07282020 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 28, 2020

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ROBERT MYERS

‘No more headroom’ for COVID lockdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT businessman yesterday warned his companies have “no more headroom” to keep staff on payroll if the government imposes another full lockdown, adding: “We’ve spent out goodwill money.”

Robert Myers, chief executive of Caribbean Group Bahamas, told Tribune Business that reimposing more restrictive measures to contain COVID-19’s spread will place many businesses “at risk of failure or closure” given the alreadydepressed economy.

Acknowledging that the private sector and workers were “paying the price” for a combination of personal irresponsibility and travel regulations that were not tight enough, he said returning to the measures imposed back in April would have a “devastating” impact on the Bahamian economy.

“I just don’t know what the hell to expect any more,” Mr Myers said after the government last week implemented measures to restrict travel in and out of The Bahamas, as well as other restrictions designed to curb COVID-19’s spread.

“As the financial markets would tell you, uncertainty is the worst thing you can have in markets and business.

“That’s where we sit. I’m not blaming anybody. These are very uncertain times.

You don’t know what’s to happen, but clearly allowing Bahamians to go to Florida and come back without a negative COVID-19 PCR test has proven to be a mistake.

“Now we’re going to pay for it. I don’t know what level we’re going back to - whether it is one, two, three? As long as we can

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Fidelity ‘holding our own’ on $7.5m half-year profit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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IDELITY Bank (Bahamas) incoming chief executive will tomorrow unveil $7.5m in 2020 half-year profits as evidence the bank is “holding our own on the bottom line” despite COVID-19.

Gowon Bowe, who will replace Tom Hackett and be appointed to the BISXlisted institution’s board at the annual general meeting (AGM), told Tribune Business that while net income was “substantially lower” compared to both 2019 and pre-COVID expectations “any positive profit will be a good one” due to the pandemic’s economic fall-out.

With Fidelity Bank (Bahamas) “viewing anything above break even” as a strong outcome for 2020, Mr Bowe said it had seen a $5m increase in loan delinquencies during the three months to end-June 2020 due to the lockdown and other restrictions imposed to contain COVID-19.

Suggesting that the rise was minimal when set against the bank’s total $400m loan portfolio, he

• New CEO: Any profit positive in 2020 • $5m loan delinquency rise ‘not masked’ • BISX-listed bank eyes 18 months’ hardship

GOWON BOWE added that Fidelity was confident this was a “real” figure and “not masked” by the sort of blanket payment deferral initiative introduced by rival Bahamian commercial institutions.

Reiterating that Fidelity is working with troubled borrowers on a case-bycase basis, Mr Bowe said the bank is predicting that unemployment levels will remain elevated for at least another 12-18 months even if the tourism economy “jump starts” towards the end of 2020 or in early 2021.

He warned that 2021 will likely be a year in which The Bahamas’ economic

tailspin from COVID-19 “plateaus”, with early 2022 likely the earliest when tourism arrivals start to return to pre-pandemic levels.

“We are releasing the half-year results to shareholders on Wednesday [tomorrow],” Mr Bowe told Tribune Business. “We have a half-year result of $7.5m, which is substantially lower than the prior year, but considering the potential impacts during this year, any positive profit by any institution is going to be a good one.

“While we were targeting $25m on a normalised basis, we are conservatively saying anything above break even will be a positive year. That $7.5m gives us a cushion and room over the remainder of the year, and we don’t need to concern ourselves too much on profit.

“We are increasing (loan loss) provisioning, which everyone expects, but we are still holding our own on the bottom line. We know

A LEADING Bahamian banker has warned that taxes will “increase significantly” to pay for the government’s COVID-19 spending, leaving individuals and businesses left with less money “for quite a while”.

Gregory Bethel, Fidelity Bank (Bahamas) president, urged Bahamians to plan for grim economic times that lie ahead as he warned that “no organisation, family or individual will be exempt from the price to be paid” for deficit spending that is projected to add more than $2.9bn gross to the national debt over the three-year period that closes on June 30, 2022.

Despite the harsh austerity that awaits, Mr Bethel also urged the government to provide Bahamians with “immediate hope and confidence” that it and other

the third quarter and fourth quarter will have higher provisioning.

The first quarter did not have any as COVID-19 largely fell on us in the second quarter,” Mr Bowe continued.

“In the second quarter we’ve seen a spike in delinquencies, and we saw a spike in provisions, and when we come down to the third and fourth quarter we know we will lose even more.”

Fidelity Bank (Bahamas) 2020 half-year profits represent a 42.7 percent year-over-year reduction on the $13.082m generated during the same period last year. However, they still represent a roughly $3.5m increase on its 2020 first quarter bottom line, with that figure achieved between April and June at the height of the COVID-19 lockdown.

Mr Bowe said the BISX-listed retail bank was continuing to work with COVID-19 impacted

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British Colonial ‘suspends operations’ until October

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE British Colonial Hilton’s top executive last night confirmed the resort will this Friday “suspend operations” until October due to the latest COVID-19 travel restrictions.

Pablo Casal, the downtown Nassau hotel’s general manager, told Tribune Business it will place more staff on temporary furlough as a result of its decision to cease resort activity for August and September although he declined to discuss the numbers involved.

He did, though, confirm that the British Colonial Hilton had acted after the government’s latest lockdown measures - especially the tightened border restrictions on incoming travellers - further choked-off the flow of guests and tourists.

“We are suspending operations, not closing, with effect from Friday,” Mr Casal told

• Two-month cessation begins Friday • Resort acts on COVID border clamp • More staff put on temporary furlough

THE BRITISH COLONIAL HILTON this newspaper. “We will suspend operations for August and September. We will come back in October.”

He added that the move was in response “to COVID19 and the new closing of the borders, and what has happened. It’s just because of that; the COVID-19 circumstances”.

“We are putting the staff on temporary furlough.

We have already done that for some, and we will have some more,” Mr Casal said.

“We’re not talking numbers right now. It’s a tough time.”

The British Colonial Hilton’s move, which takes effect from Friday, July 31, is the latest blow to a Bahamian hotel and tourism industry that has been left reeling from the heath and travelrelated blows inflicted by

Banker warns: Brace for ‘significant tax increases’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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• ‘No one is exempt from price to be paid’ for COVID • Fidelity chief warns of ‘revolt’ if no hope, confidence • Bahamians, business to have less ‘for quite a while’

GREGORY BETHEL institutions have their backs in times of need. He warned darkly that unless this happened, the economic and social hardship produced by COVID-19 may cause many Bahamians to “revolt”, resulting in social unrest and increased crime.

Writing in Fidelity Bank (Bahamas) just-released 2019 annual report, Mr Bethel

sought to prepare Bahamians for the “life-changing challenge” produced by the twin health and economic crises sparked by COVID-19, warning that financial and lifestyle habits must change immediately if medium and long-term prospects are to improve for hundreds of families.

