03232020 BUSINESS

business@tribunemedia.net

MONDAY, MARCH 23, 2020

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‘It’s not been this bad in 30 years’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE hotel union’s president yesterday estimated up to 15,000 resort workers and their families have been hit by the wave of industry closures, and said: “I’ve never seen it this bad in 30 years.”

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) chief, told Tribune Business that this nation’s tourism-based economy had “come to a screeching halt” amid a pandemic that has seen countries close their borders to international travel.

Speaking after a weekend that saw Atlantis “temporarily” lay-off staff across all departments for four weeks, Baha Mar do similar for all “non-essential staff” and Sandals confirm the closure of its two Bahamian resorts

• Up to 15,000 hit by resort closures wave • Bahamian economy at ‘screeching halt’ • Minister: Unemployment hit ‘cataclysmic’

DARRIN WOODS

DIONISIO D’AGUILAR

from month’s end until May 15, the union president argued: “The only silver lining is that it can’t get any worse than this.”

Dionisio D’Aguilar, minister of tourism and aviation, told this newspaper that its projection that direct and associated tourism lay-offs

will take the national Bahamian unemployment rate to between 25 percent to 30 percent was “probably right”.

That means for the shortterm, at least, that close to one out of every three Bahamians looking for work will be unable to find it, while

Get ‘game changer’ industries to reduce external vulnerability

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMMONWEALTH Bank’s president says the COVID-19 pandemic fallout has again exposed the urgency for The Bahamas to attract “game changer” industries that will diversify its economy.

Raymond Winder told Tribune Business that this nation had done little to mitigate its vulnerability to external shocks in the two decades since he was Chamber of Commerce president, and the 2002 Organisation for Economic Co-Operation and Development (OECD) report that ranked The Bahamas as fourth most

RAYMOND WINDER expose to such events.

“It hasn’t changed,” he told Tribune Business, “and now we finally get to see it played out based on the fact we are so tied to one specific industry, tourism, and the implications of not having sufficient tourists coming to our properties for the next

SEE PAGE 7

Fidelity bucks ‘blanket’ loan deferral trend

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed commercial bank says it will not be making “grandiose statements” of “blanket” COVID-19 loan deferrals and instead plans to continue its post-Dorian “case-by-case basis” approach.

Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, pledged to Tribune Business that the institution will treat borrowers “fairly” despite

GOWON BOWE

SEE PAGE 5

many others will be struggling to get by on reduced hours and slashed income.

Mr D’Aguilar described the COVID-19 pandemic as a “cataclysmic event” for both The Bahamas and the world, with the greatest uncertainty involving how long it will last.

Tribune Business understands that one option being explored by hotel union to assist its members, and non-unionised hotel workers, is whether the industry’s Health and Welfare Fund and Employee Assistance Fund could provide some financial support.

Mr Woods declined to comment on this, but this

SEE PAGE 6

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More stimulus to come amid 30% jobless rate fear

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has not used all the economic stimulus tools available to it, the deputy prime minister revealed last night, having kept some in reserve in case the COVID-19 pandemic is “prolonged”.

K Peter Turnquest, pictured, in a messaged reply to Tribune Business inquiries, warned that the government will have to make “additional interventions to jumpstart the economy” once major tourist markets such as the US, Canada and Europe stabilise and the outbreak is brought under control.

He also urged Bahamians to brace for the fact that economic recovery will likely be “slow and anemic”, rather than an immediate bounce back, with the “tail end” of the pandemic taking a long time to ease.

Confirming that the government has additional stimulus ammunition in its arsenal, besides the

International Monetary Fund’s (IMF) $200m Rapid Credit Facility, that it has yet to fire, Mr Turnquest declined to detail what is available to it.

“It’s important that we keep those in the event this crisis is prolonged,” he told this newspaper. “Additionally, we can reasonably expect that the tail of this crisis, once it subsides, will be long and the recovery will be slow and anemic.

“We will need additional interventions to jump-start the economy once our source markets are stabilised.” Mr Turnquest, while

SEE PAGE 7

PAGE 2, Monday, March 23, 2020

THE TRIBUNE

RETAILER HAILS ‘HUGE HELP’ OF GOVT LOCKDOWN CHANGE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A MAJOR Bahamian retailer has hailed the government’s decision to modify its “locked down” businesses list as “a huge help” both to its sector and the wider economy.

Brent Burrows, vicepresident of CBS Bahamas (Commonwealth Building Supplies), told Tribune Business that it would have been “really detrimental” to the home and hardware improvements retail sector had it remained on total coronavirus lockdown for the 11-day period until month’s end.

He spoke after the government modified its list of “exempted businesses”, under the Emergency Powers (COVID-19) Order No.1, to enable hardware stores such as CBS Bahamas to open between 9am and 5pm for the purposes of taking purchase orders from licensed contractors only.

Other sectors also added to the “exempt list”, which stipulates that they must

only have “essential workers” on-site and maintain “social distancing” protocols, included Arawak Port Development Company (APD), the Nassau Container Port operator. Its role is critical to the flow of imported cargo, especially food and medicine, amid the global pandemic.

Credit unions were also permitted to open from 9am to 5pm, bringing them into line with banks, along with wholesale bakeries such as Purity Bakery and life and health insurance brokers.

The latter action will have been to facilitate policy renewals, while companies licensed to provide security services have also been exempted.

In the case of hardware and home improvements retailers, the sector united to push the government to declare it an “essential” sector that should remain at least partially open. A letter sent to the prime minister and three of his Cabinet ministers, which has been seen by Tribune Business, said they played a vital role in enabling contractors

“to keep homes and communities safe, secure and functioning”.

