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business@tribunemedia.net

WEDNESDAY, JANUARY 27, 2021

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GOWON BOWE

Top banker: Get economy ‘moving a bit more rapidly By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT banker yesterday urged The Bahamas “to get the economic engine moving a little more rapidly”, adding: “This is when executive management earns our keep.” Gowon Bowe, Fidelity Bank (Bahamas) chief executive, spoke out after the International Monetary Fund (IMF) warned in its concluding Article IV consultation statement that some unnamed banks and credit unions were “vulnerable” to COVID-19 related risks. “The banking sector remains well capitalised, but some banks and credit unions are vulnerable to pandemic-induced risks, including an erosion of asset quality once loan moratoria expire, with negative implications for profitability and capital adequacy,” the Fund said. “Directors.... urged the Central Bank to ask banks for regular loan portfolio reviews and risk assessments. They also noted the importance of further developing macroprudential tools and strengthening interagency co-ordination.” Mr Bowe said the IMF’s statement referred to the banking and credit union industry’s ability to withstand a prolonged post-COVID recession and economic downturn, where a significant number of borrowers defaulted on their loan repayments due to unemployment and/or income loss. Arguing that the financial services sector had been the second greatest source of stability behind the government during COVID-19 to-date, with no lay-offs and reductions in spending, the Fidelity Bank (Bahamas) chief added that a growth focus was needed to ensure this situation continues. “I think what they’re looking at is the entire banking sector, including co-operatives, and the ability to sustain the current workforce and operating expenses in the event of a protracted recession, Mr Bowe said. While most commercial banks presently enjoy a risk-weighted assets ratio in excess of 20 percent, well above the Central Bank’s “trigger” threshold of 17 percent, he added that the losses already incurred by some institutions due to loan loss provisioning and other precautions highlighted how quickly capital buffers and reserves can be worn down by a sustained recession. “We cannot sustain negative performance

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US quarantine’s ‘door slam’ on Abaco rebuild

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BACO’S Chamber of Commerce president yesterday voiced fears that the new US quarantine policy will “slam the door again” on the island’s post-Dorian reconstruction, adding: “We can’t catch a break.” Ken Hutton told Tribune Business that the latest US COVID-19 protocols, including the requirement that all returning travellers must produce a negative virus test taken within three days of their trip, are already deterring the second homeowners that comprise Abaco’s economic core from returning to rebuild their hurricanedevastated properties. Besides the impact on US citizens, he added that the “blanket” implementation of a quarantine on all foreign travellers would

• Chamber chief fears hit for Dorian reconstruction • Argues island ‘can’t catch a break’ since storm • Urges govt clarity on A/C, mattress tax breaks

KEN HUTTON likely prevent Abaco residents from visiting the US to buy essential materials and other supplies vital to the restoration of their homes and businesses. This becomes critical given the deadlines imposed by the government for accessing Dorian-related tax breaks. While much attention has

been placed on the potential tourism fall-out from the Biden administration’s quarantine move, Mr Hutton acknowledged that it also threatens to inflict further disruption on Dorian recovery efforts - which have already been interrupted by COVID-19 - with another hurricane season less than six months away. “We’ve already seen that,” he told this newspaper of the impact from the proposed US protocols. “We’ve had second homeowners that were here that started the rebuilding process and left before the 26th. They left before that. They cut the amount of time they had short because of that. We’ve already seen a serious deterrent effect

here because of that.” The requirement for all incoming international travellers to present a negative COVID-19 test, including US citizens, had been scheduled to take effect from yesterday, although the Biden administration’s executive order last week placed this and the potential quarantine on a 14-day review. “It’s so frustrating, because after the New Year we were starting to see the second homeowners come back and rebuild, and with this it’s like slamming the door again. We can’t win,” Mr Hutton added of the US move. “We’re not very happy about it. It’s certainly not an ideal thing.

THE International Monetary Fund (IMF) yesterday confirmed the Bahamian economy shrank by over $2bn last year to almost match the size of the country’s rapidly-growing national debt. The Washington DC based fund, in a statement on the end to its Article IV consultation with The Bahamas, warned that the government’s debt will “jump” to a level where it almost equals the country’s gross domestic product (GDP) - or economic output - for 2021 due to the COVID-19 fall-out. It added that The Bahamas’ national debt will “remain more than 22 percentage points above its pre-pandemic level over the medium-term”, leading some observers to predict “dark days” lie ahead for the country and that new

and/or increased taxes are “inevitable” once the economy has started to recover from COVID-19. The IMF, in a statement that largely regurgitated its pre-Christmas 2020 commentary on The Bahamas, reiterated that it will take this country until end-2023

to recover the economic value destroyed by the pandemic and return to preCOVID growth levels. This illustrates how far the tourism-dependent Bahamian economy has fallen, with the gund sticking to its predictions that it shrank by a mammoth 16.2

Minister says no change to Atlantis jobs

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

percent in 2020 and will only enjoy an anemic two percent rebound this year. While GDP growth rates of 8.5 percent and four percent are projected for 2022 and 2023, respectively, The Bahamas will merely be recovering the tourism activity it lost to COVID-19. While 3.5 percent growth is forecast by the IMF for 2024, it also foresees that this will quickly peter out to 1.8 percent and 1.5 percent in 2025 and 2026. “The COVID-19 pandemic has exacted a significant human, social and economic toll on The Bahamas,” the IMF statement said. “The archipelago was just starting to recover from the severe damage caused

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• Debt to stay 22% pts over pre-COVID medium term • Nation’s liabilities almost match economy size at 90% • Observers fear ‘dark days ahead’; tax hikes ‘inevitable’

