03092020 BUSINESS

business@tribunemedia.net

MONDAY, MARCH 9, 2020

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Customs warns over broker ‘moonlighting’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Customs has warned its officers they cannot moonlight as “de facto brokers” because of the fraud and corruption risks this practice presents, a top Ministry of Finance official has revealed.

Marlon Johnson, the acting financial secretary, told Tribune Business that the agency had “recently” issued such a reminder to its personnel due to an “informal practice” occurring at certain locations where customs officers were helping

• Top Finance official reveals ‘informal practice’ • Creates conflict that aids fraud and corruption

MARLON JOHNSON

US report ‘won’t impact financial crime list escape

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WITHERING US report will “not significantly impact” The Bahamas’ efforts to escape a list of nations with deficiencies in their anti-financial crime defences, a risk management specialist said yesterday.

Emmanuel Komolafe, pictured, acknowledged that the timing of the US government’s International Narcotics Control Strategy Report (INCSR) was “not perfect” given that The Bahamas is now readying for a visit that will determine whether it is finally

removed from the Financial Action Task Force’s (FATF) enhanced monitoring list.

The Trump administration’s report, which must be presented to the US Congress every year, highlighted alleged weaknesses that have also been identified by

SEE PAGE 9

Bahamasair chair ‘praying’ virus not a Sept 11 repeat

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMASAIR’S chairman is “praying” that the Covid-19 virus does not match the September 11 attacks’ impact on travel and tourism, having witnessed that “devastation” first hand.

Tommy Turnquest, who was minister of tourism that fateful day, told Tribune Business that the sector and wider Bahamian economy are in “uncharted waters” as a result of the coronavirus outbreak’s spread across the globe into key source

markets for Bahamian tourism.

The aviation sector is among those most heavily impacted, as business and leisure travellers cancel or alter their plans, but Mr Turnquest said Bahamasair had yet to notice any effect on its international route load factors. He added that the national flag carrier will waive the penalty charge for persons who decide to cancel or alter their travel plans due to Covid-19.

The chairman, though,

SEE PAGE 9

to clear import shipments as well as inspect them.

“There has been an informal practice in some locations of customs officers assisting persons to clear goods by helping them to fill out declaration forms,” he disclosed. “That can create complicated situations where the customs officer is acting as a broker, but is facilitating the same entry that they have to validate.

“The Customs hierarchy has reminded customs

officers of their responsibilities. They cannot act as de facto brokers and also as customs officers.”

While customs officers are responsible for checking and validating all import entries to ensure the correct amount of VAT and duty and/or excise tax has been paid, as well as inspecting shipments to prevent tax evasion/avoidance and the smuggling of illegal goods,

SEE PAGE 6

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Comparing coronavirus to recession, September 11 labelled ‘premature’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said he was “not yet prepared to reach the conclusion” that the coronavirus outbreak may match the 2008-2009 recession and 9/11 attacks in its impact on The Bahamas.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business it was “too early to tell” how the Covid-19 virus will ultimately impact the Bahamian economy and its tourism industry given that it continues to spread across the globe.

While the immediate effects appear minimal given that visitors continue to “follow through” on

DIONISIO D’AGUILAR already-booked Bahamas vacation plans, Mr D’Aguilar said the virus’ ability to deter persons from travelling was likely to impact this nation’s forward bookings data at some point.

Acknowledging that tourism was extremely vulnerable to pandemic-type shocks and other external

SEE PAGE 7

PAGE 2, Monday, March 9, 2020

T

HE opposition’s leader yesterday warned that a future PLP government “will terminate” any agreement that results in Royal Caribbean Cruise Lines leasing crown land on Paradise Island.

Philip Davis, in a statement, argued it would be “grossly unfair” for the multi-billion dollar cruise line to obtain such a deal in the Colonial Beach area due to the impact on both local businesses and Bahamian access to the area.

Confirming that the opposition party “fundamentally opposes” any lease of such crown land assets, which are supposed to be held in trust and used for the Bahamian people’s benefit, to Royal Caribbean, Mr Davis argued that any such a deal was not in the national interest.

“The deal would set back Bahamian industries, and block Bahamians from the enjoyment of asset use and value in what little is available for ordinary Bahamians,” Mr Davis said, “while nearly monopolising and increasing the riches for Royal Caribbean in The Bahamas.

“The deal would leave Bahamians and the country’s future with the lion’s share of any losses and damage from any unexpected or unforeseen decline in Royal Caribbean’s Bahamas strategy. This is grossly unfair to Bahamians, and the next PLP Government will terminate this agreement.”

Tribune Business can reveal that Royal

THE TRIBUNE

PLP: ‘We’ll terminate’ PI deal for Royal Caribbean

BY NEIL HARTNELL | TRIBUNE BUSINESS EDITOR | NHARTNELL@TRIBUNEMEDIA.NET

OPPOSITION leader Philip “Brave” Davis.

Caribbean is seeking to lease the ten eastern-most acres, of a 17-acre crown land tract, on the western end of Paradise Island as part of its Royal Beach

Club destination.

The leased land will be added to private residential properties that the cruise line has already acquired, paying a reported $54m, to create

a beach break destination due to open in late 2022.

To make way for Royal Caribbean, the government held off on signing an “approved crown land lease” with Bahamian entrepreneur, Toby Smith, for his $2m project to revive the Paradise Island Lighthouse and create his own “beach break” and excursion destination at Colonial Beach.

Mr Smith, whose project was seeking to lease some of the same crown land sought by Royal Caribbean, then came under pressure from the government to shift his project and move it further west to “inferior” land.

While no lease to Royal Caribbean had been formally concluded, the cruise line’s chief executive, Michael Bayley, spoke last week as if it is virtually a ‘done deal’ as he outlined plans to invest $50m in developing the Royal Beach Club at that site.

This newspaper has also reported that the government used the cruise line’s Paradise Island ambitions as leverage to ensure the Grand Lucayan deal got over the line, saying it would not approve Colonial Beach until the Freeport agreement was done.

“Any project of this type should be owned and operated by Bahamians, fully utilising Bahamian entrepreneurs, vendors, artists, entertainers, retailers, tour guides, water taxis etc,” Mr Davis argued yesterday.

“Secondly, no nonBahamian entity should

receive preferential consideration over the many Bahamian applicants who have attempted to procure this property. Third, all attempts to purchase this property in the past have been denied for reasons overwhelmingly in the public interest: Colonial Beach is one of the only remaining public beaches on Paradise Island where Bahamians have reserved access.”

For once, opposition’s position on Royal Caribbean’s crown land interest matched that of environmental activists.

