Issuu

business@tribunemedia.net

WEDNESDAY, JULY 29, 2020

$3.98 Developer blasts ‘last-ditch fishing expedition’ effort By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A HARBOUR Island developer is accusing the project’s opponents of embarking on a desperate “last-ditch fishing expedition” to obtain evidence from his former development manager. Michael Wiener, principal of 4M Harbour Island Ltd, is alleging that Bernard Ross, who has a history of convictions and run-ins with US law enforcement, has “improperly retained” the project’s confidential and proprietary information despite being terminated from his involvement in the project in June 2019. And he is claiming that Mr Ross, with whom he is embroiled in a $1m battle in the California courts, has now “leaked” this information to Br-Island Responsible Development Association (BIRD), the group that is seeking to obtain information from the former project manager for use in its legal battles with the 4M principal in The Bahamas. However, Mr Wiener, who is opposing BIRD’s efforts to obtain evidence from Mr Ross, is alleging in legal filings with the south Florida district court that his former project manager will be of little to no value to BIRD. This, he argues, is because the Judicial Review case for which Mr Ross’s testimony is being sought already began before The Bahamas’ Supreme Court on Monday. Suggesting that BIRD’s bid is irrelevant because it is out of time, Mr Wiener and 4M also allege that the former project manager had no involvement in obtaining the building permit issued by the Harbour Island District Council that is at the centre of their opponents’ latest Judicial Review action. However, BIRD has countered by pledging to use whatever Mr Ross provides to trigger new Judicial Review actions and other legal challenges to the Briland Residences and Marina project, thereby threatening Mr Wiener and his development with endless court battles. Blasting BIRD’s application to take discovery from his former project manager as “a textbook example of misuse” of US law, Mr Wiener alleged: “The application is nothing more than a last-ditch fishing expedition that fails to satisfy the statutory and discretionary factors that courts consider.... “Ross has threatened to release 4M information, data and/or property which Ross has improperly retained, to BIRD. 4M reminded Ross of his obligations to return 4M’s property, data and information, and not to disseminate the same nor communicate with third parties in relation to certain topics covered by Ross’s agreement with 4M. “Notwithstanding that admonition, 4M believes that Ross has leaked 4M’s information, data, and/ or property to BIRD and others.” The developer added that ten months had passed between Mr Ross’s termination from the project and the issuance of the building permit that BIRD is challenging this week in the Supreme Court, thereby making the former project manager’s evidence irrelevant. Describing BIRD as “an organisation that opposes certain development in The Bahamas”, Mr Wiener and 4M added of their

SEE PAGE 5

$3.98

$4.00

Tourism ‘Interference’ slashes BDB arrivals bad debt recovery to 50% off 99% in June By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

“INTERFERENCE” in loan recoveries has made it extremely challenging for the Bahamas Development Bank (BDB) to claw back even 50 percent of its credit losses, international consultants have revealed. Canada-based International Financial Consulting (IFC), in laying out the state-owned institution’s 2020-2024 strategic plan, did not give specific examples or detail the nature of this “interference” that has contributed to the drain on Bahamian taxpayers since the BDB’s creation in the early 1970s. However, the report is likely referring to the role played by politics, as it warned that a change in the governing political party “can steer the bank away from its primary areas of focus, causing its operations and long-term goals to

• ‘Moral hazard’ hits loan repayments • Strategic plan admits ‘poor reputation’ • Client onboarding is ‘not compelling’

be hindered”. While the government last week lauded the fact that non-performing loans had been slashed from 76 percent of the BDB’s portfolio to just 24 percent, the Canadian consultants revealed that long-standing efforts to realise loan security pledged by troubled borrowers had been impeded by non-financial motives. The IFC report, which has been obtained by Tribune Business, said: “In terms of collections and recovery, interference in the resolution, collection and workouts has affected BDB’s business performance. The situation deteriorates over time as collateral valuations become uncertain after extended periods. “BDB has accumulated

much collateral property and it is now challenging to recoup the appraised value, or a value sufficient to mitigate as much as 50 percent of BDB’s losses.” The consultants’ report, and new strategic plan, set out numerous explanations for why BDB had produced a $62.536m “accumulated deficit”, representing the combined losses it has racked up since its creation, and a negative net worth of $33.302m at end-2018. Noting the BDB’s “poor reputation”, IFC said “a very low risk appetite” for lending and the “moral hazard” associated with being a government-owned institution had to be overcome if the BDB is to realise the ambitious goals set out in the strategic plan. The latter factor, it added, meant

that too many borrowers have not repaid their loans because they believed there were no consequences for not doing so. “BDB is still experiencing the burden of its poor reputation,” the report said. “The moral hazard of BDB being perceived as a ‘government bank’ impacts it negatively as people have less willingness to repay their loans. “Additionally, there is a lack of clarity in positioning. Stakeholders and the general Bahamian public are not fully aware of the scope of BDB’s activities, as they are not clearly marketed and defined.” While this was now being rectified by the BDB’s

revive its economy. He added that the Government had yet to produce any “fresh ideas” for attracting foreign direct investment (FDI) in a COVID-19 environment, arguing that it had failed to “offer an olive branch or welcome mat” to encourage new foreign currency sources that can replace the loss of those associated with tourism. Echoing Mr Christie by arguing that The Bahamas must “figure out how to live with this virus” in the absence of a vaccine and keep its economy open, Mr Damianos said the few “virtual sales” his firm and others have managed to

A SENIOR Ministry of Tourism official yesterday revealed a 99 percent yearover-year arrivals drop for June 2020 despite opening up to private air and sea visitors half-way through. Dr Kenneth Romer, the Ministry of Tourism’s executive director of product quality and support, told a webinar: “The Bahamas has seen only 3,900-plus, shy of 4,000 air and sea arrivals, a decline of 99.4 percent compared to June 2019. Air arrivals to The Bahamas as a whole declined by 99 percent, standing only at 1,700.” Statistics provided by Dr Romer showed a total of 641,140 air and sea arrivals for June 2019 compared to just 3,935 for 2020. Air arrivals alone stood at168,392 for 2019 compared to just 1,705 for 2020. The June drop-off comes as little surprise given that The Bahamas had only reopened for the private aviation and boating niches, with the rest of the sector following on July 1 in a revival that has now been cut short. However, some observers may argue that this nation is losing relatively little business by imposing a 14-day quarantine on all visitors coming to this nation to control COVID-19’s spread. Mr Romer added: “We are once again almost effectively closed, because the reality is not many visitors are going to come here to quarantine for 14 days. With the average amount of stopover days [in The Bahamas] only six-and-a-half days, the average visitor is not coming here for a quarantine vacation. “So air arrivals during the month of June were down at all major islands. The reality is that stopover arrivals that contributed to 1.78m visitors for us last year, considerably contributing to our GDP,

