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Bahamas sees $900m boost ‘Folly’: Over from marine areas expansion one-third of fish

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has generated a $900m annual economic boost by expanding its Marine Protected Areas (MPAs) to cover 20 percent of the country’s coastal environment, studies have estimated.

A just-released Inter-American Development Bank (IDB) report on The Bahamas’ efforts to sustainably monetise its ocean resources, or socalled Blue Economy, discloses that coastal safeguards against hurricanes and climate change, as well as the tourism and fisheries industries, will enjoy major gains from the addition of 43 MPAs that was quietly effected by the Minnis administration.

“As part of the implementation of the Marine Protection Plan, which

• As IDB reveals digital payment ‘gender gap’ • 37% of all companies hit access obstacles • And less than 50% employing websites proposed 43 new MPA sites covering around 3.28 hectares, after a period of consultation some 42 MPAs have been approved and gazetted, thus protecting 20 percent of the Bahamian marine space,” the report, which has been seen by Tribune Business, reveals.

“This new network could generate annually $67.6m in tourism

expenditure, $23.5m in nursery habitats for spiny lobster, $806m in coastal protection and $5m in avoided greenhouse gas emissions.

The implementation of MPAs also has a high potential for nature tourism.”

SEE PAGE 4

‘Humanitarian crisis’ fear over cruise ships’ arrest

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CONCERNS were voiced yesterday over the fate of 900 crew members due to uncertainty over who will cover the costs for two Bahamas-flagged cruise ships arrested in Freeport.

Stephen Turnquest, the Callenders & Company partner who obtained Supreme Court-approved arrest warrants for both the Crystal Serenity and Crystal Symphony, told Tribune Business “the last thing The Bahamas wants is for a humanitarian crisis to erupt” if no agreement is reached on who pays the bills while the vessels are detained.

The attorney, who represents Peninsula Petroleum Far East, a Singapore-based shipping fuel supplier claiming to be owed some $2.1m for outstanding bunkers provided to the Crystal Cruises vessels, said funds would be needed to provide both crews - who have remained on-board the vessels - with sufficient food until the dispute is resolved.

Fuel will also be required to operate the ships’ air conditioning, pumps and other systems in the interim, while garbage, sewerage and sludge disposal must also be addressed. Mr Turnquest said it was presently unclear as to where the funding to cover these activities will come from, with a local shipping agent

SEE PAGE 9

Minister: Investors only ‘prefer’ short term Gov’t bonds

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday conceded that Bahamian investors are only interested in shortterm government debt after a one-year issue was oversubscribed by 14 percent.

Senator Michael Halkitis, minister of economic affairs, told Tribune Business that the Central Bank had gone back out to market with a Bahamas Registered Stock issue that exceeded target by almost $5m just two weeks after a previous capital raise only generated 25 percent of its goal.

“The Central Bank went back out two weeks later on

MICHAEL HALKITIS January 19th to raise $35m,” he said. “They raised $40m on a one-year issue. It appears investors prefer short-term. So investors are participating but is appears they prefer short-term.”

SEE PAGE 3

CRYSTAL CRUISES VESSEL

catches shady

• Conch: 23% ‘harvested illegally’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS were yesterday warned it was “folly” to believe the oceans have an inexhaustible fisheries supply after it was revealed that 36 percent of landed catches are illegal or unregulated.

Paul Maillis, the National Fisheries Association (NFA) director, told Tribune Business that the country suffers from a “cloud of the unknown” as to the health of its fisheries resources because too many catches are either improperly reported or not recorded at all.

As a result, he was “not shocked” by an InterAmerican Development Bank (IDB) report’s estimation that more than

one-third of Bahamian fisheries catches fall into the illegal, unreported or unregulated (IUU) category - thereby representing a significant threat to the industry’s long-term sustainability and the livelihoods of many families and communities.

The data, contained in a report on The Bahamas’ so-called “blue economy” potential, which focuses on sustainably monetising the nation’s ocean resources, cited the Queen Conch as a prime example of these concerns. The IDB document suggested that almost one-quarter of all conch landings are illegal, and that some 60 percent are harvested before they can reproduce.

“The Bahamas deepwater offshore environment

SEE PAGE 8

PAGE 2, Monday, February 7, 2022

Merge compliance and risk to avoid surprises

THE TRIBUNE

T

he financial services industry had been implementing governance models designed to make its institutions more effective well before the COVID-19 pandemic began to wreak havoc on the world. Providers and supervised financial institutions have experienced severe changes in their regulatory compliance requirements since then, due to changing

risks and increasing costs as a result of health and safety concerns, plus operational difficulties associated with remote work. And supply chain problems are seemingly relentless.

I have written extensively on governance, risk and compliance, and now I wish to focus on the need for supervised financial institutions to move from isolated risk environments to integrated ones that involve human resources, sales, legal, finance, marketing and compliance. All these departments tend to approach their respective risks in isolation.

The result of managing risk in isolation was felt in August 2020, when the Office of the Comptroller of the Currency (OCC), the US regulator, assessed an $80m civil money penalty against Capital One and Capital One Bank (USA) for their “failure to establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment, and the bank’s failure to correct the deficiencies in a timely manner”.

Considering the enhanced anti-money laundering (AML) environment, the introduction of heightened or new data privacy laws - and accompanying regulations - around cryptocurrencies all create risks that cover an entire institution and connected partners.

Against this backdrop, here are two steps for a financial institution to consider as the economy and business environments seek to rebalance themselves almost two years into the COVID-19 pandemic.

Fusing risk and compliance The updated Institute of Internal Auditor’s 3 Lines framework, which was released in summer 2020, screamed collaboration between an institution’s risk and compliance functions.

Reviewing your current processes, especially if they are manual-intensive, would be a great start to identifying opportunities for growth and realignment. By streamlining these processes, it is possible to ensure that the

By

Derek

Smith right people, on the right teams, are alerted to any changes in compliance conditions and any new risks.

Transparently prioritise compliance life-cycle By increasing transparency, your institution’s business units can better understand top-line goals, the current regulatory environment and which current business activities are most risky. Moreover, ensure that your compliance resources are matched to your regulatory challenges and talent by developing a continuous improvement plan. You can better manage costs with a compliance team that strives for incremental improvements.

Conclusion In short, fusing risk and compliance functions, while supporting and promoting consistent and transparent communication with strategic business partners, will only lead to success for your institution and help to minimise surprises.

Jr

NB: About Derek Smith

Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

THE TRIBUNE

Monday, February 7, 2022, PAGE 3

LOCAL BROKER’S GRAND LUCAYAN ROLE IS ‘EXACTLY WHAT WE WANT’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A Bahamian realtor yesterday hailed the involvement of a local broker in facilitating the Grand Lucayan’s sale as “exactly what we want”.

