06112020 BUSINESS

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THURSDAY, JUNE 11, 2020

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Entrepreneur tired of ‘begging like a jonser’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian entrepreneur behind the proposed $2m renovation of Paradise Island’s lighthouse yesterday said he refuses to continue “begging like a jonser” after taking his battle with the government to court.

Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, confirmed to Tribune Business he has initiated legal action to force the government to honour the crown land lease agreement he executed in early January for two separate parcels at Colonial Beach.

• Legal battle over $2m PI lighthouse project • Asks court to validate crown land lease • Says ordeal shows govt pledges hot air

THE LIGHTHOUSE at PI.

Disclosing that he has hired Wayne Munroe QC to lead his action, Mr Smith vowed he is “not going around the Mulberry Bush again” after efforts to obtain all necessary approvals for his “beach break” destination - complete with lighthouse history, tours and Bahamian culture - went into their ninth year.

Venting frustration that his plans, which would create 40 Bahamian construction jobs and a similar number of fulltime posts, had been dashed

just when his goal was in sight, Mr Smith argued that the Minnis administration’s failure to honour the crown land lease sends “a very dangerous message” to both the local and international investors that are desperately needed to revive the economy post-COVID-19.

With the necessary financing in place, the entrepreneur said he was “ready to begin mixing mortar”

SEE PAGE 5

Hotel union ‘bracing for worst’ as Hilton cuts 15%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union yesterday said it is “bracing for the worst” after the British Colonial Hilton blamed the “unprecedented” COVID19 fall-out for forcing a 15 percent cut in its workforce.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business it remained fearful that other major Bahamian resorts will follow the Hilton’s lead by permanently terminating workers even though all properties it has spoken to have pledged to “ride out” the post-pandemic storm without taking similar action.

Voicing fears that the hotel industry, and its employees, are “in for a

• Other resorts pledge to ‘ride out’ pandemic • BHCAWU chief still fearful of more losses • Warns of ‘long summer’ despite reopening

DARRIN WOODS long summer”, Mr Woods said he was not going to “assume it’s a bed of roses” for his 5,000-plus members’ continued employment prospects despite employer assurances.

Identifying San Salvador’s Club Med resort as a particular concern, given

Bahamas First fights off IT system hackers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A MAJOR Bahamian insurance company has revealed it almost fell victim to computer hackers “during the height” of the COVID-19 pandemic’s lockdown.

Bahamas First, the property and casualty underwriter, revealed in its just-released 2019 annual report that it managed to “prevent the complete shutdown” of its information technology (IT) system when intruders attempted to penetrate it.

It reassured thousands of Bahamian insurance customers that no private financial information or personal details were obtained by the hackers, adding that the episode illustrated how the increasing postCOVID-19 reliance on technology and IT systems will need to be matched by cyber security upgrades.

Noting it had invested heavily in developing its digital platform for delivering products and services in both The Bahamas and the Cayman Islands, Bahamas First told its shareholders:

SEE PAGE 8

Tax crackdown ramp up ‘slower than we wanted’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Ministry of Finance’s top official has blamed COVID-19 for disrupting the “ramp up” of its tax cheats crackdown through a unit charged with ultimately generating $80m-$100m in extra revenues per annum.

Marlon Johnson told Tribune Business that the Revenue Compliance and Enforcement Unit had made “slower progress than we’d have liked to this point” despite making a $39.2m “fiscal impact” during the first ten months

MARLON JOHNSON of the current 2019-2020 fiscal year.

“It’s still a work in progress,” he disclosed.

“They’re just ramping up. The recruitment has

SEE PAGE 10

its reliance on visitors from COVID-19 scarred Europe, the hotel union chief said a gradual “ramp up” in tourism activity was likely following the July 1 re-opening of The Bahamas’ borders given that the industry was entering its traditionally slower summer season.

Mr Woods spoke out after the British Colonial Hilton confirmed that slashing its workforce was necessary to ensure “the continued viability” of the downtown Nassau resort. Pablo Casal, its general manager, in an e-mailed response to Tribune Business inquiries, said: “As a result of COVID-19,

the hospitality industry is seeing an impact to business that is unprecedented.

“Given the direct effect this has had on our hotel, we have worked with ownership to evaluate options that help us ensure the continued viability of the hotel. After careful consideration, we were regretfully forced to reduce our workforce. This difficult decision reduces our workforce by approximately 15 percent, including management, at this time.”

The percentage figure indicates that the British Colonial Hilton, which is

SEE PAGE 4

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Workers optimistic over July 7 open target for Atlantis

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HOTEL workers yesterday voiced optimism that Atlantis’ planned July 7 reopening represents “real progress” towards a full-on tourism rebound almost three months after the industry’s near-total shutdown.

The Paradise Island mega resort, in a letter to staff, confirmed that its “phase one” restart will take place on that date when “our first guests” are welcomed back to the Royal Towers and associated water theme park attractions and other amenities.

The document, which while unsigned is likely to have come from Audrey Oswell, Atlantis’ president and managing director, told workers: “After several difficult months I am pleased to inform you that Atlantis will begin welcoming guests back through its doors on July 7, 2020.

“When we started down this path back in March, I reminded you that this, too, shall pass. And, one day, we would emerge stronger than ever before. While the pandemic and its far-reaching impact on our company and our world may not be over, hopefully we have weathered the worst of this storm and will be looking at brighter skies going forward.”

Confirming that Atlantis is still adopting a phased approach to its re-opening, the letter added: “Phase One begins on July 7, 2020, when we welcome our first guests back to the Royal [Towers]. In phase one, the Royal Bath, Mayan Temple, Power Tower, Zero Entry and Splashers will open.

“All beaches will open and Dolphin Cay will open. The

main casino, spa and Marina Village will open. Some, but not all, of our restaurants and lounges will open. Phase two of our re-opening plan will be contingent upon business volumes.”

Atlantis said only employees required for the first phase re-opening will be notified to report back to work, adding that all other members of its roughly 8,000-strong workforce “regrettably... will continue with your furlough. We will call you back at the earliest possible time”.

The resort also warned recalled staff to prepare for a much-changed work environment due to the implementation of COVID19 health and safety measures, which will involve social distancing, the wearing of masks by all staff and the regular use of sanitisers.

