06092020 BUSINESS

business@tribunemedia.net

TUESDAY, JUNE 9, 2020

$3.27 Insurers: ‘Long battle’ over VAT is resolved

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN general insurers yesterday voiced relief that “a long battle” with the government over the VAT treatment of insurance claims payouts has seemingly come to a resolution.

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that the industry, Department of Inland Revenue (DIR) and the Attorney General’s Office had finally reached an agreement two weeks’ ago that was now being signed-off by all parties.

He voiced optimism that the agreement would be synchronised with the government’s announcement yesterday that it plans to change the VAT Act to clarify how insurance claims settlements will be treated under the 12 percent levy moving forward.

K Peter Turnquest, deputy prime minister, in kickstarting the Budget debate, said: “We are amending Section 31 of the VAT Act to include an expressed provision for the treatment of insurance settlements, which only allows insurance companies to claim settlement payouts as an input tax when the claimant is a VAT registrant. This will clear up a matter that has generated much confusion in the industry.”

Mr Saunders said the proposal outlined by the deputy prime minister was fine “as long as the amendment is based on what was agreed between the parties” to resolve long-running differences that date back almost four years to Hurricane Matthew in October 2016.

“We were in negotiations with them since Hurricane Matthew to clarify the situation,” the RoyalStar chief told this newspaper yesterday. “We finally got an agreement between us, the Department of Inland Revenue and the Attorney General’s Office almost two weeks’ ago and that is in the process of being signed.

“When Hurricane Matthew hit there was the legacy issue, and that was focused on confirming what we were allowed to deduct.

That has been resolved, and moving forward there are three different scenarios” facing the property and

SEE PAGE 4

$3.27

RoyalStar targets COVID strugglers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BAHAMIAN insurer’s parent is targeting companies struggling to rebound from COVID-19, its chairman has revealed, after its corporate structure provided a $2.33m buffer against Hurricane Dorian claims payouts.

Sir Franklyn Wilson told Tribune Business that RoyalStar Holdings is eyeing further investment opportunities created by the pandemic following a 2019 financial year when it avoided being pushed “into the red” by the category five storm due to its equity holdings in several affiliated companies.

While RoyalStar Assurance, the group’s property and casualty underwriter, saw profits plunge by more than $4m or 82 percent yearover-year to just $908,705 due to Dorian, the holding company’s bottom line was off by just 40 percent at $3.143m.

This compared to the $5.23m generated in the prior year, and resulted from RoyalStar Holdings’ invest-

ments in several affiliated companies.

Prominent among them is Gateway Financial, which specialises in acquiring distressed mortgages from Bahamian banks at a discount, then restructures the loans at terms buyers are more able to afford.

Gateway, which closed 2019 with $9.375m in assets and $5.242m in liabilities, generated $3.74m in net profits for its shareholders last year. RoyalStar Holdings, with its 45 percent equity stake, gained a $1.683m share of those profits, accounting for 72 percent of the $2.33m earned from its investments in affiliates.

The insurance parent’s 45 percent stake in Sunshine Finance, which generated total profits of $1.195m, produced a further $537,597 worth of earnings for RoyalStar Holdings, while its acquisition of - and 32.26 percent interest in - Fidelity Insurance (Cayman)

provided a further $122,180 boost.

Sir Franklyn told this newspaper that the results justified RoyalStar’s decision to alter the group’s corporate structure through the creation of the parent holding company, with RoyalStar Assurance beneath it. He added that the strategy was already paying dividends, with RoyalStar Holdings able to leverage off the property and casualty insurer’s strong balance sheet - nearly $23m in cash and term deposits at yearend 2019 - to diversify the group through investments whose earnings will help cushion major hurricanerelated claims payouts.

Indicating that the group is now seeking further investment possibilities, Sir Franklyn said: “The company has the capacity to do things. RoyalStar is wellpositioned to continue to further the development and growth of The Bahamas, and that’s what we’re

THE Bahamas needs an “extraordinary economic shot in the arm” to meet the International Monetary Fund’s (IMF) targets, an ex-finance minister said yesterday, as hitting them would be comparable to “beating Usain Bolt”.

James Smith, also an exCentral Bank governor, told Tribune Business it would be akin to defeating the former Jamaican sprint champion if The Bahamas was to hit the $473m average primary fiscal surplus that the fund says is needed over a sixyear period to bring the debt-to-GDP ratio down to 50 percent by the 2030-2031 fiscal year.

“If we look at our economic history for the last ten years, without some extraordinary economic shot in the arm it’s almost impossible

SIR FRANKLYN WILSON

trying to do.

“The existence of RoyalStar provides us with an opportunity.

Companies that may have been destabilised by COVID-19, if they’re looking for good new equity partners or capital to stabilise themselves, if they’re interested RoyalStar is a good option. It’s worth having a conversation to see if we’re interested.”

Sir Franklyn’s comments hint at one of the processes likely to occur as the economy begins to fully re-open following the COVID-19 pandemic and companies weigh their options. While some may never re-open, others will likely struggle to do so - including wellknown brands and names previously perceived as strong prior to the economic lockdown.

A number may be unable to re-open, or continue in business, without finding new investors to inject fresh

SEE PAGE 4

Bahamians urged: Abandon foreign investor ‘xenophobia’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS must abandon their “xenophobic and schizophrenic” attitude towards foreign investors if the economy is to survive the devastation inflicted by COVID-19, a prominent doctor warned yesterday.

Dr Johnathan Rodgers, pictured, the “eye doctor” and well-known economic commentator, told Tribune Business that the country’s urgent need for alternative foreign currency inflows amid the tourism industry shutdown meant the deeply-ingrained mindset of “we want your money, we don’t want you” regarding foreign direct investment (FDI) must cease immediately.

Arguing that the Bahamian economy needs a US dollar infusion “right now”, Dr Rodgers urged the Central Bank and other public sector agencies “to cut through the bureaucratic red

• Doctor: ‘We want your money, not you’ must end • Regulators told: ‘Seize bull by horns’ on easing • Or ‘we’ll wake from nightmare and be in hell’

tape” and permit overseas investors to purchase Bahamian dollar-denominated government debt.

Also calling for foreignowned companies based in The Bahamas to be permitted to pay their employees in US dollars, he added that the “walls” traditionally separating the domestic banking industry from its

international counterpart need to be truly broken down so that some of the billions of dollars passing through the latter annually have a chance to remain in this nation via investments.

Demanding that the government and regulatory agencies “seize the bull by the horns”, otherwise the Bahamian economy will sink, Dr Rodgers also suggested that the country revisit offering so-called “investor citizenships”, or economic passports, to high net worth individuals and their families in return for investing multi-million dollar sums locally.

He voiced optimism that the Central Bank might heed the International Monetary Fund’s (IMF) suggestion that there was “some room” to cut interest rates without

• ‘Extraordinary economic shot in arm’ needed • Ex-minister: Near-$500m surplus ‘impossibe’ • Voices fears of COVID-19 ‘second spike’

JAMES SMITH to meet that target over that timeframe,” Mr Smith added. “Our average growth rate for the last ten years has been between 0.5 percent to 0.8 percent of GDP, and that’s fairly decent numbers because in that period there

were two recessions, Dorian and COVID-19.”

He suggested that trying to hit the IMF’s projections “could even, in the best of circumstances, end up overheating the economy”, and added: “It’s almost like a warning that unless something substantial happens with the economy in that period, they’re [the IMF] telling you they’ll be down here to impose some conditions on you.

“It’s kind of like saying to a 100-metre sprinter that if you beat Usain Bolt in a race over the next two years we’ll be prepared to forgive your debt. That’s kind of near impossible.”

Mr Smith spoke out after the IMF, in a report

accompanying its $252m “emergency” COVID19 loan to The Bahamas, warned that the government must run an unheard-of $500m fiscal surplus beginning in the 2024-2025 budget year to hit a key debt reduction target by the end of this decade.

It revealed that the government will only achieve its goal of a 50 percent debt-toGDP ratio by the 2030-2031 fiscal year if it achieves an annual budget surplus equivalent to four percent of economic output or gross domestic product (GDP).

This would mean the government has to generate an

SEE PAGE 3

$3.23 Revenue unit makes $39m ‘fiscal impact’

• Chair urges ‘destabilised’ firms: Give us a call • Diversification gives $2.33m Dorian cushion • Distressed mortgage stake returns $1.683m

Hitting IMF target like ‘defeating Usain Bolt’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$3.28

creating any risks for The Bahamas’ foreign currency reserves and one:one US dollar peg, advocating that the discount rate be slashed in half to two percent to provide urgent relief for hard-pressed borrowers.

Dr Rodgers added that fiscal policy stimulus alone would be insufficient to drag The Bahamas from its postCOVID-19 “rut”, and said the country needed to “use all tools at our disposal” including an expansionary monetary policy, which has been opposed by John Rolle, the Central Bank’s governor.

Otherwise, he warned, the country will “wake up from this nightmare and find we’re in hell”. Dr Rodgers argued that The Bahamas’ monetary dilemma stemmed

SEE PAGE 4

K PETER TURNQUEST

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Ministry of Finance’s Revenue Compliance and Enforcement Unit (RCEU) has made a $39.2m “fiscal impact” by cracking down on tax leakages over the 2019/2020 fiscal year’s first ten months.

