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MONDAY, FEBRUARY 22, 2021

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Stopover visitors off 100,000 for January By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas saw January visitor arrivals fall by more than 100,000 or 84 percent, a Cabinet minister disclosed yesterday, with COVID travel protocols set to remain until vaccination levels hit 80 percent. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that January’s year-overyear decline was likely worsened by surging infection rates that peaked in the US and many of its core visitor markets, as well as the uncertainty sowed when newly-elected US president, Joe Biden, suggested all returning US citizens would have to undergo a federally-mandated quarantine. While that ultimately never happened, Mr D’Aguilar said it was sufficient to deter outbound travel by many US citizens

• Down 84% amid source market COVID peak • 80% ‘herd immunity’ needed for borders ease • Health Travel visa ‘tweak’ for new US measures

DIONISIO D’AGUILAR - especially since there was far less media coverage of the “no quarantine” confirmation. The minister added that January’s weakness was also exacerbated by the Canadian ban on flights to the Caribbean, and the continuing travel restrictions affecting the UK and Europe. With tourism’s revival depending on factors outside The Bahamas’ control,

Auto dealers brace for 70% orders fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NEW car dealers are warning that the government’s tax earnings from the industry will be severely reduced with 2021 orders expected to be up to 70 percent off compared to pre-COVID levels. Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that his Auto Mall enterprise had stopped ordering “for four to five months” immediately after the pandemic hit because

lockdown restrictions and the devastating impact on consumers meant it was almost impossible to offload existing inventory. And supply chain interruptions, including fires at factories producing micro chips that are essential components in several vehicles, are set to create a supply shortage that threatens to further worsen the drop-off in new vehicle imports to The Bahamas sparked by low customer demand and dealers focusing on clearing excess inventories they still hold.

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BTC goes Bahamian on new top executive By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE two Bahamas Telecommunications Company (BTC) trade unions yesterday voiced hope for better industrial relations with appointment of a Bahamian as chief executive once again. BTC staff were informed on Friday that Andre Foster, the carrier’s head of operations for the past nine months, will take over the top post from Garfield

“Garry” Sinclair, pictured, on March 1. The latter will remain as Cable & Wireless Communications (CWC) vice-president for the northern Caribbean, including

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Mr D’Aguilar nevertheless said he was encouraged by Atlantis yesterday revealing that it will recall additional staff for the reactivation of guestroom operations on March 11. Voicing optimism that this will help to “counter” up to 300 permanent redundancies resulting from the Melia Nassau Beach’s twoweek closure, he said the border COVID-19 testing and health protocol regime will likely remain in place for months to come until both The Bahamas and its core tourism source markets reach the 80 percent vaccination threshold deemed by scientists to offer “herd immunity”. Mr D’Aguilar also disclosed that The Bahamas was also working to adjust its Health Travel Visa regime to just one

all-encompassing fee rate rather than two. With the US now requiring all returning travellers to produce a negative COVID-19 test, he argued that the previous $40 fee for visitors who did not need to take it for Bahamian purposes no longer applies. Based on approved Health Travel Visa applications, Mr D’Aguilar told this newspaper that some 21,000 visitors came to The Bahamas in January 2021, while another 11,000 submissions were received from returning citizens, residents, short-term work permit holders and holders of homeowners’ residents cards. That 21,000, though, is some 124,000 less than The

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Next govt urged: Initiate VAT rate, exemption review By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE next government has been urged to review both the VAT rate and associated exemptions in a bid to maximise revenue yields and lower the burden on struggling Bahamians post-COVID-19. Rupert Pinder, a Bahamian economist who lectures at the University of the Bahamas (UoB), told Tribune Business that “more analysis is required” to determine whether the multiple VAT exemptions introduced by the Minnis administration in the 20182019 budget had increased the costs and complexity associated with administering the tax as well as creating the potential for revenue leakages. He was backed by James Smith, the former Central Bank governor and ex-finance minister, who questioned whether the government may have enjoyed greater income from its leading revenue source via

a lower VAT rate with fewer exemptions as opposed to the present 12 percent. However, they and private sector executives also urged Philip Davis, the official opposition leader, to provide more clarity on his party’s tax reform plans should it win the government in the upcoming general election following his pledge to determine whether VAT is still a “viable” or “appropriate” revenue-raising mechanism in COVID-19’s aftermath. Mr Pinder, suggesting that Mr Davis’ comments were “not necessarily definitive one way or another”, and insufficient to provide guidance as to which direction a PLP government may take, nevertheless said: “One of the things this administration did, and it surprised me people didn’t call it out more, was that they increased the VAT rate and introduced a number of exemptions. “In introducing the exemptions I’m not sure if

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PAGE 2, Monday, February 22, 2021

Keys to identifying risks posed by finance clients BY DEREK SMITH

recently had the opportunity to sit and discuss the evolving roles of both the compliance officer and the money laundering reporting officer (MLRO)

with a group of secondyear law students from the Eugene Dupuch Law School. During this crossexamination like exercise, the group ventured to ascertain my position on

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whether all customer due diligence documentation should be requested from every client during the onboarding process given that it is so diverse and requires a detailed level of understanding. I strongly responded “no”. I further argued that the process should be used to ascertain facts about a potential

customer that would assist an institution in identifying potential risks, determining if those risks are within its risk appetite, and then deciding how to monitor the potential client. It is important to note that best practice does not always align with laws, regulations and guidance. However, the organisation that determines global best practice standards is the Financial Action Task Force (FATF). They have produced 40 recommendations for combating money laundering and terror financing, and have subsequently updated them over the years to adapt to the changing environment. There is an expectation among compliance and anti-money laundering

experts that the FATF’s approach and methodologies may be further updated in 2021. The FATF recommendation that applies to customer due diligence is ‘Recommendation 10, which reads: “Financial institutions should be required to verify the identity of the customer and beneficial owner before or during the course of establishing a business relationship, or conducting transactions for occasional customers. “Countries may permit financial institutions to complete the verification as soon as reasonably practicable following the establishment of the relationship, where the money laundering and terrorist financing risks are effectively managed, and where this is essential not to interrupt the normal conduct of business.” Locally, paragraphs 37 through 121 of the Central Bank of The Bahamas’ anti-money laundering/ counter terrorism financing guidelines offer guidance to its supervised financial institutions (SFIs) and reference key legislation. Designated non-financial businesses and professionals (DNDBPs), such as law firms that are supervised by the Compliance Commission, also have updated guidance based on the riskbased approach regarding customer due diligence. It is against this backdrop, and for the purposes of good governance, that I would suggest you ask yourself: “How strong is our institution’s customer identification programme. Failure to implement a robust framework could result in costly fines and unsettling findings by auditors and regulators alike. Here are two tips. Know your regulatory landscape and your internal landscape. When last has your institution completed a gap analysis between your current policies and procedures and the current regulatory landscape? If you are a a senior executive, compliance or risk professional, and paused before answering this question, I am afraid it has either been too long or the process is not as robust and consistent as it needs to be. The art of regulatory compliance is quickly becoming an exciting area that involves multiple steps to prevent or mitigate potential risks to the institution. Be aware of the parameters of your

regulatory and internal environment would greatly assist your company. It also reduces the potential of irritating potential customers with irrelevant requests based on the type of service being requested. Pay attention to your risk variables The FATF notes: “When assessing the money laundering and terrorist financing risks relating to types of customers, countries or geographic areas, and particular products, services, transactions or delivery channels risk, a financial institution should take into account risk variables relating to those risk categories. These variables, either singly or in combination, may increase or decrease the potential risk posed, thus impacting the appropriate level of customer due diligence measures.” These risks appear in the purpose of an account or relationship’ source of wealth and source of funds; domicile of the client; the nature of the business relations; and/or industry of employment, politically exposed position, potential negative media among other risks. Your entity’s corporate and individual risk assessment tools must have at a minimum the above triggers that would assist with risk rating a client. Conclusion My external audit and internal audit journey, along with travelling to conferences and interacting with regional and international risk and compliance professionals, have highlighted that a “one-size fits all approach” to an institution’s client on-boarding and monitoring is an equation for disaster and unwanted inefficiencies. NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