“The safety of all who pass through our doors is of utmost importance to us,” Atlantis added. “Accordingly, many new safety measures and protocols have been put in place. From a guest and team member experience we have implemented a comprehensive approach which supports Atlantis Clean & Safe Promise. We have enhanced our standards and will take extra measures to keep our environment safe and clean.

“We know that there will continue to be hardship for many of you. Be assured that we are making every effort to bring tourism back to previous levels so we may get you back to work.... Despite the setbacks, I am confident that our business will rebound and we will emerge stronger than ever.”

Atlantis spokespersons did not return Tribune Business e-mails seeking

SEE PAGE 9

PAGE 2, Thursday, June 11, 2020

Tourism is promoted through ‘virtual sales’ THE Ministry of Tourism held a series of virtual sales missions during the COVID-19 lockdown in a bid to maintain The Bahamas’ status as a top destination with the US and Canadian travel industries.

Officials participated in online events such as webinars, virtual travel shows, virtual trip simulations and live social media sessions to ensure this nation’s market presence was maintained ahead of the July 1 re-opening to international commercial travel.

To prepare for that date, the Ministry of Tourism brought together all its international partners in the US and Canada for two days of virtual meetings hosted by director-general, Joy Jibrilu.

“While grappling with the effects of COVID19, all travel was put on hold”, said Mrs Jibrilu, “but we remained committed to providing our travel suppliers, travel agent communities, key meeting planners and destination wedding planners, flying ambassadors, boating community and all of our other business partners with the resources and information they needed to assure new and returning guests we would be ready once the

world was ready to travel again.

“Now, more than ever, we need to show our partners just how important they are since we will be calling upon them to help bring tourists back to our shores the moment it is safe to do so.”

Bob Duglin, vice-president of the International Membership and Host Agencies for the American Society of Travel Advisors (ASTA), an advocacy group for the travel trade industry, said: “It was very uplifting to hear from director-general Joy Jibrilu that the islands of The Bahamas will be safely opening soon to travellers from North America.

“Getting to The Bahamas is so easy with non-stop flights from the US. People can get from their home to the beach in a matter of hours.”

Elvi Cal, vice-president of product development, Travel Brands Canada, said: “Thanks so much for extending the invitation to today’s presentation. Joy did a great job in explaining the BTO’s plans and the different phases of reopening. Thrilled to see BTO (Bahamas Tourist Office) very proactive and already thinking of marketing this fall.”

THE TRIBUNE

Design your thinking for maximum impact NOTHING worth doing comes easy. Even something as potentially game-changing as design thinking has to be worth the time and energy required to pull it off. The design thinking process is a proven set of principles to boost creativity, fuel collaboration and deliver better experiences for your customers. But it requires flexibility and openness to some cultural change.

Here are five tips to get the most from your design thinking implementation: Mix things up Great minds think alike.

It is one of those phrases we have all likely heard or said, but few of us really believe it. The best ideas come from different minds viewing a problem from a variety of perspectives.

And there is no better way to get that collective mindset working for you than with design thinking.

This unique approach to problem solving focuses on seeing everything from the customer’s perspective. It is easier to get that 360° view when you have people with different roles, skill sets and views

The Art of Graphix

BY DEIDRE M BASTIAN

working together.

Identify the correct problem Defining the precise problem you are trying to solve (and making sure it is the right one) is a critical step in the design thinking process. By challenging your assumptions, you will avoid settling for obvious solutions and are more likely to discover what really matters to your customers and, ultimately, to your business.

The sky is the limit Every idea is worth exploring. Dreaming big does not come easy, and you actually have to work

hard at it. The only goal is to generate as many unique ideas as possible.

Organising, refining and prioritising come later. By taking an open-minded approach, there will always be better ideas and more unique solutions.

Visual collaboration Design thinking is about doing. The end goal is to create something and then ask people what they think of it. Make it as real as you can so you are not just talking about it in theory. You can draw it, write it on a notepad, and even build a prototype - anything to make it visual, understandable and easy to relate to.

Take it out of your head and put it somewhere visible where people can see it, talk about it and give feedback.

Transformation The feedback process is where the real magic can happen. It is when your solution is put to the test.

Once you create something and get it into somebody’s hands, it is time to seek opinions. The willingness to embrace the fact that you are not going to get it right on the first try is key to the evolution that is needed to transform a solution into something new and powerful.

such as private islands, secure estates in gated communities, and land with elevation.

“They are seeking a place that is safe and secure, yet has all the advantages of a contemporary lifestyle in a stable, English-speaking location,” said Mrs Wallace-Whitfield. “There is nowhere that fits the bill better than The Bahamas – close to the US, politically stable government, a peaceful, independent nation with magnificent waters for boating, clean air for recreation and good health and all the amenities people from all walks of life expect in the most urban and sophisticated cities.”

“Waterfront is still a huge drawing card and always will be, but now we are hearing more requests for waterfront with elevation as people become increasingly aware of climate change and its impact on low-lying areas.”

Post-COVID-19, security is becoming an increasingly important consideration for buyers.

“As people spend more

time sheltering-in-place, the place where they shelter becomes more important,” Mr Wallace-Whitfield said.

“Whether we are working from home or just staying at home, that place we call home becomes a central part of our lives. There is no question that the pandemic was a game-changer.”

According to Realtor.com, the pandemic also changed how people shop for real estate, driving more traffic to virtual tours and even the scheduling of online open houses. The time spent per visit on Realtor. com increased 14 percent in the first lockdown month between March and April, its chief executive reported.

Mrs Wallace-Whitfield, who is serving her third term heading up the 700plus member BREA, said increased interest in real estate could help The Bahamas’ post-COVID-19 recovery.

“Real estate and development combined create the second pillar of the Bahamian economy, and land is far less fickle than tourism, so it is a positive for The Bahamas that we are experiencing growth in this area,” she added.

“It is up to us to maximise the benefits of our unique position in the world. We need to be innovative and creative, understanding that just because we did things a certain way before does not mean we have to do them that way forever.”

CARIBBEAN Bottling Company (CBC) has expanded its locally-produced product line with the launch of Sprite Cranberry just prior to summer 2020.

The new flavour, which features the crisp taste of fresh cranberries, contains no sugar or calories. It will be available alongside the original Sprite flavour for a limited time.

“It is important for us to listen and respond to the ever-evolving tastes and preferences of our customers by introducing new and refreshing products to meet

their needs,” said Nikia Wells, Caribbean Bottling Company’s communications and marketing manager.

