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FRIDAY, JULY 24, 2020

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Small business faces $748m ‘financing gap’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN small and medium-sized enterprises (SMEs) face a “financing gap” that could be as large as $748m, the Bahamas Development Bank’s (BDB) transformation plan estimates. The report, a copy of which has been seen by Tribune Business, suggests that the funding requirements for businesses that have a collective $4.2bn annual turnover is much higher than the $180m allowed for in a recent Inter-American Development Bank (IDB) report.

• Development Bank report says up to $31k per firm • Estimates ‘much closer to economic reality’ than IDB • BDB’s liabilities exceeded assets by $38m at end-18 Canadian consultants, International Financial Consulting, employed data obtained from the Small Business Development Centre (SDBC), IDB and commercial banks to come up with figures indicating that Bahamian SMEs suffer from a “financing gap” equivalent to between $8,000 to $30,800 per firm. Taking the IDB’s figures, and estimate that 85 percent of SME loan applications are rejected by Bahamian

commercial banks, the BDB strategic plan said this figure was supported by the fact that 77 percent of credit issued by the banks went to retail clients. “Commercial banks in The Bahamas are liquid and well-capitalised but have little risk appetite,” International Financial Consulting said in the report. “SMEs make up approximately 80 percent of the total firms in the Bahamian economy. Yet there is a large

financing gap of $180m to as much as $748m in the SME landscape.” “The SME loan application rejection rate by commercial banks is at 85 percent, which is a high number regionally and internationally. This is due to the quality of the application or business proposal, lack of available collateral and low-risk appetite by commercial lenders.

SEE PAGE 4

‘Only 20% qualifying for average mortgage’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

JUST 20 percent of Bahamians are able to service and qualify for an “average” mortgage, the Bahamas Development Bank’s (BDB) strategic transformation report estimates. Canada-based International Financial Consulting (IFC), in a document tabled in the House of Assembly on Wednesday night, said the number of Bahamians who were being priced out of home ownership preCOVID-19 presented a significant lending opportunity for the state-owned institution once the pandemic is over. Suggesting that the BDB has “large” potential to assist the “affordable housing market” in The Bahamas, its 2020-2024

• Net new home loans rise by 450 per year for decade • Report suggests ‘mobilising’ $1bn in service lots • $2.5bn in outstanding credit ‘low by any standard’ strategic plan said: “Lending for home ownership is very low in The Bahamas, and there is an opportunity to impact the affordable housing stock by addressing supply-side constraints. “Over the last ten years the number of net new mortgages grew by approximately 4,500 (450 per year). By accessing and developing government lands for affordable housing purposes, an estimated $1bn in serviced lots and $5bn in housing assets can be mobilised.” The BDB report said home ownership was “limited in The Bahamas” with more than 40 percent

Abaco: ‘Lockdown last thing we need’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ABACO was yesterday “holding its breath” over COVID-19’s arrival, with the island’s Chamber of Commerce president warning: “The last thing we need right now is a lockdown.” Ken Hutton told Tribune Business that any new shutdown to halt the virus’ spread would have “far more serious repercussions” for Abaco and Grand Bahama given that both islands were still struggling

‘Nothing off table’ over Bahamasair cost-cutting plans By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMASAIR’S chairman yesterday said that while there had been no formal discussions with government on staff salary deferrals, “nothing is off the table” as the airline seeks to drastically cut costs.

KEN HUTTON to repair Dorian’s $2.5bn physical damage with the peak of another hurricane season just weeks away. His concerns were

SEE PAGE 3 Tommy Turnquest confirmed to Tribune Business that the government had yet to raise the matter with it, adding of the prime minister’s comments in the House of Assembly: “I heard it just like you.” The national flag carrier’s chief responded after Dr Hubert Minnis suggested that Bahamasair may have to defer salary payments to some or all of its roughly 700-strong staff after it lost its US and Freeport routes due to the latest lockdown restrictions imposed by the government. “As government we have some very difficult decisions to make,” the prime minister said during the debate about extending the existing state of emergency until September 30. “Around

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of homes and dwellings rented. “Over the last decade the number of new mortgages has been declining sharply and the number of mortgages for duplexes is low,” it added. “Mortgage loans account for almost 50 percent of the total aggregated loan portfolio for the Bahamian banking industry. This is presumably the result of a combination of the high cost of housing and the increasing debt service charges. The standard debt service as a proportion of income is 30 percent to 32 percent. “Given this analysis, 20 percent of the local

[Bahamian] population would be able to service an ‘average’ mortgage payment from local financial institutions. Due to the average sales price, only approximately 20 percent of the local population would even be able to qualify for an average mortgage loan, which is a very low number by all standards.” The BDB report said land alone represented 30-40 percent of a home’s finished cost, adding that the government’s contribution of low-priced crown land to “affordable housing” efforts “would contribute