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Monday, February 22, 2021, PAGE 3

BANKS: 25% NEVER VERIFIED BUILDING CODE COMPLIANCE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank is urging all licensees to ensure their offices can withstand a Dorian-type category five hurricane after 25 percent said they had never confirmed Bahamas Building Code compliance. The regulator, unveiling the results of a July 2020 hurricane preparedness survey of Bahamian banks and trust companies, said the results showed “an appreciable minority... need to confirm that their core buildings will withstand a category five hurricane, including reasonably predictable storm surges”. While 84 percent of survey respondents “expressed confidence” that their offices were compliant with the building code, the Central Bank revealed that one-quarter of supervised financial institutions had never verified this was the reality. Some 32 percent said they had checked this in 2018 when the majority of the industry’s Business Continuity Plans (BCPs) were ratified. The survey, undertaken to determine the financial services industry’s resilience and ability to withstand a Hurricane Dorian-type scoring a direct hit on New Providence, as well as the

THE CENTRAL BANK OF THE BAHAMAS speed at which it could resume providing services to business and individual clients, also found that the sector needed to do more to aid staff who were themselves displaced by such storms. “Entities could also better plan for staff displacement from damaged housing or physical injuries that could impede their employees’ ability to report for duty,” the Central Bank found. “In particular, 70 percent of respondents lack provisions to respond to injuries or loss of housing among staff. “Most supervised financial institutions reported plans to assist staff, such as with evacuation, setting up temporary housing, locating shelters, and access to medical care. Respondents also disclosed how they planned

GALLERIA TARGETS FRIDAY RE-OPEN By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GALLERIA Cinemas is targeting this Friday for its re-opening after an 11-month COVID-19 enforced shutdown even though it is still awaiting the formal go-ahead from the Government. Chris Mortimer, pictured, Galleria Cinemas’ principal, told Tribune Business it was providing the last piece of information that the government said it required before giving permission to re-open. “The target opening date is next [this] week Friday. There’s something the government needs from us, which we’re providing, and then as soon as that’s done we don’t expect that there’s any issue with regard to us having it,” he added. Cinemas and entertainment venues have been receiving individual reopening approvals from the Prime Minister’s Office over the past week. The Fusion Superplex and Mario’s Bowling and Family Entertainment Palace have both received the go-ahead albeit with certain capacity restrictions and other health protocols. However, not all entertainment-related businesses are equal, as Galleria and others have endured a longer wait. Ivan Francis, owner/operator of Skate City, said he has heard nothing from the competent authority (Prime Minister’s Office) on he will be able to resume operations. Mr Francis said: “I don’t have my letter of approval and this is confusing to me. Because a representative from the Commissioner of Police told me that the commissioner doesn’t know

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anything about opening, and he is advising persons with entertainment businesses not to open.” Mr Francis, who is at his “wits end” and in “limbo”, said he does not know where to turn amid this confusing situation as he has not been getting any response from the Ministry of Health of Office of the Prime Minister on when he will be able to reopen. He said: “I contacted the Ministry of Health when I put my initial application in, and told them how I intended to conduct business, but I had to call them again where they told me they had my application and all they had to do is go and have a meeting to discuss my matter. “They told me to go online and fill in a form that would tell me what my COVID score is and, based on that, they would be able to tell me if I am able to open. But I have gotten nothing officially from the government on when I would be allowed to re-open. “I thought the approvals were an across-the-board kind of thing when they said they would allow entertainment centres to re-open, but from what I understand Mr Mortimer again asked: ‘What about me?’ Me and Mr Mortimer are in the same situation; we are waiting to hear official word.”

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to ascertain the health and housing status of staff. All respondents have staff communications arrangements in place, with reliance on a mix of telephone calls, email and text messaging.” Still, the Central Bank added that “most supervised financial institutions need to think more holistically about staff impacts from a catastrophic storm, particularly staff who have lost housing access”. It revealed it would ask industry bodies to develop a “code of practice” to deal with this issue. “This includes in the first instance ensuring that employees can be contacted, and their welfare assessed. From that point, supervised financial institutions need plans in place to ensure that staff who are expected to work during

the business continuity plan period have the housing, security and family arrangements in place to facilitate this availability,” the regulator added. “Staff who are not needed to work in the early BCP stages are nonetheless also necessary to preserve in as good order as possible, and to support operations recovery.” And the Central Bank said the financial services industry’s failure “to fully convert to nearuniversal digital contact with clients may prove a problem after a hurricane” when it came to reaching customers. Suggesting that it planned to provide more guidance to Bahamian financial institutions on maintaining multiple channels of client communication, the regulator added: “In particular, 80 percent of respondents disclosed that they had more than one means to contact over three-quarters of their clients. “This is noteworthy as many clients might also be displaced from their physical addresses after a category five hurricane. However, as to the reliability of electronic means of reaching customers, the results varied. Only 57 percent of supervised financial institutions confirm the electronic contact

details of customers at least annually.” The survey, which issued 42 questions set against the impact of “catastrophic physical damage” resulting from a category five striking New Providence and Grand Bahama, received 94 responses from the 110 institutions targeted for a reply rate of 85 percent. Responses were received from all the domestic commercial banks, four credit unions and five money transmission businesses. These institutions, which make up the domestic financial services industry, said they would be to restore digital banking channels within days of a category five strike. “Faced with a Category 5 hurricane on New Providence, the domestic systemically important banks (DSIBs) and credit unions assessed that they would be able to restore phone and internet banking within a few days,” the Central Bank said. “As physical service channels could be significantly delayed, increased access to digital options throughout the population is essential. In particular, use of electronic payments systems could be enabled as soon as mobile phone service were restored. This could be a difference a few days rather than weeks or

longer for physical systems to be repaired. “Presuming retail banking buildings and ATMs were unavailable, each of the seven DSIB banks reported being able to provide retail clients with Internet, telephone or mobile banking. For the same question, three of the four credit unions offer Internet banking services and all four provided telephone or mobile banking services.” Overall, the Central Bank said the survey showed “a high confidence from supervised financial institutions in their ability to recover and operate in the aftermath of a catastrophic storm”, although it was quick to acknowledge that more work needs to be done. Asserting that this can proceed from a sound base, the regulator added: “Supervised financial institutions will need business continuity plans that contemplate the absence of access to damaged buildings for weeks to months. “Resilience should also extend to information technology, telecommunications and electrical systems. Avoiding placement of critical infrastructure in basements of flood-exposed structures, for example, is a strategy worth consideration.”

