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WEDNESDAY, MAY 19, 2021

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SIMON POTTER

Outgoing BPC chief hits ‘spurious’ legal analysis of licence

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Petroleum Company’s (BPC) outgoing chief executive yesterday blasted as “spurious” a legal analysis arguing that the government is not legally bound to renew the oil explorer’s licences.

Simon Potter, who steps down from his post on May 27 but will remain on BPC’s board, blasted a letter submitted to the Prime Minister by the Earthjustice environmental organisation on the basis that it has “no knowledge, no insight and certainly no experience or expertise” on the subject.

And he used Earthjustice’s analysis to challenge assertions by Bahamian and foreign environmental activists that BPC’s licences, and the process by which they were approved, lack transparency given that the former group had no problem seemingly in accessing the documents for its letter.

“Environmentalists have repeatedly complained that the confidential licence documents between BPC and the Government of The Bahamas have never been published. Now these same environmentalists appear able to comment in detail on their contents and their applicability. Well, which is it?,” Mr Potter asked.

“The simple fact is that the Government of The Bahamas awarded hydrocarbon exploration licences to BPC in 2007. Since that time, those licences have been extended and renewed on various occasions by administrations of each political persuasion, in accordance with their terms, in reliance of which BPC has expended over $150m in safe and responsible activities honouring its obligations under those licences.

“The licensing regime in The Bahamas is no different to that in place in many other advanced economies, a core component being the notion that energy companies agree to assume considerable financial risk - whilst host governments do not - in the clear expectation that licence rights, once granted, will be respected,” he added.

“If this were not the case, and if the integrity of agreements could not be relied upon, then companies would never invest such huge volumes of capital, let alone explore for resources to enrich a nation’s economy, with a resource that take decades to create a return on that company’s investment.

“It is thus entirely spurious for foreign environmental groups to offer unsolicited ‘legal advice’ on a matter of which they have no background, no knowledge, no insight and certainly no experience or expertise.”

Mr Potter hit out after Steve Mashuda, managing attorney for Earthjustice, told Dr Hubert Minnis in a May 13, 2021, letter its analysis suggests that neither the Petroleum Act nor BPC’s existing licences impose a legal obligation on the government that it must extend them into a third three-year term.

SEE PAGE 8

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Atlantis axes 700 but ‘bigger blow expected’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE termination of 700 Atlantis staff is “not as bad a blow as we thought it would be” based on past precedent, the hotel union’s president argued yesterday.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) chief, told Tribune Business he had feared the Paradise Island mega resort could have axed more than the 800 it cut during the 20082009 financial crisis as the COVID-19 pandemic had inflicted even greater damage on its finances.

However, yesterday’s terminations are equal to almost ten percent of the Atlantis workforce, which matches the proportion released more

• Union chief anticipated more than 800 cut in 2008 • PI mega resort blames ongoing COVID uncertainty • Govt ‘encouraged’ it to give furloughed staff ‘finality’

ATLANTIS PARADISE ISLAND

DARRIN WOODS

DIONISIO D’AGUILAR

than a decade ago, and Mr Woods said he was not seeking to minimise how “bad” the fall-out could be given the difficulties involved in finding alternative employment in the COVID-ravaged Bahamian economy.

He spoke out after Audrey Oswell, Atlantis’ president and managing director, told staff in an early morning letter that the mega resort needed “to make fundamental shifts” given continued uncertainty over the strength and timing of tourism’s post-COVID-19 recovery together with the nature of this rebound.

NASSAU Cruise Port’s chief executive yesterday said COVID-19’s economic impact has caused “concerns with the timing” of its plans for Bahamian investors to gain ownership in the $250m project.

Michael Maura told Tribune Business the port had delayed the offering of a collective $24.5m equity stake in Prince George Wharf’s transformation until the 2021 third quarter in the hope that tourism and the wider Bahamian economy will have rebounded sufficiently to boost employment and incomes.

This, he explained, was critical to providing small Bahamian investors with the necessary liquidity to make the minimum $1,000 investment in the Bahamas Investment Fund (BIF), the vehicle that will hold a combined 49 percent stake

in the cruise port on their behalf.

“The third quarter is the period we’ll be going out with the Bahamas Investment Fund, and the opportunity for people to invest,” Mr Maura told this newspaper. “There will

be significant construction work that will be completed by that time.

“The timing of the Bahamas Investment Fund initial public offering (IPO) has everything to do with providing the small Bahamian, the first-time investor, with

Bahamas First sees Q1 losses increase 50%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

the opportunity to see material progress at Nassau Cruise Port so they could see the actual investment.”

The Bahamas Investment Fund IPO had originally been targeted for the 2021 second quarter, but Mr Maura explained this timeline had been pushed back to give potential investors the possibility of having more resources to invest via an improved tourism economy that boosts income and confidence.

“We are confident in our projections, obviously, but we are concerned with the timing because the objective of the Bahamas Investment Fund was broad participation by Bahamian retail investors, with folks

SEE PAGE 7

SEE PAGE 8

SEE PAGE 6

• Pushed to Q3 to help investors recover • Same timeline for $100m bond raising • Passenger numbers forecast to rise 57%

DIONISIO D’AGUILAR, minister of tourism and aviation, inspects luggage scanning equipment at the Nassau Cruise Port.

PATRICK WARD

BAHAMAS First yesterday blamed a decline in the value of its investment holdings and a $4.1m yearover-year reversal on its Cayman health insurance portfolio for a $1.344m first quarter loss.

Patrick Ward, the BISXlisted insurer’s group president and chief executive, told shareholders that the adverse claims experience on its health portfolio stemmed from a “pent-up demand” for healthcare services after that Caribbean territory removed COVID19 related restrictions.

He branded this and the “unrealised” $1.9m loss on the value of its investment portfolio, driven by a loss of equal amount on its Commonwealth Bank holdings, as “inescapable realities” that Bahamas First had to face during the three months to end-March 2021. Its total comprehensive loss increased by 50.8 percent year-overyear compared to the prior year’s $891,281.

“The first quarter 2021 results of the group are very much in line with our expectations, apart from the notable exception of investment earnings and the underperformance of the health account in Cayman,” Mr Ward told investors.

“The property and casualty claims experience across both territories was very good, showing double-digit positive variances against the prior year.

Unfortunately, the adverse claims variance on the health portfolio in Cayman almost entirely erased the benefit of the property and casualty segment for the 2021 first quarter.

