07162020 BUSINESS

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THURSDAY, JULY 16, 2020

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BPL fuel cost fix to save clients $150m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Power & Light’s (BPL) newly-executed fuel hedging strategy will save hard-pressed consumers and the wider economy some $150m over 18 months, senior officials disclosed yesterday. K Peter Turnquest, deputy prime minister, and Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business the move effectively represents a triple win for BPL’s household and business customers; the government and its fiscal position; and the overall

• Govt pledges 30% drop in customer bills • Says triple win includes economy, reserves • Consumers to see effects by August billing

economy and the foreign exchange reserves. Both the government and BPL said the $150m total savings will translate into a 30 percent reduction in consumers’ electricity bills when compared to the 18-month period prior to August 2020, as the hedge will eliminate for “the first time ever” the cost volatility created by swings in global oil prices. K PETER TURNQUEST

MARLON JOHNSON

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GB ‘devastation’ fears if COVID lockdown returns By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government was yesterday warned that any “knee jerk reaction” to place Grand Bahama back into total lockdown over the recent COVID-19 surge will be “devastating” for the island’s economy. Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house attorney, told Tribune Business that a return to the island-wide closure that lasted from mid-March to May “isn’t on” because many businesses “barely survived” that event. Acknowledging that many in the private sector were becoming increasingly fearful that the government may revert to such action, after Grand Bahama suffered eight new COVID19 cases in a week, Mr

• Govt warned against ‘knee jerk reaction’ • Businesses ‘barely survived’ first closure • Attorney renews testing ramp-up calls

CAREY LEONARD Leonard said a complete lockdown must be avoided at all costs given the “onetwo punch” the island and many companies had suffered due to a combination of pandemic and Hurricane Dorian. The Callenders & Co attorney again questioned

GB marina chief: No boaters turned away By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters A GRAND Bahama marina yesterday denied that any visiting boaters were being turned away despite the closure of its Port Lucaya Marina affiliate. Preben Olesen, the Grand Bahama Yacht Club’s (GBYC) principal, said it will be receiving all boats and yachts that would normally head for the Port Lucaya marina amid reports that security guards were “chasing away” vessels that arrived at the latter facility. Mr Olesen, whose New

Hope Holdings vehicle owns both marina properties, said no customer was being turned back once they show the proper COVID-19 related health documentation. “The Port Lucaya marina is closed. We have two marinas that are in the same basin,” he explained. “You can come in the Bell Channel and, if you turn left, you can go to the Port Lucaya marina. If you come straight ahead you are at the GBYC, and we own both of the marinas. We have not had nearly

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Central Bank rethinks overseas data storage By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank has conceded that Hurricane Dorian’s devastation has prompted a rethink on permitting its financial institution licensees to store confidential client data overseas. The monetary regulator, in its analysis of the “lessons” learned from the category five storm, said customer confidentiality now needed to be balanced with financial system resilience and the need for critical data to

be backed-up outside The Bahamas. “Paper documents do not work in a world of 200 mile per hour winds and 20-plus foot storm surges,” the Central Bank said, in a nod to Dorian’s destructive powers. “Even if the documents themselves survive the destruction, they may be housed in sites that are no longer accessible. “The Bahamian financial system has already made substantial strides towards electronic documents. The Central Bank’s view is

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the government’s failure to ramp up COVID-19 testing, arguing that this was critical to identifying potential “hot spots” and limiting the virus’ spread through selective lockdowns of hard-hit areas. Asserting that The Bahamas is now in the world’s “bottom third” when it comes to testing as a proportion of the population, he argued that the failure to increase such activities could not be driven by lack of money when the Government had just incurred $10.5m worth of costs to prop-up Bahamasair during the lockdown. Taking the $240 price being charged by Doctors

Hospital and Lucayan Medical for a COVID-19 PCR test, Mr Leonard suggested that a $20m investment based on this rate would provide enough tests for more than 80,000 citizens and residents. He also questioned why The Bahamas had decided to open its borders to the US, even though it accounts for over 80 percent of tourists, given that it is currently the world leader for COVID-19 infections and deaths. Mr Leonard suggested that this nation should have looked to Canada and Europe, both with lower

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Tourism staring at ‘drip, drip’ recovery By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TOURISM always knew its COVID-19 recovery would be “drip, drip”, a senior official said yesterday, as he revealed that “off the hook” Family Island interest is starting to translate into actual bookings. Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, told Tribune Business that the post-pandemic rebound was never going to be akin to “turning on a faucet” despite the resurgence in interest among both domestic and international travellers. He revealed that major domestic travel distributors, Majestic Holidays and BahamaGo, were reporting the “conversion” of significant interest into actual bookings as Bahamians and residents sought to escape then “cabin fever” they have been suffering since the COVID-19 lockdown was first imposed in mid-March. Attributing this demand at least partially to the success of the Promotion Board’s “two fly free” campaign, Mr Fountain added that Bahamas Ferries which had never inquired about it in the previous five years - was now showing interest in becoming a participant along with other Bahamas-based travel businesses. As for the international market, he revealed that the Promotion Board’s website was now receiving 15,000 hits a week - the same amount it attracted during the 2020 first quarter - within two weeks of The Bahamas’ borders re-opening to foreign travellers. He readily acknowledged, though, that “the noise in the marketplace can’t be taken to the bank” even though this was starting to translate into bookings,

and said actual visitor numbers and spending will only return to pre-COVID-19 levels once a vaccine has become available. “I spoke to some of the key distribution partners for us in the domestic market, Majestic Holidays and BahamaGo, about a week ago,” Mr Fountain told Tribune Business. “When we first rolled-out the ‘two fly free’ advertising campaign on July 1, a couple of days after that their phones were ringing off the hook. “They were getting a lot of inquiries, and now they are seeing the inquiries convert to bookings. Both of them shared that they have been doing this promotion for several years, but this year they said there’s been a marked increase in the phone calls they’re getting. “We believe it’s a combination of us doing a better job of promoting it and, because of the world we’ve living in today, everybody in Nassau has cabin fever since March. It’s favourable for the Family Islands. The Family Islands are ideal for a situation like this where we can offer them seclusion, and get away from the crowds. Overall, it’s been very positive.” Mr Fountain added that he had been contacted by both Bahamas Ferries and Premier Travel, which each seeking to participate in the ‘two fly free’ promotion something he says is a sign that these companies, too, have been fielding customer inquiries on it. “I got an e-mail from Bahamas Ferries this morning asking how the promotion can be booked,” he told this newspaper. “I cannot remember in five years somebody from Bahamas Ferries calling me and asking me how to book the promotion.”

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In his latest article, Hubert Edwards argues that The Bahamas must build a ‘rainy day war chest’ by giving growth and debt management equal priority.

THE TRIBUNE

LAYING OUT THE ROAD MAP FOR ECONOMIC RESILIENCE BY HUBERT EDWARDS

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ESPITE views to the contrary, more facilitative spending will be needed from the Government of The Bahamas is to find real alternative sources of export earnings. Fledgling industries will demand support for a period, either through direct grants, concessionary loans or concessions on taxes. New industries will only grow if protected. To enable this, the government will either have to provide tax incentives or increase its direct contribution. Regardless of the approach, more will be needed. The point here is that funding is required to secure the economic resilience that is needed. Debt financing has significant limitations, as ultimately it undermines the fiscal space and ability to do just that. The only remedy, therefore, is growing the economy. In a way, this is a circular argument but should be easily understood. Without

growth, the desire for a more robust, resilient economy will not be achieved. Without growth, the ability to better absorb the effects of external shocks and the “once in a lifetime storms” that are occurring every couple of years will not be reached. Without growth the ability to consistently bounce back from a global financial crisis that seems to develop every decade or so becomes diminished. In assessing the fiscal challenges of Caribbean countries with high debt

burdens, the Caribbean Development and Cooperation Committee (CDCC) stated in its October to December 2013 newsletter: “Although the debt restructuring programmes have improved short to medium-term fiscal outcomes, they are inadequate for achieving long-term fiscal sustainability. This stems from the fact that the programmes are not well anchored in a growth and competitiveness strategy, which is essential to sound public finances in the region. Such a strategy should articulate how policymakers plan to reengineer traditional sectors such as tourism and agriculture, and to develop new sectors, such as the creative industries, as drivers of growth.” The financial crisis of 2008 has many similarities to what is happening today in terms of the actions needed to stimulate recovery. The current crisis, though, is starkly different because

