03272020 BUSINESS

business@tribunemedia.net

FRIDAY, MARCH 27, 2020

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Bahamas left facing ‘God awful situation’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PROMINENT Bahamian businessmanyesterday urged the government not to implement an overly-huge economic stimulus package or open the economy too soon in the battle against COVID-19.

Sir Franklyn Wilson told Tribune Business that The Bahamas simply cannot afford to copy the US by throwing hundreds of millions, or even billions, of dollars at propping up the economy because it would ultimately create devaluation pressures by

• Mega bail-out carries devaluation, reserves threat • ‘Serious consequences’ if Treasury not protected • Sir Franklyn’s ‘shooting ourselves in foot’ warning

SIR FRANKLYN WILSON

undermining the one:one fixed exchange rate peg with the Bahamian dollar.

The Arawak Homes chairman also warned that opening up certain sectors of the Bahamian economy, amid the escalating COVID19 threat, would be futile unless the pandemic was extinguished and both Atlantis and Baha Mar were able to re-open with “high occupancy levels�.

Speaking as the number of confirmed COVID-19 cases

in The Bahamas jumped to nine yesterday, Sir Franklyn argued that opening back up too soon would be equivalent to “shooting ourselves in the foot� - especially since this nation “does not truly have an economy� without its number one industry, tourism.

He added that “the longterm future of the country is pretty much in the hands� of K Peter Turnquest, deputy

SEE PAGE 4

Lyford Cay Club ‘moves up’ $40m spend amid virus

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters  THE Lyford Cay Club yesterday confirmed it will close at month’s end, and terminate around 150160 staff, as it “moved up� a $40m renovation amid the COVID-19 pandemic.

The exclusive western New Providence property, in a letter to staff, said the planned closing had been moved up to March 29 from May 8 as a result of the virus. it does not plan to fully re-open until November 2021, and has sent employees notice that their contracts are being terminated.

Graham Hastedt, the Lyford Cay Club ‘s managing director, told staff in the letter: “In the almost 61 years since Lyford Cay Club opened its doors, we

• To terminate around 150-160 staff • Aiming to re-open November 2021 • RIU latest resort to unveil closure have experienced remarkable success, thanks to our unparalleled, talented and dedicated staff, faithful partners and our remarkable members and guests. “Now, The Bahamas and the rest of the world are faced with a period of unsettling uncertainty. As the global community struggles with the effects of the Coronavirus (COVID-19) pandemic, the safety and welfare of our staff, partners, members, guests and Bahamian citizens are our first priority and, as such, the difficult decision was made to move up the closing date for the renovation from May 8, 2020, to March 29, 2020.â€?

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He promised staff that they will receive financial payouts in line with both the Employment Act and now-expired industrial agreement with the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU). “The weeks ahead are certain to be unsettling and trying, but we hope that these disbursements will help you all care for your families and remain safe, especially during this difficult time in history,�

Mr Hastedt added. “Some Club operations may continue in a limited capacity and require staffing. Other operations may

resume as the emergency regulations are eased, or lifted and the renovation project progresses. “As circumstances return to normal, the club intends to revert to its renovation and operational plans.

At such time, there will likely be opportunities for employment for which we encourage you to apply.�

Darrin Woods, the hotel union’s president, told Tribune Business that around 150-160 employees will be impacted by the Lyford Cay Club’s closure. “They were supposed to close for renovations in May but they

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Liquor store blames rivals over govts 24-hour u-turn

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN liquor distributor yesterday accused its rivals of “pressuring� the government to perform a u-turn on its free home delivery service in less than 24 hours.

Gary Sands, Jimmy’s Wines and Spirits general manager, told Tribune Business it was “a huge disappointment� that the government yesterday afternoon revoked the approval it had given just the day before to a launch a brand new service amid the COVID-19 pandemic.

The company, which is the retail arm of the Freeportbased Bahamian Brewery and Beverage Company, had sought to overcome New Providence’s lockdown through a home delivery service that would fulfill orders for a minimum $200 worth of alcohol ordered by phone, What’s App or e-mail. Social media advertising was launched, with at least one promotional flyer obtained by Tribune Business touting a 9am to 4pm service with Busch Light bottles offered at a special price of $35 per case. However, the plans were halted almost as quickly as they were hatched, with Mr Sands alleging that a high-ranking civil servant informed him that competitors lobbies for the approval to be revoked.

That could not be confirmed before press time last night, but Mr Sands the home delivery shutdown had also deprived Jimmy’s and its brewery affiliate of the chance to earn precious revenue that would have helped to pay its 150 staff amid the COVID-19 national lockdown and its continued recovery from millions of dollars worth of damage inflicted by Hurricane Dorian. “It’s kind of expected when there’s uncertainty going on and a lot of

GARY SANDS pressure from external competitors. It is what it is,� he told Tribune Business of the approval revocation. “We got one approval for this on March 23 when they were doing the 9pm to 5am curfew, and a few days later they went to 24 hours. “So we applied again for permission, and got it last night [Wednesday].

We started doing deliveries, but around 2pm this [yesterday] afternoon they sent us a letter revoking the approval.�

Voicing his frustration at the government’s abrupt u-turn, Mr Sands added: “You get it this day, and don’t get it the next day. I feel there was a lot of pressure to the government through our competitors. That’s what he, the permanent secretary in the Prime Minister’s Office, said.� He did not name the “competitors� involved.

David Davis, the permanent secretary in question, could not be reached for comment before press deadline last night. However, additions to the list of businesses to be treated as “essential services�, and exempt from the nationwide lockdown, specifically excluded alcohol when released on Wednesday night.

