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WEDNESDAY, AUGUST 4, 2021

$5.10 Restrictions gave external reserves ‘$200m cushion’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor yesterday revealed that restrictions imposed last year in the immediate aftermath of the COVID19 pandemic’s outbreak had “provided at least a $200m cushion for the external reserves”. John Rolle, speaking at a 2021 second quarter and half-year economic briefing, disclosed that the final remaining measures - the prohibitions on broker/dealers, individual Bahamians and residents investing in overseas securities and real estate via the Investment Currency Market (ICM) - will almost certainly be removed before 2021 year-end. “Taking account of the improved foreign exchange market conditions, the Central Bank has already removed the majority of the conservation measures that were introduced in 2020,” he said. “The remaining measures relate to capital market investments, principally through the local broker/dealers or securities market firms, and the investment currency market. These restrictions are under review for timing that would see them removed before the end of 2021.” The Central Bank chief, responding to a later Tribune Business question, said that and other measures which included restrictions on dividend payments by the Canadian-owned banks and the National Insurance Board’s (NIB) repatriation of its foreign currency investments, had “conservatively” produced a $200m buffer to maintain the external reserves at acceptable levels until the government’s overseas financing activities kicked-in. Holding sufficient foreign reserves is vital to maintaining the Bahamian dollar’s one:one peg to its US counterpart, and Mr Rolle said: “I believe, looking from the start of the pandemic to the point at which we saw the government’s financing activity start, we estimate there’s at least $200m-plus of cushion that we provided to the foreign reserves over that period. “The banking sector measures added close to $100m in cushion. In ordinary year, and given the trends, you’re looking at close to $100m in transactions that happen by way of investment by residents abroad. We’d have received some conversion from NIB that was substantial. That added to the reserves. “When you look at these and some of the other measures, the $200m-plus is a conservative projection in terms of the cushion provided. But understand that these were sort of one-offs that might have created a little bit of space time wise. “Once you exhaust that protection, what is more important is that the start of spending on the Government side has to appropriately matched by foreign currency financing as you were stimulating continued calls for spending that had to be taken into account.” Elsewhere, Mr Rolle said just 2.3 percent of all outstanding loans to businesses and households remain in COVID-19 related deferral programmes compared to around one-third of all credit facilities at this time last year when pandemicrelated uncertainty was at its peak. However, non-performing loans have increased to 9.5 percent of all

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Bahamas ‘not doing enough’ to fight corruption perception

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OVERNANCE reformers yesterday warned The Bahamas “is not doing enough to change perceptions of corruption” as the US government again cited irregularities in this nation’s procurement and investment approvals process. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business it was “not good enough” for The Bahamas to believe its “status quo” ranking as less corrupt than many Caribbean competitors was sufficient at a time when “we cannot leave anything on the table economically” due to COVID-19’s devastating fall-out. He spoke out after the US State Department released its annual investment climate statement on The Bahamas and all other nations. While the narrative and findings were little

MATT AUBRY different or changed from previous reports, and no specific or named incidents of corruption were cited, it could also be argued that this nation is making little headway in addressing concerns regarding the level and presence of government graft. “The government has laws to combat corruption among public officials, but they have been inconsistently applied,” the US

DOCTORS Hospital has seen a 75 percent year-overyear increase in demand for its services based on topline revenue growth during the first six months of its 2022 financial year, a senior executive has revealed. Dennis Deveaux, the BISX-listed healthcare provider’s chief financial officer, told Tribune Business that this increase - driven by a combination of COVID and non-COVID related care - gave an indication of “what is possible” in terms of full-year profits while emphasising: “We want the pandemic to go away.” He added that revenues through Doctors Hospital’s second quarter, which closed on Saturday, had risen yearover-year by 25 percent even when income earned from providing COVID19 treatments was stripped out. Mr Deveaux said this

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• But says: ‘We want COVID to go away’ • Pandemic care, testing one-third of income • Access boost via 50% patient deposit slash

DOCTORS HOSPITAL was a sign that demand for the provider’s non-COVID services had returned and has now reached above prepandemic levels. Revealing that COVID19 care and testing presently accounts for about onethird of Doctors Hospital’s

top-line income, he told this newspaper: “Because of the initiatives we put in place to grow organically, we’ve seen demand for existing services above pre-COVID levels. Our core non-COVID stuff has come back and is actually higher than

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

pre-COVID levels... “I think our revenues, if you were to pull out COVID-19 for the first quarter of the current year through to the second quarter, they will have grown by 25 percent and that’s pulling out COVID-19.” The Doctors Hospital chief, though, warned that the “true measure” of its financial resiliency amid the pandemic will be year-over-year comparisons with second quarter results from 2020. That is because the 2020 first quarter, which covers the period from the beginning of February to end-April, contained a five-week period on the back-end when the BISXlisted healthcare provider

Senators under the Public Disclosures Act, the report added that the process also lacked transparency because no summary of these declarations was made public. “The campaign finance system remains largely unregulated, with few safeguards against quid pro quo donations, creating a vulnerability to corruption and foreign influence. The procurement process also remains susceptible to corruption, as it contains no requirement to engage in open public tenders, although the government routinely did so,” it said, noting that the Public Procurement Act is due to be implemented in early September. “According to Transparency International’s 2020

Doctors sees 75% growth in demand

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Near-term risk’ to the economy has increased THE Central Bank’s governor yesterday warned that “very near-term risks to the economy have increased” as a result of surging COVID19 infection rates in The Bahamas and its key tourism source markets. John Rolle, addressing a 2021 second quarter and half-year economic briefing, said it was important to ensure pandemic-related risks are “reasonably contained if we are to preserve the pace of recovery” in the tourism industry both nationally and worldwide. “It must be emphasised that in the very near-term, risks to the economy have increased, even if in the months further out they continue to subside,” he warned. “It is our capacity to maintain control over the COVID-19 risks, that will help to define the economy’s near-term trajectory; that is, around sustainability of foreign exchange market conditions, arresting further deterioration in public finances, and keeping financial stability risks in check.” The Central Bank chief said some of what is required is “completely outside the control of The Bahamas”, and depends on the actions taken by its key source tourism markets. “But the rest of that relates to how we manage the level and spread of contagion inside the country. The Bahamas still has some of the COVID-19 risks it has to manage internally. Another 35 new COVID19 infections were recorded on Monday, taking the total number of active cases to more than 2,000 Bahamaswide. Some 104 persons remain in hospital with the virus, and 14 are in the intensive care unit (ICU). Mr Rolle, meanwhile, said the two percent economic growth projected for The Bahamas was “not at a very high or optimistic projection. It’s not something that’s out of the realm of achievable”. However, he added that this nation could not lose sight of the fact it had seen real GDP (gross domestic product) slashed by at least 16 percent in 2020, and that the road to recovering this lost ground will take several years yet.

