03312020 BUSINESS

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TUESDAY, MARCH 31, 2020

$4.38

RUPERT ROBERTS

Super Value chief eyes overtime ease via new measures

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s principal yesterday voiced hope that new shopping restrictions will “work better than what’s happening now” and enable him to reverse a 20 percent increase in overtime payroll.

Rupert Roberts told Tribune Business that the Prime Minister’s COVID-19 related plan for every household to designate a single shopper, and introduce a schedule where that person can only shop on certain days, would enable customers to spend more time in stores.

Emphasising that he was “100 percent in favour” of already-enacted social distancing measures, the Super Value chief said sales at some of his larger stores had dropped by between five to ten percent compared to the prior week due to customers having to queue in-line before they can enter.

“I hope that works better than what’s happening now,” Mr Roberts said of the new measures unveiled by Dr Hubert Minnis on Sunday evening. “Our sales are actually off in the big stores because people can’t get into shop. It’s different areas, but it’s five to ten percent down in the big stores. Winton seemed to be the exception.

They did a little more.

“The other big stores couldn’t get the sales in. The social distancing has really slowed down the rate of shopping, but I’m not surprised. I expected the sales to go down this week, not because they were panicked shopping, but the customers have been there and couldn’t get in. At Cable Beach on Sunday they were line up the whole length of the shopping centre from Super Value to Wendy’s.

“We are spreading them out, and it’s half the spend it used to be as they cannot get the shopping in. The wait is too long. Right now it’s going to slow. They’re lined up and they just cannot shop.

We’re not going to do the sales with restricted shopping that we did with unrestricted shopping.”

SEE PAGE 3

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$60m pay plan needs ‘marriage’ for success

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government was yesterday urged to “marry health with economics” to maximise the “phenomenal gesture” of its $60m bid to safeguard up to 10,000 jobs through tax credits and deferrals.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the complete lockdown imposed upon many businesses meant they would enjoy little benefit from the initiative unveiled yesterday by K Peter Turnquest, deputy prime minister.

While acknowledging that the government was showing “a real willingness to help companies and employees stay alive” amid the COVID-19 pandemic, Mr Myers argued that the combination of tax deferrals and credits “doesn’t make sense” unless his businesses were allowed to operate at closer to 50-60 percent of their revenue-earning capacity.

And he added that the deferral element, which could amount to a

• Tax credit/deferrals ‘phenomenal gesture’ • But govt must combine health, economics • Chamber raises concerns over benefits

ROBERT MYERS maximum of $300,000 for qualifying businesses, still represented a “significant liability” that companies ultimately will have to pay back to the government since it has only been postponed not forgiven.

Mr Myers said such a liability was especially concerning given the uncertainty over how long, and deep, the COVID-19 pandemic and associated lockdown will be, coupled with the inability of many businesses to earn any revenue during this time.

The ORG chief was not alone in his questions over

a government initiative targeted at medium-sized to large Bahamian enterprises.

Mr Turnquest yesterday said it was intended to provide “payroll support”, and incentivise qualifying companies to retain up to 10,000 Bahamian jobs rather than temporarily lay them off amid the pandemic.

He explained that the three-month initiative could provide qualifying firms with up to $600,000 split equally between a combination of tax credits and deferrals.

Those companies with outstanding business licence fee payments and VAT receipts will be able to withhold payment and, in return, receive a maximum of $200,000 per month.

Some $100,000, or 50 percent, will come in the form of a non-reimbursable tax credit. And the other $100,000 will be “deferred” until January 2021, when it will have to be repaid in a series of 12 monthly instalments throughout the year.

THE deputy prime minister yesterday said the government was “running as fast as we can” to support Bahamians and the private sector with more than $100m in COVID-19 financial aid.

K Peter Turnquest urged the private sector to have patience with the newlyunveiled $60m tax credit/ deferral package to assist medium and large-sized Bahamian enterprises as the details are still being worked out ahead of its April 8 launch.

He told Tribune Business that the Ministry of Finance would have to “work out a mechanism” for companies who have already paid their annual business licence fee to participate amid concerns that they would be

To qualify, companies must employ a minimum 25 persons and commit to retaining 80 percent of staff that were present prior to the COVID-19 crisis. “The net effect of this initiative is that, for some businesses, the government will be paying the salaries of half of their employees for the next three months and providing them with the cash flow to pay the remainder,” Mr Turnquest said.

“The government is budgeting some $60m in revenue foregone over the next three months to facilitate this initiative, of which $30m will be effectively provided by the government to pay the full salaries of Bahamians over the period.

“The ministry anticipates that some 200 medium and large-sized entities will take advantage of this initiative that will support the retention of some 10,000 jobs over the next three

SEE PAGE 5

Nygard asset transfer ‘alarming’ for lenders

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PETER Nygard’s “alarming response” to the crisis engulfing his global fashion empire was to threaten to transfer its assets to a new company just one day after stepping down as its chairman.

The flamboyant Lyford Cay resident’s plan to save his 52 year-old business from “the self-admitted worst financial crisis in its 52-year history”, and potentially leave creditors out to dry, is detailed in court documents filed by the Nygard Group’s stunned lenders who successfully petitioned the Canadian courts to place it into receivership.

Robert Dean, White Oak Commercial Finance’s executive vice-president and head of risk management, alleged in a March 23, 2020, affidavit that Mr Nygard’s fashion retail and distribution conglomerate had been

• Lyford Cay resident planned new company • Just one day after resigning as chairman • Group fighting bankruptcy since 2019

PETER NYGARD teetering on the verge of “bankruptcy” since last year without lenders stepping in to provide funds.

He accused Mr Nygard of being personally “obstructionist and uncooperative” as Richter Advisory, the financial consultants appointed by White Oak and Second Avenue Capital Partners, its fellow lender, attempted to uncover his empire’s true financial

position and address multiple alleged breaches of the $40m credit facility they had made available to Nygard Group.

Revealing that Mr Nygard’s business, which he owns 100 percent, features more than 30 companies some of which are domiciled in The Bahamas, Mr Dean alleged that White Oak/Second Avenue appeared on the scene as a “replacement lender” when Bank of Montreal headed for the exit.

“Prior to entering into the credit agreement with the lenders, the Nygard Group was financed by Bank of Montreal (BMO) pursuant to a $35m revolving facility,” he said. “By the summer of 2019, the Nygard Group was in default of the BMO

DPM: ‘Govt running as fast as we can’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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• COVID-19 assistance breaches $100m mark • $60m tax credit/deferral plan being finalised • Losses likely ‘more dire’ than $1bn forecast

K PETER TURNQUEST excluded from an initiative designed to provide payroll support to qualifying firms.

With the “do nothing” alternative simply not an option given the extent of the economic hardship COVID-19 threatens to inflict on Bahamian workers

and businesses, Mr Turnquest said the government was doing its best to save jobs and companies within the limitations posed by its post-Hurricane Dorian fiscal constraints.

“We’re trying to help here,” he told this newspaper. “The alternative is to do nothing. It’s absolutely a fluid situation, uncharted, and we have to do the best we can. There are things that have to be adjusted along the way, and as resources become available and not available.

“We’re trying to give ourselves some time to work out the details [of the $60m tax credit/deferral plan].

We’re running as fast as

we can. This is a constantly evolving situation, and by the time we roll it out next week we will have most of the details worked out.”

Mr Turnquest’s comments came as the private sector questioned how lockeddown businesses, unable to earn any revenue after the government enacted its emergency powers, will be able to benefit from the tax credit/deferral initiative he disclosed yesterday to the House of Assembly.

The deputy prime minister, though, suggested that the $60m plan had been deliberately targeted at businesses with larger

SEE PAGE 5

facility, after having suffered material losses from its operations in its fiscal years 2018 and 2019.

“It entered into a forbearance agreement as of September 6, 2019, which provided for an additional $7m demand loan that was advanced against certain owned real estate assets. The forbearance agreement provided for an expiry date of November 30, 2019, which could be extended to December 31, 2019.

“Given the Nygard Group’s continued financial losses, BMO was not willing to negotiate a further extension of the BMO forbearance agreement. As a result, BMO informed the Nygard Group that it

SEE PAGE 5

$4.46 Bahamas must ‘keep economic patient alive’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Fiscal Responsibility Council’s chairman yesterday said the Government needs to “keep the patient alive” and prevent the COVID-19 crisis from collapsing the Bahamian economy.

Kevin Burrows told Tribune Business he felt the government has sufficient capacity to relinquish $60m of income over the next three months to incentivise as many as 200 medium to large-size businesses to retain up to 80 percent of their staff via its tax credit and deferral initiative.

“Yes, I do believe the government has the fiscal space to forego $60m over the next three months in order to retain some economic capacity to pay future taxes when the crisis abates. This is the same decision being made by governments globally,” he said.

“The US just approved a $2tn dollar fiscal stimulus – that’s about ten percent of their GDP and 40 percent of their federal budget.

Sixty million dollars for The Bahamas, well under one percent of GDP and 2.5 percent of our budget, pales in comparison, even taking into account our lower borrowing capacity.

Mr Burrows affirmed: “We need to make sure the economic patient remains alive, then figure out how to adjust afterwards. Whether the pay back period beginning in January is realistic, well, we will see.

“Assuming the global and local economy starts to re-open say by the end of June, then six months’ forbearance before beginning repayment seems reasonable. If the economy cannot support it then I’m sure the date will be extended – that’s the nature of managing under uncertainty.

“I expect to see a global debt monetisation the likes of which was unimaginable just a month ago – the very nature of government debt will change. One silver lining is that we are not in this alone; the solution will need to be a global one.”

John Rolle, the Central Bank governor, told Tribune Business yesterday: “I know that if it is one branch of government that would be focused on sustainability it would be the Ministry of Finance, because we work very closely with them on the fiscal projections and, particularly right now, in

SEE PAGE 3

PAGE 2, Tuesday, March 31, 2020

THE TRIBUNE

SELF-EMPLOYED ASSISTANCE NET EXPANDS TO COVER 7,000

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

MORE than 7,000 persons will be covered by the government’s $5.9m expansion of COVID-19 aid to self-employed workers outside the tourism sector, the deputy prime minister said yesterday.

K Peter Turnquest told the House of Assembly that the extension will cover self-employed workers outside The Bahamas’ main industry who are also “facing the complete loss of income, and the challenge of meeting their financial obligations”, due to the economic fall-out from the global pandemic.

Like their tourism industry counterparts, he added that these workers will also receive a $200 per week benefit for as long as The Bahamas’ national COVID-19 lockdown lasts.

That period is currently due to expire on April 8, and Mr Turnquest said applications for this assistance should begin by next Tuesday - one day before the lockdown is scheduled to end.

This indicates that the lockdown is likely to be

SCOTIABANK UNVEILS FIVE BRANCH CLOSINGS SCOTIABANK (Bahamas) has confirmed five branches have closed until after Easter as it moves to help the fight against the novel coronavirus’s spread.

