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WEDNESDAY, JULY 22, 2020

$3.98

‘Between rock and hard place’ over 16% slump

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN insurer yesterday warned that many motorists may be driving with no coverage after suffering a 16 percent slump in auto premium income for the 2020 first half. Tom Duff, Insurance Company of The Bahamas’ (ICB) general manager, told Tribune Business he was “suspicious” that the “double digit” decrease for the six months to end-June had resulted from clients either deferring premium payments - as permitted under the government’s COVID19 emergency powers - or

• Insurer ‘suspicious’ many motorists have no cover • Economy’s ‘dire straits’ make protection-sell tough • Rate rise pressure; reinsurers seek Dorian ‘pay back’ simply electing not to renew coverage. The insurance industry is insisting that those taking advantage of the deferral must first inform their broker and agent to confirm that they qualify, as it is only intended to apply to persons who have lost their jobs and/or income due to the pandemic. However, the ICB chief voiced concern that many have failed to do so and, as a consequence, are driving with no insurance - thereby

exposing themselves and fellow motorists to potentially catastrophic financial losses and liabilities, especially if there are injuries or worse. Mr Duff admitted that the Bahamian insurance industry is “between a rock and a hard place” in trying to encourage clients to maintain home and auto coverage at potentially higher premium rates during a time when “the economy is in dire straits” due to the COVID-19 pandemic, as

illustrated by John Bull’s decision yesterday to permanently terminate 103 workers - some 15 percent of its group-wide staff. Pointing to Hurricane Dorian’s $3.4bn in damages and losses as one reason why property protection should not be included among the “cost-cutting measures” used by households and businesses, he conceded that persuading Bahamians of insurance’s worth is now “a

SEE PAGE 4

Under 1% of BPL disconnect candidates agree settlement By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LESS than one percent of the 16,000 Bahamas Power & Light (BPL) customers threatened with disconnection have paid their arrears or agreed a payment plan, it was revealed yesterday. Quincy Parker, the state-owned utility’s spokesperson, confirmed in an e-mailed response to Tribune Business that just 78 clients had visited BPL and agreed payment plans across all three categories facing loss of their electricity services. He confirmed that disconnections had already begun for customers who were $500 or more in arrears, and 90 days past due, prior to April 1 and the full onslaught of the COVID19 pandemic plus associated lockdown.

• Just 78 of 16,000 reach terms to keep power on • Nearly 400 already cut-off over bill delinquencies • John Bull’s 15% staff slash exposes challenges “Disconnections began on July 6,” he wrote. “[There were] 362 total up to Friday, July 17. Across all three categories, 78 persons have come in and made payment plans.” The reference to “three categories” reflects that BPL has segmented its delinquent customers into three groups. Besides those who were $500-plus in arrears for 90 days or more pre-April 1, there is also the group who accumulated the same level of debt during the three-month COVID-19 lockdown. The final category are customer who applied, and were approved, for the three-month BPL bill deferral programme

Briland optimistic tourism will hold By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HARBOUR Island was yesterday remaining optimistic it can retain tourist business that was running at up to 70 percent of preCOVID levels despite having to counter damage created by international media. Joseph Dargavage, pictured, managing partner at Harbour Island’s Romora Bay Resort & Marina, told Tribune Business he and the resort had to field “hundreds of calls” from a concerned

boating and yachting community after outlets such as CNN and the Miami Herald gave the impression that The Bahamas had completely sealed its borders to US visitors. This neglected the prime minister’s confirmation in his Sunday address that charter and private aviation flights, as well as private boats and yachts, will still be able to bring visitors to The Bahamas despite the cessation of commercial air and sea links with the US - a point that Dr

SEE PAGE 3

GB lockdown’s exempt listing missed out hotels By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Freeport hotel where the government’s COVID-19 health team are staying was yesterday forced to seek urgent clarification it can remain open after not being included among “essential” businesses. Magnus Alnebeck, the Pelican Bay resort’s general manager, told Tribune Business he had to contact the Ministry of Grand Bahama’s permanent secretary for confirmation after the prime minister left “hotels with guests” out of

the sectors and companies permitted to remain open during Grand Bahama’s two-week lockdown. Disclosing that he now expected the resort’s occupancy levels to drop from last weekend’s 30 percent to just three to four percent, with around ten rooms occupied by guests, Mr Alnebeck said: “Since we have the Ministry of Health’s team dealing with all of this staying with us, we raised the question with the permanent secretary whether or not we were exempt because, if not, we would have to shut down.

