07012020 BUSINESS

business@tribunemedia.net

WEDNESDAY, JULY 1, 2020

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Developer defeats judgment attempt

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Biodiesel firm is ‘coiled spring ready to explode’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN EX-convict’s bid to obtain summary judgment against a Harbour Island developer was this week rejected by a California judge.

Judge Gary Klausner threw out the bid by Bernard Ross, who has a history of convictions and run-ins with law enforcement, after ruling that Michael Wiener, principal of 4M Harbour Island Ltd, had produced a substantial defence.

The move comes after Mr Wiener alleged in court papers that Mr Ross entered into more than $327,000 worth of contracts without permission. These included $100,000 due to an Eleuthera-based contractor, Mickyles Enterprises, and its principal, Michael Johnson, for work that 4M’s principal should have been performed by Mr Ross.

Mr Wiener alleged that he had been forced to pay Mr Johnson some $50,000, or 50 percent of what he is owed, “to keep work progressing” on the Briland Residences & Marina development. A further $127,438 was said to be owed to RH Sasso/Coastal Systems International, the latter of which is a Floridabased company known for its work on marina and water-based developments in The Bahamas.

The 4M principal’s affidavit, filed on June 8 in response to Mr Ross’s bid to obtain a “partial summary judgment” against him for allegedly breaching their settlement agreement, indicated that “unauthorised” deals executed by the former project manager likely involved more than the $327,000 known. Apart from the agreement to pay $100,000 to Erik Sanderson, an “unknown” sum was also owed to a “Bobby Bargar”.

Mr Wiener explained that these previously unknown liabilities, which he discovered subsequent to the “settlement agreement” with Mr Ross and his wife, Holly, were why he has not paid the final two installments - worth collectively $1m - to the duo.

Suggesting he had moved to part ways when Mr Ross’s performance as project manager proved to be “more of a burden than benefit”, the 4M principal’s filings with the central California federal court alleged that the settlement only provided the ex-convict and his Harbour Island Development Management company with a “limited” release from their obligations.

Mr Wiener was backed by Mr Johnson, the Governor’s Harbour-based contractor still owed $50,000 for his work on the Briland Residences & Marina development.

Revealing that he first met Mr Ross in 2017, the Bahamian entrepreneur said he was initially approached about being an electrical contractor for the project.

“Subsequently, he [Mr Ross] asked me to provide assistance liaising with the Harbour Island District Council, the governing authority on Harbour Island, as well as the Office of the Prime Minister,” Mr Johnson alleged in an affidavit filed with the central California court.

A BAHAMIAN biofuel producer yesterday described itself as “a coiled spring ready to explode” with ramped-up sales after four painstaking years of perfecting its product.

Scott Metcalf, Bahamas Sustainable Fuels’ general manager, told Tribune Business the company was “really at the tip of the iceberg” in terms of bringing reduced fuel costs, lower carbon emissions and a more environmentally-friendly product to corporate Bahamas for use in its vehicle fleets.

He disclosed that the joint venture between 700 Islands Energy and Bahamas Waste, which is the only licensed biofuel manufacturer in The Bahamas, is aiming to rapidly expand from the 250,000 gallons of biodiesel it generated in 2019 to fulfill

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BAHAMIANS were yesterday warned to brace for “more significant casualties” in the tourism industry as Baha Mar started terminating hundreds of workers.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that The Bahamas “will suffer more victims” from the COVID-19 pandemic than less tourism-dependent nations as the Cable Beach mega resort yesterday informed the workers it is releasing via phone calls.

Baha Mar did not respond to Tribune Business questions seeking confirmation on how many staff will be terminated, or what percentage of its workforce that represents. However, Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, said 328 workers had been released from

RUPERT ROBERTS

• Bahamas Sustainable Fuels targets sales ramp-up Super Value chief • Says scratching ‘tip of iceberg’ over fuel’s potential urges clarity over • Can expand production from 250k to 2m gallons plastic bag ban its plant’s potential two million-gallon annual output through attracting more clients.

“We’re really at the tip of the iceberg,” Mr Metcalf said. “We’re right on the edge, and are like a coiled spring just waiting to go and make that explode exponentially through increasing our production and sales.

“Our base clients have been with us for four years making sure the product is right. Now we’re to the point we’ve reached all of our targets we need to make that explode. We just need to get those clients.”

Emphasising that Bahamas Sustainable Fuels is targeting measured growth that will allow it to build plant and staffing capacity

as demand increases, Mr Metcalf added: “One of the main things is not trying to get to 100m gallons of diesel straight away. I’d rather do it in steps.

“As demand grows we will make sure we can meet the demand. I’m anticipating an increase in sales but not a big rush to 500 clients saying they want biodiesel.

It will take time to build demand.

“Ideally we need to get three to four clients the size of Bahamas Waste taking 10,000-15,000 gallons a month. That would be the boost we need.”

Bahamas Waste sold a majority 51 percent interest in its then-fledgling biodiesel business to 700 Islands Energy, headed by president

Happy Hall, in early 2016 for the sum of $180,433.

The move, which left the BISX-listed waste services provider as a minority 49 percent provider, has brought greater focus and attention to the biodiesel business through 700 Islands Energy’s management rather than it being a small component of a much larger publicly traded company.

Mr Hall yesterday argued that The Bahamas needed to place more focus on renewable, environmentallyfriendly fuels rather than just be consumer by solar energy.

Pointing out that Bahamas Sustainable Fuels is targeting commercial vehicle fleets, boats and

1,200 workers.

While Baha Mar’s move comes as little surprise given that it first flagged the lay-offs two weeks’ ago, it still represented one half of yesterday’s ‘double whammy’ for the Bahamian economy and tourism industry given that Atlantis, its mega resort rival, revealed its own re-opening date has been pushed back three weeks to July 30.