The letter was signed

by Mr Burrows at CBS Bahamas, as well as Jason Watson, AID’s president; Christopher Lleida, Premier Importers chief executive; Mark Roberts, manager at FYP and Tile King; and Mark Fox, managing partner at Western Hardware & Lumber Company. This newspaper understands that City Lumberyard, the Hardware Centre and Cartwright Building Supply also supported its content.

Backing the government’s rationale for closing “nonessential” retail stores, and enforcing strict healthrelated measures to combat COVID-19, the retailers wrote: “We also urge public health officials to consider home improvement and hardware stores among those retail operations determined to be ‘essential’ and allow these business owners the option to stay open as a public service.

“With dozens of home improvement retailers serving communities across our

archipelago, these stores provide much-needed services to individuals and contractors, providing them with the products and support required to keep their homes and communities safe, secure and functioning.”

The retailers said these products include cleaning supplies, tool and batteries, and locks and security products. They added that all “can be essential to maintaining a safe and secure living environment”.

Mr Burrows, praising the government for listening to their calls, said of the outcome: “It’s better than it would have been otherwise. Honestly, I would say it’s extremely important. It’s going to be a huge help for us. To close the doors for 11 days and have no customers coming in would be really detrimental to the business.

“It’s not like we will be at a full complement, but being able to serve the contractors keeps the cash flowing and ensures we don’t have to lay our people off. It keeps the business functioning. A lot of people have the mindset

that businesses, big and small, can close for a couple of weeks and they will be fine. Closing for a couple of days is a big deal.”

Mr Burrows added that CBS Bahamas had no plans to lay-off any of its near80 staff amid the tourism industry shutdown, and mass temporary unemployment, that has resulted from the COVID-19 pandemic.

“We’re keeping all the staff on,” he said. “The goal is to make it through this together keeping everybody on and everybody paid.

Hopefully this [lockdown] will not drag on too much longer than 11 days. Looking at 11 days our plan was to keep everybody and not lay anybody off.”

The CBS Bahamas chief said being added to the government’s list of businesses exempted from the total shutdown had further boosted the company’s confidence in its strategy, which has also involved office and administrative staff working remotely from home.

He explained that the store would likely operate with just five to six persons,

split between floor staff, cashiers and warehouse workers, to serve contractors so that CBS Bahamas continues to comply with the coronavirus health protocols.

“We’re keeping everybody on the payroll but at home,” Mr Burrows told Tribune Business. “We don’t have to bring everybody back and have 25-30 people in the store. That kind of defeats the purpose of keeping your distance.

“We feel there’s a balance to be struck between keeping safe and being able to operate. We actually got a lot of positive feedback from contractors saying it’s good news you will be able to help us. It was more than I expected. I was worried how many guys were on job sites, but there’s quite a few.

“We do a bit of installation and services work, and it doesn’t seem like there’s any slowdown there. It’s good for the country and it could be one of the things to help us to pull through this slowdown; the amount of construction projects going on.”

BARBERS AND BEAUTY SALONS FRET OVER LOCKDOWN SURVIVAL

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN barber shops and beauty salons say they are trying to determine how they will

pay the bills and survive after being placed on COVID-19 lockdown until month’s end.

Adam Russell, Stylistic Barbers’ owner, told Tribune Business: “Right now I’m still trying to figure out how we’re going to be able to deal with our bills and things that come due at the end of the month. How will we be able to purchase stuff for ourselves if we are on the lockdown for so long? For a period of time it’s OK; for a week or two that may be cool, but what happens after that?

“Bills have to be paid.

The end of the month is coming. We have rent, and you have your water and whatever the case may be.

Right now, as you can see, no one is in here. People aren’t in here right now.

It’s a real scare panic for everyone.”

Mr Russell said Stylistic Barbers had been taking every coronavirus precaution it can, including “washing our hands after every cut. We’re keeping our face masks and everything on, and we’re just trying to do whatever we can do to just prevent people from contracting the virus and for us contracting it at the same time,” he added.

Disclosing that he has two other barbers on duty including himself, Mr Russell continued: “We will keep on all of our barbers, and we have three altogether. For as long as we keep open we will keep our barbers on duty, but I am not sure how long we will be open for?

“I heard Dr Minnis saying yesterday that they were going to put a lockdown on the place today at 9am, and only certain businesses were going to be open. So I don’t even know what’s going to happen for us after today. So we’re only playing with the time in dealing with what Dr Minnis said anyway.”

Raven Roberts, the Mink Bar Studio’s chief executive, added: “My initial reaction to the emergency shutdown wasn’t really shocking, because I know that a lot of people already died from the virus and other countries were preparing for a shut down as well. I understand that these drastic measures had to be in place to protect the Bahamian people.

“Subsequently, my reaction right after that was:

How will we be able to pay our rent? I am a shop owner and a lash technician, full-time, and I have to close. I make about $300 on a regular day and about $800 on a good day.

Therefore I won’t have an income.

“I know that it is very important to save, which is why I always practice saving, so I do have something to hold me in order to survive. But I don’t know where this leaves my business in the future.”

Philip Auguste, owner of 4 Aces Barber Shop, said: “The prime minister shut us down so I shut down. I have two barbers working with me now. We are just closed until further notice.

We are probably losing $1,000 to $1,200 between the three of us. I just hope they can get this thing under control so we can get our life back together.”

A representative from Star Born Hair and Nail Salon added: “Everybody is feeling the effects and we just have to go with the flow. We are closed now and we are only here cleaning up.”

THE TRIBUNE

Monday, March 23, 2020, PAGE 3

Govt told: Increase small business support to $50m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has been urged to more than double its planned small business loan support to $50m amid fears firms may lose up to 60 percent of their sales between now and end-June.

Mark A. Turnquest, a well-known small business consultant, told Tribune Business that while he recognised the “cash-strapped” government’s post-Dorian limitations it needed to significantly ramp-up the proposed $20m package to prevent the sector’s collapse amid the coronavirus pandemic fall-out.

