07272020 BUSINESS

business@tribunemedia.net

MONDAY, JULY 27, 2020

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Real estate sales in ‘shocking’ 92% drop

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

EAL estate industry data has revealed that Bahamian property sales volumes crashed by “a shocking” 92 percent year-over-year at the height of the COVID-19 pandemic.

Timothy Smith, of Better Homes and Gardens Real Estate MCR Group Bahamas, told Tribune Business that his analysis of data from the sector’s Multiple Listings System (MLS) showed a “significant decline” for the 2020 second quarter and half-year as the sector and wider economy were placed into a near-total lockdown.

For the April-June period, Mr Smith said his research showed that total real estate sales by value fell by 75 percent compared to the same period in 2019, while the volume (number) of transactions dropped by 92 percent.

Total transactions, as

• Realtor: Data exposes COVID-19’s full impact • ‘Significant decline’ during lockdown’s peak • Buyers ‘won’t pull trigger’ without seeing

measured through sales and rentals listed on the MLS, dropped by 72 percent, Mr Smith added, with rentals down some 46 percent. His data indicated that COVID-19’s effects were also starting to be felt during the 2020 first quarter, with the total combined dollar value of sales down 44 percent and the number of transactions off by 48 percent year-over-year.

Rental deals helped partially cushion some of the blow for the January-March 2020 period, with sales and rentals combined just off by 15 percent compared to the 2019 first quarter.

Combining the two quarters for the half-year to June, Mr Smith said the total value of combined real estate sales involving properties listed on the MLS system was down by 58

Retailers mixed on lockdown ‘suicide’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN retailers gave a mixed reaction to the reimposition of weekend lockdowns with some branding it as akin to “economic and national suicide” and others backing the prime minister’s move.

Egan Kemp, president of Eunison Company, the Shoe Depot parent, told Tribune Business that Dr Hubert Minnis’ response to the latest surge in COVID19 cases - of which 16 more were disclosed yesterday - was “actually making the

situation worse by choking off” the little economic activity that is taking place.

Arguing that COVID-19 will likely remain a threat for months, if not years, to come, Mr Kemp warned that The Bahamas must learn to live with the virus and learn to manage the associated risks by adhering to mask wearing/social distancing health protocols otherwise the country will have “no economy” left.

However, Andrew Wilson, Quality Business Centre’s (QBC) principal, told this

SEE PAGE 6

Private pilots targeting ‘instantaneous’ rebound

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A LEADING private pilot believes the Bahamas will enjoy an “instantaneous” rebound from COVID-19 in that aviation market after record numbers signed up for a regular November flight to Long Island.

Jim Parker, president of Caribbean Flying Adventures.com, a top pilot’s guide for planes flying in the region, told Tribune Business that The Bahamas was “still the number one”

Caribbean destination for private aviators despite the successive increase in fees and other levies imposed on the industry in recent years.

“I think it’ll be immediate,” he predicted of the sector’s post-COVID-19 recovery.

“I put an announcement out three weeks’ ago about the November trip we make to Cape Santa Maria (Long Island), and in 12 hours we had 25 planes signed up.

“That’s never happened before. If we get this thing over, the comeback will be

SEE PAGE 6

percent compared to 2019 levels, while sales volumes had plunged by 68 percent.

The total number of transactions, which includes sales and rentals, was some 42 percent lower in the first six months of 2020.

Mr Smith did not disclose gross figures, just percentages, but the latter gives an insight into the extent of the COVID-19 blow suffered by one of The Bahamas’ major industries. And, while the MLS typically captures between 40-60 percent of all listed properties, the sample size is still thought strong enough to provide a basis for determining what is happening in the overall market.

“A lot of that reduction in dollar amount, it all comes down to foreign buyers being unable to travel,” Mr Smith told Tribune Business.

“Canadian buyers, if they go back, have to quarantine for 14 days. It’s causing a lot of people to stop travelling.

“It’s not common for people to buy a property without seeing it. We’re pushing virtual sales but, at the end of the day, a lot of people are not going to pull the trigger without seeing it.

It’s very rare that someone pulls the trigger on a property without seeing it. The second quarter numbers are very shocking.”

Shocking, but probably not surprising given the extent of the initial COVID-19 lockdown and restrictions that have been imposed on Bahamian realtors when it comes to the physical viewing of properties with clients. While many realtors have subsequently

SEE PAGE 4

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Govt ‘recalibrates’ to avoid tourism strangle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is continuing to “recalibrate” its COVID-19 travel protocols to give Bahamians “substantial protection without absolutely strangling tourism”, the attorney general said yesterday.

Carl Bethel QC told Tribune Business that internal administration discussions were continuing over “a onesize fits all approach” that would balance The Bahamas’ health and economic needs, with the issue of private aviation among the topics being assessed.

The attorney general, responding to this newspaper’s inquiries, on Friday sent a What’s App message disclosing that clause 26 of the Emergency Powers (COVID-19 Pandemic) (No.2) Order 2020 was set to be amended to require visitors arriving by private aviation - private pilots who disembark, their passengers and charter occupants - to quarantine for 14 days.

“Clause 26 dealing with ‘visitors’ will be extended to capture private jets. Amendment being drafted,” Mr Bethel wrote then. This would have brought visitors

CARL BETHEL QC entering The Bahamas via private aviation into line with those coming by commercial airlines who, via that same order and clause 26, are required to quarantine for 14 days and then produce a negative COVID-19 PCR test result before being released.

However, that position appeared to have changed yesterday. Mr Bethel told Tribune Business that those arriving by private aviation will not have to quarantine, and - as before - must produce a negative COVID-19 negative PCR swab test taken within ten days of travel and an approved Bahamas health visa to enter this nation.

“The order, as framed, was targeting the mass market

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PAGE 2, Monday, July 27, 2020

THE TRIBUNE

Tax exemption potential for Marley house buyer POTENTIAL buyers of an eastern New Providence property owned by the late Bob Marley’s wife may be able to access real property tax exemptions due to its “historic” status.

Engel & Völkers, the Bahamian real estate firm marketing La Randa for sale, said the house was thought to have been built by a well-known rum runner during the US prohibition era of the 1920s and 1930s.

“Under the house was a tunnel that came from

the sea and led to the basement of La Randa. The brick walls and tavern-like windows in the basement level of the house certainly inspire the imagination,” said listing agent Silvina Andrews.

“The property is one of its kind. Whether you want something authentic to build an island lifestyle around or operate a vacation home that stands out with tremendous marketing potential, this is a real gem.

A new owner can apply for

the Historic Register, which would allow for the exemption of real property tax.”

Because of its brick structure, La Randa was used as a shelter during the Great Hurricane of 1929 and is said to be one of two homes in the area left intact after the storm. Buyers will also have membership in the nearby Palm Cay development.

The home is currently owned by Rita Marley, the late Bob Marley’s wife and part of the legendary, Bob Marley & The

‘La Randa’ home for sale.

Wailers. Originally born in Santiago de Cuba in July 1946, Rita Marley came with her family to Jamaica when

she was a toddler. She was a singer and manager of the Soulettes, the group that later became the i-Threes

and were backup vocalists for Bob Marley & The Wailers. She married Bob Marley in 1966.

MINISTRY BIDS TO HELP LONG ISLAND FARMERS FARMERS in Long Island have identified immediate assistance with land clearing, entry into the poultry market and the introduction of shrimp farming as critical to expanding the island’s agriculture output.

The concerns were raised during a virtual meeting hosted by the Michael Pintard, minister of agriculture and marine resources, which brought together key personnel from all related sub agencies along with the island’s farming community.

Chaired by Joel Lewis, the ministry’s permanent secretary, Mr Pintard said the government and farmer equally split the costs associated with land clearing equipment such as tractors.

The Ministry of Agriculture is also working on restoring the packing house in Clarence Town, which is

expected to be completed

by July’s end.

Gregory Bethel, from the Department of Marine Resources, told farmers that Long Island had been identified for the creation of various Marine Protected Areas (MPAs). He said a team was currently in the process of trying to set up virtual meetings, or visit the island, to come to a meeting of the minds with residents.

Legislation now mandates that some 20 percent of marine areas fall under protection.

For persons interested in shrimp farming, Mr Bethel advised that the first step was to create a business plan before seeking funding from the Small Business Development Centre (SBDC) for their project. He said the marine resources unit could assist interested persons with

preparation of the project proposal.

From a national perspective, Mr Lewis announced the Ministry’s intention to transform the Gladstone Road Agricultural Centre (GRAC) into a technologydriven space that provides acreage for young agriculturalists and agriprenuers who need land to launch their businesses. The government is also looking to implement a public-private partnership (PPP) over management of the feed mill in New Providence.

Currently being rolled out, in conjunction with the Bahamas Development Bank (BDB), is the Community Poultry Project that will kickstart broiler and egg production for small farmers. Farmers in Grand Bahama and Abaco are receiving layers, feed and other support to begin, and other islands will shortly be included.

Andrew Pinder, of the Department of Agriculture, told farmers it was also supporting farmers who are involved in table egg or layer production. The goal is to expand the programme to registered farmers who already have layer chickens and suitable space for livestock production.

“We will supply chicks to all major islands and target groups, including schools with a livestock programme, and housewives.

We will be providing chicks, feed until the birds are at least 26 weeks old, bedding and technical assistance.

Participants must provide data related to any mortalities, challenges, successes.

When they get to the sale or use of the eggs we will collect the information,” he said.

Mr Pinder added that the department also wants to know about any partnerships or cooperatives formed among the farmers.

He said the layer chicks are being offered at no cost, and it was an opportunity for persons to increase their operation.

Mr Lewis, meanwhile, also listed a crop forecasting programme being implemented by the Ministry’s policy and planning unit, which will identify what produce is currently in the ground and what can be expected over next 90 days. This will allow the government to better control the importation of fruit and vegetable. By creating a registry/schedule, hotels and restaurants will also feel more confident ordering produce locally.

An addition to the crop forecasting programme will be the creation of a new regulatory environment for agriculture. Farmers have long been concerned that they have not been given adequate access to the domestic market.

Moving forward, the government plans to implement

legislation that enforces the purchase of local produce.

Investors, hoteliers and restaurants will be required to purchase at least 40 per cent of their produce from the Bahamian agriculture sector, while the government will be required to meet at least 70 percent of its needs locally.

Brickell Pinder, head of the Ministry’s policy and planning unit, told farmers a special framework for the Ministry’s response to COVID-19 had been created. The eight-point framework includes an expansion of crop production to support the ability of the domestic agriculture sector to provide all of the vegetables needed for Bahamians to maintain a healthy lifestyle.

