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WEDNESDAY, JUNE 16, 2021

$4.91 ‘Major impovements’ needed on bank fees By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALMOST two-thirds of Bahamian businesses say the fees charged by commercial banks need “major improvements”, according to the findings of a Central Bank survey. The result, which will come as little surprise given the constant complaints raised by both private sector and consumers, was divulged in the regulator’s just-published Business Digital Payments Survey, which showed an increasing trend of companies moving towards electronic channels to conduct transactions. The research, which focused largely on micro and small companies with annual turnover of $5m or less, said: “When asked to give their opinion on the level of changes or improvements needed in the current state of digital payments in the country, 64.3 percent of businesses said that fees charged by financial institutions required major improvements. “Some 52.7 percent said major changes were needed with respect to potential to fraud, and 51.3 percent indicated that the security of technology required major improvements. Additionally, 46.4 percent said major improvements were needed with respect to convenience and volume of customer interest, and 43.4 percent noted that readiness of point-of-sale (POS) and receipting systems needed major changes.” When it came to receiving monies, the Central Bank survey found that less than ten percent of business respondents received all their income in the form of cash. It added that there were signs that payments made via digital means increased in 2020, and there was greater interest from consumers in using such channels. “As to accepted means of payments, cash was still the most widely embraced, with the least accepted instruments being in the emergent categories of cryptocurrencies and mobile wallets. In particular, only about 13.7 percent of entities accepted no form of cash payment, while two-thirds indicated that cash represented about of ten percent or more of their receipts,” the Central Bank report found. “In the case of cheques, business-drawn instruments were more favoured than personal cheques, with some degree of acceptance by three-quarters of firms versus only 60 percent of firms that also accepted personal cheques.” “Credit and debit cards were accepted among approximately 60 percent of firms,” the Central Bank added. “However the average share of revenues from credit and debit cards was greater than for either category of cheques, and only outpaced by funds received through electronic bank/ wire transfers. “In fact, wire transfers ranked second in importance to cash for firms that received at least 20 percent or more of their intake through this medium— about half of all businesses versus approximately 55 percent of all firms that average such levels for cash. “On a weighted average basis, the revenue share represented by cash collection was estimated in the upper 20 percent to

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$4.91

$5.01

Inflation ‘significant’ threat to post-COVID recovery

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ISING inflation poses “a very significant” threat to the speed and strength of The Bahamas’ post-COVID economic revival, a prominent economist warned yesterday, with key building material prices up by double digits. Rupert Pinder, who lectures on economics at the University of The Bahamas, told Tribune Business that the sustained and escalating price increases being experienced in key sectors especially construction and food - and over which this nation has little influence could undermine prospects for a faster rebound from the pandemic. Speaking after Rupert Roberts, Super Value’s president, warned consumers to brace for grocery and meat prices increases of eight percent and ten

A GOVERNANCE reformer says it is “mind boggling” that the government would abandon previous pledges to rein-in an oversized civil service by adding at least another 1,802 persons to its payroll. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the move was akin to “gouging another hole in the Titanic” by further increasing the burden on Bahamian taxpayers at a time when The Bahamas is confronted by a near-$10bn national debt and annual deficits currently running at around $1bn. Responding to the additional recruits unveiled by Brensil Rolle, minister with responsibility for national insurance and the public service, Mr Myers said that while he had

DIONISIO D’AGUILAR

Bahamasair sees • Construction, food hikes may rob revival impetus revenues fall 84% • Tax system worsens impact for many consumers • ‘Domino effect’ for purchasing, govt revenues

to 12 percent, respectively, by Christmas, he added that “the domino effect” of increased construction input costs could rob another industry of vital impetus. The government is relying heavily on construction to lead the post-COVID revival, and absorb some of The Bahamas’ record unemployment levels, but Mr Pinder said inflationary impacts imported from abroad “can dampen any sort of growth prospects” in a variety of ways. He explained that borrowers “on the margins” of qualifying for a mortgage for a new building, or existing property that requires upgrades, could be pushed over the edge and no longer be eligible to receive financing as the rise

in construction costs pushes them outside sustainable debt servicing limits. As a result, some construction projects in the pipeline may be paused and abandoned as their sponsors are no longer able to proceed, Mr Pinder added, while warning that The Bahamas’ consumptionbased tax system - with its reliance on border duties and VAT - only serves to worsen the impact inflation has on imports. While there will be no impact on the one:one exchange rate with the US dollar, he said its “real value” - on a purchasing power parity (PPP) basis - will be weakened by the sustained price increases for key products. And, if inflation results in subdued economic growth,

and civil society groups. It’s just mind boggling. They have got to stimulate the private sector, and if they’re not smart enough to do that then for God’s sake get somebody in there that can actually do that,” Mr Myers reiterated. “Don’t write a report and let it sit on top of the filing Cabinet. Get some people in who understand how to stimulate growth and increase foreign direct investment, especially if we want to maintain the US dollar exchange rate peg. We’ve given them a plan to do it, the Economic Recovery Committee has given them a plan to do it, but don’t talk - act.

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• Growth likened to ‘gouging hole in Titanic’ • Governance reformer: Govt does ‘opposite’ • Warns putting nation ‘into even deeper hole’

