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TUESDAY, MAY 26, 2020
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JAMES SMITH
IMF’s $252m loan ‘prudent and logical’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER finance minister yesterday backed the government’s move to obtain a $252m “emergency” loan from the International Monetary Fund (IMF) as “a very prudent and logical thing to do”. James Smith, who held the post during the first Christie administration, told Tribune Business he was “glad” the Ministry of Finance had chosen to act now in obtaining the lowcost financing rather than wait until The Bahamas’ foreign currency reserves came under sustained pressure. Pointing to the low 1.054 percent interest rate attached to the loan, he said it was critical for The Bahamas to have access to such relatively cheap foreign currency borrowings given that the COVID19 pandemic had brought the country’s main export earner - tourism - to a standstill. Mr Smith also supported the government line that the $252m borrowing, which is likely to be approved by the IMF’s board in early June, is not part of any “structural adjustment” initiative where the Fund would impose a variety of austerity measures on The Bahamas as a condition for providing such financing. Rather than the IMF forcing this nation to raise taxes, slash spending and cut the public service down to size, the former finance minister said the loan facility now being sought by the government was effectively being raised against The Bahamas’ own “shares” in the Washington DC based organisation. Mr Smith’s reaction contrasts sharply with that of Chester Cooper, the opposition’s deputy leader and finance spokesman, who yesterday argued that the government’s move is taking The Bahamas into
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Bahamas facing ‘eye popping’ 100% debt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE Bahamas faces the “eye popping” prospect that the national debt will equal or exceed the size of its economy come June 2021, a University of The Bahamas (UoB) economics lecturer warned last night. Rupert Pinder told Tribune Business that the Bahamian economy’s COVID-19 contraction, combined with government borrowings of more than $1bn to both cover its financial holes and stimulate the economy, would likely leave the country “on the cusp” of a 100 percent debt-toGDP ratio at the end of the upcoming fiscal year. With there being “no alternative” but for the government to borrow heavily in the short-term, Mr Pinder argued that “the real tale of the tape” in terms of how badly the pandemic has damaged the economy and government finances will only emerge when the 2020-2021 fiscal year is closed.
• To equal size of economy come 2021 • Borrowings of over $1bn projected • Downgrade fears voiced for FDI However, he said Hurricane Dorian and COVID-19 had only “exposed the cracks in the foundation” caused by the fiscal profligacy of successive administrations in continually expanding the size of governments and running deficits worth hundreds of millions of dollars every year. Pointing out that these two events cannot be held solely responsible for The Bahamas’ increasingly perilous fiscal position, Mr Pinder described tomorrow’s budget as “a watershed moment for the country” given the critical need to set out an economic and fiscal recovery plan that will put it back on track. He also voiced concern that the recent downgrade of The Bahamas’ creditworthiness by Standard & Poor’s (S&P), and the threatened similar action by Moody’s, could undermine investor confidence in this
nation and deter foreign direct investment (FDI) at the moment it is most needed to replace the foreign currency inflows that have dried up as a result of the tourism shutdown. Mr Pinder said there were limits on the government’s ability to undertake massive borrowings in support of an expansionary fiscal policy, especially in Bahamian dollars, because the country’s status as a non-producer that relies on imports for virtually all its consumption meant these funds would ultimately leak out via such spending and impose even greater pressure on already-strained foreign reserves. Suggesting that this will effectively as a ‘cap’, to some extent, in limiting the government’s borrowing, the UoB economics teacher’s grim debt-to-GDP and near-term projections matched those of James Smith, the former finance
THE closure of Luciano’s restaurant, and loss of 72 jobs, makes it “even more critical to open our tourism industry as rapidly as possible”, a Cabinet minister said yesterday. Dionisio D’Aguilar, minister of tourism and aviation, speaking after George Myers’ Restaurant Services Ltd confirmed the East Bay Street location will be closing permanently, warned that COVID-19’s economic fall-out was likely to claim more “casualties” in the private sector. Acknowledging that businesses were likely to find it ever more difficult to survive the longer lockdown restrictions remain in place, Mr D’Aguilar told Tribune Business: “It’s incredibly unfortunate that such a world-famous brand as Luciano’s decided
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Luciano’s operator gives ‘more casualties’ warning By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE operator of Luciano’s yesterday warned that COVID-19 will claim “more casualties” in the Bahamian dine-in restaurant industry after the pandemic put “the final nail in the coffin” for the business and its 72 employees. Ash Henderson, marketing director for George Myers’ Restaurant Services Ltd, told Tribune Business via e-mailed replies to this newspaper’s questions that maintaining profitability will be “extremely challenging” for the industry due to the social distancing protocols it will have to adopt. This will likely reduce the number of seats, tables and customers allowed in a restaurant at any one time, immediately reducing business volumes and revenues for an industry that traditionally operates on thin margins.
• Confirms closure with 72 jobs lost • COVID-19 ‘final nail in the coffin’ • ‘Losses mounting’ pre-pandemic
CLOSED gates at Luciano’s. Speaking after the East Bay Street location’s permanent closure was confirmed, Mr Henderson said: “With the slim margins
Photo: Shawn Hanna/Tribune Staff that the industry operates under, restaurants only survive by filling as many of their seats and tables as possible. If the reality
Luciano’s closure makes tourism start ‘more critical’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
minister and Central Bank governor, who also told this newspaper on Monday that the former ratio is likely to hit 100 percent by June 2021. With K Peter Turnquest, deputy prime minister, having recently revealed that the government is now projecting an $800m fiscal deficit for the current 2019-2020 full fiscal year, Mr Pinder said this “gives you an indication of the magnitude” of the fiscal fallout given that the period includes a full quarter of COVID-19. Acknowledging that much depends on when the Bahamian economy re-opens, and tourism restarts, he argued that even if “a semblance of normality” returns by October this year The Bahamas “could be looking at a budget deficit of around $1bn when everything is tallied by the end of the year”.
• Minister: COVID-19 to claim more corporate victims • Businesses burning cash in struggle to survive • Customer volumes won’t rebound instantly
DIONISIO D’AGUILAR to close its doors. For any business that feels that’s necessary as a result of COVID-19 that’s an incredibly unfortunate outcome. “That is why it’s even more critical to try and open our tourism industry
as quickly as possible. The longer the pandemic goes on, the greater the cash burn rate while you are closed, and the higher the failure rate of businesses. “It’s just incredibly unfortunate this pandemic came upon us, and incredibly unfortunate that businesses are becoming casualties. Whether I expect more or not will be a function of how long the shutdown persists, and how long it takes for business to return.” Mr D’Aguilar, himself a businessman before entering Parliament and ministerial office, said many Bahamian companies are being drained by recurring costs such as rent and electricity that must be paid
even if they are closed. He added that even those with “little pots of money in savings” were finding it hard to cope with this, keeping key staff on payroll and assisting those furloughed with no revenues being earned. “There is a cash burn rate, your revenues are zero and you are going through your savings to try and get to the other side of the pandemic,” the minister added. “When the economy open up, and your business opens up, is one date, and the date customers return is another. “The date of re-opening is one hurdle and, to be able to tide yourself over until a decent amount of
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of post-COVID-19 life is increased social distancing then it’s going to become
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$3.23 B$ devaluation ‘not on horizon’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DEVALUATION of the Bahamian dollar “is not on the horizon at all”, a former Central Bank governor said yesterday, adding that the country’s all-important foreign reserves have several protective mechanisms around them. James Smith, also a former finance minister, told Tribune Business that pressures on the Bahamian dollar’s one:one peg with the US dollar were unlike to emerge “in the immediate term” even though the tourism shutdown has made finding an alternative source to replenish the foreign currency reserves arguably the country’s greatest economic challenge. He added that a resumption of tourism was likely “not long in coming”, given the prime minister’s ambition to open The Bahamas’ borders “on or before July 1”, with the critical issue being the revival of confidence among international travellers. “Once that happens, the economy will open up and we will get foreign currency from our major sector, tourism,” Mr Smith said. “The thing is all we have to is continue borrowing foreign currency with the understanding that when we re-open we’ll have to pay it back. Otherwise we’re going to suffocate our economy.” Noting that the foreign reserves remained at a relatively high $2.033bn going into April 2020, he added that the tourism shutdown and wider COVID-19 lockdown had initiated a self-correcting mechanism to some extent. Mr Smith explained that The Bahamas’ food import bill had dropped as a result of there being no visitors to feed, while the spike in unemployment and lost income as a result of the pandemic-enforced lockdown also meant that Bahamian demand for goods and services from abroad had also dropped. This, the former finance minister said, meant that foreign currency outflows were being reduced at the same time as inflows disappeared. This will help to minimise the pressure on the foreign reserves, and helps to explain why they remained above $2bn going into April despite the pandemic shutdown. The Central Bank is projecting that the foreign currency reserves will
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PAGE 2, Tuesday, May 26, 2020
THE TRIBUNE
PALM CAY LAUNCHES FINAL HOME SITES SALE A NEW Providence real estate development is aiming to sell off its remaining home site inventory now that the government has lifted the COVID-19 restrictions on property showings. Palm Cay, the mixedused real estate and marina development on New Providence’s south-eastern shore, said the move is a natural progression to complete its build-out. It has completed the construction and sell-out of its Starfish Isle beachfront townhomes, while just two units remain in the phase five Anchorage apartments. Rob Bachelor, Palm Cay’s general manager,
AERIAL shot of Palm Cay in eastern New Providence. says of the latest campaign launch: “The timing in our eyes is great. We’re trying to get ahead of the market. We feel we have the best
residential amenities at this price point anywhere on New Providence, and want to make sure we are considered first when buyers are
making a decision over the next few months.” The homesites, which range in size from a little over 8,000 square feet to
16,500 square feet, will be sold with two years of homeowner association fees and two years of membership. Palm Cay’s amenities include a marina, beach and beach club, restaurant, café, tennis courts, gym, spa and 24-hour security. Colin Lightbourn, managing broker for Engel & Volkers, the broker managing the sales campaign, said: “Palm Cay recognises that people are in the market locally who have been waiting for an opportunity like this. We’ve had an unprecedented situation over the past two months, and we have decided to drive this campaign towards people here now who want to be in
a community that will hold its value and offer a quality lifestyle. “This is a tremendous opportunity to have no costs attached to the property for two years, and to experience and enjoy all the benefits of the community. It gives an owner time to plan, build and invest in a home. Also, for Bahamians there are no property taxes on vacant land, so there are literally no carrying costs.” The sales campaign launches immediately and will run through the early part of summer, remaining sensitive to any COVID-19 restrictions as The Bahamas and the world return to normal business.