It stipulated that “groceries and non-alcoholic beverages� could be operated as a mobile delivery service between 9am to 5pm

SEE PAGE 5

Harbour Island’s top employer in ‘heart-break blow’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HARBOUR Island’s “largest employer� yesterday said COVID-19 had dealt it a “heart-breaking blow� following a “stunning�

January where room revenue was up 52 percent year-over-year.

Dean Spychalla, general director for Valentine’s Resort and Marina, told Tribune Business that the global pandemic had struck just as the property appeared to rapidly be digging itself out of the “deep hole� created by negative Hurricane Dorian publicity.

He revealed that Valentine’s had caught up to within two percent of 2019’s revenue levels just “three weeks ago� before COVID19 began the sudden, and immediate, shutdown of the Bahamian and global travel industry.

Confirming that all 100 persons employed by Valentine’s and other businesses on the property have been sent home, apart from a skeleton staff, Mr Spychalla voiced concern that COVID-19’s timing - during the peak winter season of February, March and April - will deprive many tourismrelated businesses of the

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$1.2m debtors hit Superplex payroll

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Fusion Superplex was unable to meet the last staff payroll before the COVID19 lockdown because debtors failed to pay the collective $1.2m they owe, its top executive revealed yesterday.

Carlos Foulkes, its chief executive, told Tribune Business that March revenues were 73 percent down for the half-month it was open compared to what it earned during the same month in 2019.

Explaining the payroll challenge, which was revealed in a letter to the company’s 350-plus staff yesterday, Mr Foulkes said: “We are on a two-week pay cycle, and the payroll was due to start today.

We were anticipating to easily meet it earlier this week, but that has not happened. We have about $1.2m accounts receivables out there, so that was going to be used in part to satisfy payroll. “The payroll was delayed because the companies that

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PAGE 2, Friday, March 27, 2020

THE TRIBUNE

Development Bank in COVID-19 help THE Bahamas Development Bank (BDB) has joined the list of financial institutions offering a three-month loan repayment deferral to clients who are current on their credit facilities.

Unveiling its response to the COVID-19 pandemic, the government-owned lender said that while it expects borrowers to resume making repayments - together with accrued interest - by June 2020, this timeline will potentially have to be reassessed.

“We recognise that significant uncertainty exists regarding the duration of measures to ensure health and safety,” the Development Bank said in a

statement. “The leniency period will therefore be examined on a case-by-case basis.

“Clients who are experiencing reductions in cash flow that may impede the ability to make payments are encouraged to call BDB at 727-2202 or email covid19@bdb.gov.bs to discuss their accounts as soon as possible.”

The Development Bank also encouraged clients facing repayment difficulties to seek assistance from the $20m Business Continuity Loan initiative unveiled by the government. This programme, administered by the Small Business Development Centre (SBDC) through its website at http://

www.accessaccelerator.org, aims to provide capital to successful applicants within five working days.

Acknowledging that The Bahamas “will need bold thinking and focused action to fully recover financially from this crisis”, the Development Bank said it will give “specific attention to the agricultural and manufacturing sectors” with its future lending “as this crisis has highlighted the need for greater self-sufficiency”.

“We will encourage and invest in Bahamian innovation through our sectoral development programmes in collaboration with our partners in government and the private sector,” it added.

RBC UNVEILS SPECIAL BANK TIME FOR SENIORS ROYAL Bank of Canada (RBC) has announced special banking times for seniors and differentlyabled persons that will take effect today due to the ongoing COVID-19 global pandemic.

The Canadian-owned financial services provider said in a statement that for the week through to April 3, 2020, most branches will open 15 minutes early to serve these customers.

Following the early opening, the first 30 minutes of regular branch hours will continue to be reserved for seniors and differentlyabled persons.

This initiative will apply to all branches in The Bahamas. “The health and safety of everyone who enters our branches is our top priority,” said Rob Johnston, RBC’s head of Caribbean banking.

“That includes making sure seniors and differently-abled

persons, who are more vulnerable to COVID-19, receive extra care during this challenging time.

“RBC’s locations across the Caribbean undergo rigorous daily cleaning, sanitising and disinfecting, including frequent cleaning of commonly-used surfaces. We are committed to making sure our locations remain safe for all clients and employees throughout this ongoing crisis.”

Insurance group closes Nassau and GB offices

Employees at Atlantic Medical (health and life) Insurance, Security & General Insurance, Colonial Pensions and NIBA will work remotely until March 31 in response to the mandatory lockdown and curfew imposed by the government.

The group added that the health and well-being of employees, their families and the community was also a primary reason for the closure. Each company has initiated protocols to ensure that effective service is rendered at this time.

“We’ve prepared for this situation and are confident that we can continue working with our clients with minimal disruption,” said Naz Farrow, Colonial Group International’s chief executive. “That said, we’re mindful that there may be unanticipated interruptions during this time and ask for your understanding.

“We’re open for business and confident in our ability to operate during this time. We are already managing customers’ claims and we are here to support you through this difficult time.”

COLONIAL Group International yesterday said its Bahamian insurance and pension affiliates have closed their Nassau and Grand Bahama offices in response to COVID-19.

THE TRIBUNE

Friday, March 27, 2020, PAGE 3

FISHERIES CALL FOR ‘WELL POLICED’ PUBLIC MARKET

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A NATIONAL Fisheries Association (NFA) director yesterday argued that the government should permit fishermen to sell directly to the public at a “well-policed market”.

Paul Mailis, while backing the nationwide lockdown to prevent COVID-19’s spread locally, said the government should relax restrictions that limit commercial fishermen to only selling their wares to processing plants and wholesale distributors amid the ongoing pandemic.

