05082020 BUSINESS

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FRIDAY, MAY 8, 2020

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EU: ‘Our foot’s on your neck until corporate tax’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE attorney general last night said senior European officials and politicians have warned The Bahamas: “We won’t take our foot off your neck until you implement a corporate income tax.”

Carl Bethel QC, pictured, revealed that a “senior” member of the European parliament had delivered this extraordinarily blunt message to The Bahamas’ ambassador to the European Union (EU), Maria O’Brien, as this nation’s inclusion on the bloc’s antifinancial crime blacklist was confirmed yesterday.

A MASTER plan to solve New Providence’s wastewater woes was delayed for 14 months after the then-Water & Sewerage Corporation Board sought a “sole-source award” of the contract, Tribune Business can reveal.

An Inter-American Development Bank (IDB) report, which has been obtained by this newspaper, discloses that the $1.1m contract was delayed by the board headed by the late Bradley Roberts, the former Cabinet minister and Progressive Liberal Party (PLP) chairman, despite the multilateral lender raising no objections to the tender process winner.

“A $1.1m contract to develop a master plan for

He added that Ms O’Brien was also informed by the official heading the European Commission body that oversees the initiative there was “nothing The Bahamas can say or do” to alter the decision, which he branded “a breach” of the commission’s commitment to engage impacted countries before listing them.

Describing the European Commission’s action as “a hostile act by one of the

SEE PAGE 4

• ‘Sole source’ award sought; winner already chosen • Directors held-up $638m wastewater treatment plan wastewater collection, treatment and disposal in New Providence was awarded to Adin Holdings, in association with HGM Consulting Engineers and Planners and Integrated Building Systems (IBS), in December 2013 after more than a year of delays,” the report reveals.

“This tendering process was started in April 2012, in a timely manner, when expressions of interest were received by the Water & Sewerage Corporation.

Subsequently, on June 29, 2012, five firms submitted proposals out of eight shortlisted, and their proposals were evaluated by Water & Sewerage Corporation.

“On October 2012, the non-objection to award the

Pension savers: Don’t panic on negative returns

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS were yesterday urged to “take the long-term view” and avoid knee-jerk reactions to the negative returns experienced by pension plans and other long-term savings as a result of COVID-19.

Larry Gibson, vice-president of Colonial Pension Services (Bahamas), told Tribune Business that savers must not panic over a 2020 first quarter drop caused by a decline in value of plan assets such as stocks, real estate and other investment forms.

LARRY GIBSON He spoke after Colonial Pension Services (Bahamas) issued a letter to pension clients revealing that those invested in its Aggressive Growth and Moderate

SEE PAGE 5

Central Bank chokes off $50m investment currency outflows

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s restrictions on outflows through the Investment Currency Market (ICM) will likely save The Bahamas around $50m in foreign reserves, data released yesterday revealed.

The monetary authority’s 2019 annual report revealed that Bahamians made overseas capital investments worth some $49.5m in 2019, a 17 percent increase on the prior year. This, though, has now been choked off by the imposition of measures

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Construction payroll ‘huge stress buster’

• AG: Blunt warning given to Bahamas diplomat • Brands nation’s blacklisting as ‘a hostile act’ • Pushing Bahamas to go further than FATF

Board delayed water contract for 14 months

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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preventing any further securities and real estate investments by citizens and residents until the country’s foreign reserves stabilise in the aftermath of COVID-19.

“Residents increased outward capital investments via the ICM, amounting to approximately $49.5m in 2019, compared to $42.3m in 2018,” the Central Bank said of 2019. “The premium bid and offer rates for investment currency remained at five percent and 2.5 percent respectively.”

The restrictions, unveiled

by Central Bank governor John Rolle earlier this week,

SEE PAGE 7

contract was granted by IDB. The Water & Sewerage Corporation Board of Directors delayed approval of the contract for 14 months by raising questions about the scope of services being sought, and seeking a sole-source award.”

While there are legitimate reasons for “sole source” awards under certain circumstances, they are normally tightly controlled and only issued under specific rules and guidelines.

Also known as “direct contracts”, they are widely viewed as anti-competitive because there is no bidding process, and can be used to steer deals towards favoured bidders.

The IDB report raises

more questions than answers, as it gives no explanation for why the Water & Sewerage Board challenged the “scope of services” or wanted a “sole source” method. Nor are the potential recipients of the “sole source” award - if there were any - identified.

However, controversy has already embroiled other aspects of the Water & Sewerage Corporation’s wastewater treatment strategy, most notably the Gladstone Road treatment plant on which there were 91 percent cost overruns.

The plant, which was supposed to treat Baha Mar’s wastewater and return it to

SEE PAGE 5

LEONARD SANDS

STEPHEN WRINKLE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

construction industry will make “a huge impact” on an economy desperate for a capital injection and consumer demand amid the ongoing COVID-19 restrictions.

“Their back to work with groceries in the home,” Mr Wrinkle said yesterday of construction workers.

“A little of the pressure is off. A lot of the boys were stretched to the limit.

It’s taken a few days to remobilise the site and get back into the groove.

“Everyone’s very grateful to be back on the job site, and everyone has got renewed energy and vigour.

We’ve done payroll today, and there’ll be cash in the economy tomorrow. It’s that quick. It will be a huge impact. That’s a huge stress buster for lower and middle income families, and is going to make a huge difference.

“There’s going to be millions of dollars flowing out tomorrow between the different contractors. As soon as the other businesses start to open, the workers and their families will have ready cash to spend. They won’t have to wait for the government pay day again. You have cash in the economy already, and they’re ready to spend right away. It’s a big impetus.”

Leonard Sands, another former BCA president, echoed Mr Wrinkle’s

A FORMER Bahamian Contractors Association (BCA) president says today’s first construction industry payroll for seven to eight weeks will prove “a huge stress buster for lower and middle income families”.

Stephen Wrinkle told Tribune Business “there’ll be cash in the economy” circulating widely among ‘Mom and Pop’ stores, and other businesses able to open, as many of the construction industry’s 19,500 employees receive their first post-COVID-19 pay cheque following the sector reopening this week.

“We’ve gone back,” Mr Wrinkle confirmed, revealing that he is racing to complete a multi-million dollar western New Providence commercial warehouse, storage and business park facility close to Mount Pleasant’s entrance. “It’s taken a few days to get all the workers remobilised. We advanced all our crews money Friday last week because we weren’t sure when we were going back to business.”

Disclosing that the project is a joint venture between himself and New Providence Development Company, which is designed to meet the area’s growth, he predicted that the overall

SEE PAGE 4

PAGE 2, Friday, May 8, 2020

THE TRIBUNE

REDUCING THE RISK WITH COVID-19 RE-OPENING

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RETURN to regular work is imminent for many employees throughout the world as restrictions imposed in response to the coronavirus (COVID-19) are reviewed. The Bahamas is no exception.

It is a welcome move for businesses that have struggled through the disruption of remote working, social isolation and travel embargoes. People are ready to return to the workplace, and employers are ready to receive customers.

But a reintroduction to office life can be dangerous if mishandled. Businesses that fail to properly plan for this risk a botched transition.

Today, we offer five suggestions for businesses to consider and check-off as we plan for the reopening of mainstream commerce.

