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FRIDAY, JULY 9, 2021
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pledge on Tourism’s ‘perfect storm’ Regulator in Cable Bahamas probe missing out on 15-20% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE hotel industry’s top executive yesterday said that despite “the perfect storm” driving the sector’s recovery he remains concerned about the 15-20 percent of visitor source markets that have yet to re-open. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business it was critical that Canada and European countries outside the UK fully permit outbound travel so that this nation can reduce its overdependence on the US for
• Hotels chief wants Canada, Europe return • But brands 1m stopover goal ‘achievable’ • Small groups now aiding ‘domino’ growth
ROBERT SANDS post-COVID visitors. Branding the 1m stopover visitor target set for 2021 by Dionisio D’Aguilar, minister of tourism and aviation,
as “achievable”, he said: “I think we also have to be concerned that maybe 15-20 percent of our generating markets have not really allowed outbound travel; some places in Europe, and some places in Canada. “The UK is just getting back to some semblance of normalcy. We are seeing a lot of demand coming primarily from the US this summer, and if other countries can get into gear - we’ve heard from the UK, but haven’t heard from other European countries
and Canada - then those numbers can continue to grow.” Mr D’Aguilar yesterday branded the continued reluctance of many Bahamians to become vaccinated against COVID-19 as “the elephant in the room” for tourism’s recovery and Mr Sands, while not using that language, acknowledged that it remains “a potential impediment” to the industry’s full revival and that of the wider economy.
SEE PAGE 5
Govt’s $1.851bn borrowing at ‘lower cost’ to taxpayers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday voiced optimism that the government’s $1.851bn borrowing this fiscal year will come at a lower cost to the Bahamian people based on “market soundings”. Marlon Johnson, acting financial secretary, told Tribune Business that yield curves on existing government debt were already falling to levels more in line with historical trends as investor sentiment towards The Bahamas improves with the economy’s “reflating”. He added that the government was also moving to “rebalance” its debt financing during the 2021-2022 fiscal year, with 51.8 percent ($959.2m) of its needs slated to come from foreign currency and the remaining
• Top official ‘confident’ on cheaper interest rates • Move to ‘rebalance’ borrowing with $892m local • ‘Sufficient room for uptake’ among local investors
MARLON JOHNSON 48.2 percent or $892.4m sourced in the local capital markets. Asked whether there was sufficient appetite for long-term paper, given that institutional investors are
COVID ‘bummer’ for Bimini revival By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A PROMINENT Bimini dive operator yesterday revealed significant cancellations as a result of newly-imposed COVID restrictions, which he branded “a bummer” for hopes of an economic “shot in the arm”. Neal Watson, owner of Neal Watson’s Bimini Scuba Centre, told Tribune Business he may have lost some $10,000 worth of business over the next two weeks as
a result of Crystal Cruises cancelling planned stops at the island in response to the recent spike in COVID-19 cases. While the impact on the July 4 US independence weekend had been muted, apart from Crystal’s cancellation, due to visitors not learning about the new restrictions in time, Mr Watson said it was locally-owned businesses - especially bars and restaurants - that were suffering from enforced closures and the 7pm curfew start.
SEE PAGE 4
Bahamas First rebounds over $5m motor drop-off By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS First’s top executive yesterday said it has made solid progress in recovering the $5m falloff in motor premiums suffered in 2020, but added: “We don’t want to count our chickens before they hatch.” Patrick Ward, the property and casualty underwriter’s president and chief executive, told Tribune Business that it was “close” to seeing vehicle insurance premiums returning to pre-COVID levels as
PATRICK WARD tourism rebounded and the economy opened up. He spoke out after Bahamas First’s just-released annual report revealed that 2020 motor insurance premiums suffered the greatest top-line impact of
SEE PAGE 6
increasingly gravitating towards short-term bonds due to the increased risk surrounding the government as a result of Hurricane Dorian, COVID19 and multiple credit rating
downgrades, Mr Johnson conceded it was “a mixed bag”. However, he argued that the government was still receiving requests from institutions such as banks and insurance companies who are seeking long-term maturities to match liabilities of a similar duration. And Mr Johnson said the administration had received sufficient indications to indicate “there’s sufficient room for uptake” of government securities generally among Bahamian investors, even though there were signs some institutions may be approaching their
SEE PAGE 5
REGULATORS last night pledged to investigate Cable Bahamas’ TV service quality and said they were “majorly concerned” by the length and frequency of outages suffered by customers. The Utilities Regulation and Competition Authority (URCA), in announcing that it has approved the proposed restructuring of the BISX-listed communications provider’s REV cable TV packages, said it was unable to ignore the “recurring complaints” from Bahamians about service interruptions and other issues associated with the product. Reporting on the replies received to the REV package restructuring consultation, URCA said: “Complaints regarding Cable Bahamas’ service quality was a recurring theme in the responses. In addition to public complaints, URCA is aware of persistent and wide-scale service interruptions in the form of error messages consistently appearing on screen, regular service outages at 2am, pixelated channels and other issues. “Although comments concerning service quality are out of scope for the current application, URCA is majorly concerned with the level and frequency of service interruptions and will open an independent investigation following the publication of URCA’s final decision to better understand these and other matters surrounding Cable Bahamas’ service quality.” The communications industry regulator urged Cable Bahamas customers to bring such issues to its attention via its “complaint handling process”, and added that its “quality of
‘Majorly concerned’ by amount of TV interruption complaints
service” regulations may be able to redress some of the problems. However, URCA did not do what many had urged in their feedback, and require that service quality issues be addressed before it approved Cable Bahamas’ REV channel package restructuring and any associated price increases. “Many respondents were unhappy with Cable Bahamas’ television service quality due to recurring outages, error messages, pixelated channels, an incorrect TV guide (what was stated on the TV guide did not match what was shown on TV), and dissatisfaction with DVR boxes,” URCA said in a deeper description of the feedback received. “Respondents felt that Cable Bahamas should correct its service quality issues before restructuring its packages or increasing its prices. Respondents were unhappy that they did not receive any reimbursement for Cable Bahamas’ outages or service disruptions. “In their view, Cable Bahamas did not practice any leniency when applying late fees or sending bill reminders despite regular disruptions. Some blamed Cable Bahamas’ reduction in subscribers on the poor quality of service instead of the advent of competing streaming services which Cable Bahamas attributed
SEE PAGE 4
PAGE 2, Friday, July 9, 2021
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HIS weekend we celebrate the 48 years of our nation’s independence, and consider our forbearers who, in their youth, fought and challenged the status quo. We salute the young, talented politicians, musicians, entrepreneurs and preachers who, aged in their 20s and 30s, led this social revolution towards that common, loftier goal. They are our local Baby Boomers and traditionalists, who accomplished great feats on behalf of us all and must be cherished and remembered for their great legacy. Today, I make an appeal to the nation to consider giving young leaders another chance - in their generation - to lead our nation, businesses, churches and civic organisations. Most observers will shamefully admit that the
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Elders must not hold back young hopefuls changing of the guard from one generation to the next has been quite chaotic. The cry has consistently been that the “slow” boomers refuse to get out of the way, while the over-anxious millennials want power and responsibilities they are not ready to handle. Depending on where you are positioned, this battle of the generations has resulted in many missed opportunities for growth and advancement for companies, organisations and the nation. We absolutely need to be more trusting of young
people who aspire to serve and lead. When a family fails to raise its young to take leadership roles, there are dire consequences. When a church refuses to allow for youth expression, the church will die. When businesses stagnate youth, barring them from leadership opportunities, the business fails to remain current and eventually becomes obsolete. When a nation berates its youth, and denies them the privilege of sitting and having a voice at the table, we chance remaining stuck in the past,
Trade focus for new Chamber executive By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Chamber of Commerce’s newly-appointed chief executive yesterday said international trade is the primary focus for business group during the rest of 2021 and his full tenure in office. Dr Waldon Russell, just ending his first official week in the post, said the Chamber was seeking to develop export and trade opportunities for its members even though The Bahamas is still in the grips of the COVID-19 pandemic. He told Tribune Business: “We’re focused more so on those entities related to trade. Not so much focus on the COVID-19 issues just yet, although I imagine we
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will be pivoting in that direction very shortly. “I haven’t had an opportunity to speak to members as yet. You can imagine, it’s only been a few days since I was appointed, and I haven’t had the opportunity to actually speak to the members yet. So that’s one of the things on the agenda, as well as various foreign entities and countries desirous of speaking to us at this time. “The Chinese Embassy and some airline companies want to meet with us, and some of those foreign entities operating in The Bahamas. They wish to make some formal introductions and begin to forge that connection with the chamber.” Dr Russell added: “We’ve been operating remotely since the start of the COVID19 pandemic, so thankfully I did not meet a whole lot of work on my desk. The chair has done an excellent job in moving important matters forward as well as the staff at the chamber. So I didn’t meet a lot of work on my desk.” He said he has not had a chance to review what his
recycling old ideas and failing to advance. The great idea of succession, played out in its finest and purest form, requires the older and experienced players to train and encourage the younger-skilled actors. There has to be a deliberate effort to teach, train and inspire those that are coming behind to be more and greater than the generation before. The only legacy that an aging professional and citizen must consider is: “How have I equipped and empowered the youth around me to surpass me?”