While urging that the government “order” no price gouging on seafood for as long as the emergency powers last, he said it was possible to limit any COVID-19 risk to the public while still allowing them to buy fish directly.

“Let me be clear. We very much support what the government is doing in trying to limit the spread of the virus,” Mr Mailis said. “However, it is the opinion of myself and the NFA, and a number of our members, that we believe it can be reasonably contained in a well-regulated, wellcontained, well-policed fish market similar to that of the Gladstone Road Farmer’s Market, where fishermen have to pre-clean their fish before they bring them to sale so that they can sell them in a way that is most sanitary and pre-bagged.

We limit this touching of the hands and everything of the sort.

“Especially in the out islands, it’s very important that the fishermen have an exception to selling to the processing plants because, on many of the islands like Ragged Island and Crooked Island, there are very few

active processing plants if any.

“On the cays of Abaco and Grand Bahama, there isn’t access to processing plants, so fishermen need to have a way to either sell their fish to the community at large or at least be able to give it out if need be. Right now, as the law stands, that is not permissible,” Mr Mailis continued.

“We would just like a greater clarification on that, and we do believe that some of the proposals being submitted by the fishermen make good arguments to allow a well-policed open market as long as the fishermen practice safe social distancing and sanitary protocols.”

The nationwide lockdown was imposed just as the crawfish season comes to an end on April 1. “Obviously the virus has disrupted the crawfish season up to this point when we first had

Cleaning firms: Critical we’re treated ‘essential’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CLEANING products and services firms yesterday said their addition to the list of “essential” businesses spared from the lockdown is critical to combat the health risk posed by COVID-19.

Roman Knowles, a Blanco Bleach sales manager, told Tribune Business: “I think that bleach is a necessity at this point to make sure we disinfect all surfaces that might have the virus on it, so that being said I think we are essential to trying to fight this virus.

“We are going to go with what the government says.

If they do decide to revoke it, like everybody else we would have to close our doors. But we urge them to consider us as essential, as we are providing quite a lot of cleaning products to make sure that everybody stays safe.

Mr Knowles added: “There has been a spike in business. Everybody, along with the wholesalers and food stores, and anything that can be used in the household, or on different things, have gone up so we have seen a spike in business.

Marine pilot firm expands to Bimini A BAHAMIAN marine pilot company has expanded its services to Bimini after obtaining the necessary approvals from the Ministry of Transport and the Port Department.

“Marine pilots services are of the utmost importance as it pertains to maritime safety and the economic development of a nation,” explained Captain Kendall Williamson, IMS president. “Over 90 percent of global trade is conducted by sea.

“In addition to ensuring the safe navigation of our waters, the very nature of our work is to serve the Bahamian public, the Government of the Bahamas and the general shipping community in promoting sustained economic development.

“The COVID-19 pandemic is a clear example of how important a role the marine pilot plays in the maritime industry. Even as

many businesses have been ordered closed, ships are still being allowed to transport goods for our country’s survival.”

IMS currently provides services in Harbour Island and Egg Island, Eleuthera; Exuma; Conception Island; Long Island; and San Salvador as well as Bimini/ Ocean Cay. The company and its directors have also taken on advocacy work meant to facilitate the continued growth of the sector, and open doors for future generations of qualified Bahamian maritime industry professionals. The growing popularity of smaller Family Island destinations, they say, has increased the need for more fully-licensed marine pilots to operate.

“As a maritime country, we have the responsibility to ensure that the industry which allows foreign vessels to traverse Bahamian

“We are not going to be running out of anything.

As long as the port remains open, and we can get the raw materials in, we can make bleach for as long as we need to.”

The government, late on Wednesday night, adjusted its list of businesses exempt from the nationwide lockdown to include suppliers of cleaning products to companies; cleaning services providers; pool maintenance and supplies businesses; and funeral homes and cemeteries.

Cleaning services providers, and pool maintenance and supplies businesses, waters is properly regulated,” added Captain Williamson.

“Despite the growth we have seen over the years, the local maritime industry remains untouched, and the only way to move forward is to create an environment that is more structured and the creation of a set of minimum standards, which provides a firm foundation upon which the industry can be built.”

IMS said as many as six ports around The Bahamas operate without the inclusion and oversight of marine pilots. “For years now, our organisation has been calling for the creation of a set of minimum standards to which young maritime professionals can aspire,” Captain Williamson said, with IMS estimating that a minimum of 20 new marine pilots will be required to fill positions, especially in the Family Islands.

As the sector continues to develop, IMS greater enforcement of protocols already enshrined in law is required together with the modernisation of several aspects of Bahamian maritime laws.

IT firms: We’ll ‘stress’ business resiliency

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net INFORMATION technology (IT) firms yesterday said their will “heavily stress” the importance of business resiliency to every client once the COVID-19 pandemic is over.

Philip Darville, SolveIT Bahamas’ managing director, told Tribune Business yesterday that the nationwide lockdown “has affected all of us”. He added: ‘For a technology company this is about looking towards post-recovery.

So right now we are pretty much just preparing how to attract new clients, and how to retain existing clients and how to help them bridge the gaps they are currently experiencing.

“But this has all taken us off-guard. This also stresses putting business resiliency at the forefront

of every company. So this is a different channel that we will have to promote heavily moving forward. This not only draws the light on the physical aspect of social distancing, but also the importance of business preparedness.

“Every business, no matter the size, must put that at the forefront going forward that this probably won’t be the last time.

Whether it’s a hurricane or whether it’s something of this nature, we have to look at making our business dynamic and making our business sustainable throughout events like this.”

Chuck Fox, Foxtech Bahamas’ general manager, added: “To be honest with you, I own my own company and I basically freelance. So it is just me and my wife, who assists me as a tech, and I am pretty much freelance and

I am just mobile.

