04272020 BUSINESS

business@tribunemedia.net

MONDAY, APRIL 27, 2020

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Cruise port eyes $150m bond despite shutdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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ASSAU cruise port’s developer is aiming to raise up to $150m in bond financing next month to kick-start construction work amid the industry’s global shutdown.

Mehmet Kutman, chairman of Global Ports Holding, confirmed to analysts in a recent conference call that its $250m investment in transforming Prince George Wharf into a worldclass destination will not be impacted by the fall-out from the COVID-19 crisis.

He revealed that the $130m worth of capital expenditure required at the Nassau Cruise Port over the next 12 months will be financed by May 2020’s bond issue, which he confidently predicted will be “oversubscribed” by Bahamian and international investors.

Tribune Business sources, speaking on condition of anonymity, subsequently disclosed that the developer is seeking to raise $150m from a combination of

• Parent confident May raise ‘oversubscribed’ • Pledges COVID-19 won’t hit Nassau plans • Project can move quicker without passengers

THE PROPOSED transformation of Nassau’s cruise port. $100m in Bahamian dollar financing with the $50m balance denominated in US dollars. They added that the bonds will carry a 7.5-8 percent interest coupon, and have a 20-year term until maturity.

This newspaper understands that the bond issue’s details have yet

Galleria chief in royalty fees row

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GALLERIA Cinemas’ principal has been ordered to pay “all outstanding royalty fees” over a failed restaurant venture that a Supreme Court judge branded “an abject failure” and “a bust”.

However, Justice Ian Winder dismissed all other claims brought against Chris Mortimer, pictured, by the local master franchisee after the Bennigan’s restaurant he operated at the Mall at Marathon closed for

good in late 2012.

In particular, Justice Winder rejected Commonwealth Franchise Holdings’

SEE PAGE 6

Bahamians raiding pensions for funds

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN INVESTMENT banker has cautioned Bahamians against using pension monies and retirement savings as emergency funding to ride out the COVID-19 pandemic.

Michael Anderson, pictured, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business it had begun to see “a

lot of people take money out of pension plans” whose terms enabled them to do so.

While understanding the emergency situation facing many Bahamians, he warned that those doing so were effectively easing short-term pain at the expense of building up sufficient financing to enjoy a comfortable retirement that could last 20-30 years.

SEE PAGE 6

to be finalised, with the issue’s start and closing dates yet to be firmed up other than the issue will take place some time in May. Full offering materials have yet to be released, with investor presentations also to come.

However, Michael Maura, Nassau Cruise Port Ltd’s chief executive, yesterday

told Tribune Business that the industry shutdown has presented an opportunity to proceed with Prince George Wharf’s redevelopment and the addition of more and larger cruise ship berths - at a faster pace than originally anticipated because

SEE PAGE 6

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Freeport ‘the only fiscal and economic saviour’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT Freeport attorney is today urging the government to “save” the city and itself by allocating $70m from any post-COVID-19 stimulus spending to Grand Bahama International Airport’s rebuild.

Terence Gape, senior partner at Dupuch & Turnquest, warns that The Bahamas cannot afford to “leave Freeport out in the cold again” given that it remains the one island with the available infrastructure to support significant economic growth and generate new revenue streams for the government.

Writing on Page 3B in today’s Tribune Business, Mr Gape warns that “the country has no viable future without Grand Bahama” on the basis that it is “the only place in The Bahamas that can create the jobs and increased income” required to serve the extra multi-billion dollar debt the government must incur to cover its deficits and prevent the economy’s total collapse due to the pandemic.

Yet Freeport and the wider island “will not have a chance” unless

the government moves to restore Grand Bahama International Airport to a status where it can once again receive international commercial flights and act as a gateway for commercial investors coming to the island.

Mr Gape, also warning that The Bahamas may have to develop a satisfactory COVID-19 testing and tracking regime if it is to be declared a safe destination for American travellers by the US State Department, suggested there were several new industries that could be attracted to Grand Bahama if the airport and other investment regime features were right.

Besides medical marijuana distribution centres supplying Canada and US states where this was legal, Mr Gape said he was also aware of investor interest in establishing “depositories” that would secure gold bullion, art and other forms of wealth accumulated by the rich and famous.

“If they’re going to borrow $500m or whatever it is to keep the country alive, what’s going to happen after COVID-19? We’ve got to think beyond the virus,” Mr Gape told Tribune

SEE PAGE 6

THE TRIBUNE

Monday, April 27, 2020, PAGE 3

‘GET BALL ROLLING’ OVER GB AIRPORT POST-VIRUS DEAR Editor,

Before the coronavirus pandemic we had a two-year window for construction and completion of the four major projects in Grand Bahama that would have given us jobs, jobs and jobs, and the revival and establishment of a dynamic economy.

Since COVID-19, the landscape has changed.

The cruise lines and their operations, though signed up, have been devastated economically by the pandemic as has, I submit, the government. The government, to keep the country alive, will have to borrow hundreds of millions of dollars to feed and nurture our people, and this will likely go on for at least six to 12 months. The danger is that

Letters to the Editor at the end of the period, we will look up and we may have salvaged what we had before, but we will not have created any new jobs or opportunities for our burgeoning population, or the means to service our - by then, potentially unserviceable - debt. This will start to become an increased burden on the country, thus reducing any true economic growth for The Bahamas.

Freeport is still the answer I hate to say this, especially to my Nassau brethren, but the country

has no viable future without Grand Bahama. We remain the one place in which significant growth can take place, certainly for the next ten years.

Freeport, I submit, is still the only place in The Bahamas that can create the jobs and increased income the country will need to finance the debt burden to give Bahamians hope going forward.

1. The government is rumoured to be signing a contract for the construction of a new hospital, an important part of the fourproject plan.

2. We still have the hotel deal, the two cruise ports and the new airport, but those are all “kinetic” deals even though (except for the airport) all are signed and sealed.

Ever since Hurricane Dorian, no one is coming to Grand Bahama without a fully functional Grand Bahama International Airport. Freeport and its 40,000 Bahamian population will have no future without the airport. It is clear that substantial investment is necessary in infrastructure, which shall provide not only the needed jobs but also serve to create consumption that leads to the growth of financial resources to the Bahamian people throughout The Bahamas.

Grand Bahama International Airport a priority Without the airport started and in place, Freeport is going to be crossed off the map of any present investor and/or potential Investor. The Bahamas cannot afford to lose the

income of Grand Bahama and the sustainable economic diversification that the city can provide in the shortest possible period.

The cruise lines are themselves borrowing billions of dollars to stay alive, and will be economically challenged for years after this pandemic is over. I must exhort the government, therefore, to allocate a minimum of $70m out of these hundreds of millions of dollars to be spent to feed, clothe and give healthcare to our people, which is admittedly essential to their well-being and care. This allocation will enable the reconstruction of Grand Bahama International Airport so that, after the pandemic - and even now - we will be creating jobs and opportunities for growth.

Starting the airport will save Freeport, and will provide convincing impetus to the cruise lines, the Grand Bahama Shipyard, Pharmachem and Mediterranean Shipping Company (MSC) that Grand Bahama is still the place to be now and in the future.

I therefore exhort government to immediately earmark construction funds for the Grand Bahama International Airport, including the Georgetown and North Eleuthera airports, if possible, and to begin talks with all interested parties to confirm what I have said here. Let’s get this ball rolling.

Terence Gape Freeport resident and senior partner Dupuch & Turnquest

RECOVERY CO-CHAIR CALLS FOR ‘INTEGRATED ECONOMY’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CO-CHAIR for the government-appointed Economic Recovery Committee yesterday said The Bahamas “must build an integrated economy that is self-sustaining” post-COVID-19.

Kenwood Kerr, Providence Advisors’ chief executive, told Tribune Business that he and his fellow committee members would seek to develop a strategy for “building a better Bahamas” and restarting the economy in the pandemic’ wake.

