05152020 BUSINESS

business@tribunemedia.net

FRIDAY, MAY 15, 2020

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Web shops threaten closure legal action

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

S

EVERAL web shops will take legal action over the sector’s renewed closure as early as Monday if they do not receive the desired response from the Prime Minister’s Office, a prominent QC revealed yesterday.

Wayne Munroe QC told Tribune Business that Paradise Games and TIG Investments, trading as The Island Game, had “instructed me to action” after Dr Hubert Minnis on Sunday singled out

• QC plans ‘first step’ letter to PM today • Says Gaming Board approved re-open • Closure threatened workers’ benefits

WAYNE MUNROE QC

domestic gaming as the only industry forbidden from offering curb-side and drive through services to patrons.

He revealed that he today plans to send a letter to the Prime Minister’s Office, which is the “Competent Authority” overseeing the Emergency Powers (COVID-19) Orders, to “give them the chance to accept” there was no medical or health justification for ordering the industry to

close again just one week after it re-opened following the nationwide lockdown.

Confirming that the letter is the first step in potential legal action by his clients, Mr Munroe said he would then ask the Prime Minister’s Office to produce the medical reasoning for its decision should it it stick to the position that the sectorwide closure was justified.

SEE PAGE 4

Stem cell provider in May 28 wind-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PIONEERING Freeport-based stem cell therapy provider faces being placed into Supreme Court-supervised liquidation on May 28 over a “wholly unpaid” $12m debt owed to its main lender.

The failure of the Okyanos Centre for Regenerative Medicine has been blamed on a “catastrophic” series of events triggered by Hurricane Dorian’s destruction in early September 2019, from which it has never reopened after its premises suffered damage estimated at more than $2m.

Legal documents filed by the Supreme Court, and which have been obtained

by Tribune Business, reveal that Okyanos has yet to

• Main creditor claims $12m debt ‘wholly unpaid’ • Okyanos suffered over $2m Dorian damages • Judge overturns equipment removal block “receive the majority” of the proceeds from its Dorianrelated insurance claims.

And, with the stem cell provider lacking any “means to generate revenue”, its problems were worsened by a legal dispute that erupted with its landlord at Freeport’s First Commercial Centre after it served notice of its intention to terminate the lease on October 25, 2019, due to the facilities being “unfit for occupancy”.

The landlord obtained a Supreme Court Order, during a hearing where only itself was represented, on October 20, 2019, that

GB Power bond ‘backstopped’ by $60m guarantee

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company’s Canadian parent is providing an “up to $60m guarantee” to give investors extra comfort the utility will repay $25m worth of bonds when they mature next Friday.

Dave McGregor, GB Power’s chief executive, explained to Tribune Business that Emera had agreed to “backstop” the bond repayment to calm any investor doubts that may have been sparked by the combined impact of COVID-19 and Hurricane

Dorian on its Bahamian subsidiary.

While GB Power already has “the funding in place” to repay the bond holders from its own resources, he added that it was “one of the fortunate advantages of having a parent” in that its 100 per cent owner can offer an additional layer of security and confidence to investors.

“We have a number of bond holders, and the first tranche is coming up for repayment next week,” Mr McGregor said.

“What the bond holders are concerned about is the financial status of GB Power

SEE PAGE 5

Family Islands ‘ready to open’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net EXUMA’S Chamber of Commerce chief says “there’s no reason” why all Family Islands other than Bimini should not have their full economic reopening included in the next wave of COVID-19 relaxations.

Pedro Rolle, in a recent interview with Tribune Business, said “it means the world to us” that Sandals has set July 1 as the target date to reopen its Emerald Bay resort given the property’s importance as the main engine of Exuma’s economy.

Acknowledging that the island’s businesses and residents will have to “survive”

until that date, which appears largely aspirational given that it depends on both the opening of The Bahamas’ borders and resumption of travel from the US, Mr Rolle said it nevertheless provided time for Exuma to put the necessary health and safety protocols in place before tourism returns.

And, while the full re-opening of Exuma’s domestic economy will provide a much-needed boost, Mr Rolle said the return of domestic travel within The Bahamas is also critical given that his and other islands depend equally on “interaction with Nassau for our sustainability”.

SEE PAGE 5

prevented Okyanos from removing almost $3m worth of medical equipment from its facilities as the two sides squabbled over the amount of damage caused

by Dorian, who should be responsible for repairing it and allegedly unpaid rent.

The First Commercial Centre was owned by Premier Commercial Real Estate Investment Fund, an investment fund created by former Grand Bahama Port Authority (GBPA) chairman, Hannes Babak, but which was delisted from the Bahamas International Securities Exchange (BISX) in 2018. Mr Babak

is still thought to retain an ownership interest in the property, and attorney Andre Feldman, who frequently acts for him in legal matters, sits on its Board as well as appearing in legal filings related to the dispute with Okyanos.

According to legal filings, the landlord/tenant dispute was “stayed” on February 10 by Justice Indra Charles agreeing to the appointment of Cheryl Simms, an accountant at Kikivarakis & Company, as provisional liquidator for Okyanos. This automatically halted all legal

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Use COVID crisis to shatter ‘protectionist dependence’ on elite

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE COVID-19 crisis has given The Bahamas “a fantastic opportunity” to do away with the “protectionism” surrounding foreign direct investment (FDI) and “the merchant elite”, an ex-attorney general urged yesterday.

Alfred Sears QC told Tribune Business that “ring fenced” tax breaks and other concessions granted to foreign investors, but never to Bahamians, and the anti-competitive dominance of certain sectors by a small number of firms, had helped create a culture of “economic dependency” in this nation.

Arguing that The Bahamas will never have a better chance to shatter the status quo, and forge a new economic model for itself, Mr Sears called on policymakers within the government to show “the vision and courage” necessary to seize the moment created by the pandemic.

Predicting that The Bahamas will by August have half of its annual gross domestic product (GDP), due to a combination of Hurricane Dorian and COVID-19, and with a national debt likely around $10bn, he warned that the country will not be able to escape its growing predicament solely through government borrowing.

Instead, Mr Sears called for a national economic strategy based on “resilience and sustainability”.

He added that The Bahamas’ near-total dependence on food and fossil fuel imports, which drain an estimated $1.5bn per year combined from The Bahamas’ foreign currency reserves per year, could not continue even if tourism

ALFRED SEARS QC was still bringing in $2.5bn in earnings to counter this.

Urging The Bahamas to counter this dependency through the expansion of renewable energy and greater domestic food production, Mr Sears said the latter needed to forge greater links with a “reconfigured” tourism industry that moves away from the giant “Las Vegas-style” resorts of Atlantis and Baha Mar to a product based more on culture, history and the performing arts.

The former attorney general, adding that COVID-19 must force The Bahamas “to do what we ought to have been doing long time”, said a tourism industry based less on ‘sun, sand and sea’ will also present greater opportunities for Bahamian ownership.