“These inescapable realities have impacted the group’s results, as we reported net underwriting income of $6.2m in the first

COVID’s ‘timing concerns’ for $24.5m cruise port IPO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Three-fold greater returns: Home port ‘makes sense’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE three-fold greater return from home porting cruise passengers is why previously unplanned investments “make financial sense”, Nassau Cruise Port’s top executive revealed yesterday.

Michael Maura, speaking after Royal Caribbean’s Enchantment of the Seas vessel delivered two airport-grade luggage scanners ahead of the June 12 start for the cruise line’s Nassau home porting, said the port’s extra expense will be more than covered by the 235 percent increase in per passenger fees it will earn.

While Nassau Cruise Port will earn an $8.50 per capita fee from passengers transiting through the capital once the cruise industry resumes voyages from Florida, Mr Maura explained that it will receive a $10 per person fee when they both embark and disembark from their seven-day home porting itinerary.

With the necessary luggage scanners requiring a $500,000 investment, he told this newspaper: “I

• 235% fee income rise to fund upgrades • COVID allows port to realise ‘a dream’ • Scanners to screen 400 bags per hour NASSAU Cruise Port.

guess I would say that home porting was a dream. We never thought we would have a significant opportunity for home porting business because we are so close to Miami, Port Everglades and Canaveral, but COVID introduced this opportunity to us.

“Home porting was not in our original budget. We’re having to spend $500,000 on home porting equipment that was not previously contemplated. The reason it makes financial sense to us

is that while we will charge $8.50 for every transit passenger, we will charge $10 per home porting passenger to both embark and disembark the ship.

“When we compare a transit passenger with a home porting passenger, it’s $8.50 compared to $28.50.

It’s that additional $20 per home port passenger that pays us back for the $500,000 we’re putting into home porting.”

Mr Maura said the two airport grade

luggage scanners will be complemented by two “rapid scanners” that have been sourced from Asia, and which are scheduled to arrive in The Bahamas within the next two weeks ahead of the start of Royal Caribbean’s summer home porting schedule on June 12.

The four scanners are critical to facilitating home porting by both Royal Caribbean and Crystal Cruises, the latter of which is scheduled to begin sailing on July 3, as they will enable Nassau Cruise Port to comply with both the cruise lines’ requirements and those of International Ship and Port Security (ISPS) code that was implemented in the wake of the September 11 terror attacks.

Mr Maura said the scanners, each able to screen 100 bags per hour, give the Nassau Cruise Port the ability to screen 400 bags every 60 minutes. Describing this as “quite a feat”, he

added that with an average of two bags per passenger, and Royal Caribbean expecting 1,000 passengers for the inaugural voyage, some 2,000 bags will likely need to be scanned before Adventure of the Seas sails on June 12.

The Nassau Cruise Port chief said this number was expected to climb to between 1,500 and 2,000 passengers once Crystal Cruises began its itinerary on July 3, with both ships departing Nassau on the same day.

“These luggage scanners are one part of our comprehensive port security effort,” Mr Maura said, adding that they would be complemented by sniffer dogs used to detect illegal narcotics and firearms.

Pointing out that Nassau is playing a key role in getting the cruise industry “back on its feet” following the devastation inflicted by COVID-19, he added that not all passengers will fly into Nassau to join their cruise on the same day, thereby giving tourism and hospitality operators extra earning possibilities.

SEE PAGE 7

PAGE 2, Wednesday, May 19, 2021

THE TRIBUNE

‘Over 2,000’ Atlantis staff still on furlough

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister said some 2,000-3,000 Atlantis staff remain on furlough following yesterday’s termination of 700 workers, with no sign that other resorts plan to follow suit.

Dion Foulkes, minister for labour and transportation, speaking to reporters outside the Cabinet Office, said the government was encouraged that 3,500 Atlantis staff - or just under 50 percent of its total 7,300strong workforce prior to yesterday’s cuts - had been recalled to work.

He added: “I wish to emphasise that

NEW CONCH EATING GUIDANCE AWAITED

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SENIOR government official yesterday said new guidance on the consumption of raw conch should be issued today just 48 hours after Bahamians were advised not to purchase it.

Dr Patricia Johnson, the Bahamas Agricultural Health and Food Safety Authority’s (BAHFSA) director of food safety and quality, told Tribune Business that fresh guidance on the consumption of raw conch should be forthcoming today and may rescind Monday’s advisory urging consumers to stay away from purchasing or eating raw fresh conch or conch not fully cooked/ properly handled.

She said: “We do plan to put out another statement, so between yesterday and today more [information] should be available. I know once the results are in from the Princess Margaret Hospital, we do plan to put out another statement.”

Vendors at Potter’s Cay Dock and Arawak Cay would be among the

since Atlantis closed, and all 700 people have been laid off, more than half - some 3,500 persons - have already been re-engaged. Now, if you take the 3,500 and the 700, that leaves an additional 2,000-plus persons who are still on temporary lay-off. The government is hopeful that they will be

able to be re-engaged in due course.”

With yesterday’s redundancies reducing the Paradise Island mega resort’s workforce to 6,600, Tribune Business’s calculations - based on the 3,500 recalled worker figure given

by Mr Foulkes - suggest that some 3,100 staff remain on furlough.

“The government has not received any indication from any resorts in New Providence or Grand Bahama or the Family Islands on any intended terminations,” Mr Foulkes added. He confirmed that severance payments for Atlantis workers began yesterday, and said: “The severance packages and the notification will

be made to each affected employee.”

Mr Foulkes urged terminated workers to register with the Department of Labour’s employment exchange, and use their financial packages to fund potential entrepreneurial ventures given that the Small Business Development Centre (SBDC) is available to help them.

“There are two big prospects on the horizon now,” Mr Foulkes said. “The Pointe development, which intends to hire some 500 to 600 permanent employees, and also Baha Mar Bay. Their new development that they’re opening in a couple of months, I think they are aiming to hire

businesses most affected if the May 17 guidance stands. This was issued following several suspected conch poisoning cases, which are believed to have been caused by the vibrio parahaemolyticus bacteria - the same germ identified as being behind a wave of summer 2018 conch-related illnesses.

Wendi Constantine, president of the Bahamas Dock and Allied Venues Vendors Association, told Tribune Business she was awaiting the issuance of new guidance on the consumption of raw conch.