When we fail as a people to follow the natural patterns of succession, we deliberately begin the process of accelerating our own demise, both in a micro and macro sense. We must validate our educated and productive youth, motivating even the ‘at risk’ ones to see the opportunities that exist if they begin to apply themselves. Most economists agree the single most important factor that will grow the Bahamian economy is a well-educated and youthful workforce (particularly those serving in leadership). All our human resource practices must encourage their retention and full participation. We’re grown now…48 years. Let us get to it. NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international
IAN FERGUSON BY
universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
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DR WALDON RUSSELL predecessor, Jeffrey Beckles, left behind, but added: “Trade is the main priority right now. I think that has always been so with the chamber. The digital transition is also going to be important for a lot of businesses. “The slate of things is coming together, and once I have set out a strategy I’d be very happy to share that with the public. We are formulating a strategy for the next few years or so. “As soon as our strategy is done we will share it with the media, because at this point it’s about understanding where we are at the moment and then we will review everything we have in place, determine whether some of the initiatives are working and, if they are working, we would want to continue them. If not, we will revise and revamp to ensure we are delivering value for our members.”
A BOUTIQUE business consultancy says it is launching into the US and Bahamian markets by staging the inaugural BluePrints and MasterMinds virtual conference on July 17, 2021. The conference is a brand of Elemental Business Solutions. It will focus on business and technology Conference in a bid to aid under-served and under-represented countries and communities, particularly in regions such as the Caribbean. Elemental Business Solutions, in a statement, said the conference’s creation is a direct response to the increase in entrepreneurs, innovators, creatives and small business owners within the African diaspora across The Bahamas, Caribbean and the US. Aisha Armbrister, known as Aisha Nesut Ani and founder of Elemental Business Solutions, and the conference’s director, said: “Through strategic and favourable national and international partnerships, BluePrints & MasterMinds (BPMM) can create new, exciting, invigorating and
AISHA ARMBRISTER
AISHA BOWE
KIRK-ANTHONY HAMILTON
RONNE BROWN
impactful opportunities for visible and progressive advancement in diverse industries in our local and global economies. “The conference serves as a mid-year check point for small business owners, entrepreneurs and creatives to regroup, reenvision what’s possible and prepare to step into a future post-COVID-19. “What many new
business owners are looking for is not overnight success, but a blueprint, a template, mentorship or tools that can help them chart their course towards a successful and profitable future, and this is what we are offering at this free virtual conference.” The BluePrints & MasterMinds conference features a speaker line-up
SEE PAGE 4
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Friday, July 9, 2021, PAGE 3
PARLIAMENT TOLD: END 1,358 DAY WAIT OVER INTEGRITY BILL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GOVERNANCE reformers are urging Parliament to end the 1,358-day wait to pass legislation that could strike a decisive blow against corruption in government. The Organisation for Responsible Governance (ORG), in a statement on the eve of The Bahamas’ 48th year of independence, called on both the government and opposition to work together to pass the Integrity Commission Bill that was tabled just after the Minnis administration took office in 2017. It added that the legislation would establish a multi-sector body comprising persons from the public service, civil society, private industry, media, academia and others, with
responsibility for receiving and investigating claims of government corruption in The Bahamas. The Integrity Commission would also be charged with informing, affecting and monitoring the prevention and eradication of corruption across all levels of society. “Recent actions in Parliament, including calling out a potential whistleblower in public, questions related to conflict of interest, and concerns related to appropriate government procurement protocol all speak to the need for a more independent, apolitical and regularised oversight entity to receive and vet any claims of corruption,” said ORG’s executive director, Matt Aubry. “As it stands, these matters are more likely to become fuel for public and
political rhetoric instead of being properly addressed and resolved to the benefit of the Bahamian people. The commitment to reduce corruption should not get lost in the back and forth.” ORG reiterated that corruption is destructive to The Bahamas’ national development, and has been estimated to cost the country’s economy anywhere from $200m to $500m each year. Even micro-level corruption, such as paying “tips” to expedite government service, brings costly ineffectiveness and inefficiency in government. The group said that as The Bahamas struggles to rebuild a sustainable economy in the wake of the COVID-19 pandemic, the presence and perception of corruption poses significant obstacles to GDP growth and reduces the public’s trust
URCA SEEKS BIDS FOR TWO FM RADIO LICENCES
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Utilities Regulation and Competition Authority (URCA) yesterday invited bids from parties interested in securing radio licences to provide FM broadcast services via two different frequencies. The regulator, in a statement, said it has issued a Request for Applications (RFA) for an individual spectrum licence (ISL) to use either the 90.7 MHz or 105.7 MHz frequency for FM radio broadcast services on New Providence. “In June 2021, URCA conducted a review of the radio spectrum being used for FM radio broadcasting
on the island of New Providence and, as a result of the band survey, the independent regulator determined that the two frequencies could now be made available for FM radio broadcast services in New Providence,” URCA added. “As a part of their submission, applicants must include a broadcast plan outlining their program content, with strong emphasis on previously unmet needs and the interests of listeners. Additionally, applicants must provide proof of ownership, a business plan and details on the financial strength of the company as well as its technical capability in radio broadcasting.” Using the competitive bidding process required
MORTIMER CANDIES ENJOYS INDEPENDENCE DAY BOOST By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SALES have increased “drastically” at Mortimer Candies and have been fuelled by the company’s Independence-themed products, Tribune Business was told yesterday. Cayle Mortimer, its general manager, told this newspaper that the company has been feeling the
effects of the COVID-19 pandemic like most other businesses. “We weren’t on the brink of closing down; we just lost a lot of sales due to the COVID-19,” he added. Mr Mortimer said the Independence-themed candies are a “big item” every year, and added: “Sales have increased drastically over the last few weeks. “There are seasonal items and sales pick-up.
under section 26(5) of the Communications Act 2009, URCA said licences will be awarded to applicants “who best meet the outlined criteria and are deemed best capable of using the spectrum in a manner that will benefit both consumers and the overall electronic communications sector in The Bahamas”. The deadline for bids to be submitted is Friday, August 2021, by 3pm (EDT). URCA will review and assess all applications received with a written notification being issued to successful applicants. The regulator expects to grant the licences to the successful applicants on or before August 30, 2021. Independence Day, Christmas, Easter and things like that. For seasonal items sales will tend to pick up. Following Independence Day, business is expected to taper off again until the Christmas season. However, Mr Mortimer said foreign imports do not cover seasonal events in The Bahamas the way he does. “They don’t make the seasonal colours for Independence, so that is why we get the bulk of the sales,” said Mr Mortimer. “Our regular customers keep us going and we are thankful for them.”