The framework also takes a look at the impact hurricanes and natural disasters have on the farming community and the nation’s food security levels. Jeri Kelly, an officer with the policy and planning unit, explained the ministry was driving a hydroponics programme, set to launch on August 1, with the objective to intensify local food production.

The progamme will provide participants with training and development – both online and onsite, plus access to the hydroponics systems that will take the form of a 50/50 partnership with the government paying half and the farmer paying half. Monthly payments will begin 120 days after the start of the operation.

Technical, record keeping and management support will also be provided. Participants must meet certain criteria, including having access to land and water resources. The Ministry hopes to attract young persons and recent graduates to support the launch of their entrepreneurial venture.

Ms Pinder indicated the Ministry is working with Keith Daley, senior food technologist, to develop food processing modules.

She noted that overproduction of certain produce is an issue in some areas, but the creation of value-added items, such as sauces and jams, can increase profit levels for farmers.

The ministry will also be launching a series of webinars, along with supporting literature and other materials, to encourage Bahamians to eat healthy.

The emergency food programme on health will be shared with farmers and the public.

The Ministry also announced it is holding a free six-week course in “Good Agricultural Practices”. The focus is on post-harvest practices and targets farmers and persons along the food supply chain.

THE TRIBUNE

Monday, July 27, 2020, PAGE 3

Doctors Hospital moves over healthcare barriers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR Doctors Hospital executive says it has moved to combat “access and affordability barriers” to healthcare stemming from COVID-19 job losses and increasingly stringent insurance policies.

Dennis Deveaux, the BISX-listed healthcare provider’s chief financial officer, told the Andros Business Outlook conference that onerous “out-of-pocket” and deductible terms were effectively making health insurance policies “nonviable” as a means of giving Bahamians access to quality private healthcare.

He cited, as an example, one medical insurance policy that set a “room rate cap” of $375 per day regardless of the severity of the patient’s illness. When compared to the $5,000 per day room rate charged

by South Florida’s Cleveland Clinic for an intensive care unit (ICU) bed, Mr Deveaux argued that this was “not insurance at all”.

With thousands of Bahamians also having lost, or in danger of losing, their employer-sponsored group health insurance due to the wave of business closures, temporary lay-offs and

DENNIS DEVEAUX permanent terminations associated with COVID19, he added that Doctors Hospital had introduced its Loyalty Advanced Membership Programme (LAMP) to ensure persons could still access its facilities for care.

Detailing the various elements involved in LAMP, Mr Deveaux said that for $40 per month persons could access unlimited primary care from a Doctors Hospital physician plus obtain two free scans/ images in any given year.

And, for $20 per month, the BISX-listed healthcare provider will “waive” all out-of-pocket fees and deductibles associated with any “out-patient” services it provides on the basis that “money cannot be a pre-condition” determining whether Bahamians get access to healthcare.

Mr Deveaux acknowledged that Doctors Hospital

is now “confronting the economic reality” faced by all global healthcare providers due to the COVID-19 pandemic, “which is access and affordability” to healthcare for thousands of persons and their dependents.

“As people lose their jobs, which is something that is happening all around us, it’s clear that because insurance is most commonly tied to your place of employment, people are ultimately going to lose their insurance,” he added.

“That reduces access to private quality healthcare.

“But even for those fortunate to keep their employment, we’ve recognised there’s an increasing trend of what we refer to as consumer-driven plans.

Consumer-driven plans are where the out-of-pocket obligations for the person who walks in with the insurance card, those obligations are so significant that it almost renders the product itself non-viable financially.

“This is your co-payment or deductible that may he as high as 40 percent. I saw a plan just yesterday that had a room rate cap of $375 a day regardless of the acuity of the patient. So, to put that into perspective, if you go to the Cleveland Clinic in South Florida, the daily

Information firm’s new HQ marks its 20th anniversary SUNRYSE Information Management has celebrated its 20th anniversary in business by opening its new 38,000 square foot headquarters building on Fire Trail Road.

The full-service information management company was started in 2000

by Chris Sawyer and his wife, Nadine, as a mobile shredding business in response to corporate client demand from ways to safely dispose of confidential files.

FROM left: Building architect Carlos Hepburn, The Design Group; children Jared and Alisa Sawyer; Nadine and Chris Sawyer, owners of Sunryse Information Management; and Chris’ parents, Senator Dwight and Flora Sawyer.

Its operations expanded to additional information management solutions, including cataloging and storing physical files, plus scanning and imaging documents for digital access.

In September 2016, the

company rebranded and became Sunryse Information Management.

“Sunryse has always been a solutions-driven company.

Twenty years ago, we looked at how our services could enhance the way clients

room rate for ICU (intensive care) level would be in excess of $5,000 a day,” Mr Deveaux continued.

“So the insurance plan that has a $375 per day room rate is not insurance at all. We strategised and talked about what we could do to lower the barriers to access and make it more affordable to access Doctors Hospital.”

This, Mr Deveaux explained, prompted LAMP’s introduction. For $40 per month, its prepaid plan component gives patients as much access to a Doctors Hospital primary care physician as they need without any limits.

Besides the two free imaging scans per year, the Doctors Hospital executive added that the plan also gives a female member and their mother the chance to have one mammography per year to combat breast cancer.

“We have provided along with that a host of other discounts to make the service line more affordable,” Mr Deveaux said. “The reaction has been phenomenal. It’s something we’re looking to deploy beyond Nassau...

“The price of access is only really good if people can afford it. We think at

$40 per month that’s the right price point that allows people access to private, world-class healthcare.”

Turning to LAMP’s second element, Mr Deveaux said this featured a $20 per month “insurance supplement” that provides “a complete waiver of whatever out-of-pocket obligations exist”.

He added: “So those copayments and deductibles that frequently exist for out patient services, we took a decision at the hospital to effectively waive those requirements.

“One of the questions I frequently get asked is: What’s the catch? I answer: ‘There’s no catch’. We are willing as a company, in order to lower the barriers to access, to waive deductibles and co-payments for any out-patient services delivered by Doctor’s Hospital: Full stop.

“We think this is a core part of responding to the new reality that those folks who have lost their jobs, and those who have kept theirs, simply do not have the financial resources to access healthcare like they traditionally do.”

Mr Deveaux said COVID-19, and the associated safety protocols that had to be adopted, dropped

Doctors Hospital’s bed occupancy rate from an average of 40 persons per day to just 22 at the 72-bed facility.

Elective procedures and out-patient services were cancelled, resulting in Doctors Hospital seeing “most of its revenues cut in half in 45 days”. Mr Deveaux said the healthcare provider guaranteed its then-535 full-tine staff their full salaries, and 40 hours of work, for the first three months of the pandemic although he made no mention of the subsequent 43 terminations.

Expenses in non-clinical areas were cut by 48 percent in two months, he added, with senior executives and management taking voluntary pay cuts of up to 25 percent and ten percent, respectively. “We shored up the balance sheet. We made sure the hospital as much financial strength and cash as we could physically put our hands on,” Mr Deveaux said.

He added that Doctors Hospital also increased the discounts offered to health insurers to aid the latter’s cash flow, while a COVID19 drive-through testing facility has been set up at its Blake Road facility that is currently testing between 75 to 100 patients per day.

conducted business now and in the future. As our business evolves, we will continue to innovate and adapt our operations to meet the needs that exist in the market,” Mr Sawyer said.

“The journey to now is a result of our clients demonstrating their confidence in what Sunryse could deliver, and for that we are truly grateful. Our ability to serve rests in the hands of our dedicated team who have bought into our vision and execute it daily, and we say ‘thank you’ to them as well.”

Sunryse’s 20 employees have relocated from the company’s original operation plant on Bacardi Road to the new facility. Made out

of 12-inch concrete and steel ICF (Insulated Concrete Foam) construction with a solid concrete roof, the facility is built to withstand major hurricanes.

Key features considered during the construction process included insulating properties to create the ideal climate environment for the long-term preservation of documents. The smart building is fully equipped with biometric access and advanced security measures to ensure client records are secured at all times.

It has a dedicated storage area for hard copy records, and a dedicated document imaging laboratory for digitising records electronically.

The new operating space allows staff to deliver information management solutions that help clients streamline their business processes.

Sunryse started its operation with three employees, a single truck and a manual diesel operated shredder with the maximum capacity to shred 800 pounds of paper. Today, a fleet of six vehicles including three mobile destruction units can shred up to 5,000 pounds of paper per hour, and use CCTV technology where clients can view the process.

The firm last year shredded 2.4m pounds of paper for export and recycing.

PAGE 4, Monday, July 27, 2020

To advertise in The Tribune, contact 502-2394

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.

THE TRIBUNE

Govt ‘recalibrates’ to avoid tourism strangle FROM PAGE ONE because when you’re bringing thousands of people it’s impossible to monitor them,” Mr Bethel said of the rationale for the commercial airline quarantine. “We couldn’t monitor a couple of hundred Freeporters who snuck through Nassau to Miami.....

“The order now is that everybody coming into the country, however they come into the country, has to have a negative COVID-19 test and health visa, and if they come by commercial airline they have to go into quarantine because there are too many people and we cannot keep an eye on them.”

He added: “I can say this much. The orders are being reworded in a way that we think will be able to capture everybody. The actual terms have not yet been settled because there’s some dialogue going on with the health professionals.

“Facing what they do now, their view is to say we should shut everything down. Their views have to be respected. That’s why we have the weekend lockdown and are taking the step to put persons arriving by commercial flights in quarantine.

“We’re trying to come up with one solution that gives substantial protection to

the Bahamian people and the healthcare providers without at the same time absolutely strangling tourism. That’s the balance we’re trying to achieve.”

Mr Bethel said “the immediate crisis of this travel-related surge mandated firm steps” be taken to stop its spread through The Bahamas. “Having done that, we can recalibrate and have a look at something that will be more palatable to the travelling community and also the healthcare professionals,” he reiterated.

“We’re still in discussions that are ongoing over a onesize fits all approach that fits the Bahamian people at every level. It won’t be long before we advance that and we’ll see where we are.” Mr Bethel pointed out that his office was following “drafting instructions”, implying that all decisions were coming from the Competent Authority - meaning the Prime Minister’s Office.

The 14-day quarantine is likely to have the same deterrent effect on mass market travel and tourism as the government’s previous move to ban all commercial air and sea services between The Bahamas and the US. Resorts World Bimini, in a message to guests, became the latest major resort to confirm it was closing again with effect from Saturday.

