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TUESDAY, MARCH 30, 2021
$4.81 Nassau/PI hotels suffer 90% room revenue decline By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU/Paradise Island hotels suffered a 90 percent year-over-year decline in January room revenues to highlight just how slow the initial post-COVID rebound actually was. While that revival now seems to be gaining some momentum as the industry heads into its traditional Easter peak, the Central Bank’s report on February’s monthly economic developments exposed just how dire the post-New Year performance was by revealing that total visitor arrivals for the prior month were down 96.6 percent - a year-overyear fall of 663,000. “Tourism metrics for the month of January revealed that the sector’s output remained contracted, as globally imposed travel restrictions associated with COVID-19 resulted in air traffic recording historically low levels of visitors and with sea arrivals largely eliminated,” the Central Bank said in something of an understatement. “Official data provided by the Ministry of Tourism showed that total foreign arrivals by first port of entry fell to 23,619 visitors during the month, markedly lower than the 687,200 arrivals in the same period last year. In particular, sea arrivals were virtually absent, relative to the 10.8 percent gain in 2020, while air arrivals reduced considerably by 83.4 percent, extending the 3.5 percent decline in the previous year. “A disaggregation by major islands indicated that in New Providence total arrivals corresponded to a mere 3.8 percent of the 2020 volumes, reflective of decreases in both sea (99.7 percent) and air (88 percent) traffic,” it continued. “Further, arrivals to Grand Bahama were only 2.8 percent of the prior year’s outturn, as air arrivals reached 23.9 percent of the previous year’s level. Similarly, visitors to the Family Islands corresponded to 3.1 percent of the previous year’s volumes.” This, not surprisingly, was reflected in the hotel industry’s January performance. “Data from The Bahamas Hotel & Tourism Association (BHTA) and the Ministry of Tourism, which covers a sample of large hotels in New Providence and Paradise Island, confirmed the deterioration in the hotel sector performance.”
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‘Terrifying proposition’ of COVID third wave By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
R
EIMPOSING COVID-19 restrictions to combat a “third wave” of infections was yesterday branded “a terrifying proposition” for Bahamian businesses already struggling with pandemic-inflicted devastation. Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business that reverting back to lockdowns and other measures employed in 2020 would “destroy” the progress this nation has made to-date in reviving its vital tourism industry. Speaking after public health officials yesterday voiced concerns that rising infections suggest The Bahamas is on the brink of suffering a COVID-19 “third wave”, Mr Albury urged the government to only reimpose restrictions “under the most extreme circumstances” given that many businesses “are very close to failing” due to the events of the past 12 months. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA)
• Action urged ‘only in most extreme circumstances’
BEN ALBURY
SIR FRANKLYN WILSON
ROBERT SANDS
president, yesterday declined to comment on what he described as “speculation” about how the government may react to rising COVID19 case numbers. However, he confirmed that any new restrictions would be a major setback for the country’s tourism re-opening as it would disrupt “the momentum that is growing week by week” due to the “encouraging booking pace” that is being felt across all sectors of the Bahamian tourism industry. And Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, echoed by Mr Albury
by asserting that renewed COVID-19 health restrictions are “the last thing this country needs” since they could be “a real pathway to some dark days”. The trio spoke as Dr Nikkiah Forbes, The Bahamas’ top infectious diseases specialist, yesterday confirmed public health officials were on alert amid a growing belief that the recent increase in COVID-19 cases has placed this nation on the brink of enduring a “third wave” of infections. She confirmed it was “fully possible” that cases may further skyrocket due to family and social interaction
over the upcoming Easter holiday weekend, adding: “There is a sustained uptick in the number of cases and that is very concerning, and there could be an increase in cases after the holiday weekend if we are not following the health instructions.” Some 167 new COVID19 cases were recorded last week, followed by 160 the previous week. This is understood to have concerned the government, sparking discussions at the Cabinet level over whether certain islands may now need tighter restrictions, with some public
HARBOUR Island resort operators yesterday revealed business activity is at 90 percent of pre-COVID levels for Easter and beyond as they hailed a “phenomenal” rebound from the pandemic. Joseph Dargavage, partner at Romora Bay Resort & Marina, told Tribune Business that business levels for the next six to seven months were some 20 percentage points higher than he had anticipated in his original forecast. “Harbour Island is really looking great for Easter. We are not only looking forward to Easter being great but all the way through to July,” he disclosed. “It’s better than expected. At Romora Bay, I was budgeting over the next six to seven months to do about 70 percent of 2019 numbers,
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Minister issues challenge: Develop ‘projects of scale’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister has challenged Bahamian entrepreneurs to develop “projects of scale” that can accommodate hundreds of cruise ship passengers in similar manner to Atlantis. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that he and his officials have been “banging our heads against the wall trying to figure out” how The Bahamas can develop tours and excursions of sufficient size to cope with thousands of visitors set to arrive in Nassau when the industry resumes sailing from south Florida. Arguing that the government cannot develop such businesses by itself, and can only act as a facilitator, Mr D’Aguilar said it was up to Bahamian business owners with the vision, experience and ability to raise the necessary capital to solve a
• Larger attractions needed for cruise growth • Tourism ‘banging heads on wall’ over issue • Says ‘govt cannot solve these problems’
DIONISIO D’AGUILAR long-standing problem. He added that Atlantis’ success in becoming the leading shore excursion for cruise passengers pre-COVID-19 was partly due to its scale as its waterbased theme park is able to accommodate several thousand passengers per day. While many Bahamian entrepreneurs have developed successful tours,
destinations and excursions that can cater to around 100 cruise passengers, Mr D’Aguilar said there simply were not enough of these to cope with the 12,000 passengers that controlling shareholder, Global Ports Holding, expects to come across Nassau Cruise Port’s wharves daily when its $250m upgrade is completed. Speaking after Tribune Business revealed that 43 percent of cruise ship passengers coming off their vessel in Nassau spent less than $50 during their visit, and that 2019 per capita spending was lower than yields in 2013, Mr D’Aguilar said he was more focused on the 10.3 percent increase in total spending in the Bahamian capital to $325.78m that year.
