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MONDAY, MARCH 22, 2021

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Cruise port’s $3.5m ‘icing on the cake’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ASSAU Cruise Port will receive an unexpected $3.5m windfall from its use by two cruise lines as a home port, with its chief executive branding the windfall as “the icing on the cake”. Michael Maura, speaking to Tribune Business after Royal Caribbean Cruise Lines confirmed the Adventure of the Seas will begin seven-day round-trip voyages from Nassau from June 12, said The Bahamas will “get the best of both worlds” as it seeks to kickstart its tourism rebound in earnest following COVID-19’s devastation. Normally capable of carrying 3,800 passengers, together with a 1,200-strong crew, Mr Maura said several thousand extra persons per week will start arriving in the Bahamian capital every week from early summer top embark for Adventure

• Eyes unexpected home port windfall • Crystal touts ‘record’ Bahamas bookings • ‘More to come’: ‘Good chance’ to keep both

MICHAEL MAURA of the Seas’ cruise. While this will not amount to 5,000 persons initially, given that Royal Caribbean is likely to resume post-COVID sailing with a 50 percent reduction in passenger capacity, Nassau Cruise Port’s chief said the 1,500 to 1,900 customers - when combined with crew - will provide a weekly arrivals boost of around 3,000.

No ‘worthwhile’ return: Cable in TV shake-up By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas is not earning a “worthwhile” rate of return on its REVTV product, sector regulators have agreed, with subscriber numbers set to further decrease unless its channel line-up is restructured. The Utilities Regulation and Competition Authority (URCA), in launching the public consultation on revisions to the BISX-listed communications provider’s TV packages, said historical data combined with future viewing and financial forecasts had made out a

sufficient case for the company’s application to be considered. Referring to the documents provided to it, URCA said: “URCA considers that the spreadsheets provide a reasonable financial justification for the proposed changes. The spreadsheets show that Cable Bahamas is currently not earning its regulated cost of capital in the pay TV market, which is the allowable rate of return it can earn to make providing the service worthwhile..... “If the proposed changes are approved and implemented, the forecasts project

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Stand-off deepens on swimming pigs’ fees By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE stand-off over fees being levied to visit Exuma’s swimming pigs was deepening yesterday with many of the island’s excursion providers adamant they and their guests will not pay the charges. Mal Richardson, head of the Exuma Charter Boat Association, and principal of Triple A Adventures, told Tribune Business that its members will meet today

to plot their next move over what he described as “a bit of a situation” with the pigs’ owners at Big Major Cay. He acknowledged that while some operators were paying the levy, set at $10 for adults and $5 for children, or telling their guests they had to pay it, others are refusing to collect it and/or pay The Original Swimming Pigs Ltd, the company formed by the eight pig owners. “Everybody wants to know if they’re collecting

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He predicted that this will have “a significant impact on the local economy”, with numerous passengers likely to spend several nights in a Nassau hotel both before and after their cruise, coming into contact with restaurants and excursions, and needing to use ground transportation. And, if The Bahamas delivered a strong cruise passenger experience, Mr Maura said there was “a good opportunity” for Nassau and The Bahamas to hang on to Royal Caribbean as a long-term home port client given the increasing number of new vessels scheduled to be delivered in the next few years post-pandemic. Confirming that Nassau Cruise Port stands to earn from home porting passengers more than three

times’ what will be generated by visiting or transit passengers, Mr Maura said: “Whereas our transit passenger tariff is $8.50 per passenger, the home port passenger departing from Nassau and returning to Nassau with luggage, our tariff fee will be $28.50 per passenger. “I think, over a 12-month period, we’ll pick up $3.5m from Crystal Cruises and Royal Caribbean..... This home port business is incremental business. We anticipate getting some traffic out of south Florida before the year is out, starting in the third quarter, but this home port business is the icing on the cake.” The decisions by Royal Caribbean and Crystal Cruises to home port in The

SEE PAGE 7

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Minister: ‘Prioritise’ tourism workers on COVID-19 vaccine By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday backed “prioritising” tourism industry workers to receive the COVID-19 vaccine as “the only way” to rapidly reverse The Bahamas’ economic and fiscal crisis. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that vaccinating front-line hotel and tourism industry staff “as quickly as possible” remains the only viable option for effecting a rebound from the devastation the pandemic has inflicted in Bahamian businesses and jobs. With economic diversification likely to take years, he argued that fully vaccinating Bahamians who tourists come into contact with will provide the country with a valuable health and safety marketing tool that can be used to attract visitors as the threat posed by COVID19 slowly starts to recede worldwide. “In my capacity as minister of tourism, I am fully supportive of prioritising

DIONISIO D’AGUILAR tourism workers to get vaccinated,” Mr D’Aguilar told this newspaper. “The ultimate decision for that lies with the committee created to manage the roll-out of the vaccine, and I’m sure I’m not the only voice at the table and other groups are equally as important. “I’m of the view that workers in the hospitality industry have been impacted the most by this horrible virus, and they should be given the opportunity to get back to work in the quickest possible way because everybody recognises that until we get the tourism industry back up and running, the country’s revenues will not recover.”

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PAGE 2, Monday, March 22, 2021

Companies can’t ignore environment, social risk BY DEREK SMITH

S the focus on climate change steadily grows, and climbs to the top of the agenda for many governments and multinational organisations, so does the importance of corporate social responsibility (CSR). And, close to home, in the US there have been several reports that the Securities and Exchange Commission (SEC) has created a 22-person enforcement task force to examine “misconduct” related to environmental, social and governance (ESG) issues. For the avoidance of doubt, CSR involves a company’s outlook, plans and actions towards balancing their negative and positive impacts on the economy and community. CSR is not only reserved for large corporations, as it can also be seen in smaller businesses through their culture of

volunteerism and donating to local events or charities. In some industries and companies, CSR now includes diversity and human rights. Meanwhile, ESG considerations for multinational companies are not optional in countries such as France. Reuters says: “ESG specifically refers to the three categories of factors on which an investor can evaluate a company for a potential investment. More recently, the focus on CSR has sharpened