“As you are aware we are in unsettling times due to COVID-19,” the resort said. “Therefore, out of respect for the concerns of The Bahamas’ Prime Minister, Resorts World Bimini has made the difficult decision to temporarily suspend operations effective today, July 25, 2020.”

The government, in a statement explaining the switch from a ban on US commercial passenger air and sea traffic to a 14-day quarantine for all visitors using such transportation, said this was designed to create “a uniform standard of treatment for all visitors” during the COVID-19 pandemic rather than single out individual countries.

“Importantly, it allows for the protection of the Bahamian people from the possible dangers of travelrelated contagion in a manner which is consistent with our treaty obligations, and also with the provisions of the Chicago Convention, which regulates international air transport,” Mr Bethel said in a Friday statement.

That is the Convention on International Civil Aviation, but questions were immediately raised on this interpretation. Articles 14 and 89 of that convention allow member states, including The Bahamas, to take

action to prevent the spread of infectious diseases such as COVID-19 and to also have freedom in response to national emergencies.

Many observers believe the switch from ban to 14-day quarantine was made in response to US pressure, although the prime minister denied this on Friday. Mr Bethel, meanwhile, confirmed that private boaters and yachters will not have to be quarantined on the basis that they already have to remain on their boats and can only leave to obtain essential goods.

Describing such visitors as presenting “a comparatively small risk”, Mr Bethel said there had been no complaints or contact tracing showing any boaters had brought COVID-19 with them. However, given that Bahamian tourism has slowed to a mere trickle at best, many are likely to wonder why private aviation and boating visitors are still being allowed to enter The Bahamas.

Many, if not most of these, persons will either originate from or transit through Florida, a renowned COVID-19 ‘hot spot’. The US is now running at 1,000 COVID-19 deaths per day, near 4.2m cases and a total death toll approaching 150,000.

Real estate sales in ‘shocking’ 92% drop FROM PAGE ONE informed Tribune Business they are busy dealing with significant interest and demand, much of this has yet to translate into actual sales.

“I think the demand is still there and the interest,” Mr Smith added. “It’s just that people cannot get into the country and

are not travelling. People have the interest; it’s just a matter of getting them into the country.

“A lot of people fear getting stuck down here.

I had clients flying in from New York last week Sunday, and they had to cut their trip short and leave on Wednesday [after the government initially banned all commercial air transport between The Bahamas and US].”

Mr Smith said some persons were making offers to purchase Bahamian real estate conditional on being able to physically come and see the

property at a later date, once COVID-19 and the government’s emergency powers have both eased.

He added that such practices were not established as trends yet.

“I have no doubt it will come back,” the Better Homes and Gardens Real Estate realtor said of the Bahamian real estate market. “The Bahamas, in terms of real estate, has a product that cannot be matched in other places.

It’s always going to be in high demand. Our product is a unique product that a lot of people love and want to have.”

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Monday, July 27, 2020, PAGE 5

When the going gets tough investors turn back to old friends

WEEKLY silver price chart by ActivTrader.

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs DESPITE the mayhem caused by the coronavirus pandemic and rising SinoAmerican tensions, an old favourite has managed to keep its sparkle. Im talking about gold, of course.

The precious metal price rose almost 20 percent since early April and is quickly approaching the 2011 alltime high, of $1,917 per ounce. The most remarkable aspect of gold’s latest rally is the fact that it’s occurring during a bull market, when stocks are in an upwards trend, which is unusual. It could be a sign that many investors are hedging their bets, despite the apparent optimism reflected by the gains in the main stock indices.

Gold is traditionally seen as a safe haven, sought after during periods of uncertainty and crisis. Because of its intrinsic value, it remains a viable investment when inflation climbs, and currencies devalue. At such times, the price of the precious metal tends to go up, while risk-related financial assets, such as stocks, normally decline. Interestingly, the rise of gold usually occurs only after the initial shock of a stock market crash has passed; frequently market operators will react to the

early downfall by selling any bullion they may be holding, in order to withstand margin calls and cover losses incurred elsewhere.

But after the initial shock, gold invariably rises. The financial crisis of the late 2000s provides a good illustration for these mechanics: in late 2007, as the financial markets, as well as the real economy, entered a period of decline, in the immediate aftermath of the subprime mortgage collapse, the price of the precious metal also dropped, from nearly $1000 to around $700 per ounce.

However, half-way through 2008, as stock markets continued to deteriorate and investors braced for a long period of central bank stimulus and feeble economic growth, the value of gold began to increase, until mid2011, when it reached its all-time high of more than $1900.

But gold isn’t the only metal currently shining. The performance of silver is even more impressive; last week, for the first time since 2013, its price reached $23 per ounce, an increase of more than 100 percent from a

bottom of $11.28 recorded in March 2020. Many analysts estimate its value could continue to rise and approach the all-time maximum of $49.51, reached in 2011.

The dynamics behind silver pricing are similar to the ones highlighted in relation to gold, with an additional dimension provided by its industrial commodity status.

It is estimated that 50 percent of the current global demand for silver originates from the industrial sector.

Among countless other manufacturing uses, the precious metal is a vital component of photovoltaic cells used in energy generating solar panels. As governments around the world seek to reboot their pandemic-hit economies, and funding for new renewable energy programmes is announced, demand for the required raw materials increases, pushing prices up.

As currency, instruments for financial speculation or industrial commodities, gold and silver have always played an important role in our way of living, and that isn’t likely to change anytime soon.

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 6, Monday, July 27, 2020

THE TRIBUNE

Retailers mixed on lockdown ‘suicide’ FROM PAGE ONE

newspaper that the prime minister had made the right call by reimposing restrictions designed to curb COVID-19’s community spread, adding: “I’d rather lose a weekend than a lifetime.”

While acknowledging that weekends, and especially Saturdays, were the top sales days for most retailers, Mr Wilson said the ban on travel to the US and other foreign shopping destinations meant that whatever was lost likely will be picked up during the week.

Yet Mr Kemp, questioning why the government was treating weekends differently from week days when it came to the latest nationwide lockdown (Grand Bahama is already under a seven-day shutdown), said: “I think everybody is starting to learn that these lockdowns cause more economic damage than everyone feared, and

the government will learn soon enough that without consumers it will have no revenue.

“We are taking the necessary precautions, so why are we not allowed to live and take the normal risks of every day life. Getting into a car, you could die.

Getting into a plane, you could die. Life has risks. The enforced shutdown imposes inequity on businesses and employees by taking gainful employment away, yet they’re still expecting tax revenue from the same sources. Where’s the logic?

“I think later than sooner someone in government is going to wake up the fact the must let citizens and businesses conduct business as usual under the safety guidelines otherwise they will have no economy,” Mr Kemp added. “The costly consequences of this thing are already starting to come to the surface.

“Without an economy, the government doesn’t exist because there are no people

conducting every-day business transactions. I still go back to the government must be diligent, and shutdowns should be limited and brief in scope.”

Warning that many businesses had barely survived the first COVID-19 lockdown, while numerous others had not, Mr Kemp warned that himself and plenty of other entrepreneurs may not make it should the government decide to impose more restrictive curfews and shutdowns than those imposed at present.

“If the government goes back and shuts us down one or two more times, I don’t know if we can do one more,” he told Tribune Business. “If the government shuts us down two more times, maybe even once, we’re done.

“I don’t think the average Bahamian understands how difficult it is to get a business up and running, add another job, add another job. I don’t think they understand how

hard it is to get the wheels churning.... We are likely committing economic and national suicide. These shutdowns are equivalent to economic and national suicide.”

The government has frequently acknowledged that managing the COVID-19 pandemic is akin to walking a tightrope, given that it has to balance protecting and saving lives with preserving to least some economic activity so that sufficient numbers of Bahamians can earn a living.

Dr Minnis again alluded to this in unveiling the weekend lockdown on Friday, saying: “The fight for the health and lives of our citizens comes first and foremost. At the same time we are fighting on the economic for the financial security of every family. The reality is we will rebuild our economy and will recover fully.”

Yet no plan or strategy has yet been forthcoming, with the government seemingly relying on its Economic Recovery Committee (ERC) for this. Yet its full report is only due in September 2020. Mr Kemp, meanwhile, said the lockdown had cost customers

only be able to shop at weekends - due to the difficulty of getting into stores due to the COVID-19 protocols - the one time they were able to meet their needs.

He also warned that the weekend lockdown will “again drive more Bahamian customers to shop online and buy less locally” at a time when this nation needed to conserve every cent of foreign currency it possesses.

“I understand the government is in a difficult situation, but they are actually making the situation worse by choking off their only income source, which is the local economy because they currently don’t have much external income coming in,” Mr Kemp said.

“It’s only a matter of time before the government’s inability to pay its own people comes to fruition.”

He added that, if Shoe Depot was to open on Sunday in addition to its current Saturday presence, the weekend lockdowns would impact between 25-30 percent of its weekly sales.

The retailer had run a sale or discount initiative every week since the economy’s reopening in a bid to give

Private pilots targeting ‘instantaneous’ rebound FROM PAGE ONE instantaneous. The Bahamas is doing everything to keep the virus under wraps. We have to get our act together in the States. It looks like the corner has been turned here potentially in the last few days, with the president saying positive things about mask wearing and social distancing. Hopefully that helps.”

Mr Parker added that private aviation numbers to The Bahamas have been declining steadily in recent years after costs associated with visiting this nation increased due to a rise in taxes and fees.

“It’s still number one in the Caribbean because of the proximity,” he said. “The only concern is that over the past four to five years the significant increase in fees and taxes has turned some people off, and led to a decline in overall flights to The Bahamas.

“The increase has been drastic, with 12 percent VAT on snorkelling, boats and

food and beverage. That was a big step up, and applies to aviation fuel, which is way the most expensive in the Caribbean. Private aviation arrivals have been declining steadily over the past four to five years as fees have gone up. The fact it’s so close is the only reason it’s one of the top destinations in the Caribbean.”

Private aviation is, for the moment at least, one of the few sectors still able to access The Bahamas amid the latest COVID-19 lockdown. Mr Parker said the Dominican Republic had been forced to close to private pilots following a spike in infections there, while the Cayman Islands also remains closed along with destinations such as Guyana and Belize.

“Come November, with no vaccine in sight, the question remains as to how many will actually feel comfortable flying to The Bahamas,” he added. “The entire Caribbean is pretty much either completely shut down or shut down in effect with a requirement for a negative test or

hard-pressed consumers some relief and keep them spending.