Manage employee numbers Large volumes of employees returning to a shared workplace represent a huge risk for the

spreading and contracting of viruses. Managing the number of workers will be critical to protecting workplace health. The higher the number, the higher the risk. When it comes to COVID-19, it really is a numbers game.

Plan a staggered reintroduction to the office.

Establish a process such that a rotating group of employees work from the office every few days.

Resist the temptation to open the doors to everyone on the same day. It is simply not worth the risk.

Maintain remote working Despite the availability of regular workplaces, it is prudent for businesses to continue some form of remote working for several months (at least). The reasons for this are financial and practical.

Rolling lockdowns and exits may continue for some time in regions where the threat of COVID-19 remains high. Seesawing back and forth between central and remote

working states is hugely disruptive, but this can be minimised by a workforce accustomed to and practicing it throughout.

The operational costs and overhead expenses of having people in the office are significantly reduced, and should be viewed as an added benefit of having persons remain home while they work.

Rethink physical set-up The reopening of workplaces will not entirely remove all restrictions imposed during COVID19. Businesses will still need to observe regulations governing social distancing, employee gatherings and hygiene practices.

Businesses will need to be proactive in reconfiguring their office spaces.

The requirement for six feet between employees impacts on individual seating arrangements and shared spaces such as cafeterias. This might also include revising infrastructure needs or acquiring new and expanded space for employees to feel safe.

Whatever it takes, this is the time to err on the side of caution. Lives are at stake.

Rebuild workplace morale The human component of returning to office life requires as much focus as the practical one. For staff who have been away from their workplaces for weeks or months, returning will feel unsettling.

Much may have changed in the interim. Some of their old teammates may not be returning at all. They may still have children at home who need to be supervised during the day.

Successful businesses thrive on motivated workforces, so it is important leaders invest in rebuilding workplace morale.

Acknowledge any employee concerns and dispiritedness, and treat announcements regarding the new operating environment with sensitivity.

Maintain regular communication The COVID-19 situation has forced

companies to step up their communication.

Many have communicated with their staff more in the last couple of months than they traditionally do under normal conditions.

Returning to the workplace is not the time to relax this. Progress that has been made on business initiatives while working remotely must continue seamlessly when back in the office. It is easy for a change in environment to cause a disruption of focus, but keeping lines of communication open helps overcome this.

Maintaining a regular frequency of communication also provides reassurance to employees who will naturally have questions about the future of the business and their roles. Two-way communications channels, such as employee surveys, should be introduced to capture workplace sentiment around how staff are feeling and what they need.

Return-to-work programmes are critical for businesses to develop now.

Keeping all this in mind when developing your plan for transitioning back into office life will help ensure yours is a fruitful return, not a fragile one.

NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities.

He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

THE 20-foot Junkanoo sculpture that will stand in front of the Junkanoo Museum during the day. that will be on display in a and add to the signature vibrant, multi-coloured fash- quality of Historic Nassau ion and a truly Bahamian Harbour. It will also give format.”

Bahamians an overwhelming Ms Nash-Fergu- sense of pride and exciteson added: “The Junkanoo ment as it accurately reflects Museum will greet our and celebrates them.” visitors with the colour and From an educational and celebratory spirit of the historical perspective, she people of The Bahamas. It explained: “Any display of will create a sense of place Junkanoo must be worthy

of Junkanoo itself. The story of Junkanoo must not only highlight its proud history but must also celebrate the tradition bearers of today – the people who cause these annual magnificent parades to happen.

“It must tell their stories and give them pride of place.

It must trace their proud journeys from the bare cardboard in the Junkanoo shacks that their genius transforms into a kaleidoscope of magnificent, unparalleled colour and pounding rhythm on Bay. This is the story that we will tell. The museum will also highlight Junkanoo in all the islands of The Bahamas where it is held.”

Both project consultants said the museum will showcase every aspect of Junkanoo in depth, including the history, costumes, music and performance.

This will include elements such as a Junkanoo ‘Hall of

Fame’; historical exhibits including subjects such as “the evolution of the Junkanoo costume”; winning parade pieces; mini Junkanoo rush outs; and cow belling, drumming and rush out interaction.

The museum will also give individual Junkanooers and groups economic opportunities through performances, product sales and other initiatives. The participation of Junkanooers will be incorporated into the plans for the museum to the fullest extent possible.

Mr Francis said: “This museum is long overdue, and is being designed specifically for the people of The Bahamas to showcase the magnificence and brilliance of this uniquely Bahamian cultural force to the world.

I can assure that Bahamians will be very proud of the final product.”

JUNKANOO ‘ICONS’ IN LEAD MUSEUM ROLE TWO Bahamian Junkanoo icons have been engaged to play a key role in developing the Junkanoo Museum at the revamped Nassau Cruise Port.

Percy “Vola” Francis and Arlene Nash-Ferguson will be heavily involved in creating this cultural attraction directly across from the new arrivals terminal, offering thousands of visitors a taste of the excitement associated with Junkanoo.

The museum will include a 30-foot-high atrium exhibit space that will feature a 20-foot tall Junkanoo sculpture. It will also house various forms of Bahamian

artwork, images and other representations of Junkanoo history.

Technology will be incorporated extensively into the museum experience, which will include interactive exhibits; an Impact Theatre for short films and presentations; and a Junkanoo gift shop that will only include ‘authentically Bahamian’ souvenirs and memorabilia.

Mr Francis, leader of the Saxon Superstars, said of the project: “The significance of creating this museum is to encapsulate the essence and spirit of our unique cultural expressions through the various art forms and components of Junkanoo

IAN FERGUSON BY

THE TRIBUNE

Friday, May 8, 2020, PAGE 3

FISHERIES: COVID-19 DISRUPTING ALL LEVELS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ALL elements of the fisheries industry yesterday said earnings and profits have been negatively impacted by the COVID-19 lockdown.

Anthony McKinney, Paradise Fisheries’ president, told Tribune Business that the restaurant industry’s closure had caused a substantial decline in the wholesaler’s sales. “It’s a major impact,” he said. “In the meantime, what we have to do is basically once the country opens back up, in terms of getting the loss back, we can make enough profits to offset the losses we would have incurred.

As for the export

market’s prospects, Mr McKinney added: “I think the whole world is in the same situation. The only good thing about this is that it is not us alone. In terms of the export market, as soon as the world starts turning again we all will go back to normal, but it is a substantial loss. There is nothing you can do about it.

The only thing you can do is that when it starts to move again you can work towards covering it.”

Keith Carroll, the former Bahamas Commercial Fishers Alliance (BCFA) vice-chairman, said: “We can sell to the fish houses, but we just can’t retail out on Montague and Potter’s Cay dock. You wouldn’t get as much from the fish houses as you would retail

them yourselves; you would see a drop in the business.

“It wouldn’t affect me much because I wholesale, but the guys on the Montague Ramp and on Potter’s Cay dock, when you see them on the side of the road selling their fish, these are the guys who are affected.”

Mr Carroll added that the restaurant industry’s closure is “impacting everybody. The restaurants are the biggest sellers for boiled fish and where you sell your groupers to, so that is impacting everybody”.

