05062021 BUSINESS

business@tribunemedia.net

THURSDAY, MAY 6, 2021

$4.86

$4.86

Near ‘border line’ over govt debt write-down

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government was yesterday urged to “tread very cautiously” because banks and other institutions are at “the border line” of incurring credit losses on their holdings of its bond debt.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business the Minnis administration’s fiscal actions could have a significant impact on bank, pension fund and insurance company incomes and balance sheets as a result of the multiple credit rating downgrades The Bahamas has suffered from Moody’s and Standard & Poor’s (S&P).

Revealing that his BISXlisted institution has already downgraded its government debt holdings from “stage one” to so-called “stage two”, he warned that any pre-election spending binges or other imprudent moves could force his bank

• Top banker urges: ‘Tread very carefully’ • Warns don’t ‘balloon’ spend for election • National debt jumps $1.3bn in nine months

GOWON BOWE and others to take what he termed “a paper loss” by writing down the value of these investments to comply with International Financial Reporting Standards (IFRS).

Warning that “there is a lot at stake”, Mr Bowe said Fidelity Bank (Bahamas) had effectively given the government’s fiscal policies “a thumb’s up” by converting some of its cash holdings into one-year bonds.

Yet he warned that The

Bahamian aviation no longer ‘a poor orphan’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN aviation attorney yesterday said the industry will “no longer be neglected like a poor orphan child” after this nation ended a near 60-year wait to charge planes for using its air space.

Llewellyn Boyer-Cartwright, pictured, who has established his own legal practice, Harley James, said the introduction of an overflight regime - a cause that has been solely championed

by The Tribune in recent years - showed the industry

is finally “getting the attention it deserves”.

Speaking after Dionisio D’Aguilar, minister of tourism and aviation, said The Bahamas could earn up to $40m annually from the

SEE PAGE 9

QC rejects AG’s assertion on PI crown land fight

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE QC acting for a Bahamian developer in his Paradise Island crown land lease dispute yesterday rejected the attorney general’s assertion that his client’s legal case was “going nowhere”.

Wayne Munroe, who is acting for Toby Smith and Paradise Lighthouse Beach Club in their action against the government, said they had already obtained a June 23, 2021, date before Supreme Court justice Ian

WAYNE MUNROE QC Winder for a case management hearing.

Such hearings are normally held to settle the process for holding a full trial, and Mr Munroe said

SEE PAGE 10

Bahamas’ downgrade to non-investment grade or ‘junk’ status meant that the Minnis administration needed to be especially prudent, notwithstanding this nation’s so far “excellent record” of repaying investors, if it wanted to retain their confidence and ensure ready domestic and foreign appetite for its bonds remains amid elevated postCOVID financing needs.

“The government has to tread very cautiously because non-investment grade status does trigger a couple of issues,” Mr Bowe explained to this newspaper. “Up to the end of 2020, we calculated the expected credit loss [on our government debt holdings], and it was not material enough, but it was border-lining.

“It is an accounting treatment; it is not an actual loss, but based on our credit

rating there is a possibility of default, so the government has to balance - in the domestic and international markets - the actions it has to take.

“They have to be careful that they are not ballooning debt, which is a risk in an election year, and they have to show they are careful in planning expenditure but not at the expense of capital growth.”

Fidelity Bank (Bahamas) just-released 2020 audited financial statements highlight the growing risk presented by The Bahamas’ current “junk” creditworthiness, revealing: “Investment securities with credit risk principally comprise debt securities issued by the Government of the Commonwealth of The Bahamas, which were

SEE PAGE 8

$4.94

$4.93

‘Very confident’ of hitting fiscal goals while deficit triples

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Ministry of Finance’s top official yesterday said the government remains “very, very confident” it will meet this fiscal year’s $1.327bn deficit target after running up $878m in “red ink” year-to-date.

Marlon Johnson, the acting financial secretary, told Tribune Business revenues were trending “very much in that trajectory” with value-added tax (VAT) collections up 20.9 percent quarter-over-quarter for the three months to endMarch 2021 as the economy continued its post-COVID re-opening.

“If you extrapolate out, and assuming we are able to keep the same measure of commercial activity going on, we feel very, very confident we will stay within the predicted deficit,” he said. “We’re trending very much in that trajectory. Barring the unforeseen, we feel very, very confident that we’ll meet that target.”

The Ministry of Finance focused on rebounding VAT

MARLON JOHNSON revenues, which are directly tied to transactions and purchases in the economy, as a sign that the economy - and especially tourism are continuing a slow but steady revival that began late last year following a summer and fall plagued by COVID-19 restrictions and lockdowns.

“Consistent with the signs of recovery in economic activity, VAT receipts, budgeted at a dominant 44 percent of tax revenue, strengthened to $183.4m in the third quarter from $151.7m in the second quarter and $134.7m in the opening quarter of fiscal year 2020-2021,” the ministry added.

SEE PAGE 7

PAGE 2, Thursday, May 6, 2021

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, May 6, 2021, PAGE 3

Bahamas targets $40m in annual overflight fees

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said the government expects to earn up to $40m per year to finance the country’s civil aviation sector from newly-introduced fees on aircraft using The Bahamas’ air space.

Dionisio D’Aguilar, minister of tourism and aviation, hailing the 10-year agreement for the US Federal Aviation Administration (FAA) to continue managing Bahamian air space above 6,000 feet as ending a near-60 year period where this nation earned “not one red cent” from planes landing here, taking off or simply passing through its skies.

And, while the FAA will continue its management for another decade, Mr D’Aguilar said it had ceased collecting any overflight

DIONISIO D’AGUILAR fees with respect to Bahamian air space from May 1. It will also not charge the Bahamas Air Navigation Services Authority for continuing to provide its management services, and is to instead receive a “small annual fee” to provide data so this nation can bill and collect the fees.

No mention was made of how the overflight fees will be collected, or who will be responsible, but Mr D’Aguilar said the

Web shops: Patron winnings tax halted

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE long-awaited tax on web shop patrons’ winnings has been further delayed by another legal challenge from the domestic gaming industry, it was revealed yesterday.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, last night confirmed to Tribune Business that the levy - which had been set for implementation on January 16 this year - was again “on hold” following renewed Supreme Court litigation launched by the web shops’ industry body.

“That is being managed by the Attorney General’s Office. I don’t know the particulars of it, but the Ministry of Finance has been advised that is on hold until it is resolved,” Mr Johnson said of the patron winning tax.

The situation was disclosed in the government’s justreleased “fiscal snapshot” for the first nine months of the 2020-2021 budget year, which revealed that total taxes generated by gaming in that period were down by almost 50 percent compared to the prior year due to COVID-19 lockdowns and other restrictions that impacted both the hotel casinos as well as the web shops.

“Taxes on specific services (gaming taxes) contracted by $14.4m (46.7 percent) to $16.4m,” the fiscal report said. “The patron winnings tax, implemented on January 1, 2021, has not resulted in any incremental revenue from these activities due to an ongoing legal challenge by the Gaming House Operators Association in respect

to the application of the tax.”

However, sources familiar with the situation said the legal challenge had not been initiated by the association or any individual web shop but, rather, by a patron or group of patrons objecting to their winnings being taxed.

