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FRIDAY, FEBRUARY 5, 2021

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Healthcare ‘disaster’ if no expanded NHI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas will face a healthcare “disaster” if National Health Insurance (NHI) does not fulfill its potential, an exhealth minister has warned, urging: “We must get past this ‘deep state’ debate.” Dr Duane Sands, who held the Cabinet post until mid-2020, told Tribune Business that “political buy-in” and access to the necessary financial resources were critical for the scheme to expand and meet its mandate of “ending medical apartheid” by

• Ex-minister urges end to ‘medical apartheid’ • Urges nation to move past ‘deep state’ debate • Calls for ‘doubling down’ on healthcare investment

DR DUANE SANDS

providing affordable universal health coverage (UHC) to all Bahamians. Acknowledging that critics will argue the government-run and funded scheme will prove unworkable, and be too costly for businesses and the economy to bear post-COVID-19, Dr Sands instead argued that The Bahamas must “double down” on increased healthcare investment following the pandemic. He asserted that the

“opportunity cost” of doing nothing to improve access to better health outcomes would be more expensive for The Bahamas in the long-run than taking action via NHI now, even though admitting that his nation already spends more on healthcare than most other countries. Dr Sands said The Bahamas was spending its healthcare dollars

SEE PAGE 4

Property tax woe ‘a colossal mess’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

LEADING realtors yesterday branded the real property tax system “a colossal mess” that needs to be outsourced to the private sector after it was revealed that up to 40 percent of bills go astray. Mario Carey, the Better Homes and Gardens Real Estate MCR Group Bahamas principal, told Tribune Business that it was “just crazy, crazy” for the Department of Inland Revenue (DIR) to still be relying on the mail system to dispatch annual real property tax bills when the world has long moved into the digital age. With the Auditor General’s Office pegging outstanding real property tax arrears at more than

• Top realtor suggests private sector outsource • Calls for auction-off warning as ‘wake up’ call • Colleague says 2021 bills only arriving now

MARIO CAREY

MARLON JOHNSON

DAVID MORLEY

$600m some two-and-ahalf years ago, Mr Carey argued that it was impossible to “have a country with no income tax and a dysfunctional real property tax collection process” such as exists in The Bahamas and not escape a fiscal crisis.

Suggesting that administration and collection be fully outsourced to the private sector, he added that the government should “put teeth in it” and issue a nationwide alert that all properties with outstanding taxes owed have one year

to settle or agree a payment plan for the arrears otherwise they will face foreclosure and auction. Asserting that this will act as a “wake up” call for delinquent taxpayers, Mr Carey

Airline industry faces $3.7m Customs debt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Auditor General’s Office has urged Customs to collect millions of dollars in unpaid taxes and fees, including $3.747m collectively owed by 13 airlines as at end-June 2018. The government’s financial watchdog, headed by auditor-general Terrance Bastian, pictured, in its examination of the government’s accounts for that year noted that sums ranging up to $1.483m owed by an individual airline had been outstanding for

up to five years. While none of the airlines were named, and no distinction was made between Bahamian and international carriers, the report said of the service charge and

SEE PAGE 5

Bahamas ‘inconsistent’ in anti-corruption battle By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters THE US government says The Bahamas’ anticorruption laws have been “inconsistently applied” amid a decades-old system of political patronage that has “plagued” the country. The federal government, in its 2020 investment climate report on The Bahamas, said the country’s track record on combating bribery and other forms of corruption leaves something to be desired. “The government has laws to combat corruption

of, and by, public officials, but they have been inconsistently applied,” the report said. “Reports of corruption, including allegations of widespread patronage, the routine directing of contracts to party supporters and benefactors, and wealthy and/or politically connected foreign nationals and permanent residents receiving favourable treatment have plagued the political system for decades.” While giving, or receiving, a bribe from a public official is a criminal offence under the Prevention of Bribery

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Aliv gains network ‘ownership’ through $24m loan payback By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ALIV has gained “ownership” of its mobile network equipment by paying off a $24m loan with the proceeds from long-term debt advanced by its controlling shareholder, its top executive has revealed. Damian Blackburn told Tribune Business that the $70m financing provided by Cable Bahamas, its 47.25 percent shareholder that has board and management control, completes the final stage in the mobile operator’s funding strategy. Acknowledging that the 18 months required to put the Cable Bahamas funding in place had taken longer than anticipated, something he blamed on a combination of Hurricane Dorian and COVID-19, Mr Blackburn said Aliv was confident it now has the “right structure” in place. Describing the funds advanced by the BISX-listed provider as “long-term patient capital”, the Aliv chief said one of the advantages was that no repayments of interest or principal are required until the mobile operator has repaid its combined $130m bond and preference share investors. Having completed its national network buildout and initial subscriber acquisition/market penetration phases, Mr Blackburn said Aliv had been seeking long-term debt financing to complete its funding strategy but no other attractive options emerged. “We explored that for 18 months, different options for secured financing,” he revealed to this newspaper. “It was a period of economic turbulence, first with

DAMIAN BLACKBURN Hurricane Dorian and then COVID-19. We did obtain some options, some commercial bank debt financing options, but after careful consideration the Board and shareholders decided to take the offer that was made of a $70m secured loan from Cable Bahamas.” The government, as majority 52.75 percent owner, would have had to agree to the move. “The primary use of the funds is refinancing,” Mr Blackburn added. “The first use of the funds was to repay the $24m network lease financing we had taken from Bank of China and ING. “That equipment lease financing financed the purchase of the network equipment. The advantage of refinancing is that we have already started to repay those lease financing loans, and we don’t have to repay them over time. We paid that $24m off with the proceeds, and as a result of paying that full ownership of the network equipment transfers to Aliv.” The Aliv chief said a further portion of the $70m, some $27m, was used to cover payments that Cable Bahamas had previously deferred for allowing its mobile affiliate to use its infrastructure - namely its

SEE PAGE 5

PAGE 2, Friday, February 5, 2021

Adjusting to the workplace return F

EBRUARY seems to be the month when many in the public service and the private sector are being recalled to the office and resuming their normal work functions. As we start to return to work, there is a lot to think about. Lockdown and months of remote work has affected us all in different ways, and it is only normal to feel uncertain about what the future holds. So many still feel confused, worried and apprehensive about going back to the workplace. Companies will be