And The Bahamas must also become “much more nimble” through fully embracing the digital economy as a way to improve productivity, governance and efficiency.

Acknowledging that the nation’s economic model needs a total overhaul, Mr Sears warned that failing to exploit the disruption presented by COVID-19 would “condemn our country to an indefinite but awful future of dependency”.

This, he added, would involve an International

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PAGE 2, Friday, May 15, 2020

THE TRIBUNE

How to survive in COVID-19’s storm THE entire Bahamian private sector is feeling the effects of the COVID-19 pandemic, but none more so than the mortar that binds the foundation of our economy - small businesses. For micro, small, and mediumsized enterprises (MSMEs), it is more important than ever to learn how to pivot and evolve in response to the temperature of the country’s economic climate.

MSMEs represent about 98 percent of all registered companies in The Bahamas, and account for 20 percent of all turnover, but many are buckling under the stresses imposed by the virus-related closures, curfews and lockdowns.

Time to regroup Many people underestimate the mental stress we are incurring during this period, especially business

owners who also have much to lose. Now is the perfect time to pay extra attention to self-care and be more in tune with the needs of your team members. Are there budget-friendly changes you have always wanted to make but have never had the time? Perhaps there is a disgruntled employee that needs a conversation with you. Is your business model connecting with your target market? It never hurts to take stock of all of the wheels and cogs of your business machine, even through in this case it may be coerced.

It is important to stay connected Someone once told me that running a solid business which stays connected to your target market and beyond is like being in one room of a house, and

shouting in that one room.

If you want your voice, and your message, to reach the other rooms in the house, you have to make sure and shout loud enough so that it echoes through to the other rooms to get your voice heard. Your business is your voice. You need to make sure you continue to be heard by everyone.

Reaching out to other business owners is a great way to stay connected.

Finding ways to assist each other may prove a great asset in the future. Then there is social media. Now is the time to step up your game. Keep in touch with your customers. Get ahead of them and answer any questions they might have when they post on your profile immediately when you get the notification. In addition, seeking out the

ELEUTHERA BUSINESS FORUM’S WEBINAR PLAN THE annual Eleuthera Business Outlook conference will be held over two days via a series of webinars on May 21-22.

The Counsellors is teaming with the Eleuthera Chamber of Commerce to stage the free event under the theme Post-COVID-19 readiness and preparedness.

“Although Eleuthera Business Outlook has been forced to pivot to an online format this year in response to the coronavirus pandemic, we are grateful for the opportunity to engage our business community in an innovative and interactive way,” said Joan Albury, The Counsellors’ chief executive and creator of the Business Outlook Series.

To advertise in The Tribune, contact 502-2394

“These unprecedented times also give us the opportunity to tailor discussions towards helping Eleuthera - one of The Bahamas’ most diverse economies - to move forward and emerge stronger and more equipped when the pandemic passes.”

Next Thursday will feature two webinars. The 10.30am to 11.30 am session focuses on Eleuthera’s economy, with discussions on Island readiness: New protocols and plans for reopening the economy by Howard ‘Rickey’ Mackey, North Eleuthera’s MP. Other topics to feature include Benefits and forecast by Gowon Bowe, Chief Financial Officer, Fidelity Bank (Bahamas); and Public health and safety: Impact of COVID-19 by Dr Nikkiah Forbes, director, infectious disease programme, Ministry of Health.

The second session, from 11.30am to 12.30pm, focuses on enterprise. Discussion topics include: Best business practices: Delivery

of goods and services by Ryan Austin, secretary, Eleuthera Chamber of Commerce; New protocols for the hotel industry by Jennifer Hadland, manager, French Leave Resort; and New protocols for the restaurant industry by Tiffany Johnson-Thompson, manager, Daddy Joe’s Restaurant and Bar. The following day will feature a session on sustainability, lasting from 12pm to 1.30 pm. Discussion topics include: The plan for moving forward by Steven Hank Johnson, MP, central and south Eleuthera; Food security: BAMSI and subsistence farming

by Michael Pintard, minister of agriculture, fisheries and marine resources; The virtual classroom by Dr Marcellus Taylor, director of education; and Training in a digital age by Shaun Ingraham, president and chief executive, One Eleuthera Foundation.

To register for the Eleuthera Business Outlook 2020 Webinar Series, visit tclevents.com.

social media platforms of other favourite or famous small businesses is a great way to learn no-cost tips on how to make your business more attractive and get some traction with shiny and new marketing initiatives. It is also a great idea to get involved in social responsibility-based organisations. It is very important to strengthen bonds with your local community, as that same community more often than not translates into the system that supports your business.

Planning for the future Not every business is lucky enough to be worryfree for a period of time if operations are forcibly halted. It is important to use this time to safeguard yourself, if you can, against feeling trapped by any unforeseen impediments to

BY LAZAR CHARLTON

operations.

Hurricane season is now knocking on our door. COVID-19 has shown us that the importance of contingencies is paramount. It would be advantageous to formulate plans to continue to nurture your business, and take care of your employees, should we have another temporary economic shutdown.

Where can you make cuts and increase savings? How can you create an auxiliary revenue stream? How can you empower your team members to act in the best interest of the company if you are not able to, and give them ownership of keeping the company afloat?

Reaching out to a business manager is also a great idea to put some of the interests of the company into more objective hands.

New Bahamas Waste recruits play key roles amid pandemic BAHAMAS Waste says it has been bolstering its ranks with Bahamian recruits at all levels - some of whom are playing key roles amid the COVID-19 pandemic.

Jasmine Davis, a newcomer to the waste management industry, joined the BISXlisted provider in January 2020.

She took over responsibility for financial reporting, financial risk assessment and budgeting, as well as providing support for the managing director and division managers in achieving financial goals that maximise the company’s profitability.

“There are many moving parts that help create the Bahamas Waste brand as we know it,” Ms Davis said. “In the short time that I have been here, it has been both rewarding and challenging to use my skills to support those efforts.”

Another relative newcomer is Xavier Cartwright,

XAVIER Cartwright oversees Bahamas Waste’s health and safety protocols, which includes providing proper training and protocols for staff. who oversees the company’s health and safety protocols.

He joined the waste management provider as the ground traffic controller and, over an eight-month period, has overhauled its ability to monitor the daily routes of all Bahamas Waste vehicles.

This has involved implementing a GPS (global positioning system) that has streamlined operations and generated significant savings for Bahamas Waste and its shareholders.

Now, amid the COVID19 pandemic, Mr Cartwright has the task of providing proper training and protocols for all company employees, including the use

No one knows when this COVID-19 period will end, but it is imperative that we remain empowered and ready to burst out of the gate, reintegrating ourselves into the fabric of the Bahamian economy once this period has passed.

