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WEDNESDAY, JUNE 23, 2021

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Improving worker productivity ‘must be our top priority’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Tripartite Council’s (NTC) chairman says improving the Bahamian workforce’s productivity “has to be the number one priority” as the latest effort to eliminate workforce skills gaps launched yesterday. Robert Farquharson, pictured, speaking as the National Workforce Skills Gap Survey 2021 was released, told Tribune Business that improving labour skills and quality was vital to The Bahamas’ economic competitiveness and strength of the postCOVID revival. “I think it has to be the number one priority of the ministry of labour and the government to improve the level of productivity in the Bahamian economy,” Mr Farquharson, who heads the body responsible for resolving all labour matters in The Bahamas, said. “We need to make our economy more competitive, and one of the ways to do it is increase the level of skills so that employers can find everything at all levels in our economy. Because we’re coming out of the pandemic our economy needs to be very competitive just because we are competing on the world stage for the tourism dollar. Improving the level of productivity and efficiency will make the Bahamian economy more competitive on the world stage.” The last Bahamian workforce “skills gap” survey was conducted in 2012 by a combination of the InterAmerican Development Bank (IDB), the government and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). It found significant deficiencies, with multiple sectors wanting to employ Bahamians but finding there were too few available with the necessary skills or wanting to do the work. “We know there’s a need to increase productivity,” Mr Farquharson, a former union leader, reiterated. “We know there’s a demand from employers to have the workforce upskilled. This survey will identify the specific needs, and develop programmes to address those needs and improve the level of productivity and efficiency in the labour marketplace. “The last comprehensive survey, done in 2012, identified significant skills gaps specifically in the medical and allied services industries, the construction sector and the maritime sector. We saw a significant amount of gaps being experienced in those sectors because we did not have trained Bahamians qualified to do the job, particularly in construction, such as tile laying, air conditioning and welding. “We had to issue a significant amount of work permits to non-Bahamians because there is a need for those skills in those areas. We were unable to find the skills in the Bahamian labour force and had to issue work permits. We’re trying to address that problem by training Bahamians

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Oil opponents bid to end legal roadblock

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

IL exploration opponents have offered to pay $100,000 to the former Bahamas Petroleum Company’s (BPC) attorneys, and narrow the scope of their Judicial Review, in a bid to remove all legal roadblocks. Fred Smith QC, the Callender’s & Co partner, in an e-mailed June 21, 2021, proposal seen by Tribune Business, wrote to both the government and nowChallenger Energy Group Plc holding out concessions in a bid to overcome a twoand-a-half month delay blamed on The Bahamas’ Know Your Customer (KYC) regulatory regime. Mr Smith’s law firm and Graham, Thompson &

Company, Challenger Energy’s attorneys, have to-date been unsuccessful in efforts to establish a joint account that will hold the $200,000 “bond” ordered by the

Supreme Court. Justice Petra HannaAdderley had previously required Save the Bays and Waterkeepers Bahamas to raise thus sum,

A CABINET minister yesterday defended the government’s forecasts for the upcoming fiscal year by revealing that its revenues had exceeded projections by almost $127m over the past six months. Kwasi Thompson, minister of state for finance, responded to charges that the revenue projections for the upcoming 2021-2022 fiscal year are too optimistic or aggressive by describing an improving income trend since the tourism industry and wider economy began their re-opening in earnest in November 2020. While revenues for the six-month period to May 2021 were only $5.4m ahead of their prior year comparatives, the latter included almost four months where the Bahamian economy was not impacted by COVID-19 prior to the end-March 2020

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• Some $5.4m ahead of prior year, defends projections • Warns ‘cannot shoot from the hip’ over tax reform • Yet ‘cannot sit idly on the sidelines’ over tax push

KWASI THOMPSON lockdown. However, the expectations for this fiscal year suggest that revenues have to be measured against a low bar. “With the opening of the economy in November 2020, the country has experienced higher-than-expected or projected growth in revenue inflows from main tax categories such as VAT, Customs and border taxes,” Mr Thompson said

in leading off the Senate’s Budget debate. “In fact, revenue for the five months ending November 2020 totalled only $530m, a contraction of 42.4 percent compared to the same period of the prior year. Those first five months were a hard five months. “But if we look at revenue for the last six months - the period of December 2020 to May 2021 - preliminary data places revenue ahead of budget projections by 13.5 percent ($126.6m). Revenue collection for the six months ending May 2021 is also ahead of actual revenue for the same period in the prior year by a marginal $5.4m,” the minister added. “Obviously we do not expect revenue inflows to compare to the pre-Dorian/ pre-COVID levels, but as

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

I have said, madame president, we are trending in the right direction and well on track to meeting this fiscal year’s revenue estimates. The momentum is building, the economy is on a good path and The Bahamas is coming back.” Various observers, including former minister of state for finance, Zhivargo Laing, and economist Rupert Pinder, have voiced concerns that the revenue projections for the upcoming 2021-2022 fiscal year that begins on July 1 are too optimistic and aggressive. Successive administrations have established a track record in failing to achieve their annual revenue targets.

as a “security” to cover Challenger’s legal costs, before their Judicial Review challenge could be heard on the substantive merits. While the activists raised the necessary $200,000 by the Supreme Court’s end-March deadline, the failure to meet the requirement to establish a joint bank account to hold it - even though Callenders and Graham, Thompson have held accounts with the same financial institution for years - has left the legal challenge “stayed” and unable to move forward for two-and-a-half months.

Govt revenues $127m up on budget forecast to May By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Fishermen brace for legal fight to hit Privy Council FISHERMEN in favour of the Fisheries Act’s bar on foreign workers yesterday said they were bracing for legal challenges to the reforms to go all the way to the London-based Privy Council. Paul Maillis, the National Fisheries Association (NFA) director, told Tribune Business that the group’s members will “live with whatever the courts decide” as he predicted that those opposed to the ban which took effect yesterday - will be sufficiently determined to eventually reach out to the highest court in the Bahamian judicial system. “It’s what was expected,” he said of Justice Indra Charles’ refusal to grant an injunction preventing implementation of the contested sections in the Fisheries Act. “We in the fishing community always had the understanding this could go as far as the Privy Council, but that depends on the determination of these guys. “It seems they have that type of determination, and if they do we have to live with what the courts decide. Ever since we became privy to this decision, the fishing community has been very excited. Some have a misunderstanding about the finality of this decision, but we’re glad for now that we have some respite from efforts to stop the Act coming into effect.” Mr Maillis said the Association and its members were focused on efforts to develop the regulations that will accompany the Act, and which are being led by the Department of Marine Resources in conjunction with the National Fisheries Stakeholder Forum. “We’ve seen initial drafts, and there are things that the fishing community has to meet and discuss,” he added. “Nothing is final. It’s a process where the public and fisheries community have to be consulted before anything takes effect. There are proposals regarding the size of fish caught, seasons, and also a confirmation of a ban on the export of conch.”

