04142021 BUSINESS

business@tribunemedia.net

WEDNESDAY, APRIL 14, 2021

$4.86 Royal Caribbean targets July 2021 for PI club’s start

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYAL Caribbean is aiming to start construction on its Paradise Island “beach break” destination

by July 2021 so it can receive guests by January 2023 to catch the expected postCOVID tourism revival.

The cruise line’s accelerated developments plans were revealed in correspondence released by the Department of Physical Planning ahead of the upcoming April 28 virtual public consultation on its bid for site plan approval for the Royal Beach Club project.

Lambert Knowles, principal of Engineering and Technical Services (ETS), the Bahamian “engineer of record” for Royal Caribbean, had initially informed Charles Zonicle, acting director of physical planning, in a November 11, 2020, letter that the cruise line was aiming to start construction work near the Colonial Beach area before year-end.

“We are seeking your department’s preliminary site plan approval so that we can proceed with the detailed designs for the site plan approval and building permit applications,” Mr Knowles wrote. “Royal Caribbean anticipates starting construction in the 2021 fourth quarter and welcoming our first guests in the 2023 second quarter.”

However, a subsequent March 1, 2021, letter from Mr Knowles to Mr Zonicle revealed that this timeline has now been accelerated.

“Royal Caribbean anticipates starting construction in July of 2021 and welcoming guests in January of 2023,” he wrote.

While this development is positive in one sense, given that it suggests Royal Caribbean remains confident about the strength and timing of the cruise industry’s rebound despite its own multi-billion COVID losses and the industry’s continued wait for permission to resume sailing from South Florida, it is equally likely to concern Bay Street merchants and all businesses that rely on the sector for their livelihood.

For it raises that prospect that thousands of Royal Caribbean passengers, immediately upon arriving in Nassau, will be transported across the harbour to the cruise line’s own private beach break experience - depriving the likes of retailers, restaurants, tour and excursion operators, straw vendors, taxi drivers, hair braiders and the like of much-needed customers and revenues.

The planned January 2023 opening will also likely coincide with the anticipated return to pre-COVID visitor arrivals numbers, which represents a critical moment for cruise-dependent Bahamian businesses and their employees in their bid to recover from the financial ravages of the pandemic.

Toby Smith, the Bahamian entrepreneur behind a neighbouring $2m “beach break” destination focused on the lighthouse at Paradise Island’s western tip, yesterday argued that Royal Caribbean’s proposal will simply “suck the revenues from Bay Street, from Bahamians and future generations of Bahamians”.

Mr Smith, who is embroiled in ongoing court battle with the government over a crown land lease agreement that covers several acres also sought by Royal Caribbean, argued that while foreign currency

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Hilton sale targeted by Sarkis legal aid request

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE British Colonial Hilton’s sale is among the multiple targets of a US court’s request for Bahamian judicial assistance relating to Sarkis Izmirlian’s $2.25bn legal battle with Baha Mar’s main contractor.

Legal documents obtained by Tribune Business reveal that the New York State Supreme Court, which will ultimately determine the outcome of the fight between China Construction America (CCA) and Baha Mar’s original developer, is requesting help in obtaining potential evidence thought to be held by multiple Bahamas-based banks and companies.

The assistance requests, made on behalf of both CCA and Mr Izmirlian’s BML Properties vehicle, ask the Attorney General’s

Workplace boost curing Tribunal’s • NY court seeks Bahamas help on $2.25bn dispute by ‘greatest weakness’ • Wants Cross & Mosko ‘compelled’ on CCA papers HARTNELL • Local engineering firm, two banks also targeted By NEIL Tribune Business Editor nhartnell@tribunemedia.net

THE BRITISH COLONIAL HILTON Office to apply to the Bahamian Supreme Court for orders compelling a realtor; engineering company; Scotiabank (Bahamas); Citibank (Bahamas); and the vehicle that engineered Baha Mar’s ultimate sale to produce documents that could bolster both sides’ legal claims.

One requests that Cross & Mosko Real Estate and

Development Company, whose principals are Jimmy Mosko and Kevin Cross, produce multiple documents and communications relating to the British Colonial Hilton’s October 2014 sale to CCA which they brokered.

Mr Izmirlian and BML Properties believe these may provide evidence to support

their claim that the Chinese state-owned contractor used a disputed $54m payment intended to “accelerate” its construction work at Baha Mar to instead fund its acquisition of the downtown Nassau resort.

“Plaintiff seeks to obtain documents from Cross & Mosko, who brokered the sale in October 2014 of the British Colonial Hilton to defendants,” the New York court’s legal assistance request states.

“These documents have a direct connection to the subject matter of the New York litigation because plaintiff alleges that in order to purchase and develop the British Colonial Hilton,

post-Dorian rebound.

“I’m just hopeful that, on a macroeconomic level, the roll-out of the vaccine helps The Bahamas and helps Abaco to get through this and put this whole COVID19 period behind us. It’s had an horrendous impact on our recovery efforts. It basically stopped our recovery dead for a year.

“We did get some things done but that was internal stuff. In terms of rebuilding Abaco to get back on the international market, no. It’s had a tremendous impact on us. I’m really hopeful that getting the vaccines out, not only locally but internationally, is going to help us turn that corner finally.”

THE National Tripartite Council’s chairman yesterday argued that curing the Industrial Tribunal’s “greatest weaknesses” will help ease workplace tensions throughout The Bahamas.

Robert Farquharson, pictured, speaking as the Council released a discussion paper on proposed reforms designed to make the Tribunal “more effective and efficient”, told Tribune Business it had been forced to seek alternatives after the attorney general rejected longstanding arguments to convert it into the industrial arm of the Supreme Court.

The paper, produced by a Legal Advisory Committee (LAC) appointed by the Council, disclosed that Carl Bethel QC and his ministry opposed such a move on the grounds that it went against the very goal of the Industrial Tribunal’s founding.

The Attorney General’s Office, in a November 24, 2020, reply, told the Council: “One of the main reasons for the establishment of the Industrial Tribunal was to provide swift and informal investigations and resolutions into trade disputes with essential and non-essential services.