SEE PAGE 4

Realtors warn: ‘Don’t break the economy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LEADING realtors yesterday urged the government not to “break the economy” as they warned that the mandatory 14-day quarantine facing all visitors will bring the international market to a halt. John Christie, HG Christie’s president and managing broker, told Tribune Business The Bahamas “should really not be locking down” since this would merely “postpone the inevitable” of having to work out how to live with COVID-19. Arguing that infection prevention and mitigation should be the focus, Mr Christie said the two-week quarantine now imposed on all visitors regardless of how they are transported to The Bahamas would “definitely deter” international real estate buyers from visiting this nation as they would endure a 14-day wait

• Quarantine to ‘halt’ international market • And ‘cut off’ key foreign currency source • Yet to see ‘fresh ideas’ for attracting FDI

JOHN CHRISTIE

GEORGE DAMIANOS

before being able to visit properties. He and George Damianos, Damianos Sotheby’s International Realty’s president and managing broker, both agreed that the new quarantine measure would also choke-off one of the few imminent sources of precious foreign currency inflows from foreign

high-end purchasers. Mr Damianos told this newspaper that the revised travel restrictions had “put a crimp” on the Bahamian real estate industry’s efforts to rebound, with the constantly-changing border protocols merely adding to “the mess and confusion” surrounding this nation’s efforts to

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

‘Utter madness’: Drivers blast new jitney closure By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net JITNEY drivers yesterday blasted the government’s decision to abruptly close the industry within weeks of its restart as “utter madness”, with police officers ordering passengers out of vehicles. However, Wesley Ferguson, the Bahamas Taxi Cab Union’s president, said he was able to defeat efforts to also shut his members down after speaking to newlyelected transport minister, Senator Dion Foulkes. This left jitney drivers as the only ones fuming over the government’s lastminute decision to shut the sector down via its Emergency Powers (COVID-19 Pandemic) (No.3) Order 2020, which was only released to the industry late on Monday night. Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business: “They shut down everything. A new order came out Monday night that bars all bars, jet-skis and buses and taxis. The

• Govt makes sharp public bus u-turn • But taxies allowed to remain operational • Union chief’s ‘emergency call’ to minister police came out and just sent the buses off of the road. They just shut everything down. “The prime minister gave a press conference last Friday and this was not in it. This is something that was dated for July 27, but it came out Monday night and here we go again. The suffering starts.” The latest order represents a major u-turn from the initial version released last week. That allowed both taxis and “private and public bus services” to continue operating provided that the latter restricted capacity to a maximum 50 percent to enforce COVID-19 social distancing protocols. However, the revised Order unveiled on Monday night strips out this language completely. It merely says: “No person shall offer for hire or seek to travel on any public bus

transportation.” No mention is made of taxis. Mr Ferguson yesterday confirmed that the police had initially tried to bar taxi drivers from the roads, but his call to Senator Foulkes resolved the matter. He said taxis are allowed to operate but only within the confines of the 5am to 7pm curfew period. Mr Moxey, meanwhile, for the jitney drivers said: “This is utter madness. Folks were preparing to get back into business. We are spending money. But with uncertainty, only to get yanked off, you don’t know how the prime minister is working us, what his nightmares are. “This is ridiculous and it is not just us. We are already operating at a loss because they didn’t give us the rate increase. We are just trying to stay afloat and now this? We are doing everything as far as the protocols are concerned, and to

not be a proponent of the spread of the virus. “Everything they asked, we did. The people we dropped to work in the morning we can’t pick up in the evening. They don’t even know the buses have been pulled off of the road yesterday,” he added. “This is a serious thing; you can’t be shooting from the hip. This is a whole nation you are governing. You can’t have too much uncertainty. The future is too uncertain, because what you are bordering on is people losing out. That’s the sad thing.” Mr Moxey continued: “They didn’t send these new orders to us; they didn’t have any consultation with us. They sent it out to the police. The things that are affecting us, they don’t tell us; we find out just like everybody else. “This is disrespectful; we don’t know what’s coming. Right now we have not met

with the new minister for transport (Dion Foulkes) as he is in transition. There are just a lot of things right now that are wrong. The methodology isn’t the right formula and it isn’t in good taste.” The ban on jitneys appears to be part of an effort by Dr Hubert Minnis, along with the restrictions reimposed on gyms and indoor/outdoor dining, to prevent numerous persons from gathering in a confined space in the belief this will prevent COVID-19’s further rapid spread. However, no scientific evidence has been made public to justify this. Rudolph Taylor, the Bahamas Unified Bus Drivers Union’s (BUDU) president, said yesterday: “My take on the whole situation is that it is quite inhumane the way that the public was dealt with, having to be put off the bus. People that have work and have a job probably would lose their job due to having to foot-it, because they got put off of the bus.”