NHI NAMES BAHAMIAN TO CHIEF EXECUTIVE POST THE National Health Insurance Authority (NHIA) has promoted Christy Butler to chief executive following the planned departure of her predecessor, Graham Whitmarsh. She takes over from March 1. Dr Robin Roberts, the National Health Insurance Authority’s chairman, said: “We are excited that Mrs Butler has agreed to serve in this capacity as we continue to work towards our transition to universal health care. Graham Whitmarsh was appointed interim managing director three years ago with the commitment that he would assist the board in identifying a Bahamian chief executive to occupy the office. “We feel that this

CHRISTY BUTLER appointment has accomplished just that. Mrs Butler’s extensive background in public health and management skills will continue to build up our recent successes and strengthen partnerships. “We promised the community a Bahamian will occupy the position of chief executive, and here we are

delivering on that promise. I believe Mrs Butler’s strong leadership experience is a great complement to NHIA as we continue to improve and enhance our work in healthcare”. Mrs Butler joined the NHI Authority in April 2019, serving as senior manager of operations and the team lead for the Primary Care Transformation Office (PCTO). With more than 15 years’ experience in healthcare leadership and reforms, Mrs Butler served within Doctors Hospital’s patient finance department prior to joining NHIA. “I am very excited about my new appointment,” said Mrs Butler. “I believe in the vision and mission of NHIA. There is a great model here and a very talented team that uniquely

positions it to capitalise on the changing environment in healthcare”. A graduate of Kingsway Academy, Mrs Butler earned a Bachelor of Arts (BA) in Biological Sciences at Rutgers University in New Jersey and later completed a master of public health (MPH) degree at Barry University, Miami Shores, Florida.

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PAGE 4, Monday, February 22, 2021

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PUB OWNER: CAPACITY CURB MORE HARMFUL THAN CURFEW By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A PUB and restaurant owner says capacity restrictions rather than the 10pm curfew are more damaging to his business, adding that a few extra evening hours will do little to improve trade. Marcian Sawyer, the Crew Pub’s owner/operator, told Tribune Business that delaying the curfew’s start by an extra hour or two would mean nothing to his business unless it was permitted to serve more customers. He said: “To be fair, the

curfew doesn’t really matter to me. Based on my business, I would just like to have more volume. Like right now, the movie theatres and Mario’s are getting to open up at certain capacity levels, but yet if you don’t have a hotel license all the restaurants and bars and stuff - at least in Nassau - are having to remain restricted to curbside and takeout which, obviously for me, seems a little bit unfair.” Asserting that few customers are ordering food after 7pm, Mr Sawyer said: “The curfew doesn’t really help me. It is more about he quantity of people I can

have in my establishment.” “Of course I would love to be able to remain open later and later, as any couple of dollars I could get would be beneficial. At the end of the day, your electricity doesn’t change, your rent doesn’t change. All these things are bills that remain the same, but yet you’re making less money. “It would be beneficial to have another hour, but it’s kind of like we need a little bit more. An extra hour a day doesn’t do much. It’s about having the ability to have persons inside and spending money, like someone who can come in and, instead of buying a burger

UNION LEADER’S LEGAL THREAT ON SEVERANCE PAY SUSPEND By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TRADE union leader is threatening to take legal action over the government’s COVID-related suspension of the Employment Act’s full termination pay clauses. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that the suspension created by the COVID-19 Emergency Orders amendment (No.6) 2020 was “all wrong” and that the government had made a mistake. The Emergency Orders amendment, dated May 26, 2020, states that for the duration of the state of public emergency and thirty days thereafter, section 28C of the Employment Act will be suspended. However, there is no section 28C in the Act - only sections 28 (1) through (3), which talk about

OBIE FERGUSON redundancy payment for employees and how it should be treated in the eyes of the law. It says specifically in the section 28 (1) that “payment of redundancy pay shall be made on or before the date of the employee’s redundancy”, while 28 (3) says: “A redundancy payment shall be a preferred debt in all cases involving bankruptcy or liquidation.” Mr Ferguson responded: “Obviously they aren’t referring to anything in the Act of substance. If you are referring to the Act then you have to refer to the Act. You can’t invent a provision in the Act, they

can’t do that.” Labour union executives, including Mr Ferguson, have been calling for full termination payments to be made to workers - some of whom have been furloughed for 11 months. They argue that these employees will fare better receiving what is due to them rather than continuing to wait on a job that may never return. However, the government and employers are arguing that it is better to still have a job even if staff are not working, and that taking a full severance package now means that post will not be waiting for them when business resumes. And many companies, struggling amid COVID-19’s economic devastation, simply lack the liquidity, cash flow and financial resources to afford severance payments. Mr Ferguson said: “If you look at section 26A in the Act, it specifically makes

and leaving, I make I make the money on my burger and that’s it. But how do you sustain paying rent and paying electricity? “It’s hard to keep the livelihood of the business going because you know that there’s not enough hours in the day at the current state. You could give me 40 hours straight of operating at curbside and takeout and I still wouldn’t be able to make as much money as just operating for 10 hours a day while being able to have people inside and enjoying themselves, even if it was socially distant and mask wearing and at a certain percentage. provisions for how you make a worker redundant, but the employers are not following that. That obviously creates a legal issue.” He has advised workers that employers are obligated to follow this. He added: “We will certainly do something about this. I am having a meeting with the majority of the trade union leader leaders to discuss these points on the application of the amendment and how it has been defused. “For example, under section 26A, you cannot just willy nilly on your own decide to terminate workers without meeting with the union and go through a process of selection and look at the priority with who they select, why are they going to select them, and then you have to look at the years of seniority. This is not done just by the employer, this is done in collaboration with the union, or if not by the union a representative of the grouping.” “I intend to go to court on some of these matters and we are going to get the court to make a determination on these issues because these issues have consequences on the average worker.”

That’s where it makes money; it’s the volume. So unless you’re selling a $25 beer, an extra hour doesn’t really make sense.” Dante Carrer, owner/ operator of the Poop Deck, though, said it would be “fantastic” if the Government delayed the curfew’s start by an extra hour to 11pm as it has done on Grand Bahama. “That would be fantastic, but I haven’t thought about the larger implications of it. From our perspective, most of our business is like always at the end, just before we close. So it would definitely have a positive impact on our bottom line,”

he added. While welcoming an extra hour before the curfew started, Mr Carrer said allowing more people inside that at present will be “risky” for the Poop Deck. He added: “There is more to this than just money. “I have been trying to get the attention of the Government, but I never heard back from them on multiple times. But things are not too bad with us considering the situation. We’re lucky that we’re able to at least open our doors and we’re grateful for that. If everything stays the same until we get back to normal we should be OK.”

ISLAND Pay customers celebrate winning MasterCard prepaid debit cards with members of the Island Pay team. From left: Jeffrey Beckles, managing director, Island Pay; Lashanda Bain, client winner; Tannazania Sturrup, client winner; Shannon Hanna, deputy general manager, Island Pay; and Kassim Williams, kiosk technician, Island Pay.

