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THURSDAY, MAY 13, 2021
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Auto dealers ‘scrape bottom of the barrel’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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UTO dealers were yesterday “scraping the bottom of the barrel” after supply chain woes slashed vehicle inventories by up to 70 percent and left them unable to meet higher-than-expected demand. Ben Albury, Bahamas Bus & Truck’s general manager, told Tribune Business the sector and its clients have to “grit our teeth and bear it” after substantial increases in production/delivery lead times by manufacturers left his most popular models at just five percent of their normal inventory. He was backed by his namesake Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, who predicted that some dealers may “run out” of certain new vehicle models this summer before the global industry solves its supply backlog.
• Supply chain woes slash inventories up to 70% • BMDA chief’s group $4m below normal stocks • ‘Perfect storm’ to hit flat Q1 sales momentum
BEN ALBURY Revealing that combined vehicle inventory at his Auto Mall group of companies is down by $4m compared to normal levels, he explained that many dealers had cut their orders due to COVID-19 related uncertainty only for consumer demand to be more robust than expected. Predicting “a rough year” until these issues outside the capacity of Bahamian
‘Nothing to lose’ over concrete export venture
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FORMER Bahamian Contractors Association (BCA) president says the country must explore transforming itself into an exporter of pre-cast concrete products, and urged: “We have nothing to lose.” Leonard Sands, pictured, in a recent interview, told Tribune Business the abundance of sand - which he said makes up 80 percent of all concrete products - presented an opportunity for The Bahamas to increase construction industry returns by transforming the sector
into a producer as a opposed to a service-driven venture. Acknowledging he had not conducted any empirical studies to assess whether it was viable for The Bahamas to become a major concrete product exporter, he argued
SEE PAGE 10
Insurers ‘hold line’ over property rates
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN insurers are “trying to hold the line” on property premium rates for 2021 after post-Dorian pressures resulted in increases of up to 30 percent for businesses and homeowners last year. Tim Ingraham, Summit Insurance Company’s president, told Tribune Business that Bahamian property and casualty underwriters had little choice but to implement
rate hikes if they were to maintain insurance industry support in the wake of Dorian’s record $2bn claims payout. “If you were in an area impacted the by the storm, you might have seen a 15-30 percent increase,” he said of 2020’s rises. “If you had wooden hut on the beach you might have seen a 30 percent increase, but if you had an office block in an inland area, you may have seen a ten to 15 percent increase.
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dealers to control are resolved, Fred Albury conceded that it would to tough to maintain new vehicle sales momentum that resulted in the 2021 first quarter essentially being flat against the prior year. BMDA members collectively sold 339 vehicles during the three months to end-March, a drop of just seven compared to the prior year period’s 346. The 2020 first quarter only felt COVID-19’s impact during the final three weeks, thus making it a reasonably decent comparative against which to gauge the sector’s post-pandemic recovery. And, while the new auto industry sold 92 vehicles in April 2021, the year-overyear comparison with last year’s 12 is relatively meaningless given that the entire Bahamas was locked down for that month as part of
COVID-19 related health measures. A more meaningful comparison is the 131 vehicles that the sector sold in April 2019, a figure some 42.4 percent higher than this year’s return, and which suggests the Bahamian new auto industry still has some way to go - like the rest of the economy - to fully recover from the pandemic. Fearing that the inventory shortages may undermine healthier-than-forecast demand, Ben Albury told this newspaper: “Right now I have adequate demand. My biggest issue is securing product. There are tons of issues that are manufacturers are having. He explained there was a major shortage of key semiconductor components for
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Briland rebound beats projection ‘by over 25-30%’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HARBOUR Island resort operators yesterday said the post-COVID tourism rebound has exceeded expectations by 25-30 percent, and added: “We’re still rocking and rolling.” Joseph Dargavage, partner at Romora Bay Resort & Marina, told Tribune Business that if present momentum is maintained - and aided by the removal of COVID-19 PCR testing requirements from May 1 - then the boating and yachting sector may return to “normal” pre-COVID business volumes as early as winter 2021. Revealing that this would be “a season or two” earlier than his own predictions, Mr Dargavage said he presently sees no signs of the “excellent Spring rebound” enjoyed by many Harbour Island and Family Island resorts and marinas “letting up”. Also an Association of Bahamas Marinas (ABM)
vice-president, he added: “The boaters and yachters have definitely found their way back to The Bahamas. Speaking specifically to Harbour Island, both marinas - Valentine’s and Romora Bay - had excellent months in March and April. “For Romora Bay, from May going through July and rolling into the summer months, I don’t see it letting up. Now add in May 1, and the ability for fully vaccinated people to come in without testing, and that really is going to boost the summer tourism industry even more. We see no reason why, in the Out Islands of The Bahamas and Harbour Island, the summer months cannot be excellent.” Mr Dargavage said fully vaccinated visitors have already started arriving at Romora Bay, adding that the resort was “continuing to have people calling daily” asking about The Bahamas’ new entry policies for persons who have had two jabs.
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Pest control firm in fumigant partnership
A BAHAMIAN pest control firm has secured an exclusive partnership that will see it distribute the Zythor fumigant to customers throughout this nation. Struckum Commercial Pest Services, in a statement, said it had teamed with Ensystex to create what it described as “an affordable option” for local customers when it come to providing termite
tenting services. The family-owned business, which was founded in 1984, said it had made “a significant capital investment” in partnering with Ensystex to provide affordable termite and pest fumigating services throughout The Bahamas. Besides the termite tenting services, Struckum will be the exclusive Zythor distributor in The Bahamas and will thus help other pest
control operators. Ensystex will be responsible for providing training and support to the Struckum team. Ensystex, a North Carolina-based company, manufactures and sells pest control products directly to vector control operators in more than 70 countries. Struckum Commercial Pest Services’ termite division is pictured here at a Zythor training session with Dale Dubberly.
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Thursday, May 13, 2021, PAGE 3
Bahamas must ‘step up Cash reliance hinders game’ on cyber security online delivery service By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN companies and the nation-at-large need to “step up their game” to protect critical IT (information technology) infrastructure against “advanced attacks” and hacks growing in sophistication. Scott MacKenzie, chief executive of Bahamas-based Cloud Carib, told Tribune Business yesterday that he has been seeing an “increased amount of cyber attacks” globally and this country is not immune from being potentially targeted. He raised the alarm following the recent ransomware attack on the US-based Colonial Pipeline, one of that country’s major oil pipeline systems, which resulted in a shutdown and loss of supply that has caused gas shortages, long lines and increased prices across many eastern states. The attack was blamed on a Russia-based group, while another hacker group purportedly from the same nation sought to hold data belonging to the Washington DC police department to ransom. It has now released
information on the profiles of 22 police officers attached to that department, and is threatening to release more information until $4m is paid to them. Mr MacKenzie said: “There have been a lot of advanced attacks that have been targeted against companies and they are very, very sophisticated. One of the sophisticated attack mechanisms that bad actors use is they try to infect software updates, for example the Solar Winds attack, that was based on an update patch that was applied from Solar Winds.” Solar Winds, a Texasbased company that provides software updates for computer systems, saw one of its software updates, Orion, allegedly hacked into by Russians groups last year. Orion was a widely-used US government software that was hacked into and inseminated with a Trojan virus, SUNBURST, which the Russian hackers were able to use to control the software and tap into US government systems. Mr MacKenzie said: “So the bad actors infected code within an update that was going to be deployed for all the solar wind servers, and then users just deployed the Solar Winds code.
