04152021 BUSINESS

business@tribunemedia.net

THURSDAY, APRIL 15, 2021

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‘Double edged sword’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

OYAL Caribbean’s Paradise Island plans are “a double edged sword” that could improve The Bahamas’ tourism product yet “hurt” Bay Street and local entrepreneurs, it was argued yesterday.

Charles Klonaris, the Downtown Nassau Partnership’s (DNP) co-chair, told Tribune Business the proposed Royal Beach Club project will effectively see the cruise line replicate the “all-inclusive” model pioneered by the resort industry through keeping thousands of its passengers within the confines of its own properties/activities.

Suggesting that Bay Street merchants, Arawak Cay and Junkanoo Beach vendors, the Straw Market and other businesses/ workers whose livelihoods depend on the cruise industry could all “suffer” from the potential loss of customers, he acknowledged that Royal Caribbean’s development is “a concern” and “not good for the city”.

Mr Klonaris urged that, in return for approving

• Royal Caribbean PI project to ‘hurt’ Bay Street • Downtown Nassau chief: Get something in return • But ‘in truth’ city’s offering not meeting standard

PARADISE ISLAND LIGHTHOUSE the Royal Beach Club, the government should stipulate that Royal Caribbean’s vessels remain at Nassau’s port overnight so Bahamian entrepreneurs receive some business.

He argued that the government should use the Paradise Island project, coupled with the Bahamian private islands belonging

Insurer: Agency deal to ‘control our own destiny’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN insurer yesterday said its latest agency acquisition target will give it “more and more control of our destiny” while achieving its desired “five basis point spread” investment return.

Sir Franklyn Wilson, RoyalStar Holdings’ chairman, disclosed to Tribune Business that commercial terms for the property and casualty underwriter’s acquisition of a Bahamasbased insurance agency have been completed with the deal only awaiting

SIR FRANKLYN WILSON Insurance Commission approval before it closes.

Declining to identify the target, Sir Franklyn said the move - which follow swiftly behind RoyalStar’s involvement in the purchase of a Cayman-based insurance

SEE PAGE 6

Banks want mortgage ‘creme de la creme’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN commercial banks are seeking out only “the creme de la creme of the mortgage market” as home buyers endure increasingly long waits for financing approval, it was disclosed yesterday.

Kenrick Brathwaite, the Clearing Banks Association’s chairman, told Tribune Business that COVID-19 and its devastating impact on the jobs market and wider

economy had merely added to the existing risks for the industry when it came to mortgage lending.

Acknowledging that banks had become “more cautious” in what was already largely a risk averse environment, he cited the Homeowners Protection Act as creating a disincentive for the industry and other lenders to extend mortgage credit to those other than only the most qualified borrowers.

“In a lot of cases banks are

SEE PAGE 7

to Royal Caribbean and its rivals, to “strengthen its bargaining hand” in negotiations with the cruise industry to ensure locals “get something in return” especially since COVID-19 has made these assets even more valuable for when South Florida voyages resume.

However, besides the

“downside”, the DNP cochair acknowledged that Royal Caribbean’s “beach break” destination could also generate “positives” by improving The Bahamas’ tourism product and quality of the guest experience if it offered something that no competing regional destination can match.

He also admitted that downtown Nassau is “in truth not providing a good product” for cruise passengers and other visitors for when tourism starts to rebound in earnest following the devastation inflicted by the COVID-19 pandemic.

Speaking after Tribune Business revealed that Royal Caribbean plans to begin construction on Paradise Island’s western end

by July 2021 if all necessary government approvals can be obtained, Mr Klonaris said the project would only further increase the number of cruise passengers ferried across Nassau

SEE PAGE 7

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Oil exploration fight heading for full trial

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC yesterday argued that Bahamas Petroleum Company (BPC) will itself benefit from the legal challenge to its permits being cleared to proceed to a full Supreme Court trial.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the outcome of the Judicial Review action launched by his environmental activist clients will aid the oil explorer in its search for joint venture partners by clarifying precisely what approvals are required for any future exploratory wells drilled in Bahamian waters.

He spoke out after this newspaper learned BPC has dropped its opposition to allowing Save the Bays and Waterkeepers Bahamas extra time to set-up the bank account that will hold the $200,000 “security for costs”, which will cover the oil explorer’s legal fees if the activists are unsuccessful as ordered by the Supreme Court.

BPC and its attorneys, Graham, Thompson & Company, had initially proven

QC: BPC will benefit from regulatory clarity too

FRED SMITH QC uncooperative in extending the March 30, 2021, deadline for the $200,000 facility to be in place even though the activists had raised the necessary funds in time, but Mr Smith yesterday confirmed they had relented and reversed their stance.

“The [activist] coalition and BPC are working at setting up a joint account for the $200,000 security for costs, and hopefully when that is done - it takes time, unfortunately because it’s very difficult to conduct business in a rationale way in The Bahamas - we will be

SEE PAGE 4

PAGE 2, Thursday, April 15, 2021

THE TRIBUNE

INDUSTRIAL TRIBUNAL REFORM REJECTION IS ‘A TRAGIC MISTAKE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday argued it was “a tragic mistake” for the government to reject making the Industrial Tribunal part of the Supreme Court so it could gain more enforcement “teeth”.

Obie Ferguson, the Trades Union Congress (TUC) leader and a labour attorney, told Tribune Business it was “a travesty” for the Attorney General’s Office to resist what had been a long-established proposal that was backed by both Bahamian employers and employees.

Reiterating that “most, if not all unions”, firmly supported this reform, Mr Ferguson said he and the TUC held “strong views” over the need to make the Tribunal the industrial side of the Supreme Court so that it can enforce verdicts against employers.

He spoke out after a paper on Industrial Tribunal reform, produced by a Legal Advisory Committee (LAC) appointed by the National Tripartite Council, revealed that the Attorney General’s Office had firmly rejected the proposal even though the Free National Movement’s (FNM) 2017 general election manifesto had promised to enact such changes.

The Attorney General’s Office in a November 24, 2020, letter, 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

OBIE FERGUSON

PETER GOUDIE

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.”

Faced with this rejection, the LAC committee and its members drawn from the private sector, trade unions and legal profession, have proposed two alternative options for strengthening the Industrial Tribunal’s enforcement powers so it can fulfill its mandate to provide swift, inexpensive justice for labour-related disputes and, in so doing, maintain workplace and industrial relations harmony.

These involve either changing the Industrial Relations Act to give the Tribunal the necessary authority or, alternatively, enabling the Tribunal’s verdicts to be registered with the Supreme Court so that victorious employees would not incur the extra time and expense of hiring an attorney to help them enforce the award.

The committee’s paper noted that such costs can often exceed sums awarded to employees by the Industrial Tribunal, which has resulted in numerous employers exploiting its inability to enforce judgments by refusing to pay out

awards in the hope/expectation that workers cannot afford to hire an attorney and take the matter to the Supreme Court.

“I think that’s a tragic mistake,” Mr Ferguson told this newspaper of the position taken by the Attorney General’s Office. “The purpose of the Industrial Tribunal was to be cost effective. swift and quick, and to expose the employer and employee to a reasonable cost while bringing finality to the matter...

It’s a travesty to say they don’t support it.