Suggesting that new and increased taxes are an inevitable consequence of COVID-19, he pointed out that this burden will fall on a Bahamian private sector and consumers that fund the government through generating 80 percent of this nation’s economic activity.

“Since we had no tourists visiting the Commonwealth of The Bahamas (The Bahamas) for three months, up

to 60,000 Bahamians suffered loss of income. All households had less income.

Some had none,” Mr Bethel explained in a “message” written before the reimposition of further restrictions that have slowed tourism’s July 1 reopening to a trickle at best.

“And because the tourists will not return in the required numbers until the economies of the United States of America and Canada fully recover (not projected until the beginning of 2022), the Government of The Bahamas and the private sector – which funds The Bahamas government – must step in and assist those in need.

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the COVID-19 pandemic. It follows the likes of RIU Paradise Island, Sandals Emerald Bay and Resorts World Bimini in opting to halt operations amid a second wave of resort closures. The resort, which attracts more corporate customers than rival properties, also managed to remain open - albeit with “limited services” - during the COVID-19 first wave that featured a nation-wide lockdown and the tightest business and personal movement restrictions seen to-date.

Its loss further reduces the accommodation options for essential and corporate travellers who must visit The Bahamas during the COVID-19 pandemic,

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$4.00 Gym owners slam closure as ‘unfair’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A NEWLY-formed gym and fitness owners association is planning to meet with the government on the sector’s latest “blanket” COVID-19 closure, which occurred without any industry consultation.

Dr Kent Bazard, owner/ operator of Empire Fitness, told Tribune Business the abrupt closure of gyms and fitness centres by the prime minister on Friday was not fair.

He added: “To me, I don’t really think this is about being fair, but more about the process by which this is being done. There is no rapport, there is no discussion, there is no communication and also there is no advice.

There is no reprieve if the government is not going to instruct BPL (Bahamas Power & Light) not to charge us electricity or anything like that.

“It would be fine if we were closed and we’re not incurring any expenses. At least it would be better if we were closed and not incurring expenses. BPL is still charging us, the landlord is still charging us, and so is everybody else.”

Dr Bazard added: “If the government dealt with that part of it as well, instead of just blanket closing us while offering no solutions while we are being closed - we have loans, we have mortgages, we have rent and we have electricity and water.

“All of these persons are still charging us while we are being closed. The government needs some type of situation where we are not charged when we are closed.

That would be much better.”

Dr Bazard said the sector has received “no communication with the government at all. We had requested a meeting face-to-face with government some three months ago, and we have received no response from them as yet.

“The Bahamas Gym Owners and Personal Trainers Association (BGOPT), we are meeting and we are looking to request again for another face-to-face with the government. They are just making decisions and they are not looking at how it is exactly affecting us.”

The association is not formally established as yet, but is a group of industry partners that decided to come together at the height of the COVID-19 pandemic to

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PAGE 2, Tuesday, July 28, 2020

THE TRIBUNE

DISNEY URGED: UPDATE LIGHTHOUSE POINT EIA

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN environmental activists yesterday urged Disney Cruise Line to update studies for its Lighthouse Point proposal to account for the impacts of COVID-19 and climate change.

The groups behind the Stop Disney - Last Chance for Lighthouse Point campaign, in a July 23 letter to senior Disney executives, said The Bahamas must avoid being tempted into rushing ahead with investment projects due to the “significant pressure” for an economic and jobs recovery post-COVID-19.

The letter, addressed to Dr Mark Penning, Disney’s vice-president for animals, science and the environment, called on the cruise line to provide “a supplement” to the Environmental Impact Assessment (EIA) submitted to the Government in December 19 to address these issues.

ANDROSIANS URGED: ‘TEAR UP THE BOX AND INNOVATE’ A BAHAMIAN entrepreneur last week told Andros residents they must “tear up the box and innovate” to achieve their financial ambitions and develop sustainable communities.

Robert Pantry, who left his career in banking to found Simplified Lending, told attendees at The Counsellors-organised Andros Business Outlook conference that collaboration and radical thinking were critical to economic empowerment

“We are aware that Disney submitted an EIA for the project to the ​Bahamas Environment, Science & Technology Commission (​BEST Commission) for a technical review late last December. The world has drastically changed in the last six months,” the Bahamian groups said.

“Climate change, COVID-19, and the systemic oppression of marginalised groups are arguably the most pressing challenges of our time, and pose major implications for the cruise ship port at Lighthouse Point.

“Disney and the Government of The Bahamas must make the..... necessary changes and address these realities before the required public consultation on the EIA and any reasoned decision on moving ahead with the project.”

The letter was signed

by Sam Duncombe, reEarth’s executive director; Casuarina Mckinney-Lambert, the Bahamas Reef Environment Educational Fund’s executive director; Joseph Darville, Save the Bays’ executive in the post-COVID-19 environment.

“Don’t just think outside the box,” he urged. “Tear up the box and innovate.

Collaboration and out-ofthe-box thinking can make you more money.”

Mr Pantry said developing a concept, and finding a way to collaborate or maximise space, materials and talent, was more important than borrowing money - the very business his company is involved in. He encouraged Andros residents to focus on tourism or farming, light manufacturing, digital asset management and making the island a technology hub and solar energy pioneer.

“What can be produced in Andros and easily shipped via mailboat?” he asked, suggesting a nail production

director; Rashema Ingraham, Waterkeepers Bahamas’ executive director; and Marc Yaggi, the Waterkeeper Alliance’s executive director.

Suggesting that Disney’s proposed $250m-$400m cruise port “could make The Bahamas even more vulnerable to the spread of infectious diseases like COVID-19” unless well thought-out and developed, the environmental groups added: “Eleuthera is a largely-rural, lightlypopulated island with no hospitals, minimal medical resources and limited infrastructure.

“The protection of facility employees and local residents against disease from thousands of visitors a week coming ashore at Lighthouse Point is crucial.

While there is significant pressure to rush ahead with new developments as the Bahamian economy attempts to recover from COVID-19, it is crucial that the port is developed responsibly and sustainably in the face of global pandemics of this kind.”

SIMPLIFIED Lending’s chief executive, Robert Pantry, left, with minister of the environment and housing, Romauld Ferreira, at the Andros Business Outlook. facility. “It’s simple and easy to set up, and there is a demand. On the same land you are farming on, carve out a small piece to produce nails. When your workers finish their farm duties, they start up the nail machine and produce nails

Disney was also urged to consider whether its project was “a fair deal for The Bahamas and South Eleuthera” on the basis that many communities close to Lighthouse Point suffer from “unemployment rates as high as 70 percent to 80 percent”.

“The EIA must include a full analysis of the equity of the project and any potential social justice ramifications,” the environmental groups added. “In order to proceed responsibly and fairly, Disney must be explicit about how this deal is fair to The Bahamas and the people of South Eleuthera...

