03132020 BUSINESS

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FRIDAY, MARCH 13, 2020

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Royal Caribbean: PI is not what you think

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

OYAL Caribbean yesterday pledged its Paradise Island investment will generate an extra $26m per year in visitor spending and “re-energise” downtown Nassau for the benefit of all stakeholders.

Russell Benford, the cruise line’s vice-president of government relations for the Americas, told Tribune Business that the Royal Beach Club’s impact will be the exact of opposite of what Bay Street merchants and tourism-related

• Beach Club ‘engine to re-energise’ downtown for all • $26m spend boost by getting more visitors off ship • Project to create 100 building, 150 full-time, jobs

RUSSELL BENFORD

businesses fear.

Rather than creating an exclusive enclave where Royal Caribbean will take all its passengers and retain 100 percent of their spending, thereby further depriving Bahamian-owned businesses of much-needed income, Mr Benford argued it would instead act as an “engine to get people off the ship and spend more time in Nassau”.

Describing the number of cruise ship passengers disembarking in the Bahamian

capital as “very low”, with the destination also ranking poorly compared to its Caribbean peers on the guest experience, the Royal Caribbean executive said there was little alternative but to add “excitement” and refresh the city’s product offering.

With the Royal Beach Club able to accommodate 3,500 persons maximum once it is

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Bahamas warned on new downgrade risk

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday warned by Standard & Poor’s (S&P) that it faces “at least a one-in-three chance” of a further downgrade to its sovereign credit rating within the next 12 months.

The credit rating agency, which maintained this nation’s creditworthiness at “BB+/B” despite cutting the outlook to “negative”, appeared to base its actions and analysis almost entirely on the fiscal blow dealt by Hurricane Dorian with the coronavirus pandemic only a secondary factor.

With tourism, The Bahamas’ major job and economic growth driver, now really starting to feel booking cancellations

• S&P: ‘At least 1/3 chance’ of cut within next year • Slashes outlook to ‘negative’ on back of Dorian • Govt: ‘No small achievement’ to keep rating

K PETER TURNQUEST

ROBERT MYERS

and postponements due to the reluctance to spend and travel amid the COVID-19 fall-out, several observers yesterday suggested a downgrade could arrive even sooner than

S&P indicated depending on how widespread the pandemic becomes and how long it lasts.

Robert Myers, the Organisation for Responsible Governance’s (ORG)

‘No virus delay’ for Lucayan’s $300m revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A ROYAL Caribbean executive yesterday said it “anticipates no delay” or negative impact to the $300m Grand Lucayan redevelopment as a result of the coronavirus fall-out.

Russell Benford, the cruise line’s vice-president of government relations for the Americas, told Tribune Business that its Holistica joint venture with ITM Group was “very well capitalised” and had all the necessary resources to begin the twoyear construction process on

time later this summer.

Addressing fears that the continued stock market collapse, which saw Royal Caribbean’s share price plummet a further 31.76 percent to just over $30 in yesterday’s trading, and the huge decline in cruise industry business would undermine the Grand Lucayan project, Mr Benford said: “Right now we don’t anticipate any delay.

“That project is a joint venture. We’re both diverse companies. Holistica is development company as well and is very well

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Top cruise line hails Bahamas virus response

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A ROYAL Caribbean executive yesterday hailed The Bahamas as a regional leader in its coronavirus response with bookings for voyages to this nation “holding steady” amid the pandemic.

Russell Benford, the cruise line’s vice-president of government relations for the Americas, told Tribune Business that other Caribbean states were now following the The Bahamas’ lead by introducing a 20-day quarantine period

as he praised the consistent approach taken by the Minnis administration when it came to enforcing precautionary measures.

“When the Caribbean first started putting their protocols in place, The Bahamas had the most stringent of any country,” Mr Benford said. “In hindsight, I need to commend first, Dr Duane Sands, and then the prime minister, for having the foresight and medical experience to understand Covid-19 in a way that was different from everybody else.”

SEE PAGE 6

principal, told Tribune Business in response to S&P’s report: “It’s not like it’s bad enough already.” Arguing that The Bahamas was already “in another crisis”, he added that both the government and ordinary citizens needed to brace “for a storm” created by a combination of category five hurricane and pandemic.

“My only comment would be that I don’t think that data [S&P report] accurately reflects today’s news,” Mr Myers added, referring to the worst daily crash suffered by the London and

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URCA modifies renewable mechanism at BPL urging

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS have modified their muchcriticised compensation proposal for larger gridtied renewable energy systems at Bahamas Power & Light’s (BPL) urging, it was revealed yesterday.

The Utilities Regulation and Competition Authority (URCA), unveiling the results and decision on its Renewable Energy Self-Generation (RESG) consultation, disclosed that it was “obliged” to adopt BPL’s recommendation that it segment the market for grid-tied systems capable of producing between 100 kilowatts (kW) and one megawatt (MW) of energy.

It agreed that altering its approach so that all systems up to 500 kW are compensated for what they sell to BPL by a net billing mechanism would help incentivise the greater penetration and roll-out of renewable energy solutions in The Bahamas.

“URCA has determined that in order to enhance the ease of installation of renewable energy uptake for the RESG projects it is obliged to take BPL’s recommendation of a net billing arrangement applying to installations between 100 kW and 500 kW,” the regulator acknowledged.

This came after the stateowned utility monopoly, in its response to the consultation, warned URCA that imposing a ‘buy all, sell all’ compensation method on all RESG providers would undermine investment returns, increase costs and discourage greater Bahamian adoption of renewable energy technologies.

“It is BPL’s position that this arrangement should only be for installations of greater than 500 kW,” URCA said of BPL’s feedback. “At levels lower levels lower

than 500 kW, the associated cost could be a barrier to increased renewable energy adoption. Therefore, BPL proposes that net billing would also apply to installations between 100 kW and 500 kW.” URCA, following BPL’s call to the letter, adopted the proposal in its entirety.

As a result, only renewable systems capable of producing more than 500 kW will be compensated by a “buy all, sell” method for the time being.

The regulator had initially proposed this mechanism for compensating all renewable providers who wish to supply the BPL grid under the RESG scheme. This requires participants, mainly larger businesses and government facilities, to not consume any electricity generated by their renewable systems.

They will instead have to export all energy they generate to BPL, and consume all the electricity they need from the state-owned monopoly at the standard retail tariff levied on all its customers.

Those who “sell all” under this arrangement will be compensated by the equivalent of BPL’s appropriate monthly fuel charge, which normally accounts for 50-60 percent of customer bills.

Such a mechanism has been vehemently opposed by private sector renewable energy players on the basis that producers will not be fully compensated for what they produce. They have argued that reducing the rate of return on utility investments in such a fashion will discourage Bahamians from investing in such systems, and they made their feelings clear to URCA in the consultation.

