06302020 BUSINESS

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TUESDAY, JUNE 30, 2020

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‘Don’t panic’ on $2bn COVID loan deferrals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN banker yesterday warned against premature panic after it emerged that borrowers sought repayment waivers for almost $2bn worth of loans at the COVID-19 lockdown’s peak.

Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, told Tribune Business that such a figure - representing almost one-third of total outstanding credit issued

by Bahamian commercial banks - would only become a concern for the industry and wider economy if it persists long after the post-pandemic re-opening.

He argued that the

GOWON BOWE Central Bank, and the commercial institutions it supervises, will only face having to make “difficult decisions” on regulatory capital, liquidity and loan loss provisioning if the economy fails to rebound from its post-pandemic slump within the next 12 months.

Emphasising that “we are nowhere near that juncture”, Mr Bowe said it was critical for Bahamas-based commercial banks to have “steady hands at the wheel” to navigate the COVID-19 fall-out. He called for “all hands on deck” to re-open the economy in a safe and sustainable manner, warning that this nation must at all costs avoid the example set by multiple US states whose actions have facilitated a ‘second wave’ of virus infections.

The Fidelity chief spoke out after the Central Bank yesterday revealed that Bahamian households, individuals and businesses had obtained three and sixmonth repayment deferrals for a collective $1.85bn in outstanding bank loans.

“As at April 2020,

the total loans under COVID-19 impacted deferral stood at $1.9bn, representing 32.8 percent of total private sector credit,” the Central Bank said in its newly-released report on May’s economic developments.

“Of this amount, consumer loans accounted for $832.4m (45 percent) of the deferred facilities; residential mortgages, $725m (39.2 percent); and commercial loans, $292.3m (15.8 percent).” These moratoriums, or repayment waivers/holidays, enabled thousands of COVID-19 hit businesses and households to conserve scarce cash resources amid the near total loss of economic activity, jobs and income at the pandemic’s height.

However, the scale of

these loan deferrals gives a further insight into the level of economic pain and dislocation caused by the Government’s emergency lockdown measures that were designed to contain the spread of COVID-19.

The figures show that $1 out of every $3 lend by Bahamian commercial banks is now in one of the sector’s relief initiatives, with interest continuing to accrue on unpaid facilities.

“As a result of the COVID-19 pandemic, commercial banks implemented loan payment deferral schemes ranging between three to six months to assist customers whose debt servicing capacity had been adversely impacted,” the Central Bank added.

SEE PAGE FOUR

BPL PLEDGES ‘PRICE STABILITY’ WITH NEW HEDGING STRATEGY

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) chairman last night said it has taken “the first step” to providing long-suffering consumers with “price stability and certainty” after the Government approved its fuel hedging strategy.

Dr Donovan Moxey told Tribune Business that the state-owned energy monopoly will seek to “lock in” July’s 10-cent per kilowatt hour (KWh) fuel adjustment charge for 12-24 months to provide both business and residential consumers with complete rate certainty in their monthly billings.

He explained that this would eliminate the constant volatility caused by changes in global oil prices, which have been responsible for the sudden and steep hikes in electricity bills that many Bahamians have endured on a month-to-month basis.

With certainty in both the base rate and fuel adjustment charge, Dr Moxey said Bahamians will be better able to manage their energy costs as these will now be determined by how much electricity they will consume. He added that the long-promised hedging strategy, which Grand Bahama Power Company has employed for many years, will enable Bahamian companies to better plan for “the long haul”.

“From our perspective, this brings cost certainty in the bill for

$6M INVESTOR INJECTION ‘BIGGEST IN OVER A YEAR’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN investment bank yesterday revealed that investors injected “the biggest monthly sum that we’ve seen for over a year” into its mutual funds immediately upon the easing of COVID-19 restrictions.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that June’s net inflow of “around $6m” suggested the pandemic had “focused attention” on the need to generate income and higher returns among those with surplus assets to invest.

With three new corporate “participants” also attracted to the investment house’s pension schemes this month, Mr Anderson said Royal Fidelity planned to mobilise investor capital to exploit opportunities created by COVID-19’s economic fall-out including the rescue of troubled businesses desperately requiring fresh capital.

“Throughout the period of the COVID crisis, from March through to the end of May, we saw consistent investment - not large SEE PAGE FIVE

CENTRAL BANK REASSURES ON $2BN RESERVES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS Power and Light head office. both businesses and residential consumers,” the BPL chairman told this newspaper. “What we’ve been talking about as part of the strategic plan at BPL is to reduce the cost of electricity to consumers, improve the quality of service and, over the long-term, provide price certainty.”

The 10 cents per KWh fuel adjustment charge rate that BPL is aiming to lock-in from July 2020 onwards is lower than the 11.2865 cents per KWh listed on June’s billings, and the 16.02 cents per

Photo: Terrel W Carey/Tribune Staff

KWh that was charged in November 2109. These cost discrepancies illustrate the financial cost to the Bahamian economy, as well as individual businesses and households, from the regular volatile swings in global oil prices.

Dr Moxey said BPL had been able to exploit historic global oil price lows as a result of the COVID-19 pandemic to build-up a sufficiently deep inventory of fuel reserves to execute its hedging strategy, which has been formally

approved by the Minnis administration’s Cabinet.

The move was facilitated by the tabling of the Bahamas Electricity Corporation (BEC) Amendment Regulations 2020 in the House of Assembly yesterday by Desmond Bannister, minister of works, who has responsibility for BPL. The changes allow for the utility’s new hedging strategy, and detail all the various charges that are

FREEPORT’S ‘OPEN ARMS’ FOR ANDROS TRADE INVESTOR

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC yesterday said Freeport “would welcome with open arms” the billionaire philanthropist whose proposed North Andros free-trade zone was rejected by the Prime Minister at the weekend.

Fred Smith QC, the Callenders & Co attorney and partner, urged the Grand Bahama Port Authority (GBPA) and its partner, Hutchison Whampoa, to “reach out” to Dr Patrick Soon-Shiong and entice him to a city that was “designed for this very purpose”.

