03192020 BUSINESS

business@tribunemedia.net

THURSDAY, MARCH 19, 2020

$4.38

$4.39

$4.4bn economic blow: ‘Playbook out window’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE coronavirus and Hurricane Dorian are threatening to deal The Bahamas an “unprecedented” $4.4bn blow, with the deputy prime minister revealing yesterday: “The playbook is out the window.”

K Peter Turnquest, speaking to Tribune Business after revealing that the COVID-19 outlook is “tilting” towards projections of a $1bn loss for the four months to end-June 2020, described the pandemic as “hopefully a once-in-a-lifetime event” that was impossible for government planners to anticipate.

Agreeing that The Bahamas had never before in its history experienced such economic and fiscal stress, Mr Turnquest said the Ministry of Finance remained confident that - for the moment - the government can handle a projected $147m COVID-19 related fiscal hit from the additional

• DPM: $1bn virus loss adds to Dorian • Holding to deficit despite new $147m hit • Accessing IMF’s $200m facility last resort • External reserves to shrink $900m in 2020

K PETER TURNQUEST $508m in net new borrowing recently approved by Parliament to finance Hurricane Dorian reconstruction.

Confirming that the government is seeking to remain within the expanded $677.5m post-Dorian deficit limit, he added that it was “reprioritising and rearranging” its financing to both “meet the health and security needs” of Bahamians and provide financial support to hardpressed businesses and

COVID-19 ‘worst ever catastrophe’ for the workforce

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday branded the coronavirus as “the worst catastrophe” Bahamian workers have ever faced due to the uncertainty over how long it will last.

Obie Ferguson, pictured, the Trades Union Congress (TUC) president, told Tribune Business that the situation had exposed what he described as a legal loophole in that there are no provisions in Bahamian statute mandating that employers continue to fully pay staff

who have been sent home on a temporary furlough.

He added that the crisis has also highlighted the need for Bahamian workers to engage in better financial planning, and to save a portion of what they earn, rather than persist with “pay cheque to pay cheque” living that leaves them vulnerable to a global pandemic.

“I think this is probably the worst situation we have experienced in terms

SEE PAGE 7

Govt praised on virus measures given ‘limitations’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE sector executives and union leaders yesterday praised the government for striking the right balance between its fiscal woes and propping up workers and the economy against COVID-19.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, hailed the Minnis administration’s focus on assisting vulnerable workers and small businesses from within its recently-approved $677.5m deficit rather than engage in more borrowing.

ROBERT MYERS Acknowledging that the government’s lack of “rainy day money” had made the coronavirus “so scary”, Mr Myers argued that taking on more debt financing to mitigate the fall-out could “be far more destructive” if it led to the Bahamian dollar’s devaluation.

SEE PAGE 6

persons likely to either lose their jobs or income.

With Dorian having already inflicted an estimated $3.4bn in losses and damage on the Bahamian economy, Mr Turnquest said “there’s no denying we are in challenging times” given the potential $1bn hit that the coronavirus now appears ready to deliver.

“To have another $1bn in loss to the economy on top of a $3.4bn loss from Dorian is, for most people, unimaginable,” the deputy prime minister told this newspaper, “and the cash requirements and level of social assistance required is certainly unprecedented.

“It’s a very significant challenge. These are issues that we could not have originally planned for - even with the supplementary budget - but

we have to reprioritise and rearrange our finances to ensure we meet our commitments and the needs of the Bahamian people.”

Referring to the coronavirus specifically, Mr Turnquest added: “This whole pandemic is hopefully a once-in-a-lifetime event and, certainly, I don’t think we’ve ever had a circumstance where this is both a local issue with the shutdown of businesses and an international issue with the closure of our major source tourism markets.

“This is uncharted territory, and we’re making the playbook as we go, quite frankly. I don’t think anybody has this kind of matter on their radar. Even when we had SARS (Severe Acute Respiratory Syndrome) and

SEE PAGE 5

$4.47

$4.46

Water sports sector near total shutdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

WATER sports operators yesterday revealed the industry is almost completely shutdown due to the coronavirus pandemic.

Kamar Chandon, general manager of KC Watersports Bahamas, told Tribune Business: “They shut down the cruise ships and stuff, so we are closed down for business until further notice.

With no idea on how long he will be closed, Mr Chandon added: “It depends.

We are waiting on the ‘OK’ from Sandals, and if they decide they are going to close down then everything is just shut down, but 30 percent of our business comes from the cruise lines.”

“The hotel doesn’t support my business enough, because mostly their guests are pre-booked, so they take excursions with the bigger companies and go out like to Exuma and things like that.”

Mr Chandon, though, continued: “In terms of the government closing [things] down, it’s a good move.

The government has to try because otherwise the virus will multiply and get worse, so you have to get it under control. I feel like you have

to take a loss to get a gain in the long-term.

“With the cruise lines, a few thousand people come on that ship and it is easier to get infected that way...

Trump decided to put a clamp down on the cruise lines for 30 days, trying to get control of the situation, so us in The Bahamas we have to go along with the flow. We had a lot of cancellations, and we had to refund fully without any penalties due to the situation. It is not the customer’s fault, so we can’t give them a hard time.”

Mr Chandon said his business does not plan to lay-off any staff, and said, “We have a small staff, just two workers. It’s a family business and I will talk to my family members about looking into the unemployment benefits for ourselves.”

Meanwhile, Raymond Lightbourn, general manager of Exuma Watersports, said: “The stores are going crazy over here. It’s totally affected us. We have had pretty much all of our reservations cancelled now, something close to 700 reservations that we had and we’re on the verge of closing.

SEE PAGE 7

PAGE 2, Thursday, March 19, 2020

THE TRIBUNE

GB WATER PRODUCER HALTS DISCONNECTIONS

How to erase with precision THE “background eraser tools” in Photoshop are extremely useful. If you have not used this yet you may think they are tools for, well, erasing things.

You have probably seen the little eraser in your toolbar and wondered what they were for. Photoshop, being a great editing software, has so many tools that it can quickly become confusing.

The eraser’s tools, though more subtle, serve a huge purpose and are easy to master, especially for beginners. There are many logical reasons for why you would want to remove the white background from an image, especially if you have a creative mind.

Take note that the tool panel appears at the very left of the screen. And any information needed about a tool can be viewed by simply positioning the pointer over it to show the name of the tool. There are three variations: eraser; background eraser; and magic eraser.

There is also an auto-erase function when using the pencil tool.

Background Eraser Tool The importance of the background eraser tool is known to the photography or graphic industry. In its full role this tool eliminates backgrounds while leaving the other important areas untouched. The name “background eraser” gives the impression that this tool only deletes backgrounds, but it can be used to erase any other part of an image as well. While it is handy, it is important to note one of its drawbacks. When a pixel is deleted, it is gone, whereas if you mask out a pixel it is hidden.

The first step is to change the size of the ‘brush’.

This tool is different from the eraser tool for the mere fact that when it is clicked the cursor changes to a circle with a “+” in the middle. By default, it samples the colour

The Art of Graphix

BY DEIDRE M BASTIAN

that is directly under the “+” in the centre of the circle, causing Photoshop to erase all that colour which falls within the larger circle. You may have noticed that, while opening an image in Photoshop, it creates a locked layer that generally sits in the background. Ensure that it is unlocked, as it may be locked by default.

Magic Eraser Tool You can think of this tool as a “magic wand”, and instead of just selecting similar pixels it deletes them.

It is a great tool for quickly removing backgrounds with one colour. When using the eraser tool, the higher the number typed in this box, the more pixels will varnish.

Pay attention to the opacity as this defines the strength of the eraser tool. For example, 100 percent opacity will completely erase, while lower numbers only partially erase pixels.

Eraser Tool How to use the eraser tool? First, click on it. Select the background colour you would like to use in place of the existing background.

Then choose between brushes, pencil and block modes. Brushes are round with soft edges, pencils look more like drawn lines, and

blocks are squares with hard edges.

When using brush or pencil modes, ensure that you set the opacity and flow in the options toolbar as well. Finally, hold down the cursor and drag it across the areas allotted to erase.

Thereafter it permanently deletes unwanted pixels that can only reappear by using “undo”.

Learning how to remove a background in photoshop can be a little tricky when the background contains multiple colours and shapes, but it is still pretty simple. By the same token, some graphic designers rely on using the lasso and pen tool to remove objects from a background, but this is not necessary especially if the background is a simple white colour. If the image has different colours, then the tolerance level must be set to a higher value and vice versa. The higher the tolerance, the more colours erased.

Background erasing can be a challenge sometimes if only for the mere fact that it requires precision and skills.

However, with the help of the right tools and a little practice you will see the power of this amazing tool.

Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com About Columnist: Deidre M. Bastian is a professionally trained graphic designer/ marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

FROM left: Payge Woodside, monitoring and evaluations officer, Samaritan’s Purse; Elizabeth Amonzabel, chief of party, Samaritan’s Purse; Philcher Grant, the GBPA’s director of group corporate affairs and government relations; Geron Turnquest, GBUC general manager; and Trevor Simmons, GBPA business development officer.

GRAND Bahama’s main water supplier has joined the Water & Sewerage Corporation in suspending customer disconnections in response to the coronavirus outbreak.

The Grand Bahama Utility Company (GBUC), in a statement, said it is working on a dual strategy that involves COVID-19 prevention measures at water depot distribution sites and the continued restoration of potable supplies following Hurricane Dorian.