“There is no ban on raw conch. As it stands now, there has been no cases of conch poisoning and vendors can sell conch,” she asserted. “I guess you can wait until BAHFSA sends out their release. I suggest you wait and see that.”

BAHFSA’s Monday guidance said consumers should not purchase or consume any raw (fresh) conch or conch they suspect was not properly handled and/or fully cooked until the source of the contamination can be determined. It also warned that tests at PMH are ongoing and, in the meantime, urged all conch

vendors to discontinue the preparation of raw conch.

Rodney Russell, the Arawak Cay Association’s president, said he would be puzzled if BAHFSA gives new guidance that conflicts with their earlier advisory on raw conch.

He said: “I have not heard anything on any new advisory on eating raw conch, because the relevant authority said that they would ask the public to cease eating raw content until the problem has been sorted out.”

Arawak Cay has been hit particularly hard, with less than 25 percent of vendors selling conch salad days after reports of conch poisoning became known.

Mr Russell added: “I advised my people to stop and to discontinue making conch salad, but you know you have these people from the western tip of Hispaniola, they don’t care.

They only want to make a living and they don’t care what happens.

“But I think the public has been sensitised in seeing what the conch is doing at this time. I have stopped selling conch and I have advised all of my people to not even eat conch right now.”

Mitchell attacks govt furlough suspension

DION FOULKES

some 700 employees, so I wish to encourage the 700 workers who are affected today to also access those opportunities.”

Dionisio D’Aguilar, minister of tourism and aviation, said of Atlantis’ action: “A lot of the hotels would have done their downsizing and terminations. Atlantis was the single largest employer of hotel workers in the country. Many of them would have been on staff for decades, and so as a result they accumulated a significant severance amount.

“Whereas Baha Mar really had only been in operation for three to four years, and so their severance amounts were smaller in comparison to those at

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Progressive Liberal Party’s (PLP) chairman yesterday attacked the government’s suspension of the Employment Act’s furloughed worker provisions for “disproportionately” aiding employers.

Describing the permanent termination of 700 Atlantis employees as “sad news”, Senator Fred Mitchell, pictured, told Tribune Business in a written statement that those impacted will face “growing uncertainty and consternation surrounding the reopening of the country’s economy” when it comes to finding alternative employment.

WATER CORP’S ABACO REBUILD PROGRESSES THE Water and Sewerage Corporation (WSC) is making progress in constructing new storage tanks in Marsh Harbour and Treasure Cay as rebuilding from Hurricane Dorian continues.

A 1.5 million imperial

Atlantis. So Atlantis had to manage their cash flow situation, and when they were in best position to bring this about, they brought it about.”

Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business there needs to be wider consultation with trade unions whenever workers are terminated.

He said: “What I do know is that the Ministry of Labour should be working out anything pertaining to the workers with the labour movement. You can’t introduce a policy that will have a far-reaching effect on a group of people without going to their representatives.”

He argued that the government “erred” in suspending Section 28 (C) of the Employment Act, adding that this essentially suspended and denied furloughed workers their rights amid the economic devastation inflicted by the COVID-19 pandemic.

“Furloughed workers in excess of 12 weeks who desire redundancy should be made redundant with full compensation under the

law. Further, time of service should continue during furloughs as there are financial impacts associated with this,” said Mr Mitchell.

“The prime minister and his minister of labour were wrong and unfair to eschew the views of labour leaders during this pandemic. Their policy decisions disproportionately benefited and advantaged the employer when both sides, employers and employees, are important partners in this exercise.

“As external forces tend to greatly influence the international sector of our economy, the government must make every effort to buttress, support and sustain the domestic economy over which it has greater control.”

gallon tank is being built in Marsh Harbour by the Corporation’s contractor, Florida Aquastore, with the dome structure near completion. The tank is projected to be completed and ready to fill by the second or third week in June, replacing infrastructure that was severely damaged during Hurricane Dorian.

A 750,000 imperial gallon tank is also being built in Treasure Cay that will be ready to fill by the first week in June. The Treasure Cay tank was completely destroyed by Dorian. Both the new tanks are three times the size of each of the damaged tanks that previously serviced these areas and the surrounding communities.

THE TRIBUNE

Wednesday, May 19, 2021, PAGE 3

REALTORS BACK LAND REGISTRY REFORM CALL

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A PROMINENT realtor yesterday questioned “who’s benefiting” from the absence of a land registry, with Bahamian real estate deals taking on average 60 days to close compared to just 24 hours in the US. Mario Carey, the Better Homes and Gardens Real Estate MCR Group principal, told Tribune Business that such registries are critical components in closing real estate transactions which - in The Bahamas can take up to two years to complete. He asked: “Who is benefiting from the lack of a digital land registry?”

Christine WallaceWhitfield, the Bahamas Real Estate Association’s (BREA) president, also yesterday backed calls to transition to a registered land system and create a land registry. “I do agree with prioritising a land registry. BREA had been a part of a forum on a land registry with the previous past president of BREA, so this conversation has been ongoing,” she said.

Bahamas to gain first overflight fees by July

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said The Bahamas should start receiving fees for the use of 75 percent of its air space by this July, as it awaits a deal with Cuba to cover the remainder.

Dionisio D’Aguilar, minister for tourism and aviation, speaking to reporters outside of cabinet office yesterday, said the Federal Aviation Administration (FAA) will gather the necessary data on which to base the fees – number of aircraft that transit this nation’s air space, together with their weight and distance travelled – for May and supply it

MARIO CAREY

CHRISTINE WHITFIELD

“It should be more on a digital platform so it can be centralised, allowing easy access for customers or clients wanting to check on their property deeds and if their title is clear. This process is not only easier, there is more transparency and it becomes a faster way of making the process of real estate buying or selling better.

“In the US, the transaction rate is much quicker, and checking on title is a faster process. We are in 2021 and doing business must be an easier process for customers and clients.

Once this can be put into place we will attract more customers to invest in real estate locally and international.”

Mr Carey and Mrs Wallace-Whitfield spoke out after Gowon Bowe, Fidelity Bank (Bahamas) chief executive, urged the government to prioritise creating a land registry as a way to bring The Bahamas “into the 21st century” and reduce the “far too many frauds and errors” scarring real estate deals.

He argued that creating a central database which registers ownership of every land parcel in this nation is “super important” to improving market transparency, the country’s ease of doing business, and ensuring households and businesses have secure title to their businesses.