And he also called upon the Government, through the Prime Minister’s Office, Bahamas Investment Authority (BIA) and National Economic Council (NEC) to purposely direct “all

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FRED SMITH QC large-scale investments” to Freeport given that it already possesses the physical infrastructure and “legal framework” - via the Hawksbill Creek Agreement - to accommodate them.

“I hope that Dr Patrick Soon-Shiong will redirect his interest to Freeport where we would welcome him with open arms to develop the free trade zone

concept in this city, which is designed for this very same purpose,” Mr Smith told Tribune Business.

“I encourage the Grand Bahama Port Authority, Hutchison and DevCo (Grand Bahama Development Company) to reach out to the good doctor in the hope he may become interested in Freeport.

I certainly hope the Port Authority will make it attractive and easy for him to come. We have thousands and thousands of Bahamian citizens and residents who are dying of economic dearth.

“I also emphasise my view that the Bahamas Investment Authority, National Economic Council and Office of the Prime Minister should resolve to direct all large-scale future investments to Freeport. It has the legal framework, so that it is unnecessary for Cabinet ministers to

have to negotiate and sign Heads of Agreements with developers.”

Mr Smith spoke out after Dr Hubert Minnis, in his national address on Sunday, promised that his administration will not permit a free trade zone’s development in North Andros nor the selloff of vast tracts of land to international investors.

Tribune Business understands Dr Soon-Shiong’s ambitions have been significantly scaled-down in size compared to the 500,000 acres detailed in the initial proposal, and would require a much smaller footprint - especially since it would only be developed in stages should it receive the go-ahead from the government.

Nevertheless, Dr Minnis said yesterday: “In the draft proposal there are concepts for the development SEE PAGE SIX

SEE PAGE FOUR

THE Bahamas’ key foreign currency reserves were maintained at around $2bn through the peak of the COVID-19 lockdown amid predictions yesterday that they will remain “more than adequate” to sustain the US dollar peg.

The Central Bank, unveiling its monthly economic report for May, voiced continued optimism that they will be sufficient to carry The Bahamas through COVID-19’s immediate economic fall-out despite the absence of replenishing tourism-related inflows for the remainder of 2020.

SEE PAGE FOUR

PAGE 2, Tuesday, June 30, 2020 ANDROS, vast and barely touched by modern society, remains one of the least densely populated areas in the Caribbean and the last true frontier of The Bahamas. It is the ultimate blank slate for nature enthusiasts and those looking to truly get off-the-grid.

Despite its image as a remote getaway, Andros brims with near limitless potential for those willing to carve their own path.

ANDROS REMAINS THE FINAL FRONTIER

Ecotourism Home to the colossal West Side National Park and Blue Holes National Park, hundreds of blue holes, and the world’s third-largest barrier reef, Andros is the perfect choice for intense ecotourism development. Hoteliers in Andros have wisely avoided the temptation of largescale ‘anchor projects’, opting instead for smaller and more environmentallyfriendly boutique resorts catering to a variety of niche tourism markets, such as the exclusive Kamalame Cay or the remote Flamingo Cay Lodge. offering hunting and flats fishing on the secluded western coast of Andros. Existing properties on Andros have laid

By RODERICK A SIMMS II An advocate for Family Island development RASII@ME.com a strong foundation for flats fishing, scuba diving, bird watching and other nature excursions, but there remains much more room for growth.

Although Andros hosts some of the largest parks and marine preserves in the country, the island’s potential as a hiking and camping hot-spot remains largely untapped. Camping and treks into the heart of the island could grow tremendously, but this requires a commitment from the Government and passion from

THE TRIBUNE

the private sector, especially among young entrepreneurs, to develop national parks into a full-fledged attraction for visitors seeking experiences outside the usual beach and dive excursions. Traditional Bahamian industries and pastimes, including sponging, crabbing and pigeon hunting, could all be expanded upon and incorporated into the island’s collective tourism product. Andros’ huge tracts of virgin land also make it an attractive site for agricultural businesses.

Airlift and Arrivals Andros was one of the fastest-growing Family Islands in terms of foreign air arrivals, according to the last Ministry of Tourism statistics dating from the first three quarters of 2017. Foreign air arrivals had steadily increased over the previous two years, growing nearly 21 percent during the first eight months of that year. As of August 2017, Andros Town and San Andros enjoyed a nearly 25 percent and 22 percent bump in arrivals, respectively, compared to 2016. Congo Town, too, saw more modest growth of roughly 3 percent for that period.

The island has four airports, including the Andros Town International Airport (ATIA) located near Fresh Creek. Although ATIA serviced charter flights from the US, tourism stakeholders have been working with domestic and international carriers to secure more airlift into Andros.

Infrastructure Challenges Andros’ vast size is both a blessing and a curse for its growing ecotourism industry and wider economic development. Andros, at over 2,300 square miles, has historically

struggled to create a centralised economy. The main draw of pristine and secluded lodges means that Andros’ existing infrastructure is stretched relatively thin across the island. Keeping a reliable supply of water is an occasional challenge for some local businesses due to their dependence on individual settlements’ water systems.

However, several public works projects throughout the island, including a large-scale road project running from Fresh Creek to Nichol’s Town, and a water and sewerage overhaul in southern Andros, have provided a bump in the local economy while improving the quality of life for existing and future homes and businesses. Andros also faces many of the same impediments to growth commonly found in the Family Islands, chiefly a shrinking population and pool of workers as more residents leave the island for New Providence.

However, investment incentives and minimising red tape for small businesses could reverse this trend.

Preserving for Future Generations Beyond the immediate infrastructure concerns,

however, is the issue of preserving Andros’ natural beauty and its vulnerable coasts in light of the threat that climate change poses to the country’s development. Hurricane Matthew caused substantial flooding and damage in several communities in northern Andros, serving as another reminder of the need for comprehensive coastal zone management reform.

