05102021 BUSINESS

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MONDAY, MAY 10, 2021

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Sarkis: CCA explanation ‘doesn’t pass smell test’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

S

ARKIS Izmirlian is blasting the explanation given

by Baha Mar’s contractor for how it obtained his legal papers, later used to cut a nine-figure damages claim to just $30m, for “failing to pass the smell test”.

The $4.2bn Cable Beach mega resort’s original developer, in papers filed with the New York State Supreme Court last week, alleged that the “11th hour” account by a senior China Construction America (CCA) executive supports his assertion that he retains “privileged” legal ownership of two reports that valued his legal claims against the state-owned contractor.

Mr Izmirlian slammed the “late-breaking explanation” given by Tiger Wu, CCA (Bahamas) chairman, as he seeks to prevent the Chinese contractor from using the two reports to bolster its defence to his $2.25bn fraud and breach of contract claim over events that led to Baha

• Slams ‘11th hour’ Tiger WU affidavit • ‘Privileged papers’ used to slash claim • Nine-figure damages cut to ‘net $30m’

SARKIS IZMIRLIAN Mar’s plunge into Chapter 11 bankruptcy protection and, ultimately, his loss of the project’s ownership.

His intervention came after Mr Wu, in an April 30, 2021, affidavit alleged that he already knew most of the disputed reports’ contents from leading CCA’s negotiations with agents representing China ExportImport Bank, Baha Mar’s main financiers, about restarting construction in

Aircraft fees must defeat ‘dark zone’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas must address the Family Island “dark zone” to ensure it collects 100 percent of the fees due to it under the country’s new aviation overflight regime, a Cabinet minister has revealed.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business it was presently almost impossible to monitor - and thus accurately bill and collect overflight fees - for low-flying private aircraft transiting between Family Islands outside a 100-mile radius from Nassau.

While the Federal Aviation Administration (FAA) and their Cuban

DIONISIO D’AGUILAR counterparts presently manage all Bahamian air space above a 6,000 feet altitude, the Bahamas Air Navigation Services Authority (BANSA) currently only monitors and controls that portion within 100 miles from Nassau thus leaving a major gap in oversight and fee collection.

“There’s very little

SEE PAGE 8

Eleuthera ‘jewel’ for sale at $15m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A “JEWEL of Eleuthera” is said to be attracting significant buyer interest after being put up for sale with a $15m price tag, a local realtor has disclosed.

Mark Hussey, of Damianos Sotheby’s International Realty, told Tribune Business that the Governor’s Harbour-based French Leave Resort was likely to sell “relatively quickly” based on the interest received to-date.

“It’s just come on the market but there’s been a lot of interest so far,” he said.

“I think the interest is very high, and I think it will sell

in due course. I think it will happen relatively quickly in my opinion.

“It’s kind of a jewel of Eleuthera that little development. It’s a very popular site in the right part of town. It’s a beautiful, well-built development. I just had lunch there last week.”

The original Heads of Agreement for the French Leave property, which stands on the former Club Med property, was obtained by US investor Eddie Lauth under the first Christie administration in 2004.

When contacted by Tribune Business about the

SEE PAGE 7

the wake of Mr Izmirlian’s removal and fixing a price for the work.

Arguing that the final construction completion price was “significantly lower” than CCA’s initial offer, after both sides agreed to offset their competing claims against one another, Mr Wu said the Chinese contractor gave its fellow state-owned lender a “net $30m” reduction on building costs to settle the matter.

This sum pales against the $192m “completion guarantee” that Mr Izmirlian sought to enforce against China State Construction Engineering Corporation (CSCEC), CCA’s parent, in the UK courts, as well as the original developer’s multi-million dollar claims for “construction delays, scheduling issues, the construction workforce, design delays, and failures

to report problems on the project”.

Mr Wu, meanwhile, said he negotiated the construction completion and price with Norbert Chan, the Shanghai-based Deloitte & Touche accountant who handed over the two claims valuation reports that Mr Izmirlian alleges were improperly disclosed due to him retaining legal privilege over them.

That, though, is being disputed by CCA and its New York attorneys. And Mr Wu, some three years’ after his 2016 negotiations with Mr Chan, alleged he merely called the latter in March 2019 - with CCA now deeply embroiled in its legal battle with Mr Izmirlian - to see if he could obtain the reports on the basis that “fairness” required the contractor to possess the same

SEE PAGE 5

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Fishermen praise ‘monumental’ blow to illegal harvesting

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN fishermen have hailed the US prosecution of a Florida Keys man for illegally fishing in this nation’s waters as “monumental” in the fight to safeguard the industry’s sustainability and stocks.

Industry participants told Tribune Business that the sentence imposed on Henry Danzig, ordering him to hand over a brand new boat to the Royal Bahamas Defence Force (RBDF) to aid with fisheries enforcement, will “send a strong message to go-fast fishermen out of Florida” and is something they “have been waiting” decades for.

The case, brought as part of Operation Bahamarama, a joint effort between Bahamian and US law enforcement agencies to crack down on illegal and unreported fishing in Bahamian waters, was described by local fishermen as the only way that this nation can “deter poaching of fisheries stocks on all fronts”.

They added that the illegal exploitation of Bahamian fisheries by US persons had often been ignored or overlooked, which they said stemmed partly from fears that any crackdown would damage the tourism and boating industry on which the country’s marina sector depends.

“This apprehension and prosecution was monumental in the fight against poaching from US nationals,” Paul Maillis, the National Fisheries Association (NFA) director, told this newspaper. “The boat owner was also supplying his restaurant with Bahamian seafood for some time, as the interrogation by Florida Fish & Wildlife revealed.