it has eliminated earnings and shuttered economies. However, the argument I make here is the same one I have been making since 2012. The Bahamas and the wider region are burdened by a long-running debt crisis. Viewed from a survival perspective, things may appear to be fine. Looked at from the point of view of unexploited potential, the situation changes radically. Until and unless economies within the region seriously secure growth to match debt management efforts, there will be no significant improvements, generally, in the standard of living. This holds true for The Bahamas despite an inherent capacity to perform much better than other countries in the Caribbean. The recent budget discussion around efforts to jump-start agriculture production is a positive. This has the potential to diversify foreign exchange earnings and reduce food imports. This sector has the ability to help retain more tourism dollars in the country by providing a greater local input. The possibilities are great. It must be viewed, though, within the context of re-engineering the economy. I am aware of the focus on the creative industries, “orange economy”, and discussions around “blue” and “green” economies. Every single element must be brought to bear on revving up the earning and productive capacity of The Bahamas. There has to be a real effort to explore how, through diversification within existing sectors or looking for vertical integration opportunities, the country either takes more out of what exists or creates new streams of earnings. All segments of public life must be geared towards this growth strategy. As an example, The Bahamas’ education apparatus should be primed strategically to facilitate and support future growth. Efforts in this area should be fully aligned with the

objectives of a national vision. For example, is the education system fully prepared to facilitate the drive for greater digitisation? If not, what strategic shifts are being made? Matching growth to greater resilience is not simply a focus on the few traditional and well-known areas of income. Rethinking the entire national approach, setting expectations and demanding specific performance goals from all segments of the national machinery is critical to success. The Recap Based on our analysis to this point, it is fair to conclude that The Bahamas suffers from low growth and a now-high debt burden. The debt-toGDP ratio is projected at 82 percent, with the possibility it may rise even higher. This outcome rests on whether the modelling which flowed into the Budget accurately captures the loss in GDP. Will it be a ten percent, 20 percent or 30 percent loss? The time it takes for tourism to normalise will influence this significantly. On balance, it is fair to highlight that The Bahamas fares much better than most of the Caribbean. It has some important structural weaknesses, such as an over-reliance on tourism and financial services with limited space for counter-cyclical fiscal policy. The economy was not very resilient. Going back to normality will not make it resilient. High debt and low growth translates into limited fiscal space and limited policy options. The Bahamas has done relatively well in its response to the COVID-19 crisis to-date, but its decisions all require important trade-offs. Consider again the views of the CDCC: “To tackle the debt problem, the most indebted countries will need to embark on a bold fiscal consolidation and growth programme.” It then goes on to effectively rationalise the reason for embarking on this

dual approach, adding: “The aim of this programme is to bring down government debt to a sustainable level over the medium to longerterm. This should entail realistic targets for primary savings that do not choke off the weak recovery in these states.” Debt management must therefore not impede opportunities for growth. The importance of fiscal consolidation is fundamental, and a reduction in debt burden is critical. However, if it hurts the potential for expanding industries, enhancing facilitative systems, or advancing infrastructure development, then it is not effective no matter the fall in debt. The CDCC wrapped its conclusion thus: “The programme should be built on targeted cuts in current spending, while preserving development-oriented capital expenditure and social protection for the poor... Also, governments should strive to reduce administrative and other hurdles to doing business. Governments should also seek to strengthen fiscal management that would encourage public savings when revenues are growing, and expand expenditure when growth is in decline”. This latter point is fundamental. This is a very practical way of enhancing resilience. The concept of saving for the proverbial “rainy day”. When the shocks emerge, as they will, The Bahamas will be in a better position to fund its response, having secured the ability to save during periods of growth and spend more when needed. Resilience is the ability to bounce back. Without a war chest, the ability to do so is always going to be limited. Ultimately, the government will either increase taxes or reduce the level of service it affords to its citzens. There is no easy initial path to achieving this desired goal. What, though, is clear is that failure to embark on this path will ultimately be more costly. To be continued...

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THE TRIBUNE

Thursday, July 16, 2020, PAGE 3

Used auto dealers see sales plunge up to 70% By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net USED car dealers yesterday said they have suffered up to 70 percent sales declines due to COVID-19’s continued impact on the economy and Bahamian consumers. Prince Omonjiahio, Success Auto Sales & Tires chief executive, told Tribune Business: “Things are very, very slow. Yesterday morning I have not sold anything. A lot of the people that come, they want tyres but they don’t have the money. Some of them say that they don’t have a job. “Some people even want cars to buy, but they don’t have the money. Maybe a car I would sell for $4,000, the customer has $3,000, and some of them see a car for $5,000 and they only have $3,500. We are not making a profit, and you cannot pay for your rent and you cannot pay staff. So it is a bit difficult, but everyone understands it. “This year we are down by more than 70 percent on used sales. Even with the used tyres it is the same thing. People can manage until they can get a little bit of money to get a tyre, but the cars are not like that at all.” However, Ian Johnson, general manager of Easy Car Sales, said: “Basically we are doing pretty good since we reopened from the first part of June. I have to look at the numbers to compare them with last year, but we are doing pretty good. “We move about four to five cars a week. Sustaining this all depends on how fast some of these hotels and stuff open back up; I think that is going to be the deciding factor. We are just staying positive. We have been doing well so I can’t complain. “I guess one of the main factors, too, is that dealing with the brand new electric cars, we are one of the only companies in the country

that sells those vehicles. That also gives us a little edge,” Mr Johnson added. “The only challenge we have had is just being shut down and not being able to open for over two months, and not knowing what was going to happen. That’s basically it, but people are eager to get back out there and get back to work, and we find that there are persons that are afraid to ride the public transportation. “They are now basically coming in and taking some of the lower-end cars that we have. Like I said, the basic challenge that we had was just being shut down during the lockdown.” Another used auto dealer, speaking on condition of anonymity, said: “For the used cars I wouldn’t say the sales picked up any, and it’s been kind of stable, per se. Post COVID-19 lockdown I had very few new clientele, just mainly existing contracts that were done pre-COVID-19 lockdown. “It’s hard to say how many cars we move a week because it is not a set number. One week you may only have one car, and another you would have four or five.” They added: “In terms of dealing with new customers, it’s more along the lines of keeping the social distancing and making sure that the vehicles themselves are presentable, because it is so many people that’s coming in and it tends to get a little tedious at times having to tell customers to keep their masks on and to keep the proper social distance. “Then you have some people that come in and they want to touch the vehicles and they want to smell them, and it is almost impossible to keep track of them. Then you have another set of people that want to come in and they want to look at them from a distance. It’s just like dealing with different personalities at any given point and time.”

Designer says creativity given wings by church KRISTOFF Rolle is not just a graphic designer, photographer or videographer, but a well-known presence on social media. Understanding that technology has no boundaries, he has an extraordinary talent and a mission to take online platforms and live stream to all businesses, especially the church community. His willingness to follow his passion has readily opened doors for him. This church boy has used his wings to be the change we all need. I am grateful that Kristoff Rolle has chosen to motivate and inspire through this dialogue. Question: How did you get started on this career path? Answer: I started this career path at Hope Academy with a gripping curiosity in computers since grade nine, which led to a rising love for graphics. My interest grew through watching television, and observing online content and visual art tutorials. With the help of YouTube and constant research, I became determined to learn more about cutting-edge technology which led to editing videos for the program GGYA. Q: How essential is your craft to businesses? A: My craft helps businesses with overall branding as it presents their product or service to the world, using graphic designs or digital content through social media. Q: Did you study this career path in school or were you self-taught? A: I was self-taught by watching endless YouTube videos nightly along with constant practice. I also did job training at a movie group for one week, gathering tips and coaching from a Bahamian film director. Q: How were you given the business name “Church Boy Production?” A: I always attended

The Art of Graphix BY DEIDRE M BASTIAN

KRISTOFF ROLLE church regularly with my grandmother and, while captivated by church music and granted permission to beat the drums, I became devoted to every Sunday service. I wanted to become better. The name thereafter was further instigated by my senior pastor, who also observed my constant church presence. Thereafter I was dubbed, so I adopted the name Church Boy Production Studio for my business. Q: How do you begin your day for production? A: I begin by ensuring that my equipment is properly functioning, such as cameras, wiring, microphones and lighting etc. Thereafter, I prepare to arrive at my destination at least two hours prior to production time to set up. Q: What is considered most challenging for you in this craft? A: This craft demands a vast amount of time and patience, which results in sleepless nights and exhausted mornings. As expected, preparation is vital as it ensures that the production is seamless, especially as clients have a tendency to often make last minute requests. Q: What brings you the most joy in this craft? A: Joy comes from the excitement on the faces of my clients due to the

satisfaction from my work. Q: Where do you find creativity? A: I tend to grasp creativity from everything around me, and strategically I integrate the customer’s concept and vision to offer an awesome outcome. Q: What motivates you? A: My mother always encouraged me to be happy in everything I do. Besides, I am inspired and constantly reminded that this is not just a job, but actually a passion, as it is fulfilling when the needs of my clients are met. Q: What are your most essential tools? A: The most important tools are my laptop and camera equipment, as it helps to produce videos with detail and precision. Q: Do you think art is a gift or a learnt behaviour? A: I think that that art is a gift. Proverbs 18, verses 16 states that “a man’s gift will make room for him and bring him before great men”. Q: What is your monumental feedback from a customer? A: My monumental feedback from customers is superb because of my quality and standard that keeps them thoroughly satisfied, which makes it all worthwhile. Q: What type of feedbacks do you receive from customers?