• Offer to pay BPC’s attorneys $100,000 • And narrow Judicial Review for go-ahead • QC: ‘No brainer’ for all and public interest

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QC lashes out on KYC ‘constipation’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN outspoken QC last night warned that “Know Your Customer (KYC) constipation” could undermine The Bahamas’ post-COVID revival, arguing that his law firm’s struggle to open a joint bank account “beggars belief”. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that itself and fellow law firm, Graham, Thompson & Company, have unsuccessfully been trying to establish a joint bank account for two-and-a-half months so that the legal challenge to oil exploration can proceed - even though they already bank separately with the same financial institution (see other article on Page 1B). Renewing his previous call for the government to pass a “KYC Once” Act, which would permit the issuance of a certificate confirming the holder is a legitimate client and has passed all required checks, as a means to slash the due

• Law firms’ joint account wait ‘beggars belief’ • Warns issue will undermine COVID revival • Bahamas has ‘legion’ of lost opportunities

FRED SMITH QC diligence bureaucracy, he added that “the examples are legion” of how The Bahamas has either driven industries from its shores or missed out on new development opportunities. “It beggars belief that law firms which have been doing business with banks for decades cannot open a

joint account,” Mr Smith blasted. “I continue to lament the huge challenges faced by everybody in The Bahamas with respect to the over-enthusiastic and often unnecessary obsession with KYC documentation. “I repeat my encouragement to the government to legislate a ‘KYC Once’ Act

which will greatly facilitate ordinary people who are, as we all should be, innocent until proven guilty, and facilitate business. But, under the current regime, domestic and international, we must all squeeze the camel through the eye of the KYC needle, and business and personal affairs come to a grinding halt. “I don’t know if it’s the same in other jurisdictions; I don’t hear that it is. Bermuda, Cayman, the Channel Islands and Panama.... many of the other financials services jurisdictions don’t seem to have the same KYC constipation as The Bahamas has. KYC is repeatedly constipated.” Mr Smith had previously urged that the certificate issued under a “KYC Once” Act be accepted by all Bahamas-based financial institutions as validating the holder’s credentials, thus

eliminating the need to “reinvent the wheel” and undergo the same scrutiny at every bank that a company or individual conducted business with. He argued that this would eliminate “a huge unnecessary expense” that has plagued dealings with the Bahamian banking industry for the past two decades, thereby lowering costs and resulting in a much-needed improvement in the ease of doing business. And Mr Smith has also urged that the threshold above which Bahamas-based banks apply anti-money laundering scrutiny to occasional transactions be increased to $50,000, and suggested that his proposal could make this nation a “Caribbean leader” when it came to the application of anti-financial crime rules. The prominent QC last night said the ongoing difficulties Callender’s and Graham, Thompson & Company are enduring in establishing the

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RYSTAL Cruises says it has partnered with more than 30 Bahamian operators who will offer tours and local experiences to its passengers during their seven-night voyages throughout the island chain. The cruise company, which starts its Bahamas home porting on July 3, has teamed with the likes of Big D’s Conch Spot, Exuma

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HOME PORT CRUISE VESSEL TEAMS WITH 30 PROVIDERS Water Sports and the Chameleon Management Group to offer its guests activities, tours and excursions when calling on Bimini, Exuma, San Salvador and Long Island. “My team and I are excited to partner with Crystal and move the island forward after a year of

economic downturn,” said Daron “Big D” Tucker, of Big D’s Conch Spot, which is offering a conch cooking class on Great Exuma. “We hope everyone will stop by to enjoy our waterfront dining and our menu of Bahamian dishes. We bet several cruisers will walk away saying what the locals

CRYSTAL SERENITY CRUISE SHIP have known for years – that we’re one of the best beach bars around.” “My family has been in The Bahamas since 1735 and I’ve been in business for more than 40 years,” said Ray Lightbourn, principal of Exuma Water Sports. “My son and I spend our lives in the water, showing everyone from celebrities to every day travellers all that the island has to offer. We love showing people our home and look forward to giving Crystal’s guests the adventure of a lifetime.” Crystal Cruises added that it is working with the Ministry of Tourism & Aviation to feature straw markets and local businesses. It has also hired a 15-member Junkanoo band to perform for guests during all Crystal Serenity departures from Nassau. “We’re so excited to have the cruises and tourists back on our shores after a difficult season,” said Petra Haven, Chameleon Management

Group’s mmanaging director. “This partnership has provided us with such an amazing experience – to share our treasured Bahamian music and culture through Junkanoo with the guests aboard Crystal Cruises. We can’t wait to see what’s to come.” Crystal Cruises’ voyages, which have been extended into November, will depart from Nassau on July 3 and Bimini from July 4, 2021. “For over 30 years Crystal has delivered distinctive itineraries, and our Luxury Bahamas Escapes will continue to offer guests a one-of-a-kind, luxury experience that is local and authentic,” said Jack Anderson, Crystal’s president. “We are excited to partner with local businesses to make that vision a reality and assist in getting businesses back on track after a difficult year economically.” “The return of cruising in The Bahamas is vital for our tourism economy, and

we are thrilled to see such partnerships with local businesses continue to grow,” said Dionisio D’Aguilar, minister of tourism and aviation. “Each experience provides the opportunity to elevate vacation time with immersive and cultural activities, proving first-hand why it’s truly Better in The Bahamas. Guests are in for a treat while both aboard the ship and exploring our pristine shores.” Crystal Cruises said the seven-night voyages through The Bahamas will be hosted aboard Crystal Serenity, one of the smallest vessels in its fleet, in a bid to provide a more sustainable and luxury guest experience. The ship will also sail with a reduced capacity, enhancing COVID-19 safety and social distancing. All guests must be fully inoculated with a COVID-19 vaccine taken at least 14 days prior to boarding.

BISX ADDS LATEST INVESTMENT FUND THE Bahamas International Securities Exchange (BISX) yesterday announced it has added another investment fund to its listings roster. The exchange, in a statement, said Arc Investment Global Fund had been listed after successfully completed its mutual fund listing process. The fund is an openended mutual fund with subscriptions and redemptions carried out by its administrator. Arc

Investment Global Fund is incorporated as a Bahamian International Business Company (IBC), and is licensed under the Investment Funds Act 2003. Holland Grant, BISX’s chief operating officer, said: “We are delighted to have welcomed another fund to our mutual fund facility, supporting our financial services industry in its aim of meeting the needs of its clients in a cost effective, value-added manner.

