03012021 BUSINESS

business@tribunemedia.net

MONDAY, MARCH 1, 2021

$4.52

$4.52

$4.42

$4.39

Doctors’ GB plans gain $13.5m boost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Eyeing potential Cleveland Clinic ‘flagship’ * Canadian investment to unlock expansion * ‘Beyond Bahamas borders’ by 2025 target

D

octors Hospital’s president last night said a $13.5m Canadian investment will accelerate the launch of a Grand Bahama care facility “comparable to our New Providence” assets by 2022.

Dr Charles Diggiss told Tribune Business that the equity injection by Torontobased Fairfax Financial Holdings will enable the BISX-listed healthcare provider to quicken an expansion pace that will take it “beyond the borders of The Bahamas” and into the wider Caribbean by 2025.

Fairfax Financial, whose main interests lie in insurance and reinsurance investments stretching around the world, is acquiring two million Doctors Hospital shares at $6.75 per share - a price just below Friday’s close of $6.85, but likely equal to the prevailing market price when the deal was agreed.

Doctors Hospital, in a statement yesterday, said the deal - which is taking the form of a private

DOCTORS Hospital in New Providence. placement - will see Fairfax Financial acquire a 16.7 percent stake in the healthcare provider, but the Toronto Stock Exchange (TSE) listed investment house will not be seeking a Board seat in return.

Dr Diggiss, who voiced optimism that the necessary government and Securities Commission approvals could be in place by month’s end, told this newspaper that the Fairfax Financial investment will enable Doctors Hospital to quicken the pace at which its vision for Bahamian healthcare’s future is rolled-out.

He explained that the additional equity capital

‘Don’t fall into tax reform trap’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday warned Bahamians not to fall “into the tax reform trap” by failing to first tackle inefficiency, wasteful spending and corruption in a bloated government.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that focusing on tax reform first threatens to give successive administrations “an

easy out” by enabling them to burden Bahamian businesses and households with new and/or increased levies while ignoring what he described as runaway government spending.

Agreeing that a “comprehensive” review of The Bahamas’ regressive tax system may be warranted, Mr Myers nevertheless said this nation had already witnessed a government revenue grab that neglected the need for urgent public sector reform when VAT

SEE PAGE 4

DIGITAL PROVIDER EYES ‘EXPONENTIAL’ GROWTH ON SAND DOLLAR MOVE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian digital payments provider yesterday said it expects its near-20,000 client base to “increase exponentially” after enabling them to transact in Sand Dollars without any restrictions.

Keith Davies, Kanoo’s chief executive, told Tribune Business it had beaten the Central Bank’s “interoperability” deadline for the Bahamian digital currency by a month with its

clients able to transact in Sand Dollars with customers of other providers as of today.

Arguing that The Bahamas was achieving “a world first” through the Central Bank digital currency, and “we need to beat our chest a bit more” on the country’s digital payments transformation, Mr Davies said that prior to achieving “interoperability” or systems integration Kanoo customers were only able to transact in Sand Dollars

SEE PAGE 4

will help foster its plans to partner with existing medical providers on major Family Islands, providing them with access to services such as imaging, diagnostics, laboratory and pharmacy.

And Fairfax Financial’s involvement will also speed up Doctors Hospital’s plans to deliver “virtual, remote and portable services” throughout The Bahamas, bringing healthcare to persons where they reside and increasing access to medical treatments.

Dr Diggiss, who has become Doctors Hospital’s largest shareholder after progressively acquiring holdings held by Barry

Rassin and his family, told shareholders to brace for a stock price that will be “propelled north” by the company’s sudden access to a substantial, low-cost financing source.

Describing the move as “a big deal for The Bahamas”, he added that development of a private “in-patient” care facility in Grand Bahama was one of “two spaces” where Doctors Hospital was seeking to put the Fairfax Financial investment to use.

While declining to provide much detail on this project, Dr Diggiss said six months of planning work had already been performed on what could become the “flagship” facility for its recently-unveiled partnership with the Cleveland Clinic.

“It will be at least comparable to what Doctors Hospital in New Providence is, but we’re looking at an ability to expand it

and consideration given, due to our relationship with the Cleveland Clinic, whether that becomes the flagship Doctors Hospital/ Cleveland Clinic facility in Grand Bahama,” he told this newspaper, adding that a 2022 opening date is being eyed.

Dr Diggiss said Fairfax Financial’s additional cash will also allow Doctors Hospital to execute on plans to partner with medical providers on the major Family Islands, with Abaco, Exuma and Eleuthera targeted initially.

Doctors Hospital will “do the heavy lifting” by providing them and their patients with access to expanded testing and care services, while it also focuses on deepening the provision of virtual, remote and portable services.

“We look at virtual, and we look at building up our tele-health capacity,” Dr Diggiss told

Tribune Business. “We look at remote, putting in a kiosk with a digital touch screen in remote locations so persons can access us with questions and set up appointments in remote population centres in the Family Islands.”

He added that this could extend to “manned portable stations or manned remote stations”, and said: “When we talk about mobile we’re talking about the full spectrum of home healthcare; home rehabilitation, home nursing. We’re going to build out that service since we realise more of our patients are kept at home to minimise costs, so we will come to them.”

Dr Diggiss said Doctor’s Hospital’s mobile services have already been at work with COVID-19 testing, and he added: “We know this is what the future of healthcare delivery looks

SEE PAGE 15

PAGE 2, Monday, March 1, 2021

THE TRIBUNE

MARINAS EYE ‘FIVE-FOLD’ YACHT CHARTER GROWTH

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SENIOR marina executive says he expects The Bahamas’ yacht charter business “to grow five-fold within the next five years” based on rapidly-increasing interest in the destination.

Joseph Dargavage, the Association of The Bahamas’ Marinas (ABM) vice-president, and partner at Romora Bay Resort & Marina, said this nation’s actions in ultimately containing COVID-19 and re-opening its borders ahead of many rival destinations had resulted in its inclusion on yacht brokers’ charter schedules.

“As a result of this, The Bahamas’ destination has now been added to many new brokers’ schedules, and we have seen an increase in inquiries and charter yacht bookings to the destination like never before,” Mr Dargavage said. “We are only beginning to scratch the surface of the potential revenue that yacht chartering can

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

provide to us. In fact, The Bahamas is still in its infancy stage in this charter arena, and based on the feedback and interest shown in The Bahamas destination, I expect yacht charter business in The Bahamas to grow five-fold within the next five years.”

Mr Dargavage spoke as a two-day Bahamas Charter Yacht Show, which he chaired, opened on February 25 at the Rybovich Superyacht Marina in West Palm Beach, Florida. Dionisio D’Aguilar, minister of tourism and aviation, was among those in attendance.

The two-day charter broker-only show was organised by the Association of Bahamas Marinas in partnership with the Ministry of Tourism and the International Yacht Brokers Association (IYBA).

Participating in the show were 80 of the top charter brokers who book charters to The Bahamas, along with yachts ranging in size from 78 to 213 feet.

Exhibitors included the ABM; Staniel Cay Yacht Club; Romora Bay Resort & Marina; Valentine’s Resort & Marina; Bay Street Marina; Hurricane Hole Marina; Nassau Yacht Haven; Abaco Beach Resort; Tropic Ocean Air; United Island and YachtUnited Shipping; and Makers Air. Originally scheduled to take place in Nassau in February 2021, the show

DIONISIO D’AGUILAR, minister of tourism and aviation (second left), meets with Susan and Tyrone Roberts of Nassau Yacht Haven and Bran Arnold (far right) of Snag-A-Slip Booking Agency. was moved to the Rybovich Superyacht facility to accommodate international brokers amid the current COVID-19 restrictions imposed by the Government.

