03262020 BUSINESS

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THURSDAY, MARCH 26, 2020

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Strike ‘happy medium’ over virus lockdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE government was yesterday urged to strike “a happy medium” in its battle against COVID19 amid fears that an extended lockdown could “completely destroy the Bahamian economy”.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business there had “to be some balance” between fighting the virus and restarting certain industries given that few businesses have the financial reserves to withstand

• Extension talk sparks ‘economic destruction fear’ • Private sector urges some opening to ease pain • ORG chief: Closing my businesses ‘hurts like hell’

ROBERT MYERS

the lockdown extension being considered by the Minnis administration.

Speaking ahead of Monday’s House of Assembly session, during which MPs will be asked to determine if the current lockdown should be extended by up to 30 days, Mr Myers said the government had made the right call by enacting emergency powers until month’s end.

Backing present measures as critical to preventing a projected surge in the

COVID-19 infection rate, the ORG chief said his key concern was that maintaining the lockdown status quo for another month could put “everybody out of business” and prevent the Bahamian economy from restarting.

“I believe the government has made the right decision in the short-term,” Mr Myers told this newspaper.

“If the infection rate was climbing to such a point that

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‘Praying’ Atlantis re-opens May 16

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union’s president yesterday said he was “hoping and praying” that the COVID-19 related closure of Atlantis and other major Bahamian resorts does not extend beyond May 15.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers (BHCAWU) chief, told Tribune Business that yesterday’s near two-month closure of the flagship Paradise Island destination resort was little surprise given the total absence of any guests.

Atlantis’ decision to temporarily close from yesterday until May 15 brings it into line with

DARRIN WOODS other major hotels such as Sandals, which previously announced the same date as when it would seek to open up its Royal Bahamian and Emerald Bay (Exuma) properties. The announcement also coincided with Baha Mar’s shutdown, which also occurred yesterday.

The move also means that the duration for which Atlantis employees have been temporarily laid-off

Bahamas cannot be COVID-19 ‘pariah’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will experience a much more rapid post-COVID-19 economic recovery if all citizens do their part to prevent infection numbers exploding locally, a Cabinet minister urged yesterday.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that it was “critical” to control, then eliminate, COVID-19’s presence in The Bahamas if

this nation was to enjoy “a better experience” economically once the world got the pandemic under control.

He warned that The Bahamas cannot afford to

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Pandemic gives online shopping platform lift-off

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN-developed online shopping platform yesterday said the COVID-19 pandemic had given its business an immediate lift-off despite impacting the launch.

Demetrius Hepburn, Shoppee’s principal, told Tribune Business: “Things are going well. Shoppee is an online platform where we give sellers and vendors the opportunity to showcase their products on our website to give them and the buyer a sense of security

when they shop online. Since the COVID-19 epidemic, we have uploaded groceries through our app instead of standing on the long grocery store lines.”

Mr Hepurn said he is in negotiations with vendors in Panama and other Caribbean territories to enable Bahamians to buy and source goods throughout the region.

He added: “The Bahamian online shopping experience had been relegated to Facebook forums and pages, and general notifications floating

SEE PAGE 6

has increased from an initial four weeks to eight weeks.

Audrey Oswell, the resort’s president and managing director, promised affected staff in a note that the property was “working on a plan” to provide financial assistance although she provided no details.

“We have been navigating the current situation minute-by-minute, day -byday, adjusting as we learn more,” she added in a statement. “One thing remains constant: Nothing matters more than the health, safety and well-being of our team members, guests and communities. We must confront the reality that togetherness may be a threat to the health and safety of our community and loved ones at this time.”

In her note to staff confirming the closure until

May 15, which has been seen by Tribune Business, Ms Oswell said: “After the recent horror of Hurricane Dorian none of us could have imagined the magnitude of this COVID-19 pandemic and the resulting fall-out just waiting around the corner.

“And now here it is. Yet, even during these trying times, we know in our hearts that this, too, shall pass. Our people have, and always will be, our number one priority.

It is your future job security and well-being that we are focused on when making the difficult decisions we are focused on when making the difficult decisions we are faced with today.”

Backing the action taken by the government to control COVID-19’s spread in

SEE PAGE 7

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Lockdown extension fears: 30% of small businesses may go

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SOME 30 percent of small businesses will “automatically” close if the government extends the nationwide COVID-19 lockdown for another month, a consultant to the sector warned yesterday.

Mark A Turnquest, principal of Mark A Turnquest Consulting, told Tribune Business that the government should only extend it for “14 days at the most” beyond the present month’s end expiration if it is to prevent the loss of almost one-third of this sector.

With the House of Assembly set to debate a potential 30-day extension to the lockdown, which would see it last until the end of April, Mr Turnquest said that while the launch of the government’s $20m Business Continuity Loan initiative would aid some “you cannot borrow your way into business”.

He added that micro, small and medium-sized enterprises (MSMEs) that apply for the initiative will need “every single one” of the four months permitted as a grace period before the loans - carrying interest at five percent - have to be repaid given how long the COVID-19 fall-out is likely to last.

“At least 30 percent of them will go out of business with no recovery,” Mr Turnquest told this newspaper, when asked the likely consequences for MSMEs if the government extends the nationwide lockdown to end-April.

“It’s going to be very devastating. I would advise the government if they have to do it, if they must do it, that it be 14 days at the most.

I’d advise the government

MARK A TURNQUEST

MARLON JOHNSON to look carefully at the pros and cons, 30 days and 14 days, but they can evaluate it after 14 days. It’s a safety and economic decision, but on the ground it’s very difficult. People are hurting.”

Mr Turnquest said his small business clients were split 50/50 over whether they will take advantage of, and apply, for financial assistance via the government’s Business Continuity Loan initiative.

He explained: “A loan is not a replacement for sales.

If you are in business and you lose your clientele, a loan is not going to save you.

You cannot stay in business with a loan. You only get a bunch of principal and interest expense with a loan, and will still go under at the end of the day.

“You cannot borrow your way into business. You need customers, otherwise you have a loan on your hands that you have to pay.”

Still, Mr Turnquest praised the Business Continuity

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PAGE 2, Thursday, March 26, 2020

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EGARDLESS of the outcome when all this is over, the one clear thing is that no other event in modern history has laid bare the interconnected world, uncovering the vulnerabilities of certain countries and regions. COVID-19 has also provided a window through which we can look, and more clearly examine, national leadership across the globe. This health event, which is driving global economic upheaval, is showing in very important ways how fundamental leadership is to national life - a matter of life or death in some instances. The contrasts are glaring, and the results pronounced. The big issue on many minds is, when this is all over, will we learn the lessons and emerge as a better world more focused on embracing our interdependencies; gentler and kinder in our interaction with others; and disciplined and responsible in discharging our obligations of leadership. Will the world be better for having

BAHAMAS’ MUST BREAK ECONOMIC STATUS QUO

BY HUBERT EDWARDS FOUNDER & CONSULTANT, NEXT LEVEL SOLUTIONS

THE HEAD of the Chamber of Commerce's trade and economic development committee says COVOD-19 has exposed how vulnerable we really are.