“We will continue to work with our partners to find new services that the exchange can offer to support the financial services industry. We thank our sponsor members for their continued innovation and support.” The Winterbotham Trust Company served as the BISX sponsor member that brought the Arc Investment Global Fund to BISX. The Winterbotham Trust Company has been appointed as the fund’s administrator.

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Wednesday, June 23, 2021, PAGE 3

CRYSTAL CRUISES EYEING POSSIBLE CAT ISLAND CALL By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

CRYSTAL Cruises yesterday confirmed to Tribune Business it is exploring Cat Island as an alternative port-of-call to Spanish Wells and Harbour Island - a move that raised no objections from the island’s businesses. The cruise line, which is due to begin home porting in The Bahamas and sevennight voyages on July 3, said in response to this newspaper’s inquiries: “We are exploring different options for the Luxury Bahamas Escapes itinerary including a call to Cat Island. “As soon as any updates

are confirmed, we will announce to our booked guests and travel partners, and we will also share the news with you at that time as well.” Crystal Cruises was forced to look for another island destination after both Harbour Island and Spanish Wells rejected their use as a port of call. Confirmed stops include Exuma, Long Island and San Salvador, as well as New Providence and Bimini, and Cat Island businesses yesterday welcomed the possibility of Crystal Cruises choosing their island as one of the stops in its Luxury Bahamas Escapes itinerary. Cindy Moss, co-owner

of Alvernia Foods Grocery Store & Car Rental, told Tribune Business: “I feel Crystal Cruises coming to Cat Island is a good thing. It’s going to help the locals here on Cat Island. “A lot of the residents here are getting ready. They are cleaning up in preparation for Crystal Cruises coming over. We are hoping for the best even if it’s only a trial run. We are hoping for the best. “There are persons who are concerned, but there are a lot of people who feel as if the island needs it. So it’s just a wait and see thing for us as to how it’s going to work.” Cat Island offers sites of

cultural interest, including Mount Alvernia, the highest point in the country, which also served as a hermitage for a Catholic priest, Monsignor John Hawes, who was also a qualified architect and constructed it. Gregor Eble, owner of Shanna’s Cove, said of Crystal Cruises that he was just “waiting for them to confirm” what exactly they intend to do on the island. He added: “They have some logistics challenges they have to work out because the nearest port from our resort is an hour’s drive, and it would be difficult for them to get passengers to us and back in a timely and comfortable

GOVT AGENCIES PARTNER ON $1M LOAN GUARANTEES TAXI DRIVERS TWO government agenDavinia Bain, the Access on such loans. The BEVF’s ENJOY ‘SWEET cies have partnered to Accelerator’s executive experience and working distribute $1m in financ- director, said: “This guar- knowledge with the local ing to micro, small and antee loan programme will SMEs enhanced our effec- DEAL’ OVER medium-sized (MSME) broaden small businesses’ tiveness in assisting the enterprises as part of a loan access to funding that is Access Accelerator in exe- HOME PORTING guarantee initiative. normally difficult to receive The Small Business Development Centre (Access Accelerator) has teamed with the Bahamas Entrepreneurial Venture Fund (BEVF), the government-sponsored venture capital fund, to assist with the former’s MSME loan guarantee initiative. The funding has been made available by the Inter-American Development Bank (IDB), which has loaned the government some $25m for a credit enhancement programme. Of that sum, $22m guarantees loans to MSMEs through the Access Accelerator over five years. The loans are guaranteed up to 75 percent based on the funding provided by the IDB. To incentivise special industries, some guarantees will be up to 90 percent. The industries include, but are not limited to, fishing and farming; manufacturing and value-added processes; the orange economy; and technology.

through a normal commercial bank loan process. “The Bahamas Entrepreneurial Venture Fund’s choice to partner to assist with the facilitation of the guaranteed loans speaks to their dedication to the success of Bahamian businesses. We thank them for taking this step. Together, we are accelerating access, opportunities and the impact of the small business sector on the overall economy. This is the work that makes it all worthwhile.” Michael Cunningham, the Bahamas Entrepreneurial Venture Fund’s chairman, added: “We count it a privilege to assist the Access Accelerator in the execution of the MSME loan guarantee programme. “Since the inception of the Access Accelerator, the relationship that the Bahamas Entrepreneurial Venture Fund Limited (BEVF) has built with the organisation has made it very easy to work together

cuting loan applications. “The partnership arrangement with the Access Accelerator has filled the void that existed with the BEVF.... coaching, training, and development of entrepreneurs prior to accessing capital. The BEVF has also partnered with the Bahamas Development Bank and the Bahamas Agricultural Industrial Corporation (BAIC) with the mandate to eliminate duplications, reduce costs and become more relevant and efficient in assisting SMEs in The Bahamas.” The Access Accelerator stems from a tripartite arrangement between the government, through the Ministry of Finance; University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre works to guide the development, funding, growth and evolution of MSMEs in The Bahamas.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Taxi Cab Union’s president yesterday said his drivers are enjoying the “lion’s share” of Royal Caribbean’s home porting transportation business after working out a “sweet deal” with the cruise line. Wesley Ferguson told Tribune Business, told Tribune Business: “We had a real good Saturday. Global Ports (the Nassau Cruise Port operator) and Royal Caribbean arranged for a makeshift taxi call-up area and we were able to have a real good Saturday. Royal Caribbean cut us a real sweet deal. We have been getting the lion’s share of the home porting tourists.” Taxi drivers and other sectors in the hospitality industry have been among the hardest hit by the COVID-19 pandemic, which for large portions of

manner, but they are still very welcome. “We have to make the logistics situation clear to share the people on all resorts over the island. That’s the challenge. We already had Crystal Cruises up here to check the situation, and they think the same that it’s going to be a challenge because the Crystal Cruises people want luxury and, for example, our end is a dirt road. “So it would be a good way to bring them up by ship. But we don’t have a dock here at the beach and they need inflatables to be able to land here. We’re still in progress, but there is not a final decision.”

Michael Harris, owner/ operator of Neighbourhood Convenience Store, said he had heard about the possibility of Crystal Cruises coming to the island, but has not met with any representative from the cruise line yet or been involved in any community meetings about their initiatives. He added: “Any new money coming in is a plus, and any gainful employment is a plus. I don’t think businesses on the island would carry on about Crystal Cruises the way people on Harbour Island and Spanish Wells kicked up about them. I’m sure people on the island would welcome them.”

