03242021 BUSINESS

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WEDNESDAY, MARCH 24, 2021

$4.81 Information Act critical to assess FDI risks posed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A GOVERNANCE reformer yesterday said freedom of information is critical to assessing foreign direct investment (FDI) risks as oil exploration opponents demanded further disclosures by the government.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that fully enacting the Freedom of Information Act is critical to The Bahamas’ future sustainability as it will enable the public to play a greater part in decision-making and setting government policy.

He spoke out after activists from the Our Islands, Our Future coalition issued a second letter in three months to Carl Bethel QC, the attorney general, requesting that the government - via the Freedom of Information Act - release more details on Bahamas Petroleum Company’s (BPC) licences and activities surrounding its recently-ended Perseverance One exploration well.

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, and Rashema Ingraham, executive director of Waterkeepers Bahamas, called on Mr Bethel and the Government to release information on “BPC’s plans, licenses, government approvals, activities and reports surrounding the Perseverance One well”.

Also requesting that BPC’s “certificate of insurance” for its first exploratory well be produced, along with the “minimum” coverage requirements requested by the government, the duo wrote: “We respectfully make an additional request for copies of all drilling reports, communications, compliance and safety observations, drilling results data and analysis, and any information in the possession of your agency regarding potential or actual environmental impacts of the activities associated with the BPC’s Perseverance One well, whether they came to you from BPC, Black & Veatch or another source.

“What data do you have supporting BPC’s stated discovery of ‘non-commercial quantities’ of oil? What are its properties and quantities? Was there methane or petroleum gas discovered as part of this effort? Are your recent public statements about the potential of methane extraction in Bahamian waters related to information provided by BPC?” Justifying their request, the activists added: “As you know the public is keenly interested in the issues surrounding exploration of hydrocarbons in our waters, and these issues are of critical national importance, given the resources at risk and the fact that more than 50 percent of our gross domestic product (GDP) is dependent on fisheries and tourism.

“Only through transparent sharing of this information may we as Bahamians make an informed decision that is truly in the national interest. Our campaign has emphasised the critical role the marine environment has on our GDP where various businesses rely on the pristine state of our waters.

These businesses provide jobs to more than 120,000 Bahamians with annual revenue around $8bn.”

SEE PAGE 10

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‘Be bold’: Infrastructure spend must hit 5% GDP

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government has been urged to “be bold” with reforms to kickstart post-COVID economic recovery that include more than doubling projected annual infrastructure spending to between $600m-$700m.

The Inter-American Development Bank (IDB), in a report obtained by Tribune Business, revealed that yearly infrastructure spending equivalent to four to five percent of Bahamian gross domestic product (GDP) is critical if The Bahamas is to break out of the low growth cycle that has afflicted it since the 2008-2009 recession.

The multilateral lender added that achieving such a level of infrastructure investment would “sustain” an annual three to

• IDB: Only way to break low growth post-COVID • And hit 3-4% sustained expansion every year • Urges up to $700m annual capital project outlay

MARLON JOHNSON four percent expansion in Bahamian economic output, which the likes of the International Monetary Fund (IMF) said was critical to sustaining existing employment levels and absorbing the 5,000 per year school leavers into the workforce pre-pandemic.

Acknowledging that it was impossible for the

government to be “fiscally responsible” and finance the closing of The Bahamas’ estimated $2bn infrastructure gap itself, the IDB paper said the only way to achieve these objectives is to pool and mobilise private capital via mechanisms such as the proposed National Infrastructure Fund and sovereign wealth fund.

Setting out the rationale for initiatives that were recently highlighted by the prime minister, the report said: “To sustain an annual GDP growth rate equivalent to three percent to four percent, it is estimated that The Bahamas needs to invest four percent to five percent of GDP annually in infrastructure.

“These levels of investment are outside the

possibilities of a fiscal responsible macroeconomic policy with budget resources.

Consequently, The Bahamas needs to make a greater effort to tap into the mobilisation of private capital resources from both domestic and global sources.”

The recent mid-year budget figures show the government’s own capital expenditure is deeply inadequate when it comes to achieving the infrastructure threshold advocated by the IDB. And even the elevated spending on so-called COVID stimulus projects for the 2020-2021 and 20212011 fiscal years is far short of the mark.

Of the revised $429.5m

A FORMER Bahamian broker/dealer, which held the Securities Commission at bay for more than a year, has been charged with making “millions of dollars” through violations of US federal law.

Guy Gentile and MintBroker International, the former Swiss America Securities, were this week accused by the Securities & Exchange Commission (SEC) of enabling thousands of American clients to “circumvent the rules” by operating as an unlicensed broker/dealer from their Bahamas base.

The SEC, which has long targeted Mr Gentile and his operations, credited assistance from its Bahamian counterpart in helping build a case against a broker/ dealer that was said to have expanded over an eightyear period to employ 75

GUY GENTILE local staff with 40,000 customer accounts and $10m in assets.

Mr Gentile did not respond to Tribune Business phone and e-mail messages before press time last night. However, this newspaper can reveal that he managed to successfully hold-off the

BISX Index off over 100 points in just 11 days

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

the combined legal moves thwarting the regulator by tying the matter up for over a year in the Supreme Court.

Christina Rolle, the Securities Commission’s executive director, in a March 1, 2021, affidavit obtained by Tribune Business confirmed that Justice Ruth Bowe-Darville had “set aside” both Mr Gentile’s injunction and Judicial Review challenge.

“In summary, the Judicial Review application failed,” Ms Rolle alleged. “In her oral decision, her ladyship [Justice Bowe-Darville] was not satisfied that there was any unreasonable conduct on the part of the Commission finding, among other

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• Made ‘millions’ from alleged law breaches • But held off Securities Commission for year • And able to flee jurisdiction for St Vincent Securities Commission of The Bahamas’ own efforts to initiate regulatory action until MintBroker International and its business had managed to flee the jurisdiction for St Vincent and the Grenadines.

