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KFC’s 35 lay-offs Accountants brace for reveal economic surge in insolvencies ‘chains’ breaking By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AHAMIAN accountants are bracing for “an uptick” in corporate insolvency work during the 2021 second half with companies already moving to restructure as hopes for a quick economic rebound fade. Ed Rahming, the Intelisys (Bahamas) founder and managing director, and Philip Galanis, the HLB Galanis managing partner, both told Tribune Business they were anticipating an increase in restructuring, receivership and liquidation-type jobs as growing numbers of businesses find themselves unable to cope with the financial devastation inflicted by the COVID-19 pandemic. “I do anticipate that. I’ve seen some of that already, and will likely see more of it,” Mr Galanis said of such work. “I think initially there will be an attempt

• Predict increase in 2021 second half • Firms moving on internal restructures • First eye staff and investment cutbacks

ED RAHMING

PHILIP GALANTIS

to restructure. Companies have already approached us about how to restructure before receivers are appointed by banks and other lenders. “I think many companies, because they see the hand writing on the wall, have voluntarily retained persons to help them restructure their business, both organisationally and financially. We are seeing an increase in both areas.”

Many Bahamian businesses are fighting for their very survival, given that the tourism recovery and wider economic rebound remain some months away at the very least. Mr Galanis suggested that their efforts, together with creditor forbearance, will likely delay any surge in liquidation and receivership work for the accounting profession until the latter months of 2021. “We won’t see an uptick

Property tax complaints system branded ‘flawed’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A LEADING real realtor has branded the real property tax appeals system as “flawed” because complainants first have to pay the sum they are disputing for the process to launch. David Morley, Morley Realty’s principal, told Tribune Business his concerns with the existing set-up were “two-fold” because homeowners could end up paying an “exorbitant” tax bill for several years while the challenge to the Department of Inland Revenue’s (DIR) valuation

DAVID MORLEY of their property awaited resolution. And, instead of repaying the sum in dispute should the ruling go against it, he said the government merely gives successful claimants a credit towards future real

SEE PAGE 7

‘Don’t talk, act’ call on marijuana pledge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE former Democratic National Alliance (DNA) leader is urging the government to “not just talk but act” on its proposed medical marijuana legislation, adding: “It’s better late than never.” Branville McCartney, who campaigned on legalising a medical marijuana and industrial hemp industry when he led the party into the 2017 general election, told Tribune

BRANVILLE MCCARTNEY Business that what the government is now pledging to do “should have been done years ago”. Recalling how the nowgovernment and current

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in liquidations and receiverships immediately; it’s likely in the 2021 second half,” he told this newspaper. “Hopefully people will try as best they can, and financial institutions and creditors will help companies be nursed back to good health in the first half. “But if we don’t see an improvement in the economy, companies will probably look to receiverships and liquidations in the second half of the year. I think a lot of that is also going to coincide with the ability to access COVID-19 vaccines. “I’d prefer to work with companies that are operating as a going concern rather than in receivership and liquidation, and where they see an opportunity to be nursed back to good

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE hotel union’s president says KFC’s decision to lay-off 35 workers exposes how “the chains” that bind the Bahamian economy together have either been weakened or broken by COVID-19. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) chief, told Tribune Business the fast food franchise’s action highlighted just how dependent many industries are on the tourism industry and the subsequent effects of the fall-out from that sector’s tepid re-opening. All 35 workers impacted are BHCAWU members, and Mr Woods said he understood those affected have been sent home on temporary furlough for 12 weeks. Once that period expires, KFC and its owner will reassess and determine whether to move to full severance payouts and permanent terminations.

DARRIN WOODS Restaurants Bahamas, the Bahamian Kentucky Fried Chicken (KFC) franchise’s owner/operator, in a statement on Friday blamed a combination of “the unprecedented economic slowdown” caused by COVID-19 and the government’s 10pm nightly curfew for the move to cut its more than 360-strong workforce by almost ten percent. The franchise had typically operated until midnight pre-COVID, but the curfew has effectively cost it some 21 operating hours per week to reduce both revenues and staff working hours. Restrictions

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PAGE 2, Monday, February 8, 2021

THE TRIBUNE

GOVT GRANTS $116M IN DORIAN TAX BREAKS THE prime minister says the Special Economic Recovery Zones (SERZs) have provided more than $105m in VAT, Customs duty and Excise tax breaks to aid Hurricane Dorian reconstruction. Speaking in Abaco on Friday, Dr Hubert Minnis said that besides these exemptions more than $11m in business license fees have been waived for 4,475 companies based in the storm-devastated areas of Abaco and Grand Bahama. To-date, he added that close to $6m has been disbursed by the Small Business Development Centre (SBDC) to micro, small and medium-sized enterprises (MSMEs) to aid their recovery with the government providing some $138m in direct support to Dorianhit families and businesses during the 2019-2020 fiscal year. “While there is still much work to do here on Hope

OPENING of the Elbow Cay shoreline. Photos: Yontalay Bowe/ Town and throughout BIS Abaco and Grand Bahama, we are making progress together,” said the prime minister, who was speaking at the commissioning ceremony for the Hope Town Shoreline Stabilisation Project. In 1999, Hurricane Floyd caused severe damage to the edge of Queen’s Highway and nearby sand dunes on Elbow Cay, resulting in the loss of beach sand in front of

the dune. Various attempts were made to re-construct the dune but, in 2011, it was again severely damaged by Hurricane Irene and a subsequent tropical storm. “These series of events accelerated the shoreline erosion, which ultimately damaged the seaside edge of the road, leading to a sharp and dangerous drop-off,” said Dr Minnis. “In some sections, traffic

was reduced to one lane of road width. Immediate action needed to be taken to keep the road in a safe condition for motorists and pedestrians, and to stabilise the shoreline to mitigate further shoreline erosion.” The Ministry of Public Works developed a design to repair the road and stabilise the existing dune and shoreline. A $3m contract for the work was signed in August 2019 with Bahamas Marine Construction, but Hurricane Dorian and the COVID19 pandemic delayed the project. The scope of work includes the rehabilitation of 790 feet of roadway, the construction of 850 feet of concrete retaining wall with steel railing and backfilling, and planting of dune vegetation. “From tragedy to adversity the project pressed on and works were substantially completed in August 2020,”