Mr Wilson, though, took a more sanguine approach to the latest weekend lockdown. “I honestly think the government is doing the right thing with the lockdown,” he told Tribune Business. “I think the government has made the right decision with the lockdown.

Certainly, I’d rather lose a weekend than a lifetime.

“Saturday is definitely our biggest day as a retailer, but again our experience has been that when Saturday is no longer available, so people cannot travel. We’d pick up that sale the day before, or the day after, the lockdown end... It’s going to cost some businesses, but it’s not as if that sale will fully disappear.”

Mr Wilson said QBC’s sales were down 15-30 percent pre-COVID-19, but this had been at least partially offset by the 50 percent rental discount offered by landlord, the Mall at Marathon. “If your sales are down 30-40 percent, you won’t make the same profit you previously made, but it allows you to sustain the enterprise,” he added.

self-quarantine measure.”

As for The Bahamas’ initial reopening, Mr Parker said: “I really have not had too much feedback. One pilot was ripped off at a Family Island airport by someone on the ramp posing as a handler who provided a hand written invoice for hundreds of dollars. A big deterrent is the current need for a negative COVID test not older than ten days.

“As you probably now, it is taking a minimum of seven days to get a result, even if one can arrange for a test.

The single biggest deterrent is fear of COVID infection.

There is no reliable date on CVOVID cases in The Bahamas. Long Island, a favorite destination for private pilots, is reporting zero cases, but there is no testing.”

Mr Parker was also less than enthusiastic about the Customs and Immigration pre-clearance facilities that The Bahamas is making available for private pilots at certain fixed base operations (FBOs) in Florida, saying: “Impractical, expensive and absolutely not necessary.

Pilots will still have to deal with local FBOs for their fees. Pre-clearance facilities in Florida would only add another layer of bureaucracy. Makes very little sense.”

THE TRIBUNE

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HIGH 92ÂşF LOW 78ÂşF 14 No.208, VOLUME:1

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By AVA TURNQU to sources Reporter of According Tribune Chief matter, as edia.net close to the Wells has since aturnquest @tribunem Mr Progres- Monday his accounts FOUR former Cabinet paid $9,000 on g balParty an outstandin ARNOLD sive Liberal more than with $8,600.

FORBES ministers owedat Bahamas ance of some also said as $62,023 The source Forbes was one $20,000 each Mr Light, with Power and in arrears of Monday the company former minister as of July, in talks with balance over settle the Mr for some $60,000 a list obtained to three-month period. a according to PLP Mount

by The Tribune.and Collec- Forbes, former appointed was The Credit nt listing of Moriah MP, January 2015, in tions Departme and board to Cabinet served as the MPs, senators the period and previouslythe Bahamas of for members 31, revealed chairman al and Industrial ending July State Minister Agricultur on. that former of Works Corporati on the “do not Others in the Ministry owed BPL former list are: disconnect� Health Dr Arnold Forbes of $62,023.14.

by The Minister former Tall The list obtained delin- Perry Gomez, Leslie Miller, Tribune contains of six Pines MP Youth Minister of former quent accounts Cabinet minis- former Johnson, former PLP PLP MPs, Dr DannyVillage MP Dion ters, two former Tourism DR DANIEL entities, and Nassau be, two private Cabinet min- Smith, former JOHNSON Obie Wilchcom one sitting $24,413 Town MP Minister South Beach MP and former ister: Bamboo Hamilton State Renward Wells. who owed Cleola of Mr Wells, $3,703.96 at former Minister Damian Affairs $9,277.07 and locations - for Legal separate not Gomez. two in total – did SEE PAGE EIGHT $12,981.03 yesterwant to comment other former day, and the

DION SMITH $9,275

RENWARD WELLS $12,980

BPL WHO RUNS is quite willCRUNCH DAYLOVER utilityto operator from it “walk away�

By NEIL HARTNELEditor ing $25m, five-year maximum nt contract Tribune Business ia.net BPL managemeand Minnis nhartnell@ tribunemed board to go. & if the tion wish it will S Power BAHAMA board will administra which The meeting,PowerSecure Light’s (BPL) meeting� by hold a “crunchure today, be attendedand their attorneys as key with PowerSec likely crit- executives the US, is viewed the with the outcomewhether the from g whether to determinin“kiss and make ical in decidingas manager. sides will latter remainsTribune Busi- two separate. up� or Multiple - SEE BUSINESS yesterday STORY sources FULL US ness that the confirmed

seats: Encaptured four Island and Cat were spent under South Aners’ dollars administration. glerston; and San Salvador; the Christie is evidence dros as well as Exuma He said if there VIRGIL ty�, the new Ragged Islands.

By KHRISNA Reporter of “criminaliwill allow the the additional seat, Fox An Deputy Chief .net being regovernment course. was still its kvirgil@tribunemedia his Hill, law to take to press time. after counted up the worst dehis parMoments as the namarked AFTER leadinglandslide maiden speech Dr Min- This a governing party in for leader, ty to a stunning feat paranext a tion’s dealing that under recent history. victory and to the Progreswill nis promised victory came Bahamians The FNM’s five years lysing blow Party last night, his watch, a rocky to fear from sive Liberal challenghave nothing nt, pointing to despite two Prime Minister included , incoming the governme which he said that Dr Minnis’ leadership Minnis declared Dr Hubert of a frachave abused victimisation, utional� “im- es to that those who trust “have continued reports ultimately is “unconstit of party and the post “wrong�. positions moral� and to unofficial tured to fear�. removal from Opsomething to thousands of According able his of the Official FNM was Speaking s at the Q House today. results, the stunning defeat of leader in the House of a pledged that jubilant supporterlast night, ment Dr Minnis tion will give to pull off securing a mas- position .

E Sports Centre cies. Assemblywas a long fought of the PLP, administra National Move“This the Free also announced his General Terranceit sive 34 of 39 constituen tary Regbut the victory ment leader be sworn in as Auditor the resources The Parliamen nt did battle, that he will fourth prime Bastianto probe how taxpay- istration Departme refull election last The Bahamas’ at Govern- needs not release 5pm with the minister at sults last night, in from the coming numbers agency around government from the 11pm. However it apunofficial numbers, the PLP only peared that

DAMIAN GOMEZ $3,413

OBIE WILCHCOMBE

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By AVA TURNQU Reporter Tribune Chief tribunemedia.net aturnquest@ Sewerage WATER and Chairman Corporation yesterday Adrian Gibson existence the confirmed disconnect� of a “do not by scores list populatedthe governof elites at utility ment ownedpledged to he provider as on initiate a crackdown accounts. delinquent told The Mr Gibson “confidential Tribune the 221accounts, list� held total of with a combined the period $175,000 for2017. ending June plans he that He said the corporato direct all persons tion to notify arrears owing excessive or face debts to resolve disconnection.a list confi“There is the Long dential list,�

Island MP said. would think “In fact, I corporations that all the year or two, in over the last particularly and more year, there May of thisclose attenhas been that list by tion paid to nt with the manageme changing the a view to lists usually way those operate. this con“As it stands, a number has fidential list on it, and of persons it’s being really and trulypersons by used to notify or letters. courtesy call that as the I can say toothe corporachairman of to direct tion I am going owing that all personswho are excessive arrears EIGHT SEE PAGE at the end of

DR PERRY GOMEZ $24,498

LESLIE MILLER $42,219

HIGH 91ÂşF LOW 80ÂşF Volume:114

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By RASHAD Reporter ACTING Fergu- Commissi and address from Dr Minnis Tribune Staff Anti-Gang et of Police Anthony said the Inveslast night, e Maria is son announced yesterday rrolle@tribunemedia.n Tracing and devent of two Firearms Unit will operate fore- said: “Hurrican the potentially Bahamas tigation WITH we the establishm DetecMaria another hurricane that separate Royal anti-crime out of the Centralwhile the cast for Hurricane Force storm to pass astating monitor.� g tive Unit (CDU) projecting the Baha- must carefully Though most Police aimed at eliminatin SEE PAGE 11 He added: was spared units near the Southeast Prime in the counmorning, gang activity the number of mas Friday Hubert Minnis of the Bahamas try, reducing Minister Dr of those SEE PAGE TWO and is urging residents be vigilant islands to

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Dr Hubert MinPRIME Minister Kendera Woodside, nis meeting murdered Eugene the mother of Woodside.

Bowe Photo: Yontalay

this Yes I feel for lity our countries. than I can say.� has a responsibi mother more said he will ensure Each citizen information one to Dr Minnis is provided forward. and whatever medical attention composure. said he felt the fam- has we must bring that us.� , who is pregnant. after the feel live among Dr Minnis Mrs Woodside the grieving and makes me Three days the country’s These criminals who emphasised “You can see through,� he of those pushed ily’s pain. “What Mrs Minnis, that her appeargoing is that most during murder that violent crime into ROLLE pain she’s I, even worse that someBy RASHAD Reporter to the family the yard, struggle with spotlight yet again, was not a said. “I assured her will have we see in a medical doctor, ance before them we Tribune Staff et the national acute. today (Friday)come to look called on women years as rrolle@tribunemedia.n g her pain remained live a life, my my political move,one day this week time personnel she’s pregeven medical and comfortin black ain’t hugs wear cried. victims. “He to Dr THE her because that for murder Prime Minister wife God,� Mrs Woodsidegive my upon after have to make sure in mourning I’m calling words of I and his infant are a baby. I could my “As a mother,because I really nant. her unborn Hubert Minnis couldn’t answer “He’s right now just for mothers this,� her and and we will also make take Minnis all stop breath They can Patricia here. well sure the that consumed to be right believe mothers who was tearful both nts to make the questions yesterday as babyheart out my body. who arrangeme medical personnel They said Mrs Minnis, eight- my Kendera Woodside have our sons on a only son. for her son, killed times. “We birth and as they necessary her and see her “This my my daughter too after she grieved of them at safety from who was still with look basis to ensure the almost shoot (the house) with would’ve delivered mostknowing we cradle year-old Eugene, men we are infant.� to me with regular they inside four days ago. people ain’t tell- and What they do to my family? so they are closer patients,� Dr becomeWe have to speakshould of her and her unborn PAGE TWO SEE are my former gist by pro- them. I think all women “Why these bringing my son me. they do to us? week me? I they we them. one day this ing me they she cried between What they ain’ carry Minnis, a gynaecolo “The message “Why wear black what’s happening in tried to He’s a baby.� right now?�

Bahamas fession, said.

