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MONDAY, JUNE 7, 2021

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Bahamas can’t be ‘burnt’ over 15% corporate taxes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government yesterday pledged it will not be bullied by this weekend’s 15 percent minimum global corporate tax deal amid warnings that The Bahamas cannot afford to be “burnt” by any knee-jerk response. The Ministry of Finance, in a statement responding to the agreement announced by the G-7 (group of seven) finance ministers, indicated it was executing just such a measured approach by saying it was assessing whether there are any consequences for The Bahamas’ domestic tax system and international financial services industry. It also said this country “reasserts its sovereign right to determine the tax structure best suited for the ongoing development of the country” in response to the pronouncement by the world’s most powerful economies that they have reached agreement on how to combat tax avoidance by major multinationals - especially those in the so-called “digital” economy. The G-7’s finance ministers, unveiling an agreement that the German

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Nassau marinas: ‘Relief is coming’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ASSAU Cruise Port’s top executive has promised that “relief is coming” for marinas seeking to regain super yacht access, acknowledging that progress “can come with a degree of pain”. Michael Maura, responding to concerns voiced by the Association of Bahamas Marinas (ABM) president that the expansion of the cruise port’s northernmost berth has cut-off mega vessel access to his and other nearby marinas, told Tribune Business yesterday that the vessel hired to dredge the channel to the required depth will arrive by the last week of June. Acknowledging the complaints, Mr Maura said: “This construction with that pier extension does impact Peter [Maury’s] operation, and I

Tourism minister ‘anxious for end to quarantines’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister says he is “anxious to get rid of quarantines and curfews”, adding that this is having an impact on the ability of Bahamian hotels to jumpstart their lucrative group travel business post-COVID.

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Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that The Bahamas’ ranking by the Centres for Disease Control and Prevention (CDC) and the

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• Port chief: Progress can involve ‘degree of pain’ • Dredger to re-open mega yacht access by end-June • Acknowledges ‘may not be fast enough’ for Bay Street

NASSAU Cruise Port’s demolition of former Port Authority building. am sorry for that. Unfortunately, when you are trying to advance in certain areas, and this is definitely one that has a material benefit for a lot of Bahamians, it does come with a degree of pain for a small amount of time.” He added that, on the day

Mr Maury raised his issues, he was meeting with senior Port Department officials and leading executives from the Nassau Cruise Port’s main contractor, Enka, to discuss the dredging plan around the berth involved because the vessel that will

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SIR FRANKLYN WILSON

Budget fails to ‘convey’ fiscal crisis’ true depth By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

perform the work is now “en route to Nassau”. The Nassau Cruise Port chief said: “There’s 10-14 days of dredging that will happen on the north side of the pier extension, and then the dredging will move around to the south side of the pier extension. I shared with Peter and others our intent is to complete some dredging on the south side and south-east side of the new pier to allow vessels to move around the pier and use that navigation channel. “Relief is coming, but I appreciate it may not be coming fast enough for the marina owners on Bay Street. There are plans to provide dredging around the

A PROMINENT businessman is arguing that the present budget fails to properly detail the extent of the economic and fiscal crisis facing the Bahamian people following the COVID-19/ Dorian debt blowout. Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business that the 2021-2022 budget was not sufficiently candid on the post-pandemic challenges facing this nation and the level of austerity pain via new and/or increased taxes, spending cuts or a combination of both - that may have to be endured by taxpayers in coming years. In particular, he compared the present version to the 1993-1994 budget presented by then-prime minister Hubert Ingraham during the Free National Movement’s

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THE TRIBUNE

Monday, June 7, 2021, PAGE 3

CRUISE LINE: WE WILL NOT OVERHELM SPANISH WELLS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CRYSTAL Cruises has sought to reassure Spanish Wells residents that its passengers will not overwhelm the community during their weekly call, while also pledging that its vessel will not harm Egg Island’s environment. Kevin Jones, chief strategy officer for Crystal’s parent, Genting Americas, and the cruise line’s corporate manager, told Tribune Business via an e-mailed response that the cruise line would transport passengers to the north Eleuthera community via “staggered” tenders that would be limited to “fewer than 100 people” so that the number of visitors to Spanish Wells would be restricted. And, pledging that there will be no dredging to facilitate the Crystal Serenity anchoring at Egg Island, he said all the anchorage positions had been approved working in collaboration with local ports facilities teams. “We are reiterating to stakeholders that there would be absolutely no dredging. Crystal Serenity is helmed by Captain Birger

THE CRYSTAL SERENITY CRUISE SHIP Vorland, a 17-year veteran of Crystal who has more than 45 years of mariner experience. The Captain and the bridge officers utilise electronic charts as well as local yachting charts, and would use radar and sonar technology to monitor our position at all times,” said Mr Jones. As for passenger movements, he added: “Our plan would be to spread guests around the islands by staggering tour shore excursions’ departure times throughout the morning and afternoon, thus controlling the number of guests on the islands at any given time. “Guests going ashore would be limited by the capacity and frequency of the tenders. Tenders would be limited to fewer than 100 people. We would never have two tenders ashore at the same time, and we

would control the speed of the tender operations so there is a limited flow of guests arriving on an island at any given time.” Mr Jones continued: “Last week, our marine and destination teams visited Spanish Wells, meeting again with various stakeholders. We continue to listen to voiced concerns and share detailed information at every possible juncture. Some of the information we have shared includes our stringent environmental policies, plans for capacity control for guest flow on the islands, and our anchorage policy. “Crystal recognises the immense privilege we have to explore the waters around the world and deliver unforgettable experiences for our guests. With this privilege comes the responsibility to operate with the greatest care in the