To address these concerns, the Inter-American Development Bank (IDB) approved a $35m loan for improving the risk resilience of The Bahamas’ coastlines.

Approximately $3m of this loan was allocated to strengthen Andros’ at-risk coastal zones through natural habitat restoration – a process that often involves restoring features including mangroves, coral reefs and seagrass beds – in the hopes of lessening the damage caused by increasingly powerful hurricanes and storm surges. Following up this project with firm commitments to invest in, and promote, low-impact tourism could turn Andros into a model for sustainable ecotourism across The Bahamas and the region.

SIX FLIGHTS FOR LPIA ON FIRST REOPEN DAY THE BAHAMAS’ major airport is set to receive six inbound international flights from key US tourism source markets on the first day that the country’s borders reopen.

The Nassau Airport Development Company (NAD), Lynden Pindling International Airport’s (LPIA) operator, said Delta Airlines’ flight from Atlanta to Nassau, which is due to arrive at 11.30am on Wednesday will mark the return of commercial air travel to The Bahamas.

It added that direct service has been scheduled to Nassau from key US gateways such as Charlotte (North Carolina); New York; Denver; Houston; Baltimore; Newark; Miami

and Fort Lauderdale, along with service from Toronto, Canada. However, several of those areas, especially the two Florida cities and Houston, are located in COVID-19 “hotspots” that are witnessing a surge in infections.

“As we enter this final reopening phase, and welcome visitors to the destination and residents back home, our focus is on ensuring that all airport partners are ready on July 1 to support the additional safety protocols put in place by the Government to reduce the spread of COVID-19,” said Vernice Walkine, NAD’s president and chief executive.

“From an airport perspective, we anticipate a gradual uptick in arrivals

and departures over the next two to three weeks.

The phased approach to restarting air service has allowed our team to successfully test new safety protocols in real time. As we move forward in this new normal of operating in a pandemic, we are using the best practices learned to-date to guide our plan.”

Six international flights are also scheduled for departure from LPIA on July 1.

All inbound travellers will be required to complete an electronic health visa prior to travel. All visitors, Bahamian citizens and residents will be asked to present a negative PCR COVID-19 test and confirmation of their approved health visa upon entry.

While the test can currently be taken no later than ten days prior to the date of travel, the Prime Minister yesterday announced that this window is being narrowed to seven days prior to travelling with effect from July 7.

This is designed to better protect Bahamians and residents by ensuring visitors receive COVID-19 tests and results as close as possible to their day of departure.

On arrival at LPIA, NAD said passengers should expect to have their temperatures taken. Persons showing symptoms of COVID-19 will be referred to local health officials at the airport for further testing and evaluation.

Immigration officials

will provide all visitors with a flyer outlining the Government’s mandatory guidelines, which are intended to protect visitors and residents against COVID-19’s spread.

Besides social distancing floor markers and signage, plexiglass barriers are also in place at major points of interaction between travellers and airport staff. All passengers are required by law to wear masks or a face covering in public spaces, including airport terminals, with the exception of passengers under the age of two.

Only ticketed passengers will be allowed inside LPIA’s terminals with the exception of persons accompanying minors

travelling alone, elderly passengers or those with restricted mobility. Cleaning and sanitation schedules will focus on high touch point areas in the terminals, while nightly cleaning will focus on using fogging machines and electrostatic sprayers to disinfect.

NAD added that seating has been reduced in all LPIA food courts by 30 percent, while new cash handling guidelines are in place to minimise contact at the point of checkout.

It is urging passengers to arrive at the airport at least two hours before domestic travel, and three hours before international travel.

Arriving early will allow extra time to check in and be processed for boarding.

THE TRIBUNE

Tuesday, June 30, 2020, PAGE 3

RESORTS BACK NARROWED COVID-19 TEST WINDOW

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN resorts yesterday backed the Government’s decision to narrow the COVID-19 testing window for tourists from ten to seven days prior to travelling even though the move has caused some market confusion.

Matthew Brear, Cape Santa Maria’s general manager, told Tribune Business: “I’m going to be honest with you. I think anything the Prime Minister does that helps add another layer of protection for The

Bahamas is a good thing. Is it an inconvenience? Yes. Have I been dealing with some confused travellers today? Yes. But I think the underlying reason for the change is a correct one. He probably should have done that initially, but that’s fine.

“A lot of people were saying that I took my COVID-19 test for this date with the thought that I would be arriving on this date, but now that’s not going to work and I have to reschedule. To be honest, it is just one of those things.

It’s more of an inconvenience than it is a problem.”

Mr Brear added: “I think

anything the Prime Minister does that secures the health and safety of the communities here in The Bahamas is a positive thing, and that is coming from someone in the hospitality industry, but we won’t have a hospitality industry if we don’t have our local community to welcome them and look after them when they get here.

“I find on Long island we have a huge percentage of repeat, loyal customers, and their primary objective is to protect the island community here because that’s why they come. They come for the beach and the sun, but they also come for the

culture and the friendliness and the warmth that Bahamians provide. What the Bahamian community provides is a unique resource that we must continue to protect.”

Dr Hubert Minnis, in his national address on Sunday afternoon, said: “Effective July 7, the results of the PCR COVID-19 test must have been taken no later than seven days prior to the date of arrival. Until that date, tests that have been taken no later than 10 days prior to travel will continue to be accepted. We have made the window of time for testing shorter for

the protection of Bahamians and residents.”

Other hoteliers also backed the Government’s stance. Carlton Russell, the Bahamas Hotel and Tourism Association’s president, said: “The BHTA supports the government in its efforts to establish and enact health and safety protocols, including border entry requirements intended to protect the health and wellbeing of Bahamians and residents of The Bahamas, and our visitors.

“It is important to balance the need to re-open our tourism industry, and generate much needed

revenue to help rebuild our economy, with the need to do so in a safe and sustainable manner, thereby protecting our people.”

