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THURSDAY, JANUARY 21, 2021

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‘On fire’ materials to hit construction C

ONTRACTORS yesterday warned their home building clients face “a hit to their pockets” in 2021 from an “on fire” construction materials market where prices have risen ten percent since the New Year alone. Two former Bahamian Contractors Association (BCA) presidents confirmed that the industry was set to pass these cost hikes on to developers and homeowners when new building contracts were agreed this year. Both Leonard Sands and Stephen Wrinkle blamed the raw material price rises on COVID-19, which created a supply backlog when factories were shutdown amid lockdowns and staff were furloughed. While overseas suppliers, especially in the US, have resumed production, manufacturers and supply chains are still struggling to catch up with global demand. Product scarcity has thus pushed up costs, with

• Consumers told: Brace for ‘hit to pockets’ • Key product prices up 10% since New Year • Lumber ‘out of control’ and rising every week

LEONARD SANDS

STEPHEN WRINKLE

Jamaica and other Caribbean countries complaining that imported lumber prices have gone up 60 percent since summer 2020. Mr Sands said The Bahamas was “consistent” with such trends, although he pegged local lumber price increases over the same time period at ten to 15 percent. Building materials suppliers, meanwhile, yesterday

disclosed that plywood and treated lumber prices were “increasing every week and are totally out of control”. “Anthony Roberts, City Lumber Yard’s general manager, told Tribune Business: “What we are seeing is that the commodity markets for lumber are at record highs. The plywood market and treated lumber market is just on fire. The

Solar’s pioneers being ‘bypassed’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net “PIONEERING” Bahamian solar firms are being “bypassed” on the “big piece of the pie” due to how government tenders for utility-scale renewable energy are being structured, one provider is asserting. Philip Holdom, the Sustainable Energy Association of the Bahamas (SEAB) president, told Tribune Business that local companies are being restricted from leading bids on one

megawatt (MW) plus system contracts due to how the government treated the industry in the past. Having refused to approve the installation of utility-scale systems by Bahamian providers “for the past 20 years”, Mr Holdom said the government was now demanding that bidders have experience on “a minimum” of three such projects in the renewable energy Request for Proposals (RFPs) it issues.

SEE PAGE 8

Bahamas to rebound ‘faster’ than its rivals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A TOP hotelier believes The Bahamas’ “proactive” approach to COVID-19 testing and health protocols will enable its tourism industry to rebound faster than its competitors. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) newly-elected president, told Tribune Business that he was confident that the nation’s largest industry will repeat its trend of “coming

ROBERT SANDS back stronger and stronger” from adversity as COVID19 vaccines roll-out across its major source travel markets. Responding to the latest

SEE PAGE 11

prices are going up every week and it’s totally out of control. “Sales are bigger because a piece of plywood today costs $30, and tomorrow it costs $40, so your sales increase. But as far as profits, we’re working with the same margins, and competition is also fierce. Everyone is trying to keep the prices down as best they can. We try to average the prices when they go up and average when they come down.” Mr Roberts warned that there are also “availability issues” with certain products such as hardy panels and shingles, which are “difficult to get” right now. “This has been driven by the construction demand primarily in the US as well as here,” he said.

SEE PAGE 7

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BISX pauses digital securities ambitions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas International Securities Exchange (BISX) has paused its ambitions to launch a digital securities trading platform as it bids to catch-up with the sector’s fast-paced evolution. Keith Davies, BISX’s chief executive, yesterday told Tribune Business that the exchange had been forced back to the drawing board as the plans it unveiled in May 2019 were no longer best-suited to meet the market’s needs and ongoing development. Acknowledging that BISX has “no choice” but to develop a digital arm otherwise it will “get lefty behind”, he added that the exchange was “doing our homework” on developing the right facility and attracting “new partners” to assist with the venture. “This digital asset market has changed. The market has evolved in a number of ways, some market driven and some people driven,” Mr Davies said, referring to COVID-19 and its economic impact with his latter reference. “There’s been a lot of

KEITH DAVIES changes in that area. We’re looking at how we can evolve and take advantage of them in that environment. The work is ongoing. We’re looking at new avenues and new partner to help drive this. “Right now we know digital assets is the future. It really will revolutionise the way in which the market interacts with investors. That is an evolving area and ongoing process for us.” When asked by this newspaper if BISX was pausing or delaying its digital securities market ambitions, Mr Davies replied: “We have to until we get to a point of not necessarily critical mass, but what we conceived of a year or two ago is no longer the case.

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PAGE 2, Thursday, January 21, 2021

RAPHIC design is not only about creativity and design. Gone are the days when you required a formal education to be taken seriously as a designer. And with the rise of the Internet and content sharing culture, there is an excess of information available out there for those who are passionate and willing to learn. From researching design

THE TRIBUNE

How to jump-start your graphic design career history to learning the terminology and jumping in to design your first project, you will walk away with the

perfect game plan to jumpstart your new creative venture. Learn the principles of design Every discipline has a foundational set of rules that guide its best practices. Graphic design is no exception. You must learn the fundamental concepts that underpin the practice of design from the very beginning in order to become proficient. What are design principles? The principles of design are the minimum framework needed to achieve successful results as a graphic designer. In other words, design principles are time-proven and tested concepts that guide us in terms of what works and what does not, visually speaking. It is not necessary to learn design principles before actually starting to create something, as you can study and apply them simultaneously while learning software skills, techniques and formats. A self-taught graphic designer does not magically learn to design. There is the need to still study, read and practice using different sources, ranging from books to YouTube videos and online tutorials. You can begin learning graphic design on your

own and take formal design education later, especially in an area of specialisation (video games, information, brand marketing or product design, for example). Download free vector and pixel software, and start following some good tutorials on You Tube. If you want to become a self-taught graphic designer, my single most important recommendation is to centre your learning around a specific project. This is because it is very difficult to learn a skill in thin air. If you start on a particular project you will encounter specific problems that, in turn, will guide you to specific solutions. The more problems you are able to solve, the more experience you gain, and the more qualified you become. As a beginner, you should not worry about learning one brand or another, but instead understand the “logic” of each type of software. For example, all vector and pixel software work in the same fundamental way as they derive from the same philosophy and structure. Gain access to graphic software and start familiarising yourself with vector and pixel editing. Be patient and persistent Time is the only constant measure. The only variable that is missing from most

of the talk about learning something new, changing a personal path, or creating a new business is time. So remember this: Any lasting, meaningful and permanent change requires ‘time”. I have been asked this question repeatedly: “What do you like about being a graphic designer? My response is always: “Everything.” I love the freedom of my mind. It is liberating, and it is such a versatile career path. I can work in any company due to the fact that every business needs visual elements. It is a great feeling to be able to interpret someone’s vision into visual representation. I am constantly designing, even just for myself, so it is easy to take on other projects, which keeps my mind and skills sharp, and of course, makes extra money. I have designed things such as t-shirts, wedding invitations, phone cases, magazines, business cards, booklets, product packaging and book covers. I am equipped with a skill that can transform anything, which is great. When you enjoy your craft and have mastered your skill, it becomes so fluent and does not feel like a job. With time, effort and dedication it is possible to teach yourself graphic design. My rule has always been that