2020 shut down the tourism and international travel upon which they depend for their livelihoods. Mr Ferguson, though, said almost all his members are back to work due to Royal Caribbean’s home porting move. He added: “The call up centre is only temporary because all of the cruise ships are not here as yet. But next month, we’re looking forward to Crystal Cruises to enhance the home porting programme even more when they come on stream.” He added that the industry is still waiting for the rest of the cruise ships to return so drivers can lined up at Prince George Wharf waiting for passengers to disembark. Roberta Garzaroli, Graycliff Company’s general manager, said: “Now

that the Graycliff Cigar Company, Graycliff Chocolatier and Bahama Barrel are officially re-opened, all locations are seeing a slow flow of tourists – mostly stayover visitors. “The taxis that do tours are slowly coming back as well. On the hotel and restaurant side we’re getting a steady flow of business as well. Our Afternoon Tea has become the hot new activity to do.” George Mousis, general manager of Athena Café, said business has picked up at the restaurant. He estimated that sales revenues have risen by 15 percent from home porting tourists coming into the restaurant. “Just from home porting, I would say that business has increased by at least 15

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EMPLOYMENT OPPORTUNITY Ambulatory Medical facility in Freeport is seeking, Qualified and Registered Pharmacist with a minimum of 5 years experience.

Contact Human Resource Manager 373-7400 ext. 235 or accounts@lucayanmedical.com

PAGE 4, Wednesday, June 23, 2021

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Oil opponents bid to end legal roadblock FROM PAGE ONE Now, in a bid to “speed up and dramatically streamline” a case whose determination will benefit the Bahamian people, the government and Challenger, Mr Smith and his clients are offering to pay a reduced $100,000 “security” directly to Graham, Thompson & Company rather than continue to fight the bureaucracy and “red tape” associated with establishing a joint account. He justified the 50 percent reduction on the basis that his environmental activist clients will withdraw their challenge to the licences and permits granted for Challenger’s Perseverance One well, acknowledging that “this ship has already sailed” given that the exploratory drilling ceased in February this year. Removing this aspect of the case would result in a significant reduction in legal costs for all parties, Mr Smith added, while promising that his clients will focus solely on asking the Supreme Court to determine what permits and approvals are required for

future exploratory wells drilled within Bahamian territorial waters. He told Tribune Business yesterday that a hearing narrowly focused on such issues would benefit Challenger and its shareholders, as well as aid its search for a joint venture partner to share the financial and technical risk associated with a second Bahamian well, by generating absolute certainty on what permits and approvals are required for drilling to begin. “What’s the regulatory construct and framework here? It’s in everybody’s interest to know,” Mr Smith said last night. It’s in the Bahamian public’s interest to know what the regulatory framework is rather than have Judicial Review after Judicial Review after Judicial Review, wasting everybody’s time, money and court resources. This is a no brainer.” In his letter to Challenger’s lead attorney, Clare Montgomery QC, as well as Graham, Thompson & Company and the government, Mr Smith wrote: “In view..... of the KYC struggle both Graham, Thompson and Company

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and Callenders have faced in trying to set up the security for costs, we write on behalf our clients to make the following proposal with a view to speeding up and dramatically streamlining the hearing and resolution of the Judicial Review proceedings for the benefit of the Bahamian public.” Challenger’s now-completed Perseverance One well failed to discover commercial oil quantities some 90 miles west of Andros, and Mr Smith said this backdrop - as well as “the ongoing challenges” in establishing the joint bank account meant a new initiative was required to break the three month-plus “stay” that has halted his clients’ Judicial Review since March 1. To do this, Save the Bays and Waterkeepers Bahamas will pay $100,000 directly to Graham, Thompson & Co as “security” for Challenger’s legal costs. In return, the oil explorer will “consent” to the activists’ bid to lift the stay so the matter can be heard “in the interests of the Bahamian public”. “The rationale for varying the ‘security for costs’ is that the proposed drastic reduction in the scope of the

Judicial Review ought to have a significant impact on costs and therefore on the level of security required,” Mr Smith said. And he added that his clients were also prepared to abandon their challenge to the licences and environmental approvals granted in 2020 to then-BPC for the Perseverance One well given that it had long been completed. They would instead narrow their action to focus on the permits and approvals that Challenger will require should it be successful in obtaining a three-year extension to its licences from the government, which would come with an obligation to drill another exploratory well in Bahamian waters during that period. The licence applications have already been submitted to the Minnis administration, which is determining if to approve them. Mr Smith said his clients will focus on whether future wells require site plan approval under the Planning and Subdivisions Act; an excavation permit under the Conservation and Protection of the Physical

Landscape of The Bahamas Act; Environmental Planning and Protection Act approvals; and compliance with treaties controlling and prohibiting pollution at sea (MARPOL). “Save the Bays and Waterkeepers Bahamas believe that, under the circumstances, with the ongoing struggle to set up the security for costs account, and with the Perseverance One ship having already sailed, so to speak, all parties, and the Bahamian public, would benefit from such a streamlined approach,” the well-known QC wrote. He argued that this will “dramatically reduce the costs of the Judicial Review proceedings, and save a great deal of current and future judicial time by settling, via the most direct route possible, the regulatory landscape on an issue of crucial national public importance to The Bahamas”. Mr Smith also asserted that it will “clarify for statutory regulators, the Bahamian public and BPC (Challenger) or any other oil exploration company the correct processes under

law for any future applications or renewals of this nature, and militate against future Judicial Reviews and the prospect of having to litigate the same issues yet again”. Suggesting that the Judicial Review’s outcome is “in the national public interest”, he said: “Likewise, BPC’s shareholders would no doubt gain comfort from having the process settled in law should BPC intend to seek to renew any licences; drill under such licences; or apply for additional future licenses or Environmental Authorisation, Environmental Clearance or dredging permits. “The primary objective of Save the Bays and Waterkeepers Bahamas has been from the outset to establish the correct regulatory process for the granting of oil exploration licenses and approvals under Bahamian law. We believe this proposal achieves this aim by the most expeditious, fair and reasonable route available under the circumstances, to the mutual benefit of all parties involved and the Bahamian public.”