K Peter Turnquest, deputy prime minister, in kick-starting the 2020-2021 budget debate in the House of Assembly, said “cracking down on tax cheats and ensuring the government obtains every cent due to it is one area where the Public Treasury’s income might improve amid the COVID-19 pandemic’s fall-out”.

Praising the Revenue Compliance Unit, which was first conceived under the former Christie administration, for achieving “exceptional results”, Mr Turnquest added: “The Unit has had a total fiscal impact of $39.2m in the first ten months of the 2019-20 fiscal year. The Revenue Compliance Unit is currently composed of 35 persons, and we have approved additional staffing for 12 more qualified Bahamians.

“The field audit team identified and assessed an additional $9.9m. Part of their process is to ensure taxpayers understand the reasons for the changes to their filings with the intention that they will be able to report accurately going forward.

“These results were achieved with the hiring of 12 Bahamian auditors in August 2019. We have approved additional staffing of four auditors, who are expected to be on-boarded when business returns to normal. I remind this House that this Bahamian audit team will be replacing the team of foreign auditors that the former government had engaged with absolutely no plan to recruit and train Bahamians for the job.”

Mr Turnquest added: “The collections team, amplified by additional hirings last year,

SEE PAGE 4

PAGE 2, Tuesday, June 9, 2020

THE TRIBUNE

DPM SLAMS OPPOSITION ‘HYPOCRISY’ OVER DEFICIT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday slammed the opposition’s “hypocrisy” for criticising the projected $1.3bn fiscal deficit for 2020-2021 when it had called for some $2bn worth of borrowing just weeks before.

K Peter Turnquest, leading off the Budget debate in the House of Assembly, slammed his opposition “shadow” by saying: “It was the opposition - through their spokesman for finance - that recommended a $2bn deficit as the appropriate response to COVID-19 in the first place. Although

we did not agree with the opposition’s outer number, we agreed with the premise: Unprecedented times call for an unprecedented budget.”

Chester Cooper, pictured, the opposition’s deputy leader and finance spokesman, immediately

FINANCIAL PROVIDER BACKS IMF OVER INTEREST RATE CUT A BAHAMIAN financial services provider yesterday joined the International Monetary Fund (IMF) in urging the Central Bank to cut interest rates to stimulate economic growth and investment post-COVID-19.

Robert Pantry, Simplified Lending’s founder and chief executive, called on the government to work with the Central Bank to explore the feasibility of cutting the four percent discount rate to coincide with the end of temporary COVID-19 loan repayment waivers.

Noting that the Bahamian economy is projected to shrink by up to 15 percent in 2020, with the world forecast to take almost a decade to fully recover from the pandemic, Mr Pantry argued that reducing the cost of capital and debt repayments for hard-pressed borrowers could provide much-needed relief as the country struggles to rebound.

“There is always a delicate balance between

ROBERT PANTRY, Simplified Lending’s founder and chief executive. adjusting the prime rate for an economic stimulus tool and maintaining a certain standard to protect necessary reserves,” said Mr Pantry. “I understand that delicate balance but believe that if we at least start the national conversation we can move towards taking a positive step to restart the growth we were beginning to enjoy before the coronavirus struck.

“I would like to see the government work with the Central Bank to evaluate the possibility of lowering the prime rate as individual mortgages and business loan

intervened by arguing that the Progressive Liberal Party (PLP) had never called for a $2bn deficit in response to COVID-19’s fiscal and economic challenges.

“He received a comprehensive copy of the plan that never called for a $2bn deficit,” Mr Cooper said of his party’s recommendations. “The plan called for a $1.2bn stimulus. We invited the minister to go out and borrow early at low rates and, if the crisis was short, pay back some of the money, paying down some of the high interest loans. He is misleading, he is intentionally doing so, and I am quite frankly disappointed that he would do so.”

In a Zoom conference in early April, in which Mr Cooper unveiled his party’s plan, he said the government would likely need to source between $1bn and $2bn of new borrowings to keep the government afloat. He also suggested the government should issue more than $1bn worth of bonds during the next fiscal year that should be labelled “COVID-19 relief bonds”.

Mr Cooper also told Parliament at the end of March that the government should “identify borrowing facilities in the area of $1bn to $2bn in this low interest environment in order to shore up the economy”.

He added: “The

government should take $250m and invest immediately in real food security.

BAMSI (Bahamas Agricultural and Marine Science Institute) is a good model, but Andros is primed for growth in this area and others. The government should take $200m and make it available in grants and loans to small and medium-sized enterprises.

The current allocation is simply not enough.”

Mr Turnquest responded yesterday: “While we did not agree with the opposition’s numbers, we agreed with the premise. Unprecedented times calls for unprecedented budgets.” Mr Cooper, sticking to his position,

responded: “The member had the comprehensive plan, which I just explained.

“I don’t want to have to do this over and over and repeatedly. The member for East Grand Bahama [Mr Turnquest] reads very well. He received a comprehensive copy of the plan before it was released to the public and he is going down the road again. He is misleading and is intentionally doing so.

“The member agrees with us that countercyclical spending and unprecedented budgets are necessary to address these challenging times. That’s the only point I wanted to make.”

waiver programmes begin to expire,” he added, referring to temporary repayment holidays provided by the commercial banks to ease the burden on clients following the COVID-19 related lockdown.

Mr Pantry’s comments came a day after the IMF suggested that the Central Bank has some flexibility to cut interest rates. The discount rate, which is the rate the Central Bank charges to lend to the commercial banks, currently stands at four percent, while the prime rate - the benchmark used by all banks to price their loans - is at 4.25 percent.

“Staff sees some room for monetary easing, but the policy stance should take into account developments in the foreign exchange market,” the IMF said.

“Against the backdrop of a collapse in economic activity and limited inflation pressures, there is some room to lower interest rates. The benefits of doing so have to be weighed against the potential erosion of international reserves and structural bottlenecks in the monetary

transmission mechanism.”

However, John Rolle, the Central Bank’s governor, last month ruled out using interest rates as an economic stimulus tool - and even the fund itself admitted that the present four percent discount rate was at an “historically low level”.

He argued that interest rate cuts were “not an option for The Bahamas”, as any reduction or relaxation of credit policies would spark a surge in import demand and undermine the foreign reserves at the worst possible time when there are virtually zero replenishing US dollar inflows from the tourism industry or foreign direct investment (FDI).

The Central Bank’s position has always been that the use of monetary policy as an economic stimulus tool has been restricted by the need to maintain the one:one currency peg with the US dollar, and the need to maintain sufficient underlying foreign currency reserves to support this.

However, Mr Pantry argued: “Reducing the prime rate will allow those who have adjustable rate mortgages or loans to enjoy

lower monthly payments.

That’s a plus for businesses, individuals and families, especially in the middle class.

“It also frees up more money, allowing it to flow into the general economy, igniting long-term economic growth. That growth ultimately benefits everyone, including banks, which may experience a slight reduction in profits in the short term but would be expected to experience stronger profits over the long-term.”

Besides the savings from a lower mortgage rate for homeowners or landlords, Mr Pantry said the reduction in interest rates would allow businesses to borrow at more attractive terms or meet obligations for existing loans at lower costs.

“It would also fuel demand for real estate and new construction. That generates more money for government in fees and taxes as well, creating a win-win for all,” he said.

And it could save struggling businesses.

“For many businesses that are teetering on the edge, trying to hang on until the new reality is established, a

reduction in financing costs could be the difference between surviving and closing,” added Mr Pantry, who founded Simplified Lending less than two years ago.

The firm was one of those selected to partner with the government in the Small Business Accelerator loan programme that distributed millions in grants and low-interest loans to small and mediumsized businesses during the COVID-19 pandemic. The economic fallout from the pandemic has been especially hard on countries like The Bahamas dependent upon visitors from abroad to survive.

Declaring that The Bahamas is at a “turning point”, Mr Pantry said: “We have to look at three major indicators – investment by the private sector, movement and pricing in real estate and liquidity in the banking sector, and reserves.

“What links those three ingredients together is lending, and that is why tweaking the cost of money through a reduction in the prime rate can be helpful. We have to make lending accessible to entrepreneurs.”

THE TRIBUNE

Tuesday, June 9, 2020, PAGE 3

HUNDREDS REGISTER FOR COVID-19 CERTIFICATION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MORE than 500 barbers and beauty professionals have registered to obtain the necessary COVID-19 prevention certification that will allow them to return to work on June 15.

Dr Dellarese Taylor, president of the Bahamian Cosmetologists and Barbers Association (BCBA), told Tribune Business that all members were readying

to do “their online training” for the Ministry of Healthsponsored certification in the prevention of infectious diseases.

“On my end we have over 500 persons already registered,” Dr Taylor said. “We have up to 1,200 hair salons - it could even be more - but I think we have up to 1,200 persons, and this covers the whole beauty trade industry.

“There is more than just 500 registered, because we have two agencies

registering people, but with the BCBA I’m sure that we have registered about 500 persons already. People really want to get back into their business, so they are all excited about getting their certification for their COVID-19 through the Ministry of Health.”

The requirement to obtain certification was stipulated by the prime minister when he announced that hair salons and barber shops could resume operations with effect from this

coming Monday.

“All salons, spas and parlours wishing to open should produce a current business license, engage in deep cleaning of their salon and put procedures in place to maintain physical distancing, hand washing and sanitising, and mask wearing to protect themselves and their clients,” Dr Hubert Minnis said.