Port Authority hails Real estate firm digital payment firm back in the office A BAHAMIAN digital payments solutions provider has launched its platform in Grand Bahama through the five-store Express Food Mart chain. Kanoo, a Grand Bahama Port Authority (GBPA) licensee, has launched a platform that can assist businesses and customers in cashless, card-less digital wallet transactions that limit physical contact. “The world is changing and we want to be on board,” said Shauna Taylor of Express Food Mart. “The Kanoo app is a digital cash card. It’s brand new, and we are the first in Grand Bahama to accept it.” GBPA executives hailed Kanoo’s platform as an example of how Grand Bahama businesses are evolving to meet changing customer needs amid the ongoing COVID-19 pandemic. The noted that digital wallets reduce contact during purchases, and alleviate the need to carry cash.
CLIENT using Kanoo in store.
“The ways in which Freeport’s businesses have quickly and responsibly adapted their operations to meet the needs of customers has been remarkable,” said Ian Rolle, GBPA president. “Conducting business in a way that inhibits the spread of viruses like COVID-19 is critical to the
success of all businesses, and is required for the safety of all residents, today and in the future.” Highlighting the benefits of Kanoo’s app for businesses and customers, Mr Rolle added: “Businesses across the island provide a critical service to residents, and we are pleased to see them adopt practices such as social distancing, disinfecting and curb side service that are keeping our residents safe and healthy. Kanoo provides another way to safeguard customers’ well-being.” “Convenience has always been a hallmark of successful service organisations,” said Derek Newbold, the GBPA’s senior manager of business development. “COVID-19 has challenged us all, and we encourage businesses to continue to think progressively to provide safe and convenient customer experiences.”
A PROMINENT Bahamian real estate firm yesterday confirmed it has resumed office operations for the first time in nine weeks after COVID-19 lockdown restrictions were eased. Damianos Sotheby’s International Realty said its offices across The Bahamas re-opened from 9am to 1pm in accordance with the government’s requirements. It added that staff and agents used the office closures to further their professional development, team building, and to sharpen sales and marketing strategies. “Our entire team has been working remotely non-stop and, in many ways, has been busier than ever,” said George Damianos, Damianos Sotheby’s International Realty’s chief executive. “Once the government announced we were going into quarantine indefinitely, we immediately pivoted and began working from our home offices, turning our focus to virtual and
digital strategies and beefing up our marketing.” The company’s executive team has spent two months meeting daily via Microsoft Teams to assess every aspect of its business - from accounting and marketing, to administration and operations. Sales and administrative teams have gathered on weekly calls since March to sharpen their professional skills via the Ninja Selling course, and attended bi-weekly Sotheby’s International Realty training webinars. “One of the most significant differentiators as a real estate brand is this incredible network of Sotheby’s International Realty agents and marketing experts that we tapped into to gain invaluable insight into the best way forward post-COVID, and how to navigate the downturn of business caused by the pandemic,” Mr Damianos said. He added that critical details from these calls were
incorporated into marketing and sales strategies in the form of e-mail marketing campaigns, corporate communications and a ramped-up social media presence. Administrative staff supported agents from home as they responded to international inquiries, prepared listing agreements, built brochures, fielded offers and closed sales. The accounting department also worked remotely paying client and company invoices. “I am utterly impressed with how we’ve come together as a team in this time of crisis,” Mr Damianos said. “This quarantine has offered us the remarkable opportunity to connect more frequently and deeply as a team to exchange ideas and best practices. We are proud of the way our team has stepped up to support and encourage each other, and built upon their alreadyimpressive talents and skill sets.”
THE TRIBUNE
Tuesday, May 26, 2020, PAGE 3
Bahamas lost 60,000 Extended store hours livestock to Dorian to ease ‘crazy volume’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE Bahamas lost 60,000 livestock as part of the $80m in damages inflicted upon the agricultural sector by Hurricane Dorian, a regional agricultural body has revealed. The Caribbean Agricultural and Research Development Institute (CARDI), in a statement, said: “In the immediate aftermath of the hurricane, CARDI began working with all stakeholders to restore agricultural production on the islands. “Working alongside the Ministry of Agriculture and Marine Resources and the rapid needs assessment team (RNAT) co-ordinated by the Caribbean Disaster Emergency Management Authority (CDEMA), CARDI assisted in assessing the damage to the agriculture sector. Michael Pintard, minister for agriculture and marine resources, advised that the damage to the sector was upwards of $80m. “Agricultural production on Abaco and Grand Bahama, regarded as the food baskets of The Bahamas, were devastated. The vibrant fisheries and poultry sectors that the islands supported were obliterated. Assessments revealed almost total damage to the poultry industry, hydroponic and aquaculture farms,” it added. “Livestock and vegetable farms were also hard hit by the monstrous storm. An estimated 60,000 readyto-market broilers, sheep, goats and pigs were lost, while three-large scale farms and 200 small-scale farmers were severely impacted.” Dr Michele Singh, CARDI’s representative in The Bahamas, said: “Several challenges constrained the
AN AUTO parts supplier yesterday said “the crazy volume” of customers that initially lined up outside his store should be reduced now it can re-open for a full five days per week. Dwayne Higgs, WHIM Automotive’s general manager, told Tribune Business: “It’s a little slow today. I think things are going to spread out, and people are going to go to the places where they haven’t been able to go for a while. “With the weather, it’s probably going to keep some people inside for now. But we anticipate just a steady flow, not the crazy volume of people we had before. I am anticipating just a steady flow since people can come Monday to Friday, 8am to 5pm.” Me Higgs added: “I’m thinking we had that rush because we were closed for five to six weeks initially, and we could only open on Tuesday, so we had those huge, long lines. I think it’s going to be more spread out now, and just a steady flow. But if it is busy, then great, I will take it. But
ABACO farmers using the CARDI supplied pots and soil to plant breadfruit. immediate restart to agricultural production on the islands. Chief among those were the lack of planting material and breeding stocking, and salt water intrusion reported.” Since January 2020, the Institute in collaboration with the Inter-American Institute for Cooperation on Agriculture (IICA) has been rolling out phase one of its post-Hurricane Dorian agriculture project to restore productive capacity through the provision of seeds/seedlings, nursery infrastructure and other support mechanisms. Working with the Ministry of Agriculture, agricultural inputs ranging from planting material, potting soil and irrigation equipment have been provided to impacted farmers. “To date, approximately 1,500 sweet potato slips from eight cultivars have already been distributed, some of which are about to be harvested,” the statement added. “CARDI is focused on promoting the cultivation of root crops such as sweet potato as part of our climate resilient strategy. “These below-theground crops remain intact after storms, and can be a source of nutrient rich food for the population. Some of the $5,000 worth
with everywhere else open now, people are going to go to the laundromat. Some people are going to go there and other places for hurricane shopping and the like.” The WHIM Automotive chief said “nobody was outside waiting”, with any line having gone by 8.30am. He suggested that the rain may have been a factor, or that persons were running low on money due to the continued tourism shutdown and closure of many other industries. However, Mr Higgs said the government’s monthly payday could provide “a shot in the arm” to boost sales. Asked if he expects to sustain high sales moving into June, Mr Higgs replied he was “hopeful, but the reality is there is only so much money circulating in the country and people are going to take care of their needs first. I’m sure people are going to eat before they drive, but you can’t go to the food store without your vehicle”. Suggesting that auto parts “always should have been classified as an essential service, and we should have been opened straight through”, Mr Higgs said:
“My suppliers in the States were very surprised that we were closed because in the US, automotive is essential. They didn’t close down at all. I’m not looking backwards, I’m looking forward ,and we’ve got some big things coming here at WHIM over the next two months. “I’m tired of the masks and all of that, but we have to follow the sanitary guidelines, and we still have people coming in eight or ten at a time. We have the markers on the floor so people know where to stand. They sanitise their hands at the entrance and the exit, and we have the markers outside as well. We’re still doing all of this. I don’t want to do this, but it’s what we have to do for right now to make sure we stay safe. “I have a janitress that works full-time anyway, so I told her that her job is to now focus on making sure everything is wiped down. We have the automatic hands-free hand sanitiser at the entrance and exit. We bought a couple of gallons of that, and that is very conservative with what it gives you, so that is going to last us for quite a while.”
