05072020 BUSINESS

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THURSDAY, MAY 7, 2020

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‘Smiling ear to ear’ if $500m works budget

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

CABINET minister yesterday said he will be “smiling from ear to ear” if his wish for a $500m capital works budget to improve decaying infrastructure and boost the economy is granted.

Desmond Bannister, minister of works, told Tribune Business that the collapse of the bridge linking Spanish Wells and Russell Island was “a stark warning” about the decaying state of many of The Bahamas’ key infrastructure assets.

• Minister eyes major nation-wide stimulus package • Bridge collapse ‘stark warning’ on infrastructure state • COVID-19 fall-out ‘so frightening’ for The Bahamas Arguing that successive administrations have left the likes of roads, bridges and docks in “an untenable position”, Mr Bannister said the government need to initiate major capital works “in each of the Family Islands” as well as New Providence to both upgrade its infrastructure and stimulate jobs and economic activity post-COVID-19.

DESMOND BANNISTER

SEE PAGE 8

Labour chief: 2,500 in termination threat

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government’s top labour official yesterday warned that 2,500 employees are threatened with termination unless the period in which they can receive unemployment benefit is doubled to 26 weeks.

John Pinder, director of labour, told Tribune Business that the government had been approached by 20 companies about extending the current 13-week National Insurance Board (NIB) jobless benefit amid fears that they may otherwise have to pay staff their full severance pay due under the Employment Act. And, of that 20, Mr Pinder said nine had already warned the Department of Labour they are ready to provide full severance - not

• Firms warn of severance if NIB not extended • Urging change to Employment Act constraints

JOHN PINDER

PETER GOUDIE

just continue with temporary lay-offs - due to recent changes to the Employment Act that stipulate after 12-13 weeks (90 days) companies must provide due statutory/ termination pay to employees who may have been sent home.

“There are 20 companies altogether that have come to

the Department of Labour looking to lay-off staff,” Mr Pinder said. “The companies that are indicating the possibility of termination, about 90 percent of them are in New Providence and the other ones are between Grand Bahama, we have something out of Eleuthera, one company out of Exuma

BISX-listed firm ‘bullish’ on $1.2m travel investment

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed company yesterday said it remains “bullish” on a $1.2m travel agency investment that it believes can still target a Bahamian market worth up to $1bn post-COVID-19.

Julian Brown, pictured, Benchmark (Bahamas) president and chief executive, conceded to Tribune Business that “the timing might be off” with its Premier Travel outlay but argued that the pandemic had “actually been a blessing in disguise” by providing more time to adjust

the company’s business model.

Voicing confidence in the industry’s ability to rebound despite its total COVID-19 shutdown, the Benchmark chief said Premier Travel intended to pursue a local

SEE PAGE 4

BTC suffers 8% revenue decline

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Telecommunications Company (BTC) suffered an eight percent year-over-year topline decline during the 2020 first quarter, it was revealed yesterday, with revenues dipping below the $50m mark.

BTC’s parent, Liberty Latin America (LiLAC), unveiling figures for the three months to end-March

2020, disclosed that BTC’s revenues fell by $4.3m - from $53.6m in the prior year to $49.3m - in a period during which the full COVID-19 impact only emerged during the last two weeks.

However, there was better news for BTC on the mobile subscriber front where the figures suggested that the loss of customers to its rival Aliv continues to slow. The Bahamian carrier suffered a less than one percent drop

SEE PAGE 9

and something out of Bimini.

“Nine of the 20 companies are talking about termination and not just lay-offs. I’m singling out the nine companies that have said to us that they are prepared to give severance pay to their staff, but not all.

They have written that some of their staff will be given severance pay, which means they are terminating them.

“The other companies have it in such a way that if this thing does not turn around then they have to revisit it, and that is the reason why they are asking the government to

SEE PAGE 4

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Auto dealer: ‘Level the playing field’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN auto dealer is urging the government to “level the playing field” as he voiced concerns that competitors are being allowed to open in-store more frequently than his own business.

Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business it “would be nice to see things implemented across the board” given that some rivals are able to open their auto parts departments to walk-in business three days per week compared to his one.

He pointed, in particular, to Wulff Road-based Automotive Industrial Distributors (AID), which in a May 1 posting to its Facebook page said its auto parts section was open to walk-in traffic three days per week.

“Auto and home supplies now open every Tuesday, Wednesday and Friday starting May 1,” the posting, seen by this newspaper, said. “Tire and service centre 8am to 5pm. Parts, housewares and hardwares, 8am to 8pm.”

Emphasising that he bore no grudge or malice towards AID, Mr Albury said his primary complaint was that the government is providing some companies with an unfair competitive advantage by loosening the COVID-19 lockdown restrictions more on them than his own business. Bahamas Bus and Truck, along with other auto dealers and parts stores, is only allowed to open one day per week to walk-in customers.

“I’m hoping we’ll be given a little more freedom,” he said. “I know companies that are offering the same thing have been granted more days to be open. AID were given three days a

BEN ALBURY week to open their store, while also doing curb-side parts and service.

“They’ve been granted permission to open everything three days a week, parts, service the whole nine yards. I’m very happy for them, and are glad to see the guys back, but I’d like to see it more across the board with everybody. At least level the playing field.”

AID also sells home furnishings, which enables it to be open on Wednesday and Friday as well as the auto parts day of Tuesday, under the government’s Emergency Powers COVID-19 Orders and regulations.

However, the uneven application of the government’s lockdown restrictions and their subsequent easings, with some businesses seemingly allowed to open more and earlier than others, has been an ongoing issue.

Meanwhile, auto dealers such as Bahamas Bus and Truck have now been able to re-open their service departments to curb-side business.

Mr Albury said service clients have to make an appointment either online or over the phone, and leave their vehicles “on the front porch” at the specified time.

They can e-mail in a list of items that need to be fixed, and submit payment via e-mailed credit card authorisations, with the vehicle left outside with security present once it is ready for pickup. Auto dealers in general

SEE PAGE 4

PAGE 2, Thursday, May 7, 2020

THE TRIBUNE

Strategies to thrive in our ‘new normal’ I

BELIEVE the greatest challenge lies in determining where we should focus the Bahamian economy so that it can thrive in the “new normal” that will emerge once the COVID19 pandemic has passed.

My concern is not only the negative impact on tourism, our number one industry, but also the steadily-contracting financial services industry whose contribution to gross domestic product (GDP) is thought to have shrunk from 20 percent to 15 percent. This is troubling. There is hope, but we must be proactive and realise there was a problem pre-COVID-19. What we do now to transform other areas and diversify the economy has become even more critical.

