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THURSDAY, MAY 21, 2020

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FOCOL scouting for capital raise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

ISX-listed FOCOL Holdings is on a capital markets “reconnaissance” mission to determine its best financeraising options as it “very aggressively” seeks to position itself for growth post-COVID-19.

Sir Franklyn Wilson, the company’s chairman, told Tribune Business it was in the early stages of a scouting mission to gauge investor appetite, and the amount and type of capital it could raise, as it moves to “fulfill that vision” of being

And he disclosed that an equity raise, which would give existing or new investors an opportunity to own part of FOCOL Holdings, was among the options being considered. Sir Franklyn argued that this, rather than the debt financing issues that Bahamian companies typically use, was the only true way to forge “a real partnership” and give Bahamians greater ownership of their own economy.

“FOCOL has been

SIR FRANKLYN WILSON

reporting some very positive results, and our results to the end of April, which will be coming out soon, speak for themselves,” he told this newspaper. “We are very optimistic about the future of the country despite this temporary [COVID-19] setback we’re dealing with, and we’re being very aggressive in trying to ensure the company is properly positioned to assist in the future

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Retailers: ‘Curb side can’t cover AC costs’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEVERAL Bahamian retailers were yesterday said to be on the verge of bankruptcy due to the COVID-19 lockdown, with some saying: “Curb side sales can’t even cover the cost of turning the AC on.”

Tara Morley, the Bahamas Federation of Retailers (BFR) co-president, told Tribune Business yesterday that members were increasingly calling her and warning their businesses will be unable to survive as they enter their tenth week of being closed.

“Some of them are large clothing retailers in the nation, and it is more than just one,” she said. “There are about six that I personally know of. Obviously they are not wanting to have that information disclosed.”

• Sector warns many on verge of bankruptcy • Others consolidating store footprint • Proprietors and staff ‘calling in tears’ She spoke out after the Federation, in a hard-hitting statement, warned that many retailers “already on the edge” prior to COVID19 were likely not to re-open in a move that will worsen unemployment levels projected by the prime minister to be at 30 percent and rising.

While expressing gratitude to Dr Hubert Minnis for allowing businesses to offer curb-side and home delivery services, the Federation warned that this was simply insufficient for many retailers to survive. It questioned why the government had failed to “meaningfully engage” over its proposal to

Retailers blast NIB benefit non-payment

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Federation of Retailers (BFR) co-president yesterday charged that the National Insurance Board (NIB) is not paying unemployment benefits to all approved applications.

Tara Morley told Tribune Business: “Almost none of us have received for our employees NIB payments, so our employees are begging to come back to work but we are not being allowed to open our doors. It is their money they have been contributing to NIB for years and they are not getting paid.”

She added that some Federation members have informed her most employees filed for the NIB unemployment benefit from March 20, when the COVID-19 pandemic hit. Some had even closed their stores the week before “because certain of our members felt it was their responsibility to society. They closed down even before the government mandated it because all of us want to respect the health of the nation”.

“Where is that $28m worth of NIB payments going?

Because it is not going to the small business owners,” said Ms Morley. “I can tell you that some of the larger businesses of our membership, those are the only ones that I know that their employees have received their benefits.

“I’m not saying nobody has received the benefits, but it tends to be the larger companies. So where I have smaller members that maybe only employ five persons, and even with the members where they have ten different boutiques, I can tell you that out of our ten companies we have 45 employees. Only two out of the 45 have received the benefit, or if we have 21 employees only three out of the 21 have received the benefit.”

Ms Morley added: “So the system is not working.

I understand that they are overwhelmed, but they need to adapt the system to cope with all of the applications they are getting. There is another article in the paper yesterday saying that they have thousands of more employees filing for unemployment benefits, but some of ours from March 20 have not received theirs.

“The story for us is that they keep on saying all of your paperwork is in order, we can confirm that we have everything, and you should be getting paid at the end of the week. You call at the end of the week, the money still didn’t go in. Then they tell us to resend them the documents again and then you get another confirmation, and they say all of your paperwork is in order and you shouldn’t have an issue and your employees should be paid by the end of the week.”

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reduce the jobless lines by allowing customers access to stores on an “appointment basis”, and with social distancing protocols in place.

Warning that the Bahamian economy potentially risked “losing a whole sector” when there had been no increase in COVID-19 cases, the Federation said: “The bulk of customer feedback based on opening curbside was that clients for these categories will wait to shop until they can be serviced in store. This has left retailers in this category with little to no income, while the cost to operationalise curbside has outweighed the benefit of reopening.

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BPL’s Shell power deal: ‘Legal issues to clear up’

• Fuel supplier positioning ‘very aggressively’ • On ‘reconnaissance’ over finance options • Sir Franklyn: Equity option being assessed a major player in The Bahamas’ economic rebuilding after the pandemic.

Responding after this newspaper was informed that FOCOL Holdings was eyeing a $40m raise, Sir Franklyn said he could not confirm that number as no decision had yet been taken to tap the capital markets.

However, he revealed that the petroleum products supplier may seek “more, less or none depending on how aggressive we become”.

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“In some cases, members provided feedback that sales from curb side did not even cover the cost of turning on the AC for the week. Meanwhile, the bulk of employees who work for Federation member businesses have yet to see one dollar of NIB benefits.

“Businesses want to decrease the burden by getting their employees back to work, but government continues to push back.

Meanwhile, customers are expressing frustration with apparel, jewellery and accessories and beauty and fragrance store owners

SEE PAGE 5

DESMOND BANNISTER

CARL BETHEL QC

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

only just been handed the issue. However, he indicated that it was more a matter of tidying up and agreeing certain issues with Shell North America as opposed to any serious differences or legal disputes.

“I have some preliminary meetings later this week,” Mr Bethel added. “It is too early to comment, as we are only now setting up a procedure to bring finality to the matter. [There are] no legal issues per se. Just the need to reach agreement on some points. I only just received a direct outreach.”

The ministers’ comments came after Mr Hector and Shell held a conference call with Bahamian media yesterday that revealed little to no details that were not already known. Mr Hector reaffirmed the global energy giant’s commitment to the project, which includes development of a new multi-fuel power plant and liquefied natural gas (LNG) terminal, pipeline and onshore infrastructure at Clifton Pier, and indicated talks with BPL are ongoing.

He confirmed that the deal is still being structured in a manner that would see BPL finance construction completion of the new power plant, with Shell then purchasing a substantial ownership interest in the facility “at fair market price” from BPL. This raised eyebrows when it was announced earlier this year, given that the original plan had been for

A CABINET minister last night revealed “there are a number of legal issues to be cleared up” before Shell North America’s multi-fuel power plant deal with Bahamas Power & Light (BPL) can proceed.

Desmond Bannister, minister of works, told Tribune Business he had set out the government’s position last week to the same Shell executive who yesterday told Bahamian media via an Internet conference call that the necessary agreements were “weeks, not months” away from being concluded.

The minister, who has responsibility for BPL, declined to comment much further other than to reiterate that “there are a number of issues involved” and these had been discussed with Markus Hector, Shell LNG marketing and trading’s general manager for market development.

“There are a number of legal issues to be cleared up.

I have spoken to Mr Hector last week, and Shell is aware of the government’s position,” Mr Bannister told this newspaper. He referred Tribune Business to Carl Bethel QC, the attorney general, adding that his fellow Cabinet minister is “responsible for all the negotiations in relation to this matter”.

Mr Bethel, responding to this newspaper’s inquiries via What’s App, said it was “too early to comment” as he had

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PAGE 2, Thursday, May 21, 2020

In the second of a three-part series, Hubert Edwards analyses the dilemmas facing policymakers as they seek to get the economy back on track following its lockdown.

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HE Bahamian economy lacks diversification, yet the issue has become a divisive one.

