05062020 BUSINESS

business@tribunemedia.net

WEDNESDAY, MAY 6, 2020

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AG: New EU blacklist “Tell Europe ‘especially distressing’ ALFRED SEARS QC

that enough is enough”

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday urged to tell Europe “enough is enough”, with a former attorney general arguing it is wielding “blacklisting” as a tool to drive this nation out of financial services.

Alfred Sears QC, responding after it was revealed that the European Commission plans to include The Bahamas on a 12-strong blacklist of nations with weaknesses in their anti-financial crime defences, said it was resorting to a “protectionist” agenda at the very moment this nation is “fighting for its life” against the COVID-19 pandemic.

Telling Tribune Business that the commission, which acts as the 27-nation European Union’s (EU) civil service, is “not coming with clean hands”, Mr Sears said its continued blacklisting threats (see other article on Page 1B) were equivalent to a hurricane or pandemic in terms of their impact on the Bahamian financial services industry.

“The problem is that the EU is not the police of the world,” he told this newspaper. “If we need any evidence that the EU and its bodies will use every strategy available to them, including COVID-19, to advance their protectionist agenda, here it is now.”

Mr Sears voiced shock that the European Commission would be “so opportunistic” to again threaten this country’s second largest industry “at a time when we are faced with a probable economic fallout equivalent to the Great Depression”.

Noting that “The Bahamas is fighting for its life” against COVID-19, and the joint health and economic impact, the former attorney general said the European Commission’s latest action meant this nation needed to “find the courage” to draw a line in the sand beyond which it cannot go.

“There needs to be the resolve, once and for all, to put anti-money laundering under an international convention,” he told Tribune Business. “I’m calling on the Government of the Commonwealth of The Bahamas to tell the EU: Enough is enough.

“The most egregious money laundering has not been in The Bahamas. The most egregious money laundering uncovered has been in Europe and the United States. This has become like a hurricane, a pandemic. It’s an existential threat, this protectionism by the EU. “They’re not coming with clean hands. They’re cloaking protectionism under the guise of anti-money laundering. We see time and time again the selective enforcement of standards whereas we over-regulate in The Bahamas,” Mr Sears continued.

“It’s easier for a Bahamian to open a bank account in New York or Miami than it is in Nassau. It has undermined our competitive advantage and the ease of doing business. I believe that is part of the intent.”

SEE PAGE 3

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Attorney General yesterday said it was “especially distressing” that Europe appears to have ignored The Bahamas’ “Herculean efforts” in preparing to again blacklist this nation.

Carl Bethel QC, pictured, told Tribune Business it was “especially questionable” that the European Commission, the civil service for the 27-nation European Union (EU), is targeting the country for alleged deficiencies in its anti-financial crime regime when the global standard-setter on these issues had earlier this year placed The Bahamas on the path to “exit” its own oversight process.

Speaking after reports emerged yesterday that the European

The FATF earlier this year determined The Bahamas had made sufficient progress in eliminating weaknesses in its anti-money laundering and counter-terror financing regime to warrant a “site visit” to Nassau, during which its representatives will assess how effectively

THE Bahamas will be in an International Monetary Fund (IMF) adjustment programme by 2021 due to a “balance of payments crisis”, a noted Caribbean economist predicted yesterday.

Marla Dukharan, formerly Royal Bank of Canada’s (RBC) top regional economics expert, told a webinar with Cayman Islands financial analysts that “the collapse of foreign exchange inflows” due to the tourism shutdown will leave The Bahamas with no choice but to seek the IMF’s financial aid.

Now running her own economics consultancy, Ms Dukharan said the COVID19 pandemic will set The Bahamas’ back seven years - returning it to 2013 economic output (gross domestic product or GDP) levels if the fund’s projection of an 8.3 percent contraction

SEE PAGE 4

SEE PAGE 3

SEE PAGE 4

• Top economist predicts ‘balance of payments crisis’ • COVID-19 to set nation back seven years on GDP • ‘Borrow big, borrow hard’, government is urged

MARLA DUKHARAN in 2020 comes true.

Warning that the true outcome this year will likely be worse than the IMF’s forecast, given that assessments of COVID-19’s impact are changing on an almost daily basis, she branded The Bahamas as “one of the most vulnerable countries” due to its overwhelming dependence on tourism.

“The Inter-American

Development Bank estimated that The Bahamas could lose $900m in foreign reserves this year,” Ms Dukharan said. “As a result, even though they have seven months’ of import cover, based on what we saw earlier in terms of the relative dependence of The Bahamas on tourism, and particularly cruise tourism - about 75 percent of their tourism is based on cruises - I would imagine that their foreign exchange inflows are going to collapse or have collapsed already.

“This is why the government is implementing tougher restrictions on foreign currency outflows. I believe there’s going to be a balance of payments crisis from what it looks like right

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

now in The Bahamas by next year, and therefore an IMF programme.”

The words “IMF programme” will likely fill many Bahamians with dread, as will Ms Dukharan’s 2021 prediction. In return for receiving any financial bailout, The Bahamas would likely have to accept strict austerity measures and a restructuring of its economy that could result in the downsizing of the public service and other conditions that could negatively affect employment, incomes and businesses.

An IMF “programme” would effectively result in The Bahamas’ losing control over how its own economy

this nation has implemented the necessary regulatory and legal upgrades.

That is the final stage in exiting the enhanced surveillance applied by the FATF’s International Co-operation Review Group (ICRG), and removal from its “grey list”.

Mr Bethel yesterday said the EU, which is well represented on the FATF, would have been fully aware of both The Bahamas’ progress and the fact that the planned “site visit” has been postponed to a undetermined date due to COVID-19.

Voicing hope that there could be “meaningful dialogue” with the European Commission before The Bahamas is placed on any

Bahamas faces ‘IMF programme by 2021’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Web shops back with curb-side, drive through NUMEROUS Bahamian web shop locations have resumed business via drive through and curb-side services following the government’s easing of the nationwide COVID-19 lockdown.

Much of the domestic gaming industry has joined other sectors of the economy in re-opening for the first time in over six weeks at stores able to offer these facilities while complying with the necessary health and safety protocols.

Tribune Business staff drove past Island Luck’s Fox Hill Road location which, at around 1.30pm yesterday, had a packed parking lot. The property had a large sign emphasising that patrons could use its drive-through facility to deposit monies on their accounts or pay for their numbers.

A tent structure for curb-side services was also located outside the front entrance, although no patrons were being allowed inside.

Neither Sebas Bastian, Island Luck’s principal, or Gershan Major, the Bahamas Gaming Operators Association’s chief executive, returned calls and messages seeking comment before press time last night.

Tribune Business understands that all web shop chains have either reopened or are seeking to do so. The Gaming Board, the sector’s regulator, took legal advice from the Attorney General’s Office which confirmed that under the prime minister’s Emergency Powers orders locations that could provide drive through and curb side services can re-open.

A Gaming Board spokesperson yesterday urged patrons to “immediately bring to our attention” any web shop chain or location that was not abiding by the COVID-19 health protocols so that the matter could be turned over to the Royal Bahamas Police Force.

