing broker, told Tribune Business that while he remained “bullish” on the Bahamian real estate market’s prospects for 2021 this could all be undermined if US tax increases reduced disposable income and eroded confidence among both potential tourists and property purchasers.

He warned that the main threats to his positive outlook, especially for the international segment, were ongoing COVID-19 uncertainties coupled with “any radical changes in the US if they start raising taxes and take all the wealthy people’s money”.

“That could have a trickle down effect on us in a big way,” he warned. “We hope that doesn’t happen for sure. I had hoped that the [Senate] election would keep the Republicans in power there and create a check on taxes. If that had happened it would have kept the good times rolling.”

However, Democratic challengers, Jon Ossoff and Raphael Warnock, unseated both Georgia Senate incumbents, David Perdue and Kelly Loeffler, in an election that was overshadowed by Wednesday’s storming of Capitol Hill

JOHN CHRISTIE and the US Congress by Donald Trump’s supporters.

That outcome creates a 50-50 tie in the Senate between Republicans and Democrats that can be broken by incoming Democratic vice-president, Kamala Harris. This, in effect, gives the Democrats control of both houses of Congress and the presidency via Joe Biden, which in theory will enable them to easily push through a legislative agenda that could involve significant tax hikes.

“I don’t think it’s good,” Mr Christie said of the Senate election outcome.

“It just remains to be seen what they do. The stock market hasn’t crashed, and right now people are feeling good, but if they raise everyone’s taxes in the US it won’t be good. There will be less money for tourism and Bahamian real estate.

“Any time you have people talking about raising taxes on the whole it isn’t good for The Bahamas.

That’s taking money out of someone’s vacation pocket, which is not good for us. It is what it is. We’ve got to do our best. We continue to be very busy right now, and hopefully that continues.”

SEE PAGE 3

PAGE 2, Friday, January 8, 2021

THE TRIBUNE

Goals to focus on Gambler winnings tax for 2021 success pushed to January 16

G

OALS matter.

The company that takes time to strategise and set goals in 2021 is the company that wins. Recovery from a challenging year of unprecedented losses requires a strong focus on critical steps. These plans do not have to be overly complex, but they should include the goals you want to achieve and a basic action plan for how you will accomplish them. Keep yourself organised so youy have the framework you will need to be successful.

Here is a list of four areas to focus on for 2021 when it comes to goal setting and business planning: 1. Focus on the bottom line It is crucial to remember, and set your sights on, where you want your bottom line to be. When all is said and done, profit is the number one goal for all companies. It is important to consider setting profit margin goals on how much you aim to earn for the following year, and keep track of your costs, progress and scheduling. However, if you had not done so last year, an effective way to increase your profit for 2021 should be to prioritise productivity.

This requires effectively controlling costs, remaining on schedule with projects, and acquiring and maintaining all necessary equipment.

2. Improve communication models Find ways this year to strengthen your internal and external communication. Here are some ways to

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IAN FERGUSON BY

do this: • Meetings before and after a project to ensure all team members understand what their roles are, and to discuss what went well and what can improve.

• Discuss start times, schedules, locations and the order of tasks to help develop a more efficient system.

• Quick check-ins can allow you to assess the productivity of your team on a regular basis, and provide instructions on how to best proceed.

• Consider communicating through mobile devices or company apps in order for your team to connect with each other with ease.

• Increase communication with your customers in an effort to establish longterm relationships with them.

3. Ramp up training efforts New and continued training is an essential goal for most businesses, and is often a focus for planning.

This is definitely one you will want to add to your 2021 plan.

When planning for training, there are several different areas to focus on

such as technical training for specific products and installation techniques; continuing education for expanded expertise; customer service training; sales training; and company process reinforcement training are just a few areas that businesses may focus on.

If you are unsure where to start or find the proper training, reach out to a human resources consultant who can administer a basic training needs assessment.

4. Improve sales and marketing efforts Due to the ongoing pandemic, people have been spending more time at home and online than before. This means your online presence is critical to keeping up-to-date for the following year. Now is the time to plan or update your marketing strategy in order to efficiently promote your business ahead of time. It can be challenging to figure out the best way.

Coming up with your marketing goal for next year does not have to be complicated. Think about a new promotion or service you want to share. What goal do you want to accomplish?

Who do you want to target?

How are you going to communicate your business to your target customer? Once you have determined what you want to focus your marketing on, it is time to plan it sooner than later.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

FROM PAGE ONE Tribune Business their clients need “more time to bounce back” given the hardship imposed by the pandemic’s devastation of employment and incomes.

Saying they were sensitive to “the plight” of patrons, the duo said in a statement: “As an innovative industry, we remain committed to adapting as needed to the ever-changing environment in which we operate.

“However, we are concerned about our patrons as they will be burdened with an additional tax. We want to see our customers win, but most importantly we want them to enjoy all of their winnings. Especially with the impact of COVID19, an additional tax at this time may dampen the spirits of many who game with us as a source of entertainment and relaxation.

“We understand the constraints of the government and the need for new revenue opportunities, but we truly understand the plight of our gamers and we urge consideration in the timeline of this new tax roll-out to give our patrons a bit more time to bounce back in this current economic climate.”

The A Sure Win duo spoke after Senator Kwasi Thompson, minister of state for finance, gave the domestic (web shop) gaming industry less than two weeks’ notice that the tax will be implemented during mid-December’s address on the Fiscal Strategy Report.

Underscoring the increased taxes and fees Bahamian businesses and consumers will likely have to bear as a result of the fiscal and economic blowout created by COVID-19, Mr Thompson said the government will start with a

levy that is already on the books.

“To help counter the revenue losses, starting on January 1, 2021, the government intends to implement the gaming tax on winnings, passed in the House of Assembly in 2019 as part of the Gaming House Operator Amendment Regulations,” he revealed.

The new tax will see a five percent levy paid by patrons on winnings up to $1,000, and 7.5 percent on anything greater than $1,000.

It is projected to generate between $10m-$15m annually in extra revenue for the Public Treasury.

While a relatively small sum in the overall fiscal scheme of things, it will certainly shrink gamblers’ winnings at a time when they will be hoping to land every cent possible due to COVID-19 related high unemployment and income cuts.

The government’s efforts to tax web shop patron winnings date back to 2018, and many will argue as a result that the industry cannot claim ignorance over its potential imposition or say it had insufficient time to prepare.

Its introduction has been delayed several times already, most notably when the government in 2019 tabled regulations in the House of Assembly that failed to give the start date for the winnings tax.

The date oversight added further delay, as web shop operators were also given additional time to have their games tested and certified by independent laboratories that the terms and conditions had not been altered due to the tax’s introduction.

Dionisio D’Aguilar, minister of tourism and aviation, said previously that just 45 percent of web shop gaming activities will attract the new

patron “winnings” tax with online casino spins remaining untouched “for now”.

This means that a gambler who wins $1,000 will pay $50 in tax, reducing their take-home winnings to $950.

Someone who wins $2,000 will pay $150 in tax, leaving them with $1,850 to take home.

