business@tribunemedia.net
WEDNESDAY, JULY 21, 2021
$5.10 Policy reforms need for $200m IDB guarantee By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must implement several policy reforms to develop its “blue economy” in return for obtaining a $200m guarantee that will underwrite the government’s planned $700m foreign currency bond. The terms are detailed in an Inter-American Development (IDB) document, which reveals that the multilateral lender will provide the guarantee “upon compliance with a set of policy reforms” that promote sustainable investment in The Bahamas’ marine industries and “strengthen the legal and institutional framework” for promoting an ocean-based economy. Describing the arrangement as a “policy-based guarantee”, the IDB said that once these policy reforms are enacted it “will cover credit risk by partially guaranteeing the issuance of an international sovereign bond by The Bahamas, which is expected to be issued in reliance of private placement rules”. It added: “The amount of the guarantee will be up to $200m from the ordinary capital resources of the bank. The beneficiary of the guarantee will be a trustee, as representative of the bondholders. “The guarantee will be triggered in case of failure of the issuer to make a debt service payment. This guarantee structure is expected to mobilise additional resources from international investors and reduce financing costs for the government, improving its debt profile.” The government has made no secret of its desire to obtain a $200m guarantee for its $700m sovereign foreign currency bond issue, which it is hoping to place by late September/early October this year provided market conditions - interest rate coupon, yield and tenor etc - are favourable. However, the IDB’s terms for providing the guarantee have not been disclosed until now. The multilateral lender, meanwhile, said The Bahamas’ geography and climate creates “unique possibilities” for it to develop the so-called Blue Economy in the waters of its 260,000 square mile Exclusive Economic Zone (EEZ), which is comprised of just five percent land. Adding that proper management and protection were key to achieving this goal, the IDB added: “The economic contribution of the Blue Economy to The Bahamas has been estimated in 21.5 percent of GDP, and up to 50 percent including the indirect impacts. “With 95 percent of the country’s territory located in the marine habitat, and around 70 percent of the country’s population living on the coast, marine resources have the potential to become an important source of economic production.” Suggesting that aquaculture and ocean-related biotechnology have not been properly exploited, the IDB said: “The Bahamas, as an archipelago with hundreds of Islands, has limitations in its logistic infrastructure, imposing high costs for business transactions and limiting integration of the Family Islands with the rest of the economy. “Many of the activities related to the Blue Economy are carried out by micro, small and mediumsized enterprises (MSMEs) that are hindered by high
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Airbnbs ‘choke off’ local rental market By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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XUMA’S Chamber of Commerce president yesterday warned that the island’s soaring vacation property success was “choking off” Bahamian access to affordable rental units. Pedro Rolle, a realtor by profession, told Tribune Business that demand for Airbnb-style vacation rentals had curbed the availability of rental accommodation while also pushing price points beyond the reach of relocating government workers and lower/ middle income persons. He revealed that while a “good apartment” could have been found for $800 per month some two to three years ago prior to COVID-19, the same unit today was likely to
PEDRO ROLLE be between 63-88 percent more expensive costing between $1,3000 to $1,500 per month. Describing the problem as “fixable”, Mr Rolle said he, the Chamber and others were now trying to encourage entrepreneurs to “build rental units” targeted at the
SUPER Value’s president yesterday pledged to holdoff food price increases as long as possible, but reiterated that eight to ten percent rises by Christmas “is not a prediction but a fact”. Rupert Roberts, explaining that the situation is beyond the control of Bahamian merchants, told Tribune Business that the 13-store chain had stocked up sufficiently on inventories “to ward off the price increases for a while” even though they are constantly feeding into the supply chain. Citing corn beef as an example, he added that while prices had increased by 15 percent - something that will be felt in the supermarket chain’s next shipments - the impact will not touch consumers until early 2022 because it has already imported thousands
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• Roberts: Stocking up delaying impact • But 8-10% rise ‘a fact, not a prediction’ • Switching supply sources aiding battle
RUPERT ROBERTS of cans at a lower price. Similarly, Mr Roberts said Super Value was saving Bahamian consumers some 25 percent on chicken and turkey by switching its purchasing to Brazil rather than the US, where prices have soared. He promised to “fight every day to keep food on the table at the best possible price” notwithstanding
the cost pressures impacting the industry globally. “The price increases are there, but we haven’t had to implement them yet because we saw it coming and have the resources and warehouse space to do it,” the Super Value chief told this newspaper. “We stocked up to ward off the price increases for a while. “We’re saving the public 25 percent on chickens and turkey by switching to Brazil. We’ve got it 25 percent less than sourcing through the US. Our direct imports are not going up yet; our direct buying is not going up, but the local vendors [wholesalers] are going up and not telling us in advance how much. They do not buy in advance or as much.”
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Asserting that there is “nothing within our control”, Mr Roberts said fuel price increases locally and abroad were further impacting already-soaring road haulage and shipping costs stemming from the COVID19 pandemic’s fall-out. He added that transportation and food processing plants were suffering from employee shortages and having to entice workers via higher pay, with persons preferring to remain home and take the US government’s COVID assistance payments. These increased costs were being passed down the supply chain, which remains impacted by pandemicinduced backlogs at multiple
huge concern, and we’re seeing if we can encourage others to build rental units with locals in mind. That’s a market that is always going to be here, and it’s something local people can do. We don’t need foreign investment to come in and build units; we can do it ourselves as that’s an ongoing source of income. “We’re trying to push people to enter that market in a real way. I think we are having measured success, but it takes a while for persons to enter that business because it takes money to do it. I believe that in the next year or two we’ll see
Super Value fighting price hikes ‘as long as we can’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Port chief hits back on ‘chill’ at Lucayan THE Grand Bahama Port Authority’s (GBPA) president yesterday slammed as “disingenuous” the attack on its water provider subsidiary by the Grand Lucayan’s chairman. Ian Rolle, responding to Michael Scott QC’s assertions that Grand Bahama Utility Company’s (GBUC) inferior quality water supply was responsible for “rotting” the resort’s chillers and knocking out its air conditioning supply, thus forcing it to close to overnight guests for seven to ten days, said the utility was not liable for any damages to personal property because it had been impacted by an “Act of God”. That was Hurricane Dorian, whose storm surge inundated Grand Bahama Utility Company’s wellfields in September 2019. Mr Rolle’s statement, though, did not deny or address Mr Scott’s concerns directly, although he pointed to the utility’s provision of 1,000 gallons of water daily to the Grand Lucayan at no cost. “We find it very unfortunate and disingenuous that the Grand Lucayan, with whom we have engaged in ongoing communication and continue to serve, would take this route to communicate with us,” Mr Rolle said in response to Tribune Business’s article yesterday. “While the Grand Bahama Utility Company (GBUC) remains sensitive to the significant damage caused by Hurricane Dorian on Grand Bahama, the impact to the water table and salt intrusion was a direct result of the storm. Therefore, we are not liable for any direct or consequential damages to personal property as it relates to this Act of God. “We have taken measures to lessen the impact to the Grand Lucayan and other impacted customers by providing a 25 per cent discount on water bills. Additionally, Grand Bahama Utility Company on a daily basis provides 1,000 gallons of potable water at no additional cost to the Grand Lucayan.”
