07012021 BUSINESS

business@tribunemedia.net

THURSDAY, JULY 1, 2021

$5.00

Cross-border commerce ‘back to prehistoric times’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FREEPORT’S cross-border commerce was yesterday said to have been sent “back to prehistoric times” as a result of Customs’ electronic system for clearing goods being down for ten successive days.

Glennett Fowler, president of the National Import Export Association of The Bahamas (NIEA), told Tribune Business that the flow of goods had almost come to “a standstill” with companies, individuals and those involved in clearing incoming shipments forced to revert to manual processes.

Disclosing that Customs had hoped to restore its Electronic Customs Automated Services (eCAS) system yesterday, but it had yet to happen, she said many businesses are no longer able to write cheques to cover due duty and VAT payments because - in the digital age - they lack chequing accounts and/or bank guarantees.

Ms Fowler, also president and chief executive of Fowlco, wrote in a letter to the government: “eCAS has been down for nine days with no formal communication from the Bahamas Customs Department to the industry or the community of Grand Bahama.

“This has left businesses and consumers at a standstill in many respects. In several cases entries are taking more than 72 hours to be processed manually.

Some business owners had storage levied on them from freight forwarders, adding further expense to their cost of goods sold. We have been advised the system will come up by tomorrow, which was stated the day prior as well.”

A similar message was delivered in the NIEA’s June 29, 2021, letter to Dr Geannine Moss, Customs

SEE PAGE 6

$5.09

$5.07

Freeport escapes next ‘nail in coffin’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

F

REEPORT yesterday escaped “another nail in the coffin” after private sector lobbying persuaded the government to delay implementation of Customs’ new system until September 2021 at earliest.

Glennett Fowler, president of the National Import Export Association of The Bahamas (NIEA), told Tribune Business that the plan to introduce the Click2Clear online portal with effect from today would have meant “the death of shopping locally” in The Bahamas’ second city.

Customs’ Electronic Single Window (ESW) has been rolled out throughout

• Customs’ system roll-out pushed to September • Fears it may cause ‘death of shopping locally’ • And breach Hawksbill Creek; court judgment

SEBAS Bastian’s investment house yesterday saw its bid to seize control of a Bahamian digital payments provider blocked by the Supreme Court.

Justice Ian Winder, in a June 30, 2021, verdict, rejected Investar Securities attempt to have Philip Galanis, the HLB Galanis & Company managing partner, appointed as interim receiver/manager for Sun Island Transfers, which trades as Sun Cash.

Investar, which is the investment and financial

‘Fiscal hesitancy’ fear for Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEBAS BASTIAN

BARRY MALCOLM

PHILIP GALANIS

services arm of Mr Bastian’s Brickell Management Group (BMG), had originally sought to convert a loan made to Sun Cash

into a 49 percent equity ownership interest in the well-known electronic payments solution provider.

However, its plans were

scuppered by the Central Bank of The Bahamas, which refused to approve

A SENIOR Caribbean financial services executive yesterday voiced concern that The Bahamas and other tourism-dependent states will suffer from “fiscal policy hesitancy” in addressing soaring post-COVID debt.

Sean Newman, Sagicor Group Jamaica’s executive vice-president and chief investment officer, told a Blooomberg-organised webinar on the Caribbean’s post-pandemic recovery that “the desire to pursue rapid fiscal consolidation” and place debt levels back on a sustainable path is likely to be “challenging” in both The Bahamas and Barbados.

“Both countries’ starting point for debt-to-GDP is very high,” he warned, pointing out that The Bahamas’ ratio is above 90 percent, as confirmed by the Central Bank earlier this week. “We’ve heard about vaccine hesitancy, but I’m concerned about fiscal policy hesitancy.

“I think the desire to pursue rapid fiscal consolidation is going to be very challenging given that both are tourism dependent. My concerns are: Are the fiscal policies there, and will they manage to implement policies to put debt-to-GDP on a sustainable level?”

The government has indicated it is now seeking to hit the 50 percent debt-toGDP ratio mandated by the Fiscal Responsibility Act by 2030-2031, while bringing down the debt and annual fiscal deficits steadily over that period. However, much

SEE PAGE 5

SEE PAGE 5

The Bahamas with the exception of Grand Bahama due to fears it would undermine, and conflict with, Freeport’s long-standing over-the-counter bonded goods regime and the rights Grand Bahama Port Authority (GBPA) licensees enjoy under the Hawksbill Creek Agreement.

Besides potentially violating Freeport’s founding treaty, Ms Fowler and others have also voiced concerns that Customs’ bid to require both sellers and purchasers to submit monthly bonded goods reports breaches a Supreme Court verdict and

injunction won by Kelly’s (Freeport) in early 2017 that found there was “no legal basis” for demanding such documentation.

Ms Fowler, also president and chief executive of Fowlco, in a letter outlining the concerns of NIEA members and other businesses, warned that the original Click2Clear implementation plan’s demands for such reports would increase the red tape and manpower required to administer Freeport’s bonded goods regime, and resulted in raised costs and delays for the private sector.

She added that this burden would ultimately result in companies electing to pay duty on items they should be entitled to taxfree under the bonded goods regime, since the hassle and expense associated with reporting to Customs will simply outweigh the concession’s benefits.

And, in turn, GBPA licensees will “abandon” buying from other local businesses in favour of importing all the goods they need themselves, reducing local commerce and the amount of money

SEE PAGE 4

Sebas blocked over Sun Cash takeover

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$5.01

• Judge rejects Galanis as receiver/manager • Central Bank refused 49% loan conversion • Regulator’s ‘no gaming-related entity’ policy

PAGE 2, Thursday, July 1, 2021

DESIGNING STRATEGIES FOR SOCIAL MEDIA ERA

THE TRIBUNE

images, avatars and icons are often what people see about you before they decide to scroll. Graphic design sets your profile and brand apart in a sea of competition, especially on huge platforms such as Facebook, Twitter and Instagram.

For graphic designers, social media cannot be ignored. Therefore there exists a symbiotic relationship between both, allowing enhanced creative work as well as enabling you to become successful as a practical businessperson.

The skill of graphic design can be used to direct engagement on any social media platform. There are many ways to go about achieving this with simple graphic skills. This means that by improving your post, you will improve and boost engagement.

First impression It is important to recognise that your first impression works from platform to platform, and may require some version of a logo or profile picture.

Behance Despite the fact that Behance is technically a portfolio site, it is still recognised as a social media network as well. It is a hub for creative professionals, and therefore a significant place to make the most of your social media skills and showcase your graphic design talents. Use Behance to appreciate, collect and comment on the work of other designers and you will find yourself networking and growing.

Facebook for graphic designers Even if it is not your favourite platform socially, this is where paying clients are hanging out. You can receive exposure, and also network very effectively here, since on the numbers alone Facebook is still the juggernaut of social media.

Pinterest and Instagram Social platforms such as Pinterest and Instagram are great places for graphic designers as well, since they are visually driven. In many instances both platforms can

act as a portfolio, helping to build followers naturally as you share your work. There may not be as many paying clients to be had here, but these are still good places to be seen.

Graphic design changing social media Because social media users demand more interactive content and real-time experiences, graphic designers play a more important role on many platforms. So, what’s the secret? Success comes from a combination of factors, including the quality of the content, underlying marketing strategies (giveaways and crowdsourcing), the product and timing.

Unstoppable progress hinges on excessive eyecatching designs, which helps to boost engagement, improves user experience, and makes advertising more effective. When these factors work together, social media can change the very fabric of a company’s marketing strategy.

It is so important for designers to understand the

psychology of social media, as timing is everything.

