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Cruise ship’s ‘arrest’ sparks $25m battle Ex-Luciano’s managers FORMER Luciano’s restaurant.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN shipping agent is fighting to overturn a $25m “default judgment” stemming from the earlier “arrest” of a major cruise ship that brings thousands of visitors to this nation annually. ISS Freeport is now seeking a Supreme Court date for its bid to overturn the “interlocutory” judgment obtained on June 30, 2021, by the Grand Classica’s ultimate owner and operator, Bahamas Paradise Cruise Line, which is asserting that

• Ship agent fights Grand Classica default ruling • Cruise line: Affair derailed key COVID financing • Celebration sold at ‘bargain basement price’ GRAND CLASSICA

its vessel was “wrongfully” arrested while in Freeport earlier this year although it was subsequently freed and has resumed sailing since July. The cruise company is alleging that ISS “misled the court” in persuading it to issue an arrest warrant for the Grand Classica over debts owed to the Bahamian shipping agent, and other vendors/suppliers,

SEE PAGE 6

More Caribbean growth now on insurer’s ‘radar’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN insurer says “there is something on our radar” for further Caribbean expansion as it bids to cut its reliance on this nation to just 55-60 percent of its annual business activity. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that “we don’t want all our eggs in one basket” given the frequency and severity of hurricanes that property and casualty underwriters must now prepare to deal with on an annual basis. Declining to provide details on possible further growth beyond The Bahamas, given that RoyalStar is already present and writing business in territories such as the Cayman Islands,

• RoyalStar: ‘Don’t want our eggs in one basket’ • Aiming to reduce Bahamas to 55-60% of total • No longer home growth ‘by leaps and bounds’ Turks & Caicos, US Virgin Islands, British Virgin Islands and Anguilla, he explained that the diversification drive means the company is not looking for expansion in its home territory “by leaps and bounds”. Disclosing that RoyalStar plans to undertake an analysis of its US Virgin Islands business to determine whether further expansion next year is warranted, Mr Saunders said all markets outside The Bahamas were performing well and meeting expectations bar Anguilla where it has yet to reach “critical mass”. “Our strategy is to diversify the business, so that

Credit unions brace for ‘heightened oversight’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank has pledged that credit unions will be subjected to “heightened oversight” because they have “very minimal excess capital” with which to withstand a surge in COVIDrelated loan delinquencies. The regulator, in its Financial Stability Report for 2020, added that it was also keeping a particularly close eye on the sector because of its relatively large exposure to borrowers in the tourism industry, which is among the sectors hardest-hit by the

pandemic and still has thousands of employees either on furlough or reduced working hours. “Heightened oversight will be on credit unions, which operate with very minimal excess capital,” the Central Bank asserted. “After commercial banks, credit unions remained the second largest deposit-taking and loan granting institutions. “Prior to the pandemic, the sector operated with very narrow capital buffers in comparison to banks, and also more concentrated exposures in some cases to

SEE PAGE 4

Sunryse founder leaves following company’s sale By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SUNRYSE Information Management’s founder was yesterday said to no longer be with the company he founded over two decades ago following its sale to a US-based provider. An employee at the Fire Trail Road-based business confirmed to Tribune Business that Chris Sawyer did not work for the firm when it called to inquire about Sunryse’s sale to Vital Records Control (VRC), an information management company based out of Memphis,

Tennessee. They answered the phone as “VRC”. This newspaper was informed that senior management control now resides in Tennessee, and that there was no one available to speak on the acquisition in The Bahamas. A VRC official promised to get someone to call back, but no response was received before press time. The deal was announced in a VRC press release earlier this week. Although it did not mention Sunryse by name, it referred to having “added its first international

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only 55-60 percent of the business is in The Bahamas and the rest is throughout the Caribbean,” he told this newspaper. “We don’t want all our eggs in that basket.” Some observers will likely argue that The Bahamas’ growing economic and fiscal woes following Hurricane Dorian and COVID-19 may force, or encourage, local companies to seek growth and expansion opportunities outside this nation as a hedge against future problems at home. Mr Saunders, though, made no mention of this as a motivating factor for RoyalStar. Noting that The Bahamas still accounts for

