03172020 BUSINESS

business@tribunemedia.net

TUESDAY, MARCH 17, 2020

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BPL Board to consider disconnection suspend

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) status as “a broke company” means it will be challenged to suspend customer disconnections when its board meets today to discuss the issue.

Desmond Bannister, minister of works, confirmed to Tribune Business that the government-appointed board will consider whether it can follow in the Water & Sewerage Corporation’s foot-steps by suspending all delinquent customer disconnections to ease the economic fall-out from the coronavirus pandemic.

Yet the minister, who has responsibility for the stateowned energy monopoly, said the $100m-plus it is owed on a monthly basis by delinquent customers means it is “challenged” to provide any relief in the face of the economic downturn set to hit The Bahamas.

“BPL is going to consider what they can do in the circumstances,” Mr Bannister said of today’s Board meeting. “One of the challenges is that BPL is a broke company. It carries receivables of $100m a month.

“It’s a little different from the Water & Sewerage Corporation. Even though the Water & Sewerage Corporation operates at a loss, BPL is in a vastly different situation. They’re [the Board] going to look and see what is the best they can do. The board will meet tomorrow [today] and make some considerations as to how they can balance the challenges. They’re going to consider it [suspending disconnections’.”

Adrian Gibson, the Water & Sewerage Corporation’s executive chairman, announced via social media late last week that all planned disconnections of its delinquent customers cease with immediate effect.

He wrote: “Given the impact of the coronavirus on the world, and the importance of potable water in combating this disease, it is of the utmost importance that residents have access to fresh water. Our people should not, and ought not, to be without water.

“As such, executive chairman Adrian Gibson has directed the immediate cessation of any and all intended or proposed

SEE PAGE 6

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Bay Street braces for 50% sales hit

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

B

AY Street merchants yesterday revealed they are bracing for at least a 50 percent sales hit due to the 30-day cruise industry shutdown as several mull closures amid the coronavirus pandemic.

Maria Liminatis, the Fashion Centre’s general manager, told Tribune Business: “We have not seen a sales fall-off yet, but it’s uncharted territory so we really don’t know. Thankfully I still have my local customers, so perhaps we may see a 40 to 50 percent drop in sales.”

Ms Liminatis said she has no plans to close her business yet, nor does she have any intention of making her one staff member redundant. “We’re just praying and hoping that this virus will come to an end soon and we can go back to our regular lives,” she added.

Maria Mousis, the International Jewellery store and Athena Cafe’s general manager, said: “For the last two

• Merchants: ‘We’re in uncharted territory’ • Some mull closures and staff downsizing

NASSAU Cruise Port. weeks you have seen a drop in business, and we will have to send home staff. We may have to close down because we expect a 50 to 60 percent drop-off in sales in the next two weeks.

“We are going to wait and see how this week is going to be before we make that final decision - whether it is worth being open or not and, if we do, it will be with less staff. At the moment we have the staff members downstairs, and about 15 staff members altogether.

The uncertainty.... if it is

downsizing staff, at the moment it may be half, but we have to wait and see.

“I think our greatest fear is that in the event that business closes and staff are not working, and no income is coming in, the government is going to have to improvise and have a hold on mortgages and different payments and credit cards and things like that. We need to know.”

Rebecca Boa, general manger for the Bearded Clam restaurant, added: “We may lose some 80 percent

THE Central Bank’s governor yesterday reassured that $2bn in external reserves are enough to meet The Bahamas’ foreign currency needs despite the “major reduction” projected due to the virus.

John Rolle, in e-mailed replies to Tribune Business questions, said the Central Bank’s foreign currency reserves will be sufficient to meet import demand and other external obligations until the tourism industry and other exchange earners recover from the COVID19 pandemic.

He added that traditional pressures on the reserves, such as the imports consumed by tourists and foreign travel by Bahamians, will not be present as long as

of our business because the cruise ship industry is the main industry for downtown.

We rely a lot on the cruise ship passengers.”

While the restaurant has not witnessed a slowdown in business much yet, it started to feel the impact yesterday because all the cruise ships docked at Prince George Wharf contained no passengers but “just crew members”.

Ms Boa added: “We are playing it by ear right now.

We are seeing what’s going on, and I plan to stay open.

If we could get some hotel business and some downtown local business, but our hours will definitely be cut.

We don’t plan on closing just yet.”

She said it was too early to determine if staff will have to be made redundant, but added: “Hopefully we will wake up and this dream will be over.”

Vijay Baksani, general

SEE PAGE 2

Bran: Suspend NIB, business licence fees for two months

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE DNA’s ex-leader yesterday urged the government to defer business licence and National Insurance Board (NIB) payments for two months to “ease the strain” on businesses and employees.

Branville McCartney told Tribune Business that the Minnis administration needed to “quite rapidly” assess what support it can provide to prevent a Bahamian economic meltdown resulting from the coronavirus-enforced shutdown of global travel and commerce.

With Hurricane Dorian already producing a near five-fold increase in this year’s deficit to $677.5m, and a projected $1.5bn debt increase over the next six years, the government’s headroom to combat the COVID-19 crisis appears limited. However, Mr McCartney argued that the time for action to prevent an even

• Ex-DNA chief: Critical ‘to ease virus strain’ • Also calls for loan repayment moratorium • Chamber: We’ll reveal mitigation plan today

BRANVILLE MCCARTNEY

JEFFREY BECKLES

greater economic calamity was now.

Urging the government to protect Bahamian businesses from financial ruin and collapse, the former Democratic National Alliance (DNA) leader said: “The government ought to see what can be done to ease the burden we will all be facing.

“First, business licence payments are due at the end of this month; they are

coming up next week. That is somewhere the government can look and extend the payment of business licence fees for a few months. It would be reviewed after a certain period of time, say two months.”