“In particular, we note section 57(1) of the Industrial Relations Act (Chapter 321). It states that, so far as is possible, the Tribunal should avoid formality in the proceedings. Moreover, the Tribunal is not bound by any laws relating to admissibility of evidence in proceedings before the courts.

“The transfer of these proceedings to a formal division of the Supreme Court would, in our view, impair the accessibility of the Tribunal to the average citizen and therefore run counter to the very reason for its establishment.”

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Further ‘3-5 years minimum’ for Abaco’s Dorian recovery

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ABACO’S Chamber of Commerce president yesterday predicted the island’s post-Dorian reconstruction will take a further “three to five years minimum” after COVID-19’s “horrendous impact” on the recovery.

Ken Hutton, hailing this week’s launch of Abaco’s COVID-19 vaccination roll-out as “great news”, told Tribune Business that the pandemic had “stopped our recovery dead for a year” as lockdowns, travel restrictions and associated public health measures both delayed and complicated rebuilding efforts in the category five storm’s aftermath.

Voicing optimism that inoculations both in The Bahamas and abroad will further spur reconstruction as 2021 progresses, he expressed hope that Abaco

• COVID’s ‘horrendous impact’ on post-storm recovery • Chamber chief hopes ‘corner turned’ with vaccinations • Doubling of building material prices just latest obstacle

KEN HUTTON and the country’s wider economy will “finally turn the corner” as the pandemic starts to recede.

Reiterating calls for the government to further extend the tax breaks associated with Abaco’s Special Economic Recovery Zone (SERZ) status beyond their present end-June expiry, given that supply chain backlogs are impacting the

ability to import appliances and other critical goods, the chamber chief said the island is also grappling with a “crazy” 100 percent increase in building material prices.

Despite the rise in reconstruction costs, Mr Hutton said building-related activity “appears to be picking up” as increasing numbers of second homeowners return to the island following the easing of COVID-related restrictions both in The Bahamas and abroad.

“We’re in the beginning of a long recovery which was put on hold for a year. I think we’ve got another three to five years minimum,” he told this newspaper, when asked how great a setback COVID19 has proven to the

Seize ‘bull by horns’ to beat corporate tax push

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must seize “the bull by the horns” and implement progressive tax reforms to place it ahead of the drive for a global minimum corporate tax rate, a top banker urged yesterday.

Gowon Bowe, who headed the private sector’s Coalition for Responsible Taxation when VAT was introduced, told Tribune Business that this nation must “get on the front foot” and initiate its own adjustments rather than be forced on to the defensive by the G-20 nations and Organisation for Economic Co-Operation and Development (OECD).

Acknowledging that the introduction of corporate and/or personal income tax must be part of a comprehensive taxation reform, and only undertaken after careful study, he argued that The Bahamas can no longer shirk from overhauling what he described as “a regressive, faulty and inoperable” system in favour of more progressive options.

• Bahamas urged to ‘get on front foot’ via own reforms • Govt warned: ‘Make choices for the next generation’ • Banker argues taxation threat had never gone away

GOWON BOWE Criticising successive administrations for taking the safe, easy way out when it came to enacting major reforms, Mr Bowe said they too often showed “fear of political retribution” and ducked “making choices that will carry us through to the next generation”.

Asserting that The Bahamas should have realised that the OECD’s tax-related initiatives had never gone away, with the Bush and Trump administrations

offering merely a “temporary reprieve”, the Fidelity Bank (Bahamas) chief said the present US government’s public stance showed it will be “very aggressive and direct” in making its global minimum corporate tax vision a reality.

Noting the continued G-20/OECD belief that their member nations are losing vast tax revenue sums to so-called “zero tax” countries such as The Bahamas and other international financial centres (IFCs), Mr Bowe told this newspaper: “While some may castigate me for it, I’ve long been a proponent of progressive taxation...

“The Bahamas needs to stop reacting to what is taking place globally, and take the bull by the horns and determine what the most appropriate and relevant tax system is for The Bahamas. If we do it properly, I think we can come to an accommodation that

is globally acceptable and competitive.”

Urging The Bahamas to get out ahead of the global minimum corporate tax rate push, Mr Bowe said any reforms needed to ensure the government can continue to fund all the state’s functions and essential public services.

He added that previous legislative changes to meet the European Union’s (EU) demands for an end to preferential tax treatment for the economy’s international sector, and that all companies doing business from The Bahamas must be doing real business and have a physical presence (substance), provide a platform for a broader tax base that eliminates the need for tax rates of 30 percent or higher.

Calling on The Bahamas to introduce corporate income tax on its own before it is forced to do so, Mr Bowe told Tribune Business: “Let’s stop thinking

how we appease the overlords of the OECD, and become overlords ourselves by determining what is most appropriate for us and using that in an advantageous manner to become competitive.

“We are right now always on the back foot and playing defence. If we get our tax system right for us, we can get on the front foot and play offence. We can have a tax system that is progressive, consistent with first world countries, competitive and demonstrates that it is not harmful because we are generating revenues that enable us to operate in a fiscally sustainable manner.”

Mr Bowe added that introducing a corporate income tax would enable The Bahamas to enter into double taxation agreements with other nations, whereby foreign companies based here would be taxed only by this nation and not by their home states as well.

“We don’t focus on the root that needs to be addressed,” he argued. “I think our regressive, faulty and inoperable tax system

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THE TRIBUNE

NEW PROVIDENCE Construction sector backs DEVELOPMENT MP’s reduced duties call ‘COMES TO LIFE’ WITH 50% SOLD

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A WESTERN New Providence gated community is 50 percent sold out ahead of its first home owner move in by June 2021, its developer said yesterday.

Randy Hart, president of Villanova, which is located off West Bay Street, told Tribune Business the project is “coming to life right now” after completing the first phase’s 20 units. Reservations and deposits are now being taken for phase two.

“We had our open house over the weekend, which was mostly locals, but we did have many foreign purchasers as well,” Mr Hart said. “I think because of our location, and the fact that we are in walking distance to the beaches, as Saunders Beach is very close as well as Cable Beach, that appeals to the international market.