Senator Kwasi Thompson, minister of state for finance, gave the domestic (web shop) gaming industry less than two weeks’ notice that the tax will be implemented during mid-December’s address on the Fiscal Strategy Report.

It is unclear whether this short notice, and an inability to adjust both systems and games, as well as have them verified by internationallyaccredited laboratories, lies at the heart of the web shops’ legal challenge, but the implementation date was subsequently pushed back to January 16.

“To help counter the revenue losses, starting on January 1, 2021, the government intends to implement the gaming tax on winnings, passed in the House of Assembly in 2019 as part of the Gaming House Operator Amendment Regulations,” Mr Thompson had revealed in mid-December.

government expects to collect between $20m to $30m in overflight fees during the the first year, with this sum increasing to $30m-$40m by the fourth year.

He added that the $300m-$350m anticipated to be earned over the next decade will help finance the operations of the Civil Aviation Authority, which is to receive $15.305m during the 20202021 fiscal year, as well as help build capacity in air navigation services for The Bahamas to eventually take over its own air space via a Flight Information region.

All funds generated from the overflight fees, Mr D’Aguilar said, will go directly to financing the aviation sector and its regulatory bodies, which also include the Air Navigation Services Authority as well as air accident and investigation, rather than be deposited with the Public

Treasury and consolidated fund.

Unveiling the fee structure, the minister said: “All airspace users that land and take-off from Bahamian airports and fly within Bahamian airspace will now pay a fee of $1 for arriving and departing passengers plus a flat fee of $10 up to $61 for each flight depending on the maximum take-off weight of the aircraft. The aircraft that weighs less will pay less, and the aircraft that weighs more will pay more.

“Prior to May 1, 2021, all aircraft flying over the Bahamas - not landing or taking off in The Bahamas - but simply flying through our sovereign airspace paid the FAA directly, $61.75 per 100 nautical miles. After May 1, 2021, the airspace users will pay the Government of the Bahamas from $8.50 to $51.60 per 100 nautical

miles based on the maximum take-off weight of the aircraft.

“Once again, the aircraft that weighs less and travels a shorter distance will pay less and the aircraft that weighs more and travels a longer distance will pay more.”

Hailing the agreement with the FAA, which can be renewed for 36 months after the decade is up should The Bahamas so wish, the minister added: “Today, The Bahamas will assume for the first time the management of its sovereign airspace.

“Commencing May 1, 2021, aircraft landing in and departing out of the sovereign airspace of The Bahamas, aircraft flying solely within the sovereign airspace of The Bahamas, and aircraft flying over the sovereign airspace of The Bahamas will start for the very first

time to pay fees to an entity solely owned and operated by the Government of the Bahamas.”

This changes an arrangement that has been in place since 1952, when responsibility for managing Bahamian air space was divided between the US, which took control of 75 percent, and Cuba, which oversees the remaining 25 percent.

“The Bahamas was assigned nothing other than a small area around Nassau only up to 6,000 feet,” Mr D’Aguilar added. “Aircraft using the sovereign airspace of The Bahamas paid fees directly to the FAA and the Cubans and, once again, The Bahamas received not one red cent from this arrangement. In the minds of most right-thinking Bahamians, this arrangement was unacceptable.”

The new tax will see a five percent levy paid by patrons on winnings up to $1,000, and 7.5 percent on anything greater than $1,000. It is projected to generate between $10m-$15m annually in extra revenue for the Public Treasury.

While a relatively small sum in the overall fiscal scheme of things, it will certainly shrink gamblers’ winnings at a time when they will be hoping to land every cent possible due to COVID-19 related high unemployment and income cuts.

The government’s efforts to tax web shop patron winnings date back to 2018, and many will argue as a result that the industry cannot claim ignorance over its potential imposition or say it had insufficient time to prepare.

Its introduction has been delayed several times already, most notably when the government in 2019 tabled regulations in the House of Assembly that failed to give the start date for the winnings tax.

The date oversight added further delay, as web shop operators were also given additional time to have their games tested and certified by independent laboratories that the terms and conditions had not been altered due to the tax’s introduction.

Dionisio D’Aguilar,

minister of tourism and aviation, said previously that just 45 percent of web shop gaming activities will attract the new patron “winnings” tax with online casino spins remaining untouched “for now”.

This means that a gambler who wins $1,000 will pay $50 in tax, reducing their take-home winnings to $950.

Someone who wins $2,000 will pay $150 in tax, leaving them with $1,850 to take home.

Mr D’Aguilar added that the government had decided to focus this levy solely on lottery/numbers operations because it was too “complicated” to calculate the winnings from online casino spinning, indicating that Bahamian gamblers had got off relatively lightly.

The minister said the comparable winnings tax rates in Jamaica and Barbados are 15 percent and 20 percent, respectively. In the US, he added that the federal tax rate was 25 percent, with state and local taxes on top of that.

While the web shop industry is arguing that the government is eroding patrons’ winnings at

the worst possible time, other observers may argue that such a levy is essential to deterring Bahamians from gambling away scarce incomes or unemployment benefits on games of chance.

Leander Brice and Garvin Newball, A Sure Win’s cochief executives, told Tribune Business their clients need “more time to bounce back” given the hardship imposed by the pandemic’s devastation of employment and incomes.

Saying they were sensitive to “the plight” of patrons, the duo said in a statement: “As an innovative industry, we remain committed to adapting as needed to the ever-changing environment in which we operate.

“However, we are concerned about our patrons as they will be burdened with an additional tax. We want to see our customers win, but most importantly we want them to enjoy all of their winnings.

Especially with the impact of COVID-19, an additional tax at this time may dampen the spirits of many who game with us as a source of entertainment and relaxation.

“We understand the constraints of the government and the need for new revenue opportunities, but we truly understand the plight of our gamers and we urge consideration in the timeline of this new tax roll-out to give our patrons a bit more time to bounce back in this current economic climate.”

HELPING BAHAMIANS Do you feel your home has been wrongfully repossessed by a financial institution?

Email us (helpingbahamians@gmail.com) WE WOULD LOVE TO HEAR YOUR STORY.

FOR SALE Palm Cay Anchorage 1

Spacious 2-bed, 2.5-bath Condo, Large Balcony, Gated Community, Beach, Pool,Tennis Court.

For information call 395-1584

PAGE 4, Thursday, May 6, 2021

THE TRIBUNE

‘RELATED PARTY’ DEALINGS TARGETED BY LAW REFORMS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CONTRACTS issued

by Bahamian public companies, and in which their directors have “a material interest”, must be disclosed to investors under reforms debated by Parliament yesterday.

Dr Hubert Minnis, pictured, leading-off debate on reforms to the Securities Industry Act, said this amendment will provide for greater transparency and improved governance in the Bahamian capital markets while also providing greater protection for minority shareholders.

Noting that the change will address a deficiency identified by the World Bank’s “ease of doing business” report, the prime minister said it was focused on improving disclosure surrounding contracts public companies issued to thirdparty entities in which their own directors may have a financial interest.

“The issue contemplated by the Doing Business project is the protection of

minority investors where a director of a public company has an interest in contracts executed between a public company and a third party contractor,” Dr Minnis said.

“The current legislation requires a public issuer to disclose prescribed information about its business operations to the public. This includes significant developments about the issuer’s business and any material information.