“So I have just cut down the mobile work, but I have some clients that I do website design for. I am getting some website design jobs, and I don’t have to meet them face-to-face. So that is what’s keeping me afloat right now, and I’m just not meeting up with people too much with the computer repairs. But as far as the website design I’m still doing that and I’m doing OK. “The lockdown is difficult for everybody, because certain people don’t do the same thing I do, and don’t have the opportunity to have their own business and are unable to go and work how they should and provide for their family. It must be difficult. I am grateful for the type of job I have that I can pretty much do most of my work. This is just hard on everybody.”

our curfew imposed and our full shutdown,” Mr Mailis added. “That’s when the impact was really felt.

“But the government has extended commercial fishermen the ability to go and conclude the season. So once April 1 comes they have to come home, they bring in all of their traps, and they bring in all of their crew, and that’s the end of the season.

“They can sell their tails to the seafood processors and that’s the end of their lobster season. So, thankfully, this did not take place during the peak important time that fishermen needed to recover after Hurricane Dorian.”

However, Mr Mailis warned: “At the same time it is still hard that fishermen aren’t going to be able to go out and bring back fish for the public at large, because that’s really what may be very important coming up if this blockade continues into months and months. We

are going to run out of food supplies, and Bahamians are going to need access to affordable food that is fresh and healthy.

“I believe that the government should make an order that price gouging is absolutely forbidden in the sale of fish, and that fish should not be raised by any substantial amount during this time of crisis regardless of the increase in cost.

“It would be immoral and unjust for fishermen to hike up the price for the seafood processing plants, who are now mandated by law to purchase the fisherman’s product to sell them fair market value, and to make sure that there is no price gouging of the customers who have to go and purchase the seafood from these processing plants.”

Keith Carroll, former Bahamas Commercial Fishers Alliance (BCFA) vice-chair-

man, said yesterday of COVID-19’s impact on the crawfish season: “The boats are still out to sea, and they will be here for April 1. They will still be allowed to sell their lobsters to the fish houses. That is what the minister is saying right now.

“I know my boats are out to sea and they won’t be in until April 1, but what we are doing is that we will be taking ourselves directly to the fish houses, and whatever fish I don’t sell I would hold them in the freezers until things open back up.”

Speaking to the COVID19 emergency powers, Mr Carroll added: “There is nothing you could do. If you look around the world everywhere is shutting down. We just want to be safe for everybody. As far as I am concerned whatever laws the government put in place we will try to abide by them.”

are being allowed to operate between 9am to 5pm provided the necessary social distancing protocols are maintained. Cleaning chemicals suppliers, such as Blanco, are to operate between 9am to 2pm but not be open to the public.

Robert Lightbourne, R.L Elite Housekeeping’s president, told Tribune Business of the exemption: “I think it was necessary. Me and my business partner, we had a discussion and we were saying that seeing that cleaning and sanitising specifically is one of the ways to prevent the spread of the virus, cleaning companies like myself should be allowed to still operate, particularly in businesses that are under the exemption as the traffic still coming in and out.

“So our services are

essential at this time. I am glad that the government made a decision to include cleaning and janitorial companies to be allowed to work at this time, which is necessary.”

Confirming that there has been an increase in demand for his services, Mr Lightbourne added: “I got a call from one or two businesses, but at the same time we are being proactive. We are also reaching out to let businesses know we will be available to do specific sanitising and disinfecting, and cleaning, which is what we always do. So, yes, business has increased, but we are also being proactive and going out there and making businesses aware.”

Geoffrey Eneas, Chlorine Depot & Pool Supply’s managing director, said: “We are quite pleased

that we are able to service our customers during this time. We have had a lot of calls from our folks needing their pools taken care of, and we are just happy to be able to help.

Mr Eneas added: “We are practicing social distancing. We do curb side or we deliver to the home.

It’s going very smoothly. If folks have a credit card or if they want to send money to our bank account we prefer to do it that way, as we would rather not deal with cash.”

While he had not necessarily seen an increase in demand for his services as a result of being placed on the exempted business list during this lockdown period, Mr Eneas said: “It has just been smooth and even. Our customers are just happy.”

TRAINED and qualified pilots from IMS Bahamas have been licensed by the Ministry of Transport to pilot vessels in the Greater Bimini area. From left: Pilot Lester Roache; Kashii Thompson; Justin Wallace; and company president, Kendall Williamson.

“There definitely needs to be greater across-theboard enforcement,” added Captain Williamson.

“Doing so not only gives credence to the work of marine pilots but offers a greater sense of legitimacy

to the industry which, in turn, attracts even more qualified entrants into the profession.”

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.

PAGE 4, Friday, March 27, 2020

THE TRIBUNE

Bahamas left facing ‘God awful situation’ FROM PAGE ONE

GARFIELD “GARRY” SINCLAIR

BTC in COVID-19 customer boost THE Bahamas Telecommunications Company (BTC) yesterday said it has increased broadband Internet speeds at no extra cost as part of multiple measures introduced amid the COVID-19 pandemic.

The carrier added that it has also created a virtual store; added double data to mobile plans; provided 23 free television channels to its Flow TV offering for a limited time; and is continuing installations and repairs as part of an effort to keep The Bahamas connected.

Garfield “Garry” Sinclair, BTC’s chief executive, said: “Our customers are our number one priority. And, given the current measures implemented by the government, people want to be in touch now more than ever, which is why we want to ensure that we enable connectivity and collaboration during this time.

“Last week, we proactively installed a new 10GB data link to boost broadband capacity for all fibre-to-the-home (FTTH) customers, and we’ve increased broadband speeds at no additional cost to make it easier for students to study and parents to work from home.”