“International purchasers can buy brand new contemporary designs and new construction with amenities in a gated community for under $500,000. I think the price points are quite appealing in the market and, based on the demand, we think the offers are a great value proposition at those price pints.”

Villanova boasts a fitness centre; pool; back-up generator for all units as well as security and surveillance systems. Mr Hart said he is also investing in upgrading the surrounding areas outside the community, repairing the roads and working with

the Ministry of Works to install a proper drainage system.

Describing the project as an “ideal choice” for young Bahamian professionals working in the downtown Nassau or West Bay Street areas, Mr Hart said: “We now are approximately 50 percent sold out.

“We’re just beginning to reach out to all of the persons who expressed interest in reserving units, but I would say we’re at least 50 percent sold out of the entire project and possibly higher.” The minimum price for a studio apartment starts at $195,000, going up to $380,000 for a threebedroom unit.

Mr Hart added: “We have developed a very exciting project with good quality, and well-designed and contemporary buildings that appeal to the professionals and people looking for investment properties.

“They’re ideally suited for rentals as well. We are certainly looking forward to getting it completed. The first person is going to move in in June. That’s when the first person is going to walk inside of their home in Villanova. We will have a big ribbon cutting and the media will be invited to come out.

“It has come a long way.

It’s hard to tell because we have finished the inside first, which is a bit unorthodox, but once you come through the gates you will get a good sense of what we have done and how much work we have put into this.”

CONSTRUCTION leaders industry executives yesterday backed a former Cabinet minister’s call to eliminate import duties on building supplies for all first-time home buyers as a means to stimulate the sector.

Quentin Knowles, the Bahamas Society of Engineers (BSE) president, told Tribune Business that the suggestion by Brent Symonette, pictured, the St. Anne’s MP, would be a “plus” for contractors as well as helping to make home ownership and construction more affordable

for Bahamians.

Responding to Mr Symonette’s House of Assembly remarks, which came amid the debate on the Government’s proposed 83-acre subdivision for young professionals in western New Providence, Mr Knowles said: “Whether or not the reduction of duty for firsttime home builders will

achieve what he is thinking is another thing.

“But I think this is a good way of helping people to enter the housing market and become a homeowner because the cost of construction is way high, particularly for people first starting out on the job as a young professional. A lot of people are out of school and they simply can’t afford it, so they end up having to rent or stay at home with their parents, so I’m all for it.

“Something has to be done in the construction industry. Things are a little slow, particularly in the residential side of things. With anything there is a downside, because this is where we get the bulk of our tax

revenue from, so there will always be implications.”

Mr Knowles praised the government’s proposed subdivision for young professionals as a “very good thing. In my opinion, they could probably do two or three more of those and I think the interest in it will be high. They will be oversubscribed on the amount of people that will be interested”.

Michael Pratt, chairman of the Bahamian Contractors Association (BCA), said: “I think any opportunity to create construction and any advantage given, which would create and advance construction, is good and that definitely would be a plus.”

BTVI LEADS SKILLS BOOST FOR 135 SOME GRADUATES AN INITIATIVE led by the Bahamas Technical and Vocational Institution (BTVI) has enabled 135 participants to strengthen and gain new soft skills.

The four-week programme, staged in conjunction with Revive Academy and the Citizen Security and Justice Programme (CSJP), included but was not limited to topics such as communication skills; resume writing; social etiquette; problem solving; time management; critical thinking; personal branding; and job search skills.

BTVI said the ultimate goal is for the free programme to benefit 1,000 persons. It is being managed by the Ministry of National Security and funded by the Inter-American Development Bank (IDB) as part of the CSJP effort, with Racquel Bethel, BTVI’s dean of student services, heading the soft skills programme.

Marvin Dames, minister of national security, said in

THE FREE Citizen Security & Justice (CSP) soft skills programme, developed and delivered by the Bahamas Technical and Vocational Institute (BTVI), aims to improve social behaviour and increase employment opportunities. Shown following the recent certificate ceremony from left are BTVI’s dean of student affairs, Racquel Bethel; BTVI chairman, Kevin Basden; BTVI president, Dr Robert W Robertson; and academic dean, Dr Pleshette McPhee.

Photos: Del-LaMarr Davis presenting certificates to the first graduates: “This is the culmination of research and hard work. I believe in the CSJP and all the components it has to offer. Soft skills are the foundation of which we build our lives and careers. Without them you can’t succeed in any job environment… I am proud of initiatives like this.”

Speaking to the

graduates, he added: “You have made a conscious decision to rise up and be counted and, because of that decision, your future is now brighter.”

A 2020 BTVI skills gap survey, completed mainly by senior private sector executives, revealed that being a good team player and the ability to solve problems are two of the challenges when

VERNIQUA Bethel (left) was one of 135 participants who recently completed a four-week soft skills training programme, developed and delivered by BTVI. It was staged in conjunction with Revive Academy and the Citizen Security and Justice Program (CSJP). Shown also is CSJP project manager, Dr Dorcas Cox. hiring potential employees.

Students participated in blended learning modalities, accessing BTVI’s virtual learning platforms along with in-person classes at the Ministry of National Security’s Edmund Moxey, Quakoo Street and Fox Hill Community Centres.

THE TRIBUNE

Wednesday, April 14, 2021, PAGE 3

WYNN TARGETS APRIL 2022 OPENING ON $80M SALES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Wynn Group yesterday said it is targeting an April 2022 “soft opening” for its Goodman’s Bay condo hotel after generating $80m in residential unit sales.

Randy Hart, the Wynn Group’s vice-president, told Tribune Business that the COVID-19 pandemic had delayed construction by just three months. “We’re moving very quickly into the finishing phase of the construction, which is really now just putting the flesh on the bones in terms of the interior appointments and laying tiles and putting

GOLDWYNN RESIDENCES, WEST BAY STREET in kitchens and developing other amenities,” he said.