Dr Minnis Rose- live 29 years, , Eugene’s must send to the entirethis alone. and mourn screams as fight even Tonio Woodside can’t family at theirEugene wife the police his is the console consoled home where on father, struggled to maintain bud Road a stray bullet as he was shot by did his homework. he Monday as

Nassau & Bahama

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S PLP CASUAL HIRE COST EXTRA $10M

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By NEIL HARTNELEditor bean Rolle, minForce’s (CFATF) BRENSIL Tribune Business ia.net services he included that were not The Bahamas report on , 1,700 workers his staff ister of public nhartnell@ tribunemed Gen- that he instructedaddressing and National Insurance in his original count.

December Progressive THE Attorneyslammed to begin work on June.

Amid the said between 2017, the criticism May flaws from early eral yesterday

by Liberal Party’sadministrablasted the 2016 and in the nation’s the ballooned Mr Bethel deficiencies adminis- public purse laundering of the of the Minnisof its firings y Christie because 8 anti-mone former $16,532,73 tion’s tion because “entirely unacfailing to tackle regime as SEE PAGE SIX they had tration for s with the Christie administra public service ceptable�, warning “in great known weaknesse hiring of new that period. during put The Bahamas necessary urgency.

BUSINESS workers danger�. told Trib- FULL STORY - SEE Carl Bethelhe had been une Business

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observed would be the holiday date of the historic the PLP month that the 50th on the actual January 10. nounced last mark event, Tuesday, in the public holirevealed a march to Ranard Henfield of back planned y of Majority Rule. yet The change been perceived weeks even ganiser anniversar development is calendar has the gov“after several as planned�

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Turnquest government of than 48 hours took the cused the gerrymanderThe homicides count to “shameless country’s murder recently tabled 43 days of the he ing� over 26 for the first changes that to The boundary the “delibernew year, according claims affect n of middle Tribune’s records. an iseliminatio ate Police launchedlast night from the forclass areas� constituency. of land-wide search suspected mer Montagu with The for two men dead in Yelan interview In man a characterised the shooting Gardens in Tribune he boundary low Elder and the proposed latest incident.bloody weeka “desperate changes as emoDespite the attempt to the Commisperverted� e end, Assistant Stephen Police tionally manipulat sioner of “hundreds� of electorate.

Dean said 11 patrolPAGE were SEE police officers over the past ling the streetseffort to keep an few days in well as visitors the public as safe. officer-inMeanwhile Central Decharge of theChief Superintective Unit, Fernander tendent Clayton after a implored parentsto “keep a Friday on killing on their chilwatchful eye� their young shootings By AVA TURNQUEST dren, especially one of six fatal Reporter area on Friday, Tribune Chief edia.net boys.

Fernander in the Englerston in the calendar above. une Staff aturnquest @tribunem Chief Supt launched W. Carey/:Trib as shown at Peardale Park have Photos: Terrel from the scene to be a deadly February, said police for the boy is taken “catastrophic� proven THE of a 15-year-old of 12 so far in what has a massive manhunt outages thate the weekend THE BODY and one island-wide suspects in Providenc over the weekend, plagued Newstemmed from killings.

SEE PAGE THREE late last year equipment Pier widespread the Clifton to failures at according Power Station, and Light.

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By SANCHES Reporter officers in serious and another Sunday, the domestic inci- listed wide outages, Tribune Staff occurred ia.net a condition. that shortly major outage that 29 and sponded to sdorsett@ tribunemed in Valentine Police said November dent at a homeoff Johnson an officers arrested n officers, a also between 4 last year, in after 4am, TWO police wife, are in Subdivisio While at the the shooter, who was December to the sent a Terrance. with a from gunshot internal memo husband and stable condition home, a man armedd the of- suffering Police also recov- government and obtained serious but shot multiapproache them wounds. from the by The Tribune. after they were responding shotgun both of a shotgun SEE PAGE 11 ficers and shot to flee ered ple times whileincident�. attempting The suspect.

SEE PAGE 12 to a “domestican adult male, before police said.

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PRIME Ministerlikened a “very fighting efforts. their crime Mr ChrisChristie yesterday crime situThese efforts,would likely the Bahamas’“Wild West,� suggested, a “subation to the recent wave tie dedicating the as he said in the capital include number of officof murders a “major� and stantial�patrol the streets of to must solicit effort by his ers Providence and sithem “continuous� to “flood New sly giving interdict in multaneou administration capacity to with officers the streets� that is neces- “the movements of people “all tdo the to a bid this madness on the streets,� incorporaofpolice sary to bring � ing more reserve to a halt�. speaking and “if necessary BahaMr Christie, yesterday, ficers, ting Royal with reporters � occur- incorpora Force marines mas Defence said the “madness to gang activity in policing efforts. said he ring is due . also Mr Christie with and retaliation past bloody be speaking He said the a “shocking would SEE PAGE THREE weekend is that will reto development� nt at a press quire the governme Greenslade speaking ne Staff of Police Ellison Terrel W. Carey/Tribu Photo: COMMISSIONER yesterday. conference Act, Chapter Suppression . boxer was of human trafficking 53, of 106.

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By RICARDO Reporter occurring insisted is alleged that of trafficking Court yesterman dead andserious condi- crimes as he Magistrate’s of sexually as- countscontrary to Section Tribune Staff SEE PAGE SIX et in ital recently, of prolific sons in hospital Trafficking rwells@tribunemedia.n a “handful hell-bent day accused woman during 3(1)(a) of the and of the that remain saulting a holidays. and po- tion.

Persons Prevention Officer-in-charge Unit, offenders� the public.

AS the country the Christmas a victim in Detective to grapple on terrorising alleged to be lice continue spate of vio- CentralSuperintendent ClaySEE PAGE THREE She is to latest Chief speaking with the law enforceFernander, scene of lent crimes, are seeking ton media on the ment officials assistance in the DORSETT the public’s KA

By SANCHES Reporter Tribune Staff ia.net sdorsett@ tribunemed placed authorof an law as it investigatallow the ity solely in the hands POLICE are nces sura judiciary, The bill will of police, or independent ICB met ing the circumsta EST of a commissioner on his behalf, the the death that the

By AVA TURNQU Reporter acting a adding standards rounding -old boy who was Tribune Chief edia.net person warrant fromin- international recent three-year in a car to obtain a to aturnquest @tribunem unresponsive Court judge per- and also addressed yesthe Listening found of his daycare General Supremeand examine a criticisms of the Privy in frontafternoon.

ATTORN EY Gibson terceptcommunications from Devices Act by terday the toddler operaAllyson Maynard- the In- son’s The body of shortly afunications and Council. suggestion ca- telecomm yesterday defended She said any by a was a was discovered internet providers of Communi on Monday legislation terception an important tors, services. the 2pm ter that SEE PAGE SIX tions Bill as that would postala statement yesterday, “spying bill� was false. tool In Gibson exanti-crime privacy of lawSEE PAGE FIVE was Mrs Maynardenhance the rather than plained that this move citizens Bahamiabiding it, as detrac- unprecedented in encroach upon FOR YOU... tors claim.

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with correctnow engaged the voter ing and editing it of its register, ridding errors. much-publicised staff to “We have enough “We 170,000 peo- do this,� Mr Hall said.certiJUST over sure it’s to vote have to make after tople have registered 10 general elec- fied some 14 daysdate.� for the May tary Com(Tuesday’s) tion, Parliamen Hall said day’s accordance with the In Elections missioner Sherlyn pubParliamentary yesterday. what he de- Act, Mr Hall will give in of This follows election a “mad rush�vote lic notice of the week, statas scribed to rs this of newspapedate, place in conpeople registering the last day ing the on Monday, and times when registration. 172,000 peo- stituenciesn papers must be There were to vote in the nominatio delivered. ple registeredelection.

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Mr of Perry solved,�seat in the House “Every PRIME Minister the prover- Assembly is now vacant. the to you, Christie rang morning, “It is now leftour beloved bial bell yesterday of that the 2017 announcing be held on citizenryto decide who will nation, in the next election willMay 10. those seats . In doWednesday, address, giv- fill of Assembly His televisedOffice of the House you will also be deso, the en live at the came mo- ing who will form Prime Minister, Commis- ciding nt of the BahaPolice governme five years. ments after Greenslade, for the next that mosioner Ellison as provost mas make will “You what in his capacity decision in proclamations marshal, readHouse of As- mentous hope and pray fair elecoutside the Governor Gen- I earnestly be free and a spirited Pin- will sembly from Marguerite t. tions following Let eral Dame Parliamen peaceful campaign. ng dling dissolving said he is but the forthcomi Mr Christie election will us contestwith all the vigour confident the and will fol- elections command.� fair be free and and peaceful at our SEE PAGE TWO low a spirited is consistent campaign that political with this country’s

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as Hurriis so devastate on the island home has “Every those who remained The homes last week. discussion with cken Rag- cane Irma battered their facility has been destroyed. has been WIPEOUT on storm-stri The health teachers’ residence e, Prime Minis no water. and safety conditions 18 been destroyed. destroyed. The light. There HEALTH only continue to deteriorat he urged the school has beendestroyed. There is no you can smell the will yesterday as The about, in the afterged Island Minnis said to evacuate dead animals. de“As we walk ister Dr Hubert on the island reduced s will T stench of dead carcasses, of the individual remaining residentsIrma, which has them L REPOR that we get of rubble and SPECIA health conditions Russell, math of Hurricane it’s essential there to piles Words: Khrisna W Carey teriorate and Dr Minnis said. most structures the only Pictures: Terrel island unlivable. Dr Minnis off this island,� reluctant to leave for rendered the stay here,� saw for the understandablyhome, expressing concern “They cannot Many were and a delegation and days known as ever through , said after he damage left by Irma place they’ve s. hurricane ripped of their residences first time the Five monster about the safetybehind. We will have personal belonging after the Category island. d by the smell Defence “They are concerned may have left here and the the same n of all es- whatever materials they condition, exacerbate the small southern vessel a at physical destructio the still Force dispatch the cleanup and The island’s carcasses and strongly urge those the Defence Minnis said. THREE of rotting animalled Dr Minnis to small community can Force will try to commence security,� Dr SEE PAGE that there is sential services, to leave until the time ensure Island has been on Ragged Ragged Island and be restored. to the residents; a walk through “I’ve spoken Minnis said following Dr devastated,�

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Nottage’s DR Bernard forever be will “footprints the Bahamian etched on landscape� fordevelopmental work as a through his of the Bahamer president n of Athletic mas Associatiothe Bahamas Associations, n, the Medical Associatio and as a afMinDoctors’ Union consumer FORMER Prime the reminister for , health and Christie accept to Perry was ister I fairs, education into a defeat, Opposias I did when pictured yesterday. W. was in arrears, sponsibility for it in response to national security, tenant who Photo: Terrel Philip “Brave� recent he said s airport Staff described tion Leader resigned,� the criticism levelled y.

