03092021 BUSINESS AND FEATURES

business@tribunemedia.net

TUESDAY, MARCH 9, 2021

$4.52 Bahamas must ‘face the music’ on income tax By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A RISK-management specialist yesterday warned The Bahamas will soon have to “face the music” and implement a personal and/ or corporate income tax in response to internal and external pressures. Hubert Edwards, principal of Next Level Solutions, a Bahamas-based corporate governance and risk management consultancy, told Tribune Business that while the country’s removal from France’s tax blacklist (see article on Page 3B) was positive it was only a matter of time before the financial services industry and wider economy were confronted with even greater threats. He pointed in particular to the European Union’s (EU) likely imminent revision of its criteria for including a nation on its own tax blacklist, and specifically the requirement that countries

must have a minimum corporate income tax rate of 12.5 percent to escape such punitive measures. The Bahamas, of course, has no income or corporate income taxes, and Mr Edwards urged the government and private sector to try and move ahead of the EU’s renewed efforts by initiating tax reform studies now. Suggesting that the 27-nation bloc may return with an enhanced “blacklisting” criteria as early as late 2021 or early next year, Mr Edwards said The Bahamas must not only respond to such external threats but also ensure whatever tax reforms are necessary provide sufficient income for the government to meet its obligations - including its elevated debt - while also facilitating economic growth. And he argued that there will come a time when The

SEE PAGE 5

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Developer targets Marriott land in GB ‘stepping stone’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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MAJOR US developer is targeting the purchase of Marriott’s 30-acre Barbary Beach landholding in what could be “a stepping stone” towards much larger efforts to revive Freeport’s economy. Multiple sources, speaking on condition of anonymity, revealed that Weller Development, which is presently spearheading a 235-acre waterfront redevelopment project in Baltimore, is negotiating the tract’s acquisition for transformation into a project featuring a marina with accompanying houses and bungalows. Tribune Business, though, was told that this investment could be just the

• Weller eyes Barbary Beach purchase • Mixed-use plan similar to Baltimore • Govt to ‘do whatever it can’ for project

first stage in a much bigger vision that could potentially see Weller Development fill the vacuum created by Hutchison Whampoa, and

its Grand Bahama Development Company (Devco) affiliate, when it comes to real estate-based ventures that could regenerate

Freeport’s and, by extension, Grand Bahama’s wider economy.

SEE PAGE 4

Minister: PLP VAT PLP’s minimum wage hike ‘economic suicide’ plan will cost $100m • Too many businesses ‘barely holding on’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister last night argued that the PLP’s one-year VAT rate cut will “destabilise the economy” and government finances by costing the Public Treasury $100m in revenue. Senator Kwasi Thompson, pictured, in a statement, accused his political opponents of “rank populist politicking” with a proposal that he alleged would force

a Philip Davis-led administration to hike the VAT rate to 15 percent the following year to make up for the revenue foregone. Slamming the pledge by

SEE PAGE 5

Airport financing divided into $30m bond placements By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net INVESTMENT bankers yesterday said they will raise the $150m funding for Family Island airport upgrades via a series of $20m-$30m bond offerings that will start to be placed by the second quarter’s end. Jim Wilson, pictured, RF Holdings (formerly RoyalFidelity Merchant Bank & Trust’s) vice-president of corporate finance, told Tribune Business that the timing of the various bond issues to

Bahamian investors will be determined by the airport construction schedule and when financing for this has to be in place. Disclosing that commercial bank bridge financing will likely be used to kick-off

SEE PAGE 5

THE Progressive Liberal Party’s (PLP) plan to increase the minimum wage by $40 per week was yesterday branded “economic suicide” by the private sector’s top labour specialist. Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division head, told Tribune Business that the Opposition’s proposal would deter hiring by businesses “who are barely holding on” and may even result in fresh terminations due to the associated increase in labour costs. Arguing against the

• Tripartite chief: Data will back any increase • Union boss calls for move to livable wage

PETER GOUDIE

ROBERT FARQUHARSON

BERNARD EVANS

imposition of a fresh private sector burden when companies “are shutting down almost every day” due to COVID-19’s economic devastation, Mr

Goudie described the PLP pledge of a $250 private sector minimum wage as “a political manoevere by the opposition party that’s desperate to try and win seats”

in the upcoming general election. Chester Cooper, the opposition’s deputy leader,

SEE PAGE 4

PAGE 2, Tuesday, March 9, 2021

In the first of a three-part series, Hubert Edwards details the perils and pitfalls facing The Bahamas as it seeks to rebound from COVID19’s economic devastation.

THE TRIBUNE

The taxing path ahead BY HUBERT EDWARDS

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OVID-19 has radically changed the fortunes of countries around the world, with major challenges expected for the near future. The Bahamas and the rest of the Caribbean have significant headwinds to confront. However, it is not all doom and gloom as there are also some tailwinds to be considered in any balanced assessment. Resilience levels vary significantly among of countries, and recovery rates will show notable differences. The Bahamas, like other nations, responded to a health crisis that morphed into a global economic crisis. While there are criticisms over the amount and effectiveness of assistance, government support for business and wider society was evident. Efforts to curtail community spread through lockdowns were prominent

with the expected adverse impact on the economy. The national narrative focused on the health of the economy, which dominated discussion. The focus now, with the curtailment of new cases and the emergence of viable vaccines, is on economic recovery. This may be seen as premature by some, given the possibilities of a third COVID-19 wave and the impact of new variants. However, it

is my view that The Bahamas should start directing all its energies towards how the country will recover and sustain this rebound over the long-term. If the country is to experience reasonable growth beyond historical norms, it now needs a pragmatic, imaginative and highly transformational suite of treatments. These treatments must fully take into account the economic and global landscape, and the observed vulnerability of the tourism-dependent economy, with a firm focus on growth and development, fostering economic equality, battling the menace of poverty and enhancing the future wellbeing of citizens. It is almost one year since The Bahamas started to feel the first real direct effects of COVID-19. All the urgent discussions conducted over the past year, the foreshadowed policies,

and the strategies explored by various groups and taskforces must now start to be executed. Time is at a premium. The approach cannot be business as usual. It is essential that a way be found to develop a broad-based consensus around moving the country forward. Resilience must remain central to these efforts, and bringing clarity and certainty to the investment arena is imperative. Creating a broad-based understanding of the current economic structure, and taking action to address the vulnerabilities, including the taxation regime, is fundamental. Where the country finds itself today provides an unfortunate but extremely valuable moment for finally locking in a national strategy that will serve as a true road map to the future, one which is accepted and committed to by all. The landscape, by all measures or assessment, is challenging and unsettling. However, it presents a glorious opportunity for moving speedily and pragmatically forward. The options available pre-crisis are disappearing. With our backs against the wall, and only one way to go, decision-making should be more straightforward. It will not necessarily be less complex, but with our options limited, the friction imposed by competing

objectives and the resulting tensions should be more easily managed. In previous articles, I spoke to the possibility of economic recovery for The Bahamas stretching out to 2024. In fact, I never accepted the idea there would have been a six-month recovery in 2020. My position was then, and remains, that this crisis for The Bahamas will be an 18-24 month event at best. It is not a comfortable proposition but one that must not be dismissed. Efforts to secure a more resilient economy must move ahead full speed. Part of the bold and generational shifting spoken of by the prime minister must be how the country solves its challenges on a bi-partisan basis, and in ways that embrace all of society. Policymakers must be ready to make the tough decisions, and push the envelope to uncomfortable levels, without harming the economy further. To solve the problems faced by The Bahamas, sound treatments have to be brought to bear on the growing debt; low GDP growth; the concentration of export earnings in tourism; finding new revenue sources; low productivity; and public sector reforms. The country needs a more resilient economy, a broader fiscal space and deeper economic breadth. Debt management and fiscal consolidation is a critical part of the process, but without growth the desire for a more robust, resilient economy with the ability to better absorb the effects of external shocks will remain difficult to achieve. The Six-Month Reality The difficulties outlined above are underpinned by The Bahamas’ current fiscal state as borne out by the recent mid-year budget presentation. With an expected 16.2 percent decline in GDP in 2020, which is projected to be followed by two percent and 8.5 percent growth in 2021 and 2022, respectively, the country’s finances will be under pressure. Forecast economic growth over the next few years is clearly insufficient to reverse the 2020 loss, and it is therefore expected that government revenue will be curtailed if the status quo remains. This has important implications for the way forward. Based on the six-month outturn, it is likely that the projected deficit of $1.3bn will be surpassed. At the half-year mark tax revenue stood at only 38 percent of the annual budget forecast. While there is seasonality to government revenue, and a linear extrapolation is ill-advised, a subjective conclusion that we will get nowhere near 12-month revenue projections should not be controversial. Tax revenue contracted by more than $400m to settle at $673m, with the major contributor, VAT, seeing a near 50 percent decline. While the banking system shows no sign yet of any stress given significant levels of liquidity, and with external reserves up by over $600m at $2.4bn, it is sobering that up to November 2020 tourist arrivals recorded a 78 percent decline. That latter measure provides an important context to the uphill battle faced by The Bahamas if a significant near-term recovery is not experienced in the tourism sector. At current trends, and taking into account the above caveat, the deficit is trending towards $2bn. This would be a significant shift in an environment where the global demand for debt is high, and the country’s capacity to borrow - without increases in tax revenue - weakened because of a consistent build-up of debt. With debt-to-GDP, and

contingent liabilities and guarantees, standing at 79 percent, the country saw net borrowing of $1.2bn in the face of pressures on expenditure for continued social and private sector support. The trends are unsustainable, and this is why there is often the suggestion that we will be alright when tourism returns. Unfortunately, such discussions are not neither sufficient nor strategic enough in response to the deep economic malaise The Bahamas now faces. Without a doubt, the country needs some good fortune. Now, more than ever, it needs the US to be healthy. Now, more than ever, we need massive numbers of tourists to head to our shores. Now,, more than ever, the country understands the need for more diversified streams of foreign exchange earnings. A half-year deficit of $736m, equivalent to 55 percent of the full-year amount, underlines this. The Bahamas is at a place where the only great near-term news will be a return of visitors. The fiscal fundamentals deliver a clear indication of the work ahead and, if nothing else, it should facilitate understanding of the urgency needed in dealing with the challenges and appreciating the perils of what may lie ahead. Often we hear commentators or officials talk about the “come back” of tourism as a means of alleviating The Bahamas’ challenges. Here is why that response is an inadequate one. The demand side shocks we are experiencing are abnormal and driven by countries protecting their citizens, the source of our tourism. While there is nothing policymakers can do about that, there is the need to recognise the gravity and start talking alternatives. As it relates to revenue, the conversation is in many ways an apple and orange conversation. We will not be able to replace like with like. The quality of revenues at risk during this crisis is much broader than tourism revenue. The thinking, therefore, must be done in the context of the widest sources of vulnerabilities; a practical search for new possibilities; and potent strategic responses. The fact is COVID-19 is presenting a real life scenario analysis of what happens when a major aspect of the economy becomes significantly disrupted. In my view, there are some important considerations. What if the tourism sector never returns to pre-crisis levels? What other source of national income will we exploit to make up the difference? With tourism, the nucleus of economic activity, disrupting employment, what will the country do if this becomes a long-term effect? It is certainly not an easy place to be. This is a classic case of nearly all the eggs lying in one basket. The solutions are not easy, but first we have to accept that solutions are needed. To go forward, post COVID19, with the same focus and level of dependency on tourism will be near madness. Now, you ask, what we will replace it with? I say we are not in the business of replacing anything but, rather, that of broadening the canvas of earnings and reducing the concentration of revenue sources. The object is to diversify within and outside of tourism; to add other streams. Again, you ask how. To this I say: Start rethinking the entire economic arrangement of The Bahamas. It is time for a shift. It is not going to be easy, but the alternative of not doing anything will be harder. Economic cycles appear to be shorter and more vicious than before. There are important shifts of greater connectivity, seamless movement of information, a more connected global economy. We must remain keenly aware of the dynamic environment in which we operate today, and the responses required to navigate this new norm – a norm of consistently high uncertainty and volatility. What will the world look like in five years and, importantly, how will the country be positioned to respond to it? The answer to that latter question has a lot to do with the actions we take today. To be continued......

