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chief: ‘Step $400m passenger spend Tourism up our game’ over rise targeted by port chief vaccination roll-out

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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ASSAU Cruise Port’s top executive yesterday said it is targeting a $400m increase in annual passenger spending after data revealed more than 40 percent spent less than $50 in the capital pre-COVID. Michael Maura told Tribune Business that the additional $400m, which will be generated by increasing average cruise passenger spend by $100 per head, would not go solely to the cruise port and its shareholders but instead will be “disbursed” among all merchants and vendors that rely upon the sector for

• As Nassau’s overnight bookings leap ‘ten times’ • Data shows 43% of cruise visitors spent under $50 • And 2019’s per capita yields still below 2013 levels

MICHAEL MAURA their livelihoods.

He spoke out after Ministry of Tourism data for 2019, the last full year prior to the COVID-19 pandemic, revealed that 43 percent

of cruise passengers who disembarked in Nassau/ Paradise Island - more than four out of ten - spent less than $50 during their visit to the destination. And, 18 percent, or almost one-fifth of such visitors, ended up spending less than $20 after leaving the ship.

The Cruise Expenditure Survey Brochure, produced by the ministry’s research and statistics department and which has been obtained by this newspaper, also revealed that average per capita spend by cruise passengers in 2019 was

lower than it had been six years earlier in 2013.

While the decline appeared to have bottomed out in 2016, and was on an upward trend prior to COVID-19, the Ministry of Tourism report revealed: “In 2013, the average expenditure of a cruise visitor in Nassau/Paradise Island was $98.66, compared to $82.34 in 2014; $79.92 in 2015; $73.08 in 2016; $78.53 in 2017; and $89.21 in 2018.

“In 2019, however, the average expenditure for a

SEE PAGE 4

Minister ‘not sympathetic’ to BPC licence renewals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said he would “not be very sympathetic” if Bahamas Petroleum Company (BPC) seeks to renew its oil exploration licences but the decision is not solely his to take.

Romauld Ferreira, minister of the environment and housing, told Tribune Business he was unable to give a definitive government position on the matter as his ministry was still checking to verify whether the oil explorer had formally submitted a renewal application.

However Mr Ferreira, who has ultimate ministerial responsibility for regulating BPC’s exploration activities under the Petroleum Act and accompanying regulations, said he had yet to

• Ferreira: ‘I’d have rolled them out long time’ • Ministry checking if application received • Legal liability issues to be debated today

ROMAULD FERREIRA receive confirmation such an application had been made.

BPC, in a statement on Wednesday, had confirmed it plans to renew its four exploration licences in the southern Bahamas before the March 31 deadline to do so. Yet Mr Ferreira

Doubling China freight rates hitting local firms

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

BAHAMIAN businesses sourcing product from China saw shipping container rates double in recent months with raw material price rises of up to 50 percent set to inflict a further squeeze for some.

Jason Watson, Automotive Industrial Distributors (AID) president, told Tribune Business yesterday that while freight pressures had started to ease he was now bracing for a spike in commodity prices such as steel that will impact the cost of

tyres and other products he stocks.

While he had largely managed to absorb the shipping cost increases, which stemmed from a shortage of containers caused by the COVID-19 induced backlog in global supply chains, he added that AID may have to pass the impact of the raw materials spike on to Bahamian consumers depending on how long it is sustained.

“I got six containers of tyres shipped recently,” he revealed. “I’d have paid $7,500 per container

SEE PAGE 6

Consumer watchdog seeking ‘more teeth’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Consumer Protection Commission lacks sufficient enforcement teeth to “properly and effectively” address complaints against Bahamian businesses, a Cabinet minister has revealed.

Dion Foulkes, minister of labour, writing in the regulator’s 2020 annual report, said legal reforms and accompanying regulations that would give the commission more clout “remain outstanding” and have yet to go through

DION FOULKES Parliament’s legislative process.

“It has come to my attention.... that the commission’s staff still faces significant challenges in properly and

SEE PAGE 4

suggested: “I suspect they only put that out there to try and raise funds on the stock market.”

Emphasising that he was giving his personal views, he added of any BPC renewal application: “I’m not going to be very sympathetic towards it, but that’s not my call..... I would have rolled them out long time. We wouldn’t have been down the road talking about this.”

Mr Ferreira’s comments imply that the question of whether to renew BPC’s licences, should an application be made, will be decided by the Prime Minister and Cabinet collectively.

He had previously

not wanted to renew the licences BPC employed to drill its Perseverance One exploratory well in waters 90 miles west of Andros, but was forced to reverse course after receiving legal advice from the Attorney General’s Office.

This concluded that the government, rather than BPC, was responsible for the latter failing to fulfill its licence and well drilling obligations due to the long wait for the new regulatory regime, which ultimately ended when the former Christie administration passed the Petroleum Act

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SENIOR Ministry of Tourism executive yesterday urged the Bahamas to “step up its game” on the COVID19 vaccination roll-out over fears its Caribbean rivals are outpacing it.

Kerry Fountain, the Out Islands Promotion Board’s executive director, told Tribune Business he had just attended a Bahamas Hotel and Tourism Association (BHTA) meeting where it was revealed that more than 60 percent of hotel workers in Turks & Caicos have already been vaccinated against the virus.

Some 30 percent of the total population in The Bahamas’ immediate southern neighbour have also been inoculated against COVID-19, while Barbados media reported five days ago that more than 60,000 persons - over 20 percent of its population - have also received their jabs.

Ed Fields, deputy chair of the National COVID-19 Vaccine Consultative Committee, yesterday said more than 5,000 Bahamians and residents have received their Oxford-AstraZeneca vaccine to-date, but as a proportion of the country’s total 400,000-strong population it pales in comparison to the likes of Turks & Caicos and Barbados.

The extent to which the local population is vaccinated will likely be a key factor determining which destinations travellers choose to visit, COVID-19 and Mr Fountain voiced concern that The Bahamas may be placed at a competitive disadvantage in tourism’s rebound if rivals remain ahead in this area.