NB: Lazar Delorenzo Charlton is currently a freelance public relations manager who headed regional PR for a renowned all-inclusive hotel brand. He is a partner/business development manager for The New Duff, a Bahamian-fusion food and beverage brand. of personal protective equipment (PPE) and the provision of first aid for those who may require it.

“Both Jasmine and Xavier have only been with us a short time but already they’ve proven to be tremendous assets to the company,” said Bahamas Waste’s general manager, Francisco de Cardenas.

“We are extremely pleased to have them on board.”

“In the fight against COVID-19, we know that maintaining a clean and sanitised environment is critical, and so Xavier and his team have been at the forefront of our efforts to promote social distancing and proper hygiene while continuing to meet the waste disposal needs of the island,” said Bahamas Waste’s operations manager, Ethelyn Davis.

Besides reducing its bin collection rates, Bahamas Waste has also unveiled numerous initiatives designed to provide the standard of service customers are used to, including alternative booking and payment options via e-mail and phone. It has reduced on-site visits as well as producing a Bahamas Waste newsletter designed to provide customers with up todate information.

THE TRIBUNE

B

IMINI business owners yesterday voiced fears that residents will have insufficient food supplies and income to last for the two-week island lockdown that takes effect this coming Monday.

Percy Duncombe, Sue and Joy General Store’s general manager, said Biminites were becoming “stressed out” over possible supply shortages due to the recent bad weather preventing freight and cargo ships from docking on the island. Other businessmen, meanwhile, questioned whether residents will be able to afford the necessary supplies to last the fortnight as many have yet to receive their unemployment benefits.

“It seems as though it is going crazy right now,” Mr Duncombe said. “This is the Sue and Joy next to the administrative building. I haven’t been able to go out and check what’s going on, but I hear they are carrying on so bad up there.”

“With the weather being the way it is there hasn’t been any boat with supplies in, and if we miss boats on a weekly basis, the supplies on the island dwindle. It is ridiculous right now from what I hear. I was just getting ready to close the shop up because I was here from 9am this morning, but I hear they are handing out $100 vouchers and people

Friday, May 15, 2020, PAGE 3

Supplies, income fear over Bimini lockdown

BY YOURI KEMP | TRIBUNE BUSINESS REPORTER YKEMP@TRIBUNEMEDIA.NET are asking what can this do for them for two weeks.

“With no boat supplies in the for this week, the thing about it is we didn’t have a boat in from Nassau last week. The American freight boat was scheduled to be in today, but that has not been in from last week Thursday, so the people are slowly getting stressed out.”

Mr Duncombe also questioned the lockdown’s timing, adding: “If they are going to close the island down on Monday from 9am, and they have the regular lockdown on Saturday and Sunday over the weekend, how are the people going to do any type of banking?

What kind of lines will be at the food stores when the supplies come in?

“This is too short notice.

I don’t think the government is doing anything much to make the situation easy. What I understand is that they are handing out $100 vouchers at the administrator’s office, along with two juices, two eggs and a little bit of chicken? That is nothing for supplies for two weeks.

“One hundred dollar vouchers on such short notice? If this was such a problem this should have been dealt with ahead of time, instead of everybody contemplating it and then, all of a sudden, dropping it on you. Tomorrow is the last business day of the week, and Monday is the first business day of the week,” he continued.

RESTAURANT OWNERS EYE SOCIAL DISTANCE STRATEGY

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RESTAURANT and bar owners are already plotting how their establishments can re-open in compliance with COVID-19 health and safety protocols despite some suffering revenue declines of up to 95 percent.

Peter Maury, owner of the Green Parrot and Margaritaville restaurants, told Tribune Business he is hoping the sector can fully re-open by June 1.

“The rest of the world has already done so, in South Florida and particularly in Sweden,” he added. “What we have done is we have taken out half of the tables and took out the bar, and we put in measures that protect customers from other customers.

“How are you going to fill the restaurant if it is not a safe environment to come?

Of course you are going to have some people who don’t care, but you have to have a space for people who do care and want to come to a place that is safe.”

Mr Maury said the tables at his businesses have been separated by ten feet, and he has no plans to reopen bar areas right away even when the government eventually gives permission for the sector to resume trading.

“Give us some guidelines that we can open up under,” he urged. “Someone said June 1, and I think that is a good time. Some of the restaurants can be ready. It is difficult because no one wants to make any mistakes.

“I’m probably at five percent of what we normally make when we are fully open, and we are doing mobile assistance and curb side pick-up. We’re using Kraven, and Kraven does it for everybody. You can go on Kraven and order from everybody. But we do have our own delivery, and we have put some of our staff to work on the delivery so they can make a few extra dollars.

“I have a lot of space outdoors that people can sit to and dine without having to come indoors, so I don’t see why some of the restaurants can’t be reopened. If regular cleaning staff at the hospital can keep the hospital clean and COVID-19 free, then smaller restaurant and bar owners like myself can surely take precautions and clean up after ourselves.”

Bahamian restaurants are currently permitted to offer delivery, curb side pick-up (phone in and electronic orders) and drive-through services, but cannot allow persons inside their establishments under

the government’s Emergency Powers (COVID-19) Orders.

Delvonne Ferguson, general manger of 112 Restaurant and Bar, said: “I think we should follow whatever guidelines the United States have going on, and whatever provisions they have to clearing everything up. We have curb side and delivery. I have my own cars, and we have another company that calls in orders and they will come and pick up.

“We are down some 60 percent of sales this year.

I can sustain this for two months, but I had to drop staff and am down to only three staff members. I can sustain for another two months if need be with just curb side and delivery.”

Michael Carey, owner of Conch Hill restaurant and bar, added: “We are just doing the drive through now. It is slower than usual but we have to keep it going. I think I can sustain this for another two months, even though I am down 70 percent of sales.

We don’t sell the drinks, because our people are normally come inside. They don’t allow people to come inside so we don’t sell the drinks and are just serving the food. I’m trying to survive.”

Rhainne Green, Club

Enve’s general manager, said: “I mean, it isn’t bad right now because we are doing takeout service. We have a window at the front so people can call and place and order,. Some people can actually drive here and place an order, but you can call and pick up your order. We don’t do delivery service but it has been 80 percent good for us.”

Ms Green said she was split over remaining under the government’s current restrictions for another two months, and said: “If we can sustain being locked down like this for another two months, 50 percent of me says ‘no’, because I actually miss interacting with guests that come in, so that is my reason for saying no.

“As for the 50 percent saying ‘yes’, it is because we still have business and it isn’t all that bad. Even with us being closed right now versus us being open before, we still were having a good service for people ordering food, so it really isn’t a problem at this time.

But for me, 50 percent is ‘no’ because I miss the interacting with different people.”

Ms Green estimates her sales are down by between 20 percent to 30 percent compared to normal levels.

