03192021 BUSINESS

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FRIDAY, MARCH 19, 2021

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Govt told: Productivity must be ‘top priority’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE government was yesterday urged to make creation of a National Productivity Council “top priority” in its efforts to “get the country up and running again” following COVID-19’s devastation.

Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour specialist, told Tribune Business that the council’s long-awaited establishment was “one of the biggest recommendations in front of government right now”.

• Council creation ‘leading recommendation’ • Nation has to be ‘happy place for business’ • ‘On doorstep’ of second Decent Work plan

PETER GOUDIE

ROBERT FARQUHARSON

Confirming that the call had come from the National Tripartite Council, the body that addresses all

labour-related matters, Mr Goudie warned The Bahamas will struggle to attract the investment it needs to

revive post-pandemic unless it becomes “a happy place to do business” through improvements in worker productivity and the ease of doing business.

Formation of a National Productivity Council, which Mr Goudie branded “long overdue”, also figured prominently in yesterday’s conference on The Bahamas’ efforts to become a regional “trailblazer” by

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$10m poultry investment in ‘Nassau-centric’ move

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A $10M poultry farming project is aiming to “become more Nassau-centric”, with its investor yesterday pledging it remains committed once land and the incentives regime are agreed with the government.

Dr Allen Albury, the Bahamas Striping Group’s managing director, told Tribune Business they were now focusing on New Providence rather than Andros for the development’s first phase in a switch that could create up to 80 jobs in the capital if the venture proceeds.

While the initial plan had called for poultry farms and processing facilities on Andros and Eleuthera, supported by a New Providence distribution centre, Dr Albury said the group’s latest strategy called for

• Bahamas Striping eyes switch from Andros • Awaiting land, incentive clarity from govt • Still ‘committed’ amid food security fears everything to be based on New Providence before they sought to expand to the Family Islands.

Acknowledging that the food security concerns sparked by the COVID19 pandemic had only strengthened the rationale for investment in Bahamian agriculture, he added that Bahamas Striping will “decide how to move forward” with its proposal once it gains “clear direction” from the government on what it has to work with.

Revealing that the Ministry of Agriculture and Marine Resources had identified a potential site for the project in the Gladstone

Harbour Island cruise fears taken on board

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HARBOUR Island hoteliers yesterday said their cruise concerns were taken on board by a Cabinet minister who pledged to “find a path forward” acceptable to all sides.

Benjamin Simmons, proprietor of The Other Side and Ocean View properties, told Tribune Business that the island’s hotel, marina and vacation rental operators were able to explain their grievances and fears to Dionisio D’Aguilar, minister of tourism and aviation,

during a Zoom call with him earlier this week.

“We had a chat with Mr D’Aguilar,” he revealed.

“He heard our concerns.

We said everything that you reported on. He said he acknowledged them, and that he would go back to Crystal Cruises and find a path forward that works for all parties.

“All the hotel and marina operators said we didn’t feel it’s the right mix for Harbour Island. A few of the hotel operators have already had calls of concern. Everybody is concerned. We explained

SEE PAGE 4

Consumer debt to challenge FINCO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A MAJOR mortgage lender has warned it will be increasingly challenged to grow its loan book because COVID-19 has “compounded” the strain for Bahamians already highly leveraged on consumer debt.

Ericka Rolle, managing director of BISX-listed Finance Corporation of The Bahamas (FINCO), told shareholders that the pandemic has made it even harder to find qualified borrowers due to the devastating impact on their personal and household finances.

“The COVID-19 pandemic

has compounded existing economic challenges. While vaccines and the gradual return of tourism are positive developments, growth continues to be a challenge in The Bahamas with higher levels of unemployment exacerbated by the pandemic. In addition, prior to the pandemic Bahamians were already leveraged with higher amounts of consumer debt,” she said.

“Accelerating quality growth in key client segments continues to be an opportunity for us in 2021, despite the impacts of the global COVID-19 pandemic.

While we have experienced a decline in net mortgage volumes in 2020, we remain competitive.”

Road area, Dr Albury said securing the land - together with certainty over the incentives and regulatory regime - are now critical for Bahamas Striping’s strategy.

“The project is still on our drawing board and we anticipate some movement once the government gets everything lined up,” he told this newspaper. “That’s been the hold up, WTO and some policies that the government have under review.

“When we last heard from Agriculture, everything was moving in a favourable direction. Once we have the green light on the policies, it’s something we’re committed to looking at. They

[the ministry] were creating some incentives to stimulate the sector.

“The plans are still the same. The intent is to become a bit more Nassaucentric since COVID-19 came about, and there has such great focus on food security.”

Dr Albury and Bahamas Striping had previously voiced concerns about The Bahamas’ planned accession to full World Trade Organisation (WTO) membership, noting that anti-dumping protections against inferior quality chicken imports would be as important as

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‘Good indication’ of $535m BPL rating

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light (BPL) already has “a good indication” of the credit rating its upcoming $535m bond issue will receive, a Cabinet minister has revealed, as it makes moves on generation reform.

Desmond Bannister, deputy prime minister, told Tribune Business in a recent interview that the stateowned energy monopoly was still awaiting sign-off on reforms to the Rate Reduction Bond Act that will enable its mammoth refinancing to be placed in both the local and international capital markets.

Those changes have previously deemed critical to giving potential investors sufficient security and confidence to buy into BPL’s rate reduction bond, with its placement understood to have been potentially delayed to mid to late April - possibly to give Parliament sufficient time to debate and pass the amendments to the Act. Multiple Tribune Business sources, speaking on condition of anonymity, disclosed that CIBC FirstCaribbean, the bond’s financial adviser and placement agent, has been conducting a socalled “market read” in recent weeks to determine the appetite and level of interest among Bahamian investors for the $85m that will be placed locally.