Calling for “all hands on

deck” over the COVID-19 vaccine roll-out, he told this newspaper: “What remains a challenge for us, and not just in the Family Islands but throughout the island of The Bahamas, is acceptance of the vaccine and then the distribution of the vaccine.

“When I say challenges with the vaccine, it’s not just putting it in folks’ arms, but encouraging people to want to take the vaccine. I was on a BHTA call today, and Stacy Cox from the Turks & Caicos Islands reported that 60 percent of their hotel workers received the vaccine and 30 percent of the population received the vaccine.

“Those are big numbers, even though their population is much smaller. Sixty percent is 60 percent and 30 percent-plus is 30 percent.

We received our first vaccines about two weeks’ ago, some 20,000 shots, but up to this weekend only 1,500 persons had received them,” Mr Fountain continued.

“That number will have changed [to 5,000 now] but you’d think that if we get 20,000 vaccines in The Bahamas two to three weeks’ ago all would be gone by now. We have a challenge convincing Bahamians of qualifying age to take the vaccine and we need to step up our efforts in that regard.”

The first 20,000 vaccine shots were supplied by India, and The Bahamas is still awaiting to receive some 33,600 doses - out of 100,000 ordered - of the OxfordAstraZeneca vaccine from the Pan Health Organisation’s (PAHO) COVAX facility.

Those 120,000 total shots, though, are still way short of the likely 280,000 needed for The Bahamas to meet the so-called “herd immunity”

SEE PAGE 5

PAGE 2, Friday, March 26, 2021

THE TRIBUNE

MINISTER HAILS ‘FUTURE OF REVENUE COLLECTION’ A CABINET minister yesterday hailed the Bahamian court system’s integration of the government’s digital payments platform as “the future of revenue collection” across the public sector.

Kwasi Thompson, minister of state for finance, said the judiciary’s embrace of the DigiPay platform has for the first time enabled attorneys and parties to court actions to make payments via credit and debit card in the magistrate’s court, Supreme Court and Court of Appeal with effect from March 15.

The platform, which is to be expanded to facilitate cashless transactions across all government agencies, will also facilitate payment

by Sand Dollars as the Central Bank continues to roll-out the Bahamian digital currency, he added.

Mr Thompson, celebrating its official launch, said: “Without a doubt, DigiPay is the future of revenue collection for the Bahamas government. It is another major milestone on our journey towards a digital Bahamas.

“As the government streamlines its financial

processes, DigiPay’s ability to record revenue in real-time into the Treasury Financial Management System increases accountability and transparency in reporting of government revenue.

“DigiPay’s ability to record transactions in the accounting ledger of The Bahamas’ government facilitates ease of reporting and reconciliation to align government revenue streams with best practices.”

As to the benefits for private sector and the public, Mr Thompson added: “The DigiPay payment platform facilitates ease of doing business where clients have three options of payment for government services online payments, payments

in agency or payment at a third party vendor.

“Long lines for obtaining government services are being eliminated by DigiPay’s flexibility with payment options. It seeks to make doing business with the government faster and easier.” He suggested that this improved efficiency and convenience will also provided a sorely-needed boost to tax revenues by encouraging persons and businesses to pay what is due to the government.

“As the economy continues to rebound, revenue collection is a critical component for the government,” Mr Thompson said. “The DigiPay platform and ease of payment for citizens will allow for increased flow of

revenue streams as clients will have less wait times, shorter lines and online payment access. These benefits will encourage citizens to engage in more timely revenue generating services for the government.”

Mr Thompson said DigiPay’s roll-out across different government agencies was already paying dividends. “The Department of Immigration was the first institution to go completely cashless via the DigiPay platform in October of last year,” he added. “Since then it has seen a steady flow of revenue with over 23,812 payments transacted over the new system as of March 24, 2021.

Disclosing that the government plans to place 200 public services, and associated payments, online over a five-year period, Mr Thompson continued: “DigiPay has been used to facilitate online payments for the government’s My Services pilot programme, under which citizens can apply and pay for a range of government services online, including driver’s licence renewals and birth, marriage and death certificates.

“Bahamians can finally

UN FOOD SUMMIT TO AID BAHAMAS’ REFORM PLANS

shown the fragility and inequalities of our food systems, and underscored the urgency to make them more sustainable, inclusive and resilient.”

Mr Pintard said the goal of the UN’s Food Systems Summit is to transform the way the world thinks about foods within the context of the 2030 Agenda for sustainable development, and to meet the challenge of poverty, food security, malnutrition, population growth, climate change and natural resource degradation.

The summit will bring together persons from science, business, policy, health care and academia, as well as farmers, fishermen, youth organisations,

consumer groups, environmental activists and other stakeholders.

Mr Pintard said The Bahamas’ participation in the Food Systems Summit coincides with the ministry’s development of a five-year strategic plan focused on better serving communities while building capacities throughout the country’s food value chain.

“Based on current initiatives such as the backyard gardening and chicken-layer production programmes, as well as other work with partners, our efforts are in alignment with the action tracks outlined by the UN,” he added.

“A few shared focus areas include making

A CABINET minister yesterday said an upcoming United Nations (UN) food summit is timely as The Bahamas embarks on a five-year action plan to revive its agriculture sector.

Michael Pintard, minister of agriculture and marine resources, said the UN secretary-General will convene a Global Food Systems Summit in September 2021 as part of its “Decade of Action” towards achieving the Sustainable Development Goals (SDGs).

“There is the increasing

FROM left: Marlon Johnson, financial secretary and Brian Moree QC, chief justice, with colleagues.

recognition that transforming our food systems must be central in our efforts to achieve the SDGs by 2030, thereby accelerating the collective action for achieving a diversified economy.

When we speak of ‘food systems’ we are referring to the constellation of activities involved in producing, processing, transporting, consuming and disposing of food,” Mr Pintard said.