A: Initially many customers are astonished upon our first meeting, as they imagine an older person. Nonetheless, during the recording sessions, they are usually nervous, but with the use of a little patience and experience we gain balance. To display appreciation, customers usually follow up with a “thank you” message which is why I love what I do. Q: What would you tell others who are desirous of getting into this industry? A: If you possess stamina, integrity, passion and seek perfection…go for it. Always keep God first and remember Jeremiah 29:11: “For I know the thoughts that I think toward you, saith the Lord, thoughts of peace and not of evil, to give you an expected end.” Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game! NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/marketing coordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

PAGE 4, Thursday, July 16, 2020

THE TRIBUNE

BTC DONATES COVID PROTECTION EQUIPMENT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Telecommunications Company (BTC) donated Personal Protective Equipment (PPE) to more than ten organisations as it provides support for those in need during the COVID-19 pandemic. The PPE includes branded BTC reusable masks, face shields, body suits and locally-made hand sanitiser. The masks bear motivational quotes “Stronger, Safer, Together” and “BTC, Stay Safe”. Garfield “Garry” Sinclair, BTC’s chief executive, said: “At BTC, we believe that ‘kindness is as kindness does.’ As we learn to co-exist with the COVID-19 pandemic, we want to support our every-day heroes on the frontline, including our police and prison officers, grocery store employees as well as a number of community organisations. These heroes have been doing their part every day to render service to our communities, and this is just one of the ways that we are saying thank you to them.” Organisations receiving personal protective equipment include the

KHANDI GIBSON, chief executive of FOAM, accepts a masks donation from BTC.

THE ROYAL Bahamas Police Force’s traffic department on Grand Bahama accepted masks and face shields from BTC. Front row from left: Inspector Parker; Sergeant Culmer; Superintendent Jeremy Henfield;; Sergeant Pinder; Inspector Jones. Back, from left: Sergeant Rolle; Corporal Fynes, Constable Cherubin, Corporal Demeritte. Public Hospitals Author- essential items needed as the this pandemic. The donation ity (PHA); the Bahamas public health care system will go a long way as we go Red Cross; Samaritan’s continue to provide protec- about our daily duties interPurse (Grand Bahama); tion to all of our frontline acting with persons”. the Bahamas Depart- workers. Sean Brennen, directorment of Corrections; The “Once again the Public general for The Bahamas Royal Bahamas Police Hospitals Authority express Red Cross, added: “We Force, Grand Bahama; gratitude to BTC for their would like to thank BTC F.O.A.M; Great Commis- continued support and com- for their kind donations of sion Ministries; Department mitment to all of our efforts reusable masks, food, baby of Social Services, Grand in this global fight against diapers, water and saniBahama; and Lil General’s the COVID-19 pandemic.” tary items to assist with our Convenience Store. Police superinten- humanitarian efforts during Susan Pratt, the PHA’s dent Jeremy Henfield the COVID-19 crisis.” director of supplies manage- added: “I’m excited to see Commissioner Charles ment, said: “We are pleased that despite all that is going Murphy, from the Bahamas to accept the donated per- on in the country right now, Department of Corrections, sonal protective equipment BTC is still giving back, not said: “We are thankful for from BTC. The masks, cov- only to the community but the donations provided eralls and face shields are also essential workers during to our officers during this

ADMINISTRATIVE staff at Social Services in Grand Bahama accept masks and shields donated by BTC. From left: Dorothea Gomez; chief welfare officer; Pauline Bowen-Forbes, chief welfare officer; Eleanor Williams; Deborah Bain; Annie Charlton and Judith Brown. COVID-19 pandemic.” Prior to this, BTC made several donations to organisations and communities including hotlines for the Ministry of Health and police, and mobile devices for the Ministry of Health’s

COVID-19 taskforce and the Rand Memorial Hospital to connect patients to their relatives. Additionally, the company continues to support the Great Commission Ministries’ feeding programme.

Super Value chief praises COVID workplace guide

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SUPER Value’s principal yesterday praised the Ministry of Health’s justpublished COVID-19 workplace guidelines for trying to keep businesses such as his - which sees 400,000 customers per week - safe. Rupert Roberts told Tribune Business: “I think it’s a good idea if it will keep us safe, especially our industry, even after we would probably have 200,000 visitors twice a week - and that’s 400,000. We’ve been struggling to figure it out on our own. “We were the first ones, but we saw in other countries where it is raging, and we put up signs that said ‘no mask, no entry’ even before the Ministry of Health said you had to wear a mask. Then we started social distancing and we started sanitising the hands, and now we’re taking your temperature. If your temperature is too high we turn you away.” The Ministry of Health released new COVID-19 guidelines for the workplace on Tuesday, which ask businesses to

RUPERT ROBERTS undertake a self-assessment of their COVID-19 preparedness and readiness. Dr Marceline DahlRegis, the COVID-19 task force co-ordinator and special advisor to the Prime Minister, said: “The Ministry of Health recognises that it is challenged to prepare policies, procedures and regulations for every workplace in The Bahamas. Therefore, I am pleased to announce that the Ministry of Health has published a set of recommendations for all business types entitled ‘workplace guidelines during COVID-19.” Dr Dahl-Regis explained that the document features an assessment tool that permits each owner to determine whether their company is within the low, medium, or high-risk categories. She added that it details actions companies

can take to comply with the recommended guidelines. Firms can now go to the Ministry of Health’s website and click on Workplace guidelines during COVID19, then download the assessment tool and, when completed, send it to the e-mail address provided. The assessment tool is a three-page Microsoft Excel Spreadsheet that asks companies to rate themselves with regard to their “risk score”, their “mitigation score”, and then ranks them on their “overall readiness”. Business owners who receive satisfactory scores are issued a certificate that can be placed on the walls of their operation to let patrons know they are COVID-19 ready and compliant. Certificates are valid for at least six months and can be re-certified. The Department of Environmental Health will carry out the necessary on-site inspections to ensure compliance and enforcement of the recommended guidelines. Mr Roberts said: “I think this is a good idea. We have to look at it and see if there is anything that they are suggesting that we’re not doing.”

THE TRIBUNE

Thursday, July 16, 2020, PAGE 5

The ‘fine’ art used to avoid sanctions REGULATORY compliance management is defined by the Deloitte & Touche accounting firm as the discipline of designing, and implementing, effective systems to ensure a company actually complies with the laws, regulations and codes of practice relevant to its operations. Everything in life is science. There is an approach to solving a mathematical problem. Politics is a science. It is widely understood within the medical world that there are various avenues to diagnosing a patient. However, one thing is certain – there are documented approaches. Likewise, with supervised financial institutions (SFIs) and designated nonfinancial businesses and professions (DNFBPs), there must be a science or an approach to developing a robust regulatory compliance regime; it is not optional. SFIs and DNFBPs must work diligently to design and maintain compliant companies. Internationally, the Association of Certified Financial Crime Specialists (‘CFCS’) noted: “More than $8bn in anti-money laundering (AML) fines were handed out in 2019, with the US and UK leading the charge. 2014 still holds the record for the highest total value of fines at $10.89bn, but this includes an anomalously large penalty of $8.9bn. If this were to be removed, 2019 would take the lead.” In the Caribbean, there may be little statistical indication that fines have been levied. However, there is clear evidence that the threat of penalties is increasing as legislative changes now reflect higher fines for regulatory noncompliance. Just last month, the Cayman Islands enacted the Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020. The Maples Group wrote on its

