business@tribunemedia.net
TUESDAY, JUNE 15, 2021
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MICHAEL PINTARD
Fisheries exports enjoy 19% value increase in 2020 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN fisheries generated a 19 percent increase in the value of its export earnings in 2020 despite a reduction in the volume of domestic landings, a Cabinet minister disclosed yesterday. Michael Pintard, minister of agriculture and marine resources, in his contribution to the 2021-2022 budget debate said that the value of domestic fisheries landings had largely held despite the fall-out from the COVID19 pandemic. Giving an update on the sector’s health, the minister indicated that it remained an invaluable source of scarce foreign currency earnings at a time when the major source, tourism, was still recovering from the pandemic’s devastating impact. “During calendar year 2020, the commercial fishing sector saw an overall 18.8 percent decrease in total landings and a one percent decrease in the value of those products landed,” Mr Pintard said.”Total fishery product landings in calendar year 2020 were 5.2m pounds with a total value of some $62.1m. Crawfish landings accounted for 84.8 percent of the total landings, and 93 percent of the total value of the landings. “Additionally, $76.8m of foreign exchange resulted from the export of frozen crawfish tails, conch meat, stone crab claws, scalefish and inedible marine resources during calendar year 2020. The figure represents an 18.9 percent increase in the value of fishery products and resource exports over calendar year 2019. “Accordingly, the export of frozen crawfish tails represented some 93.5 percent of the value of the exports, as well as a 19.7 percent increase in frozen crawfish tails exports over calendar year 2019.” Turning to Hurricane Dorian’s impact on the fisheries industries in Grand Bahama and Abaco, Mr Pintard added: “In September 2109, Hurricane Dorian
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Nightspot left facing ‘insurmountable task’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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POPULAR nightspot yesterday revealed it faced “an insurmountable task” to remain open due to the “toll” inflicted by the “inequitable” application of COVID-19 measures combined with the ongoing 10pm curfew. Kevin Knowles, Club Waterloo’s principal, told Tribune Business the absence of a “level playing field” over how health-related restrictions are applied meant his business - and other local entertainment establishments - are operating at a competitive disadvantage against hotels as well as operators who have been given exemptions from the rules. After emerging from the the initial COVID-19 lockdown last year, he explained that the East Bay Streetbased nightclub/bar had adjusted its traditional business model multiple times in an effort to comply with the government’s health protocols.
It initially constructed a 3,000 square foot patio area to cater to outdoor dining, together with seating for 100 guests, and then sought permission from the Prime Minister’s Office to cater to private parties featuring resort guests seeking an offproperty experience during their Bahamas vacation on the basis that most - if not all - will likely be fully vaccinated against COVID-19. Revealing that this permission “would have been the difference between staying open and closing”, Mr Knowles disclosed that Club Waterloo was “not even afforded a reply” to its latter request. This was despite the prime minister, in talking about a so-called Vaccination Day on Friday, suggesting that fully vaccinated persons may soon be allowed to go out during the curfew and attend large gatherings without needing permission. With no help from the government, and unable to
fairly compete against the likes of hotel bars and restaurants, Mr Knowles said Club Waterloo had little choice but to close and once again furlough 50-60 full and part-time staff until a more favourable operating environment emerges because ongoing financial losses were “unsustainable”. Pointing out that these issues went well beyond Club Waterloo, and are impacting multiple businesses in the entertainment/ night-time industries sector, he urged the government to “even the playing field” by allowing local businesses to follow Bahamian resorts in testing patrons for COVID19 at the door prior to their entrance. Also calling on the government to lift the curfew and “extend operating hours”, Mr Knowles said: “Our concerns are that it doesn’t seem to be a level playing field. It’s difficult to compete and stay relevant when the rules are applied
THE government is eyeing a $1m minimum for investors to qualify for economic permanent residency by making non-real estate investments in The Bahamas, a Cabinet minister revealed last night. Elsworth Johnson, minister of financial services, trade and industry and immigration, told Tribune Business that the Immigration (Amendment) Bill 2021 that was tabled alongside the budget is designed to “improve The Bahamas’ competitive edge” by expanding the routes through which high net worth individuals and their families can qualify for permanent residency. Explaining that the reforms are designed to “unlock” the potential that economic permanent residency has for attracting
selectively to different businesses and venues. It’s already a difficult climate for operations such as ours, and to be compounded with an un-level playing field, it became an insurmountable task.” The Club Waterloo principal echoed others who have previously called on the government to uniformly apply the COVID-19 restrictions and health measures to all businesses, as well as provide a ‘road map’ towards exiting these rules. There have also been repeated assertions that some of the government’s decisions are not justified or backed by the medical science, leading to inconsistent decision-making. “Communication to businesses and transparency in rationale are non-existent,” Mr Knowles added. “For Bahamians to be able to patronise one entity and not another has no medical
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Consumers warned: Brace for 8-12% food price hikes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SUPER Value’s president yesterday warned that consumers will have “a big pill” to swallow by Christmas, as he predicted that grocery and meat prices will increase by eight percent and ten to 12 percent respectively. Rupert Roberts told Tribune Business that a combination of increased demand, as the Bahamian and global economies continue to reflate following COVID-19, combined with soaring freight and trucking costs and other supply chain bottlenecks, were all feeding into increased food prices that will likely have a growing impact on household budgets as the 2021 second half progresses. “It looks like by Christmas it’s going to be at least eight percent, and possibly a ten percent, increase,” he disclosed. “It’s feeding in every day, and by the time
• Super Value chief says ‘big pill’ for Xmas • But existing stocks mean delayed impact • Grocers chief: ‘We’ll absorb what we can’
RUPERT ROBERTS we’re getting on to Christmas we’re going to have the full effect. Some grocery articles will be up in the vicinity of eight percent, and meat and poultry probably by ten to 12 percent. That’s a big pill.... “Freight and trucking costs are really playing hell with all of it. By October/ November we’ll see things increasing up to eight to ten percent, which is beyond
this country’s control. Just buy as you need and don’t over stock the pantry.” Mr Roberts instructed Super Value’s buyers to “lock in all you can, even at higher prices, if you suspect they’re going to go higher. I thought Christmas would catch us by five to eight percent higher, but it now looks more like ten to 12 percent higher as the country opens up and the US gets back to normal”. The Super Value chief, acknowledging that “prices continue to jump” as inflation continues to pick-up in many countries with the post-COVID reflation, took this newspaper on a tour of the supermarket chain’s buyers and suppliers to determine the extent of food costs increases in recent weeks.