• US again cites deficiencies, irregularities • Anti-corruption Bills seen as ‘too intrusive’ • ORG chief: ‘Status quo’ is not acceptable Investment Climate report on The Bahamas said. “The law provides criminal penalties for corruption by public officials, and the government generally implemented the law effectively. “However, there was limited enforcement of conflicts of interest related to government contracts and isolated reports of officials engaged in corrupt practices, including by accepting small-scale ‘bribes of convenience’. The political system is plagued by reports of corruption, including allegations of widespread patronage, the routine directing of contracts to political supporters, and favourable treatment for wealthy or politically connected individuals.” Noting that there was no “independent verification” of the asset/wealth declarations submitted by MPs and

$5.18

Governor: Use $200m for Dorian rebuilding By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank’s governor yesterday urged Dorian-ravaged businesses and homeowners to draw down on “at least $200m” in unused reinsurance funds to finance rebuilding, adding: “The economy will be better off.” John Rolle, speaking at the regulator’s 2021 second quarter economic briefing, said it had “no intent or desire” for these monies to remain in The Bahamas’ external reserves even though they had helped to boost the country’s foreign currency holdings to $2.6bn at mid-July. Revealing that Dorianrelated insurance claims collectively generated around $500m in foreign currency-related reinsurance inflows into The Bahamas, Mr Rolle said: “In particular, there remains important accumulations in the reserves from reinsurance receipts from Hurricane Dorian. The economy would benefit more from having those resources spent at a faster

• ‘Economy better off’ than if sitting in reserves • Banks: $100m ‘turnaround’ on currency dealings • Foreign exchange purchases increase by 10%

JOHN ROLLE pace on rebuilding.... “There’s no intent or desire for those funds to sit unused. We’d like to see the economy benefit from a faster pace of rebuilding, which means those reserves get used up. To the extent there are still considerable amounts of funds intended for or expected to be put into the repair of damaged properties in The Bahamas, we’re better off seeing those funds used up in rebuilding and not seeing them in the reserves but payments for goods and services that continue to rebuild.”

Estimating just how much reinsurance money remains in The Bahamas’ external reserves, Mr Rolle added: “After the hurricane, it’s estimated that the reinsurance receipts were well in excess of half-a-billion dollars ($500m). Today, from what we’ve seen, we estimate there’s at least $200m in funds that we have in The Bahamas that have not been used. We’d be better off seeing those funds spent on rebuilding.” Still, the improvement in foreign currency inflows enjoyed over the 2021 first half as tourism rebounded and the wider economy opened meant Bahamian commercial banks had seen “a complete turnaround” in their currency exchange dealings compared to the same period last year which was hit by COVID-related lockdowns and restrictions. Mr Rolle said this had resulted in “a differential in excess of $100m”

compared to the 2020 first half, as “on a net basis” the commercial banks purchased more foreign currency from clients than they sold to them. This, the governor added, was a sign that the private sector is now “making a net contribution” to the external reserves build-up via revived foreign currency inflows related to tourism. “As income is returned we’re seeing the spending pick up,” Mr Rolle added. “That’s why we see more foreign exchange being purchased from the banks to make payments abroad. What we did see during the first half of the year is a complete turnaround of the situation with the commercial banks, meaning that on a net basis they actually took on more foreign exchange from customers than they sold to customers. “That’s an indication of businesses selling more foreign currency to the banks

on a net basis. This year the banks purchased foreign currency from the public. Last year, between January and June, it was a small net sale of foreign exchange to customers as opposed to an intake. “The differential from this year compared to last year is in excess of $100m. That is an indication of the extent to which the situation for banks has been reversed relative to the intake from customers.” The Central Bank chief added that net foreign exchange inflows from the government over the 2021 first half were “not drastically different” when compared to the same period in 2020, and he said: “The additional difference this year in terms of the outcome; the private sector is now making a net contribution to the accumulation of reserves.” Mr Rolle said tourism’s “seasonality”, with the industry’s quietest periods traditionally stretching from September through October, meant that foreign currency outflows usually

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THE TRIBUNE

EX-CHIEF MEDICAL OFFICER NAMED PLAN’S CONSULTANT A FORMER chief medical officer has been appointed as FirstCare Medical Plan’s consultant advisor with effect from July 20, 2021. Dr Glen Beneby, pictured, has been charged with developing a road map for the company’s community healthcare initiatives and assisting with regional expansion plans. “We are honoured to have Dr Beneby join our team, especially during this time where our brand is rapidly expanding both locally and internationally,” said Corinna Neely, FirstCare Medical Plan’s president. “Dr Beneby’s broad and practical experience, as well as in-depth expertise in community health initiatives, is an asset to our organisation. He is highly respected in his field, and we look forward to working

with him in meeting our corporate strategic goals.” Dr Beneby brings to FirstCare more than 43 years of experience in the local and international medical industry. His previous posts include stints as The Bahamas’ chief medical officer; director of Princess Margaret Hospital’s Intensive Care Unit (ICU); and The Bahamas’ representative on NIH (National Institute of Health, Washington) from 1995-2015. National Health Insurance (NHI) was launched during his tenure as chief medical officer in 2014. He was also medical advisor to the Public Hospitals Authority (PHA); chairman of the National Blood Bank Programme, and founding member of the University of the West Indies (UWI) clinical training programme for medical students in The Bahamas.

AIRLINE LAUNCHES ITS NEW NASSAU SERVICE

Dr Beneby said: “FirstCare is a pioneering company in primary healthcare in The Bahamas, and it’s an honour to join the team and help amplify their growth for the benefit of the community.” Since 2006, FirstCare Medical Plan has provided its nearly 10,000 members with access to free private doctor visits and discounts at specialists, dentists, laboratories and pharmacies. It has partnered with more than 40 local and international lifestyle brands to offer its members exclusive discounts on travel, beauty and wellness, food and beverage, retail and shopping, and professional services.