THE TRIBUNE

Tuesday, March 9, 2021, PAGE 3

PROVIDER DOWNPLAYS BAHAMAS’ ESCAPE FROM FRANCE BLACKLIST By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN financial services professional yesterday downplayed The Bahamas’ removed from France’s tax blacklist as “not remarkable at all” while renewing calls for a corporate income tax. Paul Moss, pictured, Dominion Management Services president, told Tribune Business that The Bahamas will continue to face the threat of being blacklisted for many years to come unless it reforms its taxation system to shed the ‘tax haven’ label. He said: “This is not remarkable that we have been removed. It’s a game that has been, unfortunately, played with The Bahamas in the past and we continue to participate in the game that’s been played by the European Union. So I don’t see it having any effect for The Bahamas.” Mr Moss spoke out after

the Ministry of Finance, in a statement, said that The Bahamas was removed from France’s blacklist of countries said to be noncooperative on tax matters with effect from March 4. It added that the delisting had eliminated a significant reputational risk for The Bahamas, which could have impaired its access to international markets, while also removing a significant impediment to French companies and individuals doing business with this nation and its financial services industry. France had employed various sanctions measures against blacklisted

countries such as The Bahamas, including withholding taxes levied at a higher rate on transactions with this nation, in a bid to deter its companies and nationals from dealing with the country. Kwasi Thompson, minister of state for finance, said: “The decision by France to remove The Bahamas from its tax blacklist is the culmination of extensive bilateral discussions with the French government since we were first listed in December 2019. “From the moment we learned that The Bahamas was listed, we set about to vigorously disprove France’s assumptions about our commitment to the international regulatory standards on tax cooperation and exchange of information for tax purposes. “Our discussions with the French authorities have been fruitful and have fostered a deeper degree of co-operation between our

PRIME Minister Dr Hubert Minnis brings remarks during the grand opening of the Bahamas Development Bank’s new headquarters. Photo: Patrick Hanna/BIS

two countries. We have aptly demonstrated that The Bahamas is indeed doing its part in the global effort to eradicate harmful tax practices.” Carl Bethel QC, the attorney general, previously admitted to Tribune Business that The Bahamas was blacklisted by France because of an incorrect e-mail address. He disclosed that French requests for information on the tax affairs of its citizens and companies had not been answered by The Bahamas because they were being sent to an e-mail address that was not being monitored by the Ministry of Finance. He added that once the problem was identified The Bahamas moved rapidly to address it, ensuring that French tax information exchange requests made under the Organisation for Economic Co-Operation and Development’s (OECD) common reporting

THE prime minister yesterday urged the Bahamas Development Bank (BDB) to explore lending opportunities in the so-called “Orange Economy” as he opened its new headquarters building. Dr Hubert Minnis, speaking at the official opening ceremony on Robinson Road, called on the institution to examine the possibilities set out in the Economic Recovery Committee’s (ERC) report on a sector estimated to be worth $4tn globally. The “Orange Economy”, according to a model developed by the Inter-American Development Bank (IDB) in 2013, features sectors whose goods and services are based on intellectual property, such as advertising, architecture, crafts, design, fashion, film, music and publishing. The ERC’s “Orange Economy” subcommittee’s reported that “the concept holds great potential for

positive economic growth but, sadly, The Bahamas has not quite manifested the value of this sector, despite its rich culture and a relatively large pool of skilled artisans”. To tap into that potential, the ERC has urged the government to address fundamentals that range from the enhanced protection of intellectual property to greater access to financing for creators with entrepreneurial ambition, along with an improvement in the ease of doing business. “I invite the bank and other private and public stakeholders to explore commercial opportunities recommended by the Economic Recovery Committee, including suggestions for the Orange Economy,” said Dr Minnis. He added that the BDB has invested in retooling and re-energising to better meet the needs of small businesses across The Bahamas. “As you are aware,

there has been a significant increase in funds for small business development through the Small Business Development Centre” said the prime minister. “The increased investment in small businesses and entrepreneurs is at the heart of my government’s ongoing diversification of our economy.” BDB’s new logo and premises are a part of the retooling of the Bank, Dr Minnis added. The BDB has acquired new technology and is fostering a greater culture of accountability, he said, while also looking to strengthen its existing partnerships and foster new ones. “This transformation is underpinned by an ambitious, innovative strategic plan that supports a sustainable financial plan and advances Sustainable Development Goals that will promote development on a national level,” said the prime minister.

CITI BAHAMAS IN TOP AWARD CITIGROUP says its Citi Bahamas subsidiary has been awarded the Best overall bank for cash management honour by Global Finance for 2021. This award is one of ten that Citi Latin America won in the areas of trade finance and treasury and cash management. The awards recognise Citi’s treasury and trade services, and include outstanding achievement in treasury operations during the COVID pandemic in Latin America. This is a new award created in response to the impact the COVID-19 pandemic has had on the sector. “Citi prides itself on being the best for our clients. Particularly with the

challenges faced during a global pandemic, we have made it a point to remain close to them and ensure that they are able to conduct business as seamlessly and effortlessly as possible,” said Margaret Butler, Citi’s country officer for The Bahamas. “We like to consider ourselves the first call our clients make when they need assistance - from as simple as moving funds to enabling them to engage in trade with their local and international counterparties. Citi listens to our clients and delivers solutions tailored to their needs.” “We have continued making strategic investments to digitise our

solutions and streamline access to our clients. That includes investments into our digital platform, CitiDirect BE, which has been essential to expand our solutions and services in Latin America,” said Steve Donovan, Citi Latin America’s treasury and trade solutions head. “Three years ago we set ourselves the challenge to become Latin America’s digital bank by the end of 2020. This meant not simply digitising the way that clients interact with us at the front end, but end-to-end across the entire bank. This digital investment has been critical to supporting our clients effectively during both good and bad times.”

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blacklisted because we continue to participate in the game that they’re playing. We have not, in my opinion, stood up to fight and defend what we do.” He suggested that to protect The Bahamas from further blacklistings, the government must “put people under a tax regime” and move away from being a “no tax” jurisdiction. Mr Moss said: “I anticipate that there will be more blacklisting because we have not done the things that we need to do for ourselves. That’s trying to make this jurisdiction a tax jurisdiction to place people under a tax regime, so that we can’t be called a tax haven any longer. “Actually, that will help us in our own fiscal responsibilities and duties and obligations that we have. No question about it: I would like to see a corporate tax implemented. I’ve been lobbying for that for 20 years now,” said Mr Moss.

Delayed Dorian payouts are blamed on public adjusters By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

PM TELLS DEVELOPMENT BANK: EXPLORE ‘ORANGE ECONOMY’

standard (CRS) and other applicable treaties were responded to appropriately and within the required time. “The French CRS requests for information were not getting through to us. We’ve found out what the problem was and addressed all their concerns,” he told this newspaper. “The French had justifiable concerns. “Once we did an investigation we found there was a gap in our system where they were sending [the information requests] to one e-mail address that nobody looked at. Once we identified where they were sending it we found them, and the Ministry of Finance addressed every last once.” Mr Moss meanwhile, warned: “There is no question that we should expect more blacklists for 2021. I think that for The Bahamas, as long as we continue to do what we’ve been doing, we will continue to be

THE Bahamas Insurance Association’s (BIA) chairman yesterday largely blamed the intervention of public adjusters for delays in resolving the outstanding Hurricane Dorian claims that remain. Anton Sealey told Tribune Business that any hold up on payouts to business and residential insureds was likely due to these clients hiring their own adjusters to provide a second opinion on their losses given dissatisfaction with the sums offered by the industry. He said: “I don’t think any payments are being held up. I think most companies have satisfied their obligations to the policyholders. There may be one or two that may be outstanding, and this is down to, for the most part, people having involved public adjusters in the settlement of their claims. “Those tend to drag on for a while because the public adjusters have a different view of the claim terms of quantum and terms and conditions of the policies.” The Insurance Commission of The Bahamas (ICB) said that, by September 2020, the number of Hurricane Dorian claims had grown to 14,157 with insured losses pegged at $2.1bn. Some $1.8bn in claims had been paid out by the insurance industry at that date - a figure

consistent with the estimates given by the sector in late 2019. Mr Sealey, in response to the ICB’s September report, said: “The report you referenced was September of last year, and as insurers have continued to make payments since that time, in all likelihood that number would have increased. “As to the reason some claims may still be outstanding, I would surmise that this may be those claims that are being handled by public adjusters, as those policyholders who would have engaged their insurance company directly or its appointed adjusters for the

most part would have had their claims settled, except perhaps where we are dealing with business interruption claims, but even these should have been concluded by now. “Our members report accurately and directly to the ICB, so I have confidence in the information provided. We just have to ensure that we are receiving the latest data,” added Mr Sealey. “I think we were fairly accurate. While I don’t have the exact numbers that each company has paid out, the ICB would have that, because each company doesn’t report to us; they report to the ICB.”

General Dentist

PAGE 4, Tuesday, March 9, 2021

THE TRIBUNE

Women hold majority among bank’s execs SCOTIABANK (Bahamas) yesterday said more than 75 percent of its middle management and executives are female as it celebrated International Women’s Day 2021. The bank, saying it was reaffirming its commitment to diversity and gender equality throughout its operations, added that women account for 57 percent of its senior management and company board members.

In January, Scotiabank also named Anya Schnoor – a Caribbean national - as the executive vicepresident for the bank’s operations in the Caribbean, Central America and Uruguay (CCAU) region. “Inclusive hiring practices are a critical component of our diversity and inclusion strategy,” said Nadia Stubbs, Scotiabank Bahamas’ human resources director. “As part of our strategy, we are

deliberate in ensuring that female talent is equitably represented at the management level and have equal access to leadership development opportunities.” Roger Archer, Scotiabank Bahamas managing director, added: “The achievements of women both at the bank and across The Bahamas are both laudable and inspiring. I am very proud to represent an organisation that supports and

encourages the contributions of women at every level. “Undoubtedly, their involvement fosters greater efficiency in our operations, more balanced decision-making within our teams and this ultimately improves the service we offer to our customers.” To mark International Women’s Day, Scotiabank will host a global webinar for its team members.