Represented by Philip Davis QC, the Opposition’s leader, Mr Gentile successfully obtained a Supreme Court injunction to overturn the Securities Commission’s five-day suspension of MintBroker International’s licence in late September 2019.

He also launched a Judicial Review challenge on the basis that the Securities Commission had exceeded its authority and was not properly exercising its power in relation to the five-day suspension, with

MICHAEL ANDERSON

THE Bahamas International Securities Exchange’s (BISX) All-Share Index suffered a more than 100-point drop in 11 days last month a period coinciding with the failed CIBC FirstCaribbean deal.

The Index, which measures combined share price movements among BISXlisted equities, fell from 2,072.37 to 1,963.79 between February 4 and February 15. Analysts suggested the decline was driven by slippage in the share prices of both CIBC FirstCaribbean International Bank and Commonwealth Bank, which both have large market capitalisations.

CIBC FirstCaribbean’s share price fell from $11.24 to $10.20 over that 11-day period, while Commonwealth Bank’s dropped from $3.50 to $3.10. Both declines were around the ten percent threshold, with investors also likely to have been unnerved by the losses and increased provisioning associated with COVID-19.

CIBC FirstCaribbean International Bank (Bahamas) plunged to a $63.543m net loss for the year to end-October 2020, while the collapse of efforts to sell a majority stake at the regional level also appear to have influenced market sentiment. Commonwealth Bank, too, has seen its profits impacted by loan loss provisions associated with the pandemic.

Michael Anderson, RF Holdings’ president, said: “Those are two fairly large market capitalisations, and CIBC is by far the biggest one. Those are the two key movers. I think the shares that have really been doing better are some of the smaller market caps. Bahamas First has done well

Ex-Bahamas broker in new US accusations

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Minister’s ‘serious concern’ over non-compete clauses

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

A CABINET Minister yesterday voiced “serious concern” about the increasing insertion of so-called ‘non-compete clauses’ into employment contracts for hotel and tourism management executives.

Elsworth Johnson, minister of financial services, trade and industry and Immigration, told reporters he had taken up the issue with Cabinet colleagues and labour officials given that it appeared to represent an undue restraint on trade in a small economy such as The Bahamas.

“The other thing that I note that is a serious concern, and this is something where I also spoke to the minister of labour, (Dion Foulkes), the director of labour, (John Pinder), is where there is a strange thing in a contract of a noncompete clause,” he added.

Mr Johnson questioned “how does” the hotel industry in The Bahamas have non-compete clauses for senior executives given the relatively small size of an economy where tourism

• Raises alert on tourism job contracts • But union chief says no ‘major alarm’ • Hotel union works on skills database

ELSWORTH JOHNSON

OBIE FERGUSON

represents more than 50 percent of gross domestic product (GDP).

Obie Ferguson, the Bahamas Hotel Managerial Association’s (BHMA) president and labour attorney, told Tribune Business that the use of non-compete clauses in employment contracts had increased in recent years but had not risen to the point of causing “major alarm”.

His union, which represents middle management in the hotel sector, had first seen such clauses two years

ago. Acknowledging that they do serve a legitimate purpose, Mr Ferguson nevertheless said they could become problematic if an impacted employee is made redundant due to the property’s closure and is not released from this clause, as it will bar them from immediately seeking new jobs.

“It seems to be on the increase, but it is not to the point where it is causing a major alarm,” he told this newspaper of the industry’s use of non-compete clauses. “It is certainly on

the increase. I saw a couple almost two years ago. I saw signs of it coming in. I didn’t react to it because I thought it may be a one-off issue.

“It may be a problem if there are circumstances that cause you not to be employed, but it has not been to the point where I have become somewhat concerned about it.

I thought I may be putting something more than it really is on it.”

Non-compete clauses typically prevent senior resort management, workers with specialist skills and/or access to commercially sensitive information from abruptly leaving their employer and going to work for a major rival. They are instead normally required to take a break of a year or two years before they can do so.

These stipulations are typically used to prevent employees taking trade secrets, sensitive data or clients from their former

employer when they move to a rival, thereby giving the latter a competitive advantage. They are also used in mergers and acquisitions to prevent top management in the target firm from leaving immediately to start a rival business and/or take clients with them.

Mr Ferguson, though, suggested that non-compete clauses could become “totally unfair” if a worker subject to such restrictions was terminated or made redundant through no fault of their own, such as the hotel property’s closure. In such circumstances they would be barred from seeking new work unless released from these provisions.

If such a release was not forthcoming, Mr Ferguson said the former employer should pay the affected worker for the duration of the non-compete clause when such situations arise as they are being “prevented” from obtaining alternative employment.

“If you go and work you can expose yourself to potential breach of contract,” he added. “They

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PAGE 2, Wednesday, March 24, 2021

THE TRIBUNE

GRANT FINANCING OFFER FOR DORIAN-HIT FOOD SUPPLIERS FARMERS, fishermen and food-related businesses in Abaco and Grand Bahama have been given a fresh opportunity to seek grant funding to aid their rebound following Hurricane Dorian and COVID-19.

World Central Kitchen (WCK), through its Food Producer Network (formerly known as Plow to Plate, said it is offering direct financial support to Bahamian food producers in a bid to revitalise and regenerate the sale and distribution of locally sourced foods.

It added that the ultimate objective is to reduce the high volume of Bahamian food imports, which are estimated at around $1bn per annum. Besides providing funding, World Central Kitchen said it also facilitates business and technical training opportunities, networking and access to human capital through its volunteer and agritourism programme.

World Central Kitchen, which helped in the Hurricane Dorian relief effort, and its non-profit arm unveiled the latest

BRENDA and Tigedeon Gedeon from Gedeon’s Farm on Abaco with the tractor they acquired through their grant with WCK Food Producer Network. funding recipients earlier this year.