CHAMBER DIRECTOR DISAGREES OVER SEVERANCE PAYOUT CALL

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CHAMBER of Commerce director says he disagrees with the director of labour’s call for some employers to pay furloughed workers full severance packages over fears they will not find new jobs. Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour specialist, told Tribune Business that while such payments might provide workers who have been furloughed since March 2020 with short-term relief from financial hardship, the question they had to ask was: “What do you do when the money runs out?” Referring to John Pinder’s remarks that he had urged some employers, who he did not identify, to pay

PETER GOUDIE

JOHN PINDER

full termination packages to staff who want them, Mr Goudie said: “I don’t agree with him. You get your redundancy payment, there are no jobs to apply for, and when your redundancy money runs out, what do you do? Go back to begging for social assistance? “That’s my feelings. I’m just very concerned about it, and when you think about it all of them will be out of a job.” The government’s COVID-19

emergency powers orders, which have been extended until May 23 this year, suspend Employment Act provisions requiring companies to pay full severance to workers sent home for 12-13 weeks until 30 days after they expire. This means that Bahamian workers still on furlough, or temporary layoff, could remain so for 15 months until end-June 2021 if they had been placed in this status back in March

2020 when the pandemic first struck. Hotel industry workers, especially some Atlantis staff, have been among the most vocal in demanding that they be paid their full severance entitlement because they are finding it increasingly difficult to survive on the now-$100 per week that they are receiving from the Government-funded unemployment benefits. However, the flip side is that they may struggle to find new work once their severance pay is used up, while employers may simply be unable to afford the mandated redundancy because of the devastating financial hit inflicted by COVID-19. “I think it’s safe to say that this is a double-edged sword,” Mr Pinder said earlier, “in that there are persons who will now be in extended furlough

position who would like to receive severance pay, but the employer for the most part, especially those major employers, feel as though they don’t want to get rid of their good staffers and they are not in the position to offer everybody a severance package. “So they find themselves in a Catch-22. Yes, people want to receive their severance pay and probably could make an investment and do something with it, but if this thing turns around sooner than we expect and you get rid of all your qualified staffers and those persons who could provide good service, now you find yourself in a position whereas you have to now find yourself new staff and retrain them. “Even if the persons who you let go decide they want to find something else, but they can’t find what they want and you have to

bring them back, there is no guarantee persons on extended furlough will be rehired once the employer has to do that at the same position, with the same salary, with the same benefits. As long as you are on furlough, they still have their tenure. They still have the same positions and they still have the benefits that they were entitled to.” Mr Pinder’s calls was previously backed by Obie Ferguson, the Trades Union Congress (TUC) president, who said he preferred full severance packages for furloughed workers to the government extending unemployment benefits until end-February 2021. But Mr Goudie argued: “Right now they still have a job to go to. So once our vaccine comes in, we get people immunised, then our economy will start coming back.”

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Monday, February 8, 2021, PAGE 3

Govt urged: Tackle GB airport’s costs if you buy By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters A PROMINENT Freeport hotelier is warning the Government that it must tackle Grand Bahama International Airport’s (GBIA) high costs if its prospective purchase is to “grow the destination”. Magnus Alnebeck, Pelican Bay’s general manager, hailed announcements by multiple ministers that an acquisition is close as “fantastic news” even though others in Freeport’s private sector have adopted the “believe it when we see it” attitude given how long negotiations have dragged on. The resort executive said it was vital that such a key infrastructure asset, which acts as the tourism and commercial gateway to Grand Bahama, be owned by a proprietor that wanted to expand the island’s economy rather than an entity seeking to extract as much profit as possible from a diminishing customer base. Arguing that the present ownership duo, Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd, fell into the latter category, Mr Alnebeck said the airport “has to be better” than its post-Hurricane Dorian appearance of “a tin and some rusty chairs”. Suggesting that Grand Bahama International Airport does not have to

be redeveloped into “the world’s most fantastic airport”, and that something slightly less will do, the Pelican Bay chief added that airline connectivity at competitive costs and fuel prices was more important for the island’s revival as a tourism economy. He said the present airlift situation, with the island being served by minimal carriers and flights, was unsustainable especially since ticket prices were more expensive between Miami and Freeport than those for the Nassau route. Mr Alnebeck, adding that resolving the airport situation was also vital to unlocking fresh tourism and other investment in Grand Bahama, and potentially supporting ITM/ Royal Caribbean’s Grand Lucaya purchase, told this newspaper: “If it [the Government’s purchase] happens it is fantastic news. “From day one, and I have been in The Bahamas for 15 years, I have been saying the airport needs to be owned by an entity that wants to grow the destination instead of making money out of fewer and fewer passengers.” He added that this strategy with Grand Bahama International Airport “has always been the problem, and that’s the problem with the hotel deal”, and compared the situation thus: “Very few people would buy into a swimming pool if you cannot control that

Advocate criticises ‘ant like’ pace on marijuana By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A MARIJUANA advocate has voiced concerns the government is moving too slowly to legalise the sector and develop industrial hemp, comparing its speed to “an ant trying to nip at a piece of bread”.

Terry Miller, chairman of the Bahamas Cannabis Research Institute (BACARI), told Tribune Business he has “very mixed feelings” after the prime minister on Friday said the government is currently completing legislation to legalise medicinal marijuana. He added that Dr Hubert

filters the water into the pool.” “There has been the challenge with the operating costs at the airport that are generally passed on to airlines and passengers, and make it too expensive that no one wants to fly there,” Mr Alnebeck added. “If this purchase happens it will be fantastic news, and then I hope they [government] find a solution as to who operates the airport as opposed to messing with the airport themselves. It’s a wonderful idea that the people of The Bahamas own the airport as opposed to a private company that wants to make money out of it.” Mr Alnebeck spoke out after Dionisio D’Aguilar, minister of tourism and aviation, and Carl Bethel QC, the attorney general, last week both said the airport’s purchase via the Airport Authority was close and that the major negotiating points and legal issues had been resolved. Many observers believe that Hutchison and the GBPA, which own the airport 50/50 via the Freeport Harbour Company with the Hong Kong conglomerate holding management control, walked away from their obligations to rebuild the Dorian-ravaged facility in the storm’s aftermath. The initial terms were for the Government to acquire the airport for $1 and take over the responsibility for rebuilding, with Hutchison

and the GBPA retaining the Dorian insurance claim proceeds. Reconstruction costs have been estimated at $60m to reconfigure the airport and harden it against future storms. With the Public Treasury increasingly cash-strapped due to COVID-19, the Government is looking to a private-public partnership (PPP) to raise the necessary financing and construction/ management expertise similar to the Nassau Airport Development Company (NAD) model. “A lot of people think it has to be the most fantastic airport in the world. It doesn’t,” Mr Alnebeck added. “Very few people decide to go to a destination based on what the airport looks like. The important thing is it works, has lots of connectivity and has cheap air fares. “It has to be better than a tin and some rusty chairs, which is what we have at the moment. The airport needs to accommodate airlines and accommodate planes and work; it doesn’t need to have the most fantastic art work in the world. It’s more important we get people coming. “I hope we can quickly get a functioning airport where the airlines have someone to talk to and fuel costs that match Nassau’s. One of the issues has always been that fuel is more expensive in Freeport than Nassau. Very few people