That infected all of their Solar Winds deployments globally. “So if the bad actor can get into one of these companies that provides commercial enterprise software, and that company is unaware of the bad actor being in their network, this is where Remote Access Trojans (RATS) come into play. “The RATS’ goal is to basically like follow that human resource practice, get into the network, not letting anybody know that it’s in the network, and then in a timed scenario do something which could be infecting the software code, and then deleting itself so that there’s no trace of it,” he added. “We just have to step up our game and do a better job as security practitioner,s and leadership in companies have to take responsibility for governance and good security practice.” Mr MacKenzie added: “One of one of the significant threats to organisations as a whole is standard business practice. You have a human resources department, and you have a recruitment e-mail address. The job of the recruitment officer within human resources is to open resumes and read those resumes. “If you embed malware within that resume, and they open that resume, that has now infected their computer and it will then do its best to laterally move across the organisation and infect other computers.” Mr MacKenzie said it was critical to install protection systems such as next generation firewalls, intrusion protection, intrusion prevention and threat prevention. He added: “A threat prevention system will open that e-mail and sandbox the PDF attachment before it allows the person to open it on their desktop.”
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A ONLINE delivery service provider yesterday said many companies are unable to fully exploit the sales platform it provides because they lack the means to receive payment other than cash. Granville Collie, MUTRU’s managing director, told Tribune Business he is finding it difficult to collect money on behalf of vendors using the platform because too few are able to collect payments beyond the store register. He explained that the absence of e-commerce solutions means there is no other way for them to conduct transactions. Mr Collie said: “Right now we offer a cash-ondelivery platform for customers that may not have a website for their customers to pay for the items. So that’s what we are resorting to have to do, but we would prefer to not have a cash transaction and we would prefer to just be cashless. “Right now it is very hard for us to accept payments. There are a lot of hoops you have to jump through just to try and allow or accept payments to your website, and a lot of small businesses don’t have access to enough capital or even a simple solution that they can just have items paid for.” Arguing that the use of digital payment providers make things more difficult, Mr Collie added: “Most of their platforms don’t go directly to your bank account; it first has to go to
a separate account.” He argued that, from a “safety perspective”, it is better to be cashless in the delivery business, while it is also more convenient if customers can pay his clients online and have everything facilitated before they make the delivery. “I wouldn’t have to worry or pay as much fees because, when I accept cash and deposit that to my bank, then I have to send it back to the retailer that I am accepting that cash on behalf of and fees are associated with all of those transactions that are taking place along the way,” said Mr Collie. “If we can have a simplified way to accept payments, because going through the Central Bank all the time doesn’t make any sense...... If we could at least accept PayPal, Visa and Mastercard or any credit card more easily, without all of this jumping through hoops and without having to have large amounts of capital or without having to have a significant amount of influence, then that definitely would do a lot in terms of just e-commerce in The Bahamas in general; not just
in delivery services, but in commerce in general.” MUTRU is a delivery service provider that launched with the onset of the COVID-19 pandemic to help small businesses beat the COVID-19 restrictions on in-store customers and non-essential business closures. Mr Collie added: “We are different from on-demand services like Kraven that delivers food on demand. We deliver non-perishable goods like clothing, car parts, small equipment, shoes and things like that. “So with our business we understand that people need to become acclimated to the idea of delivery but everything is cool. I have no complaints. People are warming up more to the idea of delivery, but it’s kind of a slow process.”
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HELPING BAHAMIANS Do you feel your home has been wrongfully repossessed by a financial institution? Email us (helpingbahamians@gmail.com) WE WOULD LOVE TO HEAR YOUR STORY.
PAGE 4, Thursday, May 13, 2021
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BAHAMAS TOLD: ‘GET TOUGH’ ON ILLEGAL FISH HARVESTING A PROMINENT realtor is urging The Bahamas to “get tough” and seize vessels belonging to US citizens fishing illegally in this country’s territorial waters. Mario Carey, the Better Homes and Gardens Real Estate MCR Group founder, hailed the recent successful prosecution of a Florida Keys man for harvesting fish in Bahamian waters without the necessary permits for “setting an example” that may deter others from committing similar crimes. Having campaigned against the illegal harvesting of Bahamian conch, fish and crawfish for some years, Mr Carey said he had been stunned by the lack of fish he saw on a recent dive. “I’ve been diving for more than 35 years, and two weeks ago I went from Yellow Banks (north
MARIO CAREY Exuma) to Sayle Rock (Eleuthera) without seeing a single grouper, hog fish, Margaret fish, not a conch, nothing,” he said. “Yes, dolphin, or mahimahi were running, but the fish that feed on coral – not one in six hours in the water. It was the first time in my life that ever happened and it was a helluva wake-up call.” Signs of a crackdown on illegal fishing emerged
last week after the south Florida courts fined 57-year-old Florida Keys resident, Henry Danzig, some $200,000 after he was caught with 170 fish harvested illegally from the reefs near Cay Sal Bank. The total catch weighed more than 500 pounds. Danzig and four others were on a 239-foot Contender called Bodacious when they were spotted and stopped from re-entering US waters in the Florida Keys, where Danzig operated a restaurant and was known as a good neighbour who always shared his catch with whoever wanted fish. “He paid a price, having to sell his boat to buy the Royal Bahamas Defence Force a new 30-foot Contender,” said Mr Carey. “It won’t bring back the 500plus pounds of fish that Danzig took when he broke
the Lacey Act, banning trafficking in illegal fish and wildlife, but I hope it sets an example. “We need to get tough and seize the vessels these criminals are using to catch fish from Bahamian waters and take them back to the US to sell. Some of these boats come over here on the pretense of a three-day sports fishing trip, but all they are is what they call in the trade ‘meat boats.’ “They come for the slaughter and the money they will reap from it when they return to Florida and, in some cases, they even get the charter fee. It has to stop.” The legal fishing limit for foreign vessels is a 20-pound bag per person per day, and the vessel must have a recreational fishing license. Mr Carey cited past fines that, he argued, are
BREWERY TAKES LEAD WITH PLASTIC WRAP ELIMINATION A BAHAMIAN beverage distributor says it has taken an industry lead by eliminating the use of plastic wrapping in packaging its canned beer products. The Bahamian Brewery & Beverage Company, in a statement, said the move followed The Bahamas’ 2020 decision to join 68 other nations in banning single-use plastics to drive greater environmental sustainability. Since resuming production of its Bahamian-brewed beer products following Hurricane Dorian, the company added that it had altered its