OUTSIDE THE IMF HEADQUARTERS

DION FOULKES

A CABINET minister yesterday said Atlantis’ plan to place 200 Royal Towers staff back on furlough will produce “no change in employment” at the Paradise Island mega resort. Dion Foulkes, minister for labour and transportation, speaking to reporters outside the Cabinet Office, said the move will effectively be offset by the resort recalling the same number of staff at its Cove property, which had been due to reopen on February 11. “The employment level at Atlantis remains the same. There’s no change in terms of the employment level. Atlantis has informed me that, at the Royal Towers, they have furloughed approximately 200 employees, but they have re-engaged approximately 200 employees at The Cove,” he explained. Mr Foulkes’ comments caused an astonished Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s president, to respond: “Muddo”. He argued that the government was focusing on “percentages and levels” when all Atlantis was doing was rotating one group of workers for another, and not actually increasing employment. “All that is doing is putting one set out and bringing another in,” he added. “No wonder we’re in the state we’re in thinking like that. All they’re [Atlantis] doing is giving another set of people a taste of the unemployment line by sending them home.” However, Mr Foulkes reiterated: “In terms of the employment level at Atlantis, there is no change. I am also advised by Atlantis that the Spring Break, which is

IMF: Bahamian economy shrank over $2bn in 2020 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Employers warned: ‘Don’t open up Pandora’s Box’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday warned that employers could “open up Pandora’s Box” if they back organised labour into a corner by failing to consult on planned changes to employment terms. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that companies may not like the reaction if they “disrespect the interest of workers” by unilaterally altering industrial agreement terms without prior consultation with the relevant trade union. Suggesting that employers

• TUC chief says unions being backed into corner • Urges firms: ‘Don’t disregard worker interests’ • Concedes economy faces ‘peculiar’ situation

OBIE FERGUSON

and unions seek to agree “a common position” on these issues against the backdrop of the COVID-19 pandemic, Mr Ferguson said his public call for organised labour to avoid strikes and other forms of industrial action at this challenging time did not mean workers’ interests could be ignored. “If you put a cat up against the wall, and the window and the door are closed, and you harass the cat, that cat is going to come forward,” Mr Ferguson said. “That is the

predicament the unions are in. There’s no consultation with the unions. “When you open a Pandora’s Box all kinds of things could jump out of there. If you’re not aware of what’s in Pandora’s Box, some things could jump out of there and take on a life of their own. It’s not that we plan for it, but there was no consultation with the trade unions. It’s absolutely essential consultation be done, and if that is done it will eliminate a lot of the problems between the

employer and union.” The trade union movement, and Mr Ferguson, have been complaining vigorously since late last year that employers have moved to unilaterally vary employee terms and conditions set by industrial agreements without first consulting the relevant trade union and worker representatives. While many observers may view these grievances as procedural rather than substantive, and ill-timed given that most companies are focused on merely surviving COVID-19’s economic devastation, both public and private sector entities have been accused of doing this.

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URCA BITS What is URCA’s Code of Practice for Content Regulation (“The Code”)? Follow URCA on FB, Twitter, IG for more URCA Bits. For information visit www.urcabahamas.bs or contact URCA at email: info@urcabahamas.bs or Consumer Hotline: 393-0263

The Code of Practice for Content Regulation (“the Code”) is the regulatory document which sets out the acceptable practices for all Broadcast Licensees that exercise editorial control and responsibility over audiovisual media service and programming. The Code impacts all licensed radio and television broadcasters in The Bahamas.

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THE TRIBUNE

Doctors Hospital teams up with top US health provider DOCTORS Hospital Health System yesterday announced it has teamed with the Cleveland Clinic for a two-year partnership that aims to expand and improve healthcare services in The Bahamas. The duo have agreed to form a strategic advisory council that will give the BISX-listed healthcare provider access to Cleveland Clinic’s network of internal experts for strategic planning, clinical education and leadership development. A core team from Cleveland Clinic and Doctors Hospital will meet throughout the year in focused working sessions. Cleveland Clinic’s members are Curtis Rimmerman, chairman of international operations; Rob Stall, executive director of international operations; and Ivan Blanco, Cleveland Clinic Florida’s chief

marketing and business development officer. Doctors Hospital’s members include Charles Diggiss, majority shareholder and president; Charles Sealy, chief executive, and Dennis Deveaux, chief financial officer. “Partnering with Doctors Hospital is a great opportunity to positively impact Bahamian healthcare delivery and patient outcomes,” said Dr Rimmerman. “Improving the quality of healthcare will significantly contribute to building a healthier community for all Bahamians.” Cleveland Clinic and Doctors Hospital will work together on projects that include a significant expansion into outpatient services by Doctors Hospital, as well as the development of centres of excellence in The Bahamas where Cleveland

Clinic’s resources will offer significant advantage, acceleration and support to the local provider. “The decision to align Doctors Hospital with Cleveland Clinic will increase the quality of care and expanded availability of on-island healthcare options for Bahamians,” said Dr Diggiss. “Doctors Hospital’s

alignment with a prominent and known global brand like Cleveland Clinic will dramatically accelerate our access to grow capacity to meet the burgeoning healthcare demands of Bahamians.” Cleveland Clinic currently employs 67,554 persons worldwide, including more than 4,520 salaried

physicians and researchers, plus 17,000 registered nurses and advanced practice providers. They represent 140 medical specialties and sub-specialties. It features a 6,026-bed health system that includes a 165-acre main campus near downtown Cleveland, 18 hospitals, more than 220 outpatient facilities and

locations in southeast Florida, Las Vegas, Toronto, Abu Dhabi and London. In 2019, Cleveland Clinic’s network received 9.8m total outpatient visits, 309,000 hospital admissions and observations, and 255,000 surgical cases. Patients came for treatment from every US state and 185 countries.

