02162021 BUSINESS

business@tribunemedia.net

TUESDAY, FEBRUARY 16, 2021

$4.37

OBIE FERGUSON

Union leaders fear ‘catastrophic’ effect on Melia employees

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TRADE union leaders yesterday voiced fears that the Melia Nassau Beach’s two-year closure will have a “catastrophic” impact on the 200-300 employees who will be terminated from March 1.

Obie Ferguson, president of the Bahamas Managerial Association (BHMA), which represents the resort’s middle managers, told Tribune Business that the impact will be especially dire because those affected will not have received full pay for an entire year due to the COVID-19 pandemic.

“It’s going to catastrophic in the sense that mortgages have to be paid for homes, car payments and school fees; just your regular maintenance for you as a person and your immediate family,” Mr Ferguson said.

“It’s catastrophic because there’s no source of income.

For they have not been paid their full pay since March 2020, and that definitely creates a serious, serious economic, social and psychological impact on those workers.

“After three months in arrears on your mortgage the bank can move in and repossess your home, and most mortgages run between 20 and 30 years.

It has far-reaching, serious consequences for the average Bahamian worker.”

Mr Ferguson disclosed that the Melia Nassau Beach Resort had informed him yesterday that all terminated staff will receive due severance pay and associated benefits in their bank accounts by March 4, 2021, but swiftly added that the hotel by law needed to do more than merely inform the union of what is happening.

He pointed to the Employment Act changes passed by the Christie administration in 2017, which require employers to meet with the union and go through “a selection process” to determine who will be terminated and who can be retained when 20 or more workers are released.

SEE PAGE 4

$4.37

Baha Mar cuts losses on $100m Melia renovations

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHA Mar will cut its losses by closing the Melia Nassau Beach property until 2023 for a $100m renovation, its president revealed yesterday, resulting in up to 300 hotel job losses.

Graeme Davis, the mega resort’s top executive, told Tribune Business it would simply be unprofitable to keep portions of the resort open during the construction work due to COVID-19’s devastating impact on travel demand and occupancies.

He added that the potential “disruption” from the hotel’s upgrades could “damage the brand and reputation of the property”, which was another factor that Baha Mar and its ultimate parent, Hong Kong-based Chow Tai Fook Enterprises (CTFE), took into account when deciding to close the Melia Nassau Beach for two years until Spring 2023.

Pledging that impacted staff, which he estimated at between 200-300 persons, will receive their full severance pay and benefit entitlement, Mr Davis

• Up to 300 jobs lost with two-year closure • Unprofitable to stay open amid COVID-19 • Minister indicates surprise at ‘sucker punch’

THE MELIA NASSAU BEACH did not, though, commit to giving existing Melia staff “first preference” when the resort begins to re-hire ahead of its return.

And, while promising that the renovations will create “almost a new resort”, further positioning New Providence as “an upscale luxury destination” for when the pandemic ends, the Baha Mar chief said “no

decision has been made” on whether the Melia brand and/or its all-inclusive model will be retained after the property’s transformation.

Explaining the rationale for the two-year closure, which takes effect on March 1, 2021, Mr Davis told this newspaper: “Based on the economic conditions of where we are with the demand, we just don’t see it

A BAHAMAS-based investment bank has been selected to arrange up to $140m in financing that will fund multiple airport infrastructure upgrades throughout the Family Islands.

Tribune Business can reveal that RF Holdings, the former RoyalFidelity Merchant Bank & Trust, has been chosen by the government to secure funding to transform larger Out Island airports into gateways that match their tourism industry status and facilitate increased visitor arrivals post-COVID-19.

Algernon Cargill, the government’s director of aviation, declined to comment on the financing arrangements when contacted by this newspaper yesterday.

However, he confirmed that the Minnis Cabinet has given permission to launch

to be profitable [to re-open] based on the current pandemic crisis, and with the reduction in inventory and the disruption to the guest experience.

“That will also be a factor throughout the renovation work, which can damage the brand as well as the reputation of the property.” The

SEE PAGE 3

Superplex celebrates: 70 set for cinema open recall

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Fusion Superplex last night said 70 more workers will be recalled after the government gave the goahead to re-open its cinemas, its top executive saying: “The staff want to bring champagne in.”

Carlos Foulkes, the cinema and entertainment complex’s chief executive, told Tribune Business that both company and workers were “celebrating” after the Prime Minister’s Office (competent authority) finally gave permission to re-open its main revenue generator almost 11 months after COVID-19 restrictions forced its closure.

He confirmed that Fusion Superplex had immediately begun the process of recalling furloughed staff upon receiving the competent authority’s letter, which was dated February 12, 2021, and signed by the Prime Minister, yesterday.

The letter, which was

• Fusion chief: Staff ‘wanted to bring in champagne’ • Govt gives go-ahead for theatres after 11 months • No opening date yet as company must ‘mobilise’

FUSION SUPERPLEX widely circulated on social media, said Fusion Superplex is now “exempt” from the government’s Emergency Powers (COVID-19 pandemic) risk management order No 4 2020, which forced the closure of its cinemas and all other outlets in March 2020.

This, it added, will “permit the opening of indoor

cinemas” under the “directives and advice” received from the Ministry of Health on February 8, 2021. Fusion Superplex’s VIP cinemas, Pure One and Pure Two, with self-contained cubicles that are spread out, will be allowed to operate at “full capacity with staggered showings and full sanitisation after every showing”.