Confirming that the water supplier has created a COVID-19 contingency plan, Philcher Grant, the Grand Bahama Port Authority’s (GBPA) director of group corporate affairs and government relations, said: “Over the last few weeks, the GBUC team has been working hard to develop preventative plans by way of response to the threat of a COVID-19 outbreak in Grand Bahama.”

“We are on track, and continue to develop new wells, to ensure we bring potable water back by May. We also want to assure you that all of our present potable water sites throughout the island are being maintained and monitored to ensure they are safe. We have also been working with relevant stakeholders,” added Geron Turnquest, GBUC’s general manager.

“The GBUC will ensure that all persons connected

with water will not be disconnected at this time. We want to ensure that everybody has water to take care of their hygiene and other needs.”

GBUC’s COVID-19 protocol is designed to ensure the safe distribution of potable water at sites island-wide. These stations are open to the public on a daily basis to provide potable water free of charge to residents.

Trevor Simmons, the GBPA’s business development officer, said: “Water monitors are stationed at each site to handle taps and fixtures for filling. Hand washing stations will be erected at each water distribution site. We also want the public to know that there is no shortage of water.”

In keeping with the Ministry of Health’s suggested methods of social distancing to prevent the spread of COVID-19, Mr Simmons added: “We ask that when at water distribution sites, kindly distance yourself from others as much as possible while waiting for your water container to be filled.

“Also, please follow any instructions given by monitors. If you have symptoms, we ask that you send someone else to collect water for you and avoid the public distribution sites.”

Grand Bahama residents were also reminded that certified water providers are fully operational and

open to the public. These companies received their certification by passing two required tests from the Department of Environmental Health (DEH to confirm their physical plant has been inspected and that the water quality meets the standards and guidelines set by the World Health Organisation. These companies include Pure Ltd; Bahama Fresh Water & Ice; Crystal Clear H20; Full Oasis Water Centre; and Sunny Isles.

Ms Grant added: “We recognise that persons are very concerned. People have understandably expressed fear over COVID-19. I want to assure you we are going to be with you every step of the way. We are going to do what we have always done as Grand Bahamians, which is to get through this together. One thing I know about this island, we are nothing, if not, resilient.

“We would really like to caution the public at this time about the circulation of false information from unaccredited sources. This is not the time to create mass panic and hysteria.

We urge you to follow the relevant, accredited agencies including Ministry of Health, Grand Bahama Port Authority, the World Health Organisation and the Centre for Disease Control and Prevention. We ask that everyone practices safety and responsibility as well.

THE TRIBUNE

T

HE Securities Commission yesterday announced its top executive has been elected as vicechair for a global supervisory organisation’s regional body.

Christina Rolle, the Bahamian regulator’s executive director, was named vice-chair for the InterAmerican Regional Committee (IARC) of the International Organisation of Securities Commissions (IOSCO).

She will hold the post for the 2020-2022 term. As a result of being elected, Ms Rolle will also hold a seat on the IOSCO Board for the same period of time.

K Peter Turnquest, deputy prime minister, hailed Ms Rolle’s election by saying: “This is a notable accomplishment not only for the Securities Commission, but for the Bahamian financial services industry overall.

“The Bahamas has been

Thursday, March 19, 2020, PAGE 3

Commission chief gains regional supervisory post working meticulously to change the global narrative about our financial services industry to more accurately depict this jurisdiction as highly professional, experts in the things we do, embracing of international best practices and standards as well as global initiatives to fight financial crimes.

“I congratulate Ms Rolle, and the commission, and wish them success in representing the industry in the coming years.”

Robert V Lotmore, the Securities Commission’s

Wake up!

‘There will be no tourists’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday urged Bahamians to “grasp the simple yet inconceivable reality that there will be no tourists” visiting this nation for at least two to three months.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, sought in his House of Assembly address to drive home the brutal reality that “the lifeblood of our country” will dry up due to the absence of thousands of stopover and cruise passengers as a result of the coronavirus pandemic.

Arguing that The Bahamas was “facing an economic calamity that will almost certainly exceed that of Hurricane Dorian”, Mr D’Aguilar said the combination of international travel bans, airline cancellations and border closures - especially those impacting its main visitor markets of the US and Canada - will result in hotel occupancies “rapidly trending down to zero” to become “the new norm”.

Continuing to paint a grim short-term outlook for an industry that generates 40 percent of annual Bahamian economic output (GDP), and around 50 percent of all jobs in this nation, the minister said the tourism sector will be “strained to its very core”.

Mr D’Aguilar, seeking to end on an optimistic note, reiterated his belief that The Bahamas was wellpositioned to lead a global tourism recovery whenever it occurs due to its US proximity and lack of population density - factors that will appeal to travellers still concerned about the COVID-19 infection and not wanting to travel too far from home.

Starting by saying it “will likely be one of the most painful speeches I will ever have to make” in the House of Assembly, Mr D’Aguilar said the coronavirus pandemic had undermined an “accelerated recovery” that post-Hurricane Dorian was “vastly ahead of schedule”.

Touting 2019’s record 7.2m visitor arrivals, with air (stopover) and cruise visitors up by 6.7 percent and 10.3 percent, respectively, for an overall 9.4 percent increase, Mr D’Aguilar said this momentum had continued into January as total tourist numbers for the month were up 7.9 percent year-over-year (see other article on Page 3B).

“Until COVID-19’s

rapid and uncertain spread throughout much of the world, our thriving tourism industry - the engine driving much of The Bahamas’ continued growth - showed no signs of slowing down,” Mr D’Aguilar said. “We were poised for another year of success, another year of growth, another year of plenty.

“Which is why it pains me deeply to stand in front of you all and recognise that, around the world, tourism is shutting down. Quite simply, the tourism industry worldwide faces a significant - some would even say, catastrophic - collapse in the near term.

“One only need look at our forward booking data, which reveals absolutely no bookings for the foreseeable future as potential vacationers retreat into their homes worrying about the uncertainty of their own short-term economic prospects and pushing any thought of any type of vacation out of their realistic realm of possibility.”

The minister added that it was “fundamental” that Bahamians understand the coronavirus’s short and longterm impact on the tourism industry, with the cruise industry having implemented a 30-day shutdown and air travel significantly curtailed by travel bans, border closures and minimal traveller demand that had hit rock bottom.

“Life as we know it will be fundamentally uprooted for the next 30, 60, 90 days.

To convince ourselves otherwise would be of profound detriment to the collective struggle we as Bahamians have begun to mount, and will continue to mount, against COVID-19 in the coming months,” Mr D’Aguilar said.

“Mr Speaker, we must be candid, forthright and brutally honest with ourselves about what the next two to three months will look like. Hotels will be vacant.

Ports will be deserted.

Streets will be empty. The lifeblood of our country will be devoid of the many millions of foreign visitors that are so economically impactful in our ever day lives.

“We are facing an economic calamity that will almost certainly exceed that of Hurricane Dorian, the most powerful hurricane to ever strike The Bahamas.”

Mr D’Aguilar said the depth of the economic and tourism impact on The Bahamas, and its ability to recover, will depend on factors both within and outside

CHRISTINA ROLLE chairman, said: “Ms Rolle’s election is a testimony to the international this nation’s control. He added that this nation must focus on controlling the coronavirus outbreak within its own borders first, then hope that the major visitor source markets - the US, Canada and Europe - follow suit with their own respective situations.

“The simple yet inconceivable reality we all need to grasp is that there will be no tourists,” Mr D’Aguilar added, referring to the travel bans, warnings and restrictions imposed by the Trump administration. “I predict that, on the back of such announcements, hotel occupancies will rapidly trend down to zero as the travel bans, airport closures and border shut downs become the new norm.

“The Bahamas is confronted with extraordinary vulnerability owing to our pronounced reliance both on the United States and cruise lines. Indeed, the Prime Minister has highlighted that some 82 percent of stopover visitors hail from a country which is slowly closing itself off to the world, while 75 percent of our foreign visitor arrivals depends on a cruise industry which has entirely ceased operations.

“Mr Speaker, our tourism industry will be strained to its very core. A prolonged crisis in our crucial international markets and the corresponding collapse of our key airline partners augur extremely challenging times ahead.”

relationships she has built, as well as the commission’s continuous engagement with IOSCO over the past few years.

“This is a notable milestone for the commission and an indicator of our commitment to not only be an adopter of international policy but to significantly contribute to the shaping of global regulatory policy as a leading jurisdiction for financial services.”

The Securities Commission was among the first regulators to become an “A.1” signatory to IOSCO’s current information sharing arrangement on 21 November, 2018, together with seven other national supervisors.

The Bahamian regulator has also deepened its involvement in IOSCO’s technical work, with successful nominations to IOSCO’s committee three on regulation of market

intermediaries; committee four on enforcement and the exchange of information; the MMoU screening group; and the assessment committee.

The Securities Commission has also engaged in the work of IOSCO’s largest committee, the growth and emerging markets committee (GEMC), related to digitisation in the capital markets and corporate governance.

Ms Rolle said: “While the election is in a personal capacity, it is indeed an honour for the entire Securities Commission of The Bahamas, and even the jurisdiction, to be supported by our peers. I look forward to the new role and working even more closely with the secretary-general and Board of IOSCO. “The Bahamas is unique in that we bring the perspective of a small island developing state and this election, along with the

consequential IOSCO Board representation, will enable us to forward the points of view of similar jurisdictions with comparable priorities and challenges.”

The Inter-American Regional Committee (IARC) is one of four IOSCO regional committees, comprising 27 member securities regulators from North, Central and South America, and the Caribbean, as well as four associate members representing the International Monetary Fund (IMF), the International Bank for Reconstruction and Development, and two additional Americas securities regulators.

