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Bring home the bacon for Exuma’s swimming pigs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OUR operators were yesterday urged to “show good faith and pay their way” by paying a newly-imposed fee that will help ensure the welfare of Exuma’s famed swimming pigs. Janet Johnson, the Tourism Development Corporation’s chief executive, confirmed to Tribune Business that the government was fully behind the move by the pigs’ owners to levy fees on tour operators who brought visitors to Big Major Cay as a means to keep both animals and island in good health. Responding to push back from at least one Exumabased business, she told this newspaper: “There’s an association, and they have been talking about starting to charge for the pigs’ welfare. That’s what it basically is all about. “They’ve (the pig owners) formed a company and advised all of the tour operators that they were

• Tour operators urged: ‘Pay your way’ • Some object to $10 levy for their welfare • But move backed by tourism and govt

SWIMMING PIGS going to start charging on January 1 - $10 for adults and $5 for children. [Only] two of the operators are objecting. “The money is going to the welfare of the pigs and for wardens to bring some order to the tour. The Tourism Development Corporation is fully supportive. It’s long overdue, and the tour operators need

DPM: BPL initials no longer a ‘bad word’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister has voiced optimism that Bahamas Power & Light’s (BPL) initials will no longer be “a bad word” as it readies to break ground on its latest power plant once a $535m bond is placed. Desmond Bannister, the deputy prime minister, told Tribune Business that the government plans “to be in Parliament very soon” with changes to the Rate Reduction Bond Act that will make BPL’s mammoth financing more attractive to

DESMOND BANNISTER potential investors. Confirming that the proposed amendments are being studied by various attorneys, who he declined to name, Mr Bannister expressed confidence that BPL’s imminent rate

SEE PAGE 5

BPC director: Oil resistance ‘futile’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS Petroleum Company (BPC) director yesterday blasted “the frightening lengths” that oil exploration opponents will go to demean its project, as he branded their resistance “futile”. James Smith, pictured, the former Central Bank governor and ex-finance minister, told Tribune Business that BPC’s first exploratory

well was “too far gone” for environmental activists to halt it despite being given

SEE PAGE 6

to show good faith and pay their way.” Ms Johnson spoke out after Ray Lightbourn, Exuma Water Sports’ principal, voiced his objections to paying the per capita fee - which is only being imposed on tour operators to Tribune Business. “Another issue going on right now is the swimming pigs at Big Major Cay,” he

said. “Some people claim they own the cay and are going to charge $10 per person to come and visit the pigs. Even if you don’t come on the beach they want to charge you. “The law in The Bahamas says you can go on any beach up to the high water mark. This just started on Monday. I haven’t paid it yet, and am probably not going to pay it. They don’t have a proper set up. Why charge an extra $10? It makes the place gimmicky. “I asked them to show me the documents that prove they own the cay, but they told me to check with Lands and Surveys.” However, Bernadette Chamberlain, president of The Original Swimming Pigs Ltd, the company formed by the eight pig owners, told this newspaper that all Exuma-based tour

SEE PAGE 4

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Bahamas ‘pushes’ for US COVID exemption By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas is pushing “to be at the front of the queue” should the US introduce exemptions from its new COVID-19 testing policy that threatens to be “a significant deterrent” to tourism. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that this country and the rest of the English-speaking Caribbean were moving rapidly to make the case to US authorities that any exemption from tightened pandemic enforcement “should be offered to us” first as a region. The Centres for Disease Control and Prevention’s (CDC) requirement that all US citizens returning from abroad supply a negative COVID-19 test taken within three days prior to arrival represents another potential impediment to Bahamian tourism’s revival, but Mr D’Aguilar argued that the country can make a strong case for this not to apply. Pointing to its present low infection and hospitalisation numbers, together with The Bahamas’ relatively small

DIONISIO D’AGUILAR population and dependence on the US for 82 percent of its visitors, the minister argued that this nation posed “a low risk” to the US when it came to returning travellers contributing to COVID-19’s community spread. And, should The Bahamas’ and Caribbean’s arguments fail to persuade the US authorities, Mr D’Aguilar said this nation would simply revert to “plan B” and fall back on the fiveday rapid antigen testing infrastructure it has built throughout The Bahamas to test its tourists staying more than four nights. “The government is trying to make the case to anybody who will listen in the US that we feel The Bahamas and, in fact, the

SEE PAGE 5

PAGE 2, Thursday, January 14, 2021

THE TRIBUNE

DATA, INNOVATION PROTECTION CRITICAL FOR DIGITAL ECONOMY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENHANCED data and intellectual property rights protection will be “critical” to expanding The Bahamas’ digital economy, a senior Chamber of Commerce executive advocated yesterday. Royann Dean, the Chamber’s Digital Transformation Committee chair, told Tribune Business that while regulatory regimes exist for both areas they

have not always been fully enforced. Data and innovative ideas are rapidly becoming the most valuable, as well as sensitive, assets for most companies as the world increasingly shifts to a digital economy, and Ms Dean said it was vital that corporate Bahamas have confidence that there is recourse in the event of breaches and/or theft. “Historically speaking we have not done a good job enforcing the laws on the books,” she

added in relation to intellectual property rights, which protect innovations and original creative ideas from being copied or stolen. “But it’s important for us to recognise it’s a big part of expanding the digital economy along with data protection.” Acknowledging that The Bahamas possesses a Data Protection Act, along with a regulator in the shape of a Data Protection Commissioner, Ms Dean said: “That is going to be a critical part, which is separate but in line

with intellectual property. Legislation is on the books, but it is a matter of how it is enforced. “It’s important that, if a company believes they have been violated, they know there are avenues that can be pursued. These are two critical components to expanding the economy in that [digital] way.” Ms Dean spoke out after the chamber formally released its “position paper” on the digital economy, which called for the prosecution of all who

violated intellectual property rights and consumer data. “The nature of the digital economy blurs the lines between goods and services. The virtual, borderless nature of its commercial activities frequently are based on the creativity of service providers who provide value through their intellectual property,” the chamber paper said. “The protection of the intellectual property of Bahamian companies is paramount to grow the local digital economy and encourage cross-border trade. The prosecution of those who violate these protections should be enforced.” Similarly, with data protection, the private sector body added: “Consumer data protection should take a customised approach according to the industry, and depend on what is needed for that industry to operate efficiently and to realise the benefits of digital transformation for its consumers. “However, the protection of that data should have a consistent approach that encourages the private sector adoption of data protection policies and clearly communicates the