‘Overwhelmingly’ opposed to Crystal Cruises calling By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SPANISH Wells council member says the community “overwhelmingly” opposes Crystal Cruises using it as a port of call while blasting both the cruise line and the government for failing to consult residents. Chuck Pinder, a fisherman by profession, told Tribune Business that while some on the island were in favour of Crystal Cruises’ weekly calls on Spanish Wells, council members and community leaders “feel we are not in a setting to handle this amount of people”. He added: “There’s supposed to be a meeting held this afternoon with the community to respond to their feelings and thoughts of what is about to take place, which was actually pretty much thrown in our lap unbeknownst to the district council, until Crystal Cruises had all of their paperwork and permits in order from the government.” Spanish Wells residents are “very upset” over how this process was handled, said Mr Pinder, who reiterated: “As far as we are concerned there was nothing known to the council as

a whole about any of this taking place until Crystal Cruises had all of the permits to proceed with putting in Spanish Wells on their itinerary, and also their anchoring permit to drop anchor down at Egg Island.” Mr Pinder argued that there was more to Spanish Wells than what he described as the limited number of “vendors” who Crystal Cruises asserts it has spoken to. “Crystal Cruises said they have been engaging with businesses and people in the community, but they have provided no names of the people they have spoken to,” he said. “The district council to this day have no idea of who these people are, and when you ask Crystal Cruises, they refer to ‘vendors on Spanish Wells’ and then they stop responding. We sit we sit around the table as the district council when plans or business license applications come to be approved by the council for businesses or property, or when building is going to take place on personal property or whatever. “We know who they are, they know what they are applying for.... the whole nine yards. The council does its work properly. People come in, they fill out their forms from

the administrator’s office, and we know what they want. Well, with Crystal Cruises, we knew nothing until these people had everything.” Mr Pinder labelled this as “an abuse of power” by central government in Nassau, arguing that the local government was “disrespected to the fullest throughout this whole entire process”. Vowing to maintain the pressure on the government and Crystal Cruises, Mr Pinder said that if the cruise line follows through with calling on Spanish Wells “we will see what kind of country we are living in”. “We are happy with the tourism that we have and the way we conduct our business, and we don’t want to bring a bunch of traffic and a bunch of trash. We don’t want to see porta potties all over our island and all over our beaches. We don’t want someone walking up to us from Crystal Cruises telling us that we can’t be in this area on the beach at this time,” he added. Crystal Cruises, via its 900-passenger Crystal Serenity vessel, has named Spanish Wells as one of multiple Bahamian ports of call for when it launches

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communities and destinations we visit. “Our environmental focus is on energy and water conservation; waste reduction; recycling and wildlife; marine and cultural preservation, so we leave little to no footprint at the destinations we visit - a ‘Nothing Overboard’ policy that represents the commitment of the company that no waste materials of any kind will be disposed of overboard from any Crystal Cruises’ operated vessel; and the utilisation of low-sulphur fuel and the reduction of all plastics wherever possible.” Confirming that the cruise line remains encouraged by the response to its Bahamas’ home porting, and seven-night cruises around the archipelago that begin on July 3, Mr Jones said: “Crystal Cruises remains pleased with the overall terrific response from our guests, travel partners and the local Bahamian businesses and its communities after we announced the July 3, 2021

launch of our new Luxury Bahamas Escapes voyages. “The partnership between Crystal Cruises and The Bahamas’ Ministry of Tourism has jump-started economic growth in The Bahamas, where we are partnering with local businesses in every island we are visiting. In our initial exploration of calling on Spanish Wells, the Crystal team and members of the Ministry of Tourism met with local stakeholders the week of May 11 and, under their guidance, we developed a request for proposal that was sent to 19 tour operators. “In addition, we developed a partnership portal on our website to accept business inquiries, which we recently closed on May 31 to give us sufficient time to prepare for the first sailing on July 3. While the portal is closed, we are contacting those who were not initially selected to see if they would be available for future rotations now that we have extended our calls into November.”

Returning to the conservation theme, Mr Jones added: “Our environmental procedures and policies are stringent, comprehensive and meet and/or exceed the international regulations set by the International Maritime Organization (IMO), the US and other maritime nations. “These standards include: The International Convention for the Safety of Life at Sea (SOLAS), the International Convention for the Prevention of Pollution from Ships (MARPOL) and the International Standards for Training, Certification and Watchkeeping for Seafarers (STCW). “We also follow all applicable laws and regulations in each country and destinations our ships visit. In fact, the company was recently awarded the Blue Circle Award from the port of Vancouver, which acknowledges cruise lines that voluntarily implement sustainability measures and practices that go above and beyond those required by port regulations.”

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‘OVERWHELMINGLY’ OPPOSED TO CRYSTAL CRUISES CALLING FROM PAGE 3

seven-day voyages through this nation on July 3. The cruises, which will run through November this year, will use Nassau and Bimini as so-called “home ports” while also calling on Exuma, San Salvador and Long Island. Spanish Wells was chosen as an alternative destination to Harbour Island, after hoteliers, tourism operators and residents there objected to being used as a port-of-call. However, similar resistance is being mounted by its north Eleuthera neighbour, with

a petition that was started last week against Crystal Cruises on change. org having obtained almost 1,200 signatures by yesterday evening. The petition said: “We must stop Crystal Cruises from adding Spanish Wells, Bahamas, as a port of call and anchoring its ship at Egg Island. The Crystal Serenity ship carries between ship 900 to 1000 people. “Spanish Wells has a population of fewer than 2,000 people, it is only two miles long by a half-mile wide and is a quaint fishing town. It’s a quiet, safe and clean island. It is unlikely the Spanish Wells’ infrastructure can handle such a sudden increase in stress.” Continuing to make the case against Crystal, the petition added: “Over the last few years, Spanish

THE TRIBUNE Wells has created a strong and unique tourist brand and related products. Most who come to Spanish Wells rent houses, take excursions and make very significant contributions to the local economy. “Recently, the InterAmerican Development Bank (IDB) disclosed in findings published by a local newspaper that it takes 28 cruise tourists to spend as much as a single land-based stayover tourist. Experience informs us that people choose to visit Spanish Wells exactly because it is not a mass tourist destination. A highvolume, low-spend model of tourism is adverse to the Spanish Wells brand and would pose significant economic, social and environmental risks to the small community.”

Private sector hire aids Dorian debris oversight By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Disaster Reconstruction Authority (DRA) says it has hired Abaco based J&G Pavers to manage the Green Turtle Cay debris management site. The DRA, in a statement, said the company’s primary goal is to construct a modern transfer waste station on the cay. It will prioritise the use and rental of equipment already based in Abaco, hire Green Turtle Cay residents and always use the cay’s resources. J&G Pavers, which began working on the project on May 4 by mobilising staff, equipment and the necessary resources to transport to Green Turtle Cay, started the official project six days later. It also plans to introduce wood recycling, donate a new trash collection vehicle to the Department of Environmental Health, beautify the grounds surrounding the facility and maintain security. Workers semi-sorted the waste and used equipment to remove debris that spilled on to the road. The company also launched a non-toxic spraying programme comprised of all-natural Neem, citronella and rosemary oils, and reduced the number of flies at the site. J&G Pavers erected a temporary barge ramp and piles to access the Cay. This facilitated transporting debris and garbage through the cay without impacting operations at the nearby Green Turtle Cay Club. It also enabled hauling and barging to take place for 12 to 14 hours a day, speeding up the entire process. The DRA said something that would usually take eight to nine weeks was completed in just two. To further

DRA managing director, Katherine Smith, recently viewed the debris management site on Green Turtle Cay. Discussing site plans, from left: Mrs Smith; Travos Hall, J & G Pavers site foreman; Juliette Deal and colleague.

