07062020 BUSINESS

business@tribunemedia.net

MONDAY, JULY 6, 2020

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AID’s $8.2m spend back on after 20% sales boost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

MAJOR Bahamian retailer says its 20 percent “better than normal” sales performance has given it sufficient optimism to move ahead with an $8.2m investment.

However Jason Watson, Automotive Industrial Distributors (AID) president, told Tribune Business that plans for constructing new stores at the company’s Blue Hill Road location and in Abaco could “change very quickly” amid expectations that current business volumes could drop-off as early as this month.

While the economy’s post-COVID-19 re-opening and pent-up demand for vehicle repairs have given AID a boost, he warned that the tourism/hotel industry’s revival - and the return of “large quantities” of tourists - will be vital if the retailer is to sustain its present buoyancy.

Any “drastic” reduction in sales, Mr Watson warned, would result in

• But expecting ‘tail-off’ as early as this month • And will ‘freeze’ new stores if drop ‘drastic’ • Projects could expand staff levels by 25%

AID “freezing” investment plans that could expand its full-time workforce by 25 percent through the creation of 40 jobs.

He added that the ideal post-pandemic scenario would be one where stopover visitors are returning, but Bahamians are not travelling, as this would give AID and other local retailers the chance “to do much better than we have ever done” through the reduction in dollars heading to Florida and elsewhere on shopping trips.

Revealing that AID is 20 percent above typical trends “sales wise”, Mr Watson told this newspaper: “It will most likely tail-off, but has been better than normal. It’s a little disappointing that the hotels are not opening.

“The problem is that if the tourists are not coming in large quantities we will not be able to sustain that

Doctors Hospital cuts 43 staff over ‘blunt fiscal reality’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DOCTORS Hospital has revealed the termination of 43 workers after aggressive cost-cutting measures proved insufficient to offset “diminished patient activity”.

The BISX-listed healthcare provider, in a statement issued at the weekend, warned that it was “navigating some very blunt fiscal realities” created by the COVID-19 pandemic as it confirmed the eight percent reduction of its 535-strong full-time workforce.

The job cuts come despite Doctors Hospital saying it had managed to reduce

non-patient care operating expenses by “as much as 46 percent”, and the voluntary 25 percent salary reduction taken by senior management and executives, as it seeks to adjust its operating model to the new post-COVID-19 reality.

“We are delicately navigating some very blunt fiscal realities brought on

by COVID19,” said Dennis Deveaux, Doctors Hospital’s chief financial officer, in a statement.

“We must ensure the hospital retains its existing financial strength and is poised to make future investments necessary to expand

SEE PAGE 6

Unpaid leave trap warning if COVID vacations ‘unwise’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN workers were yesterday warned they could find themselves taking unpaid leave if they fail to make “wise” vacation decisions amid the COVID-19 threat.

Gowon Bowe, pictured, Fidelity Bank (Bahamas) chief financial officer, told Tribune Business that the bank’s employees will, in the first instance, be treated as having taken additional vacation time

should they have to undergo a 14-day quarantine upon their return home.

And, should they have insufficient vacation time to cover this period or it be exhausted, he explained that it will be treated as “unpaid leave” - meaning that the employee will suffer a reduction in their take-home pay and earnings.

Emphasising that this only applied to discretionary, leisure travel, and not essential trips to take care

SEE PAGE 6

[sales level] much longer.

We’ll see how it goes. It depends on how many tourists come in, and hopefully they will find accommodation other than the hotels.

“If Baha Mar and Atlantis were open I’d be optimistic, but because they’re not open and are unsure when they are are going to open it’s difficult to say. If the tourists are coming we’ll do very well. If the tourists are not coming, it’s only a matter of time time before business tails off.”

The surge in COVID-19 infections in the US, which hit 50,000 per say last week, gave Atlantis sufficient pause for thought to delay its planned July 7 re-opening by 23 days until almost the month’s end. Among those worst-hit were states that make-up some of The Bahamas’ key visitor source markets, such as Florida and Texas.

The Paradise Island mega resort’s move put a further dampener on what was already projected to be a slow stopover tourism reopening as international airlines gradually restored services to The Bahamas with the re-opening of the country’s borders.

Meanwhile, Baha Mar, the Melia Nassau Beach Resort and Sandals Royal Bahamian have all postponed their re-openings until either October or November 2020, thus taking a sufficient portion of New Providence’s room inventory off-line for a further three to four months.

And Baha Mar’s decision to terminate 328 workers at the Melia, and 20 percent or 1,100-1,200 of the workforce at its main resort campus, will further depress the consumer spending and confidence that retailers

SEE PAGE 7

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Govt revenues off 50% in last quarter

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government’s revenues for the 2019-2020 fiscal year’s final quarter dropped by “50 percent or so” compared to normal, the deputy prime minister said yesterday.

K Peter Turnquest, responding to a series of messaged Tribune Business questions, said the Public Treasury’s income for the three months to end-June had maintained the same trend seen at the onset of the COVID-19 economic lockdown during end-March and April.

“Government revenues for the final quarter of the year based on preliminary numbers seem to be down about 50 percent or so. Numbers are still being finalised, however,” he added, while confirming that the proceeds from the $252m International Monetary Fund (IMF) loan had helped to carry the Government to that year-end.

“The proceeds from the IMF facility were received days after it was approved by the IMF board,” Mr Turnquest said. “It has been utilised to cover budgetary

K PETER TURNQUEST needs from the fiscal period just ended.”

This means that the IMF loan covered the government’s COVID-created fiscal holes, bridging the gap between sharply reduced income and government spending in the final weeks of the 2019-2020 fiscal year prior to the new budget and borrowing authorisations being approved by Parliament.

Mr Turnquest, meanwhile, said the market for the Bahamas’ foreign currency-denominated debt appears to have “stabilised” with Moody’s recent twonotch downgrade of the government’s sovereign creditworthiness to so-called “junk” status having no impact on yields or spreads.

SEE PAGE 8

PAGE 2, Monday, July 6, 2020

THE TRIBUNE

Fighting financial crime in silos will cause failure THE risk and compliance space has been inundated with changing landscapes during the first six months of this new decade. Here in The Bahamas, many risk and compliance professionals will have thought that the 2018-2019 regulatory overhaul was a daunting task, only then to be hit by the European Union’s (EU) tax-related initiatives and COVID-19. Amid these events the harsh reality

hit – the anti-money laundering (AML) struggle will continue.

I warned on 6 April that: “The COVID-19 pandemic will most definitely energise criminals to exploit known or inadvertent weaknesses within our (laws, guidance and private practice) anti-money laundering/counter-financing of terrorism (AML/CFT) systems.

“Compliance and AML/

CFT professionals will now transform from being the generally accepted ‘legal necessity’ to an ‘essential and vital’ component to ensuring an institution’s reputational and financial risks are mitigated during these uncharted times within business.”

Now fast forward to June 2020 newspaper headlines that read Registrar General Department’s system hacked, New hacks

expose Registrar General and Some Commonwealth Bank clients hit by phishing scheme. These are all indications that fraud and cybercrimes is on the rise in The Bahamas.

Elsewhere, CNN reported recently: “Ramon Olorunwa Abbas appeared in a federal court in Chicago on Friday. He is accused of conspiring to launder hundreds of millions of dollars through cybercrime

Press Release 17th June 2020

Ms. Sandra Juanita Knowles

The President of Benchmark (Bahamas) Ltd., is pleased to announce the appointment of Ms. Sandra Juanita Knowles as Chairman of Benchmark Advisors (Bahamas) Ltd. Benchmark Advisors, is licensed by the Securities Commission of The Bahamas as a Class 1 Broker Dealer and is registered as an authorized Broker Dealer for BISX listed securities. Benchmark Advisors also provides through its digital plaform global securities, commodities, currencies and cryptocurrencies execution for the Groups nonresident clients.

