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THURSDAY, APRIL 8, 2021

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Bahamas travel interest ramps up

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net NASSAU Paradise Island Promotion Board (NPIPB) has reported a significant jump in interest in holidaying in The Bahamas.

NPIPB president Fred Lounsberry, told Tribune Business that things are getting “very busy” at the NPIPB due to increase in traveller interest in The Bahamas, but aggregate hits to the website are still only one third of 2019’s numbers.

He said: “We look at a couple of different measures, but from Google Analytics travel trends, Bahamas search for March was up 19 percent versus the prior month. Nassau search demand, this is people looking for The Bahamas and Nassau, Nassau is up 30 percent over the prior month; air travel search, month on month 57 percent and hotel was up 27 percent.”

The NPIPB’s search trends are in line with similar trends presented by the travel company, Expedia

A VIEW of Nassau/Paradise Island Harbour. which show searches about The Bahamas had increased by 170 percent in February.

Mr Lounsberry also said these trends are “going in the right way”.

“Visits to our website are up 41 percent and conversions are up 49.6 percent,” he said.

Conversions represent people that log on to the NPIPB’s website and then go on to a member hotel’s website, something that is a key indicator on the seriousness of potential visitors.

“This is big, the base is growing so if we do this every month for a few months we’ll be feeling a

Unemployment extension hailed by labour specialist

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE extension of unemployment benefits by the government has been hailed as “fantastic” by a senior businessman who believes it will help stave off redundancies for many furloughed workers.

Peter Goudie, Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour specialist, told Tribune Business yesterday that it is “fantastic” that the government decided to extend the unemployment benefit assistance until May of this year.

PETER GOUDIE Mr Goudie said: “This is fantastic news because there are a lot of people out there who just don’t have the income and are not working. It keeps away this whole business of redundancy at the moment. If they start

SEE PAGE 4

Local shop initiative looking for ‘next big thing’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE ShopLocal initiative will be extended through this month as the initiative’s director is looking for “the next big thing” to spur Bahamians into shopping at home.

Alannah van Onselen, ShopLocal initiative’s co-director, told Tribune Business yesterday that the social media aspect of ShopLocal is still “ongoing”, and the leadership team is discussing ways they can sustain the marketing push

well into the summer period.

Ms van Onselen said: “We had a meeting yesterday morning to talk about it. The social media aspect is still going and obviously, it’s still an important message that needs to get out there. We were brainstorming yesterday on what the next steps would be and how to bring ShopLocal back to life again and start to come up with different ideas to get people’s attention again.”

Tara Morley, The Bahamas Federation of Retailers

SEE PAGE 3

lot better. But it’s definitely very positive,” said Mr Lounsberry.

“We’re getting ready to launch and get pretty aggressive in the next couple of weeks and cooperating with some of the major OTA (online travel agencies) like Expedia and then we’re going to be doing connected television and go very direct in about seven markets, we’re still working on that plan and that will start probably towards the end of the month.

“But the fact is we’re ramping up our marketing pretty dramatically from what we’ve done prior.

FRED LOUNSBERRY When you look at the trends and you see that the wind is not in our face anymore it’s turning now to our backs.

“In 2019 we were averaging 600,000 hits to the website a month and right now we are averaging 200,000 and growing every month. 2019 is our benchmark because 2020 was obviously a washout, but at least things are starting to move.

“It started at 50,000 a week and then it has been creeping up to 200,000 a month and it is rolling every week, but we have a long way to go and all of our measurements are showing now that we’re closing this gap on 2019. Our goals and objectives are to get us back to 2019. I think we are certainly going the right way.

“We’re increasing our digital spending literally every week to get us back to where we were, it is a function of budget and our revenue and as business grows we will have to invest every dime of it.”

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Bank chief: Global projections mean nothing locally

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A leading banker believes global growth projections mean nothing for The Bahamas and we should concentrate instead on the tour core tourism market of America.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that growth projections by the International Monetary Fund (IMF) are not what local businesses should focus on.

He was responding to reports that the IMF has upgraded their global growth forecast to six percent from 5.5 percent.

“I think it’s important that we appreciate that whilst we are an open economy – and so therefore, global growth is a positive contributor for us – we are also very concentrated in very specific markets where growth will have the greatest impact for us,” he said.

“Understanding our primary industry being

GOWON BOWE tourism, our principal markets are North America, and so as it relates to global growth that includes both the developed countries, as well as developing and emerging economies.

Sometimes you will find growth in India, China and Japan doesn’t have a necessary immediate contribution to the Bahamas, simply because our ability to take advantage of their markets is limited by the fact that we don’t have significant trade.”