SEE PAGE 3

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Chamber chief urges: Lockdown Nassau for Emancipation holiday By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net EXUMA’S Chamber of Commerce president yesterday called for Nassauvians to be banned from travelling to the Family Islands for Emancipation Day if COVID-19 cases continue to spike in the capital. Pedro Rolle, telling Tribune Business that “many people will kill me for saying this”, argued that the health risks presented by allowing Nassau residents to travel to Exuma and elsewhere for the August 3 holiday far outweighed the potential economic benefits. He also said he was “baffled”, and fails “to understand the logic”, behind the government’s decision to continue permitting US tourists to visit The Bahamas by private boat, private plane and aviation charter given that many will come from the COVID-19 “hot spot” that is Florida. The “Sunshine State” recorded some 10,200 new COVID-19 cases yesterday, and Mr Rolle said the continuing rapid spread of the virus in that key source market should have spurred the government to ban all private - as well as commercial - air and sea transportation from the US on Wednesday this week. And, warning that Exuma and the rest of The Bahamas face “a tough six months” ahead, Mr Rolle said his island was likely to feel the COVID-19 fall-out more than other Family Islands due to this week’s closure of its Sandals Emerald Bay “anchor project” - something he described as “a devastating blow”. Acknowledging that Exuma had been boosted by visiting Nassau residents since the initial COVID-19

lockdown ended, and domestic travel resumed in early June, the Chamber chief said the recent explosion in COVID-19 cases on New Providence, Grand Bahama and other islands had made it too risky for this to continue over the upcoming Emancipation Day weekend. “We kind of became one of the destinations of choice for people in Nassau. We appreciate the income, but if it were up to me - and a lot of people will kill me for saying this - if this thing continues to spike, and you have had all the folks coming over from Freeport to Nassau, I believe that in an attempt to contain this virus over the holiday weekend persons will have to stay in place recognising where we are,” Mr Rolle told Tribune Business. “If it [COVID-19] explodes in Nassau between now and then, I’m afraid to have people from Nassau come here and to Eleuthera or any of the other islands. It would put this island at risk, and we’re not in a position to take care of persons that may become infected. I don’t think we’re equipped medically to deal with a large number of persons who may be infected. “I’m talking from my selfish Family Island perspective and that of the islands. It’s a sacrifice but, in the end, I think it may make sense. We ought to be extremely careful. We’ve done very well, and that’s a good thing, but when you weigh the costs and the benefits I think a little sacrifice in the long run will be best for us.” Mr Rolle spoke before the Minnis administration’s Cabinet emergency meeting last night to discuss the growing COVID-19 crisis, following a day in which

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PAGE 2, Friday, July 24, 2020

THE TRIBUNE

MANAGING COVID CHANGE IS TRUE TEST OF LEADERSHIP

HANGE is happening all around us. COVID-19 has exacerbated corporate changes, and what might have taken years to realise is happening right before our eyes. The test of true leadership is how we manage in the midst of these rapid changes. Today we present the research work of Dr John Kotter on steps to

effectively facilitate the changes happening all around us. Step One: Create Urgency For change to happen, it helps if the whole company really wants it. Develop a sense of urgency around the need for change. This may help you spark the initial motivation to get things moving. Open an honest and convincing dialogue about what is happening in

the marketplace and with your competition. If many people start talking about the change you propose, the urgency can build and feed on itself. Step Two: Form a Powerful Coalition Convincing people that change is necessary takes strong leadership and visible support from key people within your company. You can find effective change leaders throughout your company – they do not necessarily follow the traditional company hierarchy. To lead change, you need to bring together a coalition, or team, of influential people whose power comes from a variety of sources, including job title, status, expertise and political importance. Step Three: Create a Vision for Change When you first start thinking about change, there will probably be many great ideas and solutions floating around. Link these concepts to an overall vision that people can grasp easily and remember. A clear vision can help everyone understand why

you are asking them to do something. When people see for themselves what you are trying to achieve, then the directives they are given tend to make more sense. Step Four: Communicate the Vision Communicate the vision clearly, frequently and powerfully, and embed it within everything that you do. It is also important to “walk the talk”. What you do is far more important – and believable – than what you say. Demonstrate the kind of behaviour that you want from others. Step Five: Remove Obstacles Resistance and other varied obstacles are always to be expected when facing the realities of change. Removing obstacles can empower the people you need to execute your vision, and it can help the change move forward. Here are some of the barriers: • Formal structures that make it difficult for employees to act • A lack of needed skills • Personnel or information systems

• Supervisors who discourage actions toward implementing the new vision Step Six: Create ShortTerm Wins Nothing motivates more than success. Give your company a taste of victory early in the change process. Within a short time, you will want to have some “quick wins” that your staff can see. Without this, critics and negative thinkers might hurt your progress. Step Seven: Build on the Change Each success provides an opportunity to build on what went right and identify what you can improve. Until major changes are embedded in a company’s culture (which could take up to a decade), they remain vulnerable to resistance and regression. Keep pushing. Step Eight: Anchor the changes in Corporate Culture Finally, to make any change stick, it should become part of the core of your company. Your corporate culture often determines what gets done,

IAN FERGUSON BY

so the values behind your vision must show in day-today work. NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

Trust meets BAIC over National Park proposal BAHAMAS National Trust (BNT) officials yesterday met with newlyappointed Bahamas Agricultural and Industrial Corporation (BAIC) general manager, Rocky Nesbitt. The meeting was held to follow-up on a proposal to establish Sweeting’s Pond in Hatchet Bay, Eleuthera, as a National Park. Eric Carey, the BNT’s executive director, said the group has discovered the highest concentration of sea horses anywhere in the world in Sweeting’s Pond, which he described as “a site that is of global bio-diversity conservation significance”. Mr Carey said The Bahamas has an opportunity and obligation to protect this resource. The BNT is seeking to partner with BAIC

to establish a National Park that provides environmental protection and significant economic benefits to

Central Eleuthera. Pictured from left are: Bahamas National Trust executive director, Eric

Carey; Bahamas National Trust parks planner, Chantal Curtis; and BAIC’s general manager, Rocky Nesbitt.

