05052021 BUSINESS

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WEDNESDAY, MAY 5, 2021

$4.86 Financial delinquents warned: Time almost up to restore health

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DELINQUENT Bahamian borrowers were yesterday warned time is rapidly running out to restore their financial health with the country’s first-ever credit bureau set to issue its initial reports as early as May. Kenrick Brathwaite, the Clearing Bank Association’s (CBA) chairman, told Tribune Business that the credit bureau expected to be in position to release its first assessments on individual borrowers by that date although an official “go live” timeline has yet to be confirmed.

“I think they expect they will be getting reports out, with sufficient data to get reports out, by May,” he said. While acknowledging that the various commercial banks are “at different stages” in their dealings with the credit bureau, particularly when it came to agreeing terms and conditions for the twoway information sharing between the parties, he added that there is little time for deadbeat borrowers to get straight.

“The message is you ought to get yourself in good condition financially,” Mr Braithwaite, also Bank of The Bahamas’ managing director, said. “This is going to push out over a period of time, but you’ll find those persons who have borrowed across multiple institutions, this will be significant for them. The percentage of those persons impacted will be significant.

“Those persons with good credit histories will be helped. Those persons who have not lived up to their commitments, and have a history of delinquency, those persons will find the impact will be significant.”

Mr Brathwaite added that the credit bureau’s reports and scores, drawing on information from multiple sources to assess a potential borrower’s risk and likelihood of default, would gain importance over time as more data and sources are added.

He predicted that many banks will likely continue to rely on their own assessments for the credit bureau’s inaugural months as it builds-up data sources, with the industry increasingly switching to its reports as it adds information from utility companies, insurers, furniture and auto companies, payday lenders and hire purchase providers.

“The advantages are that the industry is going to be better able to assess the risk in terms of the customer,” Mr Brathwaite said. “If your risk is good, they may provide you with a loan at a reduced rate, but for those bad borrowers they may say the risk is too high and are not prepared to lend you the money.”

Uncertainty, though, remains over when the credit bureau will start issuing borrower reports.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, suggested that year-end 2021 was a more realistic date for when its work will start to be used by the commercial banking industry given all the data provision and formatting issues that still have to be addressed.

SEE PAGE 8

$4.86

$4.88

AG admitted that Royal Caribbean ‘unreasonable’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE attorney general previously admitted to the Bahamian developer battling for a Paradise Island crown land lease that Royal Caribbean was being “unreasonable” with its rival demands.

Carl Bethel QC, in a What’s App message sent to Toby Smith, Paradise Island Lighthouse & Beach Club Company’s principal, also informed the entrepreneur that the cruise giant was “apparently upset” that the government appeared to be favouring him as opposed to their proposed Royal Beach Club destination.

“They are unreasonable, and are apparently upset at our preference towards you,” Mr Bethel wrote to Mr Smith on March 1, 2020. “The one thing they can’t do is stop their guests patronising you. Or stop

THE Clearing Banks Association’s chairman yesterday said he hopes Bahamians have “learned their lesson” from COVID19 about the need to withstand economic catastrophe by building-up savings.

Kenrick Brathwaite, also Bank of The Bahamas managing director, told Tribune Business that “a significant portion” of this society will now think twice about “pay day to pay day living” and excessive spending after the pandemic-induced shutdown left them without jobs and the means to earn a living.

Conceding that Bahamians have “an insatiable appetite” for borrowing, especially when it comes to consumer credit, he added that the financial desperation many families and individuals have been reduced to will likely

SIR FRANKLYN WILSON

Sun Oil chair mum

• Cruise line ‘upset’ govt favouring local entrepreneur on ‘contaminated’ • PI lighthouse developer: ‘Door closed’ to cruise giant BPL fuel assertion • Still awaits ‘straight answer’ over crown land lease By YOURI KEMP

CARL BETHEL QC you bringing any other tourists to your property.

You should take the deal.

That’s my view. But it’s up to you.” He added that he was not directly involved in the Royal Caribbean negotiations.

Mr Smith, in messages that were exchanged at the time the government was trying to push him to accept

an alternative crown land parcel to make way for the cruise line, responded by acknowledging that the attorney general was “in a very difficult position”.

He suggested that himself, Mr Bethel and Royal Caribbean meet to sort out the competing demands for crown land on western Paradise Island in the Colonial Beach area, voicing optimism - long since evaporated - that he and the cruise line would be able to agree a settlement with Dionisio D’Aguilar, minister of tourism and aviation, acting as mediator.

Mr Bethel last night reacted with fury to the disclosure of the What’s App exchange, describing it as a “grotesque” breach of his privacy. “I have no comment on such a gross

While few could have predicted the depth and length of the economic devastation inflicted by COVID-19, the general lack of a savings cushion or buffer among many segments of society undoubtedly worsened the effects and forced more than 25 percent of Bahamians to seek assistance from government-supported feeding initiatives.

Too many persons are also over-leveraged on consumer debt, although some observers would argue that the commercial banks share some responsibility for pushing these types of loans given that they are secured by salary deductions and thus seen as posing the least default risk.

and NEIL HARTNELL Tribune Business Reporters

SUN Oil’s chairman yesterday refused to be drawn on assertions by the deputy prime minister that it had supplied “contaminated fuel” to Bahamas Power & Light (BPL).

Sir Franklyn Wilson, who also heads Sun Oil’s parent, BISX-listed FOCOL Holdings, told Tribune Business that it was “prudent” for him not to respond to Desmond Bannister given his responsibilities to the company’s shareholders.

“I’m aware of what he said,” Sir Franklyn responded in relation to Mr Bannister. “That’s part of the reason why I think it’s best that I don’t say anything. It’s just one of those situations where my fiduciary responsibility to my shareholders is such that I think it’s prudent for me to reserve comment.”

This newspaper reached out to the Sun Oil chairman after the deputy prime minister, speaking outside Cabinet, explained that BPL’s Monday press statement warning New Providence customers they “may experience short outages” related to “contaminated fuel” supplied to the state-owned electricity monopoly.

Mr Bannister said: “We are hoping that there are no challenges and outages.

I think as a precaution BPL has to advise the public. What happens is this.

BPL contracts the provision of fuel out to various companies. Some companies in The Bahamas have had these contracts for many, many years and have provided fuel on a reliable basis over those years.

“There is the batch of fuel that came in recently that BPL suspects was contaminated. This is not provided

by BPL; it is provided by

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violation of privacy,” he blasted, while not denying the messages’ validity.

The “deal” referred to in the exchange was for Mr Smith to accept a different three-acre parcel of crown land to the one set out in the lease documents issued to him by the Department of Lands and Surveys in early January 2020, which he executed and returned two days later.