Indeed, this quote sums it all up: “COVID-19 has taken the whole world from 2020 to 2030 in one month.”

We must realise that previous economic strategies will not bode well for us, especially since the COVID-19 fall-out 19 will impact the world well into 2021. The questions we need to ask ourselves in The Bahamas are: Which industries will enable us to provide growth in our economy and reduce our unemployment rate at a steady pace? The jobless rate has been above ten percent for 18 of the past 19 years. Then, which industries will expand the middle class, which has been shrinking even before the arrival of COVID-19.

Tourism accounts for 60 percent of our Gross Domestic Product (GDP).

Even the most positive outlook forecast a 50 percent rebound to arrivals numbers seen pre-COVID-19, with September and October naturally being slower months. Cruise lines have parked their fleets until mid to late June at the earliest, thus impacting tourists arrivals well into the second half. Given all the negative news, I do not see the cruise industry rebounding until later in 2021, and I expect to see closures of some cruise lines and consolidation in the sector.

While I believe our

BY KENDRICK CHRISTIE

hotel and tourism leaders include some of the best minds in the world, there is no doubt that the fallout from COVID-19 will most certainly dampen tourist arrivals well into 2021.

This, then, is a real challenge in that we have a strong number one industry in tourism and its many offshoots - medical, environmental and conferences etc - that has been all but shutdown in the near term alongside a contracting second industry in financial services. It is akin, if I dare use a sports analogy, to Michael Jordan leading the Chicago Bulls with a weak surrounding team. There is sole reliance on one player, and we all know how successfully things turned out once he was paired up with a reliable “number two”.

Despite the challenges, there are still opportunities for The Bahamas to adapt quickly and ensure it transforms its economy for a COVID-19 landscape that is forecast to be with us for another two years.

We must reshape financial services and banking while developing other industries that will not only contribute more to economic growth. but also help to sustain our internal capacity to withstand external shocks such as those we are experiencing with COVID-19.

Here are four areas where I suggest The Bahamas concentrates: 1.The evolution to full digital transformation and payments systems The Bahamas’ muchtouted shift to a digital technology model involving online banking, electronic payments and the like has involved a patchwork rather than comprehensive - approach. Bahamian companies have been migrating to an online presence and e-commerce model out of pure necessity to survive in a curfew and lockdown environment. We have never seen this level of online delivery of so many different products and services before in this country.

Post-COVID-19, this must be the order of the day.

The Bahamas needs to establish a national goal of making it less costly for companies, especially

small and medium-sized enterprises and “mom and pop” stores, to adopt and use e-commerce solutions. The government can do this by first eliminating all VAT and bank charges on financial transactions, with banks - in turn - reducing fees for online banking transactions. They can increases charges on checks and drafts to compensate. The government must also adopt an e-commerce platform across all government agencies.

There is one particular government agency that only accepts cash as a form of payment. This is unacceptable in today’s day and age, and raises fraud and safety concerns. The government must lead the way by minimising cheques and drafts, and moving to an online transfer system for all vendors, which would greatly improve the efficiency of our payments system. The success of the VAT portal, with e-filing and online payments, demonstrates we can implement this.

It is my belief that online banking should be a part of the regular offering by commercial banks, and treated as an essential and free service. It makes no sense to have to go into a bank to sign-up for online banking. For commercial banks, fewer fees means more volume. More usage of credit cards, transfers and debit cards by businesses will result in more revenue for their top-line.

For small and mediumsizes enterprises (SMEs), this would mean a conversion from cash-only operations to accepting card and online payment.

This will result in reduced theft, less costs involved in protecting their cash, more customers and better tracking of their transactions..

The average cash theft per dishonest employee, as calculated by the National Retail Federation in the US, was estimated at $1,200. We do not have any estimates of this in The Bahamas, but as a certified fraud examiner I would say we are not too far behind this figure.

We will truly see transformation when one can traverse the whole of New

Providence for a week, receiving and paying bills to government agencies and making purchases at private companies using a debit card or digital currency without having to take a single dollar bill out of their wallet or stand inline to deposit a cheque.

Highlight and use the strengths of our archipelago We have a unique opportunity as an archipelago to demonstrate to the world that we have managed COVID-19 proactively and strategically. We have had several islands, some of which are wellknown internationally, with no known COVID-19 cases, such as Exuma and Eleuthera. It is my view that these islands should be able to relax their respective lockdowns even as they continue airport shutdowns to allow those economies more freedom to function. The sparsely populated southern Family Islands have been allowed to do just that, and others are likely to follow suit soon.

We already see the government allowing different shopping practices for some Family Islands due to their unique situation.

I think we can allow some islands to open further, albeit with international airport arrivals on hold, but with local movement and shipping using proper screening and social distancing.

3. The immediate development of a nationwide Agri-Business plan designating North Andros, parts of New Providence and other islands as development clusters The New York Times recently predicted shortages in the US food supply chain, particularly with meat and other products, due to the COVID-19 crisis. Many Bahamians are being innovative and learning new skills in the midst of this pandemic, whether sewing, gardening or farming activities. Hatcheries and local farms have been inundated with demand for produce. The government must implement a plan to raise the subsidies and quotas for farmers while holding them to certain

quality standards and production methods.

While we will always have to import a certain level of product from abroad, we have local demand for Bahamian goods and would do well to increase the amount produced locally as this will increase employment and reduce the impact of external shocks.

Who is going to think of creating the first 100 percent “Bahamian Grown” grocery store chain with every produce and egg product, tamarind juice, mango, and banana produced in The Bahamas.

Would this not be a marvellous thing, and a consistent source of pride and revenue, too?

4. Transformation of our Education system to incorporate online learning and more vocational training The key to transformation is to begin early in the educational life of our people. The Ministry of Education has called for a focus on kindergarten and primary school learning, as most of what we learn occurs up to age nine. This is scientifically supported, and a good way to begin the reforms we truly need.

Then we revamp the entire education system.

It is true that we have had mixed success in developing a “centres of learning” approach, with a number of public schools enjoying huge success on national exams. Yet with a 46 percent diploma rate, more must be done. We should also make certain schools centres of learning for specialisation and a more diverse field of study, including coding and information technology; medical equipment and software; agriculture; manufacturing techniques; sewing; straw work. These are all focused on training students in a more skill-set based curriculum that is better suited to today’s economy. Our goal should be to lower the cost of internet service for every Bahamian, so that we have

a fully-serviced market with all homes having some basic level of service. We cannot move forward with the patchwork level of Internet access that we have now.