THE TRIBUNE experienced this health disaster, or will we soon forget and quickly get back to business as usual?

The ongoing COVID-19 pandemic has shown how geopolitics and economics control our lives every day without us taking too much notice. China is the production juggernaut of the world. The advent of the virus in Wuhan, China, created a significant double-sided play that underlines its significance.

Almost immediately, supply chains were radically disrupted. For the first time, many became acutely conscious of the ubiquity of China’s involvement in providing finished products, raw materials or component parts for the world’s consumption and productive output. Its aggressive approach to the pandemic, essentially locking down cities, created immediate spill over for the rest of the world. The fact that the virus started in China carried a uniqueness that most countries will not replicate. In one swoop, it disrupted global supply and cut off a dominant source of demand.

Based on 2018 numbers, China is responsible for 14 percent of the world’s gross exports, 11 percent of its gross imports, and accounts for about 20 percent of world population and 19 percent of Gross Domestic Product. That same year, China exported $2.49tn in goods while importing $2.13tn. Add to this the fact that it is one of the world’s strongest growing

economies at around five to six percent a year, and you have a clear appreciation of how extensive the disruption was. COVID19 is projected, early in 2020, to cut expected world growth by as much as half to around 1.7 percent from earlier projections of 3.3 percent. Economically, there could not have been a worse starting point for this COVID-19 virus.

China has undoubtedly demonstrated serious and committed leadership in moving to contain the spread. Its approach, unfortunately, contrasts with the shaky start demonstrated by the US, which poses a great risk to many in the Caribbean region, and ever-increasing risk should it get its response wrong.

With 300m potential cases sitting on the doorsteps of the region, as we noted before, the US’ success is our success and their failures could be our long-term catastrophe. Despite the alacrity displayed, the one thing we must appreciate is that with displacement of workers, shuttering of factories, slowdown in cash flows and backlogs of orders, restarting and repairing the disruption to supply chains will not be quick or easy. It therefore means that China will continue, at least over the near term, to contribute significantly to the supply side shock or this health-turnedeconomic event. As noted, this will continue to have a debilitating impact on world trade and economies.

In a world that was already grappling with great

uncertainties and economic headwinds, this could not have come at a worse time.

The global trade wars, prosecuted between China and the US especially, were already making the economic ship unstable. Brexit added a significant level of uncertainty, both economically and geo-politically, with the angst between the UK and the European Union. Here, again, the issue of leadership looms large with larger-than-life personalities, who consistently attract questions of competency, sitting at the centre of these critical world developments.

Countries such as The Bahamas, therefore, which is still coming to grips with the impact of Hurricane Dorian, are faced with the daunting fact that they are likely to see their tourism economy drastically curtailed immediately as a result of COVID-19. The sad but unfortunate truth is that the hospitality and travel industry, while taking the biggest hit upfront, is likely to see a long tail drag as both the airline and cruise ship sectors grapple with the challenges of righting their path over the next few months. It is a reality that we fervently wish does not materialise. This is certainly one of those moments when we hope the tea leave projections are all wrong.

Jamaica, flying high on its recent successes in making positive changes to its economic fate, is faced with making

SEE PAGE 5

THE TRIBUNE

Thursday, March 26, 2020, PAGE 3

COVID-19 ‘last thing’ Family Islands want

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island businesses yesterday backed the government’s emergency nationwide COVID-19 lockdown as essential to protecting their communities despite the economic cost.

Ned Mulford, owner of Cat Island’s Pigeon Cay Beach Club, told Tribune Business that a coronavirus outbreak was “the last thing” Cat Island needed.

With his property having already suffered a 90 percent cancellation rate, he decided not to burden the island with visitors who may potentially be infected.

“It’s too bad that I needed a break, but I don’t like the circumstances,” Mr Mulford said. “I don’t think anyone wants to take a chance.” He added that he was a “little upset” with National Insurance Board (NIB) bureaucracy

surrounding unemployment benefits for temporarily laid-off staff, and said: “It puts a little more pressure on me because I have to walk through the process with them.

“But this is the first time something like this has happened, and we have been here for 25 years.

They have never filed with unemployment.

Parameters for national insurance really only quantify for bigger businesses, so the criteria for me qualifying because my staff does not get 40 hours a week or 50 weeks per year - is a little difficult.”

Mr Mulford continued: “There is also an issue with getting our B81 unemployment card from the Department of Labour, because in order to get unemployment benefits from NIB I would need to have this unemployment card from the Department of Labour and, being on a

Family Island, this is proving to be near impossible.”

Expressing concern about the lack of vigilance over vacation rental homes, he said: “There are a few private homes that have guests in them, and the homeowners acted irresponsibly to allow these persons to come in. It is pretty bad for them to have done that. I saw they had a guest walking down the street yesterday; I don’t think that was in good taste at all.”

“The people here are self-sufficient and happy here with their lives. We may have to dip into our own pockets for a little to help them. We spent as much as we did for Hurricane Irene as we have done for this coronavirus outbreak.”

Mr Mulford also challenged the government’s decision to close liquor stores, saying: “With the liquor stores I think the

owners just have to be prudent and exercise proper vigilance with letting people in or out, as there really is no difference between them and the grocery stores.

“The services can’t just stop on the dime like that. The prime minister is doing the best he can, but I hope we don’t get any more cases. It does not need to get out of hand in Cat Island, but I think he is taking the right steps.”

Dennis Adderley, Andros Distributors’ general manager, told Tribune Business: “We are on lockdown. Persons are obeying the emergency order and Andros is coping. I have physical barricades so persons don’t get so close, and if persons come to the store I make them wait if need be.

“But my store is pretty large, probably is the largest in Andros. My store is about 1,800 square feet

so there is a lot of space for customers to move around. I speak with the nurse frequently, and they told me that they haven’t seen anything yet. In the island we are kind of laid back and it shouldn’t be that difficult for us to deal with this emergency order.”

Mr Adderley added: “The freight boat came in and people are concerned with it stopping.

We don’t want it to stop the food supply from flowing, but so far that is not happening. We had a boat that came in to Fresh Creek yesterday, and even when we go to the dock we have to practice social distancing even though no persons came on the boat other than the supplies.