Minnis’ comments seemed to neglect the development of an industrial hemp sector, which is a separate niche from medical marijuana. “On the one hand, it is long overdue, and on the other it breaks up the whole industry into pieces,” Mr Miller said. “If you want to do medical marijuana you should be doing industrial hemp at the same time....... Why are we lagging so slowly? Why are we just nipping at this like an ant trying to nip off a piece of bread?

“What upsets me is the consultation that the Prime Minister promised has not happened. I don’t know anything about it. I don’t know anything about consultations. I have sent in policy briefs for the Prime Minister’s Office and did not even get a response that they had received it.” Dr Minnis said on Friday: “The government is in the process of now completing legislation to bring to Parliament to legalise

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will choose to go to a destination with an airport that is owned by a company that seems very difficult to work with.” With increased airlift by international and local airlines vital once the pandemic has eased, Mr Alnebeck said: “Trying to survive with American Airlines and Silver Airways, and American Airlines having more expensive tickets between Miami to Freeport than Miami to Nassau, doesn’t work.” Some Grand Bahama businesses, though, say they will “believe it when they see it” after multiple Cabinet ministers last week said the Government was close to purchasing Grand Bahama International Airport (GBIA). Brent Collins, chief executive of Freeport-based Power Equipment Ltd, said: “I saw something where the promised reopening of the Grand Lucayan has been put back again and may not happen at the end of the month how they had planned, so until I see it happen I’m not listening or believing anything that I read or see.

“So many people depend on that airport, from the taxi guys, the people who are ready to serve food, to the people who sell t-shirts. All of the people who make Bahamian food and cause people to want to come to Grand Bahama, they are being affected by not having that airport fully operational. That’s a lot going on. It’s too much to talk about.” Barry Smith, general manager of Paradise Cove Beach resort, told Tribune Business: “I think it would be a good idea for someone to open that airport up because right now the tourism industry is suffering due to the fact that we have no flights coming in. “I don’t think they should buy it, but if they have to they need to own it so it can become more prominent and not just give it up to a private owner so we can be assured that if something happened, it wouldn’t take years and years to have it fixed.” Vesna Laing, general manager of Zorba’s Greek Restaurant, said: “The airport is the gateway for business. Freeport is dead right now.”

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

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THE TRIBUNE

Advocate criticises ‘ant Taxi union targeting like’ pace on marijuana Wednesday protest FROM PAGE THREE

medicinal marijuana so that medical marijuana could be grown by Bahamians here - utilised and exported – medicinal marijuana.” This comes after Bahamas National Commission on Marijuana Co- Chair Quinn McCartney told The Tribune last week that the body hoped to submit its final report surrounding the use of marijuana to the government in the first quarter of this year. The Prime Minister did not say how advanced the draft legislation is, and when it might be brought to Cabinet or Parliament, with some likely to view the announcement as a further indication that Dr Minnis is stepping up campaign activities ahead of the upcoming general election. The governmentappointed Economic Recovery Committee (ERC), in its report late last year, recommended that all Bahamas-based companies involved in the production, manufacturing, sale and export of cannabis must have a “minimum” of 50 percent Bahamian ownership. Its 63-page report, tabled in the House of Assembly, called for “a hybrid approach” to the marijuana issue that includes “decriminalisation for small amounts and legalisation with strict regulatory

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control offers”. It added that this provides The Bahamas with “an opportunity for economic growth, increased employment, increased revenue from both excise and VAT taxes and a decrease in crime as criminal elements would no longer be suppliers and distributors”. The committee also called for the government to “make crown land available to Bahamians to cultivate cannabis (with special provisions for small-scale farmers and the Rastafarian community), and manufacture cannabisbased products”. “The government should avoid over-regulation of the market, which will have the effect of sustaining a black market for smaller producers or retailers who do not have the means to navigate complex bureaucracies,” the ERC added. It also urged an exemption of CBD products - hemp and hemp derivative products with minimal or no THC levels - “from the regulatory ambit, and permit their trade with minimal restriction”. Mr Miller, though, expressed concerns over how licensing would work. He said: “What really concerns me is who are going to get these licenses? When we talk about it being a Bahamian industry, the question is: Which Bahamians? “That is why we created an alternative investment network cooperative, so that every Bahamian - the poor Bahamian, the middle class Bahamian - can have ownership in an industry that should be owned by the people of this country? “I’m not excited about this announcement at all, because I didn’t see the consultation. We have draft legislation ready to go, we have a lot of information that we want to put into this. We want to know before that Bill goes

to Parliament and we want to have discussions about it. The Prime Minister’s Office was supposed to put out a white paper. Where is that?” Suggesting that Dr Minnis is missing a step by not having wider consultations, and opting to go directly to Parliament, Mr Miller said: “I’m disappointed. When are we going to talk about advancing this democracy, because it seems as if more and more the prime minister is only listening to a small group of guys and choosing to give them information, and ignoring others.” The prime minister, responding to the committee’s report, said: “The commission recommended allowing medicinal marijuana use. The ERC has recommended the full legalisation of marijuana for medicinal, religious and recreational purposes coupled with an appropriate but nimble regulatory regime that oversees the production and manufacturing, sale, consumption,and export of marijuana. “The global legal cannabis market is already in the billions of dollars with significant projected growth in the years to come. We are reviewing the possible legalization of a hemp industry and will report back to the nation following greater public consultation. “A hemp industry would include variations of cannabis low in THC. Bahamian-owned or majority Bahamian-owned companies must - and will - lead any new hemp industry in The Bahamas. Hemp is used in multiple products from clothing to building materials and even in tea bags, such as some Lipton’s tea bags. There are potentially many opportunities for creative Bahamian businesspeople to get involved in this new industry.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Taxi Cab Union is planning a Wednesday protest outside Parliament against the Road Traffic Department’s efforts to “confiscate” 40 plates belonging to retired drivers. Wesley Ferguson, the union’s president, said these taxi plates are managed by his union on behalf of retired drivers. While the union collects a nominal management fee, he said the income generated from the plates’ lease is of great benefit to the retired taxi drivers and their families. “All of them are at risk,” Mr Ferguson explained, adding that Bradley Sands, the Road Traffic Department’s controller, had informed the union he has