• Destination branded ‘insanely busy’ for Easter • Business exceeds resort forecast by 20% pts • Operators eye rebound going into summer but the way it’s looking now we’re going to be in the order of 90 percent of 2019. “We’re almost getting back. My guess is that the boating and yachting sector will be getting close to preCOVID-19 numbers by the end of the summer.... Over the last three weeks, and now through Easter, Harbour Island is actually at 100 percent occupancy on the hotel side and 80 percent occupancy on the marina side. It’s very strong for Harbour Island and the Out Islands.” Benjamin Simmons, proprietor of The Other Side and Ocean View properties, echoed Mr Dargavage in telling this newspaper: “We’ve had a phenomenal
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SAM DUNCOMBE
Activists demand • Restriction return would ‘destroy’ tourism revival 90-day extension • And choke-off ‘momentum growing week-by-week’ to Disney review
‘Phenomenal’: Briland at 90% of pre-COVID levels By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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month. It’s right up there to 2019 levels. We’ve probably, between Christmas and Easter, ten percent off what we did in 2018 and 2019, and leading up in 2020 when all hell broke loose. Easter is looking great.” He added that his resorts are also set to benefit from the “huge backlog” of destination weddings that have built up after COVID19 lockdowns and other restrictions meant 25 such occasions that were on their books for 2020 had to be postponed. “A handful cancelled but most stuck in there,” Mr Simmons said. “It’s happened all around the world. People couldn’t tie the knot. Now there’s a shortfall in
capacity because all these other people were booked in for 2021. We’re trying to schedule people [from 2020] back in, but there are also people booked for 2022 who want to move up to 2021. “It’s created demand for the off-season. We’re doing four weddings in July and normally we wouldn’t do any in July. May, June, July and August, it’s booked out for a wedding every weekend at either property. And the same again from November when the winter season starts. The wedding market is really expanding.” Mr Simmons said the need for visitors to obtain a negative COVID-19 PCR
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He admitted, though, that “there’s a certain element of destination fatigue” with Nassau given that many cruise passengers have already visited the destination and believe there is nothing new for them to do. While the investment being made by Global Ports Holding and (eventually) and Bahamian investors in the new cruise port will not automatically increase cruise passenger spending by itself, Mr D’Aguilar added that it should nevertheless act as a catalyst to entice more passengers off their vessel to explore Nassau. “It’s up to our entrepreneurs, and through the Tourism Development Corporation they’re fighting
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTAL activists yesterday urged the government to extend the consultation over the Lighthouse Point project to 90 days while accusing it of leaving the process “in Disney’s hands”. Sam Duncombe, reEarth’s president, yesterday told Tribune Business that the public consultation over the planned cruise destination appeared to be akin “to the fox guarding the chickens” given that it was Disney and not the Department of Environmental Planning and Protection (DEPP) - that had taken over responsibility for receiving and collating public feedback. “The reality is that the clock should have started running from the time they presented the Environmental Impact Assessment (EIA),” Mrs Duncombe said of the activists’ bid for a 40-day extension to the consultation period allowed by the government. “Disney is accepting comments on the project, and the EIA has not even been put on the DEPP’s website. They are not asking for comments. They have basically put the entire process in Disney’s hands. If that’s not the fox guarding the chickens, I don’t know what is. “I find the government’s position egregious in that they are allowing a foreign developer to guide the conversation about what should and shouldn’t happen in this country. The EIA has major gaps and holes in it.” Mrs Duncombe said she and other Bahamian environmental groups are still studying the 551-page EIA, but identified one of the alleged flaws as the seeming absence of any study on bonefish migration. Arguing that Disney Cruise Line had held the activists “at arm’s length and struck us out of the ball park” by failing to engage with their concerns, she added that the EIA did not address the impacts and consequences of climate change fully enough.
