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TUESDAY, JULY 21, 2020
$3.98 Hotelier calls for ‘calibrated’ action on COVID surge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A HARBOUR Island hotelier yesterday urged the government to adopt “a more calibrated approach” to the surge in COVID-19 infections rather than cut off all commercial transport links to the US. Benjamin Simmons, proprietor of The Other Side and Ocean View properties, told Tribune Business that The Bahamas needed to tackle the issue on an islandby-island basis rather than use “a one-size-fits-all blanket approach” to combat the increase in infections in New Providence and Grand Bahama since the borders opened. He argued that Family Islands with no COVID-19 infections, and which were enforcing all the necessary health protocols, should not be penalised for the issues impacting The Bahamas’ major urban centres. Mr Simmons added that if the Minnis administration had concerns about visitors bringing the virus with them, even if they produced a negative COVID-19 PCR test within the required tenday window, then it could limit the load factors or available seating on incoming commercial aircraft to 50 percent capacity or require smaller planes. “I would have hoped for a bit more of a calibrated approach,” he told this newspaper, “and address the problems where the problems are rather than a one-size-fits-all blanket approach. The Bahamas is not one island. There’s many of them. I think we have to calibrate the response in a manner that fits the geographical reality. “If an island does not have a case, and there are no issues with the way it is handling COVID-19, why cut them off at the knees? We’re hoping there will be that adjustment.... It is what it is. We’re in belly of the snake right now with this virus. We’ll keep on adapting and hope the administration see there’s a way to calibrate the response that allows us to function.” The government’s decision to close The Bahamas’ borders to all commercial air and sea travel from the US with effect from tomorrow
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Briland developer ‘side steps’ approval terms By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
HARBOUR Island marina project has been accused of “side stepping” conditions imposed on its activities by submitting two different sets of plans to the central and local government authorities. Opponents of the controversial 4M Harbour Island Ltd development, in their second legal action challenging the approvals granted for its construction, are alleging that the plans submitted to the Harbour Island District Council to obtain its building permit were not pre-approved by the Bahamas Environment, Science and Technology (BEST) Commission as required by the government. Br-island Island Responsible Development (BIRD), in its second Judicial Review action, is also claiming that 4M’s marina is larger than the size permitted by BEST and the project’s Heads of Agreement that were signed by both developer and government in March 2018. And it is arguing that
• 4M opponents claim ‘two sets of plans’ submitted • Allege marina expanding beyond govt-set limits • Initiate new Judicial Review to halt development continued construction of the marina’s steel dock structure breaches a Supreme Court order made by Justice Diane Stewart on October 17, 2019, because this “stayed” all activity until 4M obtained the necessary permits from the proper authority in full compliance with established legal procedures. Justice Stewart, in a ruling stemming from BIRD’s first Judicial Review, had “quashed” the site plan approval and other permits granted to 4M and its developer, California-based attorney, Michael Wiener, after all parties agreed the law required that they be approved by the Harbour Island District Council and not the Town Planning Committee. BIRD is now arguing that Justice Stewart’s order has been violated because 4M did not properly obtain the building permit issued by the Harbour Island District Council on April 21,
2020, while the original approval given for the marina’s metal dock structure was quashed by the judge’s October 2019 ruling. The group, which says its members are Harbour Island residents and homeowners, is also alleging that the metal being employed to construct the marina is non-compliant with the project’s Environmental Impact Assessment (EIA). And it claims that 4M is not living up to its own Environmental Management Plan (EMP) by failing to prevent water “turbidity” caused by the dumping of fill material into the marina structure from May 2020. As a result, BIRD’s second Judicial Review is seeking multiple Supreme Court orders and declarations, including that the marina expansion approval and building permit granted by the Harbour Island District Council are “unlawful” on the basis that there was no “proper public
THE government was yesterday warned that Grand Bahama’s private sector will suffer “a lot of casualties” if it implements an island-wide COVID-19 lockdown lasting “beyond a week or two”. Greg Laroda, the Grand Bahama Chamber of Commerce president, told Tribune Business that the Prime Minister’s threat to reintroduce a lockdown by this Friday if the rate of new COVID-19 infections does not improve threatens “a huge setback” for many businesses that had been “limping along” prior to the July 1 border re-opening. With yesterday’s 20 newly-discovered cases making a new lockdown increasingly likely, Mr Laroda urged Dr Hubert Minnis to avoid imposing a “Bimini-type” total
consultation” and they fail to comply with the project’s Heads of Agreement. Its June 30, 2020, action also wants the court to halt the marina expansion at 4M’s Briland Island Residences and Marina project while declaring that all construction activities since Justice Stewart’s October 2019 order are non-compliant with both the EIA and EMP approved by the BEST Commission. Despite informing a spokesperson for Mr Wiener and 4M about BIRD’s second Judicial Review, and seeking the developer’s response, no reply to BIRD’s allegations was received before press deadline last night. However, the group, which has been joined in its Judicial Review bid by Harbour Island resident, Ithalia Johnson-Elison, for the first time reveals details of the Heads of Agreement
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‘Increase subsidy or Bahamasair closes’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMASAIR’S chairman yesterday warned the airline will “close down” without an increase in taxpayer subsidies after its top-line was cut by $22m due to Hurricane Dorian and COVID-19. Tommy Turnquest, pictured, speaking after the national flag carrier was ordered to cease commercial flights into the US, told Tribune Business that revenues for the 2020 financial year that just closed at endJune were likely to be down 24 percent year-over-year from $92m to $70m. With taxpayers already pumping an eight-figure sum annually into Bahamasair to keep it flying prior to COVID-19, Mr Turnquest said “you don’t have to be a rocket scientist” to realise that a further cash call on the Public Treasury beyond the $19m provided in the