PHARMACISTS NOT PUSHING ON SUNDAY OPEN REQUEST

said yesterday. Shantia McBride, the Bahamas Pharmaceutical Association’s (BPA) chief, told Tribune Business: “We have made requests to be open, and are just asking if there would be any amendments to the emergency orders, but pharmacy owners haven’t much of an issue with it.” She added that their have been some prescription drug price increases, but

nothing that was “extremely out of range for persons”. Ms McBride said: “To my understanding there have been a few pharmacies that have been making signs to put within the stores, indicating that due to COVID-19 they have had some scarcity of drugs, or in finding other channels of ordering they have been having price increases on some standard priced medication.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PHARMACISTS have petitioned the government to permit them to open on Sundays but have not really pushed the issue, their association president

The Art of Graphix BY DEIDRE M BASTIAN

if something is not looking right, or not working, you can always trace the issue back to basics. Always remember that basic fundamental concepts are critically important, as those may be your only life vest when you approach a road block in rush hour. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com About columnist: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas. She added that adults who go into pharmacies to fill “maintenance medications” will feel any price increases the most, as medicines for hypertension, diabetes, cholesterol and other noncommunicable diseases may increase slightly. Ms McBride urged Bahamians to “not be brand sensitive”, as some offbrand drugs were just as

SEE PAGE 3

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Thursday, January 21, 2021, PAGE 3

INSURER LAUNCHES ‘INCOME PROTECTION’ FOR BAHAMIANS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMAS-based insurer yesterday said it is launching “income protection” coverage to help safeguard persons against job losses related to injuries and long-term ill-health. Annice Tucker, New Providence Life Insurance Company’s (NPILC) general manager, told Tribune Business that such products were needed in The Bahamas because statistics show more people will lose their

jobs due to these causes than die. “The idea for this product came about through conversations our chief executive officer in the US was having with our agents, and them looking for new products. Statistics would say that the likelihood of you being unable to work due to an injury is more likely than you dying,” she said. “The most important insurance for you to have is your income replacement insurance. If you can’t work, you can’t pay.”

Citing that income protection products already exist in Jamaica, Ms Tucker said New Providence Life saw an opportunity to lead the market by becoming the first to offer it in The Bahamas. She added that then underwriter’s reinsurer, AmFirst Insurance out of Mississippi, has an ownership stake in New Providence Life but there is an all-Bahamian management team on the ground. Rory Harper, a New Providence Life salesperson, said: “Everybody

insures their house, everybody insures their car and everything like that, but what we’re trying to do is get people aware of the fact that it’s very important to insure your income. “Once you get sick for a period of time, a lot of companies let you go, or they put you on half pay or something like that. But you have a wife and kids, mortgage and other insurances to pay and so on, but you have no means of paying because you have no money.” Mr Harper said the

COVID-19 pandemic provides an opportune time to promote income protection insurance. He added: “We’re already in a little bit of a bind. I mean, as far as finances go, everybody’s pretty much struggling. “So to be able to have at least some kind of money coming in, if something should happen, is very beneficial in a time like this. You can get COVID-19 at a time like this. Some people have had COVID-19 and they have been out of work for a very long period of time.”

TRAVEL DEMAND STRONG DESPITE US MEASURES By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TRAVEL agencies yesterday said the imminent new COVID-19 testing requirements for all travellers entering the US has not impacted demand from Bahamians planning to head abroad. Alicia Moss, Premier Travel’s general manager, told Tribune Business that the Centres for Disease Control and Prevention (CDC) requirement that all incoming travellers produce a negative COVID-19 test

taken within three days of travel “has not affected persons booking trips to come to The Bahamas” or locals seeking to head to the US The new measures are scheduled to take effect from January 26, and Ms Moss added: “Last year the travel industry was affected drastically because COVID-19 was something new to the industry, and not only the industry but mankind, so people were naturally afraid to travel. “But the bookings didn’t go down drastically this year. People going into October and into the third

quarter last year, with being locked down so long, they had cabin fever. They were anxious to travel.” Andrea Cox, Escape Pro Travel International’s general manager, said that while travel “demand is not there like before”, the new US measures have not put persons off “drastically” from booking trips to and from The Bahamas. She added: “People want to go to Florida, so they are going out and getting the test. Some persons might shy away, but people are still interested in going away, and what a lot of

people are trying to do is go before January 26. “A lot of people are going over now before January 26 so they don’t have to go through the testing requirements. But people are still travelling because they’ve already made reservations, or they have plans and they just want to get off the island and go to Florida or somewhere close. “So they have in their mind that they’re going out and paying for the test. So I would say to an extent it’s not slowing it down, but there are some persons who are reluctant.”

Another travel agent, speaking on condition of anonymity, said that they have not seen many cancellations as a result of the imminent US measures. “We have had some but not in the wave that we were expecting before,” they said. “I think the big thing was that they’re allowing in folks who use the rapid test. If it was a PCR test it would have been a different story. The fact that they’re accepting both the PCR and the rapid test makes things a lot easier.”

PHARMACISTS NOT PUSHING ON SUNDAY OPEN REQUEST FROM PAGE TWO

good as their “name” counterparts. She added: “We are trying to avoid a shortage in medication, and our members are just trying to have the medication in stock rather than having persons go without. “You may have to speak with your pharmacist and have to not get your medication on a monthly basis, and rather on a weekly basis, but the number one thing is to have it.” Ms McBride said US shortages have much to do with higher pharmaceutical drug prices in The Bahamas because their “channels of distribution have now changed”. She cited the children’s medication, Calpol, as an example where there have been issues with obtaining supplies from the US market. However, the Association’s members have found alternative supply channels, and are exploring whether to source it from there.