Emphasising that his thoughts were his own, and not those of the committee, Mr Kerr acknowledged that the construction industry was among the first that needed to be restored to full operation given its ability to absorb much of the Bahamian workforce’s semi-skilled and unskilled labour.

He added that technology and the digital economy will be “a core pillar of the future Bahamas” given that many citizens and residents have increasingly come to rely on it for multiple services - ranging from food deliveries to bill payments and financial transactions - during the COVID-19 pandemic.

“I’m honoured by the appointment. It’s an exciting time and a lot of work to be done,” Mr Kerr told this newspaper. “We have

KENWOOD KERR to build an integrated economy that’s self-sustaining.

“Everyone knows construction is a bellwether for the economy, and an immediate way to get a job stimulus and a large multiplier effect from economic activity, for persons who are unskilled and semi-skilled while reducing that social burden on the system. All aspects - Family Island development, construction - everything will be included as part of the broader mandate to build a better Bahamas.”

Confirming that e-commerce and information technology (IT) will be another focus for the committee, Mr Kerr added: “I think that’s one of the core pillars of the future Bahamas, and future development of The Bahamas, together with the ease of doing business. That’s a core element in my estimation.”

The Providence Advisors chief said The Bahamas ultimately needed to make itself “less vulnerable to external shocks”, and the dire effects they have on economic growth,

Abaco reconstruction awaits energy return

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ABACO’S Chamber of Commerce president said post-Hurricane Dorian reconstruction is “proceeding at pace” despite the continued wait for electricity supplies to be restored to Central Abaco.

Ken Hutton told Tribune Business: “Reconstruction is proceeding at pace. We have been very lucky in that there are no (COVID-19) cases in Abaco, and the relaxation on construction to resume in full has been very helpful.

“The biggest issue right now is the amount of work that still remains to be done in terms of debris removal and, more than anything, electricity. We have been going on eight-plus months in Central Abaco with no electricity and no water.”

Disputing Bahamas Power & Light’s (BPL) earlier assertions that significant portions central Abaco have seen the restoration of electricity services, particularly the areas of Central Pines and Spring City, Mr Hutton said: “That is not accurate according to me, because I live in central Abaco, and I have no power. My business is in central Abaco and I have no power.

“I’m looking at all of these buildings and they have no power. Nobody has power in central Abaco with the exception of the government buildings,

KEN HUTTON Maxwell’s Superstore, I believe Boat Harbour, and one small subdivision. The cays have no power with the exception of Green Turtle Cay. No, Central Abaco still has no power.”

Mr Hutton acknowledged that BPL was struggling for manpower given that the border closures in response to the virus crisis have prevented work crews from overseas energy providers coming into help.

He added: “If they would get the power put in I think they would find some demand. With that said, I know they are scrapping for personnel. They don’t have a lot of crews here. They are working as quickly as they can. However, the COVID19 has put a crimp on them bringing in additional help.

“Premier Importers has been absolutely smashed all week with building materials. When I said I know the construction is continuing really hard, I know because I am one of the main suppliers of construction materials here.”

employment or incomes.

He added that this was the case regardless of whether the disruption related to a pandemic, terrorist attacks, financial crises or recessions.

“We’re talking about being able to feed ourselves in agriculture, fisheries, and generating our own water - basic issues that we don’t have to look outside for,” Mr Kerr added.

He declined to detail the direction the committee will take, given that is was due to meet late yesterday and today for the fist time, and said: “Let’s wait for the committee to meet and see what we do. It’s early days.”

The Economic Recovery Committee and its members were yesterday unveiled by the Prime Minister as a public-private sector arrangement to chart the way forward for The Bahamas’ revival and restructuring following the devastating blow inflicted

by COVID-19.

The announcement came as it was revealed that the government intends to continue the present arrangement of alternating weekend lockdowns and 24-hour week-day curfews for the month of May as part of efforts to contain and halt COVID-19’s spread. It will keep this under constant review, holding out the prospect of more industry/sector openings if the situation improves.

Mr Kerr and Marlon Johnson, the Ministry of

Finance’s acting financial secretary, will co-chair the Economic Recovery Committee. Other members are: • John Rolle, governor, Central Bank of The Bahamas • Wendy Craigg, former Central Bank governor, and now advisor to the Ministry of Finance • Christina Rolle, executive director, Securities Commission of The Bahamas • Davinia Blair-Grant, executive director, Small Business Development Centre • John Delaney QC, senior partner, Delaney Partners • Khrystle RutherfordFerguson, chair, Bahamas Chamber of Commerce and Employers Federation • Greg Laroda, chair, Grand Bahama Chamber of Commerce • Suzanne Pattusch, executive vice-president, Bahamas Hotel & Tourism Association • Tanya McCartney, executive director, Bahamas Financial Services Board • Nat Beneby, former managing director, RBC Royal Bank • Patrick Ward, president/chief executive, Bahamas First • Edison Sumner, principal, Sumner Trading Partners • Franklyn Butler, chief executive/president, Cable Bahamas • Obie Ferguson, president, Bahamas Trade

Union Congress • Matt Aubry, executive director, Organisation for Responsible Governance The Cabinet Office, in a statement, said the committee “will make recommendations to the Cabinet on the long-term economic recovery of The Bahamas economy, including jobcreation and stimulating small business recovery and development”.

It will also focus on developing a competitive business environment, economic diversification, tourism and transport, financial services and labour.

“The committee should be bold and creative in its recommendations,” said the prime minister. “We are in a new era. We need to think and act in new ways in order to recover as quickly as possible, and to build a more dynamic and diverse economy. We have to enhance the use of digital technologies and delivery services.

“I look forward to the ideas, policies and programmes the committee will recommend to help The Bahamas to recover and to create jobs and more entrepreneurial opportunities, including for young Bahamians.”

Dr Minnis said that just as The Bahamas has seen an increase in the local production of hand sanitisers, masks and other health care products, the government will also promote

more domestic production and manufacturing where possible. That, he added, included greater food production.

However, there are no direct representatives of local manufacturing, agriculture and construction on the committee. Nor are small businesses directly represented on a committee apart from the Small Business Development Centre’s top executive. The committee features numerous government regulators, bodies and financial services executives, but no one directly from the IT field apart from Cable Bahamas’ chief executive.

The government, meanwhile, yesterday relaxed some of the restrictions imposed on the legal profession. While law firms cannot open, attorneys are being permitted to visit their offices to prepare for upcoming court matters.

They are also allowed to take instructions in criminal and “urgent civil” matters where this cannot be done without meeting clients in persons, and can also assist with the carrying out of “urgent commercial transactions” and the execution of wills.

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PAGE 4, Monday, April 27, 2020

THE TRIBUNE

REALTORS URGED TO TAKE TRAINING FOCUS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Real Estate Association (BREA) is calling on its members to take advantage of training courses it is arranging during the COVID-19 lockdown period.

Christine Wallace-Whitfield, pictured, BREA’s president, told Tribune Business: “We have got a course coming up, the BRI (Bahamas Real Estate Institute) course, that is scheduled for this week.

“It is a virtual course that will be taught with an

instructor that is approved by the National Association of Realtors, in conjunction with BREA. That is a continuing education course that is being put on, and we’re also in the works of putting on other

courses. But we have to get schedules, and we’ve got to make sure that there are requirements that are also in line with real estate in The Bahamas.”

Real Estate consultant Gee Dunsten, an associate broker for company Long & Foster in Maryland, the US, will be conducting the BRI course.

Mrs Wallace-Whitfield added: “This is basically for our real estate members, and we are also getting ready to do some e-mail blasts for continuing education for our members. As I have said before, our members should use this time to look at different platforms

of social media and help themselves because there are so many different webinars and different things out there for our members.

“These courses are very important. I find them very useful because having an international instructor is an advantage. They are also giving us their take in terms of the international market and where they are coming from, so a lot of the times they give scenarios and comparisons with the different markets.”

Ms Wallace-Whitfield continued: “Gee Dunsten has been around for many years, and he has been travelling to

The Bahamas every now and then to teach the course because we have a bilateral agreement with NAR (National Association of Realtors), which allows us to basically use their platform for their education. It all works together hand in hand.