SEE PAGE 5

implemented at the government’s request. By far the largest group, though, is those who were struggling prior to April 1. They account for 11,399, or 71.2 percent of the 16,000 total customer delinquencies, and are also those at risk of immediate disconnection if they do not settle or agree payment plans immediately. The other two groups, featuring a total of nearly 5,000 households and businesses, now have less than a week rectify their situation after being given until July 28 to come in and settle their arrears or make payment plans. The fact that less than one

percent of disconnectionthreatened customers have moved to preserve their energy supply indicates the depth, and breadth, of the COVID-19 pandemic’s impact on Bahamian businesses, jobs and corporate and household incomes. However, rather than economic hardship, in some cases it could also reflect the failure to heed BPL’s warnings and take them seriously. But, whatever the cause, the potential disconnection of more than 15,000 customers would represent a disaster for those impacted given that they and the economy are so energy-reliant.

SEE PAGE 5

$4.00

Cruise port stands firm over forecast despite new delay By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port’s top executive says there “is no reason” to alter its forecasts despite the latest delay to the cruise industry’s return leaving no margin for error. Michael Maura, pictured, the cruise port operator/developer’s top executive, told Tribune Business that the Centre for Disease Control and Prevention’s (CDC) decision to extend the ‘no sail’ order imposed on the industry until September 30 should be viewed in a positive light because it could have pushed it out even further. The cruise port, in its recent $150m bond offering, projected that cruise ships and their passengers would return to Nassau starting in the 2020 fourth quarter which begins on October 1 - the day after the ‘no sail’ order presently stands to be lifted. This means that Nassau Cruise Port’s restart forecast has no room for any further “no sail” extension, with the government’s newly-imposed block on commercial air and sea travel between The Bahamas and the US a further potential complication if it remains in place for any length of time. However, Mr Maura said: “While no one wants to see the ‘no sail’ order extended, I guess my perspective is I would look on that position the CDC took on July 16 as being somewhat positive news. It could have extended it much further beyond September given that there’s been such a spike and surge in COVID-19

cases in Florida. “At this point, based on the discussions we continue to have with the cruise lines, they’re obviously committed and need to implement the necessary COVID-19 related health and safety protocols on board their vessels and at their terminals. “In the continued communications we continue to receive from all the cruise lines they are requesting berth availability in October. We have no reason to amend our forecasts at this point.” Nassau Cruise Port, in its bond offering projections, forecast that the cruise industry would return to Prince George Wharf after “six months of nothing” in the 2020 fourth quarter with much-reduced passenger numbers. Some 635,000 cruise arrivals were forecast to come during a final quarter that includes the Thanksgiving and Christmas holidays. “In the first quarter we handled on average 76,000 passengers a week,” Mr Maura told Tribune Business at the time. “In the fourth quarter we’re looking at handling approximately 48,000 passengers a week. That’s after six months of nothing.... “We said we’re going to look at the fourth quarter. I have spoken to, and had the benefit of speaking with, every cruise line that comes to The Bahamas. They say The Bahamas is significant and strategic in their return to the water. “They see themselves calling on The Bahamas first because of the three to fourday cruises, enabling them to offer two to three calls in the same itinerary, and with only one head (departure) tax needing to be paid.”

PAGE 2, Wednesday, July 22, 2020

THE TRIBUNE

Customs demolition starts $268m cruise port project

A TRACTOR begins the demolition of the former Customs Warehouse on Prince George Wharf. DEMOLITION of the former Bahamas Customs Warehouse on Prince George Wharf will kickstart the area’s $268m transformation into the Nassau Cruise Port. The project, for which a Heads of Agreement was signed between the Government and Global Ports Holding in August 2019, is designed to act as a catalyst for downtown Nassau’s revival once the COVID-19 pandemic has passed. The prime minister described the signing as an “extraordinary” day for the Bahamian people and residents of New Providence. He said: “We are

embarking on a quarter-ofa-billion dollar project to redevelop what will become the iconic, world-renowned and new Nassau Cruise Port.” Global Ports Holding, the world’s largest cruise port operator, is spearheading the transformation of the port under a 25-year management agreement. It holds a controlling 49 percent stake in the Nassau Cruise Port. The two-year construction effort is expected to transform the cruise port experience for passengers and residents, and revitalise the waterfront for businesses and tourists. It

Tourism holds church thanksgiving service THE Ministry of Tourism and Aviation held a service of thanksgiving and guidance at the Church of God of Prophecy this week. Dionisio D’Aguilar, minister of tourism and aviation, gave remarks. Also in

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attendance were members of the ministry’s executive team, including Joy Jibrilu, its director-general; Charles Albury, permanent secretary; and Travis Robinson, newly-appointed parliamentary secretary. Staff and key industry partners, too, were present. The theme of the service was taken from Psalm 127: “Unless the Lord builds the house, those who build it labour in vain.” Photos: Kemuel Stubbs/BIS

includes improved retail facilities, the construction of a new terminal building, the creation of an event and entertainment area, and new food and beverage facilities. The redevelopment also includes a waterfront park, a harbour village, new inner harbour, amphitheatre and a Junkanoo museum. “Rather than Nassau going to sleep early every evening, Bahamians and visitors should enjoy a bustling and vibrant city, with exciting nightlife and entertainment featuring Bahamian and international culture, music and food,” the Prime Minister said.