GOOD BORROWERS MAY SEE LOAN RATE SLASHES AN EMERGING lender yesterday hailed the imminent arrival of The Bahamas’ first credit bureau as a means through which borrowers with good repayment histories can obtain lower loan interest rates. “What we as lenders have always lacked is reliable payment history records,” said Robert Pantry, pictured, Simplified Lending’s founder and chief executive. “We were forced to depend on, and trust, what the individual applicant told us or try to verify through other means. “That kept interest rates at a certain level, probably higher than they needed to be for the person with a good record, in order to cover the risk for the borrower whose loan or mortgage repayment history was challenged.” Mr Pantry’s spoke out after John Rolle, the Central Bank’s governor, told last week’s Bahamas Business Outlook conference that the long-awaited credit bureau could begin its data collection operations as early as the 2021 second quarter. “From a lender’s perspective, the availability of a quick credit report will not only allow us to offer a better rate to better payers, but to process a loan application even more quickly

than we already do,” said Mr Pantry, who formed Simplified Lending in 2018. A former FINCO (Finance Corporation of The Bahamas) managing director, he added: “With our mobile team going to the applicant, or even on a Zoom call taking the application, and with almost instant reliable information at hand, we will be able to turn around loan or mortgage applications in record time; in many cases, on the spot.” The credit bureau will provide all commercial banks and other lenders with a complete picture of a potential borrower’s history, including whether they already have too much debt and if they have defaulted on previous loans. Italian-headquartered CRIF SpA, which has a presence in providing such services in 30 countries across the Caribbean, Europe, North America, Africa and Asia, was eventually selected as the preferred bidder to operate the credit bureau in late 2018 and finally completed the Central Bank’s licensing process in late 2019. It is now gathering information from lending institutions mandated to supply it with all details on existing borrowers, particularly their credit profiles and histories, by

the Credit Reporting Act so that it can ultimately provide all lending institutions with information that will enable them to properly assess a loan applicant’s creditworthiness. Among those required to supply information will be the commercial banks, insurance companies, credit unions, financial and corporate services providers, Bahamas Mortgage Corporation and Bahamas Development Bank. Others likely to be added in the future are the utilities, auto dealers and furniture stores that extend credit to customers, and even the government’s revenue agencies. Mr Rolle last week said the credit bureau would provide a significant boost by establishing transparency surrounding the creditworthiness of all borrowers. “The bureau’s credit information reports will help to reduce uncertainties around the quality of potential borrowers, improving the medium and long-term access to both business and personal credit,” he said. “The bureau, which was licensed at the end of 2019, is now setting up operations, and should begin to produce live personal credit reports data by start of the second quarter of 2021. Commercial credit reports will start to be generated in a subsequent phase of operations.” While the availability of

information about payment records will benefit prompt payers, and those in good standing on their loan facilities, those who fail to earn or maintain a good record may find it more difficult to access credit, added Mr Pantry. But, given a credit bureau’s ability to update information, the more challenged payers will have an ongoing opportunity to improve their performance record while good payers may continue to benefit with even lower rates. “One of the important features of a credit bureau is that it is not a one-time pronouncement that saddles an individual with a score for life, but a tool that balances the past with the present, allowing the needle to move up and down as payment performance does, meaning there is always opportunity to do better - to gain greater access to capital, to lower the rate you are paying,” Mr Pantry said. Mr Pantry, whose firm has grown from four persons to 23 staff in a little more than a year, said the advent of a credit bureau will also be an important tool for the Central Bank. “All of us in this industry have to applaud the

Central Bank for its forward-looking innovation; its introduction of the Sand Dollar, its promise of an increase in digital wallets. The credit bureau is one more tool in its kit to make the financial portrait of The Bahamas the best it can be,” he added. “It’s another step in the right direction and an important one in adaptation to current needs.”

Request For Bids A cement company 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

PAGE 4, Thursday, January 21, 2021

THE TRIBUNE

BOB PROFITS JUMP FIVE-FOLD DURING Q1 BANK of The Bahamas enjoyed a nearly five-fold year-over-year jump in its 2021 first quarter net income as it incurred no new loan loss provisions despite COVID-19 hammering many borrowers. The BISX-listed bank, which touted the results for the three months to end-September 2020 at its recent annual general meeting (AGM), even enjoyed a $60,297 “recovery” as opposed to the prior year’s $2.656m loss provisioning. This $2.71m “reversal” enabled Bank of The Bahamas’ net income jump from $487,404 to $2.367m, following its June 2020 year-end when the institution unveiled a $7.3m loss for the 12 months after two consecutive years of profitability. Jihanne Hosmillo-Williams, the bank’s chief

financial officer, told the AGM that the net loss stemmed from loan loss provisioning due to COVID-19 related impacts such as the downgrade of the country’s credit rating, a significant increase in unemployment, and reduction in forecast economic growth. Turning to the 2021 first quarter results, she added: “Total revenues for this period continue to be consistent with the prior year, although noted are some minimal decreases in fees and commission income, directly attributable to a certain level of decreased business volumes and transactions due to the current environment under COVID-19. “Loans and advances to customers, which account for more than 40 percent of our total assets, continued

to increase, as well as our cash and cash equivalents. Our total liabilities, primarily customer deposits, also showed a significant increase since June 30, 2020, so this continued to show a strong balance sheet position for the bank.” A closer look at Bank of The Bahamas’ results, though, showed that net operating income for the three months to end-September was down by 26.6 percent year-over-year at $2.307m compared to $3.143m the prior year. And the amount of non-performing loans, as a percentage of the total net credit portfolio, had increased slightly following the June 2020 year-end. They jumped from 22.65 percent to 23.17 percent at end-September. The solvency of Bank of Bahamas’ is also being propped up by

the $162m worth of government bonds injected into its balance sheet by the second Bahamas Resolveled bail-out. Wayne Aranha, Bank of The Bahamas’ chairman, told the AGM it would be difficult to speak with any degree of confidence about the bank’s prospects for the 2021 financial year that ends in June. “Costs will have to be closely managed in an environment where top line growth is limited. We are undoubtedly operating in a more challenging environment, and this will require strong portfolio management and resourcefulness in developing new sources of income,” Mr Aranha said. Kenrick Brathwaite, Bank of The Bahamas’ managing director, added that the COVID-19 pandemic has forced it to adjust