Earlier this week the IMF upgraded their global growth forecast for 2021

SEE PAGE 3

PAGE 2, Thursday, April 8, 2021

THE TRIBUNE

Cons of the graphic designer career

I

NEED the design today? Really…

All careers have their benefits and drawbacks.

Whatever profession you’re pursuing, it’s important to have an understanding of what you’re really getting into.

When it comes to graphic design, there are lots of phenomenal advantages.

After all, if you’re of the creative, strategic mindset, you’ll most likely find much of the design work you’re tasked with very fulfilling.

While graphic design has its advantages, you’ll soon discover that there are a few shortcomings to the industry therefore ensure that you familiarise yourself with all of the pitfalls attached.

Questions like, “Can you just throw a logo together quick for me?” or assumptions about how long it will take you to design something can be disheartening.

The unfortunate part of this truth is that, generally you’ll need to appease your client and that might mean designing a logo that doesn’t have the look or feel you would have naturally chosen.

Is graphic design stressful?

Graphic design is stressful for those who struggle with merging their passions with their work. Your art is directed by the visions of other people, constricted by deadlines, and subjected to constant criticism.

Graphic without boundaries.

You may also fall into the “Just one more quick revision” or “Can we see it this way?” Moreover, regarding deadlines, it is

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not necessarily a nine to five job. Graphic design is arranged around deadlines, time crunches, a great deal of pressure, “emergencies” and revision requests. In other words, get used to being interrupted during dinner by clients that want the text on their site changed to a dark blue green immediately.

Graphic design doesn’t allow for leisurely creativity, instead you have to force creativity to meet client expectations and time frames.

Graphic design is all about precision and detail. A slightly off-balance element can ruin an entire design thus you have to pay “close attention” to details.

Love what you do The passion can’t be faked. It’s something you must love if not it will certainly reflect in the work produced. I suggest that if any disadvantages cause you to second guess a career, then you should reconsider that career options.

Continuous learning is a must Furthermore, this skill is increasingly challenged.

Continuous learning is necessary as the meaning of many words and icons may not be known. A severe learning and remembering requirement are imposed on many users, and it takes a while to get up to speed.

Can I be a graphic designer if I can’t draw?

Yes. Graphic design, however is a standalone field and is dependent on specific design skills, not only art or drawing.

What major is graphic design under?

Graphic design major falls under: 3D graphics, animation, art, computer aided design, drawing, photography and web design etc.

Is a Master’s Degree in Graphic Design necessary?

A master’s degree is a valuable investment for students who want to hone or diverse their skills and study towards an

The Art of Graphix

BY DEIDRE M BASTIAN

advanced technology.

So now that you know a little more about the cons of this career path such as: (design is subjective, edits can become overwhelming without boundaries, sleepless nights, competitive, requires thick skin and patience, great communication, intelligence, intuition, and technical skill), hopefully this provides a more realistic view about the other parts of a graphic designer’s life that you may not be privy to.

So, is graphic design still a good career?

Certainly, it is still a great career but may not be suited for everyone as it requires a robust mental discipline. It’s a career path that attracts design criticisms even on a perfect day. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained Graphic Designer/Brand Marketing Analyst, Author and Certified Life Coach with qualifications of B.Sc and M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Bank chief: Global projections mean nothing locally

FROM PAGE ONE from 5.5 percent to six percent, so also has the US economy, growing at 6.4 percent for 2021.

While acknowledging the IMF forecast for the US economy, Mr Bowe warned: “I think it is important to remember that it started at what base? Sometimes we look at these percentages because we haven’t seen these types of growth rates since the recession in most economies out of the BRIC’s (Brazil, Russia, India and China) and the reason why we are going to see that level of growth

is because the significant contraction that has taken place.”

“So, if we put it into global terms where they were estimating anywhere between eight and ten percent global GDP contraction, then you’re starting from a much lower base.

“If you think about it using easy numbers, if I’m looking at $10bn as my starting point, and I lose a $1bn, when I get to $9bn even if I grow at ten percent - I’m still not back at where I was pre COVID-19.”

The contraction was significantly deeper than the growth projections, argued

Local shop initiative looking for ‘next big thing’

FROM PAGE ONE

president and co-director of ShopLocal, said that they want to “refocus” and get more retailers on board with their plans. “There are some categories of retail that are doing okay and then there’s other categories that are not as strong now.”