A J & G Pavers operator managing an arrival of debris. Photos: Disaster Reconstruction Authority (DRA) expedite the project, J&G Pavers used four to six rolloff trucks - instead of the usual two - between Green Turtle Cay and mainland Abaco, while tripling the amount of equipment and labourers. One resident said: “You could see the big change. The front looks good. There is now grass where grass never was seen before, there’s no smoke from the constant burning and I like how they are crushing it up in pieces rather than whole. The locals could see what’s going on and we appreciate that.” Julie Farrington, property manager and fire department volunteer, said: “Before this, it was really bad. The worst thing was seeing all the trash that kept blowing across the street and it was everywhere and very dangerous for vehicles. “Right now, it looks so much better when you pass. It’s amazingly different and it looks really nice. The people there couldn’t be nicer. They even helped me wash my golf cart that I used to transport my trash.” Sarah Sams, Pineapples restaurant owner and lifelong Green Turtle Cay

resident, said: “Burning at the dump was going on since I was a child. The trash smells and was burned weekly near a harbour, resorts and lots of homes that were not safe. “Now, the new group is doing a good job and there seems to be an improvement. As a small nation, we need to find more smarter and sustainable ways to manage garbage in the future by getting guidance, ideas and financing ideas so we can be a nation that sets an example for change.” Katherine Smith, the DRA’s managing director, said: “If J&G Pavers continues phases one, two and three of this project, I think Green Turtle Cay residents will be very satisfied with the work that has been put in to eliminate the island’s debris and municipal waste. “While there is a lot of work to be done, J&G Pavers has committed to working with the community to achieve their goal. This isn’t an easy fix as there is a lot of debris from Dorian, and a lot of legacy waste that has been on the cay for quite some time, so there’s still much more work to complete.”

LEGAL NOTICE In Accordance with the Articles and Restrictive Covenants of Via Della Rosa, this is to inform The Owners of Lot numbers: 10, 16, 18, 27, 31, 117, 262, 277, 289 will be auctioned and sold to the highest bidder on Tuesday, June 15th 2021. Please contact the office at 393-7370

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THE TRIBUNE

Monday, June 7, 2021, PAGE 5

The US agency shaping all our future ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs THE last four decades have been marked by exponential advances in technology, which, to a large extent, consisted of fine-tuning ideas that surfaced in the aftermath of World War II. Because of an increasing emphasis on success and efficiency, recent times became less fertile in truly revolutionary concepts, as the quest for profitability – and fear of failure – came to dominate the field of research and development; a case of failing less by trying less. Thankfully, there are still a few exceptions. Such as DARPA: Defence Advanced Research Projects Agency. Founded in 1958 by US President Dwight D Eisenhower, the agency funds the development of emerging technologies for military use. Luckily, in 2013 DARPA took a gamble by awarding $25m to an upstart pharma company called Moderna, who was proposing the development of messenger RNA immunisation technology. The idea was to create a base for vaccines that could

GB CRUISE VESSEL IS BACK IN PALM BEACH By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Paradise Cruise Line has brought its Grand Classica vessel back to its Port of Palm Beach home port as it begins to prepare for the July resumption of cruises to Grand Bahama. The vessel has not sailed for more a year due to the COVID-19 pandemic, and the cruise line said in a statement that its main priority is to begin fully vaccinating the ship’s crew

F-117A Plane Based on DARPA’s Stealth Technology. be used to counter new infectious diseases and biological weapons. Thanks to the technology developed a few years earlier under the sponsorship of DARPA, scientists in 2020 were able to create and mass-produce COVID vaccines within a few months, saving countless lives and opening the door for a return to normality that otherwise would have been uncertain. The list of ground-breaking innovations that can, at least partially, be attributed to DARPA include weather satellites, GPS, drones, stealth technology, personal computers and the internet. The latter came to life thanks to another wager

by the agency that in 1965 financed the first cross America computer network with an investment of $1m. The formula is simple: light on human resources, the agency behaves as if it were a venture capital firm, allocating funds to external parties who succeed in pitching revolutionary ideas. There is, however, a fundamental difference in relation to its corporate world counterparts; unlike the typical investor, who seeks to obtain a monetary return, DARPA’s objective is to attain a specific scientific outcome. The agency’s ethos means that researchers are usually allowed to work with minimal interference and

- a process that has already begun. The ship’s arrival was greeted by cruise line executives, as well as employees and partners. Oneil Khosa, Bahamas Paradise Cruise Line’s chief executive, said: “This past year has been extremely difficult for the cruise industry and, as a familyowned cruise line, we faced a number of obstacles that, at times, seemed insurmountable. “Our team worked tirelessly during the pandemic, making difficult decisions and working with an innovative, solutions-oriented mindset, to ensure the future safety and enjoyment of those who cruise with us.

I am so proud of the collective effort that has brought us all here today.” He added: “I want to specifically thank our partners at the Palm Beach Health Department and the Port of Palm Beach for their support during some very trying times. I also want to thank each and every member of the Bahamas Paradise Cruise Line team, our dedicated crew, our travel advisor partners and the many others who have helped us navigate uncharted waters over the past year. “To those who have been waiting so patiently for

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without pressure to succeed. In fact, failure is frequently welcomed, as it demonstrates the unlikelihood of an enemy ever being able to develop such technology, due to its complexity. According to a recent edition of The Economist, ongoing (unclassified) projects include mimicking the nervous system of insects, with the aim of optimising artificial intelligence, and developing ways to protect soldiers from hostile genome-editing. The current American administration recently proposed the creation

of ARPA-H; an agency modelled on the image of DARPA, to back research and development of technology for use in healthcare, with the ultimate objective of revolutionising medicine. If the proposed budget of $6.5bn is approved by congress, ARPA-H’s goals will include finding the cure for cancer and develop

treatments for rare diseases so far overlooked by the private sector, due to their low profitability. In the aftermath of the pandemic, with states forced to play a more prominent economic role, public investment in the development of new technology may be about to increase, promising a renaissance in innovation.