TROPIC Ocean Airways yesterday announced it will launch four weekly flights between Fort Lauderdale and Nassau with effect from Thursday, August 12. The airline said the flights on Thursdays, Fridays, Sundays and Mondays, which are designed to facilitate both long weekend stays for visitors and quick transport for local residents, are being launched in response to increased demand for airlift to the Bahamian capital. And, to avoid lengthy airport lines, Tropic Ocean Airways said it has partnered with private fixed based operator (FBO) airports, Sheltair in Fort Lauderdale and Odyssey in Nassau, to offer swift boarding and arrival experiences. Sheltair is located on the south side of Fort Lauderdale International Airport. “Tropic Ocean Airways has been flying to The Bahamas and Odyssey Aviation since 2009, guided by a philosophy we at Odyssey

Aviation also follow,” said Steven K Kelly, principal at Odyssey Aviation. “Ethics are founded on superior training and safety standards, impressing guests with excellent customer service. “Throughout the pandemic, they have succeeded in keeping the magic and joy of air travel alive. And so we are thrilled to be selected as Tropic Ocean Airways preferred FBO at Lynden Pindling International Airport.” “As we continue to welcome many of our Baha Mar guests from the south Florida region, having additional airlift with seamless departure and arrival experiences is more valued than ever,” said Graeme Davis, Baha Mar’s president. “We are thrilled to participate in debuting Tropic Ocean Airways’ new scheduled services, a much appreciated and needed benefit for our tourism industry and overall enhancement of our guest experience. “Tourism continues to be one of the strongest

driving economic factors for The Bahamas, and this additional airlift will be significant for the destination and the future of travel to Nassau. Tropic Ocean Airways’ new service not only offers our guests ease of access, but also provides them with an almost-private plane, which we are noticing a growing desire for.” The Fort Lauderdale to Nassau route will be serviced by Cessna Caravan EX planes, accommodating up to nine passengers. All flights will be staffed by a standard two-pilot crew. Travellers only need to arrive 45 minutes prior to departure time, accompanied by the appropriate documentation for international arrival. Airborne travel times are just over one hour. Ticket prices start at $350, excluding taxes and landing fees. As demand continues to grow, Tropic Ocean Airways plans to add additional airlift to support tourism and international travel needs.

EAA executives gave Ministry of Tourism and Aviation officials a helicopter tour of the EAA AirVenture Oshkosh grounds, so they could get a bird’s eye view of the thousands of aircraft and guests attending the “Greatest Aviation Show” in the world. From left: Reginald Saunders, permanent secretary, and Ellison “Tommy” Thompson, deputy director-general.

MARK BAKER, president of AOPA, held the association’s annual reception for pilots and leading industry professionals at the Waters Club in Oshkosh. Pictured are the Bahamas team, from left: Deckery Johnson; Nathan Butler; Nuvolari Chotoosingh; Greg Rolle; Mark Baker; Reginald Saunders, permanent secretary; Jonathan Lord; and Aram Bethell.

Bahamas ‘pursuing’ new private aviation business

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MINISTRY of Tourism officials are “actively pursuing new business opportunities” for The Bahamas arising from one of the world’s largest aviation shows. Ellison “Tommy” Thompson, the Ministry of Tourism’s deputy directorgeneral, said The Bahamas’ strong presence at the 2021 Experimental Aircraft Association (EAA) AirVenture Oshkosh Show in Wisconsin had generated numerous leads and potential new private aviation traffic for the destination. “In addition to the high

level of interest shown by persons wanting to visit The Bahamas at our booth, we have received so many inquiries from pilots who have attended our daily Flying to The Bahamas seminars, specifically designed for them, and who are planning a fly out to The Bahamas,” he added. “Four days into the seven days show, we have already held some very productive one-on-one meetings with key industry executives like Aircraft Owners Pilots Association (AOPA) on joint programmes to further promote and enhance The Bahamas’ profile in the marketplace, and to its 400,000 pilot-member body to further increase visitor arrivals. “These programmes will include joint marketing initiatives, expansion in digital communications, asset management access, among others,” Mr Thompson continued. “We cannot underestimate the importance of our presence at platforms such as Oshkosh or the value of working directly, face-to-face, with leaders of AOPA, International Federal Partnership (IFP), EAA, our fixed based operators and our Bahamas Flying Ambassadors. “These relationships have helped propel The Bahamas to the top position as the leader of general aviation in the Caribbean. Just as this platform provides us with unique opportunities for growth, it also alerts us to hear first-hand of any issues or potential situations these pilots are experiencing that could hinder their decision to visit our beautiful destination.”

“At this show, we discovered that not enough notice was given to pilots on the enforcement of the Bahamas Airport Authority’s $9 security processing fee, which is charged to private aircraft and each person arriving internationally. While the fee was increased recently by $2, and had existed in The Bahamas for many years, the transparency of its regulation was inconsistent, and its enforcement took effect less than a month ago. “Moving forward, we will work to correct these shortfalls and provide adequate notice to these pilots of any upcoming changes.” Mr Thompson, who is also responsible for the Ministry of Tourism’s global sales and marketing operation in the US, Canada, Europe and Latin America, has spent a large portion of his career leading its aviation and vertical team. He is scheduled to demit office on August 27, 2021, after more than 43 years with the ministry. The EAA AirVenture Oshkosh Show will mark one of his last official assignments. “Aviation is my true love, and this event culminates years of bittersweet, fond memories at the Ministry,” Mr Thompson said. “From the creation of our Bahamas Flying Ambassadors programme more than 20 years ago to the induction of our newest flying ambassador, Steveo Kinevo, who VLOGs his Bahamas flights to millions of viewers on YouTube, and who we discovered at Oshkosh three years ago, it is only fitting for me to end this chapter of my career and tenure on this great assignment.”