The Canadian-owned bank, in a note to customers, said four New Providence-based branches as well as its Freeport outlet will be shut through Thursday, April 9. Given that the following Friday and Monday are Good

extended beyond April 8, although this will be determined by whether measures to prevent the COVID-19 virus’s spread locally are working.

To qualify for the selfemployed assistance initiative, Mr Turnquest said Bahamians will need to provide a valid business licence and National Insurance Board (NIB) number, and neither be in full-time employment nor someone who employs others.

He added that they would have to produce proof of active income for their business-related activities in January and February 2020, either through a bank statement or some other verification, and either be registered - or now register with NIB as self-employed.

The deputy prime minister said such checks were necessary to prevent persons applying for benefits from multiple COVID-19 assistance initiatives, such as the Business Continuity Loan programme aimed at small businesses and the unemployment benefit targeted at temporarily laid-off workers.

“It was important for us to ensure that we make the

most efficient use of a very limited budget,” Mr Turnquest explained. “For this reason, before any claim is disbursed, NIB will also check with the Department of Social Services and the Small Business Development Centre to ensure that there is no duplication of assistance.

“As a country, we must be cognisant that this is a national challenge, with massive segments of the population already impacted or soon to be impacted. We must therefore ensure that our limited budgets are used responsibly to make certain that we are able to assist as many people as possible.”

Mr Turnquest also disclosed that the National Insurance Board (NIB) has already fielded 17,000 e-mails related to unemployment claims since the COVID-19 induced tourism shutdown and subsequent nationwide lockdown.

“The sheer number of applications has put tremendous pressure on NIB resources, both from a financial and operational standpoint. To assist in the administration of payments, NIB enlisted the support

of the Public Treasury,” he added.

Dr Nicola Virgil-Rolle, NIB’s director, yesterday confirmed to Tribune Business yesterday that the social security system was presently processing some 14,000 e-mails received in its “new customer service inbox”.

She explained: “Some things are coming in from the employer directly, and some things are coming in from the employee. So we don’t know how many claims we have. We are just saying we have 14,000 messages in our inbox right now.

“We are just going to see how much that represents in terms of actual claims, but we are prepared for a sizeable amount of people given the main sector of the country has been halted for a few weeks.”

Asked whether NIB has the capacity to handle such a claims influx, Dr Virgil-Rolle added: “We have beefed up all of our operations, and we have moved across 60 persons from other areas that are deemed non-core at this time to assist with the registration of claims as well

as also brought in another 30 people from within the board to work on processing claims as well.

“We are training up a cadre of people to be comfortable. Normally this is something that takes weeks, but we’re doing it in a few days to be comfortable processing unemployment claims.

“The Family Island staff for the NIB are at work.

Either they are working remotely from home or at the office. The Family Island staff are also processing claims as well, and they are working to process their islands.”

Mr Turnquest, meanwhile, said NIB has received 1,563 applications to-date for financial assistance from self-employed persons in the tourism industry, such as taxi drivers, straw vendors, hair braiders and tour operators. And the Department of Social Services has received 1,430 applications for food assistance and social support.

“These groups of workers, who are on the front line of our tourism industry, are highly vulnerable to the economic fall-out from COVID-19

given its devastating impact on global tourism,” he added. “Thousands of selfemployed people, who rely on the flow of cruise ship and stopover visitors, are now unable to make a living over the next few weeks.

“Like many other governments around the world, this administration is compelled to help its citizens through this very tough time. In this first instance, income support is vital to those whose primary sources of income have been eviscerated by the economic fall-out of COVID-19.”

Mr Turnquest continued: “For tourism workers, particularly the self-employed, there were few options to adapt. The market to which they sell their goods and services has come to a seismic halt. There is no one to buy a t-shirt, a straw bag, a daiquiri or take a taxi.

“As markets re-open, hopefully within the next few months, I am confident that these Bahamian entrepreneurs will bounce back.

Until then, it is our hope, however, that the Government’s intervention will cushion the economic blow to industry workers.”

Friday and Easter Monday, respectively, are part of the Easter holiday weekend, the five branches will effectively be shut until April 14.

The four impacted Nassau locations are East Bay Street; Soldier Road and East Street; Wulff Road and Jerome Avenue; and Paradise Island.

Scotiabank’s Bahamas branches that will remain open, albeit during reduced operating hours of 9.30am to 1pm, include the Nassau main branch on Rawson Square; Cable Beach; Carmichael Road; Palmdale; Thompson Boulevard; Georgetown, Exuma; and Nicholls Town, Andros. Its service centre in Buckley’s, Long Island, will also continue to operate as normal.

The bank, in a statement, said the closure was designed to prevent staff and customers being exposed to the novel coronavirus (COVID-19).

Roger Archer, Scotiabank (Bahamas) country head, added: “One message we want to be clear on is that we take the Government’s messaging seriously, and are working to be responsible in that regard.”

Scotiabank (Bahamas) thus becomes the second Bahamas-based commercial bank to announce temporary branch closures as part of measures to combat COVID-19. Its fellow Canadian bank, Royal Bank of Canada (RBC), last Wednesday closed its main branch on Bay Street and the Mackey

Street location.

And the moves came after Carl Bethel QC, the attorney general, last Tuesday warned that the government could get “very strict” by forcing banks to close their branch doors as part of efforts to combat the COVID-19m pandemic.

He argued that the availability of online and electronic banking channels, such as automated teller machines (ATMs) and debit/credit cards, meant Bahamian businesses and consumers were able to conduct transactions electronically rather than having to visit branches.

“We can get very strict,” Mr Bethel warned. “Right now, for example, we could shut down all of the banks

forthwith on the basis and understanding that most persons have some form or method of withdrawing cash from banks.

“There are deposit machines. ATM machines are both for the purposes of deposit and withdrawal, and the majority of workers in this country receive their payment via electronic means in any event. So these are all things to be considered if we are so advised by the medical practitioners.

“This is not something that the government is relishing doing. This is not something that we want to do,” Mr Bethel added.

“This is something that we are advised that we must do, and I can only emphasise to the general Bahamian public and all residents

in this country the critical urgency of fully obeying all of the requirements of the national, nationwide curfew.

“It is critically important.

We cannot have a policeman outside of every house.

People must self-protect.

The strongest human instinct is the survival instinct. Let us fall back to our gut instincts in this matter. This is not a matter to take lightly.”

Banks remain on the list of businesses that are considered an “essential” service, and thus are exempted - at least for the moment - from the nationwide lockdown that the entire Bahamas has been placed under as efforts to combat the coronavirus ramp up.

THE TRIBUNE

Tuesday, March 31, 2020, PAGE 3

APPLICANTS SEEK NEARLY 75% OF SMALL FIRMS AID

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ALMOST 75 percent of the government’s $20m small business loan facility has been covered by the nearly-400 applications received to-date, the deputy prime minister revealed yesterday.

K Peter Turnquest told the House of Assembly that existing applicants had requested close to $15m in assistance from the Business Continuity Loan initiative to help micro, small and

medium-sized businesses (MSMEs) cope with the economic fall-out from the COVID-19 pandemic.

He disclosed that the government had expanded its MSME assistance by $5m to enable employers to meet staff payroll through grants ranging from $2,000 to $20,000. This will be offered to those who qualify for the Business Continuity Loan.

“The SBDC (Small Business Development Centre) also rolled out the government’s $20m COVID-19 response last week, targeted to provide loans to

small businesses ranging from $5,000 to $300,000.

Approved loans will have a payment grace period of four month,” Mr Turnquest said.

“Partnering financial institutions will facilitate the actual loan processing to include the vetting of the required information; the approvals; the issuing of funds; and the collection of payments after the four-month moratorium. These loans are earmarked for operating costs such as paying salaries, rent, insurance utilities and

inventory/supplies.”

To qualify, MSMEs must be operating with a valid business license for one year or more; generate less than $3m in annual turnover; agree to retain 51 percent of their staff; and have their credit information shard with the newly formed credit bureau and other financial institutions.

Mr Turnquest said that, as at Friday last week, some “616 MSME’s registered for assistance with the SBDC and, of that, 382 businesses completed the full application process”.

He added: “These businesses represent 1,082 full-time employees and 243 part-time employees and, in total, they have formally requested approximately $14.88m in financial assistance.”

Mark A Turnquest, a small business consultant, told Tribune Business that his call for the government to provide $50m in such support to MSMEs had been justified by the fact applications to-date were seeking almost 75 percent of the total sum allocated.

However, the deputy

prime minister asserted: “The $20m allocated by the government for MSMEs will ensure that all businesses who qualify have the support they need to protect their livelihoods and the families represented by their workforce.

“So far, the Bahamas Development Bank; the Bahamas Entrepreneurial Venture Fund; Cash N’ Go; Leno Corporate Services; Omni Financial Group; Simplified Lending; and Fidelity Bank Bahamas have agreed to participate in the programme.”

GB Chamber president Opposition calls for backs virus lockdown $2bn in borrowing

By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net

THE Grand Bahama Chamber of Commerce’s president has backed the government’s COVID-19 lockdown as critical to “prevent a far worse toll and greater hardship”.

Greg LaRoda said the “difficult” measures put in place by the government would undoubtedly impact the private sector but the alternative was potentially far worse if the novel coronavirus is allowed to spread unchecked throughout The Bahamas.

“The Grand Bahama Chamber of Commerce supports the difficult measures enacted by Emergency Powers (COVID 19) (No.2) Order 2020, announced

by Hubert A. Minnis, and urges all Grand Bahamian businesses to follow all mandates to mitigate the extraordinary threat to the community,” he said in a statement.

“We all have watched, with tremendous sadness and concern, the aggressive progression of COVID-19 and its devastating impacts on lives, and some of the greatest health systems and economies of the developed world.

“We are watching the global pandemic unfold, at alarming rates, with lives lost – including certainly the most vulnerable, but also people of all ages, from

Bahamas must ‘keep economic patient alive’ FROM PAGE ONE trying to determine what the government can provide.”

Asked whether the $60m in foregone revenue is sustainable, Mr Rolle said: “The bottom line is that you are in an environment where you are taking on increased fiscal costs. That is necessary, but you have to be measured in terms of how much costs you take on because you know that you have to defer them.

“I heard that those types of calculations are happening behind the scenes, and they are balancing all of the requests that are coming in. I think the government is also equally focused on the full fiscal year that is ahead of them.

“Even if you see certain measures announced now you will also need to pay attention to how the government positions itself when

all backgrounds and many with no concerning history.

Around the world, daily lives – and economies – have come to a screeching halt and, in our small nation, we are no different.”

Mr LaRoda admitted that the 24-hour curfew, and temporary closure of all businesses except those deemed “essential services”, was extreme and will cause disruption, unease and hardship for Grand Bahama-based businesses and citizens alike.