ROBERT MYERS nothing personal against those being hired the move did not align with the government’s previous pronouncements. “It’s just mind boggling how they believe they’re stimulating the economy and not taking the easy way out like eery successive government has done,

and are just digging us into an even deeper hole,” he told this newspaper. “I just don’t know how they can think this is OK. It’s got to be about private sector growth. “The public sector is already too big for our economy by 30-40 percent. It’s not just me saying that. Kwasi Thompson agreed with that, the IMF agreed with that, the former RBC economist [Marla Dukharan] agreed with that, and the Oxford Economics report from six to seven years ago said that. “I just don’t understand why they don’t understand that the writing’s on the wall. It’s just mind boggling how you could do the opposite of what you said, and all the advice given by experts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMASAIR’S revenues for the ten months to end-April 2021 plunged by 84 percent year-over-year, a Cabinet minister revealed yesterday, with taxpayers set to underwrite its survival via a $60m-plus subsidy. Dionisio D’Aguilar, minister of tourism and aviation, disclosed in his Budget debate contribution in the House of Assembly the extent to which the Public Treasury has had to prop up the national flag carrier due to COVID-19’s devastating impact on international air travel. “To say that fiscal 20202021 was a challenging year would be an understatement,” he admitted. “There was great hope for Bahamasair as the company saw its revenues for the fiscal year 2019 climb to $92m, with revenues forecast to exceed the $100m mark for the first time ever in 2020. “During the last 15 or so months of COVID19, the airline was either completely shut down or operating at less than 35 percent capacity when compared to pre-COVID rotations. This resulted in revenue streams of only $60m for 2019-2020 and $12.8m for July 2020 to April 2021. The $60m represented a 27 percent reduction, and the $12.8 million an 84 percent reduction in revenue when compared to fiscal year 2018-2019.” As a result, Bahamasair’s need for financial subsidies had risen to an unsustainable level during the current fiscal year. “Bahamasair, as a state-owned enterprise (SEO), has proven a continual drain on the country’s finances. During the fiscal year 2020-2021, to-date Bahamasair would have received a subvention of $60m-plus. This has been to both support operations and the retention of employees. “In this upcoming budget cycle, fiscal year

Mr Pinder said the impact will also filter through to government revenue projections that many already view as overly-optimistic. While not possessing any actual inflation data or statistics, the economist said: “Just look at the magnitude of the increases in construction products and basic materials. There’s no question it’s going to have a significant impact on the cost of housing and construction generally, which is going to have a domino effect throughout. “The increase in construction costs impacts those persons on the margins, those persons the banks are kind of iffy about as to whether they qualify for a mortgage. Now, on

Civil service expansion labelled ‘mind boggling’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$5.01

‘Challenged’ to exploit govts VAT tax break By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REAL estate buyers will be “challenged” to exploit the government’s VAT waiver/discount on deals under $250,000 due to a shortage of contractors in the Dorian-hit islands, it was argued yesterday. Ken Hutton, Abaco’s Chamber of Commerce president, and realtors both told Tribune Business that purchasers will face a host of practical and logistical difficulties when it comes to starting actual construction within the time limits prescribed by the government. The Disaster Reconstruction Authority (Special Economic Recovery Zone) (Relief) Order 2021, which gives effect to the incentive requires that purchasers - whether Bahamian or foreign - must start construction or repairs to a damaged within 75 days of acquisition to be eligible for the tax break. “Where a property was subject to the tax discount or zero rating under the order, and the purchaser has not started construction

• Contractor shortage difficulty for Abaco • 75-day deadline on real estate incentive • Bahamians fully exempt; foreign discounts

KEN HUTTON or repairs within 75 days of the closing of that sale, that tax becomes payable as if this order was not in force,” it said. Purchasers acquiring a vacant property have to produce plans showing they will “undertake material commercial or residential development of the property”. Mr Hutton applauded the government’s intent to prevent real estate buyers on Abaco and Grand Bahama

from simply pocketing the tax break and then doing nothing to develop their properties, adding that the incentive was “definitely a positive step” for stimulating the islands’ post-Dorian redevelopment. “It will certainly help incentivise people who were on the fence to make a decision sooner rather than later,” he told this newspaper. “It’s good news. I can’t fault the government for that. Hopefully people will be able to take advantage.” Informed of the 75-day deadline to begin construction, Mr Hutton added: “I’m sure people would like to do that, but there are challenges with permitting, getting materials so that construction can start. A big challenge here is finding a contractor able to do that. It’s a wonderful thing to have the capacity to take advantage of that, but what if you don’t.

“We’re in a significant housing crisis, and what we need is multi-family homes not single family. I’m hopeful that we’ll have that addressed. We’re not looking for the government to solve Abaco’s problems; we’re looking for the government to work with Abaconians to solve Abaco’s problems.” Mr Hutton was backed by Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president who, while praising the VAT savings, said of the 75-day timeline: “That’s a problem because you have to get plans drawn and a contractor, and they’re all busy. It’s just outside two months after closing.” The incentive, which applies to real estate deals valued at $250,000 and below in a bid to incentivise the rebuilding of destroyed or damaged properties, will run from July 1, 2021, to December 1, 2022. It will

provide up to a $25,000 tax break for Bahamian purchasers as the ten percent VAT is totally waived on their deals. Foreign buyers purchasing property in the Dorian hit areas valued up to $100,000 will receive a 50 percent, or maximum $1,250, VAT tax break. Deals valued at between $100,000 and $250,000 will be subject to a 35 percent discount worth up to a maximum $8,750. Meanwhile, the Ministry of Finance yesterday said it had agreed to alter the Special Economic Recovery Zone Order to enable residents and businesses who had purchased vehicles prior to May 1, 2021, to import them tax free if they are landed before August 31. “It’s about time. You don’t know how long we’ve been fighting that fight,” Mr Hutton said, although he added it would have been better if announced earlier. “We had to strike the right balance with providing the necessary assistance and

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PAGE 2, Wednesday, June 16, 2021

THE TRIBUNE

In the third of a four-part series, Hubert Edwards argues that a greater focus on foreign and Bahamian investment will be critical to breaking the low growth trap.