QC lashes out on KYC ‘constipation’

impossible - particularly in Freeport - with a lot of the red tape that exists to get anything done. “With the world on the precipice of reviving hyper economic activity in the aftermath of the COVID19 chaos, The Bahamas can be an attractive jurisdiction for business, investment and stability, and is poised to capitalise on those opportunities. “But, as we have done with the timeshare industry, which fled The Bahamas in the early 1980s, as did with land investment with the Immovable Properties Act, as we did with captive insurance, as we did

with alternative dispute resolution opportunities, the examples are legion of how The Bahamas has messed up existing business development opportunities and has prevented others from being capitalised on.” Mr Smith argued that The Bahamas was creating “an unnecessary economic backwater” by denying Bahamians the ability to partner with foreigners on joint ventures, or to invest in global stock markets abroad. Turning to his favourite subject, he added: “Likewise with Freeport, whose infrastructure is collapsing through lack of investment

and maintenance, and the government’s failure to repeal the Grand Bahama Investment Incentives Act and respect the Hawksbill Creek Agreement. “We remain hostage to a xenophobic insecurity and are mired in red tape. These is despite our politicians appreciating the challenge and wanting to make a difference. We seem to be captive to an old insecure mentality, and also to bureaucrats and civil servants. “It is appalling to me, as a professional in The Bahamas for 45 years, some 43 of them spent in Freeport, to see the sad, sad state of my community.”

said they want to ensure the replies received are not “Nassau centric” and the goal is to obtain feedback from the major Family Island economies such as Exuma and Eleuthera with help from their private sectors. John Pinder, director of labour, voiced optimism that the skills gaps identified, and strategies developed to address them, would enable his agency to reduce by 50 percent the more than 10,000 labour certificates it issues annually to support work permit applications for highly skilled expatriates. “Currently, the Department of Labour is issuing over 10,000 labour certificates annually for skilled labour,” he said. “This includes renewals of certificates for labourers who are

already working in the country. I believe that this survey would address this area. “In the end, if Bahamians are trained to do the various jobs that require certain specialised skills, we would be able to reduce the amount of labour certificates issued by about 50 percent.” Gadville McDonald, the National Training Agency’s (NTA) executive director, added: “We are requesting the participation of all businesses and employers in every island of The Bahamas. “This is an opportunity for you to assist in bridging the skills gaps in our country and partner up to improve the overall efficiency and productivity within your own organisation. We believe that the current climate created huge opportunities to

train, up-skill and retrain the workforce of The Bahamas.” And Mr Farquharson added: “This national survey is designed to engage employers and business owners in The Bahamas by inviting them to answer 16 questions that will assist in the gathering of critical data to enable the Ministry of Labour to identify the skills required by the business community.” The survey is being sent to all businesses and employers throughout The Bahamas and is also accessible at http://www.surveymonkey. com/r/KYGDNYP, ntabahamas.org and on the Ministry of Labour, NTA, Department of Labour and NTC Facebook pages. The results will be tabulated and provided to all relevant parties.

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Special Dividend Notice To All Shareholders The Board of Directors has declared another special dividend of 2 cents per share to all shareholders of record 24th June, 2021. The payment of this special dividend will be made along with the regular dividend on June 30th, 2021 through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent Brent Roberts Secretary

joint account had resulted in his environmental activist clients offering to pay the latter law firm $100,000 directly just to ensure their legal action moves forward - something he described as “unheard of”. “We’re trusting the defendant to hold our clients’ money,” Mr Smith said. “I hear many businesses, investors and many people in The Bahamas, including citizens of The Bahamas, who find it nearly

Improving worker productivity ‘must be our top priority’ FROM PAGE ONE and giving them skills so that when vacancies occur again we have a foundation of trained, certified Bahamians with the necessary skills.” Mr Farquharson, which is working with the Ministry of Labour, National Training Agency (NTA) and Department of Labour on a survey that also has the Chamber of Commerce’s support,

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Wednesday, June 23, 2021, PAGE 5

Govt revenues $127m up on budget forecast to May

FROM PAGE ONE

The fear here is that, if the government misses or under-shoots on its tax targets and other income goals, the fiscal deficit will widen beyond the forecast $951.8m and force the government to either slash spending or undertake unanticipated borrowing that further hikes the $10.4bn national debt. The $2.245bn recurrent revenues predicted for next fiscal year represent a 35.6 percent increase on the $1.656bn projected to be collected in 2020-2021. They are also a 7.5 percent, or $157m, increase on revenue earnt in the 2019-2020 fiscal year, although the latter quarter of that period saw virtually no economic activity at all due to lockdowns and border closures. The upcoming year’s revenues are just under $180m, or 7.5 percent, below the $2.426bn gained in 20182019, which was the last full fiscal year before COVID19 and also when the government raised the VAT rate to 12 percent. Mr Thompson, though, sought to allay these fears by arguing that tourism’s rebound over the coming months will act as a rising

Fishermen brace for legal fight to hit Privy Council

FROM PAGE ONE

“There are a lot of competing items, and it’s a very long and arduous process. We have a lot of issues we expect to be tweaked in the coming years. The Act brings protection to certain species, and more access to certain species, so these are exciting times.” The National Fisheries Association has previously fully endorsed a Fisheries Act that “represents the will of the majority of law-abiding Bahamian fishermen”, and “puts Bahamians first as the stewards and managers of the fisheries sector”. However, Tribune Business previously revealed how the Act, and its bar on foreign fishermen working on Bahamian-owned vessels, has caused a split in the industry. The Coalition For Responsible Fishing (CFRF), a group representing major fisheries wholesalers, processors and exporters, some of whom are involved in the legal challenge to the Act, earlier warned that up to $8m would be lost, and some 1,000 persons hurt, if the reforms went through. It argued that preventing foreigners working on locally-owned boats “in any capacity” would result in “the unemployment of hundreds of Bahamians” at a time when the country could least afford it. The group’s October 25, 2020, position paper warned that more fisheries businesses will fail without “significant amounts of experienced skilled labour” that are presently not

tide to lift all boats and increase revenue inflows coming into the Public Treasury. He also asserted that he “doesn’t accept one bit” assertions that The Bahamas is “on the brink of some sort of fiscal collapse” due to record deficits that are forecast to peak this year at $1.327bn, and which will increase the national debt by more than $3bn over the three years to end-June 2022 to stand at a forecast $10.4bn. Arguing that the government had no choice but to borrow as The Bahamas recovers from the “massive setback” of Hurricane Dorian and COVID-19, Mr Thompson said the resulting surge in the national debt was “a worthy sacrifice” to protect Bahamian businesses, jobs and the most vulnerable. “Not all debt is created equal,” Mr Thompson said, justifying the heavy reliance on World Bank and InterAmerican Development Bank (IDB) loans to meet a large portion of the deficit financing. “We have a wellestablished profile with the international financial agencies and we have been able to leverage this profile to secure concessionary terms

on rates for this lending, unlike if we were to simply rely on an open market for our financing needs. “Even rating agencies view debt from the international agencies differently from the mainstream banking institutions because of the positive development impacts associated with such borrowing. This is why we have given more priority to the management of these relationships.” Promising that the government will “not shy away or sugarcoat” the realities facing The Bahamas, Mr Thompson said this nation also “cannot shoot from the hip” when it comes to tax reform despite external pressures such as the G-7 agreement on a minimum 15 percent global corporate tax rate. The minister said initial work on The Bahamas’ own tax reform study has already been carried out, with the initiative set to be “in full swing” by September 2021 and preliminary results available by year-end. “We will publish a white paper on the findings of the study and will ensure broad consultation and input from the public regarding the outcomes of the assessment,” Mr Thompson said.