Those who are against the idea tend to make the argument that trying to achieve this is useless. The question is regularly asked: “What will we diversify to?” Their argument then progresses to: We know tourism, this is what we do, and this is where our fortunes lie.

However, it is a weak argument primarily because it assumes a shift away from the core national competency. Anyone who makes or proposes any such wholesale shift posits a flawed position.

Diversification should be approached from a position of strength. The call for diversification should not be seen as an argument to abandon existing industries or ignore national core competencies. The policy positions should

THE TRIBUNE

COVID-19’s big economic rebuild - 2020 and beyond

BY HUBERT EDWARDS be designed to facilitate a broadening of the tourism product across the archipelago. The Bahamas has the unique advantage of presenting different flavours of the tourism offering, based on the different islands and by location. Each island should be exploited to the maximum, and every other element of tourism should be explored - including leveraging historical events and locations to reignite the inner cities as entertainment and historic centres through “real life” enactments of historically significant events.

Working from this position of strength, policy positions would leverage natural linkages across industries.

“Re-enactments” are an example of tourism interacting with

the so-called “orange economy”, which features our culture, heritage and the arts, thereby creating a more diversified tourist product. Using tourism as a key driver, other strategic sectors such as agriculture should become the impetus for driving local activity.

For example, a policy of minimum purchases by hotels and restaurants from the local agriculture sector

should be geared at creating more secure markets.

With greater certainty for output and revenue flows, strategic focus will then be placed on how to build capacity within those sectors. Of course, there will be clearly delineated standards that have to be met by farmers/vendors. To take this further, tourism provides critical mass (5m to 7m tourists each year) that is not present in local internal markets, and should be leveraged to prime businesses for export opportunities. This could be achieved by facilitating entrepreneurs’ ability to move up the value chain in certain sectors, such as packaged products from marine sector, sauces and condiments. Mirroring Jamaican brands such as Grace, Eve and Walkerswood, it is time for a few Bahamian brands to grace the shelves of the world. In a country of limited scope this cannot be achieved by the entrepreneur only.

All relevant organs of government must be primed to make this happen. The creation of expanded export potential immediately diversifies the foreign exchange earning capacity of the country.

Diversification conducted along these lines will be invaluable for The Bahamas. As we have argued before, the two dominant sectors of tourism

and financial services are no longer sufficient to drive the economic fortunes of a country with a growing population and ever-changing demands.

Recent statements by the Prime Minister underline how exposed we are.

According to Dr Hubert Minnis: “Our economy is based on tourism. The world has closed its borders. We have closed our borders... With no tourist coming to our shores now and into the foreseeable future, tough times are here and ahead of us. This is one of the greatest challenges to the world economy in most of our lifetimes. We don’t know how long this would last. But we do know that we will overcome this virus.

My government will have to make major changes to our economy”.

An important aspect of this major change must be to mitigate such vulnerabilities. The Bahamas should leverage tourism to its fullest, exploring all opportunities for diversification within that sector.

However, we must look actively at other industries and opportunities to create new ones, expand existing sectors and further develop others. We think the argument has been made. For anyone still not convinced, the questions to be asked are: “Why are you not convinced?” “Who stands to lose should your thinking become an entrenched national view?” “Where will the country be in the next 20 years if no action is taken today?”

The Country’s Competitiveness An analysis of the draft National Development Plan (NDP) highlights several well-known factors that have historically affected the competitiveness of The Bahamas. At the macroeconomic level, our focus is on monetary and fiscal policies. According to the Plan, for The Bahamas this rests on three main footings: Fiscal sustainability, attracting foreign direct investment (FDI) and maintaining the one:one parity with the US dollar. With these being the main tenets, it should be easy to appreciate some of the challenges faced structurally by the economy. We do not propose that these are easy to address, but considering them has to be central to the rebuild.

What should be the fiscal strategies going forward?

Is it possible to pursue fiscal discipline and secure growth? What role will government borrowing play in future growth? Are there frictions that must be managed, but not eliminated, in order to secure a better balance? From a monetary policy perspective, is the idea that the country has extremely limited monetary scope, due to the fixed exchange rate peg, a sustainable position having regard for the vulnerabilities that the economy’s structure exhibits? Microeconomic competitiveness speaks in part to the quality of the business environment.

This is usually distilled in public discourse by focusing on the ease of doing business or, sometimes, the vexing issues of the private sector. As stated by the plan, the economy is highly vulnerable, undiversified and underperforming.

This is largely due to the quality of the enabling environment as outlined in the draft NDP. High cost of doing business. This inhibits private sector growth and suppresses its development with associated negative impacts on the cost of living.

A complicated business environment that affects both small and large businesses. Complexity imposes costs on doing business, and potentially opens the door to corruption that, in turn, imposes further costs. This create a vicious cycle. The net impact is loss of productivity and competitiveness (a factor highlighted in the document). The COVID-19 recovery process, therefore, demands reforms which address these issues.

The NDP exposes an economy that is dependent on one sector and one market. This, today, is as clear as crystal. The Bahamas has an economy highly dependent on tourism, and all the tourists went away. Eighty percent of this nation’s tourists

from the US, a country that is struggling to respond to COVID-19. The worldwide impact of the virus means no mass tourism source, at least for the moment. Even with an opening of the economy there is no substantial alternative source of export revenue from any other sector. Another element that is important, and has certainly taken on greater clarity and prominence, is the level of immature value chains across most sectors. In the marine sector, for example, The Bahamas still essentially operates the harvesting stage of the value chain with little value-added. The impact on the economy is not fully exploited. It is essentially an agrarian era operation with important industrial additions. The inability to move up the value chain results in lost potential and, ultimately, an industry that will remain under-developed and lacking in critical mass to notably cause a shift in GPD growth. This holds true for other sectors as well. How this gets fixed demands strategic focus and making the tough calls.

How policymakers choose to address these obstacles has much importance to the future quality of the economy as US tourists returning. That these weaknesses must be addressed is not up for debate.

We take it as a given that no one expects the “recovery” to be a linear walk back to what was. Consequently, failure to make or take the hard decisions now, which will help to nurture broad-based growth in multiple sectors, will be detrimental to the recovery and rebuild. The Prime Minister made arguments along this point. He said: “I recently established the Economic Recovery Committee with an expressed mandate to be bold in their thinking and innovative in their approaches...I wish to assure you that my Government understands fully the gravity of the situation that we face as a country.”

Other Factors Apart from the health element, this economic crisis has a lot of similarities to a decade ago.

There was a deep economic fall-out, the country was downgraded, the US was struggling and the implications for the financial sector were very similar. One of the main differences is that the tourism sector was then still performing, albeit at a constrained level. There are a number of other important factors, which were observed then and still very relevant now with added significance. Here we address two broad areas, internal markets, and economic and tax bases.

Internal Markets The country has a very small internal or domestic market. With a population of 400,000, spread across an archipelagic nation, there is a lack of critical mass to drive the demand needed for robust domestic commerce. This situation means that markets will remain underdeveloped, and economies in the Family Islands have very little chance of significant development. We are of the view that larger internal markets are needed to drive commerce and better prime the country for export capacity. This is an area in which broader public policy can have an important effect.

A properly-crafted and implemented Immigration policy can serve to achieve both economic diversification and expand internal markets. It will jump-start economic clusters in targeted islands and, by virtue of additional bodies and demand, drive commerce.

Taking a dispassionate approach to this is critical for successful outcomes. The draft NDP refers to this as an “unsettled Immigration policy”. Our position is that this is an under-exploited asset. As the architects chart the rebuild, one question that must remain at the forefront of their minds is what do we have now which we are either not exploiting or under-exploiting, and have the potential to unlock value for the economy?