penalties of ignoring those policies. The chamber will support the advancement of a national cyber security framework throughout the private and public sector in The Bahamas, and the prosecution of those who violate these protection policies.” The chamber said digital economy regulation must foster a climate that drives entrepreneurship, innovation and foreign direct investment (FDI) in The Bahamas, while establishing the provision of Internet and telecommunications infrastructure “as strategic priorities”. It added: “The digital economy should be a fair and equitable environment, enabled by payment infrastructure that makes online digital payment transactions equally accessible to micro, small and mediumsized enterprises (MSMEs) without burdensome costs or implementation challenges. “The chamber supports less complex and less expensive infrastructure that protects consumer data, and will support the adoption of - and access to - digital services offered by the private sector, with an emphasis on SMEs and MSMEs.”

THE TRIBUNE

Thursday, January 14, 2021, PAGE 3

Family Islands escape US COVID rule ‘crush’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island tourism would have been “crushed” if the US had insisted on all its returning citizens taking only the PCR test to prove they are not COVID19 carriers, resorts said yesterday. Relieved that the Centres for Disease Control and Prevention (CDC) is permitting those returning from international travel to take the rapid antigen test, as well as the PCR test, from January 26, the industry said the new mandate represented “no big deal” for The Bahamas given that it has rolled-out some 60 testing sites across the archipelago. Matthew Brear, general manager of Long Island’s Cape Santa Maria property,

told Tribune Business: “The rapid antigen test on day five will satisfy the US requirement. The Bahamas is in a good position to benefit from this. Our guests pay for the test already with their Health Visa. “The proactivity of the Ministry of Tourism and Ministry of Health has positioned The Bahamas very favourably in comparison to competing destinations that do not have a tried and true testing programme for visitors. “Not only will US visitors now be required to stay more than four nights (instead of checking out after four nights to avoid the test) in order to access the testing we already have in place, this test (as it would seem) satisfies both countries’ travel requirements.”

The Bahamas requires all visitors staying in this country beyond four nights to take a rapid antigen test to confirm they are not carrying the virus. This test, which is taken on the fifth vacation day, would thus enable US visitors staying in this country for around a week to meet their home nation’s new requirement for testing negative within three days prior to travelling back to the US. The CDC policy, though, may deter Americans, who traditionally account for 82 percent of The Bahamas’ visitors, from short stays of five days or less as the US belatedly follows The Bahamas and other nations in demanding that travellers provide evidence they are COVID-free. Meanwhile Chris Morris, the Cape Eleuthera Resort and Marina’s general

manager, said: “If rapid tests are accepted, it is not a big deal. Had it been a required PCR test, the Family Islands would have been crushed. At Cape Eleuthera we already do fifth day rapid tests so we are in good shape.” Cape Santa Maria’s Mr Brear, in a letter to the Ministry of Tourism, said guest “feedback” on The Bahamas’ COVID testing regime had been “overwhelmingly positive”. He wrote: “As you are aware, yesterday it was announced that as of January 26, all passengers entering the US will require negative COVID tests, taken within the three days prior to their flight to the US.” Should the US accept the rapid antigen test, Mr Brear added: “If this is the case, The Bahamas is well

positioned to enjoy a significant advantage over its tourism competitors should the relevant authorities make the necessary steps to customise the programme effectively in place to also satisfy the requirements of the US government.” He suggested said that The Bahamas’ Travel Health Visa should now include the language “viral test”; proper identification of the test recipient; and confirmation that the rapid antigen test result has been “certified by a lab”. Urging that these changes be made by the government, Mr Brear said: “The testing windows of five days (after arrival to The Bahamas) and three days (prior to entry to the US) required of The Bahamas and US governments, respectively, will adequately serve visitors to The Bahamas for

an eight-day-or-fewer stay. Although this will provide for a majority of our resort guests, steps will need to be taken to allow for visitors to Long Island who wish to stay beyond eight days.” He also warned that, even though Bahamian clinics have a “quota” of rapid antigen tests allocated to them according to an island’s number of Travel Health Visa applications, “in order to fully service visitors to The Bahamas with extended stays (beyond eight days), clinics will need additional kits beyond what is specified through the Health Visa application. “Administering rapid antigen tests to these visitors will pay for itself – a fee of $100 for any rapid antigen test administered above and beyond The Bahamas’ ‘day five’ protocol is reasonable.”

EU to soon decide on Bahamas blacklisting By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE European Union (EU) could decide whether to delist The Bahamas from its blacklist by month’s end if meetings between the two sides prove fruitful, the attorney general said yesterday. Carl Bethel QC, pictured, speaking during the legal year’s opening ceremony, said The Bahamas had met with key EU Commission officials as recently as this week. He said: “We have held a further meeting just this week with the director-general of FISMA (The EU’s department for financial stability and capital markets), John Berrigan, and expect some further consultation at a technical level before the end of this month. If things prove satisfactory, then the EU Commission will consider whether to

added that financial services providers had reitrerated the importance of operating in a “clean, well-regulated and reputable jurisdiction”, saying: “We hope that by the passage of these Bills regulating virtual assets we will have another weapon to assist us in expanding and diversifying financial services.” Mr Bethel added that major technology reforms had been implemented at the Registrar General’s Department to prevent a delist The Bahamas from the EU blacklist.” While awaiting the outcome of these negotiations, Mr Bethel hailed the legislation passed last year to bolster The Bahamas’ case to be removed from the EU’s blacklist of nations deemed to have deficiencies in their anti-financial crime defences. He cited the Digital Assets and Registered

Exchanges (DARE) Act; the Financial and Corporate Services Providers Act; the Beneficial Owners Amendment Act; along with the Securities Industries Contract or Differences Rules 2020; and the Securities Industry Takeover Amendment Rules 2020 as further solidifying the financial services regulatory framework as well as improving the industry’s competitiveness.