You can have the perfect news-breaking message but, unfortunately, broadcast it at the wrong time. It is very important to pay attention to what is trending, emotions, feedback, audience and always ensure that your banners are catchy and not elementary. This is social media, not bed-time story time.

Social media content will only be as effective as your business model and marketing strategy empower it to be. As soon as your strategy is in place, supporting and implementing it on social media is the easy (and fun) part. Pay attention to detail, and know that advertisements will compete for attention. Only the best and most visually appealing ones will win. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com

BISX REPRICES GOVT BONDS NOT TRADED FOR OVER A YEAR

valuation formulas that factor, among other things, required rates of return; coupon payment rates; and time to maturity. As these factors change over time, the price of the bond also changes.

“Given these factors, BISX must establish a pricing methodology for how pricing of BRS will change over time on the exchange.”

BISX promised that it will still allow price discovery, namely transactions between buyers and sellers, “to be the key factor whenever possible in determining prices”.

It also pledged “transparency for all market participants”, along with “an option that allows for repricing for all of those bonds that never trade”.

“Based on these factors,

the exchange has determined to reprice those bonds that have not traded over the prior 12 months at the Central Bank’s quoted prices,” BISX said. “This repricing exercise will be carried out after the close of the market on 30 June every year, and open at their ‘new’ prices on 1 July every year. Those bonds that have traded over the prior 12 months will remain at the 30 June closing prices.”

For BRS prices to change, BISX said more than $50,000 in a single issue must trade in a trading day. It added that based upon market conditions and feedback from participants, the methodology may be amended and revised.

INSURER PRAISES RETIRING FREEPORT BRANCH CHIEF

NO MATTER how you look at it, maintaining a positive presence on social media is an uphill battle, especially for small businesses that do not have the resources to devote one or more full-time employees exclusively to this task.

Striking visuals are critical for social media marketing and, just in case you need some convincing, consider that blogging and social media are now the most commonly used formats for content and brand marketing.

Social media depends on great graphic design, which boosts engagement, improves user experience, and makes advertising more effective.

In particular, graphic designers ought to understand how to use social media to promote themselves, discover clients, network and improve their skills.

Social media is real time, and with instant access, which means that first impressions are incredibly important. Profiles, cover

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas International Securities Exchange (BISX) last night advised that listed government bond issues which have not traded over the past 12 months will be repriced from the start of trading today.

The exchange, in a notice

To advertise in The Tribune, contact 502-2394

to its broker/dealer members and investors, said the move - which will take effect from today’s 10am trading start - is part of efforts to develop a mechanism for how the pricing of more than 200 Bahamas Government Registered Stock (BRS) issues will change over time.

These BRS issues were first listed on July 9, 2020, and BISX said: “BRS are issued at issuance prices that are sometimes at a premium or discount to their face value, but they always mature at their issuance price ($100.00).

“Bond values are typically established based on

The Art of Graphix

BY DEIDRE M BASTIAN

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

By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net INSURANCE Management has announced the retirement of long-standing Freeport branch manager, James Carey.

Mr Carey, who joined the firm 41 years ago, was hailed as a “bridgebuilder” by the agency and brokerage.

“It is with an extraordinary level of gratitude that we announce the retirement of our long-standing, dedicated and committed Freeport branch manager, James Carey,” the company

JAMES CAREY said in a statement.

Mr Carey joined Insurance Management in March 1980, and later that same month was assigned to set up its first branch outside New Providence.

SEE PAGE 4

THE TRIBUNE

Thursday, July 1, 2021, PAGE 3

PAYMENTS PROVIDER BLASTS ‘SLEAZY’ SOCIAL MEDIA ATTACK A BAHAMIAN payments provider yesterday slammed a “sleazy” bid to embroil it in political controversy as it revealed it has processed more than $300m in bill payments since inception.

Cash N’Go, which is fully owned by BAF Global Group, asserted in a statement that it had been subjected to “numerous falsehoods” in an advertisement that was circulating widely among Bahamians on social media.

Moving swiftly to defend its corporate reputation, Cash N’Go said it had taken the lead in reducing the long queues to utility

its principals. It contains numerous falsehoods and is clearly a cowardly and underhanded attack that is politically motivated,” the company said, describing the contents as defamatory.

No explanation was given for why Cash N’Go was targeted by a “politically motivated” attack, although the likeliest explanation is because one of its parent BAF Global Group’s principals is Chester Cooper, the Progressive Liberal Party’s (PLP) deputy leader and finance spokesman.

The PLP has in recent weeks heavily attacked the government’s use of Kanoo, a rival digital payments

provider, to facilitate the receipt of health travel visa payments, so the move to target Cash N’Go - which was set up in 2010 - may be viewed in certain political quarters as payback.

“Cash N’ Go has not been the beneficiary of political patronage by any administration from 2010 to-date, no matter which party has been in office,” the payments provider asserted yesterday. “All contracts negotiated and entered into by our company are transparent and, on an arm’s length basis.

None of these are exclusive contracts.

“No current or former member of staff, officer or director has been involved in any decision-making of the government or any public corporation, directly or indirectly, as it relates to any contract entered into by the Government of The Bahamas.”

Asserting that its “track record” speaks for the company, Cash N’GO said it entered into contracts to collect and remit bill payments for all utility companies when it was established in a bid to cater to those who it described as “the unbanked and under-banked”.

“Many would recall when persons drove around the

island for hours and days standing on lines at utility companies to pay bills. Cash N’ Go created a one-stopshop to solve this pain point.

There is no cost to the consumer and a significant cost savings to the utility companies,” the provider said.

“Since its formation in 2010, Cash N’ Go has collected more than $300m and has always paid our partners and billers in full. Cash N’ Go has 25 locations throughout the islands of The Bahamas, employs more than 100 Bahamians, has in excess of 75,000 customers and has more than 15,000 users on its digital wallet.”

CHARTER INDUSTRY ‘OVER THE MOON’ WITH BAHAMAS’ COVID HANDLING

from last year’s lockdowns and COVID-19 related restrictions. Resorts from Harbour Island to those in Long Island and Exuma have been recording high booking numbers, especially if they have marinas attached to them.

Ms Pace said: “Just last December, as we were slowly coming out of the COVID-19 pandemic, with charter bookings confidence wasn’t quite there yet, but with last Christmas and New Year’s, The Bahamas saw more boats and larger yachts of upwards of 200 feet than they’ve ever seen before.

“So for this year and this summer, I think this is one of the busier summers we’ve ever had for The Bahamas and, looking ahead, I believe the winter

will follow suit. We’re seeing advanced bookings, which is good. We really lost that in 2020.”

People are also starting to book charters for the winter holidays, “which is encouraging,” Ms Pace added. “I anticipate The Bahamas to be wonderfully busy with yacht charter demands.”

The ABM has been pushing vigorously for The Bahamas to market the entire archipelago to the yachting industry so that boaters understand the country has more than or two island stops.

It is also seeking to promote this nation as a year-round destination to enable The Bahamas to better compete with rival Caribbean countries.

Ms Pace said: “Every boat has their own

individual schedule, and before the Caribbean used to have most of the winter demand. A lot of that had to do with how people felt that the further south they go, the better the weather would be.

“But we have seen a shift, because I think a lot of people that have been doing the Caribbean for so many years and never explored The Bahamas, that interest is peaking, and it is becoming a new sort of international destination where it never really was before.”

The Bahamas can also expect more European boaters in its waters as it is “catching on as an international destination” and a lot of boats have “shifted” away from the Caribbean.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net The international charter boat industry is “over the moon” with the way The Bahamas has handled the COVID-19 pandemic over the last 18 months, an industry executive said yesterday.