“From what I can see it is not going away any time soon. But I hope they can get some type of control over it, and I hope that they create some sort of vaccine so if you do come

in contact with it then you can be cured. But I give it a year before the world powers can get a vaccine. It is almost like a global catastrophic event, like getting hit with a meteor, and it is affecting the public on that level.”

“In Andros we have a lot of wide open areas, and one of the things in Fresh Creek is we don’t congregate like we used to on Sunday night. We are only into this a week, and it is unfortunate the events with the beach party that happened in Nassau caused more strain on everyone else,” Mr Adderley continued.

“That is just really irresponsible. I don’t foresee anything like that happening in Andros. Everyone is really aware of our surroundings, and we know as Androsians if COVID-19 hits Andros we cannot deal with it as we have to send people to Nassau for medical assistance.”

Long Island fears over coronavirus resources

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net LONG Island’s Chamber of Commerce president has voiced concern that the island lacks sufficient COVID-19 testing kits and other health resources essential to countering the pandemic.

Cheryl de Goicoechea, when asked if visiting boaters were being tested for the virus, replied: “Tested by who? Who is going to test them? We don’t even have any test kits here. We don’t have any way of testing, not as far as I know.

I have not been told that they have test kits here on the island.

“I don’t know if anybody reports up to the clinic sick? Maybe they do have test kits. But, as far as I was told, they don’t have any test kits on the island.

Who is going to test them?

People would have to inform them and how are they being informed? How are they getting news?”

Dr Yvette Carter, head physician at the Deadman’s Cay Community Clinic, did not specifically confirm whether Long Island has COVID-19 testing kits or if they are available in sufficient quantities. “We have what is available right now at this point, and we have a lot of things that are coming in,” she replied, “but for right now we have basically what we need to work with at this point. We can only get more stuff as it comes in.

Tribune Business pressed Dr Carter to respond with a definitive “yes” or “no” as to whether the Deadman’s Cay clinic has coronavirus testing kits, but she repeated: “We have what we have available right now, because you have to realise with this coronavirus, too, we can’t be testing everybody.

“If we test everybody then we won’t have any money to buy food to eat.

So we have to test people who are basically symptomatic, and if you come into contact with other people who have had the coronavirus, so we can’t go around testing everybody otherwise we won’t have food to eat.

“So we have what we need, and what is available at this time, and as they get more stuff it will become available to us. But as I speak the things that we need we have at this point.

Everything else, we can only get the other stuff as it comes in, and I think right now the government is basically doing their best to get those things in,” Dr Carter added.

“Everybody can’t be tested for this virus.

People need to stay home.

We can’t test everybody because you may not have it this week, and you may not get it until next week, so what do we do to find you again and test you?

No. We can’t do that.”

Ms de Goicoechea, though, said: “These boats have been here quite a while now. I don’t think that they are new people

coming in. But I am not out there watching. I’m not watching the harbour so I don’t know what’s going on out there.

“I guess for the people who are watching the harbour, and who can see who’s moving about, maybe they are driving around and they shouldn’t be driving around. I’m pretty much in isolation.

I am not out there and I have no desire to be out there.”

Asked whether visiting boaters are being tested for the coronavirus, Dr Carter replied: “They called me a couple of days ago, and I have already told them I am not seeing anybody because we shouldn’t have anybody coming in from these boats on the dock.

“I already told them the docks should be closed and no new people are supposed to be coming in here, because I am not going to test to examine anyone on any boat. They are going right back on the boat where they came from.

“That is why all of the other islands have the cases they do because we are allowing these people to come in. As far as I know nobody is supposed to be coming in. Anybody who is there in terms of docking out there they are out there and not coming into the dock per se.”

Telling any remaining boaters to “go back where you come from and be tested”, Dr Carter reiterated: “We cannot test everybody. People need to stay home and this virus

will go away with the heat.

We can’t test everybody because we won’t have any money to buy food.....

We have to be wise. The government cannot test everybody.”

Ms de Goicoechea, meanwhile, said “everybody is doing what they have to do” on Long Island to comply with the 24-hour curfew and business community lockdown enforced by the government’s Emergency Powers (COVID-19) Order.

“There are just a couple of cars moving about

here, just essential people moving about. No crowds are gathering anywhere and everyone is just doing what they can,” she added.

“I don’t hear anybody complaining. Of course, the only thing that’s being commented about is people wondering how long it’s going to go on, and wondering what the outcome will be for the economy and so forth, but that’s not something we can project right now.

“People are concerned and they are doing

everything they can. They are following the restrictions and the guidelines.

Everybody is doing what they can to keep the virus out of the island now.”

Ms de Goicoechea said the five-room vacation rental property she runs is already empty following a series of cancellations. “I know that Stella Maris is closed down, and I heard that Cape Santa Maria was closing down, and that’s really the only hotels we have on the island,” she added.

PAGE 4, Thursday, March 26, 2020

THE TRIBUNE

Food stores cope on social distance

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FOOD stores yesterday said they were coping with the newly-enforced social distancing policy implemented by the government to combat the COVID-19 outbreak.

Atwell Ferguson, Golden Gates Supermarket’s general manager, told Tribune Business: “It’s not too bad,

especially like yesterday.

Tuesday was really, really crowded, and we still handled it and I guess it is a good thing how we had to set up the markers so the people could be separated.

“It is a serious thing, and we are looking out for everybody and everyone looking out for one another. I think because of this it is drawing everyone closer together, and we are trying work the best way we could with it.”

The government’s latest Emergency Powers Order requires food stores to set out markets ensuring customers are kept six feet apart at check-out counters and also when queuing to get inside. The requirement that there is to be only one person for every 30 square feet also limits the number of customers that can be inside at any one time, resulting in lines building up outside.

Martin Chea, general manager of John Chea Supermarket on East Street South, added: “We have started putting out all of the markers at every six feet. We have markers in place so that people know about the social distancing. We have security out to the front monitoring the amount of people coming into the store, and also just trying to be as safe as possible.

“Usually it is busy in the early day, and then tapers off in the later afternoons and evenings. But because of the time extending, people are coming based on the time that they have, so it is not like everyone has to cram in all at once.

So that helps a little bit. But we still see from time to time, like Tuesday, we had a line outside where we had to ensure and enforce the social distancing coming in.”

Lockdown extension fears: 30% of small businesses may go FROM PAGE ONE Loan programme’s launch as “a good start”, while reiterating that it should be expanded to at least $50m given the likely depth of the recession facing the Bahamian economy.

Describing the application as a “simple process” after trying it himself, he added that the Small Business Development Centre (SBDC) had adjusted it following his advice after discovering that it only accepted ten-figure Taxpayer Identification

Numbers (TINs) and not nine-figure ones.