Economic and Tax Base A country’s economic base and economies of scale are indicative of its potential. With a narrow base and the inability to scale up, productive endeavours

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THE TRIBUNE

Thursday, May 21, 2020, PAGE 3

ELIMINATING IMMIGRATION CORRUPTION IS ‘KEY FOCUS’

COVID-19’s big economic rebuild - 2020 and beyond

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FROM PAGE TWO plateau, or at least grow at such a low rate that the overall productivity of the economy is likely to be flat over a long period. Careful observation of the Bahamian economy today suggests this is what is being experienced. As stated before, the long-term average annual growth in GDP over more than a decade is less than two percent.

And that is being generous. The country has a very limited tax base. This is an issue where there is a tension between the domestic and international side of the economy. Based on what is currently present on the domestic side, there is insufficient activity to buoy government revenue without large increases in tax rates. There is an argument, therefore, for the inclusion of more entities on the international side in the tax net in a more significant way. This does have has its own set of negative implications, as most of these entities domiciled here largely due to the lighter tax burden.

Consideration has to be given to tax reform, and the type of reforms which may be appropriate for attempting to widen the tax base.

With the recent pronouncement by the European Union (EU), this becomes an interesting proposition for policymakers to grapple with. Again, we propose, especially as it relates to the financial services sector, that the question should be asked: “What aspect of our current arrangement is having an adverse effect on its expansion?” For example, how has the arrangement with the legal profession affected the growth of certain segments of the offshore economy? Are there reforms that could reignite interest in captive insurance? How can, for example, the University of The Bahamas play a fundamental role in developing The Bahamas as a centre of excellence in financial services through the creation of a school of banking targeted at the regions and international students.

These are not definite positions but, in our opinion, the mindset needed to create a fundamental broad based rebuild (recovery) of the economy.

To be continued tomorrow.....

ELIMINATING corruption at the Immigration Department is a “primary focus” for the government, a Cabinet minister said yesterday, adding that he “cannot stress how vital” this objective is.

Elsworth Johnson, pictured, minister of financial services, trade and industry and immigration, told an internet-based conference that the government is hoping to significantly reduce graft by eliminating cash payments for work, residency and other permit types.

Addressing more than 350 Bahamian financial services industry executives, Mr Johnson said efforts to digitise the Immigration Department through implementation of an information technology (IT) management system were not only aimed at making the permit application process more efficient.

Acknowledging that this project has been in development since 2016, the minister said the government was some four years later now working to “accelerate” the process so that all permit applications, border entries, arrests and

AG: ‘WE CAN’T EVER LET OUR GUARD DOWN AGAIN’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE attorney general yesterday warned the financial services industry that The Bahamas “cannot afford to let our guard down again” on complying with international anti-financial crime standards.

Carl Bethel QC, addressing an Internet-based conference attended by more than 350 local financial services executives, said The Bahamas’ present difficulties could be traced back to its failure “to keep up to date” with the Financial Action Task Force’s (FATF) ever-evolving 40 recommendations for combating money laundering and terrorism financing.

This failure, he explained, resulted in the unfavourable 2015 evaluation by this nation’s Caribbean Financial Action Task Force (CFATF) peers. This, in turn, triggered

detentions are recorded and stored electronically.

To give the project “the focus it deserves”, Mr Johnson said the government has appointed a steering committee featuring private sector executives with project management and IT backgrounds, and who are “regular customers” of the Immigration Department.

“Our goal is not just to streamline Immigration processes through digitisation, but to also eliminate corruption by making the system cashless through online payments,” Mr Johnson said. “I cannot stress how vital tackling corruption in the Department of Immigration is to our agenda.

“It is a primary focus for us here at the Ministry, and I am happy to report that we have create a new position to specifically accept and investigate complaints, and The Bahamas’ inclusion in the FATF’s enhanced surveillance of jurisdictions deemed to have weaknesses in their anti-financial crime defences with effect from October 2018.

And, aided by the COVID-19 enforced delay to the FATF’s “site visit” to determine whether The Bahamas has successfully implemented all its legislative and regulatory overhauls, the European Commission has now placed this nation on its own “high risk” countries’ blacklist although this will not take effect until October this year.

Mr Bethel said The Bahamas cannot continue to lag behind global standards and attempt “always just to be a little less bad than the others” as he urged it to break with past approaches. Arguing that the former Christie administration was “slow to act” in addressing the country’s anti-financial crime weaknesses, he added: “The challenges we faced in 2017 were almost unbeatable......

“What is the lesson in all of this for us as a jurisdiction? Simply that we cannot afford to let our guard down again. If we wish to remain relevant and effective, we must strive every day to stay

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position:

Motorpool Chauffeur Duties: The incumbent operates safely and efficiently an unarmored U.S. Government-owned or leased motor vehicle to transport passengers and/or cargo. Works as messenger as directed. The incumbent will have to work 5 days rotating both day and night shifts to provide 24 hours coverage, which will include working on weekends and holidays.

Interested candidates are required to possess the following skills and qualifications: • Education: Completion of high school education is required.

• Experience: At least three years of professional driving experience is required.

• Language: English level II (Limited knowledge) Reading/Writing/ Speaking is required.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, May 29, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

to root out corruption. This is not just conceptual. The Cabinet has discussed the need for such an officer, and we are moving forward in the hiring process.”

The Bahamian financial services industry frequently has to deal with the Immigration Department for both work permit applications involving expatriate workers, and the various residency options sought by their high net worth clients.

Any improvements to the speed and efficiency of processing such applications, combined with a reduction in corruption, would serve to boost both The Bahamas’ competitiveness and attraction as a jurisdiction.

Mr Johnson, meanwhile, also promised the Bahamian financial services sector that “substantive progress” is being made on the development of long-awaited Tax Residency Certificates and their accompanying legislation.

Acknowledging the importance of the initiative, given the global focus on establishing a taxpayer’s residency in determining their tax liabilities, the minister said the Law Reform Commission in the Attorney General’s Office is heavily involved in drafting the necessary legislation.

“The concept of ‘residency’, and specifically ‘tax residency’, in The Bahamas has to be carefully defined, especially if The Bahamas is to remain progressive and ahead of the changing global dynamics in international financial services,” Mr Johnson added.

“The Tax Residency Certificate (TRC) will be issued with a unique NIB TRC number. To be eligible for a tax residency certificate, the resident must pay the relevant fees and make an annual payment towards National Insurance at the rate and maximum wage ceiling for that particular year or be subject to another applicable tax.”

The tax residency certificate initiative was developed under Mr Johnson’s ministerial predecessor, Brent Symonette, as a means for expatriate residents and investors to prove they are domiciled here and complying with both local tax laws and those of their home country.

The initial proposal, as reported by Tribune Business earlier this year, mandated that to qualify for a TRC, which would give successful applicants the right to reside in The Bahamas for up to three years, persons must stay in this

nation for a minimum 90 days per year and not spend more than 183 days in any other country annually. A “substantial presence test” will be conducted if there are suspicions that persons are abusing this criteria.

Each certificate was to have its own Taxpayer Identification Number (TIN) in a bid to address concerns expressed by the likes of the OECD, which claims The Bahamas’ permanent residency product is in danger of being abused by tax evaders. It will confirm that the holder is a permanent resident of The Bahamas, and not liable to pay tax in their home countries.

Mr Johnson, meanwhile, yesterday said other legislative initiatives in the pipeline for the financial services industry include removing the requirement for using seals; clarifying the rule against perpetuity; and who can benefit from using foundations.

And, noting that there will be “necessary cuts to the national Budget”, the minister said The Bahamas needed to “transform our promotion strategy” for financial services via greater use of social media, the internet and other digital/electronic means.

abreast of evolving standards and expectations. It is an easy thing to slip, take the easy road and end up being listed. Experience shows that it is easy to be listed, but a far more difficult thing to repair the damage.”

Mr Bethel continued: “We must all develop a firm resolve to work assiduously, and in a mutually supportive manner. Firstly, to keep abreast of all initiatives and developments as they arise, and secondly, to seek to prepare ourselves to meet all impending challenges, even before they are made, and certainly before the world decides to impose the same.