The flip side, though, would be the further negative impact on the government’s cash flow and already-weakened fiscal position. The Public Treasury typically

Governor: $2bn reserves Club Med closure has San enough to overcome virus Salvador facing shutdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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the outbreak continues.

And reduced global oil prices, which were hovering at around $31 per barrel as Tribune Business went to press, and are projected to fall further as a result of lower global economic activity, will also “counter-balance” the external reserves as the cost associated with energy and transportation-related purchases.

“The Central Bank of The Bahamas does expect that there will be an important reduction in the external reserves from their current levels, which are around $2bn. This will support the foreign currency needs of the public whilst tourism recovers,” Mr Rolle said.

“It should be noted that there is still a large self-regulating component in foreign

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SAN Salvador’s economy was last night facing a month-long shutdown after Club Med yesterday confirmed its Columbus Isle resort will close from this coming Saturday until April 26.

A representative for the resort chain, which is owned by the Chinese conglomerate, Fosun, confirmed that the government’s decision to block entry to foreign nationals who have visited the UK, Ireland and Europe made the “temporary” closure inevitable given that these are the markets from which Columbus Isle draws the majority of its visitors.

“In an effort to slow the spread of COVID-19/coronavirus, on March 16, 2020 the Ministry of Tourism

announced entry restrictions to the country, limiting entry to The Bahamas from foreign nationals who have visited the United Kingdom, Ireland and​Europe,” the representative said in an e-mail to Tribune Business.

“As part of our continued commitment to the health, safety and security of our guests and employees, we have decided to temporarily suspend the operations of Club Med Columbus Isle between March 21 and April 26, 2020.”

Much of the airlift servicing Club Med’s San Salvador property originates from Europe, and especially markets such as France and Italy, which have been described by the World Health Organisation (WHO) as the new “epicentre” of the global pandemic.

SEE PAGE 4

earns around $130m-$150m in business licence fees during the traditionally revenue-rich first quarter of the calendar year, although the emergence of the coronavirus pandemic has likely undermined this performance somewhat.

Whether the government and taxpayer can afford such a concession as proposed

by Mr McCartney is key, but he suggested that business licence fee payments could also be staggered rather than totally deferred to bring some relief to a private sector set to come under ever-increasing pressure over the coming months.

And, while acknowledging that it was “a double-edged sword” given the importance

SEE PAGE 4

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DARRIN WOODS

‘Matter of time’ before Atlantis unpaid leave is sector norm

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union’s president yesterday said it was “only a matter of time” before other resorts follow Atlantis’s lead in asking staff to “volunteer” to take two weeks unpaid leave amid the COVID-19 crisis.

Darrin Woods told Tribune Business that the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) had engaged the Paradise Island destination resort’s management over the weekend in a bid to “soften the financial impact” on workers who will inevitably see their incomes slashed as a result of the downturn caused by the coronavirus pandemic.

Speaking after this newspaper revealed that Atlantis occupancy levels have plunged to 50 percent, compared to the typical high 80 percent to low 90 percent range achieved during the March peak winter period, Mr Woods argued that a “tripartite approach” involving worker/union, employers and the government was the only way to protect the interests of all hotel industry stakeholders.

The timing and content of Atlantis’ message to its roughly 8,000 staff shows just how drastic, and sudden, the fall-off in booking pace and business levels has been following the various travel bans and other shutdowns coming out of the US in a bid to contain the COVID19 pandemic.

Karen Carey, senior vice-president of human resources for The Bahamas’ largest private sector employer, presented staff with two options - to either take earned vacation days or “volunteer” to take two weeks’ unpaid leave with immediate effect - as the resort bids to align costs with the unprecedented drop in revenues.

“While our efforts continue and we work on this together, it is now essential and important for us to make changes and take further steps to help us all

SEE PAGE 5

PAGE 2, Tuesday, March 17, 2020

THE TRIBUNE

Contractors partner with BTVI to bridge skills gap THE Bahamas Technical and Vocational Institute (BTVI) and the Bahamian Contractors Association (BCA) have agreed a partnership that aims to help close “skills gaps” in the workforce.

Michael Pratt, the BCA’s president, said the Memorandum of Understanding (MoU) signed between the two parties was especially significant given the urgent need to rebuild Abaco and Grand Bahama following the devastation inflicted by Hurricane Dorian.

“This signing is an attempt to resolve the absence of qualified skilled workers in The Bahamas,” Mr Pratt said. “We have recently gone through a devastation with Hurricane Dorian, and we need skilled workers to help rebuild the affected islands.

“Though we have been educating our contractors in various areas such as project management, OSHA (Occupation Safety and Health Administration) and estimations, we need the hands-on aspect from BTVI and the international certifications they facilitate so when we are asked: ‘Are

STANDING from left: BTVI’s associate vice-president of finance, Andrew Gape; BTVI’s chairman, Kevin Basden; BCA secretary, Robyn Lee Ogilvie; and BCA director, Charles Kemp. Sitting from left: BTVI’s president, Dr Robert W Robertson; and BCA’s president, Michael Pratt.

Photo: Shantique Longley there skilled workers in The Bahamas?’ we can say ‘Yes’.”

BTVI’s president, Dr Robert W. Robertson, said the institution is looking forward to the benefits the agreement will provide for its students and the country.

“Fundamentally, the MoU is designed to advance our common goal of bridging the skills gap in the country,” “ said Dr Robertson. “We will jointly explore training opportunities which may, in part, include Valencia College.

“In addition, we are looking to improve the quality of BTVI graduates to meet the needs of contractors in the country. This is an important partnership for BTVI, and we look forward to expanding our relationship with the BCA. BTVI and BCA have had a relationship for years, which included BTVI facilitating training sessions for the organisation.

The MoU will also provide education, trainthe-trainer programme and accelerated technology training for both organisations.