IAN FERGUSON BY

THE TRIBUNE

considering a range of adjustments to the way work is done in the ‘new normal’, and complying with government’s COVID19 health protocols. Everyone’s situation is unique. However, as you approach your return to work date, there are some general principles that will give you the best chance of staying mentally healthy over the coming months. Talk and connect It is important to keep in touch with colleagues and your supervisor. You do not need to talk about work, but a quick check-in will help you feel connected. We have all been impacted by the coronavirus in different

ways. You may have been bereaved, felt overwhelmed or isolated, or been unwell. If you share this with others they will be better able to help you in the months ahead. Plan and prepare Think about your job and your situation. Does anything need to change to help you do your job well? If you have not been told what to expect, ask what provisions have been made to create a safe work environment. Some other questions you might want to ask include: • Will anything be different as you enter the building? • Who will be there, or how many persons

will be there? • Will you need to do things differently to get your job done? Have a return-to-work conversation with your line manager Take things one step at a time The way we all work is likely to keep changing in the coming weeks, so we will need to keep adjusting. Do not expect everything to quickly return to normal. We have a long journey ahead. Here is the perfect time to reset and evaluate our processes. Additional safety and hygiene measures will be in place, so it is probably not going to feel like the familiar place it

once did. Chats at the water cooler, or sharing treats in the kitchen, will likely be discouraged. And open-plan, collaborative environments will be a thing of the past for a while at least. It may also be the case that not everyone is returning, and some will continue to work from home, which means a new dynamic and team rhythm to get used to. Change is one of the toughest things for many of us to accept and adapt to. We have no control over the change or the people around us, only how we deal with it all. The key is recognising when we are struggling with change and figuring out what we can do to adapt. Monitor and review how you are getting on. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

EXCURSION OPERATORS SEEKING REGULATORY LEVEL PLAYING FIELD BAHAMIAN excursion operators have formed their own association to improve the sector’s advocacy efforts and press for a tax and regulatory level playing field with foreign rivals. The Bahamas Excursions Operators Association (BEOA) said in a statement that it was created to give members improved representation, and a stronger voice, in trying to resolve the sector’s concerns as members felt under-represented and neglected in discussions with the government. “Tourism, the backbone of the Bahamian economy, is comprised of many players. Quite often, however, larger entities such as the hotels and cruise operators

tend to be the only bodies with a seat at the table,” said Krystianna Pinder, a founding board member. “By forming an association and streamlining our message, we are seeking to change this.” The association’s waterbased operators are already aiming to expand and attract more members. Its members and other Bahamian businesses have been providing water-based experiences to visitors for decades, while employing and training Bahamians and reinvesting directly into the local economy. It added that substantial growth opportunities remain, and plans to lobby for changes that will provide

THE CREW at Reel Dreams Sport Fishing Charters. greater opportunities for Bahamian entrepreneurs that enable them to enjoy a greater share of the tourism pie. To aid its objective of increased Bahamian participation, the association is urging the government to “equalise” the tax regime for Bahamian and foreign operators. The latter presently pay

just a four percent levy compared to the 12 percent VAT rate faced by Bahamians, and the association wants it to mandate that foreign vessels become VAT registrants with those here for extended periods of time also having to pay for business licences. Tougher enforcement to crack down on unlicensed operators, or hackers, and a ban on “transient vessels

BORN Free Fishing Charters’ fleet. operating unlicensed in Bahamian waters”, are among the Association’s other goals. The founding board members include Iola Knowles, Sandy Toes; Krystianna Pinder, Born Free Charters; Michelle Cove, Stuart Cove’s; Andoni Lisgaris, Reel Dreams Sport Fishing Charters; and Shaw Knowles, Pieces

of 8 Charters Other members include Powerboat Adventures; Party Cat Cruises; Reel Deal Fishing Charters; Tour Daddy; Island King; Seahorse Sailing; Pearl Island. For more information on the Association, visit www.bahamasexcursionassociation.com, or email bahamasexcursionassociation@gmail.com.

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Friday, February 5, 2021, PAGE 3

BAIC CHIEF MOVES FARMERS BEYOND ‘HOPE AND PRAYER’ Taxi union’s protest By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Agricultural and Industrial Corporation’s (BAIC) general manager yesterday said no farmer is being turned away from the produce exchanges despite his demands for quality. Rocky Nesbitt told Tribune Business he is “changing the produce grading system and the intake system” in a bid to move farmers beyond just planting crops with no plan or idea as to how they would be marketed for sale. “I am making significant adjustments to how BAIC monitors the packing houses and the produce exchange. We are moving forward with more intelligence, looking forward to getting new verification forms and our farmers’ inventory listing, and to move forward to a forecasting,” Mr Nesbitt added. Under the current system, he argued that farmers just plant and hope to sell with no plan or schedule for when goods are best suited to come to market. Mr Nesbitt said farmers “hope and pray”

Govt launches online driver licence renewals

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIANS can now renew their driver’s licences online after the government’s “new digital platform” went live on Wednesday, a Cabinet minister said yesterday. Kwasi Thompson, minister of state for finance, told the Senate that the government’s digital transformation efforts were starting to be realised following several months of testing. “I think members of the public would have heard us talk about a new platform, a new digital platform that the government was creating,” he said. “For the last few months we have been piloting this platform with public servants.

that the produce exchanges will accept their produce, and whatever it is they can bring to market. “That’s not going to work in the 21st century,” he added. “We are never going to move to be insured if it is hard to get quality assurance, and they will get little to no funding unless they get it from the venture capital fund, BDB (Bahamas Development Bank) or the SBDC (Small Business Development Centre). “The commercial entities, if they can’t assess the risk, they would not put a dime into that institution. So what I’m doing is trying to regularise the system so that we focus on the demand in New Providence and other areas, and not focus on just supplying. “Gone are the days where farmers could just put in the ground, and then beg and hope and pray that the Government will accept it and then pay them for it. The quality has to be consistent and it has to be forecast. I should be able to know what I’m going to receive every week, every two weeks, every month, every quarter.” Responding to concerns that BAIC is turning