KFC’s 35 lay-offs reveal economic ‘chains’ breaking FROM PAGE ONE on indoor or eat-in dining have also cut into earnings for KFC and rival fast-food and restaurant businesses. “For almost a year now the curfews imposed on New Providence have severely impacted sales and revenue. We have made adjustments throughout this pandemic in order keep everyone employed, but unfortunately we now find ourselves in the position where this very difficult move is simply unavoidable,” said Nina Maynard, Restaurants Bahamas’ human resources director. Restaurants Bahamas, which is ultimately part of businessman George Myers’ Myers Group, which owns other local fast-food franchises, said the early closures (likely 9pm) caused by the Government’s curfew mean it “loses an entire segment of business” and cannot roster its staff for their contractual days and hours as set out prior to the pandemic.

the “prerogative to confiscate the plates”. “He’s now wrangling with the union as if he’s trying to take the powers of the union,” Mr Ferguson said. “I’ve been inundated with issues from the Road Traffic Department after 40 years of business as the norm. Mr Bradley Sands seeks to disenfranchise, and to just disenfranchise taxi drivers and send them home with no recourse. Over the last 40 years, the union is an entity where you can bring your plate to for safekeeping.” Mr Sands could not be reached for comment. As for the taxi plates that were promised to union members after the moratorium on plates was lifted in 2019, Mr Ferguson said: “We were promised by the then-minister [for transport] Renward Wells that these plates will be issued in short order. It is now going

on close to 18 months. The taxi plates are nowhere to be found.” Calling on the government to show “some kind of humility, some kind of compassion”, Mr Ferguson said it was vital that the taxi plate issue be resolved before the economy rebounds from COVID19 so that drivers can get a head start for when tourism revives. He added: “Right now we have about 500 taxi drivers in the union and growing out of 1,135. But the BTCU speaks and represents every taxi driver. It doesn’t matter whether you are in the union or not. Once we negotiate, every taxi driver benefits from our negotiation. So when we come downtown next week, there’ll be the entire taxi industry for Wednesday morning. The entire taxi industry.”

It added that efforts to lobby the government for an extension of the curfew to later at night, given that COVID-19 infection rates and cases have declined in recent months, were unsuccessful giving it little choice but to implement the lay-offs across its nine locations. Mr Woods said KFC’s move meant no industry where the union’s members are present has been spared by the pandemic. “KFC was the only area not targeted by lay-offs or furloughs previously,” he told this newspaper. “It now means that all the areas we represent have been infiltrated by lay-offs.” Confirming that the franchise had provided him with the same rationale for the workforce downsizing, Mr Woods said the curfew meant KFC was “unable to operate at full capacity” while the government’s restrictions also confined it to just drive through and take-away operations. However, he argued that the job cuts also reflected how the hotel and tourism industry’s ongoing weakness was being felt at all levels of the Bahamian economy. Mr Woods said job losses and income cuts in that sector were resulting

in much-reduced discretionary spending that was being felt by KFC and multiple other companies throughout the country. “Everything is connected,” he told Tribune Business. “One way or another it’s connected or there’s a common thread running through it. Persons in the hospitality industry patronise other businesses in the country, and those workers in those businesses then patronise other companies. It’s like a chain, and when one link in the chain breaks it weakens the whole chain. “That’s why it’s so important for the industry as a whole to open up because it has a trickle down effect. These are the businesses that are really suffering. People are unable to frequent these places like KFC as often as they can. It does say who patronises these businesses. “All areas are impacted as a result of it. I was in a store, a clothing store, and the only people in there were my wife and I besides the two employees. That says everyone is being affected. Every time you turn around it’s something different,” Mr Woods added.

THE TRIBUNE

Monday, February 8, 2021, PAGE 5

All aboard for the market manipulation game ACTIVTRADES WEEKLY ByCARLOALBERTODECASA www.activtrades.bs

IRST GameStop then silver shortly after, hit the front pages of the business press across the globe in the last couple of weeks. This was due to an alleged battle between an army of Davids (the retail traders of Reddit) and a few Goliaths (some large investment funds). The reality is probably not as simple, as many of the large funds were actually among the biggest gainers from the GameStop rally for example. Let’s rewind the tape. A huge number of small traders, mostly on Reddit coordinated themselves and decided to take the same trading position, almost at the same time, to make the value of a financial instrument soar. Two weeks ago, they

YOUR

targeted a cryptocurrency called Dogecoin, which saw a sudden tenfold value increase. In just 24 hours it went from 0.007 to about 0.07 cents. The move on GameStop was even more striking: shares in the Texan video games company were worth less than $20 at the beginning of the year before jumping to about $77 on January 25, and to a whopping $325 last Friday, thanks to a major rally that boosted its market capitalisation to over $22bn. The purchase orders sparked from the Reddit chats and spread at lightning speed. Unity was indeed strength in this case. The coordinated move of a wave of small investors overwhelmed numerous investment funds, some of which racked up multimillion-dollar losses. Among them was Melvin Capital, which lost 53 percent in

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LEGAL NOTICE

NOTICE

IN THE MATTER OF RK PORTER SOUTH LIMITED NOTICE IS HEREBY GIVEN in accordance with Section 138(4) of the International Business Companies Act Ch.309 THAT: 1.

At an Extraordinary Meeting of the Members of RK Porter South Limited on the 19th day of January, 2021 it was RE SOLVED that the Company be wound-up voluntarily.

RK Porter South Limited (In Voluntary Liquidation) is in dissolution.

Proceedings to wind-up and dissolve the Company were commenced on the 19th day of January, 2021.

Any person having any claim against the Company is required to send their name, address and particulars of debts to the Liquidator at P.O.Box SP-63126, Nassau, Bahamas before the 19th day of February, 2021.

Ms. Debi Williams, whose address is Suites 203 & 205, Katherina Court, Olde Towne at Sandyport, West Bay Street, Nassau, Bahamas is the Liquidator of the Company for the purpose of winding up the affairs of the Company and distributing its property. LEGAL NOTICE

NOTICE

IN THE MATTER OF TNT BAHAMAS LIMITED NOTICE IS HEREBY GIVEN in accordance with Section 138(4) of the International Business Companies Act Ch.309 THAT: 1.