• Regime reforms to ‘improve competitive edge’ • Bill to diversify qualification beyond real estate • Aims to ‘unlock’ foreign exchange potential
ELSWORTH JOHNSON wealthy investors and foreign exchange earnings to these shores, he added that such persons will have more options through which to qualify other than the present, narrow route of acquiring Bahamian real estate valued at $750,000 or more. The Bill’s reforms will
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ADRIAN GIBSON
• Waterloo owner hits at ‘inequitable’ COVID rules use • Says unfair competition, continued curfew drove close Water Corp sees • No reply to exemption request; 50-60 are furloughed cash collections
Govt mulling $1m investment floor for permanent residency By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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permit investors to qualify via two other routes, one of which involves making investments “in The Bahamas of such a kind and of such an amount as may be so prescribed”, while the other involves a mix of such investment and real estate purchases. “We’re looking at at least
$1m,” Mr Johnson told this newspaper, when asked what the minimum investment will be for persons to qualify for permanent residency without acquiring real estate. He previously said in his contribution to the 20212022 budget debate that such “investments” would be in endowment funds targeted at education, sports, the arts and culture, and social development projects. The minister last night said the government has yet to determine whether investments in government securities, such as bonds, or the proposed National Infrastructure Fund and sovereign wealth fund, would enable investors to
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While today’s visit from a US Meat Export Federation official is likely to shed more light on that market, pork prices - which also include chops, bacon, ham and ribs - were said to have risen by ten percent in recent months and weeks. Steaks had increased by $1 apiece, and beef prices have also “jumped 12 percent higher”. Much of the increase has been attributed to the reopening of the Bahamian, and global, hospitality and tourism industries. Hotels and restaurants are ramping up supplies as guest numbers increase, while the return of the cruise ship industry and its Nassau home porting has also caused a local demand rise.
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decline by $6m
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Water and Sewerage Corporation continues to endure COVID-19’s “devastating impact” on cash collections which have decreased by 24 percent or nearly $6m year-to-date, its executive chairman said yesterday. Adrian Gibson, during his budget debate contribution in the House of Assembly, revealed that state-owned utility faces “unprecedented challenges” due to the continued sharp fall-off in customer bill payments. He said: “COVID-19 has had a devastating impact on Water and Sewerage Corporation’s cash flow, as there was an overall decrease in cash collections of $11.5m or 19 percent from $60.8m in 2019 to $49.3m for the same period of 2020. “There’s a decrease in 2021 cash collection by 24 percent, or $5.7m, from $21.4m year-to-date May, 2020 to $15.7m year-to-date in May, 2021.” Mr Gibson added that the “substantial reduction in cash collection” had also stemmed from Hurricane Dorian, which had knocked out the Water and Sewerage Corporation’s second most important revenue-generating market, Abaco. He said: “The loss of Water and Sewerage Corporation’s second highest revenue generator in Abaco greatly impacted our cash flow. Abaco’s cash collection decreased by 80 percent, from $2.185m yearto-date in December2019 to $427,000 for the same period in 2020. “Note also that in 2021 there’s a slight increase in Abaco’s cash collection from $90,000 year-to-date up to May 2020 to $207,000 yearto-date 2021.” Mr Gibson added that this is “significantly less” than what Abaco collected historically, which averaged $1.3m by May annually. Blaming the decrease in cash collections on the halt to delinquent
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PAGE 2, Tuesday, June 15, 2021
In the second of a four-part series, Hubert Edwards argues that the government had limited options with the 20212022 budget due to a paucity of resources.
THE TRIBUNE
BUDGETING TO FACE FUTURE CHALLENGES BY HUBERT EDWARDS
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ET us assume for a minute that you are the prime minister and minister of finance, meeting with the financial secretary. You are having a meeting to strategise for the budget following two years of record deficits. What is the likely nature of the conversation? What are the things you would be insisting on having, and not having, in the budget this year? What trade offs would you be open to making? You unfurl your strategy map, and look at the factors in play: Revenue, growth, expenditure, deficit, debt, reserves, the pegged exchange rate and taxes. Consider, therefore, in the face of high unemployment, a disrupted economy, high debt and low revenue, what your trade-offs will be. Should there be an increase in taxes? How will this affect potential recovery, and analready stretched private sector and general population in the midst of a global financial crisis? Would you ignore the state of your medical infrastructure, which COVID-19 has exposed as weak, and which is exacerbated by the archipelagic nature of the country? Would you ignore the private sector, especially the lower echelons thereof, which can absorb some of the unemployed? Are you minded to inject foreign currency into the economy to preserve the external reserves, and continue protecting the pegged exchange rate? What about social sector support? Would you not secure allocations for public sector emoluments and pensions, and give support to state-owned enterprises (SOEs)? I outline this to indicate the choices in the face of limited resources are not
easy. I certainly would not argue that this budget as presented is optimal, but there are some realities that we must face and accept. In that regard, I believe many of the areas covered by the budget were necessary, make sense and reflect the challenges currently being experienced. Therefore, the allocations for hospitals, for small businesses and job creation etc are reasonable. I am, though, open to argue the amount of the allocations and how they will be implemented. Some will clearly present greater challenges than others. For example, creating jobs by means of tax credits. Apart from the “devil being in the details”, its potential is significantly wrapped up in the demand for labour. I hope that there will be positive near-term developments to buoy this effort. It is extremely important that people get back to work, and that the government is able to shift its social assistance in ways that are likely to be more productive for the economy. A government unemployment benefit is clearly inferior to forgone revenue that pays for employment. The level of capital spending is a good indicator of the level of economic activity likely to be generated in The Bahamas. More importantly, capital expenditure is a signalling of investment in The Bahamas’ future through infrastructure such as airports, hospitals and ports. In recent years, despite reduced
