07172020 BUSINESS

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FRIDAY, JULY 17, 2020

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Court paves way for Lucayan’s sale, cuts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A MAJOR obstacle to the Grand Lucayan’s sale was this week eliminated by the Supreme Court’s denial of an injunction bidding to block the terminations of around 175 staff.

Michael Scott QC, the hotel’s chairman, yesterday told Tribune Business it was “business as usual” as he and the government attempt to close the property’s sale to the ITM Group/Royal Caribbean joint venture by month’s end.

He blasted the legal action launched by the Bahamas Hotel Managerial

• Denies union bid to halt terminations • Month’s end target for ITM/Royal close • Focus turns to wrongful dismissal claim Association (BHMA), which represents around 63 Grand Lucayan middle managers, as “a monumental waste of time, misconceived and a further attempt to burden the Bahamian taxpayer” who has likely invested at least $100m in the hotel’s acquisition and upkeep to-date.

However, Obie Ferguson, the union’s president and attorney, yesterday told this MICHAEL SCOTT QC

OBIE FERGUSON

SEE PAGE 4

Opponents bid to ‘shed light’ on Briland project

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OPPONENTS of a controversial Harbour Island marina project are hoping to force its ex-project manager to “shed light” on whether its permits are non-compliant with government approvals processes.

Br-Island Responsible Development Association (BIRD), in legal papers obtained by Tribune Business, is seeking a US federal court order to compel Bernard Ross, who has a history of convictions and run-ins with US law enforcement, to give up whatever inside knowledge he holds on 4M Harbour Island and its principal, Michael Wiener.

BIRD’s move, made on Wednesday, comes just two weeks after it launched a second Judicial Review

• Seek evidence from ex-convict project manager • 4M facing second Judicial Review permit battle • Claims marina exceeds size allowed by govt challenge to 4M’s construction and other permits in the Bahamian Supreme Court.

Its application to the south Florida federal court to force Mr Ross to provide testimony and evidence is thus an attempt to bolster legal manoeverings aimed at thwarting the developer’s ambitions.

Alleging that Mr Ross should possess “first-hand knowledge and information” relating to 4M’s efforts to build a “steel metal ‘artificial island’” and dock, as part of its Briland Residences and Marina project, BIRD and its members are alleging that the developer has violated Justice Diane Stewart’s

‘Time to discipline untruthful lawyers’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN INDIVIDUAL attorney and Bahamian law firm have been cited for contempt of court by a Supreme Court judge, who blasted: “The time is ripe to discipline these untruthful lawyers.”

Justice Indra Charles, pictured, in a scathing July 6 verdict, blasted Donna Dorsett-Major and the Martin & Martin law firm for their roles in “fabricating allegations” in a bid to force her

recusal from a hearing on damages and costs relating to a property dispute.

Suggesting that the claims were “nothing more than a delaying tactic to stall” the case, Justice Charles cited Martin & Martin for drawing up the affidavit containing Mrs Dorsett-Major’s “untruths and fabrications” without conducting a proper investigation to determine if they were correct.

“The time is ripe for the court to discipline attorneys

SEE PAGE 5

GB businesses urge Florida travelling ban

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

GRAND Bahama businesses yesterday urged the government to block Bahamians travelling to Florida to prevent another islandwide COVID-19 lockdown.

Greg Langstaff, owner of the Grand Bahama Brewing Company, told Tribune Business: “Unfortunately, just locking it down in Grand Bahama is not going to be enough. I think if they want to contain it, they have to be way more aggressive, and he [the prime minister] needs

to stop Bahamians from going on trips to Florida.

“If a Bahamian said that they are going to go to Wuhan, China, and come back, or if they would have said six months ago that they want to go to Italy, we would have an issue. But the new epicentre of this pandemic in the United States is in Florida and Miami-Dade.”

Mr Langstaff spoke out as three new COVID-19 cases were reported on Grand Bahama yesterday, taking the total to 13 detected in just over a

SEE PAGE 5

October 17, 2019, order that all permits be obtained in compliance with the law and established procedures.

“At issue now is whether 4M has violated this 2019 court order by continuing construction on the marina project without obtaining a permit ‘made in compliance with the law’,” Theresa Mersky, BIRD’s vice-president, secretary and treasurer, alleged in a July 15, 2020, affidavit.

“4M began construction again following the issuance of a new building permit on April 21, 2020, by the Harbour Island District Council (HIDC). However, BIRD contends that this second

permit is also legally invalid because it also was not made in compliance with applicable law.”

She added: “The April 2020 building permit was issued following a written decision of the HIDC dated January 13, 2020, which stated, in pertinent part, that it was granting approval for the marina project subject to certain conditions, including that the project meet the requirements of the Bahamas Environment, Science and Technology Commission (BEST), and ‘other relevant government agencies’.”

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‘Better July than 2019’ won’t cover $2m COVID loss

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A HARBOUR Island hotelier yesterday revealed that while his resort may “ironically enjoy a better July than last year” it will not make up for the $2m lost during the COVID-19 lockdown, Benjamin Simmons, proprietor of The Other Side and Ocean View properties, told Tribune Business he was presently at “100 percent occupancy” and had averaged around 70 percent since The Bahamas opened its borders to international travellers on July 1.

While had had been able to bring back all 45 fulltime staff, Mr Simmons said he has been unable to recall 15-20 part-time staff because COVID-19 protocols have limited his restaurant to catering to just in-house guests to maintain social distancing.

He added that his properties had suffered around four cancellations as a result of being unable to obtain the negative PCR swab test required to enter The Bahamas in time to travel, especially during the period when the government narrowed the testing window to seven days, with most visitors booking within four days of their planned arrival in Harbour Island.

With “short-term bookings” the current norm for himself and many hoteliers, Mr Simmons said medium and long-term planning was virtually impossible. With August currently appearing flat, he added that he would “do what I can to stay open and keep people employed”, with the provision of pay cheques rather than the accumulation of profit the main objective.

“We are at 100 percent occupancy right now,” Mr Simmons told Tribune Business. “By and large we’re very thankful to have business and get our staff employed. We’re going to stay open as long as we can to keep them employed.