They include Duncanson Farms, Grand Bahama Backyard Farmers, Henry Duncombe Farms and Local Organics Ltd, plus the fishermen Fritzroy Thompson; Gale Force; M/V Lisa Bain; Mjolnir Sea Foods; and Perseverance Investment

Ltd. All are based in Grand Bahama.

“I can’t even imagine where we would be without the assistance we have received. World Central Kitchen provided us with the means to purchase an electric reel so we could continue our business,” said Karen Huff-Lowe,

owner of Lowe’s Fish Market on Abaco and participant in the first batch of grants.

“We lost everything to Hurricane Dorian, including our home, business, boats and all of our fishing equipment. World Central Kitchen restored our hope by providing the equipment we needed to start our business again, which in turn is providing us with income to feed and provide for ourselves.

“Also, there is a snowball effect on others in our community. We can provide more fish to different restaurants, which in turn employ more people and help them financially, so the township is rebounding from the devastation we experienced thanks to this grant we received from World Central Kitchen. We are seeing the light at the end of the tunnel because things are improving. Our numbers are proof that we are growing with product and sales.”

The Food Producer Network originated in Puerto Rico in 2018 after Hurricanes Irma and María, and to-date has supported

more than 180 food producers by awarding over $2.9m in grants, providing thousands of learning and training hours, and connecting hundreds of volunteers for community service with participants.

In 2019, World Central Kitchen responded to the devastation caused

by Hurricane Dorian by serving over four million meals to Bahamians in Abaco, Grand Bahama and Nassau. In 2020, it made a long-term commitment to help strengthen local food systems in The Bahamas through the Food Producer Network.

World Central Kitchen said it wants to strengthen food systems across the Caribbean, and decrease the region’s longstanding dependence on food imports. Applicants have the opportunity to qualify for a grant of up to $20,000 to grow their businesses and their resilience.

Eligible businesses activities include farming, hydroponics, aquaponics, aquaculture, beekeeping, livestock, commercial fishing, distribution and added-value

production of specialty foods such as jams, sauces, flours or others.

“We are so proud to continue these efforts for the benefit of small food producers and to see them recover their capacity to nourish Bahamian homes with local food. Our goal is to help them recover assets lost, invigorate their operations, and increase their resilience, which we know will spur economic recovery and growth for the food sector for the longterm,” said Mikol Hoffman, Food Producer Network’s director.

Applications to the programme will be open until just before midnight on April 23, 2021. Those interested in applying can access the application at: https:// wck.org/apply-to-fpn World Central Kitchen calls for applications to its Food Producer Network every six months.

The former was founded in 2010 by Chef José Andrés to help communities recover from natural disasters and other crises, and build resilient food systems.

the paint department’s head in Marsh Harbour, and who has been with the company since its formation 19 years ago.

Ashana Cornish-Thervill will assume management of

the day-to-day operation.

Ms King-Wallen said: “It is important that we create opportunities for advancement and the potential for growth first from within.”

Mr Kemp, Ms Cornish-Thervil and Tamara Thompson have been living and working in New Providence since immediately after Dorian hit. “This business will not fail on my watch,” Ms King-Wallen said. “We always knew we worked for a company that cares.

“However, with the loss the business endured we could not have expected the level of support we received. For a small company to say ‘y’all come, and we’ll take care of y’all’.....

I am still thanking them to this day. We just know it is our culture to make employees comfortable.”

Paint Place re-opens in Abaco post-Dorian A FAMILY-owned business has given Dorian recovery efforts a further boost by re-opening some 18 months after the devastating category five storm inflicted a total loss on its operations.

The Paint Place, which was started by Michael Maura in 1993 and remains in his family, made Abaco its first destination for expansion nine years later when it opened the Marsh Harbour store in 2002.

That outlet has now been reborn in the same location it had occupied for 17 years prior to Dorian in the Abaco Shopping Plaza on Don Mackay Boulevard.

“We are excited about re-opening. It is a testament of our confidence in Abaco’s economy and our commitment and contribution to the community,” said general manager, Christine King-Wallen. “The newlyrenovated 4,000 square foot showroom will showcase our wide selection of Benjamin Moore and Richard’s Paints.

“Our local sales team will visit job sites, write specifications for your project at no cost, and will also assist with product knowledge, colour matching and price quotes for special projects.”

The Paint Place focused on relocating and stabilising

PAINT Place staff ready to serve on Abaco. its seven Abaco employees and their families in Dorian’s immediate aftermath. All employees were brought to New Providence, guaranteed jobs in one of the two Nassau locations,

and supported as they tried to rebuild their lives.

“Abaco and the Cays need this store. People still have a lot of work to do to get their edifices together,” said Kendall Kemp,

THE TRIBUNE

Wednesday, March 24, 2021, PAGE 3

FOOD RETAILERS SUFFER UP TO 50% SALES FALL

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN food retailers yesterday blamed high unemployment and reduced in consumer spending for sales declines of up to 50 percent in recent months.

Atwell Ferguson, Golden Gates Supermarket’s general manager, told Tribune Business that his sales have currently fallen by half year-over-year as shoppers remain cautious over the economy’s rebound prospects amid the

COVID-19 pandemic.

“With the economy and people losing their jobs and things being tough, people are just watching their pockets. That’s the biggest problem right now. People are still eating, but they are only getting enough for what they need,” he added.

Mr Ferguson said tourism’s revival is the “major key” to reducing unemployment, restoring consumer confidence and sparking a rebound in spending. “Tourism is our number one industry and then everything trickles down, so once tourism gets together

then everything falls into place. But for now we’re down 50 percent from last year. Things are just slow,” he added.

Bradley Rolle, Centreville Food Store’s assistant general manager, said: “Sales have been in decline since after the New Year’s holiday. “It’s probably going to start to rise a bit as a result of the Easter holidays coming up.

“The thing for us in my store is that we have some products that, during the Easter holiday, sell quite a bit, like buns and crackers and things of that nature. In

sales we are close to 45 percent down, because every day is like a breeze. There is no rush, so we can serve people and get them out on time. The sales are just down.