“For far too long we have adopted a passive approach, trying to lag behind socalled ‘competitors’, and each time have felt the brunt of international disdain and criticism. We cannot

continue doing the same things the same way and expect any different results than those experienced in the past......

“We should no longer settle merely for that standard of trying always just to be a little less bad than others. That is no longer an acceptable state of existence.

Well, enough is no longer good enough.”

Mr Bethel argued that The Bahamas has managed to “right the ship” by enacting new laws, and strengthening its regulatory and supervisory regime. He added that it is “now poised to make that last great effort to show the effectiveness of all the efforts” made to ensure it exits the FATF process. The government is acting as if its site visit is “imminent”.

To aid this process, Mr Bethel said the

Securities Commission was working with his office to finalise three Bills to regulate virtual assets and technologies, such as digital currencies, according to FATF standards.

He added that the Royal Bahamas Police Force (RBPF) had “redoubled” its efforts to investigate and prosecute financial crimes, with some 116 persons charged with such offences between 2018 and 2019. This resulted in 79 prosecutions and 46 money laundering convictions.

Mr Bethel said notices will soon be posted in the newspapers mandating that non-profit companies, whether incorporated or unincorporated, must soon register their names, purposes, principal officers and commitment to maintain proper financial records.

PAGE 4, Thursday, May 21, 2020

THE TRIBUNE

Aragonite miner denies ‘Sandy Cay’ connection

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMAS-based aragonite miner yesterday vehemently denied it had any links to a Mexican company claiming it has the necessary approvals to export “aragonite sand” from a location called “Sandy Cay”.

Anthony Myers, Sandy Cay Development Company’s principal, told Tribune Business that it had no connection whatsoever to Oceanus International despite the latter claiming it has “concessions and permits” to dredge from a location of this name.

Mr Myers explained that the area where his firm used to conduct aragonite mining was called “Sandy”, but it ceased all such activity off Ocean Cay - the man-made island near Bimini - when it accepted compensation and exited its lease to make way for Mediterranean Shipping Company’s (MSC) private cruise island.

PM PROMISES: ‘I’LL BULLDOZE RED TAPE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE prime minister yesterday promised the Bahamian financial services industry that he will “bulldoze bureaucratic roadblocks” impeding the ease of doing business in this nation following the COVID-19 crisis.

He spoke out after Oceanus International, in a posting since scrubbed from its website, alleged: “We have concessions and permits to extract aragonite sand from Sandy Cay in The Bahamas. We can fill a hopper boat to ship and export to any port in the world. This is ideal for beach recovery projects and artificial beaches.”

Mr Myers revealed that the posting spurred him to make inquiries, and he added: “We do not know this company, and are not aware at all of their activities in The Bahamas. When we saw their advertisements on their website, we called Oceanus International in Mexico and we contacted them by e-mail asking them for an explanation of the aragonite supply.

“The secretary declined to answer us, and then Oceanus sent us an e-mail saying that they do not sell aragonite and only crushed limestone sand. They did not explain why their web

site says that they do.”

Oceanus International’s “activities” were questioned by the Progressive Liberal Party’s (PLP) deputy leader, Chester Cooper, who challenged the Government to produce information surrounding any granting of leases to this company if it did.

Mr Myers, meanwhile, added: “We also found that Van Oord, the Dutch dredging company, is one of their partners. This is the same company that that worked on the Coral Harbour Defense Force harbour and entrance channel expansion.

“I know Van Oord, and called and spoke to the area manager, Mark Roelofs, who was also totally surprised and said unequivocally that Van Oord has nothing to do with Oceanus and that they shall ask them to remove Van Oord’s name from the website.”

“As far as we can tell this is a total fabrication by this company, Oceanus, and we have no idea why they have

done this. I can assure you that Sandy Cay Development have not in any way sub-leased, sub-let, rented, contracted or anything else to this company, or any other company for that matter. We are as surprised as you and the general public are.”

A Bahamas Investment Authority (BIS) also told Tribune Business yesterday: “We have no record of Oceanus International.”

Mr Myers said his company purchased the original lease for Ocean Cay from AES, the US energy firm, after its plans to develop a liquefied natural gas (LNG) and storage terminal on the island failed to materialise.

Mr Myers said: “The original lease had been in existence from the 1960s, and was more recently operated by the Steve Dowd family of Orlando, Florida, who operated under the company name of Marcona Ocean Industries. They operated the lease and the island, Ocean Cay, for many

years up until they sold it to AES in or around 2000.

“In 2012, Sandy Cay Development Ltd renegotiated the aragonite harvesting lease with Department of Lands and Surveys and Prime Minister Hubert Ingraham. We paid a significantly higher royalty to the Government of the Bahamas than that which was paid on the old lease prior to 2012.

“The Free National Movement government negotiated a royalty rate with us that was five to ten times’ higher than that in the historic aragonite mining lease document enjoyed by our predecessors. In March 2016 we released Ocean Cay, along with some 50 square miles of sea bed, for MSC Cruises to develop an eco-tourism cruise ship terminal.

“Both MSC and Sandy Cay Development spent a great deal of money cleaning up the island and making it a first-class resort area. The clean-up

and transformation of the island is magnificent, and a great positive environmental testimony to both the private sector and the government in cleaning up The Bahamas.”

As to his company’s name, Mr Myers said: “We just happened to call our company Sandy Cay, but Sandy Cay has nothing to do with the location as our company is called Sandy Cay Development.” He added that there are “hundreds” of islands in The Bahamas called Sandy Cay, and that Ocean Cay was changed to its current name some 50 plus years ago.

“Sandy Cay is the one up in Freeport, Grand Bahama, so we have nothing to do with that. When I saw the history on Ocean Cay, not knowing about Sandy Cay up in Freeport, I called my company Sandy Cay Development, but it has nothing to do with Freeport. It’s just the area we have south of Cat Cay and around Ocean Cay,” Mr Myers added.

Dr Hubert Minnis, pictured, addressing an Internet-based conference attended by more than 350 financial services professionals, reiterated the government’s previous pledges to reduce the cost and complexities of conducting commerce in this country although no specific measures were announced.

Also reaffirming his belief that “the full digitisation of The Bahamas at every level is mandatory”, he said: “Many of the bureaucratic roadblocks to the ease of

doing business must be bulldozed. We must streamline the process for domestic and foreign investment in a broader range of industries.

“As the financial services industry evolves, my government will work to help the sector in its ongoing evolution. This includes: Continuing improvements in the ease of doing business; prioritising a responsive legislative and regulatory agenda; and protecting the reputation of this jurisdiction; even as we are faced with various current challenges.”

FOCOL scouting for capital raise

FOCOL Holdings, which acquired Shell’s wholesale and retail operations in 2006, appears well-positioned to exploit potential acquisition and growth opportunities in the pandemic’s aftermath. An “essential” service, which has continued operating throughout COVID-19, its balance sheet as at January 31, 2020, showed over $28.5m in cash and more than $190m in shareholder equity (the company’s net worth)/ Profits were also up by 41 percent or almost $5m to $16.274m at endJanuary 2020, but Sir Franklyn cautioned that FOCOL Holdings was only at the beginning. “Prudent judgment on timing is the end result of a process,” he added. “We are going through the process of strategic thinking, of exploring.

We’re saying that if we decide to follow a particular path, and if the necessary quantum of money is that, how would we finance it?

“We just wanted to get a sense of what is the capacity of the market. Depending on how aggressive we become it may be more, it may be less, it may be none.

What I am confirming is that we see FOCOL Holdings as an important part of the future well-being of the economy of the Commonwealth of The Bahamas, and we want to be certain we are positioning the company to fulfill that vision.”

Sir Franklyn told Tribune

Business that FOCOL Holdings’ preferred financing method is “not necessarily debt”. He said: “The fact of the matter is it has been a little while since there’s been a substantial, significant offering of equity in our capital markets.