“It’s very unfortunate in that more Bahamians have become victims of this COVID-19 pandemic,” Mr D’Aguilar told Tribune Business. “I’m sure it’s very disconcerting and troubling for the employees who have received their termination notices.

SEE PAGE 4

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• Minister warns of further tourism ‘shocks’ • Union reveals 328 terminated at Melia • Cable Beach mega resort starts 20% cut

BAHA MAR its Melia Nassau Beach property alone.

While Baha Mar’s other resorts are not unionised, Mr Woods said he had heard the number impacted by the terminations at those hotels “ranges from 1,200 to 1,300”, although he was unable to confirm that.

Those numbers are in line with Tribune Business’s exclusive revelation on June 15 that the $4.2bn mega resort, owned by Hong Kong-based Chow Tai Fook Enterprises, planned to terminate up to 20 percent of its staff - a figure that corresponded to around 1,100 to

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SUPER Value’s president is urging the government to clarify how it will tackle leftover single-use plastic products as the full ban on their use takes effect today.

Rupert Roberts told Tribune Business he was unsure whether the Department of Environmental Health Services (DEHS) “drop off” site for remaining banned plastics and styrofoam products will be big enough to cope with what is left given that the COVID-19 pandemic prevented merchants running down their stocks.

“I think the public and merchants don’t know what to do other than stop selling them for 25 cents,” he said. “I have only 14m [plastic bags] left. They cannot be talking a 10 x 10 room. We cut our order in half, thought that was our usage, and were left high and dry when we had to charge 25 cents.

“They don’t have a facility to hold all this material that is left over. We’ll see what they come up with.

We’ll do nothing until they contact us.”

Mr Roberts added that the government “should so what they should have done in the first place” and ban further imports of singleuse plastics and styrofoam products, while merchants and consumers ran down and eliminated their existing inventories.

However, other food stores said they had eliminated their plastic bag stocks ahead of the full ban coming into effect today.

Macnair Beneby, general manager or Courtesy Supermarket, told Tribune Business: “We don’t have any more plastic bags in stock. We were prepared

‘More big casualties’ to follow Baha Mar

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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‘Unsettled’ Atlantis pushes reopening back to July 30

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATLANTIS has pushed its reopening back a further three weeks to July 30 to allow “a bit more calm to come into a unsettled market”, a Cabinet minister said yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the Paradise Island mega resort’s decision to move back from July 7 could even work to its advantage and that of the wider Bahamian tourism industry by buying more time to ready COVID-19 health protocols.

Acknowledging that Atlantis’s move will “slow down the inflow of visitors” that will be triggered from today with the resumption of commercial air travel and relaxation of border restrictions, he added that The Bahamas will potentially be better positioned to combat the surge in infections in its major source market, the US. Disclosing that Atlantis is reporting “robust” bookings for August, Mr D’Aguilar also revealed that there had been “push

• Minister: Resort awaiting tourism market ‘calm’ • PI chief: Move stems from ‘abundance of caution’ • Govt adjusts testing again amid COVID-19 surge

DIONISIO D’AGUILAR

DARRIN WOODS

ATLANTIS PARADISE ISLAND back” from the hotel and wider tourism industry over The Bahamas’ requirement

that children under ten years-old also require a negative COVID-19 PCR

test before they will be admitted to this country.

Families make up a significant component of guest bookings for Atlantis and other properties, and Mr D’Aguilar said the government had ultimately elected to compromise on this point by requiring negative COVID-19 tests from just the parents accompanying minors.

This represents another change to The Bahamas’ health protocols, and the minister conceded that the “constantly changing goal posts” were becoming a source of frustration for The Bahamas’ largest industry ahead of its planned re-opening.

Atlantis did not release a formal statement on its July 30 push-back before press time last night, with yesterday’s move - confirmed by the prime minister in the House of Assembly - creating a double whammy for the resort industry and

wider economy given that it coincided with terminations at rival mega resort, Baha Mar. Tribune Business was informed that workers initially recalled for Atlantis’ first phase re-opening were advised not to report to work yesterday, as concerns mounted over the threat posed to the health of staff, guests and the wider community as a result of the recent surge in US COVID19 infections.

A message purported to have been sent by Errol Cohen, Atlantis’ head of retail, and which was circulated widely on social media, said: “Due to the dramatic increase in COVID-19 cases in the US, and in the interests of the health and safety of our guests, team members and the Bahamian community, we will delay the opening by 30 days.”

The Paradise Island mega resort’s formal position was communicated to its staff late last night by Audrey Oswell, its president and managing director.

The letter, which has been

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PAGE 2, Wednesday, July 1, 2020

G

RAND Bahama’s Chamber of Commerce president yesterday said he does not support the proposed North Andros Free Trade Zone coming to Freeport.

Gregory Laroda told Tribune Business that the project, conceived by Los Angeles billionaire philanthropist, Dr Patrick Soon-Shiong, would result in giving up too much land for too little in return for Bahamians.

“I read up on some of the projects slated for Andros, and my concern probably would be almost the same as the Prime Minister in terms of it seems like a whole lot of land is involved,” he said. “At the end of the day, when you look at giving up that

THE TRIBUNE

GB CHAMBER CHIEF OPPOSES TRADE ZONE GOING TO FREEPORT

BY YOURI KEMP | TRIBUNE BUSINESS REPORTER YKEMP@TRIBUNEMEDIA.NET amount of land, what are we really going to get from it as Bahamians?

“So I wouldn’t support it from that standpoint. If it is coming to Freeport in the same format as it is being presented for Andros, then I would have the same concerns again in terms of

what are we really going to get out of the deal, and how much do we have to give up to get what we are going to get from it?