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THE TRIBUNE

SBDC: 75% OF COVID LOAN COMPANIES STILL IN BUSINESS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Small Business Development Centre’s (SBDC) executive director yesterday said up to 75 percent of Business Continuity Loan recipients remain open as she refuted figures from the InterAmerican Development Bank. Davinia Bain told Tribune Business that the IDB’s 54 percent figure was based solely on asking the National Insurance Board (NIB) which micro, small and medium-sized businesses were still active. She explained that, as a result of the COVID-19 pandemic’s economic fallout, the numbers presented by the NIB would have been skewed because many loan recipients may have been not actively paying contributions or reporting their full staff complement. “In my opinion, especially in an environment of COVID, we don’t know how many people are really actively paying NIB, and it isn’t necessarily a representation of how active the companies were or weren’t,” Ms Bain said, adding that the IDB could only have drawn on IDB data because the SBDC has not conducted its annual review of businesses in its database. Ms Bain said: “We have an annual survey that we provide, which will be produced in the next month. We normally do this at the end of June or the beginning

DAVINIA BAIN of July, and that’s where we collect that data in terms of whether they retain 100 percent of staff or not, but that data is not available at this time. The IDB also doesn’t know that either. I don’t think that was one of the things that they published.” Businesses were required to keep 51 percent of their staff in return for receiving the government’s Business Continuity Loan, and Ms Blair added: “The data isn’t wrong; it’s just that’s what it reflected. What we’ve done since then is that we’ve communicated with all of the persons under that particular programme, which is about 560 of them. “We have responses from 427 of them, and 420 of them are open and seven of them are closed. The balance between that and 560, we haven’t been able to reach in the last couple of days. So what it really means is even if everybody we couldn’t reach isn’t active, that’s about 75 percent we know for certain are active, and the number could be larger than that because we weren’t able to communicate, or get a direct response, from the others.” She spoke out after the IDB reported last week that just 54 percent of Business

LEGAL NOTICE VIA DELLA ROSA Owners of Lots listed below are urgently requested to contact the office at 393-7370. Lot # 4, 5, 6, 7, 8, 10, 13, 16, 18, 19, 23, 25, 26, 27, 31, 33, 37, 107, 117, 262, 276, 277, 278, 281, 297, 301

Continuity loan recipients have remained operational. In a paper accompanying its latest $140m loan to The Bahamas, the multilateral lender said initial findings on the Business Continuity Loan initiative revealed that only 298 out of 557 micro, small and medium-sized (MSME) funding recipients had remained in business. “To support MSMEs during the COVID-19 crisis, a Business Continuity Programme (BCP) was executed by the Small Business Development Centre (SBDC), allocating $30m in loans to small businesses, ranging from $5,000 to $300,000 as well as grants for payroll assistance,” the IDB report said. “The programme is targeted to formal MSMEs, with the requirement to retain at least 51 percent of employees and share their credit performance with the credit bureau and other financial institutions. Preliminary findings show that the continuity rate of beneficiary MSMEs is 54 percent (298 out of 557), with a retention rate of 56 percent employees on average. “Of the continuing firms, 56 percent (168 out of 298) managed to retain 95 percent of employees on average. The remaining 44 percent of continuing beneficiaries retained 30 percent of their employees on average.” If correct, that suggests a number of businesses breached one of the conditions required to receive the Business Continuity Loan, which was that they retain at least 51 percent of their pre-pandemic staff. The IDB report, revealing that 34 percent of firms that received loans were headed by women, conceded that its findings were preliminary and that more research was required. It based its numbers on data obtained from the SBDC as well as National Insurance Board (NIB) administrative records, defining a “continuing” business as one that was recorded by both organisations. “Conclusions are still

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THE TRIBUNE

Budget fails to ‘convey’ fiscal crisis’ true depth FROM PAGE ONE (FNM) first term in office, which he argued set out the party’s core fiscal philosophies. Sir Franklyn implied that the 2021-2022 budget represents a sharp departure from the foundations laid out by Mr Ingraham in that Budget almost 30 years ago, when the latter said: “Good governance is certainly not achievable if government misleads the people about the true state of the nation’s affairs; if public monies are used injudiciously, if expedient and popular choices are made which mortgage the nation’s future. “Good governance is not achievable is unwarranted risks are taken with the public finances, by committing expenditure which cannot conceivably be supported by projected revenues, or if public monies are permitted to be squandered through weak or non-existent accounting systems, or through inefficiencies, extravagance or waste.” Sir Franklyn, who said “let’s just say I did not see any magic” in reference to his pre-Budget prediction that the exercise would produce either “a magician or Humpty Dumpty”, described the 1993-1994 Budget communication as “particularly significant in the history of the FNM” because - together with its 1992 predecessor - it set out the party’s core philosophy on good governance. Suggesting that those documents had input from the party’s founders, including members of the so-called “dissident eight”, he added: “Based on that, it would appear appropriate for all residents to look objectively at this budget 30 years later

Monday, June 7, 2021, PAGE 7 and whether it comes close to what the founders of this party said the FNM was all about. “It is not just the relevance of the commitments in that communication to a balanced budget, although that is one obvious focus. Another focus is the commitment to transparency. When you look at this budget for 2021-2022, serious questions arise as to whether or not the circumstances in which the country finds itself do not justify a higher level of candor. “If you read this budget, it’s like we’re going through a little something,” Sir Franklyn told this newspaper. “The question is: Does it convey just how serious the problems are? I give you one specific example. “The fact the foreign reserves are $2bn-something. Is it truly a matter to boast about when there are investors in the country who cannot get their money out of the country as they would wish precisely because of the challenges facing the country? That’s a rather fundamental point; they can’t repatriate their profits from foreign direct investment. “How do you talk about the level of foreign reserves as a strength and do so in a way that is consistent with the philosophy reflected in the earlier budget, especially by the founders of that party. To me, there sees to be a disconnect.” Sir Franklyn would not be drawn on the investors having difficulty repatriating funds from The Bahamas. Some observers may argue that it is inappropriate for him to comment on the FNM’s philosophy given his own political leanings, while others may point out that the aftermath of COVID19/Hurricane Dorian is a situation no Bahamian government has had to face before. However, with a national debt that is projected to increase by more than $3bn in three years, and exceed