“Sprite Cranberry is not only our newest option, but it is the fourth no sugar addition to our product line in the past several months.

We recently introduced Dasani Sparkling White Peach, Dasani Sparkling Mixed Berry and Dasani Sparkling Lime, which join an extensive line-up of no and low sugar offerings.”

Sprite Cranberry is bottled at the Caribbean Bottling Company’s facility in New Providence.

Realtors support rate cut to boost economy THE Bahamas Real Estate Association’s (BREA) president is hoping the government will consider economic citizenship and interest rate cuts as ways to stimulate growth for her industry and the wider economy.

With realtors reporting strong interest in The Bahamas following the COVID-19 pandemic, Christine Wallace-Whitfield said introducing an economic citizenship programme which some have calculated could raise as much as $300m - is among BREA’s suggestions for reviving economic activity.

Besides reducing the Bahamian Prime interest rate to make borrowing more affordable for the middle class and first-time homeowners, she added that BREA is also recommending a stamp tax (VAT) exemption on certain property categories or Family Island properties purchased

by Bahamians, plus a graduated increase in real property tax on properties valued at more than $3m.

Mrs Wallace-Whitfield said Bahamian realtors are reporting increased interest in properties deemed secure,

Caribbean Bottling expands home-produced product line

CBC team members sample Sprite Cranberry.

Think differently and go slow Design thinking’s strongest proponents suggest going slowly. To do it well requires a big cultural shift, and that is not easy. You may want to start with small steps.

Change things up by allowing time for some freewheeling thinking, then follow up by refining everything into more workable ideas. By introducing design thinking in small steps and building, you will have a better chance with a new and more creative way of working. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Ms. Deidre M. Bastian is a professionally-trained graphic designer/ marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

CHRISTINE WALLACE-WHITFIELD, the Bahamas Real Estate Association’s (BREA) three-term president.

THE TRIBUNE

Thursday, June 11, 2020, PAGE 3

Arawak and Potter’s Cay vendors not 100% ready

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net NOT all restaurants at Arawak Cay and Potter’s Cay dock will be re-opening tomorrow as some are still implementing the COVID19 health and safety protocols mandated by the Government.

Rodney Russell, president of the Arawak Cay Conch, Fish, Vegetables And Food Vendors Association, told Tribune Business: “I did a walk about with my members yesterday, asking different questions. I had different ideas and different knowledge on what they planned to do, and how they planned to do it, and everybody is excited and they are willing to follow the guidelines and regulations. We will see how it works.”

A safety protocol inspection was part of the walkabout exercise conducted by Mr Russell, as he asked vendors what their plans were. His observations were that vendors are complying with the Government’s orders.

“They are now doing what they told me they are going to do, and that is freshen up and make sure protocols are where they are and see how best it works,” he said. Arawak Cay and Potter’s Cay vendors have been given permission to offer outdoor dining only from Friday, July 12, meaning that they cannot permit customers inside their restaurants.

And Mr Russell said that while “everybody is returning” to Arawak Cay, some establishments will not be

RISING OIL PRICES HIT BAHAMIANS AT PUMP

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A MAJOR Bahamian fuel provider yesterday said rising global oil prices, driven by increased economic activity as the world emerges from the COVID-19 lockdown, has driven its gasoline prices back to almost $4 per gallon.

Valentino Hanna, general manager of Sol Petroleum (Bahamas), the Esso supplier, explained why its advertised price was lower than what consumers are seeing on the pump.

“Yes, effective 4 June, 2020, our VAT inclusive price for premium unleaded was $3.80 per gallon,” he said. “That was after having a price of $3.28 from 22 April, 2020, for almost six weeks. We also were the first to drop below $3.30 per gallon.”

“The price that all of the

open on Friday. He said: “They prefer to wait until Monday, but they all will be following the protocols that the government has put in place.”

“Some are sceptical with opening on Friday because Friday is a short week for them with the system where the government is removing the lockdown on Saturday and Sunday. They are now going to be operating on Saturday and Sunday, and they understand that at 7pm the places will be closed. So they are working with the government and we will se how things work. If things don’t work they will be making the adjustments.”

Mr Russell said he suspects “over 80 percent of the vendors will return on Friday, and some persons still believe they can do more”. The remaining 20 percent that have opted for a Monday re-opening, Mr Russell said, are those who catered primarily to the tourism market and are “playing it by ear”.

Wendi Constantine, president of the Bahamas Dock and Allied Venues Vendors Association, added: “We are getting ready now.

Some persons are still doing renovations at this time but they will all re-open. Some won’t make it on Friday because they are still doing renovations, but we had a promotion for an advertising app where people could do curb-side, deliveries and pick up and they are going to adhere to all of the COVID-19 regulations. We have a credit card application campaign going on, so we are doing a lot of things on Potter’s Cay dock.”

Gregory Minnis, dock manager at Potter’s Cay, said: “All stalls that are ready with all of the necessary apparatus that needs to be done, they will be allowed to open. Hand sanitiser, the masks and there are some other requirements that they have to have for the safety and health of the customers and themselves, and so we are putting in new methods to ensure that we follow the World Health Organisation guidelines.

“Some of them are prepared to open on Friday. Some persons are deciding not to open, and some persons are thinking about opening on Monday.

We are not pressuring them; we are just asking them to make sure that they are prepared to open.”

Emphasising that he wants Potter’s Cay Dock to use COVID-19 to improve, Mr Minnis said: “We are also trying to restructure the parking as there will be no parking in front of the stalls. We have already sent a proposal in to allow parking to be on the right coming in and on the right going out.

“Once we get people to follow the protocol, we will be OK as we have a group of people out here doing some things. They are putting in grease traps, they are putting in water heaters, they are putting apps on their phones so they can market their business. A lot of things are being done. People are renovating and trying to upgrade their stalls, so changes are coming to Potter’s Cay and it is getting better.”

wholesalers purchase fuel for is tied to national postings such as US Atlantic Coast, US Midwest, US Gulf Coast, etc. The postings are subject to fluctuations based on supply and demand.”

Market indicators show that crude oil prices are still trading below $40 per barrel, having risen in recent weeks.

Analysts expect gas prices to continue to rise as people come out of the COVID-19 lockdowns worldwide.