“Yes, while investors have shown their preference for debt issues, we are exploring the idea of trying to see if there are investors that may see the future differently. The fact of the matter is that one consequence of COVID-19 is it’s making more Bahamians aware that we must do more to own our own country, and to own our country we have to do more than debt financing.

“Our reconnaissance is not necessarily limited to debt. It’s a question of real partnership.

Bahamian investors are not partners when they lend you money; they’re partners when they are equity investors. We’re exploring; it’s early days.”

Sir Franklyn recalled how FOCOL Holdings had played “a major role” in Hurricane Matthew’s aftermath when it prevented disruption to the nation’s fuel supplies that may have resulted from damage at Clifton Pier.

“FOCOL stepped up and prevented that from becoming a true national disaster,” he added, “and that inspired us to make sure we’re always positioned to pay a major role in national development in the country.”

FROM PAGE ONE transformation of the nation.

“That will require us to have the capital to do some big things, and in that regard we’ve been doing some reconnaissance to see what’s happening in the capital markets...... I can confirm to you that we have been doing that to get a sense of what is happening in the capital markets despite COVID-19 and all the challenges facing the country.

“The context of doing that is we have a vision to be part of the redevelopment of the modern Bahamas. We’re in the mood. We’re talking to people we believe can tell us what’s really happening.”

Sir Franklyn added that FOCOL Holdings was in the early stages of its exploration, but it had drawn significant encouragement from the recently-closed $130m bond offering by Nassau Cruise Port that was oversubscribed.

“We are absolutely delighted and pleased to learn of the success of the port’s offering, because that validates our hope and prayer that there is significant capital still in the system,” he said. “Their success despite COVID-19 is very significant, and notable and commendable.”

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position:

Executive Office Chauffeur Duties: Operation of motor vehicles to transport the Chief of Mission (COM), Deputy Chief of Mission (DCM), official VIPs, and other official visitors in addition to Embassy employees as necessary. Direct supervision received from the COM Office Management Specialist (OMS). The incumbent will have to work 5 days rotating both day and night shifts to provide 24 hours coverage, which will include working on weekends and holidays.

Interested candidates are required to possess the following skills and qualifications: • Education: Completion of secondary school is required.

Apprenticeship or vocational training in general automotive mechanics is required.

• Experience: Two years of professional chauffeur experience.

• Language: Good working knowledge of written and spoken English, Level III is required.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, May 29, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

THE TRIBUNE

Thursday, May 21, 2020, PAGE 5

BPL’s Shell power deal: ‘Legal issues to clear up’ FROM PAGE ONE Shell to construct, finance, own and operate the 220 megawatt (MW) plant as an independent power producer (IPP) that would enable BPL to exit the generation business and focus on transmission and distribution (T&D). It is also unclear whether BPL has the necessary financial muscle to do it given that its rate reduction bond (RRH) refinancing has been delayed indefinitely.

However, Dr Donovan Moxey, BPL’s chairman, said then that allowing the state-owned utility to begin construction and then sell the power plant to Shell would save time given how negotiations between the parties have now lasted some 18 months since they signed their initial Memorandum of Understanding (MoU).

Mr Hector was also unable to provide specifics on the size and value of any investment opportunities that will be made available to Bahamian investors, or the timing of such offerings.

He also declined to provide figures on how much both the power plant and LNG terminal will cost to construct, and the likely savings that will result for Bahamian energy consumers from the projected lower generation costs.

Acknowledging that Shell North America had “wanted to be settled on the agreement now” with BPL, Mr Hector added that the energy giant had “seen some delays” as a result of both the lengthy negotiations and the COVID-19 pandemic.

He disclosed, though, that the 2021 deadline for completing the power plant portion of the project remains unchanged, with

the associated LNG infrastructure likely to be in place some time in 2022.

With the Bahamian economy in dire straits as a result of the COVID-19 enforced tourism shutdown and wider economic lockdown, the proposed multi-fuel power plant and Shell’s deal with BPL have assumed even greater urgency and importance given that reduced energy costs and a more stable power supply are one of the most immediate and widely-felt improvements that can be achieved.

“I want to give you the assurance that Shell is working hard to progress the LNG power project for The Bahamas. We recognise the importance of this infrastructure to The Bahamas and, in particular, New Providence,” Mr Hector said.

Acknowledging that he and Dr Moxey had both committed to sealing the necessary agreements as quickly as possible, the Shell executive added that both were “on the same path” and the two sides were “making very good progress

in order to conclude the commercial agreements, which we haven’t quite done yet, but we are closing in very quickly in partnership together”.

Later, in response to Tribune Business questions, Mr Hector went further, saying: “We are really in the final touches there. We are talking weeks, not months, in order to get closure on those agreements. Then it will basically be pens down on those agreements, and they will go into their respective approval processes with the government that are required to get them executed.”

No definitive dates were provided for a likely closing.

The key documents will be the power purchase agreement (PPA), setting out the price at which BPL will buy electricity from Shell, and the asset purchase agreement detailing the price and mechanism by which the energy giant will acquire the power plant.

The deal with Shell North America is being structured such that two companies

Retailers: ‘Curb side can’t cover AC costs’ FROM PAGE ONE

denying them entry. They do not understand why they cannot access the premises when mixed retail spaces that have clothing and housewares can service them in-store.”

Ms Morley said some retailers are “already operating”, adding: “They are already operating in hotels; they are already operating out of homeware stores, which is another nonessential category; they are already operating in a lot of locations, but privately/ quietly because if they don’t open their doors, they’re going to go out of business.

“Yet there hasn’t been an increase in cases, so the longer that they don’t open it, the more businesses are going to illegally open their doors because their alternative is bankruptcy and, in the interim, unless you open the doors and have public rules and protocols that are available, then there is no enforcement going on in those stores when they are open quietly.”

Ms Morley continued: “This is unfair because there is a lot of us basically that follow the law, and we’re being punished for following the law when other people are blatantly open right now. I don’t blame those people as they are trying to save their business.

All of us want to respect the health of the nation, but at this point you have homes stores open, which we are in agreement with.

“You have hardware stores open. Obviously grocers and pharmacies are essential businesses. so that makes sense that they have been open through the duration, but we’re not seeing where - if there is 500 people in Kelly’s in a day, or if there is 250 people in the grocery stores during the course of the day - when we are asking to have one person at a time, or one family at a time, to come into our stores at a time, then how is

Retailers blast NIB benefit non-payment FROM PAGE ONE Dr Nicola Virgil-Rolle, NIB’s director of NIB, yesterday responded: “All who have come through the system, we pay those. We are using every tool in our toolkit in order to pay people as quickly as possible. But everyone realises this is an unprecedented event. We normally process 7,000 claims in a year, and we had to do 26,000 in two months. We use every approach we can use to get them through.

“It’s the same process we use for our many applications that come in. I guess these are done using the D3 system, where we have to check, obviously, for eligibility requirements for the persons, and then we will pay those that meet that.

“So I am not sure what the situation is there. We have already paid 26,000 persons using the process and so we have many more to go. So it is a matter of making sure we make progress with those that are outstanding. We

that putting the population more at risk than hundreds of persons in the other categories?”

Revealing that she “doesn’t know” if retailers will mount a legal challenge like the web shops through the courts, Ms Morley said: “I know I have gotten a lot of tearful phone calls from people, because they’re facing bankruptcy and they have been in business for years.

“We are all kind of expecting that when curb side and delivery was allowed, people were thinking that we would be allowed to operate by appointment when curb side and delivery was permitted, and that was on May 4.

Then we thought they were doing curb side and delivery for a week, they are going to see how that goes, and then give us ‘by appointment’ the following week.

“But then that didn’t happen, so then we said they are going to give it to us this week, and then that didn’t happen this week either, but yet no one is explaining to us after we have conversed with them and sent them e-mails, they are not getting back to us as to explain the rationale as to why.”

