04262021 BUSINESS

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MONDAY, APRIL 26, 2021

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$200m ‘catalyst for Freeport renaissance’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

MEDICAL school investment will be “the catalyst for Freeport’s renaissance” through injecting $200m into the city’s economy during its first decade, its principals have told Tribune Business.

Western Atlantic University Medical School, in e-mailed replies to this newspaper’s questions, said “almost nothing brings more life and vibrancy to a small city than a university” with each student and faculty member expected to respectively generate average per capita spending of $25,000 and $35,000 annually.

With the medical school aiming for a 1,000-strong student population by 2030, based on Western Atlantic’s projections this group could alone account for $25m in collective annual spending on housing/rent, food, transport

• Medical school: ‘Nothing brings more life than university’ • Targets 1,000-strong students by decade’s end • Students, faculty to each inject $25k-$35k into city yearly

ARTIST rendering of Western Atlantic University on Freeport. and entertainment.

Detailing a $100m total investment in constructing the medical school’s campus over a 50-acre site, located on East Sunrise Highway behind the Lucayan Medical Centre, the principals argued that while other projects may have a similar economic impact there are few that can “lift the entire community” as it

MSC, Norwegian eye Nassau home porting

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MEDITERRANEAN Shipping Company (MSC) Cruises and Norwegian Cruise Line (NCL) are the other two entities eyeing Nassau for home porting as the country readies to “make sure we beat expectations”.

Dionisio D’Aguilar, minister of tourism and aviation, confirmed to Tribune Business that an agreement with MSC Cruises was likely “imminent” while more work remained to be done to convert Norwegian’s

DIONISIO D’AGUILAR “interest” into reality.

“It’s very encouraging they’re considering The Bahamas for home porting,” he said, “and that they have confidence in their

SEE PAGE 4

BPC to ‘relinquish’ 50% of licence area

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE soon-to-be-former Bahamas Petroleum Company (BPC) has revealed that it will “relinquish” 50 percent of the area where it was previously allowed to explore for oil as part of its licence renewal bid.

The oil exploration outfit, in revealing plans to rename itself Challenger Energy Group and recapitalise by raising a further $9.67m from existing “qualifying

shareholders” via a rights issue, confirmed it had submitted formal notice of its licence renewal application to the Ministry of the Environment and Housing.

Indicating that the area given up was largely “shallower water depths” where the prospects of striking commercial oil quantities are less, BPC said: “The company will seek to renew its 100 percent interest in the southern licences by extending the licences in to

SEE PAGE 6

hopes to do through “the energy and vitality” of its student population.

Explaining the phased approach to building out a campus that will ultimately feature 240,000 square feet of buildings, Western Atlantic said: “The initial shorter-term investment of phase one will be over $30m, and will continue to increase upward to about

$100m as Phases two and three come online over the next few years.

“As the first students arrive this January, it is estimated that each student living in the Freeport community will provide $25,000 per annum in revenue for Grand Bahama on housing, food, entertainment, goods and on-island transportation, while each expatriate faculty member, plus spouse/family, will spend on average $35,000 per annum.

“Over the longer-term, between construction, jobs and spending by students and faculty, Western Atlantic University Medical School’s total economic contribution in our first ten years is anticipated to be approximately $200m.”

SEE PAGE 8

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$4.93

All accounted for?

No crown land audit since 1999

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has likely “not fully accounted” for a key asset after failing to conduct an inventory of crown land holdings during the 21st century, it has been revealed.

An Inter-American Development Bank (IDB) paper, obtained by Tribune Business, said the amount of crown land detailed in the last audit - which took place in 1999 - “seems rather small at three percent” of the entire Bahamas even though the government is widely recognised as the country’s largest landowner.

The questions over whether the government has properly kept track of one of its, and the Bahamian people’s, greatest potential source of wealth and assets were raised in connection with recentlytouted plans to create a fund that will seek to help bridge an annual $500m-$600m national infrastructure gap/ deficit.

Discussions have focused

‘Extraordinary effort’ needed on $500m-$600m infrastructure deficit on financing the government’s participation in the proposed National Infrastructure Fund (NIF) via the monetisation of its real estate assets, which include government-owned buildings as well as crown land, as the IDB called for “an extraordinary effort” to match this with private investor capital as the only way for The Bahamas to address its infrastructure deficiencies.

The IDB paper, which is effectively a “terms of reference” seeking consultants to advise on how the National Infrastructure Fund and associated sovereign wealth fund should best be structured, suggests taking ten

SEE PAGE 7

PAGE 2, Monday, April 26, 2021

THE TRIBUNE

BAHAMAS OVERWHELMED BY PILOT GUIDES DEMAND MINISTRY of Tourism officials said demand for the destination meant they ran out of Bahamas’ private pilot guide copies some two days before a major Florida aviation show ended.

The Bahamas, according to a ministry statement, was the top destination featured at the 47th annual Sun ‘n Fun Aerospace Expo in Lakeland, Florida, from April 13-18, which featured a limited 300 exhibitors.

The event marked the first in-person trade show attended by the Ministry of Tourism’s sales and marketing team since the COVID-19 pandemic began, and all members tested negative for the virus after the event.

While organisers had

TOURISM personnel during the 47th annual Sun n’ Fun expo.

expected this year’s Sun ‘n Fun to be less busy than previous years due to COVID-19, the Ministry of Tourism said the reverse occurred.

John ‘Lites’ Leenhouts, Sun ‘n Fun’s chief executive, said: “This year’s show sold 1.45m tickets, up by 30 percent more

than the show’s best year of 1.1m in ticket sales.”

“Pilots were eager and happy to see us and learn about our country’s reopening, travel protocols and latest product offerings, especially in our Family Islands,” said Greg Rolle, the Ministry of Tourism’s

senior director of verticals markets.

“By Friday morning (April 16), which is traditionally the show’s second busiest day, next to Saturday, we had already run out of our Bahamas Pilot Guide, a technical booklet we give only to pilots who

have either already planned a trip to The Bahamas or commit to do so.”

Ministry of Tourism executives participated in numerous radio broadcasts, flight line broadcasts and two television shows with Florida Aviation Network during the event.