The social media marketing effort has been a strong part of ShopLocal’s efforts over the last four months since it launched in November, something Ms van Onselen said is still “very important.” She said: “But

at this stage it is still on social media, and it’s still promoting ShopLocal and putting on products from different stores and including stores that didn’t necessarily sign up.

“Even if you weren’t necessarily a vendor in the beginning, we’re still trying to include some of the smaller businesses as well to get the word out there.”

“After Christmas there’s a bit of a lull in our retail seasons, so we’re just looking at now what our next big thing should be and how we could get more momentum going

Thursday, April 8, 2021, PAGE 3 Mr Bowe who also cautioned that the recovery is “not as exuberant” as the rates may project because it does not get the world back to where it was before within a year. “We lost ten percent in a year, but we didn’t gain it back in a year,” said Mr Bowe.

Calling for more sustainable growth rates over the long term, Mr Bowe said: “We wouldn’t expect to recover as quickly. What would be disheartening is if they were projecting the growth rates would be a lot slower, because given that we started from a much smaller base you will hope that the growth rates are larger so that we want to get back to normal and then start to see growth thereafter.”

He added: “There are three levels to the growth we want to see. The first is we want to see positive growth; we don’t want to see contraction. Secondly, we want to see growth at a rate that allows us to get

back to pre-pandemic levels in the shortest time frame – most predictions are that it will take about two years or 18 months to two years.

Then you want to see stable growth, after you’ve come back to pre-pandemic levels, which will then say we’ve caught up and now moving forward.

“So really, the growth projections from the IMF report are positive news, meaning that they are seeing signs that the economy of the world are starting to move forward and starting to move forward at a pace that is meaningful. But it doesn’t mean that it is going to recover all it has lost in a short period of time. Take a bit at a time.

“Like I said for The Bahamas what is more important is to look at those markets that it has its greatest trade, and the greatest trade is North America because of tourism which is 50 to 60 percent of our GDP.”

and get more involvement and keep the momentum going.”

In the run up to the last Christmas holidays, prompted by the COVID19 shutdown where most businesses were closed for the majority of the year due to the restrictions, ShopLocal launched in November as a way to get Bahamian businesses re-energised to capture some of the Christmas shoppers.

Organisers said at that time it would be an “education experience” for consumers by allowing them to appreciate that certain items like clothing and apparel are duty free and there is no need to shop abroad when they can help local businesses.

Along with the consumer education efforts, ShopLocal also assisted businesses with joint-marketing exercises like hosting commercials on their various social media platforms and also have small vignettes of particular retailers as a way to have their brands personalised for their target market.

Looking forward to the “next big thing,” Ms van Onselen said that waiting on the summer time for that big thing depends on certain variables that are out of her control. She said, however, “There is a bit of a boost for Mother’s Day, Father’s Day and then for the summer it depends on if people travel,

so summer would probably be the next boost we hope.

“It’s been picking up definitely and we’re hoping that it continues to do so with the vaccines and with tourists and things like that.”

The ShopLocal initiative was originally scheduled to last only 12 weeks from November of last year, but Ms van Onselen said, “Because we have the extra budget, we will extend this until May of this year.”

Ms van Onselen also said: “I think our initiative was educational, and that people sort of realised the costs of doing business and some of the costs of the duties and made it more sympathetic to businesses here with regards to what it costs to do business here with regard to the importance of the fact that when you bring things in, and you buy them here, it’s basically the same.

“It’s the same price and I think it was good that people understand that. Shoes and bags and the end clothing are actually duty free, you just have to pay the shipping fees,” she said.

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“Fuelling Growth For People”

PAGE 4, Thursday, April 8, 2021

Unemployment extension hailed by labour specialist FROM PAGE ONE

being made redundant they are really going to be in trouble.”

Brensil Rolle, minister responsible for the public service and the National Insurance Board, speaking to reporters outside the cabinet office earlier this week said government will extend its assistance for another month into May. Eligible persons will still be able to receive $100 instead of the originally stated $150.

Employee union representatives have been calling for mega resorts to make their workers redundant as the law makes provisions for, rather than having workers holding on in furlough indefinitely without any salary during the economic recession caused by the COVID-19 pandemic.

Obie Ferguson, the Trades Union Congress (TUC) president, has already filed action in the Supreme Court to force resorts to follow the law

and pay furloughed workers that want to be made redundant, something Mr Ferguson said affects “a significant number of persons.”

Mr Goudie, however, said that as a result of the extension of the unemployment benefit there is “at least some relief in sight”, considering it is costing the government a lot of money.