BAIC tackles issues with industrial park BAHAMAS Agricultural and Industrial Corporation (BAIC) officials have met with their Gladstone Road Industrial Park tenants to address both parties’ concerns. The meeting, held at BAIC Headquarters on Monday, saw the corporation raise rental arrears owed to it by its tenants as well the practice of some businesses sub-leasing their properties without its permission. Overgrown properties and terrible road conditions were among the issues also discussed. BAIC chairman, Bishop Gregory Collie, urged all tenants to bring their accounts current and to discontinue the practice of sub-leasing to ensure their leases are valid. He also called on them to form an association to ensure they are working together to improve both the Park and the success of their businesses. The tenants agreed to work with BAIC to ensure all their concerns are addressed in a timely manner. Pictured during the meeting (from left) are: BAIC directors Keith

ATTENDEES of BAIC’s meeting to address the concerns of its tenants and tackle issues. Photos: BAIC

Carroll and Kahlil Parker; Debbie Strachan, senior BAIC deputy general manager; Bishop Gregory

Collie, BAIC chairman; and newly-appointed general manager, Rocky Nesbitt.

THE TRIBUNE

Wednesday, July 22, 2020, PAGE 3

NIB launches portal for jobless benefit extension THE National Insurance Board (NIB) on Monday launched an online portal where eligible persons can register for the government-funded Unemployment Benefit Extension Programme (GovUEBex). Persons temporarily laidoff due to the COVID-19 shutdown between March 23 and June 30, and who continue to be unemployed, are eligible for the extension programme if they fall under one of four categories: They must have exhausted their 13 weeks of NIB unemployment benefit payments either as a result of COVID 19 or Hurricane Dorian-related termination. Persons can also qualify if they were employed fulltime for at least 3 months before the COVID-19 shutdown, and were under the age of 35 but did not meet the required number of

Briland optimistic tourism will hold FROM PAGE ONE

Hubert Minnis was forced to reiterate yesterday in unveiling Grand Bahama’s two-week lockdown. Mr Dargavage yesterday said Romora Bay and other marinas had been working with the Ministry of Tourism and government to get The Bahamas’ correct position out, adding that no boating and dock reservations had been cancelled yet as a result of international media misinformation. He told this newspaper that he was still positive that

contributions to claim NIB’s unemployment benefit. Self-employed individuals in the tourism sector, who were previously enrolled in the governmentfunded Unemployment Assistance (UEA) programme, are also eligible for the $48m in extra support that the government is making available. All eligible persons must register on the portal to receive financial assistance. They will receive $150 per week for a maximum of 13 weeks during periods of unemployment once the claim has been approved. NIB said it has assessed the records of thousands of contributors and selfemployed persons, and will pre-enroll individuals that meet the eligibility requirements for the extension programme. The new portal pulls information from the NIB database to simplify the process of registration.

All eligible persons must register on the portal to verify their information and enrollment status to receive payments under the extension initiative. They will also receive an e-mail notification after registering. After signing into the portal, individuals will see a notice indicating whether they meet the requirement for enrollment or not. Benefits payments will begin tomorrow and will continue every two weeks for a period up to 13 weeks. Prior to receiving payments, registrants must declare their current employment status on the portal during every payout period. This verification is to be done a minimum of three days before the next payment is due. If a person does not verify within the required timeframe, they will not receive their benefits.

Persons working part time, meaning less than 40 hours per week, who would normally be a fulltime worker, are eligible to receive $30 per day for each day they did not work during the week. NIB said it will check with employers to confirm the worker’s status and verify whether they are still fully or partially unemployed to prevent benefits fraud. Payments will be made to persons via their employer, direct into the bank account or via the payment provider, Island Pay’s, digital wallet. NIB urged claimants who applied for the ordinary NIB unemployment benefit during the COVID19 period from March 23 to June 30, 2020, but have not received payments to send an e-mail to UEBresolution@nib-bahamas.com for an agent to address your claim.