“The TUC is on record as supporting it. We have a strong view on that. We support the Industrial Tribunal becoming the industrial side of the Supreme Court. Most unions, if not all unions, support that. The problem we’re having is that matters are referred to the Tribunal, the Tribunal makes a ruling, and it does not have the authority to enforce it or impose conditions on the employer.

“We are not in agreement with the attorney general.

We don’t agree with him at all.” Meanwhile, Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division head, and the National Tripartite Council’s vice-chair, said there were “ways around” the Attorney General’s Office’s rejection in a nod to the report’s alternatives.

SEE PAGE 4

THE TRIBUNE

In the first of a three-part series, Hubert Edwards argues that the debate over increasing the Bahamian minimum wage needs to be better directed and focused.

ACCORDING to a 2020 survey, The Bahamas is the fourth most expensive country in the world to live in, with a cost of living index standing at 100.68 and purchasing power of 71.40.

The three countries ranking ahead of The Bahamas are Iceland (123.96 and 87.85); Switzerland (131.39 and 126.15) and Norway (113.70 and 107.95). Luxembourg follows The Bahamas as one of the top five, with this country more expensive to live than New York - albeit rents are cheaper here and taxes much more favourable.

Iceland has no official minimum wage. However, there is a benchmarked salary of approximately $2,720 per month or $540 per week. I suspect this is highly influenced by professional salaries. In Switzerland, the minimum wage that was determined in November 2020 is $25 per hour, which translates to around $3,800 per month or $760 per week.

Norway has no official minimum wage either but, as an example, a hospitality worker makes on average $19.50 per hour while cleaning staff make $22 per hour.

Comparatively, the rates are significantly higher than those in The Bahamas and, other than being in the same high cost country category, the economic fundamentals are significantly different.

This information, though, provides context as it shows in absolute terms the gap between the cost of living and earning potential for those at society’s lowest

Thursday, April 15, 2021, PAGE 3

WHY THE MINIMUM IS NEVER ENOUGH

BY HUBERT EDWARDS

levels. It is the issue of how we can reduce the impact of this gap, knowing that wages will never approach the levels cited here, with which this column is most concerned.

In conversation with a leading public figure recently, the question was raised: “How do we facilitate positive changes in the personal economy of citizens such that the individual becomes more capable of being self-sufficient, and able to create wealth, thereby collectively helping to drive the economy?” I believe this is a powerful notion on which to think about economic growth and development; the advancement of citizens and national building.

When it comes to the minimum wage, viewing the topic through this lens forces persons to accept and appreciate the need to humanise the issue and its attendant problems and challenges. How do we think, and engage, beyond the usual chatter to understand that the ability to become better is what is most important in changing lives and shifting generational trends.

It is often sage advice that admonishes if you are to achieve anything of significance you have to do

more than the minimum.

Those who go the extra mile realise massive successes. Both are true, and as a country we must move beyond the minimum wage debate, make the necessary corrections and look at other important fundamentals which will improve the lives of those meandering at or below the poverty line.

It requires no analysis to conclude that any reasonable increase, one that on balance takes into account the interests of employers and employees, will never change the fortunes of a significant number of persons. In a country listed as having the sixth most expensive city (for our purposes the entire country), $210 per week or any new number - even after a nominal increase - is simply not sufficient to facilitate a reasonable standard of living.

With a stated per capita income of around $32,000, the Bahamian minimum wage produces $11,000 in annual income - just over one-third of the average.

The comparison provides a compelling nudge towards a minimum wage increase. I support an increase in the current level of minimum wage for reasons beyond persons just having more money to spend, but as part of a broader national approach that ultimately benefits all and the country.

The new normal is already here I believe that the rest of 2021, and leading into 2022, will be characterised by unprecedented levels of volatility and uncertainty. Additionally, I am convinced that this period, and even beyond, will feature a significant level of economic scarring where individuals suffer the lingering effects of the global

COVID downturn. The Bahamian economy continues to show small signs of coming back to life, but a large part of this is psychological given where the world is with vaccinations and the possibilities this presents for significantly changing the pandemic’s trajectory.

However, there is no doubt that over the last year many individuals and businesses have taken a significant economic hit.

Unemployment is at an all-time high; many workers have been furloughed for long periods; government social support has been at record levels; Parliament has suspended the automatic trigger for redundancy payments; and there are many companies haemorrhaging cash and liquidity. The truth is that despite the positive outlook, the true extent of the COVID hurt is not yet truly evident.

This certainly provides an interesting backdrop for discussing multiple social issues including poverty, economic inequality and creating wealth.

The extent of the hurt is expected to emerge in the now-fabled “new normal”.

This, a period of sustained uncertainty and volatility characterised by the adoption of technology and innovation, an ever-shrinking global community and new opportunities, will lead to creative disruption and, in some cases, destruction of employment. That new normal is here, and the table has been perfectly set for a potentially challenging period. With significantly weakened fiscal fundamentals, driven largely by a bulging national debt, there are many structural headwinds for The Bahamas to grapple with. In an environment where, for the first time, the historical composition of foreign and domestic debt could flip amid reduced national income, the possibility of significant adverse pressure on low income earners is extremely high. It is in this environment that we now have a raging debate about the pros and cons of

increasing the minimum wage. At a time when the country is in arguably its worst-ever economic states, the spotlight has been turned to the question of whether low income earners are earning enough and if it should it be raised and to what extent. Should there be an even broader consideration of a ‘living wage’ and not just a minimum wage? Issues and questions such as these always arise during times of significant economic upheaval. From a pure human point of view, I am and will always remain a staunch proponent of the need to pay special attention to the advancement of low income earners.

There are, however, wider national implications as to why one would wish to align with any progression in the personal economic well-being of individuals.

On the other hand, there are people who strongly argue that any increase in the minimum wage will be detrimental to The Bahamas. One would have to be

very naive to think there will be no negative effects from such a change. Proponents point to the cost of living impact given that the additional cost will simply be passed on to the consumer. Some point to attendant stress placed on workers as companies adjust with reduced days or hours to compensate for or eliminate the subsequent increase in costs, resulting in workers simply working harder and being disadvantaged. Some see the issue as a political talking point ahead of the upcoming general election.

Realise that there are also persons who take the view there should be no minimum wage at all. Let the free market decide, they say. Let the individual’s ambition to grow push them to areas where wages and salaries are high. Create a shortage of workers in the low income earning segment of the market and wages will increase. It is

SEE PAGE 4

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PAGE 4, Thursday, April 15, 2021

WHY THE MINIMUM IS NEVER ENOUGH

Oil exploration fight heading for full trial

FROM PAGE THREE

FROM PAGE ONE

essentially a debate that is poorly premised, and one that is likely to run like two locomotives on parallel tracks; they may come close but the two shall never meet. It is my considered opinion that the present conversation is being directed in the wrong way. It is not simply raising or not raising the minimum wage. The issue is larger, and is pregnant for a more refined and fundamental conversation. Even in the absence of economic upheaval, the issues are critical. In our assessment, we must be always mindful of the perennial structural challenges experienced by The Bahamas and the effect this has for those living on the margins. Let us consider the effects of the COVID crisis and the reasons why it should cause the current arguments to be rearranged.

To be continued.........

able to go on with the trial when we convene for the parties to go back before the court and ask for directions,” Mr Smith said.