available in The Bahamas. Arguing that trained potters and divers, in particular, were in short supply, the Coalition warned that the ban on expatriate labour proposed under the Fisheries Bill 2020 was

counter-productive and could result in the loss of millions of dollars of export-driven foreign currency earnings just when The Bahamas needed every cent it could get following COVID-19’s devastation.

“We want to ensure that whatever significant changes we propose to the tax framework, that these changes are informed by reasoned and empirical analysis, and not simply the conjecture and posturing that too often gets attention when matters such as this are raised in the public domain.” While The Bahamas will assert its rights to implement a tax system best-suited to its needs, Mr Thompson said it cannot ignore the implications of the G-7 deal. “We cannot sit idly on the sidelines,” he added. “We are participants in a global environment. We embrace the notion that, even in the midst of changes, there are always

opportunities. This is the approach we must take. “While change may be coming, we must be ready to embrace the new opportunities. We have already begun the dialogue with the financial services sector to gain an understanding of how the proposed new global tax protocols may impact their business. “At the same time as we contemplate tax reform, we are going to work with stakeholders to determine how best to position the changes in the global landscape to adjust both our tax systems and the portfolio of products on offer by our international financial institutions to ensure that we create more opportunities here in The Bahamas.”

TAXI DRIVERS ENJOY ‘SWEET DEAL’ OVER HOME PORTING FROM PAGE THREE

percent. Bear in mind we still have limited seating inside,” Mr Mousis added. “I have to tell patrons that they need to be vaccinated in order to sit inside to dine. They act like it’s a surprise to them as no one has told them that they need to be vaccinated in order to enjoy indoor dining. “I’m thankful that they are coming in, but someone needs to let them know beforehand that they need to be vaccinated and they have to show that they have been vaccinated in order to dine inside.”

www.ub.edu.bs

CAREER OPPORTUNITY Suitably qualified candidates are invited to apply for the position of: Assistant Vice President of Human Resources (AVP HR) responsible for managing the daily operations of the Human Resources Department and contributing to the overall strategic objectives. The AVP HR will assist the Office of the Vice President, relative to the coordination and implementation of HR policies, programmes and initiatives that will improve recruitment, employee development, retention and the overall efficiency of major HR functions. Among the specific duties and responsibilities are recruiting, selecting, orienting, training, coaching, counseling, and disciplining staff; planning, monitoring, appraising, and reviewing staff job contributions; maintaining compensation; determining production, productivity, quality, and customer-service strategies; designing systems; accumulating resources; resolving problems; and implementing change. Further details are outlined in the position announcement available at https://www.ub.edu.bs/about-us/ career-opportunities/ Interested applicants should submit the following information electronically to hrapply@ub.edu.bs by the deadline of 28th June 2021: • A letter of interest highlighting work experience and accomplishments relevant to the position; • A curriculum vitae or resume; • Copies of all academic qualifications with transcripts (original transcripts will be required upon employment), certificates; and • The names and contact information of three professional references.

PAGE 8, Wednesday, June 23, 2021

THE TRIBUNE

Fed’s Powell says high inflation temporary, will “wane” WASHINGTON Associated Press FEDERAL Reserve Chair Jerome Powell, pictured, yesterday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary. Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years. Republican House members have sought to blame higher inflation on President Joe

Biden’s $1.9tn economic relief package, approved in March, in an effort to retake the House next year. “The Biden inflation agenda of too much money chasing too few goods is causing major harm to hardworking families,” said Louisiana Rep. Steve Scalise, the second-ranking Republican House leader. Powell avoided participating in such policy debates, despite attempts from both Democrats and Republicans to draw him in. But he said in testimony before a congressional oversight panel that recent price

gains mostly reflected temporary supply bottlenecks, and the fact that prices fell sharply last spring at the onset of the pandemic, which make inflation figures now, compared with a year ago, look much larger. Most of the price gains have occurred in categories such as used cars, airplane tickets, and hotel rooms, Powell said, where demand has soared as the economy has quickly reopened, catching many companies flat-footed. “Those are things that we would look to, to stop going up and ultimately to start to decline as these situations resolve themselves,” Powell said. “They don’t speak to a broadly tight economy — the kind of thing that has led to high inflation over time.” Powell acknowledged that “these effects have been larger than we expected and they may turn out to be more persistent than we expected.” But he added that “the incoming data are very much consistent with the view that these are

factors that will wane over time and then inflation will then move down toward our goals.” The Fed chair did not specify which data he was referring to, but the prices of many commodities, such as lumber and copper, which had risen sharply during the pandemic, have tumbled in recent weeks. Powell’s comments come at a time when financial markets are struggling to interpret the Federal Reserve’s recent moves. Last week Fed officials signaled that they may increase the central bank’s benchmark interest rate twice in 2023, an earlier time frame than they set out in March, when no rate hike was expected until after that year. Changes to the Fed’s benchmark rate affect a wide range of consumer borrowing costs, such as mortgages, credit cards, and student loans. Powell also said last week that the Fed had formally begun discussing when and how the central bank might

reduce the current $120bn a month of Treasurys and mortgage-backed bonds that the Fed is purchasing. Those purchases are intended to keep longerterm interest rates lower to encourage more borrowing and spending. Both moves were seen as evidence that the Fed wanted to indicate it was prepared to keep inflation in check without initially taking any steps to pull back on its efforts to stimulate the economy. Some Fed officials are not fully convinced that inflation is temporary. St. Louis Fed President James Bullard said Monday that the economy is in unprecedented territory, making it hard to

know where inflation will go next. But he added that, “we have to be ready for the idea that there are upside risks to inflation, (it) could go higher” than the 2.5% rate he has forecast for next year. Yet other officials echoed Powell’s views. Also on Monday, New York Federal Reserve Bank President John Williams, who also serves as vice chair of the Fed’s policymaking committee, said that currently high inflation is likely transitory. “I expect that as price reversals and short-run imbalances from the economy reopening play out, inflation will come down from around 3% this year to close to 2% next year and in 2023,” Williams said.