He called on the government to create a designated spot for fishermen to sell their goods, much like the farmer’s market for agricultural produce. Mr Carroll said the fishermen who go out in the morning and

come back in the evening, and retail their fish, “are no different” from farmers who bring their produce to the produce exchange or the farmer’s market.

Paul Maillis, a director with the National Fisheries Association, has also called for a well-policed fish market similar to that of the farmer’s market on Gladstone Road.

Mr Carroll added: “The vendors, they call me every day because they buy from me and they can resell. I mostly sell to the vendors, so it is affecting them. It is affecting me, too, but I can still go to the fish houses and sell. For them to go to the fish houses to buy and resell, they can get it cheaper from me.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Junior stock market vital to agriculture investment A CARIBBEAN private sector executive yesterday said the creation of a junior stock maket is “important” to generating financing for agricultural projects in The Bahamas and wider region.

Dr Patrick Antoine, a representative from the Caribbean Private Sector, speaking during a webinar organised by the Food and Agricultural Organisation (FAO), said: “We need to recognise that our capital and finance markets are extremely underdeveloped.

Again, it is not rhetoric. We have said this, and Jamaica in the last five years has showed us the way in terms of the junior stock exchange.

“The junior stock exchange is important because the persons in the country who understand the market in which they are going to be placing funds that projects will go into, they are more comfortable with the risk being nationals or diaspora than, for instance, someone who is far away who would require a project that is of a particular size and scope, and with a number of other legal frameworks that, sadly speaking, most of our countries do not have.”

Dr Antoine was responding to questions raised

by Michael Pintard, the Bahamian minister for agriculture and marine resources, on how best Caribbean countries can leverage blended financing from both the government and private sector to boost agricultural production.

In reply, he added: “The one I want to offer first is the junior stock exchange in

THE BISX-listed Bahamas Property Fund has announced that former finance minister, Sir William Allen, pictured, resigned as one of its directors with effect from April 30, 2020.

Michael Anderson, the Property Fund’s chairman, said Sir William’s background as both former Central Bank governor and minster of finance had made him an invaluable source of advice for the real estate investment trust (REIT).

“We would like to thank Sir William for his contribution as director,” Mr Anderson said. “Over the years he has contributed significantly to both the development and operations of the Property Fund.” Sir William served on the board for 14 years. His replacement

will be announced at a later date.

The Bahamas Property Fund (BPF) currently has three commercial properties in its portfolio. They are the Bahamas Financial Centre on Charlotte Street in downtown Nassau; One Marina Drive on Paradise Island; and Providence House located on East Hill Street.

The fund buys, leases and manages commercial real estate, and its tenants come from industries including banking, healthcare, law and technology. RoyalFidelity Bank & Trust serves as its investment manager, administrator and property manager. Royal Fidelity has $800m in assets under management and $2bn in assets under administration.

Arawak Cay vendors awaiting ‘green light’

MICHAEL Pintard, Minister of Agriculture

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Sir William resigns as Property Fund director

Jamaica. There is a recent experiment in Trinidad with it, and there are two successful projects funded from that. We would like to see that extended to agriculture.”

The Jamaica Stock Exchange launched its Junior Market on April 1, 2009, to encourage and promote investment in Jamaica’s entrepreneurship, employment and economic development. The Junior Market allows investors to put capital into legitimate small and medium-sized companies (SMEs) whose shares trade in a special bracket.

The Trinidad and Tobago Stock Exchange established a market for SMEs in 2012 after its government announced special tax concession for companies listing on this exchange.

The Bahamas International Securities Exchange (BISX) has long talked about establishing its own junior market but has yet to make good on this initiative.

Dr Antoine said a second option would involve investors placing their monies with an equity management firm for investment in specific agriculture projects. “We believe this is right for agriculture for this time because

it is not just production - it’s also distribution and support services,” he added.

“Thirdly, there is an opportunity for government at this time to use some of the borrowing power it has, which is not a lot, and blend that with private sector funding. We have an interesting example now where the government is prepared to put some funding that was already programmed for agriculture, and a private sector firm is putting a substantial amount of funds in to create a new entity that services agriculture from the standpoint of providing critical intermediate inputs into a large industry.

That is one of the ways we believe we need to move in agriculture.”

To advertise in The Tribune, contact 502-2394

HELP WANTED CONSTRUCTION FOREMAN

REQUIRED BY GENERAL CONTRACTOR The following qualification are required.

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

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Ability to read blueprints, specifications & shop drawings

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Ability to perform building survey and layout

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

ARAWAK Cay vendors were yesterday said to still be waiting on the “green light” to reopen following the COVID-19 enforced shutdown.

Rodney Russell, the Arawak Cay Association’s president, told Tribune Business: “The Arawak Cay family has no authority in deciding when we open up. But when we do open up, we hope that it would be in agreement with the government.

“The Arawak Cay Association is willing to work with the government because it has information that we, as business persons, do not have. So we will rely on the government to ensure that all is clear when we do get the

green light to open up, and when we do we will have to appreciate the fact that we are able to open up and to try to build our businesses back to where they were.

“We know that some persons on Arawak Cay are going to take much longer because some of the vendors cater more to tourists than Bahamians. But those persons who cater to the locals, I don’t think there will be any problem with them bouncing back.”

Mr Russell added that most of the vendors who cater to locals are already cleaning up their stalls, and “making different arrangements and remodeling” to be prepared to receive customers in accordance with the developing COVID-19 health and safety measures.

“What is happening is that the government has

required us to send information on ways to open up,” Mr Russell explained.

“But, in consultation with some of my executives, Arawak Cay is diverse with some of us being basically restaurants. With the government’s social distancing we would not have been able to invite customers into our place to eat with a mask on or to drink with a mask on. That is impossible.

“Some of us who could have done take away, because of the unruliness of some of the patrons, it was best to stay closed until the government would have the clearance to do this all over again. Everyone is just lying low and waiting to see what happens in order to re-establish their business.”

PAGE 4, Friday, May 8, 2020 FROM PAGE ONE world’s largest economic blocs” towards The Bahamas, Mr Bethel accused it of using the initiative by the Financial Action Task Force (FATF) - the global standard-setter in the fight against money laundering and terrorism financing - to mask its true intention towards this nation and other Caribbean states.

While the commission, which acts as the EU’s civil service, says its own blacklist is based on those countries subject to enhanced FATF surveillance as a result of weaknesses in their antifinancial crime regimes, Mr Bethel said this did not explain why Trinidad & Tobago - which exited the latter’s process in February 2020 - was still being targeted by the Europeans.

He suggested the European Commission was maintaining Trinidad’s blacklisting as a means to pressure it to develop a register showing the beneficial ownership of all corporate vehicles in that jurisdiction, and argued that this together with the comments made to Ms O’Brien - indicate demands will be made of The Bahamas that go far beyond those of the FATF process.

The European Commission, explaining its rationale for placing The Bahamas on its “high risk” listing, yesterday said in its official statement that the COVID19 enforced delay to the FATF’s “site visit” to this nation meant it “cannot confirm” whether the country has resolved the deficiencies in its anti-financial crime regime.

The FATF had earlier this year placed The Bahamas in the “exit process” from its oversight initiative, with Mr Bethel and the government hoping that its on-ground assessment could have been conducted by May in time to remove this country at its June plenary.