“However, such measures are to prevent a far worse toll and greater hardship in our communities. In Grand Bahama, we are painfully aware of how fragile an economy is after a disaster beyond our control,” he explained, referring to Hurricane Dorian.

Mr LaRoda added that Grand Bahama’s economy was already vulnerable due to the devastation inflicted

by Dorian just over six months ago. While “steady progress” has been made, he added that most Grand Bahama-based businesses were still trying to recover from the storm, and disaster readiness – especially for COVID-19 – was not where it needed to be.

“It’s going to be painful for many, but the alternative is too great a risk without doing all we can,” he stressed, acknowledging that a mass COVID-19 outbreak could overwhelm

the health system, the social security system and the economy in general.

Mr LaRoda said this will have a much more devastating impact than the present business lockdown, especially if the emergency measures are lifted too soon. He encouraged companies to further develop their disaster preparation plans, evaluate their succession plans, reassign whatever employees they can to new tasks, and research all assistance available during this time to retain staff.

“Use this time to do the planning, training and resourcing supply chains and services we may not always be able to do as we would like to while keeping up with daily operations,” he added.

At its Installation Luncheon last Friday, the chamber launched a six-month postDorian survey and is still in the early stages of data collection.

Survey links can be found on the chamber’s social media pages and website, or by following this link: https://www.opinionstage. com/gbchamber/6-monthsafter-doran-business-reassessment. Any questions can be emailed to info@ gbchamber.org or by calling telephone 802-6118.

they get into the budgeting for the new fiscal year.

That’s also going to help how we manage the cost of the crisis.”

The Central Bank governor said of the tax credit/ deferral initiative: “It recognises that businesses need assistance and, in some instances, businesses would have had a huge hit on their cash flows, so it is good to provide them with the type of comfort around having to maintain their operations in the near term.

“Some businesses, it is really understanding that the cash flows are going to be disrupted. Some businesses are not even in the position to make due on these obligations right now, and so giving them the deferral helps them until they are able to do so.

“Deferrals are not like forgiveness, and I think when you look at things like that you begin to appreciate that our constraints are different that many other countries, so we can defer and delay certain obligations but we don’t have the capacity to outright write-off these liabilities because it keeps the government running.”

MONDAY, 30 MARCH 2020

Super Value chief eyes overtime ease via new measures FROM PAGE ONE

Mr Roberts suggested that the prime minister’s latest shopping restrictions will reduce the number of persons visiting food stores, and in doing so cut the length of time they have to wait outside under the alreadyannounced social distancing protocols.

He added that many were likely visiting supermarkets as a way to escape the nationwide COVID-19 lockdown, treating it as an “outing” and way to escape the confines of their home.

Warning the government against any further cuts to

shopping hours, Mr Roberts told Tribune Business: “We used to stay open until 9pm.

Now it’s 7pm, but even with that overtime payroll went up 20 percent because we have to keep more people on the job to keep up the same level of service.

“I hope it works out better.

If not we’ll report it to the authorities what’s happening and hope they tweak it.”

To advertise in The Tribune, contact 502-2394

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE opposition’s deputy leader yesterday urged the government to borrow up to $2bn to prevent the Bahamian economy’s collapse amid the COVID-19 pandemic.

Chester Cooper, pictured, the Progressive Liberal Party’s (PLP) shadow minister for finance, told the House of the Assembly that the Minnis administration should “identify borrowing facilities in the area of $1bn to $2bn in this low interest environment in order to shore up the economy” “This can be a combination of direct borrowing, and through public private partnerships (PPPs) for projects that will create much-needed jobs and stimulate the domestic economy,” he added.

Noting that the US government has just approved a $2tn stimulus package, Mr Cooper argued that the government “should not scoff” at suggestions The Bahamas needs its own $2bn stimulus package to combat the economic fall-out from COVID19.

Should the crisis

be “shorter or flatter” than anticipated, Mr Cooper argued that any borrowed funds “may be used to pay down existing high interest debt, reducing future debt servicing pressure”, while “$1bn of this money can be used for temporary employment programmes”.

K Peter Turnquest, deputy prime minister, had earlier unveiled several additional initiatives to help bolster the economy in the short-term.

The government is allocating some $60m in foregone revenue over the next three months to a “tax credit and deferral” initiative targeted at medium to large businesses. Of that sum, half will effectively be provided by the government to pay the salaries of workers at qualifying businesses for three months.

Mr Cooper, meanwhile, said at least $150m of his proposed $2bn in borrowed funds “should be used to build a state-of-theart digital infrastructure.

E-government must cease to be a buzz word, and we should target making 90 percent of government services fully available online, taking advantage of the Central Bank’s digital currency and

the private sector providers of mobile wallets”.

He added: “The government should take $250m and invest immediately in real food security. BAMSI (Bahamas Agricultural and Marine Science Institute) is a good model, but Andros is primed for growth in this area and others. The government should take $200m and make it available in grants and loans to small and medium-sized enterprises.

The current allocation is simply not enough.”

“The government should also provide an additional $50m in food and rental assistance throughout the next six months. The government should expand the unemployment assistance plan to $50m for at least 13 weeks, and consider funding it for another 13 weeks after that if economic conditions warrant.”

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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 3.80 6.01 3.04 4.90 8.85 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 3.80 6.01 3.19 4.90 9.33 8.15 14.00 8.97 4.23 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 0.15 0.00 0.48 0.00 0.00 0.00 -0.01 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

2,000

1,000 2,000

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.2 15.6 13.4 20.7 42.9 31.3 10.5 14.4 11.2 17.2 9.6 20.8 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 3.16% 0.00% 13.61% 1.22% 3.52% 2.94% 3.86% 2.23% 2.84% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

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

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

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

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

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

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

MARKET TERMS

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

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

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

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

blank squares in the direction indicated b THE TRIBUNE Solutio

PAGE 4, Tuesday, March 31, 2020

wordSEarch

JUDGE PARKER

H W P M N X S S P R I N T C H

CARPE DIEM

4

MARVIN BLONDIE

Daily Express Tuesday, January 7, 2020

Puzzles

A T C V U T G L P F L X T A X

N H U B G I A B L O W Y K E V

D E L R H C N J H E R N X L D

L M W A J T H M N X B T C J E

E O S K I W A A O W F L I F X

B R T E V R Y N I Z J R E V U

A D H S T B T K D N C L A N E

R O G E M I E E M E C V O M I

S L I X A M C I M Y M T W P E

H A E V L P M U E R T S C U R I C T I L O T J DX1ST D E C T Q Y Z

Find all the cycling-themed words listed

the grid.

CRUSADER PRIZE CROSSWORD

HAGAR

TIGER

acrOss 1 Fool gets work from French outside (4) 3 Protection maintained, having his tea delivered (4,6) 9 Heads meet employees at lunch, or dinner, say (4) 10 Remain with pet at home, getting round holiday (10) 11 Arrived badly arrayed, for film (6-5) THEprepared HORRIBLE 15 Not yet surveyed near Dutch settlement (9) 17 Recall woman got around all right (5) 18 Sent us his food (5) 19 Soldier with diagram and some writing (9) 20 Certain omen about former civilisation (7,4) 24 Expert mixes spice on a table (10) 25 King and wife both get one bird (4) 26 Terribly nosey about tournament number (7-3) 27 Aim to change my first religious leader (4)

CALVIN & HOBBES

TARGET

Solution tomorrow

1 2 3 4 DOWN 1 Wet set of lessons in BELL ● BMX ● BRAKES ● CHAIN ● domestic treatment (4,6) 2 Medicine HANDLEBARS dispenser ● HELMET ● 10 KEIRIN wearing a camp shirt (10) 9 OMNIUM ● PEDALS ● PELOTON ●P 4 Come in from barren SPORTIVE ● SPRINT ● TANDEM ● TI terrain (5) 5 Terry managedTRICYCLE to get 11 ● UNICYCLE 12 ● VELOD difficult and make more of an effort (3,6) 6 Boxer reported serious delay (11) 15 16 7 Give out the wrong time (4) 8 Paraded unexpectedly 18 19 around hill (4) 12 Understanding Quick wordSEarch conversion into cash (11) croSSword P V I V A F O R E V E 13 Mother has not finished 20 vocal composition in A Q E O T H A J P C M across: 7 Public suspension (10) highway; R P23 K N G M P X A L N 22 8 Attitude; 9 Name; 14 Metal gadgets in mute T S E L B A R E S I M 10(10) Impede; 12 Overdo; 24 new form E D E K C I W R C I W 14 Groove; 16 Gloomy; 16 Friend follows subject in S P N Z E E E N S D R 18 Drop; 20 a contemporary wayTrusting; (9) U D O S A C A S B O I 22 Worse and worse.

21 Seen travelling around down: O F R H N D S O H O Z southern1 Customer; German city (5) 26 2 Alpine; M D E O Y A D R N E A 22 Considers not starting 3 Ecru; 4 Sidelong; R J S T I Y A K Y M I applications (4) 6 Balm; 5 Chance; J F R G G W I E M L L 23 Undervaluation includes 11 Eventual; 13 Dampness; G I O U H N T A V E A fuel (4) 15 Oppose; 17 Option; D N A Y G W M G R N Q 19 Room; 21 Undo.

YESTE

THE ALPHABEATER O R V T O I L L E Y L D Q L Y A J E R S E Y

rA i ul G rE r

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

TODAY’S TARGET Good 19; very good 29; excellent 38 (or more). Solution tomorrow

call 0907 181 2585 for today’s target solution *Calls cost 80p per minute plus your telephone company’s network access charge.

BATTLESHIPS FIND where the fleet of ships shown is hidden in the grid. The numbers to the right of and below the grid indicate how many of the squares in that row are filled in with ships or parts of ships. The ships do not touch each other, even diagonally. Some squares have been filled in to start you off.

Solution tomorrow

cAn you crack the Alphabeater? Each gridalphapuz Extra le targEt thE number represents a letter – or black square.

0907 1 bENightEd across: Branch, Jersey (cl As in Alphapuzzle, every letter of the alphabet (Deduct thr Explore, Broth bight eight each extra cl isbehind used. BENIGHTED But you have to complete the grid Magic, too! Sent, Wage, Lures, Torment, Squ gheethe hedge heeding hide squares use givenheed letters and black below full s Sullen. hied hind hinge hinged hint the grid to start. the grid is ‘rotationally 0907 1 down: Obverse, Flask, Ram hinted neigh neighed nigh night symmetrical’ other words, it looks theScoop, Elusory, *Calls cost 80 Argue, Rep thee then thin– in thine thing your teleph same if you turn the page upside down.

Termite, Fraud, Usage, Gaze network a Lynch, Destiny.