Bahamas Energy Solar Supply argued that the proposed compensation method provided “no incentive for investors as their return on

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PAGE 2, Friday, March 13, 2020

THE TRIBUNE

How to make working remotely productive G

LOBAL workforce data suggests that working remotely has increased since the turn of the century. The infusion of technology into almost everything we do has created a platform for work outside the traditional “four walls” of the office. With the COVID-19 pandemic showing no signs of slowing down, companies need to identify and explore alternative options.

It would be easy to assume that many employees love the opportunity to work from home or a location of their choice, reporting only periodically to head office. The obvious fear for the employer is decreased productivity, as the numerous potential distractions at home might take the worker’s mind off the task at hand and result in little to no work being done.

Many employers who allow staff to work remotely are granting

these persons true autonomy and flexibility, rather than trying to micromanage them. This style of leadership delegation has proven, with the right kind of employee and the appropriate type of work, to be immensely beneficial.

Here are just a few of the benefits that will hopefully

convince employers to consider establishing targets, and monitor employees from their personal home offices.

• Staff are more productive. One of the key reasons entrepreneurs switch to remote work is to gain more productivity from their workforce.

The drive to and from the office is eliminated, the environment is usually more comfortable and conducive and, if the home distractions can be minimised, the peace and quiet will lend itself to increased efficiency.

• Remote work improves morale and happiness.

Productivity is rooted in personal well-being. A happier, fulfilled person is more likely to put in additional effort for your company, but fulfillment is not always related to pay or promotion. Giving staff the opportunity to work flexibly equates to a better work/life balance, meaning more time with the family and less commuting, which saves your employees time and money.

• It is cheaper. A remote work policy does not just save on commuting costs. It also reduces business overheads. Fewer people in the workplace means less office space, which cuts lease costs along with heating and cooling rates, lighting and other expenditures.

• It enhances talent recruitment and retention.

Millennials and the upand-coming “Generation Z” value flexibility in the workplace. Companies that embrace remote working are seen as in touch with their employees’ needs, and are more likely to

IAN FERGUSON BY

attract skilled workers from further afield given the reduction in travel time.

• Flexible working reduces attrition. In addition to employee retention, flexible work is known to help reduce attrition in the workforce. Sick employees can work from home when they are deemed remote, have deliverables and are paid to deliver on those deadlines.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

VIRUS TRAVEL RESTRICTIONS HIT BREWERY’S RECOVERY CORONAVIRUSrelated travel restrictions affecting its German technicians are likely to “interrupt” the reassembly of the Bahamian Brewery & Beverage Company’s brewing equipment post-Dorian.

The Freeport-based brewery acknowledged that this will impact the commissioning date for its rebuilt plant despite the “impressive progress” made to-date in restoring facilities that

were inundated by Dorian’s storm surge.

“At this moment we are in the midst of reassembling the machinery, but there will be some interruption due to travel restrictions which impact the technical experts coming from Germany,” said Jimmy Sands, the Bahamian Brewery’s chief executive.

The restoration of its brewing operations is vital to the return of the company’s brands, including

Sands, Sands Light and Bushcrack.

Dorian’s storm surge flooded the factory with four feet of water, collapsing tens of thousands of cases of product, soaking storage boxes and rendering the brewery’s production capacity unusable.

Jimmy Sands, though, vowed in the aftermath that “this boat will float”, referencing his ‘man in the boat’ logo and determination to rebuild his legacy. “I am

THE Grand Bahama Port Authority’s (GBPA) acting chairman was invited by Bahamian Brewery chief executive, Jimmy Sands, to tour its facilities ahead of the plant’s reopening and relaunch of its popular beer brands.

Photos: Bahamian Brewery/Barefoot Marketing

WITH the company’s machinery upgrades near completion, the Brewery is moving closer to meeting its ‘first brew’ deadline. Kegging is expected to begin at the end of March, after which the company will move on to canning by the end of April and bottling by the end of May.

RESTORATION efforts continue at the Bahamian Brewery and Beverage Company’s manufacturing facility in Grand Bahama. Nearly six months post-Dorian, the company is on track to meet its restoration deadline and resume production of its six signature brands. extremely impressed with the progress that we have made so far,” he said.

“The clean-up alone was a task in itself,” he recalled, “but our staff has done an exceptional job and it’s great to be at the point in our restoration where we’re putting back instead of tearing down.”

The rebuilding process, now underway for six months, has not only included the restoration of

the physical structure, but also the replacement of the company’s state-of-the-art brewing equipment.

“We have partnered with professionals out of Germany to manage the reinstallation of all our equipment,” explained general manager, Donny Delahey. “Working with them has been a real pleasure and they’ve done an excellent job.”

Bahamian Brewery has

already renovated and reopened the Grand Bahama retail operation, rebuilt and expanded the Abaco store, and launched a new Jimmy’s retail location located on East Bay Street in Nassau.

“Despite being in full recovery mode, my team has not missed a step in continuing to meet the needs of our customers,” said Gary Sands, the brewery’s general manager.

THE TRIBUNE

Friday, March 13, 2020, PAGE 3

Club Med’s Bahamas NIB to speed up smart resort to remain open card renewal go-ahead

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SAN Salvador’s Club Med resort plans to remain open despite the US banning all travel from the European markets that generate most of the property’s guests due to the coronavirus.

The resort chain, in a statement sent to Tribune Business, said: “Club Med is closely monitoring the Covid-19 evolution and taking all necessary precautions to ensure the safety, security and well-being of our guests and employees.

“We are adhering to the strict cleaning and hygiene guidelines and recommendations presented by the CDC (Centres for Disease Control and Prevention) and WHO (World Health Organisation), including increased frequency of sanitisation to

QUESTIONS RAISED OVER GROUP INVOLVED WITH DORIAN BURIALS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government’s Disaster and Reconstruction Authority (DRA) appears to be working with an unregistered organisation over the burial of Abaco’s unidentified Dorian victims.

Iram Lewis, minister of state for disaster preparedness, management and reconstruction, said in Parliament on Wednesday: “The Disaster and Reconstruction Authority has asked members of the Bahamas United Funeral Homes and Morticians Association, and the Bahamas Christian Council, to take carriage of the

public areas, enhanced signage promoting personal hygiene practices, health screening questionnaires for arriving guests, and daily staff health checks.

“Our resort teams are in frequent contact with the Bahamian Ministry of Health, island administrators and other government agencies to address developments in real time.” Club Med’s spokesperson added that that all resorts in the Americas region, including The Bahamas, will remain open, but properties in China and Italy have been closed since February and March 8, respectively.