Contractor aims to build on $69m Water Corp savings A CONTRACTOR is aiming to build on the $69m savings it has generated for the Water & Sewerage Corporation, its customers and Bahamian taxpayers as it enters the final phase of its loss-cutting efforts. Miya Bahamas said it was able to execute its water efficiency strategies last year despite having to alter its 2020 targets due to the COVID-19 pandemic. “This [last] year was a difficult one for everyone,” said project manager, Mario Tavera. “We experienced some challenges in securing equipment due to border closures and a host of other logistical issues. However, through increased communication with the Water & Sewerage Corporation we were able to

get the job done.” For the past nine years, Miya has played the key role in cutting non-revenue water losses suffered by the Water & Sewerage Corporation’s New Providence network. The use of a performance-based Service Level Agreement (SLA) to track their efforts resulted in $69m in savings, and public recognition from the Inter-American Development Bank (IDB) of their success. “The COVID-19 pandemic and the resultant financial impact on the government and people of The Bahamas has presented the most significant challenge for the Water & Sewerage Corporation in its history,” said executive chairman, Adrian Gibson. “It is absolutely essential

that our water supply remains uninterrupted during this period to ensure our residents and the visitors to our shores have ready access to proper sanitation at all times. “The Water & Sewerage Corporation is indeed grateful for the dedication of our staff and our various public-private partnerships (PPPs), such as our New Providence non-revenue water contractor, MIYA Bahamas, who have assisted us in meeting this objective during the pandemic.” As part of its efforts to comply with newly-established COVID protocols, the company used technology to help remote work teams monitor and control the water supply, perform proactive leak detection surveys and take the most

MIYA Bahamas is in the final phase of an Inter-American Development Bank (IDB) sponsored project with the Water & Sewerage Corporation. Photos: Barefoot Marketing efficient pressure management actions. “We were able to come up with a new work flow strategy that provided greater flexibility for our employees, and which created a hybrid environment that allowed for socially distant office work and in fieldwork as well,” noted Mr Tavera. “As a result, Miya Bahamas was able to maintain full employment over 2020, and this meant employee

benefits were not impacted as well. We are most proud of the commitment shown by our staff. They truly rose to the occasion in the face of the pandemic and have exceeded our expectations.” Miya is entering the final phase of its IDB-sponsored contract in The Bahamas. “As COVID-19 restrictions ease, we are looking forward to continuing the success of this project with the Water & Sewerage

Corporation,” said Mr Tavera. “Our success here has helped lead to other work in the Caribbean, including a $13m water works improvement with Jamaica’s National Water Commission (NWC) for a similar non-revenue water (NRW) Reduction Programme.” The company is also under new ownership, as Antin Infrastructure Partners acquired Miya from Bridgepoint late last year.

THE TRIBUNE

Wednesday, January 27, 2021, PAGE 3

Financial institute may Workspace provider end in-person classes delays opening plan

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Institute of Financial Services (BIFS) executive director yesterday said she was “encouraged” by the number of professionals seeking to upgrade their skills during the COVID-19 pandemic. Kim Bodie, told Tribune Business: “We are most encouraged with the response that we are still getting from persons in the financial services sector in upskilling themselves. I’m grateful, and I must commend them, for their resilience and their ability at this particular time because there’s so many people complaining. “After the success we have had with our online platform we may not go back to in-person classes any more. We cater to a lot of working professionals who have to work, and don’t have a lot of time to

leave their offices, so this is something that we have considered as the interest level has not dropped in our courses. For these people to be able to settle down at 6pm and go online and take their classes has been beneficial to them.” Ms Bodie said the Institute has been catering mostly to existing financial services workers rather than new persons seeking to enter the industry. She added that the most popular courses are the “speciality certifications” such as trusts; anti-money laundering; compliance and risk certification. “We have the entry level and the diploma level,” she added. “We see those are just trickling along with persons, the more mature individuals in the industry, wanting to keep themselves abreast with the amendments; the new laws related to financial services. So we see them coming in for those courses.”

Ms Bodie said the Institute has seen “steady enrolment” since last March, while the usual “dead periods” are now filled by persons signing up. She said: “I can tell you that we have more than ten, sometimes up to 15, almost 20 students per specialty core. “For the past two years it has been like that and we have not had any drastic change. You would think that during this time you would see a significant drop, but we have not seen a significant drop. Based on our numbers from previous years, we haven’t seen any significant drop.” Ms Bodie said the Parliament’s continued passage of new financial services legislation, plus changes to existing laws, has provided the impetus for persons to keep abreast of the latest developments. She added: “Some people see a need to educate themselves, so they find the funds to come to BIFS.”

Freeport’s industrial status ‘turns off’ tourism investors

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A GRAND Bahama businessman says Freeport’s billing as an industrial centre might be turning away potential investment in hotels and tourismrelated businesses. James Rolle, Dolly Madison Home Centre’s general manager, told Tribune Business: “I think a lot of potential investors are still sceptical as to whether it’s worth the risk of investing in Grand Bahama when really there’s nothing happening here on the tourism side. “The whole concept of Grand Bahama is more of an industrialised location, so when you when you are trying to integrate tourism projects in an industrialised area there has to be a whole lot of planning in terms

of being able to integrate those multiple industries.” He argued that when tourists come off the ferry or cruise ship, and drive through Freeport, all they largely see is industrial infrastructure. He added that this was potentially a major turn-off for investors as it suggests Grand Bahama is not appealing as a tourist destination. “The Grand Lucayan was the main hotel on Grand Bahama. I think more than 50 percent of the people employed in the tourism industry on Grand Bahama worked at the Grand Lucayan,” Mr Rolle said, adding that smaller hotels such as the Wyndham Fortuna are more like “allinclusive clubs”. Greg Langstaff, owner of the Grand Bahama Brewing Company, said the continuing wait for the Grand Lucayan’s sale

to be closed continued to overshadow the island’s economy. He added, though, that with the “reality of COVID-19” it would likely have been closed in any event. Noting that Royal Caribbean, the Grand Lucayan’s potential buyer in partnership with ITM, has not been operating for almost one year, Mr Langstaff said: “The cruise industry doesn’t have the cash flow that they thought they were going to have. “That’s just a difficult one to gauge if you weren’t on the inside of the buyer’s end. The cruise industry around the world has had zero cash flow for a year.” Brent Collins, chief executive of Freeport-based Power Equipment Ltd, said the Grand Lucayan sale’s dragging was “huge” for the island, especially its tourism product.