Solution tomorrow

A 21 9 4 4 3 35 12 5 26 38 5 B C 12 20 10 32 40 17 27 1 27 35 9 D E 25 30 15 25 19 16 13 12 13 33 22 F 19 39 1 27 13 20 28 9 31 3 G 1 H 38 19 12 26 10 28 17 10 I 15 20 7 J 26 22 24 5 K 33 37 29 26 28 36 3 L 3 35 3 32 5 18 29 16 13 13 M 6 N 39 38as a2number 10 crossword, 8 9 the 31task24in Kakuro 13 17 O 22described Best isP to fill all of the empty squares, using numbers 1 to 9, so 32 horizontal 5 6 block 17 equals 3 the 16 number 13 23 Q 23 the sum 8of each to its34 R and the sum of each vertical block equals the number left, on number block16 more21 34top.13No 35 3 may 19be used 37 in20the same 3 35 S its than T once. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday.

U 23 25 12 38 11 33 27 17 15 24 30 V 3 15 11 3 23 3 32 37 21 32 W 6 X Yesterday’s Yesterday’s 26 16 5 7 3 24 28 Y 29 35 21 1 Z Sudoku Answer Kakuro Answer 1

2

3

4

5

6

7

8

9

21

22

23

24

25

26

27

28

29

B

D

10

■

11

30 31

12

■ 32 ■

13

14

15

16

1

33

34 35

36

3

● Alternatively, for six Extra Letter clues to your mob text DXBEAT to 84901. Texts cost £1 plus your usual ope

KEIJO 3 4 1

CRYPTIC PUZZLE 1 One impression of the publishing trade (7) 5 They’re not fair copies (5) 8 Important resolution of where to put the body?

(5,8) 9 Quiet individual excelled (5)

entirely square, naturally (5)

15

5 Icons forged for money (5) need capital (7,6)

3 x Destroyer

2 x cruiser

4 x submarine

20 Shrill about new

16 Possibly play about half of it, appropriately enough (5) 18 Colourless article about a woman (5)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Query, 8 Pay court, 9 Beast, 10 Rest cure, 11 Store, 12 Ass, 16 Riding, 17 Held up, 18 Ore, 23 Judas, 24 Languish, 25 Vigil, 26 Baritone, 27 Whine.

Across: 1 Vigil, 8 Lose face,

Down: 2 Used to it, 3 Restrain, 4 Cadets, 5 Acute, 6 Queue, 7 Steed, 12 Ago, 13 She, 14 Flourish, 15 Duration, 19 Rising, 20 Clubs, 21 Snare, 22 Junta.

Down: 2 Ill-timed, 3 Infra dig,

12 Bed, 16 Retina, 17 Ignore, 18 Ram, 23 Other, 24 All there, 25 Rival, 26 Hands off, 27 Heady.

7 Hefty, 12 Bar, 13 Dim, 14 On strike, 15 Free hand, 19 Adrift, 20 Bathe, 21 Bland, 22 Phase.

16

20

9 Cliff, 10 Watch out, 11 Milan,

4 Solace, 5 Fence, 6 Baton,

13

17

18

19

11 A runaway affair on ship? (7)

14 Old punishments may still provide interest (6)

21 Ordains an arrangement for smoothing things out (7)

1 x Battleship

14

4 It’s a necessity to want to exist (4,2)

13 Put in a demand for medical treatment (7)

12

21

Across 1 Slightly sweet bread roll (7)

Down 1 Close friend (5) 2 Brainwashed (13)

5 Shade of brown (5)

3 A superior glass (7)

8 Crane fly (5-4-4)

4 Sufficient (6)

9 Cruiser-racer sailboat (5)

5 Sweeten (5)

10 Relevant (7) 11 In an offhand manner (6) 12 Bloodsucking African fly (6) 15 Word of same meaning (7) 17 In the company of (5)

6 Providently careful (13) 7 Severely simple (7) 11 False (7) 13 Surgical knife (7) 14 Without lumps (6)

19 Nacre (6-2-5)

16 A sister’s daughter (5)

20 Clever trick (5)

18 Ancient Greek

21 Kingfisher (7)

1

7

10

11

detached nature (7)

19 Trial marriage? (8,5) dye (5)

6

penitent (2,1,5,5) 3 A drifter of a coldly

7 Tennis players may play them for one point (7)

17 Boxing ring not

9

miserable and

11 Shoots young men (6)

before skill (7)

5

hedges (5) 2 The position of the

6 It’s always first and may

15 Pushy type puts fashion

4

8

1 Sides and top cut off

10 Savage blast that is dispersing (7) 12 Climbs and balances (6)

3

Down

EASY PUZZLE

Across

2

physician (5)

4

1

1

1

2

2

3

3

3

4

2

2

4

Place the fou numb diffe appea an

S to

THE TRIBUNE

Tuesday, March 31, 2020, PAGE 5

DPM: ‘Govt running as fast as we can’

$60M PAY PLAN NEEDS ‘MARRIAGE’ FOR SUCCESS

FROM PAGE ONE

months.” He added that full details of the initiative will be worked out over the coming week before the programme launches on April 8 (see other article on Page 1B).

However, Mr Myers was far from alone with his questions. Several companies queried whether they will qualify given that they have already paid their business licence fees for 2020, the deadline for which was today until the government shifted it to April 15. And many will also have paid much of the VAT due to the government with their March filings (for February collections).

Others pointed out that the COVID-19 lockdown means they will be earning zero revenues anyway, meaning that the government will likely automatically owe them a VAT refund/credit following their next filing due to the ‘input’ payments they still have to make on fixed costs such as rent and utilities.

And some questioned why the government had waited until now to announce such an initiative given that many medium-sized and large businesses, especially those in or connected to the tourism industry, have already shut down and handed the burden to the National Insurance Board (NIB) by temporarily laying-off staff The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) acknowledged such concerns last night, saying in a statement that the tax credit/ deferral initiative would largely benefit those who have yet to pay their annual business licence fees.

Yet Marlon Johnson, the Ministry of Finance’s acting financial secretary, said many companies had already paid these annual fees. The chamber, though “encouraged” by the government’s efforts to expand the COVID-19 safety net to medium and large-sized businesses, said: “We eagerly await the full details of the tax credit and tax deferral employment programme.

“However, there are medium to large businesses that cannot generate - or are restricted from generating - revenue under the emergency orders, and hence the tax credit and tax deferral employee retention programme is of little benefit to them.

“Additionally, given the fact that business licence fees are due the end of

workforces earning several million dollars in turnover per year. He suggested that many were likely to owe VAT liabilities dating from earlier this year to the Public Treasury, enabling them to qualify.

“Give me some time.

There’s going to be some issues we have to work out,” he added. “I didn’t anticipate this was going to work for small businesses.

That’s why it was targeted at those people with more than 25 employees and over because they will earn a few million dollars in revenue, and are more than likely to have a VAT liability.”

Mr Turnquest yesterday said the initiative, mirroring similar COVID-19 responses in the US and UK, was designed to incentivise qualifying companies to retain up to 10,000 Bahamian jobs rather than temporarily lay them off amid the pandemic.

He told the House of Assembly that the threemonth initiative could provide qualifying firms with up to $600,000 split equally between a combination of tax credits and deferrals. Those companies with outstanding Business Licence fee payments and VAT receipts will be able to withhold payment and, in return, receive a maximum of $200,000 per month.

Some $100,000, or 50 percent, will come in the form of a “non-reimbursable tax credit”. And the other $100,000 will be “deferred” until January 2021, when it will have to be repaid in a series of 12 monthly instalments throughout the year.

To qualify, companies must employ a minimum 25 persons and commit to retaining 80 percent of staff that were present prior to the COVID-19 crisis. “The net effect of this initiative is that, for some businesses,

Nygard asset transfer ‘alarming’ for lenders FROM PAGE ONE needed to find a replacement lender.”

Enter White Oak/Second Avenue, which after conducting due diligence on Nygard Group’s business model and financial projections, agreed that $6m would provide sufficient liquidity to keep the Lyford Cay resident’s business operational.

This resulted in them providing a $40m revolving credit facility secured on various Nygard Group real estate assets, and by various guarantees. Mr Dean alleged that the latter’s Canadian attorneys reviewed the lending agreement and confirmed it was binding and enforceable something that he said directly contradicts subsequent assertions by Mr Nygard and his company.

And, within days of the negotiations closing and the facility being made available, Mr Dean and White Oak accused the Nygard Group of defaulting on their arrangement. “Almost immediately, in early January 2020, the borrowers indicated that they would require additional funding of approximately $10m,” they alleged.

“The borrowers provided White Oak with various noncompliant borrowing base certificates and took the position that certain real property owned by the borrowers should be included as part of the borrowing base.

“Furthermore, the Nygard Group provided a cash flow forecast indicating an unfavourable availability projection variance of approximately $8m when compared to the budget on which the credit agreement was negotiated, settled and closed.”

Abe Rubinfeld, Nygard Goup’s general counsel, responded to White Oak’s notice of default by claiming that their arrangement

the government will be paying the salaries of half of their employees for the next three months and providing them with the cash flow to pay the remainder,” Mr Turnquest said.

“The government is budgeting some $60m in revenue foregone over the next three months to facilitate this initiative, of which $30m will be effectively provided by the government to pay the full salaries of Bahamians over the period.

“The ministry anticipates that some 200 medium and large-sized entities will take advantage of this initiative that will support the retention of some 10,000 jobs over the next three months.”

The 10,000 jobs target is sizeable, even though it is equivalent to around just five percent of the 200,000plus Bahamian workforce.

The $60m in foregone revenue, of which $30m will ultimately be paid back next year, takes the total COVID-19 financial assistance provided by the government to more than $100m.

The tax credit/deferral initiative adds to the expanded $5.9m self-employment jobless assistance initiative, and $5m in payroll grants for small businesses, that were also announced yesterday. These $70.9m worth of assistance measures join $34m announced the prior week, including the $20m small business loan initiative, $4m for food vouchers, and $10m self-employed benefit that was then focused specifically on tourism sector workers.

The government appears focused on staving off an economic collapse, and keeping some money circulating within the Bahamian economy, prior to the current fiscal year-end three months from now on June 30, 2020. The British Colonial Hilton yesterday became the latest resort to lay-off staff for eight weeks, with assistance to be

provided by the industry’s Health and Welfare fund.

Mr Turnquest yesterday told the House of Assembly that the Ministry of Finance is continuing to revise its economic and fiscal forecasts, while warning that the near-term outlook “may end up being much more dire” than the previously forecast $1bn in losses due to the complete tourism industry shutdown.

The Central Bank of The Bahamas, in its monthly economic report for May, confirmed that increased domestic and foreign currency borrowing will be required to fill the fiscal holes created by the COVID-19 pandemic.

“In terms of the fiscal sector, expenditures related to the restoration of key infrastructure and social welfare spending, combined with revenue intake disruptions related to COVID-19, are anticipated to weigh profoundly on the Government’s fiscal outturn,” the Central Bank said.

