05012020 BUSINESS

business@tribunemedia.net

FRIDAY, MAY 1, 2020

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Govt revenues in 50% March slump

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

G

OVERNMENT revenues declined by 50 percent in March, the deputy prime minister revealed yesterday, as the COVID-19 crisis threw a better-than-expected post-Dorian fiscal showing “out of whack”.

K Peter Turnquest, speaking as the government unveiled its finances for the first nine months of the fiscal year, told Tribune Business that its performance had been tracking

• COVID-19 ‘thrown everything out of whack’ • Fiscal numbers were ‘ahead’ post-Dorian • Deficit up 79% at $252m by March-end

K PETER TURNQUEST

“ahead of where we anticipated we would be” in the revised budget passed by the House of Assembly in February.

Despite the VAT and multiple tax breaks granted to aid reconstruction efforts on Abaco and Grand Bahama, total government revenue still expanded by four percent or $67.9m year-over-year.

However, the fiscal deficit - measuring

the difference between the government’s income and its expenses - inevitably widened by 79.3 percent to $251.5m due to increased Dorian-related expenditure.

However, the bulk of Dorian-related costs were set to be incurred during the final three months of a 20192020 fiscal year that closes at end-June. That quarter,

SEE PAGE 5

Brewery fears lockdown will waste $500k in beer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN brewery and liquor distributor yesterday voiced fears that $500,000 worth of beer it is holding will soon go to waste due to the lockdown, adding: “Something’s got to give.”

Gary Sands, the Bahamian Brewery and Beverage Company’s general manager, told Tribune Business that the inability to sell beer and other inventory that will soon reach its expiry date was a problem facing the entire liquor industry and not just his firm.

Revealing that the company “cannot eat the cost” associated with products exceeding their sell-by date, Mr Sands said many in the private sector were “at their wit’s end” due to

• Top executive: ‘Something’s got to give’ • Says expiry date woe is ‘industry-wide’ • Business ‘at wit’s end’ over uncertainty the continuing uncertainty surrounding when the COVID-19 lockdown will end and their inability to obtain a clear answer from the government.

He reiterated that there was “no logical reason” why the Bahamian Brewery and Beverage Company and its retail/distribution arm, Jimmy’s Wines and Spirits, could not be permitted to follow the lead established by hardware and auto parts stores and offer home delivery/curb side pick-up services while stores remained closed.

Tribune Business previously reported how Jimmy’s Wines and Spirits was

Ansbacher adds $1bn by buying departing bank

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN-owned institution yesterday rescued several financial services jobs by acquiring a $1bn asset portfolio from its departing Swiss-headquartered owner.

Julius Baer, which earlier this year dealt a significant blow to the Bahamian financial industry by announcing the closure of its Nassau “booking centre” with the loss of around 30 jobs, announced that it agreed to sell its Bahamian portfolio to Ansbacher (Bahamas)

for an undisclosed sum.

The Swiss institution yesterday acknowledged that Ansbacher (Bahamas), which is owned by AF Holdings (the former Colina Financial Group), was unlikely to retain all former Julius Baer staff as it will seek to extract efficiency gains and cost savings from the deal.

It argued, though, that keeping the book of business in The Bahamas and rescue of some jobs is a better result than simply liquidating its subsidiary and winding-up its affairs.

SEE PAGE 7

Landlords ask: ‘What about us?’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Bahamas Real Estate Association (BREA) president yesterday warned that the government’s rental assistance initiative threatens to place many landlords at “an unfair disadvantage”.

William Wong, a broker/ appraiser with DarvilleWong & Associates, told Tribune Business that “who’s looking after us” was the message he was receiving

from many residential landlords he deals with in the wake of the prime minister’s Monday announcement.

Arguing that the proposal appeared weighted in favour of tenants, even though many landlords relied upon rental income to pay their own bills and mortgages, Mr Wong said the government’s intervention into what is a private contractual relationship between the two parties threatened to place the industry on “a very

SEE PAGE 4

initially approved to operate a liquor home delivery service only for the government to abruptly reverse this permission within 24 hours. Mr Sands yesterday said his firm and the wider industry had been seeking permission to re-open with the necessary health protocols in place, but had yet to receive a reply.

The prime minister previously indicated in the House of Assembly that the government was concerned that permitting the sale of alcohol during the lockdown could further strain the already over-burdened healthcare system due to liquor-fuelled

violence and poisonings.

However, Mr Sands argued that adults showed be allowed to make their own choices. He pointed out that eating fast food and drinking sodas, activity which the government has permitted during the nationwide COVID-19 lockdown, carries health risks equal to those posed by drinking beer.

“It’s a significant problem,” Mr Sands told Tribune Business of the date-sensitive inventory his firm and others are carrying but cannot sell. “We have no answer for when we will be

SEE PAGE 5

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Cruise port requires $284m total funding

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Cruise Port’s transformation has $284.3m in total financing needs with its developer/operator having the ability to introduce new services and charges at its “discretion”.

The details are revealed in documents issued to potential investors for the port’s upcoming $130m bond offering this month, which is aiming to raise sufficient capital to finance construction work for the next 12 months.

The documents, which have been seen by Tribune Business ahead of a meeting between Nassau Cruise Port, its CFAL financial advisers and capital markets players today, reveal that the developer is seeing to raise a mixture of $80m Bahamian dollars and $50m US dollars from both local and international sources in the current financing round.

Its financial plans involve raising a further $80m in additional debt during the 2021 first half, taking the total debt component to $210m.

The balance will feature $74.3m in equity that will be split between its shareholders. Global Ports Holding and The Bahamas Investment Fund, the latter of which will be the vehicle through which Bahamian investors will have an ownership interest in the cruise port, will each invest for a 49 percent stake while the non-profit Yes Foundation will own the remaining two percent.

Of the total $284.3m raised, some $204m will cover construction work that is designed to transform Prince George Wharf into a true destination that will help to increase both cruise passenger per capita spending and act as a

catalyst for downtown Nassau’s redevelopment.