Kaisa Pace, US charter manager for Hill Robinson Yacht Management, told Tribune Business that the industry was ecstatic over the assistance it has received from the Association of Bahamas

bills with the roll-out of its branch network that created “a one-stop-shop to solve this pain point”.

Having expanded into digital payments and electronic wallets, and now among those providers authorised by the Central Bank to distribute its Sand Dollar digital currency, Cash N’Go said it currently serves more than 75,000 customers and has over 15,000 users of its digital wallet.

“It has come to our attention that there is a sleazy ad circulating on social media attempting to diminish the accomplishments of our company and

Marinas (ABM) and the government in facilitating its return following the worst of the COVID-19 pandemic and associated health restrictions.

“We thank the ABM and the Bahamian government for getting the country back in line and recognising the fact that yachts did allow for tourism revenue, but also safeguarded Bahamians as well,” Ms Pace said.

Noting how boating visitors have been taking advantage of the Family Islands in particular, Ms Pace said: “We got an amazing response from The

Bahamas that we didn’t see from other countries.

“On the whole our industry has been very grateful for the response The Bahamas had in handling the pandemic, knowing what our boats needed and the charter demands, and just putting the practices in place that kept everybody in The Bahamas safe, but also brought in that needed revenue that was being greatly missed across the board in the tourism sector.”

Family Island tourism is the industry segment that has rebounded quickest

TREASURE CAY INVENTORY ‘DOWN AT NEXT TO NOTHING’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AVAILABLE real estate inventory on Abaco’s Treasure Cay is “down to next to nothing”, a broker said yesterday, as the island moves on to the “next chapter” in its post-Dorian and COVID-19 recovery.

Ed Newell, of Abaco Estate Services, told Tribune Business that aside from a “handful of canal lots” that are all resales or homes that did well after Hurricane Dorian, sales prospects on Treasure Cay were few and far between.

He said: “There are a few beach houses left, but otherwise there is nothing here. I don’t know whether this has to do with the COVID-19 pandemic or people are holding off investing until the Treasure Cay resort closes or both.”

Many in Abaco are still reeling from Hurricane Dorian’s ravages, but Mr Newell said the island continues to revive. He added: “We’re 99 percent back.

I had clients in my office today. I just don’t let them go into the back where I have all of my mattresses and personal items.

“But I got all of my new furniture last week, and

have new equipment to show screenings of promotional activities we’ll want to do. So we’re on to the next chapter of Treasure Cay.” Mr Newell also has offices in Marsh Harbour and Man O’War Cay, with the latter performing “really well.”

He added: “We are not the only ones in Abaco doing well, but we are the ones that are extremely dominant here. Especially in Treasure Cay and Man O’ War Cay, but I can’t speak for Hope Town.

“Until we get new inventory, I don’t see anything replacing what we’ve already sold. That’s the

unfortunate part of our business. There’s no one coming in. There really isn’t, unless people start to flip things, which I don’t see.

“It could be the people have been holding on to see what happens with the Treasure Cay resort, and then they’ll list the property and ask exorbitant prices to reflect the inventory which there isn’t any, because right now you can basically ask what you want.”

Mr Newell still feels COVID-19 restrictions are discouraging persons from listing their properties for sale, “especially with the

older age demographic” having to fly into Abaco.

He added: “Keep in mind there is still no place to rent unless you are staying at Great Abaco Beach resort.

There is nowhere else.

“Even for us we’ve tried to rent something at Green

Turtle Cay, but there is nothing available until August and it’s all pricey.

Everybody has gone up on their rentals because of the boating. It’s tough to get rentals because everything is limited from Hurricane Dorian.”

To advertise in The Tribune, contact 502-2394

PAGE 4, Thursday, July 1, 2021

INSURER PRAISES RETIRING FREEPORT BRANCH CHIEF FROM PAGE TWO “With his brilliant leadership, the Freeport branch grew from one employee back in 1980 to well over 30 staff members. The hallmark of his tenure is a caring, competent, well-trained and customer-friendly team,” the company said.

“James Carey has served as a bridge-builder for the Insurance Management brand, particularly in Grand Bahama and the northern Bahamas. He leaves a legacy of strong business relationships, friendships, and community ties. He has led with serious focus, determined excellence, and a progressive and successful management style.

“After 41 years of invaluable service and his retirement set with effect on June 30, 2021, it is with our tremendous and heartfelt appreciation that we thank James Carey for his legendary contributions. His journey as Freeport branch manager and rise to an appointed director has strengthened Insurance Management’s mark throughout the Bahamas and beyond.”

THE TRIBUNE

Freeport escapes next ‘nail in coffin’ FROM PAGE ONE circulating within the Bahamian economy.

Tribune Business understands that the government and Customs previously sought to implement Click2Clear in Freeport when the system was rolled-out nationwide several years ago, but ultimately backed off when the issues surrounding violations of the Hawksbill Creek Agreement and the Kelly’s Supreme Court judgment were raised.

However, Ms Fowler said Customs suddenly sent out a communication in March 2021 that training on the Click2Clear system would begin for the likes of freight forwarders, couriers and brokers. In her letter, a copy of which was obtained

by Tribune Business, she warned that the move “is set to cause disruption to licensees of the GBPA” when it comes to processing bonded goods.

As set-up, the Fowlco chief said the system would require GBPA licensees to file a month-end report on the bonded goods sold to each over-the-counter bonded purchaser. And the purchaser will likewise have to complete an entry declaring their bonded goods buys broken down by purchase order.

Bonded goods entries will thus incur a $10 processing

fee per customer purchase, Ms Fowler warned, while brokers would have to be enlisted to complete the purchase entries. “Both seller of bonded goods and purchaser of bonded goods will now have to consider an increase in labour to enhance accuracy in reporting and data entry with the added feature,” she wrote.

“The seller of bonded goods would also have to transmit the details of the declaration for the input on the purchasers’ side to be correct. Again, this is a specific role and can add to the headcount for a business. This results in payroll, various contributions and operational cost increases.

“Local bonded purchases due to the regulatory facets will dwindle due to the overall burden and cost associated. Many persons will opt to purchase dutiable items over bonded goods.

Local shopping will decrease in this area and increased importation will take place to minimise the red tape and the other considerations already laid out.”

Then there are the violations of the Hawksbill Creek Agreement and previous Supreme Court ruling. Justice Estelle Gray-Evans found in April 2017 that the right of Kelly’s (Freeport) - or any other GBPA licensee - to sell ‘over-thecounter’ bonded goods did not depend on submitting a monthly report on such sales

to Customs.

Fearing that Customs was preparing to ignore this ahead of yesterday’s lastminute reprieve, Ms Fowler warned that the businesses likely to be most affected “are the very ones that have keep some semblance of hope on the island and its economy” since Hurricane Dorian and the COVID-19 pandemic.

“We understand the need to ensure the accurate and proper collection of the country’s revenue, but it cannot come at this high price to business owners,” Ms Fowler wrote.

“This FTZ (free trade zone) section will create increased hardship on the business community and strain the consumers that purchase under the provision of the GBPA licensee.

We assert this adds another ‘nail in the coffin’ for Freeport, and dampens the hope laid out in 2021 Budget debates. We also view this as a subtle way of doing away with this provision for GBPA licensees under the Hawksbill Creek Agreement.

“The business owners should not have to execute data entry on behalf of the Bahamas Customs Department in any event. If they wished to enact this modification in the execution of this process, they should open a unit for this and carry the burden of cost associated with regulating bonded entries.”

Freeport’s “over-thecounter” bonded goods regime has been a key feature of the city’s business environment for almost three decades, and is now an established practice under the Hawksbill Creek Agreement.

