06192020 BUSINESS

business@tribunemedia.net

FRIDAY, JUNE 19, 2020

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Aggregate miner targeting ‘Pure insanity’ if Andros investor ‘full’ $125m Andros spend ignores Freeport

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

N AGGREGATE mining and land reclamation development, featuring a $15m-$20m first phase investment and creation of 35 jobs, is among three “very different and separate projects” currently targeting North Andros.

Cameron Symonette, The Symonette Group’s chief executive, is one of the principals behind the Bahamas Materials Company Ltd project that was presented to the North Andros District Council on June 9 as part of an extensive feedback and consultation process.

The presentation, a copy

• Symonette Group chief in proposal • One of three eyeing developments • 35 first-phase jobs, could rise to 100

of which has been obtained

by Tribune Business, reveals that Mr Symonette and his prospective partners plan to mine for calcium carbonate (limestone) on a 5,500 acre “brownfield” site featuring now-unused Water & Sewerage Corporation wellfields in North Andros.

The extracted rock would then be crushed and screened at a purposebuilt plant before being exported by sea to either Florida or New Providence for use by the construction industry in a variety of

construction applications.

However, the presentation goes beyond mere aggregate mining to explore how the land could be reclaimed, and repurposed, for other productive use such as real estate once all the rock has been extracted.

Bahamas Materials Company is proposing a corporate structure where a subsidiary, Morgan’s Bluff Development Group Ltd, would ultimately take back all the land and offer its shares to Bahamians in a bid to create wealth and

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ownership opportunities.

Seeking to capitalise on the government’s urgent search for economic diversification amid the devastation inflicted by the COVID-19 pandemic, the Bahamas Materials Company proposal suggests it could ultimately employ more than 100 Bahamians and take its investment to over $125m at full buildout. Potential production is estimated at 500-700 tons, with all mining carried out

SEE PAGE 4

Budget’s missed opportunity for progressive tax reforms

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE 2020-2021 budget represents a missed opportunity to kickstart talks on progressive reforms such as personal and corporate income taxes, a University of The Bahamas (UoB) economics lecturer is arguing.

Rupert Pinder told Tribune Business that The Bahamas needed to move away from its regressive consumption-based taxation structure, centred on VAT and import tariffs, given that it disproportionately impacts poorer Bahamians by consuming more of their income than higher earners.

Suggesting that COVID19 had created an ideal opening to initiate reform discussions that was not taken up by the budget, Mr Pinder said there was some scope to increase tax

• Economist: Put income/corporate tax ‘on table’ • Calls for expanding base, not raising rates • ‘No way around’ new and/or raised taxes revenues once the economy recovers given that they have traditionally fallen below the 20 percent of gross domestic product (GDP) threshold recommended as a minimum by international agencies such as the International Monetary Fund (IMF).

However, he quickly pointed out that increased revenues could be generated by broadening the tax base rather than increasing rates. The UoB lecturer pointed to Barbados as one example of this, noting that it had responded to the European Union’s (EU) demands to end so-called “ring fencing” by extending corporate income tax

Ex-US diplomat in 25,000 acre Andros venture

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A $5M commercial faming venture that involved a former US ambassador to The Bahamas was yesterday identified as one of three competing investment proposals targeting North Andros.

Documents obtained by Tribune Business name Ned Siegel, an ex-US ambassador to this nation under George W Bush’s administration, as a partner in an “American-Bahamian partnership” seeking to lease 25,000 acres of land from

the Crown and Bahamas Agricultural and Industrial Corporation (BAIC) in the Twin Lakes area on Andros.

Mr Siegel did not return Tribune Business’s call seeking comment yesterday, and several sources suggested he may no longer be involved with a project that is thought to have been formally submitted to the Bahamas Investment Authority (BIA) for the necessary government approvals last year.

It is thought that the project has stalled in the approvals process, with

SEE PAGE 5

IT: Bahamas needs 15-year overhaul completed in five

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas and wider Caribbean must complete a 15-year transformation in just five years to catch up with the developed world in information technology (ICT), a local provider is arguing.

Scott MacKenzie, chief executive of Cloud Carib, told Tribune Business: “The Grand Bahama technology hub was structured to aid in the development of Grand Bahama and The Bahamas from a technology perspective. I think the drive now is

to formulate a programme, a national strategy and programme.

“From an education perspective let’s be realistic.

The users are the future and in order to instill true modern day ICT practices throughout the region, it’s generational change. Our generation, we can make things happen today, but those are all short-term gains. So unless you put a programme in place that, over the next two or three generations, is really going to elevate the entire region and make it globally competitive,

SEE PAGE 7

beyond just its domestic economy to the offshore sector as well.

By increasing the number of entities subjected to this tax, Mr Pinder said Barbados created a “win-win proposition” for its domestic economy as the broader base enabled it to lower the rates for businesses in this area without any drop in total revenues.

Several Bahamian private sector sources have privately suggested to Tribune Business that this nation needs to follow Barbados’ example and increase taxation on its international business sector, with some even going so far as to suggest that corporate income

taxes need to be considered as the present structure is not working.

Mr Pinder, meanwhile, acknowledging that COVID-19’s economic devastation meant tax reforms will have little near-term impact, added that he was unable to see The Bahamas escaping the need to introduce new and/or increased taxes to combat its growing deficit and debt burden once the pandemic’s worst effects are over.

KP Turnquest, deputy prime minister, told this newspaper earlier this week that it was “too early” to talk about the need for such

SEE PAGE 7

A PROMINENT QC yesterday argued it would be “pure economic insanity” if the government permits a US billionaire philanthropist to develop a free-trade zone on Andros instead of basing his project in Freeport.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that The Bahamas will be “reinventing the wheel” if it fails to direct Dr Patrick Soon-Shiong to a city “where everything is set up for him” in terms of the infrastructure required to support his ambitions.