Bay Street braces for 50% sales hit FROM PAGE ONE

manager at Joann Souvenirs, said: “As our main income is tourism it will be tough for all, but that is a step government must take as the virus gets more dangerous and is spreading very fast, so it will be great to take that step.

As to how much he expects to lose as a result of

the cruise ship industry shutdown, Mr Baksani said: “I can’t tell you the exact figure. I guess it will be more than 50 percent because the cruise ships are going to be blocked, and that is the main source of income.”

He said the business has not taken any decision regarding laying-off staff, and added: “Today it was supposed to be no ships,

but still we got four cruises, so if it is going to be two or three ships for the next few days we will se how it goes, but the staff is going on the regular times. Last week was very slow, even though there were ships, but the number of people was not like before.”

Back-of-the-envelope” calculations by Tribune Business, using arrivals

Law School takes a STEP to yearly moot THE Society of Trust and Estate Practitioners Bahamas (STEP Bahamas) teamed with the Eugene Dupuch Law School (EDLS) to stage the annual moot at the British Colonial Hilton.

Law School students partnered with Lennox Paton (the defending champion and winner), and McKinney, Bancroft and

Hughes (challenger), to debate whether irrevocable deeds can be made revocable by amending the trust deed for that purpose.

They also sparred over whether there are limits to personal (as opposed to fiduciary) powers of revocation, amendment or addition to the trust deed.

This year’s question was constructed by Sean

McWeeney QC, while the judges were Pamela Klonaris and Robert Adams, of Delaney Partners, and Justice Neville Adderley from the Turks and Caicos Islands’ court of appeal.

Pictured are Eugene Dupuch Law School students and attorneys, judges and STEP Bahamas directors.

figures from March 2019, give an insight into the potential economic impact from the cruise industry shutdown alone. Some 547,464 cruise passengers visited The Bahamas during that month last year, based on Ministry of Tourism data employed by the Bahamas Hotel and Tourism Association (BHTA).

Multiplying that number by $18, representing the per head departure tax that the government stands to earn, indicates that the sector’s 30-day shutdown will cost the government some $9.854m from this one revenue stream alone. It does not include all the valueadded tax (VAT) that the

Public Treasury would also stand to earn from cruise passenger spending.

Using the $70 to $131.95 range, representing the per capita cruise passenger spending figures provided by the government and cruise industry, respectively, suggests The Bahamas will lose between $38.322m and $72.238m in economic impact due to the shutdown.

Should it be prolonged beyond 30 days, a sector that delivered 5.4m or 75 percent of The Bahamas’ total 7.2m visitors in 2019 will be under threat. With tourism accounting for both 50 percent of Bahamian jobs and economic output, the cruise industry closure - combined

with the drop-off in stopover visitors - represents a potentially huge blow that will spare no Bahamian or resident.

A Florida Caribbean Cruise Association (FCCA) report has estimated that the cruise industry supports 9,004 direct and indirect jobs in The Bahamas, “paying wage income of $155.7m, with total wages being the highest among the 36 destinations.

“Thus, in The Bahamas, every $1m in direct cruise tourism expenditures generated 22 jobs throughout the island’s economy which paid an average annual wage of about US$17,300,” it added.

THE TRIBUNE

Tuesday, March 17, 2020, PAGE 3

SUPER VALUE MORE THAN TRIPLES INVENTORY LEVELS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SUPER Value’s principal yesterday said he has more than tripled the supermarket chain’s inventory levels to guard against coronavirus disruption, and warned: “Panic buying is not doing any good.”

Rupert Roberts revealed that he has increased stock levels by around 240 percent, from five weeks’ worth of supply to 17 weeks, as a safeguard against any shortages that might result from the COVID-19 pandemic disrupting shipping and the import industry.

“Three weeks ago when we spoke to government, and we told them how much inventory we had, we were going to build an extra

RUPERT ROBERTS three months on top of that.

Some will run into scarcity, but the 20 percent of the items that represent 80 percent of the volume - and a lot of that is price-controlled - I think we will get,” he told Tribune Business.

“So far it seems that we are OK, but the panic buying is going to disrupt some of that somewhat. The

panic buying is not doing the consumer any good, and it is not doing us any good.

It just disrupts business, and we can’t give them proper customer service. There is definitely no need for it.

There is enough food.

“We always carry a fiveweek supply, we frequently import perishables that come in three times a week to keep them fresh. We carry about five weeks of grocery, and I have added another 12 weeks to that, so that is 17 weeks,” the Super Value chief added.

“We don’t expect the supply chain to be broken.

We settled that three weeks ago, and government has arranged that the food chain will not be broken in any eventuality.”

Mr Roberts warned Bahamian shoppers to “just

go about their normal life and shop normally, we are taking care of them”. He reiterated that “there is no need to panic,” voicing concern that consumers are “just filling up their pantry when they don’t have to”, and that “they are just cleaning out certain stocks so that they get it all and their neighbour don’t get it until we have it in next time”.

Arguing that this “just doesn’t make any sense, Mr Roberts said he had urged the prime minister to demand that Bahamians cease panic shopping on the basis that it is “detrimental” to the smooth functioning of the supply chain.

He added: “There is no reason for fear, and there is no reason for panic.

Let’s pay attention to the

medical. We, in conjunction with the government, almost a month ago decided in any eventuality what we were going to do to feed the people, and that has been taken care.

“I want to assure the public that unless something unforeseen happens there is enough food in the country between the retailers and the wholesalers. I know what I’ve ordered alone is going to take care of the country, and I pointed out to Captain Russell [at NEMA] that we’re ordering enough.

“If islands get isolated I can supply Abaco or I can supply Grand Bahama. I have been helping Abaco a little bit because they can’t have it in fast enough since they are still getting out of the hurricane mode.”