“I can tell you one thing.

We have had people come in who have been supported by food vouchers by the various candidates because election season is now here.

So we have people from various parties come in and purchase maybe $15,000 in food vouchers, and then they would send people in to collect food items.”

Travarus Barrow, Phoenix

Supermarket’s general manager, said his business was bucking the downturn by producing increased sales.

He added: “It’s picking up.

People are spending their money and they aren’t being prisoners any more.

They are coming out and respecting the COVID-19 protocols.

“It’s been a whole year now since the pandemic started. Last year March was when things started to go crazy, but for us looking at things it’s almost as if the epidemic was never here.

“We’re not at 100 percent yet, but I would say

that from a scale of one to ten we are at a seven. We have Spring Break coming up now, and a lot of people have lodges in the Family Islands and they are bringing in their boats, trying to do what they can for their community.”

To advertise in The Tribune, contact 502-2394

NASSAU CRUISE BERTHS GROW BY ‘DOUBLE DIGITS’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday said Nassau berthing requests from cruise ships have increased by “double digits” for the last six months of 2021 compared to pre-pandemic figures.

Dionisio D’Aguilar, minister for tourism and aviation, speaking outside the Cabinet Office, said the industry’s berthing requests for this year’s second half - a period during which it hopes to resume sailing to The Bahamas from its south Florida home ports - are significantly ahead of stops recorded prior to the COVID-19 pandemic in 2019.

Mr D’Aguilar said: “We looked at two periods for the last six months of 2021, and we compared that to our busiest year, which was

DIONISIO D’AGUILAR 2019. Right now, the birthing requests for the last six months of this year are up double digits between 15 percent and 20 percent.”

Nassau Cruise Port has received 810 berth requests, an increase of 128 ships, or 20 percent over 2019’s second half figures. The minister also previously told Tribune Business that berthing requests for 2022 “are up 8-9 percent compared to the whole of 2019”, something he says shows pent-up cruise industry demand for The Bahamas

CLIMATE CHANGE FACILITY RECEIVES AWARD ON ‘BLUE ECONOMY’ WORK A FREEPORT-based facility yesterday said it has been recognised for its efforts to develop and implement “blue economy” solutions to climate change and building resilient coastal communities.

The Blue Action Lab said in a statement that it has been awarded the Blue Climate Initiative’s Community Award for its vision.

The honour is given to organisations working on place-based, sustainable solutions that range from food security and renewable energy to ecosystem restoration and sustainable tourism.

The Blue Action Lab said it was one of six entities to receive the award out of more than 80 candidates, which were spread among 45 countries and island nations. It is partnering with the Grand Bahama Port Authority (GBPA), Grand Bahama Development Company (DevCo) and other public and private organizations to test solutions and advance climate change solutions from concept to reality.

RUPERT HAYWARD The facility added that it is building a centralised Grand Bahama hub where innovation can be tested, structured, financed and scaled. It is initially focusing on ocean-based solutions that address the immediate challenges facing The Bahamas.

“We would like to thank the Blue Climate Initiative for recognising the work done and planned in the coming years by the Blue Action Lab team. At the Blue Action Lab we are looking to enable solutions to the big issues facing many Bahamians and other coastal communities after the tragic effects of COVID-19 and hurricanes like Dorian,” said Rupert

as well as justifying the $250m port redevelopment.

There is no fixed date yet, though, for when cruise ships will return to The Bahamas from south Florida because the Centres for Disease Control and Prevention (CDC) has “not made a determination” on when the industry can sail.

Royal Caribbean Cruise Lines and Crystal Cruises are due to begin sailing on June 12 and July 3, respectively, from their new Nassau home port. Encouraged by “good news” on future cruise ship activity, Mr D’Aguilar said: “The Bahamas is going to be the destination that cruise companies will want to come.”

He added that Royal Caribbean and Crystal Cruises were “anxious” to become operational again, and reaffirmed that Family Islands will not be selected as cruise stop-off destinations if the industry

is not wanted.

Mr D’Aguilar said: “I met with all of the hotel owners specifically from Harbour Island, where they put forward their view that Harbour Island should not be considered the destination to receive cruise passengers.

“They made a lot of valid points. They made a strong argument. It’s now up to me to get my team to take that information, digest it and see how we can work with the cruise company to seek out and find alternative destinations to offer them.”

Mr D’Aguilar said arrivals during the Spring Break are seeing an “increase”, especially for the months of March and April. He added: “As we’ve always said we expect the numbers to slowly increase through this year as more and more people get vaccinated in the US.”

Hayward, co-founder and president.

“We hope to make Grand Bahama a leader in developing the solutions to climate change and tap into the emerging $27trn market for resilient technologies.

This strategy will boost our economy with diversified and inclusive growth, while mitigating the effects of big storms, rising seas and environmental degradation.

“I would like to thank all those who have supported the Blue Action Lab to date, especially the Grand Bahama Port Authority and Michael Pintard, the minister of marine resources and agriculture, who as strategic partners have been instrumental in breathing life into this important project.”

Janot Mendler de Suarez, advisor to the Blue Action Lab, who is also working with the World Bank on climate risk, disaster risk financing and resilient food systems, added: “It is very exciting that The Bahamas, through the Blue Action Lab, is now at the forefront in this global repositioning of small island states as large ocean nations and engines for climate resilient development.

“Building models for blue economic growth and

innovation here will help lead The Bahamas and island nations out of the pandemic, while charting a course that will enable them and many other communities to thrive for generations to come.”

The Blue Action Lab is currently onboarding its group of companies, with projects including sustainable aquaculture and mariculture; renewable energy innovation (solar, biomass, wind, wave, algae); ecosystem restoration; resilient coastal engineering; the blue economy and climate smart technology; distributed desalination plants; waste management and circular economy solutions; and clean marine transportation.