Mario Carey, the Better Homes and Gardens Real Estate MCR Group’s principal, told Tribune Business that confirmation of Sterling Bahamas Realty’s partnership with Torontoheadquartered Colliers International in seeking

out potential buyers for the Government-owned resort had eased industry concerns that local realtors were being sidelined.

“If they’re collaborating, that’s exactly what we want.

That’s perfect, once they’re [Colliers] affiliated with a local carrier,” he said. “If Colliers is partnered with Sterling Bahamas Realty, and Sterling Bahamas is the lead broker, that’s what we’re after. It’s good for everybody, and they’re on the right track in establishing that relationship.

They’re not working solo.”

Mr Carey spoke after both Colliers and Lucayan Renewal Holdings, the latter the special purpose vehicle (SPV) that holds the resort for the Government, confirmed that the Canadian-based firm had partnered with a Bahamian counterpart to drive the Grand Lucayan sales process.

Gerhard Beukes, Colliers’ Nassau-based managing director for the Caribbean, confirmed that the Grand Lucayan’s sale was being “run out of our

Canada team with Sterling Bahamas Realty locally”.

And the Lucayan Renewal Holdings board justified Colliers’ selection on the basis of its familiarity with the Grand Bahama-based resort, given that it had overseen the sales process that chose the subsequently-aborted ITM/ Royal Caribbean deal, and its worldwide reach in being able to interest potential bidders.

“The sale is listed with Colliers Enterprises to facilitate a sale of this magnitude, and to ensure the

MINISTER: INVESTORS ONLY ‘PREFER’ SHORT TERM GOV’T BONDS FROM PAGE ONE Mr Halkitis responded after Tribune Business revealed on Friday that just one-quarter of a recent $47.326m bond issue was picked up by the market.

The Central Bank’s website, showing the results of a BGR bond issue that closed on January 13, 2022, reveals that just $11.986m was purchased by investors across five tranches with varying maturity dates and interest rates.

Surprisingly, given that Bahamian institutional investors and high-net worth individuals have shown an increasing preference for the Government’s shortterm paper in recent times, the greatest interest was shown in 30-year bonds where $7.452m of the total $24.326m made available was acquired by the market.

That, though, is still less than one-third of what was offered.

The subsequent issue, which launched on January 25 and closed two days’ later, raised $40.246m which was comfortably in excess of the $35.34m target. The issue matures in less than one-year, on December 14, 2022, and carries an interest rate of just 3.10 percent.

The one-year maturity highlights that increasingly risk averse Bahamian investors are shying away from the Government’s longer-term debt given

growing concerns over The Bahamas’ fiscal health following the debt and borrowing blow-out produced by COVID-19 and Hurricane Dorian, which exacerbated the annual fiscal deficits incurred prior to 2019.

One Tribune Business source, speaking on condition of anonymity, told this newspaper that the $40.246m raise had been “a special offer” that was dated specifically “so banks could fit it in their portfolio”.

And another contact, also speaking on condition of anonymity, said they knew of institutions and high net worth clients who were seeking to reduce their exposure to government paper by selling off existing holdings as well as declining to participate in rollovers as issues came due for maturity.

“There’s going to be a crunch time,” the source said. “We’re seeing the pressure too. Clients don’t want to hold government debt.

It’s going to be a problem that manifests itself. The Central Bank is the only one that has been providing liquidity in the secondary market, and there’s a fixed limit on its exposure to government paper.

“If you look at commercial bank balance sheets, they have had to take an impairment charge because of the credit rating downgrades and that’s going to

become a problem, too.

Nobody is being the longdated paper. They’re only doing it to offset long-term liabilities with matching assets and investments.”

There were signs last year that the Government’s domestic financing sources may be tightening, when a $30m registered stock offering in August was only 40 percent subscribed, with just $12m taken up. The Central Bank picked up the outstanding $18m, but there are legal limits now constraining how much support it can actually provide to the Government.

And these developments are occurring as the Government faces having to redeem, or refinance/ rollover, some $1.769bn in Bahamian dollar debt in 2022. That burden drops significantly thereafter, with redemptions of $348.1m and $309m in 2023 and 2024, respectively.

The Davis administration has been seeking to cajole Bahamas-based banks,

pension funds, insurance companies and other institutional investors to increase their participation in the Government’s domestic debt market since taking office, as it aims to reduce the country’s reliance on foreign currency borrowing and the potential burden it places on the external reserves.

The Prime Minister last October accused the commercial banking sector of “betting against The Bahamas’ economy”, arguing that it needs to unleash the $2.4bn in surplus assets available for lending to help the private sector grow the economy out of its postCOVID slump.

And he made clear that the Government is looking to the banks, as well as other institutional investors such as insurance companies and pension funds, to reduce its reliance on foreign currency borrowing by drawing on some of this liquidity to finance its domestic Bahamian-dollar bond issues

widest global net is cast to attract prospective qualified buyers,” the Board said in a statement.

“Colliers International, based in Canada, is a diversified professional services and investment management company with approximately 15,000 employees in more than 400 offices in 68 countries.

The organisation serves the hotel, industrial, mixed office, retail, and residential property sectors.

“Colliers, which has partnered with Sterling Bahamas Realty, had been

engaged by the previous Board, established the process and is already intimately familiar with the details of the sale. Therefore, it was decided to retain Colliers to expedite a new sale and bring resolution to this urgent issue so that taxpayers would not be further burdened by a delayed process.”

Lucayan Renewal Holdings said it “expects that there will be Bahamian and international interest in participating in the call for

and short-term Treasury bill releases.

“The domestic market has a much larger capacity to support government debt issuances. We need our domestic financial institutions to show faith in the economy by participating significantly in the domestic financial market – and not just to lend money to the Government and its entities, but to make loans to Bahamian firms to allow them to invest and to grow,” the Prime Minister said.

“Domestic financial institutions choosing not to participate in the domestic market are in effect betting against the success of the economy. This economy cannot grow without domestic credit expansion.”

There are multiple other factors impacting the Bahamian banking industry and its appetite for government debt securities besides confidence in the economy.

As industry source bluntly put it at the time, the Government’s dire financial position means there was “an inherent riskiness”

associated with investing in its paper.

Many commercial banks are at or close to their “ceiling” or limits in terms of the amount of government securities they can invest in.

These are imposed by regulatory and prudential norms that the banks must comply with or find themselves in serious trouble.