We are currently preparing students for fields of study that are shrinking, whether it is banking, tourism or anything with a ‘bricks and mortar’ presence. Online remote work is not a thing of the future; it is here now to stay. In the US, remote work is estimated to have grown by 91 percent over the past ten years. We must visualise these changes and prepare for new types of industries.

The way that we prepare students needs to change to fit the new world order.

My hope is that the government-appointed Economic Recovery committee not only navigates the short-term challenges but looks long-term - ten years or more down the road.

We must do certain things now to prepare our people, and our way of doing business, to ensure we do not go down this path in the future.

I will be sharing other suggestions for consideration with them.

The greatest leader of them all is the one who prepares for problems that do not yet exist but are much anticipated, and for rewards he or she may not personally benefit from, but his or her people will. That is the selfless and visionary leadership we need from our political and civil leaders right now.

NB: Kendrick Christie is a chartered accountant, certified fraud examiner and justice of the peace in The Bahamas. He has been practicing in the audit and accounting arenas for 25 years, and written many articles on fraud and The Bahamas economy. He is an assurance and forensic partner in Crowe Bahamas, a firm in Crowe Global, the eighth ranked accounting firm in the world, and principal of K.Christie and Co. Chartered Accountants and Fraud Examiners.

Out Island resorts focusing on health

“While I’m sure we are better prepared than a lot of persons, we are thinking that people will want to come to a place where they are unlikely to catch the COVID-19. If they have it we want to identify it right away so that we can put it in isolation. Our mantra is wellness, romance and adventure. That’s what we work under. So you can’t have health unless you are serious about it.”

Mr Rolle said he was using “every opportunity” to enhance his resort’s product, and added: “We are putting in three handsfree sanitisers so that when you come into the dining room you will see the sanitising station. You just put your hand under it and you will be able to sanitise your hands. We are going to have those napkins in place and give you a small pack of napkins. We are taking this serious.”

Rosemary Thompson, co-owner of Thompson’s Seaside Villas in Eleuthera, said: “We haven’t gone

through it yet, but certainly we have to clean down. We have always put hand sanitiser and disinfectant in the villas and, of course, if we can get some alcohol that would be good. I have not spoken to my husband on it yet because we are not sure when we are going to be open yet.”

Ms Thompson, who also owns a small convenience store near her resort, added: “I have some alcohol wipes that we use, and we wipe down the cooler handles and our countertops and doors, so that is a procedure we do on a continual basis. Everyone will have to wear masks when they come in.”

“With the rental property we deal with Airbnb, and they will try to help you and guide you with what you are supposed to be doing.

Once we clean down we will provide our guests with things like wipes, spray and alcohol if we can get it because it seems scarce in the country, as we can’t find it anywhere.

“We always have been putting alcohol and disinfectant spray in our rooms so that guests would have it to feel comfortable when they come. We are looking along those lines and anything else Airbnb would recommend we will, of course, try to work on that.”

Ms Thompson said she is just waiting to hear from the government when the borders will be reopened. “I have had some inquiries,” she added. “In fact, someone was interested from July, but as soon as everything started to close down the guests cancelled.

“All of our guests had cancelled, but we have one person scheduled to come on in August who said they are going to wait and see. Both of the guests in July had cancelled. I have had some other persons interested in July, but no confirmation because everyone has to wait and see how the borders will open up before they confirm and make deposits.

“But we are keeping the place clean and sanitised in the meantime, cleaning down and being ready for whenever any guests come.

We would even provide for our guests some masks, so even if they come without masks we will provide them with them so they can travel the island if they want to.”

Beryl Ferguson, owner of Chester’s Bonefish Lodge and Restaurant in Acklins, said: “We are going to be directed by the government, and whatever decision they take we will follow those guidelines.

Whatever guidelines are set out that is what we are going to follow. Right now the hotel is closed and we won’t be welcoming any visitors until everything is cleared.

Ms Ferguson said that “once everything is cleared” she plans to initiate proper cleaning and sanitation measures, although the only product available to her is bleach “because you can’t find anything else”.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island resorts yesterday said they are developing the necessary health and sanitary protocols to put guests at ease over returning once the COVID-19 pandemic has ended.

Carl Rolle, manager of Rollezz Villas Beach Resort on Cat Island, told Tribune Business: “We are going to follow some established and newly-implemented procedures. First, we are going to be dealing with the digital scanning right away, because I think we have to have some line of defence.

“We have to scan ourselves, and we are going to scan our guests so they know we are serious about it. In terms of sanitation and

sanitisers, we are going to have them placed strategically, even on the beach. We got some new beach towels, so our guests are not going to have to lie on the beach cushions that are always on the beach. We are going to give you towels all the time; we will give you a towel every day if you need it.”

Mr Rolle added: “We don’t want to spread the COVID-19. It is an unwelcome guest for us. We already have our Dettol and Himalaya sanitiser in place.

We are trying to get some more, but it seems like it is in short supply. We want to get some of the masks, but we aren’t really going to open up as soon as government says because we have to be prepared, and I want to know we have everything in the forward position ready to go.

THE TRIBUNE

Thursday, May 7, 2020, PAGE 3

BAHAMIAN INVESTORS ‘COVER’ OIL EXPLORER’S LICENCE FEES DEAL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SOME $900,000 raised from Bahamian investors will “adequately cover” the agreement reached by an oil explorer with the Minnis administration over outstanding licence fees.

Bahamas Petroleum Company (BPC), in a statement to the markets, said the BPC Investment Fund, which it created as a vehicle for Bahamians to invest in its shares only, has been approved for listing on the Bahamas International Securities Exchange (BISX).

It added that the Central Bank of The Bahamas’ exchange control department has also approved the process through which BPC will receive the monies invested by Bahamians once the regulator has finished “vetting” the latter.

The oil explorer, which recently said COVID-19 has forced it to further delay plans to drill its first exploratory well in Bahamian waters south-west of Andros until October 2020, also disclosed that it had reached an “agreement in principle” with the government over unpaid licence fees for both the period to 2018 and subsequent two years to 2020.

While the sum agreed was not disclosed, BPC indicated it is below the $1m mark as it said the $900,000 raised from Bahamian investors in the BPC Investment Fund will be more than sufficient to cover what is due.

