business@tribunemedia.net
WEDNESDAY, MARCH 23, 2022
$5.50
$5.50
$5.68
‘Time not on our side’ for Bay Street revival By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port’s top executive yesterday warned “time is not on our side” to ensure Bay Street’s tourism product meets the expectations of 20,000-plus cruise ship passengers and other visitors frequenting the area daily. Michael Maura, speaking after downtown Nassau stakeholders met with the deputy prime minister to address the city’s woes, told Tribune Business “we need to get working on Bay Street right now” to ensure that visitors do not come away with bad impressions that they pass on to friends and relatives. With the cruise port’s $300m transformation designed to
• Product upgrade for 20k daily cruise visitors urgent • DPM: Gov’t will push ahead if private sector doesn’t • Crime concerns blamed for lack of property investing “complement” and kick-start downtown Nassau’s revitalisation, he said he had delivered the message that “we don’t have time to wait for everything to be perfect” given that Prince George’s upgrade to a six-berth port capable of handling the world’s largest cruise
ships is due to be completed by early 2023. Chester Cooper, also minister of tourism, investments and aviation, told Bay Street property owners and merchants that while the Government wished to partner with them in reviving the city of Nassau it is not
MICHAEL MAURA prepared to wait indefinitely for progress to be made. Should upgrades not proceed at the pace desired by the Davis
SEE PAGE FIVE
IMF ‘preaching to choir’ over COVID-19 ravages
Manager loses $195k claim over alleged watches theft
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A SENIOR hotelier yesterday said the International Monetary Fund (IMF) is “preaching to the choir” over its call to make increased COVID-19 vaccination rates The Bahamas’ leading NAME NAME economic policy priority. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that the industry needs to be “fully insulated from the ravages” of COVID if it is to maintain its recovery momentum and drive the country’s post-pandemic revival. Some 163,526 persons are now fully vaccinated out of a 400,000-strong population, and he agreed with the IMF’s assertion that The Bahamas needs to increase vaccination rates beyond the 40-50 percent mark to the 70-80 percent required for socalled “herd immunity”. “There is no question that are particular thinking is aligned with that particular point,” Mr Sands said of the Fund’s Article IV statement, “that as the hotel industry continues to rebound we want to be insulated from the ravages of COVID going forward. One of the ways that we’ve said it can be done is by encouraging many more Bahamians to become fully vaccinated.... “We think the nation will be better off, and be more resilient, if we could get closer to herd immunity as a result of increased vaccinations. And having a much higher proportion of the population vaccinated puts the Government in a better position to remove some of the impediments that exist and open business even wider. “We certainly appreciate that policy position. I think it’s a unanimous position. The Government agrees with it, the private sector agrees with it, and the IMF is preaching to the choir. We just have to
A STORE manager has lost his $195,000 claim against a luxury goods retailer over the alleged theft of hundreds of thousands of dollars in watches despite being cleared of all criminal charges relating to the affair. Nicholas Simmons, who managed Little Switzerland’s Breitling Boutique, was found not guilty before the Magistrate’s Court after he was charged with stealing by reason of employment after multiple high-end watches - said to number between 36 and 100, and worth a collective six-figure sum - went missing. However, Justice Indra Charles, in her March 18, 2022, verdict on Mr Simmons’ subsequent civil claim against his former employer for wrongful/
SEE PAGE FOUR
unfair dismissal and breach of contract, found that his termination was lawful because based on the available facts Little Switzerland had an “honest and reasonable belief that [he] was guilty of theft”. With civil and criminal cases decided upon different standards of proof, Justice Charles ruled that under the Employment Act “a fair and reasonable investigation” into the allegations had been conducted by the luxury goods retailer, whose parent is Johnson Brothers Ltd. In particular, she noted that Mr Simmons had failed to provide a written defence and counter to the claims against him despite being given an opportunity to do so. The store manager, who earned a $1,875 per week salary after being promoted to his post at Breitling Boutique in 2006, was offered the chance to manage Little Switzerland’s then-new
$5.52
LEONARD SANDS
Bahamian contractors ‘scrapping for 40% left’ • Acting BCA chief: ‘The system is broken’ • Hits out at failings over knowledge transfer • Admits that Association is ‘house divided’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
store, Omega Boutique, on October 1, 2014. His assistant manager, Kezia Bethel, was to take over at Breitling. “Mr Simmons was present at the company store and the Breitling Boutique on November 16, 2014, the day before one of the two yearly inventory audits was held by the company,” Justice Charles wrote. “The inventory audit was held on November 17, 2014. Mr Simmons was not present. On that morning, he flew to another island for vacation which he says was approved by the company. “The audit revealed missing items from tray 36 of the Breitling Boutique. [A] Mr Howard called Mr Simmons and asked him where he was and where the items in tray 36 were. Mr Simmons told him that the watches were being repaired in Switzerland.
THE BAHAMIAN Contractors Association’s (BCA) interim president yesterday urged the Government to “save the 40 percent that’s left for locals” by finally enacting self-regulation and “fixing a broken” work permit renewal system. Leonard Sands, who is holding the post until a new incumbent is elected on April 8, told Tribune Business that he and fellow Bahamian contractors are “scrapping” and “fighting” for a minority share of construction work in this nation given the significant inroads made by foreign rivals and workers. In particular, he voiced concern over foreign construction workers who - having been hired to train Bahamians to replace them - ended up obtaining a series of work permit renewals to the extent that they remained in this nation for between 10-20 years on such permits. Suggesting that the required ‘knowledge transfer’ to Bahamians was not taking place, Mr Sands conceded that he was effectively walking a tightrope by going public with his concerns given that some of the BCA’s larger contractor members - who he did not name - were collectively responsible for “hundreds” of foreign construction personnel on work permits throughout “the length and breadth” of The Bahamas, especially on more remote Family Island cays.