And The Bahamas’ fiscal and economic woes, which have led to multiple sovereign creditworthiness downgrades to so-called ‘junk’ status by Moody’s and Standard & Poor’s (S&P), have already impacted the banks’ income statements and balance sheets.

Commonwealth Bank’s 2020 audited financial statements revealed that 99 percent of its total $458m investments are in government bonds or related investments. Bank of The Bahamas took a $6.3m provisioning hit the same year due to a Moody’s downgrade, while Fidelity Bank (Bahamas) downgraded its government debt holdings to ‘stage 2’ for assessing expected credit loss.

SEE PAGE SIX

CAREER OPPORTUNITY Senior Application Specialist Bahamas First Corporate Services Limited, a member of the Bahamas First Group, seeks applications from suitably qualified candidates for the position of Senior Application Specialist to play a critical role in ensuring the availability, reliability, and usability of the suite of applications deployed by Bahamas First Holdings companies by providing technical support and application development.

Core Responsibilities • • • • • • • • • • • •

Provide second-level application support for in-house network applications.

Ensure routine maintenance tasks and system administrative activities are running smoothly to maintain reliable and effective operation of all applications.

Ensure change management processes are continuously followed to maintain a stable production environment.

Manage production deployment of application patches and upgrades.

Participate in problem resolution related to application issues across business units; this includes working with business colleagues, business-facing IT colleagues, infrastructure teams, external partners, and/or vendors.

Maintain consistent dialog with users with the view of ensuring the building of system integrity and confidence.

Work closely with Business units to ensure the sharing of information and facilitate a comprehensive line of business training programs.

Design and implement reports and dashboards according to business needs.

Create documentation to assist the team with current and future troubleshooting needs.

Collaborate and work with Application Support team to build tools and automation to enable team efficiency and response time.

Liaise with respective IT Team members, end-users and software vendors on software issues and system upgrades.

Collaborate with Business unit leaders on new initiatives and programs.

Education & Experience • Bachelor’s degree in computer science, engineering or related technical discipline • 5+ years’ application/platform management experience, including 3+ years’ collaborating closely with technical IT teams • Exceptional analytical, problem-solving, and troubleshooting abilities • Working demonstrable knowledge of the following applications: − Internet Information Services (IIS) − Microsoft Server Administration − Enterprise Web-based Applications (SharePoint) − Microsoft PowerShell & SQL − Change Management Processes • Experience with building documentation • Experience with Ticketing Systems • Exceptional Customer Service skills • Excellent verbal and written communication skills, as well as strong attention to detail • Excellent time and workload management skills with the ability to prioritize, work independently, and multi-task to meet work expectations • Self-motivated team player who is coachable, flexible, resilient, and comfortable working under high pressure with multiple deadlines and minimal supervision in a dynamic application environment Interested persons should apply in writing to The Manager of Human Resources & Administration at careers@bahamasfirst.com by 7 February 2022.

BAHAMAS FIRST HOLDINGS LIMITED 32 Collins Avenue, Nassau, NP, Bahamas | www.bahamasfirst.com

PAGE 4, Monday, February 7, 2022

THE TRIBUNE

EVENT PLANNERS ENJOYING GRADUAL BUSINESS PICK-UP

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

EVENT planners say tourism-led business will lead the sector’s revival amid expectation that trading conditions will continue to improve since COVID19 restrictions were lifted.

Cindy Coakley-Knowles, the Bahamas Bridal Association’s president, told Tribune Business that business is “picking up” with the Ministry of Tourism reporting positive feedback from travel agencies on

the “destination wedding business”.

COVID-19 lockdowns and other measures put a halt to weddings and other events for much of 2020, and even into 2021, but now that the previous Emergency Orders have expired and been replaced by legislation and regulations designed to manage the virus, group-related activity has steadily increased.

Ms Coakley-Knowles said: “There are a lot of small weddings that are happening.

Our tourism offices in the US and Canada are really putting it out there. They are really working.

“We’re all working, trying to put together promotional items and trying to promote this destination. With this being the month of February, we have a lot of features going on and, fortunately, it is not just Nassau-centric.

We have inquiries for quite a few bookings in Exuma.

A little bit of Freeport, too, but definitely Exuma is right up there.”

Justin Lightbourn, general manager of Bahamia Rentals said: “Things are slowly coming along” amid the wait for the hotels’ corporate group business to resume in earnest following COVID-19.

He added that while the company does benefit from small local gatherings, his main focus is on “group business”. Mr Lightbourn said: “Comparing this year with 2019 is no comparison.

We get some things to keep us afloat but we really are in a wait and see situation now.”

Cicylea Dorsette, owner/ operator of Happy Jumpers Bahamas Party Rentals, said: “Business has been going really good since the country reopened. I can’t complain.”

She has been tapping into both the local and tourist market, and has employed a storefront that allows her to

sell novelty items and concessions along with party rental equipment.

Ms Dorsette said: “Since the restrictions have been lifted, we have had a really good Christmas. January and February was a little off, but January is always slow. It is starting to pick up again now.”

Daron McKenzie, general manager of Flamingo Party Rentals & Events, added: “Business is slowly increasing, but it is not back to where it was. We’re getting there.”

He has been catering to family gatherings and smaller events, as opposed to the larger national events

such as the Red Cross Fair and the International Food Festival, but he has been “making dues” with the little bit of business that is steadily trickling in since the country reopened fully.

He added: “With the restrictions and for safety, people have been opting for more outdoor events now, and they are ordering a lot of tents and a lot of tables for more backyard gatherings and things like that.

“During the Christmas season we had a few offices that had gatherings for staff, so things are picking up. It’s better than it was last year for sure.”

BAHAMAS SEES $900M BOOST FROM MARINE AREAS EXPANSION FROM PAGE ONE A paper on the economic value generated by the MPA exposure projected that exposure to hurricane and natural disaster risks would be reduced for almost 40,000 persons due to the 42 additions, which would also increase tourist visitor days by 383,000 annually and fisheries catches by six million pounds.

The Davis administration has signalled its intentions to continue with its predecessor’s Blue Economy focus, having identified this together with the Orange (cultural) and Green (environmental, renewable) segments as critical elements in its drive to diversify Bahamian commerce and generate higher GDP growth rates to pull the country away from a post-COVID slump.

The IDB report suggested that the Blue Economy effort would also help to close what it described as a gender gap in terms of access to finance by female-led businesses.

“Globally, women make up most of the workforce in coastal and maritime tourism and fisheries, the main Blue Economy sectors,” the study added.

“Yet they are in the lowest-paid, lowest-status and least-protected jobs.

In small island developing states (SIDS), tourism accounts for 30 percent to 80 percent of total exports, with the participation of women as high as 54 percent. But most of this work is in low-skilled, temporary jobs.