There had been speculation earlier this week that Club Med’s Columbus Isle resort was likely to close given that a significant percentage of its business originates from European markets, such as France and

Italy, that have been among the hardest hit by the Covid19 pandemic.

The resort chain’s website advises that it has “expanded” its cancellation and revision policy, and adds: “For all new and existing bookings made with our standard or non-refundable rate to any resort worldwide for travel through April 26, 2020, you have the option to revise your booking to any resort worldwide for travel up to one year after original departure date, and any revision fees will be waived, or cancel your booking and receive a future travel credit for 100 percent of the land costs, valid for travel up to one year after the original departure date.”

Airfare is excluded from this offer and will be subject to the terms of the individual carrier.

organisation and the burial of the remains of the unknown deceased in conjunction with the DRA.” Tribune Business was subsequently advised that there is no group called the Bahamas United Funeral Homes and Morticians Association. There is a Bahamas Funeral Directors Association (BFDA) whose president, Kirsch Ferguson, confirmed it was the body working with the government. “Yes. That is the intent to have the bodies interred in individual graves,” he added.

However, following a tip-off, this newspaper discovered that the BFDA is not a legally registered employer association. A Department of Labour representative, where all employer and employee associations are supposed to be registered, said no such group under this name was registered with it When confronted on the issue by Tribune Business, Mr Ferguson replied: “On that matter, I wish not to comment until this exercise is completed. But I am going to take

note of it and will contact you back. We will issue a complete press release once this whole exercise is completed.

Once we have a confirmed date from the DRA we should now exactly how we are proceeding.”

Mr Lewis, meanwhile, praised the BFDA in the House of Assembly, saying: “The group has been strategic with its preparation.

Assessments are underway to determine the exact location for the burial on the site already determined.

“During this process, the Christian Council and Morticians Association (BFDA) will meet with family members of people presumed deceased to discuss any special consideration and concerns there may be regarding the burial.

“There will be no mass burial, and I repeat: There will be no mass burial. The remains of the unknown will be placed in individually-marked graves. We will soon announce the date of the national service for the families.”

Career Opportunity Scotia Wealth Management is seeking the services of a

Executive Assistant Position Summary: Contributes to the overall success of the Vice President’s Office, Scotiatrust, The Bank of Nova Scotia Trust Company (Bahamas) Limited in The Bahamas ensuring specific individual goals, plans, initiatives are executed / delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures.

Key Accountabilities for this role: • Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge.

• The Executive Assistant is responsible for coordinating the Office of the Vice President’s Office; controlling, managing and delegating work as appropriate to ensure the overall success and professional completion of high level operational functions of the Vice President’s inclusive of the external roles assumed by virtue of the office.

• The Executive Assistant will have a genuine appreciation for and understanding of protocol, discretion and professionalism, is able to accept and assume responsibility, and has the ability to interpret and make decisions in accordance with prescribed procedures and practices of the organization. To do so, the incumbent manages, coordinates and administers support in both a proactive and responsive manner and provides full administration services of a complex and highly confidential nature • Respond to requests from executive members, Country Heads and Business lines, resolve issues and guide team members to mutually beneficial alternatives when required.

• Proactively organizing the Vice President’s meetings with Direct Reports and others also coordinating presentation information/materials necessary and liaising with Senior Management to ensure completion of overall process.

• Coordinates and distributes communication to Trust Board Members and Senior Management Officers including board members of external contacts.

• Preparing comprehensive responses/reports within established timeframes and initiating any action necessary to conclusively resolve issues arising as a result of same.

• Researching and reviewing data from a variety of sources, draft, prepare and route correspondence for Vice President including presentations for meetings.

• Coordinate and organize executive management activities such as group and individual touch-bases, town halls, executive visits, planning of executive team meetings/off-site and other meetings as necessary.

• Manage corporate membership for SBL Albany employees.

• Support the ongoing management of Scotiabank Asia.

• Support the office management of Albany.

• Maintain records and external contact information for VP. • Human Resources: Provide backup and support in the absence of the Senior Human Resources Officer by ensuring that confidential HR matters are dealt with in a timely manner. Confidentiality and the highest ethical behavioral standards are required for this position.

• Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.

• Actively pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Guidelines for Business Conduct.

• Champions a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vison/values/business strategy and managing succession and development planning for the team.

Educational/Competency Requirements: • Bachelor’s degree in business administration or related field preferred.

• IAAP Certified Administrative Professional or professional certification in office management preferred.

• Minimum of 5 years work experience as an Executive Assistant or similar role reporting directly to senior management.

• Proficient computer skills, including Microsoft Office Suite (Work, PowerPoint, and Excel); scheduling appointments/ updating calendars a must.

Qualified candidates should submit C.V. via email to: hrbahamas@scotiawealth.com on or before Monday, March 16th, 2020. Please note that only those individuals short-listed for an interview will be contacted.

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE National Insurance Board’s (NIB) director yesterday pledged to speedup smart card renewal authorisations for Family Island residents amid complaints of lengthy delays.

Dr Nicola Virgill-Rolle spoke out after an Androsbased businessperson revealed that authorisations being sent from NIB’s Nassau head office were being help up for weeks.

Speaking on condition of anonymity, they told Tribune Business: “We are requesting our letters from here. My wife got her letters from here, and they told me that mine hasn’t come in as yet. So where is there any confusion?

“For us to get a renewal decal, they have to send out for an authorisation letter to get me my decal. Did they not comment on the fact that they did not have any cards as well? My sister-inlaw and numerous other people have been told that they can’t get their card.”

Challenging Dr VirgilRolle’s assertion that there are no NIB smart cards shortages, the businessperson added: “I have been waiting to renew my card for a matter of weeks now, and they say they have to get a letter and that they have requested a letter from Nassau. They are waiting for my letter to come back so that they can give me a decal to renew my card. This is crazy. It does not fit in any shape or form with what Dr Virgil-Rolle is saying.

DR NICOLA VIRGILL-ROLLE “There is clearly a shortage of cards. I didn’t make this up. There is backlog back there. Our local member of parliament (Picewell Forbes) is not up on his constituency. It could have been avoided with simple communication.”

Asked whether the challenges related more to the speed at which NIB’s Nassau headquarters is sending authorisation letters to the Mangrove Cay office, the businessperson added: “That’s true, too, but everybody in Nassau and here who has had that experience says that, yes, there is a shortage of cards and that when they request their cards they are very slow to get them if they get them at all.”

Dr Virgil-Rolle said she was unaware of any delays with authorisation letters, and added: “We send the batch once per week, and that has been the normal process. We have no indication of people waiting for three weeks, but we are liaising with the office managers on a regular basis to understand the

circumstances. We have no information on authorisation letters being stalled going into Andros.”