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the $10bn mark by end-June 2022, there is little doubt that Bahamians will soon have to start repaying what has been borrowed via a likely combination of new and/or increased taxes and spending cuts. Accountants last week warned new and/ or increased taxes “have to come” if The Bahamas is to slash its debt, as they branded the Budget “no game changer” for the nation’s economic crisis. Craig A “Tony” Gomez, the Baker Tilly Gomez managing partner, told Tribune Business that while the government’s 2021-2022 fiscal plans “don’t set off any

alarm bells” for Bahamian businesses and consumers it had merely postponed the inevitability of certain tax hikes in years. While the Minnis administration was correct not to endanger the post-COVID recovery by avoiding any across-the-board increase in VAT or other taxes, he added that it was alarming that the national debt is forecast to increase by almost $4bn in just five years. Warning that The Bahamas has “a history of falling short” with its revenue forecasts, resulting in greater-than-predicted deficits, Mr Gomez added that it was critical that

taxpayers see value for every dollar spent by the government such as the planned $100m public health sector upgrades. And, with the total civil service wage bill forecast to increase by some $11.5m to $670.935m in the upcoming 2021-2022 fiscal year, he argued that it was vital Bahamians see something in return via an “improvement in service across every sphere of the government”. Some $938.5m - one third of government spending - in the 2021-2022 budget will be taken up by debt and subsidy costs. A deeper dive into the budget reveals that the

$512.5m the government is due to pay in interest costs on its existing debt in the upcoming 2021-2022 fiscal year, together with $426m in taxpayer subsidies to stateowned enterprises (SOEs), will account for one-third or $1 out of every $3 - of the $2.826bn spent on recurrent expenditure. Adding in the $742m forecast spending on civil service wages, salaries and allowances, and some $1.68bn or 59.5 percent of the government’s 2021-2022 budget will be accounted for by just three line items - wages, debt servicing costs and subsidies to struggling SOEs.

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Nassau marinas: ‘Relief is coming’ FROM PAGE ONE pier extension. We’re going to get it done. We just have to wait for the dredger to get here.” Mr Maury, who operates Bay Street Marina, previously told Tribune Business the extension of the cruise

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port’s northern-most pier to provide for two Oasis-class cruise ship berths has cutoff access to his property for mega yachts until dredging takes place to provide deepwater access yet again. Arguing that this had placed him at a competitive disadvantage, he said then: “I have a 550 foot dock with a 20 foot draft, but I can’t get a 20-foot draft boats in. I already have a mega yacht/ super yacht marina.... I often times get boats that come in here that are 350 feet. I just want my deep water access back. All they have to do is

THE TRIBUNE re-dredge the channel. They have made the approach impossible. “I’ve already lost business because of it, because in this weather like this with the shallow channel, a lot of boats are just not making the approach. I had a boat cancel yesterday because of it. They said it was too windy and with the chains, it is too risky, so they didn’t want to chance it.” Mr Maury said six marinas and properties were being impacted by the situation, and added: “They don’t just have to re-dredge the harbour. There’s a channel in the harbour already, and to the east of the Prince George Wharf they’re building..... you will see they’ve extended a new pier out there. “If they extended that pier

and put new pilings in, that’s where the channel across the deep water access along the southern-bound property of the harbour is. Right within the harbour is the northern bounds of the harbour, which is for Paradise Island, and the southern bound is Nassau. “There are six properties on the southern bound of the harbour entrance, with two of them having a 20-foot draft. That needs to be reinstated or re-installed. They have 100 metres of dredging, but right now it’s down to about a ten-foot draft. I need 18 feet, which is what we had before.” Mr Maura yesterday said Enka had completed “some of the works” for the piping that will transport the fill dredged from the bottom of Nassau harbour to the other

side of Prince George Wharf, where it will be deposited and used to reclaim the seabed as the site upon which the facility’s planned amphitheatre, retail, restaurant and other attractions will eventually be constructed. He added that the cruise port was “99 percent done” on the work required to accommodate Royal Caribbean and Crystal Cruises’ home porting, with the remainder set to be wrapped up by Tuesday ahead of the former’s June 12 start date which is Saturday. “It’s all coming together,” Mr Maura said. “If you came to the port today [yesterday], you would see fencing going up, painting happening. We did a dry run with the luggage scanners yesterday, where the team brought two to three suitcases through. We had 50 suitcases running

through the system. Tuesday coming [tomorrow] we will have security and other service agents doing a rehearsal, a dry run.” Royal Caribbean’s Adventure of the Seas, which will be the vessel used for the cruise line’s Bahamas home porting, is scheduled to arrive in Nassau on Wednesday as Nassau Cruise Port seeks to manage its needs alongside ongoing construction work on its own $250m redevelopment. Mr Maura said the former two-storey Port Department building is already “more than half-way” demolished, and added: “The two-storey portion of the building is the first part to be demolished, and we have additional folks coming in from the US with specialist equipment to work with local contractors to bring down the tower.”

SBDC: 75% OF COVID LOAN COMPANIES STILL IN BUSINESS

the Business Continuity Loan may not have been as effective as anticipated in sustaining some small firms at the height of last year’s COVID19 lockdowns and associated restrictions. However, the fact that almost 300 companies remained in operation will be viewed as a success by the government. The prime minister has frequently talked up the benefits of the Business Continuity Loan, grants and other mechanisms used to provide private sector support during the crisis, and data revealed during the budget debate indicates that the IDB report did not assess all loans and beneficiaries. “More than 1,000 small businesses were approved for loan and grant financing as part of my government’s COVID-19 programme. This initiative, administered by the Access Accelerator Small Business Development Centre or SBDC, represented a collective $45m allocated and dispersed,” Dr Minnis said during last week’s Budget communication, unveiling numbers well in excess of those referred to by the IDB.

FROM PAGE 6 preliminary, and the initial monitoring exercise on the results of the BCP highlighted the need for a strengthened system with quick access to the control variables in the NIB and the Department of Inland Revenue (DIR),” the IDB report added. “To broaden the scope of the beneficiaries and reduce informality, the SBDC also developed a programme to encourage and support business registration, which supported around 50 percent of their beneficiaries to formally register their businesses. “However, BCP experienced difficulties regarding the monitoring and evaluation of its beneficiaries, as the administrative records for firms have different identification numbers in each relevant institution, such as the National Insurance Board (NIB) and the Inland Revenue.” Nevertheless, the IDB report raises concerns that

GB CRUISE VESSEL IS BACK IN PALM BEACH FROM PAGE 5

us in our home-away-fromhome, Grand Bahama, please know how much we have missed you and how excited we are to see you again very soon. We are delighted to welcome Grand Classica home and cannot wait to welcome our guests back onboard in just a few weeks.” Manuel Almira, the Port’s executive director, added: “We couldn’t be more excited to see

Bahamas Paradise Cruise Line prepare for the resumption of sailings from the Port of Palm Beach. Before the pandemic, the cruise line was credited for generating more than $100m in local and state revenue and supporting more than 1,300 cruise-related jobs. It’s time to get crew members, cruise line support staff and parking attendants back to work.” Bahamas Paradise Cruise Line said it was working closely with The Centres for Disease Control and Prevention (CDC) to ensure all guidelines are met prior to receiving passengers.