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act ,2000 of the Commonwealth of The Bahamas, Notice is hereby given that:- BEOTHUK INVESTMENT LTD. is in Dissolution; the commencement date is 15th. day of May 2020 and the Liquidator is Trevor D.A. Sunderland, Pilot House condo – Apt 508, East Bay Street, (P. O. Box, SS 6290) Nassau, Bahamas, TREVOR D.A. SUNDERLAND - Liquidator

“Bank of the Bahamas was closed for a couple of days because they needed to sanitise the bank. The lockdown is needed, but it should have been dealt with earlier, and the thing is with the weekend coming with the regular lockdown how are the people going to be able to get everything they need?”

Neal Watson, owner of Neal Watson’s Bimini Scuba Centre, said the two-week lockdown would not impact his operation given that it relies on the still-shuttered tourism economy. “We are already locked down,” he added. “Who this really affects is not me as the business owner; it really affects the guys. Nobody can work, and no one has gotten their National Insurance Board (NIB) [benefits] yet.

“All of my employees that applied for NIB, none of them have gotten it yet, and all of their applications have been in. The guys that are still working, just a little bit, we’re just trying to find stuff for them to work so they can have a little bit of money. They won’t be able to work now and that’s who it really affects, the employees.

“The business itself is not generating any money until the country opens back up regardless. We can’t generate any income any way.

The business itself isn’t any more adversely affected than we already have been

affected by this current situation of the country being closed.”

Mr Watson said he could not understand how the government can impose a two-week lockdown if persons have not received the NIB unemployment benefits that will give them the necessary income to purchase essential supplies.

“It really doesn’t make any sense how you could do that,” he added. “It’s not making any sense to me, and it seems to me like a knee-jerk reaction. But maybe there has been some thought into it.

“The next major issue is the mail boats. They are having gale force winds for the weather today, so I don’t see how the boat can sail. They were supposed to come in yesterday and they couldn’t come due to the weather, so I don’t think they are going to come today.

“The mail boat hasn’t been here in over a weekand-a-half, and people don’t have supplies right now and it is not like there is groceries to buy. They had better really, really make sure the mail boat comes and people do have ample time to shop or else there will be hell raised.”

Edward Reckley, the Bimini Chamber of Commerce’s president, who earlier this week told Tribune Business he backed a two-week lockdown to

prevent the further spread of COVID-19, said of the government’s action: “My initial reaction is basically making sure that all of the necessary things are there for the residents on the island in terms of the food distribution and the water distribution, and everything that needs to be for the people.

“That really is my only concern in the matter at this time. The mail boat is on its way now. They left yesterday and they should be there by today. I didn’t get the time he left, but he did send me a text that he has left and is on his way.

This is the Captain Emmett (Emmett Munroe, captain of the Sherice M).”

Mr Reckley, who is currently in New Providence, added: “I was waiting on my vice-president to call me back to inform me of what’s happening now. The mail boat is just going there, the G &G (G & G Shipping) is on its way there also, so as far as having enough supplies for that time I feel the stores will have enough supplies.

“But, at the same time, too, because the island only survives by tourism, the government has to play a major role and they are also saying they are going to assist the public in Bimini as well.” The government has identified Bimini as a COVID-19 “hot spot”.

Construction in ‘full force’ for GoldWynn Residences

Emergency Orders.”

Randy Hart, the Wynn Group’s vice president, said: “As the pandemic recedes, we foresee The Bahamas rebounding better and stronger, and the hospitality industry experiencing a resurgence as suppressed global demand is released.

With GoldWynn scheduled to open in the spring of 2022, any shadow cast over the industry by the epidemic is expected to have faded, and our opening will coincide with a period of concentrated demand.

“Moreover, GoldWynn will be particularly wellpositioned to benefit from this impending renaissance as the industry trends towards smaller and more exclusive boutique hotel properties. Ever mindful of evolving customer expectations, we are already taking steps to adapt our hospitality model to better align with the emphasis on hygiene, online platforms and reduced customer interactions.”

Matthew Marco, GoldWynn’s executive director of sales, said: “As continued uncertainty and instability pervades the globe, I believe The Bahamas’ stature as a safe haven destination for the world’s affluent only stands to be accentuated. The desire for refuge from the world’s congested and turbulent metropoles will be a harbinger of formidable demand in secondary home ownership market and permanent residency applications within our shores.”

Reassuring it will provide “unwavering support” for The Bahamas, the Wynn Group said it will encourage the government to “capitalise” on the country’s unique strengths as a “sanctuary for the affluent” by implementing “welcoming policies” that will encourage residency and foreign home ownership as a “key driver” for the country’s prosperity.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CONSTRUCTION was yesterday said to have resumed in “full force” at the multi-million dollar GoldWynn Residences project at Goodman’s Bay with more than 125 people back to work.

The developer, the Wynn Group, in an e-mailed response to Tribune Business, said: “The Wynn Group is delighted to announce that GoldWynn has now resumed construction of its luxury beachfront 160-unit boutique condo-hotel and exclusive residences on Cable Beach. This follows a six-week hiatus mandated by the recent COVID19

Press Release Benchmark 2019 Full Year Results

Press Release The fiscal 2019 yearFull 2019, was a solid year for revenue and earnings performance across Benchmark Benchmark Year Results

Companies. All Subsidiaries recorded better revenue and earnings results against 2018. The G

Consolidated Comprehensive Income performance was above budgetacross with all subsidiaries exceedin The fiscal year 2019, was a solid year for revenue and earnings performance Benchmark’s Group of Companies.

All Revenue Subsidiaries recorded better revenue and earnings results against 2018.Benchmark The Group’sAdvisors Net expectations. performance across the group was stronger than 2018.

Consolidated Comprehensive Income performance budget with all a subsidiaries exceeding budgetary Ltd. net realized and unrealized gain/(loss)was onabove investments was significant contributor to the expectations.

Revenue performance across the group Benchmark Advisors (Bahamas) Comprehensive Income.

The appreciation in was fair stronger value ofthan one2018. of our investment properties also co Ltd. net realized and unrealized gain/(loss) on investments was a significant contributor to the Groups Net the 2019 strong Group Net Comprehensive Income. Benchmark Ventures Ltd. which had a loss of B Comprehensive Income. The appreciation in fair value of one of our investment properties also contributed to for2019 2018 posted a loss ofVentures B$(271,734.91) fora2019.

The consolidat the strong Groupan Netimprovement Comprehensiveregistering Income. Benchmark Ltd. which had loss of B$(497,781) performance the other subsidiaries the of Group during thefor period Alliance Investment for 2018 posted for an improvement registering in a loss B$(271,734.91) 2019.were The consolidated positive M Ltd., Benchmark Properties (Bahamas) Ltd.during and Benchmark Advisors Ltd. registerin performance for the other subsidiaries in the Group the period were Alliance(Bahamas) Investment Management Ltd., Benchmark B$1,023,506 Properties (Bahamas) Ltd. and Benchmark Advisors Ltd. profits of B$1,102,256, and B$869,962 respectively.