SEE PAGE 4

PAGE 2, Wednesday, July 29, 2020

THE TRIBUNE

Realtor enjoys 130% $352m Abaco project website visit rebound set for 2023 opening A BAHAMIAN real estate firm says a 130 percent year-over-year increase in visitors to its website since June 1 suggests the sector could rebound rapidly in COVID-19’s wake. Bahamas Realty, in a statement issued prior to the government imposing a mandatory 14-day quarantine on all visitors coming to this nation, said the uptick in online traffic as soon as initial pandemic restrictions were lifted indicates that international buyer interest has rebounded relatively swiftly. It added that its website trends reflected predictions by economists from The Leading Real Estate Companies of the World, an organisation of which Bahamas Realty is a member. In a recently-released global market update, the group said that while the contraction has been sharp “the recovery is expected to be sharp as well … This outlook is due to the cause of recession, which is not fundamental or economic, but rather public health. In short, the demand for products and services is just stalled”. Bahamas Realty said data showed a major increases in

users visiting its website since June 1, with traffic increasing by more than 60 percent compared to the prior six weeks and 130 percent over the same period in 2019. The web traffic increase was accompanied by a steady rise in property inquiries, according to Bahamas Realty’s CRM (client relationship manager) software. New inquiries through the website were up 125 percent compared to the six weeks prior to June 30, and nearly 50 percent year-over-year. “This data is incredibly positive for our business,” said Donald Martinborough, Bahamas Realty’s chief executive. “We see it as an encouraging sign for the Bahamian real estate industry as a whole.” He added that the rebound in property inquiries may lead to a market recovery that is “better even than pre-pandemic levels” over the next couple of years. “We’re seeing major increases in web traffic, particularly from the United States,” said Iona Henderson, Bahamas Realty’s marketing co-ordinator. “The US is typically our largest

audience demographic, with visitors originating in The Bahamas coming in second, but we have seen US visits increase by more than 250 percent in the last six weeks, accounting for 70 percent of our traffic.” Ms Henderson said there were several factors driving this change, most notably The Bahamas’ swift action during the early stages of the pandemic. “There seems to be a link between The Bahamas’ response and interest in property from offshore buyers, particularly from the US where they have, sadly, seen cases steadily increase,” she added. “The Bahamas has always been a draw for the American buyer because of our close proximity to the US, and the relative ease of doing business,” said Mr Martinborough. “However, this pandemic has highlighted one of our other major appeals: The safety, privacy, and seclusion that many properties on our beautiful islands offer.” However, The Bahamas’ number of COVID-19 infections continues to rise with 65 new cases reported yesterday to set a new daily record.

COVID positives force Scotia branch closure

have been working very closely with the Ministry of Health (MOH) to have all other staff members from that branch tested and, in the interim, they have been advised to self-isolate for 14 days,” Scotiabank (Bahamas) said. “Our top priority at this time is the health and safety of our employees and customers, and we are proactively working with Ministry of Health officials to ensure that we adhere to all safety guidelines and best practices.” Scotiabank (Bahamas) urged customers to use its online banking or mobile app to check account balances;

control card use; transfer funds; pay bills; and pay loans and credit cards. Business customers with online cash management services can make wire payments online, while all customers will still be able to use debit or credit cards to make purchases at stores and business places using point of sale machines. “We are strongly advising all customers to sign for online banking, which will allow them to conduct their banking transactions while still remaining safe. Customers can also register for alerts to remain current on any account activity,” Scotiabank (Bahamas) added.

SCOTIABANK (Bahamas) yesterday confirmed it has closed its Freeport branch until August 7, 2020, after two employees tested positive for the COVID-19 virus. The Canadian-owned bank said the branch was undergoing intensive cleaning and sanitisation prior to re-opening to staff and customers. “We can confirm that two employees attached to our Freeport branch have tested positive for COVID-19. We

THE $352.2m redevelopment of Abaco’s Matt Lowe’s Cay will be opened in 2023, one of the project’s partners said yesterday. Montage Hotels & Resorts, which has teamed with Nassau-headquartered Sterling Global Financial, said in a release that the 48-acre private island resort and residential community will be renamed Montage Cay after itself. Located less than one mile off the coast of Marsh Harbour, Montage Cay will feature 50 all-suite accommodations and a limited collection of Montage Residences. A 46-slip marina accommodating vessels up to 110 feet anchors the resort, allowing guests and residents of Montage Cay access to boating, fishing and water sports activities. “We are honoured to partner with the team at Sterling Global to bring Montage Cay to life and introduce our first Caribbean resort,” said Alan J Fuerstman, Montage International’s founder, chairman and chief executive. “Surrounded by calm waters, warm breezes and panoramic beauty, Montage Cay will perfectly combine its breathtaking setting with signature Montage amenities and service. “We have designed the resort to take full advantage of the island’s natural beauty, setting the stage for one of the finest ultra-luxury resorts in the Caribbean. We are grateful to the Bahamian community for their warm welcome and look forward to bringing Montage to this special part of the world.” Montage Cay will feature various restaurant and bar experiences, including allday dining, a dinner-only restaurant, two beach bar and grilles, lobby and pool bars, as well as a spa café and juice bar. Additional

resort amenities include a full-service Spa Montage, a health and wellness programme, fitness centre, swimming pools and Montage’s Paintbox Children’s Club. “We are honored to be partners with Montage International in the development of this spectacular project. I am confident that the combination of Sterling’s development expertise and Montage’s operational expertise will result in an unparalleled private island escape and community that will set a new standard for luxury living,” said David Kosoy, Sterling Global Financial’s executive chairman and founder. Sterling Global Financial is already proceeding with its redevelopment of Paradise Island’s Hurricane Hole property into a highend, mixed-use community featuring office, retail and residential components complete with an expanded marina targeted at mega yachts. The Matt Lowe’s Cay development, which promises a desperately-needed boost for Abaco’s Dorianravaged economy, was unveiled earlier this year by the prime minister. He said the developers had received preliminary government permission to proceed with an investment that will create 250 full-time jobs and 2,970 posts across the life of the project’s construction. Dr Hubert Minnis said last month that the project had yet to reach the Heads of Agreement stage, “and the requisite due diligence and approval measures will have to be done”, but he confirmed that the developer “took title” to Matt Lowe’s Cay in May ahead of its planned $40m acquisition. The purchase will be completed through a Sterling affiliate, Sterling

Montage Ltd, with the project to be known as Montage Cay and Marina. “The project is in the initial stage of designing plans. A Heads of Agreement is proposed to be executed later this year,” Dr Minnis said. “The affiliates of Sterling Montage Cay - Sterling Global Developments and STAR Construction - will take the lead with respect to the proposed construction and development of the Montage Cay and Marina project. It is proposed that Montage Hotel & Resorts LLC will manage the operations and branding of the project. The estimated total capital investment is proposed at $352.2m. “At present there are 12 persons working at Montage Cay inclusive of employees and independent contractors. It is anticipated that there will be 2,970 persons employed throughout the various phases of the proposed construction. At completion of the project, permanent direct employment is expected to be 250 people.” Matt Lowe’s Cay is located in the Sea of Abaco, in close proximity to Marsh Harbour, with Hope Town to the east and Man O’ War Cay to the north. One source familiar with Abaco said much of the required infrastructure, including a marina, was already on-site prior to Hurricane Dorian’s arrival.