One web shop executive, who has yet to re-open, confirmed to this newspaper their chain is likely to follow the likes of Island

• Bahamas’ ‘Herculean efforts’ being ignored • Move ‘questionable’ given near FATF exit • Bethel: Commission ignoring own pledges

Commission intends to again formally blacklist The Bahamas this Thursday, Mr Bethel said the bloc seemed to be ignoring its own guidelines that a country’s standing with the Financial Action Task Force (FATF) would weigh heavily in determining whether it is included on the list.

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Restrictions halt bank’s $20m in outflow deals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYALFIDELITY’S president yesterday praised the Central Bank for “trying to get ahead” of foreign reserves stress via measures that will curtail $20m in outflows facilitated by the merchant bank last year.

Michael Anderson told Tribune Business that the restrictions on foreign exchange outflows imposed to-date by the regulator were normally seen “later in the cycle”, but he acknowledged that both Central Bank, private sector and investors had never before confronted anything like the COVID-19 pandemic.

“We’ve only been in this situation coming up eight weeks,” he said. “Some of these issues we see coming later in the cycle, but I think the Central Bank is trying to get ahead of anything out there, which is wise for everybody’s sake.

“We know the need to protect our US dollar reserves, and that will be the priority requirement going forward; to make sure we have enough reserves for

• RoyalFidelity chief praises Central Bank move • Regulator ‘trying to get ahead’ of reserve stress • Adds that action ‘wise for everybody’s sake’

MICHAEL ANDERSON the country’s needs. I think they’re [the measures] early compared to where we’d expect to see them, but this is the type of issue that nobody’s seen for a while, so it may be warranted.”

John Rolle, the Central Bank’s governor, on Monday signalled that maintaining the foreign currency reserves at adequate levels to support The Bahamas’ balance of payment needs and the fixed exchange rate regime is among his top priorities.

Underscoring how real

the threat is, he unveiled a four-strong package of measures designed to create a $300m “buffer” for the external reserves by restricting foreign currency outflows as well as seeking to generate badly-needed inflows.

The Central Bank has suspended all approvals for Bahamians seeking to invest in foreign securities and real estate, and requested that the National Insurance Board (NIB) liquidate “some” of its overseas investments and return the proceeds back home, as part of a package intended to protect the country’s monetary foundation from the COVID-19 fall-out.

These two initiatives join the bar on Canadian-owned bank dividend remittances.

Mr Anderson, who said the dividend halt will likely produce the biggest savings, and RoyalFidelity will be most impacted - in company with other broker/dealers by the

restrictions imposed on foreign asset investments by Bahamians and residents.

These block investors seeking access to global opportunities via both the Central Bank’s Investment Currency Market (ICM) and the Bahamian Depository Receipt (BDR) initiative. The former, aided by the delegation of authority to the commercial banks, had allowed Bahamians and residents to buy and sell foreign currency at a five percent and 2.5 percent premium, respectively, above the official rate.

The BDR initiative, meanwhile, allowed Bahamians and residents to make local currency investments in investment funds whose broker/dealer sponsors then converted into foreign currency for the purpose of acquiring international securities. This programme, on annual basis was able to consume five percent of the external reserves up to a

maximum of $35m.

“I think the local investor market has been getting more interested to get into international markets for various reasons, and it’s more noticeable than a year ago,” Mr Anderson told Tribune Business. “That’s maybe why they [the Central Bank] saw fit to to close it down because they’ve seen a higher degree of money leaving that way.”

The RoyalFidelity chief said the decline in the US stock markets appeared to have sparked Bahamian investor interest in getting in at attractive entry price points - a trend that emerged during the 2020 first quarter.

Prior to this, he said the six broker/dealers had not been fully using their quarterly BDR allocations of around $1.33m as there was simply insufficient demand from Bahamian investors to buy into the US and other global markets to justify doing so.

As for the Investment Currency Market (ICM), Mr Anderson added: “Over the last year we’ve seen a number of investors come

SEE PAGE 5

PAGE 2, Wednesday, May 6, 2020

In the final of his three-part series, Hubert Edwards suggests how The Bahamas and other nations can blunt the impact of sovereign credit downgrades

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HIS series of articles has so far provided perspectives on the extent of the economic dislocation caused by the COVID-19 crisis, with a leaning towards sovereign debt financing and concerns facing policymakers. We looked at the potential for sovereign downgrades and defaults, and outlined some of the risk factors at play.

If all that we have explored in this paper holds true, the ability to apply a range of classic fiscal responses may be limited. Essentially, it will be a matter of affordability. Will The Bahamas, Jamaica and the rest of the Caribbean be able to afford the stimulus needed to move economies forward?

For context, let us consider highlights from our previous papers. We pointed to the analyses done by the Inter-American Development Bank (IDB) and Caribbean Development Bank (CDB). According to the IDB, using a highly tourism-centric modelling, a worst-case scenario could see countries in the region losing up to 30 percent of GDP. The same was confirmed by the CBD using a more diverse model. For The Bahamas, this translates to a loss of almost $4bn. The impact on unemployment, government revenue, poverty and standards of living should be immediately clear to keen observers. Proactive steps are therefore an imperative.

Moving quickly carries one important benefit. It will provide important information to policymakers as to what potential shortfalls they might face, and the level of creativity and

THE VICIOUS CYCLE OF LOCKDOWNS, DOWNGRADES AND STIMULUS COST

BY HUBERT EDWARDS

ingenuity (non-traditional responses) that may need to be brought to bear to help solve their country’s challenges.

Firstly, as a pro-business stance, and while accepting there are important limitations, policymakers must move strategically to explore how best to reopen economies. The objective is to limit the fall-out in terms of potential corporate bankruptcies, increased unemployment and a narrowing of fiscal revenues.

The latter is important in the face of the increased need for state-facilitated safety nets. To aid the business sector and the wider economy, it must be structured; well-informed by public health experts; and built on the foundation of clearly-articulated protocols that always err on the side of public safety first.

Countries should move as quickly as possible to secure the maximum amount of loans possible based on careful needs analysis. In some instances, while the realities will not escape lenders, taking action

before the next scheduled credit review could be advantageous.

We clearly understand that this financial crisis will automatically create triggers that allow sovereign reviews to be initiated. Most certainly, any foray into the market seeking loans will provoke a reaction from the rating agencies. Still, we believe there is value in getting ahead of the curve and securing what is needed and/or available. Those countries that do so will be able to bring greater certainty to their economies.

They will also be better able to communicate strategies to the private sector and citizens, and signal a nation’s readiness to start moving the economy forward. With an expected contraction in foreign direct investment dollars seeking a home, the “early bird” countries in the region are likely to get the first bite of the necessary financing to prop up their economies It is likely that we will see sovereign defaults across the globe. Caribbean leaders loathe defaults, and history suggests they will pay away the country’s last dollar rather than default on a loan. Regional leaders may therefore wish to, as a block, call for moratorium on loan repayments by their lenders. Looked at from a global perspective, this achieves the benefit of freeing-up cash that can be spent locally while settling the market for sovereign debt by not triggering a potential rash

THE TRIBUNE of defaults. This is a sound argument on which such a call can be made. A period of two to three years could prove beneficial for most countries, especially those that find themselves at a high debt-to-GDP level.

This strategy does suffer one important weakness, and that is without foreign currency inflows the “cash saved” in the near-term may soon be non-existent, and there will still be a need for further capital (debt) injection.