farmers away from the packing houses and produce exchanges, Mr Nesbitt replied: “The only way we would send you away is if you didn’t give us ‘Grade A’ items. You have to give us quality items that we can ship from the Family Islands to New Providence.” Besides the inventory system, BAIC is implementing an “intake schedule” for the packing houses where farmers know exactly what day to bring their produce in. Mr Nesbitt said it makes “no sense” to ship produce to BAIC on the off-days, particularly for soft crops such as tomatoes. “Why would you send those tomatoes to me on a Monday, and you know you ship them to me on Thursday?” he asked. “They are grade one when you put it in the packing house in Andros, and then it will reach Nassau on Thursday, then finally reach the produce exchange in New Providence on Old Trail Road by Friday. What do you think I am going to sell those tomatoes for? “So I have to put measures in place, and I know it might be a mental and social issue for them. But this is

business. If you want to take farmers seriously, like I want to take them seriously, let’s do business the right way. “I have to be able to know what you’re going to send me. I have to know what you’re putting in the ground. I have to know that it’s quality items. I can’t accept any and everything because I can’t show any and everything,” Mr Nesbitt continued. “I can’t accept anything at any given time. I have to accept it at the time where you take the logistics into play, so that it reaches New Providence in the best quality conditions so we can get the best price and the Bahamian public get the best quality products.” Mr Nesbitt said BAIC accepts produce from the packing houses every single week, but the intake days have to be strategic because the agency has to work around transportation challenges with the various mail-boats that sail to the Family Islands. The new procedural changes on intake scheduling, quality assurance mechanisms and inventory management at BAIC are expected to be fully in force by the 2021 second quarter.

And we’ve been piloting a platform with four services. We are not saying that all services are going to be online at one time, and we are not saying that you won’t have to present your passport or present your National Insurance to all agencies. “We are starting where we built the platform. And we’re starting with what we call four urgent services. So that was being piloted to the public servants for the last few months. As of Wednesday that platform has gone live.” Persons can find more information on the government’s digital transformation initiative at mypilotservices. gov.bs. “The public now has access to this platform, where persons can apply for your driver’s license and all they would need to do is register with their national insurance number. Once you put in your national insurance

number, the platform then communicates with the Road Traffic Department,” said Mr Thompson. “We believe this is significant as this is just the start. It is just the start of what we can do with this platform. We can go ahead and put in place additional services. So we have the marriage certificate, we have the birth certificate where you can apply, pay for it, get a copy and you do not have to stand in the long line.” Mr Thompson said the government’s digital platform will shortly expand to the Post Office in a bid to reduce the PO Box renewal lines. He added that the government’s ambitions also extend to the police record “where you are going to be able to pay for your police certificate online. Put in the details, and then the police will just send you an e-mail saying it’s ready, you come collect it and

go pick it up at a convenient time.” Branding this as the “way forward” for The Bahamas, Mr Thompson said: “We’ve seen what it has done for the Passport Office, where we have done away with renewing passports and the long lines that it took to renew your e-passport, and the amount of time that it took to renew your e-passport. It now takes probably about 20 minutes to fill out the form online, then you pay for it.”

threat over retired driver plates By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Taxi Cab Union’s (BTCU) president yesterday said he is planning a protest for Tuesday over the Road Traffic Department’s (RTD) bid to take over management of retired drivers’ plates. Wesley Ferguson told Tribune Business that efforts to work with Bradley Sands, the Department’s acting director, on the matter had failed as he was trying to force the union to give up management of taxi plates belonging to retired drivers. “Mr Sands is trying to pull the teeth of the BTCU by trying to strong arm us to turn over the information on plates that we manage for retired people. This would put the BTCU in a very precarious position if we were to do that,” Mr Ferguson blasted. He explained that the union provides a “haven” for retired taxi plate owners who cannot work any more. It manages their plates and the union, in turn, ensures they receive income every month to support their retirement. Neither Mr Sands nor Dion Foulkes, minister of transport, could be reached for comment yesterday despite multiple attempts as Mr Ferguson accused the former of “disrespecting the power of the union”. “I’m trying to call a press conference for this morning to shed light on how this government is trying

to disadvantage taxi drivers,” he added, saying all union members will be told “as early as Tuesday morning be prepared to go into town” for a potential protest in front of the Cabinet Office. “Mr Sands is trying to take the power of the BTCU. The union is a safe haven, because you have people out there who lease taxi plates on their own and that has proven not to be safe, because when the owners and the drivers have a falling out, the drivers then end up carrying the plates to Mr Sands and he ends up confiscating the plates and puts the owner at risk of losing the plate,” Mr Ferguson said. “So what retired persons have been doing is bringing the plates to the BTCU for safekeeping so the BTCU can manage their plates under the powers of the BTCU. The union can then rent the plates out to other drivers to use. “Just over two years ago the government basically lifted the moratorium on taxi plates, and we were supposed to get our own taxi plate colours changed. We have no word on when this is going to occur. Absolutely nothing from the government.”

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PAGE 4, Friday, February 5, 2021

THE TRIBUNE

Healthcare ‘disaster’ if no expanded NHI FROM PAGE ONE “unwisely” through a focus on tertiary-level hospital care, concentrating resources on serious and

potentially life-threatening illnesses. Such an approach, he argued, “trivialises primary care” and makes it difficult for Bahamians to access preventative care and

wellness strategies much earlier. Pointing out that NHI was intended to address these weaknesses, the former minister told this

newspaper: “NHI had a pretty bold and progressive concept to achieve universal health coverage. It wasn’t a matter of what; it was a matter of how. We had a lot

of discussion about financing options and so forth. “In my last House of Assembly contribution I made it very clear that even in these difficult times we ought to be strengthening the role of NHI to provide primary care coverage and catastrophic. Catastrophic is going to be more difficult, but it’s very important to the public. “NHI has the infrastructure, the technical know-how and it has leadership. It’s just a matter of whether it gets the political buy-in and funding.” Many observers, though, have voiced concerns that the increased primary care funding directed through NHI will not be effective unless the public health system’s crumbling infrastructure is first addressed. NHI this week said it aims to cover 61 percent of the population by 2025, with this expanding to 90 percent via private insurers. Dr Sands, though, called for the debate to move beyond arguments over whether NHI is necessary and fears that it will merely represent a further drain on hard-pressed Bahamian taxpayers. “This has been a long time coming. What we need to do is look at the opportunity cost of doing it and the opportunity cost of not doing it,” he told Tribune Business. “Not doing it would be a disaster. If you look at the value of any investment made in primary care, not only in maintaining a healthy workforce and healthy population, we are going to pay less by health prevention and maintenance strategies, and a few appropriately placed contingency strategies, than by having to pay clean-up with people suffering illnesses in an advanced state that have been neglected. “There is a very famous advertisement: You pay for it now or pay even more later. It’s a matter of whether we pay for it when it’s manageable or pay for it when it’s in a disastrous state.” Dr Sands added of NHI’s advance: “I also realise it’s going to generate a large hue and cry, arguments about the deep state and that it’s too expensive, and we can’t afford. I get it. There’s a real philosophical discussion as to how far we should go. “This is one of those things we need to get beyond. In my view it will cost far less to do it than either maintain the status quo - and we pay a disproportionate price for healthcare now, more than most countries in the world. We’re paying the price now of an unhealthy population, and there’s no equity in our approach to access to healthcare. “You’ve heard me describe it as medical apartheid. I stand by that. Medical apartheid should be eliminated. At the

