04122021 BUSINESS

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MONDAY, APRIL 12, 2021

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Business faces tricky path navigating post-Trump politics WASHINGTON Associated Press

COMMERCE Secretary Gina Raimondo speaks during a press briefing at the White House in Washington. Raimondo estimates she has talked to more than 50 business leaders about the $2.3tn infrastructure package that includes corporate tax increases. She is encouraging companies to focus on the entire package instead of the tax increases.

Photo: Evan Vucci/AP Mitch McConnell of Kentucky warned that their actions were “quite stupid”, alienating “a lot of Republican fans”. GOP strategists argued that they no longer needed corporate America’s money to win elections as they try to rebrand as a party of blue-collar workers.

That extends an opportunity to President Joe Biden

Financier: Cruise port upgrade not enough for home porting

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN international financier with experience in infrastructure projects believes Nassau needs more than a new cruise port if it is to become a hub for home porting by cruise lines.

Andre Wright, executive vice president of Standard International Group, told Tribune Business there needs to be new facilities to cope with the numbers of passengers arriving here to join cruise ships.

Mr Wright said: “We have to look at this not only from the economics of the cruise line, but what are going to be the health and safety and

ANDRE WRIGHT reopening protocols for the islands that those ships are going to be destined to.

“Those passengers’ expectation is that they’re going to be able to get off if they want to or not. You can’t book a trip to thinking you are going to a destination and you can’t get off. That’s not

SEE PAGE 2

Crystal Cruises Exec: ‘Brighter days’ ahead

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CRYSTAL Cruises executive sees “brighter days” ahead once their ships start coming to The Bahamas in June.

Kevin Jones, corporate manager at Crystal Cruises, told Tribune Business: “The outlook for Crystal Cruises has never been brighter in the sense that we are so excited to be able to get back to cruising.

Crystal Cruises plan to visit several islands on

their Bahamas Escape tour, including Bimini, New Providence, Harbour Island and Exuma.

However, some island stakeholders have said they do not want cruise ship passengers traipsing through their islands. They also don’t want any dredging of their harbours to destroy the naturally beautiful seascape that is the signature for Bahamian islands.

Mr Jones responded to these concerns, saying:

SEE PAGE 2

and congressional Democrats to find an ally in an unlikely place when the party has unified control of the federal government for the first time in a decade.

Biden is pushing an ambitious $2.3tn infrastructure package that includes corporate tax increases — which the White House is characterising to CEOs as

upfront investments that will ultimately make companies more profitable.

“It’s important for making the country more competitive,” said Cedric Richmond, the White House’s director of public engagement. “We think the plan is so important to the

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Disney in 75 percent fleet visit promise to The Bahamas

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

F

OR more than a half-century, the voice emerging from the US Chamber of Commerce’s monolithic, Beaux Artsstyled building near the White House was predictable: It was the embodiment of American business and, more specifically, a shared set of interests with the Republican Party.

The party’s bond with corporate America, however, is fraying.

Fissures have burst open over the GOP’s embrace of conspiracy theories and rejection of mainstream climate science, as well as its dismissal of the 2020 election outcome. The most recent flashpoint was in Georgia, where a new Republican-backed law restricting voting rights drew harsh criticism from Delta Air Lines and Coca Cola, whose headquarters are in the state, and resulted in Major League Baseball pulling the 2021 All-Star Game from Atlanta.

Republicans were furious.

Senate Minority Leader

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DISNEY promises 75 percent of its fleet will have one stop in The Bahamas when it becomes fully operational.

Kim Prunty, vice president of communications and public affairs at Disney Signature Experiences speaking at a virtual town hall last week on the company’s Environmental Impact Assessment (EIA) for its project at Lighthouse Point - said the company contributed $60m a year to our economy when fully operational.

Ms Prunty said: “The Bahamas is as much our home as anywhere. From an economic impact perspective it is estimated their operations lead to more than $60m annually in direct spending in The Bahamas.

That’s when we’re operational and when we’re operational, 75 percent of the cruises have at least one stop in The Bahamas.”

Disney has been operating Castaway Cay off the coast of South Abaco for

over 20 years.

The town hall last week was to assure members of the public in Eleuthera that the company’s latest investment at the Lighthouse Point in South Eleuthera, will have minimal environmental impact and that Disney was following all of the environmental guidelines on maintaining proper environmental protocols.

Dr Mark Penning, vice president of animal science and environment at Disney, said: “On the very first conversation we had about Lighthouse Point, we said that we as Disney would not move forward unless we could do so in an environmentally responsible way .