BUDGETING TO FACE FUTURE CHALLENGES BY HUBERT EDWARDS

HETHER we ever get to a balanced budget, and eliminate annual fiscal deficits, will be a function of economic growth combined with wise revenue and spending decisions. The national debt’s growth by some $4bn over the past five years suggests there is a perennial structural deficit in play. Contrasting fiscal year 2020-2021 versus 2021-2022 numbers, some $400m appears transitional. This compares relatively well with the average deficit of $473m mentioned in previous articles. Some may argue that a $73m difference is a significant amount, and I would readily agree. However, we do not yet know what that final position will be for a couple of reasons. The deficit for 2020-2021 is not yet confirmed, and we still have just under one month left in the current fiscal year. It could be beyond the $1.3bn forecast, and will give some insight into the accuracy of the $951.8m deficit for the upcoming 12 months. This projected deficit is important in any assessment. It is dependent on the revenue that The Bahamas will enjoy going forward. Therefore, if revenue is impacted such that we never get back to pre-COVID levels, then the current amount cited as being transitional will harden. The deficits, actual and projected, for these three fiscal years all sit as the three largest deficits ever. The quality of new revenue measures has critical implications. Will the government be able to recover new and increased sources of revenue at the levels projected? Beyond the period under consideration, The Bahamas will incur public spending that reaches or exceeds $3bn, and revenue historically has always been short. Given there have been no balanced budgets (or surpluses) in The Bahamas’ history, the national debt’s growth signals a strong structural deficiency regardless of how it was caused. If expected economic growth is unlikely to solve the matter, then we are clearly dealing with a structural challenge. The takeaway from this must be that regardless of whatever optimism exists for the return of tourism, and a normalisation of national and international commerce, there is a fundamental lack of growth that must be fixed. Only GDP expansion above historically anemic levels will reverse the country’s economic fortunes. Against that backdrop, I will leave the reader to contemplate whether the current budget has the ability to resolve this. If the arguments made to this point hold, then there is certainly no possibility of a 12-month budget finding the solutions. The issues are larger, deeper and significantly more nuanced than a one-year budget can solve. Concessions and InvestBahamas Two noteworthy developments in the current Budget are the attention given to making investment incentives more accessible to domestic investors, and

the proposed creation of InvestBahamas. The budget communication highlighted the fact that domestic investors will now enjoy a range of concessions to either start or expand their small businesses, these being firms with annual revenue up to $5m. To draw on a popular cliché, the devil is in the details. However, if the details are structured and implemented such that this can play out positively, then there is the possibility of, over the longer term, enjoying an economic uplift from these policy measures. There is an important psychology at play here. Bahamians generally embrace the perception that foreign investors are better treated, and have more available to them. This is therefore a move in the right direction towards solving that negative perception. It will not be complete until there is demonstrative evidence that Bahamian investors will receive the same level of treatment as their foreign counterparts. Therefore the use of government concessions/incentives ought not to be limited to purchasing inputs for start-ups, and expanding businesses, but must naturally extend to access to crown land and facilitation by relevant government agencies. The focus on InvestBahamas is crucial. The country has always been attractive to foreign direct investment (FDI). Over the last few decades, these investments have been focused mainly on the tourism industry. While these have been important, there are lingering questions and arguments as to whether The Bahamas benefits from these investments. There is also the very important concern over the return on investment that The Bahamas enjoys on the concessions it affords these projects. Addressing these matters, together with being more targeted and strategic; faster and more efficient; and balanced in focus and treatment between domestic and foreign investors is fundamental to the way forward. I believe The Bahamas has a set of hardcore structural issues that are impinging on the ease of doing business. An effective investment development/ promotion agency must expend a significant amount of effort dealing with this. To ensure sustainability and wealth creation, investments must impact The Bahamas far more than just creating jobs. This means more domestic players must be involved in the big economic plays. To get more Bahamians involved in their own right, InvestBahamas must look at matters such as the legislation that facilitates local investment. I submit that with some creativelydirected policy positions the Bahamas has a chance to move the needle in favour of greater growth. FDI inflows will definitely help The Bahamas claw its

way towards that five to six percent annual GDP growth target that is required to set the economy ablaze. A new promotional agency has to focus on the strategic targeting of industries with a view to developing additional sources of export revenue. One of the areas of concern for me in this year’s budget is the level of projected revenue. The projection is just less than $200m shy of the 2018-19 outturn of $2.426bn (2021-2022 total is $2.244bn). I reference this year for two reasons. First, it is the year with the highest level of actual revenue, and second, it is the last year pre-COVID and Dorian. The economy lost approximately $1bn as a result of the hurricane and, subsequently, 20 percent of GDP due to COVID. The revenue numbers suggest a level of optimism that may not be reflected by reality. Even allowing for the return of tourism, this might be leaning a bit too much to the optimistic side. This lingering uncertainty is the reason why I believe that the ability to secure new investments is such an important game changer. Normal does not necessarily mean “as things were”. The messaging from this initiative should not be underestimated. It signals the country’s commitment to improve the ease of investing for local and foreign investors, and should positively influence and change those things which adversely impact the ease of doing business. With the country seeing FDI, as a percentage of GDP, noticeably waning in recent years, this move, effectively implemented, should tip the scales in its favour. Tax Equity Taxation has been mentioned multiple times before. Here I wish to focus on the idea of tax equity, as raised in the budget communication, with each person paying their fair share. There have been some tax increases, with high-end properties attracting an additional two percent of VAT above $2m when they are purchased. I have no issues with this and clarifying that VAT applies to all elements of the Airbnb rental, and trust they will both secure positive yields. I mentioned before that achieving projected revenues depends on realising projected inflows from these measures. It is interesting that the desire for a progressive outcome is deeply rooted in the use of regressive taxes. Will the regressive system of taxation continue to serve The Bahamas? As currently structured it is near its maximum potency, having regard for levels of debt, increased interest costs and record-breaking deficits. There is a rule of thumb in taxation that holds that the higher you increase a particular tax measure, the more likely you are to see declining returns. Is VAT, a regressive tax, and the largest single contributor to national revenue, at or near its maximum? For a few years now, there has been discussion around whether the country should consider some form of income taxation. This progressive method of taxing seemingly does provide better quality answers to the issue of those making more, paying more. It is - and will remain - a very sticky matter, which strikes at the core of The Bahamas’ international financial services industry. If you had only listened to the prime minister’s buildup to the announcement of the new tax measures, and walked away thinking there was a new type of tax afoot, I think it would be totally forgivable. Maybe, just maybe, the way the build-up was styled is an admission in principle that the current tax regime does not always align with two basic conditions it should meet - adequacy and fairness. The possibilities are worth at least a fleeting thought. To be continued...