For the(Bahamas) fiscal year endregistering December 31 ,2019, B$1,102,256, B$1,023,506 and B$869,962 respectively.

For the fiscal year end December 31 ,2019, the Group’s Consolidated Net Comprehensive Income was B$2,752,171.

Consolidated Net Comprehensive Income was B$2,752,171.

Benchmark Bahamas Benchmark Bahamas Ltd. Ltd. Consolidated Statement of Financial Consolidated Statement of Financial PositionPosition For thethe Year Ended December 2019 2019 For Year Ended December Expressed in Bahamian Dollars Expressed in Bahamian Dollars 2019

247,542

Intangible Assets

237,500

Non-Current Assets

NOTICE

International Business Companies Act (No. 46 of 2000)

Sunset Exuma Ltd. Registration Number: 172806 B (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) Sunset Exuma Ltd., commenced voluntary liquidation on the 14th day of May, 2020.

Any person having any claim against Sunset Exuma Ltd., is required on or before the 12th day of June, 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.

GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of Sunset Exuma Ltd.

GSO Corporate Services Ltd. Liquidator

247,542

2018 214,032 243,750

2018 214,032

237,500

5,022,393

243,750

12,581,278 5,900,000

12,836,396

5,022,393

4,984,80912,581,278

6,953,495

12,836,396

5,882,901 11,191,353

6,953,495

Net Assets

7,596,469 4,984,809 13,844,342

Equity

12,844,342

11,191,353

Intangible Assets Investment Property

LEGAL NOTICE

2019

Non-Current Assets

5,900,000

Investment Current Assets Property Current Liabilities Current Assets Net CurrentLiabilities Assets Current

Net Current Assets

7,596,469

13,844,342

Net Assets

12,844,342

Equity

5,882,901 11,191,353 11,191,353

Benchmark Bahamas Ltd. Consolidated Statement of Comprehensive Income/Loss For the Year Ended December Benchmark Bahamas Ltd.2019 Expressed in Bahamian Dollars

Consolidated Statement of Comprehensive Income/Loss For the Year Ended December 2019

2019

2018

Revenue

2,695,573

1,521,831

Expenses

2,090,591

Expressed in Bahamian Dollars

Operating Income/Expense Other Income (Loss) Revenue Net Comprehensive Inocome Expenses

Operating Income/Expense Other Income (Loss)

Julian Brown Net Comprehensive Inocome CEO/President 12th May, 2020

Julian Brown CEO/President 12th May, 2020

202,675

2019 -

504,874

2018

2,147,189 2,695,573-

272,026

1,521,831

2,751,171 2,090,591-

776,900

604,982

202,675

604,982

-

504,874

2,147,189

-

272,026

2,751,171

-

776,900

PAGE 4, Friday, May 15, 2020

THE TRIBUNE

Use COVID crisis to shatter ‘protectionist dependence’ on elite FROM PAGE ONE Monetary Fund (IMF) structural adjustment plan being imposed on the country to the extent that it would lose control of its economy, with mass public sector terminations and an end to manufacturing and agriculture subsidies among the consequences.

“In every challenge there are opportunities, and I

hope we have the courage and vision to seize them,” Mr Sears told Tribune Business. “In my view The Bahamas will not have the opportunity to go back to business as usual because the global system is being challenged unlike it ever has been since the 19291934 Great Depression and World War II. “That resulted in the Marshall Plan to get the

global economy back on track and reconstruct Europe. What has happened, and is happening now, is of that magnitude.

As a result of this crisis, The Bahamas by August will have lost half of its GDP. “It lost $3.4bn in two days in September last year with Hurricane Dorian, and my prediction is we will have an equivalent or greater loss of GDO now as we did under

Dorian. By August our debt will have been risen from $8.5bn to $10bn. We will have lost half our GDP, and debt will be at $10bn,” Mr Sears continued.

“Our sovereign rating is already at ‘junk bond’ status. This isn’t a scenario where we will be able to borrow our way out of this crisis. It will have to be a combination of things.”

The former attorney general argued that The Bahamas needed to abandon an economic model based on “protectionism” of foreign and domestic elites, as this had created barriers making it difficult - if not impossible - for new Bahamian entrepreneurs to compete when they sought to enter sectors dominated by a small number of players.

“We’re going to have to move away from mercantilism,” Mr Sears told this newspaper. “The Bahamian economy is dependent on protectionism. It both protects FDI through ring fencing and giving all those concessions to foreign investors, and the merchant elite. It’s non-competitive, and there’s no antitrust laws.”

Citing food retailing, wholesale and the liquor business as examples of industries controlled by relatively few participants, he added: “There’s no competition, and therefore we tolerate tremendous inefficiencies because so many of

our markets are protected.

“Monopolies and duopolies basically set the prices among themselves, and are vertically integrated... I believe that if we cannot see that the old order is gone we will be clawing, trying to hold on to elements of mercantilism and ring fencing FDI, as opposed to creating a more dynamic economy.”

To achieve this, Mr Sears said The Bahamas needed to adopt a development strategy that was based on “resilience and dependency”. At the top of this agenda, he argued, is the need to lower the country’s food (around $1bn) and fossil fuel (nearly $600m in 2019) import bills.

He suggested that these two items alone are consuming “more than half” of The Bahamas’ annual tourism earnings, and “for us to become competitive” the country needed to accelerate the roll-out of renewable energy as well as greater domestic agriculture production.

“Our survival will require that we incentivise domestic food production and manufacturing, and renewable energy,” Mr Sears added.

“We also have to move to a digital economy. We are living in a revolution, and if we’re going to become competitive again we’re going to have to be much more nimble to improve the quality of service we offer, efficiency of governance, and our productivity. It

requires a major, major overhaul.”

Mr Sears said that when his daughter had recently been in Rwanda, she had been able to pay for taxis and order food from a restaurant when in its capital, Kigali, using her mobile phone.

Citing this as an example of global trends, he added: “This bricks and mortar banking is not competitive.

That’s why the Canadian banks are moving out, but as they do it creates opportunities for Bahamians to develop financial services platforms that can provide services to Bahamians on scattered islands. COVID19 is forcing us to do what we ought to have been doing long time.”

Similarly, Mr Sears said The Bahamas needed to “reconfigure tourism” away from Las Vegas-style resorts that “gobble up all the concessions” towards a model that emphasises heritage and cultural attractions, with a focus on vacation rentals and boutique resorts that are better linked to other sectors so as to boost local ownership.

“Staying in the remnants of the past will only lead us to being in a structural adjustment plan indefinitely under the IMF,” he told Tribune Business. “If we do not seize this opportunity we will condemn our country to an indefinite but awful future of dependency.”