THE TRIBUNE

Wednesday, July 29, 2020, PAGE 3

CABINET minister yesterday admitted that leisure tourism is now “a very, very difficult sell” for The Bahamas given that all visitors must quarantine for 14 days upon arrival to prevent COVID-19’s spread. Dionisio D’Aguilar, minister for tourism and aviation, conceded to reporters outside the Cabinet Office that the combination of more stringent entry requirements and constant, rapid changes to these measures had made it very difficult to market The Bahamas’ major industry as the government focuses on preventing further spread of the virus. “There was a certain element of confusion with the sudden changes in our orders,” Mr D’Aguilar conceded. “As you would know, we closed the country to US flights and then we opened the country to all flights. Then we imposed a 14-day quarantine, and then we had the lockdown. So obviously the government was reacting to the changing state of affairs as it relates to COVID on the ground. “We’re in the midst of surge number two. We fixed surge number one, and the government is now trying to address surge number two. There is no doubt that, by imposing the 14-day quarantine, that has had a significant impact on foreign visitors coming to the country.” Mr D’Aguilar added:

Tourism ‘very hard sell’ with 14-day quarantine BY YOURI KEMP | TRIBUNE BUSINESS REPORTER YKEMP@TRIBUNEMEDIA.NET “The 14-day quarantine makes leisure tourism very, very difficult to sell. Obviously it is a critical component of preventing surge number three. So we are trying to work out situations where we can prevent a surge and allow some semblance of tourism to happen, and the 14-day quarantine makes it very, very difficult for you to have leisure tourism. “What we learned was that the reason for surge number two was because persons were going out of the country, or coming into the country, and some may have had a COVID test and some may not have had a COVID test. “But the critical feature was that those that were required to quarantine, weren’t quarantining, and were going into the community and causing the spread that we have

most noticeably in Grand Bahama and in other parts of the country. So we really have to fix the quarantining and make sure that people understand the importance of that, and that there is sufficient enforcement.” Carl Bethel QC, the attorney general, confirmed on Monday night that the latest revision to The Bahamas’ border protocols means that all citizens, residents, homeowners and visitors must quarantine regardless of how they travel to this nation. “All who enter by any means must quarantine for 14 days,” Mr Bethel confirmed. “And come in with a negative COVID-19 PCR test and health travel visa. One size fits all.” He also said the government had sought to ease the burden of quarantine by allowing visitors to spend their two-week isolation on their

DIONISIO D’AGUILAR boat, or at a hotel or vacation rental unit. “We have to strike the right balance. Absolute shutdown is not a feasible option,” Mr Bethel added. “We have to balance health and commerce in a way that obeys the precepts of health and wellness, but which also allows commerce and economic activity that is necessary to

also sustain jobs, lives and prosperity. “The new No 3 order is all about about attempting to strike the right balance in a non-discriminatory but medically safe manner. Bahamians have the same rights and privileges, obligations and liabilities, as visitors. No discrimination. No special treatment for anyone.”

Responding to questions that tracking persons who quarantine in a hotel is problematic, Mr D’Aguilar said: “Well, how do you control quarantining in a home? Obviously everybody gets on to the HUBCAT. They put the app on the phone and they track the phone to see where you are. National security is going to get very much involved in this process, and they are going to be the ones who are checking up and following up on you to make sure that you comply with quarantining.” “Quarantining is critical, and when you decide to go away, come back and not quarantine, you lead to the outcome we’re having now. It was 14 days after we opened that we started to see cases going up, primarily in Grand Bahama as people move back and forth to South Florida and back.” Mr D’Aguilar also suggested that the reimposition of a full national lockdown is not imminent. “As advised by the health professionals on Monday night, we don’t need to go to a full lockdown,” he said. “We can have the Monday to Friday scenario, and then on Saturday and Sunday we will lockdown on the weekends. “We’ll see how that takes us, and then we will readjust based on how the numbers come in. Of course Grand Bahama continues to lockdown, and we are going to continue that lockdown until the numbers begin to flatten and trend back down.”

New quarantine rules ‘will deter everybody’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN marina and private aviation operators yesterday warned that imposing a 14-day mandatory quarantine on their clients will “hurt a lot when they cancel and don’t show up”. Peter Maury, the Association of Bahamas Marinas’ (ABM) president, told Tribune Business he could not understand the purpose behind the new restrictions given that previous measures had proven effective in preventing COVID-19 from being spread by arriving boaters. “I think it is a tough decision,” he argued, “because based on the law and the way that it was written, vessels can come in - or private aviation can come in - with just a negative test, and if they are here and they move to another island, they have to fill out our a domestic certificate. “So I don’t quite understand the purpose of the 14 days, because just based on that information alone the government can track anywhere that they go. They [foreign boaters] are not allowed out of the marinas, they are not allowed on the streets because they have limited access to everything, with just basically gas stations and grocery stores the same way Bahamians are. So I kind of don’t understand the whole purpose of that.” Mr Maury added: “To be quite honest, a lot of these

boats, they don’t have 14 days. They may have seven days or they may be on a charter, and they want to come back to Nassau and disembark and pull back out. “I think it’s not a great idea. We opened the marinas on June 15 to July 1, and we didn’t have any incidents and we ran pretty smooth. It was after July 1 that we had a problem, so I just don’t understand why we don’t go back to June 15 and start again and open like July 1 in a different way when we get to that, if it’s in a week or two weeks, but hopefully it’s soon.” Carl Bethel QC, the attorney general, confirmed on Monday night that the latest revision to The Bahamas’ border protocols means that all citizens, residents, homeowners and visitors must quarantine regardless of how they travel to this nation. “All who enter by any means must quarantine for 14 days,” Mr Bethel confirmed. “And come in with a negative COVID-19 PCR test and health travel visa. One size fits all.” He also said the government had sought to ease the burden of quarantine by allowing visitors to spend their two-week isolation on their boat, or at a hotel or vacation rental unit. “We have to strike the right balance. Absolute shutdown is not a feasible option,” Mr Bethel added. “We have to balance health and commerce in a way that obeys the precepts of health and wellness, but