Mr D’Aguilar added that the government had decided to focus this levy solely on lottery/numbers operations because it was too “complicated” to calculate the winnings from online casino spinning, indicating that Bahamian gamblers had got off relatively lightly.

The minister said the comparable winnings tax rates in Jamaica and Barbados are 15 percent and 20 percent, respectively. In the US, he added that the federal tax rate was 25 percent, with state and local taxes on top of that.

While the web shop industry is arguing that the government is eroding patrons’ winnings at the worst possible time, other observers may argue that such a levy is essential to deterring Bahamians from gambling away scarce incomes or unemployment benefits on games of chance.

THE TRIBUNE

Friday, January 8, 2021, PAGE 3

LENDER ‘BULLISH’ ON 2021 CREDIT TO SMALL BUSINESS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A FINANCIER yesterday said he remains “bullish” on small business lending for 2021 after providing critical funding to 300 such firms last year via the government’s Business Recovery Loan.

Robert Pantry, Simplified Lending’s chief executive, speaking at a preview of the upcoming Bahamas Business Outlook conference,

ROBERT PANTRY

said of 2020: “For Simplified Lending we, like every other business, had to pivot.

“When we set our business plan at the beginning of the year, the path that we had settled, it didn’t happen quite that way. But nonetheless, like any other nimble business, we had to pivot, and, you know, we were able to make it out of COVID-19.”

Mr Pantry said he plans to take 2020’s lessons and use them to fuel his company’s growth for 2021. Stating

that he remains “bullish” in his outlook for this year, he “refuses to clamp down and fail” regardless of the challenges faced over the past 12 months.

“We are cautiously optimistic about 2021,” he added. “We know it’s going to be very challenging, but looking at some of the things we learned and what we would have gathered in 2020, we’re going to take some of those same things to make that pivot to see how we can help individuals and

businesses in 2021. We’re bullish on the long-term aspects of the economy.”

Mr Pantry said his company had helped more than “300 businesses” last year via the Small Business Development Centre (SBDC), which administered the government’s COVID Business Recovery Loan initiative. “We’re looking to expand the relationship with the SBDC along with the IDB (InterAmerican Development Bank) to see if we can now

round that up and see if we can exceed that in 2021,” he added.

The financier said Simplified Lending planned to push an “aggressive agenda”, adding: “In 2021, we’re also going to be introducing some new products and creative financial structures with much more flexibility and ease of accessing those funds, especially for clients using the SBDC.” He promised there will be “a lot of success stories”.

Downtown adjusting to Electronic payments primed for ‘take off’ life without cruise ships

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net DOWNTOWN Businesses yesterday said they have begun to adjust to more than one year without any cruise passenger visitors as several major lines again postponed the resumption of US sailing.

George Mousis, the Athena Café’s general manager, told Tribune Business: “If they start coming, hopefully people actually come on the ship. I would imagine a lot of people will be afraid to travel.”

He added that a complete tourism rebound is required to jumpstart the Bahamian economy. Now dependent on local customers, Mr Mousis said his restaurant

has traditionally been a 50/50 split between tourists and locals.

“We have all of our employees on, and we have just got to hang in there.

It’s a tough time for everybody,” he added.

However, Edward Robinson, owner of apparel retailer, Bonneville Bones, said of the latest cruise ship delay: “What does it matter?”

He added: “How I feel about it doesn’t make a difference one way or the other. I could be upset but that’s not going to change anything. I can’t say that I’m pleased, so what do you want me to say?”

Mr Robinson said cruise ship customers were only 5 percent of his downtown business, so the latest

COVID-19 induced delay will have little impact for his firm “We were never dependent on cruise ship business and, ever since lockdowns, many other stores have been closed but we remained open,” he said.

“Being one of the few locations open on Bay Street didn’t help, but unlike many other places we didn’t have to close.”

Cathy Moultrie, operations manager at Coin of the Realm, said: “We’re more geared towards local business. So our main concern is the locals and ShopLocal.

“As far as the cruise ships coming at the end of March, I hadn’t heard that. But if that is so then that’s good that at least they’re coming

Realtor fears for Bahamas over Democrat wins FROM PAGE ONE

While many Bahamians and residents will doubtless be glad to witness Donald Trump’s departure from the presidency in 12 days’ time, Democratic administrations have traditionally not always been as kind to this nation’s economy and key industries as their Republican counterparts.

Take financial services.

Both the Clinton and Obama administrations were much closer to the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) position on so-called “harmful tax practices”, and effectively enabled both to pursue their initiatives against The Bahamas and others, whereas the Bush administration stymied the latter body for eight years.

Mr Christie, meanwhile, while revealing that real estate sales volumes were down 30 percent in 2020 compared to a COVID-free 2019, said the outcome “could have been a lot worse than that”. He added: “There’s still been a number of large sales.

People are not just looking; they’re buying.

“We’re very bullish on it. It’s been very busy, and we’re very optimistic about 2021. People have been held back for all of 2020, and there’s a rubber band effect. We’ve been busy over Christmas and because there’s more people working, the decision to buy now is made, as they see the need to move before prices go up.

“I think with COVID19 people are coming out and selling, especially in the luxury market. In most communities things are

selling.” Mr Christie voiced optimism that the international side of the Bahamian real estate market could even recover to levels approaching 2019, and said: “We’re looking forward to a good New Year. The way it’s looking now we’re all feeling optimistic.

“Bahamians have been buying as well. Bahamians were buying all through the summer. Anyone with excess cash has been buying real estate. Obviously the big stuff is international, but the local market has been pretty solid all across the board. It’s been able to weather the storm.”

Mr Christie added that technology and online viewings have played a greater role for buyers and the wider real estate industry since the COVID-19 pandemic struck, with some purchasers willing to acquire

POSITION VACANT Airport Authority Field Service Engineer – Electronic Maintenance Department The Airport Authority wishes to advise that a vacancy currently exists in the Electronic Maintenance Department for the position of Field Service Engineer.

CANDIDATE EXPECTATIONS: • Associate Degree or Bachelor’s in Electronics required • Minimum of three years experiences in a multi-purpose maintenance, automation or technical environment • Experience with HMI/PLC programming preferred • Intermediate diagnostic, troubleshooting, testing and analytic capabilities for complex issues related to uninterruptible power systems • Ability to work productively with minimal supervision • Ability to work at heights above 30 feet • Excellent written and verbal communications skills • Ability to multi-task efficiently • Adaptability and willingness to meet evolving department demands and skillset requirements • Aptitude to learn about specialized equipment and software programs Interested persons can email their resume to humanresources@airportsbahamas.com by January 15th, 2021.

back and we’ll bring some tourists back to our shores.”

Ms Moultrie said Coin of the Realm’s customer base is 80 percent local.

The retailers spoke out after Carnival Cruise Lines this week confirmed it will not resume sailing from US ports before March 31.

Two other Carnival-owned brands, Princess Cruises and Holland America, confirmed they had cancelled all sailings through May 14 and April 30, respectively.