“Reinsurance receipts and donations from domestic and international sources should mitigate some of the shortfall in revenue.

However, the remaining budgetary gap will require a rise in domestic and external borrowings.”

The Central Bank did not place a figure on the additional borrowings but, to no one’s surprise, added: “The domestic economy is expected to experience a negative outturn in 2020 from the fallout from Hurricane Dorian, combined with the coronavirus (COVID19) pandemic, which is adversely impacting global economic activity and travel.

“Tourism output is anticipated to moderate, with any recovery heavily dependent on the progress on the international health front.

Against this backdrop, the unemployment rate is projected to increase over the near-term, with any job gains concentrated within the construction sector.”

was “never agreed to”. This assertion was also allegedly repeated in subsequent e-mails by Mr Nygard who, with his general counsel, argued that White Oak should pay a $1.6m penalty because it never funded his empire for eight days.

“In one of these e-mails dated January 23, 2020, Mr Rubinfeld informed counsel for White Oak that the Nygard Group had outstanding payables of $11m and that ‘if we don’t pay for our inventory that is sitting in customs and obtain delivery of these goods to the stores

by February 1 it will be certain bankruptcy’,” Mr Dean alleged.

White Oak finally made a $1.8m advance to Nygard Group in early February 2020 amid repeated dire warnings about the group’s financial health. Its director of financial corporate services allegedly warned: “We are now out of time and the business will fail if the proper financial arrangement are not made immediately.”

After Richter Advisory was appointed by the lenders, Mr Dean alleged: “Mr Nygard continued to be obstructionist and uncooperative in his dealings with Richter. For instance, in an e-mail dated February 12, 2020, he stated that ‘I cannot let the [business] be run by accounts nor by bankers [...] This access is over by 10 a wed12 [sic] there is no reason left - we have been more than cooperative’.

“In response to a follow up information request from Richter, on February 13, 2020, Mr. Nygard wrote: “Pls complete THU13 as the final day: it’s [sic] not reasonable to expect this to go past four days nor is it practical or affordable’.”

The same day, Mr Nygard and his empire were hit with the rape, sexual assault and sex trafficking class action lawsuit by ten women in the southern New York federal courts. This was immediately followed by the FBI/police raid on the group’s New York and California offices, and had the instant impact of “destabilising” the business.

“Later that day, Mr Nygard publicly announced that he would step down as chairman

of the Nygard Group and would divest his ownership interest in the companies,” Mr Dean said.

“The following day, on February 26, 2020, White Oak, its counsel and Second Avenue attended a call with senior management of the Nygard Group, Mr Nygard and company counsel, wherein Mr. Nygard explained that he intended to resign and ‘divest his interest’ in the Nygard Group, and the Nygard Group intended to immediately set up a new company and rebrand its Nygard label merchandise.

“The Nygard Group did not acknowledge that it could not sell its assets or reorganise its corporate structure without White Oak’s consent, although its counsel stated that the matter would need to be further discussed internally. Additionally, the Nygard Group refused to recognize that there had been a serious erosion of the lenders’ collateral under the credit agreement.

“To the contrary, Mr Nygard took the position that the lenders were required to provide an additional $3.3m in funding to the Nygard Group for, among other things, further inventory purchases, notwithstanding the multiple events of default under the credit agreement.”

Mr Dean alleged that the lenders “lost all trust and confidence” in Nygard Group and its management as a result of these events. “The Nygard Group itself has confirmed to White Oak on multiple occasions that without additional funding it will be bankrupt,” he added.

“Additionally, the serious allegations made against Mr Nygard and the corporate defendants have resulted in the cancellation of existing and future orders from its largest wholesale customer, and media reports detailing other wholesale customer issues.

“The Nygard Group’s alarming response to this development is to suggest that it will convey its assets to a new company, notwithstanding the fact that these assets form the lenders’ collateral under the credit agreement.”

FROM PAGE ONE

March, many businesses have already paid. While we are not a proponent of opening up businesses to the peril of the general public, we understand that these businesses need a solution,” it added.

“We further acknowledge that the government is looking for ways to assist the business community amidst the country’s current fiscal constraints. However, we look forward to working with the government to develop a strategy that will help these businesses retain their staff compliment as well.”

Mr Myers, too, acknowledged that the government’s heart was in the right place as he described the tax credit/deferral combination as “a phenomenal gesture”.

He added: “I think they’re showing a real willingness to be partners and involved in helping companies stay alive”.

However, with his landscape maintenance company only allowed to function at weekends, Mr Myers said the government’s initiative was effectively requiring him to retain 80 percent of his staff on just 20 percent of normal revenues, while also adopting a potential $300,000 liability via the tax deferral.

“The reality is the tax credit is great, but the deferral is a liability,” he said, arguing that it represented too much risk amid the COVID-19 uncertainty. “It’s certainly better than nothing, and I’m not looking a gift horse in the mouth. It’s a phenomenal gesture but we’ve got to get some revenue. The problem right now is absolutely no one is working. We don’t have the capacity to do any work.

We’re completely shut down.

“We’ll be able to do onefifth of the volume and revenue we do in normal times. That’s not enough for us to get around the contracts we have. We cannot shove five days of work into two days. The criteria we have to meet, keeping 80 percent of staff on with 20 percent of work, how does that make sense when you’ve still got to pay that $300,000 deferral back?

“The big unknown here is we don’t know how long this is going to go on for, so incurring $300,000 in deferrals is a big liability to take, especially when you don’t know how quickly the economy is going to rebound,” Mr Myers continued.

“Three hundred thousand dollars is a tremendous liability when running at

20 percent capacity. Get to 50-60 percent and it starts to make sense. You’ve got some revenue coming in and can function.”

The ORG chief said businesses still have multiple fixed costs and overheads they have to meet besides payroll, such as rent, utilities and bank debt payments, all of which are not covered by the government’s initiative.

“We are going to pay our people for a period we don’t know how long, four to six weeks, at some percentage of their pay,” he added, arguing that the tax credit/ deferral initiative would work far better if the government opened the economy in a controlled, gradual manner to allow businesses to earn some revenue without compromising the COVID-19 health battle.

“We have to temper this, and balance this, between keeping the disease at a manageable level and opening certain sectors of the economy to allow the government and private sector to earn revenue,” Mr Myers told Tribune Business.

“I understand health is the predominant issue, and the government is doing very well on that part, but this disease [COVID-19] is not going away and we’re not going to come up with a vaccine this year. We’re going to have to somehow live with it, change our protocols on the private sector to focus on a higher degree of safety to combat the threat, and hopefully we will be allowed to open up a bit.

“I cannot tell you we can sustain a complete shutdown for a month. The hope was we’d be back in two to three weeks. That’s not looking so good. We haven’t run the numbers to take us past six weeks. This looks like it might go on for eight, ten, 12 weeks.”

Mark A Turnquest, a small business consultant, backed Mr Myers’ calls for a “strategic opening” of the Bahamian economy once the current lockdown extension expires on April 8. While his medium-sized and large clients were “surprised” at the level of support offered by the deputy prime minister they, too, suggested the tax credit/deferral initiative would only work if they can earn revenue.

“You can’t completely close down the economy and expose employers to the liability of an employer retention programme,” he said, adding that many companies have already “given up” on April. “They need to have a strategic plan that marries health with economics. The two cannot work alone. They cannot close everything down. That makes no sense.”

PAGE 6, Tuesday, March 31, 2020

THE TRIBUNE

BODY AND MIND

Taking care of elderly relatives during the pandemic

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net CAREGIVERS of elderly relatives are being encouraged not to panic, but to prepare their homes by taking the necessary precautions so that older loved ones who are extremely vulnerable to COVID-19 make it through this pandemic unaffected.

Since older people are at a high risk for contractingthe virus, Dr Indira Grimes, Bahamian Family physician, recommends people make necessary adjustments like limiting the family member in question to one section of the house and not sharing personal items with them.

“Older people are known to be more at risk of serious illnesses due to coronavirus, especially those with pre-existing conditions and those who are immunocompromised. Aging increases the risk of developing multiple chronic non-communicable diseases, like Type 2 diabetes, hypertension and cancer,” she said.

Another consequence of aging is the decline in immune function.

“While elderly individuals are by no means immunodeficient, they often do not respond efficiently to novel or new germs.

COVID-19 is a new virus,” she said.

Family caregivers should follow public health guidelines given by the Ministry of Health for social distancing.

“Don’t panic, but prepare your home to allow for the possibility that you will need to limit your time in public spaces. Be mindful that the best way to prevent

IF possible, make sure your elderly relatives know how to use the internet to stay connected. illness is to avoid being exposed to the virus. Help the older person with their basic needs in the home. Provide support with getting groceries, prescriptions and other personal needs,” she said.

And if an elderly relative resides in a senior community home, Dr Grimes said taking them from the facility may not be the best option.

“Removing a senior from a senior living facility is not a guarantee for preventing the spread of infection and brings a whole

new set of complications. Moving a senior, especially one with cognitive impairment, can be very unsettling, and in some cases, may lead to further cognitive and behavioural decline. An in-home care plan must be in place to provide the level of care necessary to maintain the safety and health of an elderly loved one. If you are unable to provide the proper level of care at home, seniors are safer staying in their long-term care facilities,” she said.

“Stay involved in the care of your loved one by maintaining communication with the facility to respectfully express your concerns and inquire about measures the facility is taking to protect its residents while following your elder’s care plan.”

While many elderly Bahamians are confined to their homes even when there isn’t a quarantine on, they do often rely on getting a brief escape when their loved ones take them out for a drive, to the beach, or a church function.

Dr Grimes said there are still many things people can do to keep their elderly relatives entertained while they are quarantined.

“To help older adults feel involved, purposeful and less lonely during the pandemic, show them how to video chat with others using smartphones, laptops or tablets. Stay connected to family, friends and neighbours by teaching an elder how to Skype or Facetime; use apps on these devices to provide captions for adults with hearing challenges, and encourage friends and family outside of your household to telephone, write notes or send cards to lift your loved one’s spirits,” she said.

This is also a time for elderly relatives to participate in physical activity, even if it’s only for a few minutes, Dr Grimes said.

Older people should discuss with their doctor recommendations for safe and suitable exercises they can perform and benefit from.

“Studies show that ‘taking it easy’ is risky. For the most part, when older people lose their ability to do things on their own it doesn’t happen just because they’ve aged. It’s usually because they’re not active. Lack of physical activity also can lead to more visits to the doctor, more hospitalisations, and more use of medicines for a variety of illnesses,” said Dr Grimes.

“Caregivers and their older loved ones can take a walk, step outside to breathe some fresh air, do some gardening together, or even dust off and use the stationary exercise machines at home.”