65 percent of the property and casualty underwriter’s business, and the remainder of the Caribbean 35 percent, he said: “We have a little ways to go.” Asked about further expansion possibilities in the Caribbean, he added: “Let’s put it this way. If the opportunity is there, and our resources can handle it, we will look at it. There is something on our radar but we cannot speak definitively to it right now. We always keep things on our radar and if the opportunity is good we will look at it.” Tribune Business

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get $74k compensation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO former restaurant managers at the now-closed Luciano’s have been awarded a combined $74,000 after the Industrial Tribunal found their exemployer in breach of the Employment Act’s redundancy provisions. Both Peter Stuart, a manager, and Roosevelt Pollard, an assistant manager, alleged they had not received any redundancy pay as required by law when they were each terminated in March 2020 just as the COVID-19 pandemic took hold. Indira Demeritte-Francis, the Industrial Tribunal president, ruled that in both cases Luciano’s, which was majority owned and operated by George Myers’ Myers Group via its Restaurant Services subsidiary, had violated the Employment Act’s redundancy provisions and was liable to pay compensation to both men. “The respondent (Luciano’s), on making the applicant redundant, failed to make a payment of the redundancy pay to the applicant on or before the date of the employee’s redundancy, as required under Section 27B of the Employment (Amendment) Act 2017,” Mrs DemeritteFrancis wrote in her two separate rulings on the two cases. “Pursuant to Section 27B (1), the Tribunal is of the

Former restaurant breached law’s redundancy provisions view that it is a mandatory provision for payment of redundancy pay, and the respondent is in breach of their obligation to pay on or before the employee was made redundant by their own admission.” The Industrial Tribunal president added that Viola Major, an attorney with Harry B Sands & Lobosky, who was representing Luciano’s, admitted that her client was liable for dismissing both men and their redundancy payouts, and was not disputing the sums they were claiming. Stuart, who claimed to have been employed at Luciano’s from November 2004 on a $775 basic weekly wage, was awarded $39,000. Pollard, who alleged he was employed from June 2004 on a basic weekly wage of $675, received $35,100. Interest on both awards was set at ten percent until they were paid. Luciano’s was among the first confirmed corporate casualties of the COVID19 pandemic. In confirming its closure in May 2020, it warned that the virus will claim “more casualties” in the Bahamian dine-in restaurant industry after the pandemic put “the final nail in the coffin” for the

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PAGE 2, Friday, August 6, 2021

THE TRIBUNE

MINIMISING COVID RISK FOR BUSINESS TRAVELLERS

S we closed borders, cancelled events and self-quarantined at home on a mass scale, the travel industry - as well as most other sectors - began its plummet into a tailspin. The collective effort to save lives meant economic catastrophe for an industry that profits from people leaving their homes. The wound inflicted by the pandemic on the travel industry is deep, and it has not stopped bleeding yet. As more people become vaccinated, we are nearing

some sense of embracing the new normal of living with COVID-19. But even before the pandemic, businesses were already cutting back or eliminating nonessential work-related travel and focusing on building a remote work infrastructure. The near-collapse of the travel industry has further exacerbated the need to review who gets to travel and for what purpose. Conferences and trade shows, which account for a significant volume of business trips, remain mostly virtual. Many offices remain

closed, which limits sales and project-based corporate travel from both sides. Most experts agree that conferences and other industry events will make a strong comeback beginning in the fall of 2021 - either in hybrid form or in all-out in-person meetings. Business leaders realise the value of face-to-face interactions and, despite the ongoing challenges, are making strides to resume. Here is a basic checklist for the safe reintroduction of business travel wherever you live:

1. Promote vaccination of those business travellers. Employees who have opted to NOT receive the vaccine should hear very clearly the tremendous risks for themselves and their families when they manoevere without the jab. 2. Avoid conferences and travel to “hot spot” areas. There are some parts of the world where the pandemic rages on, and where vaccination rates are low. These destinations must be avoided. 3. Provide information and training for employees

traveling on business assignments. We often say that prevention is better than cure. Today we say information is golden and saves lives. 4. Explore the option of shorter trips. The longer the trip, the higher the level of exposure. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their