Pablo Casal, the British Colonial Hilton’s general manager, said: “I think that everyone’s priority should be the health of our people and the visitors, so anything that the health authorities deem necessary to minimise the probabilities of a surge in cases we are happy to comply with.”

Muna Issa, Breezes Bahamas’ vice president for marketing, added: “We have to trust the medical professionals on this one.”

is opening up and not planning to run at half capacity, and that some other airlines are doing the same thing,” he said. “I think it is really unfair that the Government would force tour companies and taxi drivers to run at half capacity when we have tourists that come on an a plane for hours with the airlines being at full capacity. So I think this is quite unjust.

“I don’t think it’s fair, because they can ride on an airplane for an hour or two at full capacity, and then get to an island in a vehicle with windows that can go down and ride at half capacity. If you have a family of seven that comes and your vehicle can’t fit seven, you would have to put some of those

family members in two separate vehicles when they just rode on an airplane with over 150 passengers.

“That is quite unfair, and that is an injustice to the small business owner. The regulations should be for all. How could our national flag carrier carry a full load and follow the regulations, and then the tour companies have to ride at half capacity?

How is one following regulations and the other not?”

Still, tour and excursion operators yesterday said it was “prudent” for their reopening to be delayed until July 13 so they can plan and implementation COVID-19 protocols.

Murray Sweeting, operations manager for Tru

Bahamian Food Tour, told Tribune Business: “I think that this is a prudent decision because we are doing testing as well. It is not ideal, but there are so many things we have to balance, like guest safety and what does that look like.

“What is our guests’ response to coming here when, in their home country, they may not be having to deal with these restrictions. It would be great to have two weeks to see how our guests respond to having to wear face masks, and how the hotels handle that.”

Mr Sweeting added: “We’ve never really walked this road before, and we would prefer to be able to re-open and hit the

ground running. But with so many unknowns, I think it is prudent because we have so many things to ask ourselves, like what will our visitors be willing to do when they may be wanting to escape these things. They may be here because they think there may be less restrictions, so what will their response be?

“We would have preferred to reopen some time ago, but we have to be prudent.”

Charles Bain, general manager of Dilly Dally Bike Tours, said: “Personally, I’m ready, but from a business standpoint I am a little sceptical about letting those people from the United States in here.”

Acknowledging the spike in COVID-19 cases in the US, Mr Bain said: “For that reason, even if they come in, we will only take bookings online. We are not even going to be sitting around the shop trying to rent bikes or anything. We will only take bookings online so we will know they are coming and be prepared for it.”

Dainette Bonimy, Bonimy’s Water Sports Bahamas’ general manager, said: “There is nothing we can do about the opening date. The Prime Minister said we cannot rent the jetskis so we have to stay put.”

She said the operator was ready for the July 27 reopening, and has all the necessary approvals.

carry out its mandate of workforce development and job placement for the most vulnerable and those unprepared for the workforce.

“There has been an intentional focus at the NTA over the last year on improving quality assurance and delivery systems, expanding skills offerings, digitising overall processes for greater efficiency, and increasing the number of

qualified skill workers and their access to employment.

“The agency remains the leader in soft skills and competency-based training in The Bahamas, offering more than 18 units in employability skills and job readiness, and 16 technical skills, including nine that lead to international certification.

“Some 532 young Bahamians have been trained in soft skills, and certified in

various skills, over the last year with the total number of young Bahamians trained at more than 5,800. Our overall job placement rate at the agency is 55 percent.”

The NTA is currently conducting a pre-apprenticeship training programme for 164 Bahamians under its skills for current and future jobs programme. It is also using an online training platform called Brightspace.

TOUR OPERATOR HITS OUT AT COVID CAPACITY INEQUITY

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN tour operator yesterday complained that a double standard is being imposed through the stipulation that buses and vehicles can only operate at 50 percent capacity.

Marvin Gibson, general manager of Marvelous Tours, told Tribune Business this health protocol was unfair and excessive when set against the fact that Bahamasair and other airlines can fly into The Bahamas with 100 percent capacity.

“I read in an article this morning that Bahamasair

TRAINING AGENCY GAINS 55% JOB PLACEMENT RATE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE National Training Agency (NTA) boasts a 55 percent job placement rate, a Cabinet minister has revealed, with nearly 6,000 Bahamians trained over the past year.

Dion Foulkes, Minister of Labour, told the Senate: “The NTA continues to effectively

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PAGE 4, Tuesday, June 30, 2020

THE TRIBUNE

‘Don’t panic’ on $2bn COVID loan deferrals from page one “Commercial banks are continuing to provide accommodations beyond the initial three-month period of deferral.

“As impacted businesses and households develop more certainty around their financial circumstances, lenders may be required to cease interest accrual on some exposures.

This would shift such balances to non-performing status.

“The Central Bank is preparing tailored guidance for supervised financial institutions that would graduate the starting rate at which loan loss provisioning would be required, although those COVID-19 generated nonaccruals that persist beyond the completion of the economic recovery would need to be provisioned at 100 percent.”

Mr Bowe yesterday revealed that the “guidance” referred to by the Central Bank is still being developed, with commercial banks likely having to gradually increase the level of provisions they take for their COVID-19 ‘deferred’ portfolio according to the length of time that borrowers are unable to make repayments.

Reiterating that COVID-19’s fall-out remains a fluid situation with many unknowns, the Fidelity executive said the critical indicator will be the number and value of “deferred” COVID-19 loans that are still delinquent once the economy has fully reopened and recovered.

“The Central Bank is really just saying they’ll adapt the prudential norms to fit the current circumstance,” Mr Bowe explained of the regulator’s stance, “and it will be a dynamic adjustment as things evolve and become clearer. We may go through a year where certain customers are not able to make regularly scheduled payments until they restore themselves to employment.

“The Central Bank is trying to accommodate prudential capital adequacy requirements to recognise that collections [on deferred COVID-19 credit] are likely delayed a year, and it will not penalise an institution for collections not happening for another 12 months.

