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THURSDAY , APRIL 22, 2021
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‘Game changer’ offsets new US travel warning
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
OURISM chiefs yesterday hailed the government’s plans to ease COVID testing for fully vaccinated visitors as a “game changer” that will “offset” the latest US warning against travel to The Bahamas. Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business the prime minister’s revelation that tourists will no longer have to produce a negative COVID-19 PCR test from May 1 if they can prove they have received two vaccine jabs was “a huge deal” for his sector. Arguing that the move could pave the way for the return of up to 70 percent of the northern Bahamas’ boating market, Mr Maury branded Dr Hubert Minnis’ announcement as “timely” since it came just minutes after the US State Department revealed this nation is again subject to a so-called
• No COVID test for ‘fully vaccinated’ visitors from May 1 • North islands may see 70% of boating business return • Hotel chief brands move ‘gutsy’; ‘softens’ latest advisory
DIONISIO D’AGUILAR
ROBERT SANDS
“Level 4” travel advisory that warns: “Do not travel to The Bahamas due to COVID-19.” However, Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told this newspaper that The Bahamas’ release of a road map for easing COVID entry requirements will help “offset” and “soften” any fall-out among US travellers as a result of their government’s move.
Describing the prime minister’s disclosure as “gutsy”, he added that the removal of travel impediments such as the need to obtain a negative COVID-19 PCR test within five days before travelling to The Bahamas “creates an opportunity for the immediate growth of travel” and a faster post-pandemic tourism rebound. The prime minister clarified in the House of Assembly that “fully vaccinated” means persons who
PI entrepreneur says: ‘Crumbs not enough’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN entrepreneur yesterday blasted that “the crumbs are not enough” as he accused the government of employing double standards in how it has treated his project and that of Royal Caribbean. Toby Smith, who submitted a formal objection to the cruise line’s Paradise Islandbased Royal Beach Club to several regulatory agencies, questioned how much of the $100m in annual spending that project is forecast to generate will remain in The Bahamas.
The Paradise Island Lighthouse and Beach Club head, who has been seeking approval for a rival $2m project in the Colonial Beach area for the past decade, told Tribune Business his company “welcomes every single tourist to The Bahamas and considers the spending they do as foreign direct investment (FDI). “We want as much foreign direct investment as possible coming to our shores, and I’m sure many Bahamians share the view that we want as much revenue
SEE PAGE 4
PM: ‘I cannot undo home over-pricing’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE prime minister yesterday argued he is unable to undo the inflated prices charged to many homeowners in a government subdivision because their mortgages and title documents are already issued. Dr Hubert Minnis, refuting allegations he has failed to deliver on promises to offer Ardastra Gardens Estates No.3 residents some
DR HUBERT MINNIS $40,000 in rebates on houses his administration admits were sold “over-priced”, told the House of Assembly
SEE PAGE 6
have received two COVID19 vaccine jabs, not one. “Effective May 1, those travelling to The Bahamas from outside of the country will be exempted from a COVID-19 test if they are fully vaccinated and have passed the two-week immunity period,” Dr Minnis said. The “two-week immunity period” refers to current guidance from US health regulators on how long it takes for someone to become fully vaccinated once they have received their second jab. The adjustment in border testing requirements is designed to exploit the fact more than 77m US citizens have achieved this status, and accelerate tourism’s rebound and that of the wider economy, given that more than 90 percent of The Bahamas’ visitor base
SEE PAGE 5
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Banks suffer $145m hit to cover COVID losses By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian commercial banking industry booked $145m in collective provisions last year to cover expected COVID-19 loan losses, the Central Bank’s governor revealed yesterday. John Rolle, pictured, addressing the 2021 Bahamas International Financial Services Strategy Summit, said the fact loan loss provisions exceed the sector’s current delinquent loans “adds confidence” that the surplus capital carried by the commercial banks pre-pandemic leaves them well-positioned to cope with the fall-out. Disclosing that the Central Bank wants its licensees to reduce this surplus capital further over the mediumterm, despite difficulties many borrowers now face in servicing their loans, Mr Rolle added: “Domestic banks have already considerably positioned themselves for losses out of the pandemic. “Approximately $145m of such expected losses were charged to profits in 2020. This reversed trends of gradually reducing provisioning
levels since 2015. In addition, as a fraction of the non-performing loans, the provisioning coverage levels gradually increased to more than 100 percent in 2020 from a low of 40 percent of the non-performing loans a decade ago. “This adds confidence to our assessment of the level of preparedness that institutions have already made for losses...... Institutions have maintained significant excess capital. These are more than adequate to even to absorb potential loan losses that the pandemic could produce,” the governor continued. “In addition, the Central Bank maintains that the medium-term posture should be one of encouraging banks to reduce their capital levels. This is so that
SEE PAGE 4
PAGE 2, Thursday, April 22, 2021
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INTERNAL AUDIT’S ROLE BE PROPERLY DEFINED By ANISHKA COLLIE Chief Executive ATC Financial Advisors & Consultants
COMPANIES can establish an Internal Audit Department (IAD) to examine and evaluate, in an independent manner, their business systems and processes, along with controls and risk management. Such departments can provide recommendations to improve any weaknesses they uncover, thus providing reassurance that management and staff are discharging their responsibilities effectively and achieving corporate targets. As defined by the Institute of Internal Auditors (IIA), internal auditing is an independent, objective assurance and consulting activity designed to add value and improve a company’s operations. It brings a systematic, disciplined
ANISHKA COLLIE approach to evaluating and improving the effectiveness of governance processes. Whether your company’s goal offers services of physical products to customers, the IAD exists to help it achieve its goals and business objectives in an ethical, legal and
well-governed manner, thus enabling it to behave as a responsible corporate citizen. However, independence requires the IAD to have freedom from conditions that threaten its ability to properly carry out internal audit responsibilities in an unbiased manner. To provide independence, the reporting relationships, authority, objectives and responsibility of the IAD are established by an audit committee on behalf of the company’s board of directors. The internal auditor reports to the chief executive or their equivalent for administrative purposes, and has full and independent access to the audit committee. Internal Audit’s authority • The IAD is established to perform internal audit and review (investigation and inspection) engagements. As such, all systems,
processes, operations, functions and activities within your company are subject to an internal audit evaluation. • The IAD must have unrestricted access to all information, documents, property and personnel. Where unrestricted access is not given, this impacts the engagement scope and effectiveness. This scope limitation should be reported to the chief executive and the audit committee. • The board and the chief executive are to recognise the importance of an impartial and objective assessment of management’s performance, and fully support the IAD as an independent appraisal function that examines and evaluates the company’s activities as a service to the board and management.
• The internal auditor is part of, and co-operates with, the management team in a joint effort to ensure the company’s success in achieving its goals. • The internal auditor has the authority to initiate, carry out and report on any action that is considered necessary to fulfill the IAD’s goal. • The internal auditor and staff of the IAD are not authorised to:
• Perform any operational duties for your company or its affiliates. • Initiate or approve accounting transactions external to the Internal Audit Department. • Direct the activities of any company employee not engaged by the Internal Audit Department. • Perform an internal audit of an operational department where he/she previously worked for at least one year.