“It’s hard to predict what’s going to happen. People are booking, but they’re booking four days out because they have to have the negative COVID-19 PCR test.

We’ve averaged 70 percent occupancies since the reopening on July 1.

“This July might even be better than last year, ironically enough, but that’s no substitute for March, April and May unfortunately. We probably lost around $2m worth of business between the events and the hotels.”

Mr Simmons said he was able to provide staff with a stipend, and keep them occupied at the pandemic’s height, by operating a food bank over that ten-week period. While full-time staff had returned to work, he added that it was “unfortunately not so much” the case for part-time workers.

Most of these, he explained, worked in his restaurants which are operating at lower capacity due to the COVID-19 restrictions on social distancing. As for guest compliance with The Bahamas’ COVID-19 testing requirements, Mr Simmons added: “There was a lot of confusion when it went down to seven days and then back to ten days.

“We had about four cancellations in that period when people were not able to get the test in time.

That’s probably been the only challenge. Everyone praised the government for

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PAGE 2, Friday, July 17, 2020

In the last of his articles, Hubert Edwards assesses how The Bahamas can rebound from the COVID-19 crisis stronger than before.

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S The Bahamas looks to emerge from the COVID19 crisis, there are some important actions one would anticipate.

The policymakers will accept urgency is needed in addressing structural reforms and will set out to do so. The Economic Recovery Committee’s (ERC) work should be rich in initiatives designed to achieve this objective.

These steps must take a radical look at the entire economic set-up and demonstrate a willingness to address all factors that either limit growth or have the potential for expanding it. They should also look at expanding the tax base. Are there opportunities within the offshore sector? Can elements, which have up to now remained outside the tax net, be captured? This should naturally nudge discussion towards the need for tax reform. Whether the time is right to examine this is questionable, but the fact it has wider economic implications makes it a major candidate for discussion. What would a new taxation regime do to the country’s fiscal space? How might it affect the value proposition and viability of the international financial services sector? Is there potential for expansionary stimulus from tweaks to the tax regime? Given the timeline for reporting, there clearly will not be sufficient time to delve fully into all taxation issues.

A rethink of the way investment incentives are used should also be in the mix. It is important that a serious re-imagining occur as it relates to concessions, having

THE TRIBUNE

LAYING OUT THE ROAD MAP FOR ECONOMIC RESILIENCE

BY HUBERT EDWARDS

regard for their impact on future tax revenues and The Bahamas’ growth and development. Incentives, in my opinion, should have the effect of expanding the economy well beyond the confines of the immediate business to which they are related.

Investments that make vital contributions to the broad economy are important for resilience.

Therefore investment incentives which largely only deliver jobs need a rethink. In essence, future investments should be examined through the prism of “beyond concessions for just jobs”.

Otherwise they hold little value for long-term development. Investments must strategically deepen the economic base, transforming more of the Bahamian working class into entrepreneurs while diversifying exports. The idea here is that on a net basis concessions should not be robbing the country of tax revenue.

We should be able to tie tax breaks, directly or indirectly, to the spawning of other tangible economic activities and investments.

A strategically-determined $2bn concession, for

example, in an eco-tourism project that then spawns a robust organic agro-market (local demand and supply) is a game changer. The said agro-sector matures over time, creating new entrepreneurs, and eventually sufficient capacity to become an export earner.

The tax revenues given up in this case produce a much greater payback. While this is a contrived example and highly aspirational, the principle is clear.

Efforts should also focus on deconstructing the deficit, with its component parts becoming drivers for actions going forward.

The ever-widening balance of trade gap should not be seen as a “doom and gloom” situation, but rather a rich opportunity to explore growth.

If imports consistently outstrip exports by such a wide margin, where can we find sources to reduce the gap? The government’s ever-growing interest payments, and the narrowing capital budget, should be reversed. The intent in repeating this issue is to underline the importance of leaving no stone unturned, and to convey the understanding that each point of pain represents a potential economic opportunity. Some persons will take an extreme stance and conclude: “We can’t close the gap”, but any narrowing is a gain. Policymakers will take a close look at the country’s interest burden growth, and understand that greater effort must be exerted to find real economic growth.

This measure, which measures the difference between the interest rate on debt

and real GDP growth, and compares to prior years, underlines the need for a two-pronged approach to building a more resilient economy. Real GDP growth is very low. Consider the implications that holds for the cost of debt.

We have also seen already how debt repayment takes away from economic expansion. Again, another of those almost circular chicken or egg situations.

The answer, though, in this circumstance is not an either/or proposition. As a country, The Bahamas must actively and robustly pursue both.

In the push to create a more resilient economy, it is anticipated that efforts geared at improving labour productivity will be shown in government planning. Productivity in both the public and private sector is generally agreed to be low. How might this be changed?

Through continued educational programmes funded by the government, the Bahamas Technical and Vocational Institute and University of The Bahamas, for example. This should also be extended to retraining and upskilling the existing labour force. It was noted earlier that resilience is dependent on the strength of the private sector. How will it leverage this obligation, encouraged by the public sector, to lift the level of productivity and thereby improve its competitiveness? I cannot be sure whether any of these would form priority items for these deliberating and planning. However, from my vantage point, which may be highly disadvantaged, this would be an appropriate way of walking down the path to resilience.

Each step may cause some things to become clearer, and therefore greater confidence is gained in what can be discarded or what may require further consideration.

Conclusion The possibility of economic recovery for The Bahamas stretching out to 2024, as predicted by Moody’s, is

not a comfortable proposition but one that should not be dismissed. The restoration of the Bahamian economy will not be easy but is very urgent. In fact, there are troubling signals in the wings that this could get harder yet due to the performance of our most important trading partner and the impact that is having on its most important market, tourism. Regardless, the efforts to secure a more resilient economy must move ahead at full speed. If nothing else, the current state of affairs is showing clearly what the challenges are.

This might aid the decision-making process. The prime minister has called for bold and generational shifting solutions. I agree that this is what it will take to recover from this health pandemic/economic crisis.