N O T I C E WINDING BAY RETREAT LIMITED (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of WINDING BAY RETREAT LIMITED is hereby called to be held at the Registered Office of the Company at Ocean Centre, Montagu Foreshore, East Bay Street, Nassau, New Providence, The Bahamas on the 25th day of June, 2021 at 11:00 o’clock in the forenoon. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, BERYN NEELEY, showing the manner in which the winding up of the Company has been conducted, the property of the Company distributed and the debts and obligations of the Company discharged, and also to hear any explanation that may be given by said Liquidator. Dated the 7th day of June, 2021. BERYN NEELEY LIQUIDATOR OF WINDING BAY RETREAT LIMITED

THE TRIBUNE

Monday, June 7, 2021, PAGE 9

Bahamas can’t be ‘burnt’ over 15% corporate taxes FROM PAGE ONE representative described as “bad news for tax havens”, said in an end-of-summit communique: “We strongly support the efforts underway through the G20/OECD inclusive framework to address the tax challenges arising from globalisation and the digitisation of the economy, and to adopt a global minimum tax....... “We will provide for appropriate co-ordination between the application of the new international tax rules and the removal of all digital services taxes, and other relevant similar measures, on all companies. We also commit to a global minimum tax of at least 15 percent on a country-bycountry basis. “We agree on the importance of progressing agreement in parallel on both pillars, and look forward to reaching an agreement at the July meeting of G-20 finance ministers and Central Bank governors.” Much, though, remains to be done to implement this agreement worldwide, with low-tax European nations such as Ireland and Cyprus already voicing opposition to its trampling of a sovereign nation’s right to set its own taxes. For The Bahamas, as a “no tax” jurisdiction with zero history of personal or corporate income taxes, it is still unclear what impact this 15 percent global minimum corporate tax will mean especially since there was a suggestion coming out of the G-7 finance minister’s meeting that countries will still be free to determine their own tax rates and systems. However, if multinationals operating in The Bahamas pay zero taxes here, they will face the prospect of their home countries levying at least a 15 percent tax on profits and revenues repatriated from this nation to bring them up to the international minimum. Several observers yesterday also suggested that the G-7 initiative will have minimal impact on The Bahamas’ financial services industry, at least in the “short-term”, because this nation has traditionally focused on private wealth management as opposed to the multinational “offshoring” that is the main target of the “15 percent” drive. Concerned that the likes of Facebook, Amazon and Google are exploiting legal tax avoidance loopholes by switching revenues and profits away from jurisdictions

where these monies are actually earned, and instead transferring them to lowtax jurisdictions to minimise their exposure, the G-7 nations believe their actions will prevent the loss of critical tax revenues at a time when their treasuries are trying to rebound from COVID. “I would say we don’t do anything until we know what’s going on or how we will benefit in the long-run,” James Smith, ex-finance minister and former Central Bank governor, told Tribune Business. “We’ve already given up much financial services space to serve developed countries. “We need to study this one very carefully, and not make a move that adversely affects GDP or the contribution to that comes from financial services. When the lawyers work out the details, that’s when we need to look at it. We’ve moved much too fast from 2000 up until now. We wanted to be the first one out there, and always got burnt.” That refers to The Bahamas’ approach to handling the various “blacklistings” and other international regulatory initiatives faced by the financial services industry since the turn of the century. The Ministry of Finance, based on its statement last night, appears to be following Mr Smith’s recommended approach. “The Ministry of Finance is conducting an assessment of the impact of these proposals and what implications they may have for the domestic tax regime of The Bahamas,” it said in response to the G-7 announcement. “The Bahamas reasserts its sovereign right to determine the tax structure best suited for the ongoing development of the country. “Nonetheless, the ongoing multilateral discussions are timely given the recent announcement by the prime minister in the budget speech regarding the Ministry’s imminent comprehensive tax study. The output of this in-depth, empirical assessment will inform ongoing tax reform efforts in pursuit of greater fairness and equity within the country’s tax regime.” As to the impact on the financial services industry, the ministry added that one of its officials, Stephen Coakley Wells, had since last year been on the 24-member Organisation for Economic Co-Operation and Development (OECD) steering group co-ordinating discussions involving 130 nations on how to develop a framework for executing the kinds of reforms unveiled by the G-7 at the weekend. Pointing out that the framework being developed as part of the OECD’s Base

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KAHLEA A SANDS of Rose Street, Fox Hill, New Providence, Bahamas intend to change my name to KAHLEA ELROYNIQUE ALEXEA BRICE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that GARLAND BOUQUET of Harbour Island, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that Ailís Anna Duffy, of #1A Flamingo Court, Harbour Drive, Paradise Island, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Erosion and Profit Sharing (BEPS) talks will still need to be approved by all nations, notwithstanding the G-7 announcement, the Ministry of Finance said: “The ministry continues to remain proactive to shape a position that ensures that our financial sector remains competitive and dynamic. “Through the country’s representation on the steering group, the government will ensure that the positions of no/nominal tax jurisdictions like The Bahamas are ventilated and considered. At the same time, the government will work with industry stakeholders to ensure that the jurisdiction is poised to take advantage of whatever opportunities arise from any changes to the international taxation architecture.” Hubert Edwards, principal of Next Level Solutions, a Bahamas-based corporate governance and risk management consultancy, yesterday told Tribune Business that the G-7 agreement on a 15 percent minimum global corporate tax was “not going to be significant” for this nation in the short-term given that it has traditionally not gone after corporate business. But, while suggesting that the likes of Bermuda and the Cayman Islands will be hit harder, Mr Edwards said the G-7 move potentially undermines the competitiveness of all international financial centres (IFCs) - The Bahamas included - because it strips away the advantages of their “no tax” platform. “It affects the competitiveness of the offshore arena from the perspective of if, up to now, you were saying come to our location because there’s no tax to be paid, as we are a low or no tax jurisdiction, the nature of the agreement emerging here makes it academic,” he explained. “You have to pay the tax one way or another, and the level of attraction that existed previously is not there any more.” This has potential implications for The Bahamas’ ability to exploit its economic substance/physical presence legislation, implemented to satisfy the European Union (EU), by attracting companies to domicile here and do real business from this jurisdiction.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 2 JUNE 2021