Web shops threaten closure legal action FROM PAGE ONE He added that Paradise Games, the Island Game and other web shops “didn’t take it upon themselves to” re-open as they had all contacted their regulator, the Gaming Board, and obtained its permission to do so prior to accepting patron deposits and numbers purchases.

And Mr Munroe disclosed that the government’s action had also forced web shops to treat the rehiring of staff last week as “unauthorised and unapproved” otherwise they would not be eligible for National Insurance Board (NIB) unemployment benefits for three months.

He explained that workers who were temporarily laid-off, but then called back to work, would have to wait 13 weeks to reapply for benefits and income support if they were sent home once again - as has now happened to web shop workers.

As a result, Mr Munroe argued that the prime minister’s actions had “hurt Bahamians” reliant on a regular pay cheque due to their lack of savings in the bank.

“I’ve met with two of my clients who have instructed me to action,” Mr Munroe told Tribune Business.

“But for Bahamas Power & Light’s little stunt [outage] I would have already settled the letter to the Competent Authority.

“We’re going the route of giving them the opportunity to accept there’s no justification for that portion of the order and, if they say there is, to provide the medical report. They might provide us with some stunning evidence to show how gaming aids the spread of this COVID-19 virus.”

The QC added that he and his clients plan “to begin action on Monday if there’s no positive response” to today’s letter by the Prime Minister’s Office. “I’ve done quite a lot of preparation for action after the lockdown’s over,” Mr Munroe said. “I hadn’t anticipated having to do any before, but this has forced me to do it.

“I know of no medical

justification for singling out gaming... My clients didn’t take it upon themselves to interpret the first order as applying to them. They responded to their regulator, the Gaming Board, writing to them saying they were permitted to do business” provided the necessary health and safety protocols were in place to comply with the government’s requirements.

Revealing that the government’s actions had forced web shops to treat last week’s re-engagement of employees as “not authorised and not approved”, Mr Munroe said: “The thing the Competent Authority doesn’t seem to realise is that they’re hurting Bahamians.

“If you’re unemployed, and then employed, you have to wait 13 weeks before reapplying [for NIB benefits]. He has potentially caused all the people that came back to work, and wanted to work, to not be entitled to unemployment benefits going forward.

“The prime minister will then probably accuse our clients of not having a heart. These are not rich people with savings in the bank; these are people that depend on having a job. It would be useful if people thought about these things before they did them.”

Dr Minnis, in his national address on Sunday, said the permission granted for businesses to provide delivery and curb-side pick-up services was “designed to relate strictly to retail business establishments which can operate efficiently without the need for direct person-to-person physical contact or face to face interactions”.

He added: “They were never intended to apply to the operations of gaming houses, and this is now made abundantly clear by the provisions of Part B of the order. Those provisions specifically state that permission to engage in home delivery and curbside pickup services do not apply to ‘a gaming house operator’.”

This forced web shops to once again close after reopening to offer both drive through and curb-side services for patrons wishing

to purchase numbers or deposit monies to their accounts.

Dr Minnis gave no explanation for the move, or why domestic gaming operators are the only industry singled out as not fit to provide services in this manner. Many observers, though, felt the move was based on government concerns that jobless Bahamians will spend their unemployment benefits on numbers as opposed to groceries and other essentials in the hope of securing “a big win”.

Sebas Bastian, Island Luck’s principal, earlier this week accused the prime minister of “targeting” the domestic gaming industry and its 3,500 employees by ordering the sector to close once more.

He, too, questioned why the industry had been “singled out” and “assailed by this government yet again” after it was the only one barred from offering delivery and curb side pick-up services and ordered to shut its doors in the latest Emergency Powers (COVID-19) Order.

Arguing that there was “no logic or rationale” to support the government’s decision, Mr Bastian said the move was clearly not based on any health-related concerns given that other “so-called ‘vices’” such as liquor stores had been allowed to re-open to consumers.

Urging the government to publicly disclose the reasons for permitting certain industries and companies to re-open, while requiring others to remain closed, the Island Luck chief said ordering domestic gaming to close just one week after it re-opened threatened to worsen the very 30 percent unemployment rate that the prime minister himself voiced concerns about yesterday.

Mr Munroe, meanwhile, yesterday indicated he planned to challenge the regulations underpinning the Emergency Powers Orders as “ultra vires” or illegal. He added that the disruption caused by their implementation had resulted in significant losses for businesses.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Friday, May 15, 2020, PAGE 5

Stem cell provider in May 28 wind-up FROM PAGE ONE

actions against the stem cell provider, with the judge also setting aside the previous order obtained by First Commercial Centre to prevent the medical equipment’s removal.

Should Justice Charles approve the full windingup/liquidation of Okyanos in two weeks’ time, First Commercial Centre will have to stand in its place in the creditors’ queue with any claim for unpaid rent. The medical firm’s main secured lender, British Virgin Islands-based LS Enterprises, would have first call on any assets with its $12m claim.

The winding-up of Okyanos, though, would represent a blow for Bahamian economic diversification just at the moment when the country most needs it amid the crisis caused by the COVID19 crisis. For it offered a pioneering treatment and represented one of The Bahamas’ first tangible forays into medical tourism.

One former patient, speaking on condition of anonymity, said: “It’s a big blow to Freeport. It was beautiful in there. The

equipment was very, very nice. It was the most beautiful clinic I’d ever been in.

I’ve never seen anything like it in my life. The hurricane messed them up.”

Setting out the rationale for its actions, LS Enterprises said in its winding-up petition that Okyanos had occupied 14,807 square feet over two floors at the First Commercial Centre since opening in October 2014.

It offered “regenerative medicine” based on stem cell therapy techniques, and received some $15m in debt financing from the BIVI company - some $12m of which allegedly remains unpaid.

Noting Hurricane Dorian’s “catastrophic” impact on Grand Bahama generally, LS Enterprises alleged of Okyanos: “Substantial amounts of water and wind penetrated the company’s premises causing major property loss and damage.

This was exacerbated by a failure of the landlord [First Commercial Centre] to shut the storm shutters on the company’s premises prior to Dorian’s arrival.

“Additionally, a lack of consistent electricity and air conditioning resulted in extensive mold contamination in the company’s

premises and operating facilities. The company attempted to mitigate loss and damage by moving equipment and supplies to a climate-controlled storage and preparing for mold remediation, but that was hampered by the landlord whose servants or agents instructed company’s personnel to cease and desist from such activities.”

With no revenues coming in, and all business activity having ceased, Okyanos gave First Commercial Centre notice of its intention to terminate the lease within 60 days due to the building being “unfit for occupancy”. Tamecko Collie, a quantity surveyor with The QS Centre, estimated total repair costs to Okyanos’ facilities at $2.069m.

First Commercial Centre responded five days’ later by serving notice of its intent to challenge the termination, and obtaining the Order to prevent Okyanos removing its equipment.

“This restraint further prevented any remediation efforts involving the removal of the company’s equipment,” LS Enterprises alleged in its winding-up petition.