SEE PAGE FOUR
SEE PAGE TWO
DPM: Bay Street can’t be ‘point of national shame’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE DEPUTY prime minister yesterday said downtown Nassau must “become the calling card of The Bahamas, not continue to be a point of national shame” Chester Cooper, also minister of tourism, investments and aviation, told Bay Street property owners and landlords that there was “no need to reinvent the wheel” given
CHESTER COOPER
the multiple studies that have been conducted over the decades on how to revive the city of Nassau. Warning that “disinterest cannot translate into inaction”, he said: “If we cannot figure out how to entertain and attract millions of visitors to spend on their vacations with a safe, diverse dynamic and varied experience that changes and grows more interesting and more inviting over time, then we do not understand the business that we are in.
“Our city centre is no longer a hub for merchant ports. And it is no longer the epicentre of retail commerce it once was. But the fact remains that there is money to be made downtown for artists and artisans, for those directly in the tourism business, for existing property owners and many, many others. “Downtown needs to become the calling card of The Bahamas, not continue to be a point of national shame.” Calling for “a sense of urgency”, Mr
SEE PAGE FOUR
PAGE 2, Wednesday, March 23, 2022
THE TRIBUNE
JOBLESS BENEFIT CLAIMANTS DROP 40% IN SIX MONTHS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister says the number of jobless Bahamians receiving benefits through the National Insurance Board (NIB) has declined by over 40 percent in the past six months following the economy’s post-COVID rebound. Myles Laroda, minister of state minister in the Prime Minister’s with responsibility for NIB, said in his mid-term Budget contribution: “During the last six months there has been a total of approximately $54m that may have been paid . We broke down into
the month of July 2021, the sum of $8.79m was paid and that was for approximately 21,000 people. “Total for August 2021 was around $7.5m. Total benefits for September was $10.133m The total for October was $8.8m, November $10.9m. The total for December was $5.69m, and the total for January, $2.5m. We look at the breakdown of those who would have benefited month-by-month, and we see a steep decline in the amount of beneficiaries from a high of 21,000 in July to a low of 11,800 in January this year.” Mr Laroda added: “With regard to the Disaster Reconstruction Authority,
MYLES LARODA the debris management of that agency spent a total of $9.5m in managing the two debris management sites and one tracker station in Abaco, and $3.5m was
spent in just four months in Grand Bahama managing the two sites. “One contractor was responsible for that site in Grand Bahama. So we’d like to point out that there is a forensic audit going on, and I would not like to jeopardise that. So I will just give certain information and let the evidence be revealed in the audit report of which we will make available. “I would like to say that during the management of these sites there was a gap - and I’m quoting one of the former directors - that there was a gap where the Government paid $14m without due diligence.” In Elbow Cay, there was no contract
for debris removal but a “notice to proceed” with works was issued. Turning to the Abaco Hurricane Centre, Mr Laroda said: “There was a joint venture between a Bahamian and a foreign entity for the plans, and also the construction, of that facility along with some government homes, of which $400,000 was dispersed. Some $215,000 was dispersed to an entity, then attempts had to be made to try recover those funds. “Further $185,000 was paid for the plans of this $1.8m structure. To date, $900,000 has been spent on that project and, when I last visited the site in Abaco, I can tell you that
the foundation has not been poured yet. Nine hundred thousand dollars on a project that was scheduled for $1.8m has ballooned to $3.7m, and all we have is a structure with the foundation not poured, but steel coming out of the ground and a few courses of blocks. “I’m not a construction man, but I know that don’t sound right... This recovery started under the FNM (Free National Movement), so this isn’t just to be the PLP (Progressive Liberal Party) trying to recover these funds. We were advised that the funds paid related to pre-procurement costs, of which there was three days of per diem at $22,000 per day.”
BAHAMIAN CONTRACTORS ‘SCRAPPING FOR 40% LEFT’ FROM PAGE ONE
Asserting that he was speaking up for small Bahamian contractors, and construction workers who are either unemployed or underemployed, he added that the Government besides applying greater due diligence on work permit applications - should also finally enact the Construction Contractors Act as a means to prevent locals ‘fronting’ for firms that are actually foreign-owned. Mr Sands, admitting he was unaware of how many construction-related work permits are active in The Bahamas, said anecdotal evidence such as newspaper job advertisements indicated there are many. “The greatest challenge is not the first work permit application; it’s the consistency of the renewals. Why should a person receive a work permit for three years and then five-six renewals for the same duration?
“Where’s that Bahamian they were supposed to train up? It’s the renewals. That’s the challenge. If you fix that by ensuring the knowledge transfer, you will not need that [work permit renewals] happening over and over. If you look at that one component and say it’s not happening, why are we continuing if they are not transferring their skills?” Companies applying for work permits first have to advertise publicly the post in question, then satisfy the Department of Labour there is no Bahamian either qualified or available to perform the work. They are then granted a labour certificate which is presented to the Department of Immigration, together with all other relevant documents, to begin the work permit approval process. There has long been resistance at the policy level to expatriates spending 10-20 years in The
Bahamas on a rolling series of work permits, given the pressure to train-up Bahamian understudies to replace them - something that has only intensified post-COVID. Mr Sands said the labour and Immigration departments occasionally consulted the BCA, on average twice a quarter, when large volumes of work permit applications were submitted, and he added: “I personally challenge the Department of Labour and Department of Immigration to defend every single application that they have approved that there is no Bahamian interested or desirous of filling these thousands of positions with respect to work permit holders. “My challenge to every administration is when will Bahamians have first preference for jobs? I need someone from the Department of Labour to explain
to me how a work permit holder can get a permit, with the obligation to train a Bahamian, and be here for 18-20 years? Where did they do their job to train Bahamians to replace them? “I’m meeting contractors who came to this country since 1992, and are still on work permits. If they trained Bahamians, why are they here? Why are they allowed to be here? The system is broken.” Mr Sands, who gave no names, suggested greater manpower, due diligence and awareness by the labour and Immigration departments was required to address the matter. The acting BCA president, though, conceded that he was in “a really, really tough spot” in raising the issue. “Within the membership of the BCA, we are a house divided,” he revealed. “On development projects throughout
The Bahamas, some of the most significant members of the BCA are holders of hundreds of work permits. I’m standing behind the position that we must come clean with ourselves first.” Mr Sands said he was speaking on behalf of small companies struggling to obtain sub-contracting work, and the “thousands of Bahamians sitting at home looking for a job”. He called on the Davis administration to enforce the Construction Contractors Act and appoint the Board to enforce it, arguing that the licensing and registration process overseen by the latter would help detect companies where Bahamians were ‘fronting’ for foreign contractor owners. “We urge the Government, and plead with the Government, to see if they can save what is left of this industry for Bahamians,” Mr Sands told Tribune Business. “There’s very little
left. We’re fighting for what’s left. To be honest, 40 percent is left. Sixty percent is driven from the outside. They have the financing, the resources and the connections, and we’re scrapping for the 40 percent that remains. “We’re pretty much cannibalising each other, fighting among each other for scraps, but it could be fixed tomorrow. Let’s see how committed this new administration is to protecting and growing this industry for Bahamians. That’s our hope.”
TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394
THE TRIBUNE
Wednesday, March 23, 2022, PAGE 3
GOV’T CLOSE TO DEAL ON CLUB MED RE-OPENING By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE DEPUTY prime minister yesterday revealed the Government is close to “an agreement in principle” with Club Med for the winter 2022 re-opening of its San Salvador resort property. Chester Cooper, also the minister for tourism, aviation and investments, told reporters ahead of the weekly Cabinet meeting he was also confident that the now-closed British Colonial property in downtown Nassau will be “back on stream” in time for The Bahamas’ next winter tourism season. Speaking to the re-opening of Club Med, he said: “Club Med is in the Prime Minister’s constituency. He has given me a mandate
along with a [Cabinet] sub-committee to see the reopening of Club Med in time for the winter season. We’re working in that direction. “We have almost reached agreement in principle with the owners of Club Med to cause that to happen. There are significant infrastructural adjustments that the Government is already committed to inclusive of an ambulance, fire truck, certain adjustments at the airport, certain repairs at the airport, certain adjustments in relation to Water and Sewerage capacity, certain adjustments in relation to BPL (Bahamas Power & Light) capacity. “So we have already committed to everything that we need to do. We have one follow up meeting before, I believe, shovels in the ground, but I am confident this is going to happen. I mentioned this is in the
CHESTER COOPER Prime Minister’s constituency. He’s asked me to get it done, and it will be done.” Tribune Business reported last month that the Government was working closely with Club Med and its owner, Fosun International, the Chinese conglomerate, to have the Columbus Isle property re-opened before the company’s October 2022 target.
Club Med terminated 190 staff, including 172 union members, in early January 2021 as it reaffirmed its decision to shutter the Columbus Isle property due to COVID-19’s devastating impact on global travel and tourism. No re-opening date was given at that time, and Club Med’s website still has October 2022 as the time when operations will resume. The closure had a traumatic impact on San Salvador’s economy and wider community, as it provided the island’s major source of employment as well as spin-off entrepreneurial activities and jobs associated with those. Club Med, though, cited several factors behind its decision to close the Columbus Isle resort during the COVID pandemic’s 2020 peak. First, it said the property’s remoteness and lack of healthcare infrastructure
could endanger guests and staff if an outbreak occurred. The San Salvador property also catered to a significant number of European guests, and outbound travel from that continent was heavily curtailed by lockdowns and border closures in 2020-2021, meaning that its customer base had largely dried up. Dionisio D’Aguilar, former minister of tourism and aviation, in 2020 admitted that the Government had a “difficult mountain to climb” to persuade Club Med to re-open before 2022 due to San Salvador’s limited airlift and healthcare capacity. Turning to the British Colonial, and efforts to secure a replacement for the Hilton as the downtown resort’s brand/operating, partner, Mr Cooper said: “All I can say in relation to the British Colonial hotel at this point is that
Gov’t invests $100k to fix airport baggage ‘glitches’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE DEPUTY prime minister yesterday disclosed that the Government has invested $100,000 to “fix once and for all glitches” with the baggage handling equipment at Lynden Pindling International Airport (LPIA). Chester Cooper, also minister for tourism, investments and aviation, told reporters ahead of the weekly Cabinet meeting: “There are many matters requiring remedial work at LPIA..... “There have been, over the past several weeks, some concerns in relation to the baggage handling equipment. We have approved an additional piece of equipment in the region of $100,000 to ensure that the problem is fixed once and for all. But the baggage screening equipment is operational, it’s working. There have been glitches, but this new equipment will fix that once and for all. So I’m confident that it’s in hand.” Technical problems are understood to have resulted in extra bags being selected for secondary screening, resulting in processing delays that meant some luggage failed to accompany their owners on departing flights. These persons then had to wait several days for their belongings to catch up with them. Mr Cooper, meanwhile, refuted assertions by the Opposition that taxpayers are effectively subsidising tourists on their return home because the $40 health travel visa fee is insufficient to cover the cost of the COVID test they must take before departure. The deputy prime minister argued that the health travel visa “always included the cost of a test”, meaning initially the five-day test taken by visitors in-destination, which had now been scrapped. As a result, the $40 fee is now being applied
to cover the rapid antigen test that visitors must take to return to the US and other home destinations. Mr Cooper said: “The test previously was the five-day test. We changed it to a two-day test, we changed back to a five-day test, then we eliminated the five-day test. And we’re now saying that same test for tourists, you can now access that as your test that you’re required to have when you are returning to United States. The model financially has not changed whatsoever. “The model for the pricing of the travel visa did not change. Inclusive in the cost is a test, and that’s always been the case. Administrative costs are being covered; that has always been the case, and the cost of insurance. That has always been the case.” The row erupted after Michael Pintard, the Free National Movement’s (FNM) leader, argued in a statement sent to Tribune Business that it was impossible for the health travel visa fee to finance the provision of a free rapid antigen test to departing visitors as well as the initiative’s other components. Breaking down the $40 fee, he argued that the majority - around $25 or 62.5 percent - pays for the insurance coverage that allows COVID-infected patients to either be evacuated to their home country or spend extra days in The Bahamas in isolation, together with per diem expenses. Of the balance, Mr Pintard said $10 of every health travel visa fee cover the initiative’s administrative costs and overheads, leaving a $5 surplus which represents the sums remitted to the Treasury. However, the Opposition leader said he had been taken aback by Dr Michael Darville, minister of health and wellness, stating during last week’s conclusion to the mid-year Budget debate that all foreign visitors now have a free COVID test built into their health visa.