“So we’re heading into the home stretch now, and we anticipate delivering a soft opening for April 2022 for the hotel. Construction slowed down in the early stages with the lockdowns, and we had some supply chain hiccups with

the delivery of some of our materials that were coming from Europe in the early stages of the pandemic.

“But most of the bottlenecks are behind us and we’re moving at full capacity now. The structure has been completed and we’re putting in the roof-top pool.

The other amenities are

starting to be built out. It’s really the exciting part now where you can really see the building and the design elements really coming to life.”

Mr Hart said sales of GoldWynn’s condos and residences continue to steadily progress, having generated $80m to-date.

He added: “One wing of the building is a condo hotel, with the building split evenly between the condo hotel and the residence.

“Each side is approximately 80 units, so you would have 80 residential suites and 80 condo hotel suites. The condo hotel suites are a part of a rental programme and will

operate as a five-star boutique hotel.

“I think there’s a number of factors right now which are contributing to a favourable sales programme,” Mr Hart added. “The most obvious, I think, is the building is really looking beautiful now and people can see the design and the calibre of the building. So the product itself is the number one selling point.

“We’re also seeing heightened interest generally in the market. I think the macroeconomic environment is conducive now as the country is reopening for tourism, and the fact that international buyers from the US are able to

travel here more easily.”

Mr Hart said it had been more “challenging” to stimulate interest among potential European and Canadian buyers, particularly since the latter have to face quarantines and other COVID-related restrictions when they return to their home country.

He added: “I also think the appetite for permanent residency here is high, and we’re seeing a lot of affluent people who are looking to The Bahamas for residency purposes. I think this is also helping to drive demand for real estate. The market is definitely moving in the right direction and building momentum.”

MUST ‘INCREASE LOT Retailers: COVID vaccine GOVT PRICES’ FOR PROJECT TO WORK not mandatory for workers

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN retailers yesterday said they will not make it mandatory for employees to become vaccinated against COVID-19 as some voiced scepticism over the merits of becoming inoculated.

Brent Burrows, general manager of CBS (Commonwealth Building Supplies), told Tribune Business he is “excited” after COVID-19 vaccinations were opened

up to retail and restaurant employees over the weekend.

He added: “We were excited about that. We are not making it mandatory, but we’re asking our employees to educate themselves for free. Don’t listen to the rumours but make an informed decision. Hopefully a lot of them will be taking it up. All of the ones in the previous categories have already gotten the vaccination, but the majority of our employees will be the new set.”

Mr Burrows and his business partner received their COVID-19 vaccinations several weeks ago, and it has now been opened up to the retailer’s 80-plus staff. “I think that’s the only way forward,” he added of vaccinations.

“I wouldn’t say there has been any large rumblings against taking the vaccine, but you do hear the chatter in the lunch room of people against it. Then you hear someone else trying

to convince them why they should do it. So I don’t think there’s a huge majority that are saying they’re not going take it, but we’ll see. It has to be a personal decision.”

Lavante Rahming, owner/ operator of Bahamas Flea Market, said: “I was reading up on the vaccines, but knowing the fact that it’s still being tested around the world I feel as though they are trying to use small countries as test dummies.

“I only observed people taking the [COVID-19] test, and then after the vaccine came I was still sceptical because I heard a rumour about a lady that took the vaccine dying and the authorities was trying to cover it up, but later on I found out she didn’t die from the vaccine; she actually died from a heart attack. But I’m still a little sceptical.

“So I’m not going to take it. They had Ebola going around, swine flu has been around and all of these different types of diseases

that they said were going to conquer the whole earth and kill everybody, but the world is still standing,” Mr Rahming added.

“Even tuberculosis was out for years, and every day people are spitting all over the place but they wouldn’t take those types of stuff as serious as they are taking this common flu. Why do you have to take a vaccine for something that is common, but you have actual diseases that are killing people every day? So I’m thinking twice about taking any COVID-19 vaccine.”

Audrey Flowers, general manger of Master Technicians, said she will advocate that her staff become vaccinated but will not make it mandatory. She said: “It is a personal choice. There are some of my staff who I spoke to who said they are willing to take the vaccine, but I haven’t done a general consensus among all of the staff.”

A BAHAMIAN real estate developer yesterday argued that the Government will have to “increase the price of the lots” in its planned 83-acre subdivision to make the project work.

Tennyson Wells Jr, director of the Lyford Hills project in western New Providence, told Tribune Business it cost his family and fellow investors some $6m to build the project’s clubhouse alone.

And that sum does not include the costs associated with the nature paths, recreational spaces and infrastructure works.

“The money the government is going to have to inject into it is a lot. I just don’t see it happening. I don’t see the government pulling this off selling lots at $50,000,” he said.

“The things that I hear him [the prime minister] saying; that you’re not going to be able to sell the property outright after you’ve developed it, and you have to give the first right of

refusal to the government to purchase at slightly above the costs that it took to develop, I think that’s not going to work. I don’t see it working out. I just can’t see how it’s going to work.”

Mr Wells added: “We’re progressing really well with Lyford Hills. It’s coming along good and we’re seeing steady sales. I don’t think the government’s initiative will interfere with my development because it is very difficult for it to compare.

“If this project is going to be more in the Prospect Ridge area, I don’t see it being a challenge to us.

The lifestyle we’re selling is completely different from what I can see him doing there. This will take decades for them to mimic what we’ve done.”

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PAGE 6, Wednesday, April 14, 2021

THE TRIBUNE

Hilton sale targeted by Sarkis legal aid request FROM PAGE ONE defendants used funds they had pledged to the Baha Mar project and diverted both tangible and intangible resources to the Hilton venture, defrauding plaintiff and exacerbating the delays already plaguing Baha Mar.” The legal assistance request, made under The Bahamas’ Evidence (Proceedings in other jurisdictions) Act 2000 and filed by the New York court on April 5, 2021, asks that Cross & Mosko be “compelled” to produce all documents related to the sale plus communications on the deal with CCA; Aubaine Capital (the seller); and the then-Christie administration.

Other documents sought include communications potentially detailing CCA and its affiliates moving “workers, managers or tangible resources” from Baha Mar to the British Colonial Hilton as the contractor ramped up to develop the $200m Pointe project and associated Margaritavillebranded resort.