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PAGE 2, Tuesday, March 30, 2021
THE TRIBUNE
ZERO TRANSACTION FEES FOR SAND DOLLAR RETAIL USERS BAHAMIANS will be charged zero transaction fees for making and receiving payments in Sand Dollars, the Central Bank has revealed. The regulator, in a position paper dealing with consumer-related issues surrounding the Bahamian digital currency’s use, said it is proposing that persons in the lowest two categories of Sand Dollar users be exempt from such charges. This will apply to Tier 1 and Tier 2 users, who will be subjected to less risk-based Know Your Customer (KYC) due diligence. “The draft regulations promote universal access to digital wallets for all persons inside The Bahamas, whether these are in Tier I or Tier II,” the Central Bank said. “All residents and persons in The Bahamas can
subscribe to these wallets without reference to immigration or work permit status. More importantly, the draft regulations propose that all holders of Tier I and II wallets are entitled to make and receive payments, within the CBDC environment without encountering transactions fees.” Tier 1, or “basic digital wallet” users, will not have to undergo any due diligence by Sand Dollar providers yet they will be limited to a maximum holding of $500 at any one time with annual monthly transactions capped at $1,500. Tier 2, or “premium digital wallet” users, will be subjected to due diligence equivalent to that required for opening a regular bank deposit account. Their maximum Sand Dollar holdings will be capped at $8,000,
with an annual transaction limit set at $100,000. The Central Bank reaffirmed that nine providers have completed cyber security inspections of their technology systems and been cleared to distribute the Bahamian digital currency. These providers include four money transmission businesses (MTBs), three payment services institutions, one commercial bank and one credit union. All are able to offer Sand Dollars through their proprietary mobile wallets or through the Central Bank developed app. Those using their own apps have until tomorrow to meet an “interoperability” deadline, which will allow Sand Dollar users to send and receive payments from/ to others even though the latter may be using a
different provider. “The Central Bank also purposes in the regulations that all retail payments providers adopt financial inclusion strategies that target all geographic parts of The Bahamas,” the regulator said. “Each wallet provider would be required to disclose to the bank its strategy to distribute payment services to residents in the central, south-eastern and north-western parts of The Bahamas. “Providers would also be required to report periodically to the Central Bank on financial inclusion data, inclusive of details on gender and island of residency of wallet holders. As a further measure, the Central Bank would be empowered to directly intervene in any Family Island community or settlement so that licensed businesses,
churches and organisations have ensured access to basic wallet services. “Such actions could begin to be advanced if it is observed that, for any reason, services are withdrawn by a payment services provider, or no such service has been made accessible by a payment services provider as of June 30, 2021. The bank would be empowered to designate a wallet provider to provide the services and the mobile application through which such services would be provided.” To combat concerns that Sand Dollar digital wallets will act as substitutes for bank accounts, and that funds will flow from the latter to the former thus threatening financial system stability, the Central Bank said it will “be empowered to limit the amount of the
digital currency that individuals, businesses and other non-supervised financial institutions can hold”. “To address sudden, potentially destabilising movements of funds, the bank would also be able to intervene to suspend the withdrawal of deposits, or limit the maximum amount of withdrawals from any financial institutions, which are settled or converted to Sand Dollars,” the Central Bank said. “However, any freeze or slowdown in funds movements would only be temporary, as the Central Back would be obligated to shift non-restrictive stabilisation measures after a maximum of one week. The minister of finance would have to consent to an extension of this period, although for no more than two weeks in total.”
WATER CORP GETS ‘CHEAPEST SUPPLY RATES IN CARIBBEAN’ CONSOLIDATED Water’s top Bahamian executive has argued that the Water & Sewerage Corporation is receiving “perhaps the cheapest water rates in the Caribbean” from its wholesale supplier. Bryan Russell, Consolidated Water (Bahamas) general manager, disclosed that the BISX-listed reverse osmosis water plant operator sold nearly 3.5bn gallons to the state-owned utility supplier last year. Speaking during a recent Rotary Club of South East Nassau presentation, entitled Sustainable fresh water production, Mr Russell said that Consolidated Water supplies the Water & Sewerage Corporation at an average cost of less than $6 per 1,000 gallons based on the terms of their contract. “That is perhaps the cheapest water rates we know about within this region. It is cheaper than any of the other facilities that Consolidated Water
IN 2020, Consolidated Water (Bahamas) produced nearly 3.5bn gallons of water and sold it to the Water and Sewerage Corporation at an average cost of less than $6 per 1,000 gallons. operates,” he added. “I am very pleased and proud to say that we supply
the Water and Sewerage Corporation with water on a continuous basis. We
operate our facilities every day of the year, 24-hours a day, even during hurricanes
as we have back-up power if necessary.” Mr Russell said Consolidated Water maintains strict guidelines for water quality. He added that the seawater reverse osmosis supplier is able to do this because of the technology it uses, its scale of production, and the design of its supply contracts. The service and supply contracts that Consolidated Water (Bahamas) has with the Water and Sewerage Corporation are “stringent”, according to Mr. Russell, who added: “Not only do they guarantee a very high quality of water to the Water and Sewerage Corporation and to the local population, but it also forces the company to maintain the operations of our equipment to the highest standards.” Mr Russell said Consolidated Water analyses, sterilises and ensures water meets specific metrics set down by both the
World Health Organisation (WHO) and Water and Sewerage Corporation, whose representatives have access to the company’s facilities at any time. Prior to Consolidated Water (Bahamas) winning the bid to supply the Water and Sewerage Corporation, all water distributed in New Providence came from the island’s wellfields or was barged from wellfields in Andros. The expansion of Consolidated Water’s Blue Hills facility in 2012 eliminated the need to barge water from Andros. The company has 20 employees, 19 of whom are Bahamian.
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THE TRIBUNE
Tuesday, March 30, 2021, PAGE 3
‘VERY UPSET’ OVER GOVTS DORIAN TAX BREAK SILENCE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
ABACO’S Chamber of Commerce chief yesterday said he is “very upset” at the government’s failure to respond to calls for a further extension of the island’s Dorian tax breaks beyond their June 30 end. Ken Hutton told Tribune Business he had submitted a letter requesting a meeting to discuss the possibility of extending the Special Economic Recovery Zone (SERZ) order to the Prime Minister’s Office on March 12 but has yet to receive an acknowledgement or reply.
KEN HUTTON He said: “One thing that we are very upset about is the fact that we wrote a letter to the Prime Minister on March 12, requesting a chance to sit down to talk about the extension of the special economic zone concessions.
“We have not even received an acknowledgement from them, and we asked again about a week afterwards, just for an acknowledgement that they’ve received the letter and they haven’t done so. “The letter we wrote actually came not only from the chamber, but also from the local government councils - from Central Abaco and Coopers Town and North Abaco; from Treasure Cay; from Hope Town; Guana Cay. They haven’t even acknowledged receiving the letter yet.” Abaco remains in reconstruction mode more than 18 months after Hurricane
Dorian struck. Mr Hutton said an acknowledgement of the March 12 letter would ease a lot of fears for residents whose rebuilding efforts have been set back by the COVID-19 pandemic and associated lockdowns and other restrictions. Mr Hutton added: “The last thing we want to do is get to the June 30 expiration date and then be told that we have to accept what they give to us. We have the entire community behind us, and all we’re asking for is to engage with the government. They are not even acknowledging receiving a letter from us.