Acknowledging that establishing a land

to The Bahamas by June.

He explained that The Bahamas will then send this to the International Air Transport Association (IATA), which will then collect these fees on The Bahamas’ behalf from airlines and private aviation providers.

“Certainly by the middle of July we should begin to receive some overflight fees and usage fees associated with the using of our air space,” Mr D’Aguilar said.

However, fees will only be generated from the 75 percent of Bahamian air space managed by the FAA. The remaining 25 percent is managed by Cuba, and The Bahamas has yet to strike a similar agreement with its western neighbour to allow this nation to begin collecting fees for that portion of its air space.

“The FAA will collect that data for us and we have to finalise one other agreement with the Cubans because, remember, they manage or provide air traffic control

services in 25 percent of our sovereign airspace,” the minister added.

Mr D’Aguilar also confirmed that the government is still putting in place the necessary infrastructure to collect, bill and administer its new overflight fees regime, which includes sourcing the necessary equipment and technology to ensure it is managed effectively.

While not providing a figure on the cost involved, Mr D’Aguilar said provisions have been made in the upcoming 2021-2022 budget to accommodate the procurement of an IT system for overflight fees.

“The costs will pale in comparison to the revenue.

This is completely new to us, so it is hard to budget, but we have some projections,” said Mr D’Aguilar. “Now that we’ve got a deal concretised we will start to enhance the technology to facilitate the collection of those fees, certainly domestically.”

Mr D’Aguilar reasserted that The Bahamas’ annual

registration system has been a discussion topic for decades, but never acted upon, Mr Bowe asserted that such fundamental reform would reduce - if not eliminate - the risks and costs associated with long, paper-based title searches by attorneys to prove clients have proper ownership rights to the subject real estate.

Pointing out that “a tremendous amount of land fraud exists even today”, as unscrupulous persons exploit loopholes in the title ownership chain, the Fidelity chief urged the government to “expedite” the transition to a land registry and associated land registration system on the basis that all parties involved will derive advantages from the reforms.

Mrs Wallace-Whitfield, in response, said: “I do agree with Mr Bowe that we need to now act on this and stop talking, as this is the only way to go. We have to move forward. Change is good, especially for enhancing the real estate industry.

“In the real estate industry we are now going virtual.

We are doing 3D tours, and doing live showings with clients who are abroad.

overflight fee collections will rise to $40m “as tourism rebounds” and more flights transit Bahamian airspace, with the regime having the potential to generate more than $300m over its first decade.

COVID has actually forced the real estate industry to move somewhat into the 21st century, which is good, but we have to keep moving forward, as I said, and as this is happening I see no reason for a land registry not to move along the same path to becoming digitised.”

Mr Carey added: “I agree with Mrs WallaceWhitfield’s comments on a digitised land registry. We are in a digital world so we need to digitise.

“I don’t know why this is taking so long for the Bahamas to modernise on this. I guess change will happen

when it benefits a particular part of the population.

In America you can close a real estate transaction in one day versus here, where it can take you 60 days, and in some cases it can take two years,” he said.

“The question is who benefits from not having a land registry. We are all in this together, and closing a real estate transaction is more than just a register and it’s more than a title. It’s a lot of the other dysfunctional government offices, because there is nothing digitised anywhere. It’s just a lot of paper.”

PAGE 6, Wednesday, May 19, 2021

THE TRIBUNE

Atlantis axes 700 but ‘bigger blow expected’ FROM PAGE ONE Predicting that travel and tourism, and the hospitality industry, “will be very different for everyone” when the sector does bounce back, she warned that these changes “will not be temporary or short-lived”.

To ensure the Paradise Island property can cope, Ms Oswell said: “Unfortunately, we have to part ways with team members that we respect and value. Out of 7,300 Atlantis team members, 700 of our colleagues will not be returning..... Many teams across the organisation will be reduced in size.”

Describing the move as “sad news”, she added: “When previously asked about redundancies, I have said that it was too soon to make that decision. Today, I must confirm that we are reducing the size of our Atlantis workforce.

“For Atlantis, whose sole purpose is centred around people serving people, this

is incredibly difficult to confront.... Let me start with how we arrived at this decision. We are collectively living through the worst pandemic of our lifetime, and as it began to unfold, global travel came to a standstill.

“Our business suffered significant losses and, in response, we drastically cut costs that touched nearly every corner of Atlantis.

While these actions were necessary, it became clear that we had to go further when faced with two hard truths,” Ms Oswell continued.

“We don’t know exactly when travel will return to normal business levels [and] when travel does return it will be be very different for everyone. While we expect Atlantis to fully recover - and business volumes continue to increase since re-opening, the significant changes we will undergo are not temporary or short-lived.

“Because of this we need to make fundamental shifts

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by reducing the size of our workforce around a more business-focused strategy.”

All 700 staff members affected received a phone call and e-mail informing them of their termination, with Ms Oswell adding: “Every detail to help provide a smooth transition for parting colleagues has been thoughtfully planned and considered.”

However, an Atlantis spokesperson in response to Tribune Business inquiries confirmed that the payment of due severance, together with associated benefits such as accrued vacation, will be spread out over three monthly instalments that will be made in May, June and July this year.

And well-placed sources, speaking on condition of anonymity, disclosed that Atlantis had initially mulling greater cuts than the 700 it eventually settled upon. One contact said the figure of 775 had been discussed before it was whittled down to yesterday’s number, although Mr Woods speculated that the extra 75 could be managerial employees who are also being terminated.

Dionisio D’Aguilar, minister of tourism and aviation, disclosed to Tribune Business yesterday that the government had been prodding Atlantis for some time to follow other resorts in resolving the fate of its furloughed workers either by recalling them or

Notice!

The 41st Annual General Meeting of the Public Workers’ Co-operative Credit Union Limited will be held at the Church of God Auditorium, Joe Farrington Road, on Friday, May 28th, 2021, commencing at 4:00 p.m., for the following purposes: To receive and ratify the 2020 Board of Directors’ Report To receive and ratify the 2020 Audited Accounts To receive and ratify the 2021 Budget To Elect three (3) members to the Board of Directors To Elect three (3) members to the Supervisory Committee To Elect two (2) members to the Credit Committee To take action on all matters that may come before the meeting.

NO NOMINATIONS WILL BE ALLOWED FROM THE FLOOR! The AGM will be livestreamed on Facebook; via our website: pwccu.com.