Responding to revelations of the cancer drug inventor’s Andros plans, Mr Smith said: “My view is that it is pure economic insanity for the government to even contemplate this kind of project in other parts of The Bahamas when Freeport is lying fallow and simply needs investment directed its way.

“This is nothing more than political will to make Freeport succeed. Creating this proliferation of competing anchor projects throughout the rest of The Bahamas dilutes Freeport’s economic impact, and creates a governance challenge will greatly impacting the culture, environment and society in these very small islands.

“Freeport is sitting here waiting for just this kind of investment. Please can you direct such a legitimate investor to Freeport where everything is set up for him.

You don’t have to reinvent the wheel. The Government continues to try and reinvent the Freeport wheel

FRED SMITH QC elsewhere without success rather than make the existing wheel turn.”

Dr Soon-Shiong, who was said by Forbes to have a net worth of $6.9bn as at March 2020, would appear to be the sort of legitimate, bona fide investor that The Bahamas needs to attract to reignite its economy and employment in the wake of the COVID-19 pandemic.

A part-owner of the Los Angeles Lakers, and owner and executive chairman of the Los Angeles Times and The San Diego UnionTribune newspapers, he also seem to have the financial wherewithal necessary to both acquire the Grand Bahama Port Authority (GBPA) and fulfill the vision for Freeport that is set out in the Hawksbill Creek Agreement.

And Freeport, a city created for 300,000 persons, already possesses much of the roads, lands and other infrastructure required

by Dr Soon-Shiong for a free trade zone plan based on value-added manufacturing, eco tourism and medical clinic/tourism. Locating to The Bahamas’ second city would likely significantly reduce the infrastructure build-out costs associated

SEE PAGE 4

PAGE 2, Friday, June 19, 2020

Hurbert Edwards, in the final section of his financial services examination, focuses on areas that can be used to revive the sector.

THE TRIBUNE

TIME TO GET THE ‘BOOT’ OFF FINANCIAL SERVICES’ NECK

BY HUBERT EDWARDS

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OMPARED to certain rivals, The Bahamas displays various strengths and weaknesses.

In charting the way forward, these areas must be addressed. The main issue to be considered here is the extent to which The Bahamas can leverage its current strong points, and adjust its approach to product development and marketing, to create advantages for the financial services industry.

Insurance, reinsurance and captives Through the Bahamas Financial Services Board (BFSB), create a working group representative of all industry stakeholders - and which includes domestic insurers - to study and assess how The Bahamas will jumpstart re-entering the reinsurance and captive insurance market.

The group will develop strategies for attracting reinsurers and captives to establish a physical presence in The Bahamas.

Relevant recommendations will be passed to the government to facilitate the required infrastructure and legislative support. The government should commit to implementing accepted recommendations within six months. The group

should be supported by paid experts with extensive experience in the field of reinsurance and captives in international financial centres (IFCs).

Clear product development strategies should be created and implemented.

Concessions should be considered to attract a core “start-up” group of investors in this area. Any existing company in this line of business would be afforded similar incentives.

An aggressive training programme to create exposure for a critical mass of the Bahamian workforce should be undertaken.

Here I am arguing for a facilitative industry strategy, as opposed to company driven, on the basis of the long-term gains that could accrue to The Bahamas.

Both as a product, and because of the potential impact captives can have on the capital markets, this is one area which The Bahamas should pay significant attention to. The types of businesses that captives and reinsurers bring to a jurisdiction create significant reputational capital.

Leveraging its leadership position in private banking and wealth management is a natural extension for the Bahamian financial services industry, and represents a “quantum leap” towards further diversifying the country’s offerings.

The overall productivity of the industry is important to the sustainability of a financial centre.

It is therefore incumbent on leadership to seek out areas where there can be substantial growth and exploit them.

The expanded market will positively influence macroeconomic variables which, in turn, will position the country to be viewed more favourably in terms of its range of products, economic performance and opportunities for wealth creation.

Wealth management, private banking and trusts The Bahamas’ main strengths are in wealth management, private banking and trusts. Analysis

shows that while The Bahamas maintains a leadership position in these areas, it is not generally seen as a front-runner and lags in some of the more lucrative business segments. Consequently, The Bahamas must now leverage its position in these three areas to create impetus and traction. This segment of the industry, supported by the regulatory machinery and BFSB, could initiate a creative means of developing new products and taking them to market on a proactive basis, not just in response to forced changes. The idea is to gain market leadership in areas that place competitors at a disadvantage, even for a short time. The longer-term impact is its emergence as an innovator, thereby creating reputational capital.

Government support can be harnessed through the creation of legislation that adds flexibility to financial products. For example, the ability to exempt products from certain targeted jurisdictions or not requiring re-domiciling are examples of innovation that can be applied to current products.

Product development and market leadership Research shows there are a number of products adapted to The Bahamas which are readily available in other jurisdictions. The process that brought these products to fruition in The Bahamas is deemed inefficient. There are lengthy deliberations on the need for such products, while reaching agreement and consensus adds to the time taken to get through the legislative process.

Against that backdrop, the industry - through government and the BFSB

- should doggedly pursue a process for innovation to take place more efficiently.

The Bahamas must not be a laggard in the arena, belatedly adopting products which have been around for many years. While recognising that “first to market” may not always be an advantage, as it seeks to enhance its reputation, The Bahamas must emerge as a jurisdiction which consistently creates new products for the marketplace. This enhances reputation and the depth of local knowledge.

The industry is too often “legislation-pushed”.

The legislative process by nature is slow and cumbersome, and very public.

It potentially erodes any significant strategic or competitive advantage that could be secured for the jurisdiction. A more efficient process could create, at a minimum, a quicker means of getting to market and, on a more idealistic level, market-changing moves that create an advantage over competitors.

Conclusion There will be always be room for arguing over the specific recommendations made above, or the way I have framed the discussion. If these are agreeable to policy makers, they are likely to vary from what is given here. This is because there is always a lack of readily available public information, which would allow one to be very clinical in assessing what exists and what does not. For this reason, some suggestions are very broad.