Bahamian bank selected for $140m airport funding

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.39

• RF Holdings chosen for Out Island financing • Operator tenders to launch in next 60 days • Land acquisitions to Parliament ‘very soon’

ALGERNON CARGILL the bidding process seeking operating/management partners for several Family Island airports within the next 60 days.

And he revealed that resolutions for the compulsory acquisition of land by the government, which is required to facilitate the planned airport expansions in Exuma, North Eleuthera

and Long Island, are ready to be tabled in the House of Assembly for parliamentary approval.

“The tender is in the final stages. We’re finalising the process now,” Mr Cargill revealed of the search for an operating/management partner for these airports. “It has been approved by the Cabinet, and I;m working on the proposal.”

He indicated that, “depending on what the responses are”, the government could enter negotiations with one bidder to operate all or multiple airports, or contract with separate managers for each one via a public-private partnership (PPP) arrangement.

The $65m overhaul for

Exuma’s airport will be the first to proceed, Mr Cargill added yesterday, with the government now in the process of “finalising the agreement with the contractor” who he declined to name.

The government’s aviation chief said “Exuma is well advanced”, suggesting that construction could break ground “very soon” with the work set to be partially funded by the $35m proceeds from a previous Inter-American Development Bank (IDB) loan.

North Eleuthera’s overhaul will also cost $65m in what is intended to be a mirror image of Exuma’s

SEE PAGE 4

However, as foreshadowed

by Mr Foulkes to Tribune Business last week, all other cinemas must operate “with occupancy levels limited to 33 percent of capacity, with staggered showings and full sanitisation after every showing”. And the ban on indoor dining remains.

The Fusion Superplex chief indicated he will have to seek further clarity from the government on whether it can re-open amenities such as the video game/arcade room, as these were not specifically addressed in the competent authority’s letter.

And he was also unable to give a specific date for when the movie theatres will reopen as the complex, which overlooks the intersection of

SEE PAGE 4

$4.39

Cavalier collapse took down affiliate

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CAVALIER Construction’s insolvency took down its equipment supplier affiliate even though the latter had generated a net profit in each of the previous four years, its liquidators have revealed.

Andrew Davies and Kendrick Christie, the Crowe Bahamas accountants and partners, in their first report to the Supreme Court on Bobcat Bahamas’ windingup disclosed that it was placed into liquidation only because it lost the services and back office support provided by Cavalier when the latter collapsed in January 2020.

“The company’s financial books and records show the company had made a net profit the last four financial years ended December 31, 2019,” the Crowe Bahamas duo said of Bobcat Bahamas.

“However, the directors made the decision to wind the company up on the basis the company was heavily reliant on Cavalier Construction Company Limited for its back office and operational support, and Cavalier had ceased trading on January 15, 2020, when it terminated all employees.”

They added: “Cavalier was also a significant revenue generator for Bobcat Bahamas, using their machines on any construction projects it was involved in which would no longer be the case going forward.

“Bobcat Bahamas also operated exclusively from premises owned by Cavalier without paying rent, which would have created a complicated situation with Cavalier under liquidation with a separate legal entity operating from their property.

“The directors confirmed they considered various options to continue Bobcat Bahamas as a going concern, but ultimately felt the practical realities of this scenario combined with the likely insolvent status of Cavalier would have created a complicated dynamic that would ultimately not have been manageable so the decision was made to place the company in liquidation at the same time as Cavalier.”

SEE PAGE 4

PAGE 2, Tuesday, February 16, 2021

THE TRIBUNE

EMPLOYER CAUTION REQUIRED ON STAFF COVID VACCINATION

By DARREN BAIN Principal Lignum Advisers

T

HE Government of The Bahamas has announced it could receive 100,000 doses of the AstraZeneca vaccine beginning during the second half of February, and rolling into the end of the 2021 second quarter.

The prospect of COVID19 vaccines arriving in the country is indeed welcomed

news for many, and perhaps signals some return to normalcy, especially when it comes to boosting the Bahamian economy.

This news no doubt has caught the attention of many employees, who may have asked the question: “Must I be vaccinated in order to keep my job?”

If an employer mandates that its existing, permanent employees be vaccinated, there is reason to believe such a demand may be based upon section four

of the Health and Safety (‘Health Act’) at Work Act. “It shall be the duty of every employer to ensure, so far as is reasonably practicable, the health, safety and welfare at work of all his employees,” the law reads. Relying on section four of the Act, an employer may argue that the requirement to be vaccinated is a “reasonable” order and must be obeyed.

It is accepted that in certain sectors, especially where there is a large

A MOROCCAN nurse administers the Oxford AstraZeneca COVID-19 vaccine to a health worker, at Cheikh Khalifa Hospital in Casablanca, Morocco.

Photo: Abdeljalil Bounhar/AP number of employees and guests, vaccination along with strict adherence to other COVID-19 protocols may be best to minimise the risk of spreading the virus.

Having said that, an employer ought to exercise caution when seeking to impose vaccination as a requirement for continued employment. Such an imposition may result in the following: 1. A unilateral variation of the employment contract.

Vaccinations were [are] not an incorporated term in the contract of employment. To make vaccinations mandatory without the consent of the employee may result in a claim of constructive dismissal.