moment, those that can afford it get it, and those that cannot don’t. It’s going to be a challenge. There will be pundits that raise holy hell about ‘tax and spend’ and so on and so forth,” Dr Sands continued. “This is one of those philosophical discussions about whether we believe healthcare is a right or a privilege. Particularly in a post-Dorian and postCOVID environment, if we say we have precious few dollars and scarce resources, certainly we should double down by investing in the health of our people.” As a practicing physician, Dr Sands said he saw patients “with catastrophic life-threatening illnesses on a daily basis”, such as heart attacks and strokes, who simply were unable to access the necessary healthcare because they do not possess the insurance coverage or other financial resources. “It’s a terrible reality in a country that is as developed as we are,” he added. “It speaks to the model we gave chosen to adopt. It’s not because we’re not spending money. We’re spending far more money than many countries do on healthcare. It’s just that we’ve spent it unwisely.” The bulk of the government’s $300m-plus annual healthcare spend, around $220m, goes to the Public Hospitals Authority (PHA), and Dr Sands said: “We have a system that benefits tertiary care, which trivialises primary care and which makes it challenging for people to get access to preventative care to avoid complications with diabetes and hypertension and the like. “It limits access to healthcare until we have a disaster on our hands. Our intensive care units (ICUs) are full for no reason other than people neglect their diseases until it is too late. I put it to you that the economy is paying the price right now. “We are paying for it by having to support families that have lost breadwinners, having to provide expensive care through the public healthcare system, providing huge amounts of money for that system, paying for dialysis and disabled care. I could go on and on. “There’s been study after study that demonstrates a healthy population is less expensive to manage, and a more productive population. It’s easy to make the statement about being too expensive when you have private health insurance.” To prove the point, Dr Sands said he had just seen a woman suffering from a life-threatening illness that was treatable but she was enduring “holy hell to get access to care” because she lacked the financing and it was not available in the public system. “Our system will penalise her for lack of resources,” he added.

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Friday, February 5, 2021, PAGE 5

Airline industry faces BUSINESS CONTINUITY $3.7m Customs debt PLANS VITAL TO FROM PAGE ONE

processing fee arrears: “Revenue remaining outstanding for an inordinate period decreases the collectability rate and is at risk of not being collected. Delinquent payments on accounts receivables affect cash flows and revenue performance. “We noted documentation on file communicating requests to the airline companies to fulfill their legal obligation to bring the outstanding amounts to account. We recommend that Customs continue to pursue the collection of the $3.747m outstanding airline service charges and processing fees.” Delinquency on service charges, which are levied for Customs officers attending ship and plane arrivals, sometimes after hours, was not confined to the airline industry during the 2017-2018 fiscal year, which represented the Minnis administration’s first term in office. The Auditor General’s Office said its review of outstanding billings for transshipment fees uncovered one unnamed company that owed Customs some $3.841m in unpaid service charges, which included VAT worth $164,732. “We were informed that the company is paying the monies collected for passenger departure taxes and processing fees, but not the service charge fees,” the report said. “The process to collect the revenue at departmental level, and additional efforts made by Customs management were unsuccessful. Consequently, the matter is at the Ministry of Finance for further review

and resolution.” The Auditor General’s Office added that the company involved was in breach of Customs Management regulations mandating that service charges be paid for officers to deal with ships or planes when they have arrived in The Bahamas. Calling for the $3.841m to be collected forthwith, the report also identified three “dishonoured cheque” payments made to Customs during the 2017-2018 fiscal year. These totalled $1.186m, but one - again from an unnamed company accounted for the majority of this sum at $1.154m. “Going forward, a manager’s certified cheque and debit card should be accepted or direct deposit to prevent revenue loss,” the Auditor General’s Office said. Some $2.22m was collected during that fiscal year through Customs’ investigations unit and post-clearance audit functions, with the former recovering $1.24m or 56 percent of the total sum. Total recoveries from both sources were down by $1.39m year-over-year compared to 2016-2017. This, the report added, was due to a 73 percent reduction in field audits from 37 to ten, while desk audits dropped by 96 percent from 441 to just 18. However, Freeport-based investigations leapt by 205 percent to 122 compared to just 40 in 2016-2017. “The number of investigation cases increased in 2018 by 85 (from 155 in 2017 to 240 in 2018),” the Auditor General’s Office said. “The increase resulted in $1.246m revenue recovery.”

Aliv gains network ‘ownership’ through $24m loan payback FROM PAGE ONE towers and fibre-optic cable network - to carry its data, voice and text messaging traffic. “Cable Bahamas had agreed to defer payments for 18 months,” Mr Blackburn said, confirming that $51m of the $70m received from its controlling shareholder had gone to repaying existing debts. The remaining $19m will be used to execute Aliv’s growth plan. “Our plan is now fully funded,” he added. “This provides us with sufficient cash on hand to meet the investment needs of the business. The main advantage of the Cable Bahamas $70m secured loan facility over other options examined is its long-term patient capital being provided. “Because Cable Bahamas is a long-term strategic investor in Aliv they’ve agreed that the debt will not have to be repaid, or interest payments on it, until the

bond and preference shareholders that we previously raised funding from have been repaid. “The other thing to stress is that the process did take a bit longer than planned, 18 months, but this was against the backdrop of a rapidly changing world with Dorian and COVID-19. We believe we’ve arrived at the right structure with the right loan as a result of not rushing to complete the financing. We can obviously see where we are a lot clearer.” The delayed repayments on the Cable Bahamas facility will ease Aliv’s debt burden and improve its cash flow, with the long-term outlook aligning with its target of achieving net profitability in between its seventh to tenth year in existence. Repayment of the mobile operator’s bond principal is due to begin in 2022, Mr Blackburn added. Apart from the $60m in bonds, Aliv also has $70m in outstanding preference share debt.