IARC provides a forum for members to discuss the application of IOSCO policy initiatives and their approaches to address regulatory challenges, and to share regulatory experiences.

RBC UNVEILS THREE-MONTH ‘GOOD CLIENT’ LOAN DEFERRAL

their loan accounts as of March 2, 2020. It added that clients already participating in other RBC relief programmes are excluded from the initiative.

The Canadian-owned bank said its goal was to help clients manage the potential financial fallout from COVID-19, especially the loss of jobs or income; childcare disruption due to school closures; or dealing with the virus itself.

RBC added that it was continuing to monitor the coronavirus, and its economic impact, in all territories in which it operates and “may consider other relief measures if necessary”.

The hope among Bahamian corporate and household borrowers will be that RBC’s Canadian rivals, Scotiabank and CIBC FirstCaribbean, will follow its lead.

The three Canadianowned banks account for the majority of the $5.756bn in private sector credit that was outstanding at end-January 2020, and repayment deferrals by the trio would ease the burden faced by hardpressed borrowers faced with jobs and/or income losses as a result of the pandemic.

K Peter Turnquest, deputy prime minister, yesterday told the House of Assembly that Bahamian commercial banks had “reiterated to me their commitment to helping their clients through

challenging times”. However, no details were provided of what this “commitment” may involve until RBC’s statement last night.

Referring to the government’s meeting with the Clearing Banks Association (CBA), Mr Turnquest said: “They have advised that if persons are experiencing financial difficulties during this period that they should contact their banks to understand the options that are available to them, such as payment deferrals, credit limit increases or other measures to offer temporary relief.

“As this issue progresses, the banks have stated their intent to offer more tailored products and services to persons who financially are negatively impacted by the economic effects of COVID-19. The banks have, however, stressed that for now, it is important that clients who - because of their changing circumstances find themselves in financial duress, that these customers should go in before they fall into arrears so that their specific situation can be assessed and addressed within the range of the banks’ available tools.”

Translating what this meant, Mr Turnquest told Bahamian borrowers: “Don’t wait to get into trouble. If you suspect you will be laid off or your income will be affected, go and see your financial institution.”

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYAL Bank of Canada (RBC) yesterday unveiled a three-month deferral of loan repayments for clients in The Bahamas and wider Caribbean who were in good standing as at March 2, 2020.

The Canadian banking giant, detailing its response to the coronavirus (COVID-19) pandemic, said: “Effective immediately, most RBC personal banking clients in the Caribbean will benefit from an automatic three-month payment deferral on credit facilities.

“Business and corporate banking clients are also eligible for the relief programme, following individual eligibility assessments with an RBC representative. Automatic payment deferrals will be applied as of March 17, 2020, and remain in effect until June 30, 2020, or until further advised.”

To qualify for the initiative, RBC said its personal banking, business and corporate clients must be current and in good standing with

PAGE 4, Thursday, March 19, 2020

Tourist arrivals driven by 78% cruise isle rise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A 78 PERCENT increase in arrivals to the cruise lines’ private Bahamian islands was the sole factor driving increased visitor numbers during January 2020, it was revealed yesterday.

K Peter Turnquest, unveiling the government’s fiscal and economic plans

to combat the coronavirus fall-out, told the House of Assembly that the cruise industry’s increased use of private destinations such as Coco Cay and Half Moon Cay had more than offset both the decline in air arrivals and a 20.4 percent fall in cruise passengers visiting Nassau/Paradise Island.

“According to the Ministry of Tourism, preliminary data show a decline in stopovers of 12.5 percent for

Bahamasair in schedule slash to contain losses

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A Cabinet minister yesterday said Bahamasair is examining how to combine flights and slash schedules to contain losses that will

inevitably “go up” amid the coronavirus pandemic.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business: “Bahamasair obviously will be reviewing its operations to do what economically makes sense.

THE TRIBUNE January and 26.5 percent for February 2020, as capacity in Abaco and Grand Bahama remains largely constrained,” Mr Turnquest said.

“Although cruise visitors increased by 11.3 percent in January, this was largely on account of a 77.9 percent gain in arrivals to the cruise lines’ private islands as such arrivals to Nassau/ Paradise Island contracted by 20.4 percent.”

Mr Turnquest’s comments are likely to increase scepticism, and heighten fears, that Royal Caribbean’s planned Royal Beach Club

on the western end of Paradise Island will further tip the balance in the favour of the cruise industry and deprive Bahamian-owned businesses of much-needed guests and passenger spending.

Dionisio D’Aguilar, minister of tourism, in his subsequent House of Assembly address focused on the 7.9 percent increase in total arrivals experienced during January 2020 without acknowledging the key role played by the cruise lines’ private islands.

While admitting that there had been “slower

than anticipated air arrivals in January 2020”, Mr D’Aguilar placed the focus on the prior year’s performance. “The Ministry of Tourism’s statistics indicate that, with the record arrival of some 7.2m visitors in 2019, our industry had its best year ever,” he added.

“Our air arrivals grew by 6.7 percent, our cruise traffic grew by 10.3 percent, and our total arrivals grew by grew 9.4 percent. Unprecedented and historic.... We were well on our way towards an accelerated recovery, vastly ahead of schedule, in the aftermath of Hurricane Dorian.”

“I have spoken to the chairman [Tommy Turnquest], and have spoken to the managing director [Tracy Cooper], and they are looking at combining flights and reducing schedules to embrace the new economic realities. It doesn’t make sense to fly empty planes if there is no demand, so they are reducing their schedule to accommodate the new realities that not very many people are travelling.”

Mr D’Aguilar said he did not know what Bahamsair’s monthly cash “burn rate” is, only “what the subvention is and what’s being budgeted in this current fiscal period”. He added: “Bahamasair probably costs the Treasury about $1m a month in subventions, or thereabouts. Most of it is to pay their $120m loan that they incurred when they bought the five new planes.

Adding that he expects Bahamasair’s subsidy, pegged at $22.393m for the 2019-2020 fiscal year, to “probably” be increased, Mr D’Aguilar added: “I am sure the losses the will obviously go up. The airline has a very high fixedcost business model, so you need [passenger] loads to make it work.

“So when your loads go down, you are incurring all of the lease payments, all of the crew and all of the fixed costs that can only be covered when you have passengers, so you naturally expect losses to go up.”

Bahamasair is far from the only airline in this predicament, as Mr D’Aguilar told Parliament yesterday: “The international Air Transport Association estimates that airlines have already lost $113bn as a result of COVID19. This number does not even take into account the recent travel restrictions imposed by the US and Canada on European travel, suggesting that losses will rise to unfathomable figures.

“On March 15, American Airlines announced it will continue its short-haul flights to the Caribbean, but in responses to decreased

demand and the US government’s COVID-19 travel restrictions, the airline will undergo a phased suspension of long-haul flights with a 75 percent capacity decrease from March 16 through May 6.

“Domestic capacity will reduce by 20 percent in April, and 30 percent in May. On Tuesday, March 10, Delta declared it would reduce its international capacity by 25 percent, eliminating travel on some 40 percent of its routes.”

Mr D’Aguilar continued: “Most US-based carriers have announced that they will continue with essential travel only, but have suspended fees for flight changes and cancellations in order to facilitate future travel once this crisis is behind us.

“As the prime minister has highlighted, some 82 percent of stopover visitors hail from a country which is slowly closing itself off to the world, while 75 percent of our foreign visitor arrivals depend on a cruise industry which has entirely ceased operations.”

Mr D’Aguilar said news from The Bahamas’ second largest visitor market, Canada, was “equally disheartening”, and added: “The Canadian government proclaimed on Friday, March 13, that Canadians should avoid all non-essential travel outside of Canada. Only a few of its airports are open to receive international flights.”

“Each of the three major airlines, Air Canada, Sunwing and WestJet, have suspended or greatly reduced flights to the Caribbean.”

RESTAURANTS SUFFER 40% SALES DROP-OFF

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net WELL-known restaurants yesterday reported a 40 percent sales decline due to the economic shutdown created by the coronavirus pandemic.

Philip Smith, the Compass Point Resort and Restaurant’s property manager, told Tribune Business: “We have seen a mixture of cancellations, although mostly we have been able to salvage some of our guest stays by giving them one full-year after their date of arrival to make other arrangements or to delay their stay with us at the hotel.

“The restaurant, we have seen a drop for sure. We have had some guests that still come through, so we are depending on our local customers right now. I’ll say this past weekend was pretty healthy, but as of today we would probably be close to a 40 percent drop-off in sales.

“We are going to wait and see, and hope for the best.

We are just sort of learning and trying to figure it out now, because every day it’s something new. We don’t plan to close down, and we don’t plan to layoff staff. That’s not the plan. We have about 60 staff members for the entire property, and a little over 50 staff members are exclusively for the restaurant.”

Prudence Thompson, the Green Parrot restaurant chain’s operations manager, added: “Revenue has decreased by 40 percent. We have not necessarily decided to close down or change our operating hours. This is for both of our outlets, the one on Paradise Island and on East Bay Street.

She said the restaurants have altered their sanitation protocols, and said: “We have already been doing a mass sanitation and cleaning exercises every hour on the hour.”

However, Christian Newton, general manager of the Studio Café, added: “I’m not having any impact from the coronavirus fall-out. I have mainly locals and not really any tourists. We are located far out on the western end of the island.”

THE TRIBUNE

Thursday, March 19, 2020, PAGE 5

$4.4bn economic blow: ‘Playbook out window’ FROM PAGE ONE MERS (Middle East Respiratory Syndrome), they were not at this level and I don’t think we had any cases here. I don’t think we had any global shutdown like we do today.