• National flag carrier’s revenues off $22m • Flying just six into Orlando pre-lockdown • Govt decides ‘aggressive’ cut back for it
2020-2021 budget will be forthcoming. He added, though, that the government’s decision to halt all the carrier’s commercial flights into Florida as a means to prevent Bahamians bringing COVID-19 home could actually end up saving the airline money. Bahamasair’s chairman
said the airline had been poised to “aggressively” cut back its services into Orlando with effect from yesterday, given that it had been transporting just six passengers both ways in its 60-70 seater ATR planes. Acknowledging that the prime minister had effectively “made the decision” for Bahamasair, Mr Turnquest said it may “be 2021” when the airline returns to Florida if the state fails to get its COVID-19 outbreak under control before year-end. He explained that the carrier appeared poised to lose four of the five months it relies upon to minimise Bahamian taxpayer exposure, with the only peak traffic period remaining in
‘Many casualties’ feared if GB put into lockdown By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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• Chamber chief warns on ‘huge setback’ • Urges govt to avoid ‘Bimini-type’ closure • ‘Serious, serious impact, if lasts fortnight shutdown given the “severe impact” this would have on The Bahamas’ second largest population centre. Should the government have to follow through with implementing its plan, he urged it to allow persons to continue grocery shopping and performing other essential tasks rather than “confine persons to their homes”. “We were limping along, and looking forward to the reopening of the borders and relaxation of the restrictions put on a number of businesses not considered essential and not allowed to open during the lockdown,” Mr Laroda told this newspaper. “To be hit with this is
disappointing. We obviously understand and sympathise with the prime minister’s position, having to balance the health of the nation with the economic recovery. We’re hoping, I guess, that a complete lockdown doesn’t have the same meaning for Grand Bahama as it did for Bimini. We feel that type of lockdown will really have a severe impact on the island.” Mr Laroda said Grand Bahama businesses and residents would be able to “live for a period of time” with a 24-hour curfew that allowed persons to shop for groceries, but added: “I wouldn’t like to see us have a complete lockdown of persons confined to their residences.
“We were struggling and limping up to the point of the borders being opened back up. Is a lockdown going to be the end of the world? I don’t think so. We’re resilient, and we’ll recover, but it’s a huge setback right now. ‘I’m sure a few of the businesses hoping the economy would be open right now to help them recover, as a result of this, we may end up losing a few more businesses than we have already done,” Mr Laroda continued. “If this is what it takes to get everything under control and learn to live with this virus, because it’s not
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2020 being the November/ December period containing the Thanksgiving and Christmas holidays. “Bahamasair would have a boom for five months, and those five months are what carries Bahamasair for the year,” Mr Turnquest said, referring to Easter and the June-August summer period. “For October, November and December last year, Grand Bahama and Abaco were out of the mix because of Hurricane Dorian. We estimate probably a loss of around $8m as a result of that shortfall. Then we were in lockdown in mid-March with the COVID-19 virus.” Bahamasair previously estimated that it lost $10.5m
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$4.00 Offshore banks: 65% report no COVID impact By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SOME 65 percent of Bahamas-based international banks have suffered “little or no financial impact” from COVID-19, the Central Bank revealed yesterday, marking the sector as one of the few to emerge relatively unscathed to-date. The regulator, unveiling a survey of 71 licensees, said some 47 respondents said they had sustained minimal if any impact from the pandemic and the Bahamian economy’s near-three month lockdown. But, while the fall-out had been “manageable”, the Central Bank said the industry continued to face ongoing uncertainty amid the global struggle to combat the virus. “In response to the question on assets growth/ structure, provisioning or profitability, 47 supervised financial institutions (SFIs) (65 percent) responded that the pandemic has had little or no financial impact,” the Central Bank reported. “For the minority of respondents reporting an impact, eight SFIs (11 percent) cited concerns with loan loss provisioning or asset devaluation, while 16 SFIs (24 percent) expressed concerns with revenue (fee/ interest income) or growth potential. One SFI reported concerns with both.” The regulator added: “The COVID pandemic’s impacts on internationally active SFIs have so far proven manageable. Many respondents, however, noted the unknown nature of emerging risks, especially market risk (chiefly interest rate risk). “In some cases, movements had an offsetting impact (one revenue stream increases while another revenue stream decreases - for example, increased transaction fee revenue versus decreased interest income.” All 72 Bahamas-based bank and trust companies who responded to the Central Bank’s survey confirmed that their overseas parent groups were able to provide them with liquidity support should it become necessary. “When asked ‘what are the key economic/business challenges faced by your institution arising from the COVID-19 pandemic’, 21 SFIs (29 percent) responded
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PAGE 2, Tuesday, July 21, 2020
THE TRIBUNE
ANDROS TOURISM PRODUCT BUILT TO TACKLE COVID-19 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE eighth annual Andros Business Outlook conference will be held this Friday as the island and wider Bahamas continue the fight to rebound from the COVID-19 pandemic. The event, which will be held under the theme, A new era: Resilience in the face of Vulnerability, is being staged as The Bahamas again shuts its borders to commercial air and sea travel from the US. However, conference speakers say Andros’ offerings of boutique resorts; ecotourism fuelled by sustainable natural resources; and diversification through agritourism have the potential to stimulate the Bahamian economy’s revival. “A lot of Bahamian tourism is based on mass tourism, but Andros took a different path,” said Peter Douglas, senior manager at the Andros Tourist Office, who will speak on the topic, The competitiveness of Andros: Sustainability, diversification and innovation. “Andros didn’t get an anchor project. We took a sustainable tourism path and developed the small hotel industry.