THE TRIBUNE into environmental, social and corporate governance (ESG) considerations.” While there are no universal definitions for CSR and ESG, the above provides a general context and basis for the following propositions and opinions. ESG issues are financial issues The Financial Times writer Chris Flood, in his December 14, 2019 article entitled, ESG controversies wipe $500bn off the value of US companies, said: “ Fines worth at least $243bn have been paid by banks since the financial crisis, according to Keege, Bruyette & Wood, the brokerage. Bank of America has paid about $77bn in fines, while large penalties have also been imposed on Wells Fargo, Citigroup and Goldman Sachs.” The myth that ESG is a non-financial problem is a position that should be left in the past, as controversial stocks will be avoided by ESG-focused investors. This will directly impact portfolio performance, interest and the company’s bottom line. ESG should be everyone’s business Do not wait for a scandal or a financial hit to occur before a holistic approach is deployed to address ESG concerns. All stakeholders are essential to the designs, implementation and culture of ESG awareness. If boards, partnerships and top management are not

keen on the idea, risk and compliance departments must take up the baton, articulate the benefits of ESG, and the need to embed it into the company’s culture. These conversations should not be held in silos, and must include responsible process owners, executives, board members and all environmental and social stakeholders. Boards are their own enemy Tensie Whela, a clinical professor of business and society, and the director of New York University’s Stern Centre for Sustainable Business, wrote in her Harvard Business Review article, Boards Are Obstructing ESG - at Their Own Peril: “Boards remain a stubborn outlier when it comes to embracing sustainability.” Moreover, a PricewaterhouseCoopers (PwC) study analysing almost 1,200 Fortune 100 board directors in 2018, based on Bloomberg biographies, found that just five percent of board members had expertise in the “S” of ESG. Moreover, only 29 percent had any type of ESG relevant expertise. These results are startling and speak to gaps that require attention. Companies must strategically recruit ESG-aware and experienced board members to enhance their depth of conversations at the board level.

Conclusion In short, there needs to be a convergence between ESG and business risk and compliance programmes. Although ESG has been a topic for decades, it appears that only governance was taken seriously. I suggest that as reputation risk increases in our increasingly transparent workspaces, environmental and social concerns should be given the same attention before it is too late. NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas,

YOUR

and a former assistant vicepresident, compliance and money laundering reporting officer (MLRO), at a local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned more than 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

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THE TRIBUNE

Monday, March 22, 2021, PAGE 3

FIDELITY ‘NO CHEAP PURCHASE AND FLIP’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FIDELITY Bank (Bahamas) will “not be a cheap buy and flip” for a majority shareholder that has moved one step closer to exiting the Cayman Islands financial services market. Gowon Bowe, the BISXlisted bank’s chief executive, told Tribune Business that Fidelity Bank & Trust International is undertaking “no fire sale” of its Bahamian interests after it emerged late last week that it has signed an agreement to sell Fidelity Bank (Cayman) to a Jamaican purchaser. Confirming that Fidelity Bank & Trust International has signed an agreement to sell 100 percent of the Cayman bank’s share capital to Proven Investments, Mr Bowe said Fidelity Bank (Bahamas) - in which it holds a 75 percent majority interest - will now be the group’s “principal asset” moving forward. The Cayman deal effectively represents a further break-up of the Fidelity group’s financial empire, which was created in the mid-1990s through its management-led buyout from Dawood Rawat’s British American interests. Its Bahamian investment banking arm, the former RoyalFidelity Merchant Bank & Trust, has been renamed RF Holdings following its own management buyout from the group last year. RF Holdings also acquired its former parent’s Cayman-based pension business, while RoyalStar Assurance teamed with Trinidad’s Guardian Holdings to purchase the Fidelity Insurance (Cayman) brokerage business. Mr Bowe, though, emphasised that Fidelity Bank & Trust International is not a forced seller in any of these transactions. He explained that the deals had been driven by the fact that several

• Agrees deal to sell Cayman bank • Close would complete island exit • But ‘no fire sale’ in The Bahamas

GOWON BOWE of the group’s key shareholders were approaching retirement age, and are seeking to maximise the value of their holdings as they seek to “redirect their investment priorities” to less risky areas. Anwer Sunderji, Fidelity Bank & Trust International’s principal shareholder, and architect of the mid-1990s buyout from Mr Rawat, has been ill for some time. However, Mr Bowe reiterated that Fidelity Bank & Trust International shareholders are not taking a “sell at any cost” approach but, rather, only entertaining offers from serious buyers who desire to be longterm players and grow the business. He added that the group’s Cayman businesses were “more valuable to suitors” as individual units rather than as part of a group, with Fidelity Insurance (Cayman), in particular, a good strategic for RoyalStar Assurance/ Guardian Holdings as it wrote a significant amount of business for them and provided a key distribution channel. And Mr Bowe said approaches for the majority interest in Fidelity Bank (Bahamas) will only be entertained if potential purchasers can show they are “in it for the substance” and long haul, with access to the necessary capital and expertise

required to expand the business and grow operations. “There’s no intent to sell at any cost,” he told Tribune Business. “Where we are not able to realise full shareholder value, the shareholders are confident in management’s ability to run it and ability to extract profits from operations.... “The Fidelity group, realising our public interest, realised we needed to protect the capital of the group and look at its financial strength going forward. What that meant, knowing some shareholders were looking to withdraw, we needed new capital or new strategic partners. “Ultimately, the best way to describe it is for new capital to be injected for those approaching retirement and their different priorities in life.” However, as these shareholders seek the best way to monetise the value of their holdings, Mr Bowe said this does not involve an exit at any price. He added that Fidelity Bank & Trust International shareholders were especially conscious of the minority 25 percent Bahamian public interest in Fidelity Bank (Bahamas), and the need to both protect and grow local ownership moving forward. “What I will say is we always have to be open to it,” Mr Bowe said of a Fidelity Bank (Bahamas) sale, but the reality is it’s not an easy industry to exit. There are a number of people that would like to buy, but they want to buy on the cheap. Every time there’s negative activity in the economy people want to buy. “People always make overtures. The shareholder instruction that was