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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

CORPORATE SURVIVAL BY DEREK SMITH

HE year 2020 certainly tested the design, implementation and execution of business continuity plans in every industry and country around the world. This reality was driven by the COVID-19 pandemic, which added to other traditional, ever-present threats. A business continuity plan is a comprehensive, realistic, efficient and adaptable approach by a company to sustaining its critical business activities during and after a disaster. This is regardless of whether the disaster is technological (a malware attack); physical (natural catastrophe) or emotional (mass resignation). There is no guarantee, though, that a business continuity plan will work in a real-life scenario. However, what is certain is that without a business continuity plan, the impact during and after a disaster could be crippling to a small, medium-sized or

large enterprise. A study managed by Mercer noted that “more than half of companies (51 percent) around the world have no plans or protocols in place to combat a global emergency, such as coronavirus (COVID-19)”. Make no mistake; there are many documented accounts of inadequate business continuity planning and, conversely, effective business continuity planning. In 2018, Atlanta was not

prepared for a ransomware attack that devastated the city government’s computer systems for five days and caused it to revert to manual processes. This successful attack cost the city more than $20m split between the ransom payment, emergency IT consultants and crisis management firms. What is even more astonishing is that the city could have saved more than $15m if they were adequately prepared and had a robust business continuity plan in place, since the ransom requested was a mere $52,000. In contrast, Cantey Technology, an IT company that hosts servers, experienced a fire that destroyed its network infrastructure in 2013, melting cables and burning its computer hardware. Although catastrophic, Cantey’s business continuity plan required that their client servers were moved off-site where continuous backups were maintained. This strategic move averted a disaster. The benefits of business continuity planning starkly outweigh the disadvantages. Below are four advantages. 1. Business continuity planning requires management to identity risk, design and deploy mitigating controls, and test their impacts during simulated testing of the plan.

2. While developing various contingency strategies and recovery strategies, management would be able to identify possible integrations and efficiencies. 3. Mitigation of reputational risk in the event of a disaster due to adequate preparation. 4. BCPs help companies avoid regulatory penalties, prepare for internal and external audits, and minimise disaster recovery costs. Disasters can almost never be fully avoided. However, preparation for those disasters can be the difference between your company’s ability to adapt and survive or simply fold and fail. Having the ability to assess vulnerabilities and risks, adapting to unconventional forms of doing business, and acting with extreme precision will be key in 2021. NB: Derek Smith Jr is the compliance officer and money laundering reporting officer (MLRO) at Higgs & Johnson, and former assistant vice-president for compliance/money laundering reporting officer (MLRO) at an international private bank. His professional career started at a ‘big four’ accounting firm, and has spanned over 15 years including business risk management, compliance, internal audit, external audit and other accounting services.

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THE TRIBUNE

Property tax woe ‘a colossal mess’ FROM PAGE ONE said it would also overcome the cultural aversion to not paying real property taxes and “head in the sand mentality” held by many that there are no consequences for non-compliance. Mr Carey was backed to an extent by fellow realtor

David Morley, Morley Realty’s principal, who agreed that the “bigger picture” answer was for the Department of Inland Revenue to follow the lead established with VAT and business licences by automating real property tax billings, collections and compliance. He added that the Post Office’s mail system had

“long been proven not to be reliable”, and disclosed that 2021’s real property tax assessments - which were supposed to be mailed out in October last year - are only now just being received. Marlon Johnson, the Ministry of Finance’s acting financial secretary, responded to the auditor general’s revelation that up

to 40 percent of real property tax bills never reach the intended taxpayer because of incorrect mailing addresses, by saying he has been “dissatisfied” with collections ever since taking office more than three years ago. He said the Ministry’s Revenue Enhancement Unit now has a “team”

dedicated to chasing down bill-ducking taxpayers, and it plans to expand the number of private sector collection agencies it employs beyond the existing three. Mr Johnson added that there were also several “high profile cases” of real property tax delinquency working their way through the courts towards settlement. Mr Carey, though, was more blunt, telling Tribune Business: “It’s just a colossal mess. To be reliant on addresses in this day and age versus e-mail is just crazy, crazy. For us to be reliant on a PO Box system that doesn’t work, that relies on a policy of people’s discretion as to whether they pay or not, and when they come in they negotiate what they pay, it doesn’t make sense. “I don’t know anywhere in the world where there’s a national identity of people not paying real property tax. The whole system needs to have a rethink. I feel that they should allow this [collection] process to be privatised. “I think it can be run more efficiently if it is privatised. This has got private sector opportunity written all over it. It’s an ideal case where the private sector should come in and take over this critical sector of our economy.” To drive immediate compliance, Mr Carey argued that the government should issue “a systematic notice” demanding that all taxpayers liable to pay real property tax settle any outstanding arrears within a period of 12-24 months or otherwise their properties will be subject to foreclosure and auction. “They need to put teeth in it,” he added, asserting this would show the government is serious. “If taxes are not paid, we don’t hear from you in one year, we will deem your property ready for auction. When you start foreclosing on people and to auction off, people will wake up. “You cannot have a country with no income tax and a dysfunctional property tax collection process. It doesn’t go hand in hand. You’re going to run into a financial crisis. Who’s going to pay for all the costs of maintaining the roads, schools and hospitals? Where’s the money coming from? Isn’t that why taxes are supposed to be collected?” The government is presently seeking to update New Providence’s real property tax roll via a $7m project being undertaken by Tyler Technologies, which involves visiting and surveying every property on the island, in an initiative it believes will boost collections by some $21m per annum. Mr Johnson last night said he believed this

