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Carnival chief: Nassau needs more than port By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SENIOR Carnival Corporation executive yesterday warned Nassau needs to improve more than just its port facilities given that threequarters of passengers declined to book excursions pre-COVID. Giora Israel, the cruise group’s senior vicepresident for port and destination development, told Tribune Business the Bahamian capital must do far more to overhaul its “product” post-pandemic as the identity of its most

• Three-quarters refused to book tour pre-COVID • Says ‘very little product’ to get passengers off-ship • Fact ‘No.1 tour is hotel amenities tells you a lot’ popular tour, visits to locals hotels and their amenities, “tells you a lot”. While praising the private-public partnership (PPP) with Global Ports Holding for Prince George Wharf’s $268m transformation, Mr Israel said he and other Carnival executives had repeatedly urged the government to constantly refresh Nassau’s attractions, excursions and tours NASSAU CRUISE PORT

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‘Tax system is broken’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian taxation “system is broke” and in dire need of “comprehensive reform” to develop a suitable framework for the next 50 years, a top banker argued yesterday. Gowon Bowe, who headed the private sector’s Coalition for Responsible Taxation when VAT was implemented in 2014, told Tribune Business that “what we have currently is not working” because none of the three core taxationrelated objectives are being met. Arguing that a nation’s tax system should be founded on principles of equity and fairness; enhancing

• Top banker: ‘What we have not working’ • And failing to meet key taxation objectives • But warns against ‘idle talk’ over reforms

GOWON BOWE economic competitiveness; and providing the government with sufficient funds to run the country, he argued that The Bahamas had been

Marina chief hits at increased red tape By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Association of Bahamas Marinas (ABM) yesterday voiced frustration that the entry process for incoming boats and yachts has been made “more complicated and difficult” for 80 percent of the market. Peter Maury told Tribune Business that, behind the government’s glowing press release about cruising permit applications and fee payments going online, “another step” has

been added for charter vessels that currently account for most of The Bahamas’ business. He disclosed that charter vessels seeking to operate in The Bahamas must now manually obtain a “commercial transire”, a shipping document normally used by cargo vessels in relation to duty payments, before they can get their cruising permit and pay associated fees to the Port Department. And, in launching its own portal for cruising

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Carnival awaiting permits for GB ‘crown jewel’ start By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR Carnival Corporation executive yesterday voiced optimism that construction on its Grand Bahama “crown jewel” can still start this year despite the pressures imposed by COVID-19. Giora Israel, the cruise group’s senior vice-president for port and destination development, told Tribune Business that while its cruise port plans may be “delayed slightly” by the pandemic “that’s not a subject of discussion at the moment” as

Carnival worked to complete the nearly two-year permitting process. He added that the cruise line was “standing behind” the initial $100m investment pledged for its Grand Port, and said the figure may ultimately increase as Carnival “adds on what is required” to ensure the venture’s success. Indicating that Carnival remains committed to the project despite the devastating financial blow dealt by COVID-19, Mr Israel said some 80 percent of landbased construction work will

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failing to meet any of these goals prior to COVID-19. The now-Fidelity Bank (Bahamas) chief executive said the regressive nature of the current consumptionbased structure; low GDP growth rates prior to the pandemic; and annual fiscal deficits since the nation became independent since 1973 should be sufficient to make the case for a renewed focus on reform. However, he warned that the Bahamian people “cannot afford idle talk” sparked by the upcoming general election given the

nature of what is at stake. Agreeing that income tax was “a viable” alternative, Mr Bowe said persons had to stop treating this option as “the boogeyman” and instead be guided by empirical analysis and studies as to whether this is the correct direction to take. “I think the short answer is we certainly need a comprehensive review of taxation, and consideration for tax reform,” he told this newspaper. “Certainly, as we move into the political

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GB Shipyard to be ‘biggest Caribbean industrial’ player in $100m investment By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Shipyard will become “the biggest industrial concern in the Caribbean by far” if it proceeds with a $100mplus investment to build the world’s largest floating dock. Giora Israel, Carnival Corporation’s senior vicepresident for port and destination development, told Tribune Business that the Shipyard and its owners are currently exploring the “options and opportunities” to build such a dock in China to replace the one that was lost in April 2019’s accident. Acknowledging that the COVID-19 pandemic’s devastating fall-out has impacted the ability of the Shipyard’s cruise line shareholders to fund this investment directly, he added that some financing may be raised in The Bahamas to help cover the costs of associated land-based infrastructure work that would accompany the new dock. Mr Israel, who sits on the Shipyard’s Board representing Carnival as a 40 percent shareholder, with the remaining ownership split 40/20 between Royal Caribbean and the Grand Bahama Port Authority’s Port Group Ltd, said investing in a larger dock was under consideration prior to the April 2019 accident involving the Oasis of the Seas cruise liner. “Royal Caribbean’s ship was being taken only partially out of the water because the dry dock could not carry such a big ship,” he

recalled. “The manoevere had been done before, but this time something went wrong and the dock was destroyed. It was a total loss and had to be cut to pieces and taken out. “That incident causes a lot of setbacks as we were unable to operate on other ships. The shareholders started the process of recovering the wreck and claiming the insurance proceeds. That process has not been completed.” The accident meant GB Shipyard lost its status as the world’s busiest cruise ship repair facility, having serviced three-and-a-half times the number of vessels seen by any rival yard. The accident left the company functioning at just 25 percent capacity. Mr Israel, though, said its shareholders had been anticipating “building a larger dock” in response to the increasing size of cruise ships that would have been “the biggest floating dock in the Americas”. Subsequent inquiries confirmed that such a dock has to be built in Asia rather than Europe, but the cruise industry’s enforced COVID19 closure and billions of dollars in losses has disrupted financing plans. “We are looking at our options and opportunities to build such a dock in China,” Mr Israel told Tribune Business. “The COVID-19 situation put a strain on the ability of the shareholders to directly fund it. We’re looking at various options and opportunities as to how to build it and fund it. We’re looking at this process.