RETAILERS SEE MODEST BACK-TO-SCHOOL SURGE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BACK-to-school retailers yesterday said they have seen a modest increase in store traffic in recent weeks that was “nothing to write home about” as private schools prepare for students to return. James Wallace, owner/ operator of Janaees Uniform Centre, told Tribune Business: “To be honest with you we’ve seen more activity on school uniforms in the past week than we would have expected, but it is not to the level of a back to school. “To me, it’s the levels typically that we will see in January when a school year is opening. I would equate it to when school opens in January. For February we are seeing that sort of level of activity.” With the September school year start already “out of the window”, Mr Wallace reiterated that most schools have not been having in-classroom learning since last March. He added that customers were a mix of high school and primary student parents, with those of private school students visiting his store more frequently than those of government schools. The Catholic School Board received permission form the Ministry of Education to reopen schools on January 5, while St Augustine’s College is planning for students to return to campus on Monday, February 1. However, only two grades will be allowed per day to conform with social distancing rules. Jeffrey Lloyd, minister for education, previously said the government was targeting February 1 for the resumption of in-classroom learning at government schools on New Providence but this has yet to be confirmed. Garinique Lewis, general manager at Nassau

Stationers, said customers have slowly been trickling in to buy school supplies in preparation for the February 1 return to school campuses. She added: “We have seen just about a five percent

uptick in sales since school decided to re-open. Persons are slowly coming in. We have relocated to a different location off of Chesapeake Road, which may be part of the slow movement of customers into the store.

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

PUBLIC NOTICE I, Angelique A. Coakley of Winton Meadows, N.P., is informing the general public of the Bahamas, that I am no longer connected with any family, biological family or adopted family estate of the Bahamas or any other place in the world. I am not affiliated with any businesses or jurisdiction pertaining to myself, here in the Bahamas or elsewhere in the world. Thank you

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN workspace provider yesterday revealed it has pushed its opening back from May to July 2021 amid continuing COVID-19 uncertainty. Leon Blaileuiess, Access Cowork Suites’ managing director, told Tribune Business his partners had decided not to move ahead so quickly. He said: “We’re working on starting construction

soon. The target opening date has been changed to some time later, most likely in July.” Pushing the date back has “nothing really to do with COVID-19” but multiple other issues, Mr Blaileuiess added. He said the project was treading lightly due to the economic fall-out created by the pandemic, adding that there were no issues with financing. As for the workspace,

Mr Blaileuiess said: “We’re getting inquiries. I’m meeting today with somebody. They’re looking for a substantial amount of square feet.” The project plans to develop a workspace in the Windsor Field Road area near Old Fort Bay. It promised to deliver anywhere from 100 square feet to 1,000 square feet of space for persons looking for office space.

REAL ESTATE BARGAINS

1. 6.29 acres at Coral Harbor between Villa d Rosa and Coral Vista, asking $100,000.00 per acre as is. Improvements are needed. 2. Beach lot 2/3rds acre Adelaide Beach, asking $250,000.00 net. Owner financing available. 3. 220 plus acres of farmland in North Andros, asking $22,000.00 per acre. Owner financing available. 4. 1,000 acres tract of land in Cat Island, sea to sea, elevated, asking $30 million. Joint venture considered. 5. 6 acres of farmland, North Andros $25,000.00 per acre. Terms available. 6. Elevate homesites, Oceania Heights Resort, Exuma, $100,000.00 LAND DATA BASE LTD #2 NASSAU COURT Phone: 603-5263 Email: comsvcsgrp@gmail.com

PAGE 6, Wednesday, January 27, 2021

THE TRIBUNE

US quarantine’s ‘door Employers warned: slam’ on Abaco rebuild ‘Don’t open up FROM PAGE ONE

this blanket policy the US government has put out based on the risk factor any particular country poses,” he added. “I’m hopeful of that. It’s not a one-size-fits-all world. Mr Hutton thus echoed Dionisio D’Aguilar, minister of tourism and aviation, who has also argued that The Bahamas can make the case for an exemption. The Bahamas is presently in the middle of a nervous 14-day wait to see how the Biden administration plans to implement the potential quarantine, especially the details of how it will be applied and rolled-out. The US president’s executive order reads: “It is the policy of my administration that, to the extent feasible, travellers seeking to enter the United States from a foreign country shall be required to produce proof of a recent negative COVID-19 test prior to entry, and required to comply with other applicable CDC guidelines concerning international travel, including recommended periods of self-quarantine or self-isolation after entry into the United States.” It adds that this

“I thought we were rounding the corner on this thing. Abaco was seeing a really good trend line on infections, and anybody coming to Abaco had to have a negative test. I don’t think it’s a potential death blow; we’re well past that, but it’s something that is going to have a serious negative effect on our rebuilding efforts again. Again. We can’t catch a break.” Mr Hutton said he was also aware of Bahamians postponing, or rushing forward, essential travel to the US in a bid to either beat or avoid the Biden administration’s measures to crack down on surging COVID-19 infection and death rates that are effectively out of control. “I know of people putting off serious medical operations because they don’t have time to quarantine,” the chamber chief added, while expressing hope that The Bahamas could be exempted from the quarantine and other, stricter requirements based on its present low COVID19 infection rates. “I’m hoping that there will be some tweaks to