“It’s always a wealth of knowledge they bring to the table for us, because they’re coming from America and they are up on what’s happening with the real estate world, whether it’s the US or Canada and different areas, and even through Europe.

“One of our other big courses that we are

trying to get on, but it is more of an in-class course is the CIPS (Certified International Property Specialist).That is one of our big courses we have introduced to our members within the last two years that is a requirement as well, and also a CRS - certified residential specialist - course.”

Ms Wallace-Whitfield added that BREA also plans to help persons seeking rental accommodation, and added: “We are still trying to wait for the Government, and still trying to lobby to get certain items of real estate dealt with.”

Cruise line eyes June 10 for Bahamas sail restart

BON Vivants has become a favourite for young professionals and provides a place to escape, unwind and enjoy.

Photos: Robyn Damianos

Year-old cocktail lounge nominated for honours A YEAR-OLD Bahamian cocktail lounge has been nominated for a top international award, which it says is a first for any bar in The Bahamas.

Bon Vivants, based at the Old Towne Sandyport, was one of ten bars shortlisted to be named Best New International Cocktail Bars in the Latin America and the Caribbean by Tales of The Cocktail Spirited Awards.

Kyle Jones, Bon Vivants co-owner with his business partner, William Young, said: “Being recognised by the Spirited Awards is a huge honour and incredibly humbling. I am so proud of our team; their hard work and dedication to the craft speaks volumes.”

“Their love and passion for what they do is evident in the quality of beverages they put in front of each and every person that walks through our doors. With everything that is going on in the world right now, this bright spot of good news was surely welcome. We are looking forward to the day when we can re-open to serve Bahamians and visitors once again.”

Since its establishment in 2007 by the Tales of the Cocktail Foundation, the Spirited Awards have grown to become a staple in the hospitality industry. The award is granted by a panel of mixologists, bar owners, educators and writers from across the globe.

These judges review thousands of nominations provided by the public and, using their industry experience, determine the top contenders. There were 5000plus nominees this year, and Bon Vivants was one of the 44 total bars chosen to win

BAHAMAS Paradise Cruise Line has confirmed that sailings to this nation will resume on June 13 for its Grand Celebration vessel, and on July 10 with the Grand Classica.

“We appreciate the support of our valued guests, partners, regulatory agencies, staff and crew during this challenging time,” said Oneil Khosa, Bahamas Paradise Cruise Line’s chief executive. “We are utilising this time to ensure that we are ready for our guests once we resume cruising.

“Travellers will be seeking a quick and safe getaway once leisure travel fully restores, and we look forward to welcoming them onboard for a unique, shortcruise getaway to paradise.”

The cruise line’s vessels sail from Florida to both Grand Bahama and Nassau.

Confirming that it is

BAHAMAS PARADISE CRUISE SHIP continuing to monitor the COVID-19 fall-out, Bahamas Paradise Cruise Line said all guests booked on a cancelled sailing will receive a 125 percent future cruise credit through its updated Sail with Ease Policy.

Future cruise credits will automatically update in the cruise line’s system, and guests are only required to

call customer service to transfer their cruise to any future sailing date through December 31, 2021.

While it is encouraging all impacted guests to take advantage of the future cruise credit, Bahamas Paradise Cruise Line said those who wish to receive a refund are entitled to 100 percent of their two-night cruise or cruise and stay package price.

Andros Chamber chief backs farming increase

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ADRIAN Whylly garnishes a customer favourite, ‘The Long Surrender’, above, and adds the finishing touches to the ‘Boogie on a Reggae Woman’ cocktail below.

this particular award. The Bahamian contender opened in April 2019.

Shortlisted regional honorees were published on April 14, 2020, and the

category winners will be announced at the 14th Annual Spirited Awards, which are scheduled to take place in July 2020 in New Orleans, Louisiana.

THE Central Andros Chamber of Commerce’s president says the island would welcome an increase in farmers with the eco-tourism industry it heavily depends on shuttered due to COVID-19.

Tavares Thompson told Tribune Business: “As it stands now it is just the essential businesses that are open. All of the lodges are closed down because Central Andros is eco-tourism. We depend something like 90 percent on ecotourism, but with all of the lodges being closed it is just essential businesses that are surviving - the grocery stores and the lumber yards, and then a portion

of the residents that are out there assisting the fishermen and the farmers.”

Voicing optimism that central Andros will escape permanent business closures once the pandemic has passed, Mr Thompson said: “No. Not Androsians.

Androsians are persons that are going to bounce back. I think most persons are going to bounce back after this. I just think it’s going to take a lot of time.”

He backed the government’s drive to encourage more domestic food production and farming, especially given Andros’s excess farm land. Mr Thompson said: “I’m looking at my chickens right now. I’m actually a chicken farmer and doing chickens right now. That would be great, actually, I believe in

The Bahamas being selfsufficient as a country.

“The first thing I believe as a husband or as a man you should be able to feed your family, and you should be able to do so as a country. The more the better.

You can drive the food costs down and, at the end of the day, if you have an event like this again at least we would be able to sustain ourselves from a food position until the battle is over.

“So I’m behind it 100 percent once it is sustainable to the land, and once it doesn’t do too much irreparable damage. Androsians are going to come back after this, but just like everybody else we are impacted and we just have to hunker down until it is all over.”

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THE TRIBUNE

Monday, April 27, 2020, PAGE 5

A market first - “We’ll pay you to take oil off our hands” ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs MANY of us watched in disbelieve last Monday night as the May future contract of crude oil was, for the first time in history, negotiated at a negative price. Traders offered to pay any buyers $40 per barrel, provided they accepted delivery at the end of May. A surreal and counterintuitive situation; how did the so-called “black gold” go from being priced at $65 per barrel at the beginning of the year, to producers paying anyone who would take their product off their hands?

As is usually the case, there is more than one reason for such a remarkable shift in market dynamics. During the last decade, global oil production grew to new highs in order to meet increasing demand, in particular from China.

This scenario meant extraction methods, such as shale and tar sands, previously overlooked due to the high costs, became economically feasible. This process led to the United States becoming self-sufficient and eventually the world’s leading oil producer, with other countries like Canada also extracting ever larger quantities of the fossil fuel.

To compound the market saturation effect - which would end up driving down prices - traditional leading

CRUDE oil chart - April 2020. exporters like Saudi Arabia and Russia increased their output in an attempt to, as prices dropped, price-out competitors by making the more expensive extraction processes unappealing.

Because production kept increasing, at a faster pace than demand, the new decade started with oil storage facilities already close to full capacity. And then, the first big shock happened in January; as the coronavirus emerged in China and the country imposed

draconian lockdown measures to its economy, trying to halt the dissemination of the disease. As a result there was an abrupt drop in demand which caused the price to fall more than 15 percent.

As January became February and then March and the Chinese coronavirus outbreak multiplied itself into a global pandemic, many other countries also brought their economies to a virtual standstill, causing an unprecedented contraction in

demand for oil and its derivatives. At the same time, the world’s leading exporters failed to agree on a sufficient decrease in daily production, meaning that eventually there was more oil available than could be used or even stored.

The numbers are staggering: the global decline in demand is estimated to be in the order of 30 million barrels per day, while the daily production was reduced by only ten million; the calculation is simple: there is a

surplus of 20 million barrels of oil per day, for which storage needs to be found.

This is why the price for the future contract of crude oil, with delivery in May, dropped to such lows last Monday: with market close approaching, many traders

found themselves faced with the obligation to receive a product they were unable to sell or store, and because of this, in desperation, they came to the point of paying $40 per barrel to anyone able and willing to accept the delivery.

A flood of business bankruptcies likely in coming months NEW YORK Associated Press THE billions of dollars in coronavirus relief targeted at small businesses may not prevent many of them from ending up in bankruptcy court.