Mr D’Aguilar held oneon-one meetings with the brokers, thanking them for their continued support of The Bahamas. He promoted The Bahamas’ new digital Click2Clear cruising permit platforms, safety travel protocols, new marina products and

destination experiences available to them and their guests.

The minister said that “prior to the COVID-19 pandemic, tourism to The Bahamas was performing remarkably well and was poised for record-breaking performances. The impact of the pandemic, however, was felt by us all.

“Despite a slower rebound, especially with our hotels and airline operators, we are indeed grateful to our neighbours

in the north who continue to visit us by private aircrafts, boats and charter yachts, which have benefited our Family Islands greatly,” Mr D’Aguilar added.

“As COVID cases here in the US decline daily, and as more and more businesses begin to re-open and persons prepare to travel again, we want to remind you and your guests that The Bahamas, blessed with great beauty, diversity and geography - located 50 miles from the US, the

world’s greatest economy and three of the largest cruise ship ports, is open for business. Our entry protocols are quick and easy, and we are ready to share our hospitality with you.”

Peter Maury, the ABM president and owner of Bay Street Marina, said: “We simply could not let the opportunity to hold this event at Rybovich Marina pass us, especially when the international charter brokers were already here in Florida. Ninety percent of the charter yacht business that comes to The Bahamas is booked through these brokers.”

“Covid-19 has changed the rules of engagement for doing charter business.

The Bahamas government must be commended for its swift actions to curtail COVID cases, install digitised cruise and charter platforms and re-open its borders and economy, quickly and safely, especially as other destinations remain closed for business,” said Mr Dargavage.

“We also plan to conduct a series of small Bahamas charter show events in Florida throughout the year to further promote The Bahamas, its ease of getting there, safety protocols and culture. Plans are also underway to hold the 2022 Bahamas Charter Yacht Show in Nassau, comprising three days in Nassau with post trips to the Out Islands.”

THE TRIBUNE

Monday, March 1, 2021, PAGE 3

BTC offering 21% niche ISP discount

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) is offering niche Internet Service Providers (ISP) a 21 percent discount to what it charges its own retail customers for using its network infrastructure.

The discount represents BTC’s opening offer under the Utilities Competition and Regulation Authority’s (URCA) consultation on the pricing and commercial terms itself and Cable Bahamas must offer to small, niche ISP players who want to use their networks to offer wholesale Internet services to their own customers.

BTC’s BISX-listed rival has also unveiled its own offer, based on the megabits per second desired by smaller ISPs, and the two proposals are now to be subjected to market scrutiny as to whether they truly provide competitive access to providers who otherwise fear being squeezed out by pricing and practices that have already been criticised for being anti-competitive.

Unveiling the BTC and Cable Bahamas offers, URCA said that the former planned to levy both nonrecurring and recurring charges on niche ISPs wanting to use its network to provide wholesale broadband Direct Internet Access (DIA) for their

own clients. “The monthly recurring charges (MRC) are based on the retail minus approach, representing a 21 percent discount on the monthly price of BTC’s retail DIA product,” URCA said.

“The non-recurring charges (NRC) for all wholesale DIA products include installation and equipment charges, and are determined on a case-bycase basis.”

Cable Bahamas, too, is offering a structure involving recurring and non-recurring charges.

“The monthly recurring charges (MRC) are based on Cable Bahamas’ costing analysis of wholesale DIA services.

“The non-recurring charges (NRC) for all wholesale DIA products include installation charges.

They are determined on a case-by-case basis (based on a field survey).”

Comparisons between the two offers are difficult based on the information made available by URCA, as BTC’s figures are based an ‘all-in’ price that includes installation and equipment costs whereas Cable Bahamas only breaks out the monthly recurring charge.

For niche ISPs seeking a speed of 500 Mbps, BTC’s all-in cost is $18,466 per months while Cable Bahamas’ recurring monthly cost is $11,853. For one GigaByte per second (Gbps),

BTC headquarters.

BTC’s all-in monthly cost is just under $37,000, while for Cable Bahamas it is $23,514.

However, the latter’s figures do not include installation and equipment costs, making comparisons somewhat meaningless.

According to URCA, BTC said a regional benchmarking exercise using comparisons with DIA charges levied by its Cable & Wireless Communications (CWC) parent in jurisdictions such as Jamaica and the Cayman Islands “confirm [its] proposed WDIA charges would be below those observed across the region.....”

However, depending on the responses received to BTC and Cable Bahamas’ offers from niche ISPs, URCA said the two Bahamian telecommunications giants will then have to justify the pricing - and terms

and conditions - they are offering in a second round of consultation. URCA has moved to regulate the wholesale DIA market after finding that both Cable Bahamas and BTC have what it refers to as “significant market power” in this segment.

Left unchecked and to their own devices, the fear is that the duo could use the dominance created by their national network infrastructure and stronger balance sheets to squeeze out weaker rivals via anticompetitive practices.

Such a development could harm the interests of Bahamian business and individual consumers, especially since Internet access at competitive prices has become vital in the modern economy even before COVID-19.

And concerns have already been expressed to

URCA by niche ISPs about the pricing and commercial terms offered by BTC and Cable Bahamas.

Feedback provided to the Bahamian communications sector regulator last year said wholesale direct Internet access rates charged by the duo are “in excess of 150 times” greater than comparable US prices and squeezing out competition.

Theofanis Cochinamogulos, chief executive of Wicom Bahamas, in a May 27, 2020, letter to sector regulators argued that there was “little rationale for these elevated costs” from Cable Bahamas and the Bahamas Telecommunications Company (BTC).

Arguing that these prices had not reduced for ten to 15 years, Mr Cochinamogulos called on the Utilities Regulation and Competition Authority (URCA) to set a fixed rate “at no more

than ten times’ the cost” so that niche Internet Service Providers (ISPs) such as himself can compete in the resell market with their larger rivals.

“As a small start-up ISP, monthly recurring costs dictate the success and failure of the business month-tomonth,” he wrote.

“Because of that fact, early on we sought out DIA pricing locally, regionally and internationally.

That research led us to confirm that the cost of purchasing DIA between New York and Japan, some 5,600 miles away, is less costly by 10 times in comparison to purchasing DIA for resale in the Bahamas.

“Furthermore, the cost of purchasing DIA from the Network Access Point of the Americas (NAPS) in Miami varies between $0.22 per Mbps (megabits per second) for a 10,000 Mbps (10 Gigabit) and $0.30 per Mbps for a 1000 Mbps (1Gigabit) link.

“Currently, Cable Bahamas and BTC’s DIA internet rates stand at a whopping $52 per Mbps and $48.50 per Mbps, which is in excess of 150 times the cost provided to us from providers at the NAPS and other Data Centre Interconnect Facilities in Florida.

With these facts in mind, there is little rationale for these elevated costs even when subsea fibre operations, and maintenance are considered.”

FISHERMEN NOW REALISING NEW ACT’S CONSEQUENCES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN fishermen are now realising the controversial Fisheries Bill 2020 has a far greater impact than simply banning Dominican fishermen, critics of the legislation are arguing.

Errol Davis, of Fish Farmers, and a Coalition For Responsible Fishing (CFRF) member, told Tribune Business no date has been issued to give the controversial legislation effect.

Mr Davis said: “The Fisheries portion of the Bill has been gazetted, but they have not given us a date in terms of it becoming law. Some of us are a part of litigation against that Bill, and our group involves boat owners, processing plants, the wives of some of the Dominican fishermen who are affected, and some of the Dominican divers themselves.”