“Disney has chosen to develop their cruise port in one of the most economically depressed areas of The Bahamas. Disney is a major international corporation whose annual income is over five times’ the annual GDP of The Bahamas as a whole. The EIA must examine the economic benefits of the project to ensure an equitable deal. ​ “This must include analysis of the contributions, for better or worse, of cruise

port and cruise ship operations to environmental injustice and system inequality in The Bahamas; the comparative economic benefits of the cruise port for the company and the impoverished communities of South Eleuthera.”

While the draft EIA was submitted to the BEST Commission (now the Department of Environmental Planning and Protection) in December 2019, the activists said it had not been disclosed to the public to-date.

Mrs Duncombe said in a statement: “The Bahamas is still suffering from the aftermath of Hurricane Dorian and the economic fall-out from COVID-19. Now is not the time to rush ahead with business as usual.

All future developments must carefully consider these threats to ensure that they are sustainable, safe and equitable.”

Mrs Mckinney-Lambert added: “Disney - and the Government of The Bahamas - should follow the lead of other countries in the Caribbean region, such as Belize, that now

require all EIAs to assess climate change and its impacts. An EIA that does not include assessments of climate change simply does not adhere to the highest standard.”

Mr Darville said: “The events of the last six months have shone a bright light on the inequality in our societies. Disney needs to be transparent about the economic benefits and the environmental costs of the project to The Bahamas, and to the disadvantaged communities in South Eleuthera. Disney should join us in encouraging an open and honest discussion of environmental injustice in the EIA on Lighthouse Point.”

And Ms Ingraham added: “We lived through Hurricane Dorian. A changing climate and rising sea levels are the new realities which Disney and The Bahamas must fully consider before moving ahead with a major investment at Lighthouse Point.”

Messages sent to a Disney spokesperson were not returned before press deadline last night.

the same day. “ Shipping nails along with produce could reduce costs associated with singleproduct shipping, and allow Andros farmers to price tomatoes and cabbages more competitively. While that scenario was one type of collaboration, Mr Pantry offered several other suggestions including multi-lingual travel agents who create an Andros-based “Privacy Oasis”.

“When I drive around, people tell me this is mainly bush, but is it just bush or is it really a ‘Privacy Oasis?’” he asked. “People are paying a ton of money to visit locations that are remote.” Still within the tourism spectrum, Mr Pantry suggested Andros could cater to millions who speak Spanish and French.

“Why not become a photographer who also does tours of French and Spanishspeaking people showing the best angles and views, and how to shoot them with only their cell phone? Can you imagine that: A photographer who doesn’t travel with a camera?” he added.

Giving a real-time, reallife example of collaboration, Mr Pantry suggested putting a go-pro camera on a farm animal for an hour per day with the animals developing a following who watch them on YouTube.

Calling on Androsians to go beyond relying on government for the safe, secure job route, Mr Pantry said they should target niche and underserved markets such as mobile camping.

Such concepts, he added,

worked best alongside another initiative.

“Is there a way to combine tourism and farming? Maybe people will come to Andros because they can stay on a farm and, each morning, they can pick their fresh fruits and provide them to the chef to prepare their meal. Or get a little radical – in your privacy oasis resort, you can offer horseback riding and hunting, or maybe start the first bull-fighting event in the Caribbean,” Mr Pantry said.

Andros also has the land and space to become a data centre or digital asset management, he added. “Understand the power of people, go out and build new connections,” he urged. “The people of Andros can separate Andros from the pack.”

THE TRIBUNE

Tuesday, July 28, 2020, PAGE 3

Wedding planner ‘surprise’ over Harbour Island event

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Bridal Association (BBA) yesterday voiced “surprise” that the controversial Harbour Island wedding was allowed to take place without enforcement of COVID-19 health protocols.

Cindy Coakley-Knowles, the association’s president, told Tribune Business: “It’s surprising that that happened, because we are all

under strict guidance that we just can’t have any.

“As an association we are adhering to the competent authority’s instructions, so it was surprising to hear that those permissions were given. All I can say is that as far as the BBA is concerned, we are following the guidelines that the government set and working closely with the Ministry of Tourism.”

Just hours after the prime minister on Friday announced that “weddings

will also be permitted with a maximum number of five people including the officiant”, the Competent Authority - meaning Dr Minnis’ office - exempted two weddings from such restrictions provided that proper COVID-19 health protocols - including social distancing and mask wearing - were upheld.

However, photos and a video of one of these weddings, which took place at the Coral Sands resort on Harbour Island, showed

that these protocols were not being adhered to. It immediately sparked accusations of double standards and suggestions that foreign couples were being given preferential treatment compared to Bahamians.

Ms Coakley-Knowles voiced similar sentiments, adding: “Yes, there is some concern because our business is at a halt right now for all of our planners. So to hear that persons can still get it done, and that it is still being allowed, is just

Cable director: Digital transformation is here

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABLE Bahamas director says “digital transformation is our present” due to the impact of the COVID-19 lockdown.

Dominic Petty, the BISX-listed telecommunications provider’s northern Bahamas director, told the Andros Business Outlook: “Digital transformation is transforming the processes that were non-digital or manual to digital processes.

In other words, digital transformation is changing the way we do things.”

Branding COVID19 a “disruption from an invisible enemy”, Mr Petty said: “We had a disruption that was not digital, but the disruption was something that totally caught everyone off-guard”.

Highlighting what he described as “life after COVID-19”, Mr Petty said: “I am very sure that a lot of persons, perhaps for the first time, are starting to use the teleconference platform. Would things like this continue, even after COVID-19 would be over?

“Virtual meetings is something that would have been with us forever, but the thing with virtual meetings is that virtual meetings were more something to augment the way that we do things. But today, it’s the primary way that persons

actually conduct meetings and do business.

“With the virtual meetings it tended to be something that was sprinkled into a lot of live conferences with persons working from different parts of the world with their partners and vendors and suppliers, but now it is something that is entrenched into our lifestyles.”

Mr Petty continued: “Second, the internet of things (IOT). The Internet is becoming a lot more popularised, and the use and benefits of it are becoming more popularised, but the IOT basically is the same every day devices that we use like the cell phones, our radios, the speakers, the cameras, our air-conditioners, our cars and things of that nature. All have the capabilities to be able to talk to one another without human interventions.

“So, case in point. At a particular point in time, you may want your air conditioning at home to turn on or be activated based on something that triggered in your house, or based on the temperature. Perhaps your refrigerator could actually track the amount of inventory or food supplies that you have, and if it’s running low, it would be able to prompt persons at the food store so that they may be able to deliver food to you

at home. So these are the various technologies and things that are currently being explored.”

Mr Petty said Cable Bahamas had seen “congestion” occur in its systems due to the demand for Internet bandwidth during COVID-19, and said: “As we get more into the technology, obviously the backbone or the infrastructure is something that is very important to technology trends.