BPC’s revised position has both eliminated the need for a Supreme Court hearing on whether to grant Mr Smith’s clients extra time to put the “security for costs” facility in place, and removed all potential obstacles to a trial on the merits and substantive issues raised by their Judicial Review challenge.

Mr Smith yesterday argued that it was “extremely important” that the Supreme Court determine whether the government had followed its own approval processes, and if BPC obtained all the required permits, even though drilling for the latter’s Perseverance One exploratory well had concluded in mid-February with no commercial oil quantities discovered.

With the oil explorer having indicated it will apply to extend its four southern Bahamas exploration licences for another threeyear term, with plans to seek

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THE TRIBUNE

a joint venture partner and drill a second exploratory well in Bahamian waters, he added that it was critical to clarify the regulatory regime for all interested parties - BPC and its potential partner; the government; other oil explorers; and the public.

“The trial of this Judicial Review remains extremely important even though they [BPC] have finished drilling because it will settle the law on what are the obligations of the government and oil explorers to be transparent in their dealings with the public, what laws and regulations do in fact apply, and what permits oil explorers at every stage must lawfully obtain,” Mr Smith said.

“Given the continued expressed intent of BPC and possibly others - we just don’t know because the government’s information base is locked in a Fort Knox-obsessive mindset to continue drilling for oil, and the value of our environment and the fact it is a limited resource that can be destroyed in many different ways and different locations overnight, the outcome of this trial will provide a foundational basis for oil

INDUSTRIAL TRIBUNAL REFORM REJECTION IS ‘A TRAGIC MISTAKE’ FROM PAGE TWO STENA ICEMAX DRILL SHIP exploration permitting going forward.”

Mr Smith said among the issues that the Supreme Court needs to determine are whether exploratory oil wells require site plan approval under the Planning and Subdivisions Act; if they also need excavation permits under the Conservation and Protection of the Physical Landscape of The Bahamas Act; and the application of local laws and international treaties to prevent pollution at sea.

He added that other issues included whether the newly-enacted Environmental Planning and Protection Act applies to exploratory oil wells, or if it is just the Petroleum Act and accompanying regulations.

“There’s a whole slew of laws and regulations that the court needs to pronounce on,” the outspoken QC told this newspaper.

“The benefit of a Judicial Review is that it clarifies the law for the government, the developer, civil society and the public, and that’s why these actions are not supposed to descend into trench warfare on procedural issues. Again and again the courts have said to move quickly to deal with the merits as they are matters in which everybody benefits from judicial clarification of the law.

“There is no sense in stringing this case out for four to five years while other exploration is going on. Otherwise it becomes fraught with extremely high costs and obstruction which is to the detriment of developers and the public. It baffles me why the government always digs its heels in and tries to prevent the quick determination by the courts dealing

with Judicial Reviews.”

Mr Smith argued that BPC, and its plans to secure a joint venture partner for a second exploratory well, would also benefit from the Supreme Court providing regulatory clarity. “Investors would generally prefer to know what the law is rather than have constant Judicial Review challenges over whether there was public consultation or not, and whether this or that Act applies or not,” he said.

“It only creates confusion and chaos in the investor environment. Investors don’t want to come here and be sued. They want to come here and do business.

Judicial Reviews provide a very effective mechanism for helping the investment climate if not resisted so prematurely.”

Simon Potter, BPC’s chief executive, recently said the company’s total spend on its activities in The Bahamas had hit $150m as he affirmed its continuing interest in this nation and plan to apply for a renewal of its licences into a third exploration period.

The renewal application, for licences that are set to expire at end-June, was supposed to be submitted by end-March 2021 although the government has yet to confirm whether it has received such submissions.

A successful renewal will give BPC the chance to earn a return on its $150m investment by “monetising” the value of these licences through securing a joint venture or farm-in partner.

Its recent pronouncements have indicated it will only drill a second exploratory well in The Bahamas if it secures such a partner to share the technical, financial and operational risk.

Indicating that employers are united with the trade unions/labour on the need for the Industrial Tribunal to have greater authority, he told this newspaper “it makes no sense” for it to be unable to enforce its judgments.

“We’re all in favour,” Mr Goudie said. “We think whatever the Tribunal does should be enforceable.

There’s good and bad on both sides, but to me what’s the point of going from the Department of Labour to the Industrial Tribunal if the Tribunal cannot enforce its judgments? It makes no sense to me at all.

“If the Attorney General’s Office is not in favour of them becoming part of the Supreme Court we have ways around that, and at the end of the day they should be able to enforce their rules and judgments. If it’s not enforceable, why waste time going? For employees and most employers, why waste time going to the Industrial Tribunal unless it’s a big settlement?

“To me we’re just creating a big step when the Industrial Tribunal was set up for the likes of the little guy who cannot afford a lawyer.

My view is that the chamber fully supports whatever the National Tripartite Council is trying to do. People have got other things to do other than waste time going somewhere it is not worth it.”

Mr Goudie said the Industrial Tribunal’s elimination of much of its case backlog had also strengthened the chamber’s desire to support reform. “They used to be years behind, but now they’ve caught up. Let’s get on with justice. That’s the way I feel,” he added.

THE TRIBUNE

Thursday, April 15, 2021, PAGE 5

EU AIDS BAHAMAS ON FOOD SECURITY PROJECTS THE European Union (EU) has approved the provision of technical assistance to two Bahamas Development Bank (BDB) projects designed to boost food security and employment.

The move, which is designed to help The Bahamas enhance economic diversification by supporting the creation of new industries, comes after this nation recently become a beneficiary of the EU’s ACP (African, Caribbean and Pacific Countries) Trade Capacity Building TradeCommII Programme under the 11th European Development Fund (EDF).

While The Bahamas does not have a National Indicative Programme, a detailed planning document prepared by countries seeking

MARIA O’BRIEN EU support under the 11th EDF, Maria O’Brien, this nation’/s ambassador to Belgium and head of mission at the EU, said it can still access initiatives that support industries considered critical for economic diversification and sustainable job creation.

The Bahamas has been deemed eligible under the

10th and 11th EDF for both technical assistance and grant financing. The technical assistance component allows Bahamian companies to compete in the European Commission tender process, with approved services to be procured directly under a Rapid Response Facility (RRF), while direct funding is provided to beneficiaries via grants.

The technical assistance agreed to-date is for two BDB-financed projects in Long Island and New Providence. The Small Ruminant Revitalisation initiative in Long Island provides support for established and new farmers seeking to develop businesses that modernise and increase productivity in small scale sheep, goat and

pig farming.

The effort, led by Dr Ashton Stanley, head of the ruminant programme at the Bahamas Agriculture and Marine Science Institute (BAMSI), and Dr Keith Cox involves both the Institute and the regional body, Caribbean Agricultural Research & Development Institute (CARDI). The ultimate goal is to expand it to other Family Islands.

And the Community Poultry initiative in New Providence is designed to help small farmers in New Providence and the Family Islands develop productive poultry farming business models. It aims to create new revenue streams

for small farmers, reduce imports and deliver fresh, all-natural, antibiotics and hormone-free poultry to local communities.

The project will be led by two Bahamian poultry experts: Justin Taylor and Dr Jason Sands.

“It is more important than ever for The Bahamas to nurture partnerships which enable access to funding and technical training that can support economic diversification,” said Ambassador O’Brien.