initiated was how to maximise shareholder value while maximising local ownership. The Bahamas has a much larger public interest that has to be considered. “I don’t think there’s any commercial banking interest that has at least not heard from potential suitors, but finding the right strategic mix and alliance is not easy,” Mr Bowe added. “The Bahamian bank (Fidelity Bank Bahamas) has $100m in equity, $700m in assets. We’re no longer a dismissed player. “Any player interested in us has to look at the longterm with a local focus. We’re of a size that the investment has to be for a very strategic purpose. We’re not going to be a cheap buy and flip. The commitment of the equity has to be for a very long time. “We were achieving 25 percent return on equity for the past three years, even excluding the RoyalFidelity sale, pre-COVID. If you’re making 25 percent return on equity, anyone coming to buy in the future, their philosophy has to be to build out Fidelity Bank (Bahamas). It has to be someone who would achieve that level of returns or even greater.” Mr Bowe said Fidelity would likely retain ownership of its Cayman asset, and be involved in the transition to Proven’s ownership, for at least six months with the conditions. The price and other terms were not disclosed. Proven Investments is part of a financial services group that was founded by nowJamaican opposition leader, Mark Goulding, and his former Cabinet colleague, Peter Bunting. Another key player was former Bahamas Telecommunications Company (BTC) chief executive, Garfield “Garry” Sinclair.

WEDDING EASING DOES LITTLE FOR $400M SECTOR By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net WEDDINGS industry professionals say the recent easing of COVID-19 restrictions will do little to help the battered industry because receptions remain banned. Cindy Coakley-Knowles, the Bahamas Bridal Association’s president, told Tribune Business that removing restrictions on the number of people who can attend a church wedding does little to help as the ban on receptions has far greater impact for their business. The latest changes to the government’s COVID19 emergency powers, as unveiled by the Prime Minister last week, allow weddings to be held inside a church or “religious facility” provided the crowd size is limited to one-third of the capacity. However, no person “can host or attend” a wedding reception. Ms Coakley-Knowles said: “The issue right now is still the reception. This is not going to make an impact on us at all. The reception is the way people in the industry make money when you look at the suppliers and the decorators. So increasing the amount of the ceremonies in the church doesn’t really help the industry that much compared to opening it to the reception.” The industry has been hit hard by the pandemic. Apart from local weddings, many planners work with the Ministry of Tourism to arrange destination weddings at Bahamian resorts. Ms Coakley-Knowles said this makes up a “considerable” portion of her members’ earnings. “As it relates to the destination market, there has to be a connection with what happens in tourism, because the destination wedding market brings

in a significant amount of the revenue for tourism asnd plays a big part in that because we are a destination for weddings and honeymoon,” she added. “The BBA really focuses on that market, and we work jointly with the Ministry of Tourism, so we are working with tourism to bring destination events here. But we can’t really accommodate the numbers here with a reception.” Some 2,100 travel agents and professionals attended The Bahamas’ recent virtual weddings exhibition, which was designed to promote this nation as a destination for “romance”. Ms CoakleyKnowles said: “Usually with these events, only 40 percent of the registrants actually show up, but this time we had a 100 percent attendance rate. Everyone who registered showed up. “We are starting to see leads come in through Ministry of Tourism from this. While it is slow, it is on a weekly basis or even on a daily basis. We’re starting to see an increase in that regard. But we unfortunately still have to hold back because we can’t give the customer what they really want, which is to have a Bahamian experience and reception. “While the BBA would like to see things move at a faster pace, we also understand we have to be seen as doing the right thing internationally.” Dionsio D’Aguilar, minister of tourism and aviation, recently said the destination weddings market attracted more than 182,000 visitors and $400m worth of revenue for The Bahamas pre-pandemic in 2019.

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PAGE 4, Monday, March 22, 2021

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Bahamian firm in first franchise deal Construction dispute Bill hailed as ‘transformative’ By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FORMER Bahamas Bar Association president has hailed the proposed Construction Adjudication Bill (CAB) as a “transformative” piece of legislation for this nation. Dr Peter Maynard, Peter Maynard & Company’s managing partner, championed the Bill that is being drafted by the Ministry of Financial Services, Trade and Immigration as an alternative mechanism for resolving constructionrelated disputes. “This will impact the construction industry in an extremely positive way, in that construction disputes are presently very poorly dealt with in The Bahamas,” he said. “I think very few people are having difficulty with that statement.” Citing China Construction America’s (CCA) dispute with Baha Mar’s original developer, Sarkis Izmirilian, as one such example, Dr Maynard added: “For example, the contractors and the Bahamian Contractors Association, they want to deal more effectively with construction adjudication to avoid some of the disputes we’ve seen over the years - everything varying from Baha Mar to the construction of the dual carriageway

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DR PETER MAYNARD to the airport. “The Bill applies to any construction dispute; from a contractor having a subcontractor come in to do some work and they’re not satisfied with it..... Depending on those disputes arising from numerous situations, they can be dealt with in the context of IWHAAM.” IWHAAM is the International and Western Hemisphere Arbitration Adjudication and Mediation Centre, a project that has been pushed by Dr Maynard for several years. He said there are many non-governmental organisations and civil society organisations interested in moving the “transformative” International and Western Hemisphere Arbitration Adjudication and Mediation Centre forward, with its public launch set for 6pm this Friday with the election of Board members who will set its agenda moving forward. Dr Peter Maynard said IWHAAM has been developed over the past two decades in a bid to reduce the backlog of commercial disputes that have to be resolved by the Bahamian judicial system.