Joining ministry representatives at the show were Linda Mackey, Bahamas consul general in Miami; Nathan Butler, Bahamas Customs; Andy Ingraham, Bahamas’ global pre-clearance programme; and The Bahamas’ Fixed Based Operators (FBO), Banyan Air and Sheltair, who promoted The Bahamas’ pre-clearance service..

That is expected to open soon at the Fort Lauderdale Executive Airport (FXE). The new service will allow private pilots to preclear Bahamas Customs and Immigration at FXE, without further formalities in The Bahamas, and fly directly into any island in The Bahamas, thereby giving them more time to vacation .

Eleuthera Business Hub opens its doors A NEWLY-opened business support centre aims to help Eleuthera entrepreneurs and small firms realise their dreams.

The Eleuthera Business Hub, a partnership between the Eleuthera Chamber of Commerce, Access Accelerator Small Business Development Centre (SBDC) and Disney Cruise Line, is now open to assist the Central and South Eleuthera private sector.

Based in the Market Place Shopping Centre in Rock Sound, the Eleuthera Business Hub provides business owners with access to shared workspaces and full-service office amenities, including training and meeting rooms equipped with the latest audiovisual equipment, open desks and private office spaces available to rent on a monthly, quarterly or annual basis.

Future programmes at the Eleuthera Business Hub will be delivered in partnership with the SBDC’s

Access Accelerator. These services will include business development; business communication training; customer service training; business mentorship; and other seminars and programming designed to empower local businesses and entrepreneurs.

“Whether business owners are seeking dedicated office space, meeting rooms or access to technology, we’re delighted to serve the small business community of Eleuthera,” said Candice Turnquest, executive director of the Eleuthera Chamber

of Commerce.

“We’re grateful to our many partners who have come together to support the success and growth of business and entrepreneurship on the island of Eleuthera.”

To mark the Eleuthera Business Hub’s opening, Disney Cruise Line has partnered with the SBDC to sponsor $5,000 small business grants for local businesses across a variety of industries, ranging from e-commerce and delivery services to tourism and construction.

New and existing

businesses are eligible to receive small business grants. The application period will open on May 10, and applicants can contact SBDC business advisor, Sharon French, at sharon. french@sbdcbahamas.com to schedule an appointment in person or apply online at www.accessaccelerator.org.

“The economic strength of communities is often built on the success of entrepreneurs and small businesses,” said Kim Prunty, Disney Cruise Line’s vice-president of public affairs. “These combined efforts are intended to help local businesses maximise their involvement in projects underway in Eleuthera, including ours at Lighthouse Point.”

Disney Cruise Line committed more than $1m to fund construction and operation of the Eleuthera Business Hub and its programming over the next three years. The cruise line also plans to open a small

POLICE TO AID TOURISM WITH ITS ‘SAFE TRAVELS’

Dionisio D’Aguilar, minister of tourism (seated, centre), and acting permanent secretary at the Ministry of National Security, Cheryle Darville, representing Marvin Dames, minister of national security, signed a Memorandum of

Understanding (MOU) on April 22, 2021, between the Tourism Development Corporation (TDC) and the Royal Bahamas Police Force’s COVID-19 Ambassadors.

The TDC, as the local ambassador for the stamp, has extended its availability

TOURISM and police officials have signed an agreement for the latter to help ensure all businesses

PHOTO: Office Style Solutions

meet the Safe Travels Stamp standard developed by the World Travel and Tourism Council (WTTC).

office in the facility to provide a contact touch point between the company and local entrepreneurs, small businesses and community organisations.

“The Eleuthera Business Hub is a prime example of the incredible synergy that is ignited when the private sector recognises a need and steps in to assist,” said SBDC executive director, Davinia Grant. “We celebrate the opening of the Eleuthera Business Hub and the launch of the Disney grant programme, and are excited about how these combined initiatives will positively impact Eleuthera for years to come.”

Other sponsors include Cable Bahamas Business Solutions, which equipped the centre with the latest technology solutions, including phone, highspeed internet and printing services, and the University of The Bahamas.

“We’re proud to be part

of this initiative,” said John Gomez, Cable Bahamas’ chief operating officer.

“Cable Bahamas understands how important it is for small businesses and entrepreneurs to have access to essential tools, like high-speed internet, in order to successfully run their businesses. We’re pleased to offer these resources and be a part of this forward-thinking approach to growing the economy in Eleuthera.”

“We applaud the launch of the Eleuthera Business Hub,” said University of The Bahamas president, Dr Rodney D Smith. “UB and its United States foundation remain committed to the success of Eleuthera, growing its business capacity and extending access to business and management training for entrepreneurs.

When our small business owners receive the education and support that they need, our economy is positively impacted.”

to all local businesses after The Bahamas was recognised as a Safe Travels destination by meeting the WTTC’s enhanced health and safety standards in line with its global Safe Travels Protocols.

These protocols were developed to rebuild traveller confidence in the COVID-19 pandemic’s wake, and to ensure there is a co-ordinated public and private sector approach to the tourism industry’s recovery efforts.

The Safe Travels stamp is the world’s first-ever

global safety and hygiene designation for travel and tourism. The Bahamas, through the TDC and WTTC, gains both benefits and responsibilities as a user of the Safe Travels stamp.

The Ministry of Tourism’s permanent secretary, Reginald Saunders, is seated next to the minister.

Pictured standing, as signatory witnesses, are TDC chief executive, Janet Johnson, and Commissioner of Police, Paul Rolle.

Photo: Eric Rose/BIS

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Monday, April 26, 2021, PAGE 3

‘I DON’T WANT MY GUESTS TO LEAVE WITH COVID DESSERT’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE restaurant owner whose staff note sparked the debate over “mandatory” vaccines has sought to further justify his stance, saying: “I don’t want guests to come for sushi and leave with a COVID dessert.”

Michael Scott QC, who owns Old Fort Bay Town Centre-based Sushi Rokkan together with his wife, told Tribune Business he “doesn’t understand what all the fuss is about” after they outlined a policy mandating that the restaurant’s 30-40 staff take the COVID-19 vaccine unless they have a medical reason for not doing so.

