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THURSDAY, JUNE 25, 2020

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Food stores brace for sales plummet By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

UPER Value’s president yesterday revealed he is bracing for a “below normal” sales decline as the post-COVID lockdown reality bites, and said: “If we fall ten percent below last year we’ll be in trouble.” Rupert Roberts told Tribune Business that the supermarket chain is preparing for “a tapering off” in groceries demand that could happen as early as this week as high unemployment and reduced incomes as a result of the economic lockdown shrink consumer spending. “There hasn’t been any major tapering off yet,” he

RUPERT ROBERTS

• Roberts warns of ‘sudden, below normal’ drop • Adds: ‘If we fall 10% below last year we’re in trouble’ • Rival AML Foods sees $5.7m jump at COVID peak said, “but we know that as the hotels open the staff will be eating in the hotels, and as the restaurants people will be eating out instead of at home. We expect a dropoff. First, it’ll go back to normal and then go below normal. “The lack of money, we expect to encounter that in weeks to come. It may be sudden rather than a gradual drop-off. The sudden may start this week. I don’t know. There’s going to be a shortage of money to shop, and people will want to be in

by dark. It hasn’t happened yet, but we all now it’s going to happen. It may have started this week, and we really don’t know. I haven’t looked. “If we start falling ten percent below last year we’ll be in trouble. Our expectation is that it will not go below ten percent below last year before we catch ourselves, tourism kicks back in and the economy catches itself. It’s wait, watch and see.” Mr Roberts said himself and other companies were “sad” that

tourism’s re-opening had been delayed, adding: “We were hoping it would start kicking in by June 15. Now it’s going to July 1, and the worldwide increase in COVID-19 cases is not so encouraging. That’s bound to have an effect on us as well.” The rapid increase in positive COVID-19 cases across multiple states in The Bahamas’ major source market, the US, and particularly the

SEE PAGE 4

Sarkis ‘shocker’: $2.2bn battle back to Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A NEW York judge says it is “a shocker” that Baha Mar’s former receivers and contractor kept the Bahamian Supreme Court in the dark over their “backdoor” exchange of Sarkis Izmirlian’s disputed legal papers. Judge Saliann Scarpulla, during a February 26, 2020, hearing on the initial Baha Mar developer’s $2.25bn fraud and breach of contract claim against China Construction America (CCA), slammed the non-disclosure as “really a miscarriage of justice”. She hit out at both the Chinese state-owned contractor and Deloitte & Touche, the $4.2bn project’s ex-receivers, for failing to inform Justice

• New York judge slams ‘miscarriage of justice’ • CCA kept Bahamas in dark on handover • Supreme Court sets August 14 hearing

SARKIS IZMIRLIAN Ian Winder that CCA had been provided with documents that were due to be the subject of a Bahamian Supreme Court hearing the very next day. Justice Winder subsequently ruled that the

BTC, Cable fees ‘150 times’ more’ than US access By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A NICHE provider says wholesale direct Internet access (DIA) rates charged by The Bahamas’ two telecommunications giants are “in excess of 150 times” greater than comparable US prices and squeezing out competition. Theofanis Cochinamogulos, chief executive of Wicom Bahamas, in a May 27, 2020, letter to sector regulators argued that there was “little rationale for these elevated costs” from Cable Bahamas and the Bahamas

Telecommunications Company (BTC). Arguing that these prices had not reduced for ten to 15 years, Mr Cochinamogulos called on the Utilities Regulation and Competition Authority (URCA) to set a fixed rate “at no more than ten times’ the cost” so that niche Internet Service Providers (ISPs) such as himself can compete in the resell market with their larger rivals. “As a small start-up ISP, monthly recurring costs dictate the success and failure of the business month-tomonth,” he wrote. “Because

SEE PAGE 9

Small business loans slow with $50m requests

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net APPLICATIONS for the government’s COVID-19 small business recovery loan have collectively sought double the $25m initially allocated for the programme, it was revealed yesterday. Davinia Grant, the Small Business Development Centre’s (SBDC) director, responding to questions at virtual town hall meeting on why the Business Continuity Loan initiative had come to a halt, said: “This programme started off as a

K PETER TURNQUEST $20m programme, and then to $25m, and since then we have gotten an extension on that and we are up to $37m [approved disbursements]. “The requests are up

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two legal opinions and accompanying documents in question, which detail the potential value of Mr Izmirlian’s legal claims against CCA over its failure to complete Baha Mar on time and on budget, should remain sealed from public view by the Supreme Court until further notice. However, Justice Winder was unaware that one day before he heard arguments on the matter, Norbert Chan, a Deloitte & Touche accountant based in Shanghai, had provided the Chinese state-owned contractor with the exact same legal opinions and supporting documents.

The handover was eventually disclosed by CCA’s New York attorneys to Mr Izmirlian’s legal representatives last year, prompting the former Baha Mar developer to immediately petition the New York State Supreme Court for an injunction and protective Order requiring CCA to either destroy or return the four documents. Mr Izmirlian is alleging that the disclosure breaches both Mr Winder’s ruling and sealing order plus his legal professional privilege as owner of the documents. The February 26 hearing,

SEE PAGE 5

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Grand Lucayan lay-offs start on Holistica deal

MICHAEL SCOTT QC

OBIE FERGUSON

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

both agreeing to pay due severance and benefits to staff so that the new proprietor can start with a clean slate. Tribune Business understands that the Board of Lucayan Renewal Holdings, the special purpose vehicle (SPV) that currently owns the resort on the government’s behalf, had recommended the termination process start and was only waiting for the government to give the go-ahead. Mr Scott himself last week, in an interview with this newspaper, confirmed that the lay-offs were likely to be “staggered”, and said: “We’re trying to get the Holistica deal to close within the next month. There’s no point to any further extensions. They need to get in place and, when the economy is fully recovered, they should be able to commence construction and get on with it. “I’m told they’re gradually putting all their ducks in a row. When we coalesce, both sides, on a final date all the other pieces will be worked out. We’re trying to push to get them [Holistica] to get the Hutchison deal concluded. I understand there

THE Grand Lucayan resort was yesterday said to have begun the “phased” termination of its remaining 208-strong workforce as it readies to complete the property’s sale to the ITM Group/Royal Caribbean joint venture. Michael Scott QC, the Grand Lucayan’s chairman, declined to comment when contacted by Tribune Business but well-placed sources confirmed that the process of permanently laying-off workers had begun in anticipation of closing the deal with the duo’s Holistica entity. “They’re in the process of being sequentially laid-off,” one source, speaking on condition of anonymity, said. “It’s phased. It will be phased over a couple of weeks. The government is looking at closing the deal soonest in July, and this is part of a phased termination process.” This newspaper was informed that the terminations had begun yesterday, although the initial number of workers impacted remains unknown. The source said such moves are customary when hotel ownership changes, with either seller, buyer or a combination of

SEE PAGE 5

PAGE 2, Thursday, June 25, 2020

T IS safe to say that graphic design is one of the most popular fields in fine art. It is the lifeblood of a constantly-growing and evolving industry. As the Internet continues to develop and dominate our modern world, designers will be tasked with creating the visuals that elevate the medium. It is a career field that has massive growth potential for both part-time and full-time positions, and freelancers. It can lead to a great career - if you are interested - in advertising or marketing, designing for mobile devices, making apps, specialising in multimedia or virtual design, plus web design and development. The expansion of technology, and demand for great designers, will increase. Due to its technology-based nature, new tools will constantly be introduced to the graphic design market. Here is a highly recommended list of some of the best tools that all graphic artist will need to become more proficient: High-end smartphone These phones are indeed “smart”. Not only do they work any time or anywhere,

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Tools of the trade for graphic design but they can help create designs using various apps and transfer to computers or laptops at their convenience. Adobe Photoshop and Illustrator One of the most coveted pieces of design software in the industry, Photoshop and Illustrator will enhance your creative efforts. It is the industry standard for manipulating digital photos and computer art. Hardware Any PC or Mac computers should get the job done. But when just getting started, is a high-powered computer necessary? The answer is no. It is not necessary to break the bank on a high-end computer, as you can do mostly everything that is necessary with a mid-range computer and a decent amount of RAM.

