02102021 BUSINESS by tribune242

business@tribunemedia.net

WEDNESDAY, FEBRUARY 10, 2021

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JAMES SMITH

BPC director: Activists can’t dictate on oil By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS Petroleum Company (BPC) director yesterday argued that “pressure groups” cannot dictate to a sovereign nation whether it should seek out and exploit its natural resources. James Smith, the former finance minister and Central Bank governor, told Tribune Business that had BPC’s Perseverance One well struck commercial oil quantities it should be the government - and, by extension, all the Bahamian people - determining whether to pursue this opportunity rather than a small number of environmental activists using the courts. “As a sovereign nation, The Bahamas has the right to search for and determine what resources and how much are within its borders and, with scientific evidence, can decide whether to pursue it,” he said. “It’s always been the sovereign’s right to determine that, not any pressure group...... “If oil was found then the government should decide, even if it needs to get a fresh mandate from the people who put them there, rather than pressure groups. No country should be run by minority pressure groups. If they want to make these kinds of decision, they should run for Parliament.” Waterkeepers Bahamas and Save the Bays, the two environmental groups behind the Judicial Review challenge to BPC’s permits and approvals, have indicated they plan to see the action through to the bitter end despite the oil explorer abandoning its exploratory well after no commercial oil quantities were found. Mr Smith, who together with former Royal Bank of Canada (RBC) chief, Ross McDonald, comprises BPC’s Bahamas-based directors, railed at the lastminute legal action that came after the company spent more than ten years and $120m in preparation to drill Perseverance One. He added that the environmental groups would also have restricted the government’s freedom to act “at a time in our history when we’re in the midst of a pandemic, the economy is going south rapidly and the government has very limited options”. Arguing that “the proof of the pudding is in the eating”, Mr Smith said the drilling and sealing of Perseverance One without any oil spills or pollution showed that activist fears on this issue had been “greatly exaggerated and embellished” without any scientific facts to support them. And he added that the government, at no cost to itself, will obtain from BPC’s efforts samples and analysis of the Bahamian seabed that could prove useful if it chose to explore other resources that may have been detected in the area. Among the unanswered questions is whether BPC will seek to renew its five

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Recruitment woe ‘biggest obstacle’ to AID’s growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MAJOR Bahamian retailer says “the biggest obstacle” to its expansion is the lack of “basic Maths and English” skills among potential recruits as it aims to build a 200-strong workforce by June. Jason Watson, Automotive Industrial Distributors (AID) president, told Tribune Business that many prospective hires are “unable to function in our environment” because they were scoring poorly on the simple entry test they were asked to complete. Acknowledging that AID is far from the only employer affected by these struggles, he added that finding the right staff to expand the company’s workforce by up to 50 persons compared to pre-COVID-19 levels was critical to ensuring its $8.2m

sending in resumes, there’s a lot of interest, but when we test them we find they’re not suitable.” Nevertheless, Mr Watson said AID has been hiring “constantly” and almost on a weekly basis, with three new recruits taken on board last week and a further four hired the week before. AID is aiming to re-open its reconstructed Blue Hill Road location by June, with the store requiring a 35-40 strong staff when “fully up and running”. With its new Harbour Bay site requiring ten employees, Mr Watson said the required hiring “will take us over 200” workers by mid-2021. “We were around 160 a few months ago, and have been adding. We should be between 200 and 210

BAHAMIANS face “a rude awakening” once COVID-19’s true economic and fiscal costs are revealed, a governance reformer warned yesterday, as he called for “accelerated efficiency” in government. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the devastation inflicted by the pandemic was likely to be “deeper” than the government both knew and was disclosing. Suggesting that the full picture will provide an unpleasant surprise “when the dust settles”, he argued that improving the ease and cost of doing business via improved public sector performance was critical to jump-starting The Bahamas’ ability to grow its economy back to health. With ORG urging that

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• Impact likely ‘deeper’ than govt realises • Reformer waited 15 months for tax refund • ‘Accelerated efficiency’ for public sector

ROBERT MYERS greater government efficiency, and improved fiscal management, must come before any imposition of new and/or increased taxes, Mr Myers cited numerous examples of public sector red tape and bureaucracy that continue to stifle the private sector and possibility for greater domestic and foreign direct

investment (FDI). Citing his personal 15-month wait to obtain a tax refund from Customs, the ORG chief said he had heard numerous complaints from other business executives about agencies such as the Department of Environmental Planning and Protection (DEPP) and the Town Planning Committee “dragging their feet” on permits and approvals. The inability to pay utility bills online because digital portals were not functioning was another issue, while Mr Myers echoed concerns voiced this week by David Morley, Morley Realty’s principal, about businesses and homeowners having to first pay disputed tax amounts before they can appeal these levies.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Acknowledging that the government, and by extension, The Bahamas, are “in a real predicament” that is not of their making due to the global economic devastation inflicted by COVID-19, Mr Myers said the local fall-out will likely be “deeper” than what the Minnis administration realises and is letting on. With The Bahamas in “good company” with other countries when it came to elevated debt and unemployment, he added: “I think when the dust settles and the numbers come in, and people look at where we’re at, it will be a rude awakening. “We know times are desperate because the government is giving money out

staff members by June,” he added. Many other Bahamian employers, though, will recognise Mr Watson’s concerns about the quality and skills levels of potential hires being produced by the country’s education system. Little has changed since the early 2000s, when the private sector-driven Coalition for Education Reform first exposed the potential economic and social crisis that was building up due to the persistent “D-” average BGCSE exam score that has remained constant over the subsequent 15 years. That average grade does not include the many students who cannot qualify to sit the BGCSE exams, instead departing high

‘Rude awakening’ awaits on true COVID-19 costs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$10m Exuma development unveils plans A $10M resort/marina project is aiming to create 50 construction, and up to 30 full-time, jobs on Exuma if it received the go-ahead from the government’s regulatory agencies. The Marina at Hooper’s Bay, which will be the subject of a virtual planning meeting on Monday, will feature 11 villas containing 30-35 hotel rooms when full build-out is completed. The project’s Environmental Impact Assessment (EIA), compiled by Caribbean Coastal Services (CCS), did not identify the investors behind the project or their sources of financing, and this newspaper was unable to uncover more details before press time last night. However, in outlining the development’s potential economic impact, the EIA said: “This five-year project will employ up to 50 Bahamians during construction and up to an additional 25 to 30 residents for continuing services, which will have a positive impact on the Exuma economy. “The project is expected to have a real estate sales value in excess of $10m. Additional revenue will be derived from marina slip leases, as well as hotel and restaurant income. The marina will be conveniently located within an estimated 30-minute drive from the Exuma International Airport in Moss Town, and an estimated ten minute drive to George Town. “The marina is located on land directly across the Queens Highway from the former Bank of Bahamas building, and close to the Exuma Resource Centre, as well as other locally-owned businesses including Darville Lumber, Prime Island Meats, CNK Liquors and Smithy’s Market. Visitors to The Marina at Hooper’s Bay are expected to provide increased revenues to these businesses.” According to the EIA, the Marina at Hooper’s Bay will be developed in two phases. “Phase one will include the acquisition