packaging with the reintroduction of Sands and other flagship brands. “We were able to use the Dorian rebuild as an opportunity to change our beer can carriers,” said Gary Sands, Bahamian Brewery & Beverage Company’s general manager. “We have eliminated the use of plastic wrapping for packaging our canned beer, making us the only mass and locally produced beer to do so.” The company previously relied heavily on the use of plastic wrap. The plastic had to be heatsealed before shipping
BAHAMIAN Brewery staff showcasing their products. and distribution. “We had to buy the plastic wrap and send it through a heat tunnel to seal the case,” said Clayton Russell, assistant general manager. “Coming off the rebuild of the Brewery we wanted
to take steps to become more environmentally friendly while still offering our customers the quality packaging they’ve come to expect.” As part of the new packaging, both the can and
so minor that the criminals – local and foreign – pay them off and head right back to the water, with lines overboard and respect for the marine environment non-existent. “I look at three examples,” said Mr Carey. “September 2019, a Bahamian on a vessel called Sweet Dreams was fined $10,000 for using an air compressor, again fishing the Cay Sal Banks where he and a crew of 33 took $22,000 worth of fish. “A year later, more than 80 Dominican poachers were fined $20,000 apiece or prison time. You have to go all the way back to 1996, 25 years ago, to find a really hefty fine. That boat, Sea Legs IV, was caught with $70,000 worth of fish which would be probably triple that now. They faced a fine of up to $250,000 and up to
five years in prison.” Mr Carey praised the Ministry of Agriculture and Marine Resources; the Royal Bahamas Defence Force; and organisations such as BREEF, the Bahamas National Trust, The Nature Conservancy, Save The Bays and Waterkeepers with increasing awareness. “I think we have come a long way in terms of understanding how threatened our fish and conch stock is,” he said. “Now, all we have to do is get serious about enforcement. These people who illegally overfish for commercial gain in our country need to pay the price just like other criminals do, drug smugglers and human traffickers, and they need to have their vessels seized and spend time behind bars. The message will spread.”
bottle boxes are made from 100 percent recycled material and are FSC certified. The Bahamian Brewery & Beverage Company said this is the standard for materials harvested in the most environmentally friendly, socially beneficial, and economically viable way. The company’s switch has also extended to its retail operations. “We dropped plastic packaging at all our Jimmy’s Wines & Spirits locations,” added Mr Sands. “All stores now sell a signature and very strong, reusable bag. For those traditionalists like my dad and grandad, we have the beloved paper bags, which are synonymous with liquor stores across the country.” Both changes are part of the Bahamian Brewery’s,
and Sands family’s, commitment to the environment. “We’ve seen great success with our bottle recycling programme, and so we wanted to take our environmental efforts a step further,” said Mr Sands. “Not only does the new packaging give BBB’s signature products a nicer presentation, but it has resulted in a more environmentally-friendly operation.” The Bahamian Brewery & Beverage Company has for more than 11 years been recycling its beer bottles. It recently expanded its bottle buy-back initiative by adding two locations in Nassau, making for a total of four sites where persons can return their bottles for money.
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Thursday, May 13, 2021, PAGE 5
SCOTIABANK WARNS OVER DIGITAL FRAUD SCOTIABANK (Bahamas) yesterday warned its customers to make sure apps and websites used for purchases and other transactions are legitimate given the rise in fraudulent activity. The bank, in a statement, said online safety is becoming ever-more critical after COVID-19 accelerated the switch to a digital economy and electronic transactions. “The pandemic has forced many of us to rely on delivery services and more frequent online shopping, as in-person activities decrease,” said Roger Archer, Scotiabank (Bahamas) managing director. Providing tips on what should alert Bahamians to online scams, the bank said fraudsters have become increasingly skilled at setting up fake websites that appear identical to legitimate ones. It added that such sites even go as far as selling, or attempting to sell, knockoff/counterfeit versions of a legitimate company’s products and services. To help detect such sites, Scotiabank (Bahamas) said “an immediate tell-tale sign that a website may be a fraud” is that it contains broken links and no back button, while also being poorly designed. It urged customers to ensure retail websites they use have up-to-date contact information, such as a working telephone number that an actual person answers, and a legitimate e-mail address that ends in @gmail.com, @hotmail.com, @yahoo.com, @ [company name.com] or @ [company name].org, as well as a mailing address. “This is important in the event that the customer or the bank needs to seek redress on a purchase or transaction,” Mr Archer explained. Scotiabank (Bahamas) said persons should also look out for
ROGER ARCHER information outlines the company’s sales, return and privacy policies. It added that “one of the most obvious signs that a website is attempting to scam its users” is if it requests personal information, such as credit or debit card details, before allowing the customer to browse the website.
Scotiabank (Bahamas) warned that fake mobile apps advises are also increasingly being used to defraud unsuspecting customers. “These fraudsters are sadly using these tools of convenience and taking advantage of the uptick in app usage brought on by COVID-19,” Mr Archer lamented.
“Sadly, despite the increased convenience and safety of using apps and other online tools to make purchases and transact business remotely, there are now more opportunities for hackers to steal a person’s identity and banking information.” To combat this, Scotiabank (Bahamas) urged consumers to ensure that the name and spelling of any app they download matches that of the company. It added that scammers will create fake apps with names that are so similar, with one letter being incorrect, that a user may not notice. When an app is downloaded, there is normally a section just beneath where it is loading, that displays user reviews, ratings and
feedback. This indicates the app is legitimate enough to have had many other mobile users install and use it. Scotiabank (Bahamas) said there are also many apps that need a device’s permission to be installed, especially when they need access to a phone’s gallery, phonebook/contacts, camera and microphone. It added that if, while installing an app, a prompt appears asking permission to access any of the above mentioned features on your mobile device, that is a sign it is legitimate and knows its purpose. “However, if an app continuously asks for personal information or has too many pop up ads, users should immediately exit
and uninstall the app,” Mr Archer said. He added that while it is difficult to provide an exhaustive list of strategies that scammers may attempt, “generally we are advising that if one or more errors or suspicious content appears while on a website, users should immediately exit the site or app”. Mr Archer said the financial services industry has been a key target for scammers who have even created sites that mimic the banks’ online and mobile channels. “Be very vigilant and utilise extreme caution while surfing the web,” he added. “We want to urge all our customers and others to be guarded, especially when entering credit card and personal information.”