IAN FERGUSON BY

business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

CARNIVAL MARKS NASSAU RETURN WITH LNG FIRST  CARNIVAL Cruise Line’s first liquefied natural gas (LNG) powered vessel yesterday arrived in Nassau to mark the company’s return to the Bahamian capital after a 16-month COVID-induced absence. Nassau represented the Mardi Gras’ third port of call on its maiden voyage, as it arrived in the capital flying the Bahamian flag to demonstrate its continues commitment to The Bahamas. The seven-day eastern Caribbean cruise departed Port Canaveral on July 31. The Mardi Gras is the first cruise ship in the Americas to be powered by LNG, which Carnival said is the marine industry’s most advanced fuel technology. LNG is viewed as being among the cleanest fuels in the world, and significantly reducing ship emissions with cleaner exhausts. “We are excited to make this inaugural call in Nassau, and we are delighted to bring a new level of environmental sustainability to the many ports in The Bahamas and Caribbean,” said Christine Duffy, Carnival Cruise Line’s president. “The restart of our cruising operations in The Bahamas, calling on five different Bahamian ports, has such wide-reaching

THE NEXT generation of hydroponics farmers are ready to make their mark.

CARNIVAL Cruise Line’s “Mardi Gras” ship. economic impact and, on behalf of Carnival, I would like to personally thank our partners in Nassau and The Bahamas for their hospitality in welcoming our guests.” “Carnival has enjoyed a very close relationship with The Bahamas for nearly half a century,” said Domenico Rognoni, Carnival’s senior vice-president, ethics, and compliance officer, who also serves as deputy chair of The Bahamas Shipowners Association. “Our first-ever ship was the original Mardi Gras, and its maiden voyage was to The Bahamas, so we believe that rekindling history in this way and registering the new Mardi Gras with the Bahamas Maritime Authority (BMA) is

a fitting demonstration of both the value of this relationship for Carnival and our ongoing commitment to the country.” “We are proud of our close collaboration and relationship with Carnival Cruise Line, and we thank them for making The Bahamas its flag of choice for this innovative vessel,” said Captain Dwain Hutchinson, BMA managing director and chief executive. “As the world’s largest flag for passenger ships, we have a deep understanding and extensive knowledge of this sector, and we continue to take a proactive stance and advocacy on passenger ship matters on the international regulatory stage.” “The tourism and shipping sectors are two of the

major financial contributors to the Bahamas’ economic development, and our longstanding relationship with Carnival, the world’s largest cruise line, embodies both of these,” said BMA chair, Denise Lewis-Johnson. “We value the continued trust that Carnival has shown to the registry by flagging its newest ship, Mardi Gras, the first LNGpowered cruise ship to operate in the Americas and Caribbean, with The Bahamas. This choice is testament to the quality and expertise of the BMA team. We look forward to continuing to welcome the ship, its crew and passengers to our shores and sharing our world-renowned Bahamian hospitality and customer service.”

AGRICULTURE GROUPS IN ELEUTHERA GRADUATION

THE One Eleuthera Foundation has hosted two graduations at its Rock Sound campus for 19 students who completed 12-week courses on hydroponic farming and bee keeping. The Learn-and-Earn hydroponics graduation took place on June 30 for the class of nine students at the Centre for Training and Innovation (CTI), while the apiology & apiculture (bee keeping) graduation luncheon was held two weeks later on July 14 for the ten participants. Funded through a grant from the TK Foundation, the hydroponics group received a weekly stipend as they pursued their studies. The course equipped students with the

skills and knowledge to construct, install and maintain a basic hydroponic system, and effectively grow herbs and nutritious leafy crops without soil. Students learned key concepts in plant science and nutrition, water management, plant nutrition management and pest and disease control. Dr Michele Singh, animal scientist and country representative of the Caribbean Agricultural Research and Development Institute (CARDI), told the graduates about the importance of putting their new skills into practice. She reminded them that, “more than ever, our local communities need access to abundant supplies

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THE TRIBUNE

Friday, August 6, 2021, PAGE 3

CARNIVAL HOPES 20-YEAR PORT WAIT NEARING END By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SENIOR Carnival Cruise Lines executives have voiced optimism that their 20-year search for a private port location in Grand Bahama is nearing an end with their latest $100m project. Giora Israel, Carnival Corporation’s senior vicepresident for port and destination development, said: “We wanted to have a port that is close to the population centres for this large island, and we have looked at the southern shore of Freeport for many years, myself going back at least 20 year. “We ultimately looked at one location, then another, and finally we’ve zoomed in on a location which is commonly known as Sharp Rock, or everything east of Sharp Rock, to develop this project. This area of Sharp Rock will also allow for the berthing of large ships and is very conducive for the maritime condition because some dredging will have to be done to bring the pier as close as possible to the land. “This project is designed to be a uniquely Bahamian project. It will likely have the largest, most spectacular destination that will be not only in The Bahamas but hopefully also in the Caribbean.” Carnival’s Grand Bahama port will double the passengers it brings to the island to one million within three years of completion, economic forecasters have predicted, while boosting annual visitor spend by $68m. The assessment by Tourism Economics, which was attached to the project’s newly-released Environmental Impact Assessment (EIA), predicted that a yearly average of 1,688 total jobs will be created once the “Grand Port” begins operations following a three-year construction build-out. The EIA itself, which like the economic impact analysis was completed pre-COVID, argued that allowing Carnival’s