“There is no rule book for this, and we had certainly not planned for this. The rules have kind of gone out the window in terms of the fiscal targets we had put in place as we had to create a response to this pandemic event that was unbudgeted and unplanned for. I don’t think anyone can honestly say they foresaw something of this nature.”

The Ministry of Finance projections unveiled yesterday by Mr Turnquest are in line with those from the InterAmerican Development Bank (IDB). Revealed by Tribune Business yesterday, the bank’s economists said The Bahamas could suffer a catastrophic 26 percent gross domestic product (GDP) cut if the worst-case coronavirus scenario comes true.

This was based on a 75 percent fall-off in tourism activity lasting for the remainder of 2020 which, if it became reality, would see The Bahamas lose between $2.819bn and $3.337bn in economic output this year. The Ministry of Finance’s worst-case forecast, of a $1bn loss for the period to end-June 2020, matches the quarterly losses that have been estimated by the IDB. Both used similar assumptions, with the Ministry taking the loss of 100 percent of The Bahamas’ cruise passengers and 80 percent of stopover visitors as the “high impact scenario”. Mr Turnquest said that while the impact for the four months to end-June 2020 “could be as low as $258m”, he added that recent developments “suggest a tilting of the possible actual outcome to this extreme scenario”.

That, he revealed, “could result in a total economic loss, including additional public sector spending requirements, of as much as $1bn. Of this total, a dominant $832m decline is projected for lost tourism related expenditure as a result of the reduced visitor count.

“The direct hit on government revenue is placed at an aggregated $108m,” Mr Turnquest continued, “$48m for direct border taxes paid by visitors, and a total of $60m for potential VAT and import duty losses. The expenditure requirements could reach $49m, of which we are funding $10m from dormant account fund.

“These resources would be used to address the health and social requirements arising from potential cases of the virus, and dislocations associated with job losses and the need to support small businesses.” The $10m obtained from the Central Bank’s dormant accounts pool would thus reduce the potential fiscal impact to a net $147m.

With tourism and other foreign exchange earners slowing to a trickle, Mr Turnquest said The Bahamas’ “healthy” foreign exchange

reserves of $2.03bn at midMarch 2020 were projected to decline by around $900m during the remainder of the year. This, though, would still be “a manageable level” to support The Bahamas’ financial and commercial needs.

While accessing the International Monetary Fund’s (IMF) $200m Rapid Credit Facility was one option open to the government, the deputy prime minister indicated this would be a last resort and that no further borrowing beyond what was approved in the supplementary budget is planned at this time.

“Based on our high impact analysis we believe we can manage this situation with existing and supplementary borrowing already approved,” Mr Turnquest told Tribune Business. “But obviously this is a very fluid situation, and things can change if all of a sudden we have a spike in cases.

“That would change a lot of dynamics. If we have to have a total shutdown of the economy, that’s a whole new dynamic... As far as we’re concerned we’re focused on the public health implications and making sure our people get the resources they need to maintain their health and security, and to recover the economy as quickly as this virus is brought under control.”

The deputy prime minister had earlier told the House of Assembly that the Ministry of Finance was continuing to monitor COVID-19’s impact on the Bahamian economy, and would adjust its response - including medium and longterm plans - accordingly.

“While the extent of the impact of COVID-19 on the Bahamian economy is still unfolding, the plan is to first utilise our existing contingency reserves and to reprioritise expenditure to remain within the limits of the recently revised borrowing envelope for the current fiscal year,” Mr Turnquest emphasised.

“Should it become necessary, the government could consider among its funding support options accessing the International Monetary Fund’s non-conditional Rapid Credit Facility, with current eligibility placed at a maximum of $200m.

“Simply put, we have no plans to request additional borrowings at this time, as we are diligently managing the country’s debt levels. We will update these projections based on our ongoing monitoring and reassessment of needs.”

Mr Turnquest also warned Bahamians against expectations of an immediate economic and tourism bounce-back should the threat from COVID-19 ease within the next three to four months. “It is likely that such a rebound will be slow and measured,” he said, implying that travel confidence will take some time to be restored.

The deputy prime minister said the impact was likely to carry over into the new

TEMPLE CHRISTIAN HIGH SCHOOL ENTRANCE EXAMINATION 2020-2021 Temple Christian High School will hold its Entrance Examination on Saturday, March 21, 2020 at the school on Shirley Street from 8:30 a.m. to 12 noon for students wishing to enter grades 7,8,9 and 10.

Applications forms are available at the High School Office. The applicationn fee is twenty-five dollars ($25). Application forms should be completed and returned to the school by Friday, March 20, 2020.

For further information, please call telephone number: (242) 394-4481 (242) 394-4484

January 2020-2021 fiscal year, and said: “It is important to highlight that our upcoming budget must be informed by a reality that the government will likely need to continue to use fiscal measures to boost investment and consumption, and mitigate against a contracting economy.

“Accordingly, while we remained tethered to our commitment to fiscal and budgetary responsibility, we will revisit our fiscal targets within the context of the fiscal responsibility legislation to determine the need for ongoing flexibility, so that the government can adequately and responsibly respond to the emerging social, investment and other private support needs to minimise the negative impact on Bahamians and the broader economy.”

Equipped with a limited fiscal stimulus tool-kit, and the constraints imposed by the Hurricane Dorian reconstruction effort, Mr Turnquest unveiled a package of unemployment and social assistance benefits, coupled with a $20m in short-term loans for small businesses, in an effort to strengthen the Bahamian economy’s shaky foundations amid a near-total tourism shutdown.

On the small business credit package, the deputy prime minister said: “Eligibility would include confirming that the business has been in existence for over one year, a commitment to retain most of the existing staff complement, and a plan to utilise the proceeds of the loan to ensure business continuity.”

Besides an additional $11m for COVID-19 purposes, a further $4m is being allocated to food assistance and social support for Bahamian workers impacted by the virus.

These vouchers, worth $100 “every two weeks” or $50 per week, will primarily be for tourism industry workers who have lost their jobs and/ or incomes due to reduced work weeks, and provide eight weeks worth of benefit.

Mr Turnquest said the government was also providing $10m for a “temporary unemployment benefit”, to be administered by the National Insurance Board (NIB), and targeted at self-employed persons in the tourism industry such as jet ski operators, taxi drivers, straw vendors and tour operators.

PAGE 6, Thursday, March 19, 2020

Govt praised on virus measures given ‘limitations’ FROM PAGE ONE “That’s the right answer in my opinion,” the ORG chief said of the measures unveiled

by K Peter Turnquest, deputy prime minister. “The coronavirus will pale in comparison to a devaluation, or uncontrolled debt spiral that ultimately ends up unpegging the Bahamian dollar and devaluation. That would be far more destructive.

“The next five administrations are going to have to address that [The Bahamas’ debt] as the most urgent and pressing matter they have to deal with, and find some rainy day money and put some headroom back in there for protection against disasters and pandemics.

“That has to become a priority,” Mr Myers added.

“We’ve lived the irresponsible life, and simply have to change. There’s nothing more pressing than that. The way to get there is to improve the ease and cost of doing business, and therefore make it that much more attractive to invest and start a business in The Bahamas, which then improves GDP growth.

“We’re not asking anybody to conquer Everest. We’re asking for small, measurable changes in the right direction.

The government has very limited funding for this type of event or any kind of emergency. They don’t have any rainy day money. That’s why it’s so scary because we kept spending like there was no tomorrow.”

Mr Turnquest, addressing the House of Assembly yesterday, said the government

THE TRIBUNE was “up against substantial fiscal limitations, given its ongoing fiscal consolidation and the additional appropriations that were required for the equally pressing and urgent restoration activities in Grand Bahama and Abaco after Hurricane Dorian”, trying to shield the economy and workers from the worst of the pandemic.

Kenwood Kerr, Providence Advisors chief executive, yesterday agreed that these constraints - combined with a limited fiscal stimulus toolkit - meant the government was never likely to come to near to matching the £330bn loan guarantee package proposed by the UK, or the Trump administration’s $850bn plan, in its economic response to the coronavirus.

Disclosing that the Bahamian hotel industry pension funds were now moving to provide a “safety net” for their beneficiaries, Mr Kerr said the Minnis administration had given itself room to

take more stimulus measures should the pandemic prove more prolonged than initially thought or more cases emerge here.

“In the context of the Bahamian economy it may be sufficient,” he told Tribune Business. “I don’t think they’ve pigeon-holed themselves or put themselves in a corner where they can’t do more than that. For the time being it’s a good first start.

“We’ve not yet fully recovered from, and addressed and assessed, Dorian, and now we have this next external event that we have yet to fully define or grasp. It’s a first step in the context of the limited tools and resources we have.

I don’t think the government can be criticised for this, and they have the right to go back to Parliament and expand the fiscal help or social safety net.

“In their took kit they have tax relief and all kinds of levers they can pull to make this a softer landing.” Mr Kerr also suggested that The Bahamas was overlooking the benefits provided by the Family Islands, as these represented potential ‘safe havens’ for persons seeking to flee the coronavirus threat due to their remoteness and low density populations.

And, with energy and fuel costs acting as “almost the equivalent of a tax”, the Providence Advisors’ chief

said the recent global oil price plunge could help to partially cushion the Bahamian economy against the COVID-19 blow once BPL and the gasoline companies caught up on their ordering.

He questioned, though, whether the oil price fall will “have any real benefit” on the transportation side given that Bahamians were likely to reduce the amount of travelling they did to conserve cash during the coronavirus pandemic.