A further $20m has been earmarked to cover development, design, engineering and inspection costs, while $34.3m of expenses are accounted for by financing costs. The $26m balance, according to the document, will go towards “ancillary community contributions”.

The current $130m bond offering, which the document says is due to launch on Monday, May 4, will carry an eight percent interest coupon that is payable semi-annually.

Principal repayments will take place in ten annual instalments beginning on June 30, 2021.

One financial markets source, speaking on condition of anonymity, said the eight percent interest rate was attractive compared to the meagre returns investors currently obtain on bank deposits. However, they voiced concern over the current COVID-19 uncertainty engulfing the global cruise industry, especially when it would resume sailing and how long passenger volumes will take to recover.

“There’s a lot of unknown territory, and the timing of this offering with everything else going on is not great,” they added.

However, Mehmet Kutman, Global Ports Holding’s chairman, told a recent conference call that he personally believed “the cruise industry will bounce back from this crisis stronger than before” and that demand will “remain undiminished in the medium to long-term”.

The projections contained in the Nassau Cruise Port bond offering document show a “V-shaped” dip in passenger arrivals to The Bahamas’ main cruise port in 2020, with volumes rebounding in 2021 and recovering to pre-COVID-19 levels in around 2023. From there

SEE PAGE 7

PAGE 2, Friday, May 1, 2020

In the first of a three-part series, Hubert Edwards examines the dilemmas policymakers will confront as they seek to restart their economies with COVID-19 still lurking

C

OVID-19 has wiped out a significant portion of the Caribbean’s income, putting the region at risk as it joins the world in grappling with a looming economic crisis.

The crisis is unique in the sense that it its underlining demands treatment that will further damage economies. This is a moment of economic lockdowns, rating agency downgrades and concerns over the ability of emerging economies to finance their recovery.

There were two headlines in separate publications on April 10, 2020, which we think signal the inevitable.

Moody’s puts Bahamas rating under review for downgrade, and Fitch Ratings revises Jamaica’s outlook to stable, affirms B+. Economies around the world, including within the Caribbean, are under immense pressure from the effects of COVID19. The need for social distancing and business lockdowns has resulted in commerce slowing significantly. The economic impact is substantial and devastating. The two mentioned sovereign reviews of The Bahamas and Jamaica, in our opinion, merely represents the first signs of how deep this devastation will become, with no certainty of how long it will last. For policymakers, it would be wise to take a long view of the time to recovery and plan accordingly. With a vaccine as much as a year away, according to the experts, any planning based on a short-term horizon will be imprudent. However, the effort to save economies, time is of the essence.

THE TRIBUNE

THE VICIOUS CYCLE OF LOCKDOWN, DOWNGRADES AND STIMULUS COST

BY HERBERT EDWARDS

With all we now know, it is not beyond the imagination to project that the lingering effects of COVID-19 could be with us for as much as 18 months. Any failure to understand that the future health of the economy is directly tied to the virus’s presence will cause serious consequences. A failure to appreciate that lockdowns, which will further devastate economies, will be longer than desired may lead to fatal decisions where the economy and people ultimately suffer. There is a price to be paid for the resolution of this crisis, and every country must pay.

There is no choice. What may be optional is whether the payment is on the front or back end. In the case of the former, that price is somewhat controllable. In the case of the latter, the cost will likely be more significant and evidence of a battle lost. Caribbean nations cannot afford to lose the battle, but winning will not be easy. Those willing to make bold moves will improve their chances. Sitting back and waiting could lead to long-term damage.

What, then, are some of the critical issues that may be occupying the minds of policymakers at this time?

We think the biggest question surrounds when the lockdowns will be lifted.

They are likely thinking of the extent to which the

economy of their respective country will be affected. In addition, they must be considering where their respective sovereign credit ratings may end up in the short to mid-term.

Policymakers will also be occupied with thoughts about the impact a continued lockdown will have on the ability of governments to afford the stimulus that will be required during and at the end of this crisis, whenever that may be. They must be necessarily concerned that there will be an abnormal global demand for capital among emerging economies, many of whom are likely to see their sovereign debt rating downgraded shortly. They must be considering the systemic risk of increasing debt defaults, and consequently sovereign borrowing attracting risk premiums across the board.

With an eye on the postcrisis era, they have to be concerned about the significant level of capital flight taking place to developed countries, seeking safe harbours. The issues are many, connected and complicated.

The extent to which they are factored into national planning will be critical to the way forward.

For context, consider the recent meeting where the International Monetary

Fund (IMF) announced the suspension of debt payments - for six months - for 25 countries. The total value of the package is pegged at $215m. Haiti was the only Caribbean country to be included in that package for a paltry $4.8m. This action signals the uphill battle for countries in the Caribbean. The financial burden will be huge; the challenges with funding will be significant; the economic future of the region is uncertain, and rests on the ability to restart commerce and secure funding or relief. With the significant loss of tourism revenue, the ability to survive is in question. This is a moment when CARICOM must come together, as a bloc, and fight for its survival.

The process will be gruelling and potentially very complex. However, these are the moments when leadership earns credibility and value. Now, more than ever, every country will be looking for effective leadership. The fate of nations will depend on it.

The virus is the economy All policymakers, we think, understand that opening the economy too soon could come at a significant cost. The pressures to do so are significant, and understandably, so as businesses are at risk of failing the longer they remain closed. The longer the lockdown lasts, the more the devastation being wreaked on the economy.

The possibilities of businesses closing increases, and the cost to government increases, reducing its ability to afford the inevitable post-crisis response as we watch time sensitive opportunities wane. In the case of The Bahamas, with its significant reliance on tourism, which has almost 100 percent disappeared, the implications are brutal for the private sector. However, let us consider the very recent experience of Singapore as it grapples with the dilemma of balancing the challenges posed by this economic and health crisis.

On March 5, 2020, the World Economic Forum

boldly stated the following on its website: “Singapore contained coronavirus.

Could other countries learn from its approach?” The endorsement continued, pointing to the emergence of a potential best practice.