“The company has now received confirmation that the [BPC Investment] Fund has been approved for listing on the Bahamas International Stock Exchange (BISX), and that the Central Bank of the Bahamas exchange control division has approved the process by which BPC is

OPPOSITION SLAMS EUROPE’S ‘OUTRAGEOUS’ BLACKLIST THREAT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE opposition’s deputy leader yesterday slammed the “outrageous” blacklisting of The Bahamas’ by the European Commission as he urged the government to stop “kowtowing” in the face of such threats.

Chester Cooper, responding to reports that the commission, which is effectively the 27-nation European Union’s (EU) civil service, intends to cite The Bahamas and 11 other nations for alleged weaknesses in their anti-financial crime regimes, called on the Minnis administration to stop undermining the financial services industry by appeasing such demands.

“It is outrageous that the European Commission would seek to unilaterally levy heavy-handed sanctions by way of another blacklist.

It is even more concerning that these attacks continue amidst the COVID-19 crisis.

Though there have been various legislative reforms undertaken, institutions continue to shed jobs and leave The Bahamas,” Mr Cooper said.

“This action threatens our competitiveness compared with our peers. We note the surprise expressed by the attorney general in the face of legislative responses to the Financial Action Task Force (FATF), and the opening of an embassy in Brussels, in order to address these types of matters diplomatically before they are decided. We would like to understand from the government how proactive this embassy has been in communicating with the European Commission.”

Suggesting that the government had pursued a “failed strategy” of always seeking to comply with the EU and other international bodies, Mr Cooper said, “We must protect what remains of our financial services centre and the livelihood of the middle class. In the face of these threats

to receive remittance of subscription funds. This is expected to take place shortly once the Central Bank has concluded the vetting of subscribing investors,” BPC said.

“Thereafter, the company and the fund will complete the subscription process.

The company will receive the subscription funds of approximately $0.9m, which have already been received into the fund’s account, and admission of the fund shares to trading on [London’s Alternative Investment Market] AIM will take place.”

BPC added that itself and the government had “agreed a process seeking final agreement” on the outstanding licence fees at the time Environmental Authorisation was granted for the first exploratory well at end-February 2020.

“At the time, the parties had acknowledged that they would work collaboratively with a view to finalising this long outstanding matter within the next 60 days (by approximately the end of April 2020),” BPC said. “Subsequently, the company and the government reached agreement in principle in relation to this matter within the agreed timetable.

It added that the final agreement and payment now awaits confirmation by the Public Treasury that past payments recorded in BPC’s audited financial statements in 2012 and 2015 were received.

“This confirmation process has been somewhat delayed owing to the State of Emergency declared, and ongoing business disruption caused, by the national response to the COVID-19 outbreak in The Bahamas,” BPC added. “However, subject to said confirmation, the company expects that an appropriate sideletter agreement can be finalised in due course and

the outstanding amount paid.

“The amount of outstanding fees is agreed in principle and is expected to be finalised shortly.

The amount would be adequately covered by the proceeds of receipts from subscription for the fund shares which, as noted, is expected to be received shortly by the company.”

BPC’s oil exploration activities remain controversial with Bahamian public opinion split on the issue.

Many observers continue to question whether the company is for real, while environmental activists and others fret about the impact any spill or pollution could have on the country’s environment and tourism industry when it re-opens following COVID-19.

Environmentalists recently celebrated what they saw as a major victory as multiple Florida congressmen and women, including some close to the Trump administration, wrote to US secretary of state, Mike Pompeo, urging that he oppose BPC’s oil exploration plans.

Others, though, argue that the economic crisis created by COVID-19 means that The Bahamas cannot afford to spurn the opportunity to discover whether commercial quantities of oil exist within its territorial waters given the potential positive impact this would have for the government’s fiscal position and country overall.

However, “if” remains they key word regarding any prospect of discovery for the time being, with any prospect of economic diversification from BPC’s activities still some way off regardless of whether oil is found. The company said the recent collapse in global oil prices will not affect its activities based on its belief the market will recover.

we must continue to create innovative products, and a clearly-defined strategy to maintain the industry.”

Mr Cooper also called on the government to address any outstanding requests by the EU for legal co-operation on both antimoney laundering and tax matters, and comply with all previous commitments made to Brussels.

He said: “In view of these harsh actions, will the government also confirm whether they have responded to all requests - and complied with all previous commitments - made to the EU? We urge the government to collaborate with our counterparts in the international financial services jurisdictions, and seek assistance from our friends in the international community to curb these attacks.”

According to the Reuters news agency, The Bahamas is among 12 countries set to be named on a European Commission blacklist that will be formally unveiled today. Others set for inclusion 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 European Commission action will again place an unwanted stain on The Bahamas’ reputation at a time when it can least afford it.

To advertise in The Tribune, contact 502-2394

PAGE 4, Thursday, May 7, 2020

Auto dealer: ‘Level the playing field’

FROM PAGE ONE

have also been getting used to sanitising the steering wheel, door handles and gear lever when mechanics get into a vehicle, and doing the same when they exit.

“One thing I’m glad of is that at least it’s helped to justify having staff back and keeping them paid,”

Mr Albury added. “I know coming back in and getting back into the saddle takes a while to get your mind working, and get things back the way they were before. It’s going to take some time to grease the wheels.”

Describing the industry, and wider economy’s, reopening as “a process”, he said: “At each stage we’ll

THE TRIBUNE be better able to serve the community and make the business viable. The long view of one day at a time.

That’s the way I’m looking at it. We’ve just got to keep plugging away, do what we have to do, and hope the government at least level the playing field.”

Mr Albury again urged the Minnis administration to look seriously at permitting auto dealers to reopen their showrooms and sales functions, arguing that “this is something that can be done in a very safe manner” because there were typically few persons viewing vehicles

at any one time which made it easier to practice social distancing.

“Service is the safest department in my opinion,” he said. “Service also will be safe as you’re eliminating the face-to-face contact, but people need to come in and research parts and have discussions as to what their needs are.”

The Bahamas Bus and Truck chief also called for “better communication channels from the Prime Minister’s Office”, noting that numerous letters and recommendations submitted by both the Bahamas

Motor Dealers Association (BMDA) and individual dealerships had yet to receive a reply.

“We’ve found the communication to be sluggish to say the least,” Mr Albury added. “It would be good to improve the channels of communication, and hopefully we will start to see that.”

Urging that the auto industry’s parts and service functions be seen as an “essential service”, he said: “It’s a win-win for the business, the employees, the community and the Government.

Transportation is extremely important to

essential workers, even more so at a time when public transport is non-existent.