Fibre broadband Forwarding projects to clients over the Internet means occupying lots of drive space, especially for vector files that take up hundreds of megabytes (Mb). As you can imagine, sending those files over a slow 2Mb ADSL connection will take forever. Therefore, it is wise to upgrade to a faster fibre broadband connection. They are cheaper to set up and available from many providers. Digital SLR camera Part of your graphic design work will involve photography. It may even become a prominent part of your work. Hence investing in a digital SLR camera may not be a bad idea. Pantone matching system What you see is not always what you get in the graphic design world.

More often than not, the colours on the screen take on a totally different tone when printed. This is why most designers invest in a pantone matching system or library as it displays exactly how a colour would look when printed on hard copy. Font shop It is not only design and colour that matters, but the font of the design makes a huge difference as well. Finding a font that is totally in sync with the design is time consuming. Therefore, the font shop provides a wide variety of fonts. Adobe Creative Suite Adobe Creative Suite is one of the worthiest programs for designers. This tool offers a whole portfolio of programs, varying from Dreamweaver to Photoshop to After Effects as well as Encore. With the help of this tool, you can begin projects in any app placed on any device, select it from where you left last, and complete it anywhere you want. CorelDraw Corel graphic design software is great for aspiring designers. Top-of-the-line and it gives the utmost control for dynamic results. Adobe Creative Cloud

Adobe has always been a blessing in disguise for all designers. It allows designers the ability to store all their favourite colour palettes, graphics and typefaces in the cloud storage for future projects. Designs are organised in files and libraries, and stored on this easy-to-use cloud system. InPaint Many pictures downloaded from the Internet are saddled with watermarks, which make them difficult to alter. This software is specially designed to correct this problem. The right environment Finally, this may not be an actual tool, but having a sanctuary to work from soothes the spirit. When the spirit is calm, the outer world follows and you can create your best work. You may be a very talented graphic designer or digital artist but, by using the right tools, the power of your talent can be multiplied exponentially and your creativity will be a force to reckon with. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at

The Art of Graphix BY DEIDRE M BASTIAN

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

GOVT ENGAGES IDB TO ASSESS CYBER SECURITY BUSINESSES VARY ON EXTRA OPENING HOUR

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government has hired the Inter-American Development Bank (IDB) to perform a cyber security risk assessment of all its IT systems after hackers targeted numerous agencies, a Cabinet minister said yesterday. Kwasi Thompson, pictured, minister of state for Grand Bahama, told the Senate during his contribution to the 2020-2021 budget debate: “The government has experienced several cyber attacks and has engaged in several cyber security initiatives. Currently there is

a cyber security risk assessment being conducted by the IDB on data centres in The Bahamas. This will include penetration testing on all of the networks. “I am pleased to announce that the government approved a project with the United Nations technology arm, the International Telecommunications Union (ITU), that will end in a cyber security strategy and also the implementation of a national cyber incident response team, which we do not have today.” He added: “Other countries, when there is an attack, there is a special unit that goes ahead and tackles that cyber attack,

which is made up of the police, it is made up of technology experts, made up of the business community. “It’s made up of those government persons that deal with that, and they all come together and deal with that attack. We don’t have that today. We have arrived at an agreement with the ITU in order for us to create that cyber security incident team.” Mr Thompson added that the government has started to work on the “e-cabinet”, so that ministers no longer have to carry huge amounts of paper and files to Cabinet meetings. “We have now decided we will receive those papers electronically, and we will have our Cabinet meetings electronically using our computers,” he said.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Businesses gave mixed reactions yesterday as to whether the prime minister’s decision to push the nighttime curfew’s start back another hour will help their businesses. Carol Rollins, general manager of Fashion on Broadway in the Mall at Marathon, said the curfew’s 10pm start was “perfect” because it will allow the retailer to remain open until 8pm - the normal time it stays open to at weekends. “That is very good because a lot of our customers come after 5pm, so we really appreciate that,” she said. “That is perfect. I just appreciate that the prime minister did that for us in the mall, because a lot of our customers would

come to us the following day and say to us that we were closed. I am sure this extra hour would boost sales here for us. I do appreciate that.” Shantel Rolle, general manager of Brass & Leather’s Mall at Marathon store, added: “I know right now we are closing at 7pm, and people aren’t really in the mall at 7pm. So that extra hour still won’t make much of a difference. We get business in the day at the mall, but after 6pm to 7pm there is nothing happening in the mall and the extra hour doesn’t make a difference for us to be honest.” Andrew Wilson, owner of Quality Business Centre and Electronic Express, said of the 10pm curfew start time: “That is fantastic news. We need all of the time that we can get.”

Bradley Rolle, Centreville Food Market’s assistant manager, told Tribune Business: “I think this is a test run from now until July 1 [the tourism re-opening] so that everybody can get in sync. The one-hour curfew move, I guess, is to accommodate the businesses now opening until 8pm. So you close at 8pm and you get an hour to shut down and do what you have to do and be home by 10pm, I’m assuming that. “With the traffic now coming into the store there isn’t going to be much change, because what has happened over the last three weeks is that business has slowed down tremendously. All of that panic shopping and weekend buying is no longer. The shopping is spread out evenly now between Monday to Sunday.”

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Thursday, June 25, 2020, PAGE 3

Bahamas ‘pressing’ for October FATF removal

CARL BETHEL QC By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas is “pressing” to be removed by October 2020 from a list of countries with identified weaknesses in their antifinancial crime defences, the attorney general said yesterday. Carl Bethel QC, in is contribution to the 20202021 Budget debate, told the Senate that the Government was pushing the Financial Action Task Force (FATF) to complete its “site visit” in time to ratify The Bahamas’ escape from its “enhanced monitoring” list at its October meeting. The FATF, which is the global standard-setter in the fight against anti-money laundering and counterterrorism financing, agreed earlier this year that The Bahamas had made sufficient progress to warrant beginning the “exit process” from the initiative. This involves an FATF team making an “on-the-ground” visit to this nation to ensure it has implemented all the promised reforms. However, the arrival of the COVID-19 pandemic and associated global lockdown inevitably delayed the “site visit”, which had originally been scheduled for April in hopes that The Bahamas would be removed at the FATF’s June meeting. The virus, though, dashed that expectation.