THE TRIBUNE

Wednesday, August 4, 2021, PAGE 3

FISHERMEN TARGETING $15 CRAWFISH PRICE PER POUND By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

processor and exporter, you have to deal with the bulk prices and you have to deal with the bargaining power that a processor might have. So it’s always a personal negotiation that fishermen will have with their buyers, and not everybody will experience the same thing. Also, not everybody produces the same quality lobster.” Some lobsters come in undersized or in a darkened colour due to improper storage techniques, so those fishermen should not expect premium prices for their catch. “Some fishermen who complain about the prices are possibly suspected of providing a low-quality product, and those who enjoy the best quality prices and the best

value for their product often will have the best quality and trustworthy tails,” Mr Maillis said. “From all accounts fishermen are doing well this season. There are a lot of people that are currently out there, so we won’t know exactly how the season has gone until some of the larger fishermen have returned home. Then there also are the lobster trappers. Their season has yet to be determined because normally trapping doesn’t begin to be fruitful until later in the season, but by all accounts fishers have done well.” Despite the seeming absence of illegal poaching on a scale seen in previous years, Mr Mailis said there are now issues

with fishermen using compressors when they should not. He explained: “There are some fishermen who are having issues still with the compressor on the opening day. There was actually a vessel of four Bahamian conch divers that we hauled in for having possession of a compressor on board.” Fishermen need a permit to carry a compressor on board their vessel. According to the Fisheries Resources (Jurisdiction and Conservation) Regulation 1987, a prohibited apparatus is any device, other than a snorkel, that enables a person to breathe while underwater. However, compressors are only banned during the off-season for crawfish

between April to July each year. To use one during the crawfish season, a fisherman would have to pay for a $10 permit fee. Mr Mailis said: “We want to change the date of the crawfish season and push it back a few months, and extending it a few months into the new year because August is a spawning month for crawfish and we are risking spearing pregnant crawfish at great risk to the crawfish stock. “This is a huge debate between fishermen and the Ministry of Agriculture and Marine Resources, but we believe that any decision made on changing the crawfish season must be backed by science because lobster may be breeding more frequently than expected due

to possible changes in the water temperature or just overall alterations in the biology of the species. “Then a cart blanche change may not be appropriate. We will just have to deal with the fact that there will always be incidental egg-bearing harvest. But if we can strengthen the enforcement of the closed season then we can protect as much egg-bearing harvest as possible and allow the season to continue to be the producer of larvae that we need it to be.” Lobsters spawn primarily in August, but as the weather changes towards the colder winter months, there is a “dramatic decline” in the amount of egg-bearing lobsters.

TOURISM OPERATORS MIXED ON STRICTER COVID TESTING

will have less than five days to take the required tests and obtain negative results. As for inter-island travel, all vaccinated, non-vaccinated and children aged two years-old and older will have to produce a negative COVID-19 test taken within five days of travel. While the vaccinated and children will have their choice of rapid antigen or PCR tests, non-vaccinated persons must submit to a PCR test only. Persons travelling from New Providence, Grand Bahama, Bimini, Exuma, Abaco and North and South Eleuthera, including Harbour Island, will be subject to these measures. Public health officials say they are necessary to combat the potential spread of COVID-19 by asymptomatic vaccinated travellers as well as children, especially given the rapid spread of virus mutations such as the Delta variant and hospitalisation spikes in Florida. Alfredo Bridgewater, owner/operator of Coco Nutz, in Freeport, Grand Bahama, said the new measures represent a “big inconvenience” for him as he is currently out of country with his family and will now have to spend money for his two children to have RT-PCR tests done. He added: “This hits me directly. That’s another $80. So I will have to test all of my kids when I get back home. The last time I travelled I tested before I came in and I had five days. So now in that five-day period we all will have to get tested again? This is just an added cost to me.” Concerned about the potential impact on tourism, Mr Bridgewater

lamented: “We don’t have many guests now to be honest. But the guests that come to us, they’re all vaccinated. But I still wear my mask and I still social distance and sanitise. “The benefit of what my tours are about is that

we’re outside most of the time and we’re on bicycles, so you spray your bicycles down and stuff before and after they are finished with them. Plus we are in the open area, so my contact with them is in the open air versus being in an

enclosed place. “This won’t stop business in any significant way for me now because I’m already at my low point. We can’t get much lower than this so we just have to keep working at it until things pick up again.”

A NATIONAL Fisheries Association (NFA) director yesterday said he is expecting the industry will earn at least $15 per pound this crawfish season amid the absence of complaints about poaching by foreign fishermen. Paul Mailis told Tribune Business his estimated price “depends on who you are as a fisherman and what is your regular expectation. For smaller fishermen who sell more to restaurants directly and to private clients, you have more leverage to determine your prices. “Whereas if you’re selling to a large buyer, a seafood

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS-based resort and tourism operators yesterday had mixed views on the stricter COVID testing requirements for travellers, with some branding it as “no big deal” and others slamming it as “a big inconvenience”. Matthew Brear, general manager of Cape Santa Maria in Long Island, told Tribune Business the impact will be minimal for his property as it is closing on August 31 to coincide with the traditional slower part of the annual tourist season. He added that all 48 arrivals expected before that date have already been informed of the changed travel protocols and what is required to enter The Bahamas but does not think “it is going to cause any issues”. “It’s no big deal in my view; it’s not a big worry for me,” Mr Brear said of the more stringent testing requirements. “The biggest thing I had to do was send an e-mail to 48 people. I had to go through my property management system and pull out all the e-mails. It’s a hassle for me, but not a big deal.” Cape Santa Maria typically closes its doors for the early September peak of hurricane season because it is difficult to evacuate persons from Long Island should a storm approach. However, it will reopen by Thanksgiving.

Mr Brear spoke out after the government effectively performed a u-turn in its treatment of vaccinated travellers, both tourists and Bahamians, who are entering this nation. With effect from this Friday, August 6, they will now be required to present either a negative COVID-19 rapid antigen or PCR test taken within five days before travelling to this nation to be admitted at the border. This reverts to the preJuly 1, 2021, position by reinstating the requirements for all incoming travellers to produce a negative COVID-19 test whether vaccinated or not. While this removes what some observers regard as discriminatory treatment, the logistical challenges and hassles associated with obtaining the test results within five days could deter some visitors from venturing to The Bahamas and set back the country’s tourism rebound. For the government has now also introduced the new requirement for children aged between two and 11 years-old to also present a negative COVID-19 test, taken within five days of travelling to this nation, when they land. This will result in added costs and difficulty for families travelling with children. The revised protocols mean that vaccinated persons, and those with children, who have Bahamas vacations booked between August 6-8 will now be scrambling as they

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PAGE 4, Wednesday, August 4, 2021