“The bandwidth has peaked and the peak is the new norm.n With the cases of COVID-19 going up, you can see the demand for more and more bandwidth as more and more need to be able to access the Internet and do more and more things.

“We have also seen a congestion in our system as well. In order to address that we are constantly watching the numbers to be able to alleviate some of that. The need for bandwidth is the new norm, so we have to adjust to it.”

Mr Petty added: “Also a survey was done as it relates to social media; the social media also went up.

This survey actually shows that it was 76 percent more persons using the mobile phone, 45 percent using lap-tops and computers and 32 percent using desktops, tablets, devices and etc. So what does this tell

Restaurants in sales declines of up to 95%

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ONE restaurant yesterday said sales were down 95 percent as the government reimposed restrictions that bar indoor and outdoor dining in a bid to curb the latest COVID-19 outbreak.

Christopher Robertson, owner/operator of the Cricket Club, told Tribune Business: “That’s the law.

We can’t do anything about that. We can only do takeout; we have to comply with the law.

“I’d have to check the figures, but certainly we are probably down by 95 percent of our regular business because we do a lot of in-house business. But we have to comply with the law and that’s exactly what we’re doing.

“We are strictly serving food to go and that’s it.

Nothing else; no sit-ins, no bar, just takeout food. We don’t do deliveries, we only do curbside pick-up. You just have to come to the bar, pay for the food, go downstairs and pick it up and carry it.”

George Mousis, Athena Café’s general manager, said of the measures unveiled by the prime minister on Friday: “Well, I guess it’s for the safest route. Your health is priority, but we have to thank God for our loyal locals and keep doing what we have to do.”

Adding that he has “no choice” but to offer delivery and curbside services over the next two months, he added: “We have to push. People still have to eat, and we just have to continue and offer that great service and great food. We can’t just give up, and thank God for our

loyal locals. We have been here for over 20 years and we have a lot of good food.

“They [customers] have been asking for both the delivery and the curbside.

We are with the Kraven app for those who opt for delivery. They have options to order online and get it delivered to them for their convenience, which helps with the sales. Curbside is still going pretty strong; just thank God for the locals. That’s our bread and butter, and we have to make sure we take care of them.

“I would say that it is 50-50 on both use of the curbside and delivery, but it is nowhere close to what we used to be with dining in; with tourists. But something is better than nothing.

We can’t give up, we just have to hold on and ride this wave and take care of our local customers.”

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us? There was a big jump in digital activity, so everyone has to get with it.”

“There is a significant increases in social media use, especially with video calling. That’s taking the centre stage. There is also an acceleration of the use of e-commerce. The digital payment method is very important, as this was one of the biggest features of the lockdown due to the pandemic.

“A lot of businesses had to re-think. A lot of persons are starting to pay over the phone by credit cards, kiosk machines, digital wallets, so there is a proliferation of these businesses offering these digital forms of payment. In the future, it is going to become more and more important.”

a concern for us. Our business is at a halt in every aspect.

“The Ministry of Tourism is working very closely with us, and we continue to see how we can accommodate tourists or guests that are wanting to have a destination experience. So we continue to work on how that can be possible and still maintain social distancing, and we can start with some of the regulations in terms of flying guests in. That’s the most concern there with

the destination; the rules keep changing as far as the requirements.”

She added that this makes it “difficult to plan”, and said: “Those are more of an issue for us than anything else when speaking with my clients. Other than that we are continuing to work with the Ministry of Tourism with marketing strategies, with coming up with ways we can still keep this part of the business vibrant here.

We are doing that.”

Resorts World closing ‘for best’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BIMINI’S Chamber of Commerce president yesterday backed the weekend closure of the island’s main resort as the “best” move in light of the rapid increase in COVID-19 cases.

Edward Reckley told Tribune Business of the Resorts World Bimini closure: “Of course the closure would impact the island because everybody had to leave.

But because of the whole COVID-19, we could have dealt with it. So it is only a safety protocol like every other resort, making sure that personnel are safe on the ground in the first instance.

“As far as the Airbnb, they are still going to be open because we have a lot of private home owners. So the island still has some options at this time. But because of

the growing cases in Florida it is only best to close the resort.”

Resorts World Bimini, in a statement released at the weekend, said: “Out of respect for the concerns of The Bahamas’ prime minister, Resorts World Bimini has made the difficult decision to temporarily suspend operations, effective July 25, 2020.”

The resort added that it was monitoring advisories from the Ministry of Health and the Centres for Disease Control and Prevention, adding that the safety of guests and staff was its primary focus.

Mr Reckley said: “We are going to abide by the rules on the lockdown, and follow all of the rules and regulations from the health physicians for the boaters to come in and sign and fill out the forms on what needs to be done.

So we only can hope for the best.”

PAGE 4, Tuesday, July 28, 2020

THE TRIBUNE

Fidelity ‘holding our own’on $7.5m half-year profit FROM PAGE ONE

funding has to be repaid.

It’s not about forgiveness; it’s about understanding that the timelines for collection have changed. We’re managing the portfolio on an almost daily basis.”

Mr Bowe said Fidelity Bank (Bahamas) risk-weighted capital adequacy ratio, currently hovering between 24-25 percent, “gives us the ability to do quite well through the end of 2020” as it remains comfortably in excess of the 17 percent targeted by the Central Bank of The Bahamas and the regulator’s 14 percent minimum.

However, he told Tribune Business that the BISX-listed institution is preparing to manage an 18-month downturn “at the very least” rather than one that will last for just six months. “We see the

rebound coming in 2022.

We see it plateauing in 2021,” Mr Bowe said, “and hopefully in early 2022 will be when we start to see it.

“There will be higher unemployment numbers for the next 12-18 months. That really means that the focus for the remainder of 2020 and 2021 will be balancing that engagement with depositors and borrowers, ensuring cash flow from borrowers. Growth will not be coming until the economy reaches a stabilised state, which we predict will not be until early 2022.”

This was backed by Scott Elphinstone, Fidelity Bank (Bahamas) chairman, who wrote in its just-released annual report: “A full recovery in late 2022 is our base case assumption. We expect the crisis to have a negative effect on net

income and total comprehensive income, equity and dividends in 2020.

“While global economies are starting to reopen after shutdowns imposed by governments, the recovery is tenuous due to the uncertainties of the path of the virus, potential treatments and the confidence of the populations to venture out of their homes. This will impact the economy of The Bahamas most severely, as it is dependent on tourism.

“While we are optimistic that there will be a medical breakthrough, the focus of the Board of Directors and management has shifted to loan quality and maintenance of our equity position, and our staff are engaged with customers that are struggling with loss of income.”

Banker warns: Brace for ‘significant tax increases’

British Colonial ‘suspends operations’ until October

effects by permanently terminating 15 percent of its workforce as initial restrictions were eased.