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in government. The 2019 Transparency International Global Corruption Barometer report indicated that corruption is recognised to be a significant issue in The Bahamas by four out of five Bahamians. Similarly, four out of five Bahamians said they believed that if they reported corruption they may be targeted for retaliation. Such an environment perpetuates a “pay to play” cycle of corruption in government instead of a culture of integrity that is more fair and accessible to all. Mr Aubry said that while ORG and several other civil society groups provided feedback on the Bill in 2017, the government has yet to take it further in the House of Assembly. “It has been 1,358 days since the Bill was tabled. This should be a key priority for the return of the
legislative session,” said Mr Aubry. “The responsibility lies to those who are in Parliament, starting with the prime minister and including the Leader of the Opposition and all who have been elected to represent the people. Setting an environment of integrity and anti-corruption is part of the Parliament’s fundamental responsibility to the people and should not be sidelined. “Corruption in government negatively affects the everyday Bahamian most. These days people cannot afford to have their hardearned dollars thrown away on corrupt practices. Citizens must speak to their MPs to make sure they understand that reducing corruption must be a top priority,” Mr Aubry added. “The people deserve to have matters of
government corruption and maladministration seen in a safe and objective space that can definitively handle them, and develop non-political solutions to break the cycles of wasting government time and money. “This is the definition of building back better. It is past time for Parliament to pass the Integrity Commission Bill and ensure that The Bahamas and its people stop suffering from actual corruption or the perception of corruption.” ORG launched a grassroots Integrity Campaign in late 2019 as a multi-sector effort for Bahamians to get involved in establishing a national culture of transparency and accountability, and combat corruption. This campaign was paused due to the COVID-19 pandemic but will be relaunched in the coming month.
TOURISM DENIES OPPOSITION DEPUTY’S ‘DISRESPECT’ CLAIM
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Ministry of Tourism has hit back at assertions that it was “disrespectful” to the opposition’s deputy leader in failing to invite him to attend Crystal Cruises’ inaugural arrival in Exuma. It spoke out after Chester Cooper, who is also the island’s MP, argued that it was “distasteful” for him not to be asked to participate in the welcoming ceremony. He said this was in stark contrast to its treatment of his opponent in the upcoming general election, Free National Movement (FNM) candidate Jennifer Isaacs-Dotson, who was present for the home porting cruise line’s arrival. “I note with interest the arrival of Crystal Cruises to Exuma today,” Mr Cooper wrote in a July 6 letter to Sharmaine Deveaux, the Ministry of Tourism’s Exuma district manager. “Of particular interest was that the FNM candidate for Exuma, Jenny IsaacsDotson, was present and participating in the official welcome ceremony,
DIONISIO A’GUILAR
CHESTER COOPER along with the island administrator. “However, as member of parliament for Exuma I received no invitation. For the record, I wish to advise that I found this both distasteful and disrespectful. I trust that this was simply an administrative oversight and will not recur in the future.” The Ministry of Tourism, in its response, expressed “great disappointment” in Mr Cooper’s letter and the suggestion that his nonreceipt of an invitation was politically motivated. It
added that an e-mail was sent to Mr Cooper from Ms Deveaux at its Exuma office on Sunday, July 4, at 3.25pm inviting him to attend. “I would like to take this opportunity to personally commend Ms Deveaux and her entire tourism team for the exceptional level of professionalism in providing a very warm welcome for the passengers of Crystal Cruises’ inaugural visit to the great island of Exuma,” Dionisio D’Aguilar, minister of tourism and aviation, said.
PAGE 4, Friday, July 9, 2021
COVID ‘bummer’ for Bimini revival FROM PAGE ONE
He revealed, though, that self-contained resorts such as Resorts World Bimini have been able to keep their bars and restaurants open to 2am, enabling them to retain the majority of tourist spending because guests are confined on-property. Urging the government not to drag out healthrelated decisions, and to be transparent on the COVID19 situation on Bimini, Mr Watson said the present frustration of businesses and residents will be eased if it can indicate “when we are going to see light at the end of the tunnel”. Disclosing that Bimini’s economy and tourism industry had been “jamming” prior to the reimposition of pandemic-related restrictions just prior to the July 4 weekend, the dive operator called on the government to apply harsher measures if necessary to bring the measures to an end more quickly,
arguing that he preferred “a cast rather than a band aid”. “To be honest with you I don’t think it had much of an effect on July 4,” Mr Watson told this newspaper of the new measures. “I feel that it was announced so late by the government that most of the guests were kind of committed and were here before they realised. “The business is there, but we’ve had a fair amount of cancellations. All the cruise ships that were supposed to start coming from July 4 have cancelled. The ones for July 11 coming up have also cancelled. That’s kind of a bummer. We’ve lost a lot of bookings from that. “I don’t know when it’s going to end and when the cruise ships are going to come back. We were looking at that as a kind of shot in the arm for the economy. It’s a bummer, but it is what it is. I’m sure we’re not the only island, and won’t be the last, but we’ve never had a cruise ship come to Bimini and tieup,” he continued.
THE TRIBUNE “They’ve cancelled all their ships until Bimini is deemed safe so it’s having an effect on the entire economy of the island. That’s a huge chunk. Everybody was looking forward to that. Summer had started and we were jamming. It was great. I think The Bahamas in general was doing really well right now, just fuelled by the fact that people want to get out and go on holiday. “A lot of people are vaccinated and want to be out, and hopefully we can get this [COVID outbreak] wrapped up as quickly as possible and get back to being normal. No doubt this is going to stagnate the local economy but the sooner we get over the hill the better,” Mr Watson said. “If it means taking harsher measures to get it over and done with quicker, then do that. I’d rather rip-off a band aid one time, and if it needs a cast, put a cast on it.” Mr Watson said 99 percent of his company’s dive business takes place outside curfew hours, apart from night dives and cruises, so it was less affected than most by the new restrictions. Still, he added: “All the people that had booked to dive with us from the cruise ships have cancelled for the
next couple of weeks. At 100 people at $100 each, that’s maybe $10,000 worth of business. We’ve also had regular ones and twos cancel and decide not to come.” Mr Watson said it was difficult to explain to potential customers in US states such as Wisconsin and New Jersey that they will still be able to come to Bimini and dive despite the restrictions, given that many equated curfews with lockdowns and were unfamiliar with the situation on the ground. There were also many rival destinations in The Bahamas, Caribbean and wider world with no such measures, and are thus more appealing. Still, the dive operator argued that under the present restrictions self-contained resorts on Bimini are “winning and everybody else is losing”. With guests confined to their properties, and restaurants and bars remaining open until 2am while all such off-property locations are closed. “None of that gets spread around; everything just stays up in the resort. They’re allowed to be open until 2am in the morning, and every local establishment has to be closed at 7pm,” Mr Watson said. Not objecting to the
COVID restrictions if justified by the case numbers, he added: “Nobody’s happy about it, nobody wants it to happen. Plenty of islands had to do it, and now it’s our turn. “I would implore the government to make these decisions about when curfew ends and when curfew starts quickly. Don’t leave it hanging around for a long time. Let us know weekly how it’s going, let us know case reports, let us know when it’s getting lifted. “Right now it’s all rumour and speculation, which doesn’t make sense. The more communication we get from government about when we’re going to see light at the end of the tunnel, it will definitely ease everybody’s frustration.” One Bimini condo owner who participates in the vacation rental market, speaking on condition of anonymity, told Tribune Business that the imposition of more restrictive COVID-19 measures had resulted in a 35 percent cancellation rate “across the board” for himself and other participants. “These are all cancellations, and all have come in since the government issued this new curfew. People don’t trust what is going on,” they
said. “I’ve had about eight cancellations for July and August. I’d say it’s about a 35 percent cancellation rate, and it’s not unique to me. “How can you plan a business with these pop-up rules? I had some cancellations when they put lockdowns on Andros, Cat Island and Governor’s Harbour. Some of these cancellations are from North Carolina, Maryland and Mississippi. It makes no sense or rhyme or reason.” A message from one cancelling couple, shared with Tribune Business, said: “Due to the new curfew and restrictions, we are making the very difficult decision to cancel our trip to Bimini. We are so disappointed but it’s a big trip and it is our first time, and we worry things might end up shutting down even more by the time we leave or during our stay. “The tropics also have us concerned. Things are active so early in the season. We hope your condo is available and you will be willing to rent to us when we are able to make the trip.” The Bimini condo owner said they were now considering “pulling the shutters down” after Labour Day and “waiting until next winter because it’s pointless”.