• Chamber chief says Bahamians being priced out • Reveals island’s rental rates jump 63-88% in 2-3 years • And high-end real estate prices surge 25% post-COVID local market and address an inventory shortage caused by landlords increasingly focusing their properties on overseas vacation renters. Describing Airbnbs and other vacation rentals as “a real bright spot” amid Exuma’s efforts to rebound from COVID-19’s economic devastation, he nevertheless told this newspaper: “The Airbnb market has cornered so much of the Exuma rental market that it’s kind of choking off or pushing our regular renters - government people, lower and middle income people. “It’s a challenge for them to find real rental units because of the take-up by the Airbnb market. It’s a
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Customs assurances ‘win-win’ for everyone By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GRAND Bahama’s Chamber of Commerce president hailed yesterday’s meeting with Customs as “a win-win for everyone” after it pledged not to violate Freeport’s founding treaty or existing court orders. Gregory Laroda told Tribune Business he believed all sides were now “on the right track” over Bahamas Customs’ planned implementation of its Click2Clear import clearance system in Grand Bahama, after the agency addressed numerous private sector concerns. With Customs providing “reassurance” to ease fears that Freeport’s existing bonded goods regime would be overwhelmed by increased “red tape” and costs, Mr Laroda said the only outstanding matter to be resolved is the date when Click2Clear - known formally as the Electronic Single Window (ESW) - will go live. Implementation has presently been pushed back to September 1 due to private
• Pledges not to violate Hawksbill Creek, court order • GB Chamber chief hails outcome as ‘on right track’ • Click2Clear launch date left up to private sector sector concerns, with Customs having originally targeted a July 1, 2021, launch. However, with the agency’s existing Electronic Customs Automated System (eCAS) network now “inoperable” and “beyond repair”, Grand Bahama’s private sector is now fretting over having to clear imported goods manually for the next six-seven weeks. Mr Laroda said Customs yesterday handed the issue over to the private sector, telling the Chamber of Commerce and others to go away and consult with the wider private sector on whether to bring the launch date forward. He added that the agency said it would adjust the timeline in accordance with business community wishes. “The concerns that our members would have at least raised about Click2Clear, like the reporting that was being required and
the possible infringement of the Hawksbill Creek Agreement, all of that came out in the meeting as not happening,” the Chamber chief told this newspaper. “Customs assured us they are not doing anything that goes against the Hawksbill Creek Agreement or any court order that was put in place. That was good to hear.” In particular, Mr Laroda disclosed that Customs had informed attendees it will not require mandatory monthly reports on bonded goods sales - something that is prohibited by a court Order and injunction obtained by Kelly’s (Freeport). Instead, the agency said such reports from Grand Bahama Port Authority (GBPA) licencees will be voluntary. “There were concerns from a couple of businesses about monthly reports of bonded goods sales,” Mr Laroda added. “The majority of
businesses are reporting that along with duty-paid sales. Customs is saying it makes things easier if they report it, but if you don’t want to report it, you don’t have to. If you don’t want to report bonded sales monthly, they’re not going to force you. That goes against the court order if they try to create some sort of hardship or induce you to do that, but they’re not planning to do anything like that.” Freeport’s “over-thecounter” bonded goods regime has been a key feature of the city’s business environment for almost three decades, and is now an established practice under the Hawksbill Creek Agreement. It allows GBPA licensees to sell goods duty-free (bonded) to fellow companies within the Port area for use in the latter’s own business. But any sales to a consumer or household do
attract duty, and these taxes have to be submitted in a report - together with the full tax owed - to Customs by the 15th of the following month. While post-paid duty sales have to be reported, there have never been similar requirements for so-called “bonded” sales reports, but there were fears that was exactly what Customs was seeking with the implementation of its Click2Clear platform in Grand Bahama even though this is barred by Supreme Court injunction. Mr Laroda, meanwhile, said Customs had also eased concerns that GBPA licencees who acquired “over-the-counter” bonded goods would be subject to extra reporting requirements under Click2Clear, thus “costing them more money and making it more difficult to operate”. “That goes away because Customs said it’s not going to happen,” the GB Chamber president added. “They did have in mind, very early in the game, that there would be additional
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PAGE 2, Wednesday, July 21, 2021
In the final of a four-part series, Hubert Edwards says The Bahamas has much to do in developing a growth platform to pay down its debt.