of vegetable seeds (tomato, sweet pepper, onion, hot peppers and squash) earmarked for distribution has been procured, and distribution is set to continue over the next months. “In Abaco, pots soil and agrochemicals were presented to breadfruit growers. Farmers used these inputs to grow 500 bread fruit trees donated from The Trees that Feed Foundation (TTFF). These will replace those damaged by the hurricane. This initiative is aligned to the country’s goal of boosting breadfruit production in the country,” CARDI continued. “In the coming weeks, pending the lifting of some of the restrictions imposed by the government as a result of the COVID-19 pandemic, two suspended climate smart livestock systems will be constructed on the Family Islands. “Also, approximately four acres of silvo pastures for Mulatto II, Mombassa and Cayman will be established and evaluated. To complement this activity, CARDI will provide trainUNIQUE VACATIONS LIMITED ing to livestock farmers on pasture establishment and VACANCY UNIQUE VACATIONS LIMITED management. The increased VACANCY SENIOR AIX/LINUX SYSTEMS ADMINISTRATOR use of nutrient rich forSENIOR AIX/LINUX SYSTEMS ADMINISTRATOR ages will help reduce the dependenceUnique on imported Vacations is looking for a Senior AIX/LINUX System Administrator who will bewho responsible for defining Unique Vacations is looking for a Senior AIX/LINUX System Administrator will be responsible for p concentrate for animal feed estimate project tasks, and provide industry knowledge in performing basic and advanced tasks associated defining project requirements, estimate project tasks, and provide industry knowledge in performing in the country.” basic and associated with responsibilities. AIX architectu System responsibilities. The Senior AIXadvanced Systemtasks Administrator will administration provide high-level input toThe anySenior system Administrator will provide high-level input to any system architecture changes, security changes, changes, applying security updates, and support to application teams with items such as patch manageme applying security updates, and support to application teams with items such as patch management, support of the applications with their respective vendors.
To advertise in The Tribune, contact 502-2394
installation, and support of the applications with their respective vendors.
Job Summary:
Job Summary: The Senior Linux/ AIX Systems Administrator installs and manages the AIX operating environment
The Senior Linux/ AIXonSystems Administrator installs and utilizing manages theversions AIX operating environment both both physical and virtual server platforms, current of AIX technologies. Designson and implements back-up, recoveryofandAIX conversion strategies,Designs as well asand performance and security tuning server platforms, utilizing current versions technologies. implements back-up, recov best practices. and security tuning best practices. strategies, as well as performance Areas of Responsibility
Areas of Responsibility
Extensive System Administration experience in a heterogeneous UNIX environment like AIX/Linux. Work on AIX designs, SOW, development, and supported application solutions to meet Extensive System Administration experience in a heterogeneous UNIX environment like AIX/Linux. Work requirements. •
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SOW, development, and supported application solutions to meet requirements.
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Configuration, management, and support for advanced AIX functionality which includes: HACMP and NIM Experienced in AIX/6x/7x installation, migration, and troubleshooting. Configuration, management, and support for advanced AIXupgrade, functionality which includes: HACMP and NIM
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• Experience in managing, troubleshooting IBM P Series hardware. Upgrade firmware of managed machines, devices, and HMC.
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Experience in managing, troubleshooting IBM P Series hardware.
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Lead datacenter• migration a largeI/O midrange Knowledgein- Virtual client LPARenvironment. using HMC.
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• Knowledge and hands-on experience in Advanced Power Series Virtualization. Extensive experience in micro partitioning and LPAR, DLPAR.
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Knowledge - Virtual I/O client LPAR using HMC.
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Knowledge and •hands-on experience in Advanced Power Series Virtualization. Work along with SAN Storage Team and Perform Disk Management (LVM).
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• Experienced in installing andmachine configuring clusters with different resource Support partitioning environment with and IBMupgrading P Series,HACMP manage with HMC.
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Install, configure, NIM server, using NIM recourses. • manage, Monitor and manage theand 24x7installing operationsclients to ensure the highest stability and availability.
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Performed disaster exercises for server environments. Work along with• SAN Storage Teamrecovery and Perform Disk Management (LVM).
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Experienced in installing and upgrading HACMP and configuring clusters with different resource groups. • Design, develop, and install scripts to alert and monitor for system errors, exceptions, system Capacity and Performance Planning.
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AIX/6x/7x installation, upgrade, migration, and troubleshooting. • Upgrade firmware of managed machines, devices, and HMC. •
Lead datacenter migration in a large midrange environment.
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Extensive experience in micro partitioning and LPAR, DLPAR.
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Support partitioning environment with IBM P Series, manage machine with HMC.
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Install, configure, manage, NIM server, and installing clients using NIM recourses.
groups. Experienced in AIX Capacity and Performance Planning.
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Coordinate with vendors, development, business partners, and escalation support teams. performance history, and general systems maintenance.
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Monitor and manage the advanced 24x7 operations to ensure the highest stability and availability. • Provide troubleshooting and support associated with the enterprise midrange
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Performed disaster recovery exercises for server environments.
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Coordinate with• vendors, development,tobusiness partners, support teams. Provide documentation users and Service Deskand staffescalation before the implementation of newly
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Design, develop, and install scripts to alert and monitor for system errors, exceptions, system performan • Assist with establishing policies and procedures necessary for optimal system operations. These general systems maintenance. should include the accuracy and integrity of system backups, automation of manual and routine
environment.
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Make recommendations for upgrades and new server hardware, peripherals, operating systems. installed products.
operations, ensuring conformance with Information Systems, enterprise, security, and industry standards.
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Accurately document instances of hardware failure, repair, installation, and removal.
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Provide proactive communication with vendors to ensure operating system levels and systemlevel patches or upgrades are applied to minimize performance and availability issues.
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Provide effective capacity planning via standardized processes to collect and record server performance history. Communicate with application support and vendors to understand changes in application workloads and leverage historical performance data.
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Any other duties/projects as deemed necessary by management
Experience/Skills/Qualifications: • Education: BS in Computer Science or Management Information Systems • Experience: 7+ years of experience managing AIX/ Linux Systems. 3+ years of experience in server virtualization (Xen) • Excellent team, interpersonal and communication skills. • Must be able to coach junior team members • Clear, analytical thinking, and problem-solving ability. Only short-listed candidates will be contacted. Interested persons should submit their applications by May 28th, 2020 with curriculum vitae to hrreport6@gmail.com
PAGE 4, Tuesday, May 26, 2020
THE TRIBUNE
Software development a ‘very tough business’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN software developers yesterday described the industry as “a very tough business to be in” due to the uncertainty over whether heavy up-front investment will generate a return. Dr Donovan Moxey, Mobile Assist’s chief executive, told an Embracing Technology webinar hosted by The Counsellors Group that developers often simply had to hope that they had judged market demand and needs correctly. “When it comes to software, and especially for a platform we built for Mobile Assist, we invested up to seven figure,” he said. “That’s where we are today in terms of what has been invested, and when you talk about software platforms you are continually developing, and you are continually evolving, so the investment in capital is significant. “Software is a very tough business to be in. It’s one of those things where you invest heavily in a platform and building a product, and then what you do is you hope that you make good decisions about what the market wants. “For a number of folks that are in this business you develop methodologies such as agile software methodology. You develop methodologies in terms of how you architecture your platform so you can move modules in and out, so that minimises the risks
Bahamas facing ‘eye popping’ 100% debt FROM PAGE ONE
DR DONOVAN MOXEY associated with making these kinds of investments.” Dr Moxey also warned against using the “waterfall method”, where software developers would agree to build software and then “hoped and prayed” they made good decisions. “We take an agile approach where we build a structure, and we build modules around it, where we can quickly react to the market and there is a cycle that goes into all of that,” he added. Peter Bridgewater, chief executive of Open Systems Technologies International, a cybersecurity and document management company, said at least ten percent of a company’s revenue is typically spent on technology or
in financing the implementation or maintenance of technology. “The economic benefits will depend basically on that capital they invest, and the effort they take to develop and make businesses in their organisation resilient in what we call this global marketplace,” said Mr Bridgewater. “We see that is very true today. When you look at COVID-19, those businesses that invested in technology or invested economic capital in technology, it is almost as business as usual. The pandemic is there, but in terms of being able to work continually it is because of their investment they are able to do that.”
