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FRIDAY, JULY 30, 2021

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Realtors ‘embrace’ demand ‘Cannot stop the for cryptocurrency purchases economy again’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AHAMIAN realtors yesterday revealed they are developing strategic alliances to “embrace” cryptocurrencies already being used as a means of payment for local property transactions. Gavin Christie, CA Christie Real Estate’s managing partner, told Tribune Business that The Bahamas must be “open minded” when it comes to this space as his agency has already “facilitated” a high-end rental in a gated community that was paid for entirely with Bitcoins. While cryptocurrencies will likely be confined to the high-end luxury market initially, he suggested that

• High-end rental paid for using Bitcoins • ‘One in six calls’ raising crypto queries • Firm allies with private bank for ‘future’

GAVIN CHRISTIE

MATT SWEETING

its use as a payment method in Bahamian real estate transactions will expand into other market niches as persons become more educated and familiar with the concept and how it works.

Mr Christie said “one of the first questions” he was asked by a prospective client on a conference call yesterday was whether they could acquire Bahamian real estate using

cryptocurrency, adding that this query is now appearing in one out of every six “inquiries” he is fielding for high-end Bahamian real estate. And Matt Sweeting, chief executive at 1oak Bahamas, told this newspaper that his company was forming a strategic alliance with a locally-based private bank “that is very bullish on cryptocurrency” so that it can facilitate property purchases when this is the desired payment mechanism.

SEE PAGE 4

Nightclub owner gets 60 days to pay $734k taxes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT Bahamian businessman has been given 60 days to pay $734,222 in outstanding real property taxes on his West Bay Street nightclub property or see it sold by the government. Al Collie, developer of Club Luna and the Zoo before it, yesterday failed in his bid to “stay and/ or suspend” an April 9, 2019, judgment obtained against him by the government’s treasurer for $1.357m in unpaid real property tax and penalty surcharges owed on that parcel and another property at Elizabeth Avenue in downtown Nassau. Justice Ian Winder, in a Supreme Court verdict dated July 29, granted the

• Or else West Bay St property sold-off • Court rejects Collie’s settlement claim • ‘Surreptitiously’ exploited tax amnesty sale Order sought by the treasurer while giving Mr Collie and his company, Alco Holdings, some two months to pay the taxes still outstanding and due. He also added a 6.25 per annum interest rate to the $734,222 due. Tracing the dispute’s history, Justice Winder said that two months’ prior to the initial judgment obtained by the treasurer, Mr Collie and Alco Holdings had offered to hand over lots 18-23 in the Sea Beach subdivision free of charge to the government as a means to settle the debt. The offer was made to Shunda Strachan, chief

IMF chief: Bahamas ‘leading revolution’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE International Monetary Fund’s (IMF) top executive yesterday hailed The Bahamas for “leading the revolution” by becoming the first nation to launch a Central Bank Digital Currency (CBDC). Kristalina Georgieva, the Washington DC based Fund’s managing director, said it had been “an honour” to work with the Bahamian Central Bank in developing the Sand Dollar as she and

its governor, John Rolle, participated in an IMF panel discussion on “the future of money” and global payments systems. Mr Rolle described the Sand Dollar as “the glue that will connect the system together” in terms of modernising The Bahamas’ payments system infrastructure, with its digitisation having “started from ground zero” more than a decade ago. Explaining the rationale for launching the digital

SEE PAGE 3

Insurer hits rating peak; two Dorian claims left By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN insurer yesterday revealed that just two Hurricane Dorianrelated claims are left to be settled after its highest-level “financial strength” and credit ratings were reaffirmed by the industry’s top assessor. Anton Saunders, RoyalStar Assurance’s managing director, speaking after AM Best confirmed its “A (Excellent)” financial strength and “a” (Excellent) long-term credit rating, together with a

‘stable’ outlook, told Tribune Business that it had paid out around $300m todate in Dorian claims. “We have settled all of our Dorian claims and only two remain outstanding,” he said. “Ourselves and our reinsurance partners paid out $300m. From the Dorian claims perspective, the impact is on our reinsurance costs and customers who are rebuilding. “We have been managing the [COVID] crisis and ensuring our agents are in touch with their clients. We have not had that much