THE TRIBUNE

Wednesday, June 16, 2021, PAGE 3

‘PHENOMENAL’ TOURISM PICK-UP - BUT STILL BELOW 2019 LEVELS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday hailed the “phenomenal rate of increase” in stopover visitor arrivals as a sign “tourism is bouncing back” even though the industry remains more than one-third below 2019 numbers Dionisio D’Aguilar, minister of tourism and aviation, based his assertion on data that showed visitors had purchased some 110,000 health travel visas in May 2021 - a fivefold increase on the 22,000 acquired just four months earlier in January 2021. Noting that “almost 300,000 tourists” have visited The Bahamas during the first five months of 2021, as COVID-19 restrictions and border controls eased, Mr D’Aguilar said his ministry’s health visa unit is currently processing between 6,000 to 8,000 applications per day. “We know how many people purchase a health visa on a daily basis and we know where exactly they are coming from,” he added. “In January of this year, 22,000 visitors

received a health visa; in February, 30,000 visitors received a health visa; in March, 64,000 visitors received a health visa; in April, 68,000 visitors received a health visa; and in May, 110,000 visitors received a health visa. “As you can see, visitor arrivals are increasing by leaps and bounds. From 22,000 to 30,000 to 64,000 to 68,000 to 110,000 and, so far in 2021, almost 300,000 visitors have returned to our shores. Three hundred thousand for the first five months and the rate of increase in their return is phenomenal.” Mr D’Aguilar’s figures, though, have to be set in context and benchmarked against pre-COVID numbers to see exactly how far The Bahamas’ tourism rebound has progressed. An analysis of 2019 stopover data, measuring the last full year prior to the pandemic, reveals that this nation received more than 300,000 stopover visitors in the first two months of that year (January and February) alone. For the same five month period in 2019, The Bahamas received a total 882,499 stopover visitors,

meaning that 2021’s performance is two-thirds - some 66.7 percent - below that year’s pre-COVID record numbers. However, the data suggests that the Bahamian tourism industry has steadily been closing the gap during the year’s first five months as COVID vaccinations roll-out both here and in key visitor source markets, and persons become increasingly confident to travel. May’s 110,000 health travel visa purchases are down by 37 percent compared to the 174,349 stopover visitors that came to The Bahamas in the same month during 2019, which represents a narrowing of the 84.2 percent divide with January 2019 comparisons. Meanwhile, confirming that the Family Islands are recovering faster than New Providence, Mr D’Aguilar said: “When you dig into the numbers, Mr Speaker, 60 percent of the visitors are coming to Nassau and 40 percent are going to the Family Islands. “So that confirms to me that the Family Islands are bouncing back faster than Nassau so far, since in 2019, 75 percent of the visitors

came to Nassau while 25 percent went to the Family Islands. And that makes sense, Mr Speaker. With the onset of COVID, people wanted a low density, secluded vacation at a small boutique hotel or Airbnb.... away from crowds and larger properties. And that is exactly what happened. “And when you dig even deeper into the number, 27 percent of the persons going to the Family Islands went to Eleuthera (mostly Harbour Island), 20 percent went to Bimini and Cat Cay (mostly by boat from Florida), 19 percent went to Abaco, which is quite remarkable given the damage Hurricane Dorian put on that island and leads me to conclude that those second home owners are very very loyal to Abaco, and 17 percent went to Exuma.” Looking towards a postCOVID recovery, Mr D’Aguilar said his ministry’s sales and marketing efforts in promoting The Bahamas were starting to pay off, especially with the revival of group business. “The Bahamas is showing an uptick in RFP (request for proposal) submissions and contracts for 2021 and

CRUISE HOME PORTING TO GIVE $50M BOOST By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday predicted that 35,000 home porting cruise passengers will spend a collective $50m across The Bahamas during their seven-night voyages around the island chain this summer. Dionisio D’Aguilar, minister for tourism and aviation, told the House of Assembly during his Budget debate contribution: “I estimate that home porting will bring 30,000 to 35,000 cruise visitors into The Bahamas in 2021, and these 30,000 to 35,000 cruise

visitors will probably spend approximately $50m during their week long stay in The Bahamas.” Royal Caribbean launched its Nassau home porting on Saturday with its Adventure of the Seas vessel. Crystal Cruises will launch its series of sevennight voyages around the Family Islands from Prince George Wharf on July 3. Turning to the Nassau Cruise Port’s $250m redevelopment in anticipation to receive these cruise ships, Mr D’Aguilar said: “The fees earned by the government from the port will increase from approximately $2m each year to approximately $6m each

Food stores confirm price rise pressures By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FOOD stores yesterday said food prices have risen by at least ten percent since last year amid forecasts that increases could last well

into 2022. Atwell Ferguson, Golden Gates Supermarket’s general manager, told Tribune Business that while the price of meats has increased, groceries have “not as yet” followed. He expects prices for the latter commodities

year since the government will now receive the VAT on the passenger facility charge paid by each visitor to the port. “The port will be funded primarily by Bahamians, and cruise passengers expecting to use the port will increase in 2022. The total amount of passengers expecting to use the port is nine percent ahead of the total amount of passengers that used the port in 2019, which was the best year ever, indicating that cruise lines are excited by the prospect of a new port. “This Nassau Cruise Port project, will not cost the Bahamian taxpayer a dime since private sector money to start increasing as well. Reacting to predictions made by Rupert Roberts, Super Value’s principal, that Bahamian consumers must brace for an eight to 12 percent increase in food prices by this Christmas, Mr Ferguson also said: “I have seen an increase of at least ten percent already from last year June. “The meats started to rise

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ESTATE OF STANLEY BRUCE BETHELL, JR. TAKE NOTICE that anyone having a claim against the Estate of STANLEY BRUCE BETHELL, JR. late of Boatswain Hill, Nassau, Bahamas, who died on 15th December, 2019, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st July, A.D., 2021.

will be used to finance its construction and operation. Only Bahamian citizens from Freetown and the rest of The Bahamas will be allowed to own and operate stores/stalls, restaurants and other businesses in the Nassau port area, not to mention the vastly improved working conditions for taxis, tour buses and other excursion operators.”