Mr Hanna added: “When we went into COVID-19 lockdowns, economic activity was curtailed and demand for fuel dropped. Consequently, the supply price of fuel dropped. As various countries have re-opened and others, like ours, are beginning to, the demand for fuel has increased. With the increase in demand there will be a corresponding increase in the supply price.”

“The increase in our price is based on the fact that the last time we imported fuel, we purchased it at a

higher price than the time before. The price of all competitors, generally, will follow suit as soon as they import new product assuming that the postings continue to rise.

We just happened to be first.”

Calls to Rubis (Bahamas) and FOCOL Holdings (Shell) were not returned yesterday.

LANDS AND SURVEYS SET FOR ‘GREAT LEAP FORWARD’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Association of Land Surveyors (BALS) yesterday said it is awaiting the imminent arrival of a new surveyorgeneral as the government unveiled plans to upgrade the Department of Lands and Surveys.

Pakeisha Parker-Edgecombe, parliamentary secretary in the Prime Minister’s Office, told the House of Assembly during her contribution to the

2020-2021 budget debate that the department’s new electronic platform will improve efficiency and turnaround time in dealing with applications.

“Lands and Surveys will undergo a significant restructuring exercise as we aim to better equip the entity with a digitised platform that will not only ensure a smoother operation, but enable those seeking a piece they are entitled to as Bahamians to find comfort in their applications and that they are treated with fairness and transparency,” she said.

“Lands and Surveys can now boast of having the latest in surveying equipment, having utilised some $500,000 towards that purchase. The acquisition of new equipment utilises what is known as cadastral surveys. Cadastral surveys are those where drones are used to provide aerial photography.

“This is important due to the rapid development of New Providence, and can also be used for the developmental planning of the Family Islands, roads, subdivisions and healthcare facilities as well. Additionally, Lands and Surveys will also be able to carry out hydrographic surveys, which will aid in the monitoring of the channels of major seaports in particular.”

Ms Parker-Edgecombe said these developments are a “greater leap forward” for expanding Bahamian land ownership.

Meanwhile, Emile Ledee, The Bahamas Association of Land Surveyors president, told Tribune Business: “The BALS has received verbal confirmation that a new surveyor-general is to arrive in short order. We are hoping the financial investment will help to expedite matters at the Department of Lands & Surveys.”

P. O .Box AP-59229 Lynden Pindling International Airport Nassau, Bahamas Request for Proposals for Insurance.

Nassau Airport Development Company, (NAD) invites proposals from Bahamian qualified Insurance Brokerage Firms for the Insurance requirements of NAD. The Insurance Brokerage Services will be for a period of two (2) years following the selection of a successful proposal. Parties interested in submitting a proposal may collect an information package from the Executive Offices of NAD at the Lynden Pindling International Airport by making a payment of $100.00 at the time of collection.

All proposals should be sealed, and delivered to: V.P. Finance & CFO Nassau Airport Development Company Lynden Pindling International Airport 3rd Floor, Terminal B P. O .Box AP-59229 Nassau, Bahamas and should be marked: PROPOSALS FOR INSURANCE SERVICES All proposals must be received no later than 5:00 p.m. on Thursday July 16, 2020.

Nassau Airport Development Company Limited reserves the right to reject any and all proposals.

PAGE 4, Thursday, June 11, 2020

MINISTERS HAILS ‘UNPRECEDENTED’ $140M SOCIAL PROTECTION NET

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday hailed the 20202021 budget’s expanded $140m social safety net as “an unprecedented measure for an unprecedented time”.

Frankie Campbell, minister for social services and urban development, told the House of Assembly during his budget debate contribution: “I’m proud that this government has allocated some $86m in direct support, with nearly $60m allocated to the current fiscal year for social services assistance directly related to COVID19. This expands the social safety net to some $140m in the wake of COVID-19.”

He added that the government had allocated some $10m in the 2019-2020 supplementary budget to providing Hurricane Dorianrelated assistance for Abaco and Grand Bahama.

“The department of social services budget allocation for 2019-2020 was $39.091m.

To date we have spent $33.673m,” Mr Campbell said. “We have some bills outstanding, and we are sure we are going to spend the entire budget. We are comfortable we will be able to go back for some additional money. This is aside from the $10m set aside for Dorian.”

Responding to criticism that the needs of many applicants seeking social services assistance have not been met, Mr Campbell said it “would not have been for lack of funds.”

He added that problems may have arisen due to the red tape and bureaucracy within the government, while applicants may not have followed the proper protocols or provided all

THE TRIBUNE requested information.

Turning to the new social services online portal, called “promise”, he said: “This system is user friendly to clients, who can apply online for various programmes. It provides current information on the ministry’s and department’s activities and programmes. It can track applications where clients can lodge complaints. It can appeal the outcome of applications if they are confirmed.

“The system will prevent the duplication of services. It is the core of this duplication which, in many instances, would have caused some delay, because we had to ensure that persons were only getting what it is they are entitled to and eligible for, as opposed to persons just getting it because it is there and then, when the person who is in real need goes up, there is nothing left.

“This system will generate statistics and reports and, among other features, will modernise the department of social services.”

Hotel union ‘bracing for worst’ as Hilton cuts 15% FROM PAGE ONE owned by China State Construction, the contractor that built the $4.2bn Baha Mar resort and is now completing the $200m Pointe expansion adjacent to the downtown resort, has permanently terminated - not just temporarily laid-off - between 30 to 45 staff. The resort, though, remained open throughout the COVID-19 pandemic, albeit with reduced services and amenities.

Mr Woods yesterday said 22 of his union’s members were impacted, with most of the job cuts occurring the in the banqueting and catering department. He added that the union had unsuccessfully sought to persuade the resort to hold-off, citing the fact that the government has extended the 12-week period before mandatory redundancy kicks-in to one month after the COVID-19 emergency powers order ends.

The union chief said its attorney will explore whether the British Colonial Hilton has committed any breach related to this extension, but hinted he was not hopeful that any solid case would emerge. “Their [the hotel’s] thing is that the banqueting business, or group business, they don’t see it coming back before next year; the first quarter next year,” Mr Woods told Tribune Business.

“For us the concern we have is with the extension of the lay-off period the government has done, we just need to know this was not in contravention of that. For us, we’re saying: Suspend redundancies until after that period ends. We pointed that out to them, but they said they’ve got to do what

they’ve got to do. Our attorney is going to look at it for what it is.”

