04192021 BUSINESS

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MONDAY, APRIL 19, 2021

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DIONISIO D’AGUILAR

OBIE FERGUSON

Sandals ‘firing on all cylinders’ only from November 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday voiced optimism Sandals Royal Bahamian will be “firing on all cylinders” from a multimillion dollar renovation that has pushed its postCOVID re-opening out to November 4.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that senior Sandals executives had informed him it was “full steam ahead” on upgrades that will add a further five months to the all-inclusive resort’s

long-awaited return from the pandemic.

Disclosing that Sandals is forecasting “a robust bounce back” once its Cable Beachbased property re-opens in time for Thanksgiving and Christmas 2021, the minister added that the hotel chain wanted “to yield more” from its room revenue and restaurants by overhauling Royal Bahamian’s guest experience prior to visitors returning.

However, Sandals’ focus on renovations means that the property will have been closed for almost 20 months since the COVID-19

SEE PAGE 6

Homeowners tell PM: Honour $40k rebate

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FRUSTRATED homeowners in a Fort Charlotte subdivision yesterday said the prime minister has yet “to honour” his pledge to give them a $40,000 rebate on the government houses they purchased.

Veron Pratt, president of the Ardastra Gardens Estates No.3 homeowners association, told Tribune Business that the government has yet to deliver for 90 percent of the residents on the assertion that Dr Hubert Minnis made in the House of Assembly last week.

DR HUBERT MINNIS The prime minister, during the debate on the proposed 83-acre Prospect Ridge subdivision targeted at young professionals, said the $184,000 price charged by the former Christie administration for homes in

SEE PAGE 4

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Island Luck co-founder strikes US plea bargain

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

co-founder of the Island Luck web shop chain has agreed a plea deal with US authorities that omits all mention of the human smuggling offences he was initially charged with.

Adrian Fox, in legal documents obtained by Tribune Business, has agreed to plead guilty to one count of helping to operate a vessel in US waters “in a grossly negligent manner” that endangered the lives of other unidentified persons.

Mr Fox’s US attorney, in a brief statement e-mailed to this newspaper last night, branded this offence as “petty” and indicated that the dropping of all charges and allegations related to human trafficking/immigrant smuggling by the US government represented a major victory for his Bahamian client.

“We are pleased that this decade-old issue is being resolved with a petty

• Adrian Fox: All human trafficking charges dropped • Pleading guilty to endangering lives in operating boat • Attorney: Offence ‘petty’; client ‘moves on’ after decade

ADRIAN FOX offence. Mr Fox will move on and focus on his business and philanthropic endeavours,” Alex Spiro said.

However, his client has yet to be sentenced on the much-lesser count, which will occur before US district judge Denise Cote on June 25, 2021.

Papers filed with the southern New York federal court on March 25, 2021, revealed that Mr Fox and attorneys for the US Justice Department reached a plea

agreement just months after the Island Luck co-founder’s bid to have decade-old human smuggling charges against him thrown out completely was rejected by Judge Cote.

Michael Herman, an assistant US government attorney, in a letter informing the judge of the plea bargain, wrote: “Since the court issued its decision on January 27, 2020, denying Fox’s motion to dismiss the indictment on speedytrial grounds pursuant to the fugitive disentitlement doctrine, the parties have continued to discuss a pretrial disposition of this matter.

“In May 2020, the parties reached an agreement in principal, as part of which Fox has agreed to plead guilty to a one-count superseding misdemeanour information charging him

with aiding and abetting the grossly negligent operation of a vessel pursuant to a plea agreement with the government.”

Mr Fox’s signature, accepting and agreeing to the plea bargain, appears on a document where he consents to a US government probation officer conducting an investigation into his background as part of preparing a so-called “pre-sentence” report to help Judge Cote and the southern New York federal court determine what sentence to impose.

“I am aware that I have been charged with violations of federal law,” states the prepared text Mr Fox signed up to. “I have consulted with my attorney about those charges. I have decided that I wish to enter

SEE PAGE 8

PAGE 2, Monday, April 19, 2021

THE TRIBUNE

FINAL SANDYPORT RESIDENTIAL PROPERTIES PLACED ON MARKET THE final six residential properties in a western New Providence community have been listed for sale more than 30 years after the development was first launched.

Sandyport’s potential was unlocked in 1989 when the canal entrance was constructed, paving the way for a community that today has more than 500 homes; a school; more than 60 shops and businesses; and the 72-room Sandyport Beach Resort.

The Buckner family purchased the property from the late Sir Harry Oakes.

Named after the family matriarch, Sandy Buckner, the development took shape with help from worldrenowned French architect, Francois Spoerry.

“The development has been very successful, and while we now focus on the commercial and hotel phases of the project, the gated residential side is complete,” said Garth Buckner, Sandyport

Development Company’s president.

“The vision was to design a community that would offer all the amenities at a price that targets the professional buyer or renter.

The community feel and 24-hour gated security have also proved popular with international renters on two-year work permits.

“This has pushed demand for rentals, resulting in a solid return for owners.

Because of our location we were able to secure government approval for a canal system, providing the only safe marina in the Cable Beach area, and the Government has now said it will not approve any more.”

The final six residential properties have been listed with Bahamian real estate firm, Engel & Volkers. Advisor Leo Huber, who is handling the sales, said: “Where can you buy

A BACKYARD view of Sandyport’s canal. a property in such an established community and enjoy an assured rental stream for two years? The net yields hover between 4.5 percent and five percent.”

The properties, which are all located on the Sandyport waterway, range in price from $695,000 to $1.25m, and between 2,000 to 3,000 square feet in size, each comprising three to four bedrooms.

“Not only is it location,

location, location, but for Bahamians who are limited to investment opportunities like world stock markets because of Central Bank controls, this is a great investment alternative,” said Mr Huber.

Possessing a 20-year background in international banking, Mr Huber argued that Sandyport is one of the better investment hedges against long-term inflation and other economic

risks. “The community has international appeal from both buyers and renters,” he said. “Many renters are paying in US dollars or the equivalent Bahamian dollar.

“There is no interest earned today from the bank, so a home earning five percent in rental income, most often in US currency, is a very attractive alternative.” Engel & Volkers said its market reports show that Sandyport rental returns are consistently higher than Paradise Island and other Cable Beach communities.

Every home in Sandyport has a boat dock or access to one, guaranteeing a safe mooring and easy access to the sea. The community is located within a few minutes of Sir Lynden Pindling International Airport airport and Baha Mar.

BAHAMAS AND CARIBBEAN CEOS FEAR TAX INCREASES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SOME 75 percent of corporate leaders in The Bahamas and Caribbean fear their plans will be impacted by new and/ or increased taxes to help pay for elevated debt levels sparked by COVID-19.