CARNIVAL’S GB PORT EYEING 2025 FINISH By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CARNIVAL Cruise Line executives have pledged to transplant any coral that may be threatened by its multi-million Grand Bahama cruise port which will incorporate a significant amount of precast materials into its construction. David Candib, Carnival’s vice-president for development and operations, global port and destinations, told a public consultation on the development’s Environmental Impact Assessment (EIA):

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project will include one pier that will be able to accommodate two ships” simultaneously. When visitors disembark, Carnival will have excursions and tour operators lined up “both by sea and by land, and there will be a transportation hub there as well to allow for transportation via rental car or by taxi to take people wherever they want to go”.

CARNIVAL’s plans for Grand Bahama cruise port. development to proceed “will let the world know that Grand Bahama is back in a significant way as a tourist destination in the Caribbean region” following the ravages inflicted by Hurricane Dorian in September 2019. Painting a picture to suggest that the project is much-needed to revive a tourism industry and economy that were both flagging prior to the storm and the pandemic, the EIA added: “The current port in Grand Bahama is consistently among the lowest ranking ports in terms of guest satisfaction. “Currently, five cruise lines visit the island. Three of these – Carnival Cruise Lines, Costa Cruises, and P & O UK – are Carnival Corporation brands. Over 80 percent of all guests arriving to Freeport on cruises will come from Carnival Corporation brands.” That is until, presumably, Royal Caribbean and ITM Group’s Grand Lucayan acquisition is completed. Given that the modelling by Tourism Economics, a division of Oxford Economics, dates from pre-Dorian and COVID-19, there is a likelihood that some indicators and numbers will have altered although the broad outline of Carnival’s ambitions appears not to have altered. Carnival did not respond to Tribune Business’ request for comment, relayed through its local contacts, before press time last night. The company, and the cruise industry as a whole, were dealt a devastating

financial blow by their pandemic-enforced 15-month shutdown, and the timelines for Grand Port’s development have been pushed back by at least two years due to a combination of COVID-19 and the wait for the necessary permits and approvals. Tourism Economics said Carnival’s new port would increase Grand Bahama calls by the cruise line’s ships by 26 percent annually to more than 250, as opposed to the 200 arrivals in 2019 pre-COVID. The new facilities will also be able to berth larger ships, and accommodate “two Super-Post Panamax ships at a time with up 6,000 passengers each”. “In 2019, Carnival brand ships brought nearly 500,000 passengers to Grand Bahama, and plans include boosting this volume to one million by 2025, a 100 percent increase over current levels,” the analysis said. “Along with more volume of cruise passengers comes on-shore visitor spending, which supports Bahamian jobs and income. By 2025, new incremental onshore spending is expected to amount to more than $68m over the baseline forecast.” Given the COVID-related and other delays, the ambition to bring one million passengers to Grand Bahama is likely to have been pushed back from 2025 to at least 2027-2028. Mr Israel, meanwhile, told the public consultation on the development’s EIA: “The

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Mr Israel added: “There will also be a lot of retail. We will not be operating the SME operation, and it will be operated by Bahamian operators. We are trying to make the place so it fits into The Bahamas.” Marie McKenzie, Carnival’s vice-president of global ports, said the cruise line is still committed to engaging as many Grand Bahama stakeholders as

possible over the project. She added: “Unfortunately there was the hurricane (Dorian, and we continue to live through the challenges of COVID. So things did slow down a bit, but I can tell you as a company we’re hopeful that we will get the approvals needed from government but recognise that there’s a lot of work to do to get there.”