“These activities are cross-cutting and integrate, throughout our ministries, industries and sectors. The COVID-19 pandemic has

avoid the hassle of going to government offices to stand on long lines. Instead, they can opt to receive the same services from the comfort of their homes. In the very near future, DigiPay will be available to the Port Department, the Department of Inland Revenue for real property tax collection, the Customs Department, the Road Traffic Department, the Registrar General’s Department, the Department of Labour and the Royal Bahamas Police Force.

“As part of the government’s ongoing digitisation efforts to increase the ease of doing business in The Bahamas, the Digital Transformation Unit will release an additional three services on the online portal mypilotservices.gov.bs on Monday, March 29. These include the application for the police character reference, renewal of the gun licence and the renewal of the ePassport.”

Mr Thompson said that since the pilot initiative was launched more than 2,000 Bahamians have been able to register and request certified copies of documents.

He added that by midApril, housing applications,

driver’s licence renewals and permits, and deeds and documents, post box rentals and applications for new post boxes will be released online.

Sir Brian Moree, the chief justice, said debit and credit cards can now be used to pay fees associated with filing court documents; obtaining hearing transcripts and certified court documents; and fines for traffic tickets, breaches of curfews and the cancellation of warrants.

“DigiPay is a significant upgrade of the court’s service platform as we in the judiciary seek to improve our business processes to bring them in line with the expectations of court users,” Sir Brian said.

“We want the business dealings with the courts, and the use of our public access points, to be comparable with competitive standards in the private sector where members of the public are not inconvenienced or frustrated by inefficiencies, poor service and outdated business practices.”

Sir Brian added that the judiciary was in talks with the Ministry of Finance to extend DigiPay to Grand Bahama and Abaco courts.

nutritious foods more available, affordable and safer; protecting our natural ecosystems from environmental and human degradation; enhancing food production through climate-smart technologies; and improving the ease of doing business in the agriculture and marine sectors through finance opportunities and small business mentorship programmes.”

Mr Pintard said these issues will be discussed in so-called Food Systems Dialogues that will be held globally, nationally and locally within the various islands’ communities.

He explained that this initiative aims to bring together a diverse

group of stakeholders to collaborate in developing a sustainable Bahamian food system. The first National Food Systems Dialogue will be held on April 15.

Mr Pintard said: “We are reminded that the Food Systems Summit is a ‘People’s Summit’, and it is encouraged to host independent dialogues within your communities to discuss how each one can be involved in providing innovative and transformative solutions for an improved Bahamian food system.

“We have a team available to assist groups and organisations with the co-ordination of the independent dialogues as we prepare for the summit in September.”

THE TRIBUNE

Friday, March 26, 2021, PAGE 3

Port Lucaya awaits resort sale take-off

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ROMAULD FERREIRA, minister of the environment and housing, participated in a virtual meeting yesterday with the media to discuss the recently-passed Biological Resources and Traditional Knowledge Protection and Sustainable Use Act 2020.

Photo: Ulric Woodside/BIS

ACT TO PREVENT NATURAL RESOURCE EXPLOITATION A CABINET minister yesterday said recently-passed legislation will prevent foreigners from exploiting this nation’s biological resources without The Bahamas earning anything in return.

Romauld Ferreira, minister of the environment and housing, and Rochelle Newbold, director of environmental planning and protection (DEPP), said this was the major factor driving passage of the Biological Resources and Traditional Knowledge Protection and Sustainable Use Act 2020.

They added that the new Act protects the nation’s natural resources, and will ensure that its natural assets will no longer be exploited by foreign interests. Mr Ferreira said it will ensure Bahamians

are not not disenfranchised by persons who, as has happened in the past, exploit Bahamian natural resources under the guise of research and other reasons.

He added: “For too long our country’s resources have been exploited, and we can no longer allow that to happen. We are aware that this undertaking will involve ‘buy in’ from everyone in Bahamian society, as a cross-section of society will need to partner together to ensure its success.”

The Act brings in a new management regime for The Bahamas’ natural resources. It will ensure that biodiversity-rich countries obtain a fair share of benefits arising from use of their genetic resources.

Mrs Newbold said the Act is targeted at foreign

interests who take advantage of The Bahamas’ natural resources, then go on to benefit from their research while never sharing those benefits with this nation. She warned Bahamians to be vigilant, especially when they are conducting tours with researchers, who claim to be ‘visitors’.

“We have to be good stewards of our country’s resources and not allow others to take advantage of us. Even though you may have a boat and are taking the researcher around to conduct their study, you must pay attention and report any suspicious activity that you see. This is our country and we need to protect it for ourselves, and for future generations,” Mrs Newbold said.

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BUSINESSES in Freeport’s Port Lucaya Marketplace yesterday said they are waiting to see if the Grand Lucayan’s re-opening provides any spin-off boost amid expectations its sale will have more impact.

Heather Lewis, general manager of The Copier Ltd, told Tribune Business it was too to determine how the resort’s return will impact her businesses and others in the marketplace.

She said: “They had their soft opening the other day to my understanding, right?

So it’s officially the first day.

So, no, we haven’t had any spin off from that as yet. I hope this would bring us some much-needed success.

Grand Bahama has been depressed for the last 20 years.

“It’s a wait and see. Coming off of Hurricane Dorian, and now dealing with COVID-19, most people are still focused on health issues right now.”

Paul Brown, co-owner of Island Yogurt, was a little more sceptical about the resort’s opening, saying: “I’m not sure how successful it’s going to be. It’s being run by the government.

They’re doing what they can just to try and generate some revenues. The ultimate prize is to get Royal Caribbean in and then can get all of the renovations done, and get it operating to full capacity.”

The Royal Caribbean/ ITM Group joint venture signed the agreement to purchase the Grand Lucayan for $65m in March 2020, only for the deal’s closing to be disrupted by the pandemic. Dionisio D’Aguilar, minister of tourism and aviation, has frequently said in recent weeks that negotiations are “on the cusp” of being completed, although

the deal is likely to look different from the original version.

Multiple sources suggested that Royal Caribbean/ITM have used COVID-19’s impact to water down the terms to the extent where the Grand Lucayan is something of a secondary feature. The joint venture also has to close negotiations with the Hutchison Whampoa-led Freeport Harbour Company over the associated cruise port and water-based adventure park development.