“There are no unique marine habitats or species in the development footprint. There are no coral reefs in the footprint, there are no patch reefs either.”

Disney intends to add a “75 foot buffer space” on either side of the pier it will build off the point. Dr Penning said: “When you think about the extent of the pier itself, that total space will

SEE PAGE 3

PAGE 2, Monday, April 12, 2021

Financier: Cruise port upgrade not enough for home porting FROM PAGE ONE

Mr Wright also said all of the cruise lines have been affected by not being able to going to be good, and The sail for over a year and a lot Bahamas needs to be careful of them are in debt. because if they start home “They have had to retrofit porting the question is are their fleet to meet the CDC the logistics and the infra- protocol,” he said “Now structure ready?” they are only going to Mr Wright said more be operating at about 50 facilities need to be in percent capacity with an place to receive passengers increase over 60 day perithrough the airports who ods depending on how they come to take a cruise from meet the guidelines.

The Bahamas. Also, there “Hopefully they can needs to be adequate inven- recover some revenue tory for people who because right now they are overnight and then take a burning through a lot of cruise. cash, but I’m hopeful that He said the upcoming they will be able to recover cruise sailing year will be some economic benefit.” “challenging” based on curRoyal Caribbean Cruise rent CDC guidelines. People Line will be home porting projecting recovery for the in the country this June sailcruise industry this year are ing with no more than 50 just wishful thinking, he percent capacity, but aims to said, increase that to 65 percent “For recovery, no way. over the following weeks.

Their targeted start date for So far, Royal Caribbean 50 percent maximum pas- has reported an adjusted net sengers is for June and by loss of $3.9bn for 2020 and that time the year would its chairman, Richard Fain, already be halfway com- said: “After 11 months of pleted, so do the math. It this pandemic, we all know just doesn’t work.”

COVID fatigue is real.”

“What we’re finding is that everyone who comes to find out more about Crystal, comes to love us and comes to also agree with us that the tourists we have are really a match made in heaven.

Mr Jones said: “Our Crystal Cruise passenger is an average age of 55 to 65 and an average net worth of over $1m, they have travelled to at least three different foreign destinations in the last year and they also own two to three vacation homes.”

He said these types of passengers will have no general interest in “crawling the island and leaving garbage

Business faces tricky path navigating post-Trump politics FROM PAGE ONE

country that we are advocating and singing its praises to all businesses.”

Commerce Secretary Gina Raimondo estimates she has talked to more than 50 business leaders about the plan, including a round of Easter weekend phone calls. She is encouraging companies to focus on the entire package instead of the tax increases.

“You can’t look at one piece of it and say that one number makes you walk away,” she said. “They say, ‘That’s fair. Let me think about it.’ That’s how they run their businesses.”

Whether the corporate split with the GOP widens could help answer questions about the political direction of the country and the extent to which business can continue to influence Washington.

“Nobody in the business community wants hostile communities, angry finger-pointing workforces and turbulent shareholder bases,” said Jeffrey A Sonnenfeld, a senior associate dean at the Yale School of as they move along”.

Crystal, he said, will have Management. “It makes a system in place with an your job so much harder to have every constituency “orderly tendering process group at war within themthat only puts about 100 or selves, which has become so passengers on the island the hallmark of the GOP.” at the time and then spread Sonnenfeld helped out”. organize a Zoom call this “At the end of the day we weekend with 100 business are a boutique cruise com- leaders to discuss how to pany offering a boutique oppose Republican-backed product that will in many proposals across the couninstances feel like a busy try that could limit voting. ferry day or a busy airport Options include stopping day for land based vacations political donations and that already exist,” he said. holding off in investments in He also confirmed that states that approve the laws. the maiden voyage to The Corporate America’s Bahamas is booked at 800 marriage with Republicans passengers out of 1,000 allo- has long been one of concated rooms and that he is venience, united by a belief “super excited” about bring- in low taxes and the need ing them to the country. to repeal regulations. But the relationship, already strained during Donald Trump’s presidency, has come under increasing pressure as companies take cultural stands.

That Republicans and businesses report to increasingly distinct constituencies helps explain the tension.

Crystal Cruises Exec: ‘Brighter days’ ahead FROM PAGE ONE

THE TRIBUNE

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DONALD TRUMP A solid majority of Republican voters are white (86%) and older than 50 (62%), according to APVoteCast, a national survey of the 2020 electorate. Yet figures from the Bureau of Labor Statistics show that workers are more racially diverse and younger than the Republican base.