LYNDEN PINDLING INTERNATIONAL AIRPORT (LPIA)
BUSINESS FOR SALE
Looking for a great investment? For less than $100,000 you could take over a unique niche business with excellent local presence. This retail and wholesale outlet has great potential Owners are retiring and will entertain all reasonable offers Email: keysbahamas700@gmail.com
Mr Pintard argued that the cost of this rapid antigen test represented a further $23 charge. When added to the $25 insurance cost, and $10 in administrative fees, he said the total cost of services provided under the health travel visa now amounts to $58 - a sum that exceeds the $40 fee by $18. As a result, Mr Pintard said the Government - via Bahamian taxpayers - is now subsidising the return of US visitors to their homeland as it has to make up the negative difference between the health travel visa fee and the total cost. He branded this as “truly shameful”, arguing that such funds should instead be used “for the sole benefit of the Bahamian people”. Mr Cooper, meanwhile, said he is not certain how long the travel health visa will continue. “The minute we make a determination as to when it will end, I assure you that I will come back to you and I will tell you,” he added. “We are not going to have a knee-jerk reaction to it. It’s there for a purpose. We’re going to be advised by the Ministry of
Health in terms of what they perceive to be the trends for the future. If they come and they say they are
comfortable that we’ve seen the back of COVID, then as far as I’m concerned it can go tomorrow.
CCA (China Construction America), the owners of the property. are committed to the ongoing re-opening and operation of this property. “They understand the iconic nature of this property, and the significance of it to tourism and Bay Street, and they have committed to the Government that this hotel will re-open. That’s all I can say at this point. I spoke to it in the House of Assembly the other day, and I have - based on what I know - confidence that a renovated property will be back on stream for the winter season.” The British Colonial closed in February after the Hilton brand did not renew its partnership with CCA, leaving around 120130 staff out of work. Some have been hired in by Sandals’ Royal Bahamian and Emerald Bay properties, Mr Cooper added. “But if there is ongoing concern about a significant fourth wave in the near-term, or even the medium-term, then there would be some merit to keeping it in place.”
PRIMARY TEACHING JOB OPPORTUNITY Are you a professional, creative, and dynamic elementary teacher?
Are you well-presented, well-spoken and have a positive attitude? Do you have experience teaching virtually?
Are you looking for a new position in a small, independent, friendly and supportive school? We are seeking a hard-working, energetic, and creative second-grade teacher to cover a maternity placement for our third term. (April 19thJune 17th). Bachelor’s degree is essential. Google Classroom experience preferred. CPR & First Aid Certification is also preferred. Please send your resume along with 2 references and a short description of why you think you would be an asset to our school to timetoteach242@gmail.com. We look forward to hearing from you.
PAGE 4, Wednesday, March 23, 2022
THE TRIBUNE
MANAGER LOSES $195K CLAIM OVER ALLEGED WATCHES THEFT FROM PAGE ONE There are two section tray transfer documents showing 12 identical electronic transfers to tray 36. One document bears Ms Bethel’s name and employee ID number, and the other document bears that of Mr Simmons.” Mr Simmons was questioned about the missing watches by Mr Howard and Mike Cooney, Little Switzerland’s vice-president of human resources, upon his return to Nassau on November 22, 2014. “Mr Simmons told them that the watches should be in the tray, which
was located in the safe, and that he had completed the turnover process of the store to Ms Bethel,” Justice Charles wrote. “At the meeting, Mr Howard and Mr Cooney accused Mr Simmons of theft. Mr Howard invited Mr Simmons to submit a written statement representative of his position/defence to the allegations. Mr Simmons was advised that he was suspended until the completion of the investigation. “By letter dated November 24, 2014, Mr Simmons wrote Mr Howard requesting a written letter confirming his termination.
He stated that he would be prepared to provide a written statement only upon the receipt of same. The parties dispute whether Mr Simmons was terminated by letter. Mr Simmons alleged that he never received a termination letter.” After being found not guilty, and acquitted on the criminal charges, Mr Simmons sought $195,437 in special damages via his civil claim. This was broken down into $37,500 compensation representing one month’s pay in lieu of notice and one month for each year worked; $30,937 for unfair dismissal; $90,000
as compensatory damages under the Employment Act; and $37,000 to cover his legal costs in the criminal matter that arose from Little Switzerland’s theft allegations. Mr Simmons, during the trial before Justice Charles, said his vacation had been approved and “he had no responsibility with respect to the November 17, 2014, inventory audit” as he was no longer Breitling’s store manager. He added that he gave no written defence because he was awaiting a termination letter. As for the alleged transfer of the watches to tray 36, Justice Charles recorded: “Mr Simmons stated that it is impossible for two different employees to transfer items from one location to another at the exact same time and date. He said that, at the meeting, he was not given any document to show transfers made or shortages from the audit. “He maintained that he did not make the electronic transfers, and that his employee ID number appeared there because someone put it there. He further stated that no employee would give out their password. Mr Simmons stated that it would be difficult to explain why it appears that he made the electronic transfers from the section tray transfer document with his name and number.” However, Tom Ballas, Little Switzerland’s vicepresident of operations, asserted that it was against company policy to be absent during an inventory audit. He added that Mr Simmons was still Breitling manager because his transfer had yet to take effect.