It allows GBPA licensees to sell goods duty-free (bonded) to fellow companies within the port area for use in the latter’s own business. But any sales to a consumer or household do attract duty, and these taxes have to be submitted in a report - together with the

full tax owed - to Customs by the 15th of the following month.

While post-paid duty sales have to be reported, there had never been a similar requirements for so-called “bonded” sales. Ms Fowler, though, confirmed yesterday to Tribune Business that the private sector appeared to have persuaded the government to rethink at the 11th hour amid reports that Click2Clear would launch for commercial airlines with effect from today.

“Kwasi Thompson [minister of state for finance] has been in communication with me, and has listened to the concerns of business owners,” she explained. “Mr Thompson called me today to advise that based on the letter submitted they’ve decided to put the launch of Click2Clear back until September 2021 pending a meeting with industry stakeholders to see how they can find a mechanism to sort through what needs to take place.”

Ms Fowler also urged the GBPA “to take a very strong stance on this matter”, given the implications for its licensees and Freeport’s founding agreement, and “speak on behalf” of the city’s estimated 3,500 businesses.

“I don’t believe, and I’m being fully transparent, that Customs really thought about the end user based on the requirements for this facet of entry processing, and they’ve not looked back at the Hawksbill Creek Agreement or that particular court matter,” she told Tribune Business.

“If, in fact, Customs is going to do away with a large portion of the overthe-counter bonded goods sales and those particular aspects of the Hawksbill Creek Agreement, that’s going to drastically impact individuals operating in the Freeport areas as businesses.

Grand Bahama cannot take on any further cost burden.

That’s what is happening with bonded goods.

“I imagine this is the

beginning of this particular topic. We’ll see what happens. If there stance is September 2021, and it continues as laid out, we still have issues and need to address the changes taking place and come to some agreement on the way forward. The remainder of the country is on Click2Clear, and we’ll ultimately be on it, but this part of it is up for question.”

Acknowledging that Mr Thompson had pledged to meet with the NIEA, Grand Bahama Chamber of Commerce and GBPA on the matter, Ms Fowler said Freeport businesses were due to have a “town hall meeting” last night on the bonded goods matter to obtain feedback, as well as feelings and perceptions, on the best way to resolve the matter.

She added that organisations such as the Association wanted to work with Customs to improve cross-border trade and commerce, plus the government’s revenues, rather than have an adversarial relationship. However, the agency had “failed to communicate with the wide public” on the matter.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that Customs still plans to implement Click2Clear in Grand Bahama although the “timing” is still being discussed. He pledged that there would be full dialogue and consultation with the island’s private sector beforehand “to ensure a smooth transition”.

“There are some peculiar situations because of Grand Bahama and its ‘free port’ status,” Mr Johnson added. “These are some of the things we have to discuss with the business community to ensure it operates consistently with the law and provisions of the Hawksbill Creek Agreement. We are aware of some of the matters brought by the business community, hence it’s the intent to engage in dialogue to talk about these things.”

Salvation Army praises Foundation’s COVID aid

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Salvation Army’s top official yesterday praised the Lyford Cay Foundation for helping it to get through the COVID-19 peak and still perform its charitable works.

Clarence Ingram, its major-general, told Tribune Business that despite receiving less than the originally anticipated level of Christmas donations due to pandemic’s economic fall-out, it “managed to get through”.

“But what really helped us with COVID-19 relief was the Lyford Cay Foundation,” Major Ingram said: “The Lyford Cay Foundation is what got us through a lot of the

challenges. We’re doing okay; everything else is moving along. We just keep going and trying to do the best that we can with what we have.”

Mr Ingram estimates that the number of Bahamians requiring assistance has increased ten-fold due to COVID-19, but he was unable to put a dollar figure on the amount needed to assist all the persons relying on the Salvation Army for help.

The Salvation Army has also received a donation of $2,500 from the Bahamas insurance Association (BIA) to be shared between itself and Great Commission Ministries.

The BIA said that through its member companies, the Bahamas Insurance Association (BIA) recently donated

$2,500 in cash, plus a shipment of food items, to local non-profit organisations in support of their community feeding programmes.

Dr Rhonda Chipman-Johnson, the BIA’s co-ordinator, said: “The BIA is committed to serving the communities in which we work, and at this time the need is most evident among people facing hunger across the country.

“We are happy to support the food banks and feeding programmes of the Salvation Army and Great Commission Ministries, who are responding by continuing to do what they do best. We trust that our donations will help make sure they can continue to be there for vulnerable individuals during this time of uncertainty.”

To advertise in The Tribune, contact 502-2394 PUBLIC NOTICE

The ad in the paper should state that Allecia Williams is NO LONGER an employee at The Medi Center Clinic and therefore she is no longer allowed to conduct business on its behalf.

THE TRIBUNE

Thursday, July 1, 2021, PAGE 5

Sebas blocked over Sun Cash takeover

FROM PAGE ONE

Investar’s ownership move on the basis that it would violate “their policy of excluding gaming-related entities from the money transmission business”.

The “gaming” reference alludes to Mr Bastian’s ownership of the Island Luck web shop chain, which is widely regarded as the domestic gaming market leader. The Central Bank also mandated that Sun Cash seek a new investor to acquire that 49 percent shareholding by yesterday.

Barry Malcolm, Sun Cash’s principal, declined to comment on this aspect when contacted by Tribune Business yesterday, although this newspaper understands that a solution to the regulator’s demands has been developed in the timeframe required.

However, undeterred at being thwarted by the Central Bank, Investar just one month later sought the Supreme Court’s permission to appoint Mr Galanis as interim receiver/manager on the basis that Sun Cash had defaulted on its loan repayments.

‘Fiscal hesitancy’ fear for Bahamas FROM PAGE ONE

can happen to throw such plans off-course over a decade, including natural disasters and hurricane strikes.

Mr Newman, meanwhile, conceded that The Bahamas could benefit from “pentup demand” by US tourists, which was reinforced by other panellists. Charles Seville, senior director, and co-head of Americas sovereign ratings for Fitch, said: “In places like The Bahamas or even Jamaica we’re starting to see visitors return in quite large numbers.”

Although there were questions over whether this will be sustained, and how quickly the likes of convention and group business will return, he added: “I think short haul destinations are at something of an advantage at this point. Countries in the Caribbean have proven relatively easy to get in and out of.

“I think when US travellers venture abroad they’ll be looking at the Caribbean

The move appears to have been sparked by the Central Bank’s rejection of Investar’s purchase, and the default was denied by Sun Cash. It was backed

by Justice Winder, who said it was “accepted” that the loan repayments were current. As a result, he ruled that appointing Mr Galanis to take over Sun Cash’s property and bank accounts at this time would not “be just and convenient”.

Detailing how the dispute arose, Justice Winder said Investar had secured loans advanced to Sun Cash through two debentures attached to the latter’s assets. These were issued on May 11, 2020, and May 21, 2020.

The terms permitted Investar, upon giving 30 days’ advance written notice to Sun Cash, to “require” the latter to convert its loans into a 49 percent equity stake in the money transmission services provider. This would have resulted in Mr Bastian’s investment house receiving 3,290 ordinary shares priced at $446.43 each, valuing its interest at $1.469m.

Investar sought to first. Talking to some of the investors in tourism businesses, they are betting on the expansion of the sector.

They are going to invest in increased capacity and think the sector is coming back.” As for the region’s debt woes, Mr Seville said: “It’s not where you’re coming from; it’s where you’re going that matters.”

John Rolle, the Central Bank of The Bahamas governor, told the webinar that this nation will have to manage loan delinquencies among its credit unions “a little more delicately” because a lot of their members are concentrated in a tourism sector that is among the hardest hit industries in the COVID-19 pandemic.