Policymakers, though, must be ready to make the tough decisions and push the envelope to uncomfortable levels without harming the economy further, and develop well-considered solutions that will bear fruit in the future.

The resilience desired must rest on the foundations of a strong and innovative commercial sector; strong and supportive public sector; and strong and efficient social sector.

Each of these must be operating at or near optimal potential, undergirded by innovation and a strategic investment in the economy’s growth. They must be aligned and operating with significant effectiveness and efficiency. In evidence must be a public sector that is responsive, nimble enough, well-structured and certain, disciplined and proactively facilitating. To solve the problems faced by The Bahamas, sound treatments have to be brought to bear on growing debt, low growth, the concentration of export earnings and addition of new revenue sources, low productivity and public sector reforms.

The country needs a more resilient economy, a broader fiscal space and a deeper economic breadth.

Debt management and fiscal consolidation is a critical part of the process. However, without growth the desire for a more robust, resilient economy with the ability to better absorb the effects of external shocks cannot be effectively achieved.

Policymakers’ thus face a two-fold task. Reduce the debt burden while growing the economy. There is no other way to achieve a balanced expansion, a deepening of resilience and, ultimately, the ability to meet growing demands while securing improvements is the standard of living. It is against this backdrop that we must anticipate a robust and comprehensive output from the planning process, and a fundamental shift in the belief that vibrant development can be achieved within narrow confines.

If I were to be bold enough to restate one of the the deputy prime minster’s statements, it would be: “We anticipate that the committee will help us to visualise and to conceptualise what this economy may look like together with recommendations that we are able to execute. We anticipate that they will place special focus on non-traditional sources of revenue and the elimination of current restrictions to expansion”.

We, The Bahamas, anticipate that the broadbased experience available, using strong technical expertise and industry knowledge, will provide the practical solutions needed to get the country to that end goal. The times for tip-toeing around the real economic and structural changes needed has long passed, but more clearly crystalised in March 2020 when 50 percent of GDP, 60 percent of employment and approximately 70 percent of government revenue “evaporated” overnight. The expectation is that the work will positively contribute to the strategic thinking necessary to create paradigm shifts, exploit opportunities and help to take The Bahamas to the next level, socially and economically.

THE TRIBUNE

Friday, July 17, 2020, PAGE 3

MENTORSHIP is not a new term in our corporate environment. For centuries we have had formal and informal mentors teaching, training and preparing the next generation of leaders. Mentorship is typically defined as the relationship in which a more experienced or knowledgeable person helps to guide a less experienced or knowledgeable person.

In the traditional sense it is an employee training system under which a mentor is assigned to act as an advisor, counsellor or guide to a junior or trainee. The mentor is responsible for providing support to, and feedback on, the individual in his or her charge. Many companies of varying sizes have developed systematic and structured mentorship programmes where the culture is so well-shaped that senior leaders understand their primary role to be the development of new and

Understudies unlock qualities in all ages emerging leaders.

Our dialogue today encompasses the benefits of every company, irrespective of their size), developing a mentorship system. Here are the key reasons: There are rewards for the Mentor and the Mentee The mentor, as tutor, increases self-learning and builds personal competence through the simple act of explaining processes and procedures to junior team members. There are many lessons learnt, and skills acquired in communication, managing generations, problem solving and others passed on in the mentor-mentee relationship. There is also an overwhelming sense of

pride that a mentor has when he or she witnesses the growth of fledging leaders.

It fosters a multi-generational company culture As mentor and mentee develop their own relationship, they help create and perpetuate a positive company culture that combines their best qualities regardless of their age. Most work places are still struggling with bringing together the four generations in the workplace. Mentorship beautifully facilitates “Boomer Leaders” teaming with “X- Managers” and emerging and talented “Millennials”. Each has something to learn from the other.

It helps in connecting an expansive network Another reason why it is positive to have a mentor is that it connects the mentee to a professional network which he might otherwise never have been exposed to.

Personal introductions are powerful career collateral, especially for someone just starting out.

But a mentor can also write a recommendation for their mentee’s LinkedIn profile for all the world to see. And he can send out invites to corporate training, employee mixers and industry conferences that will help his protégé connect to the right people.

Leaders must consistently open doors of opportunity

for those they mentor.

Reducing Stress and Anxiety Having a reliable sounding board in the office can reduce job anxiety and stress, and every leader should have an understudy specifically handpicked to filter thoughts, ideas and suggestions towards. We all make mistakes, and we do not always meet our own goals. When that happens in work, it can be extremely worrisome. A mentor can help you see the bigger picture, help you understand that a single mistake is not going to cost you your career, and can help you improve what you do in the workplace so those mistakes become fewer and fewer.

With a remote work culture emerging, companies must embrace every opportunity to keep employees connected. Mentorship is certainly a tried and proven tool in this regard.

• NB: Ian R Ferguson is a talent management and

IAN FERGUSON BY

organisational development consultant, having completed graduate studies with regional and international universities.

He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

Businesses ‘ecstatic’on BPL fuel savings

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net “ECSTATIC” businesses yesterday hailed the “huge savings” potential created by Bahamas Power & Light’s (BPL) fuel hedging plan while also calling for the country to develop a long-term energy strategy.

Brent Burrows, general manager of CBS Bahamas (Commonwealth Building Supplies), told Tribune Business: “I am ecstatic.

It’s going to be a huge savings for businesses and, of course, for households, but for us as a business that’s a huge savings for us.

“According to what I read they seem to have made all of the provisions with the IDB (Inter-American Development Bank), and it seems as if everything else is in place. I just hope that they deliver on it and it would be good for 18 months. That’s a huge savings. That does a lot, especially in these tough times with COVID-19 and everything. That’s huge for us.”

Tribune Business reported yesterday that BPL’s move to lock-in a fixed fuel charge rate for the next year-and-a-half will save hard-pressed consumers and the wider economy some $150m over 18 months.

Both the government and BPL said this 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

BPL HEADQUARTERS will eliminate for “the first time ever” the cost volatility created by swings in global oil prices.