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THE TRIBUNE

AGRICULTURE GROUPS IN ELEUTHERA GRADUATION

CARNIVAL’S GB PORT EYEING 2025 FINISH

FROM PAGE TWO

of nutritious produce and healthy, immune-boosting food”. Hydroponic farming technology and techniques replace the use of soil with a liquid nutrient solution, in a bid to tackle the growing challenges of limited farming land and nutrientdeficient soil. The three students who emerged as winners in the $10,000 Seed-to-Succeed business pitch competition on June 9 were also recognised for their winning hydroponics-based business plans. The trio were awarded seed funding through partnerships between the One Eleuthera Foundation, the TK Foundation and the Bahamas Development Bank, respectively. Davinia Cartwright-Vanhorn won $5,000 and first place for her businesses, Da Farm Yaad, a local farm, and Da Melting Pot, a take-out and food catering business in Palmetto Point. Lynette Ferguson won second place and $3,000 with her proposed Ancient Native Therapeutic Solutions, an apothecary business. Michelle Outten earned third place and $2,000 for Hydro Fresh, a landscaping business providing customised hydroponic

FROM PAGE THREE

KEYNOTE SPEAKER, Dr Michele Singh, animal scientist and country representative of the Caribbean Agricultural Research and Development Institute (CARDI), gives the charge to the CTI hydroponics graduates. systems and seedlings to the local market. Similarly, students completing the bee keeping course were equipped with skills and practical training to launch and expand their local apiaries, and successfully operate a commercial honey bee business. This course was offered free of charge through a partnership between One Eleuthera Foundation, CTI and the United Nations Development Programme’s (UNDP) Global Environment Facility (GEF) small grants programme. The goal is to increase honey production on Eleuthera and to provide valuable resources and training to local beekeepers. The curriculum catered to both bee keeping professionals and beginners. It covered an introduction to bee keeping; advanced bee keeping;

and managing honey bees for honey production and byproducts. Students were also mentored in entrepreneurship and aided in developing a business plan to expand their operations and create future income opportunities. “The goal of these technical programmes offered by CTI and the One Eleuthera Foundation is two-fold; to educate and empower individuals with the knowledge and skills to operate competitively in their fields,” said Banu Devi-Nair, academic dean at CTI. “The second goal is to invest in developing and diversifying local industries to create financial independence and strengthen our local economy. As an organisation, we’re very proud of these students and look forward to all they will accomplish as a result of their CTI training.”

“As we continue to develop this project we learn more about using precast elements. It’s something we’re going to be introducing and actually increasing the amount of precast units - in order to speed up the process and reduce wasted debris. Constrcution work on Carnival’s Grand Bahama port is now scheduled to be completed in 2025. Mr Candib added: “We’re going to be transplanting coral colonies as well as coral mills. We’ve done this before all over the world, and we’ve got 20 plus years in coral mitigation, transplantation and restoration.” Coral maintenance and protection were among the key concerns for Bahamians present on the virtual public consultation. Participants asked if Carnival would be creating artificial

Credit unions brace for ‘heightened oversight’ FROM PAGE ONE

the tourism industry. However, average liquidity ratios stayed comfortably above the minimum statutory thresholds. In the meantime, the sector received heightened protection from enrollment in the Deposit Insurance scheme, and remained under enhanced prudential oversight.” The Central Bank revealed that total impaired loans in the credit union sector jumped by 17.3 percent, or $4.9m, in 2020 to total around $33.1m at year-end due to the economic fall-out from COVID-19. “Correspondingly, the ratio of delinquencies to total loans firmed to 15.2 percent from 12.3 percent in 2019,” the Central Bank said. “In terms of the components, non-performing loans - which accounted for 72.4 percent of total delinquencies - grew by 4.3 percent ($1m) to $24m, extending the 12.7 percent increase a year earlier.

reefs from relocated corals post-construction. Other concerns involved Carnival making proper consideration for coral tissue loss disease. To counter this, the cruise line has identified areas that may receive special consideration for new coral planting. A Carnival representative said there will be “opportunities” for corals to be transplanted and thus ensure damage mitigation. “[Transplanting] is still an appropriate mitigation mechanism, because then we would be adding additional habitat and additional sub-strains for corals. There are likely some opportunities here for our planting team to restore corals at the impacted site,” they said. The cruise line also pledged that there will be a minimal amount of dredging limited to a specific area of the project, representing less than one-third of its entire area. Corals in this zone will be moved and relocated. “Within that footprint we have a pier which is