2. Discrimination can occur if only non-vaccinated employees are terminated or lose a benefit, such as reduced work hours or change of position

or title. Regard must also be had to persons with disabilities (the Equal Opportunities Act 2014).

There may be employees who have “a long-term disability including physical, mental, intellectual, development or sensory impairments, and other health-related illnesses”, which prohibit them from taking any COVID-19 vaccinations, and/or they have been advised not to take them. To insist that such a person be vaccinated to keep his/her job would be discrimination.

3. The infringement of constitutional rights. It may be the claim of some employees that vaccinations are against their religion. Article 22 of the Constitution provides: Except with his consent, no person shall be hindered in the enjoyment of his freedom of conscience, and for

the purposes of this article the said freedom includes freedom of thought and of religion.

At present, there is still much to be learnt about COVID-19 vaccines. The timeline of vaccine availability in-country for “all” is unknown. The government has confirmed (for the movement) that COVID-19 vaccination will not be mandatory. This may be instructive to private employers.

Given these variables, and the risk of potential claims by employees, serious consideration ought to be given to alternative policies for minimising the spread of COVID-19.

Employers and employees are encouraged to: • Make use of working remotely where possible • Continuously engage in consultation/dialogue • Make use of established COVID19 protocols

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Tuesday, February 16, 2021, PAGE 3

TAXI UNION PRESIDENT VOWS FURTHER PROTEST

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE taxi union president yesterday vowed to stage another Rawson Square protest tomorrow as he accused the government of failing to meet its demands.

Wesley Ferguson, the Bahamas Taxi Cab Union’s (BTCU) head, told Tribune Business it should not take the government six years to make a decision on the colour of taxi plates.

“The Ministry of Transport is telling us nothing,” he lamented. “They have been completely silent, and I could only assume that our matters will be raised at Cabinet today, so there may be some kind of

commentary from us at a certain time and a certain place as we try to bring more awareness to this matter.”

The union has been lobbying the government to change the colour of taxi plates so that they are differentiated from self-drive (SD) plates, since persons often confuse the two. Its other grievance relates to the fact that since the government lifted the moratorium on taxi plates at the end of December, its members have not been issued any new plates.

Mr Ferguson added: “This has been too long and the government is running out of time. They’re just buying time to deflect or to put it off for political

gain, and I don’t want it to be political because it won’t be long before they start calling up taxi drivers and ask them about who they are voting for and all that other stuff before they give us these taxi plates.

“I want this to be fair and honest and transparent across the board, and the only way to get that done is to keep their feet to the fire and make sure they do it the way we had agreed to do it.”

The union also wants a specific taxi plate colour so that the Bahamian people can distinguish between legitimate taxi drivers and a “hacker”.

Dion Foulkes, minister for labour and transport, said earlier this month that

the government is now in the process of deciding which colour they will assign the taxi drivers, and that a decision would soon be taken.

Mr Ferguson, though, talking up the dangers associated with using unlicensed drivers or so-called hackers, added: “It’s mind boggling as to what reason they have behind not wanting to do this.The whole point is look at the dangerous part of it. When we do start to have tourists again? They have been getting away with it for so long, these SD cars masquerading as taxi drivers.

“If a tourist is involved in an accident and if they get hurt, or God forbid they die, that’s going to cost the

government mega millions of dollars to get out of that because these cars are not licensed or insured to carry passengers for hire.

“Why doesn’t the government safeguard themselves before something happens?

They have got to see the danger in this. Why can’t they be proactive rather than reactive?”

Mr Ferguson said he has been through this argument with the former minister for transport, Glenys HannaMartin, under the Progressive Liberal Party (PLP) administration, and now three different ministers for transport with the current Free National Movement (FNM) administration.

He added: “It should not take six years to fix something that they all classify as a mistake. Something else must be going on behind the scenes that we don’t know. This can’t be normal for the government not to do this; for something that is such a simple fix.

“We’re not asking for an industrial agreement, no raise, no nothing. This is just about the colour of the taxi plates, and to issue the taxi plates we have been negotiating for since 2018.

Then we are gone and out of the way. Then we will shut up. We will be back out in front of Parliament for a protest on Wednesday morning at about 9am until 10.30am.”

GB restaurants hail later curfew boost

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GRAND Bahamian restaurants yesterday hailed the island’s one-hour curfew extension to 11pm as a major boost that will “help out very much” with their patrons and operations.

Greg LaRoda, the Grand Bahama Chamber of Commerce’s president, told Tribune Business: “I think this extra hour on the curfew will help more of the stores that open late,

like the restaurants, as they can keep people in a little later for dinner. The gas stations, too, normally close kind of late.

“There are a number of businesses that can benefit from the extra hour. I think it is a big deal in terms of the businesses that can now open a little later and still have people be home in time for the start of the curfew.”

Speaking out after the Prime Minister’s Office, also known as the competent authority, pushed Grand Bahama’s curfew

start back from 10pm to 11pm, Vesna Laing, general manager of Zorba’s Greek Restaurant, said: “This additional hour will help us out very much. We still have dining in the evening despite the curfew so it helps a whole lot.

“People normally start coming in to dine at about 7pm in the evenings; we have both indoor and outdoor dining available.”