NADIA STUBBS, Scotiabank’s human resources director.

PLP’s minimum wage hike ‘economic suicide’ FROM PAGE ONE

justified the party’s proposed 19 percent minimum wage increase on the basis that Bahamian workers require a “livable wage” given the ever-increasing cost of living so that they can “live with dignity”. “We looked at what happened when the previous PLP administration increased the minimum wage by 40 percent,” he said. “We are comfortable that what will happen as a result is small businesses will have more money, the economy will grow, there is more money in circulation, the government will in fact receive some taxes back as a result of more money in circulation, (and there will be) more money in spending by the persons with $250.” This stance, though, was comprehensively rejected by Mr Goudie, who told this newspaper: “They said that the last time we increased the minimum wage there didn’t appear to be any economic shock waves, but that increase was not done in the middle of a pandemic or aftermath of a category five hurricane. “I just think increasing

Developer targets Marriott land in GB ‘stepping stone’ FROM PAGE ONE Several meetings are understood to have been held with the prime minister and the government, with Dr Hubert Minnis pledging that his administration will “do

the minimum wage right now would be economic suicide. We have got businesses shutting down almost every day and they want to increase the minimum wage. Chester [Cooper] is supposed to be a very smart businessman, but sometimes you have got to wonder.......” Mr Cooper, who prior to his election as Exuma’s MP in 2017 was the principal of BAF Financial, the insurance and financial services provider, is also a past president of the Bahamas Chamber of Commerce. “I just think it would be economic suicide,” Mr Goudie reiterated of a minimum wage increase now. “This country is in big trouble. If you are going to increase my costs of doing business, and I’m struggling as is, I’m just going to cut more. We all have to survive somehow.... “We know people want the minimum wage looked at, but it’s not economically feasible right now. I just get upset. If you increase it to $250 it’s a 19 percent increase. You’ve got people in the private sector who are barely hanging on to to their businesses right now, and you want to put a 19 percent increase on the

minimum wage?” Mr Goudie, who is one of the key private sector representatives on the National Tripartite Council, the body that deals with all labour-related matters in The Bahamas, said the US Congress last week set a precedent by shutting down the bid by Senator Bernie Sanders and other left-leaning Democrats to increase the federal minimum wage to $15 per hour. “Think about that one. The largest economy in the world shut down a minimum wage increase,” he added, while questioning what the impact on the Bahamian government’s payroll would be if the PLP sought to increase the public sector minimum wage of $220 per hour. “You want to put more money in the government’s coffers, but how are you going to do that when you increase the minimum wage?” Mr Goudie asked “It’s a political manoevere. It’s a political manoevere by the opposition party that’s desperate to try and win seats.” The minimum wage has only seen one increase since it was first introduced in The Bahamas in 2002. That occurred under the

last Christie administration in the aftermath of VAT’s 2015 introduction, and was designed to help offset the rise in living costs produced by the then-new tax. However, the 40 percent increase from $150 per week to $210 per week is understood to have been backed by rigorous analysis undertaken by the National Tripartite Council, the body responsible for addressing all labour-related matters, and others. “I was one of the people who did all that research and empirical analysis,” Mr Goudie added. “It hadn’t been done for a long time, and we know that the minimum wage we set then was above the poverty level.” He said a “livable wage”, as called for by the PLP, was not the same as the minimum wage, and argued that it was virtually impossible to agree on a definition of the former. Robert Farquharson, the National Tripartite Council’s chair, said a minimum wage review is already on its “agenda” currently. Declining to comment directly on the PLP proposal, or which direction the council’s assessment may take, he added that any increase must be supported

by sound economic and labour market data. “I believe any increase in the minimum wage should be preceded by investigation and recommendation from the National Tripartite council as was done with the previous increase,” Mr Farquharson said. “The National Tripartite Council does have the recommendation to review the present minimum wage on its agenda, but we haven’t taken it up as yet. “Obviously we have to do the necessary comparisons with the increase in inflation and cost of living. We’ll make a recommendation to the government based on the available data.” While any increase will doubtless be welcomed by minimum wage workers, its implementation in COVID-19’s immediate aftermath represents a further burden for those many businesses struggling to survive. It would act as a marginal increase in labour costs that could disincentivise firms from hiring, a move that would especially impact younger workers, and even spark some to lay-off. Bernard Evans, the National Congress of Trade Unions (NCTU) president,

welcomed the PLP’s pledge to increase the minimum wage while acknowledging that The Bahamas is in “political silly season and a lot of promises are made”. He also pointed out that the minimum wage was different from a livable wage, adding that research by the trade unions some nine years ago had shown that the latter should be pegged at $475 per week for a family with two children so that they could cover rent/ mortgage and utility costs. With that figure more than double the present minimum wage, Mr Evans agreed that the gap between the two cannot be bridged overnight but said it “can be done incrementally to get us to a place where families are not trapped and marginalised by a minimum wage that renders them handicapped when it comes to earning a living in this country”. “I don’t think we should have a minimum wage; we should do away with a minimum wage and move to a livable wage,” the NCTU chief told this newspaper, adding that too many Bahamians were working two to three jobs just to make ends meet.

whatever it can” to help bring Weller Development’s vision and ambitions to life given that Freeport desperately needs an economic “game changer” with several cruise line-led projects stalled due to COVID-19. This newspaper was told that Rupert Hayward, grandson of the late Sir Jack Hayward, is pushing the project from the Grand Bahama Port Authority’s (GBPA)

side, with Fred Smith QC, the Callenders & Co attorney and partner, representing Weller Development. Erica Paine, of Graham, Thompson & Co, is acting for Marriott, with Robert Adams understood to be looking after the GBPA’s legal interests. Both Mr Hayward and Mr Adams declined to comment when contacted by Tribune Business yesterday, while Mr Smith could not be reached

despite multiple phone calls being made and messages sent. However, the latter had previously indicated he was involved in the Marriott transaction, although he declined to provide details when contacted by this newspaper several weeks ago. This newspaper’s contacts were unable to confirm whether the real estate purchase has yet closed, but one source said of Weller

Development’s plans: “It will be a fantastic development. It will be initially be a great little development with a marina and some houses, which will raise the profile of Freeport and be a great stepping stone.” Another added: “It’s a real estate development, mixeduse and quite similar to what they are doing in Baltimore. Rupert [Hayward] is a big supporter of Weller, and he might be the one who introduced them and brought them to the table.” Tribune Business was informed that both Mr Smith and Mr Adams have been present at meetings involving Weller, with multiple contacts also confirming that the latter’s Freeport plans have been received positively by the prime minister and the government - as it should, given the increasingly urgent need to revive an alreadybattered Freeport economy that has been devastated by Dorian and COVID-19. “The tract of land that belongs to Marriott is the premier place they want to do the project on,” one contact, speaking on condition of anonymity, added. “The prime minister met with them and they had some very good meetings. I heard they went very well, and everything’s moving along, but it’s not moving as quickly as they’d like to move. The prime minister said he’d do whatever he could to make it happen.” A 44-page Weller Development booklet, which has been seen by Tribune Business, details the group’s background, past achievements and present projects while also featuring on its front page a new logo with the “Grand Bahama island: Islands of The Bahamas” tagline underneath. It provides extensive details on its role as the master developer for Port Covington, a 235-acre mixed-use urban/waterfront regeneration project in Baltimore, Maryland, which features 2.5 miles of development space on the water. “Weller Development partners with visionary investors to create large and small-scale development projects with the potential

to transform cities,” its corporate website reads. “Our primary focus is on the development of Port Covington, a 235-acre redevelopment project located on Baltimore City’s prime waterfront. “As one of the largest urban revitalisation efforts in the US, the neighborhood of Port Covington will have a fundamental and far-reaching impact on Baltimore’s future. At completion, this transformative project will include up to 18 million square feet of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space. “The Port Covington redevelopment is expected to generate fresh opportunities for innovation and entrepreneurship for Baltimore City residents and its local workforce.” Known as Sagamore Development Company until its founding by Marc Weller, who is said to have 25 years’ expertise in real estate and associated industries, Weller Development would appear on the surface to tick many of the boxes that Freeport is seeking for a transformative investor post-COVID-19. Its website highlights how it was able to attract a $233m equity investment by Goldman Sachs, the leading global investment bank, into Port Covington, which suggests that it has the ability to raise significant multi-million dollar financing for any Freeport venture. Its 44-page booklet highlights public-private partnerships (PPPs) as one of Weller Development’s areas of expertise, while also showcasing its redevelopment of a 100 year-old “dilapidated pier” into a 128-room luxury hotel, the Sagamore Pendry Baltimore. Restaurant, retail, distillery and multi-use recreational centres are also listed in its portfolio. The booklet also suggests there are potential synergies with the government’s bid to turn Grand Bahama into a “technology hub”, as Weller Development converted a 34,000 square foot former Baltimore City bus depot into an “innovation hub” as part of its regeneration focus.

THE TRIBUNE

Tuesday, March 9, 2021, PAGE 5

Minister: PLP VAT plan will cost $100m FROM PAGE ONE

Chester Cooper, the Progressive Liberal Party’s (PLP) leader, to cut the VAT rate to ten percent for one year in a bid to stimulate the economy and generate more revenueproducing transactions, Mr Thompson blasted: “They will say anything to win an election.” Pointing out that the Fiscal Responsibility Act was enacted “precisely to eliminate the kind of arbitrary and self-serving positions” suggested by the PLP’s economic plan, Mr Thompson said: “The opposition’s plan would lead to a dramatic falloff in revenue likely in excess of $100m during their proposed 12-month period, at a time when the country’s fiscal resources are under tremendous strain and the needs for government to support social and economic programmes are even more pronounced. “The government cannot operate by trial and error. The 12-month period will only destabilise the economy, causing the PLP to have no choice but to return VAT to 12 percent the following year or increase it to 15 percent. The country needs stability and consistency.” Mr Thompson argued that the opposition will “compound their folly” by increasing government spending on social assistance and relief initiatives, as they have pledged to do, “while they gut the revenue base on a short-term political adventure”. He added: “A two percentage point cut in VAT does not guarantee that additional spending needed, and will not be sufficient to achieve the amount of economic activity to replace the loss in revenue. It would be impossible for the government to maintain its spending levels with that level of loss in revenue. It is completely irresponsible. “Which existing programmes will be cut to make up for this $100m revenue