“The company filed

claims for damages with its insurance carriers for losses arising out of the hurricane, but has not received the majority of any such insurance proceeds. The company has insufficient funds to secure a new lease for facilities in which to treat patients; arbitrate with the landlord to recover the company’s equipment and supplies; or conduct a marketing campaign to attract patients to The Bahamas following the devastation of the hurricane.

“The company has no means for generating revenue in the foreseeable future or to borrow funds to sustain its operations or to pay its debts as they become due other than to seek additional lending under the facility agreements.”

LS Enterprises declined Okyanos’ request for additional loan financing on November 13, 2019, on the grounds that the stem cell provider was in default on its existing facilities. Without any prospect of being repaid the monies owed, the BVI entity is arguing that the company is insolvent and should be wound-up under Supreme Court supervision.

GB Power bond ‘backstopped’ by $60m guarantee FROM PAGE ONE post-COVID-19 and postDorian, and we have certain covenants that we need to satisfy.

“The bond holders are nervous. They’re nervous about The Bahamas, about the Standard & Poor’s (S&P) sovereign downgrade. They’re worried about our performance postDorian, post-COVID-19.

They’re worried about the Bahamian economy, the Grand Bahama economy, so they’re looking to our parent to backstop this to make sure we don’t default.”

The GB Power chief spoke out after the $60m guarantee was detailed deep in the management discussion and analysis that accompanied the release of Emera’s 2020 first quarter results. “The company is in the process of issuing a guarantee of up to $60m relating to outstanding notes of GB Power,” Emera said.

“The guarantee will reduce to no more than

$35m upon repayment of certain notes that are due May 22, 2020.” Explaining the latte aspect, Mr McGregor added: “The reason Emera is saying it will reduce from $60m to $35m is because we already have the funding in place to repay the bond holders next week.”

Elsewhere in its earnings release, Emera said the S&P downgrade of The Bahamas was “not currently expected to have a material financial impact on GB Power” despite the Canadian utility giant being called upon to provide an extra security blanket for the bond repayment.

It added that GB Power’s 2020 performance was expected to match last year’s earnings with the return of business and residential customers to GB Power’s grid following Hurricane Dorian forecast to offset the impact of COVID-19.

“GB Power’s earnings are expected to be consistent with 2019 earnings, which were lower than normal as a

Family Islands ‘ready to open’ FROM PAGE ONE While Bimini will next week start a two-week lockdown in a bid to control COVID-19’s spread there, the Prime Minister’s strategy for resuming economic activity includes the full reopening of virus-free Family Islands such as Exuma in its next stage, “Phase 2”.

Voicing optimism that most of the Family Islands outside Bimini are ready to move to this phase imminently, Mr Rolle said: “We’re waiting on Sunday or whenever the next announcement is made.

There’s no logic why we shouldn’t be approved.

We can see no reason why Exuma wouldn’t be in the group.

“I think it’s not going to be like it was before. It’s going to take a while, but it would be a boost economically for sure and I’m hoping it doesn’t come with any health costs. We’ll be as careful as we can and see what happens.”

Asked about the impact if Sandals Emerald Bay does open on July 1, Mr Rolle added: “It makes all the difference in the world. That’s

going to be huge, but we’re going to have to survive in the interim. There’s the rest of May and June. This gives us the opportunity to put things in place so that when Sandals comes and is ready to open up, we’ll be in a good position. It means the world to us that Sandals is opening back up.”

However, Mr Rolle said re-establishing commercial and transportation links with Nassau is just as important as the return of tourism for Exuma and other Family Islands. “We are dependent on having interaction with Nassau,” he told Tribune Business.

“Nassau doing business with us, and have a lot of people travel back and forth from Nassau to the Family Islands.

“We are depending on those dollars; it’s not just tourism dollars that sustain the Family Islands. It’s the dollar flow from family in Nassau or persons in Nassau that have businesses here and, as long as that doesn’t happen, it impairs our ability to thrive. We’re very much dependent on Nassau’s viability for our survivability.”

result of Hurricane Dorian.

The impact of COVID-19 on GB Power is expected to be partially offset by recovery of load following Hurricane Dorian,” Emera said.

GB Power’s earnings for the 2019 full-year decreased

by CAD $13m ($0.05 per common share) due to reduced customer demand as a result of Dorian. Its full-year revenues declined by 7.4 percent, from CAD$121m in 2018 to CAD$112 for the 2019 fullyear, while the value of GB Power’s property, plant and equipment dropped from CAD$315 to CAD$282m.

Emera, meanwhile, said GB Power had incurred $13m of the anticipated $15m in Dorian restoration

costs it plans to recover from consumers by the end of the 2020 first quarter. However, the extra charge that was supposed to be levied on customer bills from April 1 has been suspended due to COVID-19’s impact.

“In January 2020, the Grand Bahama Port Authority (GBPA) approved the recovery of approximately $15m of restoration costs related to GB Power’s selfinsured assets,” Emera said.

“As of March 31, 2020, $13m of these costs were incurred and recorded as a regulatory asset. Recovery of the regulatory asset, due to start on April 1, 2020, has been temporarily suspended as a result of the economic impacts of COVID-19 on Grand Bahama.”

Scotiabank in credit card deferral move

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN commercial bank is offering up to a six-month deferral on credit card payments for persons affected by the COVID-19 shutdown.

Scotiabank Bahamas, in a release sent to Tribune Business, said: “Scotiabank retail customers with credit cards, revolving credit lines and other term loans and auto loans, as well as business banking customers with only credit cards, will have their payments automatically deferred up to six months - first for a period of three months, with the possibility of extension for a further three months.

“Credit card customers who do not wish to defer can continue to make normal payments at any time. Scotiabank retail customers with mortgages, or any business banking customers who wish to have their loan payments deferred, should contact Scotiabank to participate in the customer assistance programme as your payments will not be deferred automatically.

“Scotiabank customers who choose to participate in the programme can have their loan payments deferred up to six

months - first for a period of three months, with the possibility of extension for a further three months.

Roger Archer, Scotiabank’s vice-president and country head in the Northern Caribbean, said: “We understand that customers need flexibility during this evolving situation. We believe our updates to the customer assistance programme are allowing our customers to make the best decisions for their personal situations.”

Scotiabank added: “For retail customers and business banking customers whose payments are deferred, interest on the loan will continue to accrue, along with loan insurance premiums due, and will be payable at a later point in the loan’s cycle. Customers should contact Scotiabank for more information on the interest payments.

“Given the public health guidelines around social distancing, Scotiabank is also strongly encouraging all customers to make use of the recently-expanded functionality available through its self-service banking channels. This includes the bank’s new mobile banking application that can be used to pay bills, transfer funds and check account activity freeof-cost 24 hours per day.”