inflows of foreign direct investment (FDI) and constrained local investments, this number as a percentage of GDP fluctuates within a narrow band of two percent to four percent of gross domestic product (GDP). This continues to be rather low, in my view, and why the use of public-private partnerships (PPP) as stated in the budget communication is so important. PPPs form one of the pillars of this new budget, and should be followed through with greater urgency and diligence. This concept has not really caught on but, with the debt stock where it is currently and government spending constrained, and the ability (or desire) to raise taxes limited, this avenue offers valuable options and dovetails into ambitions to better engage local investors in public infrastructure projects. As part of innovative and creative strategies going forward, PPPs will have to become a more tangible factor in the provision of public goods. While this may very well mean that the cost will change, it is a viable alternative to direct tax increases and borrowing, and can facilitate domestic wealth creation, so must therefore be better leveraged. I must readily admit that the discussion around tourism strikes me as needing a deeper level of consideration. The prime minister’s goal of securing diversification through home porting, and smaller ships doing interisland tours, needs to be better unpacked. Here are a few points. Diversification is directed towards one of the lower ends of the tourism sector, namely the cruise ship business. While any incremental revenue will always be a positive, and low hanging fruit is never to be ignored, in the context of planning for tangible future wins, questions must be asked
of the higher-earning spectrum of the tourism sector. Big wins demand big moves. The issue of home porting, in my humble opinion, may still not have the legs anticipated when the idea first emerged. I truly believe that, given the logistics and issues of convenience for their market, cruise companies are more likely to home port in Florida. The stance taken by US health regulators has driven the move to home port in Nassau, I believe. While I hope that I am wrong, I would not be hanging my strategic hat on securing any major gains from this industry. That said, I strongly agree with leveraging the cruise industry to derive greater gains through small businesses. This is clearly the way to go in order to domesticate more of the tourism value chain. However, more attention should have been given to agriculture and marine resources in the budget as they represent one of the best sources of diversification for the country. They represent some of the best areas to leverage linkages with tourism, and should always have national prominence given the impact on food security. Minimum Corporation Tax The absence of any discussion on a global minimum corporate tax must have been apparent to those following the issue. It was somewhat of a surprise that it was not covered by the budget communique. This issue has potential competitive implications for The Bahamas. This was underlined by the subsequent statement by the Ministry of Finance. I agree with the current consensus that The Bahamas does not have much to worry about here. From my perspective the greatest concern is potential disruption in the offshore arena overall. Based on our understanding of the nature of the offshore market, it would be wise not to assume there are no connections between The Bahamas and other international financial centres (IFCs). It is often said that big money runs in small circles. It is my view that between the European Union (EU) and the US, we may face a spot of bother longer term. The squeeze will be consistent as companies,
countries or nation blocs seek to justify their moves by post COVID-19 economic recovery needs. We must note the “social conscience” approach that has emerged in these discussions. Statements such as tax losses for “small countries” represent 50 percent of their health budget. Or, using the taxes regained, “country Z” could pull a third of it children out of poverty, whole “country Y” of taxes could pay 34 million nurses etc. This shift is important and is winning traction. I do not believe that this issue will go away. In fact, the approaches will, in my view, keep getting narrower, more clinical and more efficient, as the evolution of the OECD, EU and US efforts has shown over the years, with the greatest progress achieved when there is a meeting of minds and alignment of initiatives. The EU and the US are on the exact same page right now. We should therefore continue to pay careful attention to this matter as it evolves with a view to protecting our financial services sector. Cyclical or structural weaknesses I could take many approaches in discussing the current budget. However, there is the deep urge to take the assessment outside the confines of the present year. Why is this important? In this budget cycle there has been an unusual but understandable focus on structural deficits. The current budget projects a deficit of $951.8m. This follows a projection of $1.3bn for the fiscal year 2020-2021. We are yet to see where this figure will settle, but to-date all released information has it firmly within that range. However, I would not be surprised if this number was to terminate higher, say in the region of $1.5bn or more. The Bahamas has been perennially running deficits. The current levels are unusual and a function of the significant shock to the tourism sector created by COVID-19. The demand side shock experienced in this sector, the single most dominant economic contributor to GDP, is a major cause of the higher- than-usual deficits. As a byproduct of fighting
the health crisis, a disruptive suite of treatments, which include lockdowns, curfews and restrictions, has hurt the economy. This, too, is a major contributor to the deficit as it created a supply side shock across the local economic landscape. The reality, if one cares to look back, is that The Bahamas’ deficits have been relatively high for a number of years. Going back to 2013-2014, we see a deficit of $333m. This has fluctuated between a range of $215m (2018-2019) to a high of $833m (2019-2020) prior to COVID-19. The average deficit over that seven-year period is $473m. Over the same period, except for one year, the national debt was always increasing. If one argues that cyclical deficits are a function of major shifts (shocks or booms, negative or positive) in the economy, and that a structural deficit is a function of “normal growth”, then the deficits over fiscal 2020-2021 and 2021-2022 must be a combination of both. Over the last decade, the country’s economy grew by less than 1 percent annually, on average. Taking into account recent adjustments due to the COVID-19 crisis, the economy has actually declined or experienced overall negative growth. I submit that the recent movement, which tipped it over, is fully cyclical but there is a significant amount of information to be gleaned as to the health of the economy once we adjust for that “abnormality”. For a number of years now, one leading financial expert has argued - and continues to argue - that the growth needed to address the country’s economic growth challenges is between five to six percent over at least a sustained five-year period. The likelihood of this happening on the current path is extremely low. On average, the possibility of a country in the region seeing that type of growth is also extremely low. But if there is any country in the region which can achieve this, it is most certainly The Bahamas. To be continued...