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Thursday, April 22, 2021, PAGE 3
‘CATASTROPHIC’ IF LATEST COVID WAVE RUNS FREE
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE hotel union’s president yesterday warned it would be “catastrophic” for Bahamian tourism and the wider economy if the country fails to control the latest COVID-19 outbreak. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) chief, told Tribune Business that Bahamians must pull together and “do whatever is in our power” to curtail a surge in infections that yesterday prompted the US State Department to issue an advisory warning it citizens against travel to this nation. Fearing this could make travellers from a market currently producing more than 90 percent of The Bahamas’ visitors “think twice” about travelling here, Mr Woods said the union had just released a message to its members urging them “not to let your guard down” when it came to observing COVID-19 health protocols. Estimating that just 25 percent to 30 percent of the hotel industry’s total workforce have been recalled
DARRIN WOODS to-date, as the sector continues the long trek to post-pandemic recovery, he added that the multiple vacation options Americans possess at home and abroad mean The Bahamas is “especially vulnerable” to a so-called ‘third wave’ of the virus. “What we are saying to Bahamians and our members is: ‘Don’t let your guard down;’,” Mr Woods disclosed to this newspaper. “Don’t take anything for granted. We’re very concerned. We just sent out a notice to remind our people we’re not out of the woods yet. “Dr [Mercelene] DahlRegis and Dr Forbes from the health side indicated we’re far from it, and if we don’t manage it that could be catastrophic for us.”
Cruise line predicts home port boost for local firms ROYAL Caribbean is predicting that multiple Bahamian businesses will enjoy a much-needed post-COVID boost once it begins home porting in Nassau from June 12. The cruise line’s Adventure of the Seas will begin its weekly seven-night cruises from the Bahamian capital on June 12, with the hundreds of incoming passengers and crew creating opportunities for local companies to exploit. “We at Royal Caribbean are excited about this next step in our journey,” said Russell Benford, Royal Caribbean’s group vicepresident responsible for government relations in the Americas, “not just because we will be able to sail again in The Bahamas, which remains our number one destination, but because of the opportunities that home porting unfolds for so many Bahamian businesses and attractions including our many Bahamian partners.
“We also look forward to forging new friendships in the hospitality sector as a result of guests arriving ahead of their cruise or having the opportunity to stay in Nassau or travel to one of the Family Islands after their cruise.” Royal Caribbean has received government approval to base Adventure of the Seas in Nassau as its home port through mid-September. The 3,800-passenger ship will sail with vaccinated crew and guests more than 18 years-old. Only those with negative COVID test results will be allowed to board. Michael Bayley, Royal Caribbean’s president and chief executive, forecast recently that passenger response to the initial offering to board in Nassau would be warmly received after a year of lockdowns, curfews and travel restrictions that have whet the
Noting that almost 200 new COVID-19 cases were detected over a four-day period leading up to and including last weekend, he added: “That’s a lot.” With outbreaks in public schools suggesting that “community spread” is taking place, and concerns being voiced about COVID-19 mutations that are more easily transmissible and starting to affect young people more, Mr Woods said: “That’s something we’re looking to get a handle on.” The Bahamas suffered a fresh blow yesterday, although there are hopes newly-announced testing exemptions (see article on Page 1B) will counter this, after the US State Department followed the Centres for Disease Control and Prevention (CDC) lead in issuing a ‘Level 4’ advisory warning its citizens against travelling to The Bahamas due to the latest rise in COVID-19 cases. “We’re always concerned about any travel advisory levied against us,” Mr Woods told Tribune Business. “It causes the travelling public to think twice, particularly if they’re thinking safety first. They’re definitely going to
weigh the pros and cons. “That’s why we’re so vulnerable. They have the option of flying to The Bahamas or driving to Miami, driving to Daytona Beach or anywhere in Florida. That’s why we have to do the best job we can to manage this new wave because we definitely don’t want it to get out of hand.” Pointing to the ongoing difficulties being experienced by the likes of Europe, Canada, India and much of Latin America, all of which are grappling with high or increased levels of COVID-19 infections, Mr Woods added: “As it relates to the travel advisory, we’re always concerned as it relates to those sort of things. “We need to do whatever is in our power to reduce the latest wave and increase in numbers, and get them back down to where we were having just a few. The health officials predicted some time ago there would be a third wave, but we just have to follow all the health and safety protocols. “There’s no doubt they’re [the government] doing what is necessary to bring about the best results, but the proof of the pudding is when we start to eat. We
appetite “to just get out and have fun”. “We were bringing in approximately 1.5m guests a year to the port of Nassau prior to the COVID-19 pandemic,” said Mr Benford. “In 2019, we extended our length of stay in port, yet operators of attractions, merchants and other businesspeople urged us to stay even longer. “Now, our guests who fly to Nassau to board Adventure of the Seas will have the opportunity to enjoy the historic city even more. They will have more time to shop, try different restaurants. They may choose to book a hotel for a night or a week before or after their cruise. “They may take taxis to parts of the island like Clifton Heritage National Park or explore more of the Bahamas National Trust’s parks, book a charter fishing trip or go diving.” Mr Benford added that home porting “opens up doors that we hope will help Bahamian businesses prosper, including in Grand Bahama where Adventure of the Seas will be refueling
and provisioning, introducing countless opportunities, especially in the farming and agriculture sectors”. Royal Caribbean’s spend in The Bahamas prior to COVID-19 enforced sailing suspension was $300m annually, it said in a statement. That includes dockage fees; National Insurance payments; staff salaries at its private island destination, Perfect Day at CocoCay in the Berry Islands; contracts with tour operators; small businesses; suppliers and vendors; ship agent fees; and government taxes.
‘GREEN’ ENTREPRENEURS GET SOCIAL MEDIA FOCUS THE Ministry of the Environment and Housing yesterday organised a social media event that brought together Bahamian entrepreneurs involved in this nation’s “green economy”. Held as part of Earth Day 2021 celebrations under the theme, Restore our Earth, which focuses not only on environmental cleanup efforts but also the importance of minimising pollution, the Green Table Talk session was held at the Bahamas National Trust on Village Road. It featured young entrepreneurs including Carlos Palacious, engineer, Eden
Farms and BRON; comedian Das Quay; Benjamin Davis of All Green Car Rental; Barisse Griffin, disaster relief manager, University of The Bahamas; and Lashanti Jupp of Marine Conservation. The event was organised by Dr Rhianna Neely-Murphy, head of the climate change unit at the Ministry of the Environment. Gardening kits featuring
Bahamian produce and an irrigation system were also distributed to members of the public via a drivethrough process. Photo: Kristaan Ingraham/BIS
hope whatever happens will lead to an uptick in vaccination rates and that we manage the new wave we have.” Mr Woods said between 25-30 percent of hotel workers have been recalled by their properties, with many rotating staff in and out to try and give as many as possible some work. The CDC, in moving The Bahamas back to ‘Level 4’ and a “very high level of COVID-19” earlier this week, urged all US citizens once again to avoid travelling to The Bahamas - and was joined by the US State Department two days later. “Because of the current situation in The Bahamas even fully vaccinated travellers may be at risk for getting and spreading COVID-19 variants, and should avoid all travel to The Bahamas,” the US health authority warned. “If you must travel to The Bahamas, get fully vaccinated before travel. All travellers should wear a mask, stay six feet from others, avoid crowds and wash their hands.” Such warnings could have a major deterrent effect on a US tourist source market that presently accounts for 90 percent-plus of all
visitors to The Bahamas given the current travel restrictions still in place in Canada and much of Europe. However, it is unclear how many Americans will pay heed to the CDC’s Bahamas downgrade, and/or whether this will influence any travel and vacation decision-making. And the revision is somewhat counterbalanced by the rapid COVID-19 vaccination rates and roll-out in the US, where some 50 percent of adults - and more than 80 percent of seniors - have had their first vaccine shots. The CDC move, which reverses its upgrade of The Bahamas to “Level 3” status just three months ago, comes in response to a significant recent spike in COVID-19 cases that has led to public health officials fearing the country faces a “third wave” of infections. A further 68 COVID-19 cases were reported yesterday. Total cases stood just below 10,000 at 9,868, although only 464 of those were reported to be active. Of the latter figure, some 51 are currently in hospital, with three in intensive care.