approximately 816 feet long. Also with the breasting dolphins that are alongside at the coral, pier length is about 1,300 feet and - in the left trestle - that is 1,022 feet long,” said Mr Candib. “The pier will be an open pile system that will allow water to flow freely. The dredger that Carnival has chosen was based on the conditions at the construction site and will be dredging just under 11 metres, so corals will not be affected at all. “For mitigation reefs, the mitigation reef site is reserved for individual coral colonies. That reef site is approximately 5.3 acres, and that gives you an idea of the size of that location. That official reef will be 650 feet away from the coastline.” Carnival will employ floating bags at the dredge site to transplant mitigation reef mounds. Once the dredging is completed, these reef mounds will be approximately 600 feet from the coastline as well.

In addition, short-term delinquencies (31-90 days) rose by 31.8 percent ($1.7m) to $7m, in line with the 31.6 percent expansion in the previous year. “Given the rise in loan delinquencies, the collateral value of impaired facilities increased by 34.8 percent ($5.1m) from the recorded $14.7m in 2019. However, the value of uncollateralised exposures reduced by 1.6 percent ($0.2m) to $13.3m,” the Central Bank continued. “Credit unions’ total provisions for loan losses grew by 10.1 percent ($0.3m) to $3.7m, following a 3.4 percent decline a year earlier. As a result, the ratio of provisions to total gross loans firmed by 22 basis points to 1.6 percent, while the coverage ratio for short-term arrears remained unchanged at 35 percent and for non-performing loans at 100 percent.” Turning to capital adequacy, the Central Bank said the credit union sector’s combined capital ratio remained just above the ten percent international PEARLS

benchmark although there was greater negative exposure from reduced asset quality. “With the total number of credit unions remaining at ten, total assets rose by 1.3 percent ($6.3m) to $482.3m in 2020, although lower than the 5.6 percent growth in the previous year. Underlying this outturn, deposits held with the league grew by 4.2 percent ($3.7m) to $93.7m, albeit below the 5.4 percent gain in 2019,” the regulator added. “Contrastingly, loans to members, which comprised a dominant 46.8 percent of total assets, decreased by 4.8 percent ($11.4m) to $225.9m, a reversal from a 1.3 percent increase last year. A breakdown of the loan portfolio showed that consumer purchases remained the main form of credit at 68.3 percent, followed by mortgages (30.4 percent) with lowered figures for SME development (0.7 percent) and other lines of credit (0.6 percent).” Credit union membership stood at 45,467 individuals as at year-end 2020, with a total asset base of $482.3m.

THE TRIBUNE

Friday, August 6, 2021, PAGE 5

Don’t reinvent wheel on investment agency By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas must not reinvent the wheel in creating a new investment promotion and approvals agency as envisioned by the government’s Economic Recovery Committee (ERC), a prominent banker warned yesterday. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that The Bahamas cannot afford to introduce new bureaucracies into the public sector. He argued that the proposed Invest Bahamas agency should be based on a reformed Bahamas Investment Authority that operates more efficiently as opposed to the creation of a

new entity. “In the budget communication there was a proposal called Invest Bahamas, and it is supposedly a separate body that should have some private sector and government collaboration to almost expedite what is currently done by the BIA,” Mr Bowe said. “To me I think we have to be careful about reinventing the wheel as opposed to actually oiling the wheel that we have to make it run more smoothly and efficiently.” He added that “you can’t boil an ocean” in suggesting that it is impossible to focus on everything in the ERC report at one time. Mr Bowe said: “Even though the government did bucket these items into short and medium-term primarily, I

think that what that evidences is that there really is the failure to adopt and implement the National Development Plan (NDP), which was looking out to 2040.” With many of the ERC recommendations having already been included in the National Development Plan, Mr Bowe said the pathway outlined by the National Development Plan was “very doable” along with the road map on how to get it done. “We need to have a very thought out, methodological plan that we progress through in a very mechanical manner, and have timely reporting back about the success of these plans or the lack thereof,” said Mr Bowe.