SEE PAGE 6

DEPP – EMPLOYMENT The Department of Environment, Planning and Protection (DEPP), Ministry of the Environment and Housing, is seeking qualified Consultants to conduct the Mid-Term Review of the UNEP/GEF Project “Strengthening Access and Benefit Sharing (ABS) in The Bahamas.

The complete Terms of Reference and process for responding to employment opportunities are available at the DEPP website

www.depp.gov.bs

PAGE 6, Wednesday, March 24, 2021

‘Be bold’: Infrastructure spend must hit 5% GDP FROM PAGE ONE capital spending budget for this fiscal year, just over $151m has been earmarked for Ministry of Works-related infrastructure projects. The former figure, pegged at 3.8 percent of GDP (in constant prices), is some way short of the $570.95m that would be required under the IDB’s suggested five percent benchmark.

And, while some $416.2m in capital expenditure is currently projected for the upcoming 2021-2022 fiscal year, this only amounts to 3.4 percent of forecast economic output - a sum that is even further away from the $611.25m spend required by the IDB’s top range.

Capital expenditure for the two subsequent fiscal years is projected to decline to two percent of GDP for both, standing at $264.6m and $280.4m, respectively, which are less than half the $611.5m and $700.95m sums needed under the IDB targets.

“The Bahamas has large infrastructure needs, which if not met, can hinder the development of the service sector, in particular tourism, its main economic activity,”

the IDB report said. “However, due to the exogenous shocks, there is limited fiscal space for large investments in the infrastructure sector to continue to grow the tourism activity.

“The Bahamas has an opportunity to use the next few years to improve its competitive edge in the tourism market vis-à-vis regional competitors, and build the required sustainable infrastructure to develop tourism sector. Another economic sector that would benefit from advances in infrastructure is aquaculture and fisheries as The Bahamas can partner with global producers and operators in the food security segment.”

Urging the government to throw-off the cautious, conservative approach that has shackled economic and social reform efforts for decades, the IDB report urged it to seize the momentum for change created by the twin crises of Hurricane Dorian and COVID-19.

“This situation has created the opportunity for the country to be bold in seeking innovative solutions which will be largely predicated on the ability of its policymakers and private sector leaders to work together on transformational

initiatives,” it added.

“The Bahamas is facing important and complex economic times due to the successive impacts of Hurricane Dorian in 2019, and the COVID-19 pandemic in 2020. The economic and social impacts from these exogenous shocks have been unprecedented.

“Real GDP has contracted 14.8 percent in 2020, a modest rebound is expected for 2021, and will take years to converge back to its pre-pandemic level.

Public debt is expected to jump to more than 80 percent of GDP by 2021 and to remain above its prepandemic level over the medium-term.”

Marlon Johnson, the Economic Recovery Committee’s co-chair, yesterday said that while he was unable to speak to the specific benchmark figures cited by the IDB it was clear that The Bahamas needs “substantial investment in infrastructure” to lay the platform for a sustainable economic rebound.

“What is clear and evident is the fact that given the deficit we have in infrastructure now, which was estimated a few years ago at $2bn, to get to the point of sustainable economic growth we’ll need

substantial investment in infrastructure because that is always a catalyst for sustaining economic growth,” he told Tribune Business.

“The research is clear that sustained public infrastructure investment drives sustained economic growth.

This is all a part of mobilising private capital, as the prime minister has indicated, to meet the pace and scale of public infrastructure requirements.”

Mr Johnson added that the proposed National Infrastructure Fund will “mobilise capital in a much more structured way towards pre-defined projects”, with the initiative designed to “look holistically at the value” of such developments on a nationwide as opposed to individual basis.

Matt Aubry, another Committee member and the Organisation for Responsible Governance’s (ORG) executive director, backed the need to bring GDP growth up to annual three to four percent average. “It’s in that ball park,” he said of the IDB’s target economic expansion.

“That’s consistent with the things we’ve seen and some of the things we’ve talked about to bring us to a more stable state and have growth that really ticks over.”

The Bahamas was already struggling prior to COVID19 and Hurricane Dorian to develop, upgrade and repair

THE TRIBUNE critical infrastructure assets that must be replicated on all inhabited islands, including roads, bridges, docks, airports, ports, schools, health clinics and such like.

The devastating impact on the public finances from this double blow means the government has little choice but to seek to attract private financing and capital to fund these projects via public-private partnerships, as it is doing with the $140m Family Island airport enhancements and $170m solar energy financing obtained from the IDB. The National Infrastructure Fund will be the vehicle for pooling and directing capital from both public and private sector into these investments, with the latest IDB document released as part of a bidding process to select the consultants who will devise and advise on its set-up. Its formal creation, though, is some months away as the winning consultant has nine months in which to deliver its report.

One infrastructure specialist, speaking on condition of anonymity, told this newspaper that The Bahamas can “get a lot more done” using publicprivate partnership (PPP) models but pointed out that projects would need to generate returns - via the use of user fees, as employed at Lynden Pindling International Airport (LPIA) - to attract investors.

Suggesting that The Bahamas’ $2bn infrastructure deficit has remained the same for a decade, they added of the fund: “It’s good to see they are doing it. The world has changed so drastically with Dorian for us, and the pandemic.”

However, they advised that The Bahamas needed an infrastructure development strategy to accompany the capital raising.

CLIMATE CHANGE FACILITY RECEIVES AWARD ON ‘BLUE ECONOMY’ WORK FROM PAGE THREE Coral Vita and AgriSea, two of the Blue Action Lab’s cornerstone enterprises, are working to build Grand Bahama’s capacity to maintain a thriving community and ocean environment amid a changing climate.

Coral Vita is a reef restoration company, growing resilient coral at up to 50 times’ natural growth rates. AgriSea is working to solve world hunger by designing and implementing cropping systems for high salt conditions, such as salinated soils and coastal ocean waters.