“In this instance, not only was he over limit, but he had intent to supply in violation of the US Lacey Act. It sends a strong message to these go-fast fishermen out of Florida that the relationship between our states is strong, and conservation efforts on either side of the pond are critical to our

SEE PAGE 7

PAGE 2, Monday, May 10, 2021

THE TRIBUNE

COOPER CHALLENGES $85M CENTRAL BANK LENDING RISE THE opposition’s deputy leader is challenging the $85m net increase in Central Bank lending to the government given that recent legal reforms restrict the level of support it can provide.

Chester Cooper, also the Progressive Liberal Party’s (PLP) finance spokesman, said this rise needs to be “reconciled and the implications assessed” against changes to the Central Bank Act that limit the amounts that the government can borrow from the banking industry regulator.

He spoke out after the government’s just-released “fiscal snapshot” for the nine-months to end-March 2021 showed the government receiving $334.9m in Central Bank advances over that time, while repaying some $249.8m, resulting in an $85.1m increase in

CHESTER COOPER sums owed to the regulator.

Meanwhile, Mr Cooper, arguing that the figures released show the government is again going to miss its revenue targets, resulting in “a deeper deficit if spending continues along its intended course”, also asserted that the Minnis administration’s borrowings for the first nine months exceed projections for the 2020-2021 full year.

Gross borrowings, of $2.392bn, are already greater than the $2.024bn

that was forecast for the full-year and represent a $1.456bn year-over-year increase. The same applies, though, to debt repayment, which at $1.08bn exceeds the initial forecast of $696.6m.

Much of the government’s gross borrowings go to refinance or pay-off existing debt, resulting in no new liabilities being taken on. While the net debt increase for the first nine months of $1.312bn is equivalent to 98.9 percent, or almost all, of the $1.327bn full-year deficit that has been projected, this could reflect timing issues ahead of already-existing debt being paid down.

Mr Cooper, though, argued that much of the government’s fiscal narrative was “laced with delusion”.

He pointed to the $21.8m increase

in interest payments on the government’s debt to $264.1m, or two-thirds of the projected $396.9m fullyear total, as a sign “we are, in effect, borrowing to pay the light bill with significant sums in foreign currency as this administration boasts of its reserve levels”.

“Amidst the back patting, we should simply call it what it is. National debt itself has grown by $1.3bn with the government debt nearing $10bn,” Mr Cooper said. “Debt amortisation payments have grown tremendously, while debt repayments are still outstanding. Vendors and contractors report significant arrears.

“Public sector employees continue to complain about sums due to them, whilst this administration boasts of a $60m reduction in this category. We urge

BAHAMAS GETTING ‘ONE BITE’ AT HOME PORTING BHTA president calls homeporting a “win-win”, warns ‘We get one bite at this apple’ The Bahamas will “only get one bite at the apple” to convince the cruise lines it is worthwhile continuing

to home port here once COVID-19 restrictions are lifted, a top tourism executive is warning.

Robert Sands, the Bahamas Hotel & Tourism Association’s (BHTA) president, describing the moves

ROBERT SANDS

RUSSELL BENFORD

the government not to play games in this regard, as this money would also likely be injected back into the economy once paid.”

Turning to what he said was a likely “revenue shortfall”, Mr Cooper added: “The fiscal situation needs to be addressed urgently as it is unlikely that the government would achieve its modest target for this fiscal year......

“Meantime, the government is once again starving capital works by several hundred million dollars in what is suspected to be a ploy to make the deficit look better, though there really is no prettying up that picture.

“This is temporary and artificial given the myriad of contracts, politicking and ribbon cuttings across the country as we head into another election

season. This chicken will come home to roost in due course,” he argued.

“And we have, of course, thrown another $11m down the black hole that is the Grand Lucayan, which remained closed for the majority of the pandemic and now has only one property open at minimal occupancy.

The expense of acquiring the property remains incorrectly booked as an investment, meaning the debt and the deficit remain artificially low. We have yet to see an audited financial statement by Lucayan Renewal Holdings Ltd. Therefore, we have no accurate idea of what this administration has spent on this errand, whilst many of the employees they claimed to have been protecting are out of work.”

by Royal Caribbean and Crystal Cruises as a “winwin” for the country, said they would boost airlift, help fill hotel rooms, and provide opportunities for professional services, jobs and vendors.

“We welcome home porting; this is very good news for The Bahamas,” said Mr Sands, who was speaking on the inaugural ZNS-TV and radio show, Direct Talk, with host David G Wallace.

He was present alongside fellow guest, Russell Benford, Royal Caribbean’s vice-president of government relations for the Americas.

Acknowledging that the Bahamian hotel industry and cruise lines “have not always seen eye-to-eye”, Mr Sands said home porting changes these dynamics.

“Home porting will be the beginning of a new chapter in our history,” he added.

Mr Sands, also Baha Mar’s senior vice-president of governmental affairs and external relations, said Bahamian hotels traditionally run average occupancy rates of 70 percent. This typically leaves 30 percent empty, and earning no revenue, while operating costs are still incurred.

The extra airlift required to deliver passengers to Nassau, so that they can embark on their cruise, will help fill those vacant rooms as many persons will spend a night in the capital before their departure. Guests may want to stay in Nassau or go to the Family Islands after their cruise as well, and the more time the ship spends in The Bahamas, the greater the demand for local services.

Royal Caribbean will begin home porting in The Bahamas with Adventure of the Seas, a vessel that carries 3,800 passenger. It will initially sail with about 50 percent of that number to maintain physical distancing protocols. The first cruise is scheduled to board in Nassau on June 12.

Throughout the summer, it will sail on seven-day trips that include a day in Grand Bahama.

“We can see the synergy between the cruise and hotel industry as a result

of the agreement for home porting and, for the first time, we will work together for the benefit of the destination,” Mr Sands said.

It was the first time that Mr Benford and Mr Sands had met, a symbol of the distance that divided the two sectors in the past.