Workers were told that failure to comply would see them reassigned from frontline posts to other duties or, in a worst-case scenario, suffer termination, but Mr Scott argued that this approach was the only way to ensure his business survives while remaining in line with the Health and Safety at Work Act’s legal stipulations to maintain a secure workplace.

“In my private capacity, I am subject to the Health and Safety at Work Act,” he told this newspaper. “That

MICHAEL SCOTT QC imposes upon me a duty to create a safe system of work so as not to endanger members of the public.

“On a practical level I don’t want to be in the invidious position of having guests dine in the restaurant looking for sushi and leave with COVID-19 as a dessert.

If there is a vaccine available, why should people not want to be vaccinated?

“If members of the public get infected at the restaurant, not only do I fall afoul of the [Health and Safety at Work] Act but it will kill the business. Only a fool would not pay attention to this; this necessity.”

Mr Scott, in particular, pointed to sections four, five and seven of the Health and Safety at Work Act as imposing a legal duty on all Bahamas-based employers to protect both employees and customers in the workplace. He

‘DESPERATE TIMES’ IN SOUTH BIMINI OVER BPL POWER CUT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net IRATE South Bimini homeowners yesterday slammed Bahamas Power & Light (BPL) as “a joke” after suffering widespread energy outages for four days, adding: “Desperate times call for desperate measures.”

Residents, speaking on condition of anonymity, said power supply to the island had either been cut-off completely or severely disrupted for the past four days since early afternoon Thursday with no explanation forthcoming from BPL as to the cause.

While electricity supplies were restored by 6pm-7pm on Saturday night, following an all-day outage while repairs were attempted, Tribune Business was informed late afternoon yesterday that problems persist because voltage levels are insufficient to power larger items such as air conditioning units, pool pumps and waste plants.

Homeowners said that while appliances requiring

110 volts are working, those needing 240 volts and above were not. One told this newspaper: “This is day four with no power to the A/C, pool pumps or waste plant.

Oh joy. Because the pool pumps are not operating, the water is turning green, and with the waste plant not operating the lower units will have sewerage back-up.

“Half the people have no power. It’s been four days now. It’s a joke. We have a homeowner who has put a back-up generator on his balcony. It’s as loud as anything but he says he is not putting up with this.

Desperate times call for desperate measures. It’s 92 degrees here today and we’re dying. Five people said “screw this” and went north to the Hilton (Resorts World), which has its own power plant.

“They’ve left. There are very few of us left that will try to persevere; 80 percent gave up. Would you sit in a room with no A/C, no Internet and no TV? Of course not. Right now our salvation is for this cold front to come through. It’s supposed to come through tonight

argued that companies could be held in violation of this requirement if they failed to take all necessary steps to prevent COVID-19 infections and spread.

John Pinder, the government’s director of labour; attorneys; and trade union leaders and labour activists have all argued that mandating workers take the COVID-19 vaccine as a condition of retaining their jobs is both illegal and unconstitutional.

They have also asserted that while the COVID-19 vaccine prevents someone from becoming seriously ill or dying if they catch the virus, it does not prevent an inoculated person from catching it and spreading the illness to someone who has not been vaccinated.

To stop that, they are arguing that employers will have no choice but to constantly test all their staff - those hopefully. We’ll see.”

Dr Donovan Moxey, BPL’s chairman, said he was unaware of the situation in South Bimini when contacted by this newspaper yesterday and would have to obtain the necessary information. Quincy Parker, the state-owned utility’s spokesperson, could not be reached for comment.

BPL’s Facebook page warned South Bimini customers their power supply would be off on Saturday while its workers repaired what was described as “a cable fault”. It gave no restoration timeline and provided no explanation as to the cause.

However, homeowners said they suspected a vessel had damaged the power cables running between north and south Bimini by dropping its anchor on them. They provided this newspaper with a photograph purporting to show BPL staff in a boat trying to repair the cables.

“Those cables should be encased in a concrete pipe, but they just lie in the channel,” one source said. “If they would tell us they can’t provide reliable power, that’s fine. We would come up with a solution.”

A similar situation happened in October 2020 when South Bimini was left

vaccinated and those not.

However, Mr Scott said employer-employee relationships were “a matter of private contract”. He argued that employers can their private businesses “any way they see fit” and mandate certain things be done “within reason” so long as they are not illegal.

Pointing out that mass vaccination is the only pandemic exit route available to both The Bahamas and wider world, he warned that “everyone suffers” the longer it takes for this nation to reach so-called “herd immunity” where around 80 percent of the population has been fully inoculated.

“We have to do this as quickly as possible otherwise we cannot open the economy because we have not reached a point of herd immunity, and everyone suffers. I don’t understand this nonsense,” Mr Scott blasted to Tribune Business.

“I must also point out that Bhutan, an Asian country with 400,000 people, the same as The Bahamas, vaccinated their entire population in two weeks. I don’t understand what all the fuss is about.”

The well-known attorney also slammed as an “utter fallacy and nonsense”

arguments that persons should not take COVID-19 vaccines because the likes of the US Centres for Disease Control and Prevention (CDC) and Federal Drug Administration (FDA) have given them “emergency use” rather than “full” authorisation for use.

This, Mr Scott said, was only due to the length of time required to review the vaccines, adding: “It has nothing to do with their efficacy.” And he also took aim at Obie Ferguson, the Trades Union Congress (TUC) president, for failing to distinguish between his role as chairman of the government-owned Hotel Corporation and his private ownership of Sushi Rokkan.

The pair have clashed several times over the past three years, with Mr Ferguson representing Bahamas Hotel Managerial Association (BHMA) members working at the Grand Lucayan, whose board Mr Scott chairs. The TUC leader argued that forcing Bahamian workers to take the COVID-19 vaccine as a condition of their continued employment “takes us back to 1942” and the Burma Road riots.

Addressing a press conference, Mr Ferguson said:

“The question of the vaccine: I heard the chairman of the Hotel Corporation, a government entity, made an announcement that he is going to make it a requirement for persons who want to continue to work....... it’s mandatory for them to take the vaccine. I just want to go on the record by stating categorically that is an illegal act.....