“The process is straightforward,” Mr Turnquest added. “The only problem is a lot of the things they’re asking for are at work, not at home, and you cannot go to work because it’s been closed by the lockdown. It’s a challenge for a lot of businesses. They have to go on the road and get the information from the office.”

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that the government was expecting “significant” demand for the Business Continuity Loan

initiative after 25 applications were received in the first three hours yesterday following its launch.

He added that “the ambition” is for successful applicants to receive the funds within five working days, with the application process taking three and the disbursement of funding a further two.

“Our target is five working days,” Mr Johnson said. “We recognise businesses need those funds quickly so will do our best to stick within that five-day window. For those who have worked with the banking system, that’s remarkable alacrity.”

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THE TRIBUNE

Thursday, March 26, 2020, PAGE 5

BAHAMAS’ MUST BREAK ECONOMIC STATUS QUO FROM PAGE TWO earlier-than-anticipated moves to stimulate and keep the country chugging along on the path to desired prosperity. It, too, will take a beating in tourism and across other sectors.

Fortunately, maybe, fiscal measures foreshadowed in the recent speech from the throne seem to be right on time and should have a positive impact on the efforts there. The Bahamas, on the other hand, being a bit further away from the budget presentation and concerned with the after-effects of Dorian, will now need to look seriously at what treatments, fiscal or otherwise, it will apply should this event have a prolonged impact.

The US central bank cut its reference rate twice recently to end at a range of zero to 0.25 percent. This is a signal of an expected recession, and has all the hallmarks of 2008 again minus the slowdown. In this instance, it is a dramatic disruptive, uncertain stop. For those living in The Bahamas, a casual walk along historic Bay Street will provide sufficient evidence. Many of the major countries believe the world is in for a recession, as evidence by their fiscal and monetary responses. We cannot, therefore, hold on to uninformed faith that this will be short. While the world and the region would desire a V-shaped recovery, this is an unlikely proposition and, from our vantage point and understanding, a more U-shaped recovery seems the likely prognosis.

Here, again, leadership is playing an important role.

While, refreshingly, across the region we see admirable efforts by leaders both on the health and economic side, it is clear that what happens over the next few months have little to do with what is in our control and more so what happens primarily in China, the US and Europe.

The US presidential election looms large. Like 2008, the US airline industry has already started the chorus for bail-outs as a kind of leading indicator of what is to come. The reason the US election is so important is that the performance of the economy represents a significant positive factor for the incumbent president. Many would readily agree that the administration’s performance to-date in leading the health response to COVID19 raises many questions.

One can expect that there will be further unsettling of the markets in that country.

Recovery of investor confidence, therefore, could lag and consequently contribute to the economic fall-out even in the face of a contained health response by, say, the end of the second quarter. Our fortunes here in the region rest in a large way with our neighbour and friend, the US. Again, we recognise that their successes will be our successes. We must therefore hope that their efforts in managing the health situation and the economic recovery, which will follow, are as clinical as possible and effective. To the leaders of our region, though, we would implore them to keep their powder dry, and develop clear and cogent immediate, short term and long-term responses. Be ready for the long haul.

How vulnerable are our economies? This is an oftechoed question with a familiar and well-practiced refrain. The reality is that in largely tourism-dependent economies such as The Bahamas and Jamaica, with the latter having the extra wrinkle of being highly dependent on remittances, the vulnerabilities are real.

Some natural outturns from this health and economic event are rising unemployment in the countries from which we get visitors, which leads to a reduction in disposable and discretionary income, and therefore a reduction in demand for vacations. Adjusting for the health element here, we could see arrivals fall significantly from their robust peaks in recent years. This does not auger well for both countries.

The Bahamas enjoys a direct contribution of approximately 50 percent from tourism, with allied earnings taking it as high as 75 percent depending on which day you ask and whom you ask.

Jamaica, with a more diversified economy, enjoys a tourism contribution of around 35 to 40 percent.

Research shows that visitor expenditure accounted for approximately 50 per cent of Jamaica’s foreign exchange inflows for 2018 Allied earnings is likely to take that output close to 50 percent, at least. Despite being more diversified, Jamaica will not necessarily fare much better as remittances, which account for approximately 16 percent of GDP, could also take a significant hit. This is collectively 51 to 66 percent of the economy. The potential hit to tourism together with the fall-out from disruptions in supply chains, which could also affect its manufacturing and export sectors, will also cause some bother for Jamaica. What will be the response for The Bahamas, given current challenges and low growth?

How will Jamaica seek to continue its impressive 20 consecutive quarters of anaemic growth of less than two percent?

Both political and private sector leadership will be important determining factors. This, after all, is another financial crisis and it will come with opportunities to pave a path for a better future, but only if there is bold and smart leadership. Both countries will be looking especially to their ministers of finance.

Beyond the immediate response (phase one), what manner of economic wizardry will they be able to conjure up in the face of a potential global recession/depression?

Fiscal stimulus, public sector spending; monetary policy treatments (for those who have one); forward contracts taking advantage of cheap oil; continued tight fiscal management with an eye on debt-to-GDP and the creation of future fiscal headroom? Or will their powder need not be exposed? On the other hand, will current leadership choose the moment to tap into our collective genius, inspiring us to advance together, or will we tinker with the chance of showing the world what is possible when national leadership effectively harnesses the common national consciousness?

For The Bahamas, COVID-19 is placing a bright light on the need for at least one more welldeveloped industry. The traditional two-pronged economy is not sustainable. While the current arrangement has served the country reasonably well, the need for reducing reliance on single sectors and finding ways of positively impacting the welfare of a growing citizenry is urgent.

We do not propose to have the answers, but we are convinced that a deliberate effort is needed in restructuring the economy, causing it to be at least a more balanced “three-legged stool”.

Jamaica, on the other hand, must become more insulated from the vagaries of remittances and engender deeper local economic expansion if it is to create substantive value for the wider populace. With its economic appetite whetted in recent times, the outlook and vision must be for growth that is more robust.

How will this be achieved? A maintenance of the status quo will certainly not achieve any marked change, and this holds true for both countries. Does agriculture hold any fortunes for The Bahamas?

Are there opportunities for horizontal integration in the marine and fisheries sector?

Or is there really a trillion dollar opportunity in natural resources available to be exploited for national gain?

Can Jamaica find growth in lagging sectors, fix agriculture and grow its exports to better leverage the current value of its currency? Wherever the answers are they must be found, and openminded leadership will play

a significant role in this.

Leadership must challenge our thinking and impress up on our minds the need to become more innovative, more productive and therefore more resilient in the face of cataclysmic disruption like COVID-19.

Interdependencies are real and necessary in our global digital village, but they render us highly vulnerable - especially when the economy is not sound.