ISLAND PAY REWARDS OVER MASTERCARD PARTNERSHIP SEVERAL Island Pay customers have been rewarded with a prepaid MasterCard debit card loaded with $500 following the local payment provider’s tie-up with the global giant. The move came after Island Pay and MasterCard partnered to launch the world’s first Central Bank digital currency-linked card. This product is designed to improve financial flexibility for thousands of customers both in The Bahamas and when travelling abroad.. “We are committed to revolutionising Fntech (financial technology) in The Bahamas,” said Jeffrey Beckles, Island Pay’s managing director. “Making financial transactions easier, and making funds more accessible to more people, is at the core of our business model. “Our game-changing partnership with MasterCard is the first in a range of new financial management solutions that we are bringing to the market to meet this pledge.” Through Island Pay’s partnership, customers can purchase a co-branded MasterCard prepaid debit card with a balance of up to $500 at any Island Pay kiosk. The prepaid card works like other debit cards and can be used wherever the MasterCard logo is displayed. In Nassau, Island Pay kiosks are stationed at the Thomas A Robinson National Stadium, Crew Pub (East Street North), and Superwash laundromats on Carmichael Road West and Charles Saunders Highway. New kiosks will be installed at select Esso service stations and Quality Home Centre in Nassau - and in key locations in Grand Bahama - over the next few weeks. Shannon Hanna, Island Pay’s deputy general manager, said: “What is

especially significant about this technology is that it offers numerous benefits to many different types of customers. For starters, we are giving customers the flexibility and utility of a debit card without having to establish an account at a financial institution. “This offers unbanked or underbanked consumers access to essential payment services. From a security perspective the prepaid cards are much safer than cash because they offer customers a level of privacy and protection by helping them remain anonymous and protect their identity. “Another very timely benefit is that these cards offer customers access to a contactless shopping experience, which is especially critical today considering the pervasiveness of the COVID-19 virus.” Ms Hanna said the prepaid debit cards can be used at any retailer or merchant who accepts MasterCard. “For example, as a Bahamian or resident, you can purchase a prepaid debit card at one of our kiosks and use it when you travel so you don’t have to worry about the dangers of carrying cash,” she added. “On the other hand, if someone is visiting The Bahamas, he or she can do the same thing – purchase a prepaid debit card at any of our kiosks and have access to US dollars without worrying about losing their money or holding lots of cash. “Customers and merchants can expect to hear much more about our MasterCard prepaid debit cards, merchant services and other fintech solutions designed to make life easier for everyone. Customers need to be able to manage their money in smarter, faster and more personalised ways in the modern world. Island Pay is leading that charge.”

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Monday, February 22, 2021, PAGE 5

Inflation fears trigger higher treasury yields ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs

to the stock markets, to consider their stance and ponder a less risky approach to investing. Over the last year, many investors driven by the uncertainty generated by the pandemic drifted towards safe haven assets such as US treasury notes. Higher demand drove up the price and decreased the yield, forcing many market operators, desperate to generate income, to invest in riskier assets such as shares: to some extent this dynamic explains the incredible rally in stocks recorded over the last 11 months. So, if the prospect

ARLIER in the year many analysts shared their predictions for how we could expect the financial markets to behave in 2021. The very large majority foresaw a continuation of the stock market rally that emerged in the aftermath of the pandemic. The underlying conditions were, after all, expected to remain in place, with protracted dovish monetary policies and robust asset purchase programmes of the main central banks dictating the course of the events. However, after the surprise win by the Democrat candidates in the Georgia run-off Senate elections, the chances of President Biden’s $1.9tn fiscal stimulus package obtaining the approval of the US Senate increased dramatically and the result is that, for many, the terms of the equation appear to have changed. The spectre of inflation is becoming more present, as the topic trends among investors concerned by the impact a potential rise in consumer prices may have in the markets.

ACCOMODATIVE monetary policy can trigger a rise in inflation. Prospects of a stimulusbacked recovery in the US economy increased expectations of higher inflation - which could potentially dilute the value of the income generated by bonds - convinced some investors to sell their portfolio of treasuries, driving down

their prices and increasing the yield; there is an inverted correlation between price and yield, meaning that when one goes up the other falls, and vice-versa. This recent rise in bond yields forced investors, who until recently had been strongly committed

of a rise in inflation, that would dilute the value of the very low income generated by the bonds acquired during times of high demand led some investors to sell them, it is also likely the opposite scenario will generate a bond rush, which can potentially dent the performance of stocks. If bond yields continue to rise and reach the 1.75 percent mark, many stockholders will once again look at such instruments as viable investments, that besides generating an inflation-beating income are also considerably less perilous than shares. Such a scenario would trigger a sell-off in the stock market by traders eager to cash-in their profits and migrate

their portfolios to much safer high-rating government debt. It’s not yet clear we are entering an inflationdominated era, as it would entail a much rosier picture in terms of economic activity than the one we currently face, as illustrated by the disappointing American employment data published last Thursday, which had a cooling effect in such projections. It is nevertheless undeniable that fiscal stimulus and accommodative monetary policies form a powerful cocktail, one that could overheat the economy, forcing the Fed to revise its monetary policy and end the deflationary trade of the last 11 months.

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MINISTER ADDRESSES 190 TRAINING AGENCY LEAVERS SOME 190 Bahamians graduated from the National Training Agency (NTA) in a virtual ceremony last Thursday that was addressed by a Cabinet minister. Michael Pintard, minister of Agriculture and Marine Resources, spoke to trainees from 12 islands who were certified in information technology;

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GADVILLE MCDONALD, the National Training Agency’s executive director, is pictured during the virtual graduation ceremony for 190 students. Trophies pictured are for top achievers. Photo: Patrick Hanna/BIS

graphic design; Microsoft Office; web design; and office procedures. “I come here this evening with the message and advice to follow your dreams,” Mr Pintard said. “I also wish to give you 13 points on how you can empower yourselves to live your best life.” He quoted American educator, social activist and author, Geoffrey Canada, who urged educators to be “results driven”. Mr Pintard said several criteria that be followed to achieve success in life including self-empowerment, taking responsibility for one’s own

life, and ensuring others are not disenfranchised. He said the 13 points included being committed to lifelong learning; having a winning attitude; staying focused; being relentless; minimising distractions; setting goals and high standards; and knowing the source of one’s strength. Gadville McDonald, the National Training Agency’s executive director, said the government was “intentional” with how students were prepared with employment skills that could be leveraged for the rest of their lives. He

said the agency also provided the foundation for entrepreneurship. “I am happy to report that some 27 percent of graduates have already entered the job market via a job placement platform,” he said. “We are, therefore, calling out to employers to look to the NTA to fill your employment requirements.” Mr McDonald said that through its use of innovation and technology, the agency has been able to reduce its need for government subvention by 60 percent in the past few years.

Stopover visitors off 100,000 for January FROM PAGE ONE

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Bahamas received in air arrivals for January 2020, and 128,000 lower than the near-129,000 in stopover visitors for that month last year. Given that this nation has received no cruise visitors since March 2020, those figures provide the best yearover-year comparatives with which to measure the pace of tourism’s crawling rebound. The 21,000 figure also likely includes boating/ yachting arrivals, as they are subject to the same Health Travel Visa regime, and Mr D’Aguilar said rising COVID-19 cases in key source markets as well as new restrictions and travel protocol uncertainty abroad had all contributed to “a substantial pull back” in tourism demand. And, with Canada banning all direct flights to the Caribbean until April at least, and Europeans only able to travel directly to The Bahamas via private aircraft, the minister said such measures have “virtually wiped out” this nation’s major source markets bar the US. Suggesting that it was “a little premature” to look at easing The Bahamas’ border and travel restrictions with COVID-19 vaccines only starting to be rolled-out, Mr D’Aguilar said: “For the time being the status quo remains.” Noting that vaccines “suppress the symptoms” of the virus, thereby allowing persons to “live with it”, he added that any easing “is a function of what proportion of our population, and what proportion of the population are visitors are coming from, have been vaccinated. “Dr [Anthony] Fauci believes that if you get to 80 percent you will have herd immunity,” Mr D’Aguilar said of the US infectious diseases specialist, “and that will significantly diminish the chance of vaccinated people affecting non-vaccinated people. “Once we get up to 75-80 percent the consideration to relax the protocols will be considered. That’s what the scientists are telling us. We’re just following the science.” Mr D’Aguilar said the US decision to require all returning citizens to provide a negative COVID-19 test taken within five days of travelling was making The Bahamas assess whether the $40 Health Travel Visa fee category, which previously exempted visitors staying less than five days from having to be tested here,