It is understood that major institutional investors and investment banks have been approached to give an indication of how much they, and their clients, would be willing to take-up as well as the interest rate, maturity and other commercial terms that would entice them to buy in.

“We are working closely with the Attorney General’s

LNG terminal construction tender issued Office, and they are putting the finishing touches on their work,” Mr Bannister told this newspaper of the Act amendments. “They’ll make the final decision.

We’ll have to await the proposed amendments from them.

“I think it’s important to ensure we comply with the requirements of the market. That’s why the attorney general [Carl Bethel QC] and his lawyers are going through it, and going through it very carefully so they can ensure everything meets the legal requirements.

“The provision of this money is going to make all the difference in the world for BPL. It’s going to make all the difference in the world for Bahamian consumers. I think you’ve already seen what we’ve done in lowering rates, and once we get this funding in place and provide the kind of service BPL needs to provide, we’re going to to be able to continue to lower rates.”

Those decreases have been aided by a COVID19 induced decline in global oil prices over the past year, although they have since ticked back up to more than $64 per barrel based on the West Texas Intermediate index, but also by the fuel price hedging strategy that BPL has implemented.

Mr Bannister, meanwhile, said BPL “is very attractive to investors” even though many observers would argue this is unlikely given its consistent multi-million dollar losses over the past

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PAGE 2, Friday, March 19, 2021

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USIC is said to be the universal language.

Somehow bars, notes, chords, rhythms and beats have the ability to transport us into another world and emotional state of being.

It influences the way we communicate, and most understand its immense power in causing people the world over to pay attention, receiving messages that are encrypted in each note and bar. Children learn songs much quicker than they put to memory their written and spoken lessons. This is why we sing the alphabet and multiplication tables to them.

Church communities, family gatherings, political rallies and fund-raising events have all been blessed with music and singing, but little discussion is had about music as an aid to industry and business. In fact, popular thought places music and singing high on the list of distractions in productive work environments. Our dialogue today counters that notion, and presents

THE TRIBUNE

Don’t tune out music’s workplace advantages the benefits and advantages of music at work.

From the days of the trans-Atlantic slave trade, workers have been humming tunes as they go about their laborious tasks. Little has changed today as hotel housekeepers, waiters, construction workers and employees from many professions all seem to have a melody in their heart, rendering those lines to all who will hear.

Most workplaces seem to have personal employee radios stashed in bags and underneath desks, where staff steal away to catch the latest tunes. Some workplaces celebrate boldly, and proudly, their appreciation for music at work by sharing playlists through companyoperated speaker systems

for guests and employees to enjoy.

Whether deliberate or concealed, music has a useful place in our corporate environment. Here is a short list of the benefits: 1. Sacred scripture bears the truth, indicating that music has the ability to make a merry heart and drive away evil spirits and thoughts. Those singing and humming around the workplace are usually the happy and contented employees who want to remain in a pleasant frame of mind.

2. Music and singing somehow have the ability to make the workload seem lighter, and the day go by more quickly. Even domestic workers, singing songs as they wash dishes and complete their daily chores, find

this statement to be true.

3. Music has the ability to alter the mood in both a positive and negative direction. The right music creates a relaxed workplace atmosphere where productivity can thrive, and employees feel comfortable to work efficiently.

4. Activities at work involving music and singing provide an outlet for employees to display their talents and abilities.

These social outlets allow employees to be viewed in a different light, and enable them to feel as if they have something to offer, if only in social settings.

5. Many employees find that music gives them something else to think about and avoids boredom.

It provides a diversion,

and prevents workers from engaging in other distracting behaviours.

In this way music is a strategy to manage internal interruptions, such as day dreams or other thoughts that could lead to a loss of workflow. This, in turn, could lead to the employee starting to do something else, such as fiddling with papers, browsing the Internet, finding a colleague to chat to or send some e-mails to.

Music has many positive functions at work, and these can counteract common stress triggers. Viewed from this perspective, managers should consider music at work as more than simply a leisure activity. Listening to music at work can ultimately help companies with

IAN FERGUSON BY

their bottom line results.

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

GENETIC EXPLOITATION AT END, ASSERTS MINISTER RECENT legislative reforms will end long-standing exploitation of The Bahamas genetic and biological resources without this nation receiving one single cent, a cabinet minister has pledged.

Romauld Ferreira, minister of the environment and housing, told the House of Assembly during the midyear budget debate that the Biological Resources and Traditional Knowledge Act’s recent passage establishes a new management regime for The Bahamas’ natural resources.

Asserting that this nation will finally be able to reap the financial benefits derived from biological research, he added: “Gone are the days when so-called foreign researchers would undertake scientific explorations and discoveries

ROMAULD FERREIRA within our territorial waters, and they make hundreds of millions and we get $52 in permit fees or no fee payment at all,” he said.

“Now all researchers are required to pay a nonrefundable annual permit registration application fee of $1,500 if they wish to undertake research in The Bahamas.”

Mr Ferreira added that, in addition to paying

the registration fee, these researchers will also have to pay the existing permit fees mandated by other ministries such as the Ministry of Agriculture and Marine Resources and the Antiquities, Monuments and Museums Corporation.

Universities and institutions will no longer be able to apply for permits under the guise of research to study The Bahamas’ genetic resources on land or in the sea, only to then turn around and establish online shops where samples of these organisms are sold globally without sharing the financial, technological or capacity benefits with this nation.

“These gaps are addressed by the passage of this Act, and now require that mutual agreements and prior informed consents be obtained before

any commercialisation of the genetic resources from The Bahamas can be considered,” Mr Ferreira said.

Prior to the Act’s passage into law, he added that the current regulatory and institutional setting was unable to harness the potential value of the country’s genetic resources and associated traditional knowledge.