“There is however, no provision, which clearly provides that a director must disclose interests he or she may have in material contracts with a public company on whose board he or she serves.”

GOVTS SOCIAL WELFARE SPENDING RISES 650%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government yesterday released data showing it spent $274.4m on

a combination of social welfare and business support during the first 12 months of the COVID-19 pandemic.

Unveiling its so-called “fiscal snapshot” for the first nine months of the

General Dentist

Dr Minnis said the Securities Industry (Corporate Governance) Rules define a “material contract” as a transaction equivalent to two percent or more of a public company’s total revenues. This definition, though, only applies to the rules governing conflicts of interest and not to related party transactions.

Moving to plug the loophole, he added that the reforms clarify the distinction between “material change” and “material contract”, and said: “The amendments clarify the distinction between the two, and require the disclosure of material contracts, thereby closing the gap in the requirement for the disclosure of third-party contracts.”

Dr Minnis said “accessibility and transparency” in the Bahamian capital markets will also be improved by legal changes mandating that public company registers be made public.

This removes the existing discretion granted to the Securities Commission, and the prime minister

described this as “a cornerstone” in giving persons access to information that will help them make better investment decisions.

Elsewhere, the Securities Commission was provided with more enforcement teeth to address situations where its securities industry licensees - chiefly broker/ dealers and investment advisers - fail to renew their registration, submit audited financial statements and pay required annual licence fees by the due date.

“The commission has historically found that it had very few options to address these failings in an efficient and effective manner,” the prime minister said, adding that the reforms mirror earlier changes made to the Investment Funds Act and Financial and Corporate Services Providers Act. Under the new regime, “any registered exchange, clearing facility or person registered to deal, arrange deals, advise or manage securities that fails to renew their registration will be automatically revoked should they fail to take any of these required actions”.

Dr Minnis added: “The amendments provide that where the registered [firm] fails to renew its registration before its annual renewal date the registration shall be automatically revoked. Further, the registrant shall be liable to pay an automatic penalty of ten percent of its prescribed licence fee to the commission.

“The additional monetary penalty is an administrative fine. This is meant to be a deterrent and to ensure that the industry operates at its optimum compliance with licensing requirements. Where a registrant fails to submit its annual filings or insurance information the registration will automatically be revoked immediately. There will be no further redress.

“Where the registrant fails to pay its annual fee within 30 days of it being due, the registration will automatically be revoked.”

However, the prime minister said such revocation could be reversed if a licensee was to pay the fine and the issue that caused the breach resolved.

“The commission relies on registrants providing required information to do its job effectively and on a timely basis,” Dr Minnis said. “Moreover, for the regulation to be effective there must be real consequences for failure to meet the requirements established.

“The proposed amendments will enhance the commission’s regulatory tool-kit, providing swift and real consequences in the face of delinquency. I note also that the automatic application of the penalty is applied to specific cases where breach or failure of compliance is ‘factual’ and there is no room for nuance in compliance and therefore little excuse for non-compliance.”

Dr Minnis added that the Securities Commission, which is presently conducting a wide-ranging review of the Securities Industry Act, felt these reforms could not wait. He also unveiled reforms to the Insurance Act that require companies in that sector to obtain regulatory approval for a change in their senior management.

2020-2021 fiscal year to end-March, the Ministry of Finance said spending on social assistance during this period had already exceeded the full-year budget allocation for this line item.

It added that a further $194.9m was paid out on multiple forms of social assistance during the first nine months of fiscal year 2020-2021 in addition to $79.5m spent during the final three months of the prior budget.

That took the total outlay to prop up individuals, households, businesses and the wider economy to the $274.4m total, with some 43 percent of this sum - $118m - going on unemployment assistance to tens of thousands of Bahamians who were either furloughed or terminated at the pandemic’s peak.

Many remain in such status, and the Ministry of Finance’s report did not break down the unemployment benefit expenditure between that coming from the National Insurance Board (NIB) and what was spent by the government. The latter is continuing its unemployment assistance until end-June.

Other major COVID-19 related spending included $53.3m in small business support loans, with $14.3m of that amount issued during the current fiscal year; some $32.8m for food assistance, of which $30m was released during the 2020-2021 fiscal period; and $44.4m for a

“job retention” initiative which likely refers to the tax credit/deferral effort designed to support company payrolls.

That means the government has spent $97.7m in supporting the Bahamian private sector during the first 12 months of the pandemic. “For the nine months to end-March of fiscal year 2020-2021, the Government continued its COVID-19 related support programmes for impacted businesses and families with cash outlays of an estimated $194.9m,” the “fiscal snapshot” added.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business last

night: “There’s a measure of incremental new spending to support the social welfare priorities of the government, such as unemployment assistance and food assistance.”

Giving a further insight into the devastation inflicted by COVID-19, the government’s “fiscal snapshot” said: “Expenditure on social assistance benefits expanded significantly by $145m (650.3 percent) to $167.3m compared to the same period in the prior year to settle at 121.8 percent of the budget.

“The outcome is largely attributed to the extension of the COVID-19 related food and unemployment assistance programmes.”

THE TRIBUNE

Thursday, May 6, 2021, PAGE 5

GB Utility partners for 120-mile leak project GRAND Bahama’s potable water supplier hired an outside firm to detect leaks from 120 miles of pipeline in its distribution system.

Grand Bahama Utility Company (GBUC), in a statement, said it had teamed with engineering and surveying firm, McKim & Creed, to provide leak detection services for around 25 percent of its network.

The pipelines, which were inspected and acoustically tested to confirm the precise location of potential leakages, are part of a water distribution system that includes more than 500 miles of pipelines, four water treatment plants and three booster pump stations.

McKim & Creed, a USbased company, uses smart technology to locate all types of leaks and recover water that is lost through infrastructure defects or aging.

A specialist in water loss, recovery and noninvasive leak detection, it also assisted GB Utility in addressing remote data sites and communications for flow and pressure recording devices that are used to create District Metering Areas (DMAs) within the water distribution system. DMAs help narrow down the areas of highest leakage for further investigation.

Remington Wilchcombe, GB Utility’s operations manager, said: “Engaging McKim & Creed resulted in cost savings for both the company and our customers, and helps reduce potential infrastructure damage and protect pipelines in the water distribution system in preparation for the completion of the reverse osmosis system.

“GB Utility is committed to a continuous leak detection programme as

part of our long-term asset management to ensure our pipelines are robust and functioning accurately and efficiently.”

Besides leak detection services, McKim & Creed provided training to GB Utility staff on field practices and equipment processes so they can maintain the upgraded leak detection system.

Mr Wilchcombe added: “Safety takes precedence over cost and expediency. We want to ensure that we are not only rebuilding stronger to lessen the impact of future natural disasters, but we are also equipping our GB Utility servicemen with the knowledge and expertise to ensure we are able to continue this type of preventative maintenance to deliver reliably for our customers for many years to come.”

To advertise in The Tribune, contact 502-2394

VACANCY Major Law Firm is seeking a detail oriented, hands-on individual to fill the position of Legal Secretary. The successful candidate must be an exceptionally motivated, hardworking and dynamic individual having at least 6 years legal experience within Commercial and Transactional practice areas.