• Retailer finds potential hires ‘can’t function’ • Challenged to take on 50 for $8m expansion • Sales down 15-20%; bracing for supply hit investment in new stores delivers the targeted returns. “The biggest problem we really have is finding persons that are suitable,” Mr Watson told this newspaper. “A lot of times, when we bring them in to be tested, the test scores may be too low so it’s difficult to hire those persons. “It’s a big, big problem for us and everyone else. The level of education is a big obstacle right now. We have a lot of young people we’d like to hire, and the test we give is not too difficult, but if they don’t get a certain score we’re not able to hire them as they don’t have the basic Maths and English to be able to function in our environment. “That’s the biggest challenge. A lot of people are

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Andros lodge: Oil strike out removes ‘dark cloud’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN Andros bonefishing lodge’s co-owner yesterday said “a large dark cloud” that helped slash bookings by 30-40 percent has been removed with the failure to discover commercial oil quantities. Shawn Leadon, joint proprietor of Andros Island Bonefish Club, and head of Andros Outdoor Adventures, told Tribune Business that he could now see “light at the end of the tunnel” after Bahamas Petroleum Company (BPC) announced it was abandoning and sealing its Perseverance One well. Disclosing that just the threat of oil contamination had dissuaded his high-end eco-tourism clients from visiting, Mr Leadon urged that Androsians and Bahamians generally be consulted on any future exploratory oil wells proposed by BPC or other outfits. He told this newspaper that the Minnis administration had “left a bad taste in my mouth” by seemingly failing to consult with

• Blames BPC drilling for 30-40% booking slash • But ‘light at end of tunnel’ after well turns dry • ‘Bitter taste in mouth’ on consultation absence

STENA ICEMAX DRILL SHIP himself and other Andros businesses/residents, especially since they stood to be the most impacted by drilling activity taking place just 90 miles off the island’s west coast. “That’s awesome, that’s awesome,” Mr Leadon responded when informed that BPC was capping its well after failing to strike commercial oil quantities. “That’s a plus for us and I hope they cap it properly. That created a bad look for our business, and if they had

discovered oil it probably would only have benefited a select few. “What drives our economy is these small businesses that are keeping communities alive. Our clientele will be saying they’re back on board; the threat is not real any more. That darkness, that cloud has been removed and that’s a good thing. It’s a breath of fresh air. “Every time you talk to someone in eco-tourism, and you have that [oil]

threat on the back end, that’s a serious threat to our environment and business. That’s done, and now there’s light at the end of the tunnel.” BPC left open the possibility that it may seek to drill more exploratory oil wells in The Bahamas once it has completed its full analysis of the Perseverance One results, as well as continuing discussions to find a joint venture or farm-in partner. In the short-term, though, its attention is switching to its other assets in Trinidad & Tobago, Suriname and Uruguay. Should oil exploration resurface, Mr Leadon urged the government to “embrace stakeholders” and let all interested parties be heard on the potential impacts and whether such activities should be permitted to proceed. “We lost out on revenue because of that,” he told Tribune Business of BPC’s

well. “We need to be part of the discussion. We lost almost 30-40 percent of our business as a result of that, and then the pandemic. It’s crazy. We lost bookings and clients. “This type of business is a very sensitive business, and you’re dealing with clients who are very attuned to the environment. They don’t want to be in a place where you may create some sort of damage to it. They travel all over the world to see that kind of environment, but when they hear about this kind of threat, it speaks to your governance and throws everything off course. “Tourism is our number one industry. I’m a stakeholder in Andros and it has affected me. We were never brought into the discussion, and that has left a bad taste in my mouth with this administration. The should have spoken to Androsians and Bahamians at large. It affected Androsians more than anybody else. Thank goodness we can see light at the end of the day. It was a hefty dark cloud.”

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THE TRIBUNE

BTVI TRAINING 52 IN CONSTRUCTION SKILLS FIFTY-two persons in the West End and Bimini constituency are being trained in construction fundamentals by the Bahamas Technical and Vocational Institute (BTVI). The National Centre for Construction Education and Research (NCCER) training initiative is being held in conjunction with Valencia College. The virtual training is in modules, which allows participants to build on their knowledge and skills at each level. Pakeisha Parker-Edgecombe, the area’s MP, took her team into the constituency to ensure people registered for the training. Her office also paid the registration fee for each participant and provided laptops where necessary. “This training is in keeping with the government’s mandate that technical, vocational education and

training becomes a focal point within communities. Certification will elevate you,” said Ms Parker-Edgecombe. “I am very proud because I see the fruition of teamwork between BTVI, Valencia College and the constituency office of West End and Bimini. Students of this programme will be a part of programmes which will empower them, their families and ultimately the country.” Ms Parker-Edgecombe appealed to participants not to drop out of the course, urging them to remain steadfast as it is a chance to gain skills. Upon successful completion of the core programme, students will receive an NCCER wallet card and certificate. The NCCER’s core curriculum is a prerequisite for all NCCER training.