Communications from CCA executives, including David Wang, Daniel Liu and Tiger Wu, relating to CCA’s “intention to work or actually work” at the Bay Street resort property are

Royal Caribbean targets July 2021 for PI club’s start FROM PAGE ONE earnings generated by his project would remain in The Bahamas with a variety of merchants, suppliers and employees, those produced by the cruise line’s project would inevitably be sent abroad.

However, Russell Benford, Royal

also targeted by the Cross & Mosko legal assistance request, which is targeted at a three-year period covering 2013-2015.

Meanwhile, the New York court has also moved on behalf of Mr Izmirlian and his legal team to obtain the production of documents thought to be held

by Graphite Engineering, whose principal is Sonia Brown, and which acted as the “engineer of record” for the Baha Mar project’s construction.

Setting out the original developer’s case, the court documents state: “Plaintiff contends that defendants - who invested in and served as construction manager of the Baha Mar project - concealed their intent and knowledge that they would not construct the complex on time and on budget, in violation of New York’s common-law

prohibition on fraud and defendants’ contractual obligations.

“Much of the parties’ dispute hinges on whether and to what extent defendants’ work, including its alleged failure to timely obtain the requisite permits and approvals from the Government of the Bahamas, resulted in the delays to the Project.

“Graphite was the engineer of record for the project and worked with the various design and construction teams, as well as the Government of The Bahamas, to keep the project compliant with local code requirements,” the New York court added.

“Graphite also oversaw the mechanical, electrical, plumbing and fire protection installation. Graphite is therefore likely to possess documents and evidence concerning defendants’

alleged failure to adequately address defects in the project.”

Among the documents and papers being sought are communications over “stop work orders” issued by the Ministry of Works in relation to construction activities at Baha Mar in the lead-up to Mr Izmirlian’s ultimately unsuccessful Chapter 11 bankruptcy protection filing in mid-2015.

Graphite Engineering’s dealings with CCA over efforts to get electrical power for the project; the fire alarm testing results; alleged “fireproofing defects” and “CCA’s failure to build the fire life-safety system in conformance with Government of The Bahamas regulations and approved plans” are also the focus of the legal assistance request.

There is no suggestion that any of the Bahamian companies involved, or their principals and executives, have done anything wrong in relation to either the British Colonial Hilton’s sale or the Baha Mar project.

However, Mr Izmirlian’s evidence production efforts, made as part of the New York court’s legal “discovery” process that is supposed to conclude by mid-September 2021, does not halt there.

For his third and final target is Perfect Luck Assets, the

Caribbean’s vice-president of government relations for the Americas, told Tribune Business last year that the Royal Beach Club’s impact will be the exact of opposite of what Bay Street merchants and tourism-related businesses fear.

Pledging that its $50m Paradise Island investment will generate an extra $26m per year in visitor spending and “re-energise” downtown Nassau for the benefit of all stakeholders, Mr Benford said that rather than creating an exclusive

enclave where the cruise line will take all its passengers and retain 100 percent of their spending, it would instead act as an “engine to get people off the ship”.

With the Royal Beach Club able to accommodate 3,500 persons maximum once it is completed in 2022, Mr Benford explained that this number was equivalent to just 20-25 percent of the up to 14,000 passengers that Royal Caribbean brings to Nassau daily.

He said Royal Caribbean’s research indicated that

passengers would spend a maximum four to four-anda-half hours at the Royal Beach Club, giving them five hours to participate in additional activities given that its cruise ships are typically docked in Nassau for nine to nine-and-a-half hours.

Mr Benford disclosed that the cruise line envisioned the Royal Beach Club as being at the centre of a water and land transportation loop that will ferry its passengers to attractions such as the Arawak

SARKIS IZMIRLIAN

NOTICE NOTICE is hereby given that MIKHAIL RICHARDS of Soldier Road, New Providence, 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 14th day of April, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GENEIEVE LOUISE LOTMORE, of #2 #115 Kitchener Avenue ,Nassau, Bahamas intend to change my name to GENEIEVE LOUISE MALONE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

vehicle created and owned

by Baha Mar’s then-$2.45bn lender, the China ExportImport Bank, to facilitate the project’s sale to a new owner.

“The documents plaintiff is seeking from Perfect Luck are central to this matter,” the New York court alleged. “Defendants’ alleged fraud and delay resulted in the Government of the Bahamas initiating liquidation proceedings, and the Export-Import Bank of China, which had partially financed the project, initiating receivership proceedings, seizing plaintiff’s interest in Baha Mar, and selling Baha Mar’s assets to Perfect Luck, a Chinese entity owned

by Export-Import Bank of China.

“Perfect Luck thereafter re-engaged defendants as construction manager, awarded them lucrative work packages, and attempted to amend the contracts that had originally governed the parties’ relationship.

Perfect Luck’s documents are therefore material to defendants’ intentional and knowing conduct to remove plaintiff from the project and attempt to strip plaintiff of its rights to the benefit of defendants.”

Communications between Perfect Luck and Baha Mar’s provisional liquidators; receiver-managers; and its China Export-Import Bank owner are the targets here, along with details on the revisions made to the construction contract with CCA after Mr Izmirlian was removed as the project’s developer.

However, the legal assistance requests are not

limited to Mr Izmirlian.

For the New York court is requesting assistance from the Attorney General’s Office and Bahamian Supreme Court on CCA’s behalf in a bid to obtain information on transactions and money flows involving multiple Baha Mar accounts at Citibank (Bahamas) and Scotiabank (Bahamas) when Mr Izmirlian was in charge.

CCA is seeking these details to bolster its counterclaim that Mr Izmirlian’s alleged mismanagement of the Baha Mar project wiped out its $150m preference share investment in the original development, even though it was subsequently selected for the $700m contract to complete the Cable Beach-based venture.

“BML Properties asserts fifteen causes of action based on breach of contract, breach of the implied covenant of good faith and fair dealing, and fraud relating to the timeliness of completion of the project,” the New York court said of Mr Izmirlian’s stance.