To advertise in The Tribune, contact 502-2394

beyond,” he added. “To-date, we have already received more than 400 RFPs for groups through 2023, which would potentially translate to over 300,000 room nights. Of this, more than 20,000 room nights have already been contracted.” Acknowledging concerns over whether there is sufficient airlift capacity to meet rising tourist demand for The Bahamas, Mr D’Aguilar said 17 commercial airlines are now providing service to this nation from 37 international markets. He added that Frontier Airlines has confirmed that direct flights from Miami to Nassau will be available four times a week starting at the end of June, while Southwest Airlines had announced the resumption of service to Nassau from Fort Lauderdale on 7th October. The same airline will resume resume service from Baltimore

to Nassau with two flights per week from October 9. Air Canada and West Jet will resume flying to Nassau from Toronto and Montreal this winter, and are also exploring a Toronto to Exuma nonstop route. Air Caraïbes will resume its Paris to San Salvador service in December 2021, in line with Club Med’s planned re-opening. “The Ministry is also exploring an Alpitour flight from Milan to Grand Bahama, and a charter from Romania to Nassau in either early fall or winter,” Mr D’Aguilar said. “It is clear to me that the momentum is building, and The Bahamas stands once again at the foundation of something major. “I am quite sure that the good times are back within reach. In fact, Forward Keys recently that The Bahamas should attain just over 80 percent of its 2019 volumes in stopover visitors this summer.”

PAGE 4, Wednesday, June 16, 2021

Inflation ‘significant’ threat to post-COVID recovery FROM PAGE ONE

that same mortgage for residential construction, if the project’s costs go from a $1,900 monthly repayment to $2,200, the bank may that they no longer qualify. “It (inflation) affects people’s access to credit,” Mr Pinder said. “It affects construction, and when you consider construction as an activity it’s widely used as a measure in terms of how the economy is rebounding. It’s very labour intensive, and can help in terms of alleviating some of the unemployment pressures.” Stephen Wrinkle, a former Bahamian Contractors Association (BCA) president, yesterday gave Tribune Business an insight into the extent of price increases that have impacted his sector acrossthe-board. While the 100 percent increase that has doubled plywood prices is most prominent, he added that steel and metal building components have endured two price increases - of ten percent each - since February 2021. Glass windows and doors have increased by 20 percent over the same period,

and Mr Wrinkle added: “Delivery times have also been backed up. Stuff we bought in January/February, which we should have had here in June, will now be here in August. Everything is backed up 60-90 days. That’s more harmful than the price increases because it backs up the entire construction schedule. “A 20 percent increase over there [in the US] translates into a 40 percent increase here because you are paying duty and VAT on top. That becomes quite substantial across-theboard. Every time we order we get a price increase. It’s extremely hard to put a firm price on contracts. People who have a loan, mortgage or fixed financing are in trouble.” While construction projects already in progress have little choice but to see it through to completion, Mr Wrinkle added that those due to start were likely to be most affected. “Anybody starting new work is going to have to have consideration for a substantial increase in the cost of materials. That’s where you’re going to see the most effect. We’ve been hit by factors beyond our

THE TRIBUNE control. It’s going to be a long haul.” The ex-BCA president reiterated that the price hikes had been sparked by a combination of surging post-COVID demand in the US and globally, while materials suppliers were still catching up on the supply chain backlog produced by the pandemic and its health restrictions/ lockdowns. The Bahamas, which imports most of what it consumes, is a price taker and unable to influence such developments. Inflation, which is generally defined as a sustained increase in the weighted average of prices, erodes the value of savings and money’s purchasing power; causes problems for those on fixed incomes such as pensioners; and reduces consumers’ disposable income as well as undermining living standards and quality of life. “What compounds the situation is that our taxes are ad valorem, where they are levied on the prices of goods,” Mr Pinder told Tribune Business. “When the landed price increases, inflation pressures are exacerbated because of our tax structure. “As the price increases in terms of the cost to the merchant in terms of the landed price, it is further exacerbated to the consumer because of the ad valorem taxes, which are based on

the value. We are not talking price increases in a vacuum. You have the considerable dampening effect this will have on growth and employment. “When the price of basic construction materials increases it has the potential to slow down economic and construction activity. It clearly has an impact on employment in the sector. All this flows down through the economy.” Emphasising that he was not suggesting the one:one peg with the US dollar is under threat, Mr Pinder added: “With this sort of inflationary pressures it also affects the real value of the Bahamian dollar. The one:one peg is a nominal exchange rate; it has nothing to do with the real value of the Bahamian dollar.....” The spectre of inflation was not addressed in the recent budget, but he said: “There’s very little the government can do, particularly in the short run, as we import everything. One thing we cannot dismiss is how rising prices, particularly in a recessionary environment, can dampen any sort of growth prospects. “And, at the same time, it has the potential to weaken the government’s fiscal position. Revenues are primarily based on certain growth projections that they have in mind.”

some $7.5m each year. It is noted that that this reduction was accomplished through the regular attrition process of retirements, voluntary early retirements, and separations running concurrently alongside a laser-like focus on new hires.” Noting what he described as “a marginal” increase in ticket prices and baggage fees from January this year, which was the first in nine years, Mr D’Aguilar said: “These adjustments are expected to provide an additional $7.3m in annual savings when full operations resume. “The airline is already reaping the benefits of the $7.5m in reduced staff costs and is looking forward to the added $3m in savings owing to the introduction of the Crane Passenger Service System. They are also looking forward to enhanced revenues of some $7m from

adjusted pricing of services once full-service resumes.” Elsewhere, Mr D’Aguilar said the Department of Aviation was preparing bid documents to seek a private sector partner to develop Cat Island’s New Bight airport via a public-private partnership (PPP). That Request for Proposal (RFP) is expected to be released by September 2021. And the first “market briefing” for bidders interested in developing and operating Grand Bahama International Airport, plus the airports in Exuma, North Eleuthera, Great Harbour Cay, San Salvador, Abaco and Long Island, is due to be held before the end of June. “We have created two SPVs (special purpose vehicles), Freeport Airport Development Company or FAD, and the Bahamas Airport Development Company or BAD, that will operate both the Freeport and other already identified Family Island airports independent of the Airport Authority in much the same way as NAD manages LPIA,” Mr D’Aguilar added.