While the banking industry’s strong capitalisation means it is better prepared to handle the COVID fall-out, Mr Rolle said The Bahamas’ recent sovereign creditworthiness downgrades meant the government last year found itself borrowing at high interest costs of close to nine percent even though global interest rates are low.

He added that The Bahamas’ fixed exchange rate regime prevented the Central Bank from engaging in expansionary or economic stimulus policies, and that its main focus during the pandemic has been “providing the required tolerance for regulated institutions so that they take more liberties in providing targeted accommodations to borrowers

exercise this conversion option on May 20, 2020, just nine days after the first debenture was secured.

However, the deal required approval from both the Central Bank and Securities Commission.

“They [Sun Cash] say that notwithstanding earlier informal verbal indications from the Central Bank that Investar would be suitable, the Central Bank subsequently, on August 7, 2020, denied the application on policy grounds,” Justice Winder wrote.

“The Central Bank not only denied the application for Investar’s equity conversion, but imposed a deadline by which Sun Cash must secure a new shareholding or cessation of its business.” That deadline was ultimately extended to yesterday, with the Central Bank having warned that failure to find an acceptable buyer would result in the loss of Sun Cash’s licence and its transfer to another operator.

Charles Littrell, the Central Bank’s inspector of banks and trust companies, served notice of the Investar denial on January 25, 2021. Just one month later,

on February 24, Investar served notice on Sun Cash’s parent that it was in default under the debenture and, two days after that, sought Supreme Court approval to appoint Mr Galanis as interim receiver/manager.

Mr Malcolm, who at one time was chair of Playtech Systems, the parent company for Mr Bastian’s Island Luck web shop chain, replied: “Sun Cash is not insolvent and is meeting all payment obligations as they become due.”

He added that Sun Cash was never given notice or served with Mr Galanis’s appointment as receiver, but the money transfer business was willing to work with the HLB Galanis accountant to help “assess the value of the business, as a going concern” to help find a purchaser for the 49 percent stake.

The Central Bank, meanwhile, also sought to be joined as a party to the court action. Rochelle Deleveaux-McKinney, its in-house attorney, said in an April 21, 2021, affidavit that Investar’s receivership bid “materially impacts and/or has the potential to materially impact the ability of [the Central Bank] to

properly conduct its oversight responsibilities”.

Investar argued that Sun Cash had defaulted under the debentures as a result of the Central Bank’s order to find an alternative buyer for the 49 percent stake, which it described as akin to “a winding-up petition”. It also claimed that the loan repayments were always paid in arrears, and that business plans, management accounts and two director appointments had not been forthcoming.

However, Sun Cash’s attorney, Courtney Pearce of Callenders & Co, argued that the debentures gave no power to appoint a receiver - something that was conceded by Investar’s attorney, Alfred Sears QC, the former attorney general.

That meant Mr Bastian’s investment house had to convince the Supreme Court that imposing Mr Galanis would be “just and fair”. Sun Cash, though, argued that this would be a “detriment to [its security] and seriously endanger its value”.

“Sun Cash denies that they are behind in their payments and says that no monies have become due.

They say that where Sun Cash was late in making payments, Investar would have extended time for payment under the terms of the debenture,” Justice Winder wrote, accepting its submissions.

“Whilst it seems that some payments under the loan in the past were late in coming, there was some forebearance on the part of Investar in those instances.

It is accepted that the payments are up to date and, but for the Central Bank’s directive, the issue would not have arisen. No formal demand has ever been levied for payment of any outstanding sums under the debenture.”

Rejecting the appointment of Mr Galanis, Justice Winder said that while the Central Bank order was “severe” it did not amount to any default”. He added that the “book value” of fixed assets covered by the debenture exceeded the outstanding debt owed to Investar, and also refused to join the Central Bank as a party.

The litigants are due back before Justice Winder on July 5 for a further hearing.

Request for Quotation JOHN ROLLE

Dear Prospective Offeror,

which have need of capital support”.

Mr Rolle said The Bahamas needed to focus on tax reform for its own ends and purposes, particularly when it come to funding public services and redressing fiscal imbalances, rather than become obsessed with the G-7’s agreement on a 15 percent minimum global tax rate.

He added that authorised Bahamian financial institutions are “literally on the cusp of launching a very aggressive marketing campaign to entice persons into the mobile wallet space” this summer as part of efforts to educate citizens on the rollout of the Sand Dollar, the Central Bank-backed digital currency.

This is a procurement call of professional services to conduct a consultancy with IsraAID.

To advertise in The Tribune, contact 502-2394

If you are interested in applying, please reach out to us at bahamas@israaid.org for the terms of references.

IsraAID is nearing the completion of a Sustainable Groundwater Management project in The Bahamas (15/ Aug/2020 to 6/Sep/2021) and is seeking the consultancy services of a qualified monitoring and evaluation professional(s) to conduct an end-line evaluation of the project, with the aim of assessing its relevance and effectiveness, and sustainability prospects.

If you possess the relevant qualifications and are interested and available during July-August 2021, please reach out to us at bahamas@israaid.org for terms and references no later than 15/July/2021 (23:59 EST).

PAGE 6, Thursday, July 1, 2021

Cross-border commerce ‘back to prehistoric times’ FROM PAGE ONE comptroller, which said the situation has “impeded the ease of doing business for many business owners and consumers.......

“We have had reports come in from the public to the NIEA from business owners who had to pay storage penalties related to the delay in their clearance of goods. This is only a small snippet of the concern surrounding this matter.”

Ms Fowler confirmed to this newspaper that she had been communicating with Customs, Senator Kwasi Thompson, minister of state for finance, and the private sector on the system disruption. “The system is down,” she said. “They are attempting to get it back up today, but have had some additional issues. They’ve been having some issues with the server side of things. The server went down ten days ago.”

Describing the clearance of goods as having been reduced to “a snail’s pace”, Ms Fowler added that persons were having to resort to the manual, paper-based system for clearing goods that was phased out some 10-20

THE TRIBUNE years ago when the world went digital.

“Many persons now are not aware of those processes, many don’t have the ability to write cheques to Customs because they have no guarantee from the bank, and they cannot leave a deposit until the system comes up,” Ms Fowler said, adding that the situation has taken cross-border commerce in Freeport “back to prehistoric times, for want of a better expression”.

“There are many businesses that have brought goods in, and the freight forwarders have charged them storage because they are unable to clear. The cost of goods would have been increased because of having to pay extra storage charges.”

Dr Moss did not respond to a Tribune Business message seeking comment. However, Marlon Johnson, the Ministry of Finance’s acting financial secretary, told this newspaper she had advised him that “they were having some challenges with eCAS and are having to put through manual submissions”.

Ms Fowler, in her letter to Dr Moss, also said Freeport’s business community has been “riddled with concerns” over Customs’ plan to implement its new Click2Clear system in the city. “We agree as the Association’s board that abuse of bonded purchases have indeed contributed to the need for improved methods in managing this aspect of revenue collection,” she added.

“Nonetheless, the manner in which it is being asked to be carried out by the purchaser (business owner with an over-the-counter bond) is both frustrating and tedious.

This new aspect of processing bonded purchases will certainly impose further burden on the micro/small/medium size enterprises.

“Based on the training that has been conducted, and the further updates or modifications to the system that have yet to be rolled out, we can pre-determine just through the execution of work that more labour cost and operational costs will be forced upon business owners. This will also create increased potential cases of fines for these business owners and frustration.”

Arguing that Customs was effectively showing “disregard” for the system’s users, Ms Fowler wrote: “While it is important to safeguard the collection of revenue, there should have been more consideration placed on the actual users.