The article stated: “As the novel coronavirus starts to gather speed in Europe, the Middle East and the US, there’s one place it is seemingly being contained: Singapore.” An unequivocal vote of confidence for a country that consistently outpaces, topping most major performance indices, especially in the economic and competitive arenas.

The endorsement ended with the following: “With no reported virus-related deaths despite 96 cases, and a slowing rate of infection that’s been outpaced by recoveries, the Asian citystate is emerging as a litmus test of whether the deadly pathogen can be, if not contained, then neutralised.”

Let us fast forward to March 22, 2020, when Aljazeera’s headline said: “Singapore closes borders to keep virus at bay, but no shutdown.” The move, it said, followed Singapore’s first two coronavirusrelated deaths together with a surge in cases from overseas. By March 9, 2020, the story changes dramatically with reports that Singapore has instituted a partial lockdown until May 4 in order to contain the spread of the coronavirus. This move, it was reported, “could cost the economy about S$10bn ($7bn) in lost output”, approximately two percent of its GDP. This underlines the seriousness of managing this event. We fully appreciate that the longer the lockdown lasts, the more difficult it will be to restart the economy.

The Singapore situation, however, demonstrates the danger and the risks involved. Opening borders will mean that new cases are potentially being imported, leading to another spike in infections. Singapore has, by global standards, a topnotch healthcare system. It was not, however, willing to take the risks of leaving

its borders and businesses open, having made a brief misstep in this area. Imagine, therefore, the countries of the Caribbean with weak healthcare systems, which could be quickly overrun and overwhelmed, leading to wider spread and deaths. The decisions to be made are therefore very difficult ones. Open too soon, and exacerbate the health effect. Leave it too long, and decimate the economy, Caribbean leaders will likely be forced to take risks in this area.

A country like The Bahamas has a slight advantage due to its archipelagic nature.

Unfortunately, most of its economy is concentrated on one island.

This is instructive of how creative policymakers will need to be. As they work to recover and fix economies, reducing concentration or expanding - and better devolving commercial activities and economic centres becomes important.

The sad reality, which should not be ignored, is that without a vaccine, the emerging best practice is mass testing (as in the case of South Korea) and social distancing. The effectiveness of social distancing is enhanced by a lockdown of normal economic, social and community activities.

In our view, the lockdown for Caribbean countries is likely to be a bit longer than what may be the norm, largely because of the limitation of health assets and health care machinery.

Looked at another way, a longer lockdown period is the cost of not having welldeveloped facilities with the capacity to take significant numbers of virus victims. Policymakers, the private sector and citizens should quickly come to grips with this fact. The length of lockdowns and the confidence to re-open will, among other things, be a function of bed stock, intensive care capacity and medical facilities available to fight the virus. COVID 19 will exert adverse pressures on all countries where

SEE PAGE 3

THE TRIBUNE

Friday, May 1, 2020, PAGE 3

Bus drivers eye 50% ‘new normal’ passenger slash

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Mr Moxey added: “The jump-seats don’t have to be removed, but they don’t have to be in use. So we probably would do something like a 15 passenger maximum, because the buses can seat 29, with proper spacing until there is an all-clear.

“We can have the seats marked in the bus, and you would know how many passengers you can seat.

Passengers would know exactly where they would need to sit. So you will have every other seat, with no more than three in the back seats.

“The seats are already one behind the other, and on the opposite end you would have one passenger in the double row seats instead of two passengers and not use the jump seats.

That would total to about 15 passengers. However that total works out will be the maximum.”

Mr Moxey warned, though: “You would have to ride with the windows open for the time being with no air-conditioning, and both passenger and driver will wear face masks. We can

weigh the options and get from the health officials the advantages and disadvantages for using the air conditioning.”

Meanwhile Rudolph Taylor, the Bahamas Unified Bus Drivers Union’s (BUDU) president, said: “We have to sit down and wait on what the Government says after May 30.

Other than that we can’t say anything else. We just have to wait patiently.

“We will not force people to wear masks, but we will try to make it known that they will have to wear it as well as practice social distancing once we get back on the road.

“Drivers in the United States and other parts of the world are being affected greatly, and it’s a big loss for bus drivers in those parts of the world. I have been doing some research and they aren’t holding up well. In fact, some persons weren’t even given the opportunity to wear masks, so that was a problem.”

Mr Taylor said that while he does not want persons to get “suffocated within the bussing system”,

Gas stations ‘ecstatic’ at extension to 5pm

day, and if he wants some advice he can reach out to the Bahamas Petroleum Retailers Association (BPRA).

“We are willing and able to talk to the prime minister at any time. When he does good things, we all benefit. We are open to have discussions with him and to advise him at all times when it comes to natural disasters on the ground level. Yes, he can communicate with the wholesalers (oil companies), but we also could tell him what he needs to do in that regard.”

Oswald Moore, the Association’s acting chairman, said of the 5pm extension: “I don’t think that needs any comment. We go with the flow of things, and it is my feeling that the opening up is a good sign because that would tend to indicate that they feel that things are moving in the right direction.”

Suggesting that the move will save jobs in the industry, Mr Moore said: “Yes, it will make it easier, because those persons who were put on vacation for a period of time and paid their vacation pay and were ready to come back to work, some of those persons can come back right away.”

JITNEY drivers yesterday said they are looking at a near-50 percent capacity reduction on their buses as the COVID-19 “new normal” whenever they get the go-ahead to resume operations.

Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business: “Well, we definitely aren’t getting smaller buses. That’s for sure. That’s a cost that we would incur that we cannot bear. We have some options where we can have passenger spacing for them to wear the mask, and also to have hand sanitiser automatic upon entry.

“We are also looking at putting a clear plastic casement around the driver, probably with just a cut off all the way around.

We have written to the prime minister for us to activate a smart-fare collection system. These are the options we are planning to institute in the near future.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GAS station operators yesterday said they were “ecstatic” that the government has extended their opening hours to 5pm even though business volumes remain down by 60 percent.

Vasco Bastian, owner and operator of Esso’s East Street South and Soldier Road location, told Tribune Business that this week’s decision to alter the 1pm closing time was “an excellent move on the part of the prime minister”.