PAINT SUPPLIER’S FEBRUARY RETURN TO MARSH HARBOUR By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A PAINT supplier yesterday revealed it will be returning to Marsh Harbour next month after an 18-month absence caused by the destruction inflicted on its old store by Hurricane Dorian. Christine King, the Paint Place’s general manager, told Tribune Business the retailer is re-opening in Marsh Harbour come midFebruary. “We originally had January as a target date,

but because of the COVID19 and travel restrictions we weren’t able to get a lot of things done. But I’m looking at the middle or ending part of February,” she said. “We want to get back on the ground. There’s a lot of work to do in Abaco. I’m hoping persons would have gotten funds by now because, of course, there’s a lot of work to do, but people didn’t really have the money.” Ms King said she was unsure if Abaco residents have all received their Dorian insurance

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

claim payouts, or if they have alternative financing sources, but she plans to have the Paint Place ready to help customers rebuild. She added: “Things are pretty slow right now, but people were getting their homes together for Christmas. I have not seen my reports from the accounts department for the Christmas season yet, but I know because of our Abaco store being closed it won’t look like what we normally would have made in previous years.

2020/CLE/gen/00290

IN THE MATTER OF Property comprised in a Mortgage dated the 10th day of September, A. D., 2004 and made between Cordelia Deloris Ward of the one part and Bank of the Bahamas Limited of the other part and recorded in Book 9063 at pages 589 to 597 in the Registry of Records in the City of Nassau in the Island of New Providence. AND IN THE MATTER OF Property comprised in a Further Charge dated the 20th day of July, A. D. 2005 and made between Cordelia Delores Ward of the one part and Bank of The Bahamas Limited of the other part and recorded in Book 9381 at pages 301 to 305 in the Registry of Records in the City of Nassau in the Island of New Providence. AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978. BETWEEN

BANK OF THE BAHAMAS LIMITED AND CORDELIA DELORIS WARD NOTICE OF ADJOURNED HEARING

Plaintiff Defendant

TAKE NOTICE that the Notice of Appointment was scheduled to be heard on Friday, the 8th day of January, A. D, 2021 at 11:00am o’clock in the fore-noon has been scheduled for Tuesday the 26th day of January, A. D., 2021 at 1:00 pm o’clock in the afternoon before the Honourable Acting Justice Tara Cooper-Burnside, Supreme Court Annex , Ansbacher Building, Bank Lane, Nassau, Bahamas. Dated this 8th day of January, A. D. 2021

……………………………………………………… HALSBURY CHAMBERS HALSBURY COMMERCIAL CENTRE VILLAGE ROAD, NORTH P. O. BOX SS-19050, SUITE NO. 548 NASSAU, BAHAMAS Attorneys for the Plaintiff

“We’re hoping, and we are optimistic, that persons who can afford to maintain their homes in this climate will do so.”

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completion deadlines for some projects. “Presently we are still in our initial phase of strengthening the foundation, which we expect will be completed by May 2021, allowing your bank to move to phase two of accelerated growth,” he said. “We will point out that phase one is an aggressive and ambitious plan to address upgrading our core banking system, restructuring of our corporate organisation, updating of our policies and procedures, implementation of succession plans and automation of most of our procedures. “Additionally, we expect to address our desire to enhance our online platform, improve our website and embark on a digital expansion to facilitate our ability to reach the persons on the Family Islands,

especially those unbanked potential customers.” Bank of The Bahamas said the move into Phase two of its strategic plan during the 2021 fourth quarter will expand its products, including debit cards and an enhanced merchant services department. “During this phase we will observe a more accelerated advancement to a state of sustained profitability as we align our growth strategy with our products and services…we remain strong and resilient and, despite the challenges, we are on the path to success,” Mr Brathwaite said. Wayne Aranha, Timothy Brown, Kirk Antoni, Margo Hillhouse, Whitney Patton, La Verne Deleveaux and Dr Dana Hall were all elected as directors.

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Thursday, January 21, 2021, PAGE 5

REALTOR CHIEF: USE LICENSED AGENT FOR YOUR OWN SECURITY THE Bahamas Real Estate Association’s (BREA) president yesterday implored home buyers to only use the services of licensed agents following a recent highly-publicised court case. Christine WallaceWhitfield, pictured, said she wanted “to urge and beseech prospective real estate clients to use a BREA-licensed broker or BREA-licensed salesperson for their own peace of mind and financial protection”, after a person was accused of taking deposits from three victims for the sale of houses they did not own and/or had no permission to sell. “In some reports, the person at the centre of this was referred to as a realtor, but he does not hold a BREA licence and there is no record of his ever having held a BREA licence,” said Mrs Wallace-Whitfield. “Therefore, he was not a realtor and was unable to lawfully practice real estate business in The Bahamas.” She urged the public to check BREA’s website for

BISX pauses digital securities ambitions FROM PAGE ONE

“From a resources perspective and operational perspective, we have to look at it. It’s about doing the work necessary to deliver a product that meets the needs of the market, the stakeholders in the market and ultimately the investors in the market.” BISX launched its digital securities exchange proposal with much fanfare in May 2019, with Mr Davies pledging at the time that the move would put the exchange - and The Bahamas “squarely on the map as a significant player” in a sector many observers see as playing a key role in the future of financial services and the global capital markets. He added that the exchange was aiming “at the top”, and “shooting for the stars”, in its ongoing efforts to establish itself as a leader in this area, pledging that BISX “intends to innovate” and introduce “unique features” with its digital securities exchange. Declining at the time to identify these products and services on the basis that they had yet to be approved by the Securities Commission, Mr Davies said the proposed new exchange would be separate from BISX’s existing trading platform but still “whollyowned” by the exchange and with its own licence. He added that its creation would “ultimately” create new jobs and income streams for BISX, with efforts to develop the digital securities exchange lasting “the better part of two years” before it secured its partner. That timeframe is almost up, and Mr Davies yesterday declined to commit to a new deadline for when BISX will complete its latest round of market research as he acknowledged it will “become critical as time moves on” for the exchange to establish itself in the digital space.