Romora Bay would receive business equivalent to 70 percent of pre-COVID-19 levels, with his property and Bahamian marinas in general able to save what remains of a shortened summer boating season. “I’m going to stay positive and feel we can get most of those boats still here,” Mr Dargavage said. “At this point in time I’m holding to that, and that we will get most our reservations for the next five weeks. They’ll still come. “It’s the matter of getting the right message out there. We have had a lot of people calling concerned, and trying to get a better understanding. The worldwide press decided to run with The Bahamas being closed to every individual from the US. If they’d listened to our Prime Minister carefully, he never said we were completely closed. “It will affect our yachting business but we’re doing our best to calm that sector, and are sending out PR and working with the Ministry of

Tourism to state that boating and yachting are still open,” he added. “Once everyone gets the message and looks for alternatives to commercial aircraft, it’ll work out.” Mr Dargavage, who added that Romora Bay planned to keep on all staff while “carefully watching what happens in the next week or two”, disclosed that Harbour Island’s hotel owners group was working to encourage charter operators to fill the void left by commercial aviation. “At this point in time we’re staying encouraged,” he said. “Our hotel owners group has been meeting on a daily basis to come up with back-up plans. We are working to get our guests in touch with charter operators throughout south Florida.” Other Harbour Island residents also voiced confidence that the popular tourism destination would be able to survive the temporary cut-off of commercial air and sea travel from the US. James Malcolm, a property management specialist, told

Tribune Business: “We have a few cancellations but I would say 70 percent of the guests come by private plane and boat. “No one is leaving or panicking. They plan to leave by boat. The Harbour Island traveller is a fairly sophisticated traveller. The commercial airlines had not ramped up service. The south Florida-based charters are going to make a windfall in the next few months, as are Odyssey and Cherokee Air.” Revealing that Harbour Island is “full of 35-40 feet ‘go fast’ vessels’”, Mr Malcolm added of the commercial transportation block: “It’ll be a bit of an impact, but I’m getting calls from people in South Florida looking for charters. I’m not worried about it. I understand what the prime minister is trying to do and support it.”

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Office Relocation Notice We wish to advise our valued clients and stakeholders that Lombard Odier & Cie (Bahamas) Limited will be relocating our local office from Goodman’s Bay Corporate Centre to Lyford Cay House effective August 3rd, 2020. Please note that our telephone numbers and email contacts remain unchanged.

Lyford Cay House

Thank you for your continued support and we look forward to seeing you at our new address: Lombard Odier & Cie (Bahamas) Limited Lyford Cay House 3rd Floor P.O. Box N-4938 Tel: 302-2100 Western Road New Providence Bahamas

PAGE 4, Wednesday, July 22, 2020

THE TRIBUNE

‘Between rock and hard place’ over 16% slump FROM PAGE ONE real challenge” with unemployment thought to be around 40 percent and many others on reduced incomes and work weeks. Mr Duff added that Bahamian property and casualty underwriters are also being squeezed by their reinsurance partners, who provide the financing that covers most of this nation’s multibillion dollar exposure to catastrophic hurricanes and other natural disasters. He explained that reinsurers were seeking “pay back” to help cover the $1.5-$2bn losses incurred from Dorian, plus other major storms to strike the Caribbean in recent years, which meant Bahamian carriers will need to carefully “navigate” upcoming contract renewal negotiations to minimise premium rate increases locally. And COVID-19 had further compounded Dorian’s impact, Mr Duff said, as the industry’s gross income was unlikely to settle down much before year-end 2020. This is when the government’s emergency orders and premium deferral are currently thought likely to expire, and

customers will have 60 days to either pay up or agree a payment plan. “The thing we’re all [insurers] trying to ensure is the customer, if they wish to take advantage of this deferral, they must contact their insurance company, explain their circumstances and that they want to use it,” the ICB chief added. “The insurer will then record that on the file. Should there be a claim in this period will have a note that coverage is still in effect. “We don’t want people driving a motor vehicle with no certificate of insurance and no contact with the insurer.” Mr Duff expressed concern that the deferral on vehicle licensing at the Road Traffic Department until end-August may have eroded the motivation for motorists to take out or renew protection since they do not have to go through that process which requires they have insurance. There is some confusion as to whether the vehicle licensing/inspection moratorium remains in place, given that both the Road Traffic Department and insurance industry have reopened following the COVID-19 lockdown, thus

enabling Bahamians to pay their auto premiums. However, Mr Duff told Tribune Business: “I just wonder if many customers are driving around with no insurance having made no contact with the insurance company. They certainly have no cover.” ICB, which is the Bahamian-domiciled carrier through which BISX-listed JS Johnson places much of its property and casualty business, had likely experienced the financial fall-out from this during the 2020 first half, he added. “If you look at our motor income for the first six months of the year, you can see it is down by double digits percentage-wise,” the ICB chief said. “We were down 16 percent for the first six months, and my suspicion is a lot of this was due to people taking up the deferral option or really just not renewing motor coverage. “We’ll have to analyse it in a bit more detail. It could be a mixture of things. The deferral option, downgrading coverage from comprehensive to thirdparty, and the economy in general - people selling their car - could all be factors. “I’m pretty sure the other