“I want to congratulate him on taking wise counsel from whoever advised him on opening up. He listened and we have seen a steady flow of business, but business is still off by 60 percent,” Mr Bastian said.

“What we are happy with as dealers is the fact that we can now assist essential workers who are getting off from work at 3pm. We are also able to give employees a couple of extra dollars, because they are hurting. They are hurting because you have some pump attendants taking home less than $50 a week. But with this extension of hours they might be able to take home

PRODUCER’S 4,000 SANITISER BOTTLES IN ‘HUGE DEMAND’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN hand sanitiser manufacturer yesterday said it can barely keep up with COVID-19 related demand even at “full steam production” of 4,000 bottles per day.

Pepin Argamasilla, John Watlings Distillery’s managing partner, told Tribune Business: “A lot has been going on with our hand sanitiser.

Basically we started bottling last week, and we are on full steam production. As much as we produce goes out of the door.”

John Watling’s produces about 4,000 eight-ounce bottles per day, and Mr Argamasilla added: “We are following the World Health Organisation formula. The person who is putting it together for us is Bryan Russell, who is a former master blender at Bacardi down on Carmichael Road.

“We have the capacity to make up to 4,000 bottles a day, and there is a huge demand now. We’re in the liquor business and we

a couple of extra dollars for their families.”

“I think the Prime Minister did well, I continue to wish him well and his government, and hopefully we can get back to full operational hours at the end of May. But, right now, I’m ecstatic.”

The 1pm closing time was prompting many drivers into an early afternoon rush to the gas stations, resulting in long lines that sometimes extended into the street and clogged gas pumps. The government’s move to extend the opening hours should reduce this disruption and panic.

“Lines have decreased, and people now know they have extra time,” Mr Bastian said. “They have about three extra hours, and they are not in a panic any more. The traffic is slowing regularly like on a regular flow now, so it cuts down on the stress levels of the pump attendants and the cashiers and everyone involved.

“Whenever the prime minister wants advice on the petroleum industry, we, the dealers and operators of these sites, are there for him.

He can come directly to the dealers. He doesn’t have to go to the wholesalers all of the time. We are on the ground, we live and we see it every know bars, restaurants, etc, etc and we decided to partner with Bahamas Medical & Surgical Supplies to get it out to the pharmacies and to the people who are in the business of selling hand sanitiser.”

Mr Argamasilla continued: “What we are doing is using existing John Watlings boxes, and we’re putting 40 per box. There is a need in the country and let’s get it out. The repackaging can come later. There is no name yet, because right now there was a need to get it out on the market.

“So what we have done is gone ahead and found a bottle. Right now, there is a three-month wait on all of the plastic bottles coming from the US because of the production basically being shut down in China and shutdown in the US. So, right now, we source the bottle locally from Arm Ltd. “The plan is that within the next two to three months, if not sooner, we will repackage the product, give the product a proper branding, do a proper label,” added Mr Argamasilla.

“All of this was basically put together within two to three weeks. What we’re doing right now, because everyone was screaming for it from the hospitals, to the people and the pharmacies, is get it out first and we will go ahead and repackage.”

the union is looking into what health and safety protocols will have to be implemented. He added that it was discussing providing “partition dividers” on the seats for passengers as a way to create space. If that is not acceptable, passenger capacity will have to be reduced from 30 to 15.

“Just how they have the airplanes saying that the middle seat is not a seat passengers can sit in, we will do the same thing and put that in effect and greatly enforce it,” Mr Taylor said. “It has to be enforced in a way where persons would have to adhere, including the drivers as well as the public, because if they do not then we will still could have a spread.”

“On top of that we are going to be making sure that

persons do not turn on the air conditioning. We have to leave the windows open and the doors open, where persons can have a constant flow of air.”

“Also, the buses have to be sanitised though the day.

If you take a break after two or three hours of driving, you need to stop, wipe down and sanitise with your Lysol or your Pine Sol. These are things we are looking at,” continued Mr Taylor.

“The buses have to be wiped down on a constant basis. This was being enforced before the COVID-19 came into effect. For most of the time, they are sparkling clean. So they take pride in the inside and outside of their buses.

In some buses, persons are not allowed to even eat or drink on the bus.”

THE VICIOUS CYCLE OF LOCKDOWN, DOWNGRADES AND STIMULUS COST FROM PAGE TWO these are lacking. A quick glance at The Bahamas, Jamaica and across the region will confirm weak systems, which therefore point to a lagging recovery compared to countries with more developed and robust healthcare.

The natural outturn of all this is that economically weaker countries with underdeveloped healthcare systems may pay a greater price because of the need to shutter their economies for a longer period. The vicious cycle should be evident.

Damage to the economy, increased cost to the government, further potential downgrades, and a lack of fiscal space to respond leads to the need for borrowing, which become more difficult to access at reasonable rates. From an economic perspective, a classic case of “damned if you do and damned if you don’t”.

To be continued

PAGE 4, Friday, May 1, 2020

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THE TRIBUNE

ATLANTIS USES CLOSURE TO PROMOTE TRAINING ATLANTIS yesterday said it has been using its COVID-19 enforced closure to focus on education and training for its workforce.

Acknowledging that the pandemic’s aftermath will result in a raft of health and safety-related changes to its operating protocols, the Paradise Island mega resort added that it was encouraging staff to take advantage of this “down time” by engaging in a range of academic courses.

Atlantis said it is directing employees to free online training courses, particularly those certificate courses relating to the hospitality industry.

It added that more than 1,000 associates have already passed and obtained certificates from Florida Atlantic University with help from the Caribbean Hotel & Tourism Association (CHTA).

The resort’s Atlantis University is also sourcing inspirational books, filtering articles and weekly quick reads on leadership, and motivation, such as Primed to Perform and Learned Leadership, via e-mail to its employee database to keep them engaged.

SOME of Atlantis’ staff who received hospitality training from Florida Atlantic University.