“With this Act we will have in place a centralised online permitting system, which will address the present problem,” Mr Ferreira said. “Every researcher will have to have a registration permit, and a research permit.

“Every relevant agency from the local government to the uniformed branches will receive notification on which researcher has been issued a research permit, what location has been

approved, and for what specific period of time. No more will persons claim to have authorisation and not be required to provide proof of that authorisation.

And if they are unable to present their permit, then action will be taken.”

The Act will also protect traditional knowledge. Mr Ferreira alluded to a wellknown Bahamian plant (Diospyros crassinervis), used in the southern islands to treat sexual issues, which is currently being used as the basis of the globally known ‘blue pill,’ a remedy targeted at erectile dysfunction. He said the country’s bush medicine will no longer be used without clear disclosure and written permission.

“The traditional knowledge acquired from our forefathers regarding bush medicine took years and

generations to perfect,” emphasised Mr Ferreira.

“This information was generated because they didn’t have the resources to seek what was called ‘proper medical care’.

“We, as the present guardians of that knowledge, cannot and will not allow our ancestral wisdom to be stolen by others. We have always been a sharing people, and we will continue to be. But we do demand that proper respect and appropriate compensation be provided. This Act opens the door to ensure the same.”

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Friday, March 19, 2021, PAGE 3

BUSINESSES URGE: CUT WASTE BEFORE TAXATION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN businesses yesterday urged the government to cut waste and excessive spending before coming to them with demand for new and/or increased taxes.

Dwayne Higgs, WHIM Automotive’s general manager, told Tribune Business that The Bahamas “definitely cannot handle any tax increases” given the economy’s continued struggles to free itself from COVID-19’s grip.

Speaking after Kwasi Thompson, minister of state for finance, told the Senate that the government is readying to conduct another tax reform study, he added: “My position has always been to prove to me that you can spend the taxes you’re collecting now responsibly, which I haven’t seen.

“There’s a lot of waste going on. We just can’t

handle any increase. The time is not good. We need more foreign dollars coming in to get us back where we were before, so we don’t need any increase in taxes.”

Mr Thompson, in his mid-year budget debate contribution, said a study by the Organisation for Economic Co-operation and Development (OECD) in 2020 found that The Bahamas was the “lowest” taxed jurisdiction in the English-speaking Caribbean when measured by government revenues as a percentage of gross domestic product (GDP).

“With such a relatively low taxation system, there is no doubt, we must effectively manage every dollar we collect and we must collect every dollar that is owed. It also means we must achieve greater revenue sufficiency to protect the country from severe economic shocks and ensure fiscal resilience,” he added.

We will not make rash, politically expedient decisions when it comes to taxes and government revenue,” Mr Thompson pledged. A new assessment of our current tax policies and administration is required. Since late last year, the government has been in discussions with our multilateral partners to conduct an updated review and assessment of our tax regime.”

The “multilateral partners” were not identified, but the minister was likely referring to the likes of the Inter-American Development Bank (IDB), International Monetary Fund (IMF) and the latter’s regional affiliate, CARTAC. Affirming that the government has been paving the way for another taxation study in the wake of both COVID-19 and Hurricane Dorian, Mr Thompson added: “While we have conducted studies in the past, they are

time sensitive and must be grounded in present and anticipated future realities. The past two years of economic trauma require a reimagining of the future.

“A new assessment is critical now more than ever before. Such a study will not only aid in reviewing flaws and weaknesses in the administration of our tax system, but it will also review our tax rates, policies and types of tax. At the conclusion of this exercise the public will be engaged on the way forward.”

Mr Higgs, unconvinced about the need for new or higher taxes, said: “We need a more frugal government because we’ve all had to tighten and pull back on things we would have liked to do, and some people are barely getting by and not able to eat.”

“The government needs to have a little dose of reality, and maybe they should have done what everyone else did and take a pay cut so that they could

understand. I think they are a little out of touch.”

Brent Burrows, general manager of CBS Bahamas (Commonwealth Building Supplies), said: “I feel that if the tax study includes how much money the government is letting fly as far as non-payment of real property tax and business license fees, then I welcome it.

“But if the tax study is to try and milk us honest businesspeople, and honest citizens, out of more money then I have a serious problem with that.”

Mr Burrows said it was “no excuse” that The Bahamas has the lowest tax revenues as a percentage of GDP in the Caribbean, and added: “It is just ridiculous. Look at this thing they did with property taxes [the recent amnesty]. So here the honest citizen again is being punished for paying their taxes on time.

“I know that the government is desperate for

funds, and what they feel now is that they’re going to look at some easy ways of getting funds. That, unfortunately, means higher taxes for the people who are paying taxes as it is now.”

Vasco Bastian, owner and operator of Esso’s East Street South and Soldier Road location, said tax reform will be a “benefit” to the country.

He pointed to the bulk of the economy being carried by the middle class, adding that changes which reduce their tax burden should be welcomed by all.

Mr Bastian said: “Any type of tax reform that would reduce the burden on the Bahamian people and get us to the next level as a country, we need to investigate it and look at it. We’ve been spending more than we take in for years now, and some hard decisions have to be made as a country in order for us to survive.”

TOURISM EXECUTIVES SMALL BUSINESS POSITIVE OVER CROWDFUNDING PLAN RENEW HEALTH FOCUS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

TOURISM executives yesterday reaffirmed the importance of adhering to COVID-19 health and safety protocols if the Bahamian economy is to recover from damage inflicted by the pandemic.

“We applaud the efforts of onshore and offshore companies who are positioning themselves to be a vital part of the formula for ‘Safe Travel’ to and throughout our beautiful Bahamas,” said Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president.