July

terminating their services and paying due severance.

Describing the terminations as “upsetting” and “saddening”, he added that the Minnis administration had to balance its desire that furloughed employees not be left in limbo forever with the Paradise Island mega resort’s cash flow challenges - something that is likely to have driven the redundancy payments by instalment.

Acknowledging that Atlantis’ move also reflects the realities of tourism’s slow COVID-19 recovery, Mr D’Aguilar said: “This move by Atlantis is of course upsetting in the sense that it’s crystallising what has really happened on the ground. A number of Atlantis employees have clearly been furloughed because of the pandemic and also the reduction in the number of visitors.

“The government has been encouraging Atlantis to bring some finality to the situation of furloughed staff, and to make a determination as to whether it will bring those persons back or not.”

Mr D’Aguilar effectively described the terminations as a double-edged sword, or bittersweet development, in that they will grant furloughed Atlantis workers - who over the past 15 months have been demanding severance packages as a means to ease their financial hardship and enable them to move on their wish.

However, for some this could result in just short-term gain due to the difficulties associated with finding alternative jobs in the COVID-depressed econ-

omy. “The staff have been crying for some finality,” Mr D’Aguilar added. “A number have been wanting to get the severance monies owed to them and move on to the next stage in their lives.

“When I was campaigning in Freetown, an Atlantis manager made the point to me that he hated this furloughed status, did not want to go back, and wanted to be terminated and severed to move on to the next stage in his life. I’m glad for him that the matter has been resolved. There was a feeling that Atlantis was cherry picking who it severed and who it furloughed.”

Mr D’Aguilar said the government had been “mindful” and “sensitive” to Atlantis’ cash flow issues, due to the devastating impact COVID-19 lockdowns, border closures and the associated reduction in visitors have had on its finances, and the difficulties this has created for financing severance payments.

“Every tourism concern trying to operate in this pandemic has been losing oodles of money,” he added, pointing out that Atlantis was at a disadvantage compared to the likes of its younger mega resort rival, Baha Mar, in that it had a much older workforce that required greater severance payments.

“I’m saddened so many people had to be terminated, but most of the people who have been furloughed have received their funding and can move on to the next stage in the lives.”

Mr Woods, meanwhile, said Atlantis’ move further highlights “the devastating, even debilitating, blow”

that the pandemic has dealt the Bahamian tourism and resort industry.

He added that the resort’s move came as no surprise as it was “only a matter of time” before “went down the same road” as other properties in right-sizing its workforce.

“We were saying this was only a matter of time,” he told Tribune Business. “All the other hotels have done this, and it would have been a surprise had Atlantis not gone down this road because of its size.

“In the back of our minds we were thinking 2008, when 800 were released, and thought it would be worse than that.

The blow was not as bad as we thought it would be if you match it to that, even though it’s bad. It is a big blow, but once you put it into context.......

Mr Woods added that the hotel union was likely to have lost at least 1,000 members, as a conservative estimate, due to COVIDrelated terminations at multiple resorts, with three properties where it was represented - the Melia Nassau Beach, the Lyford Cay Club, and San Salvador’s Club Med - having all closed for a significant period of time due to the pandemic.

Mr Woods suggested that as many as 10,000 resort industry workers, including both union and non-union, had been impacted by terminations and furloughs as a result of the pandemic.

“The hospitality industry as a whole has suffered a devastating blow, even debilitating I’d call it, to some degree,” he added.

THE TRIBUNE

Wednesday, May 19, 2021, PAGE 7

COVID’s ‘timing concerns’ for $24.5m cruise port IPO FROM PAGE ONE investing a minimum of $1,000,” he said.

“For them, that’s like a mature investor spending $50,000. Their $1,000 is very precious.

Unfortunately, COVID-19 hit the labour force so hard that it will be a challenge for some people who want to invest to participate because of cash flow issues as a result of a reduction in hours or being out of work.

“That’s why we’re looking at the 2021 third quarter because we see tourism taking a bit of time to get back on its feet, and the summer is traditionally a slower period for tourism.

We see it picking back up after September, so we’re hoping that our plans for the Bahamas Investment Fund align with more employment.

Investors will acquire shares in the Bahamas Investment Fund, which

will be structured as a mutual fund holding a collective 49 percent stake in the Prince George Wharf transformation project on their behalf. The other shareholders will be managing/operating partner, Global Ports Holding, with a similar 49 percent holding, and the Yes Foundation that will use its two percent equity to finance support of good causes.

Mr Maura said the project’s “total equity component” was worth $50m, which places the value of the Bahamas Investment Fund’s IPO at around $24.5m. And that will be far from the only capital raising executed in the 2021 second half, as Nassau Cruise Port’s chief executive confirmed that the development will seek around $100m in a separate bond financing from institutional investors.

“That will be in the third quarter as well,” he explained. “Our project,

when it all comes in and we consider financing costs and everything that goes into it, will be above $250m so we expect the next level of bond raising to be close to $100m.”

Together with last year’s $150m bond issue, this would take Nassau Cruise Port’s financing to close to $300m once the equity financing and upcoming debt are factored into the mix. Mr Maura said around $80m has been invested in Prince George Wharf’s revamp to-date, with construction work still on target for completion by summer 2022.

“We’re actually going to be ahead of target on the marine construction. The marine works will be done this year,” Mr Maura said.

“The upland works start in July and will be substantially complete by summer 2022.”

The “upland works” involve construction of the

amphitheatre that will act as an entertainment centre, together with the planned Junkanoo museum and assorted retail, restaurant and other amenities that are designed to convert Nassau’s port into a destination that acts as a catalyst for Bay Street’s and downtown’s revival and boosts per capita cruise passenger spend.

The existing Port Department building will start to be demolished in two weeks’ time, with Customs and Immigration relocated to temporary facilities onsite. The Port Department, meanwhile, will transfer to temporary accommodation at the East Bay Shopping Centre that lies between the two Paradise Island bridges opposite the Potter’s Cay entrance.

Tribune Business witnessed pilings being driven into the seabed for the berth expansion that will accommodate two Oasis-class

cruise ships, the largest model set to resume cruising post-COVID, as well as work being performed on a dock that will serve as a pick-up destination for tour boats taking passengers to attractions such as Blue Lagoon and Pearl Island.