“It is wonderful to be here sitting with the hotel industry, and with a leader like ‘Sandy’ Sands,” said Mr Benford. “It’s an exciting time. You no longer will need to choose hotel or cruise – you can enjoy both and together, thanks to home porting, we will help reinvigorate the economy as we recover from the pandemic.”

Mr Benford said Royal Caribbean is reaching out to local suppliers for food, beverage, trucking, ferry services, attractions and excursions, security, professional services and more.

The vessel will refuel and re-stock in Grand Bahama as well as taking supplies on in Nassau.

“The economic opportunity and impact for the small to medium-sized businesses, even larger businesses, is in the millions of dollars,” he added.

More than 620 people participated in the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and Grand Bahama Chamber of Commerce workshops sponsored by Royal Caribbean, providing specific details about how to apply to be a vendor.

The company has also provided a $250,000 grant to the Small Business Development Centre to help fund businesses it believes have a product or service that would qualify.

Mr Sands, though, warned that there is one caveat. If The Bahamas is going to excel at home porting, and wants ships to continue to begin and end cruises in the country, those who are participating in the launch have to improve their service standards.

“We are on the precipice of something major,” he said. “But we only get one bite at this apple.”

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THE TRIBUNE

Monday, May 10, 2021, PAGE 3

ACTIVISTS TELL DISNEY: SHOW US CRUISE PORT ‘A FAIR DEAL’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ENVIRONMENTAL activists are challenging Disney Cruise Line to show how its Lighthouse Point project is “a fair deal for The Bahamas and people of South Eleuthera” via the economic returns each side gets.

Bahamian groups who form the Stop Disney - Last Chance for Lighthouse Point campaign, in feedback provided to the consultation on the cruise line’s Environmental Impact Assessment (EIA), called for the company to release the much-touted study by Oxford Economics on the project’s likely economic impact.

Pointing out that this study was conducted before COVID-19’s devastating impact on the Bahamian and world economies, and the cruise ship industry in particular, the environmental coalition argued that no data has been produced to support the headline numbers that were incorporated into the project’s Heads of Agreement with the government.

While the EIA asserts that Disney Cruise Line’s plan for Eleuthera’s southern tip “is conservatively expected to provide a $805m increase in Bahamian gross domestic product (GDP), and a $357.5m increase in Bahamian government revenues” over a 25-year period, the groups - as was also reported previously by this newspaper - said the figures are much less impressive on an annual basis.

“This amounts to an increase of only $32.2m in GDP and $14.3m increase in Bahamian government revenues per year,” the environmental coalition asserted.

“Disney is investing up to $400m in the development at Lighthouse Point. Every bed aboard a Disney ship represents around $237,000 in annual revenue. When multiplied by 3,500 passengers, Disney can expect to take in revenues of $830m per ship, per year.

“Disney needs to make clear exactly how this deal is fair to The Bahamas and the people of South Eleuthera. Disney has not released the 2018 Oxford Economics Study which supposedly substantiates their claims of economic benefits,” the groups added.

“To our knowledge, the only information that has been released is

DISNEY’S LIGHTHOUSE POINT RENDERING

SAM DUNCOMBE a very brief summary in the form of a powerpoint presentation which outlines takeaways, but does provide the underlying analyses (see Appendix).

Disney needs to release the Oxford Economics study so stakeholders can fully assess the validity of the economic benefits Disney has promised.”

The “fair deal” assertion appeared regularly in the activists’ concerns and arguments against a project they remain firmly opposed to. Noting that

Walt Disney’s 2019 fullyear revenue amounted to $65.39bn, they added: “In contrast, the communities of South Eleuthera are in critical need of economic growth, experiencing unemployment rates as high as 70 percent to 80 percent.

“Lighthouse Point needs to be developed in a way that is both sustainable and equitable. The EIA should consider whether, in fact, the proposed development for Lighthouse Point is, in its current state, a fair deal for The Bahamas and South Eleuthera.

“As outlined in the above economics section, with the information that Disney has publicly released it is still unclear how the economic benefits to the communities of South Eleuthera will be even comparable to the company’s revenue from the port. In order to proceed responsibly and fairly, Disney must be explicit

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about how this deal is fair to The Bahamas and the people of South Eleuthera.”

The environmental activists also argued that GDP was the wrong indicator with which to measure the project’s impact, as it likely included revenues and passenger spending that were benefiting Disney Cruise Line and foreign vendors rather than Bahamianowned businesses and their employees.

Arguing that gross national income would be a far better yardstick, they also questioned whether Disney Cruise Line’s project will provide continued access to Lighthouse Point for both stopover visitors and independent tour guides.

“The point at the Lighthouse Point site is a very popular attraction for stayover tourists visiting the island in Governor’s Harbour or even as far up as Harbour Island,” the activists said. “These tourists frequently drive the length of the island to visit Lighthouse Point because of its

pristine natural beauty.

These tourists constitute a vital portion of the southern settlement’s income as they stop for gas, refreshments, souvenirs etc.

“Disney’s EIA must consider studies to examine how development of the port will impact the likelihood of stay-over tourists, who are known to contribute more to the economy of The Bahamas, visiting the site and contributing to local businesses along the way. It must also outline project costs to local businesses.”

And they added: “The EIA and the limited information we have received about the 2018 Oxford Economics study do not address potential costs to local business. The EIA states that ‘the developer will provide all citizens and residents of The Bahamas with full access to the property for non-commercial purposes’.

This appears to exclude access to the area for independent local tour guides.

“Lighthouse Point is a major attraction for these

businesses. At the April 8 Department of Environmental Planning and Protection (DEPP) public consultation, at minute 01:10:40, the question of whether or not local bird and other environmental guides would be able to bring their own customers on to the site [arose].

“Disney mentioned that they would hire Bahamians for their own shore excursions, but did not provide a clear answer as to whether or not local tour businesses would be able to operate independently at the site,” the activists continued.