The Blue Action Lab says it is addressing the barriers these companies face, such as lengthy and expensive permitting and Immigration processes. It added that Freeport’s free trade zone will aid this process as it puts such companies in contact with financing sources.

Rashema Ingraham, advisor to the Blue Action Lab and executive director of Waterkeepers Bahamas, said: “The Blue Action Lab understands the importance of inclusive and equitable sustainable development for The Bahamas, and I am looking forward to working with them and our communities both here in Grand Bahama, and in the wider Bahamas, to makes sure the Blue Action Lab initiatives represent the concerns and aspirations of those communities.”

THE TRIBUNE

Wednesday, March 24, 2021, PAGE 7

Ex-Bahamas broker in new US accusations

FROM PAGE ONE

things, that the commission did not act for an improper purpose, and there were several breaches committed

by Swiss America Securities both before and after the Judicial Review matter.”

John Delaney QC, who represented the Securities Commission in the case, subsequently told this newspaper that the judge had found Mr Gentile and his companies “had failed to give full and frank disclosure”.

Ms Rolle’s affidavit revealed that a written ruling is still awaited from the judge, who gave an oral decision back in November 2020. In the meantime, well-placed sources said Mr Gentile used the wait for a verdict to “wind-up his company without the Securities Commission’s approval” in a breach of Bahamian law, and transfer the entire business and client portfolio to St Vincent and the Grenadines.

Mr Gentile’s near decadelong stay in The Bahamas was both colourful and controversial, featuring numerous regulatory battles in both this nation and the US. He even enjoyed several successes in defeating SEC actions against himself and his businesses in the New Jersey federal court.

The US capital markets regulator is persistent, though, and has now come

back with a south Florida lawsuit that alleges Mr Gentile and his Bahamas broker/ dealer - which operated in this nation from late 2011 to “at least” November 2019 breached federal securities laws by soliciting American clients despite not being registered/licensed to conduct business there.

The SEC, in its March 22, 2021, lawsuit alleges that MintBroker International, which did business under the name “SureTrader”, “operated an offshore broker/ dealer in The Bahamas designed to help day traders in the United States circumvent the US rules that regulate pattern day trading”.

Claiming that this started almost from the moment Mr Gentile arrived in The Bahamas and set-up his broker/dealer in Bay Street’s Elizabeth on Bay Plaza in downtown Nassau, the SEC implied that this rules-breaching strategy was critical to the business’ survival.

“With only about 100 customers and bleak business prospects, Gentile recognised that SureTrader would go out of business absent an influx of new customers,” the SEC alleged. “Gentile focused his gaze on the US, where pattern day traders are subject to the Financial Industry Regulatory Authority’s (FINRA) Pattern Day Trader Rules.”

Asserting that Mr Gentile “began marketing SureTrader as a way to avoid the rules by trading through an offshore broker-dealer”, the SEC added: “Lest US customers miss the point,

NOTICE NOTICE is hereby given that SANDRA LAGUERRE, of Venice Bay #5, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

SureTrader’s website explicitly advertised itself as a way ‘to avoid the nasty PDT [Pattern Day Trading] rule.

“Gentile’s plan worked.

At various times, up to 80 percent of SureTrader’s customer base was comprised of US customers.

SureTrader grew from a three-man shop to one with 75 employees, more than 40,000 customer accounts and assets of more than $10 million. According to Gentile, SureTrader effected transactions in excess of $1bn on behalf of its customers.

“And Gentile and SureTrader profited from the broker-dealer services they provided. US customers paid SureTrader commissions on their transactions to the tune of millions of dollars.”

And, in failing to comply with US laws that require all broker/dealers to be registered there if they are seeking US clients, the SEC alleged that Mr Gentile and his business were able to avoid regulations subjecting them to its regulation and oversight, plus strictures on financial record-keeping.”

Noting that all MintBroker’s accounts were transferred to F1Trade Ltd, a St Vincent and Grenadines broker that appeared to be run by several of Mr Gentile’s management executives, the SEC action also noted how the Securities Commission’s attempted regulatory intervention.

“In September 2019, the Securities Commission suspended SureTrader’s broker/ dealer registration for five days based on, among other things, concerns regarding whether SureTrader customers’ orders were entered into the market as represented and for failing to disclose the existence of Canadian and UK subsidiaries,” the SEC alleged.

“In March 2020, the Securities Commission filed with the Supreme Court of the Bahamas a ‘winding up petition’ seeking a courtsupervised winding up of SureTrader and the appointment of a joint provisional liquidator to take possession of SureTrader’s books and records. The litigation is ongoing.”

So-called “pattern day trading” involves persons, who are trading “on margin” and using borrowed money secured by their securities

holdings, trading in the same stock (buying and selling) on the same day. They repeat this four or more times’ in five days, with the transactions worth more than six percent of the client’s total trading activity.

FINRA, according to the SEC, has identified such trading patterns as “high risk” - especially for persons with limited means and financial resources - and implemented rules to govern these practices as a result.

The US capital markets regulator alleged that Mr Gentile and MintBroker International did not require their clients to comply with these rules, allowing customers to open an account and trade “with as little as $500” and no margin account balance.

“As of October 25, 2017, Suretrader.com attracted over 5,759 visitors per day and, as of December 14, 2017, approximately 56 percent of the traffic to SureTrader.com for the prior three months was from the US, with the next highest concentration of traffic coming from Italy with 4.2 percent,” the SEC claimed.

“According to a sample of IP addresses, from about 2016 until about 2017, more than 50 percent of trades placed by SureTrader were for US customers.” The US regulator also alleged that Mr Gentile and his company sought to “conceal” their solicitation of American clients by requiring them to sign account opening documents denying this had occurred.

And the web-based Internet Protocol (IP) “blocker” telling that was added to SureTrader’s website in October 2017, saying it was not intended to solicit US clients, was branded as “nothing but window dressing” by the SEC which alleged that the company was still directly advertising to them via its affiliates and social media.