BISX ALL SHARE INDEX:

CHANGE

1951.31

0.12

%CHANGE

YTD

YTD%

0.01 -141.15

-6.75

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.20 33.05 1.50 2.90 1.78 6.00 6.96 3.60 6.00 4.01 6.16 12.00 2.75 7.50 10.71 9.01 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.00 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 5.49 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.89 5.95 9.75 2.50 7.35 11.34 9.01 14.00 3.99 8.19 15.50

CLOSE 5.49 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.89 5.95 9.75 2.50 7.35 11.34 9.01 14.00 3.99 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1180375 BSBGR1312390 BSBGR1312499

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 95.27 94.41

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2.28) (4.73) (5.59)

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR118037 BGRS FX BGR131239 BGRS FX BGR131249

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

1,000 1,000 1,000

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 23.0 34.5 N/M N/M N/M N/M 18.9 -8.1 30.5 15.7 13.3 13.5 24.5 15.7 17.6 12.4 17.2 19.7 8.7 24.6

YIELD 3.10% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.15% 3.70% 7.38% 17.36% 0.82% 2.89% 2.66% 3.86% 3.01% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

MATURITY

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.14% 5.60%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 13-Oct-2037 15-Jul-2039 15-Jul-2049

MUTUAL FUNDS 52WK HI 2.43 4.44 2.16 202.18 190.86 1.69 1.81 1.78 1.16 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.43 4.44 2.16 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

YTD% 12 MTH% 1.47% 4.26% 0.20% 0.87% 0.95% 2.82% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date

30-Apr-2021 30-Apr-2021 30-Apr-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

THE TRIBUNE

Monday, June 7, 2021, PAGE 11

Tourism minister ‘anxious for end to quarantines’ FROM PAGE ONE US State Department together with reports on the country’s COVID cases and vaccination rates - were likely all factors influencing meeting planners’ decisions on whether to send group clients to this nation in late 2021 or 2022. “I’m anxious for us to get going,” he said. “I’m anxious for us to get rid of quarantines and curfews, limits on sizes and how many people can congregate, and all those rules on how we live our life with

COVID-19 in order to grow, especially the group business. “Some of the meeting planners that plan large groups, they look at destinations where it’s safe to have a meeting. Obviously they look at statistics and reports put out by the CDC and other reporting agencies in the US. Everything helps. The lower or better your ranking, the more attractive you look as a destination. My initial indications are that group market is bouncing back slower than individual or leisure travel segment.” The Bahamas is currently back at “Level 4” with the CDC because of its perceived high rate of COVID-19 infections, although most countries are

in this status. It is the same with the UK and its “green list” of countries approved for travel for British tourists. Mr D’Aguilar reiterated that vaccinations remained critical if The Bahamas and its tourism industry are to return to something approaching pre-COVID levels, adding that this nation must “do as best as we can” given vaccine supplies and the “hesitancy” of some to become inoculated. Arguing that the dramatic drop in US infection rates from 225,000 per day in January to around 14,000 per day proved the vaccine’s merits, he added: “It’s the quickest way out. I don’t see any other pathway. Our quality of life and rebound of tourism is

closely linked to the level of vaccinations. There’s a direct correlation between the level of vaccinations and COVID cases.” While tourism numbers continue to slowly rebound, the Nassau Airport Development Company (NAD) reported 47,332 departures for April “net of domestic passengers”. The Central Bank added: “Underlying this outturn, the dominant US component totalled 45,995, relative to just 250 a year earlier. “In addition, non-US departures amounted to 1,337, exceeding the 195 passengers in the comparative 2020 period. On a year-to-date basis, the reduction in outward bound traffic extended to 67.9

percent from 37.1 percent in the previous year.” And domestic demand continued to support the Bahamian vacation rental market’s April rebound, the Central Bank confirmed, with room nights sold increasing by almost 37 percent. The regulator, in its monthly economic assessment for April, said: “Underpinning this outturn, bookings for entire place listings and hotel comparable listings grew by 38 percent and by 25.9 percent, respectively. Pricing indicators varied, as the average daily room rate (ADR) for hotel comparable listings rose by 1.8 percent to $172.42, while the ADR for entire place listings fell by 3.3 percent

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 73° F/23° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Breezy with clouds and sun

Patchy clouds

Partly sunny and breezy

Sunshine and patchy clouds

Mostly sunny and pleasant

Nice with times of clouds and sun

High: 86°

Low: 76°

High: 86° Low: 76°

High: 87° Low: 75°

AccuWeather RealFeel

94° F

78° F

93°-79° F

94°-80° F

95°-80° F

96°-80° F

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

almanac

ABACO

High: 83° F/28° C Low: 77° F/25° C

8-16 knots

High: 89° F/32° C Low: 80° F/27° C

8-16 knots

FT. LAUDERDALE

FREEPORT

High: 87° F/31° C Low: 79° F/26° C

W S

WEST PALM BEACH

uV inDex toDay

TUESDAY

High: 86° F/30° C Low: 75° F/24° C

MIAMI

High: 88° F/31° C Low: 79° F/26° C

8-16 knots

KEY WEST

High: 87° F/31° C Low: 80° F/27° C

High: 86° F/30° C Low: 76° F/24° C

High: 83° F/28° C Low: 77° F/25° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:33 a.m. 7:03 p.m.

2.2 2.8

Tuesday

7:14 a.m. 7:42 p.m.

2.2 2.8

1:29 a.m. 1:18 p.m.

0.3 0.0

Wednesday 7:54 a.m. 8:20 p.m.

2.2 2.9

2:10 a.m. 1:55 p.m.

0.2 0.0

Thursday

8:33 a.m. 8:58 p.m.

2.2 2.9

2:49 a.m. 2:33 p.m.

0.2 0.0

Friday

9:12 a.m. 9:36 p.m.

2.2 2.9

3:28 a.m. 3:10 p.m.

0.2 0.1

Saturday

9:52 a.m. 10:14 p.m.

2.2 2.9

4:08 a.m. 3:49 p.m.

0.2 0.1

Sunday

10:32 a.m. 10:54 p.m.

2.1 2.9

4:47 a.m. 4:29 p.m.

0.3 0.2

12:47 a.m. 0.4 12:40 p.m. 0.1

sun anD moon Sunrise Sunset

6:19 a.m. 7:58 p.m.

Moonrise Moonset

4:27 a.m. 5:45 p.m.