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HE time for focused action is now. I recently read a meme which stated: “Don’t be afraid to start over again. This time you are not starting from scratch; you are starting from experience.” The Bahamas is certainly not starting over from scratch but, as we seek to claw ourselves back to economic resiliency and greater stability, we have deep experiences and insights from a global pandemic and financial crisis to lean on. Even if there have been missed opportunities we cannot afford to lose the lessons. In my previous article, I ended by stating that there needs to be a growth strategy coupled with dreaming and aspirational reaching, stretching ourselves beyond the points that economic realities suggest are impossible now. It is worth repeating that there is no other way out than to think and strategise for success. The recent Budget exercise has provided us with some insights into the challenges of the future, and I believe that the remedial actions now necessary must be tied to economic growth. As part of this process, there must be a firm commitment on the part of the government to improve its facilitative capacity, thereby enabling and “incentivising” the private sector to become more innovative in driving growth. The current debt situation demands a broader discussion beyond mere reduction. As we move forward, there are questions I believe we must contemplate. In the midst of the COVID-19 shutdown, I
THE TRIBUNE
A MATTER OF LIFE AND DEBT BY HUBERT EDWARDS
raised some of these questions, but still believe they remain relevant and can provide guidance. What do we want the country to look like over the next decade? When we get to 2031, and the national debt is back to reasonable levels based on government projections, how well placed will The Bahamas be to build on its new economic strength? Given the uncertainty around tourism, what will it look like and how can we secure greater diversification in that sector? Beyond tourism itself, how will we add greater diversity to the economy? One of the important questions moving forward is what the tax regime of the Bahamas should look like? This must be considered in the context of which regime provides the greatest future value for the country. Also, as we seek to secure greater economic growth, the government must actively consider sectors that are ripe for policy support and move quickly to season them for expansion. The approach should not be “home-run or nothing”, but deliberate and intentional with the ability to seamlessly switch over
from one administration to the next. I believe there is value in rethinking the use of fiscal policies linked to taxation in driving growth in the Family Islands. This would not be a broadbrush policy, but one that clinically exploits different outcomes for each island. The pandemic has shown what is at risk when there is a significant downturn. The well-being of the entire Bahamas is in peril. This makes the argument not only for diversification of tourism but paying greater attention to the wider economy. What will financial services look like over the next two to five years? Will the developments around a global minimum corporate tax hurt the industry or create sufficient disruption to demand strategic shifts and a reengineering of offerings? As the second pillar of a largely twoindustry economy, these are important questions. In the quest for growth, The Bahamas must leverage every opportunity it has at its disposal. Grow tourism, grow financial services, grow agriculture, develop new industries and, where there may be “sacred cows”, determine how they will be treated and the extent to which we are willing to sacrifice benefits for the greater good. As an example, I have noted a number of reports, news articles and analyses on the rankings and state of the offshore financial services arena. In each of these, The Bahamas does not feature highly. One may conclude that this is a good thing as they generally point to countries with the greatest impact on onshore
countries’ tax revenues. However, they demonstrate an exclusion from more lucrative aspects of the financial arena. Countries such as the Cayman Islands consistently leads the way, with the British Virgin Islands (BVI) and Bermuda consistently in the frame. As we seek solutions for growing the economy, this reality suggests opportunities. It is clear there are greater options for participating in, and growing, the international financial sector. It is clear that recent developments on corporate taxes mean there will be some disruption. Yet we are not a big player in corporate headquartering segment, and Tax Justice Network reports show The Bahamas as being well outside the top “performers” in certain lucrative segments. Why is this so? Are there opportunities to re-engineer The Bahamas’ offerings and seize back the advantage from regional competitors? Is there any potential for diversification within the sector, akin to home porting developments in tourism I believe that we must step back and take a careful strategic look at the current state of the sector. Why are all these companies headquartered in Cayman? Is it just for taxes? Given the similarities in the tax regimes of both countries, it is challenging to accept that. Therefore, are there aspects of the Cayman regime, as an example, which indicate where and how we can adjust and innovate for gain? If not, then why are they there and not here? There is clearly a competitive arena in which we do not actively participate as an international financial centre, but why would that happen if we are in the business of expanding the economy? Is this a case of The Bahamas being to focused on a particular niche? Regardless of the answers, it is clear that opportunities exist. Given the need to grow the economy, and that there are significant national competencies in financial
services, should we not now look at how, with this minimum taxation disruption (potentially), we can make new forays into “non-traditional” areas of the sector? If the playing field from a tax perspective is expected to be level, and the clear regional leader, Cayman, has signed on to a global minimum corporate tax agreement, should we not be looking to see how we can leverage this? Like most persons, I like to see when The Bahamas is in the “good books” - no blacklisting, grey listing, negative narrative or threats. However, I believe that there are too many “good reports” that the country is not on. These reports appear to be indicative of opportunities not pursued. As we seek greater resilience the hard questions are whether will these be pursued, or are we incapable of pursuing them? I strongly believe that the country is capable. I strongly believe that the sector has a desire. I also believe that if we take a careful strategic approach to the corporate tax issue there is the potential for gains. After all, there is a significant market segment being disrupted in which we are an insignificant player at best. Fixing the debt challenge requires that we move into action and solve the growth dilemma. In this recovery effort, we must be broad in our thinking and be willing to grapple with the uncomfortable questions. Which sector of the economy is causing a drag on others? How do you diversify without a broader skill set? Are there social assets such as diversity of cultures that we can take advantage of? Does immigration hold any value in diversification? What are the opportunities in CARICOM, and how can we leverage the Caribbean to improve the domestic economy? What opportunities are there for inter-regional trade that benefits The Bahamas’ maritime industry? How do we restate the idea of Bahamianisation for the 22nd century based on fairness, economic equity and
empowerment? How does centralised governance adversely affect economic growth, and is there value for greater devolution to local government? The road back to economic health for The Bahamas will not be easy. The great news is that after failures, it is not possible to start from scratch. The starting point may be without all the tangible resources desired, but there is always more when we dig deeper. Having experienced the challenges, we are better prepared for the next moves - or ought to be - because there are many lessons to be learnt. If we adequately absorbed the lessons, then moving forward should be better and easier in many ways. It is most important that we are bold, not afraid to face the realities, and believe we have the capacity for great achievements. We are now resourced with ideas, awareness of what worked and what did not work, and we should have clearer thoughts on what is needed and how to make the necessary adjustments. It is time, therefore, to step out in search of the missing pieces of the puzzle, finding and placing them in the right places. It may take us a while to get back to where we were, but the tentativeness, anxieties and uncertainties that bothered us should now be firmly placed in the past. It is time for new considerations and new thinking that is more informed. We have the ability to grow, and to grow again, but it starts by thinking that we can, and being committed to finding the “how to”.