What is beyond question is that there is a clear need for growth in the economy, and the financial services

industry provides a huge opportunity to secure this.

A more defined approach to the development of the financial services industry will be the best way of securing this growth. It is also true that, in the face of the European Union (EU) threat, The Bahamas will have to figure out ways of reforming its tax regime.

Any disruption or fall-out from such a move can be counter-balanced through economic growth. The findings of the National Development Plan; the findings on which our arguments are made; and the continued attacks against the country evidence the need for, and the value of, taking the path argued in this paper.

The financial services industry holds the potential for delivering greater value to the Bahamian economy.

Against the backdrop of weak economic growth, a global financial crisis and a narrowing tax base, this should provide the motivation to focus on creating a new value-added paradigm.

This paradigm must be centred on strategic, longterm thinking, engineered to secure a redefining of the Bahamian financial services industry - an industry which will advance the county beyond being just an ordinary offshore financial centre to one that takes on more characteristics of a full international financial centre.

As part of the recovery plan, the financial services industry must receive - once and for all - a full diagnosis with a view to maximising its value.

For a resilient future, the recovery must start today.

The future of the industry and the country is dependent on bold, urgent, strategic, decisive but well-considered actions.

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THE TRIBUNE

Friday, June 19, 2020, PAGE 3

ATLANTIS: MORE ASSETS TO REOPEN ON JULY 14

By YOURI KEMP AND NEIL HARTNELL Tribune Business Reporters

THE “first wave” of Atlantis employees will return to work next week as the mega resort confirmed it remains on target for its July 7 return with additional amenities to open seven days later.

The Paradise Island destination, in a statement released yesterday, said it planned to re-open the Cove condo-hotel complex on July 14. This will occur one week after the Royal Towers and Harborside timeshare complex signal the resort’s return to the tourism market on July 7, indicating that the revised COVID-19 health protocols - requiring guests to obtain a negative PCR swab test before they can enter The Bahamas - has not impacted its plans.

Some 1,500 workers operate the Cove, although it is unclear how many will be recalled back to work in time for July 7. Audrey Oswell, Atlantis’ president and managing director, said in response to Tribune Business questions

•COVE TO FOLLOW WEEK AFTER ROYAL, HARBORSIDE •EMPLOYEE ‘FIRST WAVE’ RECALLED NEXT WEEK

AUDREY OSWELL that the the first employees will be recalled this week for training on the resort’s COVID-19 health protocols.

“The first wave of team members who are returning for phase one will start two weeks prior to reopening for comprehensive training on new health and safety protocols. Team members will return to work based on occupancy levels,” she said.

Ms Oswell did not directly respond when asked whether Atlantis was mulling permanent staff reductions to better align costs with business volumes, adding: “Atlantis experienced the same significant loss of revenue as many businesses across the globe that were closed due to the pandemic. However, it is our hope that tourism will rebound and our team members can all return to work.

“As part of The Bahamas tourism readiness and recovery plan, Atlantis will participate in the ‘Clean and Pristine’ certification process. To protect the health and well-being of every Atlantis guest and team member upon reopening, Atlantis has introduced a comprehensive, industryleading initiative focused on enhanced hotel cleaning practices, social interactions and workplace protocols to prevent the spread of COVID-19.

“Atlantis has also partnered with a leading academic medical centre in the US to develop the next level of global hospitality cleanliness standards,

Top tourism official predicts ‘late summer’ travel restart

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TOP Ministry of Tourism official yesterday promised there was “light at the end of the tunnel” for the nation’s largest industry as research shows “70 percent of Americans” will still travel this year.

Joy Jibrilu, the Ministry’s director-general, speaking on a webinar hosted by the Eugene Dupuch Law School, said international travel by tourists will resume by late summer and start to increase going into 2020’s fall season despite the continued threat posed

by COVID-19.

Acknowledging that the fear of becoming infected will deter some from travelling, Mrs Jibrilu said The Bahamas and other tourist-dependent nations cannot escape the reality that COVID-19 risks will be present for some time come.

The government’s decision to reverse course and maintain the COVID-19 “status quo”, which will require tourists to present a “negative” PCR swab test to be admitted to The Bahamas post-July 1, is already forcing hotels, airlines and tourism-related businesses to hurriedly revise projections amid concerns that the expense, time and difficulty in obtaining tests could deter more persons from travelling.

Mrs Jibrilu, describing a vaccine or “rapid test” for COVID-19 as the ideal solution, said The Bahamas and other Caribbean states had little choice but to re-open and kickstart their economies given the consequences of remaining locked down would be disastrous for employment, incomes and most businesses.

She added that The Bahamas’ phased tourism re-opening will give the country an opportunity to “test the waters” and ensure its COVID-19 health protocols are working properly to protect Bahamians as well as their tourism guests.

“The reality is that the COVID-19 virus is still with us. Many countries are still trying to manage the outbreak. The virus will be a concern for some time to come,” Mrs Jibrilu said.

“The maintenance of health and safety in the post-lockdown environment will be primary on the minds of travellers. There needs to be a vaccine or a rapid test for tourist and travellers.

“Despite the risk, economies need to be restarted for people to get back to work and to help with revenue generation for Caribbean countries.”

While the revised health protocols had created further uncertainty over the tourism industry’s prospects following its full July 1 re-opening, Mrs Jibrilu

JOY JIBRILU promised: “There is light at the end of the tunnel.

“Travel will begin in the late summer and increase later in the fall. Shorter flights will be preferred for travellers, and thus proximity to the United States and Canada will be preferred.

Airlift will stabilise over time. The consumer interest in travel is improving every day, and the lifting of travel restrictions will assure a return to the normal.”

The director-general also pointed to recent statistics suggesting that “70 percent of Americans will take a trip this year”, and surveys of US and global consumers stating they will focus on relaxation first when they travel, as evidence of pentup demand for a Bahamas vacation.

Most said they will seek value for money instead of the lowest price, while rural and adventure tourism are forecast to rebound and beach vacations will remain strong.