At an Extraordinary Meeting of the sole Member of TNT Bahamas Limited on the 19th day of January, 2021 it was RESOLVED that the Company be wound-up voluntarily.

TNT Bahamas Limited (In Voluntary Liquidation) is in dissolution.

Proceedings to wind-up and dissolve the Company were commenced on the 19th day of January, 2021.

THE LOGO of mobile investing app Robinhood.

January, due to its short exposure on GameStop. After causing GameStop to climb spectacularly, this “army of traders” switched their attention to silver, which is a much bigger whale. It’s still debated who really was behind this move but the attempt proved successful to begin with: silver hit its highest level in eight years earlier this week, climbing above $30 an ounce. How did it happen? As with stocks, the silver price rises when demand outstrips supply. If the disproportion between supply and demand is high, the rise becomes a rally, often uncontrolled. At times like this, the mechanism can

become a self-feeding circle, and not necessarily a virtuous one. Investors who bet on a fall in the price of the underlying commodity found themselves trapped as closing their short positions became more and more costly. As panic set in, many ran for cover, buying at a higher price, recording big losses and boosting prices even further. But it didn’t stop there: almost 50 percent of the total demand for silver comes from the industrial sector. Some of the companies that use it, worried about the sudden jump in price, might have decided to buy, to avoid having to pay even higher prices in future, contributing - involuntarily

– in feeding this bullish spiral that saw silver top $30/oz. However, the charge swiftly ran out of steam with silver proving much harder to shift then their previous targets. Indeed, the silver market has a huge number of players involved. More specifically, silver is the sum of an array of markets: physical (jewellery, industrial, investment, central banks’ reserves) and financial

(ETFs, futures, options and many other derivatives as certificates, CFDs etc.). After skyrocketing to $30/oz, silver has lost the majority of these gains, with the price dropping back to $27. The resistance level of $30 touched on Monday and last summer proved to be a significant barrier. At least for the time being, the fundamental drivers fought back against the irrationality of markets.

PAGE 6, Monday, February 8, 2021

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Accountants brace for surge in insolvencies FROM PAGE ONE

health because it’s better for the shareholders, employees and the economy long-term.” Mr Rahming backed Mr Galanis on the timing of the expected increase in insolvency and restructuringrelated work, telling Tribune Business: “I haven’t seen it yet, but the expectation is that it will happen, particularly with the economy being in the state that it’s in and tourism pretty much being non-existent. “Those businesses directly related to tourism are going to be struggling this year, no doubt about that. We do anticipate that tourism is going to struggle throughout 2021 and into 2022. Whether we see an uptick, I presume so, but that certainly hasn’t happened yet with local businesses. “They’ve found ways to manage the crisis, control costs and release funding to the small man - the employees of the company and those people crucial to the

company. We haven’t seen businesses taking the decision to go into liquidation. They’re probably restructuring internally, but haven’t made the decision to go into liquidation.” Mr Rahming said many failed Bahamian businesses simply opted to close the doors rather than go the route of formal voluntary liquidation, especially given that the costs associated with this process often outweigh the benefits and sums that might be recovered. “In The Bahamas, generally speaking, a lot of businesses just informally wind down themselves, meaning the close the door, pay who they can pay, let creditors know the situation and walk away,” he explained. “We’re not as litigious as other jurisdictions where creditors pursue the company if it decides to liquidate or close the business. Other jurisdictions have a safety net, do it the right way, wind down and appoint a liquidator. “In this market, creditors have to accept that if a company goes into liquidation they have to weigh the balance; whether to pursue the company that has gone into liquidation and what the recovery will be as a result,” Mr Rahming continued. “If a company has gone into liquidation it’s likely they have very little to give you. Yet they do have the option to meet with creditors, give them what they can and close the door. It happens quite often unfortunately.” Mr Galanis, meanwhile, said uncertainty continued to plague the Bahamian private sector due to an inability to forecast when the tourism

and wider economic recovery from COVID-19 may start as major visitor markets start to roll-out their vaccination programmes. “What I’m hearing and seeing is that a tremendous number of companies I’m involved with and aware of have seen a significant reduction in revenues,” he told this newspaper. “They’re looking at cutting back on staffing and capital improvements. “The economy cannot grow if you do not inject money into it. Much of that is driven by the tourism sector. There’s so much uncertainty over what’s happening with tourism. That’s the prime driver of the economy. Much depends on whether banks are amenable to lending money. “I’m looking forward to a really mixed year. There are some companies that are more resilient and able to fare better than others. The restaurant and entertainment businesses will be suffering for a period of time. We’ll not be able to see the economy restart until we put an end to the fears and reach of the pandemic.” However, Kendrick Christie, the Crowe Bahamas accountant and partner, told Tribune Business it was “too early to tell” whether there will be an upswing in corporate insolvencies and receiverships. “I think businesses are resilient,” he added. “Based on my understanding of what’s happening on the ground businesses are seeking to control costs, look at new avenues of revenue and different ways of being paid digitally. A lot of entities are going to be more efficient in how they manage their companies.

Legal Notice

NOTICE EMERA INCORPORATED (“Emera”) Notice to Holders of Depositary Receipts DIVIDEND NOTICE UPDATE The custodian of Emera’s depositary receipts has advised Emera that due to logistical challenges related to Covid-19, the payment of the dividend of CAD $0.159375 per Emera depositary receipt (CAD $0.6375 per common share of Emera) payable to depositary receipt holders of record as at February 2, 2021 may be delayed until on or before February 26, 2021.

PUBLIC NOTICE

The Bahamas National Council for Disability Executives wish to advise the public that NO DUES should be paid to

Monique Carey or any other person appointed by her on behalf of the organization.

Monique Carey

is NO LONGER recognized as the President of the Council.

All dues should be paid to

Mrs. Altermese Major, the elected Treasurer. She can be contacted at

454-4966

for further information.