Required qualifications, skills, knowledge: • Bachelor’s degree, Associate’s degree or paralegal/secretarial certification; • The ability to use initiative, multitask, work accurately under pressure and possess exceptional organizational and communication skills; • Computer literacy, including advanced proficiency in the use of Microsoft applications.

Compensation: • Commensurate with qualifications and experience • Excellent benefits Only short-listed applicants will be contacted.

Reply in confidence to: vacancy50@gmail.com

Financial provider’s HQ eyeing high-end office shortage boost A BAHAMIAN financial services provider believes a shortage of high-end commercial office space will spark strong rental demand for its Collins Avenue headquarters that is currently under construction.

“For a long time we have known that the inventory for commercial Prime A office space has been scarce,” said Hartman Longley, Leno Realty’s managing director and deputy chairman of the Bahamas Real Estate Association (BREA).

“We can cite stories of owners of buildings who had to move their own offices to lesser buildings to make way for those begging to pay the higher price because ideal office space is so limited.” The absence of such inventory was part of the reason why Leno decided to build a large property so that it could lease a significant portion to potential tenants.

“We looked around, even when we were leasing, and to get the kind of space we needed, we ended up in a new building but it was a trade-off,” Mr Longley said.

“To satisfy our requirement for interior square footage, we wound up on the second floor of a building with a gated security door on the first floor, concrete steps to our offices and an address that was more industrial than professional.”

“We could have chosen to go small, enough to satisfy our current needs with some room for expansion in the next decade, or to seize the opportunity to put our money where the need is and create something

RENDERING OF LENO’S NEW CORPORATE CENTRE outstanding,” said Leno founder and chief executive, Sean K Longley.

“We chose to do exactly that; create a corporate centre that would be outstanding in every way, architecturally making a statement, with strong lines and floor-to-ceiling stormrated doors and windows.

We wanted it to offer a panoramic view of New Providence, the harbour and the sea.

“We wanted to include a space for art in a reception area, giving Bahamian artists a chance to show their talent. We wanted sufficient parking. And above all, we wanted to build it as sustainably as possible.”

Leno said the five-storey corporate centre is more than 50 percent complete, located on the hilltop of Collins Avenue at 5th Terrace. Hartman Longley said interest is high, with numerous potential tenants in discussions for the two remaining floors.

“Caves just built two three-storey towers and everything is

100 percent leased,” he added. “Sandyport’s small office space is hot, Goodman’s Bay Corporate Centre remains 100 percent full, Campbell Shipping, MANX same thing, new spaces just outside Lyford Cay are completely occupied and only one space along Montagu is available at this time. Both of the new buildings in Sterling Commons on Paradise Island are 100 percent taken.

“The Bahamas has caught the attention of international press for one of the hottest luxury markets in the world, driven by high net worth individuals seeking safety and security in the midst of the pandemic.

“But the real need right now is for top-notch, world class commercial space especially as people trade in their sweatpants for those pants that have been hanging in the closet for a while and get out of the kitchen corner and back into a place created for making wages not waffles.”

PAGE 6, Thursday, May 6, 2021

THE TRIBUNE

Minister tours Sandals multi-million upgrade

BAHA MAR’S BEACHFRONT WATER PARK “BAHA BAY”

Baha Mar’s $200m water park eyes July 2 opening BAHA Mar yesterday confirmed its $200m beachfront water park will open “exclusively” to guests on July 2, 2021, having created 450 direct job opportunities.

The Cable Beach mega resort, in a statement, said the 15-acre Baha Bay will feature 24 water slides; a “dueling” water coaster; group raft rides; a wave pool; action river; and surf simulator.

“We’re thrilled to reveal the launch of Baha Bay, coming to Baha Mar on July 2,” said Graeme Davis,

Baha Mar’s president. “As the latest addition to the resort destination’s collection of celebrated adult and family-friendly offerings, Baha Bay will provide our guests with new exceptional experiences, suitable for all ages, as we continue to redefine the Caribbean vacation.”

Baha Bay will feature several restaurant and eating options including The Market, home to Cleo Grill; Sam’s Crispy Chicken; Plant Nation and Chill. Other restaurants

include the Sugar Factory, Umami Burger, and Barracuda food trucks.

The $4.2bn resort will also reopen the Baha Bay Beach Club, featuring 15 full-service cabanas, daybeds, infinity pools and poolside lounge areas.

It is also home to 25°N restaurant.

Baha Mar said it has created staycation packages for Bahamian residents, who can also use Baha Bay. Public access and day passes will be available by late summer 2021.

DIONISIO D’Aguilar, minister of tourism and aviation, yesterday toured the multi million dollar redevelopment of the Sandals

Royal Bahamian property at Cable Beach.

The tour was conducted

by Adam Stewart, Sandals Resorts International’s executive

chairman. Mr D’Aguilar and other officials viewed the renovation efforts and upgrades to the hotel.

Photos: Kristaan Ingraham/BIS

BAHAMIAN INSTITUTION WINS TOP CARIBBEAN BANK AWARD DELTEC Bank & Trust yesterday announced it has won the Best Private Bank Caribbean 2021 award from Global Banking & Finance Review.

The Bahamas-based institution, the flagship entity in the Deltec International Group, said it had won the honour for a second consecutive year.

“With over 70 years of experience, Deltec Bank & Trust has proven to be a leader in private banking.

They have a strong track record of delivering comprehensive banking solutions and customer support,” said

Wanda Rich, editor, Global Banking and Finance Review.

“Deltec Bank & Trust has the knowledge, experience

and global reach to meet the international wealth management needs of successful individuals, families and businesses. Their innovative approach, investment in technology, specialised products and personalised approach is what made them stand out as the winner this year. We look forward to seeing more from Deltec Bank & Trust in the future.”

The Global Banking & Finance Awards honour companies that stand out in particular areas of expertise in the banking and finance industry.

COMMONWEALTH OF THE BAHAMAS

2021

IN THE SUPREME COURT

QUI/No. 00210

Equity Side IN THE MATTER OF THE QUIETING TITLES ACT 1959

AND IN THE MATTER of Petition of DIKIA FORBES of the Island of New Providence, The Bahamas

AND IN THE MATTER of ALL THAT piece parcel or lot of land being Admeasurement 7122 square feet and situated 490 feet south of Robert Sandilands Road in the Eastern District of New Providence and bounded Northerly by vacant land and running thereon (1150.39) feet Southerly by a 30 feet wide road running thereon (61.04) feet Westerly by a 30 feet wide road reservation and running thereon (118.00) feet.

NOTICE Dikia Forbes the Petitioner claims to be the owner in Possession of ALL THAT piece or lot of land hereinafter described and has made application of the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. Copies of a diagram or plan showing the position boundaries and shape marks and dimensions of the said piece parcel or lot of land may be inspected during normal working hours at the following: (a)

The Registry of the Supreme Court, New Providence in the

Commonwealth of The Bahamas and the Chambers of . Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence;

NOTICE IS HEREBY GIVEN that any person or persons having dower or right of dower or an Adverse Claim or Claim not recognized in the Petition shall with thirty (30) days after the appearance of the Notice herein file in the Registry of The Supreme Court in New Providence aforesaid and serve on the Petitioner or the undersigned a Statement of his/her claim in the prescribed form verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a statement of claim on or before the 30th June 2021 will operate as a bar to such claim.