Business filings under Chapter 11 of the federal bankruptcy law rose sharply in March, and attorneys who work with struggling companies are seeing signs that more owners are contemplating the possibility of bankruptcy.

Companies forced to close or curtail business due to government attempts to stop the virus’s spread have mounting debts and uncertain prospects for returning to normal operations. Even those owners receiving emergency loans and grants aren’t sure that help will be enough.

The most vulnerable companies include the thousands of restaurants and retailers that shut down, many of them more than a month ago. Some restaurants have managed to bring in a bit of revenue by serving meals for takeout and delivery, but even they are struggling financially. Small and independent retailers, including those with online stores. are similarly at risk; clothing retailers have the added problem of winter inventory that they are unlikely to sell with spring here and summer approaching.

Independent oil companies whose revenue was slammed by the collapse in energy prices also are strapped, as are other companies that were already burdened with high debt levels before the virus struck.

Jennifer Bennett, who closed one of her San Francisco restaurants on

Wednesday, was still waiting for the financial aid she sought from the federal, state and city governments.

Even with the money, she doesn’t know if the revenue will cover the bills when she’s finally able to reopen Zazie — especially if she’s required to space tables six feet apart for social distancing.

“Our occupancy is going to be cut 60% to 65%,” Bennett says. “I fear bankruptcy is a possibility.”

Other small companies have similar anxieties, says Paul Singerman, a bankruptcy attorney with Berger Singerman in Miami.

“There is no reliable visibility into when business operations will be able to resume the pre-COVID normal,” Singerman says.

Even larger companies are in trouble, including already struggling retailers who had to shut their stores.

The jeans company True Religion filed for Chapter 11 earlier this month, saying extended closures of its stores in the pandemic have hurt its business. Recent reports say department store chains Neiman Marcus and JC Penney, which has struggled for years with slumping sales, could soon file for bankruptcy protection.

The number of Chapter 11 filings rose 18 percent in March from a year earlier, a dramatic swing from the 20 percent decrease in February, according to the American Bankruptcy Institute, a trade organisation for attorneys and other professionals involved in bankruptcy proceedings.

The numbers don’t break out filings by company size, but given that the vast majority of companies are small to mid-size, it does give an indication that smaller companies are struggling.

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The federal government has already approved or given out more than two million loans and grants to small businesses totaling nearly $360bn; another $310bn is on the way to one of the programmes. Still, the money may be at best a stopgap for

companies with little to no revenue coming in. And the new funds are expected to go so quickly that thousands of owners won’t get loans.

There’s no way to predict how many companies will file for bankruptcy. There were over 160,000 bankruptcy filings

from 2008 to 2010, during the Great Recession and its aftermath, according to statistics compiled by the federal court system. The numbers don’t break out filings by company size. The majority were for liquidations. although some companies restructured their

debt and continued operating under Chapter 11.

Many companies, however, just shut their doors, and that’s likely to be the case again, Singerman says. According to some estimates, 170,000 companies failed during the recession.

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52WK LOW 3.35 20.91 5.50 5.39 2.09 0.67 2.00 10.21 5.60 3.75 6.01 2.53 1.80 8.00 6.63 13.04 6.98 3.14 13.90

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104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.99 11.26 6.00 4.04 6.01 2.90 4.90 9.49 8.15 14.15 8.97 4.00 15.20

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.99 11.26 6.00 4.01 6.01 2.97 4.90 9.44 8.15 14.15 8.97 4.10 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.07 0.00 -0.05 0.00 0.00 0.00 0.10 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

20,000

1,500

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.4 21.8 42.9 29.1 10.5 14.6 11.2 17.3 9.6 20.2 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

$3,696.00 pm. Inc. CAM + VAT

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.94% 3.72% -3.46% 2.09% -0.11% 3.43% -3.33% 1.53% -0.32% 10.20% -1.58% 15.37% 0.88% 5.22% -4.91% 10.77% 1.89% 6.75% -1.95% 0.38% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020

MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.85 1.76 1.24 8.34 10.26 7.00 12.15 12.58 10.81 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.61 1.75 1.70 1.14 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 Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD 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 2.30 4.38 2.09 195.13 166.73 1.67 1.79 1.75 1.16 8.31 10.07 7.00 11.42 12.58 10.52 N/A 8.98 11.40

MARKET TERMS

1,056 sq.ft. 4 offices, conference room, reception, kitchenette and bathroom, IT closet.

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 2.99% 0.00% 14.61% 1.22% 3.47% 2.94% 3.82% 2.23% 2.93% 4.01%

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

Contact Mr. Matt Pyfrom on 327 1575 or 477-0992 Email: matt@cavesvillage.com TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Sep-2019 30-Sep-2019 30-Sep-2019

PAGE 6, Monday, April 27, 2020

Galleria chief in royalty fees row FROM PAGE ONE claim that the ex-Democratic National Alliance (DNA) leader had breached a “non-compete” clause in the Bennigan’s franchise deal by opening an Outback Steakhouse restaurant at the same location just seven months later.

He found that enforcement of this clause would amount to “restraint of trade”, especially since Commonwealth Franchise Holdings had no business interests to protect as no other Bennigan’s restaurant had been opened anywhere in Nassau or the wider Bahamas.

And Justice Winder said it was “incredible” that Commonwealth Franchise Holdings altered its claim at the last minute to seek an injunction preventing Mr Mortimer from opening a rival restaurant until February 2023. He added that the non-complete clause only lasted for 12 months - a time limit that expired six years ago.

Mr Mortimer, in “unchallenged evidence”, said he personally carried the loss-making Bennigan’s restaurant from inception only because terminating so many employees could have damaged his political ambitions as then-DNA deputy leader.

Commonwealth Franchise Holdings, whose principal witness was Christopher Tsavousis, had initially sought to recover $213,889 “and other losses” from Mr Mortimer and his companies - including Galleria Cinemas - when it initiated legal action against

him through a series of Supreme Court filings in 2013 and 2014.

Justice Winder’s ruling, released on April 22, 2020, detailed how Commonwealth Franchise Holdings signed its master franchisee agreement with Bennigan’s Franchising Company (BFC) on December 23, 2002.

Mr Mortimer’s company, Casual Dining Restaurants (CDR), signed the franchise agreement to operate the Bennigan’s at Mall at Marathon on November 8, 2006, with BFC. However, Commonwealth Franchise Holdings replaced BFC - and assumed all its rights under that agreement - in February 2008, the same month that the restaurant opened.

The deal required Casual Dining Restaurants’ royalty payments, set at four percent of gross sales, to be split 50/50 between Commonwealth Franchise Holdings and BFC. The latter was to also receive 50 percent of the “advertising production fees” paid

by Mr Mortimer’s company, with a fee and interested to be charged if the latter’s payments were late.

“Commonwealth Franchise Holdings (CFH) contends that since the commencement of the assignment agreement, CDR and Mortimer have both failed to fulfil their obligations under the said agreement,”Justice Winder said. “Further, CFH claims that CDR has never fulfilled its advertising production fees obligations.

CFH contends that that in October 2008, CDR and Mortimer failed to pay royalty fees.

Cruise port eyes $150m bond despite shutdown FROM PAGE ONE they will not have to deal with thousands of passengers still using the facility.

Mr Kutman, in his conference call, said Global Ports Holding was now projecting April 2022 as the completion date for the Nassau redevelopment’s completion - a timeline that it hopes will coincide with the return of full cruise industry demand.

Mr Maura, who heads Global Ports’ Bahamian subsidiary, voiced optimism that The Bahamas - and Nassau - will “rebound faster than any other jurisdiction” for both stopover and cruise tourism, which was why it made sense to push forward with the port’s transformation.

He added that the project will “do wonders for downtown Nassau at a time when we need it”, and help ensure the Bahamian capital city attracts “a disproportionate share” of cruise ships compared to rival Caribbean destinations whenever the industry resumes voyages.

Mr Maura’s sentiments echoed those of Mr Kutman, who voiced optimism that the global cruise industry “will bounce back from this crisis stronger than before” with consumer

demand “undiminished in the medium to long-term”.