Benchmark’s board selected Ms. Knowles for the position as she brings a wealth of knowledge and experience which makes her well suited for leading and directing the growth and development of Benchmark Advisors.

Born in The Bahamas in 1951. She received a University of London Teaching Certificate in 1974 and a degree in Social Studies from the University of Miami in 1997 (cum Laude). She spent five years as an educator and headed the History Department in Government High School. She spent more than eighteen years in the international investment and private banking financial arena of which five plus years were spent on the regulatory side of The Bahamas Financial Services sector.

From 1993 -1997 Ms. Knowles was the General Manager of the Broadcasting Corporation of The Bahamas, the first female to hold this position. She was responsible for the first major technological upgrade of the television facilities since inception, emphasizing strong focus on local programming in television and radio.

In July 1997, Ms. Knowles became the first female Inspector and Executive Director of the Securities Commission of The Bahamas. As one of its principal architects she was responsible for its significant growth and development. She was instrumental in formulating policies for the promotion of an efficient and knowledgeable regulatory environment.

She held this position until November 2002.

Ms. Knowles was a Director of Benchmark (Bahamas) Ltd. From 2004 to 2007. Deputy Chairman and Director of the Board of The Hotel Corporation of The Bahamas for nearly ten years and a Director of the Board of Bahamasair for one year.

BY DEREK SMITH

schemes.”

If this name does not ring a bell, let us try his acclaimed Instagram alias, “Ray Hushpuppi”. “Prosecutors allege Abbas is one of the leaders of a global network who use computer intrusions, business e-mail compromise (BEC) schemes and money laundering capers to steal hundreds of millions of dollars,” CNN added.

I submit that if fraud and cyber crime is on the rise, then money laundering - although not always detected - is also increasing. I wish to reemphasise that companies must assess, adapt and act thus: 1. Assess which aspects of their anti-money laundering and cyber crime regimes are working, and which need to be tweaked.

2. Adapt to models that better service their business while simultaneously educating internal and external stakeholders.

3. Act decisively while always considering and balancing their employees’ well-being with operational realities.

If your anti-money laundering and counter-fraud regime are separate, I would suggest a blended approach. If you are reading this and realise that you may not have a fraud regime, the time is now to create and incorporate a robust framework that is not in a separate silo from your anti-money laundering framework.

Although there is no standard approach to fighting these twin crimes, here are two areas to consider in your efforts to prevent and reduce their impacts.

Balancing People and Technology Anti-money laundering professionals must be both subject matter experts in traditional money laundering typologies and red flags, while having practical knowledge and tools to identify and mitigate cyber crime and fraud impacts.

They must understand the

flow of money laundering and be equally familiar with fraud typologies, ransomware, botnet and other techniques and software to prevent their intrusion.

Risk Framework Design Kevin W Toth, the author of The Convergence of Cyber, Fraud and AML’, said: “Understanding the convergence of cyber, fraud and AML is of utmost importance in today’s compliance and regulatory landscape.” I often note that everything in life is a science. Risk management is a science as it is a structured approach designed to identify potential threats to a company, deploy mitigating controls and encompass monitoring tools to evaluate the strategy. With the growing cost associated with compliance, risk, fraud and business continuity, it is vital that the risk management framework is structured yet agile.

In conclusion, there are multiple crimes known to increase during and after a crisis. The key is for institutions not to consider fraud and money laundering independently. Instead, converge the approach to fighting these twin crime towers.

NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

FAMILY ISLAND TOURISM FIRMS TO REOPEN TODAY THE Prime Minister’s Office has given permission for Family Island-based tourism attractions, excursions and tours to resume operations from today.

It added that wearing face masks and the implementation of physical distancing protocols will be mandatory

as companies in these sectors re-open from today, Monday July 6, as part of tourism’s phased return.

Tourism attractions, excursions and tours on New Providence and Grand Bahama can re-open their operations from next Monday, July 13.

THE TRIBUNE

Monday, July 6, 2020, PAGE 3

JITNEYS: RETURN TO THE ROAD ALREADY A ‘BATTLE’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

JITNEY drivers say their return to the roads has already become a “battle” with their livelihoods “hanging on a thread” due to uncertainty over proposed fare increases.

Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business that the Department of Road Traffic was already telling some drivers to “come off the road” because their buses were not licensed - even going to far as to confiscate license plates.

He said this contradicted his understanding of the government’s COVID19 emergency orders. Mr Moxey argued that vehicle licensing had been suspended for as long as the pandemic emergency lasted, with drivers granted a 60-day period beyond its expiry within which to

regularise their vehicles.

“To my understanding the controller of road traffic (Bradley Sands) had a squad from his office downtown on Friday morning, and service was interrupted for some folks with the busses not being licensed and some were told to come off of the road,” he added.

“Clearly, it doesn’t seem like the prime minister is being respected by the controller, and I think he is taking that title a little too seriously. We have experienced enough hardship to now have to endure unnecessary pressure.

“We are operating at about 20-30 percent capacity and it is not sufficient enough to sustain us to be on the road right now, but we are doing the best we can and we hope for things to pick up going into the weekend,” Mr Moxey said.

“Starting a fresh week on Monday, we hope to see better results. We are hanging in there and we are holding on by a thread, and

that is why it is important for us to not have unnecessary disruption in our service at this time.”

Carl Bethel QC, the attorney general, said previously in the Senate that he would look into complaints by motorists - as well as jitney drivers - that they are being stopped by the police and the authorities over expired vehicle licences when the emergency orders will still in effect.

He suggested that the licensing “waiver” was in part implemented because persons were unable to renew their vehicle insurance when that sector was under COVID-19 lockdown. However, the insurance industry has subsequently re-opened while the Road Traffic Department has been open for much of the pandemic as an “essential service”.

The Ministry of Transport and Local Government, in a press release on Friday, described suggestions of an imminent jitney fare

Atlantis ‘dampener’ for slow taxi revival

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE taxi union’s president says Atlantis’ delayed re-opening has put a further “dampener” on what was expected to be a slow tourism rebound post-COVID-19.

Wesley Ferguson, the Bahamas Taxi Cab Union’s (BTCU) president, told Tribune Business: “The tourism numbers are still slow. It’s still slow, but we expected that. Taxi drivers for the most part are excited to be back, but I think we had opened up too soon.

“With Atlantis dropping out of the race, it put a dampener on the reopening, because people who would have booked with Atlantis would now have to cancel because they wouldn’t be on the plane any more. We didn’t look for them to come because Atlantis was closed.

He added: “We reopened but it’s still a great deal of caution that taxi drivers have to take, because if you look at our neighbour across the way, our main source of tourism income in the United States, they are basically in an epidemic.

“Even if the government is being ambitious enough to open the country on July 1, we would still have to wait and see what is going on in America before we

could open our doors to them. I don’t think the government is watching that or taking that seriously, because one thing we don’t want is another surge in COVID-19 cases.”

Mr Ferguson said The Bahamas is inviting persons from a “very sick nation” inside its borders at a moment when it has almost eliminated COVID19, with the Ministry of Health showing that only four persons remain in isolation at home with the virus.

“When you see Atlantis deciding to delay their reopening, it sends a message to the government that maybe we might be moving a little too soon and we could risk having a resurge,” the taxi union chief said.

He added that the continuing closures of Atlantis and Baha Mar mean The Bahamas will not have much tourism business during July, at least, until the former property opens on July 30.

Mr Ferguson said The Bahamas still has Airbnbs, while the RIU, the Warwick and Breezes are now open. However, the continued shutdowns of Sandals and Melia, along with Atlantis and Baha Mar being closed, will “definitely have a negative effect on tourism arrivals” to The Bahamas.