The fuel charge component typically accounts for between 50 percent to 60 percent of a customer’s bill, and the hedge is designed to lock-in the fuel charge component of customer bills at 10.5 cents per kilowatt hour (KWh) for the next year-and-a-half.

This, in turn, will provide businesses and households with electricity rate certainty at a time when their finances are under huge strain due to the economic crisis created by COVID19. 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.

Mr Burrows said that “most definitely” locking in the fuel charge will help CBS Bahamas to plan better, and the timing could not be better as he is currently working out his 2021 budget given that the firm’s financial yeat starts in October. He added: “For us, this

is a huge chunk of money.

That can be used for keeping staff employed and future investment in the company.

“I can only go by what was reported in the newspaper. I just think this is going to be a huge savings for all businesses and, of course, for consumers. That is going to circulate a lot more money into the economy to help us to get over this COVID-19 lockdown.”

Craig Butler, attorney and principal of CF Butler & Associates, told Tribune Business that the government had potentially missed “a golden opportunity” to lock-in an even longer fixed fuel charge and savings for the Bahamian people.

Arguing that it should have sought a five-year hedge, Mr Butler acknowledged that fiscal constraints may have meant the government and BPL simply had insufficient resources to achieve rate predictability beyond 18 months.

“In oil futures you can do options trading for up to five years,” he said.

“I’m happy the government secured 18 months, but I think they missed an

Attorneys urging full Magistrate reopening

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net LAWYERS yesterday urged the Magistrate’s Court to restart the issuance of summonses and setting court dates, describing the current situation as akin to “tumbleweeds in the streets”.

Mario McCartney, managing partner of Lex Justis Chambers, told Tribune Business that the inability to get court dates and the hold on issuing summonses as a result of the COVID19 emergency orders has “stifled everything”.

He added: “It’s literally tumbleweeds in the streets, like the cowboy days.” He called for the restrictions preventing the Magistrate’s Court from fulfilling these functions to be lifted.

“The emergency order is in place, and I believe we are slowly adapting and certain things need to be done,” Mr McCartney added. “That’s a vital part of our industry. The courts have to function at 100 percent.

“I know they had made some changes with having video conferencing for now, which we applaud and that’s highly welcomed, but certainly the court should be functioning as it were in the past.”

Mr McCartney said that while he does not have any clients being impacted by this situation at the Magistrate’s Court, he added: “There are potentials, which we have had to advise that there is very little that we can do, so it has directly impacted business.”

A managing partner art a Bahamian law firm, speaking on condition of anonymity, said the Magistrate’s Court being unable to issue and file summonses, or set court dates, is “affecting me very greatly in a very great way”.

They added: “I have been there four times with three summonses to file and they are not accepting or filing any documents. This is really affecting me because my client has some tenants who refuse to pay the rent,

and we are trying to get an eviction order and we can’t get it. This is affecting me.

“My clients are doing nothing about this right now. I have the summons and they have asked me to the prepare the summons, which I have done, and I went to the court and the police officer stopped me at the door twice.

“I went another time when I figured they would have been open because the Supreme Court is open.

You can file documents in the Supreme Court but you can’t file any in the Magistrate’s Court, and I can’t understand it, unless perhaps they are working out a system. That’s the only thing I can put it to,” the attorney continued.

“They are probably working out a system to put a new system in place, but I don’t understand why we are unable to file documents. I am giving he government and the attorney general (Carl Bethel) the benefit of the doubt.

I have a hunch they are working on making the system better.”

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opportunity to extend it out for a period of up to five years.

“We missed an additional number of months to reduce costs to the Bahamian public. They may not have had the resources, which is unfortunate. We missed a golden opportunity to lock-in rates for another three-and-a-half years. Maybe they didn’t have the money, but they should have done everything they could because the savings to the Bahamian public would have been immense.”

Dwayne Higgs, WHIM Automotive’s general manager, told Tribune Business:

“This fuel hedging arrangement is going to be for 18 months, but it looks like they will hold the fuel surcharge at 10.5 cents (per kilowatt hour).If you can keep overhead down for the business or keep your expenses down then that’s always a good thing.

“It (the fuel charge) still makes up about half of your bill when you look at it, so I wish they would concentrate more on alternatives.

Germany is producing a lot of their electricity from solar and I am sure we have more sun than Germany.”

“Any relief we can get would be good. It just seems like a band-aid on an

open wound, where you are just trying to temporarily do something, and I think something long term like alternative energy should be the way to go.”

Urging the government push solar energy alternatives, Mr Higgs said locking in the price per kilowatt hour for 18 months “should help in the short-term, because at one point it was up to 19 cents, but if you are down now to ten cents it will help.

Your fuel charge is still half of your electricity bill every month. It will help shortterm, but I think more long -term vision is needed. We can’t just keep giving people something short term.”

PAGE 4, Friday, July 17, 2020

THE TRIBUNE

Court paves way for Lucayan’s sale, cuts FROM PAGE ONE

LENO Bahamas’ team comes together for a brief moment to celebrate ten years of building a financial services business from the ground up.

Financial firm marks its 10th anniversary A BAHAMIAN financial services provider with over $800m in assets under administration has enjoyed a socially-distanced 10th anniversary celebration due to COVID-19.

Sean K Longley, Leno’s founder and president, said: “Ten years ago, when we had looked at starting Leno, my goal was to be a financial controller. I told everybody I wanted to be a financial controller because I could earn a good income…We have gone so far beyond that now.”

With the original four staff members still part of the company, Leno’s workforce now numbers closer to 40. It has more than 1,000 accounts, and its role has expanded to include financial and estate planning; trusts and foundations; real estate; payroll; accounting; VAT filing and a host of corporate services, securities brokerage and its entrance into digital asset management.

“I think we have achieved so much as a black-owned financial services company in The Bahamas. There aren’t any companies around that are like us,” said Mr Longley, who spent more than 20 years in local and offshore financial services before striking out on his own.

Leno broke ground on its new five-storey office complex atop Collins Avenue hill in February 2020, just prior to COVID-19’s arrival. Antneal Pinder, an accountant with Leno, said: “It is not where you come from that counts. It is where you want to go that matters.