“It will be monitored on a regular basis as the Central Bank is keen to ensure this relaxation can gradually be restored to the original capital adequacy requirements over a period of time.

Just as they are graduating it now, they will graduate it back to the original prudential norm.”

Mr Bowe told Tribune Business that the $1.85bn figure was nothing to be surprised or alarmed about given the extent and depth of The Bahamas’ enforced COVID-19 economic lockdown, which resulted in the total shutdown of a tourism industry - and evaporation of visitors - that drives around 50 percent of this country’s economic output and around 60 percent of all jobs.

“I don’t think at this point we should be concerned,” he said. “We should be very diligent and understand what that number means.

The Bahamian economy was shut down in March and April. When you think about how many loans were under that programme, and how many businesses, especially in the tourism sector, were unable to make payments, we would expect a large percentage of loans to go into that initiative.

“That’s [$1.85bn] not a true representation of what the actual loss will be as the economy was zero in April. Should I be concerned at that? No. Should I be concerned if that number stays where it is because the economy takes a long time to fully reopen? Yes. As the economy re-opens and there’s greater activity we should expect a reduction in that to zero.”

Acknowledging that all indicators suggest The Bahamas’ recovery, like that of the world’s, will not be the “sharp” V-shape many had hoped for, Mr Bowe conceded that $1.85bn in COVID-19 loan deferrals would “tie up a significant amount of capital” and create a major drag for the economy if they remained at that level. Yet he argued that The Bahamas is far away from this occurring.

“Should I be concerned about the amount? No, because the economy was closed for April and May,” he reiterated. “Should I be concerned if the economy re-opens and that number persists? Yes. Should I then be concerned about what

the repercussions might then be? Yes. “April, all tourism was shut. May, all tourism was shut. For much of June, all tourism was shut. July is going to be an indicator of how strong the recovery is going to be..... At this time the real message is that it requires steady hands at the wheel in all the financial institutions because the numbers are not going to be very encouraging. If we are not able to work through it methodically it could cause great excitement.”

Conceding that not all COVID-19 loan deferrals will be made current, Mr Bowe said the banking industry’s typical experience was that it took a borrower three months to catch up on principal and accrued interest if they missed one payment. As a result, he estimated that persons taking advantage of the three and six-month repayment moratoriums will require nine and 18 months, on average, to become current once the crisis ends.

“At this time, the institutions and regulator have to be led by strong hands, continued monitoring and diligence, and adjust when we see the economic rebound,” Mr Bowe told Tribune Business. “If that is protracted, there are going to be some difficult decisions made on bank capital and liquidity, but we are nowhere near that juncture.

“If the economy is in the same state it is in today this time next year, you and me will be having a radically different conversation. The world will also be having a radically different conversation, as it means we will have a tremendous problem. There are things we are seeing at this time that we don’t know the answers to yet. We don’t need to be panicking at this point in time.

“We need all hands on deck to re-open the economy so we don’t have a false economy where we haven’t re-opened prudently. We need to ramp up in a manner that is sustainable, not like what has happened in the US where states re-opened prematurely,” he continued.

“What we don’t want is for that same scenario to repeat itself, so we need the policymakers to make wise decisions, realising we need the economy open but that it must be done in a methodical manner.”

CENTRAL BANK REASSURES ON $2BN RESERVES

from page one

The report revealed that the reserves, which are critical to both funding imports and securing the one:one peg with the US dollar, closed May at a stillrelatively healthy $1.972bn ahead of a forecast $1bn drawdown over the remainder of 2020 as businesses and the economy re-open.

The Central Bank data shows they are greater than prior year levels, having expanded by almost $214m over the first five months of 2020.

“External reserve balances are projected to contract during the year on account of a decline in foreign currency inflows related to tourism sector activity, and a rise in imports to aid [Hurricane Dorian] reconstruction work. Nevertheless, external balances are estimated to remain more than adequate to sustain the Bahamian dollar currency peg,” the Central

Bank reassured.

Elsewhere, the regulator confirmed that tourism arrivals “came to a standstill” in May as a result of the COVID-19 lockdown, with Lynden Pindling International Airport (LPIA) handling just 238 departing passengers for the month compared to 139,376 during the prior year. That latter figure represented a 15.8 percent growth compared to May 2018.

“During the first five months of the year, aggregate departures [from LPIA] reduced by 49.1 percent, reversing the 19.9 percent expansion in the same period of 2019.

Underlying this outturn, the US segment decreased by 49.9 percent, contrasting with a 21.6 percent growth in the prior year. Similarly, the non-US segment fell by 44.8 percent, vis-à- vis an 11.2 percent increase a year earlier,” the Central Bank said.

“Data provided by AirDNA on the vacation

rental market revealed similar trends for the month of May. Specifically, total room nights sold contracted by 61.9 percent, reflecting reductions of 62.7 percent and 53.6 percent in bookings for entire place listings and hotel comparable listings, respectively.

“In contrast, the average daily room rate (ADR) for entire place listings and hotel comparable listings firmed by 7 percent and by 5.6 percent to $421.31 and $160.20, respectively. On a year-to-date basis, total room nights sold reduced by 18.2 percent.

“In particular, bookings for entire place listings fell by 19.9 percent, while bookings for hotel comparable listings were lower by 3.2 percent.

Pricing indicators varied, as the ADR for entire place listings edged up by 0.6 percent to $399, while the ADR decreased by 2 percent to $156.15 for hotel comparable listings.”

THE TRIBUNE

Tuesday, June 30, 2020, PAGE 5

$6M INVESTOR INJECTION ‘BIGGEST IN OVER A YEAR’ from page one

amounts, but regular sums - coming into our mutual funds,” he disclosed. “In June, as we got through the worst of it and people realised the economy was ramping back up, people wanted to move money.

“We had the biggest inflow of money into our mutual funds that we’ve seen in over a year. It was probably the biggest month for the last year in June. It was good in the sense that people were sitting there for the previous three months and, after we came through the crisis, they started to invest money and generate money again.