Responding to the fact that the Emergency Powers order that had supposedly suspended the right to redundancy in the Employment Act being improperly worded as the emergency orders amends a provision in the Employment Act that does not exist, Mr Goudie said: “That’s something we are going to have to look at. At the national tripartite council on Thursday, I’m going to bring that up.”

“I realize there is not much we can do, but you don’t want people being made redundant. So it’s like six of one or half a dozen of the other.

We’ve never been down this road before.”

THE TRIBUNE

Biden open to compromise on infrastructure, but not inaction Associated Press PRESIDENT Joe Biden, pictured, drew a red line on his $2.3tn infrastructure plan yesterday, saying he is open to compromise on how to pay for the package but inaction is unacceptable.

The president turned fiery in an afternoon speech, saying that the United States is failing to build, invest and research for the future and adding that failure to do so amounts to giving up on “leading the world”.

“Compromise is inevitable,” Biden said. “We’ll be open to good ideas in good faith negotiations. But here’s what we won’t be open to: We will not be open to doing nothing. Inaction, simply, is not an option.”

Biden challenged the idea that low tax rates would do more for growth than investing in care workers, roads, bridges, clean water, broadband, school buildings, the

power grid, electric vehicles and veterans hospitals.

The president has taken heat from Republican lawmakers and business groups for proposing that corporate tax increases should finance an infrastructure package that goes far beyond the traditional focus on roads and bridges.

“What the president proposed this week is not an infrastructure bill,” Sen Roger Wicker, R-Miss, said on NBC’s “Meet the Press”, one of many quotes that Republican congressional aides emailed to reporters before Biden’s speech. “It’s a huge tax increase, for one thing. And it’s a tax increase on small businesses, on job creators in the United States of America.”

Biden last week proposed funding his $2.3tn infrastructure plan largely through an increase in the corporate tax rate to 28% and an expanded global minimum tax set at 21%. But he said yesterday he was willing to accept a rate below 28% so long as

the projects are financed and taxes are not increased on people making less than $400,000.

“I’m willing to listen to that,” Biden said. “But we gotta pay for this. We gotta pay for this. There’s many other ways we can do it. But I am willing to negotiate.

I’ve come forward with the best, most rational way, in my view the fairest way, to pay for it, but there are many other ways as well. And I’m open.”

He stressed that he had been open to compromise on his $1.9tn coronavirus relief plan, but Republicans never budged beyond their $600bn counteroffer.

“If they’d come forward with a plan that did the bulk of it and it was $1.3bn or four ... that allowed me to have pieces of all that was in there, I would have been prepared to compromise,” Biden said.

“But they didn’t. They didn’t move an inch. Not an inch.”

The president added that America’s position in the world was incumbent on taking aggressive action on modern infrastructure that serves a computerised age.

Otherwise, the county would lose out to China in what he believes is a fundamental test of democracy. Republican lawmakers counter that higher taxes would make the country less competitive globally.

“You think China is waiting around to invest in this

digital infrastructure or on research and development?

I promise you. They are not waiting. But they’re counting on American democracy, to be too slow, too limited and too divided to keep pace.”

His administration yesterday was pressing the case for tax increases. Treasury Secretary Janet Yellen said it was “self-defeating” for thenPresident Donald Trump to assume that cutting the corporate tax rate to 21% from 35% in 2017 would make the economy more competitive and unleash growth. Yellen said that competing on tax rates came at the expense of investing in workers.

“Tax reform is not a zero-sum game,” she told reporters on a call. “Win-win is an overused phrase, but we have a win-win in front of us now.”

Yellen said the tax increases would produce roughly $2.5tn in revenues over 15 years, enough to cover the eight years’ worth of infrastructure investments being proposed.

The roughly $200bn gap between how much the taxes would raise and how much the administration wants to spend suggests there is space to address critics, such as West Virginia Sen Joe Manchin, a key Democratic vote, who would prefer a 25% rate.

THE TRIBUNE

MAJOR ECONOMIES SUPPORT $650BN BOOST IN IMF RESOURCES WASHINGTON Associated Press

FINANCE officials of the world’s major economies yesterday agreed on a proposal to boost the resources of the International Monetary Fund by $650bn as a way to provide more support to vulnerable countries struggling to deal with a global pandemic.

The Group of 20 major industrial countries issued a joint statement that also announced the approval of a final six-month moratorium on debt payments by 73 of the world’s poorest countries.

The proposal to increase the IMF’s resources received a boost earlier this year when it got the backing of the Biden administration.

The resources are known as IMF Special Drawing Rights and create an asset that countries can use to bolster their own reserves.

The proposal still needs approval from the IMF’s board and then contributions from member countries.