had now become obsolete. Given that visitors must either be tested for Bahamian or US requirements, or both, the minister said it made sense to adjust the Health Travel Visa to just one $60 fee that covered a rapid antigen test’s costs while in The Bahamas. “We’re contemplating building it all into the health visa,” Mr D’Aguilar disclosed to Tribune Business. “We haven’t made a final decision on that yet, but it seems to make sense that when you purchase the visa on the way in, which includes the rapid antigen test on the fifth day for our purposes, for peace of mind it also covers the test to return to the US. “It would eliminate the category for five days and under, and make everyone pay $60. You either have to get it for us, get the test for the US, or get one that covers both. If you are here for five, six, seven, eight days, you can have a test for us which is also good for the US. We can then generate a nice report for you and sent it online. We’re trying to work that out and see how that works.” Mr D’Aguilar said the Royal Towers re-opening was in line with the mild improvement that the Bahamian hotel and tourism industry expects to see as it heads into the Spring Break and Easter period, the latter of which is typically the peak period for this nation’s largest industry. Atlantis could not be reached for comment before press time last night on how many staff it plans to recall for the Royal Towers re-opening. However, its return - following a shortlived re-opening over the Christmas and New Year period before it made way for The Cove - means the Paradise Island mega resort now has three properties open including the Harborside timeshare complex. “We are delighted to welcome back additional team members to Atlantis and showcase the newlyrenovated Royal east tower guestrooms to our guests,” said Audrey Oswell, Atlantis’ president and managing director. “As a result of the comprehensive and effective health and safety protocols at Atlantis, we see even more pent-up demand from our guests to return to The Bahamas, which supported our decision to reopen guestroom operations at The Royal.”

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) FORMALHAUT LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The Dissolution of said Company commenced on February 22, 2021 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before March 22, 2021 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. February 22, 2021

ZAKRIT SERVICES LTD.

LIQUIDATOR OF THE ABOVE-NAMED COMPANY

THE TRIBUNE

Monday, February 22, 2021, PAGE 7

Next govt urged: Initiate VAT rate, exemption review FROM PAGE ONE they diluted the increase and created a lot of leakages. There’s more analysis required, but what they’ve done is create a level of complexity with the VAT by introducing a number of exemptions.... You can perhaps increase the revenue yield and overall efficiency with a lower rate. That could very well be an argument.” Mr Pinder argued that the jump to 12 percent, which represented a 60 percent hike on the previous 7.5 percent rate, as well as the exemptions for items such as food, medical and insurance services, merited an assessment by the next administration - whether PLP or FNM - to determine if they were producing the desired results. The Minnis administration argued that the VAT rate hike was necessary to pay-off some $360m in past due government arrears for which no funding had been set aside to meet. This sum was supposed to be paid off in three years, with exdeputy prime minister, K Peter Turnquest, pledging that the government would seek $100m in import duty cuts when this objective was achieved. Those cuts will not now occur due to the debt blow-out produced by the combination of Hurricane Dorian and COVID-19. And the Minnis administration’s decision to increase the VAT rate, as well as implement numerous exemptions, resulted in The Bahamas moving away from the “low rate, broad-based” tax model it had been praised for introducing. The Bahamas had been warned against doing this by former Barbadian prime minister Owen Arthur, who on a visit to Nassau revealed that the southern Caribbean nation, by giving into industry and special interest requests for “exemptions”, had been forced to raise its own VAT “rate” into the high double digits. Exempting products and services from VAT has knock-on consequences for both businesses and consumers. Companies are unable to recover the VAT they pay on their “inputs” when products they sell are exempt, meaning that this merely increases their costs. A broadening of VAT exemptions also prompts businesses to increase prices on non-exempt items to compensate for their higher costs, thereby hurting the consumer who was the very person that the Minnis administration wanted to help. And the government also has to “make up” for the VAT revenue foregone elsewhere in its tax structure. Mr Smith, too, echoed Mr Pinder in arguing that the VAT rate and exemptions need to be assessed more closely. “They may have lost on the rate going so high from 7.5 percent to 12

percent as it’s a big jump,” he told Tribune Business. “One needs to determine the elasticity, meaning that if you increase the price of something there will be some impact on demand that is not necessarily oneto-one. Sometimes you can raise taxes too high and end up with less receipts because you reduce the spending power of the nation and aggregate demand. “If you raise the rate from 7.5 percent to ten percent you may get more money, but if you raise it to 12 percent you may get less. I thought that would be the kind of review that should manifest itself with the VAT.” Meanwhile Rupert Roberts, Super Value’s president, said he wanted more clarity from Mr Davis on what he meant by his comments regarding a VAT review. “He has got to say if he wants to eliminate it or if he wants to decrease it or if he wants to increase it. I can’t comment on just a review. I think we need more information from Mr Davis on what he means,” Mr Roberts said. “What’s the purpose of just reviewing? That is just political nonsense. Mr Davis is just campaigning. That’s not saying anything, at least not to me.” Dwayne Higgs, WHIM Automotive’s general manager, said: “What does he mean: An increase or a decrease? This is typically what governments do: Stop, review and cancel, right? That’s nothing new. “You’re really in a catch22 when you come in, because if you increase it, people are going to bellyache and complain, which they should, and if you decrease it, the government has even less revenue than they had before. So you may be better off leaving it as it is. “Everybody has all the great, wonderful ideas on what you should do until they get in the driver’s seat and they see what a mess it is. Then, you know, you’re very limited in what you can do because of the style of government.” Mr Davis, speaking at a press conference on Friday, had said: “Tax reform is on our agenda and it does not necessarily mean that we are going to … but tax reform in the sense that we alleviate the burden of taxes on the Bahamian people, which may necessarily mean revisiting whether VAT is the appropriate [tax].” Mr Davis added: “We did it before. [We will determine] whether in today’s Bahamas, following what has happened to the economy since we were last in office, whether VAT is still a viable means of taxation or whether we should move to something else, and so those will be on the table when you talk about reform. “We don’t know what we’re going to meet when we get there, but we know what we have to do is review our tax structures and determine which route we go from there.”

To advertise in The Tribune, contact 502-2394

PAGE 8, Monday, February 22, 2021 FROM PAGE ONE “When this thing started we had inventory coming in for four months that we couldn’t do anything about,” Fred Albury said. “It meant that inventory built u, and because of that we stopped ordering. We stopped ordering for four to five months. I anticipate this lack of inventory coming in is going to stretch for the next three to four months.” The BMDA chief spoke out after the Arawak Port

THE TRIBUNE

main focus has been to cut expenses, reduce inventory, keep cash flow going and reduce our overdraft at the bank so we can save on interest. So far we’ve done pretty good.” He added that “high-end” vehicles such as his dealership’s BMWs were still selling, but the depressed mid-market demand meant the government will suffer “a considerable impact” to its VAT and excise tax take from an auto industry that has traditionally been among its major revenue earners. Ben Albury, Bahamas Bus and Truck’s general manager, echoed his namesake as he told Tribune Business: “Our ordering

has been impacted similarly. I’ve cut my orders by 70 percent. I’m basically just ordering enough to still be considered a dealer. As a dealer, you have certain obligations and have to sell a certain amount of orders per year to remain in good standing. “I’m doing what I have to do to maintain supplier relationships and that’s about it.” Ben Albury said Bahamas Bus and Truck, which used to order between 120-150 new vehicles per year pre-COVID, was now down to about 40 for the current year. Acknowledging that new vehicle orders have been “sporadic” due to the dominance of used cars in recent years, he estimated that it took 15-20 sales of the latter for the government to earn the taxes generated from the purchase of a new auto. Arguing that auto dealers are “getting hammered” on new vehicle sales, Ben Albury estimated that these were down 80 percent compared to pre-COVID as opposed to just a 30 percent decline for used vehicles.