“When asked about the inventory audit which led them to believe that Mr Simmons was guilty of theft, Mr Ballas said that, based on communications between Mr Simmons and management along with statements they received, it was clear that the watches went missing under Mr Simmons’ watch,” Justice Charles wrote. “He said that the company suspended him because they could not get any communication with what was going on. He then said that he believed that his evidence that there were no discrepancies the day before the inventory was wrong.” Justice Charles, in her verdict, found that Little Switzerland had conducted a “fair and reasonable” investigation into the matter. “Mr Simmons’ insistence on providing a written statement only upon the receipt of a termination letter defeated the purpose of the written statement,” she ruled. “It was unreasonable, and was effectively a refusal since the purpose of the written statement was to aid the investigation process to help the company to determine whether they believed that he was guilty of theft. Accordingly, the written statement did not have the effect of rebutting the company’s suspicions as it could have if Mr Simmons responded with a reasonable explanation.” Finding that Mr Simmons’ absence during the audit was not approved, Justice Charles added: “Because of the unreasonableness of Mr Simmons’ absence from the inventory audit, it was reasonable for the company to consider this as pointing toward Mr Simmons’ guilt
especially having regard to the fact that Mr Simmons was present in the store the day before the audit and left for another island on the day of the audit. “There seems to be no reasonable explanation for such a thing. He was the manager.... Jerome Gray and Ms Bethel gave evidence in the criminal matter along with Mr Howard. Mr Gray’s evidence was essentially that Mr Simmons created tray 36 as a repair tray but that it was unnecessary, in his view, because there was already a repair tray. According to Mr Gray, a number of the watches unaccounted for were new watches, which in his experience, were rarely sent for repair. “Ms Bethel’s evidence was that Mr Simmons always objected to her seeing the contents of tray 36, and she asserted that he had care and control of the merchandise. During the handover of the store, she asked to see the contents of tray 36 when Mr Simmons again objected. She said that she made a complaint about this to Mr Howard.” Finding that Mr Simmons’ criminal acquittal did not work in his favour, the judge noted that “Ms Bethel’s evidence was that her complaints of Mr Simmons’ suspicious behaviour is what gave rise to the audit”. Justice Charles concluded: “In my considered opinion, Mr Simmons was lawfully summarily dismissed and his dismissal was not unfair. “The documentary evidence as well as the oral testimony of the witnesses clearly demonstrated that the company had an honest and reasonable belief that Mr Simmons was guilty of theft.”
DPM: BAY STREET CAN’T BE ‘POINT OF NATIONAL SHAME’ FROM PAGE ONE Cooper added: “As deputy prime minister, I am daily confronted with the issues: Maintaining the infrastructure, cleaning streets and sidewalks, improved signage, addressing poor lighting, the enhancement and enforcement of penal code as they relate to loitering, solicitation, illegal vendors and illicit activities. “The Government intends to do its part. We will apply existing laws to manage downtown and introduce new ones where necessary to have it restored, kept clean and provide a unique experience for our visitors and Bahamians. Government will look at working with the Downtown Nassau Partnership (DNP) to establish a statutorily empowered PPP (private
public partnership) entity to manage downtown. “We have been meeting with cruise line partners to strongly emphasise the imperative to model exceptional partnerships to increase their calls on the port of Nassau, incentivise more passengers to come off vessels, work with the Tourism Development Corporation to enhance and support our tours and local offerings, which will largely result in increased visitor spend on shore and on Bay Street. They have given us their word,” Mr Cooper continued. “We need you to repair your buildings and paint them. Revamp your store fronts. Ensure the removal of garbage. Adhere to signage guidelines and remedy derelict and abandoned buildings. We don’t need to wait. I urge you to act.”
IMF ‘PREACHING TO CHOIR’ OVER COVID-19 RAVAGES FROM PAGE ONE keep at it, don’t give up at all in our fight for vaccination rates to be increased, and creating opportunities for people to become vaccinated. It has to continue, it is the safest and best route we can take.” The IMF, in its Article IV statement on The Bahamas, urged the country to focus on increasing its COVID vaccination rates to protect against future outbreaks and disruption to the tourism-driven economy. “The policy priorities ahead are to safeguard the recovery, preserve debt sustainability and promote sustained and inclusive growth,” it added. “First and foremost, this will require vaccinating the population as swiftly as possible. As the pandemic’s impact recedes, policies should focus on tackling long-standing challenges by improving the structure of revenues and spending, rebuilding fiscal space, and making the economy more resilient to the effects of climate change..... “A re-intensification of the pandemic cannot be discarded. With about 40 percent of the population fully vaccinated, the emergence of new COVID-19
variants could prolong the pandemic and induce renewed economic disruptions. Alternatively, rising cases in source countries could dissuade travel and lead to a renewed decline in tourism.” Assessing the deep scars inflicted by COVID-19, the IMF added: “The pandemic has deepened the country’s medium-term growth challenges and public finances have deteriorated. Education gaps have increased given the varied quality and access to remote learning. Private investment and employment will take time to recover. “Additionally, the economy will have to contend with lasting effects of the pandemic on travel preferences as well as broader shifts in technology and climate risks. The new administration has pledged relief through tax cuts and increasing investment in resilient infrastructure, health and education. However, fiscal space has been eroded, limiting the room for manoevere to achieve these goals. Public debt is close to 100 percent of GDP, gross financing needs are high, and fiscal financing costs are elevated.”