Performing arts school goes live with online aerobics

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net

When it comes to offering classes online due to the coronavirus outbreak, the Emanji School of Performing Arts said itwelcoming this opportunity to reach new people. Because of social distancing regulations, the school is now offering live online aerobics classes for its adult students.

“We do the classes (via Facebook) to help all interested persons get through this quarantine period with daily activity to help their health.

A lot of people are complaining about how much they are eating because they are home, and this is our way of helping them with weight management and overall health,” said Emanji owners Jarvis and Dereka Grant, who are wellknown for operating the popular Emanji Circus over the last decade.

The Emanji School of Performing Arts, they said, was started to help fill a void in the Bahamian community. It’s mission is to provide training for all those interested in the performing arts so that they can realise their potential as dancers, choreographers, drummers, musicians, circus artists and dramatists. Classes normally include: dance, piano, drumming, circus arts and gymnastics.

“After the aerobics class goes live, we post the video for persons who missed the live class. We want them to still be able to do the workout. Some persons, like those who had to work at the time, have done this when they got home. It was important to create this virtual class to reach not only our students, but anyone who is interested,” said Mr Grant.

“The world is smaller because of social media. So far, the feedback we want is that people do the workout class, which will help them stay or get fit during this period. Also, if it helps us get more students when the quarantine is lifted that would be a bonus.”

The Grants hope to eventually expand the school’s programmes and grow into a full-fledged performing arts school that offers a curriculum featuring English, maths, sciences and social sciences for the younger students.

“As for the adult classes, we have been asked to continue with the virtual classes for those who cannot make our class times, so we will do so to accommodate them,” said Mr Grant.

The Emanji School of Performing Arts is located at #42 Carmichael Road. The Grants will be offering a Summer programme in the months of July and August, and adding voice and instrument lessons in the Fall term.

THE TRIBUNE

Why many middle-aged men are always tired

A lack of sleep and low testosterone levels are strongly linked, in which sleep deprivation can lead to lower testosterone and low testosterone can lead to poor sleep. This vicious cycle has many men feeling fatigued throughout the day, with difficulty in concentrating and falling asleep very easily, even at dangerous times such as when driving.

In adult men, testosterone is important in maintaining muscle mass, maintaining bone density, red blood cell production, sexual drive and erectile function and sperm production.

Most of the testosterone used during the day needs to be replenished at night.

Obstructive sleep apnea is a relatively common condition faced by men in the Bahamas, during which breathing becomes obstructed during sleep and the sleep cycle is deranged.

Normal sleep is divided into non-rapid eye movement (NREM) and rapid eye movement sleep (REM). The normal production of testosterone requires undisturbed, restful sleep that occurs in the REMof the sleep cycle.

NREM accounts for about 80 percent of total sleep time, with REM occurring in about 20 percent of the sleep cycle. Patients with obstructive sleep apnea have shorter REM sleep and thus resulting lower testosterone production during sleep.

Sleep disturbances can take many forms and are not just related to obstructive sleep apnea.

Nocturia, which is waking up more than twice in the night to urinate, can severely disrupt much needed sleep.

Many middle-aged men live a life of perpetual sleep disturbances with frequent nighttime urination that is often related to the very common condition of benign prostate hyperplasia (BPH), which can be successfully

Tuesday, March 31, 2020, PAGE 7

THE UROLOGY DOCTOR IS IN...

Dr Greggory Pinto

treated by medication or minimally invasive procedures.

Sleep disturbances can be the result due of anxiety or stress and could lead to poor sleep patterns.

Long standing sleep disturbances can lead to elevated levels of the stress hormone cortisol and high cortisol levels lead to lower testosterone.

Symptoms such as waking up more fatigued than when you first went to bed, daytime fatigue, lack of concentration, low sexual drive and erectile dysfunction might be signs of low testosterone. Men who are known to snore loudly at night then have moments of silence, with interrupted breathing, may have obstructive sleep apnea; whereby obese men are at higher risk of suffering from this.

There is a correlation between obstructive sleep apnea, high

body mass index and low testosterone levels.

Low testosterone – hypogonadism - can have either an organic cause or a functional cause. Functional causes of low testosterone include kidney failure, use of certain drugs, infection or trauma to the testicles or chemotherapy or radiation exposure to the testicle. This could all lead to impaired testosterone production.

Organic hypogonadism involves dysfunction of the hypothalamuspituitary-testicular axis that leads to low testosterone production, and such patients could benefit from testosterone supplementation. Very rarely, there is a sinister cause for low testosterone in the form of a pituitary macroadenoma tumour, but this must always be ruled out.

The pituitary gland is pea-sized and is located behind the bridge

of the nose, and controls the activity of most of the hormone secreting glands in the body. The hypothalamus and pituitary gland are parts of the brain that control testosterone production by the testes.

The management of low testosterone is guided by the cause. Secondary or Organic hypogonadism leading to low testosterone may be treated by testosterone replacement therapy in the form of testosterone intramuscular injections, nasal sprays, pellets, testosterone patches or gels.

Treatment of obstructive sleep apnea has shown to increase testosterone levels.

Men of any age may be afflicted with low testosterone but most men symptomatic for low testosterone are middle age or older.

It has been reported that 12 percent of 50-years-olds, 19 percent of 60-year-olds, and 28 percent of 70-year-olds fit the criteria of hypogonadism, low testosterone.

Feeling constantly fatigued, putting on unwanted weight, losing muscle mass, with worsening erections and lack of interest in sex?

Low testosterone should be investigated as well as possible obstructive sleep apnea.

Stop living life fatigued with poor concentration, disappointing erections and never-ending weight gain.

Seek confidential, compassionate and comprehensive urological care.

• Dr Greggory Pinto is a Bahamian urologist who has trained in South Africa, Germany, France and India. He is a member of the European Association of Urologists. Dr Pinto can be reached at Urology Care Bahamas at the Surgical Suite, Centreville Medical Centre, Collins Avenue and Sixth Terrace.

Call 326-1929, e-mail welcome@ urologycarebahamas.com or visit www.urologycarebahamas.com.

A better life after menopause with hormone replacement therapy

By CARA HUNT Tribune Features Reporter cbrennen@tribunemedia.net Menopause is often referred to as “the curse” - the stage in a woman’s life when she must accept that she is aging and her childbearing days have come to an end.

It is also when hormonal imbalance can play havoc with her body, causing mood swings, hot flashes, loss of sleep, and decrease in libido, all of which can have a negative impact on her overall health.

It can also be a time of accelerated aging for many women, leading to more physical decline as well. But many women have had a much easier menopause thanks to hormone replacement therapy.

Family practitioner Dr Ian Kelly told Tribune Health the medical definition of menopause is the cessation of a women’s menstrual cycle for at least one year.

This can happen as early as age 35, although the average age is 53, he said. Most of the issues women experience are due to a decrease in the levels of hormones, particularly oestrogen, progesterone and testosterone.

Replacing those hormones so that a women’s system remains somewhat in balance can decrease her symptoms and slow down the aging process, Dr Kelly explained.

“What happens is that progesterone is usually the first one to go and you may begin to see the signs of perimenopause – changes in mood, changes in the cycle, periods may become lighter, just changes in what was normal for you before. You might start

A BETTER life after menopause with hormone replacement therapy to have mood swings or difficulty sleeping, or start to have hot flashes and those are due to the changes or decrease in hormones,” he said.

He explained that this could also affect a woman’s breasts, ovaries; she may experience vaginal dryness or loss of libido.

“We know that the hormones can help women through that perimenopausal period. Oestrogen alone is responsible for over 400 body functions,” he said.

“What happens is that the hormones continue to go down and you begin to see cognitive decline - their memory may not be as clear as it used to be. In her 60s she may be good, in her 80s you may see things like osteoporosis, so she will be upright and then begin to stoop. Hormones help

the bones, both oestrogen and progesterone, and to an extent, testosterone. Obviously, we want to prevent cognitive decline, we want to prevent osteoporosis, emphysema, and we want to help prevent heart disease, which is the biggest killer of women... the risk of heart attacks go up very quickly during the time when she is menopausal.

“We may also be able to reduce the risk of emphysema and colon cancer and we can reduce the risk of muscle atrophy, which is muscle weakening and getting smaller.” he said.

While menopause is not a disease, the consequences can cause disease, and itdecreases the vitality of women.

“We want to stop those things that shorten women life and

increase social function,” said Dr Kelly said. “I got into medicine to help people … and if we can give woman more vitality than what we used to accept, I think that that is a wonderful contribution to the health of women.”

He initially developed an interest in hormone therapy when he studied how replacing testosterone could benefit men with erectile dysfunction and libido issues.

“Men have some of the same issues low libido, low moods, erectile dysfunction, depression, and so giving them testosterone improves a lot of those things,” he said.

Dr Kelly then started looking at how it could benefit women as well. One of the advantages of hormone replacement therapy is that it can work for a broad spectrum of women of all ages.

(Although it may not be suited for some women with blood or clotting disorders, and some cancer patients.)

“You can give it to women of all ages because you are helping with whatever their condition is that is related to aging or decline.

You may arrest or reverse cognitive decline and what is exciting is that women on average can live a few years longer with hormone replacement,” he said.

The procedure is fairly simple: Doctors begin with a thorough physical examination and complete blood work.

“We do mammogram, test bone density, we do a vaginal ultrasound to see how thick the lining of the uterus is, we test sugar and cholesterol levels, and look for any sign of disease. Patients also fill out a thorough questionnaire

on all the symptoms they are currently experiencing. The rest of the treatment is a process of refining the dosage of the medication on an individual basis,” said Dr Kelly.

He explained that the hormones are given transdermally through the skin. Patients begin with a single drop of each hormone applied on the left forearm, which they then rub thoroughly into the right. They then take note of how they feel and adjust the formula based on additional questioning and doctors’ visits until they find the optimal number of drops that work for them. Once they think they have it where the dose is most effective, a 24-hour urine test is done so doctors know the exact formula.

Dr Kelly noted that that there is a range which can be taken and care must be taken to ensure that the dosage is not too high.

Oral progesterone is sometimes given, but only to women who have extreme symptoms.

Dr Kelly said his patients have testified to having more mental clarity, sleeping better, having less hot flashes and mood swings, and overall feeling in much better physical health following hormone replacement therapy.

The hormones used in hormone replacement therapy initially were taken from pregnant mares which lead to some concerns about the effectiveness. However, in modern times, the hormones used are extracted from plants, mostly yams, and synthesised in the lab.

Dr Kelly explained that this is closer match to the hormones made by the body and therefore work much better.

PAGE 8, Tuesday, March 31, 2020

THE TRIBUNE

Laughter - The best anti-aging treatment

“Laughter is the best medicine”. How often have you heard that? Well, it turns out it’s actually true. Well-known American journalist Norman Cousins was able to attest to it. When he was sick with a brain tumour, he left the hospital and checked into a hotel room, where he availed himself of several humorous books and videos by the Marx Brothers and the Three Stooges. In a matter of minutes, he made his discovery... what was it? He discovered how just 10 minutes of good hearty laughter resulted in two hours of good sleep without pain.