The finding was revealed as part of the PricewaterhouseCoopers (PwC) accounting firm’s 24th annual global chief executive survey, which found that company chiefs in The Bahamas, Jamaica, Bermuda, Barbados and Trinidad & Tobago are increasingly focused on combating cyber security threats and slightly less optimistic than their counterparts elsewhere about prospects for a post-pandemic rebound.

The survey, which polled 5,050 chief executives in 100 countries over January and February 2021, including those in the Caribbean for the first time, found that three-quarters of the region’s corporate leaders agreed that tax policy changes to address rising government debt levels will impact their company’s decision-making and planning

PRINCE RAHMING moving forward.

Many observers in The Bahamas believe that the government, facing a projected $900m-plus deficit in the upcoming 2021-2022 budget year following a record $1.327bn of ‘red ink’ in this fiscal period, will be unable to address a national debt forecast to exceed $10bn by next year without resorting to new and/or increased taxes.

“Chief executives are

undoubtedly watching debts accumulate as governments intervene with stimulus packages, and realise that business will eventually need to pay its fair share,” PwC said. “Cross-border competition seems likely, as governments develop tax schemes to benefit their national interest, creating significant complexity for multinationals with global operations.”

Elsewhere, 69 percent of Caribbean chief executives said the expect the global economic outlook to improve over the next 12 months, which was slightly more pessimistic than the 75 percent of global corporate leaders giving a positive response.

And Caribbean business leaders were also more concerned about emerging cyber threats in the digital economy, with 67 percent ranking this as a priority compared to 47 percent of chief executives globally.

Some 86 percent of regional corporate chieftains told the PwC survey they plan to increase investments in cyber security and data privacy.

The findings disclosed that Caribbean chief executives plan to make “double digit increases of ten percent or more” in accelerating their transition to the digital economy over the next three years. The regional private sector was also more worried than its counterparts about uncertain economic growth; pandemics and other health crises; and exchange rate volatility.

Prince Rahming, PwC Bahamas principal, said of the survey findings: “After the tragedy and turmoil of the past year, the shift in sentiment is encouraging. Chief executives are confident that growth will return, boosted by successful vaccine programmes in many parts of the world. We’re pleased to have had Caribbean chief executives provide their insights for the first time this year.

“Although the outlook is positive, there are still significant challenges ahead in a world that has changed fundamentally. People expect more from businesses. This includes the heightened focus on sustainability, social inclusion and other environmental, social and governance (ESG) issues.

It’s vital that businesses meet these expectations if they are to build and sustain consumer trust.

“To take on tomorrow, chief executives will need to accelerate digital transformation and workforce

SEE PAGE 6

THE TRIBUNE

Monday, April 19, 2021, PAGE 3

ROYALSTAR POISED TO ACQUIRE AGENCY OWNED BY SHAREHOLDER

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYALSTAR Assurance and its parent are poised to acquire the insurance agency operations of one of their major shareholders, multiple industry sources have revealed.

Numerous contacts, speaking on condition of anonymity, disclosed to Tribune Business that Star General Insurance Agents & Brokers is the acquisition target that both Sir Franklyn Wilson, RoyalStar Holdings’ chairman, and Anton Saunders, its managing director, referred to in interviews with this newspaper last week.

Sir Franklyn did not deny Star General’s identity when it was subsequently put to him, saying merely: “I have no comment.”

However, insurance industry sources suggested the deal - which is only awaiting regulatory approval from the Insurance Commission - will effectively represent a form of “reverse takeover” whenever it is concluded.

In the final of a three-part series, Hubert Edwards argues that the minimum wage must be part of a broader discussion on raising productivity and lifting Bahamians out of poverty.

GIVEN all the issues raised, whether you agree or not with increasing the minimum wage you will undoubtedly agree that the matter goes far beyond the obvious. My intention is not to lobby for an increase, though you would by now accurately conclude that I am not against such a move. What I seek to demonstrate is the need to be

That is because Star General is a major shareholder in RoyalStar Holdings. It is the minority partner in SunStar Ensure Ltd, the vehicle that collectively owns a majority 53.05 percent controlling stake in RoyalStar Holdings. SunStar is in turn majority-owned

by Sir Franklyn’s Sunshine Holdings, with Star General’s holding in that entity thought to translate into just over 20 percent of RoyalStar Holdings.

Tribune Business sources said the rationale for the deal is that it will give RoyalStar Holdings greater control over its distribution channels, and a key agency that writes and issues client policies on its behalf, while also representing a form of succession/estate planning for Star General’s principals.

“I think that is the entity based on my knowledge of what is taking place,” one insurance industry insider said of Star General’s purchase. “I think one of the reasons is that RoyalStar Holdings has been

effectively creating a corporate formation very similar to what Bahamas First has set up as a group.

“That is to have ownership of the agencies and risk-taking entity under one consolidated holding company. Buying up agencies gives them another level of control over distribution channels they have. To that extent it makes sense for RoyalStar and, because of succession planning, it makes sense for Star General’s principals.

“It’s probably an easy transaction to complete if both parties are committed to it. The only thing being purchased by RoyalStar is probably the insurance operation. I don’t think it involves purchasing the entity itself.” They source voiced surprise, though, that the impending acquisition was not mentioned in footnotes to RoyalStar’s just-published audited financial statements.

Other Tribune Business sources agreed that the acquisition likely did not include Star General’s

WHY THE MINIMUM IS NEVER ENOUGH

BY HUBERT EDWARDS

more fundamental in our discussions on matters with economic implications. The issues are always nuanced and never simply black and white. As long as we

continue to see and debate problems in the abstract, we will miss opportunities for more sustained solutions. The reason for this is simple. Problem definition holds significant importance in broadening the impact and the value we can derive from any challenge. The individual who wishes to learn to ride a bike because he no longer wishes to walk long distances is solving a fundamentally different problem than another who wishes to do so to maintain a healthy lifestyle, be environmentally friendly

equity interest in RoyalStar Holdings. It is understood that other underwriters, including the latter’s major competitor, Bahamas First, as well as life and health insurers are watching the situation keenly as Star General presently writes business for them in its capacity as an agent/broker.

Mr Saunders, though, last week sought to reassure the industry by telling this newspaper that Star General would continue to write business for other carriers as well as RoyalStar. The Star Group, the parent company, has separate agencies for life and health and property and casualty agencies, as well as Star Investments, which is likely the entity that holds the RoyalStar Holdings stake.

Contacts, meanwhile, suggested that selling the insurance agency business effectively represented estate planning for Star Group’s principals, chairman James (JM) Pinder, and Herbert Thompson.

“The only thing Star has is the agency business, and

the owners are getting on in years,” one source said.

“The write quite a lot for RoyalStar.”

Meanwhile, RoyalStar’s strategy of creating a holding company to allow it to diversify into other investments and industries continued to pay-off during a COVID-19 hit 2020, generating a more than $1.1m profit for the group. Added to the $5.233m ‘bottom line’ produced by RoyalStar Assurance, the property and casualty insurer, this took group profits for the year to $6.048m.