“So therefore we are now the leaders in the tourism industry in The Bahamas because the new normal market is not looking for mass tourism. Travellers are looking for those small, intimate resort properties where they can be away from big crowds. With this new normal, our future is looking bright in tourism development and the tourism industry moving forward in Andros.” Mr Douglas said that to maintain that ‘bright future’, developers on Andros must build and outfit their properties according to market demands and capitalise on the island’s resources. He pointed to properties such as Swain’s Cay Lodge in Mangrove Cay as an example of a development that “got it right”, and a developer who “really understands the industry”. Cheryl Bastian has been hosting anglers and divers at Swain’s Cay Lodge, a preferred fly fishing venue, since 2006. She will bring her experience to the Andros Business Outlook conference in a presentation about how small to medium-sized accommodations will help drive tourism in the future. “[Swain’s Cay Lodge] primarily caters to
Nassau residents get backyard farming kits SOME 100 backyard farming kits have been issued to Nassau residents by the Ministry of Agriculture and Bahamas Agricultural and Industrial Corporation (BAIC). The move is an attempt to encourage Bahamians to grow their own food amid the COVID-19 pandemic. The kits were presented to representatives from Englerston, Carmichael,
Nassau Village and Garden Hills. Pictured from left: James Jacques (Englerston); Jennifer Cleare (Carmichael); Stephen Turnquest, BAMSI chairman; Cheryl Bowe Moss, director of cooperative development; Rocky Nesbitt, BAIC general manager; and D’Angelo Ferguson of Garden Hills. The presentation was made at the Produce Exchange in the Soldier Road Industrial Park.
international anglers who come to mainly fish, and their mind is just on their fishing. But they bring partners, and there are other people who come to Andros and they want to know what to do while they’re here. It can’t just be the water sports that we offer,” said Ms Bastian. “There is so much history here, but the sites are dilapidated and need cleaning and signage. The potential is immense but what we need is a concentrated effort. We’re just all over the place like a bee. We need to plan, look at how we’re going to manage things, and do so very soon because we’re missing great opportunities.” Emphasising that tourism opportunities must be managed at a local level, Ms Bastian added: “We don’t need any additional foreign investment. Bahamians can do this. Let’s incentivise them. Let’s do real meaningful things to develop our culture. I think when we do that visitors will find that they have more meaningful vacations and it’s going to help the economy in a great way.” Mr Douglas echoed the sentiment that Andros’ tourism success hinges on its ability to effectively manage cultural and
natural resources. “Now you have a much more mature travelling market that doesn’t just want a cheap entertainment vacation. They want to have an experience that is memorable and unusual,” he explained. “We need to be able to conceptualise that in a package for people, but we have to shore up quite a few things. We do have the environment, but the government won’t invest in that infrastructure so that these spectacular areas are easily accessible by visitors. “Then with all of our cultural heritage and food, the government must invest in keeping cultural activities alive, constantly renewing and revitalising our culture. Then access to our blue holes should be like going to the Grand Canyon, with proper management and proper edutaining through signage,” Mr Douglas continued. “We really need to streamline this market, and we need to invest in access and accessibility to this market because it’s going to be our new strong pillar in our tourism market. It’s the same thing with agritourism; it’s going to be awesome in Andros.” Mr Douglas said the Andros Tourist Office has
already begun working with The Bahamas Agriculture and Marine Science Institute (BAMSI) to “shore up the saltwater fly fishing industry, the most stable and most productive tourism attraction for Andros, pumping $47m into the island per year”. Through a partnership between the Ministry of Tourism and the InterAmerican Development Bank (IDB), BAMSI now offers a certification course for fly fishing guides that prioritises sustainability, environmental responsibility and carbon reduction. It is a model that Mr Douglas hopes will be replicated to train nature guides, birdwatch guides, scuba dive masters and small hotel development. Dr Raveenia Roberts-Hanna, BAMSI’s executive director, will speak at Andros Business Outlook about how her organisation is leading change in agriculture throughout Andros and other Family Islands. From BAMSI’s partnership with the Andros Tourist Office to its soon-to-be implemented conservation course in partnership with the Bahamas National Trust, the institution “will have great economic impact for the
islands and capacity building of sectors through skills training”. “At BAMSI, we realise that our roots are in North Andros, per se, but it’s important that we spread out. This is why it’s important that we provide more training so that we are able to support all the islands and have an impact in all of the islands,” said Dr Roberts-Hanna. “Each island has its own unique features. Each island attracts a different set of tourist and different sets of people, so through our agribusiness programmes and agritourism programmes we are helping to open up people’s minds to understand that there is so much untapped opportunities there that they can really make a good living if they just take advantage of what’s on the island.” The Andros Business Outlook will be held at the BAMSI compound, where social distancing and other public health guidelines will be followed. The oneday conference concludes with a tour of the BAMSI compound. Visit tclevents. com for information about how to register. Paid access to conference livestream is also available.