James Bailey, a management professor at George Washington University, published an analysis last year that suggested people who identified as Democrats cared more about a company’s political activity than Republicans do.

Of business people, he said the uproar over the Georgia voting law “is a great opportunity for them to get on board with the young socially active consumer and to do so without much cost”.

Just as important, Democratic counties have become the primary engines for growth. The counties that backed Biden last year account for 71% of all US economic activity, according to the Brookings Institution.

Democrats say business are comfortable partnering with them to address longstanding issues such as infrastructure after a decade of congressional gridlock, even though companies dislike the possibility of footing the bill.

“Responsible corporate leaders want economic growth and predictable, competent policy— that’s what Democrats are offering.” said Rep Sean Patrick

Maloney of New York, who is running the House Democrats’ campaign arm for the 2022 midterm elections.

Many Republicans are exasperated by business’s efforts to woo consumers through liberal social politics.

“They are never going to satisfy the demands of the left,” said Steven Law, a former attorney for the Chamber who now runs Senate Leadership Fund, a big-spending outside group aligned with McConnell.

Meantime “they risk alienating their natural allies in the Republican Party”.

Still, Republicans have been a major driver of the rift, looking to capitalise on the culture clash to turn out the party base in the next election. Early indicators suggest business could face blowback.

Georgia’s Republicancontrolled House voted to strip Delta of a tax break worth tens of millions of dollars annually for its criticism of the new restrictive law, which voting rights groups have excoriated as an attack on democracy.

The intended punishment was rendered moot after the GOP Senate failed to take it up before the legislative session adjourned.

Campaign finance disclosures suggest corporate America’s money doesn’t buy as much influence as it once did.

Roughly a decade ago, donations from companysponsored political action committees accounted for an important share of the fundraising pie. But it’s stagnated as a source of campaign cash, as court rulings enabled wealthy GOP activists to pour money into the political system.

Just ten GOP megadonors account for half of the giving to major super political action committees controlled by Republican congressional leaders since 2012, collectively pouring $541m into the committees, according to an analysis by The Associated Press of donors who gave over $1,000.

The megadonors also contributed twice as much as

conventional PACs and other groups that represent a broad swath of corporate interests.

Political spending by the Chamber has also dropped precipitously. After spending $29m in 2016, mostly supporting Republicans and attacking Democrats, the group’s contributions dropped to $10.9m in 2018, according to data from nonpartisan Center for Responsive Politics. In 2020, the group endorsed 23 Democrats, which Republicans saw as a betrayal.

That’s diminished the group’s once unassailable standing with GOP congressional leaders.

“There is absolutely no love lost for corporations, especially when they consistently weigh in on things they don’t understand,” said Josh Holmes, a political adviser to McConnell.

“There’s no sympathy.”

Common ground still exists between Republicans and business on the value of tax cuts. The Chamber and the Business Roundtable oppose raising the corporate rate to 28% from the 21% level set in 2017, as well as an enhanced global minimum tax. Yet both groups want government spending on infrastructure.

Neil Bradley, the Chamber’s chief policy officer, said the broader business community isn’t fully aligned with either party. But the hyperpartisan nature of today’s politics is creating pressure to choose one side.

“It really causes people to want to sort everything into a red camp or a blue camp,” he said. “Businesses aren’t partisan. They aren’t Republicans or Democrats.

They have to operate and function in divided governments, operate in states that are solid blue and solid red.”

Republicans caution, however, that business faces considerable risk weighing in on hot-button disputes.

“They ought to tread carefully because they risk getting into the middle of a culture war that will earn them no friends and a lot of enemies,” said Law, the McConnell ally.

THE TRIBUNE

Monday, April 12, 2021, PAGE 3

Disney in 75 percent fleet visit promise to The Bahamas FROM PAGE ONE

result in around a 10th of an acre of coral that we will mitigate.”

Scott Tiegs, a biology professor at Oakland University in Michigan, challenged Dr Penning’s analysis that there

are no unique animal life and particularly, the EIA’s claim that no bonefish have been sighted at Lighthouse Point.

He said through his own visits to the site over the past ten years and bringing students to the area he

knows that “bonefish are all over the place”. He wondered how could Disney put forward an EIA when this “conspicuous species” featured very prominently at Lighthouse Point.

Another of Disney’s representatives responded saying: “We do have plans in the fall to tag fish to understand exactly how to use that area.

“One of the biggest concerns from the bonefish trust is the Marina. We

A VIEW of Lighthouse Point. have discussed with them exactly how we can mitigate that and they have given feedback which we’ve incorporated.