a full listing of all registered and licensed salespersons, property appraisers and developers who are authorised to practice real estate. “The general public is protected when using BREA licensed brokers or salespersons in that if they are proven to be guilty of professional misconduct, such as being dishonest or incompetent in the performance of their professional duties, breaching the code of ethics or failing to account for monies received from clients, then BREA could order them to make restitution and suspend or even cancel their “This is the future,” he told Tribune Business, “and as markets around the world are moving we have no choice but to move in that direction otherwise we will get left behind. We definitely want to make sure we understand what’s required, understand what needs to be done, and apply the lessons as best as possible to our advantage. “What we try to do is be proactive. Right now we are doing our homework and a lot of investigation. When we find the right ingredients to deliver on that product we will take that step.” Mr Davies, in announcing BISX’s digital securities exchange in 2019, said it would largely steer clear of initial coin offerings (ICOs) and Bitcoin-type cryptocurrencies, given previous global volatility in this area, and instead focus on the listing and trading of so-called “tokenised securities”. These digitised/electronic instruments effectively replicate ordinary shares issued by blue chip companies such as Amazon and Microsoft, with holders enjoying the same voting and other rights. The price of tokenised securities adjusts in exactly the same way as stocks listed on a traditional exchange, but with the share register now maintained by blockchain technology. Mr Davies added that these technological advances had created what he termed “decentralised securities platforms”, where trading could take place in real time. He added that information such as jurisdiction, disclosures, pricing and other communications could be programmed into tokenised securities, enabling the global capital markets to take “a quantum leap” forward. The BISX chief conceded it was difficult to currently quantify the digital securities exchange’s earnings potential, but added: “The potential for digital assets, their expansion and usage is phenomenal. The way the technology works, you can access the world all at once.”

NOTICE IN THE ESTATE OF TENCY FERGUSON aka TENCY QUEELA FERGUSON late of The Forest of the Island of Exuma, one of the Islands of the Commonwealth of The Bahamas. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 21st day of February, A.D. 2021 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late TENCY FERGUSON aka TENCY QUEELA FERGUSON will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated this 19th day of January, A.D., 2021. c/o PYFROM & CO Attorneys for the Administrator, No.259 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.

BREA license,” said Mrs Wallace-Whitfield. “According to Bahamian law, only a licensed real estate broker or salesperson is permitted to list and sell other persons’ property within the borders of The Bahamas.” She added that the BREA Code of Ethics expressly restricts a broker or salesperson from offering property for sale without the authority of the owner or the quoted sale price set by the owner. “Any BREA broker or salesperson who does not follow the code of ethics will be investigated by BREA and may face

disciplinary proceedings, which could result in fines or even cancellation of their BREA license,” Mrs Wallace-Whitfield said. To earn a license, a salesperson candidate must be sponsored by a licensed broker, complete an intensive course and pass the real estate exam. His or her credentials are also scrutinised. Many candidates have to re-sit the exam, which includes extensive questions on property law, taxation, mortgage and financing calculations, definitions related to property description, insurance, title searches and recording.

“There are more than 700 licensed brokers and salespersons in The Bahamas,” said Mrs Wallace-Whitfield. “It is always heart-breaking to hear of a situation where an innocent person is the alleged victim of fraud by false pretenses. “Fortunately, those incidents are few by comparison to the number of successfully completed transactions, but even a single case that goes awry - and is held by the court to have taken innocent victims with it - endangers the reputation of The Bahamas as well as causing personal financial

harm to individuals. “BREA is a very forward-thinking, progressive, diverse and active community of real estate professionals. While the field is competitive, we all share a common goal – to ensure that every property transaction in The Bahamas meets the international gold standard of excellence and services are carried out with integrity and honour, thus building confidence and trust in the real estate profession so the next person who buys or rents knows he or she will enjoy a similar experience and worry-free result.”

PAGE 6, Thursday, January 21, 2021

COVID exposes lack of risk understanding BY DEREK SMITH

VERY organisation, whether for profit or nonprofit, public or private, should protect themselves by fully assessing their risks and deploying controls that reduce these. Unfortunately, many big corporations, together with small and mid-sized enterprises (SMEs), do not see the need to invest in robust risk management systems. This is a fundamental mistake. Disruptive market volatility, supply chain woes, human capital and information security risks

have become the norm. It is against this backdrop and, the Financial Transactions Reporting Act’s section five, that risk assessments

THE TRIBUNE and risk management are key to a company’s growth and even survival. Reid Hoffman, LinkedIn’s co-founder, said: “Everything in life has some risk, and what you have to actually learn to do is how to navigate it.” It is important to note that risk assessments should not be completed in silos. There must be engagement by all stakeholders at the Board, top executive and management levels. I would submit that support staff and vendors must also be engaged. This fosters an accurate alignment of strategy with policies and procedures, while simultaneously appreciating the risks. Moreover, these assessments enable companies to understand how - and to what extent - they are vulnerable to money laundering and terrorist financing risks; supply chain breaks; cybersecurity and information security incidents and breaches; emotional threats and much more.

PricewaterhouseCoopers (PwC) eastern Caribbean arm said: “It is important that business leaders understand that, if risk is anything that can impede objectives, better risk management means better performance.” Regulatory Guidance The Bahamas’ group of financial services regulators (GFSR) has done an excellent job in providing guidance regarding the design and implementation of risk assessments over the years. The anti-money laundering/counter terrorism financing guidelines provide process clarity while allowing flexibility over how the process is deployed. They note that supervised financial institutions (SFIs) should consider using the following steps to assess the level of identified risk that the business may face: 1. Identify and assess inherent risks by adopting a comprehensive risk-based approach. 2. Establish risk tolerance levels from an

entity-specific, sectoral and relationship level perspective. 3. Establish risk mitigation measures by employing proper controls. 4. Evaluate residual risks by employing a “three lines of defence regime”. 5. Monitor and review risks by utilising a proper governance regime. Risk Categorisation Risks can be categorised in a variety of ways, and should be assessed based on the nuances of your company. Some categories may include the client; business operations; transactions; products and services; delivery channels; politics; and geographical reach. These categories should be linked, via analysis, to the direct achievement of a company’s objectives and be constantly monitored. A periodic evaluation of your institution’s internal processes, people, technology and data helps identify risk – both inherent and residual. The risks should be

To advertise in The Tribune, contact 502-2394

listed with a view to determining your company’s tolerance. COVID-19 has exposed that many entities were not properly prepared. It may be an indicator that risk management efforts were not accurately assessed, aligned, monitored and revamped. Disruptors are inevitable. How institutions prepare and transition from sub-standard risk management approaches will determine whether they survive or not. NB: Derek Smith Jr is the compliance officer and money laundering reporting Officer (MLRO) at Higgs & Johnson, and a former assistant vice-president of compliance at an international private bank. His professional career started at a ‘Big Four’ accounting firm, and he is also a certified anti-money laundering specialist (CAMS) and certified risk and compliance management professional (CRCMP).