ISLAND Yogurt is expanding to Abaco this summer via the signing of its first franchise agreement. Kimberley and Paul Brown, Island Yogurt’s owners, together with their franchisee, Niya Walkine, held a brief signing ceremony at the Port Lucaya Marketplace on Friday. The Browns, who opened the first location in Grand Bahama in 2012, said it was their dream to become a national brand. “We have always seen Island Yogurt as a national brand. Today, that dream is closer to reality,” Mrs Brown said. “It is something for Abaco residents to look forward to as the community continues to recover following the devastating impact of Hurricane Dorian. “As a Bahamian brand, we are thrilled to share this announcement. This significant milestone is special. In the coming weeks, we will begin the process of branding our Abaco location. We will also begin to order and install equipment and market throughout our newest community.” Ms Walkine, a Grand Bahama-based entre-

FROM left: Paul Brown, Niya Walkine and Kimberley Brown. preneur, expects to open the franchise in Marsh Harbour. She was able to secure funding for the franchise through funding arranged by the Small Business Development Centre (SBDC) and the Bahamas Development Bank. “Soon all funding made available… will be injected into the opening of my own Island Yogurt,” Ms Walkine said. “I look forward to growing the brand and I’m excited to help stimulate the economy of Abaco by hiring talented

staff and, most importantly, giving back to the community as Island Yogurt has done in Grand Bahama. “We realise we have more work to accomplish, and goals to achieve, as we contribute to the economic sustainability of both islands, Grand Bahama and Abaco.” Ms Walkine, who is a Grand Bahamian, decided to open a location in Abaco because she has family there and is confident the economy will rebound.

“My mother relocated to Abaco and I travelled there a lot, and I have seen it prehurricane and post. There is great hope for the economy in Abaco,” she added. Ms Walkine, who has known the Browns for more than 18 years, said: “I feel privileged as a young Bahamian and an entrepreneur because I have been an entrepreneur my entire adult life, and funding is always an issue. I am thankful to SBDC for their help in funding the process.”

FUNERAL DIRECTORS PRAY FOR ‘NORMALCY’ TO RETURN By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Funeral Directors Association’s (BFDA) president says any measures that restore the industry to “normalcy” will be well received following a year of COVID-19 restrictions. Kirsch Ferguson told Tribune Business he hopes further easing can occur in a “quicker fashion” after the government last week

announced up to 40 persons, not including the officiant and mortuary workers, can now attend a graveside service or internment on all Bahamian islands. The move doubles the number of family members and friends who can attend graveside funerals, which had previously been capped at 20 under the government’s COVID-19 emergency powers. Church funerals and repasts at private residences are capped at 20 persons, while services at funeral homes and chapels remain prohibited. Mr Ferguson said: “I just hope that despite the pandemic we get back to normalcy sooner rather than later, so families can find some comfort to some extent.” As to when funeral home and chapel services will resume, he added: “I can’t speak to that

specifically, because I think that’s totally up to the competent authority. I know some forward movement has been made towards that with the Christian Council.” Mr Ferguson also sought to clear up what he branded “a grave miscommunication”, confirming that no family had left a loved one’s body in the morgue “for an inexcusable amount of time” while they waited for COVID-19 funeral restrictions to ease. “Circumstances warrant that to happen at times, but families have been very forceful at making sure that their loved ones are properly tended to by funeral directors,” Mr Ferguson said. “So only under circumstances where they have no control have the bodies has remained in the morgue. “But the funeral homes straight across the board

have been very diligent in ensuring that they move in a timely fashion, working quite nicely with the staff at the morgue at Princess Margaret Hospital, as well as with the coroner’s office.” Mr Ferguson said the latest restrictions easing is unlikely to cause persons to order more funeral programmes or extra limousine services as this has always been “dictated by the family”. He added: “So even in this pandemic, even though a family chooses to offer 100 programmes, families are more conscientious now that a lot of persons cannot attend and a lot of people can’t travel. But they are still ordering above and beyond that amount to facilitate some form of memorialisation for those who are unable to attend or travel to The Bahamas.”

THE TRIBUNE

Monday, March 22, 2021, PAGE 5

It’s never too late to change however hard the challenge

ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs JUST around the corner from Crystal Palace in south east London is the leafy suburb of Sydenham, where street layouts haven’t changed much since Victorian times, when the young Ernest Shackleton walked them on the way home from school. As an adult, Shackleton would go for longer walks and journeys. His odysseys

are legendary and include leading several missions in the race to reach the South Pole. However, that race was lost in 1911, when an expedition headed by the Norwegian Roald Amundsen reached the geographic South Pole. Nevertheless, Shackleton’s passion for Antarctica led him on a new quest, the one that would immortalise him: the crossing of the ice continent, from sea to sea via the pole, which became known as the Imperial

Trans-Antarctic Expedition. After reaching the Southern Ocean, the mission ran into trouble when their ship, the Endurance, became trapped in the ice and was eventually crushed by the slow-moving frozen mass. The adventurers were forced to camp out on the ice for over a year, surviving on a diet of seals. Then, Shackleton decided to lead the crew on an 800mile journey across the ice and the seas, with only three small lifeboats and

a team of dogs. A year later, they reached Elephant Island with every single man alive and for a time relatively safe. Shackleton then set out to sea again, with only a handful of companions, looking for the help that would allow everyone to return home. Navigating by the stars he finally reached South Georgia Island, where, after climbing a mountain, that incidentally was only climbed again in the 1980s, by mountaineers using modern equipment, he was able to connect with a group of whalers. In the end the entire crew were rescued and returned to Britain. This epic trip lasted three years in total and must be one of the greatest all-time illustrations of the power of the human spirit. Confronting our fears and embracing

challenges, even when success isn’t guaranteed, is how greatness is achieved. This is true for individuals as well as for businesses. Moments come along when we must choose between the humdrum of normality, the slow decay of merely surviving, or taking a leap of faith into the unknown, accept the risks and aim for greatness. What would have happened had Shackleton stayed on Elephant Island with his stranded crew, instead of once more setting out to sea? None would have seen the shores of England again and you wouldn’t

be reading about them today. What if Netflix had remained a DVD mailing service, overlooking the opportunity to shift its business model to streaming? Or, if Apple had kept the expensive iPhone project in the drawer, would it still be the $2tn company it is today? Certainly not. It’s never too late or too early to change, the right time is when an opportunity presents itself, which sometimes may be in the shape of a crisis. As Winston Churchill famously said, “never let a good crisis go to waste”.