That is not good news for the employees at their private Bahamian islands, Princess Cays and Half Moon Cay. The former provided jobs for around 100 Eleuthera residents prior to the pandemic. “sight unseen” although most prefer to still physically view the property before agreeing a sales contract.

Bahamian tourism and real estate are heavily linked to stock market and housing valuations in the US, where the socalled “wealth effect” encourages purchases and outlays by both high net worth and middle class individuals.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A DIGITAL payments provider yesterday predicted electronic transactions will “really take off” as banks withdraw from the Family Islands and Bahamians become comfortable using the technology.

K Karlos Mackey, president of MoneyMaxx Company, and also principal of Prime Financing & Consulting, told a webinar to preview next week’s Bahamas Business Outlook conference that digital wallets are currently in the “ramp up phase” but should grow rapidly in the Family Islands to fill the void left by departing commercial banks.

He said: “I think that as far as digital wallets go, and for The Bahamas, we’re still in the ramp-up phase. How long that ramp-up phase will last is a function both of what I would call the innovation and attractiveness of digital wallets, but also the perceived need.

“Sometimes you’re able to create a perceived need, but we know that in some markets, and for some products, perceived needs are only created when there’s that actual need. I think COVID-19 has provided us a situation where perceived need and actual

need, in some respects, do align.”

Mr Mackey said he anticipates mobile wallets will “really take off” when merchants become a “bit more comfortable” with using the technology.

With the “retrenchment” of Family Island commercial banking operations likely to drive demand for digital payments transactions, he added: “We’re seeing a lot more openness now by small and medium-sized businesses, in particular, because with all due respect those are the businesses that really drive what I would call the day-to-day flow of funds throughout the economy.”

Mr Mackey’s companies have also been authorized by the Central Bank as providers of the Bahamian digital currency, the Sand Dollar, giving them the ability to offer Sand Dollar accounts.

“I would say that the Sand Dollar represents a level of efficiency that has rarely been seen in terms of the way that project was executed, rarely been seen seeing the way that we do government and government activity in The Bahamas,” Mr Mackey said. “The Central Bank team, their project team and our team has been extremely efficient.”

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PAGE 4, Friday, January 8, 2021

Port slashes visitor projections by 1.1m

NASSAU CRUISE PORT FROM PAGE ONE physical transformation and give Bahamians the chance to own a piece of the upgraded facility via an initial public offering (IPO).

Nassau Cruise Port and its controlling shareholder, Global Ports Holding, which will ultimately own a 49 percent equity stake in the $268m port redevelopment, previously said the IPO would take place in the 2021 second quarter but Mr Maura indicated this timeline could be subject to change due to the

uncertainties created by the pandemic.

He added, meanwhile, that Nassau Cruise Port could play host to “simulated cruises” by early March to give both itself and the lines an opportunity to test their COVID-19 health protocols prior to resuming voyages with passengers. While the cruise lines had agreed such trial runs “make a lot of sense”, Mr Maura said they would have to be approved by the government and US regulators.

Revealing that Prince George Wharf still has 950

cruise ship bookings on its books between April and December 2021, COVID19 and associated health regulations permitting, the cruise port chief said it was using the absence of passengers to press on faster with berth expansion and an overall redevelopment that is scheduled to be completed by March/April 2022.

When finished, Mr Maura said it will enable Nassau to accommodate three vessels from the industry’s largest “Oasis” ship class per day, rather than just the one it could handle pre-COVID.

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This, he added, will take daily cruise ship passengers from a maximum of 20,000 to 30,000 in time for when vaccines allow the pandemic to subside.

Still, acknowledging the short-term blow from Carnival and its affiliates electing to delay their return beyond the 2021 first quarter, Mr Maura told this newspaper: “In answer to your question, had we anticipated revenue streams at some point in the first quarter? Yes. “For us, back in the early second quarter of 2020, we had anticipated in 2021 that we would handle approximately 2.6m passengers.

The protracted journey that the cruise industry has been on in terms of resuming cruise travel, principally from North America, has and will impact that forecast.

“I would say that we would end up some place between 1m and 1.5m, on the low end at 1m, and more likely at 1.5m, but it really does depend on the Centres for Disease Control and Prevention’s (CDC) requirements.”

A decline to 1m would represent a 61.5 percent drop compared to initial projections, but a fall to 1.5m would be down just 42.3 percent. Some observers will likely consider these estimates still too optimistic given the pandemic’s

THE TRIBUNE devastating effects.

The cruise lines are still grappling with the COVID-19 prevention and mitigation protocols imposed upon them by the US health authority, although a designated CDC official is now working with each company to help them come into compliance.

However, Carnival confirmed this week that it will not resume sailing from US ports by the end of March, while its affiliates, Princess Cruises and Holland America, have postponed their returns through May 14 and April 30, respectively. This means one of the world’s two largest cruise lines, and its subsidiaries, will miss a first quarter that is traditionally the peak in the sector’s calendar.

This also only adds to the misery facing Bay Street merchants and other downtown Nassau businesses that have traditionally relied on cruise ships for the bulk of their customers, including restaurants, as well as the likes of tour operators, taxi drivers, straw vendors, hair braiders and others that all rely upon the sector their livelihoods.

Private island employees will be similarly impacted, and the survival prospects for cruise industry-reliant businesses are becoming bleaker with every month it fails to return, given that it will have been away for a full year since last March’s shutdown.

Nassau Cruise Port, meanwhile, had planned to raise the remaining debt financing for Prince George Wharf’s redevelopment this year as well as enable Bahamians to own a piece of the port via an IPO of shares in a mutual fund that will hold a combined 49 percent stake in the project.

While these two financings will still proceed, Mr Maura said the timing and details remain to be worked out. “We’re in the process of looking at our 2021 calendar, and looking at the funding plans for the remainder of the year,” he added.

“What I can tell you for certain is that, yes, we will be coming to market in 2021. What I cannot tell is the months for both, and I’m not saying they will happen at the same time.

Both will occur in 2021, but you caught me in the midst of those conversations. I’m a little hesitant to give you specific numbers because we have to go through an exercise of analysis and calculation, but both will happen in 2021.”

Nassau Cruise Port’s $150m bond last year raised the bulk of the construction financing, leaving the final, smaller eight-digit piece to be raised this year. And Bahamians will hold their ownership interest via the Bahamas Investment Fund, which will hold a 49 percent

equity stake in the project worth around $36.4m.

This fund will issue shares to Bahamians via a “bottom’s up” approach that focuses on small, individual retail investors so that no one or large group of controlling shareholders will be able to control the Bahamas Investment Fund.

Acknowledging that The Bahamas is having to play “a waiting game” over the cruise industry’s return, Mr Maura said the world had taken much longer to come to grips with COVID-19 than originally projected.

He added, though, that this nation’s US proximity and multi-island destination meant it would be among the first to rebound when the industry started sailing.

“If you look at our bookings, from April to December, we have just over 950 confirmed bookings. Our bookings are solid,” the Nassau Cruise Port chief told Tribune Business. “From our perspective it’s a waiting game for sure. We have no doubt that we will be one of the first to welcome the industry once it sails.”