SEE PAGE 5

valuation officer, with Mr Collie disclosing that the government had previously shown interest in compulsorily acquiring the same lots as it had begun constructing sea walls on them with his permission. This was based on a draft notice of the acquisition from the Ministry of Works, and was later confirmed by David Davis, permanent secretary in the Prime Minister’s Office. “The offer was ultimately rejected notwithstanding a somewhat favourable meeting with the prime minister [Dr Hubert Minnis],” Justice Winder wrote. Alco Holdings subsequently made two payments on its

real property tax arrears, worth $772,601 and $35,049 respectively, for its West Bay Street property on May 18 this year. This reduced the debt to the $734,222 that was the subject of Justice Winder’s Order. Although Club Luna was not specifically referenced in yesterday’s ruling, it is highly likely that the parcel upon which it sits is the judgment’s focus given that documents put before the Supreme Court refer to a “night club” as the property’s usage. Mr Collie and Alco Holdings, though, asserted that

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN businessmen yesterday voiced relief that the prime minister did not unveil a COVID-19 lockdown or further restrictions in his Wednesday night address, asserting: “You cannot stop the economy again.” Branville McCartney, the Halsbury Chambers law firm principal and ex-Democratic National Alliance (DNA) leader, told Tribune Business that placing the country - and especially New Providence - into 2020style lockdowns to halt the ongoing surge in COVID19 cases would have “wiped the economy out” just as its tourism industry was showing signs of revival. “What I think the government is trying to do is balance the health of the country while maintaining building of the economy,” he said. “A lot of people were expecting a lockdown. If a lockdown was placed on the economy, those persons hanging on for the past 16 months would not be able to take it. It would wipe them out. Mr McCartney, suggesting that Dr Hubert Minnis had struck the correct balance between health and the economy, and lives and livelihoods, told this newspaper he had not expected any additional measures or restrictions to be unveiled beyond those announced on Monday even though many had anticipated an extended curfew - possibly starting at 7pm - to curb COVID-19 spread over the upcoming holiday weekend. “I didn’t expect any restrictions in addition to those announced earlier this week,” he added. “It would have been devastating. It was devastating when

BRANVILLE MCCARTNEY it happened months ago. To do that now would wipe the economy out.” Mr McCartney was backed by Rick Lowe, Nassau Motor Company’s operations manager/director, who said: “I anticipated he would have extended the curfew, but on one hand I can understand his position. You cannot stop the economy again.... “I think a lot of small businesses are catching eternal hell, and that is playing a part in the decision not too clamp down too strongly.” Mr Lowe backed the Prime Minister’s encouragement for more Bahamians to become vaccinated, adding: “As much as I don’t like the state forcing me to do something or compelling me against my will, I got vaccinated.” He was less impressed, though, by the prime minister’s talking-up of the government’s revenue performance to demonstrate that the Bahamian economy is on the mend. “Over the last six-month period, from January to June 2021, we have seen our revenue numbers beat their budget targets by tens of millions of dollars,” Dr Minnis had asserted. “This is after the revenue numbers had fallen substantially behind their budgeted numbers in the prior six months. I am pleased to advise that, with still a few

SEE PAGE 5

THE TRIBUNE

Friday, July 30, 2021, PAGE 3

BUSINESS RELIEF OVER NO EXTRA COVID MEASURES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN businesses yesterday said they were no thankful no further COVID-19 restrictions or lockdowns materialised from the Prime Minister’s national address on Wednesday night. Gregory Sherman, owner/operator of G.S. Landscaping Company & Property Management, told Tribune Business that at least he “didn’t have diarrhoea” when listening to Dr Hubert Minnis’ speech and found the address to be one of his better performances to date. “I thought it was less to do about politics and really

admonishing the Bahamian people to take this COVID-19 seriously and to get vaccinated. I think that’s what the take home message was: To get vaccinated,” he added. According to the Reuters COVID-19 tracker, The Bahamas has a vaccination rate of 13.2 percent of the population with at least 103, 664 doses administered so far. Renward Wells, minister for health, projected in June a target of 30 percent of the population to be vaccinated by September this year. Mr Sherman said: “I’m happy that we are not locked down any further because we don’t want to do any more harm to the very fragile economy that

we’re trying to rebuild. “I think the message is that this is something we’re going to have to deal with, so I am happy because any further lockdowns for me would have been a problem. I understand what the Government is attempting to achieve, but by the same token this pandemic is here. This disease is here. I think we’re going to have to find a way to co-exist with this.” Dr Kent Bazard, owner/ operator of Empire Fitness, said he was “happy” about no mention of further lockdowns or extension of the Emergency Orders past August 13 when they are set to expire. “It was really hard to tell if the lockdowns were actually having any effect,” he

added. “We know we have to really encourage persons to get as much accurate information as possible and make a decision about vaccinating themselves, especially those that are at high risk. I think that’s the area of the population that’s under concern; it’s those persons that are highrisk and we have so many people who are in that category.” High-risk individuals are those that have co-morbidities and other underlying illnesses that make them susceptible to COVID-19, such as diabetes, heart disease and respiratory ailments, as well as persons who operate in high-contact areas such as service workers