SEAN K LONGLEY, Leno’s founder and president shares: “We have achieved so much…and there aren’t any companies around that are like us.”

EVERY party in a pandemic opens with a prayer, this one given by Treval Sawyer, centre, as part of Leno’s staff.

“The next phase of Leno’s journey is incredibly exciting.

The infrastructure is in place.

It will be all of us who have the confidence, the drive, the energy and, most definitely, the professional capabilities to lead that transformation.”

Mr Longley said: “It isn’t me any more. It’s about the team and how we grow and move forward from here.

Together we can do so much more in the next ten, 15, 20 or 30 years.”

That sentiment was echoed by Khalil Braithwaite, manager of business development and client relations, who quoted an African proverb: “If you want to go somewhere fast go by yourself. If you want to go far, go together.”

newspaper that Justice Petra Hanna-Weekes had also determined the BHMA raised a sufficiently strong case that needs to go to full trial.

While confirming that the BHMA’s injunction application had failed, Mr Ferguson said it now planned to pursue a claim for wrongful and/or unfair dismissal on behalf of its terminated members on the basis that Lucayan Renewal Holdings, the special purpose vehicle (SPV) that owns the resort on the government’s behalf, had failed to consult with it before making the cuts.

The termination of the existing Grand Lucayan workforce, and payment of their due compensation and benefits by the government/taxpayer, was a key term in the deal worked out with ITM/Royal Caribbean’s Holistica joint venture for the resort’s sale.

This would have been halted had the BHMA’s injunction bid been successful, delaying as well as complicating a deal the government hopes will revive Grand Bahama’s battered tourism industry and economy post-COVID-19 with a planned $300m investment.

Mr Ferguson confirmed that the Supreme Court had cleared the path for the ITM/Royal Caribbean sale to proceed, saying: “She [Justice Hanna-Weekes] said the injunction was not granted. A part of the case they made was that the hotel will be sold or closed by the end of July.

“They [the hotel] were saying that to allow the matter to go on beyond that date would create some difficulty for the deal reached between the parties. They made the point that if it goes beyond that date it would create some difficulties for future potential investment.

On that basis, the court decided not to issue the injunction.”

The Grand Lucayan’s sale is part of a much larger redevelopment involving Freeport Harbour’s expansion and the creation of a water-based adventure park between that location and the hotel. The government, prior to COVID-19, viewed the deal as critical to rescuing Grand Bahama’s moribund economy through the creation of 3,000 new jobs and attracting an extra 3.5m visitors annually.

With the cruise industry’s enforced shutdown lasting until September 15 at earliest due to the COVID-19 pandemic, the ITM/Royal

Opponents bid to ‘shed light’ on Briland project FROM PAGE ONE

“BIRD contends that because these conditions have not been met, the April 2020 building permit is invalid and, along with another party, has initiated a second judicial proceeding in The Bahamas seeking to have it quashed.”

That second party is Ithalia Johnson-Elson, who BIRD said lives at New Juicy Hill on Harbour Island, “and has been involved in numerous challenges against irresponsible development” both on her own and via the Save Harbour Island Association.

Meanwhile, outlining the latest Judicial Review challenge to 4M’s development, Ms Mersky added: “More specifically, in this new proceeding, BIRD contends that the requirements of the following Bahamian government agencies have not been complied with - the Harbour Island District Council; the BEST Commission; and the National Economic Council of The Bahamas.

“The Harbour Island District Council is the local governmental entity on Harbour Island. Under applicable laws, the Harbour Island District Council is required to engage in public consultation before making any decision. BIRD contends that this requirement was not met for a number of reasons.

Caribbean deal’s closing has been inching forward despite both the massive financial hit suffered by the purchasers and the uncertainty over when their core business activities will resume.

“We don’t have an injunction in place and, as far as I’m concerned, it’s business as usual,” Mr Scott told Tribune Business. “It’s my case from inception, and is still my case, that I consider this litigation a monumental waste of time, misconceived and an attempt to further burden the taxpayers of the country.

“If they had gotten an injunction I would have gone straight to the Court of Appeal. In my opinion, they never made out the case for an injunction. I consider this a complete waste of time, an added burden to the taxpayer and, ultimately, it’s just an abuse.”

Mr Scott confirmed the government and Lucayan Renewal Holdings Board, which he heads, are aiming to close the resort’s sale to ITM/Royal Caribbean within the next two weeks

by July’s end. “That’s still the target,” he told this newspaper.

“We’re not quite there, but I’m pushing really hard. We’re all anxious to get on with it, that’s the bottom line.” The government is keenly hopeful that COVID-19’s impact will be restricted to a delayed construction timetable and completion, rather than any pull-back by ITM/Royal Caribbean on the jobs front.

Mr Ferguson, meanwhile, pointed to the Supreme Court’s finding that a “triable” case had been made by the union over the Grand Lucayan’s alleged failure to consult with it as the recognised bargaining agent for the middle management staff prior to the terminations starting.

The former Christie administration’s changes to the Employment Act require an employer, via its section 26 a), to confer with trade unions or worker representatives if they plan to terminate 20 or more staff.

The BHMA is arguing that the resort thus failed to follow the law - something previously rejected by Mr Scott, who said its was not the recognised bargaining agent given that the industrial agreement had long expired.

“The injunction was really designed to force the hotel to meet with the union, and work out all of what was required to be paid to the workers,” Mr Ferguson told Tribune Business.

“Recognise the bargaining agent of the workers, and meet with us with a view to resolving whatever contractual issues we have with Lucayan Renewal Holdings....

“The court decided there is a serious issue to be tried.

Our case will now be based on wrongful dismissal and unfair dismissal. That was made a part of the claim when we filed the amended notice of motion. Sixty-three workers will make the case for wrongful dismissal and unfair dismissal.”

Mr Scott, though, dismissed the BHMA’s claims, arguing that it had to meet “a very low bar” to show it had a “reasonable cause of action” that did not warrant being struck out. “They’re saying it’s redundancy,” he added. “It’s not redundancy because they’re being terminated as part of a contract that’s settled in the normal way.