Airport financing divided into $30m bond placements FROM PAGE ONE

construction, with the bond offering proceeds ultimately taking this out and replacing it as a long-term capital source, Mr Wilson said pricing, tenor and other commercial terms for the issues have yet to be finalised. “Having a mandate is step one. Now we have to get it all together,” Mr Wilson said of the airport financing. “Our intention is going to be somewhere in the neighbourhood of between $20m-$30m per tranche. It really depends on

loss? Will they cut back on the free tuition to University of The Bahamas and BTVI students? Will they cut back on the extension of free private school pre-school grants for Bahamian mothers? Will they cut back on the benefits under NHI? Will they cut back on critical Family Island infrastructure? Will they cut civil servant salaries and benefits?” Mr Thompson also noted the contradiction between Mr Cooper’s comments, which suggested the PLP has already decided to cut the VAT rate to ten percent if elected to office, with Mr Davis’ prior remarks that promised a “comprehensive review” to determine if the tax is still viable and the best option for The Bahamas post-COVID. The minister spoke out as multiple private sector executives urged the PLP to provide more details on how its ten percent VAT rate would work and how it will pay for other costly elements of its economic plan. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business: “They have now set out their economic philosophy. What needs to happen is the general public needs to determine whether it’s viable and credible and, ultimately, what that goes to is the basis of which they have made their recommendation.” Pointing to the analytical work done in the lead up to VAT’s implementation in 2015 by the Oxford Economics consultants, he said their report studied “various scenarios” ranging from VAT at five percent and no exemptions to ten percent and 12 percent with some exemptions, then all the way up to 15 percent. Mr Bowe added: I know, as in terms of being part of the study, that was one of the scenarios that would have significant impact on the GDP growth at the time in 2015, right, but the same time they increased the 12

percent, that exemption so then the question would be has there been an update to the analysis in terms of where we are now economically in GDP?” he added. Suggesting is difficult to respond to the PLP’s recommendation positively or negatively at present, Mr Bowe added: “Has the PLP used Oxford Economics’ analysis in order to formulate their recommendation? Has there been an update to the analysis in terms of where we are now economically in GDP? “Would it get the revenue steams that are necessary, because you would be removing the exemptions and moving the rate lower? Is the policy choice rooted in sound principles and decisions? They have a number of initiatives in their plan.” Rupert Roberts, Super Value’s principal, also demanded more information on whether the PLP intend to go back to a broad-based VAT with no exemptions. “Reducing it to ten percent is still not clear to me. There is currently no VAT on the poor man’s food. Would they put ten percent on that too?” he asked. “You can’t come in on nothing. We can’t assume. They need to come back to us and clarify what they’re saying. I don’t know what they’re saying. The people are very up in arms that the PLP are going to now put 10 percent on breadbasket items - that’s what I take. We are gearing the public up for it and that is going to increase the cost of living and increase the cost of food by about 75 percent. Christopher Lleida, Premier Importers chief executive, said: “Any administration being transparent and being accountable for the money that’s already collected, rather than trying to play around with the ways it is being collected, is more important. “Reducing VAT by two percentage points is not going to make a huge difference for business. We have to get tourism revitalised, which is critical. So with that and having the government be accountable is more of a priority.”

the construction schedule. “We’d like to have the first [bond] tranche out before the end of the second quarter, but it could push into the third quarter depending on when we get the documents out.” RF Holdings, in a statement yesterday, confirmed previous Tribune Business reports that has been hired as the financial adviser and placement agent charged with raising up to $150m from Bahamian investors on the Airport Authority’s behalf to fund infrastructure upgrades at various Family Island airports. These include the airports on Exuma, Long Island, Abaco, Great Harbour Cay (Berry Islands) and North Eleuthera, with the

improvements designed to expand their passenger-handling capacity and improve air access to the islands so tourist arrivals can increase post-COVID. Michael Anderson, RF Holdings’ president, said the bonds’ pricing will be determined by the anticipated number of passengers passing through each airport, and the revenues and cash flow generated, as a portion of this will fund the interest payments to investors. Pointing out that the capital raising will likely be spread out over “a couple of years”, he added: “We expect the market to be fairly interested in these deals and expect the return to be reasonably attractive.”

Bahamas must ‘face the music’ on income tax FROM PAGE ONE Bahamas’ present consumption-based tax system is insufficient to meet the government’s needs, which will require the country to switch to a more progressive system based on ability to pay rather than burden low income taxpayers with rates as high as 20 percent. Acknowledging that The Bahamas’ escape from the French blacklist represents a short-term victory, given that French companies and individuals will be able to “operate freely without any restrictions” in conducting business with this nation, Mr Edwards warned it may prove the calm before the storm. “The bigger issue we have lurking over our heads, even though we’ve been removed from these various blacklists including the EU’s, is that the EU plans to come back to us possibly towards the end of this year,” he explained. “They’re really revamping their criteria for getting on and off their harmful tax blacklist, and that is the one that is most important for The Bahamas to pay attention to.” Compliance with the EU’s demands has just forced the entire Bahamian business community to go through the painful exercise of substance reporting to confirm they have a genuine physical presence, and are doing real business, in this nation, and Mr Edwards said the bloc’s demands for continued free access to its markets may get even harsher. Suggesting the EU is moving towards a minimum corporate tax rate of 12.5 percent as one of the conditions for staying off its blacklist, he added: “If that is not available in The Bahamas it potentially impacts our value proposition with our existing businesses, which have to start to ask themselves whether they want to continue to remain located in The Bahamas.” Mr Edwards said foreignowned financial institutions would come under growing pressure from their head offices and via other means, and reiterated: “Any blacklisting is adverse for The Bahamas and we have to address it. I think it’s coming although you can never be sure.” Noting that this threat was emerging with The Bahamas still trying to recover from the COVID19 pandemic, and with a general election fast approaching, Mr Edwards said the political parties needed to address the issue even though they will not

want to for fear of turningoff voters. “At some point in time we have to face the music, confront the issue, and we have to start talking about it now. I truly believe that,” he told Tribune Business. “In order for you to make any shift with your tax system you have to do extensive study, extensive policy research and recruitment of people with the requisite expertise to shift your system from a sales tax to a more complex income and corporate income tax system. “While I don’t expect anyone to make that decision immediately, we should use the time wisely to start the studies and have the political parties come together on the issue. If we start the ball rolling now, we can do so on a strong footing and are not running around in an emergency

situation where we have to make a decision in the heat of the moment that’s not in the country’s best interests.” While The Bahamas’ existing consumption-based tax system is sufficient to meet the government’s revenue needs for now, Mr Edwards argued that “at some point” escalating debt servicing costs will reach “a tipping point” where the country will have to switch to more progressive tax system to avoid over-burdening poor Bahamians. “Think about VAT at 20 percent,” he added. “We have eventually to move to a system where those better able to pay are able to pay more in taxes. We just need to get there. It’s not a popular thing to be seen as proposing an income tax; people see you as kind of stupid, but there is potential for long-term fall-out.”

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Olive Tree Consultants Ltd has been dissolved and has been struck from the Register with effect from 13th December 2019. Lukas Ruflin LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

NOTICE Alpha Investors Group Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 147743 B (In Voluntary Liquidation) Notice is hereby given that the liquidation and winding-up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 12th day of December, 2020. Crowe Bahamas Liquidator

PAGE 6, Tuesday, March 9, 2021

THE TRIBUNE

Wall Street finishes mixed as tech slump offsets other gains Associated Press MAJOR US stock indexes closed mostly lower yesterday as another rise in bond yields helped set off more heavy selling in technology companies. The S&P 500 fell 0.5% after having been up 1% earlier. Because of their huge size, drops by Apple, Google’s parent company and other major technology stocks helped drag the S&P 500 into the red, even though more stocks rose than fell in the benchmark index. The selling, which accelerated toward the end of the day, left the techheavy Nasdaq composite down 10.5% from the alltime high it reached on Feb 12. A drop of 10% or more from a recent peak is known on Wall Street

as a “correction”. Bond yields rose broadly. The yield on the ten-year Treasury note climbed to 1.60% from 1.55% late Friday. Yields have been marching higher with rising expectations for the economy’s growth and for the inflation that could accompany it. Higher yields put downward pressure on stocks generally, in part because they can steer away dollars that had been headed for the stock market into bonds instead. That makes investors less willing to pay as high prices for stocks, especially those that look the most expensive, such as technology stocks. Investors can expect more market volatility as long as bond yields keep rising, said Sylvia Jablonski, chief investment officer at

Defiance ETFs. “I do think it’s something that’s going to be temporary.” Still, she said, the pullback in technology stocks offers an attractive entry point for investors to snap up shares in some big names, like Apple and Amazon, at a better price. “There are some solid buy-on-the-dip opportunities here,” Jablonski said. The S&P 500 fell 20.59 points to 3,821.35. The Dow Jones Industrial Average rose 306.14 points, or 1%, to 31,802.44. The index briefly climbed more than 650 points. The Nasdaq lost 310.99 points, or 2.4%, to 12,609.16. Smaller company stocks, which have led the market higher this year, notched more gains. The Russell 2000 index added 10.77 points, or 0.5%, to 2,202.98.

Financial stocks had some of the best gains. Wells Fargo rose 3.3% and Citigroup gained 2.8%. Trading has been choppy in recent weeks as investors fret over the sudden spike in long-term interest rates in the bond market. The S&P 500 is coming off its first weekly gain in three weeks. Technology companies have been heading lower as investors start to doubt whether the huge gains they made during the pandemic months can continue if inflation surges. Apple fell 4.2%, Google’s parent Alphabet dropped 4.3% and Facebook slid 3.4%. The latest move higher in bond yields fanned those concerns yesterday. “Interest rates reflect a real economic recovery and they’re not going back down anytime soon,”

said Brad McMillan, chief investment officer for Commonwealth Financial Network. “Right now, the market is struggling with that.” Investors have been betting that trillions of dollars in coming government stimulus will help lift the economy out of its coronavirus-induced malaise. There are also investors who are betting that stimulus and an improving economy will result in some amount of inflation down the road. The US economic aid package, passed narrowly by the Senate on Saturday, provides direct payments of up to $1,400 for most Americans and extends emergency unemployment benefits. It’s a victory for President Joe Biden and his Democratic allies, and final

congressional approval is expected this week. “That eliminates a major short-term risk and also puts a lot of money into the economy in the short term,” McMillan said. Rising oil prices are a part of that picture. After plunging with the onset of the pandemic, as demand plummeted, prices have been recovering in the past few months. Last week, with oil prices rising, some observers were expecting the OPEC cartel and its allies to lift more restrictions and let the oil flow more freely. But OPEC agreed to leave most restrictions in place, despite growing demand. Benchmark US crude oil for April delivery fell $1.04, or 1.6% to $65.05 a barrel yesterday. It’s still up 32.8% so far this year.

SENEGAL OPPOSITION LEADER RELEASED AS NEW CLASHES ERUPT DAKAR Associated Press

RIOT police in armed personnel carriers fired tear gas and rubber bullets at crowds in Senegal’s capital yesterday hours after authorities freed opposition leader Ousmane Sonko from custody following days of violent protests in one of West Africa’s most stable democracies. Upon his release, the 46-year-old politician blamed his arrest on President Macky Sall, accusing the incumbent leader of seeking to sideline his future political prospects before the country’s 2024 election. While Sonko publicly accused the president of plunging Senegal into an unprecedented crisis, the opposition leader said his goal wasn’t to force Sall from power.