The Fisheries Act 2020 seeks to bar all foreign workers from working on Bahamian fishing vessels.

Mr Davis and the Coalition, which includes some of the major fishing processors and wholesalers, opposed the Bill’s passage and have

now turned to the courts to fight it.

Mr Davis, meanwhile, said he understands that fishermen who once suppprted the Fisheries Bill on the grounds that it would bar Dominican divers and all other foreign labour from the sector are now realising the legislation has a much wider effect.

He said: “For a long time we were trying to educate people that this Bill was not just a non-Bahamian issue. There were some other things in this Bill with respect to those condos (traps). It is almost like leasing the seabed, because the law reads that if you don’t own a trap or an aggregate of condos, you would not be able to remain within a certain radius of that.”

Asking for fishermen to stay within a certain radius of condos on the seabed is “ridiculous”, added Mr Davis, “because some Spanish Wells fishermen have been putting down condos for years all over The Bahamas”. If it were to be the case that any other fisherman cannot come within a certain perimeter of those condos, it will be impossible to manage and impractical to implement.

Mr Davis added: “The ministry made a mistake

with only consulting a very small group of persons on this Bill, which would essentially be a select few members of the National Fishing Alliance (NFA).

They wrote that Bill one sided, strictly one sided.”

Keith Carroll, NFA president, said that for “years” the Fisheries Bill was under consultation and very few persons wanted to attend the meeting, whether it was the large fish houses or the single-entity fishermen.

Mr Davis, however, disagreed with Mr Carroll, and said he was never formally

invited - “not even to their chat group”.

He added: “Now a lot of the other fishermen, who said they were consulted, are now finding out that their boats will

be monitored and have a monitor on it. They are now getting up in arms. “Their boats will have what they call this observer. A boat owner has to be totally responsible for them. They

have to pay them salary like a regular worker and have to pay for their transportation, and this person has to be with you for as long as they put this person on the boat. It is mandatory.”

PAGE 4, Monday, March 1, 2021

THE TRIBUNE

‘Don’t fall into tax reform trap’ FROM PAGE 1 was first implemented on January 1, 2015. He argued that the extra $500m-plus in annual revenues was used to further increase the size of the civil service and public sector, rather than to help eliminate an annual fiscal deficit already amounting to hundreds of millions of dollars, and by zeroing in on tax reform The Bahamas is only inviting a repeat performance.

Describing raising new and/ or increased taxes as akin to “treating the symptoms while the country burns fiscally and economically”, Mr Myers said public sector and government spending reforms must come before tax reform is addressed.

Responding to an interview with Tribune Business by Gowon Bowe, who succeeded Mr Myers as head of the private sector’s Coalition for Responsible Taxation, the latter told this newspaper: “ORG wish to strongly advise the public that while it agrees with Mr Bowe’s suggestion that a comprehensive tax review and reform may be necessary at

some point in the future, ORG strongly disagrees that any such review or reform should come ahead of significant public sector reform.

“Successive governments have ignored the core and fundamental need for public sector reform to the point of the nation’s implosion, and continue to do so at the expense of the public and their ongoing despair and demise.

“ORG will not condone any tax discussion that does not first and foremost address and resolve the significant burden the Government’s inefficiency, corruption and lack of accountability places on the public and private sectors and, more importantly, the lack of growth and opportunity their inability places on the nation and all of its people.”

Mr Myers argued that legislation “to drive efficiency and accountability” in the Government, especially when it came to managing taxpayer monies, was “critical to right the fiscal imbalance within government”.

The absence of such laws, he added, “is the root cause of decades of irresponsible government growth, action and spending, all

at the expense of the Bahamian people”.

“Tax reform is not the answer. Public sector reform is the answer,” Mr Myers urged.

“ORG stands to remind all citizens that there is no amount of money raised by the Government, through any form of taxation and or licensing fees, that an irresponsible and unaccountable Government cannot spend.

“This is most prominently exemplified by the fact that the Government raised taxes significantly with the introduction of VAT, and then promptly spent it all without continued comprehensive discussion and action on the many critical reforms the Coalition for Responsible Taxation and ORG have continued to press both past and present administrations for.

“This is inexcusable, irresponsible and should not be tolerated any longer..... Tax reform discussion will become the excuse to raise taxes and is not the answer. Increased taxes without first implementing significant public sector reform will only further hamper opportunity and growth for the Bahamas and its

people. Do not fall into the trap of tax reform discussion without first addressing and acting on public sector reform.”

Reiterating that “the size, cost and inefficiency of government relative” to The Bahamas’ economic output was “the core problem”, Mr Myers told Tribune Business that “we’ve gone down that path before” of increasing taxes without any corresponding expenditure and public sector reforms.

“It hasn’t ended well,” he added. “Let’s start in the right place, get that right, and start moving the country in the right direction and then look at things that are more equitable.

“If we don’t, they’ll [the Government] use that as an excuse to raise taxes and not do what is necessary.

“We’ve already done that.

We created a VAT which raised $500m that they managed to spend away. Granted, there’s been instances and issues that caused that, but we need to focus on the core problem, which is the size of government and that expenditure is too high relative to the size of government.”

The Government’s annual recurrent (fixed cost) spending rose by $354m over the four-year period prior to Hurricane Dorian to reach $2.418bn and, postCOVID-19, it is forecast to keep increasing to about $2.734bn in 2023-2024. Revenues will have to rise to keep pace with that.

Mr Myers said politicians had created a bloated civil service by hiring more persons than needed, and added: “Do that for 40-50 years and what happens? The public sector gets too big. You put ten people around a ditch and only two are digging.

“We’ve just created a system of inefficiency. It’s a decades-long issue. It’s not one term; it’s just been perpetuated. Poor management at the top, poor leadership.

Nobody is focusing on the core issues, the core problems. We’re just trying to put band aids on the situation without addressing the core issues.

“Raising taxes is like addressing the symptoms while Rome burns. The country is on fire from a fiscal and economic standpoint.

We need leadership to do something about it rather than just talk about it.”

Digital provider eyes ‘exponential’ growth on Sand Dollar move FROM PAGE 1 with one another. “What we have done is set up our system such that anybody

from any authorised financial institution (allowed to provide Sand Dollars), whether they are coming into Kanoo or Kanoo customers are going out, can transact in Sand Dollars,”

he told this newspaper.

“All our merchants can receive payments from all and sundry who have a Sand Dollar card now or in the future. You don’t have to worry about driving

yourself out of business.

The Central Bank had set a deadline of the end of March, and we beat it by a whole month. We are there. It’s being turned on right now. Monday morning interoperability will be here, live and available in The Bahamas.”

Mr Davies said the Sand Dollar roll-out’s progress was such that the Central Bank’s goals of improving Bahamian financial inclusion, eliminating the use of cheque payments and reducing reliance on cash were now close to the early stages of being realised.

“We’ve opened up the technology to include everyone and everybody,” he added. “Our merchants can rest assured that they’re part of the digital economy.

The main benefit is inclusion, opening up the market and giving people options.

“The biggest thing you can do in business is simplify how you transact with your customers.

When you have restrictions and restraints, that costs money. What we are seeing, particularly with the merchants, is that they can now transact in multiple ways and in multiple forms.

“You’re in business to make money, and the way you do that is sell goods and services. If you have

the possibility to do that cheaper and quicker, you have an advantage.”

Mr Davies said Kanoo, which is an authorised financial institution for handling Sand Dollar transactions, has been “inundated with requests” from persons inquiring about its use and wishing to open an electronic wallet account.