“In The Bahamas, women-led firms are often of smaller size, younger and usually operate in low growth, low profit segments. Extreme weather events have a major impact on vulnerable populations, especially women and girls,” the study added.

“It is estimated that 40,232 (51.4 percent) women and girls were affected by Hurricane Dorian, and 70 percent of the persons displaced from Grand Bahama to New Providence were women, although they comprised around 50 percent of the population.”

The IDB’s Innovation, Firm Performance and Gender survey, which received 157 responses from Bahamas-based companies between June and November 2020, said the findings revealed “a potentially binding constraint” for women-led businesses

when it came to the ability to receive and send digital payments.

Some 43.25 percent of “female dominated” companies reported struggles in this area, as opposed to just 35 percent of companies headed by their male counterparts, despite 51 percent of women-led companies dedicating marketing resources to a digital media strategy.

“A new potential obstacle that was included in the survey was the access (or lack thereof) to digital payment,” the IDB analysis of the findings said. “While this particular issue is not among the most pressing, there are differences worth noting.

“Thirty-seven percent of Bahamian firms report access to digital payments as an obstacle (major or very severe) for their operation, but this proportion is higher for female-dominated firms (43 percent) and firms who are completely domestic (45 percent). This points to a potentially binding constraint that could deter performance among women-led firms, widening further the economic gender gap observed in the country.

“Furthermore, 45 percent of firms dedicated

marketing efforts in the form of development and implementation of digital media. This share is higher (51 percent) among female-dominated firms, which points to a mismatch between digitalisation efforts in marketing and access to digital payments for female-dominated firms.

This mismatch is particularly important to address in order to increase the percentage (46 percent) of firms that use e-commerce for their purchases.”

The IDB survey found that while 96 percent and 95 percent of Bahamian companies used mobile phones and e-mails, respectively, in their daily operations, just 61 percent employed social media and less than half 48 percent - have a website.

“Additionally, the share of firms that have a website is lower (42.7 percent vis a vis 65.7 percent) among young firms (established after 2000) relative to the oldest firms (established between 1929 and 1980),” the report added.

“It is encouraging that older firms have adapted and use basic technological tools to operate, but young firms could see an improvement by adopting the use of websites as well,

complementing their higher utilisation of social media.

“Following the COVID19 pandemic, Bahamian firms face new challenges for their operation or manufacturing. The ‘increased volume of available data from all sources’ represents the phenomenon that will have the most impact in the way with which their businesses operate, followed by the recourse to artificial intelligence and the transferability of digital information to machines.”

To help drive The Bahamas’ focus on the Blue Economy, the IDB report said the Small Business Development Centre (SBDC) or Access Accelerator has provided grant financing support to some 249 start-ups, entrepreneurs and small businesses in areas such as marine fishing, freshwater fishing, ship and boat building and water transport/freight - a move that has benefited 1,666 workers.

“The economic contribution of the Blue Economy in The Bahamas has been estimated as 21.5 percent of the GDP, and up to 50 percent including the indirect impacts,” the IDB report added.

“The Bahamas’ Exclusive Economic Zone covers

260,000 square miles, of which 5 percent is land and 95 percent is sea, representing the largest development space for the country.

“With 95 percent of the country’s territory located in the marine habitat, and a regional average of 70 percent of the country’s population living on the coast, marine resources have the potential to become an important source of economic production, if properly managed and protected.”

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THE TRIBUNE

BATTLE OF THE VIDEOSTAR

Monday, February 7, 2022, PAGE 5

By CARL C. ILLING

F

ACEBOOK’S parent company, Meta (FB), has not had a bad year. Not every company can claim to have increased its sales by 37 percent in one year. The social networks, Facebook and Instagram, as well as the messenger, Whatsapp, generated almost $118bn following $86bn in the previous year. A good $29bn of that remains as profit.

Nevertheless, Meta’s share price literally crashed after business figures for the past year were announced - a minus of 22 percent was on the tickers in after-hours trading. Last quarter’s net income fell 8 percent to $10.3bn due to higher costs.

Earnings per share of $3.67 were 17 cents lower than expected.

Meta’s weak numbers were even more surprising given that its competitor, Google (GOOGL), had reported stellar results just a day earlier. Its parent holding firm, Alphabet, reported a rapid increase in sales and profits, and its share price rose significantly on Wednesday.

One reason Meta cited for its cautious forecast was Apple’s controversial data rules changes. Meta’s chief financial officer said the company estimates the associated negative revenue impact at $10bn, and he described it as a “significant headwind”. Meta’s total revenue for 2021 was $117.9bn, so the expected impact of the Apple effect is significant.

But the main reason for the crash has to do with one name: Tiktok. The network with the popular short videos is affecting the Facebook group, so much so that Mark Zuckerberg names the Chinese app as the main competitor. “With Tiktok, we are facing a competitor that is much larger, so it will take a while before we get catch up,” he told analysts.

There is the segment of short videos that Tiktok practically invented, and which

Facebook counters with its own Reels competition.

The competition in the short videos is crucial, according to Mr Zuckerberg. “There’s this long-term trend,” says the Facebook boss. “In the early 2000s, text was the primary way to share and consume content online. Then we got cameras on our phones, and photos became the main thing. And now that mobile networks are getting better and better, video is becoming the most important medium. It’s much more natural and engaging.”

Although Facebook is represented in the video medium – videos can be posted and viewed on all the group’s platforms – it is not the medium that users primarily associate with the Facebook platforms. These are Tiktok or Google’s competitor, Youtube. This gets overlooked in the dispute between Facebook and the Chinese app, although it can be described as the market leader.

In January 2022, mobile users spent an average of 23.7 hours on YouTube for the month, while they spent just 19.6 hours on Facebook and Tiktok. However, Facebook is, of course, not the only platform of the Meta group. Whatsapp (18.6 hours per month), Instagram (11.2 hours) and Facebook messenger (3 hours) have to be included in the calculation.

The growth rate speaks for the Chinese platform.

Since the beginning of 2018, Tiktok has grown its user count 17-fold, reaching the magical mark of one billion users who are active at least once a month.

The sales development also differs significantly: Tiktok’s parent company, Bytedance, was able to increase its revenues by 70 percent last year (to $58bn).

Meta is only at the 37 percent

mentioned at the beginning. In addition, there are significantly more younger users on Tiktok. The next generation of young teenagers between 12-19 years-old clearly prefers the Chinese app.

However, you must keep in mind that Tiktok is still much smaller than Facebook. This applies not only to sales ($58bn versus. $118 bn), but also to the number of users. Some 3.59bn people recently accessed all platforms of the Meta group at least once a month.