KESHIA ORTIZ

RAMONA SIMS-HARRIS

RALPHA MOXEY

CHANEL FERGUSON

Atlantis shows it has a heart

ATLANTIS has placed the symbol of a heart on top of The Royal, its signature tower, which is illuminated at night to show that despite its closure it is “Bahamas at Heart” and thinking about both its employees and guests.

Landlords ask: ‘What about us?’

FROM PAGE ONE dangerous road”.

He added that COVID-19 had brought “the chickens home to roost” by exposing the near-total absence of savings among many Bahamians, and warned that many tenants may be unable to pay their arrears even when the economy re-opens because numerous companies are likely to close or downsize.

Pointing out that The Bahamas lacks the resources and means to finance a multi-billion dollar stimulus package like the US, Mr Wong added that the Central Bank’s decision to halt approvals for dividend payments by the Canadianowned banks to their foreign parents showed just how “serious a state” the country’s economy was in, Recalling how the likes of Royal Bank of Canada and Scotiabank sent “millions of dollars” in profit to their parents every three months when he worked in the financial services industry, Mr Wong said the Central Bank’s potential halt to any such approvals until September 2020 spoke volumes as to concerns over The Bahamas’ foreign reserves and one:one peg with the US dollar.

As for the rental assistance initiative unveiled

by Dr Hubert Minnis, the former BREA chief said he was unable to see how the three-month initiative would assist landlords - especially those relying on rental income from their tenants to pay mortgages and other bills.

“Landlords have a commitment to their bank. What are they going to tell the

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bank?” Mr Wong queried.

“Who pays the landlord?

Quite frankly, you’re talking about the landlord being unable to disconnect the water of the electricity. It really puts the landlord in a precarious situation, and I don’t know how legal that is.

“Who looks after the landlord? Like the tenant he has bills to pay. The landlord could be stuck with a big bill. It appears he [the prime minister’s] looked after the tenant, but the landlord has mortgages, bills, children in school. Who’s looking after us? What about me? That’s what landlords are saying.”

The initiative unveiled by the prime minister is more a “rent deferral” than a “rental assistance” plan as it allows tenants who have lost their jobs, or experienced a dramatic reduction in income, to only pay 40 percent of the rent due for a three-month period with the 60 percent balance deferred.

The proposal, which appears to have keeping tenants in their existing residence as its primary objective while blocking evictions, also minimises the government’s risk as no outlay of public funds seems to be involved. The prime minister said, though, that commercial banks had “indicated they are open” to deferring mortgage payments on rental properties although this does not appear to be set in stone.

Landlords will not be able to evict tenants who were in good standing prior to April for those three months, and will not be able to disconnect their electricity or water. This means there will be no evictions of those who qualify before end-June, but the sums due to landlords are being deferred - not waived. Tenants will have 12 months to pay back the deferred amount.

The need to come up with 40 percent of the due rate will likely mean a significant number of tenants will be unable to qualify. And Mr Wong voiced doubts that many of those who do will

be able to pay the deferred amount given the economy’s likely struggle to rebound from COVID-19.

“Unfortunately you’ll have some tenants that really take advantage of this situation by burning air conditioning and using a lot of water. I think this is a very dangerous road we’re going on,” he told Tribune Business.

“I understand some people will not have the savings to pay their rent. This is a situation that no one has envisaged, and goes back to where Bahamians never save for a rainy day. The chickens have come home to roost, and it puts landlords in an unfair situation where they cannot collect their rent. That’s the long and short of it right there.”

Mr Wong also expressed doubts over whether landlords will be able to recover the deferred rental income portion, adding: “It’s kind of a messed up situation. The key here is: Will they [the tenants] have a job to go to?

A lot of companies may not survive. A lot of companies may cut back. They cannot pick up and start like nothing happened. It’s a chain reaction and domino effect.

Someone is going to be put at a serious disadvantage because of this.”

The former BREA chief warned that The Bahamas simply cannot afford a multi-billion stimulus or bail-out package to save the economy post-COVID-19, adding: “The government’s got to be financially responsible and provide people with food but, at the end of the day, we as the taxpayer are going to have to pay for this.”

And Mr Wong said he was unsure whether Bahamians “appreciate” the seriousness of the country’s economic position as indicated by the suspension of exchange control approvals for dividend payments by the Canadianowned commercial banks to their parents. “That’s a big, big statement right there.

Wow,” he added.

THE TRIBUNE

Govt revenues in 50% March slump FROM PAGE ONE which the government is a full month into, will now also contain the full impact of COVID-19’s economic fall-out as well as the bulk of hurricane restoration costs.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told this newspaper that April’s revenues were in line with the government’s latest revised projections although he declined to provide a figure.

Echoing Mr Turnquest, he added that it had been “slightly ahead” of forecast pre-COVID-19 with revenues remaining “healthy” despite the Dorian tax breaks.

Bahamians will likely gain their first true insight into the economic and fiscal devastation caused by the pandemic when Mr Turnquest presents the 2020-2021 budget on May 27, together with the government’s short, medium and long-term plans for reviving and rescuing the economy and preventing its collapse.

Mr Turnquest yesterday said the government has $240m worth of funding remaining in its current borrowing “envelope” which it believes will be sufficient to carry it through to the June 30 year-end without having to take on any further debt.

Warning that COVID-19’s fall-out will impose “a significant burden” on families and businesses, he

MARLON JOHNSON again reiterated that there was “no question we’ll have to make difficult decisions” concerning loss-making state-owned enterprises (SOEs) and other drains on the Public Treasury in the pandemic’s wake.

The depth of the likely economic contraction will force the Minnis administration to urgently consider reforms that its predecessors may have shied away from due to their perceived unpopularity with voters, and Mr Turnquest indicated that “additional options” will be discussed ahead of a 2020-2021 budget year that starts on July 1.

“We were ahead of where we’d budgeted, or thought we’d be in the revised Budget,” the deputy prime minister told Tribune Business of the nine-month period to end-March.

“Some of the post-Dorian expenditure was still to come through in this [fourth quarter] period, all things being equal, but prior to

the time COVID-19 started we were ahead of where we anticipated we would be.

“Nobody could have seen this coming, and it’s thrown everything out of whack including the progress we’d hoped to achieve by now...

We know March was about 50 percent off [in revenues], and we expect a just as significant or maybe even a little bit more for April this year, but we’ll see.” Mr Turnquest had previously indicated government revenues could be off as much as 70 percent.

March and the 2019-2020 fiscal third quarter contained around two weeks’ of COVID-19 impact as a result of the global tourism shutdown and subsequent national lockdown/curfew imposed by the government. The full impact, and that of Dorian recovery costs, will only become evident once the third quarter is completed.

Mr Johnson, the Ministry of Finance’s top official, yesterday confirmed that April’s revenue performance had met the third set of budget projections for the year. “The trends for April are in line with what we anticipated given the impact of COVID-19,” he added, with much economic activity having ground to a halt.

“Things had been lining up consistently with what we anticipated would be the refreshed budget based on Dorian. You really wouldn’t see the impact of

Friday, May 1, 2020, PAGE 5 COVID-19 on the economy until the fourth quarter numbers are complete.

“As the deputy prime minister would have said, coming into the third quarter before COVID-19 the Government felt confident it would meet the revised budget numbers or slightly over-perform the budget numbers but COVID-19 presents a slightly different reality,” he added.

“It looked like we were tracking slightly ahead of where the revised budget was. Revenue looked fairly health even though Abaco and Grand Bahama were enjoying their concessions and were into their rebuilding. The rest of economy was performing well, and all things were consistently lining up against projections. Then COVID-19 happened. We’ve just got to ride it out.”

Mr Turnquest, meanwhile, said the government felt it will fully “take up” the $240m remaining from its previous borrowing activities between now and end-June. “Hopefully it will take us to the end of the fiscal year,” he added. “If it doesn’t, we might have to do some things in the interim. We are trying to be prudent and delay any unnecessary expenditure so that we don’t have to get into that situation.”

Similarly, the $119.5m COVID-19 stimulus package enacted to-date - measured in combined spending and revenue foregone - is intended to prop up the economy, private sector and jobless Bahamians until the fiscal year-end when it will be reviewed and the impact assessed. Mr Turnquest added that “most firms taking advantage of the incentives are meeting their commitments”.

The deputy prime minister said the government was “certainly going to try”

and stick to the three-year schedule it set to pay off $360m worth of unfunded arrears, which was one of the key justifications for hiking the VAT rate to 12 percent.

A further $8.9m worth of payments were made during the three months to end-March 2020, taking the total to $230.1m or 64 percent of the total due to be paid off by the end of the 2020-2021 fiscal year. However, Mr Turnquest added a caveat, saying: “Circumstances have obviously changed quite a bit since, but we’ll still do our best to make payments on that commitment.

“But circumstances are fluid here, and we’ll see have to see how that fleshes out in the fiscal numbers with the potential deficit for the new year and and what that means in terms of financing.”

Acknowledging that the $414m collective subsidy to state-owned enterprises (SOEs) was an obvious area to look for spending cutbacks, Mr Turnquest added: “I think we recognise that in order to cut the level of subsidies to those entities, and the consequential drain on the public purse, we’re going to have to be very creative and make some hard decisions for sure.

“What that might look like is up to the SOEs, and we have some ideas we’ve shared with them. We’re going to have to make some difficult decisions, no question about that, to make them cost recovery entities.”

Mr Turnquest argued that previous fiscal reforms enacted by the Minnis administration would give the government “a jump start” on re-opening the economy, but he conceded: “We do understand the burden on individual families as well as businesses is

going to be significant as we come out of this curfew and shutdown period.

“We have to be mindful of that as we stimulate business and consumer demand, and try and get some kind of economy going. We keep hearing the comparison with depressions, and the 2008-2009 financial crisis being less of a concern as that was confined to the financial system. This is definitely a significant trauma to our economy and fiscal health.”

The $58.7m worth of Dorian-related outlays helped ensure the government’s spending grew faster than its income during the nine months to end-March 2020.

While revenues were up four percent, total spending rose by 9.8 percent or $179.4m year-over-year to hit $2.009bn. This compared to $1.829bn at the same point in 2018-2019.

“Tourism-related payments declined by $29.1m (81.5 percent) to $6.6m, reflecting the suspension of several marketing subventions provided for under various Heads of Agreements for visiting cruise ships and hotel properties in Abaco and Grand Bahama,” the government’s “fiscal snapshot” said.

“Interest payments grew by $7.4m (3.1 percent) to $242.3m over the ninemonth period to represent 64.3 percent of the revised budget.

Approximately $151.9m was directed to Bahamian dollar debt, while the balance of $90.5m was used to settle foreign currency obligations.”

The Bahamas’ total national debt, measuring the money owed by the government as well as loans it has guaranteed on behalf of state-owned enterprises (SOEs), stood at $8.457bn at year-end 2019.

Brewery fears lockdown will waste $500k in beer FROM PAGE ONE allowed to resume business in some sort of capacity.

“If we cannot sell the stuff then we need claim the duty back that we’ve already paid to government, so the government itself is going to be at a loss. I’d expect to get the duty back and the VAT from what we are not able to sell. I cannot eat that cost. Something’s got to give.”

Mr Sands estimated that the total value of beer and other inventory approaching its expiry date was around $500,000. He declined to say when these dates were, other than they were “very soon”, while confirming that “a number of brands” were involved.

“It’s an industry problem, not a Bahamian Brewery problem,” he emphasised.

“We’re in the same boat.

Commonwealth Brewery, Bristol Cellars, us three, we’re all in the same boat.

Liquid Courage probably too, although to a lesser extent.

“To survive we need to lift the lockdown as of yesterday. Every week we write to the government, and every few days we follow up, and we get no response.

There’s a lot of people we

can employ who are sitting idle, and we can provide home delivery and curb side pick-up like every other business such as hardware and home stores, and auto parts.