Sam Duncombe, in a statement to Tribune Business, said: “Perhaps, just perhaps, we are beginning to experience an outrage tipping point triggered by recent announcements by Royal Caribbean Cruise Lines and the Bahamian government that a large tract of land [is to] be granted to the cruise line at the expense of an existing local enterprise [Mr Smith].

“Once again, the government seems hell-bent on allowing a cruise line to isolate its passengers away from general commerce so the company can capture all revenues without sharing. Once again, a foreign ‘investor’ intent on repatriating every penny of earnings it derives from The Bahamas is given priority over a local Bahamian businessperson.

“To add salt to the wound, the Bahamian attorney general publicly accused the Bahamian entrepreneur of being unpatriotic and greedy for objecting to the government’s demand that he move his operation elsewhere.”

Mr Davis said the proposed crown land lease to Royal Caribbean threatened the livelihoods of Bahamian entrepreneurs competing for the same cruise passenger dollar, undermined access to Colonial Beach for locals and other tourists alike, while also increasing water

taxi-type traffic in an already-congested harbour to take persons across to the Royal Beach Club.

“As with any policy or transaction conducted on behalf of the Bahamian people, the government has an overriding duty to clearly demonstrate how that policy or transaction is in the interests of the Bahamian people,” the opposition leader added.

“There is none with this Royal Caribbean deal. Why is the government accommodating the request of Royal Caribbean Cruise International despite them already having ownership of Coco Cay?” Suggesting the Paradise Island lease was tied to the Grand Lucayan deal, Mr Davis said the former simply generated more profits for the cruise line with little economic value for the Bahamian people.

“If Royal Caribbean is allowed to acquire government property on Paradise Island and proceed with the project as a sole proprietor, they would be in conflict with both Bahamians and other cruise lines calling at Nassau, which is the leading cruise port in the region,” the opposition leader added.

“In order to preserve public access and government ownership of this only remaining public beach property on that part of Paradise Island, a better arrangement would be to create a public-private partnership (PPP) in which the government leases the land as its contribution to a project in partnership with Bahamians.

“The partnership would then enter into contracts with all of the cruise lines, not just Royal Caribbean, for the use of the facilities, which would also remain open to the Bahamian public. The contracts could then be used to raise finance for the project and the cruise lines could, if necessary, put up the financing to be repaid from user fees.”

THE TRIBUNE

Monday, March 9, 2020, PAGE 3

NEW AIRLIFT SEEKING FREQUENCY INCREASE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

UNITED Airlines is already looking to increase the frequency of a new nonstop flight from Denver that is expected to bring an extra 20,000 visitors to The Bahamas annually, a senior tourism official says.

Dr Kenneth Romer, the Ministry of Tourism’s executive director of product quality and support, said “the demand was so great in Denver that they upgraded” the first Denver-to-Nassau flight, which landed at Lynden Pindling International Airport (LPIA) on Saturday morning.

The flight had around 180 passengers, and Dr Romer added: “What United Airlines is saying is that they are trending towards a lot of positive advanced bookings.

Even though we were able to upgrade this morning they were very optimistic about the performance of this particular route over the next several months, because they are seeing advanced bookings and a keen interest.

“The vice-president of United Airlines with responsibility for the expansion of routes has already said to us that they expect to revisit that once per week frequency very soon. I think right now, based on their predictions, this market is going to perform very well so they want to come around the table very soon to add

THE BAHAMAS Ministry of Tourism and Aviation, NAD and other officials welcomed United Airlines Denver Inaugural Flight to Nassau on Saturday. From left: Tyrone Sawyer, senior director airlift development, MOTA; Barbara Chonge, United Airlines station manager; Dr Kenneth Romer, executive director of product quality and support, MOTA; and Vernice Walkine, president & CEO of NAD. Photo: Kemuel Stubbs/BIS additional days coming from Denver.”

Asked how many extra visitors will be brought to The Bahamas by United Airlines’ new service, Dr Romer said: “This particular flight is probably only estimated to do about 10,000 to 20,000 passengers a year, as this is a seasonal flight and Denver has promoted this flight as during summer and winter.

“This particular flight meets a demand for persons who want to move into a warmer destination around the winter time. I am very optimistic based on how this flight has been performing initially that Denver is going to be a hot market for us, and I expect to see those numbers double by the time we hit summer and certainly towards the end of the year.

“We are engaging in a conversation next week with another airline that’s not only looking at increased frequency from the east coast, but there is a hot demand for the mid-west and the western United States. So I think now we are going to be eyeing the mid-west market,” Dr Romer added.

“We have an opportunity again to look at our source market, and certainly how we have persons connecting through the key hubs. The eastern coast is a hot product. Again, we know that a significant portion of our traveller - some 80 plus percent - are coming from the US, and we are really going to look at that market and find better ways to deepen that and keep pressing.”

The United Airlines service potentially gives The Bahamas a hub through which it can access, and open up, the US west coast markets that it has long desired to better penetrate.

Flights from cities such as Los Angeles, San Francisco and Seattle all go into Denver, which could enable this nation to offer itself as an alternative warm weather destination to the likes of Hawaii and Mexico.

Tyrone Sawyer, the Ministry of Tourism’s senior director of airlift development, told Tribune Business: It’s a one flight per week on Saturday only, but what that means is that you have now got a non-stop flight from Denver. The Bahamas now has access to places like San Diego, Los Angeles, Sacramento with those places connecting through Denver.”

He added: “What it is is a non-stop flight from the western hub of United Airlines, and that hub is Denver.

What that means is with the nature of our airlift, over 50 percent of our seats coming in are what we call ‘hub and spoke’ driven...The majority of people that come on those flights connect from somewhere else.

The Ministry of Tourism is also seeking to increase its marketing spend in the western part of the US, as Dr Romer said it had seen increased interest in the destination from states such as Utah.

URCA STAGES REGULATORY FORUM FOR POLICYMAKERS

PRODUCT SHORTAGE WARNING AS CORONAVIRUS FEAR RISES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SHORTAGES of hand sanitisers and surgical face masks are expected to occur within weeks, Bahamian retailers and wholesale distributors have warned, due to the spreading coronavirus outbreak.

Hillary Hall, Ports International’s chief executive, told Tribune Business: “Our masks have been our number one to go, hand sanitisers as well. Fortunately we have another order of sanitisers shipping very soon; we are looking forward to receiving that within the next couple of weeks. Gloves have also been selling very well; we have more gloves to offer, the key has been the masks.”

Expecting the masks shortage to last for “several weeks”, Ms Hall added: “We do anticipate some delays in replenishing the masks. Most of these masks are made in China. Factories were closed for a period, and they are now in a process of re-opening, but it is going delay shipments of products coming back to this part of the world so, yeah, we do anticipate some delays.”