“We’re disappointed with that, and we’re hoping that they will engage with us sooner rather than later because we’re all in this together and the government is not going to benefit from Abaco’s recovery until we can recover properly.” Mr Hutton said it was critical for Dr Minnis and the government to understand the extent to which recovery efforts on Abaco have been delayed by the pandemic despite the “significant progress” made to-date. “We’re seeing our second homeowners starting to return because
COVID has started to die down,” said Mr Hutton. Referring to what he calls a “shift in momentum”, he added: “The vaccines are out so people are starting to travel. It’s really the first time we’re seeing them back since the storm.” He warned, though: “If we don’t get the exemptions, it puts the entire recovery at risk because most people have not been able to come back. Then, if they lock Abaco down, that definitely puts the recovery at risk. So we do not want another spate of lockdowns; we just want to engage with the government on the extension.”
ONLINE PLATFORMS ‘SAVING GRACE’ DURING COVID ERA
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
BUSINESSES yesterday said the evolution of online and virtual platforms will be the “saving grace” should tighter COVID-19 restrictions be reimposed to combat a “third wave” of virus infections Christine Wallace-Whitfield, pictured, the Bahamas Real Estate Association’s (BREA) president, told Tribune Business another hard lockdown will probably impact real estate in the same way it would affect other industries. The extent of the damage “depends on the severity” and duration of any measures. “The only good thing with real estate agents trying to promote their properties is that not only do we give virtual tours but we also utilise social media. So that has been our
only saving grace,” she said. “We need to make sure and see if the competent authority will make this announcement. There is no need to panic the country. However, if he [the Prime Minister] is thinking these measures, he needs to be proactive and give people time to plan and organise. “With real estate, as everything is online, we as agents will have to continue to do our best with promoting through the web and Internet until we are all safe again.” Recent increases in
COVID-19 infections have alarmed the government, with discussions taking place at the Cabinet level over whether certain islands may now need tighter restrictions. Some 167 new cases were recorded last week, and a further 160 the following week. Dwayne Higgs, WHIM Automotive’s general manager, yesterday responded: “The country cannot take another hard lockdown. I don’t think it is necessary.” While WHIM’s e-commerce platform and drive through facility will allow it to operate under tighter COVID-19 restrictions, he said he has “had enough of our economy being devastated. So definitely we don’t need any more lockdowns”. Herbert Cash, Kanoo’s chief financial officer, said: “Our business model has various offerings that would thrive in a lockdown
scenario, so we would see certain revenue items take a hit while others may surge. But another lockdown would reduce aggregate demand for the goods and services many of our merchants provide. Therefore, we wouldn’t want to see that happen again. “Notwithstanding, should the public health officials deem it necessary to lockdown even further, we are confident that our solutions would allow businesses to remain engaged with their customer base through our app, the merchant’s website or our online marketplace.” Dwayne Scavella, president of the Bahamas Auto Repair Association (BARA), said: “Every lockdown we have been having has affected the automotive industry in all sectors, whether it is repairs, sales or rentals. All sectors have been affected.”
He added that many motor mechanics have left the sector altogether and gone into landscaping and sanitation maintenance just to make a living. Mr Scavella said: “These sectors are clustered as it is, so you could imagine the madness going on there. Out of a percentage of the mechanics that left the industry, I would say about 25 percent had to find alternative measures to find work.” Suggesting that business has been “very, very slow” since the economy slowly reopened, Mr Scavella said: “Once you dig a hole it is hard to get back out of it. There is a lot going on right now. It is a grave situation. Even with the motor dealers, this has been affecting them for a long time, too, and car part theft and car break-ins have increased. “Garages are being broken into and, even when
people park their vehicles at home, they are taking off the front lights and head bumpers. These guys are taking advantage of these things because there is a hidden market out there for all these parts.” Bradley Rolle, general manager of Centreville Food Store, said that when The Bahamas goes into COVID lockdown mode it sends customers into a panic and they turn out in massive numbers at he food stores. Calling it a “double edged sword”, he added: “The lockdown is supposed to decrease the risk of contracting the virus, but it sends people flocking to the food stores so it increases the risk of contracting the virus. When they announce the lockdown, you can review our security tapes and see the lines around the building to get into our store.”