THE TRIBUNE
Tuesday, July 21, 2020, PAGE 3
Cruise line confirms Development Bank CDC-delayed return shows relaunch logo BAHAMAS Paradise Cruise Line yesterday said US health authorities had left it with “no choice” but to delay its operational restart until October 1. The operator of the Grand Celebration and Grand Classica, which sail to Freeport and Nassau respectively, also acknowledged that The Bahamas’ ban on commercial passenger vessels also threatened its previous plan to resume voyages on August 28. However, the more immediate impact has come from the US Centres for Disease Control and Prevention (CDC) extending its ‘no sail’ order on the cruise line industry until September 30, 2020. Bahamas Paradise Cruise Line, along with the likes of Carnival, Royal Caribbean, Norwegian Cruise Lines and Princess Cruise Lines. Oneil Khosa, Bahamas Paradise Cruise Line’s chef executive, said in a statement: “As you know, we recently announced that we would finally return to sea this August – offering travellers the chance to enjoy a much-needed, two-night getaway to paradise. “However, given the Centre for Disease Control and Prevention’s (CDC) extension of its ‘no sail’ order, we have no choice but to delay our resumption of cruise operations to October 1, 2020. “Since the outbreak of COVID-19, we have remained one of the few cruise lines that reported no cases of the virus onboard our ships. We have also followed all required guidelines, including adhering to strict requirements for our onboard crew members, and installed the best safety protocols in the industry across our fleet to protect our guests and crew, who are always our top priority,” Mr Khosa added. “In addition, we remain the only cruise line in the
country to receive ‘green status’ from the CDC on our ‘no sail response’ plan, meaning we have met their requirements in providing a safe environment for our crew members to work and disembark via commercial travel. This was also recognised in the CDC’s own statement. “While we are disappointed that we are not able to sail as planned, we will of course continue to work side by side with the CDC and have therefore suspended all future sailings until October 1. We are also aware of the recent announcement from Bahamas Prime Minister Hubert Minnis regarding the travel ban on travellers from the US, and we are prepared to make necessary changes to our sailing schedule as needed. “Until then, we will continue our preparations to return to Grand Bahama while keeping a close eye on the overall landscape. We look forward to welcoming guests back onboard and appreciate everyone’s patience throughout this process.” Given the surge in Grand Bahama COVID-19 cases in particular, thought to be linked to Bahamians travelling to Florida via the Balearia ferry service, the delay in Bahamas Paradise Cruise Line’s resumption - enforced as it is by the CDC - is likely to be welcomed by the Government and local health authorities, if not cruise-dependent businesses. The CDC’s action, in extending a ‘no sail’ order that was due to expire on July 24, pushes the cruise industry’s sailing resumption back at least two weeks beyond the September 15 suspension it previously announced voluntarily through the Cruise Lines International Association (CLIA).
“In line with CLIA’s announcement of voluntary suspension of operation by its member companies, CDC has extended its ‘no sail’ order to ensure that passenger operations on cruise ships do not resume prematurely,” the US regulator said. “Cumulative CDC data from March 1 through July 10, 2020, shows 2,973 COVID-19 or COVID-like illness cases on cruise ships, in addition to 34 deaths. These cases were part of 99 outbreaks on 123 different cruise ships. “During this timeframe, 80 percent of ships were affected by COVID-19. As of July 3, nine of the 49 ships under the ‘no sail’ order have ongoing or resolving outbreaks. According to US Coast Guard data, as of July 10, 2020, there are 67 ships with 14,702 crew onboard.” The CDC then made clear its concern that cruise ships are a floating breeding ground for COVID-19 to spread rapidly, especially given how congested they are at full occupancy and how frequently crew members and passengers interact among themselves and with each other. “On cruise ships, passengers and crew share spaces that are more crowded than most urban settings,” the CDC added. “Even when only essential crew are on board, ongoing spread of COVID-19 still occurs. “If unrestricted cruise ship passenger operations were permitted to resume, passengers and crew on board would be at increased risk of COVID-19 infection and those that work or travel on cruise ships would place substantial unnecessary risk on healthcare workers, port personnel and federal partners (Customs and Border Protection and the US Coast Guard), and the communities they return to.”