THE TRIBUNE
Wednesday, March 23, 2022, PAGE 5
‘TIME NOT ON OUR SIDE’ FOR BAY STREET REVIVAL
FROM PAGE ONE administration, those present said he warned that the Government would move to achieve its downtown Nassau objectives without waiting for the private sector to come on board and catch up. Charles Klonaris, the Downtown Nassau Partnership’s (DNP) co-chair, who also attended the meeting, said he was “encouraged” by the Davis administration’s commitment to “laying a foundation” for the city’s revival that will extend beyond its five-year term in office. Pointing to the cruise port project, as well as the new $300m US embassy, proposed $100m Central Bank headquarters, and new Cabinet Office and Supreme Court buildings, he added that “the groundwork, the foundation is being set” and it was now up to all involved - government and private sector - to “come together” and develop downtown Nassau into a thriving waterfront city attractive to tourists and Bahamians alike. Asserting that “the tide is rising”, Mr Klonaris said of derelict and dilapidated property owners, especially those located east of East Street: “If they are entrepreneurs and developers, this is the time to do it.” And Mr Maura warned that the clock is rapidly running out on the window available to make critical upgrades before Prince George Wharf’s enhancement is finished. “Nassau Cruise Port will be materially complete with a lot of our construction a year from now,” he told Tribune Business. “There will be a big fanfare when we are fully open, attracting not just thousands of cruise passengers but visitors from Atlantis and Baha Mar to come downtown. “We need to get working on Bay Street right now. We don’t want these people walking and migrating on to Bay Street and coming back with a story of: ‘What’s happening here? Why is this not nice? Why is this not working?’ The cruise port has always been about complementing downtown Nassau, not replacing it. “We need to get working right now. Time is not on our side. It’s very expensive to accomplish perfection. We need to get something done now because time is not on our side. There’s a lot of work to be done. We need attention now. We need action now.” Mr Maura said Mr Cooper and the Davis administration did not want downtown Nassau’s revival to become “a prolonged exercise”, and viewed it as an “urgent, immediate” priority to effect some improvements in the near-term. “One of the headlines he had in his presentation is that downtown should be memorable and and authentic. That’s what he began with,” the Nassau Cruise Port chief said of the deputy prime minister. “He said the Government would support opportunities for investment in the downtown area through the Small Business Development Centre and Tourism Development Corporation. “He spoke to the Government’s desire for partnership with the
their willingness to improve their property,” Mr Maura told Tribune Business, “and would that increase in property value yield any return if crime or the criminal element are still there. “I shared that many people in the room had likely spoken to police officers when they observe behaviour that is not in keeping with what we want to see downtown. The police tell you that they pick-up the individual involved, go before the court. The court issues the fine prescribed within the law, and the person pays
DOWNTOWN NASSAU downtown community and individual stakeholder groups. However, he emphasised that progress would trump partnership. What he meant there, and said a couple of times, is that the Government wants to establish mutually beneficial partnerships with downtown stakeholders but progress must be the test. “If progress is not being made, the Government would do what it needs to do to achieve the necessary results it desires. He indicated that the Government has many tools in its arsenal, but the first tool pulled out of the bag will be partnership. Yet there are other means to encourage the required behaviour.” Downtown Nassau’s revival has been much talked about for decades, and certainly since the 21st century’s start. While there have been incremental improvements such as refurbished sidewalks, pedestrianised streets, Pompey Square, the harbourfront boardwalk and garbage collection, progress to-date has been painfully slow given the size of the task at hand. Moving the shipping companies to Arawak Cay in 2011-2012, besides getting heavy vehicles out of downtown Nassau, was also supposed to free-up prime waterfront property for fresh investment and redevelopment. The Minnis administration extended the City of Nassau Revitalisation Act, and its package of tax breaks and incentives designed to spur such projects, through to 2026 during last year’s Budget. However, these initiatives have largely failed to have the desired effects. Much of downtown Nassau, and especially the ‘twilight’ area east of East Street, has continued to steadily deteriorate to the point where a significant portion of the city is run down, derelict and a far cry from the tourist destination it markets itself as. Given the many property and business owners involved, often with competing interests and agendas, it has been difficult to get all on the same page. Mr Maura said Mr Cooper yesterday “clearly implied” that derelict property owners would ultimately face “consequences”, either having to “move swiftly to improve the state of their properties or the Government will move to ensure the state of their properties improves”.
CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!
He added that Senator Ryan Pinder, the attorney general, who was also present at the meeting “indicated much work had gone into a review of the laws” relating to property maintenance, vagrancy and policing in the downtown Nassau area and that this would be completed by year-end 2022. Property owners have also long complained that the city’s zoning restrictions need to be adjusted to allow development to go beyond five stories high - something that is seen as critical for high-rise condos and making downtown a ‘living city’ with young and professional Bahamians residing in the area, thus helping it to sustain active nightlife rather than closing down in the early evening. The absence of sufficient parking is yet another barrier to revival. “A number of people shared their concerns that the criminal element downtown has directly impacted
a meaningless fine or fee and shows back up the next day. There’s this revolving door. It’s like kicking the can down the road for 24-48 hours.” Mr Klonaris, pointing out that downtown Nassau’s revival is a long-term process that could play out over decades, rather than a sprint, said Mr Cooper and the Davis administration appeared to recognise this based on what happened at the meeting. “You’re going to have sometimes 20,000 tourists disembarking, and the stakeholders have to take
advantage of that,” he told Tribune Business. “The new port is going to be attractive, and hopefully the retailers upgrade and cleanup their properties and decide what to do to attract the tourists. “The groundwork, the foundation is being set and it’s now up to the stakeholders. All of that has to come together.... If they are entrepreneurs and developers, this is the time to do it. The tide is rising, so it’s time everyone took advantage of it.”