“We are of the mindset that Click2Clear is indeed a win for regulated operators in the freight forwarding, courier and brokerage businesses, and others. However, we can see the added weight it will place on these businesses and consumers in the community.

“Larger entities may be prepared to hire additional administrative staff to tackle

the process of ‘over-the-counter purchases’, but the small entities that have played a major part in carrying the economy of Grand Bahama cannot sustain this change.”

Ms Fowler continued: “We would like to ask again, as we have asked before, to be seen as an ally with the Bahamas Customs Department and its adjacent entities and relative ministries. We believe that if we have open and transparent dialogue, and if we are given an opportunity to understand and hear the concerns and opportunities that are being considered, we can aid in the improvement of dialogue within the industry.

“Further, we would be able to provide feedback and or troubleshoot with the department so that the best possible ideas and rollouts would have the support of the NIEA. While it may not be realistic in all cases, we would be able to make progress together for the improvement of trade in the country.”

THE TRIBUNE

Thursday, July 1, 2021, PAGE 7

To advertise in The Tribune, contact 502-2394

PAGE 8, Thursday, July 1, 2021

Putin says US and UK were behind Black Sea ‘provocation’ MOSCOW Associated Press RUSSIAN President Vladimir Putin, pictured, said yesterday that an incident involving a British destroyer in the Black Sea couldn’t have triggered a global conflict even if Russia had sunk the warship because the West knows it can’t win such a war.

The tough statement appeared to indicate his resolve to raise the stakes should a similar incident happen again.

Speaking in a marathon call-in show, Putin also revealed that he received the domestically produced Sputnik V coronavirus vaccine and urged Russians to get vaccinated as the country battles a devastating surge of cases and deaths amid

widespread hesitancy to get the shot.

Putin was asked about the June 23 incident in the Black Sea, in which Russia said one of its warships fired warning shots and a warplane dropped bombs in the path of Britain’s HMS Defender to force it from an area near Crimea that Moscow claims as its territorial waters. He said a US reconnaissance aircraft had joined what he described as a “provocation” to test Russia’s response.

Britain, which like most other nations didn’t recognise Russia’s 2014 annexation of Crimea, insisted the Defender wasn’t fired upon and said it was sailing in Ukrainian waters.

“HMS Defender was conducting innocent passage through Ukrainian territorial waters in accordance with international law,”

THE TRIBUNE Britain’s Defense Ministry said yesterday.

Asked if the events could have triggered a global war, Putin responded that the West wouldn’t risk a fullscale conflict.

“Even if we had sunk that ship, it would be hard to imagine that it would put the world on the brink of World War III because those who do it know that they can’t emerge as winners in that war, and it’s very important,” Putin said. The statement followed Russian officials’ warning that if a Western warship enters the waters again, the military could fire on it.

Putin charged that the US reconnaissance aircraft that took off from the Greek island of Crete was operating in concert with the British ship on an apparent mission to monitor the Russian military’s response to the British destroyer.

“It was clearly a provocation, a complex one involving not only the British but also the Americans,” he said, adding that Moscow was aware of the US intentions and responded accordingly to avoid revealing sensitive data.

Asked about Putin’s claim, Navy Capt Wendy Snyder,

the chief of public affairs for the US European Command, said that “yes, we did have aircraft in operations”, but reaffirmed the Pentagon’s earlier dismissal of the Russian description of the incident as false.

“We are operating in and watching everything in the Black Sea region, as we always do,” Snyder said.

The Russian leader specifically lamented that the incident closely followed his summit with US President Joe Biden in Geneva this month.

“The world is undergoing a radical change,” he said. “Our US partners realise that, and that’s why the Geneva meeting took place.

But on the other hand, they are trying to secure their monopolist stance, resulting in threats and destructive action such as drills, provocations and sanctions.”

Even though the West doesn’t recognise Crimea as part of Russia, Putin said the naval incident took the controversy to a new level.

“They don’t recognise something — OK, they can keep refusing to recognise it,” he said. “But why conduct such provocations?”

Putin insisted Russia would firmly defend its interests.

“We are fighting for ourselves and our future on our own territory,” he said.

“It’s not us who travelled thousands of kilometers (miles) to come to them; it’s them who have come to our borders and violated our territorial waters.”

Dmitri Trenin, the director of the Carnegie Moscow Center, warned that last week’s Black Sea incident presages a new, riskier level of confrontation.

“Fresh attempts to expose Russian ‘red line’ deterrence as hollow -- whether on the ground, in the air, or at sea -- would push Moscow to defend what it cannot give up without losing its selfrespect,” Trenin said in a commentary. “This would almost inevitably lead to clashes and casualties, which

would carry the risk of further escalation. Should this happen, Russia-NATO confrontation would deteriorate literally to the point of brinkmanship, a truly bleak scenario.”

Putin yesterday also reaffirmed his claim of a close kinship between the Russian and Ukrainian people, but accused Kyiv of hostility toward Russia and voiced doubt about the value of a meeting with Ukrainian President Volodymyr Zelenskyy, calling him a Western pawn.

“Why meet Zelenskyy if he has put his country under full foreign control and key issues for Ukraine are decided not in Kyiv but in Washington, and, to a certain extent, Paris and Berlin?” Putin asked.

Ukraine’s Foreign Minister Dmytro Kuleba retorted by tweeting that Putin wishes Ukraine’s issues were decided in Moscow. “This is our country and it’s only up to us to decide our fate,” he added.

Earlier this year, Russia bolstered its forces near Ukraine and warned that Moscow could intervene if Kyiv used force to reclaim areas in the east controlled

by Russia-backed separatists since a conflict there erupted in 2014. Moscow later pulled back some troops, but Ukrainian authorities said the bulk of them remain close to the border.

THE TRIBUNE

Thursday, July 1, 2021, PAGE 9

KEY PART OF US RESIDENCY PROGRAM FOR INVESTORS SET TO EXPIRE WASHINGTON Associated Press

A PROGRAMME that has allowed wealthy foreign investors to obtain US residency, and has long been the subject of complaints that it amounts to the wholesale selling of American citizenship, may be coming to a sputtering end.

Congressional authorisation for a key part of the immigrant investor programme was set to expire yesterday with dim prospects for renewal following the failure of a Senate bill that would have addressed long-standing concerns about inadequate regulation.

The bipartisan bill would have created new regulations on a part of the program that makes up the bulk of visa applications and allows money from overseas investors to be pooled into funds to finance large projects around the US, often high-end real estate.

That effort failed last week when GOP Sen. Lindsey Graham objected to the bill and prevented it from moving through the Senate by unanimous consent, angering the two senior Republican and Democratic lawmakers who authored the legislation.

“A narrow subset of big money and corrupt interests has now shown that they would rather kill the programme altogether than have to accept integrity programs designed to clamp down on their bad behavior,” Iowa Sen Chuck Grassley, who authored the bill with Vermont Sen Patrick Leahy, said on the Senate floor after the objection from Graham.

Graham spokesman Kevin Bishop said the South Carolina Republican needed more time despite the looming deadline. “He would like to negotiate a long-term compromise with all parties that allows for the programme to be successful while improving program integrity.”

Despite the bipartisan sponsorship of the bill, the prospects for it being revived, or restoring the authorisation without the changes, are uncertain.

Lawmakers are wary of the overall programme and Republicans in general

have become increasingly anti-immigration.

US Citizenship and Immigration Services, a component of the Department of Homeland Security that administers the investment visa programme, said in a statement that it was evaluating the effects of the lapse in authorisation.

The agency also said it is considering administrative actions to “modernise and ensure the integrity” of what’s formally known as the EB-5 programme.