Dated this 3rd day of May A.D., 2021

V. ALFRED GRAY & CO.

Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, Bahamas

Attorneys for the Petitioner

THE TRIBUNE

Thursday, May 6, 2021, PAGE 7

‘Very confident’ of hitting fiscal goals while deficit triples FROM PAGE ONE However, the fiscal year’s third quarter - the first three months of the calendar year - has traditionally been the government’s strongest generator. Although it did not capture the normal “peak” winter tourism season, it was still a period that would have been boosted by business licence fee payments, the bulk of real property tax collections and commercial vehicle licensing months.

When this was pointed out to Mr Johnson, he argued that the Ministry of Finance had focused on VAT because it was more sensitive to changes in economic activity and was constantly being collected rather than being an annual one-off payment.

“You’ll see some of the other flows coming in, which is consistent with what we’re seeing in the economy. The first quarter of the year was slow because we had some lockdown measures, in the second quarter the tourism product had not come back in any sizeable way, and in the third quarter we saw a boost in the export economy and we were able to keep the domestic economy open,” he said.

The government’s $878.2m deficit for the nine months to-end March 2021, which measures how much its spending exceeds its income, is equivalent to 66.2 percent, or two-thirds of the full-year’s projected $1.327bn.

Total revenues, at $1.23bn, are 69.8 percent of

To advertise in The Tribune, contact 502-2394

the forecast $1.763bn fullyear income, which - given that three-quarters of the fiscal year has passed - indicates that the government may come in slightly short of the 12-month projection.

However, total expenditure at the same point was $2.108bn or 68.2 percent of the full-year forecast, indicating that the deficit target remains in reach if the government is able to continue containing its outlays.

Still, the deficit is more than triple, or 249.5 percent greater, than the prior year comparative’s $251.2m, which was incurred in a period that was largely COVID-19 free while still featuring the impact from Hurricane Dorian.

“Compared with the same period in fiscal year 20192020, total revenue declined by an estimated $527.4m (30 percent) to $1.23bn, equal to 70 percent of last year’s collection, and representing 69.8 percent of budget,” the Ministry of Finance’s “fiscal snapshot” said.

“Consistent with the sharp downturn in economic activity, decreased collections were recorded for VAT (down 36.4 percent), excise taxes (down 38.3 percent), license to conduct special business activity, mainly business license and communication levies (down 15.5 percent), customs & other import duties (down 31 percent) and immigration fees (down seven percent).

“However, the yield from property taxes increased by $11.6m (up 13.6 percent),” it added. “Aggregate expenditure firmed by $99.5m (five percent) to $2.108bn, boosted by substantial increases in social assistance benefits ($145m), finance charges ($43.5m), public debt interest ($21.8m,) and

NOTICE TO SHAREHOLDERS Notice is hereby given that the Bahamas International Securities Exchange (“BISX”) has granted an extension for the filing of the audited financial statements of Bahamas First Holdings Limited (“BFH” or the “Company”) for the year ended 31 December 2020.

The extension was requested due to the Company’s auditor, KPMG, requiring additional time to conclude its procedures surrounding financial statement note disclosures. Due to this, the year-end publications and filings have been delayed.

The audited financial statements for BFH will be submitted to BISX and published on or before 31 May 2021.

BAHAMAS FIRST HOLDINGS LIMITED 32 Collins Avenue, Nassau, NP, Bahamas www.bahamasfirst.com

subsidies ($19.2m).

“Yet, the increase in overall expenditure was offset in part by reductions in outlays for compensation of employees ($61m), supplies & materials ($11.5m) and services ($10m).”

However, the Ministry of Finance sought to focus attention on the quarterover-quarter revenue improvements.

“Government tax revenue collection improved in line with the reopening of the Bahamian economy as the tourism sector began to open in earnest and pandemic related restrictions were eased,” it said.

“Of the $1.035bn in tax receipts, approximately 26.1 percent was collected in the opening quarter of the fiscal year, with the proportion improving to 29 percent in the second quarter and peaking at 44.9 percent in the third quarter.

“This trend was primarily explained by a third quarter boost in collections of real property taxes, increasing year-on-year by $11m for the quarter due to the

real property tax forgiveness programme. The third quarter of the fiscal year has also seen a steady recovery in VAT and business licence receipts in the context of broadening gains in economic activity.”

Kwasi Thompson, minister of state for finance, said in a statement: “Although we have not achieved prepandemic levels, the third quarter results clearly indicate the situation is improving and we have successfully prevented any worst case economic scenarios from materialising.

“Outside of the necessary increases in social welfare spending to maintain unemployment benefits and to provide food to those in need, we have managed to contain other discretionary expenses to offset these increases. This is what we set out to do as part of our fiscal adjustment plan: Curtail nonessential capital expenditure by $100m. So far, we have had notable success and we feel confident we will meet our fiscal target.”

He added: “We are seeing

moderate signs of economic recovery as we are able to stabilise the public health crisis. The third quarter fiscal results provide optimism for the future. We are pleased to see economic activity return as the domestic economy and export sector open up more and more.

“It is important for us to stay disciplined and vigilant, and for the vaccine roll-out to continue in earnest to allow for the ongoing relaxation of restrictions. It would be clear to all objective observers that the government’s Resilient Bahamas plan has proven effective in providing real and tangible assistance to Bahamians, while supporting stable macroeconomic conditions.

“Further, consistent with the government’s strategy, the plan has ensured that the country has been able to weather this economic storm while still keeping its foreign currency reserves at high levels, allowing the Bahamian dollar to remain as strong and secure as it has ever been.”

PAGE 8, Thursday, May 6, 2021

THE TRIBUNE

NEAR ‘BORDER LINE’ OVER GOVT DEBT WRITE-DOWN FROM PAGE ONE

downgraded to non- investment grade credit ratings during the year, resulting in all securities acquired prior to the downgrade being classified to “stage 2” for purposes of assessing expected credit loss’.

And Fidelity Bank (Bahamas) is far from alone in this. Fellow BISX-listed institution, Bank of The Bahamas, was forced to take a $6.3m provisioning hit by the Moody’s “junk” downgrade of the government in its financial results

for the year to end-June 2020.

The likes of banks, insurance companies and pension funds carry significant holdings of government bonds and other debt securities.

They have traditionally been seen as The Bahamas’ safest, most liquid form of debt securities, retaining 100 percent of their face value on balance sheets.

However, the government’s post-COVID and Dorian fiscal woes are endangering this and, with IFRS now requiring institutions to make forward-looking assessments

of credit risks, the possibility that write-downs or discounts may need to be applied to these holdings is being considered for the first time.

“While there is confidence in their debt, that could change if we continue to see negative outlooks from the rating agencies because that will continue to cause the potential for downgrades, which will have the knockon effect of increased credit losses based on the mechanisms we have to deploy,” Mr Bowe explained.

“To avoid that, the government needs to make sure

the plans it is putting forward are credible policies. It is not a story for the rating agencies. If we do a good job satisfying ourselves then there is a knock-on effect.

We have no real need to create a story for them. We need to create a story for The Bahamas and live by it.

There is a lot at stake.

“The actions they take may not have consequences for entities purchasing the bonds because the government has an excellent record of paying, but they have an impact because of the fact forward-looking information has to be taken into account,” he added.