“No one... The constitution of The Bahamas does not permit for anyone to give that instruction, and have that kind of influence, with the physical situation of the individual. That’s a no-no.

Disregard that because it doesn’t make sense.

“That will take us back to 1942, when the employer could tell you what to do, when to do it and how to do it no matter what the situation is. We are not going to go back to that, nor are we going back to 1958. We cannot go back to 1942 or pre-1942. We just cannot go back to 1958.”

Mr Scott, though, accused Mr Ferguson of “falling afoul over the fallacy I call the fallacy of the undivided middle” by not distinguishing between two different roles he holds. “He’s connecting two different statements,” he added.

without electricity for three days when a contractor cut the same BPL cable. BPL blamed a Water & Sewerage Corporation contractor for “damaging” the undersea cables that serve south Bimini when it started dredging activities on Saturday without the utility’s knowledge.

“A joint exercise between Water & Sewerage and a third party took place

on Saturday, without the knowledge of BPL, to dredge in the harbour in the vicinity of the South Bimini ferry dock to locate and unearth a broken waterline,” BPL said.

“During the works, the main BPL subsea feeder cables that supply power

to South Bimini were damaged. Power on North and South Bimini was interrupted because of the incident. While we were able to quickly restore power to North Bimini, the damaged cables meant South Bimini was left without power.”

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PAGE 4, Monday, April 26, 2021

THE TRIBUNE

MSC, Norwegian eye Nassau home porting FROM PAGE ONE

determination to use The Bahamas to commence in some limited way their operations.

“This is not a panacea for the very serious fall-off in visitors from cruising, but it is an encouraging start.... We’ve never done this before, but it is historic that it is happening now. We have no historical data, but we hope that people at the beginning or end of a cruise come here and tack on a couple of days in Nassau rather than simply go from the airport to the cruise ship.”

Should both MSC Cruises and Norwegian’s interest and plans become reality, it would take the number of cruise lines electing to resume their post-COVID voyages in the Americas from The Bahamas to four, joining the already-announced Royal Caribbean and Crystal Cruises.

Michael Maura, the Nassau Cruise Port’s chief executive, yesterday confirmed to this newspaper that discussions with both MSC Cruises and Norwegian were ongoing. “Over

NASSAU Cruise Port.

MICHAEL MAURA

the last five-six weeks I’ve been in conversations with MSC,” he revealed.

“That is definitely advancing, and in my conversations with MSC this past week they continued to confirm they’ll be home porting. It’s a Sunday, and I think they said July 21 [for the start].

They’ve got their private island at Ocean Cay, and will be able to offer Nassau, Freeport and Ocean Cay and come up with a solid itinerary.

“On Norwegian, I was over in Miami this past week and had a meeting with them. They asked if we had room on a Sunday, and I told them we did. They are looking at the possibility of home porting in Nassau on Sundays.”

Mr Maura said Royal Caribbean and Crystal Cruises will be home porting in Nassau on Saturdays this summer before setting out on their seven-day itineraries, while MSC Cruises

and Norwegian arrived at Prince George Wharf one day later.

He added that the luggage scanning equipment that will be installed to screen passengers’ bags is due to arrive on New Providence in “the next couple of weeks”, and Nassau Cruise Port was working extensively with the cruise lines and Bahamian law enforcement to determine the flow, handling and other details required for this.

Bahamian companies, with manpower and forklifts, will be hired to deal with bags belonging to 1,500 Royal Caribbean passengers, and potentially a similar number for MSC Cruises and Norwegian, plus 600 Crystal Cruises passengers.

“It’s all coming together,” Mr Maura said. “The relationship that exists today with Royal Caribbean is one of partnership, and they are working very closely with us and it’s all about the objective. That is to safely and efficiently provide a great experience to these passengers who will be flying into Nassau and boarding a cruise ship.

“They’ve not been on a

cruise ship for quite some time, and giving them a fantastic port experience everything from how those passengers are going to be handled, how they will be processed - we’re literally taking every step with them [the cruise lines] to make sure we exceed expectations.”

Mr Maura said he will this week meet with executives from Nassau Airport Development Company (NAD), the Lynden Pindling International Airport (LPIA) operator, to discuss the transfer of incoming cruise passengers to the downtown Nassau cruise port.

He revealed that, in Royal Caribbean’s case, a reception room for its passengers will be set up in the British Colonial Hilton, which will act as a “check in”. Passengers’ bags will go from there to the cruise port, where they will be screened before being placed on the vessel.

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Monday, April 26, 2021, PAGE 5

Publish your Balance Sheets and Financials in The Tribune.

Call 502-2394 FOOTBALL.

The Football business

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

R

OOTED in medieval ball games and distilled through the generations of English public-school boys that played it, football association, or simply Football, as it is more commonly known (unless you’re American, in which case it’s soccer), is by far the planet’s most popular sport.

The modern version of Football originated somewhere around the mid-eighteen hundred’s, in England, when several clubs worked together to standardise the rules of the game, banning the handling of the ball by field players and hard physical hacking. These new rules eventually led to a break from those that continued to play in the rugby school way, whom eventually went on to create the rugby game we know today.

Sport is big business these days; Kearney, a business consultancy firm, valued the global sports industry at 620 billion dollars annually, with growth continuing at a faster pace than that of GDP. The business stretches beyond the drama on the stadiums, including media rights, sponsorships, licenced products and the building of infrastructure. Still according to Kearney, Football is responsible for the largest slice of

this pie, with revenues that exceed those of all US sports combined (including American football, Basketball and baseball), plus Formula 1, tennis and golf.

The economic weight of the game became evident recently, following an attempt by some of the biggest clubs in Europe to break away and form their own league, which would have been called the “Super League”. The 12 breakaway teams, including the top 6 from England, as well as the main Spanish and Italian clubs, essentially wanted to start their own members’ only competition, with a few invited teams added every year; playing among themselves without ever being relegated or having to earn promotion. The aim was to supersede the existing Champions League, run

by UEFA, where all participants have to qualify for each year.