WALL STREET RISES, PUSHING S&P 500 BACK NEAR RECORD HIGH

eventually offer less support to the economy. The S&P 500 got back within 0.2% of its all-time high set two Mondays ago, after dropping as much as 2.1%. The Dow Jones Industrial Average gained 68.61 points, or 0.2%, to 33,945.58, and the Nasdaq composite rose 111.79, or 0.8%, to 14,253.27. Indexes started the day off mixed, but they rose more convincingly as Powell told a Congressional subcommittee that the burst of inflation hitting the economy is mostly confined to areas hemmed in by shortages of supplies. That’s why he expects inflation, which hit 5% last month, to subside as the economy gets further into its reawakening. He pointed in particular to rising prices for used cars, airfares and other things

where a newfound flood of dollars is chasing after a limited supply of goods and services. He admitted that price gains in those areas have been larger than the Fed initially expected, but he remained resolute in calling them only temporary. “The incoming data are very much consistent with the view that these are factors that will wane over time,” he said. If the Fed is wrong, and if inflation does end up being a longer-lasting problem, it would force the central bank to get more aggressive about raising interest rates higher and faster off their record lows. Markets are just getting used to the idea of the Fed making any moves at all. For more than a year, they’ve enjoyed investing on easy-mode as super-low

rates propped up prices. Last week, though, the Fed indicated it may begin raising short-term rates by late 2023, earlier than expected. It also discussed easing up on programs meant to keep longer-term rates low. Trading is likely to get bumpier through the summer as economic reports may give sometimes conflicting signals about inflation and other key data amid a recovering economy, said Katie Nixon, chief investment officer at Northern Trust Wealth Management. “What investors are going to have to do is just buckle up,” she said. “The data is going to be very noisy; we could get some numbers that create some anxiety.” The key, she said, is to stay calm and not overreact to any one signal or piece of data.

NEW YORK Associated Press

STOCKS rose on Wall Street yesterday, nudging the S&P 500 toward its record high, as the head of the Federal Reserve said again that inflation looks to be only a temporary problem for the economy and markets. The S&P 500 climbed 21.65, or 0.5%, to 4,246.44 after Fed Chair Jerome Powell’s comments helped further calm markets, which were jolted by last week’s announcement that the Fed has begun planning to

THE TRIBUNE

Wednesday, June 23, 2021, PAGE 9

Moderna’s president talks COVID-19 and vaccine technology Associated Press SOON after a new coronavirus began spreading around the world, little-known vaccine developer Moderna began working with the US National Institutes of Health to create a vaccine using a new technology. That vaccine is now one of the pillars of the US COVID-19 response, with 130 million doses administered just six months after regulators authorised it for use. Moderna is now testing its vaccine in younger people as well as potential boosters that may be needed in the future — along with vaccines and treatments for other diseases — all using similar technology based on genetic code called messenger RNA.

The Associated Press spoke with company president Dr Stephen Hoge, who oversees Moderna’s research. Q: WILL COVID19 BOOSTER SHOTS BE NEEDED IN THE FUTURE? A: I believe that there’s going to be a chronic booster need. I definitely think they’re prudent to plan for. None of us want to be in a situation next November where we have to go into another lockdown. We’ve been updating our vaccine to make sure it boosts you back up. That’s the variant booster that we’re going to have available in the fourth quarter. Q: HOW LONG WILL IT TAKE TO DEVELOP NEW VACCINES TO FIGHT VARIANTS?

NOTICE

NOTICE is hereby given that SEAN DEBRUNE FRANCOIS, of Butler Corner E.M.R, Grand Bahama, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd 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 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 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

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.

NOTICE

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.

A: With the first version of the vaccine, we did it in about five months, but we had to do the large clinical trials. We won’t have to do that now. For a booster targeting variants, we could do it in about three months. Q: WHAT MAKES MESSENGER RNA SO USEFUL? A: Messenger RNA is really just an instruction manual. It’s no longer a medicine that somebody made. It’s instructions to your body. We can put anything we want into that manual to tell it what to make, such as the spike protein on the COVID-19 virus. If you want to change a paragraph,

MODERNA’s President Stephen Hoge. Hoge says the company is working on developing COVID-19 vaccine booster shots while also trying to harness the genetic code technology it helped pioneer to fight other diseases. you just cut and paste. Q: WHAT ELSE CAN MRNA TREAT? A: There’s no disease where we shouldn’t be able to eventually have a medicine.

Q: WHAT ARE YOU WORKING ON? (Vaccines for) viruses like influenza and cytomegaloviruses and other viruses that are hard to go after, like HIV. Half of our pipeline

is in therapeutics. We have programs in cancer and heart disease. Q: WHAT WILL MODERNA BE DOING 10 YEARS FROM NOW? We’ll be focused on cancer, infectious diseases and autoimmune diseases. In cancer, we have a couple programs in mid-stage studies. We are trying to prevent recurrence of melanoma. We’re partnering with AstraZeneca to develop messenger RNA that could be injected into people undergoing coronary artery bypass grafting, to grow heart cells. If we can do that, that would be transformative.

NOTICE

NOTICE is hereby given that ELIANIE PIERRE JEAN CADET, of Farrington Road, P.O. Box N-2557 Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd 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 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

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.

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.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 22 JUNE 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

1959.86

-9.32

-0.47

YTD

YTD%

(242) 323-2330 (242) 323-2320

-6.34 -132.60

BISX LISTED & TRADED SECURITIES 52WK HI 6.29 33.95 1.62 2.90 1.78 6.00 6.96 3.60 6.00 3.98 6.16 12.00 2.75 7.75 10.71 9.01 14.44 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 1.60 2.61 1.44 6.00 6.96 3.53 4.25 2.85 5.95 9.98 2.44 7.55 11.34 9.01 14.00 3.75 8.19 15.50

CLOSE 6.29 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.25 2.85 5.95 9.98 2.48 7.75 11.36 9.01 13.19 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 BSBGRS750241 BSBGRS880378 BSBGRS900283 BSBGR1322498 BSBGR1341506

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.56 100.00 100.14 100.98 100.00

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 101.00 100.49 100.74 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.60 100.00 100.14 100.00 100.00