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PAGE 2, Wednesday, February 24, 2021

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EX-FINANCE MINISTER SAYS INCOME TAX ‘STABLE’ CHOICE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN ex-minister of state for finance yesterday backed income tax as a more “stable” and equitable alternative to the present regressive structure that is dominated by VAT and import duties. Zhivargo Laing, who held that ministerial office during the 2007-2012 Ingraham administration, told Tribune Business that the government’s two main revenue sources are both regressive taxes in that they are not linked to a person’s ability to pay. These

ZHIVARGO LAING consumption-based levies result in lower income Bahamians paying proportionately more of their income in taxes than their wealthier counterparts. Mr Laing said: “I’m publicly on record talking about

the fact that any reform of the Bahamas’ tax system has to take into account that, at present, our tax system is dominated by regressiveness. Meaning that as it now stands we do not tax on the basis of ability to pay. We tax the same rate, whether you are wealthy or poor.” He thus joins both local and international observers, including the International Monetary Fund (IMF), in calling for The Bahamas to examine more progressive tax reform options. Asked whether it was a mistake to select VAT in 2014, Mr Laing said:

“Public policy is a matter of choices, and I think when the VAT was introduced, given the economic circumstances I thought that it was a mistake because of the implications that it had for dragging the economy. “Had it been introduced in a more robust period, it would have had less of an impact on the economy, but credit has been added to your tax base to provide more yield for the government. I don’t think that was a problem.” Mr Laing argued that VAT’s implementation was a “mistake” given the “dynamic nature” of the Bahamian economy. He

Carnival chief: Nassau needs more than port FROM PAGE ONE offering if it was to rebuild its reputation as a leading tourism destination. He explained that this was especially important as many of the passengers on Carnival’s three, four and five-night cruises through The Bahamas were repeat customers who had visited the city before, and therefore needed new and exciting activities to entice them off the ship. “I think that the maritime improvements that are being done, adding strength to one of the piers and expanding another, are welcome,” Mr Israel told this newspaper of Nassau cruise port upgrades. “Enhancing the arrivals experience is welcome as well. We are encouraged these things are being done.”

Acknowledging that Carnival was part of a rival bid, with other major cruise lines, which lost out to Global Ports Holding for the cruise port contract, he warned that the cruise line’s praise came with “caveats” and that just enhancing the port by itself will not be enough to improve Nassau’s status as a cruise destination. “One of the issues we’ve stated to the Bahamian government is what Nassau needs more than the maritime facilities is the enhancement of the destination for activities,” Mr Israel said. “Over the years there has been very little product to offer people coming again and again. “It’s not the port itself, it’s the product; the availability of” new attractions and excursions for passengers on short-haul cruises who have visited Nassau

before on previous trips. In the absence of new and upgraded products, Mr Israel added: “Prior to COVID-19, we were only able to sell 26 percent to 28 percent of passengers a tour.” This, he added, meant that only 700-800 passengers on a 3,000-person cruise ship went on a tour or excursion, limiting the income and revenue earned by the Bahamian-owned tourism operators that typically populate this space. “Some don’t get off the ship,” the Carnival executive added, as some perceived there was little to do in Nassau beyond shopping while others went off on their own sight-seeing. “What a great destination needs, and it is true anywhere in the world, is that people come to a destination wanting things to do, tours and so on,” Mr Israel

said. “There are some ports in the Caribbean that reinvent themselves and add new attractions.” Emphasising that he spoke from personal experience, having spent four years in The Bahamas while developing the Coral World attraction that launched in 1984, he reiterated: “There’s very little product for hotel guests, tourists, and the fact the number one tour in The Bahamas is to go to the amenities of a hotel tells you a lot.” Atlantis, in particular, developed a significant revenue stream from cruise passengers visiting its water park and other facilities on day passes prior to COVID19. That will likely rebound once the cruise industry resumes sailing again, although such income may have to be split with Baha Mar once its $200m Baha

said a further error was made when the current FNM administration raised the rate to 12 percent in 2018, VAT having first been introduced by the former Christie administration in 2014 at 7.5 percent. He added: “When you introduce taxes you want to be staring at an upswing in the economy, not a downswing or a stagnation in it. You don’t want to deal with taxation at those times.” Mr Laing also signalled his preference for income tax. “The fact of that matter is income tax is an option. It may not be the only option, but it is an option. It is an option that

can be applied progressively. Payroll taxes can be applied progressively.” he added. “There aren’t very many options. But with any reform you want to make it more equitable. You also need to make sure that whatever tax system you reform to has more reliability despite economic circumstances. “Because if you have a consumption tax, when you have things ebbing and flowing, then your consumption tax moves with that ebb and flow. There are some taxes that tend to be more stable, and income tax is one of them.”

Bay facility comes online this summer. Mr Israel’s comments articulated long-standing cruise industry concerns and calls for The Bahamas’ to upgrade its product offering in both Nassau and Freeport, and will reignite fears that passenger spending and yields will not improve even with the new $268m cruise port. That facility, besides food and beverage and retail offerings, will also include an amphitheatre acting as an entertainment venue for live concert and music events in a bid to entice the cruise ships to stay in port overnight. While the weaknesses in the downtown Nassau/Bay Street tourism product have long been known, some in the Bahamian tourism industry will likely respond to Mr Israel’s comments by asserting that the decline has not been helped by the absence of a true partnership with the cruise lines. They will point to the industry’s increased use of private islands ahead of Nassau and Freeport; the lines leaving their retail, restaurant and other facilities open while in port; restrictions on the markups local operators are allowed; and the cruise sector’s move into this space

with their own attractions such as Royal Caribbean’s proposed Paradise Island “beach break” destination. Meanwhile Marie McKenzie, Carnival’s global ports and Caribbean government relations vicepresident, said the company and rest of the cruise ship industry were “not quite sure yet when we will start sailing” as they continue to work with the US Centres for Disease Control and Prevention (CDC) on obtaining all the necessary COVID-19 health protocols. Acknowledging that the process was “a little slow”, she added that the cruise industry and Caribbean nations had formed a working group to ensure that regional health protocols were uniform, aligned and did not vary between countries when the industry returned. The Bahamas was part of this group, and Ms McKenzie said Carnival has engaged in direct talks with Dionisio D’Aguilar, minister of tourism and aviation, and local health professionals on the protocols that will be followed. However, these measures will only be finalised once the CDC issues its own set of regulations to ensure there is conformity with the US.