“In conjunction with the Ministry of Health all beauty professionals are required to attend an

Infection Prevention and Control course before returning to work.”

Besides the BCBA, the other agency providing the certification course is Faces of Beauty School of Cosmetology and Workforce Training, operated by Dr Shyann Williams.

Dr Williams told Tribune Business: “We have well over 100 persons registered online and in classroom.

We expect a little over 500 to 600 persons in this rush. In the industry we

are looking at 1,800 persons that are eligible to be registered.

“What persons need to do is take this serious and come and get registered, because a lot of them feel as though they don’t need to and that they are going to operate without it. But, like the prime minister stated, it is mandatory and they need to come and register with an entity and get their certification so they can protect themselves and their clients.”

PLANNING CRITICAL FOR $9M FOOD SECURITY INVESTMENT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Planning and co-ordination will be critical if the government’s $9m food security investment in the 2020-2021 budget is to have any impact, agricultural sector participants have warned.

Dr Earl Deveaux, a former minister for agriculture and current day farmer, told Tribune Business of the allocation: “In my view, the question is not whether it is enough or that it is insufficient. I truly believe to have a line item in the budget that says ‘food security’ is a tangible recognition that there is a serious effort required.

“A more fundamental question is: What will be done to deal with the systemic problems facing the sector so that this $9m is efficiently and

effectively deployed.”

Dr Deveaux decried the limited returns The Bahamas has received for its “massive public sector employment” in the agricultural sector, adding that the Bahamas Development Bank, the Bahamas Agricultural and Industrial Corporation (BAIC), the University of The Bahamas, the Bahamas Agricultural and Marine Sciences Institute (BAMSI) and the department of agriculture have produced a “fragmented response” to issues facing the sector.

“If you don’t have all of these organisations that I just identified pulling together in the same direction and on these focused list of problems, then it really doesn’t matter how much money you allocate or how much resources you still have. You will still have limited success,” Dr Deveaux added.

“Then you have other fundamental issues. We don’t have crop insurance and we don’t have strong technical support to areas that are highly technical.

Now the government made an additional, significant policy pronouncement on top of the $9m for food security. They also said they would require 40 percent of hotel and restaurant purchases to be locally driven.”

Describing this as a huge potential boost for Bahamian farmers, Dr Deveaux added that this would also help the sector tackle the competition posed by “subsidised food imports”.

However, Lance Pinder, Abaco Big Bird Poultry’s operations manager, described the $9m food security allocation as “a joke”. He said: “Food security is such an open ended thing. When they say food security, what do they mean by that?

“It really is a thrownaround term that really doesn’t have a definition to it. If the goal is to make sure something doesn’t happen, and to make sure we don’t start starving to death, then they need to grow things like sweet potatoes that grow here all year long. They have a long storage life, they have a lot of calories. It is a very versatile crop.”

Mr Pinder added: “Now if you are talking about food security in terms of cutting down the food import bill, then that is a whole other different thing, because then you could say we’re going to cut down import bills and provide food security by growing lettuce. But you can’t feed a population on lettuce.

We would all be starving to death before you can get enough calories out of a head of lettuce.”

Farmers grew sweet

potatoes in Abaco some 80 years ago, Mr Pinder said, but this died as Bahamians left agriculture for seemingly more lucrative office jobs in New Providence. Sweet potatoes also became cheaper to import.

Calling for the government to better define how the $9m will be spent, he added: “How much money have we thrown down into BAMSI? Over $100m, and that was supposed to be producing food and what are they producing now?

Nothing that I can really indicate.”

Mr Pinder said he would want his share of the $9m because he is still awaiting a government response to his request to acquire the crown land on which his farm sits.

Nor has he received any response from the Small Business Development Centre (SBDC) on his bid for a $50,000 grant to

help to restart his farm.

He estimates that $2m can kick-start his production immediately.

Sidney Carroll, owner of Bahamas Palms Nursery, said: “I think $9m is a start. However I do know that the industry demands a little more attention than that right now. At the stage we are at right now this presents an opportune time for us right now to reset as the industry can offer so much for us as a people.

“It would definitely need a mindset from the governmental level to see that we can secure ourselves. Like I said, it’s a start, but we need a greater input. Our food import bill is over $1bn a year, just to give an insight on what is required.

We cannot continue to do business as usual based on what we have seen happen, so I think it gives us an opportune time to make the investment.”

GOVT ‘VERY NEAR’ TO ONLINE SOLUTION FOR CRUISING PERMITS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE government is “very near” to going live with the portal that will allow visiting boaters and fishermen to pay for key permits online, the deputy prime minister said yesterday.

K Peter Turnquest, kicking-off the budget debate in the House of Assembly,

said: “We will be moving the purchase, processing and payment of cruising permits, fishing permits and foreign charter licenses to an online solution.

“In line with our efforts to digitise government processes, we have ventured to do this through a joint project spearheaded by the Ministry of Finance, the Ministry of Transport and Local Government and the

Ministry of Tourism.

“Not only will this move increase the convenience to customers looking to acquire these permits and licenses,” Mr Turnquest added, “but it will also help to undergird a more efficient collection of these fees for the government, thereby supporting the revenue base.

“The new system will also collect the four percent tax

Hitting IMF target like ‘defeating Usain Bolt’ FROM PAGE ONE average $472.65m primary surplus, the amount by which its revenue income must exceed all fixed cost spending bar interest payments, for a six-year period over the coming decade as the extent of the combined blow dealt by COVID-19 and Hurricane Dorian is fully revealed.

“The authorities remain committed to fiscal consolidation over the medium term as specified under the Fiscal Responsibility Act,” the IMF said. “The government activated the escape clause of the Fiscal Responsibility Act after Hurricane Dorian hit the country. This allows the authorities to postpone the achievement of their fiscal consolidation targets (a fiscal deficit of 0.5 percent of GDP by fiscal year 2020-2021 and a public debt-to-GDP ratio of 50 percent by fiscal year 20242025) by four years.

“The COVID-19 crisis will delay reaching these targets further, but the authorities are steadfast to bring the fiscal deficit to 0.5 percent of GDP by 20262027 and the debt ratio to 50 percent of GDP by 2030-2031. They will resume various measures when the pandemic fades, including the reviews of state-owned enterprise (SOE) governance, investment incentives, and the pension system, enhancements to public financial management (PFM) to increase expenditure control and efficiency, and revenue administration reforms.”

Mr Smith, meanwhile, suggested that achieving the

USAIN Bolt.

IMF’s fiscal consolidation targets would be “a tremendously painful blow and burden on the body politic”, with the government unlikely to follow its suggestions due to the hardship this would impose on Bahamian families and businesses.

He added that The Bahamas needed to conduct a rapid post-COVID-19 assessment to determine “how deep we’re off from normal and also the amount of time for the resuscitation of the market”. In this country’s case, he added that this meant how long it would take for US tourists, who account for 82 percent of this nation’s visitor base, to become comfortable taking a flight or cruise/boat to The Bahamas.

With Florida and the US north-east coast especially critical, given that they generate the majority of The Bahamas’ stopover tourists, Mr Smith argued that the possibility of a second COVID-19 surge was not being given enough weight by policymakers as the economy started to re-open.

“It almost seems to discount a double spike, which is quite likely it seems to me,” Mr Smith added.

Photo: Steve Christo/AP “With respect to the US, when they’re comfortable getting on a plane we’ll rebound with a lag. We’ve seen the COVID-19 impact not decreasing, but increasing in some areas.

“It’s quite likely we may have a double spike not unlike what happened in 1918-1919 with Spanish flu.

If that happens, we’re really in trouble.” Mr Smith added that major Bahamian hotels were likely to operate with less staff because social distancing protocols and other health measures will mean they serve less tourists.

And The Bahamas was also likely to find itself down the queue for receiving a COVID-19 vaccine should one ever be created.

“Whatever the estimates are for the recovery, in our case with the US there’s at least a one-year lag time,” the former finance minister added.

“Our best thing is to tighten our belts, prepare for the worst and hope we do better than we expect.

With the 2007-2008 financial crisis, which affected the world, most countries emerged from that in three to five years. We didn’t up until the point of Dorian.”

levied on all charters carried out by foreign charter license holders, which is an area the government has been seeking to increase compliance in for quite some time. We expect the initial phase of this solution to be rolled out before the fourth quarter of the year.”

Renward Wells, minister for transport and local government, added that his ministry and the others, as

well as the Department of Transformation and Digitisation, were “very near” to bringing an “appropriate online solution” for cruise and fishing permits as well as foreign charter licences.

“We will pass legislation in this place to insist all vessel AIS (Automatic identification system) transponders are on at all times in our territorial waters, and that all vessels leaving

The Bahamas must check into a port of entry on exiting the country,” Mr Wells added.

“Currently, vessels are required to check with border control agencies when exiting the country.

They are only required to check with border control agencies when entering the country and not when exiting the country.”

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PAGE 4, Tuesday, June 9, 2020

RoyalStar targets COVID strugglers FROM PAGE ONE capital. Thus the COVID-19 fall-out provides an opportunity for companies and investors with deep pockets and access to financing to acquire, or take equity stakes in, other businesses as mergers and acquisitions activity gets ready to intensify.

“The results for 2019 for RoyalStar are a wonderful affirmation of the prudence of the strategy being pursued by the company, and the competence with which that strategy is being executed by the management team,” Sir Franklyn told Tribune Business. “We have the holding company with us now, and it has the capacity to diversify and invest in other businesses.