Mr Bethel yesterday said the FATF agreed at its plenary to schedule The Bahamas ‘site visit’ as soon as Europe’s borders open for international travel. “We are pressing for the FATF to agree to hold the on-site in time for the FATF to consider whether or not to de-list The Bahamas at its October 2020 plenary,” he added. “As you all know, The Bahamas was put into the FATF ‘grey’ list of countries with strategic deficiencies in their anti-money laundering/counter financing of terrorism framework in June 2017. Scarcely two weeks after we came to office we were informed that [it was going to happen], and that was confirmed the next month in June. “Due to an adverse mutual evaluation by the Caribbean Financial Action Task Force (CFATF), which was completed in 2015, we knew what the problems were, but the government was rather distracted by a whole lot of other things, so not as much was done as was needed to be done.” Mr Bethel said he had attended the FATF’s June meeting via Zoom, adding that the body’s international co-operation review group agreed to reschedule the delayed onsite visit as soon as borders opened to international travel. “The international cooperation review group agreed to amend their usual rule for full face-to-face

meetings, and a part of the onsite will be done by virtual means. The size of the review teams will be cut down. These were all agreed at the plenary,” he added. Mr Bethel reiterated that escaping the FATF list is vital if The Bahamas is to be removed from the European Union’s (EU) separate “blacklist” of countries that allegedly have deficiencies in their anti-financial crime defences. The EU already made clear that its listing of The Bahamas has been heavily influenced by this nation’s inclusion on the FATF’s enhanced scrutiny initiative, and the attorney general added: “Regretfully, based on the FATF ‘grey’ list, which but for COVID-19 I think we would have been off of in April or early June, the EU placed us on their own blacklist based on the fact that we are still on the FATF ‘grey’ list. “Dialogue at the highest levels is being conducted with the EU through the ministry of foreign affairs and The Bahamas’ mission in Brussells, Belgium. There are also developing contacts through the attorney general’s office and European Commission officials, and we hope to have a familiarisation visit as soon as travel to and from the EU is permissible. Certainly, nothing can be done on our part until our own borders are fully open, hopefully in July.”

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Entertainment venues hopeful on re-opening despite no date By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CINEMAS and entertainment destinations yesterday voiced optimism they will be able to re-open in July even though the Government’s latest COVID-19 emergency powers Order gives no date for this. Chris Mortimer, Galleria Cinemas’ president, told Tribune Business he has not decided when the Mall at Marathon-based business will re-open as he waits to see what US movie studios, and those who distribute the films the company screens, are going to do. Confirming, though, that he is eyeing a date “some time in July”, Mr Mortimer added that he has not been presented with any seating or capacity restrictions by the Minnis administration. “The government hasn’t released any capacity component to theatres,” he said. “I haven’t been in contact with the government; I’m just reading their reports just like everybody else. “They haven’t specified anything specifically with regard to theatres. Everything else, like restaurants and those sorts of things that they have specifically made mention of, they haven’t said anything with regard to theatres. “Between that and the determination on what the studios are going to do, especially now that the coronavirus is on the upswing again in a number of the top jurisdictions in the US, some of the studios have not yet fully committed to some of the dates for pictures they have scheduled to premier in July,” Mr Mortimer continued. “We won’t know until the end of this month and the early part of July as to what the studios will do, and whether or not some of the movies they said will premier at the end of July will do so. But with the cases rising, they may decide not to have instances where you are going to have an increase in COVID cases due to the proximity of people congregating together.” Rejecting the notion of replaying old movies, Mr Mortimer said: “The problem with playing old movies is that most people in The Bahamas have android boxes and Netflix, and people don’t necessarily watch old movies. Why watch an old movie for

CHRIS MORTIMER $10 when you can watch it at home. So I don’t think replaying old movies is a viable option.” He added that he plans to bring back the majority of Galleria’s staff, and said: “More than likely the majority of the staff, if not all of the staff members that were there, will return.” Leslia Miller-Brice, manager of Mario’s Bowling and Family Entertainment Centre, said: “I’m just waiting on them to approve entertainment facilities. I saw something where Fusion Superplex said they were opening in the second week in July, so I am not sure if I missed something. I didn’t get that memo, but we were squared to go. “We have a training session that starts tomorrow. I’m just trying to confirm that all of the staff is still on board. They would have already sent us messages and e-mails that they are

all interested in their jobs back, but at this time I really can’t say. Managers are meeting tomorrow [today], and we definitely will determine the way forward. We would like to bring everybody back for sure.” Ms Brice said Mario’s Bowling and Family Entertainment Centre will open with fewer customers, adding: “We will go with 50 percent occupancy. We separated the bowling lanes, so it will be every other lane that will be used. We are going to put in guidelines where we have to take your temperature before entering the building, and that is required from everyone. “We are also going to have sanitising stations throughout the building. We are definitely doing our part and, as it relates to the game room area, we have spaced out the games and we have taken out half of the games. So we are also going to have someone in that area, and their only job is to go around and sanitise when a child leaves a particular game.” The government’s latest emergency powers order, though, states: “For the avoidance of doubt, the following businesses shall remain closed. Bars, discotheques, cinemas, cultural and entertainment facilities.” No date has been given for their re-opening.

NOTICE

Bahamas National Council for Disability is

NOW OPEN

10am - 2pm | Monday - Friday Dues deadline of $10.00 is due by June 30th, 2020. Collins Avenue opposite Colina Insurance

Phone 328.8533

PAGE 4, Thursday, June 25, 2020

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Defence ‘layers’ key over cyber security By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN INFORMATION technology (IT) specialist yesterday said the government must upgrade its systems in “layers” to prevent a repeat of recent hacks at the Registrar General’s Office. Scott MacKenzie, chief executive of Cloud Carib, told Tribune Business: “From a security perspective, for any system it is not about any particular technology. People like to think that technology ‘x’ is better than technology ‘y’, but that’s not really the reality behind security. Security is about layers of activity, so you have to start from the physical layer and go all the way up to the logical layer, which would be the user interface. “You have to start with where is it located. How is the physical access controlled, who has access to it physically, and then you have to work on it from an operational perspective - who has operational

access, how do you secure the network. Then you start looking at the actual server itself and the application that resides on that server. So it’s about a huge laundry list of activities in order to say how do I make something secure?” Carl Bethel QC, the attorney general, yesterday told the Senate during the 2020-2021 budget debate, said recent hacks and intrusions at the Registrar General’s Department had “made absolutely clear the need for a systemic upgrade” across IT systems. “This department holds valuable data pertaining to citizens, residents and businesses, and its services are a vital component of the ease of doing business in The Bahamas,” he said. “The government, through the Department of Transformation and Digitisation, has seen fit to approve a muchneeded software upgrade for the Registrar General’s Department, which will take place in the next six months.” While he described previous alleged failures

to upgrade cyber security at the Registar General’s Department as “water under the bridge”, Mr Bethel added: “We cannot, however, make the same mistake twice. Hence, the most aggressive steps are being taken to address any remaining defects. “Going forward, and in line with our aim to increase efficiency and productivity, and the ease of doing in The Bahamas, the Registrar General’s Department earlier this year was authorised by Cabinet to enter into a contract, and is in the process of obtaining a state-of-the-art online corporate registry, which will be developed by the company that developed the corporate registry for a regional jurisdiction which provides exemplary financial services, and which is one of The Bahamas’ largest financial services competitors. “The specific terms of the contract are still being finalised with the assistance of the Office of the Attorney General. The goal is to create a complete database

for all company filings. The proposed system will have two platforms, one that will be developed specifically for use by individuals, and another that will be developed specifically for use by financial and corporate service providers.” Mr Bethel said this registry will have a system for bulk payments to be made for up to 250 companies, while registered agents will be able to obtain a list of companies under its remit in an easily accessible format along with standard reports on any company. A notifications feature will provide automatic payment alerts prior to the imposition of penalties and fees. Cloud Carib’s Mr McKenzie, responding to revelations by Mr Bethel that one hack at the Registrar General’s Department had gone unnoticed for five months, said: “What tends to happen is that one of the very complicated techniques that hackers are using today is something as simple as your human resources department.