Warning that small businesses were in for at least “three months of hurt”, as tourism and the wider Bahamian economy ground to a halt, Mr Turnquest revealed that more than half his clients had put all staff on half days as an immediate response to the downturn.

And that, he disclosed, was before the prime minister announced the government’s 11-day lockdown measures including a curfew and the enforced closure of many sectors in the Bahamian economy.

Mr Turnquest estimated that small and mediumsized enterprises (SMEs) were likely to shed 40 percent of their staff due to the drop-off in consumer demand and spending, and

expressed concern over the repayment terms those accessing the governmentsponsored assistance facility may face.

He spoke out after the government last week pledged to provide $20m in “short-term loan support” for small businesses as part of efforts to strengthen the Bahamian economy’s shaky foundations amid a neartotal tourism shutdown.

Some 50 percent of this to be funded by an allocation from the Central Bank’s dormant account facility, with monies extended in for several commitments by the recipient business. K Peter Turnquest, deputy prime minister, said last week: “Eligibility would include confirming that the business has been in existence for over one year, a commitment to retain most of the existing staff complement, and a plan to utilise the proceeds of the loan to ensure business continuity.”

However, Mark A Turnquest told Tribune Business: “It’s not going to work. The $20m is a start, and I know the government is limited in their approach because they are cash-strapped, but I recommend $50m. We would want at least $50m.”

Explaining that the tourism shutdown had been felt almost immediately throughout the Bahamian economy, he added: “A lot of my clients are small retailers, clothing stores and electronic stores.

They’ve been closed [by the

Sarkis defeats CCA over $150m ‘oppression’ claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SARKIS Izmirlian has fought off a $150m “shareholder oppression” claim in the latest of a series of New York legal victories against Baha Mar’s main contractor.

Judge Saliann Scarpulla, sitting in the New York State Supreme Court, ruled that China Construction America’s (CCA) action had “no basis” in New York law. This, she explained, was because Baha Mar Ltd - the entity in which it held an ownership interest - had already been dissolved by the Bahamian winding-up proceedings that stripped control of the $3.5bn development from Mr Izmirlian.

And, in a comprehensive win for Baha Mar’s former developer, she found that CCA had failed to meet the threshold for bringing a “shareholder oppression” claim. The Chinese stateowned contractor’s interest in Baha Mar Ltd had consisted of $150m worth of non-voting preference shares, whereas New York law required it to own at least 20 percent of the ordinary voting shares.

Judge Scarpulla also dismissed CCA’s argument that its claim should be governed by Bahamian law, namely the Companies Act, finding instead that the Investors’ Agreement signed with Mr Izmirlian “plainly and broadly agreed that New York law, not Bahamian law, would govern their relationship”.

This latest legal sideshow was sparked by CCA’s counterclaim to Mr Izmirlian’s $2.25bn fraud and breach of contract lawsuit. The Chinese

contractor hit back by alleging he exploited his position as Baha Mar’s majority shareholder to take actions that ultimately wiped out its $150m preference share investment in the original project, even though it was subsequently selected for the $700m contract to complete the development. “[CCA] served an answer with counterclaims for breach of contract, breach of the implied covenant of good faith and fair dealing, and shareholder oppression under the Bahamas Companies Act. In its request for relief, CCA seeks money damages, costs and attorneys’ fees, and punitive damages,” Judge Scarpulla added.

“In the shareholder oppression counterclaim, CCA alleges that BML took actions that were oppressive to CCA, such as diverting money to entities controlled by BML, for purposes unrelated to the development project, and that BML withheld material information from CCA relating to the project’s design and finances.

“BML Properties moves to dismiss [CCA’s] counterclaim for shareholder

government’s lockdown].

“They’re calling me and asking about the $20m, and how to access that. Prior to this ban, 60 percent of my clients had immediately put staff on half days. That was before the prime minister’s announcement. I told them they had to do a letter to staff explaining the circumstances, and that there’s going to be a lot of hurt and this will not be over immediately.

“This is not one months, two months. This is three months of hurt. I see this as three months’ disruption to business...”

Mr Turnquest said the government’s planned SME assistance had generated a mixed response from his clients, adding: “One of my major retail customers, who has eight stores, said to me yesterday that they would never get a loan from the government to keep staff working because that doesn’t make sense.

“He has to pay the staff and interest to whichever bank loans the money. He said he’s not going to be put in a negative position to support staff. One or two others indicated, because they are a little more caring and closer to their staff, that they are going to try and support them for a monthand-a-half but after that, that’s it.

“I already told them that three months is the hurt.

They gave to decide the business model they want to use in respect of their

value chain for the next three months.... The SME is most definitely going to lose about 40 percent of their staff, and 60 percent of their sales. And I’m not talking about the 100 percent they’re going to lose to March 3. I’m talking about to end-June; three months of pain.”

Mr Turnquest said he was also keenly awaiting the details concerning the $20m small business loan support plan. “The challenge is who to give the money to, how much money they’re going to get, and what is the interest and repayment provisions on those loans?” he asked.

“This is not a grant. This is a loan. Eighty percent of my clients indicated it’s difficult to pay people for 11 days without making money. I told them they have to look at production and people: The two ‘p’s’. You know you’ve got some loyal staff going through hell and high water, but you got to cut your losses and take care of yourself.”

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that details of the loan support initiative will be fully released by mid-week. The government wanted companies to begin the application process this week in a bid to ensure funds were received by SMEs “as quickly as possible”.

He added that the Ministry of Finance’s initial analysis had suggested $20m was sufficient, although this

MARLON JOHNSON

MARK A TURNQUEST

could be changed depending on demand and small business response. He indicated that there will be limits on the size of business that can qualify, as well as sums received, but did not provide any details.