While tomorrow’s budget will be full of projections and forecasts, Mr Pinder said “the real tale of the tape will come on June 30, 2021, when the books are closed. My projection is that we will be looking at a recurrent deficit of around $1bn”. That only measures by how much the government’s fixed cost spending (wages, allowances and rents etc) exceed its likely much-reduced revenues. Estimating that capital spending will exceed revenue by at last $200m on that side of the budget, Mr Pinder added: “You’re going to be looking at a borrowing requirement that, in my view, will exceed $1bn. “What I really think is going to be eye popping is when you check the debtto-GDP ratio in the next 12 months. You may be looking at a debt-to-GDP ratio that is on the cusp of or exceeding 100 percent.” This is because The Bahamas’ national debt, pegged at around $8.4bn, will surge by around $1bn over the next 12-13 months while GDP contracts by an even more staggering amount. The prime minister recently said Bahamian GDP could shrink by between 15 percent to 20 percent, meaning the economy’s output for 2020 could plunge by around $2bn compared to the prior year. Data from the
Department of Statistics pegged Bahamian GDP in 2018 (last year’s figures are not yet available) at $12.424bn in current prices, and $10.763bn when measured using their real equivalent. The latter measurement strips out the effect of inflation. A near$2bn contraction would take GDP below $10.5bn in current prices, and to $8.763bn in real terms. With the government’s debt (including liabilities guaranteed on behalf of the public corporations) likely to be around $8.8bn-$8.9bn at June 30 this year, based on its own projections, Mr Pinder’s estimated borrowings/deficit size would take this to around the $10bn mark by mid-year 2021 well within range of his 100 percent debt-to-GDP ratio. The government has already confirmed that revenues were down 50 percent year-over-year for March, which is typically its richest income month, and should that trend continue for the full fiscal year it could lose as much as $1.2bn in revenue over the next 12 months based on its post-Dorian fiscal forecasts. Mr Pinder, though, warned that neither the government nor the Bahamian people can solely blame Dorian and COVID19 for the nation’s fiscal woes. “This was a problem created over a number of years,” he told Tribune Business. “We continuously expanded the civil service,
we continuously borrowed to finance fiscal deficits even when we introduced VAT to mitigate against some of that. All these things have really done is expose the cracks that were already in the foundation.” The UoB economics lecturer also voiced fears that that S&P’s and Moody’s recent actions had further worsened the economic pressure on The Bahamas. “One of my concerns is that given what’s happening is there going to be a loss of investor confidence and monies taken out of the country?” he queried. “I want to be very careful in going out on a limb in saying that publicly, but again it’s a very difficult position. We have a downgrade of The Bahamas’ sovereign debt at the time we have these budget challenges, and the downgrade has not only affected interest rates on our foreign currency borrowings but can have an impact on foreign direct investment. “Investors look at these things as they do assessments of country risk, and in terms of being able to repatriate profits.” Summing up the importance of tomorrow’s budget for The Bahamas’ immediate, medium and long-term future, Mr Pinder said: “This budget is a defining one for the country. In my view it’s almost like an inflexion point, and almost a watershed moment for the country.”
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THE TRIBUNE
Tuesday, May 26, 2020, PAGE 5
IMF’s $252m loan ‘prudent and logical’ FROM PAGE ONE
minister, in mid-March 2020 - at the onset of the COVID-19 pandemic and related economic shutdown - said that seeking the IMF’s help would be a last resort. Demanding that the IMF loan agreement be tabled tomorrow in Parliament together with the budget communication, Mr Cooper called on the government to provide full transparency over whether any “implicit or explicit conditions” are being imposed on The Bahamas in return for this financing. “That the government intends to borrow $250m from the IMF is not surprising in and of itself,” the PLP deputy leader said in a statement. “However, just weeks ago the government said no borrowing was foreseen, which speaks to the validity of the government’s financial forecasts.” The government, via Mr Turnquest, had previously
indicated that no further borrowings would be necessary to make it through to the 2019-2020 fiscal yearend on June 30. The need to tap the IMF suggests that the depth and length of COVID-19’s economic fall-out will now surpass the government’s initial projections, although the deputy prime minister said the IMF borrowing remains within the scope of parliamentary approvals. Mr Cooper, meanwhile, said: “On the face of it, 1.05 percent is not an unattractive rate in a market where government paper [due to mature in 2024] is trading at 15 percent following the recent downgrade and negative outlook.” However, he questioned how the government will use the IMF loan proceeds and whether they would cover outstanding obligations it has yet to meet. Bemoaning the absence of
“a rainy day reserve, as well as borrowing headroom”, Mr Cooper argued that the need to seek IMF help shows “the chickens may be coming home to roost” with the government’s finances. Yet Mr Smith, speaking to Tribune Business, said the government’s bid for the $252m “was a pretty logical move to me if you understand the IMF”. He explained that one of the fund’s core founding functions was to help its members deal with short-term cash flow and monetary issues. All 190 member nations hold shares in the IMF, namely the SDRs, which are treated as an asset on their respective central bank’s balance sheet. In effect, Mr Smith said The Bahamas is borrowing against its SDRs or shares in the fund, which will act as security/collateral for the forthcoming loan.
And he added that this facility is completely different, and separate, from an IMF-imposed “structural adjustment” initiative that would only come down when a country has lost access to all other available capital market funding sources. The Bahamas, Mr Smith said, has yet to find itself in this position and 90 other nations - including many from the Caribbean have already obtained such COVID-19 loans from the MF. “They [SDRs] are used as emergency short-term facilities if governments suffer a disruption to their economies and foreign exchange flows,” Mr Smith said. “It was set up for that purpose, borrowing against your assets. “You couldn’t criticise the government for putting in an insurance policy and using it when they run into a problem. Look at the
B$ devaluation ‘not on horizon’
Indies at the time, and Barbados was going through austerity measures and a real clamp down on foreign reserves to protect the Barbadian dollar at the time. “There are a number of steps before you get to a devaluation, and we’re not even at the second or third step in my estimation.” Messrs Smith and Pinder were in accordance with both the Central Bank’s governor and government, which yesterday blasted suggestions that The Bahamas is on the verge of a dollar devaluation or “running out of cash”. John Rolle, in a series of Twitter tweets, said: “Fifty percent of our demand liabilities determine the legal floor on the external reserves. These move in close synchronisation with reserves because they fund the balances. The Bahamian dollar is not facing devaluation threats. Policies already anticipate vital local needs. “Demand liabilities
are banks’ Bahamian dollar reserves lodged with the Central Bank, currency issued to the public, and deposits of other entities with the Central Bank. Keeping reigns on government borrowing from the Central Bank checks divergences between demand liabilities and the external reserves.” The Ministry of Finance, in its riposte, described claims that the government is running out of money as “false”, and added: “Further, the Bahamian dollar is not facing a devaluation threat. “Our economy has not survived and thrived for so long because of good fortune. As a country, we have historically taken a very prudent approach to fiscal and monetary policy to protect ourselves in situations like the emergency we face today..... “Since the COVID-19 crisis, the Central Bank has taken several preemptive steps to shore up our
reserves, and they will continue to take necessary action as needed. I echo the Central Bank’s statement today, indicating that monetary policies have already taken into consideration vital local needs, and any reports of devaluation threats are entirely misleading and without merit. “The government will continue to take the necessary steps to stabilise the economy and support the Central Bank in its mandate to preserve the integrity of the Bahamian dollar.”
“unchartered territory” since it is the first-ever time this country has borrowed from the IMF. However, the former finance minister yesterday suggested that The Bahamas had obtained similar financing against its IMF “shares” - known as Special Drawing Rights (SDRs) - in the wake of the 20082009 global financial crisis. A Tribune Business report dated almost exactly one decade ago, from April 30, 2010, confirmed the then-government had obtained $178.7m in IMF SDRs in late 2009. Mr Cooper, though, noted that the government had rejected a previous IMF offer of $200m in financial assistance to deal with Hurricane Dorian reconstruction. And K Peter Turnquest, deputy prime
FROM PAGE ONE decline by around $1bn during the rest of 2020 to hit around $800m to $1bn by year-end, and Mr Smith said the decline could be slowed further if the government is able to defer many of its foreign currency principal repayments coming due over the next two to three years. He also argued that the flow of tourist dollars has not been “reduced to zero”, pointing out that expatriate permanent residents and homeowners in communities such as Lyford Cay and Albany are spending locally on goods and services using US dollar and other foreign currency accounts. The Central Bank has also taken measures it
believes will conserve some $300m worth of foreign currency, including suspension of the repatriation of dividend payments by the Canadian-owned banks; suspending the ability of Bahamians to buy real estate and securities abroad; and asking the National Insurance Board (NIB) to liquidate some of its overseas investments and repatriate the proceeds. Similarly, Rupert Pinder, an economics lecturer and teacher at the University of The Bahamas, told Tribune Business that any devaluation threat to the Bahamian dollar remains a long way off. “In my estimation I don’t think we’re that close,” he said. “I was in Barbados in the early 1990s as a student at the University of the West
interest rate. One thing we know is that no visitors are coming into the country because of the virus, but we still have to pay foreign currency loans and import stuff. “We don’t want the Central Bank reserves to dwindle, and need to have foreign currency available, and the facility was set up for that purpose. Look at the rate. It’s a logical thing for them to do. It’s proportionate to the size of our SDRs, and we will have funds to repay it,” the former finance minister and Central Bank governor continued. “It’s a very logical think to do, and I’m glad they did it, rather than wait to the last minute when we’ve used up the reserves and and running around left, right and centre, or other countries have crowded them out. It’s a very prudent thing to do at this time.”
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PAGE 6, Tuesday, May 26, 2020
Luciano’s closure makes tourism start ‘more critical’ FROM PAGE ONE customers return, you’re going to burn cash. If you don’t have sufficient savings in place it’s going to be a struggle. That’s why timing is critical to re-opening the domestic economy and the international economy to get businesses up and running again. “Unfortunately there are- and there will be - casualties of this pandemic. Tourism was extremely robust, and tourist arrivals were record-breaking. In that environment, far more businesses could survive. When you get to a situation where sales are zero, and at what rate they come back you don’t know but hopefully they will eventually ramp-up, you have to survive that journey from a cash standpoint. The longer the shutdown lasts, and the longer visitors take to come back, the more casualties there will be.” Mr D’Aguilar told Tribune Business that the government is “anxious to get the economy back open again and get people back to work, hoping and praying we have sufficient protocols to ensure as safe and healthy a return as possible”. The government, facing a 30 percent unemployment rate and loss of much of the country’s foreign currency earning capability, is aiming to re-open The Bahamas’ borders to commercial air travel “on or before July 1”. “There will probably be bumps in the road, but we have to be strong enough to overcome those bumps,” the minister added.