“It’s kind of experimental at this point, but we are looking at having some time to tag in that exact area to make sure that we know exactly how to utilise that point.”

Ms Prunty also spoke

about the partnerships Disney has created on the ground in Eleuthera saying: “We spent a lot of time in The Bahamas, talking to people about what’s important to make sure that when we contribute to the community, we’re doing it in a way that meets community needs.

“A few things can come out of that and one is the

importance of Bahamian ownership, which is why we invested a million dollars over three years to the Small Business Development Centre and the Eleuthera chamber to create an Eleuthera business hub to take advantage of the project that we’re bringing as well as the others that we are bringing to Eleuthera.”

The EIA will now be open for public feedback until May 7. Interested parties may submit their concerns to Disney itself or to the department of environmental planning and after this process is completed, the results will be posted on the department’s website.

PAGE 4, Monday, April 12, 2021

THE TRIBUNE

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MIDDLE East economies are recovering from the coronavirus pandemic faster than anticipated, largely due to the acceleration of mass inoculation campaigns and an increase in oil prices. But the International Monetary Fund warned yesterday that an uneven vaccine distribution would derail the region’s rebound, as the prospects of rich and poor countries diverge.

In its latest report, the IMF again revised upward its 2020 economic outlook for the Mideast and North Africa, now outlining just a 3.4% contraction last year, with growth for the region’s oil exporters buoyed by a boom for commodities and rise in oil price, which hit $67 a barrel in March. Even with an expected dip to $57 a barrel by the end of 2021, the surge from last year’s all-time lows is boosting the oil-rich nations of the Persian Gulf, such as the United Arab Emirates and Saudi Arabia, which also have moved swiftly toward widespread vaccination.

But elsewhere in the region, from Yemen and Sudan to Libya and Lebanon, where inflation soars, instability prevails and wars have left lasting scars, the damaging effects of the pandemic will drag on and

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cause economic harm, the IMF said — possibly for years to come.

“We are a year into the crisis and recovery is back, but it is a divergent recovery,” Jihad Azour, director of the Middle East and Central Asia department at the IMF, told The Associated Press. “We are at turning point. ... Vaccination policy is economic policy.”

The IMF expects economic growth to reach 4% for the Middle East this year. But that rosy outlook papers over the region’s deep economic divides.

For oil-rich economies, yawning deficits are expected to halve this year as revenues climb, more arms get jabbed and lockdown measures recede, said Azour. Thanks to strong government management of the virus’ successive waves and the jolt in oil prices, Saudi Arabia’s economy will expand 2.9% — compared to last year’s contraction of 4.1%. Higher oil prices come as the Organization of the Petroleum Exporting Countries (OPEC) and its allies keep a lid on production and it seems unlikely that the US will quickly lift sanctions on Iran’s critical oil sector.

The IMF expects the UAE’s economy to grow this year by 3.2%, with Dubai’s World Expo, now rescheduled for October 2021, key to the nation’s recovery. Dubai hopes the massive event will draw 25 million visitors and a series of deals, heralding a bright post-pandemic future.

The UAE has launched among the world’s fastest inoculation campaigns, with over 90 doses administered per 100 residents as of this week. Still, the collapse of hospitality, tourism and retail presents challenges for glitzy Dubai, where a cascade of layoffs hit foreign workers and slashed the emirate’s population by 8.4%, according to ratings

agency S&P Global.

The outlook is bleaker for fragile and developing economies, many with lagging vaccination campaigns, few resources for fiscal stimulus and revenues drawn heavily from sectors like tourism that have been slowest to recover from the pandemic.

Whereas rich countries plan to vaccinate most of their population in a few months, swaths of the region — from Afghanistan and Gaza to Iraq and Iran — likely won’t inoculate a significant portion of their populations until mid-2022, the IMF said.

Even that estimate may be optimistic. The region’s lowest-income countries could end up waiting until 2023 at the earliest for mass vaccination, according to the report. Meanwhile, many countries’ beleaguered health systems are straining under resurgent waves of infections, prompting authorities to impose new restrictions and inflict more economic pain.

The IMF expects a sluggish 2021 recovery for Egypt and Pakistan, oil importers reliant on tourism that saw an exodus of foreign investors last year.

The fund revised down its growth estimate for Jordan, where the youth unemployment rate has skyrocketed to 55%. Sudan remains mired in debt and threatened by instability, but its economy could grow for the first time in years as it gains new access to international financial networks.