William Cash, general manager of Lowe’s Wholesale Drug Agency, added: “We are running out of the hand sanitizers and some of those types of products, and we expect that we will have some shortages for some while.”

Mr Cash said he is trying to determine how his suppliers are allocating their exports, given the likely shortage of certain supplies, and added: “Most of the time exports are slower than what they take to satisfy their own market, so I am expecting some delays for two to three months.”

Rupert Roberts, the Super Value supermarket chain’s principal, said the only item his business has been running out of is hand sanitiser. Cleaning supplies “are good”, though, because the chain has always stocked up on those.

Mr Roberts added: “So it’s only sanitisers that we’ve sold out of, but we even have some coming in. There are certain items they are no longer going to export because they don’t have enough for the United States.”

He revealed that one of his suppliers in Pompano Beach, Florida, advised Super Value that several issues will be “unavailable” due to an unexpected increase in demand in the US. Among the products affected are lysol antibacterial wipes, disinfectant sprays, laundry sanitiser and disinfectant wipes.

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Maintenance Technician Needed

STAFF from the Ministry of Labour, Consumer Protection Commission (CPC) and Bahamas Bureau of Standards and Quality (BBSQ) participated in a two-day seminar hosted by the utilities regulator.

The facilitators for the Utilities Regulation and Competition Authority’s (URCA) senior policymakers regulatory forum came from the University of Florida, Public Utility Research Centre, Warrington College of Business.

Pictured are: Ashley Major, pr officer, CPC; Dr Renae Bufford, director, BBSQ; Thea Braynen, senior standards technical officer, BBSQ; Araceli Castaneda, director of leadership studies, Public Utility Research Centre, University of Florida; Dr Mark Jamison, director and professor, Public Utility Research Centre; Ricardo P. Deveaux, deputy permanent secretary, acting/director, CPC; Machelle Carroll, operations manager, CPC; and Mavis Johnson-Collie, corporate and consumer relations manager, URCA.

to service and repair washers, dryers, heaters, and boilers.

• Must have strong work ethics and at least 5 years experience.

• Must be self motivated and able to work with little supervision.

• Must be able to read and write English.

• Must be able to read schematics.

Send Resume to

Maintenancetech2020@gmail.com

Career Opportunity A progressive company invites applications from suitably qualified individuals for the position of Chief Financial Officer

About the Position

Reporting to the Chief Executive Officer, the Chief Financial Officer oversees the financial and general accounting needs of the business to ensure greatest efficiency in the conduct of business transactions. This consists, inter alia, of monitoring all financial functions of the company and preparation of the annual budget, monthly management accounts and other financial analysis.

This position also has direct responsibility for enterprise risk management, ensuring that the company has an operational risk management framework that meets regulatory requirements and is appropriate to the organization’s size and the nature of its operations.

Minimum Requirements

Bachelor’s degree in Accounting/Finance or Business Administration with a certification in Accounting ACCA/CPA, and a minimum of ten (10) years post qualification experience, at least five (5) of which must be at a management level. A Master’s degree is preferred.

Duties include but are not limited to the following:

• Oversee the management of all aspects of the Company’s finance and accounting functions, including responsibility for internal controls over financial reporting and the control environment.

• Oversee the month end accounting processes, including the timely completion of the General Ledger and Balance Sheet reconciliations and production of P&L statements.

• Manage the preparation of the annual budget.

• Oversee the timely and accurate preparation of monthly management accounts, analyzes performance vs budgeted, and provide commentary to company leadership: reconciliation of internal reports to external reports.

• Oversee the preparation of the annual financial statements-in line with statutory requirements.

• Liaise with the internal and external auditors and financial institutions on financial matters.

• Establish and maintain financial policies and procedures for the Company.

• Contribute to the Company’s annual business plan development.

• Participate in key decisions and committees as a member of the executive management team.

• Act as a resource to the Board and its key Committees, to inform on and interpret financial matters.

• Oversee/Coordinate the Company’s business continuity planning processes.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, at cfovacancy2020@gmail.com, on or before March 13, 2020.

PAGE 4, Monday, March 9, 2020

THE TRIBUNE

DAVIS WARNS INVESTORS AGAINST BPL’S BOND

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government’s political Opposition has accused it of being mired “in a ball of confusion” over the delay in Bahamas Power & Light’s (BPL) mammoth refinancing.

Philip Davis, in a statement sent to Tribune Business, picked up on the conflicting explanations given by Desmond Bannister, the minister of works, and Dr Donovan Moxey, BPL’s chairman, for the delay in placing the $580m rate reduction bond (RRB) with international and local investors.

“In one story in the Nassau Guardian, the BPL chairman, Dr Donovan

Moxey is saying the coronavirus is holding up the issue of the bond, but in the Tribune’s business section, the BPL minister, Desmond Bannister, is saying that ‘investor comfort’ or the lack thereof is holding up the bond placement,” Mr Davis said.

“While we are not at all surprised that there is a ball of confusion, the government still has to come clean to the Bahamian people with the truth on this matter. We warned them that the market would be uncomfortable with the lack of a plan.”

Mr Davis also hinted that a PLP administration, should the party win the next general election, may overturn the current government’s energy sector

reform plans - something that tends to spook investors and rattle capital markets, potentially deterring them from investing in the upcoming BPL bond.

“The market would know that a general election is right around the corner, and given what has happened in the past, potential investors and financiers may want to take a wait and see attitude and for good reason,” the Opposition leader says.

“Our unsolicited advice to the FNM (Free National Movement) government remains the same: Return to the plan that the PLP left in place, a plan that Credit Suisse, Bank of America and CIBC reposed great confidence in, and placed their respective financial backing behind.”

CHAMBER DIRECTOR CONFIDENT NO MORE BLACKOUT REPEATS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CHAMBER of Commerce director has voiced optimism that Bahamas Power & Light’s (BPL) latest generation investments will avert a repeat of 2019’s daily summer blackouts.

Debbie Deal, head of its energy and environment division, said installation of the new 35 megawatt (MW) General Electric-manufactured engine at the Blue Hills power plant will help give BPL some 167 MW

in new generation capacity when combined with the Wartsila engines placed at Clifton Pier.

“I met the representatives for General Electric (GE) in 2015 at the Caribbean Renewable Energy Forum,” she said. “They really impressed me with the way they do business, and with the products they have, so I am very confident in the engine that they have chosen. The fact that GE did it, I am very confident with that.”

“I love the fact that it came in at such an appropriate time. I think in

February it came in. So we now have Station A and this new engine, which will alleviate people’s concern about load shedding again in the summer.

“I am very pleased that all of those things have come together at the same time, and it looks like other things that BPL has planned to do will actually work well for the business community who struggled last year. The timing was absolutely perfect, and I am pleased with the company that did it and the quality of the equipment and their work.”