PAGE 6, Monday, March 22, 2021

THE TRIBUNE

No ‘worthwhile’ return: Cable in TV shake-up FROM PAGE ONE that the changes will not lead to an over-recovery of Cable Bahamas’ cost of capital. The spreadsheets support Cable Bahamas’ claims that subscriber numbers have been on the decline historically, and are likely to continue to decline going forward. “As such, URCA’s preliminary view is that some intervention is needed to address the ongoing subscriber decreases. The spreadsheets also support Cable Bahamas’ claim that the proposed changes will reduce content costs and improve the margins on REVTV PRIME and other pay TV services.” Among the data provided to URCA were figures showing the actual demand for Cable Bahamas’ various REVTV packages from 2016 to 2019, as well as forecast viewing and subscriber figures for 2022 and 2023 along

with revenues for the same two years. Costs, including Cable Bahamas’ cost of capital, were also provided. However, none of this has been shared with the Bahamian public or Cable Bahamas’ subscribers in the public consultation document or elsewhere as URCA deemed them subject to “commercial confidentiality requirements”. As a result, it is impossible to independently judge the strength of Cable Bahamas’ case that it is not earning sufficient returns or URCA’s assessment of it. Cable Bahamas previously told Tribune Business that the TV channel packages were designed to better reflect consumer demands and enhance its competitiveness against rival video streaming services, such as Netflix, Amazon Prime and Hulu. The changes proposed by Cable Bahamas to its existing residential packages

include a net decrease of channels in its most-watched REVTV Prime offering, which will fall from 72 to 68 while the monthly price remains the same. Channels such as BET, TV One and BBC America are being added to this package, based on viewing and subscriber demand, while the likes of MTV, Cinemax, TNT HD and the two Sports Max channels are being removed. Cable Bahamas will no longer be required to subscribe to the REVTV Pro package to receive “add-on” bundles, while the REVTV Prestige, and REVSportsPrime packages will be discontinued. Instead, the BISX-listed communications provider’s TV offerings will mirror that of major programming/ content producers such as Disney and Fox. It will offer residential subscribers a seven-strong REVTV Kids line-up for $5 per

month, along with 16-channel REVTV Sports for $15 per month. The latter compares to ten channels under the previous REVTVSportsPrime at $10 per month. REVTV Lifestyle Extra; REVTV Rhythms; and REVTV News and Science round out the new residential packages, with the changes involving moving content and channels around rather than any major price hikes. Cable Bahamas, in explaining the rationale for the changes, said it was seeking to enhance consumer choice and flexibility as to what they watch, and when, by aligning channel packages with viewing habits while removing content that is watched the least. As a result, it is aiming to cut programming costs while holding prices - especially for REVTV Prime - constant and not diminishing value. “Cable Bahamas’ repackaging entails a net reduction in the number of channels for REVTV PRIME (residential and business), the movement of several channels between existing packages, and the creation of several ‘add-on’ packages

targeted towards specific audiences,” URCA said. Noting that Cable Bahamas had wanted to implement the changes from January 31, 2021, but this date was impractical because the application to change the line-up for business customers was only received 11 days earlier, and public consultation was required, URCA added: “Cable Bahamas explained that an increasing number of people prefer to stream TV services to watch content when and where they desire instead of watching the traditional TV services offered by Cable Bahamas. “Cable Bahamas believes this shift in viewing habits has contributed to a reduction in TV subscriptions and viewing hours for its traditional TV services. In response to declining subscriptions, Cable Bahamas conducted an extensive review of customers’ TV viewing habits to better understand the value and use of its existing REVTV services. “The review revealed that several TV channels offered by Cable Bahamas are only viewed by a limited number of customers, resulting in high content costs per view.

The high content costs per view occur because Cable Bahamas pays for content on a per subscriber basis regardless of whether subscribers are watching the channel,” URCA added. “These costs are especially relevant in the case of the REVTV PRIME package because it has the most subscribers. Cable Bahamas further explained that it did not consider a price increase for REVTV PRIME to be in the best interest of customers if the price increase is used to pay for content that does not contribute to customer satisfaction.” As a result, URCA said Cable Bahamas’ strategy was “to align its REVTV offers with customer viewing habits while maintaining the same headline price of REVTV PRIME. This, it added, involved removing “low value” channels and replace “some of the more popular channels with cheaper content” as it did with Hallmark. And, with REVTV Pro being “a very low profit margin”, the BISX-listed communications provider proposes to increase the monthly fee for residential customers by $4.05.

THE TRIBUNE

Monday, March 22, 2021, PAGE 7

Cruise port’s $3.5m ‘icing on the cake’ FROM PAGE ONE Bahamas mean that the cruise industry will resume sailing to destinations in this nation potentially several months before its ships return from Miami, Fort Lauderdale and Port Canaveral, thereby giving this nation a headstart on its competitors. Crystal Cruises, which plans to begin 16 weekly seven-night round-trip voyages around The Bahamas from July 3, stopping in Bimini, Harbour Island, San Salvador, Exuma and Long Island, on Friday announced that it had received record bookings within the first 24 hours of opening this itinerary to guests. It said 4,000 guests “reserved staterooms or suites on at least one of the seven-night voyages that cruise from Nassau or Bimini round-trip, booking more than 25 percent of the 16 voyages’ combined availability”. “Almost 200 guests reserved back-to-back voyages, with some planning to spend 42 days on board the company’s flagship. The luxury line realised a 2,024 percent increase in online bookings and received reservations from the biggest number of distinct travel agencies in Crystal’s 30-year history,” the cruise line added, as it highlighted the post-COVID-19 pent-up demand. Some 80 percent of the Crystal Serenity’s butlerserviced penthouses – the largest suites — were said to have already been reserved for The Bahamas sailings. “I don’t think we’re done yet,” Mr Maura told Tribune Business of the two