“Even if it looks like it can marry well with what’s left of the Hawksbill Creek Agreement, all of that is phasing out now in any

event, and it will only have life for another 35 years or so. So all of those things you have to look at.”

Mr Laroda urged caution over the call by Fred Smith QC for the government to direct all large-scale investment projects to Grand Bahama. “As a resident living on Grand Bahama, I would like to see largescale investments as well, but to me you would still have to look at the investments individually and see if they are really suited to Grand Bahama,” he added.

“We’re industrialfocused right now, and so there may be some largescale investments that may not be suited to Grand Bahama. To the extent that the projects can work on Grand Bahama, I would be all for that. But I wouldn’t

say just divert any and everything to Grand Bahama.”

It is unclear why Dr Soon-Shiong chose Andros over Grand Bahama for his project, and Mr Laroda said: “I’m thinking he probably was trying to create something in Andros similar to what we have in the Hawksbill Creek area, and so from that standpoint it wouldn’t make too much sense to introduce that on an island that already, in some form, has that going on.

“For years I was saying that when you look at the Hawksbill Creek Agreement, and what it did for the Freeport area of the island, that maybe it was kind of a shock as to why we haven’t tried something like that in one of the other islands. I was thinking that

was the reason for wanting to go to some place like Andros.

“Andros also has a whole lot of land that can be developed, and you are probably starting with a blank slate. I think that might be why the investor was seeking Andros.

When you look at the land they are asking for, where else can you do that other than Andros. You can’t look to develop and control that type of land, not even on Grand Bahama,” Mr Laroda added.

“If they look to put it in the Freeport area, to me they have go to back to the drawing board and it would probably have to be a different project. They would have to revisit a lot of what they are talking about.”

ANDROS BUSINESSMAN NOT AGAINST FREE TRADE CONCEPT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A NORTH Andros businessman says he is not necessarily opposed to a free trade zone on the island although the present proposal is seeking too much land.

William Pratt, part-owner of North Andros Automotive Parts Store, said the concept of creating a freetrade zone on the island had been mulled since the days of Sir Lynden Pindling’s administration.

“I know some time time ago a free-trade zone was proposed when Darrell Rolle was the MR for the North Andros constituency.

A free-trade zone had been proposed then for the Morgan’s Bluff area. That was set and ready to go and, after the 1992 election, the

political change changed all of that,” he recalled.

“It’s more like a slap in the face to tell us that Andros would not be a free-trade zone, because politically we have been slapped backward and forward from each government.

“Every time someone proposes something, the government changes every five years, and if they don’t implement it before they leave office, then the incoming government does nothing about it.”

Mr Pratt said he was not against the concept, but only the size of the present proposal by Los Angeles-based billionaire philanthropist, Dr Patrick Soon-Shiong.

“I am not in favour of the project in its form, but I don’t oppose North Andros being a free-trade zone. The

current proposal is asking for too much land and we have to question who is behind all of this,” Mr Pratt said.

“We have a proposal from the Chinese investor (Dr Soon-Shiong), and then we have a proposal from the former US ambassador (Ned Siegel), and then we have a project from the Symonette Group.

“Even though they may appear to be three separate projects, the Morgan’s Bluff free-trade zone and the aggregate mining project seem to overlap. When you look at the 500,000 acres of land, it takes up the majority of North Andros. They seem to overlap, so tell me if those two are business partners?”

Mr Pratt continued: “My objection to the Symonette Group project is something very few people

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understand. That aggregate they are digging for, they are digging miles into the pine forest.

“They are in the main pine forest and they will be digging 30-40 feet down in our fresh water lens.

This is not like a canal that leads out to the ocean, but these are big holes in the back of the land off of the main road, maybe three or four miles into the pine forest and into the well fields.”

Mr Pratt, who is also a retired employee of the Water and Sewerage Corporation (WSC), said he attended a meeting three years ago with Cameron Symonette and one of his partners from the US to discuss the aggregate mining project.

“We rejected that project then. Now they brought it back. I highly oppose the project in its form, and I would agree with the freetrade zone, if it is properly structured and Bahamians are involved,” he added.

Dennis Adderley, owner of Andros Distributors, told Tribune Business: “They don’t need to be giving away any of the land, because some of that land

belongs to me. That project isn’t making any sense.

They come here and they want all of this land, and only want to offer us a few jobs?

“This is Andros and we are used to punishment.

The fish is jumping in the creek and crab is walking, so money is making. You can’t allow people to come in and buy up everything.”

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: “In the draft proposal there are concepts for the development 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 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.”

THE TRIBUNE BAHAMAS Power & Light (BPL) observers yesterday described its new fuel hedging plan as better late than never, adding: “This should have been done 40 years ago.”

Debbie Deal, head of the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) energy and environment division, said: “It’s great that my bill will be lower; it will be $48 cheaper a month. But what annoys me more than anything is the government gave the authority for BPL to be hedging, but BPL should have been hedging for the last 40 years.

“Why is it now that hedging is the new normal for them when every country in the world has been hedging forever? Why is it that, in the first place, we have to pay a fuel surcharge?

“Think about BPL as a business. They provide energy, so they need engines and they need fuel; those are the two things that they need. Plus they need labour to make their company run, so fuel is a given. Why are we paying a fuel surcharge when they know that that is a given?”

Acknowledging that volatile global oil prices have been the primary

Wednesday, July 1, 2020, PAGE 3

BPL fuel hedging plan ‘better late than never’

BY YOURI KEMP | TRIBUNE BUSINESS REPORTER | YKEMP@TRIBUNEMEDIA.NET

BPL HEADQUARTERS reason why BPL’s fuel surcharge has fluctuated so wildly over the years, Ms Deal questioned why the state-owned utility never sought to stockpile sufficient reserves to counter this.