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HOW GRAPHICS ASSIST WITH ONLINE EDUCATION LEARNING about new graphical and educational techniques should not be a chore but, rather, a process that students and teachers should grasp, understand and implement. New graphical and educational software is increasingly appearing to help fill the need for more interactive, personalised educational experiences for students. The platforms they provide will soon take on a whole new meaning, and learning will not seem so cumbersome. So, what can you do to make large amounts of information digestible? It is easy. You might have heard the old saying: “A picture is worth a thousand words”. It surely is true. Helping students learn using graphics is key. Online educational and graphical software is
an essential teaching and learning tool. Some of these are: Authoring systems An authoring system helps teachers develop their own instructional software. Teachers can create electronic flash cards or index cards to teach children about certain concepts using multimedia content, such as reviews, lessons, tutorials and
web-based alternatives. Desktop publishing This software is used to create and design handouts and newsletters, and also can inform parents and students about events or activities happening in school. Use of desktop publishing software is a must-have skill for beginners and new graduates, using Microsoft Office and Adobe Creative Suite.
Math problem solving software This software makes it possible for math teachers to strengthen the problemsolving skills of students and also conduct science experiments. Graphic software Students can use this software to capture, create and change images. It is especially useful for creating online presentations as well. Reference software Students and teachers can include reference software in research projects, as it allows access to the encyclopedia, thesauruses, atlases and dictionaries. Drill and practice software Students and teachers can include drill and practice software to strengthen the existing skill set, as this software helps to prepare students for exams and tests. Tutorial software This platform helps students to learn new lessons at their own pace. It gives them new information to learn, and time to practice, while evaluating their performance. Educational games There are numerous educational gaming software on the market which are
very effective as they motivate students to learn while having fun. Simulations Simulation software enables students, through virtual experiences, to gain the experience in a range of activities. Special needs software This special software is developed to address the requirements of a student with special needs. Examples include computers reading text aloud, speech synthesisers, and multimedia software that targets certain learning disabilities. Utility Software Utility software assists teachers in preparing tests and quizzes, and even functions as a grading book. Teachers that are not used to technology will find this software easy to learn and use. Finally, graphics, educational and multimedia content offers users a high level of interactivity that is distinct from traditional teaching practices. Multimedia content using pictures, graphics and sound helps to engage students in visual online lessons. Moreover, it allows teachers to connect effectively while maintaining a productive environment for learning. Until we
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The Art of Graphix BY DEIDRE M BASTIAN
meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of B. Sc and M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
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Thursday, May 13, 2021, PAGE 7
Auto dealers ‘scrape bottom of the barrel’ FROM PAGE ONE new vehicles, due both to a factory fire that had reduced production capacity as well as competing demand for their use in laptops and computers after COVID-19 drove an increase in persons working and learning at home. The Bahamas Bus and Truck chief also cited shipping, cargo and production issues, noting that a vehicle shipment he was expecting last month was still to arrive because the vessel’s sailing was suspended after several crew members caught COVID-19. “All the larger manufacturers are way behind in production, so it’s causing us delays in securing product,” Ben Albury said. Whereas it previously took new Japanese vehicles between two to three months to arrive in The Bahamas from the day they were ordered, it is now taking six months, while American-made vehicles that used to take four months are now taking six to seven months.
“The demand is there but the product is not until they catch up,” he added of the manufacturers. “That has us limited right now in having the chosen inventory to offer to people. That’s just not there. In two to three months they may catch up.... “Right now we have got to grit our teeth and bear it. It’s having a terrible impact. I’m scraping the bottom of the barrel. I have a strong commercial inventory right now, but as far as high-end SUVs, which tend to trend better because of high demand, we’re at five percent of what we are normally. “We had pre-sold a lot of inventory to people paying in advance for vehicles. It’s just trying to deliver them in a timely fashion. Overall I’m probably 60-70 percent down [on inventory levels]. I have a slew of inventory orders. You lay out a lot of money to secure the product, and have a long lead time before I get it to sell and make a product.” Besides resulting in cash flow issues for dealers by tying up significant sums
in products they have yet to deliver, Ben Albury said they are also unable to advise clients on when their vehicles will likely arrive in The Bahamas. “It’s just a total meltdown of the system,” he advised. “It’s not a place I expected to be in at this particular point in time; I felt we would have too much inventory and not enough demand. For some reason money is still moving around. Look at high-end goods, high-end real estate and home construction. All those things are moving.” Pointing out that supply chain bottlenecks are presently not unique to the auto industry, with building materials another industry experiencing similar, Ben Albury said: “I think it will not level off until August.” Fred Albury, meanwhile, acknowledged that supply delays meant “it’s going to be difficult” to maintain the 2021 first quarter sales momentum through the second and third quarter of this year. And the COVID19 pandemic is further disrupting manufacturers.
The BMDA president said India, arguably the country hardest-hit by the pandemic at present, had become an important vehicle manufacturing supply centre for the likes of Kia, Suzuki and Hyundai. However, he had just received a letter from Suzuki today informing him that manufacturing in India has been suspended because oxygen supplies have been commandeered for medical purposes. “I’ve got a gut feeling that this summer some dealers are going to be running out,” Fred Albury said, “and it’s going to take the supply
chain a while to get back up. It’s going to be a rough year. It’s been a perfect storm of disaster with what’s been happening.” He explained that his Auto Mall group had been acquiring “some slightly preused” 2021 models from the US to bolster inventory, but the lack of new autos meant that auction prices were now being pushed “sky high” and, in some instances, were now higher than when they were first sold. “We’d slashed inventories by quite a few million dollars since last, and were very cautious on orders because we
didn’t know what was happening with this pandemic,” Fred Albury told Tribune Business. “Now we have this shortage and problem in production capacity that has slowed things. “My inventory, between my group of companies, is down by $4m or so, and I’m not having much come over in the summer months. I’m hoping we will have inventory lined up by the fourth quarter. The hurtful part is we have ongoing expenses to deal with and have no cash flow coming in. That’s the hurtful part.”