Jose Garcia, owner/operator of Caribbean Barrel Restaurant and Bar, added: “The problem was never to have one hour more or one

hour less. It’s about when you finish and you close your business. It will actually give an extra hour for clean-up and preparation for the next day, speaking strictly for the restaurant and bar experience.

“For the customer this is very good, because now the only thing is that some of these people are working.

So they have to work on a schedule like 9am to 5pm, and from there giving them an extra hour will actually help them also to go home, take a shower and then get ready and come outside and

relax, maybe for an hour or two before they have to go hom,e so they don’t have to be about rushing.”

Mr Garcia continued: “My crowd normally comes in after 6pm; that’s when the crowd starts to pick up.

Our normal closing time is 9pm because we still have to clean up and sanitise, and then be ready for the next day. We open from 7am to 9pm.

“This extra hour gives me, as a business owner, a little more time for production since the curfew is now 11pm. Our production time

at the restaurant is from 7am to 9pm. As we were forced to close at 10pm, that means the kitchen has to be closed at 8:30pm and then we had to clean up and have everything sanitised and ready by 10pm, but now that we have until 11pm I think that is a good note and it is well received.”

Another restaurant owner, speaking under condition of anonymity, said the extra hour does not affect them in any way as they operate from 8am to 4pm so “it really doesn’t matter.”

Baha Mar cuts losses on $100m Melia renovations FROM PAGE ONE “reduction in inventory” refers to how many of the Melia’s 694 rooms, and 32 suites, will be off-limits at any one time due to the construction-related upgrades.

Resorts typically use off-peak times, when occupancies and customer demand is low, to minimise renovation-related disruption to the guest experience.

And, with the Melia still closed due to record-low business volumes as a result of COVID-19, Baha Mar has decided it makes more sense to keep the property shuttered instead of reopening and incurring extra losses.

The upcoming redundancies effectively represent a “second wave” of terminations given that the Melia Nassau Beach Resort terminated around 328 staff last summer alongside the 1,200 who were released from the major Baha Mar campus.

Mr Davis said the impact on affected staff was “always in the front of our minds, and we’ve always taken the approach to support our associates however we can and wherever we can since we closed.

“We are paying the full severance as required by law.... We wish them well, and they’ll have the opportunity to reapply when the property re-opens”. However, he did not confirm whether those being terminated will have “first preference” to return to their jobs when asked by Tribune Business, only replying: “No comment at this time.”

Mr Davis pointed out that some of the full-time hotel job losses will be partially offset by the 150 Bahamian construction jobs created during the renovations. It is unclear, though, whether the majority of jobs and construction work will go to overseas contractors.

Describing the proposed renovations as “extensive”, the Baha Mar chief said of the Melia: “It will almost be a new resort. It will certainly be exceptional in every way, and will be adjacent to the Baha Bay luxury water park.

It will certainly have some great access to the water park, and these renovations will certainly set a great foundation for its future success for the ownership and The Bahamas.

GRAEME DAVIS “It will have a tremendously positive impact to the tourism product in The Bahamas, and will continue to reposition New Providence and Nassau as an upscale, luxury destination.”

Mr Davis, though, said “no decision has been made” on whether Baha Mar will retain the Melia brand and all-inclusive model come Spring 2023, adding: “We are looking at all options at this time.”

The upgrades to Melia’s rooms, common areas, restaurants and bars, and outdoor spaces including three freshwater pools appear designed to enhance and refresh its product, as well as ensure the resort better complements the neighbouring high-end Baha Mar resort campus and Baha Bay water park.

However, Dionisio D’Aguilar, minister of tourism and aviation, last night indicated that he and the government were somewhat blindsided by Baha Mar’s decision to close the Melia Nassau Beach for two full years. He described the move, especially for impacted hotel workers, as “a sucker punch”, “gut punch” and “body blow”.

“It was a bit of a sucker punch and a bit of a surprise that they were going to close the hotel,” Mr D’Aguilar told Tribune Business, “but Baha Mar has been talking about the renovation of that hotel for quite some time and, typically, when you renovate a hotel you do half or a certain number of rooms at a time so that the hotel remains operational during the renovation.

“However, with the effects of then pandemic upon us and relatively low levels of occupancy that they were running, they probably determined that it was more cost effective to shutter the hotel and do the renovations one-time rather than do the them when the hotel is operational.

“I think the pandemic has probably resulted in Baha Mar deciding that it probably allows for a quicker, more cost effective renovation and refurbishment than incurring significant losses that would occur were you to try and renovate that hotel and keep it open when you have so many competitor properties around it with lots of inventory to sell.”

Mr D’Aguilar said the noise, dust and general disruption caused by construction-related renovations could have placed the Melia Nassau Beach resort at “a severe disadvantage to its competitors” had it elected to remain open at a time when travel and tourism business was at an all-time low.

Estimating that industry earnings were down 70 percent compared to pre-COVID levels, the minister said the planned renovations would likely have wiped out the remaining 30 percent. Nevertheless, he admitted that Melia’s soon-to-be-terminated staff will find it challenging to obtain new employment in a depressed jobs market, even if these losses will be offset by fresh hires at Baha Bay. “For the people working there it is a sucker punch, a gut punch and a body blow,”

DIONISIO D’AGUILAR Mr D’Aguilar told Tribune Business. “It’s a very, very challenging market to operate a tourism product in at this time.”