Whether those 950 bookings materialise will depend heavily on COVID-19 and when sailing restarts, but Mr Maura added: “One thing we have proposed to the cruise lines is that as part of the CDC’s ‘return to service’ they have simulated cruises.

“What we have suggested, but one has to get the blessing of the CDC and our government, is to include the port of Nassau in a simulation as it will give us an opportunity to test our own protocols in Nassau as a port operator, the government as regulator and give the cruise lines an opportunity to test their protocols in an international port.”

Mr Maura said such “simulated cruises”, which would take place without passengers, could happen by early March as the Nassau Cruise Port presses on with its construction efforts. He added that the port is presently finishing a temporary facility for the Port Department ahead of February’s demolition of the existing Port building.

“We’re adding capacity for two new Oasis class ships, so the port will be able to handle three at the same time,” Mr Maura explained. “The cruise port of yesterday could handle only one Oasis class ship at a time.

“That’s the biggest vessel in the world. They can have 6,000 passengers and 1,800 crew. In 2019, it was good when the port handled 20,000 passengers a day. In the future, once we get through the COVID-19 craziness it will be able to handle 30,000 a day. That’s a lot of people spending money in town.”

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THE TRIBUNE

Friday, January 8, 2021, PAGE 5

Oil exploration ‘not in country’s interest’ FROM PAGE ONE and fiscal boost that a potential commercial oil discovery can provide.

With COVID-19 and Hurricane Dorian’s devastation having slashed between $1.5bn to $2bn off Bahamian economic output, and the national debt projected to break the $10bn mark by mid2022, their argument is that The Bahamas simply cannot afford to stoop pursuing a new national resource.

But, speaking after the Supreme Court this week declined to halt Bahamas Petroleum Company’s exploratory drilling in waters 90 miles west of Andros, Dr Thomas said she has written and published numerous letters urging the government to put a halt to this immediately.

Warning that permitting oil drilling within its waters could have international consequences for The Bahamas, Dr Thomas added: “I would say the international community is paying attention. You will see the letter that the Congress people from Florida sent over, so they’re very much paying attention.”

Dr Thomas was referring to a letter, dated December 17, penned by Florida state representative, Alcee Hastings, which was endorsed by 16 other US representatives and argued that The Bahamas should reconsider giving the go-ahead to BPC “to protect the beauty and longevity of our fragile and shared ecosystems, the economies that depend on them, and the future of our planet”.

The letter added: “Should BPC’s project move forward, we will be justified in fearing that the Atlantic coast is at risk of severe, even catastrophic, impact from any spills that might occur – essentially undermining the recent offshore drilling ban extension from President Trump, and future offshore drilling restrictions.”

Dr Thomas, acknowledging that the Trump administration is in its final days, said she was looking forward to presidentelect Joe Biden acting more swiftly on environmental concerns and intensifying diplomatic efforts to halt oil drilling in The Bahamas.

She added: “I think, when we start looking for bilateral aid, particularly from the United States, with a new Biden administration coming in they will look at what

actions are we doing to help ourselves. I think that will influence, you know, whether aid will come to us specifically for climate change.”

Meanwhile, Andros residents and businesses yesterday largely argued that The Bahamas should “leave oil drilling alone” despite BPC’s pledge that the country will know “within four to six weeks whether it is an oil rich nation”.

Juliet Newbold, general manager of Andros Island Bonefish Club, said: “I think any form of drilling in our environment is not good at all.” She added that The Bahamas is “already blessed with natural resources”, and the potential damage from oil drilling was not worth it.

“Anything of that nature could be more detrimental to the Bahamian people than anything else,” Ms Newbold said. “There are few places on the planet where you can go and find such a pristine environment.

“We are blessed in the fishing industry with all of these other sea creatures, so why take a risk to see if there is oil and who is going to benefit from our oil? I see foreigners just coming in and reaping the benefits and leaving us with the mess we can’t clean up.”

Andros is the closest island to BPC’s exploratory well, which is 90 miles off its western shore. Nelson Gaitor, owner/operator of Gaitor’s Variety Store, said: “It might be good for The Bahamas if they strike oil, but then if we have any oil spill that might be the problem.”

Randy Butler, president of SkyBhamas and the Androsbased Island Beach Resort, described the Government as “directionless” on oil exploration.

He added: “The Prime Minister of our country said that he checked with his legal consultants and they told him there is no way to get out of a contract. He is a doctor and he has had many contracts in his life. All contracts have a way to get out of them.

“This is typical of the same thing with the mining that they talk about in Andros.

There was no town meeting, no Zoom meeting or any type of consultation with Androsians. Where we get most of our information in Andros is from the newspaper and not from our elected representatives.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SOPHIA ANTOINETTE SMITH, of Coral Breeze Estates , Coral Harbour Subdivision P.O.Box CB11053 Nassau, Bahamas intend to change my name to SOPHIA ANTOINETTE FACEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that EDDY ALMAZI, of #342 Hawksbill Street, Nassau, 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 9th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JIMMY SAINT FLEUR, of Sea View Drive off East Street, Nassau, 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 9th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

San Sal’s ‘lifeblood’ terminates 190 staff

FROM PAGE ONE

Acknowledging that many San Salvador residents may have to seek employment elsewhere in The Bahamas in the meantime, the union president added: “Where do you go in this environment?

Where do you go? The only place to go is Nassau, and we have the same problem they have.

“I’m really, really concerned for that small community, especially with Club Med being the lifeblood for the island.... I can tell you that another blow to the hotel industry will take it right out and it will be another wash.

We’ll just have to wait and see how this unfolds at the end of the year.”

The severance payout comes with San Salvador already reeling from its first confirmed COVID-19 cases.

The island recorded its firstever case on New Year’s Day, and a second the following day, before a further four were announced on Wednesday.

This ties directly to the reasons cited by Club Med for closing Columbus Isle and placing it among the last of its resorts that will re-open once COVID-19 is brought under control. The resort chain, whose ultimate parent is Chinese conglomerate, Fosun International, said the property’s remoteness and lack of healthcare infrastructure could endanger guests and staff if an outbreak occurred.

Mr Woods, disclosing that the union has a scheduled meeting with Club Med today to resolve “discrepancies” in severance pay calculations, added: “The reason why they said they are not opening is because of limited airlift, limited hospital beds and an

inability to get healthcare right away.

“There’s only limited healthcare, a clinic, on the island. Their thing is if something were to happen, their ability to get employees and guests proper medical care would only go so far.” Club Med largely caters to a European client base, and guests would have a long way to travel with no frequently scheduled direct airlift if they were to contract COVID-19 and need urgent medical care.

Mr Woods said the hotel union had sought to facilitate talks between Club Med and the Government to see if the latter could provide support that would encourage a more rapid re-opening, and the resort chain had indicated the two sides met, but the severance payout suggested they were “not fruitful”.

Mr Pinder, meanwhile, acknowledged concerns that Club Med’s closure will take San Salvador’s economy with it. “They did mention they were going to be severing the staff, and we were advised they were closing down until 2022,” he told Tribune Business.