“Our agency fully supports the EB-5 programme and the many benefits it provides in boosting jobs, the economy, and particularly in providing assistance to distressed communities with foreign capital investment in the United States,” it said.

Congress created the program to encourage investment from overseas and spur job growth in 1990, when the economy was in recession.

The program required an investment of $1m or just $500,000 in areas of high poverty and the creation of at least ten jobs.

In exchange, overseas investors got temporary residency along with their immediate family and could apply later for citizenship.

Congress also allowed money from visa applicants to be pooled into “regional centers” that would fund large investments and could comprise several different businesses. The idea was to promote growth in poor or rural areas.

But the EB-5 programme has enabled the drawing of regional maps that include only pockets of poverty.

The result is that funds are often used to create large investment pools to finance luxury real estate projects in New York City, Miami, the San Francisco Bay area and other parts of the country in a way that critics say was not the intent of the programme.

The programme provides 10,000 visas to wealthy foreigners per year, primarily from China and other parts of Asia. Relatively few people start a standalone EB-5 enterprise, so the pooled funds make up the bulk, said David North, a senior fellow at Center for Immigration Studies who has testified to the Senate about the issue.

Aside from the optics of essentially selling citizenship, the programme has been repeatedly tainted by scandal and authorities have sought to increase oversight of the foreign investors, their sources of income and

the proposed investment projects. A Trump administration directive to raise the required investment was recently struck down by a federal court.

“Every conceivable scam by every conceivable player

is sort of available in this program and I think it well deserves its death,” North said.

It has defenders, though.

Steve Yale-Loehr, a professor of immigration law at Cornell Law School, said

EB-5 provides valuable benefits to the US “Given our efforts to jump start the economy after the pandemic, it is particularly unfortunate that the Senate failed to extend the programme,” he said.

THE TRIBUNE

Thursday, July 1, 2021, PAGE 11

PUBLIC NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SAMANTHA ANN CHARLES of Florence Gardens, P.O. Box ST-2735 Nassau, Bahamas intend to change my name to SAMANTHA ANN MILLS CHARLES. 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.

The Public is hereby advised that I, AMINA KADESHA MARSHALL of #20 Anthurium Avenue, Garden Hills #2, Nassau, Bahamas intend to change my name to KADESHA AMINA MARSHALL. 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.

NOTICE

NOTICE

NOTICE is hereby given that DENICHANDA LAURIKA VINGILE, of Kanl Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that DINA BROWN, of Marshall Road, South Beach, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that EREKA JOSEPH, of Palm Tree Avenue, Coconut Grove, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that JOHN ROCK, of Gibbson Corner, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 30 JUNE 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1972.76

-14.39

%CHANGE

YTD

YTD%

-0.72 -119.70

-5.72

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

BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.78 6.00 6.96 3.60 5.90 3.98 6.16 12.00 2.75 7.76 10.71 9.55 14.44 4.10 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.74 5.00 9.75 2.10 4.90 9.50 8.35 13.00 3.42 8.00 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 6.50 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.50 2.85 5.95 10.20 2.37 7.75 11.13 9.55 13.99 3.70 8.30 15.50

CLOSE 6.50 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.50 2.74 5.95 10.20 2.35 7.76 11.09 9.55 13.99 3.70 8.30 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1211386 BSBGRS880378 BSBGRS900283 BSBGR1322498 BSBGR1341506

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

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

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.00 100.00

52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.12 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

GLOBAL EXPATRIATE HEALTH CARE LIMTED

146148 B

MUTUAL FUNDS

12th day of April, 2021

MARKET TERMS

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR121138 BGRS FL BGRS88037 BGRS FL BGRS90028 BGRS FX BGR132249 BGRS FX BGR134150

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

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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.11) 0.00 0.00 (0.02) 0.01 (0.04) 0.00 0.00 0.00 0.00 0.00

VOLUME

7,500

3,300

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 27.2 42.9 N/M N/M N/M N/M 18.9 -8.1 32.1 14.9 13.3 14.1 23.0 16.6 17.2 13.1 17.1 18.2 8.8 24.6

YIELD 2.62% 3.15% 1.25% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.38% 3.70% 7.06% 18.47% 0.77% 2.96% 2.51% 3.86% 3.24% 2.41% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.24% 4.43% 4.39% 5.65% 5.69%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 23-Feb-2038 26-Jul-2037 10-Dec-2028 15-Oct-2049 17-Jan-1950

YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.04% 0.20% -2.27% -3.15% -0.08% -0.57% -1.94% -3.33% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

MATURITY

NAV Date

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

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

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

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, July 1, 2021, PAGE 13

$40BN PLEDGED FOR GENDER EQUALITY, WITH $2BN FROM GATES GROUP Associated Press THE UN-sponsored global gathering to promote gender equality generated about $40bn in pledges yesterday to help women and girls achieve that goal, partly fueled by a significant $2.1bn contribution from Bill and Melinda Gates’ namesake foundation.

The Bill and Melinda Gates Foundation said it will spend the money in the next five years on health and family planning programmes, economic empowerment projects and other initiatives.

The pledge was made at

the Generation Equality Forum convened by UN Women in Paris, where private donors, government officials and civil society leaders are meeting to make financial and political commitments to help reach gender equality worldwide.

The $40bn was pledged by various stakeholders, UN Women said, calling the commitments the “largest-ever collective infusion of resources into global gender equality”.

Some of the pledges come from other foundations, including the Ford Foundation, which said yesterday it will spend $420m in the next five years on

gender equality initiatives.

Separately, the George Soros-founded Open Society Foundations and PayPal have each pledged more than $100m.

Jeannie Sager, the director of the Women’s Philanthropy Institute at Indiana University, says the litany of announcements promise greater action for gender equality, and adds to the collective urgency the UN has championed on the issue. UN goals for 2030 include achieving gender equality.

The event comes nearly a year after the UN commemorated the 25th anniversary of the

landmark 1995 Beijing women’s conference. About 190 countries adopted a roadmap at the 1995 event to achieve gender equality but no nation has reached the goal.

“The world has been fighting for gender equality for decades, but progress has been slow,” Melinda French Gates said in the Gates Foundation announcement, adding that it was time to “reignite a movement and deliver real change”.

Advancing gender equality is a core area for the Seattle-based foundation, the largest private charitable group in the United

States with an endowment of nearly $50bn. It gives about $5bn annually through its philanthropic work, but it’s future - and leadership structure - have been called into question following Bill and Melinda’s recent divorce.

French Gates and Ford Foundation President Darren Walker are scheduled to speak at the three-day Forum. Vice President Kamala Harris and former Secretary of State Hillary Clinton spoke at yesterday’s opening event.

Harris told the forum that “addressing gender equity and equality is

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 88° F/31° C Low: 74° F/23° C

TAMPA

SATURDAY

SUNDAY

MONDAY

A couple of showers and a t‑storm

Mostly cloudy, a shower and t‑storm

A couple of showers and a t‑storm

Partly sunny with a stray t‑storm

A stray t‑storm; breezy in the a.m.

Chance for a thunder‑ storm

High: 88°

Low: 78°

High: 88° Low: 80°

High: 89° Low: 79°

High: 89° Low: 80°

High: 88° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

84° F

99°-87° F

99°-86° F

100°-85° F

100°-86° F

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

N

almanac

E

ABACO

S

N

High: 85° F/29° C Low: 80° F/27° C

8‑16 knots

S

High: 87° F/31° C Low: 76° F/24° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 77° F/25° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

FRIDAY

W

High: 86° F/30° C Low: 77° F/25° C

MIAMI

High: 87° F/31° C Low: 77° F/25° C

7‑14 knots

KEY WEST

High: 85° F/29° C Low: 80° F/27° C

High: 88° F/31° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 85° F/29° C Low: 80° F/27° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

1:40 a.m.