Mr Woods said the union “tried to get them to hold off” after it “got wind” of the British Colonial Hilton’s termination plans last week.

Despite discussions with the resort, it was supplied with a list of staff impacted earlier this week.

“They paid for the notice period,” he added of the resort. “One or two members say they were short. The work for us is not completed.

We have to check out what the discrepancies are and get them resolved either way.”

Almost all other hotels with staff who are members of the union’s bargaining unit have assured the BHCAWU that they have no permanent termination plans, but Mr Woods indicated he remains unconvinced. “We hope it doesn’t spread,” he said. “We’ve talked to the other hotels and they’ve said they’re going to ride it out as long as they can.

“We remain concerned because if all factors remain the same, we could expect some things to be faced. We are bracing for the worst. We are going to put in all protocols and do what needs to be done. We’re not going to sit here and assume it’s a bed of roses. We’re in for a long summer.”

Mr Woods, noting that there has been “open dialogue” between the union and hotel employers, voiced particular concern about Club Med’s Columbus Isle property, which had “pretty much said it is extending the [staff] furlough into later in the year” due to uncertainty over when European borders and flights will resume.

“Everything is so fluid, and

we can only hope something firms up,” Mr Woods said, adding that the uncertainty associated with the strength and timing of any tourism rebound - and the possibility of a COVID-19 second wave - were the critical unknowns facing The Bahamas.

He likened the situation to post-surgery healing, and the need for the body to regenerate both inside and out. While The Bahamas appeared to have got COVID-19 under control internally, the “outside” portion - meaning the US, and its ability to get the virus under control amid nationwide protests - was outside this nation’s control.

This will be key to both reviving Bahamian tourism and the economy, and mitigating the risks associated with a fresh surge of COVID-19 infections when the economy opens up. “It is very precarious because we are relying on another set of people to keep us going,” Mr Woods told Tribune Business.

“We were able to bounce back quickly from the Gulf War, 9/11 and then there was 2008-2009, but I’ve not seen it as bad as this. Not only is The Bahamas affected but tourism around the world is affected at the same time.

This is like nothing anybody has ever seen in the history of tourism. This is by far the worst we’ve seen.

“It cannot get any worse than what it is. It can only get better, and getting better may take a while. We’re heading into the traditional slow period, which means things will not ramp up in August, September and October. It will be a gradual ramp up. From where I stand we have got to pray hard.”

THE TRIBUNE

Thursday, June 11, 2020, PAGE 5

Entrepreneur tired of ‘begging like a jonser’ FROM PAGE ONE as soon as the government gave the go-ahead. However, while promising that he will “never give up” on his ambitions, Mr Smith said he was unwilling to proceed while Carl Bethel QC, the attorney general, held the position that his crown land lease was “not valid” and cannot bind the government.

Mr Bethel declined to comment when contacted by this newspaper last night, but Mr Smith’s writ - which was served on the Attorney General’s Office on Monday, after being filed with the Supreme Court registry on May 18 - is grounded in the Crown Proceedings Act’s Chapter 68.

The Bahamian entrepreneur is seeking a Supreme Court declaration that based on the letter he received on January 7, 2020, “there is a concluded agreement for a lease between the plaintiff and the minister responsible for lands and surveys”.

That minister is the Prime Minister, Dr Hubert Minnis.

Should the Supreme Court find there is no valid or binding lease agreement, Mr Smith’s writ alternatively seeks damages for its breach.

The letter in question, from Richard Hardy, acting director of Lands and Surveys, was headlined “approval for crown land lease” over two separate parcels.

One parcel was two acres in size for the Paradise Island lighthouse, and the other three acres represented the “beach break” element. Mr Smith returned the lease, bearing his signature and other formalities, to the government on January 9, but the latter failed to apply its signature and execute the lease, and as a result is arguing that no binding agreement was sealed despite him also possessing Bahamas Investment Authority approvals.

The Bahamian entrepreneur is seeking some of the same crown land being eyed

by Royal Caribbean Cruise Lines for its “Royal Beach Club” destination, which is why many observers believe the government held-off signing the lease agreement even though Mr Smith’s proposal pre-dated the cruise giant’s plans by some years.

Having previously voiced fears that he was being “marginalised” by the government in favour of a major foreign investor, and squeezed to accept inferior land parcels at Colonial Beach, Mr Smith yesterday argued that his treatment showed the Minnis administration’s rhetoric about it being “the people’s time” and “Bahamians coming first” was not borne out by its actions.

He added that the writ’s filing prevents the government “negotiating with any party the land in contention”, implying that no Supreme Court injunction is necessary to prevent it sealing a deal with Royal Caribbean - which has already indicated its Paradise Island plans have been delayed by the COVID-19 pandemic - in the meantime.

“We are seeking for the government to honour the agreements they have put in place, namely the crown land lease,” Mr Smith told Tribune Business. “This is because I have been begging for eight years. I finally get it resolved in the form of a crown land lease on January 7, and I only have six weeks to rejoice that I reached this milestone before Carl Bethel tells me it’s not valid.

“I’ve tried begging... begging like a Joncer. I’ve tried asking nicely. I’m not going around the Mulberry bush again. I’ve dealt with 100 top government employees, gone through 14 agencies, and Royal Caribbean walked through the door of the Bahamas Investment Authority and didn’t have to wait for eight years.

“It’s an unlevel playing field for Bahamians. I have faith in the courts that this is going to come to a logical, reasonable conclusion

where the government is required to honour the crown land lease in place.

While Carl Bethel unfortunately does not have a very good track record in winning cases, I’m very confident in Wayne Munroe QC’s ability to win cases against the government.”

As for the wider implications of his struggles, Mr Smith added: “It sends a very dangerous message to the international investment community when the government signs a crown land lease only to renege on it six weeks later. What investor confidence are you hoping to attract, or what calibre of investor are you hoping to attract?

“A deal is a deal as far as I’m concerned. They made an offer. I accepted the offer in its entirety in accordance with its full terms. I accepted their invitation, and paid for it within the prescribed time in accordance with the terms of the crown land lease.

“The way the crown land lease was offered was through a Cabinet approval in co-ordination with other agencies, including Lands and Surveys. Carl [Bethel] can argue all he wants to the judge. Do they want to string this Bahamian along through the courts even longer, or get Bahamians back to work without this litany of excuses?”