Meanwhile, Obie Ferguson, the Trades Union Congress (TUC) president, said of the government’s measures: “I think they are doing the best they can with the limited resources we have. I think the government is doing the best they can in these set of circumstances, and they should be commended. We cannot be like the US because we don’t have the resources or the economic base.”

The measures unveiled by the government include $20m in short-term loans for small businesses, in an effort to strengthen the Bahamian economy’s shaky foundations amid a near-total tourism shutdown.

Some $4m is being allocated to food assistance and social support for Bahamian workers impacted by the virus. These vouchers, worth $100 “every two weeks” or $50 per week, will primarily be for tourism

KENWOOD KERR industry workers who have lost their jobs and/or incomes due to reduced work weeks, and provide eight weeks worth of benefit.

The government is also providing $10m for a “temporary unemployment benefit”, to be administered by the National Insurance Board (NIB), and targeted at self-employed persons in the tourism industry such as jet ski operators, taxi drivers, straw vendors and tour operators.

And persons who are temporarily laid-off will be eligible for NIB’s standard 13-week unemployment benefit, while sickness benefits will be available for those who catch or have to quarantine because of COVID-19.

The Ministry of Works will also reorganise its capital projects such that they boost small business activity, while the government also pledged to accelerate approvals for all domestic and foreign direct investment (FDI) projects “in the pipeline”.

THE TRIBUNE

Water sports sector near total shutdown

FROM PAGE ONE

“We are actually waiting on Sandals to close, and then we will be closing the same time with them. They have not closed yet and all of our trips for today are already cancelled, and we only had two people that wanted to go out on our boats and it would not have been worth it. It’s any day now we are likely going to be closed.

“I think maybe we will be closed for up to three weeks, but realistically we could be closed for up to three months,” said Mr Lightbourn. “We are losing all of our revenue and not just what’s supposed to come in, but we still have to pay for insurance and everything else that we pay; licensing; and we have some 13 staff.

“We are having a meeting today with the staff and we will see what they have to say and we will make a decision today on what we have to do. We are going to see who wants to take a vacation right now, and National Insurance is going to kick in for part of the salary. We’re not sure how much yet; we are trying to find out right now and there is still a lot up in the air.”

Nicholas Pinder, general manager of Born Free Fishing Charters, told Tribune Business: “It’s probably going to be very similar to any of the other tourism businesses.

At the moment we have still been OK because we had a lot of the residual tourists left since a lot of the travel bans have been put in place, but as of today that sort of dies off.

“We expect less than 10 percent of our normal business and we don’t know how

we are going to get our staff paid. We should really lay them off but that is not really our forte. In reality they probably should be laid off until tourism picks back up, and by not laying them off the company is taking the loss.”

Astra Nottage, director of sales and marketing for My Own Watersports, said: “As of March 16 we made a decision that we will be closed until April 7. Obviously due to the fluidity of the situation that’s not certain, and it is not set in stone.

“We are hoping by then that some of the international borders will open up. The cruise ships have indicated that the first week of April they will start, and that is what we are benchmarking our date from.”

Ms Nottage said there were no plans to lay-off staff, and said: “What’s happening right now is that we are constantly in discussions on how we can help our staff. We presently have 13 staff members on, and three of them are not full on, and we are trying to make sure we are assisting our staff until business can pick up but we are not planning on laying off our staff.”

“Most of our business is based online. Online booking and sales is where 90 percent of our business comes from.

If businesses in The Bahamas would take that step, you would see that when those borders do open up they would have some pre-bookings because there are people right now that are booking for May. Of course April has been wiped out, but we do have bookings now for May.”

Thursday, March 19, 2020, PAGE 7

COVID-19 ‘worst ever catastrophe’ for the workforce FROM PAGE ONE of the impact on the worker,” Mr Ferguson told this newspaper. “It’s very serious. I think it is the worst catastrophe we would have experienced as workers. It’s going to have a serious effect on the Bahamian workforce.

“We do not have a mechanism in place for dealing with situations like this.

I’ve had a couple of companies call me to ask me what they could or should do in cases like this, asking what my position is legally with respect to those persons they have to let got for the time being and if there is an obligation to pay them when they’re at home.

“We in The Bahamas have no provision for dealing with that kind of situation. We do not have, in our industrial relations system, a mechanism to deal with that. Companies may deal with it individually, but there’s no statute law requiring the employer to pay.”

Mr Ferguson said typical redundancy, lay-off and termination pay mechanisms in legislation such as the Employment Act did not come into play in situations where employers are only sending staff home on a temporary basis until the coronavirus pandemic passes and normal business levels resume.

Whether workers are paid in full, partially or not at all will likely depend on their employer’s generosity and financial position, the TUC chief added. “It’s a very difficult situation. Unless the

government intervenes the employer is not obliged to do it,” Mr Ferguson said.

“I’ve had a number of workers call me from Grand Bahama, Exuma, inquiring what could happen. But most industrial agreements don’t envisage something like what is happening now.

That’s just not a consideration for the parties at the negotiating table. That’s just not there.

“The most we can do is be our brother’s keeper. You cannot enforce the law if there is no law to enforce.

We must encourage companies to make some kind of contribution.”

Mr Ferguson added that the COVID-19 crisis had reinforced the importance of Bahamian workers both escaping “pay cheque to pay cheque” living, and building up savings to protect them against future crises.

“If this goes on for two months that’s a long time because most workers live from pay cheque to pay cheque,” he told Tribune Business. “I really encourage Bahamians to save ‘x’ amount of dollars every week so that they have some savings to deal with these types of situation.

You need to save, save your wages, or at least a part of

it, in anticipation of these kinds of situations.

“This [the coronavirus] hits their pay cheque directly, the company’s revenue and profitability.

If there’s no revenue, the company closes its door and there’s no wages. It’s almost guaranteed we’re going to go into a recession.

“A company contacted me and said they were closing down because the cruise ships were not coming in for four weeks. If the cruise ships don’t come, the company closes down, and the worker can;’t go to work and get paid. It’s very serious unfortunately.”

PAGE 10, Thursday, March 19, 2020

STOCKS TUMBLE, INVESTORS DASH FOR CASH AMID RECESSION FEARS

NEW YORK Associated Press STOCKS tumbled more than 5% on Wall Street yesterday, and the Dow erased virtually all its gains since President Donald Trump’s 2017 inauguration. Even prices for investments seen as safe during downturns fell as the coronavirus outbreak chokes the economy and investors rush to raise cash.

Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge the

THE TRIBUNE rising likelihood that the pandemic will cause a recession. The typical day this month has seen the stock market swing up or down by 4.9%. Over the last decade, it was just 0.4%.

It was just a day before that the Dow surged more than 5% after Trump promised massive aid to the economy, but the number of infections keeps climbing, and the Dow erased all but 0.4% of its gain since Trump’s inauguration. The S&P 500, which dictates how 401(k) accounts perform

much more than the Dow, is down 29.2% from its record set last month, though it’s still up 12.1% since Election Day 2016.

The S&P 500’s slide was so sharp that trading was halted for 15 minutes yesterday. The index ended the day down 5.2% after earlier being down as much as 9.8%.

Delta Air Lines said yesterday it’s parking at least half its planes to catch up with a plummeting drop in travel. Detroit’s big three automakers have agreed to close their North American factories to protect workers.

And at the New York Stock Exchange, all trading will go electronic after the trading floor begins a temporary closure on Monday.

As big swaths of the economy retrench while much of society comes to a halt in an attempt to slow the spread of the virus, investors have clamored for Congress, Federal Reserve and other authorities around the world to support the economy until it can begin to reopen.

They got a big shot of that on Tuesday, when the Trump administration briefed lawmakers on a programme that could surpass $1tn and the Fed announced its latest moves to support markets.

But the worldwide number of known infections has topped 200,000, which creates more uncertainty about how badly the economy is getting hit, how much profit companies will make and how many companies may go into bankruptcy due to a cash crunch.

“It’s, it’s a very tough situation,” Trump said at a news conference, during which

losses for stocks accelerated.

“You have to do things. You have to close parts of an economy that six weeks ago were the best they’ve ever been.... And then one day you have to close it down in order to defeat this enemy.”

“The volatility is going to be here to stay,” said Brian Nick, chief investment strategist at Nuveen. “It’s about the virus and not the economic response.”

Yesterday’s selling swept markets around the world.

Benchmark US oil fell 24% and dropped below $21 per barrel for the first time since 2002. European stock indexes lost more than 4% following broad losses in Asia. Even prices for longerterm US Treasurys, which are seen as some of the safest possible investments, fell as investors sold what they could to raise cash.

Gold also fell.

“They’re just saying, ‘I may take some losses here, but if we have cash we can deploy it when we know more,’” said JJ Kinahan, chief strategist with TD Ameritrade.

“The problem for the market really is we just don’t know anymore. And until we really know where things are at, you may see people who just want to have as much cash as possible.”

The bond market is also operating under strain, and it hasn’t been this difficult for buyers to find sellers at reasonable prices since the financial crisis of 2008, said Gene Tannuzzo, deputy global head of fixed income at Columbia Threadneedle Investments.

Investors are selling their highest-quality bonds to raise cash, thinking they will

be the easiest to sell and will hold up the best. That’s paradoxically undercutting their prices further.

Also exacerbating moves, is so many traders are making these trades not from their office.

“I’m calling the Citigroup dealer, who’s on his home Wi-Fi with his kid in the living room,” Tannuzzo said. “That causes gaps” in pricing.

For most people, the coronavirus causes only mild or moderate symptoms, such as fever and cough, and those with mild illness recover in about two weeks. Severe illness including pneumonia can occur, especially in the elderly and people with existing health problems, and recovery could take six weeks in such cases.