But COVID-19 has put paid to both that meeting and the “site visit” for now, meaning The Bahamas will have to wait longer to escape FATF surveillance.

“The Bahamas has taken steps towards improving its anti-money laundering/ counter terror financing regime and, in February 2020, the FATF made the initial determination that The Bahamas has substantially completed its action plan and warrants an onsite assessment to verify

THE TRIBUNE

EU: ‘Our foot’s on your neck until corporate tax’ that the implementation of The Bahamas’ reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future,” the European Commission said.

“The FATF has yet to carry out such assessment to confirm its initial determination. Therefore, the commission does not have in its possession information which would enable it to confirm at this stage that the strategic deficiencies have been effectively addressed.”

Mr Bethel, though, argued that the European Commission was using the FATF’s initiative as a “precursor” to cloak its true motives and objectives towards The Bahamas and other targeted nations. And he accused the commission of hypocrisy given that its representatives on the FATF had also voted in favour of The Bahamas’ site visit earlier this year.

“They must have been satisfied that we had made sufficient progress to warrant an on-site visit,” the attorney general said. “It’s the European Commission that’s represented at the FATF, not any other EU body or directorate.

“To now put us in the same category as Yemen or Myanmar, and countries of that ilk, which are only just entering the FATF process and have not made the changes The Bahamas has made, is disproportionate and unacceptable; totally unacceptable.”

Pointing to Trinidad’s continued presence on the European Commission list, despite its removal from FATF scrutiny, Mr Bethel added: “They’re [the commission] following their own agenda. The FATF is a precursor to their own agenda.

“As indicated by the treatment of Trinidad, the FATF is just a horse they’re riding on. They’re going to use this blacklist to obtain more from jurisdictions. This is unilateralism in the extreme and simply unfair. They want to force Trinidad to do something they want them to do.”

He accused the European Commission of breaching its own criteria for determining how countries would be selected for inclusion on its blacklist, especially the pledge that affected nations would be given advance warning and given an opportunity to present their case.

Following Tuesday’s Reuters report about The Bahamas’ impending inclusion, Mr Bethel said the Ministry of Foreign Affairs only received formal notification from the European Commission’s Jamaicabased representative the following day.

The Bahamas move swiftly to activate all diplomatic channels, but Mr Bethel said Ms O’Brien received a cool response from the Irish official heading the European Commission directorate overseeing the blacklist.

“She was told that the determination had been made

to blacklist The Bahamas.

Period,” he added. “He said the decision was made and there was nothing we could say or do. They are in breach of their own stated methodology.”

Mr Bethel said the European Commission’s last-minute notification highlighted both the lack of due process afforded The Bahamas and its “determination to hit The Bahamas willy-nilly”. He agreed that “it is not a given” that The Bahamas will escape its blacklist even if its exit from the FATF process is confirmed.

“A lot of what goes on in the European Commission is motivated by civil society in Europe and pressure from members of the European Parliament,” Mr Bethel told Tribune Business. “One of them had an exchange with our ambassador, and it was reported to me somewhat casually, which shows the depth of their animus to The Bahamas or some people’s animus towards The Bahamas.

“The ambassador was told that Europe has put their foot on the neck of The Bahamas, and unless we have a corporate income tax, their foot will not come off the neck of The Bahamas. That was said by a senior member of the European parliament. The foot of Europe has been put on the neck of The Bahamas, and will not be removed until The Bahamas implements a corporate income tax.”

Such a demand threatens

to cause further economic dislocation at a time when the Bahamian economy is already reeling from COVID-19. It signals further unrelenting pressure, and a tightening of the screws, on the Bahamian financial services industry that has been suffering slow but steady attrition for the past two decades due to the onslaught of global regulatory initiatives from various international bodies - including the EU. The push for a Bahamian corporate income tax reflects similar demand from individual EU states such as the Netherlands, which last year demanded that The Bahamas implement a corporate income tax at nine percent or higher as the price to escape its national tax non-cooperation “blacklist”.

While some in the Bahamian financial services industry have argued that a low-rate corporate income tax may be the way to go, as it would remove the socalled “tax haven” stigma and enable this country to enter into double taxation agreements, Europe’s position effectively represents interference in a country’s ability to determine its own tax structure and methods.

While there was no question about the fairness and integrity of the FATF process, Mr Bethel said The Bahamas “can rest assured” that even if it is removed from that organisation’s process there will be “additional demands from elements in Europe”.

He added: “It’s a naked exercise of unilateralism by a global power and we have to survive it as best we can, seek to address their concerns as best we can, and hope reason will prevail at the end of the day. You cannot have meaningful dialogue based on one power’s imposition of their will. It doesn’t work that way.

We hope in time that calm and reason will prevail.”

Contrasting the European Commission’s current approach with the “mutual respect” if afforded The Bahamas on recent taxrelated matters, Mr Bethel told Tribune Business: “That is absent in this process right now which is unfortunate, because in all previous discussions with them the one thing we had was a reasonable and respectful relationship that underpinned everything.

“This blacklisting is so arbitrary and so aggressive, and it defies that previously existing relationship. It’s very harmful. It’s a hostile act by one of the largest economic blocs in the world against tiny little countries, including The Bahamas. It simply beggars belief that this could be happening to The Bahamas and other Caribbean countries. It’s not the relationship we had come to expect from the EU, with decades of co-operation between our countries and the EU.” Mr Bethel added that The Bahamas is “not adverse to complying with established rules that apply even other countries globally”.

Construction payroll ‘huge stress buster’ FROM PAGE ONE sentiments by predicting there will be an increase in bank and Automated Teller Machine (ATM) lines as construction workers seek to cash cheques and make deposits.

“That will be a very good sign for working class people in the construction sector after it has been closed for eight weeks,” Mr Sands added. “That’s a really big sigh of relief for thousands of workers. It’s certainly been an interesting four days so far.

“The pay cheque is going to be really significant. Every dollar spent in construction will circulate among the community to at least ten persons. That’s a multiplier effect of ten persons who are going to get access to the dollars construction workers spend.”

Mr Sands continued: “What we thought would happen has happened. There’s been more

traffic on the road, and any number of contractors across New Providence and, I imagine, equally across The Bahamas happy to be back to work on significant projects.

“Hardware stores have been flooded, and curb side pick-up is working beautifully. They come to your vehicle, swipe the credit card or take your money, and put the materials on the back or deliver them to your site. The interaction with persons in those businesses is very limited if any.”

Mr Wrinkle, meanwhile, said he was “looking to fully scale up” at his western New Providence project during this coming week ahead of a summer completion. “Hopefully the construction industry will see new work and help to rebuild the economy,” he added.

“It’s going to be a tough nut to crack. There’s a couple of large projects going on, so we hope those

will have a significant impact. The lumber and hardware companies are operating again, which is a big help to the industry, and the money that goes to those businesses will also start to trickle down. We’ve paid duty on materials at the dock, so that money goes to the Public Treasury.

“Construction affects so many facets of the economy. It spreads out a lot, not in large volumes, but it spreads far and wide and gets the cash flowing. It was a very wise move on the prime minister’s part, and I’m sure it will show up for them in short order.”