Adding that he had “stopped counting” when Kanoo passed 10,000 users, he asserted: “If we do what we’re supposed to do, those numbers will increase exponentially as we go forward. But this is not a numbers game.

“I’d prefer to have a small customer base and do it perfectly than have a large customer base and do it half-way. Our focus is to get it right first time.”

Kanoo and its parent, CaribPay (Bahamas), said in a statement yesterday that they aimed to replicate their work with the Sand Dollar elsewhere in the Caribbean as part of a “natural evolution”.

Nicholas Rees, Kanoo’s chairman and co-founder, added: “This milestone sets the foundation for an open digital payment system and framework for Sand Dollar adoption nationally.

“Kanoo merchants and users were the world’s first to be enabled with direct access to Sand Dollar transactions and accounts through Kanoo’s App and business services.

“Our users can now transact those Sand Dollars with any other Sand Dollar user outside of the Kanoo ecosystem, including customers of any other authorized financial institution.”

He continued: “For our team this is certainly one of our proudest moments.

However, we have a lot more development envisioned around the Sand Dollar and digital technology offerings.

“The world is watching The Bahamas closely as we build out the infrastructure and best practices for Central Bank digital currency adoption globally.

“We are now planning our strategy for the next phase of the Sand Dollar evolution, giving users the ability to move funds in and out of their bank accounts to their Sand Dollar ledgers using the ACH (Automated Clearing House) system.

This represents a significant game-changer for Bahamians and Central Bank digital currencies as a whole.”

THE TRIBUNE

Monday, March 1, 2021, PAGE 5

The object in the stars that could be a sign of alien life ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

BLAISE Pascal was a 17th Century French philosopher, theologian, mathematician and physicist who created the who currently directs the famous Pascal’s Wager. A Black Hole Initiative and theory, in which he argues a the Institute of Theory rational person should live and Computation at Haras though God exists. The vard University, published principle is simple: if God Extraterrestrial. In this new really exists the believer book Loeb defends the will only suffer the theory that loss of some ter- ‘The Oumuamua the strange restrial pleasures in object that exchange for infi- wager is simple: in late 2017 nite gains (eternal the implications soared life in paradise); of discovering through our on the other hand, solar system the non-believer extra-terrestrial named stands to enjoy the intelligent Oumualimited and short life would mua by the term benefits of a Hawaiian sinful terrestrial life be immense. observatory but will afterwards Imagine how that disendure eternity in such discovery covered it hell.

- could not If we fast forward would impact be an asterto the 21st century, a science, oid or a new Wager, loosely philosophy, comet due based on Pascal’s, to its shape, is being proposed religion, trajectory by another promi- education...’ and speed, nent scientist. This but instead February, Avi was a piece Loeb, a theoretical physicist of advanced technology

developed by a distant alien civilisation. In the book he also proposes a new philosophical gambit, calling it the Oumuamua Wager.

The Oumuamua wager is simple: the implications of discovering extra-terrestrial intelligent life would be immense.

Imagine how such discovery would impact science, philosophy, religion, education… The rewards of knowing for sure that we are not alone in the universe would be enormous, while the cost would be, in the grander scheme of things, insignificant.

Avi Loeb defends that the search for alien intelligence, through technology that already exists and some still in development - of which he gives details in his book - deserves much higher levels of funding and political support. After all,

if billions of dollars have been spent in the Large Hadron Collider and in the quest to prove theories as exotic as the existence of parallel universes, why not play the Oumuamua Wager, too?

Loeb believes it would be advisable for the scientific community to remain open-minded and be more pro-active in the search for evidence of extra-terrestrial intelligent life, rather than just assume that everything in the sky must be rocks.

In other words, the physicist challenges us to think big and expect the unexpected.

Avi Loeb is not yet a household name but that may change in the years to come, as the scientist dares to challenge the status quo, pushing through the boundaries of orthodoxy that he believes constrain the scientific community. Like Galileo, a contemporary of Pascal, who bravely contradicted the prevailing views

of his time, including those of the Catholic church, by defending the idea that the Sun, not Earth, was at the centre of our solar system, Loeb’s desire to study signs of intelligent alien life is proving controversial among his peers but may end-up paving the way for a revolution in science, and in our understanding of the universe and of ourselves.

PAGE 6, Monday, March 1, 2021

THE TRIBUNE

Warren Buffett says ‘Bet on America’ OMAHA, Nebraska Associated Press

WARREN BUFFETT, chairman and CEO of Berkshire Hathaway.

BILLIONAIRE Warren Buffett encouraged investors to maintain their faith in America’s economy and the businesses his Berkshire Hathaway conglomerate owns in a reassuring letter to his shareholders on Saturday.

Buffett hardly even addressed the coronavirus that ravaged many businesses last year, instead focusing on the long-term prospects for the railroad, utility and insurance businesses and stocks that belong to Berkshire Hathaway. But he said US business will thrive over time in spite of the pandemic.

“In its brief 232 years of existence, however, there has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country’s economic progress has been breathtaking,” Buffett wrote.

Buffett’s annual letter is always well read in the business world because of his remarkably successful

track record and his knack for explaining complicated subjects in simple terms.

But he didn’t offer much explanation for why Berkshire hasn’t made a major acquisition in several years or discuss the company’s recent major new investments in Verizon Communications and Chevron, leaving many investors wanting more.

“The one thing that caught my eye about the letter was sort of what it didn’t have,” CFRA Research analyst Cathy Seifert said. “I think what was notable was the fact that given everything that’s gone on in this country from the pandemic to all the social unrest to the social inflation and climate change that’s impacting the insurance industry. It was striking to me that none of that was mentioned in the letter.”

Buffett, a long-time Democrat, largely avoided politics in the letter but he did express faith in the future of the country.

“We retain our constitutional aspiration of becoming ‘a more perfect union.’ Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so. Our unwavering conclusion: Never bet against America,” he said.

Buffett said Berkshire’s $120 billion stake in Apple is one of its most valuable assets — rivaling its BNSF railroad and Berkshire’s utility division — even though it owns only 5.4% of

the iPhone maker, hinting at a long-term commitment to the Apple investment.

Buffett said one of his biggest investments last year was the $25 billion repurchase of Berkshire’s own shares. But even after that and several multibillion-dollar stock market investments in the second half of last year, Berkshire still held $138.3 billion cash at the end of 2020. Edward Jones analyst Jim Shanahan said it’s significant that Buffett is investing that much in his own stock.

In addition to the letter, Berkshire said its fourthquarter profits grew 23 percent to $35.8 billion, or $23,015 per Class A share, even though the pandemic continued to weigh on most of its businesses, which include BNSF railroad, several major utilities, Geico insurance and an assortment of manufacturers and retailers. Most of the gain over last year’s $29.2 billion, or $17,909 per A share, was related to paper gains on the value of its investments.

Buffett maintains that Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.

By that measure, Berkshire’s operating earnings increased by nearly 14 percent, to $5.02 billion, or $3,224.74 per Class A share.

That’s up from $4.42 billion, or $2,714.76 per Class A share, a year earlier.

The four analysts surveyed by FactSet expected Berkshire to report

quarterly operating earnings per Class A share of $3,413.01.

One of Berkshire’s hardest-hit businesses last year was aviation parts manufacturer Precision Castparts, which lost a significant amount of business because airlines struggled due to the pandemic. Buffett, who took a nearly $10 billion writedown on the value of Precision Castparts last year, said he made a mistake when he agreed to pay $32.3 billion for that business.

“No one misled me in any way – I was simply too optimistic about PCC’s normalised profit potential,” Buffett said. “Last year, my miscalculation was laid bare by adverse developments throughout the aerospace industry, PCC’s most important source of customers.”