The debt-payment deal extends the moratorium begun last year until the end of this year. But international aid groups expressed unhappiness that the G-20 is saying the extension will be the final one to be offered.

“We’ve seen progress on debt relief and aid, but we still need to solve multiple challenges so countries can get through this crisis,” said Eric LeCompte, executive director of Jubilee USA Network. “It is unlikely that the breathing space indebted countries get with this extension will be enough.”

The G-20 group also lent support to a Biden administration drive to establish a global minimum tax rate for corporations, saying it hoped to achieve a consensus in the group by the middle of this year.

US Treasury Secretary Janet Yellen had urged countries to adopt a minimum corporate tax in a speech on Monday, saying it was needed to stop a “30year race to the bottom” in which countries had slashed corporate tax rates to attract multi-national businesses.

The Biden administration is proposing to boost the US

corporate tax rate to 28%, up from the current 21% where it had been reduced by a Trump administration tax cut bill approved in 2017. Before it was reduced, the US corporate tax rate stood at 35%. The administration hopes to use the extra corporate tax revenue to help fund increased spending on infrastructure.

Italian Finance Minister Daniele Franco, the chair of the G-20 finance group, said that Yellen had told the group that the Biden administration proposal is consistent with the multinational effort to agree on a minimum tax rate.

Yellen and Federal Reserve Chairman Jerome Powell represented the United States at the virtual meeting, which was being held in advance of virtual meetings this week of the 190-nation IMF and its sister lending organisation, the World Bank.

On Tuesday, the IMF released an updated economic forecast which boosted global growth for this year to 6%, up from a projection of 5.5% in January, with the boost coming in large part from accelerated vaccine rollouts and the $1.9tn rescue package the Biden administration pushed through Congress last month.

IMF Managing Director Kristalina Georgieva told reporters Wednesday

Thursday, April 8, 2021, PAGE 5

that without the massive amounts of support provided by governments, last year’s recession, the worst since World War II, would have been three times more severe.

She said the rebound this year is being powered by the world’s two biggest economies, the United States and China, but that economic fortunes were “diverging dangerously” with poorer nations falling behind.

“A small number of countries led by the US and China are powering ahead,” she said. “Weaker economies are falling behind.”

On trade, the G-20 joint communique said, “We recall our commitment to fight protectionism and we encourage concerned efforts to reform the World Trade Organization.”

During the Trump administration, the G-20 had dropped language from its communiques pledging to resist moves to erect protectionist trade barriers.

The meeting yesterday of finance ministers and central bank governors of traditional economic powers such as the United States, Japan and Germany along with emerging economies such as China and India will be followed by a leaders’ summit to be held in Rome on Oct 30-31.

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THE TRIBUNE

US stocks close mixed; S&P 500 notches another record high Associated Press WALL Street capped another choppy day of trading yesterday with a mixed finish for stock indexes and another all-time high for the S&P 500.

The benchmark index inched up 0.1% after spending much of the day wavering between small gains and losses. Technology, communication and financial companies helped lift the market, offsetting a pullback led by industrials, materials and health care stocks. Treasury yields were also mixed.

The broader market has been mostly subdued this week as investors remain cautiously optimistic about the economic recovery. Vaccine distribution has been ramping up and President Joe Biden has bumped up his deadline for states to make

TRADERS work on the floor yesterday. Stocks wobbled between small gains and losses in afternoon trading on Wall Street yesterday, hovering around their record highs as investors remain cautiously optimistic about the economic recovery.

Photo: Colin Ziemer/New York Stock Exchange/AP doses available to all adults

by April 19. The vaccines are helping to fuel a recovery, but the virus is still very much a threat as variants are discovered and threaten additional lockdowns.

The S&P 500 rose 6.01

points to 4,079.95. The Dow Jones Industrial Average gained 16.02 points, or 0.1%, to 33,446.26. The Nasdaq composite slipped 9.54 points, or 0.1%, to 13,688.84.

The S&P 500 and Dow each set record highs on Monday.

Small company stocks, which have been outgaining the broader market this year, took the brunt of the selling. The Russell 2000 index of smaller companies gave up 36.10 points, or 1.6%, to 2,223.05. The index is up 12.6% so far this year, while the S&P 500, which tracks large companies, is up 8.6%.

Analysts expect the economy to recover this year, but they also anticipate the market remain choppy as investors shift money to companies and industries that stand to benefit as the pandemic eases.

Carnival, which essentially shut down during the pandemic, rose 1.4% yesterday.

The company said bookings have picked up. Other cruise line operators also gained ground as they plan to restart operations.