Lebanon, in the midst of its worst financial crisis ever, remains the only Mideast economy at risk of further contraction. The country has defaulted on its foreign debt and failed to implement economic reforms, let alone form a government. A giant explosion at the Beirut port last year wreaked havoc on the capital. Discussions with

the IMF led nowhere after the Cabinet quit.

Azour declined to even offer a specific economic forecast for Lebanon this year, citing “all the uncertainties”.

In Iran, the IMF found reason to praise economic growth after years of decline, noting that the government’s resistance to virus-induced lockdowns that would have devastated its sanctions-hit economy had saved it from the worst of the pandemic’s fallout.

The country’s economy is expected to grow 2.5% in 2021, Azour said, building on slight gains last year.

But Iran’s recovery remains far off as its vaccinations lag, inflation eliminates people’s savings and economic policies overlook the most vulnerable.

The IMF continues to consider Iran’s $5bn assistance request, which would be its first loan since 1962. Meanwhile, American sanctions remain in force as torturous discussions begin over a return to Tehran’s tattered 2015 nuclear deal with world powers.

“A removal of the recently implemented sanctions will of course allow the Iranian economy to export more, trade more, and this will have a positive impact,” said Azour, while urging the government to tame inflation and better incorporate the private sector.

Despite the worsening inequality, the pandemic has shown the fortunes of the Mideast’s richest and poorest countries to be increasingly intertwined.

Surging infections and foundering inoculation anywhere in the region could spread new variants that threaten overall economic and public health, the IMF reported.

“Therefore, any regional cooperation would be welcome going forward,” said Azour.

THE TRIBUNE

Monday, April 12, 2021, PAGE 5

THE US’ Statue of Liberty.

The American turbo-charged recovery ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs THE US economy is currently on track to surpass previous growth expectations, as demonstrated by the latest job numbers published on Good Friday, which gave account of 916,000 new jobs created in the country during the month of March, largely exceeding the consensus forecast of 647,000.

At the same time, other economic indicators point at an accelerating expansion in the services and industrial sectors. Such robust numbers forced analysts to recalibrate their expectations, with the American GDP now expected to be back on track by 2024; meaning that by then the output of the country will match what the 2019 forecasts expected it to be.

If these projections are correct, the pace of the expansion will be truly remarkable, resulting from a perfect cocktail of high savings accumulated by consumers stuck at home during the lockdowns, governmental stimulus (including direct cash payments to most Americans) and the euphoria expected in the aftermath of the crisis (comparisons have been made with the extravaganza that took hold during the 1920s, following the

hardships of WW1).

Speaking to journalists recently, Jamie Dimon, the CEO of JP Morgan, referred to the possibility of a Goldilocks moment, with fast growth, gently rising inflation and modest hikes in interest rates. Mr Dimon stated that such conditions could be the background to a period of sustained spending leading to several years of economic expansion.

The amount of excess savings accumulated by private citizens during the pandemic is estimated to be in the region of $2tn, while large corporations amassed $3tn of reserves in their balance sheets. Add to this the $1.9tn stimulus package recently approved by US senate, the Fed’s gargantuan $120bn a month quantitative easing and the planned $2tn governmental spending on infrastructure; the numbers become truly staggering.

This heady cocktail opens-up the possibility of a new golden age for the American economy which will end up carrying the rest of the world with it – there is an old saying: When the

United States sneezes the rest of the world catches a cold, if so, then the opposite must also be true. At least this is what we all hope for.

It is of course true events may still follow a different course: an overheated economy may trigger the return of high inflation, something we haven’t seen in the West since the 1970s and which would definitely throw a massive spanner into the works of economic recovery.

It is also possible more lockdowns will be required, postponing the timings of growth and diluting the effect of the stimulus measures being applied.

In any case, it appears that at least for now the base case remains optimistic. Stock markets, where traders always strive to price-in future scenarios, are rampant, with the S&P500 reaching fresh maximums on an almost daily basis.

Should the most optimistic expectations materialise, we may be about to enter a new era of growth and prosperity; what a difference to the gloominess of a year ago!

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PAGE 6, Monday, April 12, 2021

THE TRIBUNE

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Monday, April 12, 2021, PAGE 7

Biden sees ‘win’ for US in electric vehicle battery deal WASHINGTON Associated Press TWO big South Korean electric vehicle battery makers said yesterday they have settled a longrunning trade dispute that will allow one company to move ahead with plans to manufacture batteries in Georgia. President Joe Biden called it “a win for American workers and the American auto industry”.