EXUMA BRACES FOR GRAND ISLE TERMINATIONS FALL-OUT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
EXUMA’S private sector yesterday said it is bracing for the economic fallout from Grand Isle Resort & Residences moving to terminate 40 staff, with one business branding it a “shock”. Ricardo Morley, Shop Rite’s owner/operator, told Tribune Business: “Some of those 40 people they laid off were people who were requesting that if they were going to be in this state of furlough, the company may as well give them a package so they can go on and do something else.” Grand Isle confirmed it was terminating 40 employees presently on furlough over the weekend, with management
saying it would have been “unfair” to keep them “in limbo” given the ongoing uncertainty created by the COVID-19 pandemic. Mr Morley added: “I know it’s a difficult thing to have 40 people be let go right at the onset of the economy reopening, and everybody trying to get back to normalcy. It is going to be a difficult blow.” As a grocery store owner, he said companies in his line of business will feel the effects harder than everyone else because it is “a lot of money out of circulation in a small economy”. Mr Morley added: “We feel that impact. We have those people not being able to have sufficient funds to be able to do their shopping. Then everybody falls back on to the social services and the government,
and that money now coming from National Insurance Board has dwindled.” Ramon Darville, general manager of Darville Lumber, said: “The food stores are going to feel that hit first. Most of those people who work at Grand Isle are supporting families and things like that, and it is not as if there is an abundance of jobs or anything like that. Where are these people going to go? “I know the resort had opened up and they don’t have the guests that they normally have, but this is a shocker. I didn’t expect that out of Grand Isle.” Venturing to describe the challenges Grand Isle may have faced due to the COVID-19 health travel protocols, Mr Darville said: “I had a daughter come in about a week ago. She
was having challenges getting a Bahamian health visa, because you have to use the exact same sign in every time you do it. If your e-mail address changes, then you have a problem. “For a person like me who has five or six e-mail accounts, that creates problems. I have to continually try to keep track of all of them and remember which e-mail I used. You have to make notes and remember all of that, and then there’s a lot of visitors and guests that were supposed to come in on Saturday and they couldn’t come because they were they were unaware of the PCR test.” Mr Darville continued: “Somehow my guests got that test, but they had to spend a night in Miami. They got the test and they just happened to get that
visa the next morning before their flight that was scheduled for 7.30am, so they made it by the skin of their teeth. “I’m pretty sure they paid that airline a few extra dollars, because they were unaware and unprepared and they didn’t know. I don’t think the government is putting that out there that in order to come into this country that you need a COVID PCR test. The airlines need to put something on their website that says that travellers must have a PCR test to come to The Bahamas.” Another Exuma store owner, speaking on condition of anonymity, said food stores will not feel the impact as much as others have indicated because 40 persons are enough to cause a major ripple
in the economy. They added: “We are in season now and we’re booming right now. There are lots of tourists on the island and things like that. So them being laid-off and receiving their redundancy packages, I don’t know how much they are going to spend but they still have to shop. I just don’t think it will have a direct effect on shopping right away, because they weren’t working before they were officially laid off.”
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PAGE 4, Tuesday, March 30, 2021
THE TRIBUNE
TOP OFFICIAL CITES 170% BAHAMAS SEARCH JUMP A SENIOR Ministry of Tourism executive says February’s 170 percent increase in Expedia searches for The Bahamas suggests there is significant pent-up travel demand. Joy Jibrilu, its director-general, told a recent meeting of The Bahamas Hotel and Tourism Association’s (BHTA) Board of Directors and membership that this was a
sign the industry is on its way to post-COVID recovery. Acknowledging the pandemic-related challenges in 2020, Mrs Jibrilu said: “Our insights show us that there is huge interest in Caribbean travel, and specifically travel to The Bahamas.” Expedia Group’s North American sites showed searches to and about The Bahamas have increased
nearly 170 percent in February. Following the removal of the COVID-19 ‘vacation in place’ requirement, The Bahamas has seen its steadiest increase in interest among US travellers. “We know that tourism will continue to grow in 2021,” said Mrs Jibrilu, explaining that longer and international trips are becoming a traveller preference as tourism into the
year’s third and fourth quarter. To promote The Bahamas in key markets, content production for the Out Islands; the partnership with award-winning musician Lenny Kravitz; and international media activations and airlift partnerships are all in development. “We have streamlined the process of acquiring the Travel Health Visa, thanks
to critical feedback, and this is evident by the volume of applications that has been processed daily,” said Mrs Jibrilu. Between November 2020 and March 23, 2021, the Bahamas Travel Health Visa Unit has processed 230,000 international applications. From March 1 to March 23, 2021, more than 66,500 international visas have been processed.
‘Terrifying proposition’ of COVID third wave
COVID-19 cases per capita than the capital. “I don’t see the need to impose additional measures now,” he argued. “I just hope there’s no knee jerk reaction, things are well thought-out and there’s some balance with the financial health and well-being of the country, which is in a very fragile state right now. “There has to be some balance, and that has to be very carefully considered before any action is taken. There’s a lot of businesses that have already been hurt, and many more are very close to following. I wouldn’t want to have to make a decision like that with so many people’s financial well-being at stake. “With the number of cases in the country, that [reimposing restrictions] cannot be a serious consideration at this point, but I’m not the one to decide. I hope for everyone’s sake that doesn’t happen.” Mr Sands, while declining to be drawn on the reimposition of COVID-19 restrictions, effectively confirmed they would choke off momentum that has made Easter “the busiest period” of all since the Bahamian tourism industry re-opened
to visitors. “Obviously we are concerned by any uptick or increase in COVID-19 cases, but we have not heard any discussion about the reimposition of COVID-19 related restrictions,” he told Tribune Business. Urging Bahamians to “not let our guard down and be as vigilant as possible during this period as vaccines rollout”, Mr Sands said the inoculation effort was “going as quickly as it possibly can” based on the present 20,000 doses that are available. Looking forward to when the additional 100,000plus doses acquired via the COVAX facility arrive, he added: “The industry has been gaining momentum. Let us focus on the positive. I can tell you that based on the reports that emanated from the BHTA Board of Directors meeting last week there is cautious optimism. “The industry is showing an uptick, and certainly business over the Easter period is better than other periods so far this year. We’re encouraged by the pace at which bookings are taking place, and we have to keep this momentum going.
“There are encouraging signs of the sector continuing its way back to pre-COVID levels. It’s taking some time, but is gaining momentum week by week. The [booking pace] varies from hotel to hotel, and island to island, but I can tell you it was a unanimous position put forward by the board of directors, the boating and yachting sector, increasing airlift - everything is pointing in the right direction at this time,” Mr Sands continued. “It’s not where we want it to be, but we’re certainly trending in the right direction.” Sir Franklyn, meanwhile, said the government itself would be among those most impacted by the return of COVID-19 restrictions as the reduced economic activity that will result is bound to throw its fiscal projections and assumptions off-course. “This is absolutely the last thing we need,” he said of the possibility of a third COVID-19 outbreak. “That is the last, last thing this country needs. We’ve just got to pray we’re not going down that path. Christ, man, that could be a real pathway to some dark days. It will not be good news.”