The yield on the tenyear Treasury inched up to

1.66% after moving up and down for much of the day.

A sharp increase in bond yields since the beginning of the year reflects a growing concern among investors that inflation could return as economic growth heats up and the US pulls out of its pandemic-induced recession.

Higher yields can slow down the economy by making it more expensive for people and businesses to borrow money.

The stock indexes were little changed yesterday following the release of minutes from the Federal Reserve’s latest meeting on interest rate policy.

The minutes revealed that Fed officials were encouraged last month by evidence the US economy was picking up, but they showed no sign of moving closer to ending their bond purchases or lifting their benchmark

short-term interest rate from nearly zero.

Fed policymakers also said they expect inflation will likely rise in the next few months because of supply bottlenecks, but they believe it will remain near their 2% target over the longer run.

“Nothing was all that surprising from the minutes,” said Stephanie Roth, senior markets economist at JP Morgan Private Bank. “The Fed is watching closely, not just the unemployment rate, but they’re really focusing on bringing back the population that has fallen out of the labor force.”

The minutes are from a Fed meeting that came before last week’s March jobs report, which showed a surprisingly strong 916,000 positions were added that month, the most since August, and the unemployment rate fell to 6% from 6.2%.

THE TRIBUNE

Thursday, April 8, 2021, PAGE 7

PAGE 8, Thursday, April 8, 2021

THE TRIBUNE

FED IN MARCH SAW BRIGHTER OUTLOOK, YET UNDERSCORED PATIENCE WASHINGTON Associated Press

FEDERAL Reserve officials were encouraged last month by evidence the US economy was picking up, but they showed no sign of moving closer to ending their bond purchases or

lifting their benchmark short-term interest rate from nearly zero.

Fed policymakers also said they expect inflation will likely rise in the next few months because of supply bottlenecks, but they believe it will remain near their 2% target over the longer run.

“It would likely be some time until substantial further progress toward” the Fed’s goals of maximum employment and inflation at 2% are reached, and “asset purchases would continue at least at the current pace until then”, the Fed said in minutes taken during its March 16-17

meeting. The minutes were released yesterday after the customary three-week lag.

Economists and market analysts are closely tracking the question of when the Fed might begin to reduce its $120bn in monthly purchases of Treasurys and mortgagebacked securities, since the Fed is expected to take that step before raising interest rates.

Some analysts expect the Fed will start tapering its bond buys next January, and to take roughly a year to do so, before then considering a rate hike.

The bond purchases are intended to keep longerterm borrowing costs low.

The Fed’s policy making committee voted 11-0 at the March meeting to continue the bond purchases and keep its short-term rate at near zero. The Fed last month also signaled it wouldn’t raise rates until after 2023.

Fed officials “generally expected strong job gains to continue over coming months and into

the medium term”, supported by low interest rates, the Biden administration’s $1.9tn emergency financial package, ongoing vaccinations, and reopening businesses, according to the minutes.

Last month, Fed officials sharply raised their forecasts, projecting that the US economy would grow 6.5% this year, up from 4.2% three months earlier. They now see the unemployment rate falling to 4.5% by the end of this year, below its earlier projection of 5%.

“However,” the minutes said, “the economy was far from achieving (the Fed’s) broad-based and inclusive goal of maximum employment.”

Paul Ashworth, chief US economist at Capital Economics, said that such comments indicate the Fed will likely continue its asset purchases through the end of the year.

Policymakers also underscored the importance of the Fed’s new policy framework, adopted late last

summer, which calls for the Fed to make changes in policy “based primarily on observed outcomes, rather than forecasts”, the minutes said.

That means the Fed’s brighter outlook, by itself, doesn’t necessarily change the timetable of when it will begin to pull back on its stimulus. That’s a sharp break from the past, when the Fed often would raise rates on the anticipation of rapid growth, which it feared would push inflation higher.

Fed Governor Lael Brainard, in an interview Wednesday on CNBC after the minutes were released, said the economic outlook “has brightened considerably”, but “we’re going to have to actually see that in the data”.

The meeting came before last week’s March jobs report, which showed a surprisingly strong 916,000 positions were added that month, the most since August, and the unemployment rate fell to 6% from 6.2%.