While Bahamian tourism was presently “at rock bottom”, he voiced optimism that the industry’s outlook and performance will improve as 2021 progresses and more persons become vaccinated both

locally and in The Bahamas’ major source visitor markets.

Mr Davis, in an earlier statement on the Melia closure, said: “As the global travel industry continues to evolve in the midst of the global pandemic, we have decided to close the property and complete an extensive renovation of the resort over the

next 24 months.

“We are deeply thankful to the resort’s associates who have been on this long, difficult journey, and we commend their strength, contributions and perseverance through the past 12 months. We look forward to the day when we unveil the renovated resort to distinguished and valued guests from all over the world, furthering the long-term economic health and prosperity of The Bahamas.”

Baha Mar is pledging that the upgrades will create “significant new employment opportunities” when the Melia re-opens in two years time. It is also set to recall a further 700 staff to work when its Rosewood and SLS properties reopen on March 4, taking the total workforce brought back since its re-opening to around 2,500.

Atlantis, which recalled 2,500 staff pre-Christmas, and is said to have brought another 1,000 back for the Cove’s re-opening, combined with Sandals’ reopening on March 31, will also help offset some of the Melia fall-out.

PAGE 4, Tuesday, February 16, 2021

THE TRIBUNE

Superplex celebrates: 70 set for cinema open recall FROM PAGE ONE Gladstone Road and JFK Drive, first has to mobilise the necessary staff and other resources as well as re-establish its relationship with the Hollywood movie studios.

“We will start our recall of staff and get people trained, issue uniforms and get perishables in,” Mr Foulkes explained. “It’s going to take a few days for us to mobilise.

It’s quite a large business; it’s not like a Mom and Pop store.

“We have to reengage with the Hollywood studios, reengage contracts, let them know this is the date that we need to get films in, and them give us authorisation to show movies. We need time to plan. You can’t just drop it on me and expect me

to do it all in one day.”

Nevertheless, Mr Foulkes, who last year said Fusion Superplex had lost $6m in revenue and counting due to COVID-19, said of the reopening go-ahead: “I’m very relieved and the staff are celebrating. They wanted to bring champagne in. It means persons at home can come back to work.

“We have segments of the staff assigned to different parts of the business. This [re-opening] can represent 70 persons in theatre services.” Mr Foulkes said the 30 already recalled at the Fusion Superplex’s Edge restaurant, and those working in security, maintenance, administration and other parts of the building, meant some 90-100 persons had been engaged over the past two months.

The cinema-related

recalls will now take this number to around 160-170 brought back, or almost half Fusion Superplex’s prepandemic staffing levels of 350. However, Mr Foulkes said the government’s 10pm curfew would prevent the company from getting “up to full shifts” at present since it will be unable to show movies until 12pm1am as previously.

While the curfew will likely require a movie cutoff time of 8pm, so that staff can clean and prepare for the next day and “stay within the confines of the curfew”, the Fusion Superplex chief nevertheless added: “It’s better than nothing.”

The Fusion Superplex, and its owners, management and staff, have gone through the full range of emotions in just five days. After reaching

the depths of despair when Bahamas Power & Light (BPL) disconnected its power supply on Thursday in a dispute over $506,000 in unpaid arrears, it has now realised it long sought-after goal of being able to re-open its major revenue source.

The power supply was reconnected at 9.30pm on Thursday night after Mr Foulkes said it reached a new agreement with BPL. This involved it making a down payment on the arrears and then ensuring it remains current with all future bills.

While he did not disclose the amount of the down payment, Mr Foulkes added that it was enough to get reconnected despite the Edge Outdoor Restaurant - which generates just ten percent of the Fusion Superplex’s business - at that

time being the only outlet allowed to open.

He said: “What we advised BPL was with the current flow of revenue coming in from the single restaurant, there is no way we can meet the arrears, which is how we came to an impasse.” BPL had issued a “demand letter” for the arrears to be taken care of within seven days prior to the disconnection.

Mr Foulkes said he had advised BPL the company was not in a position to pay anything on its electricity bill, but Fusion Superplex had been “keeping our current obligations, and we did not let the expenses build up. For five months we have made payments every month to eliminate that month’s electricity bill”.

“In our facility, to get upstairs to the Edge you

have to come into the main lobby, which means the light has to be on, the air conditioner has to be on, the escalator has to be working and none of those areas are the actual restaurant.”

As a result, operating costs exceeded the revenues generated by Edge and it was “a loss” to continue to operate the without the rest of Fusion’s facilities being open. “Hollywood has pushed a lot of the blockbusters back to the summer, but we have alternative content,” said Mr Foulkes.

“We have the IMAX educational films, we can do B-rated movies and Hollywood would even allow us to play movies that came out last year that the theatre didn’t have an opportunity to screen. So, there are a lot of options for content.”

Bahamian bank selected for $140m airport funding FROM PAGE ONE airport redevelopment, while the projects at Deadman’s Cay in Long Island and Great Harbour Cay in the Berry Islands have been pegged at $18m and $10m, respectively.

“Long Island will be going out to (construction) tender very soon,” Mr Cargill said. “That is being finalised. Abaco is just refurbishment. The government

Union leaders fear ‘catastrophic’ effect on Melia employees FROM PAGE ONE

“I just want to ensure the procedures for redundancy have been complied with,” Mr Ferguson said. “What I’m saying is you cannot just write a letter and say that with effect from March 1 everyone will be made redundant and paid out.