to transform BTC into a customer centric organisation that connects with our customers and delivers services via high performing colleagues.” A BTC spokesperson said a formal announcement on Mr Foster’s promotion will be made this week, while the two unions yesterday expressed a desire for improved industrial relations under his leadership as the trade dispute over the carrier’s latest early retirement initiative is due to be heard before the Department of Labour on Thursday. Ricardo Thompson, the Bahamas Communications and Public Managers Union’s (BTC) president, told Tribune Business yesterday he did “not see any downside” to Mr Foster’s appointment, and added: “We’re hoping things get better and we’re able to sit at the table. “We have an outstanding industrial dispute that coming up this week.” That relates to the Enhanced Early Retirement Programme (EERP) that was

offered to 63 staff aged between 55 and 60 yearsold in January, and was described by Mr Sinclair as “the most generous retirement package in the Caribbean”. Mr Thompson and Dino Rolle, president of the Bahamas Communications and Public Officers Union (BCPOU), which represents BTC’s line staff, said the dispute with the unions was sparked because the company had made the offer directly to all workers falling into this age bracket rather than going through the two unions first - something they said was mandated by their respective industrial deals. Both unions’ industrial agreements expired last April, and negotiations on a new deal have been delayed by COVID-19. Mr Thompson yesterday suggested that less than 50 percent of the workers targeted by the EERP had accepted the package, with around ten of his members choosing to do so. Mr Rolle similarly confirmed that some 20 BCPOU members had also accepted the offer.

Auto dealers brace for 70% orders fall Development Company (APD), owner/operator of the Nassau Container Port, revealed on Friday that vehicle import volumes have dropped by up to 90 percent as its half-year profits fell by almost 36 percent compared to pre-COVID. Dion Bethell, APD’s president and chief financial officer, told Tribune Business just 38 vehicles were brought in by a vessel that called yesterday compared to the 300-400 cars that were normally brought in by a single carrier pre-COVID-19. Interpreting this as a sign of both reduced demand and the excess inventories

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TYRESE MADISON JOHNSON, of New Providence, Bahamas intend to change my name to TYRESE MADISON RAHMING. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

that many dealers are still trying to clear from 2020, Mr Bethell forecast that import volumes across all APD’s categories will remain subdued and below pre-pandemic levels for the rest of its 2021 financial year that closes at end-June. Illustrating the heavy toll inflicted by the pandemic on multiple sectors of the Bahamian economy, Mr Bethell disclosed: “A big vessel came in today with 38 cars. Usually they’re at the 300-400 car mark. Prior to COVID-19 the average amount of cars on a vessel used to be 300-400, and the vessel today had 38.” He revealed that vehicle import volumes for APD’s 2021 second quarter, which

covers the three months to end-December 2020, were down by 44 percent compared to the prior year’s COVID-free numbers. Fred Albury, suggesting that the Bahamian market was also “saturated” with Japanese used vehicle imports, said of APD’s figures: “I feel that for the next three to four months that’s what they can expect. I feel maybe by the end of the third quarter going into the fourth quarter we should see some sort of recovery, and some stable supply of inventory and regular shipments coming in as we build a regular cycle. “I would say are orders for the year will probably be down by 60 percent. Our

BTC goes Bahamian on new top executive

NOTICE NOTICE is hereby given that JOYCELYN TELAMOR of Market Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

BTC JFK HEADQUARTERS FROM PAGE ONE The Bahamas, with Mr Foster reporting directly to him. Mr Sinclair, confirming the move in a message sent to BTC executives and senior managers on Friday, said Mr Foster had been focused on “delivering

best-in-class operational efficiency for The Bahamas” and will continue to have daily oversight of technical operations until the director of technology post is filled. “Andre has enjoyed a stellar career with C&W Communications and, previously, Columbus Communications,” Mr Sinclair wrote, “which has uniquely prepared him for this new chapter on his journey. “I know that we all have the same goal, which is

THE TRIBUNE

Monday, February 22, 2021, PAGE 9

Snubbed as Obama high court pick, Garland in line to be AG WASHINGTON Associated Press THE last time Merrick Garland was nominated by the White House for a job, Republicans wouldn’t even meet with him. Now, the once-snubbed Supreme Court pick will finally come before the Senate, this time as President Joe Biden’s choice for attorney general. Garland, an appeals court judge, is widely expected to sail through his confirmation process, which begins today before the Democraticcontrolled Senate Judiciary Committee, with bipartisan support. “Judge Garland’s extensive legal experience makes him well-suited to lead the Department of Justice, and I appreciated his commitment to keep politics out of the Justice Department,” Sen John Cornyn, R-Texas, said in a statement. “Unless I hear something new, I expect to support his nomination before the full Senate.” Biden’s choice of Garland reflects the president’s goal of restoring the department’s reputation as an independent body. During his four years as president, Donald Trump had insisted that the attorney general must be loyal to him personally, a position that battered the department’s reputation. Garland’s high court nomination by President Barack Obama in 2016 died because the Republican-controlled Senate refused to hold a hearing. Garland will inherit a Justice Department that endured a tumultuous time under Trump — rife with political drama and controversial decisions — and abundant criticism from Democrats over what they saw as the politicising of the nation’s top law enforcement agencies. The department’s priorities and messaging are expected to shift drastically in the Biden administration, with a focus more on civil rights issue, criminal justice overhauls and policing policies in the wake of nationwide protests over the death of Black Americans at the hands of law enforcement. Garland plans to tell senators the department must ensure laws are “fairly and faithfully enforced” and the rights of all Americans are protected, while reaffirming an adherence to policies to protect its political independence, with the attorney general acting as a lawyer for the American people, not for the president. The Justice Department on late Saturday released a copy of Garland’s opening statement. Garland will also confront some immediate challenges, including the criminal tax investigation into Biden’s son, Hunter, and calls from some Democrats to investigate Trump, especially after thousands of pro-Trump

were tepid in their support. Sen Lindsay Graham, R-SC, was one of a handful of senators who met with Garland, but didn’t budge from his position that a president should not choose a Supreme Court nominee in an election year. Graham reversed course when his party had the chance, ramming through Coney Barrett’s nomination in record time during a global pandemic with just weeks to go before the 2020 election, which his party then lost. Graham said in a tweet that Garland would be a “sound choice” to lead the

Justice Department. “He is a man of great character, integrity, and tremendous competency in the law.” Garland is a white man, but two other members of the Justice Department leadership, Vanita Gupta and Kristen Clarke, are women with significant experience in civil rights. Their selections appeared designed to blunt any concerns about Biden’s choice for attorney general and served as a signal that progressive causes would be prioritised in the new administration. Garland is an experienced judge who held senior

positions at the Justice Department decades ago, including as a supervisor in the prosecution of the 1995 Oklahoma City bombing. But he is set to return to a department that is radically different from the one he left. His experience prosecuting domestic terrorism cases could prove exceptionally handy now. Garland probably will face pressure from civil rights groups to end the federal death penalty after an unprecedented run of capital punishment during the Trump administration.