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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division BETWEEN

2019/CLE/qui/01383

IN THE MATTER of Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of Joseph Bain AND Schedule ALL THAT piece parcel or acreage of land containing 2.83 Acres and situate approximately 1,200 feet Northeastwardly of Behring Point Bridge in Behring Point in Andros one of the Islands of the Commonwealth of The Bahamas and which said piece parcel of land has such position boundaries markers and dimension shown on the Plan coloured Pink.

NOTICE JOSEPH BAIN, the Petitioner claims to be the owner of the piece parcel or acreage of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or acreage of land investigated and the nature and extent thereto determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of the Plan showing the position boundaries and shape marks and dimensions of the said piece parcel or acreage of land may be inspected during normal working hours at the following places:(1) The Registry of the Supreme Court, British American Financial Building, George Street, Nassau, N.P., The Bahamas (2) The Office of the Administrator, Fresh Creek, Andros; and (3) Trinity Chambers, Norfolk House, Frederick Street, Nassau, N.P., The Bahamas.

Notice is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of the Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of Claim within (30) days herein will operate as a bar to such claim.

Dated this 10th day of February, A.D., 2020 Trinity Chambers TRINITY CHAMBERS. 1st Floor, Norfolk House Frederick Street Nassau, N.P., The Bahamas Attorneys for the Petitioner

Disney gives maritime academy scholarships

FROM left: Yvonne Sweeney, vice-president of human resources, Disney Cruise Line; Cadet Paula Greene; Cadet Christina Adderley; Captain Minnie Mouse; Cadet Antonique Lightbourn; Cadet Emily Bain and Dr Brenda Cleare, LJM president.

Photo: Tim Aylen DISNEY Cruise Line has awarded scholarships to four Bahamian female cadets to attend the LJM Maritime Academy in Nassau.

The scholarships, one for each of the ships in the Disney Cruise Line fleet, include two years of study at LJM Maritime Academy and one year of service aboard one of its vessels.

“We’re proud to have women in prominent leadership roles across our fleet,” said Yvonne Sweeney, Disney Cruise Line’s vice-president of human resources. “Disney Cruise Line is committed to inspiring future female leaders in the maritime industry, and this scholarship programme is one of many ways we’re delivering on this. It’s truly an honour to recognise these talented young women and make their dreams a reality.”

The following cadets were selected based on a criteria of academic excellence together with their goals of becoming ship captains and vessel leaders: • Christina Adderley grew up watching the cruise ships in the harbour on Eleuthera. She hopes to work as a marine engineer, adding that the scholarship

has “catapulted a little island girl into the city … and beyond”.

• Emily Bain became interested in the maritime industry as a teenager. She looks forward to a career as an officer in the bridge room because it is “a portal into the next dimension where critical thinking and the impossible take place”.

• Paula Greene, from Grand Bahama, hopes to work in the deck department as a marine pilot.

• Antoinique Lightbourn, of New Providence, also hopes to work in the deck department where she can contribute to the navigational safety and integrity of a ship.

The LJM Maritime Academy has worked to provide professional-level training to future maritime professionals in The Bahamas since its inception in 2014.

“Our purpose is to help cadets create meaningful paths in the maritime industry, shaping the future of both the industry and our country,” said Dr Brenda Cleare, the Academy’s president. “We’re grateful to Disney for their continued support of the academy, and for providing scholarships to these remarkable young

women. We’re so proud of these cadets and are excited to see where the future takes them.”

The scholarship programme is one of several initiatives Disney Cruise Line has implemented. As part of an ongoing relationship, it last summer sponsored LJM Maritime Academy’s camp programme, giving more than 40 Bahamian students the chance to learn more about the local and global maritime industry and its career opportunities.

Disney Cruise Line also recently announced it had entered into an agreement with the Access Accelerator Small Business Development Centre (SBDC) and the Eleuthera Chamber of Commerce to prepare startups and small businesses for participation in development projects underway in central and south Eleuthera, including its Lighthouse Point project. Disney is providing more than $1m to fund the initiative over three years.

The cruise line estimated that its operations contribute more than $70m annually towards Bahamian gross domestic product (GDP), with 75 percent of its cruises stopping at least once in this nation.

THE TRIBUNE

Monday, March 9, 2020, PAGE 5

Fallout from coronavirus posing challenges to aviation giants ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs THE coronavirus continues to spread around the globe and the latest projections from the World Health Organisation point to a highly contagious disease with a mortality rate of 3.4 percent. These are worrying numbers that explain the draconian measures taken by the authorities of several countries in efforts to contain the dissemination of the disease.

China has so far gone the furthest, quarantining more than 70 million people. But other countries have also taken decisive steps, which include closing schools and places of work, as well as restricting travel. As of March 5, the Government of The Bahamas has imposed border controls and quarantine measures on visitors arriving from the most affected countries.

The coronavirus and the repercussions of the efforts to contain its dissemination are now at the top of the agenda of governments and central banks, as illustrated by the Fed’s decision to cut interest

BOEING monthly chart.

rates by 0.5 percent on March 3. It was the first time, since the peak of the 2008 financial crisis, that the American central bank cut rates outside a scheduled meeting and the action was justified by its chairman as a stimulus measure, designed to mitigate the economic consequences of the crisis. The reaction of the markets to such a rate cut normally would have been euphoric, driving substantial gains in stocks; however, on this occasion investors barely reacted. If they weren’t scared before, they certainly were after the surprise cut.

Amid the mayhem caused

Photo: ActivTrades

by the coronavirus fallout, a few industries are being particularly affected: Tourism being one of them, as millions around the world cancel planned trips or decide against booking new business or leisure travel. The scenario is particularly dramatic for the airline industry; entire routes have been put on hold because of government imposed restrictions and many flights cancelled due to a lack of passengers.

On March 4, Flybe, a British budget airline became the first air industry victim, declaring insolvency. It is believed other airlines may

soon follow the same path.

The immediate impact of this sudden change in travelling habits is being felt by airlines, but somewhere down the line, airplane manufacturers will also suffer. Boeing is especially exposed. In March 2019 aviation authorities around the world grounded the 737 Max airliner after two of the new aircraft crashed

within a few months due to a fault with the flying software.

Since then the American giant has been struggling, as illustrated by the loss

of almost 30 percent of its market value within nine months.

Since February 2020, when the coronavirus crisis gained global notoriety, the stock price of Boeing lost a further 17 percent.

Airbus has also felt the impact of the virus. The European airplane maker was obviously benefiting from Boeing’s technical problems; its share value reached an all time high in January 2020, before dropping almost 20 percent by early March.

It’s clear both plane makers are now under pressure, with order books likely to suffer the impact of cancellations from struggling operators.