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THE TRIBUNE
Luciano’s operator gives ‘more casualties’ warning FROM PAGE ONE extremely challenging to maintain profitability. I sadly expect to see more casualties in the industry.” His comments provide an ominous warning of what may be to come for the sector whenever it emerges from the COVID-19 restrictions and closures it is currently labouring under. Luciano’s, which opened in 2004 and could accommodate a maximum 200 guests, becomes the most prominent corporate name yet to confirm it will not re-open after the pandemic. Mr Henderson confirmed that 72 managers and staff will lose their jobs, and said the company was still working through
the process of paying them their due severance and benefits. He added that Luciano’s had been suffering “mounting losses” for the past “couple of years”, and the COVID-19 aftermath and shutdown prompted the restaurant’s closure for good. Declining to comment on the extent of these losses, Mr Henderson added: “The restaurant industry is known to be extremely difficult. It’s challenging to manage food costs, labour costs and service quality, particularly with the notoriously slim margins that restaurants operate under. “It’s a tough industry at the best of times, and these are certainly not the best of times. Considering the weekend lockdowns,
and the fact people cannot dine in, operating a dine-in restaurant became a little more challenging.” Restaurant Services, in a statement, said: “After more than a decade serving the Bahamian community and visitors, the restaurant will be permanently closing its doors. Due to the current economic climate, the restaurant’s reliance on the tourist market and the economic uncertainty in the coming months, it is unable to continue as a viable business. “Despite increased competition in the industry, and a shift in the customer base, Luciano’s management had remained committed to its staff despite mounting losses each month. The economic impact of COVID-19 was
LOS ANGELES Associated Press RICHARD Branson’s Virgin Orbit failed yesterday in its first test launch of a new rocket carried aloft by a Boeing 747 and released over the Pacific Ocean off the coast of Southern California. The inaugural launch had appeared to be going well until moments after the rocket was dropped from beneath the left wing of the jumbo jet dubbed Cosmic Girl. “We’ve confirmed a clean release from the aircraft. However, the mission terminated shortly into the flight. Cosmic Girl and our flight crew are safe and returning to base,” Virgin Orbit said in its official Twitter commentary on the launch. There was no immediate word on what went wrong with the rocket, which carried a test satellite. Will Pomerantz, Virgin Orbit’s vice president for
A VIRGIN Orbit Boeing 747-400 aircraft named Cosmic Girl prepares to land back at Mojave Air and Space Port in the desert north of Los Angeles yesterday. Richard Branson’s Virgin Orbit failed yesterday in its first test launch of a new rocket carried aloft by the Boeing 747 and released over the Pacific Ocean off the coast of Southern California. Photo: Matt Hartman/AP special projects, commented during a preflight briefing on Saturday that about half of first rocket launches fail. “History is not terribly kind, necessarily, to maiden flights,” he said. Chief Executive Officer
Dan Hart said during the briefing that there had been numerous tests, discussions and introspection to verify that the system was ready. “In the end the questions are always, has everything been thought about and are
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ALL SHARE INDEX: CLOSE: 2,140.55 | CHG: 0.03 | %CHG: 0.00 | YTD: -91.05 | YTD%: -4.08 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.75 2.60 2.00 5.47 12.77 6.17 4.50 10.30 3.64 5.10 10.88 8.15 16.99 9.40 4.25 15.21
52WK LOW 3.35 20.91 5.50 5.39 1.78 0.67 2.00 10.21 5.60 3.62 5.41 2.53 1.85 8.00 6.63 13.04 6.98 3.14 13.90
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
1.00 10.00 1.00
1.00 10.00 0.90
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.98 11.26 6.10 4.03 6.01 2.92 5.10 9.20 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 2.92 5.10 9.24 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 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90
1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90
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
4,000
VOLUME
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.6 21.9 42.9 28.6 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% 14.86% 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
as many businesses relocated to western New Providence. “Corporate clients were a significant portion of our customer base, for both corporate events as well as business lunches and dinners,” he said. “As many of those corporate clients have moved their operations west we certainly saw an impact on our revenues. This, coupled with increased competition in the industry at large, created an unsustainable situation which COVID19 exacerbated, potentially indefinitely.” Luciano’s operated from property owned by the family of former Cabinet minister Brent Symonette, and was based in his childhood home.
Branson’s Virgin Orbit fails on first rocket launch attempt
MARKET REPORT
PREFERENCE SHARES
the final nail in the coffin, leaving no choice but to close and make its team redundant. “The sad reality is that the restaurant industry operates on very slim margins, and Luciano’s was no exception. The owners and management team have been struggling to make ends meet for the last couple of years, and have exhausted every avenue to keep the restaurant open and to keep the team employed. Nobody could have predicted the effects from COVID- 19 on the economy and, sadly, the fall-out has necessitated the permanent closure of the restaurant.” Mr Henderson explained that the “shift in the customer base” referred to the loss of corporate customers
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
31-Mar-2020 31-Mar-2020 31-Mar-2020
there any gaps or seams, and those are the questions you only learn when you commit to flight,” Hart said. The highly modified jumbo jet took off from Mojave Air and Space Por t in the desert north of Los Angeles and flew out just beyond the Channel Islands, where the drop occurred. The rocket was supposed to fall for a few seconds before the first of its two stages ignited and hurtled it down the coast toward the South Pole for insertion of its demonstration payload into a low Earth orbit. The purpose of the flight was to gather data on every step of the launch process rather than to have a useful satellite in orbit; the demonstration payload was described as an inert mass and the intended orbit was very low to avoid contributing to the problem of space junk. The attempt followed five years of development of the 70-foot-long (21.3 meter) LauncherOne rocket. How long the setback will affect the company was not immediately clear. It has six additional rockets under construction in its factory. “The team’s already hard at work digging into the data, and we’re eager to hop into our next big test ASAP,” the company tweeted. “Thankfully, instead of waiting until after our 1st flight to tackle our 2nd rocket, we’ve already completed a ton of work to get us back in the air and keep moving forward.” A successful launch by
Virgin Orbit would have marked a dramatic step in getting back on track after the coronavirus pandemic sent most employees home earlier this year while work spaces, procedures and mission control were adjusted. Virgin Orbit is targeting the market for launching satellites ranging in size from toasters to household refrigerators. The time is right for the small satellite launch market, Hart said on Saturday. Technology advancements have enabled satellites much smaller than traditional payloads to do “real work” in space, typically from low Earth orbit, and for markets ranging from commercial to national security, he said. While other companies are developing rockets for the small satellite market and builders of big rockets like SpaceX can carry them into orbit in a ride-share arrangement with large satellites, Virgin Orbit’s air launch system based on the aviation industry’s workhorse 747 is intended to put a satellite up when and where a customer needs it, Hart said. “We can fly to space from any place that can host a 747, which is almost any place,” he said. Virgin Orbit says it has dozens of missions on the books for customers including the US Space Force and the Royal Air Force. Internationally, it is working on plans for launches from the United Kingdom and Japan. Hart did not provide a specific dollar value for the missions it has on the books but characterised it as “hundreds of millions.” Air launch technology dates back decades, including use by X-15 rocket planes in the 1950s and ‘60s. For satellites the method is currently in use by what is now Northrop Grumman’s Pegasus rocket programme, which has had several dozen launches since 1990. Virgin Orbit, headquartered in Long Beach, California, began as a sister company of Virgin Galactic but has since separated. Virgin Galactic is preparing to begin flights carrying passengers into the lower reaches of space from southern New Mexico.
LEGAL NOTICE
SDSS International Ltd. NOTICE is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, of the Commonwealth of the Bahamas, the dissolution of SDSS International Ltd. has been completed; a Certificate of Dissolution has been issued and the Company has been struck off the Register. Dated this 22nd day of May 2020
_____________________
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
Liquidator PETALUMA LTD
THE TRIBUNE
Tuesday, May 26, 2020, PAGE 7
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
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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
COMMONWEALTH OF THE BAHAMAS FAM/DIV/2020/00035 IN THE SUPREME COURT Divorce and Matrimonial Side BETWEEN SHANTELL JEAN CLAUDY (nee ST. JOUR) AND GENOIS JEAN CLAUDY NOTICE OF SUBSTITUTED SERVICE TO:
Petitioner Respondent
GENOIS JEAN CLAUDY Nassau, N.P., The Bahamas
TAKE NOTICE that a Petition for Dissolution of Marriage by Shantell Jean Claudy (nee St. Jour) of house #39 Caspin Street off Soldier Road in Central District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas has been filed in this Honourable Court endorsed with a Notice addressed to you to enter an Appearance either in person or by your Attorney-at-Law at the Registry of The Supreme Court, Nassau, N.P., The Bahamas within Twenty-one (21) days of the publication of this Notice in The Tribune. In default of your so doing the Court may proceed to hear the evidence and pronounce Judgment in your absence, notwithstanding. Dated 19th, day of March A.D., 2020 WESTERN LAW ADVOCATES #11 Shirley Park Avenue Off Shirley Street Nassau, N.P., The Bahamas Attorneys for the Petitioner
THE TRIBUNE
Tuesday, May 26, 2020, PAGE 9
BODY AND MIND
Women in healthcare go above and beyond to assist those in need during pandemic By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
ORGANISATIONS around the country have been stepping up to the plate and responding to the needs of the community during the current coronavirus pandemic. One such group is the Women’s Health Initiative – a group comprised of medical professionals who have been going above and beyond their call of duty during this time. The University of the West Indies (UWI) Bahamas Women’s Health Initiative is a group with a mission “to improve the health of all women by bridging the gap between healthcare professionals and the community through education, outreach and research.” Since the COVID-19 outbreak hit New Providence, the organisation has made every effort to help and give back to the community. Its goal is to specifically target the less fortunate and commonly overlooked communities. The group distributed masks to all children on the Princess Margaret Hospital Paediatric Ward, cases of water to the Cancer Society and Bilney Lane Children’s Home, and grocery/care packages to the
MEMBERS of the Women’s Health Initiative residents at the Persis Rodgers Home for the Aged. “We also volunteered time and service by participating in the national blood drive, preparing breadbasket packages for the less fortunate communities at the Red Cross and distributing food to the individuals in quarantine at Breezes hotel. Virtually, through our various social media platforms, we consistently posted information on the coronavirus and how the public can protect themselves during this time.