Mr Brown added: “Until this COVID-19 thing is sorted out, I don’t see the impact. I guess they’re just doing what they can to kickstart the economy. But we’re all looking forward to Royal Caribbean because they’re going to develop the whole strip.”

Sidney Pratt, general manager of the Glass Blower Shop, said the Grand Lucayan’s reopening is “good” and the start of something. But he was careful not to be too optimistic, instead voicing hope within it “creeps back to 30 percent” occupancy within the next few months.

Mr Pratt added that the Grand Lucayan “really hasn’t been doing that much” to drive business towards his store, estimating that 25 percent of his sales came from the hotel’s guests prior to its closure.

“I more depend on the cruise ships first, and the Grand Lucayan second, and then Bahamians,” said Mr Pratt. “It’s a mixture of all types that come into my store, with flights coming in and different hotels on the island.”

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 4, Friday, March 26, 2021

THE TRIBUNE

PLP deputy reaffirms $400m passenger spend 30% renewable pledge rise targeted by port chief

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE opposition’s deputy leader yesterday pledged his party’s commitment to the National Energy Policy (NEP) target of generating 30 percent of the country’s energy from renewable sources by 2030.

Chester Cooper, also the Progressive Liberal Party’s (PLP) finance spokesmen, told Tribune Business the party will “reflect” on the NEP as the way forward for increasing renewable energy penetration in The Bahamas if it assumes office following the next general election.

The NEP, which was published by the former Christie administration in 2013, laid out six key areas that The Bahamas should focus on. These included diversification of fuel supply; modernising the energy infrastructure; the development of renewable energy, inclusive of biofuels, solar and ocean energy;

FROM PAGE ONE

CHESTER COOPER energy conservation and efficiency; the development of a comprehensive regulatory framework; and promoting eco-efficiency in the manufacturing, agricultural and tourism sectors.

Mr Cooper said returning to the NEP will be the “first step” in ensuring The Bahamas can meet its energy commitments and international obligations on

climate change initiatives.

He added: “Our economic plan calls for The Bahamas to have in place a minimum reliance on renewable energy of 30 percent by the year 2030.

So we’re looking forward to partnering with Bahamians who want to be a part of the revolution in bringing solar power to our country.”

Mr Cooper also doubled down on his party’s earlier pledge to invest $50m in Bahamian entrepreneurs, amounting to $250m over five years. He said much of this will go towards entrepreneurs who can “innovate” and be “ready to create jobs” for a 21st century economy. This mirrors the commitment already made by the Minnis administration, which has promised to invest exactly the same sum.

Pointing to earlier commitments on renewable energy initiatives, Mr Cooper said: “In 2016, under the PLP government, the Ministry of Fnance ran a successful pilot programme using electric vehicles. We need to expand the fleet of electric vehicles used by the government and have our offices and our government facilities to rely on solar power as well.”

cruise visitor to Nassau/ Paradise Island climbed to $92.48.” Amid all the fanfare surrounding Royal Caribbean and Crystal Cruises’ decision to home port in The Bahamas, this data illustrates the scale of the task downtown Nassau and other cruise-reliant ventures face to increase yields to sustainable levels once the industry resumes sailing from Florida.

Mr Maura, acknowledging that it “will collectively take all of us a few years” to increase Nassau/Paradise Island’s annual cruise visitors to 4m passengers, and more than double present per capita spending yields by $100, said Nassau Cruise Port’s $250m transformation is designed as the “catalyst” that will spark an improvement in Bay Street’s product offering.

Agreeing that Nassau needs “to freshen up”, and offer cruise passengers many of whom will have been to the Bahamian capital before - “something new and interesting”, Mr Maura said the redeveloped cruise port’s focus on local culture, history, food and entertainment will help achieve this while also enticing local residents back downtown at night.

He revealed that the number of cruise ships wanting to “overnight” in Nassau in 2022 was “ten times” what the cruise port had enjoyed in any previous year, which he attributed to the value being added by the cruise port’s redevelopment, although the comparison is likely to be a relatively low bar.

“I think that is one of the justifications for the port’s redevelopment,” Mr Maura told Tribune Business of the Ministry of Tourism’s data. “What I mean by that is Nassau as a destination has been competing with St Maarten, where the reported passenger spend was getting close to $200 per passenger, and the US Virgin Islands, which was over $150-$170 per passenger.

“We felt one of the reasons a transformation was required for Nassau’s harbour and cruise facility was that we kind of need to freshen up, and offer those passengers something new and interesting. We had to have a reason for those passengers to come to Nassau, a

NASSAU Cruise Port. reason for those passengers to come off the ship, and a reason for those passengers to spend their money.

“Nassau Cruise Port is a catalyst for property owners and business owners on Bay Street to invest in their businesses and keep pace with the brand new facility that the port will be in a year’s time. We do believe that collectively as a destination we can get more from those passengers and, more importantly, those passengers get more value from us through the investments we’re making.”

The Ministry of Tourism report was silent on how many cruise passengers remain on board their vessels while docked in Nassau, concentrating only on those that disembarked and the 10.3 percent increase in total spending in the Bahamian capital to $325.78m in 2019. Most of that latter figure was lost in 2020 due to the cruise industry’s nine-month shutdown from mid-March.

Mr Maura, meanwhile, said the Nassau Cruise Port would work with the wider tourism industry to more than double passenger spend. “Our objective is to encourage every passenger to spend $100 more than they’ve historically spent, which will get is closer to what those ports in St Maarten and St Thomas have enjoyed.

“If we are successful, what that means as a destination once we get close to 4m passengers per year, that’s a $400m increase in spending per year. That’s our goal, but I think it will take a few years. We’ve got to get the port completed and we have to support our partners downtown.

“This is very much a downtown community effort. The $400m a year increase is not $400m for the Nassau Cruise Port. That’s $400m disbursed over New Providence; money spent with tour and excursion operators; money spent with

Consumer watchdog seeking ‘more teeth’ FROM PAGE ONE

effectively disposing of its cases,” Mr Foulkes wrote.