Thompson, minister of state for Grand Bahama (third from left); Michael Pintard, minister of agriculture and fisheries, (fourth from right); Iram Lewis (third from right), minister of state for disaster preparedness,

management and reconstruction; and Harcourt Brown, permanent secretary in the Office of the Prime Minister (second from left). Receiving the donation were Tyrie Moss, the GB

Cooperative’s chairman (centre); Janice Saunders, secretary (right); Iris Garland (assistant secretary) and an independent beekeeper, Mr Wildgoose (left). Photo: Andrew Miller/BIS

GB BEEKEEPERS AWARDED $20,000 IN FUNDING By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister’s Office on Grand Bahama has presented representatives of the Grand Bahama Beekeepers Cooperatives Society with a $20,000 grant to help rebuild the sector after Dorian. Making the presentation were Senator Kwasi

THE TRIBUNE

Friday, July 24, 2020, PAGE 3

Seek digital ‘boost’ amid COVID woe By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN companies must give themselves a “plus or a boost” amid the COVID-19 pandemic through establishing a sustainable digital component to their operations. Ricardo McHardy, lead digital marketer for Island Business Media, told Tribune Business: “We have been getting a lot of inquiries from clients who are

interested in developing digital solutions, software, e-commerce along with customer service, etc, for their brand and their overall operations. “We feel that we have been moving forward during this time of pandemic. Having at least a digital arm for your company or organisation would be a plus or a boost moving forward in the digital age and the age of information.” He added: “A company like Amazon, they have

Abaco: ‘Lockdown last thing we need’

FROM PAGE ONE

echoed by Roscoe Thompson, the Marsh Harbour/ Spring City Council’s head, who said the island would be “in a world of trouble” if the Minnis administration imposes restrictive measures that halt or impede reconstruction work. He conceded, though, that COVID-19’s arrival meant Abaco is now facing “a double edged sword” between imposing restrictions to save lives and avoiding any further delay to property repairs that must be completed before peak hurricane season. Both men spoke hours before four more COVID19 cases were confirmed on Abaco’s surrounding cays, adding to the two detected the day before. The Ministry of Health said three infected persons were found on Moore’s Island and another on Great Guana Cay. No further details were provided, but the the Baker’s Bay Golf & Ocean Club confirmed that the first two cases uncovered on Wednesday were connected to its project. One, an employee of Bahamian contractor, FES, was said to have a history of travel between Abaco and Grand Bahama, the latter being the island that has seen a huge spike in COVID-19 cases since the July 1 border re-opening. The second was one of the 135 Mexicans brought in to work on Baker’s Bay’s $400m post-Dorian restoration. The latest Abaco-related cases, bringing the total number to six, were unveiled ahead of yesterday’s emergency Cabinet meeting to discuss the growing COVID-19 health crisis, which was still being held as Tribune Business went to press. “We’re very concerned. Right now everybody is holding their breath hoping these are isolated cases,” Mr Hutton told Tribune Business. “The last thing Abaco needs right now is a shutdown. A lockdown of any kind would be really, really detrimental to our progress. We’re definitely under the gun so are holding our breath that these [cases] are isolated incidents.” With Tropical Gonzalo gaining strength as it approaches the southern Caribbean, albeit presently

forecast to track away from The Bahamas, Mr Hutton said he “didn’t even want to consider” the prospect of lockdown restrictions that may disrupt Abaco’s recovery at a vital moment. “I think the setback would be far more detrimental than just the timeframe,” he added. “I think it would set us back multiples of the timeframe. It’s not just stopping work; everything has to be demobilised and remobilised. “It’s pretty scary. The repercussions of a shutdown here are far more serious than you would have elsewhere, with the exception of Grand Bahama, which is in a very serious situation. This is happening right just as we were starting to see some daylight in terms of reconstruction. Having everything shut down would be bad.” Mr Hutton said Abaco residents including himself were also questioning whether the island had the necessary medical facilities, and resources and professionals, to cope with a major COVID-19 outbreak. Confirming that the Marsh Harbour clinic was open and receiving patients, he added: “If there was a rush of COVID-19, that’s not something I want to contemplate right now.” The Abaco Chamber chief confirmed that the closure of The Bahamas’ borders to all commercial air and sea transport from the US with effect from Wednesday would have little impact on the island as traffic from that source todate had been minimal. He added, though, that Abaco second homeowners who were private pilots are still “coming in every day. That’s fine because they are going through the protocols before they arrive; the testing that has to be done. I’m confident that’s being done”. Mr Hutton suggested that COVID-19 had been brought to Abaco from Freeport, and said: “I’m not blaming Freeport; that’s just the way it is.... But we are suffering the consequences. I feel for Grand Bahama, I really do. Again, I have my fingers crossed hoping these are isolated incidents here. “What I saw today was people doubling down on the protocols. Where there might have been a bit of laxity, compliance has been restored. No one wants to take a chance with a

more or less triumphed during this time. Everything an organisation needed, they had already; they had at their disposal. Whether it’s e-commerce or software or web services, that’s what they do and that’s who they are, and they do it well, so everybody can learn from them.” Mr McHardy said other companies should now be able to execute their business remotely once they have an Internet connection and mobile device.