Tribune Business subsequently spoke to Rhonda Ingraham, NIB’s assistant director for core services, who added: “We have no indication of any delays.

The managers of both offices in Andros had their teams making calls to registrants to pick up their cards and letters. It could very well be that persons have not been contacted. But cards are available.”

Jeff Moncur, another assistant director responsible for NIB’s core services, added: “Cards are delivered weekly. We actually wait on persons because we have been sitting on cards at the head office for sometimes up to two years.”

Dr Virgil-Rolle added: “We have letters going out once weekly to the Family Islands, but now for any island we will endeavour to have shipments go out more frequently than once a week as the need arises.”

To advertise in The Tribune, contact 502-2394

PAGE 4, Friday, March 13, 2020

Royal Caribbean: PI is not what you think FROM PAGE ONE completed in 2022, Mr Benford explained that this number was equivalent to just 20-25 percent of the up to 14,000 passengers that Royal Caribbean brings to Nassau daily.

He argued that this means there will be thousands more potential visitors able to patronise Bay Street, Fish Fry and other tourism-related businesses, as well undertake a variety of tours and excursions and explore New Providence.

Mr Benford said Royal Caribbean’s research indicated that passengers would spend a maximum four to four-and-a-half hours at the Royal Beach Club, giving them five hours to participate in additional activities given that its cruise ships are typically docked in Nassau for nine to nine-and-a-half hours.

He disclosed that the cruise line envisioned the Royal Beach Club as being at the centre of a water and land transportation loop that will ferry its passengers to attractions such as the Arawak Cay Fish Fry, Junkanoo Beach, The Pointe, Baha Mar and Graycliff, thereby ensuring their spending impact is distributed widely among Bahamian-owned businesses.

The Royal Beach Club’s creation will create 100 construction jobs, Mr Benford said, along with 150 full-time posts. He said Royal Caribbean’s target was for its workforce and all businesses operated there to be 100 percent Bahamian as part of a strategy that, together with a focus on local culture,

THE LIGHTHOUSE on Paradise Island. will “set us apart from the competition”.

The cruise line executive also indicated that it was willing to work with Toby Smith, the Bahamian entrepreneur behind a $2m investment to repair the nearby Paradise Island Lighthouse, to ensure both projects succeeded.

Mr Smith and Royal Caribbean have submitted competing applications for the same crown land at Colonial Beach, with the Bahamian entrepreneur having previously revealed to Tribune Business that he had been pressured by the government to move further west and accept an “inferior” location.

Mr Benford, though, confirmed Royal Caribbean has already spent $50m on acquiring 13 acres of

privately-owned residential properties on Paradise Island to form the majority of its Royal Beach Club land. He added that it will be the cruise line’s second “Beach Club” location, the first having been announced for Antigua last year.

“It’s different from Coco Cay, different from the experience you get on the ships, and we’re really excited in being able to roll-out the product here,” Mr Benford told Tribune Business. “The basic concept was that we bring 1.4m guests to Nassau each year but we found a very large percentage don’t get off the ship in Nassau.

“There are multiple reasons, such as they have been on cruises to Nassau multiple times. People are telling us with respect to

Job Description

Little Switzerland Jewelry Training Manager Nassau Market

Overview: The Jewelry Training Manager for Little Switzerland is responsible for the training, development, leadership, sales and sales management of the team specializing in the private brands of Little Switzerland diamonds and jewelry for the Nassau store locations.

Duties and Requirements • Train all existing staff on the technical details of lab-based diamonds, including the authenticity, development process, quality standards, validation, market value, etc.

• Provide one on one training with each jewelry and diamond staff member of the features and benefits of the jewelry and diamond products carried in store and available for special orders • Coach team member on best ways to market and

promote the jewelry category with potential and existing customer • Leverage proprietary credit offerings to help close

individual customer transactions • Set standards and hold team accountable for

developing individual VIP and clientele relationships for jewelry and diamond sales • Establish appropriate gross margin percentages in terms of price structure for individual transactions • Determine merchandise assortment and inventory levels based on customer trends and market needs • Collaborate with Marketing on developing appropriate hotel trunk shows and other marketing events to drive traffic and potential customers to the stores • Allocate appropriate sales and gross margin goals by individual by day, ship, event, week, month, quarter, etc.

• Create training guides, manuals, materials, classes for total store staff to better understand the variances in jewelry offerings • Ensure all store transactions are processed correctly and comply with strict protocols and operational requirements • Oversee special order process for all private brand little Switzerland jewelry transactions Requirements • Extensive knowledge of specific lab-based diamond products and sales • Outstanding, proven track record of sales experience in this product category • Experienced training and leadership skills and

background in the luxury jewelry sector • Strong negotiation, team motivation, communication skills

Nassau that they want to see new options, new types of development, something exciting to get them off the ship. We’re constantly looking for ways to get people off the ship, and this is an exciting concept we’ve come up with to get more guests to disembark.”

Mr Benford said the Royal Beach Club will cater to “a maximum” 20-25 percent of the passengers Royal Caribbean brings to Nassau on any given day, since its capacity will be limited to 3,500 out of the 14,000 on its combined vessels.

“The vast majority of our guests are going to be in downtown, not on Paradise Island,” he reassured. “We will have more of these folks getting off the ship looking for exciting things to do. I think it will have benefits for all stakeholders including the taxi drivers and tour operators.

“This is going to really energise those guests and get them excited in different ways about Nassau. When you put that together with the new $250m port redevelopment project that also

THE TRIBUNE looks really exciting with amenities to get people off the ship, there’s all this redevelopment energy in Nassau.

“The market is really strong, and we want to invest in Nassau, grow our business and grow our market share... We have to this point purchased 13 acres of land at a cost of $50m [on Paradise Island]. We’re in. We’re invested in this project.”

Royal Caribbean has already committed to investing more than half a billion dollars in The Bahamas through its $250m “Perfect Day” spend at Coco Cay in the Berry Islands, plus the $300m outlay with its ITM Group joint venture partner on the Grand Lucayan and Freeport Harbour redevelopment, which was the subject of last week’s Heads of Agreement signing.

The $50m real estate outlay, together with the further $50m needed to develop the Royal Beach Club site, will take the cruise line’s Bahamian investment by itself and in combination with partners - to around $65m.

“We’re investing heavily because we believe in The Bahamas and are putting our money where our mouth is in terms of creating opportunities for everyone involved,” Mr Benford told Tribune Business. “Our numbers, our statisticians are telling us that once that project is built it will generate an additional $26m per year.

“That is just in guest spending that goes to Bahamian taxi drivers, restaurants on Bay Street, people who work in the stores. To be able to build something that generates that kind of opportunity for Bahamians is tremendous, and that is worth serious consideration for the land and what we’re doing.”