THE TRIBUNE

EX-BPL UNION CHIEF: ‘RESPECT’ CRITICAL FOR INDUSTRIAL HARMONY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FORMER head of Bahamas Power & Light’s (BPL) line staff union yesterday urged management to “respect” his successor as both sides grapple with industrial issues that have never been addressed before. Paul Maynard, immediate past president of the Bahamas Electrical Workers Union’s (BEWU), told Tribune Business that while current chief, Kyle Wilson, is dealing with a mixture of long-standing labour matters “a good deal of the issues are brand new”. “I retired on December of last year so I don’t have all of the details in front of me, but the point is there just needs to be respect. You just have to respect the president. It’s as simple as that,” Mr Maynard added. “Some of these are brandnew issues, while some of them are carry-overs from

my administration, but it’s just a matter of sitting down and working through them. The management just has to sit down, have a conversation with the president and they will be fine.” The BEWU has been agitating for a new industrial agreement to replace the previous deal that expired back in 2018. However, BPL’s Board and management have said the union’s proposals would add a further $3m in costs for a utility that has lost hundreds of millions of dollars over the past 15 years and has yet to regain profitability. They have proposed a two-year deal through to 2023 with a lump sum payment but no percentage salary increase. BPL recently released figures showing line staff earned average “cash compensation” of almost $58,000 during its 2020 financial year, with some 77 non-executive employees earning more than $100,000 via a combination of base

salary and overtime. “I wish they had not released those figures to the public. I would have thought they wouldn’t have gone down that road, but my advice would have been to not go down that road,” Mr Maynard said, although he argued this was unlikely to damage the union’s standing with the Bahamian people. “I think the public is educated enough to know that the union has improved over time and management controls the overtime,” said Mr Maynard. “Overtime is a necessity at BPL. They are dealing with the public. BPL is a 24-hour a day company, because if someone knocks down a pole in an area, the BPL employees have to get up and go to see to it. “If a cable gets blown and people are off, then they have to get up and deal with it. It’s a very tiresome job. I was doing this for over 30-plus years and it’s very taxing on the body.”

BPL HEADQUARTERS BPL previously said that despite the industrial agreement expiring in April 2018, it had still paid annual increment and incentive bonuses totaling $511,739 for that year. “In December 2018, we paid the annual bonus – ranging from $700 to $1,000 per employee - for a total payment of $578,200,” it added. “In 2019, the total increment and incentives paid amounted to $810,540. In 2020, the figure was $796,667, and the figure will

likely be around the same for 2021. In Fiscal 2019, BEWU members were paid a base salary of $32.1m. Line union members were paid $10.6m in overtime. “Average cash compensation to BPL line union members in fiscal year 2019 was $54,031. The company paid total cash compensation to line staff of $42.7m in fiscal year 2019. In fiscal year 2020, the company paid total cash compensation to BPL line staff of about $45.8m - $31.6m in

base salaries and $14.2m in overtime. Average cash compensation to BPL line staff was $57,959. “Also in fiscal year 2020, 77 BPL employees who were non-executives took home $100,000 or more in cash (base salary and overtime). One hundred and nine employees took home overtime equivalent to 100 percent or more of their base salary, and 256 employees took home overtime equivalent to 50 percent or more of their base salary.”

Bahamas ‘not doing enough’ to fight corruption perception FROM PAGE ONE Corruption Perceptions Index, The Bahamas ranked 30 out of 180 countries with a score of 63 out of 100. There are no protections for NGOs (non-governmental organisations) involved in investigating corruption. U.S firms have identified corruption as an obstacle to FDI and have reported perceived corruption in government procurement and in the FDI (foreign direct investment) approvals process.” The US Investment Climate report on The Bahamas did cite one dispute between an American company and the government, which appeared to be the row involving Aqua Design and its threat to cease operation of reverse osmosis plants in South Eleuthera, San Salvador and Inagua unless the stateowned Water & Sewerage Corporation paid the multimillion dollar sum that was owed to it. “Throughout 2020, a US investor and a government utility company were engaged in a civil dispute concerning the termination of a contract, non-payment for services provided and ownership of equipment and materials. This case is ongoing,” the US report said. The dispute was subsequently said to have been resolved with a payment schedule and transition timeline for the corporation to take over those plants agreed. Many informed observers will likely identify with numerous concerns raised by the US report on The Bahamas, and Mr Aubry yesterday argued it further highlighted what he described as “the biggest risk” - the absence of a system for reporting and vetting corruption-related allegations “outside of the political sphere” and

its influences. Legislation to address these deficiencies, especially the Integrity Commission Bill and Ombudsman’s Bill, were tabled in the House of Assembly by the Minnis administration in November 2017 but have advanced no further. Mr Aubry said ORG and other anti-corruption NGOs were now receiving feedback from the political level that the Integrity Commission Bill, and particularly its 40-page code of conduct, were deemed to be “too intrusive”. However, he argued that “bringing it forward for debate allows an opportunity for the government and public to develop a piece of legislation that is functional and transparent”. Letting these Bills simply sit and gather dust, Mr Aubry argued, would defeat their purpose of strengthening integrity in government and public life by cracking down on opportunities for graft. “If they’re not moving forward because they’re too intrusive, we don’t do anything to change our reputation with the US, international partners and the World Bank,” he told this newspaper. “All those folks are looking for us to act and improve in this area because economically it makes us more competitive, more inclusive and creates opportunities. “We have to change perceptions locally and internationally, and legislating and passing such a Bill will make a tremendous statement and create opportunities. That’s what we have to move forward on, opportunities and creating the most competitive environment for foreign investment and the most favourable for local businesses. “If we sit and decide that we’re okay with current corruption perceptions, and the status quo is better than other parts of the

Caribbean, it is not good enough in this time. We cannot leave anything on the table economically.” Mr Aubry said the Integrity Commission Bill would establish just such a process for receiving and scrutinising corruption allegations that was free from political interference. He added that The Bahamas’ reputation “can be more damaged on perception than what is actually happening” in terms of actual corruption. The US Investment Climate report referred to so-called “bribes of convenience”, and the ORG executive director noted that Transparency International’s Caribbean regional corruption perceptions index in 2019 “shows The Bahamas lead in bribes paid without being asked. “The perception that it’s required, it just becomes an accepted norm,” Mr Aubry said, “and that you have to pay and this thing doesn’t move without some level of graft. Whether that’s true or not, we’re not doing enough to change that perception. “That requires strong, clear legislation, and the government’s inactivity in passing the Integrity Commission Bill, the Ombudsman’s Bill and not enacting the Public Procurement Bill..... they’re sitting there being treated as secondary.... If the Integrity Commission Bill was to move forward it sends a very clear message that we want to change this to alter that perception.” Paying a public official “lunch money” to obtain a permit, approval or some other document is widely known to be a common practice that is regarded as the norm, or routine, encouraging the belief and perception in some quarters that such low-level graft is acceptable and relatively harmless.