“The much-needed amendments to the enabling legislation and introduction of accompanying regulations that I touted in last year’s report remain outstanding.

“When a consumer lodges a formal complaint with the commission, they are primarily concerned with obtaining timely and effective redress.

Now in its fourth year, this along with consumer education must of necessity be the primary focus moving forward.”

Mr Foulkes said the commission had managed to close 60.9 percent, or 14 of the 23 complaints reported to it during the 12 months to

end-March 2020. That compared to 48.7 percent, or 19 of 39 cases, that were registered in the 2019 annual report.

Philip J Beneby, the commission’s chairman, yesterday called for it to have “more teeth” is seeking the creation of a Consumer Protection Tribunal so his Board can adjudicate matters before them.

He told Tribune Business the Consumer Protection Act amendments have been drafted, and are now with the Attorney General’s Office. Changes related to the elimination of the Bahamian one cent coin, and price rounding, together with the regulations are also being reviewed.

Mr Beneby said a key change will align the commission’s financial

retailers; money spend with restaurants. That money will be disbursed throughout the community.”

Nassau attracted 3.425m cruise passengers by first and second port of entry in 2019 pre-COVID, so it still has some way to go before it hits the 4m goal cited by Mr Maura even with home porting and the increase in cruise line fleets set to come in stream in the next few years once the pandemic recedes.

Mr Maura said Nassau Cruise Port’s upgrade is focused on “this theme of authentically Bahamian”, and supporting “unique” products and services offered by others that “can only be found in The Bahamas”.

Noting the planned Junkanoo museum, he added: “We’re going to do our part.

Entertainment is also a big part. We have the amphitheatre, and the amphitheatre is really going to be a platform for Bahamian artists and an opportunity for The Bahamas to showcase its Bahamian authenticity.

“We really want to create an exciting and enjoyable destination, especially at night, to get people to come downtown at night.

By doing this, it will help merchants and vendors downtown and give them confidence to reinvest in their businesses and reinvest in downtown.”

Mr Maura said the cruise ships had reacted positively to Nassau Cruise Port’s plans, adding: “For the first time, the number of ships that want to overnight and have requested such a stay is ten times’ what has happened historically in any given year. We’re seeing it for 2022.

“The cruise lines themselves see this downtown waterfront project as justification and reason their guests want to stay overnight. This is very positive news, but we have to get those ships back in port.” year-end with that of the government’s to ensure it does not run out of funding. He said: “The year end for us is March and government is in June. We want to realign ours to June, because we always get a shortage because we have three month’s before the year-end.

“We want to highlight consumer protection and recommend the Act to have more teeth. We have cases before us now that we have to refer to the Attorney General’s Office office for enforcement. We want to be able to have more teeth with respect to these cases, so we are pushing for a Tribunal at the commission.”

Morgan Gilbert, the commission’s executive director, said the changes to the Act and price rounding legislation are set to be “tabled soon” in the House of Assembly.

She added that it is “a very extensive revamp of the Act” which had been delayed by the COVID-19 pandemic.

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THE TRIBUNE

Friday, March 26, 2021, PAGE 5

Tourism chief: ‘Step up our game’ over vaccination roll-out FROM PAGE ONE threshold of having 70-80 percent of its population vaccinated against COVID-19.

Dionisio D’Aguilar, minister of tourism and aviation, recently argued that tourism industry workers should be “prioritised” to receive the COVID-19 vaccine as it will help create the impression among travellers that The Bahamas is a relatively virus-free nation thereby helping to spark the sector’s revival and that of the wider economy.

Echoing these sentiments, Mr Fountain said The Bahamas has little time to waste if it is to establish a competitive advantage on tourism’s rebound given that the US - from which it draws more than 80 percent of its visitors - could achieve ‘herd immunity’ by mid-July and be in a position to resume mass travel.

“Consumers are not just shopping for great beaches and beautiful waters.

They’re shopping for destinations with great beaches, beautiful waters and those that can show every day they’re getting more and more vaccinated,” Mr Fountain told Tribune Business.

“After today’s BHTA meeting, it does raise an eyebrow when you know how many vaccines have been received by Barbados or a small nation like Turks & Caicos.” Acknowledging that the Prime Minister has confirmed more vaccines are due to arrive in The Bahamas shortly, he noted this nation’s proximity to the US which has been inoculating persons at the rate of 2m-3m per day.

Questioning if The Bahamas has “reached out” to the US for increased supplies, Mr Fountain said: “I’m not talking 20,000 vaccines in cold storage; I’m talking more than 20,000 vaccines administered. That’s a challenge we need to embrace.

“We need to get more of our influencers involved in selling the idea it’s OK to take the vaccine. There’s the leaders in the religious community, the health arena, politicians, athletes, the likes of ‘Sawyer Boy. We need all hands on deck. We also need some of our union leaders to step up and speak to their members.

“The fact is by mid-July at this pace 70 percent of the adult population will have received the vaccine, and by mid-September 85 percent of the US adult population will have received the vaccine. If you’re talking about them having herd immunity by mid-July, early September we need to step up” and ensure The Bahamas is sufficiently vaccinated in time for the ramp up in travel.

Mr Fountain said The Bahamas needed to “now start having discussions” on when, and how, it will revise its COVID-19 health travel protocols as its major tourist source markets start to move towards herd immunity and resume mass travel.

Warning that such talks cannot be held “in isolation”, and required the involvement of all health and tourism industry professionals, he asked: “Are we going to require a vaccine passport and, if not, a vaccine passport, what is the protocol?

The US is going to have herd immunity in a few months.

What is our travel policy?

Do people still need to get tested and have a health visa before they come?”

The Bahamas’ COVID-19 vaccine roll-out will be more difficult logistically than for more many other nations because of its multi-island nature, and Mr Fountain said he is still awaiting details on how it will be distributed in the Family Islands.