That represented a 92.4 percent year-over-year increase on RoyalStar Holdings’ 2020 net income of $3.143m, as the group also benefited from a hurricane-free year and being up against favourable comparatives due to the massive Hurricane Dorianrelated payouts in 2019.

RoyalStar Assurance’s net profits increased more than five-fold in the absence of storm-related claims, jumping to $5.233m compared to just $908,705 the

previous year. This was further enhanced at the group level by RoyalStar Holdings’ 32.6 percent interest in Fidelity Insurance (Cayman), an insurance agent/broker, which it acquired in late 2019 and other investments.

Fidelity Insurance (Cayman), in its first full year of contributions to RoyalStar Holdings, produced $1.691m worth of net income, of which the latter’s share was $545,395. Equally profitable was its 45 percent share in Gateway Financial Holdings, the entity that acquires delinquent mortgage loans from Bahamian commercial banks and restructures them.

Gateway Financial produced a further $1.167m in net income for its shareholders in the 12 months to end-December 2020, of which RoyalStar Holdings’ share was some $525,836.

That, though, was down on 2019, when Gateway Financial generated $3.74m in profits with RoyalStar Holdings enjoying a $1.683m share.

and to better enjoy the coastline view. Both will eventually learn to ride, but their focus for doing so is different. The same is true for the minimum wage argument. We should not simply be seeking increased pay for individuals but creating a more facilitative environment for economic mobility and wealth creation. We should be focused on solving two connected issues - a low minimum wage and low productivity.

The Bahamas currently enjoys a relatively low level of employee productivity, and does not compare well with Caribbean peers or on the wider global scene.

Many argue that, relative to the cost of living, the minimum wage, too, is very low. But the minimum wage in The Bahamas compares very favourably with regional peers, and is superior in most instances. The civil service, for example,

an area that receives a higher minimum wage than their private sector counterparts, experiences a very low level of productivity as noted by a recent report.

However, these two measures have an important difference. The minimum wage is absolute while productivity is an average. One could argue that failing to increase (or having a low level of) the former punishes those who operate at the highest levels on the

productivity scale, but functionally find themselves in circumstances they cannot extricate themselves from in favour of better employment. There are factors which cause some people to become stuck in a cycle of poverty and economic immobility.

We should see that the potential for broader gains lies in fixing both. One

SEE PAGE 14

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THE TRIBUNE

EXUMA RESORT GAINS DUAL TRAVELLER BOOST AN Exuma-based resort property says local travellers and longstay international guests have helped offset COVID-19’s fall-out.

Grand Isle Resort & Residences added that it had experienced a noticeable uptick in Bahamian and resident arrivals during the pandemic, with families opting to vacation closer to home amid border/travel closures, lockdowns and other restrictions designed to slow the virus’ spread.

“Like everyone else, we struggled through the challenges of the lockdowns, curfews, restrictions, travel bans and just plain fear of travelling when the

BAHAMIANS are showing more interest in local resorts such as Grand Isle Resort & Residences in Exuma, taking advantage of special rates and enjoying breaks close to home as tourism begins to recover. pandemic turned the world upside down,” said Michael Lorenz, marketing director

Homeowners tell PM: Honour $40k rebate FROM PAGE ONE

the Fort Charlotte area was too high and that his government had dropped it to $140,000 upon taking office in May 2017.

However, Mr Pratt said the pricing adjustment had only been applied to the final six homes that had yet to be sold in Ardastra Gardens Estates No.3 when the change was made. He added that all existing homeowners had been “fighting” to receive the same $40,000-plus rebate from

the government for the past two-and-a-half to three years without success.

He added that the situation had been worsened by the fact several homeowners had subsequently received appraisals valuing their properties at far less than they paid for them, effectively trapping them in negative equity, while they had also been forced to hire private contractors to correct construction-related deficiencies.

Mr Pratt said the homeowners had been “fighting”

for Aimbridge Hospitality, which manages bookings and events for Grand Isle. ever since Romauld Ferreira, minister of the environment and housing, told the House of Assembly in January 2019 that single-family homes in Ardastra Gardens were overpriced by between $13,980 and $18,650.

Arguing that neither Mr Ferreira, who could not be reached for comment yesterday, nor Dr Minnis, had ever delivered on the pledge the latter made in Parliament, Mr Pratt added: “One of the biggest fights we’ve been having with the Government for the past two-and-a-half to three years is to honour this rebate.

“It just hasn’t happened.

We tried to take him [Mr Ferreira] to task on it from then, and he refused to take our calls. It just hasn’t happened.

“We navigated that river of challenges by searching for a new stream of business.”

That came from offering villas for long-term stays beginning in mid-2020, appealing to persons who wanted to find a safe place where they could set up a temporary office and work from home.

Among the early takers was Tiffany Dunn, a partner at the Tennessee law firm of Loeb & Loeb, who came for a short period and ended up spending five months at Grand Isle. “My law practice didn’t skip a beat; it showed you really can live and work in paradise,” she said.

Another long-term renter,

entrepreneur Robert Saad, who arrived in November with his wife and is still living and working from a villa at Grand Isle, said: “What could have been a very difficult winter has become a memorable experience for all of us. I can highly recommend Grand Isle’s luxury homes and the staff is a class act.”

Further change came as Grand Isle began partial hotel operations with special rates, generating a response from those travelling within The Bahamas.

Other boutique resorts, marinas, luxury rentals and private islands are enjoying a similar experience, with increased demand

from both the local market and foreign high-end markets - especially from the northeastern US states and Canada. Grand Isle stopped well short of calling it booming, but believes it is a sign of a brighter future for Family Island properties that maintain high standards.

Mr Lorenz said: “It’s taken a long time to sink in, but I think Bahamians are finally realising it really is better in The Bahamas.”

He added that Americans’ credit card debt has declined and savings are up, making the desire to “just have fun” more realistic.

If we can get the $40,000 rebate back, we’re good. Everything else, the defects we have, we can deal with that on our own. We’re not asking for anything.”

Mr Pratt said he had purchased his home in Ardastra Gardens Estates No.3 for $159,000, but a neighbour had bought her’s for around $190,000. “A home like mine, when they did the appraisal on it, it was only valued at $120,000,” he added.

“The houses are $40,000 less than what we paid for them. They just never gave us the rebate. We’ve been fighting this for a while. Getting them to even sit down and listen to us is something we couldn’t get done.”

Mr Pratt said cracks in interior and exterior walls; septic tanks that overflowed and needed to be pumped every two weeks; and the fact homeowners had to pay for fill to level off their yards, were among the challenges that remain or have been overcome.

“There’s a lot of issues around here, and we’ve been complaining to [the Ministry of] Housing but housing are saying if those complaints come a year afterwards, it’s not their responsibility; not their problem,” he added.