New

First

Full

Last

Jun. 10

Jun. 17

Jun. 24

Jul. 1

CAT ISLAND

High: 84° F/29° C Low: 77° F/25° C

8-16 knots

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 ................................................... 86° F/30° C Low .................................................... 79° F/26° C Normal high ....................................... 86° F/30° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 78° F/26° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 5.53” Normal year to date ..................................... 9.52”

ELEUTHERA

NASSAU

To advertise in The Tribune, contact 502-2394

| Go to AccuWeather.com

TONIGHT

High: 93° F/34° C Low: 77° F/25° C

to $481.31. “On a year-to-date basis, total room nights sold decreased by 14.8 percent, reflective of a 25.7 percent fall-off in private room listings and a 13.3 percent decline in bookings for entire place listings. Pricing data revealed that the ADR for both entire place and hotel comparable listings rose by 10.6 percent and by 4.7 percent, to $462.67 and $162.76, respectively.” The figures were based on data from AirDNA.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 76° F/24° C

High: 84° F/29° C Low: 77° F/25° C

High: 85° F/29° C Low: 77° F/25° C

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 77° F/25° C

8-16 knots

MAYAGUANA High: 85° F/29° C Low: 78° F/26° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 84° F/29° C Low: 78° F/26° C

High: 84° F/29° C Low: 77° F/25° C

GREAT INAGUA High: 86° F/30° C Low: 79° F/26° C

10-20 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ENE at 10-20 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots NE at 10-20 Knots ENE at 10-20 Knots ENE at 10-20 Knots E at 8-16 Knots ENE at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots NE at 10-20 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots

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

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 83° F 83° F 80° F 80° F 82° F 82° F 80° F 80° F 83° F 83° F 82° F 81° F 82° F 82° F 82° F 81° F 82° F 82° F 81° F 81° F 82° F 82° F 80° F 80° F

PAGE 12, Monday, June 7, 2021

THE TRIBUNE

DIGITAL ‘PANDORA’S BOX’ CANNOT BE CLOSED BACK By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN firms must better understand how to market to their target audience if they are to improve their exploitation of social media, a senior Chamber of

Commerce executive says. Royann Dean, the Chamber’s digital transformation committee chair, told Tribune Business that Bahamian companies need to have an “understanding of your target audience” and “understand how digital marketing works” to

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maximise social media usage. Ms Dean said: “People think that communications is marketing. That is a part of marketing, but that’s not the only thing for marketing. Marketing also incorporates the actual channel to get your product to your end user. “That doesn’t mean they need to use all of the various social media channels. This means that they need to be near their audiences. So if your audience is not Snapchat, then don’t be on Snapchat. “What COVID-19 pointed out from a digital perspective is that there are reasons to be online, and you can determine how your business can function

online. So you don’t have to rely on bricks and mortar, and it depends on what type of business you are, but each individual business needs to figure this out for themselves.” She was responding to a recent Inter-American Development Bank (IDB) report that said less than 50 percent of Bahamian businesses use social media despite the COVID19 pandemic have exposed how important digital platforms are for business continuity. Ms Dean asked: “How does your company have a presence, and how do you reach your consumer? In addition to Facebook, where you can list your company on it, you can also

say that you have a product or service that you can also sell on Facebook. “You have to look at all the ways you can connect to your target audience using digital, but that has to be a part of how you plan to reach your consumer with your product or service, and how you plan to develop your brand online and how you plan to communicate what’s happening.” Acknowledging the age gap, with many Bahamian businesses owned and operated by persons who grew up in an era where there only physical businesses, Ms Dean said this was one factor behind the failure of local companies to fully exploit the digital economy. “The point is businesses

need to keep up with the times. So, for example, before 2020 businesses used to ask their people to come in to do almost everything, but now you’ve seen a decline in that because we had an abrupt force that made that not possible any more,” she added. “So the next thing you have to figure out is how you can still operate in a digital space, in addition to the fact that now we know locally that’s possible to do. The second thing is that people are increasingly using online platforms, so that means if you are a business without an online platform you are going to lose out if you are not where the people are. You just can’t close Pandora’s Box any more.”

BAHAMAS STRIPING SAYS MULLING IPO THE Bahamas Striping Group of Companies says it is mulling whether to offer shares to the public via an initial public offering (IPO) as it celebrates the 11th anniversary since its founding. To mark the occasion and its co-founder’s 50th birthday, the group is giving away thousands of dollars in food parcels and grocery store vouchers valued at $25. “The goal is to uplift others and help those who need it the most. The past 11 years has been a rough ride, but it has also been a blessing from God. We have been backed by the Bahamian people and blessed with support from successive governments,” said Dominic Sturrup, who along with company president, Atario Mitchell established the business in 2010 with a $5,000 grant from the government. “The idea was to give back tenfold on the startup funds we received 11 years ago. That figure amounts to $50,000. Half of

BAHAMAS Striping founders, Atario Mitchell, left, and Dominic Sturrup, celebrated the company’s 11th anniversary with a small gathering of staff, well-wishers and members of its Board of Directors. Photo: BSGC/Precision Media those funds came personally from me and the other half from the company.” Bahamas Striping’s managing director, Allen Albury, said the Family Island giveaway will take place as food parcels are distributed via the Rotary

Clubs of The Bahamas’ network. In New Providence, grocery store vouchers will be dispersed by the group and its civic partners. “Bahamas Striping has always been - and continues to be - that company that is totally aware of its corporate social responsibility, and one that has demonstrated through its actions its commitment to Rotary’s ideals and principals and service to The Bahamas’ communities inclusive of the Family Islands,” said Mario Smith, past assistant governor for Rotary Clubs of The Bahamas. “Over the years we have seen this demonstrated in their back-to-school initiative, as well as their provision of tablets to students in need and here, through its feeding initiative, which will assist over 2,000 families in The Bahamas.” Since its founding as a two-man operation, Bahamas Striping has transitioned from striping

roads into a group of companies encompassing road building, airport runways, taxiways and aprons construction, as well as parks and commercial property development. It also hopes to one day enter poultry production. Mr Mitchell added: “Looking back from where we started to where we are at now, it feels good knowing we are achieving the goals that we set: Expanding the company and seeing positive growth. We’re building our legacy to become major players in road construction and heavy equipment.” Dr Albury said: “We are proud to reach this point. This is not just a milestone, but a celebration of what is possible when government empowers local businesses who, in turn, invest in staff, machinery and technical capabilities. Oftentimes when you think about success you think about what you’ve gotten. For us, it’s been what we’ve been able to give.