Mr Wrinkle said he was already enforcing a “no mask, no entry” policy at his construction site, with hand sanitisers and other necessary health measures in place. “It’s a little strange working on a construction site wearing a mask,” he added, “but it’s a normal precaution now. Everybody’s working pretty well and understands what it is.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Friday, May 8, 2020, PAGE 5

Pension savers: Don’t panic on negative returns FROM PAGE ONE Growth portfolios, which are more weighted towards equity investments, had suffered negative first quarter returns of 4.8 percent and 4.4 percent, respectively.

Warning that most countries’ economies have already entered a recession due to the COVID-19 pandemic’s fall-out, the pension provider said: “We are living in extraordinary times as the world attempts to grapple with the physical and financial effects of COVID-19. Worldwide the news is grim, and the possibility exists that things could get worse before they get better.

“So much is uncertain... how long the pandemic will last, and how and when global economies will re-open. For us in The Bahamas, the situation is more acute as this comes on the heels of an already-weakened economy, following the impact of Hurricane Dorian six months ago. With our major sector, and most other businesses, now shuttered, the financial toll on our economy will undoubtedly be significant.

“Initial forecasts by the government suggest that the cost of the shutdown could be $1bn or approximately 8 percent of gross domestic product (GDP).

We believe that this figure could easily move higher depending on the length of time that the economy is closed and how quickly we are able to re-open once containment measures are lifted,” Colonial Pensions Services (Bahamas) added.

“It is clear, for now, that with revenue, particularly foreign currency from tourism and foreign direct investments, almost at a standstill, and expenses certain to increase as the Government contends with COVID-19, including initiatives to support the economy and those persons most affected, our debt levels will rise considerably and external reserves will be strained.”

Colonial Pensions Services (Bahamas) said the recent downgrade of The Bahamas’ sovereign creditworthiness by Standard & Poor’s, and the threatened one by Moody’s, would further strain the government’s debt burden ahead of it needing to borrow hundreds of millions of dollars to cover both its fiscal deficits and stabilise the economy.

As to what it means for savers and investors, the provider added: “In light of the outlook for the economy, it is clear that there will be challenging days ahead for businesses, including some of the publicly traded companies that we invest in.

“As many of these companies have cut back operations, revenue will decline. So too will expectations for earnings and dividends. This will likely drive down the price of these shares and weigh on the performance of the portfolios. At the end of the first quarter, our Aggressive

Growth and Moderate Growth portfolios are down by 4.8 percent and 4.4 percent, respectively.

“We understand that no one likes to see losses in their accounts, and it is only natural that the current circumstances would cause anxiety. But we want to remind you that your pension investments are long-term. When you take a long-term view, it will enable you to withstand the down markets and allow you to participate in the rally when markets recover.”

Echoing these sentiments, Mr Gibson told Tribune Business yesterday: “The point we’re making is pensions are a long-term investment, and you really should take a long-term perspective unless you are a couple of years out from retirement.

“If that is the case, you should be in less volatile, safer investments such as bonds, preference shares and fixed income securities that don’t tend to have the volatility of stocks.... It’s all about one’s long-term financial security, especially when you don’t have the benefit of a regular pay cheque from your job.

“You need to proceed cautiously on your own long-term financial wellbeing.” Mr Gibson said The Bahamas was already “grappling with low levels of coverage” in relation to pensions, with “way less than 40 percent of the total workforce” members of an existing scheme.

He added that some pension plan sponsors were already making changes to the terms of their schemes “to allow for hardship withdrawals” by members and workers, but he reiterated: “History has shown that taking the long-term view is far more beneficial. Economies go through cycles, and the longer you have the greater the chance to recover and for your assets to have a positive return.

“The same thing happened in 2008-2009. For a short while it looked pretty gloomy, and then you had a long-term recovery.”

Mr Gibson also pointed out that the prices of listed Bahamian equity stocks were far less volatile than in international stock markets, while the recent declines had given local investors “particularly young people” - a long-term buying opportunity through the ability to acquire shares at “a much cheaper discount” compared to where they were six months ago.

He revealed that both Bermuda and the Cayman Islands, territories in which Colonial also operates, have or are changing their laws to allow persons to access their pension fund savings as a means to cushion the blow of job and income losses due to COVID-19.

“It’s a one-time raid on the piggy bank, which is the wrong thing to do,” Mr Gibson said. “This withdrawal shifts the burden back to the government.

If you don’t need it, and haven’t lost your job, you shouldn’t be doing it.”

WATER & SEWERAGE OFFICE BUILDING

Board delayed water contract for 14 months FROM PAGE ONE irrigate the $4.2bn project, was highlighted by an Ernst & Young (EY) forensic audit as an example of how politicallymotivated interference and mismanagement have cost the corporation and Bahamian taxpayers millions of dollars.

Despite a 91 per cent overrun on the original $9.6m budget, which has cost the corporation some $18.3m as at March 2018, the EY report said further capital expenditure is required to complete the still-unfinished facility.

Besides the capital loss on the wastewater plant’s construction, every day it remains unfinished was costing the Water & Sewerage Corporation significant revenue and operating losses.

This was because the corporation is having to pay non-completion “penalty” to Baha Mar by supplying it with heavily discounted water to irrigate the Cable Beach development The IDB report’s revelations will likely further add to perceptions about the murky environment surrounding many government procurement awards under multiple administrations. The current government has pledged to address this through public procurement reforms that have been widely circulated for consultation, and K Peter Turnquest, deputy prime minister, recently

told this newspaper that it planned to move the proposed legislation forward despite the ongoing threat of COVID-19.

The wastewater treatment master plan developed by the consultants called for the Water & Sewerage’s systems to be expanded to cover 67 percent of New Providence’s population, up from the present 15 percent, in a three-phased investment lasting from 2015 to 2036 at a cost of $638m - something the government is unlikely to be keen on today given its multiple Dorian and COVID-19 financial challenges.

“The proposed master plan contained three implementation phases immediate stage (2015-2020); mid-term development (2021-2025); and long-term stage (20262035),” the IDB report revealed. “The number of connections would be expanded from a current baseline of 15 percent of population served to 22 percent in 2020, 36 percent in 2025, and 67 percent in 2035.

“Implementation of the plan would require large capital investments, estimated at about $638m, including the cost of house connections, or about $70m, which would be taken on by the consumers. Some $79m, or 12 percent of the total investment, was allocated to the first or immediate stage.”

The government will also

not be eager to place an additional $70m burden on Bahamian residents and businesses who are still grappling with the effects of the COVID-19 pandemic.

While some of the Water & Sewerage Corporation’s pumping stations, sewer lines and disposal wells were upgraded with financing from the IDB, the report said significant challenges - including the $638m proposal’s execution - remain.

“Two examples of the financial challenges that Water & Sewerage Corporation may have to address in the near future are: the frequent appearance of grey PVC pipes throughout New Providence, a material that was not supposed to be used as conduit for pressurised water and, thus, has been repeatedly failing,” the IDB added.

“According to preliminary estimates, 176,000 feet of sub-standard PVC piping, with 8,500 feet considered as of a higher priority, would need to be replaced. The wastewater infrastructure management master plan contained three implementation phases to increase the network’s range to 67 percent of the population by 2035. Implementation of the plan will require substantial capital investments, estimated at US$638m.”