With Tiktok it was just 1bn monthly active users. When Zuckerberg says Tiktok is “much bigger”, that’s strictly for video.

Zuckerberg believes he has another ace up his sleeve. In his opinion, the development of popular content does not stop with videos. “I believe that an even more immersive format around virtual and augmented reality will be the next step after video,” he said at the analyst conference. “That’s why we’re so heavily invested there.”

He is alluding to the “Metaverse”, and that recently even prompted the company to change its name.

Zuckerberg’s idea is that VR or AR glasses could become the primary means of accessing the Internet, replacing smart phones.

Should the technology catch on as predicted, the Meta group would be well positioned with Oculus, its manufacturer of VR technology.

The savvy investor should monitor Meta’s share price over the next couple of months. Is it a buying opportunity or time to say goodbye to Facebook?

META VS TIKTOK

PAGE 6, Monday, February 7, 2022

LOCAL BROKER’S GRAND LUCAYAN ROLE IS ‘EXACTLY WHAT WE WANT’ FROM PAGE THREE offers for the purchase of the Grand Lucayan resort.

“Bahamian and international buyers are encouraged to field offers over the 30-day open period,” it added. “Local brokers and agents are encouraged to bring their clients to the table to participate in the sales process and, ultimately, share in any commission from a successful sale as has been customary in the past.”

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, last week revealed

that 5pm on Wednesday, March 2, is the deadline by which all bids to acquire the Grand Lucayan must be received.

Concerns were voiced, though, that the Government had seemingly “sidelined” Bahamian realtors on the Grand Lucayan sale in the absence of any confirmation that Colliers had partnered with a local broker as required by the Real Estate (Broker and Salesmen) Act 1995.

Christine WallaceWhitfield, the Bahamas Real Estate Association’s (BREA) president, said then that the Davis

administration needed to provide full transparency and disclose whether Colliers International is working alone or if it has partnered with a local realtor to facilitate the latest attempt to sell the Government-owned resort.

Mrs Wallace-Whitfield and BREA previously raised similar concerns when the Minnis administration hired Colliers back in 2018 for exactly the same purposes. But Michael Scott QC, the then-Grand Lucayan’s chairman, rejected those complaints by asserting that Colliers was working with the same Bahamian realtor now being used, Sterling Bahamas Realty.

NEW PI MARINA SET FOR APRIL UNVEILING HURRICANE Hole’s developer says its new marina will be fully operational and ready to welcome yachts in April 2022 with construction now “in its final stage”.

Sterling Global Financial, in a statement, said construction workers are “putting the finishing touches” on the Paradise Island-based marina’s redesign, with fixed and floating docks already installed.

It added that “a limited number of slips” are still available for purchase, with

slip rental reservations set to begin on April 1.

“We are very proud of this momentous accomplishment, and believe Hurricane Hole Superyacht Marina and Paradise Landing will benefit Bahamian tourism for generations to come,” said David Kosoy, Sterling Global Financial’s executive chairman and founder.

“We set out to create the greatest yachting destination in The Bahamas and I believe we are close to achieving that goal.” The marina’s perimeter has been expanded to more than

THE TRIBUNE 6,100 linear feet of floating and fixed concrete docks.

The redesign of the former Hurricane Hole Marina has created a 240foot wide turning basin, together with docks up to 420 feet in length. The new marina will have Customs on-site, electricity, laundry facilities and in-slip fuelling.

Wi-fi and Internet broadband access are also available.

The marina complements Sterling Commons, the mixed-use residential, retail and office development that is taking place landside at Hurricane Hole. A 700 Wines and Spirits store has already opened at the property, and a gourmet grocery store and waterfront restaurants are set to be added soon.

THE TRIBUNE

Monday, February 7, 2022, PAGE 7

NON-BANK LENDERS FACE ENHANCED REGULATIONS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Securities Commission’s top executive yesterday said the main law governing the Bahamian capital markets will undergo an “overhaul” this year.

Christina Rolle, the regulator’s executive director, told a webinar organised by Hubert Edwards, principal of Next Level Solutions: “Last year, we had an industry briefing where we went into a lot of details about our securities industry, financial resources rules, or what you may know as our regulatory capital rules.

These rules are in the final stages of being reviewed.

“We expect this year to complete an overhaul of the Securities Industries Act. we commenced that overhaul at the beginning of the year. For many of you who familiar with the legislation, the Securities Industries Act is a piece of legislation that is ten yearsold. So the legislation is in need of update.

“There’s been a lot of advancement in the securities industry since the legislation was enacted in 2011, and so we’re seeking to better align all of the operational changes in the capital markets and the securities industry with the way we regulate. We’re also going to fine-tune some of the definitions of registrable activity at the same time.”

Ms Rolle said the reforms plan to “rationalise and

clarify” how investment fund managers participate in the sector, “especially around the issue of independence”. She added: “This issue really came up after the Act and the regulations came into force.

“I guess it came up as people began to use the legislation, and so we do think that there needs to be some clarity around the issues of independence. We have that high on our agenda to complete this year.”

Ms Rolle continued: “We want to clarify a couple of other aspects to ensure that certain market participants are appropriately captured, and also to clarify the closed-end funds that are subject to regulation.

“With respect to the financial and corporate service providers, on Wednesday we issued for

public consultation what we refer to as the financial and corporate service providers (money lenders) rules.

“What these rules do for those of you who use the FCSP (Financial and Corporate Services Providers Act), you know that it includes non-bank money lenders that are registered under the Act,” she added.

“So, these rules are specifically addressing nonbank money lenders. I think that there are a couple of things that people want to pay attention to with respect to these rules and, specifically, they must provide for the fair treatment of clients, responsible lending and ensuring that representatives of money lenders are proper.”

CHRISTINA ROLLE

PAGE 8, Monday, February 7, 2022

‘FOLLY’: OVER ONE-THIRD OF FISH CATCHES SHADY FROM PAGE ONE

creates a rich diversity of marine species as the fisheries sector contributes around 1 percent to GDP, being the second [largest] exporter of fisheries products in the Caribbean,” the report said.

“The Bahamas produced 11,400 tons from captured fisheries in 2017, with the Caribbean spiny lobster and the queen conch accounting for about 68 percent and 29 percent of total catches respectively, with an annual contribution of 5.6m pounds in spiny lobster catch in 2017.”

However, warning that this performance could be endangered long-term, the IDB said: “The sustainability of these fisheries, as well as other fisheries - queen conch, Nassau grouper, snappers, stone crab and others - is challenged by the Government capacity to address IUU fishing as is estimated that 36 percent of all Bahamian landings fall under the IUU category.