“We don’t want to take responsibility for undermining our democracy,” he tweeted late yesterday. “But let’s be clear, the revolution is on the march toward 2024.” At least eight people have died since the unrest began last week, according to Amnesty International, marking the worst unrest to hit Senegal in nearly a decade. Sonko is widely seen as the president’s greatest potential political challenger in the next election, and the protests that began on Wednesday have been accelerated by broader, longstanding grievances with Sall’s administration. The two men addressed the nation in back-to-back remarks last night: first Sonko, then the president. Sall told Senegalese

NOTICE NOTICE is hereby given that ALFRED MARVIN DAWKINS of #12 Sea View Drive of West Bay Street, 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, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that ELVIS RAYMOND GIBSON of Eight Mile Rock, Pinedale, Grand Bahama 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, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

DEMONSTRATORS shout slogans in front of riot policemen during a protest against the arrest of opposition leader and former presidential candidate Ousmane Sonko, Senegal, yesterday. Senegalese authorities have freed opposition leader Ousmane Sonko while he awaits trial on charges of rape and making death threats. The case already has sparked deadly protests threatening to erode Senegal’s reputation as one of West Africa’s most stable democracies. Photo: Leo Correa/AP families he knew they were suffering amid COVID-19’s economic downturn, and that the ensuing poverty was only further fueling discontent with his government. He agreed to reduce

the nightly curfew that many merchants blame for deepening their hardships. “I understand your concerns and the anger you feel about the hard life you have to live in, mainly due to the

unemployment accentuated by COVID-19,” Sall said. “But when you ransack a business you don’t create jobs, you destroy them.” Some Sonko supporters, though, indicated that they would still push ahead with their civil disobedience even after their leader was granted conditional release by a judge yesterday. Throngs of boisterous supporters descended on the courthouse downtown waving Senegalese flags and then made their way to his residence next. Demonstrators have sought to undermine Sall’s business ties with former colonizer France, attacking more than a dozen supermarkets opened by French retailer Auchan. Total gas stations also have been targeted by the protesters in Dakar. The sight of burned-out

cars and boarded-up shops is a rarity in Senegal, which has never suffered the military coups and dictatorships that have destabilised so many of its neighbors in West Africa over the past half-century. The demonstrations first began on Wednesday before Sonko’s initial court appearance for questioning on accusations of rape. He was detained on the way to the courthouse and arrested for disturbing public order after hundreds of his supporters clashed with police who were blocking unauthorised protests. He now has been charged with rape and making death threats. Sonko, a populist who has railed against corruption and poverty, finished third in the 2019 presidential election with just over 15% of the ballots cast, drawing strong support from younger voters.

MARKET REPORT www.bisxbahamas.com

MONDAY, 8 MARCH 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1957.77

0.70

%CHANGE

YTD

YTD%

0.04 -134.69

-6.44

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.83 2.10 6.00 6.90 3.60 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 2.80 5.20 10.20 2.10 4.90 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 4.61 32.12 1.62 2.83 1.59 6.00 6.40 3.56 4.74 2.84 5.20 10.20 2.73 6.82 9.93 8.40 14.25 3.79 8.35 15.50

CLOSE 4.61 32.12 1.62 2.83 1.59 6.00 6.40 3.56 4.74 2.84 5.20 10.20 2.91 6.82 10.04 8.40 14.25 3.80 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 97.04 100.00 100.00

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 0.00 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 0.18 0.00 0.11 0.00 0.00 0.01 0.00 0.00

VOLUME

996

10,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 19.3 34.5 N/M N/M N/M N/M 17.3 -8.1 33.9 15.4 11.6 14.1 28.5 14.6 15.5 11.5 17.5 18.7 8.9 24.6

YIELD 3.69% 3.92% 1.23% 1.06% 0.00% 0.00% 4.06% 0.00% 0.00% 4.23% 4.23% 7.06% 14.91% 0.88% 3.27% 2.86% 3.79% 3.16% 2.40% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

MATURITY

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 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

MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 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 2.40 4.44 2.15 201.90 184.85 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% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 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-Jan-2021 31-Jan-2021 29-Jan-2021 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

PAGE 8, Tuesday, March 9, 2021

THE TRIBUNE

BODY AND MIND

PMH leads the charge in the fight against glaucoma By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

The alarm has been sounded on glaucoma – one of the leading causes of blindness – as the ophthalmology division of the Princess Margaret Hospital kicked off its glaucoma awareness initiative this week. The ophthalmology division of the Princess Margaret Hospital will be observing Glaucoma Awareness Week until March 13. The goal is to promote community awareness of the potentially blinding eye condition locally. Since the division’s last initiative in March 2020, more people have become aware of the lifechanging disease. “With our consistent annual celebrations of Glaucoma Awareness Week, we are achieving our overall objective of encouraging community awareness of this potentially sight-threatening condition called glaucoma. As a glaucoma specialist, I am elated that we are reaching this goal,” said Dr Rana Greene, consultant ophthalmologist and glaucoma specialist. During Glaucoma Awareness Week, the hospital’s ophthalmology division aims to make optimal use of the various social media platforms, newspapers and radio shows to deliver their message to the general public. However, due to the COVID19 pandemic and requirements for social distancing, the team has chosen to focus on public education as opposed to mass screening events. “We are happy to report that, to date, we have provided glaucoma screenings for the general public and the staff of Princess Margaret Hospital, Public Hospitals

Authority, Ministry of Health and the uniformed officers. We have even had persons travel from the various Family Islands to take advantage of our screening events,” said Dr Greene. “The division plans on providing patient education about glaucoma throughout the year using print media and educational videos. I am also happy to share that working along with a team of committed persons, we have created Glaucoma Bahamas, a support group for all persons affected by Glaucoma and their families. We provide much needed support and information.” Dr Greene added: “We also look forward to providing lunch

and gift bags for the residents of Unity House Home for the Elderly. Each year our community service initiative is geared towards adopting a Home for the Elderly as Glaucoma particularly affects the elderly.” A leading cause of blindness and visual impairment all around the world, glaucoma affects over 60 million people. In fact, glaucoma is the number one cause of irreversible blindness and is often referred to as the “silent thief of sight”. “Glaucoma is really a group of eye conditions which all have in common optic nerve damage. That is, damage to the nerve connecting the eye to the brain. This

damage results in the loss of specialised nerve cells called ganglion cells, which currently we do not have the ability to replenish or restore. Even more important is the fact that only half of the people with glaucoma are actually aware of it. As much as 40 of an individual’s vision may be lost due to glaucoma without the individual even noticing,” Dr Greene said. Dr Greene explained two of the most common forms of the condition are primary open angle glaucoma and angle-closure glaucoma. “Just as the human body is filled with water, so the eye is filled with water called aqueous humour.

The aqueous humour plays an essential role in the health of your eye, providing proteins, electrolytes and glucose to the various parts of the eye. The aqueous humour is continually produced in and drained from the eye, helping to maintain the shape and pressure of the eyeball,” she said. “The most common form of glaucoma is primary open angle glaucoma, and it occurs as a result of resistance to the flow of aqueous humour in the eye through its normal pathways. Angle closure glaucoma occurs when the normal drainage pathways are actually occluded. In both instances, fluid pressure builds up in the eye resulting in optic nerve damage.” Primary open angle glaucoma has no symptoms, and this is the reason glaucoma screening and regular eye exams are so important, she said. Those at risk for angle closure glaucoma may also have no symptoms at first. However, in an acute angle closure glaucoma attack, people may experience severe eye pain, blurred vision, headaches, nausea, vomiting and they may see halos around lights. As for the risk factors, Dr Greene said anyone can develop glaucoma, particularly individuals with high eye pressure. Those at risk include older people, people with family history of glaucoma, people of colour and diabetics. Other risks include nearsightedness (myopia), eye injury and steroid use. Newborns and young children may be affected by congenital glaucoma. Throughout the week, the ophthalmology division at PMH will stress the importance of eye examinations and their ability to detect the condition in its early stages.

A born listener seeks to help Bahamians improve their lives through therapy By ALESHA CADET Tribune Features Writer acadet@tribunemedia.net

Coming a large family, with five siblings, there was always someone for Ceonn Edwards to talk to. However, despite being able to vocalise her feelings whenever she wanted, she preferred to listen to those around her instead. Through listening, she learned a lot about human interactions and behaviours. These lessons later motivated her to become a professional behavioural therapist, and now the founder an online help platform called of Mental Health Counseling Bahamas. “Of course, I had no idea what mental health was as a child, but during my first introduction to psychology class at the College of the Bahamas, everything clicked. I believe I changed my major from Criminal Law to Psychology that same week and never looked back. My journey continued at Lee University in Cleveland, Tennessee, where I majored in Psychology and minored in Religion Studies. After graduating with my Bachelor’s degree, I immediately came back home to the Bahamas. Unlike my peers, I never wanted to remain overseas. Going back to the island and becoming a mental health professional was always my dream,” said the wife and mother. Ceonn said it was very difficult finding a job in her field here in the Bahamas, so she began working in administration and human resources for companies. Still, the passion for what she loved always lingered. In the meantime, she enrolled in grad school and pursued her Master of Science degree in Psychology. During grad school, she landed her first real job in a related field by working as a school guidance counsellor. “School counselling has been the most rewarding career I have ever had to date. There was nothing I loved more than being the voice for a child that felt no one was listening. Every day was a new adventure at a fast-paced,

BEHAVIOURAL therapist Ceonn Edwards all-aged Christian private school with an amazing body of administrators, teachers and staff,” she said. “After (Hurricane) Dorian I was forced to leave the school, I called home for three years and relocate to Nassau. Although uprooted and snatched from my comfort zone, it was an experience I will never forget. Less than a few weeks after moving and still living out of a suitcase, I was recruited by a non-profit, Americares, as a psycho-social support therapist. This was the moment I said the cliché words, ‘This is what I was born to do.’ “For months, I counselled men, women and children, most of who spoke only Creole. I was accompanied by a team of psychologists, medical doctors and translators from all around the world. It was my everyday responsibility to look, listen and link them to (psychological first aid),” said Ceonn.