Mr Pratt backed the contents of a release by

Alfred Sears, the PLP’s Fort Charlotte candidate in the upcoming general election, as “true”. Mr Sears yesterday struck a non-political tone, agreeing that the problems of Ardastra Gardens Estates No.3 started with the former Christie administration, but now the responsibility for correcting the matter lay with the current government.

Pointing out that government was continuous, he said:

“If the press reports are correct, Prime Minister Minnis misled Parliament and..... has not delivered the promised rebate to homeowners in Ardastra Estates No.3 and failed to make the following material disclosures to Parliament about the failure of his administration to address long-standing complaints of the residents of the Ardastra Gardens Estates No.3.”

THE TRIBUNE

Monday, April 19, 2021, PAGE 5

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WITH expectations of a post-crisis sudden acceleration in economic activity taking over the financial markets’ narrative, Value stocks are starting to pick up pace.

THE RETURN OF VALUE STOCKS

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

SEASONED stock market investors tend to divide shares in two main categories: Momentum and Value. The latter fits into the traditional philosophy of trading by acquiring stocks that are cheap but nevertheless have the potential to outperform more glamorous (and pricier) ones - something akin to bargain hunting. (Interestingly, data analysis shows that historically cheap stocks tend to perform better than pricier ones in the long run.)

On the other hand, Momentum trading consists of backing assets that are already performing well; good illustrations of this phenomena have been observed recently, especially in the rampant tech sector, with many traders investing in expensive stocks (Tesla, for example), only because such assets have been performing well, disregarding fundamentals such as profitability, assets owned, etc. In several cases capitalisation reached highs that have little to do with the actual financial performance of the company

(once again, Tesla would be a good example).

To put it very simplistically, we could describe Momentum trading as betting on the horse leading the pack, while Value requires more in-depth knowledge of the contenders potential and a mindset that overlooks the present situation, picking the winner by focusing instead on a careful analysis that entails the potential for future gains.

Over the last decade Momentum stocks dominated the scene, a trend that became even clearer in the last 12 months, with big tech names, such as Amazon, Tesla, Apple and Microsoft, riding a seemingly unstoppable winning streak that became in itself a reason to invest; a self-perpetuating cycle that is still going on.

Meanwhile, Value tittles were left behind, with one article published last year in the FT going as far as saying that bargain shares were having the worst run

of the last two centuries.

Since then, with expectations of a post-crisis sudden acceleration in economic activity taking over the financial markets’ narrative, Value stocks are starting to pick up pace; comprising sectors such as energy, industrial goods and financials, these firms tend to perform well during the expanding phases of the economic cycle. So, as investors started to assume an unprecedented economic recovery in the post-pandemic, the prices of many of these stocks started rising consistently, to such an degree that we could now start to reclassify some of them as Momentum.

To some extent we are approaching uncharted territory, as the two categories typically correlate in opposing ways, with one suffering when the other performs well and vice-versa. However, according to reports in the financial press several fund managers now expect

both to soon be growing alongside each other.

Moreover, the extremely disappointing performance of Value over the last decade means that there is a lot of ground to recover for many of these stocks, which could entail a protracted conjunction with Momentum. We may be about to enter an unlikely goldilocks period that, after a decade of setbacks, Value asset managers will surely celebrate.

PAGE 6, Monday, April 19, 2021

THE TRIBUNE

BAHAMAS AND CARIBBEAN CEOS FEAR TAX INCREASES Sandals ‘firing on all cylinders’ only from November 4

FROM PAGE TWO

upskilling as businesses look to drive innovation, sharpen productivity and ensure the right outcomes for customers,” Mr Rahming continued.

“The organisations that rise to these challenges will emerge stronger, more resilient and able to steer successfully through this period of momentous change. When aligned to the focus on ESG, this uplift in capabilities can also provide the foundations for building back better and delivering

for stakeholders in the years to come.”

PwC, summarising its Caribbean findings, said: “Cyber threats are the top concern for 67 percent of Caribbean chief executives, likely in response to a rise in cyber attacks over the past year. Also rising rapidly on the list of chief executive concerns is the spread of misinformation (78 percent).

“This coincides with the acceleration of companies’ digital transformations during the pandemic. Over half of chief executives plan

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to increase their investments in digital transformation by ten percent or more with no plans to slow down.”

While more optimistic about the economic outlook, the impact of climate change is becoming a growing concern for the Caribbean private sector.

“Chief executive optimism extends to their own company’s performance,” PwC said of its survey.

“In the Caribbean, 78 percent say they are either somewhat confident or very confident about their organisation’s prospects for revenue growth over the next year. Even more positive, 88 percent are confident looking ahead three years.

“One third (31 percent) of Caribbean chief executives have factored climate change into their strategic risk management activities [compared to] 37 percent globally,” the accounting firm added.

“Some of these chief executives are located in countries with high natural hazard exposure so we might expect this figure to be higher and businesses to be better prepared for climate change risk. In contrast, 82 percent of chief executives in the Caribbean selected climate change as a concern. Fifty-nine percent of them are somewhat concerned and just 24 percent extremely concerned.”

FROM PAGE ONE pandemic hit in March 2020, and lockdowns plus other restrictions were imposed.

The November 4 date, which is posted on Sandals’ website, marks the third time that the Royal Bahamian’s opening has been delayed this year alone.

The move yesterday sparked trade union and labour activists to call for Sandals to pay full redundancy and associated benefits to Royal Bahamian staff, rather than keep them on furlough as allowed by the government’s emergency COVID-19 orders, which presently suspend this requirement until end-June 2021.

Obie Ferguson, whose Bahamas Hotel, Maintenance and Allied Workers Union has sought unsuccessfully for years to conclude an industrial agreement on behalf of Sandals Royal Bahamian staff, said the extension of the resort’s closure until November 4 would be “difficult if not impossible” for staff to survive financially having already waited over a year for the re-opening.

However, Mr D’Aguilar argued there was no better time for resorts to undertake major product upgrades and renovations than now given the slow rebound of stopover tourism amid ongoing COVID-19 related travel restrictions and vaccine roll-outs.

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Acknowledging the continuing impact on hotel staff, he nevertheless added: “If there’s ever a time to upgrade your property this is the time, and the only reason I say that is because it’s clearly going to take some time for the numbers to bounce back.

“Some people estimate a year to 18 months, others 24 months, to bounce back, and if you feel you are not going to be operating in the most cost effective and optimal manner this is the best time to do your renovations.

“By the time you have finished that renovation, any lingering effects of COVID19 will have dissipated and you are able to re-enter the market with better product when it is firing on all cylinders. It’s a pretty strategic time to do your renovations.

People are at home, the hotel has extremely low occupancies. This is the time to do it.”