Mr Maura explained that, once construction is completed, Nassau Cruise Port will go from being able to simultaneously accommodate five cruise ships including one Oasis class vessel to six ships inclusive of three Oasis-class vessels.

“From a passenger count perspective we’re going from about 21,000 in a given day if all berths are taken to over 33,000 passengers in a single day if all berths are filled,” Mr Maura said, pointing to a 57 percent increase in visitor footfall.

Besides the 6,500 passengers potentially brought to Nassau on each Oasis class ship, Mr Maura said

these vessels also require 2,000-strong crews. Given that one-third typically are given shore leave at a portof-call, he added that over 3,000 crew will also be on Nassau’s streets on any given day when the port is full.

Mr Maura said the Bahamian labour component in the port’s construction workforce will increase from 60 percent to 80 percent when the “upland works” begin in July. “The sheet pile driving and a lot of the marine works did require some foreign engineering expertise,” he explained.

“We’re about 60 percent Bahamian and 40 percent foreign on this phase.

When we move to the upland phase the share of Bahamian labour will be in excess of 80 percent.” Some 250 construction workers are currently employed at Nassau Cruise Port.

Three-fold greater returns: Home port ‘makes sense’

FROM PAGE ONE

“From an opportunity perspective, this is the first time the country has seen home porting start,” Mr Maura said. “The question remains: How long will this last? The good news is that this is starting, and it gives us Bahamians and port operators an opportunity to show what we’re capable of. We don’t know what tomorrow brings.......”

Dionisio D’Aguilar, minister of tourism and aviation, said the cruise industry - which delivered

5.4m visitors to The Bahamas in 2019 prior to the pandemic - was a key part of the government’s plans to “ramp up” the tourism sector again.

“We know home porting passengers spend three to four times’ more than those who come just for the day,” he added. “The economic impact of home porting is substantial.”

The minister’s comments came just after an Inter-American Development Bank (IDB) report revealed that The Bahamas now needs to attract 28 cruise visitors to match

the spending of one landbased or stopover visitor.

The multilateral lender, in its first regional “quarterly bulletin” of 2021, highlighted that The Bahamas’ increased dependence preCOVID-19 for cruise visitors to drive the majority of arrivals growth was not being matched by a spending increase of similar proportions.

However, it suggested that the imminent start of home porting in The Bahamas by Royal Caribbean and Crystal Cruises, with potentially Mediterranean

Shipping Company (MSC) to follow, could help boost cruise passenger spending yields.

“Cruise visitors continued to represent three-fourths of arrivals to the country,” the IDB said of the pre-pandemic tourism environment.

“However, based on data on the average expenditure per tourist, it now takes 28 cruise visitors to equal the spending of one stopover visitor.

“Home porting of cruise lines could help significantly in increasing the amount that cruise

visitors spend in the country, as many would spend (at least) a night in a hotel before embarking and upon disembarking.

This could boost spending on hospitality, food services, and other items per cruise ship passenger, and it could also increase the overall flow of cruise ship passengers.”

The cruise industry will have been absent from The Bahamas for almost 15 months by the time Royal Caribbean’s Adventure of the Seas begins sailing from Nassau on June 12.

NOTICE KEARNEY TRADING LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

KEARNEY TRADING LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 17th May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley & CharlotteStreets,Nassau, Bahamas.

Dated this 19th day of May, A. D. 2021 _________________________________ CST Administration (Bahamas) Limited Liquidator LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

MAGICO ASSETS LTD.

MULA INTERNATIONAL LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a)

MAGICO ASSETS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

MULA INTERNATIONAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 17th May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 17th May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 19th day of May, A. D. 2021

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas Dated this 19th day of May, A. D. 2021

_________________________________

_________________________________

Bukit Merah Limited

Bukit Merah Limited

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

STARSAND LIMITED

BAMBOO INVESTMENTS LIMITED

Liquidator

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

MELLANYGREEN CORP. LTD

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: A)

MELLANYGREEN CORP LTD., is in dissolution under the provisions of the International Business Companies Act, 2000

B)

The dissolution of the said Company commenced on 14th May, 2021

C)

The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865 Nassau, Bahamas.

N O T I C E IS HEREBY GIVEN as follows:

Liquidator

N O T I C E IS HEREBY GIVEN as follows:

(a)

STARSAND LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

BAMBOO INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 17th May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 17th May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 19th day of May, A. D. 2021

Dated this 19th day of May, A. D. 2021

_________________________________

_________________________________

Leeward Nominees Limited Liquidator

Leeward Nominees Limited Liquidator

PAGE 8, Wednesday, May 19, 2021

Outgoing BPC chief hits ‘spurious’ legal analysis of licence FROM PAGE ONE “Based on these available authorities, we conclude that the Government of The Bahamas has broad discretion under the law to deny BPC’s request for renewal of its licenses and that BPC has no right of renewal,” he wrote.

“In addition, such denial is not only within the lawful authority of The Bahamas, but it is also consistent with the Government of The Bahamas’ public opposition to offshore drilling activities as well as its nationally determined commitments under the Paris Agreement.”

Mr Mashuda argued that while BPC’s first licence renewal in 2012 was nondiscretionary, provided that it met certain conditions, later

THE TRIBUNE

renewals are entirely at the government’s choice based on paragraph 43 of the oil explorer’s 2007 licence agreement.

That paragraph provides for two further renewals for periods of no more than three years, with the area covered by the licences to reduce by 50 percent each time. BPC is now seeking the first of these two renewals.

“This discretion is reiterated through the Petroleum Act,” Mr Mashuda said, “where ‘[t]he term for which a licence may be further renewed by the minister, shall not exceed a period of three years’.

“The Petroleum Regulations further reaffirm this discretion, using language similar to the 2007 licence agreement, when referring to a request for a second renewal: ‘and thereafter may, in his discretion, renew for two successive periods each not exceeding three years

NOTICE NOTICE is hereby given that WINDA JULES, of Spikenard Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

as to fifty per centum of the licensed area’.

“Neither the licence itself, nor the subsequently enacted provisions of the Petroleum Act and its regulations, place any limitations on the minister’s discretion to deny a subsequent renewal.

Additionally, we evaluated the Minister’s discretion to consider either a general extension or an extension due to force majeure. In both cases, we similarly concluded that the minister retains the discretion to deny both requests.”