Carey/Tribune Wednesda from accusation Mr Christie the government as on said tion recent in Davis questions 71, died administra ble spending, misfea- moves made by pandering at his administration Dr Nottage, the Cleveby a party of irresponsi WELLS at a “misstep�

By RICARDO Reporter Wednesday He will receive sance and cronyism. that weeks. was never any thought he was “disap- to its base. acceptmaintained Tribune Staff “There land Clinic. et He also said allegations being in arrangethat I was relating Mr Christie by the rwells@tribunemedia.n gova state funeral announced, documents would on my part lity for any degree Per- pointed� be by the new that a review of ments to the press seccontroversies of any ing responsibiof criminality, irrePrime Minister d tossed around g matters r to these two tion FORMER according to Office of the yesterday condemne - ernment concerninhis last term as absolve his administra that much whatsoevespending and the notion the Christie for ry retary bare’ is just and prove as noth- sponsible Minnis administra transpired during Anthony cupboard is is wrongdoing efforts by the his government in Prime Minister, prime minister.at accusations from of the FNM’s rhetoric slogans.� that ‘the slogans.� tion to portray as he challenged Newbold. “political political Hitting back Minnis adminislight, SEE PAGE SIX ing more than challenges I have the SEE PAGE THREE a negative leader to carry out a members of g the controvergovern“One of the the nation’s examination of the who led the $8m to tration concernin of more thanclean up as the person led the government “dispassionate who sial pay out record�. interview at one vendor for hurricane to an ment and of $1.2m During a lengthy home on Thurs- and the write off his Cable Beach defended his day, Mr Christie

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By RICARDO Reporter Tribune Staff et rwells@tribunemedia.n concern ADMITTING Bernard Notin over what Dr have battled last tage may his isolation during Prime Minisdays, former yesterday for ter Perry Christie admiration the expressed forth by the effort put security to former national the build-up minister in election. the May general from his Breaking away being since public silence office in hisof a voted out last month, toric fashion Mr Chrishis visibly troubled portions of tie detailed on with his last conversati and longfriend childhood colleague on time political Thursday.

Centreville The former Nottage as Dr MP saw “fought tehis someone who throughout naciously� he loved and life for thosetrait he said he a supported, up to their saw on displayon. last conversati SEE PAGE SIX

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By SANCHES Reporter Tribune Staff ia.net sdorsett@ tribunemed yesFIREFIGHTERS a large blaze terday battled Providence at the New three weeks Landfill, nearly a massive that after tackling city dump fire at the nearly a month. burned for Charge of Fire Officer in Chief SuperinServices, Evans said tendent Walter is “not confire the the current any way to this in nected� and at previous blazedo not know time officials the fire. Howwhat caused ent Minister ever Environm told reKenred Dorsettsite that he the porters at “sabotage� in said suspected the fire. He relation to d� the team he “instructes to have the of firefighter ed “before and blaze extinguish day� today nomination Baha Mar’s certainly before Friday. opening on started shortly The blaze and Wednesday after 3am officEvans said Chief Supt battle the fire to but ers expect another day for at least wind is a “huge� he said the factor.

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SPECIA . medical treatment Liberal were obtained from a ther’s PROGRESSIVE Bradley The emails following a EMAILS leaked of China Con- by The Tribune Party Chairmanout at his highdata breach (CCA) Roberts lashed story in December of CCA struction America’s colleague Vinthat from the breach former party night, accusservers show2013, Jerome lighting by a San Francisco cent Peet last North Anto servers China Construction as early as was seeking ing the former Islands MP hacker.

Fitzgerald of dollars eventually paid 24 bitcoins dros and Berry enemy� and of $24,000) secure millions , trucking, equivalent of being a “political an independin brokerage at Baha (thehave access to their servwho mounted because he to it aplimousine contracts showing a resat in Cabinet ers restored; however, ent campaigna nomination leaked emails Mar while he of Educa- pears that emails forwarded denied ONE of the Education, Sciof was Minister party. the personnel Minister as to and Techquest from or relating Jerome Fitzgerald. from the governing tion, Science Tribune has to, to PLP supcompromised, ence and Technology Speaking at CCA were in The nology, The a rally in North officials at Baha porters at night, Mr Robagent for Limolink despite top they were not learned. which his Bahamas. You are encourcontradict the saying as at from Andros last faThe emails this week de- Mar clientele with a reference “this is war�vote by the hack writes, “I limousine company was aged to get of Viacom if erts said Minister, who his office to concerned the crowd toPerry Mr Fitzgerald matime. the president feel free he urged Dr nied ever using to himself the an email dated May 18, am aware that interior arrive miliar. with regard the you wish. Please incumbent to In for a vote contracts began “Also Izmirlian we direct me personally adding that for the business from the mul- 2013, sent to Mr , with terials have I would really to contact contact Gomez, hotel. or his family resort. is a vote be limousine meet with or have your agents Mr Fitzgerald Cur- for the for Mr Peet Movement. it if we couldbro- are ready to he ti-billion dollar - the Pro- by our Managing Porter, Shelly appreciate anytime,�

Free National Mr Porter Mr Fitzgerald Party MP QuentinAlarice Fill copied, appointed your official your people PAGE SIX SEE his Director directly.� tis and 1st 2013.� writes. gressive Liberal we really ker for June - appears also Mr Fitzgerald indicates a request TWO & THREE “As indicated cusSEE PAGES for Marathon start brokerage $20,000 He then makesfor limouto highend for readiness to only cater to be requesting official Baha Mar’s and trucking services and of Mr Izmirlian Baha Mar, tomers and are the project a month from Sarkis services at of Baha Mar of re- sinehe touted the level original developer the ex- the as the brokers citing Izmirlian, were necessary remain for the property. cord that fapenses cost of his to cover the Healthcare hisMarsh Harbour a tortured ROLLE Centre has missed deadBy RASHAD Reporter tory, one of of shoddy Tribune Staff et lines and claimsall without rrolle@tribunemedia.n hip, of- workmansaccountability.

MENT any clear original GOVERN ned the The facility’sbankrupt. ficials commissio Healthwent contractor ion of the Marsh Harbour in Abaco yesConstruct care Centre it as a longcentre began Ingraham terday, touting to the island healthcare under the former awaited boost administion.

Christie administra in and the Christie adHealth health centre When the tours the new tration’s National ne Staff RASPBERRY n came to power, Perry Christie Terrel W. Carey/Tribu the Insurance plans. and Ado- ministratio renovating Photo: ICED TEA PRIME Minister it spent $1m Like the Child SEE PAGE SIX Abaco yesterday.

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Member fire was bush Miller black hazardous the Royal Bahamas Pines Leslie in hosing down their TWO AND THREE entrance Members of SEE PAGES blocked the visibility ing residentsproviding transporta Police Force n as homes and who needed help. residents to the subdivisio tion for those zero. Angry dropped to in verbal alterbecame involved fire off Fire a smaller bush to the city spread have ed by Movement fre- Trail Road that blanketed Jubilee fire the smoke in Jubilee the Free National ng areas in to prevent dump. The T flees from the that started in done enough the New Providence Gardens and surroundi threatened A YOUNGSTER landfill SKA DORSET at and

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However, despite SEE PAGE 12 in its latest the Bahamas report. human rights also referreport The

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THE TRIBUNE

Twitter and Facebook become targets in Trump and Biden ads CHICAGO Associated Press SOCIAL media has become the target of a dueling attack ad campaign being waged online by the sitting president and his election rival. They’re shooting the messenger while giving it lots of money.

President Donald Trump has bought hundreds of messages on Facebook to accuse its competitor, Twitter, of trying to stifle his voice and influence the November election.

Democratic challenger Joe Biden has spent thousands of dollars advertising on Facebook with a message of his own: In dozens of ads on the platform, he’s asked supporters to sign

a petition calling on Facebook to remove inaccurate statements, specifically those from Trump.

The major social media companies are navigating a political minefield as they try to minimise domestic misinformation and rein in foreign actors from manipulating their sites as they did in the last US presidential election. Their new actions — or in some cases, lack of action — have triggered explosive, partisan responses, ending their glory days as self-described neutral platforms.

Even as the two presidential campaigns dump millions of dollars every week into Facebook and Google ads that boost their exposure, both are also using online ads to criticise the tech platforms for their

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CLIFFORD FERGUSON of Zion Blvd, South Beach, intend to change my name to CLIFFORD BAIN. 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.

policies. Trump is accusing Twitter and Snapchat of interfering in this year’s election. Biden has sent multiple letters to Facebook and attacked the company for policies that allow politicians, Trump specifically, to freely make false claims on its site. Biden is paying Facebook handsomely to show ads that accuse Facebook of posing a “threat” to democracy.

Meantime Trump is paying Facebook to run ads trashing the medium he uses like none other, Twitter.

“Twitter is interfering in the 2020 Election by attempting to SILENCE your President,” claimed one of nearly 600 ads Trump’s campaign placed on Facebook It’s “a huge departure from 2016,” said Emerson Brooking, a fellow at the Atlantic Council’s Digital Forensic Research Lab, a Washington think-tank. “If you were leading the Trump or Clinton campaign, you weren’t writing letters to Facebook all day long. It wasn’t so much a central campaign issue. Now it seems like it very much is.”

Americans, after all, are on high alert about the platforms’ policies after

discovering that Russian trolls posted divisive messages, created fake political events and even used rubles to buy Facebook ads intended for US audiences in the 2016 election.

Research already shows the Kremlin is at it again.

Since the last presidential election, Facebook and Twitter have banned voting-related misinformation and vowed to identify and shut down inauthentic networks of accounts run by domestic or foreign troublemakers. Before this year’s election, Twitter banned political ads altogether, a decision a company spokesman told the AP it stands behind. And Facebook, along with Google, began disclosing campaign ad spending while banning non-Americans from buying US political ads.

Facebook didn’t comment for this story.

But calls to deflate Big Tech’s ballooning power have only grown louder from both Democrats and Republicans, even though the two parties are targeting different companies for different reasons to rally supporters.