Lastly, we have hosted Zoom meetings with guest speakers on various health topics, including urinary incontinence and preserving mental health during this pandemic... we hope to continue these efforts in the future,” said Sytia Bootle, the public relations officer for the group. And as they respond to those in need in the community, one of the main things they hope to accomplish is to raise greater awareness of women’s health.
Some of the primary objectives of the group are to: empower women of all ages to take control of their health through increased health advocacy; to raise awareness on the gender differences in health issues; create a bridge between medical physician, others within the medical profession and members of the local community; create opportunities for outreach and community service to assist those, particularly women, in need, and allowing opportunities for participation in research.
“The intention behind every planned event is to let every woman know that there is a group of educated women willing to support and honour them as fellow women,” said Whitney Ferguson, community outreach chair. To educate people, the group hosts monthly meetings with healthcare professionals who give insightsinto managing daily aspects of healthcare. “As a result, we not only learn, but we share concepts in women’s health issues related to wellness and health maintenance. In efforts to support and serve the community, we collect resources and give to those who are in great need. We support our teenage mothers, especially during the holidays when a little extra love is necessary, and we visit our senior citizens who paved the way for some of us to be where we are today. As we plan and execute each activity, we gain insight as to what the OB-GYN specialty requires while fostering relationships with medical personnel,” said Ms Ferguson. The organisation hopes to expand its reach to assist and cater to women of various backgrounds, needs and statuses.
Cheiwah shakes up fitness norms with online Zumba By ALESHA CADET Tribune Features Writer acadet@tribunemedia.net To look at her now, you would never guess that Cheiwah Ferguson ever struggled with her weight, but even though she grew up in a health-conscious household and was super active, she was an overweight child. Throughout her life, the fitness enthusiast and Zumba instructor has dealt with fluctuations in her weight, and has come to realise that the fight for good health is never at an end; it is a continuous struggle and a life-long journey. For Cheiwah, this journey started very early on. As a young child she received first-hand experience of the weight loss and wellness industry, as her mother, Lydia Ferguson, founded Weight Watchers of the Bahamas, now Pure Comfort Weight Loss and Wellness Solutions. Witnessing her mom’s work towards helping others after experiencing the need for a change in herself, inspired Cheiwah, who now wants to get Bahamians fired up about getting fit with her virtual Zumba classes. As a teenager, the sports enthusiast tried to stay fit by joining all sorts of sports teams. “Throughout my entire high school career I had actively been on several school sporting teams, including softball, volleyball, track and field, inter-house basketball and golf on the weekends,” she told Tribune Woman. She also realised that being ‘sporty’ could help her tertiary education. “Upon graduating high school I knew that one of these sports would pay off. With some indirect influence from my cousin, who is a professional golfer, Georgette Rolle, I narrowed my decision down to golf and thankfully received a golf scholarship from Texas Southern University, where I received my
Bachelor in Accounting and MBA with Concentration in Accounting,” she said. But even there, she struggled with weight gain. “My freshman year in college was the test. I gained 30lbs in the first semester despite what I knew and I went into overdrive to take the weight off as quickly as possible. Since then life happened, and the occasional weight fluctuation creeped in here and there. Every phase, I recognised that the process is never just done. There is no finish line per se, because maintenance is another phase that heavily depends on outlook and sustainable habits,” she said. Today, Cheiwah works as an accountant, but she is also a wellness coach and licenced Zumba instructor, in addition to being a runway and print model, and stylist. The fitness enthusiast is passionate about helping others on their physical and mental wellness journey. “Without our health we have nothing, and COVID-19 has proven that underlying conditions can contribute to one’s demise,” she said.
When it comes to her fitness clients, she starts their programme by asking about their “why”; why do they want to get fit, why to they want to be healthy. “For long-term sustainable health, one needs more than just activity or a diet sheet. I don’t want my clients to work out in vain so I address the bigger picture. I’m able to relate to different stories. So when I ask my clients what their why is. It’s about understanding and addressing what they face in their personal life. Identifying certain factors such as work life, (relationship status), favourite foods, their triggers, et cetera, helps me to better understand what they are faced with and offer solutions,” she said. In an effort to continue to provide services to her clients during the quarantine, Cheiwah partnered with her Evolve Functional Fitness family to get a movement started. She connected with a team of coaches from all areas, including cardio kick-boxing, yoga and CrossFit, to provide a well-rounded programme for members to choose from. She said it was important that they all stayed engaged with the
gym’s members and to remind them that they are here for them through this challenging. “We are living in a digital age and I realised from the beginning that this shift in lifestyle was going to drastically change the way we live. I wasn’t sure how long it would be. I felt like it was a sense of duty to bring some positive energy to the community. I had committed members, and wanted to continue this for them. In this crisis, we have to continue to adjust. The current trend in is virtual learning. Just because we cannot be in the same room doesn’t mean the party stops. I am invested in my client’s outcomes and with all the work that has been put in, I would hate for it to got to waste. As an athlete, I am quite competitive, so it is important to keep up with the competition and to ensure the service provided is relevant and useful. I would like to grow as a brand and share that energy with others,” said Cheiwah. Her “Wake Up and Shake Up Zumba with Cheiwah” virtual sessions have managed to gain global traction, with people checking in from a number of different countries, such as the United State, the United Kingdom, Zambia, and even from Bangladesh. Cheiwah hosts her virtual classes on her Facebook and Instagram, under Zumba with Cheiwah. “For me, Zumba is about embracing the beat. I grew up in a Junkanoo household, and my Dad was a member of the Valley Boys Junkanoo group as a cow beller. My sisters, cousin and I were all choreographed dancers. This background directly influenced my love for music and performance. Although Zumba is a form of exercise, Zumba is also a performance. It is a confidence-building experience that allows me to dabble in more than the intended art form,” she said. “I teach Afro beat, soca, reggae, dancehall, hip hop, and I ensure to pay homage to my Junkanoo roots. So every time we get on the dance floor, it’s not only a time for us to
sweat, but to bring our best performance and leave it there. Zumba is an excellent mood-boosting anaerobic activity that doesn’t feel like work. It is by far one of the best ways to get your loved ones involved on your exercise routine and keeps you accountable, even while at home,” said Cheiwah. In her virtual classes, Cheiwah said you can rack up from 2.5 to 3 miles and burn anywhere from 600 to 1,050 calories or so. She said it’s all a full body workout that improves coordination, flexibility and endurance; and with just three classes you will see an improvement in your stamina. “It’s a whole lot of fun. I’ve had members from different walks of life. It has been a confidencebooster for some, and a great stress relief for others. One that stands out to me the most is a client of mine who had experienced a brain aneurysm a few years back. She had to relearn everything over the years and also had some weight to lose. The Zumba classes kick-started their weight loss journey again, down 22lbs, but what was most gratifying is the fact that this became her rehabilitative space. There were times in the beginning when she was my only client and I would do the class with full energy and dedication because that one client was just as important as a room full of people,” she said. Cheiwah describes her classes as high-impact but beginner friendly, “and the focus is always to do what you can, have a good time and worry less about perfection.” The current quarantine has allowed her to recharge, reflect, restructure her brand. She has also decided to direct a lot of focus on the further development of the Pure Comfort Weight Loss and Wellness Solutions, which complements her Zumba platform. “We gravitate towards things that we find exciting and so I encourage persons to try new activities and recipes all the time,” said Cheiwah.
PAGE 10, Tuesday, May 26, 2020
‘Devastating’ premature ejaculation is very common PREMATURE ejaculation is by far the most prevalent sexual dysfunction faced by men. Premature ejaculation is defined as a man ejaculating before or very soon after vaginal penetration, or the inability to delay ejaculation. There are two classifications of premature ejaculation: primary and secondary premature ejaculation. Primary or lifelong premature ejaculation involves every sexual experience ending too soon. Secondary or acquired premature ejaculation is suffered by men who only sparingly suffer from premature ejaculation and have a history of sexual episodes without the disorder. It is estimated that one in three men worldwide experience premature ejaculation. Tens of thousands of Bahamian men last one, two or three minutes, and they have profound disappointment in their sexual lives. This affliction often provides frustration and anguish to both partners. Men often suffer from low self-esteem and even depression due to their unsatisfactory sexual experiences. Every sexual escapade that ends too soon leaves the men involved often feeling like a failure. Mammals in general experience very short sexual interludes, whether it be lions, tigers, monkeys or bears. Men are the only mammals on earth that attempt to prolong the sexual experience. Multiple studies have estimated that American men last on average 13 minutes and European men last 10 minutes, whereby German men last on average seven minutes. A United Kingdom study involving five hundred couples found that men in this study lasted on average five and a half minutes during sexual intercourse. Premature ejaculation is such a common issue seen by urologists worldwide that a quantitative measurement tool was developed
THE TRIBUNE
THE UROLOGY DOCTOR IS IN...