“Queen conch constitutes the second biggest fishery in the country, with landings valued at $3m-$5m per year, and it is estimated that 23 percent of conch is harvested illegally and six out of ten are harvested before they are ready to reproduce.

“There is a need to strengthen the fisheries management plans, in combination with the use of new technologies such as vessel monitoring systems, regional and international partnerships and efficient licensing of fishing vessels to support the sustainability of the marine species,” it continued.

“Experience in other countries shows that the community-based approach to fisheries management could be more sustainable in the longterm, particularly in remote archipelagos where enforcement by fisheries authorities faces constraints.”

Mr Maillis told Tribune Business that numerous

studies, especially by Dr Kathleen Sullivan Sealey, had come up similar figures to the IDB report’s 36 percent when it came to the amount of lobster (crawfish) that was caught illegally in The Bahamas.

“I’m not shocked by the figure. It’s not a surprise to me,” he added. “We have lots of recreational fishermen in this country, Bahamians as well as tourists, who do not report their catches. There are tens of thousands of them each year.

“There are commercial fishermen that do accurately report their catches, but sometimes it’s very difficult because they base it on the weight of sale as opposed to weight of the catch. There can be substantial differences.”

Mr Maillis explained that fish catches could lose up to 60 percent of their weight if filleted before they were sold, resulting in a major reduction that potentially skewed records. “And

there’s a lot of fishermen that do not report outright,” he added.

“There’s not a strict mandate for commercial fishermen to report their catches under existing legislation. It’s never really been a big thing. There hasn’t been a lot of pressure from the science community or Department of Marine Resources to find out this information for many, many decades.

“It’s changing now. For many years, and most of the history of Bahamian commercial fisheries, this data has been lost. The only accessible data here is export data, and that probably represents only treated and sold product - not what is caught,” Mr Maillis continued.

“The 36 percent figure is accurate, though not all of it is illegal. A lot of it is unreported, a portion of which can be said to be illegal given the problems we have coming from Florida poachers, Cuban poachers, Dominican poachers and Bahamian poachers.

“We have a lot of different ways in which seafood is leaving the country, or is being consumed illegally without being reported.”

The National Fisheries

Association director said there were only “limited ways” in which the problem could be addressed, such as mandating accurate reporting by commercial fishermen as a condition for the annual renewal of their licences.

As for recreational fishermen, fisheries officers would need to check and record their catches for accuracy - an exercise requiring significant time and manpower. “We won’t know how to properly regulate if we do not know how much is taken from our waters,” Mr Maillis told Tribune Business.

“We can feel things are going wrong and try and make corrections, or work out what is going wrong and take action but, until then we will have this cloud of the unknown as to what is truly in our ocean.

“A prevailing mindset in this country is our oceans are infinite and cannot be exhausted, but as a commercial fisherman I can tell you that a very productive area can be over-fished in a short period of time and not replenished for a very long time. It’s folly for us to continue on this path of the unknown. It’s so dangerous.”

THE TRIBUNE

Calling for “greater national attention and focus” on this issue, including by the Cabinet, legislative process and Department of Marine Resources, Mr Maillis said it was vital to alter what he described as a “lackadaisical” approach to the Bahamian fisheries industry’s long-term sustainability.

He described the Queen conch as a prime example of this trend, adding: “We have gross over-harvesting of conch in this country.

While most expert fishermen know where they can get conch, the vast generating habitats of conch have been hugely depleted.....

Travelling through renowned conch areas you can hardly find any where there should be thousands.”

One consequence, Mr Maillis said, was that recreational fishermen - both tourists and Bahamians - struggle to find Queen conch because stocks have been “reduced to the point where they are only accessible to experienced Bahamian fishermen”.

“We have to take the conch problem very seriously,” he added.

THE TRIBUNE

Monday, February 7, 2022, PAGE 9

‘HUMANITARIAN CRISIS’ FEAR OVER CRUISE SHIPS’ ARREST FROM PAGE ONE - who he did not name - said to be in talks with the ships’ owner over the issue.

Pointing out that it was “in everyone’s interests that this be resolved as quickly as possible”, he added that the costs associated with repatriating the Crystal vessels’ crew could be “substantial” with the volume of COVID-19 tests to comply with Bahamian and international travel protocols along reaching into the thousands of dollars. Matters could “reach crisis point very quickly and become a nightmarish situation” if left to fester.

Confirming that both vessels are currently “anchored in the port of Freeport”, and are in the custody of the Bahamian admiralty marshall after Supreme Court arrest warrants were served on Friday, Mr Turnquest said Crystal Cruises and its immediate parent, Genting Hong Kong, have 14 days to respond by “entering an appearance” to the action he filed on February 1, 2022.

“What usually happens is that the stakeholders seek to resolve outstanding issues. There have been some discussions, but where that will lead is another matter,” he added. “The hope is that this matter will be resolved before it goes very much further.

“The crew is still on the ships. If the owners decide that they’re in it for the long haul, and are going to fight it, the shipping agent will take charge of repatriation.

I understand there are many Indians, there are many Filipinos. You are dealing with a big repatriation distribution, and the costs could be substantial.”

Mr Turnquest was hired

by Peninsula Petroleum, with a brief to initiate local proceedings obtain arrest warrants for both Crystal vessels, after they ducked the issuance of similar detention orders by the south Florida district federal court by remaining in Bahamian waters and outside US jurisdiction.

He added that Crystal Cruises and its Genting parent should thus have been aware that the Crystal Serenity and Crystal Symphony were likely to face legal proceedings, and arrest warrants, in whichever jurisdiction they were in and set funds aside to both pay off the alleged debts and maintain both ships and their crews until the dispute was resolved.

With the “status of the financial relationship” between Crystal/Genting and the Bahamian port agent unresolved, Mr Turnquest said: “There are a lot of fundamental questions that we don’t know the answers to....

“These are Bahamian ships that are Bahamian flagged. They are registered here. The last thing the Government wants is for a humanitarian crisis to erupt.

It’s a fluid situation, and it is in everyone’s interest for the matter to get resolved as soon as possible, but it’s too early to tell how.

“There will be a lot of moving parts to this. I’d like to think that, in the shortterm, the shipping agent will have the means to hold the line, hold the fort so that things do not get out of hand and get worse. It would be in Genting’s interests to make the shipping agent whole. Things will get incredibly complex if they don’t.”

Critical is Crystal/Genting’s willingness to provide the necessary funds to the shipping agent appointed by the admiralty marshall, with Mr Turnquest adding that the situation needed to “quickly turn on a dime to minimise the inconvenience to all and sundry including the crew”.