“The fact we’ve moved from investment grade to non-investment grade has to be taken into account, and any further deterioration will have an effect in terms of credit losses.”

He described the situation as “a partnership in many ways” where the government needed to maintain

market confidence while also ensuring that existing debt holders did not have to incur writedowns.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that the recently-passed suite of public financial and debt management legislation would give existing and potential investors access to greater transparency and insight into the government’s fiscal plans.

“All current and prospective investors can have a good understanding of the government’s near and medium-term liabilities, and help them assess the credit risk,” he said. “From an investor standpoint, the coming into effect of that legislation and how it evolves will continue to inform the confidence and credibility they have in The Bahamas.”

Meanwhile, the Ministry of Finance’s

so-called “fiscal snapshot” for the first nine months of the 2020-2021 fiscal year, yesterday revealed that the government’s direct debt has increased by $1.312bn over that period to total more than $9.5bn. The debtto-GDP ratio, as result, has risen by almost 17 percentage points.

“As a result of net borrowing activities, the direct charge on the government – exclusive of interest rate adjustments - increased by $1.312bn to $9.503bn or 82.8 percent of GDP at endMarch 2021, as compared to 66 percent of GDP at endJune 2020,” the report said.

“In meeting its operational requirements, the government incurred a $1.312bn net increase for the review period. Budgetary financing requirements were met through gross borrowings of $2.393bn compared to $936.5m in the same period of the prior fiscal year.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, May 6, 2021, PAGE 9

Bahamian aviation no longer ‘a poor orphan’ FROM PAGE ONE

imposition of such a regime, Mr Boyer-Cartwright told Tribune Business: “It’s big.

Come on, this is big.

“This is really going to boost the aviation sector a whole lot. It’s a big deal because we’re talking about a 60-year wait on that. We will have a much greater degree of control. We know it will be in partnership

with the Federal Aviation Administration (FAA), and we will have more control and ourselves benefit from it.

“It will certainly provide a greater revenue stream for civil aviation, and is a step in the right direction.

We are making progress.”

Mr Boyer-Cartwright said the air navigation services agreement worked out with the US will also complement recent legal and regulatory

EMERA INCORPORATED

(“Emera”) Notice to Holders of Depositary Receipts DIVIDEND NOTICE UPDATE The custodian of Emera’s depositary receipts has advised Emera that due to logistical challenges related to Covid-19, the payment of the dividend of CAD $0.159375 per Emera depositary receipt (CAD $0.6375 per common share of Emera) payable to depositary receipt holders of record as at May 3, 2021 may be delayed until on or before May 28, 2021.

NOTICE ANNUITANT VERIFICATION As part of the verification of benefits procedure, Colina Insurance Limited requires all recipients of annuity payments to produce evidence of their continuing eligibility to receive such payments twice each year – during the months of May and November.

To be verified during the month of May 2021, annuitants must visit any of the following Colina locations and be verified by a Customer Service Representative: • • • • •

21 Collins Avenue 56 Collins Avenue Carmichael Road (Walk-In Medical Clinic bldg) East Mall & Poinciana Drive (Freeport) Turnquest Star Plaza (George Town)

The following documents must be presented at the time of verification: • •

Annuity card, and Valid Passport, Drivers License or Voters Card

Annuitants residing outside of The Bahamas, or those who are unable to visit our offices physically, may download the Life Certificate Form from the Company’s website, www.colina.com.The form should be completed, validated by a Notary Public and delivered to our office at the address below.

Colina Insurance Limited 21 Collins Avenue, P. O. Box N-4728 Nassau, New Providence, The Bahamas Annuitants who fail to verify on or before May 31, 2021 will have their payments suspended until this process is completed.

Should you require additional information, please contact our Customer Service Centre at 356-8300. www.colina.com

reforms designed to boost the industry, and comes ahead of this November’s International Civil Aviation Organisation (ICAO) audit of The Bahamas regime.

And he suggested that it was “even better news” to hear Mr D’Aguilar confirm that all monies generated by the annual overflight fees will be funnelled directly to the civil aviation industry, rather than going straight into the Public Treasury and being co-mingled with the government’s consolidated fund.

The ten-year management agreement with the FAA will see all overflight fees from the 75 percent of Bahamian air space it controls go towards funding the likes of the Civil Aviation Authority, Bahamas Air Navigation Services Authority and air accident investigation, removing the need for taxpayer support.

The Civil Aviation Authority alone received $15.302m in subsidies from this year’s budget, and the government is hoping there will also be sufficient funds to finance the building of the necessary infrastructure and expertise to one day take over air space management from the FAA. “The civil aviation sector

was just so neglected like a poor orphan child. Now it’s getting the attention it deserves,” Mr Boyer-Cartwright said, adding that it will also aid The Bahamas’ ambitions tom develop an international aircraft registry.

“The aircraft registry hinges on this in the sense we can’t compete with other jurisdictions if we don’t have the infrastructure in place,” he added. “It’s not just the legislation but the infrastructure.”

Mr D’Aguilar hailed the ten-year agreement for the FAA to continue managing Bahamian air space above 6,000 feet as ending a near60 year period where this nation earned “not one red cent” from planes landing here, taking off or simply passing through its skies.

And, while the FAA will continue its management for another decade, Mr D’Aguilar said it had ceased collecting any overflight fees with respect to Bahamian air space from May 1. It will also not charge the Bahamas Air Navigation Services Authority for continuing to provide its management services, and is to instead receive a “small annual fee” to provide data so this nation can bill and collect

the fees.

No mention was made of how the overflight fees will be collected, or who will be responsible, but Mr D’Aguilar said the government expects to collect between $20m to $30m in overflight fees during the the first year, with this sum increasing to $30m-$40m by the fourth year.

He added that the $300m-$350m anticipated to be earned over the next decade will help finance the operations of the Civil Aviation Authority, as well as help build capacity in air navigation services for The Bahamas to eventually take over its own air space via a Flight Information region.

Unveiling the fee structure, the minister said: “All airspace users that land and take-off from Bahamian airports and fly within Bahamian airspace will now pay a fee of $1 for arriving and departing passengers plus a flat fee of $10 up to $61 for each flight depending on the maximum take-off weight of the aircraft. The aircraft that weighs less will pay less, and the aircraft that weighs more will pay more.

“Prior to May 1, 2021, all aircraft flying over the Bahamas - not landing or taking off in The Bahamas

- but simply flying through our sovereign airspace paid the FAA directly, $61.75 per 100 nautical miles. After May 1, 2021, the airspace users will pay the Government of the Bahamas from $8.50 to $51.60 per 100 nautical miles based on the maximum take-off weight of the aircraft.

“Once again, the aircraft that weighs less and travels a shorter distance will pay less and the aircraft that weighs more and travels a longer distance will pay more.”

Hailing the agreement with the FAA, he added that this changes an arrangement that has been in place since 1952, when responsibility for managing Bahamian air space was divided between the US, which took control of 75 percent, and Cuba, which oversees the remaining 25 percent.

“The Bahamas was assigned nothing other than a small area around Nassau only up to 6,000 feet,” Mr D’Aguilar added. “Aircraft using the sovereign airspace of The Bahamas paid fees directly to the FAA and the Cubans and, once again, The Bahamas received not one red cent from this arrangement. In the minds of most right-thinking Bahamians, this arrangement was unacceptable.”