THE TRIBUNE

Thursday, April 8, 2021, PAGE 9

To advertise in The Tribune, contact 502-2394

MARKET REPORT

NOTICE NOTICE is hereby given that PRESENDIEU DIEUVEUIL, of Ethel Street off Robinson Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ARLENE ESTIMABLE, of Golden Isles off Cowpen Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DOLCIN JACKSON, of #5 Winchester Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

www.bisxbahamas.com

WEDNESDAY, 7 APRIL 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1962.52

-0.01

%CHANGE

YTD

YTD%

0.00 -129.94

-6.21

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 5.00 33.05 2.00 2.90 1.89 6.00 6.90 3.60 6.01 4.05 6.16 12.00 2.75 6.85 10.71 9.00 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 5.00 32.12 1.62 2.90 1.59 6.00 6.74 3.56 4.45 2.97 5.67 9.75 2.61 6.84 11.01 9.00 14.00 3.95 8.35 15.50

CLOSE 5.00 32.12 1.62 2.90 1.59 6.00 6.74 3.56 4.45 2.97 5.67 9.75 2.57 6.84 11.04 9.00 14.00 3.95 8.35 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS680232 BSBGRS760240 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.66

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.50 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 100.66

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGRS680232 BGRS FL BSBGRS760240 BGRS FL BSBGR870288

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 0.03 0.00 0.00 0.00 0.00 0.00

VOLUME 200

425

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

570 1,000 70

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

P/E 20.9 34.5 N/M N/M N/M N/M 18.3 -8.1 31.8 16.1 12.6 13.5 25.2 14.6 17.1 12.4 17.2 19.5 8.9 24.6

YIELD 3.40% 3.92% 1.23% 1.03% 0.00% 0.00% 3.86% 0.00% 0.00% 4.04% 3.88% 7.38% 16.89% 0.88% 2.97% 2.67% 3.86% 3.04% 2.40% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.63% 4.50% 4.33%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 21-Jul-2023 18-Jan-2024 26-Apr-2028

MATURITY

MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.83 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.40 4.44 2.15 201.90 184.85 1.68 1.73 1.75 1.03 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79

YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.36% 0.77% -3.49% -4.68% -0.85% -0.65% -1.79% -16.80% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%

NAV Date

31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 28-Feb-2021 28-Feb-2021 28-Feb-2021 28-Feb-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

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

PAGE 14, Thursday, April 8, 2021

THE TRIBUNE

Target to spend more than $2bn at Black-owned businesses NEW YORK Associated Press TARGET will spend a total of more than $2bn at Black-owned businesses by 2025 as part of its effort to advance racial equity.

That’s a significant increase in overall spending on Black-owned businesses, according to Target, though it declined be more specific Wednesday.

The Minneapolis retailer will add a broad spectrum of products from more than 500 Black-owned businesses and will increase its spending at more Blackowned companies, from marketing to construction.

It will also introduce new resources, like a dedicated team to help Black-owned suppliers scale their businesses to work with mass chains.

The Forward Founders programme builds off Target’s accelerator programme that helps entrepreneurs.

Target and other corporations have been expanding ties with Black-owned suppliers, rethinking marketing and embracing other initiatives in the aftermath of the death of George Floyd last summer that led to protests nationwide against policy brutality and racial inequity.

The trial of former police officer Derek Chauvin,

charged in Floyd’s death, continued Wednesday in Minneapolis.

More than 20 companies, including Sephora, Gap and Macy’s, have signed on to a nationwide campaign called 15 Percent Pledge, which aims to have companies commit to at least 15% of their products on their shelves to Blackowned businesses — in line with the US Black population. Target’s commitment is unaffiliated with that campaign.

Aurora James, founder and creative director of Brother Vellies, started 15 Percent Pledge as a nonprofit advocacy group last year. She said in an

interview with The Associated Press this week that the biggest problem for Black-opened businesses is lack of access. James says her group is building a data base of Black-owned businesses that helps retailers and brands connect with Black entrepreneurs.

Kendra BrackenFerguson is a Black digital marketing and brand development specialist in beauty and wellness. She has experience first-hand pitching Black-owned brands to Target and other stores.

She believes the spending commitment at Target will make a difference.

“Ultimately, Target is creating the pipeline that will fundamentally change how retailers must handle new brands coming into their stores,” Bracken-Ferguson said.

But Jeffrey Robinson, associate professor and academic director of The Center for Urban Entrepreneurship & Economic Development at Rutgers Business School said Target has the right approach, but the number feels “low” given the size of the retailer. For the fiscal year that ended Jan 30, Target generated annual sales of $93.5bn.