“We welcome the prolific expansion of professionals, health care providers, test administrators, laboratories, technology companies, who are focusing their

business model on providing ‘safe travel’ options.

“Not only will these innovative entrepreneurs contribute to our ability to reestablish ourselves as a premier tourist destination, they are improving and protecting the overarching health and well-being of our nation, our population, our economy”.

The BHTA said it has worked closely with the Ministry of Tourism, Ministry of Health and numerous tourism business owners and operators to facilitate the sector’s swift recovery. Efforts have focused on initiatives such as the Tourism Readiness and Recovery Plan, plus the Clean and Pristine Health and Safety Certification Process.

BAHAMIAN small and medium-sized enterprises (SMEs) yesterday hailed proposed crowdfunding rules that will enable them to raise up to $5m in equity capital as an “amazing boost”.

Cody Simpson, Social Cay’s owner/operator of Social Cay, told Tribune Business “this is what the country needs to move forward” and “bring on some of the younger generation”.

She spoke out after Kwasi Thompson, minister of state for finance, told the Senate earlier this week that the soon-to-be released Securities Industry Business Capital Rules will allow SMEs, start-ups and entrepreneurs to raise capital via crowdfunding.

Issuers will be able to raise up to $5m through selling shares in their ventures without having to file a prospectus with the Securities Commission. The intent is that investors will be able to sell their interest on a secondary market such as the Bahamas International Securities Exchange (BISX).

The rules are set for completion by April’s end. They will also include protections against hostile takeovers of SMEs by limiting the amount of shares any one investor will be allowed to buy in a particular company.

Ms Simpson, rejecting the fears that SMEs will be exposed to hostile takeoverst, said: “I think it is going to be fine. I’m sure they are going to have the proper protocols in place.”

Kashan Culmer, owner/

operator of Poitier Marketing & PR Group, said: “I think this is a great opportunity. There are a lot of small businesses, especially those that came up as a result of the coronavirus pandemic, along with people losing their jobs and being furloughed.

“As such they started their own home businesses and other ventures. I think they would probably benefit the most from such an initiative and opportunity, especially as a lot of them are looking for investors.”

Asserting that the issuance of crowdfunding rules is “timely”, she added that start-ups and cottage industries need this to “take them over the line” by providing them with the capital to invest in labour or even taking the next step towards establishing a

business physical presence.

Neville Smith, general manager of Settler’s Cove, though, was sceptical, saying: “I will be happy when I see it.”

He added: “Prime Minister Minnis said he was going to give the filmmakers $1m, and he has not given us that money yet. So all of them are full of foolishness to me.

Every time they come in, they say the same thing and only a small section of The Bahamas gets anything out of it.”

Ricardo Knowles, owner/ operator of Always Creative, said the crowdfunding initiative will be “great” if it comes to fruition. He added: “I think access to crowd funding is in high demand because it is difficult to try and get a small business up, so I think this is a great step forward.”

BAIC UNVEILS ITS 40TH BIRTHDAY CELEBRATIONS THE Bahamas Agricultural and Industrial Corporation (BAIC) will celebrate its 40th anniversary with a week of activities that begins this Sunday.

Established in 1981, BAIC has a mandate to assist Bahamians in creating and developing small and medium-sized businesses.

To celebrate the occasion, it will promote the businesses of clients and tenants who are leasing land and buildings in its New Providence and Family Island industrial parks.

Products and services

BAIC’s chairman, Gregory Collie, with its Board of Directors and senior executive management. produced by artisans and artists who have received handicraft training at BAIC workshops for straw craft, shell craft, coconut shell craft, conch shell carving, wood carving, soap-making and food processing workshops will also be showcased.

Twenty will be featured in a market on BAIC’s grounds from Thursday, March 25,

to Saturday March 27, between the hours of 8am to 6pm. BAIC said more than 1,000 Bahamians have received training in various workshops it has facilitated since 1999.

The Corporation said in a statement that it has improved its online land and building lease application process so that Bahamians wanting to start farming or other businesses

can apply for acreage among the land it owns on Eleuthera, Grand Bahama, Andros and Abaco.

BAIC also said payments to farmers via its produce exchange have increased from over $250,000 per year in 2017 to almost $800,000 in 2020. It has been managing the Pine Island project to establish the Cascarilla industry in Acklins and Crooked Island, and the silver palm industry in North Andros and Eeast Grand Bahama that is nearing completion.

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PAGE 4, Friday, March 19, 2021

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GB’S ‘CARIBBEAN FIRST’ RAISES ADDITIONAL $10M

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Caribbean’s Grand Bahama-based first “clean port facility” yesterday confirmed it has raised an additional $10m to fund an expansion that will be completed by this July.

Robert Speller, Clean Marine Group’s managing director, told Tribune Business yesterday that

National census to capture data online THE Department of Statistics (DOS) yesterday said it will for the first time in its history seek to capture data electronically for the upcoming National Census.

It added that online options will be available for completing a digital census questionnaire, as it readies for September’s Census of Population and Housing following delays caused by the combination of Hurricane Dorian and the COVID-19 pandemic..

In a statement, the Department of Statistics said it will be conducting a Listing Exercise between April and July to establish a database that will allow for the digital and online census taking During this process, all buildings and dwellings in New Providence, Grand Bahama and the Family Islands will be listed by enumeration district. The listing will be compiled to create a comprehensive national register of households, which will be used during the official census exercise.

“This year signals a landmark accomplishment for the Ministry of Finance through the Department of Statistics. For the first time in The Bahamas, the Census of Population and Housing

this investment will add to the $3.6m matching financing it received from the Inter-American Development Bank’s (IDB) ‘Blue Tech Challenge’ in 2019.