that come into contact with others on a daily basis. Dr Bazard said The Bahamas needs to protect persons in the high-risk category because they “tend to do worse with the infection and are succumbing to the infection”. He added: “I think Dr (Nikkiah) Forbes said that no one that has succumbed to the infection has been fully vaccinated, or at least nobody as yet that has been fully vaccinated and still passed away from COVID-19. So that’s good.” Suggesting that the current crop of COVID-19 vaccines may not be perfect, Dr Bazard said The Bahamas needs to understand that less than 1 percent of persons who are vaccinated

have died from COVID-19. This indicated that vaccines are saving lives. “I think everybody has to make their own decisions on this, but I say that persons must start to trust the process,” said Dr Bazard. “I’m sure there are going to be other versions of the COVID-19 vaccine that come out. People really shouldn’t be surprised when they spin around and see by the end of this year, or the next year, another version of the vaccine coming out. You should be expecting that. “The vaccines out now are something they wanted to get out as fast as possible. There’s always going to be a version two and a version three.”

NEW ENTRANT PLANS LOCK OVER THE COURIER MARKET By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

contactless way of receiving their packages. He said: “We haven’t opened yet; we launch on August 5. Jet Locker is a courier company that people can order online and then pick their items up from a locker. Our primary mode of delivery is by locker. We only have one other company like mine in The Bahamas that launched a few months ago.” Mr Johnson added that he planned to differentiate from his competitors through Jet Locker

being open all day from 7am to 10pm. “What makes us different from the regular postal services is certainly the convenience we offer, and certainly we would be good for the COVID-19 pandemic because you don’t have to see anybody,” he added. “You don’t have to talk to anybody and you don’t have to interact with anybody. You pay online and you come to pick up in a totally contactless manner. There is no front desk or need for cash or

anything like that. “The good thing about a locker is you need a lot less manpower upfront. So then you can always pass the savings along to the customer, because the storefront now is empty. You can pass that savings on to the customer.” With COVID-19 having created a need for proper spacing between persons, Mr Johnson said he felt it was time to launch a dream that had been on the drawing board for more than two years. “I was writing the business plan for

this at least two-and-a-half years ago. I always knew I wanted to participate in an e-commerce business through a courier company, but really I was just trying to find a way to make it different,” Mr Johnson said. “I didn’t want it to be more of the same, so as I was writing the business plan I started to do a Google search and I came up with the parcel lockers. So I did more research and I found out different ways to integrate it and bring it to The Bahamas.”

The lockers that Jet Locker uses are manufactured in China. Mr Johnson said it was “easy” to get his product from Asia to The Bahamas despite the impact of the COVID-19 pandemic on shipping and logistics. “The only challenging part was making sure we were dealing with reputable sources to avoid delays or having bad product,” he added. Mr Johnson said there were plans to move to 24-hour services if demand picks up significantly.

IMF chief: Bahamas ‘leading revolution’

would connect the system together. “We wanted to provide a highway for financial services where it would be delivered digitally in an archipelagic setting. We wanted to address financial inclusion and financial access, recognising that even though in many cases there may be access to financial services, if not living close to the centres that are being provided with capital investment, you are not always getting the standard of service you may be satisfied with... “We were starting from ground zero, so it was very easy to add interoperability.” Mr Rolle earlier this week said the Bahamian digital currency’s roll-out will hit “further milestones” next month, with consumers gaining the ability to switch funds between their bank accounts and mobile wallets. He added that public education on the Sand Dollar will “ramp up” through August going into fall 2021 as the momentum for its

nationwide roll-out continues to gather pace. “We are presently working to launch some of the public education campaign,” Mr Rolle said. “We are very much further along in that process than we have ever been, and that’s going to have some deliberate focus, not just on New Providence but the Family Island communities, where there are greater gaps in access to services on a daily basis. “The public education campaign will begin to ramp up, as once we get through August into early fall, we are going to be starting that. The very current item we are working on completing is connectivity with the banking system so that there will be two-way connectivity for persons wanting to channel funds from their deposit accounts. “That work is very advanced, and focused on ensuring integration between mobile platforms and the Automated Clearing House. I anticipate we should hit some of those

milestones in August. It’s broken into several steps

but we anticipate completing that this year.”