Mrs Jibrilu said: “People are moving away from the model of close proximity, and providing quality instead of quantity is now essential. We have to look at ‘all-inclusives’ and the larger resorts. We have to look at that moving forward. There is a need to reconsider the mass tourism approach.

Lower tourists may limit the effects of overcrowding and pollution “ While disclosing that “market intelligence tells us the fear of COVID19 is a limiting factor to booking a trip, Mrs Jibrilu said tourism’s phased reopening approach will allow The Bahamas to “test the waters” and reduce the infection risks. “This will ensure tourists that the protocols work,” she added.

With leisure travel expected to decline significantly, Ms Jibrilu said “tourism must be made a viable and a less risky pursuit” for Caribbean destinations. “Tourism stakeholders must have time and training to protect themselves against the risk associated with

COVID-19,” she added.

“Travellers should be expected to conform to our healthy traveller campaign, which encourages social distancing and washing of hands and hand sanitisation, as well as travelling with the appropriate personal protection equipment. Buffets will be discontinued and menus will be displayed on a static board.”

“We have learned a lot from this pandemic.

Technology has been key.

Technology will change how we interact with people moving forward. Online applications and artificial intelligence will be important moving forward to how we limit how we interact with one another.”

She warned against increased fraud resulting from greater reliance on technology, and urged tourism operators and travellers to take care when dealing with credit cards and other touch-less apparatus for transactions.

operational norms and behaviours. The initiative’s policies and procedures meet or exceed guidelines set forth by the US Centres for Disease Control (CDC), Bahamas Ministry of Health (BHM), US Environmental Protection Agency (EPA) and World Health Organisation.”

That “leading academic medical centre” was yesterday revealed to be the Cleveland Clinic, with which it has teamed to launch the Atlantis Clean & Safe Promise for the wellbeing of resort guests and Atlantis employees.

TheAtlantis Clean & Safe Promise will ensure the resort’s cleaning and sanitisation policies meet or exceed operational standards. Since the start of the COVID-19 pandemic, Atlantis said the Ministry of Health has reported zero active cases of the virus on Paradise Island.

The resort added: “Returning guests will enjoy the Atlantis resort they have come to know, love and experience year after year, with physical distancing and enhanced cleaning practices in place. Most of Atlantis’ renowned amenities will be open, including the Atlantis casino, 20 indoor and outdoor dining outlets, miles of white sand beaches, pools, non-motorised sports, golf, tennis, fitness centre, Mandara Spa, Aquaventure slides, Dolphin Cay, The Dig and other offerings.

Group and meeting opportunities, including weddings and other events, will also be available to guests.

“Atlantis’ Safety and Cleanliness Council, a cross-functional team of experts, consulted with Dr Theodore Turnquest, medical director of Atlantis, and a team of medical experts from Cleveland Clinic to develop comprehensive

internal and external health and safety guidelines and materials. Atlantis and Cleveland Clinic will continue to collaborate on new approaches and precautions on an ongoing basis.”

“We’re thrilled to welcome guests and team members back to Atlantis,” said Ms Oswell. “Nothing matters more than the health, safety and wellbeing of our guests, team members and the local community.

“The Atlantis Clean & Safe Promise is our commitment to working with global health experts to provide a safe and healthy environment for everyone who enters our doors. We can’t wait for guests to join us again for the unforgettable Bahamian experience that sets Atlantis apart as the most remarkable destination resort in the world.”

PAGE 4, Friday, June 19, 2020

THE TRIBUNE

OVER 7,500 TRAINED FOR COVID HEALTH PROTOCOLS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MORE than 7,500 persons underwent a COVID-19 compliance workshop in preparation for the tourism sector’s July 1 re-opening, a Cabinet minister has disclosed.

Dionisio D’Aguilar, minister for tourism and aviation, told the House of Assembly during the budget debate: “In preparation for the re-opening of the tourism sector, my ministry, along with the Ministry of

DIONISIO D’AGUILAR Health and Department of Environmental Health, conducted a series of six tourism compliance workshops over the course

AGGREGATE MINER TARGETING ‘FULL’ $125M ANDROS SPEND FROM PAGE ONE onshore at depths of between 60 to 80 feet.

Mr Symonette declined to comment when contacted

by Tribune Business yesterday, but sources familiar with Bahamas Materials Company’s proposal said there were no links or connections to the much-grander North Andros Green Free Trade Zone being proposed by Los Angeles-based billionaire philanthropist, Dr Patrick Soon-Shiong.

And they also revealed that there is another competing proposal on the drawing board for North Andros in the shape of Bahamas Agricultural Resources (BAR), a farming project that is seeking some 25,000 acres of Crown Land and Bahamas Agricultural and Industrial Corporation (BAIC) land in the Twin Lakes area.

Documents obtained by Tribune Business reveal that, in early 2019, the BAR proposal included former US ambassador to The Bahamas, Ned Siegel, along with Benjamin Simmons and his son, who have extensive farming interests across the US in states such as the Carolinas, Louisiana, Maryland and Georgia. One of their Bahamian partners was James Edgar Curling, principal of sand miner, Tycoon Management (see other article on Page 1B).

With North Andros suddenly becoming a potential investment “hot spot” amid the COVID-19 pandemic, one source confirmed on condition of anonymity: “There are three very different project proposals being developed for North Andros. I’m aware of all three. They are three very separate projects involving different people, and these are things the government

has to consider.”

The Bahamas Materials Company presentation to the North Andros District Council some ten days ago is understood to be part of the group’s efforts to get all its material and documents in order for a formal submission to the Bahamas Investment Authority (BIA) and other government agencies.

The presentation discloses that Mr Symonette’s partner in the project is Ted Baker, founder and chief executive of US-based Blue Water Industries, a construction materials supplier billed as emerging into “one of the top five privately-held aggregate suppliers” having been founded in 2018.