THE TRIBUNE

Wednesday, August 4, 2021, PAGE 5

Doctors sees 75% growth in demand FROM PAGE ONE lost money while it adjusted its business model to cope with COVID-19 and the loss of business from suspended surgeries and care in other areas. As a result, the 2021 first quarter figures are up against relatively weak prior year comparisons. Mr Deveaux told Tribune Business that he expected the company’s second quarter results, which will feature the period from May to end-July, to be “fairly robust”. He attributed this to Doctors Hospital’s operational and financial resilience, which had enabled it to both withstand COVID-19 and undertake expansion initiatives to position the company for future growth. “You would see that the demand for our services, if measured by revenues, has increased by approximately 75 percent year-over-year if you add COVID and nonCOVID,” Mr Deveaux said. “It’s early yet, and we’re barely approaching halfway through the [financial] year, but I think we do not anticipate a decline in the need for our services. “What we know is the 75 percent year-over-year increase in demand, that gives the best indication on the top-line of what is possible.” Doctors Hospital enjoyed record profits of $12.439m for the year to end-January 2021, but Mr Deveaux said the

BISX-listed healthcare provider would rather COVID-19 “go away” despite the extra financial boost it is providing. “We want the demand for COVID-19 services to go away,” he added. “We know COVID testing is key and it’s an enabling service, but we want demand for COVID care to go away. We want that need to go away.” Doctors Hospital saw profits for the three months to end-April more than double, increasing by 139.5 percent year-over-year to hit $4.29m compared to $1.791m for the prior year, as the latter was hit by the initial pandemic lockdowns and suspension of certain non-COVID surgeries and procedures. Total revenues for that period jumped by 62.4 percent, rising from $16.241m during the same three months in 2020 to $25.354m. Net patient service revenues rose by 62.9 percent, hitting $25.354m as opposed to $15.568m, which outstripped the 52.9 percent jump in total costs to $22.091m. Felix Stubbs, Doctors Hospital’s chairman, said in his first quarter report to shareholders that the major bottom line gains had come from Doctors Hospital West where the majority of New Providence’s hospitalised COVID patients are being treated. The Blake Road location saw profits rise to $2.977m

compared to $674,464 for the same period last year, a more than four-fold growth, but the bottom line at Doctors Hospital’s main Collins Avenue facility increased more gradually, growing from $1.116m in 2020 to $1.313m this time around. “Consolidated net patient revenue increased $9.786m or 62.86 percent over the first quarter last year,” Mr Stubbs said. “The impact of COVID-19 inpatient admissions at Doctors Hospital West and the introduction of a new molecular biology laboratory, which performed inpatient and outpatient COVID-19 testing, were significant factors in revenue growth. Total inpatient days were down 5.39 percent compared to the same period last year. “Consolidated expenses increased $7.641m or 52.87 percent over the comparable period last year, which was driven predominantly by variable costs incurred in delivering increased services during the period, such as salaries and benefits, medical services and medical supplies. “Salaries and benefits grew as a result of the creation of the molecular biology lab, staff bonuses, hazard premium expense and profit sharing. Medical services and medical supplies vary based on the level of services provided. As patient service revenues grow these expenses are expected to

Governor: Use $200m for Dorian rebuilding FROM PAGE ONE exceed inflows during the second half. As a result, a draw down on the external reserves is forecast over this period “but that will not be at a level that creates concern”. He reiterated: “In the present environment, with bank credit expansion not placing pressures on foreign exchange usage, and the government still required to finance an important share of the deficit in foreign currency, the external reserves have increased to near $2.6bn as at mid-July. These balances are expected to decrease over the remainder of 2021, but not to any level that would cause concern. “What’s missing from the picture right now is credit expansion, which is an added stimulus for financing and spending abroad. To the extent that is not creating any pressure on the use of the reserves, the economy is operating largely on income

to some extent. So on a net basis we’re not seeing heavy pressure for a draw down in reserves.” Mr Rolle concluded: “The first-half tourism improvement was evident in strengthening foreign currency inflows through the banking system. In particular, commercial banks’ foreign currency purchases rose by ten percent compared to 2020. With fewer restrictions on local commerce and travel, the sale of foreign currency for travel and other uses outside The Bahamas strengthened by approximately seven percent.”

To advertise in The Tribune, contact 502-2394

increase as well.” Mr Stubbs added that there was “a significant increase in bad debt expense, which correlates to the significant increase in trade receivables”. He revealed that Doctors Hospital had reduced patient deposit requirements by 50 percent, which had inevitably resulted in larger accounts receivables balances representing monies

owed by patients and insurance companies. Accounts receivables owed by “third party payers” such as insurance companies grew by more than $5m during the three months to end-April 2021, rising from $15.401m to $20.993m. Those figures are net of a $5m provision for debts that Doctors Hospital doubts it may be fully able to collect. “The company continued

its initiative of reducing its traditional upfront deposit requirements to allow access to critically needed care without the large financial impediment,” Mr Stubbs said. “Deposit requirements were reduced by 50 percent. The changes taken by the company has invariably led to larger trade receivable balances and higher provisions against the related balances.”

PAGE 8, Wednesday, August 4, 2021

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

A WELL ESTABLISHED COMPANY IS SEEKING QUALIFIED INDIVIDUALS FOR THE FOLLOWING POSITIONS: 1.) Store Managers - must have a minimum of 3 years experience in Store Management in the Supermarket Industry. 2.) Sales Managers - must have 3 years experience in Management in the Sales Industry. 3.) Warehouse Managers - must have 3 years experience in Management in the Sales Industry All interested persons can email their resume to charles@acgbahamas.com

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THE TRIBUNE

Wednesday, August 4, 2021, PAGE 9

Restrictions gave ‘Near-term risk’ external reserves to the economy ‘$200m cushion’ has increased FROM PAGE ONE

outstanding private sector credit compared to just below eight percent prior to the pandemic. “Turning to the financial sector, the pandemic has resulted in increased lending risks and credit losses to domestic institutions,” Mr Rolle said. “However, banks continue to maintain high levels of excess capital and retained earnings to absorb these losses and have, in most respects, already made sizeable allowances for losses. The associated non-performing loans are expected to continue to rise in the near-term, as more clarity emerges about the employment status of borrowers who experienced difficulties as a result of the pandemic. “At present, the nonperforming loans rate has risen to 9.5 percent of private sector loans compared to an estimate just below eight percent before the pandemic struck. In June, banks were still extending repayment deferral arrangements on just 2.3 percent of loans to businesses and households,” the Central Bank governor added. “This was a considerable reduction from slightly more than one-third of such facilities one year ago. This, however, understates the remaining difficulties for borrowers because some forbearance also continues for many who are still only able to partially resume loan payments. Underemployment continues to be a factor for some borrowers who have returned to work. “Bank lending has continued to be constrained because of heightened risks and subdued demand for credit. As such, there has been further overall reduction in credit to the private sector in the first half of 2021. On the flip side, liquidity has accumulated further.”