A BAHAMIAN courier service yesterday said it is offering parcel delivery by locker as a way to reduce the need for human interaction and stave off further COVID-19 infections as cases soar. Nikoan Johnson, owner/ operator of Jet Locker, told Tribune Business he is launching his courier and mailbox solution in response to the pandemic because persons need a

FROM PAGE ONE Bahamian dollar, he added that it holds out the potential for reduced costs and greater efficiency in payments transactions. Mr Rolle said it also promised greater financial inclusion and access to financial services, especially in remote Family Island communities without a physical commercial bank branch, while also bringing the so-called ‘unbanked’ and ‘underbanked’ into the formal system. “For The Bahamas, one of the reasons we went in this direction is that we have to provide what we saw as a public good in terms of the upgrade of the infrastructure for the payments system,” he added. “We’re also on a path to modernise our payments system, which

we started a decade ago, and as we neared the end of 2017-2018 we focused on introducing new players into this space as a way to accelerate change.” Besides determining how these new providers would interact with each other and, through interoperability, enable their different clients to exchange funds with each other, Mr Rolle continued: “We wanted to focus on a space where consumer choice could be exercised in terms of payments through the issue of interoperability. “We started with very little activity on digital and mobile payments” which enabled the Central Bank to work with the private sector to design a suitable payments system architecture. “From that point of view, we saw the Central Bank Digital Currency as the glue that

PAGE 4, Friday, July 30, 2021

Realtors ‘embrace’ demand for cryptocurrency purchases

FROM PAGE ONE He added that his agency had come close to a deal where cryptocurrency would be used to acquire Bahamian real estate, but this had now been “put on hold” due to the economic uncertainty around COVID-19. Nevertheless, Mr Sweeting predicted that cryptocurrency will be used in 5-10 percent of high-end Bahamian property acquisitions within the next five top ten years as its popularity and use soars. Both realtors spoke out after Ryan Knowles, one of their colleagues, wrote in Tribune Business this week that cryptocurrencies and blockchain technology are “working in tandem to make a hot market even hotter”. He added that two Bahamas-based developers, Aqualina and Goldwynn, had announced they will facilitate cryptocurrency transactions for

purchases in their developments. However, Jason Kinsale, Aqualina’s principal, declined to comment when contacted by this newspaper yesterday. Still, Mr Christie revealed: “I was on a call maybe about an hour ago with a potential client that looking at specific properties, and one of the first questions they asked was if there was a capacity to purchase and acquire it through cryptocurrency. “We are seeing that the crypto space is definitely increasing and coming to the forefront as it continues to grow. There’s been an uptick in inquiries for crypto to do transactions. We started to see the requests coming in from last year. “This year we participated in, and facilitated, a luxury rental in one of the gated communities and that transaction was done in cryptocurrency. The tenant was heavily into cryptocurrencies and so was the

landlord, so they paid for that rental in Bitcoins,” he added. “The demand has definitely increased and the interest is there globally. Our phones are ringing, and every six calls in the luxury category that potential buyer is asking or querying if cryptocurrency is an option.” Mr Christie said real estate developers and developments in markets such as south Florida were “not just offering but encouraging” buyers to use cryptocurrencies as a payment mechanism. Cars, real estate and some nightclubs and restaurants were now accepting this payment mechanism. However, while agreeing that it “could become a big player within the space as the world evolves and technology evolves”, he argued that cryptocurrencies are unlikely to “surpass” more traditional payment means. “The Bahamas has to be open and open-minded, not

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just in the real estate space but the entire Bahamas has to be open to it, educate themselves about it,” Mr Christie said of cryptocurrency. “It’s something that’s here and will be here with us to stay, I believe. Instead of shying away, it’s better that persons try to educate themselves as much as possible about this space and embrace it.” Cryptocurrencies are digital assets that are not backed by Central Banks or paper money. Instead, they are seen more as investment vehicles, but can operate as payment means or a medium of exchange where individual coin ownership records are stored in a blockchain ledger kept in the form of a computerised database. Meanwhile, Mr Sweeting told Tribune Business: “We had possibly negotiated a transaction in cryptocurrency and developed a strategic banking partnership. This private bank is very bullish on