“If you want to survive nowadays, digital solutions are the way to go. We develop apps and we also do digital marketing. We focus on mainly retail and professional services,” he added. Mr McHardy said social media advertisements and social media brand awareness campaigns, along with explainer videos and brand design, are the “in things” that clients are seeking to minimise cost.

lockdown. There is still so much work to be done here and time is not our friend right now.” Mr Thompson, meanwhile, said he believed the government was likely to implement COVID-19-related restrictions of some sort upon Abaco in the coming days. “I can’t guarantee that, but they can’t allow this to get out of hand over here,” he added. “Do I think it’s going to affect what’s going on in the reconstruction? I hope not. But to contain it they have to put more limitations and restrictions in place if more cases break out over here. I guess it’s a double-edged sword.” The Marsh Harbour/ Spring City Council chief said his major concern was the lack of information coming from central government about how it was dealing with COVID-19’s emergence on Great Guana Cay. Adding that efforts to contact Abaco-based health officials and the island administrator had proven fruitless, Mr Thompson said the only information he had obtained was from a Facebook posting by James Albury, the central and south Abaco MP, who said a health team was being sent to Great Guana Cay to test all residents and Baker’s Bay workers. He voiced concern, though, that while Baker’s Bay’s Mexican workers were all residing in a barge moored off the cay, several hundred Bahamians working on the project were still being allowed to commute daily between Great Guana Cay and Marsh Harbour via ferry. “When those cases were announced there should be no more workers going to Great Guana Cay until the government gets a grip on it,” Mr Thompson said. “That’s still being allowed to happen.” Baker’s Bay, in a statement on the two cases connected to its project, said it had “already commenced a robust COVID-19 response, including but not limited to masking, physical distancing, a COVID-19-oriented cleaning protocol, contact tracing, self-quarantining and testing, all of which are being guided by the Ministry of Health protocols and professionals, as well as private medical professionals in The Bahamas”. It is unclear if yesterday’s Great Guana Cay case is also linked to the development. “I believe it’s just a matter of time before restrictions get tightened in Abaco. It’s scary,” Mr Thompson told Tribune Business. “That

would affect construction employment, and that’s one of my biggest concerns. We don’t have enough people to do construction, and have people from Freeport and Nassau coming to help the rebuilding. “That would affect us in a big way. It would be a real big blow to the rebuilding. We don’t want to put the community in panic, but police and the Defence Force need to be at both Bahamas Ferries terminals when the ferry comes in all the way down to the crossing to make sure people have masks. There’s really no order. “My concern is you cannot stop the people rebuilding in the middle of hurricane season. If they do tighten these restrictions Abaco will be in a world of hurt because roofs and buildings have not been repaired,” Mr Thompson added. “If a hurricane comes in three weeks..... “It’s double-edged sword. Such tough restrictions would affect us but I can understand why they would do it to contain the spread of COVID-19. It would end up hurting what little economy we have right now.” Mr Thompson said the only businesses operating in the Marsh Harbour area presently were grocery stores such as Maxwell’s; hardware stores such as Premier Importers and Abaco Hardware; liquor stores and gas stations.

NOTICE Notice is hereby given that BGRS Certificate No. 89-104 in the amount of $30,000.00 is lost. If this Certificate is found, please write to P.O. Box N-682, Nassau, Bahamas.

NOTICE NOTICE is hereby given that PHILIPPE AUGUSTE, Hastio Point Close, Stapledon P.O.Box CR54617, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 24thth day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE IN THE ESTATE OF LIVAN PYFROM late of 215 Monastery Park, in the Eastern District on the Island of New Providence, one of the Islands of the Commonwealth of the Bahamas. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 24th day of August, A.D. 2020 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late LIVAN PYFROM will be distributed among the persons entitled thereto having regard only to the claims of which the Personal Representatives shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated this 24th day of July, A.D., 2020. c/o PYFROM & CO Attorneys for the Administrators, No.259 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.

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.

‘Only 20% qualifying for average mortgage’ FROM PAGE ONE significantly to efforts of building a permanent, secure, affordable stock of housing”. It continued: “Current data points show that there are approximately 35,600 rented dwellings in New Providence and Grand Bahama. There are an estimated 30,000 applications requesting the use of crown land. “When doubling the average surface of a plot of land, 20,000 loan

applications would consume approximately two percent of the island of New Providence. Reduced costs imply an additional 20,000 buyers. The market potential is therefore estimated to be approximately $1bn in serviced lots and $5bn in housing assets. “The current market is $2.5bn of outstanding mortgage loans granted by the banking industry at the end of 2018. This is a very low number by almost any standard of measure. Based on the reduced acquisition cost, 40 percent of the

population would become eligible for an average mortgage loan, double the current rate of 20 percent, resulting in an additional 20,238 owners.” The BDB report added that the bank’s involvement in boosting the roll-out of affordable housing for Bahamians would also tie-in with the government’s land reform, National Development Plan and sustainable development goals, which include land reform that results in greater home construction and ownership.