Regulator in pledge on Cable Bahamas probe FROM PAGE ONE the subscriber attrition to in its applications,” URCA continued. “Others claimed they would be willing to spend more on pay TV if Cable Bahamas improved the quality of service. Respondents felt that Cable Bahamas should improve its
service quality before applying for any type of price increase or restructuring of its packages. “On a similar note, some respondents felt the repackaging changes were not enough to improve their level of satisfaction with Cable Bahamas. In addition, for those who no longer subscribe to Cable Bahamas’ TV services, some stated the
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repackaging would not make them resubscribe.” URCA had previously agreed that Cable Bahamas was not earning a “worthwhile” rate of return on its REVTV product, with subscriber numbers set to further decrease unless its channel line-up was restructured. In launching the public consultation on revisions to the TV packages, it said historical data combined with future viewing and financial forecasts had made out a sufficient case for the company’s application to be considered. And Cable Bahamas had previously told Tribune Business that the TV channel packages were designed to better reflect consumer demands and enhance its competitiveness against rival video streaming services, such as Netflix, Amazon Prime and Hulu.
However, URCA said of consumer reaction: “A few still considered the revised packages to be too expensive and unattractive, especially compared to alternatives such as Netflix, Fire TV Stick, and Disney Plus. In addition, some respondents claimed Cable Bahamas often changed or removed channels without notice and felt they were already paying more for fewer channels. “There was some concern that by moving certain sports channels from REVTV PRIME to REVTV Sports, REVTV PRIME subscribers will lose access to sports games. In addition, others disliked that REVTV PRIME will no longer have any movie channels if Cable Bahamas moved the Cinemax and TNT channels from REVTV PRIME to
The responsibilities for the position include: • Maintaining and reconciling the petty cash on a monthly basis; • Ensuring all bills are processed and paid; • Writing checks in Quickbooks; • Posting online transactions; • Preparation of bank deposits; • General filing Requirements: • Experience with Quickbooks; • Experience in a similar role; • Good organizational skills with the ability to work independently; • Experience with using Microsoft Excel, Word and Outlook.
Resumes should be submitted by e-mail to info@kinglawbahamas.com
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KAYLA NICOLE SMITH of #19 Traflager Street, Eastern District, New Providence, The Bahamas, Parent of ALEXANDER XAVIER IONIS SMITH A minor intend to change my child’s name to ALEXANDER XAVIER IONIS GALANIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
REVTV PRO as part of the repackaging.” URCA, though, stuck with its original analysis, saying: “In reference to the packages being too expensive, Cable Bahamas’ financials show that it is not currently earning an over-recovery on its cost of capital, and this will remain the case after the repackaging is implemented....... “Based on the supporting evidence available in Cable Bahamas’ applications, the changes will not result in Cable Bahamas earning an over-recovery of its regulated cost of capital on the pay television service. “The accompanying spreadsheets demonstrate that Cable Bahamas’ subscriber numbers have been trending downward and will continue to do so. Therefore, some intervention is needed to arrest the ongoing decline,” URCA added. “In addition, the spreadsheets support Cable Bahamas claim that the repackaging will reduce content costs and improve the margins on the affected packages while keeping the headline price of REVTV PRIME the same. The changes will help to ensure the television service provision remains economically attractive on a going-forward basis by making the affected packages more cost-reflective.” URCA, though, stipulated that Cable Bahamas must give its TV subscribers no
less than six weeks’ warning before the revised package line-ups and pricing come into effect. The changes include a net decrease of channels in its most-watched REVTV Prime offering, which will fall from 72 to 68 while the monthly price remains the same. Channels such as BET, TV One and BBC America are being added to this package, based on viewing and subscriber demand, while the likes of MTV, Cinemax, TNT HD and the two Sports Max channels are being removed. Cable Bahamas customers will no longer be required to subscribe to the REVTV Pro package to receive “add-on” bundles, while the REVTV Prestige, and REVSportsPrime packages will be discontinued. Instead, the BISX-listed communications provider’s TV offerings will mirror that of major programming/ content producers such as Disney and Fox. It will offer residential subscribers a seven-strong REVTV Kids line-up for $5 per month, along with 16-channel REVTV Sports for $15 per month. The latter compares to ten channels under the previous REVTVSportsPrime at $10 per month. REVTV Lifestyle Extra; REVTV Rhythms; and REVTV News and Science round out the new residential packages, with the changes involving moving content and channels around rather than any major price hikes.
BOUTIQUE CONSULTANCY LAUNCHES CONFERENCE FROM PAGE TWO that includes former NASA rocket scientist turned technology entrepreneur, Aisha Bowe, chief executive of STEMBoard, a company that
JOB OPPORTUNITY Property Superintendent - to oversee day-today operations of a commercial property in Nassau. The Property Superintendent is responsible for overseeing all daily maintenance, repairs, security, janitorial services, landscaping, etc. and to handle tenant maintenance complaints. Responsible for performing periodic property inspections to ensure tenant compliance with leases, scheduling routine service and maintenance on equipment and proper upkeep of the property. The following qualities are desirable for job selection:
- exceptional communication and organizational skills, detail oriented, customer service experience, ability to work under pressure, self motivated, self-directed, assertive, group problem solving and the ability to take direction and be an effective part of a property management team. Property or property management experience required.
Qualified applicants are to email a current and complete resumé to: bahamaspropertymanager position@gmail.com by July 14th, 2021
creates smart systems and solutions for federal and largescale private sector clients. Others are Jamaicanborn Kirk-Anthony Hamilton, founder of Tech Beach Retreat and recognised as one of 75 emerging global entrepreneurs by President Barack Obama at the White House in May 2015; Ronne Brown, author of From Mopping Floors to Making Millions on Instagram; and Rashad Bilal, co-host of the critically-acclaimed financial literacy podcast, Earn Your Leisure. The BluePrints & MasterMinds conference is designed to bridge the gap between present day leaders, digital shapers, experts and investors, and the apprentices and next-generation thinkers, innovators and entrepreneurs. On a macro level, the brand seeks to bridge gaps in inclusivity and other forms of representation between The Bahamas, Caribbean and a larger global network of business owners. Elemental Business Solutions has partnered with Yahan Design, Movi Group, Dubsado, Comfort Suites, Brooke Grant Network and other invaluable sponsors to host the conference. To register for the BluePrints & MasterMinds Conference, visit www.blueprintsandmasterminds.com.