“As it stands, Disney has the liberty to determine the number of tour operators with which they will collaborate, if any, and there are currently no limits on the rate of commission that Disney can charge. The EIA must include more specific information about their intentions for interacting with local business. It also must provide analyses of how their own operations will impact independent local businesses.”

PAGE 4, Monday, May 10, 2021

THE TRIBUNE

Retailers: Business picking Businesses demand: Who up but not near pre-COVID pays for COVID testing?

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN retailers say business volumes are picking up slightly with Mother’s Day sales providing a further boost.

Nicole Aranah, Lorene’s Department Store’s operations manager, told Tribune Business she believes Mother’s Day was driving business through last week. Sales made then, she added, do not necessarily represent the start of a more sustainable trend.

She said: “We’re doing

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business but we’re not doing what we used to do. When the hotels open up, I’m sure the economy will trickle down to us, but with the pandemic and everything clothing is not a necessity.”

“Unless someone needs a certain outfit for a certain occasion” is when people would come into Lorene’s, Ms Aranah said. She added: “Everybody doesn’t have the regular salary that they normally have. So clothing is kind of a last resort, but they’re more focused on food and necessities.”

Ms Aranah said she is waiting for tourists to return in stronger numbers because many families depend on the hotels and related businesses for work, while restaurants and bars rely on the sector’s spin-off effects.

John Cathapoulis, general

manager of John’s Shoe Store, said: “Compared to the beginning of the year business is picking up a little, I would say, but we’re not where we were before COVID-19 ever happened. It is better than last year.”

Lucy Burrows, general manager of Geoffrey Jones, said business has been “pretty good” over the last few months. She added: “The only bad thing is that we can’t get enough things in stock.

“It’s been a challenge replenishing our stock because, in the US, everything was shut down for so long and our suppliers are just catching up. There’s still certain things we just can’t get, like we can’t get certain dryers, refrigerators and some freezers, for the most part, as it depends on the availability of where it was made.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GRAND Bahama businesses want to know who should pay for the weekly testing of employees who do not take the COVID19 vaccine, as suggested by the prime minister.

Greg Langstaff, the Grand Bahama Brewing Company’s proprietor, told Tribune Business that the government should pay if it was going to mandate that employers require workers to either become fully vaccinated against COVID-19 or take weekly tests to confirm they are virus free.

Mr Langstaff said: “In the big scheme of things, I can’t disagree. I agree with the prime minister, we certainly need to get everybody in the country. But that’s a pretty hard penalty on a business to ask them to test all their people once a week when he won’t test all of his people.”

He was responding to remarks made by Dr Hubert Minnis when he urged business owners on Grand Bahama to encourage their employees to vaccinate against COVID19 or risk putting their businesses in jeopardy.

Dr Minnis also told business owners to require employees to take a weekly RT-PCR COVID-19 test

if they decline to take the vaccine.

An RT-PCR test can cost between $150 to $200 depending on where persons take it. “If he wants to enforce something like that, then he had better cough up a bunch of free tests and that would make it great,” Mr Langstaff added.

He said he is already aware of several Grand Bahama businesses that are asking employees to test weekly for COVID-19, but those firms are in the tourism industry and come into frequent contact with visitors.

Brent Collins, chief executive of Freeport-based Power Equipment Ltd, said none of his employees are interested in taking the vaccine. As for weekly testing, he added: “No. I wonder who is going to pay for taking all of those tests?

“I know of several people that took RT-PCR tests, and they were false positives after taking a second test directly afterwards. I don’t know what the deal is with that, but weekly testing is not feasible.

“They are asking Grand Bahamians to spend more money, and those tests are anywhere from $100 to $120. To take a second test to confirm your COVID19 status is a lot of money.

Some of these guys I know have spent $600 or $800

just to prove they didn’t have it.”

James Rolle, Dolly Madison Homecentre’s general manager, said that while weekly testing or COVID-19 vaccinations are “doable”, the Prime Minister is just “planting a thought in the minds of employers”.

He added: “I think there may be some legal buffering to that, because in one breath you’re telling the Bahamian public that vaccinations are not mandatory, but the next day you’re telling another factor of the society that you must insist that your employees take the vaccination.”

Questioning the logic of giving employees an either/ or option on vaccinations or weekly testing, Mr Rolle said: “What the prime minister is saying is that if all of your employees are vaccinated, even if somebody comes into your business who is positive, or if any of your employees test positive, the business doesn’t have to close down.

“But it still does not remove the fact that, even if all of your employees are vaccinated and someone who comes into your store tests positive, or even if a member of your staff is positive, then that means the viral infection is present for God knows how long, so somebody else can come into the store and still contract the virus.”

THE TRIBUNE

Monday, May 10, 2021, PAGE 5

The online food boom ACTIVTRADES WEEKLY

By CHRIS ILLING www.activtrades.bs

THE food industry, restaurants and take-out joints, has experienced a tremendous revolution during the last two years.

Due to the worldwide restrictions the demand to order food online and have it delivered to your home or place of work has been growing rapidly. The delivery must be fast, accurate and should not cost more than indoor dining. The industry has been growing over 20 percent in the last three years and is estimated to increase to more than $220bn by 2025.

It is critical for the food outlets to stay abreast of what is happening in the market, identify new opportunities, upgrade their software and invest in the right sector at the right time. Approximately 42 percent of the overall food ordering market is now happening online and is growing year by year.

The restaurants can choose between several different ways on how to

deliver their food to their customers. While some do it themselves through independent online platforms or their own proprietary website, others choose to use third-party platforms like Uber Eats, Delivery Hero or Deliveroo. The Bahamas has their own Food-Delivery platforms like Kraven or Bahama Eats.

We reached out to the Founder of Kraven, Kyle Albury, who stated: “We onboarded a record number of restaurant partners and were able to give them the support they needed to continue to operate under the emergency orders. In addition, our customers had a demand for grocery delivery. We were able to pivot and provide a solution to meet those needs of our customers.