The Earthjustice conclusions, if accurate, potentially place more pressure on the prime minister and his Cabinet to live up to their publicly stated opposition to oil drilling in Bahamian waters by rejecting BPC’s licence renewal request. Dr Minnis and his Cabinet have repeatedly said they were bound by a legally watertight agreement to let BPC drill its Perseverance One exploratory well.

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, and one of the

principals behind the Our Islands, Our Future coalition that has led opposition and the legal challenge to BPC’s exploratory drilling, yesterday defended Earthjustice as “a highly respected non-profit environmental law organisation” “The potential for future oil drilling in The Bahamas is an issue that has regional and global ramifications, as well as posing a huge potential risk to The Bahamas,” she responded. “Earthjustice’s analysis comes at a critical time and it will hopefully be helpful in the discussions that the attorney general (Carl Bethel) says are currently underway regarding the licence renewal requests.

“There are numerous reasons why The Bahamas should choose to step away from embarking on a new industry of oil drilling, and Earthjustice’s analysis seems to indicate that the government has the full legal authority to deny BPC’s request for a licence renewal.

Putting an end to the threat of oil drilling in our waters will help safeguard our environment and economy for generations to come.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JANICE MICHELLE SAUNDERS, of Lyon Road, P.O. Box SS-5077, New Providence, The Bahamas, intend to change my name to JANIECE MICHELE SAUNDERS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE

NOTICE is hereby given that ALIYAH MEZIDOR, of #74 Peter Street, P.O. Box N-10330 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 12th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The

NOTICE is hereby given that NOEL JULIEN, of Landy Street off Palm Beach Street, 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 12th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 18 MAY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1949.00

0.09

%CHANGE

YTD

YTD%

0.00 -143.46

-6.86

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.20 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 9.01 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 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.90 5.94 9.75 2.31 6.80 11.38 9.01 14.00 3.99 8.19 15.50

CLOSE 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.90 5.94 9.75 2.34 6.80 11.46 9.01 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 BSBGR1252380 BSBGR1271398 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.86

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.86

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.66

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 FX BGR125238 BGRS FX BGR127139 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 0.03 0.00 0.08 0.00 0.00 0.00 0.00 0.00

VOLUME 100

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 21.8 34.5 N/M N/M N/M N/M 18.9 -8.1 30.7 15.8 13.2 13.5 22.9 14.6 17.7 12.4 17.2 19.7 8.7 24.6

YIELD 3.27% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.14% 3.70% 7.38% 18.55% 0.88% 2.86% 2.66% 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% 5.00% 5.00% 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 15-Oct-2038 15-Jan-2039 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

Bahamas First sees Q1 losses increase 50% FROM PAGE ONE

quarter 2021, a decrease of 13.6 percent when compared to $7.2m in the first quarter of 2020,” he added.

“Similarly, we have reported a comprehensive loss attributable to owners of the group for the three months ended March 31, 2021 of $1.3m, compared to a loss $0.9m for the same period in 2020.”

Bahamas First suffered a $421,994 loss on its Cayman health portfolio in the 2021 first quarter compared to a $3.719m profit in the same period in 2020, and Mr Ward added: “The main factors impacting the health account are related to the increased frequency and severity of claims, brought on by the pentup demand for services which was unleashed as restrictions on access were removed.

“The issues that led to the underperformance of the health account in Cayman are multi-faceted, but in each case a credible response can be mounted to either contain, mitigate or eliminate the negatives associated with each point.

The early signs for the period post-quarter are already encouraging.”

As to Bahamas First’s investment holdings, the group chief executive said: “Cayman’s investment portfolio registered an unrealised loss of $0.1m which, when combined with the unrealised loss of $1.9m in our Commonwealth Bank equity investment,

has resulted in an overall disappointing investment result for the quarter.

“Comparatively, there was a loss reported on the same equity investment of $1.4m in the 2020 first quarter. Expenses decreased significantly by 10.4 percent in the 2021 first quarter compared to the first quarter of 2020. Our reported expenses are down across the organisation, with the most material savings relating to bank charges and bad debt expense.”

Looking ahead, Mr Ward said the Cayman Islands were forecast to “outpace” what he described as “the marginal growth” the Bahamian economy is likely to experience in 2021. “The 2021 Atlantic hurricane season is currently projected to have an above-average level of activity – somewhere in the range of 25 percent to 30 percent more than the long run average,” he added.

“The group is preparing to launch a series of digital offerings in the coming months that we are confident will simplify the process of purchasing our products and provide our customers more flexible, diverse options for interacting with us.

“The new NUA Insurance Agents and Brokers branch in Abaco is now fully operational and we have recently launched our new and improved Carmichael Road branch, with more space and easier parking. These investments highlight our commitment to improve the quality of service to our customers.”

Mr Ward said Bahamas First’s share price was $2.90 at the 2021 first quarter close, a figure that was almost double its $1.47 “book value”.

NOTICE NOTICE is hereby given that MONALISA MARC, of Golden Gates, Sisal Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th 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 RONALD PIERRE of Morris Street, Adelaide Village, New Providence, 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 12th day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that LATARA PIERRE, of John Street off Market Street and Blue Hill Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of March 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 RONEL JOSEPH, of North Victoria Hill, San Salvador, 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 19th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 10, Wednesday, May 19, 2021

THE TRIBUNE

BILL GATES’ LEADERSHIP ROLES STAY INTACT DESPITE ALLEGATIONS

SEATTLE Associated Press

DESPITE damaging allegations suggesting Bill Gates, pictured, pursued women who worked for him, don’t expect changes to his roles at the two iconic institutions he co-founded, Microsoft and his namesake philanthropic foundation.

Critics say the revelations raise accountability concerns, though it remains unclear how much the dent to Gates’ reputation might affect the institutions that are so closely associated with him.

The Bill and Melinda

Gates Foundation says it is not investigating the allegations in the media, as the reported incident involving one of the world’s largest, most influential nonprofits was made by “an anonymous former employee”.

“The foundation has never received any formal complaints regarding Bill Gates,” the spokesperson noted in a statement to AP. “When we do receive an allegation of misconduct, we take it very seriously, conduct an investigation, and take deliberate actions appropriate to the situation.”

The New York Times and Wall Street Journal over the weekend detailed Gates’

in late 2019 to conduct an investigation after a Microsoft engineer alleged in a letter that she had a sexual relationship with Gates over several years.

Gates’ private office spokesperson called it “an affair almost 20 years ago which ended amicably.”