IN THE SUPREME COURT PROBATE SIDE

which also allows commerce and economic activity that is necessary to also sustain jobs, lives and prosperity. “The new No 3 order is all about about attempting to strike the right balance in a non-discriminatory but medically safe manner. Bahamians have the same rights and privileges, obligations and liabilities, as visitors. No discrimination. No special treatment for anyone.” Mr Maury said “thousands of boats” were scattered across The Bahamas’ territorial waters during the US and Bahamian Independence weekends, and added: “I think this 14-day quarantine is going to be tough on our arrivals, and it’s going to be tough on the vessels that are here for them to understand this, because as long as they are pretty much at sea or in a marina, they are not coming to shore and they certainly aren’t going into any restaurants or gyms or anything else because they are all closed. “But they are fearful of being locked down in a facility, and that I think is enough to deter just about everybody travelling to The Bahamas with yachts or for private homes. That’s our biggest market right now, yachts and Airbnb, and people renting private homes to come and stay in The Bahamas, because there are no major hotels open. There are boutique hotels and stuff like that which are in an uptick, but that’s going to hurt a lot when they all cancel and don’t show up.” Lori Roach, director of

Golden Wings Charter, said: “I’m afraid people aren’t going to be coming here on vacation because most vacations aren’t two weeks long. I do understand that they can quarantine in the hotels, but if they have to stay in the hotel the entire time then it defeats the purpose of a vacation. “The only saving grace would be the RBO’s (rental

by owners)/Airbnb types. If people can rent a house and then they are confined to the property, I think people might want to do that but that’s a very small part of the population that would do that.” Ms Roach also said: “I’m very concerned, and most of the airlines have cancelled their flights to and from the US, just anticipating that

people aren’t going to want to do this. But we’re still available for operating and I have been taking tons of calls, so we’re hoping that our business will stay fluid at this time.. “Now that there is no distinction between private and commercial I think the 14-day quarantine across the board is for everybody, so I guess that’s fair.”

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.

2020/PRO/npr/00023

IN THE ESTATE OF MARDOCHEE LIBRATI late of Tel-Aviv-Yaffo in the State of Israel, deceased.

NOTICE is hereby given that all persons having any claims and/or demands against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 17th August 2020 after which date the Executors will proceed to distribute the assets having regard only to the claims of which they shall then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

GLINTON SWEETING O’BRIEN Attorneys for the Executors 303 Shirley Street Nassau, The Bahamas

(J.21, J.29, A.6)

Lyford Cay House

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

PAGE 4, Wednesday, July 29, 2020

THE TRIBUNE

Realtors warn: ‘Don’t break the economy’ FROM PAGE ONE close are simply not sufficient to offset the fall-off in transactions produced by international buyers physically visiting this nation. Describing it as “a very scary time for the real estate market in The Bahamas”, Mr Damianos said the focus for himself and other realtors was remaining in business through the rest of 2020 until COVID-19 was brought under control and associated restrictions eased. While the 14-day quarantine’s impact on tourism has drawn most attention, its application - and extension to private jet and boat passengers - will likely have an equally dramatic impact on the Bahamian real estate market. Foreign purchasers will want to spend several days at most exploring properties, and be unwilling to wait two weeks before they can do so. “It’ll definitely deter people from coming,” Mr Christie told Tribune Business of the measures unveiled by the Government on Monday night. “Nobody is going to want to come in. I don’t think it’s a very smart move.

Things had been going fairly well. “Most people will probably not want to travel unless they’re coming here to quarantine, and go to a place and stay. It’s definitely not good news. I think Bahamians are still looking, and people are still interested. It definitely imposes a pause. People who would have bought are now holding up and just not moving forward. “That goes for people doing new construction and new leases. It puts a halt on everything because people don’t know what the future holds. It will slow things down and it will reduce foreign exchange earnings,” he added. “We are still doing sales, and people are still interested, but any kind of break on that.... An economy can only take so much. People get really skittish. It’s not good.” The Bahamas is still trying to find the correct balance between health and saving lives, and keeping at least a portion of its economy open so that sufficient persons can still earn a living. The revised border restrictions, coupled with

Grand Bahama’s lockdown and the weekend shutdown across most of The Bahamas’ other islands, is both designed to save lives and protect the already-creaking healthcare infrastructure from becoming overburdened by a surge in COVID-19 hospitalisations. Some 65 new infections were unveiled yesterday. However, Mr Christie urged the Government to “think more like a chess player” and plot its COVID-19 strategy several moves in advance to avoid further stop-start restrictions that undermine what presently remains of the Bahamian economy. “There’s an agenda in the world to keep people afraid, and The Bahamas should really not be locking down in my opinion,” he added. “The real estate industry will survive, but it’s almost like the Government is trying to break the economy for whatever reason. “There’s no way not to have the virus come in. We’re postponing the inevitable, and devastating the economy at the same time, devastating livelihoods and devastating The Bahamas as we know it. They’re not

going to stop the virus.” Mr Damianos, meanwhile, said it was “no secret” that the 14-day quarantine will deter virtually all international real estate buyers from physically coming to this nation as long as it remains in place. “We have people that want to come and visit a particular property, so they don’t need to be here for two weeks,” he explained. “One, in particular, was talking about coming for three nights.... It [the 14-day quarantine] has put a crimp on things. It has added to the mess. “I’m not saying we had hordes of people wanting to come in and look at real estate. No. But we had several company-wide wanting to come in and do an inspection of properties, which they cannot do. They don’t want to come in, and we don’t know when this will end. “It’s very disappointing. It’s a mess. It’s confusing, and making it very difficult to sell high-end properties in The Bahamas.” Mr Damianos added that there was “no question” that in imposing the mandatory quarantine for all The Bahamas had “cut off”