“With a massive hit like Dorian, to not be in the red is a very good thing. We paid out nine-figure money, but a part of the strength of RoyalStar Assurance is that we have extremely good reinsurance programmes.”

RoyalStar Holdings saw its net claims incurred almost double year-overyear due to the category five hurricane’s impact on Abaco and Grand Bahama, increasing from $4.31m in 2018 to $8.387m in 2020.

However, most of the multimillion dollar losses were absorbed by its international reinsurance partners, with “outstanding claims” recoverable from them totalling $162.586m at yearend 2019.

Sir Franklyn, meanwhile, denied that RoyalStar would lose sight of its core insurance business through becoming distracted by investment and diversification opportunities at the parent level.

“Not a chance in the world, not a chance in the world,” he responded, when this was put to him

by Tribune Business. “We are resolute in our view to make sure that does not happen. We’re not going to get diverted lightly.

“The fact of the matter is that we have an investment committee of people with real expertise and knowledge. As a result, the process of dealing with investments does not consume a lot of management’s time.”

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Bahamians urged: Abandon foreign investor ‘xenophobia’ FROM PAGE ONE not from the fixed exchange rate peg, but the fact that at all times before the COVID19 pandemic hit it was attracting insufficient US dollar inflows to provide the necessary foreign reserves buffer.

“The real issue for us in this economic recovery is that the budget used only fiscal policy, not monetary policy. All other countries have used a combination of both because you need both to properly structure any hope of recovery,” Dr Rodgers said.

“The problem that The Bahamas faces is we have the peg. We are at a point between choosing to maintain the reserves to maintain the peg, or lowering interest rates and using monetary policy to help the recovery process. I totally understand the Central Bank’s position in wanting to protect the peg, but the fact is they would not have to worry about protecting the peg if there were sufficient US dollars in the economy.

“If there were sufficient US dollars in the economy at all times the peg would not be the issue... The problem is not the peg itself. It’s because we have insufficient inflows of US dollars coming into the economy at the best of times.”

The Central Bank’s primary monetary policy objective has always been to protect the foreign currency

Insurers: ‘Long battle’ over VAT is resolved FROM PAGE ONE casualty insurance industry when it comes to the VAT treatment of claims settlements.

FROM PAGE ONE collected $11.7m. Prior to the pandemic, we were in the process of hiring an additional three collectors to address the existing accounts receivable backlog. We intend to proceed upon resumption of normal business activities.

reserves, ensuring they are always adequate to maintain the one:one US dollar peg, given the economic dislocation and disruption a devaluation would cause.

This, if it were to happen, would cause a major spike in prices and inflation, resulting in reduced living standards and purchasing power for all Bahamians.

However, Dr Rodgers argued that this policy focus creates an economic “paradox”. He explained that when the economy was performing well, with persons investing and spending money, consumption demand inevitably increased import volumes which, in turn, boosted government revenues.

However, the increased drain on the foreign reserves caused by the spike in imports always threatens to prompt the Central Bank to “put the brakes on”, slowing both the economy and government taxes due to the need to protect the US dollar peg.

“Now we have an even greater shortage of US dollars because of the tourism shutdown,” Dr Rodgers added. “A major structural anomaly is coming back to bite us in the back side. Now our backs are up against the wall with no US dollars coming in, the reserves will gradually go down and the economy is at a standstill.

“That’s why we have to drop this legacy mindset and find ways to get US dollars into the economy right now.

That means the Investments Board, NEC (the Cabinet), and Central Bank are going to have to take the position that we need this money, cut through the bureaucratic red tape that exists and let this money in.”

Detailing the liberalisation measures he believes should be implemented, Dr Rodgers added: “It means allowing foreigners to buy Bahamian dollar government debt. It means that we have to allow those foreign companies here in The Bahamas to pay Bahamians in US dollars. It means we have to encourage those big entities here to have Treasury functions in The Bahamas so US dollars come into The Bahamas.

“We have to allow those offshore banks to participate in the local domestic banking sector, and allow all that money coming into The Bahamas through the offshore sector to stay in The Bahamas. Billions of dollars pass through The Bahamas every year. Allow it to stay here and buy Bahamian stocks, bonds and real estate.”

While The Bahamas’ need to comply with the European Union’s (EU) demands to eliminate so-called “ring fencing” meant that the socalled walls between the domestic and international banking sectors have been broken down, Dr Rodgers argued that an attitude change was more important.

“Open the God damn thing up,” he said of the Bahamian economy. “We say

we’re an open economy, but it’s nonsense. It’s open for foreigners but not ourselves, and even they cannot invest how they’d like. It’s time for us to drop our xenophobic, schizophrenic mindset to foreigners of : ‘We want your money but we don’t want you’. It’s absolute nonsense.”

Dr Rodgers added that The Bahamas also needed to revisit offering “investor citizenships” to high net worth individuals who domiciled in this nation and invested in the local economy, arguing that this would both generate crucial foreign exchange earnings and help to counter the regulatory threats from the likes of the EU and Organisation for Economic Co-Operation and Development (OECD).

“If we make things comfortable for them in The Bahamas, and they feel safe and secure, and there is the rule of law, the money will come,” he told Tribune Business. “This old mindset, this old legacy that we have adhered to with religious fanaticism, we have to drop it.

“We have to swim, otherwise we are in danger of sinking. This is the time. It’s time to drop the old legacy nonsense. It never made sense. It’s time for the regulators to ease up, get rid of all this old insanity, or we will all go down together.

“We don’t have time to be waiting; we need to take the bull by the horns and do what needs to be done. They have a moral and ethical

responsibility to do the right thing. All these things about being taken over by foreigners and their money, it’s nonsense,” Dr Rodgers continued.

“No matter what the Economic Recovery Committee comes up with, it will not work unless these old anomalies and albatrosses are put aside and these legacy policies are repealed to suit the times we are in right now.”

Arguing that policymakers “need to be shocked, Dr Rodgers said the Central Bank needed to cut its discount rate from the present four percent to just two percent “flat boom”. He argued that this would help spur renewed economic growth by reducing debt servicing costs for households and businesses, freeing up disposable income and investment capital to be injected back into the economy.

The government’s debt servicing costs, given that many of its domestic bond issues are tied to Bahamian prime, will also reduce.

“You’re simply using straightforward monetary text book policy that every country in the world is using, and using now to the max,” Dr Rodgers reiterated.

“Fiscal policy by itself is good but not enough to get us out of the pandemic. We have to use all tools at our disposal, fiscal and monetary, to get us out of this rut otherwise we are doomed. Period.

We’re going to wake up from this nightmare and find we’re in hell.”

Mr Saunders explained that in the case of a property insurance claim submitted by a VAT registrant, namely a company, insurers will be able to deduct input VAT from both the settlement itself and any professional fees incurred in determining it, such as bills presented by loss adjusters and attorneys.

When it comes to auto insurance claims submitted by individuals, carriers will be unable to deduct VAT from the claim itself. If any professional fees are incurred in settling the claim, they have to be pooled and a “portion” of the VAT can be deducted based on how much of the

insurer’s business is treated as VAT “exempt” as opposed to “non-exempt”.

The third and final category involves insurance claims submitted by residential homeowners. As premiums paid by this customer category are VAT “exempt”, the industry will be unable to recover any VAT on claims settlement.

“It was a long battle and we’re happy it’s over,” Mr Saunders told Tribune Business. “That’s what’s been agreed and we’ll stick by it. That’s where we are.

It’s clarified what we were fighting for for a long time, and we can make business

decisions accordingly.”

The tax-related uncertainty has impacted the property and casualty business since Hurricane Matthew struck this nation in 2016. Tom Duff, Insurance Company of The Bahamas general manager, previously told this newspaper that the differences stemmed from whether general insurance underwriters could recover VAT on all or only some claims that were settled on a cash basis.

While the insurance industry felt it had achieved “a clear understanding” with the former Christie administration that VAT was recoverable on all such

claims, its successor adopted the position that this was only the case where the insured client was a VAT registrant - meaning a business with a turnover greater than $100,000 per annum.

As a result, Bahamian property and casualty insurers were faced with being unable to recover “the VAT portion” of any Hurricane Matthew-related claims paid out to residential homeowners and other non-VAT registrants. Given the $400m in insured damage inflicted by that storm, this had left the industry facing a massive, unexpected multi-million dollar financial burden.

Revenue unit makes $39m ‘fiscal impact’ “Lastly, the Revenue Compliance Unit was recently given responsibility for the collection of all outstanding real property taxes.

In addition to the current complement of eight call centre agents who actively pursue these debts, we have dedicated resources to hire an additional five Bahamians to increase the number of collection calls. In the first ten months of 20192020, this team had a fiscal impact of $17.6m.”

Addressing the Customs modernisation programme, Mr Turnquest said it was “designed to transform the old, antiquated administration system within the Customs Department, with a view to increase compliance as well as revenue collections”

Hailing the “Click2Clear” digitisation for making made goods clearance “more efficient and faster”, Mr Turnquest said: “Last year we implemented a national public education campaign, including several stakeholder engagements, to ensure all importers were registered on the system and trained to use it properly.