What could a substantial programme of relief look like? An examination of what Jamaica was able to achieve through two International Monetary Fund (IMF) programmes provides important clues.

While they were not the same as a moratorium, the message is in what can be achieved when funds are available to invest back into the local economy. This same stimulating impact is possible, albeit on a more constrained basis. What is the likelihood of a debt repayment moratorium emerging? We cannot say, but would quickly point to the potential need to avoid a situation that led to the Brady Plan for Latin America. Policymakers should look to history in formulating sound arguments for the benefit of individual countries and the region as a whole.

Countries should start taking advantage of concessionary loan facilities from the IMF and other multilateral agencies. This requires quick decisions and nimble action, as the demand will be significant. The IMF itself has made the call for debt relief for low-income countries. Ultimately, lenders want assurance they will be repaid. The longer loans are rescheduled, especially in an environment with the threat of a global financial crisis, the more potential there is for a debt default. However, with support from the likes of the IMF, lenders may be willing to agree to payment holidays on the basis that the economy will have a chance to rebound.

Credit ratings will

continue to hold great sway over how the market views a particular sovereign. Downgrades may be inevitable, but the strategies for recovery could be the “x-factor”. Policymakers should not assume that the normal fiscal responses will be effective or sufficient. This is a time where clear, cogent and practical strategies can bring great value in blunting the risk. Understandably, most emerging economies are likely to be, at best, stable.

Our assessment of sovereign ratings shows this is definitely so concerning the Caribbean. However, in those cases where the fundamentals are weak and the outlook is negative, effectively laid-out plans can blunt the impact of this outlook and place the country in a more favourable position for attracting debt financing at reasonable rates. The unfavourable economic circumstances are systemic, so any action that reduces the risk premium for lenders is a victory for any country.

Policymakers should consider engaging with borrowers to secure all undrawn loan facilities. Where these were granted with specific or narrow purposes, as most loans are, then an agreement to repurpose for broader fiscal application should be secured. This will provide an important boost to the stimulus efforts. Where funds were initially earmarked for enabling or facilitative projects that have longterm economic impact, it may be wise to not change course but instead make strategic adjustments to account for the need to stimulate commerce. For example, a project which can be executed by a local professional, who may not have had the capacity previously, could be used to boost employment. Restrictions on the sourcing of outside expertise can be lifted.

We are of the view that the COVID-19 crisis will present challenges well beyond the borrowing capacity that exists in

any one country. This is a great time to rally the resources and geniuses of a nation. It is a time to call on the country’s entrepreneurial class. It is a necessary and appropriate time to reevaluate the extent to which government systems adequately facilitate economic opportunities for citizens and residents; revamp policies; search for value in dormant or underused legislation; and make decisions that before would have been unpopular but have economic, social and financial value. Where this is not the case, it should be fixed.

Where this is so, enhance it. We argue for this on the basis that a stronger and more robust economy may be the best antidote for correcting the economic fall-out and creating insulation against the next crisis, but also to respond to the important economic and political changes that we will see.

CONCLUSION COVID-19 has created a global economic crisis that will continue to challenge many emerging economies, including the island states of the Caribbean. Without question, there will be limitations of resources.

Economic pressures leading to downgrades will also exert a negative influence on the ability to secure capital inflows at reasonable rates. However, rational and practical economic plans could blunt the effects of downgrades and paint a country’s future in a better light despite current negative circumstances.

Policymakers in The Bahamas, Jamaica and the rest of the Caribbean should act quickly. There is an opportunity to move as a region in seeking relief. Whatever approach is taken, one thing is clear. The region has significant vulnerabilities and lacks sufficient economic diversity. How policymakers decide to respond, and the extent to which they move quickly and reject the “business as usual approach”, will be fundamental to post-event recovery and long-term success.

THE TRIBUNE

Wednesday, May 6, 2020, PAGE 3

FOOD RETAILERS ‘BRACING’ FOR US CHAIN DISRUPTION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN food retailers yesterday said they were “bracing” for possible supply chain shortages and disruption in the US, and starting to seek out alternative product sources.

Bradley Rolle, Centreville Food Store’s general manager, told Tribune Business: “Of course it is going to affect us. We saw it coming. As a matter of fact, a lot of our distributors were alerting us to what was going on because apparently when you order particular shipments from the US you only get half of

the order; you don’t get the full order.

“Obviously we figured something was going on.

So we have to brace for it. There is nothing we can do about this in the shortterm, but in the long-term we are just going to have to find a way where we can feed ourselves.”

Mr Rolle added that The Bahamas should follow Jamaica’s example.

When he visited several food stores in Jamaica, he noticed all the goods were made in that Caribbean nation.

“As a matter of fact, in my food store a lot of our products are from

Jamaica,” Mr Rolle said.

“We’re going to have an issue, make no mistake about it. The government is just going to have to find a way to negotiate with the United States and their grocers to see if they could help us out.”

Mr Rolle added that the country’s main food wholesaler, Sysco Bahamas Food Services, has a warehouse that is “stacked”.

He voiced hope that this will help carry The Bahamas through the next three to four months in terms of food supply.

He was speaking after Tyson Foods, one of the major US meat suppliers,

warned that COVID-19’s impact - especially its spread among workers at multiple processing plants - had cut pork production by 50 percent even though consumer demand had increased by 30-40 percent as more persons stay at home.

And Wendy’s, the fast food chain, warned its US consumers that they may experience a shortage of some menu choices due to the supply chain disruption caused by the pandemic.

Cyril Carey, general manager of Kenneth’s Food Store on Prince Charles Drive, admitted that he had “better try to look

into that” after conceding he was unaware of US food shortages and supply disruption.

He said: “I guess it would affect us because if it is happening in the United States then it is bound to affect us here.” Mr Carey added that he had received no warnings from his wholesale suppliers other than complaints about Customs’ Click2Clear clearance system and goods that are stalled on the dock.

Atwell Ferguson, Golden Gates Supermarket’s general manager, said: “If there is a food shortage in the United States, I didn’t get that news yet. If there is a shortage

then it is going to be a problem because the majority of our food comes from there.”

“We have to find other ways of bringing in food, because we don’t have the means of manufacturing stuff here. The food supplies we have here are not enough to fill our country’s needs. The only other option we have is to go to another country to source food.”

Mr Ferguson also told us that he was going to do more investigation into the potential food shortage and said, “I was looking out for the food shortage in the states, but it has not impacted us yet.”

unveils its online NIB jobless benefit Airbnb Mother’s Day Experience payouts near $17m

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE National Insurance Board (NIB) has paid out almost $17m in unemployment benefits to over 20,000 claimants, its director said yesterday.

Dr Nicola Virgil-Rolle told Tribune Business: “As of last week Thursday afternoon it was 20,672 persons paid and $16.86m paid out.”

She was unable to give figures for benefit applications

DR NICOLA VIRGIL-ROLLE

that have been stalled or rejected, adding: “We are working through many that are rejected in terms of working with the companies through the process.”

Brensil Rolle, minister for the public service with responsibility for NIB, last month said NIB was still waiting on 2,500 claims that are in need of “contributions statement” from employers. He encouraged employers to fill out their C10 forms properly for the month of March.