foreign real estate buyers as a valuable foreign currency source. “We don’t have any new fresh ideas on attracting foreign direct investment apart from saying you can’t come in unless you quarantine,” he told Tribune Business. “The Government has not offered an olive branch or welcome mat for people investing in The Bahamas. Nothing new....... “It’s going to ruin the Family Island boating business; it’s definitely going to put a major crimp on that. Marinas are going to be hurt. It’s very complicated and it’s very sad for The Bahamas. “We need to start to figure out how we’re going to live our lives here with this virus. We have to figure that out. We have to live with that virus. We have to be very cognisant of it and very protective of ourselves. But we cannot stay closed until next year or whenever they find a vaccine because we will all be in big trouble.” Mr Damianos said his firm and others had received a modest boost from “virtual” property sales following the initial COVID-19 lockdown and subsequent restrictions. However, he described this

as a niche market that was in no way a substitute for the business volumes normally generated by persons physically visiting target properties. “Virtual” buyers, he explained, did not simply “come out of the woodwork” but were persons who already knew the subject homes, area and the wider Bahamas well, and were therefore hardly buying sight unseen. They also were typically prepared to invest significant sums in upgrading and renovating their targets. “We have been able to sell property virtually, which was a bit of a saving grace for us,” Mr Damianos told Tribune Business. “I’m sure other agencies have done the same thing. But it’s not a strong enough market to sell properties in The Bahamas virtually to keep agencies such as Sotheby’s, Coldwell Banker and Christie’s going. “The main thing is how we stay in operation for the rest of the year if things don’t tighten up with this virus.... It’s an interesting time, but I don’t want to sound like everything’s rosy and hunky dory. It’s not. We’ll see how it all ends up, but it’s a very scary time for the real estate market in The Bahamas.

‘Utter madness’: Drivers blast new jitney closure FROM PAGE ONE “There was no consideration for the bus drivers and their families, so it was something that was a hard

pill to swallow because they way that it was dealt with was very inconsiderate. Even on behalf of the police officers, they could have been considerate and told us that they were warning us

to drop off the passengers, but then we are not to come back around. Not to put people off of the bus and tell them that they have to walk from where they were.” Citing this as the same

approach the Government took back in March when they shut the buses down during the first time, Mr Taylor said: “Nothing is changing in terms of betterment of thinking of the public when it comes to the busing transportation industry.” He added that the industry made all the changes the Government mandated at significant cost to themselves in order to protect

Tourism arrivals off 99% in June

FROM PAGE ONE

have effectively stopped. That is where we are really as a nation.” Dr Romer said that until international travel picks back up again, The Bahamas needs to first “do domestic tourism better”. He added: “Persons must feel the love

passengers from COVID19 only to be abruptly shut down again. “We want to know where all of this has come about, knowing that we took the protocols that they have asked us to put in place. We did it,” Mr Taylor said. “It was very abrupt the way they did it, because we had no warning. We had drivers running the road this morning; some were warned and some were ticketed. So

we went out on the road this morning not knowing that we weren’t supposed to be on the road this morning. “Drivers were ticketed for being on the road when drivers were not supposed to be on the road. We didn’t even get the information on the stoppage of jitney service; we found out after the fact. It was not put in the news to make us aware that public transportation would not be running.”

when they enter out country, and we are not just talking about our international visitors. Mama said that charity begins at home and ends abroad. “So how do we treat ourselves as domestic visitors when we visit our Family Islands? We are not importing the tourism product. We are basically in our country, domestically, looking at ways to support our island. How do we treat each other domestically when we go on our fast ferries and our boats; when we go into Exuma to swim with the pigs? “How do we now treat persons from among our country when we go into Long island to run sheep, or go into Eleuthera to visit our pineapple fields. How do we treat them when we go to Andros for the crab

fest? There must be an exceptional and authentic experience for visitors, both domestic and international, with emphasis on the stopover visitors and also our domestic tourism.” As for the Ministry of Tourism’s plans, Dr Romer said: “We want to aggressively grow tourism numbers. We want to engage new source markets. We are going to focus on the luxury segment, and our key niche markets. We want to inspire visitors to return to the islands as life-long brand ambassadors. These are the key priorities for 2022.” He encouraged tourism industry participants in the webinar to be “passionate” about the Bahamian product, and said those who are “passionate about the product will find a way to succeed”.

‘Interference’ slashes BDB bad debt recovery to 50% FROM PAGE ONE new branding campaign, IFC added: “BDB has a very low risk appetite which leads to collateralised lending (90 percent in the Family Islands, and 100 percent in New Providence).” Suggesting that this was not appropriate for a development bank-style institution, which should be willing to find and take on greater risk associated with lending to entrepreneurs, the report said: “Its lending and financial policies and systems require enhancement to include risk-based analysis, pricing, portfolio management and provisioning. “At the same time, BDB needs to balance profit and loss and development impact in order to have long-term sustainability. It is a difficult balancing act at the best of times, and particularly challenging when there is a history of financial losses, a poor repayment discipline among its client base, and weak collection efforts or capabilities. “Finally, collateral values have proven to

under-perform expectations of risk managing the portfolio, and resultant losses have impacted the bank’s ability to fulfill its strategic mandate.... There is a lack of delegative authority, particularly in credit decisions, for more efficient and effective execution,” IFC continued. “The lack of authority results in slow response times to potential clients and new business, and a lack of ownership and accountability throughout the bank.” The report’s authors added that the BDB’s acquisition of borrower clients had typically been “reactive rather than proactive, leading to the potential for adverse selection within its lending portfolios”. “The credit application process is not smooth or compelling,” IFC found. “Client onboarding occurs before or is simultaneous to the initial credit decisioning, resulting in stringent and lengthy requirements of documentation. “As a result the experience is not client-centric, damaging BDB’s reputation in terms of the timeliness and professionalism of the ser-

vices provided. To enhance this aspect of operations, BDB needs a policy for conditional approval subject to due diligence, Know Your Customer, anti-money laundering for better turnaround.” The Canadian consultants said the BDB had traditionally preferred a “desk-based” process for selecting borrower clients, the risk they present and the monitoring of any loan repayment delinquencies. This, they added, was the opposite of the small and medium-sized enterprise (SME) approach that was required and “has the effect of diminishing the value of its relationship management”. “This desk approach, and the lack of data, and current information regarding its clients, leads to challenges in following up with clients, poor client engagement, lost opportunities for further financing with the client and few or no referrals from the existing client base - the latter being the most costeffective origination and brand development model of finance,” the report added.