Chamber talks trade with Cuban diplomat THE Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) has met the new Cuban ambassador to discuss potential business and trade opportunities. Jeffrey N Beckles, the Chamber’s chief executive, and Charo Morley, its trade services manager, met with Alejandro Garcia del Toro on July 14 with enhanced regional co-operation the basis of their discussions. “The Caribbean region has to take a collective focus on how to sustain itself in the midst of the current economic environment, especially as it pertains to agriculture, marine resources and technology,” said Mr Beckles. Ambassador Garcia del Toro offered technical assistance to the government in the areas of fishing and agriculture, and added that Cuba had recently taken steps
AMBASSADOR Alejandro Garcia del Toro is pictured, centre, at the Chamber’s office. From left are BCCEC executives: Charo R Morley, trade services manager, and Jeffrey N Beckles, the Chamber’s chief executive. to reduce its food import in 2021. He also committed to fostering exchanges dependency. Mr Beckles also expressed between the Cuban Chama desire for greater busi- ber of Commerce and ness exchange between BCCEC. both countries. As a result, Expanding the role of Ambassador del Toro small and medium-sized extended an invitation to businesses in the economy, the Bahamian business com- especially around small manmunity to attend the Havana ufacturing and the creative International Fair (FIHAV) sector, was also discussed.
IN THE SUPREME COURT PROBATE SIDE
2020/PRO/npr/00023
IN THE ESTATE OF MARDOCHEE LIBRATI late of Tel-Aviv-Yaffo in the State of Israel, deceased.
NOTICE is hereby given that all persons having any claims and/or demands against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 17th August 2020 after which date the Executors will proceed to distribute the assets having regard only to the claims of which they shall then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
GLINTON SWEETING O’BRIEN Attorneys for the Executors 303 Shirley Street Nassau, The Bahamas
(J.21, J.29, A.6)
BAHAMAS Development Bank staff. BAHAMAS Development Bank (BDB) staff have celebrated the relaunch of the 42-year-old institution with a new logo. This features a multi-coloured hummingbird combining flashes of red, blue, green, yellow and pink. The new brand for the Bank was developed in consultation with BDB personnel who wanted the look and feel to support the vibrancy, agility and dynamism they perceive is at the core of the “new” Bahamas Development Bank. Troy Sampson, the BDB’s business development manager, said: “The new logo is emblematic of the bank’s aspirations to be energetic and in perpetual motion to assist Bahamians in growing
their ideas and dreams into real wealth for the future.” Over the last 23 months, systems, processes and the internal culture at BDB have been rebuilt from the ground up. For some staff members, the re-engineering has not come easily as they have been “stretched, pulled and pushed”. Tadnisha Nixon, a BDB legal administration officer, said: “When change comes at you, sometimes the first reaction is fear or resistance. But once you stop and reflect on the positive impact of what changing will bring, you can better embrace it, take the baton and run with it.” “This change has long been needed to shake up ‘business as usua’,” said
Simone Duncombe of banking operations. Renovations are now underway at the new headquarters building that BDB has purchased on Key West Street and Robinson Road. Devona Knowles, human resources officer, said: “The entire process has been refreshing. It feels as if BDB is truly evolving to bridge the gap between our history and the possibilities of what we are going to do.