Merchant: Absence of e-commerce no barrier

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SOME merchants able to offer delivery and pick-up services yesterday argued that the absence of an e-commerce platform is not hindering their return to business following the sixweek lockdown.

Anwar Knowles, Variety Disposable Products’ assistant general manager, told Tribune Business: “It’s going pretty good. We’re just trying to adhere to the safety protocols that have been established, but we have had compliant customers who are complying with the orders.”

“Tell Europe that enough is enough”

FROM PAGE ONE

Mr Sears hit out after the Reuters news agency yesterday reported that The Bahamas was among 12 countries set to be named on a European Commission blacklist to be formally unveiled on Thursday (tomorrow).

Others set for inclusion, according to Reuters which was given an advance look

Web shops back with curb-side, drive through FROM PAGE ONE Luck imminently. “We’re trying to set up for some type of drive through or curb side also,” they added.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, said of the web shops’ re-opening: “Everyone’s going to have a shift in the way they do business.

Why should they be any different? They’re a legal entity, and if they do things safely, good for them.”

To advertise in The Tribune, contact 502-2394

Suggesting that the absence of an active website has so far not impeded the retailer’s efforts to rebound from the COVID19 pandemic, he added: “I doubt things are going to be the way they were after this, but as with all things you have to adjust to change.

“I think that if it continues the way it is going, where few new cases are coming up, there is going to be a continuation of the country opening back up and getting back to full economic function. I do think that a lot more Bahamian businesses will pop up and will begin to do a whole lot better.”

Kartland Culmer, Customs Computers’ general manager at its Cable Beach store, said: “Today we have been pretty busy. We’re always busy. We have been serving customers 24/7 all the time. Deliveries have been out from the morning.

He added that the company has been doing both “curbside pick-up and delivery”. While Custom Computers’ website is operating, Mr Culmer said the business was still making “modifications” to it and “working on” getting its e-commerce platform operational. These issues will be resolved shortly.

at the relevant documents, include Panama, Barbados, Jamaica, Mauritius, Botswana, Cambodia, Ghana, Mongolia, Myanmar, Nicaragua and Zimbabwe.

All were said to “pose significant threats to the financial system of the [EU}”, and the 27-nation bloc’s financial institutions are being called upon to apply greater scrutiny and due diligence to transactions involving The Bahamas, its businesses and residents, as well as those in the other nations.

Reuters frequently appears to be given advance notice of such EU moves possibly as part of a strategy to unnerve the nations being targeted. The blacklisting,

if it comes to fruition, will threaten to increase the time and costs involved in conducting business between The Bahamas and Europe, again undermining the country’s competitiveness in those markets. Reputational risk is also involved.

While the impact on The Bahamas’ vital correspondent banking relationships may not be as pronounced, given that most of this nation’s international transactions clear through the US, a non-EU-member, the commission’s action will also cut across the recent changes The Bahamas made to its Investment Funds Act to secure that sector’s access to European markets.

AIRBNB yesterday said it has developed a collection of Online Experiences to help celebrate Mother’s Day this Sunday.

The vacation rental platform said Online Experiences offers gift ideas taught by expert hosts, including songwriting with a Nashville musician and baking Latin pastries.

Others include making wine with an archaeologist or sound bathing with a Singapore DJ live alongside mom. Other Online Experiences include: • Cocktail Hour Jazz Club (London, United Kingdom)

• Bring the Flavours of India to Life at Home (New Delhi, India) • The Meditative Art of Forest Bathing (Sintra, Portugal) • Make Cheese with a Mama Goat and Her Kid (Malibu, California) • Showstopping Brunch with a Food Star (Los Angeles, California) • Pancake Flip-Along for a Good Cause (San Francisco, California) • Mind & Body MasterClass with an Olympian (Frisco, Texas) • Learn to Collage with a Barcelona Artist (Barcelona, Spain)

• Hand Lettering and Modern Calligraphy (Grosse Pointe, Michigan) • Sake Secrets from Japan’s Oldest Brewery (Tokyo, Japan) Launched in April 2020, Online Experiences feature Olympic medalists, Buddhist monks, magicians and more. Whether visiting the dogs of Chernobyl, wine tasting in Portugal or making coffee with a professional coffee taster, guests have the chance to connect with new people and travel virtually from the comfort of their own living room.

PAGE 4, Wednesday, May 6, 2020

THE TRIBUNE

AG: New EU blacklist ‘especially distressing’ FROM PAGE ONE new blacklist, the attorney general added that it also appeared to have strayed from previous pledges in this regard.

Mr Bethel said the commission, which effectively acts as the EU’s civil service, had previously signalled its intent to hold “bilateral discussions” with impacted nations before they were placed on any blacklist.

While he was still “double checking” with the Ministry of Foreign Affairs, he added that no formal warning or communication of Brussels’ intent had been received.

The attorney general declined to describe the European Commission’s reported blacklisting plan as a low blow to The Bahamas at the worst possible time, given that it threatens to further undermine the financial services industry - the economy’s second largest industry - at a time when the country is taking the full brunt of COVID-19.

Arguing that The Bahamas’ “good faith” efforts to enhance its anti-financial crime defences appear not to have been recognised, Mr Bethel told Tribune Business: “We must signal our disappointment that they [the EU] would indicate this intent...

“Having regard to the status of The Bahamas, which has reached such a level of compliance to

warrant us beginning the exit process from this FATF ICRG review, it is especially distressing and especially questionable - in our view - that we should be placed on a blacklist in these circumstances.”

He was responding after the Reuters news agency yesterday reported that The Bahamas was among 12 countries set to be named on a European Commission blacklist to be formally unveiled on Thursday.

Others set for inclusion, according to Reuters which was given an advance look at the relevant documents, include Panama, Barbados, Jamaica, Mauritius, Botswana, Cambodia, Ghana, Mongolia, Myanmar, Nicaragua and Zimbabwe.

All were said to “pose significant threats to the financial system of the [EU}”, and the 27-nation bloc’s financial institutions are being called upon to apply greater scrutiny and due diligence to transactions involving The Bahamas, its businesses and residents, as well as those in the other nations.

Reuters frequently appears to be given advance notice of such EU moves possibly as part of a strategy to unnerve the nations being targeted. The blacklisting, if it comes to fruition, will threaten to increase the time and costs involved in conducting business between The Bahamas and Europe,

again undermining the country’s competitiveness in those markets.

While the impact on The Bahamas’ vital correspondent banking relationships may not be as pronounced, given that most of this nation’s international transactions clear through the US, a non-EU-member, the commission’s action will also cut across the recent changes The Bahamas made to its Investment Funds Act to secure that sector’s access to European markets.

Above all, the reported European Commission action will again place an unwanted stain on The Bahamas’ reputation at a time when it can least afford it. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, yesterday said she backed the attorney general’s response in setting out the country’s position.

In truth, the European Commission’s latest blacklist represents a revised version of a similar initiative it tried to launch last year.

Mandated by the EU parliament to maintain such a listing, it was forced to swiftly withdraw the previous 23-nation effort after coming under fire from its own nation-state members who challenged the criteria used to determine who should be included.