“It [COVID-19] focused attention on certain issues.

I think it really represented people who had an opportunity to reflect on their holdings and realise how important it is to get income in a crisis like this. People took action to move money out of bank deposits into our funds. The crisis seems to have focused people’s attention on improving their position for investment and income generation.”

Mr Anderson said the investment activity involving RoyalFidelity’s three-strong investment fund family the Targeted Equity Fund, Secure Balanced Fund and Prime Income Fund - showed Bahamian investors were prepared to “take advantage of opportunities” to generate greater

returns on their assets rather than cash-out, retrench or become more cautious due to the gloomy near-term outlook.

While many fear that COVID-19 will further widen the gap between rich and poor, and spur greater inequalities in Bahamian society as a result of job losses and income cuts, the RoyalFidelity chief said its funds aimed to provide capital market access to small retail investors through minimum subscription or entry points of just $500 to $1,000.

“We were very pleasantly surprised at how few withdrawals we had in that COVID lockdown period across the three funds,” Mr Anderson told Tribune Business. “We had one large withdrawal in March, with the person clearly concerned about the crisis, but we saw consistent inflows straight through.

“June was the really big pick up for us, and I’d like to think it’s the start of more investment through the year.

I think, again, people who have funding available will be looking to take advantage of whatever investment opportunities might arise.

“If we can help troubled Bahamian businesses to recapitalise and get their operations back up and running, that will be a nice opportunity to take people’s savings and mobilise them into entities needing investment. That will be part of what we’re looking to do in the second half

of the year as we become more aware of those opportunities,” the RoyalFidelity chief continued.

“The economy needs a bit of support, and there’s a lot of liquidity sitting in this market. Even though tourism businesses are struggling, there’s a lot of liquidity overhang sitting in the banks from last year that is not being used to make loans. We need to mobilise that money to help the economy start to pick up.”

The Central Bank’s monthly economic developments report for May, released yesterday, revealed that excess liquid assets in the Bahamian commercial banking system - representing funds that are available for lending purposes - increased by just over $100m during the first five months of 2020 to stand at $2.07bn.

“I’m hoping that what we saw in June was symbolic of what will take place over the rest of the year, and as that money comes into our funds we will start to see investment opportunities arise,” Mr Anderson reiterated.

“We are aware of projects that will be coming to market in the next six months looking for funding, and creating opportunities for investment. It’s more a matter of timing, so as we are able to build and raise funds in our mutual funds, we will be well-positioned to take advantage of possibilities later on in the year as they materialise.”

BPL PLEDGES ‘PRICE STABILITY’ from page one

wrapped up in BPL’s fuel adjustment charge, thus providing consumers with greater transparency. Besides the actual cost of BPL’s fuel itself, the charge also covers the cost of lube oil; fuel additives; “throughput fees”; foreign exchange costs and bank fees associated with buying the fuel; costs and fees linked to the fuel hedging initiative; and costs incurred from laboratory tests, inspection fees and interest.

“The fuel adjustment charge may be held constant for a period of up to 12 months in order to provide price stability to the consumer,” the regulations state.

“An over or under recovery account shall be created in order to monitor the movement in this account.”

The regulations also provide for a “reconciliation adjustment” to be made to BPL’s fuel charge to deal with any alterations that may be necessary to billing and fuel costs. BPL’s fuel adjustment charge is meant to be a cost recovery or pass through levy on consumers, meaning it seeks to only recover its costs and not make a profit on this aspect of its bill.

As a result, businesses and households should be the main beneficiaries of its hedging strategy. “We have businesses that plan for the long hail, and residential customers will have certainty in their bill,” Dr Moxey added. “We’re looking to do this [hedging] for the foreseeable future, and looking at a 12 to 24-month timeline. You try to lock in the best possible price.

“We’re looking to bring a level of price stability and price certainty, and this is a first step towards doing that. This is a pretty positive development, especially if you are a business coming out of COVID that wants to monitor and manage your energy costs.

“We’ve given you the ability to have cost certainty, and you are now focused more on consumption than rate volatility. This is key for us to deliver to our customers at this time.”

BPL’s chief executive, Whitney Heastie, said that the utility has built up its fuel reserves over the last months. He said: “We now have the physical inventory in place to announce that beginning July 1, 2020, BPL fuel charge for customers will be about 10 cents.

“BPL has now adopted the industry-standard practice of hedging. Hedging is a means of protection against price volatility. Through hedging, BPL can now essentially ‘lock in’ a fuel price for a set period of time, bringing unprecedented stability to electricity costs in The Bahamas. We are targeting that 10 cents range, hoping to hold the fuel cost there even when the hedged inventory enters the system in the second quarter of the fiscal year.”

Mr Heastie added that the new Wartsila engines at Clifton Pier power station’s Station A will also puts downward pressure on BPL’s fuel costs. And Dr Moxey said: “It’s simple: The base rates for electricity have not changed in more than ten years. The unpredictable swings in our electricity prices have been due almost exclusively to the wild swings in fuel prices on the open market.

“Once the hedged fuel costs kick-in, the major determining factor for how much you pay for your electricity will be your usage.

That means that once we lock in a price, you determine – by your usage – how much you pay for electricity.”

PAGE 6, Tuesday, June 30, 2020

THE TRIBUNE

ALIV AND DIGICEL MAKE IT EASIER TO SEND TOP-UPS TO HAITI ALIV has teamed with Digicel, the pan-Caribbean communications provider, to enable Haitians resident in The Bahamas to send mobile top-ups and plans to relatives and friends.

The Bahamian mobile provider said customers will now be able to send Digicel top-up or plans through its locations and authorised agents, once they provide the Digicel number in Haiti they wish to send these to.

“What is most important for the diaspora community is the ability to stay

connected to the people they love, and to always be able to have with them a piece of home. We are very excited to be able to provide this possibility to the Haitian diaspora in The Bahamas thanks to our partnership with Aliv, especially in the current times,” said Christophe Justens, Digicel Group’s general manager for the diaspora.