THE TRIBUNE
Tuesday, June 15, 2021, PAGE 3
KALIK MAKER’S LOSS DOUBLES AS REVENUES DECLINE 15% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
COMMONWEALTH Brewery yesterday blamed a 15 percent year-over-year revenue decline for its 2021 first quarter loss more than doubling in comparison to 2020 figures. The BISX-listed Kalik brewer, unveiling its financial performance for the three months to end-March, said it was up against tough pre-COVID comparisons from the prior year as the global pandemic and associated health restrictions only impacted the final two weeks of the 2020 first quarter. “Commonwealth Brewery’s (CBL’s) revenue decreased by 15 percent during the first quarter of the year compared to the same period last year,” the vertically-integrated brewer, wholesaler and liquor retailer said in a statement. “This decrease was expected as it was a direct result of the COVID 19
pandemic that began to have a negative impact on our business during the end of the first quarter in 2020. Although, there was an overall decrease in revenue during the quarter compared to the same period last year, there has been a steady rise in revenue during the quarter with a 37 percent increase between January and the end of March.” Commonwealth Brewery did not quantify what it meant by the “37 percent increase”, and total revenues for the 2021 first quarter fell by almost $4.4m - dropping from $28.61m in the 2020 period to $24.244m - due to a combination of reduced consumer demand and spending, together with ongoing restrictions on openings and hours for bars, nightclubs and hospitality businesses. To mitigate the top-line impact, Commonwealth Brewery managed to slash total operating expenses
Bank back-up hits Cat Island after lockdown By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A CAT Island business owner said it yesterday took three hours to conduct their financial business as residents descended on its only physical bank branch after being released from a three-week COVID lockdown. Alfred Moss, co-owner of Alvernia Foods Grocery Store & Car Rental, told Tribune Business that what would normally have taken 30 minutes took six times’ longer as Cat Island residents tried to catch up on financial transactions and bill payments that have been delayed by government-imposed restrictions. Revealing that he was “grateful” for Bank of The Bahamas’ presence, otherwise he would not have been able to get his orders out in time to make today’s mailboat sailing, Mr Moss said: “We didn’t have banks for three weeks, and it was a little bit of a challenge with getting supplies and trying to restock. “Yesterday, which was our fourth week, we were having a problem. Our boat leaves Nassau on Tuesdays, and because of that we got to have all of our orders by the weekend or on Mondays at the latest in order to have the stuff
delivered to the boat for Tuesday. “We got locked down just before the end of the month and pay day for everyone, so we had to extend credit for the first two weeks. We had to tell customers that in order to replenish stock that we can’t continue the credit. Some of the stores understood in Nassau. Some of the wholesalers understood, and told us that they would still send the stuff, but with some we have to get their money to them like clockwork every week.” Mr Moss said his wife had been standing in the bank line for two hours, and the absence of more banking options was contributing to some “panic” among residents. He added: “Sometimes you can send out a little money through Island Luck, but that was closed, too. “So we appreciate the one bank, and you see how important that is for us on Cat Island. We totally lose commerce without being able to move money and that was a major problem for a lot people.” As for the nightly curfew still being in effect for Cat Island, North and Central Andros and the Berry Islands, Mr Moss said it is “necessary” to stop people from socialising in
by close to $4m year-overyear, slashing them by 15.5 percent from $25.466m the year before to $21.521 in the 2021 first quarter. This reduction was aided by the company’s recent workforce downsizing. “Operating expenses decreased by nearly $4m or 15 percent in 2021 over the same period in 2020,” the company added. “This was mainly due to a decrease in personnel expenses and raw materials, consumables and services. “The decrease in personnel expenses were a result of downsizing of staff in the company that began during the end of the 2020 fourth quarter. On the other hand, various factors contributed to the decline in raw materials, consumables and services related principally to the fall in business activity.” Personnel costs dropped by more than $1m year-overyear, reducing from $5.264m in the 2020 first quarter to
the evening. He said: “A lot of people who socialise, we got the outbreak started through them. So with the curfew what’s going to happen is people are going to be careful and understand that this is a real thing.” Allancio Gilbert, owner/ operator of Gilbert’s Car Rentals on Cat Island, added that things are “looking better” since the lockdown ended and the curfew is manageable. Valderine Adderley, owner/operator of Adderley’s Bargain Mart in North Andros, said that because people need to eat she has not felt the “depression” of the lockdown like other businesses. She added: “ The only thing we had to manage was the rush from people trying to stock up, but even if you closed for three days and opened for the other three, you get twice as much business when you re-open and you make the same amount of money. I felt good that we had the lockdown, because the COVID-19 cases were rising and now, with the curfew, I think it is necessary to stop people from partying in the night.” Nelson Gaitor, owner/ operator of Gaitor’s Variety Shop in Andros, said he was not going to criticise the prime minister over the lockdown but added: “I don’t see the necessity for this lockdown, but I’m not the prime minister.”
$4.112m, representing a decline of almost 22 percent. The brewer added: “Subsequently, Commonwealth Brewery experienced a net loss for the period of $284,200 - a similar result as the 2020 first quarter. “Management is confident that measures implemented - and being implemented - to mitigate the negative impact to operations of the current economic slowdown are being successful.” The net loss more than doubled from $138,425 in the 2020 first quarter to $284,158. This followed a $5.72m loss for the 2020 full-year, of which some $4.389m was incurred on the revaluation of Commonwealth Brewery’s real estate assets. The Kalik and Heineken manufacturer, which also owns the 700 Island Wines and Spirits retail chain, also disclosed a $1.331m net loss from operations for the 12 months to end-December as opposed to a $10.356m
profit for 2019. Top-line revenues fell by more than $38m or over one-quarter, dropping to $96m from $134.141m in 2019, due to a combination of depressed local and tourism demand plus reduced selling ability amid multiple COVID-19 related lockdowns and other restrictions. The vertically-integrated BISX-listed brewer’s fullyear results, which give an insight into how hard consumer products have been hit by the pandemic, also disclosed that it suffered an operating loss of $644,583 compared to a $11.092m operating profit for the 12 months to end-2019. The plunge in financial performance came as Commonwealth Brewery permanently laid-off less than 30 persons in January, taking current staffing levels to 334. The year-over-year revenue decline reduced slightly in the 2020 fourth quarter as
cost containment measures took effect, helping to boost operating income. “Commonwealth Brewery experienced a decline in net revenue during the fourth quarter, down 25 percent compared to the fourth quarter 2019. The cost mitigating programme drove down operating expenses by 28 percent. The result from operating activities was $2.8m for the quarter,” the BISX-listed brewer said. “Net revenue for the year as a whole was down by $34m or 28 percent compared to 2019, reflecting the devastating impact of COVID-19 on our economy. Relentless focus on cost has limited the loss on operating activities to only $0.6m. Our efforts in reducing working capital and limiting capital expenditure enabled us to pay back over 80 percent of the $8m COVID-19 [loan] facility while securing liquidity.”