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PAGE 4, Tuesday, July 21, 2020
THE TRIBUNE
Briland developer ‘side steps’ approval terms FROM PAGE ONE between 4M and the government - a document that the Minnis administration has yet to make publicly available by tabling it in Parliament. The “approval in principle”, received by 4M’s attorney, former financial services minister, Ryan Pinder, on October 6, 2017, conditioned the project’s progress on the EIA being approved by the BEST Commission prior to the start of any construction works. This was captured in the Heads of Agreement, signed on March 14, 2018, which also limited the size of 4M’s marina. Specifically, it could not extend more than 50 feet beyond the size of fellow Harbour island marina, Valentine’s, using the “mean high water shoreline” as the starting point. However, BEST, on April 21, 2020 - the same day that the Harbour Island District Council issued 4M’s new building permit - wrote to Brenda Colebrooke, director at the department of local government, stating that its approvals “do not capture or speak” to any marina expansion beyond the “50 feet” limit referred to in the Heads of Agreement. This meant that BEST had not approved the change the Minnis administration made to the 4M Heads of Agreement some two months before, on February 3, 2020, when it informed Mr Pinder that the marina could now extend 75 feet beyond the size of Valentine’s marina when measured against the “mean high water shoreline”. Yet the Harbour Island
District Council, in announcing that the permit application had been approved on January 13, 2020, said this was conditioned on the preparation of “EIA and EMP addendum” that meet BEST’s requirements; another public consultation; and the approvals of all relevant government agencies. “The size of the structure described in the EIA that was submitted to BEST and approved complies with the limits found in the NEC approval,” BIRD alleged. “However, the structure that is currently being constructed does not. “Critically, the plans that were approved by the Harbour Island District Council in conjunction with the building permit application on April 21, 2020, do not comply with the EIA with respect to the materials proposed to be used or the size of the structure proposed to be built. “Therefore, it cannot be said that the prerequisite of the National Economic Council (NEC) and the Harbour Island District Council itself for the preparation of an EIA and EMP that meet the requirements of the BEST Commission have been met,” the group continued. “What has transpired is that 4M have submitted one set of plans to BEST for EIA approval and they have submitted a different set of plans to the Harbour Island District Council for construction approval, thus side stepping the requirement of the NEC and the Government of The Bahamas that plans be approved by BEST prior to the commencement of construction.” BIRD said an assessment
by Joshua Maxwell, its own engineer and marina consultant, from Turrell, Hall and Associates, had confirmed 4M’s marina “greatly exceeded” the size set out in not just the EIA and Heads of Agreement - but also the expansion agreed by the Government on February 3, 2020. Mr Maxwell alleged that Valentine’s marina, which allows vessels to be moored parallel to the dock structure, only extended 270 feet into the bay. But 4M’s, he claimed, which is designed to accommodate 200-250 feet mega yachts with their bow pointed out into the bay, “would protrude 1,134 feet into the Bay”. His June 24, 2020, report, added that while Valentine’s marina extended 630 linear feet from the mean high water line, 4M’s appeared to go out 740 linear feet “60 feet beyond what was permissible by BEST and 35 feet beyond what was approved by the NEC and Heads of Agreement”. BIRD added: “The events since May 19 have clearly indicated that the developer is not adhering to the terms of the EIA and EMP, and nor is there any intention to adhere to the measurements/size restrictions contained in the EIA and the NEC approval. “The communications between the applicant’s counsel [Gail LockhartCharles] and the Harbour Island District Council and the administrator, as well as the Ministry of Works, clearly indicate that although they are aware of the breaches the Harbour Island District Council does not intend to take the necessary action....”
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LEGAL SECRETARY JOB DESCRIPTION A newly formed law firm requires a Full Time Legal Secretary. • Assist attorneys in devising, proofreading and executing legal documents. • Required to keep records of case files and maintain law libraries and other important documents. • Follow-up with pending court cases, by keeping track of the latest court decisions and introduction of new laws that may affect the case and assess legal publications for the same. • Collect and organize client information. • Note taking at legal hearings, client meetings and interviews and maintaining relevant records. • Maintain client documentation. • Necessary correspondence with clients, tracking of client correspondence and sending documents via e-mail, fax or post. • Compiling, verifying and categorizing data. • Duties also include scheduling appointments, receiving and making telephone calls, drafting and typing office memos, and other administrative duties. • It also includes assisting in the preparation of reports and documents that letters of incorporation. Skills and Educational Requirements The candidate must have: • At least eight (8) year’s experience as a Legal Secretary with previous employer. • Strong organizational abilities with an eye for detail. • Effective time management to meet important deadlines. • Effective communication skills with superiors and clients, are essential. • The ability to grasp new concepts for quick learning, good comprehension and writing abilities, and proficiency while using computers, fax machines, copiers, scanners and work related software and the latest technologies. • Must be able to drive and have a valid driver’s license. • The minimum educational qualification required to become a legal secretary is a high school diploma and have past at least 4 BGCSE’s. Please send resume to email: oipjobopportunity@yahoo.com
THE TRIBUNE
Tuesday, July 21, 2020, PAGE 5
‘Many casualties’ feared ‘Increase subsidy or if GB put into lockdown Bahamasair closes’ FROM PAGE ONE
going away any time soon, we have to live with it and do the best we can under the circumstances. It’s not welcome, and we’re not happy, but from the safety standpoint we can understand what the government is trying to do.” The surge in COVID-19 cases on Grand Bahama has been blamed on persons rushing to Florida, a virus “hot spot”, as soon as the borders re-opened and the Balearia ferry service resumed. Mr Laroda added that more widespread testing was also likely to lead to an increase in cases, with
the onus now placed on how The Bahamas manages the situation. “The one bright light in this to-date is we have only two persons hospitalised with the virus,” he said, noting that this meant the Bahamian healthcare system was not presently being placed under severe strain to cope with the rise in infections. “At least at present we will be able to deal with it and manage it better because it is not over-burdening our medical care facilities,” Mr Laroda said. “Time will tell as to whether there’s a lockdown. We don’t know where we will be on
Wednesday when domestic and international flights are shut down. “That in and of itself will be a major setback. How long we may be in that situation, we don’t know yet. The longer any lockdown lasts the more serious the impact will be. I don’t think we can stay in that mode for an extended period of time and and not come out with a lot of casualties. “We have to play it by ear and see how long it lasts, and how deep any lockdown is. Anything beyond a week or two will have a serious, serious impact.”