Minister issues challenge: Develop ‘projects of scale’
both years went to Atlantis. Pointing to the forecast increase in cruise ships berthing in Nassau in 2022, provided the COVID-19 pandemic is largely over, Mr D’Aguilar reiterated: “There’s a lot to do to take advantage of this projected increase in cruise ship passengers. “We need some projects with scale that can deal with 1,000 passengers, and that takes innovation, creativity and capital. It’s not something you’re going to develop overnight but that’s what we need. We probably need enough tours and excursions that can accommodate half the passengers arriving in Nassau. At the weekend we have 20,000 to 30,000. “We’re already banging our heads against the wall trying to figure out how to
create interesting, viable experiences for people to do. We’ve talked about this ad nauseam. This is only something the government can encourage. The government cannot get into these businesses,” he added. “It’s quite telling that the most visited destination in The Bahamas is Atlantis because they built that project to scale and were able to take advantage of that to the point where even they had to slow it down due to concerns they were receiving from their hotel guests.” Mr D’Aguilar implied that Baha Mar’s Baha Bay water park, which is set to open this summer, will similarly target cruise passengers as well as hotel guests given that the former category seem particularly attracted to such destinations.
FROM PAGE ONE health officials thought to be eager to impose tighter curfews and even more restrictive measures to curb the spike. However, Mr Albury argued that any healthrelated moves must be balanced “with the financial health and well-being of the country, which is in a very fragile state” due to the damage COVID-19 has imposed on businesses, jobs and incomes over the past year. “I think that would be detrimental,” he told this newspaper over the tightening of COVID-19 restrictions. “That would be a terrifying proposition to look at doing that again at this stage of the game. “For the hotels and tourism business, that would destroy us. Things are starting to get open again,
FROM PAGE ONE
like hell to come up with innovative and creative ideas for new things for people to do,” the minister added.
JOY JIBRILU
starting to get cranking again. Most business owners I have spoken to in the hotel and tourism industry expect to be back to normal between now and summer. Tourism sprinkles through the entire community in terms of its financial impact. “I hope the prime minister will only make a decision like that under the most extreme of circumstances. I don’t think at this stage that this is something that warrants that type of action. I just hope persons continue to follow the health protocols and stay safe.” The Bahamas Bus and Truck chief said the uptick in COVID-19 cases was likely due to an increase in travel associated with the Easter holiday season, which was confirmed yesterday by Dr Forbes. He also suggested that increased testing may have helped produce the growing case numbers, but argued that there was no
“But we need projects with scale. If, pre-COVID, someone built a project that can accommodate 50-100 people, that is good but you need a lot of businesses like that to take advantage of
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.
drastic need for more restrictions amid the ongoing vaccine roll-out. The National COVID19 Consultative Committee on Sunday night said The Bahamas will receive 33,600 doses of the AstraZeneca COVID-19 vaccine through the COVAX facility this week, as part of the more than 100,000 it is expecting. “Since the COVID-19 vaccination programme began on March 14, 2021, more than 7,000 doses of the AstraZeneca vaccine have been administered on New Providence and Grand Bahama,” the committee said. “The highest number of COVID-19 vaccinations administered on a single day totalled more than 1,000.” Mr Albury, though, said “some of this stuff doesn’t make sense to me”, pointing out that Grand Bahama has a less strict nightly curfew than New Providence even though it has more
the volumes of cruise passengers that are coming. “Atlantis was built to scale and can accommodate several thousands of people at their water park. That’s why they were able to enjoy a great deal of revenue from cruise passengers because they can deal with volume. The Pointe has built a water park, but not to a sufficient scale to deal with the volume of passengers coming off the ship,” Mr D’Aguilar said. “We’ll always be grappling to deepen the spending and creating viable options for cruise ships coming to our port every day. We’ve not been able to solve these problems. The government cannot solve these problems. This
definitely requires the coming together of creative ideas, a place to do it and substantial funding and capital.” The Ministry of Tourism’s own assessment of cruise passenger spending in Nassau/Paradise Island during 2019 showed that 53 percent of the $325.78m total, some $172.65m, was spent on activities, tours and excursions. This represented an 80 percent increase on the prior year’s $95.94m spend in this area, which moved it into the segment that attracted the majority of cruise passenger spending in the capital. The recipients of such spending were not identified, and it is likely that a substantial chunk in
The complete Terms of Reference and process for responding to employment opportunities are available at the DEPP website
www.depp.gov.bs
December
17th
THE TRIBUNE
Tuesday, March 30, 2021, PAGE 5
‘Phenomenal’: Briland at 90% of pre-COVID levels
FROM PAGE ONE
test result within five days of travelling to The Bahamas has drastically shortened the booking window, making it impossible for resorts to predict business volumes. “People are wanting last minute to get out of their situation,” he added. “We were empty at the beginning of April one to two months ago, but people are booking five to six nights out and just saying: ‘Do you have space?’ People want to make sure they are clear on the test before they pull the trigger and get out the credit
Nassau/PI hotels suffer 90% room revenue decline FROM PAGE ONE “Specifically, in January, estimated room revenue contracted by 90.4 percent from the previous year as the occupancy rate settled at just 7.5 percent from 69.3 percent a year earlier, while the number of room nights sold reduced considerably by 92.4 percent. However, the average daily room rate (ADR) rose by 25.6 percent to $327.83.” Turning to an Airbnb market that was again bolstered by domestic demand, as Bahamians sought escapes from COVID-19 restrictions, the Central Bank added: “With regard to the short-term rental market, data provided by AirDNA showed positive activity within the market throughout February supported by domestic demand. “Specifically, total room nights sold grew by 24 percent compared to 9.9 percent in the prior year, while bookings for entire place listings and hotel comparable listings increased
card to book the airline.” Revealing that his properties’ occupancy levels are in the “high 90 percent” range through to April’s end, Mr Simmons said the hotel booking window had previously used to extend out some three to four months. Describing present visitor activity on Harbour Island, Mr Simmons said: “It is insane. It is very busy, inseparable from previous years in terms of volume of people on the beach, golf cart use and restaurants. It is insanely busy. It has to be as busy as 2018 and 2019. It’s very hard to get a golf cart.