Mr Casal, its general manager, in an e-mailed response to Tribune Business inquiries then, confirmed: “As a result of COVID-19, the hospitality industry is seeing an impact to business that is unprecedented.

“Given the direct effect this has had on our hotel, we have worked with ownership to evaluate options that help us ensure the continued viability of the hotel. After careful consideration, we were regretfully forced to reduce our workforce. This difficult decision reduces our workforce by approximately 15 percent, including management, at this time.”

Around 30 staff were thought to have been impacted. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, confirmed at the time that 22 of his union’s members were impacted, with most of the job cuts occurring the in the banqueting and catering department.

He added that the union had unsuccessfully sought to persuade the resort to holdoff, citing the fact that the government has extended the 12-week period before mandatory redundancy kicks-in to one month after the COVID-19 emergency powers order ends.

Mr Woods was unavailable for comment on the British Colonial Hilton’s “operations suspension” before press time last night.

borrowers on a case-bycase basis, having rejected the blanket payment deferral initiatives implemented by competitors.

“In terms of the actual numbers, the increase in our portfolio was $5m,” he told Tribune Business of COVID-related loan defaults. “Put that in the context of a $400m portfolio and that’s not too bad in the context of normal delinquencies.

“We believe the delinquencies numbers are realistic numbers, and not with any deferral numbers masking the true level of delinquencies..... Our actual delinquencies we believe are realistic because they are not masked by any deferral programme. We

FROM PAGE ONE “The private sector (businesses and individuals) fund the Bahamas government through taxes, fees and loans. The private sector, which is 80 percent of the Bahamian economy, provided the funds which The Bahamas government spent to help people during and after the global pandemic.”

Outlining the near-term fall-out, Mr Bethel added: “This extraordinary social expenditure by The Bahamas government (at the same time experiencing a significant revenue loss) added to The Bahamas government’s deficit and debt. This means that taxes will increase at some point.

They will likely increase in a significant way.

“The wealthy, uppermiddle income earners, and the profitable businesses will have to pay even more to fund the Bahamas government, including the costs of safety, security, salaries, social assistance, healthcare, education and servicing of debt. So, individuals, organisations and businesses will have less income and money to spend for quite a while.”

Urging Bahamians and the private sector to brace for the coming storm, Mr Bethel wrote: “Now is the time to reset or adjust goals, objectives, budgets

are running realistic numbers as opposed to artificial numbers.

“We haven’t had any unexpected increase in the past due element up to this point in time. We don’t know if we have reached the bottom, and won’t know until the economy fully opens and consistently opens,” Mr Bowe said.

“The opening of the economy, and now the new lockdown, are creating - if you will - economic volatility in personal income. The opening was not sustained, and persons were not working long enough to resume payments. It’s certainly created a cloud over the sunshine we saw coming in August and September.

“But our client base is still one that is largely employed in terms of the government sector. We have a number

and future plans. Now is the time to spend only on what is urgent and important, or will generate a positive return in the future.

“No organisation, family or individual is exempt today, nor will they be exempt from the price to be paid during and after the recovery period. We must all strategise and think about the future.”

K Peter Turnquest, deputy prime minister, in unveiling the 2020-2021 budget said the government had ruled out the imposition of new and/or increased taxes as a means to cover its massive deficit spending for fear that they would further depress an economy in danger of imploding due to the tourism industry shutdown and associated COVID-19 lockdown.

He subsequently voiced optimism that The Bahamas will be able to grow its way out of any postCOVID-19 fiscal woes, and avoid increased taxation over the medium-term, when repeatedly pressed

by Tribune Business on the matter.

For the Ministry of Finance’s own fiscal projections suggest that the pandemic is pushing The Bahamas into uncharted territory, with the government’s direct debt forecast to reach 82.8 percent of

of stable blue chip companies that started operating after the shutdown, so we have a large percentage of the client base that still has an income.”

Mr Bowe said Fidelity Bank (Bahamas) was not resting on its results todate, emphasising: “We’re not celebrating. The actual phone conversations with customers are ongoing.

The phone lines are constantly engaged, and we’re speaking to customers on an hourly basis. Where are you in the scheme of things, and how do we balance our fiduciary responsibilities on behalf of depositors.

“It is not about forgiveness but about forbearance.

The monies that were borrowed were lent by shareholders and depositors. The borrower has to meet their obligations. The

gross domestic product (GDP) by end-June 2021.

That figure, which is forecast to rise further to 85.6 percent come endJune 2022, excludes around $600m in “contingent liabilities” that the government has guaranteed on behalf of state-owned enterprises such as Bahamas Power & Light (BPL) and unfunded civil service pension liabilities thought to be approaching $2bn.

Even without including those two factors, the Ministry of Finance’s own projections show the national debt breaching the $10bn mark in the next 2021-2022 fiscal year, ending 2022-2023 at $10.614bn.

This is due to deficit spending estimated to have totalled $773.7m in 2019-2020, due to a combination of COVID-19 and Hurricane Dorian, and further “red ink” forecast to hit $1.327bn and $813.4m over the present and next fiscal year, respectively.

Mr Bethel, meanwhile, urged The Bahamas to target major markets such as the US, Canada, the UK, China and Europe in a bid to lure tourism and foreign direct investment (FDI) to these shores once COVID19 is contained.

“The relevant representatives of The Bahamas need to travel abroad to engage ‘key actors’ in each of these

continents [and nations], build up contacts and foster key relationships.

The Bahamas needs to do all it can to attract tourists and investors while assuring them that The Bahamas is safe and open for business – with quick decision making,” he added.

Warning that the government must convince Bahamians there is a brighter future amid the harsh reality of COVID19, the Fidelity Bank (Bahamas) president said: “Today, many Bahamians are afraid, frustrated, and irrational. Many people need immediate hope and confidence that institutions like The Bahamas government, the private sector - including banks, churches and charities - really care, understand, and want to help them now and in the months to come.

“If they have no hope and confidence in our institutions, they will revolt and encourage others to join them. Crime will increase.

Leaders in The Bahamas need to give them hope and relief, while at the same time providing them information and useful advice (which they may not necessarily want to hear). As a nation, we need to act prudently and pray that God will intervene to enable us to provide quick tests, a cure and a vaccine for COVID-19.”

To advertise in The Tribune, contact 502-2394 Facilities & Maintenance Manager Position Facilities & Maintenance Manager needed for permanent, rotational island position. This is a month on/month off position, working 7 days per week while on island. Hours of work vary from day-to-day depending on daily requirements, but are a minimum of 10-12 hours per day.

This is a salaried position, without overtime. Hiring preference will be given to Bahamian applicants.

We are looking for an experienced, self-directed and self-motivated person to fill the position.