Those politics will no doubt be on full display on Wednesday, when four

NOTICE

NOTICE

NOTICE is hereby given that TTAHERAH NATAAJAH ADDERLEY of the Settlement of Sandy Point in the Island of Abaco, 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 20th 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 BERLINE HERCULE of Charlotte Street, Nassau, 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 20th day of July, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 24 JULY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,109.02 | CHG: 4.04 | %CHG: 0.19 | YTD: -122.58 | YTD%: -5.49 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 5.49 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 2.40 8.00 7.10 13.04 3.20 8.00 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Focol Finco J. S. Johnson Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SYMBOL LAST CLOSE AML 3.15 APD 17.43 BBL 1.62 BFH 1.79 BOB 1.67 BPF 6.00 BWL 6.75 CAB 2.76 CBB 5.05 CBL 3.90 CHL 6.16 CIB 11.26 CWCB 2.45 DHS 5.10 EMAB 10.02 FAM 8.44 FBB 14.30 FCL 3.99 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 2.99 5.05 3.90 6.16 11.26 2.44 5.10 9.89 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

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 0.23 0.00 0.00 0.00 0.00 -0.01 0.00 -0.13 0.00 0.00 0.00 0.00 0.00

4,600

2,000

530 425

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

SECURITY Fidelity Bank Note 22 (Series B) + Bahamas First Holdings Limited

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0307 BG0330 BG0403 BG0407

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

VOLUME

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

VOLUME

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

P/E 13.2 18.7 N/M N/M N/M N/M 18.3 -6.8 36.1 21.2 13.7 15.6 23.9 10.9 15.3 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% 17.79% 1.18% 3.32% 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

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

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

MATURITY

FROM upper left: President Donald Trump speaking during a news conference at the White House on July 22 in Washington, the Twitter app, Democratic presidential candidate, former Vice President Joe Biden speaking during a campaign event on July 14 in Wilmington, Del, and the Facebook app. With just 100 days to go until Election Day, President Donald Trump and his Democratic rival Joe Biden aren’t just attacking one another in online ads.

Their ads are also targeting tech companies like Facebook and Twitter.

Photo: AP big tech CEOs, Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google’s Sundar Pichai and Apple’s Tim Cook, testify to a House Judiciary Committee panel as part of a congressional investigation into the tech industry’s dominance.

Biden has focused on Facebook, with a #MoveFastFixIt campaign that admonishes Facebook for not doing enough to protect users from foreign meddling or being duped by falsehoods, particularly those spread by Trump about mail-in voting.

His campaign just last month spent nearly $10,000 to run ads scolding the company on its own platform.

“We could lie to you, but we won’t,” says one of Biden’s ads. “Donald Trump and his Republican allies, on the other hand, spend MILLIONS on Facebook ads like this one that spread dangerous misinformation about everything from how to vote to the legitimacy of our democratic process.”

Despite criticising Facebook, Biden’s campaign said it’s still purchasing millions of dollars in Facebook ads because it’s one of the few ways to counter Trump’s false posts — since Facebook won’t fact check him.

The ads are also a cheap and effective way for the campaigns to rally supporters who are unhappy with the platforms, said Kathleen Searles, a Louisiana State University political communications professor.

“We do know that anger can be very motivating — it motivates them to get their name on an email list, or donate $20,” Searles said.

“What better way to get people angry than a faceless platform?”

While Biden has focused on Facebook, Trump has honed in on Twitter, and occasionally Snapchat, with his campaign running online ads that accuse both companies of “interfering” in the election.

Twitter became a Trump campaign target after the company rolled out its first fact check of his inaccurate tweet about voting in late May. Twitter has since applied similar labels to five other Trump tweets, including two that called mail-in ballots “fraudulent” and predicted that “mail boxes will be robbed” if voting doesn’t take place in person.

Trump responded by signing a largely symbolic executive order challenging Section 230 of the Communications Decency Act, which provides protections from lawsuits for internet companies that have served as a bedrock for unfettered speech online.

“It’s preposterous that Silicon Valley, the bastion of diversity and liberalism, is terrified of intellectual diversity and conservative voices,” Trump deputy national press secretary Ken Farnaso said in a statement.

Republican leaders have since joined in railing against Twitter.

LEGAL NOTICE

Clairon Fund Ltd., SAC INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), that Clairon Fund Ltd., SAC (IBC no. 171212 B) is in dissolution. The date of commencement of the dissolution is the 17th July, 2020. The Liquidator of the Fund is Crowe Bahamas and can be contacted at Suite #0587, 7 Albany Street, Nassau, The Bahamas, P.O. Box AP-59223. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 17th August, 2020.

Crowe Bahamas Liquidator

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

Capital Protection Fund Ltd. INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), that Capital Protection Fund Ltd. (IBC no. 201749 B) is in dissolution.

The date of commencement of the dissolution is the 22nd July, 2020. The Liquidator of the Fund is Crowe Bahamas and can be contacted at Suite #0587, 7 Albany Street, Nassau, The Bahamas, P.O. Box AP-59223. All persons having claims against the abovenamed company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 24th August, 2020.

Crowe Bahamas Liquidator

THE TRIBUNE

Monday, July 27, 2020, PAGE 9

Virus spike in Spain prompts UK, France to warn off tourists BARCELONA Associated Press NIGHTCLUBS, bars and beaches — some of Spain’s most beloved summer venues — are facing new lockdown restrictions after turning into coronavirus hot spots, and some European nations are warning citizens not to visit the country.

The northeast regions of Catalonia and Aragón host the three most worrying virus clusters in Spain, prompting authorities to tighten restrictions in Barcelona, in a rural area around Lleida and in Zaragoza that were relaxed only a month ago when Spain had its devastating outbreak in check.

Britain put Spain back on its unsafe list beginning yesterday, announcing hours earlier that travelers arriving in the UK from Spain must now quarantine for 14 days. Norway also ordered a ten-day quarantine for those returning from the Iberian Peninsula. France and Belgium are recommending that travelers ditch plans to spend their summer vacations in Barcelona and its nearby beaches, which have seen crowds too massive to allow for social distancing.

Tui, the UK’s biggest tour operator, said yesterday it had cancelled all flights due to depart to mainland Spain until Aug 9, but it has maintained flights and travel packages for trips to Spain’s Balearic and Canary Islands.

Travelers were caught off guard by Britain’s move — even UK Transport Minister Grant Shapps is on holiday in Spain.

“I think that it is extreme.

If you only come for one day, no way,” José González, a Spaniard heading to his home in London, said at Madrid’s airport.

“We will have to see what

BATHERS enjoy the beach in Palma de Mallorca, Spain yesterday. Britain has put Spain back on its unsafe list and announced on Saturday that travelers arriving in the UK from Spain must now quarantine for 14 days. The move by the UK taken without forewarning has caught travelers off guard.

Photo: Joan Mateu/AP happens next. We will have to respect it and that’s that.

You can’t do anything else.”

Spain reported over 900 new daily infections on Thursday and Friday as authorities warned that the country which lost at least 28,400 lives before getting its outbreak under control could be facing the start of a second major onslaught.

Catalonia ordered all nightlife venues to close for 15 days and applied a midnight curfew on bars in and around Barcelona and Lleida, hours after French Prime Minister Jean Castex urged French citizens not to visit Catalonia due to the upticks in new infections.

“If we see that the growth of contagion is exponential, then the only way to stop it is to limit free movement,” said Catalonia public health chief Josep Maria Argimon.

Catalonia’s regional government, run by separatists who had complained about

Spain’s centralisation of the health crisis from March to June, is struggling to tamp down on the growing clusters that have overwhelmed Spain’s undermanned contact tracing teams.

Tourism employs 2.6 million people in Spain and generates 12% of the country’s economic activity. Spain’s government, unions and industry leaders are heavily invested in promoting the message that Spain is a safe destination for foreigners to salvage the 2020 tourism season. That now looks more like wishful thinking.

“The season is practically lost now,” Martín Sarrate, president of Catalonia’s association of travel agencies, told Spain’s public broadcaster TVE. “This is an important setback. Who is going to travel to a country if you have to go into a 14-day quarantine?”

At least one

tourist disagreed.

“We are returning this afternoon having had the most wonderful holiday,” English tourist Sue Marshall wrote on Twitter from Mallorca. “We would spend three weeks self-isolating to do it all again.”

Spain was negotiating with the UK to lift the quarantine on travelers returning from the Balearic and Canary Islands, which have an even greater dependence on tourism. Foreign Minister Arancha González Laya said the islands are “highly controlled territories” that are doing better in the

pandemic now than the UK. France said there’s no need yet to shut its border with Spain. The UK and France sent a combined 4.2 million tourists to Spain in August 2019.

“We have seen a wave of cancellations above all by foreign clients from France, Germany and England who were supposed to come next week, above all to Barcelona,” said David Riba, president of the Federatur tourist apartments group.

Lyndsey Thomas, CEO of the travel site Girlabout. co.uk, said the announcement was a body blow to

an industry already struggling to emerge from the pandemic.

“I think we were really hopeful that 2020 might just survive. I think being able to go to Spain in the summer holidays was great news for the travel industry,” she told The Associated Press.

“Spain is the No 1 destination for Brits going into Europe, going on a fly-andflop beach holiday. And for this to happen, there’s going to be a major impact.”

While families and the at-risk elderly in Spain are mostly complying with rules to wear face masks and maintain a 1.5-meter distance from others, teenagers and young adults have been flouting the health rules.

With Spain’s 19 regional governments back in charge of their health care systems, there’s been a variety of responses to the revival of the virus. But all agree on stopping the rise of cases related to nightclubs and bars, which are supposed to be requiring social distancing and face masks. Many regions have reduced the occupancy of nightclubs and some have demanded tables on the dance floors to discourage close contact.

Officials in Madrid are considering similar restrictions.

Two business associations for nightclubs and bars say they will take the Catalan government to court to block a decision they say puts 35,000 jobs at risk.

represent different letters: “I had an 4143 in the back of my 521 for a 115 documentary once,” says 43225.

“Beautiful plumage, but it was covered in 35213.

That’s not on. Nobody brings an 233 or an 252542 bush onboard either, this is London, not 2342, also 523343 is too sticky and all babies must wear a 141.

It’s not 1423, just 12345 hygiene.”

JUDGE PARKER

CARPE DIEM

THE TRIBUNE

6

be clock each beg previous answer six ans

➔

CL

PAGE 10, Monday, July 27, 2020

5

Solution in Monday’s puzzle pull-out

SuMTHing

4

Fit the missing numbers into the grid below so that all the sums are correct – reading left to right or on single lines top to bottom. There are 11 squares to fill, with one digit in each, and the 11 digits you must use are listed beneath the grid. But where do they all go?