FROM PAGE ONE

The Central Bank is forecasting that The Bahamas will only return to pre-pandemic growth levels of 2019 come 2023, and Mr Rolle added: “The numbers might look good, but it’s the base of 2019 that signals when we will have recovered all of the setback.” He said many persons recalled to work, especially in the hotel and tourism industry, were still underemployed because their hours and earnings have been cut until visitor numbers rebound from the

pandemic’s devastation. On the tourism front, the Central Bank said: “Official data provided by the Ministry of Tourism showed that total foreign arrivals by first port of entry resumed at 93,876 during the month of May from virtually nil in the same period in 2020, when international border closures and lockdowns were fully enforced. “Underlying this outcome, air traffic measured 81,168 compared to just 20 in the preceding year, and recovered to only 51.1 percent of 2019 arrivals. Meanwhile, sea traffic reached 12,708 vis-à-vis nil passengers a year earlier. A disaggregation by major port of entry revealed that arrivals to New Providence reached 55,568, representing air traffic of

54,264; while sea passengers reached 1,304 relative to no visitors in 2020. “Likewise, visitors to Grand Bahama totalled 4,290 following the virtual absence of tourists during the same period last year. Underlying this outturn, sea and air arrivals totalled 2,314 and 1,976, respectively. In addition, traffic to the Family Islands measured 34,018 visitors from a nil outturn in 2020, as the air and sea segments posted arrivals of 24,928 and 9,090, respectively.” Turning to year-to-date numbers, the Central Bank added: “On a year-to-date basis, the tourism sector still maintained a significant visitor deficit, down by 83.6 percent from the first half of 2020, which

also reflected a 47.5 percent decline. As cruise activity remained paused, sea passengers reduced by 97.5 percent relative to the 44.3 percent decrease in 2020. “However, the fall-off in air arrivals tapered to 29.8 percent from 57.2 percent in the comparable period of the prior year... Only the Family Islands registered growth in air arrivals.” As for the vacation rental market, the report added: “Short-term rental data provided by AirDNA showed a moderation in the gains in the vacation rental market. “Specifically, total room nights sold advanced by 16.5 percent, albeit a slowdown from the 19.5 percent increase in the same month in the previous year.

In the underlying developments, the rise in bookings for entire place listings and hotel comparable listings moderated to 17.7 percent and six percent, from 20.4 percent and 12.8 percent last year, respectively. “Meanwhile, the average daily room rate (ADR) for respective entire place listings and hotel comparable listings rose by 1.9 percent and by 0.4 percent to $500.19 and $178.20. On a year-to-date basis, total room nights sold rose by 19.5 percent, amid growth in bookings for entire place listings (21.8 percent) and in private room listings (2.3 percent). The ADR for both entire place listings and hotel comparable listings grew by 17 percent and by 8.0 percent to $473.66 and $167.78, respectively.”

NYC, big employers taking hard line against vaccine holdouts Associated Press NEW York City, Microsoft, Tyson Foods and the US auto industry joined a cascading number of state and local governments and major employers yesterday that are taking a hard line against both the surging delta variant and the holdouts who have yet to get vaccinated. “The goal here is to convince everyone that this is the time. If we’re going to stop the delta variant, the time is now. And that means getting vaccinated right now,” Mayor Bill de Blasio said in announcing that New York will demand people show proof of COVID-19 vaccination at indoor restaurants, shows and gyms. The hard-line measure — the first such step taken by a big US city — goes into effect in mid-August. Vaccination cards or state and city apps will be accepted as proof of inoculation. Meanwhile, meat and poultry giant Tyson Foods said it will require all of its approximately 120,000 US

employees to get the shot over the next three months. Microsoft will demand that its roughly 100,000 US employees — as well as visitors and others — show proof of vaccination starting in September. And an estimated 150,000 unionised workers at the big three US automakers will have to go back to wearing masks starting today, while nonunion Toyota, with a US workforce of about 36,000, said it will do likewise at

most of its sites across the country. In a surge driven by the highly contagious mutant version of the virus, COVID-19 cases across the US have increased sixfold over the past month to an average of more than 85,000 per day, a level not seen since mid-February. Deaths have climbed over the past two weeks from an average of 254 per day to 386. Florida has more people now in the hospital with

COVID-19 than at any other time during the outbreak — over 11,500. Louisiana reported an all-time high of more than 2,100 hospital patients with the virus, most of them unvaccinated. Both states’ vaccination rates are below the national average. “You’re talking and laughing with the patient and then you may walk out of the room, and then maybe an hour or two later you’re walking into that room with a crash cart because their

condition is deteriorating that fast,” said Penny Ceasar, who handles admissions at Westside Regional Medical Center near Fort Lauderdale, Florida. Amid the growing alarm over the way the virus is storming back, vaccinations across the country have begun to tick up slightly in recent weeks, reaching more than a half-million per day on average, but are still far below the peak of 3.4 million per day in April.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PEDRO DONALD RHODRIQUEZ of #1060 Strawberry Tetra Drive Riverview, P.O. Box FL 33578, intend to change my name to PEDRO DONALD RODRIGUEZ. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that JENIKA ACCEUS, of East Avenue, Carmichael Road, Nassau, 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 4th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ROSELINE GANTE, of East Street, Nassau, 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 twentyeight days from the 4th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MORICHA FERIER, of Nassau Street, Infant View Road, Nassau, 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 28th 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

TUESDAY, 3 AUGUST 2021

BISX ALL SHARE INDEX:

CHANGE

1947.52

6.33

%CHANGE

YTD

YTD%

0.32 -117.94

-5.64

(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 5.75 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 3.25 5.75 2.74 5.95 9.80 2.51 7.75 11.37 9.55 14.00 3.99 8.35 15.50

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.48 0.00 0.00 0.00 (0.03) 0.00 (0.04) 0.00 0.00 0.00 0.00 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 6.50 39.95 1.60 2.45 1.44 6.00 6.97 3.25 5.27 2.74 5.95 9.80 2.54 7.75 11.41 9.55 14.00 3.99 8.35 15.50

VOLUME

3,900 2,000 11,000

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 -7.4 41.1 14.9 13.3 13.6 24.6 16.6 17.6 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% 2.88% 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