This was to accommodate Royal Caribbean, which wanted to incorporate the same three acres into its beach break destination for 3,500 passengers, but Mr Smith declined the offer on the basis that the alternative offered was an inferior parcel featuring

SEE PAGE 4

Bank chief hopes Bahamians will have ‘learned their lesson’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.93

• Describes ‘insatiable appetite’ for credit • COVID to drive pay-day-to-pay-day rethink • But ‘delusion’ to think habits alter ‘overnight’ provoke a lifestyle turnaround as the economy rebounds.

“I don’t believe it’s going to be changing significantly during the year” Mr Brathwaite said of the present bank lending conditions.

“I believe we’re facing a flat curve even as persons come back to work, and the hotels come back online.

“I believe people will be more conservative.

There’s a significant portion of people who have learned their lesson from COVID-19, and not to live pay-day-to-pay-day.

You cannot survive a disaster like that. I know a lot of people have begun to save.

There’s not been a significant drop-off in savings.

“They’ve learnt their lesson, and the lesson from COVID-19 is changing your

lifestyle around; not living pay-day-to-pay-day or outside your means. Those persons don’t fare well in a disaster,” Mr Brathwaite added.

“I’m hoping they’ve learned their lesson; that savings and the savings lifestyle should be a significant portion of their daily and monthly routine. This allows you to withstand stress in the economy and the loss of income.”

Pay cheque to pay cheque living, though, was a reality for many Bahamians prior to COVID-19. When businesses and the economy shut down, their means of support went with them, forcing these persons to turn to the government and other avenues to provide funds to sustain themselves as the pandemic raged.

‘All for nought’ if COVID outbreak not contained

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE recent easing of COVID-19 travel restrictions and other moves to revive the tourism economy will “all be for nought” unless the current case surge is contained, a top hotel executive is warning.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that greater discipline and enforcement is required to bring the so-called “third wave” of infections under control as he urged: “Don’t let your guard down.”

Voicing optimism that cruise line home porting will provide a further boost for New Providence’s resort and tourism industry, which has rebounded less quickly than the Family Islands, Mr Sands added that allowing fully vaccinated tourists to enter The Bahamas without having to take a COVID PCR test within five days of travel should also aid the sector’s rebound.

“I believe it will have a positive impact,” he said.

“We see it as a positive

• Tourism chief warns: ‘Don’t let your guard down’ • Otherwise forecast winter rebound endangered • Vaccinations ‘not yet in the numbers we’d like’

ROBERT SANDS step in the right direction.

It is one less impediment for persons to overcome in travelling to The Bahamas.

As we continue to remove barriers, I believe it will increase the propensity of travellers to come to the destination.

“The booking pace numbers remain positive and are growing week by week.

Certainly as we look at the booking pace compared to last year, we’re ahead, which is positive but it is still nowhere near where we’d like it to be although

it is heading in the right direction.”

The Bahamian hotel and tourism sector, though, is up against the weakest possible comparatives because the industry had zero customers between late March and end-June in 2020 due to the COVID-19 lockdown and border closures.

Dionisio D’Aguilar, minister of tourism and aviation, yesterday said stopover tourism arrivals have rebounded to a position where they are almost 40 percent of what they were in 2019, which was the last full year before the pandemic.

Based on Ministry of Tourism stopover (air arrivals) visitor data for 2019, and the number of nonresidents obtaining Health Visas to travel to The Bahamas, tourism numbers were down 62.2 percent for April 2021 compared to the same month in the last COVIDfree year.

Some 171,167 air arrivals travelled to The Bahamas in 2019, as opposed to just 64,047 travel visas being issued to foreign visitors in April 2021. March air arrivals were down almost 70 percent compared to the same month in 2019, with 201,578 tourists comparing to 60,497 health visa purchases for this year.

Health visa purchases of 20,768 in January 2021, and 28,425 did in February, were down by 84 percent and 82 percent, respectively, against 2019 air arrivals comparatives. Nevertheless, the figures do indicate a slow but steadily improving trend as vaccines roll-out in The Bahamas’ major source markets, such as the US, and border restrictions are eased domestically and abroad.

“The current indications are that, if we continue with the current trends, I think we can look forward to a more respectable winter season and 2022; certainly

the first quarter and second quarter in 2022,” Mr Sands told Tribune Business.

“While business in New Providence is not robust, we are seeing it come in, and hopefully with the introduction of home porting that is going to be an additional boost.”

He was unable to confirm how many hotel and tourism industry workers have been recalled to their posts, but said: “As hotels continue to grow their occupancies, demand for employees increases. I am satisfied that on a weekly basis hotels are calling back members of their workforce to help meet current demands they are facing,” the BHTA chief said.

Yet he warned: “All of that could be for nought if we don’t remain disciplined and adhere to the established health and safety protocols to protect ourselves and, equally important, for tourists that come to visit us.

“Now is not the time to let our guard down. It’s a parallel thrust that should be happening, and we are in

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PAGE 2, Wednesday, May 5, 2021

THE TRIBUNE

COMMITTEE TO MAXIMISE CRUISE INDUSTRY’S IMPACT A BAHAMAS Cruise Committee has been created in a bid to maximise the industry’s economic impact and ensure businesses reserved for Bahamian ownership are actually locally owned.

The Ministry of Tourism and Aviation and Tourism Development Corporation, in a statement, said the committee will work with all cruise lines that call in The Bahamas to achieve these objectives.

Its members include representatives from various government departments and agencies, including the Port Department, Department of Environmental Planning and Protection (DEPP), Bahamas Investment Authority (BIA) and Ministry of Tourism.

Private sector companies such as the Nassau Cruise Port, Chamber of Commerce, Freeport Harbour Company, Grand Bahama and Bimini representatives will also be represented on a committee that will be jointly chaired by the Ministry of Tourism’s Dr Kenneth Romer and Janet Johnson from the Tourism Development Corporation.

The committee’s mandate is to partner with the cruise lines to improve the number of passengers coming off the vessels at every port of call, as well as to ensure there is s greater “trickle down” economic impact from visitor participation in shore excursions, tours and attractions.

It will also monitor

Heads of Agreement commitments by the cruise lines to ensure that concessions such as tours, water sports and entertainment are reserved for Bahamian ownership only in accordance with the National Investment Policy.

“There have been many complaints that, on the cruise islands, the ownership of the businesses reserved for Bahamians does not adhere to the set policy of at least 60 percent. Our remit is to ensure that Bahamians serving cruise visitors are involved in tours, attractions, water sports equipment and are the majority owners of these businesses,” said Ms Johnson.

“We will work alongside the BIA to manage the

commitments made by the cruise lines in return for the concessions received by them.”

With the start of Bahamas home porting by several cruise lines imminent, the committee will be focused on encouraging more passengers to disembark while in port to shop, patronise bars and restaurants, and purchase tours and experiences.

It will encourage and assist entrepreneurs to source locally for souvenirs, and encourage the growth of cottage industries to ensure the availability of Bahamian products, thereby creating the necessary linkages between the domestic economy and tourism.

“It is important that we

make more authentically Bahamian souvenirs available at the cruise port in Nassau, for instance, and on the cruise islands,” said Mike Maura, Nassau Cruise Port’s top executive and a committee member.