ATTORNEY General nominee Judge Merrick Garland speaks during an event with President-elect Joe Biden and Vice Presidentelect Kamala Harris at The Queen theater in Wilmington, Del. The once-snubbed Supreme Court pick will finally come before the Senate, this time as President Joe Biden’s choice for attorney general. Garland, an appeals court judge, is widely expected to sail through his confirmation process, beginning today at a hearing, with bipartisan support. Photo: Susan Walsh/AP rioters stormed the US Capitol on Jan 6 as Congress was meeting to certify Biden’s electoral win. Garland, in his prepared remarks for the Senate committee, calls the insurrection a “heinous attack that sought to distrust a cornerstone of our democracy: the peaceful transfer of power to a newly elected government”. A special counsel’s inquiry started by William Barr, while he was attorney general, into the origins of the Trump-Russia investigation also remains open. It will be up to Garland to decide what to make public from that report. Garland was at the center of a political firestorm five years ago as part of a Republican gamble that eventually shaped the future of the Supreme Court. As Obama’s nominee to replace the late Justice Antonin Scalia, who had died unexpectedly in February of 2016, Garland was a moderate choice and generally well liked by senators. But Majority Leader Mitch McConnell said hours after Scalia’s death that he would not consider any Obama nominee — and that the voters should decide by picking a new president that November. McConnell’s entire caucus went along. Many declined even to meet with Garland, even though some privately questioned the gambit. It was a huge political risk. Democratic presidential nominee Hillary Clinton was ahead in most polls and could have easily nominated someone more liberal than Garland had she won the White House. But she did not, Trump did and Republicans were elated as they voted to confirm Neil Gorsuch as a justice a year later. The bet later paid off unexpected returns as the

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, AMANDA JOHNSON of Hanna Road #35, Nassau, Bahamas P.O Box N-987. Parent of TYESHA TAJAH JOHNSON A minor intend to change my child’s name to TYESHA TAJAH RAHMING If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that JOCELYN EMMANUEL of Nassau Village, P.O. Box SB50617, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Senate remained in Republican hands for the next four years and Trump had the opportunity to nominate two additional conservative justices, Brett Kavanaugh and Amy Coney Barrett, reshaping the political balance of the court. Before the high court drama, Garland had been repeatedly praised by some Republicans as exactly the sort of moderate nominee they could support. The criticism, such as it was, came from liberals, who had hoped Obama would pick someone more progressive, or diverse, than Garland. Vermont Sen Bernie Sanders, then seeking the 2016 nomination against Clinton, said he wouldn’t have chosen Garland. Liberal activist groups

MARKET REPORT www.bisxbahamas.com

THURSDAY, 18 FEBRUARY 2021

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 4.70 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

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

CHANGE

1965.62

-0.01

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

0.00 -126.84

-6.06

CLOSE 4.60 32.12 1.62 2.35 1.59 6.00 6.61 2.93 4.74 3.10 5.65 10.20 2.61 6.80 9.83 8.40 13.50 3.75 8.35 15.50

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

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 4.60 32.12 1.62 2.35 1.59 6.00 6.61 2.93 4.74 3.10 5.65 10.20 2.61 6.80 9.84 8.40 13.50 3.75 8.35 15.50

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

225

VOLUME

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

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 19.2 34.5 N/M N/M N/M N/M 17.9 -6.7 33.9 16.8 12.6 14.1 25.6 14.6 15.2 11.5 16.5 18.5 8.9 24.6

YIELD 3.70% 3.92% 1.23% 1.28% 0.00% 0.00% 3.93% 0.00% 0.00% 3.87% 3.89% 7.06% 16.63% 0.88% 3.34% 2.86% 4.00% 3.20% 2.40% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

MATURITY

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

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

MUTUAL FUNDS 52WK HI 2.39 4.43 2.14 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 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% 0.20% 0.65% -0.37% -2.43% 0.16% 0.20% -0.66% -14.82% 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-Jan-2021 31-Jan-2021 31-Jan-2021 31-Jan-2021 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

Monday, February 22, 2021, PAGE 11

STOCKS END A WOBBLY DAY WITH MIXED RESULTS; YIELDS RISE Associated Press US stock indexes ended a choppy day of trading little changed on Friday, though the S&P 500 finished with its first weekly loss in three weeks. The benchmark index slipped 0.2%, extending its losing streak to a fourth day, after wavering between small gains and losses for most of the day. A majority of the companies in the S&P 500 rose, but losses in health care, communication services and other stocks outweighed gains by banks and industrial companies, among others. The Dow Jones Industrial

Average and Nasdaq composite closed essentially flat, while another strong showing by smaller companies pushed the Russell 200 index to a 2.2% gain. This week’s market pullback, the first downbeat week this month, comes as investors remain focused on the future of the COVID-stricken economy and the potential for more stimulus to fix it. They’ve also begun taking into account the likelihood of higher inflation as the economy continues to climb out of its pandemic-induced recession. Expectations of higher inflation helped drive bond

yields sharply higher this week. The yield on the tenyear Treasury note, which is used to set interest rates on mortgages and other consumer loans, rose to 1.34% on Friday, though it’s still low by historical standards. “It’s a gradual release of pent-up demand that we’re beginning to acknowledge is happening through the US economy,” said Bill Northey, senior investment director at US Bank Wealth Management. “And it’s occurring against a backdrop of rising interest rates and inflation.” The S&P 500 fell 7.26 points to 3,906.71. The

index hit an all-time high just a week ago. The Dow closed essentially unchanged, with a gain of 0.98 points, or less than 0.1%, at 31,494.32. The Nasdaq composite added 9.11 points, or 0.1%, to 13,874.46. The Russell 2000 smallcaps index climbed 48.30 points to 2,266.69. The rally in smaller companies is a sign that investors were anticipating more economic growth. Wall Street continues to look to Washington for direction, as Democrats move forward with their $1.9tn stimulus plan to combat the coronavirus.

Incremental moves were made this week, with the Biden administration signaling it would drop its call for a $15-an-hour minimum wage in this stimulus plan in order to get support from moderate Democratic senators. The stimulus plan would include $1,400 checks to most Americans, additional payments for children, and billions of dollars in aid to state and local governments as well as additional aid to businesses impacted by the pandemic. Much of the recent economic data has shown the US economy could benefit from additional stimulus.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 81° F/27° C Low: 59° F/15° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

A morning shower; winds subsiding

Clear to partly cloudy

Clouds and sun with a few showers

Mostly sunny and pleasant

Mostly sunny

Pleasant with brilliant sunshine

High: 79°

Low: 70°

High: 81° Low: 70°

High: 80° Low: 71°

High: 81° Low: 71°

High: 82° Low: 70°

AccuWeather RealFeel

81° F

72° F

88°-69° F

85°-73° F

89°-72° F

88°-69° F

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

almanac

ABACO

High: 76° F/24° C Low: 73° F/23° C

10-20 knots

High: 81° F/27° C Low: 68° F/20° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 70° F/21° C

E S

WEST PALM BEACH

uV inDex toDay

TUESDAY

| Go to AccuWeather.com

TONIGHT

High: 77° F/25° C Low: 61° F/16° C

High: 78° F/26° C Low: 71° F/22° C

MIAMI

High: 81° F/27° C Low: 71° F/22° C

8-16 knots

KEY WEST

High: 80° F/27° C Low: 72° F/22° C

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 72° F/22° C Low .................................................... 69° F/21° C Normal high ....................................... 78° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 72° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.87” Normal year to date ..................................... 2.45”

ELEUTHERA

NASSAU

High: 79° F/26° C Low: 70° F/22° C

High: 77° F/25° C Low: 73° F/23° 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

3:41 a.m. 3:56 p.m.