Leadership is fundamental to the economic fortunes of any country.

As we observe the world’s response to COVID-19, we are undoubtedly appreciating the importance of effective leadership and lauding all instances where it is observed. On the other hand, we cringe at the pronouncements and actions of those who are otherwise.

This moment demands the former, and as a region, we must proactively fight against the latter. In the face of this economic crisis, are we prepared to take the bull by the horns, act decisively, move intentionally and fix the issues that are in our control but with a firm eye on the longer-term

future? We must. It is no longer sufficient to sign the refrain of vulnerability, no longer appropriate to question the quality of leadership. It is not enough to acknowledge our lack of productivity or competitiveness. Now is the time to fix the things that ail us. Now

is the time to take responsibility for the things in our realm of control. With our known weaknesses violently exposed again, now is the time to start down the path of making our circumstances that much better, such that when we are again faced with the like of a COVID-19

or Dorian we are better funded to weather the storms that they throw at us.

In our next piece, we will look at the measures already announced by The Bahamas and Jamaica and explore specific ideas that we think should be given consideration.

PAGE 6, Thursday, March 26, 2020

Strike ‘happy medium’ over virus lockdown FROM PAGE ONE gave them considerable concern, they have absolutely made the right decision and shown great leadership.

“But there’s going to have to be a balance because otherwise everybody will be out of business, including the country... There’s got to be some balance with some people getting back to work. We’ve got no tourism economy because nobody is travelling from anywhere to come here.

“The government needs to be thinking about what industries it can get up and operating so at least there’s some income some sectors of the economy are earning. So when we start back up, at least there’s some money flowing. Right now, everyone is using up their reserves. Companies are using their reserves and employees are using their reserves,” he continued.

“I think a lot of people are living pay cheque to pay cheque, and we can only support our people for so long. We’re talking three weeks. There’s got to be some balance that they can strike between controlling our infection rate and putting some of the workforce back online. There’s got to be some way we can manage that risk.”

Mr Myers said this was the task Singapore and other countries are presently engaged in, where they were slowly - and cautiously - opening specific economic sectors back up as the COVID-19 infection rate declined or seemingly came under control.

Pointing out that such actions could always be reversed if the virus appeared to reboot, the ORG principal added: “There’s got to be some happy medium where we

don’t completely destroy the economy. At a certain point, if you destroy the economy you put the country at a significant risk of fiscal failure.

You put businesses, people and the country at risk of failure.

“There’s got to be a happy medium there, and a way in which to manage the number of infections, and balancing that against work and trying to achieve some revenue generation for people and businesses in certain sectors.

“We understand the hotel sector is going to be decimated because nobody is travelling from the US and Europe right now. There’s nothing we can do about that, but it doesn’t mean there’s businesses in sectors like manufacturing, construction and retail that couldn’t be opened if the rates of infection became lower and lower,” Mr Myers continued.

“There’s got to be some balance between the risk of infection and rebooting the economy. This could go on for months. I don’t think the government, nor businesses, nor people, have the kind of reserves that can withstand that kind of closure of the economy. They’ve got to come up with something.”

Mr Myers’ concerns were echoed by Rick Lowe, Nassau Motor Company’s (NMC) director/operations manager, who yesterday said “the show must go on to some extent” to prevent the collapse of individual companies and the wider economy.

He argued that the Government should strive for the shortest lockdown period possible, and adjust its strategy according to COVID-19 testing results.

“Is it understandable?

Yes,” Mr Lowe said of the present lockdown, and the

THE TRIBUNE government’s consideration of an extension. “But the show must go on to some extent.

“I don’t think at the end of another 30 days it’s going to be very positive. It’s going to be a long, hard crawl from the depths of economic despair. I think we should strive for the shortest time period possible [on the extension], and make adjustments from there, but I’m not the person with the power.

“The last thing our healthcare system needs is to be more overwhelmed than it is already. But there’s the other side that people need to earn a living to buy groceries and pay electricity bills. etc.”

Mr Lowe described the COVID-19 testing results, which have detected five cases in the Bahamas todate, as the “critical link” that should determine the length of any lockdown extension.

He added: “I know one thing. Going for a month to month-and-a-half without revenue is going to put a huge strain on companies.

It could be devastating. We went in today and did the payroll, wrote some cheques for import taxes, and you have these other bills to pay.

“We’ll have to be in tomorrow for a little while.

Things still go on. Phone bills are still being paid, electricity bills are still being received, courier bills still have to be paid. There’s goods to be picked up at the port, will clients want to go ahead, will staffing be at the same level, how quickly can you ramp back up? There’s so many things to take into consideration.”

The dilemma outlined by Messrs Myers and Lowe is the same as that confronting the US and other economies in their response to COVID-19. Donald Trump, the US president, recently said he wanted to reboot the economy by Easter, which falls in mid-April, and suggested that “the cure cannot be worse than the problem”.

This alludes to concerns

that the massive economic and social disruption could be far worse, and negatively affect millions more persons, than COVID-19, although Mr Trump’s critics will likely accuse him of endangering lives if such an approach is adopted.

Meanwhile, the Bahamian government last night further expanded the list of industries and businesses to be treated as “essential services”, and exempted from the lockdown, provided they comply with the mandatory social distancing policies outlined in the latest Emergency Powers Order.

Commercial fishermen will be allowed to sell their product until April 1, 2020, but only through a processing plant and wholesale distributor. No contact with the end-customer is permitted with fish markets at locations such as Montague and Potter’s Cay closed.

Rental car companies will also be allowed to open between 8am to 1pm, but only to receive returned vehicles and extend expiring contracts. Property management and maintenance services companies can operate provided there is no customer interaction, while attorneys will be able to take instructions from clients in criminal matters only if this cannot be done through audio visual means.

Freeport’s industrial economy, which includes the likes of Polymers International, Pharmachem, Buckeye Bahamas, Freeport Container Port and the Grand Bahama Shipyard, will be open but only to essential workers for the maintenance of key equipment.

And Nassau-based Commonwealth Brewery, too, will be allowed to operate only for the purpose of its security team securing sites and responding to emergencies. Suppliers of cleaning products to companies; cleaning services providers; pool maintenance and supplies businesses; and funeral homes and cemeteries are also being allowed to operate, albeit the first four are confined to set hours.

Farms are permitted to open between the hours of 6am and 1pm, but not to the general public, while electronic communications, technology and IT providers can also provide support to business clients between 10am and 5pm.

Tribune Business had previously seen a list of 46 different industries and businesses that were requesting they be added to the list of “essential services” exempted from the present lockdown, but fewer than half appear to have made it.