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Briland rebound beats projection ‘by over 25-30%’ FROM PAGE ONE
“Both from an ABM and Romora Bay perspective it has gone beyond expectations,” he added. “We
were hoping and thinking this might happen, but no one knew for sure. I would say it’s exceeded expectations by over 25-30 percent. We’re grateful and blessed
these boats and yachts have chosen The Bahamas as their first destination after this pandemic. “I would say that by winter season 2021, the fall
and winter season of 2021, we should be getting back to normal in the boating and yachting sector. Me personally, I thought it would take a season or two. As long
as we keep doing the right things and adhering to the protocols, both locals and the tourist community, then there’s no reason why we cannot stay on this path.” While the “overloading” of the government’s health travel visa website by fully vaccinated visitors seeking to book their vacation several months out remains a potential impediment to The Bahamas’ tourism rebound, especially since applications are now restricted to within 14 days of travel, Family Island destinations have rebounded more rapidly than the country’s “mass market” locations. The Central Bank reported that Family Island air arrivals for the 2021 first quarter were only 30 percent down on their 2020 comparative, which was only impacted by the pandemic in its last three weeks, indicating that highend tourists in the niche private aviation and yachting markets were starting to return to locations where social distancing was easier to achieve. Benjamin Simmons, proprietor of The Other Side and Ocean View properties, confirmed the growing optimism by revealing that occupancies at his resort were in the 80-90 percent range following what he described as a “record” March. Agreeing that the removal of COVID testing requirements for fully vaccinated visitors will serve as a further boost, Mr Simmons said: “We’re still rocking and rolling here it seems. We’re still banging. We’re
running at 80-90 percent occupancy, and had the best March on record. “I know the real estate market is insane. We’re very fortunate. Business has been great, and interest seems high. The vaccination thing hasn’t really resonated yet, but I think it will. The news has not got out to the masses yet; the removal of the test based on being vaccinated. As it is, we’ve not seen any particular uptick, but I think it will make a difference come later in the summer.” Mr Simmons said “there’s so much pent-up demand, so much need for travel” that persons were travelling even though they may still have to produce a negative COVID-19 PCR test. “People are accustomed to taking the test; it’s a way of life,” he added. He agreed, though, that the US vaccination rollout and removal of The Bahamas’ testing requirement for those with two jabs will further enhance the comfort and confidence associated with travelling to The Bahamas. “May is looking great,” Mr Simmons told Tribune Business. “People are booking two to three weeks in advance. We’re full up with weddings in the summer. The gaps are filling in. It’s definitely looking like one of the best summers we’ve had. “I’d say we’re looking at 70-80 percent occupancies. Last year we were at 50-60 percent for that May to June period. People start wanting to come, and everybody wants to get out and get a break.”
To advertise in The Tribune, contact 502-2394 INTERNATIONAL FINANCIAL INSTITUTION Invites qualified applicants to join their growing and dynamic team as a Central Registry/Documentation Team Head The Central Registry Team Head (CRTH) will have oversight and responsibility for the day-to-day operations of the Central Registry Department. In addition, the Team Head will provide support to the Head of Compliance/MLRO and provide periodic reports and conduct regulatory filings as required. The CRTHwill: ■ ■ ■ ■
■ ■ ■ ■
■ ■ ■ ■ ■
■
Oversee and conduct account opening and population of client data Oversee filing room activities (filing, archiving, shredding) Oversee the compilation and provision of requested information/files during Internal and/or External Audits Oversee the maintenance and updates to physical and electronic files Provide support/assistance to front office through investigations of queries regarding client relationship details Prepare and maintain outstanding documentation report for follow up with RM's to regularize accounts Submit periodic reports/analysis on status of outstanding documentation for client relationship files to Head of Compliance/MLRO Conduct client file reviews Submit reports as requested by the Head of Compliance/MLRO Ensure timely filing of documents relating to client relationships Facilitate account closures Review and generate relevant data to conduct regulatory filings: of FATCA, CRS, CESRA and BOSS Create an environment in which the Central Registry Team pursues effective and efficient operations within their respective responsibilities Comply with privacy policies and procedures to maintain customer and information protection
Requirements:
•
Bachelor's Degree in Administration, Management, or equivalent professional experience At least 3 to 5 years' experience in a similar function in another financial institution ■ Knowledge of organizational operating policies and good judgment ■ Proficient use of Microsoft Office; excellent grammar and typing skills • Strong knowledge of AMBIT CIM and Avaloq ■ Possess supervisory skills to lead a team ■ Able to interface well with all departments of the organisation in a highly professional manner ■ Highest personal and professional integrity in view of highly sensitive information within department ■ Efficient, accurate and quick response time to issues raised while carrying out responsibilities ■ Capable of making decisions and provide independent opinion as may be required in function ■ Exceptional communication and customer service skills ■ Multi-tasker and results-oriented ■
What we offer: ■ ■
The opportunity to work with a dynamic and motivated team A competitive remuneration package which provides incentives based on performance
Interested persons should submit their resume along with a cover letter to the attention of the Human Resources Manager via email by Friday, May 14th 2021. e-mail to: 242HRrecruitment@gmail.com
THE TRIBUNE
Thursday, May 13, 2021, PAGE 9
Insurers ‘hold line’ over property rates FROM PAGE ONE “We, like others, are trying to hold the rates where they are for now. We understand there are other things going on in the economy, so we have to hold the rates where they are. But, as with many things in life, we are in competition for the support of our reinsurers.” It was the foreign reinsurance partners of Bahamian general insurers, rather than the latter, who financed the bulk of $2bn in Hurricane Dorian insurance claims that were paid out over the last 18 months. Local carriers’ capital bases are simply too thin to absorb the multi-billion dollar Bahamas-based risks that are exposed to hurricanes on an annual basis, which makes them reliant on reinsurers to cover the majority of any claims. Having taken a huge hit from Dorian, reinsurers are seeking to repair their balance sheets while demanding extra compensation for the increased risk posed by The Bahamas. “These reinsurers do business in The Bahamas and they do business in Florida,” Mr Ingraham explained. “If we do not give them the type of returns they expect after a loss they’ll shift to territories where they will get a bigger
bang for their buck, so to speak. Most reinsurers have finite amounts of capital to deploy. “We cannot take on all the risk ourselves. No company in this region goes without a significant amount of reinsurance as they don’t have the capital to run that type of risk. If you do $1bn in property insurance business, and let’s say you charge 1.3 percent on that as a premium, and let’s say you get five to ten percent damage throughout your portfolio, you can see where if you don’t have reinsurance you will have large holes to fill to pay your claims. “No one in this area goes without it. We don’t have the level of capital to go without it. The risk of hurricanes makes it impossible. If there are one-off fires, that’s fine, but in the case of hurricanes where losses mount rapidly we definitely need reinsurance support.” Mr Ingraham was backed by Tom Duff, Insurance Company of The Bahamas (ICB) general manager, who told Tribune Business that property premium rates last year increased “certainly by double digits at a minimum”. “Some of the other islands, the Dorian-affected islands, may have experienced up to 25 percent,” he revealed. “For 2021 I think most of the general insurance
NOTICE ANNUITANT VERIFICATION As part of the verification of benefits procedure, Colina Insurance Limited requires all recipients of annuity payments to produce evidence of their continuing eligibility to receive such payments twice each year – during the months of May and November. To be verified during the month of May 2021, annuitants must visit any of the following Colina locations and be verified by a Customer Service Representative: • • • • •
21 Collins Avenue 56 Collins Avenue Carmichael Road (Walk-In Medical Clinic bldg) East Mall & Poinciana Drive (Freeport) Turnquest Star Plaza (George Town)
The following documents must be presented at the time of verification: • •
Annuity card, and Valid Passport, Drivers License or Voters Card
Annuitants residing outside of The Bahamas, or those who are unable to visit our offices physically, may download the Life Certificate Form from the Company’s website, www.colina.com.The form should be completed, validated by a Notary Public and delivered to our office at the address below. Colina Insurance Limited 21 Collins Avenue, P. O. Box N-4728 Nassau, New Providence, The Bahamas Annuitants who fail to verify on or before May 31, 2021 will have their payments suspended until this process is completed. Should you require additional information, please contact our Customer Service Centre at 356-8300. www.colina.com
companies would have suffered increases in the cost of catastrophe reinsurance, so that would certainly impact insurers holding the line. “Maybe those insurers that didn’t put on the full thrust of reinsurance increases last year may have to increase a little further this year, but for those insurers that tackled the increase head on they were probably able to absorb reinsurance increases this year. “Looking at the whole market for 2021, for those insurers that got rate increases in last year you’ll see a consistent approach in 2021. There will not be a need to increase rates. It depends on the approach individual insurers took last year. “From ICB’s point of view, we certainly increased our rates last year so we’re not looking to do much of an increase in 2021 but, equally, we’re not looking to see any discounts on the horizon. Reinsurers paid out a record $2bn and are looking to recover that loss. There’s no real prospect of any discounts this year.”