“Let’s say a human resources department’s job is to look at resumes, but what a lot of hackers are doing is that they are embedding malicious code into PDF resumes and then sending those things to human resources. Then human resources people are opening these things, which add malware to their desktop, which then could infect servers and infrastructure if their desktop is not properly protected. “That’s why I say it’s about layers, because in order to protect that security chain you should have stuff at the network edge that’s looking for malware. You should have stuff at the desktop looking for malware, you should have stuff on the servers that are looking for malware, because that is something that’s hard to protect against. “At the end of the day, human resources departments are going to get resumes and they have to open it, because that is their job. By opening resumes that have malicious code,

that malicious code is now on that computer system.” Mr McKenzie said passwords were becoming less relied upon as a defence mechanism. “To be honest, from a password perspective, passwords are dying. Passwords will probably be extinct within the next five or ten years. That’s why companies are moving to basic facial recognition for authenticating users,” he added. “It’s much better for people to move to things like one-time passwords or multi-factor authentication, and that’s why you’re seeing a lot of banks saying that even if you have a password, they are forcing you to get something on your mobile phone or a token or a key. So as soon as you add those two factors, it makes it more secure. “There is a big movement in the IT industry to eliminate passwords altogether, and we will probably end up with pin codes like what you have at the automated teller machines, along with that one-time token that is sent to your mobile phone.”

Food stores brace for sales plummet FROM PAGE ONE

likes of Florida, is likely to further complicate the planned re-opening of a tourism sector upon which this nation relies to generate the bulk of its economic output, jobs and foreign exchange earnings. Mr Roberts’ expectations of a food sales drop-off have also been echoed by one of Super Value’s major competitors, BISX-listed AML Foods, which revealed that it, too, is expecting top-line volumes to start declining by the end of its 2021 first quarter. That period ends on July 31, meaning that the fall-off is likely to be occurring now. The Solomon’s and Cost Right owner, unveiling its full-year and fourth quarter results for the period to endApril 2020, also exposed the boost that COVID-19 panic buying and stocking up gave

to its top-line and those of other food stores as those figures also contained the pandemic’s first six weeks. AML Foods saw its fourth quarter sales increase by more than $5.7m or 13.3 percent year-over-year, jumping from $43.66m in the same period in 2019 to $49.382m during the three months to end-April 2020. Franklyn Butler, AML Foods’ chairman, told shareholders: “The COVID-19 pandemic has had a positive impact on sales for the quarter. However, the expectation is that with increased unemployment and the prolonged closure of the tourism industry, sales volumes will begin to decline by the end of the 2021 first quarter. “Increased sales during the quarter were singlehandedly from our food distribution segment... Consumer purchasing behaviours shifted during

the quarter, and sales of higher margin departments such as deli and clothing were down, negatively impacting our gross margin dollars. During the quarter, our gross margin percentage dropped to 30.3 percent from 31.8 percent.” Mr Roberts yesterday said Super Value’s early pandemic sales were ahead of the prior year by a similar margin to AML Foods, citing a ten to 15 percent increase as food stores were one of the few sectors to enjoy an initial lockdown boost. Yet he agreed that COVID-19’s economic fallout, with mass joblessness, income cuts and depressed consumer confidence amid the ongoing uncertainty, were all likely to take a toll for the foreseeable future. “I think it’s very tight,” he told Tribune Business. “I think other businesses are suffering. People have to eat and put money into

groceries still; they cannot afford anything else.” The Super Value chief said his business was already adjusting ordering to meet the anticipated drop-off in demand, having purchased three-quarters of the amount of turkey and ham that it sold in 2019. And he also expressed reservations about extending Super Value’s opening hours from 7pm to 8pm, even though the prime minister’s decision to move the curfew start back to 10pm has provided this extra time for business. “Because we’ve now been open for two Sundays, the lines have disappeared except for one store,” Mr Roberts added.”We’ve lost 12 hours of opening per week, and that still gave us lines at Golden Gates. I haven’t decided what we’re going to do because you have to contend with darkness.

“I think with the curfew that people do not want to be out in the dark from 8pm to 10pm. We have to decide if we will shut at 7pm and let people get home before dark. We could consider staying open to 8pm, but you don’t have a chance to get home before dark.” The Super Value chief said the supermarket chain has also been preoccupied with replacing products that were out of stock, having just received a shipment of Hellman’s mayonnaise after a long period without. “There’s a lot of brands that have disappeared that we to get substitutes in for,” he added, explaining that private labels had to be sourced instead of “name brands” as suppliers focused on their domestic markets. “When this first started I discussed with the [then] minister of health [Dr Duane Sands] putting in three months’ inventory,”

Mr Roberts told Tribune Business. “We’ve never been able to build inventory that high, but we got to a plateau and will maintain that level. “It looks like we will have this pandemic and be fighting it for the rest of the year. It’s anybody’s guess what we do. I’m going to maintain inventory at the levels we have now and not increase it any more. We have to turn it fast. “We’ve managed the inventory quite well. We’ve managed better than in the US. I saw pictures of US shelves scantily stocked, but we’ve been able to stock like it’s a grand opening throughout the pandemic. The stores in the US have their problems. They have the US market, we have the world market. When one market closes, we rotate to another. We managed better than the US.”