THE TRIBUNE
Friday, July 9, 2021, PAGE 5
Govt’s $1.851bn borrowing at ‘lower cost’ to taxpayers FROM PAGE ONE
regulatory limits in terms of the amount of such debt they can carry on their balance sheets. He pointed to the $2.3bn in surplus commercial banking sector liquidity at end-May 2021, and the increasing participation of retail investors in secondary market trading of government bonds on the Bahamas International Securities Exchange (BISX), as signs that capital can be readily deployed. He spoke as the government unveiled its “approved borrowing plan” for 20212022, which now has to be released within 14 days of the budget’s passing under the newly-implemented Public Debt Management Act. Given that the budget was passed on June 24, the Ministry of Finance’s release of the plan came on deadline day. Of the $1.851bn to be borrowed, some $951.8m will cover the projected fiscal deficit that will be incurred over the next 12 months. That represents new debt that will be added to The Bahamas’ national debt, while the remaining $899.7m will be used to refinance and pay off debt principal as it matures. Given that this is repaying existing debt, the $899.7m will not be added to the national debt. “The government will
continue to pursue a judicious mix of domestic and foreign currency borrowing initiatives,” the plan said. “The fiscal year 2021-2022 borrowing plan contemplates a domestic environment in which liquidity conditions remain favourable and provide stable opportunities for the government to refinance and increment both short and long-term Bahamian Dollar security issuances in the market. “Given the scale of the budgetary financing required, and the observed absorption constraints in the domestic market, the government will continue to leverage foreign currency borrowing opportunities, although not with the explicit strategic objective of supporting the countries’ external reserves. Fund raising activities will be arranged to ensure the adequacy of the government’s cash flow to meet liabilities in a timely manner.” Explaining the break down between domestic and foreign-sourced debt, the plan said: “Approximately $892.4m (48.2 percent) of borrowing needs will be sourced in Bahamian dollars, and the remaining $959.2m (51.8 percent) in foreign currency. “However, the government will continue to surveil domestic market conditions
and investor sentiment, in a bid to capitalise on opportunities for achieving a greater proportion of the financing from domestic sources.” It continued: “Of the $959.2m proposed in foreign currency borrowings, $700m or 73 percent is to be derived from the international capital markets, representing the bulk of the overall financing at 37.8 percent. “Loan funding, at $372.4m, will constitute 20.1 percent of the aggregate financing requirement, with nearly 64.5 percent to be sourced from potential international financial institution (IFI) financing, inclusive of budgeted loan drawings.” Mr Johnson told Tribune Business that the government was seeking a more even balance between foreign and domestic debt financing this fiscal year because the need to support the foreign currency reserves, and the one:one exchange rate peg with the US dollar, had eased with tourism’s re-opening and the start of the wider economy’s reflating post-COVID. “Last year we were in a situation where the economy had contracted substantially, and the plan articulated by the-then deputy prime minister was to lean more on the foreign market to shore up the foreign reserves,” he explained. “Most people would
Tourism’s ‘perfect storm’ missing out on 15-20% FROM PAGE ONE Other obstacles include the possibility that The Bahamas may be struck by a major hurricane yet again, while Mr Sands added that the hotel and tourism industry is also “keeping an eye on” the level of airlift into the destination. “Not that it’s been a problem yet,” he said, “but the ability for additional airlift to be put in place to meet the demand..... continued efficient, adequate airlift. The airlines are responding, but certainly the more we get the better the pricing structure can be.” As for Mr D’Aguilar’s one million stopover visitor target, the BHTA chief told Tribune Business: “I think it’s pretty achievable barring any unforeseen impact. It’s achievable and a reasonable target.” Mr Sands based his optimism on the fact hotels are presently seeing a booking pace that exceeds 2019 levels, while “there is a tranche of business we have not seen before with home porting, and a significant number of those people are using hotel rooms. “The cruising and boat sector is getting back to
capacity, and those persons are using multiple hotels throughout the archipelago,” he added. “All those three things together augur well for one million stopover visitors, although we have recognise that still falls short of the record. “Yet it’s a very positive trend, and if it continues in the way it has the one million figure can be achieved. The other thing that is notable is a number of properties are beginning to see smaller groups and conventions coming back to the destination, even in the timeframe as we speak. “Multiple sectors are continuing to be on this upturn. I think it’s fair to say the recovery is taking place on a weekly basis, and a number of properties and hospitality entities are encouraged by the fact their projections are ahead of where they had budgeted for business this year.” Mr Sands said the continued roll-out of COVID vaccinations in the US meant a significant number of The Bahamas’ visitors are already fully inoculated, while the health protocols this nation has put in place “demonstrates we’re serious about keeping them as safe as we possibly can”. “All these things work as
NOTICE
a perfect storm to help the snowballing, domino effect of business coming to this nation,” he added. “All of these things are aligning to combine into what we are seeing. Absolutely things are moving in the right direction.” Wesley Ferguson, the Bahamas Taxi Cab Union’s president, also agreed that Mr D’Aguilar was “on point” with his prediction that the country will see one million stopover visitors for 2021. He said: “We are quite excited about the cruise ships coming back to our ports. We have the schedule for the cruise ships visiting our ports now, and between two to three days we have regular cruise ships visiting our shores.” The Royal Caribbean and Crystal Cruises home porting initiative has been hailed as a success and a much-needed injection into the tourism economy that collapsed under the weight of the global pandemic. Mr Ferguson added: “As we get the forecast on visitor arrivals from the commercial airlines, we have noticed that is steadily climbing”, suggesting there had been a 300 percent increase over
have assessed that that plan worked well because the reserves stayed high throughout the pandemic ($2.38bn at end-May 2021). With the economy reflating and starting to move back to more normal activity, it gives the government an opportunity to rebalance its financing. “In light of the fact we have a more robust Bahamian economy at the present time, and which is strongly in reflation mode, that means we anticipate that the borrowing will be more in Bahamian dollars in upcoming years assuming we have a normal economic trajectory and no more external shocks.” Observers have voiced concerns that last year’s foreign currency borrowing will impose a heavy repayment on capital inflows in future years, especially since The Bahamas placed a $600m sovereign bond issue at the peak of the COVID crisis at an 8.95 percent interest coupon. This is far higher than its traditional level of around six percent, and has potentially imposed hundreds of millions of dollars in extra interest costs on taxpayers over the bond’s 12-year lifetime. Mr Johnson, though, voiced optimism that the government will pay much lower debt servicing costs on its foreign currency the last month. “As the weekend progresses the numbers also are inflating to sometimes over 4,000 people from just about 1,000 during the week,” he added. “Minister D’Aguilar could be on point for the one million visitors for this year because we don’t anticipate a slow period any more, as it might have been in previous years, as tourist travel would have been seasonal. Because everybody is just coming off this COVID-19 lockdown, a lot of people are just going to travel. Unscheduled, outof-season travelling will be a thing we will be experiencing for the next couple of months.” Vernon Moss, Sandyport Beach Resort’s general manager, added that he is booked at over 80 percent occupancy on the weekends as “business is pretty good”. “I can see one million tourists for 2021,” Mr Moss said. “The home porting is good on weekends because we get a lot of business for that one night, too. They come in on a Friday and checkout on a Saturday to go downtown to take their cruise. “We are getting tourism back on track. Everyone is just excited to be back to work. All of the vendors are happy, all of the restaurants on Cable Beach are coming back up. We just want to forget about that horrible 2020 and move on.”