Minister: ‘Prioritise’ tourism workers on COVID-19 vaccine FROM PAGE ONE Having a tourism workforce fully vaccinated against COVID-19 is potentially a key factor in jump starting a sector upon which much of the Bahamian economy is almost totally dependent. The strength and pace of the country’s post-pandemic emergence has always rested on tourism’s rebound since it is the prime employer, commerce centre and source of foreign exchange earnings. A vaccinated tourism workforce could serve as a key element in efforts to market the destination to visitors post-COVID, as the absence of infection risk among staff and workers they will encounter could serve as a major boost to traveller confidence and encourage persons to return to The Bahamas. This strategy, though, depends on The Bahamas rolling out its COVID-19 vaccinations faster, and more successfully, than Caribbean rivals and other competing tourism destinations. Mr D’Aguilar yesterday reiterated that The Bahamas needed “to prioritise all those workers involved with tourism as best we can, so we can get the revenue of the country turned around”. Pointing to the fiscal damage inflicted by COVID19, which has primarily resulted from lockdowns and the associated travel and border restrictions - both in The Bahamas and in its major source markets - over the past year, Mr D’Aguilar said government revenues have slipped from $2.4bn in the 2018-2019 fiscal year to $2.1bn in 2019-2020 followed by a further projected slippage to $1.7bn this year. “We need to turn that around,” he added, “and the only way to do that is to get tourism operationalised. Not only should the vaccine be offered to hotel workers, but they should be willing to take it. “The country is depending on them for a rebound. We should offer it to them, and they should jump at it. Most countries have done it by age, 65, 55, 45. I don’t know how we interrupt that process, but that’s my view. I think our strategy should be

home port deals unveiled so far. “There’s going to be other cruise lines setting up shop here. “Royal Caribbean’s announcement is huge, and the other significant thing about this is June 12 is less than three months away. What we’re also doing is we’ve identified the suppliers of luggage scanning equipment to facilitate our scanning of luggage arriving prior to going on the ship. “That same scanning technology will be available to Customs for Bahamians coming back. Bahamians can just as easily board those ships, take a cruise and on their return we’ll be able to provide them with the same service as they get at the airport. We’ll have the luggage scanning system in place before the first cruise ship sails on June 12.” Mr Maura said Royal Caribbean, in common with Crystal Cruises, is requiring all passengers and crew to be vaccinated before they come to The Bahamas to embark on a cruise. “From our perspective, we’re looking to get as many of our personnel at the cruise port and agencies working with the cruise ships vaccinated as soon as the government tells us it’s our turn,” he added. COVID-19 health protocols are being woven into Nassau Cruise Port’s operations ahead of home porting’s start, Mr Maura said, with Crystal and Royal Caribbean combined likely bringing between 2,400 to 2,800 passengers to Nassau weekly along with hundreds of ship’s crew. Arguing that the impact of crew spending was often under-estimated, Mr Maura said The Bahamas has good tied to getting the tourism sector back up and running in the quickest possible time and get revenues turned around.” Mr D’Aguilar’s position echoes that of Robert Sands, the Bahamas Hotel and Tourism Association (BHTA) president, who previously told this newspaper that sector workers should be “among the top tier” to receive the COVID-19 vaccine in a bid to help kickstart the country’s economic revival. “We’ve certainly advocated that position,” Mr Sands replied, when this newspaper asked whether the tourism industry was pushing for its workforce to be among the first vaccinated against the potentially lethal virus. “The hotel industry has made its position known in that particular instance, and we’ve been encouraged by the response we have received from the authorities. I think they also recognise that will be an advantage.” Mr Sands emphasised that the hotel and tourism sector were not seeking to jump ahead of anybody in the COVID-19 vaccination queue, adding that it supported front-line healthcare and emergency services workers - as well as those most vulnerable to the virus - leading the way. He added, though, that The Bahamas’ largest industry wanted its workforce to be “certainly amongst those in the top tier to receive it, and we are satisfied they [the government] have heard our request and are giving it very considerable attention. In our opinion, and the opinion of the government, it would make sense”. The National COVID19 Vaccine Consultative Committee, which is spearheading the vaccine roll-out, is headed by Dr Merceline Dahl-Regis, and features representatives from the church, private sector and civil society. Those eligible to receive the vaccine in the first round include healthcare workers, persons 65 years of age and over, residents and staff of eldercare homes and staff of the uniformed branches, starting with the Royal Bahamas Defence Force. More than 1,500 persons have received a single dose of the Oxford AstraZeneca vaccine to-date.

prospects for retaining Crystal Cruises and Royal Caribbean as long-term home porting clients. “I think from Crystal’s perspective, based on the information they have shared, this is a long-term effort on their part and for as long as their customers demand they will continue to home port out of Nassau. They weren’t sailing from Miami,” Mr Maura told this newspaper. As for Royal Caribbean, Mr Maura acknowledged the move was likely driven by COVID-19 and the desire to restart, suggesting that they were looking at other ports in the Caribbean besides Nassau. While the cruise giant will

never abandon its Miami and South Florida base, the increase in new cruise vessels being delivered for sailing in 2022 and 2023 means it needs more berth capacity. As a result, Mr Maura argued: “I think there’s a good opportunity for us to hold on to Royal Caribbean as a home port in Nassau because more ships need more berths. We have a good chance; we just need to do our job to the best of our ability and give passengers a great experience.” With the Nassau Cruise Port in the middle of a $250m transformation, Mr Maura said it had already selected the piers that will be used for home porting vessels so they will not be disturbed by the construction work. “We have weekly meetings with the cruise lines that are home porting to make sure their operations are in sync with ours. Everyone is working on this

together,” Mr Maura added. Royal Caribbean passengers will spend two days at Perfect Day, the cruise line’s private island destination at Coco Cay, plus make stops in Grand Bahama and Cozumel, Mexico, on the seven-day round trip journey starting and ending in Nassau. Travellers can book their round-trip cruise as soon as Wednesday, March 24. Michael Bayley, Royal Caribbean’s president and chief executive, said: “The vaccines are clearly a game changer for all of us, and with the number of vaccinations and their impact growing rapidly, we believe starting with cruises for vaccinated adult guests and crew is the right choice. As we move forward, we expect this requirement and other measures will inevitably evolve over time. “The opportunity to home port in The Bahamas is a testament to the tremendous partners the

government and the people of the island nation have been to us for more than 50 years. We are grateful for the confidence that they have in us and our commitment to a healthy and happy return to sailing.” Dr Hubert Minnis added: “Hundreds of thousands, perhaps millions, of passengers will experience Nassau or Grand Bahama in ways they never had the opportunity to before. I am especially pleased that Royal Caribbean, with whom we have had a long and mutually beneficial relationship for more than 50 years, selected The Bahamas as a home port when sailing resumes. “This is truly a new day for tourism. It should inspire many small to medium-sized businesses, tour operators, taxi drivers, restaurants and retailers, to prepare for brighter days ahead; the best we have ever had.”