Bahamasair sees revenues fall 84% FROM PAGE ONE 2021-2022, the government is allocating $30m to Bahamasair. This is due to prolonged suppressed operations resulting from COVID-19. However, we are specific in how this support should be used. “Twenty million dollars will be used to fund the ATR loan structure, and the remaining $10m will assist with operational support for the Family Islands. The government understands that the airline will not fully recover from the effects of the pandemic until there is a complete return to Bahamasair’s full schedule complement of flights.” Mr D’Aguilar said the combined impact of COVID-19 and Hurricane Dorian had inflicted “a disastrous impact” on both Bahamasair’s operations and the government’s ambitions to drive it towards self-sufficiency and profitability - a goal many will be sceptical that it can ever attain.

A BAHAMASAIR plane. With staff wages and other compensation accounting for 27 percent of Bahamasair’s total costs, the minister said the airline had managed nevertheless to generate $7.5m in annual savings via an early retirement initiative and not replacing persons who left its employment. “With the introduction of many of the new automated proceeds, there was a need for a comprehensive review of Bahamasair’s human resources, and the ways in which persons were utilised,” Mr D’Aguilar added.”Over the past four years, through a process of attrition and an early retirement programme that ceased on May 31, 2020, the airline has been able to reduce its headcount by 151. “There are now currently 507 employees at Bahamasair. This relates to a 23 percent reduction in staff with an average savings of

DANNY SUMNER

Prices regulator seeking more power as costs rise By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Price Control Commission’s chairman yesterday said recommendations have been presented to the Minnis Cabinet calling for it to be given greater powers over non-price controlled items. Danny Sumner made the revelation as he confirmed to Tribune Business that prices are rising on “every item” including food, which he largely attributed to rising oil prices. He added: “The high price in oil has trickled down to The Bahamas, and we import just about everything here. One of the main criteria for wholesalers when they do their importation is that they pass them on to the retailers. “As a result, The Bahamas is expected to see some price increases. This year between now and September, and until the end of the year, be prepared for some gradual increases in just about everything and that includes clothing, food items and building materials.” Building material suppliers have already confirmed sharp price increases for lumber and other supplies due to post-COVID supply chain bottlenecks and shortages, causing costs to rise by some 30 percent in some instances. Mr Sumner added: “Some of the companies in North America had problems with staffing because of the pandemic and, as a result, labour availability and the demand for food items has become increasingly high. That is the main factor for the high pricing in food

items that are in the food store right now.” Rupert Roberts, Super Value’s president, told Tribune Business earlier this week that by Christmas consumers should expect between eight to 12 percent increases in the price of grocery and meat items. He blamed the rise on increased global demand and the reflation of economies from the economic restrictions brought on by the COVID19 lockdowns, coupled with soaring freight and trucking costs, and supply chain impediments. Mr Sumner lamented that there was little Bahamian consumers can do about this. He added that the Price Control Commission can only monitor the prices on breadbasket items, and he urged consumers to understand that the regulator has no power over some of the price increases they are complaining about. “We can only monitor the price increases on breadbasket items. That is something we have under control. The price control inspectors check daily the price of breadbasket items, and I can assure you that no breadbasket items on this island are overpriced. None. Unfortunately, the goods that are priced high in the food stores, we have no control over,” said Mr Sumner. He added that there is “nothing that gives the merchant the authority to over price”, and said: “We don’t know what mark-up pricing merchants are using, but we have sent a paper to Cabinet asking the Cabinet to give the Price Control Commission more power to control pricing.”

Food stores confirm price rise pressures FROM PAGE THREE even more after the hackers shut down the US meat industry and one of the major meat suppliers.” A cyberattack on JBS SA, the largest meat producer globally, forced the shutdown of all its US beef plants, wiping out output from facilities that supply almost a quarter of the American market. All of the company’s US fed-beef and regional beef plants were forced to shutter, and all other JBS meatpacking facilities in the

US experienced some level of disruption to operations. Cyril Carey, general manager of Kenneth’s Food Store, Prince Charles Drive, said: “I’ve seen price increases. A couple of months back prices started climbing on everything. Some things are hard to source; that’s the big problem.” Suppliers have been telling Mr Carey they expect prices to continue to rise well into 2022. “Whenever we see the price in gas climb to where it’s at now, everything tends to follow behind that,” he added.

THE TRIBUNE

Wednesday, June 16, 2021, PAGE 5

‘Major impovements’ needed on bank fees

Civil service expansion labelled ‘mind boggling’ FROM PAGE ONE

FROM PAGE ONE

mid-30 percent range; a lower but slightly similar distribution was estimated for wired or transferred revenues, with credit and debit card potentially approaching about one-quarter of receipts; and cheque receipts accrued in the lower 20 percent range.” As for consumers, the Central Bank’s survey found that 15 percent of respondents held gaming accounts with web shops. Some 71 percent of these account holders used them only for gaming, while another 15 percent treated them

CENTRAL BANK OF THE BAHAMAS as a savings resource and five percent used them to transfer funds to family members. “Gaming accounts held significantly low average balances, with the average of less than $50 maintained in about 72 percent of the accounts; between $50 and $100 in 12 percent of accounts; and with average balances in excess of

$100 maintained in less than seven percent of facilities,” the Central Bank said. “Comparatively, estimates as of December 2020 are that 85 percent of Bahamian dollar accounts on the lower-end of the holdings spectrum averaged about $1,110 in funds, whereas the lower threshold for remaining bank deposits exceeds $10,000.”