To advertise in The Tribune, contact 502-2394

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, Friday, July 24, 2020

Chamber chief urges: Lockdown Nassau for Emancipation holiday FROM PAGE ONE 55 new cases - 39 of which were from Grand Bahama - were detected. A further five were found in New Providence, but Grand Bahama has now seen more cases than the capital since the pandemic’s start in mid-March. However, the Exuma Chamber chief questioned why the government was continuing to expose The Bahamas to COVID-19 ‘hot spots’ by keeping the country’s borders open to private boaters, private aviation and charter flights from the US. “That’s what we need to monitor very closely,” he told Tribune Business. “I am still baffled by that decision to be honest with you. I’m not sure I understand the logic behind it, but it is what it is. We should be very wary about having tourists from certain area coming to The Bahamas, and not allow that to happen. That’s the concern I have with the boaters.” The prime minister, addressing the House of Assembly, yesterday said the government would have been accused of breaching the country’s constitution and Bahamians’ civil liberties, resulting in major public push back and even

lawsuits, had it blocked Bahamians from travelling to Florida - and only allowed tourists in - once the borders re-opened on July 1. Dr Hubert Minnis argued that this was also discriminatory, but Mr Rolle said blocking locals and residents from travelling to Florida, in particular, was exactly what the government should have done in hindsight given that this was the suspected cause behind much of the COVID-19 infection surge. “People tend to be selfish and don’t see the bigger picture,” he argued. “I support the position that we ought not to have been going to Miami other than for emergencies such as medical. It’s silly for us to be going to Miami based on what we’re hearing unless there’s dire or compelling circumstances. “When we opened, and saw things spiking in Miami, we should have made the decision that Bahamians can’t go to Miami. In this environment it was not just at your own risk, but when you’re coming back you place everyone else at risk.” Sandals Emerald Bay, Exuma’s largest resort, closed again on Wednesday after commercial air transport links with the

THE TRIBUNE US severed. Mr Rolle said this represented not just an economic but also a psychological hit for the island’s residents and other businesses. “I think it’s a devastating blow on two fronts,” he explained. “It’s devastating because of the actual financial impact it has on those people who had begun to work and earn some income again and, even beyond that, there’s the psychological impact. “Sandals gives the local economy a sense of hope and measures, in a real sense, how we’re doing. When you take that away it’s a big loss of impetus. There’s the multiplier effect that impacts the small businesses relying on Sandals, and there’s a depressing impact on people’s emotions. People are beginning to wonder if they’re going to make it, and what the rest of the year will look like, because Sandals has shut down.” Suggesting that other Exuma-based resorts may also close for some time, Mr Rolle added: “I’m not as optimistic. I’m uncertain due to the closure of Sandals and the other businesses on the island. I think it’s going to be very tough running really for the rest of the year. “I don’t see any economic recovery, a huge number of people are unemployed and that’s going to happen in Exuma as well as other islands. Islands without an anchor project are not going to feel it as much. We’re going to feel it in a real way. Exuma is in for a tough six months.”

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NOTICE

LEUNA HAIZEA LIMITED

Small business faces $748m ‘financing gap’ FROM PAGE ONE Non-performing loans to the SME sector are high relative to consumer lending.” The BDB report derived its figures from first marrying the IDB’s work with the $544.5m combined commercial lending portfolios of CIBC FirstCaribbean International Bank (Bahamas) and Scotiabank (Bahamas), adding: “Data from the SBDC estimates that there are 22,500 SMEs and the total MSME turnover to be equal to $4.2bn. “This would imply the average market gap per company is approximately $8,000, with an average turnover of $185,000. When applying a conservative working capital requirement equal to one month of turnover (for example, the financing of accounts receivable aged under 30 days), the market gap is estimated to be almost twice as big ($15,400). “General commercial terms of financing could finance accounts receivable aged up to 60 days, and under these conditions there is an implied financing gap of $30,800 or a total of $693m.” International Financial Consulting obtained its top-end $748m “financing gap” estimate by turning to gross domestic product (GDP) and the 15 percent SME loan approval rate into the equation. “The determination of the market gap at between $693m to $748m using these two

methodologies is considerably higher than the IDB’s estimate,” the BDB strategic plan said. “And whilst IDB has estimated the finance gap to be $180m, a range between $180m to $605m was said to exist. The macro estimate made by these two calculations is much closer to the high end of IDB’s range. It is believed this higher threshold range of $605m to $693m is much closer to economic reality.” The “financing gap” estimates reiterates that Bahamian small and medium-sized enterprises (SMEs), considered the driving force behind growth, innovation and job creation in most economies, continue to be starved of capital by a risk averse banking and credit system that fails to properly meet the sector’s needs. The government has sought to assist through the creation of the SBDC and other entities, such as the Bahamas Entrepreneurial Venture (venture capital) fund, but the International Financial Consulting Report - which was completed after the COVID-19 pandemic started - suggests much work remains to be done and that these initiatives have merely scratched the surface of a much larger problem. The estimates were also made to indicate that a large potential borrower market exists for the Bahamas Development Bank, which still has a long way to go to achieve its ambitions despite the House