“The focus of this is target those businesses that have more difficulty accessing the formal banking sector,” Mr Johnson said. “The working assumption is that the larger businesses have stronger relationships with the commercial banks and a stronger track record.”

Acknowledging that the financing available will largely take the form of loans, he added: “I think the effort is to try and make the terms as manageable as possible for businesses. They will be loans but set up in such a way to make the financing as manageable as possible in the circumstances. The details will be finalised this coming week.

“We will try to set it up so that the application process is simple and straightforward, and the response time is a matter of days. We know

businesses need that money soon, so we will make the application process and turnaround time as soon as possible.”

The government last night said the initiative, which it described as the Business Continuity Loan Programme, would be operated via the Small Business Development Centre (SBDC). It added that application forms would be made available via the SBDC’s website.

Mr Johnson said the SBDC will pay a “coordinating, logistical role” in the scheme with companies applying direct to financial institutions for the funding. He added that the Ministry of Finance’s initial analysis suggested $20m was sufficient, but noted: “As the deputy prime minister said, this is a fluid situation.

“If the demand is greater than we anticipated, the policymakers will have to make a determination. Given our initial assessment, our assumption is that will be sufficient, but it will be subject to review.”

oppression on the ground, among others, that it is not viable under New York law. BML also seeks to strike the punitive damages demand as unwarranted.”

BML Properties is Mr Izmirlian’s investment vehicle. He and his company argued that CCA’s claim, grounded in the Bahamian Companies Act, was “not the law applicable to the parties’ relationship” as New York law governed their investors’ agreement.

However, CCA argued that New York law did not govern all aspects of the two sides’ agreement, and insisted it did not apply in this particular instance as its claim was based on the Bahamian Companies Act. Dismissing CCA’s arguments, Judge Scarpulla said: “In the Investor Agreement’s governing law clause, these sophisticated business entities, negotiating a multi-billion dollar business agreement, plainly and broadly agreed that New York law, not Bahamian law, would govern their relationship. Moreover, the parties directly disclaimed any choice of law analysis. “[CCA] has not alleged that the governing law clause is invalid or that its enforcement would be unreasonable or against public policy. Thus, there is no reason to ignore the parties choice of New York law simply because a Bahamian statute is more favorable to CCA. Further, CCA’s argument that New York law only applies narrowly to the interpretation of the Investors Agreement is meritless.”

She added that the Investors’ Agreement “explicitly carves out one exception to the application of New York law”, where Mr Izmirlian and CCA agreed that Bahamian law would apply to the interpretation of the Memorandum and

Articles of Association for Baha Mar Ltd. “That provision is inapplicable here, and [CCA] does not invoke the provision in support of its arguments that Bahamian law should be applied,” Judge Scarpulla added.

Finding that New York law governed the shareholder oppression counterclaim, she added that CCA did not meet the threshold to bring such an action.

“It is undisputed that [CCA] did not receive

any voting shares in Baha Mar Ltd,” she ruled.

“Because CCA does not satisfy the requirement that, to assert a claim for shareholder oppression, a shareholder must hold 20 percent or more of the corporation’s outstanding shares, CCA may not assert a shareholder oppression counterclaim under the New York [law].

“Because CCA does not own 20 percent voting shares, and because Baha Mar Ltd has already been

dissolved, there is no basis for CCA’s shareholder oppression counterclaim.”

As a result, Judge Scarpulla dismissed CCA’s move “for failure to state a claim” along with its bid to secure punitive damages.

The decision thus maintains Mr Izmirlian’s 100 percent success rate over CCA in their preliminary legal skirmishes. However, it appears that any hearings on his substantive case remain some way off.

PAGE 4, Monday, March 23, 2020

THE TRIBUNE

NIB: New unemployment benefit to launch this week

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE National Insurance Board (NIB) is aiming to launch the $10m unemployment benefit scheme for self-employed persons by this Friday, its director told Tribune Business.

Dr Nicola VirgilRolle confirmed that the social security scheme had last week seen “an uptake and increase in applications” for unemployment and other benefits as the hotel and tourism sectors led the plunge in economic activity.

Tribune Business understands that security had to control access to NIB’s Blue Hill Road headquarters late last week due to a surge in persons applying for benefits due to the coronavirus pandemic.

Dr Rolle, meanwhile, added: “We will be collaborating with the government

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on the self-employed person’s unemployment benefit scheme for persons impacted by COVID-19 in the tourism sector, as announced by the deputy prime minister and minister for finance. That should be ready to launch late next week. By Friday we look to have this programme launched.”

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

These persons do not normally qualify for NB unemployment benefits, but will receive $200 per week for up to eight weeks.

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

Dr Rolle said she was focused on ensuring

Galleria: No lay-offs despite our closure

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

DR NICOLA VIRGIL-ROLLE NIB staff are “following good social distancing”.

The board’s offices will remain open during the pandemic to serve customers, and she said: “We have no plans on closing, and we are ensuring that pensions are being paid and claims and other benefits are being paid.”

“We have been designated as one of those agencies that need to stay open, and we are following the emergency orders to remain open.”

Dr Rolle said NIB was unable to provide estimates for the expected increase in jobless benefit claimants, and added: “We are still running those actuarial numbers on the prospective increase in persons seeking claims, and we will release those numbers when they become available.”

GALLERIA Cinemas says it does not expect to lay-off any staff despite being forced to close its doors to customers as a result of the coronavirus lockdown.

Christopher Mortimer, pictured, the company’s principal, said: “We are following the protocols set forth under the emergency order. We do not expect any layoffs.”

Declining to reveal how much of a hit Galleria’s financials are likely to take due to the 11-day lockdown, which ends on March 31, Mr Mortimer added that the cinema operator planned to “follow the guidelines set out by the authorities, be safe and use this time to

strengthen familial bonds”.