“Right now, goods are being sourced elsewhere but we will be encouraging small businesses to manufacture locally with local raw materials as much as possible. We will also ensure that the exposure to our culture and way of life as a people will have prominence in what is offered to the cruise visitor.”

The Cruise Committee will work with the DEPP to monitor and enforce environmental laws that control waste dumping in Bahamian waters, as well

as prevent damage to coral reefs as a result of the cruise lines’ activities.

“The enforcement of the existing laws pertaining to business ownership, environmental protection, as well as to provide outstanding service to these visitors and ensuring that the quality of the goods and services are of high standards and authentically Bahamian, will be the key to achieving the desired economic impact from cruise visitors,” said Dr Romer.

“Other Caribbean countries enjoy far more impact from this sector and, with over five million cruise visitors, we have a captive audience to showcase all that is Bahamian to them.”

BAHAMAS FIRST HOSTS CLIMATE CHANGE TALKS BAHAMAS First has hosted a Conversation on Climate Change webinar, featuring the UK’s high commissioner to The Bahamas and regional panellists, to coincide with Earth Day. The insurer’s employees in The Bahamas and Cayman Islands joined more than one billion people in 192 countries in a bid to drive positive action for the planet. They were joined by Sarah Dickson, the UK’s top diplomat in The Bahamas.

The Earth Day forum was one of the first environmental stewardship initiatives co-ordinated by Bahamas First’s newly-formed corporate social responsibility (CSR) committee, which was formed to develop and oversee policies directing the group’s social, ethical and environmental management initiatives.

The company welcomed the high commissioner along with Amy Smith, MBE, COP26 Caribbean climate change policy manager at the British High

SARAH DICKSON, British high commissioner to The Bahamas, joins Bahamas First on Earth Day for a Conversation on Climate Change. From left: Melanie Hutcheson, Bahamas First’s group manager of marketing and communications; Amanda Dean, human resources manager; UK high commissioner, Sarah Dickson; Deborah McKinney, Bahamas First’s group operations and special projects manager and committee chair; and Kendra Carey-Lopez, group financial controller.

Commission in Bridgetown, Barbados; Jerusa Ali, political attaché, at the British High Commission in Nassau; and Catherine Childs, education manager - island offsets at Cayman

Sea Sense in the Cayman Islands.

They held a discussion about the effects transportation, industrial emissions, and human diets and lifestyles continue to have on

climate change.

“Talking to Bahamas First on Earth Day is a really good place to be because of how you are so intertwined with the extreme weather that comes

from climate change,” said Ms Dickson. “The Bahamas is so beautiful. You have mangroves, reefs and beautiful landscapes.

“Protecting them – making sure they’re there for your children and your children’s children – I think, is a really important goal for us all. With seas rising, with extreme weather happening more often, you have to be part of the solution. This industry is at the crux of it.

It’s a challenge as well as a massive opportunity.”

Deborah McKinney, Bahamas First’s group operations and special projects manager, and chair of the company’s CSR committee, added: “Bahamas First believes that the escalation of climate-linked issues such as extreme heat, rising sea levels, catastrophic hurricanes and biodiversity loss poses an existential threat.

“We are acutely aware that island nations like The Bahamas and the Cayman Islands are among the countries most significantly impacted by climate

change, and so we’re committed to doing our part as responsible corporate citizens.

“Our CSR Committee is investigating alternative energy, managing our relationships with “greener” suppliers, and educating our staff on behaviours that reduce our carbon footprint because it takes action at all levels to preserve our country and our planet for future generations.”

THE TRIBUNE

Wednesday, May 5, 2021, PAGE 3

STOPOVER TOURISTS 40% BELOW PRE-COVID LEVEL

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday said that while monthly stopover tourist arrivals are steadily increasing their numbers are still less than 40 percent of pre-COVID-19 levels.

Dionisio D’Aguilar, minister of tourism and aviation, speaking outside the Cabinet Office, said: “The good news is that the number of foreign visitor arrivals is increasing every month. So it’s heading in the right direction. The bad news is that it’s still 40 percent of what it used to be.”

He added that Bahamians needed to put tourism numbers, and the industry’s

DIONISIO D’AGUILAR performance, “into perspective” given that this nation remains “nowhere near” its record-breaking 2019 due to much of the world remaining in the grip of the pandemic and associated travel/border restrictions.

Based on Ministry of Tourism stopover (air arrivals) visitor data for

2019, and the number of non-residents obtaining Health Visas to travel to The Bahamas, tourism numbers were down 62.2 percent for April 2021 compared to the same month in the last COVID-free year.

Some 171,167 air arrivals travelled to The Bahamas in 2019, as opposed to just 64,047 travel visas being issued to foreign visitors in April 2021. March air arrivals were down almost 70 percent compared to the same month in 2019, with 201,578 tourists comparing to 60,497 health visa purchases for this year.

Health visa purchases of 20,768 in January 2021, and 28,425 did in February, were down by 84 percent and 82 percent,

Mixed Bimini reaction to $40m airport PPP

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BIMINI businesses and tourism operators yesterday gave a mixed reaction to plans by the island’s largest investor to take over its airport, with some hailing the move but others branding it “apocalyptic”.

Ebbie David, owner/ operator of Ebbie’s Bimini Bonefish Club, told Tribune Business it’s a “good deal” that Resorts World Bimini’s owners, the Genting Group and RAV Bahamas, are offering to invest some $40m to redevelop the island’s main gateway and take over its management via a publicprivate partnership (PPP) with the government.

Revealing that he has been aware of the proposal for several weeks, Mr David, who served on Bimini’s local government board for more than 25 years, said: “The better the airport is, the better for all of us. The government has to give them concessions to do it; it isn’t up to me.”

Lorrick Roberts, general manager of Dolphin Golf Cart Rental, said the proposed airport takeover represents “progress” because “right now the airport that is there, and the building that we have now, was built some time ago.

Those people didn’t do a good job with that because it leaks and stuff like that. So to improve the destination of The Bahamas is fine with me”.

He added: “There is no issue for me with the Genting Group managing the airport because right now, even the Airport Authority that runs the airport is no big deal with them, because you go there and you have issues with the airport and you go and complain about it, and nothing is done. So it’s no big deal for me that Genting is taking over the airport.”

Mr Roberts warned, however, that large-scale

infrastructure developments could place Bimini’s charm, and the attractions that draw tourists to it, at risk. He said: “While I’m in the tourism business, if there is anything to enhance the tourism product, I’m okay with that.

“But what people don’t understand is that people come to The Bahamas for our culture and the way we live. They don’t come to drive around to see palaces; they come to see colonialstyle built houses. They want to see the way we live.”

Nathan Hanna, owner/ operator of Nate’s Variety of Bimini Bread and Catering, lamented that Bimini is becoming like other Family Islands which he says have been taken over by foreign interests.