of Assembly’s Wednesday approval for the conversion of $37m in bonds to a longterm, 20-year loan from the National Insurance Board (NIB) that carries a 3.94 percent interest rate. While that is below Bahamian Prime, the 4.25 percent benchmark that commercial banks use to price their loans, the BDB’s last audited financials for the 12 months to end-2018 show an institution with a $62.536m “accumulated deficit” representing the combined losses it has racked up since its creation in the early 1970s. The Bahamas Development Bank’s net worth was a negative $33.302m at that point, meaning that its total assets of $38.18m were dwarfed by total liabilities of $71.482m, thereby rendering the state-owned institution insolvent without continuing taxpayer support. Its external auditors, BDO Bahamas, qualified the financial statements in saying: “The bank’s total liabilities exceeded total assets by $33.302m, and it has an accumulated deficit of $62.536m as at December 31, 2018. “However, the directors are satisfied that the bank is a going concern and that the preparation of these accounts on this basis is appropriate since the bank has been receiving financing from the Government of The Bahamas. The bank will continue to rely on the government’s support in the foreseeable future.”

LEGAL NOTICE

NOTICE

FIFTY FIFTY ASSETS LIMITED

LOTUS WORLD LIMITED

N O T I C E Is HEREBY GIVEN as follows:-

LEUNA HAIZEA LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

FIFTY FIFTY ASSETS LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

LOTUS WORLD LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 17th June, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The dissolution of the said company commenced on the 17th July, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of July, A. D. 2020

________________________________ Bukit Merah Limited Liquidator

LEGAL NOTICE

________________________________ Bukit Merah Limited Liquidator

LEGAL NOTICE

NOTICE

LEGAL NOTICE

NOTICE

NOTICE TRANS INTERNATIONAL MERCHANT COMPANY LIMITED

LAMARMORA LIMITED N O T I C E Is HEREBY GIVEN as follows:-

N O T I C E Is HEREBY GIVEN as follows:-

LAMARMORA LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 17th July, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

TRANS INTERNATIONAL MERCHANT COMPANY LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

The dissolution of the said company commenced on the 17th June, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of July, A. D. 2020

PINPOINT LIMITED N O T I C E Is HEREBY GIVEN as follows:a)

PINPOINT LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 17th June, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of July, A. D. 2020 ________________________________ Bukit Merah Limited Liquidator

________________________________ Bukit Merah Limited Liquidator

________________________________ CST Administration (Bahamas) Limited Liquidator LEGAL NOTICE

LEGAL NOTICE

NOTICE

PROTECCION FAMILIAR LTD.

EDELWEISS MANAGEMENT LTD.

MARKET DECADE HOLDINGS LIMITED

N O T I C E Is HEREBY GIVEN as follows:-

PROTECCION FAMILIAR LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

EDELWEISS MANAGEMENT LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 17th July, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 24th day of July, A. D. 2020 ________________________________ Octagon Management Limited Liquidator

LEGAL NOTICE

N O T I C E Is HEREBY GIVEN as follows:a)

MARKET DECADE HOLDINGS LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 17th July, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands. Dated this 24th day of July, A. D. 2020 ________________________________ Leeward Nominees Limited Liquidator

THE TRIBUNE

Friday, July 24, 2020, PAGE 5

‘Nothing off table’ over Bahamasair cost-cutting plans FROM PAGE ONE the world as airlines are parked, not flying, airlines are filing for bankruptcy. Bahamasair is supported by the government and the people of The Bahamas, yet its staff are fully paid yet (there is) no work. “I spoke to my colleagues this morning in the Caribbean, and at some point in time we will have to make a decision, and I’m not saying we’re doing that now, but at some point in time (we will have to make a decision about) whether Bahamasair staff who are sitting there and the aircrafts who are sitting there, should we pay them a percentage of their pay? Let’s say 70 percent and defer the other 30 until things have changed.” Dr Minnis continued: “Barbados was successful in issuing what they call compulsory bonds and keeping everyone employed. I don’t believe in laying off, but (Barbados) is reducing their salary by a higher percentage and that bond is paid back to them over an 18-month span, but with the compulsory bond they are guaranteed their salary. At some point in time we will have to make that decision. “Whether we follow what is happening around the world with mass lay-offs,

which causes serious problems — so I have issues with that — as opposed to reducing individuals’ salary, deferring a potion of their salary, but they’re guaranteed it until our pandemic is resolved and our economy starts to grow. “The nation must always come first. Politicians would be afraid to make such decisions because of possible outcomes, but sometimes as politicians we must make difficult decisions in the interest of the nation or we all drown. At least give the nation an opportunity, the future generation an opportunity to swim and become best swimmers of the world.” Salary deferrals would mean Bahamasair staff would only receive a portion of their regular pay cheque, with the balance deferred to a later date when border restrictions are removed and the airline resumes a full flight schedule. But implementing any deferrals will likely run into significant opposition from both workers and their trade unions. Mr Turnquest confirmed, though, that the national flag carrier has little choice but to implement cost-cutting measures after all its US routes - as well as services into Freeport - were shut down earlier this week to help the Government get a grip on COVID-19. “Nothing is off the table. By that I mean we have to look at everything,” he told Tribune Business. “I’m going to tell you we have to look at everything.” Mr Turnquest, though, declined to detail the measures Bahamasair may be exploring, adding: “I’ll have discussions with the government, discussions at board level, discussions with the management, and then