“These are truly unprecedented events with no adequate historical example with which to precisely anchor our forecast,” Deutsche Bank economists wrote in a report yesterday.

With all the uncertainty and early evidence that China’s economy was hit much harder by the virus than earlier thought, they now see “a severe global recession occurring in the first half of 2020”.

But they also are still forecasting a relatively quick rebound, with activity beginning to bounce back in the second half of this year in part because of all the aid promised from central banks and governments.

The Dow Jones Industrial Average lost 1,338.46 points, or 6.3%, to 19,898.92. It’s the eighth straight day the Dow has moved by more than 1,000 points.

THE TRIBUNE

Thursday, March 19, 2020, PAGE 11

Trump invokes emergency authority; Big 3 automakers closing MINNEAPOLIS Associated Press PRESIDENT Donald Trump yesterday invoked emergency authority to marshal industry to fight the coronavirus, as the economic fallout from the crisis mounted with word that nearly the entire US auto industry is shutting down its North American factories to protect workers.

On a day of head-spinning developments: • Stocks tumbled again on Wall Street on fears of a prolonged recession, falling so fast they triggered another automatic trading halt. The Dow Jones Industrial Average shed more than 1,300 points, or over six percent, and has now lost nearly all of the big gains it had posted since Trump’s inauguration. Oil dropped below $21 per barrel for the first time since 2002.

• More borders slammed shut across Europe and North America, with the US and Canada closing their boundary to all but essential travel and Trump saying he plans to assert extraordinary powers to immediately turn back to Mexico anyone who crosses over the southern border illegally.

• The White House pressed Congress to swiftly pass a potentially $1tn rescue package to prop up the economy and speed relief checks to Americans in a matter of weeks.

Calling himself a “wartime president”, Trump invoked the Defense Production Act of 1950 to steer industrial output and overcome shortages of face masks, ventilators and other

supplies as hospitals brace for an expected onslaught of cases.

The Korean War-era law gives the president extraordinary authority to compel industries to expand production and turn out vital materials. It was most recently used after the 2017 Puerto Rico hurricane to speed up contracts for food and other necessities.

“It’s a war,” Trump said, likening the anti-coronavirus efforts to measures taken during World War II and warning of national sacrifices ahead.

The virus has infected more than 200,000 people worldwide and killed over 8,700. The United Nations warned that the crisis could lead to the loss of nearly 25 million jobs around the world.

Theodore Peck, who owns a Brooklyn coffee shop and bakery, was in quarantine at home as a precaution when New York City this week ordered all bars and restaurants to close except for takeout. He had to shut down his business and lay off all his workers.

“My life’s work is being ... you know, destroyed, like picked over,” he said. He lamented that he didn’t even get the chance to say goodbye to 22 of his employees.

Around the globe, officials took increasingly drastic measures to fight the epidemic and the threat of a recession, in some cases using emergency powers.

California’s governor warned that martial law could be imposed. The mayor of New York said the city’s 8.6 million residents should be prepared for a

lockdown. Czech authorities used emergency powers to raid a warehouse and seize hundreds of thousands of face masks. And Hong Kong widened the use of electronic wristbands that monitor people under self-quarantine.

With a growing number of Americans thrown out of work by the near-shutdown of much of the US economy, Trump also said the Housing and Urban Development Department will suspend foreclosures and evictions from public housing.

The Trump administration’s plan for issuing relief checks to Americans calls for the payment of $500bn in two installments over the next two months. The amounts have yet to be decided but would be based on income and family size.

Ford, General Motors and Fiat Chrysler, along with Honda and Toyota, said they will shut down all of their factories in the US, Canada and Mexico.

The closing of Detroit’s Big Three alone will idle about 150,000 workers, who are likely to receive supplemental pay in addition to unemployment benefits.

At GM’s pickup truck assembly plant in Flint, Michigan, workers have been fearful since the virus surfaced in the US, said Tommy Wolikow, who has two young daughters.

“That’s the thing that I was scared the most about, being the one to bring it home to them,” he said.

The US reported more than 7,700 coronavirus cases and at least 134 deaths, about half of them

in Washington state, where dozens of residents from a suburban Seattle nursing home have died.

Rep Mario Diaz-Balart of Florida announced that he was the first member of Congress with a known positive test for the coronavirus. Other members of Congress have self-quarantined, but none have reported positive test results.

NOTICE NOTICE is hereby given that ROJAY LUKE ARINZE of Rosalind Street, Chippingham 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 19th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 12, Thursday, March 19, 2020

THE TRIBUNE

NOTICE

PUBLIC NOTICE

LEGAL NOTICE

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that IMRAN TASLIM RAHIEM of 51 Davis St., Oaksville, Nassau, New Providence, The 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 12th day of March, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The Public is hereby advised that I, VERNIS ADASSA ROLLE of Johnson Road Estate, Braynen Boulevard Nassau, Bahamas, intend to change my name to VERNIS ADASSA FORBES. 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.

LEGAL NOTICE

NOTICE WALZSTAR LIMITED

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) WALZSTAR LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

NOTICE is hereby given that DWAYNE MONTIQUE of Cathill Road, North Palmetto Point Eleuthera, 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 19th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

(b) The dissolution of the said Company commenced on the 17th day of March, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

WALZFINE LIMITED

WALZSPACE LIMITED NOTICE IS HEREBY GIVEN as follows:

(a) WALZFINE LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(a) WALZSPACE LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 17th day of March, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the 17th day of March, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

(242) 323-2330

(242) 323-2320

BISX LISTED & TRADED SECURITIES 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 2.90 12.00 6.00 4.15 6.10 3.28 4.90 8.34 8.15 15.08 8.97 4.24 15.20

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.90 12.00 6.00 4.15 6.10 3.04 4.90 8.22 8.15 15.08 8.97 4.24 15.21

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.24 0.00 -0.12 0.00 0.00 0.00 0.00 0.01

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

500 164

1,000

25,000

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 22.6 43.6 29.8 10.5 12.7 11.2 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% 2.89% 0.00% 14.28% 1.22% 3.99% 2.94% 3.58% 2.23% 2.83% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

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

Chevron Bahamas Holdings Limited Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 12th day of March, 2020.

LEGAL NOTICE

NOTICE WALZEXPRESS LIMITED NOTICE IS HEREBY GIVEN as follows: (a) WALZEXPRESS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

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

LEGAL NOTICE

NOTICE OMBVEST LIMITED NOTICE IS HEREBY GIVEN as follows: (a) OMBVEST LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 17th day of March, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

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

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

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

LEGAL NOTICE

MARKET TERMS

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

NOTICE

INTEREST Prime + 1.75%

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

LEGAL NOTICE

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

ALL SHARE INDEX: CLOSE: 2,214.31 | CHG: -0.60 | %CHG: -0.03 | YTD: -17.29 | YTD%: -0.77 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

Delano Aranha Liquidator of TEXACO INTERNATIONAL LIMITED

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

www.bisxbahamas.com

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 6.46 14.00 6.98 3.14 13.85

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 12th day of March, 2020.

(b) The dissolution of the said Company commenced on the 17th day of March, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

MARKET REPORT 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 8.15 16.99 9.40 4.24 15.21

TEXACO INTERNATIONAL LIMITED

Delano Aranha Liquidator of Chevron Bahamas Holdings Limited

NOTICE IS HEREBY GIVEN as follows:

WEDNESDAY, 18 MARCH 2020

NOTICE

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

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

NOTICE OMBION LIMITED NOTICE IS HEREBY GIVEN as follows: (a) OMBION LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 17th day of March, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

THE TRIBUNE

Thursday, March 19, 2020, PAGE 13

Europe’s central bank launches new programme to calm markets FRANKFURT Associated Press THE European Central Bank is launching a new, expanded programme to buy financial assets in a bid to calm markets roiled by the virus outbreak and counter what is expected to be a recession in the 19 countries that use the euro currency.

The purchases are aimed at keeping borrowing costs down and making sure the bank’s low benchmark rates keep getting through to the economy.

The bank said Wednesday that the purchases could total up to 750 billion euros ($820bn) by the end of this year and will include government and private-sector bonds as well as commercial paper.

The move comes as market borrowing costs for heavily indebted Italy rose and as the eurozone faces a drastic economic slowdown with many businesses closed. The purchases can drive down those market interest rates and reduce fears that indebted countries could get into financial trouble.

The interest yield on tenyear Italian government bonds had spiked yesterday as stocks plunged and pessimism grew about how deep the downturn from the outbreak might be.

Higher bond yields bring back ugly memories of the eurozone debt crisis in 2010-2012 when market turmoil and rising government borrowing costs threatened to break up the euro currency union. That crisis was calmed by a similar ECB promise to purchase bonds of countries suffering from excessive borrowing costs after Mario Draghi, the bank’s president at the time, said the institution would “do whatever it takes” to preserve the euro.

The new ECB purchase program has a key difference, in that it does not require a country to ask for it or agree to a programme of spending restrictions.

It comes on top of ECB stimulus efforts including a negative rate on deposits it takes from commercial banks of minus 0.5%, 20 billion euros per month in existing bond purchases, and up to 2.3 trillion euros in negative interest credit offered to banks, in effect paying them to borrow so long as they keep credit flowing to companies.

To advertise in The Tribune, contact 502-2394

LEGAL NOTICE

NOTICE International Business Companies Act No.45 of 2000 PEMBA INTERNATIONAL LTD. (the ‘‘Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of PEMBA INTERNATIONAL LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 31st day of December 2019

FDIC warns of scams saying banks in trouble from outbreak NEW YORK Associated Press

ONE of the nation’s bank regulators is urging Americans not to withdraw large sums of cash and to beware of fraudsters claiming that banks are limiting customers’ access to their money.