He explained: “Back in 2019 we raised a total of $3.6m from winning the IDB challenge. So that basically got us off on developing the project, and since then we’re just about to open what we’re calling the first phase of the

will be conducted electronically,” said Leona Wilson, acting director for the Department of Statistics.

“Additionally, due to the COVID-19 environment, the Department plans to introduce alternative methods of data collection, namely online, telephone and personal interviews. In addition to the building and dwelling data, the Department will be collecting contact information for every dwelling, which will enable us to give the householder access to the web in order to complete their census questionnaire online.”

The Department of Statistics plans to hire around 170 field workers on New Providence, Grand Bahama and the Family Islands to assist with this exercise. They will canvas every enumeration district throughout the Bahamas to collect GPS coordinates, the dwelling description and the contact for each dwelling.

Information provided will be kept in strict confidence, and used only for statistical purposes. There will be no in-house visits.

Ms Wilson said each field worker will be required to wear a photo identification issued by the Department.

This will carry the signature of the acting director along with a vest with The Department of Statistics printed on the back. Each household will be given a letter signed by the acting director of statistics concerning the listing exercise.

development at the Grand Bahama Shipyard.”

Mr Speller described this as a “micro plant”, and explained: “This is just this is within the Grand Bahama Shipyard using their waste plant. It’s been a good partnership with them to at least get this small plant up and running, which we’re hoping will go live in April. We’re just commissioning the equipment now.”

Clean Marine Group, which will clean and process ships’ waste, is aiming to base its larger “main facility” at basin three in Freeport Harbour, as it creates the first United Nations (UN) regulated clean port facility under the UN’s International Convention for the Prevention of Pollution from Ships (MARPOL) regulations.

Mr Speller said: “We’ve raised a further $10m, from

Harbour Island cruise fears taken on board FROM PAGE ONE the issue about the dock, that the Fast Ferry and mail boats are moored there every day, and only one part of the dock is functional and it’s in disrepair.”

Mr Simmons said the lack of fit between Harbour Island and mass cruise tourism was exposed in 2017, when a vessel made a one-off stop. Pointing out that there were no public bathrooms, he added that many passengers who visited “meandered around the island feeling a bit lost”.

Mr D’Aguilar could not be reached for comment despite numerous attempts, but Mr Simmons said: “He heard our concerns and said he would do his best to respond to them and find a path forward.”

Tribune Business reported on Monday how Harbour Island resort operators yesterday warned the government it will hurt “the goose that laid the golden egg” if they try to make the island a cruise tourism destination.

Tom Sherman, owner and partner in the Coral Sands resort, said making Harbour Island a weekly port of call for Crystal Cruise on its 16 seven-night voyages between July and October threatened to undermine the very essence of the island’s tourism model.

Besides an infrastructure that was unable to cope with the up to 900 passengers aboard the Crystal Serenity, Mr Sherman said the absence of mass market cruise tourism was one of the very reasons that had enabled Harbour Island to build up its high-end client base of boating visitors, hotel guests vacation renters and property owners in the first place.

Warning that this was now being endangered, he told this newspaper: “There’s no infrastructure to support the amount of people coming ashore. There’s not even a dock that’s acceptable. There’s no public bathrooms. There’s multiple reasons it’s the wrong thing for the island.

“The island is an attraction because we’ve not had cruise ships. Somebody’s

what’s called the Sustainable Ocean Fund, which is a big worldwide fund for sustainable oceans for projects for protecting the oceans and the environment.”

This $10m investment will help finance Clean Marine Group’s larger facility in Freeport Harbour, which is targeted for completion in late July and will handle both ships’ bio and petrochemical waste.

Mr Speller said: “We’re

hoping this will attract more vessels to the harbour in Freeport. We’re hoping that it helps to stop some of these larger companies from discharging some of their waste at sea, which has been an issue over the years, and it will enable everybody to have a safe and secure port reception facility that will enable them to offload their ship slops in a safe and environmentallyfriendly way.”

trying to change the landscape. It might be good for Nassau, but not for Harbour Island. I think it was a shortsighted decision whoever made it.

“You cannot make an Out Island a major island.

You cannot make a little Out Island, what they call the jewel of The Bahamas, a cruise ship destination,” Mr Sherman continued. “I don’t understand what the minister of tourism [Dionisio D’Aguilar] and the Prime Minister are thinking.

“I understand there’s the economic needs of the country, but if they shoot the goose that laid the golden egg they’ll be hurting themselves..... It’s not particularly good news for us who have investments in Harbour Island, no.”

Mr D’Aguilar previously said he anticipated a minority might push back against the Crystal Cruises plan.

He described the company’s plans as “a tipping point” for tourism and the wider economy as it will become the first cruise line to ever home port in The Bahamas through its multi-island schedule for summer 2021.

The upscale, luxury cruise line, which offers butler service for 30 percent of its passengers, will use Nassau and Bimini as home ports for week-long cruises set to

begin on July 3. The Crystal Serenity will call on Harbour Island, Great Exuma, Long Island and San Salvador via an itinerary designed to boost to island economies, traditionally not on a cruise industry schedule, that are still reeling from COVID. Jack Anderson, Crystal Cruises’ president and chief executive, said the Crystal Serenity will “offer a 100 percent Bahamian itinerary through to at least October” with the possibility that its exclusive stay in this nation could be extended further. “I think it’s very likely. No final decision has been made,” he added, when questioned by Tribune Business.

“We’re certain of one thing: These Bahamas cruises are going to sell out very quickly, and that will most likely encourage us to to extend.” Crystal Cruises is capping passenger numbers on the Serenity to 900 guests to ensure compliance with COVID-19 health and safety measures, especially social distancing.

Mr Anderson indicated that Crystal Cruises has selected The Bahamas for its sailing resumption because of the multiple destinations and island experiences it offers, together with the ease of complying with COVID19 health protocols.