PAGE 8, Monday, March 22, 2021

VACANCY Major law firm in the legal services industry invites applications for the position of Senior Commercial Attorney. The successful candidate must have a minimum of 10+ years’ experience and have significant international experience in the areas of securities, mergers and acquisitions, investment fund structuring and formation, financing transactions and general commercial and corporate matters. The applicant must have experience in an international law firm and as in house counsel with an international financial or commercial organization, demonstrate an ability to work independently and possess thorough working knowledge and technical competence in the areas mentioned. Competitive remuneration package is commensurate with qualifications and experience. Qualified applicants should send their CVs to: associatelawfirm@gmail.com. Only applicants with the required criteria need apply.

THE TRIBUNE

Monday, March 22, 2021, PAGE 9

Stand-off deepens on swimming pigs’ fees FROM PAGE ONE this money legitimately, if they have ownership of the island, and how do they charge guests who only swim in the water with the pigs but don’t set foot on the island,” Mr Richardson explained. “It’s an ongoing problem. We’re having a meeting tomorrow [today] and will discuss how we move forward. It’s become a major problem right now and we’re trying to find netter answers to deal with the situation.” Robert Thompson, of Island Adventures, told Tribune Business that the stand-off over the fees was threatening to disrupt a major tourism attraction that has attracted worldwide recognition to The Bahamas. Branding the situation as a “money grab” by the pigs’ owners, he added: “We’re not going to pay. It’s going to cause a serious problem if it’s not straightened out. We can come up with a plan where we pay $1,000 a week for someone to feed the pigs and give them water, and any vet expenses we’ll pay for ourselves and keep people on the island.” However, Bernadette Chamberlain, president of The Original Swimming Pigs Ltd, questioned to Tribune Business how the excursion and tour providers could look after animals that they did not own and enter on land that was not theirs. Asserting that Nassaubased tour operators are paying the fee, along with

SWIMMINGS pigs enjoying waters on Exuma. several from Exuma, she refuted concerns over the land’s ownership and ability to charge, and added of the non-payers: “They want to make money off of other people’s pigs and don’t want to pay to take care of them. It’s a lot that goes into taking care of those pigs and they don’t get it.” Ms Chamberlain, who runs Chamberlain’s Cottage Rentals on Exuma’s Staniel Cay, and her fellow pig owners have been backed by Janet Johnson, the Tourism Development Corporation’s chief executive, who previously urged the tour operators to “show good faith and pay their way” by paying the fee to help ensure

To advertise in The Tribune, contact 502-2394

NOTICE NOTICE is hereby given that LATARA PIERRE, of John Street off Market Street and Blue Hill 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 15th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE

ST. JOE INTERNATIONAL RESOURCES LIMITED NOTICE IS HEREBY GIVEN as follows: (a) ST. JOE INTERNATIONAL RESOURCES 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, 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Beryn Neeley 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 pigs’ welfare.. She told this newspaper: “There’s an association, and they have been talking about starting to charge for the pigs’ welfare. That’s what it basically is all about. “They’ve (the pig owners) formed a company and advised all of the tour operators that they were going to start charging on January 1 - $10 for adults and $5 for children. [Only] two of the operators are objecting. “The money is going to the welfare of the pigs and for wardens to bring some order to the tour. The Tourism Development Corporation is fully supportive. It’s long overdue, and the tour operators need to show good faith and pay their way.” See tomorrow’s Tribune Business for more.

THE TRIBUNE

Monday, March 22, 2021, PAGE 11

NOTICE NOTICE is hereby given that RODISHA JENNIFER BAPTISTE, of Maze Court, Faith Avenue, 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 22nd 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 ALYSSA BIANCA MAQUINIANA BENAVIDES of #2 Stevenson’s Subdivsion off Mackey Street, Nassau, 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 22nd day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that WHITNEY ORELHOMME of Raymond Road off Claridge Road, Nassau, 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 22nd day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that LOUBENS VALCIN of Sapodilla Boulevard, Pinewood Gardens, New Providence, 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, Bahamas.

MARKET REPORT www.bisxbahamas.com

FRIDAY, 19 MARCH 2021

BISX ALL SHARE INDEX:

CHANGE

1911.46

0.05

%CHANGE

YTD

YTD%

0.00 -181.00

-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

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

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

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

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 104.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.25 100.00

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 FL BSBGRS710237 BGRS FX BSBGR1322498

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGRS710237 BSBGR1322498

LAST 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 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.25 100.00

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 10.73 8.40 14.00 3.43 8.35 15.50

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

VOLUME

275

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 102.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.75 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

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 4.53% 5.65%

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 16.6 11.5 17.2 16.9 8.9 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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% 3.06% 2.86% 3.86% 3.50% 2.40% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY

19-Oct-2022 30-Sep-2025

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 22-Oct-2023 15-Oct-2049

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

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

YIELD - last 12 month dividends divided by closing price 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