To advertise in The Tribune, contact 502-2394
Property For Sale Mr. Edmund L. Rahming, in his capacity as court approved Receiver, is soliciting offers for the purchase of the debtor’s right, title and interest in the parcel of land at Sandyport No. 5 - all that piece parcel of land containing approximately 22,977 square feet east of Sandyport Service Station of Jacaranda Close, Sandyport Subdivision situated in the Western District of the island of New Providence, one of the Islands of the Commonwealth of The Bahamas. The property is being sold on a “as is, where is” basis with no representations, warranties or conditions to be provided to the purchaser. The deadline for the submission of unconditional offer forms is May 30, 2021 and are to be submitted to info@intelisysltd. com. Please visit the website link https://www.thevueholdingsincreceivership.com/ for more information, including the Appraisal report and Offer Forms.
PAGE 10, Thursday, May 13, 2021
THE TRIBUNE
‘Nothing to lose’ over concrete export venture FROM PAGE ONE
that it was “worth the investigation and discussion” as the country seeks to rebuild and diversify its COVIDdevastated economy. “It’s my view that we are not really appreciating the vast potential the Commonwealth of The Bahamas has to really impact its gross domestic product (GDP) by being more of a producer
in the area of construction products,” Mr Sands told this newspaper. “Right now, what we have been doing for the last 40 years has been a servicedriven construction industry. That’s where some person comes to the country, presents plans and we build using our resources and people. “Recognising there’s a huge value to sand used in
construction products, and the way construction is going to pre-cast concrete products, there are hundreds of such products. The list is almost non-exhaustive; there are hundreds of such products used in large construction projects where the main ingredient is sand,” Mr Sands continued “We have not realised the opportunity to use that resource we have in
abundance, and in an inexhaustible supply. We have to look at how to shift our position from being a purveyor of services to one where we produce and supply the products that are used across the world. “We have got a decent yield from the services side, and going to supply could double what we yield from service. The numbers we see in that industry could
be doubled in terms of jobs. If we want to look at how to jump-start our economy after COVID-19, take advantage of our abundance of sand. We need to have a conversation about how to exploit that.” Mr Sands suggested that Grand Bahama-based Gold Rock, which manufactures and distributes concrete products including underground utility structures, pre-cast slabs, septic tanks and stepping stones around The Bahamas, was a model for what he believes this nation could achieve on a much larger international scale. “Add sand to the aggregate, and they’re supplying products worth tens of thousands of dollars where the major building component is free. That sand is 80 percent of what the product is made from,” he added. “They’re showing how business is done, and creating employment and economic impact. “I do not hear much discussion around it, but the opportunity should be explored. I think there’s a real opportunity there.” However, converting Bahamian construction into a production-based industry as opposed to its current model will be a far from easy task. It would require significant multi-million dollar investment, and take some years to pull-off. Logistics and shipping would also have to be figured out, and it is as yet unclear as to whether The Bahamas could be cost competitive in a concrete product export industry despite its abundance of sand.
Yet Mr Sands argued that Bahamian sand, which would just need to be washed and processed as it is now for local use, had multiple uses beyond concrete products. “There are hundreds if not thousands of products that require sand in some form, whether processed or not, such as glass,” he added. “You tell me me we don’t have something to export. We do. “We have not found a way to monetise it, and that’s our fault. I maintain my view we find a way to monetise it and get returns from the natural resources we have. That’s sand. We have an infinite amount of sand, and to me that’s a wonderful thing to export if we have the desire and effort to do so.” “We have absolutely nothing to lose by exploring it,” Mr Sands told Tribune Business. “We are one of the shipping hubs of the world. We have that part figured out. We are ideally suited to enter this game, and be a dominant player. We can’t lose anything by trying, and I think we ought to give it a shot “This is a good opportunity to do something different, to try something new. Let’s give it a go. Let’s see what the marketplace and powers that be have to say about this opportunity. I’m not the one to say how that works, but it’s worth the discussion and investigation. The Economic Recovery Committee needs to take a shot and look at it. There is very little to lose by investigating it, so I think I would take a shot at it.”