BY DEREK SMITH

website: “The fines regulations extend the application of the fines administered by Cayman Islands Monetary Authority (CIMA) from the anti-money laundering regime to all regulatory laws and regulations, and any rules issued by CIMA pursuant to those laws and regulations.... There is a sliding scale of fines from CI$5,000 for minor breaches to CI$100,000 for individuals and CI$1m for entities for very serious breaches. Fines for ongoing minor breaches can be applied at intervals on a continuing basis, up to a CI$20,000 cap.” In The Bahamas we have also experienced an overhaul of our penalties framework. Not only SFIs and DNFBPs are being subjected to fines. Within the last three quarters, headlines have shouted “URCA fines BPL”, “URCA Fines BTC for breaches in retail pricing and ‘Polluters could be hit with $30m fines”. These headlines illustrate that, although this article’s primary focus is on SFIs and DNFBPs, the approach to designing a compliant environment is applicable to any regulated industry. Against the current regulatory backdrop, here is a practical approach to avoiding fines and sanctions. Step 1. Identification This step is key. The institution must decide who are the owners of this step. All changes in

Acts, regulations, directives and standards much be acknowledged, and their applicability to the institution’s industry determined. The institution must decide whether this function is outsourced, co-sourced and completed in-house. Based on the size, experience and structure of a company’s risk, legal and compliance will play a significant role in this decision. Step 2. Actions, owners and timelines This step should not be taken lightly, as it is not uncommon to misidentify changes in Acts, regulations, directives and standards based on how technical the change is or if the change is a part of a full repeal and replace approach. As the cost of compliance continues to climb, skilled owners within the compliance department and other operational functions should be identified. This will assist with efficiency and cost. Once identified, these individuals must be given realistic timelines and clear deliverables. The process should be monitored by the institution’s risk and compliance function. This monitoring sits with compliance because it is ultimately responsible for the effectiveness of the entire change management process. Moreover, during this step, subject matter and operations experts need to determine if there are any gaps, if additional resources are needed, and if any adjustments to the original timelines are required. Step 3. Review changes together Once a change is identified, confirmed to be applicable, and gaps and resources assessed, then the regulatory compliance function should facilitate meetings with stakeholders. These meetings are to ensure stakeholders are aware of the positions and the actions, resources and time needed to implement

changes, if needed. Equally, where there is no change needed, reasoning should be given. This review would allow other stakeholders to weigh in on the decisionmaking processes. Company owners should be armed with the identified change; whether the change requires an action; how it can be actioned; who would need to complete the action; and the timeframe needed to complete the action. Failure to have this information available at the time of this meeting will negatively impact efficiency. Step 4. Documentation and Tracking Automation of this function is available. However, depending on available customisation options and costs, some compliance

functions will have to manually monitor this process. The size and complexity again impact how vigorous and segmented the employed design will be. Although this is noted as “step four”, the company must document and track through every stage. An internal communication plan should be used to ensure stakeholders are made aware in a timely and systematic manner. Conclusion Regulatory compliance will differ depending on the size and complexity of an institution. Boutique firms can be more flexible when dealing with changing regulations. A strong regulatory compliance framework can be the distinguishing factor on whether your institution

survives. Therefore, institutions should spend time and energy in adequately designing this area of their companies. 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).

PAGE 6, Thursday, July 16, 2020

BPL fuel cost fix to save clients $150m FROM PAGE ONE The hedge will lock-in the fuel charge component of customer bills at 10.5 cents per kilowatt hour (KWh) for the next year-and-a-half, providing businesses and households with electricity rate certainty at a time when their finances are under huge strain due to the economic crisis created by COVID-19. BPL’s move, in theory, puts control of the monthly electricity bill back in consumers’ hands. With rates fixed, and no longer vulnerable to global oil price fluctuations, Bahamian energy costs will be determined by each business and households’ management of their consumption. While consumers will be the main direct beneficiaries, Messrs Turnquest and Johnson said BPL’s reduced fuel costs will also help reduce the drain on the $2.026bn external reserves at a time when The Bahamas needs to preserve every cent of foreign currency it can get given that tourism-related inflows have virtually dried up. BPL’s annual fuel bill is one of the most significant drains on the foreign reserves, which are vital to maintaining the Bahamian dollar’s one:one parity with the US dollar. The hedge will thus ease some of the anticipated

pressure on external reserves that are projected to decline to around $1bn by year-end 2020 as import demand outweigh severely diminished foreign currency inflows. Mr Johnson, confirming that all consumers will see the effects by their August billing, added that BPL’s move - with support from the government and the InterAmerican Development Bank (IDB) - would also enable businesses to better plan while helping to ease the burden imposed on many Bahamian homes by the loss of income and jobs. “Our estimate is that it will save $100m a year over the life of the hedge,” he told Tribune Business, “so over 18 months it will look to save us $150m on the fuel import bill. “For us, one of the compelling elements from a macroeconomic level was to do as much as we can to mitigate the fuel import bill. This will help to provide certainty at a macroeconomic level to help mitigate against foreign exchange outflows.” Mr Turnquest added: “It helps with our balance of payment issues and, over time, will save us a tremendous amount of money. Obviously it’s a very significant saving for us in a very critical time when the balance of payments (foreign currency reserves) is in front of everybody as a concern. “This is a significant event for us. It puts in certainty around the [fuel and total

THE TRIBUNE bill] pricing, which gives us better tools through which to manage our exposure both with the cost of fuel and foreign exchange, and our overall liabilities with exposure from the recurrent deficit and subventions to BPL over the 18-month life of the hedge. “This is a very effective tool for us to build certainty into our financial modelling, and the main beneficiaries will be Bahamian consumers from reduced electricity bills. It provides them with a level of certainty around their electricity bill, and provides government with cost certainty for the major facilities we operate, which will help Bahamian taxpayers in the long-term.” BPL should receive little to no benefit from its hedging strategy, given that the fuel charge is a “pass through” to the end-user that is supposed to be covered 100 percent by consumers. The latter, and the wider economy and its competitiveness, should be the main beneficiaries of locking-in long-term prices at a time when global oil prices are starting to recover from their COVID lows, having nudged up to $42-$43 per barrel last night. “What’s also equally important is the fact it brings some surety and stability to businesses and residential consumers,” Mr Johnson told Tribune Business. “Businesses need stability in this environment, and households

have to cope with people in the home losing income. “The ability to have some surety, and have 30 percent savings on an electricity bill, allows people to plan and businesses to have some savings on their costs, stability and foreknowledge. When you have a [fuel] surcharge that varies, your operating costs vary at the same time. “Especially for larger businesses, and businesses that rely heavily on electricity consumption, I feel confident this will be welcome news for them.” Hotels, manufacturers and those few businesses able to operate 24/7 would likely be the main beneficiaries. Mr Johnson confirmed that the predicted 30 percent savings in energy costs was the anticipated fall benchmarked against the 18 months prior to August 2020, when the hedge will take effect in customer bills. He urged Bahamian businesses and households to control their consumption so as to fully realise this benefit. Explaining how the fuel hedge has been structured, Mr Johnson said the upfront costs associated with purchasing oil at the “hedge” price had been built into the 10.5 cents per KWh charge. BPL and the Government have reached an agreement whereby a portion of that 10.5 cents will go towards repaying the costs incurred by the Minnis administration in putting this structure in place.

The arrangement is “back stopped” by what remains of the $100m contingent credit facility provided by the IDB, which will only be called upon should BPL have difficulty in repaying the government. Disclosing that the government has “leveraged that [IDB] facility to make this happen for everyone’s benefit”, Mr Johnson said he expected no problems to emerge. “We have an agreement between ourselves and BPL,” he explained. “This is saving them a ton of money, so we’re very confident they’ll meet their obligations... It’s all signed, done and dusted, and will come into effect by next month’s billing. All the technical elements are signed off and fully agreed.” BPL said in a statement that its fuel charge over the past six years had swung from a high of 27.7 cents per KWh, achieved in October 2014, to a low of 8.38 cents per KWh in February 2016, causing greater uncertainty for consumers when it came to energy costs. Whitney Heastie, BPL’s chief executive, said: “Compared to recent history when rates were 19 cents [per KWh] and more in many months, the projected savings for the average customer will be about 30 percent through January 2022.” “We would like to particularly thank the IDB for facilitating the transaction. They were able to give

us access to the market, provide technical expertise and we were able to leverage their relationships.” BPL’s new hedged price, billed as providing rate predictability, will be subject to review after 12 months. Many observers will question why BPL did not move to hedge its fuel costs much earlier, but it represents the second significant reform at the state-owned utility monopoly following last year’s replacement of its aged New Providence generation fleet. The main challenge is now to achieve financial sustainability via the placing of its $535m bond issue, which will refinance its existing debt and provide monies to upgrade its creaking transmission and distribution (T&D) infrastructure. “This unprecedented step will deliver local consumers fuel price certainty for the first time in BPL’s history,” Mr Turnquest said in a statement. “This move will deliver significant savings at a time when Bahamians are doing their best to restore their lives and livelihoods in the era of COVID-19. “This move will position the country against abrupt oil price movements and offer protection against unexpected increases in electricity costs. It will help to protect the government’s limited budget resources and allow for better financial risk management in these uncertain times.”