“This campaign successfully registered 26,747 individual users on the system, and over 4,000 commercial entities. Last fiscal year, Click2Clear processed over $1bn in government revenue for the Customs Department. Up to April of the current fiscal year, which factors in the impact of Hurricane Dorian and COVID-19, the system has collected just over $800m.”

Mr Turnquest said the government has also appointed a revenue auditor, who was tasked to perform an in-depth review of the cash management processes and procedures within the government.

“Preliminary findings of this review identified a few persistent shortfalls in the current cash management system, which have led to challenges in revenue reporting. Many, if not most of these challenges, go back many, many years without resolution,” Mr Turnquest added.

“A key contributing factor of the shortfalls in the cash management system is a lack of human capital, as the major revenue agencies often find themselves unable to adequately man the revenue management

process due to lack of staffing.

“Thus, as I mentioned in the 2020-2021 budget communication, the government will be introducing a dedicated Revenue and Cash Management Unit, which will be responsible for the management and implementation of effective strategies to realign the revenue and cash management cycle of the government,” he continued.

“The unit will be led by a director of revenue, who will lead a team of revenue officers stationed in the Treasury and in each of the large revenue-generating government departments, agencies or ministries to implement and control the processes that need to be in place to properly manage the government’s revenue.”

Fed acts to broaden appeal of ‘Main Street’ lending programme

directly to individual companies for the first time since the Great Depression.

Under the changes announced Monday, the Fed will lower the minimum amount companies can borrow, from $500,000 to $250,000. And it’s raising the maximum loan, from $200m to $300m, for companies that want to expand existing loans. The Fed will also extend the programme’s loan repayment period from four years to five. In addition, borrowers won’t have to make principal payments for the first two years.

All told, the changes appear intended to make

the Main Street loans more appealing to businesses and banks as they seek to recover from a deep recession.

The Fed’s move “should attract a wider range of participants,” said Joe Brusuelas, chief economist at RSM, a tax and advisory firm. It “bolsters the probability of a successful start to what we think is a sorely needed programme.”

Fed officials have said that the Main Street program is intended for companies that were healthy before the coronavirus outbreak in March. They also seek to help companies too large for

the government’s small business loan programme but too small to issue corporate bonds — a market that the Fed is bolstering separately.

The Treasury Department has approved the programme, which will lend up to $600bn. Treasury will provide $75bn to cover potential loan losses.

Chair Jerome Powell said late last month that Main Street is “far and away the biggest challenge” among the nine lending programmes the Fed has established to try to keep credit flowing during the pandemic.

WASHINGTON Associated Press THE Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Programme, in which the Fed will lend

THE TRIBUNE

Tuesday, June 9, 2020, PAGE 5

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

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

T

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

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

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

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

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

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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

PAGE 6, Tuesday, June 9, 2020

THE TRIBUNE

A US recession began in February in the face of coronavirus

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 8 JUNE 2020

(242) 323-2320

WASHINGTON Associated Press

ALL SHARE INDEX: CLOSE: 2,137.24 | CHG: 0.24 | %CHG: 0.01 | YTD: -94.36 | YTD%: -4.23 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.75 2.58 2.00 5.47 12.77 6.16 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 7.01 13.04 6.98 3.20 13.90

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 0.90

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 3.00 11.26 6.10 4.00 6.01 3.03 5.10 10.02 8.00 14.50 8.97 4.00 15.20

CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 3.00 11.26 6.10 4.00 6.01 3.30 5.10 10.08 8.00 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 0.27 0.00 0.06 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

1,400

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 21.7 42.9 32.4 10.9 15.6 11.0 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% 3.00% 0.00% 13.15% 1.18% 3.25% 3.00% 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% 1.04% 3.87% 0.61% 2.93% 0.50% 2.50% -1.34% 2.23% -12.71% -5.79% 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-Mar-2020 31-Mar-2020 27-Mar-2020 31-Mar-2020 31-Mar-2020 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 2.31 4.40 2.10 198.39 168.29 1.67 1.85 1.76 1.24 8.34 10.26 7.00 12.15 12.58 10.81 10.00 8.98 11.79

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

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

NAV 2.31 4.39 2.10 192.52 145.55 1.67 1.79 1.75 1.16 8.31 10.07 7.00 11.42 12.58 10.52 N/A 8.31 10.01

MARKET TERMS

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

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

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

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

THE US economy entered a recession in February as the coronavirus struck the nation, a group of economists declared yesterday, ending the longest expansion on record.

The economists said that employment, income and spending peaked in February and then fell sharply afterward as the viral outbreak shut down businesses across the country, marking the start of the downturn after nearly 11 full years of economic growth.

A committee within the National Bureau of Economic Research, a private nonprofit group, determines when recessions begin and end. It broadly defines a recession as “a decline in economic activity that lasts more than a few months”.

For that reason, the NBER typically waits longer before making a determination that the economy is in a downturn.

In the previous recession, the committee did not declare that the economy was in recession until December 2008, a year after it had actually begun. But in this case, the NBER said the collapse in employment and incomes was so steep that it could much more quickly make a determination.

“The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier

contractions,” the NBER panel said.

The way the NBER defines recessions, they begin in the same month that the previous expansion ends. Because the economy peaked in February, that is the month when the recession officially began, rather than in March, when unemployment began to rise.

Financial markets had little reaction yesterday to the NBER’s declaration. February is when the stock market hit its own record high before stumbling into a severe downturn from which it has mostly recovered, thanks to extraordinary stimulus and support measures from the Federal Reserve and Congress as well as expectations that the worst of the economic pain may have passed.

The unemployment rate is officially 13.3%, down from 14.7% in April. Both figures are higher than in any other downturn since World War II. A broader measure of underemployment that includes those who have given up looking and those who have been reduced to part-time status is 21.2%.

On Friday, the government said that employers added 2.5 million jobs in May, an unexpected gain that suggested job losses may have bottomed out. A recession ends when employment and output start to pick up again, not when they reach their pre-recession levels. So it’s possible that the recession could technically end soon.

That would make the current recession the shortest and deepest on record.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARVIN SELENTO RHODRIQUEZ of Carmichael Road, P.O. Box N-33056, intend to change my name to SANDRA PATRICIA LANCHIPPA KUON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PAGE 8, Tuesday, June 9, 2020

THE TRIBUNE

BODY AND MIND

“Farming is life” – Organic farm seeks to help Bahamians get healthy

BY ALESHA CADET | Tribune Features writer | acadet@tribunemedia.net

A

lmost as soon as the coronavirus hit the Bahamas, the team at Blue Fields Farms noticed an increase in the demand for local produce, and this in turn further emphasised for them the importance of food sustainability in island nations.

Edward Russell, marketing representative at Blue Fields Farms, said the pandemic also forced people to think about food security. Many were panic-buying and started to queue in front of food stores from as early as 4am to ensure they were able to get their groceries.

“The possibility of not having food available really scared people during this time and the first thing everyone turned to were the local farms,” said Ms Russell.

“We had tons of requests for produce. However, because we value the relationships we’ve cultivated with local food stores, we were only able to provide folks with boxes with items not sold in stores. We’re still getting requests.

Hopefully we’re able to open a storefront on the farm in the near future. We’ve been encouraged to do so.”

Blue Fields Farms is an aquaponic farming operation that provides fresh, top quality and locally grown produce to Bahamians in Nassau. Mr Russell said they are all about providing a sustainable food source for the Bahamas and curbing the necessity for imports of produce that can be cultivated right here.

Currently, Blue Fields Farms produce an assortment of lettuces that make up the brand’s spring mixes, and a wide variety live herbs.

The team is also currently

DAILY operations at Blue Fields Farms

gearing up to release to market, oregano and thyme.

“Travelling around the world, one of the most common deficiencies we’ve noticed is the need for sustainable food production, particularly in island nations.

We’ve been living in the Bahamas for years, and as a country that imports most of it’s food, we thought this would be a great place to start. We wanted to show Bahamians the possibility of aquaponic agriculture and how

this alternative can help to reduce the amount of imports need to meet the need of the Bahamian consumer. In truth, we saw it as a way to give back to the world and that’s why we’re so passionate about it,” said Mr Russell.

Blue Fields Farms’ home base is a five-acre piece of land in the western end of New Providence near the Old Fort Bay Town Centre.

“Our operation is conducted in our 25,000 square foot

greenhouse. We produce micro greens - which typically would be be sold to restaurants, which are now available to the public. We also produce other vegetables for restaurants such as Swiss chard, kale, bok choy, spring onions and edible flowers, which could be moved to food stores in the near future,” said Mr Russell.

The farm produces three to five times the amount of food per square metre as opposed to conventional agricultural operations, he explained, and they use up to 90 percent less water than conventional agriculture, using only rain water which they store in a 180,000-gallon tank.

“We are naturally organic since harmful pesticides and harsh chemicals are not used as they would kill the fish. Our fish are akin to the canary in the coal mine. We don’t use any pesticides that are not organic grade. We use biological controls to combat pests, which does no harm to the

produce, the fish or you the consumer,” said Mr Russell.

As many Bahamians have started backyard farming while in quarantine these past few months, Tribune Health asked how important it is for this trend to continue.

“There is nothing greater than being able to feed yourself, and we’ve noticed that from the number of questions enquiring about how to take care of our live herbs. They have increased over the past few months and in particular during COVID-19. We wholeheartedly encourage this subsistence farming trend that’s come about as a result of COVID. The greatest benefit that we have all gotten out of this pandemic is the question of how do we feed ourselves and our families, and the action steps people have taken to solve that question by starting their own farms at home. It’s an important question and I believe that Bahamians have mustered the courage to answer it for themselves. It’s a beautiful movement,” said Mr Russell.