Mr Bethel added:“The Register of Beneficial Ownership Act was passed, along with a new Financial Intelligence Unit Act, and two other Acts to further regulate the virtual assets sector will shortly be tabled in Parliament. The proposals in these Acts will place The Bahamas at the very forefront of regulation of virtual assets.” The attorney general

repeat of the cyber attacks it suffered in recent years. He said the government’s Department of Transformation and Digitisation, together with its cloud services provider, Cloud Carib, and the Royal Bahamas Police Force had removed 45 computers and upgraded all information technology (IT) equipment on Grand Bahama in addition to changing and “strengthening” all user passwords in the system that houses the civil and corporate registries.

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PAGE 4, Thursday, January 14, 2021

THE TRIBUNE

Straw vendors blast Jitney drivers ‘hobbling’ through COVID crisis licensing obstacles By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net STRAW vendors yesterday blamed delays in obtaining approvals from their immediate regulator for preventing them from applying for their annual business license. Reverend Esther Thompson, president of the Straw Business Persons Society, told Tribune Business that inaction by the Straw Market Authority (SMA) in supplying her members with the necessary approvals was resulting in hold-ups. Adding that there was no indication as to when these approvals will be forthcoming, she said: “When vendors are trying to apply for their business license, the Business License Department is requesting from them a letter from the SMA. “Now, in the past, the Straw Market Authority would have said to vendors that you have to register

with them in order for them to give you this letter that the business license department is requesting, and they had to pay a $50 fee for this letter from the SMA. However, vendors want to know where will they get $50 from to register with the SMA to get their business licenses?” Rev Thompson said the SMA has told the business license department not to license any straw vendor unless they are in receipt of the approval letter from the authority. Arguing that “this is a problem” for straw vendors, Rev Thompson said she has been trying to contact officials at the SMA but they are not responding to her messages. She added that she is concerned vendors without licenses will be unable to reopen when the cruise ship industry returns. Rev Thompson said her members will have gone without any business or income for a whole year by March 2021.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE jitney industry and its drivers are “hobbling” as COVID-19 restrictions, high unemployment and weak tourism activity combine to undermine passenger traffic, Tribune Business was told yesterday. Harrison Moxey, the United Public Transportation Company’s (UPTC)

president, said: “It’s been hard for bus owners. The Christmas season wasn’t what it usually was, and everyone is just hanging on right now. “The route No.10 is still struggling, and most of the bus owners don’t have Baha Mar to rely on the way they used to as there are so few guests staying at the hotels right now. It just has to take some time, and it is a slower period for the hotels

seasonally anyway, so we are keeping patient. “As more busses come back on the road, the fight is even greater. We have some guys who still can’t even afford to insure their busses. I have just spoken to a member who wants to sell his bus because he can’t maintain it,” Mr Moxey added. “The busses on the routes for the 15A and 21A are doing better, but are just hobbling along. The

weekend shutdowns along with the churches being down or having low attendance have hurt them a lot.” Another bus owner, speaking under condition of anonymity, said: “I have not even returned to work since they allowed us back on the road. It just is not worth it right now, plus I am afraid of catching the virus. So I am sitting it out. There is no money out there for us to make now.”

Bring home the bacon for Exuma’s swimming pigs FROM PAGE ONE operators had been fully informed of the plan to both levy fees and the amount months in advance. Revealing that the owner of uninhabited Big Major Cay, the Gray family estate, was also involved with The Original Swimming Pigs Ltd, she added that none of the operators realised how costly and labour-intensive it was to keep the pigs fed, watered and in good health. The swimming pigs have arguably become one of Exuma’s major tourist attractions, and Ms Chamberlain argued that it was only fair for tour operators to contribute to the welfare of animals responsible for generating a significant amount of their income. “This isn’t anything new to the tour operators. We

had a chat group with all of them and discussed this with them beforehand,” she explained. Revealing that the discussions had started prior to the last COVID-19 lockdown, Ms Chamberlain said: “We told them what the plan was and wrote a letter to them, letting them know what the charge would be and what was needed to look after the pigs. “A couple of them voiced opinions, a couple of them had problems with the $10 charge. Representatives came down from Nassau and Georgetown. They’re fine; only two of them have a problem with it, saying they’re going to the Government and that we are soliciting money and all that.” Ms Chamberlain, who runs Chamberlain’s Cottage Rentals on Exuma’s

Staniel Cay, told this newspaper that The Original Swimming Pigs Ltd had already obtained the support of the government for the levy - as confirmed by Ms Johnson. She added that the pig owners, as well as members of the Gray family estate, had met with the Ministry of Tourism and its attorneys over the proposed scheme in advance. “They’re working along with us,” Ms Chamberlain revealed. “The Ministry of Tourism said to charge them $25 per head. We said that’s way too much. We’re the ones that brought it down to $10 once we saw what it takes to take care of the pigs.” While The Original Swimming Pigs Ltd was still analysing the true care costs, she said this involved quarterly visits by a vet; vast amounts of food and water per day; electrolyte shots and constant visits to Big Major Cay to take care of illnesses and cuts suffered by the pigs.

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“These people don’t have any idea what’s involved in it,” Ms Chamberlain said of the $10 fee’s opponents. “They have no idea what we’re going through with these pigs. None of us on the board get paid but we have to run it as a business. All this talking, but they don’t have a clue what it takes to take care of these pigs. We take care of them every day. “We don’t ask them what they do with their business. A lot of them started with one boat, but many of them now have three to four boats. That’s from the swimming pigs. Many of them got rich while we did all the hard work.” As an example, she revealed that the pigs’ twoand-a-half gallon water drums needed to be refilled four to five times’ per day, requiring the presence of wardens to perform this task as well as preventing visitors from feeding the pigs inappropriate food and drink. Each vet visit costs $2,500.

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Thursday, January 14, 2021, PAGE 5

Bahamas ‘pushes’ for US COVID exemption FROM PAGE ONE English-speaking Caribbean are very low risk countries, and if an exemption is to be had it should be offered to us and the English-speaking countries,” he disclosed to this newspaper. “Our infections are very low, and our population sizes are very low. The risk level to the US from our countries exporting the COVID-19 virus is significantly lower than in Europe and other places around the world. We’ve been experiencing a relatively low level of community spread and relatively low level of hospitalisations. “We feel as a region that we pose very little risk to the US, so if there is an exemption to be had it should be offered to us. We are dependent on tourism from the US, and no doubt these requirements are a new impediment to travel.” Some observers will likely view The Bahamas’ chances of obtaining an exemption from the new US policy, which takes effect from January 26, as slim to non-existent as this nation’s northern neighbour belatedly follows many other countries in seeking to prevent COVID-19’s importation from outside.