companies will be seeing a similar kind of trend on motor. As we come through the crisis and the emergency orders drop away, we will see a pick-up again. For the moment, it’s causing a bit of a hiccup.” The government’s Emergency Powers (COVID-19) (Special Provisions) (Amendment) Order 2020, dated April 16, stipulates that for the entire COVID19 national emergency period dating back to March 17, plus a 60-day period from when it ends, persons who have been terminated from their jobs or are unable to make due premium payments online can defer these outlays. Once the lockdown ends, clients must either pay the full amount of premium due or agree a payment plan with their underwriters during that 60-day period. Persons still working or with the means to pay, and who can do so remotely, are not covered and must continue to pay. Mr Duff, meanwhile, said insurers faced a major obstacle in convincing Bahamian households and businesses to maintain already-expensive property and auto coverage in a depressed

Legal Notice

FINAL LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Notice is hereby given that the Final Meeting of the Council Members of Lucky Star EE will be held at Pineapple Grove #5, Lyford Cay, Nassau, Bahamas on 12th August 2020 at 11:00 am to receive the Report of the Liquidator up to the date of the Meeting. John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

AJS2 INTERNATIONAL PORTFOLIO FUND LTD.

Voluntary Liquidation

NOTICE IS HEREBY GIVEN in accordance with section 138 (8) of the International Business Companies Act, 2000, the dissolution of AJS2 International Portfolio Fund Ltd. (the “Company”) has completed, a Certificate of dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 22 June, 2020. Israel Borba Lyford Financial Centre, Building 2, Western Road, P.O. Box CB-10988, Lyford Cay, New Providence, TheBahamas.

www.bisxbahamas.com

(242) 323-2330

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,095.25 | CHG: -0.01 | %CHG: 0.00 | YTD: -136.35 | 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

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 3.87 CHL 6.16 CIB 11.26 CWCB 2.50 DHS 5.10 EMAB 10.11 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 2.52 5.10 10.07 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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 -0.04 0.00 0.00 0.00 0.00 0.00

1,000

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

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

somewhat lessening the number of uninsured dwellings and businesses. However, Mr Duff acknowledged that external pressure for Bahamian property and casualty premiums to increase was happening at the worst possible time. “The big challenge the industry has faced this year is renegotiating reinsurance programmes on the back of this [Dorian] loss,” he explained. “Reinsurers are looking for us to help them in the pay back of their losses, and we don’t have much option.... The third major challenge is how we navigate the renegotiation of the reinsurance programmes in November and December. “One of the things we know is most of the major reinsurers who support the Caribbean programmes did incur major losses last year with Dorian, and obviously their balance sheets have been further eroded by COVID-19 - not just at a technical level but their investment portfolios. “We’re anticipating next year that the cost of their capital will increase, putting pressure on reinsurance programmes. It’s compounding, and we anticipate it’s another challenge we will have to face.”

To advertise in The Tribune, contact 502-2394 Legal Notice

NOTICE Notice is hereby given that the Final Meeting of the Council Members of Shukal EE will be held at Pineapple Grove #5, Lyford Cay, Nassau, Bahamas on 12th August 2020 at 11:00am to receive the Report of the Liquidator up to the date of the Meeting.

MARKET REPORT TUESDAY, 21 JULY 2020

economic environment amid external pressures for further rate increases. “We’re absolutely between a rock and a hard place right now trying to deal with this,” he told Tribune Business. “That is the challenge: How do we persuade customers to insure - and potentially at higher rates - when the economy is in such dire straits. “It’s a real challenge but one which we’re going to have to face. I think it’s going to be a huge challenge. It really is. Many customers will be faced with a dilemma of being out of work, at least temporarily, but their homeowners insurance is falling due for renewal. “We would try our very best to persuade them this is not cost-cutting they should be looking at. In Abaco, many people ended up with their lives destroyed, homes destroyed, no insurance and no ability to rebuild their lives. “We will try to impress on customers to continue their insurance, but there’s a challenge, no doubt about it.” Residential and commercial properties upon which mortgage loans are secured will be required by the lender to take out full catastrophe coverage, otherwise they will do it for them, thereby

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 24.7 10.9 15.6 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% 17.22% 1.18% 3.26% 2.84% 3.72% 3.16% 2.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

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

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas Legal Notice

NOTICE Notice is hereby given that the Final Meeting of the Council Members of Eduka EE will be held at Pineapple Grove #5, Lyford Cay, Nassau, Bahamas on 12th August 2020 at 11:00 am to receive the Report of the Liquidator up to the date of the Meeting. John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