Despite the dazing numbers involved, with the “Super League” proponents promising more than 4 billion euros a year, to be generated from broadcasting and sponsorship deals and then divided among the participating teams, the

plan failed within 48 hours of its announcement. Faced with fierce opposition and criticism from fans, players, managers and even politicians, clubs, one after the other, started to pull out of the project.

What the creators of the idea failed to grasp is that Football is more than just a profit-oriented game.

Football clubs are undoubtedly businesses, but they are also community serving organisations; Billions of fans around the world support their teams, often from early childhood, with an unconditional fervour that occasionally is rewarded with a heroic victory that enhances the epic aura of the game and ensures the continuation of its popularity. This project would have undermined the game’s competitive nature and tradition, which rests on the idea that any team, no matter how small, can win through effort and skill.

The lesson to be learned by anyone looking to enhance the profitability of a sport with deep social roots is to never underestimate, or undermine, the passion that provides the base for its success.

PAGE 6, Monday, April 26, 2021

BPC to ‘relinquish’ 50% of licence area FROM PAGE ONE

the third exploration period.

“The third exploration period for the southern licences would last for three years and will require a

further exploration well to be drilled before the period expires, failing which the licences would be forfeited.

An extension of the licences will attract an annual licence fee (the amount

THE TRIBUNE to be determined during the renewal process) and requires a relinquishment of 50 percent of the licence area.

“Notification of renewal of the licences has been submitted to the appropriate ministry, and the area to be relinquished has been identified as being the area equivalent to that over the shallower water depths covered by the southern licences (less than around 200 feet).”

BPC had until end-March 2021 to signal whether it will seek to renew its oil exploration licences, with the existing ones set to expire at end-June this year following the drilling of its first Perseverance One exploratory well, which failed to detect the commercial oil quantities it was seeking.

The name switch to Challenger, which reflects the fact the company is no longer Bahamas-centric given its obtaining of offshore exploration licences in Uruguay, and the acquisition that has given it assets in Trinidad & Tobago and Suriname, comes as Simon Potter steps down as chief executive although he will remain on the Board as a non-executive director.

He will be replaced as chief executive by Eytan Uliel, the company’s commercial director, while Ross McDonald, the former Bahamas chief for Royal Bank of Canada (RBC), is also leaving the board. James Smith, the former Central Bank governor and minister of state for finance, remains

as a non-executive deputy chairman.

Documents relating to the rights offering indicate that BPC has yet to settle licence fees the government believes are outstanding from its second exploration period that includes the spudding of Perseverance One. They also further indicate that the company is unlikely to drill another exploratory well in The Bahamas unless it secures a joint venture partner to share the financial and technical load.

“The exploration licences held by the company in The Bahamas are subject to renewal in to the third exploration period as of end of June 2021. In relation to the grant of that renewal a number of matters pertain,” BPC said.

“In relation to licence fees, BPC remains to finalise any outstanding balance of fees payable for the second exploration period with the Bahamian government, and licence fees for the third exploration period established. Depending on a variety of factors, these costs

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could be lower or higher.”

It added: “Forward exploration efforts in The Bahamas will be determined in part on the company securing a farm-in partner to fund the exploration programme. The company previously sought a farmout of its licences in The Bahamas prior to drilling the Perseverance One well.

“Whilst there were interested parties who were in discussion with the company on a potential farm-out, the company was unable to secure a partner with which to drill the Perseverance One well. The company has restarted a farm-out process for its licences in The Bahamas, but there can be no assurance that it will find a suitable partner to progress exploration efforts.”

BPC was also somewhat dismissive of the ongoing Judicial Review challenge to its first well’s permits and approvals, even though the environmental activists behind it say they have raised the necessary $200,000 bond to cover the company’s legal costs as ordered by the Supreme Court.

“As at the date of this document, applicants representing various environmental groups have been granted leave to apply (amongst other matters) for a Judicial Review of the Government of The Bahamas’ decision to issue an Environmental Authorisation to the company for the drilling of the already completed Perseverance One well,” it said.

“The company has been joined as a party to that action. In order for the applicants to continue to pursue this action, the Supreme Court of The Bahamas had ordered that by March 31, 2021, the applicants were required to post the sum of $200,000 as security for costs.

“Thus far, the applicants have failed to do so, albeit the applicants have asserted that they have secured access to the funds to enable them to do so, and a process is ongoing to establish an appropriate joint account between the company’s and the applicants’ legal advisers for deposit of those security funds, consistent with common practice in The Bahamas,” BPC added.

THE TRIBUNE

Monday, April 26, 2021, PAGE 7

All accounted for?

No crown land audit since 1999 FROM PAGE ONE

crown land parcels as a means to capitalise the government’s equity stake in these vehicles.

In outlining this plan, the document revealed that the last crown land inventory took place in June 1999 when the first Ingraham administration was in its second term. “The crown land (as of 1999) represented a total of 3.5m acres (roughly equal to 14,162 square kilometres).

“Using Bahamas total land area from the British encyclopedia (470,000 square kilometers), the total crown land seems rather small at three percent of the total archipelago, particularly when you consider that only the islands of New Providence, and to smaller extent, Grand Bahamas, are urbanised. Perhaps not all of the crown land has been accounted for.”

The IDB paper raises the prospect that the government has been failing to keep regular, consistent track of one of its major assets and sources of potential income for both Bahamians and the country.

The fact no inventory has been taken since the 20th century, or more than two decades, covers two PLP and FNM administrations, and risks the loss or potential seizure of such land.

It also suggests that too little attention is being paid to the government’s balance sheet (assets versus liabilities) as opposed to its annual “income statement” or deficit (revenues versus spending).

A greater focus in this area is becoming increasingly critical as the government’s fiscal woes mount amid the economic devastation inflicted by the combination of COVID19 and Hurricane Dorian, with the ability to secure financing backed by Crown Land collateral a potential funding mechanism to be exploited should an emergency arise.