It also received a blistering riposte from the Trump administration’s US

Treasury Department over the inclusion of four US territories - American Samoa, Guam, Puerto Rico, and the US Virgin Islands. None of those states feature on the list shown to Reuters, but the European Commission has seemingly found the courage to come again at small independent states amid a global pandemic.

While acknowledging that the European Commission was free to determine its own conduct, Mr Bethel said yesterday: “First of all, they had indicated that they intended to have meaningful bilateral discussions with countries that they proposed to add on to their blacklist.

“I’m double checking with Foreign Affairs right now whether they’d formally informed us of this situation, and whether we’d be engaged as to what the peculiar concerns of the EU might be. The Commission had formally indicated that would be their method of approach, as opposed to throwing countries on a list.

That’s what they said, and what we expected would be the case.”

Mr Bethel added that the European Commission had also signalled that a country’s status with the FATF would be a “predicate” and key ingredient in determining whether it was included on its own list.

“Before this listing, as the EU was aware, while The Bahamas was in the process

for the last two years, at the FATF plenary held in Paris earlier this year it was agreed for The Bahamas to be in the exit process,” he said.

“The EU would be well aware that, if not for the COVID-19 pandemic, a site visit - including people from the EU - had been previously scheduled by the FATF to come here and assure themselves that things done over the last year to year-and-ahalf were in place in The Bahamas. Unfortunately the pandemic has forced that visit to be postponed to a date that has not been fixed.”

That visit was due to have taken place this month and, with the FATF’s June plenary no longer being held, Mr Bethel said The Bahamas’ hoped-for-confirmation of its exit from that group’s monitoring will have to wait until later in 2020.

“We trust that there will be the dialogue that the European Commission themselves have suggested before this list is finalised, and the position of The Bahamas in the FATF exit process - and, in our view, on the verge of exiting - that special status should have factored into this determination,” Mr Bethel told Tribune Business.

“A country like The Bahamas, which in my view has shown the utmost good faith in this process and diligently

sought to address every concern about the quality of financial services and the quality of supervision, should not be placed in this position.

“It is unfortunate, and we trust respectful dialogue will take due consideration of this difference between The Bahamas and every other country on that list. That’s the most diplomatic way I can frame it. It is our wish that good faith and dialogue should take the place of what could be unfair ‘name calling’,” he continued.

“We are merely hoping the dialogue will take place before The Bahamas is placed on any blacklist, and that dialogue will take into account the Herculean effort made over the past two years with diligence and efficiency to address any concerns from the 2017 CFATF Mutual Evaluation Report.

We are satisfied we have no problems and have made enormous changes. We only wish to be engaged on the same terms.”

The European Commission has yet to specify its particular concerns regarding The Bahamas’ anti-financial crime regime. The 27-nation EU previously gave the country a clean bill of health for its co-operation on tax matters, which involved the elimination of so-called ‘ring fencing’ and requiring companies to have substance and do real business from this jurisdiction.

Bahamas faces ‘IMF programme by 2021’ FROM PAGE ONE is governed.

However, Ms Dukharan yesterday argued that IMF “structural adjustment” initiatives have often been “demonised” by Caribbean countries, and are not the “hell” they are sometimes made out to be.

She pointed to Jamaica’s recent exit from a seven-year IMF initiative, spanning three different administrations, which is viewed as having reduced a debt burden greater than that country’s GDP and positioned it for greater economic growth moving forward. The former RBC regional economist also said

Barbados’s programme with the IMF was showing promising signs.

While The Bahamas may not be there yet in terms of Ms Dukharan’s 2021 forecast, her projections underscore the threat to the foreign exchange reserves that support this nation’s ability to feed itself and procure other essential imports as well as undergird the one:one fixed exchange rate peg with the US dollar.

Devaluation is the great unspoken fear of many Bahamians and residents especially given that the tourism industry shutdown has deprived the country of its normal foreign currency

inflows. Much depends on how quickly tourism resumes, and the extent of visitor volumes and inflows, with many predicting the sector will not fully rebound until the Thanksgiving/ Christmas period at earliest.

Many believe that is an optimistic timeline, and The Bahamas’ vulnerability was further highlighted yesterday when Norwegian Cruise Line (NCL) - one of the major companies bringing passengers to this nation warned in regulatory filings that there is “substantial doubt” about its ability to continue as a “going concern” because it does not yet have sufficient liquidity to

meet its obligations for the next year.

John Rolle, the Central Bank’s governor, on Monday indicated that maintaining the foreign currency reserves at adequate levels to support The Bahamas’ balance of payment needs and the fixed exchange rate regime is among his top priorities.

Underscoring how real the threat is, he unveiled a fourstrong package of measures designed to create a $300m “buffer” for the external reserves by restricting foreign currency outflows as well as seeking to generate badly-needed inflows.

The Central Bank has suspended all approvals for Bahamians seeking to invest in foreign securities and real estate, and requested that the National Insurance Board (NIB) liquidate “some” of its overseas investments and return the proceeds back home, as part of a package intended to protect the country’s monetary foundation from the COVID-19 fall-out.

These two initiatives join the bar on Canadian-owned bank dividend remittances.

While the suspension of economic activity for the past six weeks due to the national lockdown has kept the country’s foreign reserves at near-$2bn for the moment, Mr Rolle said the Central Bank is projecting a reduction “potentially exceeding $1bn” to leave them somewhere between $800m and $1bn at year-end.

Although this level will still offer “adequate support

in place to uphold the value of the Bahamian dollar fixed exchange rate”, Mr Rolle said he was prepared to act swiftly in imposing even harsher restrictions if the need arises by targeting “domestic import capacity”.

Ms Dukharan, meanwhile, yesterday argued that The Bahamas’ failure to address “structural weaknesses” in its economic make-up had resulted in an unemployment rate higher than ten percent for the past decade while leaving it more exposed to COVID-19’s ravages.

“Even before [Hurricane] Dorian, I don’t think that The Bahamas had ever really gotten to the point where I would say its economy was really recovered and roaring after the global financial crisis,” she said.

“The unemployment rate has been ten percent since 2008. I feel there were structural weaknesses in the economy that, coming out of the global financial crisis, were not really dealt with.

Dorian added to that and compounded these weaknesses, and now we have COVID-19.

Backing the Central Bank’s decision to restrict foreign currency outflows as “a wise move”, Ms Dukharan added: “I feel that they’re [The Bahamas] one of the more vulnerable countries facing this crisis right now.”

She noted that The Bahamas’ credit had declined from “A-” with a “stable” outlook in December 2003

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to “BB” with a negative outlook currently, the latter of which she described as “noninvestment grade”. And The Bahamas’ current debt-toGDP ratio was higher than the 55 percent “sweet spot” below which extra borrowing could boost economic growth.

Still, Ms Dukharan advised the likes of The Bahamas: “Now is the time for governments without fiscal space to borrow big, borrow hard, putting some of it aside if you have to.

Focus on keeping people fed and maintaining the level of social stability. That is really the most critical because that kind of outweighs everything else you can do.”

She also suggested the Minnis administration was on the right lines with its $120m “stimulus” package targeted at supporting small businesses, company payroll, and those who are unemployed or have lost significant income.