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Friday, March 19, 2021, PAGE 7

$10m poultry investment in ‘Nassau-centric’ move FROM PAGE ONE tariff safeguards to itself and other local producers in such a rules-based trading environment.

The halt to that process, and likelihood that it will not be revived for some years to come, has removed at least one uncertainty (in the short-term) for what Dr Albury said remains as an $8m-$10m investment proposal.

Explaining what he means by “Nassau-centric”, he explained: “Instead of the first phase being in Andros we were looking at it being in New Providence. The poultry farm, which included the broiler houses as well as the processing facilities, everything was initially proposed for Andros. We’re now looking at New Providence.

It would be a switch from Andros to New Providence.

“We were looking at probably 20-25 acres. The Ministry of Agriculture has identified acreage they have in the Gladstone Road area, and I know they were in the process of finalising something with that. We’re looking at the fact that the population centre is New Providence, there is a potential land space we could develop here, and expand to the Family Islands as the operation grows.

“We’re waiting on all that, and once we get clear direction we can discuss it internally and debate how we move forward.” Dr Albury confirmed that the revised plan could result in between 60-80 jobs being created on New Providence, given that the initial strategy called for 60 at the Andros farm and broiler facility and just 20 at the distribution centre in the capital.

Arguing that COVID19 has created momentum for greater investment in

Bahamian agriculture, he added: “I think food security has become an even more consistent conversation since the pandemic started over a year ago,.

“The market has not changed in any significant sense. There’s some small producers who have entered, but in terms of major producers there’s only Abaco Big Bird that is a large player. Across the region and globally, with the onset of this pandemic countries had to begin looking at what if there’s a reduction in the flow of imported goods, particularly food?

“The entire region was faced with questions as to how to feed its people.

I believe that question remains. While we have sort of stabilised ourselves in the pandemic, we could be looking at future event that give rise to the same questions, whether it be a catastrophic hurricane or another pandemic. As a country we have to answer that, and as a region we have to address it.”

Bahamian agricultural producers have traditionally found it hard to compete against overseas rivals enjoying greater economies of scale despite the tariff protection offered by the government. With 150m pounds of chicken consumed annually by Bahamians, Bahamas Striping had planned to persuade them to “migrate” to the fresh, healthy product it was targeting.

Confirming that remains the strategy, and that its chickens will not be fed any steroids, hormones or antibiotics, Dr Albury said: “This will be fully fresh birds that will help with the quality of food eaten on the tables of Bahamians.

Considering some of the product coming in from overseas, it’s vitally important we move in that

direction as a country.”

In a previous interview, he said he and fellow principals had been left “stunned” and “shocked” by the quality of chicken being supplied to Bahamian consumers. Disclosing that Bahamas Striping’s market research had revealed some chicken was being sold up to five years past its “kill date”, he added that this nation was “more a dumping ground for the large producers who are members of the WTO”.

“I can tell you that when we started researching the market, deployed our technicians in the market to start studying, what was shocking was the five-year date of chicken on our shelves,” Dr Albury said then. “That was concerning, shocking to our shareholders. On a personal level I purchase only locally-grown chicken after discovering what we discovered.

“The turning point for us was when the surveyors came back, and samples were sent to the laboratories, as we purchased chicken from various wholesalers and retailers. We were absolutely stunned with some of the results that came back.

Dr Albury said Bahamian consumers “may be prepared to pay five cents a pound more” for Bahamas Striping’s product. Suggesting that the consumption of poor quality chicken had added to The Bahamas’ considerable health woes, he added: “We want to make a dent in that, and educate people and give them the choice.

“We believe that once we scale it right, we can deliver fresh, healthy chicken at the same rates - or maybe at a slight difference, not a significant one - as those being produced on the market right now.”

PAGE 8, Friday, March 19, 2021

THE TRIBUNE

Govt told: Productivity must be ‘top priority’ FROM PAGE ONE becoming the first Caribbean nation to enact a “second generation” Decent Work Country Programme (DWCP).

Robert Farquharson, the National Tripartite Council’s chairman, confirmed during the Zoom meeting called to discuss the latest draft that this nation is “on the doorstep of becoming the first Caribbean country to sign a second generation DWCP” with the next version set to be a final one that will be presented to the government for its approval.

And Mr Goudie, representing employers and chamber members in the discussions, subsequently told Tribune Business that recommendations for the National Productivity Council’s founding have already been submitted to the government.

Such a body will oversee and co-ordinate The

Bahamas’ efforts to improve worker output, and related skills training and development, an area that has long been recognised as a major economic and social weakness. “That is one of our biggest recommendations in front of the government right now,” Mr Goudie said.

“We [the National Tripartite Council] are the ones that are behind setting up a National Productivity Council. We’ve done a lot of work on it, and have had the research done. Barbados and Jamaica both have productivity councils and have offered to help us.

“It’s a top priority on our list. We have to hope that it will increase worker output and also improve our ease of doing business.

That’s one of the biggest things to come out of the group I was in today. We have to get back to making it easier to do business in this country, and if we have more productive workers it can help those coming in,”

NOTICE IN THE ESTATE OF RONALD ROOSEVELT SAUNDERS late of #19 Egret Street, Nassau East North in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 27th day of April, A.D. 2021, after which date the Executrix will proceed to distribute the assets having regard only to the claims to which she shall then have had notice.

Mr Goudie added.

“One of the government’s biggest priorities is to bring in more investment, and until we make this country a happy place to do business we’re going to have trouble bringing investment in.”

Mr Goudie explained that the National Productivity Council will function as an arm of the Tripartite body, and said: “The main thing here is to get people schooled and skilled so they can more productive.

And getting more employers to co-operate on making employees more productive and, therefore, giving them better skills.