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CURRY AUGUSTIN MERIZIER of Carmichael Road, Palm Breeze Drive, New Providence, Bahamas intend to change my name to CURRY AUGUSTIN ELIZIER. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that LOUIS MARC BIEN AIME of Crooked Island Street, P.O. Box N-3331, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

assessment will examine “the feasibility of implementing alternative and sufficiently protective public health measures, such as testing, self-quarantine and self-isolation on arrival, for travellers entering the US from countries where COVID-19 tests are inaccessible”..... Some have interpreted this as meaning the new administration will spend 14 days assessing present regulations to determine if quarantine or some other measure is an appropriate alternative for travellers coming from countries that have inadequate COVID19 testing. The Bahamas, with its present five-day rapid antigen testing infrastructure, could avoid falling into this category, which means that quarantine would then not be required for travellers returning to the US from this nation. If that comes true, they would only need the negative COVID-19 test taken within three days of travelling. Mr Hutton, meanwhile, said Abaco residents and businesses still “need more clarity” around the Special Economic Recovery Zone (SERZ) tax breaks as he voiced disappointment that the government had yet to respond to a chamber letter suggesting more tariff headings that should be included under the VAT and import tariff exemptions. “The announcement said building materials, furniture, fixtures and equipment were included,” the chamber president said. “But that doesn’t include mattresses and air conditioners, apparently. What house in The

Bahamas doesn’t have air conditioning? Who builds a home without a mattress? I’m trying to work out what part of furniture and fixtures doesn’t include that. We’ve had people ringing us up about that.” In response, and after consultation with chamber members and customs brokers, Mr Hutton said a letter containing “oneand-a-half pages” of tariff headings that the private sector believes should be included in the ongoing Dorian tax breaks was submitted to Kwasi Thompson, minister of state for finance; Gaynell Rolle, acting head of Inland Revenue, and Dr Geannine Moss, Customs comptroller, last week. He added that it was “very disappointing” that the chamber’s letter had yet to be even acknowledged, especially since its approach was non-confrontational and only aiming to “make things easier for everyone” by ensuring all sides have agreed what the Dorian tax breaks cover. Arguing that it was critical to prevent “miscommunication and abuse”, and allowing Customs officers to use their “discretion” over who and what the tax exemptions apply to, Mr Hutton said: “Let’s put it on the table. People need to know exactly what they’re able to bring in, and aren’t able to bring in, duty and VAT free.” The chamber president, though, did praise the government for easing COVID-19 restrictions on Abaco to the extent that it permitted the reconstruction effort to continue over the past year.

NOTICE

NOTICE is hereby given that SHAWN JEAN BAPTISTE of East Street, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Pandora’s Box’

FROM PAGE ONE The alleged culprits range from the Water & Sewerage Corporation and Broadcasting Corporation of The Bahamas (BCB) to private sector players such as Atlantis and Restaurants (Bahamas), the latter being the local Kentucky Fried Chicken (KFC) franchise, as Mr Ferguson reiterated that workers and the trade union movement were not insensitive to the current plight of employers. With the government’s extension of its COVID-19 emergency powers meaning that some furloughed workers may go up to 15 months, or to end-June, without receiving due termination pay, Mr Ferguson argued: “It would seem to me from an economic standpoint that it would make sense for the employer to meet with worker representatives and come to a common position having regard for the economic and COVID situation we are all enduring. “You cannot disrespect the interests of the workers and expect it to go unchallenged. As a labour lawyer I don’t understand why the companies are not taking that route, and are not prepared to do that. I’ve asked over and publicly that all the unions exercise restraint in dealing with the issues affecting the worker and the employer. “You demonstrate you have some maturity and appreciate the peculiar situation the employer is faced with. That does not

mean the employer ought to disregard the interests of the workers. That seems to be a problem. I don’t know how to resolve it. I’m getting calls from people every day who’ve been terminated by what seems to be contrary to basic rules,” Mr Ferguson added. “We understand the economy, and that things are tough, but it doesn’t mean you don’t consult with the workers’ representatives or fail to reach out to them and try and get consensus. Fifteen months without any income will have a serious effect from an economic and social standpoint. You’re talking 15 months without work.” With the prime minister on Monday unveiling plans to extend the COVID-19 emergency orders until May 23, the suspension of the Employment Act provision requiring employers to pay full separation to workers who have been temporarily laid off for 90 days or more will now likely be extended until late June 2021. This means that workers who have been furloughed since the pandemic started in late March 2020 could potentially go 15 months without being paid a full separation package, instead having to survive on National Insurance Board (NIB) and government unemployment benefit and whatever else they can earn. But COVID-hit businesses may lack the necessary funds to finance a full payout.