“I think the government is doing the best they can.

They’re pretty overwhelmed, and have a lot of people coming at them from different angles, but I think service is about as essential a service as you can get. And service and parts go hand in hand.

You’re really fooling yourself if you have one and not the other.

“Now that we’re opening back up we need to look at how we do this thing as smartly and effectively as possible.”

BISX-listed firm ‘bullish’ on $1.2m travel investment FROM PAGE ONE travel market with an online booking engine he pledged will be “as powerful” as the likes of Travelocity and Expedia.

Arguing that Benchmark’s first venture capital investment will be able to compete with global rivals on technology and price, Mr Brown said it will seek a competitive advantage on customer service and use the pandemic to persuade Bahamians about the value of keeping their spending in the local economy.

He added that Benchmark’s ultimate goal is to take Premier Travel public via an initial public offering (IPO) “when it makes sense”, although the BISXlisted firm is now unlikely

to exercise its option to convert its investment in the company into a controlling 51 percent equity stake this year.

Benchmark’s audited full-year 2019 financial statements show that its entry into the travel agency business in late 2018 was ill-timed, at least in the short-term, due to the economic fall-out from COVID-19. “The effects of the pandemic on the travel industry have had a significant effect on the business of an entity to whom loans and advances totalling $1.208m were extended by one of the company’s subsidiaries,” the statements revealed.

“Under the terms of a management and consultancy agreement, the subsidiary has the option

to convert the loan to common shares in the entity. This option, once exercised, will permit the subsidiary to convert its loan into a controlling interest in the entity of up to 51 percent. It is anticipated that this option will be exercised towards the end of 2020. This convertible option is at the discretion of the subsidiary, and has no expiration date.”

Mr Brown said this will no longer happen in 2020, but he reassured: “At the time we did it we were very positive on the investment, and we’re still very positive on the investment. We don’t believe the travel business is going to disappear.

“It’s [COVID-19] given us an opportunity to rethink the business, and

we have some strategies that we are going to utilise when the industry returns to normal. We’re not worried at all about whether this is a business we should be investing in. The timing might be off with COVID19, but we believe that Premier Travel - with 30 years of history - is going to put forward a business model that is going to be very interesting.”

Mr Brown said the company’s “deep” research suggested that the domestic travel market, involving outbound trips by Bahamians and residents, was worth between $250m to $1bn per year. Premier Travel, he added, will target this market and especially the share held by international booking engines.

“Expedia and Travelocity come into The Bahamas and provide services to Bahamians,” he told Tribune Business. “That leaks significant amounts of capital and dollars out of the Bahamian economy through commissions paid by the likes of Bahamasair without them providing any local stimulus. They don’t invest in The Bahamas, and we’re going to attack that from several different perspectives.”

Arguing that Premier Travel has the same online booking capacity, the Benchmark chief said the company was licensed to use the same Amadeus booking/ticketing platform

employed by Bahamasair and other airlines. It was also a member of the International Air Transport Association (IATA), and enjoyed a line of credit with the major airlines that allowed it to book tickets on their dollar.

Besides keeping dollars at home, which will be critical to the Bahamian economy’s recovery prospects pot-COVID-19, Mr Brown said Premier Travel will differentiate itself from rivals through service. Customers, he added, would be able to call the agency from anywhere in the world and have their problems resolved - something he said rival online booking engines do no offer.

Arguing that “the ability to have some recourse is almost non-existent” with competitors, Mr Brown pointed to what he said were thousands of dollars lost in cancelled COVID-19 ticket sales that were never refunded to customers.

“Our goal is to have Bahamians book hotels, airline tickets and rental cars in The Bahamas with the same efficiency as an online engine,” Mr Brown said. “We want to show the Bahamian public there is an opportunity to book online because when we come out of the COVID-19 pandemic and start to reenergise the economy we’re going to have a booking engine as perfect as Expedia and Travelocity offer.

“But what we can offer is someone to call if they run into a problem. The difference between their price and ours is none, and we have the same level of technology.... Bahamians need to understand that they need to invest in their country and that message is going to be sent to everyone when we begin to travel.

“We’re bullish on our investment in Premier Travel. Premier Travel is going to be one of the future jewels in our crown.

It’s a huge business. We’re looking to do some very out-of-the-box and aggressive things when we come back out of COVID-19.”

Mr Brown said Premier Travel was looking at expanding its presence to other areas of The Bahamas via extra office locations, and added: “We have to get Bahamians involved in spending money at home when they’re going abroad.

We’re putting together a model to challenge that.”

He added that Premier Travel, which is currently based in Benchmark’s Carmichael Road and Fire Trail Road office complex with a staff of eight, had not laid any workers off and was continuing to pay their salaries through the COVID-19 pandemic. Benchmark had also provided rent relief, and relaxed the consultancy and management fees it is due.

Labour chief: 2,500 in termination threat

determination,” Mr Pinder added.

“Most of them are in the hotel and restaurant industry.

One or two banks, one or two law firms, one or two construction companies and one or two airlines. My boss told me to release no names, because we want to talk them out of doing it. We are still going to try our best to convince them to proceed otherwise, and that is why we are encouraged by the signs we are seeing made by the government to get business started again.”

“There is about 25,000 people or so that have been

laid-off but not scheduled for termination. I would say about ten percent of that 25,000 is threatened with termination. Most of them [businesses] are saying if they don’t get the extension on the 12 weeks, then they may have to consider the termination and total shut down. So they are still hoping that they can get an extension or if the government opens before that they will be back in business.”

Explaining the companies’ rationale, Mr Pinder added: “The Employment Act gives an employer 12 weeks to determine whether or not in this case, or in the case of a natural disaster, whether they are going to make the staff redundant or bring them back to work. But after 90 days they have to make a decision to make the staff redundant or bring them back to work.

“Through the National Tripartite Council, which has the representative from the employer’s side, recommendation has been made to the government to extend it and the minster of labour will have the right to determine how long he will extend it for.”

Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s director responsible for labour relations, said: ‘The chamber has written, and so has the Bahamas Hotel Association, because what we don’t want is for people to become redundant. First of all, a lot of companies can’t afford to pay the redundancy, especially right now, but also people don’t want to lose their jobs because there aren’t any other jobs to go to.

“So what we are saying is what you did during Hurricane Dorian, let’s do it again.

I mean, this is unprecedented and nobody knows when this will be over. Especially in the hotel business, we know the tourists aren’t going to be coming right away. This is a tough one.