‘Challenged’ to exploit govts VAT tax break FROM PAGE ONE being fiscally responsible with managing the government’s purse,” Senator Kwasi Thompson, minister of state for finance, said in a statement. “However, we noted and accepted that there have been valid logistical concerns raised by several persons who had delays caused by operational challenges of the shipping

agencies. These issues have been raised by individuals and local Members of Parliament in the affected areas. “The government has heard those concerns and thus we have decided to extend the landing date to August 31, provided eligible persons in Grand Bahama and Abaco can demonstrate that the vehicles were purchased by May 1. “If by chance you

purchased a vehicle on or before May 1, 2021, which was brought in between June 1 and today’s date and you paid the full duty, and would have otherwise been eligible, you will be entitled to a refund of the sums paid.”

“It’s got to happen otherwise you’ve just gouges another hole in the Titanic. The ship is going down and instead of baling out we’re juking more holes in it. All that is going to do is drag us under even faster down the line or two years down the line. It’s really disheartening; very disheartening.” Mr Rolle, in his budget debate communication last week, last week confirmed that the government was further expanding the public sector payroll by adding more than 1,800 persons to its permanent ranks. These included 600 temporary persons at the Ministry of Education, plus 1,102 who are part of the National Job Creation and Skills Enhancement Programme, also known as the 52-week programme. Another 600 part-time employees have already been regularised, Mr Rolle added, while the government will in June and July. retroactively pay public officers money consistent with the increments, reclassification and salary advances they did not receive last year because of the COVID-19 pandemic.

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NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FRANCESICA GILBERT of #25 Vernon St. Kennedy Subdivision, P.O. Box EE15844 New Providence, Bahamas intend to change my name to FRANCESCA GILBERT. 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. INTERNATIONAL BUSINESS COMPANIES ACT, 2000 CHUBURNA LTD. NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of CHUBURNA LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 4th day of May A.D., 2021. Michael C. Miller Liquidator

NOTICE

NOTICE is hereby given that CLAUDETTE PAUL, of Martin Street, 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 9th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“We’re gonna pay them and we’re gonna make their pay retroactive to the date that they were supposed to be promoted,” he said. The 2021-2022 budget shows that the civil service wage bill is increasing by $10m-$11m in the upcoming fiscal year. However, this highlights a seeming discrepancy or inconsistency in government policy. My Myers had referred to Senator Kwasi Thompson, minister of state for finance, who told the post-Budget press conference that The Bahamas had “for too long” relied upon the government to be the main employment generator through expanding the size of a now-bloated civil service. Confirming what many in the private sector have known for years, Mr Thompson said: “For too long we have relied on the government to be the primary source of employment, using public funds as a bandaid for longstanding, acute structural deterioration..... For too long, the government has placed itself at the centre of national economic life.” When the Minnis administration came to office, it attacked the hiring practices of its

Christie predecessor. A Department of Statistics Labour Force survey, released in 2018, estimated that up to November 2017, 2,500 people were let go from the civil service by the Minnis administration. Mr Rolle last week disputed that figure, having in 2019 told The Tribune that the government rehired a larger number of the people who were engaged from 2012 to 2017, and subsequently let go when the Minnis administration took office. After vowing to rightsize the civil service upon taking office, Mr Rolle yesterday praised the many hires of the Minnis administration, saying they demonstrated the government’s record for building capacity. “It shows that we continue to invest in human beings because that’s how we build a country; that’s how countries exist,” he said. Mr Rolle said between June 2017 and December 2020, 1,600 people have been promoted in the government system. “We hired hundreds of individuals. Now we are promoting them in the system,” he said.

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NOTICE

NOTICE is hereby given that YSABELE 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 16TH 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 DERICKA CARTER, of Jonestown, Eight Mile Rock, Freeport, 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 16th 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 SERGE BELONY, of Raleigh Drive, Freeport, 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 16th 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 KATHERINE VENKATAGIRI, of #32 Commonwealth Avenue, Blair Estates P.O. Box N-1078 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 16th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 8, Wednesday, June 16, 2021

THE TRIBUNE

NOTICE

NOTICE is hereby given that NEHEMIE JOSEPH, of East Street, 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 9th 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 ORDLY EUGENE, of #21 Fourth St Grove P.O. Box N-7060 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 16th 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 FRANSE PIERRE, of South Beach 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 16th 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 NERPHTALEAN SENOZIER, of Boatswain Hill, 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 9th 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 CAROLYN ST.BRAVE, of Swordfish 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 16th 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

TUESDAY, 15 JUNE 2021

BISX ALL SHARE INDEX:

CHANGE

1962.07

-10.74

%CHANGE

YTD

YTD%

-0.54 -130.39

-6.23

(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 3.98 6.16 12.00 2.75 7.50 10.71 9.01 14.60 4.10 8.97 16.00

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

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 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

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 2.57 7.50 11.55 9.01 14.00 3.75 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS900283 BSBGRS980244 BSBGR1292394 BSBGRS700239 BSBGRS780230

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.46 100.00 100.27 100.66

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.14 100.46 100.00 100.53 100.55

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.46 100.00 100.53 100.00

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 BGRS70023 BGRS FL BGRS78023

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.05) 0.00 (0.01) 0.00 0.00 (0.24) 0.00 0.00

VOLUME

170

8,000

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

132 432 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 25.2 16.1 17.9 12.4 17.2 18.5 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% 16.89% 0.80% 2.84% 2.66% 3.86% 3.20% 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% 4.53% 4.47%

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 29-Jul-2023 22-Sep-2023

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

NOTICE is hereby given that LOVE HUGSON PREVAL, of Lincoln Street, 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 9th 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