THE TRIBUNE
Wednesday, July 21, 2021, PAGE 3
FARMERS, FISHERMEN PLACE HOPES ON GOVT INSURANCE
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
FARMERS yesterday said they are pinning their hopes on governmentled insurance schemes to aid the sector’s recovery from future hurricanes because private companies “wouldn’t even entertain” the concept. Lance Pinder, operations manager at Abaco Big Bird Poultry Farm, told Tribune Business that the possibility of the government developing a contributory scheme for agricultural insurance in The Bahamas would be critical due to the lack of interest from private insurers. “They just won’t do it,” he said, “and I’ve been arguing for 20 years that there needs to be a private/public insurance programme for
Scotiabank near doubles ‘smart’ ABM site roll-out SCOTIABANK (Bahamas) yesterday said it has nearly doubled its Intelligent Deposit Machine (IDM) or “smart” ABM network with the addition of ten new locations that bring the total to 22. These machines offer expanded banking services, including real-time cash deposits 24 hours per day. The new IDMs are available at the Cable Beach, Rawson Square, Thompson Boulevard, Carmichael Road and Wulff Road/ Jerome Avenue branches. Expanded automated banking machine (ABM) services are also now available at the Palmdale and East Street and Solider Road branches. Roger Archer, Scotiabank (Bahamas) managing director, in a statement promised the installation of further IDMs by yearend in an effort to improve customer access and convenience while also encouraging persons to increasingly use
MICHAEL PINTARD crop insurance because you need it. Crop and livestock are a real big problem, and I know that it shouldn’t be a freebie for the farmers. “They should pay a premium and I think the government could get that to happen. They could either do it themselves, maybe they could get a private company to get into a programme, or they could do it through legislation if they wanted to.” Mr Pinder was electronic banking channels. “The expansion of our electronic banking channels remains an area of focus and, as we announced a few weeks ago, we continue to make several improvements to our facilities and banking channels so that we can continue to provide more convenient channels for customers to bank. This is especially important as customers look for safer channels to bank given the uncertainties caused by the pandemic,” Mr Archer said. He added that Scotiabank (Bahamas) continues to see significant use of its digital and electronic banking channels. “We continue to thank our customers for their patience throughout this period of upgrade and we are certain that they will be pleased with the improved convenience going forward,” Mr Archer said. The newly-installed smart ABMs, which were introduced to The Bahamas in August 2020, currently offer immediate credit on cash deposits; cash denomination options; loan and credit card payments; and can also be used to activate new customer cards.
responding to assertions by Michael Pintard, minister for agriculture and marine resources, that the government is looking at options for a “contributory insurance scheme” for farmers and fishermen. Insurance coverage for the agricultural sector has been a major challenge because underwriters fear providing coverage for crops and livestock in the storm-prone Bahamas is too great a risk and will be hugely unprofitable. However, Mr Pintard said the government is still in discussions with regional and international organisations to develop an insurance plan for the sector based on its vulnerability to climate change and related natural disasters. Mr Pinder said: “If the government is trying to do
something then this is the first time I’m hearing about it, but I’m glad to hear that they are working on it because insurance is one of the biggest obstacles to farming in this country.” Paul Mailis, director of the National Fisheries Association of The Bahamas, added that the concept of insurance for fishermen has been “floating around for quite some time now”, yet no administration has been able to help. He said: “The NFA was approached just recently by an entrepreneurial insurance person who was interested in a similar concept, and actually made a presentation to the association. But it’s all about how are we going to protect the commercial fishing business.” Explaining that this goes
beyond just covering boat damage, but also “personal injuries” incurred by fishermen not on their registered boat but in the water or on another vessel, Mr Mailis said: “A lot of things are not covered under normal insurance, like my current insurance package for my commercial fishing boat. It only really insures me against damage that I may inflict on another boat, but it has nothing to do with my crew. “What constitutes a work-related injury on a fishing boat? There are so many things fishermen do when they’re on a boat. What about when you’re off the boat that is actually insured, and you’re in one of the dinghies and you’re diving and you catch the bends?” The “bends,” or decompression sickness,
are the symptoms divers experience when coming back up to the surface too quickly. Questioning what would happen to a person in that situation if he is not on a boat that is insured, and does not have life insurance of his own, Mr Mailis asked how that diver would be covered and protected. “It’s important and something that needs to happen, because a lot of fishermen go out of business as soon as anything serious happens to their boat or to their crew,” Mr Maillis said of insurance. “If we pay a higher premium that should work. There is really no problem with getting insurance for your boat, but there is a problem with getting insurance for your crew. That’s the biggest problem.”
BTC LAUNCHES AI DRIVEN VIRTUAL HELP THE Bahamas Telecommunications Company (BTC) says it has launched a new artificial intelligence (AI) driven WhatsApp virtual assistant aimed at providing improved customer support. The carrier, in a statement, described the solution as a “BTC Chatbot” that gives customers direct control of multiple services from their phone. It added that customers call BTC’s contact centre telephone number, 225-5282, and begin a conversation saying either “hi” or “hello”. The BTC Chatbot also responds to various Bahamian colloquialisms including “what’s up”, “sup”, “hey” and “how it go”. The customer is then presented with a number of options including Top Up, Get a Combo, Get a Plan, See my Balance, Download App or Visit Portal or Support. André Foster, BTC’s chief executive, said: “We are focused on simplifying the process of doing
ANDRE FOSTER business with BTC. The introduction of our WhatsApp Bot plays an integral role in our overall customer experience strategy as we are enabling more customers to interact with us on a variety of zero touch platforms. “This is a new level of convenience and support for our customers using the WhatsApp inter-generational platform that they are all familiar with. We are continuing to transform as a business to meet the needs of our customers, and this is by no means the end. Stay tuned; we have more projects in the pipeline that we will share very soon. “In addition to purchasing plans, customers can
also request customer support. This provides us with real time information on what our customers need, and it also helps to identify and resolve chronic pain points. We are in a very competitive environment and it’s important that we remain agile, nimble and always have our customers at the heart of everything that we are doing.” The BTC Chatbot’s top-up feature allows customers to top-up their accounts using their existing balance, a debit/credit card or PayPal. They will also have the option to store their chosen payment method for future transactions. The BTC Chatbot will also provide a link to a receipt once the transaction is completed. To avoid duplicate transactions, there is a five-minute wait time before a customer can top-up the same prepaid mobile number again. Customers can top up the same account up to three times in one day and five times in three days. Currently, customers can top up
a maximum of $175 in a day or up to $300 in three days. The BTC Chatbot will also show all available combo plans, including special promotions. The carrier said customers will select the combo plan of their choice and enter their preferred payment method. A link to a receipt will automatically be sent once the transaction is completed. When checking their balance, the BTC Chatbot will show all available balances including data, voice, SMS, WhatsApp, Facebook and YouTube data. The BTC Chatbot can also provide a link for customers to download the MyBTC mobile app, and they can submit details on any issues they are experiencing. A ticket is then automatically generated, and a customer service representative will reach out to follow up. BTC said it has been has been trialling its BTC Chatbot with team members for several weeks. Customers will still have the option of calling its contact centre toll free at 225-5282 and speaking with a live agent.