Dr Greggory Pinto
to assess premature ejaculation, so as to assess the severity. The Premature Ejaculation Diagnostic Tool (PEDT) is a self-evaluation of a man’s various aspects of sexual dysfunction. The questionnaire includes a man’s ability to control the timing of ejaculation, the length of the sexual episode and the degree to which the premature ejaculation affects their sexual life. The total score on the PEDT questionnaire predicts the likelihood of a man experiencing premature ejaculation. Men are usually very reluctant to seek the consult of a urologist for their often deeply disturbing premature ejaculation, due to embarrassment. One in three men experience premature ejaculation, thus if you unfortunately have this frustrating and potentially devastating issue then take comfort in the fact that you are far from alone. The physiological control of a man’s ejaculation is dictated by two neurological domains; the central and the peripheral nervous systems.
Peripheral tactile stimulation can trigger the spinal cord driven ejaculatory reflex. The central nervous system of the brain can be stimulated by visual or emotional stimuli that leads to a physiological climax. The physiological basis for the peripheral and central nervous system driven ejaculatory response differs widely. Medication can be prescribed to dampen either the central or peripheral nervous system’s input in the ejaculatory response and therefore prolong the period before ejaculation. Medications such as selective serotonin reuptake inhibitors (SSRIs), such as Dapoxetine or Prozac, Paxil used primarily to treat depression or anxiety, increase neurotransmitters sent to the brain and have the wanted side effect of delaying ejaculation and prolonging a man’s sexual experience. Modafinil (Provigil) is a medication used to treat the sleeping disorder narcolepsy but it has the wanted side effect of delaying ejaculation.
Silodosin (Rapaflo) is used in the medical management of urinary symptoms associated with benign prostate hyperplasia and it also leads to delayed ejaculation. Certain analgesics such as Tramadol can also potentially prolong the period before ejaculation, but Tramadol can be habit forming and have side effects such as nausea, headaches and vomiting. Some men who suffer from premature ejaculation benefit from the use of phosphodiesterase-5 inhibitors such as Viagra or Cialis. The peripheral nerve endings of the penis can be dampened by local anaesthesia sprays or applied creams that reduce the tactile stimulation and delay the ejaculatory response. These local anaesthesia agents unfortunately could potentially reduce the pleasure of the sexual experience for the man and possibly be transferred to the female and reduce her level of tactile stimulation and lower the pleasure of sexual intercourse. The use of condoms, particularly thick, desensitising condoms
can reduce the tactile stimulation of the penis. Pelvic floor physiotherapy with Kegel exercises have shown to aid a man’s ability to delay ejaculation. Behavioural therapy can also provide beneficial results regarding premature ejaculation. Men in the Bahamas have a one in three chance of having premature ejaculation ruin their sexual relationships and their self esteem. Seek compassionate and comprehensive urology care to solve your erectile dysfunction, whether it is premature ejaculation or difficulty achieving a strong erection or maintaining an erection. The real tragedy is continuing to live with a correctable sexual problem. Seek confidential, compassionate and comprehensive prostate cancer therapy and treatment. • Dr Greggory Pinto is a board certified Bahamian urologist and laparoscopic surgeon. He has trained in Germany, South Africa and France, and is a member of the European Association of Urology. He can be contacted at The Surgical Suite, Centreville Medical Centre, #68 Collins Avenue/Sixth Terrace; telephone: 326-1929.
60 minutes. That’s not a bad goal. It’s most certainly doable, depending on the person, but if you are new to this and you are just starting on your health, wellness and fitness journey, you will need lots of motivation to start and keep this up. So using my strategy of making the goal super easy, I would suggest adjusting the goal of going walking or jogging to one or two times per week for 10 to 15 minutes. Setting an easier goal means that you are more likely to hit it, and that means you will feel great about your success, and that will lead to greater successes.
Give yourself time
The secret to success: Start small Health coach Ethan Quant, of Elite Wellness Solutions, has succeeded in his
weight loss journey and now wants to share his methods with the Bahamas in an effort to foster a culture of wellness and conquer the obesity epidemic. PEOPLE ask me all the time how I am able to stay motivated on my health, wellness and fitness journey. I always tell them the exact same thing. You really don’t need much motivation if you make it a lifestyle. See, when you put health, wellness and fitness in the context of a lifestyle you do the things that lead
3-D imaging shows uric acid build-up in a person with gout
Three things to know about gout today
you closer to your goals, even if you aren’t super motivated. The key to making health, wellness and fitness a lifestyle is to build healthy habits. Below are some ways that you can build healthy habits.
Make it super easy
I always let my clients know that when it comes to lifestyle changes, the easier the better; you can never set the bar too low. When you are introducing a new behaviour into your life you want to make it as easy, so easy that it’s almost laughable how easy it is. Let’s say you want to start exercising. Most often people will say that they can do three to five days a week for 30 to
Millions of people around the world are living with gout, but despite its prevalence, many misconceptions keep people from prioritising getting the help they need to address this debilitating condition. Why is it important to not ignore signs and symptoms of gout? For starters, gout is a serious form of arthritis and if it becomes out of control it can lead to permanent damage. When the body makes more uric acid than it should, or the kidneys do not remove as much as they should, uric acid builds up and tiny needle-like crystals begin to form. These crystals can accumulate anywhere in the body (called tophi) and cause permanent joint damage. The buildup of uric acid also puts you at risk for having a gout flare - which involves inflammation, redness, swelling, tenderness and intense pain. “When the pain of a gout flare goes away, many people assume the gout is gone, but without lowering your uric acid levels, these crystals will stay in your body and can continue to cause damage,” said Dr Orrin Troum, clinical professor of medicine, board certified internist and rheumatologist. “It’s critical for people to realise that gout is a chronic condition linked to other conditions
Because we live in a microwave society we often want instant results, which means that faster is better. This may be the case when it comes to high speed internet or Amazon Prime, but when we are talking about lifestyle changes, they take time. Think about it, you have been living the way that you are for pretty much all of your life, so developing new healthy habits is going to take some time, and that’s OK. Once you are starting small you can build the capacity to take on bigger goals, but give yourself enough time.
Know that you can do it
Belief in one’s self is probably the single greatest tool that we have on our journey to live healthier lifestyles. Really believing that we are capable of changing our unhealthy habits and developing healthy new ones is going to be essential if we want healthy and fit lives. In addition to us taking time to build capacity, we will also be building
like cardiovascular disease and kidney disease. It is important to pay attention to signs and symptoms of gout, not just during a flare, in order to best address the disease.” Here are three things you should know about gout, its symptoms, and why addressing the disease is so important: • Uric acid can build up almost anywhere in the body. While some may believe that gout only affects the bones and joints, the truth is uric acid crystals can build up in your organs, like the kidneys, too. While crystals in your joints can cause severe pain during flares, the buildup of uric acid in your organs can lead to even more serious complications like chronic kidney disease. • Damage from gout can occur even when the pain is gone. The buildup of uric acid crystals can cause damage to the bones and joints, even if you’re not feeling pain. Getting rid of crystal buildup can help prevent future flares and permanent joint damage, making it important to be honest with your doctor about your symptoms and ensure your uric acid level is well controlled. • Gout can become out of control. It’s important to keep track of your symptoms, especially if you are taking gout medicine
ETHAN QUANT
HEALTH COACH our confidence in our selves and our ability to change. So remember, you don’t need to be highly motivated to be successful in your lifestyle changes. You can do it by starting off easy, giving yourself time and believing that you actual can change. I know you can do it because you can do anything you put your mind to, so go and give it a try. If you would like help navigating this or any part of your health, wellness and fitness journey, please feel free to reach out to me directly. • You can contact Ethan Quant at ethan@elite-wellnesssolutions. com or on Instagram at @ ethanquant.
and you still have continued gout flares, sometimes called attacks, and/or tophi beneath the skin that aren’t getting better Because it can be difficult to remember everything you want to share with your doctor, consider developing a list of your symptoms to discuss during your appointment. This can be helpful whether your visit is in person or taking place virtually - no one knows your symptoms better than you. You might even consider making a separate list of the questions you want to ask your doctor to ensure you’re addressing any possible concerns. “Reach out to a gout specialist, often a rheumatologist, if you’re experiencing symptoms of gout or believe your gout may be out of control,” said Dr Troum. “It’s important not to let misconceptions about gout get in the way of getting the care you need.” More information is available at Gout Revealed, which provides helpful information and stories of people living with the condition, as well as videos from gout specialists sharing some of the latest research, including the importance of recognising and treating gout early.
THE TRIBUNE
Tuesday, May 26, 2020, PAGE 11
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 88° F/31° C Low: 74° F/23° C
TAMPA
TONIGHT
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
Mostly cloudy with a thunderstorm
Partly cloudy
Clouds and sun with a shower
Mostly cloudy with a shower
Partly sunny, breezy and pleasant
Variable clouds, a shower possible
High: 86°
Low: 77°
High: 87° Low: 77°
High: 86° Low: 74°
High: 85° Low: 75°
High: 85° Low: 74°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
98° F
83° F
96°-81° F
96°-79° F
94°-79° F
93°-80° F
High: 87° F/31° C Low: 77° F/25° 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.