PAGE 6, Monday, March 9, 2020

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THE TRIBUNE

Customs warns over broker ‘moonlighting’ FROM PAGE ONE brokers work with clients to facilitate the smooth and rapid clearance of their consignments.

The two roles should not mix because having the same person be responsible for entries and validation represents a major conflict of interest that can lead to revenue loss for the Public Treasury, plus facilitate a variety of fraudulent and corrupt practices.

Mr Johnson spoke after the issue surfaced last week in the House of Assembly. It was sparked

by Picewell Forbes, the opposition MP for South Andros, who raised concerns that the clearance of import shipments at his constituency’s airports was being delayed. He suggested that Customs could help facilitate that process.

K Peter Turnquest, deputy prime minister, responded by saying that having customs officers combine the roles of regulator and broker was, “as you can imagine, fraught with risk and conflict”.

“That is obviously unacceptable. We don’t condone that, and don’t see us as supportive of that initiative,” he continued.

“This provides a wonderful opportunity for enterprising young Bahamians in central and south Andros, and entrepreneurs, to get involved in the brokerage industry. They can provide a service to the community and earn a living.

“But no. We do not promote, support and, in fact, are adamant that customs officers that work on behalf of the government

K PETER TURNQUEST

PICEWELL FORBES

cannot engage in private practice in customs brokerage. We’re certainly of the view that is a corrupt and conflicting practice.”

Mr Forbes acknowledged the point, but urged the government to “get over that hurdle as soon as possible” when it came to validating and clearing imports as products were piling up at the airports in central and south Andros. He called on the government to act “post haste to move this process along”.

The infusion of technology into Customs processes through the nationwide roll-out of its Electronic Single Window (ESW) was designed to drastically reduce the potential for tax evasion, fraud and other corruption related to the import process via the creation of a digital paper trail for every entry and consignment.

Jasmine Hudson, superintendent of Customs and lead administrator for the system, said the ESW technology will now reject the “garbage information” that brokers and importers were previously feeding the revenue collections agency under the former paper-based system.

And a customs consultancy, TTEK, has been given a $1.38m consultancy contract to examine whether Bahamas Customs’ operating procedures meet “best practices” in a global trade environment.

It has pledged to identify no less than $15m in uncollected revenue during its eight-month effort to crack down on leakages.

Speaking on the consultant’s progress during last week’s mid-year Budget statement, Mr Turnquest said: “As a part of the government’s broader objective of modernising the antiquated and outdated tax administration system, the government recently announced the roll-out of the management optimisation project at the Customs Department.

“In addition to strengthening the capacity for further reform and revenue enhancement within the Customs Department, this initiative will also optimise the department’s investigative and data analytic capabilities.

“There are currently four persons working on phase one of the project, which includes the production of an assessment report to help define the scope, range of activities and goals for the remainder of the project,” he added.

“TTEK has provided the Ministry of Finance and the Comptroller of Customs with an initial report highlighting preliminary recommendations on institutional strengthening and reform that will inform the remaining portion of their engagement.

“The implementation of the recommendations will continue to shape a modern, dynamic and accountable Bahamas Customs Department that maximises revenue yield while championing tax-payer ease and convenience.”

LEGAL NOTICE PUMA ENERGY CONSTRUCTION LTD. NOTICE IS HEREBY GIVEN as follows:

(a)

Puma Energy Construction Ltd. is in voluntary dissolution Under the provisions of Section 138 (4) of the InternationalBusiness Companies Act 2000.

(b)

The dissolution of the said company commenced on the 28th day of February, A. D., 2020, when the Articles of Dissolutionwere submitted and registered by the Registrar General.

(c)

The Liquidator of the said company is Christophe Guido Zyde of Rue de Jargonnant 1, 1207, Geneva, Switzerland.

Dated this 5th day of March, A. D., 2020.

Christophe Guido Zyde Liquidator

THE TRIBUNE

Comparing coronavirus to recession, September 11 labelled ‘premature’

FROM PAGE ONE events, the minister voiced his faith in the industry’s ability to swiftly bounce back given how it had rebounded from both the September 11 attacks and the post-financial crisis recession, but added: “We just need to get to the end of this as quickly as possible.”

With round-the-clock media reporting on Covid-19’s spread increasingly persuading persons to “remain in their safety zone”, Mr D’Aguilar said the uncertainty surrounding the virus was likely to impact the travel and tourism industry for some time to come.

“It’s too early to tell where this is going to go,” he told this newspaper. “It has to play out. Certainly the rate of growth and number of cases has seemingly slowed, although the number of countries has seemingly grown. Until there’s some sort of cure and medical solution to this problem people are going to be worried.”

Asked whether the Covid19 virus’s impact on tourism will match that of the two previous external shocks to strike the industry this century, Mr D’Aguilar replied: “I’m not prepared to jump to that conclusion yet. It’s too early to tell. There are 7.6bn people on this planet and only 100,000 that are affected. But it’s all a little unsettling, let’s put it that way.

“The quicker we can get to the summer months, the better. The warmer weather seems to weaken this virus.

We just need to get to the end of this as quickly as possible, and God knows when that will be.”

Mr D’Aguilar was backed

by Jeffrey Beckles, the Bahamas Chamber of Commerce’s chief executive, who yesterday argued that it was “premature” to compare Covid-19’s potential impact to either the September 11 attacks or the 2008-2009 recession.

“I don’t think it’s fair in the short-term to make that comparison,” he told Tribune Business. “Using that comparison at this point could be using an analogy we do not need. Until we’re in this for much longer without a solution I wouldn’t get involved in that discussion.

It’s premature.”

The United Nations’ World Tourism Organisation (WTO) at the weekend estimated that Covid-19 todate will cause between a one to three percent drop in international tourism in 2020, equivalent to a $50bn loss, with the worst impacts presently in the Asia-Pacific region.

Applying its one to three percent range to The Bahamas, and taking last year’s 7.2m visitors, implies that this nation could lose anywhere from 72,000 to 216,000 visitors if this prediction comes true. Taking a $70 per person yield for cruise passenger spending, and $1,500 for their stopover counterparts, implies that The Bahamas could lose anywhere from $5.04m to $324m in economic impact.

The September 11 attacks delivered a short, sharp shock to the Bahamian tourism industry and wider economy after air travel from the US was shut down for several days following the strikes on the World Trade Centre and the Pentagon. Air travel, though, steadily recovered in the following months and The Bahamas’ proximity to the US - and distance from major world trouble spots helped pull it through.

However, the 2007 financial crisis, and subsequent 2008-2009 recession that followed Lehman Brothers’

JEFFREY BECKLES collapse, saw a significant drop-off in tourist volumes and spending that resulted in mass lay-offs across the hotel industry and affiliated sectors. While the nation’s largest industry and private sector employer ultimately rebounded, many observers believe this took at least a decade.