“Why wasn’t BPL run efficiently enough that these things had to have

been done so that we don’t have to have a fuel surcharge?” she asked. “A fuel surcharge doesn’t have to apply to just fuel, but that’s what they call it. It can be anything that they can charge extra for under the guise of being called a fuel surcharge.”

Using its hedging

strategy, BPL is aiming to drop its so-called “fuel adjustment charge” to 10 cents per kilowatt hour for between 12 to 24 months.

Ms Deal suggested this timeframe may have been chosen because energy use by companies, in particular, has dropped significantly as a result of the COVID-19

pandemic.

“Maybe they are giving this timeframe because there will be less energy usage than the norm, but what happens again when the next crisis happens?” she asked. I want to know what the long-range goal is for five or ten years down the road, and what will happen if we have another major hurricane this year.

“What if we have it in Nassau? Will that affect that 12 to 24-month lockin rate, and is BPL going to guarantee that we will get that?”

Leslie Miller, BPL’s former executive chairman, also told Tribune Business that BPL should have been implementing a fuel hedging strategy “a long time ago”.

Many observers will immediately ask why he did not do this during his time as board head, but the former Cabinet minister and MP said: “We had the same thing going for us from Venezuela, when we had a 20-year agreement with Venezuela to get our fuel at about a 20 percent discount for what we were paying back then.”

That is a reference to the Petro Caribe agreement championed by the late Venezuelan president,

Hugo Chavez, which The Bahamas elected not to participate in. However, Mr Miller added: “It all depends on who they are going to hedge with. It would be good if you can see the merits of it, the company and their ability to hedge.

“It is easy to do. They should have been doing that a long time ago. They waited too late. The fuel surcharge is so complicated, most people don’t know how the hell to operate it to be honest with you.

“It is very difficult, and it would be good if they can explain in a detailed manner what makes up that exorbitant price that we are paying. That would be good for them to explain to the public.”

Explaining how the fuel surcharge ended up being added to consumer bills, Mr Miler said: “This fuel surcharge started when BPL decided that whatever money they borrowed, the Bahamian consumer would pay for it.

“The extra charges came as they made us pay for their inefficiencies and ineptitude. We just let it run over the years, but the fuel surcharge formula is very complicated.”

Arawak and Potter’s Cay: No worries on early close

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ARAWAK Cay and Potter’s Cay vendors yesterday they have received no complaints from customers about having to close at 8pm due to the 10pm curfew.

Rodney Russell, president of the Arawak Cay Conch, Fish, Vegetable & Food Vendors Association, told Tribune Business: “I don’t think you can put a price on revenue earnings in the time of this pandemic, because the reason is people are still unemployed and only a few persons still have access to an income.

“So it wouldn’t be fair to put a figure on what we think we might lose, because a lot of people are

POTTERS CAY DOCK. unemployed and we sympathise with them. However, we are still grateful that we are able to open up our establishments, and those who have some access to

PHOTO: SHAWN HANNA/TRIBUNE STAFF income can still come to the world-famous Fish Fry and enjoy themselves.”

Mr Russell spoke out after the Prime Minister yesterday warned

businesses that they face fines and, potentially, permanent closure if they remain open past the 10pm curfew start.

However, the Arawak

Cay chief said: “We’re not looking forward to opening up for a longer period at this time. I think the Prime Minister is doing a good job at letting us open piece, piece, and we are playing it by ear of sorts.

“I believe as we open up slowly, and as things get back to normal, we will get back to the way it was, but for right now the baby is sick and you have to feed it slowly until it is strong enough to be able to go full force again.”

Arawak Cay restaurants typically have licenses that allow them to close at 2am in the morning, but Mr Russell added: “Arawak Cay is quiet. The western gate has been opened finally, and customers can move freely through the cay.

“We are asking customers

to remember to social distance and to wear their masks, and at 8pm we stop serving and we are asking everybody to be a part of this workforce to help us manage this pandemic.”

Wendi Constantine, president of the Bahamas Dock and Allied Venues Vendors Association, added: “I think our vendors are okay with the 10pm curfew.

I haven’t gotten any complaints about it.”

She said the busiest time at Potter’s Cay is the lunch hours, with Friday evening particularly busy for the venue. Ms Constatine added: “Things are going OK. We are just trying to keep customers obeying the safety regulations, and everyone is closing up at the appointed time.”

Bimini targeting July 4 re-opening boost

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BIMINI businesses are hoping the re-opening of the island’s major resort in time for “one of the three busiest weekends of the year” will provide a post-lockdown boost.

Neal Watson, owner of Neal Watson’s Bimini Scuba Centre, told Tribune Business of Resorts World Bimini’s July 2 re-opening: “People can get back to work and start a little towards recouping some of the losses. I’m kind of excited about it.”

“I think this is going to be great for Bimini, not just the Resorts World opening, but Bimini and West End is lucky like that because all of the boaters from Florida, the weekend boaters and the guys that don’t have many yachts, they can come over and they can get a hotel room and eat in a restaurant. So it really impacts the local economy quite good.”

Voicing optimism ahead of the July 4 American

Independence Day celebrations, Mr Watson added: “That’s traditionally one of the three busiest weekends in all of Bimini for the whole season. The weather is good, it’s opening time for that, and it’s going to be a much-needed boost and injection into the economy.

“Everybody is supposed to have been tested, but we still obviously have to practice all of the social distancing requirements and it’s a good run to see what everything would be like.”

Mr Watson said he has “no complaints”, but wished that the reopening could have happened one week ahead of the American Independence celebrations so that the island can practice the new COVID-19 health protocols on social distancing and sanitisation.