MUTUAL FUNDS 52WK HI 2.31 4.40 2.10 198.39 168.29 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.64 1.77 1.72 1.07 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.31 4.39 2.10 192.52 145.55 1.69 1.81 1.77 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.31 10.01

YTD% 12 MTH% 1.04% 3.87% 0.61% 2.93% 0.50% 2.50% -1.34% 2.23% -12.71% -5.79% 1.88% 3.90% -2.26% 2.49% 0.76% 3.56% -11.03% -8.03% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -10.90% -4.30% -18.80% -12.00%

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

NAV Date

31-Mar-2020 31-Mar-2020 27-Mar-2020 31-Mar-2020 31-Mar-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020

Legal Notice

NOTICE Notice is hereby given that the Final Meeting of the Council Members of Roseborough EE will be held at Pineapple Grove #5, Lyford Cay, Nassau, Bahamas on 12th August 2020 at 11:00 am to receive the Report of the Liquidator up to the date of the Meeting. John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

THE TRIBUNE

Wednesday, July 22, 2020, PAGE 5

Under 1% of BPL disconnect candidates agree settlement FROM PAGE ONE

by 15 percent. “This action is extremely difficult, however very necessary, in order for John Bull to continue to be able to function now, as well as on the other side of this pandemic, by way of a healthy employer and place of empowerment.” It added: “As the economic downturn continues with the announcement of delayed cruise ship arrivals to the port of Nassau, along with uncertain reopening dates for local resorts, some very tough decisions are necessary to secure the company if we intend to have a future in retail beyond our 91-year legacy. “We had hoped to be in a position to retain all of our staff, but given the current and foreseeable future state of affairs it is impossible. Despite every effort to secure employment for each of our team members throughout this pandemic, the economic fall-out has been greater than we could have ever imagined.” John Bull has been hit especially hard by both Atlantis and Baha Mar electing to remain closed into the fall/winter season at least, as it has an especially strong retail presence at both mega properties. And the cruise industry shutdown has also impacted its flagship Bay Street outlet.

Many other employers, influenced by Atlantis’ extended closure and the government’s move to cutoff commercial air and sea transport with this nation’s largest tourist market, the US, are thought likely to follow the likes of Cable Bahamas and John Bull in making similarly tough decisions regarding permanent employee terminations in the coming weeks. The impending end to the extended furlough period, which will arrive at month’s end, is also thought to be a factor although both the government and private sector have talked about further extending the temporary lay-off window for another 60 days to end-September. Such events are also forcing BPL into making hard decisions, given that it needs customers to pay their bills on time to ensure it can keep the power on. However, many disconnections may be akin to trying to obtain blood from a stone, given that COVID19 related business closures, job and income losses mean many simply lack the ability to pay or agree a plan. Desmond Bannister, minister of works, previously justifying the state-owned utility’s to resume disconnections, said the monopoly power provider

“cannot continue to exist” if households and businesses fail to pay their monthly bills. He told this newspaper that the government was forced to pump “millions” into Bahamas Power & Light (BPL) during COVID-19’s peak due to customers’ inability to pay, while BPL’s “shaky” financial position meant it cannot continue the “across the board” COVID-19 bill deferral initiative that was in place for three months during the lockdown. “I think the first thing to understand is there’s a tremendous amount of empathy for people that genuinely cannot pay their bills,” Mr Bannister said. “The government appreciates that. “There’s also the challenge that BPL cannot continue to exist if bills are not paid because the Ministry of Finance had to fill the deficit... At one stage the Ministry of Finance was putting millions of dollars into BPL because of persons not paying their bills, and that’s not fair. “That was in the months of April and May. That meant you and I [and all taxpayers] are paying bills for some people who are not paying. BPL has to find out who can pay and who cannot, and require people

GB lockdown’s exempt listing missed out hotels

Industrial Technologies; Bahamian Brewery; and the shipping companies. The government is also permitting construction activities related to postDorian restoration and preparation for the current hurricane season, but residents and businesses have only been given 48 hours to obtain the necessary materials otherwise they will have to apply to the “Competent Authority” (Prime Minister’s Office) which will only grant permission to obtain them in an emergency. Mr Alnebeck, meanwhile, voiced concern about the ability of cash-strapped families, residents and businesses to endure another

two-week lockdown given the four months of hardship already endured as a result of the COVID-19 pandemic - which struck less than seven months after the devastation inflicted by Hurricane Dorian. “I am concerned about people’s ability to actually have money,” he told Tribune Business. “How should I put it in a nice way?... It’s not part of the Bahamian culture to have a lot of extra cash in the bank account.”