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THE TRIBUNE

Thursday, June 25, 2020, PAGE 5

Sarkis ‘shocker’: $2.2bn battle back to Bahamas FROM PAGE ONE which was called to address the document dispute, resulted in an agreement by all parties to return to The Bahamas to update Justice Winder on the document handover and provide him with the transcript from New York. Brian Simms QC, head of litigation at the Lennox Paton law firm, and the attorney for Baha Mar’s former receivers, wrote on May 29, 2020, to the Bahamian legal representatives for Mr Izmirlian and CCA to inform them that the hearing before Justice Winder has been scheduled for August 14. “We write to you in relation to disclosure of the Glaser Weil and Kobre & Kim [legal] opinions by Norbert Chan to CCA of which you will be aware,” Mr Simms said. “The joint receiver managers (JRMs) have approached the Bahamian court to obtain a date in order to inform the court of the disclosure and to put before the court the recent transcript of the proceedings received by the joint receiver/managers at the direction of the New York court. “Justice Winder has set the matter down for hearing on August 14, 2020. We expect to serve you with the joint receiver/managers’ application and any supporting evidence by the end of July,” he added in a letter sent to Ferron Bethell QC, of Harry B Sands and Lobosky, as Mr Izmirlian’s attorney, and Sean Moree at McKinney, Bancroft & Hughes, who acts for CCA. In the meantime, though, the US attorneys for Mr Izmirlian and CCA are fighting over the former’s developer desire to obtain testimony from Tiger Wu,

BAHA MAR one of the most senior CCA executives on the ground in The Bahamas during Baha Mar’s ill-fated 2011-2015 construction. He played a key role in passing the contested papers on to CCA’s inhouse general counsel and its US attorneys, who are resisting this request. “The issues to be taken up by Justice Winder at the August 14, 2020, hearing pertain to the disclosure of the two reports to CCA, and thus will bear directly on this [New York] court’s inquiry into the circumstances of that disclosure; on plaintiff’s related allegation of wrongdoing, as well as this court’s ability to right a wrong if a wrong did occur,” CCA’s attorneys wrote. Justice Scarpulla was especially vexed during the February 26 hearing over assertions by CCA’s attorneys that the receivers provided the disputed documents to their clients to help correct an “evidence imbalance”. Mitchell Berger, CCA’s lead attorney, alleged in an affidavit: “By providing the Baha Mar reports to defendants [CCA], and through their subsequent letters to BML Properties’ counsel challenging

Grand Lucayan lay-offs start on Holistica deal

FROM PAGE ONE

are one or two minor derivative points to be sorted, but we’re close overall. “I can’t say definitely when and how, but we’re close to getting this concluded. When I’ve done my duty on the severance, it’s no longer my headache.” Obie Ferguson, president of The Bahamas Hotel Managerial Association (BHMA), which represents the Grand Lucayan’s middle managers, yesterday told Tribune Business he had received a call from one worker informing him of the terminations but said no official confirmation had come from the government. He said he had reached out to Dionisio D’Aguilar, minister of tourism and aviation, who had promised he would check into the matter and report back to him. Mr

D’Aguilar, who is off-island, gave the same response when contacted by this newspaper and did not come back before press time. Mr Ferguson, meanwhile, voiced displeasure that the Grand Lucayan had seemingly neglected to consult with the management union before taking action. He suggested the resort was in danger of making the same mistakes as the Gaming Board, which was recently criticised by Supreme Court Justice Indra Charles for failing to follow “clearly set out” employment law procedures when it dismissed 24 staff. “I was told by one of the staff today that the Grand Lucayan has decided to terminate workers,” Mr Ferguson said. “I made contact with the minister, and he told me he was not aware of it and would get back to me. I have had no official confirmation

BML Properties’ claim to share privilege rights in the reports, the joint receiver managers consistently have sought to rectify an evidentiary imbalance in this action, where BML Properties has access to the highly relevant reports and defendants do not have such access.” Describing the document exchange as “quite a shocker”, Justice Scarpulla blasted: “What does it mean to level the playing field? That is crazy. So wrong and so bad. Actually, I’m going to ask you to talk about it a lot... “In his decision - this is what the judge in the Bahamas says - the document, which is the legal opinions, was received under seal by the court, and that has not been disclosed to anyone other than to the court. The joint receiver managers have not supplied the opinions to anyone other than in the context of that application. Now, at the time the judge wrote that in his opinion, in The Bahamas, that wasn’t true, was it?” Mr Berger admitted that neither CCA nor Deloitte & Touche, and their respective attorneys, had informed Justice Winder

that the Chinese stateowned contractor had been passed the documents prior to his May 1, 2019, ruling that they remain under seal. “What I can’t figure out, and sadly the receivers aren’t here, is why receivers would give a legal opinion analysing the claims and the statement that it’s to even out or level the playing field. It makes no sense to me,” Judge Scarpulla said, adding that the affair “seems so off the wall”. Mr Izmirlian’s attorneys argued that the legal opinions were “handed out the backdoor to Beijing and went round the robin and came all the way back” to the US before the former developer became aware of what had happened. “Their person, Norbert Chan, is the person who hands it out the backdoor. And the only reason they did is what you asked, and I don’t think you were off the rails in asking it. What reason? Why did this happen? Well, we need to correct an evidentiary imbalance,” Peter Sheridan argued on Mr Izmirlians behalf. “Read that for what it means. It means that I want the other side in the litigation to have an evidentiary

from the minister, and until I hear from him or somebody who has the authority to terminate those workers I’m not going to treat it as live. “I hate to speak on gossip. According to the Prime Minister, all public corporation workers are required to return to work on June 29, and I expect the hotel workers who have been furloughed to report then. I would have thought they would have contacted the union. I’m the president, and I have not been informed, and the vice-president in Grand Bahama, he’s not been informed. “If they’re downsizing in phases the union has to be involved,” he added. “Maybe they should read section 26 a) of the Employment Amendment Act 2017. They should read that, and read the Gaming Board decision.” Justice Charles found the Gaming Board had failed to adhere to modern industrial relations practices requiring employers to be candid and forthright with staff as it never showed how those workers were “chosen to be made redundant”. She ruled that the Gaming Board had failed to comply with both the Bahamas Public Services Union (BPSU) industrial agreement, which governed the

impacted line staff, plus the 2017 reforms to the Employment Act that mandated “consultation must take place” with the affected workers and their representatives when more than 20 are being terminated.

advantage. There is no imbalance. I don’t even know what that means.” Mr Berger, for CCA, countered that the court had seen “an enormous amount of heat, but very little light”. However, Justice Scarpulla retorted: “I was severely disturbed when I read these papers. So your statement that this is big hoo hoo about nothing is not my belief. I want to make that clear for the record. This is a big deal..... “I, frankly, cannot fathom why the receivers would have given the defendants the legal opinion of the lawyers who are telling the clients here are the strengths and weaknesses of your case. That to me is the quintessential - this is not peripheral legal information. This goes to the heart of the claim, and I cannot imagine why anyone would think that that was an OK thing to do. The judge in The Bahamas clearly thought that it was not an OK thing to do.

“Before the judge issued this decision but after the argument, your client knew and your client didn’t go back and say anything to the judge. That to me is really a miscarriage of justice. It really is. Causing this judge in The Bahamas to write something that your client knew wasn’t true and you didn’t correct before, that is a miscarriage.” Mr Berger, though, did persuade the New York court that testimony was required from Tom Dunlap, Baha Mar’s former president, on the basis that five years before he had sworn an affidavit claiming to have no knowledge of BML Properties but was now “deeply intimately involved” with its affairs. CCA is alleging that the disputed opinions belong to Baha Mar, rather than BML Properties, and that the latter and Mr Izmirlian have no legal professional privilege rights over them.