NOTICE
borrowings in 2021-2022, saying that yield curves - measuring the returns investors are seeking - on The Bahamas’ existing debt had fallen to around 6.5 percent to 6.75 percent when he last checked. This newspaper was unable to corroborate that before press time last night, but the acting financial secretary said: “If you see which way our bonds are currently trading, you’re starting to see them move back towards yields more typical of prior years, which is emblematic that in the secondary market investor sentiment is more favourable to The Bahamas and that is reflected in the yield curves. “There’s a movement of interest rates in our favour. What I can say at this stage is that we anticipate we will be able to certainly improve on the interest rates we saw last year at the height of the crisis, reflecting what we anticipate is improved investor sentiment towards The Bahamas and the fact the economy is rebounding healthily. “For reasons I think everybody understands, last year the risk profile of the country was in a much different place because of the impact of COVID19 and what it meant for future years,” Mr Johnson continued. “Fortunately for The
Bahamas, because the economy has been reflating and the move to recovery has been pronounced, this has bolstered the prospects of the country going forward and you will see that reflected in the interest rates that the country gets in the open market. We feel confident based on the soundings we are getting from the marketplace.” The government is also seeking a $200m InterAmerican Development Bank (IDB) guarantee for its proposed $700m foreign currency bond issue during the first half of the 20212022 fiscal year, again with the aim of obtaining more favourable terms and interest rates. The latter will be fixed. “Of the proposed $259.2m in foreign currency loans, US$19m is to be sourced from a commercial bank, leveraging a multilateral guarantee, which will enable the government to secure more favourable pricing,” the plan said. “The government also intends to seek funding from an international financial institution in the amount of $160m, which is proposed for the second half of the fiscal year.” The remaining $80m is to come from the draw down of loans from the IDB and Caribbean Development Bank (CDB).
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANISKA D’ADDRA COLEY of 10939 133rd Street South Ozone Park, New York 11420, intend to change my name to ANISKA DEANNDRA CAREY. 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 is hereby given that MICHELINE PIERRE, of Murphy Town, Abaco, 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 2nd 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 PAOLA ALICE ALVINO CHRISTIE, of Old Fort Bay, 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 2nd 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 KARL WALLACE of P. O. Box N-9051, Poets Drive, Seabeach Estate, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that OMAR BRYAN WEDDERBURN, of Clear View Heights, P.O. Box CB-12181, 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 9th 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 RITCHIE D’ANGELO PRUDENT, of Palm Breeze Road off Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, XANTHE HANNAH NAOMI SMITH of #19 Traflager Street, Eastern District, Nassau, Bahamas intend to change my name to XANTHE HANNAH NAOMI GALANIS. 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.
PAGE 6, Friday, July 9, 2021
Bahamas First rebounds over $5m motor drop-off FROM PAGE ONE
any business category it insures during the pandemic’s peak. “Based on trends prior to the last two weeks of March 2020, we were expecting to see a continuation in the growth in the motor class of business in both jurisdictions all the way through 2020,” Bahamas First said, in a reference to its territories of The Bahamas and the Cayman Islands. “However, in The Bahamas, particularly, the motor account experienced the most significant business development impact. Gross premiums in this location fell off by almost $5m as a result of a number of factors, including extended lockdowns and reduced vehicle sales during the year. “These factors and the other contributing components appear to be temporary in nature, and our current post-2020 experience shows that this business line is likely to recover very strongly,” the company added. “In Cayman, the rate of premium growth was marginal, with a stronger finish to the year in the third and fourth quarter. Gross written premiums for 2020 finished at $35m overall, compared to just under $40m in 2019.” Mr Ward told Tribune Business of motor vehicle
THE TRIBUNE premiums yesterday: “We’re starting to seed that rebound back to levels that are pre the pandemic. It’s not 100 percent there yet, but it’s definitely showing a trend towards that. “It’s a month-to-month thing. It’s a bit premature for us to make a determination on that [full recovery] because there’s a number of things that can happen. I would say we’re getting close, but we don’t want to count our chickens before they hatch.” The Bahamas First chief provided further explanations for last year’s $5m fall-off, also attributing it to the Government’s relaxation of vehicle licensing and registration stipulations during COVID-19 lockdowns. That encouraged some motorists to hold-off on renewing their vehicle insurance, while affordability issues among those who were terminated or furloughed was another factor. “There were also some commercial fleets not in use, taxis not being driven because there was no business, and it made no sense to renew insurance policies until the vehicles came back into use,” Mr Ward said. “As the economy rebounds, and improves with restrictions being relaxed and coming back to a normal pace of life, we’re definitely seeing a return on the motor side.”
JEFF Bezos with a model of Blue Origin’s Blue Moon lunar lander in Washington, left, and Richard Branson with Virgin Galactic’s SpaceShipTwo space tourism rocket in Mojave, Calif. The two billionaires are putting everything on the line in July 2021 to ride their own rockets into space. Photo: Patrick Semansky, Mark J Terrill/AP
Billionaire Blastoff: Rich riding own rockets into space CAPE CANAVERAL Associated Press TWO billionaires are putting everything on the line this month to ride their own rockets into space.
It’s intended to be a flashy confidence boost for customers seeking their own short joyrides. The lucrative, high-stakes chase for space tourists will unfold on the fringes
of space — 55 miles to 66 miles up, pitting Virgin Galactic’s Richard Branson against the world’s richest man, Blue Origin’s Jeff Bezos. Branson is due to take off Sunday from New Mexico, launching with two pilots and three other employees aboard a rocket plane carried aloft by a doublefuselage aircraft. Bezos departs nine days later from West Texas, blasting off in a fully automated capsule with three guests: his brother, an 82-year-old female aviation pioneer who’s waited six decades for a shot at space and the winner of a $28m charity auction. Branson’s flight will be longer, but Bezos’ will be higher. Branson’s craft has more windows, but Bezos’ windows are bigger. Branson’s piloted plane has already flown to space three times. Bezos’ has five times as many test flights, though none with people on board. Either way, they’re shooting for sky-high bragging rights as the first person to fly his own rocket to space and experience three to four minutes of weightlessness. Branson, who turns 71 in another week, considers it “very important” to try it out before allowing space tourists on board. He insists he’s not apprehensive; this is the thrill-seeking adventurer who’s kite-surfed across the English Channel and attempted to circle the world in a hot air balloon. “As a child, I wanted to go to space. When that did not look likely for my generation, I registered the name Virgin Galactic with the notion of creating a company that could make it happen,” Branson wrote in a blog this week. Seventeen years after founding Virgin Galactic, he’s on the cusp of experiencing space for himself. “It’s amazing where an idea can lead you, no matter how far-fetched it may seem at first.” Bezos, 57, who stepped down on Monday as Amazon’s CEO, announced in early June that he’d be on his New Shepard rocket’s first passenger flight, choosing the 52nd anniversary of Neil Armstrong and Buzz Aldrin’s moon landing. He too had childhood dreams of traveling to space, Bezos said via Instagram. “On July 20th, I will take that journey with my brother. The greatest adventure, with my best friend.” Branson was supposed to fly later this year on the second of three more test flights planned by Virgin Galactic before flying ticket holders next year. But late last week, he leapfrogged ahead. He insists he’s not trying to beat Bezos and that it’s not a race. Yet his announcement came just hours after Bezos revealed he’d be joined in space by Wally Funk, one of the last surviving members of the so-called Mercury 13. The 13 female pilots never made it to space despite passing the same tests in the early 1960s as NASA’s original, all-male
Mercury 7 astronauts. Bezos hasn’t commented publicly on Branson’s upcoming flight. But some at Blue Origin already are nitpicking the fact that their capsule surpasses the designated Karman line of space 62 miles up, while Virgin Galactic’s peak altitude is 55 miles. International aeronautic and astronautic federations in Europe recognise the Karman line as the official boundary between the upper atmosphere and space, while NASA, the Air Force, the Federal Aviation Administration and some astrophysicists accept a minimum altitude of 50 miles. Blue Origin’s flights last ten minutes by the time the capsule parachutes onto the desert floor. Virgin Galactic’s last around 14 to 17 minutes from the time the space plane drops from the mothership and fires its rocket motor for a steep climb until it glides to a runway landing. SpaceX’s Elon Musk doesn’t do quick up-anddown hops to the edge of space. His capsules go all the way to orbit, and he’s shooting for Mars. “There is a big difference between reaching space and reaching orbit,” Musk said last week on Twitter. Musk already has carried ten astronauts to the International Space Station for NASA, and his company’s first private spaceflight is coming up in September for another billionaire who’s purchased a three-day, globe-circling ride. Regardless of how high they fly, Virgin Galactic and Blue Origin already are referring to their prospective clients as “astronauts”. More than 600 have reserved seats with Virgin Galactic at $250,000. Blue Origin expects to announce prices and open ticket sales once Bezos flies. Phil McAlister, NASA’s commercial spaceflight director, considers it a space renaissance, especially as the space station gets set to welcome a string of paying visitors, beginning with a Russian actress and movie producer in October, a pair of Japanese in December and a SpaceX-delivered crew of businessmen in January. “The way I see it is the more, the better, right?” McAlister said. “More, better.” This is precisely the future NASA wanted once the shuttles retired and private companies took over space station ferry flights. Atlantis blasted off on the last shuttle flight ten years ago yesterday. NASA’s final shuttle commander, Chris Ferguson, who now works for Boeing on its Starliner crew capsule, is impressed that Branson and Bezos are launching ahead of customers. “That’s one surefire way to show confidence in your product is to get on it,” Ferguson said at yesterday’s 10th anniversary shuttle celebrations. “I’m sure that this was not a decision made lightly. I wish them both well. I think it’s great.