Movie theatres and entertainment centres, such as nightclubs, bars and restaurants, are included in the definition of “non-essential businesses” that the government ordered to close to walk-in customers with effect from 9am on March 20, 2020.

Galleria was not the only movie operator impacted.

The Fusion Superplex complex, based at the

intersection of Gladstone Road and JFK Drive, has placed more than 350 of its employees on unpaid leave after it was also forced to close.

Carlos Foulkes, its chief executive, said Fusion Superplex had little choice but to take such action given that the company was otherwise faced with covering $1.1m in monthly operational expenses with no revenue coming in.

He expressed hope that the expanded social security safety net, with the National Insurance Board (NIB) now able to provide up to 13 weeks’ unemployment benefit for persons temporarily laid-off, would provide staff with sufficient income until Fusion Superplex fully re-opened. Mr Foulkes expressed hope this would happen in 30 days.

THE TRIBUNE

Monday, March 23, 2020, PAGE 5

Coronavirus gives markets the bug and turns Bulls into Bears ByCARLOALBERTODECASA ActivTrades chief analyst www.activtrades.bs THE spread of coronavirus and the growing realisation about the impact it will have on the global economy triggered one of the most spectacular U-turns in the history of stock markets. In the middle of February the S&P 500, Nasdaq and other indices were reaching new historical highs, just one month later they have dived by more than 20 percent and in the process brought an end to the longest bull market ever seen. In just a few weeks the scenario has changed dramatically and stocks are now in a bear market.

The virus, which luckily is still well contained in The Bahamas with very few cases, has killed 10,000 people globally, while more than 200,000 are reported as infected with the numbers increasing daily. The main

question now is how long will the virus continue to spread? Will the lockdown of Europe prove enough to stop the spread and what will happen in the US in the next few weeks? Moreover, what is going to be the impact on the economy and which companies will be most affected?

Markets are carefully looking to the contagion figures as a decline would be the first positive signal. Of course, only a clear solution – such as a vaccination or a treatment – can put a quick end to the sell-off witnessed on these turbulent markets, in which the actions of central banks are not seeming to be enough, at least in the short term.

In the last few weeks we have seen a sharp fall of shares in pretty much every sector. Airlines are one of the worst hit, as investors are seeing reducing numbers of passengers for at least two quarters. Restaurant

chains and the banking and energy sectors are also suffering badly.

The scenario is particularly negative for companies working in the oil sector, as the price war started two weeks ago between Saudi Arabia and Russia sparked a collapse of the oil price to levels not seen in over 15 years. West Texas Intermediate, the US benchmark for crude oil, has fallen by over 40 percent in the last few days, plummeting from $45 to $25.

How long will this crisis last? According to a Goldman Sachs forecast, indices will continue to fall for another few months, before a solid recovery in the final part of 2020. In other words, this collapse

could be temporary and the global economy (and with-it companies’ revenues) could start to breathe again by the summer or at least by the end of the year.

Does this scenario seem realistic, or it is too optimistic? For the time being, we can analyse the S&P, which has lost almost one third of its value in falling from 3,400 points to 2,300. The US’ main index is now approaching an area where there will be plenty of support levels, starting with 2,350 and then following with the key levels of 2,200 and 2,130. These levels still seem relatively far away, but with such huge volatility, markets are moving so fast that nothing seems impossible.

Fidelity bucks ‘blanket’ loan deferral trend FROM PAGE ONE declining to follow the “blanket” three and sixmonth loan repayment holidays offered by the likes of Royal Bank of Canada (RBC), CIBC FirstCaribbean and Commonwealth Bank.

Arguing that its Dorian response had worked well for bank and customer alike, Mr Bowe said Fidelity had found such blanket deferrals were often abused by delinquent borrowers to further avoid their “obligations” which diverted resources away from efforts to help clients truly in need.

“The reality is that we as a financial institution appreciate our customers are going to go through

some challenging times, and what’s most important is to make sure we engage with them to understand their financial circumstances and what is best suited to them.

“It’s not to take the blanket approach. In reality we will not be making blanket statements about loan deferrals. Those in need

we will assist, but not those already poor performing loans looking for any type of deferrals to further avoid their obligations. We are going to deal with customers on a case-by-case basis.

“The situation of a blanket deferral is also giving a benefit to those who don’t need it, and that limits our ability to direct resources

to those who do,” Mr Bowe added. “We are not going to let the innocent suffer for the guilty.

“We have to ensure we are treating the customer in a manner, as those are the persons who we live and die by in our business.

Our statements might not be as grandiose, but our approach is going to be far more targeted.”

Mr Bowe said Fidelity Bank (Bahamas) had reduced its loan portfolio exposure to tourism industry workers to around ten percent, having realised during the 2008-2009 recession that the sector was highly volatile and exposed to global shocks. He doubted other institutions’ exposure reached as high as 20 percent.

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PAGE 6, Monday, March 23, 2020 FROM PAGE ONE newspaper was told that obtaining assistance from these funds is “something that cannot happen overnight” due to how they are governed and the purpose for which they were created.

The Health and Welfare Fund is specifically to assist hotel workers who have been made redundant, not those who - in this particular instance - have been temporarily furloughed or laid-off. The Employee Assistance Fund, too, was not established for that purpose, having been created to provide fire and medical assistance.

Tribune Business understands that the operation of both funds is strictly governed by trust documents, and it would require agreement among the trustees to use the monies for an alternative purpose such as responding to the fallout from COVID-19. All this takes time. The hotel industry pension funds are also designed strictly for retirement purposes only, meaning they cannot be used to help.

“I have never seen it this bad,” Mr Woods told Tribune Business of the mass resort closures and temporary lay-offs. “I was in the industry when we had the Gulf War in 1991. I was

THE TRIBUNE

‘It’s not been this bad in 30 years’ working with the union in 2001, and I was working for the union in 2008. Never has the entire industry, and I would go so far as to say the world, been affected by a pandemic in this manner.