“But there’s an element of relationship, tradition and trust. As busy as the island is, in comparison to Baha Mar with 3,000 guests checking in on a normal Spring Break, it’s not of that scale. We’re spread out over the island, there’s less density, more people are getting the vaccine and they’re not worried that they’re risking their lives to come to Harbour Island.” Dionisio D’Aguilar, minister of tourism and aviation, recently admitted that Harbour Island’s tourism industry “has made a compelling case” for why it should not become a
by 26.2 percent and by eight percent, respectively. “Pricing indicator outcomes for both entire place listings and hotel comparable listings revealed a rise in the average daily room rate (ADR) of 6.5 percent and 3.8 percent, to $449.49 and $157.53, respectively, contrasting with decreases of two percent and 4.1 percent in 2020,” it continued. “The most recent data provided by the Nassau Airport Development Company (NAD) showed that total departures, less domestic traffic, reduced to 16,098 in February visà-vis a 7.5 percent increase during the same period in 2020. “Underpinning this outturn, the dominant US component fell by 86.9 percent, a reversal from the previous year’s 7.5 percent gain. Likewise, non-US departures declined significantly by 95.3 percent following a 7.6 percent growth a year earlier.” The Central Bank projected that the Bahamian economy will “register marginal growth” in 2021 with tourism’s revival - which is taking place after the winter season peak - subject to progress in defeating the COVID-19 pandemic. “With regard to the labour market, the
elevation in the unemployment rate is expected to persist over the near-term with any job gains concentrated mostly in the construction sector, and in limited re-engagement of tourism sector employees,” the report said. “In the fiscal sector, revenue losses, combined with increased disbursements for health and social welfare associated with COVID19, and outlays still related to the restoration of key infrastructure following [Dorian], are expected to weigh heavily on the government’s fiscal position. “Projected revenue shortfalls should continue, with expectations that taxable economic activity remains below capacity in 2021, improving mostly in line with the tourism recovery. The resulting budgetary gap will be financed with important use of external credit, but with a likely increased ratio of the total funding from domestic sources.” The Central Bank said that while the external reserves are likely to decline due to a drop-off in foreign currency inflows, they “remain adequate” to sustain the fixed exchange rate regime and one:one parity with the US dollar.
cruise destination. He told Tribune Business he will now “convey that message” to Crystal Cruises and “explore the possibilities” of it switching to an alternative destination on its weekly seven-night Bahamas cruises that are scheduled to begin on July 3. The minister acknowledged that Harbour Island has established a destination brand that is the “antithesis” of mass market cruise tourism, focusing on high-end visitors seeking a quiet getaway in boutique resorts and vacation rentals, and conceded there were valid concerns this
could be “significantly negatively impacted” by Crystal Cruises plans. Pledging to “engineer a good outcome for all sides”, Mr D’Aguilar told this newspaper: “The hotel owners and operators have expressed their view that Harbour Island really is not a preferred destination for cruise ship passengers, and they have made a very strong and compelling case as to why. “In many respects it relates to branding. They have branded their destination as the antithesis for cruising, and instead as a destination that caters to
high-end, low density travellers looking for that unique and boutique experience. They feel that by introducing a cruise component on to the island that will significantly negatively impact their branding. “They make a compelling case. We’re obviously going to go back to the cruise company to at least convey that message and explore the possibilities of using another destination. No decision has been made yet. The Ministry of Tourism will convey that messaging on to Crystal Cruises. They are the ones intending to stop there.”
To advertise in The Tribune, contact 502-2394
PAGE 6, Tuesday, March 30, 2021
THE TRIBUNE
Late fade pushes S&P 500 Activists demand 90-day extension to Disney review slightly below its record high FROM PAGE ONE Mrs Duncombe and her colleagues in the Stop Disney - Last Chance for Lighthouse Point coalition, in a March 26, 2021, letter to Romauld Ferreira, minister of the environment and housing, argued that it was only fair to extend the public consultation from 50 to 90 days given that the cruise line had spent three years putting its EIA together. “We are writing to request an extension of the public consultation process and additional information regarding the timeline for Disney Cruise Line’s draft EIA for the proposed cruise ship port at Lighthouse Point in Southern Eleuthera,” they said, noting the April 8 virtual meeting that will allow the Bahamian public to discuss the document. Final public comments are due on the EIA, which was released on March 10, 2021, by April 29. “
“At this point, there is no information about the format and agenda for the April 8 meeting. There is no available information about the details of the process or the timeline for the government’s review of the EIA following the April 29 deadline. We cannot conduct a meaningful review of the EIA without a fully transparent public consultation process,” Mrs Duncombe and her colleagues wrote. “We are also dismayed by Disney’s apparent role in receiving comments from the public. The Government of the Bahamas needs to assure that the comments are in fact seriously considered in the final decision on the project. We remain eager to work with you to make this public consultation as effective as possible in providing a well-informed basis for the decision on the future of Lighthouse Point. “We request that you extend the public consultation period to 90 days. This
is a more reasonable timeline to review a 551-page document that took Disney three years to develop, and the Department of Environmental Planning and Protection more than a year to review,” they added. “Prior to the release of the EIA, our experts repeatedly attempted to engage in discussions with Disney about its scope. Disney rebuffed their input. Disney chose to brief other Bahamian and international organisations about the EIA before it became publicly available but did not even provide our experts with advanced notice of its release.” Other signatories to the letter include Joe Darville of Save the Bays, Rashema Ingraham of Waterkeepers Bahamas, and Casuarina McKinney Lambert of BREEF. Their petition opposing Disney’s project has garnered more than 440,000 signatures globally.