He added: “The government sells us out and we get caged in on one side of the island. This is happening all over The Bahamas. Everyone knows that mangroves are nurseries for the fish all over The Bahamas, and they are just about destroying it. From day one we were complaining about it. When I take a drive up to North Bimini now I cry because I never thought Bimini would have looked like that.

Mr Hanna lamented that the airport expansion will create few jobs for people that need them. He said: “What’s going on up in North Bimini, I don’t know why they didn’t take that to some other island because Bimini didn’t need it.

“We did not need what happened up at Bimini Bay with the casino. All of that other stuff could have gone to another island and given revenue to somewhere else because Bimini is too small to handle what they are doing up there.

“Within the next 20 years, The Bahamas will no longer be the fishing capital. We were always laid back, and if you go to every other Family Island it is the same way. We have our unique way and it’s a crying shame that that is

being lost.”

Algernon Cargill, director of aviation, confirmed to Tribune Business on Tuesday that the Minnis Cabinet has given “approval in principle” to enter into negotiations with the Genting Group and Gerardo Capo’s RAV Bahamas, joint owners of Resorts World Bimini, for a PPP that will see the duo “redevelop, manage and operate” the island’s primary aviation gateway.

“That’s at a very preliminary stage,” he told this newspaper of talks that began around two months ago. “The Genting Group and RAV Bahamas are putting together their proposal so we can secure the formal Cabinet approval of the project. They’re looking at investing approximately $40m in the Bimini airport in order to support all the infrastructure on the island.

“We’re very excited about it. This will be a PPP with that group that is similar to other PPPs. The plans are already in the preliminary stage. They’re looking at lengthening the runway and building a brand new terminal.”

The Resorts World Bimini owners are aiming to extend the runway from its present 6,000 feet to 8,000 feet, so that it can easily accommodate commercial passenger aircraft as well as private jets.

The aviation director also confirmed that the proposal’s principal attraction for the government is that it will have to provide no financing itself from the cash-strapped Public Treasury.

While unable to specify how many jobs will be created if the $40m project receives the go-ahead from the government, Mr Cargill estimated that 250 posts will be created between construction and full-time operations, with the size of airport proposed requiring at least 50 permanent positions.

respectively, against 2019 air arrivals comparatives.

Nevertheless, the figures do indicate a slow but steadily improving trend as vaccines roll-out in The Bahamas’ major source markets, such as the US, and border restrictions are eased domestically and abroad.

Mr D’Aguilar said: “It’s going to take time, as persons get vaccinated and feel safe enough to travel, for them to think about a holiday. But I can tell you that the numbers are everincreasing, and persons are obviously interested in a warmer destination and choosing The Bahamas in

ever-increasing numbers.

But it’s going to take some time for us to get back to where we used to be. The good news is that it’s heading in the right direction.”

Turning to potential issues posed by fake COVID-19 vaccination cards, he added: “This is an ongoing and very fluid situation. The difficulty is that certainly in the US, where over 90 percent of our foreign visitors originate, persons are getting vaccinated in many different areas, many different municipalities, many different states, and all of them have a mechanism by which

to report that you have been vaccinated. So that obviously is creating some difficulty.

“We’re trying to work through that, and what would be the best solution.

I guess the world is looking at this, everybody’s looking at this, and there’s been talk of a COVID passport and some sort of electronic means. We’re obviously grappling with this issue.

But, for the time being, we think that the records that people are presenting genuine, and we’re just developing a mechanism on how best to validate them.”

PAGE 4, Wednesday, May 5, 2021

THE TRIBUNE

AG admitted that Royal Caribbean ‘unreasonable’ FROM PAGE ONE largely rocky land that was unsuitable for his own $2m development.

The What’s App exchange emerged as Mr Smith intensifies his battle against both the government and Royal Caribbean, which is being fought both in the courts and the public arena. The entrepreneur’s actions, which involve seeking Supreme Court confirmation he has a valid, executed lease, that is legally binding, have been given further impetus by the cruise line’s push for all necessary approvals.

Confirming the authenticity of the What’s App exchange with Mr Bethel, Mr Smith told Tribune Business: “I find it highly offensive that the attorney general of The Bahamas, who is supposed to be representing the interests of Bahamians, is showing preference and acting in the interests of Royal Caribbean, putting us as second class citizens in The Bahamas.

“He should be standing up with preference towards Bahamians. My door is now closed to Royal Caribbean.

They don’t wish to come to the table? Well, there’s no longer the inclination....

“We’re already in a difficult position as a country and they’re going to take advantage of it. The Bahamas was in a difficult position before COVID-19.

It was not like foreign direct investment was banging down the door to come to The Bahamas.”

Mr Smith has spent a decade trying to bring his project, which involves restoration of the lighthouse on Paradise Island’s western end, to fruition. He is seeking to lease two crown land parcels at Paradise Island’s western end, one of which involves two acres around the lighthouse, and the other three acres for the “beach break” element.

A January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, to the Bahamian developer was headlined “approval for crown land lease” over the two tracts.

Mr Smith previously told this newspaper he returned the lease, bearing his signature and other formalities, to the government on January 9, 2020.

However, the government has to-date failed to apply its signature and execute the lease, with officials telling the entrepreneur that the document is now “not worth the paper it is written on”.

Mr Smith previously voiced fears that his project was being “marginalised” and treated like “a second class citizen” to make way for Royal Caribbean’s Royal Beach Club, which is seeking the same three-acre parcel as part of a seven to ten-acre crown land tract it hopes to lease instead.

Documents filed as part of Royal Caribbean’s application for site plan approval, which was subjected to public consultation on April

THE LIGHTHOUSE ON PARADISE ISLAND 28 this year, reveal that the cruise line was informed five days before Mr Hardy’s letter to Mr Smith that the government had approved granting it crown land in the Colonial Beach area.

Candia Ferguson, the Bahamas Investment Authority’s (BIA) director, wrote to the cruise line’s attorney, Campbell Cleare at McKinney, Bancroft & Hughes, confirming that the government had approved granting it crown land “in the vicinity of Colonial Beach”.

The January 2, 2020, letter noted that the exact area to be leased to Royal Caribbean was to be determined and “subject to availability”. And, some six to seven weeks later, Joshua Sears, the prime minister’s senior policy advisor, told Royal Caribbean on February 26, 2020, that the National Economic Council (NEC) - really the Cabinet - had approved the grant of ten acres of crown land.

This all took place at exactly the same time as Mr Smith was desperately trying to get the government to execute his rival lease, and Mr Sears’ letter referenced “the existing interest of two other parties” in the same land although it did not name them.

Mr Smith yesterday told Tribune Business he is still trying to get “a straight answer” from Rochelle Newbold, the Department of Environmental Planning and Protection’s (DEPP) head, on whether Royal Caribbean has provided her agency with evidence that it has a fully executed crown land lease.