“CCA Bahamas asserts counterclaims based on breach of the amended and restated investors agreement and breach of the implied covenant of good faith and fair dealing, seeking damages based on the loss of its investment.

“CCA Bahamas alleges that BML Properties, as the day-to-day manager of Baha Mar, mismanaged the project’s finances and the release of design information resulting in delays and cash flow issues on the project.”

Cay Fish Fry, Junkanoo Beach, The Pointe, Baha Mar and Graycliff, thereby ensuring their spending impact is distributed widely among Bahamian-owned businesses.

Documents filed with the Department of Physical Planning confirmed that the maximum capacity remains 3,500, with the 13-acre Royal Beach Club’s amenities including two 35,000 square foot dining pavilions capable of accommodating 1,500 passengers each.

Other features include a 26,000 square foot pool; 4,000 square foot “splash pad” for children; 14 beach bars; restrooms and cabanas; and support infrastructure that includes a reverse osmosis plant, waste water plant, waste management facility, storage building and fuel storage all contained on two acres.

However, the Department of Environmental Planning and Protection (DEPP) has raised objections to Royal Caribbean’s

plans to include ten “overthe-water” structures in its plans for the Royal Beach Club.

Rochelle Newbold, the DEPP’s director, in an April 1, 2021, memo to Jehan Wallace, senior planner at the Department of Physical Planning, wrote: “In keeping with the position paper put forth to the Office of the Prime Minister in 2012, the department does not support such structures.

“Additional recommendations are being sought from your department as well as the Port (Department) as it is intended that these structures would extend into the harbour channel on the south side of Paradise Island.

“As with all matters of this nature, the department does not support such structures and desires to work with the Department of Physical Planning in this regard before any approvals for these structures can be considered.”

LEGAL NOTICE

NOTICE

TELINVEST HOLDINGS INC.

NOTICE NOTICE is hereby given that KEVIN DOUTE, of Farm Road , Treasure Cay, Abaco,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 14th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

(a)

TELINVEST HOLDINGS INC. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 13th April, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 14th April, A. D. 2021 _________________________________ Bukit Merah Limited Liquidator NOTICE OF DISSOLUTION

1 CG Holdings LP

(an Exempted Limited Partnership) Notice is hereby given in accordance with the provisions of Section 15 of The Exempted Limited Partnership Act of the Commonwealth of The Bahamas and Article 10 of the Partnership Agreement of 1 CG Holdings LP dated the 2nd March, 2017, between CG Operations Limited (General Partner) and Geoffrey Van De Water Knight and Christopher Merrill (Limited Partners).

The partnership heretofore existing between CG Operations Limited and Geoffrey Van De Water Knight, under the name of 1 CG Holdings LP, Registration Number 322 (ELP), located at its Registered Office of GLC Corporate Services Ltd., Units 10-12, Second Floor, Building Four, Old Fort Bay Town Centre, Windsor Field Road, Old Fort Bay, New Providence, The Bahamas, is now dissolved by mutual consent.

Said partnership is dissolved as of the 6th day of April A.D., 2021.

We request that the Registrar General’s Department strike the said partnership from its Register of Exempted Limited Partnerships as a result.

As confirmed by the General Partner: CG Operations Limited

JOB OPPORTUNITY Cigar and Hookah Lo unge Down town - Pompey Square

We are looking for Female Servers & Male/Fema le Bartenders to join our team.

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THE TRIBUNE

Wednesday, April 14, 2021, PAGE 7

Further ‘3-5 years minimum’ for Abaco’s Dorian recovery FROM PAGE ONE Abaco-based tourism workers are among those eligible to be vaccinated when inoculations take place on the island between Thursday, April 15, and Monday, April 19. Hospitality industry employees are among those now being prioritised after the government recognised mass vaccinations were essential to jumpstarting the industry upon

which almost two-thirds of the Bahamian economy depends.

“The way we’re looking at it is two-fold,” Mr Hutton said of Abaco’s perspective on the vaccine roll-out. “It’s going to help us build back faster, and will open the country up for tourism. I think in the last month, with the roll-out of the vaccine in the US, we’ve definitely seen more of the second homeowners coming back to look at starting rebuilding.

“Some have started, but a lot of them have come back to see the situation.

We’re only now just getting the second homeowners back, so it feels very critical that we get those SERZ concessions extended. With the supply issues in the US, even if you want to get appliances you’re not looking at receiving them before June and July.”

Mr Hutton said the government has yet to respond to the Abaco Chamber’s request for a further

Seize ‘bull by horns’ to beat corporate tax push FROM PAGE ONE will always come under scrutiny. If we fix this we will be in a better position to promote ourselves as overlords competing in the same sphere with other nations but more aggressively and competitively with our tax system.”

Calling on The Bahamas to adopt a “David versus Goliath” mentality, Mr Bowe said it could “use the same strategy to our advantage in operating in their playing field”. However, he urged the government and political elite to commit to reform before it is forced upon this nation.

“Don’t let it be lip service,” he warned. “If you’re going to do it, draw on what was done before and get to the point of execution not deliberation. I’m going to say, and will catch some flak for it, but we’ve had successive administrations who, when out of office, say what should have been done when they were in the seat.

“That demonstrates a fear of political retribution for doing the right thing while continuing to leave us in a regressive state.

Make choices that carry is through to the next generation and beyond, and don’t make choices that will be detrimental to future generations.”

Mr Bowe spoke out after the newly-elected Biden administration last week threw its support behind the other G-20 nations and OECD, which is leading the push for a minimum global corporate tax rate.

It now appears inevitable - and only a matter of time - before a minimum global corporate income tax rate emerges, with corresponding pressure on all nations to conform, after the US government last week threw its support behind efforts to achieve a consensus on the issue. The International Monetary Fund (IMF) also backed the initiative.

The Biden administration’s move is a marked change from the stance taken by its Trump predecessor, which was more focused on allowing sovereign nations to set their own tax rates and opposed to European efforts to impose a so-called “digital tax” on US multinational giants such as Amazon, Google, Facebook and Apple.