Solution in Monday’s puzzle pull-out

Daily Express Friday, May 15, 2020

Puzzles

MARVIN BLONDIE

We’ve given you one digit – the 5 in the middle row.

Here are the missing digits to fit in:

1, 2, 3, 4, 4, 4, 5, 6, 9, 9 CRUSADER PRIZE0, CROSSWORD acrOss 1 Derbies got worn in wasteland (4,6) 6 Reportedly obstruct some countries (4) 10 Extreme raid carried out on state (7) 11 Fool takes wrong turn for somewhere warm (7) 12 Real hips moving without energy, better proportioned (9) 13 He guides you and me to that woman (5) 14 Heard feline in forest (5) 15 Promotion of a scale drawing (9) 17 Opposed sister organising worker (9) 20 Victor missed first target (5) 21 Played idly, left in Utopia (5) 23 Beating examination (5-4) 25 Old king pursuing hard worker (7) 26 Drank to cook and journalist (7) 27 Observe a sound (4) 28 Group hesitation about metal conductor (10)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

1 2 3 DOWN 1 Equipment lacks a The Daily Express Puzzled Mentathlon is in five p of our puzzles. Take the last letters of the answe manuscript showing QUIZ OF THE WEEK and the last letter of the f bugs (5) 10 rearrange those into a five Now 2 Notes costumes aresections. in vice (3,6) 3 Part of divorce review due, so celebrate (6,8) 12 4 Anger after sailor gets cross (7) SAMurAi WorDSe 5 Engineers’ small desire to SuDoku rise again (7) 9 6 2 8 4 7 3 5 1 145 7 8 1 3 4 6 2 9 N S T S 7 3 4 5 6 1 9(5) 2 8 3 2 1 9 6 8 4 5 7 7 Tree in large structure 8 1 5 3 9 2 7 4 6 9 6 4 7 2 5 8 3 1 N L J G 8 Associate policeman 2 7 1 6 8 with 4 5 9 3 2 5 3 4 1 7 9 6 8 S V I L 6 4 3 9 1 5 2 8 7 1 4 6 8 9 3 2 7 5 rant about queen (9) 5 9 8 2 7 3 1 6 4 8 9 7 2 5 6 1 4 3 S M Q H 3 8 6 7 5 9 4 1 2 9 6 17 3 7 8 5 6 4 1 3 9 2 9 Covering recording 1 2 9 4 3 8 6 7 5 1 8 2 4 3 9 5 8 2 7 1 6 E G A V that’s useful for an 4 5 7 1 2 6 8 3 9 4 7 5 6 1 2 3 7 9 5 8 4 C W D C 7 4 8 6 9 1 5 2 3 electrician (10,4) 9 2 3 5 4 7 8 6 1 C P Y N 14 Calling it a day for 5 6 1 3 2 8 9 4 7 U M L U 6 1 9 8 4 5 22 2 6 7 3 betraying (7,2)93 84 17 69 32 75 21 58 46 72 35 21 9 3 7 4 6 8 1 9 2 5 S N M B 6 2 5 1 4 8way 3 9 7 8 1 4 2 5 6 7 3 9 4 8 1 16 Pub voted a different 2 5 8 7 6 1 9 4 3 7 6 9 5 2 3 8 1 4 B F U I and made changes 1 6 3 8 (9) 9 4 5 7 2 5 8 2 1 7 4 3 6 9 G I M G 4 7lager 9 2 5 3 8 6 1 4 3 1 8 9 6 2 5 7 18 Country giving 256 1 5 3 4 8 7 9 2 5 3 2 4 8 6 7 1 9 X N A S production excellent 8 1 6 3 7 9 4 2 5 8 2 3 9 1 7 5 4 6 I I D U 9 4 7 2 6 5 1 3 8 backing (7) 7 9 4 5 1 2 6 3 8 N S T S 19 Deviant danced (7) SMALL CroSSWorD H H Y N 22 The old sat around, having 27 28 1 Intensity, 7 Reward, a bit of breadAcross: (5) 9 Fairway, 10 Arch, 12 Yes, 24 Equestrian clause (5) THe A 13 Snapper, 14 Opt, 15 Sumo, 17 Capital, 19 Series, 20 Admirable. black squa Down: 1 Infamous, 2 Near, 3 THI, 27, 28, 29, 3 4 Newspaper, 5 Swamps, 6 Trier, Across: Clo 8 Dissolve, 11 Hawaii, 13 Spied, Playpen, Ee 16 Mail, 18 Tub. Woman, Vic Down: Squ ● The cAnTArgeT you crack the Alphabeater? Each gridArmature, I Target What, Black number represents a letter – or black square. uses 0 As inFrigHTFuL Alphapuzzle, everyfitful letter of the alphabet words in ( fifth fight filth firth flight flirt CroSS the main ea is used.

But you have to complete the grid too! flit fright FRIGHTFUL frit frug fruit body of Across: SY use the letters squares furl given gift gruff guffand gulfblack huff lift luff below Chambers Down: BLO the grid to start. ‘rotationally riff rift rightfulthe ruffgrid tiffistuff turf

THE ALPHABEAT

TARGET

Y i o GcH Pr t

21st Century Dictionary (1999 edition)

0

symmetrical’ – in other words, it looks theSuMMi *Ca same if you turn the page upside down. 87 and 11 Solution on Monday

A 31 34 30 18 25 19 40 14 21 B C 37 30 33 23 17 15 36 34 7 D E 39 17 32 7 38 37 5 30 40 F G 33 11 40 21 39 34 18 25 20 H I 35 9 2 8 23 7 27 4 22 TODAY’S TARGET J Good 15; very good 22; excellent 31 K 18 21 29 30 10 34 22 19 1 (or more). Solution on Monday L M 25 19 5 26 2 34 18 2 6 call 0907 181 2585 N for today’s target solution Best described O 11 as 7 a number 34 20 21 5 the 15 6 Kakuro 37 crossword, task in *Calls cost 80p per minute plus your telephone P of the empty squares, using numbers 1 to 9, so is to fill all company’s network access charge. the sum Qof 2each 24 horizontal block15 equals its 10 13 16the5number 2 to29 left, and Rthe sum of each vertical block equals the number on its top. may be S No 26 number 2 13 28 used 26in the 30 same 18 block 25 more 28 than once.

T The difficulty level of the Conceptis Kakuro increases from Monday to Sunday.

U 10 32 5 18 33 20 1 29 30 FIND where the fleet of ships shown is hidden V in the grid. The numbers to the right of and W 35 30 28 36 9 2 20 27 31 below the grid indicate how many of the squares in that row are filled in with ships or Saturday’s X Saturday’s parts of ships. The ships do not touch each Y 15 38 23 4 22 20 23 29 13 other, even diagonally. Some squares haveSudoku Answer Kakuro Answer Z HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

BATTLESHIPS

been filled in to start you off.

Solution on Monday

2

1

CRYPTIC PUZZLE 1 They say Rita’s humour is warped (6,3,2) 9 I am put in a ruined castle for a stretch maybe (7) 10 It’s raised by those who want attention (5) 11 Competes for six points (4) 12 She has yet to meet her match (8) 14 The club for swinging types (6) 16 Perceive some French weep (6) 18 Pass on the takings (8) 19 It jumps and is said to run (4) 22 Meaningless mathematical sign? (5) 23 This account is not always strictly truthful (7) 24 Quite satisfied with what spring holds? (4,7)

Yesterday’s Cryptic Solution Across: 1 Wallow, 4 Scrabble, 9 In gear, 10 Scorpion, 12 Eats, 13 Index, 14 Eggs, 17 False modesty, 20 Hand over fist, 23 Even, 24 Jewel, 25 Near, 28 Stolidly, 29 Sneeze, 30 Eyesight, 31 Poison.

Down: 1 Write off, 2 Light ale, 3 Opal, 5 Cockeyed view, 6 Acre, 7 Bridge, 8 Ernest, 11 Untold wealth, 15 Regan, 16 Start, 18 Lifeless, 19 Sturgeon, 21 Lessee, 22 Repose, 26 Kiwi, 27 Undo.

Down 2 A custom that makes

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in coat hem (4) useful to the cook (6) 5 Overtures returned

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6 Dot three i’s perhaps.

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Many find it silly (7) 7 Don’t let the others inherit - I’ll see

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13 Drinking song going around America (8) 15 Unusually angered and upset (7) 17 The answer to this lies in the retort (6) 20 Revolutionary type of linen (5) 21 Gaiter from the past (4)

Yesterday’s Easy Solution Across: 1 On oath, 4 Shocking, 9 Endure, 10 From A to Z, 12 Firm, 13 Power, 14 Oral, 17 Recalcitrant, 20 Bow and scrape, 23 Riot, 24 Sting, 25 Lens, 28 Fidelity, 29 Honour, 30 Turnover, 31 Elated.

Down: 1 Open fire, 2 Obduracy, 3 Tart, 5 Horse-trading, 6 Comb, 7 Intern, 8 Guzzle, 11 Cosi fan tutte, 15 Bloom, 16 Snack, 18 Take root, 19 Measured, 21 Profit, 22 Yonder, 26 Also, 27 Poll.

Across

Down

1 Defuse tense situation (5,3,3)

2 Written defamation (5)

9 Oscillate (7) 10 Discolour (5)

3 In a secure place (4)

11 Part to be played (4)

4 Long narrow ditch (6)

12 Bring about (8)

5 Rapturous (8)

14 Only just (6)

6 Conceive (7)

16 Summary of information (6)

7 Past the crisis (4,3,4)

18 Regular (8)

8 Concisely (2,1,8)

19 Network fabric (4)

13 To abuse (3-5)

22 New England state (5)

15 Trash (7)

23 Silver paper (7) 24 Rescuer of threatened firm (5,6)

17 Hungarian composer (6) 20 Notable period of history (5) 21 Opposed to (4)

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4 x submarine

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entrants (6,5)

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2 x cruiser

to it (5,2,2,2) 8 They’re used by late

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3 x Destroyer

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18x Battleship

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with interest? (8)

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4 I creep around being

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B

us go grey (5) 3 Darn possibly visible

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A

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EASY PUZZLE

Across

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● Alternatively, for six Extra Letter clues to text DXBEAT to 84901. Texts cost £1 plus your u

KEIJO 2 1

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