An April 1, 2021, memorandum from Mrs Newbold said the DEPP was still awaiting “the letter of approval of leases awarded to the developer by the Office of the Prime Minister”. Mr Smith added that her May 2 response to his questions on whether such a lease has been confirmed was inconclusive, as was Royal Caribbean’s vague reply in the virtual planning meeting.

Denying that the government was applying “double standards” in how it treated Mr Smith’s and Royal Caribbean’s proposals, Mrs Newbold wrote: “Please note that Royal Caribbean does have ownership of various parcels at the western tip of Paradise Island. Royal Caribbean has provided the necessarydocumentstoDEPP

in that regard.

“Royal Caribbean was granted approval in principle by the National Economic Council (really the Cabinet) for the overall scope of the project subject to various conditions, one of which was the submission of an Environmental Impact Assessment (EIA).

Royal Caribbean submitted an EIA that noted development of areas outside of what they presently own.

“Therefore, they were advised that evidence of their crown land approval was needed in order to complete the EIA review process.

Subsequently, Department of Physical Planning was advised of the same. There is no double standard. Every project proponent has to provide evidence of land ownership whether it’s private land or a crown land lease agreement granted by the government.”

Royal Caribbean has steadily amassed around 13.5 acres on Paradise Island’s western end by buying out private landowners in the area, but it is also wants between five to ten acres of crown land in the Colonial Beach area to round out its project.

Russell Benford, Royal Caribbean’s vice-president of government relations for the Americas, hinted earlier this week that the cruise line may not proceed with its Paradise Island project if it was unable to secure the necessary crown land because it wants a minimum square footage per guest.

But Mr Smith, saying a Royal Caribbean representative had told the planning meeting it wanted a minimum 70 square feet per passenger, challenged the need for the crown land on this basis. With 43,360 feet square feet in an acre, and passenger numbers capped at a 3,500 maximum, he argued that based on 13.5 acres this worked out to around 168 square feet per person.

As a result, Mr Smith asserted that Royal Caribbean’s private landholdings will be sufficient to accommodate all its passengers.

The cruise line is hoping to begin construction on its Royal Beach Club by July this year so that the facility can open to receive guests

by January 2023.

It has repeatedly declined to engage with Mr Smith, instead pushing him to negotiate with the government.

THE TRIBUNE

Wednesday, May 5, 2021, PAGE 5

HOTELS ENJOY STEADY UPTICK Bank chief hopes will WITHOUT COVID TEST CEASE Bahamians have ‘learned

By YOURI KEMP dependent on the new reguTribune Business Reporter lations; that was happening their lesson’ ykemp@tribunemedia.net before.

BAHAMIAN hotels yesterday said eliminating the COVID-19 RT-PCR test for fully vaccinated visitors has yet to boost future bookings as business continues to recover from the COVID-19 pandemic.

Cheryl Bastian, owner/ operator of Swain’s Cay Lodge in Andros, told Tribune Business that demand has been steadily increasing since last month prior to the government announcing that tourists who have taken two vaccine shots will no longer have produce a negative PCR test result taken within five days of travelling to The Bahamas.

Ms Bastian said: “I know people seem to welcome it when I tell them that they don’t have to take the PCR test ,and they are telling me ‘great’. My business has seen a bit of an uptick because I think of the things that we’re doing. We’re a great place to fish.

“Things always fall-off in the US during this time, but the thing is now the weather is better and we’re always doing stuff, so we do have an uptick in potential future business.”

Ms Bastian said she was unable to attribute the growth she is seeing to the five-day test’s elimination, adding: “I have been seeing an increase in bookings before they did that. I don’t see a big demand coming in as a result of that. I just see things slowing down as they normally would, and we’re trying to push our specials to get summer business in that we normally don’t.”

Frank Wolff, owner/ operator of Shanna’s Cove Resort in Orange Creek, Cat Island, said: “We do have a definite increase in interest in visiting the resort, but that is not

“A lot of people in America are vaccinated now anyway, and it makes it easier, but we have already a lot of bookings until the end of the year and also for next year because of the vaccination. I don’t see the impact from the change in the regulations at the moment, but it will definitely increase the business because it makes it much easier to travel and that will definitely be an increase.”

Matthew Brear, Cape Santa Maria’s general manager, said while he is “booked solid for May and June this year” he does not believe the change in entry requirements for visitors is a major factor driving the increase in business.

“The bookings are coming fast and furious here,” he added. “Regardless, we’re busy. So I don’t know if there was a slight uptick as a result, but I don’t necessarily think that there was a real impediment to having the test done.

“Lots of people already have had the vaccine and are here. Regardless of the protocols, they took the vaccine or they took the test.

They just want to get out of dodge.”

Pablo Casal, the British Colonial Hilton’s general manager, in a written response to Tribune Business, said: “We have noticed a steady growth in demand since the re-opening, but no major changes since May 1.”

To advertise in The Tribune, contact 502-2394

NOTICE NOTICE is hereby given that MACKINSON MATHIEU, of #67 East Beach Drive, Freeport, Grand Bahama 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 5th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

MAISON DE POULET FRANCAIS HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

MAISON DE POULET FRANCAIS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 3rd May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 5th day of May, A. D. 2021 _______________________________ Bukit Merah Limited Liquidator LEGAL NOTICE

NOTICE

SMANGE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SMANGE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 3rd May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 5th day of May, A. D. 2021 _________________________________ CST Administration (Bahamas) Limited Liquidator

FROM PAGE ONE

Consumer loan applications continued to dominate the market in the 2020 second half via an 89.3 percent share, with the largest category of 4,681 - or more than 40 percent of submissions - concerning requests for debt consolidation. Only 2,790 such loans, or just under 60 percent, were approved.

Responding to the continued prevalence of debt consolidation loans, Mr Brathwaite told Tribune Business: “It’s always been a major part, and will be a major part.

Bahamians have an insatiable appetite for borrowing.

“You go to the bank, go on to the credit union, go to the hire purchase company, go to the pay day lender and then come back to the bank and say you want to consolidate your debt.” He added that banks typically packaged different types of consumer loans, such as auto and vacation credit, so that these could be sold together rather than separately.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business to expect an increase in debt consolidation loans as a result of COVID-19’s economic

fall-out as Bahamians increasingly sought to reduce debt servicing costs to the lowest possible level to bring relief amid prolonged unemployment and income loss.

“We can have a debate on consumerism and whether there needs to be a shift in borrowing to more tangible assets (homes) and investment strategies,” he added.

“People are in the state they’re in because of consumer loans, and because of high consumer loan levels that require debt consolidation.

“If we believe that we have changed our practices for 20 years, and possibly longer, overnight because of the financial crisis we are deluding ourselves because persons do not have the financial headroom to change their financial practices. It’s going to be a work-out strategy that requires this will be with us for a long period of at least two to three years.”

John Rolle, the Central Bank’s governor, on Monday said non-performing loan levels and credit losses within the commercial banking sector due to the COVID-19 pandemic “are not forecasted to experience the magnitude of write-offs that occurred after the 2008 recession”.