“It has brought the entire Bahamian economy to a screeching halt. Nothing can happen in the tourism industry because there are no guests coming, and those that are here are trying to get home. Businesses and industries connected to the tourism industry are effectively shut down. You’ve got at least 13,000 to 15,000 in the hospitality industry by itself, and others, that are affected.”

Atlantis, which employs around 8,000 persons, yesterday said no department had been spared the “temporary lay-offs” announced at the weekend. A spokesperson said: “The lay-offs affect every department.

As business levels begin to increase team members will be called back to work. We have no further comments.”

Karen Carey, Atlantis’

LEGAL NOTICE

FINAL NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:Longway Invest Ltd. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 12th March, 2020.

senior vice-president of human resources, in a March 21, 2020, letter, said: “Due to the recent announcement by the Government of the Commonwealth of The Bahamas and the economic impact of COVID-19, some of our operations have been further impacted.

“As a result of this, your position will be affected.

Commencing today, you will be temporarily laid off for a period of four weeks. We understand the bearing this will have on you during this period, and you are assured of our commitment to support you as we navigate through these uncertain times.”

Baha Mar, meanwhile, appeared to offer impacted associates more than Atlantis. Graeme Davis, the Cable Beach resort’s president, said it would pay full-time employees 40 percent of their base pay for 90 days from March 26, 2020.

He added that Baha Mar, which employs more than 5,000 staff, would also continue to pay staff insurance premiums on health, life, accidental death and dismemberment coverage.

All Baha Mar employees were urged to contact the National Insurance Board (NIB) to determine their eligibility for the new $10m temporary unemployment benefit.

“As the global community grapples with the effects of the COVID-19 pandemic, the safety and well-being of

ROBERT SANDS our staff, partners, guests and the Bahamian citizens are our top priority and, as such, we have made the difficult decision to temporarily suspend operations until further notice beginning March 25 at 3pm. At which time we will undergo a temporary lay-off of all non-essential staff,” Mr Davis wrote.

“The weeks ahead are sure to be trying, but we look forward with hope and anticipation to a time when we will welcome our guests and associates back to our property for the spectacular experiences we are known for around the world.”

Robert Sands, Baha Mar’s senior vice-president of external and government affairs, yesterday declined to say much beyond the contents of Mr Davies’ note to staff. “Our staff numbers are sizeable, very sizeable, and everything’s a work in motion because the shutdown is not until March 25 at 3pm,” he said.

The COVID-19 pandemic has wiped out the Easter holiday that traditionally

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PATRINA DANIEL, Freeport, Grand Bahama, mother of PEYTON JEDIDIAH DUPERVIL DANIEL, a minor intend to change his name to PEYTON JEDIDIAH DUPERVIL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.

Kim D. Thompson Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 20 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,160.49 | CHG: -7.87 | %CHG: -0.36 | YTD: -71.11 | YTD%: -3.19 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.60 3.64 5.10 10.88 8.15 16.99 9.40 4.24 15.21

52WK LOW 3.35 20.91 5.50 5.38 1.96 0.67 2.00 10.21 5.60 3.89 6.10 2.53 1.80 8.00 6.46 13.60 6.98 3.14 13.85

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.90 11.26 6.00 4.15 6.10 2.89 4.90 8.36 8.15 14.60 8.97 4.24 15.21

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.90 11.26 6.00 4.15 6.11 2.91 4.90 8.16 8.15 13.99 8.97 4.24 15.21

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.00 -0.20 0.00 -0.61 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

1,825

35,680

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.6 15.6 13.4 22.6 43.6 28.5 10.5 12.6 11.2 17.1 9.6 20.9 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 2.89% 0.00% 14.91% 1.22% 4.02% 2.94% 3.86% 2.23% 2.83% 4.01%

signals the peak winter tourism season’s end, which is when hotels traditionally make the bulk of their profits that carry them through the rest of the year.

With peak season profits dramatically reduced, and no guests meaning no income or need for hotels, owners of major Bahamasbased resorts have reacted immediately to stem the financial bleeding and stave off their own woes by drastically cutting costs - labour expenses being one of the biggest items.

With the COVID-19 crisis still playing out across the world, the global travel and tourism industry - including The Bahamas - could be feeling the shutdown’s effects for some months to come, with the Thanksgiving and Christmas season looking like the earliest when normalcy will return.

“We don’t know how long this will be, and how impactful this will be, at this time,” Mr Sands added. “It’s still very early. I don’t even want to begin to make any assessments at this point in time.

Nobody knows. The focus of all hotels right now is the safety of guests, staff and associates, and then we will pay attention to the other hurricane when we ramp up and get back to work.”

Meanwhile, Gordon “Butch” Stewart, Sandals Resorts International’s chairman, in a message to potential guests confirmed the closure of all the chain’s Caribbean resorts - including Royal Bahamian on New Providence and Emerald Bay in Exuma - from month’s end to May 15.

The move is likely to have a major negative impact on Exuma, in particular.

“Never could we have imagined the impact the current global health crisis would have on the world.

In these unprecedented times, and now more than ever, the safety and health of our valued guests is of paramount importance,” Mr Stewart wrote.

“Recent global travel warnings, coupled with airline carrier cancellations, have compelled us to make the difficult decision to close all Sandals and Beaches Resorts from the period of March 30 to May 15, 2020.

Therefore, will not be able to accept new arrivals as of March 23, 2020.”

He added: “The Caribbean is resilient. We have always come back better, stronger and more passionate than ever. We promise this time will be no exception.

“We will take this time to make further enhancements to our resorts so that we will continue to surpass your expectations and

provide you with the luxuryincluded vacation you so well deserve.”