THE TRIBUNE

Wednesday, July 29, 2020, PAGE 5

Developer blasts ‘last-ditch fishing expedition’ effort FROM PAGE ONE opponents: “BIRD has attempted to stop 4M’s Harbour Island project, notwithstanding the will of the local population and the approvals from the Bahamian government relating to the project..... “Ross does not have any information relevant to the 2020 Judicial Review action. BIRD seeks information from Ross from a period well after Ross’s employment was terminated by 4M, and for which Ross would not have any first-hand information. “Specifically, the permit at issue is dated April 21, 2020. Ross, however, was terminated by 4M on or about June 19, 2019 - a full 10 months before the permit was issued. Also, Ross was not even involved in the application related to the permit. “Despite this clear timeline, BIRD claims to have ‘reason to believe that [Ross’s] testimony’ will be relevant. But BIRD’s speculative belief is not credible in the face of the chronology of events. Rather, BIRD’s discovery request is clearly ‘little more than a fishing expedition’.” BIRD’s response appeared to back up the developer’s assertion, as it countered: “While it is true that the time has now passed for any deposition testimony from Mr Ross to be used in the pending proceeding, BIRD can and would use his testimony if it were to show malfeasance, corruption or other grounds in the permitting process, as grounds for initiating another legal challenge in The Bahamas. “More specifically, BIRD would have the right to seek leave of the Supreme Court of The Bahamas to

apply for judicial review of the lawfulness of the decisions and actions of the Harbour Island District Council, a public entity, related to the 4M marina project based on any impropriety disclosed by Mr Ross’ deposition.” No evidence of “impropriety” in the permitting process for Briland Residences and Marina has been produced to-date. All parties - Mr Wiener and BIRD, whose members are said to be drawn from Harbour Island residents - previously agreed that the site plan approval initially granted to 4M should be quashed, having been wrongly granted by the government’s Town Planning Committee instead of the Harbour Island District Council. The BIRD move, and second Judicial Review action, merely represent the latest legal headache for Mr Wiener, a California-based lawyer, in his efforts to progress his multi-million dollar investment. For, as reported by this newspaper, he is also embroiled in a legal battle with Mr Ross in the central California courts over his former project manager’s claim that he breached their settlement agreement. The pair agreed a $2.3m deal, with Mr Wiener paying Mr Ross and his wife, Holly, the first $1.319m installment, after their differences over the Harbour Island development’s management became impossible to reconcile. However, the 4M principal halted payment of the remaining $1m on the basis that his former project manager had created more issues and damages than first realised. Mr Ross thus headed to the central California court in a bid to force Mr Wiener to honour the settlement and pay the balance.

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

GOVT AWAITS $500M FINANCING PACKAGE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday said the government will “certainly this week” receive around $500m in bridge financing from multilateral institutions as part of its $1.3bn deficit funding strategy. K Peter Turnquest, pictured, speaking to reporters outside the Cabinet office, said: “All of our immediate borrowing plans should be completed, if not already completed, this week, and so from a short-term perspective that bridge financing we have been talking about, we should have that in hand if not already certainly this week. “If memory serves it’s going to be $500m or somewhere around there. As we talked about, the longerterm financing, which will probably take the form of a bond offering, we are working towards that for the fall.” The International Monetary Fund (IMF) previously reported that apart from its $252m loan, the proceeds

July

the fall, if we continue along the path that we are on then we are going to have to do some reassessments, and those reassessments can come in any form in terms of our cutting back on some of the recurrent expenditure or even on some of the capital side,” Mr Turnquest added. “At this point, we don’t anticipate that that would be necessary, and we have had some very good discussions over the last week, including some with foreign partners, so we are comfortable where we are - certainly not happy, and we are as concerned as everybody else - but we believe at the moment that what we are seeing is pretty much in line with what we expected.” Hoping that the lockdowns will be over relatively quickly so Bahamians can get back to the “domestic economy”, Mr Turnquest added: “We saw that during the last lockdown or after the last lockdown, where domestic business was actually picking up and providing a relatively stable tax background for us. “So hopefully we get past this particular stage, arrest the increase in the cases and get back to some sense of normalcy in the domestic economy. Now we wait again for the appropriate opportunity to reopen the borders for our tourism.”

LEGAL NOTICE

CHERRY TREE LEGACY LIMITED

PROFIT TRINITY INVESTMENTS LIMITED

NOTICE

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

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

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

The dissolution of the said company commenced on the 27 July, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is OCTAGON MANAGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 29 day of July, A. D. 2020

(a)

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

(b)

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

(c)

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

Dated this 29 day of July, A. D. 2020

_________________________________

OCTAGON MANAGEMENT LIMITED Liquidator

Repulse Bay Limited Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 28 JULY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,108.80 | CHG: -0.31 | %CHG: -0.01 | YTD: -122.80 | YTD%: -5.50 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

27th

of which have already been used to cover the government’s expenses at the end of the now-closed 2019-2020 fiscal year, The Bahamas was targeting $180m and $50m provided by the InterAmerican Development Bank (IDB) and Caribbean Development Bank (CDB), respectively. The government was also said to be eyeing $88m from foreign lenders under a World Bank guarantee initiative, with the combined sums covering some $570m - or nearly 60 percent - of The Bahamas’ balance of payments financing needs. “They are also seeking two guarantees from the World Bank’s Multilateral Investment Guarantee Agency

(MIGA) for COVID-19 healthcare expenses and capital spending. The associated guaranteed commercial bank loans would have maturities exceeding five years,” the IMF said of the government’s plans. “Discussions are ongoing with the Inter-American Development Bank (IDB) for new credit facilities amounting to $320m in fiscal year 2020-2021 for policy loans and investment loans, with maturities exceeding 20 years.” Addressing the fiscal impact of the latest COVID-19 related restrictions, Mr Turnquest said: “Unfortunately, yes, we are in an extended period of shutdown from a tourism standpoint and, as we have always said, this does pose a risk to our overall economic plan for the medium-term going into the new year. “However, we have also said that our plan built in that, between the July and November timeframe, we did not project a big bump in terms of tourist revenue, and so from that perspective we are still, more or less, where we anticipated where we would be and on track with respect to the revenue budget.” “At last check we were on target with respect to the actuals, and we will see what happens at the end of this month once those numbers come in. Getting down into