“With the increased demand for deliveries there was also an increased demand for delivery drivers. Many persons who were displaced from their jobs were able to sign up and replace their income.

I would say it was a win, win for our stakeholders as many were able to keep

Sarkis: CCA explanation ‘doesn’t pass smell test’ FROM PAGE ONE legal information.

Mr Chan, who led the sale of Baha Mar’s real estate assets to Asset SPV and the various vehicles created by China ExportImport Bank, ahead of the deal with Baha Mar’s present owner, Chow Tai Fook Enterprises (CTFE), duly obliged.

“In March 2019, while this litigation [with Mr Izmirlian] was proceeding, I called Mr Chan, who was still an employee of Deloitte, and we had a short conversation. I asked him: ‘Do you remember when we talked about those reports in 2016’, and also whether I could get a copy of the four reports from him,” Mr Wu alleged.

“I also told Mr Chan that, in fairness, defendants should have a copy of the Reports because CSCEC (Bahamas) was a shareholder and joint venture partner in Baha Mar Ltd, and the reports dealt with important affairs of Baha Mar Ltd during the time I was a director of the company.

“I mentioned that my assistant was in China and could pick up the reports for me. Mr Chan agreed to give me copies of the reports. He did not say that he needed to check if he was allowed to do so.”

Mr Izmirlian and his attorneys were distinctly unimpressed by this explanation. “Even were it credible, Tiger Wu’s 11th-hour affidavit regarding conversations with Norbert Chan in 2016 confirms that there was no waiver and highlights the impropriety of CCA’s possession of the legal opinions and valuations,” they argued.

“As an initial matter, CCA had the opportunity two years ago to explain to the Bahamian Supreme Court why the legal opinions were no longer privileged as a result of the receivership in 2016. CCA did not because it knew Chan was not authorised to sneak CCA the sealed legal opinions in 2019.

“Nor did CCA offer Mr Wu’s explanation to this court when it opposed Baha Mar Properties’ motion for a protective order in 2019.

This late-breaking explanation does not pass the smell test.”

CCA obtained the disputed legal papers one day before a court hearing on the matter. Justice Ian Winder, in a November 3, 2020, verdict, disclosed that he was “troubled” by China Construction America’s (CCA) failure to inform himself - and its own Bahamian attorneys - of that development prior to hearing arguments on whether the Supreme Court should “unseal” the documents

in question.

The papers in question are legal opinions prepared by two foreign law firms, Kobre & Kim (UK) and Glaser Weil LLP, for Mr Izmirlian in 2015 when he was still Baha Mar’s principal developer.

They provided estimates of the value of Baha Mar’s legal claims against CCA. Recalling his dealings with Mr Chan, the CCA (Bahamas) chairman said securing a release of the claims and counter-claims between Baha Mar and the contractor was vital to completing the project’s construction - something that the thenChristie administration was especially interested in with a general election looming.

“In 2016, Mr Chan was responsible for negotiating on behalf of the Asset SPV with CCA (which I represented) regarding the price to complete the construction of the project, and for a mutual release of the potential litigation claims between CCA and Baha Mar Ltd arising out of the project,” Mr Wu alleged.

“The Bahamian government was especially interested in the construction being completed, because the Baha Mar resort would bring jobs, tourism and other business opportunities to The Bahamas, and enable CCA to pay Bahamian workers and suppliers who remained unpaid for work on the project before it went into receivership.”

Denying that he had ever known Mr Chan before 2016, and that their relationship was “entirely arms’ length” due to being on different sides of the negotiations, Mr Wu said the Glaser Weil report dealt with Mr Izmirlian’s claims for “delays, workforce sufficiency, and alleged failures

by CCA to disclose that it allegedly could not achieve construction completion dates”.

The Kobre & Kim (UK) document related to the $192m completion guarantee, and he learned of the reports through Mr Chan.

The duo discussed the contents, as well as two reports commissioned by Baha Mar’s Deloitte & Touche receiver managers, to help settle the competing claims.

“When we discussed the reports, he never said they were legally privileged, and he did not express any concerns about discussing their contents with me,” Mr Wu alleged. “In fact, in 2016, Mr Chan broadly disclosed to me the substance of the Baha Mar reports and the receiver/manager reports during our negotiations over the cost for CCA to complete the construction on the project and for a potential mutual release of all claims.”

AN UBER Eats messenger. their doors open and persons were able to secure an alternative source of income.

“We are presently working towards expanding our partnerships beyond the food and beverage industry.

Presently, our app is available in New Providence and Grand Bahama. We are also working towards expanding to other islands in The Bahamas.”

The rise of digital technology, faster and more reliable internet has reshaped the market.

These third-party platforms attract huge investments and high valuations since they are transforming the business of food delivery.

The introduction of new business models continues to shape the delivery web.

Features now include cloud

kitchen, loyalty apps, restaurant apps and more.

The most important factor in the success of a food business is customer retention and adapting to changing consumer preferences is critical.

Millenials and Gen Zers are accustomed to ordering everything online and as these groups get older and have more disposable income, their market size continues to increase which is recognised by all online delivery providers. The growth in the online ordering market can be largely attributed to the digital age culture.

IPOs of food delivery platforms have been popular in recent times with very different results. Doordash (NYSE#DASH) surged after the opening bell in

December 2020 and closed the day 86 percent higher from its IPO price and gave the company a $58bn market cap. Five months later the share price is below the opening price.

Deliveroo’s (LON#ROO) share price fell by around 30 percent on its first trading day but has since recovered most of it loses and is now being valued at around $8bn. Delivery Hero (ETR#DHER) has seen its share price rise from Euro 27.80 in 2017 to Euro 132.05 in 2021.

CNN has claimed: “Food delivery apps are changing the way we eat and raking in billions.”