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PAGE 4, Thursday, April 22, 2021
PI entrepreneur says: ‘Crumbs not enough’ FROM PAGE ONE
to remain in The Bahamas and circulate in our struggling economy as possible. “While Royal Caribbean may wish to tout those numbers for revenues made in The Bahamas, they should be mindful that Bahamians are not so ignorant as to think that a vast portion of those revenues don’t sail out the door when the cruise ship departs,” Mr Smith added. “We’ve seen it demonstrated in Coco Cay and the many private island destinations the cruise lines have developed in The Bahamas. Bahamians aren’t greedy, and don’t want to take it all, but the crumbs are not enough. We’re prepared to work hard for it, and the government needs to embrace the opportunities that Bahamians want.” Mr Smith spoke out in response to Royal Caribbean recently releasing economic forecasts projecting that its proposed Royal Beach Club will inject $100m in new annual spending into the Bahamian economy, generating a $1bn boost over a decade. However, it did not break down how much of this sum will be retained by the cruise lines. The economic impact projections appeared to be released by Royal
Caribbean as part of a public relations offensive designed to counter both Mr Smith’s criticisms and concerns voiced by Charles Klonaris, the Downtown Nassau Partnership’s (DNP) co-chair, that the cruise line’s Paradise Island “beach break” destination will suck thousands of passengers away from downtown Nassau. Mr Smith, who is embroiled in ongoing court battle with the government over a crown land lease agreement that covers several acres also sought by Royal Caribbean for its development in the Colonial Beach area, yesterday sent a letter to the Department of Physical Planning and Department of Environmental Planning and Protection (DEPP) objecting to the cruise line’s project. Arguing that his proposal was being treated differently to Royal Caribbean’s by the regulatory agencies, Mr Smith said he had been informed by both the DEPP and the Department of Physical Planning that he could not proceed with Environmental Impact Assessments (EIAs) and other approval-related work until he obtained his crown land lease and his land boundaries are defined. Yet he argued that Royal Caribbean has been cleared
THE TRIBUNE to proceed with the public consultation for site plan approval and other permits relating to its project even though Rochelle Newbold, the DEPP’s head, wrote in an April 1, 2021, letter that her agency had yet to receive “the letter of approval of leases awarded to the developer (Royal Caribbean) by the Office of the Prime Minister”. Mr Smith wrote: “There seems to be two sets of rules: One for Bahamians and a different one for foreigners. It seems there are those that visit our shores and wish to be treated as royalty, while Bahamians are regarded as peasants in our own land... “This roadblock ensured that assistance requested by Paradise Island Lighthouse & Beach Club Company was stopped from progress with bureaucratic imposition. However, it is abundantly clear, and this illustrates, that the Department of Physical Planning is willing to entertain a foreign party who up to Rochelle Newbold’s April 1, 2021, letter still have not provided crown land lease documents.... “How is it that the Department of Environmental Planning and Protection (DEPP) and the Department of Physical Planning are facilitating and allowing Royal Caribbean to proceed with public consultation for a project if they have not met the requirements requested of a Bahamian?” Mr Smith also queried whether the April 28 public consultation on
LIGHTHOUSE on Paradise Island. Royal Caribbean’s site plan approval could proceed without the 13.5 acres of private land that the cruise line has acquired on western Paradise Island being re-zoned from its present “residential” use to “commercial” to facilitate the project. “Surely in the absence of such a shift in zoning from residential to commercial there would be a requirement of gazetting such information and public consultation,” Mr Smith wrote. “However, I am not aware of this. Would this present public consultation process not be putting the cart before the horse and premature?” Mr Smith has initiated a Supreme Court action against the government alleging he was granted a valid crown land lease over two-acre and threeacre parcels, including the lighthouse and the area at Colonial Beach for his
“beach break” destination, which is now legally binding. A January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, was headlined “approval for crown land lease” over the two tracts. Mr Smith previously told this newspaper he returned the lease, bearing his signature and other formalities, to the government on January 9, 2020. However, the government has to-date failed to apply its signature and execute the lease, with officials telling the entrepreneur that the document is now “not worth the paper it is written on”. And documents filed as part of Royal Caribbean’s planning application show that, just five days before Mr Hardy wrote his letter, Candia Ferguson, the Bahamas Investment Authority’s (BIA) director, wrote to the cruise line’s
attorney, Campbell Cleare at McKinney, Bancroft & Hughes, confirming that the government had approved granting it crown land “in the vicinity of Colonial Beach”. The January 2, 2020, letter noted that the exact area to be leased to Royal Caribbean was to be determined and “subject to availability”. And, some six to seven weeks later, Joshua Sears, the prime minister’s senior policy advisor, told Royal Caribbean on February 26, 2020, that the National Economic Council (NEC) - really the Cabinet - had approved the grant of ten acres of crown land. This all took place at exactly the same time as Mr Smith was desperately trying to get the government to execute his rival lease, and Mr Sears’ letter referenced “the existing interest of two other parties” in the same land although it did not name them.
Banks suffer $145m hit to cover COVID losses
“The domestic banks remain highly liquid, being able on average to withstand simulated large deposit withdrawals without difficulties. “Indeed, the Central Bank also has a medium-term objective of extracting liquidity from the system. The risks are more amplified that, in the medium-term, such liquidity could generate faster credit
expansion than would be desirable for financial stability. “Beyond these extracts, the Central Bank also tracks a banking stability index that amalgamates various individual financial stability indicators. It is projected that this indicator softened in 2020, and possibly in 2021, because of the pandemic. Nevertheless, the starting levels of capital and liquidity give confidence to the overall shock absorption capacity of the system.” Mr Rolle said the Central Bank is currently focused on strengthening The Bahamas’ financial stability mechanisms, having last year extended deposit protection to the credit unions and giving the Deposit Insurance Corporation “a stronger mandate” to build-up its funding. Noting that the financial services industry’s foreign exchange earnings had “held up” through COVID-19 compared to the sharp decline in tourism’s contribution, the Central Bank governor added: “The very short-term resilience of financial services exports reinforces the importance of increasing the sector’s contribution, starting with stabilising what has otherwise been a gradual decline, particularly in international banking activities.”