As a result, the SEC is seeking a permanent injunction against Mr Gentile and his businesses to bar them from such conduct in future, along with an order that they “disgorge all ill-gotten gains and proceeds generated by their conduct”.

NOTICE

NOTICE is hereby given that ORAL FELIX MURPHY of Central Avenue, Blue Hill South, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 8, Wednesday, March 24, 2021

THE TRIBUNE

Minister’s ‘serious concern’ BISX Index off over 100 over non-compete clauses points in just 11 days FROM PAGE ONE

should be paying that worker under such circumstances for the non-compete clause, whether that period be one or two years, or amend the contract to let them go.”

Mr Johnson, meanwhile, said he is encouraging the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) to create a database of resumes for furloughed industry workers.

He added that he has “concerns” over hotel workers who are not categorised by their skill-sets, saying: “I have reached out to the president of the Bahamas Hotel, Catering and Allied Workers Union

(BHCAWU), and I was concerned with matters that were coming across my desk. I asked him whether or not they had a database of all of their members and intended members with resumes.”

Darrin Woods, the BHCAWU president, told Tribune Business he had spoken to Mr Johnson and the union has “nearly completed” this worker database which has been under construction for the past three weeks.

He added: “When workers write for these various disciplines in terms of work permits and stuff, we’ll be able to supply them with names, resumes and so forth with persons in particular from our bargaining unit.”

Mr Johnson said: “Let’s say if they have another trade like plumbing, and that is identified, they can share that with the Department of Immigration, labour and the hotel industry. Because I have persons that I know, for example, that are a sous chef, but persons are making [work permit] applications for a sous chef.

“So he [Mr Woods] has gotten on that, and he has some young persons who are working with him and now they’re going to be contacting all of their members to have that database. We want people to come and live and work in The Bahamas where we don’t want Bahamians to be sidelined.”

FROM PAGE ONE since it came to the market, and Bahamas Waste has done well.

“But small caps, even though they go up, don’t have a big impact on the market.

Commonwealth and CIBC FirstCaribbean are big players, and it’s my sense that it’s those two that are driving it. I think the market in general is subdued.”

The BISX All-Share Index closed last night down 185.75 points, or 8.88 percent, for 2021 to-date but Mr Anderson argued that “there’s still opportunities in the market” with the recent decline in stock

NOTICE

NOTICE

NOTICE is hereby given that PACO ESTIME, of 18th Bougainvillea Boulevard, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LESLY JOSEPH, of Bain Town, Augustar Street New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that JUNIOR WILFRED BALFOUR of 316 Melbourne Cresent, Hudson Estates, 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 17th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that LICZINA OCTAVIEN, of Chippingham, Constitution Drive New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 23 MARCH 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1906.71

-4.73

%CHANGE

YTD

YTD%

-0.25 -185.75

-8.88

(242) 323‐2330 (242) 323‐2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.80 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.07 6.16 12.00 2.75 6.85 10.88 8.44 14.60 4.25 9.00 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.75 5.00 9.75 2.10 4.90 9.50 7.70 13.00 3.43 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

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

SYMBOL FBB22 BFHB

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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.25 100.00

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BSBGR FX BSBGR1200371 BGRS FL BSBGRS710237 BGRS FX BSBGR1322498

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGRS710237 BSBGR1322498

LAST CLOSE 4.75 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.50 2.80 5.50 9.75 2.72 6.84 10.78 8.40 14.00 3.43 8.35 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 102.00 100.00

CLOSE 4.75 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.50 2.75 5.67 9.75 2.67 6.84 10.77 8.40 14.00 3.43 8.35 15.50

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.05) 0.17 0.00 (0.05) 0.00 (0.01) 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

VOLUME 1,339,870

2,000 1,206

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 102.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

14

VOLUME

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

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

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

P/E 19.9 34.5 N/M N/M N/M N/M 17.3 -8.1 32.1 14.9 12.6 13.5 26.2 14.6 16.7 11.5 17.2 16.9 8.9 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.58% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.36% 3.88% 7.38% 16.25% 0.88% 3.05% 2.86% 3.86% 3.50% 2.40% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY

19-Oct-2022 30-Sep-2025

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 22-Oct-2023 15-Oct-2049

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

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

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

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

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

NAV Date

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

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

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

prices offering an opportunity for investors to buy-in at relatively good value ahead of any appreciation as the economy recovers from COVID-19.

“Notwithstanding the economic situation we have a bullish view of equities going forward,” he added.

“It’s now an opportunity to take advantage of these price points. This is when dividend stocks come into

greater focus for people, paying three to four percent dividends.

“The recovery will take a while to take effect in 2022 and 2023, but the listed companies will be among the first to benefit. You need to buy equities when prices are lower than you might expect. When prices move higher you don’t find many sellers.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JOHNNY PIERRE, of Winder Terrace, New Providence,The Bahamas P.O.BOX SB-52954 intend to change my name to JOHNNY CHIPMAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that ADIA BENITA ROBERTS, of East North, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that GREGORY DORILAS of Nairn Garden off Cowpen Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that DAWES WENSLEY AZOR, of #3 High Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MARVIN JOSEPH, of Cowpen Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JOAN PAMELA REID-WATSON, of #9 Hibiscus Lane, Soldier Road ,New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 10, Wednesday, March 24, 2021

THE TRIBUNE

Information Act critical to assess FDI risks posed FROM PAGE ONE Mrs McKinney and Ms Ingraham said disclosure of the requested information was critical to “make a complete evaluation” of a project “that impacts not only the welfare of Bahamians, but our natural resources”.

However, no mention was made of whether the activists have succeeded in raising the necessary $200,000 ordered by the Supreme Court so that the merits of their Judicial Review challenge to BPC’s permits and approvals can be heard. The deadline for

coming up with the funds was set at end-March, which is now one week away.

Still Mr Aubry, urging the government to properly implement a law already passed, said: “A fully enacted Freedom of Information Act is crucial for our future sustainability.