Responding to concerns that there may be a supply chain shock as the pandemic crisis continues, Mr Roberts explained: “We have turned to our suppliers and they have arranged with government and the shipping companies that in the eventuality that our food supply chains would be disrupted, the government will make sure that it continues one way or the other.

“Two weeks ago that has been arranged. We have thought of everything that we can think of, and we are working with the government. We think that everything is going to work out. Don’t worry, be happy. There is no reason to panic, and if anything happens the government will let us know.”

GB Chamber chief fears Cleaning companies yet on ‘supply chain impact’ to see virus demand rise

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday voiced fears that the island’s supply chain will be “seriously impacted” if Balearia joins the Grand Celebration in suspending voyages.

Gregory LaRoda told Tribune Business that the potential loss of critical sea access to south Florida threatened to inhibit the ability of businesses to transport goods to Grand Bahama amid a wave of “panic buying” stemming from fears sparked by the coronavirus pandemic.

“It is no sense telling people to not panic buy, because that’s what’s going on,” he said. “You can get into some of the stores, but there are long lines so it goes against that social distancing thing because every place you go there is a long line of people trying to buy the basics.

“Some of those basics you can’t find like Vitamin C, Lysol and hand sanitisers. All of the stores seem to be out of those. But people are stocking up on water, groceries and that type of thing, and it’s almost like a hurricane is coming and there is no need for that.”

Mr LaRoda spoke after Bahamas Paradise Cruise Line at the weekend announced what it described as “a voluntary and temporary pause” to its cruising schedule, cancelling all sailings between March 15 and April 8. Its Grand Celebration will resume sailings with its April 10 cruise.

Oneil Khosa, the cruise line’s chief executive, said in a statement: “At Bahamas Paradise Cruise Line, the health, safety and wellbeing of our guests and crew is paramount.

“At the recommendation of the US Centres for Disease Control (CDC), World Health Organisation (WHO) and Cruise Lines International Association (CLIA), we have made the difficult decision to temporarily suspend our sailing schedule. All cruises

have been cancelled from March 15 through April 8, 2020. Grand Celebration will resume operations with its scheduled April 10 departure.

“We are in communication with all guests booked on a cancelled sailing, as well as with our travel advisor partners, who have a variety of options available to them under our recently updatedSail with Easepolicy. Those with specific questions should call 800-374-4363. We look forward to getting back to business as usual and welcoming travellers onboard our Bahamas cruises very soon.”

Bahamas Paradise Cruise Line, though, denied that its other vessel, the Grand Classica, was placed into dry dock six months earlier than planned as a result of the coronavirus, as reported by the Palm Beach Post.

Meanwhile, Mr LaRoda expressed fears that Balearia’s service between Fort Lauderdale and Grand Bahama will follow the Grand Celebration although there has been no public confirmation of this yet.

“A lot of us rely on the Grand Celebration as a means of transport, especially with cargo, between the island and Florida, so that stopping - and the Grand Balearia is probably just a few days away from stopping - is going to seriously impact the ability to get stuff on the island.

That’s going to present a challenge,” the chamber president said.

He added that the COVID-19 pandemic, with the virus having now reached The Bahamas, would also hold back postDorian reconstruction efforts due to the increased difficulties associated with importing “key supplies” to Grand Bahama.

“You have to get it coming in from Florida, stuff like cabinets and those types of things to do the finishing work on some of the repairs. So to the extent that shipping is impacted, getting those stuff in will be impacted,” Mr LaRoda said.

“In terms of the regular merchants, I don’t know how much it has impacted so far, but I am sure they are going to be having problems in getting stuff from their supply chain.

So as time goes on we will see more and more impact from this.

“I think the difference between this and Dorian is that with Dorian we knew it was coming, and we knew that no matter how bad it was, within two or three days it will be gone,” he added. “With coronavirus we can’t say that.

“We don’t know how long we are going to be in this mode, and how bad it’s going to get before it gets better, so I think it is the unknown that has people no matter what is said to them. They still appear to be going into this mode of ‘let me get what I can get now because I don’t know how long I am going to be on lockdown if it comes to that’.”

When asked what the Grand Bahama Chamber plans to do to mitigate the economic fall-out, Mr LaRoda said: “We have to see what plans we come with. We have a call between the folks in the industrial community later on today [yesterday], where we will be supposedly strategising and making everyone aware of what protocols we put in place in the industrial sector.

“So far we are doing things like having nonessential people working from home that were supposed to come in to work; restricting visitor access to the terminals and the facilities; practicing good hygiene and social distancing and all of that sort of thing. We are going to be trading notes and seeing how we could assist one another in moving forward through this, but that is for later on.

“The minister (Senator Kwasi Thompson, minister of state for Grand Bahama) is also supposed to update us on the protocols that the government is putting in place, so he is going to be joining us on this call as well and we will see what happens from there.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN cleaning companies yesterday said they have yet to experience a significant increase in demand for their services as a result of the coronavirus pandemic.

Philip Cooper, general manager of PMC Exclusive Cleaning & Professional Chef Services, told Tribune Business: Things have slowed down tremendously. Percentage-wise out of 100 percent, I would say by 50 percent. No telling now if things would pick up.

This coronavirus has things just happening, so we are just holding to see what’s going to happen. Bleach has been accessible but we

have been moving to Purell and using a lot of Purell products as Lysol has been difficult to get.”

Nickara Gibson, Titan Janitorial’s general manager, told this newspaper she has not seen an increase in demand for her firm’s services but “expects things to probably pick up”.

She added that she has not been having any problems getting access to cleaning supplies because she orders her goods in “bulk”.

However, Vandesha White, general manager of Summer’s Cleaning Services, said she has seen an increase in demand, and added: “I would say about a ten percent increase in my services as a result of this coronavirus. I usually buy

wholesale and I haven’t had any shortages of Lysol and cleaning supplies.”

Anthon Munnings, Munnings Enterprises’ general manager, though, told Tribune Business: “I really don’t expect an increase for janitorial services in the short-term.”