CLUB MED: SAN SALVADOR RE-OPENING IN DECEMBER By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CLUB Med’s San Salvador property remains on track to reopen in December 2021, the resort chain said yesterday, citing the island’s lack of medical facilities as a key factor in the property’s ongoing closure. Club Med, in a statement to Tribune Business, said: “For over 40 years Club Med has operated in The Bahamas. Today, more than ever, we remain committed to the health, safety and security of our staff, guests, partners and the local community. “As international travel restrictions, government laws, limited healthcare and
testing facilities, and demand continue to impede travel to the island, Club Med Columbus Isle will remain temporarily closed with an opening date slated for December 2021.” Club Med, refuting tabloid reports that it was abandoning its San Salvador resort due to lack of tourist demand and it being too expensive to operate, added: “During this period, Club Med will continue to work with the [hotel] union and labour department to ensure the employees are being provided all assistance available to them. Club Med will be meeting with the government and authorities to discuss all the necessary steps and requirements for a
safe reopening.” Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business he had sent a note to Club Med officials wanting to find out more information on their timeline for reopening, but had not received a reply as yet. “We are trying to get a meeting with them this week to find out what’s going on with the resort,” he said.
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PAGE 4, Tuesday, June 15, 2021
THE TRIBUNE
Nightspot left facing ‘insurmountable task’ FROM PAGE ONE basis. Many businesses such as ours have the ability and capacity to make any changes required to operate safely during these times. “The fact that we are not afforded the chance speaks to the disconnect between lawmakers and their citizens. The fact that an antigen test can get you into hotels, indoor dining and into the US, but doesn’t help you at local venues or for domestic travel....” Responding to Tribune Business questions, Mr Knowles said it was “very concerning” that hotel bars and restaurants are allowed to remain open beyond the 10pm curfew, with Bahamians allowed to patronise them and enjoy
indoor dining with a negative COVID-19 antigen test, yet locally-owned rivals are being subjected to more restrictive measures and tighter rules that prevent them from competing. “We see our patrons flocking to these venues because the rules don’t apply,” he added. “They don’t have to wear masks. They don’t have to adhere to our curfews. They can enjoy indoor venues. As stated, we have the ability to implement any protocols if required. “If the competent authority (Prime Minister’s Office) published a new standard of operating procedures that, if followed, would allow more flexibility in operations I’m sure you would see everyone making the changes.... People have to learn to live
responsibly with the ongoing pandemic. Allow them to.” Mr Knowles said Club Waterloo re-opened as soon as allowed to following the initial COVID-19 lockdown, even though venue capacity and operating hours were severely restricted by the health protocols. It quickly adjusted its business model by adopting outdoor dining, hiring ten new servers as well as management consultants to make the switch from night venue to restaurant-style service. The necessary health measures were implemented, and he added: “Employees were in desperate need of work and pay cheques to keep households running... To-date, we have not been made aware of any
Water & Sewerage to unveil infrastructure enhancements By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE Water and Sewerage Corporation’s (WSC) executive chairman forecast that multiple “commissionings” for new water infrastructure will take place during 2021. Adrian Gibson, the Long Island MP, told the House of Assembly during his contribution to the Budget debate that the state-owned utility expects “to complete and commission” multiple reverse osmosis plants and other operations by the end of summer. “We have hired specialist engineers and technicians, and developed a rigorous maintenance plan that will be codified by policy. We expect to save millions per year by these operations,” Mr Gibson added. “We’ve also done some other work in South Andros. We upgraded the
Bluff well-field supply. We’ve seen the completion of new mains in Nicholls Town, Mastic Point and Conch Sound. We’ve upgraded the operational valves and well-field piping, and associated fittings, to improve operational efficiency and service reliability in places like Bowen Sound, Central Andros. We have also installed storage tanks in places like Cargill Creek. We also procured a new chlorination system.” Mr Gibson said Water & Sewerage infrastructure commissioning will also take place in Long Island, South Andros, Crooked Island and Cat Island, as well as Marsh Harbour, Abaco, for a pumping station and a solar field. Inagua, South Eleuthera, Moore’s Island and San Salvador will have reverse osmosis plants, while Treasure Cay and Green Turtle Cay in the
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INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, VIRGINIA GAROUCH BULLARD of Eastern District, New Providence, Bahamas intend to change my name to VIRGINIA GAROUCH THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
HELP NEEDED Warehouse Tech must have;
• 25 yrs min • 3 yrs warehousing and forklift experience • Knows inventory management. Submit inquiries to 242warehousing@gmail.com
Abacos will gain pumping stations. Mr Gibson added: “In New Providence, the InterAmerican Development Bank (IDB) funded sewer works in Fox Hill, the Airport Industrial Park, Flamingo Gardens and Malcolm Park. Four sewerless stations at the cost of $16m. “We hope to get generator capacity on all of the Family Islands. We want to upgrade our offices and facilities in Mayaguana, Berry Islands and South Andros. We are also looking to refurbish the North Andros pumping station at a cost of $94,000; to refurbish the Mangrove Cay main at a cost of $150,000; and to undertake a phase one upgrade of various North and Central Andros well-field and storage sites, including Fresh Creek, Mastic Point, Stafford and Staniel Creek.”
cases through contact tracing. Also, we haven’t had one employee test positive for COVID during our time of operation. Not one.” To further place Club Waterloo on a sustainable footing, Mr Knowles said it developed a proposal to cater to private parties of hotel guests - many of whom, if not all, were likely to be fully vaccinated. This was submitted to the government’s competent authority, together with details of existing health protocols, but no response was received despite several follow-ups to the original submission. “Our request was limited to the ability to accommodate groups from the hotels who had requested off-property experiences,” he explained. “When we replied that we could only operate until 9pm with a bevy of restrictions every group cancelled their requests. “The ability to accommodate these guests, whom by all accounts should have been vaccinated or
COVID negative, would have been the difference between staying open and closing. And to not even be afforded a reply on such an important request is very disappointing.” Mr Knowles continued: “When there was no answer to [our] requests, an extension to the emergency orders and no changes to curfews, we decided we would close until more favourable operating conditions existed. Waterloo as a company, and its management, did everything we could to stay open and keep our staff employed. With no help in sight it just wasn’t feasible to continue. “Our losses were substantial over the time but they were manageable for the greater good of keeping doors open and staff employed. But these losses increased and became unsustainable when hotels opened their doors to our local consumers with no restrictions. “These reasons, coupled with constant police harassment, made staying
open impossible. Fifty to 60 full-time and part-time employees were furloughed and again no response from the competent authority.... The continued enforcement of curfews and restrictions, while we see the rules not applied equitable, has definitely taken their toll,” Mr Knowles added. “We were under the impression that the emergency orders were not going to be extended [until August], so we continued to absorb operating losses because we figured there was a light at the end of the tunnel. When the orders were extended, curfews remained in place and more restrictions added for Bahamian venues, we could not continue to operate at a loss with no end in sight. “Friends in similar and other businesses have expressed the same concerns, and if the same measures remain in place more jobs will be jeopardised at a point when most of the world is re-opening.”