Microsoft spokesperson Frank X Shaw this week declined to answer further questions about what the board concluded and why the investigation wasn’t previously disclosed. The company in March 2020 announced Gates was leaving the board to “dedicate more time to his philanthropic priorities” but would continue to serve as a technology adviser to CEO Satya Nadella and other Microsoft leaders.

Gates’ spokesperson said

reported behaviour toward women, ranging from a fullblown affair at Microsoft to dismissiveness toward his now-estranged wife and foundation co-chair, Melinda French Gates, as well as asking out women who felt uncomfortable with his advances at both institutions.

Microsoft Corp said the company hired a law firm

the investigation did not force him off the board and that he had for years planned to spend more time on his philanthropy.

The spokesperson referred to a statement issued to the New York Times: “It is extremely disappointing that there have been so many untruths published about the cause, the circumstances and the timeline of Bill Gates’ divorce.”

On May 3, the Gateses announced in identical tweets that they had decided to end their marriage of 27 years.

The allegations against Bill Gates are a red flag for some of Microsoft’s shareholders, said Natasha Lamb, managing partner of Arjuna Capital, an investment firm that has pushed the company to address pay disparity

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 82° F/28° C Low: 68° F/20° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Mostly cloudy; windy with a shower

Staying windy with a shower

Windy; a shower during the morning

Times of clouds and sun; breezy

Partly sunny and breezy

Times of clouds and sun

High: 85°

Low: 74°

High: 84° Low: 73°

High: 84° Low: 73°

High: 84° Low: 72°

High: 85° Low: 71°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

72° F

85°-70° F

84°-70° F

86°-71° F

88°-71° F

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

N

almanac

E

ABACO

S

N

High: 80° F/27° C Low: 74° F/23° C

15-25 knots

S

High: 84° F/29° C Low: 76° F/24° C

15-25 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 76° F/24° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

THURSDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 89° F/32° C Low: 70° F/21° C

High: 83° F/28° C Low: 71° F/22° C

MIAMI

High: 84° F/29° C Low: 75° F/24° C

12-25 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 72° F/22° C Normal high ....................................... 84° F/29° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 3.36” Normal year to date ..................................... 7.50”

ELEUTHERA

NASSAU

High: 85° F/29° C Low: 74° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 82° F/28° C Low: 75° F/24° C

N

KEY WEST

High: 84° F/29° C Low: 77° F/25° C

tiDes For nassau High

E

W

12-25 knots

S

20-30 knots

Low

Ht.(ft.)

1:40 a.m.

2:15 p.m.

2.6 2.1

8:17 a.m.

8:18 p.m.

0.4 0.5

Thursday

2:37 a.m.

3:16 p.m.

2.6 2.3

9:10 a.m.

9:24 p.m.

0.3 0.4

Friday

3:35 a.m.

4:16 p.m.

2.6 2.6

10:03 a.m. 0.1 10:29 p.m. 0.3

Saturday

4:33 a.m.

5:12 p.m.

2.7 2.9

10:56 a.m. -0.1 11:31 p.m. 0.0

Sunday

5:30 a.m.

6:07 p.m.

2.7 3.2

11:47 a.m. -0.4 ---------

Monday

6:25 a.m.

7:00 p.m.

2.7 3.4

12:30 a.m. -0.2 12:37 p.m. -0.7

Tuesday

7:18 a.m.

7:52 p.m.

2.8 3.6

1:26 a.m. -0.5 1:28 p.m. -0.9

sun anD moon Sunrise Sunset

6:24 a.m.

7:49 p.m.

Moonrise Moonset

12:54 p.m.

1:41 a.m.

First

Full

Last

New

May 19

May 26

Jun. 2

Jun. 10

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 76° F/24° C

High: 81° F/27° C Low: 78° F/26° C

N

High: 83° F/28° C Low: 76° F/24° C

E

W S

LONG ISLAND

tracking map H

Ht.(ft.)

Today

High: 82° F/28° C Low: 75° F/24° C

N

S

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

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

CAT ISLAND

E

W

concerns. She said the company allowing him to resign was cowardly of both Gates and the board and that the revelations are “a real setback for Microsoft in their ability to attract and retain diverse talent”.

“The case of Bill Gates is a classic example of money and power. Clearly, hitting on his employees was his move. That’s how he met his wife. It’s clear that kind of behavior continued,” Lamb said. “This leaves an open question as to how the board and leadership is addressing sexual harassment within the company. There was some change following MeToo in how the company was dealing with these issues internally. But clearly, you had this signal of bad behavior from the top, which sets the culture.”

High: 81° F/27° C Low: 77° F/25° C

20-30 knots

MAYAGUANA High: 81° F/27° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 81° F/27° C Low: 78° F/26° C

High: 81° F/27° C Low: 77° F/25° C

GREAT INAGUA High: 81° F/27° C Low: 77° F/25° C

N

E

W

E

W

N

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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS E at 15-25 Knots E at 15-25 Knots NE at 12-25 Knots E at 20-30 Knots ENE at 20-30 Knots ENE at 20-30 Knots E at 8-16 Knots E at 15-25 Knots ENE at 20-30 Knots ENE at 20-30 Knots E at 20-30 Knots E at 15-25 Knots NE at 20-30 Knots ENE at 20-30 Knots NE at 8-16 Knots ENE at 10-20 Knots ENE at 12-25 Knots ENE at 15-25 Knots ENE at 12-25 Knots ENE at 20-30 Knots ENE at 20-30 Knots E at 20-30 Knots E at 8-16 Knots E at 12-25 Knots NE at 20-30 Knots E at 20-30 Knots

WAVES 4-8 Feet 5-9 Feet 2-4 Feet 2-4 Feet 5-9 Feet 5-9 Feet 4-8 Feet 5-9 Feet 5-9 Feet 5-9 Feet 3-5 Feet 3-5 Feet 2-4 Feet 3-5 Feet 3-5 Feet 3-6 Feet 5-9 Feet 5-9 Feet 5-9 Feet 6-10 Feet 3-5 Feet 3-5 Feet 2-4 Feet 3-6 Feet 6-10 Feet 6-10 Feet

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

WATER TEMPS. 81° F 80° F 81° F 79° F 82° F 81° F 83° F 82° F 80° F 80° F 81° F 79° F 81° F 80° F 83° F 82° F 81° F 81° F 82° F 82° F 81° F 80° F 82° F 82° F 80° F 80° F