2:22 p.m.

2.7 2.5

8:09 a.m.

8:32 p.m.

0.3 0.7

Friday

2:33 a.m.

3:18 p.m.

2.5 2.5

8:58 a.m.

9:33 p.m.

0.4 0.8

Saturday

3:26 a.m.

4:11 p.m.

2.3 2.6

9:46 a.m. 0.4 10:31 p.m. 0.9

Sunday

4:18 a.m.

5:01 p.m.

2.2 2.7

10:33 a.m. 0.4 11:25 p.m. 0.8

Monday

5:09 a.m.

5:47 p.m.

2.2 2.7

11:18 a.m. 0.4 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

5:56 a.m.

6:31 p.m.

2.2 2.8

12:15 a.m. 0.7 12:02 p.m. 0.3

Wednesday 6:42 a.m.

7:13 p.m.

2.2 2.9

1:01 a.m. 0.6 12:45 p.m. 0.3

sun anD moon Sunrise Sunset

6:24 a.m.

8:04 p.m.

Moonrise Moonset

12:54 a.m.

1:05 p.m.

Last

New

First

Full

Jul. 1

Jul. 9

Jul. 17

Jul. 23

CAT ISLAND

E

W

High: 85° F/29° C Low: 81° F/27° C

N

S

E

W

7‑14 knots

S

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 81° F/27° 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 ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.16” Year to date ................................................. 7.92” Normal year to date ................................... 13.55”

ELEUTHERA

NASSAU

To advertise in The Tribune, contact 502-2394

| Go to AccuWeather.com

TONIGHT

High: 89° F/32° C Low: 77° F/25° C

essential to addressing every other challenge we face, which is certainly true in light of the current threats to democracy”.

“Gender equality strengthens democracy,” she said in virtual remarks, stressing that US commitments “will yield results -- real, tangible results -- that improve the lives of women in the United States and women around the world”.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 81° F/27° C

High: 85° F/29° C Low: 81° F/27° C

N

High: 86° F/30° C Low: 80° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 81° F/27° C

8‑16 knots

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

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND

H

High: 85° F/29° C Low: 81° F/27° C

High: 86° F/30° C Low: 81° F/27° C

GREAT INAGUA High: 87° F/31° C Low: 81° F/27° C

N

E

W

E

W

N

S

S

10‑20 knots

12‑25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA

L

GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 8‑16 Knots S at 10‑20 Knots SE at 7‑14 Knots ESE at 4‑8 Knots SE at 10‑20 Knots SE at 10‑20 Knots ESE at 12‑25 Knots SE at 15‑25 Knots SE at 8‑16 Knots SE at 7‑14 Knots SE at 8‑16 Knots S at 6‑12 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SE at 12‑25 Knots SE at 10‑20 Knots ESE at 10‑20 Knots SE at 12‑25 Knots ESE at 12‑25 Knots SE at 15‑25 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SE at 10‑20 Knots ESE at 10‑20 Knots SE at 8‑16 Knots SE at 8‑16 Knots

WAVES 2‑4 Feet 3‑5 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 3‑5 Feet 3‑6 Feet 4‑7 Feet 2‑4 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 3‑6 Feet 4‑8 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 4‑8 Feet

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

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

PAGE 14, Thursday, July 1, 2021

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wall Street closes out its 5th straight quarterly gain Associated Press WALL Street closed out its fifth straight quarterly gain yesterday, continuing its comeback from a steep drop in early 2020 at the onset of the coronavirus pandemic.

The S&P 500 edged up 0.1%, bringing its advance over the past three months to 8.2% and 14.4% for the first half of the year. The benchmark index finished June with a 2.2% gain and its third straight all-time high as it extended its winning streak to a fifth day.

Stocks have been pushing higher on optimism that the economy is strengthening and that the Federal Reserve will keep interest rates low for a while longer.

“The Fed has sort of kept the proverbial spigot open, if you will, with liquidity, so there’s still a pretty sizable amount of capital out there looking for a place to go,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab.

Meanwhile, concerns about inflation earlier this year have dissipated somewhat, as investors have become increasingly convinced that the rise in prices for everything from food to oil to lumber is temporary and a result of the US economy recovering from the pandemic.

Trading yesterday was relatively subdued as investors wait for the government’s monthly jobs report due out on Friday.

“We’re definitely in the doldrums of summer; volatility and volume will probably be pretty light,” said Jason Pride, chief investment officer of private wealth at Glenmede.

The S&P 500 index rose 5.70 points to 4,297.50. The Dow Jones Industrial Average added 210.22 points, or 0.6%, to 34,502.51. The Nasdaq composite fell 24.38 points, or 0.2%, to 14,503.95.

The tech-heavy index hit record highs on Monday and Tuesday.

The Russell 2000 index of small company stocks rose 1.71 points, or 0.1%, to 2,310.55.

Many professional investors along Wall Street say stocks can keep rising from here, just not as much as they did during the first half of the year.

Interest rates remain low, even if the Federal Reserve recently indicated it could start raising rates in about two years. And with the economy continuing to strengthen, supporters say stocks should be able to tick higher even if their prices have climbed faster than corporate profits and look expensive compared with history.

At the Wells Fargo Investment Institute, for example, the forecast is for record corporate earnings this year to help the S&P 500 rise to between 4,400 and 4,600 by the end of 2021. That would mean a gain between 2.4% and 7% from the index’s current level of 4,297.

Some are more pessimistic, though, amid concerns that several measures of growth in the economy have already hit their peak.

Barry Bannister, chief equity strategist at Stifel, says US manufacturing growth likely topped out in March, for example. He sees the recent pullback of stimulus in China leading to slower growth around the world and helping to knock the S&P 500 down to 3,800 in the second half of the year.

So far this year, energy stocks continue to lead the way higher among the 11 sectors in the S&P 500 with a gain of 42.4%. Financials are the next-biggest gainer, up 24.5%, while real estate companies are up 21.7%.

Technology companies, the biggest gainers in 2020, are up 13.2%. Utilities lag the rest of the market through the first half of this year with a gain of 0.8%.

As inflation concerns have receded through much of the quarter, that’s helped

push solid gains for technology companies. Tech stocks have been the biggest gainers in the S&P 500 this quarter with a 12.9% rise. The sector is viewed as a high-growth area of the market, which tends to do better when inflation is low.

“Inflation expectations got too high,” Pride said. “When they backed off, that was kind of a natural thing.”

Meanwhile, some rising concerns over COVID19 variants also prompted investors to put more money into the sector, which did particularly well during the height of the pandemic.

For the April-June quarter, American Express led the way higher among the 30 stocks in the Dow with a 17.8% gain. Goldman Sachs Group was a close secondbest with a 16.1% advance.

Intel fared the worst, losing 12.3%.

Industrial, financial and energy companies were among the winners yesterday. Those gains were kept in check by a pullback in technology, communication and real estate stocks.

Treasury yields mostly fell.

The yield on the ten-year Treasury note fell to 1.47% from 1.48% late on Tuesday.

Crop prise rose after the government reported that US farmers planted fewer acres of corn and soybeans than had been expected.

Investors got another dose of good economic news yesterday when payroll processor ADP said the private sector created 692,000 jobs last month. above economists’ forecasts. The big jobs data point will come on Friday, when the monthly jobs report is released.

Economists are expecting employers created 675,000 jobs last month, and the unemployment rate fell to 5.7%.

Didi Global, a Chinese ride-hailing service, rose 1% in its US stock market debut.

The company’s initial public offering of 288 million shares was priced at $14 a share.