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Wednesday, February 24, 2021, PAGE 3

Regulators approve BPL’s 119MW solar energy plan By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS yesterday granted full approval to Bahamas Power & Light’s (BPL) first renewable energy plan that aims to install 119 megawatts (MW) of solar generation by 2023. The Utilities Regulation and Competition Authority (URCA), in a release, said the state-owned utility monopoly must submit a revised plan every three years for its approval given that its initial solar photovoltaic (PV) roll-out - while appearing impressive - would only supply six percent of New Providence’s energy demand by the target year. While BPL’s solar ambitions would cover ten percent of Family Island demand by 2023, it would still leave The Bahamas some way short of the National Energy Policy’s goal of generating 30 percent of the country’s energy needs from renewable sources by 2033. Given that the “base” date for BPL’s renewable energy plan is October 10, 2019, the first “revision” will be due for submission to URCA towards the end of 2022, according to the document signed yesterday by Shevonn Cambridge, its director of utilities and energy. BPL must also provide “an annual report on the accomplishments made against its renewable energy plan” to URCA every October, thereby enabling the regulator to measure its progress following an eventful five years to

FILE - The prime minister tours BPL’s Clifton Pier power station with BPL CEO, Whitney Heastie. bring the two sides to this stage. The state-owned utility’s first renewable energy plan, submitted on April 28, 2016, was deemed not fit for purpose by URCA when it announced the results of its review some 16 months later on August 28, 2017. The regulator, while arguing that the plan failed to meet the Electricity Act’s legal stipulations, did allow the small scale renewable generation (SSRG) initiative to proceed so that BPL clients with solar systems of 100 kilowatts (KW) or less could tie-in to the national grid while the state-owned utility revised other aspects of its proposal. Despite “missed deadlines and a lack of responsiveness from BPL” on a revised renewable energy plan, which URCA said was potentially tantamount to breaches of the utility’s licence and its Electricity Act obligations, the regulator exercised “forbearance” to ensure larger

scale renewable energy installations up to 1 MW could be accommodated. With BPL’s November 2020 submissions finally “substantially addressing and incorporating the remedies” the remedies previously suggested by URCA, the regulator said: “The BPL plan proposes 119 MW of solar PV be installed by 2023; 74 MW in New Providence, and 45 MW of solar PV plus 11 MW of four-hour battery storage in the Family Islands. “At that time just over six percent of demand in New Providence would be provided by solar PV, whereas in the Family Island just over ten percent of demand would be supplied by solar PV. At a ten percent renewable energy penetration, Battery Energy Storage Systems (BESS) would be required in the Family Islands to address system stability and avoid curtailment of the PV system output.

“The BPL plan details how renewable generation will be increased island by island until 2023 where, at that time, it is projected to represent an 11 percent share of the total energy generated by BPL.” This would leave The Bahamas with 19 percentage points to make up in a decade to hit the National Energy Policy target. “The BPL plan investigated potential locations for the installation of solar PV. It determined that the availability of space for roof-top solar restricted its capacity to less than 30 MW in New Providence,” URCA said. “It recommended using about a third of Lake Killarney, which could facilitate up to 150 MW. In the Family Islands space is not considered to be a constraint.” Computer analysis of BPL’s plan “highlighted several network issues and the

actions required to resolve them, some of which are significant”, although these were not detailed in URCA’s document. “It was not clear in the BPL plan if the necessary reinforcements to the system were included in the scenarios considered and recommended. No costs were provided for the remedies. The BPL plan did not include a similar analysis for the Family Islands,” URCA added. Despite these concerns, it found that BPL’s latest submission “was a significant improvement over BPL’s original submission in 2016, and represented a plausible intention to meet the NEP..... objectives. “It comprehensively evaluated the technical and cost factors in setting out its plan to increase the percentage of renewable energy in its generation mix. And it set out the actions required to accommodate the proposed renewable generation on the network.” BPL consultants, in a report previously seen by Tribune Business, called for this nation to “pursue” the installation of 119.08 megawatts (MW) in solar energy by 2023 if it is to get back on course with its renewable energy commitments. WSP, in a report produced in August 2019, estimated that the solar roll-out would produce around $58m in “avoided” electricity generation costs Bahamas-wide over the five years through 2023 if targets were hit, and its recommendations followed, in a bid to increase the “less

than one percent” share of the energy mix currently enjoyed by renewables. “The associated capital costs are $203.7m for solar PV and $25.3m for the battery storage. These investments result in an annual savings of $3.7m for BPL comparing to the BAU (business as usual) case,” the WSP report said. “The Government of The Bahamas aims to achieve a significant renewable energy penetration by 2030 in order to replace expensive generation from fossil fuels and reduce dependency on fuel imports. “According to the National Energy Plan, the target is to achieve 30 percent of electricity generation from renewable sources of the total generation portfolio. Given that the current renewable share is less than one percent of the overall generation, an ambitious and fast track programme is required to achieve this target. The BPL consultants, meanwhile, said “larger quantities of solar PV facilities” will have to be installed on New Providence and the Family Islands between 2024 and 2030 if The Bahamas is to meet its renewable energy targets. Their report also refers to a 7 MW waste-to-energy plant coming online at the New Providence landfill in 2023, and suggests that the potential $130-$160 per megawatt hour price for selling renewable energy to BPL is “attractive for this type of power plant in the Caribbean region”.

PAGE 4, Wednesday, February 24, 2021

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Software player has big Caribbean goals By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN software company is already targeting domestic and Caribbean expansion just over a year after it was formed, its founder revealed yesterday. Duran Humes, also Plato Alpha’s chief executive, told Tribune Business he is now expanding his office as he develops new tools for clients. Plato Alpha focuses on website development and inventory management systems, as well as “helping businesses improve

efficiency and profitability with software”. Mr Humes said: “People have been calling into us to help them improve their processes. One of our clients is a shipping company. They’ve been around in business for over 20 years, and they still have their customers write the name of the package and send it over. “So they have no way to track who’s who, when this package actually arrived, and when it’s in Nassau and when it is in transit, so on and so forth. So what we’re doing with them is we’re

building out a whole shipping platform for them. So that basically changes their entire process.” “I see the software market going pretty well,” Mr Humes added. “From the landscape that I’ve seen there isn’t really a whole lot of software businesses. This is part of the reason why we want to come out here and be the most prominent one.” Asserting that many Bahamians who study in the science, technology, engineering and mathematics (STEM) fields rarely return to The Bahamas because of

a lack of opportunities, he said: “That is why me and my partner are taking it upon ourselves to actually go ahead and build out a big enough company where we can pay our people good and, obviously, live good. “So that’s what we’re trying to do. We’re trying to build the biggest software company in the entire Caribbean. We are in the process of expanding. We’re actually moving from our current offices at the Hilton to Old Fort Bay. So we are expanding and, hopefully, we’re going to start hiring within the next