NOTICE NOTICE is hereby given that PATRICIA SMITH, of 4380 NW 36th St., Lauderdale Lakes, Apartment #212, FL 33319, 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 27th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

LEGAL NOTICE

Shop Value Limited

DRAKE ABESENCE TRACKER LIMITED

LIMOS ASSOCIATED INC.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 31st day of December, 2020. Beryn Neeley Liquidator of Shop Value Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 21st day of December, 2020. Beryn Neeley Liquidator of DRAKE ABSENCE TRACKER LIMITED

NOTICE Company No. 170926 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that LIMOS ASSOCIATED INC. is in voluntary liquidation. The voluntary liquidation commenced on 22nd January, 2021 and Mag. Iur. Bianca Lenz of Hauptstraase 4, 9494 Au, Switzerland been appointed as the Sole Liquidator. Dated this 25th day of January, 2021 Sgd. Mag. Iur. Bianca Lenz Voluntary Liquidator

THE TRIBUNE

Wednesday, January 27, 2021, PAGE 7

IMF: Bahamian economy shrank over $2bn in 2020

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FROM PAGE ONE by Hurricane Dorian in fall 2019, when the global outbreak of COVID-19 led to a sudden stop in tourism, the main source of its income and employment.” Acknowledging that the Bahamian economy’s re-opening “has been challenging”, due initially to the country’s own COVID19 “second wave” and now surging infection rates in its key source markets, the Fund added: “Public debt is expected to jump to almost 90 percent of GDP by 2021, and to remain more than 22 percentage points above its pre-pandemic level over the medium-term.... “The recovery to prepandemic levels will likely take years and downside risks loom large, reflecting the uncertain evolution of the pandemic and The Bahamas’ vulnerability to natural disasters.” While praising the government’s COVID-19 response, the IMF warned that “significant fiscal effort” will be required in the near future to set the government’s finances back on the consolidation path. “[IMF] directors agreed that the near-term priority is to save lives and livelihoods, and postponing the achievement of the public debt target by another two years in response to the pandemic is appropriate,” the Fund added. “However, putting debt on a clear downward path over the medium‑term and rebuilding buffers will require significant fiscal effort. Directors called for tax policy and administration reforms, and expenditure prioritisation, to ensure a robust and equitable consolidation once the pandemic abates.” Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business that he interpreted “significant fiscal effort” as a clear call for The Bahamas to introduce new and/ or increased taxes once COVID-19 has abated in a bid to set the deficit and debt-to-GDP ratios back on the path to meeting the

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MARLON JOHNSON targets set out in the Fiscal Responsibility Act. Describing the national debt’s 22 percentage point rise as “a huge increase”, he added: “There’s no discussion about reducing government spending and that’s key. That’s half the battle. It depends on the stance they take when we come out of this thing; what stance will they take when this thing turns around? “There are some dark days ahead I’m afraid. It’s inevitable that they’re [the IMF] going to recommend even higher taxes when the turn around happens.” The national debt has soared due to the combined impact of Hurricane Dorian and COVID-19, with the gap between the government’s revenues (income) and expenditure (outgoings) this fiscal year forecast to be a record $1.327bn. That may still be subject to downward revisions given that the strength, and timing, of the tourism industry’s rebound is unlikely to match current projections due to the new travel restrictions being imposed by the US, Canada and UK, and the soaring COVID-19 infection rates in these key tourism source markets. The IMF yesterday predicted that The Bahamas’ debt-to-GDP ratio will peak at 88.6 percent this year, compared to just 58.8 percent at year-end 2019, highlighting the fiscal blowout produced by Dorian and COVID-19. This ratio is forecast to moderate

NOTICE

NOTICE is hereby given that ARLINGTON JAMES SWEETING of Joe Farrington Road, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that NADIA BIEN AIME of Crooked Island Street, P.O. Box N-3331, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ROSELENE TIMA of Washington Street, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

slightly to 86.2 percent in 2022, and drop to 82.8 percent by 2025 - a level that is still uncomfortably high given the hurricane threat posed to this nation. As for nominal GDP growth, which includes the impact of inflation, the IMF said this had declined by more than $2.34bn to $11.235bn in 2020. This effectively measures the decline in the economy’s output, or value/worth, exposing just how deeply the pandemic has scarred it with unemployment projected to remain stubbornly in the double digits through 2026. Marlon Johnson, the Ministry of Finance’s acting financial secretary, declined to comment when contacted by this newspaper yesterday because he had not seen the IMF statement. Besides praise for its handling of the pandemic, the other good news for the government was that the fund predicted external reserves will remain relatively robust despite the anticipated drawdown that will begin this year. After peaking at $2.339bn last year, the IMF is forecasting that the reserves - which are critical to preventing a devaluation of the Bahamian dollar by supporting its one:one peg with its US counterpart - will fall to $1.683bn by year-end

2021. The decline will then bottom out in 2022 at $1.653bn as tourism-related foreign exchange inflows start to recover. “[IMF] directors commended the authorities for the timely measures to sustain public health, protect the vulnerable and cushion the impact of the pandemic on employment. They noted that the recovery to prepandemic levels will likely take years and downside risks loom large, reflecting the uncertain evolution of the pandemic and The Bahamas’ vulnerability to natural disasters,” the Fund said. “Directors agreed that the near-term priority is to save lives and livelihoods, and postponing the achievement of the public debt target by another two years in response to the pandemic is appropriate..... [But] directors underlined that The Bahamas faces long-standing structural impediments and vulnerability to natural disasters. “They recommended modernising the business climate, rationalising stateowned enterprises (SOEs) and reducing labour market frictions. Directors called for gradually restoring the disaster relief fund, which was depleted following Hurricane Dorian, while improving the targeting of social programmes.”