The Federation, in its statement, said: “After multiple conversations with the National Coordination Committee on Covid-19 (NCCC) and letters sent to the Prime Minister, we have yet to receive any meaningful engagement or feedback as to why our proposal has not been allowed. If there are specific health concerns the NCCC or Ministry of Health have, then we would appreciate the opportunity to meet with them.

“Many retailers were already on the edge before COVID-19, but unless they can re-open soon many stores will go out of business, further exacerbating unemployment levels.

Already we have had members who were forced to permanently cease operations as early as April 30 due to the economic crisis we all

face.

“Other members have indicated they will be consolidating their locations as they can no longer afford the overhead after being shut down for such an extended period of time. As the second largest private sector employer outside of hotels and restaurants, these retail closures will have a long-term devastating impact on employment in our nation. Is it worth potentially losing a whole sector of the retail industry given there has not been an increase in cases?”

The Federation continued: “Members have collaborated extensively on researching international best practices for operating in each category in the safest way possible given the new normal we all face. Our commitment is to only move forward with a re-opening once we’re confident we can safely return to serving our customers from our stores and providing a safe environment for employees.

“Non-essential retailers can follow the lead of grocery, drug, home and hardware retailers by putting the appropriate protocols in place for their respective categories. In every store, we’re focused on limiting occupancy and giving everyone lots of room. This is why we are asking to reopen in the limited capacity of ‘by appointment’ and/ or through social distancing restrictions of no more than five persons per 1,000 square feet.

“This will provide assurances with regard to crowd management in addition to the requisite use of masks by both customers and employees. Retailers in these categories would also have the opportunity to sanitize high touch surfaces throughout the day as already successfully implemented by their colleagues in other categories. Those who do not abide by the official protocols will be fined just like any other business who is currently operating.”

have invited all employers who gave over 10 workers to submit to us using the expedited approach, or the work around. It has worked well for many and we continue to invite employers to do the same thing.”

Ms Morley added, though: “You can send your documents to them 12 times in a row and they confirm that all of your paperwork is in order. They would say to us sometimes that the paperwork for 24 of your 25 employees is good, but I need additional information for your employee 25. You then chase the information for employee 25, they confirm receipt of and then everyone is set.

“But if then if somebody is signing off and confirming that all of your staff have their paperwork in order, and our company has the paperwork in order, and every week you have to reconfirm that all of your paperwork is fine, and they have to ask you for the same paperwork again, then what are you doing with the filings? You are confirming you have received everything, and you have confirmed that we have

been lined up for payment?

What are you actually doing with that information?”

Neal Watson, owner of Neal Watson’s Bimini Scuba Centre, yesterday confirmed none of his employees have received their unemployment benefits. He said: “None of them have received anything yet. They have all put in their own applications but they had to come get the paperwork from us first. We have done this from last month some time. I would say most people would have had their paperwork in from about four weeks ago at least.

“The last person in my company to file was five weeks ago, because he had two weeks’ vacation time that he took first, so that’s why his went in late, so probably the rest of my employees filed some six or seven weeks ago.

“I don’t know anyone that has gotten it over here, but it’s not like it matters now because all of the shops are closed. But they should have at least got it by the time the shops open back up, so within two weeks’ time or on May 30 and everything opens back up so for sure, nobody has been able to work.”

And the Federation added: “Based on the latest update from the Prime Minister’s address on Sunday, May 17, we are on target to open our borders on July 1.

However, there has been no movement on opening additional categories of business since May 4. We’ve been seeing steady progress in the right direction with no deaths in over a month, and

will be created, one to hold the power plant, PowerCo, and the other to own the LNG pipeline infrastructure and regasification terminal, TerminalCo. Shell will have majority ownership in both entities, but the previously outlined plan is to give Bahamian public investors an opportunity to invest in the power plant via an initial public offering (IPO). And it was also the intention to solicit Bahamian institutional monies to help finance the LNG terminal and associated infrastructure via a private placement.

Mr Hector confirmed this was still the intention, adding: “We’re looking forward to building a business based on Bahamian talent and workers, and based on investment jointly from people in The Bahamas.”

He said the plan for BPL to complete the power plant’s construction “in principle hasn’t changed”, with Shell then purchasing an ownership interest in it at “a fair market price” and operating the facility.

“We will be responsible for a huge share of that investment and funding it in the end,” Mr Hector said.

“All of that is progressing.

Shell is going to be the operator of this power station.

That’s a very significant position. We’d likely be having a position commensurate with that. That is part of the ongoing commercial negotiations, and we are very close to closing these agreements.”

He added that he wanted to disclose no details until those deals were sealed, but reaffirmed: “The intention is to make investments available to the people of The Bahamas in the power generation assets as well as the LNG terminal assets.”

Signalling that Shell understood the project’s significance for The Bahamas, Mr Hector described the power plant and LNG terminal as “a complex piece of infrastructure” that will form “the backbone of the country” and represent this nation’s first move into IPPs and more environmentallyfriendly non-fossil fuels.

no new cases in Nassau since May 13.

“However, this is not translating into economic relief. We recognise that the world is faced with an unprecedented challenge and unknowns surrounding the COVID-19 Pandemic.

No one can deny that the efforts our government has made to keep the citizens of The Bahamas safe during these difficult times are to be commended. However, now they need to refocus on balancing health with a steady

reopening of the economy.”

Ms Morley said: “If here is a health reason we are unware of, then tell me about it so at least I can have an understanding that I can communicate to our members when they call me in tears about having to terminate their business and losing all of their life savings, and also terminating all of their employees who they have employed for years who are also calling them in tears asking them to come back to work.”

PAGE 8, Thursday, May 21, 2020

THE TRIBUNE

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

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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.

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

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

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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

Apple, Google release technology for pandemic apps

By MATT O’BRIEN Associated Press APPLE and Google yesterday released long-awaited smartphone technology to automatically notify people if they might have been exposed to the coronavirus.

The companies said 22 countries and several US states are already planning to build voluntary phone apps using their software. It relies on Bluetooth wireless technology to detect when someone who downloaded the app has spent time near another app user who later tests positive for the virus.

Many governments have already tried, mostly unsuccessfully, to roll out their own phone apps to fight the spread of the COVID-19 pandemic. Many of those apps have encountered technical problems on Apple and Android phones and haven’t been widely adopted. They often use GPS to track people’s location, which Apple and Google are banning from their new tool because of privacy and accuracy concerns.

Public health agencies from Germany to the states of Alabama and South Carolina have been waiting to use the Apple-Google model, while other governments have said the tech giants’ privacy restrictions will be a hindrance because public health workers will have no access to the data.

The companies said they’re not trying to replace contact tracing, a pillar of infection control that involves trained public health workers reaching out to people who may have been exposed to an infected person. But they said their automatic “exposure notification” system can augment that process and slow the spread of COVID19 by virus carriers who are interacting with strangers and aren’t yet showing symptoms.

The identity of app users will be protected by encryption and anonymous identifier beacons that change frequently.

“User adoption is key to success and we believe that these strong privacy protections are also the best way to encourage use of these apps,” the companies said in a joint statement yesterday.

THIS combo of photos shows the logo for Google, top and Apple, bottom. Apple and Google yesterday released long-awaited smartphone technology to automatically notify people if they might have been exposed to the coronavirus.

The companies said the new technology — the product of a rare partnership between the rival tech giants — solves some of the main technical challenges that governments have had in building Bluetooth-based apps. It will make it easier for iPhones and Android phones to detect each other, work across national and regional borders and fix some of the problems that led previous apps to quickly drain a phone’s battery.

The statement yesterday also included remarks from state officials in North Dakota, Alabama and South Carolina signaling that they plan to use it.

“We invite other states to join us in leveraging smartphone technologies to strengthen existing contact tracing efforts, which are critical to getting communities and economies back up and running,” said North Dakota Gov Doug Burgum, a Republican.