PAGE 8, Friday, July 9, 2021
THE TRIBUNE
CROSSWORD PUZZLE
Stocks pull back from record highs as bond yields sink again
Happy Independence Bahamas Monday, July 12, 2021
Associated Press
MARKET REPORT www.bisxbahamas.com
THURSDAY, 8 JULY 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1954.53
3.04
%CHANGE
YTD
YTD%
0.16 -137.93
-6.59
(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 5.32 3.90 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 1.43 5.00 6.00 2.70 4.25 2.47 5.00 9.75 2.10 5.10 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
CLOSE 6.40 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.75 2.48 5.95 10.20 2.33 7.75 11.17 9.55 13.99 3.99 8.30 15.50
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.06) 0.70 0.01 0.00 0.00 0.00 0.00 0.00
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 BSBGR1292394 BSBGRS620212 BSBGRS630211 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.60 100.19 100.27 100.05 100.62 100.72
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.60 100.19 100.27 100.05 100.62 100.72
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 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
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.34 100.95 100.53 100.30 100.62 100.70
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 90.65 100.34 100.95 100.29 100.05 100.62 100.46
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 BGR129239 BGRS FL BGRS32021 BGRS FL BGRS63021 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026
LAST CLOSE 6.40 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.75 2.48 5.95 10.20 2.39 7.05 11.16 9.55 13.99 3.99 8.30 15.50
VOLUME
1,000
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
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 26.8 42.9 N/M N/M N/M N/M 18.9 -8.1 33.9 13.5 13.3 14.1 22.8 16.6 17.3 13.1 17.1 19.7 8.8 24.6
YIELD 2.66% 3.15% 1.25% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.84% 3.70% 7.06% 18.63% 0.77% 2.94% 2.51% 3.86% 3.01% 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%
MATURITY 19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.04% 4.81% 4.81% 4.53% 4.56% 4.50% 4.53%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Apr-2039 30-Jul-2021 12-Dec-2021 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026
MUTUAL FUNDS 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
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
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
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%
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
MARKET TERMS 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
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
STOCKS closed lower yesterday on Wall Street as bond yields fell again and investors turned cautious following the market’s recent run of record highs. The S&P 500 fell 0.9%, weighed down by a broad slide driven mainly by technology, financial, industrial and communication companies. The benchmark index’s pullback comes a day after it hit its eighth alltime high in nine trading days. The yield on the ten-year Treasury note fell to 1.30%, the lowest level since February, after slipping to 1.32% a day earlier. The benchmark yield, which is used to set rates on mortgages and many other kinds of loans, has been falling steadily in recent weeks as traders shift money into bonds. The ten-year yield traded as high as 1.74% at the end of March. The bond market has been signaling concerns over the strength of the recovery for months, specifically that it may have peaked and is now leveling off to a steadier pace. The stock market has largely ignored those signals, analysts said, but could be coming around to that message amid struggling job growth and lackluster economic reports. “You can’t ignore what the bond market has been telling us,” said JJ Kinahan, chief strategist with TD Ameritrade. The S&P 500 fell 37.31 points to 4,320.82. The Dow Jones Industrial Average lost 259.86 points, or 0.7%, to 34,421.93. The Nasdaq composite snapped a threeday run of closing highs, dropping 105.28 points, or 0.7%, to 14,559.78. Smaller company stocks also fell. The Russell 2000 index slid 21.17 points, or 0.9%, to 2,231.68. Longer-term yields tend to move along with investors’ expectations for inflation and economic growth, and both are still very strong and much higher than they’ve been in recent years. But Wall Street increasingly suspects they’ve already topped out as the economy moves past the initial catapult phase of its recovery from the pandemic. For example, two recent reports showed that the manufacturing and services sectors are still growing, but more slowly than previous months and below economists’ expectations. Yesterday, the Labor Department said the number of Americans filing for unemployment benefits rose slightly last week even while the economy and the job market appear to be
rebounding from the coronavirus recession. All told, jobless claims increased by 2,000 from the previous week to 373,000. Weekly applications, which generally track the pace of layoffs, have fallen steadily this year from more than 900,000 at the start of the year. Investors are also gauging the potential impact from COVID-19 variants stymying a resurgence in commerce and travel. Fans are banned from the Tokyo Olympics following a state of emergency aimed at containing rising coronavirus infections in the capital. Part of the sharp drop in long-term bond yields could also be attributed to investors quickly reversing bets that they would continue rising as the economy continued its sharp recovery. Investors have swung between enthusiasm about an economic recovery and unease that the Fed and other central banks might roll back stimulus to cool pressure for prices to rise. Minutes from the Fed’s June meeting showed officials are moving closer to reducing bond purchases, though most analysts don’t expect a reduction until late this year. At that meeting, policymakers said they planned to raise interest rates as soon as 2023, earlier than previously expected. “It’s a little bit of a quiet period so any piece of news from the Fed is going to be met with strong reaction,” Kinahan said. “This is really a guessing game of what the Fed does next and how to get ahead of it.” Railroad stocks were the biggest losers in the S&P 500 Thursday following a published report saying the Biden administration plans to sign an executive order next week directing regulators to take action against consolidation and anticompetitive pricing in the railroad and ocean shipping industries. The report, published by The Wall Street Journal, cited an unnamed source familiar with the situation. Kansas City Southern sank 7.9% for the biggest loss in the S&P 500. Norfolk Southern slid 7.2%, CSX fell 6.2% and Union Pacific closed 4.4% lower. Investors will be turning their attentions to corporate earnings starting next week, when major banks like JPMorgan Chase, Goldman Sachs and Bank of America report their results. Banks tend to be a proxy for the overall economy, so investors will be analysing the reports closely and listening to what banks say about the status of lending and spending as the recovery continues.