Mr Baker, whose family have been involved in the aggregates industry since 1929, previously sold another industry venture, Bluegrass Materials Company, to industry giant Martin Marietta for $1.625bn in 2018 after just eight years in existence. He will provide the mining and production expertise, and develop a customer base and market access for the business in Florida.

“It has the financing, it has the expertise, and it has the access to market,” one source, speaking on condition of anonymity, said of the Bahamas Materials Company plan.

“They have a team of people on the ground doing the well testing, land-planners and site planners as well. There’s a recognition that Andros has some natural resources and attractions, and that it’s time to develop that part of The Bahamas and bring sustainable development to the island.”

They added that Bahamas Materials Company was “committed to transparency” with its proposal, and was currently obtaining feedback

of three days.

“While the in-person sessions were conducted at the Hilton hotel, these workshops were simultaneously streamed online to participants throughout the length and breadth of the entire Bahamas. Our goal was to provide customer service training, bio-security protocols and sensitisation to the frontline workers in the tourism industry.

“Our aim was to engage all tourism touch points within the country, including public service drivers,

hoteliers, retailers, straw vendors, beach vendors, land and sea-based attractions and tours, marinas, hair braiders, restaurants and bars,” he continued.

“Each workshop consisted of health and personal safety guidelines, as well as a recap of how COVID-19 is transmitted by the Ministry of Health; proper cleaning and sanitisation protocols by the Department of Environmental Health; and exemplary customer service and compliance once

domestic and international travel resumes by our own industry training unit.”

Mr D’Aguilar added: “I am proud to report that we have trained a total of 7,545 front-facing industry workers across most islands - 1,150 in person and 6,395 virtually with the assistance of Bahamas Information Services.

Although this is an impressive accomplishment, we hope to have the many thousands of persons in the industry yet to be trained, register for the next series

from Andros residents and officials to ensure its plans matched the community’s needs and how they wanted their island to be developed.

“They’re working on trying to get feedback from the community on what their needs are, and how they would fit sit as an integrated component of the fabric of North Andros,” another contact familiar with the group’s proposal added.

“The project is the culmination of 16 years of research that began in 2004. They’ve been working towards building a project core around an aggregate mining project business in North Andros that has the foundation of community partnership and best-in-class operating practice in this space. It’s not a speculative thing.”

Tribune Business was told that Bahamas Materials Company’s ambitions have been reignited by the government’s post-COVID-19 push for greater economic diversification, which had encouraged it to “move the project to an actionable NEC (National Economic Council or Cabinet) submission” after letting it sit dormant from 2016 due to minimal government interest.

Carlos Palacious, the Bahamian environmental engineer, is leading a team featuring Caribbean Coastal Services/BRON to update and complete the necessary Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP), building on work carried out in 2001, 2009 and 2016.

To minimise the environmental impact, Bahamas Materials Company will not undertake offshore mining operations to protect both the Joulter Cays MPA (marine protected area) and the endangered species that inhabit it.

Instead, its activities will be confined to a 5,500 acre site centred on now-unused Water & Sewerage Corporation wellfields suffering from salt water intrusion as a result of recent hurricanes. The location is

south of Lowe Sound, north of Red Bays Road and east of the Queen’s Highway. The company is pledging that less than two percent of pine forests, and under one percent of shrubs, will be impacted.

The North Andros District Council presentation promises that the project will “create economic opportunities for Bahamians”, with “35 fulltime, well-paying jobs within six months and 70-80 jobs within five years”. Posts will include construction, management and operations, with Bahamas Materials Company also stating its willingness to pay royalties to the government for use in either the sovereign wealth fund or in the Andros community.

“They’ve started to spend the money on the engineering so they can tell the government they will legitimately start developing the project within six months of approval,” one source added, suggesting that the development could cover a 25 to 40-year period.

They said the aggregate mining would only cover 2,500-3,000 acres, with up to 2,000 acres available immediately to the Morgan’s Bluff Development Company for other purposes. Mr Symonette and his partners are understood to believe their activities could provide the platform for other entrepreneurs to develop electricity utilities, shipping ports and real estate in North Andros - opportunities they will not seek to own.

While Morgan’s Bluff Development Company would initially be set up and owned by Bahamas Materials Company, sources said the latter ultimately planned to make shares and ownership positions available to the local community and other Bahamians.

“The intent is that the group would be owned by locals and a cross-section of Bahamians so that the project generates wealth rather than just jobs for Bahamians,” one said.

‘Pure insanity’ if Andros investor ignores Freeport FROM PAGE ONE with developing in North Andros.

Dr Soon-Shiong’s initial proposal, which has yet to be formally submitted to the government and its investment agencies, aims to create 750-plus full-time jobs, and 10,000 construction jobs over the build-out.

Some $200m-$250m will be invested over the first two phases of a development targeted at the Morgan’s Bluff area in North Andros.

The project is focused on “value-added” manufacturing involving the creation of finished products from aragonite and other Bahamian natural resources, rather than simply exporting the raw material. Besides creating more employment for Bahamians, Dr Soon-Shiong and his team feel this will generate higher margins and bring in greater foreign currency earnings.

Besides an airport and seaport, the project’s other components include ecotourism and medical tourism based on a medical research centre and clinic. Dr SoonShiong, who is based in Los Angeles, is heavily involved in the global healthcare sector through three foundations, visiting professorships at universities and his NantWorks network of health and technology start-ups.

Andros residents yesterday said any investment project of the scale proposed

by Dr Soon-Shiong “has to come to the people” and ensure all their concerns are addressed. Captain Randy Butler, Sky Bahamas’

of virtual and in-person sessions slated to be held Tuesday, June 23.

“As we prepare to forge ahead with tourism recovery, it will do us good to remember, once again, the track record we had set in tourism over the last ten years. Within that span of time, our tourism was firmly entrenched in an upward trajectory, having experienced a whopping 50 percent increase over ten years, topping out a record breaking seven million plus visitors in 2019.”

principal and an Andros native, said: “On the face of it, it looks like a land grab.