However, Mr D’Aguilar argued: “The policy is very new. It has just been brought out and a number of US officials were caught offguard by it. We’re pushing back a bit, and asking can we be granted an exemption given our tourism dependency and proximity to the US, our small populations and low infection rates.... that we should be at the front of the queue to get an exemption if one is to be had.” But, should The Bahamas’ advocacy efforts be unsuccessful, the minister added: “If ‘plan A’ doesn’t work, ‘plan B’ will at least. There are over 60, and possibly 70, testing facilities where you can get a rapid antigen test. Thank God we rolled out this infrastructure. It should be relatively easy throughout the length and breadth of The Bahamas to obtain this test.” US visitors staying in The Bahamas for more than four nights have to take the test demanded by the CDC for re-entry in any event, meaning that those in the country for up to a week or eight days will in effect not be impacted. Mr D’Aguilar acknowledged that The Bahamas will have to “tweak the business model” for its COVID-19 testing protocols

slightly to ensure there are sufficient rapid antigen testing kits to meet the likely increase in demand from US travellers, and conceded that the CDC’s enhanced restrictions could have a chilling effect on tourism’s revival. “It’s yet another impediment to travel, and all impediments to travel are not good for the tourism sector,” he told Tribune Business. “Until the word gets out about how easy it is to get a test done in The Bahamas, I’m sure it will be a significant deterrent. People stress about this sort of thing.” Tourism industry players and the government discussed the potential impact of the CDC’s new requirements in a morning conference yesterday. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, said: “We think The Bahamas is well poised to deal with the issues they have presented.” Peter Maury, the Association of Bahamas Marinas (ABM) president, told this newspaper that this nation has “100 percent” of the testing infrastructure required to cope with the new US demands and may even have a competitive

DPM: BPL initials no longer a ‘bad word’ FROM PAGE ONE reduction bond issue will obtain sufficiently low interest rates to ease the debt servicing burden that will be imposed on Bahamian consumers despite the market factors working against this. While not going into detail on the proposed changes to the Act, he told this newspaper: “There are any number of reforms that are going to make it more palatable to investors and give us the flexibility that we need. “BPL has the opportunity to get extremely low rates in this market notwithstanding the market conditions, notwithstanding what other rates may have been obtained. BPL has an opportunity to get very low rates. We will come with the legislation very, very soon.” The passage of the Rate Reduction Bond Act reforms is among the final key steps to facilitate BPL’s refinancing and planned infrastructure improvements. Given that interest and principal repayments to investors will be financed by an additional charge to BPL bills, consumers and businesses will be praying the utility and its advisers achieve Mr Bannister’s pledge of low bond interest rates. Many observers believe this will be extremely hard to achieve given COVID-19’s impact on the capital markets; BPL’s already-precarious financial situation and $90m monthly customer receivable; and The Bahamas’ recent sovereign downgrades and high interest rates paid by the government on its latest borrowings. When Tribune Business pointed out that many Bahamians would be sceptical about BPL’s planned turnaround, Mr Bannister said of the naysayers: “I am sure they are always there, and I’m sure we’ve shown them over the last two years what we can do with lower bills. We will show that we can continue to do better. “We’ve been through some tough times where BPL, those initials, were almost a bad word. Now it’s starting to be different, and people are noticing.” Dr Donovan Moxey, BPL’s chairman, told Tribune Business that the state-owned energy monopoly will be “breaking ground” on its latest

DR DONOVAN MOXEY $70m-$80m power plant at Clifton Pier “as soon as the rate reduction bond closes”. Estimating that the plant, which will provide around 90 Mega Watts (MW) of power for New Providence, will take around 17-18 months to construct, he added that BPL’s bond offering was likely to slip beyond the end-January target for its issuance due to the wait for Parliament to pass the necessary legal changes. “We’re still working as hard as we can to get this done as soon as possible,” Dr Moxey told this newspaper. “Our intention was to get this closed

by January. There might be some slippage in the date. the parliamentary approvals on the legislative changes are key. We’re working with the Attorney General’s Office to get those changes finalised so they go through the appropriate procedural steps.’ Besides the $70m to $80m for Clifton Pier’s ‘Station D’, a further $30m from the bond issue will be used by BPL to finance implementation of advanced metering infrastructure (AMI). Around $25m will also be invested in improving BPL’s grid stability, so utility-scale and roof-top solar energy can be integrated with it, with a significant sum also earmarked for upgrading its transmission and distribution (T&D) network. “We’ve developed a five-year plan, and intend to complete a significant amount of this, if not all of this, in five years,” Dr Moxey added. “The plan began a year ago, and we’re in the second year, and we’re looking to move everything forward between now and the beginning of 2025.”

edge over rival Caribbean destinations as a result. “We don’t have to start from ground zero,” he said. “I don’t think other places have the five-day rapid antigen test like we do.” But, while The Bahamas may be ahead from a testing logistics and operational standpoint, the marina chief acknowledged that the new US health protocols will likely chill American travel demand for an overseas vacation. “We’re plodding along, not making any money,” Mr Maury said. “I don’t think any industry is doing

fantastic, but we’ll take what we can get right now. We’ll see whether the government will be able to negotiate that extension. That would be awesome. “It’s a slow time in the year. Our numbers are down probably further than in previous years. It’s not tragic for us right now. We have some vessels hanging and boats doing charters in the Exumas. We may have made up some numbers because of our geography; it’s hard to say. We’re missing the big middle market; the centre consoles and sports fishers.

“We’re not doing anything wonderful, but it’s not underwater either. There’s still some traffic moving around. We just have to hold on and hopefully get to Spring when things start picking up. But we’re not completely flat.” Ray Lightbourn, Exuma Water Sports’ principal, yesterday estimated that the new US restrictions could slash what remains of the American visitor market by a further 50 percent. “That’s the last thing they want on vacation,” he said of the increased testing. “They want simplicity.”