PAGE 6, Wednesday, July 21, 2021
Customs assurances ‘win-win’ for everyone FROM PAGE ONE
reporting. When they started training on Click2Clear, and people raised concerns, they decided not to go with that reporting. “It seemed that was going to be very challenging to the point where persons were saying they would opt not to buy bonded any more as it was too much of a headache. That would have impacted consumer prices, and the fact it has been cleared up and is going to operate like it did in the past, that definitely is a win. “There were also concerns expressed to us about requirements for businesses to upload all their their inventory into Customs Click2Clear. Most businesses were saying that
Airbnbs ‘choke off’ local rental market FROM PAGE ONE
an increase in locals building for locals. It’s a start. We’ll see measured success over the next year or two.” Mr Rolle said most Exuma residents with vacation rental properties have been enjoying solid business since The Bahamas re-opened to international tourism last November following the COVID-19 lockdowns and restrictions. He added that the sector’s bookings were “as good as they’ve ever been over the last three to four years”. Reiterating that the shortage of Bahamian rental accommodation was “a fixable problem” that will be “definitely addressed and resolved
they have so many items that was going to be a challenge. Customs replied that uploading all inventory into their system was a suggestion and not mandatory. If you don’t want to do it, you don’t have to. “If inventory was uploaded it would update automatically and make it easier.... But we were hearing businesses did not have the software to do it to do it automatically, and that it would be a tedious process. Customs is now saying you don’t have to do it if you don’t want to do it; it was just to make it easier for you.” Mr Laroda said other concerns revolved around the possibility that GBPA licencees would be “locked out” of Click2Clear if they
owed taxes elsewhere, such as VAT or National Insurance Board (NIB) contributions, and unable to clear goods. However, the GB Chamber chief added that Customs again indicated this would not happen apart from when certificates of good standing were needed by other agencies. While some private sector sources voiced concern that Customs has yet to commit any of these pledges and reassurances on how Click2Clear will work to writing, Mr Laroda told Tribune Business: “The meeting went very well. They’re not forcing any additional steps on anyone. I think it’s going to end up being a win-win for everyone.” “Disclosing that Customs and the private sector are
“a lot closer than we were prior to the meeting” to resolving their concerns and differences, he added: “If everyone can get working on issues that need to be resolved sooner rather than later, we can have a smoother transition. We’re on the right track.” The only matter now outstanding is the timing of Click2Clear’s implementation. With July 1 unattainable, Customs said it had opted to miss August because it was traditionally a busy month when many of its officers and private sector executives were away, while import volumes were also significant. “They didn’t see it as being in anybody’s best interest to do it in August,” Mr Laroda said. However,
the enforced manual clearance of goods for the next six to seven weeks before Click2Clear is introduced is causing a private sector rethink in a bid to either avoid or minimise this situation. As a result, Customs urged attendees at yesterday’s meeting to find out what the majority of the private sector wants - to stick with September 1 or bring the launch forward - and it will oblige that wish. Mr Laroda yesterday voiced optimism that Click2Clear’s introduction will lead to a “smoother, faster operation” in clearing Grand Bahama’s cross-border commerce while also presenting Customs with “a better record of what is going on”.
over time”, Mr Rolle said: “In the interim, what it’s doing is that it makes it really difficult for civil servants, whether teachers or government persons coming in into the island, to afford units. “The government, in the short-term, needs to give them greater allowances for their rental accommodation because rentals are expensive in Exuma. If the government is going to give them $800 to $1,000 for their rental assistance, they are sacrificing to come here because the government is not covering their rent. “I don’t know what the percentage is but in the past, where a person got a good apartment for $800 per month, relatively speaking, that apartment now - two to three years later - they will need to spend $1,300 to $1,500 per month for that same unit,”
he continued. “It’s a challenge. It’s a consideration that needs to be given to allow them to be able to live comfortably while in Exuma. I just hope we can take advantage of this opportunity and invest locally so that we can reap the rewards. That’s always the goal, rather than let others come in and take advantage of it. We have an opportunity to make something of this market.” Mr Rolle added that, in common with much of The Bahamas, Exuma’s highend real estate market has seen prices increase by 25 percent compared to prepandemic levels as pent-up international demand for beachfront properties is unleashed following the pandemic and worldwide vaccinations. “They are always looking for the beach view and sea view and have you,”
he added. “There is an extensive shortage. The amount of people inquiring about these properties, we don’t have inventory to serve them in certain markets. On the high-end market there’s a shortage of inventory. It’s a good problem to have.” With limited supply helping to push prices upwards, Mr Rolle added: “It’s crazy when you get to the point that, if you had something before the pandemic to now, prices on the highend - beachfront properties and what have you - have increased by 25 percent from pre-pandemic to now. The other more moderately-priced properties, not so much.” The prime minister has frequently touted vacation rental properties as being among the tourism niches that have rebounded most quickly since the pandemic, which is why the government has sought to extract an extra $31m in taxes this fiscal year by ensuring VAT applies to the rental rate as well as the listing/marketing commission. Unveiling the Budget at end-May, Dr Hubert Minnis said: “On the property front, shortterm rentals in the Airbnb market have already shown signs of rebound since the careful reopening of our tourism sector in November. “Occupancy rates have more than doubled, from 8.2 percent in November 2020 to 16.6 percent in March 2021. At the same time, there was a two percent increase in average daily rental rates and a 52 percent increase in room reservations. “Based on Central Bank data for the period
end-March 2021, vacation home rentals and comparable hotel listings increased by 65.9 percent and 55.4 percent, respectively. This also impacted average daily room rates which similarly increased by 10.8 and 7.5 percent to $497.95 and $169.36 for vacation home rentals and hotel listings, respectively.” The Central Bank, in its economic update for May, added: “As it relates to the vacation rental market, data provided by AirDNA revealed some modest improvements during the month of May, largely supported by gains in domestic demand. “In particular, the reduction in total room nights sold moderated to 14.2 percent from 26 percent in the preceding year. Contributing to this outcome, the declines in bookings for entire place listings and hotel comparable listings tapered to 15.1 percent and 6.3 percent from 27.7 percent and 11 percent, respectively. “Conversely, the average daily room rate (ADR) for hotel comparable and entire place listings increased by 2.9 percent and by two percent, to $177.45 and $491.07, respectively. On a year-to-date basis, total room nights sold grew by 3 percent, underpinned by a 4.8 percent rise in bookings for entire place listings, which offset the 10.4 percent fall-off in private room listings. “Pricing data revealed that the ADR for both entire place and hotel comparable listings rose by 16.1 percent and by 4.9 percent, to $468.35 and $165.70, respectively.”