“We are just basically pecking. The attractions are still closed, so people are coming here and some of them are disappointed because they have been here before and they are used to a Bahamas that was very, very nice, beautiful and robust with a lot going on at once, and a lot of activities and a lot of attractions and a lot of stuff to do,” Mr Ferguson added.

“You have to understand that these people are coming from a lockdown, and then to come here and it’s just almost like a lockdown because there is nobody else around. We have diminished the good Bahamian experience.

“It’s been a slow take-off, but the only consolation for us is that we are relatively COVID-19 free, so that is a milestone for us. We are basically the leaders in this hemisphere with regard to the steps we have taken to beat the COVID-19. This may cause a lot of tourists to come here, but at the same time we have to be cautious to ensure we don’t have a resurgence of this virus.”

To advertise in The Tribune, contact 502-2394

increase as “rumours” and that the charges remain the same.

The sector is seeking a 60 percent increase in adult fares from the present $1.25 to $2, while maintaining those for senior citizens and children at the present level. The rise in margins is designed to compensate for lower passenger volumes.

Mr Moxey said: “We did not get any word back on the fare increase as yet, so I cannot speak to that until I have official communication from the Prime Minister’s Office because that it where we made our proposal - to the minister of finance (K Peter Turnquest) and to the prime minister, and also copying transport.”

As for the action being taken against jitney drivers, he added: “The police department is down here and they are not taking any stance against people that may not be licensed.

“As long as you have your insurance, and you

have your valid driver’s license and public service license, as that pertains to the emergency order, you should be good to go.”

“But this seems not to be the case with the Road Traffic department as some of the plates were screwed off some of the busses, so I spoke to the police officers that are downtown and they are not booking anybody,” Mr Moxey continued.

“I understand that there may be some other infractions that may have caused others to have to come off of the road, and that I am still looking into. I had a call from somebody who has insurance and everything on the vehicle except for it being licensed, and their service has been disrupted.

“So I am here trying to see first-hand what is happening. I have tried to reach the minister of transport by telephone but I have not been able to get him. We need some intervention and some clarity on this matter.

Mr Moxey reiterated that

his understanding of the emergency order “is that licenses from March 17 are suspended during the emergency order and 60 days thereafter. The prime minister has further extended the executive order to the end of July, and so that would be 60 days from there and that would put us even into September.

“But right now here we are, two days into coming back on the road while experiencing great hardship, and we are already in a battle. We did not get the increase in fares that we have requested and people are just trying to make a living right now. This, right now, is unbearable.”

“We need the minister for transport, we need the prime minister or somebody, to intervene, to tell the controller of road traffic exactly where he should stand on this because right now we are very frustrated and we are within our rights and we are not going to take it.”

Vacancy Announcement A service-oriented individual is being sought to work in the private residence of a high-ranking diplomatic official for the following position:

RESIDENTIAL HOUSEKEEPER Who will be responsible for: Sweeping, mopping, vacuuming, dusting, laundry services, ironing, polishing furniture and floors, cleaning windows glass surfaces and other housekeeping duties including but not limited to: -

Cleaning, disinfecting, and deodorizing bathrooms and bathroom fixtures.

Cleaning outside porches and identified outdoor extensions.

Emptying and cleaning waste containers.

Household shopping; maintaining inventory supplies.

Washing dishes and utensils.

Washing and folding of laundry for Residence and guests; maintaining linen stock.

- Setting tables with proper dishes and utensils and clearing and cleaning tables after serving meals.

- Notifying supervisors of any damages and deficits in any responsible areas.

- Assisting with the serving of meals at receptions and at daily seated meals.

The successful candidate for this position will possess/demonstrate the following knowledge, skills, attributes, certifications, and/or qualifications: -

A high school diploma is required.

Must have two years’ experience as a residential or commercial Housekeeper.

Basic computer skills (for drafting and emailing menus).

Time management skills with the ability to work under pressure to ensure deadlines are met.

Workplace management skills i.e. ability to multi-task and maintain a clean environment.

Flexibility, adaptability, dependability, decorum, and discretion.

Willingness to perform duties in multiple residential, recreational, and/or commercial locations as directed.

Willingness to work a highly irregular schedule including variety of shifts and many weekends and holidays.

An ability to collaboratively work with a diverse workforce.

Language: Excellent working knowledge of spoken and written English (Level IV).

Applicants must be a Bahamian citizen or foreign resident who is otherwise eligible for employment in the Bahamas.

Please submit resume and three references via e-mail to Nassauhr@state.gov addressed to the Human Resources Office no later than Friday, July 17, 2020.

Telephone calls will not be accepted in reference to this advertisement.

PAGE 4, Monday, July 6, 2020

THE TRIBUNE

EXUMA SET FOR CRITICAL INFRASTRUCTURE UPGRADE EXUMA’S crumbling roads are on track for a much-needed upgrade after aging beyond their 15-year useful life span.

David Cox, the Ministry

of Works’ senior engineer for the Family Islands, said the condition of the island’s roads ranged from fair to poor given that they have not been overhauled for

more than 20 years.

Much of Exuma’s infrastructure is older than 15 years, which is the life cycle for the road surface mixture if it is well maintained.

The last time major works were executed on the island was in the mid to late 1990s.

“The roads aren’t maintained in a fashion similar to first world countries where they would go in every five years and carry out some sort of remediation. We tend to leave the roads for as long as possible until potholes begin breaking out and then we repair them. When it gets so bad, we have to repave them,” said Mr Cox. “In effect we could actually repave the whole of Exuma and that could be justified because the roads are in a poor condition.”

The Ministry of Works has hired Caribbean Pavement Solutions, a subsidiary of the Bahamas Striping Group of Companies, to effect repairs.

“Caribbean Pavement Solutions will carry out ten miles of roadworks in hot mix asphalt which is the better way to go,” Mr Cox added.

“Sand seal is an older technique which is no longer being practiced in many parts of the world except in rural areas. With the asphalt we should see a better-quality road. It should give us at least 20 years of useful life.”

The 10-mile stretch of road runs from Exuma International Airport through Georgetown’s centre, covering its loop, and extends in the opposite direction from the airport to Sandals Emerald Bay Resort.

“Investing in infrastructure has a profound impact,” said Caribbean Pavement Solutions president, Atario Mitchell. “It employs locals, it enables economic development and provides first class roads to safely facilitate the movement of our people and visitors. This upgrade may have been a long time coming, but once our work

EXECUTIVES of Caribbean Pavement Solutions, led by its president, Atario Mitchell (fourth from left), join representatives of Exuma’s local government and the Ministry of Works for a safety inspection of the island’s roads. is completed it would have been well worth the wait.”

The work includes verge clearance; the removal of existing pavement; raising roads in areas prone to flooding; supply and installation of proper drainage; guardrail replacement in various locations; road markings; erecting stops signs; and settlement signs and the installation of thousands of cat eyes.

Caribbean Pavement Solutions will also assist in the design and project management of a proposed three-acre, community park in Moss Town, in walking distance of the LN Coakley High School.

Despite the COVID-19 pandemic, the company said it was “shovel ready” and set to begin work next month.

“We have completed key parts of the topographical work. The road design is completed. The site has been cleared and fenced for the placement of our asphalt manufacturing plant. We have also identified a contractor from Exuma to carry out the concrete work associated with this project. That contract will be awarded in short order,” Caribbean Pavement Solutions’ managing director, Dr Allen Albury, said.

HELP WANTED Harbourside Marine

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Ivan Ferguson, Exuma’s administrator, said the upgrades were timely given renewed interest in the island from Bahamians and visitors alike in the wake of Hurricane Dorian’s devastating impact on Abaco and Grand Bahama.