And Monique Odigie, general manager of Makarios Cleaning Services, added: “There has not been anything that has changed.

We have worked every week for the last 20 years and nothing is different.

“I haven’t been having any issue with getting any cleaning supplies. I am at Blanco Bleach right now, and I have been to Variety Disposable this morning, and I have gotten goods from them.”

Uncertainty rules over cleaning supply restock

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PHARMACIES and food stores yesterday said they remain uncertain as to when full supplies of Lysol or hand sanitiser will be restored to their shelves amid the coronavirus pandemic.

Raymond Albury, the Prescription Centre Pharmacy’s general manager, told Tribune Business: “We don’t seem as if we are getting any because all of the places we buy from, all of the wholesalers, all of the people in the US and even in the UK, are out.

So the chances of anybody

getting any is very slim right now it seems like.”

Another pharmacist, speaking on condition of anonymity, added: “As soon as our suppliers get some in. I really don’t know because the suppliers dictate when we are going to have some in.

I just heard from one of our delivery persons they found some Lysol and I don’t know the quantity, but we hope to get some into our store by the end of the day. It is a supplemental shipment and not our regular shipment.”

“It’s best that you call the wholesalers, not the local stores, because our supplies are dictated by

what the wholesalers have in inventory and, as of right now, our wholesalers are out of hand sanitisers and they are out of Lysol and hydrogen peroxide, so I can’t give you any day or any time. It is only them that order from their manufacturers who would know the delivery time and all else. “ Rupert Roberts, Super Value’s principal, told Tribune Business that new product from the supermarket chain’s supplier will arrive on March 23. Hand sanitiser would come by early April from other sources, he said, “but in the meantime we suggest the public use alcohol”.

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PAGE 4, Tuesday, March 17, 2020

THE TRIBUNE

Bran: Suspend NIB, business licence fees for two months FROM PAGE ONE of social security, the former DNA leader also proposed that the government approve the deferment of National Insurance Board (NIB) contributions on behalf of both employer and employees for a similar duration.

“For businesses that’s a huge chunk,” he said. “It may be difficult on the back end in terms of NIB, but the bottom line is persons may not be able to pay because of the circumstances they are in. There ought to be a suspension of those payments for two months, and it is then to be reviewed to see where we are and of this coronavirus crisis is in hand.”

NIB is unlikely to be eager to agree to such a deferment, given that it is

already grappling with a high non-compliance and untimely payments rate relating to due contributions, but Mr McCartney said the third element of his strategy would be to lower interest payments on loans held by both businesses and individuals.

The Central Bank has already ruled out any cut in interest rates given the negative impact this would have for The Bahamas’ external reserves, which already face being depleted in the coming months due to their lack of replenishment by tourism and other sources of foreign exchange and currency earnings.

But, undaunted, Mr McCartney suggested an alternative would be for banks and other lenders to give hard-pressed

borrowers - struggling amid the coronavirus pandemic - a “grace period of two to three months” where the repayment of mortgages and commercial loans would be suspended.

Most Bahamas-based commercial banks extended such a moratorium postDorian, and the ex-DNA leader told Tribune Business: “That goes a hell of a long way to ease the burden for persons not working or who have been asked to work without pay. That helps to ease the burden and fear of losing their home.

“I think instantly these items for businesses and the man on the street, if some of these suspensions are put in place, that could ease the strain a bit for everyone as a whole. These things need to be looked at quite rapidly as

this whole thing is metastazing. I feel this is more magnified than Dorian.”

Jeffrey Beckles, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive, told Tribune Business that key private sector stakeholders held a series of discussions and meetings yesterday in a bid to develop a strategy that should be presented today for mitigating the economic impact of the coronavirus on this nation.

While declining to reveal details, as the plan and recommendations were still being finalised last night, Mr Beckles said he was “sure people will be satisfied with what’s in the making” through “a very pleasant strategy”.

“Give us a chance, and

we’ll be in good shape,” he told Tribune Business. “The key for us is to have learned the lessons from 9/11 and all other external events that have occurred, and you’ll see that fleshed out in a programme tomorrow [today].

There’s some good people at the table.”

The chamber chief said private sector representatives first met yesterday morning, including executives from the main industries including tourism and financial services. A further meeting was due to be held at 6pm last night, and he added: “The movement is very quick. We have to put stuff before the House of Assembly.”

Mr McCartney, who has multiple business interests, said his family’s Wilmac’s Pharmacy had been “twice

as busy in dollars and cents terms” as normal. He added, though, that the schools he was involved with had been forced to close, while his Halsbury Chambers law firm was making business continuity plan provisions to work from home and connect with clients online.

The ex-DNA leader said “postponements and cancellations” were anticipated in his yacht and aviation charter interests, while lay-offs, reduced work weeks and lower salaries were likely to mean tenants were either unable to pay rent at all or in a timely fashion.

“This has a trickle down effect through the country,” Mr McCartney added. “It is out of our control, but it is how we deal with it. Failure is certainly not an option.”

Club Med closure has San Governor: $2bn reserves Salvador facing shutdown enough to overcome virus FROM PAGE ONE

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business that between 150 to 180 employees would be directly impacted by Club Med’s move. He suggested the consequences for the island’s wider economy would be even more profound given that the resort is its major employer and centre of all economic activity.

“We just got word that Club Med on San Salvador is being closed temporarily as of this week because the jets come from France and Europe,” Mr Woods said.

“We have a conference call with them tomorrow [today] as to what they expect to happen.

“That affects between 150 to 180 persons because Club Med is the major employer on the island. They pretty much employ everyone on that island. It’s going to impact everybody on that island. Only about ten

percent of their guests come from the US and other places.”