Alexander Darville, BTVI’s dean of construction trades and workforce development, said the accelerated training provided by the NCCER will help The Bahamas to close some wide skills gap it faces in its workforce. “The support from government is there. The government is pouring dollars and cents into these certifications. This new, virtual approach is different, but technology is the way to go. The good thing about this certification is it is globally recognised,” said Mr Darville. Credentials are tracked in the NCCER’s national registry. This portable system allows organisations and companies to track the qualifications of their craft professionals, which are stored in a secure database. The qualifications of possible new hires can

PAKEISHA PARKER-EDGECOMBE

KEVIN BASDEN

DR ROBERT ROBERTSON

also be verified. BTVI’s Chairman, Kevin Basden, urged participants to go beyond the NCCER’s core programme. “It is a journey we hope you will continue, such that you would become a specialist in your selected field or training,” he added. “You are definitely being trained at industry standards, and it is a pleasure for BTVI, along with your member of parliament, Ms Edgecombe, to provide you with this opportunity to learn a skill and receive

qualifications which make you more marketable. “I believe you are now being positioned to help bridge the skills gap in the country. I therefore want all 52 of you to take full advantage of this course, not only because we want you to be successful, but because you and your technical skills are needed in our country.” Dr Robert W Robertson, BTVI’s president, said that after orientation the intention is to focus on short industry-certified courses

in construction and technology. These courses will soon be identified on the BTVI website. “The courses will be available to individuals who are looking to improve their skills in preparation for the post-COVID-19 economy,” said Dr Robertson. BTVI’s goal is to roll out NCCER training to other areas of The Bahamas this year. In late 2020, 30 Moore’s Island students became recipients of accelerated training towards NCCER certification.

increased by between 40 percent to 60 percent over the last 12 months as a result of the COVID-19 pandemic when compared to traditional growth rates. Communication platforms such as Skype, WhatsApp and Zoom recordings have experienced usage increases as high as 304 percent, 609 percent and 800 percent, respectively, in 2020. BTC’s online safety tips include: • Never share a password or account number over e-mail or instant messaging tools. • Do not open links from unknown accounts; always be suspicious. • Be wary of suspicious callers, pop-ups, websites or e-mails asking for personal information. • Check the senders and the pages you open before typing your username and password. You can try using the wrong password if you distrust the page. • Your antivirus must be up to date, and your devices updated on security patches.

• Your lifeguard is the second authentication factor (MFA, Token). • Make an inventory of your users and passwords (applications, e-mails, websites, subscriptions, etc). • Do not use the same password for everything. Try to use patterns that only you know. Change passwords frequently. • Immediately file a report with local authorities if there is ever an incident or suspicion of identity theft. Safer Internet Day was celebrated in more than 170 countries globally. To help mark the occasion, Liberty Latin America employees hosted a range of initiatives to raise awareness about internet safety across Latin America and the Caribbean. Mr Ruiz said: “Information security plays a crucial role in ensuring users can safely access the internet, and we are committed to playing our role in helping to protect our customers and communities as they navigate the digital world.”

BTC HELPING TO PROMOTE SECURE INTERNET ACCESS THE Bahamas Telecommunications Company (BTC) and its parent company, Liberty Latin America, yesterday marked Safer Internet Day by promoting secure electronic access for all. Felipe Ruiz, Liberty Latin America’s vice-president of information security, said: “In our industry we see first-hand how important access to the digital world is, and the impact it can have on helping communities to grow and thrive. “However, we must also raise awareness and educate users on how to engage safely and responsibly. Safer Internet Day is a great reminder that we must always equip users with the knowledge and tools to help safeguard themselves in our digital environment.” BTC recognised the event with three virtual

summits for upper primary and junior high school students. Safer Internet Day aims to create a safer but also better internet, where all users are empowered to use technology responsibly, respectfully, critically and creatively. This year’s theme was Together for a better Internet. Garfield “Garry” Sinclair, BTC’s chief executive, said: “The Internet impacts us all. We are still in the throes of a global pandemic, and people are spending a lot more time online - whether it’s students who are still primarily receiving their education in an online environment or adults working from home. “As a responsible corporate citizen, we believe the message of Safer Internet Day is important now more than ever. Online safety is a multi-stakeholder initiative, and sessions like these will

DR EDRICA RICHARDSON

HARRISON THOMPSON

ZENA DEAN

SGT MAKELLE PINDER

provide invaluable information for students. We want to empower our students to become even smarter digital citizens.” Sessions included presentations from educator Zena Dean; therapists Dr Edrica Richardson and Harrison Thompson; and Sergeant Makelle Pinder and other members of the National Crime Prevention Unit. Topics featured how to become a better digital citizen, cyber bullying and other emerging

online issues. The COVID-19 pandemic has accelerated digital connectivity and internet use, and highlighted the need to expand access. It is not simply work or study from home; it is from anywhere in the world, such as a shopping centre, a cafe or an airport etc. Users now set the safety measures, and they need to ensure these are as strong as possible. Global internet activity is estimated to have

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Wednesday, February 10, 2021, PAGE 3

FULL SEVERANCE PAY IS ‘DOUBLE EDGED SWORD’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday argued it was a “double-edged sword” for companies to give furloughed workers full severance packages, as he urged persons to remain committed to their employers. Dion Foulkes, minister for labour and transport, did not give his full backing to revelations by John Pinder, director of labour, that he has started to recommend to some unnamed employers that they pay full severance to employees who have been on furlough for nearly 11 months. “That’s a double edged sword. There are many businesses that that have temporarily laid off their staff. If they offer redundancy packages or pay them out severance pay, their employment will be terminated,” Mr Foulkes said. “There will be no hope of them going back to work. The government is hopeful that the persons that were laid off, for example, at Atlantis and Baha Mar and now at Sandals, the majority of those persons are coming back to work, and they’re able to have gainful employment for years to come.”

However, Obie Ferguson, the Trades Union Congress (TUC) president and labour attorney, who backs full redundancy packages for furloughed workers, countered: “Yes, workers do have jobs now, but they have no income. “If you have employment and there is no income, and you aren’t able to say within reason when you will be permitted to return to work, then what purpose is that serving? The [Employment] Act provides for reinstatement. Workers have a statutory right to be reinstated after redundancy would have taken place. The workers right now need income, and that’s what it boils down to. “I understand what the minister is saying. I am sympathetic to that to some degree, but the point is if you aren’t earning an income, or if you have no money, then what is the purpose of having a job with no money? A job is designed to have you earn money.” Mr Foulkes, meanwhile, added: “I understand why some persons want to be terminated, get a redundancy, get their severance pay, because the economic situation is so dire now and people have to take care of their families. I get that and the government understands that. “But it has to be a

balance. The [COVID-19 emergency] order makes provision for redundancy not to be paid outside of 30 days after the order ends. The current order ends at the end of May, so we are not sure what’s going to happen after May, but at least until that period businesses will not be mandated to pay redundancies.” “Certain companies are paying redundancy and terminating employees,” Mr Foulkes conceded, but he said this is not something he would advise employees to advocate for because it “terminates their employment” The emergency orders have suspended the Employment Act’s requirement that workers receive their full severance pay after being kept on furlough for 90 days or more. The suspension is effective until June 23. Mr Ferguson, doubling down on his call for redundancy pay for workers, said “you don’t need to be a rocket scientist” to figure out that people work for money, and that a job with no money is meaningless. He added: “If you are telling me it would take me 15 months to two years to find out if I am likely to resume my job, and I have a mortgage to make and I have school fees to pay, and I have car payments to make and I have to be able to purchase food for my family, what is the point of having a job for that period with no income? These people have no money and they are looking for ways to earn some money.”