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4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood. 4 You will need at least 10 minutes rest after donating blood. 4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

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MARKET REPORT www.bisxbahamas.com

TUESDAY, 26 JANUARY 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

2073.27

0.07

0.00

-19.19

-0.92

(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 4.40 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 3.50 5.90 11.24 2.52 6.85 10.19 8.40 13.50 3.80 8.50 15.20

CLOSE 4.15 32.12 1.62 2.02 1.67 6.00 6.61 2.98 4.74 3.50 5.90 11.24 2.58 6.85 10.21 8.40 13.50 3.80 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 0.06 0.00 0.02 0.00 0.00 0.00 0.00 0.00

VOLUME

500

2,598

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100

VOLUME

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

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 19.0 13.1 15.6 25.3 14.7 15.8 11.5 16.5 18.7 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.49% 0.00% 0.00% 3.93% 0.00% 0.00% 3.43% 3.73% 6.41% 16.82% 0.88% 3.21% 2.86% 4.00% 3.16% 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 2.39 4.43 2.14 201.90 184.85 1.69 1.85 1.77 1.24 8.49 10.26 7.28 13.91 12.84 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 2.39 4.43 2.14 201.90 184.85 1.69 1.79 1.77 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 9.28 11.86

YTD% 12 MTH% 4.55% 4.55% 1.58% 1.58% 2.60% 2.60% 3.47% 3.47% 10.86% 10.86% 1.65% 1.95% -3.06% -2.22% 0.80% 1.17% -12.30% -11.81% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date

31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-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

Wednesday, January 27, 2021, PAGE 9

Top banker: Get economy ‘moving a bit more rapidly FROM PAGE ONE indefinitely. They’re really saying we have to do a few things,” Mr Bowe said of the IMF statement. “Up to this point in time, the banking sector next to the government has been the greatest stability in the country in terms of employment and spending. None of

the banks have contracted their employment and spending. “If we don’t have the reserves there’s only so long this can be sustained..... We need to get the engine moving a little more rapidly than it is because if we stay in a recessionary state for a long period of time what’s been sustained by the banks

to-date may” run out of reserves. Mr Bowe acknowledged that COVID-19 has plunged financial services in The Bahamas and worldwide “into uncharted territory”, with those institutions possessing “agility in management” likely to fare the best. He added: “You’re no longer making choices

Minister says no change to Atlantis jobs FROM PAGE ONE dependent on the university, begins around the end of February and goes from anywhere from three to four weeks. “They are optimistic that they’re going to be able to reopen the Royal Towers and re-engage those 200 employees by the end of February.” Audrey Oswell, Atlantis’s president and managing director, in a note to staff said shifting guest reservations from the Royal Towers to the Cove with effect from February 4 was “critical to preserving our business” as surging COVID-19 infections and associated travel restrictions - most notably the proposed US quarantine for returning international travellers - continue to ravage The Bahamas’ main visitor source markets. Indicating that those impacted by the latest furloughs will likely remain home until end-February at least, Ms Oswell said Atlantis hoped to start recalling staff “by the Spring Break season”, which begins at the end of next month with the peak in early to mid-March. She warned, though, that

these plans depended on the resort’s occupancy and booking levels, which are said to already be taking a hit from the uncertainty surrounding the “quarantine” plan announced last week by newly-elected US president, Joe Biden, for all returning US citizens. Ms Oswell wrote: “As the New Year progresses, the overall business outlook for Atlantis is hopeful,” she wrote. “However, for the immediate future we face similar challenges as we have in the last few months. “The pandemic continues to spike in many of our key markets, new and increased travel restrictions and requirements are in effect, and limited airlift presents roadblocks for travel. As we continue to navigate operating in an ever-changing COVID-19 environment, we will make decisions at times that are very difficult yet critical to preserving our business. “For this reason, starting on February 4, we are scaling operations, and guest reservations at the Royal will move to The Cove and some colleagues will be placed on temporary furlough. Our plan and hope are to invite team members

back by the Spring Break season, pending occupancy.” Meanwhile, Baha Mar executives did not yesterday provide figures for how many staff will be recalled when their Rosewood and SLS resort properties reopen on March 4. Mr Woods said of the date: “We want to know who they’re catering to that is different from what everyone else is getting. I don’t know where they’re getting bookings from but it’s good as it may fill other markets.” He added, though, that he had yet to obtain a confirmed date from Baha Mar as to when the Melia Nassau Beach Resort - where his members work - will return to business. Meanwhile, Mr Foulkes said: “We got notifications from Sandals that their hotel in Exuma will be opening at the end of February, and that the hotel here in Nassau will be opening at the end of March. That is very good news for almost 1,000 employees of Sandals.” Sandals Resorts International posted on its website that the Emerald Bay property will reopen on February 24, and the Royal Bahamian resort on March 31.

about interest rates and which risks to take, but are making decisions about keeping operations open and safety, and adjusting to the reality that a large part of the economy is no longer productive. Executive management at all banks are now earning their keep.” The IMF, in its statement on The Bahamas, added: “Risks around the baseline

are high, reflecting the uncertain evolution of the COVID-19 pandemic and The Bahamas’ vulnerability to natural disasters. “Directors welcomed the Central Bank’s focus on reserve adequacy. They emphasised that the COVID-19 related capital flow management measures are appropriate for now but should be phased out when the pandemic recedes. “They recommended the establishment of an asset registry and real estate price index to reduce information asymmetries, which would also support financial inclusion. Directors supported the nation-wide introduction of the Central

Bank digital currency. They stressed, however, that there are significant risks to financial intermediation, integrity and cyber security that require careful monitoring.”

To advertise in The Tribune, contact 502-2394

PAGE 10, Wednesday, January 27, 2021

THE TRIBUNE

STARBUCKS’ RECOVERY, SOLID IN CHINA, STILL SLOW IN THE US Associated Press STARBUCKS’ recovery slowed at the end of last year as US coronavirus cases mounted, but the coffee titan says it’s confident its US business will fully recover by March. “I am optimistic, because this year holds tremendous promise for healing,” Starbucks CEO Kevin Johnson said in a conference call with analysts yesterday. The Seattle-based company said its global sales at stores opened at least a year fell 5% in the OctoberDecember period. That was an improvement from the

prior quarter, but it was still a bigger decline than the 4% drop Wall Street was expecting, according to analysts polled by FactSet. Starbucks also fell short of revenue forecasts. The company reported sales of $6.75bn in its fiscal first quarter, below the $6.9bn than analysts forecast. Not counting one-time items, Starbucks said it earned 61 cents per share in the October-December period. That was ahead of Wall Street’s forecast of 55 cents. Shares in Starbucks Corp. slipped about 1% in afterhours trading.