Many Bay Street merchants, tour operators, excursion providers and others who rely heavily on cruise passengers for their livelihoods are unlikely to be convinced by Mr Benford’s assertion that the Royal Beach Club will act as ‘a rising tide that lifts all boats’ in terms of the economic benefits being enjoyed by all, and will likely wait until it becomes operational to pass judgment.

The Royal Caribbean executive, though, said the Paradise Island project will be “very light on bricks and mortar” buildings. While it will feature typical beach club offerings, such as

swimming pools, cabanas and umbrellas, coupled with food and beverage refreshments, Mr Benford said it would be “immersed in Bahamian culture” through the participation of Bahamian artists and artisans.

“Our goal is to have everyone who works there or does business there to be Bahamian,” he told Tribune Business, “and that’s what will set us apart from the competition. It’s not just the development of a beach club; it’s the creation of a different type of amenity that showcases the culture of The Bahamas. That’s what this is about. I don’t think anyone’s ever done that.”

Mr Benford said the Royal Beach Club was designed to be the catalyst for a water taxi system that would ferry cruise visitors between Paradise Island, downtown Nassau, Arawak Cay, Junkanoo Beach and even Baha Mar. “We want to make sure people circulate,” he added.

“People typically stop on a beach for four to four-anda-half hours. The ship is in port for nine to nine-anda-half hours, so even those that go to Royal Beach Club still have five hours to shop and explore Nassau.

“You have two patterns of circulation. People will be moving to local vendors, doing tours, going to Baha Mar, going to Graycliff to enjoy the day. The best part is that more people will be off the ship now, spending more time in Nassau, and empowering small business owners and vendors in Nassau so that everyone benefits economically from this project.

“The people concerned about getting less business - the taxi drivers, the straw vendors - they will have much more people to work with. The Royal Beach Club is not going to take people away. It’s going to add opportunities with more people shopping, more people taking taxis, more people having a meal in a restaurant, more people buying souvenirs. It’s the engine to get people off the ship and spend more time in Nassau.”

Mr Benford said Royal Caribbean was also open to accommodating Mr Smith’s ambitions, adding: “We always want to work with our partners and neighbours on something that works.

We believe in collaboration.

We always try to do that.”

THE TRIBUNE

Bahamas warned on new downgrade risk FROM PAGE ONE

up by warning bluntly: “The negative outlook reflects that there is at least a onein-three chance that we could lower the ratings on the country to ‘BB’ from ‘BB+’ over the next 12 months. We believe that slower-than-expected revenue collections and higher spending could cause The Bahamas’ fiscal results to deviate from our base-case expectations.

“We could lower the ratings in the next 12 months if the country’s finances deteriorate from our expectations, leading to interest costs exceeding 15 percent of revenues on a sustained basis. This could result from lower-thanexpected revenues, higher borrowing costs or additional debt.

“We could also lower the ratings if continued erosion in fiscal results suggests a deterioration in The Bahamas’ institutional effectiveness in supporting sustainable public finances and economic growth.”

To ward off a downgrade, and ensure a “stable” outlook is returned over the next year, S&P said The Bahamas needed to stabilise the government’s finances, hit revenue targets and keep the state’s debt burden below 15 percent of its income.

The government yesterday sought to highlight the positives from S&P’s analysis, completely ignoring the prospect of a further downgrade to its creditworthiness, and instead focusing on the fact that one had been avoided this time together with the credit rating agency’s praise for its institutional reforms.

“The assessment by S&P is not surprising given the conscientious adjustments we made to our original spending and borrowing plans so as to recover from the catastrophic impact of Hurricane Dorian,” K Peter Turnquest, deputy prime minister, said in a statement.

“Although these deviations from our fiscal plan will not

be permanent, we anticipated they would affect our outlook.

“We are pleased to see that the government’s various fiscal reform efforts were acknowledged and commended in the report, as they have contributed to the country’s strengthening fiscal institutions and our capacity to deal with substantial external shocks. It is no small accomplishment to weather damages equivalent to one quarter of your annual economic output and still maintain your credit rating.”

“Notably, even though the report foreshadows potential economic fall-out from the coronavirus pandemic, S&P still expressed confidence in the checks and balances put in place to prevent further erosion of our creditworthiness. These included the government’s demonstrable increase in fiscal transparency and reporting and the focus and progress on institutional reform.”

S&P, noting that the government’s fiscal ratios have continued to weaken due to persistent annual deficits, said: “The government’s revised borrowing plans following Hurricane Dorian include almost $1.5bn in additional debt over six years.

“Hurricane-related spending is the largest contributor to the additional debt. However, a portion is also related to ongoing operating and capital needs, highlighting the challenges facing the government on its path to fiscal sustainability.

“At the same time, economic headwinds have strengthened recently, including increased risks of a US slowdown and the COVID-19 outbreak, which could have negative implications for government revenues given the importance of tourism to the local economy,” S&P added.

“Since our last review, the country’s debt burden has risen above 50 percent of GDP, and will rise

above 60 percent when the guaranteed debt of stateowned enterprises (SOEs) is included, putting pressure on our debt assessment.”

S&P estimated that the government’s and financial sector’s external debt will hit 40.1 percent of current account receipts this year, with The Bahamas’ low per person GDP growth over the past decade “reflecting structural challenges that will be difficult to overcome”.

And, while The Bahamas had attracted a record 7.2m visitors in 2019 despite Dorian devastating Abaco, the credit rating agency said dependency on the US for 80-85 percent of all arrivals remains a vulnerability.

“A US slowdown remains a risk to The Bahamas. An emerging risk to tourism is the coronavirus, which could affect the high-value stayover segment as well as cruise ship arrivals. The country’s economy remains concentrated in tourism and, consequently, is vulnerable to external risks affecting this sector,” S&P said.

That risk is now increasingly emerging. Carnival yesterday said it was halting all voyages by its Princess Cruise line until May 12, a move that will directly impact the Bahamian vendors and staff that work in its Princess Cay destination off Eleuthera.

Hotels, tour operators and excursion providers are also experiencing an ever-growing rate of cancellations as travellers opt to stay at home to avoid the risk of COVID-19 infection and conserve funds amid the rising economic uncertainty.

S&P predicted that the Bahamian economy will shrink in 2020 due to Hurricane Dorian, but the coronavirus’s effects on major tourism source markets and international trade mean that contraction is likely to be deeper than the rating agency thought.

‘No virus delay’ for Lucayan’s $300m revival

terms of share prices and significant loss of business as passengers cancel voyages in a bid to avoid infection.

Royal Caribbean last year brought 1.4m passengers to The Bahamas, and is aiming to increase this to 1.6m by 2022. Mr Benford yesterday said this target remained achievable despite the nearterm impact of Covid-19 and the uncertainty over how long it will last, and how widespread the pandemic will become.