52WK HI 2.43 4.47 2.17 202.18 190.86 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 BGRS75024 BGRS FL BGRS88037 BGRS FL BGRS90028 BGRS FX BGR132249 BGRS FX BGR134150

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

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

CHANGE 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.20 0.02 0.00 (0.81) 0.00 0.00 0.00

VOLUME 1,500 165

5,000 2,400

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

NAV 2.43 4.47 2.17 202.18 190.86 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 15.5 13.3 13.8 24.3 16.6 17.6 12.4 16.2 18.5 8.7 24.6

YIELD 2.70% 3.15% 1.25% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.21% 3.70% 7.21% 17.50% 0.77% 2.89% 2.66% 4.09% 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% 4.50% 4.43% 4.39% 5.65% 5.69%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 7-Sep-2024 26-Jul-2037 10-Dec-2028 15-Oct-2049 17-Jan-1950

YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 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

31-May-2021 31-May-2021 28-May-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

THE TRIBUNE

Wednesday, June 23, 2021, PAGE 11

AMERICAN AIRLINES CUTTING FLIGHTS AS SUMMER SEASON STARTS

DALLAS Associated Press

AMERICAN Airlines will cut hundreds of flights over the next three weeks to avoid overloading its operation as demand for summer air travel rises faster than once expected. Spokeswoman Sarah Jantz said yesterday that the cuts could average 50 to 60 flights a day the rest of June and between 50 and 80 a day in the first half of July. That is potentially more than 1% of American’s schedule. Yesterday, the airline had scrubbed about 130 flights by late afternoon Central

time, according to tracking service FlightAware. Jantz said up to 40 were due to bad weather. Jantz said the cuts are “building in additional resilience and certainty to our operation.” She said American is making the most cuts on routes where it has multiple flights to provide options for rebooking passengers. The union representing American’s pilots said company management failed to move quickly enough to retrain 1,600 pilots who were temporarily sidelined last year or replace some of the 1,000 who took early retirement.

American and other US airlines have been barred from furloughing workers during the pandemic as a condition of billions they received in federal aid to help cover payroll. American and United furloughed thousands of workers in October, when the aid and the ban on furloughs expired, then brought them back in December when Congress renewed the pandemic relief. American’s management “did not maintain its own infrastructure in preparation for our industry’s recovery,” said Eric Ferguson, president of the Allied Pilots Association. The

union has since found ways to fix “the pilot training and staffing shortfalls that the airline now faces,” he said. Jantz said American has reserve employees it can use, but stormy summer weather in places like Dallas-Fort Worth International Airport and Charlotte Douglas International Airport in North Carolina can cause crews to exceed federal limits on how long they can work. She said the airline is also affected by labor shortages at vendors that provide catering drivers and people who push wheelchairs. The cutbacks come as leisure travel is picking up.

With more Americans vaccinated against COVID-19 and states easing travel restrictions, airports are busy again. More than two million travelers passed through US airport security checkpoints on Sunday and again on Monday, with Sunday’s crowds marking the highest number in 15 months, although still below 2019 levels. American had scheduled around 5,800 flights a day through July, about 87% of its schedule for the same period in 2019, according to data from aviation researcher Cirium. The airline industry’s difficulties this month

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 88° F/31° C Low: 73° F/23° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

A thunderstorm in spots

Mostly cloudy with a shower or two

Clouds and sun with a thunderstorm

Breezy, early; sunshine and nice

A morning thunderstorm; some sun

A couple of showers in the morning

High: 89°

Low: 79°

High: 89° Low: 79°

High: 89° Low: 78°

High: 88° Low: 78°

High: 89° Low: 77°

AccuWeather RealFeel

98° F

83° F

98°-81° F

98°-80° F

97°-83° F

97°-82° F

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.

almanac

ABACO

High: 86° F/30° C Low: 79° F/26° C

6-12 knots

High: 87° F/31° C Low: 78° F/26° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 79° F/26° C

W S

WEST PALM BEACH

uV inDex toDay

THURSDAY

High: 87° F/31° C Low: 78° F/26° C

MIAMI

High: 88° F/31° C Low: 79° F/26° C

4-8 knots

KEY WEST

High: 88° F/31° C Low: 80° F/27° C

High: 89° F/32° C Low: 79° F/26° C

High: 85° F/29° C Low: 79° F/26° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:58 a.m. 7:35 p.m.

2.6 3.6

1:11 a.m. -0.2 1:06 p.m. -0.7

Thursday

7:54 a.m. 8:29 p.m.

2.7 3.7

2:06 a.m. -0.3 2:00 p.m. -0.7

Friday

8:49 a.m. 9:21 p.m.

2.7 3.6

3:00 a.m. -0.4 2:54 p.m. -0.7

Saturday

9:43 a.m. 10:14 p.m.

2.7 3.5

3:53 a.m. -0.4 3:48 p.m. -0.5

Sunday

10:38 a.m. 11:05 p.m.

2.7 3.4

4:45 a.m. -0.3 4:42 p.m. -0.3

Monday

11:33 a.m. 11:57 p.m.

2.6 3.2

5:37 a.m. -0.1 5:37 p.m. 0.0

Tuesday

12:29 p.m. -----

2.6 -----

6:28 a.m. 6:34 p.m.

0.0 0.3

sun anD moon Sunrise Sunset

6:21 a.m. 8:03 p.m.

Moonrise Moonset

7:11 p.m. 5:01 a.m.

Full

Last

New

First

Jun. 24

Jul. 1

Jul. 9

Jul. 17

CAT ISLAND

High: 85° F/29° C Low: 78° F/26° C

7-14 knots

7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 78° F/26° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 6.79” Normal year to date ................................... 12.21”

ELEUTHERA

NASSAU

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TONIGHT

High: 89° F/32° C Low: 77° F/25° C

haven’t been limited to American, which is based in Fort Worth, Texas. Last week, technology problems caused Dallas-based Southwest Airlines to delay several thousand flights and cancel hundreds more. Over 800 Southwest flights were running behind yesterday, according to FlightAware, far more than at any other airline. Southwest blamed bad weather.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 78° F/26° C

High: 85° F/29° C Low: 79° F/26° C

High: 87° F/31° C Low: 80° F/27° C

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 78° F/26° C

7-14 knots

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

Shown is today’s weather. Temperatures

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: 78° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 79° F/26° C

8-16 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 SE at 6-12 Knots E at 7-14 Knots SE at 7-14 Knots E at 8-16 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots SSE at 6-12 Knots E at 7-14 Knots E at 7-14 Knots E at 8-16 Knots NE at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 7-14 Knots E at 8-16 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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