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BPC director: Oil resistance ‘futile’ FROM PAGE ONE permission for their Judicial Review action challenging the project’s permits to proceed. Speaking as he and BPC blasted back at the activists’ allegations that the company did not have sufficient funding for its Perseverance One well when it mobilised the Stena IceMAX drill ship, Mr Smith said of their court action: “It’s futile. It’s too

far gone to stop anything. If they don’t find anything there’s no argument, and if they do it’s another ball game.” The Supreme Court refused to order a halt to BPC’s exploratory drilling in waters 90 miles west of Andros, and given the 45-60 timeframe in which this activity is scheduled to be completed, the well will likely be almost completed - if not already finished - by the time the merits of the

THE TRIBUNE Judicial Review action are heard. BPC and Mr Smith, meanwhile, blasted the claims that the company lacked sufficient financing. The ex-finance minister, in a statement, said: “The lengths the environmental groups are going to in order to distort the facts is frightening, and quite frankly wrong, demonstrating a stark lack of understanding of commonplace business funding practices. “Like most businesses, at any point in time BPC has a mix of ‘cash at bank’ and other funding facilities that can be drawn as and when needed in order to ensure the costs associated with funding are only born when the money is actually required.

It is worth noting that BPC bears all of the costs of the exploration well. The government does not have to contribute a single dollar, but gets to share the benefits of success. In authorising BPC to drill this well, the government is exercising its legitimate, sovereign right to find out if The Bahamas has its own important resource, which has the potential to benefit current and future generations of Bahamians.” Mr Smith subsequently told this newspaper that “you don’t go out for a well unless you have all the funding in bag beforehand”, accusing the activists of trying to undermine BPC’s share price with a media campaign and a legal action that should have been brought much earlier prior to the company investing some $120m in its Bahamas well. BPC, in its statement, said it “strongly refutes the claims by various environmental groups in press articles today that the company did not have enough funding to complete the Perseverance One well at the point of rig mobilisation. As a matter of fact, Perseverance One has been fully funded, including a significant contingency, since the date of mobilisation.... “Any other interpretation.. represents a deliberate and gross misrepresentation of the facts and/or demonstrates a selective naivety as to how businesses operating in The Bahamas (and internationally) maintain the capital to fund themselves.”

BPC hit back after its opponents seized on its latest corporate filing to argue their assertion that it lacked sufficient funding for its first well had been proven correct. They argued that the company’s latest disclosure shows it only possessed $32.5m in cash to cover the Perseverance One well’s $35m costs when it mobilised the Stena IceMAX drill ship. They jumped on a summary of BPC’s post-August 2019 capital raising efforts, which said: “By the time of mobilisation of the Stena IceMAX, BPC had secured $32.5m in cash, ($2m of pre-existing cash and $30.5m in cash raised incrementally), and had issued approximately 1.26bn shares to secure that funding. This was against a clearly articulated anticipated Perseverance One well cost of up to $35m.” However, BPC’s corporate filing showed that it had raised a collective $17.6m from shareholders and new investors between August 2019 and March 2020 which, when added to the $2m it had already available, provided it with a total $19.6m war chest to finance Perseverance One at the initial March/April drilling date. While that is more than $15m short of the well’s now-estimated $35m cost, BPC’s filing said that at the time it had “access to approximately” the same amount from unnamed Bahamian family office investor who had already kicked-in $6.2m in return for 310m shares in the company.

This would have largely covered Perseverance One’s costs in March/April had this become necessary. And BPC’s corporate filing yesterday made clear it “had secured two further sources of capital potentially available to it” beyond the $35m in cash it already possessed by the time the Stena IceMAX was mobilised. These two sources, worth up to a combined $35m, would have covered the well’s costs and enable BPC to hit back at the activists’ “lack of financing” allegations. Simon Potter, BPC’s chief executive, also refuted these charges in his December 11, 2020 affidavit, in which he described them as “false”. “The suggestion that the BPC decision to postpone the planned drilling operation in April 2020 was due to constraints on its financial resources is false,” Mr Potter asserted. “BPC was and is able to fund all its activities as required. “The company is one of the larger oil and gas companies publicly listed on the AIM (Alternative Investment Market) of the London Stock Exchange. As such, it has access to the capital markets and other possible sources of financing if and when required. “The sole reason for the postponement of the drilling operation from April 2020 was the COVID19 pandemic reaching The Bahamas and other countries relevant to the planned drilling operation, such as the United States.”

THE TRIBUNE

Thursday, January 14, 2021, PAGE 7

US budget deficit up 60.7% in first three months of budget year WASHINGTON Associated Press THE US government’s deficit in the first three months of the budget year was a record-breaking $572.9bn, 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic surged while revenue declined. The Treasury Department reported yesterday that three months into the budget year, the deficit was $216.3bn higher than the same October-December period a year ago. The deficit reflects an 18.3% jump in outlays to $1.38tn, a record for the period, while revenues fell 0.4% to $803.37bn. The

red ink results from the difference between revenue collections and outlays. For just the month of December, the deficit totaled a record $143.6bn. The shortfall for the 2020 budget year, which ended Sept 30, climbed to an all-time high of $3.1tn. Beginning in the spring, Congress passed trillion-dollar-plus spending measures to combat the harm being done to the economy from a pandemic-induced downturn. The recession, which has seen millions of Americans lose their jobs, has also meant a drop in tax revenues at a time when the demand on government support programmes such as unemployment benefits and food stamps has risen.