North Dakota had already launched a location-tracking app that about 4% of state residents are using, higher

than other US states with similar apps but falling far short of the participation rate that experts say is needed to make such technology useful.

Tim Brookins, the CEO of ProudCrowd, a startup that developed North Dakota’s app, said Wednesday that North Dakotans will now be asked to download two complementary apps — his model, to help public health workers track where COVID-19 patients have been, and the Apple-Google model, to privately notify people who might have been exposed to the virus.

Some privacy advocates have favored the GoogleApple approach because it offers more privacy and security. But others, including Ryan Calo, a law professor who co-directs the University of Washington’s Tech Policy Lab, said he is concerned about its effectiveness if people get too many false alerts asking them to quarantine themselves. He said public health agencies would be better off being able to track location with careful safeguards.

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position:

Budget Analyst/Administrative Assistant Duties: Incumbent will serve as administrative assistant to the Senior Defense Official/ Defense Attaché (SDO/DATT), responsible for managing the office calendar of engagements, drafting and filing official correspondence, arranging official travel for ODC members, and any other administrative duties as required. This position requires the incumbent to establish and maintain important contacts with various Bahamian and DoD officials in order to plan, coordinate, and execute DoD visits, ceremonies, and events in The Bahamas.

These include visits by members at all levels of the U.S. Government, U.S. Navy ship visits, and DoD aircraft visits. Coordination may also be required for Bahamian officials visiting the States. The incumbent will be responsible for the planning, preparation, programming, execution, and monitoring of ODC-Bahamas budgets and fiscal expenditures. Incumbent will lead ODC Overseas Humanitarian Disaster and Civic Assistance (OHDACA) program.

Incumbent will be trained in the duties of the Training Manager in order to assist in his/her absence or as directed by the SDO/DATT. Interested candidates are required to possess the following skills and qualifications: •

Education: Completion of High School required.

•

Experience: At least 3 years of experience in performing administrative management, financial management and/or budget/ accounting duties.

•

Language: English level IV (Fluent).

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, May 29, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

THE TRIBUNE

Thursday, May 21, 2020, PAGE 9

Trump administration cuts royalty rates for oil and gas BILLINGS Associated Press THE Trump administration has started giving energy companies temporary breaks on royalties and rent they pay to extract oil and gas from leases on public lands because of the coronavirus pandemic.

The move drew quick criticism as a handout to industry that will mean less money for state governments. A Democratic lawmaker called for an investigation into whether the breaks were justified.

Government data shows companies in Utah receiving steep cuts in the standard 12.5% royalty rate, to as low as 2.5% of the value of the oil and gas they produce. More reductions are expected in the coming days in other states with oil and gas activity on federal lands, primarily in the western US. The Interior Department’s Bureau of Land Management said last month that royalty-rate cuts were possible if companies could show they could not successfully operate public energy leases

EQUIPMENT in the oil fields of the Uintah Basin, southeast of Vernal, Utah. The Trump administration has started giving energy companies temporary breaks on royalties they must pay for oil and gas extracted from federal lands because of the coronavirus pandemic, government data shows. Royalty rate cuts so far have been authorised for at least 76 energy leases in Utah.

economically or can’t maintain enough employees at drilling sites.

Half the money that comes in through royalty payments is typically disbursed to the states where the oil or gas was extracted.

The payments totaled $2.9bn nationwide in 2019, including $94m in Utah.

The rate cuts in Utah included 76 leases on tens of thousands of acres of public lands.

In a related action in recent days, bureau officials in 85 cases suspended rent payments that companies pay on their oil and gas leases on federal lands, according to government data. The suspensions to date have all been in Wyoming and were linked by agency officials to the pandemic.

Other states with federal oil and gas leases that generate significant amounts of revenue include New Mexico, North Dakota, California, Colorado, Alaska and Montana.

All royalty relief will be temporary and last a maximum of 60 days, Bureau of Land Management spokesman Chris Tollefson said.

Some elected officials and organisations had called for

blanket relief for the industry, he said. But the Interior Department rejected those requests and determined each leaseholder must follow the longstanding process for obtaining relief.

“These laws and regulations have existed for decades and across multiple administrations,” Tollefson said. “No special circumstances have been granted.”

But critics of the administration jumped on the cuts.

House Natural Resources Committee Chairman Raul Grijalva asked the Government Accountability Office to investigate if they were necessary and properly handled, and how much they could cost in lost revenues.

“I am concerned that in its haste to approve huge numbers of royalty cuts, BLM (the Bureau of Land Management) may not be fully following the requirements in the regulation,” Grijalva wrote.

The government has broad authority to grant royalty reductions for both onshore and offshore oil and gas activity provided companies meet its criteria, said American Petroleum

Institute vice president Lem Smith.

He said the organisation backs the process for granting companies relief as long as it is “equitable, transparent and easily understood” and added that it’s traditionally been done on a case-by-case basis.

A National Wildlife Federation representative called the rate cuts a “sweetheart deal” benefiting fossil fuel companies even as the administration seeks more money from renewable energy companies that rent federal lands.

“It is simply not fair and is one more signal that oil and gas drilling takes precedence over everything else on our public lands,” National Wildlife Federation Vice President Tracy Stone-Manning said.

How much value the relief will have for companies is not known. It will depend on the amount of fuel they extract and how many relief applications are granted going forward.

Interior’s Office of Natural Resources Revenue, which collects the royalties from companies, does not do future projections, spokesman Chris Mentasti said.

PAGE 10, Thursday, May 21, 2020

THE TRIBUNE

Reopening: It’s back to business, but not To advertise in The Tribune, contact 502-2394 business as usual NEW YORK Associated Press

MARKET REPORT www.bisxbahamas.com

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WEDNESDAY, 20 MAY 2020

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BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.98 11.26 6.10 4.03 6.01 2.76 5.10 9.37 8.15 14.50 8.97 4.00 15.20

CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.98 11.26 6.10 4.03 6.01 2.83 5.10 9.23 8.15 14.50 8.97 4.00 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 -0.14 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

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.6 21.9 42.9 27.7 10.9 14.3 11.2 17.8 9.6 19.7 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.61% 2.98% 0.00% 15.34% 1.18% 3.55% 2.94% 3.72% 2.23% 3.00% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

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

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

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

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

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

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

MARKET TERMS

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

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

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

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

THIS is what “normal” will look like for the foreseeable future.

In Connecticut, restaurants are reopening with outdoor-only dining and tables six feet apart. In Beverly Hills, California, the rich and glamorous are doing their shopping from the curb along Rodeo Drive. And preschools around the US plan to turn social distancing into an arts-and-crafts project by teaching kids how to “create their own space” with things like yarn and masking tape.

As the US and other countries loosen their coronavirus restrictions, it’s back to business, but not business as usual. In fact, it is becoming all too clear that without a vaccine against the scourge, the disruptions could be longlasting and the economy won’t be bouncing right back.

In Italy, where good food is an essential part of life, once-packed restaurants and cafes are facing a huge financial hit as they reopen with strict social distancing rules after a ten-week shutdown.

Experts warned that as many as one-third of the country’s restaurants and bars could go out of business, up to 300,000 jobs in the sector could vanish and losses could reach 30 billion euros ($32bn) this year.

“We have to turn upside down all the activity that we did before,” lamented chef Raffaele di Cristo, who must wear a mask and latex gloves as he prepares food at the popular Corsi Trattoria in Rome. “Everything is changed.”

Corsi reopened this week with half its tables removed to ensure the mandated 3-foot spacing.

Hand sanitizing gel was placed at the entrance, and a new ordering system was installed so that customers could read the menu on their phones instead of listening to waitresses recite the specials.

In Connecticut, restaurants that reopened yesterday for outdoor dining are required to rearrange workstations so that employees don’t face one another, and stagger shifts and break times to minimize contact among them. Markers must be installed to encourage customers to keep their distance from one another.