Eating healthy, organically grown food, is especially important for Bahamians, many who are plagued with chronic noncommunicable diseases.

“It’s time that we all take a moment to look at what we put into our bodies and where this food comes from and what’s actually in it. We need to decide to eat healthier to live longer and more fulfilling lives. COVID finally pushed us to think about the question, and again, Bahamians have answered by making the choice to grow their own food. And with the time off to actually get into the growing of the food, we could only smile at the reception of the message that farmers the world over have basically been preaching for centuries: farming is life,” said Mr Russell.

The benefits of stretching

By JEFFARAH GIBSON | Tribune Features Writer | jgibson@tribunemedia.net

IT is never recommended to jump into any workout routine without stretching and warming up your muscles first.

According to Angelique Mackey, a professionally trained Bahamian dancer, stretching before any activity can be one of the healthiest things a person can do.

Stretching, even if only lightly, should be done daily for at least 10 minutes. And to teach people how to achieve great flexibility and fluidity through fun and easy-to-learn processes, she has launched a new online stretch class.

“A full body stretch can be simple,

or it can be complex, but it’s important to maintain some regularity in your stretch life, especially if you are an active adult or gaining age Remember, stretching is the important link between the sedentary life and the active life. It keeps the muscles supple, prepares you for movement, and helps you make the daily transition from inactivity to vigorous activity without undue strain,” said the dancer told Tribune Health.

With her new classes, Angelique hopes participants will join her on the journey to flexibility.

“And feeling better every day is just one more perk,” she said.

“I realised the lack of awareness of bodily health regarding stretching and how it prepares our body for the simplest to the most strenuous tasks. This class is also designed to help athletes and dancers take their flexibility and muscle readiness to the next level.”

Classes feature 25 to 50 minutes of deep and relaxing stretches, depending on the type of class chosen, and will include facts and important information on stretching, health and wellness, trivia, and a discount partnership with Lisa’s Wellness Oasis, which offers organic products Angelique said with the classes she hopes her students feel energised when taking on daily tasks and that they gain a fresh and healthy perspective of what stretching can do to improve their physical and mental life.

Stretching has been important component in Angelique’s dance career.

She studied many kinds of native, classical, internationally cultural dances. She also completed levels onethrough 11 of the American Academy of Ballet performance awards, with gold and gold with distinction.

“My dance teacher, Marilyn Deveaux of Virtue Dance Academy, would incorporate lessons of jazz, modern,

PROFESSIONALLY trainer dancer Angelique Mackey teaches the importance of stretching in new online classes.

ethnic, Junkanoo-style, and tap into our weekly routine and then into our end-of-year dance shows,” she said.

And as Angelique always had a love for hip hop choreography, she was also taught in this style by a good friend, well-known dancer Marciano Darling.

“I also learned and loved different styles of ballroom dancing, particularly salsa.

In 2013, I competed in and won the South American Ballroom Champion title at the BSSN annual dance

competition. Eventually, I decided to take a short break but soon started performing again with Eurythmics under the instruction of Gabriella Szabo. Once my time ended there, I freelanced in different jobs and worked with different dance, marketing, and modelling companies,” she said.

For more information on Angelique’s stretch classes, contact angelalexandriam@ gmail.com.

THE TRIBUNE

Tuesday, June 9, 2020, PAGE 9

When your bladder controls your life

Many men, women and children have their lives controlled by their bladder issues and it often drastically reduces the quality of their lives.

Afraid to drink a glass of water when away from home because of the potentially embarrassing problem of needing to rush to void urine or not being able to find a bathroom in time.

Waking up more fatigued in the morning than when first going to bed because of the urgent need to wake up several times in the night to urinate.

Avoiding social interactions because if the perceived scent of urine from urinary incontinence.

No longer going to church because of the overwhelming need to rush to the bathroom several times during the service.

Avoiding exercise because of the uncontrolled leak of urine during any physical activity.

These situations are the unfortunate everyday reality for far too many Bahamian men, women and children.

Family members also may suffer indirectly from severe urinary symptoms of a loved one.

For example, they may also experience sleeplessness nights due to a partner or family member frequently waking the household to urinate or by having bladder leaks.

Sexual relationships may destroyed because of the urinary issues of one or both partners.

Growing older absolutely does not mean you have to endure severe urinary issues such as having to urinate several times an hour or struggling to empty your bladder.

As a woman, having a vaginal delivery of a child or entering menopause does not

necessitate having to accept urinary incontinence.

Bahamian women do not have to wear daily pads or panty shields because of the great fear of not making it to the bathroom in time or leaking urine with every laugh, sneeze, cough or exertion.

Modern urology provides minimally invasive, often outpatient procedures that can effectively treat any urinary issue.

Urinary issues can negatively impact the quality of life of the sufferer and those around them Severe urinary issues may include urinary leak/incontinence or frequent and urgent urination, recurrent urinary tract infections and a weak stop and start urinary stream.

These urinary issues may be a sign of something potentially very hazardous to your health.

Never ignore urinary symptoms.

Chronic incomplete bladder emptying could lead to kidney failure and the development of an atonic bladder, whereby the bladder would never be able to contract and empty, even if the obstruction is removed.

There are multiple non obstructive causes of incomplete bladder emptying, such as diabetic cystopathy as a result of chronic poorly controlled diabetes or secondary to many neurological disorders.

Incomplete bladder emptying can lead to recurrent urinary tract infections and bladder and kidney stone formation.

Urethral strictures/scarring can affect men of any age, which leads to urinary obstruction.

Do not silently suffer from urinary issues. Seek urological consult.

Ensure a potentially devastating health issue is not the root cause and regain control of your bladder and your happiness.

1.

Urinary issues can lead to devastating health consequences Frequent urination and urinary incontinence in men, women and children could be the result of incomplete bladder emptying, which could lead to prolonged back pressure on kidneys and potentially acute or chronic kidney injury.

Prostate cancer in men may present with worsening urinary complaints so never ignore and suffer in silence. The other prostate problem, benign prostate hyperplasia (BPH) is far more common than prostate cancer and also could present with progressively worsening urinary symptoms.

Other pelvic cancers in men and women could present with urinary symptoms.

2. Nocturia - frequent nighttime urination Waking up more than twice in the night to urinate should be investigated and appropriately treated.

Seven hours of sleep is essential for your good mental health, emotional well-being and the health of your heart.

Sleep deprivation could potentially have numerous negative health effects and a profound reduction on your quality of life.

No child should have to live with the devastating problem of bedwetting.

There are many simple management options to solve bedwetting.

3. Urinary incontinence and severe urinary urgency Fear of leaking urine can negatively affect the sexual intimacy,

THE UROLOGY DOCTOR IS IN...

Dr Greggory Pinto

professional lives and social lives of people of both genders and all ages.

An individual could become a social outcast afraid to interact with others, fearful to attend church or go to the gym and exercise because of the fear of urinary leak and urinary urgency and severe frequency.

Too many Bahamian live their lives sadly with the persistent odor of urine due to urinary incontinence.

4.

Urinary incontinence has shown to hasten physical decline in the elderly Severe urinary issues in the elderly were found in a study in Urology Journal to lead to more rapid health deterioration and resulting physical and mental health morbidities.

Elderly people rushing to the toilet to pass urine have higher

Photo: jcomp / Freepik incidences of falls and resulting fractures and head trauma.

5. Link between urinary issues and depression An individual being afraid to exercise or socialise due to urinary incontinence could lead to depression and weight gain due to inactivity and multiple negative health issues.

Sleep deprivation from frequent nighttime urination could lead to depression.

It cannot be emphasised in strong enough terms that it could be potentially devastating to ignore severe urinary issues.

You are far from alone with your urinary issues. Urinary incontinence or overactive bladder affects as many as one in three women.

Almost every man can be afflicted with the urinary symptoms associated with BPH. Stop being embarrassed and reluctant to seek help that is readily available.

Seek confidential, comprehensive and compassionate urology care and regain control of your bladder and your happiness.

• 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. Please note that after June 12, Dr Pinto will no longer by at The Surgical Suite. Further details will follow.

The right to move 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.

I know one of the things that I struggled with a lot when I started my health, wellness and fitness journey was the exercise part. I was just embarrassed at how big I was and was so concerned about how people would at look me and judge me, and laugh at me.

After a very traumatising moment in the gym where I fell off of a treadmill and got up to a group of guys laughing hysterically at me, I made the decision to not let the opinions or even actions of other people dictate my life. So after crying in my car

SHUT out outside distractions and focus on yourself in the parking lot of the gym, I went to an electronic store and bought some headphones and an iPod. The next day I went to the gym in my hoodie and with my head phones in my ears and my music blasting, and I did my entire workout with my head down.

I did it that way so that I could block out the distractions around me and focus on making myself better.

And guess what? Seven years later that’s still how I train.

The reason I am sharing this is because I want to encourage you

to do whatever you need to do to move forward with your health, wellness and fitness journey.

So many of us are held hostage by the opinions of others, and that’s a very bad place to be.

I want you know that that you have the right to move and act in your own best interest. You don’t need the approval or acceptance of others to do what you feel is best for you. This is true not only for your health and fitness, but for your life in general.