More Caribbean growth now on insurer’s ‘radar’ FROM PAGE ONE previously revealed that RoyalStar is poised to acquire a majority 80 percent ownership interest in Star General Insurance Agents & Brokers by yearend, in a move that secures a key distribution channel presently owned by one of its major shareholders. While this gives the insurer an opportunity to increase group-wide efficiencies, Mr Saunders said The Bahamas is no longer a significant focus for growth via mergers and acquisitions. “The Bahamas is a mature market,” he explained, “so what we are going to do with the Star acquisition is that we’ll control part of our distribution channel and try and make things more efficient and profitable from there. “We are not going to expand in The Bahamas significantly because we want to diversify the business. There will be some organic growth had, but we’re not looking to grow by leaps and bounds in The Bahamas any more. “We understand there is a risk that the more you go and expand, the more you expose your balance sheet. We’ve seen a lot of hurricanes and we just like the diversification. Even if The Bahamas gets hit we will have profits from the other territories and vice versa.” Asked how well RoyalStar’s most recent expansion into the US Virgin Islands has been performing, Mr Saunders said: “All expectations are being met. We are going to look at it again and see if we expand more or hold the line. “We’ll look at our portfolio, which is doing well and all expectations and growth targets are being met, and do an analysis this quarter to see whether we will increase business next year.”

As for the property and casualty underwriter’s other Caribbean territories, the RoyalStar chief added: “We have our ups and downs in certain territories such as Anguilla. We have not reached critical mass yet there, so it is an ongoing drag for now, but all other territories have met their targets. “In Anguilla we need to have more focus there to write more business. Because of COVID-19 we don’t travel, and we like to see and touch the islands before we make a move. That’s been delayed because we have not travelled to the islands.” RoyalStar recently had its highest-level “financial strength” and credit ratings reaffirmed by the industry’s top assessor, as AM Best confirmed its “A (Excellent)” financial strength and “a” (Excellent) long-term credit rating, together with a ‘stable’ outlook. A. M. Best, in its assessment of RoyalStar, 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 riskadjusted capitalisation at the strongest level.”

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To advertise in The Tribune, contact 502-2394

PAGE 6, Friday, August 6, 2021

THE TRIBUNE

Cruise ship’s ‘arrest’ sparks $25m battle FROM PAGE ONE from unpaid bills that piled up during the COVID-19 pandemic when the industry was unable to sail. ISS alleged it was owed around $302,000 for services provided in its capacity as shipping agent, with the balance of the $917,685

debt due to other vendors and suppliers. Justice Petra Hanna-Adderley, in a February 25, 2021, ruling and subsequent Order, granted the Grand Classica’s release once $16,204 to cover the Admiralty Marshall’s costs in detaining and securing the vessel were paid. She also ordered that

NOTICE NOTICE is hereby given that MELESHA LUBIN, of Carmichael Road, Opulent Drive, 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 6th 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 SMITH ALEXIS, of Man-O-War Cay,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 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

a Letter of Undertaking (LOU) from maritime insurers, the American Steamship Owners Mutual Protection & Indemnity Association, be provided in the sum of $913,101 to cover the debts owed to ISS Bahamas and the other vendors. But Bahamas Paradise Cruise Line and its affiliates are now alleging that ISS’ actions in seeking the Grand Classica’s detention “were done with bad faith, with malice and with wanton disregard for the rights of owners and operators of the vessel”. They claim that the cruise ship’s arrest torpedoed efforts to secure $25m in financing that would have carried Bahamas Paradise Cruise Line through the remainder of the pandemic, and that ISS and its then-franchisor, Inchcape Global, had given no indication of any concerns in previous meetings where the cruise line had pleaded for “patience” over the debts and promised they would be repaid when the industry resumed sailing. ISS Bahamas vehemently rejected these assertions in its July 2, 2021, defence. “In the circumstances it is denied that the defendant was negligent and/or fraudulent and/or liable as alleged or at all,” it countered, noting that it had provided evidence of unpaid invoices supplied to the cruise line. However, it is now faced with attempting to overturn the $25m default judgment obtained by Bahamas Paradise Cruise Line before it filed its defence. It is demanding that it be struck out on the basis that it is “an abuse of the court