Fisheries exports enjoy 19% value increase in 2020
The Bahamas, and the adverse impact of the hurricane on these islands has had a negative impact on the overall decrease in total fishery product lands for The Bahamas over the last few years. “Both islands have been on the road to recovery,” Mr Pintard added. “In the case of Abaco, there was a displacement of many of the fishers, which lent to the decrease in total fishery product landings for the island in 2019 to the tune of some 36.6 percent in comparison to 2018. In 2020 there was a further 16.8
percent decrease in total fishery products landings in comparison to 2019. “I am happy to report in the case of Grand Bahama, where there was an initial decrease in total fishery product landings of some 59 percent in calendar year 2019 in comparison to calendar year 2018, the Grand Bahama fishing sector has shown signs of a major rebound, where in calendar year 2020 there was an increase of some 79.8 percent in total fishery product landings in comparison to 2019.”
FROM PAGE ONE wreaked havoc on the islands of Abaco and Grand Bahama and destroyed or significantly damaged nearly 80 percent of the fisheries sector to the tune of an estimated $21.7m. “Abaco and Grand Bahama were the second and fourth largest producers of fishery products in
DELICATE TASK FOR FED: WHEN TO PULL BACK ON LOW-RATE SUPPORT WASHINGTON Assocated Press
WITH inflation rising in a fast-rebounding economy, the Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies. It will be a fraught discussion, one likely to occur over several months. Yet the escalating inflation that has forced consumers and businesses to pay more has intensified pressure on the Fed to ensure that rising prices don’t become entrenched in consumers’ outlooks. If Americans start to anticipate higher
LEGAL NOTICE In Accordance with the Articles and Restrictive Covenants of Via Della Rosa, this is to inform The Owners of Lot numbers: 10, 16, 18, 27, 31, 117, 262, 277, 289 will be auctioned and sold to the highest bidder on Tuesday, June 15th 2021. Please contact the office at 393-7370
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CAROL KNOWLES of Penny Savings Bank Lane Situate, Eastern District P.O. Box N-9921 New Providence, The Bahamas. Mother of GARINIQUE CARLA A. STUBBS A minor intend to change my child’s name to GARINIQUE CARLA A. KNOWLES 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.
prices, they might take actions — such as accelerating their purchases before prices rise further — that could send inflation even higher. The Fed faces a dilemma: On the one hand, inflation is rising much faster than it had projected earlier this year, though the Fed has characterised the price pressures as “transitory”, a consequence of supply shortages and a fast recovery. On the other hand, hiring has been slower than the benchmark that Chair Jerome Powell mentioned at a news conference after the Fed’s most recent meeting in late April. Powell said at the time that he would want to see a “string” of hiring reports showing about one million added jobs each month. The job market has yet to reach that total in any month this year, though employers have posted a record-high number of
open jobs. With the economic picture still clouded by the chaos of reopening from the recession, no major decisions are expected on Wednesday when the Fed’s latest policy meeting ends and Powell holds a news conference. The Fed is set to keep its key shortterm rate near zero and to continue buying $120bn a month in Treasury and mortgage bonds. Those purchases are intended to keep longer-term rates low to encourage borrowing and spending. But the Fed’s policymaking committee appears likely to start discussing the timing and mechanics of gradually reducing its bond purchases. Communicating that decision to the public will be a sensitive task. If the Fed indicates that it will taper its purchases earlier than markets expect, it risks a repeat of the “taper tantrum” in 2013.
NOTICE
NOTICE is hereby given that AA’KILA LIGHTBOURNE, of #6 Flying Fish Street, Caravel Beach, Freeport, Bahamas 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 15th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
JOB OPENING Needed immediately
Experience Nurse to work in Operation Theatre
• Must have a good employment background • Must possess a Bachelors Degree in Nursing • Must have Operating Theatre experience • Must be licensed in the Commonwealth of the Bahamas. For immediate consideration, please send your resume to: Physicians Alliance Limited P.O. Box EE-17022 Nassau, Bahamas Fax: (242)326-8874 Email:jobs@physiciansalliancelimited.com
THE TRIBUNE
Tuesday, June 15, 2021, PAGE 5
Consumers warned: Brace for 8-12% food price hikes FROM PAGE ONE Mr Roberts’ team reported that poultry prices have soared by as much as 18 percent, and the Super Value chief said previous tactics of switching to a different market when prices rose in another will not be successful this time as all agriculture-producing countries - the US, Canada, Brazil and Denmark - were experiencing cost surges at the same time. Grits were said to have increased in price by 20 percent, while rising oil prices meant commodities such as margarine and cooking oils had jumped in cost by 15 percent and eight percent, respectively. However, Mr
Roberts said products such as milk will not see a significant increase as Super Value had managed to already lock-in long-term supplies at a fixed price. “All of the [Christmas] hams and turkeys are locked at June’s price,” he added. “We’re locked and covered in hams and turkeys..... Half the stuff we have in stock, we have three months’ supply of, and only after that will we be faced with price increases. Corn beef is up by $5 a case, but I have 17,000 cases so I don’t have to worry about that for a couple of months. “I’m not panicking. We have large stocks and shipments in at current prices. It’s going to be a little while before we have to pass
the higher prices on to the public before Christmas. We have to put food on the table at the best possible price, and we work every day to do that. We’re good at it. “Some things like chicken and poultry are already gone. Those prices have gone up in our advertising by ten cents a pound on chicken and poultry.” While no increase in rice prices has been “quoted”, Super Value expects that this staple will also rise. However, besides soaring trucking and freight costs, fruit and vegetable prices are forecast to largely escape at least for most of summer. Philip Beneby, head of the Retail Grocers Association, told Tribune
Govt mulling $1m investment floor for permanent residency FROM PAGE ONE qualify for economic permanent residency. The reforms, Mr Johnson explained, were being driven by feedback from the Bahamian financial services industry and its clients, who were arguing the case for a more flexible regime to qualify for economic permanent residency, as well as the results of a “benchmarking exercise” conducted against competitor international financial centres (IFCs). This had revealed that other jurisdictions offered permanent residency products linked to non-real estate investments, and Mr Johnson acknowledged that investors were not always inclined to acquire Bahamian real estate worth more than $750,000 - especially as a small condominium could suffice for digital economy era post-COVID-19. “The amendments will change key sections of the Immigration Act to unlock the potential of economic permanent residence as a vehicle for investment,” Mr Johnson said of the Bill during his budget debate contribution. “Currently, applicants who purchase a residence in The Bahamas valued at $750,000.00 or more are eligible to apply for a certificate of economic permanent residence.... “The proposed provisions of the Bill seek to expand the eligibility requirements for the acquisition of economic permanent residence by providing for the eligibility of investments of any kind at an amount to be determined. This can include investments in various endowment funds that would be earmarked for special interests such as education, sports, arts and culture, social development projects, and other relevant areas. “Eligibility can also be based on a combination of the purchase of a home and other investments. We are essentially introducing a broader, more flexible approach to economic permanent residence that takes into account all kinds of investments - not simply