“That is certainly a concern as they were the major employer on San Salvador.

They did not give any time as to when they will re-open.

They just said they will probably be closed all this year and will re-open in 2022. They’re just waiting to see how this whole pandemic pans out, and it is a concern with the number of persons on San Salvador needing to find employment.”

While public works projects may provide some jobs, Mr Pinder hinted that alternative employment prospects were not promising “unless they’re prepared to tap into fishing or

PUBLIC NOTICE

farming”. He added: “They may have to go somewhere else to find employment and find themselves in New Providence or the other islands.

Displaced people again.”

Dionisio D’Aguilar, minister of tourism and aviation, last year admitted that the Government had a “difficult mountain to climb” to persuade Club Med to re-open before December 2021 due to San Salvador’s limited airlift and healthcare capacity.

“It’s devastating for the economy of San Salvador for it to be that long,” Mr D’Aguilar said then.

“December 2021 is, as you can imagine, an exceptionally long time. It’s 15 months, and Club Med is the single largest employer on that island, the only major employer. It’s naturally devastating for the residents of that island.

“That’s a very special situation given the fact the whole property’s focus is on the European market. It’s a bit different. Most of our Family Island properties are very American-centric, and it’s so much easier and closer to come up with a ‘Plan B’.

“If you’re an American in the Out Islands it’s much easier to get home if you fall sick even though it has to be by private plane. Most people if they’re ill want to go back home, but if you’re coming from France and Italy, which

is the greatest source of visitors to Club Med, it’s a long way away. You can’t put them on a commercial plane, and you can’t put them in our healthcare system as challenged as it is.”

He confirmed that the main fears behind Club Med’s decision were the inability of San Salvador’s healthcare facilities to cope with a major COVID19 outbreak, which was “compounded with the lack of international airlift” given that the resort operated just one flight per week in and out of the island from France.

“That was not considered sufficient,” he added.

“They’re working their way through all the resorts in terms of what are the safest locations to open, given that there are not sufficient healthcare facilities on the island, given that there was no robust trans-Atlantic or international airlift, it reached that point where it ranked low in all their resorts in terms of opening.

“There wasn’t much the Government of The Bahamas could have done in terms of removing those significant obstacles. They [Club Med] would wish for a scenario where COVID-19 is mitigated substantially, receded substantially or a vaccine is in place, would be my guess, before they go to a small remote location.”

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, LAVERNE MARGARET BROWN, of Freeport, Bahamas intend to change my name to LAVERNE MARGARET SAUNDERS-PARKER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, DINNA NORD, of Johnson Estates Nassau, Bahamas intend to change my name to DINNA DIEUVILLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 06 JANUARY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2092.42

-0.03

0.00

-0.04

0.00

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.15 33.05 2.00 1.84 2.39 6.00 6.75 4.10 8.01 4.50 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 15.21

52WK LOW 3.13 22.65 0.67 1.62 1.67 5.00 6.00 2.70 4.75 3.50 5.90 11.06 2.10 4.60 9.60 7.50 13.00 3.25 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.99 4.75 3.59 5.90 11.26 2.58 6.75 10.19 8.40 13.75 3.94 8.50 15.20

CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.99 4.75 3.59 5.90 11.26 2.59 6.75 10.14 8.40 13.75 3.94 8.50 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1180375 BSBGRS950320 BSBGRS950304

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 100.64 100.64

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 100.64 100.64

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 100.64 100.64

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 100.64 100.64

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 BSBGR1180375 BGRS FL BSBGRS950320 BGRS FL BSBGRS950304

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 0.01 0.00 (0.05) 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 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 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 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 0.000 0.000

P/E 17.4 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 19.5 13.1 15.6 25.4 14.5 15.7 11.5 16.9 19.4 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.63% 0.00% 0.00% 3.93% 0.00% 0.00% 3.34% 3.73% 6.39% 16.76% 0.89% 3.23% 2.86% 3.93% 3.05% 2.35% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 4.31% 4.30%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 13-Oct-2037 25-Sep-2032 25-Sep-2030

MATURITY

MUTUAL FUNDS 52WK HI 2.38 4.43 2.14 198.39 176.73 1.69 1.85 1.77 1.24 8.39 10.26 7.23 12.80 12.81 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.65 1.79 1.75 1.05 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.38 4.43 2.14 198.36 173.98 1.69 1.79 1.77 1.05 8.39 9.88 7.23 12.33 12.80 10.20 N/A 9.28 11.86

YTD% 12 MTH% 4.14% 4.49% 1.47% 2.97% 2.33% 2.57% 1.65% 2.39% 4.34% 9.82% 1.65% 1.95% -3.06% -2.22% 0.80% 1.17% -12.30% -11.81% 0.64% 0.98% 1.19% -3.63% 4.20% 5.04% 2.63% 7.68% 3.68% 3.93% -4.89% -4.62% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date

30-Nov-2020 30-Nov-2020 27-Nov-2020 30-Sep-2020 30-Sep-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

PAGE 6, Friday, January 8, 2021

THE TRIBUNE

Wall Street keeps rising on Democratic wins, stimulus hopes Associated Press MAJOR US stock indexes surged to all-time highs yesterday as Wall Street bet that the Democratic sweep of Washington means more stimulus is on the way for the economy.

The S&P 500 rose 1.5% to a record 3,803. Investors were buoyed by Congress’ confirmation of Joe Biden’s presidential election win and a shift in control of the Senate to the Democrats and largely moved on from the previous day’s violence and chaos at the Capitol building.

With Democrats fully in control of Washington, Wall Street is anticipating the Biden administration and Congress will try to deliver $2,000 checks to most Americans, increase spending on infrastructure and take other measures to nurse the economy amid the worsening pandemic.

“The expectations are shifting to more stimulus, sooner, which is generally

better for the economy and better for the market as well,” said Rob Haworth, senior investment strategy director at US Bank Wealth Management.

The rally was broadbased, though the S&P 500’s technology sector notched the biggest gain, recouping losses after a pullback a day earlier. Treasury yields continued to rise, reflecting expectations that higher government spending will drive up inflation.

The Dow Jones Industrial Average, Nasdaq composite and Russell 2000 index of smaller companies also notched new highs. The Dow gained 211.73 points, or 0.7%, to 31,041.13. The tech-heavy Nasdaq climbed 326.69 points, or 2.6%, to 13,067.48. The Russell 2000 picked up 38.96 points, or 1.9%, to 2,096.89. The S&P 500 rose 55.65 points to 3,803.79.

Wall Street’s latest rally adds to gains from a day before, when stocks rose on the results of two Senate runoff elections in Georgia

that went to the Democrats.

But the market did pull back somewhat yesterday after loyalists to President Donald Trump stormed the Capitol as lawmakers were certifying his loss to Biden.

Investors are largely looking past the current political ugliness — and the pandemic’s acceleration around the world — and are focusing instead on prospects for an improving economy. Beyond hopes for increased stimulus from Washington, much of Wall Street expects the rollout of COVID-19 vaccines to help daily life around the world get closer to normal. That has investors anticipating a explosive return to growth for corporate profits later this year.