“The main reason why this is so tough is that nobody knows, I mean nobody knows.

We are honestly just asking them for an extension, but we really don’t know how long that’s going to be. We just asked them to extend it by another 12 or 13 weeks, or whatever the magic number.”

FROM PAGE ONE

extend this thing from the 12 weeks to some more weeks to give some companies an opportunity to get their economic situation in better shape before they make a

HELP WANTED CONSTRUCTION FOREMAN

REQUIRED BY GENERAL CONTRACTOR The following qualification are required.

•

Minimum of 5 years’ experience as a construction foreman (references required)

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Ability to manage work force to maintain construction schedule Applicant to submit resumé by e-mail to buildbahamas@gmail.com

THE TRIBUNE

Thursday, May 7, 2020, PAGE 5

Companies face long COVID recovery haul

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net COMPANIES permitted to open this week for delivery and curb-side pickup yesterday said business has started to slowly increase but there remains a long distance to full postCOVID-19 recovery.

Jennifer Ramsey, general manager of JS Steel & Supply, told Tribune Business: “Business has certainly been down, and it has not been nearly as it was before we shut down.

I don’t think anyone is prioritising steel at the moment, which is what our main business is, but we hope it picks up as things improve.”

With many of her key clients construction

companies, Ms Ramsey said that sector’s return to business has also been patchy. “From what we understand, Albany is very strict about their protocol out there with construction. Some of those sites are some of our biggest customers.

In Albany they have not opened yet because of the protocol that has to be in place in that area.

“In Lyford Cay and Old Fort Bay it’s small and nothing big has happened ye. We are definitely getting inquiries but nothing substantial. From what we hear about the financial blowback from this, I feel that the international clients - which are a big part of our business - won’t come back any time soon.

‘SAFETY OVER MONEY’ FOR ENTERTAINMENT CENTRES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ENTERTAINMENT centres yesterday pledged to prioritise “safety over making money” when it came to re-opening in the wake of the COVID-19 pandemic.

Chris Mortimer, president of Galleria Cinemas, told Tribune Business: “We have to err on the side of caution, and the government is not doing anything different than any other government is doing elsewhere in the world. I have no issue with the way in which the government has structured the phased reopening.

“We have to make sure that we do what’s best, and in the best interest of the Bahamian people, in making sure they stay safe. I’m in complete agreement with what the government is doing in that regard, and we have to play it by ear. If it means it has to be pushed back a little

bit to make sure we err on the side of caution, I’m comfortable with that too.”

Cinemas, restaurants, nightclubs, bars theatres and other entertainment destinations will be among the last sectors in the domestic economy to re-open when the government judges that the time is right. They are presently in “phase four”, or the fifth out of six stages, in the prime minister’s plan to return to business.

“We don’t know when that particular phase is going to come in place,” Mr Mortimer added. “We don’t know what the government’s protocol is going to be, so obviously it means we are going to have to have a limit on the amount of persons that’s going to be able to come in.

“It is going to be a percentage and it will not be 100 percent. We are going to have to sanitise seats and chairs, and the use of gloves and masks, of course. There will be a requirement for

“We are really hoping for the Dorian and hurricane rebuilding to kick-in more because that was stopped because of the lockdown.

We are hoping to get back into the Family Islands for the rebuilding there. We have been getting calls from Grand Bahama and Abaco straight through the lockdown, but because we couldn’t do anything we couldn’t help them.”

Carl Williams, Carpet World’s operations manager, added: “Things are going pretty good. Of course, people are still reluctant to come on the road. But over the past week we have had a number of persons come in and purchase.

“We actually did a promotion starting last week on our tiles where we face covering, and then we will determine - along with the government protocol the maximum level at which we are going to be able to allow people to return to the theatres.”

Leslia Miller-Brice, manager of Mario’s Bowling and Family Entertainment Centre, said: “We’re just taking it in stride and following what government officials are telling us. Safety for us is first over making money, so that is what we are dealing with right now.”

She added that the company was assessing COVID-19 safety procedures and protocols with that US bowling centres are following to determine what lessons can be learned. “We will have changes in place to protect our patrons,” Ms Miller-Brice said.

She added that she “hopes not” to see a reduction in customers, but warned: “Based on the economic climate right now you just can’t say. But we hope when we open our doors people would want a break, and they would want to get out and want some fun with their family and friends, and choose Mario’s.”

slashed the prices on our plank tiles, and that was able to work in terms of driving traffic, so people are coming by and coming in and, of course, adhering to social distancing and sanitising.”

Mr Williams added that the COVID-19 lockdown had also brought major projects Carpet World was involved with to “a halt right now.” He said: “Wednesday and Fridays are a bit better because persons can actually come inside and see the item, but for the curb-side days it is a little more difficult to do that. We are able to get some sales, but on Wednesdays and Fridays it is a bit better.”

While Carpet World has a functioning website it is not ready for e-commerce and electronic payments yet. Mr

Williams said the company has been using social media to interact with customers, especially “Facebook messenger”.

Lucy Burrows, general manager of Geoffrey Jones & Company, said: “Last week, when we were allowed to come in Wednesday and Friday, it was extremely busy, but allowing for the curb-side it has kind of slowed down.

I guess because there are so many other businesses open that they can go and spend their money with it has tapered off, and I expect this to go on for the rest of the week pretty much.

“I think they kind left us a little too long, because it has been rough financially for everybody. We should have been operating earlier, pretty much.”

Patricia Cleare, general manager of the Sign Man, said: “Business is pretty good. No stream of customers at the door because everybody has to put in an appointment to pick up whatever they want. It’s my hope that it picks up next week, but it has been going very consistent.

“We’re producing the shield masks, and everybody here wears the shield mask over their mouth.

Then we sanitise everything we distribute. So if someone comes to the curbside we spray their goods with the alcohol before we give it them, and then when we receive the cash we spray it before we put it inside the register, so we are taking these measures to stay safe.”

To advertise in The Tribune, contact 502-2394

PAGE 8, Thursday, May 7, 2020

THE TRIBUNE

‘Smiling ear to ear’ if $500m works budget FROM PAGE ONE

He added that the pandemic’s effects were “so frightening” for an import and tourism-dependent nation such as The Bahamas, given both the health and economic fall-out that has hit every citizen and resident. The minister said COVID-19’s impact on the US, which is the world leader for both deaths and infections (the latter over 1m), was especially troubling given that the country is the source market for 85 percent of this nation’s tourists.