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NOTICE NOTICE is hereby given that RICOLETTE ALFREA DAWKINS of #12 Sea View Drive of West Bay Street, 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 13th day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Thursday, May 13, 2021, PAGE 11
2021 THIRD QUARTER REPORT CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the period ended March 31, 2021 with comparatives for March 31, 2020 (Expressed in B$000, unaudited)
As of March 31, 2021 (Expressed in B$000, unaudited)
Mar31
Jun 30
2021
2020
ASSETS CURRENT ASSETS : Cash and cash equivalents Term deposits Trade and other receivables, net Prepaid expenses and deposits Short-term investments Inventory Contract assets Total current assets
$66,542 10,039 13,050 7,509 44,991 9,883 767 152,781
$174,902 5,619 19,158 6,210 7,293 4,482 217,664
338,203 329,942 51,938 68,638 390,141 398,580 $542,922 $616,244
NINE MONTHS ENDED
Mar 31
Mar 31
Mar 31
2020
2021
2020
$50,131
$149,872
2021
REVENUE
$49,374
OPERATING EXPENSES
(31,438)
(674)
46,749
23,020
Depreciation and amortization
(12,271)
(13,306)
(36,847)
(38,720)
OPERATING INCOME (LOSS)
5,665
(13,980)
9,902
(15,700)
30
28,605
(103)
27,539
17,936
(50,805)
(103,123)
$148,297 (125,277)
Gain (loss) on disposal of assets & investment (10)
-
8
60
Interest expense
(3,983)
(6,382)
(13,139)
(20,821)
Dividends on preferred shares
(2,878)
(3,573)
(9,628)
(10,798)
-
(1,667)
-
(3,035)
Net loss from discontinued operations NET AND COMPREHENSIVE (LOSS) INCOME
$(1,176)
$3,003
$(12,960)
$(22,755)
non-controlling interests
$(4,446)
$(6,171)
$72,010 5,444 2,988 15,285 58,455 2,520 156,702
NON-CURRENT LIABILITIES:
EQUITY: Ordinary share capital Retained earnings Non-controlling interest Total equity TOTAL
$(19,372)
to owners of the parent
8,796 63,086 58,579 13,448 264,008 407,917 481,761
8,802 64,206 10,432 301,137 384,577 541,279
$3,270
$9,174
$1,815
$(3,383)
BASIC EARNINGS PER SHARE
$0.07
$0.21
$0.04
$(0.08)
DILUTED EARNINGS PER SHARE
$0.08
$0.21
$0.04
$(0.08)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended March 31, 2021 with comparatives for March 31, 2020 (Expressed in B$000, unaudited)
Balance at June 30, 2019
30,367 92,894 (48,296) 74,965 $616,244
SHARE
RETAINED
CONTROLLING
CAPITA L
LEARNINGS
INTEREST
TOTAL
$30, 367
$5,717
$(17, 828)
$18, 256
-
(3,383)
-
(3,383)
Net and comprehensive loss attributable to non-controlling interest
30,367 93,865 (63,071) 61,161 $542,922
Net loss
-
-
(19,372)
(19,372)
Depreciation and amortization
-
97,469
-
97,469
Balance at March 31, 2020
$30, 367
$99,803
$(37,200)
$92,970
Balance at Jun 30, 2020
$30, 367
$92, 894
$(48, 296)
$74,965
Purchase of treasury shares
-
(900)
-
(900)
Redemption of share based options
-
56
-
56
Net and comprehensive income attributable to owners of the parent
-
1,815
-
1,815
Net and comprehensive loss attributable to non-controlling interest Balance at March 31, 2021
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
$(12,960)
$(22,755)
36,847
38,720
Amortization of transaction costs Interest expense
Loss (gain) on disposal of assets & investment in subsidiary, net
31
343
13,139
20,821
9,628
10,798
103
(27,539)
Net loss from discontinued operations Operating cash flow before working capital changes
-
$30, 367
$93, 865
(14,775)
(14,775)
$(63, 071)
$61,161
3,035
46,788
23,423
Decrease (increase) in trade and other receivables, net
6,013
(50,573)
Decrease in prepaid expenses and deposits
1,447
1,759
(2,590)
(238)
Decrease (increase) in contract assets
Increase in deferred income
1,113
(104)
(16,448)
12,158
646
1,780
(6)
158
36,963
(11,637)
Increase in term deposits
(4,381)
-
Purchase of investments
(44,991)
-
Additions to property, plant and equipment
( 25,400)
(27,422)
Proceeds from disposal of investment in subsidiary
-
265,782
Proceeds from disposal of assets
-
Net cash from (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
4,500
(74,772)
242,860
(21,169)
(20,111)
(4,674)
(18,593)
CASH FLOWS FROM FINANCING ACTIVITIES Lease liabilities, net Interest paid on long-term debt Proceeds of long-term debt
-
3,279
Payments of long-term debt
-
(74,631)
(6,629)
(9,564)
(37,235)
-
Dividends paid on preferred shares Redemption of preferred shares
Retained earnings attributable to discontinued operations
2020
Adjustments for:
Net cash (used in) from investing activities
NON-
Net and comprehensive loss attributable to owners of the parent
Mar 31
2021
(Decrease) increase in subscriber deposits
ORDINARY Subscriber deposits Other liabilities Notes payable Long-term debt Preferred shares Total non-current liabilities Total liabilities
$(14,775)
Mar 31
CASH FLOWS FROM OPERATING ACTIVITIES
(Decrease) increase in accounts payable & accrued liabilities
Net and comprehensive income (loss) attributable $61,099 6,089 5,402 1,254 73,844
NINE MONTHS ENDED
Increase in inventory
Net and comprehensive loss attributable to LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable & accrued liabilities Current deferred income Dividends payable Current portion of other liabilities Current portion of notes payable Current portion of long-term debt Total current liabilities
For the period ended March 31, 2021 with comparatives for March 31, 2020 (Expressed in B$000, unaudited)
Dividends on preferred shares
in subsidiary Other (expense) income
NON-CURRENT ASSETS : Property, plant and equipment Intangible assets Total non-current assets TOTAL
THREE MONTHS ENDED Mar 31
CONSOLIDATED STATEMENT OF CASH FLOWS
Purchase of treasury shares Redemption of share based options Net cash used in financing activities
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(900)
-
56
-
(70,551)
(119,620)
(108,360)
111,603
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
174,902
28,945
CASH AND CASH EQUIVALENTS, END OF PERIOD
$66,542
$140,548
These consolidated interim condensed financial statements are prepared in accordance with IAS 34, Interim Financial Reporting. The accounting policies used in the preparation of these interim financial statements are consistent with those used in the annual financial statements for the year ended June 30, 2020. These statements also follow the guidelines of IFRS 10, Consolidated Financial Statements and incorporate the financial statements of the 48.25% owned subsidiary Be Aliv Limited. All intercompany transactions and balances have been eliminated on consolidation.
PAGE 12, Thursday, May 13, 2021
THE TRIBUNE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANDIA ORMANETTE CLARKE of Ernest Street, P.O. Box SS5112, Nassau, Bahamas, intend to change my name to SHANDIA ORMANETTE BENEBY MUNNINGS. 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.