However, the newlyelected Democratic government sees a global minimum corporate tax as critical to preventing such companies from minimising their tax burden via creative structures that shift profits and revenues to low-tax nations such as The Bahamas and other international financial centres (IFCs).

NOTICE NOTICE is hereby given that RONALD LYS, of Mckinney Drive, Chou Close, 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 14th 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 MICHAEL OSCAR, of Johnson 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 7th 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 MARK RICARDO PARKER, of #8 Perth Lane, South Bahamia, P.O. Box F-60205 Freeport, Grand Bahama 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 14th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Its view, like that of the OECD and high-tax European nations such as France and Germany, is that a global minimum will prevent a so-called “race to the bottom” on tax rates. Pascal Saint-Amans, head of tax administration at the OECD, told the UK’s Guardian newspaper: “What the US has put on the table … [is saying] we want the rest of the world to follow, we kill tax havens. The game is over.

Let’s move to a minimum agreed level.”

Janet Yellen, the US treasury secretary, last week pushed for a minimum global corporate tax rate of 21 percent - something that would represent a giant, potentially unsustainable leap for nations such as The Bahamas, which has no personal or corporate income tax.

Even World Bank executives suggested that 21 percent would be too much.

And developing a global consensus on the issue may take time, even though the G-20 and OECD are pushing for one by summer 2021, given the disparities in existing rates. While the US presently enjoys a 21 percent corporate tax rate, the UK is at 19 percent and Ireland at just 12.5 percent, for example.

extension of the remaining Dorian-related tax breaks and other relief, while adding that increased building material prices represent yet another obstacle that the island’s businesses and homeowners must overcome on the journey towards recovery.

Acknowledging that Abaco is not immune from an issue that has impacted the entire Bahamas, the chamber president added: “It’s crazy. They’ve easily gone up by 100 percent

since January. Those prices have doubled, tripled since January.”

Mr Hutton said the cost hikes were being driven by a combination of factors, including supply chain backlogs and shortages stemming from when lumber mills were closed down due to COVID-19 together with US-based demand as many persons resorted to working on their homes during lockdown.

“That’s sucking all the

Workplace boost by curing Tribunal’s ‘greatest weakness’ FROM PAGE ONE Faced with this rejection, the committee, which featured employer, union and legal representatives, is proposing to either change the Industrial Relations Act or enable the Tribunal’s verdicts to be registered with the Supreme Court in a bid to cure its main deficiency - an inability to enforce its own judgments.

“I think that is critical,” Mr Farquharson told this newspaper. “I think that is one of the greatest weaknesses of the Tribunal in that it cannot enforce its own judgments. Employees are significantly disadvantaged.

“You can win your case at the Industrial Tribunal, and we have examples of employees awarded $3,000, $4,000 but the employer says they’re not paying. Unless you have the resources to hire a lawyer and go to the Supreme Court, that judgment cannot be enforced.

You have to find significant sums of money to hire an attorney.”

Those costs sometimes exceed the Industrial Tribunal’s award, making it imprudent financially for a former employee to pursue the matter. The committee’s report, summing up the situation, said: “Section 61 of

the [Industrial Relations] Act specifically states that orders or awards made by the Tribunal are enforced in the Supreme Court.

“If an employer does not comply with orders to satisfy an award made to an employee who was successful in a claim before the Tribunal, then the employee must make an application for enforcement at the Supreme Court. Generally, this additional step can cost upwards from $1,500, which is sometimes more than the amount awarded to the employee.

“Unfortunately, too many employers manipulate this provision by refusing to comply with the order or award with the hopes that the additional expenses required to enforce the award or order would prove too costly for the worker,” the committee continued.

“In reality then, while the Tribunal can and does provide efficient and quality resolutions to industrial disputes, given its current power structure, and lack of powers to enforce its own judgments, it cannot assure a final, full and satisfactory conclusion to matters.”

The committee said the Minnis administration recognised the challenges this poses, having promised in its 2017 general

material out of the market and driving prices up,” he added. “It’s a global marketplace and the effects are being felt everywhere. But I can tell you that construction continues here, and it seems to be picking up.

“I think that Abaco has proven to be an incredibly resilient community.

It really has. There’s no complaining. It’s just get to it. Complaints don’t fix anything. Everybody has knuckled down and is getting it done.” election manifesto to enact changes giving the Industrial Tribunal the necessary enforcement powers.

“Workers fully support an amendment to the Act which would enable the winning employee to quickly and easily receive compensation awarded, and without having to incur additional or substantial legal expenses,” the report said.

“Feedback from employers’ representatives considers it a matter of fairness that awards and orders should be enforceable without adding extraordinary costs and time. However, they caution that additional staff and other resources may be required by the Tribunal to manage the process, and thereby forcing the Tribunal to introduce fees for its services.

“An alternative approach would be to enact provisions whereby Tribunal judgments are registered at the registry of the Supreme Court, giving the same effect as registered judgments emanating from Supreme Court proceedings.”

Mr Farquharson said the latter approach would enable an employee to ask for the Supreme Court to enforce the judgment without having to go through the expense of hiring an attorney. The consultation/ feedback period lasts until April 30, with the council hoping to present the final report to the government

by May and have all necessary reforms enacted before end-2021.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 13 APRIL 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1948.21

4.20

%CHANGE

YTD

YTD%

0.22 -144.25

-6.89

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.15 33.05 2.00 2.90 1.89 6.00 6.96 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 15.20

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 2.95 4.45 2.97 5.67 9.75 2.53 7.00 11.03 9.00 14.00 3.77 8.35 15.50

CLOSE 5.00 32.12 1.62 2.90 1.59 5.50 6.96 3.18 4.45 2.97 5.67 9.75 2.52 7.00 11.10 9.00 14.00 3.77 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 0.23 0.00 0.00 0.00 0.00 (0.01) 0.00 0.07 0.00 0.00 0.00 0.00 0.00

VOLUME 70,068 100

145 2,000 1,200 200

100

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 24.7 15.0 17.2 12.4 17.2 18.6 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% 17.22% 0.86% 2.95% 2.67% 3.86% 3.18% 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

PAGE 10, Wednesday, April 14, 2021

THE TRIBUNE

STOCKS CLOSE MIXED AS REGULATORS SEEK PAUSE IN J&J VACCINE Associated Press

A CHOPPY day of trading on Wall Street ended with indexes mixed yesterday as a drop in bond yields hurt bank stocks but helped big technology companies.