However, Global Ports Holding’s “worst case scenario” when it comes to modelling COVID-19’s effects projects that “zero” passengers will arrive in The Bahamas or other Caribbean destinations for the rest of 2020. In this outcome, cruising in the region will only resume at “50 percent of budget” between January and April 2021.

Such a projection is unlikely to be greeted warmly by Bahamian hotels, Bay Street merchants, tour operators, taxi drivers, hair braiders, straw vendors and other businesses/selfemployed persons who all rely on the cruise industry for their livelihood and have been among those must devastated by its shutdown.

And Mr Kutman also warned that “the earliest time we will see 2019 numbers come back will probably be 2023”. However, he said conversations with the chief executives of the world’s three largest cruise lines had produced a glimmer of hope in that twothirds of passengers whose voyages had been cancelled were electing to re-book for future dates rather than take cash refunds.

Freeport ‘the only fiscal and economic saviour’ FROM PAGE ONE Business. “Freeport will not have a chance, and you’re not going to be able to go back for more water after this is over. Credit is going to be maxed out.

“If we’re left without an airport, we’re facing the same dire straits as since Dorian. We need to look at what’s going to happen after this tragedy. It’s an economic disaster, not just for Freeport. No tourists are going to be travelling before November.

“We’ve got to establish a COVID-19 tracing and testing regime otherwise the US State Department might not give clearance to The Bahamas for visitors,” he added. “That’s my opinion. We have to start

working on that right away.

“The tourists are going to say: Is it safe to go to The Bahamas? The US State Department is going to say: ‘No. They don’t know the number of cases they have because they have no tracing and testing regime in place’. We’d better start paying attention.”

Prior to COVID-19, the Government had been in discussions with Grand Bahama International Airport’s present owners Hutchison Port Holdings and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd - over a deal where it would pay both $1 each to take over ownership but allow them to retain the Hurricane Dorian insurance proceeds.

It is unclear how

THE TRIBUNE “Galleria, a company related to Mortimer, made two payments with respect to outstanding fees on October 1, 2009 ($7,520.55), and September 25, 2011 ($15,000). Commonwealth Franchise Holdings contends that, in breach of the contractual arrangements, CDR and Mortimer failed on three or more separate occasions to pay the royalty fees when due and upon demand.”

Commonwealth Franchise Holdings alleged that Mr Mortimer and his CDR entity owed some $126,540 in outstanding royalty payments when it began legal action. Meanwhile, the Benngian’s restaurant had already closed and ceased operating in November 2012.

The master franchisee claimed it was “advised that the closure was for renovations”, while Mr Mortimer and CDR alleged it knew the restaurant had been “abandoned” on December 31, 2012, as “a result of CDR’s continuing insolvency”. They claimed this resulted at least partly from Commonwealth Franchise Holdings’ failure to promote the restaurant properly via media advertising.

Some six to seven months later, an Outback Steakhouse restaurant was opened at the premises vacated by Bennigan’s. That restaurant is owned by Island Bloom, a company whose shareholders are Mr Mortimer and his mother, Mary.

Commonwealth Franchise Holdings, which terminated the franchise agreement with Mr Mortimer and CDR in January 2013, alleged that the latter’s sales between 2008 and 2012 ranged from $900,000 to $2.4m per annum. Based on prior royalty payments, it claimed it could have earned $250,000 over a five-year period had they not breached the franchise agreement.

“Further, they contend that

as a result of Island Bloom’s breach of the non-compete clause by opening up a competing restaurant in the same location formerly occupied

by Bennigan’s Restaurant, BFC and CFH have suffered damage to its reputation and further damage to its goodwill,” Justice Winder added.

“Commonwealth Franchise Holdings has thereby lost an opportunity to open an alternative location for Bennigan’s within the immediate three-mile radius since the Outback Steakhouse is a competing business.”

The non-compete violation was denied by Mr Mortimer and his companies, and they denied that he “unconditionally” guaranteed CDR’s obligations. They also argued that Commonwealth Franchise Holdings was not entitled to enforce the franchise agreement.

At trial, Justice Winder rejected Mr Mortimer and CDR’s contention that Commonwealth Franchise Holdings was no longer the master franchisee because it had not complied with a contractual schedule to complete new Bennigan’s restaurants in The Bahamas in 2010, 2012 and 2015.

While Mr Tsavousis “appeared in the witness box to have been surprised that his obligations.... extended to four, and not two, stores”, the judge said there was no evidence that the master franchisee deal had been terminated.

The Galleria chief and CDR then argued that the latter’s insolvency automatically terminated the franchise agreement. Their Bahamas-based accountant, James Owens, testified that CDR and the Bennigan’s restaurant “never made a profit” was “insolvent from the end of its first month of operation”.

However, he added that no ‘going concern’ warning was

issued until the year ending March 31, 2019, as CDR had $1m in fixed deposits in its accounts.

Commonwealth Franchise Holdings, though, argued that there was a distinction between the terms ‘going concern warning’ and ‘insolvency’, and that the claims made with respect to the latter were “entirely false’.

“They allege that that has been utilised in an attempt to skirt around CDR’s and Mortimer’s debts and obligations to CFH to claim that the franchise agreement automatically terminated,” Justice Winder noted. “They say that even though CDR was purportedly insolvent, Mortimer admitted that rent, salaries and utilities were continually paid.”

He found that the franchise agreement’s termination could not be invoked because Commonwealth Franchise Holdings’ had not been informed of the Bennigan’s restaurant’s insolvency.

As for the outstanding royalties, Justice Winder noted that Commonwealth Franchise Holdings had already been paid $303,759 over the life of the agreement - a sum confirmed by Mr Mortimer, who admitted monies were owed.

He found that the Galleria chief was liable to settle all royalties owed up until the franchise agreement’s termination in January 2013, while rejecting Commonwealth Franchise Holdings’ demand for $250,000 for loss of future earnings.

As for the non-compete clause, Justice Winder found there was “some merit” in Mr Mortimer’s claim that this amounted to “restraint of trade” which was “void and unlawful” under common law.

This was despite Commonwealth Franchise Holdings alleging that Mr Mortimer had signed a Letter of Intent

(LoI) with Outback Steakhouse in July-August 2012, and Mall at Marathon seeking to transfer the lease to it, several months before Bennigan’s closed later that year.

However, the judge found that enforcement of the non-compete clause would be “unreasonable” because Commonwealth Franchise Holdings had suffered no harm, and had no business interests to protect, especially since no other Bennigan’s restaurants had opened.

“The law is clear that covenants in restraint of trade are prima facie contrary to public policy and unenforceable,” Justice Winder ruled.

“The business of the Bennigan’s Restaurant at the Mall of Marathon was an abject failure. It operated for years beyond the period it ought to have in an ordinary business setting. The store was a bust.

“The unchallenged evidence was that it made losses from inception and was carried by Mortimer only because it was in his personal interest to have done so. He was concerned that running as a candidate for political office would present bad optics have to lay off/terminate so many employees.

“In the result, Commonwealth Franchise Holdings likely obtained income for a considerable period (including the outstanding sums) when the restaurant ought to have long closed and none otherwise due to Commonwealth Franchise Holdings.”

Justice Winder dismissed all claims against Galleria Cinemas and the Outback Steakhouse parent company, and instructed both sides to go away and settle the amount of royalty fees due from Mr Mortimer.

Otherwise, he warned, the Supreme Court will calculate this for them.

The decision by Global Ports Holding and its Bahamian subsidiary to press ahead with Prince George Wharf and its redevelopment will be interpreted by some as a signal of confidence in both the project and the cruise industry’s long-term prospects despite the bleak immediate outlook and possibility the industry may not return until next year.

However, some Tribune Business sources have already questioned the timing of Nassau Cruise Port’s planned $150m bond given that COVID-19 uncertainty continues to upset volatile financial markets and impact investor sentiments.