THE TRIBUNE
Friday, July 9, 2021, PAGE 9
FCC TO MULL CELLPHONE BLOCKING OPTIONS FOR STATE PRISONS
SOUTH CAROLINA Associated Press
FEDERAL regulators are considering allowing state prisons across the country more technological options to combat contraband cellphones, which prison officials have long said represent the greatest security threat behind bars. The Federal Communications Commission plans on Tuesday to discuss “taking steps to combat contraband wireless devices in correctional facilities”, according to an online meeting agenda that was first reported by The Associated Press. The commission is not
expected to address outand-out cell signal jamming, something corrections officials say would help them render contraband phones useless to inmates, who use the devices for unfettered, unmonitored communication. Instead, the mechanism being mulled by regulators would allow officials to use technology at state prisons to identify specific contraband phones being used by inmates, then send that information to cell carriers, who could shut the signals down. That’s a step that South Carolina Corrections Director Bryan Stirling
says is in the right direction — although shy of the out-and-out cellphone jamming he’s called for. Stirling for years has spoken out on the dangers posed by the devices smuggled into institutions by the thousands, “I’m encouraged that the commissioners are voting on this very important public safety rule,” Stirling told AP yesterday. “If it passes, I believe this has the potential to make our prisons, our states and our country safer.” Stirling has been at the forefront of an effort by corrections directors across the country to call for the ability to use more technology
to crack down on contraband cellphones, thousands of which are confiscated in prisons every year, smuggled inside hollowed-out footballs, whisked in by corrupt employees and sometimes even dropped by drone. He and other state prisons directors have advocated for the ability to jam the signals entirely, therefore rendering the illicit phones useless, but that’s not allowed under current federal law. CTIA, a wireless industry group, opposes jamming, saying it could thwart legal calls. But, according to a 2020 FCC document, CTIA “recently reported to the Commission that it has been
working successfully, along with its members companies” on “ceasing service to contraband devices pursuant to court orders they have obtained”. There’s been other evolution on the issue. In 2008 and again in 2019, South Carolina got federal permission to conduct jamming tests at two maximum-security prisons. In 2017, Stirling testified at a FCC hearing in Washington alongside Robert Johnson, a former South Carolina corrections officer nearly killed in 2010 in a hit orchestrated by an inmate using an illegal phone. A year later, seven South
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 90° F/32° C Low: 73° F/23° C
TAMPA
SATURDAY
SUNDAY
MONDAY
TUESDAY
Pleasant with some sunshine
Partly cloudy with a shower late
A shower in the morning; some sun
Partly sunny, a shower; breezy
Sunshine and passing clouds
Cloudy, a shower possible; breezy
High: 90°
Low: 79°
High: 89° Low: 79°
High: 89° Low: 79°
High: 90° Low: 78°
High: 89° Low: 79°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
100° F
86° F
99°-83° F
97°-82° F
99°-83° F
97°-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
W
ABACO
S
N
High: 87° F/31° C Low: 80° F/27° C
6-12 knots
S
High: 90° F/32° C Low: 79° F/26° C
7-14 knots
FT. LAUDERDALE
FREEPORT
High: 88° F/31° C Low: 79° F/26° C
E
W S
E
W
WEST PALM BEACH
N
| Go to AccuWeather.com
TONIGHT
High: 90° F/32° C Low: 78° F/26° C
High: 88° F/31° C Low: 78° F/26° C
MIAMI
High: 90° F/32° C Low: 78° F/26° C
6-12 knots
KEY WEST
High: 89° F/32° C Low: 81° F/27° C
High: 90° F/32° C Low: 79° F/26° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 87° F/31° C Low: 80° F/27° C
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uV inDex toDay
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
8:07 a.m. 8:34 p.m.
2.3 3.1
2:25 a.m. 2:07 p.m.
0.4 0.2
Saturday
8:48 a.m. 9:13 p.m.
2.3 3.2
3:04 a.m. 2:48 p.m.
0.3 0.2
Sunday
9:29 a.m. 9:52 p.m.
2.4 3.2
3:44 a.m. 3:29 p.m.
0.3 0.2
Monday
10:11 a.m. 10:32 p.m.
2.5 3.2
4:22 a.m. 4:11 p.m.
0.3 0.3
Tuesday
10:54 a.m. 11:13 p.m.
2.5 3.1
5:02 a.m. 4:56 p.m.
0.3 0.4
Wednesday 11:40 a.m. 11:57 p.m.
2.6 3.0
5:42 a.m. 5:44 p.m.
0.3 0.4
Thursday
2.7 -----
6:25 a.m. 6:38 p.m.
0.3 0.5
12:31 p.m. -----
sun anD moon Sunrise Sunset
6:27 a.m. 8:03 p.m.
Moonrise Moonset
5:53 a.m. 8:06 p.m.
New
First
Full
Last
Jul. 9
Jul. 17
Jul. 23
Jul. 31
CAT ISLAND
E
W
High: 87° F/31° C Low: 80° F/27° C
N
S
E
W
10-20 knots
S
10-20 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 ................................................... 91° F/33° C Low .................................................... 69° F/21° 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 ................................... 78° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.43” Year to date ............................................... 10.19” Normal year to date ................................... 15.24”
ELEUTHERA
NASSAU
Carolina inmates died in the deadliest US prison riot in years, a gang fight officials said began over territory and contraband including cellphones. Congress has mulled jamming legislation, but no bills have been signed into law. The FCC has shown willingness to work on eradicating prison cellphones, holding a field hearing in South Carolina and hosting meetings with members of Congress, prisons officials and stakeholders from the wireless industry. Yesterday, Stirling praised leadership for the progress, so far.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 87° F/31° C Low: 79° F/26° C
High: 86° F/30° C Low: 80° F/27° C
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High: 88° F/31° C Low: 80° F/27° C
E
W S
LONG ISLAND
tracking map
High: 87° F/31° C Low: 80° F/27° C
10-20 knots
MAYAGUANA High: 87° F/31° C Low: 78° F/26° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 86° F/30° C Low: 80° F/27° C
High: 87° F/31° C Low: 80° F/27° C
GREAT INAGUA High: 89° F/32° C Low: 79° F/26° C
N
E
W
E
W
N
S
S
12-25 knots
12-25 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:
WINDS SE at 7-14 Knots SE at 7-14 Knots SE at 10-20 Knots ESE at 8-16 Knots ESE at 10-20 Knots ESE at 10-20 Knots E at 12-25 Knots E at 12-25 Knots ESE at 8-16 Knots ESE at 8-16 Knots SE at 4-8 Knots SSE at 6-12 Knots SE at 10-20 Knots E at 10-20 Knots E at 12-25 Knots E at 12-25 Knots ESE at 12-25 Knots E at 10-20 Knots E at 10-20 Knots E at 12-25 Knots SE at 10-20 Knots ESE at 8-16 Knots E at 12-25 Knots E at 12-25 Knots SE at 10-20 Knots ESE at 8-16 Knots
WAVES 2-3 Feet 2-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-5 Feet 3-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 2-3 Feet 2-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-5 Feet 3-6 Feet 3-6 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-4 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 83° F 85° F 84° F 85° F 81° F 81° F 83° F 83° F 86° F 87° F 83° F 84° F 84° F 85° F 83° F 83° F 83° F 83° F 83° F 83° F 84° F 84° F 83° F 83° F 85° F 86° F