project was now “70 percent” complete having been delayed by COVID-19. Mr Carey, though, argued that the government was ignoring the “wealth of knowledge” that the real estate industry could provide on property locations, sizes, valuations and owners. Capturing the necessary data to support accurate assessments and collections, he added, was vital to creating a fair and equitable tax system. “Anybody paying their taxes now shouldn’t be offended by the government adopting a sensible business plan to correct this problem,” Mr Carey added. “Anybody who is offended is not paying their fair share of taxes and has got something to hide.” Mr Morley, meanwhile, said the Department of Inland Revenue needs to replicate what it has done for VAT/business licence payments and filings - to which it has recently added substance reporting - and create an online portal for real property tax billings and payments. “If the Department of Inland Revenue is serious about collecting this type of tax in this day and age, it has to come up with a reliable and responsive automated system. They need to make it automated like the other taxes,” he added, noting that he has only just started receiving 2021 real property tax assessments that should have been mailed out in October last year. “They just need to improve what they [the Department of Inland Revenue] have now on their portal and get it up and running to the same standard that they have for business licences and VAT in terms of convenience, accessibility and reliability. I know they’re trying, but they need to refine and improve what they have there.” Mr Morley also recalled how he had been unable to access the Department of Inland Revenue’s online portal to pay a real property tax bill from 2020 prior to the year-end deadline, forcing him to instead pay via his online banking account. “When I got my 2021 assessment in the third week of January, it showed me as being charged a penalty surcharge as I’d not made payment [for 2020],” he explained. “I had to give evidence that I had by showing them the relevant portion of my bank statement. I e-mailed them the information, and have yet to get a response saying they received it and are dealing with it. “I will probably have to go to the Department of Inland Revenue and let them deal with it. If it was automated it would be that much easier.”

To advertise in The Tribune, contact 502-2394 LEGAL NOTICE

NOTICE

DUNAMIS CRYPTO ARBITRAGE FUND LTD. (the “Company”)

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 174779 B (In Voluntary Liquidation) Notice is hereby given that the liquidation and winding-up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 16th day of December A.D. 2020. Crowe Bahamas Liquidator

THE TRIBUNE

Friday, February 5, 2021, PAGE 7

Bahamas ‘inconsistent’ in anti-corruption battle FROM PAGE ONE Act, the US report said the October 2015 conviction of former Bahamas Electricity Corporation (BEC) Board member, Freddie Ramsey, was the first such case since the legislation was enforced in 1989. While there is little in the US report that is new, given that concerns over corruption and procurement transparency have been repeated every year since 2014, this does not make the contents any less damaging or concerning. Bahamian taxpayers, though, are the biggest losers from such practices as they are consistently denied “value for money” by contracts awarded to parties who may not be the “best bidder”. Such a “patronage” system, which all Bahamians know exists, also undermines the creation of a meritocracy-based society, plus notions of fairness and social equity. “The US Embassy is aware of cases where the Bahamian government failed to respond to investment applications, and several cases where there have been significant delays in the approvals process. Despite challenges, investment continues to grow in tourism, finance, construction, and quick-serve restaurant franchises,” the US report said, although no names were given. “The absence of transparent investment procedures and legislation is also problematic. US and Bahamian companies alike report the resolution of business disputes often takes years, and collection of amounts due can be difficult even after court judgments. Companies also describe the approval process for FDI and work permits as cumbersome and time-consuming. “The Bahamian government does not have modern procurement legislation, and companies have complained the tender process for public contracts is not consistent, and that it is difficult to obtain information

on the status of bids. In response, the FNM administration drafted a Public Procurement Bill, 2020 and launched an e-procurement and suppliers registry system to increase levels of accountability and transparency in governance.” Repeated concerns were also expressed over the judicial system, with the US government report saying: “In theory, contracts are legally enforced through the courts. However, there are many cases where local and foreign investors have civil disputes tied up in the court system for many years. “Others have lost entire sums ranging from several hundred thousand to several million dollars due to fraud. In these instances, the court system has not been a viable option to recover their investments.” Quentin Knowles, the Bahamas Society of Engineers (BSE) president, said he has not experienced any issues with corruption in trying to win a government contract but added: “As a contractor, we really haven’t been doing a lot of government work. “We had no choice but to concentrate on private ones, but on occasion we do get government work. Traditionally we like to stay away from the government. We are never successful for whatever reason.” Despite getting government email notifications for pricing work and bids, Mr Knowles said he never sees e-mail notifications on “construction work or capital development work”. He added: “Because we don’t focus on government work we haven’t been paying much attention to it.” Not wanting to call the US report unfair, Mr Knowles said there could be many reasons why firms could be “frustrated” with getting responses from the government on bids they applied for. He said the “Government needs to work on the inefficiencies”, as many times persons would believe something untoward is happening if they feel the response time is not adequate.

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PAGE 8, Friday, February 5, 2021

THE TRIBUNE

Ford loses $1.28bn in 2020, raises electric vehicle spending DETROIT Associated Press FORD Motor Co lost $1.28bn last year as it dealt with a huge restructuring, a costly recall and a decline in the value of its pension fund. But the company said yesterday it is generating strong cash flow and will go all-in on electric vehicles. Ford said it would now spend at least $22bn developing them from 2016 through 2025, nearly double what it previously announced. The automaker said that excluding one-time items, it made 41 cents per share for the year. That beat Wall Street estimates of breaking even. Revenue for the year was $127.1bn, down 18% from 2019. Analysts expected $128.2bn in revenue for the year. Ford also lost $2.8bn in the fourth quarter. Excluding one-time items it made 34 cents per share, according to FactSet. That also beat Wall Street expectations of a 7-cent-per-share loss. Before taxes the company made $1.7bn for the year, but it was brought down by restructuring costs in Europe, South America and elsewhere. Also contributing were a $610m government-ordered recall of 2.7 million vehicles with dangerous Takata air bag inflators and a $1.2bn onetime accounting charge for falling pension-fund values. The company predicted a return to more normal profits in 2021, forecasting $8bn to $9bn in pretax earnings. That includes a $900m gain on its investment in electric vehicle startup Rivian, as well as any adverse impact from a shortage of semiconductor chips now hitting the global auto industry. Ford said that despite the annual loss, it generated

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$1.9bn in free cash flow in the fourth quarter, giving it a year-end cash balance of nearly $31bn to help its investment in electric vehicles. Despite the increased electric vehicle investment, Chief Financial Officer John Lawler stopped short of matching rival General Motors’ goal of selling only all-electric light vehicles by 2035. Lawler said the company is focused on bringing EVs to market quickly. The company’s electric Mustang Mach E SUV is already on sale, it expects to start selling an electric Transit full-size van this year and an all-electric F-150 pickup next year, he said. “We’re focused on making a difference now,” Lawler said. Ford also said it expects to spend $5bn on autonomous vehicle development through 2025. In North America, by far Ford’s most profitable region, the company made $1.1bn before taxes, up 53%. That was due largely to the cost of putting a new United Auto Workers union contract in place in 2019. Union workers will get profit-sharing checks of about $3,625 each in March, based on the North American profits. CEO Jim Farley said the company is preparing to make sure it has enough leading-technology battery cells as it rolls out more electric vehicles in an increasingly competitive marketplace. Ford, he said, doesn’t want to be in a situation like the auto industry is now in with a shortage of semiconductors. He said Ford can develop battery cells on its own or go into a joint venture, and said an announcement would be coming. “We get it. We want to lock it up. We want to make sure it’s not constrained,” Farley said. Ford announced its results after the markets closed yesterday. The company’s shares rose 1% in after-hours trading to $11.49.