Besides the business lessons Buffett offered in his missive, the 90-yearold investor reassured his stockholders that he has no plans to retire; he said one of Berkshire’s most-experienced managers had retired at the “ridiculously premature retirement age” of 103.

In a break from tradition, this year’s annual meeting will be broadcast from Los Angeles instead of Omaha in May, Buffett said. He will be reunited on stage with his investing partner, Charlie Munger, who missed last year’s virtual meeting.

Berkshire’s other vice chairmen — Greg Abel and Ajit Jain — will also be there to respond during the 3.5-hour-long question period.

THE TRIBUNE

Monday, March 1, 2021, PAGE 7

Fraud ‘overwhelms’ pandemic programmes COLUMBUS, Ohio Associated Press WITH the floodgates set to open on another round of unemployment aid, states are being hammered with a new wave of fraud as they scramble to update security systems and block scammers who already have siphoned billions of dollars from pandemic-related jobless programs.

The fraud is fleecing taxpayers, delaying legitimate payments and turning thousands of Americans into unwitting identity theft victims. Many states have failed to adequately safeguard their systems, and a review by The Associated Press finds that some will not even publicly acknowledge the extent of the problem.

The massive sham springs from prior identity theft from banks, credit rating agencies, health care systems and retailers. Fraud perpetrators, sometimes in China, Nigeria or Russia, buy stolen personal identifying information on the dark web and use it to flood state unemployment systems with bogus claims.

The US Justice Department is investigating unemployment fraud by “transnational criminal organisations, sophisticated domestic actors, and individuals across the United States,” said Joshua Stueve, a spokesman for the department’s criminal division.

The Labor Department inspector general’s office estimates that more than $63 billion has been paid out improperly through fraud or errors — roughly 10 percent of the total amount paid under coronavirus pandemic-related unemployment programs since March.

“We’re all learning that

there is an epidemic of fraud,” said US Rep Kevin Brady of Texas, the ranking Republican on the House’s powerful Ways and Means Committee. Brady said the $63 billion estimate “is larger than the entire budget of the Department of Homeland Security”.

“These are frightening levels of fraud,” he said.

California has been the biggest target, with an estimated $11 billion in fraudulent payments and an additional $19 billion in suspect accounts. Colorado has paid out nearly as much to scammers — an estimated $6.5 billion — as it has to people who filed legitimate unemployment claims.

Other estimates, according to AP reporting across the states, range from several hundred thousand dollars in smaller states such as Alaska and Wyoming to hundreds of millions in more populous states such as Massachusetts and Ohio.

The nationwide fraud has fed on twin vulnerabilities: a flood of jobless benefit applications since the pandemic began that has overwhelmed state unemployment agencies and antiquated benefit systems that are easy prey for crafty and persistent criminals.

In Ohio, weekly first-time unemployment claims have ranged from 17,000 to more than 40,000 during the pandemic. But since late last month, those claims have topped more than 140,000 some weeks, with many of them believed to be fraudulent. The state has paid at least $330m in fraudulent pandemic unemployment benefit claims.

Trying to catch so many bogus claims delays payouts to Ohioans who are legitimately in need of help.

In the Columbus suburb of

Upper Arlington, Cynthia Sbertoli was receiving $228 a week after she was laid off in March from her job with a nonprofit that runs high school student exchange programmes.

Her benefits were put on hold in January after she informed the state that someone had tried to use her identity in a scam to claim benefits. She thought the problem was resolved but has yet to see a renewal of her benefit checks, which she and her husband use to help pay for a son’s vision and auditory therapy.

“It’s just not a good way to take care of people,” said Sbertoli, 49.

In Indiana, Kentucky and Maryland, officials have said that for certain weeks in the new year at least twothirds of the claims they received were classified as suspicious due to problems verifying identities. It’s not the first brush with serious fraud for Maryland. In July, officials said they’d discovered a massive criminal enterprise that had stolen more than $500m in unemployment benefits.

Among states that have been hardest hit are those participating in the Pandemic Unemployment Assistance program adopted by Congress last year. It has been a lifeline for out-of-work freelancers and gig workers who normally don’t qualify for unemployment insurance, but it’s also been a boon for criminals who use stolen identities to make claims.

Nearly 800,000 of the 1.4 million claims Ohio has received through this program have been tagged for potential fraud.

Scams have been so widespread that the US Department of Justice is setting aside money to hire more prosecutors.

A MAN walks past a “Now Hiring” sign on a window at Sherwin Williams on Friday in Woodmere Village, Ohio.

Photo: Tony Dejak/AP

PUBLISH YOUR BALANCE SHEETS AND FINANCIALS IN THE TRIBUNE. CALL 502-2394 COMMONWEALTH OF THE BAHAMAS

2019/CLE/gen/00337

IN THE SUPREME COURT Common Law & Equity Division B E T W E E N: COMMONWEALTH BANK LIMITED Plaintiff AND LA-SHANDA WILLISTINE DEAL-LIGHTBOURNE Defendant ORDER TO: La-Shanda Willistine Deal-Lightbourne New Providence, The Bahamas TAKE NOTICE that at the hearing dated the 18th February, A.D. 2021 before Assistant Registrar Mrs. Jennifer Stuart-Bastian and by the Order filed the 25th February, A.D. 2021.

IT WAS HEREBY ORDERED AS FOLLOWS: 1. The Writ of Summons filed herein on the 19th day of March A.D., 2019 be amended pursuant to Order 20 rule 5 of the Rules of the Supreme Court to include the additional delinquent loan account upon receipt of the Affidavit in Support of Amendment inclusive of updated loan account statements; 2. That the hearing of the substantive matter be adjourned to the 11th March, A.D. 2021 at 10 am in the forenoon at the Chambers of Assistant Registrar, Mrs. Jennifer Stuart-Bastian on the 2nd floor of the Supreme Court Registry in the Ansbacher Building, Bank Lane, Nassau, The Bahamas.

3. That evidence of the adjourned hearing date and notice of the Amended Writ of Summons be served on the Defendant by advertising the same in the Tribune and The Nassau Guardian newspapers with an interval of one week apart, before the hearing date and that such notice when advertised shall be deemed to be good and sufficient service on the Defendant herein.

Dated the 18th day of February A.D., 2021.

PROVIDENCE LAW Samana Hill No. 16 Village Road (North), Nassau, Bahamas Attorneys for the Plaintiff

PAGE 8, Monday, March 1, 2021

THE TRIBUNE

$1m renovation for Solomon’s store in Freeport announced PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ELNICKA MARISA MUSGROVE of Forest, Exuma, Bahamas. P.O.Box SB50316 Parent of GLENROY ALMADO SMITH A minor intend to change my child’s name to TAVARI TREVOR ARMBRISTER JR 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.

SOLOMON’s Lucaya store.

AML Foods Limited announced a $1m renovation of its flagship Solomon’s store in

Freeport, Grand Bahama on Friday. More than 95 percent of the work on the Solomon’s Lucaya project, which is expected to be completed by mid-June, will be carried out by local contractors and artisans.

The company also stated that most of the materials being used for the renovations will be sourced and purchased locally on island.

President & CEO at AML Foods Limited Gavin Watchorn said the project represents AML’s “unwavering commitment” to the people and communities of Grand Bahama.

“We stand firmly with our customers, our employees and the wider communities of Grand Bahama,” he said.

“For us, this project and

our recent work at our Cost Right Freeport Distribution Center demonstrates our company’s unwavering commitment to the economy and helping the people of Grand Bahama to rebuild and live better”.

Mr Watchorn added that the renovations at the Lucaya store were originally planned for September 2019 but were put on hold due to hurricane Dorian.