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High: 82° F/28° C Low: 79° F/26° C
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High: 86° F/30° C Low: 77° F/25° C
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High: 87° F/31° C Low: 77° F/25° C
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KEY WEST
High: 87° F/31° C Low: 78° F/26° C
ELEUTHERA
NASSAU
High: 86° F/30° C Low: 77° F/25° C
Forecasts and graphics provided by AccuWeather, Inc. ©2020
High: 83° F/28° C Low: 78° F/26° C
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The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau Low
Ht.(ft.)
11:05 a.m. 11:30 p.m.
High
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
Thursday
12:20 a.m. 12:50 p.m.
2.9 2.2
6:56 a.m. 6:52 p.m.
0.2 0.3
Friday
1:15 a.m. 1:51 p.m.
2.8 2.3
7:50 a.m. 7:56 p.m.
0.2 0.3
Saturday
2:13 a.m. 2:55 p.m.
2.8 2.5
8:46 a.m. 9:04 p.m.
0.1 0.3
Sunday
3:14 a.m. 3:57 p.m.
2.8 2.7
9:43 a.m. -0.1 10:12 p.m. 0.2
Monday
4:15 a.m. 4:58 p.m.
2.7 3.0
10:38 a.m. -0.2 11:17 p.m. 0.0
Today
Ht.(ft.)
sun anD moon Sunrise Sunset
6:21 a.m. 7:53 p.m.
Moonrise Moonset
9:36 a.m. 11:39 p.m.
First
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May 29
Jun. 5
Jun. 13
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CAT ISLAND
High: 84° F/29° C Low: 78° F/26° C
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8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 77° F/25° C Normal high ....................................... 85° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 4.36” Year to date ............................................... 18.29” Normal year to date ..................................... 8.07”
uV inDex toDay
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 84° F/29° C Low: 78° F/26° C
High: 84° F/29° C Low: 79° F/26° C
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tracking map
High: 85° F/29° C Low: 79° F/26° C
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MAYAGUANA High: 86° F/30° C Low: 80° F/27° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 84° F/29° C Low: 80° F/27° C
GREAT INAGUA High: 88° F/31° C Low: 80° F/27° C
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marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:
WINDS SE at 10-20 Knots ESE at 7-14 Knots SE at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots E at 7-14 Knots E at 8-16 Knots E at 7-14 Knots ESE at 8-16 Knots E at 7-14 Knots S at 12-25 Knots SSE at 8-16 Knots SE at 8-16 Knots E at 7-14 Knots E at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 7-14 Knots ENE at 7-14 Knots E at 7-14 Knots SE at 8-16 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots SE at 8-16 Knots E at 7-14 Knots
WAVES 3-5 Feet 2-4 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-6 Feet 1-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet
To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department
502-2394
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 80° F 80° F 82° F 84° F 80° F 81° F 82° F 82° F 80° F 80° F 80° F 80° F 82° F 83° F 83° F 83° F 82° F 82° F 82° F 82° F 81° F 81° F 83° F 83° F 80° F 81° F
SECTION B
TUESDAY, MAY 26, 2020
Successful businesswoman tackles ‘mommy guilt’ in a new book By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
MOTHERHOOD guilt is something many women have admitted to grappling with, especially those whose lives are a constant balancing act between kids and career. And though many mothers work from home, the guilt of not investing more time in their children is something they often struggle to overcome. Take for example Angel Livas, a US-based Bahamian businesswoman and author who has helped produce programming for well-known TV host Larry King. She often fields questions about dealing with motherhood guilt from women she encounters during the business retreats hosts. “That queasiness you feel when placed in a predicament in which you have to choose between fulfilling your business goals and earning that ‘#1 Mom’ badge is a dreaded reality for many women in business, politics and the ‘C-suite’,” she said. Since this question comes up so often, Ms Livas decided to write a book to help mothers navigate their feelings and re-focus their attention. Her new book, “Therapy”, she describes as a prescription plan to help ease the working mother’s conscience, especially during moments of guilt-ridden
ANGEL Livas and her new book, “Therapy: The Battle Between Being Mom and Boss”.
anxiousness. The book, she said, is filled with insights, practical advice, and an opportunity to become a part of a therapeutic community of women who choose to be successful as both mothers and businesswomen. “Last year, I was consistently asked by mom bosses across the world, ‘How do you pursue your career goals without harbouring mommy guilt?’ It’s funny because until I heard the emotion identified as guilt I had never attached a name to the feeling. However, when I realised how many women were dealing with ‘mommy guilt’, I wrote the book “Therapy: The Battle Between Being Mom and Boss” as a tool to assist them with redirecting the emotion into a positive one,” she said. To help women handle the feeling of guilt, Ms Livas introduces a strategy called Q.U.I.E.T to readers. “It is a method that allows them to examine and execute, quality and quantity, understanding, intentions, expression. “The overall point of the book is to help moms relinquish the guilt of being perfect. I have found that several high-achieving moms have difficulties balancing their career goals with their parenting responsibilities. This book reminds them that they’re not alone, while also providing a few resources and practical tips to help them relinquish the guilt,” she said.
While she found great pleasure in writing the book, Ms Livas said it is ultimately for the benefit of mothers who need it. “Writing the book was not only therapeutic for me, but I knew it would help others, as I was continuously posed with the question regarding how do you overcome mommy guilt,” she said. Ms Livas is the founder of the Woman Behind the Business Retreat. She is also a Gracie awardwinning executive producer, a multimedia personality, the chief engagement officer and CEO of Creative Introduction. In 2016, she was highlighted in the Washington Business Journal under “People on the Move” and named “Influential Businesswoman of 2016” by AI Magazine. Prior to launching Creative Introduction, she oversaw six nationally syndicated talk radio shows, which included producing programming for award-winning celebrity hosts Larry King and Jane Pauley. She is currently based in the US but said the experiences of women in business are universal. “I recently released my book ‘Side Hustle to Main Hustle: The Owner’s Manual to Full-Time Entrepreneurship’, which will be released in paperback this Summer. This Fall I plan to go on a virtual world tour for both books,” she said.
that aid in various ailments. Soon after, I began my own line of healing products which include an anxiety oil, a healing oil, a healing balm, a nerve pain relieving oil, a line of handmade soaps and a line of medicinal hand-poured soy candles.” Every year since launching her business five years ago, she has added an additional product to the line; and this year will be no different. Over the next few months, Ms Treco is looking forward to hosting a marketing campaign on
her social media platforms leading up to the launch of a new product this Fall. “Esscentrix remains innovative and modern by continually finding authentic scents and adding them to the line. I maintain very close relationships with my clients, whose recommendations I do my best to fulfil wherever possible. Many Bahamians who would have patronised foreign candle businesses have chosen to patronise Esscentrix due to our high-quality products, consistency in production and our customer service,” said Ms Treco. Once Bahamians continue to support and seek out authentic local companies like hers, she added, the nation will all see a paradigm shift in the country’s economic reality. “I must say that my business has actually increased during the quarantine. These weeks in quarantine, every day I use my own products. If I wake up and I feel anxious, I reach for my anxiety oil and put a single drop in my belly button and I am good to go for the day. After a hard day of production, standing for long periods, I use my healing balm or healing oil to alleviate pain, decrease inflammation and increase circulation and mobility. When I feel an allergy or cold coming on, I reach for my healing oil and place one drop under my nose, behind my ears and down my throat. When it is time to meditate and create and call all the good things into my space, I light up one of my hundreds of candles and take a much needed break,” said Ms Treco.
Ria Treco wants to heal mind, body and soul By ALESHA CADET Tribune Features Writer acadet@tribunemedia.net
Even before COVID-19, Ria Treco said she became of aware of one important key to being financially successful and living comfortably in the Bahamas: a second stream of income, or the ‘side hustle’ as many call it. The owner of Esscentrix, a company that offers locally and hand-made products, Ria said it’s times like these that really hammer home the fact that if you want to succeed and stay relevant, you have to adapt. And adapt she has. Responding to the trend of Bahamians wanting more naturally made medicines, skincare, and even home décor items produced right here at home, she launched a line of healing oils, lip balms, soaps, bath salts, in addition to wedding favours, gift baskets and more.
RIA Treco and some of her Esscentrix products Her company has also become popular for its therapeutic handpoured soy candles. Her products are available at various locations throughout New Providence, including Apryl Weech’s Hair Studio, Cheesecake Heaven, DaVinci Printing Innovators, Hair Spray, Kelly’s Home Center, and others. “Esscentrix is a one-woman show. I am the creator, the developer, the inspiration and the woman behind every single product produced here in the Bahamas,” said Ms Treco. She said she launched her company to offer healing for both the body and the mind.
“Since I can remember, I have always had a deep interest in medicine and healing. At 18, I won a Rotary scholarship to study and live in Mexico for one year. The plan was for me to study at a local high school, but I was always forward thinking so I decided to apply to the local medicine programme in Ciudad del Carmen, Campeche. I was admitted to the programme. Six years ago, I also studied Oriental Medicine for a short time at the Atlantic Institute of Oriental Medicine,” she said. “With my newfound knowledge of the healing arts, I returned to Nassau in 2015. I began to work on a number of blends of essential oils, ground spices and herbs