PAGE 8, Thursday, June 25, 2020

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THE TRIBUNE

Small business loans slow with $50m requests FROM PAGE ONE to $50m, and that is not including persons who have not completed the applications. In the new budget there is additional allocation for this programme, and at that time we will announce an extension. Some of the limits will be expanded and some of the other things at that time.” The $37m in approvals are some 44 percent greater than the initial $25m provided. The government’s 2020-2021 budget provides a further $55m targeted at micro, small and mediumsized (MSME) businesses to help them ride out COVID-19. K Peter Turnquest, deputy prime minister, said: “We recognise that the MSME sector represents 90 percent of business licenses and 50 percent of our employment. One of the things we know is that the government is the largest buyer of goods in the society. We can’t do it all by ourselves, especially since we don’t have the amount of visitors as we once had. We need locals out there buying in order to keep the engine going.”

Asked about the slowdown in the Business Continuity Loan initiative, he replied: “We have exhausted the allocation in this budget, and the new budget will start on July 1. I imagine by the second or third week in July we will be back in the business of supporting these applications.” “We want to ensure that we maintain some level of employment during this shutdown. It is in our best interest to keep MSMEs open as we wait for the tourism sector to restart and provide that stimulus.” As for legislation to support MSMEs, Mr Turnquest added: “What we want to do is create a one-stop shop infrastructure for the MSMEs. We are looking at how we can streamline and coordinate all agencies for MSMEs, whether it is training, access, trade facilitation. So all of these MSMEs can go to one agency and get all the support they need.” He said the Public Procurement Bill stipulates that the government makes provision to allocate some 20 percent of its contracts towards MSMEs that make $5m a year or less. Mr Turnquest added that he wants to broaden the

economic base to provide a source of foreign currency earnings outside the tourism sector, but called for the diversification of the tourism product and not a diversification away from tourism. “Business has changed and the environment has changed, and we have to adapt and we have to look forward to how the environment will be moving forward and respond to that,” he said. “Having some level of confidence in your product and service is critical, along with having some comfort in your macroeconomic environment. Laying down the access to credit, the support from the government in terms of trade facilitation, in terms of export, assistance from the ministry of agriculture and marine resources in terms of technical knowhow, and providing what we can to ensure that persons have the ability to access the services they provide. “You cannot be afraid to take a chance. That comes with a degree of confidence. It is a matter of looking at your business model and having the willingness to change and make adjustments.”

THE TRIBUNE

Thursday, June 25, 2020, PAGE 9

BTC, Cable fees ‘150 times’ more’ than US access FROM PAGE ONE

of that fact, early on we sought out DIA pricing locally, regionally and internationally. That research led us to confirm that the cost of purchasing DIA between New York and Japan, some 5,600 miles away, is less costly by ten times in comparison to purchasing DIA for resale in The Bahamas. “Furthermore, the cost of purchasing DIA from the Network Access Point of the Americas (NAPS) in Miami varies between $0.22 per Mbps (megabits per second) for a 10,000 Mbps (10G igabit) and $0.30 per Mbps for a 1000 Mbps (1Gigabit) link. “Currently, Cable Bahamas and BTC’s DIA internet rates stand at a whopping $52 per Mbps and $48.50 per Mbps, which is in excess of 150 times the cost provided to us from providers at the NAPS and other Data Centre Interconnect Facilities in Florida. With these facts in mind, there is little rationale for these elevated costs even when subsea fiber operations, and maintenance are considered.” Mr Cochinamogulos added: “Given this, we would like for URCA to consider a fixed per megabit rate benched marked at no more than ten times’ the cost for small ISP resellers. This would yield a per megabit rate of approximately $3 per megabit up to a 1Gigabit link, and $2.20 per megabit on any link in excess of 1Gigabit. “These parameters would provide a reasonable margin

for sustained operation as our current DIA pricing is consistently proving to suffocate our financial flexibility on a monthly basis.” Describing Wicom’s challenge as “an extremely daunting and formidable one”, he said: “Our analytics reflects a 99 percent decline in Dedicated Internet Access (DIA) rates in the USA between 1998 and 2015. “This made clear the nearly indistinguishable pricing of Cable Bahamas and the Bahamas Telecommunications Company (who share significantly different legacy costs) that there has been no reasonable consideration for smaller ISPs or other licensed operators. “With that in mind, it would be a great benefit to our business if the SMPs (Cable Bahamas and BTC) provided some structured bandwidth packages that speak to the wholesale needs of other licensed operators within the retail sector. Historically, we have been grouped with commercial retail consumers at an enterprise sales level with no preferred pricing or consideration,” Mr Cochinamogulos said. “We at WiCom Bahamas feel that we deserve a reasonable chance to provide the Bahamian public with reliable internet service. Unfortunately to achieve that we would first need to secure a cost effective wholesale bandwidth agreement that would ensure that we can establish and sustain our market share for many years to come, while supporting the Significant

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Market Power we interconnect to.” Mr Cochinamogulos’ letter illustrates how hard it can be for small, niche players to break into a market dominated by BTC and Cable Bahamas with their already-established network infrastructure. BTC, though, has argued that such feedback as that submitted by Wicom is untested, and that URCA’s proposed regulatory remedies represent an “unfair, inappropriate

and discriminatory” consultation process that did not permit itself and Cable Bahamas to respond to allegations of excessive pricing, margin squeezes and supply refusal made against them by small, niche internet service providers (ISPs). Slamming the “onesided” process, BTC argued that URCA’s consultation process violates sections four and five of the Communications Act which mandates that the regulator can only implement new

regulations in a way that is “fair, transparent and nondiscriminatory”. As a result, it is claiming that the regulator has acted illegally and breached the law underpinning all industry activity. BTC hit out after URCA unveiled its plans to impose additional regulations upon both itself and Cable Bahamas in the wholesale broadband internet market, which is where smaller Bahamas-based ISPs buy capacity or bandwidth on the two dominant players’

Legal Notice

networks so that they can deliver services to their clients. Based upon the complaints from niche players such as Bahamas WiMax, Wicom Bahamas and Coakster, URCA aims to force both BTC and Cable Bahamas to make a specific wholesale dedicated internet access (DIA) product available to these niche players at prices and commercial terms that are pre-approved by the regulator.

Legal Notice

NOTICE

M K T Investments Inc.

Elio Investment Holdings Ltd.

NOTICE IS HEREBY given

(a)

M K T Investments Inc. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

ELIO INVESTMENT HOLDINGS LTD. is in voluntary dissolution under the provisions of Section 138 (4) ofthe International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 24th of June, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said Company commenced on the 24th of June, 2020 when its Articles of Dissolution weresubmitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

(c)

The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau,

Dated this 25th day of June, A.D. 2020

Delco Investments Limited Liquidator

LEGAL NOTICE

NO T I CE

LONG BARS LTD.

JPS HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of June, 2020. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.