NOTICE NOTICE is hereby given that BERNES NELSON, of Palm Beach Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th 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 NICOLE-PARIS MCDOWALL, of #28 Seapointe, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th 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 VANESSA RICHEMOND, of Infant View Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, February 5, 2021, PAGE 9

Biden team pitches US on big virus aid as Senate starts work WASHINGTON Associated Press AS senators launched an all-night session yesterday to lay groundwork for President Joe Biden’s, pictured, $1.9tn COVID-19 relief package, the White House is increasingly focused on selling the plan directly to voters. Biden’s administration has done 60-plus interviews with national TV and radio shows. There have been spots on local TV news and briefings last week with more than 50 groups, including General Motors, Meals on Wheels America and Planned Parenthood. One of the main goals is to stop people from getting bogged down in the tangle of partisan deal-making and convince them that every penny of the “go big” package is needed. “The public is not getting caught up in process — what they want is results,” said Cedric Richmond, the White House director of public engagement. “People these days are not worried about the insidethe-Beltway terminology. They’re looking at who’s doing what to help.” The president told Democratic lawmakers that he views the package’s proposal for $1,400 direct payments to individuals as a foundational promise to voters. It represents a strategic bet by the White House that voters will suspend their partisan beliefs to evaluate the plan and support its massive scope. Biden has suggested he may be flexible on the $1.9tn topline figure for the plan and on ways to more narrowly target who gets direct payments. But the $1,400 amount — on top of $600 in payments approved in December — appears to be nonnegotiable. “I’m not going to start my administration by breaking a promise to the American people,” he said. On Capitol Hill, Democrats were on track yesterday to approve a budget resolution that will pave the way for eventually passing the aid package on a party-line vote by Democrats, with or without bipartisan support from Republicans. Senators were poised for an all-night session to consider amendments that could define the contours of the eventual bill. One from Sens Joe Manchin, D-WVa, and Susan Collins, R-Maine, would prevent “upper-income” taxpayers from qualifying for Biden’s proposed $1,400 direct payments and it passed 99-1. No income level was specified. Vice President Kamala Harris was in attendance, able to cast a tie-breaking vote, if needed, in the chamber that is evenly divided 50-50. A White House aide said the goal is to provide an open and bipartisan debate. The goal is approval by March deadlines for expiring jobless benefits and other aid. The Biden package comes after $4tn in rescue spending that cushioned the financial blow from the pandemic but did little to stop the disease. It includes politically divisive provisions such as a $15 hourly minimum wage and $350bn in aid for state and local governments. Ten Republican senators countered with a $618bn package, one-third of what Biden is offering. Biden entered the presidency with Americans generally hopeful about his ability to fight the pandemic and guide the economy. About threequarters said they have at least some confidence in his ability to handle the coronavirus, while roughly two-thirds had at least some

confidence in his economic leadership, according to a poll from The Associated Press-NORC Center for Public Affairs Research. Most Americans still see the need for government stimulus. A survey released Wednesday by Quinnipiac University found 68% of US adults support Biden’s stimulus package and 24% oppose it. But Republicans are divided on the measure, with 47% opposed and 37% favouring it. Nearly all Democrats backed the plan. Based on his interactions, Richmond sees these elements of the package as the most popular: the direct payments, the $160bn for widespread vaccinations, food and nutrition assistance for struggling Americans, and the push to halve the child poverty rate through tax credits and other benefits. But even Republicans who are supportive of some kind of aid are telling their voters Biden’s plan is too expensive — and it’s possible people could be turned off if they think stimulus dollars are being wasted. The group of GOP senators behind the counterproposal told Biden in a letter yesterday that they had significant questions about the “size and scope” of his plan given how much Congress already has allocated and the more than $60bn in emergency assistance they said states and districts have yet to spend on public schools. Sen Mitt Romney, R-Utah, told KUTV in Salt Lake City that aid to state and local governments, a particular sticking point for Republicans, should be based on “actual need, as opposed to a simple blanket payment of billions of dollars, which in many cases would represent a windfall”. But Romney also stepped toward bipartisanship yesterday by proposing payments of at least $3,000 per child to families, though they would be paid for in part by cutting other government programs and tax credits that are targeted toward families. Republicans are betting Biden will pay a price politically if he doesn’t take a bipartisan tack. By contrast, Democrats hope Republicans will pay a price if voters don’t see them engaging with the fullness of the crisis. The White House can point to at least one Republican who considers Biden’s plan essential: Jeff Williams, the mayor of Arlington, Texas. Williams knows there could be a partisan backlash to supporting Biden’s plan. But, on the merits, the term-limited mayor sees no alternative. The city is gearing up for property tax assessments, and estimates are that revenues could drop 10%, largely because commercial real estate has taken a severe hit as offices, restaurants and hotels have emptied. Williams said he believes Republicans ultimately want to help, too, even if they choke on the high price tag. “It’s the right thing to do,” he said. “The gist of this is that you always have those extremists that are there, but most of our Republicans have been supportive of getting fiscal assistance to cities. They can’t come up with that dollar amount.”