Potential investors will also have to calculate how quickly cruise tourism recovers, since their interest and principal payments depend on passenger volumes crossing Prince George Wharf and paying a variety of user fees and passenger facility charges. The hope will be that the damage inflicted upon the industry is only for the short, and not the medium and long-term, as Mr Kutman said.

The Global Ports chairman, though, pledged that the company’s plans for Nassau under its 25-year concession with the Bahamian government will not be impacted by the COVID-19 crisis.

“In terms of our new ports, it’s important to note

that the planned capital expenditure in Antigua and Nassau remains unaffected...,” Mr Kutman told analysts on the conference call. “In Nassau, the construction work has commenced as of last week [early to mid-April], and we don’t expect a completion date until April 2022.

“With that there will be capital expenditure over the next 12 months of up to $130m, which is being fully financed by a bond issuance in both the local and international markets, and demand will be much higher than the $130m to be issued by mid-May. “Despite the current uncertainty, Nassau cruise port’s bond issuance in the local and international markets is on schedule and most probably will be oversubscribed.”

Mr Maura yesterday indicated that the bond’s details were still being finalised and should be released shortly.

He said he was both “confident and excited” for the construction phase given the amount of planning, engineering and environmental work that has gone into it.

“We’re moving ahead,” he added. “We’ve secured the site and are active in our construction efforts. We’ve finalised our demand for the new terminal, and it’s going to be exciting, appealing and create demand.

“From a wider perspective, that will do wonders for downtown at a time when

we need it. We’ve got these circumstances that the world is faced with right now, and we’re able to move faster than we otherwise would because we don’t have passengers. We’re going to everything we can to move ahead with this as fast as we can.”

Voicing optimism about the outlook for cruise tourism, Mr Maura added: “It’s The Bahamas, not just Nassau, but The Bahamas that is going to rebound faster than any other jurisdiction by air and sea.

Nassau is going to come back stronger and better following this period.

“We will be first and have a disproportionate share of the ships in this region.

Cruise costs are much less to come to Bahamas as an operator than they are sailing to other destinations in the south.”

Global Ports Holding, in its 2019 full-year financial statements, said construction work at Prince George Wharf will begin in earnest in June 2020. It added that it plans to convert $30m of a $50m bridging loan arranged by its Bahamian financial adviser, CFAL, into long-term financing on the same terms as the bond issue.

A final $40m bond, and $50m generated through operational cash flows, form the balance of the $250m redevelopment financing and will be raised between late 2021 and mid-2022.

“Despite the current uncertainty, Nassau Cruise Port’s bond issuance into the local and international markets remains on schedule and management are confident in the levels of demand.

Global Ports Holding does not currently expect the Nassau operations to require any further direct cash contribution from Global Ports Holding Plc,” the company said.

Global Ports Holding’s financials reveal that the Nassau Cruise Port generated $2.5m in revenue, and $1.8m in earnings before interest, taxation, depreciation and amortisation (EBITDA), after it took over operations during the 2019 fourth quarter.

EBITDA margin was said to be 72.5 percent.

Emre Sayin, Global Ports Holding’s chief executive, said the company was “almost done” with preparation work on the Nassau Cruise Port project. “This 4m passenger port will be transformed into a marquee port, into an incredible destination,” he pledged.

“This project is going to be under construction in the next year, and be finished in 2022 according to our estimation.”

Mr Kutman added that Global Ports Holding was also working to help sent a shipment of medical face masks, gloves and other protective equipment to The Bahamas to help in the fight against COVID-19.

far negotiations have advanced, as they have likely been placed on hold due to the COVID-19 pandemic.

However, by common consensus Freeport will not have a functioning economic model without an airport and, with the existing owners showing little appetite for the necessary investment, the rebuilding task will likely fall upon the government.

Urging the government to prioritise the airport among any infrastructurerelated stimulus projects designed to support the economy in COVID-19’s aftermath, Mr Gape said: “We don’t want Freeport to be left out in the cold. If we don’t come out of this disaster with any airport, we’re screwed.

“Nassau’s economy is the status quo, and if the government doesn’t have a new revenue stream how will it pay its debt? If we don’t save Freeport, it will be start to become a drain

on the Treasury. We are a drain right now. Do you want a burgeoning 60,000 population or a dying 35,000 population?

“We have the ingredients here to make this work, and give the government the extra income they need. Fifty thousand hardworking Bahamians is a lot better than what we have got now; 40,000 starving Bahamians.”

Mr Gape suggested that the 2,500 acres at the Sea Air Business Centre could be used to “attract some really new, serious, clean investment” if placed in the right hands. Besides medical marijuana distribution centres, he suggested that The Bahamas could follow the likes of Switzerland, Liechtenstein and Texas by developing high-security depositories for assets owned by the wealthy.

“We have a line on companies that would like to do four of them here,” he added.

Bahamians raiding pensions for funds FROM PAGE ONE “We’re seeing people take money out of their pension savings to support themselves,” Mr Anderson confirmed to this newspaper. “We’ve seen people draw money out of their pension plans. We’ve started to see that with certain entities that allow people to take money out of their plans. Where they’re able to, we’ve seen a lot of people take money out.

“Our general view on this is: Let’s assume this [pandemic] is a six-month problem. When you retire you have a 20-30 year problem when you have no income coming in. You have to anticipate a much longer term shortage of revenue. This is definitely a short-term problem compared to retirement in that regard.”

However, the temptation for many Bahamians to

access retirement/pension savings and other long-term funding sources is very real amid the growing financial stress inflicted by loss of jobs and incomes due to the COVID-19 lockdown and tourism industry closure.

Mr Anderson estimated that tourism and related industries likely “have to get through an almost six-month period” without any customers as the earliest visitors can be expected to return in significant volumes is likely the Thanksgiving holiday in November.

“The people most impacted are those in the hotel, restaurant and tourism industries,” he added.

“Those people don’t have a lot of savings to start with, and a lot of them live week-to-week, month-tomonth. Those persons are definitely hurting, and it’s what’s driving the unemployment lines.”

THE TRIBUNE

Monday, April 27, 2020, PAGE 7

Boris Johnson returns to face growing virus divisions in UK LONDON Associated Press BRITISH Prime Minister Boris Johnson is returning to work after recovering from a coronavirus infection that put him in intensive care, with his government facing growing criticism over the deaths and disruption the virus has caused.

Johnson’s office said he would be back at his desk in 10 Downing St today, two weeks after he was released from a London hospital.

Foreign Secretary Dominic Raab, who has been standing in for the prime minister, said yesterday that Johnson — the only world leader to be diagnosed with the coronavirus — was “raring to go”.

Britain has recorded 20,732 deaths among people hospitalised with COVID19, the fifth country in the world to surpass 20,000 deaths. Thousands more are thought to have died in nursing homes.

Johnson, 55, spent a week at St Thomas’ Hospital, including three nights in intensive care, where he was given oxygen and watched around the clock by medical workers. After he was released on April 12, he recorded a video message thanking staff at the hospital for saving his life.

Johnson hasn’t been seen in public since, as he recovered at Chequers, the prime minister’s country retreat outside London.

While he convalesced, Britain’s coronavirus death toll has mounted, with another 413 virus-related deaths announced yesterday.

Opposition politicians say Britain’s death toll could have been lower if Johnson’s Conservative government had imposed a nationwide

BRITISH Prime Minister Boris Johnson gestures during his daily COVID-19 coronavirus press briefing in March to announce new measures to limit the spread of the virus, at Downing Street in London. The British prime minister’s office says Boris Johnson will return to work today, two weeks after he was discharged from a London hospital where he was treated for the new coronavirus.

Photo: Ian Vogler/AP lockdown sooner.

But they are also demanding to know when and how the government will ease the restrictions that were imposed March 23 and run to at least May 7.

Some people and businesses are growing impatient with the restrictions, which have brought much of the economy and daily life to a halt. Road traffic has begun to creep up after plummeting when the lockdown first was imposed, and some businesses have begun to reopen after implementing socialdistancing measures.