In addition to increasing broadband capacity, BTC

is providing all business and residential post-paid customers with double data in their mobile plans at no additional cost to boost speed and connectivity. It added that $15, $25 and $60 pre-paid combination plan users will also benefit from double data.

And, while BTC’s retail stores are closed, customer service teams are available via its newly launched virtual store. Customers can access an array of services from their homes including purchasing mobile phones and having them delivered to their door; signing up for landline, Internet and mobile services; upgrading packages and plans; topping up and paying bills.

Customers can also access the BTC Virtual Store via email and WhatsApp. The 23 free TV channels are: Disney Junior; Disney XD; Animal Planet; Curiosity Stream; Discovery Civilisation; Discovery Science; Discovery Turbo; Game Show Network; Space; TruTV; TV One; Boomerang; Duck TV; Tooncast; Fox Movies; Fox Action; Fox Action (West); Fox Family; Fox Family (West); Fox 1; Fox 1 (West); Fox Classics; Fox Comedy; Fox Cinema.

prime minister and minister of finance, and said: “If we don’t take care of the Public Treasury at this point, the long-run consequences could be very, very serious.”

Warning that Mr Turnquest “has to be careful about how aggressive he seeks to be”, Sir Franklyn said The Bahamas’ economic structure meant the government “cannot” contemplate a financial bailout - scaled in proportion to its economy - along the lines of that being initiated by the US. “There’s a complication,” he argued. “Bahamians are watching TV. They are seeing the US government doing a lot of things for its citizens. A narrative that’s important for this country to understand is our circumstances of reality is very different from the US in very fundamental ways.

“Our reality is that the more money the government pumps out, the more pressure it places on the foreign currency reserves. The government pays money out in Bahamian dollars.

Because we produce so little, we take these dollars to the food store, the drug stores and the gas station.

“Once it goes through, the food store and gas station have to replenish their stocks,” Sir Franklyn explained, “and to do so they have to convert their Bahamian dollars to US dollars. That’s a drain on those reserves. Our circumstances are different from the US. When they pump out money, they create jobs.

“The reality is we’re in a God awful situation, where any strategy by the minister

of finance to alleviate the suffering of Bahamians by giving out money has longterm implications for the foreign reserves.”

Mr Turnquest, in a previous presentation to Parliament, said it was estimated that The Bahamas’ $2.03bn foreign currency reserves will decrease by $900m by year-end 2020 due to the absence of incoming tourism-related inflows to replenish them as a result of the COVID-19 pandemic.

However, Sir Franklyn said that projection was now likely too optimistic, as it had been based on The Bahamas’ retaining 20 percent of its stopover tourist business. The travel and tourism industry shutdown means that this nation will lose all its stopover and cruise business, meaning that the foreign reserves drain will be even more than $900m.

“If they put more money into Bahamian hands there will be even more pressure on the foreign reserves,” he told Tribune Business.

“They have to understand that the more pressure that is put on the foreign reserves, the more difficult it is to keep the parity between the Bahamian and US dollars. That’s the consequence.”

Sir Franklyn said former finance ministers, such as Sir William Allen, had argued that the fixed exchange rate peg had served The Bahamas well and should be sustained. “In terms of propping up the economy, we have to get the Bahamian people to understand The Bahamas is different from the US,” he reiterated, “Regardless of the desire, the wish, the government does not have the capacity

to pursue the same strategy as the US pursues. I would pray that Cabinet ministers will be reasonable in putting pressure on the minister of finance to do what he does not have the capacity to do, not for the long run. We cannot do that. The heart is willing but the pocket is weak.”

Sir Franklyn renewed his call for the Ministry of Finance to review all government spending to determine what initiatives can be cancelled or postponed, so that taxpayer dollars can be saved that way and repurposed towards the COVID-19 relief effort.

The government to-date has unveiled the $20m Business Continuity Loan initiative to support micro, small and medium-sized enterprises (MSMEs) plunged into distress by the pandemic, along with $10m each for temporarily laid-off workers and the self-employed.

The Arawak Homes chairman, meanwhile, said the true “barometer” of The Bahamas’ return to economic normalcy will be when Atlantis and Baha Mar are re-opened with high occupancy levels. He added that if this could occur by mid-May “the turbulence that comes with the end of this crisis will be manageable”, and this nation could enjoy a strong summer tourism season.

Many observers, though, believe that the COVID19 crisis in The Bahamas’ major source markets of the US, Canada and Europe will take at least until summer to get beyond the peak infection rate, and that it will take many more months beyond that

for tourism - and especially traveller confidence - to rebound.

Sir Franklyn, meanwhile, opposed calls by Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, to partially open up the Bahamian economy rather than continue with the existing lockdown for another month, saying he “doesn’t see it that way”.

Arguing that eliminating the virus, and its spread, locally should be The Bahamas’ top priority, Sir Franklyn said that the only true recovery will be felt when the tourism industry is back on track.

“When do we stand a reasonable chance of getting back to normalcy, and what will the barometer for setting normalcy be realistically. That’s the questions for me,” Sir Franklyn told Tribune Business. “Anything that gets us to the re-opening of Atlantis and Baha Mar is key. Steps in between are the markers to the end point.

“The Bahamian economy cannot be open without Baha Mar and Atlantis functioning with a very high degree of occupancy. Let’s get this [COVID-19] behind us so we maximise our chances of getting Baha Mar and Atlantis open with those occupancies. Anything that doesn’t do that, we’re shooting ourselves in the foot, and I would caution against pursuing.

“If Baha Mar, Atlantis and Sandals are closed and so forth, what economy are you talking about?

As long as those properties are closed what type of economy are you talking about?”