The market “is really looking through to year-end at what looks like a really solid year for earnings growth”, Haworth said.

Trump may have backed up investors’ expectations that the turmoil engulfing Washington may be only temporary. Shortly

after Congress certified his loss, he issued a statement saying there will be an “orderly transition on January 20th”. Trump still claims falsely that he won, having appeared to excuse the violent occupation of the Capitol by his supporters. Earlier, Trump riled up the crowd with baseless claims of election fraud.

Even so, the market could be in for more choppy trading in the days before Biden takes over as president.

“We still see this as a market on edge with volatility higher than normal,” Haworth said. “We think there’s a lot of risk out there. Part of that is certainly political transition, part of it is certainly the virus and virus uncertainty.”

A report yesterday showed that the economy remains fragile because of the worsening pandemic, but it wasn’t quite as bad as economists expected.

Slightly fewer US workers applied for unemployment benefits last week than the week before, at 787,000,

when economists were forecasting an increase.

Another more encouraging report said that growth in US services industries accelerated last month and was stronger than economists expected.

Anticipation of more stimulus for the economy, increased US government borrowing and perhaps inflation across the country have been pushing Treasury yields to levels not seen since early in the pandemic.

The ten-year yield rose to 1.08% from 1.02% late Wednesday, after topping the 1% level for the first time since March.

Higher interest rates allow banks to make bigger profits from making loans, as would a stronger economy, and financial stocks were again among the market’s leaders. JPMorgan Chase rose 3.3%, and Bank of America gained 2.2%.

Tech stocks also rose, recovering from weakness a day earlier on worries that a Democratically run Washington would target them

with tougher regulations.

Facebook rose 2.1% after losing 2.8% Wednesday.

Hong Kong’s Hang Seng index slipped 0.5% after the New York Stock Exchange reversed again and said it would delist three big Chinese telecoms companies following an earlier order from the White House.

The companies are heavyweights in the Hang Seng.

Shares in those companies and Internet companies affected by an expanded ban on transactions with some Chinese companies’ apps fell sharply “because of the actions of Donald Trump, trying to hurt China”, said Francis Lun, chief executive officer for Geo Securities in Hong Kong.

“Saner heads, people with better reasoning, hope that when Biden becomes president he will try to correct the mistakes that Donald Trump has done in damaging the US-China relationship,” Lun said.

NEW MERCEDES SCREEN TO STRETCH NEARLY FULL WIDTH OF CAR FRANKFURT Associated Press DAIMLER’S MercedesBenz has unveiled a key interior component of its upcoming electric luxury sedan: a large, curved screen that sweeps across almost

the entire width of the car in the place of a conventional dashboard.

The company’s CEO says its not just a selling point for customers but also points to a potential source of new digital revenue.

The MBUX Hyperscreen

option available on the EQS sedan coming later this year uses artificial intelligence to learn what functions drivers use most, such as navigation and hands-free phone calls, then keeps those functions prominently on display so drivers don’t have to hunt.

IN this undated handout image provided by Mercedes-Benz, a new MBUX Hyperscreen is pictured.

The new electric sedan from Mercedes will replace the conventional dashboard with a screen that extends almost the width of the car.

Photo: Mercedes-Benz/AP Ola Kallenius, CEO of parent company Daimler AG, said Thursday in a recorded video presented online that the system is intended to be highly intuitive. “It only shows what is needed: no scrolling, no browsing,” he said.

“It makes it so intuitive that the thing that you want to do, whether it’s navigation or music or whatever you want to do, that you very quickly, very intuitively have that thing at your fingertips. You don’t have to scroll through many different layers,” Kallenius said during a conference call with reporters.

For instance, if the driver often uses the hot-stone massage function during the winter, the system will suggest that comfort function during cold weather. Or, if

the driver calls regularly on the way home, the system will suggest a call at the usual time.

The screen also lets the front seat passenger watch television in some markets, while preventing the driver from watching the passenger’s screen to avoid distraction. If the passenger seat is not occupied, that part of the screen switches to a decorative pattern only. The most essential functions are surfaced at the screen’s basic level so the driver doesn’t have to hunt for them, and the system also uses voice commands.

Kallenius said that in developing the screen, the company focused on eliminating information and activities that could preoccupy drivers. “We wanted to reduce driver distraction and

make the car safe,” he said.

The system also offers a chance to capture future digital revenue through subscription and streaming services available through the Hyperscreen option, such as a live traffic service. Kallenius said such services would be “a growing pool of revenue and profit in subscriptions” and that the company aims to grow digital revenues to 1 billion euros before interest and taxes by 2025.

Kallenius said the forthcoming EQS luxury sedan would showcase the company’s efforts in digitalisation and electrification, two trends that are shaking up the industry. It’s the first Mercedes car built on its all-electric framework rather than sharing components with an internal combustion model.

THE TRIBUNE

Friday, January 8, 2021, PAGE 7

Boeing will pay $2.5bn to settle charge over 737 Max Associated Press BOEING will pay $2.5bn to settle a Justice Department investigation and admit that employees misled regulators about the safety of its 737 Max aircraft, which suffered two deadly crashes shortly after entering airline service.

The government and the company said yesterday that the settlement includes money for the crash victims’ families, airline customers and a fine.

Prosecutors said Boeing employees gave misleading statements and half-truths about safety issues with the plane to the Federal Aviation Administration, then covered up their actions.

“Boeing’s employees chose the path of profit over candor,” said David Burns, acting assistant attorney general for the Justice Department’s criminal division.

Boeing blamed two former pilots who helped determine how much training was needed for the Max. CEO David Calhoun said their conduct doesn’t reflect Boeing employees as a whole or the character of the company.

“This is a substantial settlement of a very serious matter, and I firmly believe that entering into this resolution is the right thing for us to do — a step that appropriately acknowledges how we fell short of our values and expectations,” Calhoun said in a memo to employees.

A BOEING 737 MAX jet taxis after landing at Boeing Field following a test flight in Seattle. Boeing will pay $2.5bn to settle a criminal charge related to its troubled 737 Max jetliner. The Justice Department announced the settlement yesterday nearly two years after the second of two crashes that killed 346 people in all.

Photo: Elaine Thompson/AP The government will drop the criminal charge of conspiracy to defraud the US after three years if Boeing follows the terms of the settlement.

The settlement removes uncertainty about criminal charges against the iconic US aircraft maker, which is struggling to put the Max crisis behind it. Boeing still faces lawsuits by the families of passengers who died in the crashes, it has lost more than 1,000 orders for the Max, and its once-stellar reputation for

engineering has suffered.

Boeing began working on the Max in 2011 as an answer to a new, more fuel-efficient model from European rival Airbus.