He backed arguments

by Renward Wells, minister of health, that the relatively small populations - especially in the southern Bahamas - meant it made more sense for entire islands to be inoculated at one time rather than by age group as is happening in New Providence.

“If you vaccinate everybody it provides that destination with an advantage,” Mr Fountain explained. “You don’t have to worry about someone coming down with COVID19 and then have to fly them to Nassau in an emergency.

“That’s a good health reason for business. In some of the southern islands you can plant a flag like they do on the moon and say the population is 100 percent vaccinated; tourists are free to roam. It gives those islands a competitive advantage.”

To advertise in The Tribune, contact 502-2394

PAGE 6, Friday, March 26, 2021

THE TRIBUNE

Doubling China freight rates hitting local firms FROM PAGE ONE

previously, but had to pay $12,000 for those - a $4,500 increase. That situation is easing now. We’ve landed containers since then and the rates have gone down significantly.

“It was really based on a backlog of containers. We paid a premium just to guarantee those containers. That was about three-and-a-half weeks ago and the rates have come down significantly since then to a little less than $10,000. I would say by May to June that will return to normal. It’s a situation that was kind of temporary.”

Another Bahamian retail source, speaking on

condition of anonymity, said the container shortage and supply chain backlog was affecting the entire world and not just The Bahamas.

“Everything got shut down so the freight got stacked at the ports,” they said.

“There’s a backlog in shipping, and they’re trying to solve it, but if you want timely delivery of goods from China the rate has increased.”

Mr Watson, meanwhile, said he was now monitoring projected price hikes of up to 50 percent in raw materials prices that will impact him directly by increasing tyre costs. “We will start to see more of that in the coming months,” he added.

“Everybody’s starting to be affected by that now. The

raw material price increases are starting to take hold.

“We’re going to have to look out for that in the next couple of months, and in the next couple of months I hear US suppliers are increasing their prices by ten to 15 percent, but the raw material price for tyres from China will take a big hike.”

Mr Watson said whether that results in price increases for Bahamian consumers will depend on how like the raw material cost rises are sustained. He added that AID would be able to absorb most of it for three to four months, but anything that was “indefinite or for a long period of time we’ll have to pass on”.

Andrew Wilson, QBC’s (Quality Business Centre) principal, told Tribune Business he had seen similar trends to Mr Watson. “The freight cost from China has probably doubled,” he said, adding that this had taken effect from the New Year.

“There’s a big backlog in trade. We’ve seen the cost of shipping containers rise from an average of $6,000-$7,000 per container to $11,000-$13,000 per container. That’s the last price I paid for a couple of containers from China seven to eight weeks ago.”

However, Mr Wilson said his ability to source product direct from China and bypass US middlemen meant he had been able to offset the rise in freight costs, and “at the end of the day we’re still in a better position in terms of cost than we would have been buying those products out of the US. “I understand it’s going to be like this for a while because of the disruption of supply chains with COVID19. A lot of shipping built up in Japan and China,” Mr Wilson said.

Christopher Lleida, Premier Importers chief executive, told Tribune Business that containers

NOTICE NOTICE is hereby given that ROMELLO MICHAEL ALEXIS, of Maple 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 19th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

being left in the US and not returning to China has created shipping delays for building materials.

He said: “I know that there are some issues in the US, but that has to do with containers as much as anything else. From what I understand, the ocean rate between the US and China has tripled.

“So where traditionally cargo would have been offloaded and then US exports would have been loaded on to head back to China, the cargo companies are finding they are making more money just discharging in the ports and then returning empty to take on another load.”

This practice is leaving containers in the US empty, and shipping companies in China with no containers to ship goods to the rest of the world. Mr Lleida added: “The trans-Pacific and trans-Atlantic type cargo vessels have these massive amounts of containers. They used to get $2,000 per containers, now they’re getting somewhere between $6,000 and $7,000 per container.

“So, they’re able to offload their cargo and then

head back empty, reload and return. This is more profitable for them to do that.”

Mark Roberts, principal of FYP Builders Mall, said that while he does not buy goods directly from China, he has noticed challenges with shipping and freight from Asia and the impact it is having on US suppliers.

Mr Roberts said: “We’ve noticed with our US suppliers that there has been some price increases and some delays, just a little slower than usual. They have been telling me there is a shortage of containers. There has been some supply chain issues with getting trucking companies.”

“A lot of cargo clears in Los Angeles and they’re claiming that they’re having difficulty getting it across to the east coast on rail and by truck.”

Mr Roberts expects the current high prices for building materials to “remain”, adding: “In this case, I think they are going to stay up. The population doesn’t stop, we all need more houses, we all make babies. That’s the way it’s going to go.”

To advertise in The Tribune, contact 502-2394 LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

In Voluntary Liquidation

NOTICE ALBERTA INVEST & TRADE LIMITED In Voluntary Liquidation

AMBERLEY BUSINESS LIMITED

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, NEPTUNE BUSINESS ASSOCIATED LIMITED is in dissolution as of March 23, 2021

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ALBERTA INVEST & TRADE LIMITED is in dissolution as of March 23, 2021

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, AMBERLEY BUSINESS LIMITED is in dissolution as of March 23, 2021

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

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

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

L I QU I D A T O R ______________________

L I QU I D A T O R ______________________

LIQUIDATOR ______________________

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NEPTUNE BUSINESS ASSOCIATED LIMITED

NOTICE ABINGER INVEST & TRADE LIMITED In Voluntary Liquidation

NOTICE

MIRACOLE BUSINESS LIMITED In Voluntary Liquidation

NOTICE

In Voluntary Liquidation

NOTICE JASPER INVEST & TRADE LIMITED In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ABINGER INVEST & TRADE LIMITED is in dissolution as of March 23, 2021

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MIRACOLE BUSINESS LIMITED is in dissolution as of March 23, 2021

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, JASPER INVEST & TRADE LIMITED is in dissolution as of March 23, 2021

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

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

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

L I QU I D A T O R ______________________

LIQUIDATOR ______________________

L I QU I D A T O R ______________________

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

EDGEWATER BUSINESS LIMITED

GOLDEN DRAGON BUSINESS LIMITED

In Voluntary Liquidation

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, EDGEWATER BUSINESS LIMITED is in dissolution as of March 23,2021

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GOLDEN DRAGON BUSINESS LIMITED is in dissolution as of March 23, 2021

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

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

LIQUIDATOR ______________________

LIQUIDATOR ______________________

THE TRIBUNE

Friday, March 26, 2021, PAGE 7

Minister ‘not sympathetic’ to BPC licence renewals FROM PAGE ONE

and accompanying legislation in 2016.