Wednesday, August 4, 2021, PAGE 11

SPIRIT CANCELS HALF ITS FLIGHTS; AMERICAN ALSO STRUGGLING

Associated Press

SPIRIT Airlines canceled more than half its schedule yesterday, and American Airlines struggled to recover from weekend storms at its Texas home, stranding thousands of passengers at the height of the summer travel season. By early evening, Spirit had canceled more than 400 flights, or nearly 60% of its schedule, according to the FlightAware tracking service. Nearly 100 other flights were late. The blame appeared to lie at least partly with a technology outage affecting

crew scheduling. American Airlines had already canceled nearly 350 flights. It is much larger than Spirit, so those flights amounted to 11% of its schedule — still an unusually high rate. About three-fourths of the American cancellations appeared to be due at least partly to a lack of pilots, according to a company log. The disruptions at Spirit and American are just the latest examples of airlines scrambling to deal with an increase in travel this summer. Airlines have thousands fewer employees than they did before the

pandemic, but US air travel has recovered to about 80% of 2019 levels. A Spirit spokesman said the low-cost carrier was proactively canceling some flights — dropping them before most passengers drive to the airport — to “reset” the operation. “We’re working around the clock to mitigate the travel disruptions caused by overlapping operational challenges including weather, system outages and staffing shortages in some areas of the operation,” spokesman Erik Hofmeyer said. “We’re working to provide refunds for cancellations and, when

possible, to re-accommodate our guests” on other flights. A person familiar with the situation said Spirit experienced an outage yesterday morning affecting crew scheduling, preventing airline officials from rescheduling crews to cover gaps. The person, who was not authorised to speak publicly, said crews were stranded in many places around the country and unable to get to assigned flights. On Monday, Floridabased Spirit scrapped more than 330 flights, or 42% of its schedule, more than double the rate of

American Airlines, the next poorest performer among major US carriers. Spirit canceled about 20% of its flights on Sunday. American’s difficulties yesterday came after the airline canceled about 560 flights, or 18% of its schedule, on Monday and nearly 300 on Sunday, according to FlightAware. Most were at Dallas/Fort Worth International Airport, where thunderstorms disrupted flights for several hours on Sunday. The union representing American’s pilots accused the airline’s management of poor planning and not having enough employees.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 85° F/29° C Low: 74° F/23° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Some sun returning, a stray t‑storm

A stray thunderstorm in the evening

Partly sunny with a stray t‑storm

Some sun with a thunderstorm

Mostly sunny

Sunshine and pleas‑ ant

High: 90°

Low: 79°

High: 90° Low: 79°

High: 90° Low: 80°

High: 90° Low: 79°

High: 89° Low: 78°

AccuWeather RealFeel

100° F

86° F

101°-87° F

100°-87° F

101°-87° F

100°-86° F

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: 87° F/31° C Low: 81° F/27° C

6‑12 knots

High: 89° F/32° C Low: 79° F/26° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 81° F/27° C

E S

WEST PALM BEACH

uV inDex toDay

THURSDAY

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TONIGHT

High: 85° F/29° C Low: 79° F/26° C

High: 89° F/32° C Low: 79° F/26° C

MIAMI

High: 89° F/32° C Low: 80° F/27° C

6‑12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 81° F/27° C Normal high ....................................... 89° F/31° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 78° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.12” Year to date ............................................... 12.19” Normal year to date ................................... 20.28”

ELEUTHERA

NASSAU

High: 90° F/32° C Low: 79° F/26° C

High: 87° F/31° C Low: 81° F/27° C

KEY WEST

High: 89° F/32° C Low: 83° F/28° C

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.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

2.2 2.9

11:26 a.m. 0.7 ‑‑‑‑‑ ‑‑‑‑‑

Thursday

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

2.3 3.1

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

Friday

6:57 a.m. 7:26 p.m.

2.4 3.2

1:14 a.m. 0.8 12:59 p.m. 0.5

Saturday

7:40 a.m. 8:07 p.m.

2.6 3.3

1:55 a.m. 1:43 p.m.

0.7 0.4

Sunday

8:23 a.m. 8:47 p.m.

2.7 3.4

2:35 a.m. 2:26 p.m.

0.6 0.3

Monday

9:05 a.m. 9:27 p.m.

2.8 3.4

3:14 a.m. 3:09 p.m.

0.4 0.3

Tuesday

9:47 a.m. 10:07 p.m.

3.0 3.4

3:52 a.m. 3:54 p.m.

0.4 0.3

sun anD moon Sunrise Sunset

6:39 a.m. 7:53 p.m.

Moonrise Moonset

2:57 a.m. 5:05 p.m.

New

First

Full

Last

Aug. 8

Aug. 15

Aug. 22

Aug. 30

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 78° F/26° C

High: 86° F/30° C Low: 80° F/27° C

High: 88° F/31° C Low: 80° F/27° C

W S

LONG ISLAND

tracking map L

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

CAT ISLAND

“It’s pretty simple. They don’t have enough pilots, and they don’t have modern scheduling practices to do more with what they have,” said union spokesman Dennis Tajer. He said that bad weather “hits every airline, but American is the last to recover. This has to change”. American denied that it has a pilot shortage. Spokeswoman Whitney Zastrow said in a statement that yesterday’s cancellations were largely related to Sunday’s storm in the Dallas-Fort Worth area. She said employees were working around the clock to take care of customers.

High: 87° F/31° C Low: 80° F/27° C

7‑14 knots

MAYAGUANA High: 87° F/31° C Low: 81° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

High: 86° F/30° C Low: 81° F/27° C

GREAT INAGUA High: 87° F/31° C Low: 81° F/27° C

7‑14 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 7‑14 Knots SE at 7‑14 Knots SE at 6‑12 Knots SE at 6‑12 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 7‑14 Knots SE at 7‑14 Knots S at 7‑14 Knots SSE at 6‑12 Knots SE at 7‑14 Knots ESE at 7‑14 Knots SE at 7‑14 Knots E at 8‑16 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 7‑14 Knots SE at 7‑14 Knots SE at 7‑14 Knots ESE at 7‑14 Knots SE at 7‑14 Knots SE at 7‑14 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 85° F 85° F 86° F 87° F 85° F 85° F 84° F 84° F 85° F 85° F 85° F 86° F 87° F 87° F 84° F 85° F 84° F 84° F 81° F 81° F 86° F 86° F 84° F 84° F 86° F 86° F