FROM PAGE ONE pressures are not exerted to take on riskier lending to generate returns on the surpluses.” Pointing out that commercial banks are also well-poised to withstand any large deposit withdrawals, Mr Rolle said:
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Thursday, April 22, 2021, PAGE 5
‘Game changer’ offsets new US travel warning FROM PAGE ONE currently comes from the US. “It’s a game changer. It’s a huge deal, at least in our industry,” Mr Maury said of the COVID testing regime changes unveiled by the prime minister. “The majority of our customers in this industry have already been vaccinated. I think his [the prime minister’s] announcement is very timely.” “This is one of the biggest questions I get. These guys, they were at the front of the line. At the Palm Beach Boat Show, I had people walking up to me and said they were fully vaccinated as at January 1. They were getting vaccinated [in the US] from November. By January 1, the US was vaccinating one million people per day, and now they’re doing over two million.” The Bahamas imposed the condition that all incoming and returning travellers produce a negative COVID19 PCR test, taken within five days before their flight or voyage, as it sought to balance the pandemic’s health and financial impact by minimising the threat of importing the virus from abroad.
The testing requirement, and the cost, logistics and uncertainty associated with taking the test, obtaining the result and booking travel arrangements within that five-day period, has been seen as a major deterrent and impediment to travel demand and The Bahamas’ wider tourism and economic recovery. Mr Maury said the major impact from easing this process will likely come via an increase in the marina industry’s “mid-market” customers, which are typically “centre console” vessels with four engines that typically frequent the islands closest to Florida such as Bimini and Grand Bahama. Their “fully vaccinated” owners, crew and guests will, from May 1, now be able to stay at a hotel or vacation rental property without encountering the inconvenience associated with having to take a COVID-19 PCR test, he added. “It’s going to allow that mid-level market back into the country,” the ABM chief said. “I’m not saying it’s going to fill us up, but there’s another level of customer that will enter The Bahamas. For Freeport, Grand Bahama and Bimini,
ROYAL CARIBBEAN HOME PORT FOCUS FOR WEBINAR THE Bahamas Chamber of Commerce (BCCEC) will next Monday host a workshop for companies seeking to do business with Royal Caribbean when it begins using Nassau as a home port this June. The Homeport Procurement Workshop webinar is being held in partnership with the cruise line under the theme Homeporting in The Bahamas: Partnering for a new economic voyage ahead. The webinar will feature panellists from Royal Caribbean, the government’s Small Business Development
Centre (SBDC) and the Ministry of Tourism. The webinar is being held to enable Bahamian companies to exploit Royal Caribbean’s decision to base its Adventure of the Seas vessel in Nassau, where it will begin and end its weekly cruises. The move will see passengers arrive in Nassau by air, opening up opportunities for taxi and transportation providers, attractions, tour operators, merchants and restaurants to provide services to such guests.
that’s probably 75-80 percent of their market. “In the central Bahamas it’s not as big; it’s probably 35-40 percent of our market because we also get the larger boats. A good 40 percent of my business [at Bay Street Marina] is definitely that market.” Mr Maury said increased boating and yachting visitors will translate into more spending on dock rental fees, food store groceries and fuel purchases, translating into salaries and income at Bahamian-owned businesses. The details surrounding the testing exemption for “fully vaccinated” foreign visitors have seemingly yet to be worked out, though, especially what documentary proof they will have to provide to show they have received two jabs. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that what is presently being issued to vaccinated US citizens is similar to what is being used in The Bahamas and is “not in any way what would one deem a secure document”. “We’re still deciding exactly what documents are required as opposed to uploading the COVID-19 test with the Health Travel Visa,” he added. “We’ll have to sit with programmers and work that all out.” Mr D’Aguilar indicated that proof of “full vaccination” The webinar will discuss ideas for how local Bahamian businesses can benefit from cruise line home porting. It will provide information on how they can work with Royal Caribbean to become a provider or vendor for a cruise line that delivered nearly 1.5m guests per year to The Bahamas prior to the pandemic. Webinar attendees will also be briefed on the financial assistance the Small Business Development Centre (SBDC) will offer local businesses via a grant from Royal Caribbean. Companies can register for the webinar via the Chamber’s website. More information about the event can be found on its website.
would likely only be valid for a certain period of time, and whatever document is used will need to be “vetted” to prevent forgeries. He added: “A lot of our customers, a lot of our visitors, have been asking how the protocols are going to end.” Mr Sands, meanwhile, said of the planned testing relaxation that is set to take effect in nine days: “This is a very positive step, and gutsy and progressive. Whenever an impediment to travel is removed it creates an an opportunity for the immediate growth of travel. I view this as very positive and good news for The Bahamas going forward.” Anticipating a boost in traveller confidence from the prime minister’s disclosure, Mr Sands said it would help counter the US State Department’s downgrade of The Bahamas to a “Level 4” advisory. “This announcement is one way of contesting and softening that particular point because it creates confidence in the travel
marketplace that a receiving country is reversing some of the impediments to travel, recognises the importance of vaccinated travellers, and is creating a very, very positive environment for everybody,” he told Tribune Business. “Maybe not totally, but it will offset, and as more people become vaccinated it will accrue tremendous benefits to us as a receiving tourism nation.” In an earlier BHTA statement, Mr Sands said: “The Bahamas Hotel and Tourism Association is fully supportive of the government’s recent decision to make changes to our travel protocols for external travel into The Bahamas and within our archipelago. “As more and more individuals within source markets, such as the US, get vaccinated, the removal of the requirement to have a RT PCR test for fully vaccinated persons who want to travel after the stipulated two-week period will have a decisive positive impact on visitor arrivals to The Bahamas. “In addition, the removal
of the requirement for fully vaccinated persons to attain a RT PCR test for travel to and from certain Family Islands will stimulate travel by locals, residents and visitors who may have deemed the added cost of the viral test to be prohibitive to travel,” he added. “This is very good news for the economy as the population in the Bahamas will be better able to “Buy Bahamian” and support local tourism related businesses in islands such as Abaco, Grand Bahama, Eleuthera, Exuma and New Providence.” Dr Minnis said yesterday that Bahamians and residents who have also been fully vaccinated “will be exempted immediately from COVID19 test requirements that are currently in place when travelling from New Providence, Grand Bahama, Abaco, Exuma and Eleuthera”. This, though, remains something of an aspirational and longer-term objective given that the speed of The Bahamas’ vaccine roll-out is presently much slower than in the US.