Calling on Caribbean governments to be more assertive in dealing with the cruise industry, Ms Dukharan added that the region also needed to tackle growing inequality - set to increase further with COVID-19 - by developing “progressive tax policies” based on a person’s ability to pay and shifting away from regressive forms such as VAT. Noting that hotels may be left with bad debt due to the inability of tour operators to pay 30-90 day receivables, she said the US dollar’s strengthening against other global currencies is also undermining The Bahamas’ competitiveness outside its main tourism source market.

And Ms Dukharan said the “most shocking part” of research relied upon by Moody’s, which suggested that 67 percent of The Bahamas’ population will be submerged if global temperatures rise by three degrees centigrade, is that this is “baked in”.

She explained that regardless of whether the world cuts carbon emissions and other behaviours, this temperature rise is set to occur anyway, posing a significant threat to this country having a sustainable future.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wednesday, May 6, 2020, PAGE 5

Restrictions halt bank’s $20m in outflow deals FROM PAGE ONE through the ICM market because of the lower premium, so I think the restrictions will limit those people.

“Our allocation was about $5m on the BDR line, and $15m on the ICM, so somewhere between $15m-$20m came through us over last year. I don’t know of the $35m BDR total how much of that was taken, but I assume $15m-$29m went through that facility.”

While the suspension of economic activity for

the past six weeks due to the national lockdown has kept the country’s foreign reserves at near-$2bn for the moment, Mr Rolle said the Central Bank is projecting a reduction “potentially exceeding $1bn” to leave them somewhere between $800m and $1bn at year-end.

Although this level will still offer “adequate support in place to uphold the value of the Bahamian dollar fixed exchange rate”, Mr Rolle said he was prepared to act swiftly in imposing even harsher restrictions if the need arises by targeting “domestic import capacity”.

JAPAN COMPUTER-SAVVY TEEN DESIGNS APP TO FIGHT PANDEMIC TOKYO Associated Press CURBING the spread of the coronavirus pandemic rests on knowing where infected people have been and who they’ve come in contact with so they can be tested and treated.

Like many teens, 16-year-old Syu Kato loves skateboarding, Bruno Mars and hamburgers. But he’s putting his knack for programming to good use. Kato has designed an iPhone software application that uses GPS so individuals can keep their own records of their whereabouts in their mobile phone, to help with such contact tracing.

Called Asiato, for “footprint”, the app keeps track of a phone’s movements within a distance of ten meters or more. An English version of the app is available free from the iPhone App Store.

The app works like a diary, but keeps track of locations.

To protect privacy, the data is stored in the phone and is not automatically shared.

If a person discovers they have COVID-19, Asiato identifies where they’ve been in the past several weeks.

They would need to reach out on their own to people they may have infected, or inform health authorities if asked.

Under Japan’s pandemic state of emergency, citizens are asked, not ordered, to stay home. Keeping track of their movements remains a crucial way to help control the spread of the virus that causes COVID-19. It also could be used elsewhere as economies reopen around the world, Kato said.

Kato got an early start in putting his knack for programming to good use. In the fifth grade, he designed a mathematics application to do division that gives the remainder as a number for the answer, not decimal points.

While in sixth grade, he developed a programme for writing book reports.

The 240 yen (about $2) programme simplifies the process and no cheating is involved, he says.

In 2017, Kato won the “super creator” award from the government-backed Mitou Foundation, set up to support innovation, for his DrawCode, which simplifies writing the language for

SYU Kato takes a selfie in Guam.

Curbing the spread of the coronavirus outbreak rests on accurate knowledge of where infected people have been and whom they have come in contact with so they can be tested and treated. Kato, a 16-yearold Japanese computer whiz, has designed an iPhone software application that uses GPS so people can keep their own records of where they’ve been.

Photo: Syu Kato/AP web pages and programmes, known as HTML, so children can do programming.

Yu Ukai, who heads the foundation’s youth efforts, said he was impressed with Kato’s passion and the speed with which he identifies problems and comes up with solutions.

“There are a lot of ways young people like Syu can contribute to society during the pandemic as the crisis reveals many challenges that can be solved using technology,” Ukai said.

Kato’s new project is setting up a website for restaurants and customers to share menus and other takeout information.

Tokyo and other major cities have Uber Eats and other services. But in places like Hokkaido, northern Japan, where Kato lives, it’s harder for people stuck at home to find options for food takeout or delivery. Such a site would also help hard-hit restaurants find customers.

Kato is a digital whiz in what he says is an “analog” family. His parents run a small amusement park and his older brother works there. The downturn in tourism due to the pandemic has devastated the family business.

Plans for Kato to attend school in the US later this year were canceled because of the pandemic and he is studying online. But he hopes eventually to travel overseas and maybe start his own venture.

LEGAL NOTICE

N OT IC E

COVENANT UNITED LIMITED (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of February, 2020. Articles of Dissolution have been duly registered by the Registrar.

The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 5 MAY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,138.14 | CHG: -4.71 | %CHG: -0.22 | YTD: -93.46 | YTD%: -4.19 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.75 2.60 2.00 5.47 12.77 6.17 4.50 10.30 3.64 5.10 10.88 8.15 16.99 9.40 4.25 15.21

52WK LOW 3.35 20.91 5.50 5.39 1.78 0.67 2.00 10.21 5.60 3.75 5.41 2.53 1.80 8.00 6.63 13.04 6.98 3.14 13.90

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 1.89 1.62 2.99 11.26 6.00 4.02 6.01 2.86 4.90 9.46 8.15 14.50 8.97 4.09 15.20

CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.99 11.26 6.00 4.02 6.01 2.86 4.90 9.62 8.15 14.50 8.97 4.00 15.20

CHANGE 0.00 0.00 0.00 0.00 -0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.16 0.00 0.00 0.00 -0.09 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME 100

1,200

49,000

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.4 21.8 42.9 28.0 10.5 14.9 11.2 17.8 9.6 19.7 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 2.99% 0.00% 15.17% 1.22% 3.41% 2.94% 3.72% 2.23% 3.00% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

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

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

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

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.61 1.75 1.70 1.14 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.30 4.38 2.09 195.13 166.73 1.67 1.79 1.75 1.16 8.31 10.07 7.00 11.42 12.58 10.52 N/A 8.98 11.40

MARKET TERMS

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

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

Dated this 3rd day of May, 2020 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

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

JUDGE PARKER

CARPE DIEM

➔

CL o

THE TRIBUNE

6

be clock f each begin previous o answer six answ

➔

passage, the numbers 12345 represent different letters: 243 me 3422 you what I 134 for lunch: 442 in an 124 jus with 3153154 sauce, 3412 wings and, for afters, a 3153 lemon 3153243 with a 3122 21334. It was a 5154 35413, and not 13 122 standard fare.

So nice to get back to 5412 food again after the abysmal 51342 and 34351 stew I had to 413 last week. Spoiler 12453 – it sucked..

PAGE 6, Wednesday, May 6, 2020

5

Solution in Monday’s puzzle pull-out

SuMTHing 4

Daily Express Tuesday, February 11, 2020

Puzzles

MARVIN BLONDIE

Fit the missing numbers into the grid below so that all the sums are correct – reading left to right or on single lines top to bottom. There are 11 squares to fill, with one digit in each, and the 11 digits you must use are listed beneath the grid. But where do they all go?