The report continued: “The use of private wells, combined with the use of individual septic systems for wastewater disposal,

causes some social and environmental concerns in the long-term. The risks of contaminating groundwater resources, especially those shallow aquifers used by large segments of the population as sources of untreated drinking water, still poses risks.

“Since the current public sewerage networks cover only 15 percent of the New Providence population, there is a need to expand this infrastructure, as recognised by the master plan, but at a significant cost, as previously mentioned.

Alternatively, the reach of the potable water distribution network could be more effectively expanded to try to insulate the areas of New Providence most vulnerable to groundwater contamination (due to higher population density or other factors).

“One aspect that curtails this network expansion is the water quality problem described as ‘red’ or ‘rusty’ water caused by chemically aggressive water, from reverse osmosis plants, flowing through old-scaled pipes. This condition is not well received by customers, driving many of them to install private wells. It seems that if Water & Sewerage Corporation aspires to grow its customer base, to help protect vulnerable population against groundwater pollution, it would need to confront this issue in a comprehensive and determined manner.”

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 7 MAY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,135.36 | CHG: -2.64 | %CHG: -0.12 | YTD: -96.24 | YTD%: -4.31 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 3.62 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 2.79 4.90 9.52 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 4.00 6.01 2.81 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 -0.02 0.00 0.02 0.00 0.00 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

15,750

20,000

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.4 21.7 42.9 27.5 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% 3.00% 0.00% 15.44% 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 -10.90% -4.30% -18.80% -12.00%

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 8.31 10.01

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

31-Mar-2020 31-Mar-2020 31-Mar-2020

PAGE 6, Friday, May 8, 2020

W D S G N A I H JUDGE PARKER T A P R A C T

A X T H W H H S U K U D N I H

I Y S P I R L E I Z D U A A I

Hold fast

G R A L A M U N R S A N M P E

S V O Z M W A O W D S H S P K

E K C Z A T B L Y H G J K A A

D C X T N L K Y A T C C G L R

A E L O A E A N E Y O S T A A

C A H H A J W N A C A R Z C K

S G O Y K C O R D L U S A H O

A Y T U Y W J T G E P L G I R

C O R I M A P M N P S S R A A

L A H H Q K U N L U N O O N M

L Y Z N P Y R E N E E S S F P

S I E R R A N E V A D A E Q Y

Alienate

THE TRIBUNE

Knob _ Mirren, actress Fish

Sam _, pictured

Shrill cry

Perform

Target

Drive

Stiff

Guarantee

Under control (2,4)

Rabbit-like mammal

Escape from

Aged

_ Fleming, 007 writer

Peruvian capital

Corner

Within the law

CARPE DIEM

Essential Gripping tool Binding

Relating to war

Flies without power

Citizen of Tehran

Hotel cleaner

Born as

Ignited

Opera song

Split up

ALBORZ ● ALPS ● ANDES ● APPALACHIAN ATLAS ● CARPATHIAN ● CASCADES ● COAST HIMALAYAS ● HINDU KUSH ● KARAKORAM KUNLUN ● PAMIR ● PYRENEES ● ROCKY RWENZORI ● SIERRA NEVADA ● TIAN SHAN URAL ● ZAGROS

Crave

Eric _, Spamalot

Obtains

Alcoholic

Not rich

Daily Express Monday,writer February 17, 2020drink

Puzzles _ Hunter, Henry Cavill film

Health resort

Alliance

Genetic copies

CRUSADER PRIZE CROSSWORD _ Stewart, singer

Change

DOWN acrOss 1 Liking 1 Writer takes attorney Waterquiet space to singjugs (8) to junction, being a 2 Woman’s discernment stickler (6) shows revulsion (8) 4 Servant is not mass3 A vine turned green (5) produced, we hear (8) 5 Warned lad about having 10 Tries out sodium – start is tree moved (7) less pleasant (7) 6 Attractive bride’s ale gets 11 Using furniture, say, in (9) Sudoku bathroom (2,5) Sudoku EaSy Sudokumisplaced MEdiuM 7 Creature has article to 12 Drag out of the avenue (5) mail off (6) 13 Actor cavorting in fashion 5 1 8 2 8 Fuel fades out – easy procession (9) 4 2life7 8 starts (6) 14 People tabled review for 9 Misdemeanour on9a 6 3 4 what we all owe (8,4) 7 3 1 5 peninsula (6) 18 Nick, who’s the sort to be 15 Broadcast is over, 2but4 9 6 the centre of attention conspicuous (9) 8 5 6 1 (5,3,4) 16 Phase out a collection of 23 Turn a hair, fickle of 5 9 3 8 (8) books and some game fabled king (9) 1 9has 4 7 17 Cheat and scoundrel 24 A cheerful expression day left to run (8)6 7 2 3 about cereal (5) 19 Worker takes fruit to be 25 Bird of prey has broken any mineral (7) BattlEShipS kakurofood (7) kEijo 20 Sailor takes Ken out in 26 Look at Cockney ship (6) cocktail (7) 21 Youngster gets dismissal, 27 Pet can get excited, 1 2 9 1 2 8 1 not starting to gather his thanks – it’s cured (8) 4 3 1 2 1 3 stuff (4,2) 28 Second woman registered 22 one on the slide? (6) 2 3 Make 1 2 an 4 effort with3a 2 1 9 tune1 (6) 7 2 3 24 Nerd admits resistance to 1 3 8 language 9 9 1(5)2 1 4

Friday’s solutions TIGER

thE alphaBEatEr

arrow-word

MENtathloN aNSwEr

Black squares: 3, 7, 10, 12, 13, 15, 18, 19, 23, 25, 27, 32, 34, 37. across: Psychic, Energy, Aquifer, Former, Afflux, Arson, Waltz, Delves, Squeak, Mascara, Malady, Hackers. down: Prawn, Twosome, Youthful, Ugly, Blizzards, Ides, Exude, Data, Enjoyably, Brim, Spectate, Hydrant, Vials.

across: Laurie, Deem, Exit, Tine, Atoned, Rat, Sloe, Ray, Err, Impinge, Hammer, Tat, Sept, Sin, Toad, Riel, House, Aglow, Seattle, Ave, Ells, Enid, Inner, Stag, Ouse, Hugh, Odes, Beset. down (left to right): Alas, Idea, Nod, Auditory, Mete, Avenue, Retina, Impoliteness, Die, Net, Meta, Ire, Embed, APR, Dhal, Ogee, She, Plentiful, Lotus, Organ, Soil, Age, Beret, New, Sight.

Shaded letters: Experiment IV

Dares

thE alphapuZZlE across: Snifter, Acne, Havoc,

Bucolic, Joker, Fail, Masque, Pedlar (clue), Brew, Grape, Drizzly, Taunt, Yoke, Enthuse. down: Phlegm, Badly, Nave, Asterisk, Factotum, Emblem, Crayon, Despatch, Culpable, Cuss, Excel, Recite.