Starbucks said its business in China, its second-largest market after the US, has largely recovered, with same-store sales up 5% in the first quarter. Starbucks said it’s seeing fewer customers in China, but they’re spending more when they visit. The company opened almost 160 stores in China during the first quarter, for a total of more than 4,800. But in the US, same-store sales were down 5% for the quarter despite the holiday drinks that usually draw customers. Starbucks said visits to stores declined throughout the quarter because of

rising coronavirus cases and local shutdown mandates. Sixty percent of stores had limited seating available in October; by December, that had fallen to 40%, Starbucks said. Drive-thru was a bright spot. Starbucks said drivethru orders made up more than half of US net sales in the first quarter, up 10% from pre-pandemic trends. Chief Operating Officer Roz Brewer said Starbucks is trying to capitalise on that shift, with plans to open drive-thru only locations and speed service at drive-thru windows. Customer patterns have still not returned to normal,

but in some ways that has benefitted the company. Starbucks has become a destination, not a stop during a commute, and customers are spending more on food and frothy drinks instead of plain coffees. It saw US customer traffic fall 21% in the first quarter, for example, but those who came spent more, with the average ticket up 19%. Johnson said at some point the company expects its customers to return their work and school routines, but they still might spend more on the items they have grown used to buying during the pandemic.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 81° F/27° C Low: 55° F/13° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Fog in the morning; partly sunny

Partly cloudy

Windy; a morning shower in spots

Low clouds

Mostly cloudy

Beautiful with some sun

High: 79°

Low: 68°

High: 77° Low: 60°

High: 71° Low: 60°

High: 73° Low: 63°

High: 76° Low: 65°

AccuWeather RealFeel

84° F

69° F

77°-55° F

69°-60° F

71°-60° F

77°-66° 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: 78° F/26° C Low: 67° F/19° C

7-14 knots

High: 84° F/29° C Low: 66° F/19° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 67° F/19° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 76° F/24° C Low: 55° F/13° C

High: 79° F/26° C Low: 67° F/19° C

MIAMI

High: 85° F/29° C Low: 68° F/20° C

4-8 knots

KEY WEST

High: 79° F/26° C Low: 68° F/20° C

ELEUTHERA

NASSAU

High: 79° F/26° C Low: 68° F/20° C

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

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

2.8 2.2

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

Thursday

7:23 a.m. 7:39 p.m.

3.0 2.3

12:58 a.m. -0.4 1:51 p.m. -0.2

Friday

8:04 a.m. 8:23 p.m.

3.1 2.4

1:42 a.m. -0.4 2:32 p.m. -0.3

Saturday

8:46 a.m. 9:08 p.m.

3.1 2.5

2:27 a.m. -0.5 3:13 p.m. -0.4

Sunday

9:29 a.m. 9:55 p.m.

3.0 2.6

3:14 a.m. -0.4 3:54 p.m. -0.5

Monday

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

2.9 2.7

4:03 a.m. -0.4 4:38 p.m. -0.5

Tuesday

11:02 a.m. 11:38 p.m.

2.8 2.7

4:56 a.m. -0.2 5:24 p.m. -0.5

sun anD moon Sunrise Sunset

6:54 a.m. 5:51 p.m.

Moonrise Moonset

4:54 p.m. 6:05 a.m.

Full

Last

New

First

Jan. 28

Feb. 4

Feb. 11

Feb. 19

CAT ISLAND

High: 81° F/27° C Low: 69° F/21° C

6-12 knots

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 61° F/16° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 79° F/26° C Last year’s low ................................... 64° F/18° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.23” Normal year to date ..................................... 1.11”

High: 81° F/27° C Low: 70° F/21° C

“I think customers have gotten used to more premium beverages and more food attached,” Johnson said. Starbucks said it’s confident US same-store sales will rise between 5% and 10% in its fiscal second quarter as the pandemic’s impact continues to fade. The company announced the departure of Brewer, a former Walmart executive who joined Starbucks in 2017. Brewer will become CEO of Walgreens Boots Alliance Inc. on March 15, the company announced, making her the only Black woman leading a Fortune 500 company.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 68° F/20° C

High: 81° F/27° C Low: 71° F/22° C

High: 82° F/28° C Low: 69° F/21° C

LONG ISLAND

tracking map

High: 82° F/28° C Low: 69° F/21° C

6-12 knots

MAYAGUANA High: 81° F/27° 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: 81° F/27° C Low: 71° F/22° C

GREAT INAGUA High: 83° F/28° C Low: 71° F/22° C

N E

High: 81° F/27° C Low: 69° F/21° C

7-14 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SW at 7-14 Knots NNW at 12-25 Knots SE at 6-12 Knots N at 10-20 Knots SE at 6-12 Knots WNW at 8-16 Knots ESE at 7-14 Knots WNW at 4-8 Knots SSE at 6-12 Knots NNW at 10-20 Knots SSW at 7-14 Knots N at 20-30 Knots SE at 6-12 Knots NW at 8-16 Knots E at 7-14 Knots NNW at 4-8 Knots ESE at 7-14 Knots WNW at 6-12 Knots ESE at 7-14 Knots W at 4-8 Knots SSE at 6-12 Knots NNW at 12-25 Knots SE at 7-14 Knots NNW at 6-12 Knots SE at 6-12 Knots WNW at 10-20 Knots

WAVES 2-4 Feet 6-10 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 6-10 Feet 1-2 Feet 1-2 Feet 3-5 Feet 1-3 Feet 2-4 Feet 1-2 Feet 3-6 Feet 2-4 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-3 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 1 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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