The Federal Deposit Insurance Corporation issued a statement yesterday warning about an increase in scams trying to sow distrust in the

US financial system while the nation is dealing with the fallout of the coronavirus pandemic.

Many banks have shortened branch hours or are pushing customers to use online banking exclusively to avoid transmission of the virus. This has led more Americans to pull cash out of ATMs in some communities. Darrin Williams, CEO of Southern Bancorp, said the bank had ordered 30%

more cash to keep up with withdrawals.

The FDIC says it has seen an uptick in calls, text messages, letters and emails from scammers pretending to be FDIC employees, using names of people who actually work at the FDIC. The scammers falsely claim that banks are limiting access to deposits or that there are security issues with bank deposits.

The scammers, along with trying to sow distrust, are also after bank account and other personal information.

The FDIC insures every depositor up to $250,000 in each bank where they hold deposits. No depositor has lost money since the FDIC was created in 1933, in

response to the large number of bank failures and bank runs in the early years of the Great Depression.

“Customers’ deposits remain safe in these banks, as does customer access to their funds. Banks continue to offer ATM, mobile, or online banking services, and many continue to provide services via drive-through window,” the FDIC said in a statement.

While the stock market has fallen sharply and the US economy could potentially fall into a recession, banks are not at risk of failure. The FDIC’s “troubled bank” list is at an all-time low, and bank capital at every bank is higher than it was prior to the Great Recession.

23 Fo

BuRGeSS CLemeNT eLeCTOR eLeGANT PImeNTO ReeNTRY SATISFY SCePTIC SYSTOLe TuRNOuT CLeARANCe DeTeRmINe eLeveNSeS eRRONeOuS GReAT BeAR keYSTROke PLANe TRee SuPPOSING TeRmINATe THeSAuRuS

PAGE 14, Thursday, March 19, 2020

JUDGE PARKER

THE TRIBUNERu

25 Ju di 26 M de fe 27 Im th 28 Ki m

N O S E S

CARPE DIEM

DO Pl up 2 Bi 3 Ec 4 Ra a 6 Ab ea 7 Re th 8 Th un 9 A m 14 He DX1 in 16 Pe ac 17 M st 19 Ec sa 21 St or 22 Eu fin 4 sp 24 No 25 Vi 1

For today’s solution call: 0907 181 2584 *Calls cost 80p per minute plus your telephone company’s network access charge.

LAST SATuRDAY’S SOLuTION

ACROSS Ostracise, Salty, Dunce’s cap, Ogham, Caulk, Hexameter, Egret, Generator, Tactician, Tardy, Lorgnette, Saint, Piper, Secretive, Melee, Itinerary. DOWN Scuba, Recollect, Cast, State Department, Algae, Trapezoid, Based, Glamorise, Alabaster, Icier, Grebe, Never, Iron.

4 Daily Express Tuesday, December 24, 2019 THe DAILY eXPReSS 30-SeCOND CHALLeNGe

Puzzles

TODAY’S ANSWeRS: BEGINNEr = 7; INTErmEDIaTE = 324; aDVaNCED = 114.

MARVIN BATTLeSHIPS

BLONDIE 1

2

3

4

5

6

7

TARGeT

CRUSADER PRIZE CROSSWORD 1 x Battleship

8

amL mD E rOa

9 10

1 2 acrOss DOWN 1 fellow when 1 Jab quiet 1 Owls drove pair 2 x(4) Cruiser mental (10) first couple have left B 5 photographer 3 Socialist 2 Some boots of joint 9 gets fish (3,7) 3 x Destroyerduration (4-6) C 0 9 Zookeeper hearing about 4 Bush Senior (5) bird (4) 5 Leave goals as a problem D 2 old French4article 10 Notice at the highest level? (5,4) 11 x Submarine 12 on perfume for 6 The concept of sailors E 2 youngster (10)LAST SATuRDAY’S getting medical 11 I will trust oar to get SOLuTION treatment (11) F 4 in drawer (11) thrown 7 Writer with medium 15 15 Chap with trilby, brown, composition (4) HOW many words of G 0 cocktail (9) 8 Curse vermin (4) HAGAR THE has HORRIBLE letters or more 17 Crumple, missing 12 Bard will wavefour weapon H 3 18 registered stop (5) with energy (11) can you make from the 18 Fool engineers 13 Might fit lens badly inside letters shown here?

I 0 saltpetre (5) in an obvious way (10) In making a word, each 19 Cited pie’s improvement, 14 Meeting has queen, say, 20 J 3 getting farming aid (9) turn liberal and relax may be used once letter 20 Left me and aunt laws (10) 23 only. Each22must contain 1 2 3 2 1 3 2 1 2 3worried about a bag (11) 16 Part of cabinet of the 24 Something fragrant highest qualitythe (3-6)centre24letter and found in shoe club (10) 21 Roam around with onemust be at least there 25 Terribly neat feature FIND where the fleet of ships shown is hidden in the grid.

Theofnumbersnative to (5) one nine-letter word. No (4)of the squares in22 Nothing around the right of and below the grid indicate howSicily many that row like this plurals or 26 verb forms 26 Ordering another bin is lake city (4) are filled in with ships or parts of ships. Thealways ships indoone’s not touch each23other, Insect of bitingending nature (4) in “s”. even diagonally. Some squares have been filled in to(2,3,5) start you off. thoughts 27 Pushy people have TODAY’S TARGeT publicity (4)

A

3

10

Ge 16

CaN your 19 in alp the g To same So a cor Ev numb corre A 1 B C 2 Good 26; very good 39; D excellent 52 (or more).

TARGET E 4 ACROSS Solution next Saturday.

1 2 3 4 5 F 1 Woman’s under-bodice (8) ● The cAn you crack the Alphabeater? Each grid Extra 6 Do as ordered Target (4) G numberLAST represents a letter – or black square.

SATuRDAY’S uses 09073 8 Somewhat (5) words in 6 7 8 9 10 As in Alphapuzzle, every letter of the alphabet H t (Deduct SOLuTION 11 Reimburse (6) the main is used. But you have to complete the grid too! each extra I ful2 body of lepton lope loupe 12 Sham (4) use the given letters and black squares below Chambers 11 14 Belonging to him (3) J openly the gridnope to start. open the grid is ‘rotationally 0907 21st 15 The planet we Century live on (5) symmetrical’ – in other words, it looks the *CallsKcost3 opulent OPuLeNTLY your tele 16 Karate expert Dictionary (3) same ifpelt you turn the page upside down.

12 13 14 pent penult peon networ L (1999 17 Scream (4) edition) Solution Thursday peony plenty plot ploy M 8 19 Remove or erase (6) 15 A 26 poet 20 Sound (5) 32 40pole 18 poll 33 38pollen 31 18 25 36 N 8 B 21 words Plenty pollute poly pone HOW many of (4) four letters or O 2 C 17 19 22 5 16 pouty 6 29 29 30 4 mentally (8) more can22 youPictures make from the letters 16 17 18 pony poult 18pout P D shown here?

E 11 pule 12 6 pull 26 pullet 32 31 pulley 10 6 24 32 1 in makingDOWN a word, each letter may be Q 3 F used once1 only.

Eachfond must(anag.) contain (9) punt puny pylon tope 19 Antic R the centre2letter and there must be at G 8 tupelo 20 23 type 35 28typo 29 18 4 36 7 3 Humble (4) upon least one nine-letter word. no plurals S 2 H 3 Fielding position in yelp or verb forms ending in “s”.

21 Sudoku is a number-placing20 puzzle based on a 9x9 grid I 3 29 36 30 10 7 5 39 8 14T 8 cricket (6,3) with several given numbers. The object is to place the J TODAY’S 4 CoverTARGET (3) numbers 1 to 9 in the empty squares so the each row, U 4 K 32 25 16 4 Good 15; very good 22; excellent 29 8 34 38 2 35 28 1 22 the same number 5 Constant and each column and each 3x3 box contains (or more). Solution Thursday V L only once. The difficulty level of the Conceptis Sudoku unending (9) M 6 17 2 21 15 32 7 7 34 4W 8 1 increases from Monday to Sunday 7 Swagger (7) N call 0907 181 2585 ● The Express Bookshop stocks a wide selection of puzzle books 9 Oneness (5) X for today’s target solution O 26 32 30 34 22 23 16 32 16 20 2 across all crossword puzzle genres. To obtain our up to date list please Best described as a number crossword, the task in Kakuro One of three babies born visit www.expressbookshop.com, call 01872 562310 or write to *Calls cost10 80p per minute plus your telephone P fill all of the empty squares, using numbers 1 to 9, Y is to so 1 network access charge.

(7) Express Bookshop, PO Box 200, Falmouth TR11 4WJ. Please enclose company’stogether Qsum 4 of24 5horizontal 30 10 28equals 13 the19number 13 to29Zits 1 the each block an SAE for return.

13 Edges of a roof (5)

TIGER

SmALL CROSSWORD CROSSWORD SmALL

CALVIN & HOBBES

uA J D E l ut G

DENNIS THE MENACE

THE ALPHABEATER

left,R and the sum of each vertical block equals the number 15 on Sits29 top. Call No number may181 be used same 29 18 21 4 in the 36 for 29 block 36 more 23 2 0907 2586 than T once. The difficulty level of the Conceptis Kakuro 1 2 today’s Target solution increases from Sunday.