The report showed that outlays in December were a record $489.7bn, while receipts were $346.1bn. The spending figure did not include the $900bn relief package Congress finally passed after months of wrangling because it was not signed into law until the end of the month. President Donald Trump delayed signing the bill, which he called a “disgrace”, because it included only $600 in direct payments to individuals. President-elect Joe Biden has endorsed boosting the direct payments by another $1,400. He has said that higher amount will be included in another round of relief payments he will ask Congress to approve once he takes office on Jan 20. In addition to direct

INTEL REPLACES ITS CHIEF EXECUTIVE AFTER A ROCKY STRETCH Associated Press

INTEL is replacing its CEO after only two years in what had been a rough stretch for the chipmaker. Bob Swan, who became the company’s chief executive in early 2019, will be replaced in mid-February by tech industry veteran Pat Gelsinger. The choice of Gelsinger, who started his career as an Intel engineer decades ago, puts the semiconductor pioneer back in the hands of a tech expert at a time when it is struggling to keep up with market changes and growing competition. “The CEO has to understand what’s going on with this market and how to respond to it,” said Glenn O’Donnell, an analyst at Forrester Research. “Pat’s built a lot of that business

over the years.” Intel’s stock jumped 7% yesterday on news of the change at the top. The Santa Clara, California, company said that the change in leadership is unrelated to its financial performance last year, but the surprise shakeup followed several weeks of investor activism by hedge fund Third Point, which had pushed for big changes. Intel acknowledged in late December that it had received a letter from the New York fund and was working with it on ideas “regarding enhanced shareholder value”. Third Point CEO Daniel Loeb tweeted yesterday that “Swan is a class act and did the right thing for all stake holders stepping aside for Gelsinger”. Intel spokesman William

Moss said yesterday the changeover “was not driven by Third Point”. Intel Chairman Omar Ishrak said in a prepared statement that “the board concluded that now is the right time to make this leadership change to draw on Pat’s technology and engineering expertise during this critical period of transformation at Intel”. In mid-2020, Intel disclosed that there would be a substantial delay in its development of a nextgeneration chip-making process already in use by other major suppliers, including Taiwan’s TSMC. The unexpected snag meant that Intel’s 7-nanometer processing technology is unlikely to be ready until the end of 2022 or early 2023, potentially putting the company behind its rivals.

payments, the December relief bill extended two special unemployment benefit programs aimed at cushioning the pandemic’s blow. The unemployment benefits have totaled $80bn from October through December, up from $5bn during the same period in the last budget year.

The Congressional Budget Office has forecast that this year’s deficit will total $1.8tn and the deficit will remain above $1tn each year though 2030. The CBO forecast for this year was made before the December relief package was passed and also does not take into account any

extra spending that Congress may pass after Biden takes office. Nancy Vanden Houten, senior economist at Oxford Economics, forecast that this year’s deficit will hit at least $2.6tn, an estimate that assumes the stimulus checks will be boosted to a total of $2,000.

PAGE 8, Thursday, January 14, 2021

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THE TRIBUNE

Wall Street drifts higher; Treasury yields slow their rise Associated Press STOCKS notched modest gains yesterday following another choppy day of trading on Wall Street, leaving the market near its recent record highs. The S&P 500 inched up 0.2% after flipping between small gains and losses in the early going. Gains in several Big Tech companies, including Intel, Apple and Amazon, helped nudge the S&P 500 higher, even tough most of the stocks in the index fell. Those gains outweighed losses in industrial, materials and other sectors. Treasury yields stalled after rising sharply since the beginning of the year. The benchmark ten-year yield dipped as concerns calmed that the Federal Reserve may curtail its purchases of Treasurys. Expectations of higher government spending and the possibility of inflation have helped drive bond yields higher. “There’s a tug of war in the market right now as to whether or not inflation will remain muted,” said Quincy Krosby, chief market strategist at Prudential Financial. “The market does not want to see inflation climb at a pace that forces the Fed’s hand.” The S&P 500 rose 8.65 points to 3,809.84. The Dow Jones Industrial Average fell 8.22 points, or less than 0.1%, to 31,060.47. The tech-heavy Nasdaq composite added 56.52 points, or 0.4%, to 13,128.95. Markets around the world have rushed higher recently on building optimism that a healthier economy is on the way because of the rollout of coronavirus vaccines and the prospect for more stimulus from a US government soon to be run by Democrats. Some of the biggest action has been in the bond market, where expectations for increased federal borrowing, economic growth and inflation have pushed longer-term Treasury yields to their highest levels since last spring. The yield on the ten-year Treasury slowed its ascent,

though, and dipped to 1.10% from 1.12% late on Tuesday. Analysts said statements from two Federal Reserve officials a day earlier helped to calm concerns that it may curtail its purchases of Treasurys. Those purchases have helped keep rates low in hopes of boosting financial markets and the economy. The concerns are reminiscent of the 2013 “taper tantrum”, when markets tumbled after the Fed said it expected to slow bond purchases as the economy recovered. A bond auction yesterday that drew strong demand also helped pull Treasury yields lower, Krosby said. Low rates have been one of the main underpinnings for the stock market’s rise to records, even as much of the economy still struggles under the worsening pandemic. The ten-year yield has been spurting higher, up from 0.90% on Jan 4, the day before two runoff elections in Georgia gave control of the Senate — and thus Washington — to Democrats. The Fed has had the freedom to keep shortterm rates at nearly zero in part because inflation has remained weak. A report yesterday showed that prices at the consumer level were 1.4% higher in December from a year earlier. That was slightly more than economists expected, though it remains relatively low. The Fed released its latest “Beige Book” yesterday. The survey of US business conditions found that the bulk of the Fed’s 12 regions reported modest gains in economic activity in recent weeks. But two districts saw declines in activity and another two reported little or no change. If interest rates keep climbing, it could bolster the argument for critics of the stock market, who say it has climbed too high and left prices too expensive. Stocks that would benefit in particular from low rates helped drive the market higher yesterday. Utility stocks tend to pay relatively big dividends, so their appeal often rises when bonds are paying less in interest and drawing fewer investors seeking income. Utilities rose 1.9% for the