“The mission in Brussels is proud to play a key role in building regional and direct EU relationships that build a path to sustainable and inclusive growth, while improving our food security

and increasing the capacity of those in the agricultural industry. Our goal is to help local agencies create value across the agricultural value chain - from farm to table.”

Ambassador O’Brien has also established a relationship with COLEACP, an EU-supported association of companies and experts committed to reducing poverty; improving food security and food safety; and strengthening the agri-food export sector in African, Caribbean and Pacific countries. The Bahamas’ first-time membership in COLEACP includes the Bahamas Development Bank and BAMSI.

PAGE 6, Thursday, April 15, 2021

THE TRIBUNE

Insurer: Agency deal to ‘control our own destiny’ FROM PAGE ONE agency - would boost the underwriter’s sales and distribution channels while also bringing the company “closer to customers”.

“We are likely to make another acquisition on the agency side of things, so that the company can more and more control its own destiny,” he told this newspaper. “The board has approved it. It’s now going to the regulator to seek approval at that level, and we hope to have that matter wrapped up once the regulatory process is completed.

“We’re not talking weeks, we’re not talking years. I would say months. We don’t take it for granted. The commercial terms are all settled, but we expect the regulators to raise questions and expect to provide them with answers.”

Insurance industry sources spoken to by Tribune Business yesterday said they were unaware of which agency RoyalStar is moving to acquire, although they suggested it was likely a company that already wrote business for the underwriter.

Speaking on condition of anonymity, one source voiced surprise at the move as - unlike its rival Bahamas First - RoyalStar has previously never sought to expand by acquiring local agents and brokers.

“They’ve never gone this route before,” the source said. “In The Bahamas

they’ve never been acquiring companies, particularly with respect to agencies. It’s almost certainly one of their existing agents.”

Sir Franklyn, explaining the rationale for the purchase, said yesterday: “It brings us closer to the ultimate client. The ultimate client deals with the agencies, and the agencies deal with the underwriter. So by having the agency brings us closer to the client, and bring close to the client helps us provide better service, which helps both the agent and the customer.”

Confirming that the deal will also secure a distribution channel through which RoyalStar policies can be issued to clients, Sir Franklyn pointed out that while no previous agency acquisitions had occurred in The Bahamas there were numerous connections to such businesses via the underwriter’s shareholders such as Sunshine Holdings and Star General.

Anton Saunders, RoyalStar’s managing director, also declined to detail the identity of the acquisition target, the purchase price or number of jobs impacted when contacted by this newspaper yesterday. Confirming that the deal is in progress, he said: “We have done one in Cayman, and we are close to doing one in The Bahamas.

“It is part of our policy that if there is an opportunity out there that is mutual

to everyone we will look at it,” Mr Saunders explained.

“That is something we pursued last year. We got an agreement in principle subject to regulatory approval.

“There are two competing forces going on. RoyalStar needs investment income also. There is no other credible investment opportunity out there where we can earn the cost of capital plus the five basis point spread that we want. If the cost of capital is three percent, then we want the return to be eight percent.

“What is a credible investment opportunity out there that can sustain or generate that income? We saw there were opportunities with certain agencies out there that met our goals. Two, if there are agents out there that are credible it’s better for us to buy them and secure our distribution channels rather than them go to a competitor. It was distribution and investment income.”

Mr Saunders said the target agency, once acquired, will not write business exclusively for RoyalStar and will operate as a separate business with its own board of directors. “Another thing going on with agencies out there is there are a lot of regulatory pressures on them, their administrative costs are increasing, and some are looking to exit the market and others to merge and consolidate,” he added.

RoyalStar Holdings previously acquired around a one-third equity interest in the Cayman-based insurance agent previously owned by Bahamas-headquartered Fidelity Bank.

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Public Consultation Lighthouse Point

Per the public meeting held on Thursday, April 8, 2021, for Disney Cruise Line’s project at Lighthouse Point, Eleuthera, the public is invited to send written comments regarding the project’s Environmental Impact Assessment (EIA) to inquiries@depp.gov.bs or via the project’s website at http://www. lighthousepointbahamas.com no later than 21 working days after the public meeting which is Friday, May 7, 2021 by 5 p.m.

The development, a Cruise Ship Destination, will include an open-trestle pier able to accommodate one ship and a marina, both of which do not require dredging; open-air buildings and other structures; walking paths; a new public roadway; service roads and back-ofhouse support areas. The development will utilize 16% of the 758-acre site, with Disney donating 25% of the site to the people and Government of The Bahamas. Bahamian residents and citizens will have access to the site.

Information about the project and a downloadable version of the EIA is available at the project website noted above. The EIA is available to the public for review at the Department of Environmental Planning and Protection and the Eleuthera Administrator’s Office in Rock Sound, Eleuthera during normal business hours.

THE TRIBUNE

‘Double edged sword’ FROM PAGE ONE

Harbour.

Pre-COVID, Atlantis’ water park had proven the major draw.

“I don’t seek anything positive coming out of it apart from maybe the job opportunities for Bahamians over there,” he told this newspaper. “For the shopping, I don’t see it. This is a concern that these cruise ships, between their private islands and beaches, it’s in essence like an all-inclusive hotel where they cater to their passengers and it’s not good for downtown.

“The only good I see from that is for the quality of the tourist experience in The Bahamas, but for shopping downtown and eating in restaurants, I don’t see it at all. It’s not good for the city. Think of Junkanoo Beach, the Tiki hut and all the Bahamian vendors there. Now they’ve got a competitor. Think of Fish Fry. All of that will be affected by this. I can see those entities suffering. It’s going to hurt downtown, it’s going to hurt Junkanoo Beach, the Straw Market.”

Royal Caribbean, according to documents filed with the Department of Physical Planning ahead of the April 28 public consultation on its application for the project’s site plan approval, aims to construct a venue that will cater to a maximum capacity of 3,500 passengers.

The Royal Beach Club’s amenities, which will be located on 13-plus acres of privately owned land plus a further seven to ten acres it plans to lease from the government, include 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.

Mr Klonaris said Royal Caribbean passengers who visited the Royal Beach Club were unlikely to be inclined, or have the time, to undertake any other activities while in Nassau.

“It’s like an all-inclusive hotel where the guests stay there and spend the entire vacation at one property,” he reiterated. “It’s not good for the city.

“My only thoughts on issues like this is that they’ve obtained a beautiful property; it should be a bargaining piece for the government. It should give them the strength to bargain. When we see what is happening with those beautiful Paradise Island properties they should require them [Royal Caribbean] to stay overnight. There should be stipulations.

“We understand the importance of the cruise ships but surely there should be some consideration for broadening tourist spend through purchases throughout the city and outside the city. Surely the government must be making stipulations. Perhaps they have but we don’t know,” Mr Klonaris continued.

“It’s time the government says. We have a product in The Bahamas that’s so enchanting and compelling that we can bargain. It’s not a one-way street. We’re giving access to all these beautiful properties, some of the best islands in the world, but what do we get in return? That’s what the minister of tourism should be asking. It’s time we got something in return, and the government bargains hard.

“It’s time the government sat them down and said: ‘Hey, guys, this is what we want in return’.