“Unfortunately everything is rumours. I heard this, they said this. I’m tired of going off assumptions.

We need to hear from the government about when we can resume business in some capacity. We don’t expect to open the stores, but at least start with home delivery and/or curb side pick-up so we can start to move some product,” Mr Sands continued.

“We need the common courtesy of having an e-mail answered so that we can know a date. We all understand what is going on in The Bahamas and the world, but we need to employ people and get the economy back up and running. This is another sector, another aspect of getting the economy moving.”

Tribune Business was unable to reach Commonwealth Brewery, Bristol Cellars and the other liquor distributors for comment before press time last night.

However, Mr Sands said the government did not always appear to understand or think-through the

To advertise in The Tribune, contact 502-2394

consequences of its actions when it came to the lockdown restrictions imposed on Bahamian businesses.

“They need to think on a large scale,” he argued.

“We’ve just been hit by

[Hurricane] Dorian, and all the people from Europe who came to repair the brewery in Freeport have been forced to return home.

“We need something.

There’s no reason why we

cannot do delivery and curb-side pick-up. There’s no logical reason why if auto parts and hardware stores can. I just don’t get it...

“There’s no logical reason

why we cannot open up.

They need to do something.

People are at their wit’s end, and it’s creating a lot of upset in the market. I keep hearing that this one’s open, that one’s open.”

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 30 APRIL 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,138.69 | CHG: 3.63 | %CHG: 0.17 | YTD: -92.91 | YTD%: -4.16 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.75 2.60 2.00 5.47 12.77 6.17 4.50 10.30 3.64 5.10 10.88 8.15 16.99 9.40 4.25 15.21

52WK LOW 3.35 20.91 5.50 5.39 1.89 0.67 2.00 10.21 5.60 3.75 5.41 2.53 1.80 8.00 6.63 13.04 6.98 3.14 13.90

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 1.89 1.62 2.99 11.26 6.00 4.02 6.01 3.16 4.90 10.09 8.15 14.15 8.97 4.00 15.20

CLOSE 3.55 17.43 6.00 6.68 1.89 1.62 2.99 11.26 6.00 4.02 6.01 3.00 4.90 9.73 8.15 14.15 8.97 4.09 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.16 0.00 -0.36 0.00 0.00 0.00 0.09 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

1,000

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 29.4 10.5 15.1 11.2 17.3 9.6 20.1 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

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 2.99% 0.00% 14.47% 1.22% 3.37% 2.94% 3.82% 2.23% 2.93% 4.01% 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

LEGAL NOTICE

NOTICE DIAMOND LNG SHIPPING 6 LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DIAMOND LNG SHIPPING 6 LTD.is in dissolution as of April 24th, 2020.

Rya Hagihara situated at 502, 8-31-29 Seijo, Setagaya-ku, Tokyo, Japan is the Liquidator.

LIQUIDATOR ______________________

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

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

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

THE TRIBUNE

Friday, May 1, 2020, PAGE 7

Ansbacher adds $1bn by buying departing bank FROM PAGE ONE “We believe a sale is a better outcome for all stakeholders than a liquidation, which would ultimately lead to a discontinuation of employment for all employees,” Julius Baer’s head office said in a statement.

“The buyer [Ansbacher Bahamas] will conduct interviews in the coming weeks and subsequently decide which employees it intends to retain. Julius Baer intends to honour any completion bonus that is due, at the latest by the transaction closing date. Employees who are not retained by the buyer will receive their severance payment and any completion bonus that is due from Julius Baer.”

The sale is due to close in the 2020 second half once all the relevant regulatory approvals are received.

Julius Baer, which indicated it had received multiple approaches for its Bahamian subsidiary after announcing its intention to exit this jurisdiction, did not reveal who else it received “purchase offers” from. It added that it may now withdraw from The Bahamas earlier than planned while operations continue ahead of the transaction completing.

The Julius Baer purchase is the latest in Ansbacher’s decade-old strategy to grow by acquisition. This began when AF Holdings and its principals, Emanuel Alexiou and Anthony Ferguson, used their Sentinel International Bank & Trust to acquire the Ansbacher (Bahamas) business in May 2009.

The merged business retained the Ansbacher name given its stronger brand identity, and the acquisition strategy has continued over the following 11 years with the purchase of Finter Bank &

Trust (Bahamas), Lyford International Bank and now Julius Baer.

One financial services source, speaking on condition of anonymity, said of the latest deal: “There’s really only one buyer of these foreign banks, so when they sell they always end up selling to Ansbacher.

“I’ve watched them buy a number of these small banks that are exiting. I think it’s consistent with what they’ve been doing.

It’s a strategy they’ve had for years, rolling up all the offshore banks. That’s always been the plan.

When they first bought Ansbacher it was to get an offshore entity to use as a springboard to enter the international market as people exited.”

Ansbacher (Bahamas) website states it has $7bn in client assets under administration, meaning that the Julius Baer acquisition will now take it over the $8bn mark. The bank, which has 80 staff, is said to offer wealth management, private banking and fiduciary services in 75 countries, and is headed by managing director Andrew Alexiou, Mr Alexiou’s son.

Ansbacher (Bahamas) generated $5.342m in total profits on $26.858m in revenues for the 12 months to end-2019, an improvement on the prior year’s $4.836.

Its parent, AF Holdings, is said to have $11bn in assets under administration and $230m in total equity.

To advertise in The Tribune, contact 502-2394

THE PROPOSED development to Nassau’s Cruise port.

Cruise port requires $284m total funding FROM PAGE ONE they are forecast to grow steadily to between 7-8m passengers by 2040.

Revenues are also projected to grow to over $100m by that same year, with operating income (EBITDA) reaching just below $80m at the same point. The document adds that Nassau Cruise Port, armed with its 25-year concession from the government to manage and operate Prince George

Wharf, “has the right to increase the port charges by the rate of inflation”.

It also has the “right to introduce additional services and charge for the same in Nassau Cruise Port’s commercial discretion”. With 113 new cruise ships on order as at March 2020, representing additional capacity of 232,172 passengers and schedule for delivery through 2027, Nassau Cruise Port said industry capacity was set to grow by around 50 percent.