• Applicant must have a minimum 8 years experience and possess a strong skill base in Kohler/John Deere 280kw generators, have knowledge of control room operations, competence in both high voltage and electronic switching, and HVAC systems, and have experience operating sewerage treatment plants and fuel management systems.

• Applicant must be willing to multitask in preventative maintenance, operation and maintenance of all areas associated with above as well as with boats, outboards, wave runners and other sporting equipment, golf carts, associated vehicles, 2/ equipment, plumbing, operation and maintenance of heavy machinery, refrigeration equipment and watermakers.

• Must be proficient in Excel, or similar inventory program as required by management. Must have certification in first aid and a marine boat driving licence.

• Applicant will be required to work hand-in-hand with maintenance staff, training staff where required by management.

• Must have experience dealing with owners and guests while present on island; be poised, polished, professional, clean cut, no visible tattoos, non smoker and of sober habits. References of experience in this area will be required without exception.

•

Resume must be accompanied by applicable certificates, written work references for positions held and associated contacts. A valid police report will also be required. Additionally, applicant will be subject to in depth background check by international private security company.

Interested persons should submit resume and written references by email to:

revivalbaymanagers@yahoo.com

LEGAL NOTICE

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION GABON (AROUWE) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 29th day of May, 2020.

Dated the 28th day of July, A.D., 2020.

Matteo Pedercini Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION GABON (AROUWE) LIMITED LEGAL NOTICE

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION GABON (OFFSHORE) LIMITED

FROM PAGE ONE with the British Colonial Hilton having likely calculated that health and financial risks (losses) associated with remaining open far outweigh any benefits. This is especially since August and September were traditionally the slowest months in the tourism calendar pre-COVID-19.

Figuring prominently in its calculations will also have been the government’s decision to ban all commercial air travel between The Bahamas and US with effect from last Wednesday, which cut off the major access route into this nation for the stopover tourists the resort relies upon.

And, although this was swiftly converted into a 14-day quarantine for all travellers coming by commercial airline regardless of nationality, the new measure will still have the same effect of deterring tourism and non-essential visits to The Bahamas.

The British Colonial Hilton, which is owned

by China State Construction, the contractor that built the $4.2bn Baha Mar resort and is now completing the $200m Pointe expansion adjacent to the downtown resort, had previously reacted to the COVID-19 pandemic’s

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, WENDIJAH COREASA LEWIS of George Town Great Exuma, The Bahamas, mother of DAMARI XAVIER FOWLER A minor intend to change my child’s name to XAVIER JAHMIER NIXON 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PETRAMARIE BERYL EDWARDS of Western District, Nassau,Bahamas intend to change my name to PETRA EARTH LEZAMA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

NOTICE WMCG LTD.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 12th day of June, 2020.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, WMCG LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 20th day of May A.D., 2019.

Dated the 28th day of July, A.D., 2020.

Dated the 24th day of July, 2019

Matteo Pedercini Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION GABON (OFFSHORE) LIMITED

Beatus Limited Liquidator

THE TRIBUNE

Tuesday, July 28, 2020, PAGE 5

Gym owners slam closure as ‘unfair’

FROM PAGE ONE

develop standardised health protocols throughout the industry pending its first re-opening.

“We just hope that we can establish a line of communication with the government so that when these decisions are made, at least we can have some warning ahead of time so that, one, we can make provisions and, two, the government can make educated decisions for everybody that’s involved in the process,” Mr Bazard said.

Jennifer Godet, owner/ operator of J-Line Fitness, said: “The prime minister is trying to save lives. We just have to trust what he says.” While understanding the need for the closure, she added that the government should have been open with the proper protocols and managed this second wave of COVID-19 infections better.

‘No more headroom’ for COVID lockdown FROM PAGE ONE keep some of the economy moving, it’s not good but it’s not terrible.”

Cautioning the government against a return to the full national lockdown imposed in late March and early April, Mr Myers told Tribune Business: “Anything you do now to business puts them at further risk - risk of failure or closure.

“We don’t have any headroom now. We’ve spent that headroom. The next time round, if they force a closure, we’re going to have to lay-off employees until the situation is resolved. Where we were putting people on half salaries or half pay, and kept that burden, we cannot do that any more. We’ve spent our goodwill money.

Next time it’s going to hurt.

“In some cases we took it [the first lockdown] as an opportunity to improve our systems through IT integration. We kept the management on full pay and did that integration in the absence of any distractions. We took all of that downtime, but now that will not be the case. We’re done. We’re going to have to send people home,” he continued.

“The government has to be mindful of doing things that are going to hamper employment and shut down the local economy that we desperately need. Whatever part of the economic engine we can keep going, we must keep going.”

Mr Myers said the Government’s initial COVID-19 travel protocols, especially allowing Bahamians who had travelled abroad for 72 hours or less to return home without having to produce a negative CIVID-19 PCR test had proven “a recipe for disaster”.

“There’s a massive degree of irresponsibility in that and we’re paying the price for it,” he told Tribune Business. “If you make it difficult, and put the onus on responsibility to make sure they’ve been tested, it puts the responsibility on the individual.

“If you waive that responsibility and allow people to go over willy nilly and come back without testing, it allows irresponsibility to creep in. That’s just my opinion. That 72-hour loophole in the protocols was the problem. If you go over you need to have a negative test before you come back.

That’s what will keep the rest of the economy alive.”

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

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SOME HELPFUL TIPS BEFORE YOU DONATE:

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4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

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CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PAGE 6, Tuesday, July 28, 2020

THE TRIBUNE

Wall Street returns to rallying; gold jumps to record high

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

NEW YORK Associated Press WALL Street’s rally got back on track yesterday, while gold rushed to a record at the start of a week packed with potentially market-moving events.

The S&P 500 rose 0.7% to more than recover all its losses from last week, as Apple and other tech giants returned to their winning ways. Nervousness was still hanging over markets, though, and gold briefly topped $1,940 per ounce for the first time.

The S&P 500 climbed 23.78 points to 3,239.41. The Dow Jones Industrial Average rose 114.88, or 0.4%, to 26,584.77, and the Nasdaq composite gained 173.09, or 1.7%, to 10,536.27.

“If there ever was a week to pay attention, this is likely the one,” Kevin Giddis, chief fixed income strategist at Raymond James, wrote in a report.

“There is as much going on for the markets as there has been since the crisis began, and almost all of it has some potential meaning on the future of the US economy.”

At the head of the pack is a two-day meeting for the Federal Reserve on interest rates that begins today.

The Fed helped end the market’s sell-off in March, catapulting it into a tremendous rally, after promising to keep interest rates at record lows and to hoover up a wide range of bonds to support the economy.

Investors are waiting to hear what the Fed says this week about the economy’s prospects and what it plans to do on interest rates.