“Of the total amount of acres, 28 percent has already been granted (in use by a third party), seven percent is leased, 39 percent is available dry land, and 26 percent is wetland,” the IDB said. “For purposes of the [project] and the sovereign wealth fund, the land that is available for development is around 39 percent of the total, equivalent to 1.35m acres (approximately 5,467 square kilometres).

“There is not a reference as to the market value of the crown land assets given their different locations and uses. However, doing an assessment of the potential value of the available crown land should not be difficult since 90 percent of the available land is located in only four islands (Abaco Great, Andros, Grand Bahama and Mayaguana). The other 10 percent is scattered around 26 different islands.”

Hundreds of Bahamians have long complained about their inability to obtain an answer to their applications for crown land grants and leases, with public officials having previously admitted that the issue has long been used as a political tool by both major parties.

Meanwhile, the IDB paper outlined the plan to use crown land to help finance the government’s equity stake, and financial participation in, the National Infrastructure Fund and sovereign wealth fund. It has been suggested that the former could be a subsidiary of the latter, which would be set up as the so-called “master fund” with other investment funds lying beneath it.

“From the universe of available crown land - dry land that has not yet been granted and/or leased in the islands of Abaco, Andros, Grand Bahama and Mayaguana, the consultants should select a group of ten lots of land together with the [IDB] team working on the project,” the document added.

“These ten real estate assets will be the initial candidates to be capitalised in a Real Estate Investment Trust (REIT) as the Government of The Bahamas (GOB) capital contribution. It is expected that the private sector will also capitalise the REIT with the funds require for further development of the assets.

“The REIT or REITs will be a public-private vehicle that could later on place shares among the Bahamian citizens via public offerings.

Shares of the Government of The Bahamas in the REIT would then be capitalised in the sovereign wealth fund.”

Meanwhile, the IDB urged The Bahamas to use the tourism shutdown created by the COVID-19 pandemic to improve critical supporting infrastructure such as airports, ports, docks, roads and bridges, together with health, education and other services, to improve its competitiveness before visitor numbers bounce back in 2023-2024.

“The Bahamas should use this time, between now and 2023-2024, to improve its competitive edge in the tourism market vis-à-vis

To advertise in The Tribune, contact 502-2394

potential regional competitors,” the IDB argued.

“It should build the required sustainable infrastructure and institutional framework to develop sustainable tourism in the Family Islands, and it should partner with global producers and operators in the food security segment, particularly in aquaculture and fisheries, to exploit unutilised potential

in the sector.”

It added: “If we include the infrastructure recovery costs of the Hurricane Dorian impact, and account for the additional investment costs for resilient infrastructure, the future infrastructure gap of The Bahamas to sustain a three percent to four percent economic growth will be equivalent to $500m to $600m per year.

“These levels of investments are outside the possibilities of a fiscal responsible macroeconomic policy with budget resources. The Bahamas needs to make an extraordinary effort to tap into the mobilisation of private capital resources from both domestic and global sources if it is to reduce in any significant way its current infrastructure gap.”

PAGE 8, Monday, April 26, 2021

THE TRIBUNE

$200m ‘catalyst for Freeport renaissance’ FROM PAGE ONE “The first phase construction, which began eight weeks ago, will cover 36,000 square feet of classrooms; laboratory facilities; a Centre for Academic

Success; library; administrative offices; study and lounge space for students; and other student-support areas. The medical school is targeting a year-end completion for this phase so that it can welcome its first 50-strong student intake by

January 2022.

“In regard to economic diversification, almost nothing brings more life and vibrancy to a small city than a university,” Western Atlantic University Medical School added. “It is not just the students themselves

FULL scale renderings for Western Atlantic University on Freeport.

MARKET REPORT www.bisxbahamas.com

FRIDAY, 23 APRIL 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1950.47

-2.59

%CHANGE

YTD

YTD%

-0.13 -141.99

-6.79

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.15 33.05 1.50 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 1.50 2.90 1.59 5.50 6.96 3.53 4.30 2.90 5.67 9.75 2.52 7.00 11.29 9.00 14.00 3.99 8.35 15.50

CLOSE 5.00 32.12 1.50 2.71 1.59 6.00 6.96 3.53 4.30 2.90 5.67 9.75 2.49 7.00 11.24 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 (0.19) 0.00 0.50 0.00 0.00 0.00 0.00 0.00 0.00 (0.03) 0.00 (0.05) 0.00 0.00 0.00 0.00 0.00

VOLUME

2,000 1,000

500

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 -8.1 30.7 15.8 12.6 13.5 24.4 15.0 17.4 12.4 17.2 19.7 8.9 24.6

YIELD 3.40% 3.92% 1.33% 1.11% 0.00% 0.00% 3.74% 0.00% 0.00% 4.14% 3.88% 7.38% 17.43% 0.86% 2.92% 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 1.69 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

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

who will matter so much to the Freeport economy, but their family and friends who will visit as well. Each student will spend 20 months in Freeport, leading to a number of repeat visitors.

“While other businesses can bring similar economic impact to Freeport, university students bring an energy and vitality that we hope will help lift the entire community. This is why... founder and chief executive, Peter Goetz, has frequently stated his belief that Western Atlantic University School of Medicine will be the catalyst and at the forefront of Freeport’s renaissance.”

According to a project timeline seen by Tribune Business, the second phase $15m investment will involve construction of a 24,000 square foot building aimed at medical tourism, while the final $67m third phase will see completion of another 168,000 square feet of medical education buildings.

Total construction investment is pegged at $115m across all three phases, with phase two starting next January and finishing

by December 2022 and the final stage stretching from January 2023 to August 2024.

Some 100 construction jobs and 100 full-time posts will be created during the current phase one. Another 100 construction jobs and 75 full-time posts will emerge from phase two, with both construction and permanent jobs doubling as a result of the third phase.

That latter stage will create 200 construction jobs and 175 full-time posts, taking the total number of permanent positions to 350.

“Near, or at, 100 percent of the construction work thus far and into the future will be performed

by Bahamian contractors and workers,” the medical school said in response to Tribune Business inquiries.

“We are pleased that thus far, many of the workers are residents of Grand Bahama who were off island looking for work in Nassau and other locations. In a number of instances, our jobs have allowed families to reunite, something that is very important to our founders.” Some 50 of the first phase’s 100 construction jobs have already been created.