‘Tax system is broken’ FROM PAGE ONE

arena over the coming months with the election, I’m going to describe it as a lot of idle talk that is taking place, and we cannot afford it. “We need definitive working groups looking at it, like the Coalition for Responsible Taxation, that are not only going to be empirically analysing the existing tax structure but looking at what we can for

the future. We do need to have this as opposed to all these voices in the wilderness speaking to different elements. We need to bite the bullet and have a comprehensive review of our tax structure.” Taxation, and potential reform, has again become a major issue after Philip Davis, the Opposition’s leader, last week suggested that a PLP government will review whether VAT remains “viable” and “appropriate”

NOTICE LAKEVIEW HOLDINGS LTD. (Dissolved)

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of LAKEVIEW HOLDINGS LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 21st day of December, 2020. __________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

as the government’s major revenue source given the changed economic landscape imposed by COVID-19. His remarks sparked immediate derision from the government, who suggested Mr Davis had only raised the issue as a means to win general election votes, while many senior private executives demanded that he clarify precisely what he meant. Calling for any tax system examination to be free from political pressures, Mr Bowe told Tribune Business: “We need to look at this as a national effort so that we say what the tax system for The Bahamas should be for the next 50 years.” Turning to what he described as the three core taxation principles, he argued that the regressive nature of the current consumption-based tax system, with its focus on VAT and import duties, did not meet the “fair and equitable” definition because

lower income Bahamians are paying proportionally more of their income in taxes than their wealthier counterparts. As for bolstering economic competitiveness, Mr Bowe said The Bahamas “no tax” status had not served its financial services industry since the 2000 “blacklisting” and was continuing to attract negative scrutiny from the likes of the European Union (EU) and other international bodies. And, when it came to covering the government’s costs and delivery of public services, he pointed out that the government has run a fiscal deficit “since independence” to raise further questions over the current system’s usefulness. Noting that many government agencies, such as the National Insurance Board (NIB) and Department of Inland Revenue (business licence, substance reporting and beneficial ownership), already require much of the information required

DURAN HUMES

month or so.” Plato Alpha is looking to fill four vacancies for software engineers because it is “building out a few new products” targeted at local businesses. Mr Humes said it is also working to build up its client base and protect the intellectual property of its custom-made software applications. He explained: “Right now, the main thing that we do is add our tag at the bottom of any software that we make. When it comes to things that are in the background, obviously, there’s no real opportunity

to brand that, but we also have that client that spreads the word about us to their friends.” Admitting there is little software companies can do to prevent piracy, Mr Humes said: “Software is software. There isn’t much you can do to protect it unless you are a tech giant like Oracle or something. There’s not really much you can do to protect yourself because there is nothing out here that is new. We are all just basically reinventing the same wheel.”

for income tax filings, Mr Bowe added: “I think we see income tax as the boogeyman because we have merely seen it as something terrible. “My view is, yes, income tax is viable. My view is that it will require an incredible amount of testicular fortitude but we have the talent in the country and in the Caribbean to implement it. If we keep on saying that it won’t work because of how hard it is to do, that is the height of irresponsibility and the height of laziness. “We should not sink to that. Telling me empirically that it is not worth it, OK. Telling me we can’t do it, I’m not going to accept that,” Mr Bowe added. “It’s [income tax] not something that can be done overnight, and it will require some behaviour changes. We said VAT can’t be done, and it was done in the shortest timeframe imaginable..... “The wealth system in The Bahamas certainly hasn’t created a sufficient enough trickle down effect to say the existing system should be protected. They say if it ain’t broke, don’t fix it, but the tax system is broken and has been ever since we’ve been targeted by outside jurisdictions

where we want to do business. “If we’re not competitive, not equitable and not meeting the government’s funding needs, why protect it? If not income tax then something else, because what we have currently is not working.” Mr Bowe added that the Christie administration’s 2013 “white paper” on tax reform, which ultimately led to VAT’s introduction, was designed as “a stepping stone” to tax reform and not as a “concluding document”. The focus had then been on reducing tax evasion and leakages from the current system, as well as protecting the government’s revenue base from potential World Trade Organisation (WTO) accession. “It was not the be all and end all,” Mr Bowe said, adding that income tax was never subjected to a proper analysis then because no such system had ever been in place in The Bahamas. He suggested that The Bahamas had missed a further reform opportunity by failing to follow on from the taxation study conducted on the Bahamas Financial Services Board’s (BFSB) behalf by Deloitte & Touche in 2018.

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Wednesday, February 24, 2021, PAGE 5

Marina chief hits at increased red tape FROM PAGE ONE

permit applications/fee payments via its Click2Clear platform, Mr Maury said Customs has also ordered the ABM to shut down its own online portal that was performing exactly the same function and remitting due funds to the Port Department and Public Treasury. Describing the situation as “a joke”, he told this newspaper: “We signed an agreement and licence with the government to provide an online payment service for the Port Department and cruising permits for vessels coming into the country. “Customs is now asking us not to collect it on our site but for boaters to use theirs. Their no longer accepting payment via the marinas’ site. But the biggest problem is 80 percent

of the traffic we have is charter business, larger and mega yachts. “Customs has put another step in there in that they have to have a commercial licence. You come into the country on a cruising permit, and have to apply for a charter licence from the Port Department. Now, in order to get approval for a charter licence, you have to get a transire from Customs,” Mr Maury continued. “You have to go back to Customs to get the transire, which is a manual process and not online, and then get the charter permit and pay the fees. Instead of getting vessels in and people to work, we’ve added another few steps. “What was simple before has got more challenging. We were hoping to put everything online to make it a

GB Shipyard to be ‘biggest Caribbean industrial’ player in $100m investment FROM PAGE ONE “We have to talk to the government in due course as we get more advanced in this process. It [the dock] will definitely be the biggest in the world; by far the biggest in the world. We have a lot of engineers working on it. We have to bring it over from China. “I would say this investment will be north of $100m. There are parts that include the dock itself, the cranes

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needed to support the ship, and infrastructure on land. If this project comes about, and when it comes about, it will make the Grand Bahama Shipyard the largest industrial concern in the Caribbean by far.” Mr Israel said just 20 percent of the Shipyard’s clients prior to the April 2019 accident were cruise ships, with the 80 percent balance featuring cargo vessels, bulk carriers and naval ships such as Royal Bahamas Defence Force (RBDF) vessels.