2.4 1.8

10:15 a.m. 0.5 10:02 p.m. 0.2

Tuesday

4:36 a.m. 4:51 p.m.

2.5 2.0

11:07 a.m. 0.4 10:56 p.m. 0.0

Wednesday 5:25 a.m. 5:41 p.m.

2.7 2.2

11:54 a.m. 0.2 11:47 p.m. -0.2

Thursday

6:11 a.m. 6:28 p.m.

2.9 2.4

12:38 p.m. 0.0 ---------

Friday

6:56 a.m. 7:14 p.m.

3.0 2.6

12:36 a.m. -0.4 1:20 p.m. -0.3

Saturday

7:39 a.m. 8:00 p.m.

3.1 2.8

1:23 a.m. -0.5 2:01 p.m. -0.5

Sunday

8:23 a.m. 8:46 p.m.

3.2 3.0

2:11 a.m. -0.6 2:43 p.m. -0.6

sun anD moon Sunrise Sunset

6:39 a.m. 6:08 p.m.

Moonrise Moonset

1:43 p.m. 2:59 a.m.

Full

Last

New

First

Feb. 27

Mar. 5

Mar. 13

Mar. 21

CAT ISLAND

Wall Street got a weekly jobless claims report Thursday that showed 861,000 Americans filed for unemployment last week, a rise from the previous week and higher than Wall Street had forecast. The Federal Reserve, in the minutes from its January meeting, also laid out the case for why additional stimulus would be necessary and not cause the economy to overheat. Of particular note is investors’ concerns about inflation. The yield of the 10-year note has risen 0.14 percentage points this week alone, a significant rise in such a short period of time.

High: 78° F/26° C Low: 73° F/23° C

10-20 knots

12-25 knots

ANDROS

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

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 73° F/23° C

High: 78° F/26° C Low: 75° F/24° C

High: 79° F/26° C Low: 72° F/22° C

LONG ISLAND

tracking map

High: 79° F/26° C Low: 74° F/23° C

12-25 knots

MAYAGUANA High: 79° F/26° C Low: 75° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

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

High: 79° F/26° C Low: 75° F/24° C

GREAT INAGUA High: 81° F/27° C Low: 75° F/24° C

15-25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

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

WINDS SE at 12-25 Knots WSW at 10-20 Knots SE at 10-20 Knots SSW at 7-14 Knots ESE at 12-25 Knots S at 8-16 Knots E at 15-25 Knots SE at 10-20 Knots ESE at 12-25 Knots S at 8-16 Knots SSE at 10-20 Knots NW at 8-16 Knots SE at 12-25 Knots S at 8-16 Knots E at 15-25 Knots ESE at 10-20 Knots E at 15-25 Knots SE at 8-16 Knots E at 15-25 Knots SE at 10-20 Knots ESE at 10-20 Knots SW at 7-14 Knots E at 15-25 Knots ESE at 8-16 Knots SE at 12-25 Knots S at 8-16 Knots

WAVES 3-6 Feet 2-4 Feet 2-4 Feet 1-3 Feet 4-8 Feet 3-6 Feet 4-8 Feet 3-6 Feet 4-8 Feet 3-6 Feet 3-5 Feet 1-3 Feet 3-7 Feet 2-4 Feet 3-6 Feet 2-4 Feet 3-6 Feet 1-3 Feet 4-8 Feet 3-6 Feet 2-4 Feet 1-3 Feet 3-5 Feet 2-3 Feet 5-9 Feet 3-6 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 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 75° F 75° F 77° F 77° F 79° F 79° F 77° F 77° F 74° F 74° F 78° F 75° F 80° F 80° F 79° F 79° F 78° F 78° F 77° F 77° F 79° F 79° F 77° F 77° F

PAGE 12, Monday, February 22, 2021

THE TRIBUNE

UK SPEEDS UP VACCINATIONS: ALL ADULTS GET 1ST JAB BY JULY 31 LONDON Associated Press THE British government declared yesterday that every adult in the country should get a first coronavirus vaccine shot by July 31, at least a month earlier than its previous target, as it prepared to set out a “cautious” plan to ease the UK’s lockdown. The previous aim was for all adults to get a jab by September. The new target also calls for everyone 50 and over and those with an underlying health condition to get their first of two vaccine shots by April 15, rather than the previous date of May 1. The makers of the two vaccines that Britain is using, Pfizer and AstraZeneca, have both experienced supply problems in Europe. But UK Health Secretary Matt Hancock said Sunday that “we now think that we have the supplies” to speed up the vaccination campaign. The early success of Britain’s vaccination effort is welcome good news for a country that has had more than 120,000 coronavirus deaths, the highest toll in Europe. More than 17.5 million people, a third of UK adults, have had at lease one vaccine shot since inoculations began on Dec 8. Britain is delaying giving second vaccine doses until 12 weeks after the first, rather than three to four weeks, in order to give more people partial protection quickly. The approach has been criticised in some countries — and by Pfizer, which says it does not have any data to support the interval — but it is backed by the UK government’s scientific advisers. News of the new vaccine targets came as Prime Minister Boris Johnson met Sunday with senior ministers to finalise a “road map” out of the national lockdown. He plans to announce details in Parliament today. Faced with a dominant virus variant that scientists say is both more transmissible and more deadly than the original virus, Britain has spent much of the winter under a tight lockdown. Bars, restaurants, gyms, schools, hair salons and all nonessential shops have been closed; grocery stories, pharmacies and takeout food venues are still open. The government has stressed that economic and social reopenings will be slow and cautious, with nonessential shopping or outdoor socialising unlikely before April. Many children will go back to school beginning on March 8 and nursing home residents will

be able to have one visitor from the same date. Johnson’s Conservative government has been accused of reopening the country too quickly after the first lockdown in the spring. The number of new confirmed cases, hospitalisations and deaths are all declining in February but remain high, and Johnson says his reopening road map will follow “data, not dates”. But he is under pressure from some Conservative lawmakers, who argue that restrictions should be lifted quickly to revive an economy that has been hammered by three lockdowns in the last year. John Edmunds, a member of the government’s scientific advisory group, said British hospitals are still treating almost 20,000 coronavirus patients, half the January peak but almost as much as the height of the first surge last spring. “If we eased off very rapidly now, we would get another surge in hospitalizations” and deaths, he told the BBC. Edmunds said there is added uncertainty because of new virus variants, including one identified in South Africa that may be more resistant to current vaccines. Hancock told Sky News that the government would take a “cautious but irreversible approach” to reopening the economy. Despite the success of Europe’s fastest vaccination campaign, the UK government has been accused of failing to protect disabled people, who are among the most at-risk from coronavirus. The Office for National Statistics has found that 60% of people who died with coronavirus in England in 2020 had a physical or mental disability. But many disabled people, apart from those with “severe or profound” learning disabilities, have not been put in a priority group for vaccination. Jo Whiley, a well-known BBC radio DJ, yesterday highlighted the plight of her 53-year-old sister Frances, who has a learning disability. Whiley said her sister contracted the coronavirus in an outbreak at her care home, whose residents had not been vaccinated. Whiley said her sister had finally been offered a shot of vaccine — but it came too late. “She was actually called in for her vaccine last night. My mum got a message to say that she could get vaccinated, but it’s too late, she’s fighting for her life” in the hospital, Whiley told the BBC. “It couldn’t be crueller.”