limiting it to the purchase of a residence.” Mr Johnson told Tribune Business last night: “When we did a comparative analysis of other jurisdictions, and wanting to be competitive and improve our competitive edge, we saw there are a number of other jurisdictions that have an investment component. “There may be individuals who do not want to own a home, and all the attendant responsibilities of owning a home. It was very difficult to address their concerns where persons were not interested in buying a home. We have a lot of persons coming now, and this is a response to what we’ve been hearing from industry, and trying to diversify and improve our competitive edge.” The minister added that an investor acquiring a $350,000 condo may bring with him some $5m-$10m in capital available for investment, and it is this market niche that the reforms are targeting. He added that “hundreds of people” had come to The Bahamas due to COVID-19, and that there had been “a serious uptick in permanent residency applications” although he was unable to quantify the amount. Mr Johnson, during his budget debate presentation, also said: “We are also making changes to the amount of time that must be spent in The Bahamas to be eligible for economic permanent residence. Currently, there is no mandatory period. “The proposed Bill imposes a minimum 90-day period for which the economic permanent residence holders must be resident in The Bahamas, ensuring that the people who are receiving this privilege are people who are residing here and have a vested interest in being here. “The provisions relating to revoking a grant of a certificate of permanent residency have been modified to mandate that holders must maintain ownership of the residence or a property of equal or greater value
NOTICE
NOTICE is hereby given that AA’NIEH LIGHTBOURNE, of #6 Flying Fish Street, Caravel Beach, Freeport, Bahamas 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 15th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
LEGAL NOTICE VIA DELLA ROSA Owners of Lots listed below are urgently requested to contact the office at 393-7370. Lot # 4, 5, 6, 7, 8, 10, 13, 16, 18, 19, 23, 25, 26, 27, 31, 33, 37, 107, 117, 262, 276, 277, 278, 281, 297, 301
for a minimum of ten years. Under the current policy, the holder of a certificate of permanent residency is under no obligation to maintain ownership of the qualifying property after approval and receipt of their permanent residency certificate.” And he added: “These measures ensure that people in receipt of economic permanent residency continue to maintain their investment in The Bahamas. we are seeking to create sustained investment in the interest of national development..... “To facilitate the speed at which applications for economic permanent residency are processed, and decrease the existing backlog, the Bill will introduce a new rule stating that an application for economic permanent residency will be automatically approved three months after the submission of all of the requisite documents and information. “This is done in the name of efficiency, in keeping with the government’s plans to improve the speed of all services, especially those related to investors. To that end, we are currently prioritising the approval of any applications that are beneficial to the country as we clear out the current backlog of cases that have languished for years. “These include significant foreign direct investment initiatives and other forms of investments that will generate employment for Bahamians and aid in the diversification of the local economy.”
Business he “hadn’t heard anything” in relation to possible food price increases but acknowledged that the present climate was “conducive” to further cost pressures being imposed on Bahamian consumers. Pointing out that wholesalers and retailers often had little choice but to pass such increases on, given that The Bahamas imports virtually all it consumes, he added: “If there’s going to be price increases in food and other items, I’m not surprised. The environment we’re in now is conducive for price increases. “It’s not a good thing, and it’s not something we’d like to see but we have no control over it. We are a non-producing country. We
have no control over price increases.” Mr Beneby said COVID-19 had caused supply chain bottlenecks as a result of some food processing plants having temporarily closed down due to health-related restrictions and positive cases. “The cost is going to be passed on. What can we do?” he added. “That’s the way it is. If there are price increases coming I won’t be surprised. We’ll continue to pay attention in our purchasing and watch the prices. Whatever we can absorb we will, and whatever we cannot absorb we have to pass on. That’s just the way we do business; the nature of the business that we’re in.
“Over the next few months, the next half of the year, we’ll see what happens and do the best we can. Whatever we have to do to tighten our belts we have to do, and run the business as efficiently as we can and pass on as little as we can to the consumer. What we can’t absorb or digest ourselves, or we cannot keep, it has to be passed on.”
To advertise in The Tribune, contact 502-2394
PAGE 6, Tuesday, June 15, 2021
THE TRIBUNE
Gains for some tech giants nudge S&P to another record high
Water Corp sees cash collections decline by $6m
Associated Press
customer disconnections, due to the government’s policy of maintaining water supply to consumers during the COVID-19 pandemic, Mr Gibson said this had resulted in a shortfall of customer revenue totalling $11.46m at endDecember 2020. “For the year-to-date, the shortfall given that directive from January to present day is about $1.5m,” he added. “The reduction in cash collection has resulted in an increase in Water and Sewerage Corporation accounts receivables, and our accounts receivables have grown from $38.7m in January 2020 to $45.5m in May 2021. “This is an increase of $6.8m or 18 percent. The receivable balance outstanding to Water and Sewerage Corporation by government as of May 31, 2021, is $4.37m.” Mr Gibson said the increase in accounts payable has also harmed the Water and Sewerage Corporation’s cash flow. At end-May 2021, it had a total outstanding balance owing to vendors of $34.6m inclusive of $25.8m outstanding for “water purchases”. He added that the Water and Sewerage Corporation has reached a settlement agreement with Aqua Design (Bahamas) and is now looking forward to a “seamless transition” where the state-owned utility will operate its own reverse osmosis plants on San Salvador, Inagua, and South Eleuthera.