“Decisions need to be

taken quicker and communication with the public needs to be clearer,” opposition Labour Party leader Keir Starmer said in a letter to Johnson.

“The British public have made great sacrifices to make the lockdown work,” he wrote. “They deserve to be part of an adult conversation about what comes next.”

But Johnson’s government, facing criticism for being too slow to impose the lockdown, appears in no hurry to end it.

Raab said there would be no dramatic sudden change to the restrictions.

“We won’t just have this

binary easing up of measures. We will end up moving to a new normal,” he told the BBC. “We need to take a sure-footed step forward which protects life but also preserves our way of life. So we are very focused on doing the homework that can allow us to do that.”

Scientists say the UK has reached the peak of the pandemic but isn’t yet out of danger. The number of people hospitalised with COVID-19 is declining and the number of daily deaths peaked on April 8.

But with hundreds of new deaths announced each day,

some health experts say Britain could eventually have the highest virus death toll in Europe.

As fears recede that the health system will be overwhelmed, opponents are criticising Johnson’s government over shortages of protective equipment for medical workers and a lack of testing for the virus. More than 100 infected medical workers have died so far.

The government has promised to conduct 100,000 coronavirus tests a day by the end of the month, but has yet to reach even 30,000 a day.

Increasing testing, so that all

people with the virus can be identified and their contacts traced and isolated, is key to loosening the lockdown.

The British government says all health care staff and other essential workers can be tested if they show symptoms. It is rolling out almost 100 mobile testing sites, staffed by soldiers, to conduct tests at nursing homes, police stations, prisons and other sites.

In the first two days of expanded testing, however, the online system handling daily demand for the tests had exceeded the supply by early morning.

PAGE 8, Monday, April 27, 2020

YOUR

THE TRIBUNE

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THE TRIBUNE

Monday, April 27, 2020, PAGE 9

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BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

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THE TRIBUNE wordSEarch

PAGE 10, Monday, April 27, 2020

JUDGE PARKER

B V K B D N S S O F I T T E D

CARPE DIEM

4

Daily Express Thursday, February 6, 2020

Puzzles

MARVIN BLONDIE

A Q U V N B A R E H I P A N I

S Q Z Z A J X N A X T E F G L

A C A E L L C C E V J V L I B

S V U C R J P M E U X M E A A

E I G I E L E G N A Q V U V A

A C I V H A M O N T L U M J T

C T K T T N I A G A R A C E A

H O A I U B G K D K E W U Z R

I R I L S E T I M E S O Y H A

Find all the waterfalls listed be Solution tomorr

CRUSADER PRIZE CROSSWORD ANGEL ● BAATARA GORGE acrOss 1 Paid off holding small fruit, vanish (9) 6 Show contempt for a skewer (4) 10 Lament makes doctor run away (5) 11 Beautiful girl has a tag exchanged for a trinket (9) 12 Campaign for material on son (7) 13 Misplaced, due to move in, making the most noise (7) 14 Absurdly taken away in place of washing (7,6) 17 Out, heard first appearance in bed (8,5) 21 Nonsense gives couple nothing left to confuse (7) 22 Wrong about soldiers showing anguish (7) 24 College victory by earls upsetting general (9) 25 In the morning, breaking up his sect (5) 26 A joke started very enthusiastic (4) 27 Shout about journalist and German being obsolete (9)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

TARGET

BASASEACHIC ●2 BRIDALVEIL 1 3 DOWN 1 I am back in DETIAN manageable ● DETTIFOSS ● HAV residence (8) JOG ● KAIETEUR ● MULTNOM 2 Revolved around 10 registered reject (5) PALOUSE ● PLITVICE ● S 3 Sewing equipment can be SUTHERLAND ● VICTORIA a pain (4,3,7) 4 Returned me and singer to country’s last consulate (7) 12 5 Emblems showing excellent lager are reversed (7) 14 15 7 New ploy – steer away from fibre (9) 8 Deal with unknown alliance (6) 17 Quick wordSEarch 9 Made a deal – hit sailor with croSSword bananas in a rag (6,1,7) S I R A P V M L 20 15 Deposing a French son E T J P M A D R across: having food (9) 21 1 Commendation; 7 Dress; A M L P R L M J 16 With renewed energy, Beano; 9 Eat; stolen at 8 high N N O M Z A I S 10 Ceaseless; 11 Carved; temperature (5-3) I T N R O E G S Farmer; 15 Miserable; 18 Amusing 12 person petitions 24 L B E E N S S U queen (7)17 Tic; 18 Niece; 19 After; B W G R I C C N 21 Presentation.

19 After deductions, went down: (7) U T A L A V O O ahead, irritated 1 Commencement; 20 Suspended, having D S H R J L J D 26 2 Eye; 3 Dismal; cheated, taking B E N D S J U N 4 Tableware; backhander, finally (6)5 Orate; I P E O W A Y O 6 Construction; 7 Deter; 23 Heather sees the US S A P P K E W L 10 Cheerless; 13 Motor; without leaders (5) L D O S T I C L 14 Obtain; 16 Sheer; 20 Tea. J U C B I J E V

YESTERd

THE ALPHAbEATE

P B A E I Z F V

Dnt fAo n i c

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

cAn you crack the Alphabeater? Each grid alph targEt thE E number represents a letter – or black square.

0 across: piMpErNEl As in Alphapuzzle, every letter of the alphabetExecut (D impel limper thePockmark, ea isempire used. But youleper havelimp to complete grid too! Zeph Watery, Untowa neep nipper nipple peel peen use the given letters and black squares below Dullard. peep peer peril perm pier pile the gridPIMPERNEL to start. the grid ispine ‘rotationally down: Deface,0 pimp pimple symmetrical’ – in other the Jumper *Ca History, pipe piper plier preen words, prelim it looks same you turn pagerepel upside down.

Waddle (clue), Gy prep ifprim primethe primp Quarto, Rapids.

Solution tomorrow repine ripe ripen ripple

A 15 12 2 20 10 17 20 30 2 B C 33 26 28 3 38 35 32 5 25 D E 24 31 21 13 2 10 38 32 30 F G 18 27 19 7 15 5 14 3 33 H I 36 29 14 15 4 7 15 25 34 J TODAY’S TARGET Good 20; very good 30; excellent 39 K 38 7 12 33 40 6 31 16 38 (or more). Solution tomorrow L M 30 13 20 25 26 22 9 17 26 call 0907 181 2585 N for today’s target solution Best described O 10 as task in 6 a number 30 2 crossword, 10 14the 10 36Kakuro 29 *Calls cost 80p per minute plus your telephone is to fill P all of the empty squares, using numbers 1 to 9, so company’s network access charge. the sumQof26 each9 horizontal block28 equals 34 10 18 the6number 3 to24its left, andRthe sum of each vertical block equals the number on its top. No number may be used in the same block more S 12 20 32 9 Kakuro 4 than once.30 The4 difficulty level 35 of the5 Conceptis T from Monday to Sunday. increases U 17 40 22 31 26 1 12 2 10 FIND where the fleet of ships shown is hidden V in the grid. The numbers to the right of and W 3 15 18 37 19 33 20 22 2 below the grid indicate how many of the Saturday’s Saturday’s squares in that row are filled in with ships or X parts of ships. The ships do not touch each Y 16 10 32 10 31 11 10 7 Answer Kakuro Answer10 other, even diagonally. Some squares have Sudoku Z HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

bATTLESHIPS

1

been filled in to start you off.