“We’re projecting 1.6m by 2022,” he disclosed. “At the minute this [the coronavirus] is an interruption but we feel pretty confident we will hit those numbers. The cruise industry is going to grow, the number of cruise guests in The Bahamas is going to continue to grow, and the number of guests being brought to Nassau is going to grow.

“I think the outlook for The Bahamas is really good in terms of cruise. It is our number one destination in terms of volume. We have Coco Cay located in The Bahamas, which is our number one destination in terms of guest satisfaction.

“The Bahamas is our second home, and that’s why we continue to bring guests and are looking for opportunities to develop new products and add to the product mix. I think The Bahamas is really the epicentre of the cruise business.”

New York stock markets for 33 years since “Black Monday” in October 1987.

“The Government of The Bahamas and the citizens of The Bahamas should ready themselves, and prepare themselves, for another storm,” he continued. “It just means we are in another crisis. I hate to say it, but we are. There’s going to be some panic.

“If that doesn’t happen we should consider ourselves lucky. It’s hard to try and get your head around.

You’ve got to try and stay optimistic, but my God it’s getting tougher.” Mr Myers said S&P’s latest Bahamas report could be subject to reappraisal very quickly, even “in the next month or two”, and added: “It could be wildly different depending on what happens with the coronavirus.”

He spoke out after S&P, whose analysis appears to have been written prior to COVID-19’s declaration as a pandemic and the implementation of various shutdowns and travel bans, warned that The Bahamas was in danger of being sandwiched by its spread and Hurricane Dorian.

Explaining why it dropped The Bahamas’ outlook from “stable” to “negative”, the rating agency said: “The negative outlook reflects the increasing risk of weaker revenues or higher borrowing costs, resulting in a sustained interest burden in excess of 15 percent of revenues.

“The Bahamas substantial deficits, including hurricane-related spending, are leading to a notable increase in the country’s debt burden in our view. At the same time external risks to the country’s economic growth are rising due to, for instance, the global spread of COVID-19, which could weigh on The Bahamas’ revenues.”

S&P then followed this

THE GRAND LUCAYAN RESORT FROM PAGE ONE capitalised, so I think we have the resources in place to get the project started. It’s a two-year project, with a lot of planning and demolition on the front end. The project is scheduled to move on as planned.”

Mr Benford said the Royal Caribbean/ITM joint venture was focused on developing a destination product in Freeport that will provide them with “a competitive advantage” even though the Grand Lucayan will be converted into “a shared use resort” where the passengers of rival cruise lines can also stay.

“We look for cost savings in a lot of places,” he added,

“and try to make sure we’re efficient, but we have to make sure we’re delivering a destination in a manner that gives us a competitive advantage.

“The Grand Lucayan is going to be turned into a shared use resort where every cruise line will bring its guests. This also involves airlift, so we want to make sure in 2022 that this project is up and running.”

The Heads of Agreement for the Grand Lucayan and Freeport Harbour redevelopment was signed just last week before the Covid-19 outbreak worsened and was declared a pandemic. It has taken a heavy toll on the cruise line industry both in

Friday, March 13, 2020, PAGE 5

URCA modifies renewable mechanism at BPL urging FROM PAGE ONE investment is as unpredictable as buying a number from Island Luck”.

It added: “Solar investments are risk prone and a minimum of security is only provided by a set rate.

In essence this is a PPA (power purchase agreement) without a predictable cash flow. In our opinion this is an unattractive proposition and must change.

“A better solution would be to unbundle the sector and peg the initial buy rate to the PPA BPL is entering with Shell. This would create a de facto market price for energy that would introduce a competitive price formation based on technological advancement.

As it stands renewable energy has reached grid parity, and the tendency is confirmed in island jurisdictions with high renewable penetration.”

Referring to feedback received from Alternative Power Supply (APS), URCA noted: “APS is positing that they do not agree with URCA’s proposal to set a sell-all feed-in tariff. The proposed approach would be counter-productive to the goal of rapid integration of

solar PV (photovoltaic) in The Bahamas.

“Any company that knows the PV business would not engage in the process, as it is a winlose proposition, where the utility wins and the PV integrator loses. The investment versus risk of a 100 kW to 1 MW PV system is too detrimental for a business to connect to the BPL grid.”

And BISX-listed Arawak Port Development Company (APD) argued: “Under the proposed buy all, sell all mechanism, compensation to the RESG project is to be ‘the applicable monthly fuel charge per kWh during the period when the electricity was produced’. This implies the compensation could change each month and could be less than anticipated at the time the investment decision was made.”

URCA, in its defence, argued that ‘buy all, sell all’ is a “provisional arrangement” that will be replaced once the regulator concludes its cost-based pricing study by the end of 2020.

“This study will inform URCA of the cost reflective price point that will be fair to all stakeholders and enhance the desired renewable penetration,” URCA added.

To advertise in The Tribune, contact 502-2394 PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TAMRA ROYANN ROLLE of Nassau, Bahamas, parent of RYAN TAMAR ANTON THOMPSON a minor intend to change my child’s name to RYAN TAMAR ANTHON MARTIN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PAGE 6, Friday, March 13, 2020

THE TRIBUNE

Top cruise line hails Bahamas virus response FROM PAGE ONE Praising two particular aspects of the Government’s approach to protecting The Bahamas from the virus, he added: “Dr Sands clearly communicated the guidelines on the cruise industry.

That’s the thing we asked for that we appreciate the most. The Ministry of Health has been consistent with the guidelines from day one.

“They’ve been steadfast in The Bahamas with the communications strategy and the enforcement of the regulations, which we applaud. We saw a lot of movement last night with the president’s [Trump] address but The Bahamas has always been steady and steadfast.

“The communication has been excellent. Any time we call him [Dr Sands] he reaches out and provides clarification instantly. It’s been a joy to work with him and his team.”

YOUR

To advertise in The Tribune, contact 502-2394

CHOICE FOR THE FAMILY

NOTICE

WWW.FACEBOOK.COM/JOYFM1019

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 12 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,196.54 | CHG: -0.99 | %CHG: -0.05 | YTD: -35.06 | YTD%: -1.57 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.75 3.64 5.10 10.88 8.00 16.99 9.40 3.90 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.96 0.67 2.00 10.01 5.60 3.89 6.10 2.53 1.76 8.00 6.40 14.00 6.98 3.14 13.85

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.95 6.00 4.20 6.10 3.13 5.06 9.55 8.00 15.08 8.97 3.72 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.95 6.00 4.20 6.10 3.07 5.06 8.40 8.00 15.08 8.97 3.72 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 -1.15 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME 165 340

30,000

VOLUME

Mr Benford said many in the cruise industry and elsewhere in the Caribbean had been left “scratching our heads” when The Bahamas first imposed a 20-day coronavirus quarantine, as all other countries had initially adopted a 14-day period.