It was not long before everyone knew her name and affectionately called her “Cece”. Ceonn and her team implemented programmes for all ages, offering fun therapeutic activities for all the kids. Every week, she led a women’s therapy group and assisted her colleagues with the men’s group as well. “After my team transitioned from the gymnasium to Abaco, it was time for my true path to begin. I knew I wanted to continue therapy and I wanted to do it daily. I didn’t want to wait, and I didn’t want to work in a non-related field ever again. So, I started my very own innovative counselling company, Mental Health Counseling Bahamas (MHCB). By removing the construct of four walls, I made my counselling services virtual and mobile. Clients were able to talk to me on their lunch break, at home, in a coffee shop or on a park bench. Accommodating clients in their comfort zones created a relaxed environment for them. Breakthroughs expected to happen in a matter of months, happened sometimes in the first session,” said Ceonn. She said MHCB offers a unique counselling experience tailored to the Bahamian psyche, with each session being 100 percent secure, confidential and virtually at anyone’s fingertips in a calming and affirming atmosphere of their choosing. Because her clients’ safety and convenience is of utmost concern, she utilises video conferencing services, phone calls, instant messaging and other methods to accommodate a client in whichever way feels most comfortable. “Every client is different, therefore we cater to the individual’s specific needs, whether it may be developing healthy coping strategies and techniques, stress management, relationship counse;ling and more. The thing I love most about being a professional counsellor has to be the moment my client says, ‘I never realised my behaviours correlated with my experiences.’ They get a moment of clarity that is simply

“…more and more Bahamians are now realising how important their mental health is… It’s not as taboo as it was five years ago, and I love being someone that gets to bring about change.” priceless, and I get to experience that moment with them. My second favourite thing is that more and more Bahamians are now realising how important their mental health is. It’s almost as though the Bahamas has evolved rapidly in relation to mental health awareness. It’s not as taboo as it was five years ago,, and I love being someone that gets to bring about change,” she said. Ceonn said it was really her father, the late Winsett Cooper, who was the inspiration for her pursuing her dream. “In 2009, during my summer break from university, I went straight from the airport to the hospital to see him. As soon as he laid eyes upon me, tears began streaming down his face and I think it was because he felt like he wasn’t going to be around to see me graduate. I had never seen my father cry in my entire life, and I knew I wanted to make him proud of me. As scared as I was to start, his voice was the one in my head telling me I could do it, and with my family’s support I started,” said Ceonn. Promoting a platform like hers in a pandemic makes Ceonn feel like her field of business is valuable. She believes it’s important for people to understand mental health is not a fad. “I know self-care is the popular thing right now and that’s awesome, but I hope it never loses its popularity because everyone’s

mental health is important and should always be a priority,” she said. Therapy, she said, can reduce stress, and stress reduction has overall benefits for one’s physical and mental well-being. With a clear mind, an individual is more purpose-driven and can get the most out of their lives. Their confidence is boosted, they are no longer fearful and doubtful of their abilities. Motivation and discipline increases. The world is seen more as an adventure versus a place of destruction and doom. “I think many Bahamians don’t realise how beneficial counselling and therapy can be. Many are not aware of its value, but I truly believe a lot of Bahamians would appreciate a non-biased, nonjudgmental, therapeutic approach to the issues they may be having. Also, many Bahamians believe therapy and religion don’t work together. People have often told me ‘they prefer to talk to God’. Talking to God is excellent, and I highly recommend it as a Christian therapist. It doesn’t have to be either or, it can be both. I practice faith-based therapy and it is life-changing,” she said. This year, Ceonn said she is looking forward to expanding her reach to all the Family Islands. Moreover, in the near future, she is hoping to grant psychology graduates an opportunity to intern and eventually work with her. “I know how hard it can be getting a job in the mental health field and I would like to help to change that. The month of May is recognised as Mental Health Month in the Bahamas and this year I am on the committee in an effort to assist with educating others on ways they can improve their mental health,” she said. For those interested, Ceonn can be contacted via 1-242-817-5743, e-mail at mentalhealthcounsellingbah@gmail.com or visit on mhcbahamas on Instagram, and Mental Health Counseling Bahamas on Facebook.

THE TRIBUNE

Tuesday, March 9, 2021, PAGE 9

New and future advancements in erectile dysfunction treatments

unclogging blocked arteries that supply the penis. A meta-analysis of ten randomized controlled trials involving 873 men, showed that low intensity penile sound wave therapy significantly improved erectile function in men with vasculogenic erectile dysfunction, in terms of both patient objective and subjective outcomes.

THE UROLOGY DOCTOR IS IN...

Dr Greggory Pinto

Erectile dysfunction is a very common disorder encountered by most men at some point in their lifetime. Erectile dysfunction is the inability to achieve or maintain a satisfactory erection. Premature ejaculation is a common form of erectile dysfunction that affects as many as 30 to 40 percent of men. The management of erectile dysfunction must involve the determination of the root cause and the treatment of the cause(s). There is a strong correlation between erectile dysfunction and cardiovascular disease and atherosclerosis, clogging of arteries. Erectile dysfunction workup will involve ruling out poorly controlled or undiagnosed diabetes mellitus, hypertension, hypercholesterolemia, low testosterone and cardiovascular disease, amongst other comorbidities. The cause of the erectile dysfunction must be managed and not just the symptom of erectile dysfunction. For example, medications such as Viagra or Cialis may improve erectile function when the cause of the erectile dysfunction is uncontrolled blood pressure but eventually the sustained high blood pressure will cause irreversible damage to the penile blood supply and possible damage to other organs such as the kidney and heart. Eventually this uncontrolled high blood pressure will cause such significant damage to the penile blood supply that medications such as Viagra and Cialis will no longer work. Healthy lifestyle changes are necessary to improve erectile function such stopping smoking, having regular exercise, losing weight and eating well balanced healthy meals. Future potential ED treatments • Penile injections of platelet rich plasma (PRP)

THE SOUTH African recipient of the world’s first penile transplant is to become a father, according to the BBC. The 21-year-old recipient, whose identify is being protected, lost his penis in a botched circumcision. Surgeons at Stellenbosch University and Tygerberg Hospital performed a nine-hour operation to attach a donated penis. (Photo/Stellenbosch University) Platelets are a constituent of blood that are important in the formation of new blood vessels and healing wounds. The aim of PRP penile injections is to make the tissue and blood vessels in the penis healthier. Erectile dysfunction therapy with penile injections of platelet rich plasma has shown very promising results in human clinical trials. • Stem cell therapy Erectile dysfunction therapy involving penile injections of stem cells has been shown to be a well tolerated, safe and very effective treatment in human clinical trials. Research and investigational human trials are ongoing, with hopeful future approval as erectile dysfunction therapy. • Uprima Uprima is a medication, apomorphine that stimulates the chemical dopamine in the brain. The increase in dopamine caused by taking Uprima that dissolves under the tongue, enhances the sexual experience and heightens sexual pleasure. This drug is readily available in Europe but not yet in North America. US clinical trials are ongoing, including a nasal spray version of this medication. • Topiglan Topiglan is a medication that is available in a cream form and currently being investigated in clinical trials and not yet available

for the public. This cream uses the drug alprostadil as the active ingredient. Alprostadil is presently available in the form of a penile injectable or a urethral suppository. • Melanocortical activators Melanocortical activators are drugs that act on the brain and central nervous system to enhance the quality of erections and aid in maintaining erections. These drugs are in clinical phase studies but have shown to be effective in animal trials. Available new advances in ED treatments • New ED medication works in 15 minutes Avanafil (Stendra) is the newest erectile dysfunction FDA approved medication available. Avanafil has shown to work in less than 15 minutes in a large proportion of users. Viagra, Cialis and Levitra which are other phosphodiesterase type 5 inhibitor drugs, typically take 30 to 45 minutes to be absorbed and become effective. • First oral medication for testosterone replacement The most recent innovation in testosterone supplementation is Jatenzo, an oral soft gel formulation of testosterone undeconate. Previously testosterone replacement therapies were only available in the form of injections, topical gels,

a patch, implantable pellets but no oral form was available until 2019. No oral testosterone medications were previously available because when ingested it was rapidly broken down by the liver before it could be bioavailable and effective as a form of testosterone supplementation. Jatenzo is unique in its formulation in that it is absorbed by the intestine before being broken down by the liver. Jatenzo is indicated in testosterone replacement for primary hypogonadism and hypogonadotropic hypogonadism. Men who have prostate cancer should not have any form of testosterone replacement therapy as the testosterone would hasten the progression of the prostate cancer. Men who have received prostate cancer curative treatment and have been confirmed to have been in prostate cancer remission for two years or more, can safely receive testosterone. • Painless sound wave therapy Outpatient non-invasive painless low intensity shockwave therapy is an effective treatment for men with vasculogenic erectile dysfunction - poor erectile function related to poor penile blood flow. Sound wave therapy leads to neo-vascularization, new blood vessels formation and aids in

• Penile implants Penile implants/ bionic penis are state of the art naturally concealed three part devices that are placed in a minimally invasive, outpatient procedure, that requires minimal recovery. Penile implants have excellent durability even twenty years after placement and require no battery. The device is not detectable by a partner on inspection or touch. A simple press of an activator button located within the scrotum, will provide a full erection for as long as the man wishes. Sensations are fully intact and a man can ejaculate and have children. • Penile transplant I have first-hand experience with patients having success with penile transplants. Professor Andre Van der Merwe was one of my specialist trainers and specialized previously in the same urology residency programs that I did. Professor Van der Merwe performed the world’s first and third successful penile transplants. I was witness to the first penile transplant recipient going on to have very good erectile function and subsequently having child through normal sexual intercourse. Any man can rise again. Loss of the entire penile organ did not prevent this and other penile transplant patients from rising again. If a man who once had no penis could rise again in glory then every man can rise again. Never give up hope and never suffer needlessly in silence. Reach out for confidential, compassionate and comprehensive state of the art erectile dysfunction management and solutions. • Dr Greggory Pinto is a board certified Bahamian urologist and laparoscopic surgeon. He has trained in Germany, South Africa and France, and is a member of the European Association of Urology. He can be contacted at OakTree Medical Center, #2 Fifth Terrace & Mount Royal Avenue. Telephone: (242) 322-1145 (6) (7); e-mail: welcome@urologycarebahamas.com, or visit the website:www.urologycarebahamas.com.

The fast food fight Health coach Ethan Quant, of Elite Wellness Solutions, has succeeded in his weight loss journey and now wants to share his methods with the Bahamas in an effort to foster a culture of wellness and conquer the obesity epidemic. I remember how I thought I was never going to be able to give up fast food when I was first started out on my health, wellness and fitness journey. I knew though that if I wanted to have my dream body, that I would need to break my addiction to burgers and fries, milkshakes, pizza and chicken wings and…well, you get the picture. So, for a while every weekend I would promise myself that I was starting fresh on Monday, so I was going to have my last indulgence in fast food. This often meant that I would “do it bad” on the weekend, really just gorging myself full of all of the fried fatty goodness that I was about to say goodbye to forever….or so I hoped. So, Monday would come and I would start eating my “healthy food”. Needless to say, by Wednesday afternoon I was back at the drive-through justifying why it was OK to fail and accepting that I would just stay with my current body because real men have bellies, not abs of steel. Then a couple of months I was convincing myself that I could get my

behaviour change. So, if you are like I was and eat fast food every day, try seeing if you can go one or two days a week without it at first.