PAGE 6, Thursday, April 22, 2021
THE TRIBUNE
PM: ‘I cannot undo home over-pricing’ FROM PAGE ONE he “cannot change” what occurred prior to May 2017. Asserting that 90 percent of the homes in the subdivision were sold under the former Christie administration, the prime minister said: “But I can amend moving forward.” This, he explained, was why the final six homes were sold at a lower $140,000 price - compared to a previous $184,000 average because they represented the remaining inventory after his administration took office. However, Dr Minnis’ argument that the government could not undo what occurred before it took office was met with scepticism by the homeowners. Veron Pratt, president of the Ardastra Gardens Estates No.3 homeowners association, told Tribune Business the prime minister’s stance was “interesting”. He queried why Dr Minnis would previously tell the House of Assembly that prices in the government-developed subdivision had been dropped to $140,000 without clarifying that this happened in only six cases. Disclosing that the homeowners’ next step will be to talk to their attorney, Alfred Sears QC, who is also the Opposition candidate for their Fort Charlotte constituency in the upcoming election, Mr Pratt suggested the government could act to remedy the situation if it truly wanted to. “It’s not as if it’s a private developer,” he added. “Why can’t you, as the government, reverse or adjust what was done before and go that route of making it a blank slate for everyone? To me, right now that’s not even fair.” Pointing out that the government acted as vendor via the Ministry of Housing, while the state-owned Mortgage Corporation provided the financing for most of the homeowners, he said of the actual purchase: “They gave us
a price and told me what I was qualified for. “If the Ministry of Housing were the ones responsible for the houses, they would be the ones who would have those homes appraised and be able to tell us the value of those homes.” This raises questions both as to the accuracy of initial appraisals, whether they were ever done, and if the homeowners and Mortgage Corporation got their own separate valuation statements. Mr Pratt at the weekend 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 Mr Sears as “true”. The latter 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. The former attorney general cited construction defects
that include “uneven house flooring, uneven yards, interior and exterior cracks in walls, improper wiring, missing knobs on cabinets, water leakages under cracks of tiles, irregular and incomplete tiling, water pipes installed overhead in houses, holes in exterior walls and improper drainage”. The homes were constructed by 30-40 contractors in a process managed by Arawak Homes, but Mr Sears said owners had been forced to hire private contractors at their expense to remedy the defects rather than the government correcting the problem itself. Detailing a similar valuation issue to that outlined by Mr Pratt, he added: “For example, Anthony Strachan and Tiffany Strachan purchased Lot 56 in Ardastra Gardens in 2017 at a purchase price of $167,600, and entered a mortgage with the Mortgage Corporation in the amount of $176,242. “One year later, the Strachans had their home appraised and the appraisal established that their home was valued 40 percent less than what they had paid for the home. It is inexplicable why the government has not provided any rebates to the residents of Ardastra Subdivision, in light of the public admission of the minister of housing and the prime minister that the price at which the government sold these homes was not a ‘fair price’ to achieve the public policy and statutory objectives of the Ministry of Housing.” Mr Sears continued: “The government, in its commercial capacity as developer and seller of the homes in Ardastra Estates No.3, had a duty of care to act in good faith and reasonably in the design, selection of the builder and construction of the homes. “The government, in its regulatory capacity, had a duty to act in good faith and reasonably in the inspection and issuance of certificates of occupancy. I believe that the government, under both the former and present administrations, must take responsibility for the said problems in Ardastra Estates No.3.”
THE TRIBUNE
Thursday, April 22, 2021, PAGE 7
PAGE 8, Thursday, April 22, 2021
THE TRIBUNE
Asian shares slide after tech, bank sell-off on Wall Street BANGKOK Associated Press
SHARES skidded in Asia yesterday after Wall Street closed lower for a second straight day, led by drops in technology companies and banks. Worsening coronavirus outbreaks in Asia have cast a shadow over prospects for a rebound from the pandemic. Tokyo’s Nikkei 225 fell more than 2% and other benchmarks also declined.
On Tuesday, the S&P 500 gave back 0.7%, pulling the index further below the record high it set on Friday. Small-company stocks, which have been beating the rest of the market in recent months, fell more than other sectors. Asian governments are scrambling to secure supplies of COVID-19 vaccines after seeing infection numbers surge in recent weeks. The rising caseloads are straining medical systems from Japan to India and
leading to a restoration of pandemic precautions such as travel restrictions, quarantine requirements and a dimming of nightlife. The Nikkei 225 in Tokyo gave up 2.2% to 28,462.20 while Hong Kong’s Kospi declined 1.8% to 28,609.39. In Seoul, the Kospi lost 1.6% to 3,170.13, while Sydney’s S&P/ASX 200 shed 1.6% to 6,907.10 despite strong retail sales data. The Shanghai Composite index edged 0.2% lower to 3,467.42.
“Global stocks are still plumbing the lows after renewed virus concerns spooked markets overnight,” Stephen Innes of Axi said in a commentary. Worsening outbreaks in India and Thailand have also cast a pall on a recovery in travel, which in turn is clouding the outlook for oil and fuel prices, he said. Yesterday the S&P 500 closed at 4,134.94. The Dow Jones Industrial Average lost 0.8% to 33,821.30. After shedding an early gain, the technology-heavy Nasdaq slid 0.9%, to 13,786.27. Apple fell 1.3% as part of a broad slide in technology companies. Banks also accounted for a big share of the selling, which came as bond yields fell, reversing course after moving higher on Monday. The yield on the ten-year
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Treasury fell to 1.56% from 1.60%. Bank of America dropped 2.8% and Citigroup slid 3.2%. Investors have turned defensive, favoring utilities, real estate stocks and a mix of companies that make consumer staples like food and household products. General Mills rose 1.6% and Clorox added 3%. The market has been swaying between gains and record highs to pullbacks as investors weigh solid economic growth against the risks still posed by the pandemic. That push and pull will likely continue as vaccine distribution rolls on and various industries reopen. “Overall, we’re going to have some volatility in the market this year, but everything to me looks fairly rosy for the next six months or so,” said Sylvia Jablonski, chief investment officer at Defiance ETFs. The Russell 2000 index of smaller company stocks, which has been outpacing the broader market all year, shed 2% to 2,188.21. Investors are in the middle of first-quarter earnings season. Roughly 80 members of the S&P 500 will report their results this week, as well as one out of
every three members of the Dow. Wall Street will be looking to see if Corporate America is recovering with the rest of the economy from the coronavirus pandemic. On average, analysts expect quarterly profits across the S&P 500 to climb 24% from a year earlier, according to FactSet. Netflix slumped 10.6% in after-hours trading after the video streaming pioneer said it added four million more worldwide subscribers from January through March, its smallest gain during that three-month period in four years. That was about two million fewer than both management and analysts had predicted Netflix would add during the first quarter. In other trading, benchmark US crude oil lost 51 cents to $62.16 per barrel in electronic trading on the New York Mercantile Exchange. It gave up 76 cents to $62.67 per barrel on Tuesday. Brent crude, the international standard, declined 46 cents to $66.11 per barrel. The US dollar declined to 107.95 Japanese yen from 108.09 yen late on Tuesday. The euro fell to $1.2033 from $1.2035.
THE TRIBUNE
Thursday, April 22, 2021, PAGE 9
EU OUTLINES AMBITIOUS AI REGULATIONS FOCUSED ON RISKY USES became fashionable. The EU was also early to the data privacy battle with stringent rules known as General Data Protection Regulation, or GDPR, that became the de facto global standard. However, results have been mixed: Google still retains its online dominance and EU privacy cases against global tech companies are backed up. Officials are also working on updating the EU’s digital rulebook to protect internet
users from harmful material or rogue traders. Under the AI proposals, unacceptable uses would also include manipulating behaviour, exploiting children’s vulnerabilities or using subliminal techniques. “It can be a case where a toy uses voice systems to manipulate a child into doing something dangerous,” Vestager told a media briefing. “Such uses have no place in Europe and therefore we propose to ban them.”