“It’s got to work on both sides of the fence. If we want people to be more productive then we’ve got to help them get better skills and education. It’s [the Productivity Council] way overdue.

I can tell you, it’s way overdue. We need it as soon as we can, and it’s a top priority at the National Tripartite Council.”

The Decent Work Country Programme presentation also featured a National Apprenticeship Programme as a core component for improving labour skills, especially among younger workers, and Mr Goudie said this is an initiative that The Bahamas “needs to get back on the rails”.

He added that the InterAmerican Development Bank (IDB), private sector agencies and the government had “done a huge amount of work” on the apprenticeship plan and the “skills needed in certain

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

MERIDIAN LAW CHAMBERS Attorneys for the Executrix Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.

industries” only for the project to be postponed, and allocated funding diverted, by the COVID-19 pandemic.

“We need to get that back up and running,” Mr Goudie said. “It’s hugely impactful because people need to learn what jobs are out there and what they can do. We don’t need to talk enough about having enough job skills and education.

“That, to me, is where our priorities lie. We need to get the population properly educated with job skills we can use. To me, that’s the bottom line in the whole thing. Let’s get everybody up and ready to participate in the economy.”

Bahamian employers have long complained about the public education system’s “D-” average output, arguing that they are unable to find workers with the necessary skills, attitude and even socialisation to enable their businesses to function with the desired level of efficiency and competence.

Improved workforce output and skills, which a National Productivity Council will be charged with driving, are also critical for The Bahamas’ economic competitiveness as it attempts to revive and rebuild following COVID-19.

“We really need to get something going so we can get this country up and running,” Mr Goudie said. “I think it’s just a matter of us focusing on what we need to do over the next five years to bring us back.”

NOTICE

NOTICE is hereby given that SHELDA TELUSMA, of Carmicheal Road, P.O. Box SB51086 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 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ROMELLO MICHAEL ALEXIS, of Maple Street, 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 19th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE www.bisxbahamas.com

THURSDAY, 18 MARCH 2021 CLOSE

CHANGE

1911.41

0.33

%CHANGE

YTD

YTD%

0.02 -181.05

-8.65

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.80 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.26 6.16 12.00 2.75 6.85 10.88 8.44 14.60 4.25 9.00 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.80 5.00 9.75 2.10 4.90 9.50 7.70 13.00 3.43 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 4.80 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.50 2.80 5.50 9.75 2.85 6.84 10.70 8.40 13.95 3.43 8.35 15.50

CLOSE 4.75 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.50 2.80 5.50 9.75 2.79 6.84 10.67 8.40 14.00 3.43 8.35 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGR1321391 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BSBGR FX BSBGR1200371 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498

CHANGE (0.05) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.06) 0.00 (0.03) 0.00 0.05 0.00 0.00 0.00

VOLUME 3,000

600

1,060

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 19.9 34.5 N/M N/M N/M N/M 17.3 -8.1 32.1 15.2 12.2 13.5 27.4 14.6 16.5 11.5 17.2 16.9 8.9 24.6

YIELD 3.58% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.29% 4.00% 7.38% 15.56% 0.88% 3.07% 2.86% 3.86% 3.50% 2.40% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.29% 5.65%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 15-Oct-2039 15-Oct-2049

MATURITY

MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.83 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

force, and enables entrepreneurs to create “decent employment opportunities” leading to sustainable economic growth; social dialogue; and improved social and labour market governance.

The former, Mr Kelly said, involved enacting both the National Productivity Council and National Apprenticeship Programme, while also creating a Labour Market Information Data and Analysis System that will supply policymakers with better, real time workforce data to facilitate better decision-making.

“Social dialogue” focuses on building more “harmonious industrial relations”, and strengthening dispute resolution processes at both the national and company level to relieve pressure on the courts. The DWCP calls for the National Tripartite Council to set-up sub-committees to tackle specialist issues, such as occupational health and safety (OSH) and maritime employment.

Finally, strengthening labour market governance calls for building up the Department of Labour’s workplace inspection capacity such that it is not simply detecting violations of safety laws but actively training employers and their staff in how to avoid them. Laws relating to the employment of persons under 18, foreign and migrant workers, and dealing with workplace violence and harassment are all part of the package.

NOTICE

MARKET REPORT BISX ALL SHARE INDEX:

Mr Farquharson, meanwhile, said The Bahamas’ latest Decent Work Country Programme draft was the product of six-nine months’ worth of work, with six to seven weeks of intense consultation with the private sector, trade unions, civil society and other stakeholders having taken place since February 2021.

While assisted by the International Labour Organisation (ILO) and UK-based consultants, the National Tripartite Council chair said the initiative was Bahamian-owned and led. “I want to stress how important it is for the DWCP to be a Bahamian thing,” he added, pledging that the initiative will “be implemented for Bahamians

by Bahamians”.

Dennis Zulu, the ILO’s Caribbean director, stressed that the DWCP’s implementation will enable The Bahamas to meet its national development goals as well as the sustainable development objectives set by the United Nations (UN).

“Given the impact of COVID-19 on the socio economics of the world, some of the activities planned in the DWCP have a direct bearing on the efforts of The Bahamas to build back better,” Mr Zulu added.

Sam Kelly, of UK-based Ergon Associates, a labour, employment and international development consultant, said the new DWCP has three pillars job and skills development that enhances the labour

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

NAV 2.40 4.44 2.15 201.90 184.85 1.68 1.73 1.75 1.03 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79

YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.36% 0.77% -3.49% -4.68% -0.85% -0.65% -1.79% -16.80% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%

NAV Date

31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 28-Feb-2021 28-Feb-2021 28-Feb-2021 28-Feb-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

NOTICE is hereby given that PROFERT MYRTIL , of Wulf Road, 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 19th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that WIDNY SAINTIL, of 5th Street, 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 19th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 10, Friday, March 19, 2021

THE TRIBUNE

‘Good indication’ of $535m BPL rating FROM PAGE ONE

13 years coupled with concerns about poor service quality, frequent power outages and aged transmission and distribution infrastructure that the bond financing is to help replace.