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simple process. We had our portal online for six months, and were able to publicise it in January, but we’ve been asked not to do cruise permits and for everyone to use Customs. Like everything else it’s got more complicated and more difficult.” It is unclear whether the transire requirement is an attempt to better police the charter boat sector, which has been seen by the government as a source of major revenue leakage, but Mr Maury said: “There’s no duty on people last time I checked. “Instead of getting the whole thing moving in the right direction online, it’s a more difficult process in my opinion. We’ve just made what has worked for the last three to four decades and turned it into something else. We need these vessels to make money in

the country, and hopefully they’ll bring their wealth.” Mr Maury said the extra bureaucracy and red tape was especially ill-timed as the marinas geared up for a charter boat show within the next few weeks to promote The Bahamas as a major destination ahead of the March/Easter season, and with the economy still attempting to recover from COVID-19’s devastation. There was no mention of the “transire” or request for the ABM to close its online portal in the Ministry of Finance’s announcement of Customs’ own facility for cruising permits and fees. “This is another great milestone achieved by the Customs Department, which has been leading the way with the modernisation of government services. The new cruising module on the Click2Clear platform

Carnival awaiting permits for GB ‘crown jewel’ start FROM PAGE ONE go to Bahamian contractors or sub-contractors although the marine works may go to overseas counterparts. With environmental and planning related permits still outstanding, even though the process of obtaining them began in March 2019, he told this newspaper: “We hope the permits will be issued soon. We need those permits to start operations. We need quite a few months because we need to issue work notices.

“We started the permitting process in March 2019 and are still not quite there. Some of it had to do with us finishing our work, and we’ve completed everything requested of us by the government.” With the permits for the Sharp Rock-based project now in the hands of relevant government agencies, Mr Israel said the port would take 24 months to complete once construction starts. “COVID-19 may put some pressure on how much money we invest and when we start,” he added.

provides a seamless and cashless collection process for cruising permit fees with online applications and payments by credit card,” said Kwasi Thompson, minister of state for finance. “This is all a part of our digital transformation agenda. It addresses a long-standing pain point for boaters who have been clamouring for a fully digital process. It also minimises the opportunity for revenue leakage.” The release said the Customs Department last week met with the Association of Bahamas Marinas, representatives from the Bahama Out Islands Promotion Board, the Bahamas Hotel and Tourism Association, and Ministry of Tourism on the initiative. “The Ministry of Tourism applauds the implementation of the Click2Clear

cruising permit module by the Customs Department. We are looking forward to the new system helping us to enhance the boating experience and grow the boating traffic in The Bahamas,” said Dionisio D’Aguilar, minister of tourism and aviation, who has responsibility for the boating market. Dr Geannine Moss, comptroller of Customs, added: “The Department of Customs is committed to embracing modern technology to fulfill its mandate in an efficient and innovative manner. We are pushing aggressively and have had tremendous success rolling out the Click2Clear platform. The cruising permit module is the latest advancement we are happy to bring to the market, and there is more to come.”

“I’m quite confident we can start operations this year and the permits will be issued shortly. Thereafter we will be able to start construction of the port........ This will be the crown jewel if we get it done in a timely manner. It will be a great port. It will be the first main island port development in The Bahamas; the first time a major port has been developed in a major island. It’s not a private island; it’s a destination port.” Mr Israel said this would ensure more economic benefits flow to Bahamian entrepreneurs and the local community. He added that 1,000 construction jobs will be created over the 24-month build out, while 1,200 full-time posts will be developed between

Carnival, local concession holders and spin-off opportunities. The Grand Port will be able to accommodate two 6,000-passenger cruise vessels at the same time, with Carnival executives yesterday saying that The Bahamas will be the first Caribbean country to receive cruise vessels when the industry resumes sailing again. Pointing to significant pent-up demand, and Carnival’s enduring strength despite heavy pandemicrelated losses, Mr Israel said the company enjoyed its best and second best reservations days, respectively, when it announced the now-premature sailing resumption for its Mardi Gras and Celebration vessels last year.

FED’S POWELL: RECOVERY INCOMPLETE, HIGH INFLATION UNLIKELY WASHINGTON Associated Press FEDERAL Reserve Chair Jerome Powell, pictured, underscored the US economy’s ongoing weakness yesterday in remarks that suggested that the Fed sees no need to alter its ultra-low interest rate policies anytime soon. “The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain,” Powell said in testimony to the Senate Banking Committee. Powell’s comments are in contrast to the increasing optimism among many analysts that the economy will grow rapidly later this year. That outlook has also raised concerns, though, about a potential surge in inflation and has fueled a sharp increase in longer-term interest rates this year. Most economists say they think the Fed’s continued low rates, further government financial aid and progress in combating the viral pandemic

could create a mini-economic boom as soon as this summer. Powell acknowledged the potential for a healthier economy. But he stressed the personal hardships caused by the pandemic, especially for unemployed Americans. “As with overall economic activity, the pace of improvement in the labour market has slowed,” Powell said. “Although there has been much progress in the labor market since the spring, millions of Americans remain out of work.” Powell’s focus on the economy’s challenges reflects his reluctance to send any signal that the Fed is considering pulling back on its efforts to boost economic growth and hiring.

The Fed cut its benchmark short-term interest rate to nearly zero last March in response to the pandemic recession. It is also purchasing $120bn a month in bonds in an effort to hold down longer-term rates. Powell reiterated that those purchases will continue until “substantial progress” has been made toward the Fed’s goals of low unemployment and stable inflation at about 2% annually. The economy may improve rapidly later this year, Powell said, “but the job is not done yet, the job is not done.” Powell also downplayed concerns about rising longerterm interest rates and potentially higher inflation, which some analysts worry will result from a burst of spending and growth if the pandemic is brought under control later this year. The Fed chair also refused to endorse or condemn President Joe Biden’s $1.9tn economic rescue package, which is beginning to make its way through Congress.