The Bahamas, once rated as the world’s fourth most vulnerable economy to external shocks by the Organisation for Economic Co-Operation and Development (OECD), is especially susceptible to the Covid-19 outbreak due to its status as a small, open economy reliant on factors beyond its control.

A major drop-off in air and cruise traffic would have potentially devastating effects that would ripple throughout the economy, including impacts on The Bahamas’ external reserves and the government’s already-weakened fiscal position. Product shortages and supply chain disruptions are other potentially critical impacts for a nation that imports all it consumes.

And The Bahamas is in a far weaker position to deal with Covid-19’s economic impact than when it faced the challenges created by the September 11 attacks and the 2009-2009. For it is already grappling with the $3.4bn in damages and losses caused by Hurricane Dorian, while the government’s growing $8bn-plus debt burden has left it in a much less robust state to respond.

Mr D’Aguilar yesterday acknowledged that the US government’s warning to elderly persons to think carefully before they go on a cruise, given that this population segment has been deemed most vulnerable to Covid-19 together with those with pre-existing medical conditions, impacted a significant chunk of the cruise industry demographic.

The media coverage of the coronavirus-hit cruise ships in Japan, and off the California coast, had created substantial “negative public relations” for a sector that brought the majority of The Bahamas’ record 7.2m visitors in 2019.

“There is no doubt that everybody is thinking about their travel plans if they have made any: Should I go? Should I not go? It’s no secret that every Bahamian is deciding whether to take a vacation, whether they go to that conference, whether to have a pop over to Miami,” Mr D’Aguilar told Tribune Business.

“Is this prudent? Is this wise? In some cases where people are questioning if they have to go they will cancel. We cannot run away from the fact this is impacting travel worldwide.”

Mr D’Aguilar suggested there will likely be a time lag before the Covid-19 fallout hits The Bahamas, and explained: “If people have made vacation plans, they’re continuing to follow through on those plans to visit The Bahamas from what I can tell.

“As it pertains to future plans, people are probably thinking they will not go on vacation and will stay closer to home. I’m sure it’s going to impact forward bookings when those statistics are revealed.”

To advertise in The Tribune, contact 502-2394

Monday, March 9, 2020, PAGE 7

To advertise in The Tribune, contact 502-2394

PAGE 8, Monday, March 9, 2020

THE TRIBUNE

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

THE TRIBUNE

Monday, March 9, 2020, PAGE 9

US report ‘won’t impact financial crime list escape FROM PAGE ONE the FATF, the global standard setter in the fight against money laundering and counter-terror financing (AML/CFT).

In particular, the US report said there had been a 67 percent drop in money laundering prosecutions and convictions in 2019, while it suggested that the number of suspicious transactions reports (STRs) submitted to the Financial Intelligence Unit (FIU) by banks and other financial institutions was not enough for an industry with $400bn in client assets under administration.

Mr Komolafe, arguing that the FATF process for assessing a country’s compliance with its “40 recommendations” or global standards was “more tedious and comprehensive” than that used for the US report, argued that the latter document was unlikely to influence a “site visit” to The Bahamas before midMay 2020.

That visit, by an

FATF-appointed team, will determine whether The Bahamas has adequately implemented an 18-month plan of legislative and regulatory reforms, and shown enough political will to sustain them, to secure its removal from the Paris-based body’s ongoing surveillance.

“The FATF is the global standard setting body. I would think their report and assessment carries more weight than this,” Mr Komolafe told Tribune Business in comparison to the US report.

“The Bahamas has been on this enhanced monitoring programme by the FATF since October 2018.

We’ve been through quite a bit, and the INCSR acknowledged all the work done by the Bahamas to overhaul its legislation to combat anti-money laundering and terror financing, and the digitisation of the Attorney General’s Office and Financial Intelligence Unit (FIU).

“We’ve done quite a bit, and both the FATF, the CFATF and the US

recognise all this. From the FATF perspective, the process and way they go about assessing countries and determining if they take them off an adverse listing is quite robust. The timing of the [US] report may not be perfect, but in terms of affecting the FATF decision I don’t think it will be significant and impactful.”

The US report argued that “certain regulators” in The Bahamas, which it did not name, had failed to “acknowledge” the money laundering risks posed by “online gaming” and money transmission businesses.

However, Mr Komolafe said the opposite was true when it came to the latter sector, as this had long been placed under the Central Bank of The Bahamas’ oversight and made subject to a robust Know Your Customer (KYC) due diligence regime once the risks were identified.

“The same risk here in The Bahamas is the same as in the US and across the globe,” he added. “Each country has put in controls to mitigate the risk and I don’t think The Bahamas is the exception in that regard.

As a responsible international financial centre, The Bahamas has sought to comply with international

standards, which are primarily those of the FATF and its 40 recommendations.”

Mr Komolafe also took issue with the US report using assets under management as a benchmark to determine the number of STRs submitted to the Financial Intelligence Unit (FIU) is too low for the financial sector’s size, arguing that other indicators - such as client and institution numbers - needed be analysed, too.

“We have to put it into context,” he told Tribune Business. “We cannot look at it in isolation. We also have to look at the number of entities, the number of clients. There doesn’t have to be a direct correlation between assets under administration and the number of STRs. In the absence of data that speaks to the number of clients and institutions, I don’t know if it’s wide enough review.

“There’s been attrition in the sector, and a reduction in the number of entities. There are no statistics on this, but there may also have been a reduction in the number of clients as well. If you are just pulling assets under management and looking at that in relation to STRs it may not tell the full story.”

Bahamasair chair ‘praying’ virus not a Sept 11 repeat FROM PAGE ONE said it was “too early to tell” whether Bahamasair would need an increase in the $22.393m subsidy it is due to receive from taxpayers in the 2019-2020 fiscal year should the aviation downturn spread.

The International Air Transport Association (IATA) has estimated that the Covid-19 virus could cost the global aviation sector some $11.3bn, while the UK-based regional carrier, Flybe, has already blamed the virus for its financial collapse with the loss of 2,000 jobs.

“We’re in uncharted waters,” Mr Turnquest told Tribune Business. “This is real stuff. I can’t tell you anything other than we’re concerned about our staff, the travelling public and we’re taking every precaution, working with the government and Ministry of Health, to ensure the necessary protocols are in place.”

Asked how Covid-19’s ultimate impact may compare to previous shocks to the tourism and aviation industries, he added: “I was minister of tourism during 9/11. I saw it first hand; it had a devastating impact. I pray that’s not the case.