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.

THE TRIBUNE

GB ‘devastation’ fears if COVID lockdown returns FROM PAGE ONE

COVID-19 cases, and used its own relatively virus-free status to negotiate arrangements overcoming restrictions and quarantines for their nationals upon returning from The Bahamas. “We wonder if we’re going to get a COVID-19 lockdown again soon,” he told Tribune Business. “I’m extremely concerned, and concerned because it will affect businesses again. There seems to be a lack of understanding that when we shut business down, there’s a complete lack of revenue. “It would be devastating. A number of businesses have barely survived the last lockdown. A number of restaurants were beginning to hope they can open next weeks. They’ve gone to great lengths to make

sure everything is separate, and if they go back into lockdown it will mean they have had no business since March. “They will not be doing curb side. It doesn’t make any sense. They’ve got to find a way to keep them open and, at the same time, do adequate enforcement and testing.” The government has form for reimposing islandwide lockdowns to counter the spread of COVID-19, as it did when there was a surge of cases in Bimini. The sudden spike in Grand Bahama cases also highlights the dilemma The Bahamas faces, in opening up the economy and its borders, and allowing Bahamians and tourists to travel freely, given the health risks it poses. Arguing that the economic price of another Grand Bahama lockdown is

Thursday, July 16, 2020, PAGE 7 to steep to pay, Mr Leonard said: “I definitely believe we should avoid it. We just need to do a better enforcing the rules and regulations. “It would be disastrous for the economy, and you’ll find more businesses going out of business. We’ve had a number of cases, but we’ve also had Dorian, and we’d finally got the place running again before we had to shut down for COVID-19. “We’re trying to recover from the most major and devastating hit that the islands has ever seen. Businesses have taken a massive hit from that, and we cannot afford to keep shutting down. It just isn’ on,” he continued. “It’s not just the businesses themselves but the employees. They can get some assistance from the government maybe, but the other point is they need to be earning income to meet their obligations to family, mortgage and everything else. “I don’t see how we can afford it [an island-wide

Tourism staring at ‘drip, drip’ recovery FROM PAGE ONE As for international interest in The Bahamas following the border reopening, Mr Fountain added: “We had started advertising on July 1. Our website traffic, we are getting 15,000 a week going through OutIsland.com, which is the same as before the pandemic. “That is definitely showing people are interested in The Bahamas, and the Out Islands specifically. They now what they’re coming for. They’re coming for seclusion, no big crowds on the beach. The Out Islands are built for social distancing.” Mr Fountain said he had yet to obtain numerical data on the tourism industry’s post-COVID re-opening, having so far received “anecdotal” reports of positive developments from operators in the sector. e added that the most popular Family Islands so far appear to be Eleuthera and Exuma, along with Cat Island and Long Island. “We are very pleased with the noise in the marketplace, but you don’t take that to the bank,” he told Tribune Business. “We’re looking for conversions, and are starting to see that. We’re delighted

that the phones are ringing, particularly for the domestic programme, and there’s some conversions, and are delighted to see website traffic back to the levels we were seeing in the first quarter this year. “We knew from the outset, quite frankly, that until there’s an approved vaccine - which appears likely by some time early next year - our recovery is going to be drip, drip. It’s not turning on a faucet. “We don’t expect to see - and I’m not saying we wouldn’t take it, of course we would - but we don’t expect to see the level of

business we saw in 2018, 2019 when we had backto-back record-breaking years. We expect it to be drip, drip,” Mr Fountain continued. “As we get closer to an expected vaccine, we can expect to see business really take-off. If business remains steady, we will be quite satisfied with that.”

To advertise in The Tribune, contact 502-2394

NOTICE NOTICE is hereby given that TANEIKA SIMON of Bacardi Road, P.O. Box N-3199, New Providence, The 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.

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.

lockdown] quite frankly. Maybe if we had not been hit by Dorian, but we’ve had a one-two punch already. The cash in the economy just isn’t there. Hopefully we can come up with a way to avoid drastic action.” Mr Leonard said all Grand Bahama businesses he has visited have taken their responsibilities to enforce COVID-19 protocols seriously, requiring the wearing of masks, social distancing and the sanitising of customer hands at the door. He reiterated his belief that increased testing was the answer to the latest spike in COVID-19 cases, suggesting that The

Bahamas only did so when a person appeared to be showing symptoms consistent with COVID-19. “I just do not understand why we are not testing, testing, testing. Everywhere else in the world is,” Mr Leonard told Tribune Business. “It cannot be the cost. We’ve done 2,500 tests, and even Barbados - which has 100,000 people less than us - has far outstripped us on testing. “Testing is critical because we need to keep everything open as much as possible, find the hot spots and shut those areas and businesses down only. It cannot be because of

financing. We are perfectly happy to spend $10.5m on Bahamasair. Are you telling me that’s worth more than the lives of 380,000-390,000 people?” The Callenders & Co attorney said Barbados, in contrast to The Bahamas, had tested around 9,800 persons for COVID-19. This amounted to 3.1 percent of its population, compared to just the 0.6 percent tested in The Bahamas. Mr Leonard said some 40 percent of those in the Cayman Islands have been tested for the virus, along with 2.4 percent in Turks & Caicos and 22.8 percent in Bermuda.

PAGE 10, Thursday, July 16, 2020

To advertise in The Tribune, contact 502-2394

EMPLOYMENT OPPORTUNITY FOR FINANCIAL CONTROLLER Establishment information A well-established Retail Company with several locations. Education and Experience • A CPA with strong background in Retail costing • Excellent communications skills and the ability to meet strict deadlines • Preferable age: 30 and older Principal Responsibilities • Timely and accurate preparation of weekly, monthly, and annual financial statements • Preparation of all government required documents which includes Vat returns • Monitoring and improving the Company’s internal controls Interested and qualified persons should submit their resume via email to 242jobnow@gmail.com

GB marina chief: No boaters turned away FROM PAGE ONE

the amount of traffic we would normally have for the month of July.” Mr Olesen spoke out after Magnus Alnebeck, the Pelican Bay resort’s general manager, told Tribune Business he had been receiving complaints from some visiting boaters that they were being turned away from Port Lucaya. “We have had a few boaters come in, but that’s been hit and miss,” he said. “Our biggest concern is that the Port Lucaya marina, our main marina and flagship marina, is still closed. Boaters showing up are saying why are you promoting that boaters are welcome when the marinas are closed? Security guards are chasing away boaters coming in. Welcome to Freeport, our craziness here.” Mr Alnebeck said visiting boaters were being redirected to other marinas,

but these were often located some distance from the hotels where they wanted to stay, resulting in aggravation and inconvenience. However, the Port Lucaya marina’s Facebook page posted a message in March that states: “To all of our valued customers. Port Lucaya Marina is currently closed due to the COVID19 pandemic. All vessels were moved to the Grand Bahama Yacht Club until further notice. The GBYC will remain open for current guests. “However, no other boats will be permitted to dock at either marina. Our fuel docks will remain open from 8am - 5pm. However, no persons will be permitted to get off of the vessel. We apologise for the inconvenience but must take these measures to keep our guests and staff safe. We hope that you will return Grand Bahama island as soon as it is safe to do so.”

THE TRIBUNE Mr Olesen confirmed yesterday: “We only have the GBYC open, which is the first one they get to, and that’s where we have Customs and Immigration and fuel and everything. We have a swimming pool and all of the facilities. “At Port Lucaya we don’t have any of that. We have 145 slips at the GBYC, and we have about 65 slips at the Port Lucaya, so to have two marinas open that are literally side-by-side it doesn’t make sense. The shops over there at Port Lucaya are closed anyway, and what we do is when people come here to the GBYC we have a shuttle that takes them across the canal over to the Port Lucaya marina.” Without giving a timeline for how long the Port Lucaya marina will be closed Mr Olesen said: “We are waiting to see what type of traffic we will get. It’s just like the hotels. They are not opening up because there is not enough customers. We have lots of capacity here at the GBYC and we have all of the facilities here. Those going to the Port Lucaya marina have to come in here anyway, and it is just a matter if you want to be on the left side of the

street or on the right side of the street.” Mr Olesen reassured that “nobody is going to be turned away”, as the GBYC has capacity to accommodate any size yacht or boat that wishes to dock. One person was turned away by Customs and Immigration, he added, because they didn’t have the proper documentation. Mr Olesen said: “I heard that in other marinas they had lots of boats turned back to the United States, but not in our marinas. That’s why we are spending time with our customers to make sure they know exactly what they have to do and the type of documentation they have to get. “To be honest with you I have had a number of people that have previously been docking at Port Lucaya, and then we explain to them that it is closed and you can come over to the GBYC and we can transfer them. They are raving about the visit to the GBYC. Quite frankly, the GBYC is a five-star marina and Port Lucaya is due to be renovated, so the GBYC is a much nicer facility and we have all of the modern amenities.”