Boeing admitted in court filings that two of its technical pilot experts deceived the FAA about a flightcontrol system called the Maneuvering Characteristics Augmentation System, or MCAS, that could point a plane’s nose down if sensors indicated the plane might be in danger of an aerodynamic stall — that it

US TRADE DEFICIT JUMPS TO $68.1BN IN NOVEMBER WASHINGTON Associated Press

THE US trade deficit jumped to $68.1bn in November, the highest monthly deficit in 14 years, as a surge in imports overwhelmed a smaller increase in exports.

The November gap between what America buys from abroad compared to what it sells abroad rose by 8% from the October deficit of $63.1bn, the Commerce Department said yesterday.

The increase reflected a 2.9% increase in imports of goods and services to

$252.3bn on a seasonally adjusted basis. That jump swamped a 1.2% rise in exports which totaled $184.2bn in November.

Through the first 11 months of 2020, the deficit stands at $604.8bn, 13.9% higher than the same period in 2019. President Donald Trump has insisted that his get-tough trade policies with the rest of the world would shrink the deficit and bring back American jobs.

The politically sensitive deficit with China rose 1.9% to $30.7bn in November and totaled $283.6bn for the first 11 months of 2020. That was a drop of 11.5% from the

same period in 2019, reflecting in part the higher tariffs the Trump administration imposed on Chinese goods as the world’s two largest economies engaged in a titfor—tat trade war.

The monthly deficit in goods and services of $68.1bn was the largest imbalance since August 2006. The deficit in just goods totaled a record $86.4bn in November.

Michael Pearce, senior US economist at Capital Economics, said that the rising trade deficit would act as a drag on economic growth in the fourth quarter.

might fall from the sky.

The system was not part of previous 737 models.

MCAS was added because the Max’s larger engines, which are mounted higher and farther forward on the 737’s low-swept wings, gave the plane a tendency to tilt too far nose-up in some conditions.

Boeing downplayed the significance of MCAS and didn’t mention it in airplane manuals. Most pilots didn’t know about it.

The first airlines began flying the 737 Max in

mid-2017. On Oct 29, 2018, a Max operated by Indonesia’s Lion Air plunged into the Java Sea. The FAA let the Max keep flying, and on March 10, 2019, another Max operated by Ethiopian Airlines crashed nearly straight down into a field.

In all, 346 people were killed.

On both flights, MCAS was activated by a faulty reading from a single sensor.

The system repeatedly pushed the planes’ noses down, and pilots were unable to regain control.

After the planes were grounded worldwide, Boeing changed MCAS so that it always uses two sensors, along with other changes to make the automated system less powerful and easier for pilots to override. The FAA ordered other changes, including the rerouting of some wiring to avoid potential dangerous short-circuiting.

In November, the FAA approved Boeing’s changes, and several carriers including American Airlines have resumed using the planes.

Under the settlement announced Thursday, Boeing will pay a $243.6m fine, $1.77bn in compensation to airlines that were unable to use their Max jets while they were grounded, and $500m into a fund for the families of passengers who were killed in the crashes.

Boeing faces dozens of lawsuits by families who lost relatives in the crashes.

Three lawyers pressing cases in the Ethiopian crash said the settlement would not affect their pursuit of compensation.

Boeing said in a regulatory filing that it will take a $743.6m charge against earnings because of the settlement.

The crashes and grounding of the Max, Boeing’s bestselling plane, has plunged the Chicago-based company into its deepest crisis. It has led to billions in losses and resulted in the ouster of former CEO Dennis Muilenburg in December 2019.

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THE TRIBUNE

US unemployment claims slip to stillhigh 787,000 WASHINGTON Associated Press

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THE number of Americans seeking unemployment aid fell slightly last week to 787,000, a historically high number that points to a weak job market held back by the viral pandemic.

Yesterday’s figure from the Labor Department, a slight decline from the previous week, shows that even with the pandemic recession in its 10th month, many businesses are still laying off workers. Before the recession, weekly jobless claims typically numbered around 225,000.

The renewed surge in virus cases has caused millions of consumers to avoid eating out, shopping and traveling. And states have imposed new restrictions on restaurants, bars and other businesses. Economists at TD Securities estimate that more than half of states are now restricting gatherings to ten people or fewer, up from roughly a quarter in September.

Those restrictions are forcing many companies, having run through much of their cash reserves, to cut more jobs.

“Unemployment remains extremely high, although not nearly as bad as it was in the spring, and the pace of improvement in the job market has slowed dramatically from the summer,” said Gus Faucher, an economist at PNC Financial.

“Job growth should pick up in the spring as vaccine distribution continues, better weather allows for more outdoor activities and states gradually loosen restrictions.”

Many economists, along with the Federal Reserve’s policymakers, say they’re hopeful that once the coronavirus vaccines are more widely distributed, the economy will achieve a broader recovery in the second half of the year.

The $900bn financial aid package that Congress enacted last month should also help accelerate an eventual rebound. Late on Wednesday, Goldman Sachs upgraded its forecast for economic growth this year to a robust 6.4%, up from 5.9%. Its upgrade was based in part on the expectation that the Biden administration, with help from the now-Democratic Senate, will support another rescue aid package.

Last month’s stimulus measure provided a $300a-week federal jobless benefit on top of an average state benefit of about $320. As many as half the states are now distributing the federal benefit, according to an unofficial tally at UnemploymentPUA.com.

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In states that take longer to pay out the $300, any missed payments can be made retroactively.

A federal programme that provides extended benefits, after state benefits run out, was lengthened to 24 weeks by the aid package. That programme will remain in place until midMarch. A separate program that provides jobless aid to contractors and gig workers who previously weren’t eligible was also extended for 11 weeks. Both benefits had briefly expired Dec 26, threatening about 13 million people with a cutoff in aid.

Yesterday’s report also showed that the number of people who are receiving regular state unemployment aid fell 125,000 to 5.1 million. And fewer people were on extended unemployment benefit programmes.

Those declines suggested that many of those people have used up all the benefits available to them, including extended federal aid.

They can reapply, though, now that more weeks of aid are available. Overall, more than 19 million people are still receiving some form of unemployment benefit.

The Labour Department said this week that despite President Donald Trump’s delay in signing the relief package — he did so six days after Congress’ approval — jobless benefits under the extended programs that lapsed Dec 26 should be paid out without interruption.

Today, the government will likely issue a gloomy jobs report for December.

Economists expect it to show that hiring slowed for a sixth straight month. Some analysts have estimated that the economy shed jobs in December for the first time since April.

The continued weakening of the US job market coincides with other signs that hiring and economic growth are faltering under the weight of the pandemic.

On Wednesday, payroll processor ADP reported that private employers shed 123,000 jobs in December, the first such monthly decline since April. ADP’s figures generally track the government’s jobs data over time, though they can diverge significantly from month to month.

Last month, Coca-Cola Co said it would cut 2,200 jobs from its global workforce, with about half those layoffs occurring in the United States. 3M, a major manufacturer, has said it will lay off 2,900 workers worldwide.

In November, US consumer spending declined for the first time in seven months, having steadily weakened since summer.

Retailers have been especially hurt. Purchases at retail stores have dropped for two straight months.