biggest gain among the 11 sectors that make up the S&P 500. Tech stocks also climbed, as low interest rates help make investors more willing to pay high prices for their expected growth. Within the group, Intel jumped 7% after it said industry veteran Pat Gelsinger will take over as CEO next month. It also said it expects to report revenue and profit for the latest quarter above its prior forecast. On the losing end were some of the market’s biggest winners recently, which have climbed with expectations for a stronger economy and higher rates. Raw-material producers in the S&P 500 fell 1.1%, while industrial stocks fell 0.6% and financial stocks lost 0.9%. Stocks of smaller companies also pulled back from their big recent rally. The Russell 2000 index of small-cap stocks slid 15.99 points, or 0.8%, to 2,111.97. It remains 6.9% higher for 2021 so far. That towers over the 1.4% rise for the big stocks in the S&P 500. Other risks are also hanging over the market, headlined by the worsening pandemic. Accelerating coronavirus counts and hospitalisations are doing more damage to the economy, and US employers cut more jobs last month than they added for the first time since the spring. Political uncertainty continues to engulf Washington. A majority of lawmakers in the House of Representatives voted yesterday to impeach President Donald Trump for incitement of insurrection. Democrats and even some Republicans concluded that Trump incited an insurrection after he encouraged a mob of loyalists who went on to storm the Capitol last week. The voting concluded after the close of regular trading. Investors have been looking past such political turmoil for the most part, though, focusing instead on expectations for a stronger economy ahead. President-elect Joe Biden is expected today to release details of his plan to support the economy. They could include bigger cash payments to most Americans.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ELLIOTT AND CLARICE SEARS of Moss Town, Exuma, Bahamas. Parent of TIARRAH DAPHNEE GEDEUS A minor intend to change my child’s name to TIARRAH DAPHNEE LINDA SEARSIf 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 FERNAND PAILLOUTE, of Pine Dale, Eight Mile Rock, Grand Bahama,, 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 14th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, January 14, 2021, PAGE 9

US to block cotton from China region targeted in crackdown WASHINGTON Associated Press THE US government announced yesterday that it will halt imports of cotton and tomatoes from the Uighur region of China in its most sweeping action yet to pressure the Communist Party over its campaign against ethnic minorities. Officials said Customs and Border Protection will use its authority to block products suspected of being produced with forced labor to keep out cotton, tomatoes and related products from the Xinjiang region of northwest China. Xinjiang is a major global supplier of cotton, so the order could have significant effects on international commerce. The Trump administration has already blocked imports from individual companies linked to forced labour in the region, and the US has imposed sanctions on Communist Party officials with prominent roles in the campaign. The order will put economic pressure not just on China but major global retailers who unwittingly or otherwise import goods produced by people under conditions that are akin to modern-day slavery. “Any global apparel brand that is not either out of Xinjiang already, or plotting a very swift exit, is courting legal and reputational disaster,” said Scott Nova, executive director of the Worker Rights Consortium, a labour rights monitoring organisation. “The days when any major apparel brand can safely profit from Xinjiang cotton are over.” The consortium estimates

the US ban affects about 20% of the global cotton supply. Some in the private sector have argued against a region-wide order, saying it can penalise legitimate producers and because it can be hard to ensure tainted raw materials do not enter the supply chain. That is especially true with Chinese cotton that is used to make clothing for export in other countries such as Bangladesh and Vietnam. The US imported about $9bn worth of cotton goods from China overall last year, according to Brenda Smith, the executive assistant commissioner at Customs and Border Protection’s Office of Trade. That does not include products from third countries. Only about $10m in tomato products entered the US from China last year, Smith said. In December, the US blocked goods from a company that controls about a third of cotton production in the Uighur region and about 6% of all cotton globally. Under that order, CBP has stopped 43 shipments from entering the US, worth more than $2m in all, Smith said. “The ultimate goal is that China abandons these horrific practices,” Ken Cuccinelli, the acting deputy secretary of the Department of Homeland Security, said in a conference call with reporters to announce the latest measure. China has imprisoned more than one million people, including Uighurs and other mostly Muslim ethnic groups, in a vast network of concentration camps. People have

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NOTICE

21 AZALEA CORP. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, 21 AZALEA CORP. is in dissolution as of December 30th, 2020. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

Request For Bids Cemex Bahamas is requesting bids for trucking services for its two locations in New Providence. Interested parties are invited to send an email to (truckbids242@gmail.com). Bids will be received until February 9th, 2021

been subjected to torture, sterilisation and political indoctrination in addition to forced labour as part of an assimilation campaign in a region whose inhabitants are ethnically and culturally distinct from the Han Chinese majority. Uighur forced labour has been linked by reporting from The Associated Press to various products imported to the US, including clothing and electronic goods such as cameras and computer monitors. Smith and Mark Morgan, the acting CBP commissioner, credited the media and nongovernmental organisations with supplying information that resulted in efforts to block the imports. China denies allegations of rights abuses and forced labour, saying it aims only to promote economic and social development in the region and stamp out radicalism. It also rejects criticism of what it considers its internal affairs. Foreign Ministry spokesperson Zhao Lijian, asked about the issue at a news conference yesterday, said people in Xinjiang voluntarily sign contracts and are paid. “The so-called forced labor is nothing but a lie fabricated by certain institutions and individuals in Western countries,” he said. The US action is the latest, and most sweeping, attempt to pressure China to end the campaign. Canada and the British government both recently said they too would take steps to stop goods tainted by forced labor from entering their countries. Customs and Border Protection has in the past targeted entire product lines and regions with import bans, including issuing an order against cotton from Turkmenistan in 2018 and gold from artisanal mines in eastern Democratic Republic of the Congo in 2019.

PAGE 10, Thursday, January 14, 2021

THE TRIBUNE

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MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 13 JANUARY 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

2092.26

0.08

0.00

-0.20

-0.01

(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 7.15 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 4.50 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

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 4.74 3.59 5.90 11.26 2.64 6.75 9.95 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 4.74 3.59 5.90 11.26 2.62 6.75 10.08 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

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 BSBGRS760240 BSBGR120371 BSBGRS950304

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.64

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.50 97.72 100.64

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.40 100.64

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 FL BSBGRS760240 BGRS FX BSBGR120371 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 (0.02) 0.00 0.13 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 25.7 14.5 15.6 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% 16.56% 0.89% 3.25% 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% 4.50% 5.22% 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 18-Jan-2024 15-Dec-2037 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

THE TRIBUNE

Thursday, January 14, 2021, PAGE 13

TESLA BALKS AT TOUCH SCREEN RECALL, US AGENCY TAKES ACTION DETROIT Associated Press

TESLA Inc is balking at recalling about 159,000 vehicles with potentially defective touch screens, so US safety regulators are moving to force the company to take action. The National Highway Traffic Safety Administration yesterday sent a letter to Tesla saying it has tentatively determined that the screens are defective and pose a safety risk because they can cause backup cameras to go dark and defrosters to malfunction.