Central Bank rethinks overseas data storage FROM PAGE ONE

that our financial system must become fully protected against the loss or inaccessibility of physical documents.” It added: “Electronic documents do not work in a world of 200 mile per hour winds and 20-plus foot storm surges either - unless they are robustly backed up, either in The Bahamas or internationally. “Traditionally the Central Bank has focused upon

customer confidentiality when considering offshore data repositories. We will now balance this focus with a consideration of the resilience benefits attaching to multi-country electronic data storage.” The Central Bank also conceded that The Bahamas’ domestic financial system must become completely paperless to achieve “the levels of disaster resilience that we need”. It argued: “One essential element in this outcome is the widespread but not yet universal use of electronic documents. The Bahamian financial system will need to become fully electronic to maintain the levels of disaster resilience we need. “Across our domestic supervised financial institutions (SFIs), however, queue management at physical branches has sometimes presented a challenge in the

COVID environment. We need to ensure that all or nearly all domestic clients have good access to electronic payments and ideally electronic banking channels.” The Central Bank added that its licensees also needed to treat staff safety, and that of their families, as a priority following a catastrophic hurricane. “It is not enough to restore the SFI’s facilities if the SFI’s staff have no place to live,” it said. “For international SFIs, back-up arrangements in other countries through outsourcing arrangements may be the best answer. For domestic institutions, various forms of staff emergency housing may need to feature in contingency plans.” The regulator continued: “The Central Bank intends to construct a new headquarters in Nassau,

NOTICE NOTICE is hereby given that WITHNEY FERNAND, Pinedale, P.O.Box SB52453 Nassau, New Providence, The 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 twentyeight days from the 9th day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

and work has commenced on this project. The new headquarters building will withstand a category five hurricane and associated storm surge, and will allow not only staff but staff families to shelter on-site. “The Central Bank intends similar arrangements for a new currency and coin storage and distribution centre on New Providence. For several years, the Central Bank has moved current and archived documents to electronic storage. The COVID work from home arrangements have demonstrated that over 90 per cent of Central Bank staff are able to effectively access documents.” As for the ramifications for Know Your Customer (KYC) compliance, the Central Bank said it has “encouraged SFIs to move away from customer verification and communication, via physical documents and mail, to electronic communications channels. “The current rule for SFIs is that they must be able to communicate with clients through at least two methods, only one of which can be physical mail. The Central Bank is likely to undertake more work in this space,” it added. “Experience demonstrates that, after a disaster, the mails will not work well, and the clients may not be at their former physical addresses. Those same clients are more likely to retain their mobile phone numbers and their e-mail addresses.”

THE TRIBUNE

Thursday, July 16, 2020, PAGE 11

CONGRESS EYES NEW VIRUS AID AS SCHOOL, HEALTH CRISIS DEEPENS WASHINGTON Associated Press TWO months after House Democrats approved a $3tn COVID-19 aid package, Senate Republicans are poised to unveil their $1tn counteroffer, straining to keep spending in check as the virus outbreak spreads and societal fallout deepens. Senate Majority Leader Mitch McConnell, who is expected to roll out the GOP bill as soon as next week, said yesterday that he conferred with Treasury Secretary Steven Mnuchin as the White House’s point man on the talks prepares to negotiate with Democrats. But having hit “pause” in May, as McConnell put it, Republicans now face a potentially more dire situation. They had hoped the pandemic would ease and the economic fallout would reverse. Instead, coronavirus cases are spiking, states are resuming shutdowns and parents are wondering if it’s safe to send children back to school. “Regretfully, this is not over,” McConnell said during a visit to a hospital in Kentucky. “There were some that hoped this would go away sooner than it has,” he said, urging residents to wear masks and social distance. “The straight talk here that everyone needs to understand: This is not going away,” McConnell said. This would be the fifth virus rescue bill since spring, all told an unprecedented federal intervention to counter the times. Unlike any health crisis since the 1918 Spanish flu and an economic upheaval on par with the Great Depression, Congress is trying to engineer a comprehensive national strategy to bring the pandemic under control. Polling shows Americans are increasingly uneasy over

month. They say it’s a disincentive to returning to work and want to reduce it to a few hundred dollars a month. In its place, Republicans are eyeing a return-to-work stipend as well as tax breaks for employers who upgrade workplaces with safety measures to prevent the spread of the virus. Democrats want to keep the $600 jobless

HOUSE SPEAKER NANCY PELOSI President Donald Trump’s handling of the virus outbreak, and lawmakers are racing to ease the health and economic crises before they, too, face voters in November. House Speaker Nancy Pelosi’s sweeping $3tn coronavirus aid bill, once dismissed by McConnell and others as a liberal wish list, now seems not as far-fetched. “How many times have we said, ‘We’re at a critical moment’?” Pelosi said Wednesday at the Capitol. “We really are at a critical moment now.” Both the House and Senate have similar funding priorities — to help schools reopen, provide unemployment benefits for jobless Americans and ramp up health care testing, treatments and a vaccine — but they differ broadly in size and scope. House Democrats provide $100bn for school reopenings in an education stabilisation fund that Senate Democrats say could swell to $430bn to include more money for child care, colleges and other educational needs. Senate Republicans are floating some $50bn to $75bn in education funds, but talks are still ongoing. This week, GOP Sen.

Joni Ernst of Iowa, along with Sen Lamar Alexander, R-Tenn, the chair of the Health, Education and Labor Committee, proposed child care grants to providers who safely reopen. Similar bills in the past have come with about $25bn in funding. The White House this week assured more education dollars would flow as Trump pushes to reopen schools. “We want schools to be open, and they will be open,” Trump told reporters yesterday at the White House, before departing for an event in Georgia. Trump’s advisers are split, with some pushing an even more robust education expenditure, even if it riles Republicans intent on keeping record-setting deficits down. Some conservatives want the education dollars tied to school reopenings or even sent directly to parents, like a school voucher. The two sides are also divided over how much aid to send to cashstrapped states and cities pleading for money and out-of-work Americans at a time of record-setting unemployment. Republicans want to discontinue the $600 weekly unemployment boost that expires at the end of the

benefit boost, and Pelosi’s bill would send nearly $1tn to states and cities to shore up budgets and avoid layoffs of municipal workers. Congress is also considering redirecting some already-approved funds. For example, the popular Paycheck Protection Program of small business loans has leftover funding that could be used for a revamped business loan program from

GOP Sen Marco Rubio of Florida. One uncertainty is how to improve the nation’s poor performance on virus testing. Both Republicans and Democrats complain that $25bn in testing funds that were approved in April remain unspent even as certain parts of the country have testing shortages and widespread delays in testing results.

PAGE 12, Thursday, July 16, 2020

THE TRIBUNE

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MICHESIA MIKEL DAVIS, of Eastern District of New Providence, Bahamas, intend to change my name to MICHESIA MIKEL DAVIS BETHEL. 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 the publication of this notice.

LEGAL NOTICE

NOTICE

NOTICE is hereby given that MAXIN FERNAND, Pinedale, P.O.Box SB52453 Nassau, New Providence, The 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 twentyeight days from the 9th day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

of 2000) Notice is hereby given that, in(No.45 accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Voluntary Liquidation MATEDECA LTD. (the In“Company”) is in dissolution. The date of commencement of the dissolution is 14th July, 2020. CONTINENTAL LIQUIDATORS INC. is the Liquidator and Notice given that, in accordance Section 138 (4) of the International can beis hereby contacted at 60 Market with Square, P.O. Box 1906, BelizeBusi Companies Act,All (No.45 of 2000),having MATEDECA LTD. (the “Company”) is in dissolution. City, Belize. persons claims against the above-named date of commencement of the dissolution is ___________________________ Company areLIQUIDATORS required toINC.send names, CONTINENTAL is the their Liquidator and canaddresses be contacted and at 60 Ma Square, P.O. Box City, All persons claims against the13th above-na particulars of1906, theirBelize debts orBelize. claims to the having Liquidator before Company 2020. are required to send their names, addresses and particulars of their debts or cla August,

________________________________________

NOTICE is hereby given that ROSE MARIE ST DIEU, Fox Hill, Nassau, New Providence, The 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 9th day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

NOTICE

SMERNA LIMITED

In Voluntary Liquidation

INTERNATIONAL BUSINESS COMPANIES ACT

to the Liquidator before ________________________.