Western Atlantic University Medical School is aiming to have a 200-strong student population by end-2022, with the goal of doubling this by the following year and reaching the 500 mark by 2024. Thereafter it is aiming to increase its intake by 100 per year to reach the 1,000 point by 2030.

Revealing that the medical school’s origins date back to 2018, Western Atlantic said its five main founders “have educated and helped place more than 25,000 graduates into successful careers as practicing allopathic physicians” - a status it described as “the gold standard in the US and Canada, and even more so around the world”.

“Western Atlantic University Medical School will continue to build upon this substantial record of success to help meet the shortfall of doctors in the US, Canada and The Bahamas by educating outstanding, patient-centred physicians,” it said in response to this newspaper’s questions.

“Western Atlantic University Medical School’s vision is to be a premier leader in medical education, particularly among medical schools located outside of the US. By constructing a stateof-the-art campus, hiring outstanding faculty, offering best-in-class student services, and offering clinical rotations to our third and fourth-year students

at respected US clinical partner hospitals, Western Atlantic University Medical School will be training culturally and medically sophisticated students who will serve and positively impact both the North American and global healthcare communities alike.”

Besides Mr Goetz, others deeply involved with the project include Bill Colgan, Metro Real Estate’s chief executive and managing partner. Joseph A. Flaherty, formerly dean at the University of Illinois Colleges of Medicine, and ex-dean and chancellor at for Ross University School of Medicine, will serve as the medical school’s president. Paula Wales is executive dean.

Explaining why Freeport was selected for the project, Western Atlantic said: “First, location really matters, and Grand Bahama is just 60 miles off the Florida coast, as compared to most of our peer medical schools that are more than 1,000 miles from the US. “Additionally, Freeport’s infrastructure is similar to that of several US coastal/ beach communities and will allow students and faculty from the US and Canada a shorter adjustment period of living abroad.

“Second, as a vibrant, culturally diverse city, Freeport offers our students real-world opportunities to make a positive impact from the onset of their medical school careers. Western Atlantic University Medical School students will have the unique experience of being able to broaden their outlook through both academic and non-academic initiatives within the local community.”

Asked about the medical school’s accreditations, Western Atlantic said it has received “candidacy status accreditation” by the Caribbean Accreditation Authority for Education in Medicine and Other Health Professions (CAAM-HP).

The process from candidacy status to full accreditation takes time, it added, with the latter usually depending on a review conducted early in the programme’s fourth year.

“Accreditation by CAAMHP is a rigorous, peer review process that examines all aspects of a medical programme,” it added.

“The CAAM-HP board, an independent and autonomous body of professionals, only certifies medical schools that are operating at the highest levels of industry standards.”

Confirming that Western Atlantic’s faculty will be concentrating solely on teaching, the medical school asserted that there were no plans to practice and “displace or take away any physician jobs in Freeport”.

It added: “Freeport is our pre-clerkship campus. Students will complete their clerkships at our partner teaching hospitals in the US. That said, we are hoping to collaborate with some local physicians, practices, clinics and the hospital so that students may receive some introduction to clinical medicine and patients while in Freeport.

“Local physicians who take on students would need to be appointed Western Atlantic faculty members, and either the physicians, clinics and/or hospital(s) would be provided stipends for their time and, in some cases, the use of their facilities.

“For the present time, our sole focus is building and launching Western Atlantic University School of Medicine. While we have discussed the possibility of what would be a natural alliance and partnership with medical tourism, our immediate attention is on Western Atlantic University School of Medicine.”

THE TRIBUNE

Monday, April 26, 2021, PAGE 9

Greece closer to investment grade with ratings upgrade Associated Press GREECE moved closer to investment grade late Friday after Standard & Poor’s upgraded its sovereign rating for the debt-strapped country by one notch to BB from BBwith a positive outlook.

“The upgrade reflects our expectation of a rapid improvement in Greece’s economic and budgetary performance as the adverse impacts of the COVID-19 pandemic subside,” the ratings agency said.

Greece now lies two notches below investment grade, as it continues a long climb back to recovery.

It fell into junk status in 2010 as the country sought its first of three successive international bailouts from other eurozone members and the International Monetary Fund.

Most of its debt is still held by bailout creditors which have provided generous repayment terms but its recovery was cut short by the pandemic, swinging back into recession with a 8.2% contraction of gross domestic product last year.

The crisis also pushed the national debt over 200% of GDP, while longer-than-expected lockdown measures this year forced officials to acknowledge that the official 4.8% growth projection now looks optimistic.

But S&P said massive economic support from EU recovery funds and a continued commitment to reforms by the government despite the crisis were hopeful signs.

“The structural reforms implemented by consecutive Greek governments over the past several years have, in our view, enhanced the predictability of policymaking,” S&P said. “This bodes well for the country’s economic and budgetary outlook once the pandemic’s impact diminishes.”

In a tweet, Greek Finance Minister Christos Staikouras welcomed the news, which was seen as a surprise by many Greek commentators.

“Today’s upgrade of our country by S&P Global Ratings is, undoubtedly. an an extremely positive development for the Greek economy,” he said. “It is

NOTICE NOTICE is hereby given that JARED O NURSE, of Drive, Monastery Park, P.O.Box N-3940 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 26th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE BURGUNDY MINING ADVISORS LIMITED (In Voluntary Liquidation) Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Directors of the above-named company by Resolution passed on the 9th day of March 2021 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 28th day of May 2021, after which date the books will be closed and the assets of the company distributed.

Dated the 22nd day of April 2021.

Bennet R. Atkinson Liquidator

LEGAL NOTICE BURGUNDY RESOURCES LIMITED (In Voluntary Liquidation) Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Directors of the above-named company by Resolution passed on the 9th day of March 2021 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 28th day of May 2021, after which date the books will be closed and the assets of the company distributed.

Dated the 22nd day of April 2021.

Bennet R. Atkinson Liquidator

the result of designing and implementing the right policies in the economic field, as well as, more generally, the result of the government’s effective policy and its series of reform initiatives.”