“We have seen a surge of traffic on our streets and an increase in population, so the road repairs come at a very appropriate and necessary time for Exumians,” said Mr Ferguson.

“Many of our visitors are fearful to go out at night because of the potholes in the road and so this is a very convenient time. It is going to alleviate a lot of the concerns the community has about the roads.

We’re elated about the repairs, the signage which will give direction to our visitors, and the cat eyes which will supplement the lack of streetlights in some areas.”

Pedro Rolle, Exuma’s Chamber of Commerce president, added: “This is positive in a number of ways. The most obvious is the direct employment opportunities it provides to persons locally assisting in the road work project.

“We also need to look at the auxiliary benefits that come along with this.

Proper road work encourages foreign direct and local investment in our communities.” The project is slated for completion by March 2021.

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ian@hbsmarine.com

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position:

OBO Safety Program Coordinator Salary $52,920.00 – $79,380.00

Duties: Working under the Project Director of the Overseas Building Operations (OBO) project team, the Safety Program Coordinator provides professional expertise and guidance relating to site safety and health issues during all phases of construction, including site development, excavation, foundation, superstructure, exterior walls, mechanical and electrical systems, and interior finish work for the Nassau New Embassy Compound (NEC). The position is responsible for ensuring compliance with U.S. Department of State as well as host country construction safety and health regulations.

Interested candidates are required to possess the following skills and qualifications: •

Education: University degree in safety management, occupational health and safety, environmental safety, construction, engineering, or architecture is required.

•

Experience: Five years in construction with experience in occupational safety or industrial hygiene is required.

•

Language: English level IV (Fluent) Speaking/Writing/Reading is required.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, July 10, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

THE TRIBUNE

Monday, July 6, 2020, PAGE 5

THE IMPORTANCE OF PREPARING FOR UNKNOWN RISKS

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

THE coronavirus crisis demonstrated that countries with preparations in place to deal with a pandemic, such as South Korea, Singapore and Taiwan despite having been among the first to suffer the impact of the virus - experienced lower numbers of cases and fatalities than others without any plan for such events. For these, the cost of unreadiness has been staggering, both in human and economic terms.

But we mustn’t judge too harshly the countries that didn’t have a contingency plan; they hadn’t faced a similar scenario since the 1919 flu pandemic. Conversely, in 2003, there was an outbreak of an earlier coronavirus. SARS also started in China, and then spread, but, except for a

POTTER’S CAY ‘MOVES INTO 21ST CENTURY’ ON CARD PAYMENT TIE-UP

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net POTTER’S Cay Dock vendors are “moving into the 21st century” by partnering with Fidelity Bank (Bahamas) as part of efforts to “go cashless”.

Wendi Constantine, president of the Bahamas Dock and Allied Venues Vendors Association (BDAVVA), told Tribune Business that the BISX-listed bank has teamed with numerous vendors by providing them with portable mobile devices so they can accept debit and credit card payments.

“Our association has started a campaign with Fidelity Bank so that Potter’s Cay Dock can go cashless,” Ms Constantine added. “We are moving into the 21st century.

“The only thing that we’re hoping now is that the Government sees that we are complying, and we’re trying to do everything, especially with these COVD-19 rules, with curb-side, deliveries and pick-ups, that they can also work with us with electricity because we really need that. We just want the public to know that they can now come to Potter’s Cay and get their items by means of credit card.”

Some 12 vendors have signed up with Fidelity Bank (Bahamas) to receive the mobile card devices, and the Association said its campaign will continue until all

small outbreak in Canada, it remained a South-East Asian problem. Perhaps for this reason, countries in that region have dealt with COVID-19 more efficiently; they had prepared, because within living memory a similar situation had occurred.

Another great example of the importance of planning and preparing for unforeseeable events is the early tsunami warning

system, which covers the entire Pacific rim. It was installed in the aftermath of the 2004 Christmas Day tsunami, that killed hundreds of thousands and caused billions of dollars of damage. Since its deployment, the system has been activated several times, saving countless lives by raising an early alarm and providing enough time for coastal populations to be evacuated.

42 stalls are equipped with them. The payment-accepting devices will be delivered to the vendors some time this week.

Ms Constantine said: “We had a campaign where we had an app that you can put on your phones where persons can call in, and you would be able to use your credit card and pay online.

“Then you can just come in and swipe, and you can get your food. But you know with the curbside you cannot park; you have to keep moving, and we hope that by going cashless that this also helps with the COVID-19.

“The persons from Nightlife Bahamas created the advertising app. We joined up with them and so persons are now advertising through the web internationally and locally,” she continued.

“So, tourists abroad can see Potter’s Cay Dock and the various stalls that are out here. With everybody going cashless we thought that this would be something Potter’s Cay Dock should do. We just want people to know that Potter’s Cay is now cashless.”

Daniel Scott, the Association’s vice president and owner of Danny’s Unda Da Bridge, said: “I feel very happy about the situation.

We know how the world is going and most definitely, as Bahamians, we tend to follow the things after the fact.

“But I’m very pleased to know that Potter’s Cay Dock is on board to take advantage of the situation when the tourists come through. Me being a stall owner, I had many customers come through here before asking if we take credit cards.

“I was not prepared and I just watched them walk right back out of my door. So I am pleased and very happy to know that we are taking the initiative as members of the BDAVVA to push this issue.”

Jamal Bowe, owner of Daddy Bowe’s Stall, said: “The cashless situation is really a good thing, because we don’t have to worry about carrying a bunch of funds on us when the night is over as there is no protection out here like that.

“It’s a good thing. A lot of people travel with cards nowadays.” Mr Bowe estimated that the percentage of his customers who prefer using credit cards is about 30 percent.

It seems that we only prepare for high-impact events when others, of a similar type, have occurred within living memory. This could be dangerous; if we look far enough into the past, we’ll see that our planet’s history is fertile in low probability/ high risk events, such as asteroid impacts, super volcanoes or massive solar flares; all of these could realistically happen again tomorrow – unlikely, but possible. To this list we can also add man-made risks, like climate change, nuclear war or even badly intentioned artificial intelligence.

The philosopher Toby Ord recently published a book called “The Precipice: Existential Risk and the Future of Humanity”.

In his book Ord estimates, perhaps harshly, at one

in six the probability of human extinction during this century, and he argues that it is a moral imperative for humanity to plan and prepare for the worst, protect the present but also the future. If humanity was to become extinct or sent back to the Stone Age by an extreme event, the damage wouldn’t be limited to the existing 7.8 billion but would include the trillions of future humans never to come into existence. This may sound farfetched but take a moment to reflect on it.

Planning and preparing for low probability but high impact events will surely be seen by many as unnecessary and expensive, hard to justify. Political will and international cooperation would be needed.

Unfortunately, in the current climate, world leading countries such as the US are pulling out of international organisations, like the WHO. It’s difficult to imagine the nations of the earth coming together to debate and plan such strategies. Let’s hope we don’t one day come to regret it.

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position:

Accountability Service Center (ASC) Supervisor Salary $47,052.00 – $70,584.00

Duties: The Accountability Service Center Supervisor is one of eight positions assigned to the Accountability Service Center (ASC), our “one-stop shop” for managing all accountable aspects of Property Management, Real Estate, Emergency Preparedness, Fleet Management, etc. The ASC safeguards against waste, fraud and abuse of U.S. government property through impeccable record keeping, analysis of processes and information; performs or arranges management audits; establishes and recommends improvements in management controls. Incumbent responds to requests, executes tasks, and participates in various projects assigned by the Management Counselor. Incumbent reports and is reviewed by the Management Counselor and provides supervision to the Fleet Management Analyst, Property Management Analyst, Real Estate Management Analyst, Emergency Preparedness Coordinator, Contracting Officer’s Representative and two Clerks.