NOTICE

NOTICE

INTERNATIONAL BUSINESS LEGAL NOTICE COMPANIES ACT (No.45 of 2000) NOTICE

John B. Foster on behalf of CONTINENTAL LIQUIDATORS INC. Liquidator

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Holding Villa Franca Limited (the “Company”) is in dissolution. The date of commencement of the dissolution is 14th July, 2020. Álvaro Pérez is the Liquidator and can be contacted at Alcántara Número 107, Las Condes, Santiago de Chile, Chile. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 13th August, 2020.

In Voluntary Liquidation

In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 ( 4) of the International Business Companies Act, (No.45 of 2000), SMERNA LIMITED (the "Company") is in dissolution. The date of commencement of the dissolution is 14th July, 2020. CONTINENTAL LIQUIDATORS INC. is the Liquidator and can be contacted at New Horizon Building, Ground Floor, 3 ½ Miles Philip S.W. Goldson Highway, Belize City, Belize. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 13th August, 2020.

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), HKO LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is 14th July, 2020. Álvaro Pérez is the Liquidator and can be contacted at Alcántara Número 107, Las Condes, Santiago de Chile, Chile. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 13th August, 2020.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), MALIBU INVESTMENTS LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is 14th July, 2020. Álvaro Pérez is the Liquidator and can be contacted at Alcántara Número 107, Las Condes, Santiago de Chile, Chile. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 13th August, 2020.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 15 JULY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,089.86 | CHG: 0.05 | %CHG: 0.00 | YTD: -141.74 | YTD%: -6.35 BISX LISTED & TRADED SECURITIES 52WK HI 4.20 22.65 2.00 1.79 2.50 6.00 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 1.79 1.67 5.40 5.39 2.00 5.10 3.62 5.60 11.05 2.71 2.20 8.00 7.10 13.04 3.20 8.00 13.90

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 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 LAST CLOSE AML 3.17 APD 17.43 BBL 1.62 BFH 1.79 BOB 1.67 BPF 6.00 BWL 6.75 CAB 2.76 CBB 5.10 CBL 3.83 CHL 6.16 CIB 11.26 CWCB 2.50 DHS 4.90 EMAB 9.99 FAM 8.44 FBB 14.50 FCL 3.80 FIN 8.97 JSJ 15.20 BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CLOSE 3.17 17.43 1.62 1.79 1.67 6.00 6.75 2.76 5.10 3.83 6.16 11.26 2.51 4.90 10.05 8.44 14.50 3.80 8.97 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

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 0.01 0.00 0.06 0.00 0.00 0.00 0.00 0.00

50 10,230

180

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

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

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

VOLUME

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 18.3 -6.3 36.4 20.8 13.7 15.6 24.6 10.5 15.6 11.6 17.8 18.7 9.6 24.1

YIELD 5.36% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.13% 3.57% 6.39% 17.29% 1.22% 3.26% 2.84% 3.72% 3.16% 2.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.00% 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

MATURITY

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

NOTICE

INTERIS (BAHAMAS) LIMITED (In Voluntary Liquidation) Registration No. 75767 C Pursuant to the provisions of Section 218 of The Companies Act, 1992 notice is hereby given that at an Extraordinary General Meeting of the Members of INTERIS (BAHAMAS) LIMITED held on the 24th day of February, 2020 the following Resolution was unanimously passed:RESOLVED that the Company take all such steps as may be necessary to effect its liquidation and forthwith cause its name to be struck off the Register of Companies in accordance with The Companies Act, 1992 AND that Sterling (Bahamas) Limited of Suite 205A-Saffrey Square, Bank Lane & Bay Street, P.O. Box N-9934, Nassau, Bahamas be and is hereby appointed Liquidator of the Company for the purpose of such liquidation. Dated the 14th day of July 2020 STERLING (BAHAMAS) LIMITED Liquidator

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

NOTICE

INTERIS (BAHAMAS) LIMITED (In Voluntary Liquidation) Registration No. 75767 C

Pursuant to the provisions of Section 222 (2) of The Companies Act, 1992 notice is hereby given that an Extraordinary General Meeting of the Members of INTERIS (BAHAMAS) LIMITED will be held at the offices of Sterling (Bahamas) Limited of Suite 205A-Saffrey Square, Bank Lane & Bay Street, in the City of Nassau on the 14th day of August 2020 at 1:00 o’clock in the afternoon, The purpose of the said Meeting is to have laid before the Members of the Company the Final Statements of the liquidator showing the manner in which the winding up of the Company has been conducted, the property of the Company disposed of, the debts and obligations of the Company discharged and also to hear any explanations that may be given by the Liquidator. All claims by creditors of the company must be received by the Liquidator at Suite 205A-Saffrey Square, Bank Lane & Bay Street, P. O. Box N-9934, Nassau, Bahamas before the 14th day of August 2020. Dated this 14th day of July 2020

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

STERLING (BAHAMAS) LIMITED Liquidator

THE TRIBUNE

Thursday, July 16, 2020, PAGE 13

TECH ENTREPRENEUR’S DISMEMBERED BODY FOUND IN LUXURY CONDO NEW YORK Associated Press

THE dismembered body of a 33-year-old tech entrepreneur was found inside his luxury Manhattan condo where an electric saw was left behind, police said yesterday. The victim, identified as Fahim Saleh, was found at around 3.30pm on Tuesday inside his luxury seventh floor apartment on the Lower East Side. There have not been any arrests in connection with Saleh’s death. A relative called police after going to check on Saleh and making the

gruesome discovery. Responding officers discovered a clothed torso, bags containing a head and arms and the electric saw in the living room, police said. Investigators also recovered security video showing Saleh exiting an elevator that leads directly into the full-floor, two-bedroom apartment earlier on Tuesday afternoon closely followed by someone dressed entirely in black, including a mask, according to a law enforcement official who was briefed on the case. It also shows a struggle between the two ensuing at the entrance to the apartment, said

the official, who wasn’t authorised to discuss the investigation and spoke on the condition of anonymity. Police believe that the relative may have interrupted the intruder before that person fled out a back exit. The medical examiner ruled the death a homicide after an autopsy found the cause of death was multiple stab wounds to the body. Saleh was the chief executive officer of a ridehailing motorcycle startup called Gokada that began operating in Nigeria in 2018. The company confirmed his death on Twitter yesterday and said, “Fahim

was a great leader, inspiration and positive light for all of us.” Investigators were exploring whether the killing could have been related to Saleh’s business dealings. They also were checking security camera video from the neighbourhood to try to locate the suspect. Saleh’s LinkedIn biography described him as a self-taught businessman

who founded Gokada building on his experience of first “seeing an opportunity in his parent’s native country of Bangladesh” and starting that country’s largest ride-sharing company. It said he also was invested in a similar venture in Colombia. Apartments in the 10-story building where Saleh’s remains were found sell for more than $2m. The building was

completed in 2017 as part of a wave of gentrification in the neighbourhood.

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THE TRIBUNE

Thursday, July 16, 2020, PAGE 15

US TO HIT HUAWEI EMPLOYEES WITH VISA BANS FOR RIGHTS ABUSES WASHINGTON Associated Press

THE Trump administration said yesterday it will impose travel bans on employees of the Chinese technology giant Huawei and other Chinese companies the US determines are assisting authoritarian governments in cracking down on human rights, including in China’s western Xinjiang province. Secretary of State Mike Pompeo also said the administration is finalising plans to minimise data theft from the popular Chinese video streaming app TikTok, although he stopped short of saying it

would be banned outright. Pompeo made the announcements a day after the British government said it would ban Huawei from its 5G networks over concerns that sensitive data could be compromised by the Chinese Communist Party. Pompeo told reporters at a State Department news conference that Huawei employees found to be providing “material support to regimes engaging in human rights violations and abuses globally” would be hit with sanctions. “Companies impacted by today’s action include Huawei, an arm of the CCP’s surveillance state

that censors political dissidents and enables mass internment camps in Xinjiang and the indentured servitude of its population shipped all over China,” he said. “Certain Huawei employees provide material support to the CCP regime that commits human rights abuses. “Telecommunications companies around the world should consider themselves on notice: If they are doing business with Huawei, they are doing business with human rights abusers,” Pompeo said. Huawei said it was “disappointed” in the decision, which it called “unfair”. “Huawei operates

independent of the Chinese government,” it said in a statement. “We are a private, employee-owned firm. We are disappointed by this unfair and arbitrary action to restrict visas of our employees who work tirelessly to contribute to technological innovation in the US and around the world.” At a later event sponsored by The Hill newspaper, Pompeo said the administration was also looking at how to prevent data theft from TikTok and other Chinese companies. “Whether it’s TikTok or any of the other Chinese communications platforms, apps, infrastructure, this

administration has taken seriously the requirement to protect the American people from having their information end up in the hands of the Chinese Communist Party,” he said. “And so we are working through a process where all the relevant agencies and the private sector are getting to say their piece. We hope to have a set of decisions shortly which will reflect this central understanding.” White House Chief of Staff Mark Meadows told reporters on Air Force One that administration officials are looking at the national security risks associated with TikTok, WeChat