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

52WK LOW 100.00 100.00

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

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

SYMBOL LAST CLOSE AML 3.15 APD 17.43 BBL 1.62 BFH 1.79 BOB 1.67 BPF 6.00 BWL 6.75 CAB 2.99 CBB 5.05 CBL 3.90 CHL 6.16 CIB 11.26 CWCB 2.43 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 3.20 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.05 3.90 6.10 11.26 2.49 5.10 10.10 8.44 14.30 3.99 8.97 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

CHANGE 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 0.06 0.00 0.08 0.00 0.00 0.00 0.00 0.00

1,100 2,298

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

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

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

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

VOLUME 5,000

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 13.4 18.7 N/M N/M N/M N/M 18.3 -6.8 36.1 21.2 13.6 15.6 24.4 10.9 15.6 11.6 17.5 19.7 9.6 24.1

YIELD 5.31% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.08% 3.61% 6.39% 17.43% 1.18% 3.25% 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

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

PAGE 8, Wednesday, July 29, 2020

THE TRIBUNE

AIR TRAVEL NOT EXPECTED TO RECOVER UNTIL 2024 FRANKFURT Associated Press GLOBAL air travel is recovering more slowly than expected and it will take until 2024 to return to pre-pandemic levels, the trade association for the airline industry said Tuesday. The International Air Transport Association pushed back its prediction by one year due to the slow containment of the outbreak in the US and in

developing countries. The industry is seeing a rebound from the depths of the shutdowns in April, but the bad news is that any increase “is barely visible”, IATA chief economist Brian Pearce said during an online briefing for journalists. Pearce said that air travel is not rebounding along with rising levels of business confidence in Europe, the US and China. Traffic was down 86.5% in June from the same month

a year ago, compared with a drop of 94.1% in April, measured as revenue passenger kilometers, or the distance traveled by all revenue-generating passengers. That improvement is “nowhere near the increase in business confidence,” Pearce said. China is bouncing back more than some other places, while an upturn in the US has been knocked back by the recent upsurge in COVID-19 cases in a number of states.

Besides renewed outbreaks, travel is also being held back by weak consumer confidence and constrained travel budgets at companies that are struggling. “Furthermore, there is little sign of virus containment in many important emerging economies, which in combination with the US, represent around 40% of global air travel markets,” IATA said in a statement. “Their continued closure, particularly

to international travel, is a significant drag on recovery.” Despite parking many of their planes, airlines are struggling to fill seats with enough people to make money. Planes were only 62.9% full on domestic flights around the world, well below levels at which airlines make money, and an abysmal 38.9% for international travel. The US is seeing more coronavirus cases after some states moved to lift

THE WEATHER REPORT

5-Day Forecast

TODAY

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Mostly sunny

Partly cloudy with a stray t‑storm

Partly sunny

Mostly sunny; increasingly windy

Wind and rain from T.S. Isaias

A couple of showers and a t‑storm

High: 89°

Low: 76°

High: 89° Low: 78°

High: 88° Low: 76°

High: 88° Low: 77°

High: 88° Low: 76°

AccuWeather RealFeel

99° F

84° F

101°-85° F

98°-82° F

96°-82° F

99°-82° F

ORLANDO

TAMPA

High: 92° F/33° C Low: 80° F/27° C

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

almanac

ABACO

High: 86° F/30° C Low: 81° F/27° C

6‑12 knots

High: 90° F/32° C Low: 76° F/24° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 79° F/26° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 74° F/23° C

High: 89° F/32° C Low: 78° F/26° C

MIAMI

High: 92° F/33° C Low: 80° F/27° C

6‑12 knots

KEY WEST

High: 89° F/32° C Low: 80° F/27° C

High: 89° F/32° C Low: 76° F/24° C

High: 86° F/30° C Low: 81° F/27° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Tuesday

9:03 a.m. 9:27 p.m.

2.8 3.4

3:12 a.m. 3:08 p.m.

0.3 0.2

sun anD moon Sunrise Sunset

6:36 a.m. 7:56 p.m.

Moonrise Moonset

3:39 p.m. 1:56 a.m.

Full

Last

New

First

Aug. 3

Aug. 11

Aug. 18

Aug. 25

CAT ISLAND

High: 87° F/31° C Low: 81° F/27° C

7‑14 knots

7‑14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 79° F/26° 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 ................................... 80° F/27° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 32.96” Normal year to date ................................... 19.35”

ELEUTHERA

NASSAU

restrictions on public life and business. The summer vacation season in Europe has seen more people move around. There has been a rise in cases in Germany, which had earlier done better than many other countries in mitigating the outbreak. Germany has issued a travel warning for three regions in Spain and the UK has imposed a 14-day quarantine for travelers returning from Spain, a popular holiday destination.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 82° F/28° C

High: 87° F/31° C Low: 81° F/27° C

LONG ISLAND

tracking map

High: 87° F/31° C Low: 82° F/28° C

7‑14 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 87° F/31° C Low: 82° F/28° C

GREAT INAGUA High: 90° F/32° C Low: 82° F/28° C

N E

High: 87° F/31° C Low: 82° F/28° C

8‑16 knots

10‑20 knots

marine Forecast ABACO ANDROS CAT ISLAND

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 6‑12 Knots ESE at 6‑12 Knots E at 7‑14 Knots E at 6‑12 Knots ENE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots ENE at 10‑20 Knots E at 7‑14 Knots E at 7‑14 Knots ESE at 4‑8 Knots E at 4‑8 Knots E at 7‑14 Knots E at 8‑16 Knots NE at 10‑20 Knots NE at 12‑25 Knots ENE at 8‑16 Knots ENE at 8‑16 Knots E at 8‑16 Knots ENE at 12‑25 Knots E at 6‑12 Knots E at 6‑12 Knots NE at 8‑16 Knots ENE at 10‑20 Knots E at 7‑14 Knots E at 8‑16 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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