“Already, banks have more than fully provisioned for losses on existing non-performing loans (NPLs), and they hold more than adequate capital for other shortfalls that could materalise. The nonperforming loan rate at the end of March was 8.7 percent

compared to a decade low of around eight percent before the pandemic struck,” he added.

“As to the overhang of loans that are still benefiting from deferred payment arrangements, these were only about seven percent of private sector balances in March compared to just over one-third of total loans earlier on in the pandemic.

“The deferrals highlight the pool of potential borrowers from which new delinquencies are most likely to be estimated. However, as employment is resumed, more of these arrangements are expected to return to payment status.”

However, Central Bank data showed that total loan arrears - which includes credit between 31-90 days past due, as well as the non-performing variety - rose by $68.1m or 9.4 percent in March to hit $796m, a figure equivalent to 14.3 percent of all outstanding loans.

“A breakdown by average age of delinquency revealed that short term arrears (31-90 days) advanced by $65.8m (27.2 percent) to $308m, thereby elevating its accompanying ratio by 1.2 percentage points to 5.5 percent. Similarly, non-performing loans (NPLs) rose by $2.3m (0.5 percent) to $488m, corresponding to an eight basis point firming in the non-accruals rate to 8.7 percent,” it added.

The Central Bank did not say if this was a sign that more borrowers are starting

to experience difficulties, but added: “A breakdown by loan type showed that consumer delinquencies grew by $50.4m (23.2 percent) to $267.1m, underpinned by respective increases of $47.2m (67.1 percent) and $3.1m (2.2 percent) in the short-term and longterm categories.

“Likewise, mortgage arrears rose by $30.8m (6.9 percent) to $475.6m as the short term segment increased by $30.7m (21 percent), while the non-accrual segment was relatively unchanged at $298.9m.

“In a partial offset, commercial delinquencies reduced by $13.1m (19.8 percent) to $53.2m due to both short and long-term balances declining by $12.2m (47.3 percent) and $0.9m (2.3 [percent), respectively.”

The Central Bank added: “Despite the rise in arrears, commercial banks decreased their provisions for loan losses by $6.5m (1.1 percent) to $573.7m in March. Consequently, the ratio of total provisions to arrears and to non-performing loans fell by 7.6 and 1.9 percentage points, to 72.1 percent and 117.6 percent, respectively.

“Similarly, the coverage ratio of specific provisions to non-performing loans reduced by 1.7 percentage points to 82.7 percent. During the month of March, banks wrote-off an estimated $13.8m in bad loans and recovered approximately $2.7m.”

PAGE 8, Wednesday, May 5, 2021

Financial delinquents warned: Time almost up to restore health FROM PAGE ONE The creation of a Bahamian credit bureau has been over a decade in the making, with the initiative first unveiled by the Central Bank in 2010. It has long been viewed as a vital “missing link” in The Bahamas’ credit architecture, with its absence depriving lenders of a centralised information repository they can draw on to better

understand a borrower’s credit profile and risk of non-repayment.

Among those required to supply information to the credit bureau by the Credit Reporting Act will be commercial banks, insurance companies, credit unions, financial and corporate services providers, the Bahamas Mortgage Corporation and Bahamas Development Bank.

Others likely to be added in the future are the utilities, auto dealers and furniture stores that extend credit to customers, and even the government’s revenue agencies.

The credit bureau will then compile and organise this information in a credit report provided to lenders, which will help them assess the risk provided by each loan applicant and reject those with poor histories.

John Rolle, the Central Bank’s governor, on Monday said the credit

NOTICE NOTICE is hereby given that WILBERT ODEUS, of Central Pines Estates, P.O. Box AB21024. Abaco, 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 5th 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 NICOLE YVONNE 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 5th 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 ALEN SIMON, of Homestead Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Financial Controller A Bahamian owned company is seeking a

Financial Controller

Applicants should possess the following qualifications: Knowledge and Education: • An accounting Degree • A minimum of ten years industry experience as a financial controller in managerial capacity.

Skills: • Excellent interpersonal skills • Excellent managerial skills • Strong computer skills • Strong analytical skills • Strong oral and written skills • Able to work in a very dynamic environment Job responsibilities include the following: • Supervising the complete accounting cycle • Preparing monthly financial statements • Co-ordinating all other areas of the business to ensure optimal efficiency • Dealing with all government reporting requirements Interested persons should apply no later than May 13, 2021.

Apply to: DA #119234 c/o The Tribune P.O. Box N-3207 Nassau, The Bahamas

THE TRIBUNE bureau was “not very far off” the preparation timelines set for the lead-up to its launch. “We are right at the border of going live,” he added, while conceding that more work is required.

Testing is being conducted on the borrower data supplied by Bahamian commercial banks “to make sure they have the right format”, and that no deficiencies and information gaps are occurring.

The Governor added that “housekeeping and legal matters” between the credit

bureau operator, CRIF SpA, and the banks relating to the agreement for the latter to supply data are also being addressed.

While Bahamians could currently get an indication of what their credit report scores may look like based on banking data alone, Mr Rolle said the likes of insurance companies, utility companies and money lenders will likely be given more time to submit the information required by the credit bureau.

To advertise in The Tribune, contact 502-2394 NOTICE NOTICE is hereby given that HOWARD JOSEPH, of Carmichael 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 5th 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 FRANTZ ETIENNE CENATUS, of Minnie Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

‘ALL FOR NOUGHT’ IF COVID OUTBREAK NOT CONTAINED FROM PAGE ONE

fact doing that. We must be more disciplined and adhere to the protocols in place, and there is a need for increased oversight by the COVID authorities to ensure that persons are adhering to established protocols. Enforcement is very important.

“But the reality is that we are equally encouraged by the fact the vaccine roll-out is taking place. More and more persons are making themselves available to take the vaccine; not in the numbers we’d like and we continue to push that.”

Around 26,000 Bahamians and residents were vaccinated at last count, although the figures will have moved higher as a result of the Family Islands roll-out launch. A further 26 new COVID-19 cases were identified yesterday, with 51 persons said to be

hospitalised of which four are in intensive care. Some 669 cases remain active, with more than 210 new infections recorded since last Thursday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that The Bahamas was “heading towards” a system where fully vaccinated visitors those who have received two jabs - will be able to enter this nation as many times as they want during a six-month period.

He explained that this timeline was being set because there is “some noise in the marketplace that you need a booster shot after six months” for certain types of COVID-19 vaccine, so the Ministry of Tourism’s overseers will need time to assess whether a visitor needs another jab and has to be re-approved.