The company planned again to start in April 2020, but once again the project was delayed, this time due to the COVID-19 Pandemic.

The renovations call for several major changes to the store’s current layout, namely the replacement of check-out counters, all new decor, lighting, flooring,

and signage, as well as enhancements to the store’s refrigeration system and cases. Most of the heavy construction work will be carried out overnight to cause as little disruption to the store’s operations as possible.

The investment for the Cost Right Distribution Center project which began on January 4 and was completed at the end of February was $175,000.

In this instance as well, 95 percent of the build out was done by local contractors and technicians.

“These investments will allow us to provide the people of Grand Bahama with even better customer experiences when shopping our stores”, said Mr Watchorn.

THE TRIBUNE

Monday, March 1, 2021, PAGE 9

Nevada plan for tech firms - let them govern CARSON CITY, Nevada Associated Press NEVADA’S governor on Friday unveiled a proposal that would allow technology companies to establish jurisdictions with powers similar to those of county governments, arguing the state needed to be bold to diversify its economy and pushing back against those who have likened the idea to company towns.

“This proposal is an exciting, unprecedented concept that has a potential to position Nevada as a global center of advanced technology and innovation, while helping to create immediate positive economic impact and shape the economy of the future,” Governor Steve Sisolak said of his Innovation Zones idea. “As we’ve learned in the past, an emergency requires us to throw out the triedand-true, discard the ‘How We’ve Always Done It’ manual and move on.”

Under the proposal, companies developing cutting-edge technologies that have at least 50,000 acres (200 sq. kilometers) of land and promise to invest $1.25 billion could establish “Innovation Zones.” The zones would be governed by a board responsible for overseeing zoning, taxation, law enforcement and other government functions on their land. It would override local county regulations.

The governor’s office of economic development would initially appoint three members to govern the zone, including two required to be from the company.

While the legislation does not specifically mention the company, the proposal is geared toward Blockchains LLC, a cryptocurrency company that owns 67,000 acres of land in rural Storey County. Blockchains LLC hopes to build a smart city 12 miles east of Reno that would include underground data storage bunkers, 15,000 homes and

GOVERNOR STEVE SISOLAK a research and development park where entrepreneurs could invent applications of blockchain technology.

Blockchain is a digital ledger known mostly for recording cryptocurrency transactions. Local governments have also taken advantage of its secure record-keeping capabilities to document marriage licenses and facilitate overseas voting.

The Innovation Zone proposal has sparked concerns about ceding excessive amounts of power to technology companies.

But Blockchains CEO Jeffrey Berns insists that the company’s technology has the potential to empower people to control their digital footprint.

“What we’re trying to build is a place where you have power instead of companies,” he said earlier in February.

An economic impact study commissioned by Blockchains projects the company’s Innovation Zone will create jobs, economic activity and revenue from a tax imposed on transactions made on the blockchain. The study projects Blockchains’ proposal will eventually generate $2.2 billion in direct output annually, about 1.3 percent of Nevada’s overall economic activity.

But forecasting the economic impact of unproven technology is difficult, particularly because many of the potential applications of the company’s ledger technology have yet to be invented.

PAGE 10, Monday, March 1, 2021

THE TRIBUNE

Women buck the norms to take oil rig jobs in Iraq BASRA, Iraq Associated Press

IT’S nearly dawn and Zainab Amjad has been up all night working on an oil rig in southern Iraq. She lowers a sensor into the black depths of a well until sonar waves detect the presence of the crude that fuels her country’s economy.

Elsewhere in the oil-rich province of Basra, Ayat Rawthan is supervising the assembly of large drill pipes. These will bore into the Earth and send crucial data on rock formations to screens sitting a few meters away that she will decipher.

The women, both 24, are among just a handful who have eschewed the dreary office jobs typically handed to female petroleum engineers in Iraq. Instead, they chose to become trailblazers in the country’s oil industry, donning hard hats to take up the grueling work at rig sites.

They are part of a new generation of talented Iraqi women who are testing the limits imposed by their conservative communities. Their determination to find jobs in a historically male-dominated industry is a striking example of the way a burgeoning youth population finds itself increasingly at odds with deeply entrenched and conservative tribal traditions prevalent in Iraq’s southern oil heartland.

The hours Amjad and Rawthan spend in the oil fields are long and the weather unforgiving. Often they are asked what — as women — they are doing there.

“They tell me the field environment only men can withstand,” said Amjad, who spends six weeks at a time living at the rig site. “If I gave up, I’d prove them right.”

Iraq’s fortunes, both economic and political, tend to

MARKET REPORT www.bisxbahamas.com

FRIDAY, 26 FEBRUARY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1957.68

6.07

%CHANGE

YTD

YTD%

0.31 -134.78

-6.44

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.58 2.10 6.00 6.90 3.55 6.15 4.29 6.16 12.77 3.64 6.85 10.88 8.44 14.60 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 2.98 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

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

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

LAST CLOSE 4.60 32.12 1.62 2.58 1.59 6.00 6.40 2.93 4.74 2.98 5.50 10.20 2.61 6.80 9.82 8.40 13.50 3.75 8.35 15.50

CLOSE 4.60 32.12 1.62 2.58 1.59 6.00 6.40 2.93 4.74 2.98 5.50 10.20 2.59 6.80 9.64 8.40 13.85 3.79 8.35 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGR1321391 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.12 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BSBGR FX BSBGR1200371 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.02) 0.00 (0.18) 0.00 0.35 0.04 0.00 0.00

VOLUME 1,000

3,300 4,476

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

43

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 17.3 -6.7 33.9 16.2 12.2 14.1 25.4 14.6 14.9 11.5 17.0 18.7 8.9 24.6

YIELD 3.70% 3.92% 1.23% 1.16% 0.00% 0.00% 4.06% 0.00% 0.00% 4.03% 4.00% 7.06% 16.76% 0.88% 3.40% 2.86% 3.90% 3.17% 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% 5.22% 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-Dec-2037 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

AYAT RAWTHAN, a petrochemical engineer, near an oil field outside Basra, Iraq.

Photo: Nabil al-Jourani/AP ebb and flow with oil mar- language: “spudding” was kets. Oil sales make up 90 to start drilling operations, percent of state revenues a “Christmas tree” was the — and the vast majority of very top of a wellhead, and the crude comes from the “dope” just meant grease. south. A price crash brings Every work day plunges about an economic crisis; a them deep into the mysboom stuffs state coffers. A terious affairs below the healthy economy brings a Earth’s crust, where they measure of stability, while use tools to look at formainstability has often under- tions of minerals and mud, mined the strength of the until the precious oil is oil sector. Decades of wars, found. “Like throwing a civil unrest and invasion rock into water and studyhave stalled production. ing the ripples,” explained Following low oil prices Rawthan. dragged down by the corTo work in the field, onavirus pandemic and Amjad, the daughter of two international disputes, Iraq doctors, knew she had to is showing signs of recovery, land a job with an internawith January exports reach- tional oil company — and ing 2.868 million barrels to do that, she would have per day at $53 per barrel, to stand out. State-run according to Oil Ministry enterprises were a dead statistics. end; there, she would be To most Iraqis, the indus- relegated to office work. try can be summed up by “In my free time, on my those figures, but Amjad vacations, days off I was and Rawthan have a more booking trainings, signing granular view. Every well up for any programme I presents a set of challenges; could,” said Amjad. some required more presWhen China’s CPECC sure to pump, others were came to look for new hires, laden with poisonous gas. she was the obvious choice.