“There’s widespread fear, but we don’t want the fear to escalate into panic. We want to be responsible. We’ve just got to approach it from that point of view. We have to be responsible, realistic, and be empathetic to the fears

He revealed that his son’s flight from Washington DC to London, and the return, were ten percent full.

TOMMY TURNQUEST people are expecting. We have to monitor that reality.

“What can I tell you?

We’re monitoring it. We are concerned, but we’re trying to be realistic. We’re in the business of flying people to the places we go, and we want them to be safe. We want our staff members to be safe. We’ll take every precaution, and are taking every precaution. We work and we pray.”

Mr Turnquest said Bahamasair “hasn’t noticed” any impact to its international routes yet, and added: ‘I had

a flight going to Fort Lauderdale with 120 persons and it came out with 104.

“This is still our slow period. It picks up again right before Easter, we get a little bump right there, and then picks up with summer travel.

We get five banner months a year. That’s been the pattern with Bahamasair, with the last peak from Thanksgiving to Christmas.”

Dionisio D’Aguilar, minister of tourism and aviation, confirmed that Covid-19’s impact is coming through on other international routes.

PAGE 10, Monday, March 9, 2020

THE TRIBUNE

Maine caught fewer lobsters in ‘19, but haul still strong ROCKPORT Associated Press MAINE’S lobster catch dipped in volume in 2019, but remained above historic levels as the industry dealt with numerous challenges and a slow start to the season.

Fishermen from the state caught 100.7 million pounds of lobster last year, the Maine Department of Marine

Resources announced Friday at the annual Maine Fishermen’s Forum in Rockport.

The catch was worth more than $485m, the fourth highest in history.

The previous year’s catch was slightly more than 121 million pounds. The catch has been more than 100 million pounds every year since 2011 after having never topped that number previously,

though the 2019 total was the lowest since 2010. The fishery is still soaring above where it was in the 2000s, when it typically trapped 50 to 80 million pounds of lobsters, said Kristan Porter, a lobsterman and president of the Maine Lobstermen’s Association.

“When we were getting to 90 to 100 million pounds, we were celebrating. Now if we’re in that range, people

are going to think it’s bad,” Porter said. “But it’s still really high for the average of the fishery.”

This year’s lobster haul was hindered by a phenomenon fishermen call a “late shed.”

The lobster catch typically picks up when many of the lobsters shed their old shells and reach legal size, and this year that happened later than usual, Maine Department of

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), EASTLAND CORPORATION LTD ( the “Company”) is in dissolution. The date of commencement of the dissolution is March 5th, 2020. CONTINENTAL LIQUIDATORS INC. is the Liquidator and can be contacted at 60 Market Square, P.O.Box 1906, Belize City. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before April 4th, 2020

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), JTC SERVICES (BAHAMAS) LIMITED ( the “Company”) is in dissolution. The date of commencement of the dissolution is March 5th, 2020. Neel Sahai is the Liquidator and can be contacted at JTC House, 28 Esplanade, St Helier, Jersey JE2 3QA. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before April 4th, 2020

Marine Resources Commissioner Patrick Keliher said.

The delay was the result of a cold spring, he said.

Members of the lobster fishing business also had to contend with ongoing difficulties such as getting access to enough bait, which is usually small fish such as herring and menhaden. The industry has also dealt with stresses that don’t directly effect the size of the catch, such as the economic ramifications of President Donald Trump’s trade hostilities with China.

China is a major buyer of lobsters, and members of the industry hope a thawing of trade relations earlier this year will reinvigorate exports.

Maine is by far the largest lobster fishing state, and lobsters remain critically important for the state’s economy, said Gov Janet Mills, a Democrat. The crustaceans are one of the most valuable fisheries in America, and demand for them has buoyed prices in an era of high catches and

strong availability.

“Our lobster industry continues to be one of the most important economic engines in Maine and its reputation is worldwide,” Mills said.

The future will most likely bring new fishing restrictions.

Maine officials submitted a plan to the federal government designed to meet a requirement to better protect rare North Atlantic right whales from entanglement in gear. The National Oceanic and Atmospheric Administration has told the state the proposal doesn’t go far enough, but state officials have disputed that claim.

Maine’s lobster catch has also grown at a time when the waters of the Gulf of Maine have warmed faster than most of the world’s oceans.

That has fueled concerns that the surge in catch could be temporary as the lobster population continues to move north. The once-strong southern New England lobster fishing industry has dwindled while Maine’s has grown.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LEON ARDIS RICHARDS of South Beach, P.O. BOX CR-55864, Nassau, N.P., The Bahamas, intend to change my name to GARNET LEON ROLLE III. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

LEGAL NOTICE

NOTICE

FINAL NOTICE

Longway Invest Ltd.

NOTICE

(Voluntary Liquidation)

Pursuant to the provisions of section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:-

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 5th day of March, 2020. The Liquidator is Kim Thompson of Nassau, Bahamas.

Pure Ventures Limited has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 26th day of February, 2020.

Kim Thompson

Kim D. Thompson Liquidato

(Liquidator)

NOTICE

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 6 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,188.65 | CHG: -8.29 | %CHG: -0.38 | YTD: -42.95 | YTD%: -1.92 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.75 3.64 5.10 10.88 8.00 16.99 9.40 3.90 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.77 0.67 2.00 9.91 5.60 3.89 6.10 2.53 1.76 8.00 6.40 14.00 6.98 3.14 13.85

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.61 6.00 4.29 6.10 3.46 5.06 10.92 8.00 15.08 9.33 3.72 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.61 6.00 4.26 6.10 3.45 5.06 10.94 8.00 15.08 8.97 3.72 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.01 0.00 0.02 0.00 0.00 -0.36 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 100

13,100

4,750 4,200

VOLUME

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

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

P/E 14.6 18.7 N/M 18.1 N/M N/M -6.8 16.1 13.4 23.2 43.6 33.8 10.8 16.9 11.0 18.5 9.6 18.3 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.82% 0.00% 12.58% 1.19% 3.00% 3.00% 3.58% 2.23% 3.23% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.67 1.83 1.76 1.23 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 Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD 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 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

NOTICE is hereby given that MIREILLE DUVERNY of East 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 9th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

NOTICE is hereby given that KERBY DUPRENAR of Allen Drive, 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 2nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ARLENE DURONNE 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 9th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

Paracaides W Holdings Ltd. N O T I C E IS HEREBY GIVEN as follows:a)

Paracaides W Holdings Ltd.is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

b)

The dissolution of the said company commenced on the 5 March, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of the said company is OCTAGON MANAGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

30-Sep-2019 30-Sep-2019 30-Sep-2019

Dated this 9th day of March, A. D. 2020

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

_________________________________ OCTAGON MANAGEMENT LIMITED Liquidator

THE TRIBUNE

Monday, March 9, 2020, PAGE 11

EU seeks united front to tackle medical shortages from virus BRUSSELS Associated Press FEARING a possible shortage in masks and protective equipment to fight the new coronavirus, top European Union officials are urging members to put solidarity above national interests as the virus spreads quickly across the continent.