THE TRIBUNE cryptocurrency and they have a whole department focused on acquisition of cryptocurrency. “The world currently knows very little about cryptocurrency, and for clients to say they don’t want to get involved in it and want fiat cash for any purchase, our banking partner is willing to convert cryptocurrency into cash. It makes cryptocurrency transactions very do-able. We sought to create the partnership with the private bank to capitalise on what we see as real estate’s future.” Mr Sweeting declined to name his agency’s private banking partner, and confirmed that the cryptocurrency deal he was working on has yet to complete. “We were in touch with a buyer who had bought in cash and has cryptocurrency holdings, and he said he may consider a purchase in cryptocurrency but that has not happened yet,” he added. “It’s not closed; just been put on hold due to what is going on with the economy and the like. It can come back. We do see a huge future in it. Cryptocurrency will continue to be a force to be reckoned with, a longterm presence. It will not be here today and gone today. It has a real foothold in the

global economy, and in real estate transactions it makes it easier to transfer funds from one place to the next in quick time.” Mr Sweeting said the first cryptocurrency real estate purchase had transferred funds from the buyer to the seller in just 20 minutes, adding that The Bahamas has the ability to do likewise. “It speaks volumes to what the future could be when owners become more open to doing business this way,” he added. Asked how many Bahamian real estate transactions will likely be facilitated by cryptocurrency within the next five years, Mr Sweeting estimated between 5-10 percent of all purchases - concentrated among highend purchases of $5m or more - will be paid for using this method. He added that the ease of moving money via this method would be especially attractive for high net worth buyers, but said current Know Your Customer (KYC) and antimoney laundering rules will still apply. “This could be a major thing for The Bahamas and real estate if the country and industry embrace this more,” Mr Sweeting said.

Nightclub owner gets 60 days to pay $734k taxes FROM PAGE ONE the May 18, 2021, payments resulted from their “acceptance of one of two settlement options offered to it by staff at the Department of Inland Revenue” under the government’s real property tax amnesty that was announced earlier this year. Under the first option, which involved writing-off 50 percent of the unpaid tax and associated penalties if payment of the remaining balance was made upfront - and in full - by May 31, 2021, Alco Holdings would have slashed its liabilities in half to $736,217. And the second, involving a 25 percent downpayment with the balance to be paid off over an agreed period, would have resulted in the write-off of $632,911 in unpaid surcharges, according to the judgment. The real property tax amnesty has now been extended to end-August. The treasurer, though,

argued that what Alco Holdings claimed was a settlement offer was really just “a calculation worksheet” provided to all taxpayers making inquiries on their payments and outstanding liabilities. It also alleged that Mr Collie’s company had “surreptitiously sought to take advantage of the amnesty even though its ongoing court case meant it cannot qualify. The businessman was also said to have approached the Department of Inland Revenue staff directly for the concession, and did not speak to Ms Strachan, the chief valuation officer. Although Alco Holdings had taken the position it would “not pay the full amount of the outstanding judgment debt” of $1.357m, on the basis that it had reached a settlement with the government, Justice Winder said he was “not satisfied” any deal had been agreed. “Firstly, it is unbelievable that Alco, being engaged in contentious litigation with an approaching court date for enforcement against it, would be engaging a staffer at the Inland Revenue Office negotiating a compromise for the settlement of the judgment,” Justice Winder blasted. He also agreed with the treasurer that the evidence relied upon by Mr Collie and his company was not a settlement offer or options,

but merely an inquiry related to the amnesty initiated by the Government. Justice Winder said it was “an untenable proposition” that this was a settlement offer, especially since the Elizabeth Avenue property - on which taxes were due and owing - was not included in the alleged deal. Alco Holdings had alleged there were “discrepancies” over the government’s tax claims on that property that had yet to be resolved. Denying Alco Holdings’ application for a stay, Justice Winder gave it until end-September to pay the $734,222 or otherwise the treasurer could sell the West Bay Street property to satisfy the unpaid real property tax debt. He said it needed to be appraised and listed by court-approved realtors, but the sale does not involve the Elizabeth Avenue property. There are some signs that the government is now starting to go after high-profile real property tax delinquents owing multi-million dollar sums to the Treasury. Apart from Mr Collie, it has also obtained a a Supreme Court order compelling the sale of a downtown Bay Street property to settle a near-$2.2m property tax debt owed by the Finlayson family. However, some observers will argue it still barely makes a dent in the $600mplus property tax arrears identified by the Auditor General.

THE TRIBUNE

Insurer hits rating peak; two Dorian claims left FROM PAGE ONE

fall-off in business, but we are maintaining our client base and agents and ensuring we don’t run into any cash flow issues.” In an aside to Bahamian property and casualty insurance profits being dictated by the annual level of hurricane activity, Mr Saunders added: “We are ahead of last year because of the US Virgin Islands’ profitability, and on budget at the same time. The next three months will determine what the profitability will be at the end of the year.” A. M. Best, in its assessment of RoyalStar released yesterday, said: “The ratings reflect RoyalStar Assurance’s balance sheet strength, which A. M. Best assesses as strongest, as well as its strong operating performance, limited business profile and