This week is also a busy one for corporate earnings, with more than a third of the companies in the S&P 500 scheduled to report how they fared from April through June.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 27 JULY 2020

ALL SHARE INDEX: CLOSE: 2,109.11 | CHG: 0.09 | %CHG: 0.00 | YTD: -122.49 | YTD%: -5.49 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 2.99 CBB 5.05 CBL 3.90 CHL 6.16 CIB 11.26 CWCB 2.44 DHS 5.10 EMAB 9.89 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 2.43 5.10 10.02 8.44 14.30 3.99 8.97 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.13 0.00 0.00 0.00 0.00 0.00

645

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 23.8 10.9 15.5 11.6 17.5 19.7 9.6 24.1

YIELD 5.40% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.08% 3.57% 6.39% 17.86% 1.18% 3.27% 2.84% 3.78% 3.01% 2.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

MATURITY

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

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

MUTUAL FUNDS 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

being floated,” said Sam Stovall, chief investment strategist at CFRA. “In order for the Democrats to come onboard, it could end up being double that amount.”

All the uncertainty about the economy, the pandemic and how long interest rates will remain at nearly zero have helped drive the price of gold higher, making it the best performing investment of 2020. More recently, a weaker US dollar and worries about rising tensions between the United States and China have given gold an extra boost.

Gold for delivery in August added another $33.50 to settle at $1,931.00 per ounce yesterday, after earlier climbing as high as $1,941.90. That’s an intraday record for the most actively traded contract, and it follows up on Friday’s record high for a settlement price.

It’s unusual for the price of gold, which tends to rise when worries about the economy are high, to do so well at the same as stocks, which tend to wilt under such worries.

“It’s a tug of war between those investors and they’re really not acting in a normal way,” said Mark Hackett, chief of investment research for Nationwide.

“But it’s 2020, nothing’s normal.”

The yield on the ten-year Treasury note ticked up to 0.60% from 0.58% late Friday.

Benchmark US crude rose 31 cents to settle at $41.60 per barrel. Brent crude, the international standard, rose seven cents to $43.41 a barrel.

In Asia, Japan’s Nikkei 225 slipped 0.2%, South Korea’s Kospi gained 0.8% and stocks in Shanghai added 0.3%. The Hang Seng in Hong Kong lost 0.4%.

In Europe, Germany’s DAX was close to flat, and France’s CAC 40 lost 0.3%.

The FTSE 100 in London dipped 0.3%.

Experimental COVID-19 vaccine is put to its biggest test

(242) 323-2320

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

So far, profit reports have been better than Wall Street forecast, though still far weaker than a year earlier because of the recession. Companies that have reported results topping expectations, though, have been getting a smaller bump than usual versus the rest of the market the following day, analysts wrote in a BofA Global Research report.

Several of the market’s most influential companies are scheduled to report this week, including Amazon, Apple, Facebook and Google’s parent company.

Those four account for 16% of the S&P 500’s total value, which gives their movements outsized influence on the index.

Such tech-oriented giants have cruised through much of the pandemic on expectations that they can continue to grow regardless of whether the economy is quarantined. But critics say their stocks have bubbled too high, even after accounting for the huge profits they produce.

The tech titans stumbled last week on such concerns, which helped pull the S&P 500 to its first weekly loss in four weeks.

Worries about an uptick in layoffs across the country also hurt stocks last week, as businesses close down again amid rising coronavirus counts across much of the Sun Belt. An extra $600 in weekly unemployment benefits from the US government is set to expire soon, and Congress is still arguing about how to offer more aid for the economy.

The Trump administration’s chief negotiators spent the weekend on Capitol Hill working on a relief bill, though Democrats and Republicans still have much to negotiate.

“Investors are optimistic about the impending stimulus coming out of Congress, and they are expecting that it could be even greater than the current $1tn amount that is

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

Associated Press THE biggest test yet of an experimental COVID-19 vaccine got underway yesterday with the first of some 30,000 Americans rolling up their sleeves to receive shots created by the US government as part of the all-out global race to stop the pandemic.

The glimmer of hope came even as Google, in one of the gloomiest assessments of the coronavirus’ staying power from a major employer, decreed that most of its 200,000 employees and contractors should work from home through next June — a decision that could influence other big companies.

Final-stage testing of the vaccine, developed by the National Institutes of Health and Moderna Inc, began with volunteers at numerous sites around the US given either a real dose or a dummy without being told which.

“I’m excited to be part of something like this. This is huge,” said Melissa Harting, a 36-year-old nurse who received an injection in Binghamton, New York.

Especially with family members in front-line jobs that could expose them to the virus, she added, “doing our part to eradicate it is very important to me.”

Another company, Pfizer Inc, announced late yesterday that it had started its own study of its vaccine candidate in the US and elsewhere. That study also aimed to recruit 30,000 people.

It will be months before results trickle in, and there is no guarantee the vaccines will ultimately work against the scourge that has killed over 650,000 people around the world, including almost 150,000 in the US. “We’ve been sitting on

the sidelines passively attempting to wear our masks and social distance and not go out when it’s not necessary. This is the first step of becoming active against this,” said Dr Frank Eder of Meridian Clinical Research, the company that runs the Binghamton trial site. “There’s really no other way to get past this.”

As if to underline how high the stakes are, there were more setbacks in efforts to contain the coronavirus.

In Washington, the Trump administration disclosed that national security adviser Robert O’Brien has the virus — the highestranking US official to test positive so far. The White House said he has mild symptoms and “has been self-isolating and working from a secure location off site”.

The move to restart the national pastime ran into trouble just five days into the long-delayed season: Two major league baseball games scheduled for lastnight were called off as the Miami Marlins coped with an outbreak — the Marlins’ home opener against the Baltimore Orioles, and the New York Yankees’ game in Philadelphia, where the Marlins used the clubhouse over the weekend.

As for relief from the economic damage done by the virus, Republicans on Capitol Hill rolled out a $1tn package that includes another round of $1,200 direct payments but reduces the extra $600 a week in federal unemployment benefits that expire for millions of Americans on Friday.

Republicans proposed $200 a week, saying the generous bump discourages people from returning to work.

Democrats call the added benefits a lifeline for those who have lost their jobs.

THE TRIBUNE

Tuesday, July 28, 2020, PAGE 11 giving investors reason to hedge their bets with gold.

Meanwhile, the market’s sharp rebound from its lows in March is making stocks look expensive relative to earnings. Based on forward 12-month earnings, the S&P 500 is trading at a 50% premium to its 20-year average. That’s likely making an asset like gold more attractive even as stocks continue to rally, said Sam Stovall, chief investment strategist at CFRA. “There are many bricks in this wall of worry,” Stovall said.

Here is a closer look at the main reasons behind gold’s run to a record: THE PANDEMIC The biggest reason for the surge is fear surrounding the pandemic. No one knows how many people the new

Gold’s luster grows as investors hedge in uncertain times

By STAN CHOE AND ALEX VEIGA Associated Press WALL Street is in the throes of a gold rush, as investors drive the price of the precious metal to new heights.