Associated Press US stock indexes closed mostly lower yesterday, pulling the S&P 500 slightly below the all-time high it set last week, while nudging the Dow Jones Industrial Average to another record high. The S&P 500 slipped 0.1%, recovering most of a 0.8% slide earlier in the day. Banks had some of the sharpest losses amid worries about how much pain they’ll incur following soured trades made by a major US hedge fund. Technology stocks also fell broadly as China announced more tax breaks to bolster its own chip sector. Gains for Facebook and other market heavyweights helped to limit the S&P 500’s losses. Treasury yields rose. A widely followed measure of nervousness in the stock market climbed 10.4%. The VIX index, which shows how much volatility traders
are bracing for from the S&P 500, remains close to its lowest level since the pandemic rocked markets a year ago. “It’s high, which indicates people are nervous, but it’s not panicky,” said Tom Martin, senior portfolio manager with Globalt Investments. The S&P 500 dropped 3.45 points to 3,971.09. The Dow rose 98.49 points, or 0.3%, to 33,171.37. The S&P 500 climbed to an alltime high last week. The Nasdaq lost 79.08 points, or 0.6%, to 13,059.65. The Russell 2000 index of smaller company stocks fell more than the broader market, shedding 62.80 points, or 2.8%, to 2,158.68. The index is on track to close out March with its first monthly loss since September, though it has still racked up bigger gains so far this year than the other major indexes. The market’s movements mark the latest ebb for Wall Street, which has been mostly climbing in a series of stops and starts. Supporting the market have been rising expectations that a supercharged economic recovery is on the way thanks to COVID-19 vaccinations, immense spending by the US government and continued low rates from the Federal Reserve. Weighing on stocks at the same time, though, are worries about a coming rise in inflation and possibly tooebullient prices across the market. Several key reports on the economy are scheduled for this week, which could help show whether stocks deserve the lofty prices they’ve reached. Among the headliners is Friday’s jobs report, where economists expect to see a big acceleration in hiring. On Wednesday, President
Joe Biden will also give details about his proposal to rebuild roads, bridges and other infrastructure. Shares of raw-material producers have rallied recently on rising expectations for infrastructure spending by Washington, even though many past presidential administrations have failed to make it happen. Yesterday, though, the market’s spotlight was squarely on financial companies after Japanese bank Nomura Holdings and Swiss bank Credit Suisse said they’re facing potentially significant losses because of their dealings with a major client, though the exact magnitude is still unclear. Nomura estimated the claim against its client could be about $2bn. Credit Suisse said that it “and a number of other banks” are exiting trades they made with a significant US-based hedge fund, which defaulted on a “margin call” last week. A margin call happens when a broker tells a client to put up cash after it borrowed money to make trades. Neither Credit Suisse nor Nomura named the client, but news reports identified it as New Yorkbased Archegos Capital Management. Shares of Credit Suisse and Nomura each fell at least 16% in their home countries, and US banks got caught in the downdraft as investors question whether the soured trades will stay isolated or have a more widespread effect through the system. “This is sort of an example of the leverage you don’t see,” Martin said. “We all know there’s a fair amount of debt out there, but what we don’t know is how much of this is out there.”
NOTICE MARKET REPORT www.bisxbahamas.com
MONDAY, 29 MARCH 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1934.81
-13.20
%CHANGE
YTD
YTD%
-0.68 -157.65
-7.53
(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 6.00 3.56 4.45 2.95 5.67 9.75 2.73 6.84 10.81 8.40 14.00 3.80 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 4.40 2.95 5.67 9.75 2.70 6.84 10.93 8.40 14.00 3.50 8.35 15.50
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.40 0.00 (0.05) 0.00 0.00 0.00 (0.03) 0.00 0.12 0.00 0.00 (0.30) 0.00 0.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
VOLUME
2,050 2,450
25,000
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 31.4 16.0 12.6 13.5 26.5 14.6 16.9 11.5 17.2 17.2 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% 4.07% 3.88% 7.38% 16.07% 0.88% 3.00% 2.86% 3.86% 3.43% 2.40% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
MATURITY
19-Oct-2022 30-Sep-2025
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 22-Oct-2023 15-Oct-2049
MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.83 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.40 4.44 2.15 201.90 184.85 1.68 1.73 1.75 1.03 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79
YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.36% 0.77% -3.49% -4.68% -0.85% -0.65% -1.79% -16.80% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%
NAV Date
31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 28-Feb-2021 28-Feb-2021 28-Feb-2021 28-Feb-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks
Ask $ - Selling price of Colina and fidelity
Previous Close - Previous day's weighted price for daily volume
Last Price - Last traded over-the-counter price
Today's Close - Current day's weighted price for daily volume
Weekly Vol. - Trading volume of the prior week
Change - Change in closing price from day to day
EPS $ - A company's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today
NAV - Net Asset Value
DIV $ - Dividends per share paid in the last 12 months
N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NOTICE is hereby given that COLLIN O’SHEA ANDRADE BROWN, of #6 Cowpen Road, P.O.Box N-10584 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 30th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.