They are now moving to 20 days.

Revealing that The Bahamas has been among the world’s most resilient cruise destinations, he added: “What we’re seeing in the Caribbean, and especially in the Bahamas, is that bookings have remained steady.

‘We’ve waived change fees, and anticipated a lot higher volume of calls than we got. People are still cruising to the Caribbean and The Bahamas. We’ve seen a slight cancellation rate but nothing significant as ships are still going out full. If you go to any of the home ports in Florida the ship is going out full. People are still cruising.”

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

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

P/E 14.6 18.7 N/M 18.1 N/M N/M -6.8 16.6 13.4 22.8 43.6 30.1 10.8 13.0 11.0 18.5 9.6 18.3 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.03% 3.67% 2.86% 0.00% 14.14% 1.19% 3.90% 3.00% 3.58% 2.23% 3.23% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

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

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

NOTICE is hereby given that CHRISTINE STEPHANIE FRANCOIS of George Town, Exuma, 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 13th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

N O T I C E

BSD CORPORATION LTD. (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 3rd day of March, A.D., 2020. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

GALNOM LTD. Liquidator

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

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.67 1.83 1.76 1.23 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

MARKET TERMS

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

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

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

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

LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that PLATTSBURGH INVESTMENTS LIMITED has been dissolved and has been struck from the Register with effect from 21st February 2020.

Rosana Maria Jaramillo Vega LIQUIDATOR Calle Serrano 120, 28006 Madrid, Spain

THE TRIBUNE

Friday, March 13, 2020, PAGE 7

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

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OPPORTUNITIES • • • •

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BENEFITS

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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

As central banks intervene to calm markets, few see solution WASHINGTON Associated Press THE Federal Reserve and the European Central Bank moved yesterday to try to calm financial markets and restore some degree of confidence. It didn’t quite work. The central banks are facing a crisis only partly responsive to the medicine they can provide.

The Fed sought to ensure that the US Treasury bond market — the world’s largest — can operate smoothly as demand for bonds spikes with investors desperately seek safe assets amid the carnage in stocks. The ECB sought to stimulate the European economy, which the coronavirus outbreak appears on the verge of sending into recession.

Decidedly unimpressed, traders sent the stock market into its worst plunge yesterday in more than three decades.

The primary tools of central banks — lower interest rates and easier access to credit — aren’t wellsuited to address a crisis caused by a pandemic that has frightened consumers away from traveling, shopping or gathering in group settings. Economists are increasingly calling for governments to take the lead, through targeted loans to businesses, greater help for cash-strapped workers — particularly Americans without access to sick leave — and support for virus testing and other health measures.

Yesterday, the Fed unveiled a massive shortterm lending programme to try to help smooth trading in US Treasurys. Through the Federal Reserve Bank of New York, it will provide at least $1.5tn between yesterday and today for banks that are willing to swap short-term Treasury securities for cash. An additional $500bn will be made available on Monday.

The programme will

continue at about $1tn per week after that. The lending won’t all be cumulative. The loans will be paid back after one and three months.

And not all the money will necessarily be lent. It depends how much banks decide to borrow against the available funds.

The Fed also said it will broaden its $60bn Treasury purchase programme, launched last fall, from just short-term bills to all maturities, including 30-year bonds.

Both moves were a response to signs that the bond market was buckling under the strain of skyrocketing demand for Treasuries, which are widely considered the safest assets in the world. The jump in demand appeared to be outpacing supply. That pressure boosted the yield on the ten-year Treasury to 0.79% by yesterday afternoon, up from 0.68% two days earlier. Normally when stock markets plunge, bond yields also fall as investors buy more of them. Yields move in the opposite direction of prices.

The market for the ten-year bond affects the broader economy because it influences borrowing rates for homes, credit cards, and other interest rates in the US and overseas. Because investors are confident the US government would never default on its debt, the bonds issued by the government are used to price every other asset. The US government debt market is the largest single pool of investment assets in the world.

“When that has some disruptions, watch out, that’s really worrisome,” said Kathy Bostjancic, chief US financial economist at Oxford Economics.

Given the scope of the Fed’s action yesterday, many economists now expect the Fed to slash its benchmark interest rate by a full percentage point,

to nearly zero, at its policy meeting next week. It may even launch a large bond-buying programme intended to further lower interest rates. This would be similar to programmes the Fed undertook during and after the financial crisis that were dubbed “quantitative easing”.

Still, the reaction in the markets suggested little faith that the Fed’s moves would do much to restore the confidence of investors and consumers in the face of travel disruptions, event cancellations and business closures. Some analysts said that governments in the US and Europe needed to do more through tax and spending policies.

“What the Fed did today is not enough — it needs a partner,” said Diane Swonk, chief economist at Grant Thornton. “The Fed cannot do this alone.”

Earlier in the day, the ECB deployed targeted new stimulus measures to cushion the shock to the economy from the virus outbreak. But Christine Lagarde, the ECB’s president, said that monetary policy couldn’t do it alone and called for a “decisive and determined” response from governments. Lagarde said the economy was facing a “major shock” and that the central bank measures unveiled yesterday were “almost surgically” aimed only at areas where monetary policy might help.

More than a decade ago, central banks around the world slashed rates and began pumping trillions of dollars into banks to combat a global financial crisis. The coronavirus is presenting them with a very different challenge. The central banks in the US, the eurozone, Canada and Britain have all deployed stimulus. The Bank of Japan is signaling it is ready to act and monetary authorities in Australia, Indonesia and Malaysia have cut rates.

PAGE 8, Friday, March 13, 2020 NEW YORK Associated Press

S

WEEPING travel bans cascaded around the globe yesterday, walling off countries and even entire continents, keeping people inside their homes, and slowing the engines of commerce to stem the coronavirus pandemic. Markets collapsed worldwide with the growing realisation that there would be no fast end to the uncertainty.

The escalating crisis sent US stocks to their worst losses since the Black Monday crash of 1987, extending a sell-off that wiped out most of Wall Street’s big run-up since President Donald Trump’s inauguration.

After weeks downplaying the virus, Trump’s announcement of strict rules barring most Europeans from entry came as a shock across the Atlantic. Within hours, even the European Union’s passport-free travel came into question, with guards in places that had been without borders for more than a decade and airports shut down.

British Prime Minister Boris Johnson called the pandemic “the worst public health crisis for a generation”, adding that “many more families are going to lose loved ones before their time”.

The head of the US Centers for Disease Control and Prevention, Robert Redfield, meanwhile, noted that the vast majority of new cases of the COVID-19 illness are linked to Europe, which he called “the new China”. Deaths in Italy topped 1,000, with more than 15,000 testing positive.