Gold has been the best investment of the year so far. The price of the precious metal has climbed nearly 27% this year, more than triple the return of the largest US bond funds and towering over the roughly 1% return of big US stocks. more than After topping $1,800 per ounce in 2011, it’s taken

nearly a decade for gold to surpass that level. Gold closed yesterday at a record $1,931 an ounce. Analysts at BofA Global Research say gold could reach $3,000 per ounce.

Several factors are pushing gold higher: Investors are anxious about the pandemic’s ultimate impact on the economy, worried over resurgent tensions between the US and China, and fearful of runaway inflation as spending to cushion the economic fallout swells the federal budget deficit.

Uncertainty over the outcome of the elections in November may also be

virus will ultimately kill — or how much of the world’s economy it will destroy. That sways investors toward the metal that has long been considered a safe haven for wealth in turbulent times.

A resurgence of confirmed cases of the coronavirus has put a damper on Wall Street’s hopes for a relatively quick economic recovery as some states curtail plans to reopen businesses. Optimism for a full economic recovery now rests almost entirely on the successful development of a vaccine and therapies to treat patients suffering from COVID-19.

US-CHINA TENSIONS Worries over US-China tensions have also drawn investors to gold. Washington and Beijing had reached a first-stage trade agreement in January, but tensions

between the two nations have grown heated again, adding new worries about the potential for the world’s two largest economies to impose tariffs on each others’ goods.

THE DOLLAR Many investors see gold as a way to protect against a falling US dollar, and the greenback is at its lowest level against the Swiss franc in more than five years. The US Dollar index, which measures its value against the Swiss franc and five other major currencies, is at its lowest level in more than two years. A weaker dollar also makes gold cheaper for investors buying in other currencies, because it’s priced in dollars.

LOW INTEREST RATES For nervous investors, the safest places to put their

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 76° F/24° C

TAMPA

TONIGHT

WEDNESDAY

THURSDAY

FRIDAY

SATURDAY

Intervals of clouds and sunshine

Mainly clear

Mostly sunny and pleasant

A passing a.m. shower; partly sunny

Partly sunny and pleasant

Passing showers; becoming breezy

High: 88°

Low: 78°

High: 89° Low: 78°

High: 89° Low: 78°

High: 89° Low: 78°

High: 89° Low: 77°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

86° F

98°-87° F

100°-87° F

100°-86° F

100°-86° F

High: 91° F/33° C Low: 79° F/26° C

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

N

almanac

E

W

ABACO

S

N

High: 86° F/30° C Low: 81° F/27° C

6-12 knots

S

WEST PALM BEACH High: 90° F/32° C Low: 78° F/26° C

4-8 knots

FT. LAUDERDALE E

W

FREEPORT

High: 90° F/32° C Low: 79° F/26° C

N

S

E

W

High: 89° F/32° C Low: 79° F/26° C

MIAMI

High: 93° F/34° C Low: 79° F/26° C

4-8 knots

KEY WEST

High: 90° F/32° C Low: 83° F/28° C

ELEUTHERA

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 86° F/30° C Low: 81° F/27° C

NASSAU

High: 88° F/32° C Low: 78° F/26° C N

uV inDex toDay

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

tiDes For nassau Low

Ht.(ft.)

2:32 a.m.

3:21 p.m.

High

2.8 3.2

8:52 a.m.

9:46 p.m.

0.1 0.6

Wednesday 3:36 a.m.

4:24 p.m.

2.6 3.2

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

Thursday

4:40 a.m.

5:24 p.m.

2.6 3.3

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

Friday

5:41 a.m.

6:20 p.m.

2.6 3.4

11:50 a.m. 0.1 ---------

Saturday

6:38 a.m.

7:12 p.m.

2.6 3.4

12:51 a.m. 0.4 12:45 p.m. 0.1

Sunday

7:30 a.m.

8:00 p.m.

2.7 3.4

1:42 a.m.

1:36 p.m.

0.3 0.1

Monday

8:18 a.m.

8:45 p.m.

2.7 3.4

2:29 a.m.

2:23 p.m.

0.3 0.1

Today

Ht.(ft.)

sun anD moon Sunrise Sunset

6:36 a.m.

7:57 p.m.

Moonrise Moonset

2:36 p.m.

1:13 a.m.

Full

Last

New

First

Aug. 3

Aug. 11

Aug. 18

Aug. 25

CAT ISLAND

E

W

High: 86° F/30° C Low: 81° F/27° C

N

S

E

W

7-14 knots

S

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 81° F/27° C

High: 86° F/30° C Low: 81° F/27° C

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 81° F/27° C Precipitation As of 2 p.m. yesterday ................................. 0.54” Year to date ............................................... 32.96” Normal year to date ................................... 19.14”

money are Treasury bonds and gold. But Treasurys are paying close to the lowest amount of interest in history, with a ten-year Treasury note yielding just 0.58%. After taking inflation into account, investors are probably losing purchasing power by holding a Treasury that long. That makes gold more attractive in comparison.

THE DEFICIT The federal government’s budget deficit hit $864bn in June, the biggest monthly budget shortfall in history.

The deficit has ballooned as spending on programs to combat the coronavirus recession have exploded while millions of job losses have cut into tax revenues. A surging federal budget deficit heightens the risk of inflation and may be contributing to investors’ appetite for gold.

ANDROS

N

High: 88° F/31° C Low: 81° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 80° F/27° C

7-14 knots

MAYAGUANA High: 86° F/30° C Low: 82° F/28° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 82° F/28° C

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

N

N E

W

E

W

H

High: 86° F/30° C Low: 81° F/27° C

S

S

10-20 knots

8-16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND

L L

ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:

WINDS S at 4-8 Knots SE at 6-12 Knots SE at 7-14 Knots ESE at 8-16 Knots E at 7-14 Knots E at 8-16 Knots E at 10-20 Knots E at 10-20 Knots ESE at 7-14 Knots ESE at 7-14 Knots S at 4-8 Knots SE at 6-12 Knots E at 8-16 Knots E at 8-16 Knots NE at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 10-20 Knots ENE at 8-16 Knots E at 8-16 Knots ESE at 6-12 Knots E at 7-14 Knots E at 10-20 Knots E at 10-20 Knots E at 7-14 Knots E at 8-16 Knots

WAVES 2-4 Feet 2-4 Feet 1-2 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-5 Feet 1-3 Feet 2-4 Feet 3-6 Feet 4-7 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet

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

WATER TEMPS. 85° F 86° F 86° F 86° F 83° F 83° F 83° F 83° F 84° F 84° F 87° F 87° F 85° F 85° F 83° F 83° F 83° F 83° F 83° F 83° F 84° F 85° F 84° F 83° F 83° F 83° F