THE TRIBUNE
PINTARD TALKS WITH WORLD KITCHEN By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN Cabinet minister was among the featured speakers at a seminar that focused on strengthening food and agriculture resilience in the wider Caribbean region. The virtual discussion, convened by World Central Kitchen (WCK) on Monday, July 19, featured leaders Michael Pintard, minister of agriculture and maritime resources; Positive Nelson, commissioner of agriculture for the US Virgin Islands; and Ramón “Pirul’’ González, secretary of agriculture in Puerto Rico. It was moderated by Uriyoán Colón-Ramos, associate professor at George Washington University. The panel brought together key leaders in Puerto Rico, The Bahamas and the US Virgin Islands (USVI) to discuss preparations ahead of this year’s hurricane season. The panelists also discussed how regional governments and organisations can work together to respond to a crisis and to facilitate the recovery process. Through its Food Producer Network, World Central Kitchen partners with and supports smallholder farmers, fishermen and small food-related businesses that produce or distribute food at a local level by providing funding, training and networking opportunities. The Food Producer Network was established in Puerto Rico in 2018 in response to the 2017 hurricanes that devastated the island, and has since awarded over $3.4m in grants to food producers affected by natural disasters in the Caribbean and Latin America. In 2020, the programme expanded its efforts in the USVI, The Bahamas and Guatemala. “For the last four years we have been supporting food producers across the region, and have connected with each of the panelists in unique ways. In our conversations, we learned there is a great opportunity to learn and co-operate amongst the Caribbean islands,” explained Mikol Hoffman, director of World Central Kitchen’s Food Producer Network. “Community is at the heart of everything we do, and we wanted to convene some of our incredible partners to exchange ideas and create a space for collaboration.”
THE TRIBUNE
Wednesday, July 21, 2021, PAGE 7
Super Value fighting price Port chief hits hikes ‘as long as we can’ back on ‘chill’ FROM PAGE ONE levels. Rising food demand globally, as more economies and businesses open, has also helped to push food prices higher. “The prediction is by Christmas or the first of the year [2022] we are going to have that eight to ten percent increase,” Mr Roberts said. “It’s nothing to do with us; we’re reporting what’s reported to us. It’s not a prediction; it’s a fact coming down the pike. “We fight every day, which is our job, to keep the cost of living down. We know what our store managers face when they have to put price increases into effect. We have to feed the public, feed the nation and have got to keep food on the table at the best possible price. “The public are very sensitive; they recognise it. They make their observations when it goes up to keep us in line, and Price Control always asks us to keep the public informed when prices go up so that they don’t go running to price control.” Mr Roberts said Super Value would have to get permission to increase the price on corn beef and other price-controlled items when the time came, and added: “Twenty percent of items represent 80 per cent of sales.” Philip Beneby, head of the Retail Grocers Association, told Tribune Business earlier this year that wholesalers and retailers often have little choice but to
pass on price increases given that The Bahamas imports virtually all it consumes. He added: “If there’s going to be price increases in food and other items, I’m not surprised. The environment we’re in now is conducive for price increases. “It’s not a good thing, and it’s not something we’d like to see but we have no control over it. We are a non-producing country. We have no control over price increases.” Mr Beneby said COVID-19 had caused supply chain bottlenecks as a result of some food processing plants having temporarily closed down due to health-related restrictions and positive cases. “The cost is going to be passed on. What can we do?” he added. “That’s the way it is. If there are price increases coming I won’t be surprised. We’ll continue to pay attention in our purchasing and watch the prices. Whatever we can absorb we will, and whatever we cannot absorb we have to pass on. That’s just the way we do business; the nature of the business that we’re in. “Over the next few months, the next half of the year, we’ll see what happens and do the best we can. Whatever we have to do to tighten our belts we have to do, and run the business as efficiently as we can and pass on as little as we can to the consumer. What we can’t absorb or digest ourselves, or we cannot keep, it has to be passed on.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KARLAYADLEY-PETIT of Shirley Street, Nassau, Bahamas intend to change my name to KARLA YADLEY PETIT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CORDERO ANTHONY JOSEPH of Sappadilla Blvd, Pinewood, Nassau, Bahamas intend to change my name to CORDERO ANTHONY CLARKE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
at Lucayan FROM PAGE ONE
Mr Rolle’s statement focused heavily on the measures that Grand Bahama Utility Company is taking to rectify the situation. “We have provided comprehensive updates on the progression of our $5m reverse osmosis system that is slated to be commissioned at the end of August 2021, barring no shipping delays,” he added. “We understand and take very seriously the concerns of residents as it relates to water potability. We also continue to significantly progress our safety plan to have full island-wide potability by the end of August 2021. “A key factor for this is the commissioning of our three million gallon reverse osmosis plant, which represents a $5m investment. This investment will not only restore water potability to the remaining 30 percent of customers across Grand Bahama, but will also ensure that Grand Bahamians will never again be without potable water for a prolonged period.” Mr Scott on Tuesday slammed the cause of the government-owned property’s seven-ten day shutdown as “a disgrace”, and disclosed it is now investing around $500,000 in installing a reverse osmosis