But Dr Anthony Fauci, director of the National Institute of Allergy and Infectious Disease, also acknowledged that the United States was lagging other countries in testing to learn how widespread the virus really is.

“It is a failing, let’s admit it,” he told lawmakers.

The European Union quickly slammed Trump’s “unilateral” decision,

THE TRIBUNE

Travel bans, market chaos: Dizzying reaction to virus spread declaring the virus a “global crisis, not limited to any continent and it requires co-operation”.

The virus, first detected three months ago in China, has produced crippling outbreaks in Asia, Europe and the Middle East, ignited global financial panic and in the last week has seen dizzying developments erupt by the hour. European soccer leagues, American basketball, hockey and baseball games, school terms for millions of students, weddings, baptisms, funerals, nightlife, culture high and low — all fell by the wayside with a swiftness that was becoming increasingly difficult to grasp.

But amid the fears, it can also be easy to forget that tens of people have recovered from COVID-19, the disease caused by the virus.

Most patients have only mild or moderate symptoms, such as a fever or cold, though symptoms can be severe, including pneumonia, especially in older adults and people with existing health problems.

Yesterday, the illness edged closer to the world’s power centres: Canadian

Prime Minister Justin Trudeau announced he was self-isolating at home because his wife showed flu-like symptoms after her return from Britain, while the Brazilian president’s communications director tested positive just days after traveling to meet with Trump at Mar-a-Lago.

Despite that, Trump has no immediate plans to be tested or go into self-quarantine, the White House said. “Both the President and Vice President had almost no interactions with the individual who tested positive and do not require being tested at this time,” White House press secretary Stephanie Grisham said in a statement.

Developments in just one 24-hour period included an official designation of “pandemic” from the World Health Organization, the dramatic halt to much travel between the United States and 26 European countries, and infections being announced in rapid-fire pace by Hollywood celebrities, sports stars and political leaders as well as ordinary people on cruise ships.

In Italy’s Lombardy region, the virus’ European epicenter, hospitals were overwhelmed with both the sick and the dead. Italy, which has the second-oldest population in the world, has seen its fatality rate reach more than 6%, far higher than other countries.

In the US, even a Federal Reserve pledge to inject up to $2tn into short-term lending markets did not halt the bleeding on Wall Street. The S&P 500 plummeted 9.5%, for a total drop of 26.7%.

That puts it way past the 20% threshold for a bear market, snapping an unprecedented, nearly 11-year bull-market run. The Dow Jones Industrial Average sank 10% for its worst day since a nearly 23% drop on Oct 19, 1987.

European markets also closed one of their worst days in history, unswayed

by European Central Bank stimulus measures to buy up 120 billion euros ($132bn) in bonds.

More than 127,000 people in more than 110 countries have been infected. The vast majority are in just four countries: China and South Korea — where new cases are declining —and Iran and Italy, where they are not.

The spread has slowed so much in China that the government sent a medical crew to Italy and offered surplus supplies to Iran.

More than 4,700 people have died worldwide.

In New York, Gov Andrew Cuomo said the state would ban all gatherings of 500 or more people as restrictions on gatherings were enacted from California to Virginia.

Congress shut the US Capitol and House and Senate office buildings to the public until April 1, the White House canceled tours and the Supreme Court will be closed to the public.

In Italy, new restrictions closed restaurants, cafes and retail shops yesterday after the prime minister imposed a nationwide lockdown on personal movement. Grocery stores, pharmacies and outdoor markets were allowed to operate, as were newspaper stands.

Rosanna Faritna, whose

family has run a newspaper kiosk in Rome’s historic center since the 19th century, was torn about staying open.

“I’d rather be home. I’m worried, even if I’m keeping a distance,” she said, a scarf around her face.

France, Ireland, Denmark, Norway, Lithuania Algeria and Slovakia joined the growing list of countries shutting down their school systems, and Europe’s most successful soccer team, Real Madrid, put all its players into quarantine after one tested positive. The Czech government said it would reimpose border checks and bar entry to people from 13 countries, including Britain and several in the European Union. Slovakia closed its international airports and ground transport hubs.

Even remote Mount Everest was closing. Chinese mountaineering officials canceled spring climbs from their side of the mountain, while in Nepal, operators said cancellations were pouring in.

Europeans were adjusting to the American travel restrictions, which hit some of the world’s most heavily traveled routes and threw travel plans into chaos.

“We were going to get married in Las Vegas, with Elvis. It was going to be epic,” said Sandrine Reynaert, a Parisian who had to cancel the April 20 ceremony.

Her future husband already has the date engraved in his ring.

Britain and Ireland were exempt, despite imposing far fewer restrictions in response to the virus than many EU countries, raising questions about the coherence of the US policy. Trump accused Europe of not acting quickly enough to address the “foreign virus” and claimed that US clusters were “seeded” by European travelers.

Across the US, where cases now number more than 1,300, a sense of urgency was pervasive.

Schools emptied of students and workplace cubicles went vacant. A rite of spring, college basketball’s NCAA tournament was canceled, while the NBA and NHL also decided their pros won’t play at all for now. Major

League Baseball canceled spring training and postponed opening day for at least two weeks.

In New York, the Metropolitan Museum of Art, Carnegie Hall and the Metropolitan Opera were shuttered, while Broadway theaters also were to go dark. TV shows taped without audiences and rush-hour crowds disappeared from the city’s subway.

Concerts were cancelled around the world.

“The idea of listening to and experiencing music together is gone — for now,” the Russian-German pianist Igor Levit wrote after giving a live concert on Twitter’s Periscope platform. “It’s necessary, yet so sad.”

Across the US families hunkered down, wondering what would come next.

“If we avoid each other and listen to the scientists, maybe in a few weeks it will be better,” said Koloud “Kay” Tarapolsi of Redmond, Washington, who has two children whose schools closed yesterday.

As the pandemic grips Europe and the US, it continues to ebb in China, where the first cases of COVID-19 emerged in December. It reported a record low of just 15 new cases yesterday. So far more than three-fourths of China’s patients have recovered.

Recovery for mild cases takes about two weeks. More severe cases may take three to six weeks, according to the WHO. Among those newly testing positive were double Oscar winner Tom Hanks and his wife Rita Wilson in Australia; Juventus defender Daniele Rugani in Italy; Iran’s senior vice president and two other Cabinet ministers; and Spain’s equality minister.

For 83-year-old Natalina De Santis, fear of germs led her to forgo all visits from her three adult children. She insists they leave care packages outside the door of her Rome home, then goes to the balcony to wave.

“If I get sick, what would my children do?” she said in a telephone interview. “They’d have to come, they won’t be able to leave me alone.”