“As far as I’m concerned it was never a case of redundancy. It was a case of contractual termination, and we followed the requirements of the Employment Act and the labour laws of The Bahamas.”

This newspaper previously reported that the government will have spent more than $11m on employee termination packages and support by the time it closes the Grand Lucayan’s sale.

The latest separation round involving around 175 employees will cost “about $3m” in due severance pay and benefits, following prior employee severance and COVID-19 support packages that cost the government some $8.542m.

The figures give an insight into the burden Bahamian taxpayers have had to shoulder beyond the $65m purchase price in a bid to rescue Grand Bahama’s ailing resort product and economy. Tribune Business records show the government injected $13m into the property during the six months to year-end 2018, while a further $16.1m outlay was approved in February’s supplementary budget for 2019-2020.

It is unknown if the previous $8.542m termination payments were included in these figures, but the sums involved suggest the government - via the taxpayer - will have spent around $100m in total to facilitate the property’s long-awaited sale.

Operating losses running at between $1m to $1.5m a month will have been subsidised for much of the government’s ownership.

“As a US company, 4M was required by Bahamian law to obtain the approval of the NEC for its marina project. Permission was granted by the NEC subject to the approval of an Environmental Impact Assessment (EIA) by the BEST Commission, and subject to certain size limitations, which BIRD contends 4M has exceeded.”

Ms Mersky said BIRD was especially hopeful that Mr Ross will provide incriminating information on “the negotiations” between Mr Wiener’s 4M and the Harbour Island District Council, which led to the grant of the April 2020 building permit.

“Any relevant evidence obtained from Mr Ross regarding impropriety in the permitting process will be used by BIRD to support its position in the judicial proceeding that is pending in The Bahamas. I have been informed by BIRD’s Bahamian counsel that such evidence would be admissible with the leave and directions of the presiding Bahamian judge under applicable Bahamian law,” Ms Mersky added.

No evidence of “impropriety” has been produced to-date, and it is unclear whether Mr Ross will be able to provide anything useful in relation to the permit granted by the Harbour Island District Council given that he and Mr Wiener parted ways in June 2019 - some 10 months before the approval in question was obtained.

All parties - Mr Wiener and BIRD, whose members are said to be drawn from Harbour Island residents

- previously agreed that the site plan approval initially granted to 4M should be quashed, having been wrongly granted by the government’s Town Planning Committee instead of the Harbour Island District Council. This led to Justice Stewart’s original order.

Mr Wiener and 4M Harbour Island did not respond to Tribune Business requests for comment before press deadline last night despite a spokesperson being contacted and informed about the nature of this newspaper’s inquiries.

But the BIRD move, and second Judicial Review action, merely represent the latest legal headache for Mr Wiener, a California-based lawyer, in his efforts to progress his multi-million dollar investment. For, as reported by this newspaper, he is also embroiled in a legal battle with Mr Ross in the central California courts over his former project manager’s claim that he breached their settlement agreement.

The pair agreed a $2.3m deal, with Mr Wiener paying Mr Ross and his wife, Holly, the first $1.319m installment, after their differences over the Harbour Island development’s management became impossible to reconcile.

However, the 4M principal halted payment of the remaining $1m on the basis that his former project manager had created more issues and damages than first realised. Mr Ross thus headed to the central California court in a bid to force Mr Wiener to honour the settlement and pay the balance.

THE TRIBUNE

‘Time to discipline untruthful lawyers’

FROM PAGE ONE who swear affidavits, and counsel who draft those affidavits, when they are fully aware that the contents of those affidavits are loaded with untruths against judges, as in the present case,” she wrote. Both Mrs DorsettMajor and Martin & Martin will have the chance to be represented and heard when the contempt charges are read to them on July 23.

Justice Charles’ anger was aroused after a former Cat Island administrator represented by Mrs DorsettMajor, and his real estate development firm, sought her recusal from a hearing where the damages he was to pay a Texas couple would be determined.

Christopher Stubbs, supported by Mrs DorsettMajor’s affidavit, alleged that the judge held real or perceived bias against him, and that his right to a fair hearing as guaranteed by

article 20 of the constitution was in danger of being violated.

Justice Charles had previously ruled against him, and Mrs Dorsett-Major, and in favour of Alan and Sharon Crawford after finding that the ex-administrator interfered with their property rights after selling them a lot in his Shanna’s Cove development on Cat Island.

However, the issue of damages due to the Texan couple and the awarding of legal costs remained outstanding. Their attorney, Glen Curry of the Glinton, Sweeting, O’Brien law firm, “strenuously opposed” the recusal application on the basis that it was a mere “delaying tactic” and had no merit.

Mr Stubbs alleged in his affidavit that Mrs DorsettMajor mentioned to him on May 11, 2020, some 11 days after the verdict was delivered against him, that Justice Charles had asked her to

‘Better July than 2019’ won’t cover $2m COVID loss FROM PAGE ONE

the decisions they’ve made in halting the virus’ spread so far, and making the call for negative COVID-19 tests to enter.

“Most people are happy to comply with that requirement and whatever needs to be done to keep Bahamians safe and visitors safe, and keep on trucking. August is flat but, again, everyone is booking four days out. We saw it a week ago. We didn’t think we’d be full, and come Tuesday we were full for the weekend,” he continued.

“Short-term bookings appear to be the way it’s

going. It’s week by week.

We’ll try to stay open. Right now, if we can’t open in August we’ll go back to being closed, but we’re hoping to keep on going. We’ll try to attract domestic tourism and get folks down from Nassau and do what we can to keep people employed.”

Mr Simmons added that he and his staff “feel grateful for the opportunity” to be back at work, and said: “It’s not about making a profit right now. I don’t like people being put out of work by this pandemic. Let’s give them a pay cheque without jeopardising the business.”

Friday, July 17, 2020, PAGE 5 find out whether he would be prepared to sell his own property to the Crawfords for $100,000.

Denying that any such conversation took place between herself and Mrs Dorsett-Major, the judge said it made no sense to ask such a question after the judgment was rendered.