The employment will be good, having Bahamians employed at the restaurants and amenities over there, but that’s the level of what we get. Bus boys, bar tenders, waiters; that’s the level and the good part goes directly to

Banks want mortgage ‘creme de la creme’ FROM PAGE ONE waiting to see what happens with the economy,” Mr Brathwaite said. “Obviously the government sector is still intact and certain businesses are still intact, such as the banks, insurance companies and financial services, but the big gap is the hotel industry where an entire market has gone. That’s a big wait and see.

“The Homeowners Protection Act, that in and of itself has created additional checks and adjustments to what we call acceptable risk. Some properties are no longer acceptable risks. With the Homeowners Protection Act, banks want to make sure they get the creme de la creme of the mortgage market.”

While the Act, passed by the former Christie administration, may have created greater protection for delinquent borrowers against foreclosure and being evicted from their own homes, it has adverse consequences for the banking industry’s willingness to extent fresh mortgage loans when memories of the fallout from the 2008-2009n recession remain fresh.

Mr Brathwaite said the insertion of the courts into the foreclosure process and/ or banks exercising their “power of sale” under the mortgage agreement had complicated efforts to secure collateral, making the process “cumbersome and long drawn out”. In addition, distressed properties cannot be

sole by banks to buyers who either work for them or have family connections.

“I wouldn’t say anything special is going on,” the Clearing Banks chief said in relation to mortgage approval waits. “It’s things that are happening in the economy that are slowing down the mortgage process where people will be a little more cautious to lend than they were four to five weeks ago.”

He spoke after Gino Maycock, a Colonial Realty broker/appraiser, told Tribune Business that residential real estate transactions in the domestic market were being delayed or falling through by waits of up to six-seven months for buyers to learn whether they have mortgage approval.

“The lenders are still the ones that are just holding back on the ability for buyers to secure the financing and close the deal,” Mr Maycock said. “We still have that situation and really it seems to be getting worse, truth be told. I think the government needs to step in and get the banks to be more up front with buyers and tell them if they don’t qualify.

“They’re being really tough on the financing.... For some strange reason they are slow on the response to confirm whether a client can borrow for a home or some real estate. It goes beyond me; we’re all feeling the pinch. It has taken four to five months, six to seven months, to get a ‘yes’ or a ‘no’ and it’s still going on, still happening.”

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those cruise lines.”

Many observers believe Royal Caribbean, seeing the success that Atlantis enjoyed pre-COVID by attracting hundreds of cruise passengers daily to its water park, has decided to secure a sizeable share of that business for itself when passenger volumes return to former levels via a Paradise Island opening in January 2023.

Concerns have also been raised that the Royal Beach Club project could be a bargaining chip between the government and Royal Caribbean over the latter’s long-running bid to close the Grand Lucayan acquisition, although this has not been confirmed.

Mr Klonaris, though, conceded that Royal Caribbean will likely argue that it should be allowed to compete for the same business

as Atlantis and create a destination that will encourage more passengers to disembark when in Nassau’s port.

“It’s a double-edged sword,” he told this newspaper. “We’re promoting The Bahamas, and the experience tourists will have on Paradise Island is something that you cannot duplicate anywhere else in the world.... What can you do? Once things start moving in a certain direction it’s hard to stop and I can see government allowing something to happen because of the competition to attract tourists.

“We need a good product, and right now in truth the city is not providing that. It will be hard to tell them ‘no’. If you look at the broader picture you can see the government saying ‘go ahead’. You really cannot stop progress. We have

Thursday, April 15, 2021, PAGE 7 to look at the long-term effects of something like this, building The Bahamas as a really first class destination, and we need facilities like this.”

Russell Benford, Royal Caribbean’s vice-president of government relations for the Americas, last year sought to head-off concerns such as those voiced by Mr Klonaris by telling Tribune Business 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 also 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 Cay Fish Fry, Junkanoo Beach, The Pointe, Baha Mar and Graycliff, thereby ensuring their spending impact is distributed widely among Bahamian-owned businesses.

PAGE 8, Thursday, April 15, 2021

THE TRIBUNE

TO RETAIN WORKERS, WALMART MOVES MORE OF THEM FULL TIME

NEW YORK Associated Press

WALMART is moving more of its workers full time as the nation’s largest private employer looks for more ways to attract and retain employees.

The company said yesterday it plans to have two-thirds of its US store hourly jobs be full time with more consistent work schedules by Jan 31, the end of its current fiscal year. That’s up from 53% five years ago, the company said.

With the move, Walmart will have 740,000 of its 1.2 million US Walmart hourly store workers working full time by early next year.

That would mean it will have about 110,00 more full-time workers than it did five years ago. Walmart employs roughly 1.5 million workers in the US including those at Sam’s Club, distribution centres and in corporate and managerial jobs.

Drew Holler, Walmart’s

CUSTOMERS wait in line outside a Walmart Supercenter store, due to COVID-19 restrictions on store capacity yesterday, in Miami. Walmart is moving more of its workers full time, with the goal of having two-thirds of its US store hourly jobs be full-time with more consistent work schedules by early next year. With this move the nation’s largest private employer says it will have 740,000 of its 1.2 million US Walmart hourly store workers be full-time by Jan 31.

Photo: Wilfredo Lee/AP senior vice president of US people operations, told The Associated Press yesterday that workers are demanding full-time jobs, which have better health and dental benefits. Holler also noted that full-time work offers the Bentonville, Arkansasbased retailer a competitive

edge as it’s able to retain and attract better employees in a fiercely competitive environment. The moves also come as the exploding pickup and delivery businesses are calling for more full-time jobs as Walmart’s stores operate both as fulfillment centres

and retail spaces.

“We know offering more full-time opportunities along with skills training and equipping associates with tools to make work easier will help us continue to attract and retain top talent,” Holler wrote in a corporate blog.

Walmart’s increasing focus on full-time jobs also comes as it’s creating a team-based structure in its stores where groups of eight to 12 workers work together in an area like toys or clothing and get cross-trained.

Walmart considers any employee working 34 hours or more a week full time, although anyone working 30 hours a week or more is eligible for health coverage. With team scheduling, Walmart workers will have consistent 39 to 40-hour schedules, the retailer said.

But Walmart’s has been criticized by labor-backed groups and its own workers for lagging behind retailers like Target, Amazon and Costco. Costco just raised its minimum hourly wage to $16, while the starting pay at Target and Amazon is $15 per hour. Walmart last

raised its entry-level wages for US hourly employees to $11 in early 2018, though it’s been raising starting wages for certain jobs. Holler says Walmart is focusing more on creating clear pathways with better training so workers can move up the ladder.

Cynthia Murray, a 20-year associate in Hyattsville, Maryland, and member of United for Respect, a worker advocacy group, says she’s encouraged that more workers at Walmart will be full-time.

But she says the company needs to take “greater action to respect us”.

“If Walmart truly wants to retain associates and offer ‘stability and room for growth’ we are happy to meaningfully engage with them on our requests, which include moving to a full $15 minimum wage for all employees immediately, cost-of-living increases to longtime employees, and giving us a seat on the board,” she wrote in an emailed statement.

The approach toward full-time staffing also comes as online behemoth Amazon recently faced the

biggest union push in its history. Walmart Inc. declined to comment on whether its efforts were a way to head off any similar efforts.