Interested candidates are required to possess the following skills and qualifications: •

Education: Completion of high school education and two years of university studies are required.

•

Experience: A minimum of five years administrative management experience in a large organization and one year supervisory experience is required. Experience can be concurrent.

•

Language: Level IV (fluent) in English is required.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, July 10, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

PAGE 6, Monday, July 6, 2020

Doctors Hospital cust 43 staff over ‘blunt fiscal reality’ FROM PAGE ONE service lines and improve patient care. It is therefore clear that we must be proactive and align our cost structure to match patient levels.”

Charles Sealy, Doctors Hospital’s chief executive, added: “This is not a decision that we make lightly, nor is it one that we make without tremendous consideration and thought. Throughout the course of the pandemic, Doctors Hospital has considered multiple options to mitigate the need for such an action.”

The BISX-listed healthcare provider added that it had maintained “a three-month commitment” covering the period April to June 2020, when the COVID-19 health and economic crisis was at its peak, not to lay-off, furlough or implement any salary/benefit cuts impacting its staff members. However, that period has now expired.

Mr Sealy acknowledged receipt of a series of Tribune Business questions yesterday afternoon, but did not reply before press time last night. Doctors Hospital’s official statement made no mention of which worker categories were affected, if the terminations included frontline healthcare positions such as nurses, and if Bahamians as well as expatriates were impacted.

John Pinder, director of labour, told this newspaper he would “be more than surprised” if any healthcare positions were impacted given the ongoing threat posed by COVID-19.

Confirming that Doctors Hospital had notified the government about the terminations, he added that The

Bahamas was already suffering from a shortage of trained medical personnel, and suggested the terminations were more likely to have affected administrative and other support staff.

Mr Pinder also suggested that terminations elsewhere in the private sector, with the national unemployment rate thought to be heading towards at least 40 percent, would reduce demand for Doctors Hospital’s services as newly-jobless persons would likely lose their employersponsored health coverage.

“I would like to see the categories of workers let go,” he said, adding that he was not yet privy to such information.

“They shouldn’t be nurses and laboratory technicians.

Those on that are probably not healthcare providers.

“I would be more than surprised if it was healthcare providers. We lack nurses, lab technicians and radiologists.

I don’t think it will be anybody like that. But you have to bear in mind that people not working may be losing their healthcare coverage and cannot go to Doctors Hospital any more. That also may have played a role in the decision they have made.”

The move by Doctors Hospital is a further indication of how widespread the fall-out from the COVID-19 crisis is likely to be, with no sector of the economy spared from business closures, terminations and downsizing.

Underemployment, through reduced work weeks, and income loss via salary cuts will also become major problems.

However, the BISX-listed healthcare provider’s actions are likely to catch many Bahamians off-guard given

THE TRIBUNE that it is an “essential service” that should be in high demand given the critical role it played - and continues to play - in fighting the pandemic and treating patients.

Doctors Hospital’s move comes following a 2021 first quarter in which profits fell by 16.4 percent or $351,917 yearover-year, dropping from $2.143m in the three months to end-April 2019 to $1.791m.

With total expenses essentially remaining flat, the decline was driven largely by the near-$500,000 fall in net patient service revenues, which came in at $15.568m.

The BISX-listed healthcare provider suspended a number of non-COVID treatments during that period, including those for outpatients, which were suspended in March.

As a result, its patientrelated top-line shrank, with outpatient services expected to only resume in phases from last month. The 43 terminations indicate that Doctors Hospital see no improvement in this situation any time soon.

Still, the lay-offs have occurred less than one month after Doctors Hospital released an annual report in which it hailed a “second consecutive year of record” financial results during the 12 months to end-January 2020.

The medical services provider said the $6m net profit generated for the period represented a 48.7 percent increase upon the previous year’s bottom line, which was itself 68 percent ahead of the prior year.

As a result, BISX-listed Doctors has seen its net income more than double in just two years prior to the COVID-19 pandemic, growing by 149.9 percent compared to the $2.405m profit generated during its 2018 financial year.

And Doctors Hospital’s weekend statement said

“dividend expectations” for the current fiscal year were unchanged despite both the pandemic and the lay-offs, with the first capital return to shareholders set to happen this month.

The terminations also come ahead of the healthcare provider’s roll-out of its same-day COVID-19 testing results service, which it says can administer 400 tests per day, and is designed to create a new revenue stream for the company.

“The next quarter will involve a roll-out of several new strategies resulting in enhanced revenue development,” said Mr Sealy. “In our effort to maintain a safe hospital environment we have recently implemented advanced capacity for COVID-19 PCR testing.

“Anticipating the pressure on businesses to assure a safe environment for their clients and employees, Doctors Hospital’s provision of COVID-19 PCR testing and same-day results will have special value since the threat of COVID19 is likely with us for a while.”

He added: “We are keenly sensitive to the impact that this decision to release 43 associates now will have on all of our workforce. As a result, our human resource team has organised a menu of services, support and opportunities for all affected.”

Doctors Hospital said all those released will have their health insurance continued through September, in addition to receiving due severance payments.

Support includes opportunities to join a resource pool to potentially work in a part-time capacity, direct access to the company’s employee assistance programme, and resume writing and an interview skills workshop.

Unpaid leave trap warning if COVID vacations ‘unwise’ FROM PAGE ONE

of medical emergencies and such like, Mr Bowe said this was not a “dictatorial mandate” going beyond the government’s own regulations as some had portrayed it.

He added that Fidelity Bank (Bahamas), as an “essential service”, had an obligation to protect both its operations and other staff/ customers from the risk of COVID-19 infection that may be created should an employee elect to travel to popular Bahamian vocation locations in the “hot spot” US. “For a business establishment, and not just the bank, if you as an employee travel and it is not business or emergency-related, and there are government regulations stipulating you cannot work, that will be governed by vacation time and, if there is no vacation time, by unpaid leave,” Mr Bowe explained to this newspaper.

“What I have made abundantly clear internally is that the Prime Minister encouraged people to avoid overseas travel and, as an essential service, in the banking industry we have to protect fellow employees and customers. If you become a carrier you add to the risk.

“During the period of lockdown we have to operate as an essential service, so we have to be extra careful with management of staff and sanitising the environment. We are not saying you cannot travel.... It’s no different to you travelling and becoming stuck. That would

be vacation time, and if your vacation time is used up, it will be unpaid leave.”

Mr Bowe said his caution appeared to have been misunderstood as “a dictatorial mandate beyond what the government itself has put in place”, rather than a simple warning to employees of the potential consequences if they choose to vacation abroad amid the health protocols and COVID-19 restrictions put in place.

While workers able to obtain a negative COVID19 PCR test within seven days before returning to The Bahamas will likely be able to return to work immediately, barring any concerns detected on their arrival back home, Mr Bowe said obtaining these tests overseas in the time required was likely to prove challenging.

There are also concerns over whether testing in other countries, such as some of the CARICOM countries, may not meet the government’s standards. And while those who leave The Bahamas for 72 hours or less do not have to produce a negative COVID-19 test, they will be required to quarantine for 14 days, which likely rules out weekend shopping trips to Florida for many at the moment.

“The message to staff is we’re not discouraging vacation, we’re not discouraging time off,” Mr Bowe told Tribune Business.

“We’re saying be mindful of hot spots, especially the US, which is where many of us like to go. Government regulations are also evolving regularly, so factor that into your travel plans.”