The agency wouldn’t comment beyond the letter, which is a rare step toward a public hearing and eventual legal action. Experts say the letter means that Tesla has resisted doing a recall that NHTSA feels is necessary. “It’s obvious to me that Tesla told NHTSA to go pound sand, so what they’re about to get, they’ve earned it,” said Frank Borris, a former head of the agency’s Office of Defects Investigation who now runs a safety consulting business. Messages were left yesterday seeking comment from Tesla, which is based in Palo Alto, California.

Last June, the agency opened an investigation into complaints that the giant touch screens would go dark in certain 2012 through 2018 Model S cars and 2016 through 2018 Model X Tesla vehicles. It upgraded the probe to an engineering analysis in November. The letter says the agency has determined that the screens are defective because their computer processors have a finite number of program-anderase cycles. NHTSA says the screens would fail in five to six years, which isn’t sufficient for safety-critical features.

“The lack of a functioning windshield defogging and defrosting system may decrease the driver’s visibility in inclement weather, increasing the risk of a crash,” the letter said. In data submitted by Tesla, the agency found more than 12,000 customer complaints, field reports, warranty claims and other claims related to the screens, the letter said. NHTSA also determined that the failure rate for the screens is higher than the rate for vehicles involved in prior recalls for similar problems. Tesla tried to fix the problem with several

over-the-air software updates, but NHTSA said it tentatively believes the fixes are insufficient. “I think it’s planned obsolescence, which requires physical replacement of a part which Tesla tried to gloss over by sending a software update,” said Jason Levine, executive director of the nonprofit Center for Auto Safety. The screen failures also can cause the loss of audible chimes and alerts that are part of Tesla’s “Autopilot” driver-assist system. The letter says that if Tesla formally decides not to do a recall, it has to

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 65° F/18° C Low: 45° F/7° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Mostly cloudy with spotty showers

Some clouds and a shower

Variable cloudiness with showers

Breezy with a brief shower or two

Nice with partial sunshine

Rather cloudy with a shower

High: 77°

Low: 66°

High: 78° Low: 67°

High: 77° Low: 62°

High: 73° Low: 62°

High: 74° Low: 64°

AccuWeather RealFeel

81° F

67° F

79°-64° F

75°-61° F

80°-63° F

73°-61° F

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.

almanac

ABACO

High: 73° F/23° C Low: 63° F/17° C

8-16 knots

W S

WEST PALM BEACH High: 69° F/21° C Low: 53° F/12° C

7-14 knots

FT. LAUDERDALE High: 70° F/21° C Low: 58° F/14° C

N E

FREEPORT

High: 70° F/21° C Low: 60° F/16° C

MIAMI

High: 71° F/22° C Low: 59° F/15° C

6-12 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 70° F/21° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.75” Year to date ................................................. 0.78” Normal year to date ..................................... 0.56”

ELEUTHERA

High: 77° F/25° C Low: 70° F/21° C

NASSAU

High: 77° F/25° C Low: 66° F/19° C N

KEY WEST

High: 69° F/21° C Low: 62° F/17° C

High: 80° F/27° C Low: 71° F/22° C

6-12 knots

High

Ht.(ft.)

Low

Ht.(ft.)

Today

8:29 a.m. 8:51 p.m.

3.2 2.4

2:06 a.m. -0.7 2:59 p.m. -0.5

Friday

9:16 a.m. 9:39 p.m.

3.1 2.4

2:55 a.m. -0.5 3:44 p.m. -0.4

Saturday

10:00 a.m. 10:27 p.m.

2.9 2.3

3:43 a.m. -0.3 4:28 p.m. -0.3

Sunday

10:44 a.m. 11:14 p.m.

2.7 2.3

4:31 a.m. -0.1 5:11 p.m. -0.1

Monday

11:28 a.m. -----

2.5 -----

5:20 a.m. 5:54 p.m.

0.1 0.0

Tuesday

12:03 a.m. 12:13 p.m.

2.3 2.3

6:12 a.m. 6:38 p.m.

0.3 0.1

Wednesday 12:54 a.m. 1:01 p.m.

2.2 2.1

7:06 a.m. 7:23 p.m.

0.5 0.2

sun anD moon Sunrise Sunset

6:57 a.m. 5:41 p.m.

Moonrise Moonset

8:17 a.m. 7:19 p.m.

First

Full

Last

New

Jan. 20

Jan. 28

Feb. 4

Feb. 11

High: 80° F/27° C Low: 71° F/22° C

High: 80° F/27° C Low: 72° F/22° C

ANDROS

High: 78° F/26° C Low: 71° F/22° C

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 72° F/22° C

tiDes For nassau

SAN SALVADOR

GREAT EXUMA

4-8 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

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

CAT ISLAND

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uV inDex toDay

TONIGHT

High: 66° F/19° C Low: 51° F/11° C

provide NHTSA with an explanation. The agency can schedule a public meeting on matter and could turn it over to the Justice Department for legal action, Borris said. Borris, who reviewed the letter, called it very thorough and said NHTSA has a strong case should Tesla decide to challenge the agency in court.

4-8 knots

MAYAGUANA High: 83° F/28° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 81° F/27° C Low: 73° F/23° C

GREAT INAGUA High: 84° F/29° C Low: 73° F/23° C

N E

High: 81° F/27° C Low: 72° F/22° C

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: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS NW at 7-14 Knots W at 4-8 Knots NE at 6-12 Knots SE at 4-8 Knots WNW at 4-8 Knots SE at 6-12 Knots SSW at 4-8 Knots SE at 4-8 Knots NW at 4-8 Knots SSE at 6-12 Knots NW at 8-16 Knots WSW at 4-8 Knots N at 4-8 Knots SSE at 4-8 Knots S at 4-8 Knots E at 4-8 Knots S at 4-8 Knots SE at 4-8 Knots SSW at 4-8 Knots SSE at 4-8 Knots NNW at 4-8 Knots ESE at 4-8 Knots SW at 4-8 Knots SE at 4-8 Knots W at 4-8 Knots SE at 6-12 Knots

WAVES 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 2-4 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-2 Feet 0-1 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 3-5 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet

VISIBILITY 5 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 77° F 74° F 74° F 78° F 78° F 79° F 79° F 77° F 77° F 72° F 72° F 77° F 77° F 80° F 80° F 79° F 78° F 79° F 79° F 76° F 76° F 78° F 79° F 77° F 77° F