Asked whether his ordeal will cause other Bahamian entrepreneurs to think twice about getting into business activity that requires

government approval, Mr Smith replied: “I’m completely lost for words in responding to that question.

“How can any Bahamian have hope to succeed when this is how the Bahamian government treats Bahamians, and demonstrates to Bahamians how the Bahamian government treats foreign investors. It’s a kick in the teeth.

“The government stands up and pretends it’s the people’s time, the government stands up and pretends it’s Bahamians first, but they demonstrate with their actions this is entirely untrue.”

Describing his dealings with the government as “a nightmare”, Mr Smith promised to eventually release the “thousands of e-mails, hundreds of written correspondences and thousands of phone calls” to demonstrate how hard he has worked in trying to realise his investment dream.

Recalling how the prime minister e-mailed him to set up a meeting through his secretary, only for the latter to receive no instruction before he called, Mr Smith added: “The prime minister thinks the joke’s on me. I don’t have time for petty games.

“We’re 119th on the ease of doing business rankings for a reason. The government thinks linking NIB with the business licence is the be all, end all solution to the ease of doing business in The Bahamas. Look at what Brent Symonette said in his

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budget contribution. Enough of the excuses.”

Arguing that projects such as his were essential to revive Bahamian jobs and the economy following the COVID-19 pandemic, Mr Smith said: “How else are we going to get out of this economic hole we were in even before the pandemic and before Dorian. The private sector is working hard to attract the right foreign direct investment, and the government is doing a unique job in souring relationships and the efforts of Bahamians.

“It’s a real shame that entrepreneurial Bahamians must go to the extent of taking government to court for opportunities to succeed.

I’m ready to go. If they tell me start, I’ll start tomorrow. But I’m not building on foundations that are shaky when the attorney general tells me my documents are

not valid. We have the country’s commercial reputation at the hands of one person?

“We need it resolved so that we can start mixing mortar and get Bahamians employed in meaningful jobs. I think it’s abundantly clear to right-minded people that it is absolutely imperative to have a project such as ours that attracts foreign currency that stays in the country, whereas projects such as Royal Caribbean’s take all the profits out.”

Pledging that his project will require “zero work permits”, and will explore an initial public offering (IPO) of shares long-term, Mr Smith added that his plans called for an inclusive development that welcomed Bahamians and tourists alike as opposed to the cruise line’s likely “exclusive” destination.

PAGE 8, Thursday, June 11, 2020

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THE TRIBUNE

Bahamas First fights off IT system hackers FROM PAGE ONE

Dividend Notice 28 May 2020 The Board of Directors of Benchmark (Bahamas) Ltd. at its 24th April, 2020 board meeting unanimously elected to suspend the dividend payable for 30 June, 2020, following the outbreak of the novel Corona virus (COVID-19).

Suspension of the June, 2020 dividend was agreed by the board in response to the economic uncertainty that COVID-19 has created globally. With governments around the world closing their economies to protect human lives and the unknow impact that such measures will have on future economic growth, gave the board the rational to deploy financial containment measures across the company ensuring that financial strength can be maintained post COVID-19. Once more certainty can be gained as to the real economic impact of these governmental measures and the potential outcome they are likely to have on global and domestic future economic growth and activity the policy will be reviewed.

Brent Roberts Secretary

“The issues that have emerged in the aftermath of the COVID-19 spread, and the operational complexities for businesses such as ours, have highlighted the need for this investment.

“Ironically, as we adjust our business practices to accommodate more remote transactions and working capabilities, it has also highlighted the need to heighten our awareness and investment in cyber security.”

The insurer added: “We experienced first-hand the unauthorised intrusion into our network by an outside source during the height of the lockdown period in The Bahamas but, fortunately, we were able to prevent the complete shutdown of our business and, just as importantly, protect clients’ personal information and sensitive data.

“The world as we know it has fundamentally changed in recent times, but with every challenge comes an opportunity, and we shall do our best to explore the ones within our reach.”

Bahamas First Holdings, the group’s parent company, suffered a more than $11.5m year-over-year bottom line reversal for the 12 months to end-December 2019 as Hurricane Dorian turned the prior year’s $9.277m profit into a $2.376m total comprehensive loss.

Net losses stood at $5.08m, but a $1.95m gain on the value of its land and buildings, coupled with a $799,433 increase in the value of its securities and other investments holdings, helped to cut the former figure by more t than half tom produce the comprehensive bottom line result.

Bahamas First’s annual report revealed that it incurred some 2,250 claims, worth more than $300m in gross settlement payouts, as a result of the category five storm’s direct strike on Abaco and Grand Bahama.

The bulk of these losses will have been picked up by the Bahamian underwriter’s international reinsurance partners.

“The vast majority of these claims were property related, both in the homeowners and the

NOTICE NOTICE is hereby given that DWAYNE MONTIQUE, of Cathill Road, North Palmetto Point, General Delivery, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of June, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

HELP WANTED COOKS WANTED FOR AN ASIAN RESTAURANT MUST HAVE 5 YRS EXPERIENCE IN INDIAN COOKINGWITH KNOWLEDGE OF INDIAN LANGUAGE AND SPICESOF NORTH & SOUTH INDIA.

APPLY IN WRITTING TO THE H.R.MANAGER

P.O.BOX CB 11539, NASSAU.

NOTICE NOTICE is hereby given that RODNEY MILLA, of Palmetto Point, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 11th day of June, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

commercial or business segments, accounting for 75 percent of the total dollar value of claims.

Grand Bahama and Abaco account, collectively, for 95 percent of the claims incurred. Thankfully, we have been able to successfully settle and close over 90 percent of the reported claims from all locations,” Bahamas First said.

Patrick Ward, Bahamas First’s president and chief executive, told shareholders: “The net claims for the group increased dramatically to $39.9m in 2019, an increase of 43.5 percent compared to the prior year total of $27.8m. The majority of this increase is attributable to Hurricane Dorian, which is the largest ever natural catastrophe event to impact The Bahamas.

“The losses directly related to Dorian have overshadowed the fact that the underlying portfolios of business in both the health and property and casualty segments performed very well in 2019, and this is obviously very promising for the future results of the group.