Legal Notice

Legal Notice

NOTICE

NOTICE

Pursuant to the provisions of The Executive Entity Act, notice is hereby given that Eduka EE has been placed in voluntary liquidation and the date of commencement of the liquidation is 22nd June 2020.

Pursuant to the provisions of The Executive Entity Act, notice is hereby given that Lucky Star EE has been placed in voluntary liquidation and the date of commencement of the liquidation is 22nd June 2020.

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

Legal Notice

NOTICE Pursuant to the provisions of The Executive Entity Act, notice is hereby given that Shukal EE has been placed in voluntary liquidation and the date of commencement of the liquidation is 22nd June 2020.

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

Legal Notice

NOTICE Pursuant to the provisions of The Executive Entity Act, notice is hereby given that Roseborough EE has been placed in voluntary liquidation and the date of commencement of the liquidation is 22nd June 2020.

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

THE TRIBUNE

AID’s $8.2m spend back on after 20% sales boost

FROM PAGE ONE

such as AID rely on so heavily.

Mr Watson replied “probably by this month or at least by next month” when asked

by Tribune Business when he expected AID’s sales to taper-off “unless the hotels re-open and we start to recover quickly” in the tourism industry.

He reiterated that the timing and strength of the rebound in The Bahamas’ largest industry will be critical in persuading the Wulff Road-headquartered auto parts and housewares retailer, and vehicle repairs/service provider, to fully follow

Monday, July 6, 2020, PAGE 7 through with its planned capital investment in new and expanded store locations.

“We did freeze everything for a while, but after reopening and getting strong demand, we decided to go ahead with the projects we have,” Mr Watson told Tribune Business.

“We’re in the process of knocking down and demolishing the store we have on Blue Hill Road, and building a new one, and are in the process of building the new store in Marsh Harbour. We have another project for a small warehouse.”

Asked whether AID was fully committed to going through with its $8.2m outlay amid the current economic uncertainties, Mr Watson replied: “At this point, yes, but that could change very quickly if sales tail-off drastically.

“Every day we’re checking to see what the situation is, what sales are, and looking to see what the hotels are are really going to do..... We’re

definitely moving ahead at this point.

“We know that if, at any time the economy collapses, we can stop at a particular phase, finish it and freeze it until things improve so we do not extend ourselves too far,” he continued.

“We’re very cautious about the expansion. We’re coming in with very low debt, so it’s very easy for us to withstand unease in the economy and the loss of sales for a short period of time. If the tourists are not coming it will be very difficult to continue with these projects.”

Mr Watson said the new stores, when completed would add 40 new jobs to AID’s existing 160-strong workforce, taking the total staff complement to 200 and representing a 25 percent increase.

He explained that AID’s existing Blue Hill Road store and the apartments behind it will be torn down, and rebuilt from the ground up, while its Abaco location will have “the

same exact footprint” but be “better organised internally”.

The structural strength of both new buildings will also be elevated above what was there before.

Mr Watson said that while The Bahamas was unlikely to receive 2019’s 7.2m visitors any time soon, the return of the stopover segment with sufficient numbers and expenditure was critical to keeping the economy afloat in the short-term.

“The situation in the US is not encouraging at this point,” he added, “but our government is allowing tourists to come if they have a negative COVID-19 test.

That should not stop us receiving visitors, but I don’t think we’ll get five, six, seven million tourists for a while.

“If those coming are staying in hotels or Airbnbs, they will be better than those coming by cruise ship as they will be spending more money. Even

if there are less tourists staying overnight, that will bode well. At some point we need tourists to come. As an open economy we import everything we consume, and we need foreign currency to buy those imports.”

Mr Watson, though, said one potential positive from the COVID-19 fall-out for local retailers is that the health risks may make many Bahamians reluctant to travel to the US and elsewhere to shop.

Vacancy Announcement A service-oriented individual is being sought to work in the private residence of a high-ranking diplomatic official for the following position:

RESIDENTIAL CHEF The position is responsible for: - Planning, preparing, and executing formal dining events using the highest standards of food safety.

- Coordinating, ordering, and purchasing supplies related to household operations for private and official events.

- Ensuring the proper accounting of funds for food and beverage purchases.

- Maintaining accurate and separate inventories of official and private food, beverages, flatware, dishware, cookware, appliances, and crockery.

- Planning, preparing, and presenting on a weekly basis daily meal plans for the household.

The successful candidate for this position will possess/demonstrate the following knowledge, skills, attributes, certifications, and/or qualifications: - A high school diploma is required.

- Must have completed training & certification in culinary arts or equivalent.

- Must have current Public Health Certificate for food handling.

- Must have three years’ experience as a residential or commercial Chef.

- Basic computer skills (for drafting and emailing menus).

- Time management skills with the ability to work under pressure to ensure deadlines are met.

- Workplace management skills i.e. ability to maintain a sterile environment.

- Flexibility, adaptability, dependability, decorum, and discretion.

- Willingness to perform duties in multiple residential, recreational, and/or commercial locations as directed.

- Willingness to work a highly irregular schedule including variety of shifts and many weekends and holidays.

- An ability to collaboratively work with a diverse workforce.

- Valid driver’s license.

- Must have own transportation suitable for the transport of food items.

- Language: Excellent working knowledge of spoken and written English (Level IV).

Applicants must be a Bahamian citizen or foreign resident who is otherwise eligible for employment in the Bahamas.

Please submit resume and three references via e-mail to Nassauhr@state.gov addressed to the Human Resources Office no later than Friday, July 17, 2020.

Telephone calls will not be accepted in reference to this advertisement.

Executive Assistant – Simplified Lending Responsibilities •

•

• • •

•

• •

Act as the point of contact among executives, employees, clients and other external partners Manage information flow in a timely and accurate manner Manage executives’ calendars and set up meetings Make travel and accommodation arrangements Track daily expenses and prepare weekly, monthly or quarterly reports Format information for internal and external

communication – memos, emails, presentations, reports Take minutes during meetings Organize and maintain the office filing system

Requirements • • •

• •

• • • • • • •

• • •

Excellent MS Office knowledge QuickBooks experience a plus Outstanding organizational and time management skills Excellent team player Familiarity with office gadgets and applications (e.g. e-calendars, online apps) Excellent verbal and written communications skills Discretion and confidentiality Willingness and ability to work from home Must have transportation Willingness & Ability to work flexible hours Ability to work in a fast pace environment Desire, willingness and skills to grow and take on more sr. positions in the company College Degree in Business or Finance Previous experience working in a bank is a plus Work experience as an Executive Assistant, Personal Assistant or similar role is an asset.

Qualified applicants can forward their resumes to

info@slendingbahamas.com

PAGE 8, Monday, July 6, 2020

THE TRIBUNE

Govt revenues off 50% in last quarter

To advertise in The Tribune, contact 502-2394

FROM PAGE ONE “The market for Bahamian bonds has stabilised, even after the Moody’s release,” the deputy prime minister told this newspaper. “They’re now trading with a yield of eight percent, down from the double digit yields of a month ago. The reopening of the tourism sector should lead to further moderation.”

Given that Moody’s had placed The Bahamas under “downgrade review” from early April 2020 as a result of COVID-19’s fall-out, international capital markets will likely have priced-in the impact well ahead of the rating agency’s June 25 confirmation.

However, the strength and timing of any tourism industry rebound will be critical to the price (debt servicing costs that Bahamian taxpayers will have to pay) when the government goes out for the bulk of the foreign currency financing needed to cover its $1.3bn deficit and bolster the foreign currency reserves in late 2020.

“The government is executing its financing plan and has already begun sourcing short and long-term facilities,” Mr Turnquest told Tribune Business. “What is being considered for the late fall or early winter is the placement of the bond offering. But the government will secure some financing well before then.”