Club Med’s imminent closure shows just how dynamic and fluid the coronavirus situation is, and how rapidly a business can be forced to adjust its business plans. The resort chain just last Friday told this newspaper that it intended to keep its Columbus Isle property, and all other resorts in the Americas, open despite the Trump administration imposing a ban on all travel from Europe.

FROM PAGE ONE

exchange use, generated from the imports consumed by tourists. This demand falls away with the reduction in visitor presence.

“The health and safety concerns, which are scaling back travel demand by Bahamians, will also take some of the pressures off outflows. The Bahamas is also facing lower international fuel prices, which will ease the import burden.”

Many observers are hoping that the sharp decline in global oil prices will provide at least some relief for hard-pressed Bahamian businesses and families as they contend with the huge earnings drop stemming from a coronavirus pandemic that has brought global travel and commerce to a grinding halt.

Depending on when Bahamas Power & Light (BPL) does its fuel purchasing, the reduced global oil costs could mean lower energy bills during the period of peak summer demand. Fuel costs typically account for 50-60 percent of the total bill. And businesses and households, especially those reliant on on transportation, could also enjoy reduced pressures at the gasoline pump.

Mr Rolle, meanwhile, said the government retained foreign currency borrowing capacity to sustain the external reserved as needed. “The government’s current borrowing authority will allow it to obtain foreign currency loans that will help accommodate import financing,” he added.

“Any support that the government provides to the private sector will express itself in stimulus to local demand, for which some of the outlet will be spending on imports. The government’s capacity to

JOHN ROLLE

GOWON BOWE

provide stimulus in a sustainable way is therefore connected with the amount of foreign currency financing that the government is able to secure.”

The Central Bank governor, though, was quick to warn that the fall-out from the pandemic will spare no business or individual in The Bahamas. “There will be negative economic consequences for the government, businesses and families,” he reiterated.

“Our estimates, though, are sensitive to the likely duration of the tourism setback. It is difficult to project how long the industry will stay in a slump, since this will depend on the rate at which public health confidence is regained in the international community.”

Many Bahamian businesses and households are likely to have minimal financial reserves on which to sustain themselves depending on how long the COVID-19 crisis lasts, especially if their income sources dry up or jobs are lost.

Significant numbers of Bahamians live from pay cheque to pay cheque, having built up minimal savings levels, leaving them especially vulnerable to an economic crisis of this nature.

Meanwhile Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, said payment system technology advances meant no

Bahamian or household should experience problems in settling transactions locally or internationally during the coronavirus crisis.

“As it relates to being able to move money throughout the economy, I don’t think think there are any issues of concern here or internationally about out ability to do so given the advances in technology over the last ten years,” he told Tribune Business.

Mr Bowe said the BISXlisted commercial bank had yesterday sent out an advisory to customers reminding them of the availability of online banking and other electronic means, such as credit and debit cards, as well as automated teller machines (ATM), through which they can conduct financial transactions as opposed to physically visiting a branch.

He added that Fidelity Bank (Bahamas) was also reviewing its business continuity planning should staff have to work from home, with even loan and mortgage applications able to be dealt with electronically.

Separately, banking industry sources said the Clearing Banks Association (CBA) had yesterday met with K Peter Turnquest, deputy prime minister, to ensure the continuity of financial services provision for as long as the coronavirus pandemic lasts. Discussions were also held between the industry and Central Bank.

THE TRIBUNE FROM PAGE ONE manage through this as situations evolve,” Ms Carey wrote in her letter.

“To this end, we are asking team members to take earned vacation days or volunteer to take two weeks’ unpaid leave of absence effective immediately. We encourage you to speak with your manager today and confirm your dates.”

Seeking to rally morale, Ms Carey added: “Over the years we have continually demonstrated our enduring values regarding the safety, satisfaction and well-being of our guests and team members. In the current climate, where COVID-19 is impacting everyone globally, it is no different for us...

“We want you to feel absolutely confident that we are doing our best to shoulder the burden of our operations to secure our future and to lessen the burden that this situation imposes on you.

We are all in this together, so let’s continue to be resolute and strong. We remain optimistic that we can count on your support and co-operation at this critical time. We will get through this.”

One Atlantis employee, speaking to Tribune Business on condition of anonymity, described the situation as “scary” and suggested the resort was facing “a long period of time before occupancy levels return to normalcy”. Donald Trump yesterday estimated that the upheaval caused by the pandemic could last until August, implying that the Bahamian tourism industry will not recover before Thanksgiving.

“Things ain’t looking good,” they said. “This is unprecedented and is going to be worse than 9/11. You have the cancellation of bookings, and then the slow months of September and October. You have the effect of this virus, and tourism is going to need time to rebound.

“We know we’re looking at a long period of time before we see normalcy in occupancy levels. It’s going to be rough. This is scary.

This is really a concern in

Tuesday, March 17, 2020, PAGE 5

‘Matter of time’ before Atlantis unpaid leave is sector norm

ATLANTIS PARADISE ISLAND

terms of the economic effect it is going to have on the tourism industry and The Bahamas.”

The Atlantis employee added that the cruise industry’s 30-day shutdown had left the resort facing a ‘double whammy’, as the passengers enjoying day passes to its water park have traditionally filled the gap when stopover occupancies are low. That is not possible now.

“Whenever we see occupancies are low, those cruise ship guests keep on coming,” they said. “That’s a big part of the revenue for Atlantis.”

Atlantis slashed its workforce by ten percent, or 800 persons, in the wake of the Lehman Brothers collapse that triggered the full-blown 2008-2009 global recession. There is no suggestion that the resort currently has plans for something similar this time around, but other

Bahamas-based resorts and businesses followed swiftly behind it with similar downsizings.

The Paradise Island resort, which was recently taken off the market after efforts to sell it proved unsuccessful, is now owned by Brookfield Asset Management, an entity even more focused on the bottom line than the previous proprietor, Kerzner International.