MINISTER: 13% OF WORKFORCE STILL CLAIMING JOBLESS BENEFITS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said an estimated 13 percent of the Bahamian workforce is still receiving unemployment benefits financed by the government. Dion Foulkes, minister for labour, transport and local government, speaking outside the Cabinet Office, said unemployment assistance is being provided to between 28,000 to 30,000 persons although the Department of Statistics’ input and research will be required to produce an accurate figure. He added: “The unemployment assistance programme that NIB issues in terms of the assistance that the government is giving is around 28,000 or 30,000 persons. “If you figure that in terms of the percentage, it will come down to a low percentage compared to 220,000 workers [in the workforce], but that is not the right way to do it because you have structural unemployment and there are a lot of other things that go into the calculation of what the unemployment rate is. “But since the pandemic’s start I am confident, based on the evidence that we see in the economy, that the unemployment rate

TAXI CHIEF CONTRADICTS MINISTER ON GRIEVANCES By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Taxi Cab Union’s president yesterday contradicted assertions by a Cabinet minister that their complaints have already been addressed ahead of today’s planned protest outside Parliament. Wesley Ferguson told Tribune Business “nothing has been finalised” over their grievances with the Road Traffic Department (RTD) on the renewal and management of taxi plates despite the minister for transport suggesting the dispute had been resolved. Dion Foulkes, minister for labour, transport and local government, said he had a “very productive talk” with Mr Ferguson on Monday. “There were some issues with the renewal of those plates. I have since had a discussion with the comptroller, Mr Bradley Sands, and that issue has

been resolved. “I spoke to the president, and he is invited to go down to the Road Traffic Department to see Mr Sands, and that matter will be settled with respect to the colour of the plates.” Mr Ferguson, while confirming that he did speak with Mr Foulkes on Monday, replied: “Nothing has been finalised. We have worked out no issues with Mr Sands. Mr Foulkes tried to get me to go down to the RTD to talk to Mr Sands, but I told him I was not going. “What Mr Foulkes doesn’t understand is that these issues stem back from over a period of time. This is not just one issue; there are many issues where I had to report Mr Sands to the permanent secretary and told them that I don’t like the way Mr Sands is dealing with the union. “One phone call is not going to do it. We need to actually sit down with

the prime minister and let the prime minister tell us when we are going to get these new plates. It has to be before this year’s May licensing period for taxi plate owners. As you know, the self-drive (SD) cars and the taxi cabs have the same colour,” Mr Foulkes, meanwhile, said: “We have been reviewing it, and my predecessors, Mr (Renward) Wells and (Frankie) Campbell, they have both been looking at this issue since the last election. The question is: Do we change the colour of the taxi cabs to another colour, or do we change the colour of the self-drive plates? “I think the consensus is that we take the SD plates to a white colour so that it would be a clear difference between the taxi cab plates and the self-drive plates. I’ve asked the controller to give me an estimate on the costing of how much that transfer would take in terms of the cost. So we are

doing an active review on that. As soon as that comes back, I would seek Cabinet approval to change the colour.” Mr Ferguson responded: “They also told us about the colour change to the plates, but nothing was resolved. This is the same conversation we keep rehashing. This is a conversation we had four years ago with Renward Wells. This is the same conversation. “I told minister Foulkes yesterday that if the plates are pink, we will accept it. We couldn’t care less what colour the plates are, we just need an identifying taxi plate number to identify the taxi as opposed to an SD.”

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DION FOULKES has drastically come down. Because everything was at a standstill and most of the businesses, they put their workers on temporary layoffs. That has now changed; most of the people are coming back to work. So it’s very difficult to peg a percentage on that.” The Bahamas’ national unemployment rate had crept back above ten percent in late 2019, the last time the Department of Statistics bi-annual Labour Force

Survey was conducted, due to a combination of Hurricane Dorian and the annual summer influx of several thousand school leavers into the workforce. However, the initial COVID-19 lockdown and associated restrictions last March sent the unemployment rate skyrocketing as closed businesses temporarily furloughed or laid-off staff. It was thought to have peaked at about 50 percent, although it has since come down as the economy re-opens, yet remains at elevated levels Mr Foulkes added: “We are actively working with the minister of tourism and the Small Business Development Centre (SBDC) to ensure that jobs are available in the tourism sector, and that Bahamian businessmen have the financial wherewithal and resources to engage in their new businesses.”

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THE TRIBUNE

Pop-up market ‘christens’ SBDC incubator location By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Tin Ferl pop-up market has already “christened” what its co-founder yesterday described as an “amazing location” for small businesses via the Small Business Development Centre (SBDC). Brandon Kemp said the SBDC’s new business incubator, which will be located at the old Phil’s Food Service building on Gladstone Road, will provide the “ideal” platform for the market’s vendors who have already relocated from their original site in the grounds of the Dundas Centre for the Performing Arts. Mr Kemp said that while the SBDC has not officially moved into that location yet, Tin Ferl and its vendors are their first tenants. “It’s an amazing location, and it’s pretty central with Carmichael on one side and also very close to the western district,” he added.