Dated this 25th day of June, 2020

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR

LEGAL NOTICE

NO T I CE

LEGS INTERNATIONAL LTD. (In Voluntary Liquidation)

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 24 JUNE 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,124.60 | CHG: -13.25 | %CHG: -0.62 | YTD: -107.00 | YTD%: -4.79 BISX LISTED & TRADED SECURITIES

Notice is hereby given that the above-named Company is in dissolution, commencing on the 9th day of June, 2020. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas. Dated this 25th day of June, 2020 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR

NOTICE NOTICE is hereby given that LEVEL SAINVIL, Twynam Avenue, P.O.Box N-356 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 Wednesday 25th day of June 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that IMOSE TELCY SAINVIL, Twynam Avenue, P.O.Box N-356 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 Wednesday 25th day of June 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

52WK HI 4.24 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 2.20 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

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

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

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

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: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-7Y

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 3.23 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.16 4.00 6.01 2.92 5.10 9.64 8.44 14.50 8.97 3.81 15.20

CLOSE 3.23 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.16 4.00 6.01 2.89 5.10 9.49 8.44 14.50 8.97 3.71 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 -0.03 0.00 -0.15 0.00 0.00 0.00 -0.10 0.00

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

LAST SALE 100.00

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

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

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

VOLUME

2,000

VOLUME

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

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

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 13.7 21.7 42.9 28.3 10.9 14.7 11.6 17.8 9.6 18.3 24.1

YIELD 5.26% 7.23% 0.00% 3.85% 0.00% 1.23% 0.00% 6.39% 3.57% 3.00% 0.00% 15.02% 1.18% 3.46% 2.84% 3.72% 2.23% 3.23% 4.01%

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

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% 4.50% 6.25% 3.50% 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-2022 26-Jun-2045 15-Oct-2018 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 31-Mar-2020 31-Mar-2020 31-Mar-2020

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

PAGE 10, Thursday, June 25, 2020

THE TRIBUNE

Arrow-words are like crosswords, but the cl inside squares on the grid. Write your blank squares in the direction indicated Solu

wordSEarch JUDGE PARKER

S T I U C S I B D A F O U W M

CARPE DIEM

MARVIN BLONDIE

Daily Express Thursday, April 9, 2020

Puzzles

A N O I T A R B E L E C Y A A

H N O S D T D D V J S H Z P U

N O J F I C A K W B H S A T N

O I T D J R O K C N M L Z B D

I T Q C A Y V H C A M O U S Y

X C C P R P A Z O S R N T G T

I E T D B O E D U L N D C G H

F R N E M V S N I Y I J S E U

I R E H A P D S T R S D F M R

C U L J L A L E B E F D A H S

U S R C Y C N W P U D C D P Y D

Find allCROSSWORD the Easter words listed below CRUSADER PRIZE acrOss 1 Way poet captures strange love about union (9) 6 Sweden’s first lady to get unwanted mail (4) 10 Transaction includes British fur (5) 11 Sportsman’s protection hides glum arrangement (9) 12 Check a lizard (7) 13 Tyre about to get rated badly (7) 14 Citizen with faith in charity (8,5) 17 Everyone greeting wife, small woman, at end of October (3,7,3) 21 Speaker is an online communicator (7) 22 Wheeler-dealer gets extra by taking nothing (4,3) 24 Tell niece about customers (9) 25 Furious corsair loses head (5) 26 Go down to a basin (4) 27 Second later, struggling to hold horse, right laggard (9)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

Solution tomorrow

1 2 3 4 DOWN 1 Humiliation, not having a BISCUITS ● BUNNY ● CARDS ● CE bottom floor (8) CRUCIFIXION ● EASTER ● E 2 Several popes from the city (5) GOOD FRIDAY10 ● HOLIDAY ● HOT11CR 3 Putting on coat, choose to LAMB ● LENT ● MAUNDY THU move trip along (14) PALMlegSUNDAY ● PARADE ● PEN 4 Song about breaking 12 in the country (7) RESURRECTION ● TOMB 5 Tried working – including yours truly is a disadvantage (7) 14 15 7 Candidate here with double the energy (9) 8 Managed crazy party, 17 18 concealing the ending (4,2) 9 Feudal Japanese union 20 Quick wordSEarch takes time, or is a hurried event (7,7)croSSword H L K E D I L K E C N 15 A gradient upset a certain 21 B U G T R N T V H J B across: 7 Earned; actor (9) 8 Genial; 10 Majorca; E X H U R I A I M A D 16 Ray never11cracked, Enemy; 12almost Tact; L E S S S A O L A G U touching 13 (4,4) Asset; 17 Right; 24 G M B S T M C V R H O 18 Bald, but 18 notOslo; initially 22 Libra; I B Q U H Y M S I E X stuffy (7) 23 Obesity; 24 Carafe; U O C E R W C Q A D Z 19 Depressed25byMexico. clothes first, M U G D S K A A S 27 G E say (3,4) down: 1 Termite; 26 2 Project; 3 Heart; H R T A J C I S M Z A 20 Supplies an instrument of 4 Leveret; 5 Diver; M G O H A N E N M E R punishment (6) 9 Falsehood; 6 Plays; G J G C I N N D A L R 23 Cry about14boxer’s Giraffe;last 15 Aspirin; A X O G E N N N A F Z fight (5) 16 Polygon; 19 Slack;

YESTERdaY

20 Abort; 21 Refer.

B M E G C A N A D A A O R A V B U R U N D N L T L R W A N D A N

THE ALPHABEATER

TARGET

E i n c l c or E

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

cAn you crack the Alphabeater? Each targEt thEgridalphapu Extr number represents a letter – or black square. 090 across: Wildlife, Growl blackbird Asacrid in Alphapuzzle, every letter of the alphabet (Deduc Exchequer, Arm, Thug, arid baldric baldrick barb each ex is bard used.bardic But you to completeSnazzy, the gridLeeway, too! Pledge barkhave bird BLACKBIRD use thebraid given letters Bikini, below Last, Tor, Shipwrf brad brick bridaland cardblack crab squares Crass, Heighten (clue). crib dark drab the grid to dirk start. thedrib gridlairis laird ‘rotationally 090 down: lard lark liar lira rabbi rabid symmetrical’ – in other words, it looks theWheat, Lattice, *Calls co Break, Leek, Jackass, rack raid rail rial ribald rick your F t same if you turn the page upside down. Invite, Grizzly, Swig,netw To Solution tomorrow Dialect, Climate, Token

A 27 38 31 30 4 17 4 10 38 36 B C 33 21 28 3 38 35 12 5 25 31 D E 1 38 23 13 37 40 16 31 38 32 F G 18 30 19 7 31 5 16 3 33 4 H I 15 10 32 38 26 7 36 25 34 10 J TODAY’S TARGET Good 19; very good 28; excellent 37 K 2 7 40 33 10 36 10 21 38 26 (or more). Solution tomorrow L M 31 13 31 25 20 22 9 17 26 28 call 0907 181 2585 N for today’s target solution 14 40as 26 38 crossword, 20 30 10 2 in 29 35 Best O described a number the task Kakuro *Calls cost 80p per minute plus your telephone is to P fill all of the empty squares, using numbers 1 to 9, so company’s network access charge. Q 10 the sum of each horizontal block equals the number to its 9 34 20 28 18 8 3 24 40 left, and R the sum of each vertical block equals the number on itsStop. No number may be used in the same block 20 15 31 30 35 5 12 9 4 more 19 than Tonce. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday. U 17 12 22 2 10 27 31 26 10 5 FIND where the fleet of ships shown is hidden V in the grid. The numbers to the right of and W 3 below the grid indicate how many of the 14 18 38 19 33 26 22 2 13 squares in that row are filled in with ships or XYesterday’s Yesterday’s parts of ships. The ships do not touch each Y 24 38 2 36 31 39 10 7 10 14 Sudoku Answer other, even diagonally. Some squares have Z Kakuro Answer HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