Many years ago I underwent surgery. Although described as a simple procedure, it called for anaesthesia. Anything involving anaesthesia to me isn’t so simple.

My husband seemed somewhat nervous, this being evident by his serious facial expressions and quietness before the procedure.

Meanwhile, I was trying to engage him in conversation and was overwhelmed with laughter, finding everything humorous, including the doctor’s surgery cap and gown. I realised as nervous as I was, dwelling on negativity wasn’t going to make the situation any better, so I chose laughter. Therefore, I was able to recover from the surgery with good results.

It is true that optimists live longer than pessimists. Research has proven that people with a better sense of humour live longer and healthier lives. The positive results of laughter and humour are even more evident when we are under stress.

We are the only known species programmed to laugh on this planet. So why not embrace it?

It is said that the average adult laughs approximately 17 times a day. There is a difference between

eyes? Although described as signs of aging, they are also known as laugh lines. These lines are usually the result of laughing. Are you going to cease laughing to avoid developing laugh lines?

Of course not! Such lines are not always a reflection of poor habits, but a reflection of who you really are and how you deal with life’s challenges. In most cases it is the result of happiness. However, laugh lines can be prevented by wearing sun protection, drinking at least eight glasses of water a day and by not smoking. Not to forget, a good skin care routine is also vital.

What can you do increase your laughter?

humor and laughter. Laughter is the physiological response to humour. Research has proven that 100-200 laughs are equivalent to 10 minutes of jogging. Let us examine the many health benefits of laughter.

Health benefits of humour and laughter • Reduces stress by lowering levels of stress hormones and increasing levels of endorphins • Improves cognitive ability • Enhances immune system • Relaxes the body • An inexpensive anti-aging treatment, it increases blood supply to your face, enhancing your complexion.

• A natural pain killer •Increases productivity

Kenya MortimerMckenzie May reduce the risk of heart disease “When we laugh, natural killer cells which destroy tumors and viruses increase, along with gamma-interferon (a disease

Keeping calm and carrying on

fighting protein), T-cells (important for our immune system) and B-cells (which make disease fighting antibodies). As well as lowering blood pressure, laughter increases oxygen in the blood, which also encourages healing.”

- ‘Science of Laughter’ Discovery Health.

A study conducted at the University of Maryland Medical Center indicates that a rich sense of humour may help protect you against a heart attack. Distressing emotions, such as depression, anger anxiety and stress are all connected to heart disease. But the ability to laugh lightens the physical effects of distressing emotions.

Laughter and the skin Do you have lines around your mouth, and lines around your

Life lines

Victoria Sarne

I think most of us know that phrase or some humorous version of it, but there’s a lot of truth contained in the original version “Keep Calm and Carry On” which was designed as a poster in England during World War II and was intended to be a morale booster.

It was never actually used at that time, appearing only after the war ended. We may dismiss this saying as just one of those things that have come into current usage and which we might repeat without thinking. But let’s think about what those words really mean and how they can be applied in this current coronovirus situation.

Our movements are currently restricted, but instead of being frustrated that the normal pattern of our lives has been disrupted, let’s take it as a good thing: an opportunity to stop the merrygo-round of the daily business, sit back, take some deep breaths and relax. Stilling the mind and slowing down is important at any time to allow us to think clearly, to steady ourselves and to focus. We now have this time, so let’s look at it as a benefit. Let’s steady ourselves, reduce the fear and ‘count our blessings’.

In these days of forced isolation most of us, I hope, are taking all the recommended health

precautions of extra house cleaning and have likely taken the opportunity to clean our cupboards or maybe sort out files and clear up e-mails or extra stuff on our computers. So let’s clear our minds in the same way; stop, think and plan for how we would like our lives to be when this crisis is over. We can question whether or not we want our lives to slip back into the same old routine or if we would like to start doing some things differently. We can tap into our own creativity if we take this time and make a space for ourselves. It’s not selfish or counterproductive, it’s a way to become more effective in various

Even after blocking an ex on Facebook, the platform promotes painful reminders (THE CONVERSATION) -Anthony Pinter, a PhD student in information science at the University of Colorado Boulder, recently completed a study on people’s experiences with upsetting and unexpected reminders of an ex on Facebook.

His team’s findings are examples of algorithmic cruelty – instances in which algorithms are designed to do something and do it well, but end up backfiring because they can’t fully grasp the nuances of human relationships and behaviour.

Q: How has social media made breakups more difficult?

Anthony Pinter: Breaking up with a loved one has always meant making difficult choices: who gets the couch, who gets the fridge, who gets the cat.

But before social media, once the messy details were sorted, it wasn’t too difficult to create the physical, mental and emotional space that research has shown to help with the healing process. In the past, you could simply stop going to your ex’s favourite coffee shop. You could box up photos and put them in storage.

Social media has complicated things. Platforms like Facebook

are designed to encourage connecting with your network and reminiscing about the past. It recommends upcoming events, suggests people to add as friends, resurfaces old memories and photos and highlights what your friends are doing.

But after a breakup, you probably don’t want to be alerted about a new friend your ex has made on your news feed. Nor do you want to see an old photo with your ex reappear as a “Memory.” And with access to your ex’s online life just a search and a click away, it’s easy to succumb to forms of “Facebook stalking,” in which you periodically check in on their profile to see what they’re up to and whom they’re hanging out with.

Not surprisingly, Facebook has been shown to prolong the healing process of a breakup. Conversely, you might also start to realize your ex has already moved on, which can be just as painful.

Q: “Just block your ex,” you’ll hear people say. Why isn’t this enough?

Pinter: First, blocking or unfriending isn’t as simple as it sounds. It can be done in as little as three clicks. But once you’ve done it, it’s hard to walk

back from; if you ever decide to unblock someone or refriend them, social media platforms will often alert the ex that you’ve done so – which can send ambiguous signals and expectations.

But yes, platforms like Facebook, Twitter and Instagram have features meant to prevent these unwanted encounters – unfollow, unfriend or block. A few years ago, Facebook even developed a feature called Take A Break, which effectively mutes someone for a set period of time.

However, people are still seeing reminders of their exes on social media – even when they’ve actively taken advantage of features that supposedly prevent these encounters.

My colleagues and I conducted in-depth interviews with 19 people who had had an unexpected and upsetting reminder of an ex on Facebook.

One participant mentioned that the mother of an ex’s new partner was suggested as a possible friend.

Another saw their ex commenting on a mutual friend’s post. In one case, an old photo that Facebook resurfaced via the Memories feature – from a beach vacation the two had taken when they’d been a couple – didn’t even include an image of the interviewee’s ex. But being prompted to think

aspects of our life. We can dream, plan and discuss with our family or friends, whether we occupy the same space or if we are doing it over the internet. Instead of just sending jokes or trolling Facebook or Instagram - don’t get me wrong it’s very healthy and healing to have a good laugh and to communicate - but it’s equally beneficial to take time to pause, be still and gather our thoughts, just as essential as sleep is for our bodies and minds.

It helps and will help us in the future, if we can assess our own response to this very anxiousmaking time and if we feel we are managing to weather this particular storm successfully.

Of course it’s uncomfortable to have our movements restricted but it’s necessary for our future and the futures of our friends, about that vacation was upsetting enough.

Q: What’s really going on here?

Pinter: This is happening because the algorithms still don’t fully understand humans.

While you can tell Facebook you don’t want to see your ex any more, the algorithm doesn’t realise that this might also include peripheral reminders of your ex, like a photo of his or her best friend, or a comment he or she has made on a mutual friend’s wall.

Context matters, but algorithms often don’t have the ability to understand it. Even though that photo from the beach might not have anyone in it, it’s loaded with memories that you’d rather not think about.

In our work, we want to bring attention to what we call the “social periphery” – the satellites of a relationship, romantic or otherwise. Systems like Facebook are built to cultivate community, but the algorithms that undergird the system often rely on simplistic representations of people’s experiences like “relationship status” or “blocked.” Features meant to prevent upsetting encounters in the wake of a breakup or other fraught events similarly rely on these simplistic settings, ignoring the realities of a social periphery.

To the algorithm, the suggestion of the ex’s new partner’s mother is a perfectly reasonable suggestion – you probably share

to

• Look for something funny in everyday life • Associate with those who are positive and love to laugh • Read humorous books and watch funny movies • Avoid feeding your mind with negativity, things that are sad and depressing Remember to use your discretion when using humour. Some may be more appropriate to use in an environment conducive to humour, like a party, and not a funeral. Use humour to laugh at situations, but not to degrade a person’s character. Humour and laughter are a natural treatment for aging. Don’t forget to cry less, get angry less, and to laugh more.

• Kenya Mortimer-McKenzie is an anti-aging skin care specialist at the Baha Retreat Anti-Aging Spa. Visit www.baharetreat.com or e-mail kenya@baharetreat. com. families and neighbours. If we think things through we can ask ourselves this question: if we have food on the table, a roof over our head, how much do we really have to complain about? I know we as individuals and as business owners are suffering severe financial losses and for us to recover we must learn some strong coping mechanisms. Can we view this time as an opportunity to grow mentally and emotionally and come up with creative ideas to reestablish our lives when this is all over just as many are still having to do in the aftermath of Hurricane Dorian?

Being able to stay calm in times of stress, think coherently and rationally will always be important because when this current situation ends - and it will - there will inevitably be another crisis of some kind, they are part of life.

Whether it’s personal or a regional or universal event, it requires the same reasoned approach to handle each one effectively. As I said in last week’s column, fear is contagious but so is the ability to remain calm in the face of adversity, so let’s keep spreading the positive. Keep calm; this too shall pass.

• Victoria Sarne is an entrepreneur and writer. She headed a team to establish a shelter for abused women and children in Canada and was its rst chairwoman. You can reach her at victoria.conversations@gmail. com, visit lifelineswritingservice. com, or call 467-1178. mutual friends that alert some sort of internal metric. But a human would know better than to make that suggestion.

Q: Why do these findings matter?

Pinter: Algorithms are becoming more integrated into our everyday lives, and social media isn’t the only place where we’re seeing these undesirable outcomes occur. For example, as people begin to rely more heavily on voice assistants like Siri or Alexa to send texts, we inevitably run into situations in which the programs mishear us and, for example, send a wildly inappropriate message to a boss or parent.

Our findings present a challenge for designers and developers: How can we create algorithms that are better attuned to the deep, lived experiences of the humans who will use these systems? It’s unlikely that there is a one-size-fits-all solution to this problem. On Facebook, features like Take a Break or blocking can be seen as important steps. But it’s clear that there’s a lot more work to do.

• This article is republished from The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Read the original article here:https://theconversation.com.