appropriate enterprise risk management. “The balance sheet strength is derived from the group’s strongest risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), conservative investment portfolio and comprehensive reinsurance programme. “These strengths are partially offset by RoyalStar’s exposure to weather-related catastrophe events given its geographic concentration of business in the Caribbean, and its dependence on reinsurance to mitigate losses and protect its surplus. Nevertheless, strong earnings over the past five years, despite major catastrophe events in 2016 and 2019, have enabled the company to maintain risk-adjusted capitalisation at the strongest level.” A. M. Best continued: “RoyalStar’s strong

operating results over the last five-year period have been bolstered by favourable underwriting performance in non-catastrophe years, consistent levels of investment income and commission income derived from business ceded to reinsurers. “Despite an economic shutdown in RoyalStar’s operating territories due to the COVID-19 pandemic, the company produced strong earnings in 2020 as demonstrated by solid profitability and return metrics compared with its Caribbean peers. RoyalStar operates in The Bahamas, the Cayman Islands, the Turks and Caicos Islands, the US Virgin Islands, the British Virgin Islands and Anguilla, and the rating agency said: “A. M. Best expects the company to continue to produce favourable results despite its exposure to catastrophe events. “The company mitigates much of this exposure through prudent risk management planning, focusing on high quality business not susceptible to storm surge, along with its comprehensive reinsurance programme placed with a panel of highquality reinsurers.”

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‘Cannot stop the economy again’ FROM PAGE ONE

days left, the preliminary revenue numbers for the month of July are millions ahead of our budget projections. “In fact, they are not far off the similar point in July 2019 before Hurricane Dorian and the pandemic. The recent revenue performance points to an economy that is gradually but certainly regaining its footing. While we are still not back to full economic capacity, The Bahamas has set a course for, and is headed toward economic recovery.” Mr Lowe, though, said the address was “limited” on the economy “other than to say how much money has been spent and how much revenue earned. He didn’t say what the deficit is now and how much they will be borrowing”. From that point of view it was a campaign speech”. Meanwhile Walter Wells, Caribbean Bottling Company’s principal, told Tribune Business that the Government was facing “a double-edged sword” in trying to avoid subjecting the economy to full and/ or partial lockdowns while, at the same time, measures were needed to curb COVID-19’s spread and

Friday, July 30, 2021, PAGE 5

the possibility that it may overwhelm the healthcare system. Backing the Prime Minister’s emphasis on personal responsibility when it comes to vaccinations, he added: “If it’s not mandated it will not happen, and it will not be happening if there’s no enforcement behind it. It’s double-edged sword, but I’m not so sure that locking the country down is the right answer.” Reiterating that vaccination offers the only escape route from COVID-19, Mr Wells added: “We are in for a rough few weeks and a few rough months.” Mr McCartney, supporting the Prime Minister’s focus on encouraging Bahamians to become vaccinated, joined those urging both citizens and residents “to get on the band wagon” and become inoculated as the only exit route from a pandemic that has completely disrupted the country’s “way of life”. “In terms of the pandemic, we’re in a worse position than when we locked down,”

he acknowledged. “We have a long way to go. The virus is going to be with us for some time. It’s a matter of how we live with it. The bottom line is more people need to get vaccinated.” Some 88 new COVID19 cases were detected on Wednesday, and Mr McCartney added that whether vaccinations were made mandatory or not “our way of life” determines that persons need to become inoculated. He added that talk of making vaccines mandatory was already emerging in parts of Europe, and suggested that this would eventually find its way to The Bahamas. While conceding that it would be difficult for any administration to accomplish politically, the ex-DNA leader said he “certainly would” make vaccinations mandatory by “changing up the law” - something that would likely generate significant push back from many Bahamians. “Quite frankly, it’s those who are unvaccinated almost holding things up, so to speak, in terms of us being on the road to recovery,” he added. “The call made by the Prime Minister ought to be adhered to and listened to so we can get back to some type of normalcy otherwise we’re going to remain in this position.”

NOTICE

NOTICE NOTICE is hereby given that BRADLEY PETERSON SIMEON of Washington Street, New Providence, 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 23rd day of July, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, notice is hereby given that:(a) MSHS (Bahamas) Ltd. is in dissolution; (b) The date of commencement of the dissolution is the 8th day of February , 2021. (c) The Liquidator is Terence R.H Gape, Esq. of Dupuch & Turnquest, Chancery House, Freeport, Grand Bahama LIQUIDATOR, _____________________________

NOTICE is hereby given that JORJI MOLTIMER, of Marsh Harbour, Abaco, The Bahamas 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 23rd day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 29 JULY 2021

BISX ALL SHARE INDEX:

CHANGE

1972.77

12.47

%CHANGE

YTD

YTD%

0.64 -119.69

-5.72

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.78 6.00 7.00 3.60 5.27 3.80 6.16 12.00 2.71 7.76 10.71 9.55 14.31 4.10 8.85 16.00

52WK LOW 3.35 22.65 1.46 1.62 1.43 5.00 6.00 2.80 4.25 2.47 5.00 9.75 2.10 5.30 9.50 8.35 13.00 3.42 8.00 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard RF Bank & Trust (Bahamas) Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

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 Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 104.00 100.49 100.95 100.53 100.30 100.62 100.70

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.25 100.00 100.95 100.29 100.05 100.62 100.46

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

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

CLOSE 6.50 39.95 1.60 2.45 1.44 6.00 6.97 3.50 5.27 2.74 5.95 9.80 2.51 7.75 11.52 9.55 14.00 3.99 8.35 15.50

CHANGE 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.00 0.01 0.00 0.07 0.00 0.00 0.00 0.05 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS710237 BSBGRS880378 BSBGRS630211 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.03 100.19 100.27 100.05 100.62 100.72

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 0.00 0.00

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS71023 BGRS FL BGRS88037 BGRS FL BGRS63021 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026

LAST CLOSE 6.49 39.95 1.60 2.45 1.44 6.00 6.97 3.50 5.27 2.65 5.95 9.80 2.50 7.75 11.45 9.55 14.00 3.99 8.30 15.50

VOLUME 1,000

6,000

8,250

EPS$ 0.239 0.932 0.000 0.110 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 0.030 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 27.2 42.9 N/M N/M N/M N/M 18.9 -8.0 37.6 14.9 13.3 13.6 24.6 16.6 17.8 13.1 17.2 19.7 8.9 24.6

YIELD 2.62% 3.15% 1.25% 1.22% 0.00% 0.00% 3.73% 0.00% 0.00% 4.38% 3.70% 7.35% 17.29% 0.77% 2.85% 2.51% 3.86% 3.01% 2.40% 3.94%

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%

MATURITY 19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.53% 4.42% 4.81% 4.53% 4.56% 4.50% 4.53%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 22-Oct-2023 26-Jul-2037 12-Dec-2021 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026

MUTUAL FUNDS 52WK HI 2.43 4.47 2.17 202.18 190.86 1.70 1.81 1.78 1.07 8.75 10.46 7.40 15.99 12.72 10.39 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 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 Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 2.43 4.47 2.17 202.18 190.86 1.70 1.76 1.77 1.04 8.75 10.46 7.40 15.99 12.72 10.39 N/A 10.43 14.89

YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.37% 1.52% -2.05% -2.21% 0.36% 0.76% -1.28% -2.30% 3.13% 5.76% 4.29% 7.07% 1.70% 3.85% 14.99% 38.64% -1.20% -0.36% 3.43% 0.76% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date 31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

THE TRIBUNE

Friday, July 30, 2021, PAGE 7

ASIAN SHARES LOWER AFTER WALL ST REBOUND ON US GROWTH DATA BANGKOK Associated Press

ASIAN shares and US futures were mostly lower today after stocks pushed broadly higher on Wall Street. Japan reported relatively strong economic data for the previous quarter, before the government began tightening coronavirus restrictions as cases surged. “Retail sales, industrial production and employment all rebounded strongly

in June, pointing to a sizeable recovery in activity in between the alpha- and delta-driven coronavirus waves,” Capital Economics said in a report. However, the current situation has Japanese officials sounding the alarm as Tokyo has reported recordbreaking coronavirus cases for two straight days with the Olympics well underway. Chief Cabinet Secretary Katsunobu Kato said new cases are soaring across the country at an unprecedented magnitude.

Tokyo’s Nikkei 225 fell 1.5% to 27,352.78 while the Kospi in Seoul gave up 1.1% to 3,208.01. The Hang Seng in Hong Kong declined 2.1% to 25,754.98 and the Shanghai Composite index dropped 0.5% to 3,393.60. Australia’s S&P/ASX 200 edged 0.1% lower to 7,409.40. Shares edged higher in India, Singapore and Indonesia but fell elsewhere in Southeast Asia. The yield on the 10-year Treasury note remained relatively stable. It edged lower

to 1.26% from 1.27% late yesterday. Stocks on Wall Street bounced back from a twoday slide Thursday, placing the S&P 500 on pace for its second straight weekly gain. The S&P 500 index rose 0.4% to 4,419.15, powered by broad gains. It is just below its most recent record high. The modest rally came as the latest government data showed continued economic growth and investors reviewed another batch of mostly positive corporate

earnings reports. Online brokerage Robinhood made an underwhelming debut on the Nasdaq, closing at $34.82, or 8.4% below its offering price of $38, which was the low end of its expected range. The Dow Jones Industrial Average rose 0.4% to 35,084.53, while the Nasdaq added 0.1%, to 14,778.26. The Dow and Nasdaq also hovered just below their record highs set on Monday. Helping ease some concerns on Wall Street about the pace of the economic