When asked by Sen John Kennedy, R-La, if he would “be cool” with Congress approving or voting down Biden’s proposal, Powell said, “By either being cool or uncool, I would have to be expressing an opinion. ... which I’m not doing.” The divide in Congress in regard to the state of the economy was clearly on display, a key part of the debate over the stimulus. Sen Sherrod Brown, D-Ohio, chairman of the committee, spoke of Americans facing eviction, struggling small businesses, and state and local governments that need financial assistance. Sen Pat Toomey, R-Pa, however, noted that 18 states have unemployment rates below 5% and argued that incomes have recovered to pre-pandemic levels. “We are well past the point where our economy is collapsing,” Toomey said. “In fact our economy is growing rapidly ... There’s also real danger that we have overheating ... that can lead to inflation.”

PAGE 8, Wednesday, February 24, 2021

THE TRIBUNE

Late gains reverse most of an early slide on stock market Associated Press A LATE-afternoon burst of buying on Wall Street helped reverse most of a stock market sell-off Tuesday, nudging the S&P 500 to its first gain after a five-day losing streak. The benchmark index eked out a 0.1% gain after having been down more than 1.8% earlier. The Nasdaq lost 0.5% as technology stocks fell for a sixth straight day. The tech-heavy index had been down nearly 4%. The Dow Jones Industrial Average, which is less exposed to tech stocks than the two other indexes, managed to rise 0.1%. Facebook, Disney, Netflix and other communications stocks helped drive the market’s comeback. Financial

and energy companies also helped lift the market, outweighing losses in technology and other sectors. Bond yields held near their highest level in a year. Still, the main reason the market didn’t rack up bigger losses is the wave of selling in Big Tech stocks nearly reversed entirely as traders seized the opportunity to pick up shares in Apple, Microsoft, Amazon and other big gainers over the past year at a more attractive price. Tesla, which joined the S&P 500 at the end of last year, ended 2.2% lower after being down as much as 13.4%. The S&P 500 index rose 4.87 points to 3,881.37. The Dow gained 15.66 points to 31,537.35. The Nasdaq lost 67.85 points to 13,465.20.

PUBLIC NOTICE

The indexes were at all-time highs less than two weeks ago. Smaller company stocks fell more than the broader market. The Russell 2000 small-cap index slid 19.76 points, or 0.9%, to 2,231.21. The index, the biggest gainer so far this year, clawed back from a 3.6% slide. Since the pandemic began, investors consistently pushed the prices of Big Tech stocks to stratospheric heights, betting that quarantined consumers would do most of their shopping online and spend more on devices and services for entertainment. The bet mostly paid off, as big tech companies reported big profits last year. But the pandemic may be reaching its end stages, with millions of vaccines being administered each week in the US

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, SHANINDOR MAURICE PYFROM of #39 West Bay Street, P.O. Box GT-2607, Nassau, The Bahamas, intend to change my name to SHANNANDOAH MAURICE PYFROM. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

To advertise in The Tribune, contact 502-2394

and across the globe now. It may cause consumers to return to their pre-pandemic habits. By late afternoon, the tech sell-off nearly reversed itself. Apple slipped 0.1%, Microsoft fell 0.5%, and Amazon gained 0.4%. As traders turned to buying Tesla, rather than selling the stock, that also helped limit the S&P 500’s losses. The electric car maker is the second-most heavily weighted stock in the index’s consumer discretionary sector after Amazon. Investors remain increasingly focused on a big tick up in bond yields and how it affects stock valuations. The yield on the ten-year Treasury note rose to 1.36%, continuing its quick climb up over the last few weeks. When bond yields rise, stock prices tend to be negatively impacted because investors turn an increasingly larger portion of their money toward the steadier stream of income that bonds provide. “If you have a ten-year (Treasury yield) which returns something, then all of a sudden you get this situation where investors may want more of a risk-free asset and rotate out of equities,” said Sylvia Jablonski,

NOTICE

NOTICE is hereby given that SHERMAN BIEN-AIME of Shady Tree Lane, P.O. Box N-1582, 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 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that EVENS DORCELY, of Sunshine Park, P.O.Box N-9426 New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 23 FEBRUARY 2021

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.58 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 3.70 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

1967.68

3.78

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.55 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.55 100.00 100.00

0.19 -124.78

-5.96

CLOSE 4.62 32.12 1.62 2.58 1.59 6.00 6.61 2.93 4.74 3.10 5.50 10.20 2.59 6.80 9.71 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 BSBGRS770264 BSBGR1321391 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.55 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.45 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 BSBGRS FX BSBGRS770264 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 5.50 10.20 2.64 6.80 9.70 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 0.02 0.00 0.00 0.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.05) 0.00 0.01 0.00 0.00 0.00 0.00 0.00

VOLUME 2,000 100 2,000

775

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

149

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 19.3 34.5 N/M N/M N/M N/M 17.9 -6.7 33.9 16.8 12.2 14.1 25.4 14.6 15.0 11.5 16.5 18.5 8.9 24.6

YIELD 3.68% 3.92% 1.23% 1.16% 0.00% 0.00% 3.93% 0.00% 0.00% 3.87% 4.00% 7.06% 16.76% 0.88% 3.38% 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