plant to produce its own water as the quality of Grand Bahama Utility Company’s supply cannot be trusted. Revealing that the Grand Lucayan was presently paying the Grand Bahama Port Authority (GBPA) owned utility $40,000 per month for water, he told Tribune Business that the high salinity levels in this supply were responsible for corroding the resort’s chillers and thus shutting down its A/C systems. The enforced closure resulted in the Grand Lucayan’s guests being accommodated at the nearby Pelican Bay resort, although they were still able to use some of the former property’s amenities. Mr Scott said the former property’, which is awaiting completion of long-running negotiations for its sale to the Royal Caribbean/ITM Group joint venture, is leasing a chiller while it awaits the arrival of a full-time replacement. Explaining what led to the temporary closure, Mr Scott said: “Very simply, the water supply we are getting from Grand Bahama Utility Company, courtesy of the Grand Bahama Port Authority, is so bad that it’s rotting our
pipes, it’s rotting our chillers and its rotting our infrastructure systems. “The water they are pumping out to consumers, for which we are paying $40,000 a month, has too high a chloride/salinity content. Is it a surprise that our pipes are being corroded? Our A/C chillers are water cooled, and that destroys them. It’s palpably a disgrace. “If water is being delivered to us in accordance with a contract of service from the Grand Bahama Utility Company, which is a GBPA company, and that water is above the limit for chloride/ salinity content, can you imagine what it is doing to other people’s properties?” Mr Scott added: “It’s impossible to use that water for anything else other than flushing toilets as it is currently being pumped. It’s a major problem. We’re now in the midst of putting in a reverse osmosis plant, a
used reverse osmosis plant, and then will lease and buy a new chiller. We will lease a chiller then order a new one, as it takes seven to eight weeks’ lead time.” The Grand Lucayan Renewal Holdings chair said the total investment, which will effectively be funded by Bahamian taxpayers via the Government’s ownership, will likely amount to around $500,000 as he confirmed the resort’s Lighthouse Pointe complex has fully re-opened once again. “We’re back up and running now, but that was the cause of our problems,” Mr Scott said in reference to the water supply. “We want to keep the hotel open, and cannot do so unless you have an A/C system. We’ve been up and running since the end of last week; Thursday of last week. It was not our fault. We were trying to open with a situation that was not of our making.”
NOTICE
NOTICE is hereby given that VERNAY ROSEANNE WHYMS of P.O. Box EE-17617, Leeward East, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
To advertise in The Tribune, contact 502-2394
NOTICE
NOTICE
NOTICE is hereby given that CHANTAL SIMEON, of Blue Hill Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that CINDY PAUL, of Jennie Street, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
TUESDAY, 20 JULY 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1971.31
3.39
%CHANGE
YTD
YTD%
0.17 -121.15
-5.79
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.78 6.00 7.00 3.60 5.27 3.90 6.16 12.00 2.71 7.76 10.71 9.55 14.31 4.10 8.97 16.00
52WK LOW 3.20 22.65 1.46 1.62 1.43 5.00 6.00 2.76 4.25 2.47 5.00 9.75 2.10 5.30 9.50 8.35 13.00 3.42 8.00 15.20
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 96.67 100.00 100.95 100.53 100.30 100.62 100.70
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.67 93.28 100.95 100.29 100.05 100.62 100.46
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
CLOSE 6.20 39.95 1.60 2.48 1.44 6.00 6.97 3.36 5.27 2.60 5.95 10.20 2.45 7.75 11.17 9.55 14.00 3.99 8.30 15.50
CHANGE 0.00 0.00 0.00 (0.13) 0.00 0.00 0.00 0.30 0.00 0.00 0.00 0.00 0.03 0.00 0.06 0.00 0.00 0.00 0.00 0.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1120363 BSBGR1321391 BSBGRS630211 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.67 100.00 100.19 100.27 100.05 100.62 100.72
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.15 100.00 100.19 100.27 100.05 100.62 100.72
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.48 0.00 0.00 0.00 0.00 0.00 0.00
BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR112036 BGRS FX BGR132139 BGRS FL BGRS63021 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026
LAST CLOSE 6.20 39.95 1.60 2.61 1.44 6.00 6.97 3.06 5.27 2.60 5.95 10.20 2.42 7.75 11.11 9.55 14.00 3.99 8.30 15.50
VOLUME
7,000
3,732
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
433
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 25.9 42.9 N/M N/M N/M N/M 18.9 -7.7 37.6 14.1 13.3 14.1 24.0 16.6 17.3 13.1 17.2 19.7 8.8 24.6
YIELD 2.74% 3.15% 1.25% 1.21% 0.00% 0.00% 3.73% 0.00% 0.00% 4.62% 3.70% 7.06% 17.71% 0.77% 2.94% 2.51% 3.86% 3.01% 2.41% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
MATURITY 19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.29% 4.81% 4.53% 4.56% 4.50% 4.53%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 13-Oct-2036 15-Oct-2039 12-Dec-2021 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026
MUTUAL FUNDS 52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.12 8.75 10.46 7.40 15.99 12.72 10.39 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.75 10.46 7.40 15.99 12.72 10.39 N/A 10.43 14.89
YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.04% 0.20% -2.27% -3.15% -0.08% -0.57% -1.94% -3.33% 3.13% 5.76% 4.29% 7.07% 1.70% 3.85% 14.99% 38.64% -1.20% -0.36% 3.43% 0.76% N/A N/A 3.00% 25.60% 7.90% 48.70%
NAV Date 31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 31-May-2021 31-May-2021 31-May-2021 31-May-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
THE TRIBUNE
Wednesday, July 21, 2021, PAGE 9
Policy reforms need for $200m IDB guarantee
FROM PAGE ONE
operation costs, partially due to the cost of transport between islands, the extra time and costs required to obtain permits and the lack of digital services. “High transportation costs within islands, irregular schedules, costly financial transactions and the cost and timing of business procedures from remote locations impose an additional burden to the business environment as maritime transportation is more expensive than land
BEZOS’ COMMENTS ON WORKERS AFTER SPACEFLIGHT DRAWS REBUKE
transportation,” the report continued. “Also, Blue Economy activities such as getting an on-line fishing permit, a cruising permit or to register a private or commercial boat require lengthy and cumbersome processing time when done manually. In addition, is not profitable for commercial banks to have ATMs or physical branches on remote islands, and extreme weather events increase the cost of rebuilding that infrastructure, generating a lack of access to financial services. Many of these limitations are currently being solved by the implementation of an aggressive digitisation strategy that will allow to carry out these processes remotely.”