The S&P 500 rose 0.3% after briefly slipping into the red in the early going.

The modest gain nudged the benchmark index to an alltime high. Technology stocks and companies that rely on consumer spending helped lift the broad market index.

The gains were tempered by a pullback in banks, industrial companies and other stocks.

Johnson & Johnson fell 1.3% after US regulators

recommended a pause in using its single-dose COVID19 vaccine to investigate reports of possibly dangerous blood clots. Moderna, which also makes a COVID-19 vaccine, climbed 7.4%.

Worries about the potential loss of a vaccine option also pulled down companies that are counting on pandemic restrictions easing, though the losses eased by the end of the day. American Airlines slipped 1.5% and Delta Air Lines fell 1.1%.

The broader market has been mostly notching gains this month, reflecting cautious optimism among investors that the economy will strengthen and corporate profits will improve as the

distribution of COVID-19 vaccines paves the way for more restrictions on businesses to be lifted. A pause in the rollout of the Johnson & Johnson vaccine isn’t going to derail that, analysts said.

“The response today has been very muted and isolated,” said, Scott Knapp, chief market strategist at CUNA Mutual Group.

“Markets don’t expect lockdowns. The recovery may be delayed, but not a return to pandemic conditions.”

The market’s initial sell-off on the J&J news was “a bit of an overreaction”, said Jay Hatfield, CEO of Infrastructure Capital Management.

“We had a dress rehearsal for this last week because

there was a huge disruption to the J&J supply and nobody seemed to care,” Hatfield said. “Clearly, the recovery is not dependent on J&J significantly.”

The S&P 500 rose 13.60 points to 4,141.59. The Dow Jones Industrial Average fell 68.13 points, or 0.2%, to 33,677.27. The Nasdaq gained 146.10 points, or 1.1%, to 13,996.10. The divergence between the Dow and Nasdaq was largely due to the fact the Dow has more bank stocks and also includes Johnson & Johnson, while the Nasdaq is heavily weighted with technology companies.

Small company stocks also lost ground. The Russell 2000

index of smaller companies gave up 4.86 points, or 0.2%, to 2,228.92.

The yield on the ten-year US Treasury fell to to 1.62% from 1.67% the day before.

JPMorgan Chase fell 1.2% and Wells Fargo lost 2.4%.

Investors will get a chance to look over the books of the big banks starting today, when JPMorgan Chase and Wells Fargo report their quarterly results. Bank of America and Citigroup report their results tomorrow.

Big technology stocks, which have fallen when bond yields have risen, closed solidly higher. Apple rose 2.4% and Microsoft gained 1%. Technology stocks rose sharply in 2020 as investors

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 84° F/29° C Low: 65° F/18° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Sunny and nice with low humidity

Clear

Pleasant with plenty of sunshine

Nice with plenty of sunshine

Sunshine and more humid

Sunny and humid

High: 80°

Low: 65°

High: 82° Low: 68°

High: 83° Low: 70°

High: 84° Low: 71°

High: 86° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

84° F

64° F

88°-68° F

91°-71° F

93°-73° F

95°-75° 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: 77° F/25° C Low: 70° F/21° C

7-14 knots

S

High: 83° F/28° C Low: 67° F/19° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 70° F/21° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

THURSDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 85° F/29° C Low: 70° F/21° C

High: 79° F/26° C Low: 66° F/19° C

MIAMI

High: 82° F/28° C Low: 69° F/21° C

6-12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 69° F/21° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/20° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.16” Normal year to date ..................................... 5.19”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 65° F/18° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 78° F/26° C Low: 69° F/21° C

N

KEY WEST

High: 83° F/28° C Low: 75° F/24° C

High: 78° F/26° C Low: 69° F/21° C

N

S

E

W

7-14 knots

S

8-16 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

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

Monday

1:19 a.m.

1:42 p.m.

2.5 1.9

7:55 a.m.

7:43 p.m.

0.6 0.6

Tuesday

2:15 a.m.

2:43 p.m.

2.5 1.9

8:53 a.m.

8:47 p.m.

0.6 0.6

sun anD moon Sunrise Sunset

6:49 a.m.

7:32 p.m.

Moonrise Moonset

8:24 a.m.

9:55 p.m.

First

Full

Last

New

Apr. 20

Apr. 26

May 3

May 11

CAT ISLAND

E

W

bet that stay-at-home Americans would shift even more to online buying and electronic entertainment to keep themselves busy in the pandemic.

Investors had little reaction to a report that showed US consumer prices increased a sharp 0.6% in March, the most since 2012, while inflation over the past year rose a sizable 2.6%. The big gains are expected to be a temporary blip and not a sign that long dormant inflation pressures were emerging. The index rose 0.4% in February.

The Fed has been trying to reassure markets that any increase in inflation would be temporary as the economy recovers.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 69° F/21° C

High: 79° F/26° C Low: 71° F/22° C

N

High: 79° F/26° C Low: 70° F/21° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 71° F/22° C

8-16 knots

MAYAGUANA High: 80° F/27° 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: 80° F/27° C Low: 72° F/22° C

GREAT INAGUA High: 83° F/28° C Low: 72° F/22° C

N

H

High: 80° F/27° C Low: 71° F/22° C

E

W

E

W

N

S

S

7-14 knots

7-14 knots

marine Forecast ABACO

H

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

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

WAVES 4-7 Feet 3-6 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-6 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-2 Feet 0-1 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-5 Feet 4-8 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 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. 76° F 76° F 78° F 79° F 78° F 78° F 79° F 79° F 77° F 77° F 77° F 77° F 78° F 78° F 79° F 79° F 79° F 79° F 78° F 78° F 77° F 77° F 79° F 79° F 78° F 78° F