The two Sandals resorts closures, as well as that of the Melia, will on a conservative estimate likely add close to 1,000 further hotel workers to those impacted at Atlantis and Baha Mar, meaning Mr Woods’ 13,000 to 15,000 estimate is not out of line.

The hotel union president added that it was “only a matter of time” before other properties, such as the British Colonial Hilton and Lyford Cay Club, followed suite. “They all rely on the same ingredient: Travelling guests,” he said. “That’s the thread that goes through the entire industry.

“It’s rough. I’m praying every day that it gets a little bit better, and we can execute on what needs to be done to mitigate the impact.... The only silver lining is that it can’t generally get any worse. It can only get better.”

Mr Woods again urged a “tripartite solution” between government, hotel employer and union to avoid NIB becoming overburdened by resort worker unemployment benefit claimants.

Mr D’Aguilar, meanwhile, conceded that the Bahamian resort industry faced a long, slow recovery once the COVID-19 pandemic had passed due to the time it would take for travel industry confidence to be restored.

“All marketing has ceased, all promotion has ceased, until our core markets in the US and Canada work through this crisis and we get on the other side of this cataclysmic event,” the minister told Tribune Business. “It really makes no sense to do anything other than develop strategies inhouse and prepare for when we want to turn the marketing back on.

“All we can do is prepare for that event. This event affecting the entire planet is a first, and no one knows how eventually this plays out. Your guess is as good as mine. We just don’t know how deep and how long the curve is going to be in terms of COVID-19 cases in the US.” Acknowledging that hotels would have to “ramp back up” and re-hire staff once the pandemic was over, Mr D’Aguilar agreed with Tribune Business’ assessment that the national unemployment rate is likely to spike to between 25 percent to 30 percent in the short-term.

“I’m not going to tell you a number you can print, but I think you’re probably right,” he added.

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

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

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

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

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

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

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

MARKET TERMS

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

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

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

LEGAL NOTICE

NOTICE

GALWAY WORLDWIDE INC. (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GALWAY WORLDWIDE INC. is in dissolution as of March 19th, 2020.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

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

THE TRIBUNE

Monday, March 23, 2020, PAGE 7

More stimulus to come amid 30% jobless rate fear FROM PAGE ONE not revealing all the cards in his hand, effectively confirmed that the $20m small business loan support initiative - and expansion of the unemployment benefit safety net to cover self-employed and temporarily laid-off workers - are just the first salvo in the government’s plans.

Many observers believe it needs to do much more, involving hundreds of millions, if not billions, of dollars in stimulus to prevent the Bahamian economy’s collapse at a time when it has lost a tourism industry that generates more than 40 percent of its annual economic output and up to 50 percent of total employment.

While The Bahamas will never come near to matching them, the US is trying to stitch together a $1tn stimulus package while the UK is providing £330bn in financial support to its own small business community.

James Smith, former minister of state for finance, yesterday suggested that The Bahamas had always known about its vulnerability to a total travel and tourism shutdown but had never wanted to confront this reality or reduce its dependency on a single industry and one source market (the US) for 85 percent of its visitors.

He warned that the weekend’s wave of resort closure announcements, and temporary industry lay-offs, could drive The Bahamas’ national jobless rate as high as 30 percent with gross domestic product (GDP) dropping as much as ten to 20 percent below forecast

by June 2020.

“I think it’s one we always knew was there way down inside, but we never wanted to look at it,” he told Tribune Business. “In our case, 100 percent of our room capacity is off-line for at least a month.

“Our largest employer is the government, with 25,000 workers, and our labour force is about 180,000 to 200,000 workers. In that labour force the tourism sector, directly and indirectly, may be about 50 percent. Back of the envelope, you could get maybe 60,000 workers or one-third of your labour force out of work.

“You could look at an unemployment level approaching 30 percent or in the high 20 percents.

That’s the immediate impact in the next month or so. I don’t think we figured that the hotels would immediately close down. You can understand why, but it’s almost without notice.”

Mr Smith added the tourism sector’s shutdown, and resulting unemployment and reduced spending

power, would depress aggregate demand in an economy where consumer spending generates up to 70 percent of total economic activity.

“There are other parts of the community that depend on their [tourism workers] expenditure, Mom and Pop stores and small outlets,” he said. “It’s going to be pretty tough. That kind of creeps through the economy in a very insidious kind of way.

It’s a multiplier effect.”

As for GDP, Mr Smith said: “We’re just about at the end of the first quarter, and the original projection was for flat to negative growth this year.

That was before the virus, and if we project another three months to half a year and more with the virus, between now and June it will shave ten percent off GDP in terms of lost income.

“The US is predicting at least 20 percent for them, and we tend to follow the US rate closely. We’ll take an unprecedented hit, exceeding any of the other crises we’ve been through, I think.

“We always have to bear in mind that at least 20 percent of the economy has not rebounded from Dorian, Grand Bahama and Abaco, so they’re not making much contribution to GDP. The impact is ten percent at a minimum, but it could go as high as 20 percent.”

Get ‘game changer’ industries to reduce external vulnerability FROM PAGE ONE two to three months in terms of the impact on our economy.

“Once again we need to be reminded of that, and how critical it is to create and attract new types of investors into our country.

It was critical back in 20012003, and it’s just as critical now that we do all we can to diversify our economy.”

The Commonwealth Bank chief spoke out as he unveiled a raft of measures to help any borrowers and clients that ran into distress as a result of the coronavirus pandemic, which has resulted in the immediate near-total shutdown of the Bahamian tourism industry.

Mr Winder revealed that Commonwealth Bank is “giving an automatic six-month loan payment deferral” to clients, who are current and in good standing, throughout The Bahamas - including the two islands hit by Hurricane Dorian.

He added that assistance will also be provided “on a case-by-case basis” to Commonwealth Bank’s mortgage and commercial loan customers in addition to the six-month loan repayment deferral.