“The point I’m making is that you have to meet with the union, consult with the union, the selection process has to be done. There’s a whole bunch of things you have to do. You cannot just dictate a letter to the union or the president of the union. It’s a partnership deal.

You cannot be a dictator in a matter of this nature; it’s not going to work. There’s a process mandated by law you must follow.”

Mr Ferguson said the Employment Act changes mandate that persons placed on furlough, or moved to full termination, must be “given first preference” when the resort re-opens and begins re-hiring workers. This was something, though, that Baha Mar president, Graeme Davis, declined to commit to when questioned

by Tribune Business yesterday (see other article on Page 1B).

Darrin Woods, president of the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), which represents Melia line staff, said that while the resort’s two-year closure until Spring 2023 was “a major body blow again” for the impacted workers and wider tourism industry it at least gave staff “a sense of closure” following 11 months of uncertainty

has financed that to a point, but it’s important to include Abaco in the special purpose vehicle (SPV)” that will be used to structure the PPP framework for revitalising the Family Island airports and their financing.

To enable the Exuma, Long Island, Abaco and North Eleuthera redevelopments to take place, the government plans to employ the Acquisition of Land Act to compulsorily acquire private properties given that the about when the property will re-open.

He acknowledged, though, that it will be difficult for his members - who he estimated as numbering between 170 to 220 - to find new jobs in a hotel and tourism industry where they are competing with thousands for scarce employment opportunities as a result of COVID-19’s devastating impact on the sector.

Daniel Lozano, the Melia Nassau Beach’s general manager, told staff in a letter yesterday: “As the global travel industry continues to evolve, a decision has been reached to cease the operation of Melia Nassau Beach on March 1, 2021, and complete a renovation of the resort over the next 24 months.

“It is our hope that with the extended closure of the resort and undertaking a renovation, we are setting the stage for a successful opening of a brand new resort, one that will promote the much-needed economic relief and stability upon which we all depend.”

Acknowledging that the impact on employees was “the toughest part of the decision”, Mr Lozano added: “We look forward to the day when we unveil a new resort to distinguished and valued guests from all over the world, furthering the longterm economic health and prosperity of The Bahamas.

“A new and improved resort is another step toward exceeding global expectations for a successful revitalisation of international travel to The Bahamas.” He said existing staff “will be invited to apply, and will be given every consideration and opportunity for employment” once the Melia re-opens in Spring 2023.

airport upgrades are deemed to be in the public interest.

“We have the compulsory acquisition of land that we expect to bring before Parliament very soon, and that will substantially conclude the acquisition process on all the islands,” Mr Cargill added. “All the resolutions are written to be tabled, so it will be very soon. Everything is moving very fast, and we are working on the Grand Bahama airport acquisition also.”

Cavalier collapse took down affiliate

FROM PAGE ONE

Disclosing that Bobcat Bahamas had made a collective profit, albeit minimal, for the prior five years before the liquidation, Messrs Davies and Christie added: “Total operational profits for the five-year period ended December 31, 2019, amounted to $281,997 with a corresponding increase in total assets from $946,201 as at December 31, 2015, to $1.157m as at December 31, 2019.

“Gross profit as a percentage of total sales remained fairly consistent for the five years reviewed with an average gross profit percentage of 23.9 percent over that period. The company had no operating loans but did have an overdraft facility secured under a debenture with a fixed and floating

The North Eleuthera airport land purchase, though, is facing opposition from 3,000 commoners, but Mr Cargill suggested that any issues can be addressed with the government.

“We will have modern airports to accommodate demand for these locations,” he added of the project’s benefits. “The airports are far too inadequate based on the tourism levels in Exuma and North Eleuthera.

“It gives us the opportunity

to create Exuma and North Eleuthera as hubs and divert traffic away from Lynden Pindling International Airport (LPIA). It gives us an opportunity to boost tourism and make the Family Islands better.

“They will be able to receive flights from North America and South America directly, as well as possibly Europe, so it gives them the ability to service entirely different types of market with direct flights rather than go

through Nassau or Florida. It gives more flexibility.”

The Exuma overhaul will increase the airport’s terminal from the present 2,000 square feet to some 60,000 square feet. Together with ongoing upgrades to the Great Harbour Cay airport in the Berry Islands, it represents the first steps in a wider overhaul that is designed to transform key Out Island airports into true tourism “gateways” and links/hubs to other parts of The Bahamas.

charge over Bobcat Bahamas assets.

“As at the commencement of the liquidation, the company had drawn down $111,590 of the available $300,000 revolving demand credit facility it had with the secured lender (CIBC FirstCaribbean International Bank Bahamas). The terms of this overdraft facility included Cavalier acting as a cross guarantor.”

Cavalier suffered more than $1m in operating losses over a four-year period before it collapsed into insolvency due to an “unmanageable liquidity shortfall” in early 2020.

The company, arguably the leading name in Bahamian construction for the previous 64 years, ultimately failed due to a combination of factors including an obsolete business model, inability to restructure and absence of any new major projects in the pipeline.

The liquidators also revealed that the company ran into a cash flow crunch after it was unable to collect so-called “retention payments” from clients it had completed construction projects for.