“There are still impediments to travel, but they are acceptable impediments,” Mr D’Aguilar said. “We’ve received a lot of positive feedback about our online medical platform to come into the country.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MAVIS DELORES WOODSIDE, of #37 Fiddlers Green, Yeomanwood, Freeport, The Bahamas, intend to change my name to MAVIS DELORES PINDER. 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, EVELYN CHERRY DEVEAUX, of Pinewood Gardens, New Providence, The Bahamas, intend to change my name to SHERRY EVELYN DEVEAUX. 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, CHEA JOHNSON, of Nassau East North, P.O. Box SS-5869 New Providence, The Bahamas, intend to change my name to CHEA LEE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE

NOTICE is hereby given that ADNOT LOUIS , of KennedySub-Division, 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 28th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that CHERELUS MARK, of Infant View Road, Nassau Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that HIMCHAN RAMPERSAUD, of #14 Danielle Street, Lynden Pindling Estates South. P.O.Box EE-16491 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 5th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O.

NOTICE is hereby given that MERKYWOLF JEAN LOUIS, of Dundas Town, Abaco, 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 28th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that MONICA GEORGE PAUL, of Sunrise 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 28th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LENORA LORFILS LOUISUIUS, of 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 28th day of April 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, May 5, 2021, PAGE 9 LEGAL NOTICE

LEGAL NOTICE

NOTICE CEILI HOLDINGS LIMITED In Voluntary Liquidation

AROSAS INVEST & TRADE INC. Company No. 302656 (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CEILI HOLDINGS LIMITED is in dissolution as of April 29, 2021 International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that AROSAS INVEST & TRADE INC. is in voluntary liquidation. The voluntary liquidation commenced on 29th April, 2021 and Robert Rohner of Bahnhofstrasse 17, 7323 Wangs, Switzerland been appointed as the Sole Liquidator.

LIQUIDATOR ______________________

Dated this 30rd day of April, 2021 Sgd. Robert Rohner Voluntary Liquidator

LEGAL NOTICE

LEGAL NOTICE

WATERBALL INTERNATIONAL INC. Company No. 469949 (In Voluntary Liquidation)

SWEETSBURY INVESTMENT LTD. Company No. 1832618 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that WATERBALL INTERNATIONAL INC. is in voluntary liquidation. The voluntary liquidation commenced on 3rd May, 2021 and Robert Rohner of Bahnhofstrasse 17, 7323 Wangs, Switzerland been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SWEETSBURY INVESTMENT LTD. is in voluntary liquidation. The voluntary liquidation commenced on 30th April, 2021 and Robert Rohner of Bahnhofstrasse 17, 7323 Wangs, Switzerland been appointed as the Sole Liquidator.

Dated this 3rd day of May, 2021 Sgd. Robert Rohner Voluntary Liquidator

Dated this 3rd day of May, 2021 Sgd. Robert Rohner Voluntary Liquidator

MARKET REPORT www.bisxbahamas.com

TUESDAY, 4 MAY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1950.60

5.34

%CHANGE

YTD

YTD%

0.27 -141.86

-6.78

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

BISX LISTED & TRADED SECURITIES

LEGAL NOTICE

NOTICE

FIFTY ANDROS MARITIME LTD

52WK HI 5.15 33.05 1.50 2.90 1.78 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 1.44 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

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Fifty Andros Maritime Ltd has been completed and the company has been struck from the Register on the 31st day of December, 2020.

Delco Investments Ltd. Liquidator

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 5.58 9.75 2.43 6.80 11.23 9.00 14.00 3.99 8.19 15.50

CLOSE 5.05 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.95 5.58 9.75 2.33 6.80 11.15 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 (0.15) 0.00 0.00 0.00 0.00 0.05 0.00 0.00 (0.10) 0.00 (0.08) 0.00 0.00 0.00 0.00 0.00

VOLUME

1,180 1,500 1,490

1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 21.1 34.5 N/M N/M N/M N/M 18.9 -8.1 30.7 16.0 12.4 13.5 22.8 14.6 17.3 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% 4.07% 3.94% 7.38% 18.63% 0.88% 2.94% 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

LEGAL NOTICE

NOTICE WATER PLEASURY ANDROS LTD

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Water Pleasury Andros Ltd has been completed and the company has been struck from the Register on the 30th day of December, 2020.

Delco Investments Ltd. Liquidator

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

Wednesday, May 5, 2021, PAGE 11

BPL HEADQUARTERS

Sun Oil chair mum on ‘contaminated’ BPL fuel assertion FROM PAGE ONE suppliers. When BPL uses this fuel, it causes some challenges with their engines.

“They’ve gone through a whole bunch of parts; replacing parts, replacing filters and other challenges because of this fuel, so they have to get the fuel out of the engines and be able to get more fuel and quickly.”

Mr Bannister, pictured, thus provided a more indepth explanation than that issued by BPL, which merely referred to “fuel logistics” issues at its Blue Hills power plant.

It added that Sun Oil Ltd “has assured that all necessary steps are being taken to remedy the matter, and we are working jointly to stabilise the power supply while corrective actions are implemented. Until the solutions are fully implemented, some customers may experience short outages,” BPL added.

It is unclear whether Sun Oil has agreed to reimburse BPL or provide compensation for the allegedly bad fuel, with Mr Bannister saying BPL will “work with them to ensure that whatever the challenges are financially they’ll be worked out”.

One BPL source, speaking on condition of anonymity, questioned

whether “inexperience” had played a part and the utility had allowed its fuel tanks to become too low, resulting in algae rising from the bottom that needed to be cleaned out.

Kyle Wilson, the Bahamas Electrical Workers Union president, said BPL using a bad batch of fuel is a “rare occurrence”, and no major power disruptions should be expected over the summer as a result.

He added: “The issue with the planned power outages at BPL is not a generation issue. The engines are working fine; it is just that BPL has to keep changing filters on the engines because of bad fuel they had used.

“Sometimes the oil comes with sludge or other contaminants that can disrupt the engine’s performance because the engines need to run at a certain level of pressure in order to work optimally.”

Mr Wilson further argued that the fuel supplier had to take responsibility, saying: “Sometimes you expect your

vendor to provide you with a certain level of fuel, and the fuel through shipping can become contaminated.”

Suggesting that BPL can put temporary supply in place quickly, he said: “The government ,as it stands, we still have Aggreko. The third party that the company has a contract with to provide power, they have small one megawatt (MW) generators that they can dispatch very quickly. There are provisions that the company can use to keep the power on this summer.”

Mr Bannister said BPL is working with Sun Oil to “get fuel that is not contaminated”, adding: “We are anticipating that things will work out OK. If there’s outages, they’ll be short, there’ll be in isolated areas, but we don’t anticipate that there’s going to be any widespread outages.”

Not committing to whether BPL will force the supplier to reimburse it for the contaminated fuel, Mr Bannister said: “These challenges have always to be worked out with the supplier appropriately. You have reputable Bahamian companies that have done it for years, and BPL will work with them to ensure that whatever the challenges are financially, they’ll be worked out.”

The overall cost to BPL is still being worked out, but Mr Bannister said he understands that BPL has gone through a “container load” of filters because of its contaminated fuel challenge.