In addition to the accountability and transparency it brings to crafting policy and government decisionmaking and spending, a Freedom of Information Act leads to more inclusive and participatory governance.

“In The Bahamas, civil society plays a crucial role in protecting the environment

and fighting for conservation of our resources and combating the effects of climate change. As the government looks to accelerate foreign direct investment to stimulate economic activity, it is essential there are also mechanisms to independently determine and monitor the impact and risks associated with largescale developments and efforts in the extractive industries.

“Our local groups need the access to data and environmental assessments to fully understand and evaluate how these projects will affect no only our natural resources but

also the welfare of our communities.”

While BPC’s Perseverance One well failed to discover commercial oil quantities, the oil explorer has yet to signal it has abandoned The Bahamas completely given its statements about “monetising” its licence assets in this jurisdiction.

Reading between the lines of its latest statements, BPC will likely seek to renew its five licences that are due to expire at endJune 2021 but is unlikely to drill another well in this nation unless it can find a farm-in or joint venture partner to share the

financial, technical and operational risk. In such a way will it monetise its licence, with the Perseverance One well data already attracting new interest.

Justice Hanna-Adderley had previously ruled that BPC’s opponents “are not immunised from an application for security for costs simply because their action raises points of law of public importance”.

She gave Save the Bays and Waterkeepers Bahamas, the two environmental groups that initiated the Judicial Review challenge to BPC’s permits and the process by which they were obtained, 30

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 84° F/29° C Low: 63° F/17° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Partly sunny and beautiful

Clear

Partly to mostly sunny and pleasant

Mostly sunny and nice

Breezy in the a.m.; sunshine, nice

Mostly sunny and pleasant

High: 83°

Low: 72°

High: 84° Low: 72°

High: 84° Low: 71°

High: 83° Low: 71°

High: 82° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

92° F

73° F

90°-75° F

89°-73° F

88°-71° F

89°-72° 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

ABACO

S

N

High: 79° F/26° C Low: 72° F/22° C

6-12 knots

S

High: 84° F/29° C Low: 72° F/22° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 74° F/23° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

THURSDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 80° F/27° C Low: 66° F/19° C

High: 79° F/26° C Low: 70° F/21° C

MIAMI

High: 84° F/29° C Low: 72° F/22° C

6-12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 61° F/16° C Normal high ....................................... 80° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 85° F/29° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.02” Normal year to date ..................................... 4.06”

ELEUTHERA

NASSAU

High: 83° F/28° C Low: 72° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 81° F/27° C Low: 74° F/23° C

N

KEY WEST

High: 83° F/28° C Low: 76° F/24° C

High: 81° F/27° C Low: 74° F/23° C

N

S

E

W

6-12 knots

S

4-8 knots

ANDROS

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

Ht.(ft.)

Low

Ht.(ft.)

Today

4:55 a.m.

5:18 p.m.

2.6 2.1

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

Thursday

5:49 a.m.

6:11 p.m.

2.8 2.4

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

Friday

6:38 a.m.

7:01 p.m.

2.9 2.7

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

Saturday

7:25 a.m.

7:49 p.m.

3.0 3.0

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

Sunday

8:12 a.m.

8:36 p.m.

3.1 3.2

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

Monday

8:58 a.m.

9:24 p.m.

3.1 3.3

2:54 a.m. -0.7 3:12 p.m. -0.8

Tuesday

9:45 a.m.

10:13 p.m.

3.0 3.4

3:45 a.m. -0.7 3:58 p.m. -0.9

sun anD moon Sunrise Sunset

7:10 a.m.

7:23 p.m.

Moonrise Moonset

3:21 p.m.

4:23 a.m.

Full

Last

New

First

Mar. 28

Apr. 4

Apr. 11

Apr. 20

N E

W S

LONG ISLAND High: 82° F/28° C Low: 74° F/23° C

4-8 knots

MAYAGUANA High: 82° F/28° C Low: 75° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 81° F/27° C Low: 75° F/24° C

High: 81° F/27° C Low: 75° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

N

N E

W

E

W

H

High

High: 81° F/27° C Low: 74° F/23° C

High: 81° F/27° C Low: 75° F/24° C

tracking map

H

tiDes For nassau

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 74° F/23° C

L

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

CAT ISLAND

E

W

days - effectively until the end of March - to come up with a bond to cover the oil explorer’s legal costs.

The activists’ position is that the Judicial Review’s merits be heard and ruled upon by the Supreme Court so that the Bahamian people have a full understanding of BPC’s licence terms and commercial deals reached with the government.

They believe it is also critical that the Bahamian judicial system determine what approvals must be obtained, and processes followed, so that the permitting processes for future exploratory wells can be properly established.

S

S

7-14 knots

7-14 knots

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

Today: 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 S at 4-8 Knots SE at 7-14 Knots SE at 6-12 Knots ESE at 7-14 Knots ESE at 6-12 Knots E at 7-14 Knots ESE at 7-14 Knots E at 8-16 Knots SE at 4-8 Knots ESE at 7-14 Knots S at 4-8 Knots SSE at 7-14 Knots SE at 4-8 Knots ESE at 7-14 Knots E at 7-14 Knots ENE at 8-16 Knots E at 7-14 Knots E at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots SE at 4-8 Knots ESE at 6-12 Knots E at 7-14 Knots ESE at 8-16 Knots SE at 4-8 Knots ESE at 7-14 Knots

WAVES 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-5 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-5 Feet 1-3 Feet 3-5 Feet 2-4 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-3 Feet 3-5 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-5 Feet 1-3 Feet 3-5 Feet 1-3 Feet 3-5 Feet 2-4 Feet

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

WATER TEMPS. 78° F 78° F 77° F 78° F 80° F 80° F 80° F 79° F 80° F 80° F 78° F 79° F 80° F 80° F 81° F 80° F 81° F 80° F 79° F 78° F 78° F 78° F 80° F 80° F 80° F 80° F