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 76° F/24° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny, a t‑storm in spots

Partly cloudy, a t‑storm in spots

Cloudy with a shower or t‑storm

A morning shower; clouds and sun

Some sun with a t‑storm possible

Clouds and sun; a shower in spots

High: 88°

Low: 78°

High: 87° Low: 77°

High: 87° Low: 77°

High: 89° Low: 77°

High: 89° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

100° F

83° F

97°-84° F

97°-84° F

99°-84° F

99°-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: 86° F/30° C Low: 80° F/27° C

7‑14 knots

S

High: 90° F/32° C Low: 80° F/27° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 79° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 93° F/34° C Low: 77° F/25° C

High: 90° F/32° C Low: 76° F/24° C

MIAMI

High: 92° F/33° C Low: 79° F/26° C

4‑8 knots

KEY WEST

High: 91° F/33° C Low: 82° F/28° C

High: 88° F/31° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 86° F/30° C Low: 80° F/27° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

4:56 a.m. 5:36 p.m.

2.2 2.8

11:05 a.m. 0.5 ‑‑‑‑‑ ‑‑‑‑‑

Friday

5:46 a.m. 6:23 p.m.

2.3 3.0

12:04 a.m. 0.8 11:53 a.m. 0.3

Saturday

6:35 a.m. 7:09 p.m.

2.3 3.2

12:53 a.m. 0.6 12:39 p.m. 0.2

Sunday

7:22 a.m. 7:53 p.m.

2.5 3.3

1:38 a.m. 1:26 p.m.

0.4 0.1

Monday

8:08 a.m. 8:38 p.m.

2.6 3.4

2:23 a.m. 2:12 p.m.

0.3 0.0

Tuesday

8:55 a.m. 9:22 p.m.

2.7 3.5

3:07 a.m. 2:59 p.m.

0.2 0.0

Wednesday 9:43 a.m. 10:08 p.m.

2.8 3.5

3:51 a.m. 3:48 p.m.

0.1 0.0

sun anD moon Sunrise Sunset

6:30 a.m. 8:02 p.m.

Moonrise Moonset

2:54 a.m. 4:33 p.m.

New

First

Full

Last

Jul. 20

Jul. 27

Aug. 3

Aug. 11

CAT ISLAND

E

W

High: 86° F/30° C Low: 80° F/27° C

N

S

E

W

7‑14 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 .................................................... 79° F/26° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ............................................... 26.30” Normal year to date ................................... 16.82”

ELEUTHERA

NASSAU

and other apps gathering information on American citizens. He said there is no deadline for action, but said it was likely weeks, not months. It is not clear how many Huawei employees would be affected. Huawei says on its website that it has more than 194,000 employees in more than 170 countries and regions. The US has led a worldwide campaign to convince foreign governments, particularly those in allied nations, to bar Huawei from their advanced telecommunications networks, arguing that allowing them into those systems would lead to violations of their citizens’ privacy.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 81° F/27° C

High: 86° F/30° C Low: 81° F/27° C

N

High: 88° F/31° C Low: 82° F/28° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 81° F/27° C

7‑14 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 82° F/28° C

High: 86° F/30° C Low: 81° F/27° C

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

N E

W

N E

W

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

WINDS NE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 7‑14 Knots E at 8‑16 Knots ENE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots E at 10‑20 Knots E at 8‑16 Knots ESE at 10‑20 Knots E at 7‑14 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots SE at 7‑14 Knots E at 8‑16 Knots

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

VISIBILITY 7 Miles 10 Miles 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 10 Miles 5 Miles 4 Miles 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 7 Miles 3 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 4 Miles 5 Miles

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

PAGE 16, Thursday, July 16, 2020

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THE TRIBUNE

Stocks rise on vaccine hopes; S&P 500 back within 5% of high

A MAN walks past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo yesterday. Shares were mostly higher in Asia yesterday as investors were encouraged by news that an experimental COVID-19 vaccine under development by Moderna and the US National Institutes of Health revved up people’s immune systems just as desired. Photo: Eugene Hoshiko/AP NEW YORK Associated Press MARKETS worldwide rallied on rising hopes for a COVID-19 vaccine yesterday, and the S&P 500 climbed back to where it was a few days after it set its record early this year. Investors see a vaccine as the best way for the economy and human life to get back to normal, and researchers said late on Tuesday that one developed by the National Institutes of Health and Moderna revved up people’s immune systems in early testing, as hoped. The S&P 500 rose 0.9% to pull within 4.7% of its all-time high set in February. The Dow Jones Industrial Average climbed 227.51 points, or 0.9%, to 26,870.10, and the Nasdaq composite gained 61.91, or 0.6%, to 10,550.49. During the morning, the S&P 500 touched its highest level since Feb 25, and it ended the day at 3,226.56, up 29.04. Several things helped lift the market, including stronger-than-expected reports on the economy and on corporate profits from Goldman Sachs and others. But the vaccine hopes were at the center of the rise, which meant the market’s leaderboard was dominated by companies that would benefit most from a return to normal life. They included cruiseship operators, airlines, retailers and hotel chains. Stocks of smaller companies also leaped much more than the rest of the market, an indication of rising expectations for the economy. The Russell 2000 index of small-cap stocks jumped 3.5%, a turnaround from earlier months when big, tech-oriented companies were carrying the market. “Investors are gaining more confidence of the longer-term direction of the market,” said Sam Stovall,

chief investment strategist at CFRA. “It’s not just the behemoth tech stocks that are likely to lead share prices higher, but that midand small-cap stocks will also benefit, not only from an economic recovery, but also from very low interest rates.” Winners of the stay-athome economy created by quarantines and lockdowns, meanwhile, lagged behind. Clorox, Netflix and Amazon all fell. Yesterday’s lift for markets, though, came only after another day of choppy trading. The S&P 500 shot to a quick 1.3% gain shortly after trading began, only to give up nearly all of it before swinging a couple more times. It’s the latest bout of erratic trading for the market, which has been largely churning in place for weeks. The S&P 500 is almost exactly where it was on June 8. Often, it’s swung sharply within a single day as hopes for a budding economic recovery collide with continuing increases in coronavirus counts. Yesterday, as Wall Street was losing its stride, Florida announced another daily death toll of more than 100 and Oklahoma’s governor said he tested positive for the coronavirus. “People should be thinking about a balance of optimism and realism,” said Nela Richardson, investment strategist at Edward Jones. She said there is a “long climb” to go for the economy’s reopening and pointed to other risks for the market, including US tensions with China. “We think it’s going to be a pretty bumpy road ahead,” she said. Worries also remain high that the stock market has gone overboard in its rally: It has taken less than four months for the S&P 500 to almost return to its record after being down nearly 34%. But it could

take years for the economy and corporate profits to get back to where they were before the pandemic struck. . Markets nevertheless climbed yesterday, bolstered by the optimism about a possible vaccine and encouraging reports on the economy and corporate earnings. The nation’s industrial production improved more in June than economists expected. So did manufacturing in New York state earlier this month. Goldman Sachs rose 1.4% after it reported much stronger results for the latest quarter than analysts expected. Financial stocks in general did well, with those in the S&P 500 up 1.9%. Other areas of the market where profits are closely tied to the strength of the economy were also particularly strong. Industrial stocks rose 2.6% for the biggest gain among the 11 sectors that make up the S&P 500, and energy producers gained 2%. Royal Caribbean Cruises surged 21.2% to lead a group of stocks that stand to gain if shoppers and travelers get back to life as it was before the pandemic. American Airlines rose 16.2%, Gap jumped 12.7% Live Nation Entertainment rose 11.7% and Hilton Worldwide added 10.1%. The yield on the 10-year Treasury rose to 0.63% from 0.61% late on Tuesday. It tends to move with investors’ expectations for the economy and inflation. In Europe, Germany’s DAX returned 1.8%, while the CAC 40 in Paris advanced 2%. Britains FTSE 100 picked up 1.8%. In Asia, Tokyo’s Nikkei 225 advanced 1.6% after the Bank of Japan kept its ultra-easy monetary stance unchanged. It forecast that the economy would improve later in the year, assuming there is no major “second wave” of outbreaks of the new coronavirus.

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

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he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115