TECHNOLOGY companies helped lift stocks higher on Wall Street, nudging the S&P 500 to its third straight all-time high,
even as other parts of the market faltered. A burst of buying in the final ten minutes of trading sent the benchmark index 0.2% higher. The S&P 500 had been down 0.3%
earlier amid another bout of choppy trading as Wall Street awaits the latest take from the Federal Reserve on inflation. Investors are trying to gauge the strength of the economic recovery and whether emerging signs of inflation will be transitory, as the central bank believes. The Fed delivers its interest rate policy update on Wednesday afternoon. “Most of this is just positioning in front of the Fed later this week,” said Willie Delwiche, investment strategist at All Star Charts. Investors are “trying to get a sense of not just what the Fed is going to say in terms of announcements, but what they expect in terms of the path of monetary policy and the economy going forward.” The S&P 500 added 7.71 points to 4,255.15. The index has notched a weekly gain three weeks in a row. The Dow Jones Industrial Average fell 85.85 points, or 0.2%, to 34,393.75. The Nasdaq rose 104.72 points, or 0.7%, to 14,174.14. Small-company stocks fell. The Russell 2000 index lost 9.66 points, or 0.4%, to 2,326.15. Among the tech sector winners yesterday were Apple, which rose 2.5%, and Adobe, which gained 2.9%. Several large
NOTICE
communications companies also made gains. Facebook rose 1.7% and Netflix gained 2.3%. Those gains offset a broad decline in financial, industrial and materials stocks, among others. JPMorgan dropped 1.7%. Wall Street is trying to gauge the strength of the economic recovery, the impact rising inflation is having on its trajectory, and the Fed’s next move. Investors have been worried that the Fed could ease up on bond purchases and other stimulus measures as the economy recovers. No policy changes are expected immediately, but comments on a shift in policy could jostle an already skittish market. Fed officials have maintained that any rise in inflation will be temporary as the economy recovers. “There’s still this debate on inflation and, notwithstanding what the Fed does and whether yields move down, there’s still some upward pricing pressure,” said Tom Martin, senior portfolio manager with Globalt Investments. A boost in demand for goods has helped fuel a rise in the cost of everything from food to cars and household goods. Shipping costs are also rising and adding to the increase in
NOTICE
NOTICE is hereby given that JEANEA PIERRE, of Mckinney Drive, Carmichael Road, Nassau, 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 8rd day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that HERODIANE FICIEN, of General Delivery, Governor’s Harbour, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
MONDAY, 14 JUNE 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1972.81
1.31
%CHANGE
YTD
YTD%
0.07 -119.65
-5.72
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 6.28 33.95 1.50 2.90 1.78 6.00 6.96 3.60 6.00 4.01 6.16 12.00 2.75 7.50 10.71 9.01 14.60 4.25 8.97 16.00
52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.00 15.20
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
LAST CLOSE 6.00 39.95 1.50 2.61 1.44 6.00 6.96 3.53 4.25 2.89 5.95 9.75 2.62 7.50 11.52 9.01 14.00 3.99 8.19 15.50
CLOSE 6.28 39.95 1.50 2.61 1.44 6.00 6.96 3.53 4.25 2.89 5.95 9.75 2.62 7.50 11.56 9.01 14.00 3.99 8.19 15.50
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS900283 BSBGRS980244 BSBGR1292394 BSBGRS840299 BSBGR1341506
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.46 100.00 100.68 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.46 100.00 100.68 100.00
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
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.14 100.46 100.00 90.62 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.46 100.00 90.62 100.00
52WK HI 2.43 4.44 2.16 202.18 190.86 1.69 1.81 1.78 1.16 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
MUTUAL FUNDS
MARKET TERMS
Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS90028 BGRS FL BGRS98024 BGRS FX BGR129239 BGRS FL BGRS84029 BGRS FX BGR134150
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
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
CHANGE 0.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00
VOLUME 1,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
NAV 2.43 4.44 2.16 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 26.3 42.9 N/M N/M N/M N/M 18.9 -8.1 30.4 15.7 13.3 13.5 25.7 16.1 17.9 12.4 17.2 19.7 8.7 24.6
YIELD 2.71% 3.15% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.15% 3.70% 7.38% 16.56% 0.80% 2.84% 2.66% 3.86% 3.01% 2.44% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.39% 4.28% 5.04% 4.56% 5.69%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 10-Dec-2028 26-Jul-2024 15-Apr-2039 22-Sep-2029 17-Jan-1950
YTD% 12 MTH% 1.47% 4.26% 0.20% 0.87% 0.95% 2.82% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%
MATURITY
NAV Date
30-Apr-2021 30-Apr-2021 30-Apr-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
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 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
prices. The uncertainty over inflation has been fueling much of the back-and-forth in the market between stocks that are considered safer value holdings versus those with more potential for sharp growth. “As you go into the summer and you have uncertainty about inflation, the fed and the stimulus, you’ll kind of see people neutralizing bets,” Martin said. Lordstown Motors sank 18.8% after the CEO and CFO resigned as problems mount for the startup electric truck maker. Novavax gave up an early gain, dropping 0.9%. The vaccine maker said its COVID-19 shot was highly effective against the disease and also protected against variants in a large study in the US and Mexico. The company is facing rawmaterial shortages, though, and plans to seek authorisation for the shots by the end of September. Bond prices fell, sending yields mostly higher. The yield on the ten-year Treasury note rose to 1.50% from 1.46% late Friday. “You don’t get a message from the bond market that it’s worried either about persistent inflation or about the Fed doing something dramatic in terms of not being the buyer of bonds that it has been in recent quarters,” Delwiche said. European markets were mostly higher. Several markets in Asia were closed for a holiday.
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NOTICE
NOTICE is hereby given that BERNADINE ULYSSE, of Weybridge Road P.O. Box SP-60463, New Providence, 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 15th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JULIANA PREVELUS, of Joe Farrington Road, Nassau, 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 15th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that DENIE JOSEPH of Marsh Harbour, Abaco, 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 8th day of June, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ISABELE DUQUESNE, of Pinewood Gardens, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8rd day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.