Carl Bethel QC, the Attorney General,

previously said a 14-day extension of the existing lockdown was an option being considered, but added that the government’s medical advisers were pushing for a 30-day extension that would take it to the end of April.

Mr Myers yesterday suggested that the government could mandate that elderly workers, or those with underlying health issues such as heart disease and diabetes, be mandated to stay home as evidence from other countries suggested they were most at risk of suffering complications if they caught COVID-19 “Speaking as a businessman and civil society leader, I’m very concerned as to what the long-term effects of a long-term shutdown will look like,” he added.

“We have the potential for fiscal instability and civil instability.

“I understand we have this horrible health instability, but there are other dangers on the horizon. I’m assuming the government has given consideration to all those risks - health, civil and financial.”

Mr Myers said the COVID-19 lockdown had required him to close all his multiple business interests and send staff members home.

These include Capstone, a construction company; Caribbean Landscaping; ACIH, a technology and brokerage firm; Western Hardware & Lumber; a garden centre; and retail flower store.

“This is the first week and reality sets in quickly,” he told Tribune Business. “When you’re sitting at home and have sent everyone else home, the reality of that is significant and weighs heavily on people like myself. We’re producers.

“I haven’t done this in 35 years. I’ve never shut my doors like this. During a hurricane we’ve closed for a day, but have never closed all the companies. For producers like myself this is hell. It’s nervewracking. I get it. We all get it.

We support the decision, but in our mind there’s going to have to be some balance.

“We’re completely shut down. We’ve pulled people in from Andros, pulled people in from Abaco, shut down and shuttered all of our job sites and are waiting for the word to get going again. We ain’t doing any business, we ain’t making any money. It’s really bad news.”

K Peter Turnquest, deputy prime minister, earlier this week said the government has yet to employ all the fiscal stimulus tools at its disposal.

He acknowledged that a massive intervention will be required to jump-start the Bahamian economy once the COVID-19 crisis has passed.

Pandemic gives online shopping platform lift-off FROM PAGE ONE

around on other social media sites, but this is the first time we are having an online shopping platform where Bahamians can purchase goods online with their credit or debit card and securely wait for delivery by us. They don’t have to meet each other at all, making it safe for everyone involved.”

Mr Hepburn said it took him seven months to get the necessary licensing and approvals, with Royal Bank of Canada (RBC) agreeimg to become his payment processor. He added: “We got our payment processors from RBC, and we had no issues with licensing through the government.

“The reason it took so long with RBC is because we had to create privacy policies, refunds policies and a delivery policy. It took us about seven months to get approval from RBC. We have not had a full launch yet, because this pandemic has slowed us down.

“This is pretty much the same platform as Amazon, and it is just as safe and secure. We are trying to avoid the seller and the buyer meeting up. The buyer just buys with their credit card and has the goods delivered to them,” Mr Hepburn continued.

“We have about five vehicles present at this time. We also created a delivery dispatch software, where once the item has been purchased the buyer gets a notification which alerts them to when their items are being dropped off, the driver who is dropping it off and the vehicle the driver is driving.

So they will be able to track the driver in real time.”

“When sellers or vendors upload to our website we transfer the money they make directly to their bank account,” said Mr Hepburn.

“We have two different warehouses and we get the items directly from the vendor.

“But we do store some items for the vendors in our warehouse so we can assure that you get the product.

The whole thing is getting vendors to follow proper inventory management.”

PRIMARY TEACHING JOB OPPORTUNITIES Primary classroom teachers for Years 1-6 • • •

French teacher for Foundation and Primary Literacy teacher for Primary Years 3-6 Numeracy teacher for Primary Years 3-6

A pre-eminent, well-established, independent, international school in Nassau is seeking full-time qualified PRIMARY TEACHERS as listed above for August 2020. Candidates should have sound classroom experience; a passion for innovative education; a professional attitude towards work; a friendly and co-operative disposition; a willingness to work in a team environment; a determination to grow professionally; and strong communication & organisational skills. This is an exciting opportunity for qualified, imaginative and driven teachers who work with equal efficacy independently and as part of a team. Applicants will join an innovative, forward-thinking and committed school. The position would suit dynamic teachers who are able to inspire pupils of all abilities to develop their full potential.

Our school is committed to safeguarding and promoting the welfare of children and expects all staff to share this commitment. The protection of our students’ welfare is the responsibility of all school staff and every employee is expected to conduct themselves in a way that reflects the principles of our organisation. Successful applicants will be subject to an enhanced DBS (Disclosure and Barring Service) clearance along with other relevant pre-employment checks. References are required and will be carefully checked.

Successful candidates will be required to: • • • • • • • •

Prepare and deliver well-planned learning experiences and curricula Differentiate curriculum objectives to support a diverse range of learners Show consistent, compassionate, classroom management skills Assess student learning and produce detailed reports Use learning data to inform and adapt instruction Contribute to the co-curricular programme and whole-school activities in a committed and enthusiastic manner Maintain high standards of professionalism Communicate positively with parents, staff, and administration Please forward your resume and introduction letter by email to

teachingbahamas@gmail.com.

Only those candidates who have been shortlisted will receive a response.

Closing date for applications is Wednesday 31st March. Interviews via Skype may start from as early as Friday 27th March for early applicants.

THE TRIBUNE

Thursday, March 26, 2020, PAGE 7

Bahamas cannot be ‘Praying’ Atlantis re-opens May 16 COVID-19 ‘pariah’ FROM PAGE ONE

FROM PAGE ONE suffer an experience similar to that of Italy, which was likely to be treated akin to a “pariah state” - along with the likes of Spain, South Korea and China by international travellers post-crisis due to the thousands of COVID-19 related deaths and infections it has endured.

Mr D’Aguilar added that “emerging relatively unscathed” from COVID19 would add another element to The Bahamas’ marketing arsenal when the pandemic passes, and will help to lure back visitors in a market where battered traveller confidence is likely to take some time to recover.

He pledged that the Ministry of Tourism and its industry partners will be “ready to go” when the time comes to “pull the trigger” on a renewed tourism marketing offensive in its core source markets of the US, Canada and Europe.

However, Mr D’Aguilar acknowledged that the restart of The Bahamas’ campaigns was likely still months away given that those countries and regions are still grappling with COVID-19 mortality and infection rates that have yet to peak.

“It’s very important that we emerge on the other side of this event by being a country that is relatively unscathed,” he told Tribune Business. “It’s absolutely critical.

“We cannot have the reputation or experience similar to the one they’re having in Italy. I can only imagine Italy as a pariah state for a while. We cannot fall into that category. That’s why we have to suffer now so we have a better experience on the other side of this event.

“People are complaining about the restrictions, but it’s not only important to save lives but also to come out of this with a good track record that we can then demonstrate to the world that we did well.