Harbour Island’s top employer in ‘heart-break blow’ FROM PAGE ONE income they rely on to carry them through the slower parts of the year.

“All the hotels on the island are shut down, and all the restaurants in the hotels on the island are shut down,” he confirmed. “There are a couple of boats left in our marina, but they’re parked there. Nobody is coming in.

We’re not letting in any new arrivals. There are no services ancillary to the hotel, and that’s for the foreseeable future.”

Mr Spychalla added that COVID-19 appeared just as Valentine’s and other resort properties were recovering from the “mighty blow” inflicted by Dorian, as resulting international media coverage deterred international travel to all unaffected Bahamian islands by giving the impression the entire country had been devastated.

He explained that business for the first two months of Valentine’s fiscal year, which begins in November, was down against prior comparatives due to the Dorian fall-out. Yet Valentine’s rebounded so quickly that Mr Spychalla revealed

“three weeks or so back we were just two percent behind on revenue from the prior year, and last year was a record-breaking year”.

The Valentine’s chief told this newspaper: “For the first two months of the year we were in a deep hole because of Dorian. We got out of that, and were poised to have the best year we’ve ever had.

“We had a stunning January. My room revenue for January was up 52 percent versus January last year, and February was good. March is always our best month of the year, and we would have done as well this month as last year if it hadn’t been for the coronavirus.

“It’s a real blow, my goodness,” Mr Spychalla added. “It’s heart-breaking laying so many people off, and you don’t know when you can put them back to work. We have no idea. Our resort, when we’re open, the campus employs 100 people.

That’s the largest single employer on the island.

“Some 78 are employed directly by the resort, and 22 employees by the businesses that operate in the resort. That’s the dive shop, the retail shop and the coffee

shop. You’re looking at 100 people we employ at peak times, and that’s for much of the year. We carry that level of staff for eight months of the year, from mid-December to mid-August.”

Mr Spychalla expressed concerns that the loss of much of the 2020 peak winter season would leave hotels and tourism-related businesses financially vulnerable given that recovery may not occur for some months.

“The difficulty now is these are the monies and resources you would earn to help you get through the slow season,” he told Tribune Business. “That exacerbates the problem.

Unless we have something of a recovery before August it’s going to be a very long slow season. That’s frightening.

“A lot of businesses, because of the uncertainty, are not willing to spend money on capital expenditure because we don’t know how long this is going to last.

And if we spend money on improvements now we may not have enough money to last through the year.

“But we’ll get through it. We will. We’re resilient.

Valentine’s is not going anywhere. We’ll find a way.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Liquor store blames rivals over govts 24-hour u-turn FROM PAGE ONE provided they adhered to social distancing protocols. But Jimmy’s Wines and Spirits, following the approval termination, said in a note to customers last night: “With stores closed, we did our best to get our customers products they love most.

“After receiving an exemption letter from the Office of the Prime Minister on March 25, 2020, granting permission to operate within strict guidelines, it was unfortunately revoked 24 hours later.”

The liquor retailer added: “Our free home delivery service has ceased, and we will no longer be taking orders or delivering. We are, and always have been, in complete co-operation with the law. Our stores have remained closed since March 20, and we will not be fulfilling delivery orders no matter when you placed them.”

Anthony Ferguson, the Police Commissioner, said officers were sent to Jimmy’s Wines and Spirits yesterday to shut the home delivery service down. He argued that it would also have breached the company’s liquor licence, as this did not permit it to sell alcohol anywhere off its premises.

Mr Sands made no mention of this, but said the government’s u-turn will have a “huge” impact for Jimmy’s Wines and Spirits.

He added: “This was a big undertaking in getting the proper team we needed to do this and thinking about their safety.

“This is a service we don’t normally offer, and to undertake this project was not as easy as one thinks it would be. It takes a lot behind the scenes to make this type of thing happen.

It’s a huge disappointment.

It’s a huge impact on us in terms of revenues.

“We still have about 150 persons we want to pay, and by not having one single dollar coming through for revenue puts us in a huge financial situation like other liquor distributors.

It’s huge. We’re dead in the water. Big time,” Mr Sands continued.

“We just had Dorian in Freeport, so we were right in the middle of rebuilding the Brewery and have no product to sell in terms of local brands, and then this [COVID-19] happens to us.”

Mr Sands bemoaned the fact that the government had not given Bahamians time to stock up on their home supplies of beer, wine and spirits prior to enforcing the nationwide lockdown, arguing that these items were “essential” to making time at home a little more bearable for many.

“We understand the seriousness of the situation.

It’s uncharted waters for everyone, but to do things in a safe manner and give people safe access to beer, wines and spirits is essential,” he argued. “You can’t just stop it overnight and be OK with that.

“It’s not food and water, is not life and death, but helps persons you have trapped in their homes for 24 hours, which is necessary given what is going on around the world.” Mr Sands added that the lockdown had resulted in Jimmy’s Wines and Spirits having “a lot of inventory tied up that we are unable to move”.

Tribune Business yesterday obtained evidence of inconsistencies in how the government is treating other sectors that have sought to be categorised as “essential services”, especially the money transmission services providers.

While Sun Cash, the Western Union franchise holder, sent out e-mail advertising confirming all its locations were open, one of its rivals confirmed they and the wider sector were still seeking the government’s permission to do the same.

A Sun Cash spokesman confirmed the government had given it permission to open on Wednesday afternoon after making the case that it was an “essential” service on many Family Islands when it came to providing residents with access to their money

and conducting financial transactions.

“Once we got the decision from the government we immediately opened up and got all our systems at Sun Cash and Western Union back online,” the spokesman said. “We’re in places like Inagua, Crooked Island, Black Point, and people are screaming for their money. The banks were never there, and we’re the only money transmission business in those areas.