THE TRIBUNE

Monday, February 8, 2021, PAGE 7

Property tax complaints system branded ‘flawed’ FROM PAGE ONE property tax bills rather than a simple cheque or other payment form. “In order to lodge a challenge you’re required to give proof that you’ve paid that assessment in full,” Mr Morley explained. “To me, that’s flawed because in every case everybody’s challenging it not because the assessment is too low but that the assessment is too high. “For example, if you think you paid two times’ what you think it’s worth, they won’t give you the cheque back - they’ll give you a credit towards it. How long is it going to take to resolve? It may take two years. You’ve paid two years at an exorbitant rate before the ruling, and they give you a credit, but they’re happy to charge you if you’re delinquent in paying.” The Auditor General’s Office, in its recent performance assessment of real property tax’s performance, said a swift and impartial appeals process was critical to upholding taxpayer perceptions that the system is fair and that they have the ability to challenge Department of Inland Revenue (DIR) valuation assessments and billings. “An important aspect of assessment is fairness.

Property owners must perceive that the process of property valuation is fair,” the report added. “When taxpayers have a grievance on their property assessment, then they can launch a query... “Department of Inland Revenue has a process to manage appeal caseload, including the Tax Appeal Commission Act 2020 and the courts.” However, while the Tax Appeal Commission has been given the authority of statute law, the Auditor General’s Office said the appeal process is being impacted by a lack of staffing and training, as well as a likely increase in cases. Calling for the appeals process to be “streamlined” via automation, and timelines for the processing of complaints to ensure it “flows smoothly and efficiently”, the report added: “The system requires the Department of Inland Revenue to establish a preparation framework to address the influx of cases due to the revaluation of existing properties and valuation of additions to the tax roll. “We recommend streamlining the objection and appeals process for tax efficiency through adequate staffing and training; processing objections within a specified timeframe and public awareness of the same, and automation to

streamline cases through the system and improve user experience.” Mr Morley, meanwhile, recalled another bureaucratic obstacle he encountered recently when seeking to obtain a Tax Compliance Certificate on behalf of a commercial property that Morley Realty manages,. “On December 30 I requested a Tax Compliance Certificate,” he said. “They responded back ten days later saying the Business Licence had expired and denying it. Yes, by the date you replied to us the business licence had expired, but it was valid when we made the request.” Mr Morley wrote back requesting “leeway” because the business licence was valid when the tax compliance certificate submission was made, “and you have to give us the certificate at the date we requested. They complied”. Tribune Business reported last week how up to 40 percent of real property tax bills go astray, and never reach the intended taxpayer, because of incorrect mailing addresses that lead to them ultimately being returned to the Department of Inland Revenue. Failure to receive their bills, the Auditor General’s Office added, encouraged

homeowners and businesses to believe they were relieved of their obligations to pay and thus resulted in “loss of revenue” that was contributing to massive real property tax arrears now exceeding an estimated $600m. The report, which was submitted to Gaynell Rolle, the Department of Inland Revenue’s chief valuation officer, on December 14, 2020, also argued that the process of creating real property tax bills is too long as it takes two years for penalty surcharges for nonpayment to be added. “According to our review of the Bill creation process of the real property tax, we noted that it is lengthy,” the Auditor General’s Office found. “The length of time

from bill creation to early discount to surcharges being added for non-payment is two years. The nature of the billing process contributes to taxpayer confusion and the accumulative arrears. “The mode of issuing bills also needs to be revised as 30 percent to 40 percent of bills mailed are returned for incorrect addresses. However, homeowners that do not receive a bill must understand that the property tax is still due. When persons do not receive a bill, they think that they are not obligated to pay. Unpaid tax bills result in a loss of revenue.” To address the situation, the Auditor General’s Office urged: “We recommend that the Department

of Inland Revenue streamline the bill creation process to reduce the lengthy turnaround time. The mailing address issue should be resolved to reduce the large number of returned bills. Consideration should be given to using other mail delivery mediums, such as automated notification.” The high cost of noncompliance was reinforced by the auditor general’s audit of the government’s accounts for the 2017-2018 fiscal year, the first in the Minnis administration’s five-year term in office. It revealed that real property tax arrears increased by a further $78.21m during those 12 months to end the year above $600m.

PAGE 8, Monday, February 8, 2021

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

‘Don’t talk, act’ call on marijuana pledge FROM PAGE ONE opposition both ridiculed and dismissed the DNA’s then-position, Mr McCartney said the Minnis administration had been forced by COVID-19’s economic devastation to rethink its approach and embrace plan laid out by its Economic Recovery Committee (ERC). Speaking after the Prime Minister on Friday said legislation to give effect to a medical marijuana industry is presently being drafted, Mr McCartney said: “I think that has a lot to do with it; the economic fall-out from COVID-19. The government has to look at ways to develop new industries, quite frankly. “Our tourism industry is really on hold for the time being. That has a devastating effect on our economy. The government has to do something to look at different ways to try and stimulate the economy. The factor of COVID-19 has a lot to do with it coming into play. “There were members of this government a few years ago saying this was never going to happen. The former minister of health [Duane Sands] seemed to be against it. I’m glad to see the government coming around and making a decision on it.” Agreeing that Bahamians should hold majority ownership in any medical marijuana industry, while still retaining the ability to joint venture with overseas nationals, Mr McCartney said this nation “certainly doesn’t

have anything to lose” in legalising the sector. “I think we need to get it started post-haste,” he added. “All in all, let’s not just talk about doing the legislation but put it into action. Get the law done, that’s the foundation, but we cannot leave it there. Put it into action. “We’ve had the Freedom of Information Act and left it there. We cannot just speak and say we’re looking at legislation on this issue. We need to get the law, ensure the law is in place and need to act on it - not have it sitting there and it not being put to good use.” Mr McCartney spoke out after Dr Hubert Minnis said on Friday: “The government is in the process of now completing legislation to bring to Parliament to legalise medicinal marijuana so that medical marijuana could be grown by Bahamians here - utilised and exported – medicinal marijuana.” This comes after Bahamas National Commission on Marijuana Co- Chair Quinn McCartney told The Tribune last week that the body hoped to submit its final report surrounding the use of marijuana to the government in the first quarter of this year. The prime minister did not say how advanced the draft legislation is, and when it might be brought to Cabinet or Parliament, with some likely to view the announcement as a further indication that Dr Minnis is stepping up campaign activities ahead of the upcoming general election.