PAGE 12, Wednesday, May 5, 2021

THE TRIBUNE the broad picture, the earnings beats are strong and we’re expecting a big” jobs number on Friday, he said.

The S&P 500 fell 28 points to 4,164.66. The benchmark index hit an all-time high last Thursday. The technology-heavy Nasdaq Composite dropped 261.61 points, or 1.9%, to 13,663.50. The Russell 2000 index of small-company stocks lost 29.17 points, or 1.3%, to 2,248.29. The Dow Jones Industrial Average fared better than the other indexes. It recovered from an early stumble, adding 19.80 points, or 0.1%, to 34,133.03.

Before this week, stocks had been grinding higher on expectations of an economic recovery and strong company profits this year as large-scale coronavirus

TECHNOLOGY SHARES SINK BROADER MARKET ALTHOUGH DOW HAS GAIN Associated Press TECHNOLOGY companies dragged indexes lower on Wall Street yesterday, pulling the market further from its recent all-time highs.

The S&P 500 fell 0.7%, erasing its gains from last week. Big technology companies like Apple and Microsoft fell as the sector declined for the sixth straight day. Losses in communications stocks and companies that rely on consumer spending also weighed on the market, offsetting gains by financial, industrial and materials stocks. Treasury yields fell slightly.

Investors continue to focus on corporate earnings and on gauging the economic recovery’s progress.

Earnings and most economic indicators have been signaling a steady improvement, but investors remain concerned about the lingering threat from COVID-19, inflation and other factors that could crimp progress.

A key concern has been the recovery in the employment market. Investors will get another update with this week’s jobs report.

“The entire market is down, but the tech stuff is down way more,” said Ross Mayfield, investment strategist at Baird. “If you look at

vaccination programs help people return to jobs and normal activities after more than a year of restrictions. Massive support from the US government and the Federal Reserve, and increasingly positive economic data, have also helped put investors in a buying mood, keeping stock indexes near their all-time highs.

More than half of the companies in the S&P 500 have reported their results so far this earnings season, which show profit growth of 54%, according to FactSet. On Monday, Federal Reserve Chairman Jerome Powell said the economic outlook has “clearly brightened” in the United States, but the recovery remains too uneven.

Still, a key concern is whether the economy is

strengthening so quickly that it will force the Federal Reserve to raise interest rates to combat inflation, signs of which are already cropping up as higher prices for oil, lumber and other commodities.

Remarks by Treasury Secretary Janet Yellen yesterday morning appeared to stoke those worries.

At an economic seminar, Yellen said interest rates may have to rise to keep the economy from overheating.

The selling on Wall Street accelerated following her remarks, which she later downplayed during an interview with the Wall Street Journal after the markets closed.

“That is why the sell-off hit tech stocks, especially,” said Quincy Krosby, chief market strategist at Prudential

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 93° F/34° C Low: 74° F/23° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Sunny and nice

Mainly clear

Generally sunny

Periods of sun with a thunderstorm

A shower in the a.m.; partly sunny

Breezy in the morning; sunshine

High: 87°

Low: 76°

High: 86° Low: 74°

High: 86° Low: 73°

High: 85° Low: 74°

High: 87° Low: 75°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

96° F

79° F

97°-79° F

95°-74° F

92°-76° F

95°-78° F

tiDes For nassau High

almanac

E

ABACO

S

N

High: 84° F/29° C Low: 77° F/25° C

8-16 knots

S

High: 91° F/33° C Low: 76° F/24° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 77° F/25° C

S

E

W

WEST PALM BEACH

E

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

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

N

W

uV inDex toDay

THURSDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 90° F/32° C Low: 77° F/25° C

High: 85° F/29° C Low: 74° F/23° C

MIAMI

High: 90° F/32° C Low: 76° F/24° C

7-14 knots

KEY WEST

High: 87° F/31° C Low: 81° F/27° C

High: 87° F/31° C Low: 76° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 84° F/29° C Low: 76° F/24° C

N

Ht.(ft.)

Low

Ht.(ft.)

Today

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.

Monday

7:47 a.m.

8:10 p.m.

2.4 2.8

1:55 a.m. 0.1 1:54 p.m. -0.1

Tuesday

8:24 a.m.

8:46 p.m.

2.3 2.8

2:34 a.m. 0.0 2:28 p.m. -0.1

0.2 0.0

sun anD moon Sunrise Sunset

6:31 a.m.

7:42 p.m.

Moonrise Moonset

3:13 a.m.

2:39 p.m.

New

First

Full

Last

May 11

May 19

May 26

Jun. 2

CAT ISLAND

E

W

High: 84° F/29° C Low: 76° F/24° C

N

S

E

W

4-8 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 .................................................... 74° F/23° 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 ................................... 69° F/20° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.25” Normal year to date ..................................... 6.43”

ELEUTHERA

NASSAU

Financial. “Many would argue they were overbought and due for a pullback, and anything in this particular environment suggesting that rates could move higher is a negative for Big Tech.”

Technology stocks have had a strong runup over the past year. With the market near its recent record highs, the prospect of higher interest rates, which can slow the economy by making the cost of capital more expensive, makes tech stocks look particularly vulnerable.

Apple fell 3.5% and Facebook slid 1.3%. Google’s parent company dropped 1.5% and Amazon lost 2.2%. The declines exacerbated on Monday’s drop in tech shares, which caused the Nasdaq to end in the red.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 76° F/24° C

High: 85° F/29° C Low: 77° F/25° C

N

High: 86° F/30° C Low: 77° F/25° C

E

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 76° F/24° C

7-14 knots

MAYAGUANA High: 85° F/29° 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: 84° F/29° C Low: 78° F/26° C

H

High: 84° F/29° C Low: 77° F/25° C

GREAT INAGUA High: 86° F/30° 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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS S at 6-12 Knots SSW at 7-14 Knots SE at 4-8 Knots SE at 4-8 Knots SE at 7-14 Knots SE at 6-12 Knots ESE at 8-16 Knots ESE at 8-16 Knots SE at 7-14 Knots SSE at 4-8 Knots S at 8-16 Knots S at 8-16 Knots SE at 8-16 Knots SE at 6-12 Knots SE at 8-16 Knots E at 8-16 Knots ESE at 8-16 Knots ESE at 7-14 Knots ESE at 8-16 Knots ESE at 7-14 Knots SE at 7-14 Knots SSE at 6-12 Knots SE at 8-16 Knots ESE at 8-16 Knots SE at 7-14 Knots SE at 6-12 Knots

WAVES 1-3 Feet 1-3 Feet 0-1 Feet 0-1 Feet 2-3 Feet 1-3 Feet 2-3 Feet 2-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 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. 78° F 79° F 82° F 83° F 81° F 81° F 81° F 81° F 80° F 80° F 81° F 82° F 82° F 83° F 81° F 81° F 81° F 81° F 81° F 81° F 80° F 81° F 81° F 81° F 80° F 81° F