Financial strife at its immediate parent caused Crystal Cruises, which last year pioneered home porting in The Bahamas alongside Royal Caribbean, to suspend operations until at least April 29, 2022. This was to allow management to assess the company’s business, and determine its future options, with its parent set to run out of cash by end-January.

Genting Hong Kong’s woes, and Peninsula Petroleum’s securing of US arrest warrants, saw both Crystal Serenity and Crystal Symphony cut their last Caribbean cruises short by calling at Bimini, where all passengers were forced to disembark and either fly back to south Florida or take the Balearia Express ferry.

That move proved only a temporary respite for the two Crystal vessels as Mr Turnquest subsequently issued legal proceedings in The Bahamas on the fuel supplier’s behalf, with the cruise line’s treatment of passengers provoking numerous complaints and costing it much goodwill.

Bimini was also selected as the disembarkation point because of the presence of Crystal’s affiliate, Resorts World Bimini, whose dock it used. Resorts World is owned by a separate Genting company, and is said to be unaffected by the bankruptcy of its fellow Hong

Kong subsidiary, which owned the conglomerate’s cruise business.

With Crystal’s reputation and that of its ships on the line, especially if they seek to resume sailing, Mr Turnquest voiced hope that the outstanding debt was “chump change” to a

conglomerate of Genting’s size and would be settled quickly.

“Often creditors don’t take any pleasure in taking action,” he said. “The ball is in their [Genting’s] court. Let’s see what they do. From the crew to the creditors, everybody will be

happy in the short-term if they fund what needs to be done.”

Michael Maura, Nassau Cruise Port’s top executive, told Tribune Business that Crystal’s decision to suspend sailing will have minimal impact as it had just three calls planned for the Bahamian capital that were all due to happen in the 2022 first quarter.

PAGE 10, Monday, February 7, 2022

THE TRIBUNE

FIRST-EVER BAHAMIAN NAMED AS CHIEF BANKING INSPECTOR

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank has named a Bahamian successor to Charles Littrell, who will step down as its inspector of banks and trust companies when his term ends in July 2022.

The regulator, in a statement, said Karen Rolle had been appointed as acting inspector of banks and trust companies with effect from January 1, 2022, as it moves to effect a smooth transition with Mr Littrell serving in an advisory capacity.

She will have responsibility for ensuring proper supervisory oversight of all financial institutions regulated by the Central Bank, as well as providing leadership in engaging with external bodies. Ms Rolle will be the first Bahamian to hold the post since its creation in 2000.

John Rolle, the Central Bank’s governor, said: “We

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

look forward to Karen’s success in the inspector’s chair, as our financial supervision team engages with industry on a great many issues. These include the need to remain financially sound in the face of COVID and other challenges, and the need to maintain high standards for financial crime suppression”.

She joined the Central Bank’s bank supervision department in 1994, and has previously served in positions including deputy manager for authorisations and policy, as well as manager of the bank supervision department. In June 2018, she was appointed deputy inspector of banks and trust companies.

Ms Rolle’s Central Bank career spans some 27 years.

She currently serves on several strategic committees within the Central Bank, including the monetary policy committee and the policy advisory committee. She is also a member of the Board of Directors

for the Deposit Insurance Corporation.

In addition to her career at the Central Bank, Ms Rolle is the current chair of the Caribbean Group of Financial Supervisors and has also represented the Central Bank in many domestic and international meetings.

She has led or assisted with work related to antimoney laundering; Basel II implementation; riskbased supervision; online reporting; the credit bureau roll-out and crises management.

Ms Rolle holds a bachelor of science degree in accounting from Florida Memorial College, and an MBA from Nova Southeastern University. She has completed several executive-level studies with the Harvard Kennedy School and was recently awarded an executive certificate in public policy. She is also a certified anti-money laundering specialist through ACAMS.

NOTICE

NOTICE is hereby given that SANTOS SALVADOR ROJAS of P.O. Box SB-51324, Adelaide Gardens, New Providence, 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 7th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that RODELYN DENIZE of Peardale Manor, 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 8th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JEFFERY FILIUS of Marsh Harbour, Abaco, 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 25th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, February 7, 2022, PAGE 11

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

NOTICE

NOTICE is hereby given that JETLIE JOSEPH FLEURAIME of #20 Honey Dew Street, Bacardi Road, New Providence, 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 7th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 3 FEBRUARY 2022

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2195.12

-2.76

-0.13

-33.12

-1.49

(242) 323‐2330 (242) 323‐2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.05 2.05 2.90 2.60 6.00 10.05 3.60 9.02 3.50 7.01 12.00 2.71 10.10 11.06 10.75 15.00 4.00 9.91 16.50

52WK LOW 4.50 32.12 1.46 2.10 1.30 5.50 6.00 2.82 4.25 2.27 5.00 9.75 1.99 6.50 9.50 8.40 13.10 3.42 8.00 15.50

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

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

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

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.39 96.09 99.44 100.11 100.70 100.43 100.58 100.06 100.36

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.39 96.09 99.44 100.11 100.00 99.98 100.58 100.00 100.36

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 BGR118022 BGRS FX BGR139140 BGRS FX BGR141240 BGRS FL BGRS76025 BGRS FL BGRS84033 BGRS FL BGRS71023 BGRS FL BGRS75023 BGRS FL BGRS92028 BGRS FL BGRS98031

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1180227 BSBGR1391402 BSBGR1411408 BSBGRS760257 BSBGRS840331 BSBGRS710237 BSBGRS750233 BSBGRS920281 BSBGRS980319

LAST CLOSE 5.30 39.95 2.04 2.39 2.49 6.00 9.25 3.30 7.91 2.86 7.00 12.00 2.03 10.06 11.60 10.75 15.00 3.95 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 96.09 99.44 100.11 100.15 99.98 100.83 100.00 100.47

CLOSE 5.30 39.95 2.04 2.39 2.49 6.00 9.25 3.15 7.91 2.86 7.00 12.00 1.98 10.06 11.60 10.75 15.00 3.95 9.85 15.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.15) 0.00 0.00 0.00 0.00 (0.05) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

VOLUME

240 1,200

702

500

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 96.09 99.44 100.11 100.15 99.98 100.83 100.00 100.47

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.070 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 0.110 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

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 3.51% 5.60% 5.90% 4.53% 4.68% 4.53% 4.46% 4.34% 4.30%