“He added: “I’m sure there will be a bit of confusion at first, but we have all been practicing so far and we have all got our masks and six-feet markers set out. We have redesigned our building to make sure

everyone checks-in outside.

We have gone over all of the rules about tour operations and how we have to run at 50 percent occupancy on our boats.”

Despite the circumstances, Mr Watson said this gives his workers an opportunity to return to work and enjoy more business. The 50 percent occupancy restriction means his business will have to run more boats, and more persons will need to be hired as a result.

He said, “As a business we may not be making as much money, and even if we are not as busy we have to employ twice as many people. It should be good for everybody, I hope.” He added that he has “quite a few” group bookings, and none have complained about having to take the COVID-19 swab test.

Sarahlee Pinder, owner of Poppin’ Fresh Pizza, said of the Bimini World Resorts reopening: “I think the reopening should have more of an impact than what it is now. I have a few friends I know some time ago that used to come to

the End of the World that still patronise me, so we are looking forward.

“I have a lot of friends that come over who knew me from a while ago, and who remember me from my time at the End of the World, and they stop by and get pizza from me whenever they come. I also have my Bimini people that get pizza from me, too.”

Ms Pinder said she used to operate her pizzeria from the End of the World Saloon Sandbar, but following the 2008 financial collapse she was forced to change locations.

“When it opens you would have a lot of Bahamians coming back to work, and even though Resorts World has their own pizza place, they still come to spend money with me,” she added.

However, Marie Robins,

general manager of Man S liquors, warned against re-opening the Bahamian economy to tourism now given the surge in US infections. “Right now, with so many [COVID] cases in Miami, I think it would be a mistake,” she argued.

“If I say that I am not afraid I would be lying.

Miami cases are over 28,000 right now, and they would be the same people

that are probably gracing our shores. I think we need to be very careful. We need tourism business, but we need to live, too.

“Right now COVID-19 is the boss. The Ministry of Tourism’s plan is second base. Right now this is about concentrating on the virus. The Ministry of Tourism is doing the best they could, but I am afraid.”

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PAGE 4, Wednesday, July 1, 2020

THE TRIBUNE

‘More big casualties’ to follow Baha Mar FROM PAGE ONE “I think while it’s unfortunate it was probably expected given the swift decline in the tourism industry worldwide. This pandemic has affected hotels, airlines, excursion and tour providers, car rental companies... everybody.”

Pointing out that LIAT, the airline that connects 15 Caribbean nations via inter-island flights, is to be liquidated due to COVID-19’s catastrophic effects on its financial well-being, Mr D’Aguilar warned that The Bahamas needed to ready itself for potential corporate failures and mass redundancies in its tourism industry.

“There are going to be significant casualties from this pandemic, and especially in countries that are so dependent on tourism such as ours,” he told Tribune Business.

“The United Nations’ World Tourism Organisation (UNWTO) has noted

that the tourism industry is pretty much at a standstill, and there are travel restrictions in 100 percent of tourism destinations and, in 72 percent of destinations, the borders are closed.

“They’re expecting [global] tourism to be down in the second quarter by 60 percent to 78 percent. The Bahamas is obviously, being so tourism-dependent, going to suffer more casualties in an industry that is beginning to return in a real sense having been at a complete dead stop from the latter part of March 2020,” Mr D’Aguilar added.

“I’m sure Baha Mar will not be the first. I’m sure more of the tourism sector will experience shocks like this until we get through this pandemic. We’re not there at all yet given the rapid increase in cases in the US, which is our core market.”

Mr Woods, the hotel union’s president, yesterday said it was watching nervously to see whether Baha Mar’s staff terminations cause “a domino effect” leading to more lay-offs

throughout the Bahamian resort industry.

“I feel like a fighter in the 12th round who is just receiving low body shots,” he told Tribune Business, revealing that “in excess of 300” workers had been released at Baha Mar’s Melia Nassau Beach property.

“The numbers are around 328 or thereabouts,” Mr Woods added, noting that the Melia had around 700 staff in total. This would mean the terminations at that property exceed the 20 percent threshold, with the lay-offs sparking a “mixed” reaction among those affected.

“Some think they could have waited a while, but management took the decision that the needed to do what they needed to do,” Mr Woods added. “They’re going to do renovations in short order, and of course there’s COVID-19.

“With Baha Mar, Melia and the Hilton, it’s now a wait and see whether there’s a domino effect that moves throughout the industry. So

far they’ve been the trend setters. The other hotels, including Sandals, have said they are opening later.

We have to see what that represents.

“US cases continue to climb, with 40,000 a day being infected. That’s going to cause a scare for the travelling public and those of us receiving them.”

Baha Mar, in its statement yesterday, echoed Mr D’Aguilar by describing the hospitality and tourism industry as “the hardest hit” sector in COVID-19.

Drawing on research by Oxford Economics and the STR data analytics provider, STR, it said the global sector is projected to lose 100.8m jobs in 2020.

With eight of ten hotel beds forecast to be empty worldwide, and revenues down by 50 percent, Baha Mar said it had taken “the difficult, but necessary, decision to implement staffing reductions to adequately align with projected business levels” ahead of its planned October 2020 re-opening.

It confirmed that it was

“communicating directly” with impacted staff, who would all receive due severance pay and benefits in accordance with their legal entitlements. The mega resort also pledged that it would bring back as many terminated employees “as possible once business returns to pre-COVID-19 levels”.

That, though, is likely to be at least two years away.

Baha Mar suggested that it acted now because the 13-week, or 90-day, deadline where employers have to determine whether to make furloughed employees fully redundant had arrived.