The proposals include a prohibition in principle on controversial “remote biometric identification”, such as the use of live facial recognition to pick people out of crowds in real time, because “there is no room for mass surveillance in our society”, Vestager said. There will, however, be an exception for narrowly defined law enforcement purposes such as searching for a missing child or a wanted person or preventing a terror attack. But some EU lawmakers and digital rights
groups want the carve-out removed over fears it could be used by authorities to justify widespread future use of the technology, which they say is intrusive and inaccurate. Biometric and mass surveillance technology “in our public spaces undermines our freedom and threatens our open societies,” said Patrick Breyer, an EU Pirate party lawmaker. “We cannot allow the discrimination of certain groups of people and the false incrimination of countless individuals by these technologies.”
M&E Limited EUROPEAN Commissioner for Europe fit for the Digital Age Margrethe Vestager speaks during a media conference on an EU approach to artificial intelligence, following a weekly meeting of EU Commissioners, at EU headquarters in Brussels yesterday. Photo: Olivier Hoslet/Pool/AP
EMPLOYMENT OPPORTUNITY
LONDON Associated Press
Power Generation Controls Specialist
RISKY uses of artificial intelligence that threaten people’s safety or rights such as live facial scanning should be banned or tightly controlled, European Union officials said yesterday as they outlined an ambitious package of proposed regulations to rein in the rapidly expanding technology. The draft regulations from the EU’s executive commission include rules for applications deemed high risk such as AI systems to filter out school, job or loan applicants. They would also ban artificial intelligence outright in a few cases considered too risky, such as government “social scoring” systems that judge people based on their behaviour. The proposals are the 27-nation bloc’s latest move to maintain its role as the world’s standard-bearer for technology regulation, as it tries to keep up with the world’s two big tech superpowers, the US and China. EU officials say they are taking a four-level “riskbased approach” that seeks to balance important rights
such as privacy against the need to encourage innovation. “With these landmark rules, the EU is spearheading the development of new global norms to make sure AI can be trusted,” Margrethe Vestager, the European Commission’s executive vice president for the digital age, said in a statement. “By setting the standards, we can pave the way for to ethical technology worldwide and ensure that the EU remains competitive along the way.” To be sure, the draft rules have a long way to go before they take effect. They need to be reviewed by the European Parliament and the European Council and could be amended in a process that could take several years, though officials declined to give a specific timeframe. Previous EU tech regulation efforts have been far reaching and influential, earning it a reputation as a pioneer. Vestager, also the bloc’s competition chief, filed aggressive antitrust challenges against Silicon Valley giants like Google years before such action
Machinery & Energy Limited is the only authorized Caterpillar Dealership in the Bahamas, Turks & Caicos and Cayman Islands. Its principal business activities include the sale, rental, and service of light, medium and heavy construction and earth moving equipment; diesel engines for industrial and marine applications, as well as electrical power generation. ROLE OVERVIEW:
The Power Generation Controls Specialist, without supervision, will perform duties as assigned by Management in the repair, maintenance and/or rebuilding of electrical equipment in the service shop or field, in a safe, efficient, and capable manner. This position is available and located in Grand Bahama only. PRIMARY DUTIES:
• •
• • •
Service and troubleshoot Caterpillar Diesel Engines and Generator Sets Analyze all Caterpillar and related Power Generation equipment systems and components for proper operation Test, calibrate, and repair field transducers for engine and generator support systems Perform and record generator insulation tests Perform load testing of generators
KNOWLEDGE, SKILLS AND PERSONAL ATTRIBUTES:
•
• • • • •
Knowledge of Caterpillar parts or similar product line, having worked in a Caterpillar dealership or a similar organization Able to diagnose system and component failures Able to uphold all safety & housekeeping standards Able to demonstrate proficiency in reading technical data and schematic drawings Advanced diagnostic skills and troubleshooting of systems Working electrical knowledge and testing capabilities
QUALIFICATIONS, CERTIFICATIONS & EXPERIENCE:
• •
Bachelor's Degree in Electrical Engineering Five (5) years of experience in the repair and maintenance of Caterpillar power generation equipment
Qualified individuals should submit your resume to: �
hr.admin@me-ltd.com
�
RE: Power Generation Controls Specialist
D
April 30th, 2021
Only individuals meeting the above requirements will be contacted.
PAGE 10, Thursday, April 22, 2021
THE TRIBUNE
Don’t let self-care sabotage your savings By LAURA MCMULLEN NerdWallet DON’T worry, this article won’t tell you to forgo every face scrub and cappuccino that calls your name and only spend money on survival needs. Of course, you should treat yourself and practice self-care, particularly during a nightmarish pandemic. And retailers want you to care for yourself, too — specifically, with their
products. It’s an industry worth billions of dollars . Consider the ads for lavender-scented candles and the dozens of articles with headlines like “15 Self-Care Products We’re Actually Using Right Now”. But all these self-care products on the market, paired with a need for comfort, can quickly lead to overspending. It’s also easy to buy a range of stuff in the name of self-care, given the concept is as squishy as a $40 bath pillow. Before shelling out for a product to make yourself feel better, ask the following questions. HOW ARE YOU FEELING? Feeling upset can lead to poor decisions. And it has been an upsetting year. No wonder you want to buy yourself something. For many people, it may be easier to “add to cart” than address their emotions. But we know how that can go. The video game
meant to distract you gets old; the journal meant to inspire you collects dust; and the tea meant to soothe you takes up residence in the back of your cupboard. What kind of self-care leads you to waste money — and then probably feel bad about it? One place to start: Avoid shopping while you’re feeling down. For example, Sarah Newcomb, behavioral economist for the investment research firm Morningstar, has learned that she’ll overspend if she shops for clothes while feeling sad or insecure. So she only shops when she’s feeling good and looking her best. To keep emotions in check while shopping, note feelings such as “I deserve this”, or “this will fix it” and fantasies about living someone else’s life, says Amanda Clayman, a Los Angelesbased therapist and coach specialising in financial wellness. “That’s when we’re really vulnerable to advertising
or wellness influencers who seem to have their life together,” she says. Pair emotional vulnerability with online shopping, and it’s easy to impulse-buy. “You can practically buy things with the power of thought at this point,” says Newcomb, who’s also the author of “Loaded: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind”. Distance helps, so step away from the purchase until you feel more levelheaded. Better yet, sleep on it. WHAT ARE YOUR NEEDS — AND HOW MUCH CAN YOU SPEND? Aim to be more intentional and less emotional when it comes to spending on self-care. As Newcomb puts it: “The sweet spot of financial self-care is saying, ‘I have needs, and I have resources. How can I best employ my limited resources to meet all of my needs?’” (She counts stuff like social connections, respect, confidence and sense of purpose as needs.) Consider the need that a self-care purchase
is fulfilling. Is that daily smoothie providing an excuse to get out of the house and see other faces? A way to support a local business? A delicious snack? If you’re trying to save money, then maybe you can meet those needs in other, free ways. Part of being intentional with money is knowing how much you have. If you track your spending or have a budget, you can determine what amount, if any, should go toward smoothies and other self-care purchases. WHAT ARE THE BEST WAYS FOR YOU TO PRACTICE SELF-CARE? Now that you know your needs and how much you can spend on them, you may decide that you do in fact want to put money toward self-care products. Go for it. Or maybe you realise that trips to the smoothie shop were filling your need to get outside. In that case, try a walk in a park, perhaps with a homemade smoothie in hand. In any case, knowing a few free ways to treat yourself can be helpful when you’re feeling low and
convincing yourself you deserve that shiatsu foot massager you can’t afford. Reflect on what typically makes you feel good. Clayman likes baths, for example. Or maybe you feel better after chatting with a friend. If you’re unsure of where to start, follow the lead of Newcomb, who feels grounded while walking in the woods. Lots of research shows that interacting with nature can restore energy and provide cognitive benefits, says Maria Rodas, assistant professor of marketing at the University of Southern California Marshall School of Business. Rodas also says that many people are longing to fill their needs for autonomy and control, because they’ve had so little of either during the pandemic. Creating something can help fill those needs, she says, and it doesn’t have to be artistic. Sure, you could draw a picture, but you could also bake a pie or even create a new spreadsheet for a personal project. Whatever activity you choose, be present with it, Clayman says. After all, self-care isn’t a material item, she says, it’s “first and foremost a state of mind”.