The agreement between LG Energy Solution and SK Innovation ended the need for Biden to intervene in a case closely watched for its implications on Biden’s clean-energy agenda, which includes a sharp increase in the number of electric vehicles as part of his plan to address climate change.

Biden had until last night to make a decision, following a ruling in February by a trade commission.

The companies said in a joint statement that SK will provide LG Energy with a total of $1.8bn and an undisclosed royalty.

They agreed to withdraw all pending trade disputes in the United States and South Korea and not assert new claims for ten years.

“We have decided to settle and to compete in an amicable way, all for the future of the US and South Korean electric vehicle battery industries,” said Jun Kim, CEO and president of SK, and Jong Hyun Kim, CEO and president of LG Energy.

The companies pledged to work together to strengthen the EV battery supply chain in the US and support the Biden administration’s efforts to advance clean energy policies, including electric vehicles.

The US International Trade Commission had decided in February that SK stole 22 trade secrets from LG Energy, and that SK should be barred from importing, making or selling batteries in the United States for ten years.

The decision could have left Ford and Volkswagen scrambling for batteries as

electric vehicles is projected to rise dramatically by 2035, and other companies will start making them in the US to meet that demand, he said.

Switching the US fleet of roughly 279 million largely gas-powered cars and trucks

PRESIDENT JOE BIDEN they both roll out additional electric vehicle models, a priority for the companies and for the Biden administration. SK has contracts to make batteries for an electric Ford F-150 pickup truck and an electric Volkswagen SUV. The commission said SK could supply batteries to Ford Motor Co. for four years and to Volkswagen AG for two years. The decision had jeopardised a $2.6bn battery factory that SK is building in Commerce, Georgia.

Democratic Sen Jon Ossoff of Georgia, who at Biden’s request had jump-started negotiations between two companies, said the settlement “has saved the battery plant in Commerce, Georgia, ensuring thousands of jobs, billions in future investment, and that Georgia will be a leader in electric vehicle battery production for years to come’.’

US Trade Representative Katherine Tai said the deal “builds confidence” in the reliability and responsibility of the two companies as suppliers to the US auto industry. The agreement puts the US “in a stronger position to drive innovation and ... clean energy technology while also respecting the rights of technology innovators at the heart of trade and manufacturing policy,’’ Tai said.

Added Sen Raphael Warnock, D-Ga: “The best way to protect workers in

Commerce — and the jobs Georgians were promised — is for the companies involved to negotiate a settlement in good faith.” He said he raised the battery issue with Biden during the president’s March 19 visit to Atlanta.

Biden said in a statement that building electric vehicles and the batteries needed for them is an important part of his $2.3tn infrastructure plan.

“We need a strong, diversified and resilient US-based electric vehicle battery supply chain, so we can supply the growing global demand for these vehicles and components — creating good-paying jobs here at home, and laying the groundwork for the jobs of tomorrow. Today’s settlement is a positive step in that direction,” Biden said.

Gov. Brian Kemp, R-Ga, called the settlement “fantastic news for northeast Georgia and our state’s growing electric vehicle industry’.’

Ford, in a statement, said the deal “allows us to focus on delivering a range of Ford world-class battery electric vehicles for our retail and fleet customers, while also supporting American workers, the economy and our shared goal of protecting the planet.’’

Sam Abuelsamid, principal analyst for Guidehouse Insights, said a settlement was always the most likely outcome.

Demand for

to electric vehicles is a focus of Biden’s infrastructure plan, with $174bn allocated for EV incentives, a halfmillion charging stations and development of a domestic supply chain. Experts say it’s possible the US will run short of electric vehicle batteries if

it doesn’t set up its own network of parts suppliers.

“We don’t have nearly enough (existing) battery production capacity to meet the kind of volumes that companies are talking about producing,” Abuelsamid said.

PAGE 8, Monday, April 12, 2021

THE TRIBUNE BEIJING Associated Press

Alibaba fined $2.8bn on competition charge in China

ALIBABA Group, the world’s biggest e-commerce company, was fined 18.3 billion yuan ($2.8bn) by Chinese regulators on Saturday for anti-competitive tactics, as the ruling Communist Party tightens control over fast-growing tech industries.

Party leaders worry about the dominance of China’s biggest internet companies, which are expanding into finance, health services and

other sensitive areas. The party says anti-monopoly enforcement, especially in tech, is a priority this year.

Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering “free circulation” of goods, the State Administration for Market Regulation announced. It said the fine was equal to 4% of its total 2019 sales of 455.712 billion yuan ($69.5bn).