NOTICE NOTICE is hereby given that ROCHELLE MARIAN BRYAN, of #8 Pinetree Close, Seahorse Village, Grand Bahama, 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 13th 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 RUBENS JOSEPH, of Park Way, 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 13th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 12 MAY 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1951.66
-0.17
%CHANGE
YTD
YTD%
-0.01 -140.80
-6.73
(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 4.03 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 2.93 5.91 9.75 2.42 6.80 11.33 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 2.93 5.91 9.75 2.29 6.80 11.26 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 (0.13) 0.00 (0.07) 0.00 0.00 0.00 0.00 0.00
VOLUME
10,000
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 15.9 13.2 13.5 22.5 14.6 17.4 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% 4.10% 3.72% 7.38% 18.95% 0.88% 2.91% 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%
MATURITY
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
MUTUAL FUNDS 52WK HI 2.42 4.43 2.16 202.18 190.86 1.69 1.83 1.78 1.24 8.58 10.26 7.35 14.59 12.84 10.31 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 8.58 10.14 7.35 14.59 12.64 9.99 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% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% 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 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
YIELD - last 12 month dividends divided by closing price
52wk-Hi - Highest closing price in last 52 weeks
Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks
Ask $ - Selling price of Colina and fidelity
Previous Close - Previous day's weighted price for daily volume
Last Price - Last traded over-the-counter price
Today's Close - Current day's weighted price for daily volume
Weekly Vol. - Trading volume of the prior week
Change - Change in closing price from day to day
EPS $ - A company's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today
NAV - Net Asset Value
DIV $ - Dividends per share paid in the last 12 months
N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NOTICE is hereby given that MANDISA ANTONIA TAYLOR, of Carmichael, Rocky Pine, 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 13th 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 JOLLY ROSEMOND of Mount Royal Avenue, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Thursday, May 13, 2021, PAGE 15
Tesla to stop accepting Bitcoin for car payments PALO ALTO Associated Press ELECTRIC car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted yesterday, citing environmental concerns. “We are concerned about rapid increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said on Twitter. He added that cryptocurrency is a
“good idea on many levels” but its promise cannot come at a “great cost to the environment”. Tesla, he added, won’t be selling any of the Bitcoin it owns. The price of bitcoin fell about 5% to $51,847 after Musk’s comments on Twitter. Tesla’s stock finished Wednesday down 4.4%. Tesla said in February that it had invested around $1.5bn in Bitcoin and it planned to begin accepting the digital currency as payment “soon”.
The fair market value of Tesla’s Bitcoin holdings as of March 31 was $2.48bn, according to securities filings. Bitcoin relies on computers, which rely on electricity, to exist. The number of computers and the energy needed to power them is rising — the growing value of bitcoin is directly tied to the amount of energy it uses. Bitcoin miners unlock bitcoins by solving complex, unique puzzles. As the value of bitcoin goes up, the puzzles become increasingly
ELON MUSK
more difficult, and it requires more computer power to solve them. Estimates on how much energy Bitcoin uses vary. A 2019 study by researchers at the Technical University of Munich and the Massachusetts Institute of Technology concluded that, in late 2018, the entire bitcoin network was responsible for up to 22.9 million tons of CO2 per year — similar to a large Western city or an entire developing country like Sri Lanka.
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 83° F/28° C Low: 67° F/19° C
TAMPA
uV inDex toDay
TONIGHT
FRIDAY
SATURDAY
SUNDAY
MONDAY
A stray afternoon t‑storm; humid
Mostly cloudy with spotty showers
An a.m. shower; oth‑ erwise, some sun
Partly sunny and windy
Windy with increasing clouds
Mostly cloudy with a gusty breeze
High: 87°
Low: 75°
High: 86° Low: 74°
High: 85° Low: 73°
High: 85° Low: 73°
High: 84° Low: 72°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
99° F
84° F
97°-73° F
90°-70° F
85°-67° F
83°-70° F
High: 85° F/29° C Low: 69° F/21° C
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 82° F/28° C Low: 77° F/25° C
4‑8 knots
S
High: 88° F/31° C Low: 75° F/24° C
4‑8 knots
FT. LAUDERDALE
FREEPORT
High: 88° F/31° C Low: 75° F/24° C
N E S
E
W
WEST PALM BEACH
W
| Go to AccuWeather.com
High: 85° F/29° C Low: 75° F/24° C
MIAMI
High: 90° F/32° C Low: 75° F/24° C
4‑8 knots
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 81° F/27° C Normal high ....................................... 84° F/29° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.32” Normal year to date ..................................... 7.04”
ELEUTHERA
NASSAU
High: 87° F/31° C Low: 75° F/24° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 84° F/29° C Low: 76° F/24° C
N
KEY WEST
High: 87° F/31° C Low: 79° F/26° C
High
Ht.(ft.)
Low
Ht.(ft.)
Today
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
Monday
12:00 a.m. 12:23 p.m.
2.7 2.0
6:36 a.m. 6:20 p.m.
0.4 0.5
Tuesday
12:48 a.m. 1:16 p.m.
2.6 2.0
7:25 a.m. 7:16 p.m.
0.5 0.5
Wednesday 1:40 a.m. 2:15 p.m.
2.6 2.1
8:17 a.m. 8:18 p.m.
0.4 0.5
sun anD moon Sunrise Sunset
High: 85° F/29° C Low: 76° F/24° C
N
S
E
W
4‑8 knots
S
6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
tiDes For nassau
6:26 a.m. 7:46 p.m.
Moonrise Moonset
7:40 a.m. 9:37 p.m.
First
Full
Last
New
May 19
May 26
Jun. 2
Jun. 10
CAT ISLAND
E
W
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 84° F/29° C Low: 77° F/25° C
High: 84° F/29° C Low: 77° F/25° C
N
High: 86° F/30° C Low: 76° F/24° C
E
W S
LONG ISLAND
tracking map
High: 85° F/29° C Low: 77° F/25° C
6‑12 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: 78° F/26° C
L
High: 85° F/29° C Low: 77° F/25° C
GREAT INAGUA High: 87° F/31° C Low: 77° F/25° C
N
E
W
E
W
N
S
S
7‑14 knots
7‑14 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS SW at 4‑8 Knots WNW at 6‑12 Knots SE at 4‑8 Knots NNW at 4‑8 Knots SE at 6‑12 Knots SSE at 4‑8 Knots ESE at 7‑14 Knots ESE at 6‑12 Knots SSE at 6‑12 Knots SW at 4‑8 Knots SW at 4‑8 Knots NNW at 7‑14 Knots SE at 6‑12 Knots ESE at 4‑8 Knots E at 7‑14 Knots ENE at 6‑12 Knots ESE at 7‑14 Knots SE at 6‑12 Knots SE at 7‑14 Knots SE at 6‑12 Knots SSE at 4‑8 Knots E at 4‑8 Knots SE at 7‑14 Knots ESE at 6‑12 Knots SE at 6‑12 Knots SE at 3‑6 Knots
WAVES 2‑4 Feet 3‑6 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 2‑4 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet
VISIBILITY 10 Miles 10 Miles 6 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 80° F 81° F 84° F 85° F 85° F 85° F 82° F 82° F 81° F 81° F 81° F 83° F 83° F 84° F 82° F 82° F 81° F 81° F 81° F 81° F 81° F 82° F 82° F 82° F 84° F 84° F