That latter financing will be critical to paying the government’s obligations, and covering any financial gaps, amid a July-November 2020 period when revenues are expected to be at their weakest as tourism and the wider economy slowly rebound.

The IMF recently estimated that its $252m loan, together with $180m and $50m provided by the InterAmerican Development Bank (IDB) and Caribbean Development Bank (CDB), respectively, and $88m obtained from foreign lenders under a World Bank guarantee initiative, will cover some $570m - or nearly 60 percent - of The Bahamas’ balance of payments financing needs. The remainder, or $442m of the

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 3 JULY 2020

total $1.012bn need during the 2020-2021 fiscal year, would come from the drawdown on existing foreign currency reserves.

Referring to the government’s deficit financing plans, the IMF added: “The increased fiscal needs will be financed by a combination of domestic and external debt issuance, as well as financial support from the Fund and other IFIs (international financial institutions).

“Despite the recent S&P downgrade by one notch to ‘BB’, The Bahamas is expected to continue to have access to international bond markets albeit at significantly higher rates than before. The authorities plan a long-term external bond issuance in fiscal year 2020-2021.

“They are also seeking two guarantees from the World Bank’s Multilateral Investment Guarantee Agency (MIGA) for COVID-19 healthcare expenses and capital spending. The associated guaranteed commercial bank loans would have maturities exceeding five years. Discussions are ongoing with the Inter-American Development Bank (IDB) for new credit facilities amounting to $320m in fiscal year 20202021 for policy loans and investment loans, with maturities exceeding 20 years.”

Mr Turnquest said yesterday: “We are still finalising the sums to be raised from the multilateral financial institutions. The related appropriations for these have been accommodated in the budget just passed.

“The government will soon sign the loans for the IDB Small Business loan facility, which is to be administered through the Small Business Development Centre, and the energy sector loan, which is to cover the ongoing resilient power reconstruction in selected Family Islands, and the early roll-out of commercial solar power.”

The IDB’s small business loan facility is for around $25m, while the energy sector loan facility totals around $170m. This was to be drawn down in three phases, with the first involving around $70-$80m.

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,095.57 | CHG: -1.58 | %CHG: -0.08 | YTD: -136.03 | YTD%: -6.10 BISX LISTED & TRADED SECURITIES 52WK HI 4.20 22.65 2.00 1.63 2.50 7.00 6.75 5.47 8.59 4.50 6.16 12.77 3.64 5.10 10.88 8.44 16.99 4.25 9.40 15.21

52WK LOW 3.15 20.91 0.67 1.63 1.67 5.50 5.39 2.00 5.32 3.62 5.60 11.05 2.53 2.20 8.00 7.10 13.04 3.20 8.00 13.90

PREFERENCE SHARES ########## ########## 1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00

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 Focol Finco J. S. Johnson 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 Class A Focol Class B

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

52WK LOW 100.00 100.00

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

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

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

SYMBOL FBB22 BFHB

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)

LAST CLOSE 3.17 17.43 1.62 1.63 1.78 6.00 6.75 2.76 5.33 3.85 6.16 11.26 3.06 5.10 9.81 8.44 14.50 3.84 8.97 15.20

CLOSE 3.17 17.43 1.62 1.63 1.67 6.00 6.68 2.76 5.32 3.85 6.16 11.26 3.06 5.10 9.72 8.44 14.50 3.84 8.97 15.20

CHANGE 0.00 0.00 0.00 0.00 -0.11 0.00 -0.07 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 -0.09 0.00 0.00 0.00 0.00 0.00

############ ############ 1000.00 1000.00 1000.00 1000.00 1000.00 1000.00 1000.00 1000.00 1.00 1.00 10.00 10.00 0.90 0.90 LAST SALE 100.00 100.00

3,000 1,000 1,000

2,000

2,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 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

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 6,000

EPS$ 0.239 0.932 0.000 0.000 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

DIV$ 0.170 1.260 0.020 0.000 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 13.3 18.7 N/M N/M N/M N/M 18.1 -6.3 38.0 20.9 13.7 15.6 30.0 10.9 15.0 11.6 17.8 18.9 9.6 24.1 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.36% 7.23% 1.23% 0.00% 0.00% 0.00% 3.89% 0.00% 0.00% 3.12% 3.57% 6.39% 14.18% 1.18% 3.37% 2.84% 3.72% 3.13% 2.23% 4.01% 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

MATURITY

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

MUTUAL FUNDS 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

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

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%

MARKET TERMS

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

YIELD - last 12 month dividends divided by closing price

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

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

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THE TRIBUNE

Monday, July 6, 2020, PAGE 11

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 75° F/24° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Some sun, a shower or two; humid

Patchy clouds, a shower; warm

Partly sunny with a shower in spots

Partly sunny, a t‑storm in the p.m.

Clouds and sun with a shower

Some sun with a t‑storm possible

High: 90°

Low: 79°

High: 89° Low: 80°

High: 91° Low: 80°

High: 91° Low: 79°

High: 90° Low: 80°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

101° F

87° F

102°-89° F

103°-89° F

103°-89° F

102°-89° F

High: 90° F/32° C Low: 78° F/26° C

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

N

almanac

E

W

ABACO

S

N

High: 87° F/31° C Low: 81° F/27° C

3‑6 knots

S

High: 91° F/33° C Low: 78° F/26° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 79° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 78° F/26° C

MIAMI

High: 93° F/34° C Low: 80° F/27° C

4‑8 knots

KEY WEST

High: 91° F/33° C Low: 84° F/29° C

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: 82° F/28° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Wednesday 10:58 a.m.

11:18 p.m.

2.5 3.0

5:04 a.m.

5:00 p.m.

0.1 0.2

Thursday

11:45 a.m. ‑‑‑‑‑

2.5 ‑‑‑‑‑

5:48 a.m.

5:47 p.m.

0.3 0.5

Friday

12:01 a.m.

12:32 p.m.

2.9 2.5

6:31 a.m.

6:36 p.m.

0.4 0.7

Saturday

12:46 a.m.

1:22 p.m.

2.7 2.4

7:14 a.m.

7:28 p.m.

0.5 0.9

Sunday

1:31 a.m.

2:12 p.m.

2.5 2.5

7:58 a.m.

8:23 p.m.

0.6 1.0

sun anD moon Sunrise Sunset

6:26 a.m.

8:04 p.m.

Moonrise Moonset

9:38 p.m.

7:39 a.m.

Last

New

First

Full

Jul. 12

Jul. 20

Jul. 27

Aug. 3

CAT ISLAND

E

W

High: 88° F/31° C Low: 81° F/27° C

N

S

E

W

4‑8 knots

S

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ............................................... 24.48” Normal year to date ................................... 14.73”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 82° F/28° C

High: 87° F/31° C Low: 82° F/28° C

N

High: 89° F/32° C Low: 82° F/28° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 82° F/28° C

7‑14 knots

MAYAGUANA High: 88° F/31° C Low: 82° F/28° C

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 87° F/31° C Low: 82° F/28° C

High: 87° F/31° C Low: 82° F/28° C

GREAT INAGUA High: 89° F/32° C Low: 81° F/27° C

N W

N E

W

E S

S

8‑16 knots

10‑20 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 6‑12 Knots SSE at 6‑12 Knots SE at 4‑8 Knots ESE at 6‑12 Knots SE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots ESE at 7‑14 Knots SSW at 4‑8 Knots S at 4‑8 Knots SE at 7‑14 Knots ESE at 7‑14 Knots SE at 10‑20 Knots E at 10‑20 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots ESE at 7‑14 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SE at 7‑14 Knots ESE at 7‑14 Knots

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

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

502-2394

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

WATER TEMPS. 86° F 86° F 90° F 90° F 87° F 86° F 85° F 85° F 88° F 86° F 86° F 86° F 88° F 89° F 84° F 84° F 86° F 86° F 83° F 83° F 87° F 86° F 86° F 86° F 88° F 87° F

PAGE 12, Monday, July 6, 2020

I

HAVE covered a lot in the past three years, ranging from development solutions for each inhabited Family Island to decentralisation of the Bahamian economy, advancing the National Development Plan (NDP) and even the COVID-19 pandemic’s impact on the Bahamian economy.