Andros lodge: Oil strike out removes ‘dark cloud’ FROM PAGE ONE

BPC, in a long release that portrayed the situation as the equivalent of a “glass half full”, said drilling to a depth of 3,900 metres had detected the presence of hydrocarbons but not enough to make it commercially viable at that site. It added, though, that the Perseverance One well’s findings had made the “technical” case that commercial oil reserves may be located in areas covered by some of its four other licences and it was not giving up on The Bahamas just yet. While the data collected from its exploratory drilling has yet to be reviewed and presented to the Bahamian government, as required by its licence terms, BPC indicated that there was sufficient justification to consider drilling further exploratory wells in addition to continuing the search for a joint venture partner. “The company considers the results from Perseverance One, notably the confirmation of migrated oil within the Aptian reservoirs, will significantly reduce technical risk for any future/further exploration in this new frontier province,” BPC’s statement said. “In particular, BPC considers that the results from Perseverance One may provide a strong technical basis for renewed farm-in discussions, with a view to future drilling at other target locations within BPC’s licence areas.” This leaves open the possibility that BPC may resume exploration in other Bahamian licence fields. Simon Potter, BPC’s chief executive, said the Perseverance One well results suggested that the potential for commercial oil discoveries now lie in its other presently-untapped Bahamian licence fields. “In a technical sense, the well

“To be able to work with the SBDC, and be able to have that close relationship with them; this location is ideal for a community of small businesses.” Senator Kwasi Thompson, minister of state for finance, said earlier this week that the SBDC will be moving to the former Phil’s Food Services building on Gladstone Road, where it will open up store fronts and office space for some of its micro, small and medium-sized (MSME) business incubator clients. Last weekend marked

Tin Ferl’s opening at the new location. Mr Kemp said it went “really well” as he ended up “filling out the whole parking lot”, despite having what he described as a “soft opening” with a limited amount of vendors. He added: “The community has supported us tremendously, and the vendors have been supporting us at this new location. We saw a lot of old faces and new faces.” Mr Kemp said the licensing issues that Tin Ferl and its vendors encountered with the Royal Bahamas

Police Force and Department of Inland Revenue at their previous Dundas location, where they were told they needed a 30-day licence to run a pop-up market, have been “taken care of”. He added: “The matter got taken care of almost right away. It wasn’t an issue with our licences in the end. In all honesty it was an issue from their side. So once they did another check through all of our documents, they clarified what the issue was and it wasn’t an issue to begin with.” Mr Kemp said the partnership with the SBDC will help to mitigate against any future operating and licensing issues, as he is expecting it provide him with operational and business development support plus accounting backing. “For us being there close with them they want to make sure we have easy access to the services they offer,” he added.

successfully validated the existence of oil, seal and reservoir,” he said. “Together, these factors verify the existence of a working Lower Cretaceous petroleum system and sequences of reservoir quality... pointing to the overall hydrocarbon

potential of other untested prospects captured by BPC’s extensive acreage holding. However, at the Perseverance One location the volumes of oil encountered are not commercial. “Perseverance One is the first exploration well in The Bahamas for decades,

and the data gathered from this well will prove invaluable in providing a modern analysis as to the regional potential of the petroleum system which, in our view, reduces technical risk for any future/further exploration in this new frontier province.

TIN FERL at the old Phil’s Food Store grounds on Gladstone Road.

TAXI CHIEF CONTRADICTS MINISTER ON GRIEVANCES FROM PAGE THREE

Mr Foulkes also warned taxi drivers against leasing their plates to other drivers, adding: “One of the biggest vexing issues that has existed for many years, for many, many terms and for many governments, has been this question of the leasing of plates by taxi drivers. “We have had many taxi drivers who’ve been paying weekly rents and monthly rents to lease plates for years and, in some cases, decades and they were unable to get their own plate. We have applications and letters and petitions, and the union has also given us a list of who those

taxi cab drivers are. “Minister Wells did a lot of work and a lot of consultation on this issue, and Cabinet gave consideration to it. Unfortunately, the pandemic interfered with that process. There was one point where all the taxi cabs were parked, and all of the jitneys were parked, and there just wasn’t any business out there,” Mr Foulkes added. “So I made an undertaking to the president of the union that we will begin that review again, and that consultation again, so that we could finally bring an end to this unfair practice of having these taxi cab drivers lease plates for their livelihood.”

To advertise in The Tribune, contact 502-2394 Inventory Clerk Job Description Our organization is currently hiring an Inventory Clerk to work in our warehouse. The primary responsibilities of this role will be to manage the inventory control system, maintain product data, rectify miscalculations, review, and analyse the results of operations, report findings to management and make recommendations for improvement, as necessary. You must have experience managing warehouse inventory to apply. To apply email chinainvestment1969@hotmail. com with your resume and quaifications. Inventory Clerk responsibilities and duties • Review and apply inventory activities, including movements and deletions. • Maintain and update inventory records. • Develop and implement efficient inventory management procedures. • Reconcile inventory discrepancies. • Implement a loss prevention program. • Report any stock issues to management and place product orders, as necessary. • Prepare a list of depleted products and a survey of unusable products. We are looking for a candidate with appropriate education, certifications and technical skills and previous job experience in inventory.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 AAA ADMINISTRATION LIMITED Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of AAA ADMINISTRATION LIMITED was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 14th October, 2020 Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865

THE TRIBUNE

Wednesday, February 10, 2021, PAGE 5

Recruitment woe ‘biggest obstacle’ to AID’s growth FROM PAGE ONE school with merely a “leaving certificate”. As a result, companies of all sizes and across all industries are unable to locate workers with the competencies and skills they require, including basic English and Maths as well as “soft skills” such as the ability to handle customers. This, in turn, results in reduced productivity that impairs the competitiveness of companies and the wider Bahamian economy, producing increased costs and inefficiencies that threaten the ability to rebound swiftly following COVID-19. The $8.2m investment by AID, one of the few Bahamian retailers and companies that remains in growth mode amid the pandemic’s devastation, includes a new store in Dorian-devastated Abaco as well as the Blue Hill Road location. However, Mr Watson described the Abaco location as “stalling right now”, with the retailer unhappy that the building’s shell is allowing both water and light in. “They have the sides and rood on, and I met last week with the architect to make some adjustments to the interior,” he added. “Right now the shell is not complete. There’s light coming in, water coming in. We’re not happy at the moment with the shell of the building. But we’re definitely moving forward with it, and it should be a nice building when completed.” Depending on when AID’s general contractor begins work, Mr Watson said the Abaco store will take “at least another six months to get done”, pushing its likely opening back until September 2021 or later in the fall season. “Everything there is moving so slowly because you have to import everything,” he added of Abaco in Dorian’s aftermath. “There’s still a lot of issues with electricity, housing. A lot of things we may take for granted, everything takes much longer there. Workers, equipment are not in great enough supply in Marsh Harbour.”