THE TRIBUNE
Thursday, April 22, 2021, PAGE 11
EU reaches major climate deal ahead of Biden climate summit BRUSSELS Associated Press
THE European Union has reached a tentative climate deal to put the 27-nation bloc on a path to being “climate neutral” by 2050, with member states and parliament agreeing on binding targets for carbon emissions on the eve of a virtual summit hosted by US President Joe Biden. “Our political commitment to becoming the first climate-neutral continent by 2050 is now also a legal commitment. The climate law sets the EU on a green path for a generation,” European Commission President Ursula von der Leyen said early Wednesday. Under the provisional deal reached after officials negotiated through the night, the EU will also commit itself to an intermediate target of cutting greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels. “It was high time for the agreement, as Europe has to show where it stands in view of the positive developments in the USA and China,” said European Parliament member Peter Liese, the negotiator for the EPP Christian Democrat group. The 2030 target had been 40%, but under the pressure of increasing evidence of climate change and a more environmentally conscious electorate, it was pushed up, although the EU legislature had wanted a higher
target of 60%. Lawmakers from The Greens specifically complained that too many accounting tricks had been used to reach the level of 55% and that in reality the target would equate to a 52.8% reduction of direct emissions. Michael Bloss, a European lawmaker with the Greens, said EU member nations and parliament “have rushed through a weak climate law for the sake of a photo-op with President Joe Biden”. Environmental campaigners also criticised the deal. “European decisionmakers missed a historic opportunity to adequately address the climate crisis,” said Wendel Trio, director of Climate Action Network Europe. “This Climate Law is nothing more than a new package for what already exists.” But the chair of the negotiations, Pascal Canfin of the Renew Europe group, said it had been necessary to find a middle way. “The compromise reached is ambitious: we will do 2.5 times more in nine years than we have done in the last ten years in Europe,” he said. The EU deal still needs to be officially approved by member countries and by the European Parliament, although the action should be little more than a rubber stamp. The United States, the world’s second-biggest
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TIFFANY SHALYN RICHARDS of Highland Drive, Baillou Hill Road South, New Providence, The Bahamas. P.O.Box N-9130 Parent of MAKELIN DAUNTAE FERGUSON A minor intend to change my child’s name to MAKELIN DAUNTAE DARLING If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DEWAYNE DARREN BOWE, #36 Tucker Road, Big Pond P.O. Box N-8066 New Providence, The Bahamas, intend to change my name to BASHEER ABUR RAHMAAN THABIT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice. LEGAL NOTICE
N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION MOZAMBIQUE (DEEPWATER) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION MOZAMBIQUE (DEEPWATER) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 20th day of April 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Dwain D. Kennedy, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 22nd day of April, A.D., 2021 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
UNITED States Special Presidential Envoy for Climate John Kerry, left, European Commission President Ursula von der Leyen, center, and European Commissioner for European Green Deal Frans Timmermans pose for photographers prior to a meeting at EU headquarters in Brussels. The European Union reached a tentative climate deal yesterday that should make the 27-nation bloc climate-neutral by 2050, with member states and parliament agreeing on the targets on the eve of a virtual summit that US President Biden will host. Photo: Olivier Hoslet/Pool/AP polluter after China, is preparing to announce its new target for cutting greenhouse
part of Biden’s pledge to rejoin international efforts to curb global warming, which included rejoining the Paris climate accord that his predecessor, Donald Trump, quit last year. While the US is expected to aim for bigger cuts than the EU, it does so from a position of having far higher emissions. Ultimately, both Washington and Brussels are aiming to go “climate neutral” by mid-century — adding only as many emissions as can be absorbed through natural or technological means — and want other major polluters such as China and India to
do the same. Scientists say this goal needs to be achieved to keep average global temperatures from rising above 2 degrees Celsius (3.6 F) by the year 2100. The Paris accord’s more ambitious target of capping global warming at 1.5 C (2.7 F) by the end of the century compared with pre-industrial times would likely require even more drastic worldwide cuts in emissions. Participating nations are set to meet at the annual UN climate conference, which is being held in November in Glasgow, Scotland, to push for more ambitious targets.