“I applaud them for making the commitment,

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 61° F/16° C

TAMPA

SATURDAY

SUNDAY

MONDAY

Mostly sunny and delightful

Mainly clear

Sunny to partly cloudy and nice

Mostly sunny, breezy and more humid

Partly sunny; breezy, warm, humid

Mostly sunny and pleasant

High: 79°

Low: 68°

High: 81° Low: 71°

High: 84° Low: 71°

High: 84° Low: 71°

High: 84° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

67° F

84°-68° F

86°-69° F

88°-74° F

92°-73° F

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

N

almanac

E

ABACO

S

N

High: 75° F/24° C Low: 68° F/20° C

6-12 knots

S

High: 83° F/28° C Low: 68° F/20° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 80° F/27° C Low: 69° F/21° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

FRIDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 81° F/27° C Low: 67° F/19° C

High: 77° F/25° C Low: 67° F/19° C

MIAMI

High: 82° F/28° C Low: 68° F/20° C

7-14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 57° F/14° C Normal high ....................................... 81° F/27° C Normal low ........................................ 68° F/20° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 71° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.11” Normal year to date ..................................... 4.86”

ELEUTHERA

NASSAU

High: 79° F/26° C Low: 68° F/20° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 76° F/24° C Low: 69° F/21° C

N

KEY WEST

High: 81° F/27° C Low: 73° F/23° C

High: 77° F/25° C Low: 69° F/21° C

N

S

E

W

6-12 knots

S

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:13 a.m.

6:39 p.m.

2.7 2.5

12:37 p.m. 0.0 ---------

Friday

6:59 a.m.

7:23 p.m.

2.7 2.6

12:50 a.m. 0.1 1:18 p.m. 0.0

Saturday

7:40 a.m.

8:03 p.m.

2.7 2.7

1:36 a.m. 0.0 1:56 p.m. -0.1

Sunday

8:18 a.m.

8:39 p.m.

2.6 2.8

2:18 a.m. 0.0 2:30 p.m. -0.1

Monday

8:54 a.m.

9:15 p.m.

2.5 2.8

2:57 a.m. -0.1 3:04 p.m. -0.1

Tuesday

9:30 a.m.

9:50 p.m.

2.4 2.8

3:35 a.m. 0.0 3:37 p.m. -0.1

Wednesday 10:05 a.m.

10:26 p.m.

2.3 2.7

4:13 a.m.

4:10 p.m.

0.0 0.0

sun anD moon Sunrise Sunset

6:54 a.m.

7:29 p.m.

Moonrise Moonset

5:11 a.m.

4:43 p.m.

New

First

Full

Last

Apr. 11

Apr. 20

Apr. 26

May 3

CAT ISLAND

E

W

but let’s see if they can exceed it,” he said.

Target said it has actively pursued more connections with minorityowned businesses, but is always seeking to improve operations.

“We have a rich history of working with diverse businesses, but there’s more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target,” said Christina Hennington, executive vice president and chief growth officer, in a prepared statement.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 77° F/25° C Low: 69° F/21° C

High: 77° F/25° C Low: 71° F/22° C

N

High: 78° F/26° C Low: 70° F/21° C

E

W S

LONG ISLAND

tracking map

High: 78° F/26° C Low: 70° F/21° C

6-12 knots

MAYAGUANA High: 78° F/26° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 78° F/26° C Low: 72° F/22° C

GREAT INAGUA High: 81° F/27° C Low: 74° F/23° C

N

N E

W

E

W

H

High: 78° F/26° C Low: 71° F/22° C

S

S

7-14 knots

8-16 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 4-8 Knots ESE at 6-12 Knots SE at 6-12 Knots ESE at 7-14 Knots E at 6-12 Knots ESE at 7-14 Knots ENE at 7-14 Knots E at 7-14 Knots ESE at 6-12 Knots ESE at 6-12 Knots SSE at 4-8 Knots SE at 6-12 Knots E at 6-12 Knots ESE at 7-14 Knots NE at 8-16 Knots ENE at 8-16 Knots E at 7-14 Knots E at 7-14 Knots E at 7-14 Knots E at 7-14 Knots ESE at 6-12 Knots ESE at 6-12 Knots E at 7-14 Knots E at 8-16 Knots SE at 6-12 Knots ESE at 7-14 Knots

WAVES 1-3 Feet 2-4 Feet 0-1 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 2-4 Feet 1-2 Feet 1-2 Feet 0-1 Feet 1-2 Feet 1-3 Feet 2-4 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-6 Feet 0-1 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet

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

WATER TEMPS. 78° F 78° F 76° F 77° F 79° F 80° F 78° F 78° F 75° F 74° F 79° F 80° F 77° F 77° F 79° F 79° F 78° F 78° F 78° F 78° F 76° F 76° F 78° F 78° F 77° F 77° F