In Glastonbury, Connecticut, the Max Fish restaurant opened for lunch with 16 tables on outdoor patios. Customers filled about half the tables in the early afternoon, and all the tables were reserved for dinner, general manager Brian Costa said.

Friends and retirees Debbie Lawrence and Jill Perry, who often ate out together before the outbreak, enjoyed a meal at Max Fish.

“It was terrific. It’s just wonderful to be outside,” Lawrence said. “But I’m still a little leery of going to any stores.”

At the Crab Shell Restaurant on the waterfront in Stamford, co-owner James Clifford held up a roughly six-foot-long stick he said he used to make sure chairs weren’t too close together.

“I just hope the outdoor people don’t get greedy and they don’t overstep their bounds,” he said.

“Because if you can’t get it right outdoors, how can you get it indoors?”

In Fredericksburg, Virginia, one restaurant that recently reopened its patio has taken an extra step to reassure diners. The Colonial Tavern is taking staff members’ temperatures at the start of their shifts and posting the results for customers to see.

Some of new rules for dining out echo reopening guidelines released by the Centers for Disease Control and Prevention.

They are intended for child care centers, schools, day camps, mass transit

systems, restaurants, bars and other businesses and organisations.

For example, the CDC suggests mass transit systems close every other row of seats and limit how many riders can be on a bus or train.

Amid the wave of reopenings, many Americans remain wary, according to a new survey from The Associated Press-NORC Center for Public Affairs Research. The poll says 83% of Americans are at least somewhat concerned that lifting restrictions in their area will lead to additional infections.

The poll also exposed a widening partisan divide on the topic, with Democrats more cautious and Republicans less anxious as President Donald Trump urges states to “open up our country”.

Only about a third of Republicans say they are very or extremely concerned about additional infections, compared with three-quarters of Democrats.

About five million people worldwide have been confirmed infected, and over 325,000 deaths have been recorded, including over 93,000 in the US and around 165,000 in Europe, according to a tally kept by Johns Hopkins University, based on government data. Experts believe the true toll is significantly higher.

With the virus far from vanquished, the reopenings could prove to be a stop-and-start, two-stepsforward-one-step-back process.

Ford temporarily halted production at two of its assembly plants on Tuesday and yesterday in Chicago and Dearborn, Michigan, after three autoworkers tested positive for the virus. Work was stopped to sanitize equipment and isolate those who were in contact with the infected employees.

Detroit’s Big Three automakers restarted their US factories on Monday after a two-month shutdown.

Education, too, is facing radical changes.

Cambridge became the first university in Britain to cancel all face-to-face lectures for the upcoming school year, saying they will be held virtually and streamed online until the summer of 2021.

Other institutions have taken different tacks. The University of Notre Dame in Indiana will bring students back to campus but redesigned its calendar to start the semester early in August and end before Thanksgiving.

In South Korea, hundreds of thousands of high school seniors had their temperatures checked and used hand sanitizer as they returned yesterday, many for the first time since late last year. Students and teachers were required to wear masks, and some schools installed plastic partitions around desks.

France is limiting spaces in its primary schools, giving priority to the children of essential workers and those in need. Some younger students even go on alternating days, while high schools remain closed.

People’s gratitude at being able to shop or eat out again is mingling with worries about job security.

Business was slow at a Paris farmer’s market with a mixed mood among the masked, gloved vendors.

A man selling peonies and petunias said he was glad to get out and see shoppers again, while a woman selling asparagus and tomatoes behind a makeshift plastic screen grumbled that her customers were buying less than usual.

British aircraft engine maker Rolls-Royce announced plans to cut 9,000 workers as it grapples with the collapse in air travel. In general, those jobs come with good pay and benefits, and losing them is a sharp blow to local communities.

PAGE 12, Thursday, May 21, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny

Rather cloudy

Some sun with a shower in spots

Partly sunny

Pleasant with clouds and sunshine

Sun and clouds with a shower

High: 86°

Low: 76°

High: 85° Low: 75°

High: 85° Low: 73°

High: 84° Low: 73°

High: 84° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

82° F

95°-79° F

93°-77° F

91°-76° F

92°-76° F

ORLANDO

High: 94° F/34° C Low: 70° F/21° C

TAMPA

High: 89° F/32° C Low: 73° F/23° 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: 83° F/28° C Low: 77° F/25° C

4-8 knots

S

High: 89° F/32° C Low: 74° F/23° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 76° F/24° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 85° F/29° C Low: 76° F/24° C

MIAMI

High: 89° F/32° C Low: 74° F/23° C

4-8 knots

KEY WEST

High: 87° F/31° C Low: 79° F/26° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 75° F/24° C Normal high ....................................... 85° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 87° F/30° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 13.73” Normal year to date ..................................... 7.75”

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 76° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 83° F/28° C Low: 77° F/25° C

N

High: 84° F/29° C Low: 76° F/24° C

N

S

E

W

4-8 knots

S

6-12 knots

ANDROS

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:43 a.m.

8:07 p.m.

2.3 2.9

1:53 a.m. 0.1 1:48 p.m. -0.1

Friday

8:21 a.m.

8:45 p.m.

2.3 2.9

2:33 a.m. 0.0 2:24 p.m. -0.1

Saturday

9:00 a.m.

9:23 p.m.

2.3 3.0

3:13 a.m. 0.0 3:01 p.m. -0.1

Sunday

9:39 a.m.

10:03 p.m.

2.2 3.0

3:53 a.m. 0.0 3:39 p.m. -0.1

Monday

10:21 a.m.

10:45 p.m.

2.2 3.0

4:34 a.m.

4:20 p.m.

0.0 0.0

Tuesday

11:05 a.m.

11:30 p.m.

2.2 2.9

5:18 a.m.

5:04 p.m.

0.1 0.1

Wednesday 11:55 a.m.

-----

2.2 -----

6:05 a.m.

5:55 p.m.

0.2 0.2

sun anD moon Sunrise Sunset

6:23 a.m.

7:50 p.m.

Moonrise Moonset

5:45 a.m.

7:03 p.m.

New

First

Full

Last

May 22

May 29

Jun. 5

Jun. 13

CAT ISLAND

E

W

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

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 78° F/26° C

High: 85° F/29° C Low: 78° F/26° C

N

High: 85° F/29° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 78° F/26° C

6-12 knots

MAYAGUANA High: 85° F/29° C Low: 79° F/26° 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

L

High: 84° F/29° C Low: 79° F/26° C

GREAT INAGUA High: 88° F/31° C Low: 79° F/26° C

N W

N E

W

E S

S

7-14 knots

7-14 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 4-8 Knots ESE at 4-8 Knots SE at 4-8 Knots E at 6-12 Knots E at 6-12 Knots ENE at 7-14 Knots E at 7-14 Knots ENE at 7-14 Knots ESE at 6-12 Knots ENE at 6-12 Knots S at 4-8 Knots ESE at 4-8 Knots E at 6-12 Knots ENE at 7-14 Knots NE at 7-14 Knots ENE at 8-16 Knots E at 6-12 Knots ENE at 7-14 Knots E at 6-12 Knots ENE at 7-14 Knots ESE at 4-8 Knots E at 6-12 Knots E at 7-14 Knots ENE at 7-14 Knots E at 6-12 Knots ENE at 7-14 Knots

WAVES 5-8 Feet 4-7 Feet 1-2 Feet 1-2 Feet 3-6 Feet 4-7 Feet 2-4 Feet 3-5 Feet 4-7 Feet 4-7 Feet 3-5 Feet 3-5 Feet 1-2 Feet 1-3 Feet 2-4 Feet 3-6 Feet 1-2 Feet 1-3 Feet 4-8 Feet 4-7 Feet 1-3 Feet 2-4 Feet 1-3 Feet 2-4 Feet 3-5 Feet 3-5 Feet

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

502-2394

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

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