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4 You need at least 30 minutes between your last meal and donating blood. 4 You will need at least 10 minutes rest after donating blood. 4 You can donate blood every 8 weeks.
4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.
BECOME A REGULAR DONOR
PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES
FROM PAGE ONE
as a result of its near-three month shutdown, as it was forced to cover staff salaries and other overheads on zero revenue income. Mr Turnquest confirmed that the full consequences of that combined $18.5m hit will be felt in the results for its justclosed 2020 financial year. “In the financial year ending on June 2019, our revenues were $92m,” Mr Turnquest told Tribune Business. “This year it’s going to be around $70m.” The latest lockdown, coming just three weeks into the airline’s new financial year, means the COVID-19 direct impact will also be felt in its 2021 financial results for at least the first quarter. “Depending in when we’re back up, we may get a bump at Thanksgiving and Christmas if the US gets the situation under control,” he added. “If they don’t it will be 2021.” While there have been no discussions with government yet, Mr Turnquest said an increase in the Public Treasury subvention to fill growing financial holes was inevitable if it wanted to keep the national flag carrier in the air. “There’s an increase in subvention or we close down. You don’t need to be a rocket scientist to figure that out,” he told Tribune Business. “We’d just got started, and the loads were really, really low. For example, last week Tuesday or Wednesday, we took six people to Orlando and brought six people back in a 60-70 seater ATR. “That’s just straight losing money. In the summer months, we would normally go into Orlando three times a day. Sometimes, on a good weekend, we’d squeeze in four flights; the loads were that good going into Orlando
in the summer months. You put those current load factors against three to four flights that were just chock-a-block. “The Florida routes, we really weren’t making any money anyway since we restarted because the loads were low,” Mr Turnquest continued. “Even to Fort Lauderdale we were around 40-60 persons on a 120-seater aircraft, so we were around 40-50 percent load factors, sometimes 60-70 percent, but very rarely. “They [the government] have made the decision for us. We save money by not going there. We’ve been going in every day to Orlando since July 1, and were going to cut back on that aggressively from today [yesterday]. We were going to cut back to four times a week.” Mr Turnquest added that Bahamasair will also have to contend with the loss of its routes to and from Freeport
for the time being, after the government suspended all domestic aviation into and out of that island to counter the surge in COVID-19 cases on that island. “That’s going to cause some financial strain,” he conceded. “We’ve still got Marsh Harbour and Rock Sound in Eleuthera. The load factors on both those flights have not been bad. We’ve been running two flights a day into each of those. They’re surprisingly better than we thought but it’s still a struggle.”
To advertise in The Tribune, contact 502-2394
NOTICE
International Business Companies Act (No. 46 of 2000) NEWCOM INTERNATIONAL S. A. Registration Number: 73,302 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) NEWCOM INTERNATIONAL S. A., commenced voluntary liquidation on the 17th day of July, 2020. Any person having any claim against NEWCOM INTERNATIONAL S. A., is required on or before the 17th day of August, 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of NEWCOM INTERNATIONAL S. A. GSO Corporate Services Ltd. Liquidator
PAGE 6, Tuesday, July 21, 2020
THE TRIBUNE
Hotelier calls for ‘calibrated’ action on COVID surge
To advertise in The Tribune, contact 502-2394 COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division BETWEEN
FROM PAGE ONE
2019/CLE/qui/01383
IN THE MATTER of Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of Joseph Bain AND Schedule ALL THAT piece parcel or acreage of land containing 2.83 Acres and situate approximately 1,200 feet Northeastwardly of Behring Point Bridge in Behring Point in Andros one of the Islands of the Commonwealth of The Bahamas and which said piece parcel of land has such position boundaries markers and dimension shown on the Plan coloured Pink. NOTICE JOSEPH BAIN, the Petitioner claims to be the owner of the piece parcel or acreage of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or acreage of land investigated and the nature and extent thereto determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of the Plan showing the position boundaries and shape marks and dimensions of the said piece parcel or acreage of land may be inspected during normal working hours at the following places:(1) The Registry of the Supreme Court, British American Financial Building, George Street, Nassau, N.P., The Bahamas (2) The Office of the Administrator, Fresh Creek, Andros; and (3) Trinity Chambers, Norfolk House, Frederick Street, Nassau, N.P., The Bahamas. Notice is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of the Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form, verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of Claim within (30) days herein will operate as a bar to such claim. Dated this 10th day of February, A.D., 2020 Trinity Chambers TRINITY CHAMBERS. 1st Floor, Norfolk House Frederick Street Nassau, N.P., The Bahamas Attorneys for the Petitioner
was yesterday said to have sent many visitors, both leisure and corporate, “scrambling” to book return flights home. Many resort properties were also reacting negatively to the Prime Minister’s decision to cut off commercial travel from The Bahamas’ major source market that provides 82 percent of the country’s visitors. Sandals Emerald Bay was said to have told all guests they must leave by tomorrow, while there were unconfirmed suggestions that Resorts World Bimini may close for three months. With The Bahamas entering the slowest part of the tourism season, and uncertainty over when commercial travel from the US
may resume, many properties will likely decide to close until the fall/winter season and furlough staff. However, The Bahamas remains open to private aviation and boat traffic, which means Family Islands which thrive on such business, in particular, will still see tourism business - albeit much reduced. Mr Simmons said Harbour Island hoteliers, vacation rental and other tourism providers, were all hoping charter operators will be able to fill the void left by the commercial airlines when they met yesterday. “We’ve lost one reservation so far, and more may follow,” he added. “It’s definitely unsettling for our guests. There’s a lot of private charters willing to step up and get people to us, and
we’ll keep our doors open and stay open as long as guests come to us. “We cannot replace the Silver Airways drop, which is the main way people get to us, and I know the airlines would have appreciated a little more warning. Everybody is very concerned.” However, Mr Simmons said there were signs that many Harbour Island guests were “moving their flights up to arrive before the closure so that they can get in and then make their way back by boat and private charter, and as flights allow. “It’s another hurdle which, unfortunately, our guests have to go through. A lot of them want to get out of the US and come and relax here, and they are very respectful of the rules and laws we have in place.”