The government-appointed Economic Recovery Committee (ERC), in its report late last year, recommended that all Bahamas-based companies involved in the production, manufacturing, sale and export of cannabis must have a “minimum” of 50 percent Bahamian ownership. Its 63-page report, tabled in the House of Assembly, called for “a hybrid approach” to the marijuana issue that includes “decriminalisation for small amounts and legalisation with strict regulatory control offers”. It added that this provides The Bahamas with “an opportunity for economic growth, increased employment, increased revenue from both excise and VAT taxes and a decrease in crime as criminal elements would no longer be suppliers and distributors”. The committee also called for the government to “make crown land available to Bahamians to cultivate cannabis (with special provisions for small-scale farmers and the Rastafarian community), and manufacture cannabis-based products”. “The government should avoid over-regulation of the market, which will have the effect of sustaining a black market for smaller producers or retailers who do not have the means to navigate complex bureaucracies,” the ERC added. It also urged an exemption of CBD products - hemp and hemp derivative products with minimal or no THC levels - “from the regulatory ambit, and permit their trade with minimal restriction”.

THE TRIBUNE

Monday, February 8, 2021, PAGE 9

YELLEN: BIDEN’S PLAN COULD RESTORE FULL EMPLOYMENT BY 2022 WASHINGTON Associated Press TREASURY Secretary Janet Yellen, pictured, said yesterday the country was still in a “deep hole” with millions of lost jobs but that President Joe Biden’s $1.9tn relief plan could generate enough growth to restore full employment by next year. Republican senators argued that Biden’s proposal was too expensive and they cited criticism from Larry Summers, a treasury secretary under President Bill Clinton, that passage of the measure could run the risk of triggering runaway inflation. Summers also contended that Biden’s plan would make less money available for other initiatives such as improving the nation’s infrastructure. Yellen, a former Federal Reserve chair who is the first woman to lead the Treasury Department, said the central bank had the tools to handle any potential inflationary threat. She said the urgent need now was to deal with the problems raised by the pandemic-induced recession: as joblessness, lost small businesses and reopening schools. “We face a huge economic challenge here and tremendous suffering in the country. We have got to address that,” Yellen said. “That’s the biggest risk.” The House and Senate

this past week approved the legislation necessary to pass Biden’s package through a process known as reconciliation, which only requires 51 votes in the Senate. The Senate is split 50-50, with Vice President Kamala Harris the tiebreaking vote. House Speaker Nancy Pelosi, D-Calif, has said she said she hopes to approve the specific budget details of the Biden proposal over the next two weeks, aiming to get the measure through Congress before current unemployment benefits run out in mid-March. House Democrats plan to propose boosting the child tax credit, now at a maximum of $2,000, to as much as $3,600 per child annually, according to information obtained yesterday by The Associated Press. The proposal will be part of the COVID-19 relief bill they are writing that is expected to largely follow Biden’s plan.

NOTICE NOTICE is hereby given that WHITLYN INNOCENT, of Pinedale, Eight Mile Rock Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February 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 NATIRITE PASCALE TAMARA MICHAUD, of #17 Shirley Park Avenue, 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 8th day of February 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 JOHNLEE PAUL, of Farrington Road House #2, 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 8th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The House Ways and Means Committee has jurisdiction over about half of Biden’s $1.9tn proposal, including support for workers, the jobless and people’s health care costs. The committee’s Democrats were expected to release their full plan today. The child tax credit increase is expected to help about 20 million lower-earning people. The Democrats’ bill will follow Biden’s proposal to increase the child credit to up to $3,600 for each child under age 6 and as much as $3,000 for those up to 17. Under the House Democrats’ plan, those amounts would begin to phase out for individual parents earning $75,000 yearly and couples making $150,000. All families would receive the full

amount, even if they owe no federal income taxes, and payments to families would be made monthly. “This money is going to be the difference in a roof over someone’s head or food on their table,” the committee chairman, Rep Richard Neal, D-Mass, said in a written statement. The child tax credit proposal is supported by the White House and Senate Democrats, according to House Democratic aide who was not authorised to publicly discuss private deliberations and spoke on condition of anonymity. The child tax credit details were first reported by The Washington Post. Republicans cited the warnings raised by Summers that the $1.9tn plan was too large and that Biden was violating his campaign promise to work with Republicans once elected. “Larry Summers is a liberal Democrat ... in favour of big government spending and he has said, this is way too much,” said Sen Pat Toomey, R-Pa. Biden and his team have argued that a big economic package is needed to avoid the mistakes made in 2009 when the Obama administration was unable to get increased support through Congress, resulting in a

long, slow recovery after the 2008 financial crisis. The government reported on Friday that the economy only created 49,000 jobs in January after having lost jobs in December. Yellen said the recent jobs reports raised fears that the job market is stalling with ten million people still unemployed and four million who have dropped out of the labor market. “We’re in a deep hole with respect to the job market and a long way to dig out,” Yellen said. Citing a report from the Congressional Budget Office, Yellen said the unemployment rate could remain elevated for years to come and it could take until 2025 to get unemployment back to 4%. The jobless rate stood at a half-century low of 3.9% a year ago before the

pandemic hit. She said if Biden’s relief package is approved, the country could get back to full employment by next year. “There’s absolutely no reason why we should suffer through a long, slow recovery,” Yellen said. The Biden package as been criticised for setting the cutoff for $1,400 direct payments too high, allowing wealthier Americas to collect the payments. Yellen said the administration was willing to negotiate with lawmakers, but did not specify what that threshold should be. Biden said in a CBS interview on Friday that he believed his push to raise the federal minimum wage to $15 per hour from $7.25 probably would have to be removed in order to meet Senate rules on budget reconciliation.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LeVann Brendan Forbes, of #4 Foxdale Subdivision, Nassau, Bahamas intend to change my names from Levann Brendon Haven, Lee Van Brendan Forbes and Levann Brandan Forbes to LeVann Brendan Forbes . If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that MICHAEL WOODSIDE, of Farrington 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 1st day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that CHERLIUN ILIENUS, of Kelly Lane off Johnson 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 8th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 10, Monday, February 8, 2021

THE TRIBUNE

MARKET REPORT www.bisxbahamas.com

FRIDAY, 5 FEBRUARY 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

2017.29

-55.08

-2.66

-75.17

-3.59

(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 10.20 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 2.15 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

CLOSE 4.50 32.12 1.62 2.15 1.67 6.00 6.61 2.98 4.74 3.50 5.50 10.20 2.61 6.85 9.92 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1.04) 0.05 0.00 (0.06) 0.00 0.00 0.00 0.00 0.00

VOLUME

15,000

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

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 VOLUME

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 14.1 25.6 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% 7.06% 16.63% 0.88% 3.31% 2.86% 4.00% 3.16% 2.35% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

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

MATURITY

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

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

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P/E - Closing price divided by the last 12 month earnings