As a result, Mr Ferreira subsequently argued that if the Minnis administration had failed to extend BPC it would have been “on the hook for hundreds of millions of dollars”, which would have further endangered The Bahamas’ already-struggling credit rating.

Suggesting BPC’s licences and agreements were legally watertight, and could not be broken without inflicting a further substantial cost on already-strained Bahamian taxpayers, Mr Ferreira told the House of Assembly last month that The Bahamas would have faced “far greater” liabilities had the government blocked the well’s drilling.

While BPC fulfilled all its obligations under its existing licences, which included the drilling of that

YOUR

first exploratory well, it is unclear whether the government is still legally bound to honour any renewal application or if it can escape serious financial penalties if this is rejected.

When this was put to him, Mr Ferreira replied: “I meet with my [ministry’s] attorney tomorrow (today) at 9am. I guess we’ll find out.

They advise on all issues of liability and I have to defer to them. Not all legal opinions issued by the Attorney General’s Office I agree with when it relates to the environment. But I stay in my lane.”

However, one wellplaced source, speaking on condition of anonymity, questioned whether the Government could deny BPC’s renewal application given that it had fulfilled all terms and conditions under existing licences that are due to expire on June 30, 2021.

“I don’t think it can arbitrarily be denied,” they

told this newspaper. “That was the argument the government made to the environmentalists; that it was too costly to get out of.”

Despite its Perseverance One well failing to strike commercial quantities, BPC on Wednesday signalled that the drilling data obtained - as well as interest from other companies in partnering with it - had given it sufficient confidence to move forward.

“Since the completion of the drilling of Perseverance One, the company has had discussions with industry counterparties in relation to a potential farm-out of its licences in The Bahamas, and is working to formalise an entirely new farm-out process. Consequently, the company intends to renew the four southern licences in The Bahamas into a third, three-year ‘drill or drop’ exploration period,” BPC said.

“The Perseverance No

1 well did not result in a commercial discovery.

The company is, however, encouraged that the results from the Perseverance One well indicated the presence of hydrocarbons.”

This, together with renewed interest from potential joint venture partners, means BPC is not giving up on or abandoning The Bahamas just yet.

BPC added that its first exploratory well was drilled on a seabed structure that is more than double New Providence’s size, with its licences covering some 3m acres. In effect, Perseverance One represented just one pinprick in a vast area, and the drilling results and data derived from that first well suggest there is the possibility of finding commercial oil quantities nearby.

Suggesting that deeper drilling may be required, BPC’s statement said it was now focused on integrating

Perseverance One’s findings with existing data on its licence areas as well as resuming the search for a joint venture (farm-in) partner to share the financial, technical and operational risks associated with drilling another exploratory well in Bahamian waters.

“Given these technical results, since announcing the results of the well the company has had a number of discussions with industry counterparties in relation to a potential farm-out of the licences, and the company is now working to formalise and launch an entirely new farm-out process via Gneiss Energy,” BPC said.

“The farm-out will seek to introduce a funding and operating partner for the next stage of exploration activity in The Bahamas.

The company is in the final stages of integrating the well information with its historical dataset and expects to commence the farm-out

process upon completing this work in the coming days.

“Concurrent with the farm-out process, the company intends to exercise its right to renew the four southern licences into a third exploration period at the end of the current second exploration period (at the end of June 2021),” BPC continued.

“The third exploration period will last for three years, and will require a further exploration well to be drilled before the period expires, failing which the licences would be forfeited (’drill or drop’).”

The statement further indicates that the oil explorer will likely only drill another exploratory well in The Bahamas if it can secure a joint venture partner to help “monetise” its licence assets and provide some return on the $120m it invested in the run-up to Perseverance One.

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ROMEO JAMAL NEWTON, of #2 Golden Gates, P.O. Box GT 2047 Nassau, Bahamas intend to change my name to ROMEO JAMAL FORBES. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LA’SHANTAE JESSICA CLARKE, of #38 Braemar Circle, South Bahamia, Freeport, Grand Bahama intend to change my name to LA’SHANTAE JESSICA GILBERT. 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 PROFERT MYRTIL , of Wulf 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 19th 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 WIDNY SAINTIL, of 5th 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 19th 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

THURSDAY, 25 MARCH 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1924.93

9.78

%CHANGE

YTD

YTD%

0.51 -167.53

-8.01

(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 6.01 4.07 6.16 12.00 2.75 6.85 10.50 8.44 14.60 4.25 8.97 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 3.42 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 2.75 5.67 9.75 2.64 6.84 10.78 8.40 14.00 3.62 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 4.45 2.83 5.67 9.75 2.68 6.84 10.71 8.40 14.00 3.62 8.35 15.50

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.05) 0.08 0.00 0.00 0.04 0.00 (0.07) 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

1,500 46,825

14,838 700

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

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

VOLUME

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

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

P/E 19.9 34.5 N/M N/M N/M N/M 17.3 -8.1 31.8 15.4 12.6 13.5 26.3 14.6 16.6 11.5 17.2 17.8 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% 4.24% 3.88% 7.38% 16.19% 0.88% 3.06% 2.86% 3.86% 3.31% 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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

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

THE TRIBUNE

Friday, March 26, 2021, PAGE 9

PAGE 10, Friday, March 26, 2021

THE TRIBUNE

STOCKS PULL MOSTLY HIGHER, SHAKING OFF SOME EARLY WOBBLES Associated Press STOCKS regained their footing after an early slide and closed broadly higher yesterday, led by gains in financial and industrial companies.