“Andros needs investment, Andros folks are open to investment, but any project has to come to the people and be satisfied with the role Andros plays in The Bahamas. This is the greatest land mass for farming. Any project will have an environmental impact, and we have to ensure this is mitigated to acceptable levels we can live with. It’s not just North Andros that will be affected; the whole Bahamas will be affected.”

Arguing that Bahamians should hear about such projects from the government and local MP first, rather than through the media, Captain Butler added that local citizens and residents were “not equal partners” with foreign direct investment (FDI) projects.

“You look at these projects in the Family Islands,” he said. “They get the land, build the hotel and sell it to someone else and move on to the next project. If anybody is going to come and put something on Andros, the island, The Bahamas and the Bahamian people must benefit from it. I believe Andros will do a lot to sustain The Bahamas but we must do it carefully.”

Captain Butler also questioned why Romauld Ferreira, minister of the environment and housing, would suggest aragonite mining is not economically viable when Dr Soon-Shiong’s project is heavily based on processing this material into the finished product.

17th June 2020

17th

July

17th June 2020

12th

March, 2020

18th March, 2020

17th July 2020

THE TRIBUNE

BAHAMASAIR: TICKET RISES, BAG FEES STILL UP IN THE AIR

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMASAIR has yet to determine the timing or amount of any ticket price increases or baggage fee levies, its managing director said yesterday.

Tracey Cooper, asked

by Tribune Business when the national flag carrier plans to introduce the “nominal” $20 fee for each bag it handles, said: “We haven’t scheduled a date for that yet, but it is something we are trying to fit into the mix. As you can imagine, COVID-19 has its own challenges so we have to be strategic as to how we approach that.

“It is too far out considering COVID-19, but it is something we know from the PwC SOE (stateowned enterprises) review that in order for us to not be over-dependent on the public purse we are going to have to start to do these measures.”

Mr Cooper responded after Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly on Wednesday that the economic and fiscal crisis caused by the pandemic “implores” Bahamasair to increase revenues by $7.5m annually through the levying of “nominal” ticket price rises and baggage fees.

He added that Bahamasair was set to implement recommendations from PricewaterhouseCoopers (PwC), the accounting firm, which was hired by the Ministry of Finance to conduct a study on how loss-making

state owned enterprises (SOEs) such as Bahamasair can reduce the annual $400m-plus burden they inflict on Bahamian taxpayers to subsidise them.

PwC, which found that Bahamasair had not increased its ticket prices for eight years, called for the airline to better align pricing with the cost of service on its domestic routes between Nassau and the Family Islands.

Revealing that a $20 per return ticket increase had been recommended, Mr D’Aguilar said this would boost Bahamasair’s revenues by $3m per year. And PwC also urged the airline to target “ancillary revenue streams” by levying a charge for carrying passenger bags - a common practice in the industry.

“The combination of a $20 nominal domestic fare increase, coupled with a similar $20 nominal fee for the first bag, will keep the airline competitive while improving its revenue stream by some $7.5m each year,” the minister added.

“Bahamasair must modernise its pricing models to ensure future profitability and avoid a persistent drain on the public purse.

The study found that Bahamasair has not increased domestic airfares in over eight years.

“Whereas this pricing model is beneficial for the consumer, it ultimately becomes the burden and responsibility of the public’s Treasury. The study recommends that Bahamasair adjust its domestic fares to better align with the everincreasing costs of operating

Friday, June 19, 2020, PAGE 5 a premier airline.”

Mr D’Aguilar, though, hinted that Bahamasair’s role in providing a transportation lifeline to many remote Family Islands meant ticket price hikes could not be so exorbitant that they priced Bahamians out of the market.

“An adjustment of $20 per return ticket has been recommended to Bahamasair. This would provide an expected increase in revenue of some $3m per year,” he said. “Now, this means that Nassau to Freeport, round trip, would cost $180 instead of $160. Nassau to North Eleuthera, again round trip, $156 instead of $136.”

As for the proposal to levy fees on bags, Mr D’Aguilar

TRACY COOPER told the House of Assembly: “The reality is that this phenomenon is not localised to the Commonwealth of The Bahamas. In 2018, the airline industry brought in an estimated $92.9bn through ancillary fees for bags and on-board services.

“As we are all aware, Bahamasair hauls bags....

When compared to other carriers on Bahamasair’s international routes, there are no justifiable reasons why the airline cannot charge a nominal fee for each bag handled. Airlines for years have relied on this ancillary fee to keep their ticket prices low.”

While many Bahamians, used to bringing huge quantities of shopping home from Florida and the US, may take time getting used to the cultural shock of paying baggage fees and higher ticket prices, change is being forced upon the national fag carrier. The Ministry of Finance has already given itself the target of reducing collective annual SOE

Ex-US diplomat in 25,000 MARKET REPORT www.bisxbahamas.com acre Andros venture FROM PAGE ONE some sources - speaking on condition of anonymity suggesting the government would be unlikely to lease such a vast amount of land to any investor. However, the COVID-19 pandemic and the government’s drive for food security may revive interest in it.

The Bahamas Agricultural Resources (BAR) project, detailed in a paper dated from January 2019, lists US father-and-son duo, Benjamin and Jamin Simmons, who have extensive farming interests in Louisiana, the Carolinas, Maryland, Georgia and Uruguay, as principals in the project alongside Mr Siegel. Also named as their “Bahamian partner” is James Edgar Curling, owner of sand miner Tycoon Management.

“Bahamas Agricultural Resources is prepared to invest $5m into this initiative,” the document states.

“These funds will be used for equipment, supplies, transportation and labour needed for start-up associated with the Andros land-clearing activities, and for the initial and long-term operational expenses.

“It is anticipated that

THURSDAY, 18 JUNE 2020

by year five the initial investment will have been recouped and the business will generate a modest profit.

Our Bahamian partner, Ed Curling, has the infrastructure to mobilise a segment of the equipment and supplies needed for start-up that are already positioned in The Bahamas.