When you start to focus on yourself and do the things that

will help you progress towards your goals, your positive energy will attract more positive energy.

I want you to take some time this week to think about whatever is holding you back from being the best version of yourself and stop letting it distract you from the things you know you need to do.

I want you to think of how you can break through the barrier and then I want you to take action. Taking action is really the difference between those who are successful and those who are not.

Take action; it doesn’t have to be

ETHAN QUANT

HEALTH COACH huge steps, but you want them to be intentional and consistent.

Remember, if you want help navigating this or any other part of your health wellness and fitness journey you can reach out to me directly.

• You can contact Ethan Quant at ethan@elite-wellnesssolutions.com or on Instagram at @ethanquant.

PAGE 10, Tuesday, June 9, 2020

THE TRIBUNE

Will spas recover from COVID-19?

Life before the lockdown was bustling with activity and people constantly on the move. The thought of us being under lockdown for almost three months was unimaginable. Do you yearn for that relaxing and pampering spa treatment? Spas allow people to escape, de-stress and unwind.

But returning to the spa will not be the same anymore. As anxious you may be about restarting your beauty and spa treatments, there are a few things you would need to know: • The new sanitation and hygiene standards of the establishment you visit • Is my salon or spa ready for reopening?

• How will they schedule appointments? Are they taking walk-in customers?

• What is the method of payment?

• Will I be able to book an unlimited amount of services?

• What personal protective equipment will they be wearing?

There is so much more spa and salon owners have to take into consideration and it’s beyond all those questions you have. Many spa owners are in agony right now, wondering how will they survive in this industry.

It is true that if your spa business was struggling financially before COVID-19, it may not survive post-pandemic. A sad reality for many of us.

Some spa owners have to assess where they are financially and how they plan to recover. The answer to recovery isn’t always a loan. Sometimes a loan can add to your stress and make you sink further into debt, especially considering your past and recurring expenses. Again, each industry owner will consider what is best for them.

The resources and support for this industry locally are limited. Hence, it may be necessary

same amount of work to be done which they usually got in one session.

Trying to pick up where you left off will be a challenge and some treatments may need to be done in stages. This may not always be the most welcoming news to your clients but it will allow you time to service more clients who are longing to get in your chair or on your treatment bed. Nevertheless, this will require good communication with your clients.

Here are some things to take into consideration when deciding what to do about prices.

pandemic together and many are struggling.

Here are some suggestions if you decide to take this approach: • No more amenities, such as tea, coffee and fruits • Reduce the frequency of discounts on services • Retail more products • Open for longer hours on busier days • Be creative in marketing on Facebook and Instagram • Measure and dispense your products carefully; buy in bulk • Improve your customer service and your client retention • Cancel unnecessary subscriptions • Scale back on marketing costs • Use energy-efficient lighting • Ensure your air-conditioning system and other appliances are working efficiently • Encourage add-on to services to increase sales

Kenya MortimerMckenzie

• Cost of new sanitation procedures • Cost of personal protective equipment (masks, gloves, face shields, goggles, plexiglass dividers, etc) • The number of services you can schedule in one day • Outstanding and current operating expenses

for spas to join forces to help each other during and after this pandemic.

Some spa owners in other countries have contemplated increasing prices, whereas others have decided to charge regular prices. Clients will indeed return with two to three times for the

If you decide to increase the price, some spa sources recommend that it should represent a small add-on cost for PPEs and sanitation.

A good number of industry leaders have decided to leave prices as normal, considering that all of us are going through this

of it being acted out every day.

None of us can now say it doesn’t affect us, because it does. We have the means of instant communication so everything in this ever-shrinking universe of ours is joined. We are all connected one way or another through the complexities of modern life, through social media, travel, corporations, manufacturing, trade, food, armaments, and even wars in countries other than our own have ramifications for all. A prime example is the coronavirus which began on one side of the world and rapidly spread like wildfire to every corner of the planet.

If we are not immediately involved, it’s normal to question what we can do. First of all, if we are white we are already more entitled than any other ethnicity.

We need to become knowledgeable about the histories of other

Life lines

it our responsibility to understand the history and adjust our behaviour and our reactions accordingly. There is a massive amount of information on slavery in the US and other countries, as well as how indigenous, Indian and aboriginal populations have been abused. No excuses for not being aware and no reason not to speak or act for change. The most damaging and selfish thing we can do as human beings when we see injustice is to do nothing.

Victoria Sarne

• Victoria Sarne is an entrepreneur and writer. She headed a team to establish a shelter for abused women and children in Canada and was its first chairwoman. You can reach her at victoria.conversations@gmail. com, visit lifelineswritingservice. com, or call 467-1178.

The first three months of reopening will be a bit challenging considering your past and current expenditure. But in the long term, likely in six months, your financial outlook may prove to be more favourable. It’s essential now more than ever to watch your expenses and run your business and not allow it to run you!

“And still I rise” “And still I rise” is a poem written by Mayou Angelou, published in 1978. I am sure it has resonated with millions of people over the years, offering inspiration, as it has done for me. It’s a poem offering hope for black men and women to continue to believe even under duress, and equally so for the rest of us in all sorts of other circumstances. Seeing events unfold in America over the past week, I hope it is more than ever a call to keep believing in a better future.

It has saddened and sickened me over a lifetime, half of which was spent in a country predominantly white and the last 30 years in predominantly black countries, to see that so few inequities have been addressed fairly or humanely

by America and many other countries in the way they treat or, more accurately mistreat, those who are different, whether by ethnicity, colour, gender, age, religion, education or earning ability, and so on.Because it seems somewhere along the line in society’s mis-named human evolutionary progress, the list for justifying discriminatory practices has grown exponentially.

It’s become fashionable to be politically correct, but that’s all it seems to be – a from of dressing up; lipstick and mascara slapped on to conceal the imperfections and offered up as genuine change; empty rhetoric devoid of a deeper intention. This is the show on America’s runway today that is justifiably receiving unwanted attention and not applause. The murders, the beatings, the illegal acts of a police force supposed to protect everyone’s rights are now on full display and the citizens and their supporters are righteously angry with fundamentally good reason.

But here it is in a nutshell: a singular example of why black citizens have decided “no more.” I receive CNN’s bulleted headlines, a newsletter in my e-mail. These are the two points which jumped off the page for me: “An antilynching bill. Sparks flew on the Senate floor over a bill that would make lynching a federal crime.

Republican Senator Rand Paul wanted to add an amendment that would narrow the scope of crimes that fall under its penalties.”

What the ****? This is not already in existence? I am not naive, but automatically assumed this must naturally be enshrined in federal law. The second point was this: “$565 billion. That’s how much money America’s billionaires have made since March 18th of this year, according to a report by the Institute for Policy Studies. In that same time period, 43 million Americans have filed for initial unemployment benefits.”

There it is; America the great... but only for the select few. So no need to ask how or why the country ended up with the current hate-mongering, divisive president. The answer is right there in two simple paragraphs. Simple basic expectations of parity unmet.

But Americans can do better than that, and many are better than that. There are good, caring, thoughtful and intelligent people as we have seen with the many rallies and protests in many cities and all over the world; others standing in solidarity with their black brothers and sisters, composed of all ethnicities and colours. Systemic racism is a plague and thanks to the internet we can now see it up close, personal and ugly, and none of us can now plead ignorance, even though we may have previously been unaware of the full extent

countries, other races, minorities and the role we have played in their suppression. While it is not personally my fault or yours,

THE TRIBUNE

Tuesday, June 9, 2020, PAGE 11

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 74° F/23° C

TAMPA

TONIGHT

WEDNESDAY

THURSDAY

FRIDAY

SATURDAY

Variable clouds

A couple of thunder‑ storms late

Variable clouds with a thunderstorm

Sunny intervals; breezy, pleasant

Some sun with a shower or two

Mostly cloudy, a t‑storm possible

High: 88°

Low: 78°

High: 85° Low: 77°

High: 85° Low: 75°

High: 86° Low: 75°

High: 86° Low: 75°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

100° F

84° F

94°-78° F

91°-75° F

95°-80° F

95°-78° F

High: 91° F/33° C Low: 76° F/24° C

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

N

almanac

E

W

ABACO

S

N

High: 84° F/29° C Low: 77° F/25° C

4‑8 knots

S

WEST PALM BEACH High: 90° F/32° C Low: 77° F/25° C

3‑6 knots

FT. LAUDERDALE E

W

FREEPORT

High: 89° F/32° C Low: 79° F/26° C

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High: 87° F/31° C Low: 77° F/25° C

MIAMI

High: 90° F/32° C Low: 79° F/26° C

6‑12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 79° F/26° C Normal high ....................................... 86° F/30° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 93° F/34° C Last year’s low ................................... 78° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 20.50” Normal year to date ................................... 10.07”

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 84° F/29° C Low: 79° F/26° C

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KEY WEST

High: 89° F/32° C Low: 83° F/28° C

High: 84° F/29° C Low: 78° F/26° C

N

S

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4‑8 knots

S

4‑8 knots

ANDROS

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

tiDes For nassau High Today

Ht.(ft.)

Low

Ht.(ft.)

11:24 a.m.

11:48 p.m.

2.4 3.0

5:32 a.m. ‑0.1 5:26 p.m. 0.0

Wednesday 12:17 p.m. ‑‑‑‑‑

2.3 ‑‑‑‑‑

6:22 a.m.