Offshore banks: 65% report no COVID impact FROM PAGE ONE
that there was little or no impact. Of those indicating a more than insignificant impact, 17 SFIs (24 percent) cited business continuity concerns or remote working challenges,” the Central Bank said. “One SFI reported challenges from travel restrictions or the inability to onboard clients. Fourteen SFIs (19 percent) expressed concerns over market volatility or economic downturn fears. Nineteen SFIs (26 percent) indicated a combination of two or more of the abovenoted impacts.” Focusing the survey on business continuity challenges, the Central Bank added: “Responses included the use of laptops/tablets, and use of employee home
computers to access private networks. Respondents also noted challenges with local utility dependability [Bahamas Power & Light], which decreased productivity of some work at home staff. “In some cases, these steps were rolled out as a part of a pre-existing business continuity plan. Other SFIs had to adopt quickly, without an existing plan. With regard to group structures, respondents described challenges experienced by parent entities similar to those of the subsidiary entities, mostly related to environmental, economic and market concerns. “SFIs with Brazilian parents conveyed more turmoil than for any other geographic area.” Satisfied with the results, the Central Bank added: “The results from the
survey are reassuring. All institutions have been able to maintain effective operations in the new environment, and to-date financial impacts have been minimal. “Some institutions relied on their pre-existing business continuity plans, and others needed to rapidly create new measures to address the combination of curfews, work from home, and the need to maintain in-office staff for procedures such as wire transfers. “The Central Bank is satisfied that its internationally active licensees are operating soundly in the pandemic environment, and that they can continue such operations as long as is necessary. At least at this stage, there is no indication of undue financial or operational stress arising from the pandemic.”
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
MONDAY, 20 JULY 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,095.26 | CHG: 5.14 | %CHG: 0.25 | YTD: -136.34 | YTD%: -6.11 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 3.13 20.91 0.67 1.79 1.67 5.40 5.39 2.00 5.05 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 3.15 APD 17.43 BBL 1.62 BFH 1.79 BOB 1.67 BPF 6.00 BWL 6.75 CAB 2.76 CBB 5.05 CBL 3.83 CHL 6.16 CIB 11.26 CWCB 2.58 DHS 5.10 EMAB 10.13 FAM 8.44 FBB 14.50 FCL 3.80 FIN 8.97 JSJ 15.20 BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CLOSE 3.15 17.43 1.62 1.79 1.67 6.00 6.75 2.76 5.05 3.87 6.16 11.26 2.50 5.10 10.11 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 0.04 0.00 0.00 -0.08 0.00 -0.02 0.00 0.00 0.00 0.00 0.00
25,000
5,000
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 13.2 18.7 N/M N/M N/M N/M 18.3 -6.3 36.1 21.0 13.7 15.6 24.5 10.9 15.7 11.6 17.8 18.7 9.6 24.1
YIELD 5.40% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.10% 3.57% 6.39% 17.36% 1.18% 3.24% 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
MATURITY
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.50% 6.25% 3.50% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2022
MUTUAL FUNDS 52WK HI 2.31 4.40 2.10 198.39 168.29 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79
52WK LOW 1.67 3.30 1.68 164.74 116.70 1.64 1.77 1.72 1.07 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.31 4.39 2.10 192.52 145.55 1.69 1.81 1.77 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.31 10.01
YTD% 12 MTH% 1.04% 3.87% 0.61% 2.93% 0.50% 2.50% -1.34% 2.23% -12.71% -5.79% 1.88% 3.90% -2.26% 2.49% 0.76% 3.56% -11.03% -8.03% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -10.90% -4.30% -18.80% -12.00%
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
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
YOUR
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