THE TRIBUNE

Thursday, January 21, 2021, PAGE 7

‘On fire’ materials to hit construction FROM PAGE ONE “I think all of the lumber and building material places are busy, but in the US the whole COVID-19 thing did not depress the lumber in building material markets. It seems to have had the opposite effect.” With COVID-19 lockdowns forcing many persons into home improvements, Mr Roberts said suppliers were informing him the plywood market has “peaked” and they believe other materials “can’t possibly go any higher”. He added: “I’ve spoken with the different suppliers, mills and large wholesalers. And they are sort of in awe of what’s going on. They’re saying that it just can’t go any higher. The plywood market seems to have peaked, but it’s not coming back down. It’s kind of holding because of a very large demand. “The wholesalers and the plywood mills, they just can’t supply for the demand, and that also is a factor in keeping the prices high. In The Bahamas, we’re a busy little market but we’re just a drop in the bucket when you compare us to the whole Southeastern US, and they are having the same issues over there as people just can’t supply the plywood or any material. Everyone’s having to pay a premium.” Mr Wrinkle echoed Mr Roberts, telling Tribune Business: “We have several suppliers State-side in particular that have gone up 10 percent in the New Year on windows, doors and lumber; generally acrossthe-board. There’s been an increase, and we get 90 percent of our supplies from there. It also trickles down to the suppliers here.” He added that “we’re all paying the price” for COVID-19’s economic fallout, with the lockdowns and other restrictions imposed by the pandemic leaving “manufacturing backlogged”. The ex-BCA chief said: “When they returned, the supply line lacked the capacity to meet demand because they had closed some plants and let

some people go. “On the major items we’re seeing that kind of mark-up turn into 20-25 percent increases locally because we have to pay the FOB (Freight on Board) charges. The freight charge itself is not as detrimental as the soft costs like insurance, wharfage and VAT.” Mr Wrinkle said the greatest increases had been seen in manufactured products such as plywood, adding: “We’ll have to find new ways to maximise material usage. It’s supply and demand. Demand went to zero, now it’s coming back up and supply is having to try and catch up.” He revealed that he had been informed by a US supplier at Christmas that the delivery of windows will take between three to six months, as he warned that Bahamian contractors “don’t have much room” to absorb these costs rather than passing them on to clients. The rapid construction material price hikes are not want residents of Grand Bahama and Abaco, still struggling to rebuild from Hurricane Dorian, will want to hear. And any cost increases will generally not be welcomed in a COVID19 ravaged economy where construction, given its ties to real estate-based foreign direct investment (FDI) projects, is being viewed as a key stimulus generator. Mr Wrinkle, voicing optimism that prices might stabilise by Spring, told this newspaper: “It’s a chore. We’ve had to go to several sources to find materials, when we could usually go to just one or two sources. The world has changed. We’re part of it, but this is a big cost centre and we will feel it doubtless. What

can we do?” Mr Sands, meanwhile, said the brunt of 2020 construction material cost hikes had been borne by contractors as building contracts and their pricing had already been agreed, and could not be changed. However, he warned that the hikes will now likely be passed on to customers - meaning developers and homeowners - in new contracts that are signed this year. “They’re stuck with the cost and can’t avoid it,” Mr Sands said of contractors on existing jobs. They can’t pass it on to anyone and will have to eat it. With new contracts there’s an opportunity to make adjustments on price, but for contracts ongoing they’ll just have to absorb the cost. You can’t go back and renegotiate the contract because the market has changed.” He warned, though, that construction industry clients will “take the hit” and “feel it” in any new contracts that are struck. The ex-BCA chief, though, said present materials pricing will “not have a noticeable impact”, although further consistent increases could pose a problem and the situation needed monitoring. Gary Burrows, Tops Lumber and Plumbing’s general manager, confirmed the price increases impacting The Bahamas as a result of events in the US market. He said: “We had a situation where we were ordering PVC pipes and so forth, and the company called us and told us they couldn’t supply the pipes at the time, but that was about four weeks ago. There are still a lot of shutdowns in the US and that is causing prices to go up.”

To advertise in The Tribune, contact 502-2394

PAGE 8, Thursday, January 21, 2021

Solar’s pioneers being ‘bypassed’ FROM PAGE ONE Describing this as a government-created “dilemma”, he added that it forced Bahamian companies to partner with overseas providers if they wanted to participate in utility-scale solar tenders rather than lead bids themselves.

This, Mr Holdom argued, will ensure Bahamian solar companies “remain small” and earn little reward for their efforts in developing renewable energy, as foreign firms were more likely to partner with local construction companies on their bid submissions. Suggesting that the government will ultimately end up

THE TRIBUNE taking over the solar industry, a suspicion many other providers voiced when its $170m special purpose (SPV) renewable energy financing vehicle was unveiled last year, the Association chief said: “From a business standpoint, the more the government does large-scale solar systems and not include Bahamian companies, it doesn’t benefit and trickle down into the Bahamian economy. “They will say they put out RFPs, but the RFP is worded in such a way that it’s difficult for Bahamian companies to meet the requirements. Part of it is historic. When we as Bahamian companies in the past tried to do large-scale

solar projects, they refused to approve them. “But in the RFP, they want you to have a minimum experience of three large-scale projects. Every Bahamian company has to team up with international companies to bid, which is why it’s so difficult to do that,” Mr Holdom continued. “For the pioneering companies in The Bahamas, it’s a difficult situation because when they prevented us for the past 20 years, we had projects that were MW scale, including projects desired by Bahamian companies, Bahamian businesses. They wanted MW scale projects. Once again it’s difficult to