Retention payments represent monies that are withheld from contractors

until a project is finished and/or any defects have been remedied. None of the clients owing such payments are identified in the report, although the liquidators reveal that Cavalier’s last management accounts to end-September 2019 show more than $2.02m in such monies as due to it.

With Cavalier enduring “significant reductions in its net asset position” and “mixed operational results”, the joint liquidators said the company’s failure had been blamed on “operational changes in the delivery of construction services that have led to the obsolescence of the general contractor as a viable business model in the Bahamian market.

“Larger projects are now, more often than not, carried out under construction management arrangements by developers and owners, who will employ a construction management team, who then sub-contract smaller packages of work to contractors/subcontractors. This effectively cuts out the traditional general contractor out of the market” such as Cavalier.

Among the contributing factors were “a reduction of the amount of work available and won by the company.

At the commencement of the liquidation, Cavalier had significantly completed the remaining contracts on its books and had no new work of any significance lined up.

“The company had a number of long-standing employees and, as a result, was unable to restructure effectively by reducing head count due to the financial costs associated with terminating employees under Bahamian employment legislation.”

Besides an inability to find new investors/shareholders, the liquidators also said: “The company had recently been building luxury homes for high net worth individuals, which involved certain complexities to the project they would not expect with commercial projects the company had previously undertaken.”

And there were “challenges the company was experiencing in collecting outstanding retention receivables on projects where the delays were beyond the company’s control. This contributed to an unmanageable shortfall in liquidity that meant the company could no longer effectively trade having exhausted all lines of credit and cash reserves”

BIDEN FACES QUESTIONS ABOUT COMMITMENT TO MINIMUM WAGE HIKE WASHINGTON Associated Press

UNION activist Terrence Wise recalls being laughed at when he began pushing for a national $15 per hour minimum wage almost a decade ago. Nearly a year into the pandemic, the idea isn’t so funny.

The coronavirus has renewed focus on challenges facing hourly employees who

have continued working in grocery stores, gas stations and other in-person locations even as much of the workforce has shifted to virtual environments. President Joe Biden has responded by including a provision in the massive pandemic relief bill that would more than double the minimum wage from the current $7.25 to $15 per hour.

But the effort is facing an unexpected roadblock: Biden

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:-

Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:-

C.B. STRATEGY LTD. is in dissolution;

C.B. MANAGEMENT LTD. is in dissolution;

(b) The date of commencement of the dissolution is the 12th day of February A.D., 2021 and

(b) The date of commencement of the dissolution is the 12th day of February A.D., 2021 and

(c) the Liquidators are Christine Russell and Mauro Casu, of Corner Bank (Overseas) Ltd. with Registered Offices in The Bahamas at Sassoon House, Shirley Street and Victoria Avenue, Nassau, Bahamas

(c) the Liquidators are Christine Russell and Mauro Casu, of Corner Bank (Overseas) Ltd. with Registered Offices in The Bahamas at Sassoon House, Shirley Street and Victoria Avenue, Nassau, Bahamas

Christine Russell and Mauro Casu Liquidators

Christine Russell and Mauro Casu Liquidators

himself. The president has seemingly undermined the push to raise the minimum wage by acknowledging its dim prospects in Congress, where it faces political opposition and procedural hurdles.

That’s frustrating to activists like Wise, who worry their victory is being snatched away at the last minute despite an administration that’s otherwise an outspoken ally.

“To have it this close on the doorstep, they need to get it done,” said Wise, a 41-yearold department manager at a McDonald’s in Kansas City and a national leader of Fight for 15, an organized labor movement. “They need to feel the pressure.”

The minimum wage debate highlights one of the central tensions emerging in the early days of Biden’s presidency.

FOR SALE

BY OWNER 4 BED | 2 BATH HOME ON A LARGE LOT Centrally Located

$299k No Realtors

376-5599

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Valvaria Ann Smith of Stapledon Gardens, P.O. Box CB-11513, New Providence, Bahamas, mother of AMANDA NEREY SMITH intend to change my child’s name to AMANDA NEREY SMITH-GREENE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Tuesday, February 16, 2021, PAGE 5

NIGERIAN Finance Minister Ngozi Okonjo-Iweala during a panel discussion “The Post-2015 Goals: Inspiring a New Generation to Act”, the fifth annual Associated Press debate, at the World Economic Forum in Davos, Switzerland. OkonjoIweala was yesterday appointed to head the World Trade Organization as it seeks to to resolve disagreements over how it decides cases involving billions in sales and thousands of jobs. Okonjo-Iweala was appointed as director-general of the leading international trade body by representatives of the 164 member countries, according to a statement from the body.

Photo: Michel Euler/AP

Okonjo-Iweala is 1st woman, African to lead world trade body FRANKFURT Associated Press NIGERIAN economist Ngozi Okonjo-Iweala was appointed yesterday to head the World Trade Organization, becoming the first woman and first African to take on the role amid rising protectionism and disagreement over how the body decides cases involving billions in sales and thousands of jobs.

Okonjo-Iweala, 66, was named director-general by representatives of the 164 countries that make up the WTO, which deals with the rules of trade between nations based on negotiated agreements.

She said during an online news conference that she was taking over at a time when the WTO “is facing so many challenges, and it’s clear to me that deep and wide-ranging reforms are needed... it cannot be business as usual”.