Aliv’s Recharge mobile platform has undergone a facelift with the development of an exclusive application for the resale of Digicel products. Using this

app, selected Aliv locations and authorised agents can send top-up and plans to Digicel customers in Haiti.

“The Aliv application was specifically made for sellers that we know regularly assist us in getting the Haitian diaspora connected with their loved ones back home,” said Aliv’s top executive, Damian Blackburn.

“We wanted to have a seamless process that would be easy for both sides, the agents and the people sending the top-up or plans.

“Our relationship with Digicel has always been a

great one, and we knew this was something we should be part of. We saw this as a great opportunity to better connect families and friends across the water, and we are definitely excited for our customers as well. We hope they love it.”

When sending top-up to a Digicel number in Haiti, customers must provide the phone number of the recipient as well as their own Bahamian phone number.

The agent will insert the value of the top-up or plan, starting at a minimum of $5, receives payment and the transaction will be

completed.

“We are constantly looking for innovative ways to improve our services, and fulfilling our subscriber needs is our top priority,” said Sh’ron Saunders, head of recharge at Aliv. “With this new venture, subscribers registered on any network in The Bahamas are now able to purchase Digicel products throughout the Caribbean, starting with the first market of Haiti and, soon after, Jamaica.”

Digicel is offering three plans: The small seven-day plan, which provides 4GB, unlimited Digicel to Digicel

calls and WhatsApp messaging; a medium 15-day plan, which provides 8GB, unlimited Digicel to Digicel calls and WhatsApp messaging; and a large 30-day plan, which provides 16GB, unlimited Digicel to Digicel calls and WhatsApp messaging.

To send a Digicel plan to Haiti, customers will provide the receiver’s number and their own Bahamian phone number.

Once selected, the customer would provide the value of the plan chosen to the agent, and the transaction is completed.

FREEPORT’S ‘OPEN ARMS’ FOR ANDROS TRADE INVESTOR from page one

of half a million acres of land, aragonite harvesting, medical research facilities, air and seaports, and other developments.

“The proposal has not been formally analysed nor reviewed to determine its viability, nor has it been presented to the National Economic Council (meaning the Cabinet) for consideration....... My government has not approved

the proposal.”

Accusing the Opposition of “misusing” revelations about the North Andros Green Free Trade Zone proposal “to sow confusion in our country”, the Prime Minister promised: “Let me be very clear for all to hear.

This government will not grant a free trade zone in Andros.

“We welcome Bahamian and foreign investors submitting proposals that are win-wins for the people of The Bahamas and for the

LEGAL NOTICE

NOTICE

CCMH CORPORATION Notice is given hereby in accordance with Section 138(8) of the International Business Companies Act, 2000, the dissolution of CCMH CORPORATION has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Registrar.

investors. At this time of great economic hardship we need all the appropriate investment we can get.

However, my government will not approve concepts from Bahamians or foreigners we think are not in the best interest of the Bahamian people.”

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

A part-owner of the Los Angeles Lakers, and owner and executive chairman of the Los Angeles Times and The San Diego Union-Tribune newspapers, his initial Andros proposal - which has yet to be formally submitted to the government and its investment agencies - aims to create 750-plus

DR PATRICK SOON-SHIONG full-time jobs, and 10,000 construction jobs over the build-out.

Some $200m-$250m will be invested over the first two phases of a development targeted at the Morgan’s Bluff area in North Andros. The project is focused on “value-added” manufacturing involving

PUBLIC NOTICE

NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHENIKA ARCHER of Emerald Gardens SS6427 Nassau, The Bahamas, mother of CHARISMA MELISHA ROLLE A minor intend to change my child’s name to CHARISMA MELISHA ARCHER If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

Aegis Corporate Services Limited Offices at Old Fort, Building Four, Western Road, P.O. Box SP-63771 Nassau, Bahamas Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 26 JUNE 2020

the creation of finished products from aragonite and other Bahamian natural resources, rather than simply exporting the raw material.

Mr Smith, meanwhile, said yesterday: “I am glad that the Prime Minister has emphatically advised the nation that half of Andros

INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

BILLBEE INVESTMENTS LTD. IBC No. 201789 B (In Voluntary Liquidation)

NOTICE is hereby given that as follows: (a)

That BILLBEE INVESTMENTS LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 19th day of June 2020 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d)

Any person having a Claim against the above name Company are required on or before the 20th day of July 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default there of they may be excluded from the benefit of any distribution made before such claim is approved.

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,123.32 | CHG: -0.28 | %CHG: -0.01 | YTD: -108.28 | YTD%: -4.85 BISX LISTED & TRADED SECURITIES 52WK HI 4.24 22.65 7.00 6.75 2.58 2.00 5.47 12.77 6.16 4.50 9.92 3.64 5.10 10.88 8.44 16.99 9.40 4.25 15.21

52WK LOW 3.21 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

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00

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 1.69 1.85 1.77 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 1.64 1.77 1.72 1.07 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 3.21 17.43 6.00 6.75 1.78 1.62 2.99 11.26 6.16 4.00 5.92 2.87 5.10 9.55 8.44 14.50 8.97 3.72 15.20

CLOSE 3.21 17.43 6.00 6.75 1.78 1.62 2.99 11.26 6.16 4.00 5.92 2.82 5.10 9.27 8.44 14.50 8.97 3.72 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 -0.05 0.00 -0.28 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

400 840 300

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 1.69 1.81 1.77 1.07 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 13.4 18.7 N/M 18.3 N/M N/M -6.8 15.6 13.7 21.7 42.3 27.6 10.9 14.3 11.6 17.8 9.6 18.3 24.1

YIELD 5.30% 7.23% 0.00% 3.85% 0.00% 1.23% 0.00% 6.39% 3.57% 3.00% 0.00% 15.39% 1.18% 3.54% 2.84% 3.72% 2.23% 3.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 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% 1.88% 3.90% -2.26% 2.49% 0.76% 3.56% -11.03% -8.03% -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-May-2020 31-May-2020 31-May-2020 31-May-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

Sterling (Bahamas) Limited Liquidator

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) LIRA GLOBAL INVESTMENT OPPORTUNITIES FUND LTD. IBC No. 169608 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)

That LIRA GLOBAL INVESTMENT OPPORTUNITIES FUND LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 19th day of June 2020 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d)

Any person having a Claim against the above named Company are required on or before the 20th day of July 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved

Sterling (Bahamas) Limited Liquidator

Final Notice of Dissolution under the BVI Business Company Act. St. Emilius Ltd. Company No.2002032 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 208, subsection 3 of the BVI Business Companies Act, 2004 that the Company was dissolved and struck off the Register of Companies with effect from June 17th, 2020.