NEW YORK Associated Press
behemoth but has faced increasing activism within his own workforce and stepped up pressure from critics to improve working conditions. Labour groups and Amazon workers have claimed that the company offers its hourly employees not enough break times, puts too much reliance on rigid productivity metrics and has unsafe working conditions. An effort to unionise workers at an Amazon warehouse in Alabama failed earlier this year. Robert Reich, former secretary of labour under President Bill Clinton and a professor of public policy at University of California, Berkeley, wrote on Twitter that Bezos has crushed
THE world’s richest man wanted to say thanks to the people who made his brief trip into space yesterday possible. But for some, Amazon founder Jeff Bezos’ expression of gratitude went over like a lead rocket. “I want to thank every Amazon employee, and every Amazon customer because you guys paid for all this,” the 57-year-old Bezos said during a news conference yesterday after becoming the second billionaire in just over a week to ride in his own spacecraft. Bezos built Amazon into a shopping and entertainment
unionising attempts for decades. “Amazon workers don’t need Bezos to thank them. They need him to stop union busting — and pay them what they deserve,” Reich wrote. Bezos stepped down as Amazon CEO in July, allowing him more time for side projects including his space exploration company Blue Origin. He has said he finances the rocket company by selling $1bn in Amazon stock each year. After the spaceflight, Bezos awarded $100m donations through a new philanthropic initiative to both DC chef Jose Andres and CNN contributor Van Jones to put towards any charity or nonprofit of their
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 92° F/33° C Low: 76° F/24° C
TAMPA
FRIDAY
SATURDAY
SUNDAY
Partly sunny and pleasant
Partly cloudy
A t‑storm in spots in the morning
Partly sunny and pleasant
Sunshine and beauti‑ ful
Mostly cloudy, a t‑storm possible
High: 90°
Low: 79°
High: 89° Low: 79°
High: 89° Low: 78°
High: 89° Low: 79°
High: 90° Low: 78°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
101° F
88° F
101°-87° F
100°-87° F
101°-86° F
99°-86° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
ABACO
S
N
High: 87° F/31° C Low: 81° F/27° C
6‑12 knots
S
High: 91° F/33° C Low: 78° F/26° C
6‑12 knots
FT. LAUDERDALE
FREEPORT
High: 90° F/32° C Low: 80° F/27° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
THURSDAY
W
N
| Go to AccuWeather.com
TONIGHT
High: 91° F/33° C Low: 79° F/26° C
High: 88° F/31° C Low: 78° F/26° C
MIAMI
High: 90° F/32° C Low: 79° F/26° C
4‑8 knots
KEY WEST
High: 89° F/32° C Low: 82° F/28° C
High: 90° F/32° C Low: 79° F/26° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 87° F/31° C Low: 80° F/27° C
N
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
5:44 a.m. 6:26 p.m.
2.6 3.5
11:54 a.m. ‑0.2 ‑‑‑‑‑ ‑‑‑‑‑
Thursday
6:44 a.m. 7:22 p.m.
2.7 3.6
12:58 a.m. 0.2 12:52 p.m. ‑0.3
Friday
7:41 a.m. 8:15 p.m.
2.8 3.7
1:53 a.m. 0.0 1:48 p.m. ‑0.3
Saturday
8:35 a.m. 9:05 p.m.
2.8 3.7
2:45 a.m. 0.0 2:41 p.m. ‑0.3
Sunday
9:27 a.m. 9:54 p.m.
2.9 3.5
3:34 a.m. 0.0 3:33 p.m. ‑0.1
Monday
10:17 a.m. 10:41 p.m.
2.9 3.4
4:22 a.m. 4:24 p.m.
0.0 0.0
Tuesday
11:07 a.m. 11:27 p.m.
2.9 3.2
5:08 a.m. 5:14 p.m.
0.1 0.3
sun anD moon Sunrise Sunset
6:32 a.m. 8:00 p.m.
Moonrise Moonset
5:59 p.m. 3:43 a.m.
Full
Last
New
First
Jul. 23
Jul. 31
Aug. 8
Aug. 15
CAT ISLAND
E
W
High: 87° F/31° C Low: 78° F/26° C
N
S
E
W
6‑12 knots
S
7‑14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 82° F/28° 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 ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 10.76” Normal year to date ................................... 17.56”
ELEUTHERA
NASSAU
choice. Jones has founded a number of nonprofit organisations and Andres’ nonprofit group World Central Kitchen provides meals to people following natural disasters. Nevertheless, Rep Earl Blumenauer, who is on the tax-writing Ways and Means Committee, proposed yesterday legislation that would tax space travel for non-scientific research purposes. “Space exploration isn’t a tax-free holiday for the wealthy,” said Blumenauer, an Oregon Democrat. “Just as normal Americans pay taxes when they buy airline tickets, billionaires who fly into space to produce nothing of scientific value should do the same, and then some.”
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 87° F/31° C Low: 79° F/26° C
High: 87° F/31° C Low: 80° F/27° C
N
High: 89° F/32° C Low: 81° F/27° C
E
W S
LONG ISLAND
tracking map
High: 87° F/31° C Low: 80° F/27° C
7‑14 knots
MAYAGUANA High: 87° F/31° C Low: 80° F/27° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 86° F/30° C Low: 80° F/27° C
H
High: 87° F/31° C Low: 80° F/27° C
GREAT INAGUA High: 89° F/32° C Low: 80° F/27° C
N
E
W
E
W
N
S
S
7‑14 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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:
WINDS SE at 6‑12 Knots SSE at 4‑8 Knots SE at 6‑12 Knots ESE at 4‑8 Knots SE at 7‑14 Knots ESE at 6‑12 Knots ESE at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots SE at 6‑12 Knots S at 6‑12 Knots SW at 4‑8 Knots SE at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots SE at 4‑8 Knots SE at 7‑14 Knots E at 8‑16 Knots SE at 7‑14 Knots ESE at 6‑12 Knots
WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 3‑6 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 5 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 8 Miles 10 Miles
WATER TEMPS. 85° F 86° F 86° F 87° F 84° F 85° F 84° F 84° F 84° F 84° F 85° F 86° F 85° F 86° F 84° F 84° F 84° F 84° F 83° F 83° F 84° F 85° F 84° F 84° F 84° F 84° F
PAGE 10, Wednesday, July 21, 2021
THE TRIBUNE