The government had previously extended this until the end of July, but Baha Mar’s statement said: “On June 29, as the 90-day period ended, it was necessary for us to take the incredibly difficult step of reducing our staff across Grand Hyatt, SLS, Rosewood, Melia, Casino and Baha Mar’s shared services.

“We are in the process of communicating directly with each of the associates

affected by this decision, and we are here to help guide all impacted through the next steps. All affected associates will receive severance pay in accordance with the law.”

It added: “All affected associates are eligible for rehire, and we look forward to bringing back as many associates as possible once business returns to preCOVID-19 levels.

“With the ongoing construction and expanded resort offerings starting to launch in fall 2020, Baha Mar continues working hard to create additional opportunities for the Bahamian job market.”

Baha Mar reiterated that it had ensured all employees received 40 percent of their base pay, in addition to National Insurance Board (NIB) benefits, plus maintained health and other insurance coverages for them since the property’s March 25 shutdown.

Those workers remaining will receive 30 percent of their base pay for another 90 days and the continuation of insurance coverage.

‘Unsettled’ Atlantis pushes reopening back to July 30 FROM PAGE ONE seen by Tribune Business, confirmed that the July 30 date was selected in response to rising infection rates in The Bahamas’ key US source markets.

Explaining that the decision had been taken “out of an abundance of caution”, Ms Oswell wrote: “Earlier this month, we announced Atlantis’ phased re-opening beginning July 7. We made this decision knowing we are well-prepared, our team members are extremely professional, and we would be able to ensure the health, safety and wellbeing of every guest and team member that walks

through our doors....

“Since we made that decision, the COVID-19 virus shifted from a steady decline to a recent surge in many of our key markets....

It is our responsibility as stakeholders in the community, and to our guests, team members and partners alike, to continue our vigilance.

“For these reasons, and out of an abundance of caution, Atlantis Paradise Island has adjusted its reopening until July 30. None of the decisions made these last months have been easy ones......”

Atlantis’ move means that the impact from tourism’s early July will be significantly watered down.

It also comes on the same day that Baha Mar, its mega resort rival, terminated hundreds of employees in a move expected to add to the 55,000 workers already claiming benefits and drive the jobless rate close to 40 percent.

Lynden Pindling International Airport (LPIAS) earlier this week said it expects to receive six international flights today, marking the restart of commercial aviation and border re-opening, from markets such as Atlanta, North Carolina, Miami and Fort Lauderdale - some of which are COVID-19 hot spots.

It is unclear yet whether Atlantis’ revised opening date will spark the airlines

and other resorts to adjust their plans, although American Airlines was supposed to restart services to Nassau on the July 7 date that has been abandoned by the resort.

Atlantis was still last night advertising July 7 on its website as the date it will re-open, while fellow Paradise Island resort, Comfort Suites, which uses guest access to its neighbour as one of its main selling points, also showed that date for its relaunch.

Mr D’Aguilar said the revised Atlantis re-opening date was a reflection of “how unsettled the market is” as a result of the surge in COVID-19 infections across multiple states, including key source markets for The Bahamas such as Florida, with cases increasing by 40,000 per day.

With the government both mandating a negative COVID-19 PCR test for incoming travellers, and narrowing the window in which this may be taken

from ten days to seven, the minister revealed: “There was a significant push back on the need for children under the age of ten to get the test, especially families that were travelling.

“We have eased that restriction under the premise that the parents are negative. If the parents are negative, there’s a much lower risk that the children will be COVID positive.

That was causing a lot of consternation for families.”

Mr D’Aguilar added that there was also great unease among The Bahamas’ key north-east US source markets about “the routing of most flights to The Bahamas through Florida”, as those states have been warning quarantines may be imposed on persons who have travelled there due to its COVID-19 spike.

“For these reasons Atlantis decided to let a bit more calm come into the industry,” Mr D’Aguilar told Tribune Business. “They’re implementing their phased approach and slowing

things down a bit until this fluidity in the market finds its settling point.

“I think it will slow down the inflow of visitors come July 1 [today], and that will give us a little more time to allow a phased roll-out of tourism, to take a more prudent approach, and for us to ensure all of our health protocols are working properly and keep the population safe.

“The good news is that come August they [Atlantis] are reporting robust bookings, so this will give them a little more time to prepare and allow us time to get our protocols right.”

Mr D’Aguilar added that there were “indications” that Atlantis may re-open some components of its resort before July 30. He said the marina, which is already open, will remain so, while some restaurants and the Harborside timeshare complex were other candidates to relaunch before that date.

Biodiesel firm is ‘coiled spring ready to explode’ FROM PAGE ONE generators with a product that can be blended with diesel to suit a specific customer’s requirements, Mr Hall said the business he acquired was “not sustainable” as it was simply producing fuel solely for use in Bahamas Waste’s vehicles.

Paying tribute to the BISX-listed firm’s vision in starting the biodiesel initiative, Mr Hall said Bahamas Sustainable Fuels currently provides its product to companies such as Ports International (which he also runs); Young’s Fine Wines; Bahama Blue; Proline Construction; Nassau Machinery; and Sagoma Construction.

“The only way to make this manufacturing facility sustainable is to go to the market. Now we’re ready,” Mr Hall added. “Since 2018 we’ve been a well-oiled machine, and we wanted to make sure there were no hiccups when we went to market. We’re more than there now. I’m more than confident to put my name and Bahamas Waste’s name to it.”

Bahamas Sustainable Fuels extracts its biodiesel from the waste cooking oil recovered from 70 collection points at New Providence’s major hotels, restaurants

To advertise in The Tribune, contact 502-2394

and fast food eateries - even from the cruise lines.