During the holiday shopping season, consumers pulled back on spending, according to debit and credit card data tracked

by JPMorgan Chase based on 30 million consumer accounts. Such spending was 6% lower in December compared with a year ago. That was worse than in October, when card spending was down just 2% from the previous year.

THE TRIBUNE

Friday, January 8, 2021, PAGE 9

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Friday, January 8, 2021, PAGE 11

PAGE 12, Friday, January 8, 2021

THE TRIBUNE

BITCOIN CROSSES $40K MARK, DOUBLING IN LESS THAN A MONTH CHARLOTTE Associated Press FIRST it went through $20,000. Then ten days later, it broke through $25,000, and then, with barely taking a breath, it crossed $30,000.

Now only a few days into 2021, the price of bitcoin has crossed $40,000.

Nothing’s new with the digital currency in the month since it crossed $20,000 — there’s been no major change in how it can be used. Although some

investors are now using the notoriously volatile currency as a “store of value”, which is traditionally a title saved for safe haven investments like gold and other precious metals.

“Will you be able to buy a cup of coffee with bitcoin?

Probably not with the current version of Bitcoin. It’s largely become a store of value,” said Mike Venuto, a co-portfolio manager of the Amplify Transformational Data Sharing ETF, a $391m exchanged-traded fund that focuses on

blockchain technologies and companies that deal with cryptocurrencies.

Media attention to its rise has only added fuel to the rally. But investors in digital currencies and companies that trade or “mine” them are warning people to be skeptical of Bitcoin’s recent rise and to be braced for a lot of volatility.

It’s been a wild ride for bitcoin the last three years.

The digital currency made its big Wall Street debut in December 2017, when the major futures exchanges

rolled out bitcoin futures.

The attention drove Bitcoin to roughly $19,300, a thenunheard of price for the currency.

Then it all evaporated.

The currency’s value plunged sharply in 2018, and by December of that year Bitcoin was worth less than $4,000 a coin. Up until this most recent rally which started in October, Bitcoin generally floated between $5,000 and $10,000.

While in the last two years companies have embraced the technology that

underlies digital currencies like Bitcoin, a concept known as the blockchain, the actual uses for Bitcoin have not really changed since its rally three years ago. It’s still largely used by those distrustful of the banking system, criminals seeking to launder money, and for the most part, as a store of value.

In fact, other investments typically used as safe havens during uncertain times — notable precious metals — have been trading at near record highs as well.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 67° F/19° C Low: 44° F/7° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

A couple of showers and a t‑storm

Partly cloudy and breezy

Breezy with periods of sun

Periods of clouds and sunshine

Intervals of clouds and sun

Cloudy with a shower and t‑storm

High: 78°

Low: 64°

High: 72° Low: 61°

High: 72° Low: 64°

High: 77° Low: 69°

High: 79° Low: 66°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

77° F

62° F

70°-62° F

74°-63° F

77°-68° F

80°-66° F

High: 66° F/19° C Low: 49° F/9° C

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.

N

almanac

E

W

ABACO

S

N

High: 75° F/24° C Low: 60° F/16° C

10‑20 knots

S

WEST PALM BEACH High: 76° F/24° C Low: 51° F/11° C

10‑20 knots

FT. LAUDERDALE E

W

FREEPORT

High: 77° F/25° C Low: 54° F/12° C

N

S

E

W

High: 74° F/23° C Low: 58° F/14° C

MIAMI

High: 77° F/25° C Low: 56° F/13° C

8‑16 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 78° F/26° C Low .................................................... 55° F/13° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/19° C Last year’s high ................................. 80° F/26° C Last year’s low ................................... 64° F/18° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 0.00” Normal year to date ..................................... 0.31”

ELEUTHERA

NASSAU

High: 78° F/26° C Low: 64° F/18° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 77° F/25° C Low: 67° F/19° C

N

KEY WEST

High: 74° F/23° C Low: 61° F/16° C

High: 79° F/26° C Low: 70° F/21° C

N

S

E

W

8‑16 knots

S

7‑14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

uV inDex toDay

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

tiDes For nassau High

Low

Ht.(ft.)

3:02 a.m.

3:16 p.m.

2.8 2.3

9:28 a.m. 0.1 9:32 p.m. ‑0.5

Saturday

4:04 a.m.

4:19 p.m.

3.0 2.3

10:33 a.m. 0.0 10:31 p.m. ‑0.6

Sunday

5:03 a.m.

5:19 p.m.

3.1 2.3

11:34 a.m. ‑0.2 11:28 p.m. ‑0.7

Monday

5:58 a.m.

6:16 p.m.

3.2 2.3

12:30 p.m. ‑0.4 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

6:51 a.m.

7:10 p.m.

3.3 2.4

12:23 a.m. ‑0.8 1:22 p.m. ‑0.5

Wednesday 7:41 a.m.

8:01 p.m.

3.3 2.4

1:15 a.m. ‑0.8 2:12 p.m. ‑0.5

Thursday

3.2 2.4

2:06 a.m. ‑0.7 2:59 p.m. ‑0.5

8:29 a.m.

8:51 p.m.

sun anD moon Sunrise Sunset

6:56 a.m.

5:37 p.m.

Moonrise Moonset

2:10 a.m.

1:39 p.m.

New

First

Full

Last

Jan. 12

Jan. 20

Jan. 28

Feb. 4

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 71° F/22° C

High: 80° F/27° C Low: 70° F/21° C

N

High: 79° F/26° C Low: 66° F/19° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 72° F/22° C

L

Ht.(ft.)

Today

CAT ISLAND

E

W

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7‑14 knots

MAYAGUANA High: 80° F/27° C Low: 71° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 80° F/27° C Low: 72° F/22° C

High: 80° F/27° C Low: 72° F/22° C

GREAT INAGUA High: 82° F/28° C Low: 71° F/22° C

N

E

W

E

W

N

S

S

4‑8 knots

4‑8 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SW at 10‑20 Knots WNW at 8‑16 Knots SW at 8‑16 Knots NW at 7‑14 Knots S at 7‑14 Knots WNW at 8‑16 Knots S at 4‑8 Knots WNW at 4‑8 Knots S at 7‑14 Knots WNW at 8‑16 Knots WSW at 10‑20 Knots WNW at 8‑16 Knots SW at 7‑14 Knots WNW at 8‑16 Knots SW at 4‑8 Knots NW at 4‑8 Knots S at 4‑8 Knots NW at 7‑14 Knots SE at 6‑12 Knots W at 4‑8 Knots S at 8‑16 Knots WNW at 8‑16 Knots SW at 4‑8 Knots NNW at 7‑14 Knots S at 7‑14 Knots WNW at 8‑16 Knots

WAVES 4‑8 Feet 4‑8 Feet 1‑3 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 4‑7 Feet 3‑6 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 4‑7 Feet 3‑6 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 77° F 74° F 75° F 78° F 78° F 79° F 80° F 77° F 77° F 75° F 75° F 77° F 77° F 80° F 81° F 79° F 79° F 79° F 79° F 76° F 76° F 79° F 79° F 78° F 78° F