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.56% 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 4-May-2026 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% 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

chief investment officer at Defiance ETFs. While eventually higher bond yields impact big dividend-paying stocks like consumer staples, utilities and real estate, they tend to impact stocks that have big valuations like technology stocks much earlier. Tech stocks tend to have higher-than-average priceto-earnings ratios, which values a stock on how much the company earns in in profits each year versus its stock price. The S&P 500 index is currently trading at a price-to-earnings ratio of 32, historically high by any measurement, while the price-to-earnings ratio of a company like Amazon is north of 75. Jablonski expects the selloff in technology stocks will be short-lived, though she adds that a further increase in the ten-year Treasury yield could be “a different story.” “The ten-year was sort of the news of the week that took some of the fire out of equities, but I wouldn’t be surprised that investors looking for entry points are going to get back in at these levels,” she said. “Stocks still have a future that looks to me to be a lot brighter than the value investors are going to get if they convert to bonds.” More broadly, investors remain focused on the future of global economies

badly hit by COVID-19 and the potential for more stimulus to fix them. The US House of Representatives is likely to vote on President Joe Biden’s proposed stimulus package by the end of the week. It 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. The large amount of stimulus being pumped into the economy has given some investors pause, reviving worries about inflation that have been nearly nonexistent for more than a decade. That has been a factor in pushing bond yields higher. But Leslie Falconio, senior strategist at UBS Global Wealth Management, played down those concerns. “Right now, this rise in yields, given the fact that financial conditions are still loose, is not a red flag,” she said. “As long as growth supports the rise in interest rates, then that’s not a concern.” Federal Reserve Chair Jay Powell told Congress yesterday the Fed didn’t see a need to alter its policy of keeping interest rates ultra-low, noting that the economic recovery “remains uneven and far from complete.”

NOTICE NOTICE is hereby given that LOVENA EXANTUS of Bacardi Road, 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 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that ROSE FAUSTIN of #30 Bowe Avenue, Montel Heights, 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 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that JASON LAGUERRE, of #138 Cordeaux Avenue, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DASHLINE MICHEL of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Wednesday, February 24, 2021, PAGE 9

TECH FIRMS SAY THERE’S LITTLE DOUBT RUSSIA BEHIND MAJOR HACK WASHINGTON Associated Press LEADING technology companies said yesterday that a months-long breach of corporate and government networks was so sophisticated, focused and labour-intensive that a nation had to be behind it, with all the evidence pointing to Russia. In the first congressional hearing on the breach, representatives of technology companies involved in the response described a hack of almost breathtaking precision, ambition and scope. The perpetrators stealthily scooped up specific emails and documents on a target list from the US and other countries. “We haven’t seen this kind of sophistication matched with this kind of scale,” Microsoft President Brad Smith told the Senate Intelligence Committee. Forensic investigators have estimated that at least 1,000 highly skilled engineers would have been required to develop the code that hijacked widely used network software from Texas-based SolarWinds to deploy malware around the world through a security update. “We’ve seen substantial evidence that points to the Russian foreign intelligence agency and we have found no evidence that leads us anywhere else,” Smith said. US national security officials have also said Russia was likely responsible for the breach, and President Joe Biden’s administration

is weighing punitive measures against Russia for the hack as well as other activities. Moscow has denied responsibility for the breach. Officials have said the motive for the hack, which was discovered by private security company FireEye in December, appeared to be to gather intelligence. On what, they haven’t said. At least nine government agencies and 100 private companies were breached, but what was taken has not been revealed. White House press secretary Jen Psaki said Tuesday it would be “weeks not months” before the US responds to Russia. “We have asked the intelligence community to do further work to sharpen the attribution that the previous administration made about precisely how the hack occurred, what the extent of the damage is, and what the scope and scale of the intrusion is,” Psaki said. “And we’re still in the process of working that through now.” FireEye CEO Kevin Mandia told the Senate that his company has had nearly 100 people working to study and contain the breach since they detected it, almost by accident, in December and alerted the US government. The hackers first quietly installed malicious code in October 2019 on targeted networks, but didn’t activate it to see if they could remain undetected. They returned in March and immediately began to steal the log-in credentials of people who were

authorised to be on the network so they could have a “secret key” to move around at will, Mandia said. Once detected “they vanished like ghosts,” he said. “There’s no doubt in my mind that this was planned,” the security executive said. “The question really is where’s the next one, and when are we going to find it?” Government agencies breached include the Treasury, Justice and Commerce departments, but the full list has not been publicly released. The president of Microsoft, which is working with FireEye on the response, said there are victims around the world, including in Canada, Mexico, Spain and the

United Arab Emirates. The panel, which also included Sudhakar Ramakrishna, the CEO of SolarWinds who took over the company after the hack occurred, and George Kurtz, the president and CEO of CrowdStrike, another leading security company, faced questions not just about how the breach occurred but also whether hacking victims need to be legally compelled to be forthcoming when they have been breached. Even now, three months after the breach was disclosed, the identity of most victims remains unknown. Congress has considered in the past whether to require companies to

report that they have been the victim of a hack, but it has triggered legal concerns, including whether they could be held liable by clients for the loss of data. US authorities are also considering whether to give additional resources and authority to the Cybersecurity and Infrastructure Agency or other agencies to be able to take a more forceful role in working to prevent future breaches. Another measure that has been considered is to create a new agency, like the National Transportation Safety Board, that could quickly come in and evaluate a breach and determine whether there are problems that need to be fixed.

Sen. Ron Wyden, one of the most prominent voices on cyber issues in the Senate, warned that the US must first make sure that government agencies breached in this incident have taken the required security measures. “The impression that the American people might get from this hearing is that the hackers are such formidable adversaries that there was nothing that the American government or our biggest tech companies could have done to protect themselves,” said Wyden, an Oregon Democrat. “My view is that message leads to privacyviolating laws and billions of more taxpayer funds for cybersecurity.”

LEGAL NOTICE

N O T I C E

NEWFIELD WEST AFRICA INC

NEWFIELD OFFSHORE INC

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 7TH day of December 2020.

Dated the 24th day of February A.D., 2021.

Kirvy Ferguson Liquidator of NEWFIELD WEST AFRICA INC

Kirvy Ferguson Liquidator of NEWFIELD OFFSHORE INC

LEGAL NOTICE

N O T I C E

NEWFIELD GLOBAL INC

NEWFIELD CHINA LDC

NEWFIELD INTERNATIONAL HOLDINGS INC

Dated the 24th day of February A.D., 2021.

Kirvy Ferguson Liquidator of NEWFIELD GLOBAL INC

Kirvy Ferguson Liquidator of NEWFIELD CHINA LDC

LEGAL NOTICE

N O T I C E

EXXONMOBIL EXPLORATION AND PRODUCTION SPAIN (MEDITERRANEAN) LIMITED

SWEDISH ORIENT LINE (BAHAMAS) LIMITED

NEWFIELD ASIA INC INC Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 7TH day of December 2020. Dated the 24th day of February A.D., 2021.