Dated this 24th day of June 2020 (Sgd.) Yvette E. Francis Voluntary Liquidator

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

is not for sale to a foreign investor.

“Not only because Freeport should be the preferred first stop for this kind of development, but because Freeport is a ready-made turnkey investment opportunity, and it is completely inappropriate to despoil and sacrifice other environments in the Bahamas at the altar of private profit to a foreign developer.”

He reiterated: “Send them to Freeport. All the infrastructure is already here, and whatever environmental damage there is has already been done. The tax exemption construct is already there with the Hawksbill Creek Agreement turn-key investment opportunity. It would provide thousands of jobs for Bahamians who have skills and are ready willing, able and available. Don’t reinvent the wheel elsewhere.”

THE TRIBUNE

Tuesday, June 30, 2020, PAGE 11

THE WEATHER REPORT

5-Day Forecast

TODAY

TONIGHT

WEDNESDAY

THURSDAY

FRIDAY

SATURDAY

Mostly sunny

Mainly clear

Mostly sunny

Mostly sunny

Partly sunny with a shower in spots

Partly sunny, a t‑storm in spots

High: 89°

Low: 81°

High: 90° Low: 80°

High: 90° Low: 80°

High: 90° Low: 79°

High: 90° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

102° F

89° F

102°-88° F

102°-88° F

102°-88° F

102°-88° F

ORLANDO

High: 96° F/36° C Low: 77° F/25° C

TAMPA

High: 93° F/34° C Low: 79° F/26° C

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

N

almanac

E

W

ABACO

S

N

High: 86° F/30° C Low: 82° F/28° C

4‑8 knots

S

WEST PALM BEACH High: 93° F/34° C Low: 78° F/26° C

6‑12 knots

FT. LAUDERDALE E

W

FREEPORT

High: 94° F/34° C Low: 80° F/27° C

N

S

E

W

High: 90° F/32° C Low: 79° F/26° C

MIAMI

High: 96° F/36° C Low: 80° F/27° C

3‑6 knots

KEY WEST

High: 91° F/33° C Low: 84° F/29° C

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 81° F/27° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 87° F/31° C Low: 81° F/27° C

N

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

tiDes For nassau High Today

Ht.(ft.)

Low

Ht.(ft.)

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 ‑‑‑‑‑ ‑‑‑‑‑

Thursday

5:53 a.m.

6:33 p.m.

2.6 3.4

12:06 a.m. 0.1 12:04 p.m. ‑0.3

Friday

6:50 a.m.

7:26 p.m.

2.6 3.4

1:03 a.m. 0.0 12:57 p.m. ‑0.4

Saturday

7:43 a.m.

8:16 p.m.

2.6 3.5

1:56 a.m. ‑0.1 1:49 p.m. ‑0.4

Sunday

8:34 a.m.

9:03 p.m.

2.6 3.4

2:46 a.m. ‑0.1 2:38 p.m. ‑0.3

Monday

9:23 a.m.

9:50 p.m.

2.6 3.3

3:34 a.m. ‑0.1 3:26 p.m. ‑0.2

sun anD moon Sunrise Sunset

6:24 a.m.

8:04 p.m.

Moonrise Moonset

3:40 p.m.

2:32 a.m.

Full

Last

New

First

Jul. 5

Jul. 12

Jul. 20

Jul. 27

CAT ISLAND

E

W

High: 86° F/30° C Low: 79° F/26° C

N

S

E

W

4‑8 knots

S

4‑8 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 ................................................... 86° F/30° C Low .................................................... 77° F/25° 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 ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 24.47” Normal year to date ................................... 13.65”

uV inDex toDay

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 79° F/26° C

High: 87° F/31° C Low: 81° F/27° C

N

High: 88° F/31° C Low: 80° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 80° F/27° C

4‑8 knots

MAYAGUANA High: 87° 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: 85° F/29° C Low: 81° F/27° C

H

High: 85° F/29° C Low: 80° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 80° F/27° C

N W

N E

W

E S

S

7‑14 knots

7‑14 knots

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

Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:

WINDS SW at 6‑12 Knots SW at 6‑12 Knots E at 4‑8 Knots ESE at 4‑8 Knots ESE at 4‑8 Knots SE at 4‑8 Knots ENE at 6‑12 Knots E at 7‑14 Knots S at 3‑6 Knots SSE at 4‑8 Knots WSW at 6‑12 Knots W at 4‑8 Knots E at 4‑8 Knots ESE at 6‑12 Knots NE at 7‑14 Knots E at 7‑14 Knots E at 6‑12 Knots E at 6‑12 Knots ENE at 6‑12 Knots ESE at 6‑12 Knots SSE at 4‑8 Knots S at 4‑8 Knots E at 7‑14 Knots E at 7‑14 Knots SE at 4‑8 Knots SE at 4‑8 Knots

WAVES 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑3 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑3 Feet 2‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet

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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 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 86° F 85° F 88° F 89° F 85° F 86° F 84° F 84° F 86° F 87° F 88° F 88° F 87° F 88° F 83° F 83° F 85° F 85° F 84° F 84° F 86° F 87° F 84° F 84° F 86° F 87° F