BPL and its advisers have been targeting an interest coupon of between 7.5 percent and eight percent for the bond’s international component, and Mr Bannister confirmed that the utility will seek a rating from one

Those interest rates, in turn, will be key to determining just how much Bahamian households and businesses will have to pay to service BPL’s bond debt via the National Utility Investment charge that will be added to their bill once the issue is placed with investors.

Meanwhile, BPL yesterday issued a request for “expressions of interest” for the “engineering, procurement and construction” of the proposed liquefied natural gas (LNG) storage terminal and regasification facility that will provide New Providence’s new power plant with its major fuel source.

The LNG terminal, as well as the new generation plant, are supposed to be

of the international rating agencies for the issuance.

Arguing that BPL is “right there on the precipice” of a financial and operating turnaround, the deputy prime minister added: “BPL already has an indication of what the credit rating agencies are thinking.

They’re just waiting to start the process, but already have good indications of how they will be rated by the agencies. They already have an indication of what the interest rates are going to be.”

financed and constructed under Shell North America’s deal with BPL. While Dr Donovan Moxey, BPL’s chairman, declined to comment, other sources said not too read too much into the fact the construction advertisement came from the state-owned utility.

They explained that the tender’s issue was designed to give construction on the LNG terminal a head start while the two sides concluded their agreement, with BPL’s portal employed for this purpose.

“They are moving forward negotiating with Shell and are really close to getting this deal completed,” one contact, speaking on condition of anonymity, told this newspaper.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 76° F/24° C Low: 54° F/12° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny, breezy and pleasant

Partly cloudy, a stray t‑storm late

Clouds and sun with a thunderstorm

Partly sunny and pleasant

Pleasant with sun‑ shine

Nice with sunshine

High: 82°

Low: 69°

High: 80° Low: 67°

High: 80° Low: 66°

High: 78° Low: 66°

High: 79° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

87° F

71° F

89°-72° F

86°-69° F

84°-69° F

87°-70° F

High: 71° F/22° C Low: 56° F/13° C

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

N

almanac

E

W

ABACO

S

N

High: 78° F/26° C Low: 69° F/21° C

8‑16 knots

S

High: 85° F/29° C Low: 61° F/16° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 62° F/17° C

E

W S

E

W

WEST PALM BEACH

N

| Go to AccuWeather.com

High: 80° F/27° C Low: 66° F/19° C

MIAMI

High: 85° F/29° C Low: 61° F/16° C

8‑16 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 69° F/21° 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 ................................... 67° F/19° C Precipitation As of 2 p.m. yesterday ................................. 0.01” Year to date ................................................. 2.02” Normal year to date ..................................... 3.83”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 69° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 80° F/27° C Low: 72° F/22° C

N

KEY WEST

High: 80° F/27° C Low: 67° F/19° C

tiDes For nassau High Today

E

W

6‑12 knots

S

6‑12 knots

Low

Ht.(ft.)

2.5 2.0

6:43 a.m.

6:39 p.m.

0.4 0.3

Saturday

1:05 a.m.

1:19 p.m.

2.4 1.9

7:34 a.m.

7:26 p.m.

0.6 0.4

Sunday

1:58 a.m.

2:15 p.m.

2.3 1.8

8:31 a.m.

8:21 p.m.

0.7 0.5

Monday

2:56 a.m.

3:17 p.m.

2.3 1.8

9:32 a.m.

9:23 p.m.

0.7 0.5

Tuesday

3:57 a.m.

4:20 p.m.

2.4 1.9

10:32 a.m. 0.6 10:26 p.m. 0.4

Wednesday 4:55 a.m.

5:18 p.m.

2.6 2.1

11:27 a.m. 0.4 11:25 p.m. 0.2

Thursday

2.8 2.4

12:16 p.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑

5:49 a.m.

6:11 p.m.

sun anD moon Sunrise Sunset

7:15 a.m.

7:21 p.m.

Moonrise Moonset

11:03 a.m.

12:01 a.m.

First

Full

Last

New

Mar. 21

Mar. 28

Apr. 4

Apr. 11

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 72° F/22° C

High: 80° F/27° C Low: 72° F/22° C

N

High: 83° F/28° C Low: 70° F/21° C

E

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 73° F/23° C

L

Ht.(ft.)

12:19 a.m.

12:32 p.m.

High: 80° F/27° C Low: 71° F/22° C

N

S

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

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

CAT ISLAND

E

W

uV inDex toDay

7‑14 knots

MAYAGUANA High: 80° F/27° C Low: 73° F/23° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 74° F/23° C

High: 80° F/27° C Low: 72° F/22° C

GREAT INAGUA High: 83° F/28° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

6‑12 knots

7‑14 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SW at 8‑16 Knots NE at 6‑12 Knots S at 6‑12 Knots W at 6‑12 Knots S at 6‑12 Knots SSE at 4‑8 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots S at 7‑14 Knots S at 6‑12 Knots WSW at 8‑16 Knots NE at 7‑14 Knots S at 6‑12 Knots S at 4‑8 Knots SE at 7‑14 Knots E at 6‑12 Knots SE at 6‑12 Knots ESE at 4‑8 Knots ESE at 7‑14 Knots ESE at 6‑12 Knots S at 8‑16 Knots S at 4‑8 Knots SE at 6‑12 Knots E at 6‑12 Knots S at 7‑14 Knots S at 4‑8 Knots

WAVES 3‑6 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 3‑6 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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