Speaking Friday after an urgent meeting in Brussels of health ministers from the 27-country bloc, crisis management commissioner Janez Lenarcic said EU nations are entitled to restrict exports of medical equipment but warned that such decisions could compromise the EU’s ability to manage the growing COVID-19 virus crisis.

While Italy is the hardest-hit country in Europe, with 197 deaths and over 4,600 cases, more than 6,470 infections have been recorded across the bloc.

The epidemic has been spreading at a quicker pace over the past two weeks, leading the European Centre for Disease Prevention and Control (ECDC) to raise the risk of coronavirus infection from moderate to high.

“Preparedness has to be enhanced still further because simply it is more probable that what we have now in Italy will happen elsewhere in Europe,” Lenarcic said.

The last time EU health ministers met, on Feb 13, no virus deaths had been reported in Europe.

Now the EU has seen 211 deaths, with the Netherlands announcing its first death on Friday.

In response to the outbreak, Germany and other countries including the Czech Republic have banned the export of medical equipment such as respiratory masks, gloves

HOW TO PREPARE YOUR HOME AND FAMILY, IF NEW VIRUS SPREADS

By MARILYNN MARCHIONE Associated Press AS THE new coronavirus keeps turning up in more places, health experts say it’s wise to prepare for wider spread. But people shouldn’t panic or hoard large amounts of supplies, they stress.

So what should you do?

Some common-sense steps that are useful for any emergency, such as severe weather, can help get you and your family ready in case you need to hunker down.

More than a dozen states have COVID-19 cases. An outbreak “could last for a long time in your community”, the US Centers for Disease Control and Prevention warns in its preparation advice.

A good way to think about planning, says former CDC Director Dr Tom Frieden, is “if you had to be quarantined for 14 days at home,” how would you cope?

TALK AND PLAN Start by talking with family members about how to take care of each other, discuss emergency preparations with neighbours and investigate resources such as food and meal delivery services in case you can’t go out for food, the CDC and others advise.

Consider options for working from home, if possible, and what to do if schools or daycare centers close.

Get copies of any health records you may need.

Pick a room that could be used to separate a sick person from the rest of the family.

FOOD AND WATER How much food should you have on hand? The advice varies. CDC’s guidance for general emergency preparedness says at least a three-day supply. The US Department of Homeland Security recommends two weeks and Harvard University experts suggest two weeks to 30 days.

FRANCE’s President Emmanuel Macron speaks as he eats with ederly people during a visit to an EHPAD (Housing Establishment for Dependant Elderly People), amid fear of COVID-19, the novel coronavius, in Paris France on Friday. Health ministers from the European Union are holding an emergency meeting in Brussels to try to boost their collective response to the novel coronavirus.

Photo: Ludovic Marin/Pool/AP and protective suits. As contagion fears have led to shortages of face masks and sanitising gels, French President Emmanuel Macron’s government is requisitioning all current and future stocks of protective masks.

Lenarcic said the European Commission, the bloc’s executive arm, would support such temporary measures only if they help the bloc’s common cause, regulate the market, avoid price hikes and do not “favour one member state at the expense of others”.

“That would undermine our common approach to this crisis,” Lenarcic said.

Europe largely relies on China and India for drugs and protective equipment.

German Health Minister Jens Spahn said Germany and others asked the Commission to implement a ban on exporting protective masks and clothing to third countries.

Spahn argued there should be economic incentives for companies to “You may not be able to get to a store, or stores may be out of supplies, so it will be important for you to have extra supplies on hand,” the Harvard site says.

That means nonperishable and ready-to-eat foods. Consider special needs such as allergies, medical conditions such as diabetes, babies who might need ready-to-feed formula and toddlers who might need shelf-stable milk.

Don’t forget about pets.

It seems unlikely that water service would be disrupted, but CDC’s general guidance is to have at least three gallons for each person and pet, said Frieden, who now heads an organisation promoting global public health.

MEDICINES Frieden advises having a three-month supply of important medications, such as those for diabetes and high blood pressure. There is a risk that the supply chain for some medications could be interrupted, causing shortages, he explained.

Don’t forget other health supplies such as over-thecounter pain relievers and stomach remedies.

Lawrence Yakobzon, a pharmacist at Downtown Pharmacy in New York City, said he noticed this week that more people were stocking up on prescriptions.

“Most people are ordering critical medications such as thyroid, diabetes, heart medications,” he said. “It’s always a good thing to have extra on hand, coronavirus or not.”

CLEANING SUPPLIES Clean things that are touched a lot — countertops, light switches, doorknobs, cabinet handles — daily using ordinary detergent and water, the CDC advises.

Deborah Charaman, principal at the Detroit Academy of Arts and Sciences, was following that advice for her workplace, too. She bought spray cans of disinfectant at a CVS in Detroit on Tuesday to wipe down desks and doorknobs at the middle school.

“I want my teachers to feel safe,” she said. “We’re in a small space and we’re bringing our entire community with us every day.”

produce pharmaceutical products in Germany, which might mean having to pay more for generic medicines.

He also urged EU neighbours such as Britain, Switzerland, Norway and Serbia to be invited to future meetings on fighting

the virus “because this is not about just the European Union, this is about Europe”.

Czech Health Minister Adam Vojtech said the Commission should speed up the joint procurement process it launched last month that allows the EU to buy urgent medical supplies and distribute them to members.

“We don’t have enough protective masks,” Vojtech said. “(Also) a third of the world’s production of drugs is located in China and also in India.”

Croatian Health Minister Vili Beros, who chaired the meeting, said the right of free movement in the EU should be protected and insisted that members be allowed to decide on their own virus-fighting strategies because they face different situations.

Italy, for instance, has closed all schools and universities and barred fans from all sports events for the next few weeks. But in neighboring France, the Paris-Nice bike race will

go ahead this weekend and soccer games will still be played in Belgium.

“A uniform concept might not be good,” he said “We also have different health care resources, different border situations.

However we do need to talk, share our experience and best practices.”

On the national front, British Prime Minister Boris Johnson said the UK will face a “substantial period of disruption” from the new coronavirus as cases rose to 163.

Macron visited a retirement home in Paris to reassure both the elderly and health workers about France’s readiness to combat the spread of the virus.

“The priority of the nation is to protect our elderly people. We must do it with responsibility, common sense, measures of discipline and without any panic,” Macron said.

French infections rose Friday to 577 while cases in Germany hit 545 and Belgium reached 109.