It produces multiple blends through combining the recovered biodiesel with petroleum diesel, its most popular blend being B20 - a mixture of 80 percent diesel and 20 percent biodiesel.

Mr Metcalf explained that “the higher the blend of biodiesel the cheaper the price”, meaning the greater the proportion of biodiesel used, the higher the cost savings to companies. He added that Bahamas Waste last year acquired 155,000 gallons of biodiesel from its affiliate, producing fuel cost savings of $77,500.

“You don’t have to make any modifications to your engines or assets to use our fuel,” Mr Metcalf added. “A lot of people think they have to, but that is only for the higher blends of 80 percent to 100 percent biodiesel.

“That’s the biggest issue, but I think we can get the picture across pretty quickly.

‘What’s the modification cost?’ is the first question I get asked and, once it’s clarified that no modification is required, it changes their outlook.

“Trying something new takes a little bit of courage to make that initial jump, and if you’re not educated about it, it may seem too big a risk.”

Mr Metcalf added that the only thing new biodiesel users needed to be aware of was the requirement to regularly change their fuel filters during the first three months of the transition due to the fact that the fuel’s purity often removed scale

that had built up in the vehicle’s tank.

Bahamas Sustainable Fuels said switching to its biodiesel can potentially reduce costs by up to $0.25 per gallon depending on the diesel pump price, meaning that a 50-gallon truck paying as much as $2.60-$3 per gallon of diesel could be saving up to $12.50 per fill up.

Mr Hall added that the company’s B20 biodiesel blend produces 78 percent less carbon dioxide than traditional diesel fuel, while also lowering hydrocarbon emissions by 67 percent.

Switching to it from traditional diesel fuel could also lower the production of air toxins and cancer-causing compounds by 27 percent.

“The Bahamas made a commitment to reduce its carbon footprint by 30 percent by 2033,” Bahamas Sustainable Fuels said. “Biodiesel produces 2,661 grams of carbon dioxide per gallon, compared to 12,360 grams per gallon for petroleum diesel fuel.

“While up to date data is not readily available, the National Energy Policy reports that in 2007 the country produced 6.4 metric tons of carbon dioxide emissions per capita.

“This number feels woefully low. Since 2016, Bahamas Sustainable Fuels has produced approximately 341,905 gallons of B20 blend biodiesel, which means that it has removed roughly 181.77 metric tons of carbon emissions from the air in the four years it has been producing.”

THE TRIBUNE

Wednesday, July 1, 2020, PAGE 5

Developer defeats judgment attempt FROM PAGE ONE “As the nature of the project is a real estate development located on a small island in The Bahamas, I knew that my historical relationships and credibility with both the Harbour Island District Council and Office of the Prime Minister would be helpful.

“This was especially true with respect to the project Ross was working on since he claimed to be an owner of the project, and it was known to me - and government officials - that Ross had a prior felony conviction and other issues with the criminal justice system.”

Mr Ross subsequently refuted much of the allegations by Mr Wiener and Mr Johnson, alleging that a significant portion of their respective affidavits was based on events they have no first-hand knowledge of.

He and his wife had pushed for a “a partial summary judgment” against the 4M chief on the basis that he and his corporate entities have no defence to their claim that he breached the “settlement agreement” by failing to pay the outstanding $1m, but this was rejected by the California court.

Court filings previously reported on by Tribune Business revealed that Mr Ross - who was convicted of heroin possession in the US in 1976, and served a prison sentence - was effectively handed the keys to the project and given wideranging responsibilities

by Mr Wiener. The duo’s legal battle is now heating up as they head towards a January 2021 trial in the California courts with multiple as-yet unnamed witnesses coming from The Bahamas.

4M’s Briland Residences & Marina project has also been subject to Judicial Review challenge in the Bahamian Supreme Court by rival Harbour Island hotelier, Benjamin Simmons, and Briland Island Responsible Development.

Both sides agreed that the site plan approval initially granted for the project should be quashed, having been wrongly granted by the government’s Town Planning Committee instead of the Harbour Island District Council.

Confusion then arose over whether the Council subsequently granted site plan approval, with councillors having voted in favour of doing so but nothing was produced in writing.

Super Value chief urges clarity over plastic bag ban FROM PAGE ONE for this from the beginning of the year. We knew we had six months to get rid our supplies so we did. I think we got rid of the last set at the end of May. “Right now people are either bringing in their bags or we have the reusable bags for sale. Sometimes we have a few of the paper bags for the small items, but for the most part we are using the reusable bags.”

The government passed the Environmental Protection (Control of Plastic

Pollution) Act 2019 to ban the importation of single-use plastic bags and Styrofoam containers on December 30, 2019.

Business owners were mandated to sell their remaining stock for 25 cents per bag until the June 30, 2020, deadline for the full scale, countrywide ban on the use of plastic bags and Styrofoam containers took effect.

Cyril Carey, general manager of Kenneth’s Food Store on Prince Charles Drive, added: “I got rid of all of my plastic bags.

Shoppers have to bring the reusable bags now and we also have them for sale, too.”

“I knew it was coming so I started to scale back on placing my orders. I was out from March. I depleted my supplies of plastic bags from then. I have one or two pieces of the styrofoam left lying around, but I guess I have to dump them.

I have a case of 400 pieces, for the ones people use for the breakfast.”

Atwell Ferguson, general manager of Golden Gates Supermarket, said: “We had

no choice but to make that switch over, so we that will be it. We don’t have anything left in stock and we are just using the brown paper bags right now.”

To advertise in The Tribune, contact 502-2394

Senate extends small business coronavirus relief programme WASHINGTON Associated Press DEMOCRATS drove a temporary extension of a popular subsidy programme for small businesses through the GOP-controlled Senate late yesterday, an unexpected development that came as spikes in coronavirus cases in many states are causing renewed shutdowns of bars and other businesses.