How quickly The Bahamas fully opens it borders to international travellers will depend greatly on whether the likes of the US, Canada, the UK and Europe - all of which are struggling with COVID19 - are able to bring the outbreak under control.

In the meantime, Mr Bannister said Ministry of Works engineers, architects, quantity surveyors and other personnel are racing to complete as “many scopes of work as possible” in the

next few weeks in the hope these can all make it into the capital works package being negotiated with the Ministry of Finance.

Asked how large a capital expenditure budget his ministry would like, Mr Bannister replied: “I wish I could have $1bn to stimulate the economy, but that isn’t going to happen. We need to ensure that there’s a stimulus in place for capital expenditure as much as possible, we really do. I don’t control that; I don’t have any say over that...

“If we go to half a billion dollars that would be the kind of figure that would make me smile. If we get $500m I would be smiling from ear to ear.”

Capital works and infrastructure projects are among the areas the government is focusing on to prop up the Bahamian economy, and create some employment and consumer demand, amid the plunge in private sector activity amid the COVID-19 pandemic.

They represent a traditional stimulus measure when private consumption and investment are low, yet

it is unclear just how much funding will be made available to the Ministry of Works for capital projects given that K Peter Turnquest, deputy prime minister, recently told this newspaper that the Government’s revenues were down 50 percent in March with a more significant fall anticipated for April.

The Ministry of Finance’s practice in recent years has been to trim the government’s capital expenditure Budget as a means to keep its overall fiscal deficit low, which has potentially starved essential infrastructure upgrades of much-needed capital.

Mr Bannister yesterday said his ministry received some $193m for infrastructure and capital works during the 2019-2020 fiscal year, which is comfortably less than half the $500m target desired for the upcoming budget.

“In order to do the things to stimulate the economy, we need a lot more money,” he added. “We have to put people to work. There are many, many people in our country that have the

skills to do things in various communities.

“We have an aging infrastructure all over the country. You saw the collapse of the old Spanish Wells-Russell Island bridge today - a 28 year-old bridge sitting there amid the process of finishing a brand new one. We have infrastructure like that throughout the entire country.

“We could put people to work on every island improving infrastructure.

We could improve our tourism product hugely, but the reality is we have to have funding to do it, and there has to be appreciation that any expenditure brings back returns,” Mr Bannister continued.

“The government has a responsibility to the people, and we cannot fail that responsibility. We need to act in accordance with proven formulas, what has been proven to simulate the economy in the past. What we have to do is create projects in each of the Family Islands and New Providence. We have lots of old infrastructure everywhere”

The minister described the Spanish Wells- Russell Island bridge collapse as “a stark warning in that we have left a lot of this infrastructure in an untenable position for years”. The accident had created a greater “appreciation of urgency” among all stakeholders for the situation to be resolved.

Waugh Construction was awarded the contract to build a new bridge in July 2019, and Mr Bannister said the company “appreciates the seriousness of the challenge” after he spoke to its principal yesterday.

Acknowledging that Waugh Construction had suffered equipment loss and damage when Hurricane Dorian hit its Freeport headquarters last year, Mr Bannister said the replacement bridge was already on Spanish Wells - albeit in nine containers - and now has to be assembled and put together.

“The old bridge has to be taken down so the new one can be put up,” he added.

“There are severe challenges. In order to take the old one down there must be some method of providing

transport across the water.

The contractor has ordered a barge from Louisiana, and that barge should be here in a week. Once that is here, they will be able to take the old one down and erect the new bridge in a matter of weeks.

“I have to choose my words carefully, but if any bridge had to fail to some extent it was better that it was Spanish Wells than any other. We have a bridge at Fresh Creek in Andros that is very dangerous and needs to be replaced. We have the Glass Window bridge that could pose serious problems. We have two bridges in Andros that we are starting to build now. We have a bridge in Exuma that needs to be replaced.”

Mr Bannister said the same applied to multiple Family Island docks and “hundreds of miles of road” throughout the length and breadth of The Bahamas.

Upgrading such infrastructure, he argued, could also spur Bahamian and international investors to invest in these islands and “make a huge difference in getting out of the recession”.

THE TRIBUNE

Thursday, May 7, 2020, PAGE 9

To advertise in The Tribune, contact 502-2394 BTC HEADQUARTERS

BTC suffers 8% revenue decline FROM PAGE ONE in total subscriber numbers during the quarter, which only dropped by 1,700 to 199,400 when compared to 2019 year-end.

The decline was concentrated entirely in the pre-paid segment, where BTC lost 3,000 subscribers. This was partially offset by a 1,300 gain in post-paid subscribers, the most lucrative part of the market for any mobile player, which is likely to encourage BTC and its parent entities that it has almost stopped the customer bleeding in the face

of fierce competition from Aliv.

BTC was left with 172,600 pre-paid subscribers, and 26,800 post-paid subscribers, at end-March 2020.

However, the data revealed that elsewhere in its business BTC suffered the loss of 4,200 subscribers, including 1,200 Internet customers and 2,700 fixed-line voice clients. TV subscribers were down by 300.

Chris Noyes, LILAC’s senior vice-president and chief financial officer, in a conference call with analysts praised the “quite aggressive plans” initiated by The Bahamas, Panama and Barbados to control the spread

of COVID-19 through lockdowns and other measures.

And Balan Nair, Liberty Latin America’s (LiLAC) chief executive, said his conversations with major resort players such as Atlantis and Sandals had given him optimism that Caribbean tourism will rebound.

“My sense, and this just a personal opinion, is that over the next 12 months you are going to see a lot more things coming back, people wanting to travel, wanting to go to those islands, and those islands taking all necessary measures to protect their livelihoods and those wanting to come back,” he added.

Asian shares mixed after Wall St dips on pandemic worries TOKYO Associated Press ASIAN shares were mixed today after a decline on Wall Street after more depressing data rolled in on the devastation sweeping the global economy.

Comments by President Donald Trump on trade with China and casting blame on Beijing for the coronavirus pandemic have further dampened sentiment.

Japan’s benchmark Nikkei 225 gained 0.2% in morning trading to 19,659.20, reopening after Golden Week holidays, and South Korea’s Kospi added 0.1% to 1,930.90.

Australia’s S&P/ASX 200 lost 0.2% to 5,372.30, while Hong Kong’s Hang Seng fell nearly 0.7% to 23,973.95, while the Shanghai Composite was flat at 2,878.43.

“Asian stocks are off to a sluggish start following gloomy COVID-19 figures, dismal US private payroll data, Trump’s tough talk on China, and as Japan returns from Golden Week holidays.