NOTICE
gas emissions by 2030 at the summit today. The virtual gathering is
The Public is hereby advised that I, Mabelle Marina Johnson, A.K.A.Mabelle Marina Sands, A.K.A. Marina Mable Sands of Mermaid Blvd,Golden Gates No. 2, New Providence, The Bahamas, intend to change my name to MARINA MELODYJOHNSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE is hereby given that JEAN WELBEE VILLE, of #B2 Fleming Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that MCANZIE CAJUSTE, of First Street Grove, 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 22nd day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that ANAH DELIGENCE, of Coral Drive, Sunset Park, 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 22nd day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 21 APRIL 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1948.00
-4.22
%CHANGE
YTD
YTD%
-0.22 -144.46
-6.90
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 5.15 33.05 1.46 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 1.46 1.62 1.50 5.00 6.00 2.70 4.25 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 1.46 2.90 1.59 5.50 6.96 3.49 4.30 2.90 5.67 9.75 2.60 7.00 11.17 9.00 14.00 3.99 8.35 15.50
CLOSE 5.00 32.12 1.46 2.90 1.59 5.50 6.96 3.25 4.30 2.90 5.67 9.75 2.57 7.00 11.34 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 (0.24) 0.00 0.00 0.00 0.00 (0.03) 0.00 0.17 0.00 0.00 0.00 0.00 0.00
VOLUME
1,000 1,500 1,800
1,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 20.9 34.5 N/M N/M N/M N/M 18.9 -7.4 30.7 15.8 12.6 13.5 25.2 15.0 17.6 12.4 17.2 19.7 8.9 24.6
YIELD 3.40% 3.92% 1.37% 1.03% 0.00% 0.00% 3.74% 0.00% 0.00% 4.14% 3.88% 7.38% 16.89% 0.86% 2.89% 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
LEGAL NOTICE
N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION MOZAMBIQUE (DEEPWATER) LIMITED Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 14th day of May, A.D., 2021. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
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 1.69 1.75 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% 0.72% 0.80% -2.20% -1.87% -0.37% 0.01% -2.48% -11.52% 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 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-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
Dated the 22nd day of April, A.D., 2021 Dwain D. Kennedy Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
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
Thursday, April 22, 2021, PAGE 13
PANDEMIC ‘EXPOSED’ UK HOUSEHOLDS’ FINANCES, REPORT FINDS LONDON Associated Press
HOUSEHOLDS in Britain, especially poorer ones, are far more likely to have suffered a severe income shock during the coronavirus pandemic over the past year than their counterparts in France and Germany, a well-respected British-based think tank said yesterday. The Resolution Foundation also said that households in the UK are also more likely to have run up more debt in response to the financial shockwaves emanating from
the pandemic. In a report, which was entitled “After Shocks” and was supported by US investment bank JPMorgan Chase, researchers said typical household incomes in the UK, France and Germany were broadly similar in the year before the pandemic but that higher levels of inequality and a weaker safety net meant the poorest fifth of British households entered the crisis in a weaker financial position. “These holes in UK households’ financial resilience have been exposed during the COVID19 crisis,” said Maja
Gustafsson, an economist at the Resolution Foundation. The report found that among households in which at least one person had fallen out of work, 41% of British households had suffered a severe income fall of at least 25%, substantially more than the 20% recorded in France and 28% in Germany. It also found that 33% of British households have cut back their spending, more than the 23% recorded in France and 21% in Germany. The report also found that British households with an income hit were also twice as likely to
have taken on more debt during the pandemic to cover living expenses than German and French households, with the proportion of households doing so at 17%, 9% and 8% respectively. The foundation said the uneven impact of the pandemic on household finances was likely to last far longer than the pandemic itself, with a higher proportion of lowest-income households drawing on savings or taking on debt to support living standards compared with the highest-income households. By several measures, the
British economy suffered one of the deepest and most protracted recessions in the developed world in the wake of the pandemic, with the economy shrinking around 10% in 2020. Many blame that on the Conservative government’s repeated failures to back lockdown restrictions early enough, delays that have contributed to the UK recording more than 127,000 coronavirus-related deaths, Europe’s highest. There are hopes that the rapid rollout of coronavirus vaccines in the UK and the gradual lifting of lockdown restrictions will see the economy make up some of
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 77° F/25° C Low: 59° F/15° C
TAMPA
SATURDAY
SUNDAY
MONDAY
Rather cloudy; show‑ ers, a t‑storm
Patchy clouds with a shower
Partly sunny, a shower; breezy
A morning shower in spots; breezy
Partly sunny and humid
Clouds and sun with a stray t‑storm
High: 83°
Low: 71°
High: 83° Low: 72°
High: 85° Low: 73°
High: 85° Low: 70°
High: 84° Low: 69°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
90° F
71° F
87°-72° F
92°-75° F
95°-76° F
93°-68° 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: 80° F/27° C Low: 72° F/22° C
7‑14 knots
S
High: 82° F/28° C Low: 72° F/22° C
6‑12 knots
FT. LAUDERDALE
FREEPORT
High: 83° F/28° C Low: 73° F/23° C
E S
E
W
WEST PALM BEACH
W
High: 81° F/27° C Low: 68° F/20° C
MIAMI
High: 84° F/29° C Low: 73° F/23° C
7‑14 knots
KEY WEST
High: 82° F/28° C Low: 75° F/24° C
High: 83° F/28° C Low: 71° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 81° F/27° C Low: 74° F/23° C
N
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
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
Monday
7:44 a.m. 8:13 p.m.
3.0 3.5
1:45 a.m. ‑0.6 1:56 p.m. ‑0.8
Tuesday
8:33 a.m. 9:03 p.m.
2.9 3.6
2:37 a.m. ‑0.7 2:44 p.m. ‑0.9
Wednesday 9:24 a.m. 9:54 p.m.
2.8 3.6
3:30 a.m. ‑0.8 3:32 p.m. ‑0.9
sun anD moon Sunrise Sunset
6:41 a.m. 7:36 p.m.
Moonrise Moonset
3:07 p.m. 3:44 a.m.
Full
Last
New
First
Apr. 26
May 3
May 11
May 19
CAT ISLAND
E
W
High: 83° F/28° C Low: 74° F/23° C
N
S
E
W S
3‑6 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 77° F/25° C Normal high ....................................... 82° F/28° C Normal low ........................................ 69° F/21° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.20” Normal year to date ..................................... 5.68”
ELEUTHERA
NASSAU
4‑8 knots
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 83° F/28° C Low: 74° F/23° C
High: 83° F/28° C Low: 75° F/24° C
N
High: 84° F/29° C Low: 75° F/24° C
E
W S
LONG ISLAND
tracking map
High: 84° F/29° C Low: 75° F/24° C
4‑8 knots
MAYAGUANA High: 84° F/29° C Low: 75° F/24° C
Shown is today’s weather. Temperatures
H
uV inDex toDay
FRIDAY
W
N
| Go to AccuWeather.com
TONIGHT
High: 80° F/27° C Low: 63° F/17° C
that lost output this year. Though the underlying safety net in the UK is relatively less generous than those in France and Germany, the British government has been credited with swiftly enacting financial support measures to help offset the impact of the pandemic, notably its job retention program that has helped keep a lid on unemployment. Under the program, which is due to expire later this year, the government has been paying the lion’s share of the incomes of those workers retained by firms during the series of lockdowns that have been imposed.
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 82° F/28° C Low: 76° F/24° C
GREAT INAGUA High: 85° F/29° C Low: 77° F/25° C
N
N E
W
E
W
H
High: 83° F/28° C Low: 75° F/24° C
S
S
4‑8 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 NE at 6‑12 Knots ENE at 8‑16 Knots NW at 4‑8 Knots E at 6‑12 Knots S at 3‑6 Knots E at 7‑14 Knots E at 6‑12 Knots ENE at 7‑14 Knots S at 4‑8 Knots ENE at 8‑16 Knots NNE at 7‑14 Knots E at 8‑16 Knots SE at 3‑6 Knots E at 7‑14 Knots NE at 6‑12 Knots ENE at 8‑16 Knots ESE at 4‑8 Knots ENE at 7‑14 Knots ESE at 6‑12 Knots E at 7‑14 Knots NNW at 4‑8 Knots ENE at 7‑14 Knots SE at 4‑8 Knots ENE at 8‑16 Knots SE at 4‑8 Knots E at 7‑14 Knots
WAVES 1‑3 Feet 2‑4 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 1‑2 Feet 2‑4 Feet 1‑2 Feet 2‑4 Feet 0‑2 Feet 1‑3 Feet 0‑1 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 0‑1 Feet 1‑3 Feet 0‑2 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 6 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 6 Miles
WATER TEMPS. 77° F 79° F 81° F 83° F 80° F 82° F 80° F 80° F 83° F 83° F 81° F 81° F 81° F 82° F 81° F 81° F 81° F 82° F 79° F 80° F 80° F 80° F 81° F 81° F 82° F 83° F