LEGAL NOTICE

NOTICE

GOHSTAR FAMILY LIMITED N O T I C E Is HEREBY GIVEN as follows:a)

GOHSTAR FAMILY LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 17th July, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of July, A. D. 2020 ________________________________ Bukit Merah Limited Liquidator LEGAL NOTICE

NOTICE

SAVIOUR LIMITED N O T I C E Is HEREBY GIVEN as follows:a)

SAVIOUR LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. The dissolution of the said company commenced on the 17th June, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General. The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 24th day of July, A. D. 2020 ________________________________ Leeward Nominees Limited Liquidator

they’ll have discussions with the union. I don’t want to pre-empt any of that. He indicated, though, that there were no plans for terminations or staff downsizing. Tracy Cooper, the national flag carrier’s managing director, told Tribune Business that Bahamasair’s jet fleet had been grounded by the suspension of the Florida routes. “We’ve lost the whole of the last financial year,” he added, referring to COVID-19 and Hurricane Dorian. “It’s been devastating for the airline. “Obviously we’re going to have to make some adjustments. We’re looking to see what measures we will have to take. There will have to be some material measures. What those are, we’re discussing internally to take into consideration the further reduction in revenues.” Bahamasair previously estimated that it lost $10.5m as a result of its near-three month COVID-19 shutdown earlier in the year, as it was forced to cover staff salaries and other overheads on zero revenue income. That, together with an $8m loss from Dorian, translates into a total $18.5m hit that will be felt in the results for its just-closed 2020 financial year. “In the financial year ending on June 2019, our revenues were $92m,” Mr

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LATOYA D. MUNROE of Faith Gardens, P.O.Box AP-59024 Nassau, The Bahamas, mother of HUNTER ROBERT HAROLD MOSS A minor intend to change my child’s name to HUNTER ROBERT HAROLD MOSS MUNROE If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

TOMMY TURNQUEST Turnquest told Tribune Business earlier this week. “This year it’s going to be around $70m.” The latest lockdown, coming just three weeks into the airline’s new financial year, means the COVID-19 direct impact will also be felt in its 2021 financial results for at least the first quarter. With taxpayers already pumping an eight-figure sum annually into Bahamasair to keep it flying prior to COVID-19, Mr Turnquest said “you don’t have to be a rocket scientist” to realise that a further cash call on the Public Treasury beyond the $19m provided in the 2020-2021 budget will be forthcoming.

IMV Investments Ltd. Voluntary Liquidation NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:a)

IMV Investments Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000.

The dissolution of the said Company commenced on 22nd July 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Streets, P.O. Box N-4865, Nassau, Bahamas.

Amicorp Bahamas Management Limited Liquidator LEGAL NOTICE

To advertise in The Tribune, contact 502-2394

SCREENFIELDS HOLDINGS LIMITED

_________________________________________

NOTICE NOTICE is hereby given that JAMES VINCENT SCOTT BLACQUIERE, Charlotteville lot #14, CB-11524, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 24thth day of July 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of SCREENSFIELD HOLDINGS LIMITED is hereby called to be held in Sao Paulo, Brazil, on the14th day of August, 2020 at 12o’ clock in the forenoon.The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, Marcia Melo Campos Pahl, showing the manner in which the winding up of the Company has been conductedand also to hear any explanation that may be given by said Liquidator.

Dated the 24th day of July,2020. Marcia Melo Campos Pahl LIQUIDATOR of SCREENFIELDS HOLDINGS LIMITED

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 23 JULY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,104.98 | CHG: 5.91 | %CHG: 0.28 | YTD: -126.62 | YTD%: -5.17 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 3.90 CHL 6.16 CIB 11.26 CWCB 2.46 DHS 5.10 EMAB 10.02 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 3.90 6.16 11.26 2.45 5.10 10.02 8.44 14.30 3.99 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 -0.01 0.00 0.00 0.00 -0.20 0.19 0.00 0.00

200

6,990 3,000

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

P/E 13.2 18.7 N/M N/M N/M N/M 18.3 -6.3 36.1 21.2 13.7 15.6 24.0 10.9 15.5 11.6 17.5 19.7 9.6 24.1

YIELD 5.40% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.08% 3.57% 6.39% 17.71% 1.18% 3.27% 2.84% 3.78% 3.01% 2.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

MATURITY

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.50% 6.25% 3.50% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2022

MUTUAL FUNDS

LEGAL NOTICE

NOTICE

TEFOIL LIMITED N O T I C E Is HEREBY GIVEN as follows:a)

TEFOIL LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. The dissolution of the said company commenced on the 17th June, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General. The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

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

Dated this 24th day of July, A. D. 2020 ________________________________ Leeward Nominees Limited Liquidator