Dr Donovan Moxey, BPL’s chairman, yesterday said BPL’s board was due to meet on Thursday where the issue of collections, disconnections and customer arrears was among the items up for discussion. “There is a board meeting on Thursday, and as part of that agenda we’re going to really look at our collection effort and where that stands,” he told Tribune Business. “In terms of what we’re going to do, I will not have anything further to say until after the board meeting on Thursday.” The COVID-19 pandemic’s economic crisis was given further focus yesterday by the John Bull Group of Companies’ confirmation that is permanently terminating 103 staff members, or 15 percent of its group-wide workforce, as part of a costcutting measure to ensure its survival. The group, which also operates the Starbucks franchise, and office products division and brands such as Gucci, said in a statement: “With over 60 percent of our locations still closed for business, and a devastating blow to the company’s revenue, it is with a heavy heart and great regret that we must now move to reducing our staff complement

FROM PAGE ONE “His understanding was that hotels with guests are still exempt, and he promised to clarify that as soon as possible. If we’re not going to be open then it’s going to be hard because we need to have accommodation for persons that the government has approved to come in. “I don’t know if they were thinking about this. There’s always a bit of after-thought going into it. We have got confirmation verbally, and he [the permanent secretary] promised that if there was any change he would let us know by the end of the day,” he continued. “As I understand it, we can remain open. They need to have our hotel. You cannot shut the whole island down. We need to accommodate the people that need to be here, and are now scrambling trying to get ready. The little tourists that are here are some boaters, and they are heading out of here as quickly as they can. The weather is not at its best, but they are.” Dr Hubert Minnis, in deciding to bring the start of Grand Bahama’s two-week lockdown forward to Thursday, effectively reimposed the restrictions last seen during COVID-19’s first wave peak with grocery stores, pharmacies, gas stations and other essential businesses allowed

to open for limited hours. Other enterprises to be treated as essential are Freeport’s industrial firms, including the likes of Polymers International; Grand Bahama Power Company; Grand Bahama Utility Company; Bradford Grand Bahama; PharmaChem Technologies and subcontractors; Freeport Container Port; Bahama Rock - Martin Marietta; Buckeye Bahamas Hub Ltd and sub-contractors; Grand Bahama Shipyard; Bahamas

who can legitimately pay to pay. It’s a huge obligation that you and I have had to pay, and we cannot continue to do that.” Emphasising that BPL would only cut customers off as a last resort, Dr Moxey also previously urged both businesses and residential customers in difficulty to contact the utility and work

out a payment plan. “We understand everyone is having a challenging time,” he said. “We need electricity. It’s a necessity, not a luxury, so we want to work with you. Come in and sit down, and let’s determine what’s an appropriate payment plan. We’re very conscious of that. Don’t leave it to chance and hope you don’t get cut off.”

NOTICE NOTICE is hereby given that JACY JAMES DUBREUS, Joe Farrington Road, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22th day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 8, Wednesday, July 22, 2020

THE TRIBUNE

US SANCTIONS CHINESE COMPANIES OVER MUSLIM ABUSE COMPLAINTS BEIJING Associated Press

CHINA said yesterday it would take unspecified “necessary measures” after the US government imposed trade sanctions on 11 companies it says are implicated in human rights abuses in China’s Muslim northwestern region of Xinjiang. The sanctions add to US pressure on Beijing over Xinjiang, where the ruling Communist Party is accused of mass detentions, forced labor, forced birth control and other abuses against Muslim minorities. Xinjiang is among a series of conflicts including human rights,

trade and technology that have caused US-Chinese relations to plunge to their lowest level in decades. The Trump administration also has imposed sanctions on four Chinese officials over the accusations. Beijing responded by announcing unspecified penalties on four US senators who are critics of its human rights record. Three of the companies cited on Monday were identified by investigations by The Associated Press in 2018 and 2020 as being implicated in forced labour. One company, Nanchang O-Film Tech, supplies screens and lenses to Apple, Samsung and other technology companies. AP reporters found

employees from Xinjiang at its factory in the southern city of Nanchang weren’t allowed out unaccompanied and were required to attend political classes. US customs authorities seized a shipment from the second company, Hetian Haolin Hair Accessories, on suspicion it was made by forced labour. People who worked for the third, Hetian Taida, which produces sportswear sold to US universities and sports teams, told AP detainees were compelled to work there. The Department of Commerce said the addition of the 11 companies to its Entity List will limit their access to US goods and

technology. It gave no details of what goods might be affected. “This action will ensure that our goods and technologies are not used in the Chinese Communist Party’s despicable offensive against defenseless Muslim minority populations,” said Commerce Secretary Wilbur Ross in a statement. The Chinese foreign ministry rejected the sanctions as interference in its affairs and an attempt by Washington to hurt Chinese companies. “What the United States is concerned about is not the human rights issues at all, but to suppress Chinese companies, undermine the stability of Xinjiang, and

smear China’s Xinjiang policies,” said spokesperson Wang Wenbin. “We urge the United States to correct its mistakes, revoke relevant decisions and stop interfering in China’s internal affairs.” Wang said Beijing will “take all necessary measures” to protect Chinese businesses, but gave no indication of possible retaliation. China has detained an estimated one million or more members of the Uighur and other Muslim ethnic minority groups in internment camps. The government describes them as vocational training facilities