‘Rude awakening’ awaits on true COVID-19 costs FROM PAGE ONE and businesses are hurting.... Now, because of COVID-19 and the pain it has caused the country, we have to accelerate the efficiencies in government. “It doesn’t help that the DEPP is dragging their feet on approving projects. I’ve heard the complaints from people that are in the know. It’s the same with Town Planning and building permits. The ease and cost of doing business has not come down. If you want to make it easy for foreign direct investment to occur, get all the impediments out the way and get some money flowing here,” he added. “We cannot keep talking and doing nothing. That’s what we’ve been doing. Talking and doing nothing. The ease and cost of doing business has got worse, not better.” Explaining that he was speaking from personal experience, Mr Myers told Tribune Business: “It took me a year and a quarter to get a simple refund back from Customs. God knows how many phone calls. We’d shipped in the wrong piece of equipment, and ended up shipping it in and shipping it back out. “Rather than make it easy Customs made us pay for it again and get a refund. A year and three months later we get it back. They [the government] are getting some things fixed, but not fast enough and then they are adding other complexities.” Mr Myers referred to the recent “substance reporting” requirements that all Bahamian firms had to comply with to meet the European Union’s (EU) demands, adding: “If it’s not one thing then it’s another. “If they levy a tax and the amount is incorrect, you cannot complain until you

AID’s Abaco store will require an extra 20-30 staff when it opens, taking the company’s workforce close to the 240 mark by fall 2021. However, Dorian’s lingering effects will present a recruitment problem of a different kind. “I don’t know if there are enough people available there,” Mr Watson said. “I’m trying to get over there soon and get a feel for the environment there. All our staff that were there prestorm, most of them are now here.....” The AID chief, revealing that sales are down “maybe 15-20 percent on a monthly basis” compared to 2020 comparatives that were pre-COVID, said the retailer’s performance was “not bad considering the circumstances”. He disclosed, however, that he was bracing for severe supply chain disruption in the short-term due to a shortage of shipping containers in China. This, Mr Watson said, is now impacting other markets including the ability of US manufacturers to ship their goods to The Bahamas. Referring to AID’s newlyopened Harbour Bay store, he said: “A lot of items that we wanted to put in we do not have in stock, and a lot of suppliers are having an issue with their stock because of a huge shipping container shortage. “I’ve had tyres sitting in China that were supposed to have been shipped from December, but can’t get any containers to ship them. Our US suppliers are also having that issue; they have goods to ship but no containers available to ship them. “There’s a huge bottleneck in China that may not be alleviated until April, May,” Mr Watson continued. “We’re going to get a good amount of goods in over the next few weeks, but we will have a shortage after that which will be worse than what we had prior to Christmas and the Christmas season. “This is the longest wait to have goods shipped from China. It’s going to be pretty bad the next couple of months, and probably by June, July we should return to normal I guess.” pay the disputed amount, whether it is a business licence fee, VAT, real property tax of Customs,” he said. “How is that good governance. Change the law and make it more business friendly. “Without a mechanism to appeal at all unless you pay the tax, you go into a cash deficit and can only hope to get the money back from the Treasury. If they hold an investigation there’s no idea how long that will take. You won’t attract investment to the country when stuff like that kicks in. None of these things help us move forward.” Questioning where the Tax Appeals Commission was, Mr Myers described the tax refund and appeals process as “antiquated” and in drastic need of change. “They have to catch up with the times,” he added. Digital payments, too, are in need of rapid improvement with the ORG chief disclosing: “I have paid my BPL bill online for however many years. I tried to pay it online at the weekend and it was denied; it wouldn’t go through because their portal was not working. “I did not know what the problem was. I tried calling BPL, their customer service line and every number I can find. Nobody answered. We have to do better. As a people, as a public sector, as a private sector we have to work harder; all of us. It ain’t going to happen by wishing and praying. It only gets you so far, and we’re in dire circumstances now.” ORG, in a statement, urged the government “to address the internal and structural changes needed to reduce the deficit and stimulate the economy. These include increased digitisation of government, increased public service efficiency and effectiveness, the adoption and adherence to the National Development Plan, and investment in public service leadership and management capacities.

THE TRIBUNE

Wednesday, February 10, 2021, PAGE 9

BPC director: Activists can’t dictate on oil FROM PAGE ONE

so-called “southern licences” whose terms expire at end-June 2021. Mr Potter, in a December 11, 2020, affidavit filed in response to activist opposition, said the renewal application must be submitted by end-March 2021 and will depend on the Perseverance One results. Given the outcome, that renewal must be in some doubt. And there is also the issue of whether BPC will persist with its legal demands for the environmental activists to lodge $200,000 as “security for costs” so that their Judicial Review action can move forward. It is also uncertain whether it will oppose the substantive case, given the lack of clarity over its future Bahamas activities. Environmental activists have confirmed the Judicial Review challenge will proceed, citing the need for the courts to provide clear guidance on which permits and approvals future oil wells must obtain, and the processes they must follow. Among the most critical issues to be determined are whether oil wells need to obtain site plan approval under the Planning and Subdivisions Act, and an excavation permit under the Conservation and Protection of the Physical Landscape of The Bahamas Act, as well as the application of merchant shipping laws and international pollution treaties.

Joe Darville, Save the Bays’ principal, described himself as feeling “fantastic, exuberant and ecstatic” upon hearing that BPC was sealing its exploratory well without finding commercial oil quantities. “I don’t think we’re going to cancel or opt out of the Judicial Review,” he told Tribune Business. “There are other potential situations that have to be dealt with. I don’t think there’s any reason [for BPC] to be joining this action right now, and we may not have to come up with that $200,000 security for costs.” Sam Duncombe, reEarth’s president, warned that oil exploration in Bahamian waters is not a dead issue. “This is a tiny, tiny reprieve for us but it’s not the end of the road by any stretch of the imagination,” she said of BPC’s announcement. “But for the moment we are ecstatic. That’s the best wake-up call I’ve had for a long time.” Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, told Tribune Business that BPC’s failure to strike commercial oil quantities with its Perseverance One well had given this nation a chance “to choose sustainability over drilling”. She argued that Bahamians, as well as the government, must realise “we have something really good going for us” in the country’s pristine environment and sustainable tourism and fishing industries that should never again be endangered by oil exploration or similar activities.

$10m Exuma development unveils plans FROM PAGE ONE

of the [5.6 acre] project site. Also, the construction of the marina, restaurant, retail stores, roads, infrastructure (inclusive of underground utilities) and dry storage for boats will employ 50 Bahamian

construction workers,” it said. This phase is expected to be completed in less than 18 months.” The document added that the first phase was targeted for completion in winter 2020-2021 “subject to timely approvals”, but that timeline will not be met given that Monday’s planning meeting indicates key permits remain outstanding. “The Marina at Hooper’s Bay restaurant will be open to the general public for daily operation,” the

EIA said. “Anticipated Phase one expenditure is an estimated $2.5m. “Phase two of the project consists of the construction of the marina villas (approximately 11 villas in total) which make up the 30-35 room hotel. The anticipated sale price of each marina villa will average $600,000 to $900,000 with total gross sales anticipated to exceed $10m.” Turning to the spin-off economic benefits, the EIA added: “To further

economically stimulate the Exuma community, the Marina at Hooper’s Bay concierge services will assist with local services that include co-ordinating taxi service by members of the Exuma Taxi Association, water taxi rides to Stocking Island (already in operation by local vendors), both in-room and on-boat food and drink service, private chef in-home dining, co-ordination of local tours and daily housekeeping and landscape services.”