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

NAV Date

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

PAGE 8, Friday, July 24, 2020

THE TRIBUNE

A WORLD IN ISOLATION, A SURGE OF NEW USERS FOR TWITTER LONDON Associated Press THE global pandemic and US protests are forcing a pullback by advertisers on Twitter, but it’s also led to an unprecedented surge of users. Average daily user growth spiked 34% in the second quarter, the company said yesterday, the largest jump in users ever recorded by the company. In an earnings call, CEO Jack Dorsey addressed an embarrassing hacking incident last week that compromised the accounts of high profile users, saying he

felt “terrible” about it. Shares of San Franciscobased Twitter bounced 4% higher in yesterday trading. But the company took a huge tax hit to earnings, posting a net loss of $1.2bn, or $1.56 per share, in the April-June period, compared with profit of $1.1bn, or $1.43 per share, a year earlier. Revenue fell by about a fifth to $683m, far short of the $702m Wall Street had expected, according to a survey of analysts by FactSet. Twitter’s advertising business was hit harder than its larger rivals Google and Facebook, and analysts had expected the bleeding to continue in the second

quarter. The company said ad revenue made a “gradual, moderate recovery” relative to levels in March but many brands then slowed or paused their spending in late May to mid-June, following the outbreak of Black Lives Matter protests in the US. “We continue to see headwinds from lower global advertising demand due to COVID and civil unrest,” Dorsey said. Ad revenue fell 15% in the last three weeks of June, which was better than the 27% decline in the final three weeks of March, with advertiser demand returning as the protests subsided, Chief Financial Officer Ned Segal

said in the earnings call. New users have been flocking to the platform as they isolate, with the number of daily active users jumping to 186 million. “Twitter’s strength as a news and entertainment source has helped buoy engagement during the pandemic as housebound consumers use the platform for real-time news and information,” said eMarketer analyst Jasmine Enberg. But she does not expect this to continue as stay-at-home restrictions begin to lift and people start returning to more normal routines. The earnings were overshadowed by the continuing

fallout from a hack last week that targeted 130 accounts, including world leaders, celebrities and tech moguls, and appeared designed to lure their Twitter followers into sending money to an anonymous Bitcoin account. The company revealed more details on Wednesday, saying hackers accessed the direct message inboxes of 36 accounts, including an elected Dutch official. It didn’t identify the official but Dutch anti-Islam lawmaker Geert Wilders said it was him. “Last week was a really tough week for all of us at Twitter,” Dorsey said. “We feel terrible about the

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 73° F/23° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny with a thunderstorm

Partly cloudy, a t‑storm in spots

Some sun with a shower or t‑storm

Some sun with a t‑storm in spots

Mostly sunny

Partly sunny, a t‑storm in spots

High: 88°

Low: 76°

High: 88° Low: 78°

High: 89° Low: 78°

AccuWeather RealFeel

98° F

83° F

97°-85° F

100°-87° F

101°-87° F

100°-86° F

High: 92° F/33° C Low: 77° F/25° C

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

almanac

ABACO

High: 86° F/30° C Low: 80° F/27° C

8‑16 knots

WEST PALM BEACH High: 89° F/32° C Low: 77° F/25° C

7‑14 knots

FT. LAUDERDALE E

FREEPORT

High: 89° F/32° C Low: 79° F/26° C

High: 89° F/32° C Low: 76° F/24° C

MIAMI

High: 91° F/33° C Low: 79° F/26° C

7‑14 knots

KEY WEST

High: 87° F/31° C Low: 78° F/26° C

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 76° F/24° C

High: 86° F/30° C Low: 80° F/27° C

uV inDex toDay

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

tiDes For nassau Low

Ht.(ft.)

Today

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

High

Ht.(ft.) 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

Wednesday 3:36 a.m. 4:24 p.m.

2.6 3.2

9:52 a.m. 0.1 10:53 p.m. 0.6

Thursday

2.6 3.3

10:52 a.m. 0.1 11:55 p.m. 0.5

4:40 a.m. 5:24 p.m.

sun anD moon Sunrise Sunset

6:34 a.m. 7:59 p.m.

Moonrise Moonset

10:29 a.m. 11:16 p.m.

First

Full

Last

New

Jul. 27

Aug. 3

Aug. 11

Aug. 18

CAT ISLAND

High: 87° F/31° 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 .................................................... 78° F/26° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.13” Year to date ............................................... 28.96” Normal year to date ................................... 18.30”

security incident that negatively affected the people we serve and their trust in us.” Twitter executives deflected questions on another challenge: a social media ad boycott running for at least the month of July, and therefore not counted in the second quarter. Facebook is the primary target of the boycott by hundreds of advertisers over its policies and actions on hate speech and misinformation. Its effect on Twitter is less clear, with some advertisers pausing ads on all social media, though some analysts believe some ad dollars could be redirected away from Facebook to Twitter.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 82° F/28° C

High: 86° F/30° C Low: 81° F/27° C

High: 88° F/31° C Low: 80° F/27° C

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 81° F/27° C

8‑16 knots

MAYAGUANA High: 88° F/31° C Low: 83° 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: 80° F/27° C

High: 87° F/31° C Low: 81° F/27° C

GREAT INAGUA High: 89° F/32° C Low: 83° F/28° C

N E

10‑20 knots

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

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

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

WAVES 3‑5 Feet 3‑6 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet 3‑6 Feet 3‑6 Feet 4‑8 Feet 3‑5 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 3‑6 Feet 4‑7 Feet 3‑5 Feet 3‑5 Feet 4‑7 Feet 5‑9 Feet 1‑3 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet

VISIBILITY 7 Miles 10 Miles 4 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 83° F 83° F 82° F 82° F 85° F 86° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F