“Every field feels like going Later, when Texas-based to a new country,” said Schlumberger sought wireAmjad. line engineers she jumped Given the industry’s out- at the chance. The job sized importance to the requires her to determine economy, petrochemical how much oil is recoverprograms in the country’s able from a given well. She engineering schools are passed one difficult exam reserved for students with after another to get to the the highest marks. Both final interview. women were in the top 5 Asked if she was certain percent of their graduating she could do the job, she class at Basra University in said: “Hire me, watch.”

2018.

In two months she traded In school they became her green hard hat for a awestruck by drill- shiny white one, signifying ing. To them it was a her status as supervisor, no new world, with it’s own longer a trainee.

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.

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.

NOTICE NOTICE is hereby given that MANVELLA VINCENT of 49W Bruce Avenue, New Providence, 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 twentyeight days from the 1st day of March, 2021 to the Minister responsible for nationality and Citizenship, P. O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, March 1, 2021, PAGE 11

House passes $1.9 trillion pandemic bill WASHINGTON Associated Press THE House approved a $1.9 trillion pandemic relief bill early Saturday in a win for President Joe Biden, even as top Democrats tried assuring agitated progressives that they’d revive their derailed drive to boost the minimum wage.

The new president’s vision for flushing cash to individuals, businesses, states and cities battered

by COVID-19 passed on a near party-line 219-212 vote. That ships the massive measure to the Senate, where Democrats seem bent on resuscitating their minimum wage push and fights could erupt over state aid and other issues.

Democrats said the stillfaltering economy and the half-million American lives lost demanded quick, decisive action. GOP lawmakers, they said, were out of step with a public that polling shows largely views the bill favorably.

“I am a happy camper tonight,” Rep Maxine Waters, D-Calif, said Friday. “This is what America needs. Republicans, you ought to be a part of this.

But if you’re not, we’re going without you.”

Republicans said the

SPEAKER of the House Nancy Pelosi, D-Calif, meets with reporters before the House votes to pass a $1.9 trillion pandemic relief package on Friday.

Photo: J Scott Applewhite/AP bill was too expensive and said too few education dollars would be spent quickly to immediately reopen schools. They said it was laden with gifts to Democratic constituencies like labor unions and funneled money to Democratic-run states they suggested didn’t need it because their budgets had bounced back.

“To my colleagues who say this bill is bold, I say it’s bloated,” said House Minority Leader Kevin McCarthy, R-Calif. “To those who say it’s urgent, I say it’s unfocused. To those

who say it’s popular, I say it is entirely partisan.”

Moderate Democratic Reps Jared Golden of Maine and Kurt Schrader of Oregon were the only two lawmakers to cross party lines. That sharp partisan divide is making the fight a showdown over who voters will reward for heaping more federal spending to combat the coronavirus and revive the economy atop the $4 trillion approved last year.

The battle is also emerging as an early test of Biden’s ability to hold

together his party’s fragile congressional majorities — just ten votes in the House and an evenly divided 50-50 Senate.

At the same time, Democrats were trying to figure out how to assuage progressives who lost their top priority in a jarring Senate setback on Thursday.

That chamber’s nonpartisan parliamentarian, Elizabeth MacDonough, said Senate rules require that a federal minimum wage increase would have to be dropped from the COVID-19 bill, leaving the proposal on life support.

The measure would gradually lift that minimum to $15 hourly by 2025, doubling the current $7.25 floor in effect since 2009.

Hoping to revive the effort in some form, Senate Majority Leader Chuck

Schumer, D-NY, is considering adding a provision to the Senate version of the COVID-19 relief bill that would penalise large companies that don’t pay workers at least $15 an hour, said a senior Democratic aide who spoke on condition of anonymity to discuss internal conversations.

That was in line with ideas floated on Thursday night by Sens Bernie Sanders, I-Vt, a chief sponsor of the $15 plan, and Senate Finance Committee Chair Ron Wyden, D-Ore, to boost taxes on corporations that don’t hit certain minimum wage targets.

House Speaker Nancy Pelosi, D-Calif, offered encouragement, too, calling a minimum wage increase “a financial necessity for our families, a great stimulus for our economy and

a moral imperative for our country.” She said the House would “absolutely” approve a final version of the relief bill because of its widespread benefits, even if it lacked progressives’ treasured goal.

While Democratic leaders were eager to signal to rank-and-file progressives and liberal voters that they would not yield on the minimum wage fight, their pathway was unclear because of GOP opposition and questions over whether they had enough Democratic support.

House Ways and Means Committee Chair Richard Neal, D-Mass, sidestepped a question on taxing companies that don’t boost pay, saying of Senate Democrats, “I hesitate to say anything until they decide on a strategy.”

THE TRIBUNE

Monday, March 1, 2021, PAGE 15

INTERNET DISRUPTION REPORTED IN IRAN AMID UNREST DUBAI, United Arab Emirates Associated Press

IRAN’S impoverished southeast has been experiencing wide disruptions of internet services, experts said, as unrest gripped the remote province after fatal border shootings.

Several rights groups reported in a joint statement that authorities shut down the mobile data network in the restive province of Sistan and Baluchestan, calling the disruptions an apparent “tool to conceal” the government’s harsh crackdown on protests convulsing the area.

The reports of internet interference come as Iranian authorities and semiofficial news agencies increasingly acknowledge the turmoil challenging local authorities in the southeast — a highly sensitive matter in a country that seeks to repress all hints of political dissent.

Starting Wednesday, the government shut down the mobile data network across Sistan and Baluchestan, where 96 percent of the population accesses the internet only through their phones, rights groups said, crippling the key communication tool.

After four days of

unverified “localized regional network disruptions” amid the protests, NetBlocks, which monitors worldwide internet access, confirmed a new disruption to internet connectivity in the province beginning late Saturday.

“This is Iran’s traditional response to any kind of protest,” Amir Rashidi from Miaan Group, a human rights organisation that focuses on digital security in the Middle East, told The Associated Press on Saturday. “Shutting down the internet to block news and pictures getting out makes (authorities) feel more comfortable opening fire.”

The week saw a series of escalating confrontations between police and protesters. Crowds with light arms and grenade launchers descended on Kurin checkpoint near Iran’s border with Pakistan on Thursday, Abouzar Mehdi Nakhaie, the governor of Zahedan, the provincial capital, said in comments carried by Iran’s semiofficial ISNA news agency. The violence killed one policeman, he added.

Earlier this week, protesters attacked the district governor’s office and stormed two police stations in the city of Saravan, outraged over the shootings

of fuel smugglers trying to cross back into Iran from Pakistan on Monday. The border shootings and ensuing clashes killed at least two people, the government said. Many rights activists in the area reported higher death tolls without offering evidence.

Iran’s Foreign Ministry spokesman, Saeed Khatibzadeh, vowed Friday to investigate the deaths. Officials insisted that calm had returned to the streets.

The Iranian government previously has cut off internet access and cellphone service in tense times. In the fall of 2019, for instance, Iran imposed

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 88° F/31° C Low: 66° F/19° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Breezy in the a.m.; sunshine, humid

Mainly clear

Partly sunny and humid

Breezy in the morning; some sun

Sunshine and patchy clouds

Nice with times of sun and clouds

High: 82°

Low: 71°

High: 81° Low: 71°

High: 82° Low: 71°

High: 79° Low: 69°

High: 78° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

87° F

73° F

88°-72° F

86°-70° F

86°-67° F

83°-67° F

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

almanac

E

W

ABACO

S

N

High: 79° F/26° C Low: 72° F/22° C

8-16 knots

S

High: 85° F/29° C Low: 69° F/21° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 73° F/23° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TUESDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 82° F/28° C Low: 70° F/21° C

High: 81° F/27° C Low: 71° F/22° C

MIAMI

High: 85° F/29° C Low: 72° F/22° C

6-12 knots

KEY WEST

High: 82° F/28° C Low: 76° F/24° C

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

N

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

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

Wednesday 10:43 a.m.