“We do what the banks never did, which is serve all the islands of The Bahamas.

Through our platform, you can send money to anyone, anywhere in the country using a mobile phone. We had a lot of pent-up demand when we opened and it has been really extraordinary.

People need access to their money. That’s really the long and short of it.”

The Sun Cash spokesman added: “The same way you or I, 9am to 5pm, can walk to an automated teller machine (ATM) or walk to the bank in Nassau and Freeport, and get our money, they have the same exact needs on these islands. We see our network as providing the electronic infrastructure for them to have their needs taken care of.

“That’s our mandate as a financial institution, always has and always will be, to provide service. Getting money to people electronically is the issue for us.”

However, Harvey Morris, Omni Financial Services chief executive, and a Sun Cash competitor, said he was still “fighting” for money transmission businesses to be treated as “essential” services and allowed to open up during the lockdown.

“We’ve requested it,” he added, confirming that his locations were closed and he was unaware of Sun Cash’s approval to open.

“It’s something we’ve been having discussions with the Central Bank on. We’ve been going over this with them, and are of the opinion we should be exempt.”

A draft Ministry of Finance document seen by Tribune Business, which listed 46 industries and companies seeking to be categorised as “essential”, appeared to agree that money transmission businesses - like the banks and credit unions - should be treated as such, and allowed to open standalone sites and locations in other open businesses such as food stores between 9am to 5pm.

That has yet to happen.

Meanwhile, FYP and Builders Mall, in a message to customers yesterday that was seen by Tribune Business, also said it had been given permission to open for delivery and pick up orders just days after the construction industry and hardware/home improvements retailers had been told to shut down.

“We are open,” it said.

“FYP has been granted approval by the Royal Bahamian Police Force COVID-19 Task Force to operate. For the health and safety for everyone, we will be doing delivery and pickup order only.

“We welcome your phone calls, What’s Apps and e-mails. We will be operating from noon until 5pm today and 9am to 5pm moving forward. Please note that customers will not be permitted into the store to minimise interactions and maintain social distancing. We ask that all customers stay in their vehicle for all pick up orders.

“We are following all Coronavirus (COVID-19) guidelines for a retail store operation as guided by the Bahamian Government in their initiatives to halt the fast spreading coronavirus (COVID-19).”

$1.2m debtors hit Superplex payroll FROM PAGE ONE owed the monies are in the condition we are in, so I assume they decided not to release cash to save themselves. That is a situation that has to sort itself out, and it is is a conversation that is ongoing with the people that owe us money.”

Mr Foulkes added: “The conditions we are facing right now is largely due to a reduction in revenue this month. We had, in March of last year, a revenue of $1.3m.

We closed in March of this year at $345,000. This was as a result of the occupancy

rates plummeting.

“The theatre business has a key indicator called the occupancy rate. That is how many people come into your theatre. So, on any given day, 25 percent of your seats being filled is an industry average. When conditions like this happen the occupancy rates drop.

“There is some volatility in the business, but our goal was to mitigate the occupancy rate on the movie business by adding restaurants and an arcade to have other entertainment options. But when the emergency orders were

Friday, March 27, 2020, PAGE 5 announced, and the government said that you cannot congregate in a public place, it pretty much put an end to anything we were doing.”

Mr Foulkes said the announcement of the first COVID-19 case in The Bahamas also left persons afraid to come to Fusion Superplex and other entertainment sites featuring large crowds. He added: “We had a payroll expense of $500,000, and we were not able to make all of it.

“That was a result of the other expenses we have, and the insurance we have to pay out that is up to $600,000 a year. Those matters have to be met. We do plan to pay [staff] as soon as we recover the funds that are outstanding.”

Mr Foulkes said he has obtained assurances from two of Fusion’s debtors, and said: “One of the two we have

outstanding will help us to cover payroll. I hope this will be done in 30 days. We have to remind our employees that they have not lost their jobs, and I assume the funds will be useful to them once they get back.

“In general we are suffering the same global conditions everyone else is suffering. What we have as an advantage is our location, so what we intend to do is look for alternative movie content.

For example, we are looking at Europe while Hollywood has pulled back on releasing new content.”

Mr Foulkes added that while new releases from Hollywood were postponed due to the coronavirus outbreak, “Hollywood has allowed Fusion to play old movies in the meantime in light of their industry wide shut down”.

Lyford Cay Club ‘moves up’ $40m spend amid virus FROM PAGE ONE moved the date up because of what was happening,” he added.

“They are trying to close by the end of this week some time. The 150-160 employees are going to be severed because the club is closing for renovations. They’re moving to pay everybody off and are looking to open by next year November. Some parts are going to re-open during the renovation, so we were told, and they’re going to bring some people back in the immediate future once this thing lifts.”

Mr Woods continued: “We’re working through the details. We have been in negotiations with them for some time. We pretty much was involved with the negotiations all the way through.

We were able to get more benefits than they [the staff] were initially entitled to.

“They were entitled to the notice, they have gotten an ex-gratia for persons who make less than the wage of $280 and below. They got some additional money and, for each five-year tenure, they got additional money.”

“The original agreement was a $1.2m payout package, but we have to get the numbers on this last round with the additional benefits

we negotiated. We have to do this by individual based on the year.”

Explaining the need for the closure, the Lyford Cay Club said in a statement yesterday: “The Lyford Cay Club has not undergone any major renovation for 20 years, and its infrastructure is 60 years-old.

“In order to continue to meet the needs and expectations of its members and their guests, we have no choice but to undergo these improvements which for the most part will render segments of the facilities inoperable for up to two years.