“This agricultural initiative will require 25,000 acres in total of crown land and Bahamas Agricultural and Industrial Corporation (BAIC) land... The core team assembled by the Simmons family are prepared to leverage robust internal financial and human resources which will allow commencement of initial 60 operations within 60 days of project approval and granting of the land leases.”

The BAR document revealed that the Simmons duo had been scouting potential farm locations in Andros since 2017.

To advertise in The Tribune, contact 502-2394

NOTICE NOTICE is hereby given that JUNIOR PIERCILUS, of #111 Farham Cresent, Freeport, Grand Bahama 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 12th day of June, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

subsidies by $100m over the next five years, of which Bahamasair accounts for a major portion.

Mr D’Aguilar said on Wednesday: “I have made it abundantly clear to the chairman, Board and management of Bahamasair that the government cannot provide a cent more in the upcoming 2020-2021 budget cycle. In fact, it is our hope and expectation that Bahamasair can reform itself to require less than the sums allocated.

“Though this will certainly prove a mammoth challenge for Bahamasair, efforts are already underway to enhance revenues and reduce costs wherever possible.”

(242) 323-2330

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,137.34 | CHG: 0.04 | %CHG: 0.00 | YTD: -94.26 | YTD%: -4.22 BISX LISTED & TRADED SECURITIES 52WK HI 4.43 22.65 7.00 6.75 2.58 2.00 5.47 12.77 6.16 4.50 10.30 3.64 5.10 10.88 8.44 16.99 9.40 4.25 15.21

52WK LOW 3.23 20.91 5.50 5.39 1.78 0.67 2.00 11.05 5.60 3.62 5.41 2.53 1.85 8.00 7.10 13.04 6.98 3.20 13.90

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 0.90

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.23 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.10 4.00 6.01 2.93 5.10 9.78 8.44 14.50 8.97 4.00 15.20

CLOSE 3.23 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.10 4.00 6.01 2.91 5.10 9.86 8.44 14.50 8.97 4.00 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.08 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

1,880

VOLUME

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

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

P/E 13.5 18.7 N/M 18.3 N/M N/M -6.8 15.6 13.6 21.7 42.9 28.5 10.9 15.3 11.6 17.8 9.6 19.7 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.26% 7.23% 0.00% 3.85% 0.00% 1.23% 0.00% 6.39% 3.61% 3.00% 0.00% 14.91% 1.18% 3.33% 2.84% 3.72% 2.23% 3.00% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 1.04% 3.87% 0.61% 2.93% 0.50% 2.50% -1.34% 2.23% -12.71% -5.79% 0.94% 3.72% -3.46% 2.09% -0.11% 3.43% -3.33% 1.53% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -10.90% -4.30% -18.80% -12.00%

NAV Date 31-Mar-2020 31-Mar-2020 27-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020

MUTUAL FUNDS 52WK HI 2.31 4.40 2.10 198.39 168.29 1.67 1.85 1.76 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

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

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

NAV 2.31 4.39 2.10 192.52 145.55 1.67 1.79 1.75 1.16 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.31 10.01

MARKET TERMS

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

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

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

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

THE TRIBUNE

Friday, June 19, 2020, PAGE 7

Budget’s missed opportunity for progressive tax reforms FROM PAGE ONE revenue-enhancing measures as he placed his faith in The Bahamas’ ability to grow its way out of its fiscal woes. However, unless this nation finds explosive GDP expansion from somewhere - something it has failed to do for two decades - it is hard to see the government avoiding Mr Pinder’s prediction.

“In my view, in the medium term, I don’t see how we can get around looking for additional taxes,” he told Tribune Business. “I personally don’t see anyway around it. The only thing I’m hoping for is that in our search for additional taxes we start putting some of these direct forms of taxation alternatives on the table as opposed to these consumption-based taxes.

“If we were to do a survey of persons at the low end of the spectrum they would argue they are probably over-taxed. In the absence of empirical data some would probably dismiss that, but there may be some truth to it, as those at the higher level of income are arguably under-taxed.”

The government’s tax system is heavily skewed towards consumption, or cost of living, taxes such as VAT, import tariffs and excise tax. These are all deemed “regressive” taxes because they are not linked to a person’s ability to pay, and lower income Bahamians pay a greater portion of their earnings than their wealthier counterparts as a result.

Income tax was rejected as a reform option/alternative to VAT when the latter was introduced in 2015 because it was seen as too costly and administratively difficult to administer, resulting in reduced income for the Public Treasury and opening up avoidance/evasion possibilities. And, with

a population of just 400,000 and a 235,000-strong workforce, there were also questions over whether there was a broad enough base to ensure an income tax financed all the government’s needs.

However, Mr Pinder and others are arguing that income taxes - both personal and corporate - would be more progressive, and generate greater fairness and equity in Bahamian society, given that wealthier persons and companies would pay more than lower income counterparts.

“One of the things I had expected in the Budget is that it would have spoken in very bold terms on reforms and also in terms of recovery,” the University of The Bahamas lecturer said. “Maybe some would argue there are elements of recovery in the budget, but I was hoping it would speak to bold recovery and reforms.

“In my view this budget was a normal-type budget.

In other words, it was as if the economy was humming along. What I saw was a budget that focused on the now and for the next 12 months. I would liked to have seen a budget that spoke to a minimum of at least three years out.

“Bearing in mind you’re dealing with politicians who think in terms of an election cycle, I would have loved to have seen a budget look to recovery for the next three years, and sets out a series of progressive steps to take us there over the next three years.”

Acknowledging that The Bahamas’ national debt, which is projected to break through the $10bn mark in the 2021-2022 fiscal year is “quite worrisome”, Mr Pinder said this needed to be addressed via a multiyear plan rather than in one budget.

“I would also loved to have seen a discussion with respect to a strategy

of at least putting in place a framework where you’re setting up a committee to look at this whole issue of tax reform,” he told Tribune Business.