11:18 p.m.

2.7 3.0

4:44 a.m. -0.4 4:58 p.m. -0.6

Thursday

11:36 a.m.

-----

2.5 -----

5:41 a.m. -0.2 5:51 p.m. -0.4

Friday

12:16 a.m.

12:35 p.m.

2.9 2.3

6:44 a.m. 0.0 6:49 p.m. -0.3

Saturday

1:20 a.m.

1:41 p.m.

2.8 2.1

7:52 a.m. 0.2 7:54 p.m. -0.1

Sunday

2:28 a.m.

2:52 p.m.

2.8 2.1

9:03 a.m.

9:02 p.m.

0.2 0.0

sun anD moon Sunrise Sunset

6:33 a.m.

6:12 p.m.

Moonrise Moonset

8:53 p.m.

8:19 a.m.

Last

New

First

Full

Mar. 5

Mar. 13

Mar. 21

Mar. 28

CAT ISLAND

E

W

High: 80° F/27° C Low: 73° F/23° C

N

S

E

W

8-16 knots

S

10-20 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 ................................................... 82° F/28° C Low .................................................... 74° F/23° C Normal high ....................................... 78° F/26° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 74° F/23° C Last year’s low ................................... 62° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.92” Normal year to date ..................................... 2.81”

High: 80° F/27° C Low: 72° F/22° C

a near nationwide internet blackout as anti-government protests sparked by an increase in fuel prices roiled the capital of Tehran and other cities.

Hundreds were reportedly killed in the crackdown nationwide.

Given that authorities targeted the mobile network and not the landline in Sistan and Baluchestan, the disruption likely wouldn’t appear on regular network data, said Mahsa Alimardani, researcher at Article 19, an international organization that fights censorship. The area already suffered from unreliable internet connections.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 72° F/22° C

High: 80° F/27° C Low: 74° F/23° C

N

High: 82° F/28° C Low: 73° F/23° C

E

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 73° F/23° C

10-20 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 74° F/23° C

High: 80° F/27° C Low: 74° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

N

E

W

E

W

N

S

S

12-25 knots

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

WAVES 4-7 Feet 3-6 Feet 1-3 Feet 1-2 Feet 3-6 Feet 3-5 Feet 4-8 Feet 3-6 Feet 4-7 Feet 3-5 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-2 Feet 4-8 Feet 3-6 Feet 3-5 Feet 2-4 Feet 6-10 Feet 4-8 Feet 1-3 Feet 1-2 Feet 4-7 Feet 3-5 Feet 2-4 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 76° F 78° F 78° F 76° F 76° F 81° F 81° F 74° F 74° F 74° F 75° F 78° F 78° F 81° F 81° F 79° F 79° F 79° F 79° F 77° F 77° F 79° F 79° F 75° F 75° F

PAGE 16, Monday, March 1, 2021

THE TRIBUNE

PRESIDENT Joe Biden speaks during a meeting with lawmakers on investments in infrastructure, in the Oval Office of the White House in Washington, last month.

Photo: Evan Vucci/AP

Biden team readies wider economic package WASHINGTON Associated Press LOOKING beyond the $1.9 trillion COVID relief bill, President Joe Biden and lawmakers are laying the groundwork for another top legislative priority — a long-sought boost to the nation’s roads, bridges and other infrastructure that could run into Republican resistance to a hefty price tag.

Biden and his team have begun discussions on the possible outlines of an infrastructure package with members of Congress, particularly mindful that Texas’ recent struggles with power outages and water shortages after a brutal winter storm present an opportunity for agreement on sustained spending on infrastructure.

Gina McCarthy, Biden’s national climate adviser, told The Associated Press that the deadly winter storm in Texas should be a “wake-up call” for the need for energy systems and other infrastructure that are more reliable and resilient.

“The infrastructure is not built to withstand these extreme weather conditions,” said Liz Sherwood-Randall, a homeland security aide to the president. “We know that we can’t just react to extreme weather events. We need to plan for them and prepare for them.”

A White House proposal could come out in March.

“Now is the time to be aggressive,” said Transportation Secretary Pete Buttigieg, a former South Bend, Indiana, mayor who knows potholes.

At a conference with state and local highway officials on Thursday, he referred to the oftenpromised, never-achieved mega-initiative on roads, bridges and the like from the Trump administration.

“I know you are among those who are working and waiting most patiently, or maybe impatiently, for the moment when Infrastructure Week will no longer be a kind of Groundhog’s Day promise — but actually be something that delivers generational investments,” he said.

Much of America’s infrastructure — roads, bridges, public drinking and water systems, dams, airports, mass transit systems and more — is in need of major restoration after years of underfunding, according to the American Society of Civil Engineers. In its 2017 Infrastructure Report Card, it gave the national infrastructure an overall grade of D+.

Both chambers of Congress will use as starting points their unsuccessful efforts to get infrastructure bills through the last session.

Democrats passed a $1.5 trillion package in the House last year, but it went nowhere with the Trump administration and the Republican-led Senate.

A Senate panel approved narrower bipartisan legislation in 2019 focused on reauthorising federal transportation programs. It, too, flamed out as the US turned its focus to elections and COVID-19.

Biden has talked bigger numbers, and some Democrats are now urging him to bypass Republicans in the closely divided Congress to address a broader range of priorities urged by interest groups.

During the presidential campaign, Biden pledged to deploy $2 trillion on infrastructure and clean energy, but the White House has not ruled out an even higher price tag. McCarthy said Biden’s upcoming plan will specifically aim at job creation, such as with investments to boost “workers that have been left behind” by closed coal mines or power plants, as well as communities located near polluting refineries and other hazards.

“He’s been a long fan of investing in infrastructure

— long outdated — long overdue, I should say,” White House press secretary Jen Psaki said on Thursday. “But he also wants to do more on caregiving, help our manufacturing sector, do more to strengthen access to affordable health care. So the size — the package — the components of it, the order, that has not yet been determined.”

Sen Bernie Sanders, I-Vt, chairman of the Senate Budget Committee, recently told the White House that he’s ready to use the budget maneuver known as reconciliation to pass a broad economic recovery package with only Democratic votes. That drew stern warnings from Republicans who have already closed ranks against Democrats’ COVID-19 relief bill.

West Virginia Sen Shelley Moore Capito, the top Republican on the Senate Environment and Public Works Committee, said there’s bipartisan support for ambitious steps on infrastructure. But that “should not extend to a multitrillion-dollar package that is stocked full with other ideologically driven, one-size-fits-all policies that tie the hands of our states and our communities,” she said.

Capito will be helping to craft bipartisan legislation on the Senate side.

Rep Peter DeFazio, chairman of the House Transportation and Infrastructure Committee, told the AP that he foresees a comprehensive House package that will go beyond roads, bridges and public transit.

He also expects it to have money for water systems, broadband and the power grid — addressing a weak infrastructure laid bare after the crippling blackouts in Texas.

He’s not ready to talk overall costs yet. DeFazio, D-Ore, said it will be up to the Biden administration and the House Ways and Means Committee to figure out how to pay for it.

DeFazio said General Motors’ recently announced goal of going largely electric by 2035 demonstrates the need for massive spending on charging stations across the country. Biden campaigned on a plan to install 500,000 charging stations by the end of 2030.

“I’m totally willing to work with (Republicans) if they’re willing to recognise climate change,” DeFazio said.