Holler said that the fulltime staffing approach that has been successful in Walmart’s distribution centres and fulfillment centres, where more than 80% of its workers are full-timers.

Mark Mathews, vice president of research development and industry analysis at the National Retail Federation, the nation’s largest retail trade group, said that a decade ago there was a move among retailers toward part-time workers. In fact, 31% of retail and wholesale workers, excluding warehouse workers, were part time in 2010, according to his analysis of government figures.

But in recent years, that number has been declining as the popularity of online shopping has lessened the need to staff workers at odd hours. In 2017, the percentage of parttime workers dropped to 27%, but then rose to 29% last year because of the pandemic.

THE TRIBUNE

Thursday, April 15, 2021, PAGE 9

Most US stocks rise, indexes end mixed as earnings kick off NEW YORK Associated Press MOST US stocks rose yesterday, but indexes petered out to a mixed finish as momentum weakened following an encouraging start to what’s expected to be a thunderous earnings reporting season.

The S&P 500 fell 16.93 points, or 0.4%, to 4,124.66, a day after returning to an all-time high. It flipped between small gains and losses several times through the day.

The Dow Jones Industrial Average rose 53.62 points, or 0.2%, to 33,730.89 after rising above its record set last week earlier in the day.

The Nasdaq composite lost an early gain to drop 138.26, or 1%, to 13,857.84.

The market was held back by drops for several heavyweight tech stocks, including Apple and Amazon, but the majority of stocks within the S&P 500 rose. Smaller companies also rallied amid growing optimism as COVID-19 vaccines roll out and businesses reopen.

The Russell 2000 index of small-cap stocks climbed 18.79, or 0.8%, to 2,247.72.

Shares of Coinbase Global, an exchange for bitcoin and other digital currencies, surged in their market debut, perhaps a defining moment for cryptocurrencies as they get embraced more by the mainstream.

Its stock opened at $381, after the Nasdaq earlier gave it a $250 reference price. It quickly rallied toward $430 before closing at $328.28. At that price, investors say the company is worth more than $85bn, more valuable than Nasdaq or Intercontinental Exchange, the owner of the New York Stock Exchange.

Interest in and prices for cryptocurrencies have been exploding recently as more companies and investors get involved. Coinbase turned a profit last year after more than reversing a $30.4m loss from the year before, and it expects growth to continue because it sees the cryptoeconomy producing “a more fair, accessible, efficient, and transparent financial system for the internet age”.

Energy stocks were also among the market’s strongest on expectations that a resurgent economy will burn more petroleum products. The International Energy Agency raised its forecast for oil demand this year, up by 230,000 barrels per day to 96.7 million. A separate US government report also showed that the amount of oil supplies in

inventories fell sharply last week.

That helped benchmark US crude oil rise $2.97 to settle at $63.15 per barrel.

Brent crude, the international standard, climbed $2.91 to $66.58 a barrel.

Within the S&P 500, Diamondback Energy was one of the top-performing stocks with a gain of 6%.

Occidental Petroleum rose 5.2%.

Much of the market’s focus in coming weeks will be on earnings season, as companies line up to report how much profit they made during the first three months of 2021. Expectations are very high, and this may be the best quarter of earnings growth for S&P 500 companies in more than a decade.

Big banks are traditionally among the first companies to report, and Goldman Sachs, JPMorgan Chase and Wells Fargo all unveiled earnings for the first quarter that blew past analysts’ forecasts. Much of the surge was due to expectations for a rapidly improving economy, which allowed banks to free up reserves held in case loans went bad, as well as strong trading revenue.

The better-than-expected results didn’t give all the bank stocks a uniform pop, though. Goldman Sachs rallied 2.3%, but JPMorgan Chase fell 1.9%. Wells Fargo jumped 5.5%, but only after swerving from an early-morning loss to a gain.

Stocks in recent earnings seasons have been failing to get as big a bounce as they usually do after reporting better-than-expected results. Analysts say it’s likely a result of how much stock prices have already rallied on expectations for the strong growth. The S&P 500 has soared roughly 85% since hitting a bottom in March 2020, even as the pandemic crunched profits for companies through last year.

Yesterday’s encouraging start to earnings season dovetails with several reports showing the economy is kicking into a higher gear as more widespread COVID-19 vaccinations and tremendous financial support from the US government and Federal Reserve work through the system.

The expectations for a stronger economy, though, are also leading to worries about higher inflation.

If inflation were to climb and sustain itself, it could send bond prices tumbling, erode profits for companies and trigger volatility across markets worldwide.

A report on Tuesday said that US consumer prices

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rose more in March than economists expected, but investors largely took it in stride.

“The market can handle a higher interest rate level if it’s coupled with an improving growth backdrop,” said Jack Janasiewicz, portfolio strategist at Natixis Investment Managers.

Low rates engineered by the Federal Reserve have been one of the central reasons for the stock market’s surge over the last year.

The yield on the ten-year Treasury rose to 1.63% from 1.62%.

Fed Chair Jerome Powell said again yesterday that the central bank will hold off on raising interest rates until the job market has fully healed, inflation has reached 2% and indications show inflation is on track to stay moderately above 2% for some time.

The Fed also released its latest “Beige Book” survey, which showed businesses around the country feeling more optimistic about the economy.

PAGE 10, Thursday, April 15, 2021

Coinbase soars in market debut, valued near $86bn Associated Press COINBASE made a rousing debut on Wall Street yesterday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100bn.

Coinbase Global Inc.’s initial public offering happened with cryptocurrency chatter seemingly everywhere, even at the US Federal Reserve. Digital currencies are being incorporated into business plans

and accepted for payment by major corporations like Tesla, PayPal and Visa.

The San Francisco-based company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency. Bitcoin’s price topped $64,000 yesterday, up from $29,000 at the start of the year, and Coinbase said recently that first-quarter revenue should total around

THE TRIBUNE $1.8bn, exceeding its revenue for all of 2020.

Shares of Coinbase are listed on the Nasdaq under the ticker “COIN”, and closed at $328.28, up 31% from the $250 reference price set by Nasdaq ahead of the first trade. That puts Coinbase’s market value at $85.78bn.

That market value makes Coinbase one of the biggest publicly traded US companies — just 93 companies in the S&P 500 index have a higher market value. Coinbase’s value is close to the combined market value of Nasdaq Inc, which runs the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange.

Founded in 2012, Coinbase became popular among cryptocurrency fans by providing them with an easier way to exchange shares of Bitcoin and other digital currencies. Unlike many newly public companies

ESTATE OF PANAYIOTIS MATSAS

TAKE NOTICE that anyone having a claim against the Estate of PANAYIOTIS MATSAS late of Yamacraw Hill Road, Nassau, Bahamas, who died on 4th April, 2020, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st July, A.D., 2021

COINBASE employees gather outside the Nasdaq MarketSite during the company’s IPO, in New York’s Times Square, yesterday. Wall Street will be focused on Coinbase with the digital currency exchange becoming a publicly traded company.

Photo: Richard Drew/AP Coinbase is profitable — the company estimates it had net income of between $730m and $800m in the first quarter.

Dan Ives, analyst at Wedbush Securities, said in a note yesterday that “Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years”.

Still, even as more companies warm up to digital currencies, there are many doubters. Until recently the major financial institutions avoided cryptocurrencies, and Bitcoin is still viewed more as a store of value that as a method of payment.