The move by Maryland Sen Ben Cardin came hours before a deadline for applying for the program, which was created in March and modified twice since.

Cardin, the top Democrat on the Small Business Committee, asked for unanimous approval of the extension of the Paycheck Protection Program through Aug 8.

Minority lawmakers are hardly ever successful in such attempts, but the pressure swayed Republicans controlling the Senate, who have delayed consideration of a fifth coronavirus relief bill and are preparing to go home for a two-week recess.

About $130bn remains of $660bn approved so far for the subsidy programme, which provides direct subsidies to businesses harmed by the coronavirus pandemic, which slammed the economy as consumers and workers were forced to stay at home through much of spring.

The subsidies come in the form of federal loans that can be forgiven if businesses follow rules such as utilising 60% of the loan for payroll costs. The loans been a lifeline to more than four million businesses.

Top Senate Democrat Chuck Schumer of New York took a victory lap after the unexpectedly successful manoeuvre, saying renewed economic troubles are reviving interest in the program.

“There are large numbers of businesses who are going to need to apply now. Had this program run out today, they would have been out of luck,” Schumer said. “Now with this renewal, short time, August 8, they at least get the chance to reapply.”

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 30 JUNE 2020

ALL SHARE INDEX: CLOSE: 2,124.69 | CHG: 3.08 | %CHG: 0.15 | YTD: -106.91 | YTD%: -4.79 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 8.59 3.64 5.10 10.88 8.44 16.99 9.40 4.25 15.21

52WK LOW 3.15 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 8.00 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

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ROCHELLE VENERA NICOLE WILSON of Eastern District of the Island of New Providence, parent of JAEDO AKALA ADDERLEY, a minor, intends to change my child’s name to JAEDO AKALA CURRY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.

(242) 323-2320

MARKET TERMS

LAST CLOSE 3.17 17.43 6.00 6.75 1.78 1.62 2.74 11.26 6.16 4.00 5.92 2.88 5.10 9.53 8.44 14.50 8.60 3.88 15.20

CLOSE 3.17 17.43 6.00 6.75 1.78 1.62 2.76 11.26 6.16 4.00 5.92 2.89 5.10 9.62 8.44 14.50 8.97 3.84 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.01 0.00 0.09 0.00 0.00 0.37 -0.04 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

5,455 250

2,500 3,500

3

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 13.3 18.7 N/M 18.3 N/M N/M -6.3 15.6 13.7 21.7 42.3 28.3 10.9 14.9 11.6 17.8 9.6 18.9 24.1

YIELD 5.36% 7.23% 0.00% 3.85% 0.00% 1.23% 0.00% 6.39% 3.57% 3.00% 0.00% 15.02% 1.18% 3.41% 2.84% 3.72% 2.23% 3.13% 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

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

PAGE 8, Wednesday, July 1, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Mostly sunny

Mainly clear

Mostly sunny

Partly sunny

Partly sunny with a shower in spots

Partly sunny, a shower in spots

High: 90°

Low: 79°

High: 90° Low: 78°

High: 90° Low: 79°

High: 90° Low: 79°

High: 89° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

102° F

86° F

102°-91° F

103°-90° F

103°-89° F

101°-87° F

ORLANDO

High: 95° F/35° C Low: 77° F/25° C

TAMPA

High: 91° F/33° C Low: 81° 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.

N

almanac

E

W

ABACO

S

N

High: 87° F/31° C Low: 82° F/28° C

6-12 knots

S

High: 93° F/34° C Low: 78° F/26° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 93° F/34° C Low: 80° F/27° C

N E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 78° F/26° C

MIAMI

High: 96° F/36° C Low: 81° F/27° C

3-6 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° 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 ................................... 13.66”

ELEUTHERA

NASSAU

High: 90° F/32° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 87° F/31° C Low: 81° F/27° C

N

KEY WEST

High: 90° F/32° C Low: 84° F/29° C

High

S

E

W S

6-12 knots

Low

Ht.(ft.)

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

Tuesday

10:11 a.m.

10:34 p.m.

2.5 3.2

4:20 a.m.

4:13 p.m.

0.0 0.0

sun anD moon Sunrise Sunset

6:24 a.m.

8:04 p.m.

Moonrise Moonset

4:44 p.m.

3:13 a.m.

Full

Last

New

First

Jul. 5

Jul. 12

Jul. 20

Jul. 27

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 80° F/27° C

High: 87° F/31° C Low: 80° F/27° C

N

High: 89° F/32° C Low: 81° F/27° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 80° F/27° C

L

Ht.(ft.)

Today

High: 87° F/31° C Low: 80° F/27° C

N

4-8 knots

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

tiDes For nassau

CAT ISLAND

E

W

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

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: 86° F/30° C Low: 81° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 81° F/27° C

N

N E

W

E

W

H

High: 86° F/30° C Low: 80° F/27° C

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

WINDS SW at 6-12 Knots SW at 6-12 Knots SE at 4-8 Knots SE at 4-8 Knots ESE at 6-12 Knots SE at 4-8 Knots E at 7-14 Knots ESE at 7-14 Knots SSE at 4-8 Knots SSE at 4-8 Knots SW at 6-12 Knots WSW at 6-12 Knots SE at 6-12 Knots SE at 4-8 Knots E at 7-14 Knots ESE at 7-14 Knots E at 6-12 Knots SE at 6-12 Knots ESE at 7-14 Knots ESE at 7-14 Knots SSE at 4-8 Knots SSE at 4-8 Knots E at 7-14 Knots ESE at 6-12 Knots SE at 4-8 Knots SE at 4-8 Knots

WAVES 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet

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

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