PAGE 6, Wednesday, March 23, 2022
THE TRIBUNE
STOCKS GAIN GROUND ON WALL STREET, OIL PRICES EASE LOWER By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers TECHNOLOGY companies led a rally for stocks on Wall Street Tuesday, as the market more than made up for a modest pullback to start the week. The S&P 500 rose 1.1%, with more than 70% of stocks in the benchmark index notching gains. The Dow Jones Industrial Average rose 0.7% and the tech-heavy Nasdaq composite climbed 2%. Bond yields rose sharply for the second day in a row, reflecting expectations of more aggressive interest rate hikes by the Federal Reserve as the central bank moves to squelch the highest inflation in decades. The yield on the 10-year Treasury climbed to 2.38% from 2.30% late Monday. The yield, which influences interest rates on mortgages and other consumer loans, was at 2.14% late Friday. The rise in bond yields and stocks comes a day after Federal Reserve Chair
Jerome Powell said the central bank was prepared to move more aggressively in raising interest rates in its fight against inflation, if it needs to do so. Powell said the Fed would raise its benchmark short-term interest rate by a half-point at multiple Fed meetings, if necessary. “Maybe investors are feeling that with the Fed taking more of a proactive approach early on it won’t have to slam on the brakes later,” said Sam Stovall, chief investment strategist at CFRA. The S&P 500 rose 50.43 points to 4,511.61, and the Dow gained 254.47 points to 34,807.46. The Nasdaq rose 270.36 points to 14,108.82. Smaller company stocks also bounced back. The Russell 2000 index added 22.41 points, or 1.1%, to 2,088.34. Concerns about rising inflation and slower economic growth have been weighing down stocks so far in 2022, but a rally last week helped trim some of
the benchmark S&P 500’s losses for the year. The index is now down 5.3%. Markets have been choppy as Wall Street adjusts to slower economic growth now that federal spending on various stimulus measures has faded away. “This is actually fairly normal, but it doesn’t feel normal because the last few years have been really strong,” said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth. Last Wednesday, the central bank announced a quarter-point rate hike, its first interest rate increase since 2018. The Fed hasn’t raised its benchmark rate by a half-point since May 2000. “What has been a frustrating inflation setup for the Federal Reserve is likely getting more complex given the geopolitical conflict,” Stucky said. Investors’ concerns about persistently rising inflation has been worsened by Russia’s war in Ukraine. Energy
NOTICE
LOGOS the New York Stock Exchange adorn trading posts, on the floor, Wednesday, March 16, 2022. Stocks rose in morning trading on Wall Street Tuesday, March 22, and oil prices eased back amid heightened concerns about inflation. Photo:Richard Drew/AP and commodity prices were already high as demand outpaced supply amid the global economic recovery, but the conflict has pushed oil, wheat and other prices even higher. Rising raw material costs and shipping problems have made it more expensive for businesses to operate. Many of those costs have been passed on to consumers and higher prices for food, clothing and other goods could result in less spending and slower economic growth. Technology and communications stocks drove a big share of the gains in the S&P 500 Tuesday, as did companies that rely on
consumer spending. Apple rose 2.1% and Twitter gained 2.6%. Nike added 2.2% after reporting surprisingly good third-quarter financial results. Energy stocks slipped as oil prices declined. Banks helped send the market higher as bond yields continued rising. Higher bond yields allow banks to charge more lucrative interest on loans. Bank of America rose 3.1% and JPMorgan Chase gained 2.1%. The price of U.S. benchmark crude oil fell 0.3%
to settle at $111.76 per barrel, while Brent, the international standard, slipped 0.1% to settle at $115.48 per barrel. European markets rose broadly, while Asian markets closed higher overnight. Investors will soon start readying for the next round of corporate earnings reports as the current quarter nears its close at the end of March, and that could provide a clearer picture of how industries continue handling rising costs.
NOTICE
NOTICE is hereby given that WIDSLAND MYRTIL ST.JEAN of Nassau Village, Stack Avenue, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that TREVONYA PATRICE WALLACE of Saki Close, Soldier 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 16th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
MONDAY, 21 MARCH 2022
BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.15 2.05 2.90 2.60 6.05 10.05 2.56 9.02 3.10 7.20 13.00 2.71 10.10 11.25 10.75 15.00 4.00 10.00 16.50
52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 8.40 13.10 3.42 8.00 15.50
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
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 1.00
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
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
CLOSE
CHANGE
%CHANGE
YTD
YTD%
2250.09
0.10
0.00
21.85
0.98
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.98 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.71 93.97 94.12 91.00 90.95 89.02 89.62 89.00 90.24 90.73
MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
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 BGRS FX BGR106036 BGRS FX BGR117037 BGRS FX BGR118037 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1060361 BSBGR1170376 BSBGR1180375 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504
LAST CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.90 2.82 7.16 13.00 1.95 10.06 11.62 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00
CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.90 2.82 7.16 13.00 2.00 10.06 11.69 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
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
VOLUME
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
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00
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 0.00 0.00 0.00
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 RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
MARKET TERMS
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 0.05 0.00 0.07 0.00 0.00 0.00 0.00 0.00
(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 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 0.080 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% 5.40% 5.20% 5.22% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%
NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89
YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%
P/E 22.2 42.9 N/M 16.5 N/M N/M 25.7 -7.5 56.4 15.3 15.9 18.0 19.6 21.5 18.1 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.74% 0.00% 0.00% 4.26% 3.07% 5.54% 21.70% 0.60% 2.81% 2.23% 3.60% 3.01% 2.00% 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 4-Aug-2036 14-Jul-2037 13-Oct-2037 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050
NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NOTICE NOTICE is hereby given that ELTHA FRANCOIS CELESTIN of Frank Edgecombe 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 16th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that LEROY LORANVIL of Fox Hill, 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 16th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that DEREK LYNCH of #29 Alexis Drive Freeport, Grand Bahama 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 16th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PAGE 8, Wednesday, March 23, 2022
THE TRIBUNE
ALIBABA RAISES BUYBACK TO $25B TO BOOST SLUMPING STOCK BEIJING (AP) — Alibaba Group, the world's biggest e-commerce company, increased a share buyback to $25 billion from $15 billion on Tuesday to prop up a stock price that has fallen by more than half since the ruling Communist Party tightened control over tech industries by launching regulatory crackdowns. The increase is a "sign of confidence in the company's continued growth,"
Alibaba said. The company said it has paid out $9.2 billion so far in the buyback announced earlier. Alibaba's U.S.-traded shares have fallen 56%, wiping out hundreds of billions of dollars of stock market value, since the ruling party launched antimonopoly and data-security crackdowns in 2019. Alibaba has been fined and a planned stock market debut by Ant Group, an
online finance company spun off from Alibaba, was postponed. Alibaba's Hong Kongtraded shares were trading 4.8% higher on Tuesday. Chinese leaders tried last week to stop the stock market slide by promising support for technology companies but gave no details of possible initiatives. The ruling party has expressed concern private
sector tech giants such as Alibaba and Tencent Holding are too independent and might use their market dominance to suppress competition and hurt economic growth. Alibaba earlier reported profit for the final quarter of 2021 fell 74% from a year earlier to 20.4 billion yuan ($3.2 billion). Revenue rose 10% to 242.6 billion yuan ($38 billion).