P/E 22.2 42.9 N/M 34.1 N/M N/M 25.1 -7.2 56.5 15.5 15.6 16.6 19.4 21.5 18.0 14.8 18.4 19.5 10.5 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 4.60% 0.00% 0.00% 2.81% 0.00% 0.00% 4.20% 3.14% 6.00% 21.92% 0.60% 2.83% 2.23% 3.60% 3.04% 2.03% 3.93% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 13-Oct-2002 15-Sep-2040 17-Nov-2040 18-Jan-2025 22-Sep-2033 22-Oct-2023 7-Sep-2023 10-Nov-2028 26-Jul-2031

MUTUAL FUNDS 52WK HI 2.48 4.59 2.19 207.86 207.68 1.72 1.82 1.80 1.05 8.92 10.81 7.44 16.64 12.76 10.57 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.03 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 RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.48 4.59 2.19 204.67 199.97 1.72 1.82 1.80 1.02 8.92 10.81 7.44 16.64 12.73 10.57 N/A 10.43 14.89

YTD% 12 MTH% 3.60% 4.38% 3.43% 3.47% 2.22% 2.69% 1.37% 3.18% 8.18% 14.94% 2.70% 2.70% 1.63% 1.63% 2.39% 2.39% -2.79% -2.79% 5.11% 6.98% 7.77% 9.88% 2.28% 3.71% 19.64% 29.95% -0.81% -0.62% 5.19% 2.28% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date 31-Oct-2021 31-Oct-2021 29-Oct-2021 30-Sep-2021 30-Sep-2021 31-Dec-2021 31-Dec-2021 31-Dec-2021 31-Dec-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

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 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Monday, February 7, 2022, PAGE 13

MINISTER ATTENDS BDB BOARD’S FIRST MEETING A CABINET minister attended the first meeting of the Bahamas Development Bank’s (BDB) new Board on January 31.

Senator Michael Halkitis, minister of economic affairs, was present as Garvin Christie, Tischka Bowleg, Khalil Elliott, Kyron Strachan, Alfred Poitier and Bryan Woodside joined Senator Quinton Lightbourne, the BDB’s chairman, on the Board.

The meeting focused on the role development finance will play in improving The Bahamas’ economic performance.

Mr Lightbourne had previously said the BDB will focus on youth inclusion, gender equity and the cultural or ‘orange economy’ as it fulfills its mandate of economic diversification and expansion.

The BDB, in a statement, said the Board features a mix of professionals from

across The Bahamas’ productive sectors, which will help guide its lending programmes and other activities moving forward.

Pictured L to R are: Garvin Christie; Tischka Bowleg; Senator Michael Halkitis; Senator Quinton Lightbourne; Khalil Elliott; Kyron Strachan; and Alfred Poitier. Not pictured is Bryan Woodside

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 71° F/22° C Low: 55° F/13° C

TAMPA

uV inDex toDay

TONIGHT

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Sunny and pleasant

Mainly clear with a shower late

Mostly sunny and pleasant

Partly sunny with a few showers

Some rain and a t‑storm in the a.m.

Partial sunshine

High: 79°

Low: 66°

High: 78° Low: 67°

High: 77° Low: 66°

High: 78° Low: 67°

High: 79° Low: 66°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

83° F

69° F

85°-71° F

85°-67° F

83°-68° F

81°-63° F

High: 67° F/19° C Low: 55° F/13° C

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

N

almanac

E

W

ABACO

S

N

High: 77° F/25° C Low: 68° F/20° C

6‑12 knots

S

High: 79° F/26° C Low: 64° F/18° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 80° F/27° C Low: 65° F/18° C

N E S

E

W

WEST PALM BEACH

W

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High: 78° F/26° C Low: 65° F/18° C

MIAMI

High: 80° F/27° C Low: 65° F/18° C

7‑14 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 64° F/18° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 69° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.74” Normal year to date ..................................... 1.72”

ELEUTHERA

NASSAU

High: 79° F/27° C Low: 66° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 78° F/26° C Low: 71° F/22° C

N

KEY WEST

High: 75° F/24° C Low: 66° F/19° C

High

E

W

7‑14 knots

S

8‑16 knots

Low

Ht.(ft.)

2.5 2.2

6:30 a.m.

6:42 p.m.

0.3 0.0

1:06 a.m.

1:15 p.m.

2.4 1.9

7:28 a.m.

7:31 p.m.

0.4 0.1

Wednesday 2:01 a.m.

2:11 p.m.

2.3 1.8

8:28 a.m.

8:23 p.m.

0.6 0.2

Thursday

2:58 a.m.

3:09 p.m.

2.3 1.7

9:30 a.m.

9:18 p.m.

0.6 0.2

Friday

3:54 a.m.

4:06 p.m.

2.3 1.7

10:27 a.m. 0.5 10:12 p.m. 0.2

Saturday

4:46 a.m.

4:59 p.m.

2.4 1.8

11:18 a.m. 0.4 11:02 p.m. 0.1

Sunday

5:33 a.m.

5:46 p.m.

2.5 1.9

12:04 p.m. 0.3 11:49 p.m. 0.0

12:13 a.m.

12:24 p.m.

Tuesday

sun anD moon Sunrise Sunset

6:49 a.m. Moonrise 5:59 p.m. Moonset

11:03 a.m. none

First

Full

Last

New

Feb. 8

Feb. 16

Feb. 23

Mar. 2

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 72° F/22° C

High: 79° F/26° C Low: 74° F/23° C

N

High: 78° F/26° C Low: 68° F/20° C

E

W S

LONG ISLAND

tracking map

High: 79° F/26° C Low: 74° F/23° C

8‑16 knots

MAYAGUANA High: 80° F/27° C Low: 74° F/23° C

Shown is today’s weather. Temperatures

L

Ht.(ft.)

Today

High: 78° F/26° C Low: 72° F/22° C

N

S

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

tiDes For nassau

CAT ISLAND

E

W

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

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 79° F/26° C Low: 75° F/24° C

High: 79° F/26° C Low: 75° F/24° C

GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

8‑16 knots

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: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 7‑14 Knots SW at 4‑8 Knots SE at 7‑14 Knots NNE at 4‑8 Knots E at 8‑16 Knots SSE at 6‑12 Knots E at 8‑16 Knots ESE at 10‑20 Knots ESE at 7‑14 Knots SSE at 4‑8 Knots S at 8‑16 Knots W at 8‑16 Knots E at 8‑16 Knots SE at 3‑6 Knots NE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots SE at 8‑16 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots ENE at 4‑8 Knots E at 8‑16 Knots ESE at 8‑16 Knots SE at 8‑16 Knots SSE at 4‑8 Knots

WAVES 4‑7 Feet 3‑5 Feet 0‑1 Feet 0‑1 Feet 4‑7 Feet 3‑6 Feet 3‑5 Feet 3‑6 Feet 4‑7 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 4‑8 Feet 4‑8 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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