6:18 p.m.

0.1 0.3

Thursday

12:38 a.m.

1:11 p.m.

2.8 2.2

7:12 a.m.

7:12 p.m.

0.2 0.5

Friday

1:28 a.m.

2:07 p.m.

2.6 2.2

8:02 a.m.

8:10 p.m.

0.3 0.7

Saturday

2:20 a.m.

3:02 p.m.

2.5 2.3

8:51 a.m.

9:09 p.m.

0.4 0.8

Sunday

3:11 a.m.

3:55 p.m.

2.3 2.3

9:38 a.m. 0.4 10:07 p.m. 0.8

Monday

4:03 a.m.

4:45 p.m.

2.3 2.5

10:24 a.m. 0.4 11:02 p.m. 0.7

sun anD moon Sunrise Sunset

6:19 a.m.

7:59 p.m.

Moonrise Moonset

11:47 p.m.

9:55 a.m.

Last

New

First

Full

Jun. 13

Jun. 21

Jun. 28

Jul. 5

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 78° F/26° C

High: 86° F/30° C Low: 79° F/26° C

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High: 87° F/31° C Low: 79° F/26° C

E

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LONG ISLAND

tracking map

High: 85° F/29° C Low: 78° F/26° C

H

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

CAT ISLAND

E

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uV inDex toDay

4‑8 knots

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

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 84° F/29° C Low: 80° F/27° C

L

High: 84° F/29° C Low: 78° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 78° F/26° C

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6‑12 knots

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 3‑6 Knots E at 7‑14 Knots SE at 4‑8 Knots NE at 4‑8 Knots E at 4‑8 Knots ENE at 7‑14 Knots E at 4‑8 Knots NNE at 4‑8 Knots ENE at 4‑8 Knots ENE at 7‑14 Knots S at 4‑8 Knots ENE at 6‑12 Knots SE at 4‑8 Knots NNE at 4‑8 Knots NE at 6‑12 Knots NE at 4‑8 Knots ESE at 4‑8 Knots NE at 4‑8 Knots ENE at 4‑8 Knots NNE at 6‑12 Knots ESE at 4‑8 Knots NE at 4‑8 Knots SE at 6‑12 Knots ENE at 4‑8 Knots E at 4‑8 Knots ENE at 6‑12 Knots

WAVES 1‑3 Feet 2‑4 Feet 1‑2 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 0‑1 Feet 1‑2 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑2 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 6 Miles

WATER TEMPS. 83° F 83° F 85° F 86° F 83° F 83° F 83° F 83° F 82° F 83° F 81° F 82° F 84° F 85° F 83° F 84° F 83° F 83° F 84° F 85° F 83° F 84° F 83° F 83° F 83° F 83° F

SECTION B

TUESDAY, JUNE 9, 2020

I

t’s no secret that the stayat-home orders and other restrictions of movement imposed during the COVID-19 outbreak have put an incredible strain on romantic relationships and marriages.

While some experts predict the recent circumstances will lead to a baby boom in about nine months time, others foresee a huge surge in breakups and divorces post pandemic.

Vito and Linda Patrick from Grand Bahama are a married couple who know first-hand how challenging it can be to keep a marriage alive even during the best of times, never mind during a nation-wide lockdown. And they want to share their experiences and lessons learned with others in an effort to help Bahamian couples to stay together. The Patricks are doing this through a newly launched resource called Unique Couples.

The couple, who have been married since 2003, said it was around their 11th year that they realised they needed to make some serious changes to their relationship.

“While raising our eight and six-year-old kids, studying, and working together, we realised that we were becoming strangers even while being together all the time,” Linda told Tribune Woman.

“We were so exhausted keeping up with everything that we stopped making time for just us.

We woke up from the slumber of being normal and getting caught up in routine.”

Vito and Linda found themselves in a rut and decided they had to focus on prioritising their marriage again.

“We began making sure we set aside time for just the two of us by reintroducing our weekly and monthly date nights. It would have been easy to start drifting apart but we became intentional about making our relationship what we wanted. And that is why ‘intentional loving’ is our buzz word,” said Linda. After Hurricane Dorian’s devastation of Grand Bahama and Abaco, they realised couples would need a way to strengthen their marriagesin the face of calamity. So the Patricks decided to be more deliberate in their efforts and do their part in changing people’s mind about divorce.

“As a couple we have always enjoyed working with and helping others in family ministries which we have done for over 10 years.

We were going to wait until our 20th wedding anniversary before launching (our platform), but decided to be more intentional

VITO and Linda Patrick know marriage takes work, and they are willing to share their experiences to help others.

Husband-andwife on a mission to save Bahamian marriages

By JEFFARAH GIBSON | Tribune Features Writer | jgibson@tribunemedia.net

after hearing about yet another divorce by someone we knew.

In November 2019 we made the decision to start Unique Couples and began with hosting our first event on December 7, 2019.

Our daily inspiration and tips for strengthening marriages began January 2020 on social media,” said Linda.

On the Unique Couples social media platforms, the stories of couples who have been through trials and tribulations and have come out triumphant on the other side are shared. Also featured are marriage tips on Mondays, Wednesdays and Fridays; ‘Tuesday Tickles’ with couples, which include jokes and quotes, sayings and wisdoms by local couples.

On Sunday nights, there is a live event on Facebook featuring

YOU Young photographer utilises the power GO GIRL of media

BY ALESHA CADET | Tribune Features writer | acadet@tribunemedia.net

ASPIRING filmmaker and photographer Udaijah Taylor knows the importance of media in the 21st century – it connects us, especially during times like the coronavirus pandemic; it inspires us, and it lets us know what is really going on in the world.

And realising just how big a role media plays in everyone’s daily lives has lead the 21-yearold to want to pursue a career in this field, particularly in photography and filmmaking.

Udaijah has been interested in the arts, whether it be acting, photography, videography or singing, since she was a little girl.

At age 11, she started making fun videos with siblings for her YouTube channel.

Through this she also learned about video editing.

“My Dad who is in the media field taught me from a young age key lessons in photography, videography, lighting, sound and more.

I love YouTube and still I often create content on there, mainly travel vlogs, covers, mini movies and more,” she said.

Udaijahis also an entrepreneur. She recently started her business called Daijah70 Photography. She also has a film production company called Scintilla Dai Productions.

“I love being able to meet new individuals and capture their magic moments,” she told Tribune Woman.

Over the recent months in quarantine, Udaijah said she experienced a peak in her creativity, mainly because the extra time gave her the opportunity to think more and relax.

“I’ve also had more time to plan ideas for future photoshoots or video projects that will target important concepts

special guests addressing issues couples are facing, sharing creative date ideas, and suggestions for books and movies that may be helpful for marriages.

In-person events such as retreats, workshops, date night events have been rescheduled for the time being due to the pandemic, but Unique Couples is still sharing information and advice for people to implement as they are confined at home together.

Linda said they saw a greater need for their help during the pandemic, which has brought to light problems many couples did not know they had or did a good job in ignoring up until now.

“Many had issues that were already present in their relationship, but now the pandemic is forcing those issues in the forefront. The truth of the matter is work gave many people an escape from the problems they were facing at home. And now with work and hang-out time reduced to non-existent, many had to face what they were avoiding,” she said.

“Many couples are not accustomed to being home around the clock with their families. When they did have the opportunity to be at home with their family or spouse, they found activities to do away from their home instead of using that time to be intimate or have fun together. Now the pandemic is forcing couples to notice all the little details about their spouse which they are discovering they are completely annoyed by.”

And couples confronting their problems and finding amicable solutions is a great thing for a relationship, she said.

It is the Patricks’ hope that their resources will offer practical relationship advice, which if applied correctly, can make a huge difference to a marriage.

“Couples can learn from others, get a different perspective on how to solve their problems. Some couples faced a lot of challenges, but they were able to overcome; these triumphant stories are shared on our platform. Other couples share about their blissful experience in their marriage and that gives others a glimpse at the possibilities that are available to them. During and after this pandemic couples can transform their relationship. They can put into practice the ideas suggested on a daily basis consistently and note how they change (for the positive),” said Linda.

For more information, follow ‘Unique Couples’ on Facebook, ‘Unique Couples Rekindled’ on Instagram and Twitter.

such as mental health and racism,” she said.

“Overall, while being on lockdown here in the Bahamas has made me realise the impact that media truly has.

During this time the one thing that has kept us connected is media. Photos and videos have explained what is currently going on all around the world, despite many being on lockdown.

I took time to relax and capture nature, something I was too busy to do before. Additionally, due to everything that is going on in the United States I decided to do a photo project centred around embracing and loving the black skin that you’re in. Furthermore, I have also been working on several videos for my film page.”

Over the past few years Udaijah said her craft has evolved a great deal.

“I have learned that it is important to place yourself in situations that will help you to grow; such as taking a new course, starting a new job, and more. I have also learned how to become more confident.

Due to my age, many individuals underestimate my abilities, and as a result I had to learn my importance and know what I can bring to the table and be confident in that,” she said.

“The main influence in my life is God. He is the one that has blessed me with these talents and allowed me to use them. The principles that I have learned from the Bible have taught me that it is important to be patient, loving and kind. Therefore, this allows me to show these traits to every client and person that I’ve come in contact with. My parents have also played a major role in my development and I am thankful for that.”