We demonstrate that we did good to control the spread of the virus. We don’t want to be up in that list with China, South Korea, Italy and Spain,” Mr D’Aguilar continued.

“Then we can play to our strengths of proximity [to the US], multiple destinations with Nassau and the Family Islands. You can socially distance very easily, we have very good weather, and if something was to ever happen you’re not far from home. It’s not like going to Europe, Asia or South America. We are a short hop, skip and a jump from back home.”

The Bahamas has reported just five COVID19 cases to-date, with

the first one due to be released from quarantine imminently. However, Mr D’Aguilar admitted that the speed and extent of any tourism recovery will depend on events beyond The Bahamas’ control in its major tourism source market.

“It all depends on the US,” he added. “Eighty-two percent of foreign visitors come from the US. Until there is a semblance of calm in the US, and they’ve run through this coronavirus cycle, I think everything will be in abeyance until then.

“They’re going up the curve, and I don’t think by any measure they have peaked yet, and we have to wait for that to play out.

If China is any example of what’s going to happen it’s going to take any number of months to play out.

“In essence, until there’s a cure everybody is going to be a bit afraid. It’s going to be rough. There’s obviously some time to go, and we’ve got to see how this plays out in the US. All eyes are on the US. To get our core industry back up and running is a function of what happens over there until they get on the other side of this curve.”

The US had by last night suffered 465 COVID-19 related deaths, and has more than 62,000 confirmed infections. Mr D’Aguilar acknowledged that the virus’s spread, including how many persons it kills or infects, was likely to have a profound impact on traveller “psyche” that the Ministry of Tourism’s marketing initiatives will have to combat when they revive.

The Ministry has already moved to withdraw or adjust ongoing promotional initiatives in light of the crisis, he added, and was talking to its various marketing and public relations agencies to determine the strategy whenever it returns to the market.

“It’s a question of when to pull the trigger, and we’re not there by any means,” Mr D’Aguilar told Tribune Business. “All the technical people are working on that, adjusting the ad campaigns.

There’s sure to be pent-up demand.”

With airlines and hotels likely to offer discounted deals and rates to attract travellers once the crisis has passed, he added: “Whenever they’re ready to go we’ll be ready to go. We just have to work our way through this, and we’ll be ready.

“We’ll have to get the hotels back up again and the staff re-engaged, but I’m sure we can fire them back up pretty quickly.

The bottom line is we’ll be ready, the Ministry of Tourism and our partners. We’ve got a lot of time to planning for that event.”

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

The Bahamas, she added: “It is in that vein that we have made the socially responsible decision of a temporary closure of the resort.

“Later today we will announce the temporary closure of Atlantis effective this [yesterday] afternoon at 3pm through Friday, May 15, at which time we will assess the situation and make a determination on the re-opening of the resort.

“Earlier this month, many of you were furloughed for four weeks. Now, given the closure of the resort the furlough will be longer.

Recognising the burden this places on everyone, we are working on a plan to assist you during this difficult time.”

Atlantis was not the only tourism heavyweight to announce an extension to its COVID-19 closure. For The Bahamas will not see Royal Caribbean’s cruise ships for another month, the company having extended its closure until May 12.

The British Colonial Hilton, meanwhile, remained open. Pablo Casal, its general manager, in an e-mail told Tribune Business yesterday: “We are still open as of right now and we continue to monitor the events and following the Government’s recommendations.”

Mr Woods yesterday agreed that Atlantis’s move was not unexpected, and was in line with the action taken by other major Bahamian resorts to drastically slash costs to ensure their own survival as revenue streams completely dried up.

“They’re just trying to buy some time, and hopefully this thing blows over and things start up,” he told Tribune Business. “It’s no real surprise. The only thing that we’re really hoping and praying is it [the closure] doesn’t extend any further for all the hotels, and something begins to happen industry-wide.”

Yet with COVID-19 infections and deaths still increasing across The Bahamas’ major source markets of the US, Canada and

ATLANTIS PARADISE ISLAND Europe, it appears likely that Bahamian resort closures - and the complete shutdown of the nation’s largest industry and employer - may well extend beyond May 15 and further into the summer.

Mr Woods yesterday reiterated his plea for both union members, and hotel workers in general, to “be patient” and promised that he and his executive were in discussions with both the government and industry employers to provide financial assistance to those temporarily laid-off.

Warning that the hotel union will “have to do something by any means

necessary” if the $10m unemployment benefit for those temporarily laid-off does not kick-in “within a week or so”, the hotel union chief repeated his call for a “tripartite approach” involving both resort industry and the government also “bring their stake to it”.

He added that financial assistance should be structured in the anticipation that the temporary resort lay-offs could last for months, with assistance from the union and employers kicking-in via a staggered approach once the 13-week unemployment benefit was exhausted.

Acknowledging that tourists were likely to have a

“phobia” about travelling once the COVID-19 pandemic was over, Mr Woods said he was vital that The Bahamas keep its infection numbers so low if it was to exploit its proximity to the US in any post-crisis recovery.

“It’ll be good if we can maintain it where it is,” he told Tribune Business of the five recorded cases to-date.

“It is critical. It is critical.

That will be part of our marketing campaign once this is over: That The Bahamas is open and free.

“If we have no new cases, and can eliminate or eradicate those we have, it bodes well for all of us. We need to get citizens to understand that while it is tough we will all benefit from it in the long run. We all need to do our part. We had a slogan back in the day that ‘Tourism is everyone’s business’, and that’s shouting louder than ever. Even in the silence you can hear it.

“We’ve got to be able to jump start our economy and the industry. Once that gets started again we will be the benefactors.”

PAGE 8, Thursday, March 26, 2020

THE TRIBUNE

TRUMP IMPLORES CONGRESS TO MOVE ON VIRUS RESCUE PACKAGE WASHINGTON Associated Press SENATE leaders raced to unravel last-minute snags yesterday and win passage of an unparalleled $2tn economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.

The measure is the largest economic relief bill in US history, and both parties’ leaders were desperate for quick passage

as the virus took lives and jobs by the hour. The Senate stayed in session in anticipation of still passing the bill after days of delays.

Insistently optimistic, President Donald Trump said of the greatest public-health emergency in anyone’s lifetime, “I don’t think its going to end up being such a rough patch” and anticipated the economy soaring “like a rocket ship” when it’s over. Yet he implored Congress late in the day to move on critical aid without further delay.

The package is intended as relief for an economy spiraling into recession or worse and a nation facing a grim toll from an infection that’s killed nearly 20,000 people worldwide.

Treasury Secretary Steven Mnuchin, asked how long the aid would keep the economy afloat, said: “We’ve anticipated three months. Hopefully, we won’t need this for three months.”