“Alibaba accepts the penalty with sincerity and will ensure its compliance with determination,” the company said in a statement.

It promised to “operate in accordance with the law with utmost diligence”.

The move is a new setback for Alibaba and its billionaire founder, Jack Ma, following a November decision by regulators to suspend the stock market debut of Ant Group, a finance platform spun off from the e-commerce giant.

It would have been the world’s biggest initial public stock offering last year.

Ma, one of China’s richest and most prominent entrepreneurs, disappeared temporarily from public view after criticising regulators in a November speech.

That was followed days later by the Ant Group suspension, though finance specialists said regulators already had been worried Ant lacked adequate financial risk controls.

Alibaba, launched in 1999, operates retail, business-to-business and consumer-to-consumer

THE LOGO for Alibaba Group is seen at the company’s headquarters in Hangzhou in eastern China’s Zhejiang Province.

Chinese regulators announced on Saturday that they have fined giant e-commerce giant Alibaba 18.3 billion yuan ($2.8bn) on charges of violating anti-monopoly rules.

Photo: Chinatopix/AP platforms. It has expanded at a breakneck pace into financial services, film production and other fields.

The government issued anti-monopoly guidelines in February aimed at preventing anti-competitive practices such as exclusive agreements with merchants and use of subsidies to squeeze out competitors.

The next month, 12 companies including Tencent Holdings, which operates games and the popular WeChat messaging service, were fined 500,000 ($77,000) each on charges of failing to disclose previous acquisitions and other deals.

Regulators said in December they were looking into possibly anticompetitive tactics by Alibaba including a policy dubbed “choose one of two”, which requires business partners to avoid dealing with its competitors.

Also in December, regulators announced executives of Alibaba, its main competitor, JD.com, and four other internet companies were summoned to a meeting and warned not to use their market dominance to keep out new competitors.

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NOTICE

MARKET REPORT www.bisxbahamas.com

FRIDAY, 9 APRIL 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1956.69

-0.05

%CHANGE

YTD

YTD%

0.00 -135.77

-6.49

(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 7.00 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 5.50 6.96 3.21 4.45 2.97 5.67 9.75 2.57 7.00 11.02 9.00 14.00 3.95 8.35 15.50

CLOSE 5.00 32.12 1.62 2.90 1.59 5.50 6.96 3.21 4.45 2.97 5.67 9.75 2.51 7.00 11.02 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 BSBGRS780222 BSBGRS760240 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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 BSBGRS780222 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 (0.06) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 20.9 34.5 N/M N/M N/M N/M 18.9 -7.3 31.8 16.1 12.6 13.5 24.6 15.0 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% 3.74% 0.00% 0.00% 4.04% 3.88% 7.38% 17.29% 0.86% 2.98% 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

MATURITY

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.44% 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 22-Sep-2022 18-Jan-2024 26-Apr-2028

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

NOTICE is hereby given that

SAVANNAH SQUELLE WILLIAMS, of Malcom Alotment,

Delivarance Way 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 12th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, April 12, 2021, PAGE 11

Pubs, hairdressers set to reopen as UK eases virus lockdown

LONDON Associated Press

MILLIONS of people in Britain will get their first chance in months for haircuts, casual shopping and restaurant meals today, as the government takes the next step on its lockdownlifting road map.

Nationwide restrictions have been in place in England since early January, and similar rules in the other parts of the UK, to suppress a surge

in coronavirus infections that swept the country late last year, linked to a more transmissible new variant first identified in southeast England.

Britain has had Europe’s worst coronavirus outbreak, with more than 127,000 confirmed deaths.

Infections, hospitalisations and deaths have all fallen thanks to the lockdown, and a mass vaccination programme that has given at least one dose to more than 60% of the adult population.

But Prime Minister Boris Johnson and epidemiologists have urged caution, saying that many people remain unvaccinated and relaxing social distancing rules or allowing foreign holidays this summer could bring a new spike in infections.

“The situation in the UK is becoming clear and is stabilising, but people have to remember that’s not the case elsewhere,” said Peter Horby, who chairs the government’s New and Emerging Respiratory

Threats Advisory Group.

“The pandemic is still raging globally.

“And many countries in Europe even are still seeing racing case numbers or having to reintroduce lockdowns. So it’s very hard to predict what will happen in the next couple of months,” he told Times Radio.

Today, nonessential shops will be allowed to reopen, along with hair salons, gyms and outdoor service at pubs and restaurants.

The prime minister had

promised to visit a pub for a pint to mark the occasion, but postponed the celebratory drink after the death of Prince Philip, husband of Queen Elizabeth II, on Friday.