Wednesday, June 16, 2021, PAGE 11

KIM WARNS OF “TENSE” FOOD SITUATION, LONGER COVID LOCKDOWN SEOUL Associated Press NORTH Korean leader Kim Jong Un, pictured, warned about possible food shortages and called for his people to brace for extended COVID-19 restrictions as he opened a major political conference to discuss national efforts to salvage a broken economy. The North’s official Korean Central News Agency also said Wednesday that Kim called for discussions on how the North should deal with the “current international situation”, though it did not

derailed over disagreements in exchanging relief from crippling US-led sanctions with denuclearisation steps by the North. Meanwhile, the North’s economy has decayed further amid pandemic border closures, which choked off trade with China, while devastating typhoons and floods last summer decimated crops. Monitors assessing the situation in North Korea have yet to see signs of mass starvation or major instability, but some analysts say conditions could be aligning for a perfect storm that undercuts food and exchange markets

mention any specific comments from Kim about the United States or South Korea. North Korea has so far ignored the allies’ calls to resume nuclear negotiations that have stalled for two years following the collapse of Kim’s ambitious summitry with former President Donald Trump, which

and triggers public panic. The Korea Development Institute, a South Korean government think tank, said last month the North could face food shortages of around a million tons this year. During the plenary meeting of the ruling Workers’ Party’s Central Committee that opened on Tuesday, Kim urged officials to find ways to boost agricultural production, saying the country’s food situation “is now getting tense”. KCNA said Kim also “set forth the tasks for the state to maintain perfect anti-epidemic state” — indicating North Korea

would extend its pandemic lockdown despite the stress on its economy. Experts widely doubt North Korea’s claim that it has not had a single COVID-19 case, given its poor health infrastructure and a porous border with China, its major ally and economic lifeline. Kim had called for the party meeting to review national efforts to rebuild the economy for the first half of the year. While addressing the “unfavorable” conditions and challenges on Tuesday, Kim also expressed appreciation over what he described as improvements, claiming that the country’s

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 88° F/31° C Low: 73° F/23° C

TAMPA

uV inDex toDay

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Mostly cloudy with a strong t‑storm

Cloudy with a stray t‑storm late

A morning thunder‑ storm

Sun through high clouds

Mostly cloudy

More clouds than sun

High: 89°

Low: 79°

High: 88° Low: 79°

High: 89° Low: 79°

High: 88° Low: 78°

AccuWeather RealFeel

100° F

85° F

99°-87° F

100°-87° F

99°-87° F

98°-84° F

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

tiDes For nassau High

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.

ABACO

High: 84° F/29° C Low: 79° F/26° C

4‑8 knots

High: 87° F/31° C Low: 76° F/24° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 86° F/30° C Low: 77° F/25° C

E S

WEST PALM BEACH

High: 86° F/30° C Low: 75° F/24° C

MIAMI

High: 86° F/30° C Low: 78° F/26° C

4‑8 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 73° F/23° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 71° F/22° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 6.40” Normal year to date ................................... 11.09”

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 79° F/26° C

High: 86° F/30° C Low: 79° F/26° C

KEY WEST

High: 86° F/30° C Low: 79° F/26° C

Low

Ht.(ft.)

12:21 a.m. 12:54 p.m.

2.8 2.3

6:56 a.m. 6:55 p.m.

0.3 0.5

Thursday

1:11 a.m. 1:50 p.m.

2.8 2.4

7:43 a.m. 7:56 p.m.

0.3 0.5

Friday

2:05 a.m. 2:48 p.m.

2.7 2.6

8:34 a.m. 9:01 p.m.

0.2 0.5

Saturday

3:02 a.m. 3:48 p.m.

2.6 2.8

9:27 a.m. 0.0 10:07 p.m. 0.4

Sunday

4:02 a.m. 4:47 p.m.

2.6 3.1

10:22 a.m. ‑0.2 11:11 p.m. 0.2

Monday

5:02 a.m. 5:45 p.m.

2.6 3.3

11:17 a.m. ‑0.4 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

6:01 a.m. 6:41 p.m.

2.6 3.5

12:13 a.m. 0.0 12:12 p.m. ‑0.5

sun anD moon Sunrise Sunset

High: 85° F/29° C Low: 78° F/26° C

6‑12 knots

6:20 a.m. 8:01 p.m.

Moonrise Moonset

11:46 a.m. 12:20 a.m.

First

Full

Last

New

Jun. 17

Jun. 24

Jul. 1

Jul. 9

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 78° F/26° C

High: 85° F/29° C Low: 80° F/27° C

High: 87° F/31° C Low: 79° F/26° C

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 79° F/26° C

6‑12 knots

MAYAGUANA High: 86° F/30° C Low: 79° F/26° C

Shown is today’s weather. Temperatures

Ht.(ft.)

CAT ISLAND

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

Today

almanac

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TONIGHT

High: 89° F/32° C Low: 78° F/26° C

industrial output so far has increased by 25% from last year, KCNA said. The report said the Central Committee meeting will continue but did not specify until when. North Korea held its first ruling party congress in five years in January where it laid out development plans for the next five years. At that meeting Kim urged his people to be resilient in the struggle for economic self-reliance, called for reasserting greater state control over the economy, boosting agricultural production and prioritising the development of chemicals and metal industries.

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

High: 85° F/29° C Low: 80° F/27° C

GREAT INAGUA High: 87° F/31° C Low: 80° F/27° C

7‑14 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SW at 6‑12 Knots SE at 4‑8 Knots SE at 6‑12 Knots ESE at 6‑12 Knots SE at 7‑14 Knots ESE at 6‑12 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 6‑12 Knots SE at 6‑12 Knots SSW at 6‑12 Knots SSE at 4‑8 Knots SE at 6‑12 Knots ESE at 6‑12 Knots SE at 7‑14 Knots E at 7‑14 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 6‑12 Knots ESE at 6‑12 Knots SE at 7‑14 Knots ESE at 7‑14 Knots SE at 6‑12 Knots SE at 6‑12 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 82° F 82° F 85° F 87° F 83° F 86° F 83° F 82° F 82° F 83° F 84° F 82° F 85° F 86° F 83° F 83° F 83° F 83° F 82° F 82° F 83° F 84° F 83° F 84° F 83° F 84° F