PAGE 10, Thursday, May 6, 2021

THE TRIBUNE

QC rejects AG’s assertion on PI crown land fight FROM PAGE ONE

of assertions by Carl Bethel QC: “Maybe he’s thinking about another case, or trying to give Royal Caribbean peace of mind.”

The well-known QC confirmed that he has filed a writ and statement of claim on Mr Smith’s behalf, with the Attorney General’s Office having filed a defence for the government. He spoke out after Mr Bethel hit back following Tribune Business’ revelations that he admitted Royal Caribbean was being “unreasonable” in its demands for some of the same crown land that Mr Smith believes he has a valid lease for.

Mr Bethel, in a statement, accused Mr Smith of leaking what he thought were private What’s App communications, saying: “As attorney general I was asked by Cabinet to conduct negotiations seeking to resolve the Toby Smith matter involving his

PARADISE ISLAND LIGHTHOUSE

CARL BETHEL QC proposed lease of crown land on Paradise Island. A face-to-face preliminary meeting was held.

“Subsequently, Mr Smith contacted me via social media on the basis of privacy. Negotiations continued on that basis. Regrettably, Mr Smith has breached the privacy that he himself indicated in his initial contact. Negotiations are not usually assisted by arguing and telling the other party to the negotiations that he, himself, is completely unreasonable.

“Since that time Mr

Smith has commenced a legal action in the Supreme Court. Informal contact accordingly ceased. It is interesting to know that the said legal action seems not to be going anywhere, and that Mr Smith now appears to prefer litigating in the press rather than in court.”

The latter assertion was refuted by Mr Munroe, and Mr Smith also rejected Mr Bethel’s suggestion that their conversations were negotiations. “He told me, amongst other things, that they [the government] were moving me unilaterally down the beach and

pushing it down my throat,” he argued.

“In the spirit of healthy negotiations he should have asked if I was willing to move my agreed upon parcel. He was not prepared to put what he was ‘offering’ in writing, he would not even give me a copy of the plan highlighting where they were attempting to shove me on honey comb rock to operate a beach club to consider.”

Calling on the attorney general to “check his facts”, Mr Smith also released the January 7, 2020, letter he received from Richard Hardy, acting director of lands and surveys, which was headlined “approval crown land lease” for the two-acre and three-acre parcels he was seeking for his project.

The entrepreneur said he executed the lease and sent it back two days later after it was witnessed and notarised by Adrian White, the now-Town Planning

Committee chair and FNM candidate for St Ann’s in the upcoming general election. It is understood Mr White has recused himself from the approval process for Royal Caribbean’s rival project.

The government, though, is arguing that Mr Smith’s crown land lease was never executed, and is not valid and legally binding, because it never signed it.

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.

He 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 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.

THE TRIBUNE

Thursday, May 6, 2021, PAGE 11

US stock indexes mixed as tech rebound fades; Peloton sinks

Associated Press

MAJOR US stock indexes closed mixed yesterday after an early technology company rebound faded, tempering the market’s recovery from a sell-off a day earlier.

The S&P 500 eked out a 0.1% gain after having been up 0.7% in the early going.

The Dow Jones Industrial Average managed a 0.3% gain, while the tech-heavy Nasdaq slid 0.4%.

Financial and energy stocks helped keep the S&P 500 out of the red. JPMorgan Chase rose 1.3% and Exxon Mobil added 3%.

Losses for retailers and other companies that rely primarily on consumer spending kept those gains in check, as did a pullback in utilities.

Technology stocks, which led the market’s blockbuster rebound in 2020, fell for the seventh straight day. The sector, one of 11 in the S&P 500, is up 4.6% this year, the third-smallest gain in the index after consumer staples and utilities. Energy companies are faring the best with a 38.1% gain so far this year.

The market’s mixed results came as investors remain focused on earnings reports, which have been better than expected.

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. “It’s been a pretty torrid pace in terms of earnings right now, but not everyone is being rewarded,” said JJ Kinahan, chief strategist with TD Ameritrade. “To have your stock at least do OK during earnings season: No 1 beat on revenue and No 2 talk about a bright rest of the year trend.”

The S&P 500 added 2.93 points to 4,167.59. The benchmark index hit an alltime high last Thursday. The Dow rose 97.31 points to 34,230.34, while the Nasdaq dropped 51.08 points to 13,582.42. The Russell 2000 index of small-company stocks lost 6.92 points, or 0.3%, to 2,241.37.

Stocks had been mostly pushing higher on expectations of an economic recovery and strong company profits this year as large-scale coronavirus vaccination programmes 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.

Still, investors remain concerned about the potential for higher inflation, signs of which are already cropping up as higher prices for oil, lumber and other commodities. Remarks by Treasury Secretary Janet Yellen suggesting the Federal Reserve would have to raise interest rates to keep the economy from overheating, led to a late-afternoon

sell-off on Tuesday.

Yellen downplayed those remarks, and several Fed officials followed suit yesterday, which helped boost stocks, said Steve Chiavarone, equity strategist at Federated Hermes.

“A combination of decent (economic) data, continued good earnings and a coordinated apology tour were enough to get markets to move back in an upward direction,” he said.

General Motors shares rose 4% after the company posted a solid quarterly profit compared to a year earlier, but also affirmed its full-year outlook even as the automaker — like much of its competition — contends with a chip shortage that is impacting production.

Under Armour jumped 6.9% after the athletic apparel company reported better-than-expected results.

Traders also cheered video game maker Activision Blizzard’s latest quarterly report card, driving shares 1.6% higher.

Caesars Entertainment

vaulted 7.8% for the biggest gain in the S&P 500 after the hotel and casino giant said more people are booking rooms as they get vaccinated and feel comfortable traveling and going out.

Facebook shares fell 1% after the company announced its independent oversight board would continue to ban former President Donald Trump from the platform. Trump’s account had been suspended indefinitely after the January 6 insurrection at the capital, where his rhetoric has been blamed for the riots. The board did say that the company must decide if the ban is permanent.

Shares of exercise equipment company Peloton Interactive skidded 14.6% after the company voluntarily recalled its treadmills after dozens of reports of injuries to children and pets, and at least one death. The $4,200 treadmill was the company’s biggest expansion beyond its traditional exercise bike programme.

Later this week, investors’

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FRANCIS ANDREA ADASSA INIZE PALMER, of Hay Street, New Providence, The Bahamas, intend to change my name to FRANCES ANDREA ADASSA INIZE PALMER. 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 is hereby given that JOLLY ROSEMOND of Mount Royal Avenue, Nassau, 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 6th day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

attention will turn to the jobs report for April. Economists expect the data to show employers hired 975,000 workers last month as the economy accelerated out of the pandemic and vaccines rolled out

nationwide. The unemployment rate is expected to drop to 5.8% from 6%.

A private sector jobs report released by payroll processing company ADP found that private employers created 742,000 jobs last

month, which was less than the 896,000 jobs that were expected by economics.

Bond yields were stable yesterday, with the ten-year Treasury note trading at a yield of 1.57%, down from 1.59% late on Tuesday.