Even as Coinbase made its trading debut, Federal Reserve Chair Jerome Powell described cryptocurrencies as “vehicles for speculation” in comments to the Economic Club of Washington. “No one is using them for payments,

for example, like the dollar.”

And not all investors are buying into the Coinbase hype. David Trainer, CEO of investment research firm New Constructs, said Coinbase has “little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high valuation”.

Trainer last week put a valuation on Coinbase closer to $18.9bn, arguing it will face more competition as the cryptocurrency market matures.

Coinbase said it had 56 million verified users as of March 31, with 6.1 million making transactions monthly. Trading volume in the first quarter was $335m.

Coinbase earns 0.5% of the value of every transaction that goes through its system. So if someone buys $100 in Bitcoin, Coinbase earns 50 cents. If Bitcoin or Ethereum prices drop, the commissions Coinbase earns drop as well, giving it some

exposure to the digital currencies’ rise and fall.

Instead of using a traditional IPO, Coinbase went public through a public listing. That means it avoided the typical agreements with big banks that would buy thousands of shares and promote them. A direct listing allows insiders and early investors to convert their stakes in the company into publicly traded stock.

Other recent direct listings include the music streaming service Spotify in 2018, the messaging service Slack in 2019 and the datamining company Palantir Technologies in 2020.

Shares of Coinbase should attract investors who want to get into the cryptocurrency space in addition to, or without buying any coins at all, said Lule Demmissie, president of Ally Invest.

“It could also be a less volatile security than the coins themselves,” Demmissie says.

THE TRIBUNE

Thursday, April 15, 2021, PAGE 11

Big-business pushback against voting measures gains momentum Associated Press BIG business has ratcheted up its objections to proposals that would make it harder to vote, with several hundred companies and executives signing a new statement opposing “any discriminatory legislation”.

The letter, published yesterday in The New York Times and The Washington Post, was signed by companies including Amazon, Google, Starbucks and Bank of America, and individuals such as Warren Buffett and Michael Bloomberg, plus law firms and nonprofit groups.

It was the largest group yet to join protests against Republican efforts to change election rules in states around the country.

“Voting is the lifeblood of our democracy and we call upon all Americans to join us in taking a nonpartisan stand for this most basic and fundamental right of all Americans,” the letter reads. “We all should feel a responsibility to defend the right to vote and oppose any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot.”

Many of the signers have been loyal donors to Republican political campaigns.

The letter is a direct challenge to Republican officials who have pushed for changes in state voting laws, citing former President Donald Trump’s false claim that he lost the November election because of fraud. At the same time, Democrats in Congress propose to overhaul federal voting law in a way that Republicans argue would interfere with state control of elections and hurt the GOP. There were some notable absences from yesterday’s letter, including Walmart, Delta Air Lines and the Coca-Cola Co. All three companies’ CEOs had previously criticised a new Republican-backed law in Georgia that tightens voting laws.

A Delta spokeswoman declined to comment beyond pointing to a March 31 statement in which CEO Ed Bastian called the Georgia law unacceptable. A CocaCola spokeswoman said the company had not seen the letter but that it stands by its support for “free and fair elections”. Walmart CEO Doug McMillon has stated that the nation’s largest retailer is against legislation that unnecessarily restricts voting rights.

The business community traditionally has steered clear of taking public positions on political or social issues but that has been changing recently, with many of them putting out statements after the police killing of George Floyd last year.

Over the weekend, Yale University management professor Jeffrey Sonnenfeld helped organize a call with more than 100 corporate executives, academics and legal experts to discuss restrictive voting proposals, including the Georgia law. They talked about withholding campaign contributions to elected officials who try to restrict voting, and even withholding investment from states that adopt such laws — although the latter seemed to draw less support, he said.

Earlier this month, 72 Black business leaders signed a letter published in the New York Times that urged corporate leaders to publicly oppose laws that restrict voting by Blacks.

This week, the leaders of three dozen major Michigan companies, including General Motors and Ford, objected to Republicansponsored election bills that would make it harder to vote in Michigan and other states.

Dennis Archer Jr is the first signature on the statement. The son of a former

including restrictions on outside polling places and on absentee ballots.

The pushback against GOP-backed voting laws drew a warning this month from Senate Republican

leader Mitch McConnell, who told business leaders to “stay out of politics”. He warned companies not to get involved in upcoming debates in Congress over environmental policy and gun violence.

McConnell backtracked a few days later, admitting “I didn’t say that very artfully.”

Instead, he accused business leaders of not reading the Georgia bill before condemning it.

ESTATE OF STANLEY BRUCE BETHELL, JR.

WARREN BUFFETT Detroit mayor who runs a small consulting firm, he knows there’s less risk of backlash for him than for large multinational companies. But there’s also a risk that Black people and others will stop buying goods from companies that don’t take stands on issues like this.

“I think those companies that take that kind of passive position are really going to feel it in their pocketbook,” said Archer, who is Black.

It remains to be seen whether corporate activism will extend to political donations.

After a mob of Trump supporters stormed the US Capitol on Jan 6 to stop Congress from certifying Joe Biden’s win over Trump, many companies said they would stop contributing to lawmakers voted to reject the outcome of the election or pause all giving to review their donation policies.

The freeze has begun to thaw.

A political action committee controlled by AT&T, which pledged to cut off lawmakers who objected to certifying the election, cut a $5,000 check in February to House Conservatives Fund, a leadership PAC led by Indiana Rep Jim Banks, who voted to object to the election results, records show.

JetBlue Airways, which said it would pause donations after Jan 6 — and signed yesterday’s letter — recently gave $1,000 to New York Republican Rep Nicole Malliotakis, who also voted to object to the election outcome.

Some are donating to committees controlled by party leaders that spend big to boost the chances of all Republican candidates in the House and the Senate.

Most companies have not said whether they will withhold donations from lawmakers who are pushing the new voting laws.

“I’m dubious they will go that far. It’s easy to make political statements and continue to give money,” said Lawrence Glickman, a Cornell University history professor who wrote a book about the influence of business on US politics.

“It makes front-page news when Coca Cola, Delta or another big corporation says something about voting-rights laws, but how often does it make frontpage news when they make a campaign contribution?”

Companies have a natural fear of antagonizing politicians whose help they might need in the future.

Or to avoid retribution.

Georgia lawmakers voted in 2018 to strip a tax break that Delta enjoyed on jet fuel after the airline ended a discount program for National Rifle Association members, although the then-governor restored the benefit. The Georgia House voted again to kill the tax break two weeks ago after the Delta CEO criticised the voting law, but the Senate adjourned without taking action.

More than 350 different voting bills are under consideration in dozens of states, according to a tally from the Brennan Center for Justice, a public-policy think tank. On Tuesday Arkansas was among the latest to approve changes to its election laws,

TAKE NOTICE that anyone having a claim against the Estate of STANLEY BRUCE BETHELL, JR. late of Boatswain Hill, Nassau, Bahamas, who died on 15th December, 2019, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st July, A.D., 2021.