Mr D’Aguilar said Sandals executives had yesterday informed him they plan to do just that, adding: “They are undertaking a substantial renovation of that property. They want to create a number of river0-side suites; they have these long rivers winding through the property.

“They are also expanding their restaurants to give them a better view. It seems as if it’s full steam ahead. They seem very full on and very excited, and are expecting a robust bounce back. They wanted to be ready to yield more from their inventory and restaurant. They [Sandals] are always a good gauge of how things are going in the Caribbean.”

Mr D’Aguilar, disclosing that Sandals plans to use Bahamian contractors and tradesmen to do much of the work, although he provided no details on the number of jobs or amount of investment, said Royal Bahamian was far from alone in using the COVID-19 pandemic to launch product enhancements that will be ready for when tourists return.

Baha Mar’s owner, Chow Tai Fook Enterprises (CTFE), has already closed its Melia Nassau Beach Resort property for two years to undertake what it has described as $100m worth of renovations, while the Nassau Cruise Port has exploited the 13-month long absence of cruise ships and passengers to press ahead faster with Prince George Wharf’s $250m transformation.

The absence of traditional tourist volumes has caused hotel and cruise industry cash flow to dry up, with outgoings far exceeding inflows, and Mr D’Aguilar acknowledged there were likely to be questions as to why Sandals and others had not elected to launch product upgrades earlier in the pandemic.

“One would have hoped and wanted them to start

renovations when COVID19 started, but no one knew what was happening and the financial position was uncertain,” he told this newspaper.

“Now the vaccine is being rolled out, we have a clearer picture of when the tourism industry will come back.

“We know the worst effects are behind us; we can see our way through this crisis, and that’s with the vaccination of as many people as possible. There’s a vast amount of pent-up demand, and people are anxious to take a break from this COVID-19 gloom, so one hopes the ramp up is quick and will not take as long as 18-24 months. One hopes it will come back quicker than that.”

Sandals, in a statement, said it will be “reimagining” more than 200 guest rooms and suites as part of the Royal Bahamian upgrade, as well as adding the so-called “river suites” and other additional features and facilities.

It added that the Cable Beach resort was being closed until November 4 to avoid any disruption to the guest experience from the construction work, with Adam Stewart, Sandals’ executive chairman, quoted as pledging the all-inclusive hotel chain’s continued commitment to The Bahamas. He had told a recent Bahamas Hotel and Tourism Association (BHTA) meeting of the continued closure.

However, Mr Ferguson, also the Trades Union Congress (TUC) president, said the improvements would likely be of little comfort to Sandals Royal Bahamian staff in the short-term. The resort was initially scheduled to return to the market in late January, but that date was extended to March 31 only to then be moved back another month to May 1, and now to November 4.

“That will have a serious impact on them,” he told Tribune Business. “The hotel being closed until November 4 will put them in a very difficult position economically.

It’s not the best news one can have. It’s very difficult to ask them to have to wait now until November with no sort of real income. That’s very difficult if not impossible.

Holy smoke. November 4.

“Some of the workers were waiting and being very patient, trying to cope with the protocols. I don’t know how anyone can realistically expect an employee to wait until November with no real income. The $100 a week government unemployment benefit certainly won’t do the trick. You’re talking 20 months since the hotel was last open. That’s almost two years.”

Mr Ferguson urged that Sandals Royal Bahamian pay staff due termination pay and severance, while giving them “first preference” to return and reclaim their jobs once the resort opened. “That is the best route to go so at least they have some money,” he argued.

THE TRIBUNE

Monday, April 19, 2021, PAGE 7

Drinks distributor teams to feed tourism workers A BAHAMIAN drinks distributor teamed with two restaurants to help feed tourism and hospitality workers who have lost their jobs and incomes due to the COVID19 pandemic.

Jimmy’s Wines & Spirits, the retail distribution arm of the Bahamian Brewery and Beverage Company, and the Tito’s Handmade Vodka brand it distributes, partnered with Poop Deck Sandyport & Taj Mahal as part of its Food 4 Friends initiative.

“Tito’s Food 4 Friends is the non-profit arm of its parent company, 5th Generation,” explained Susan Warren, Jimmy’s Wines & Spirits portfolio specialist.

“As part of its community outreach, the company graciously gives away free meals to hospitality staff working with their local distributors.”

In November 2020, Jimmy’s Wines & Spirits, the distributor of Tito’s Handmade Vodka, was asked to participate in the charity effort. It teamed with the restaurants to provide more than 200 meals to workers in the hospitality industry, and repeated this on April 8, 2021.

JIMMY’s Wines and Spirits staff pose with recipients of a Taj Mahal lunch, which was part of its charitable outreach programme with Tito’s Food 4 Friends. Hospitality workers were treated to meals from both Poop Deck and Taj Mahal.

Photos: Donald Knowles/Barefoot Marketing “I was extremely pleased that we were again chosen to participate in this charitable event,” said Susan Warren.

“I immediately reached out to Poop Deck Sandyport and Taj Mahal to again assist us with food preparation and distribution of meals.

“Both restaurants prepared and served the free meals. We could never do this without them. We hope

that all those working in the hospitality industry will return to work soon, and we’re happy to do our part to assist with these free meals.

“A special thanks to Tito’s Vodka, Poop Deck Sandyport, Taj Mahal, Jimmy’s Wines & Spirits, and all who volunteered time and their efforts to feed over 300 people to date.”

PAGE 8, Monday, April 19, 2021

Island Luck co-founder strikes US plea bargain FROM PAGE ONE

a plea of guilty to certain charges.”

Judge Cote ordered that the US government’s presentence report on Mr Fox be submitted to the court

by June 18, with any submissions on the Island Luck co-founder’s behalf made a week earlier on June 11.

And, given the US travel and immigration restrictions created by the COVID-19 pandemic, the federal authorities have agreed to wrap his “changeof-plea” and sentencing

into one hearing, rather than hold them separately as is normally the case.

Given the relatively minor count he is pleading guilty to, it is highly possible that Mr Fox will avoid any US jail sentence, which marks a major reversal from as recently as January 2020, when Judge Cote branded him a “fugitive” from US justice after dismissing his bid to have the federal authorities’ case thrown out.

The Island Luck cofounder had previously argued that the human trafficking charges should be

dismissed because the US government’s near 10-year failure to launch extradition proceedings against him had breached his “right to a speedy trial” - an objective he has now achieved through the plea bargain.

He was charged in a sealed April 4, 2010, indictment that was subsequently revealed three months later after his alleged co-conspirator, fellow Bahamian citizen, Mario Bowe, was arrested by US law enforcement.

Bowe, the son of the late Sir Lynden Pindling’s confidant, Felix “Mailman”

Bowe, ultimately pled guilty in September 2010 and was sentenced to 33 months in prison in early 2011. He is understood to have been released from prison and returned to The Bahamas, but Mr Fox had remained outside the US judicial system’s reach ever since until now.