The hotel union’s Mr Woods yesterday said he suspected other Bahamian resorts will again follow Atlantis’s lead in reducing work hours as they aggressively bid to slash labour costs, one of the resort industry’s largest expense items, and align them with reduced business levels.

Robert Sands, Baha Mar’s senior vice-president, had hinted at such action to Tribune Business yesterday.

“No, but I suspect it’s just a matter of time,” Mr Woods told Tribune Business when asked if other properties will follow the Paradise Island resort’s lead. “Because Atlantis is so big the impact on them is immediate. The smaller properties may be able to go a while longer, but eventually they will have to go the same route.”

Several sources suggested that the British Colonial Hilton has also asked staff to take unpaid leave on similar terms to Atlantis, but Mr Woods said resorts were well within their rights to take such action under the circumstances.

He explained that the last industrial agreement with the BHCAWU permitted hotels, in the event of a sudden business downturn sparked by events such as a hurricane and mass cancellation of airlift, to cut an employee’s work week.

“They have not done anything wrong,” Mr Woods explained of Atlantis, confirming that it had given staff two options. Given that many hotel industry workers have been employed for five, six or seven years, he said it was likely that they had “built-up quite a bit of vacation time” and would be able to utilise that rather than volunteer for two weeks’ unpaid leave.

“The employees will have to make that decision themselves based on their finances and ability to absorb this,” the union president added, revealing that the BHCAWU had held talks with Atlantis management over the weekend to determine what it planned to offer staff.

He added that Atlantis will typically start by closing several restaurants if there is insufficient business to keep all operating, consolidating

this aspect of its business into fewer such outlets.

All restaurant employees, from both the closed and still-open outlets, are then pooled together and the work hours divided among them, thereby drastically cutting the work week.

Confirming that talks between the union and Atlantis management are ongoing, Mr Woods said the BHCAWU had some proposals that were in “the infancy stage” as to “how we can soften the financial impact on the employees”.

Declining to detail these ideas, he said it was difficult to determine when they should be implemented because of the uncertainty over how long the coronavirus pandemic - and its knock-on effect on the Bahamian tourism industry - will last.

“We are in discussions over how we lessen the blow on employees so at least they know something is being done,” Mr Woods said. “There’s some things we believe are workable, but it’s going to take a tripartite approach between the union, employer and government. I cannot say much more than that.

“We will make sure the interests of the employee, the interests of the employer, and the interests of the country are paramount. We are making sure everyone’s percentage stake in this industry is being looked after.”

Confirming that the coronavirus fall-out has taken priority over negotiations for a new industrial agreement, Mr Woods added: “Everyone is going to be affected.

How long can people be off work before it becomes a drain on the government system.

“The main thrust and focus for the union is job security in its totality. We’re in an industry that is volatile in any event. We’ve been down this road before in 2001 with September 11.

That was only two weeks and then things started to mellow out. This one is different. As opposed to being isolated to one place everybody will be affected to a different percentage.”

PAGE 6, Tuesday, March 17, 2020

THE TRIBUNE

BPL Board to consider disconnection suspend FROM PAGE ONE disconnection exercises. No Water & Sewerage Corporation staff are authorised to disconnect any home/ building at this time. All disconnections are halted until further notice.”

The Water & Sewerage Corporation’s disconnection suspension comes even though it is selling water below cost, while its main BISX-listed supplier yesterday revealed that the sums it owes its Bahamian subsidiary have again ballooned to $18.2m at endFebruary 2020.

Consolidated Water, in its form 10-K filing with

the Securities & Exchange Commission (SEC), blamed Hurricane Dorian for the increase in accounts receivables owed to it. The end-February figure represented a partial decline on the $18.4m outstanding at year-end 2019, with more than three-quarters of that sum categorised as delinquent - meaning it is more than 90 days past due.

“Consolidated Water Bahamas’ accounts receivable balances due from the Water and Sewerage Corporation amounted to $18.4m as of December 31, 2019, and $17.6m as of December 31, 2018,” the company’s filing said.

“Approximately 76 percent of the December 31,

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SANDRA PATRICIA DE SAMILLAN of #227 Auqa Marine Close East, Treasure Cove P.O.Box N-7609 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.

BPL HEADQUARTERS 2019, accounts receivable balance was delinquent as of that date. The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary.”

Consolidated Water added: “Historically, Consolidated Water Bahamas has experienced delays in collecting its accounts receivable from the Water and Sewerage Corporation. When these delays occur, we hold discussions and meetings with representatives of the WSC and The Bahamas government, and as a result, payment schedules are developed for Water and Sewerage Corporation’s delinquent accounts receivable.

“All previous delinquent accounts receivable

from the Water and Sewerage Corporation were eventually paid in full.

Based upon this payment history, Consolidated Water Bahamas has never been required to provide an allowance for doubtful accounts for any of its accounts receivable, despite the periodic accumulation of significant delinquent balances.

“As of December 31, 2019, we have not provided an allowance for Consolidated Water Bahamas’ accounts receivable from the Water and Sewerage Corporation. We believe the delays we have experienced in collecting Consolidated Water Bahamas’ receivables [are] due to the impact of Hurricane Dorian, which devastated the northern

NOTICE NOTICE is hereby given that ANDREW D’ANGELO JOSEPH of Hope Town, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 16 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,219.78 | CHG: 3.37 | %CHG: 0.15 | YTD: -11.82 | YTD%: -0.53 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 4.24 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 1.80 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 3.55 17.43 6.00 6.68 2.10 1.62 3.00 12.00 6.00 4.20 6.10 3.13 5.06 9.18 8.00 15.08 8.97 4.08 15.20

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.90 12.00 6.00 4.20 6.10 2.43 4.90 8.34 8.00 15.08 8.97 4.24 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 0.00 0.00 0.00 0.00 -0.70 -0.16 -0.84 0.00 0.00 0.00 0.16 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 3,000

1,000

2,000

1,000

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.6 16.6 13.4 22.8 43.6 23.8 10.5 12.9 11.0 18.5 9.6 20.9 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 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.00% 3.67% 2.86% 0.00% 17.86% 1.22% 3.93% 3.00% 3.58% 2.23% 2.83% 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

DESMOND BANNISTER Bahamas in September 2019.”