BATTLESHIPS

been filled in to start you off. Solution tomorrow 2

CRYPTIC PUZZLE 1 Some agents but different actors adopt them (5,5) 8 Get used to being in old city quarter (5) 9 Swimmer who may develop into a jumper (7) 10 Bow tie? (7) 11 Set sail on Eastern passage (5) 12 Making a statue may be clever (6) 14 One who foils trespassers? (6) 17 Carried drink to little Edward (5) 19 Young animal always allowed outside (7) 21 Neat petticoat in primrose (7) 22 Fear father will come round again? (5) 23 Boxing periodical that may be salvaged? (5,5)

2 He’s not at home in his

3 Very good at describing

6 Worn parts in brakes (5)

2 1

went right in (10)

students (4,2) 18 Urban areas to the West, North and South (5) 20 It’s still produced in Russia (5)

Yesterday’s Easy Solution

Across: 1 School, 4 Obtain, 9 Chamber, 10 Madam, 11 Nadir, 12 Besiege, 13 Materialist, 18 Mailbag, 20 Allot, 22 Inner, 23 Allegro, 24 Eldest, 25 Stasis.

Across: 1 Regard, 4 Redeem, 9 Stuck-up, 10 Dread, 11 Say-so, 12 Neptune, 13 Cliffhanger, 18 Invalid, 20 Rebut, 22 Siren, 23 On and on, 24 Watery, 25 Merely. Down: 1 Resist, 2 Gaudy, 3 Rake-off, 5 End up, 6 Execute, 7 Medley, 8 Open the door, 14 Leveret, 15 Narrate, 16 Jigsaw, 17 Stingy, 19 Liner, 21 Budge.

Across 1 Profession (4,2,4) 8 American march composer (5) 9 Seemingly supernatural (7) 10 Place of seclusion (7) 11 Foolishly credulous (5) 12 Other than (6) 14 Foliage (6) 17 Specialist periodical (5) 19 Anti-tank rocketlauncher (7) 21 Wry expression (7) 22 Censure (5) 23 Firmly established (4-6)

Down 2 Living in water (7) 3 Jack (5) 4 Defective (6) 5 Enrage (7) 6 Boredom (5) 7 The Internet (10) 8 With near certainty (4,6) 13 Type of ship’s boat (7) 15 Treat profanely (7) 16 Preoccupy (6) 18 Association of craftsmen (5) 20 Wild African horse (5)

4 x submarine

for himself (7)

16 Blunder in bringing up

2 x cruiser

15 Slow train that follows one that is late (7)

3 x Destroyer

a doctor (2,8) 13 He can just about stand up

1 x Battleship 7

7 Pat entered agitatedly and 8 Actually working as

negotiate (7)

9 10

4 A person’s character aunt is upset about (6)

5 Raised help in measure to

Alexander (5)

present surroundings (7)

Yesterday’s Cryptic Solution

Down: 1 Second, 2 Hoard, 3 Osborne, 5 Bumps, 6 Address, 7 Number, 8 Brobdingnag, 14 Aligned, 15 Leaflet, 16 Umpire, 17 Strops, 19 Burns, 21 Lagos.

Down

EASY PUZZLE

Across

30 31

12 32

C ■

34 35

■

● Alternatively, for six Extra Letter clues to your text DXBEAT to 84901. Texts cost £1 plus your usual

KEIJO 2 4

THE TRIBUNE

Thursday, June 25, 2020, PAGE 11

PAGE 12, Thursday, June 25, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny

Patchy clouds with a t‑shower late

Partly sunny, a t‑storm in spots

Partly sunny

Mostly sunny

Clouds and sun, a t‑storm possible

High: 89°

Low: 78°

High: 89° Low: 79°

High: 88° Low: 78°

High: 88° Low: 77°

AccuWeather RealFeel

100° F

82° F

100°-87° F

100°-86° F

99°-84° F

ORLANDO

High: 97° F/36° C Low: 74° F/23° C

TAMPA

High: 96° F/36° C Low: 80° F/27° 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.

almanac

ABACO

High: 86° F/30° C Low: 80° F/27° C

6‑12 knots

High: 91° F/33° C Low: 80° F/27° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 82° F/28° C

N E S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 78° F/26° C

MIAMI

High: 93° F/34° C Low: 82° F/28° C

6‑12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 80° F/27° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 80° F/27° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ............................................... 24.27” Normal year to date ................................... 12.76”

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 78° F/26° C

High: 86° F/30° C Low: 81° F/27° C

KEY WEST

High: 90° F/32° C Low: 82° F/28° C

High: 86° F/30° C Low: 80° F/27° C

7‑14 knots

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau Low

Ht.(ft.)

Today

11:41 a.m. ‑‑‑‑‑

High

Ht.(ft.) 2.5 ‑‑‑‑‑

5:46 a.m. 5:44 p.m.

0.0 0.1

Friday

12:03 a.m. 12:36 p.m.

3.1 2.6

6:35 a.m. 6:41 p.m.

0.0 0.3

Saturday

12:56 a.m. 1:35 p.m.

3.0 2.7

7:26 a.m. 7:44 p.m.

0.0 0.4

Sunday

1:52 a.m. 2:37 p.m.

2.9 2.8

8:20 a.m. 8:51 p.m.

0.0 0.4

Monday

2:52 a.m. 3:39 p.m.

2.8 3.0

9:16 a.m. ‑0.1 9:59 p.m. 0.4

Tuesday

3:53 a.m. 4:40 p.m.

2.7 3.1

10:13 a.m. ‑0.2 11:04 p.m. 0.3

Wednesday 4:54 a.m. 5:38 p.m.

2.6 3.3

11:09 a.m. ‑0.2 ‑‑‑‑‑ ‑‑‑‑‑

sun anD moon Sunrise Sunset

6:22 a.m. 8:03 p.m.

Moonrise Moonset

10:32 a.m. 11:56 p.m.

First

Full

Last

New

Jun. 28

Jul. 5

Jul. 12

Jul. 20

CAT ISLAND

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 86° F/30° C Low: 81° F/27° C

High: 88° F/31° C Low: 82° F/28° C

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 80° F/27° C

8‑16 knots

MAYAGUANA High: 88° F/31° C Low: 81° F/27° C

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 86° F/30° C Low: 81° F/27° C

GREAT INAGUA High: 90° F/32° C Low: 82° F/28° C

N E

High: 86° F/30° C Low: 81° F/27° 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: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 6‑12 Knots E at 6‑12 Knots E at 7‑14 Knots E at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots ENE at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots ENE at 7‑14 Knots SE at 4‑8 Knots E at 6‑12 Knots NE at 8‑16 Knots E at 7‑14 Knots NE at 8‑16 Knots ENE 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 7‑14 Knots ENE at 7‑14 Knots NE at 8‑16 Knots E at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots

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

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

502-2394

VISIBILITY 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 7 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 84° F 84° F 88° F 88° F 85° F 84° F 84° F 84° F 85° F 84° F 87° F 88° F 87° F 86° F 84° F 84° F 85° F 84° F 83° F 83° F 86° F 85° F 84° F 84° F 85° F 84° F