And this sales boom in food delivery is just the beginning. Although technology has improved how food is ordered and delivered, it has created a level playing field for businesses, no matter if the company is an underdog or an established chain. The food industry and its affiliates are going to be an interesting space to watch for the savvy investor.

PAGE 6, Monday, May 10, 2021

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Fishermen praise ‘monumental’ blow to illegal harvesting FROM PAGE ONE

mutual interests.”

What is notable about the Danzig case is that while the prosecution and sentencing took place in the south Florida federal courts, the forfeiture will benefit The Bahamas. The major part of the punishment requires him to turn over a new 30-foot Contender Tournament boat, which will be used by the Royal Bahamas Defense Force to combat illegal and unreported fishing.

Danzig, who pled guilty on April 26 to illegally harvesting fish in Bahamian waters without the necessary export and other permits required from this nation, was intercepted at sea by the US Coast Guard on May 9, 2020, on his return from the Cay Sal Bank.

A search of his vessel revealed 167 reef fish, collectively weighing 529 pounds, which had been caught at a time when Bahamian waters were closed due to the COVID-19 pandemic.

Keith Carroll, the NFA president, told Tribune Business that The Bahamas, its fishing industry and stocks have been grappling with the problems created by US citizens who exceed this nation’s catch limits, fish out of season or harvest illegally ever since he entered the sector some 38 years ago.

Suggesting that hundreds

Monday, May 10, 2021, PAGE 7 of boats were entering The Bahamas’ waters daily to fish in areas such as the Little Bahama Bank, Cat Cay and Bimini, as well as Cay Sal Bank, he said: “I think this is a good thing. It sends a strong message that The Bahamas and the US are working together.....

“I hope that the message gets out and they will think twice about coming this way.

It’s a big, big problem. The boats out of South Florida, they come to The Bahamas every day, get lobster, get snapper, and whatever they get they take back. We have this mega yachts that go in and out of the marina, fillet a load of fish, put it in the freezer and take it back to the US. “I have complaints from fishermen in Long Island, Abaco and all over the place.

We have complaints about it all over the place. They take a lot out of here, and have been doing it for years and years.”

Arguing that Danzig’s catch was “a drop in the bucket” compared to what is being illegally removed from The Bahamas’ waters, Mr Carroll added: “We have to send a strong message to US boats that you are welcome to come and snorkel, and enjoy our waters, but leave our fish. If you want to eat in our restaurants do so, but leave our crawfish and conch alone.”

He added that it was vital The Bahamas use the Danzig prosecution and guilty plea to show “we’re not playing, and that this could happen to you - your boat will be confiscated - if you do these

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, COLISNOAD ST. CLOUT WATKINS of Leeward East, P.O. Box N-226, intend to change my name to CILIS WATKINS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SCHAMELL SUSANNA ADDELAIDE-SWEETING, of #7 Saunders Acres off Fire Trail, Southern District, New Providence, The Bahamas, intend to change my name to SCHAMELL SUSANNA ADDELAIDE SWEETING. If there are any objections to this change of name

by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

things in The Bahamas. I’ve been in fishing, commercial fishing, for 38 years, and have been waiting for this to happen from before I started fishing and up to now”.

Mr Carroll also voiced optimism that the newlyenforced requirement for vessels to clear Customs on their way out of The Bahamas will further help to crackdown on boaters who exceed this nation’s catch limits or are engaged in illegal fisheries harvesting.

“The government is cracking down on these loopholes that people used to get away with years ago, and in years to come I hope our fisheries stocks get back,” he said.

“We see hundreds of boats come here every week, and each goes back with 100 pounds of fish. That’s a lot of fish. That adds up to millions of pounds of fish.”

Mr Maillis, meanwhile, told Tribune Business he felt poaching and illegal fisheries activities by US boats and citizens was often neglected due to the much greater focus placed on Dominicans and others who frequented The Bahamas’ southern waters.

“The impact of illegal poaching by US citizens is often unexamined especially at the leadership level,” he said. “Fears of impacting tourism and marinas, which are the lifeblood of many Family Island communities are often the main reasons behind inaction on our part

as a country.

“However, even the legal anglers are given generous bag limits, which are argued by many to be damaging to the sustainability of the commercial fishing sector, as well as many vulnerable species like hogfish, conch and outof-season lobster.

“The impact of those operating illegally and with impunity can only be magnitudes more destructive,” Mr Maillis added. “It is certainly not only commercial poachers from the Dominican Republic that we must be actively engaged in deterring. Only through creating this web of international enforcement can we hope to deter poaching on all fronts.”

Operation Bahamarama involves the National Oceanic and Atmospheric Administration (NOAA); National Marine Fisheries Service (NMFS); Office for Law Enforcement (OLE); the US Coast Guard (USCG); and the Florida Fish and Wildlife Conservation Commission (FWCC).

It is designed to target illegal, unreported and unregulated (IUU) fishing to and from the waters of the US Exclusive Economic Zone (EEZ). The Royal Bahamas Defence Force’s (BDF) air and marine assets, and intelligence gathering efforts, were described as critical to the Danzig prosecution.

Eleuthera ‘jewel’ for sale at $15m FROM PAGE ONE sale, Mr Lauth referred this newspaper to the Pennsylvania-based Shaner Hotel Group’s president, Plato Ghinos, who did could not be reached before press time. Mr Lauth now runs Shaner’s financing arm, Shaner Capital.

French Leave’s occupancies, according to Damianos Sotheby’s, ran at 80 percent during the winter season preCOVID-19. “With..... the opportunity to acquire franchising and branding rights through Marriott, this investment opportunity offers investors significant upside along with the right to exercise the option to operate the hotel as a sole proprietor,” the realtor said in its marketing materials.

“Built in 2015, French Leave Resort Autograph Collection Hotel is situated on 8.23 harbourfront acres and consists of a total of 20 villas averaging 700 square feet with a unit mix of 13

studios, two two-bedroom villas and a four-bedroom villa with a private pool.