THE TRIBUNE

Tuesday, March 31, 2020, PAGE 9

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 67° F/19° C

TAMPA

TONIGHT

WEDNESDAY

THURSDAY

FRIDAY

SATURDAY

Mostly sunny and pleasant

Clear

Clouds breaking, a shower or two

Mostly sunny; pleasant, less humid

Partly sunny with a passing shower

Pleasant with clouds and sun

High: 84°

Low: 73°

High: 85° Low: 69°

High: 80° Low: 68°

High: 79° Low: 68°

High: 79° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

90° F

73° F

89°-70° F

86°-68° F

86°-68° F

85°-67° F

High: 84° F/29° C Low: 70° F/21° 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: 79° F/26° C Low: 76° F/24° C

8-16 knots

S

WEST PALM BEACH High: 90° F/32° C Low: 73° F/23° C

8-16 knots

FT. LAUDERDALE E

W

FREEPORT

High: 87° F/31° C Low: 74° F/23° C

N

S

E

W

High: 83° F/28° C Low: 72° F/22° C

MIAMI

High: 90° F/32° C Low: 73° F/23° C

6-12 knots

KEY WEST

High: 84° F/29° C Low: 76° F/24° C

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 73° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 78° F/26° C Low: 74° F/23° C

N

tiDes For nassau Low

Ht.(ft.)

1:04 a.m.

1:22 p.m.

High

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

3:04 a.m.

3:30 p.m.

2.6 2.1

9:39 a.m.

9:39 p.m.

0.5 0.2

Friday

4:08 a.m.

4:36 p.m.

2.7 2.3

10:40 a.m. 0.3 10:46 p.m. 0.0

Saturday

5:09 a.m.

5:37 p.m.

2.9 2.6

11:37 a.m. 0.0 11:49 p.m. -0.2

Sunday

6:06 a.m.

6:33 p.m.

3.0 2.9

12:30 p.m. -0.3 ---------

Monday

6:59 a.m.

7:27 p.m.

3.2 3.2

12:48 a.m. -0.5 1:19 p.m. -0.6

Today

Ht.(ft.)

sun anD moon Sunrise Sunset

High: 78° F/26° C Low: 74° F/23° C

N

S

E

W S

7-14 knots

7:02 a.m.

7:26 p.m.

Moonrise Moonset

11:56 a.m.

1:04 a.m.

First

Full

Last

New

Apr. 1

Apr. 7

Apr. 14

Apr. 22

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 73° F/23° C

High: 79° F/26° C Low: 75° F/24° C

N

High: 83° F/28° C Low: 74° F/23° C

E

W S

LONG ISLAND

tracking map

L

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

CAT ISLAND

E

W

7-14 knots

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 68° F/20° C Normal high ....................................... 80° F/27° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 74° F/24° 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 ..................................... 4.56”

uV inDex toDay

High: 79° F/26° C Low: 75° F/24° C

7-14 knots

MAYAGUANA High: 80° F/27° C Low: 75° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 76° F/24° C

High: 79° F/26° C Low: 76° F/24° C

GREAT INAGUA High: 82° F/28° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

7-14 knots

6-12 knots

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

Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:

WINDS SW at 8-16 Knots WNW at 15-25 Knots S at 7-14 Knots WSW at 12-25 Knots SSW at 6-12 Knots WSW at 10-20 Knots SE at 6-12 Knots WSW at 10-20 Knots SSW at 7-14 Knots WSW at 12-25 Knots SW at 8-16 Knots NW at 12-25 Knots S at 7-14 Knots WSW at 10-20 Knots SE at 6-12 Knots W at 8-16 Knots SSE at 6-12 Knots WSW at 10-20 Knots SSE at 6-12 Knots SW at 10-20 Knots S at 6-12 Knots W at 12-25 Knots SE at 7-14 Knots WSW at 10-20 Knots SW at 7-14 Knots WSW at 10-20 Knots

WAVES 2-4 Feet 4-8 Feet 1-2 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 2-4 Feet 1-3 Feet 4-7 Feet 1-2 Feet 1-3 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-2 Feet 2-4 Feet

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

VISIBILITY 10 Miles 8 Miles 10 Miles 9 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 8 Miles

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

SECTION B

TUESDAY, MARCH 31ST, 2020

Godparent Centre shows support for women with unplanned pregnancies

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net When she was younger, Rhonda Darville was given the option by doctors to terminate a pregnancy and abort her unborn child. She took it.

It was a decision that destroyed her, causing her mental health to spiral...until she heard a sermon by a Christian minister which ultimately changed the trajectory of her life.

“One day, God gave me hope and a new day. If I could save just one person from walking that same road then my life would not be in vain,” she told Tribune Woman.

The discovery of a foetus in a dumpster on Sarah Robinson Road on March 18 and the ongoing issue of underground abortions taking place in the Bahamas, she said, speaks to the need for greater awareness of the sanctity of human life, more access to pregnancy planning, and more support for women and girls dealing with an unplanned pregnancy.

For the past five years, the Bahamas Godparent Centre - established by Mrs Darville - has been one of those organisations filling the gap, providing

resources for Bahamians who may find themselves in need of information, education and help regarding unplanned pregnancies.

“The catalyst for me becoming pro-life came after hearing my first abortion message at the age of 35 in Lynchburg, Virginia, at the Thomas Road Baptist church,” said Mrs Darville. “My life was forever changed that day.”

Mrs Darville has been an educator and worked in the corporate world. But now she spearheads the efforts of the Bahamas Godparent Center - the first ever pregnancy resource, youth and family centre in the country. She is also the founder and executive director of Pro-Life Bahamas, and a founding member of the Caribbean Pro-Life Summit.

“I believe that ‘to whom much is given, much is required’. My personal testimony is truly an example of God’s goodness and grace. I have served in the pro-life movement and crisis pregnancy for 10 years in Virginia and Florida before returning home to the Bahamas in the Summer of 2014.

I now serve as a missionary in full-time ministry along with my husband,” she said.

The Bahamas Godparent Centre was launched in 2015 with

the aim of proclaiming the value and sanctity of all human life and offer hope to those who are hurting.

The centre, Mrs Darville said, aims to ultimately change the social landscape of Bahamas by serving families through multiple generations.

The centre offers preventative, intervention, restorative and educational services to those who need it. It provides information on how people can use critical thinking when facing difficult situations, especially regarding their personal relationships.

“Intervention helps persons who are at the crossroads of their life and do not know what to do when facing an unplanned pregnancy. Offer support in the long term,” she said.

Those who have terminated a pregnancy can also find restoration and healing at the centre.

“There is a saying, ‘be who you needed when you were younger’,” said Mrs Darville. “I believe that the family is the most important sector in a society, and I believe that we need to give people the tools and resources to succeed.

HUSBAND and wife team Jeffrey and Rhonda Darville, co-founders of the Bahamas Godparent Centre.

“Our young people struggle with critical thinking, not knowing how the culture bombards them and us, and we have to put a wedge of love and truth between them and the culture.”

Mrs Darville said he hopes people who need take full advantage of the centre’s services so they can make better and more sound decisions in their lives.

“We offer real help that requires work on the person’s part. We

teach them how to ‘fish’, not just hand them fish,” she added.

“True empowerment comes from knowing and doing the truth. Many people are stuck and do not know how to get out of the traps they are in. If people truly want to change their lives, then they should seek us out. I would like to say we offer no judgement and would like all to prosper,” she said.

For more information, contact bahamasgodparentcenter@ gmail.com, 242-821-9490 or 242-698-4306.

A bride-to-be in quarantine

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net Along with concerts, festivals and any other events which would be attended by crowds – weddings are being cancelled, or at least postponed, all over the world due to the COVID19 pandemic.

After dreaming of their wedding and planning intensely, sometimes for years, brides-to-be everywhere are disappointed that their big day is not going to go ahead as planned, even if they understand the necessity of putting things on hold for now.

However, certified international wedding and event professional Crystal Gibson of Cheers! Events said she is a firm believer that “God is always working all things together for good.”

She challenged couples who were expecting to walk down the aisle this year, but had their events postponed, to now examine their perspectives on marriage and maybe rework their wedding plans.

“How are you choosing to look at this pandemic? Will you see the glass almost empty or half full? I believe there is no better time for couples to completely focus on their unions and try to cultivate an even deeper level of intimacy with their spouse to be,” she told Tribune Woman “Wedding planning at times can be stressful and can take couples away from the daily maintenance their relationship. This is the perfect time for DIY projects. Brides who have been wanting to try their hands at certain décor or stationary, can do so, provided

they have all the items they need at home or they can find it a store that falls under the essential businesses currently open. Make those paper flowers, wooden signs, practice a dance routine for your first dance, read marriage/ relationship books, write your vows, maybe rework some ideas you have for your wedding. Plan your ceremony or programme... there is lots to keep 2020 brides busy.”

As a wedding and event planner, Ms Gibson said her training has conditioned her to think of all the possible things that can go wrong and find contingencies.

She said one of the most common challenges that occur throughout a normal wedding planning schedule is aligning a couple’s vision of their wedding with their budget. For instance, some couples have a vision for their dream wedding that in theory is fine, but does not work practically. In other words, the dollars and cents just not match the vision. This is a challenge because making the compromise between what you want and what you can afford is not fun.

“Truthfully, even the best of planners doesn’t have contingencies for what is currently happening. Who would have thought we all would be quarantined to our homes and asked to live isolated from our loved ones? But I would say to couples and those who have planners: go back to the drawing board.

Chances are you planned your event and theme to fit a particular season, and if you have to postpone, I imagine you have done so for a different season or time. Your plan certainly needs some re-working. We can help people do

damage control and rearrange, rework plans, negotiate with their vendors and help them chart the course to their wedding,” said Ms Gibson.

Most planners who decide to pursue wedding planning as a full-time career or event a part-time venture, are attracted to the creative side of this business, she said.

“They get butterflies when they think of coordinating colour schemes, beautiful flowers, complementary stationary, and seeing all of it come together.”

This is just one aspect of wedding planning she enjoys. She also appreciates the many opportunities she has to impart some wisdom on her clients, even if it’s bite-sized, about the lifechanging decision they are about to make.

“Weddings are wonderful events, but marriage matters to me, and if I can help couples make the best wedding planning decisions, that I might add have a bearing on their union, and help them with their relationship in even the smallest way, my job, I’d say, would be adequately accomplished,” said Ms Gibson.

While social distancing prevails, Ms Gibson said its best to reflect, talk, and enjoy each other’s company. She said couples should be thankful that with everything going on right now, they still have each another to lean on, to laugh with, and to talk to.

“Don’t take this moment for granted, tomorrow is not promised,” she said.

Crystal Gibson can be contacted at 242-814-2670, cheerseventsbahamas@ gmail.com, or follow her on Facebook at Cheers! Events.