To advertise in The Tribune, contact 502-2394

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

Public Notice

Estate of The late Stanford Gustavous “Gus”,“Big Jew” Outten. We the Attorneys acting for and on behalf of the Executor of the above mentioned Estate, wish to advise the General Public that no one is authorized to negotiate, sell, collect payments, dispose of or enter into any contractual relations in the name of, or on behalf of the late Stanford ‘Gus’ Outten to the exclusion of the Executor of his Estate. Therefore, any and all correspondence, issues, inquiries and relations touching and concerning the said Estate or the business dealings of The late Stanford ‘Gus’ Outten, should be directed to the attention of: BowePartners & Associates Caves Village Business Center, Suite 1, Building 4, P.O. Box SP-64293 Nassau, The Bahamas Telephone # 327-8669 or 70 Attorneys for the Executor

PAGE 12, Monday, February 8, 2021

THE TRIBUNE

NORTHERN NEW MEXICO COLLEGE ANNOUNCES CANNABIS PROGRAMME ESPANOLA Associated Press

NORTHERN New Mexico College has placed cannabis — or rather, the cannabis industry — in its course catalogue. The Española-based college is launching an online class that focuses on preparing professionals to be successful in the cannabis industry, which may be taking on added prominence in New Mexico in the near future. Northern New Mexico College is working with SeedCrest, a statebased cannabis education provider, on the eight-week Cannabis Establishment

Technician course that starts March 22. Northern New Mexico College’s course follows a trend of higher education institutions developing curricula in the drug and alcohol industries. Central New Mexico College has certification and degree programs in brewing and beverage management, while New Mexico State University offers a brewery engineering programme. Northern New Mexico President Rick Bailey told the Santa Fe New Mexican that the purpose of the programme is to bring an education model to people who are or plan on entering

the medical cannabis field to help them better serve clients and the industry. He said many employees at medical marijuana dispensaries do not have an adequate understanding of products or local and state laws, and the course is designed to help people with both. It opened for registration Feb 1. Two years in development, and Bailey said the technician course will abide by the rules and regulation of the state’s medical marijuana programme. However, he added it can expand based on any changes to state law regarding marijuana use.

State Sens Daniel IveySoto, D-Albuquerque, and Cliff Pirtle, R-Roswell, introduced separate cannabis legalisation on Monday. “Northern’s interest is in education and we are going to be respectful of what the Legislature decides,” Bailey said. “Right now, there is a need for this education for the current work force. If legislation leads to adult use now or later, we will have a workforce development educational career path that is all ready to go.” Shanon Jaramillo, owner and CEO of SeedCrest, said Northern New Mexico College’s programme is ahead of the curve in providing

and education model for students interested in the cannabis industry since it is the first of its kind in New Mexico. “This is a huge, huge stride for the cannabis industry overall that Rick Bailey can standardise and become a role model for other colleges.” Jaramillo said. Bailey said state colleges and universities ultimately could develop programmes that address both the educational and agricultural aspects of the cannabis industry. He said there is a possibility the technician course could evolve into an associate’s degree

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 72° F/22° C Low: 64° F/18° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Mostly sunny and beautiful

Mainly clear

Pleasant with plenty of sunshine

Breezy in the morning; mostly sunny

High: 80°

Low: 69°

High: 80° Low: 66°

High: 79° Low: 67°

High: 79° Low: 68°

High: 81° Low: 67°

AccuWeather RealFeel

90° F

71° F

87°-67° F

86°-66° F

83°-66° F

85°-67° F

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

almanac

ABACO

High: 76° F/24° C Low: 72° F/22° C

6-12 knots

High: 81° F/27° C Low: 68° F/20° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 70° F/21° C

N E S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 74° F/23° C Low: 66° F/19° C

High: 78° F/26° C Low: 68° F/20° C

MIAMI

High: 82° F/28° C Low: 72° F/22° C

6-12 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 73° F/23° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 85° F/29° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.86” Normal year to date ..................................... 1.72”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 69° F/20° C

High: 79° F/26° C Low: 73° F/23° C

KEY WEST

High: 78° F/26° C Low: 71° F/22° C

tiDes For nassau High

4-8 knots

6-12 knots

Low

Ht.(ft.)

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

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

3.1 2.5

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

Friday

8:10 a.m. 8:31 p.m.

3.0 2.5

1:53 a.m. -0.5 2:35 p.m. -0.4

Saturday

8:52 a.m. 9:13 p.m.

2.9 2.5

2:38 a.m. -0.4 3:15 p.m. -0.3

Sunday

9:31 a.m. 9:54 p.m.

2.8 2.5

3:21 a.m. -0.2 3:52 p.m. -0.2

sun anD moon Sunrise Sunset

6:49 a.m. 6:00 p.m.

Moonrise Moonset

4:18 a.m. 3:02 p.m.

New

First

Full

Last

Feb. 11

Feb. 19

Feb. 27

Mar. 5

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 73° F/23° C

High: 80° F/27° C Low: 74° F/23° C

High: 80° F/27° C Low: 72° F/22° C

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 74° F/23° C

Ht.(ft.)

Today

High: 80° F/27° C Low: 73° F/23° C

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

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

CAT ISLAND

programme or even more. “As the state explores the direction of the industry, Northern will be ready to offer the educational and workforce development component of that strategic direction,” Bailey said.

6-12 knots

MAYAGUANA High: 81° F/27° C Low: 74° F/23° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 80° F/27° C Low: 75° F/24° C

High: 80° F/27° C Low: 75° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 75° F/24° C

8-16 knots

10-20 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 S at 4-8 Knots S at 7-14 Knots SE at 4-8 Knots ESE at 7-14 Knots ESE at 6-12 Knots ESE at 8-16 Knots ESE at 10-20 Knots E at 10-20 Knots ESE at 6-12 Knots SE at 7-14 Knots SE at 6-12 Knots S at 6-12 Knots E at 6-12 Knots ESE at 8-16 Knots E at 10-20 Knots E at 12-25 Knots ESE at 8-16 Knots ESE at 10-20 Knots ESE at 8-16 Knots E at 10-20 Knots SE at 6-12 Knots SE at 7-14 Knots E at 8-16 Knots E at 10-20 Knots SE at 6-12 Knots ESE at 8-16 Knots

WAVES 3-5 Feet 3-6 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-5 Feet 3-5 Feet 3-6 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-6 Feet 1-3 Feet 2-4 Feet 3-6 Feet 4-8 Feet 0-1 Feet 1-2 Feet 1-3 Feet 3-5 Feet 1-2 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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