Solution tomorrow 2 3 4 5 6 7 8 9 10

A

1

CRYPTIC PUZZLE 1 Restrict getting electrical power by credit (5)

2 Shy but going to seek the rest (8)

8 Leaving open (8)

3 An advance in the property

9 It may be from a pen or found in a pen (5) 10 Honest deal? (8) 11 Unused grounds (5)

6 An air of sadness (5)

noon (3) 23 Prone to upset Evita perhaps (5)

2

E

2

F

2

G

1

H

2

I

4

J

0 2

37 1

12

13

16

21

15

23

25 26

13 Currency check? (3)

27

14 A year’s supply of dates (8) 15 Skilfully modified 24 Across (8)

25 I’d the wrong name for a girl (5)

19 New wars or old weapons (6)

26 Keep quiet aboard ship (4,4)

20 It’s fast becoming chilly (5)

27 They take heavy loads from different yards (5)

21 Growing opium producer (5) 22 Club porter (5)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Band leader, 6 Purr, 10 Cowed, 11 Plaintiff, 12 Opens out, 13 Ernie, 15 Noisome, 17 Cheroot, 19 Actaeon, 21 Matador, 22 Troll, 24 Cast-iron, 27 Soap opera, 28 Samba, 29 Even, 30 Brightened.

Down: 1 Buck, 2 Newsprint, 3 Laden, 4 Approve, 5 Elastic, 7 Union, 8 Reflectors, 9 Interest, 14 In bad taste, 16 Overlook, 18 Odd job man, 20 Nuclear, 21 Mustang, 23 Orate, 25 Inset, 26 Land.

Across: 1 Leprechaun, 6 Warn, 10 Swing, 11 Deathblow, 12 Foreword, 13 Renew, 15 Process, 17 Dossier, 19 Caspian, 21 Slavish, 22 Abode, 24 Medieval, 27 Innocence, 28 Guise, 29 Yarn, 30 Close ranks.

Down: 1 Lush, 2 Poisonous, 3 Eagle, 4 Hideous, 5 Unaided, 7 All in, 8 Newsworthy, 9 Charisma, 14 Speciality, 16 Evidence, 18 Imitation, 20 Nominal, 21 Sadness, 23 Owner, 25 Eager, 26 Less.

Across 1 Empty area (5) 8 Founder of communism (4,4) 9 Dowdy woman (5) 10 Ancient Greek philosopher (8) 11 Snow-block dwelling (5) 12 Interval (3) 16 Indigenous (6) 17 Agreement (6) 18 Plaything (3) 23 Intuitive feeling (5) 24 19th-Century English novelist (8) 25 Indistinct (5) 26 19th-Century Russian novelist (8) 27 Tangled situation (5)

3

2

1

4 x submarine

24

12 Once round the track you get a drink (3)

1

2 x cruiser

19

22

4

3 x Destroyer

17 18

20

14

0

1 x Battleship

11

7 An entrance that may impress in the ring (5)

hero-worship (8)

24 Dilatory sort of

6

2

D

10

sublet for redevelopment (6)

16 Something puzzling and strange in a gem (6)

5

2

9

4 Victorian rear extension

5 Ancient characters around Omagh? (5)

18 Girl is quiet before

4

B C

8

market (8)

12 In trouble do be guided by someone else (3)

17 Grants a minor point (6)

3

Down

EASY PUZZLE

Across

2

3

Down 2 South American country (8) 3 Southeast Asian republic (8) 4 Buddhist temple (6) 5 Fame (5) 6 Social gathering (5) 7 Occur (5) 12 Obtain (3) 13 Wages (3) 14 German composer (8) 15 Austrian composer (8) 19 Large fish-eating bird (6) 20 Express clearly (5) 21 Seek favour of (5) 22 Narrow street (5)

3

1

2

3

4

5

6

7

8

9

10

11

12

13

14

21

22

23

24

25

26

27

28

29

30 31

32

33

34 3

G

F

Y

■

1

● Alternatively, for six Extra Letter clues to y text DXbEAT to 84901. Texts cost £1 plus your us

KEIjO 3

2

1

4

4

1

2

3

4

1

2

3

3

1

2

4

THE TRIBUNE

Monday, April 27, 2020, PAGE 11

PAGE 12, Monday, April 27, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 80° F/27° C Low: 58° F/14° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

A couple of showers and a t‑storm

Partly cloudy

Partly sunny and breezy

Clouds and sun, a brief shower

Partly sunny with showers around

Clouds and sun, a t‑storm possible

High: 85°

Low: 72°

High: 84° Low: 73°

High: 86° Low: 74°

High: 87° Low: 74°

High: 87° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

94° F

72° F

89°-72° F

94°-79° F

96°-78° F

96°-78° F

High: 78° F/26° C Low: 59° F/15° C

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: 80° F/27° C Low: 71° F/22° C

10‑20 knots

S

High: 82° F/28° C Low: 65° F/18° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 67° F/19° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 82° F/28° C Low: 70° F/21° C

MIAMI

High: 86° F/30° C Low: 68° F/20° C

8‑16 knots

KEY WEST

High: 83° F/28° C Low: 74° F/23° C

ELEUTHERA

NASSAU

High: 85° F/30° C Low: 72° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 83° F/28° C Low: 75° F/24° C

N

tiDes For nassau Low

Ht.(ft.)

Today

11:22 a.m.

11:49 p.m.

High

Ht.(ft.)

2.1 2.8

5:35 a.m.

5:23 p.m.

0.2 0.1

Tuesday

12:09 p.m. ‑‑‑‑‑

2.1 ‑‑‑‑‑

6:22 a.m.

6:10 p.m.

0.3 0.2

Wednesday 12:39 a.m.

1:03 p.m.

2.7 2.0

7:14 a.m.

7:06 p.m.

0.4 0.3

Thursday

1:35 a.m.

2:05 p.m.

2.7 2.1

8:11 a.m.

8:10 p.m.

0.4 0.3

Friday

2:36 a.m.

3:11 p.m.

2.7 2.3

9:12 a.m.

9:19 p.m.

0.3 0.3

Saturday

3:39 a.m.

4:16 p.m.

2.8 2.5

10:11 a.m. 0.1 10:28 p.m. 0.1

Sunday

4:41 a.m.

5:17 p.m.

2.8 2.8

11:07 a.m. ‑0.1 11:32 p.m. ‑0.1

sun anD moon Sunrise Sunset

6:37 a.m.

7:38 p.m.

Moonrise Moonset

9:52 a.m.

11:55 p.m.

First

Full

Last

New

Apr. 30

May 7

May 14

May 22

CAT ISLAND

E

W

High: 83° F/28° C Low: 76° F/24° C

N

S

E

W

6‑12 knots

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 ................................................... 84° F/29° C Low .................................................... 79° F/26° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 2.99” Year to date ................................................. 5.97” Normal year to date ..................................... 6.05”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 77° F/25° C

High: 84° F/29° C Low: 78° F/26° C

N

High: 85° F/29° C Low: 77° F/25° C

E

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 77° F/25° C

4‑8 knots

MAYAGUANA High: 85° F/29° C Low: 78° F/26° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 83° F/28° C Low: 78° F/26° C

High: 83° F/28° C Low: 78° F/26° C

GREAT INAGUA High: 86° F/30° C Low: 78° F/26° C

N

E

W

E

W

N

S

S

6‑12 knots

6‑12 knots

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

Today: 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 N at 10‑20 Knots ENE at 8‑16 Knots NW at 6‑12 Knots NE at 10‑20 Knots SSW at 6‑12 Knots ENE at 7‑14 Knots SE at 6‑12 Knots ENE at 7‑14 Knots SW at 6‑12 Knots ENE at 10‑20 Knots N at 12‑25 Knots ENE at 8‑16 Knots SW at 3‑6 Knots ENE at 8‑16 Knots SE at 6‑12 Knots E at 7‑14 Knots SE at 4‑8 Knots ESE at 6‑12 Knots SSE at 8‑16 Knots ESE at 7‑14 Knots NNW at 7‑14 Knots ENE at 10‑20 Knots E at 6‑12 Knots E at 6‑12 Knots SW at 4‑8 Knots ENE at 8‑16 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 2‑3 Feet 3‑4 Feet

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles

WATER TEMPS. 78° F 78° F 83° F 83° F 81° F 81° F 82° F 83° F 83° F 83° F 82° F 81° F 83° F 84° F 82° F 83° F 82° F 83° F 81° F 81° F 80° F 80° F 81° F 82° F 81° F 81° F