CALVIN &

tV croSSword HOBBES

across: 1 Laura, 6 Gina, 8 Lorraine, 10 Monty, 11 Balls, 12 Hamish, 15 Nora, 16 Larkin, 17 John, 19 Sid Owen, 21 Kate, 22 Nerys down: 2 Anna, 3 Alyson, 4 Cash, 5 Delicious, 6 Georgie, 7 Amy, 9 Raworth, 13 Hulk, 14 Garraway, 17 Jack, 18 Neve, 20 Dee. tV show: Yellowstone

wordS Alter

ditloidS

HAGAR THE HORRIBLE

4 Novels Published by Charlotte Brontë, 5 Noughts & Crosses Novels by Malorie Blackman, 6 Full-Length Novels by Jane Austen, 7 Harry Potter Novels by J K Rowling, 12 Miss Marple Novels

by Agatha Christie

triVia wordSEarch 1 Andrew Lincoln 2 Pembrokeshire 3 Oriel 4 Paul Merton 5 Trinity 6 John Balliol 7 John Wycliffe 8 Somerville 9 Mansfield Town 10 St John

SuMthiNg

MuddlESoME

(9x2=18, 6+5=11, 3+7=10)

Etihad Stadium, Stamford Bridge, Vicarage Road.

SMall croSSword

clock-wiSE Dais, isle, leap, Apso, so-so, soda.

QuiZ of thE wEEk 1 Wimbledon 2 The Beach Boys 3 Manchester City 4 Williams 5 1950s 6 American football 7 Kate Beckinsale 8 Martin Scorsese 9 Rodgers and Hammerstein 10 Flo Rida.

Endures

Rebels

4

MARVIN

Yield

Meadow

Cricket team

Smithy

Sheets

Tear

Poem

Find all the mountain ranges listed below in the grid.

Solution tomorrow

BLONDIE

Use a keyboard

Had food

Realm

across: 1 Professed, 7 Real, 8 Sauce, 10 Gas, 11 Canyon, 13 Elsewhere, 14 Lesson, 16 Use, 18 Rocks, 19 Give, 20 Estimated. down: 1 Procedure, 2 Recall, 3 Flay, 4 Saw, 5 Suggest, 6 Descended, 8 Showers, 9 Inspect, 12 Groove, 15 Saga, 17 Ski.

croSS douBt

across: CRESS down: ERROR

1

2

3

10

12

difficult 6 14 1 7 9 3 2 21 4 23 5 8

3 9 5 4 8 7 2 6 1

4 7 5 3 1 8 2 6 7 5 18 3 9 22 6 1 8 2 9 4

9 6 2 8 1 4 7 3 5

15

25

27

6 3 1 2 1 5 2 5 3 1 2 7 6 1 2

4

3

1

4

3

2

1 2 3 THE4 ALPHABEAT

TARGET

ErP n i D onH

Quick croSSword

● The Target uses across: 1 Quarrelsome; 9 Sin; 10 Palatable; words in 11 Award; 13 Scarlet; 14 Sector; 16 Reason; the main 18 Nunnery; 19 Cadet; 20 Third-rate;body 21 Too; of 22 Unrepentant.

Chambers 21st down: 2 Urn; 3 Rapid; 4 Enlist; 5 Satiate; Century 6 Mobilised; 7 Assassinate; 8 Destination; Dictionary 12 Ascension; 15 Overdue; 17 Gyrate;(1999 19 Cheat; 21 Tin. edition)

cAn you crack the Alphabeater? Each grid targEt number represents a letter – or black square. pErtiNENt inept neep Aspeen in Alphapuzzle, every letter peer penitent pentof the alphabet is pert used. But you have topeter complete the grid too!

PERTINENT use the given letters and black petite petter pettier piersquares below thepine grid pinner to start. pint the grid is ‘rotationally preen print symmetrical’ – in other repent repine ripewords, ripenit looks the same if you turn the page upside down. tenpin trip tripe Solution tomorrow

e

*C

A 35 14 33 4 5 7 1 19 23 B C 31 39 23 23 6 13 4 18 3 D E 8 5 34 16 39 33 11 1 19 F G 29 39 28 19 12 9 32 25 4 H I 7 23 32 20 40 26 11 38 31 J TODAY’S TARGET Good 20; very good 30; excellent 41 K 5 13 21 13 17 2 8 12 17 (or more). Solution tomorrow L M 15 3 25 34 31 39 10 21 22 call 0907 181 2585 N for today’s target solution O 39 33 6 8 2 18 24 4 2 Best described as a number crossword, the task in Kakuro *Calls cost 80p per minute plus your telephone P company’s network access charge. is to fill all of the empty squares, using numbers 1 to 9, so Q 29 13 21 13 15 39 6 8 to 27 the sum of each horizontal block equals the number its R sum of each vertical block equals the number left, and the 26 may 15 be20 28same 2 block 27 more 19 on its top. SNo23 number used16 in the than once.T The difficulty level of the Conceptis Kakuro U 11Monday 30 to 38Sunday.

39 6 19 21 35 36 from FIND where the fleet of ships shown is increases hidden V in the grid. The numbers to the right of and W 33 2 18 17 2 12 17 1 39 below the grid indicate how many of the squares in that row are filled in with ships or X Yesterday’s parts of ships. The ships do not touch each Yesterday’s Y 14 13 11 23 19 9 13 34 31 other, even diagonally. Some squares have Z Answer Sudoku HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

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

BATTLESHIPS

been filled in to start you off.

Solution tomorrow 2

1

1

1 Inveigh against medical treatment (7) 5 Notes seating is provided (5) 8 Has to step out - fast! (9) 9 Large bird obtainable from the grocer (3) 10 Dog - or part of one (4) 12 What dictionaries do about it is quite clear (8) 14 Article in paper is a hoax (6) 15 Noted and objected (6) 17 Prophetic warning shout to players (8) 18 This is tied up in banknotes (4) 21 It’s kept by a host of drinkers (3) 22 I’m in a race - go! (9) 24 The mate’s about to move the ship (5) 25 Admitted being deceived? (5,2)

3

4

5

6

8

1 Largely drank up supplies (5)

10

hurts (4)

2

E

3

F

2

G

2

H

2

I

3

J

1 7

4

17

18

6 Agonising end of bird is 21

7 Follow on and win (7)

22

caring (9)

24

19

23

25

longer an amateur? (8) 14 The final cases (7) 16 Beast of burden given first aid (6) 19 A number holding no end of wood (5) 20 Food course (4) 23 One article is enough for him (3)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Trespass, 5 Hero, 9 Sneer, 10 Itemise, 11 Rider Haggard, 13 Nights, 14 Albion, 17 Opening words, 20 Earache, 21 Hello, 22 Tosh, 23 Editress.

Across: 1 Casualty, 5 Ages,

Down: 1 Test, 2 Evening, 3 Perfect pitch, 4 Slight, 6 Erica, 7 Overdone, 8 Ten-gallon hat, 12 Indolent, 15 Indulge, 16 Agreed, 18 Earns, 19 Boss.

Down: 1 Cape, 2 Satanic,

9 Put on, 10 Running, 11 On the up and up, 13 Recall, 14 Morass, 17 Scatterbrain, 20 In store, 21 Brier, 22 Glee, 23 Strength.