Solution in Monday’s puzzle pull-out

We’ve given you one digit – the 9 on the top row.

Here are the missing digits to fit in:

0, 1, CROSSWORD 1, 1, 1, 2, 3, 5, 6, 7, 8 CRUSADER PRIZE acrOss 1 Reported man of letters (4) 3 Seeing deranged lion accost rebel (10) 9 Silly, putting daughter at the back (4) 10 Don’t eat orange, say, before not running (10) 11 Etch pinhole out for gadget-lover (11) 15 Colin unfortunately left terribly hot in basic attire (9) 17 Ready to fight (3-2) 18 Designed a sub, including key breathing gear (5) 19 Fellow performer is expected first to break down (9) 20 Making clear he priced gin cocktail (11) 24 Pass member and point yob out for student (7,3) 25 Ottoman ruler has registered a tourist destination (4) 26 Skin formed around wood and iron – that’s sharp (5,5) 27 Chat, say, overheard by composer (4)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

1 2 3 DOWN 1 Well-built dame worried The Daily Express Puzzled Mentathlon is in five p until final (4,2,4) of our puzzles. Take the last letters of the answe 2 Catching fine arrangement QUIZ OF THE WEEK9 and the last letter of the10fi with empty bed and sections. Now rearrange those into a promises (10) 4 Bite and cut around top of molar (5) 12 5 Nice hot concoction has left 11 one in the Stone Age (9) 6 Angle on notes about SuDoku SAMurAi WorDSe foundation (11) 15 7 4 3 1 2 5 9 6 8 7 Slightly open 4 2 3a 7 1 6 9 8 5 R F V H 6 2 8 9 7 3 1 5 4 9 1 6 8 2 5 4 3 7 container (4) 5 1 9 8 6 4 7 3 2 8 5 7 4 3 9 2 1 6 U A Y A 3 6 5 7 1 2 8 4 9 7 6 4 double 1 5 3 8 9 the 2 8 In France, you C I I Y 1 9 4 6 5 8 2 7 3 skirt (4) 12 93 58 26 79 84 35 67 41 8 7 2 3 4 9 6 1 5 Z N J K 18 5 8 1 3 being 6 2 7 4 9 3 1 8 2 5 6 4 9 7 3 8 1 12 Kiss repeatedly, 3 7 2 9 4 1 6 5 8 2 4 7 9 3 1 5 8 6 4 2 7 E I N C equal (4,3,4) 6 4 9 5 8 7 1 2 3 6 5 9 4 8 7 2 3 1 5 9 6 S G K U 8 7 6not 9 3 2 5 1 4 13 Not working, and work 3 1 5 4 7 6 8 9 2 M R W T starting in a noticeable 2 9 4 1 8 5 6 7 3 A 20 I D N way (10) 28 34 57 92 16 85 49 63 71 58 92 34 17 26 85 71 69 34 53 98 42 R V E E 14 Dreadful foe 1 9 raiding 6 7 4 3 5 8 2 7 6 1 3 4 9 8 5 2 6 1 7 23 22 5 7 4 1 8 6 3 2 9 4 9 3 2 7 6 1 5 8 Y I L K international 6 1 8 3 9 2 7 5 4 8 7 1 5 4 9 2 6 3 L G A T 3 2 9 5 7 4 6 1 8 6 5 2 3 8 1 7 4 9 resources (7,3) 4 5 1 8 3 7 2 9 6 9 24 1 7 6 3 8 4 2 5 A L W X 16 Leaving to9hide when not 2 3 4 9 1 5 8 7 6 6 2 4 5 1 8 7 3 N Q A H 8 3 6 2 9 1 4 5 5 8 6 4 2 7 9 3 1 being shot7(3-6) D Y R K 21 Evidence of alcohol SMALL CroSSWorD strength (5) D E E S 26 22 Performs part of the Across: 1 Whimsical, 7 Pundit, Bible (4) 9 Ironing, 10 Stop, 12 Per, THe AL 13 Reacted, 14 Ear, 23 Prompt student included a 15 Ella, hint (4) 17 Gastric, 19 Slices, 20 Assessors. black squa Down: 1 Whispers, 2 Hurt, 3 ILO, 26, 29, 33, 3 4 Suitcases, 5 Innate, 6 Aimed, Across: Bey 8 Terraces, 11 Palace, 13 Rails, Champ, Slav 16 Liar, 18 Rio. Trauma, Bow Down: Sque ● The cAn you crack the Alphabeater? Each Upshot, grid Ony TArgeT Target Barest, Estra number represents a letter – or black square. uses MorTALiTy Asamir in Alphapuzzle, every letter of the alphabet words in amity army atom lima limo CroSS the main is limy used.loam Butloamy you have complete mail to malt malty the grid too! body of Across: use the given letters and black squares below NY marl mart matt mayo mayor milt Chambers Down: WITC the gridmitt to start. the grid is ‘rotationally miry moat molar moral morality 21st moray mortal– MORTALITY omit itrimy Century symmetrical’ in other words, looks the SuMMi Dictionary roamiftram trim the page upside down. same you turn 61 and 89 (1999

THE ALPHABEAT

TARGET

E t P Ht l EYA

Solution tomorrow

edition)

A 10 26 19 11 36 36 9 19 11 B C 22 19 37 9 4 22 35 20 39 D E 23 14 33 18 36 3 21 6 14 F G 30 21 10 14 15 17 32 26 31 H I 34 9 21 39 11 25 31 8 5 J TODAY’S TARGET K 7 Good 18; very good 27; excellent 36 2 22 13 3 34 32 17 36 (or more). Solution tomorrow L M 27 11 40 6 36 35 17 30 24 N call 0907 181 2585 for today’s target solutionBest described O 8 as a25 14 crossword, 4 1 the 9 task 32in Kakuro 13 4 number *Calls cost 80p per minute plus your telephone P company’s network access charge. is to fill all of the empty squares, using numbers 1 to 9, so 12 horizontal 37 38block 8 equals 9 10 number 36 22 the sum of Qeach the to its2 left, and theRsum of each vertical block equals the number on its top. No number same11 block19 more30 S 33 23 may 11be used 38 in 11the 16 than once. T The difficulty level of the Conceptis Kakuro increases from U 6Monday 14 to37Sunday.

35 32 8 36 10 33 FIND where the fleet of ships shown is hidden V in the grid. The numbers to the right of and W 29 32 13 32 29 25 37 15 12 below the grid indicate how many of the X squares in that row are filled in with ships orYesterday’s Yesterday’s parts of ships. The ships do not touch each Y 20 28 10 15 36 9 39 39 11 other, even diagonally. Some squares have Z Answer Sudoku Kakuro Answer HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

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

BATTLESHIPS

been filled in to start you off.