Indoor drinking and dining won’t be allowed until May 17 at the earliest, and theaters, cinemas, nightclubs and most other venues remain closed, while indoor socialising is tightly restricted and foreign holidays remain banned.

The easing is good news for retail and hospitality

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 84° F/29° C Low: 59° F/15° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Breezy and humid with a t‑storm

Clear

Mostly sunny and beautiful

Brilliant sunshine and pleasant

Mostly sunny and pleasant

Partly sunny and pleasant

High: 82°

Low: 68°

High: 81° Low: 67°

High: 81° Low: 67°

High: 81° Low: 68°

High: 82° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

86° F

65° F

86°-67° F

88°-67° F

89°-71° F

89°-66° 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: 79° F/26° C Low: 72° F/22° C

8‑16 knots

S

High: 85° F/29° C Low: 65° F/18° C

12‑25 knots

FT. LAUDERDALE

FREEPORT

High: 86° F/30° C Low: 69° F/21° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TUESDAY

W

High: 79° F/26° C Low: 67° F/19° C

MIAMI

High: 88° F/31° C Low: 68° F/20° C

4‑8 knots

KEY WEST

High: 83° F/28° C Low: 74° F/23° C

High: 82° F/28° C Low: 68° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 80° F/27° C Low: 72° F/22° C

N

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

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

Thursday

10:41 a.m.

11:03 p.m.

2.2 2.7

4:51 a.m.

4:44 p.m.

0.1 0.1

Friday

11:19 a.m.

11:44 p.m.

2.1 2.6

5:31 a.m.

5:21 p.m.

0.2 0.2

Saturday

12:00 p.m. ‑‑‑‑‑

2.0 ‑‑‑‑‑

6:14 a.m.

6:01 p.m.

0.4 0.3

Sunday

12:28 a.m.

12:47 p.m.

2.5 1.9

7:02 a.m.

6:48 p.m.

0.5 0.5

sun anD moon Sunrise Sunset

6:50 a.m.

7:31 p.m.

Moonrise Moonset

7:19 a.m.

8:11 p.m.

First

Full

Last

New

Apr. 20

Apr. 26

May 3

May 11

CAT ISLAND

E

W

High: 82° F/28° C Low: 73° F/23° C

N

S

E

W

8‑16 knots

S

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/20° C Last year’s high ................................. 85° F/29° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.11” Normal year to date ..................................... 5.10”

ELEUTHERA

NASSAU

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| Go to AccuWeather.com

TONIGHT

High: 83° F/28° C Low: 64° F/18° C

businesses, which have endured several stretches of lockdown over the past year. But it’s a long way from business as usual; the British Beer and Pub Association estimates that just 40% of pubs in England have the space to reopen for outdoor service.

The rules apply in England. The other parts of the United Kingdom — Scotland, Wales and Northern Ireland — are following their own, broadly similar plans.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 73° F/23° C

High: 83° F/28° C Low: 74° F/23° C

N

High: 85° F/29° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 75° F/24° C

8‑16 knots

MAYAGUANA High: 82° F/28° C Low: 75° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 82° F/28° C Low: 76° F/24° C

High: 82° F/28° C Low: 75° F/24° C

GREAT INAGUA High: 84° F/29° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

6‑12 knots

3‑6 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS W at 12‑25 Knots ENE at 4‑8 Knots SW at 8‑16 Knots ENE at 8‑16 Knots SSW at 10‑20 Knots NNE at 8‑16 Knots SSW at 6‑12 Knots N at 8‑16 Knots SW at 10‑20 Knots NNE at 8‑16 Knots WNW at 10‑20 Knots E at 4‑8 Knots SW at 8‑16 Knots NE at 8‑16 Knots SW at 3‑6 Knots N at 7‑14 Knots SSW at 6‑12 Knots NNE at 8‑16 Knots SSW at 7‑14 Knots N at 8‑16 Knots WSW at 10‑20 Knots NE at 8‑16 Knots W at 6‑12 Knots NNE at 8‑16 Knots SW at 8‑16 Knots NNE at 8‑16 Knots

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

VISIBILITY 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 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. 77° F 76° F 79° F 80° F 78° F 78° F 79° F 81° F 78° F 78° F 78° F 79° F 78° F 80° F 79° F 81° F 79° F 80° F 80° F 80° F 77° F 77° F 79° F 80° F 78° F 78° F

PAGE 12, Monday, April 12, 2021

THE TRIBUNE