ETHAN QUANT

HEALTH COACH dream body if I could just quit the fast food cold turkey. I didn’t know at the time how I was setting myself up for failure and really had no real chance of success, because the truth is, just like everything else, it takes time to change your lifestyle and I was going about it all wrong. I was trying to flip it like a light switch and failing at every turn. Now, of course, you know that I eventually found my way and was able to successfully overcome my addiction to fast food. I am going to share with you the secrets to my success, which really aren’t secrets at all. 1. Set realistic goals It’s OK to set your bar low, especially when you are just starting out. Actually, you want to set your health, wellness and fitness goals so that you know you can reach them. This is very important when you are putting it in the context of lifestyle modification and

2. Don’t be so hard on yourself So, you set your goal of no fast food and you find it hard to stick to the plan. The truth is that you are fighting against the very powerful and merciless machine that is the fast food industry. Their seemingly unlimited marketing budget, coupled with the fact that the fats and sugars they use make their products taste so good, make fast food almost as addictive as heroin, so you do have your work cut out for you. If you slip up and find yourself in the drive-through again, don’t beat yourself up and feel guilty, just shake it off and get back to your health, wellness and fitness journey. 3. Adjust goals as needed So, let’s say you set a goal of no fast food for two days out of the week if you’re used to eating it every day. And you see you keep failing on those two days. Adjust the goal to maybe one day, or even no days, just skip the fries. It’s OK to adjust your targets even after you set them, and you are not less of a person because of it. You want to put yourself in the best possible position to succeed. Hopefully you find this helpful. Remember, if you or anyone you know need help navigating this process, feel free to reach out to me directly. • You can contact Ethan Quant at ethan@elite-wellnesssolutions.com or on Instagram at @ ethanquant.

PAGE 10, Tuesday, March 9, 2021

THE TRIBUNE

Syann Brennen begins new journey at UCF Lewis Scholarship Foundation scholar hopes to become a rheumatologist in honour of mother, grandmother who lost their lives to lupus University of Central Florida (UCF) biology major Syann Brennen wants to help those in pain, just as rheumatologists did for her mother and grandmother. For years, both valiantly battled lupus, the deadly disease which causes the body’s immune system to attack its own tissues and organs. In 2017, it claimed the life of Brennen’s mother, Shanelle. A year and 10 days later it returned for her grandmother, Gwendolyn King. The greatest lesson they left Syann was to “persevere despite the situation.” “I knew that I had to pick myself up. I knew that things would never return to normal, but I couldn’t stay in a rut forever,” said Syann, who was a 14-yearold ninth grader when her mother died. “I would watch them every day as they lived happy lives while dealing with a ruthless illness. I saw them smile through the pain and show strength even when they felt weakened by their illness. If they could do it, then so can I. It is important to me to make them both proud. This was something that I took with me all throughout school and it helped me to stay grounded. It is also a lesson that has prepared me for life and college.” In grade 11, Syann made the decision to become a rheumatologist: a medical specialist who treats diseases which affect the joints, muscles, and bones. “I vividly remember feeling inspired by the doctors who devoted their time to helping both my mother and grandmother in their fight against lupus,” she said. “As they fought lupus, it became apparent to me that the Bahamas’ resources were limited when matched with both my mother’s and grandmother’s endless and recurring health challenges. In dire times, my family members were required to be transported to the United States for treatment. Growing up and seeing their health struggles firsthand gave me much to consider in terms of my career and the goals that I wanted to pursue in life. I want to make an impact and to provide persons like my mother and my grandmother with quality care in their own country.” A less resilient person would have crumbled under the weight

SYANN’s graduation photo.

“

I would watch them every day as they lived happy lives while dealing with a ruthless illness. I saw them smile through the pain and show strength even when they felt weakened by their illness. If they could do it, then so can I.

SYANN with mother Shanelle, grandmother Gwendolyn, aunt Shonalee and cousin Morgan.

of caring for an ailing parent while navigating the highs, lows and rigours of high school. However, Syann, an honour roll student, graduated with a 4.0 GPA. Last year, the 2020 St Anne’s graduate and deputy head girl received a full scholarship from the Lewis Foundation. It covers tuition, textbooks, room and board at one of the top US public universities, the Orlandobased UCF. She heard about the scholarship from her aunt, Shonalee KingJohnson, who encouraged her to apply. Syann’s dreams of receiving “a high-quality, well-rounded educational experience” close to home became a reality when she was notified that she was a 2021/22 recipient of the Lewis Scholarship Foundation. “The idea of being a leader in the field of rheumatology may be a far-fetched fantasy to some, but to me, it will become a reality. The road ahead may be filled with unpredictable challenges, but I am ready to take up the mantle. The Lewis Scholarship Foundation is providing me with the tools I needed to get ahead and get started,” she said. Andrica Smith-Munroe, spokeswoman for the Lewis Scholarship Foundation, hailed Syann as “the perfect candidate.” “She is brilliant, resilient and driven. We are so proud to be a part of her journey,” she said. For teens facing their own seemingly insurmountable challenges, Syann offered the following advice: “Don’t let your downfalls dictate your level of success. Life may deal you a bad hand, but it’s you who can decide to forfeit or play until the end.” To be eligible for a Lewis Foundation Scholarship, students must be a graduate of a Bahamian secondary school, provide proof of acceptance into UCF and demonstrate financial need. Individuals interested in applying should contact lewis.scholarship@tavistock. com. The scholarship is renewable up to eight semesters based on good academic standing at the university.

Wise women: six ancient female philosophers you should know about By DAWN LAVALLE NORMAN Research Fellow, Institute for Religion and Critical Inquiry, Australian Catholic University (THE CONVERSATION) – When we conjure up ancient philosophers the image that springs to mind might be a bald Socrates discoursing with beautiful young men in the sun, or a scholarly Aristotle lecturing among cool columns. But what about Aspasia, the foreign mistress of the foremost politician in Athens who gave both political and erotic advice? Or Sosipatra, mystic, mother and Neoplatonist who was a more popular teacher than her husband, Eustathius? Women also shaped the development of philosophy. Although their writings, by and large do not survive, their verbal teaching made a significant impact on their contemporaries, and their voices echo through the ages. More than two millennia later, intelligent, verbal women still struggle to have their own voices heard. So here are six ancient female philosophers you should know about. 1. Aspasia of Miletus Aspasia of Miletus (most active around 400 BCE) was the most famous woman in Classical Athens — or should we say infamous? Although a foreigner, she became the mistress of Pericles, the leader of Athens at the beginning of the Peloponnesian War. She was not only remembered for her captivating beauty, but also for her captivating mind. Socrates himself called Aspasia his teacher and relates he learned from her how to construct persuasive speeches. After all, he tells us, she wrote them for Pericles.

hears the dynamic preaching of Paul and decides on a radically different path. She follows Paul around, resists a variety of amorous advances and survives being thrown to carnivorous seals in the arena. Finally, she is confirmed as a teacher in her own right and begins an illustrious career. Although it’s been speculated Thecla never really existed, her legend inspired many women to pursue a life of philosophy. Some 250 years later, Methodius of Olympus wrote a philosophical dialogue full of women, with Thecla as the star participant, and Macrina (see below) was given a family nickname of Thecla, inspired by her philosophical and religious mission.

She found many opportunities for in-depth philosophical conversations with Plutarch, the most famous intellectual of his time. Plutarch tells us in the prefaces to On the Bravery of Women and On Isis and Osiris how these invigorating conversations on death, virtue and religious history inspired his own work.

4. Sosipatra Sosipatra (most active around 4th century CE) lived the dream: she had a successful teaching career along with a content family life. After an education in mysticism by foreigners, Sosipatra became a respected teacher in the Neoplatonic tradition, interpreting difficult texts and mediating divine knowledge. She was surrounded by male experts, one of whom was her husband Eustathius. But according to Eunapius’ biography in his Lives of the Philosophers, her fame was greater than any of theirs, and students far preferred her inspiring teaching.

3. Thecla When she first appears on the scene in the Acts of Paul and Thecla, Thecla (most active around 1st century CE) is leading a normal middle class life, sequestered at home and about to make an advantageous marriage. But leaning out of her balcony, she

5. Macrina the Younger Macrina (circa 330-379 CE) was the oldest of ten in an expansive, influential well-educated Christian family in Cappadocia. She kept the family together through her sharp mind, devout soul and strong will, ultimately transforming her ancestral estate

SAINT Macrina on the colonnade in St Peter’s Square, the Vatican. She plays a verbal role in at least three philosophical dialogues written by students of Socrates: Plato’s Menexenus and the fragmentary Aspasia dialogues by Aeschines and Antisthenes. 2. Clea Clea (most active around 100 CE) was a priestess at Delphi — a highly esteemed political and intellectual role in the ancient world. The religious practitioners at the shrine received frequent requests from world leaders for divine advice about political matters. Clea was part of this political-religious system, but she believed in the primary importance of philosophy.

into a successful community of male and female ascetics. Her brother, Gregory of Nyssa, commemorated her wisdom both in a biography Life of Macrina and also in a philosophical dialogue On the Soul and Resurrection. The latter depicted a conversation about death between the siblings as Macrina lay dying, in which she displays wide knowledge in philosophy, scripture and the physical sciences. 6. Hypatia of Alexandria Most famous for her dramatic death at the hands of a Christian mob, Hypatia (circa 355–415 CE) was a Neoplatonic teacher admired for her mathematical and astronomical works. One of her successful students, the Christian bishop Synesius, wrote glowing letters to her, exchanging information not only about philosophy but also about obscure mathematical instruments. She edited her father Theon’s astronomical commentary, which he acknowledged at publication. Recalling the wisdom of ancient women both expands our view of history and reminds us of the gendered elements of modern complex thought. This is particularly true in the field of philosophy, which consistently rates as one of the most gender-imbalanced in the humanities in modern universities. The ancient world found space to include women’s voices in philosophy, and so must we. • This article is republished from The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Read the original article here: https://theconversation.com.

THE TRIBUNE

Tuesday, March 9, 2021, PAGE 11

Women in senior leadership roles exceed 50 percent at Scotiabank Bahamas Scotiabank said it is reaffirming its commitment to diversity and gender equality throughout its operations as the Bank observes International Women’s Day 2021. Both locally and across the Caribbean region, the bank is also celebrating the achievement of record numbers of women across its senior leadership ranks. In the Bahamas, more than 75 percent of middle management and executives at the directorship level are female while at the senior management and c​ompany board level, women account for approximately 57 percent of its leaders. In January, Scotiabank also named Anya Schnoor, a Caribbean national,

as the executive vice president for the bank’s operations in the Caribbean, Central America and Uruguay (CCAU) region. “Inclusive hiring practices are a critical component of our diversity and inclusion strategy,” said Nadia Stubbs, director of Human Resources, Scotiabank Bahamas “As part of our strategy, we are deliberate in ensuring that female talent is equitably represented at the management level and have equal access to leadership development opportunities.” Commenting on International Women’s Day, Roger Archer, the managing director, hailed the tremendous

contributions that his female counterparts have made to the success of the bank. “The achievements of women both at the bank and across the Bahamas are both laudable and inspiring. I am very proud to represent an organisation that supports and encourages the contributions of women at every level. Undoubtedly, their involvement fosters greater efficiency in our operations, more balanced decision making within our teams and this ultimately improves the service we offer to our customers,” said Mr Archer. To mark International Women’s Day, the bank will host a global webinar for its team members.