NOTICE NOTICE is hereby given that KERLINE MILHOMME, of #120 Commonwealth Boulevar, 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 3rd 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 JUNIOR SAINMERS, of Kemp 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 3rd 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 VERLINDA ELYSEE, of Kiki Street 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 3rd 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 NOVLETTE ELAINE HANSON ADDERLEY, of Sir Lynden Pindling Estate, P.O. Box N 10289 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 10th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 9 FEBRUARY 2021

BISX ALL SHARE INDEX:

CHANGE

1984.29

-33.07

%CHANGE

YTD

YTD%

-1.64 -108.17

-5.17

(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 6.15 4.33 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 4.27 3.25 5.50 10.20 2.10 4.75 9.50 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 10.20 2.69 6.85 9.92 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 3.25 5.50 10.20 2.72 6.76 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 (0.25) 0.00 0.00 0.03 (0.09) 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

800 100 1,000

7,440 20,000 500

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 18.8 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 17.7 12.2 14.1 26.7 14.5 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% 3.69% 4.00% 7.06% 15.96% 0.89% 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 10.20 13.79

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 10.20 13.79

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 8.60% 8.60% 11.90% 11.90%

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

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

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

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

THE TRIBUNE

Wednesday, February 10, 2021, PAGE 11

Stocks end mixed, ending a six-day winning streak for S&P 500 Associated Press THE major US stock indexes capped a listless day of trading yesterday with an uneven finish that snapped a six-day winning streak for the S&P 500 even as the Nasdaq set another all-time high. A late fade pulled the S&P 500 down 0.1%, just below its record high set a day earlier. The benchmark index closed with a nearly even split between gainers and losers. A mix of companies that deal with consumer services and products were the biggest drag on the broader market, outweighing gains in communications, industrial and health care stocks.

A slight pullback after six straight days of gains is not uncommon, as investors pause during a rally to reassess and wait for more economic data to see where the market goes next. Investors continued to monitor the action in Washington, where it appears Democrats plan to move ahead without Republican help on a major stimulus bill for the economy. “It seems like fiscal stimulus will pass through reconciliation and the result will be one that is larger than was thought probably two or three weeks ago,” said Keith Buchanan, senior portfolio manager at Globalt Investments. The S&P 500 index slipped 4.36 points to

3,911.23. The Dow Jones Industrial Average dropped 9.93 points, or less than 0.1%, to 31,375.83. The Nasdaq rose 20.06 points, or 0.1%, to 14,007.70, its fourth straight gain. The Russell 2000 index of small company stocks rose 9.24 points, or 0.4%, to 2,299. The four indexes set all-time highs on Monday. Stocks have been moving steadily higher for several days as Wall Street becomes more optimistic that the worst parts of the economic impact of the coronavirus pandemic might be in the rearview mirror. Vaccine rollouts continue both in the US and globally, with the US administrating hundreds of thousands of doses per day. “The vaccinations have outpaced the virus and that becomes part of what’s playing into the optimism in the market,” Buchanan said. “It makes for an environment where it’s getting back to some sense of normality.” Washington is preparing to go big for its next round of economic stimulus to support struggling Americans and businesses. Democrats have rallied around President Joe Biden’s $1.9tn stimulus plan, which will include one-time payments to Americans plus a likely

increase in the federal minimum wage to $15 an hour. Expectations for another financial boost for the economy have helped keep investors in a buying mood. The market’s strong start to February and the strength in shares of companies that rely on consumer spending “is an indicator of the optimism creeping higher and the assumption that consumers in the US will get a larger check perhaps than we thought three or four weeks ago”, Buchanan said. Several companies made big moves after reporting their latest quarterly results yesterday. Hanesbrands soared 24.9% for the biggest gain in the S&P 500 after reporting earnings that came in well ahead of what analysts were expecting. Mobile games developer Glu Mobile vaulted 34.9% after it agreed to be acquired by Electronic Arts in a deal valued at $2.1bn. Shares in Electronic Arts, maker of “Medal of Honor” and other video

To advertise in The Tribune, contact 502-2394

Legal Notice

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Mihale Ltd. has been dissolved and has been struck from the Register with effect from 11th December 2020.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Quthing Ltd. has been dissolved and has been struck from the Register with effect from 11th December 2020.

Mr. Lukas Ruflin LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

Beecham Braynen and Lorna Kemp LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

games, rose 2.6%. Shares of GameStop and AMC Entertainment continue to be volatile, as online investors remain in a tug-of-war with Wall Street institutional investors over the struggling companies’ values. GameStop shares fell 16.1% and AMC lost 11%. Traders in cryptocurrencies continued to push up the price of bitcoin. It rose

7.3% to $47,184, according to the tracking site CoinDesk. Bitcoin futures on the Chicago Mercantile Exchange climbed 6.6% to $47,700. The futures allow investors to make bets on the future price of the digital currency. Treasury yields were mostly higher. The yield on the ten-year Treasury note rose to 1.16% from 1.14% late on Monday.