The S&P 500 rose 0.5% after having been down 0.9% in the early going. The gain is the benchmark index’s first in three days after a recent stretch of back-and-forth trading the last few weeks. Even so, the S&P 500 was still on track for a small weekly loss.

Banks and industrial companies powered much of the market’s late-afternoon turnaround, offsetting weakness in Microsoft, Netflix, Facebook and other Big Tech stocks.

Treasury yields initially eased, then edged higher following encouraging reports on weekly jobless claims and fourth-quarter US economic growth.

Investors have been moving money away from expensive tech stocks as part of a broader shift to stocks tied more closely to economic growth. There’s a good chance the recovery could be surprisingly strong with little interference from the Federal Reserve, said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management.

“There is a very clear message that the Fed is going to sit back and let the economy

grow at a hotter rate because their number one priority is unemployment,” he said. “That means there’s a good chance the economy overshoots.”

The S&P 500 rose 20.38 points to 3,909.52. The Dow Jones Industrial Average gained 199.42 points, or 0.6%, to 32,619.48. The index had been down more than 348 points.

The tech-heavy Nasdaq composite had been down 1.4% before clawing back 15.79 points, or 0.1%, to 12,977.68. The Russell 2000 index of smaller stocks outdid the rest of the market, climbing 48.86 points, or 2.3%, to 2,183.12.

The market has been mostly tumbling in place recently, with support for stocks coming from expectations that the economy will soar soon thanks to COVID-19 vaccinations and huge amounts of spending

by Washington. A quick rise in interest rates has undercut stocks at the same time, though.

Yields in the Treasury market rose yesterday, but at a modest pace after the ten-year yield spiked above 1.70% last week, its highest level since before the pandemic started. The ten-year Treasury yield, which helps set rates for all kinds of loans, rose to 1.63%, from 1.61%

late on Wednesday.

The Labor Department said the number of workers filing for unemployment benefits eased to its lowest level since before the pandemic erupted a year ago.

Another report said the US economy grew at a faster pace at the end of 2020 than earlier estimated.

Moves in Treasury yields have been a major reason for the swings in the stock market in recent weeks.

When bonds pay more in interest, they make investors less willing to pay high prices for stocks. Businesses that are asking investors to wait many years for their big profits to begin rolling in are affected

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 66° F/19° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

Breezy in the morning; mostly sunny

Partly cloudy

Breezy in the morning; mostly sunny

Breezy in the a.m.; sunshine, nice

Sunny to partly cloudy and nice

Breezy in the morning; sunshine

High: 84°

Low: 72°

High: 83° Low: 71°

High: 83° Low: 71°

High: 83° Low: 71°

High: 82° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

90° F

72° F

88°-70° F

89°-71° F

91°-72° 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

W

ABACO

S

N

High: 80° F/27° C Low: 73° F/23° C

7-14 knots

S

High: 86° F/30° C Low: 72° F/22° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 74° F/23° C

E

W S

E

W

WEST PALM BEACH

N

| Go to AccuWeather.com

TONIGHT

High: 84° F/29° C Low: 70° F/21° C

High: 81° F/27° C Low: 70° F/21° C

MIAMI

High: 86° F/30° C Low: 74° F/23° C

7-14 knots

KEY WEST

High: 84° F/29° C Low: 76° F/24° C

High: 84° F/29° C Low: 72° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 82° F/28° C Low: 74° F/23° C

N

uV inDex toDay

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Wednesday 10:34 a.m.

11:05 p.m.

2.8 3.3

4:37 a.m. -0.7 4:45 p.m. -0.8

Thursday

2.7 -----

5:31 a.m. -0.5 5:36 p.m. -0.6

11:25 a.m.

-----

sun anD moon Sunrise Sunset

7:08 a.m.

7:24 p.m.

Moonrise Moonset

5:27 p.m.

5:52 a.m.

Full

Last

New

First

Mar. 28

Apr. 4

Apr. 11

Apr. 20

CAT ISLAND

E

W

High: 82° F/28° C Low: 74° F/23° C

N

S

E

W

7-14 knots

S

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 70° F/21° C Normal high ....................................... 80° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.02” Normal year to date ..................................... 4.17”

ELEUTHERA

NASSAU

even more.

Technology stocks have borne the brunt of the pain of higher interest rates, and they’re also among the biggest companies in the market in terms of value.

Big tech stocks swung back and forth in earlier trading and were nearly evenly split within the broader S&P 500 index. Microsoft fell 1.3%, while Hewlett Packard Enterprise rose 3.9%.

Other Big Tech stocks fell.

Netflix dropped 3.4% and Facebook lost 1.2%.

Treasury yields have been broadly rising with expectations for stronger economic growth and the inflation that may accompany it.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 74° F/23° C

High: 81° F/27° C Low: 75° F/24° C

N

High: 83° F/28° C Low: 74° F/23° C

E

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 74° F/23° C

8-16 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: 74° F/23° C

GREAT INAGUA High: 84° F/29° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

10-20 knots

10-20 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SE at 7-14 Knots ESE at 7-14 Knots SE at 7-14 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 10-20 Knots ESE at 7-14 Knots E at 8-16 Knots SSE at 6-12 Knots ESE at 6-12 Knots SE at 8-16 Knots E at 8-16 Knots NE at 10-20 Knots ENE at 10-20 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots ESE at 6-12 Knots E at 7-14 Knots E at 10-20 Knots E at 10-20 Knots SE at 8-16 Knots E at 8-16 Knots

WAVES 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-5 Feet 3-5 Feet 3-6 Feet 3-5 Feet 3-5 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-5 Feet 3-5 Feet 3-5 Feet 3-6 Feet 4-7 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-6 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 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 79° F 80° F 78° F 78° F 79° F 79° F 81° F 79° F 78° F 79° F 79° F 79° F 80° F 80° F 79° F 79° F 78° F 78° F 81° F 81° F 79° F 79° F 78° F 78° F