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 14 MAY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,139.90 | CHG: -1.69 | %CHG: -0.08 | YTD: -91.70 | YTD%: -4.11 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.75 2.60 2.00 5.47 12.77 6.17 4.50 10.30 3.64 5.10 10.88 8.15 16.99 9.40 4.25 15.21

52WK LOW 3.35 20.91 5.50 5.39 1.78 0.67 2.00 10.21 5.60 3.62 5.41 2.53 1.85 8.00 6.63 13.04 6.98 3.14 13.90

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 0.90

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.99 11.26 5.98 4.03 6.01 2.80 5.10 9.23 8.15 14.50 8.97 4.05 15.20

CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.90 11.26 5.98 4.03 6.01 2.68 5.10 9.31 8.15 14.50 8.97 4.05 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.09 0.00 0.00 0.00 0.00 -0.12 0.00 0.08 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.91

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.91

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

1,000

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.6 15.6 13.3 21.9 42.9 26.3 10.9 14.4 11.2 17.8 9.6 20.0 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.94% 3.72% -3.46% 2.09% -0.11% 3.43% -3.33% 1.53% -0.32% 10.20% -1.58% 15.37% 0.88% 5.22% -4.91% 10.77% 1.89% 6.75% -1.95% 0.38% N/A N/A -10.90% -4.30% -18.80% -12.00%

NAV Date 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020

MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.85 1.76 1.24 8.34 10.26 7.00 12.15 12.58 10.81 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.61 1.75 1.70 1.14 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.30 4.38 2.09 195.13 166.73 1.67 1.79 1.75 1.16 8.31 10.07 7.00 11.42 12.58 10.52 N/A 8.31 10.01

MARKET TERMS

To advertise in The Tribune, contact 502-2394

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.68% 2.98% 0.00% 16.19% 1.18% 3.52% 2.94% 3.72% 2.23% 2.96% 4.01%

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

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

THE TRIBUNE

Friday, May 15, 2020, PAGE 7

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

T

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

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

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

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

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

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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

PAGE 8, Friday, May 15, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 84° F/29° C Low: 70° F/21° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Periods of rain and a thunderstorm

Showers and a heavier thunderstorm

A heavy t‑storm; winds subsiding

Mostly sunny with a thunderstorm

Sunny

Sunny to partly cloudy

High: 83°

Low: 75°

High: 84° Low: 75°

High: 85° Low: 73°

High: 84° Low: 74°

High: 85° Low: 74°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

88° F

74° F

92°-77° F

94°-78° F

95°-80° F

95°-78° F

High: 87° F/31° C Low: 71° F/22° C

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

N

almanac

E

W

ABACO

S

N

High: 78° F/26° C Low: 76° F/24° C

12‑25 knots

S

WEST PALM BEACH High: 79° F/26° C Low: 74° F/23° C

20‑30 knots

FT. LAUDERDALE E

W

FREEPORT

High: 80° F/27° C Low: 73° F/23° C

N

S

E

W

High: 80° F/27° C Low: 74° F/23° C

MIAMI

High: 81° F/27° C Low: 73° F/23° C

8‑16 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 77° F/25° C Normal high ....................................... 84° F/29° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 93° F/34° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 7.99” Normal year to date ..................................... 7.30”

ELEUTHERA

NASSAU

High: 83° F/28° C Low: 75° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 79° F/26° C Low: 77° F/25° C

N

KEY WEST

High: 83° F/28° C Low: 73° F/23° C

High: 80° F/27° C Low: 77° F/25° C

N

S

E

W

8‑16 knots

S

12‑25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

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

tiDes For nassau Low

Ht.(ft.)

Today

3:06 a.m.

3:46 p.m.

High

Ht.(ft.)

2.5 2.2

9:40 a.m.

9:52 p.m.

0.4 0.6

Saturday

4:02 a.m.

4:40 p.m.

2.4 2.3

10:30 a.m. 0.4 10:50 p.m. 0.6

Sunday

4:53 a.m.

5:28 p.m.

2.3 2.4

11:15 a.m. 0.3 11:42 p.m. 0.5

Monday

5:40 a.m.

6:12 p.m.

2.3 2.5

11:56 a.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

6:23 a.m.

6:52 p.m.

2.3 2.7

12:29 a.m. 0.4 12:35 p.m. 0.1

Wednesday 7:03 a.m.

7:30 p.m.

2.3 2.8

1:12 a.m.

1:12 p.m.

Thursday

2.3 2.9

1:53 a.m. 0.1 1:48 p.m. ‑0.1

7:43 a.m.

8:07 p.m.

0.2 0.0

sun anD moon Sunrise Sunset

6:25 a.m.

7:47 p.m.

Moonrise Moonset

2:30 a.m.

1:57 p.m.

New

First

Full

Last

May 22

May 29

Jun. 5

Jun. 13

CAT ISLAND

E

W

uV inDex toDay

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 78° F/26° C

High: 81° F/27° C Low: 78° F/26° C

N

High: 83° F/28° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 78° F/26° C

20‑30 knots

MAYAGUANA High: 84° F/29° C Low: 80° F/27° C

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 83° F/28° C Low: 78° F/26° C

GREAT INAGUA High: 85° F/29° C Low: 79° F/26° C

N

N E

W

E

W

L

High: 83° F/28° C Low: 79° F/26° C

S

S

8‑16 knots

8‑16 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS E at 20‑30 Knots NNW at 15‑25 Knots NE at 8‑16 Knots NNW at 6‑12 Knots SE at 15‑25 Knots SW at 12‑25 Knots SE at 12‑25 Knots S at 6‑12 Knots ESE at 20‑30 Knots WSW at 12‑25 Knots E at 20‑30 Knots N at 12‑25 Knots S at 12‑25 Knots WSW at 10‑20 Knots SE at 8‑16 Knots SSW at 6‑12 Knots SSE at 10‑20 Knots SSW at 7‑14 Knots ESE at 12‑25 Knots SSE at 10‑20 Knots E at 10‑20 Knots WNW at 10‑20 Knots S at 8‑16 Knots SSW at 6‑12 Knots SE at 20‑30 Knots SW at 12‑25 Knots

WAVES 8‑12 Feet 6‑10 Feet 1‑3 Feet 1‑2 Feet 5‑9 Feet 5‑9 Feet 4‑7 Feet 3‑5 Feet 6‑10 Feet 5‑9 Feet 4‑8 Feet 5‑9 Feet 2‑4 Feet 3‑5 Feet 3‑6 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 5‑9 Feet 6‑10 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 4‑8 Feet 4‑7 Feet

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

VISIBILITY 10 Miles 10 Miles 10 Miles 3 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 4 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 78° F 80° F 82° F 79° F 79° F 81° F 81° F 78° F 78° F 78° F 77° F 80° F 79° F 82° F 82° F 81° F 81° F 81° F 80° F 80° F 80° F 82° F 82° F 79° F 79° F