She added: “In deciding who is telling the truth and who is not, the court assessed the demeanour of the witnesses and how they withstood the rigours of cross- examination.

“The court then made factual findings which it is entitled to do. When a party is aggrieved with the findings made by a trial judge, the proper avenue is to appeal the judge’s decision, not to seek the disqualification of the judge.”

Mrs Dorsett-Major, meanwhile, alleged in her own affidavit that it was “apparent” that the Crawfords were present at Cat Island airport “to greet” Justice Charles when all parties and their attorneys conducted a site visit to inspect the properties in dispute.

She claimed the judge and her clerk were driven to the location in the Crawfords’ vehicle, and that they were

accompanied by the couple’s attorney, the late Roy Sweeting. After the judge’s clerk suffered a seizure and had to be taken to a local clinic, Mrs Dorsett-Major alleged Justice Charles asked her if she could convince Mr Stubbs to sell his property to the Texan duo for $100,000 then.

Rouschard Martin, of Martin & Martin, who was representing Mr Stubbs, alleged that Justice Charles should have “disclosed at the outset of these proceedings her relationship with the Crawfords”. He also cited cases where Bahamian judges recused themselves from cases if their former law firm was involved in representing any of the parties involved.

But Justice Charles, an expatriate, blasted: “This submission is ludicrous as I have no reason to recuse myself as I am not connected to any law firms or related to any person in The Bahamas.

“The second allegation of ‘considered that these proceedings or related or connected proceedings came before her previously’ is just as ludicrous. There is not a shred of evidence that I have heard any proceedings between these parties.”

Arguing that Mr Stubbs

GB businesses urge Florida travelling ban

but said the previously-abandoned shopping list initiative “backfired” as it did not help with social distancing and was a “horrible idea” that created long lines of people standing together.

“Businesses are barely open now. Here is the real question: At what cost do they open up?,” he added.

“We don’t have a hospital.

We have some tents, and they are working at putting the electrical work in now. Ten months after Hurricane Dorian and they are just now putting in electrical work. They are working 12-hour shifts at seven days a week, but just now they are putting in electrical work?

“So we don’t have a hospital, and to open up businesses at the cost of how many lives? Grand Bahama has been struggling now for 15 years, since Hurricanes Frances and Jeanne, which this island never recovered from, and it has only just barely been kicking over.”

FROM PAGE ONE week - a development that is making many businesses and residents fearful another economically-devastating island-wide lockdown may be imposed by the government.

Acknowledging the difficulty of banning all local travel to and from Florida while the economy opens up, he said: “Lockdown has people going nuts, but I think we pretty much have to. Unfortunately, when you take a look at the US Coast Guard bringing cases of the COVID-19 here to The Bahamas as well, that was startling. So, I don’t know how to manage it and I don’t have an answer. I know what’s happening, but I don’t think there is an alternative aside from a lockdown.”

Mr Langstaff endorsed wearing masks in public and hand sanitisation,

had not presented “a scintilla of evidence” to back his bias claims, Justice Charles added: “The allegation of a relationship with the Crawfords and/or their counsel is unfounded, baseless and unsubstantiated.” She questioned why such concerns had not been raised before or during the trial.

“I am reminded that courts and tribunals must have broad backs. The need to have broad backs is even stronger when unpleasant and wounding accusations are directed at them, especially if the objective is to manipulate the result, for example, as in this case, to delay the assessment of damages and taxation of costs,” Justice Charles added.

“In the present case, the affidavits - particularly that of Mrs Major - are loaded with untruths and fabrications. The only truth in MrsMajor’s affidavit is that my then-clerk suffered a seizure during the site visit, had to be taken to the nearby clinic and everyone had lunch at a nearby restaurant (the only restaurant in the neighbourhood).

“The untruths and fabrications told by Mrs Major are, in my opinion, intentional.

She must have envisioned

that she would have gotten away with them because the clerk is no longer employed by the court and Mr Sweeting has sadly passed away.”

However, Justice Charles said travel agency invoices retained by the Supreme Court confirmed she had travelled to Cat Island with her police aide - something that was denied by Mrs Dorsett-Major. And “a posse” of police officers had been present to meet her at the airport and escort them around.

“In my judgment, any fair-minded and informed observer, having considered all the facts of the present case, would conclude that there was no real possibility that the court was biased,” Justice Charles concluded.

“In my opinion, the fair-minded and informed observer would be troubled that certain attorneys would descent to the level of fabricating allegations against judges. The time is therefore ripe for the court to discipline these lawyers.....

“I agree with the submissions of Mr Curry that this application is nothing more than a delaying tactic to stall the smooth progress of this case.”

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

N O T I C E XINWANLI INTERNATIONAL HOLDINGS LIMITED (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 11th day of June, 2020. The Liquidator is Windermere Corporate Management Limited, East Bay Street, P.O. Box N-7797, Suite A-084, Nassau, Bahamas.

WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 16 JULY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,089.58 | CHG: -0.28 | %CHG: -0.01 | YTD: -142.02 | YTD%: -6.36 BISX LISTED & TRADED SECURITIES

LEGAL NOTICE

NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a) Kenthurst Capital Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of said company commenced on the 2nd day of July 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of said company is Francesca Magna Eichmann, PO Box SP-63146, Nassau, Bahamas. d) 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 August 3rd, 2020.

Dated this 6th day of July 2020 _____________________________ Francesca Magna Eichmann Liquidator LEGAL NOTICE

KAAT Ocean Limited NOTICE is hereby given that in accordance with Section 139 (3) of the International Business Companies Act, 2000, of the Commonwealth of the Bahamas, the company has rescinded its intention to wind-up and dissolve KAAT Ocean Limited. It has been filed with the Registrar and the Company retained and registered it in the Register.