grow as a company when you have these restrictions historically and currently.” Arguing that the current set-up favours the participation of local construction companies on solar projects, rather than specialist renewable firms, Mr Holdom said: “You won’t have a cadre of solar experts, just a cadre of electricians. They won’t have training as solar installation experts. “What’s happening is the solar companies are doing very small jobs. When they’re talking large-scale solar, they’re talking about the government doing stuff or the government with their select companies. It’s a dilemma. It means the solar companies will remain small and not get a big piece of the pie. “It’s unfortunate because they were pioneering stuff in The Bahamas. Yes, they’re [the government] doing more solar, but in the process they’re bypassing the small solar industry that started the whole thing. It’s the way the RFPs are being written up, and I just don’t see anything substantially changing. The big projects will go to companies that really never did solar.” Speaking after Dr Donovan Moxey, Bahamas Power & Light’s (BPL) chairman, last week revealed the utility’s plans to have distributed battery technology “in place in New Providence by summer 2022”, in a bid to ensure improved grid stability for the integration of utility-scale and roof-top solar, Mr Holdom said “quite a large capacity battery will be needed to match the fluctuations in the grid”. Agreeing that BPL’s transmission and distribution system requires significant investment and upgrades, he likened the arrival of distributed battery technology to “putting in a new engine on an old chassis and asking the chassis to perform. There’s still a lot of work to be done on the national grid”. Dr Moxey had voiced optimism that improved grid stability will increase demand for the small-scale residential generation (SSRG) initiative introduced in 2017, which has seen only 380 of BPL’s 100,000-plus customers apply to connect their solar systems to the utility’s grid and sell power to it. However, Mr Holdom said the SSRG initiative itself needed to be restructured by drastically slashing the approvals time for grid integration of roof-top solar.

He added that the compensation owners receive for connecting, and supplying power, to BPL provided too little incentive and return on investment. Noting that the returns had decreased even further due to the COVID-19 slump in global oil prices, the SEAB president said: “It’s back to the delays in getting SSRG projects approved. It’s still a lengthy process, and since COVID-19 it’s become even worse. “We’re not getting responses. It’s a seven-step process. The first goes through BPL, and used to take two weeks. It’s now beyond that. No customer wants to wait eight months for a solar system to be approved. We have a spread sheet, and are keeping track of the problem. “We’ve sent years of communications on how to structure the SSRG, how to make it simple and improve the ease of doing business. Nothing has changed.” There are currently two renewable energy initiatives depending on the size of the system involved. While the SSRG is for those of 100 kilowatts or less, the Renewable Energy Self Generation (RESG) programme covers systems up to one MW and which are primarily designed for medium-sized and large businesses. Mr Holdom, though, said most firms will “not engage” with the latter initiative because of the way compensation is structured for systems of 500 Kw or more The latter are paid on a “buy all, sell all” arrangement, which means the business cannot consume any of the energy it produces and has to sell it all to BPL. The latter will pay the so-called “avoided cost”, or the fuel charge rate, for the energy it purchases, meaning that companies are credited for roughly 50 percent of their electricity bill. Noting that it “still takes three months for BPL to adjust the customer’s bill” for this once approval is obtained, Mr Holdom said last year’s decline in global oil prices meant some companies with renewable systems lost out and “there’s even less reason” to participate in the RESG. “All these factors are a complete disincentive to the rapid installation of solar in the country,” he told Tribune Business.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, WILLY JEAN of Alexandria Road, Nassau, Bahamas, P.O. Box N-7478, intend to change my name to RALEIGH SEYMOUR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,LACITAS ALEXANDER LOCKSLEY KNOWLES MOXEY, of Ridgeland Park West,Southern District P.O.Box N-1054 Nassau, Bahamas intend to change my name to LACITAS ALEXANDER LOCKSLEY SEARS. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,JOYCELYN LICENCEIR, of Church Hill Avenue, Chippingham P.O.Box CB-11481 Nassau, Bahamas intend to change my name to JOYCELYN BROWN. 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 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 21, 2021, PAGE 9

EMERA INCORPORATED (“Emera”)

Notice to Holders of Depositary Receipts

DIVIDEND NOTICE UPDATE

Employment Opportunity Maintenance Engineer for private property

Responsible for comprehensive main tenance for a large luxurious property on western New Providence:

A dividend of CAD $0.159375 per Emera depositary receipt (CAD $0.6375 per common share of Emera) will be payable on or about February 16, 2021 to depositary receipt holders of record as at February 2, 2021. Dividends will be subject to applicable withholding tax.

Required skills: Experience with maintaining and supervising proper functioning of all plant and equipment, including: • Reverse Osmosis Plant; • Generators; • Lighting Control Systems; • AV/Wifi Systems • Heating and Air Conditioning Systems; • Irrigation System; • Swimming Pools; • And Tennis Court. • Must be hands on and capable of doing job on own; • May be required to work evenings and weekends from time to time. The candidate should have a degree from recognized institution in mechanical and/or electrical engineering; must speak english fluently; have minimum of five years experience working on large private estate or luxury lodging industry; have at least three references from previous employers. Send resume to: Vacancybahamasoffice@gmail.com Or Head Engineer P. O. Box N-7776 (Slot 193) Nassau, Bahamas

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 20 JANUARY 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

2094.41

-0.05

0.00

1.95

0.09

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.15 33.05 2.00 2.02 2.10 6.00 6.75 3.80 6.49 4.45 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 1.66 5.00 6.00 2.70 4.50 3.50 5.90 11.06 2.10 4.75 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 2.02 1.67 6.00 6.61 2.98 4.74 3.59 5.90 11.24 2.60 6.85 10.21 8.40 13.75 3.94 8.50 15.20

CLOSE 4.15 32.12 1.62 2.02 1.67 6.00 6.61 2.98 4.74 3.59 5.90 11.24 2.53 6.85 10.22 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 BSBGRS810359 BSBGR120371 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.72

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 97.72 100.70

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.40 100.70

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 BSBGRS810359 BGRS FX BSBGR120371 BGRS FL BSBGRS790262

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 (0.07) 0.00 0.01 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 24.8 14.7 15.8 11.5 16.9 19.4 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.49% 0.00% 0.00% 3.93% 0.00% 0.00% 3.34% 3.73% 6.41% 17.15% 0.88% 3.21% 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% 4.81% 5.22% 4.53%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 26-Jul-2035 15-Dec-2037 28-Mar-2026