“Once we are given the all clear, we will proceed with this investment of over $40m, demonstrating the membership’s continued commitment to the club’s long-term sustainability and measurable contribution to the country’s economic well-being, which will be especially needed in times such as these.”

The property added: “In February of this year, the club’s management advised the minister and director of labour, and the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), that as a result of the scheduled closure, it would be constrained to undergo a redundancy exercise in May. “Club management also

informed the minister and the union that it would make every effort to lessen the impact of its closure on its employees, and are working with the union and the Department of Labour throughout the exercise. Both the union and the Ministry of Labour have been notified of changes to the scheduled exercise.”

Meanwhile, other New Providence resorts have also confirmed their closure as they move to align operating expenses with an environment in which there are no tourists or revenue income.

The latest is the RIU

Paradise Island, which in a note to staff on March 24, said: “Due to the economic impact of the COVID-19 pandemic, The Bahamas and the world are faced with the safety and well-being of our staff and guests as our top priority.

“As such, we have made the difficult decision to temporarily suspend operations until further notice beginning on March 24.” Tribune Business was unable to reach anybody at the RIU Paradise island yesterday despite trying multiple times. Around 300-400 staff are thought to be impacted.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 26 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,115.37 | CHG: 0.49 | %CHG: 0.02 | YTD: -116.23 | YTD%: -5.21 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 3.08 4.90 9.03 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 0.20 0.00 1.28 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

575

3,000 1,051

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 30.2 10.5 14.0 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

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

To advertise in The Tribune, contact 502-2394

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 3.13% 0.00% 14.09% 1.22% 3.63% 2.94% 3.86% 2.23% 2.83% 4.01%

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

THE TRIBUNE

Friday, March 27, 2020, PAGE 7

THE WEATHER REPORT

5-Day Forecast

TODAY

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Mostly sunny

Clear

Mostly sunny

Sunshine and patchy clouds

Some clouds, then sunshine

Sunshine and patchy clouds

High: 82°

Low: 72°

High: 84° Low: 74°

High: 84° Low: 71°

High: 84° Low: 71°

High: 84° Low: 71°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

89° F

71° F

88°-75° F

91°-74° F

93°-73° F

90°-73° F

ORLANDO

High: 92° F/33° C Low: 65° F/18° C

TAMPA

High: 89° F/32° C Low: 71° F/22° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 76° F/24° C Low: 72° F/22° C

6-12 knots

S

WEST PALM BEACH High: 86° F/30° C Low: 69° F/21° C

6-12 knots

FT. LAUDERDALE E

W

FREEPORT

High: 85° F/29° C Low: 71° F/22° C

N

S

E

W

High: 82° F/28° C Low: 67° F/19° C

MIAMI

High: 87° F/31° C Low: 72° F/22° C

4-8 knots

KEY WEST

High: 84° F/29° C Low: 77° F/25° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 72° F/22° C Normal high ....................................... 80° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 66° F/19° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.71” Normal year to date ..................................... 4.34”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 72° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 77° F/25° C Low: 72° F/22° C

N

tiDes For nassau Low

Ht.(ft.)

Today

10:32 a.m.

10:53 p.m.

High

2.4 2.7

4:36 a.m.

4:40 p.m.

0.0 0.0

Saturday

11:07 a.m.

11:32 p.m.

2.2 2.6

5:15 a.m.

5:14 p.m.

0.1 0.1

Sunday

11:46 a.m.

-----

2.1 -----

5:56 a.m.

5:52 p.m.

0.3 0.2

Monday

12:14 a.m.

12:30 p.m.

2.6 2.0

6:42 a.m.

6:36 p.m.

0.4 0.3

Tuesday

1:04 a.m.

1:22 p.m.

2.5 2.0

7:35 a.m.

7:28 p.m.

0.5 0.3

Wednesday 2:01 a.m.

2:23 p.m.

2.5 2.0

8:35 a.m.

8:31 p.m.

0.5 0.3

Thursday

2.6 2.1

9:39 a.m.

9:39 p.m.

0.5 0.2

Ht.(ft.)

3:04 a.m.

3:30 p.m.

sun anD moon Sunrise Sunset

High: 78° F/26° C Low: 71° F/22° C

N

S

E

W

6-12 knots

S

6-12 knots

ANDROS

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

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

7:06 a.m.

7:24 p.m.

Moonrise Moonset

9:09 a.m.

10:20 p.m.

First

Full

Last

New

Apr. 1

Apr. 7

Apr. 14

Apr. 22

CAT ISLAND

E

W

uV inDex toDay

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 72° F/22° C

High: 78° F/26° C Low: 72° F/22° C

N

High: 79° F/26° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map

High: 79° F/26° C Low: 73° F/23° C

7-14 knots

MAYAGUANA High: 79° F/26° C Low: 74° F/23° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 78° F/26° C Low: 75° F/24° C

H

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

N

N E

W

E

W

H

High: 79° F/26° C Low: 73° F/23° C

S

S

6-12 knots

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

WAVES 3-5 Feet 3-5 Feet 1-2 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 3-5 Feet 3-5 Feet 4-7 Feet 3-5 Feet 3-5 Feet 0-1 Feet 1-3 Feet 1-3 Feet 3-5 Feet 0-1 Feet 1-3 Feet 2-4 Feet 5-9 Feet 1-3 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet 3-5 Feet

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502-2394

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

WATER TEMPS. 76° F 76° F 80° F 81° F 73° F 73° F 79° F 79° F 77° F 76° F 80° F 80° F 79° F 79° F 79° F 79° F 80° F 79° F 78° F 77° F 80° F 80° F 80° F 79° F 74° F 74° F