A WOMAN rides a scooter past the company logo outside the Alibaba Group headquarters in Hangzhou, in eastern China’s Zhejiang province, May 27, 2016. Alibaba Group, the world’s biggest e-commerce company, increased a share buyback to $25 billion from $15 billion on Tuesday, March 22, 2022. Photo:Ng Han Guan/AP
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 89° F/32° C Low: 70° F/21° C
TAMPA
THURSDAY
FRIDAY
SATURDAY
SUNDAY
Mostly sunny and breezy
Breezy early; mostly clear, warm
Sunny, winds subsiding and humid
Breezy; downpours in the morning
Mostly sunny; breezy in the p.m.
Mostly sunny, breezy and pleasant
High: 84°
Low: 75°
High: 84° Low: 76°
High: 83° Low: 70°
High: 81° Low: 69°
High: 78° Low: 68°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
90° F
77° F
89°-75° F
86°-68° F
84°-67° F
80°-65° F
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: 81° F/27° C Low: 75° F/24° C
10-20 knots
S
High: 85° F/29° C Low: 76° F/24° C
10-20 knots
FT. LAUDERDALE
FREEPORT
High: 84° F/29° C Low: 77° F/25° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TONIGHT
High: 86° F/30° C Low: 73° F/23° C
N
| Go to AccuWeather.com
High: 83° F/28° C Low: 75° F/24° C
MIAMI
High: 85° F/29° C Low: 77° F/25° C
8-16 knots
KEY WEST
High: 84° F/29° C Low: 77° F/25° C
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 71° F/22° C Normal high ....................................... 79° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 66° F/19° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.39” Normal year to date ..................................... 4.05”
ELEUTHERA
NASSAU
High: 84° F/29° C Low: 75° F/24° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
High: 82° F/28° C Low: 75° F/24° C
N
High
Ht.(ft.)
Low
Ht.(ft.)
Today
12:07 a.m. 12:25 p.m.
3.0 2.3
6:35 a.m. 0.0 6:35 p.m. -0.2
Thursday
1:04 a.m. 1:25 p.m.
2.9 2.2
7:37 a.m. 0.1 7:35 p.m. -0.1
Friday
2:09 a.m. 2:34 p.m.
2.8 2.1
8:45 a.m. 0.3 8:43 p.m. 0.0
Saturday
3:18 a.m. 3:47 p.m.
2.8 2.1
9:55 a.m. 0.3 9:56 p.m. 0.0
Sunday
4:27 a.m. 4:57 p.m.
2.8 2.3
11:02 a.m. 0.2 11:06 p.m. 0.0
Monday
5:31 a.m. 5:59 p.m.
2.9 2.5
12:00 p.m. 0.0 ---------
Tuesday
6:27 a.m. 6:53 p.m.
2.9 2.7
12:09 a.m. -0.1 12:52 p.m. -0.2
sun anD moon Sunrise Sunset
High: 82° F/28° C Low: 75° F/24° C
N
S
E
W
8-16 knots
S
8-16 knots
ANDROS
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
tiDes For nassau
7:11 a.m. Moonrise 7:22 p.m. Moonset
12:06 a.m. 10:58 a.m.
Last
New
First
Full
Mar. 25
Apr. 1
Apr. 9
Apr. 16
CAT ISLAND
E
W
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
SAN SALVADOR
GREAT EXUMA
High: 82° F/28° C Low: 74° F/23° C
High: 82° F/28° C Low: 76° F/24° C
N
High: 83° F/28° C Low: 76° F/24° C
E
W S
LONG ISLAND
tracking map
High: 83° F/28° C Low: 75° F/24° C
8-16 knots
MAYAGUANA High: 83° F/28° C Low: 78° F/26° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 76° F/24° C
High: 82° F/28° C Low: 75° F/24° C
GREAT INAGUA
H
High: 85° F/29° C Low: 77° F/25° C
N
E
W
E
W
N
S
S
10-20 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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:
WINDS SE at 10-20 Knots SSE at 10-20 Knots SE at 8-16 Knots SE at 8-16 Knots ESE at 8-16 Knots SE at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots ESE at 8-16 Knots SE at 8-16 Knots SE at 8-16 Knots SSE at 10-20 Knots SE at 8-16 Knots SE at 8-16 Knots E at 10-20 Knots E at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots SE at 8-16 Knots SE at 10-20 Knots SE at 10-20 Knots ESE at 10-20 Knots SE at 8-16 Knots SE at 10-20 Knots
WAVES 3-6 Feet 4-7 Feet 1-2 Feet 1-2 Feet 4-7 Feet 4-7 Feet 4-7 Feet 4-7 Feet 4-7 Feet 4-7 Feet 1-3 Feet 2-4 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-5 Feet 3-6 Feet 3-6 Feet 5-9 Feet 4-8 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet
VISIBILITY 7 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 9 Miles 10 Miles 8 Miles 10 Miles 8 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 9 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 77° F 77° F 78° F 79° F 78° F 79° F 79° F 79° F 77° F 78° F 75° F 76° F 79° F 79° F 81° F 81° F 80° F 80° F 79° F 79° F 78° F 78° F 80° F 80° F 78° F 78° F