The pair were initially accused of masterminding a three-year human smuggling operation that involved bringing Chinese and other migrants into the US, arranging “transportation and safe houses” for them in The Bahamas while

THE TRIBUNE they waited to travel to New York Via Miami.

However, Mr Fox’s attorneys had earlier challenged their client’s labelling as “a fugitive” on the basis that he had never “set foot” in New York or the US when committing the alleged offences.

“The government has done nothing to bring Fox to justice other than reject every one of his efforts to negotiate a voluntary selfsurrender,” they blasted.

“The government had a constitutional duty to extradite Fox yet took no steps to do so for over nine years.

It has offered no excuse for this apparently flagrant violation of Fox’s constitutional rights.”

Mr Fox was Mr Bastian’s 50/50 partner in Island Luck’s rapid expansion prior to the industry’s legalisation, regulation and taxation by the former Christie administration.

He has remained in the public spotlight through

the charitable activities of his Fox Foundation, which has previously financed an extensive neighbourhood clean-up in the Kemp Road area/Freetown constituency.

The foundation traditionally holds an annual Christmas block party and gift/food giveaway for residents in the same area, but switched its giving to a beautification project in 2019 just prior to the COVID-19 pandemic.

To advertise in The Tribune, contact 502-2394

Inteligo Bank Ltd. Statement of Financial Position December 31, 2020 (Amounts expressed in thousands of US$ dollars)

Independent Auditor’s Report The Board of Directors Inteligo Bank Ltd.

5, 11 5

Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Inteligo Bank Ltd. (the “Bank”) which comprise the statement of financial position as at December 31, 2020, and the statement of income , statement of comprehensive income, statement of changes in shareholder’s equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Bank as at December 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

6, 21 6, 21

7

ASSETS Cash and deposit with banks Cash Deposit with banks: Demand deposits Time deposits

9

9

93,931 59,864 153,804

141,242 61,061 202,312

Financial assets: At fair value through profit or loss (FVPL) (includes $71,675 pledged as collateral in 2020) (2019: $71,675)

399,494

354,929

At fair value through other comprehensive income (FVOCI) (includes $36,959 pledged as collateral in 2020) (2019: $39,379)

105,866

117,044

505,360

471,973

464,943 464,943

503,459 503,459

8,264 5,705 3,283 5,004 8,920 31,176

11,607 6,081 3,332 12,153 33,173

1,155,283

1,210,917

Loans, net

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Bank in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and the Board of Directors for the Financial Statements

8 9 10

2019 US$ 000

2020 US$ 000

Notes

Accrued interest receivable Property, furniture, equipment and improvements Intangible assets Securities sold pending settlement Other assets

TOTAL ASSETS

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Bank’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

1

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The accompanying notes are an integral part of these financial statements.

4

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: •

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,2 future events or conditions may cause the Bank to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

April 8, 2021

Interested parties may obtain completed Audited Financials from the LICENSEE Inteligo Bank Ltd. First Floor Seventeen Shop Building Fourth Terrace Centreville P. O. Box N-3732 Nassau N.P. Bahamas T (242) 328-6846/F (242) 328-6847 Email@inteligogroup.com

THE TRIBUNE

Monday, April 19, 2021, PAGE 9

CHINA’S GROWTH SURGES TO 18.3% BUT REBOUND LEVELING OFF

BEIJING Associated Press

CHINA’S economy grew by double digits in the latest quarter but an explosive rebound from the coronavirus pandemic is slowing abruptly as manufacturing and consumer spending return to normal.

The economy grew by 18.3% over a year ago, official data showed Friday, a figure that was magnified by comparison with early 2020, when factories and shops were closed and activity plunged. Growth compared with 2020’s final quarter, when a recovery was under way, slowed to 0.6%, among the weakest of the past decade.

The latest figures “mask a sharp slowdown” in the world’s second-largest economy as stimulus spending and easy credit are wound down, Julian Evans-Pritchard of Capital economics said in a report.

“China’s post-COVID rebound is leveling off,” Evans-Pritchard said.

Manufacturing, auto sales and consumer spending have recovered to above pre-pandemic levels since the ruling Communist Party declared victory over the

coronavirus last March and allowed factories and stores to reopen. Restaurants and shopping malls are filling up, though visitors still are checked for the virus’s telltale fever.

The economy “delivered a stable performance with a consolidated foundation and good momentum of growth”, the National Bureau of Statistics said in a report.

Forecasters expect economic growth of at least 7% this year but say China’s outlook is clouded by trade tension with Washington and disruptions in global supplies of processor chips needed by smartphone makers and other tech industries the ruling party is counting on to propel a self-sustaining economy and reduce reliance on trade.

The latest figures are in line with expectations due to the low basis for comparison in early 2020. The economy shrank by 6.8% in the first quarter, the worst performance since at least the mid-1960s.

Activity started to recover in the second quarter of 2020, when the economy expanded by 3.2% over a year earlier. That accelerated to 4.9% in the third quarter and 6.5% in

NOTICE NOTICE is hereby given that

the final three months of the year.

For the full year, China eked out 2.3% growth, becoming the only major economy to expand while United States, Europe and Japan struggled with renewed disease outbreaks.

This year, the International Monetary Fund and private sector forecasters expect growth to rise to above 8%. The ruling party’s official target is “above 6%”.

Government data indicate consumer spending, a pillar of the ruling party’s plan to reduce reliance on exports, is accelerating while growth in factory output and investment are slowing.

Retail spending rose 34.2% in March, up from 33.9% for the full first quarter, according to the NBS.

NOTICE NOTICE is hereby given that SAMMY GIBSON DORCELY of Sun Rise Road, Nassau, 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 19th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Apply in writing, with full CV, examples of work, and salary expectations, to D131105, P.O. Box N-3207, Nassau, Bahamas

MACASA INTERNATIONAL INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MACASA INTERNATIONAL INC. is in dissolution as of April 9.2021

Blesshare International Ltd. Voluntary Liquidation

MULBERRY ADMINISTRATION LIMITED Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of Blesshare International Ltd., was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 23rd March, 2021.

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of MULBERRY ADMINISTRATION LIMITED., was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 23rd March, 2021.