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 75° F/24° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny, a shower; breezy

Partly cloudy with a shower

Breezy with a shower or two

Partly sunny, a t‑storm in spots

Mostly cloudy, a t‑storm; breezy

Sunshine and a few clouds

High: 88°

Low: 78°

High: 88° Low: 77°

High: 88° Low: 78°

High: 90° Low: 79°

AccuWeather RealFeel

98° F

86° F

97°-84° F

98°-82° F

97°-86° F

99°-89° 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.

almanac

ABACO

High: 87° F/31° C Low: 82° F/28° C

8‑16 knots

High: 88° F/31° C Low: 79° F/26° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 87° F/31° C Low: 79° F/26° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 91° F/33° C Low: 77° F/25° C

High: 89° F/32° C Low: 76° F/24° C

MIAMI

High: 88° F/31° C Low: 79° F/26° C

8‑16 knots

KEY WEST

High: 87° F/31° C Low: 80° F/27° C

High: 88° F/31° C Low: 78° F/26° C

High: 86° F/30° C Low: 82° F/28° C

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

tiDes For nassau Low

Ht.(ft.)

Today

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

High

Ht.(ft.) 2.8 3.5

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

0.1 0.0

Thursday

10:32 a.m. 10:55 p.m.

2.9 3.5

4:36 a.m. 4:39 p.m.

0.0 0.0

Friday

11:24 a.m. 11:44 p.m.

3.0 3.3

5:22 a.m. 5:33 p.m.

0.0 0.1

Saturday

12:18 p.m. ‑‑‑‑‑

3.1 ‑‑‑‑‑

6:10 a.m. 6:30 p.m.

0.0 0.3

Sunday

12:36 a.m. 1:16 p.m.

3.1 3.1

7:01 a.m. 7:32 p.m.

0.0 0.5

Monday

1:32 a.m. 2:17 p.m.

3.0 3.1

7:55 a.m. 8:38 p.m.

0.1 0.6

Tuesday

2:32 a.m. 3:21 p.m.

2.8 3.2

8:52 a.m. 9:46 p.m.

0.1 0.6

sun anD moon Sunrise Sunset

6:33 a.m. 8:00 p.m.

Moonrise Moonset

8:22 a.m. 9:54 p.m.

First

Full

Last

New

Jul. 27

Aug. 3

Aug. 11

Aug. 18

CAT ISLAND

High: 86° F/30° C Low: 80° F/27° C

8‑16 knots

8‑16 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 .................................................... 75° F/24° 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 ................................... 76° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.51” Year to date ............................................... 28.71” Normal year to date ................................... 17.88”

ELEUTHERA

NASSAU

aimed at countering Muslim radicalism and separatist tendencies. It says those facilities have since been closed, a claim that is impossible to confirm given the restrictions on visits and reporting about the region. Veterans of the camps and family members say those held are forced, often with the threat of violence, to denounce their religion, culture and language and swear loyalty to Communist Party leader and head of state Xi Jinping.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 81° F/27° C

High: 87° F/31° C Low: 80° F/27° C

High: 88° F/31° C Low: 81° F/27° C

W S

LONG ISLAND

tracking map H

High: 87° F/31° C Low: 79° F/26° C

8‑16 knots

MAYAGUANA High: 88° F/31° C Low: 82° F/28° C

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

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

GREAT INAGUA High: 89° F/32° C Low: 82° F/28° C

N E

High: 86° F/30° C Low: 80° F/27° C

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

WAVES 3‑6 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 3‑5 Feet 3‑6 Feet 3‑6 Feet 3‑6 Feet 3‑6 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 3‑6 Feet 3‑6 Feet 3‑5 Feet 2‑4 Feet 4‑8 Feet 4‑7 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet

VISIBILITY 10 Miles 10 Miles 5 Miles 6 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 6 Miles 5 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles

WATER TEMPS. 85° F 85° F 86° F 86° F 84° F 84° F 85° F 84° F 80° F 80° F 86° F 86° F 85° F 85° F 85° F 85° F 85° F 85° F 84° F 84° F 85° F 85° F 85° F 85° F 82° F 82° F