Solution tomorrow 2

1

CRYPTIC PUZZLE 1 Drill team involved in

2 Show regret about evening

boring routine (9)

being cut short (5)

8 Left in a unit entirely

3 Confront with a small

without support? (5) 9 Some havoc adolescents cause with fruit (7) 10 He’s not the only one to succeed (2-4) 11 Screen off in church (6) 12 No varieties in the numbers crawling (3,5) 15 Writer is about to approve a colour (3,5) 18 Had a lean time? (6) 20 One-eyed kind of craft? (6) 21 Keep track of a warship (7) 22 Seven different levels (5) 23 News flashes causing furrowed brows? (9)

2

3

4

5

5 Temporarily stop

18

2

G

1

H

3

I

2

J

1 4

2

7

19

22 23

16 Enjoy good taste (6) 17 A sign of twins (6) 19 It’s all right to go in the day before to call up (5)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Traffic, 4 Uncut, 7 Alps, 8 Tolerate, 10 Snow and ice, 12 Specie, 13 Treaty, 15 Phrase book, 18 Deadline, 19 Thea, 20 Ladle, 21 Parasol.

Across: 1 Breakup, 4 Psalm,

Down: 1 Tears, 2 Approved, 3 Clouds, 4 Unescorted, 5 Crab, 6 Therapy, 9 Danish blue, 11 Galoshes, 12 Scandal, 14 Catnip, 16 Kraal, 17 Band.

Down: 1 Brief, 2 Entirety,

7 Iota, 8 Specious, 10 Far and away, 12 Futile, 13 Purely, 15 Stagecoach, 18 Tolerant, 19 Mien, 20 Rebel, 21 Archery.

3 Poplar, 4 Pack a punch, 5 Avow, 6 Mastery, 9 Unilateral,

Across 1 Dangerous structure (9) 8 Easy to lift (5) 9 Red pepper (7)

Down 2 Obliterate (5) 3 Long vehement denunciation (6) 4 Be involved (4,4) 5 A flat

10 Stimulus (6)

foodfish (6)

11 Delayed (4,2)

6 Nimbleness (7)

12 Artificial in manner (8) 15 Eagerly expectant (2,6) 18 High praise (6) 20 Tiny (6) 21 Natural environment (7)

11 Negative, 12 Fluster,

22 Gloss (5)

14 Agenda, 16 Handy, 17 Slob.

23 Somewhat (2,1,6)

7 Folly (9) 11 Haphazardly (3,2,4) 13 Unfettered discretion (4,4) 14 Deprived of growth (7) 16 Obvious (6) 17 Aviation (6) 19 Elegance in movement (5)

1

3

1

3

4 x submarine

accommodation (8)

hollow lives? (7)

2

2 x cruiser

13 Letter providing you with

14 Early hunters who lived

0

3 x Destroyer

21

11 A plane worker (9)

3

1 x Battleship

20

7 Blue periodicals in action (9)

2

F

17

6 Conceal that the cost of insurance has risen? (5,2)

3

E

6

16

9 10

1

14 15

8

D

13

working (3,3)

7

1

11 12

6

B

10

account charge (6)

5

C

9

4 Mild way to rebuke (8)

4

4

8

Down

EASY PUZZLE

Across

1

3

A

1

1

2

3

4

5

6

21

22

23

24

25

26

C

7

8

9

10

11

12

13

14

27

28

29

30 31

32

33

34

■■

■

J

● Alternatively, for six Extra Letter clues text DXBEAT to 84901. Texts cost £1 plus you

KEIJO 4 4 2

1

2

3

4

1

2

4

2

3

3

1

1

3

THE TRIBUNE

Wednesday, May 6, 2020, PAGE 7

PAGE 8, Wednesday, May 6, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 61° F/16° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Sun and some clouds

Partly cloudy

Partly sunny, a shower; breezy

Less humid with periods of sun

A thunderstorm in the afternoon

Heavy rain and a t‑storm; breezy

High: 87°

Low: 76°

High: 85° Low: 71°

High: 83° Low: 74°

High: 86° Low: 74°

High: 85° Low: 74°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

97° F

80° F

91°-69° F

88°-75° F

96°-72° F

92°-77° F

High: 84° F/29° C Low: 62° F/17° C

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

N

almanac

E

W

ABACO

S

N

High: 82° F/28° C Low: 77° F/25° C

6‑12 knots

S

High: 90° F/32° C Low: 69° F/21° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 70° F/21° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 85° F/29° C Low: 76° F/24° C

MIAMI

High: 93° F/34° C Low: 71° F/22° C

4‑8 knots

KEY WEST

High: 84° F/29° C Low: 72° F/22° C

ELEUTHERA

NASSAU

High: 87° F/31° C Low: 76° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 83° F/28° C Low: 78° F/26° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:27 a.m.

7:58 p.m.

3.0 3.5

1:29 a.m. ‑0.6 1:40 p.m. ‑0.9

Thursday

8:19 a.m.

8:49 p.m.

2.9 3.6

2:23 a.m. ‑0.7 2:29 p.m. ‑0.9

Friday

9:10 a.m.

9:39 p.m.

2.8 3.5

3:16 a.m. ‑0.7 3:18 p.m. ‑0.9

Saturday

10:01 a.m.

10:30 p.m.

2.7 3.4

4:08 a.m. ‑0.7 4:07 p.m. ‑0.7

Sunday

10:53 a.m.

11:22 p.m.

2.5 3.2

5:01 a.m. ‑0.5 4:58 p.m. ‑0.5

Monday

11:47 a.m. ‑‑‑‑‑

2.3 ‑‑‑‑‑

5:54 a.m. ‑0.2 5:50 p.m. ‑0.2

Tuesday

12:15 a.m.

12:44 p.m.

3.0 2.2

6:50 a.m.

6:47 p.m.

0.0 0.1

sun anD moon Sunrise Sunset

6:30 a.m.

7:43 p.m.

Moonrise Moonset

7:07 p.m.

6:01 a.m.

Full

Last

New

First

May 7

May 14

May 22

May 29

CAT ISLAND

E

W

High: 83° F/28° C Low: 78° F/26° C

N

S

E

W

4‑8 knots

S

6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 67° F/19° C Normal high ....................................... 83° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 76° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 6.21” Normal year to date ..................................... 6.55”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 78° F/26° C

High: 83° F/28° C Low: 78° F/26° C

N

High: 86° F/30° C Low: 77° F/25° C

E

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 79° F/26° C

6‑12 knots

MAYAGUANA High: 85° F/29° C Low: 80° F/27° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 79° F/26° C

GREAT INAGUA High: 86° F/30° C Low: 79° F/26° C

N

N E

W

E

W

H

High: 83° F/28° C Low: 79° F/26° C

S

S

6‑12 knots

6‑12 knots

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

Today: 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 SW at 8‑16 Knots NW at 8‑16 Knots S at 4‑8 Knots NW at 7‑14 Knots SSE at 6‑12 Knots W at 7‑14 Knots ESE at 6‑12 Knots WSW at 4‑8 Knots S at 6‑12 Knots WNW at 7‑14 Knots WSW at 7‑14 Knots NNW at 8‑16 Knots SE at 6‑12 Knots WNW at 6‑12 Knots SE at 6‑12 Knots WSW at 4‑8 Knots ESE at 6‑12 Knots WNW at 4‑8 Knots SE at 7‑14 Knots SW at 4‑8 Knots S at 4‑8 Knots NW at 7‑14 Knots SE at 6‑12 Knots WNW at 6‑12 Knots SE at 6‑12 Knots W at 7‑14 Knots

WAVES 2‑4 Feet 4‑7 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 4‑8 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 3‑5 Feet 2‑4 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet

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

502-2394

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

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