“We are working with our clients who may be experiencing challenges, and we expect a number of them to

YOUR

reach out to us,” Mr Winder added. “As a Bahamian bank we want to be able to reach out to our Bahamian colleagues as we realise these are uncharted waters, and our customers have been good to us for the past 60 years.

“In times like these we feel we have a corporate responsibility to assist them wherever we can in making this period of their life as less stressed as possible.”

Turning back to the diversification theme, Mr Winder added: “I think when you look at diversification in terms of the wealth creators in the world today, the new wealth is being created in technology through money that doesn’t have to be in New York or Silicon Valley to be able to participate in this marketplace.

“We in The Bahamas continue to have one of the best locations in terms of attracting individuals to live in The Bahamas. It behooves us to continue to seek to attract this type of investor that does not always have the dollar capital but the mental capacity to create this new technology platform in The Bahamas. I see that as a real game changer for us.”

The Minnis administration came to office in May 2017 seeking to establish Grand Bahama as a socalled “technology hub”, but the effort has truly yet to take hold or gain critical

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

mass almost three years later.

Meanwhile, the slow attrition-based decline of The Bahamas’ financial services sector, the “second pillar” of the economy, has increased this nation’s dependence on tourism in the absence of new industries being attracted to this nation’s shores.

“I think the main takeaway again is to understand and appreciate that we live in a country that is vulnerable to external shocks,” Mr Winder added of the COVID-19 impact, “and it behooves all of us as individuals, entrepreneurs, the government and as a country to seek to have reserves earmarked for these occasions.

“This will not be the last one. We live in a hurricane belt, and will experience external shocks in the future.

And the big take away for me is our preparation that we as individuals, companies and governments do to withstand external shocks.

“To make this happen this may require additional sacrifices during the good times to prepare for the bad times when they arrive.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Monday, March 23, 2020, PAGE 9

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 65° F/18° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Mostly to partly sunny

Mainly clear

Mostly sunny and pleasant

Mostly sunny and nice

Mostly sunny and pleasant

Mostly sunny and comfortable

High: 82°

Low: 69°

High: 82° Low: 69°

High: 82° Low: 71°

High: 83° Low: 70°

High: 83° Low: 71°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

89° F

75° F

90°-74° F

90°-75° F

92°-77° F

92°-74° F

High: 85° F/29° C Low: 68° F/20° 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: 73° F/23° C

7-14 knots

S

High: 85° F/29° C Low: 70° F/21° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 72° F/22° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 80° F/27° C Low: 69° F/21° C

MIAMI

High: 85° F/29° C Low: 72° F/22° C

6-12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 72° F/22° C Normal high ....................................... 79° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 79° F/26° C Last year’s low ................................... 64° F/18° C Precipitation As of 2 p.m. yesterday ................................. 0.05” Year to date ................................................. 1.71” Normal year to date ..................................... 4.12”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 69° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 78° F/26° C Low: 73° F/23° C

N

KEY WEST

High: 82° F/28° C Low: 75° F/24° C

Low

Ht.(ft.)

Today

8:14 a.m.

8:32 p.m.

High

2.7 2.6

2:06 a.m.

2:31 p.m.

0.0 0.0

Tuesday

8:49 a.m.

9:08 p.m.

2.7 2.6

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

Wednesday 9:23 a.m.

9:42 p.m.

2.6 2.7

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

Thursday

9:57 a.m.

10:17 p.m.

2.5 2.7

3:59 a.m.

4:08 p.m.

0.0 0.0

Friday

10:32 a.m.

10:53 p.m.

2.4 2.7

4:36 a.m.

4:40 p.m.

0.0 0.0

Saturday

11:07 a.m.

11:32 p.m.

2.2 2.6

5:15 a.m.

5:14 p.m.

0.1 0.1

Sunday

11:46 a.m.

-----

2.1 -----

5:56 a.m.

5:52 p.m.

0.3 0.2

Ht.(ft.)

sun anD moon Sunrise Sunset

High: 78° F/26° C Low: 72° F/22° C

N

S

E

W

7-14 knots

S

8-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau

7:10 a.m.

7:23 p.m.

Moonrise Moonset

7:01 a.m.

6:57 p.m.

New

First

Full

Last

Mar. 24

Apr. 1

Apr. 7

Apr. 14

CAT ISLAND

E

W

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 72° F/22° C

High: 78° F/26° C Low: 73° F/23° C

N

High: 79° F/26° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map

High: 79° F/26° C Low: 72° F/22° C

L

8-14 knots

MAYAGUANA High: 80° F/27° C Low: 74° F/23° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 78° F/26° C Low: 73° F/23° C

High: 79° F/26° C Low: 73° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

10-18 knots

10-20 knots

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

Today: 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 SE at 7-14 Knots S at 6-12 Knots E at 7-14 Knots SE at 6-12 Knots ESE at 8-14 Knots SE at 8-14 Knots E at 10-16 Knots ESE at 8-14 Knots ESE at 8-14 Knots SSE at 6-12 Knots SSE at 6-12 Knots S at 6-12 Knots SE at 8-14 Knots SE at 7-12 Knots E at 10-20 Knots E at 10-18 Knots E at 8-14 Knots ESE at 8-14 Knots ESE at 10-18 Knots E at 8-14 Knots E at 7-14 Knots SE at 6-12 Knots E at 10-18 Knots E at 10-18 Knots SE at 8-14 Knots SE at 7-12 Knots

WAVES 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet

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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. 76° F 77° F 78° F 78° F 76° F 76° F 77° F 78° F 75° F 75° F 80° F 81° F 77° F 77° F 78° F 78° F 77° F 77° F 76° F 76° F 76° F 76° F 78° F 78° F 76° F 76° F

PAGE 10, Monday, March 23, 2020

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