THE TRIBUNE

Monday, March 22, 2021, PAGE 13

JAPAN PM VOWS NO VIRUS REBOUND AS EMERGENCY MEASURES END TOKYO Associated Press

JAPAN’S Prime Minister Yoshihide Suga yesterday pledged to do his utmost to prevent a resurgence of the coronavirus ahead of the Olympic torch relay and his upcoming visit to Washington. Suga was addressing his ruling Liberal Democratic Party’s annual convention, just hours ahead of the planned lifting of a virus state of emergency in the the Tokyo region. Suga said after the state of emergency is lifted is “an extremely important time” for

virus prevention. “We must not put our guards down ... to prevent the infections from rebounding,” he said. Suga on Thursday announced that the monthslong emergency measures for Tokyo, Kanagawa, Chiba and Saitama would end at midnight last night, a move underscoring his government’s eagerness to minimise burdens on businesses and keep the economy going, despite concerns raised by experts about the potential for an upsurge. The lifting of the measure comes just days before the Olympic torch relay starts

from Fukushima, northeast of Tokyo and the site of the 2011 nuclear crisis, as a symbol of reconstruction. Suga renewed his pledge to achieve the Olympics in July as “a proof of the victory against the coronavirus”, after its one-year postponement due to the pandemic. Olympic officials decided on Saturday to bar spectators from abroad. “We will deliver courage and hope from Japan to the world,” Suga said. Suga also wants to keep the infections low ahead of his planned Washington visit in early April for his first in-person summit with President Joe Biden. He will

be the first foreign leader to meet in person, underscoring the importance of the Japan-US alliance. Suga, who received the first shot of a COVID-19 vaccine last week, said he looks forward to discussing pandemic measures, as well as cooperation in dealing with China’s growing influence in the region. “We would still face ups and downs, but we will surely find a light ahead of us,” Suga said. Suga vowed to do the utmost to protect the people’s lives and health and sought their cooperation in doing what they can to get infections under control and

“regain the peace of mind and daily lives”. The measures have been in place for the Tokyo region since Jan 7 after daily infections surged to new highs in the area. The non-binding measure relied on requests for restaurants and bars to close at 8pm and take preventive measures. The government will step up virus tests, monitoring for more contagious new variants and pay subsidies for restaurants and bars who cooperate to close at 9pm. Japan has not imposed a hard lockdown and has kept infections lower than the United States and many European nations. Japan

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 76° F/24° C Low: 58° F/14° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Mostly sunny and nice

Clear

Mostly sunny

Partly sunny and beautiful

Breezy in the morning; mostly sunny

Breezy in the morning; lots of sun

High: 80°

Low: 66°

High: 81° Low: 70°

High: 83° Low: 71°

High: 82° Low: 72°

AccuWeather RealFeel

88° F

68° F

89°-73° F

90°-72° F

88°-72° F

89°-74° F

ABACO

High: 77° F/25° C Low: 70° F/21° C

6-12 knots

High: 79° F/26° C Low: 63° F/17° C

3-6 knots

FT. LAUDERDALE

FREEPORT

High: 80° F/27° C Low: 63° F/17° C

WEST PALM BEACH

tiDes For nassau High

almanac

E S

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.

uV inDex toDay

TUESDAY

High: 77° F/25° C Low: 68° F/20° C

MIAMI

High: 80° F/27° C Low: 61° F/16° C

7-14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 69° F/21° C Normal high ....................................... 79° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 85° F/29° C Last year’s low ................................... 68° F/20° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.02” Normal year to date ..................................... 3.95”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 66° F/19° C

High: 79° F/26° C Low: 70° F/21° C

KEY WEST

High: 75° F/24° C Low: 66° F/19° C

7-14 knots

3-6 knots

ANDROS

0.7 0.5

2:56 a.m. 3:17 p.m.

2.3 1.8

9:32 a.m. 9:23 p.m.

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

5:49 a.m. 6:11 p.m.

2.8 2.4

12:16 p.m. 0.2 ---------

Friday

6:38 a.m. 7:01 p.m.

2.9 2.7

12:21 a.m. -0.1 1:01 p.m. -0.1

Saturday

7:25 a.m. 7:49 p.m.

3.0 3.0

1:13 a.m. -0.3 1:45 p.m. -0.4

Sunday

8:12 a.m. 8:36 p.m.

3.1 3.2

2:04 a.m. -0.6 2:28 p.m. -0.6

7:12 a.m. 7:22 p.m.

Moonrise Moonset

1:24 p.m. 2:42 a.m.

Full

Last

New

First

Mar. 28

Apr. 4

Apr. 11

Apr. 20

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 73° F/23° C

High: 80° F/27° C Low: 74° F/23° C

N E

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 73° F/23° C

6-12 knots

MAYAGUANA High: 81° F/27° C Low: 74° F/23° C

Shown is today’s weather. Temperatures

Ht.(ft.)

sun anD moon

High: 81° F/27° C Low: 68° F/20° C

Low

Today

Sunrise Sunset

High: 81° F/27° C Low: 73° F/23° C

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

Ht.(ft.)

CAT ISLAND

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TONIGHT

High: 74° F/23° C Low: 61° F/16° C

has recorded fewer than a million cases and about 8,800 deaths since the pandemic began, the health ministry said. Experts have said they worry about a the potential for a resurgence of infections now that the decrease in infections in the Tokyo area has leveled off and people grow fatigued with taking virus prevention measures.

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

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

High: 80° F/27° C Low: 74° F/23° C

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

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: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS W at 3-6 Knots SSW at 8-16 Knots W at 7-14 Knots S at 2-4 Knots S at 6-12 Knots SE at 4-8 Knots SE at 8-16 Knots E at 7-14 Knots SSW at 6-12 Knots S at 4-8 Knots NW at 6-12 Knots SSW at 6-12 Knots SW at 3-6 Knots SE at 4-8 Knots SE at 7-14 Knots ENE at 7-14 Knots SE at 6-12 Knots E at 6-12 Knots ESE at 8-16 Knots E at 6-12 Knots W at 6-12 Knots SE at 3-6 Knots SE at 6-12 Knots E at 6-12 Knots SW at 6-12 Knots SSE at 4-8 Knots

WAVES 4-8 Feet 4-7 Feet 1-2 Feet 0-1 Feet 3-6 Feet 3-5 Feet 3-5 Feet 2-4 Feet 4-7 Feet 3-5 Feet 3-6 Feet 3-5 Feet 1-2 Feet 1-2 Feet 3-5 Feet 2-4 Feet 1-2 Feet 1-2 Feet 5-9 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 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 6 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 78° F 78° F 78° F 78° F 78° F 77° F 78° F 77° F 77° F 78° F 80° F 79° F 80° F 79° F 80° F 79° F 79° F 77° F 77° F 79° F 81° F 78° F 79° F