Kirvy Ferguson Liquidator of NEWFIELD INTERNATIONAL HOLDINGS INC

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 31st day of December 2020. Dated the 24th day of February A.D., 2021.

day of February A.D., 2021.

Kirvy Ferguson Liquidator of NEWFIELD ASIA INC

M Pedercini Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION SPAIN (MEDITERRANEAN) LIMITED

Kirvy Ferguson Liquidator of SWEDISH ORIENT LINE (BAHAMAS) LIMITED

LEGAL NOTICE

N O T I C E

NEWFIELD CHINA EXPLORATION COMPANY LTD

NEWFIELD SOUTH AMERICA/AFRICA INC

ESSO NIGERIA (OFFSHORE) LIMITED

Dated the 24th day of February A.D., 2021.

Dated the 24th

Kirvy Ferguson Liquidator of NEWFIELD CHINA EXPLORATION COMPANY LTD

Kirvy Ferguson Liquidator of NEWFIELD SOUTH AMERICA/AFRICA INC

day of February A.D., 2021.

M Pedercini Liquidator of ESSO NIGERIA (OFFSHORE) LIMITED

PAGE 12, Wednesday, February 24, 2021

THE TRIBUNE

TOP BOARD LEADERS RESIGN AFTER DEADLY TEXAS POWER OUTAGES AUSTIN Associated Press

TOP board leaders of Texas’ embattled power grid operator said yesterday they will resign following outrage over more than four million customers losing electricity last week during a deadly winter storm, including many whose frigid homes lacked heat for days in subfreezing temperatures. The resignations are the first since the crisis began in Texas, and calls for wider firings remain in the aftermath of one of the worst power outages in US history. All of the five board

directors who are stepping down, including Chairwoman Sally Talberg, live outside of Texas, which only intensified criticism of the Electric Reliability Council of Texas. The resignations are effective today — a day before Texas lawmakers are expected to sharply question grid managers and energy officials about the failures during hearings at the state Capitol. Another candidate for a director position, who also does not live in Texas, said he was withdrawing his name. Four of the departing board members acknowledged “concerns about out-of-state board

leadership” in a letter to grid members and the state’s Public Utility Commission, which oversees ERCOT. During the crisis, ERCOT officials removed contact information for board members off its website, saying they had become the target of threats. The board members did not reflect on their own performance in the letter. “Our hearts go out to all Texans who have had to go without electricity, heat, and water during frigid temperatures and continue to face the tragic consequences of this emergency,” the letter read. The other board members

are vice chairman Peter Cramton, Terry Bulger and Raymond Hepper. Talberg lives in Michigan and Bulger lives in Wheaton, Illinois, according to their biographies on ERCOT’s website. Cramton and Hepper spent their careers working outside Texas. The fifth board member leaving is Vanessa Anesetti-Parra. There are a total of 16 members on ERCOT’s board, which appoints officers who manage the grid manager’s day-to-day operations. Historic snowfall and single-digit temperatures in Texas last week left millions without power and water for

days. The storm was part of any icy blast across the Deep South that is blamed for more than 80 deaths, roughly half of which were in Texas. Republican Gov Greg Abbott has largely blamed the outages on ERCOT and called for investigations. But the problems were wider than ERCOT, including power plants that were knocked offline by the extreme cold and natural gas producers didn’t protect wellheads from freezing. “The lack of preparedness and transparency at ERCOT is unacceptable, and I welcome these resignations,” Abbott said in a statement. “The State of Texas

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 80° F/27° C Low: 57° F/14° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Mostly sunny and pleasant

A moonlit sky

Mostly sunny

Breezy in the morning; mostly sunny

Sunny, breezy and pleasant

Mostly sunny and windy

High: 81°

Low: 72°

High: 81° Low: 72°

High: 82° Low: 73°

High: 83° Low: 72°

AccuWeather RealFeel

88° F

74° F

88°-72° F

86°-72° F

86°-70° F

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

almanac

ABACO

High: 76° F/24° C Low: 71° F/22° C

7-14 knots

High: 80° F/27° C Low: 70° F/21° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 80° F/27° C Low: 70° F/21° C

E S

WEST PALM BEACH

uV inDex toDay

THURSDAY

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TONIGHT

High: 77° F/25° C Low: 59° F/15° C

High: 79° F/26° C Low: 72° F/22° C

MIAMI

High: 81° F/27° C Low: 70° F/21° C

4-8 knots

KEY WEST

High: 80° F/27° C Low: 73° F/23° C

High: 81° F/27° C Low: 72° F/22° C

High: 79° F/26° C Low: 72° F/22° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Monday

9:07 a.m. 9:34 p.m.

3.1 3.0

3:00 a.m. -0.6 3:26 p.m. -0.7

Tuesday

9:54 a.m. 10:24 p.m.

2.9 3.1

3:51 a.m. -0.6 4:11 p.m. -0.7

sun anD moon Sunrise Sunset

6:37 a.m. 6:09 p.m.

Moonrise Moonset

3:38 p.m. 4:45 a.m.

Full

Last

New

First

Feb. 27

Mar. 5

Mar. 13

Mar. 21

CAT ISLAND

High: 79° F/26° C Low: 73° F/23° C

6-12 knots

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 78° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 77° F/25° C Last year’s low ................................... 65° F/19° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.92” Normal year to date ..................................... 2.57”

ELEUTHERA

NASSAU

will continue to investigate ERCOT and uncover the full picture of what went wrong, and we will ensure that the disastrous events of last week are never repeated.” ERCOT president Bill Magness has said Texas’ power grid — which is uniquely isolated from the rest of the US — was on the brink of collapse in the early hours of Feb 15 as power plants froze in the cold and a record demand for electricity to heat home overwhelmed the system. He has defended the outages as a necessity, while Abbott has accused ERCOT of misleading Texas about the readiness of the grid.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 73° F/23° C

High: 80° F/27° C Low: 74° F/23° C

High: 80° F/27° C Low: 73° F/23° C

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 74° F/23° C

6-12 knots

MAYAGUANA High: 81° F/27° 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: 80° F/27° C Low: 75° F/24° C

High: 80° F/27° C Low: 74° F/23° C

GREAT INAGUA

High: 83° F/28° C Low: 74° F/23° C

8-16 knots

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

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

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

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

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

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