Both the US and global fatalities jumped to the highest levels since April 21st,” said Edward Moya, senior market analyst at OANDA. Trump said he would soon assess progress in a preliminary trade agreement with China that took effect in January, extending a truce in a painful tariffs war between the world’s two biggest economies.

The possibility of revived friction over trade at a time when economies have been slammed by pandemic shutdowns and travel restrictions has rattled investors in Asia, where China is the main driver for regional growth.

On top of that, worries continue that potential relapses in social distancing might set off a new surge in infections in Japan, where many refrained from traveling and streets stayed empty during the past week’s holidays.

Reported cases have been tapering off in Japan, which has reported nearly 560 deaths so far. The US has confirmed more than 73,000 deaths, according to Johns Hopkins University.

Global confirmed cases are approaching four million people, more than a million of them in the US China, where the pandemic began, has reported more than 4,600 deaths.

The number of COVID19 cases is believed to be much higher than the official figures suggest due to variances in testing rates and a

large number of asymptomatic cases.

Overnight, the S&P 500 dropped 0.7% to 2,848.42.

Three out of four stocks in the index sank. But the market’s losses would have been much worse if not for continued gains for technology stocks.

The Dow Jones Industrial Average sank 0.9% to 23,664.64. The Nasdaq, which is full of tech stocks, rose 0.5% to 8,854.39.

A report yesterday morning showed private US employers eliminated an astonishing 20.2 million jobs last month. That sets a dour stage for Friday’s more comprehensive monthly jobs report from the US government.

Across the Atlantic, the European Union said Wednesday that it’s bracing for a “recession of historic proportions” amid restrictions meant to slow the spread of the virus.

Energy stocks slipped after oil prices gave up some of their gains from earlier in the week. But oil was on the rebound today, with benchmark US crude oil up five cents to $24.04 a barrel in electronic trading on the New York Mercantile Exchange. It fell 57 cents, or 2.3%, to $23.99 a barrel yesterday.

Brent crude oil, the international standard, lost one cent to $29.71 a barrel.

Pledges of massive amounts of aid from the Federal Reserve and the government have helped the S&P 500 more than halve its earlier loss of 34%, which stretched from February into late March.

But many analysts are skeptical about the rally, calling it overdone given uncertainty about how long the recession will last. And as yesterday’s reports demonstrated, the damage looks to be the worst in many decades.

Investors recently have been focusing on the possibility that the economy will be in a less horrible place a few months from now, which would merit higher prices.

China, where the pandemic began in December, has allowed factories and some other businesses to reopen.

Some European governments are taking similar steps. California might allow some retailers to resume serving customers this week.

“The virus isn’t going away, that’s just part of our ecosystem,” said Giannotto of GraniteShares. “What can be changed is our willingness to accept risk.”

The yield on the 10-year

Treasury was at 0.69% down slightly 0.70% late Wednesday. That’s up from its record low of below 0.40% set in early March, but it’s still well below the roughly 1.90% it was yielding at the start of the year. Yields tend to fall when investors are downgrading their expectations for the economy and inflation.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 6 MAY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,138.00 | CHG: -0.14 | %CHG: -0.01 | YTD: -93.60 | 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 1.78 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

CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.99 11.26 6.00 4.02 6.01 2.79 4.90 9.52 8.15 14.50 8.97 4.00 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 0.00 -0.10 0.00 0.00 0.00 0.00 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 230

15,250

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 27.4 10.5 14.7 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% 15.56% 1.22% 3.45% 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

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

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

THE TRIBUNE

Thursday, May 7, 2020, PAGE 11

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

PAGE 12, Thursday, May 7, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 79° F/26° C Low: 55° F/13° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Breezy with some sun

Patchy clouds

Less humid with clouds and sun

A t‑storm in spots in the afternoon

Heavy rain and a thunderstorm

Cloudy and breezy with a t‑storm

High: 86°

Low: 70°

High: 82° Low: 74°

High: 86° Low: 73°

High: 83° Low: 73°

High: 85° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

92° F

69° F

86°-76° F

95°-76° F

87°-77° F

91°-76° F

High: 77° F/25° C Low: 60° F/16° 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: 79° F/26° C Low: 70° F/21° C

10‑20 knots

S

High: 81° F/27° C Low: 66° F/19° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 69° F/21° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 82° F/28° C Low: 68° F/20° C

MIAMI

High: 86° F/30° C Low: 70° F/21° C

8‑16 knots

KEY WEST

High: 81° F/27° C Low: 74° F/23° C

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 70° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 83° F/28° C Low: 73° F/23° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Wednesday 1:11 a.m.

1:44 p.m.

2.8 2.1

7:47 a.m.

7:47 p.m.

0.2 0.4

sun anD moon Sunrise Sunset

6:30 a.m.

7:43 p.m.

Moonrise Moonset

8:14 p.m.

6:44 a.m.

Full

Last

New

First

May 7

May 14

May 22

May 29

CAT ISLAND

E

W

High: 83° F/28° C Low: 73° F/23° C

N

S

E

W

7‑14 knots

S

7‑14 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 ................................................... 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 ................................. 89° F/32° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 6.21” Normal year to date ..................................... 6.69”

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: 74° F/23° C

High: 84° F/29° C Low: 75° F/24° C

N

High: 86° F/30° C Low: 74° F/23° C

E

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 76° F/24° C

7‑14 knots

MAYAGUANA High: 86° F/30° C Low: 78° F/26° C

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

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

High: 83° F/28° C Low: 77° F/25° C

GREAT INAGUA High: 86° F/30° C Low: 78° F/26° C

N

E

W

E

W

N

S

S

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: 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 NW at 8‑16 Knots ESE at 7‑14 Knots NW at 7‑14 Knots E at 8‑16 Knots W at 7‑14 Knots ENE at 8‑16 Knots WSW at 6‑12 Knots ENE at 10‑20 Knots WNW at 7‑14 Knots E at 8‑16 Knots NNW at 10‑20 Knots SE at 7‑14 Knots NW at 7‑14 Knots E at 8‑16 Knots W at 6‑12 Knots NE at 7‑14 Knots W at 6‑12 Knots E at 10‑20 Knots SW at 6‑12 Knots ENE at 8‑16 Knots NW at 7‑14 Knots E at 8‑16 Knots NW at 6‑12 Knots E at 10‑20 Knots W at 7‑14 Knots E at 8‑16 Knots

WAVES 2‑4 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 2‑4 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 6 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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