NADIA STUBBS, director of Human Resources at Scotiabank Bahamas.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 74° F/23° C Low: 56° F/13° C

TAMPA

TONIGHT

WEDNESDAY

THURSDAY

FRIDAY

SATURDAY

Partly sunny and windy

Partly cloudy and breezy

Partly sunny and windy

Mostly sunny and windy

Mostly sunny and windy

Mostly sunny, breezy and pleasant

High: 75°

Low: 66°

High: 77° Low: 67°

High: 79° Low: 68°

High: 79° Low: 69°

High: 80° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

75° F

62° F

77°-63° F

77°-65° F

79°-66° F

82°-68° F

High: 77° F/25° C Low: 58° F/14° C

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.

N

almanac

E

W

ABACO

S

N

High: 71° F/22° C Low: 66° F/19° C

10-20 knots

S

High: 74° F/23° C Low: 66° F/19° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 74° F/23° C Low: 68° F/20° C

E

W S

E

W

WEST PALM BEACH

N

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High: 73° F/23° C Low: 64° F/18° C

MIAMI

High: 74° F/23° C Low: 67° F/19° C

10-20 knots

KEY WEST

High: 76° F/24° C Low: 69° F/21° C

ELEUTHERA

NASSAU

High: 75° F/24° C Low: 66° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 73° F/23° C Low: 67° F/19° C

N

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

tiDes For nassau High Today

Ht.(ft.)

Low

Ht.(ft.)

4:39 a.m. 5:03 p.m.

2.8 2.2

11:11 a.m. 0.1 11:10 p.m. -0.1

Wednesday 5:34 a.m. 5:56 p.m.

2.9 2.4

12:02 p.m. 0.0 ---------

Thursday

6:23 a.m. 6:44 p.m.

2.9 2.5

12:05 a.m. -0.2 12:47 p.m. -0.1

Friday

7:06 a.m. 7:27 p.m.

2.9 2.6

12:53 a.m. -0.2 1:28 p.m. -0.2

Saturday

7:46 a.m. 8:07 p.m.

2.8 2.7

1:37 a.m. -0.2 2:05 p.m. -0.2

Sunday

9:24 a.m. 9:44 p.m.

2.8 2.7

3:18 a.m. -0.2 3:40 p.m. -0.2

Monday

10:00 a.m. 10:21 p.m.

2.6 2.7

3:58 a.m. -0.1 4:14 p.m. -0.2

sun anD moon Sunrise Sunset

6:25 a.m. 6:16 p.m.

Moonrise Moonset

4:04 a.m. 2:55 p.m.

New

First

Full

Last

Mar. 13

Mar. 21

Mar. 28

Apr. 4

CAT ISLAND

E

W

High: 74° F/23° C Low: 67° F/19° C

N

S

E

W

12-25 knots

S

15-25 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 ................................................... 72° F/22° C Low .................................................... 66° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 74° F/24° C Last year’s low ................................... 66° F/19° C Precipitation As of 1 p.m. yesterday ................................. 0.02” Year to date ................................................. 2.01” Normal year to date ..................................... 3.27”

uV inDex toDay

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 74° F/23° C Low: 68° F/20° C

High: 75° F/24° C Low: 71° F/22° C

N

High: 75° F/24° C Low: 68° F/20° C

E

W S

LONG ISLAND

tracking map

High: 76° F/24° C Low: 70° F/21° C

12-25 knots

MAYAGUANA High: 77° F/25° C Low: 71° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 77° F/25° C Low: 72° F/22° C

H

High: 76° F/24° C Low: 70° F/21° C

GREAT INAGUA High: 79° F/26° C Low: 73° F/23° C

N

E

W

E

W

N

S

S

15-25 knots

15-25 knots

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

Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:

WINDS NE at 10-20 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 10-20 Knots NE at 15-25 Knots NE at 12-25 Knots ENE at 15-25 Knots NE at 15-25 Knots NE at 12-25 Knots ENE at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots NE at 15-25 Knots ENE at 12-25 Knots NE at 15-25 Knots NE at 15-25 Knots ENE at 20-30 Knots NE at 15-25 Knots NE at 15-25 Knots NE at 15-25 Knots NE at 12-25 Knots ENE at 10-20 Knots NE at 15-25 Knots NE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots

WAVES 5-9 Feet 5-9 Feet 3-5 Feet 2-4 Feet 6-10 Feet 6-10 Feet 6-10 Feet 8-12 Feet 6-10 Feet 6-10 Feet 4-7 Feet 3-6 Feet 3-5 Feet 3-5 Feet 6-10 Feet 8-12 Feet 4-8 Feet 4-7 Feet 10-14 Feet 10-14 Feet 3-6 Feet 3-6 Feet 4-7 Feet 4-8 Feet 4-8 Feet 4-8 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 4 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 6 Miles

WATER TEMPS. 75° F 75° F 74° F 72° F 77° F 77° F 79° F 79° F 76° F 76° F 72° F 70° F 75° F 76° F 79° F 79° F 78° F 78° F 78° F 78° F 79° F 78° F 78° F 78° F 76° F 76° F

SECTION B

TUESDAY, MARCH 9, 2021

Celebrating International Women’s Day, Bahamians have important challenges to tackle By CARA HUNT Tribune Features Writer cbrennen@tribunemedia.net

Women all over the world celebrated female empowerment during International Woman’s Day yesterday by speaking out on issues that affect their daily lives. The theme for this year was “Choose to Challenge”, with organisers saying that a challenged world is an alert world. Tribune Woman spoke with several Bahamian women to ask them what issues were important to them and which societal norms they would wish to see challenged. “I choose to challenge the way victims are shamed in this country for men violating their personal physical space and their rights,” said Chrissy, 34. “So often when we hear about sexual or physical abuse, we say, ‘Oh, what she do?’ or ‘What she ain’ do?’, instead of what punishment should the person, this man who committed this crime, should get for doing something to someone who never deserves to be treated this way.”

Rita, a 19-year-old college student, said she chooses to challenge equality in the workforce. “I am a business major, and I hate the thought that one day I may land my dream job and not be paid or valued the same as a male counterpart,” she said. Lynn, 38, said the Bahamas Christian Council is an organisation she would choose to challenge.

“I would challenge their involvement in politics in this country,” she said. “I also choose to challenge the punishment for child molestation and rape.” Further, Lynn said she would also challenge the role of the Queen as head of state in the Bahamas and the quality of the leaders we elect. Stephanie, 26, agreed. “I definitely challenge the amount of female representation

MARILYN Rose has had the International Office for Student Affairs at TSU named after her.

in the leadership of this country. The fact that we only had one female in Cabinet in the Minnis administration is ridiculous. I challenge strong powerful women to run for office and question the status quo, because women are true leaders, and we need female leadership if we are to get this country back on track. I would love to see more female MPs, Cabinet members and chairwomen of the political parties,” she said. It is a sentiment that was echoed by Prime Minister Dr Hubert Minnis himself, who recently said he would love to see a female prime minister one day. “Growing up with my mom, a single parent…my profession, gynaecologist, I’ve made my whole businesses as a result of… women, and my greatest dream is to one day to see a female prime minister in the Bahamas,” he said. When asked about the lack of female representation in his Cabinet last week, Dr Minnis pointed to the women in his office. “We always feel that we want to ensure that there are equal men and women not only in Cabinet, but even if you look at the Office of the Prime Minister; both

my secretaries are females. My Delivery Unit director is female. My Communications director is female. The individual in charge of my Bahamas Investment Authority – female. Women are doing very well, and I look forward to the day that we have our first Bahamian (female) prime minister.” Meanwhile, Janet said her wish is a simpler one. “I choose to challenge the way women treat each other,” said the 61-year-old. “Gone are the days when we had our sisters’ backs, looked after each other and helped each other. A strong woman is amazing; a group of strong women working together is powerful.” International Women’s Day celebrates the social, economic, cultural and political achievements of women. It is also marks a call to action for accelerating gender parity. Significant activity is witnessed worldwide as groups come together to celebrate women’s achievements or rally for women’s equality. Observed annually on March 8, International Women’s Day is one of the most important days of the year to: • Celebrate women’s achievements • Raise awareness about women’s equality and lobby for accelerated gender parity fundraise for female-focused charities. In a press release, the Ministry of Foreign Affairs stated: “In recognition of International Women’s Day, the Bahamas can celebrate numerous examples of women in leadership positions. These include, but are not limited to, the appointment of Patricia Minnis as chair (2021) of the Spouses of CARICOM Leaders Association Network (SCLAN); Marion Bethel serving a second term (2021-2024) as an expert on the Committee for the Elimination of Discrimination against Women (CEDAW); Ambassador Keva Bain as president of the 73rd Session of the World Health Assembly and vice-chair of the Human Rights Council (2021); Ambassador Maria O’Brien as Chair of the Caribbean Group (2018) of the-then African, Caribbean and Pacific Group (ACP) in Brussels, and leading the Bahamas team during the negotiations towards the successor agreement to the Cotonou Agreement; Nicole Campbell as secretary to the Cabinet and leader of the Bahamian Public Service; Ambassador Denise Lewis-Johnson as chair of the Bahamas Maritime Authority, and many other women in leading positions both in the public, private and civil society sectors. “There is no question that the Bahamas is playing its part in the global arena and at home towards the advancement of women,” the statement said.

DEREKA Burrows has been promoted to the rank of staff sergeant in the US Army.

Bahamian women making an impression on the world By FELICITY DARVILLE Two Bahamian women have made outstanding achievements in the United States of America, right in time for International Women’s Day. Marilyn Rose and Dereka Burrows prove that Bahamian women can be movers and shakers anywhere in the

world where they choose to leave their footprint. Marilyn Rose has been pushing for the advancement and opportunities for Bahamian students at Texas Southern University for many years. She has even opened her home to students and has been a constant for them during their university years. She and her husband, Lynden Rose, the Bahamas General Consul for

Texas, often host events, sometimes in their own home, to keep Bahamian students connected and feeling a touch of home. Marilyn serves on the TSU board and is responsible for more than just Bahamian students. She assists all students and has been instrumental in the advancement of international students. Her work has not gone unnoticed.

Marilyn is being honoured by TSU as the institution celebrated Women’s History Month. The university has unveiled its Marilyn Rose International Office for Student Affairs to celebrate her service to and fight for international students. Meanwhile, Dereka Burrows, daughter of retired Chief Inspector of Police Derek Burrows and Linda Burrows, has been

promoted to a new rank in the United States Army. Dereka now holds the distinction of being staff sergeant. She is posted at the US Army Base in Hawaii. Dereka just received another five-year enlistment term with the Army and was the recent recipient of several certificates for courses she took in leadership as she continues to climb in her military career.