3 Annihilation, 4 Turn up, 6 Grind, 7 Signpost, 8 Unfavourable, 12 Grasping, 15 Abiding, 16 Arrest, 18 Aisle, 19 Arch.

Across 1 A complete failure (7) 5 Steep rockface (5) 8 Cleansing agent (9) 9 Play on words (3) 10 Pull with effort (4) 12 Enthusiastic loyalty (8) 14 South African city (6) 15 Abrasion (6) 17 Persuade with flattery (4-4) 18 Fervour (4) 21 The whole amount (3) 22 Confess everything (4,5) 24 Clever trick (5) 25 Self-reproach (7)

2

2

0

4

4 x submarine

11 Not knowing about one 13 Announce that one is no

1

2 x cruiser

20

prohibited (9)

3

3 x Destroyer

16

5 Precise remedy (8)

1

1 x Battleship

15

caught (6)

9 10

D

12

14

4 She’d follow me and get

8

1

13

3 He foots the bill - and it

7

2

9

11

6

B

a store of 2 Cut price lettuce? (3)

5

C

Down

EASY PUZZLE

Across

2

4

2

1

CRYPTIC PUZZLE

3

A

Down 1 Side-to-side extent (5) 2 Unchanging (3) 3 Terrifying person (4) 4 Wobble (6) 5 Count for nothing (3,2,3) 6 Behind closed doors (2,7) 7 Supply capital for (7) 11 Calm (9) 13 Wholesale slaughter (8) 14 To shed (7) 16 Strike repeatedly (6) 19 Thrust with sword (5) 20 Fraudulent scheme (4) 23 Be mistaken (3)

2

Kakuro Answer

1

2

3

4

5

6

7

21

22

23

24

25

26

27

C

8

9

10

11

12

13

14

28

29

30 31

32

33

34

G

■

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

WORD BUILDER Answer the clues so that each word contains the same letters as the previous word, plus or minus one.

1 2 3 4 5 6 7

Sol

1

2

3

4

5

6

7

THE TRIBUNE

Friday, May 8, 2020, PAGE 7

Central Bank chokes off $50m investment SUPPORT THE BLOOD BANK currency outflows SAVE A LIFE FROM PAGE ONE

also suspend Bahamian investments in US-dollar denominated investment funds that have been created by local broker/dealers as vehicles for their clients to access potentially higher returns in overseas equities markets.

However, the regulator’s annual report said just one broker/dealer drew down on their Bahamian Depository Receipts (BDRs) allocation in 2019. “The BISX-listed Bahamas Depository Receipt (BDR) programme, which facilitates pooled investments in foreign securities, continued to have modest participation,” the Central Bank added.

“In 2019, of the $35m annual allocation, only one sponsoring broker-dealer participated in the programme, utilising $8.7m.

This decreased from $13.7m in the previous year, when four licensed broker/dealers participated.”

Together, the 2019 figures for the BDR initiative and ICM market indicate that the Central Bank’s measures have choked off around $60m in foreign exchange outflows, thus saving this sum for The Bahamas’

balance of payments and import needs during the pandemic.

Signalling the Central Bank’s determination to maintain The Bahamas’ one:one fixed exchange rate with the US dollar earlier this week, Mr Rolle warned that the regulator was prepared to act swiftly in imposing even harsher restrictions if the need arises, which would “target domestic import capacity” in a bid to conserve foreign currency resources that are set to experience a major reduction in 2020.

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

And, although this level will still offer “adequate support in place to uphold the value of the Bahamian dollar fixed exchange rate”, the governor said it was essential for The Bahamas to “maintain currency stability in the interim” - and prevent any possibility of

a devaluation - while the economy attempted to recover from the COVID-19 pandemic.

The Central Bank’s annual report showed that almost $600m worth of foreign currency was consumed in 2019 by The Bahamas’ need for oil imports alone, with overseas travel (now also halted) taking up onethird of a billion dollars last year.

“In terms of foreign currency approvals for current account payments, amounts authorised for non-oil merchandise and credit/debit cards totalled a combined $2.6bn, and outflows for service payments (including transportation, royalty and franchise fees) accounted for $1.6bn,” the Central Bank added.

“Payments for oil imports reached $587m, while travel (including for medical reasons) accounted for just under $334m. Dividends and profit remittances were $295m; insurance services remittances and remittances for interest payments, $129.2m and $130m, respectively. Further, residents remitted in excess of $135m as gifts to non-residents, while loan repayments totalled $171.4m.”

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PAGE 8, Friday, May 8, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 67° F/19° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Less humid with periods of sun

Mainly clear

Mostly cloudy

Rain and a t‑storm in the afternoon

An a.m. t‑storm; otherwise, cloudy

Clouds and sun; breezy

High: 84°

Low: 73°

High: 85° Low: 72°

High: 83° Low: 72°

High: 84° Low: 73°

High: 84° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

89° F

76° F

96°-76° F

87°-70° F

92°-77° F

91°-74° F

High: 81° F/27° C Low: 71° F/22° 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: 78° F/26° C Low: 76° F/24° C

7‑14 knots

S

WEST PALM BEACH High: 83° F/28° C Low: 68° F/20° C

7‑14 knots

FT. LAUDERDALE E

W

FREEPORT

High: 83° F/28° C Low: 69° F/21° C

N

S

E

W

High: 81° F/27° C Low: 74° F/23° C

MIAMI

High: 85° F/29° C Low: 71° F/22° C

8‑16 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 77° F/25° C Normal high ....................................... 83° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 6.21” Normal year to date ..................................... 6.71”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 73° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 79° F/26° C Low: 75° F/24° C

N

KEY WEST

High: 83° F/28° C Low: 75° F/24° C

tiDes For nassau High

S

E

W S

8‑16 knots

Low

Ht.(ft.)

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

Thursday

2.6 2.1

8:44 a.m.

8:50 p.m.

0.3 0.6

2:08 a.m.

2:46 p.m.

sun anD moon Sunrise Sunset

6:29 a.m.

7:44 p.m.

Moonrise Moonset

9:21 p.m.

7:32 a.m.

Last

New

First

Full

May 14

May 22

May 29

Jun. 5

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 77° F/25° C

High: 82° F/28° C Low: 78° F/26° C

N

High: 81° F/27° C Low: 76° F/24° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 78° F/26° C

H

Ht.(ft.)

Today

High: 80° F/27° C Low: 76° F/24° C

N

7‑14 knots

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

uV inDex toDay

7‑14 knots

MAYAGUANA High: 84° F/29° C Low: 79° F/26° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 80° F/27° C

High: 83° F/28° C Low: 79° F/26° C

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

N

E

W

E

W

N

S

S

8‑16 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: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SE at 7‑14 Knots W at 6‑12 Knots E at 7‑14 Knots ESE at 4‑8 Knots ENE at 8‑16 Knots E at 6‑12 Knots ENE at 7‑14 Knots E at 6‑12 Knots E at 7‑14 Knots E at 4‑8 Knots SE at 6‑12 Knots WNW at 6‑12 Knots NE at 8‑16 Knots ESE at 4‑8 Knots NE at 6‑12 Knots ENE at 4‑8 Knots ENE at 8‑16 Knots ESE at 6‑12 Knots NE at 7‑14 Knots ESE at 6‑12 Knots E at 7‑14 Knots ESE at 4‑8 Knots NE at 8‑16 Knots ESE at 6‑12 Knots NE at 7‑14 Knots E at 6‑12 Knots

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

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502-2394

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 3 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 5 Miles 10 Miles 10 Miles

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