NOTICE

LIGNUM MANAGEMENT LTD. (In Voluntary Liquidation)

Notice is hereby given that pursuant to a Resolution of the Members of LIGNUM MANAGEMENT LTD. dated the 8th day of February, A.D., 2021 LIGNUM MANAGEMENT LTD. is in dissolution. The date of commencement of dissolution was the 8th day of February, A.D., 2021. ROBERTS ISAACS & WARD NOMINEES LIMITED of Professional Centre, Cable Beach Court, Unit No.2, 400 West Bay Street, P. 0. Box N-4755, Nassau, Bahamas was appointed as the official liquidator of LIGNUM MANAGEMENT LTD. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidators before 8th April, 2021. ROBERTS ISAACS & WARD NOMINEES LIMITED Liquidator

NOTICE

BUY LO TRUCK LTD. (In Voluntary Liquidation)

Notice is hereby given that pursuant to a Resolution of the Members of BUY LO TRUCK SALES LTD. dated the 8th day of February, A.D., 2021 BUY LO TRUCK SALES LTD. is in dissolution. The date of commencement of dissolution was the 8th day of February, A.D., 2021. ROBERTS ISAACS & WARD NOMINEES LIMITED of Professional Centre, Cable Beach Court, Unit No.2, 400 West Bay Street, P. 0. Box N-4755, Nassau, Bahamas was appointed as the official liquidator of BUY LO TRUCK SALES LTD. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidators before 8th April, 2021. ROBERTS ISAACS & WARD NOMINEES LIMITED Liquidator

PAGE 12, Wednesday, February 10, 2021

THE TRIBUNE

UK SAYS POST-BREXIT RELATIONS WITH EU BUMPY AMID BORDER WOES LONDON Associated Press

BRITAIN’S chief Brexit minister said yesterday that relations between the United Kingdom and the European Union have suffered from turbulence since their economic divorce six weeks ago, but he expressed confidence the bloc and its former member would soon enter smoother waters. Cabinet Minister Michael Gove likened the relationship to a bumpy airplane takeoff that is followed by passengers settling down to enjoy their flight. “We’re not at the gin and

tonic and peanuts stage yet,” Gove told a House of Lords committee. “But I’m sure that we will be.” David Frost, Britain’s chief Brexit negotiator, told the Lords EU committee that relations had been “more than bumpy”. “I think it’s been problematic,” he said. “I hope we’ll get over this.” Britain left the EU politically just over a year ago, and quit the bloc’s economic structures on Dec 31. Since then, customs and veterinary checks have been imposed on goods moving between Britain and EU member nations — and on some British goods

going to Northern Ireland because it shares a border with EU nation Ireland. The checks have unsettled the delicate political balance in Northern Ireland, which is part of the UK and where some people identify as British and some as Irish. The new measures are opposed by pro-British Unionists, who say they drive a wedge between Northern Ireland and the rest of the UK. Northern Ireland authorities halted veterinary checks and withdrew border staff from ports for several days this month after threatening graffiti appeared referring to port

workers as targets. The sensitivity of Northern Ireland’s status was underscored earlier this month when the EU briefly threatened to ban shipments of coronavirus vaccines to Northern Ireland as part of moves to shore up the bloc’s supply. That would have drawn a hard border between Northern Ireland and Ireland, a destabilising scenario the Brexit trade deal was crafted to avoid. Gove and European Commission Vice President Maros Sefcovic, who lead a UK-EU joint committee on Northern Ireland, are due to meet in London

tomorrow in a bid to resolve the problems. The UK government is urging the EU to take a more light-touch approach to border checks, which have already led to shortages and delays in getting some goods to Northern Ireland. Britain wants to see short-term grace periods that have delayed imposition of full red tape on supermarket supplies, parcels and medicines extended until at least 2023. The EU says some economic friction is the inevitable outcome of Britain’s decision to leave the bloc’s single market and customs union. UK-EU trade relations

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 82° F/28° C Low: 63° F/17° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Pleasant with plenty of sunshine

Partly cloudy

Mostly sunny and nice

Partly sunny

Mostly sunny and beautiful

Mostly sunny and nice

High: 80°

Low: 69°

High: 80° Low: 68°

High: 80° Low: 69°

AccuWeather RealFeel

84° F

68° F

83°-68° F

85°-68° F

87°-68° F

88°-70° 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: 77° F/25° C Low: 70° F/21° C

6-12 knots

High: 82° F/28° C Low: 70° F/21° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 73° F/23° C

W S

WEST PALM BEACH

High: 79° F/26° C Low: 69° F/21° C

MIAMI

High: 82° F/28° C Low: 73° F/23° C

4-8 knots

KEY WEST

High: 79° F/26° C Low: 71° F/22° C

NASSAU

High: 78° F/26° C Low: 71° F/22° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:39 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

Monday

10:10 a.m. 10:36 p.m.

2.6 2.5

4:04 a.m. -0.1 4:29 p.m. -0.1

Tuesday

10:48 a.m. 11:18 p.m.

2.4 2.4

4:47 a.m. 5:06 p.m.

0.1 0.0

sun anD moon Sunrise Sunset

6:48 a.m. 6:01 p.m.

Moonrise Moonset

6:08 a.m. 5:04 p.m.

New

First

Full

Last

Feb. 11

Feb. 19

Feb. 27

Mar. 5

CAT ISLAND

High: 79° F/26° C Low: 72° F/22° C

W S

7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 79° F/26° C Last year’s low ................................... 70° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.86” Normal year to date ..................................... 1.83”

ELEUTHERA

High: 80° F/27° C Low: 69° F/21° C

6-12 knots

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

High: 79° F/26° C Low: 71° F/22° C

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 74° F/23° C

7-14 knots

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

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

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

High: 83° F/28° C Low: 74° F/23° C

N E

High: 79° F/26° C Low: 75° F/24° C

GREAT INAGUA

uV inDex toDay

TONIGHT

High: 80° F/27° C Low: 65° F/18° C

are governed by an agreement struck between the two sides on Dec 24, just a week before a Brexit transition period expired. Britain’s Parliament approved it in late December, and the EU planned to ratify it by the end of this month, with an extraordinary session of the European Parliament slated for Feb 23. Frost said the bloc was likely to ask for more time. “We have heard informally from the European Commission today that we are likely to get a formal request to extend the twomonth period that is in the treaty for ratification in the EU side,” he said.

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

WINDS SE at 4-8 Knots ESE at 7-14 Knots E at 6-12 Knots E at 7-14 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 6-12 Knots E at 7-14 Knots ESE at 4-8 Knots SE at 7-14 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 6-12 Knots E at 6-12 Knots E at 8-16 Knots E at 8-16 Knots E at 7-14 Knots E at 8-16 Knots

WAVES 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 3-6 Feet 4-7 Feet 3-5 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-6 Feet 4-7 Feet 2-4 Feet 3-5 Feet 4-8 Feet 4-8 Feet 1-2 Feet 1-3 Feet 3-6 Feet 3-6 Feet 1-3 Feet 2-4 Feet

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

WATER TEMPS. 76° F 76° F 76° F 76° F 78° F 78° F 79° F 79° F 78° F 78° F 79° F 82° F 78° F 78° F 78° F 78° F 79° F 79° F 77° F 77° F 76° F 76° F 78° F 78° F 77° F 77° F