“The combined ratio for 2019 was 108.1 percent, which is directly related to the hurricane’s impact and, not withstanding the fact that we incurred considerably more administrative costs in dealing with client service requirements, we were able to contain the expense ratio to 39 percent, compared to 38.1 percent in 2018.”

Alison Treco, Bahamas First Holdings’ chairman, added that the company’s previous expectation of a small 2019 profit or breakeven position had been thwarted by a $1.7m reduction in commissions from reinsurers.

She wrote to shareholders: “In my previous communications to you following Dorian, I expressed the hope that our bottom line result would reflect a small profit or at the very least a break-even position for 2019. The final result of a total comprehensive loss of $2.4m was partially due to a higher than expected reduction in commissions from reinsurers on our main lines of business, amounting to $1.7m.

“In a year when the financial results of your company have been adversely impacted by Hurricane Dorian, a positive note is that we were able to grow the revenue for the group in gross premium to $161m from $155m in 2018. Having this level of scale in the current environment will prove to be beneficial to us in the coming months.”

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THE TRIBUNE

Thursday, June 11, 2020, PAGE 9

Workers optimistic over July 7 open target for Atlantis FROM PAGE ONE comment, particularly on the number of staff likely to be recalled in the re-opening’s first phase. The July 7 date, which coincides with the resumption of flights to Nassau by American Airlines, is the third re-opening timeline set by the resort, which has moved the target back from, first, June 15, and then June 25.

Dave Beckford, a furloughed Atlantis employee and former contender for The Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) presidency, yesterday said Atlantis’s latest re-opening date will encourage staff that their prospects of returning to work have started to improve.

“We hope they get the hotel opened up safely so that any workers currently furloughed can get back to work,” he added.

“Hopefully we can begin to see the hotels up open up and resume some form of normalcy.

“The unemployment benefit is not going to last for ever, and as the country begins to open up, the hotel sector - which is the main industry - is still closed. All of us will be beneficiaries when tourism recovers; the industry, the government and employees.

“It’ll be key for the tourism industry to open back up in a safe way as COVID-19 is still out there, and there is talk of a second wave in the US where most of our tourists come from. I think between now and the end of July we should see some

real progress and something happen in tourism.”

Darrin Woods, the BHCAWU’s current president, said Atlantis employees required for the first phase re-opening will be recalled before July 7 to ensure they are fully trained on the COVID-19 health and safety protocols before the first guests arrive.

“We are happy that they are opening something as opposed to nothing,” he told Tribune Business. “It cannot get any worse than what it is now. It can only get better, but getting better may take a while because we’re heading into the slow season, which means things will not ramp up in August, September and October. It will be a gradual ramp up.”

The hotel union chief, though, voiced concern that reduced occupancies and business volumes, coupled with the need to maintain social distancing at amenities such as casinos and restaurants, would cut working hours and, potentially, jobs for hotel staff.

“If a restaurant has ten tables and they have to practice social distancing, you may have to take out three to four tables,” he added.

“That reduces the amount of people you can serve at one seating, and reduces the amount of people that can work at any one time. All of this indicates hours, and available hours, are going to be reduced. Everything will have a domino effect.”

While hotel rooms were unlikely to be impacted as much, Mr Woods said the availability of - and access to - resort amenities will also be impacted by COVID-19

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MASEY DORENE NEWBOLD of Culmer’s Alley off Kemp Road, New Providence, The Bahamas, intend to change my name to MASEY DORENE MUSGROVE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

ATLANTIS PARADISE ISLAND restrictions. Given that many guests select destinations based on attractions and amenities, he warned that frustration could result if social distancing meant they cannot participate or visit these at their scheduled time.

“The thing is to pray for a vaccine or cure,” Mr Woods said. “That’s the be all and

end all that’s going to help us.”

Robert Sands, Baha Mar’s senior vice-president of governmental and external affairs, yesterday said the Cable Beach mega resort had yet to select a re-opening date despite its website showing reservations for the Grand Hyatt and Rosewood properties are being taken as of July 1.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Side BETWEEN

2019 CLE/QUI/263

NOTICE

THE QUIETING TITLES ACT1959 Chapter 393 The Petition of Patronella Ericka Bain of the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas in respect of: ALL THAT piece parcel or lot of land comprising 11,233 square feet situated on the Southern side of Reeves Street and running thereon One Hundred and fourteen and Fifty Hundredths (114.50) feet and to the EAST by land privately owned and running thereon One Hundred and One and Eighty-seven Hundredths (101.87) feet and to the SOUTH by land said to be the property of Theophilius Moss and running thereon One Hundred and Two and Forty-five Hundredths (102.45) feet and to the WEST by property belonging to Harry Burnside and running thereon One Hundred and Five and Ninety-seven Hundredths (105.97) feet.

The Petitioner, Patronella Ericka Bain claims to be the owner in possession of the fee simple estate of the said land and has made application to the Supreme Court of the Commonwealth of the Bahamas under section 3 of the Quieting Titles Act, 1959 to have her title to the said land investigated and the nature and the extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. The Petition and filed Plan of the said land may be inspected during normal office hours at:1. The Registry of the Supreme Court British American Building, Ground Floor, Marlborough Street, Nassau, Bahamas.

2. The Chambers of Monique V. A. Gomez & Co., The Oschloe Building, #73 East Street & Cordeaux Ave, Nassau, Bahamas.

NOTICE is hereby given that any person having Dower or right to Dower or any Adverse Claim or claim not recognized in the Petition shall within Thirty (30) days after the appearance of the Notice herein filed in the Registry of the Supreme Court and serve on the Petitioner on the undersigned or Statement of such Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve his/ her Statement on or before the said thirty (30) days herein will operate as a ban to such claim.

Monique V. A. Gomez & Co. Chamber The Oschloe Building #73 East St. & Cordeaux Ave. Nassau, Bahamas Attorneys for the Petitioner

On behalf of the Board of Directors, I am pleased to report the third quarter results for FOCOL Holdings Limited. Net income for the nine months ended April 30, 2020 was $21.5 million compared to $17.5 million for the same period last year.

The impact of the novel coronavirus (COVID-19) on the Bahamian economy and our business since March 2020, has garnered Management’s full attention. Management has implemented the appropriate COVID-19 procedures to ensure the safety of our customers and staff.

To date, FOCOL’s overall financial performance remains strong and we are hopeful that upon the reopening of the tourism industry, we can sustain our results.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) (B $000)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (B $000)

The Board of Directors wishes to thank our loyal customers, dedicated staff and shareholders for their continued confidence in FOCOL Holdings Limited.