Meanwhile, Mr Bannister said yesterday: “As you and I know, the Water and Sewerage Corporation provides water at a loss. The tariff has needed an increase for years. All of us buy water at less than it costs to produce.

It’s an unsustainable model, but the government subsidies Water and Sewerage Corporation so that we can have water as it’s critical to our health.

“BPL is a broke company, and has hundreds of millions of dollars in debt. It has an independent board, even though the government is the major shareholder, that makes decisions and comes to the government as needed.

They’ll consider what’s in

the best interests of the country and the Bahamian people and make some decisions which they will discuss with us.

“Whatever they can do within the parameters they have to work with, bearing in mind they are completely broke, they will do.”

Mr Bannister said BPL’s funding will still “be very tight” even once it completes its planned bond refinancing, which has been delayed to allow amendments to the legislation that supports it.

“It’s not going to be a situation where they have a whole lot of room,” he added, while assuring that “huge interest” remains in BPL’s refinancing despite the delays and the coronavirus outbreak.

NOTICE NOTICE is hereby given that WILLIAM DORLEUS of Nassau Village, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KERLANE LOUISIUS of Balfour Ave, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that LEIGH MANAGEMENT LIMITED is in dissolution and the date of commencement of the dissolution is 13th day of March, 2020.

Lynn Kelly and Joycelyn Curry LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P. O. Box CB 10956 Nassau, Bahamas

THE TRIBUNE

Tuesday, March 17, 2020, PAGE 7

France says people must stay home to slow spread of virus

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

T FRENCH President Emmanuel Macron speaks during a television address yesterday in Ciboure, southwestern France. For most people, the new coronavirus causes only mild or moderate symptoms. For some it can cause more severe illness.

Photo: Bob Edme/AP PARIS Associated Press FRANCE said yesterday that it would follow other European countries in confining residents mostly to their homes during the COVID-19 pandemic, while the European Union considered closing its external borders to foreign travelers to impede infections.

French President Emmanuel Macron said that starting today, people would be allowed to leave the place they live only for necessary activities such as shopping for food, going to work or taking a walk.

“From tomorrow at noon and for at least 15 days, our trips will be greatly reduced” Macron said in a televised address.

Macron said the government would provide further details, but he told the French people that everyone should stay at home, go out just for the “bare essentials” and commute to work only if working from home isn’t feasible.

Anyone caught violating the new measures will be punished, he said.

The restrictions appeared to put France under a lockdown similar to the ones imposed last week in Italy and Spain in response to the virus. While the restrictions are in effect, residential gatherings with family and friends will be prohibited, the president said.

“We are at war,” Macron said repeatedly in his address.

French Interior Minister Christophe Castaner subsequently specified that all people circulating on France’s streets will have to justify, upon request, why they were out and about.

Forms stating the purpose of “essential” outside travel — such as going to the bakery to buy a baguette — will be available for downloading, Castaner said.

People without valid reasons will be subject fines ranging from 38-135 euros

($43-$151), the minister said.

Castaner said 100,000 police would be deployed in the coming days to enforce the lockdown.

The French plan was announced almost a week after a nationwide lockdown took effect in Italy, the country with the most reported virus cases in the world except for China.

Spain followed suit over the weekend, while other EU nations have adopted ad hoc national measures, including partial border closures.

As of earlier Monday, six of the ten countries with the highest numbers of reported virus cases worldwide are in Europe: Italy, Spain, Germany, France, Switzerland and the UK France has reported a total of 6,633 cases, including 148 deaths.

British authorities also ramped up public health measures yesterday, telling people who are in the groups considered most vulnerable to severe COVID-19 illness to stay at home for three months.

Prime Minister Boris Johnson said people with “the most serious health conditions” should be “shielded” from social contacts for 12 weeks, starting this weekend.

He mentioned people over 70, those with chronic illnesses and pregnant women as particularly at risk.

It was unclear whether everyone in the those groups was being told to stay home for 12 weeks. Johnson said the government was advising the entire population “to stop non-essential contact with others and to stop all unnecessary travel”.

“You should avoid pubs, clubs, theaters and other such social venues,” he said at a news conference alongside his chief medical and scientific advisers.

For most people, the virus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.

While national governments across Europe have taken a range of measures to contain the virus from moving into and within their countries, the 27 members of the European Union are looking at closing the EU’s external borders to most foreign travelers.

In recent days, the EU has been urging its members to put common health screening procedures in place at internal borders but not to block shipments of medical equipment. EU officials fear that countries acting alone and without coordination might make things more difficult for neighbours whose health-care systems are already creaking.

The proposed travel restrictions will be put to to the bloc’s 27 leaders at a summit to be held via video-conference Tuesday.

European Commission President Ursula von der Leyen said the plan calls for them to be in place for an initial period of 30 days.

Exemptions could be given to long-term residents in the EU, border area workers, family members of European nationals and diplomats. British citizens would not be included in the ban, even though the country officially withdrew from the EU on Jan 31.

“Essential staff such as doctors, nurses, care workers, researchers and experts that help address the coronavirus should continue to be allowed in the EU,” von der Leyen said.

Transport workers also could receive exemptions to ensure supplies of “essential items such as medicine, but also food and components that our factories need,” she said.

Asked whether she thinks Europe will return to having its passport-free travel area once the pandemic subsides, German Chancellor Angela Merkel said she hoped so and noted that so far “coordination didn’t work well everywhere the way one would have hoped”.

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

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

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