Each segment was aimed at provoking thoughts on how to achieve measurable outcomes that promote the sustainability of Bahamian social and economic development. In these final thoughts, I feel it would be best to cover what this has been trying to achieve, which is true Bahamian ownership. In this segment, we will discuss ideas that would lead to more Bahamians being involved in economic ownership in their own countrty while ensuring that negotiations are legally and environmentally sound.

No more ‘stalled’ projects In a previous Island Insights segment on Crown Land: Ownership and management, crown land was defined as public land. It is a territorial area owned by the state (government) where citizens have access and rights to use this land. Crown land is a government asset that is managed by the Department of Lands and Surveys in The Bahamas. While it is a state-owned asset, its operation and administration may be better suited for private sector management. There is a constant struggle between Bahamians and foreigners over who is likely to obtain acres of this asset to build residential or commercial properties. Many Bahamians say they struggle to gain approvals for crown land applications and land registrations, with an estimated 30,000-plus outstanding applications said to remain in the system.

Crown land is usually developed through a sale or lease of this asset, which involves a shift in rights and responsibilities from the government to the private sector (Government

THE TRIBUNE

More Bahamian ownership will deliver optimum returns

BY RODERICK A SIMMS II AN ADVOCATE FOR SUSTAINABLE FAMILY ISLAND DEVELOPMENT RASII@ME.COM Finance Officers Association 2018). However, both present and past governments have not been successful in managing crown land applications, and especially those submitted by Bahamians. It is clear that the process of obtaining crown land is discriminatory, lacks transparency and accountability, and requires better management.

Ley us now shift the conversation from “who gets what” to “what are the consequences if the land is not developed for its proposed purpose?” We have seen it too many times. What happened to the Boston-based I-Group, which proposed the $1.8bn development of Mayaguana back in 2006, or the former Ginn Sur Mer project in Grand Bahama’s West End? Why have these projects, among others, either stalled or require some form of revitalisation? Simply put, the answer traces back to poor management from the government’s end. Crown land that was awarded based on development proposals to groups such the I-Group and Ginn, along with many others, should be returned to the Bahamian people because of their failure to make good on their agreements and obligations.

Currently, the I-Group is economically strangling Mayaguana’s growth, development and progress because it is has not held up its side of the Heads of Agreement, yet it has most of the island’s prime real estate in its possession.

That is now unavailable to others who may want to invest in Mayaguana. Also, land speculators and speculations should cease at the expense of the Bahamian people. This should not be allowed to happen. Leasing crown land on watertight terms, so that it automatically reverts back to the government and Bahamian people if a developer fails to live up to its obligations within a certain time period, rather than unconditionally giving it away is an important step towards avoiding “stalled projects”.

At the same time, the process for obtaining crown land - whether for sale or lease - must be improved and requires further scrutiny.

Requests to obtain land for development purposes should receive an expertled economic analysis but, more importantly, undergo a competitive process for the sale/lease of the property to ensure that prospective buyers are able to meet The Bahamas’ strategic development goals. In addition, given the growing concerns surrounding climate change, investors must be required to obtain a carbon credit, which is a permit that allows a company to emit a certain amount of carbon dioxide or other greenhouse gases. Taking into consideration all these steps, what also deserves greater thought is to determine whether a sale or lease is the best arrangement on

the basis of policies that strictly monitor a proposed development for a reasonable time period.

Leasing crown land should be done in phases rather just an absolute number of years because it could lead to a developer pulling out at any given time, resulting in costly and prolonged legal disputes.

According to the Government Finance Officers Association (2018), the process to obtain land (property) should consider the following when selecting a developer: 1. Concept plan for any intended development.

2. Qualifications and experience of the proposer/ developer.

3. Business plan for the project and financing plan 4.

Anticipated time schedule for development 5. Evidence of financial strength and viability of investors 6. Identification of any adjacent property proposed for inclusion in the project and an offer amount.

The above should also be reviewed by a skilled set of professionals who are independent of government to ensure transparency and non-interference with both potential local and foreign developers.

If we do not take the necessary steps to ensure the best deal is obtained, we will do a disservice to Bahamians and future generations. If investors are to come here, then Bahamians deserve a seat at the table when negotiating, forming a board and priority when staffing at all levels of management. There are many Bahamians capable of leading major decisions in private-public partnerships (PPPs). This would ensure that these investments are aligned with government’s strategic goals and longterm development plans.

There should be awareness and a real sense of care for the future of The Bahamas.

National Lottery or Not Since we are discussing Bahamian ownership, we should also consider how local investments and industries could bring

about the best benefits for Bahamians. Perhaps one way to achieve this is by introducing a national lottery. Lotteries run for or by government can be used to support public programmes such as infrastructure development, public safety, public health, and education (Mccabe, 2012). However, lotteries do have a regressive impact when lower income to poor people spend their earnings on tickets in hopes of winning a cash lump sum. One way of looking at a national lottery is similar to a tax where income is transferred from the consumer to the government, since the total amount of money spent on a lottery ticket could have been spent on other goods or services such as education, health, food and/or clothing. A national lottery is also not a better way of combating an existing addiction to gambling.

In fact, many would argue numbers houses also encourage irresponsible behaviour that could lead to a pattern of addictive gambling. I would encourage more research to be done on this in the context of Bahamian society since an evidence-based approach is always better.

However, what is the net benefit when gambling at a web shop (numbers house) versus a national lottery? The most common argument is that revenues earned from a lottery go back into the economy, and therefore benefit its citizens and residents. This is not necessarily guaranteed with number houses. To be fair, the advancement of these local “web shops” and regulations have allowed for greater economic contributions through direct employment and taxation.

Then there are earnings from winnings and other donations that are used to stimulate consumer activity.

But in order to determine which is better, this would require an analysis on proportionality, keeping in mind that both activities are voluntary.

However, if a national lottery can be managed correctly, it could be an

additional means of revenue for the government and gains could go to improving public infrastructure, education and health care systems, plus capacitybuilding initiatives. This type of investment could lead to an increase in consumer savings rather than spending to gain money just to make ends meet. If this can be achieved, a national lottery could be another useful Bahamian asset.

Conclusion This segment is designed to encourage more Bahamians to “sit at the table” so that any local or foreign investment will result in the best deal for citizens and residents. It is important to gather feedback, opinions and expert advice of Bahamians to advance this country. To achieve this, Bahamians need to have a real say in the process of selecting, negotiating and taking decisions which impact the social and economic development of The Bahamas. Change will always require action but, coupled with political will and abolishing the Quieting Titles Act, it can put us on the path towards land reform for a start.

A country’s assets are its people, land, air space, sea, natural resources and, in the case of The Bahamas, its geographical location. Land is an infinite commodity, so leasing as opposed to selling it is in the country’s best interest. Everyone wants a piece of it. Therefore, the country must understand, appreciate and exploit this value. In real estate, it is location, location, location.

All assets should be audited and valued so that, in negotiations with third parties, The Bahamas knows its value and positions itself for maximum return. There are firms/specialists that can place value on a country’s assets and position the country for optimum return when negotiating. Once a firm or specialist has valued the country asset/s, an RFP (local or international) should be issued to attract the right investors and achieve optimum return for The Bahamas.