“On-site amenities and additional revenue streams include the 1648 Bar & Grill; a fitness centre; gift shop/ reception area; an events plaza/lawn; a wedding pavilion; two mega yacht slips and one ski dock; a laundry facility and a water treatment plant. The property was also granted a 15-year property tax exemption under the Hotel Encouragements Act that is applicable through 2030.”

Damianos Sotheby’s added: “The opportunity exists to add more villas on-site or to acquire the adjacent land parcels on the Atlantic Beach side of the property for development into a sizeable luxury condo-hotel resort that would complement the existing hotel. Pre-pandemic occupancy levels for the hotel were steady at 80 percent during the winter season.”

To advertise in The Tribune, contact 502-2394

PAGE 8, Monday, May 10, 2021

THE TRIBUNE

Aircraft fees must defeat ‘dark zone’ FROM PAGE ONE coverage in the Family Islands. We have to address this area of air space below 6,000 feet, which is out of the purview of the tower in Nassau,” Mr D’Aguilar conceded. “There’s no air traffic monitoring in that area.

“We have to enforce the provision of air traffic services locally to cover the whole of The Bahamas from Grand Bahama in the north to Inagua in the south. Air traffic control in our air space under 6,000 feet is controlled 100 miles from the tower in Nassau. If someone is going from Long Island to Acklins, and they are below 6,000 feet, that is what we call the ‘dark zone’.

“There is very little control, little ability to provide the data. That’s something we have to figure out. There are mechanisms we can come up with to capture most of it. It’s taken us 70 years to get to the point where we can bill for our

air space, and now it’s going to take a period of figuring how to make it work effectively. We’re in the weeds, in the meat, of how this is going to work.”

Mr D’Aguilar said The Bahamas has now “done the heavy lifting” by securing its ten-year air navigation services agreement with the US, whereby the FAA will continue to manage this nation’s air space but has handed over all billing and collection of overflight fees to it. All monies will now go to The Bahamas, with the FAA only seeking an $80,000 monthly to provide the billing data.

However, he reiterated: “We haven’t done this before and have to find our way on how this plays out.

We have to see how the data comes to us from the US. We haven’t received any examples despite requests.”

Mr D’Aguilar said he hoped The Bahamas could bill commercial airlines via the International Air Transport Association (IATA),

which acts as a “clearing house” for global aviation taxes and airport fees levied on airline ticket prices.

However, he conceded that billing and collecting overflight fees from private aviation carriers will be more challenging to execute.

The minister added that the overflight fee structure, which is based on a plane’s weight and how far it flies through Bahamian air space, was designed to ensure the majority of the local aviation industry paid lower fees because their aircraft - apart from Bahamasair - tend to be smaller.

“We designed a system based on the weight of the aircraft understanding that most Bahamian aircraft are not very heavy. The only aircraft in the large category is Bahamasair,” Mr D’Aguilar said. “It isn’t as if this is a significant charge by any means.”

Unveiling the fee structure last week, Mr D’Aguilar said: “All

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

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

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

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

Mr D’Aguilar added at the time that the $300m-$350m anticipated to be earned over the next decade will help finance the operations of the Civil Aviation Authority, which is to receive $15.305m during the 2020-2021 fiscal year, as well as help build capacity in air

navigation services for The Bahamas to eventually take over its own air space via a Flight Information region.

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

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THE TRIBUNE

Monday, May 10, 2021, PAGE 9 LEGAL NOTICE

N O T I C E EXXONMOBIL NAMIBIA (NAMIBE BASIN) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL NAMIBIA (NAMIBE BASIN) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 5th day of May 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Rebecca L. Wittrock, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 10th day of May, A.D., 2021 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company LEGAL NOTICE

N O T I C E EXXONMOBIL NAMIBIA (NAMIBE BASIN) LIMITED Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 1st day of June, A.D., 2021. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 10th day of May, A.D., 2021 Rebecca L. Wittrock Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

NOTICE NOTICE is hereby given that ALTHERSON HENRI, of Quintine Alley off Wulf Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that SHANTINA LILDIA ELIDOR, of #77 Greenway Courty, South Bahamia New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that SELVES TINA GLORIA ELLIS, of #65 Mutton Fish Drive, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ADELAGUN MUYIDEEN ODUMOSU, of #3 Maxwell Lane Off, Farrington Road, P.O. Box N-10584 New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

FRIDAY, 7 MAY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1954.27

0.03

%CHANGE

YTD

YTD%

0.00 -138.19

-6.60

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.15 33.05 1.50 2.90 1.78 6.00 6.96 3.60 6.00 4.05 6.16 12.00 2.75 7.50 10.71 9.00 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.15 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 5.05 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.95 5.90 9.75 2.38 6.80 11.25 9.00 14.00 3.99 8.19 15.50

CLOSE 5.05 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.95 5.90 9.75 2.37 6.80 11.30 9.00 14.00 3.99 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS780222 BSBGRS760240 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.50 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 100.66

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

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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.05 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 21.1 34.5 N/M N/M N/M N/M 18.9 -8.1 30.7 16.0 13.1 13.5 23.2 14.6 17.5 12.4 17.2 19.7 8.7 24.6

YIELD 3.37% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.07% 3.73% 7.38% 18.31% 0.88% 2.90% 2.67% 3.86% 3.01% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.44% 4.50% 4.33%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 22-Sep-2022 18-Jan-2024 26-Apr-2028

MATURITY

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

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

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

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

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

NAV Date

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

MARKET TERMS

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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

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

THE TRIBUNE

Monday, May 10, 2021, PAGE 11

EU LAUNCHES CONFERENCE TO DEBATE ITS FUTURE WITH CITIZENS PARIS Associated Press

FRENCH President Emmanuel Macron, pictured, yesterday expressed hope that Europe would rediscover the path of “great projects, great ambitions and great dreams” as the European Union launched a wide consultation process meant to design the shape of the bloc’s future.