PAGE 14, Thursday, May 6, 2021

THE TRIBUNE

NOTICE

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 5 MAY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1954.05

3.45

%CHANGE

YTD

YTD%

0.18 -138.41

-6.61

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.15 33.05 1.50 2.90 1.78 6.00 6.96 3.60 6.00 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 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 1.44 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

CLOSE 5.05 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.95 5.90 9.75 2.32 6.80 11.08 9.00 14.00 3.99 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS780222 BSBGRS760240 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.50 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 100.66

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

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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.32 0.00 (0.01) 0.00 (0.07) 0.00 0.00 0.00 0.00 0.00

VOLUME 300

1,200 5,813 750

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

440

VOLUME

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

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 13.1 13.5 22.7 14.6 17.2 12.4 17.2 19.7 8.7 24.6

YIELD 3.37% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.07% 3.73% 7.38% 18.71% 0.88% 2.96% 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

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

MATURITY

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

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

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

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

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

NAV Date

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

MARKET TERMS

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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

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

NOTICE is hereby given that ROGER BILLY BELLOT of Minnie Street, Nassau, 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 29th day of April, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, 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

Thursday, May 6, 2021, PAGE 15

FEDERAL JUDGE STRIKES DOWN CDC EVICTION MORATORIUM BOSTON Associated Press

A FEDERAL judge ruled yesterday that the Centers for Disease Control and Prevention exceeded its authority when it imposed a federal eviction moratorium.

The Justice Department said it would appeal the ruling from the US District Court in Washington, DC, meaning there won’t likely be any immediate impact on the ban, which in March was extended through the end of June.

Opponents of the moratorium, including the National Association of Realtors, welcomed the decision and

said the solution was rental assistance, not a ban on evictions.

“This prevents two crises — one for tenants, and one for mom-and-pop housing providers who do not have a reprieve from their bills,” the president of the realtors association, Charlie Oppler, said in a statement. “With rental assistance secured, the economy strengthening, and unemployment rates falling, there is no need to continue a blanket, nationwide eviction ban.”

The Alabama and Georgia associations of realtors were among the plaintiffs in the case.

The eviction ban, initially put in place last

year, provides protection for renters out of concern that having families lose their homes and move into shelters or share crowded conditions with relatives or friends during the pandemic would further spread the highly contagious virus.

Proponents of the ban argue it is necessary since the pandemic is still a threat and so many people are at risk of eviction or foreclosure. Nearly four million people in the US said they faced eviction or foreclosure in the next two months, according to the Census Bureau’s Household Pulse Survey.

The eviction moratorium “protects many renters who

cannot make their monthly payments due to job loss or health care expenses,” Brian M. Boynton, acting assistant attorney general for the Justice Department’s Civil Division, said in a statement announcing the department’s decision to appeal the court ruling.

“Scientific evidence shows that evictions exacerbate the spread of COVID-19, which has already killed more than half a million Americans, and the harm to the public that would result from unchecked evictions cannot be undone,” he added.

Congress has allocated more than $45bn in rental assistance, but much of that hasn’t reached

needy tenants.

Eric Dunn, the director of litigation for the National Housing Law Project, said most of the rent relief programs only started in late March and early April. “It feels like the pandemic, at least in the US, is coming to an end but it’s not over yet.

If we have a wave of mass evictions, it could really set us back.”

The ruling yesterday is just the latest court decision on the moratorium.

Landlords in several states have sued to scrap the order, arguing it was causing them financial hardship and infringing on their property rights. They remain opposed to any extension, saying it

THE WEATHER REPORT

5-Day Forecast

ORLANDO

High: 87° F/31° C Low: 69° F/21° C

TAMPA

uV inDex toDay

TONIGHT

FRIDAY

SATURDAY

SUNDAY

MONDAY

Sunny and nice

Mainly clear and humid

A t‑storm around in the afternoon

A morning shower

A morning t‑storm in spots

Mostly sunny, a t‑storm possible

High: 86°

Low: 75°

High: 85° Low: 73°

High: 84° Low: 74°

High: 86° Low: 75°

High: 88° Low: 76°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

97° F

81° F

96°-74° F

91°-73° F

94°-78° F

96°-80° F

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

N

almanac

E

W

ABACO

S

N

High: 83° F/28° C Low: 76° F/24° C

7‑14 knots

S

High: 90° F/32° C Low: 73° F/23° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 74° F/23° C

N E S

E

W

WEST PALM BEACH

W

| Go to AccuWeather.com

TODAY

High: 87° F/31° C Low: 73° F/23° C

High: 85° F/29° C Low: 74° F/23° C

MIAMI

High: 90° F/32° C Low: 75° F/24° C

4‑8 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 73° F/23° C Normal high ....................................... 83° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 67° F/19° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.25” Normal year to date ..................................... 6.44”

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 75° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 84° F/29° C Low: 76° F/24° C

N

KEY WEST

High: 86° F/30° C Low: 78° F/26° C

tiDes For nassau High

E

W

4‑8 knots

S

6‑12 knots

Low

Ht.(ft.)

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

Wednesday 9:01 a.m.

9:22 p.m.

2.3 2.8

3:12 a.m.

3:02 p.m.

0.2 0.0

0.0 0.0

sun anD moon Sunrise Sunset

6:31 a.m.

7:43 p.m.

Moonrise Moonset

3:48 a.m.

3:33 p.m.

New

First

Full

Last

May 11

May 19

May 26

Jun. 2

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 75° F/24° C

High: 84° F/29° C Low: 77° F/25° C

N

High: 86° F/30° C Low: 76° F/24° C

E

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 76° F/24° C

L

Ht.(ft.)

Today

High: 84° F/29° C Low: 75° F/24° C

N

S

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

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

CAT ISLAND

E

W

does nothing to address the financial challenges facing renters and landlords.

There are at least six prominent lawsuits challenging the authority of the CDC ban. So far, three judges have sided with the ban and three have ruled against, with all cases currently going through appeals. One judge in Memphis declared the CDC order unenforceable in the entire Western District of Tennessee.

Dunn worries that the sweeping nature of this ruling — which clearly states that it applies nationally — could embolden landlords in some states to push ahead with evictions.

6‑12 knots

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

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 83° F/28° C Low: 76° F/24° C

H

High: 83° F/28° C Low: 76° F/24° C

GREAT INAGUA High: 86° F/30° C Low: 77° F/25° C

N

E

W

E

W

N

S

S

7‑14 knots

7‑14 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SW at 6‑12 Knots SW at 8‑16 Knots SE at 4‑8 Knots SW at 4‑8 Knots SE at 6‑12 Knots S at 6‑12 Knots ESE at 7‑14 Knots SE at 6‑12 Knots SSE at 4‑8 Knots SSW at 6‑12 Knots SSW at 7‑14 Knots WNW at 7‑14 Knots SE at 6‑12 Knots S at 6‑12 Knots NE at 7‑14 Knots ESE at 4‑8 Knots ESE at 6‑12 Knots SSE at 6‑12 Knots ESE at 6‑12 Knots SE at 6‑12 Knots SE at 6‑12 Knots SSW at 4‑8 Knots SE at 7‑14 Knots SE at 6‑12 Knots SE at 6‑12 Knots SSW at 6‑12 Knots

WAVES 1‑3 Feet 2‑4 Feet 0‑1 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 0‑1 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet

VISIBILITY 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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