12 Gash, 14 Urn, 15 Helps, 16 add, 17 Swan, U 35 *Calls 32 Monday 2 80p 32toper 8 minute 1 plus 24 your 25 27 4 1 For today’s solution FIND where the fleet of ships shown is hidden cost 19 Elated, 20 Havoc, 21 rays, 22 Dentures. in the grid. The numbers to the right of and V telephone company’s network 21 2 call: 0907 181 of 2583 W 36 12access DOWN 1 Geography, 2 ages, 3 Double act, 4 ace,below the 20 charge.

28 34 12 18use 38 40 31 2 All puzzles grid costindicate 80p per how minutemany plus yourthe telephone X 5 Frankness, 7 Grandma, 9 Steps, 10 already,squares in*Calls The Chambers Dictionary Yesterday’s that row are filled in with ships or Yesterday’s company’s network access charge.

13 Hello, 18 Wear, 19 Eve. parts of ships. The ships do not touch each Y 16 15 31 29 22 29 17 13 28 18 3 other, even diagonally. Some squares have ZSudoku Answer Kakuro Answer been filled in to start you off.

8 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 Solution Thursday

18 Public school (4)

BATTLESHIPS 19 Badly illuminated (3) ACROSS 1 Guardian, 6 Eggs, 8 Oscar, 11 refute, LAST SATuRDAY’S SOLuTION

2

1

1

CRYPTIC PUZZLE 1 Shows arranged for the pupils’ benefit (10) 8 Figures it’s only one among hundreds (5) 9 Went in for tree chopping in the end (7) 10 A carbon copy is exploited by the defendant (7) 11 Poems about old English salts (5) 12 In their own fields the French are unbeatable (6) 14 A grim situation on board (6) 17 Cruel way to make a profit (5) 19 Hold in great affection (7) 21 One may look better after visiting him (7) 22 Entertain a goddess (5) 23 It’s not often the present combines with the past (3,3,4)

Yesterday’s Cryptic Solution

3

4

5

8

2 It puts an end to

4

12

13

1 2

E

3

F

2

G

2

H

4

I

1

J

1 1

3

0

5

17

one is miserable (5)

18

19

couple (4,3,3)

21

15

20

22

23

before the show (7)

16 Having failed to win, gets punished (6) 18 Agitate a liquid container (5) 20 It’s most desirable to enclose a wild animal (5)

Yesterday’s Easy Solution

Across: 1 Edward, 4 Not bad, 9 Repulse, 10 Troll, 11 Corgi, 12 Stomach, 13 Considerate, 18 Install, 20 Lupin, 22 Parka, 23 Measles, 24 Eleven, 25 Seared.

Across: 1 Euclid, 4 Proper,

Down: 1 Enrich, 2 Wiper, 3 Rallies, 5 Outdo, 6 Buoyant, 7 Delphi, 8 Bedside lamp, 14 Observe, 15 Release, 16 Dimple, 17 Unused, 19 Adage, 21 Paler.

Down: 1 Excess, 2 Carat,

9 Curacao, 10 Basil, 11 Satin, 12 No doubt, 13 Eager beaver,

Across

2 Mysterious (7)

8 Hidden store (5)

3 Stealing (5)

9 Green leaf

4 An unsurpassed 5 Sense of slight (7)

11 In the lead (5)

6 Lift with great

12 Sanctuary (6) 14 Against (6) 17 Make reparation for (5) 19 Innovator (7)

23 Earlier, 24 Hidden, 25 Heyday.

21 Small pebbles on

7 Relate, 8 Go one better, 14 All told, 15 At large, 16 Scotch, 17 Flurry, 19 Rinse, 21 Build.

statistic (6)

10 Enormous (7)

18 Culprit, 20 Label, 22 Thorn,

3 Incense, 5 Rabid, 6 Pasture,

Down

1 Brief survey (3-7)

vegetable (7)

seashore (7) 22 Plant with ray flowers (5) 23 Energy (3-2-3-2)

1

2

4 x submarine

15 Obliteration is certain after time (7)

2

2 x cruiser

opportunity to turn up (10) 13 A show presented

2

3 x Destroyer

7 A very original 8 German leader has the

1

1 x Battleship 7

16

6 Out of such groups

21

D

6

14

9 10

C

11

used by writers (7)

8

2

made by wrongdoers (6) 5 Form of trestle

7

B

9

10

4 Changes which should be

6

2

any ill-feeling (7) 3 Forms groups of actors (5)

5

A

Down

EASY PUZZLE

Across

2

3

effort (5) 7 Tempt to do wrong (4,6) 8 Produce an impression (4,6) 13 Nervously tense (7) 15 Apparent (7) 16 Maintenance (6) 18 Current (5) 20 Of a former age (5)

3

G

22

23

24

25

26

27

28

W P

29

30 31

32

■

■

33

34 35

■ 36

● Alternatively, for six Extra Letter clues to your m text DXBEAT to 84901. Texts cost £1 plus your usual op

KEIJO 1 2

1

4

4

1

2

3

3

2

1

4

4

2

3

3

Pla th f num di app

THE TRIBUNE

Thursday, March 19, 2020, PAGE 15

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 88° F/31° C Low: 64° F/18° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Mostly sunny and breezy

Mainly clear and breezy

Partly sunny, a shower; breezy

Sunshine and patchy clouds

Mostly sunny

Partly sunny

High: 81°

Low: 69°

High: 81° Low: 69°

High: 81° Low: 70°

High: 81° Low: 70°

High: 82° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

83° F

66° F

84°-69° F

86°-70° F

86°-70° F

87°-73° F

High: 86° F/30° C Low: 69° F/21° C

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

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

N

almanac

E

W

ABACO

S

N

High: 77° F/25° C Low: 73° F/23° C

10-20 knots

S

High: 84° F/29° C Low: 76° F/24° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 82° F/28° C Low: 75° F/24° C

N E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 81° F/27° C Low: 70° F/21° C

MIAMI

High: 84° F/29° C Low: 74° F/23° C

7-14 knots

KEY WEST

High: 83° F/28° C Low: 74° F/23° C

ELEUTHERA

NASSAU

High: 81° F/27° C Low: 69° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 77° F/25° C Low: 73° F/23° C

N

High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:18 a.m.

5:43 p.m.

2.6 2.1

11:49 a.m. 0.3 11:50 p.m. 0.2

Friday

6:11 a.m.

6:33 p.m.

2.6 2.2

12:38 p.m. 0.2 ---------

Saturday

6:56 a.m.

7:17 p.m.

2.7 2.4

12:40 a.m. 0.1 1:20 p.m. 0.1

Sunday

7:37 a.m.

7:56 p.m.

2.7 2.5

1:25 a.m.

1:57 p.m.

0.0 0.0

Monday

8:14 a.m.

8:32 p.m.

2.7 2.6

2:06 a.m.

2:31 p.m.

0.0 0.0

Tuesday

8:49 a.m.

9:08 p.m.

2.7 2.6

2:44 a.m. 0.0 3:04 p.m. -0.1

Wednesday 9:23 a.m.

9:42 p.m.

2.6 2.7

3:21 a.m. 0.0 3:36 p.m. -0.1

sun anD moon Sunrise Sunset

7:15 a.m.

7:21 p.m.

Moonrise Moonset

4:31 a.m.

3:28 p.m.

New

First

Full

Last

Mar. 24

Apr. 1

Apr. 7

Apr. 14

CAT ISLAND

E

W

High: 77° F/25° C Low: 73° F/23° C

N

S

E

W

10-20 knots

S

12-25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 67° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/19° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 68° F/20° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.65” Normal year to date ..................................... 3.94”

tiDes For nassau

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 72° F/22° C

High: 78° F/26° C Low: 74° F/23° C

N

High: 79° F/26° C Low: 73° F/23° C

E

W S

LONG ISLAND

tracking map

High: 78° F/26° C Low: 74° F/23° C

12-25 knots

MAYAGUANA High: 79° F/26° C Low: 72° F/22° C

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 78° F/26° C Low: 74° F/23° C

High: 78° F/26° C Low: 74° F/23° C

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

N

E

W

E

W

N

S

S

12-25 knots

10-20 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 10-20 Knots ESE at 10-20 Knots SE at 10-20 Knots ESE at 10-20 Knots E at 12-25 Knots E at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots E at 10-20 Knots E at 12-25 Knots ESE at 8-16 Knots SE at 8-16 Knots E at 12-25 Knots ESE at 12-25 Knots NE at 10-20 Knots ENE at 10-20 Knots E at 12-25 Knots E at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots E at 10-20 Knots E at 7-14 Knots E at 12-25 Knots E at 12-25 Knots E at 12-25 Knots E at 12-25 Knots

WAVES 3-6 Feet 4-7 Feet 1-3 Feet 1-3 Feet 4-7 Feet 4-8 Feet 5-9 Feet 4-8 Feet 4-8 Feet 4-8 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 5-9 Feet 4-8 Feet 3-5 Feet 3-5 Feet 5-9 Feet 6-10 Feet 2-4 Feet 2-4 Feet 4-7 Feet 3-6 Feet 3-5 Feet 3-5 Feet

THROUGH RAIN AND SURGE

HURRICANES TORNADOES & SEVERE Wx WE’LL BE THERE BY YOUR SIDE

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

VISIBILITY 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles

WATER TEMPS. 75° F 75° F 77° F 76° F 78° F 78° F 78° F 78° F 75° F 75° F 79° F 80° F 76° F 76° F 79° F 79° F 78° F 78° F 77° F 77° F 75° F 75° F 78° F 78° F 76° F 76° F

PAGE 16, Thursday, March 19, 2020

THE TRIBUNE

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394