Her first priority would be quickly addressing the economic and health consequences of the COVID-19 pandemic, such as by lifting export restrictions on supplies and vaccines and encouraging the manufacturing of vaccines in more countries. Other big tasks include reforming the organisation’s dispute resolution process and finding ways for trade rules to deal with change such as digitalization and e-commerce.

She takes over after four turbulent years in which US President Donald Trump used new tariffs, or import taxes, against China and the European Union to

push his America first trade agenda.

“It will not be easy because we also have the issue of lack of trust among members which has built up over time, not just among the US and China and the US and the EU ... but also between developing and developed country members, and we need to work through that,” she said.

She said that as the first woman and first African to hold the post, “I absolutely do feel an additional burden, I can’t lie about that. Being the first woman and the first African means that one really has to perform.”

“All credit to members for electing me and making that history, but the bottom line is that if I want to really make Africa and women proud I have to produce results, and that’s where my mind is at now.”

The appointment, which takes effect March 1, came after US President Joe Biden endorsed her candidacy, which had been blocked by Trump.

Biden’s move was a step toward his aim of supporting cooperative approaches to international problems after Trump’s go-it-alone approach that launched multiple trade disputes.

But unblocking the appointment is only the start in dealing with US concerns about the WTO that date to the Obama administration. The United States had blocked the appointment of new judges to the WTO’s appellate body, essentially freezing its ability to resolve extended and complex trade disputes.

The US government has argued that the trade organisation is slowmoving and bureaucratic, ill-equipped to handle the problems posed by China’s state-dominated economy and unduly restrictive on US attempts to impose sanctions on countries that unfairly subsidise their companies or export at unusually low prices.

Okonjo-Iweala has been Nigeria’s finance minister and, briefly, foreign minister, and had a 25-year career at the World Bank as an advocate for economic growth and development in poorer countries. She rose to the No 2 position of managing director, where she oversaw $81bn in development financing in Africa, South Asia, Europe and Central Asia. In 2012 she made an unsuccessful bid for the top post with the backing of African and

other developing countries, challenging the traditional practice that the World Bank is always headed by an American.

She has a bachelor’s degree in economics from Harvard University and a PhD in regional economics and development from the Massachusetts Institute of Technology.

South Korean trade minister Yoo Myung-hee had withdrawn her candidacy, leaving Okonjo-Iweala as the only choice. Her predecessor, Roberto Azevedo, stepped down Aug 31, a year before his term expired.

Trump repeatedly accused the WTO of unfair treatment of the US, started a trade war with China in defiance of the WTO system, and threatened to pull the US out of the trade body altogether. Trump also imposed 25% steel and

aluminum tariffs that hit European allies on national security grounds, a justification that went beyond trade measures normally used within the WTO rules framework.

So far, Biden has not said whether the US will unblock the appellate appointments, and he has not withdrawn the steel tariffs either, which are backed by industry and union groups.

Chad P Bown, senior fellow at the Peterson Institute for International Economics, said unblocking Okonjo-Iweala’s appointment was “a very good first step” in re-engaging with the WTO, “but that’s the easy one. The rest are hard”.

In particular, the WTO faces “a ticking time bomb” in the form of other countries’ challenges to Trump’s use of national security as

a justification for imposing tariffs, a little-used provision in US law rejected by key US trading partners in Europe.

Bown said any decision would be a lose-lose dilemma for the WTO. Ruling against Trump’s move could provide a rallying cry for WTO skeptics in the US, while a ruling in favor could lead to other countries using national security justification as well. And that “opens a giant loophole in the trading system whereby all rules are meaningless,” Bown said. Biden’s administration therefore has an incentive to take the dispute off the table before a decision, expected this summer.

“If you’re the Biden administration what you want to do is settle this thing, so you don’t put the WTO in this awkward position,” Bown said.

MARKET REPORT www.bisxbahamas.com

MONDAY, 15 FEBRUARY 2021

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 4.50 33.05 2.00 2.35 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 9.00 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 3.10 5.50 10.20 2.10 4.75 9.50 7.70 13.00 3.50 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 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

CLOSE

CHANGE

1963.79

1.65

52WK LOW 100.00 100.00

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

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

0.09 -128.67

-6.15

CLOSE 4.50 32.12 1.62 2.35 1.59 6.00 6.61 2.93 4.74 3.10 5.60 10.20 2.66 6.80 10.06 8.40 13.50 3.75 8.35 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

YTD%

LAST CLOSE 4.50 32.12 1.62 2.25 1.59 6.00 6.61 2.93 4.74 3.10 5.60 10.20 2.66 6.80 10.02 8.40 13.50 3.75 8.35 15.20

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

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

YTD

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

.

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

%CHANGE

CHANGE 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00

VOLUME 115 5,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 18.8 34.5 N/M N/M N/M N/M 17.9 -6.7 33.9 16.8 12.5 14.1 26.1 14.6 15.6 11.5 16.5 18.5 8.9 24.1

YIELD 3.78% 3.92% 1.23% 1.28% 0.00% 0.00% 3.93% 0.00% 0.00% 3.87% 3.93% 7.06% 16.32% 0.88% 3.26% 2.86% 4.00% 3.20% 2.40% 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

YOUR

CHOICE FOR THE FAMILY

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

WWW.FACEBOOK.COM/JOYFM1019 TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

PAGE 6, Tuesday, February 16, 2021

THE TRIBUNE

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

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

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

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

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES