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MONDAY, MAY 3, 2021

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Nassau and Freeport top port ‘scrubbers’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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ASSAU Cruise Port’s top executive yesterday said “more work is definitely needed” after the Bahamian capital and Freeport were ranked in the world’s top five ports for “washwater pollution” discharges.

Michael Maura, speaking after the International Council on Clean Transportation (ICCT) ranked Nassau and its Grand Bahama counterpart fifth and third in the world for such contaminant releases, told Tribune Business this was an issue both The Bahamas and global maritime industry “need to be looking at”.

The ICCT, in a report released this weekend, estimated that more than 10m tonnes of wastewater created by “scrubbers” - a cleaning technology created to reduce air pollution by ships - will be discharged annually at Nassau and Freeport combined once cruise tourism

• In world’s leading five for ship wastewater discharge • Study asserts over 10m tonnes released annually • Cruise port chief says issue must be addressed

NASSAU CRUISE PORT and cargo traffic returns to pre-COVID levels.

Deriving its estimates from pre-pandemic shipping traffic involving vessels using scrubbers, it said: “We found that Caribbean ports will be particularly affected: Nassau and Freeport in The Bahamas will receive 5.5m tonnes and 4.8m tonnes of polluted washwater in a year.

“Both ports are in the list

Deferred bank loans decrease by $1.6bn

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net “DEFERRED” commercial banks loans have decreased by more than $1.6bn since COVID-19’s peak, a senior Central Bank official has revealed, while denying that the sector is “over-regulated”.

Karen Rolle, a Central Bank deputy inspector, told the Grand Bahama Business Outlook conference that private sector credit still on deferral has reduced by around 88.4 percent since last June when the total sum stood at around $1.85bn.

That accounted then for around one-third of all outstanding commercial bank credit to businesses, households and individual borrowers, but Ms Rolle said most deferrals - which had typically lasted between three to six months - had come to an end when 2020 closed.

While commercial banks were continuing to support struggling borrowers, especially those linked to the tourism industry, on a caseby-case basis, she revealed that the amount of credit on deferral at year-end 2020

SEE PAGE 8

Deal struck to save Out Isl water supply

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THOUSANDS of residents in three Family Island communities have been spared a water supply cut-off today after the government and private sector operator struck a deal to end their dispute.

However, Aqua Design Bahamas, the operator of the reverse osmosis plants supplying South Eleuthera, San Salvador and Inagua,

warned in a statement yesterday evening that this could yet be a temporary week-long reprieve if the government fails to deliver on their agreement.

While the terms of the deal agreed with the Minnis administration and Water & Sewerage Corporation were not disclosed, it likely involves the payment of at least a portion of the $3.8m debt that Aqua Design Bahamas alleges it is owed

SEE PAGE 9

of top five most impacted by washwater discharges in the world. Most of the in-port washwater pollution will come from cruise ships: They are responsible for 96 percent and more discharges in seven of the ten ports with the highest total washwater discharges in the world.

“In large part, this is because cruise ships stop and idle at ports for 25 percent of

their operating time. Additionally, when in port, the study finds that cruise ships are burning more fuel because they consume an average of three times more energy per hour than oil tankers, and six times more than container ships.”

Elaborating on its findings, the ICCT said the use of scrubbers had been driven by the International Maritime Organisation’s (IMO) mandate to reduce nitrogen oxide and sulfur oxide emissions from ships into the Earth’s atmosphere by last year. However, in seeking to meet the 0.5 percent fuel sulfur rule, it added that the industry had merely “transferred pollution from the air to the sea.

It explained: “Scrubbers remove sulfur from a ship’s

SEE PAGE 8

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Scotiabank ordered: Repay $27.5k taken from ZNS anchor

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP ZNS TV anchor has won damages from Scotiabank (Bahamas) after it refused to reimburse $27,500 in “unauthorised transactions” that were taken from her account.

Macushla Pinder, who anchors the stateowned broadcaster’s weekday Bahamas Tonight programme at 7pm, saw the Supreme Court uphold her claim for negligence and breach of fiduciary duty against the Canadianowned commercial bank relating to a series of withdrawals from her account that took place in 2015 and 2016.

Scotiabank (Bahamas) defended its decision not to repay Mrs Pinder on the basis that the correct Personal Identification Number (PIN) for her debit card was used in all the transactions, despite the ZNS anchor asserting she was in the US with her family when a number of withdrawals were made

MACUSHLA PINDER from local automated banking machines (ABMs).

She also denied knowing any of the persons captured on surveillance cameras at Rubis’ Wulff Road and Jerome Avenue service station using the ABM at the time her card was recorded as being used. The bank, though, argued that Mrs Pinder’s admission that she had misplaced her card showed she was not being careful with her personal financial security.

And it also asserted that Mrs Pinder had breached the personal financial services agreement (PFSA) that governed her relationship with Scotiabank (Bahamas), and the use of her account, by not

SEE PAGE 7

THE TRIBUNE

Monday, May 3, 2021, PAGE 3

Cable, BTC lose 14,000 Bahamas can ‘set global TV clients in four years digital currency standard’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PAY-TV subscribers in The Bahamas declined by almost 14,000 over the four years to end-2020 as Netflix and other video streaming services continue to lure customers away.

The Utilities Regulation and Competition Authority (URCA), in its 2020 annual report, revealed that Cable Bahamas’ and the Bahamas Telecommunications Company’s (BTC) combined subscriber bases declined by 3.5 percent - or a further 3,500 customers - that year.

That followed a 6,500 customer fall, or nine percent decline, in 2019, and a 3,800 drop-off in 2018 which occurred despite the presence of BTC’s Flow TV service to provide some competition to BISX-listed Cable Bahamas’ long-standing dominance in the sector.

“Despite competition entering the market for this service, five years of data shows that there has not been a consistent growth trend and subscriptions have declined in the past four years,” URCA said.

“The trend indicates that this service has been on a downward trend prior to COVID-19. In 2020, this service saw a further five percent decline in subscriptions compared to 2019. This followed a nine percent decline when looking at 2019 vs. 2018 subscriptions.”

Total pay-TV subscribers in The Bahamas have thus dropped from a 76,300 peak in 2017 to around 62,400 at end-2020. The data was released with Cable Bahamas currently in the middle of a public consultation as part of efforts to obtain regulatory approval to restructure its TV channel and package line-up.

URCA previously agreed that Cable Bahamas is not earning a “worthwhile” rate

of return on its REVTV product, with subscriber numbers set to further decrease unless the restructuring is approved - a concern that would appear to be backed by the latest industry data.

Cable Bahamas also told this newspaper that the TV channel package restructuring was designed to better reflect consumer demands and enhance its competitiveness against rival video streaming services, such as Netflix, Amazon Prime and Hulu.

Elsewhere, COVID-19 lockdowns and restrictions, combined with increasing numbers of Bahamians and residents working/schooling at home, drove a 43 percent year-over-year increase in mobile data-only subscribers, according to URCA. Acknowledging that this acts as a substitute for fixed broadband Internet, the regulator added: “Mobile data-only services are another growing market and relate to the total number of active subscribers to mobile Internet service via a laptop, tablet with 3G/4G connectivity or a USB dongle.....

“In 2020, mobile data showed a strong 43 percent increase in total subscribers. It is not clear if this trend is expected to continue but gains in this indicator could be pinned to a number of reasons such as an increased use of mobile data to share information and remain informed on latest COVID-19 updates and protocols.”

Mobile data-only subscribers jumped from under 20,000 to around 27,500 year-over-year.

However, mobile voice customers felloff by five percent in 2020, which URCA attributed to the pandemic’s economic impact on consumers of Aliv and BTC. “Mobile voice subscribers showed an uptick in the past four years, with

the exception of 2017,” it added. “However, this trend did not occur in 2020, likely as a result of the economic impact of the pandemic.

“To this end, data collected from mobile operators revealed a five percent decline, landing the number of subscribers at 403,759 in 2020. Simultaneously, mobile voice penetration for 2020 compared to 2019 fell by 6 percent.

“While mobile voice subscribers showed an overall decline, there was a yearover-year increase in the amount of post-paid subscribers by eight percent, which suggested that the fall in total subscribers was contributed by a decline in prepaid subscribers at 7.5 percent.”

As for fixed broadband, subscriber numbers declined slightly to 80,913 in 2020 compared to 83,403 the prior year, representing a three percent decline. As a result, the broadband Internet penetration rate went from 21.64 percent the previous year to 20.78 percent in 2020.

Total Bahamian communications sector revenues fell by 14 percent year-over-year in 2020, dropping to $355m as the COVID-19 pandemic impacted businesses and consumers, although industry employment finished the year up 2.1 percent while there was an increase in capital investments for broadband Internet.

Fixed-line voice subscribers, meanwhile, fell by 8,600 or nine percent to 87,400 by year-end 2020. “This decline is consistent with data for the past four years which show a continuous downward trend,” URCA said. “This trend is reflective of global trends as consumers move to more modern voice communication technologies. Therefore, the adverse economic impact of COVID-19 should not be pinned as a leading factor for the reduction.”

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas can “set the global standard” for digital currencies if it can get more businesses and consumers “on board” with its use, a Royal Bank of Canada (RBC) executive is arguing.

Phillisia Armbrister, its Bahamas-based “hub and spoke” manager, told the Grand Bahama Business Outlook that the continued roll-out of the Central Bank-backed Sand Dollar gives this nation “an opportunity to emerge as a leader in the digital currency space”.

However, she pointed out that “mass adoption” remains critical to the Sand Dollar’s success and that of digital/online transactions.

Despite 96 percent of Bahamians owning a mobile phone, Ms Armbrister said that pre-COVID it was estimated that just percent were using them or other digital means to conduct their financial business.

With 40,000 Bahamas-based clients now conducting their regular banking business using RBC’s digital platform, she added: “What we are seeing is that COVID-19 caused consumers to look at how they interact with each other. More businesses and consumers are turning to digital means for day-today transactions.

“More clients are signing up to digital. When was the last time you used a cheque book or pass book? Instead, a phone has become the

new transaction device. It is the new bank.”

Ms Armbrister acknowledged the reluctance among a sizeable number of Bahamian businesses and consumers to embrace the new technology and ways of conducting banking business, but said RBC believed it could achieve a balance between maintaining human contact while providing a faster, more convenient and safer service via its online platform.

Asserting that few customers reverted back to traditional mechanisms once they started using digital means, she added that physical currencies represented a “significant cost” to the commercial banking industry as it forced institutions to maintain branch networks, employees and other infrastructure to provide consumers with the necessary access.

Ms Armbrister, conceding that customer acceptance of the Sand Dollar and digital transaction mechanisms is key, said: “All of this is great, but at the end of the day, people need to be able to trust the idea of digital currency for it to be successful.

Digital adoption will be key to creating mass use of digital currency.”

Arguing that commercial banks will need to invest in consumer education and other areas to ensure the Sand Dollar’s success, she added: “The Bahamas has an opportunity to emerge as a leader in the digital currency space and set the standard for the world to follow.”

Glennett Fowler, president and chief executive of Freeport-based Fowlco Ltd, gave an insight into how much work lies ahead for The Bahamas to embrace new technology by revealing the responses she received when asking 15 local businesses, ranging in size from small to large, about the returns they had enjoyed from investing in e-commerce platforms.

She told the Grand Bahama Business Outlook: “Fourteen out of 15 replied that less than 8 percent of their revenue was generated through their e-commerce platform. One person commented that they felt their client base was not ready for the transition to an online platform even though they are one of the biggest food distributors in the country?

“How can we manage change if we’re not ready to embrace change? How can we create adaptation when such a gap exists? Managing change in changing times is critical to our growth.”

PAGE 4, Monday, May 3, 2021

THE TRIBUNE

HARMFUL FOOD IMPORTS ARE BEING ‘WEEDED OUT’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FOOD health and safety regulators have enjoyed some success in “weeding out” imported produce that may be harmful to Bahamians, a Cabinet minister has asserted.

Michael Pintard, minister of agriculture and marine resources, told the Grand Bahama Business Outlook conference that one particular rice brand - which he did not name - had to be “pulled off the shelves” after government testers detected “an element” that should not be present.

Responding to concerns about the so-called “dumping” of poor quality, cut-price food products in The Bahamas, the minister responded: “We’ve heard it before. One of the challenges we have had historically is not having an agency that had the wherewithal to do testing - whether it was on plants, animals or processed foods.

“That has changed over the years. Are we there?

Not quite. Are we in position to evaluate foods coming into the country?

Yes. With rice brands, one had a higher residue level of

MICHAEL PINTARD an element that should not be in the rice or should be there in smaller quantities.

As a result of that process, the importer had to pull it off the shelves. There are efforts to weed out what is potentially harmful to the market.”

Mr Pintard also acknowledged that US poultry distributors, when dealing with excess supply, had traditionally sought to off-load chicken parts in The Bahamas at prices that under-cut local producers.

However, he promised that the government will seek to prohibit such imports as part of its renewed postCOVID food security and sovereignty drive.

With the government implementing a policy that hotels, restaurants and major food stores source

40 percent of their needs locally, and that public agencies dedicate 75 cents of every $1 spent on food and drink to in-country purchases, Mr Pintard added: “When we ramp up production we are prepared to prohibit those items coming in from outside.”

Noting that his ministry has received permission from Cabinet to privatise the animal feed mill, because it is not meeting farmers’ needs, he said: “There are different elements along the value chain that have not been fixed, and one by one, sometimes two by two, we are fixing these things to grow the sector.”

As for fisheries, Mr Pintard said there were opportunities to generate export revenue through the

sale of whole lobsters - not just the tail - to consumers in China and Asian markets.

Noting that one New Providence seafood processor has already been given permission to do this, he added: “There are parts of the lobster that we don’t consume which generate revenue. There are additional products that can be created from lobsters that are not huge in this market.”

Mr Pintard said the government had also spent $1m on land clearance initiatives throughout The Bahamas as a way to soften COVID-19’s impact, and as part of a wider “emergency food programme” undertaken in his ministry. “We did clearing as well as ripping and, in some cases, we did more,” he added.

“In addition, we focused on areas where we thought there was opportunity for significant penetration in the market. We recognise as a result of studies that layer birds, that is broilers, as well as the production of eggs provided us with an opportunity to cut into a substantial food import bill as it relates to broiler meat as well as eggs.

“So we began the distribution of layer birds

and, to date, we have distributed well over 12,000 of those birds, free of charge, to farmers to allow them to begin to operate labour operations or to augment already existing programmes,” Mr Pintard continued.

“The goal, in short, was food security, making sure we had access to the right amount of food and the right types of food, and food sovereignty, making sure that we weren’t put in a position that we were exclusively reliant on persons from overseas but that we ourselves were producing what we consume.”

Having worked with the Inter-American Development Bank (IDB), the United Nations Food and Agricultural Organisation (FAO) and other international agencies, Mr Pintard said his ministry has obtained the necessary data to analyse the agricultural sector more effectively.

He said: “We also worked closely with the IDB, who assisted us with consultants who played a pivotal role in helping us to gather badly needed data. And, of course, it was as a result of that particular IDB study that we were able to identify 77 of the thousands of food

items that we consume.

“Seventy-seven items - from fresh fruits and vegetables and ornamentals, whether it’s proteins, or whether it’s beef, pork, small ruminants or poultry. We recognised that in these areas, that is the 77 items, we have the ability to produce products that will allow us to be competitive in the international market in terms of pricing, quality, and sustainability.”

As a result of identifying these 77 items, Mr Pintard said The Bahamas has the ability to make significant inroads into its $1bn annual food import bill by raising domestic production.

He added: “We can save, over the course of the next three to four years, a minimum of $200m on our food bill. But again, with collaboration, with the required resources, the right quality decisions, we can do much better than $200m saving.

“So one step was to conduct import studies. We believe that it is absolutely critical for us to make evidence-based decisions... for farmers not to produce on the basis of what they’re good at, traditionally, but to produce what the market is, in fact, demanding.”

Corporate leaders seek COVID revival solutions BAHAMIAN corporate leaders discussed finding and exploiting opportunities for post-COVID growth and recovery at a virtual meeting hosted by the Inter-American Development Bank (IDB).

The multilateral lender’s local country office staged the event as part of its 2021 Bahamas Business Leaders Series. Attended by chief executives from major Bahamian companies, it featured presentations

by Daniela Carrera Marquis, the IDB’s Bahamas country representative, and Dr David Rosenblatt, the IDB’s regional economic advisor for the Caribbean.

Charlene Lewis-Small, investment officer for IDB Invest in The Bahamas, moderated the discussion that followed

CHARLENE LEWIS-SMALL with attendees who represented a wide range of industries.

Ms Carrera Marquis said in a statement: “The IDB group believes that economic recovery will be led by the private sector in partnership with the public sector.

“We are always interested in sharing IDB group knowledge products,

hearing the views of the private sector and supporting their investment and growth plans through our financing arm, IDB Invest.

The dialogue that we held serves as a platform for exchanges around future topics of importance to the private sector.”

The discussion was the first in a series of events focused on bringing executives in The Bahamas together to explore economic challenges among various industries and the country’s growth prospects.

Companies interested in joining the conversation should contact Ms Lewis-Small at the IDB Bahamas country office or e-mail IDBBahamasEvents@iadb.org.

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THE TRIBUNE

Monday, May 3, 2021, PAGE 5

Are rare earths the next big thing?

ACTIVTRADES WEEKLY

By CARLO DE CASA www.activtrades.bs

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HE commodities scene has for generations been dominated by gold and oil but as travel and power move away from combustion engines and carbon-intensive sources in favour of greener alternatives, a collection of minerals known as rare earths are becoming increasingly influential and the potential cause of trading battles.

Rare earths are a group of 17 chemically similarly elements that are used in

the manufacturing of a wide range of high-technology products and defence systems. Among them are neodymium and praseodymium, which have been thrust into the spotlight and seen a surge in demand given their use in the motors of hybrid and electric vehicles and also for wind turbines.

Despite their name, some of the elements are relatively abundant in the Earth’s crust, but are often in concentrations not high enough to make mining currently economically viable.

China dominates the rare earth industry, accounting for just under 60 percent of global production in 2020,

EARTH mineral. way ahead of the US in second place at just over 15 percent. The country is almost the sole player in processing of the ore from which these metals are attracted and this near monopoly has led to fears about the threat this poses to countries and companies long-term security of supply.

US President Joe Biden signed an executive order earlier this year directing a review of supply chains for critical materials while the US government is investing tens of millions of dollars to mine and extract rare earths themselves. In the UK, a recent foreign and defence review identified

the reliance on rare earths as a security concern and said the country needed to diversify its supply of critical goods and establish agreements to keep trade in critical goods open in times of crisis.

But what does all this mean for the price of these highly sought-after elements?

The rare earths which are used in making magnets, such as neodymium, have seen prices surge in the last few months to the highest level for many years. This has mainly been driven by demand from the electric vehicle sector but also due to China introducing an export

law in December which gives the government more control over the exports of technology and rare earths.

Gaining visibility on prices is challenging as the elements are not traded on public exchanges in the same way as other more established commodities such as oil and gold. Therefore the best way for an investor to gain exposure to these rare earths is via the mining

companies. Again though this isn’t straightforward as the bulk of extraction being done in China by Chinese entities that aren’t publicly listed. US-listed MP Materials is the largest public rare earth miner followed

by Australian miners Lynas Rare Earths Limited and Iluka Resources Limited, all three of which are trading at the top end of their multiyear price range.

Given the growing importance these elements are set to play in the world of tomorrow, it is likely that some of the current market opaqueness will recede as well as the dominance of one single player become challenged by other countries and companies investing in their own mines and processing operations.

One thing that is near certain is that we’re all going to start to hear a lot more about the likes of neodymium and praseodymium and these difficult to pronounce (and spell!) elements will soon roll of the tongues and keyboards of investors around the world.

Bahamas’ EU mission seeking export boost THE Bahamas’ Brussels-based mission to the European Union (EU) is aiming to boost this nation’s exports and post-COVID recovery by deepening ties with a major Caribbean agency.

Ambassador Maria O’Brien, who heads The Bahamas’ mission, recently hosted a virtual meeting with the Caribbean Export Development Agency (CEDA) and key stakeholders in the Government and local private sector.

She acknowledged that The Bahamas’ engagement with CEDA was minimal until 2020, and called for stronger linkages in meetings in Brussels with the agency.

CEDA subsequently visited several key stakeholders in The Bahamas in early 2020, which played a role in strengthening institutional capacity for the private sector.

However, Ambassador O’Brien admitted more could be achieved for small and medium-sized enterprises (SMEs) through regional programmes.

CEDA is supported by the

MARIA O’BRIEN EU under the 11th Economic Development Fund (EDF), and is in its fourth year of implementation.

The programme’s overall aim is to increase employment by building private sector capacity, strengthening business support organisation to the private sector, and promoting trade development.

CEDA’s recently-appointed executive director, Deodat Maharaj, identified three pillars of support available to The Bahamas to fast track its post-COVID-19 recovery efforts.

The first pillar is investment promotion that will support The Bahamas

by steering foreign direct investment (FDI), and support inter-regional investment flows, through a virtual investment forum that will direct European investors to The Bahamas.

One such forum attracted 47 countries, and 567 business participants, to attend meetings on investing in Guyana.

The second supports export promotion and development. CEDA said it will create a sustainable development hub, focusing on new products that The Bahamas can bring to key markets, thereby creating jobs while accessing premium prices for products such as organic and climatefriendly goods that meet a sustainability criteria.

This aims to create a link between EU buyers and producers and suppliers from The Bahamas. The third pillar will focus on hospitality services, while also paying attention to the creative industries; Junkanoo; music and fashion; and skills in the tourism sector.

The Direct Assistance Grant programme is also available to SMEs

to support private sector recovery efforts. Three Bahamian companies, Kairos Maritime Services; One Eleuthera Foundation; and The Coconut Factory benefited from the last call for proposals, receiving a combined total of $54,000.

Mr Maharaj indicated that there would be a new call for proposals at the end of May valued at $24,000, and encouraged representatives from the private sector to apply. He identified The Bahamas, St Kitts and Nevis, and Suriname as countries that did not benefit much from grants over

the implementation period, whereas Jamaica received 44 grants accounting for 50 percent of the allotted amount.

Ambassador O’Brien said CEDA had reaffirmed its commitment to support creative industry stakeholders, meeting virtually with representatives from the music industry, the Bahamas Music and Entertainers Union, and the Junkanoo Corporation of New Providence.

The goal of the meeting was to equip all creative industry stakeholders with adequate information to

assist them in exporting their craft. Allison Francis, a CEDA services export expert, highlighted the Business of Music programme, which will assist musicians with creating an export development plan.

It will also enable them to find market intelligence for determining how and where the music is best suited; identify a niche for their respective brands; develop a music marketing plan; find and negotiate with publishers and distributors; and inform them of their intellectual property rights to protect their contracts.

PAGE 6, Monday, May 3, 2021

Helping insurers to navigate client KYC

BY DEREK SMITH

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URING a recent conversation concerning the growing complexity of the financial services regulatory environment, one position held firm – that legal and compliance professionals should be seen as partners in sustainability. And, in particular, insurers have been required to respond to new risks, make more substantial commitments and innovate to maintain their market share.

Authorities worldwide have been deploying appropriate safeguards through legislation to ensure the long-term viability of the sector. In the Bahamas, industry regulators have issued new client onboarding requirements for

general insurance. This notice essentially requires a risked-based approach to taking on all insured clients irrespective of the type of insurance being procured, or the associated risk rating attached to the policyholder in terms of potential money laundering/terrorism financing risk. This amounts to an

THE TRIBUNE increased due diligence requirement for insurance companies.

This new environment has also exposed the enhanced roles of the legal and compliance departments, or a combination of the two. There have been many arguments over whether legal and compliance functions should be combined or separate. I acknowledge the combination of skills and requirements are different, which may infer that I agree the two roles should be separate. However, these skills can be held by a single practitioner, and this is evident in the financial services industry today.

Based on the above, I wish to highlight three observations when assessing the changing environment and how to assist an insurance company in navigating the same.

Financial crime possibilities in the insurance sector A pre-COVID insurance industry survey noted that criminals, such as money launderers and terrorist financiers, can abuse the

sector. Fraud and financial crime in the insurance industry has been growing rapidly in recent years.

Statistics released by PricewaterhouseCoopers (PwC’s) 2018 Global Economic Crime Survey indicated that 62 percent of global insurance professionals have been exposed to financial fraud. Scammers are finding ways to inflate medical and accident bills to defraud the insurer. In the case of money laundering, it may be possible to request refundable premiums or to intentionally overpay premiums to trigger a refund, which essentially makes potential dirty money clean.

Establishing robust client on-boarding and maintenance procedures that meet regulatory requirements, while assisting with financial profitability through managed risk, is essential.

Understanding each customer is different Despite the guidance provided by regulatory bodies, based on my research there is not a “standard” method worldwide for correlating the source of wealth and

source of funds belonging to high and medium-risk clients. As long as products or services are being offered, there should be no expectation that fact patterns are constant. To facilitate corroboration, compliance professionals should confirm their policies and procedures regarding customer identification, specify if there exists any inherent risks, such as if the individual or entity being a politically exposed person (PEP) or subject to sanctions, and other risk factors.

Art of Tracking Both legal and compliance functions track these requirements. However, they may differ.

An anti-money laundering compliance professional would consider tracking cross-border data statistics, ethical issues and regulatory requirements such as filings – both risk and financial. Conversely, the legal professional may track outstanding contracts and court proceedings. Notwithstanding the above, the role of legal and compliance

may also jointly track regulatory changes.

Conclusion In short, whether a decision is made to separate or join the legal and compliance roles, what is fundamentally important is that the engaged party is fit and proper to adequately address current industry nuances. Additionally, they must be equally aware of international trends to assist with positioning a company for success.

NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at a local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned more than 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

ENTREPRENEURS URGED: THE INNOVATION COMES FROM YOU

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Small Business Development Centre’s (SBDC) executive director has made an impassioned plea for entrepreneurs to drive The Bahamas’ postCOVID revival, arguing: “The innovation must come

from you.”

Davinia Bain, addressing the Grand Bahama Business Outlook, said: “The minister (Michael Pintard) just spent the last 30 minutes talking about a million things the government has been doing to try to help. With the SBDC we could talk for days about a million things that we’ve

been trying to do to help, and there have been all sorts of other entities.

“We’re throwing as many things as possible at you as entrepreneurs, because that’s where the solutions - in particular for times like this - come from. We can give you resources, we can give you help. But the real tools, the real thought

processes, the real innovation, which is the main title of my presentation, we can’t give you.

“So we are begging... I am sitting, literally I’m sitting on the edge of my seat right now, waiting for you to help us with the innovation. No matter what type of programmes we put out there, if you don’t sit down and help us think about the angle that will work for our specific environment, it’s really just an empty shell without you as businesses.”

Ms Bain said some sectors and industries have enjoyed a significant financial boost despite the numerous economic restrictions imposed on them over the past year to combat COVID-19.

She said: “A lot of people are sitting, talking about who all lost money and you know how horrible things were economically. But there were some people who made a boatload of money. In every economic crisis, somebody is making money.

“So as a business person, when you’re going through a crisis, whether in The Bahamas or anywhere else - and we’ve had enough crises over the last 30 or 40 years to be able to see that you just have to figure out where the winning side is.

People doing PPE (personal

DAVINIA BAIN protective equipment) care items, they made a lot of money. That’s a no brainer.

E-learning, again, that was a no brainer.”

Ms Bain spoke about her personal experience with the online food delivery service, Kraven, and how she will continue to spend money with it whenever the COVID-19 pandemic ends because of the convenience it offers. E-commerce solutions for other businesses you also would have fared very well during the COVID-19 economic restrictions.

“Different ways of transportation became a big deal because people would be rushing away from one

another if they were on a bus. So people want to find another way to get to and from work, and so finding other means of transportation was an industry that boomed during COVID,” she added.

“Exterior renovations, this one is also a no brainer.

Any number of restaurants now have pivoted.

They have outdoor seating.” Ms Bain, though, said the SBDC had found that persons used to working in a 9am to 5pm structure as an employee, or managing someone else’s business, sometimes struggled to adjust to “the very different world” of running their own ventures.

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Scotiabank ordered: Repay $27.5k taken from ZNS anchor

FROM PAGE ONE

reporting the debit card as missing within the timeframe stipulated.

However, Supreme Court justice Keith Thompson, in an April 20, 2021, ruling found that Mrs Pinder was unable to monitor transactions on her account because the bank had never issued financial statements to her.

And he also ruled that Scotiabank (Bahamas), by halting the updating of the passbook that she used to oversee the account without any notice, had prevented her from detecting and reporting the “unauthorised transactions” in a timely manner.

Justice Thompson, who branded Scotiabank (Bahamas) as “seriously negligent” for allowing further withdrawals to occur even after Mrs Pinder had reported them, made no findings as to how the rogue withdrawals occurred.

However, the evidence contained in the judgment suggests Mrs Pinder and her debit card fell victim to a form of fraud known as “skimming”, where criminals run it through a device that captures all the information contained on the card’s magnetic strip. They are then able to “clone” the card, and start using it to withdraw funds from the victim’s account.

While damages have yet to be assessed, Justice Thompson ordered Scotiabank (Bahamas) to repay

the $27,500 taken from Mrs Pinder’s account. The ZNS anchor, though, declined to comment when contacted

by Tribune Business on the basis that the bank can appeal the verdict.

Justice Thompson’s verdict, though, disclosed that Mrs Pinder first realised something was amiss when she went to Scotiabank (Bahamas) Palmdale branch on February 23, 2016, to make an overthe-counter withdrawal of money.

Upon receiving a financial statement on her account from the teller, she noticed “there were numerous unauthorised debits” that had taken place on the account between September 30, 2015, and February 19, 2016. Each withdrawal was for $1,000, and on occasion there had been two withdrawals on the same day from New Providencebased ABMs, adding up to a total $17,500.

However, four withdrawals between December 23, 2015, and December 30, 2015, had taken place while she was in the US. After informing Scotiabank (Bahamas), she was shown photos of persons purportedly using her bank card at various ABM machines but could not identify anyone.

However, further $1,000 debits from a “perplexed” Mrs Pinder’s account took place between February 20, 2016, and November 8, 2016. This was despite her having received a new debit card and PIN number when

Monday, May 3, 2021, PAGE 7 the first set of transactions occurred.

After giving the Royal Bahamas Police Force permission to launch an investigation, she alleged: “Assistant Superintendent Barett said at his office that there is a possibility that my card had been skimmed; that a group of men had recently been taken into custody for a similar crime and that hopefully one of the suspects would be responsible for my matter.”

That was the end of Mrs Pinder’s involvement with the police. She remained, though, seriously unimpressed with Scotiabank (Bahamas), describing it as “mind boggling” that several withdrawals occurred while she was in the US. “Having stated my case to Christie Strachan on February 23,” she wrote, “it was implied by another employee that it really didn’t make sense to launch an investigation into the matter considering the cost to review the surveillance cameras. Mind blowing!”

However, Scotiabank (Bahamas) refused to reimburse the $27,500 taken from the account on the basis that the correct PIN had been used for each transaction, and that the ZNS anchor was in breach of their agreement by not reporting the missing card within the time required.

Sherelle Minnis, Scotiabank (Bahamas) assistant manager of services and support, alleged: “The bank did not reimburse Mrs Pinder for the sums that she alleged was withdrawn from her account without her authorisation because the correct PIN was used in all instances.

“It was the bank’s view that based on the conduct of the transactions on Mrs Pinder’s account, reimbursement was not warranted. Additionally, it

To advertise in The Tribune, contact 502-2394

appeared that Mrs Pinder was not taking all diligent steps to safeguard the card and the PIN. The fact that she could not locate the card suggested that she may not have been as careful with its safety and storage as possible.”

Scotiabank (Bahamas) argued that Mrs Pinder was liable for the loss because she did not report the unauthorised withdrawal within the 30 days required by their account agreement, and therefore refused to reimburse her- citing this and the fact the correct PIN was used at all times for its justification.

Edward Smith, a former Royal Bahamas Police Force officer, who had responsibility for corporate services and investigations

at Scotiabank (Bahamas), also asserted that the withdrawals “could not have been prevented by the bank”.

Justice Thompson, in his verdict, disagreed with the bank’s attorney, Raynard Rigby, that there was no duty in law or its agreement with Mrs Pinder that required it to monitor her account. This, he found, was contradicted by the Financial Transactions Reporting Act. And he also ruled that Scotiabank (Bahamas) decision to stop updating Mrs Pinder’s passbook, without notifying her, left her unable to monitor the account and detect the unauthorised transactions.

This was despite the two

sides’ agreement requiring that notification be given.

“The bank, having taken away the updating of the pass book and no statements having been provided to the plaintiff, must necessarily accept responsibility for the plaintiff not being aware of the unauthorised transactions on her account,” Justice Thompson ruled.

“In this instant case, the plaintiff notified the defendant as soon as she became aware that funds were being withdrawn from her account. What is even more egregious is that even after notifying the defendant, further transactions took place. Therefore, in my view it is the defendant [Scotiabank] who was seriously negligent.”

PAGE 8, Monday, May 3, 2021

Nassau and Freeport top port ‘scrubbers’ FROM PAGE ONE exhaust by spraying a buffer solution (usually seawater) over it and then discharging the washwater overboard, often without treatment.

The washwater is more acidic than the surrounding seawater and contains polycyclic aromatic hydrocarbons (PAHs), particulate matter, nitrates, nitrites, and heavy metals including nickel, lead, copper and mercury....

“Nearly 300m tonnes of scrubber washwater is expected to be discharged in major ports worldwide. But a disproportionate share of those discharges will occur in the Caribbean because of the large number of cruise ships sailing the region. Scrubber washwater is hot and acidic and is discharged in areas with coral reef systems that are already impacted by ocean warming and ocean acidification.”

Mr Maura, pictured, yesterday acknowledged that, in

seeking to materially reduce air pollution by ships, the IMO may have created a new problem for the marine environment. He added, though, that it was vital the industry slash its atmospheric emissions given that these were greater than all the vehicles on the plant combined.

Agreeing that the ICCT’s findings, especially on Nassau and Freeport, were concerning, “disappointing” and surprising, he added: “The fact we are having this discussion around the sulfur waste water discharges is a good thing. It’s a good thing because the IMO has made progress in getting vessels to take a step towards eliminating the amount of nitrogen and sulfur they emit into the atmosphere.

“But obviously an additional review is now necessary because these contaminants are finding themselves, in some cases, being discharged into the marine environment. It could have a material effect on

THE TRIBUNE

our ecosystem.

“It is something we need to be looking at, it is something we need to be working with the cargo and the cruise operators on. Our reality is that, given the location of The Bahamas and the fact that so much traffic moves through The Bahamas and the Caribbean on its way to South America and elsewhere, we are on a marine highway.”

Mr Maura said not all vessels with scrubbers are culprits because some have “closed loop” systems that rely on fresh water, but the ICCT report said the vast majority are “open loop” that use sea water.

The Nassau Cruise Port chief added that the problem will also be eased by the increasing number of liquefied natural gas (LNG) powered cruise ships set to come out of shipyards in upcoming years, as their reliance on a cleaner fuel source will eliminate the need for scrubbers.

“There’s been real progress but more work is definitely needed,” Mr Maura told this newspaper.”I think it’s reasonable to expect that various port states and designated authorities need to have necessary discussions

with maritime operators so that they work together to keep the industry afloat but have them make responsible, environmentally conscious decisions.”

Bahamas-flagged vessels were said to contribute 6 percent of scrubber global wastewater discharges by the ICCT report, but Mr Maura warned that addressing the problem will not be so simple as “just throwing a switch” because doing so would bring global shipping and commerce to a halt.

He added: “This needs to be done the right way so it does not shut down trade.....

It’s a journey we’re on, and we need to resolve it sooner rather than later. The work is not yet done.” Romauld Ferreira, minister of the environment and housing, could not be reached for comment yesterday as the ICCT report said The Bahamas is not among those nations with laws to regulate these discharges.

Casuarina McKinneyLambert, the Bahamas Reef EnvironmentEducationFoundation’s (BREEF) executive director, told Tribune Business of the study: “We are very concerned about the use of scrubbers that reduce air pollution from ships burning high sulphur fuel but instead transfer this pollution to the ocean.

“This contributes to ocean acidification, and is also a pathway for pollutants such as polycyclic aromatic hydrocarbons (PAHs), particulate matter, nitrates, nitrites, heavy metals including nickel, lead, copper, and mercury to enter the water and enter the food chain.

Polluted water jeopardises the environment and human health.

“This is also a serious potential impact on water quality in otherwise pristine areas such as the waters around Lighthouse Point, Eleuthera. These issues have not been considered in the Environmental Impact Assessment (EIA)” relating to Disney Cruise Line’s proposed project.

Deferred bank loans decrease by $1.6bn FROM PAGE ONE had shrunk to just $471.8m or 8.5 percent of total loans outstanding to the private sector.

And this had decreased further, more than halving over the first three months of 2021, to end the first quarter at $215.3m or 5.1 percent of total outstanding loans.

“We expect to see a continued downward trend with those numbers as more and more furloughed employees return to the workforce, and the pressure on household incomes eases,” Ms Rolle added.

While that will depend on the progress made by The Bahamas and rest of the world in fighting COVID19, especially given the uptick in the local infection rate, she said that despite the pandemic’s devastating economic fall-out “it’s not a doom and gloom” scenario for the commercial banking sector and rest of the financial services industry.

Describing the situation as “an evolving story”, Ms Rolle said the Central Bank had been quick to implement measures to strengthen the external reserves and protect the financial services industry’s resilience when COVID-19 struck in March 2020.

The sector, she added, still consists of 217 banks and trust companies with $173bn in collective assets; a domestic banking industry with $15.2bn in assets, of which $11bn are local, and $7.3bn in deposits; credit unions with 45,467 members and $482.3m in assets; five money services providers with $18m in combined assets; and three payment services providers with $10m.

Ms Rolle said the Central Bank had immediately instructed all its licensees and regulated entities to

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DEANDRE JEREMY JOHNSON, of Albacore Drive, Freeport, Grand Bahama, intend to change my name to DEANDRE JEREMY MURPHY . If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DEANDRE JEREMY JOHNSON, of Albacore Drive, Freeport, Grand Bahama, intend to change my name to DEANDRE JEREMY MURPHY . If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

initiate their Business Continuity Plans (BCPs) once the pandemic and associated restrictions arrived, given the limited access to their offices. Commercial banks were also told to offer limited branch services to prevent COVID-19’s spread.

The regulator also provided “a grace period” for statutory and supervisory filings that were due, while suspending the payment and repatriation by the Canadian-owned commercial banks to their foreign parents as a means to preserve foreign currency reserves.

Ms Rolle said 2020 also reversed the decline in nonperforming loans that the commercial banking sector had seen pre-COVID, with such delinquent credit increasing by $20.6m or 4.5 percent for the year to $474.6m.

She added that commercial banks also wrote-off $145m worth of losses against their profits last year, while loan loss provisioning levels had “risen by one-third compared to preCOVID levels”. However, the industry’s capital levels remained “robust” with a risk weighted average of 28 percent and Common Tier One capital, as a percentage of risk-weighted assets, standing at a 26 percent average.

Both, Ms Rolle said, were above the Central Bank’s “target” and “trigger” ratios of 17 percent and 14 percent, respectively. “Banks were holding more than enough capital,” she added. “Capital provides a cushion to support losses during periods of stress.

“The domestic banks remain highly liquid and able to withstand withdrawals of large deposits.” While acknowledging that financial services and the wider economy “are not out of the woods yet, thus far we have withstood a significant storm. While domestic banks are likely to face challenges in the near term, they themselves are not at risk of stress”.

While there were “less buffers” around the credit unions, Ms Rolle said they posed “no systemic risk” due to their smaller balance sheets and the fact Deposit Insurance Corporation protection now covers their clients.

Responding to concerns that financial services is over-regulated, she denied this and said The Bahamas had at all times “to ensure its reputation as an international financial centre is maintained” by complying with global standards. Ms Rolle added that regulators sought “to claw back” and simplify supervisory requirements wherever it was appropriate.

THE TRIBUNE

Monday, May 3, 2021, PAGE 9

Deal struck to save Out Isl water supply

FROM PAGE ONE

because it involves the issuance of a “comfort letter” by the government.

Such documents usually guarantee a borrower or debtor’s obligation to repay, in this case the Water & Sewerage Corporation, and indicate that the Bahamian taxpayer will be called upon again to bail-out the stateowned water utility.

While the agreement involves Aqua Design Bahamas continuing to operate the three reverse osmosis plants until November 1 this year, a further insight into the lack of trust between the two sides was signalled by the company’s warning that it will cease water production - and supplying the Water & Sewerage Corporation and its customers - if the government fails to deliver.

“The planned closure of the plants of South Eleuthera, San Salvador and Inagua has been postponed until Saturday, May 8,” Aqua Design Bahamas. “On Sunday, May 2, the Water & Sewerage Corporation accepted the terms proposed

by Aqua Design Bahamas to resolve all outstanding issues between the parties.

“A letter of comfort is to be issued by the Government of the Commonwealth of The Bahamas by the close of business on May 7, assuring payments by the Corporation. Water & Sewerage Corporation and Aqua Design are working to finalise written agreements

ADRIAN GIBSON in the coming days.

“Should the parties comply with their obligations, Aqua Design will continue production at these plants through November 1, 2021. Should Water & Sewerage Corporation not meet its obligations, we will cease production on May 8, 2021. We are hopeful that our dialogue with Water & Sewerage Corporation and the Government of The Bahamas will remain productive, and that Aqua Design will be able to continue operations.”

No information has been forthcoming from the Government. Both Desmond Bannister, deputy prime minister with responsibility for the corporation, and Adrian Gibson, its executive chairman, again could not be reached for comment yesterday.

The prime minister, on Friday, said the government was “aggressively” moving to resolve the matter, and he had spoken to Mr Bannister and Marlon Johnson, the Ministry of Finance’s acting financial secretary, on the

NOTICE NOTICE is hereby given that SHANTINA LILDIA ELIDOR, of #77 Greenway Courty, South Bahamia New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ALTHERSON HENRI, of Quintine Alley off Wulf Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JARED O NURSE, of Drive, Monastery Park, P.O.Box N-3940 New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ADELAGUN MUYIDEEN ODUMOSU, of #3 Maxwell Lane Off, Farrington Road, P.O. Box N-10584 New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

matter that morning.

Aqua Design Bahamas last week argued it had been “left with no feasible choice but to cease operations” in the three communities.

It blamed the move on the Water & Sewerage Corporation’s failure to settle $3.8m in outstanding debts due to it, although it did not say whether these related solely to the three plants in danger of being decommissioned, with another $740,000 bill coming due for payment on May 8, 2021.

Aqua Design said the second factor driving its pull-out threat is the Water & Sewerage Corporation “showing no interest” in renewing the contracts to operate the three plants, which have now expired.

Acknowledging communities will be put “at risk”, it warned it will “decommission” its plants and remove all equipment that it owns unless the sums owed are settled.

Such a move will effectively make it impossible for the Water & Sewerage Corporation or any other private provider to take over water production at such short notice in time for May 3, but Aqua Design said it had “done everything in our power to avoid this action” but repeated efforts to resolve its grievances with the Water & Sewerage Corporation have proven unsuccessful.

“The Water & Sewerage

Corporation has been delinquent in paying for water production for several years, consistently owing millions of dollars over this time period,” Aqua Design said.

“Across all of the islands where Aqua Design operates, the past due amount currently totals nearly $3.8m, with an additional $740,000 coming due on May 8, 2021.

“All plants and materials at Aqua Design facilities are the property of Aqua Design, and will be decommissioned, as is our contractual and legal right, on May 3 if this issue is not resolved. The Water & Sewerage Corporation does not own any of the equipment at these plants.

“We are not aware of any plans by the corporation to provide water to these communities following the decommissioning of our plants on May 3. We ask the people of the Bahamas to inquire as to the Water & Sewerage Corporation’s plans for water production at South Eleuthera, San Salvador and Inagua,” it continued.

“If, indeed, they do not have an alternate plan, they should be urged to renew our contracts and fulfill their contractual obligations by coming current on all past due balances and remaining current on payments so as not to jeopardise the lives and livelihoods of the people that live in these communities.”

THE TRIBUNE

Monday, May 3, 2021, PAGE 11

NOTICE NOTICE is hereby given that SELVES TINA GLORIA ELLIS, of #65 Mutton Fish Drive, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

FRIDAY, 30 APRIL 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1946.08

-0.68

%CHANGE

YTD

YTD%

-0.03 -146.38

-7.00

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.15 33.05 1.50 2.90 1.89 6.00 6.96 3.60 6.01 4.05 6.16 12.00 2.75 7.50 10.71 9.00 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.50 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.15 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 5.05 32.12 1.50 2.61 1.59 6.00 6.96 3.53 4.30 2.90 5.67 9.75 2.34 6.94 11.21 9.00 14.00 3.99 8.19 15.50

CLOSE 5.05 32.12 1.50 2.61 1.59 6.00 6.96 3.53 4.30 2.90 5.67 9.75 2.35 6.80 11.11 9.00 14.00 3.99 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS780222 BSBGRS760240 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.50 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 100.66

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 (0.14) (0.10) 0.00 0.00 0.00 0.00 0.00

VOLUME

5,000

2,950

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 21.1 34.5 N/M N/M N/M N/M 18.9 -8.1 30.7 15.8 12.6 13.5 23.0 14.6 17.2 12.4 17.2 19.7 8.7 24.6

YIELD 3.37% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.14% 3.88% 7.38% 18.47% 0.88% 2.95% 2.67% 3.86% 3.01% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

MATURITY

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.44% 4.50% 4.33%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 22-Sep-2022 18-Jan-2024 26-Apr-2028

MUTUAL FUNDS 52WK HI 2.42 4.43 2.16 202.18 190.86 1.69 1.83 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.42 4.43 2.16 202.18 190.86 1.69 1.75 1.75 1.03 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.43 14.89

YTD% 12 MTH% 1.11% 4.62% -0.08% 0.88% 0.64% 2.75% 0.14% 5.02% 3.25% 31.13% 0.72% 0.80% -2.20% -1.87% -0.37% 0.01% -2.48% -11.52% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date

31-Mar-2021 31-Mar-2021 26-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Monday, May 3, 2021, PAGE 13

CHINESE TOURISTS TO TAKE 18 MILLION RAIL TRIPS ON MAY DAY

BEIJING Associated Press

CHINESE tourists are expected to make a total of 18.3 million railway passenger trips on the first day of the country’s five-day holiday for international labour day, according to an estimate by the state railway group.