Dated this 15th day of July 2020. ______________________ Liquidator Francesca Magna Eichmann

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 3.13 20.91 0.67 1.79 1.67 5.40 5.39 2.00 5.10 3.62 5.60 11.05 2.71 2.31 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 2.51 DHS 4.90 EMAB 10.05 FAM 8.44 FBB 14.50 FCL 3.80 FIN 8.97 JSJ 15.20 BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CLOSE 3.13 17.43 1.62 1.79 1.67 6.00 6.75 2.76 5.10 3.83 6.16 11.26 2.49 5.10 10.09 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 -0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.20 0.04 0.00 0.00 0.00 0.00 0.00

1,850

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 5,000

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

VOLUME

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

P/E 13.1 18.7 N/M N/M N/M N/M 18.3 -6.3 36.4 20.8 13.7 15.6 24.4 10.9 15.6 11.6 17.8 18.7 9.6 24.1

YIELD 5.43% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.13% 3.57% 6.39% 17.43% 1.18% 3.25% 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

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

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

PAGE 8, Friday, July 17, 2020

THE TRIBUNE

Tourists facing restrictions amid fears of new virus spikes MADRID Associated Press FROM the palm-fringed beaches of southern India to the bar-lined streets of a Spanish island and the rolling hills of Ireland, restaurants, pubs and clubs have emerged as front lines in efforts to prevent the re-emergence of the coronavirus.

With Europe’s summer vacation season kicking into high gear for millions weary of months of lockdown, scenes of drunken British and German tourists on Spain’s Mallorca island ignoring social distancing rules and reports

of American visitors flouting quarantine measures in Ireland raised fears of a resurgence of infections in countries that have battled for months to flatten the COVID-19 curve.

Germany’s foreign minister condemned the rowdy tourists for imperiling hard-won gains in efforts to contain the virus. “We just recently managed to open the borders again in Europe. We cannot risk this by reckless behavior,” Heiko Maas told Funke Media Group. “Otherwise, new measures will be inevitable.”

Meanwhile, in the United States, Florida reached

another ominous record with 156 virus deaths reported yesterday as the state continued to experience a swift rise in cases.

The state Department of Health reported 13,965 new coronavirus cases, bringing the total to nearly 316,000.

And in hard-hit Texas, refrigerated trailers were being rushed in to handle the growing number of bodies as deaths surge in the state. Dr Ivan Melendez, Hidalgo County’s public health authority, said it’s not uncommon for a deceased COVID-19 patient to lay on a stretcher for ten hours in the community’s overcrowded

hospitals until the body is picked up and put in a freezer.

“Before someone gets a bed in the COVID ICU unit, someone has to die there,” Melendez said.

Also yesterday, the Boy Scouts of America announced it was postponing next year’s National Jamboree in West Virginia.

The increasing number of virus cases and the pandemic’s persistence and unpredictability make it impossible for the Boy Scouts to comply with its “Be Prepared” motto, said the announcement on the organisation’s website.

In a move designed to

stop the spread of the coronavirus and shake off Mallorca’s reputation as a party hub, regional authorities ordered the closure yesterday of all establishments along “Beer Street” and “Ham Street”, as the popular party areas near the beach of Palma de Mallorca are known, and on another boulevard in nearby Magaluf.

Bar owners reacted angrily to the restrictions on the islands that have seen, like most regions in Spain, recent spikes in infections.

Bars and nightclubs employ some 20,000 people in the region.

“They are undertaking

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 75° F/24° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Clouds and sun, a t‑storm; breezy

Partly cloudy with a thunderstorm

Clouds and sun, a t‑storm; breezy

Clouds and sun with a thunderstorm

Periods of sun, a t‑storm; breezy

Clouds and sun, a t‑storm; breezy

High: 88°

Low: 78°

High: 89° Low: 77°

High: 89° Low: 77°

High: 89° Low: 78°

High: 89° Low: 77°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

86° F

99°-84° F

99°-84° F

98°-85° F

99°-84° F

High: 94° F/34° C Low: 78° F/26° C

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

N

almanac

E

W

ABACO

S

N

High: 86° F/30° C Low: 82° F/28° C

7‑14 knots

S

WEST PALM BEACH High: 89° F/32° C Low: 79° F/26° C

8‑16 knots

FT. LAUDERDALE E

W

FREEPORT

High: 89° F/32° C Low: 81° F/27° C

N

S

E

W

High: 89° F/32° C Low: 74° F/23° C

MIAMI

High: 91° F/33° C Low: 82° F/28° C

7‑14 knots

KEY WEST

High: 91° F/33° C Low: 81° F/27° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 81° F/27° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 92° F/33° 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 ................................... 17.03”

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 87° F/31° C Low: 81° F/27° C

N

High: 86° F/30° C Low: 81° F/27° C

N

S

E

W

7‑14 knots

S

8‑16 knots

ANDROS

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

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

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

Thursday

2.9 3.5

4:36 a.m.

4:39 p.m.

0.0 0.0

10:32 a.m.

10:55 p.m.

sun anD moon Sunrise Sunset

6:31 a.m.

8:01 p.m.

Moonrise Moonset

3:36 a.m.

5:30 p.m.

New

First

Full

Last

Jul. 20

Jul. 27

Aug. 3

Aug. 11

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 87° F/31° C Low: 80° 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: 79° F/26° C

8‑16 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.

H

uV inDex toDay

CAT ISLAND

E

W

drastic measures that are typical of other countries, closing entire streets and curtailing the free exercise of private initiative,” Jesús Sánchez, who leads a local business association told The Associated Press. He blamed “clandestine parties” for some of the images of tourists ignoring virus containment measures.

At a solemn service in Madrid, relatives of about 100 COVID-19 victims sat socially distanced with representatives of health workers and other vital professions and with Spain’s king and queen to pay tribute to the dead and those fighting the pandemic.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 81° F/27° C

H

High: 86° F/30° C Low: 80° F/27° C

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

N E

W

N E

W

S

S

8‑16 knots

8‑16 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS E at 8‑16 Knots E at 7‑14 Knots E at 7‑14 Knots E at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots

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

VISIBILITY 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles 5 Miles

WATER TEMPS. 84° F 83° F 87° F 87° F 85° F 85° F 85° F 85° F 85° F 85° F 87° F 86° F 86° F 86° F 85° F 85° F 85° F 85° F 84° F 84° F 86° F 86° F 85° F 85° F 85° F 85° F