Underscoring the effort’s sheer magnitude, the bill finances a response with a price tag that equals half the size of the entire $4tn annual federal budget.

“A fight has arrived on our shores,” said Senate Majority Leader Mitch McConnell. “We did not seek it, we did not want it, but now we’re going to win it.”

“Big help, quick help, is on the way,” said Senate Minority Leader Chuck Schumer.

But the drive by leaders to speed the bill through the Senate was slowed as four conservative Republican senators demanded changes, saying the legislation as written “incentivises layoffs” and should be altered to ensure employees don’t earn more money if they’re laid off than if they’re working.

Complicating the standoff, Sen Bernie Sanders of Vermont, whose campaign for the Democratic presidential nomination has flagged, said he would block the bill unless the

PRESIDENT DONALD TRUMP

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 25 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,114.88 | CHG: 0.74 | %CHG: 0.04 | YTD: -116.72 | YTD%: -5.23 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.60 3.64 5.10 10.88 8.15 16.99 9.40 4.24 15.21

52WK LOW 3.35 20.91 5.50 5.38 1.96 0.67 2.00 10.21 5.60 3.79 6.01 2.53 1.80 8.00 6.46 13.60 6.98 3.14 13.85

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.70 11.26 6.00 3.84 6.01 2.88 4.90 7.75 8.15 14.00 8.97 4.24 15.21

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.70 11.26 6.00 3.84 6.01 2.88 4.90 7.75 8.15 14.00 8.97 4.24 15.21

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

11,500 5,500 1,800

2,949 2,000

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.2 15.6 13.4 20.9 42.9 28.2 10.5 12.0 11.2 17.2 9.6 20.9 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 3.13% 0.00% 15.07% 1.22% 4.23% 2.94% 3.86% 2.23% 2.83% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

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

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

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

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

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

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

MARKET TERMS

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

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

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

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

conservatives dropped their objections.

“What I am saying is that two can play the same game,” Sanders told The Associated Press. “This is most certainly not the bill that I or any other progressive would have written,” he said, but added that he supports it in the main, given the severity of the crisis.

Other objections floated in from New York Gov Andrew Cuomo, who has become a prominent Democrat on the national scene as the country battles the pandemic. Cuomo, whose state has seen more deaths from the pandemic than any other, said: “I’m telling you, these numbers don’t work.”

Democratic presidential candidate Joe Biden said the package “goes a long way”. He said it will require strong oversight to ensure the wealthy don’t benefit at the expense of workers and proposed forgiving at least $10,000 of student loan debt as part of the federal response.

McConnell and Schumer hoped passage of the legislation in the Republican-led Senate would come by the end of the day. Stocks posted their first back-to-back gains in weeks as the package took shape over the last two days, but much of yesterday’s early rally faded as the hitch developed in the Senate. The market is down nearly 27% since setting a record high a month ago.

Senate passage would leave final congressional approval up to the Democratic-controlled House.

House. Speaker Nancy Pelosi, D-Calif, swung behind the bipartisan agreement, saying it “takes us a long way down the road in meeting the needs of the American people”.

House members are scattered around the country and the timetable for votes in that chamber is unclear.

House Democratic and Republican leaders have hoped to clear the measure for Trump’s signature by a voice vote without having to call lawmakers back to Washington. But that may prove challenging, as the bill is sure to be opposed by some conservatives upset at its cost and scope.

Ardent liberals were restless as well.

White House aide Eric Ueland announced the agreement in a Capitol hallway yesterday, shortly after midnight, capping days of often intense haggling and mounting pressure. The wording of some final pieces of the agreement need to be completed.

The sprawling, 500-pageplus measure is the third coronavirus response bill produced by Congress and by far the largest. It builds on efforts focused

on vaccines and emergency response, sick and family medical leave for workers, and food aid. It’s unlikely to be the last aid bill, lawmakers say.

The package would give direct payments to most Americans, expand unemployment benefits and provide a $367bn programme for small businesses to keep making payroll while workers are forced to stay home.

One of the last issues to close concerned $500bn for guaranteed, subsidised loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.

McConnell, a key negotiator, said the package will “rush new resources onto the front lines of our nation’s health care fight.

And it will inject trillions of dollars of cash into the economy as fast as possible to help Americans workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar.”

Five days of arduous talks produced the bill, creating tensions among Congress’ top leaders, who each took care to tend to party politics as they maneuvered and battled over crafting the legislation. But failure is not an option, nor is starting over, which permitted both sides to include their priorities.

“That Washington drama does not matter any more,” McConnell said. “The Senate is going to stand together, act together, and pass this historic relief package today.”

The bill would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child A huge cash infusion for hospitals expecting a flood of COVID-19 patients grew during the talks at Schumer’s insistence. Republicans pressed for tens of billions of dollars for additional relief to be delivered through the Federal Emergency Management Agency, the lead federal disaster agency.

Democrats said the package would help replace the salaries of furloughed workers for four months, rather than the three months first proposed. Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on, with gig workers like Uber drivers covered for the first time.

Schumer said businesses controlled by members of Congress and top administration officials — including Trump and his immediate family members — would be ineligible for the bill’s business assistance.

NOTICE NOTICE is hereby given that DWAYNE MONTIQUE of Cathill Road, North Palmetto Point Eleuthera, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ROJAY LUKE ARINZE of Rosalind Street, Chippingham 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 19th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 20, Thursday, March 26, 2020

THE TRIBUNE

Publix stores to have To advertise in The Tribune, contact 502-2394 barriers for cashiers as virus spreads MIAMI Associated Press FLORIDA-BASED grocery chain Publix announced it will install plexiglass barriers to protect its cashiers, joining other retailers that are installing the shields to protect employees and customers from a coronavirus infection.

The Lakeland-based supermarket chain said yesterday that all 1,200 locations should have the plexiglass partitions installed at the cash registers, customer service desks and pharmacies within two weeks.

“We’re taking extra precautions for the well-being of our customers and associates,” said Maria Brous, a spokeswoman for Publix Super Markets Inc.

Publix has joined its biggest competitors, Kroger Co and Walmart Inc, in installing the so-called “sneeze guards”.

Grocery stores have seen their business soar as authorities urge people only to go out for essentials, prompting them to stay and cook more at home. The stores have been extremely busy and been forced to close earlier to give workers more time to clean and restock as products fly off the shelves.

Some stores have announced their employees have been infected with the COVID-19 virus. Publix announced earlier this week that an associate in Cumming, Georgia, tested positive.

Publix has 1,243 locations spread across Florida, Georgia, Alabama, Tennessee, North Carolina, South Carolina and Virginia.