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor Shirley & Charlotte Street, P.O. Box N-4865 Nassau, Bahamas

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor Shirley & Charlotte Street, P.O. Box N-4865 Nassau, Bahamas

MARKET REPORT www.bisxbahamas.com

FRIDAY, 16 APRIL 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1958.64

-0.01

%CHANGE

YTD

YTD%

0.00 -133.82

-6.40

(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

1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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 3.25 4.40 2.97 5.67 9.75 2.63 7.00 11.04 9.00 14.00 3.99 8.35 15.50

CLOSE 5.00 32.12 1.62 2.90 1.59 5.50 6.96 3.25 4.40 2.97 5.67 9.75 2.55 7.00 11.11 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

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)

• At least ten years of senior management experience in newspapers, preferably with a regional daily or national paper, • Hands-on experience across all multi-media platforms and strong social media background, • First-class professional credentials including the ability to write well, over see and design attractive broadsheet and tabloid pages, • Full working knowledge of Apple Mac, InDesign and Photoshop software

NOTICE

Legal Notice International Business Companies Act, 2000

CORPORATE DEBT - (percentage pricing)

The successful applicants will have;

LEGAL NOTICE

Legal Notice International Business Companies Act, 2000

1.00 10.00 1.00

A daily newspaper is seeking a first-class Managing Editor.

be critical for China’s economic growth, mostly in technology development,” said Pang in a report. “It is likely that the US will continue to put more pressure on China.”

Spending on restaurants jumped 75.8% in the first quarter over a year ago, a period when most were closed for weeks. E-commerce rose 29.9%.

LIQUIDATOR _____________________

PREFERENCE SHARES

Managing Editor

other technology for Chinese tech giant Huawei and other companies in a feud with Beijing over technology and security.

President Joe Biden says he wants better relations with Beijing but has yet to indicate whether he will roll back sanctions or tariff hikes imposed on Chinese goods by his predecessor, Donald Trump.

“China-US relations with

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

SAVANNAH SQUELLE WILLIAMS, of Malcom Alotment,

Delivarance Way New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Factory output rose 24.5% in the first quarter while investment in real estate, factories and other fixed assets increased 25.6%.

“The focus should be on consumption data, which kept improving,” Chaoping Zhu of JP Morgan Asset Management said in a report.

Quarterly growth compared with the previous quarter should stabilise at 1%-2%, according to Iris Pang of ING. Pang raised her full-year growth forecast to 8.2% from 7%.

Still, some warn a Chinese recovery still isn’t certain because global demand is weak as some governments re-impose anti-disease curbs that are disrupting business and trade.

Tech industries are hampered by US sanctions that block access to chips and

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGRS780222 BGRS FL BSBGRS760240 BGRS FL BSBGR870288

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.08) 0.00 0.07 0.00 0.00 0.00 0.00 0.00

VOLUME

5,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

14

VOLUME

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

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 -7.4 31.4 16.1 12.6 13.5 25.0 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% 17.02% 0.86% 2.95% 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

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

THE TRIBUNE

Monday, April 19, 2021, PAGE 13

S&P 500 HITS ANOTHER RECORD, MARKS 4TH WEEKLY GAIN IN A ROW Associated Press

STOCKS added to their recent gains Friday, driving the S&P 500 and Dow Jones Industrial Average to new highs.

The S&P 500 rose 0.4%, led by gains in companies that rely directly on consumer spending, health care stocks and banks, which benefited from higher Treasury yields. The benchmark index notched its fourth straight weekly gain.

The gains were tempered by modest declines in technology stocks, which have been prone to pull back when bond yields move higher. Rising bond yields

tend to make shares in technology companies that have had a strong runup over the past year look too expensive.

Crude oil prices slipped, weighing down energy companies.

Bond yields rose broadly after falling earlier in the week. The yield of the tenyear Treasury note rose to 1.59% from 1.53% late on Thursday. Still, bond yields are down from the highs they hit earlier in the month, when the ten-year note traded at a yield of 1.75%.

“There’s sort of a churning with regard to interest rates and in the market itself,” said Tom Martin, senior portfolio manager with

Globalt Investments.

The S&P 500 rose 15.05 points to 4,185.47. The Dow gained 164.68 points, or 0.5% to 34,200.67. The S&P and Dow also hit all-time highs on Thursday. The technology-heavy Nasdaq inched up 13.58 points, or 0.1%, to 14,052.34 after recovering from an early slide.

The Russell 2000 index of smaller companies added 5.60 points, or 0.2%, to 2,262.67.

Stocks have rallied in recent weeks amid a string of encouraging reports on hiring, consumer confidence and spending that point to an accelerating US economy.

COVID-19 vaccinations and

massive support from the US government and Federal Reserve are fueling expectations for solid corporate profit growth as more businesses reopen after being forced to close or operate on a limited basis due to the pandemic.

The last round of stimulus from the government helped lift retail sales, and investors now have to weigh other proposals in Washington, which include investments in infrastructure and potential tax changes.

“Market participants are just trying to figure out, given the stimulus that’s already in the market, how do we handicap these next

couple of rounds,” Martin said.

Investors also continue to be focused on the global economic recovery. China’s economy expanded at a sizzling annual pace of 18.3% in the first quarter of the year, the government reported Friday. The world’s second-largest economy contracted, as most of the world did, during the first months of the pandemic.

Homebuilder stocks moved broadly higher on Friday after the Commerce Department said that US home construction rebounded strongly in March to the fastest pace since 2006, as builders

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 77° F/25° C Low: 67° F/19° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Humid; breezy in the morning

Partly cloudy and humid

Humid with clouds and sun

Humid; a t‑storm around in the p.m.

A morning thunder‑ storm; some sun

Sunny intervals, a shower; breezy

High: 86°

Low: 72°

High: 85° Low: 73°

High: 86° Low: 71°

High: 82° Low: 69°

High: 81° Low: 71°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

95° F

79° F

96°-77° F

97°-78° F

91°-69° F

86°-69° 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: 82° F/28° C Low: 76° F/24° C

8‑16 knots

S

High: 88° F/31° C Low: 74° F/23° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 76° F/24° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TUESDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 76° F/24° C Low: 70° F/21° C

High: 84° F/29° C Low: 73° F/23° C

MIAMI

High: 90° F/32° C Low: 75° F/24° C

6‑12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 70° F/21° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/21° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.16” Normal year to date ..................................... 5.51”

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 72° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 84° F/29° C Low: 75° F/24° C

N

KEY WEST

High: 85° F/29° C Low: 78° F/26° C

High: 84° F/29° C Low: 75° F/24° C

N

S

E

W

6‑12 knots

S

6‑12 knots

ANDROS

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

High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Thursday

4:14 a.m.

4:46 p.m.

2.6 2.3

10:44 a.m. 0.3 10:56 p.m. 0.2

Friday

5:10 a.m.

5:41 p.m.

2.7 2.7

11:35 a.m. 0.0 11:55 p.m. 0.0

Saturday

6:03 a.m.

6:33 p.m.

2.8 3.0

12:23 p.m. ‑0.3 ‑‑‑‑‑ ‑‑‑‑‑

Sunday

6:54 a.m.

7:23 p.m.

2.9 3.2

12:51 a.m. ‑0.3 1:10 p.m. ‑0.6

sun anD moon Sunrise Sunset

6:44 a.m.

7:34 p.m.

Moonrise Moonset

12:09 p.m.

1:27 a.m.