NASSAU Cruise Port.

PUERTO RICO TO PARTIALLY REOPEN DESPITE CORONAVIRUS CONCERNS SAN JUAN Associated Press PUERTO Rico is taking its first tentative steps in relaxing a nearly two-month lockdown for the coronavirus pandemic, while health experts warn that the US territory is relying on faulty statistics and has not yet seen its peak of cases.

Gov Wanda Vázquez announced yesterday night that starting Monday, certain sectors including finance and real estate will reopen. On May 11, construction and manufacturing are allowed to restart. Other businesses

also allowed to soon reopen on weekdays will include laundromats, moving services and those that repair elevators and air conditioning units. In mid to late March, the retail trade, barbershops and beauty salons will be allowed to operate.

All businesses are ordered to provide protective equipment to their workers, and anyone entering a business has to wear a face mask.

The lockdown for everyone else was extended until May 25, with some exceptions. People will be allowed outside to run, bike and walk their dogs from 5am to 3pm

Parks, gyms and beaches remain closed, and everyone except essential workers are ordered to stay inside from 7pm to 5am.

“We cannot forget that we’re facing a real emergency,” Vázquez said. “If there’s no need to leave your house, don’t.”

Puerto Rico has reported at least 92 deaths and more than 1,500 confirmed cases.

However, the government is no longer sharing key statistics, including how many people have been tested. As of last week, Puerto Rico had the lowest per capita testing rate compared with

any US state, with some 12,000 people tested on an island of 3.2 million.

It’s an issue that worries Mónica Feliú-Mójer, spokeswoman for CienciaPR, a nonprofit group of Puerto Rican scientists who seek widespread testing.

“We don’t know where we stand with the infections and the pandemic,” she said in a phone interview. “Every day, we have less access to data.”

One of her biggest concerns is how the government would be able to determine if there is widespread contagion following the partial reopening of businesses.

PAGE 8, Friday, May 1, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 80° F/27° C Low: 58° F/14° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Showers and a heavier thunderstorm

Clearing skies

Pleasant with plenty of sunshine

Mostly sunny

Brilliant sunshine

Mostly sunny

High: 85°

Low: 72°

High: 83° Low: 71°

High: 83° Low: 72°

High: 85° Low: 73°

High: 86° Low: 75°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

94° F

70° F

87°-71° F

91°-73° F

93°-75° F

98°-78° F

High: 78° F/26° C Low: 61° F/16° C

N

almanac

E

ABACO

S

N

High: 79° F/26° C Low: 73° F/23° C

7-14 knots

S

High: 81° F/27° C Low: 66° F/19° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 68° F/20° C

E

W S

E

W

WEST PALM BEACH

N

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.

W

High: 81° F/27° C Low: 71° F/22° C

MIAMI

High: 86° F/30° C Low: 69° F/21° C

6-12 knots

KEY WEST

High: 80° F/27° C Low: 71° F/22° C

ELEUTHERA

NASSAU

High: 85° F/29° C Low: 72° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

N

tiDes For nassau Low

Ht.(ft.)

Today

2:36 a.m.

3:11 p.m.

High

Ht.(ft.)

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

Monday

5:39 a.m.

6:13 p.m.

2.9 3.1

12:00 p.m. -0.4 ---------

Tuesday

6:34 a.m.

7:07 p.m.

2.9 3.3

12:32 a.m. -0.4 12:50 p.m. -0.7

Wednesday 7:27 a.m.

7:58 p.m.

3.0 3.5

1:29 a.m. -0.6 1:40 p.m. -0.9

Thursday

2.9 3.6

2:23 a.m. -0.7 2:29 p.m. -0.9

8:19 a.m.

8:49 p.m.

sun anD moon Sunrise Sunset

6:34 a.m.

7:40 p.m.

Moonrise Moonset

1:43 p.m.

2:29 a.m.

Full

Last

New

First

May 7

May 14

May 22

May 29

CAT ISLAND

E

W

High: 84° F/29° C Low: 75° F/24° C

N

S

E

W

7-14 knots

S

6-12 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 .................................................... 76° F/24° C Normal high ....................................... 83° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 5.98” Normal year to date ..................................... 6.29”

High: 83° F/28° C Low: 75° F/24° C

uV inDex toDay

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 76° F/24° C

High: 84° F/29° C Low: 76° F/24° C

N

High: 85° F/29° C Low: 76° F/24° C

E

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 77° F/25° C

6-12 knots

MAYAGUANA High: 85° F/29° C Low: 79° 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: 77° F/25° C

N

E

W

E

W

N

S

S

4-8 knots

4-8 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS NW at 7-14 Knots NNE at 6-12 Knots NW at 7-14 Knots NE at 7-14 Knots SSW at 6-12 Knots NNE at 8-16 Knots S at 4-8 Knots NNE at 6-12 Knots SW at 6-12 Knots NNE at 7-14 Knots NW at 7-14 Knots ENE at 4-8 Knots SW at 6-12 Knots NE at 8-16 Knots SW at 4-8 Knots N at 4-8 Knots SSW at 4-8 Knots NE at 8-16 Knots SE at 7-14 Knots WSW at 4-8 Knots WNW at 6-12 Knots NE at 7-14 Knots SW at 4-8 Knots NE at 8-16 Knots SW at 6-12 Knots NE at 8-16 Knots

WAVES 2-4 Feet 2-4 Feet 1-3 Feet 1-2 Feet 3-5 Feet 3-5 Feet 2-4 Feet 1-3 Feet 3-5 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 Feet 4-7 Feet 2-4 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet

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VISIBILITY 4 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 11 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 2 Miles 10 Miles 5 Miles 10 Miles

WATER TEMPS. 79° F 79° F 83° F 83° F 81° F 81° F 82° F 83° F 80° F 81° F 80° F 80° F 83° F 84° F 82° F 84° F 82° F 83° F 81° F 82° F 81° F 81° F 83° F 84° F 81° F 81° F