MARKET REPORT www.bisxbahamas.com

THURSDAY, 4 FEBRUARY 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

2072.37

0.74

0.04

-20.09

-0.96

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 33.05 2.00 2.15 2.10 6.00 6.90 3.55 6.49 4.40 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.66 5.00 6.00 2.70 4.50 3.50 5.50 11.06 2.10 4.75 9.60 7.50 13.00 3.50 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 4.50 32.12 1.62 2.10 1.67 6.00 6.61 2.98 4.74 3.50 5.50 11.24 2.54 6.85 10.09 8.40 13.50 3.80 8.50 15.20

CLOSE 4.50 32.12 1.62 2.15 1.67 6.00 6.61 2.98 4.74 3.50 5.50 11.24 2.56 6.85 9.98 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 BSBGR1320294 BSBGR1321391 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BSBGR1320294 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498

CHANGE 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 (0.11) 0.00 0.00 0.00 0.00 0.00

VOLUME

25,000

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 18.8 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 19.0 12.2 15.6 25.1 14.7 15.4 11.5 16.5 18.7 9.1 24.1

YIELD 3.78% 3.92% 1.23% 1.40% 0.00% 0.00% 3.93% 0.00% 0.00% 3.43% 4.00% 6.41% 16.95% 0.88% 3.29% 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

MATURITY

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.81% 5.29% 5.65%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Oct-2029 15-Oct-2039 15-Oct-2049

MUTUAL FUNDS 52WK HI 2.39 4.43 2.14 201.90 184.85 1.69 1.85 1.78 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 1.66 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 Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 1.68 1.79 1.76 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% 1.03% 1.03% -3.14% -3.14% 0.26% 0.26% -12.29% -12.29% 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-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-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

PAGE 12, Friday, February 5, 2021

THE TRIBUNE

US regulators launch review of stock market turbulence WASHINGTON Associated Press

THE nation’s top financial markets regulators say they will look into whether recent stock market turbulence is an indication that current trading practices are not doing enough to protect investors. The Treasury Department said yesterday that regulators believe the core infrastructure of the markets has proved to be

“resilient during high volatility and heavy trading volume”. But it said regulators also believe the Securities and Exchange Commission should investigate what happened during the recent market upheaval that pitted smaller, online investors against massive hedge funds. The department issued the statement after a meeting of regulators convened by Treasury Secretary Janet Yellen. The market battle, led

by traders gathered on Reddit, sent shares of severely damaged companies like GameStop and AMC soaring. They have since shed much of their gains. The Treasury statement said that both the SEC and the Commodity Futures Trading Commission were reviewing whether trading practices were consistent with “investor protection and fair and efficient markets”. The meeting yesterday included officials

from Treasury, the SEC and CFTC and officials from the Federal Reserve Board and the Fed’s New York regional bank, which serves as a link for the Fed to Wall Street. In comments earlier yesterday, Yellen said in an ABC television interview that she had convened the meeting because it was important “to make sure that our financial markets are functioning properly and efficiently and that investors are protected”.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 77° F/25° C Low: 56° F/13° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny; nice in the afternoon

Partly cloudy

Partly sunny; a stray shower

Mostly sunny and nice

Sunshine and nice

High: 77°

Low: 70°

High: 79° Low: 71°

High: 80° Low: 68°

High: 79° Low: 68°

High: 81° Low: 67°

AccuWeather RealFeel

77° F

71° F

86°-73° F

87°-69° F

88°-67° F

High: 73° F/23° C Low: 62° F/17° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 74° F/23° C Low: 70° F/21° C

8-16 knots

WEST PALM BEACH High: 79° F/26° C Low: 67° F/19° C

8-16 knots

FT. LAUDERDALE E

FREEPORT

High: 78° F/26° C Low: 70° F/21° C

High: 74° F/23° C Low: 68° F/20° C

MIAMI

High: 79° F/26° C Low: 70° F/21° C

4-8 knots

KEY WEST

High: 75° F/24° C Low: 70° F/21° C

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 68° F/20° C Low .................................................... 50° F/10° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 80° F/27° C Last year’s low ................................... 57° F/14° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.86” Normal year to date ..................................... 1.59”

ELEUTHERA

NASSAU

High: 77° F/25° C Low: 70° F/21° C

High: 76° F/24° C Low: 72° F/22° C

High: 77° F/25° C Low: 73° F/23° C

7-14 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

1:39 a.m. 1:54 p.m.

2.8 2.2

8:05 a.m. 0.1 8:10 p.m. -0.3

Saturday

2:44 a.m. 3:01 p.m.

2.8 2.1

9:15 a.m. 0.1 9:14 p.m. -0.3

Sunday

3:49 a.m. 4:08 p.m.

2.8 2.1

10:22 a.m. 0.0 10:18 p.m. -0.4

Monday

4:51 a.m. 5:10 p.m.

2.9 2.2

11:24 a.m. -0.1 11:18 p.m. -0.4

Tuesday

5:48 a.m. 6:07 p.m.

3.0 2.3

12:19 p.m. -0.2 ---------

Wednesday 6:39 a.m. 6:59 p.m.

3.0 2.4

12:14 a.m. -0.5 1:08 p.m. -0.3

Thursday

3.1 2.5

1:05 a.m. -0.5 1:53 p.m. -0.4

7:26 a.m. 7:46 p.m.

sun anD moon Sunrise Sunset

6:50 a.m. 5:58 p.m.

Moonrise Moonset

1:07 a.m. 12:22 p.m.

New

First

Full

Last

Feb. 11

Feb. 19

Feb. 27

Mar. 5

CAT ISLAND

uV inDex toDay

SAN SALVADOR

GREAT EXUMA

High: 77° F/25° C Low: 73° F/23° C

High: 78° F/26° C Low: 75° F/24° C

High: 78° F/26° C Low: 72° F/22° C

W S

LONG ISLAND

tracking map

High: 79° F/26° C Low: 74° F/23° C

7-14 knots

MAYAGUANA High: 80° F/27° C Low: 75° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 76° F/24° C

GREAT INAGUA High: 82° F/28° C Low: 76° F/24° C

High: 79° F/26° C Low: 75° F/24° 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: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS S at 8-16 Knots SSE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots E at 8-16 Knots ESE at 8-16 Knots SSE at 7-14 Knots SE at 7-14 Knots S at 8-16 Knots SSE at 7-14 Knots SE at 7-14 Knots SE at 6-12 Knots E at 8-16 Knots E at 7-14 Knots ESE at 7-14 Knots ESE at 7-14 Knots E at 8-16 Knots ESE at 8-16 Knots SSE at 6-12 Knots SE at 6-12 Knots E at 8-16 Knots ESE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots

WAVES 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-5 Feet 1-3 Feet 2-4 Feet 4-7 Feet 4-7 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 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 6 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. 75° F 75° F 71° F 68° F 74° F 74° F 78° F 78° F 78° F 78° F 74° F 74° F 75° F 76° F 79° F 79° F 78° F 78° F 78° F 78° F 75° F 75° F 78° F 78° F 76° F 76° F