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 21, 2021, PAGE 11

Bahamas to rebound ‘faster’ than its rivals FROM PAGE ONE

travel restrictions facing The Bahamas, namely the US requirement that all returning travellers produce a negative COVID-19 test taken within three days of their trip from January 26, Mr Sands echoed the Ministry of Tourism by asserting that its five-day rapid antigen testing infrastructure would enable visitors to meet this obligation. “The Bahamas is wellpositioned for dealing with a number of these new considerations for tourists reentering the US,” he told this newspaper. “A large number

Bahamas and its tourism industry had overcome the September 11 terror attacks, two Gulf wars and numerous recessions before, although nothing like a global pandemic. “We have had some setbacks, but have come back and continued to grow,” he added. “We’ve had impacts from hurricanes, but have come back stronger and stronger. We are proactive in addressing these issues. They are beyond our control, but The Bahamas’ approach in being proactive in addressing things like this positions us as beneficiaries of growth in a shorter period of time than our competitors.” Dionisio D’Aguilar, minister of tourism and aviation, recently told Tribune Business that The Bahamas is pushing “to be at the front

of our properties already offer the antigen test when guests stay more than five days, or for entering the property when they arrive. “We have to put these issues into perspective. This is not the first time a destination like The Bahamas as been faced with some conditions that may seem like they will stifle tourism. Tourism is extremely resilient, and the Bahamian product has improved over the years. Notwithstanding these issues we are faced with, with are focused on a proactive approach to dealing with them and rebounding.” Mr Sands said The

of the queue” should the US introduce exemptions from its new COVID-19 testing policy, acknowledging that it threatens to be “a significant deterrent” to tourism. He said 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. Pointing to its present low infection and hospitalisation numbers, together with The Bahamas’ relatively small 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 five-day rapid antigen testing infrastructure it has built throughout The Bahamas to test its tourists staying more than four nights. 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

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 74° F/23° C Low: 52° F/11° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Nice with sunshine and some clouds

Partly cloudy to clear

Mostly sunny and pleasant

Breezy with a couple of showers

Turning sunny, breezy and pleasant

High: 76°

Low: 64°

High: 76° Low: 66°

High: 77° Low: 67°

High: 77° Low: 66°

High: 78° Low: 64°

AccuWeather RealFeel

81° F

66° F

80°-69° F

82°-66° F

75°-63° F

79°-64° 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: 74° F/23° C Low: 65° F/18° C

3-6 knots

High: 76° F/24° C Low: 54° F/12° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 77° F/25° C Low: 59° F/15° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 70° F/21° C Low: 57° F/14° C

High: 73° F/23° C Low: 64° F/18° C

MIAMI

High: 77° F/25° C Low: 62° F/17° C

4-8 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 59° F/15° 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 ................................... 63° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.23” Normal year to date ..................................... 0.86”

ELEUTHERA

NASSAU

High: 76° F/24° C Low: 64° F/18° C

High: 76° F/24° C Low: 63° F/17° C

KEY WEST

High: 72° F/22° C Low: 67° F/19° C

High: 77° F/25° C Low: 66° F/19° C

6-12 knots

ANDROS

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.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

1:46 a.m. 1:52 p.m.

2.2 1.9

8:04 a.m. 8:11 p.m.

0.6 0.2

Friday

2:40 a.m. 2:47 p.m.

2.2 1.8

9:04 a.m. 9:00 p.m.

0.6 0.2

Saturday

3:33 a.m. 3:42 p.m.

2.3 1.8

10:01 a.m. 0.5 9:51 p.m. 0.1

Sunday

4:24 a.m. 4:34 p.m.

2.4 1.8

10:55 a.m. 0.4 10:40 p.m. 0.0

Monday

5:12 a.m. 5:24 p.m.

2.6 1.9

11:43 a.m. 0.2 11:27 p.m. -0.1

Tuesday

5:57 a.m. 6:10 p.m.

2.7 2.0

12:28 p.m. 0.1 ---------

Wednesday 6:41 a.m. 6:55 p.m.

2.8 2.2

12:13 a.m. -0.2 1:10 p.m. 0.0

sun anD moon Sunrise Sunset

6:56 a.m. 5:47 p.m.

Moonrise Moonset

12:21 p.m. 12:42 a.m.

Full

Last

New

First

Jan. 28

Feb. 4

Feb. 11

Feb. 19

CAT ISLAND

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.”

SAN SALVADOR

GREAT EXUMA

High: 77° F/25° C Low: 66° F/19° C

High: 78° F/26° C Low: 70° F/21° C

High: 76° F/24° C Low: 66° F/19° C

W S

LONG ISLAND

tracking map

High: 78° F/26° C Low: 68° F/20° C

6-12 knots

MAYAGUANA High: 78° F/26° C Low: 70° F/21° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 78° F/26° C Low: 70° F/21° C

GREAT INAGUA High: 80° F/27° C Low: 71° F/22° C

High: 78° F/26° C Low: 69° F/21° C

8-16 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 4-8 Knots SW at 7-14 Knots NE at 6-12 Knots SSE at 4-8 Knots NE at 6-12 Knots SE at 4-8 Knots NNE at 8-16 Knots E at 6-12 Knots NE at 4-8 Knots SSE at 4-8 Knots W at 4-8 Knots SW at 7-14 Knots NE at 6-12 Knots SE at 4-8 Knots NE at 8-16 Knots ENE at 6-12 Knots NE at 7-14 Knots ESE at 4-8 Knots NNE at 8-16 Knots ESE at 4-8 Knots ENE at 4-8 Knots S at 4-8 Knots NE at 8-16 Knots ESE at 6-12 Knots NE at 6-12 Knots SSE at 4-8 Knots

WAVES 3-5 Feet 2-4 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 3-6 Feet 2-4 Feet 1-3 Feet 1-2 Feet 4-7 Feet 3-6 Feet 1-2 Feet 0-1 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 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. 76° F 76° F 72° F 71° F 77° F 77° F 78° F 78° F 75° F 73° F 75° F 75° F 76° F 76° F 79° F 79° F 78° F 77° F 78° F 78° F 75° F 76° F 78° F 78° F 76° F 76° F

PAGE 12, Thursday, January 21, 2021

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