PAGE 12, Thursday, April 15, 2021

THE TRIBUNE

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BISX ALL SHARE INDEX:

CLOSE

CHANGE

1957.33

9.12

%CHANGE

YTD

YTD%

0.47 -135.13

-6.46

(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 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

CLOSE 5.00 32.12 1.62 2.90 1.59 5.50 6.96 3.18 4.40 2.97 5.67 9.75 2.53 7.00 11.08 9.00 14.00 3.99 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 (0.05) 0.00 0.00 0.00 0.01 0.00 (0.02) 0.00 0.00 0.22 0.00 0.00

VOLUME

3,000

200

2,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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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 31.4 16.1 12.6 13.5 24.8 15.0 17.2 12.4 17.2 19.7 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% 17.15% 0.86% 2.96% 2.67% 3.86% 3.01% 2.40% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.44% 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

MATURITY

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

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

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

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

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

NAV Date

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

MARKET TERMS

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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

NOTICE IN THE ESTATE OF VERONICA ELIZABETH TAYLOR-BELLE, late of No.60 Jubilee Gardens Subdivision in the Western District of New Providence, one of the Islands of the Commonwealth of The Bahamas.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 19th day of May, A.D. 2021 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once.

AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late VERONICA ELIZABETH TAYLOR-BELLE will be distributed among the persons entitled thereto having regard only to the claims of which the Executrix shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

Dated this 15th day of April, A.D., 2021. c/o PYFROM & CO Attorneys for the Executrix, No.259 Shirley Street, P.O. Box N 8958,

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

Nassau, N.P., Bahamas.

THE TRIBUNE

Thursday, April 15, 2021, PAGE 15

NEW TREASURY OFFICE TO OVERSEE BILLIONS IN VIRUS RELIEF HELP WASHINGTON Associated Press

THE Treasury Department has created a new office to supervise the disbursement of the billions of dollars in relief money authorised by Congress to combat the coronavirusrelated recession.

Officials said yesterday that the goal is to streamline the process and ensure all eligible groups have access to the aid.

The Office of Recovery Programs will oversee the release of $420bn in support from the $1.9tn package that President Joe Biden pushed through

Congress last month, the Treasury said. That package included payments of up to $1,400 for individuals, extended emergency unemployment benefits, rental assistance, support for small businesses and state and local governments.

The new office will also be responsible for supervising programs under the control of Treasury that were approved by Congress last year. In all, Congress has approved around $5tn in assistance to help millions of people who lost their jobs, and also businesses that were forced to close due to the pandemic.

Deputy Treasury Secretary Wally Adeyemo said

the goal of the new office was to “get relief distributed quickly and into the hands of those who need it most”.

In a separate report yesterday, Treasury said that another two million relief payments with a value of more than $3.4bn have been disbursed over the past week.

That brings the total payments made since March 12 to 159 million with a value of more than $376bn. These individual payments total up to $1,400 per person, with the large bulk of the money coming in the form of direct bank deposits made by the IRS. The new Treasury office will be led by Jacob

TREASURY Secretary Janet Yellen speaks during a virtual roundtable with participants from Black Chambers of Commerce across the country to discuss the American Rescue Plan in Washington. Last year’s coronavirus-triggered market turmoil exposed vulnerable areas in the US economy that need to be addressed by the nation’s top-level financial supervisory group, Yellen said.

Photo: Jacquelyn Martin/AP

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 85° F/29° C Low: 67° F/19° C

TAMPA

SATURDAY

SUNDAY

MONDAY

Abundant sunshine and beautiful

Clear

Nice with plenty of sunshine

Sunshine and more humid

Sunny and humid

Some sun, a t‑storm possible; humid

High: 83°

Low: 68°

High: 84° Low: 70°

High: 84° Low: 71°

High: 85° Low: 72°

High: 86° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

88° F

68° F

90°-71° F

91°-73° F

94°-74° F

95°-76° F

tiDes For nassau High

almanac

E

ABACO

S

N

High: 78° F/26° C Low: 73° F/23° C

7‑14 knots

S

High: 86° F/30° C Low: 67° F/19° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 69° F/21° C

S

E

W

WEST PALM BEACH

E

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

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

W

uV inDex toDay

FRIDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 80° F/27° C Low: 72° F/22° C

High: 79° F/26° C Low: 70° F/21° C

MIAMI

High: 84° F/29° C Low: 68° F/20° C

7‑14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 68° F/20° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/21° 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 ..................................... 5.27”

ELEUTHERA

NASSAU

High: 83° F/28° C Low: 68° F/20° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 78° F/26° C Low: 71° F/22° C

N

KEY WEST

High: 83° F/28° C Low: 75° F/24° C

Low

Ht.(ft.)

Today

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

Wednesday 3:15 a.m.

3:46 p.m.

2.5 2.1

9:50 a.m.

9:53 p.m.

0.5 0.4

sun anD moon Sunrise Sunset

High: 79° F/26° C Low: 71° F/22° C

N

S

E

W

6‑12 knots

S

4‑8 knots

ANDROS

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

Ht.(ft.)

6:48 a.m.

7:33 p.m.

Moonrise Moonset

9:01 a.m.

10:48 p.m.

First

Full

Last

New

Apr. 20

Apr. 26

May 3

May 11

CAT ISLAND

E

W

Leibenluft, who was designated as Treasury’s chief recovery officer. He will work closely with Gene Sperling, named by Biden as White House coordinator for the government’s rescue efforts.

Treasury officials said the new office will oversee a number of relief programmes dealing with such areas as state and local government support, emergency rental assistance, support for homeowners to meet mortgage payments, support for small businesses and loans for airlines and national security industries.

Those seeking more information can email OfficeOfRecoveryPrograms@ treasury.gov.

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 70° F/21° C

High: 79° F/26° C Low: 72° F/22° C

N

High: 79° F/26° C Low: 70° F/21° C

S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 72° F/22° C

L

E

W

4‑8 knots

MAYAGUANA High: 79° F/26° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 79° F/26° C Low: 73° F/23° C

GREAT INAGUA High: 81° F/27° C Low: 73° F/23° C

N

N E

W

E

W

H

High: 79° F/26° C Low: 73° F/23° C

S

S

6‑12 knots

6‑12 knots

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

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

WINDS SE at 6‑12 Knots SW at 8‑16 Knots SE at 6‑12 Knots S at 4‑8 Knots ESE at 4‑8 Knots SSW at 6‑12 Knots E at 6‑12 Knots SE at 4‑8 Knots ESE at 4‑8 Knots SSW at 6‑12 Knots S at 7‑14 Knots SW at 7‑14 Knots SE at 4‑8 Knots S at 6‑12 Knots NE at 6‑12 Knots SE at 4‑8 Knots E at 6‑12 Knots SSE at 4‑8 Knots ESE at 4‑8 Knots S at 4‑8 Knots ESE at 4‑8 Knots SSW at 6‑12 Knots E at 6‑12 Knots SE at 6‑12 Knots SE at 4‑8 Knots SSW at 6‑12 Knots

WAVES 3‑6 Feet 3‑5 Feet 1‑2 Feet 0‑1 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 3‑6 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 4‑8 Feet 3‑6 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet

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

WATER TEMPS. 76° F 77° F 78° F 78° F 80° F 81° F 80° F 80° F 79° F 79° F 79° F 80° F 77° F 78° F 80° F 80° F 79° F 80° F 79° F 79° F 77° F 78° F 80° F 80° F 77° F 79° F