Tourists are rushing to travel domestically after the coronavirus has been brought under control in China.

The May Day holiday, which runs from May 1 to 5, is the first long break for Chinese tourists since the beginning of the year, when a domestic outbreak of

the coronavirus before the Lunar New Year holidays in February cancelled travel plans for many after the government advised people to refrain from traveling.

Before the pandemic, the Labour Day holiday often saw Chinese tourists travelling internationally to countries in Europe and Southeast Asia. But border closures and travel restrictions mean tourists are traveling domestically this year.

Additionally, some 60 million vehicles are expected to hit the roads during the Labour Day holiday, China’s Transport Ministry said earlier this week. In total,

VISITORS wearing face masks pose for a selfie at a viewing area overlooking the Forbidden City at a public park in Beijing on Saturday. Chinese tourists are expected to make a total of 18.3 million railway passenger trips on the first day of the country’s fiveday holiday for international labour day, according to an estimate by the state railway group, as tourists rush to travel domestically after the coronavirus has been brought under control in China.

Photo: Mark Schiefelbein/AP

tourists are estimated to make 265 million trips.

“I feel like this is the first time ever that restrictions are really eased after the pandemic,” said Sun Dandan, a real estate professional who lives in Xinjiang and was visiting Beijing for the first time.

“People’s enthusiasm for traveling is strengthening again, and the economy is improving too.”

On Saturday morning, Beijing South Railway Station, one of the busiest stations in the Chinese capital, was packed with passengers leaving for vacation. Tickets for the Beijing-Shanghai highspeed railway, one of the main routes that the railway

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 72° F/22° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny and breezy

Clear to partly cloudy and humid

Breezy with a spotty shower

Mostly sunny, not as breezy

Pleasant with plenty of sunshine

A couple of afternoon showers

High: 87°

Low: 75°

High: 86° Low: 75°

High: 87° Low: 75°

High: 87° Low: 74°

High: 86° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

94° F

76° F

95°-78° F

96°-79° F

96°-80° F

97°-74° F

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

N

almanac

E

ABACO

S

N

High: 83° F/28° C Low: 76° F/24° C

8-16 knots

S

High: 89° F/32° C Low: 77° F/25° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 78° F/26° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TUESDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 90° F/32° C Low: 76° F/24° C

High: 85° F/29° C Low: 75° F/24° C

MIAMI

High: 88° F/31° C Low: 78° F/26° C

7-14 knots

KEY WEST

High: 87° F/31° C Low: 81° F/27° C

High: 87° F/31° C Low: 75° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 84° F/29° C Low: 76° F/24° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

1:44 a.m.

2:19 p.m.

2.9 2.2

8:21 a.m.

8:25 p.m.

0.1 0.2

Tuesday

2:49 a.m.

3:27 p.m.

2.7 2.2

9:25 a.m.

9:34 p.m.

0.2 0.3

Wednesday 3:52 a.m.

4:31 p.m.

2.6 2.3

10:24 a.m. 0.2 10:40 p.m. 0.4

Thursday

4:50 a.m.

5:26 p.m.

2.5 2.5

11:16 a.m. 0.1 11:38 p.m. 0.3

Friday

5:42 a.m.

6:14 p.m.

2.5 2.6

12:02 p.m. 0.1 ---------

Saturday

6:27 a.m.

6:56 p.m.

2.5 2.7

12:29 a.m. 0.3 12:42 p.m. 0.0

Sunday

7:08 a.m.

7:34 p.m.

2.4 2.8

1:14 a.m.

1:19 p.m.

0.2 0.0

sun anD moon Sunrise Sunset

6:33 a.m.

7:41 p.m.

Moonrise Moonset

1:49 a.m.

12:43 p.m.

Last

New

First

Full

May 3

May 11

May 19

May 26

CAT ISLAND

E

W

High: 84° F/29° C Low: 75° F/24° C

N

S

E

W

7-14 knots

S

8-16 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 .................................................... 75° F/24° C Normal high ....................................... 83° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 3.25” Normal year to date ..................................... 6.28”

ELEUTHERA

NASSAU

station operates, were all sold out on the first day of the Labour Day holiday, a digital screen at the railway station showed.

Large groups of tourists were also enjoying themselves at the various attractions in Beijing, including at the city’s famed Qianmen Street, known for its local food and buildings with traditional-style architecture.

“It’s very bustling here.

The pandemic in foreign countries is very severe, but here in China we are not affected at all,” said Guo Jieping, who was visiting Beijing from Shanxi Province.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 75° F/24° C

High: 84° F/29° C Low: 77° F/25° C

N

High: 86° F/30° C Low: 77° F/25° C

S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 76° F/24° C

H

E

W

7-14 knots

MAYAGUANA High: 83° F/28° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

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

High: 83° F/28° C Low: 77° F/25° C

GREAT INAGUA High: 85° F/29° C Low: 78° F/26° C

N

E

W

E

W

N

S

S

8-16 knots

8-16 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 SE at 7-14 Knots SSE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots ESE at 8-16 Knots ESE at 8-16 Knots E at 8-16 Knots SE at 7-14 Knots SE at 7-14 Knots S at 8-16 Knots SSE at 7-14 Knots SE at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots E at 8-16 Knots ESE at 8-16 Knots ESE at 8-16 Knots ESE at 8-16 Knots E at 8-16 Knots SSE at 7-14 Knots SE at 7-14 Knots SE at 8-16 Knots ESE at 7-14 Knots SE at 7-14 Knots ESE at 7-14 Knots

WAVES 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-3 Feet 2-3 Feet 2-3 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 2-3 Feet 1-2 Feet 1-2 Feet 2-3 Feet 2-3 Feet 1-2 Feet 1-2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 80° F 81° F 83° F 83° F 81° F 81° F 81° F 81° F 80° F 80° F 84° F 85° F 82° F 83° F 81° F 81° F 81° F 80° F 81° F 80° F 80° F 80° F 81° F 81° F 81° F 80° F