Macron spoke as part of Europe Day, the inaugural event of the Conference on the Future of Europe in the French city of Strasbourg.

“What Europe do we

The process also aims at bringing the EU’s complex decision-making closer to its 450 million citizens.

While advocating for Europe’s democratic model, based on solidarity, Macron acknowledged that “we’ve seen that sometimes Europe didn’t go fast enough and maybe didn’t have enough ambition”.

He called on Europeans to get inspired by the United States to rediscover ways to “shape the future and move fast”.

The pandemic has shown that the EU lacked the effective tools to react quickly to a continent-wide emergency. The bloc was

want in ten years, 15 years from now?,” Macron asked in his opening speech, calling on people to debate all major issues, from the bloc’s borders to new institutions, cultural projects, education and the fight against climate change.

notably criticised at the beginning of the year for its vaccination campaign starting slower compared to the US and the United Kingdom.

“The pandemic has been traumatic ... and like all trauma we need to find a way of talk about it if we want to move beyond it,” European Commission President Ursula von der Leyen said. “And there’s no better way to do that than by offering prospective, hope and the ability to change things for the better.”

The process is meant to allow “young people in particular to have their say”

about Europe’s future, she said.

A digital platform and series of conference-related events will enable people to share their views on changes and improvements they wish for the EU. The conference’s plenary will be composed of representatives from the European Parliament, member states, the European Commission, as well as representatives from all national parliaments, social partners, the civil society and panels of citizens.

European Parliament President David Sassoli said “as we are about to rebuild our economies and

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 72° F/22° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Mostly sunny and nice

Clear to partly cloudy

Mostly sunny with a passing shower

An a.m. shower; partly sunny, humid

Clouds and sun, a t‑storm; humid

Periods of sun with a shower or two

High: 87°

Low: 77°

High: 88° Low: 75°

High: 88° Low: 75°

High: 87° Low: 75°

High: 88° Low: 74°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

96° F

80° F

98°-80° F

98°-78° F

97°-79° F

99°-81° F

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

N

almanac

E

ABACO

S

N

High: 83° F/28° C Low: 76° F/24° C

8‑16 knots

S

High: 89° F/32° C Low: 75° F/24° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 76° F/24° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TUESDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 90° F/32° C Low: 75° F/24° C

High: 85° F/29° C Low: 75° F/24° C

MIAMI

High: 89° F/32° C Low: 77° F/25° C

7‑14 knots

KEY WEST

High: 87° F/31° C Low: 80° F/27° C

High: 87° F/31° C Low: 77° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 84° F/29° C Low: 77° F/25° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:47 a.m.

8:10 p.m.

2.4 2.8

1:55 a.m. 0.1 1:54 p.m. ‑0.1

Tuesday

8:24 a.m.

8:46 p.m.

2.3 2.8

2:34 a.m. 0.0 2:28 p.m. ‑0.1

Wednesday 9:01 a.m.

9:22 p.m.

2.3 2.8

3:12 a.m.

3:02 p.m.

0.0 0.0

Thursday

9:37 a.m.

9:59 p.m.

2.2 2.8

3:50 a.m.

3:37 p.m.

0.0 0.0

Friday

10:15 a.m.

10:37 p.m.

2.1 2.8

4:29 a.m.

4:13 p.m.

0.1 0.1

Saturday

10:54 a.m.

11:17 p.m.

2.0 2.7

5:09 a.m.

4:51 p.m.

0.2 0.2

Sunday

11:36 a.m. ‑‑‑‑‑

2.0 ‑‑‑‑‑

5:51 a.m.

5:33 p.m.

0.3 0.3

sun anD moon Sunrise Sunset

6:28 a.m.

7:45 p.m.

Moonrise Moonset

5:52 a.m.

6:58 p.m.

New

First

Full

Last

May 11

May 19

May 26

Jun. 2

CAT ISLAND

E

W

High: 84° F/29° C Low: 77° F/25° C

N

S

E

W

8‑16 knots

S

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 75° F/24° C Normal high ....................................... 83° F/29° C Normal low ........................................ 71° F/21° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 71° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.03” Year to date ................................................. 3.32” Normal year to date ..................................... 6.75”

ELEUTHERA

NASSAU

our societies on new foundations ... it is even more crucial and urgent to listen to our fellow citizens, to feel their needs, their expectations in terms of assistance, jobs, dignity, security and prosperity.”

The conference is expected to reach conclusions to provide guidance on the future of Europe by spring 2022.

Meanwhile, Macron hoped the European Parliament will be able to hold its next plenary session in June in Strasbourg, its official seat. European lawmakers didn’t return to the French city since February last year because of the virus crisis.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 77° F/25° C

High: 84° F/29° C Low: 78° F/26° C

N

High: 86° F/30° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 77° F/25° C

8‑16 knots

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

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 84° F/29° C Low: 79° F/26° C

High: 84° F/29° C Low: 78° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 79° F/26° C

N

E

W

E

W

N

S

S

10‑20 knots

10‑20 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 7‑14 Knots SSE at 4‑8 Knots SE at 8‑16 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots SE at 8‑16 Knots ESE at 6‑12 Knots S at 7‑14 Knots S at 3‑6 Knots SE at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots ESE at 10‑20 Knots ESE at 8‑16 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots SE at 8‑16 Knots ESE at 7‑14 Knots E at 10‑20 Knots E at 8‑16 Knots SE at 8‑16 Knots ESE at 7‑14 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 3‑6 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 79° F 83° F 84° F 82° F 82° F 81° F 81° F 81° F 81° F 82° F 82° F 83° F 83° F 82° F 82° F 81° F 81° F 81° F 79° F 81° F 82° F 82° F 82° F 81° F 81° F