PAGE 14, Monday, April 26, 2021

THE TRIBUNE

GERMAN CONTENDER WANTS TOUGHER STANCE ON CHINA, RUSSIA BERLIN Associated Press A LEADING contender to succeed Angela Merkel as German chancellor this fall has called for “dialogue and toughness” toward China when it comes to defending democratic values and human rights.

Annalena Baerbock, pictured,the environmentalist Greens’ candidate for chancellorship, told the weekly Frankfurter Allgemeine Sonntagszeitung that Europe should use its economic might to block Chinese goods made with forced labor

democracies,” she said in an interview published yesterday.

Baerbock cited China’s investment in infrastructure and energy grids through Central Asia to Europe as “brutal power politics”.

“We Europeans mustn’t kid ourselves,” she said, adding that the 27-nation European Union needs to act accordingly to defend its values, such as by using a recent investment accord between Brussels and Beijing to address more strongly the issue of China’s putting its Uyghur minority into forced labour.

Baerbock, a graduate in international law, also took

and avoid communications technologies that endanger European security.

“We are currently in a competition between systems: authoritarian powers versus liberal

aim at Russia, in particular its support for rebel groups in Ukraine and the recent massing of Russian troops along Ukraine’s border.

She backed Ukraine’s right to apply for membership in NATO and the EU, but said “the most important thing right now is to increase the pressure on Russia so that the Minsk accord is adhered to.” That accord seeks to peacefully end the conflict in eastern Ukraine with Russia-backed rebels that has left at least 14,000 dead since 2014.

Against the backdrop of Moscow’s aggressive behaviour, Baerbock criticised

the German government’s support for an underwater pipeline bringing Russian natural gas to Germany.

“I would have long withdrawn political support for Nord Stream 2,” she said.

The Greens have called for closer cooperation with the United States to defend liberal values worldwide, but Baerbock suggested that the goal of having NATO members spend 2% of their gross domestic product on defense should be revisited in light of the pressing need to invest large sums to curb climate change. She also suggested Europe’s defense contribution could also come in

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 83° F/28° C Low: 65° F/18° C

TAMPA

uV inDex toDay

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

A t‑shower in spots in the p.m.

Mainly clear

Partly sunny and windy

Mostly sunny and breezy

Sunshine and not as breezy

Mostly sunny

High: 84°

Low: 72°

High: 83° Low: 71°

High: 83° Low: 71°

High: 84° Low: 72°

High: 85° Low: 71°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

93° F

70° F

87°-69° F

87°-70° F

90°-73° F

93°-74° F

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

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 79° F/26° C Low: 72° F/22° C

8‑16 knots

S

High: 84° F/29° C Low: 74° F/23° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 74° F/23° C

N E S

E

W

WEST PALM BEACH

W

| Go to AccuWeather.com

TONIGHT

High: 87° F/31° C Low: 68° F/20° C

High: 82° F/28° C Low: 68° F/20° C

MIAMI

High: 86° F/30° C Low: 74° F/23° C

4‑8 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 77° F/25° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 68° F/20° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 3.25” Normal year to date ..................................... 5.93”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 72° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 82° F/28° C Low: 74° F/23° C

N

KEY WEST

High: 84° F/29° C Low: 78° F/26° C

High

E

W

6‑12 knots

S

3‑6 knots

Low

Ht.(ft.)

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

Thursday

10:16 a.m.

10:47 p.m.

2.7 3.5

4:23 a.m. ‑0.7 4:23 p.m. ‑0.8

Friday

11:10 a.m.

11:42 p.m.

2.6 3.3

5:18 a.m. ‑0.5 5:16 p.m. ‑0.6

Saturday

12:08 p.m. ‑‑‑‑‑

2.4 ‑‑‑‑‑

6:16 a.m. ‑0.3 6:14 p.m. ‑0.3

Sunday

12:41 a.m.

1:11 p.m.

3.1 2.3

7:17 a.m. ‑0.1 7:17 p.m. 0.0

sun anD moon Sunrise Sunset

6:38 a.m.

7:38 p.m.

Moonrise Moonset

7:24 p.m.

6:22 a.m.

Full

Last

New

First

Apr. 26

May 3

May 11

May 19

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: 85° 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

H

Ht.(ft.)

Today

High: 83° F/28° C Low: 74° F/23° C

N

S

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

tiDes For nassau

CAT ISLAND

E

W

the form of a cybersecurity centre.

“A blanket 2% goal, on the other hand, won’t achieve greater security,” she said.

The Greens emerged from the pacifist and environmental movements of the 1970s and 1980s, but in recent years have backed limited military deployments abroad, provided they are tied to UN resolutions.

Baerbock said the future of US nuclear weapons stationed in Europe could be raised again as part of the atomic disarmament negotiations between Moscow and Washington.

4‑8 knots

MAYAGUANA High: 84° F/29° C Low: 76° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

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

High: 83° F/28° C Low: 75° F/24° C

GREAT INAGUA High: 85° F/29° C Low: 76° F/24° C

N

E

W

E

W

N

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: 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 NE at 8‑16 Knots ENE at 10‑20 Knots NE at 6‑12 Knots ENE at 8‑16 Knots SE at 4‑8 Knots ENE at 10‑20 Knots ENE at 4‑8 Knots ENE at 8‑16 Knots S at 4‑8 Knots ENE at 10‑20 Knots NE at 8‑16 Knots ENE at 8‑16 Knots SW at 3‑6 Knots ENE at 10‑20 Knots NE at 6‑12 Knots ENE at 8‑16 Knots ESE at 3‑6 Knots ENE at 7‑14 Knots E at 4‑8 Knots ENE at 7‑14 Knots NNE at 7‑14 Knots ENE at 8‑16 Knots NE at 4‑8 Knots ENE at 8‑16 Knots SW at 4‑8 Knots ENE at 10‑20 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 6 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 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 80° F 81° F 81° F 82° F 77° F 77° F 80° F 80° F 82° F 83° F 81° F 82° F 82° F 82° F 80° F 81° F 79° F 79° F 82° F 82° F 78° F 78° F