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 77° F/25° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

Mostly sunny and pleasant

Clear to partly cloudy

A morning t‑storm; mostly sunny

Some sun with a stray thunderstorm

A t‑storm around in the morning

Sun through high clouds

High: 91°

Low: 79°

High: 91° Low: 80°

High: 90° Low: 80°

High: 89° Low: 80°

High: 90° Low: 79°

AccuWeather RealFeel

101° F

87° F

101°-89° F

101°-86° F

100°-88° F

100°-86° F

ABACO

High: 87° F/31° C Low: 81° F/27° C

6‑12 knots

High: 91° F/33° C Low: 78° F/26° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 79° F/26° C

WEST PALM BEACH

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

tiDes For nassau High

almanac

uV inDex toDay

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.

| Go to AccuWeather.com

TONIGHT

High: 91° F/33° C Low: 82° F/28° C

High: 90° F/32° C Low: 78° F/26° C

MIAMI

High: 90° F/32° C Low: 79° F/26° C

3‑6 knots

KEY WEST

High: 90° F/32° C Low: 83° F/28° C

ELEUTHERA

NASSAU

High: 91° F/33° C Low: 79° F/26° C

Ht.(ft.)

Low

Ht.(ft.)

2.7 2.7

7:21 a.m. 7:52 p.m.

0.6 1.0

1:47 a.m. 2:29 p.m.

2.5 2.7

8:07 a.m. 8:49 p.m.

0.7 1.1

Sunday

2:38 a.m. 3:23 p.m.

2.3 2.7

8:55 a.m. 9:48 p.m.

0.8 1.2

Monday

3:32 a.m. 4:17 p.m.

2.2 2.7

9:45 a.m. 0.8 10:46 p.m. 1.1

Tuesday

4:27 a.m. 5:09 p.m.

2.2 2.8

10:36 a.m. 0.8 11:40 p.m. 1.1

Wednesday 5:21 a.m. 5:58 p.m.

2.2 2.9

11:26 a.m. 0.7 ‑‑‑‑‑ ‑‑‑‑‑

Thursday

2.3 3.1

12:29 a.m. 0.9 12:14 p.m. 0.6

Today

12:58 a.m. 1:37 p.m.

Saturday

6:10 a.m. 6:44 p.m.

sun anD moon Sunrise Sunset

6:37 a.m. 7:56 p.m.

Moonrise Moonset

none 12:40 p.m.

Last

New

First

Full

Jul. 31

Aug. 8

Aug. 15

Aug. 22

CAT ISLAND

High: 87° F/31° C Low: 80° F/27° C

6‑12 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 ................................................... 91° F/33° C Low .................................................... 78° F/26° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 80° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.08” Year to date ............................................... 11.35” Normal year to date ................................... 19.45”

High: 87° F/31° C Low: 81° F/27° C

recovery, the Commerce Department said the US economy grew at a solid 6.5% annual rate last quarter. The economy’s total size has now surpassed its pre-pandemic level. It also revised its figures for 2020, showing that the economy contracted by a slightly smaller amount than previously reported. The latest GDP figure fell short of economists forecasts for 8.5% growth, but investors largely brushed off the wide miss.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 79° F/26° C

High: 86° F/30° C Low: 81° F/27° C

High: 88° F/31° C Low: 81° F/27° C

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 80° F/27° C

6‑12 knots

MAYAGUANA High: 87° F/31° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

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

High: 87° F/31° C Low: 80° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 81° F/27° C

8‑16 knots

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

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

WINDS S at 6‑12 Knots S at 6‑12 Knots SE at 6‑12 Knots ESE at 4‑8 Knots SE at 7‑14 Knots SE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots SE at 6‑12 Knots S at 6‑12 Knots SSW at 6‑12 Knots SE at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots SE at 6‑12 Knots E at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots SE at 6‑12 Knots

WAVES 1‑3 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 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. 86° F 86° F 87° F 87° F 86° F 86° F 84° F 84° F 86° F 86° F 87° F 87° F 86° F 87° F 84° F 84° F 85° F 85° F 84° F 84° F 87° F 86° F 85° F 85° F 86° F 86° F

PAGE 8, Friday, July 30, 2021

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