“When you look at it, our tax revenues as a proportion of gross domestic product (GDP) are at 18-19 percent. The international agencies have been saying for years, particularly for developing countries, that tax revenues as a percentage of GDP should be in the 20-30 percent range.

“If you take the midpoint of that range, 25 percent, there’s some room for tax reform. The counter argument is your trying to get blood out of a stone.

It’s not much use getting the money now due to the downturn in the economic activity, as you don’t have that buoyancy and the tax base has narrowed,” Mr Pinder continued.

“But we have to look at how we get additional revenues, and need to have that discussion on more progressive taxation. Even with this COVID-19 it’s something that has to be looked at in the next three to five years. I wanted to see more discussion in terms of reform.”

Many individual businesses and Bahamians, trying to rebound from the damage inflicted by the pandemic and associated lockdown, are likely to be extremely wary - if not outright hostile - of any reform suggestions leading to new and/or increased taxes.

They would want their tax burden to remain neutral, meaning there is no increase in what they pay to the Public Treasury. One reform option that might be acceptable is replacing the business licence fee, which causes multiple distortions through being levied on gross revenues, with a corporate income tax on profits.

IT: Bahamas needs 15-year overhaul completed in five FROM PAGE ONE you’re not really achieving very much other than shortterm gains.

“From my perspective at least the whole purpose of a steering committee, and a passion and drive towards technology transformation in the region, is about the next generation. We have to lay the groundwork, but it has to be in alignment to what’s coming within the next five, ten or 20 years and there is a lot of things we should be thinking about.”

Mr Mackenzie added: “Twenty years ago there was this major transformational shift from physical

computer infrastructure to virtualisation, what everybody calls the cloud now.

That was the foundation of the cloud and all that means is you take a bunch of this physical equipment and you chop it up. It’s like taking a loaf of bread and then slicing it, you take that one physical asset and now you have like 15 or 20 assets out of it.

“That started some 20 years ago. Where we are in the region is where North America was some 20 years ago because people are still apprehensive of the adoption, and they are wondering if it’s going to work.

Then they see everybody in the US and the world using

all of this stuff and they are saying that maybe it is a good idea, and maybe we need to move now.”

Arguing that The Bahamas and Caribbean need to move faster on digital reform, Mr Mackenzie said: “We’re now in this region talking about virtualisation and cloud and hyper-convergence; the rest of the world is talking about containers, so we are still behind the curve.”

He added that even if the Caribbean put all of its energies into going cloudless in the next five years, the rest of the world will have already been “containerised” and it will be behind again.

PAGE 8, Friday, June 19, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 87° F/31° C Low: 73° F/23° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

A couple of showers and a t‑storm

Mostly cloudy, a t‑storm in spots

Clouds and sun, a t‑storm in spots

Clouds and sun, a t‑storm in spots

A t‑storm in spots in the morning

An afternoon thunder‑ storm possible

High: 88°

Low: 79°

High: 86° Low: 78°

High: 87° Low: 78°

High: 88° Low: 78°

High: 88° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

86° F

97°-84° F

99°-86° F

100°-86° F

101°-86° F

High: 89° F/32° C Low: 75° F/24° C

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

N

almanac

E

W

ABACO

S

N

High: 84° F/29° C Low: 78° F/26° C

7‑14 knots

S

WEST PALM BEACH High: 86° F/30° C Low: 73° F/23° C

7‑14 knots

FT. LAUDERDALE E

W

FREEPORT

High: 87° F/31° C Low: 79° F/26° C

N

S

E

W

High: 86° F/30° C Low: 77° F/25° C

MIAMI

High: 87° F/31° C Low: 77° F/25° C

6‑12 knots

KEY WEST

High: 88° F/31° C Low: 80° F/27° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 79° F/26° 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 ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.07” Year to date ............................................... 23.64” Normal year to date ................................... 11.65”

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 84° F/29° C Low: 80° F/27° C

N

High: 85° F/29° C Low: 80° F/27° C

N

S

E

W

7‑14 knots

S

7‑14 knots

ANDROS

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

tiDes For nassau Low

Ht.(ft.)

Today

7:08 a.m.

7:38 p.m.

High

Ht.(ft.)

2.2 3.0

1:24 a.m.

1:12 p.m.

0.3 0.0

Saturday

7:51 a.m.

8:19 p.m.

2.3 3.1

2:07 a.m.

1:53 p.m.

0.2 0.0

Sunday

8:34 a.m.

9:00 p.m.

2.3 3.2

2:49 a.m. 0.1 2:34 p.m. ‑0.1

Monday

9:17 a.m.

9:43 p.m.

2.4 3.2

3:31 a.m. 0.1 3:17 p.m. ‑0.1

Tuesday

10:02 a.m.

10:27 p.m.

2.4 3.2

4:15 a.m.

4:03 p.m.

0.0 0.0

Wednesday 10:50 a.m.

11:14 p.m.

2.5 3.2

4:59 a.m.

4:51 p.m.

0.0 0.0

Thursday

2.5 ‑‑‑‑‑

5:46 a.m.

5:44 p.m.

0.0 0.1

11:41 a.m. ‑‑‑‑‑

sun anD moon Sunrise Sunset

6:21 a.m.

8:02 p.m.

Moonrise Moonset

4:59 a.m.

6:45 p.m.

New

First

Full

Last

Jun. 21

Jun. 28

Jul. 5

Jul. 12

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 86° F/30° C Low: 80° F/27° C

N

High: 87° F/31° C Low: 81° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 80° F/27° C

7‑14 knots

MAYAGUANA High: 87° F/31° C Low: 81° F/27° C

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

L

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

CAT ISLAND

E

W

uV inDex toDay

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 81° F/27° C

H

High: 86° F/30° C Low: 81° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 82° F/28° C

N W

N E

W

E S

S

7‑14 knots

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: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

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

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

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502-2394

VISIBILITY 10 Miles 5 Miles 4 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 3 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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