First

Full

Last

New

Apr. 20

Apr. 26

May 3

May 11

High: 83° F/28° C Low: 75° F/24° C

High: 84° F/29° C Low: 76° F/24° C

N E

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 76° F/24° C

7‑14 knots

MAYAGUANA High: 84° F/29° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 83° F/28° C Low: 77° F/25° C

High: 83° F/28° C Low: 76° F/24° C

GREAT INAGUA High: 86° F/30° C Low: 76° F/24° C

N

N E

W

E

W

H

tiDes For nassau

SAN SALVADOR

GREAT EXUMA

High: 89° F/32° C Low: 75° F/24° C

L

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

CAT ISLAND

E

W

recovered from an unusually frigid February. The report also showed that applications for building permits, a good sign of future activity, increased by 2.7% to a seasonally adjusted annual rate of 1.77 million units. DR Horton rose 3.6% and KB Home gained 3.3%.

The rally in builder stocks helped power the S&P 500’s consumer discretionary sector’s gains, while Pfizer was among the big winners in the index’s health care sector, notching a 2.6% gain.

Technology and communication services stocks fell modestly. Apple slipped 0.3% and Facebook dropped 0.5%.

S

S

6‑12 knots

4‑8 knots

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

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

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

WAVES 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 0‑1 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 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. 77° F 77° F 81° F 82° F 81° F 80° F 81° F 80° F 80° F 79° F 80° F 80° F 80° F 82° F 81° F 81° F 81° F 80° F 80° F 79° F 80° F 79° F 80° F 80° F 80° F 79° F

PAGE 14, Monday, April 19, 2021

WHY THE MINIMUM IS NEVER ENOUGH FROM PAGE THREE is much easier to fix than the other is. One has the power to incentivise the other. The focus must be to work in our various spheres on improving training and productivity.

However, the policy discussion must connect the dots on this and therefore manage prevailing sentiments. Let us have a national thrust to improve human development and productivity. Let us build into the national strategy the means of doing so, for example by leveraging the Bahamas Technical and Vocational Institute (BTVI) more; encouraging and incentivising night school for high school diplomas,; putting government support behind businesses to facilitate apprenticeship; incentivising companies on training and employee development; and

using fiscal policy to encourage this. Let us usher in a new era where there is a national renaissance, and a seismic shift in rewarding a real strategic and deliberate thrust to build a culture of meritocracy.

The reasons for going beyond simple consideration of an increase in the minimum wage are many. Poor people stuck in survival mode do not generally dream and work in ways that improve national capacity. The problem to be solved is more than giving up a few more dollars; it is strategising and building a cohesive plan, and implementing viable treatments, geared at unleashing national potential. The individual who can better afford to spend on more education, or take on a productive endeavour, becomes a more productive

THE TRIBUNE citizen. With critical mass, the community and The Bahamas can change radically. Greater national income could ultimately lead to a lower cost of living and greater benefits for all in the long run. I understand there is a downside to this argument, but let us think in terms of the single mother who works day in and day out, struggling to make ends meet.

Her salvation lies not in earning an increased minimum wage, but in the ability to pull herself up beyond the confines of her existing routine. I have heard persons propose that it is best to allow the market to drive the rate of pay. If only life was that simple.

There are persons who must be protected, and there are those being exploited daily and living horrid lives because others refuse to pay them their worth. In some ways, the minimum wage is designed to do just that, but we must be consistently thinking higher and

thinking about how to change fortunes. I readily anticipate some will counter that persons must do better for themselves, and get new skills. But the practicality of that must be considered. Without a different look at the problem, the right solutions will never be derived. To be clear, I support the idea of persons putting in the effort to lift themselves up but with the caveat that until the environment is right there is work to be done. Let us not limit the thinking to simply increasing wages, which is not likely to result in any significant change, but rather to improving a person’s ability to live a decent life.

If you look at this from a different perspective, giving that individual a few more dollars may facilitate the ability to do more for one’s self, but it is not likely to be of sufficiently significant impact.

Having regard for our discussion to this point, and the

challenges highlighted, we must certainly ask the question raised earlier: 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 helping to drive the economy? The Bahamas has some unique challenges that cannot be solved by money alone. The economic indicators of being a wealthy country are significantly skewed against lower wage earners, while the gaps between the cost of living and income potential for many are too wide. Economic growth is too weak to counteract this, and systemically shift the fortunes of these persons. A more defined and clinical effort is needed at the individual level, but this must be broad-based enough to influence a critical mass large enough so that the difference can be felt nationally.

Against the backdrop of this discussion, I propose that as a country we take the following approach: • Rethink the approach to the conversation when discussing the minimum wage.

Great care should be taken to frame the conversation not simply in terms of what will accrue to the individual in dollar value, but rather in the wider context of the potential economic impact on The Bahamas and benefits for the productive sector. The discussion should not be framed narrowly and strictly in terms of the need for an increase, but rather on how any shift can be leveraged to facilitate growth.

• Rethink the effort to create value for the targeted individuals to ensure that ultimately they are given the best opportunity for growth.

The focus should be centred on creating a culture of high national productivity, which serves as a driver for national economic growth and, in turn, serves as the engine for driving up wages. Within the context of this discussion, there must be a clear focus on solving the productivity challenges across all sectors with the public sector taking a more definitive lead.

• View the post COVID-19 recovery not simply in macroeconomic terms. Understand that the desire for resilience, and being in the best position

to mitigate vulnerabilities, starts with the collective financial and economic strength of the citizen. Policy positions, therefore, in the face of limited options must have an impact that is more indigenous. The drive for individual and collective productivity, and for advancing human capital development, should be linked to supporting and enabling entrepreneurial efforts designed to advance the level of participation by regular citizens and small business entrepreneurs to the highest possible level. This would create wider and deeper economies around individuals and businesses through local investment and entrepreneurial activities, which has been historically challenging.

Conclusions The solutions to the many issues faced by The Bahamas are complex. In this piece, we sought to shed some light on how we approach discussions on solutions and to warn against the urge to narrow the assessment and analysis too soon. If as a country we shift the thinking away from solely focusing on financial metrics, in this case a minimum wage, we can see how the root cause of problems can be addressed.

The sustainable solution for low income earners is the enhancement of their ability to create wealth, thereby breaking generational cycles of poverty. The conversations must identify the high potential for economic scarring post-COVID, and consider how the vulnerable low income earning population, as well as other persons, will be affected. Now is the time to go well beyond the minimum. This “going beyond” is not simply in terms of a dollar amount, but involves serious policies, initiatives and programmes. These policies, initiatives and programmes must be fundamentally designed to facilitate persons, causing the country as a collective to more actively and easily answer: How do we facilitate positive changes in the personal economy of citizens such that the individual becomes more capable of being self-sufficient, is able to create wealth, and is thereby able to help to drive the national economy forward? I believe the answer lies in going beyond simple financial treatments.