Sir Franklyn Wilson, KCMG Chairman.

Copies of a full set of the unaudited financial statements can be obtained from Barbara Pinder (bpinder@sunoilbahamas.com), FOCOL Holdings Limited, P.O. Box F-42458, Freeport, Grand Bahama, Bahamas.

PAGE 10, Thursday, June 11, 2020

Tax crackdown ramp up ‘slower than we wanted’ FROM PAGE ONE

happened and staffing. They’ve been doing satisfactorily but are still very focused on training and familiarisation. It’s been going slower than we’d liked it to have been at this particular point because of the disruption” caused

by COVID-19.

Mr Johnson added that “another $80m to $100m a year is what we anticipated” will be yielded by the Unit, which is charged with cracking down on tax cheats and delinquents in the key revenue streams of VAT, business licence fees, import duties and real property tax.

THE TRIBUNE “The great majority of taxpayers are honest and pay their taxes on time, and don’t want things diverted by people who cheat the system,” he said. “Taxpayers, knowing there is an active audit unit, will change their behaviour and actions.”

The Revenue Enhancement Unit has been the subject of much political debate since it was formed in January 2017 under the former Christie administration. Following the 2017 general election, the

Progressive Liberal Party (PLP) accused the Minnis administration of undermining the battle against tax cheats by shutting the unit down.

Moody’s, the international credit rating agency, revealed in a mid-summer 2017 report that the Christie administration’s unit had yielded some $90m in revenues during its first six months in existence, putting it on target to generate $180m in extra annual income for the Public Treasury.

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

OMBION LIMITED

WALZFINE LIMITED

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of May, 2020.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of May, 2020.

Delano Aranha Liquidator of OMBION LIMITED

Delano Aranha Liquidator WALZFINE LIMITED

www.bisxbahamas.com

(242) 323-2330

(242) 323-2320

BISX LISTED & TRADED SECURITIES 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 3.21 5.10 9.95 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 3.15 5.10 9.88 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 -0.06 0.00 -0.07 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

5,250

20,000

16

VOLUME

170

LEGAL NOTICE

NOTICE WALZSPACE LIMITED

Delano Aranha Liquidator WALZSPACE LIMITED

ALL SHARE INDEX: CLOSE: 2,136.94 | CHG: -0.11 | %CHG: -0.01 | YTD: -94.66 | YTD%: -4.24 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

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.”

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of May, 2020.

MARKET REPORT WEDNESDAY, 10 JUNE 2020

Its successor, though, argued that the Christie administration had failed to provide the unit with any legal basis for its activities. It also argued that it was staffed by foreign accountants, with few to no Bahamians, and no training programme to enable them to take over.

K Peter Turnquest, deputy prime minister, in kick-starting the 2020-2021 budget debate on Monday, 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 COVID19 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

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 30.9 10.9 15.3 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% 13.78% 1.18% 3.32% 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

LEGAL NOTICE

NOTICE WALZSTAR LIMITED Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of May, 2020.

Delano Aranha Liquidator WALZSTAR LIMITED

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

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

LEGAL NOTICE

NOTICE WALZEXPRESS LIMITED Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of May, 2020.

Delano Aranha Liquidator WALZEXPRESS LIMITED

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

PAGE 12, Thursday, June 11, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 71° F/22° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Breezy in the morn‑ ing; partly sunny

Patchy clouds with a passing shower

Periods of sun, a t‑storm in spots

Cloudy with a couple of showers

Cloudy with a shower or t‑storm

Cloudy with a couple of showers

High: 86°

Low: 78°

High: 86° Low: 77°

High: 85° Low: 76°

High: 86° Low: 76°

High: 86° Low: 76°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

91° F

77° F

94°-80° F

94°-81° F

95°-82° F

93°-83° 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: 82° F/28° C Low: 78° F/26° C

7‑14 knots

S

High: 87° F/31° C Low: 76° F/24° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 87° F/31° C Low: 78° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 86° F/30° C Low: 76° F/24° C

MIAMI

High: 87° F/31° C Low: 77° F/25° C

4‑8 knots

KEY WEST

High: 88° F/31° C Low: 80° F/27° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 79° F/26° C Normal high ....................................... 87° F/30° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 20.50” Normal year to date ................................... 10.30”

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 82° F/28° C Low: 78° F/26° C

N

High: 83° F/28° C Low: 77° F/25° C

N

S

E

W

6‑12 knots

S

7‑14 knots

ANDROS

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

tiDes For nassau Low

Ht.(ft.)

Today

12:38 a.m.

1:11 p.m.

High

Ht.(ft.)

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

Tuesday

4:52 a.m.

5:31 p.m.

2.2 2.6

11:07 a.m. 0.3 11:53 p.m. 0.6

Wednesday 5:39 a.m.

6:14 p.m.

2.2 2.7

11:50 a.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑

sun anD moon Sunrise Sunset

6:20 a.m.

8:00 p.m.

Moonrise Moonset

12:28 a.m.

11:48 a.m.

Last

New

First

Full

Jun. 13

Jun. 21

Jun. 28

Jul. 5

CAT ISLAND

E

W

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

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 78° F/26° C

High: 84° F/29° C Low: 78° F/26° C

N

High: 84° F/29° C Low: 79° F/26° C

E

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 79° F/26° C

7‑14 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: 79° F/26° C

High: 84° F/29° C Low: 79° F/26° C

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

N W

N E

W

E S

S

6‑12 knots

4‑8 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND

L

ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

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

WINDS E at 7‑14 Knots E at 7‑14 Knots NE at 6‑12 Knots ENE at 7‑14 Knots ENE at 8‑16 Knots ENE at 8‑16 Knots ENE at 6‑12 Knots SE at 4‑8 Knots ENE at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 7‑14 Knots NE at 7‑14 Knots E at 7‑14 Knots NE at 4‑8 Knots E at 4‑8 Knots ENE at 7‑14 Knots ENE at 6‑12 Knots ENE at 7‑14 Knots E at 6‑12 Knots ENE at 6‑12 Knots E at 7‑14 Knots NE at 6‑12 Knots E at 6‑12 Knots NE at 7‑14 Knots ENE at 8‑16 Knots

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

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

502-2394

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

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