process” and breaches its rules. The cruise line, in a statement of claim that has been obtained by Tribune Business, said ISS and the Grand Classica’s other vendors were originally “empathetic” to the dire economic situation facing itself and the wider cruise industry due to the shutdown resulting from the COVID-19 pandemic. However, it alleged that Inchcape Global contacted it in September-October 2020 requesting that its “out-of-pocket” expenses and those of ISS be repaid. Bahamas Paradise Cruise Line responded that it was “exploring various financing options which would allow them to stay afloat” and repay the outstanding debts. It admitted that it was forced to sell its other vessel, the Bahamas Celebration, to generate cash flow and liquidity that would ensure its survival. “Faced with the extension of the cruising restrictions and the uncertainty of the pandemic response by various governments, the financing discussions were extended on numerous occasions,” Bahamas Paradise Cruise Line said. “To remain afloat and manage the daily cash burn, the plaintiffs and others were forced to liquidate one of the ships in its fleet at a bargain basement price. The funds obtained from that sale were enough to maintain the remaining fleet and manage the projected cash burn of the fleet. The plaintiffs had to preserve all the liquidity as the overall pandemic was a fluid situation.” The cruise line alleged that Inchcape and ISS again inquired about payment in late 2020, and were “asked to be patient as financing

discussions were in the final stages, and once able to close on the $25m financing arrangements, payment to Inchcape Global and ISS could be made in full”. Bahamas Paradise Cruise Line further claimed that details of the proposed financing were shared with ISS and Inchcape, and neither “expressed any hostility or expressed intention to take the action they did”. No demand letter. it alleged, was received before ISS petitioned the Supreme Court to have the Grand Classica detained/arrested on January 21, 2021, while docked in Freeport over the unpaid debts. Justice Hanna-Adderley previously found there was sufficient evidence to support that ISS Freeport was owed $300,000 in “outof-pocket” expenses by Bahamas Paradise Cruise Line for its role as the latter’s Freeport-based shipping agent, but the cruise line is asserting that it “did not - and does not have - a bona fide maritime lien on the vessel”. It also alleged that ISS Freeport “lacked probable cause” to arrest the Grand Classica because necessary supporting documents and evidence had not been provided, resulting in “serious irregularities” around the detention. Bahamas Paradise Cruise Line also argued that its Bahamian-flagged vessel could not leave this nation’s waters due to COVID-19 restrictions imposed by the US with effect from March 29, 2020, but alleged that ISS - despite knowing this stalled and delayed on the Grand Classica’s release for around a month. While the cruise ship was eventually released in early March, and subsequently

NOTICE NOTICE is hereby given that JANALDO RAHEIM ELKINO PIERRE, 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 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

resumed sailing from the Port of Palm Beach to Freeport in early March, Bahamas Paradise Cruise Line claimed that ISS has since sought to “re-arrest the vessel” despite the provision of the $913,000 security by the insurers “ISS’s tactic succeeded by making [Bahamas Paradise Cruise Line] miss the financing arrangements that would have provided the vessel with sufficient funding to continue operations during the COVID-19 pandemic,” the cruise line claimed. “Todate, the vessel has incurred damages in excess of $25m and anticipates incurring additional damages as a result of the wrongful arrest of the vessel. Edwin Knowles, attorney for ISS Freeport, did not return Tribune Business’ call seeking comment before press time last night. Michael Hall, ISS Freeport’s principal, also could not be reached as multiple phone numbers listed for the company were said to not be working when called by this newspaper. A mobile number said to belong to Mr Hall was answered by a man who identified himself as “Mike”. However, when Tribune Business explained the purpose of its call, he said “are you sure you have the right person” and denied he was Michael Hall. This was despite the phone’s voice mail having said “this is Michael Hall of ISS Freeport” on an earlier call. When this newspaper pointed this out, the man alleged he “did not have control of the voice mail” having only recently taken possession of the phone. Bahamas Paradise Cruise Line is being represented by the ParrisWhittaker law firm.

THE TRIBUNE

Friday, August 6, 2021, PAGE 7

Sunryse founder leaves following company’s sale FROM PAGE ONE facility in The Bahamas”. The US firm describes itself as “the third-largest records and information management company in the US, with over 100 facilities coast-to-coast”. Danny Palo, president and chief executive of Vital Records Control, said in a statement: “Despite the pandemic, we were extremely fortunate to expand into new markets in 2020 and continue to do so in 2021. “At VRC, maintaining the protection and availability of our clients’ information while providing best-inclass service is at the core of our culture. By broadening our presence in key markets such as San Francisco, Columbus, Milwaukee, Las Vegas, Salt Lake City and, most recently, The Bahamas, we are not only able to extend our geographic reach but support our commitment to deliver premier customer service locally.” Mr Sawyer and his wife, Nadine, founded Sunryse in 2000 as a mobile shredding business in response to corporate client demand

from ways to safely dispose of confidential files. Its operations subsequently expanded to additional information management solutions, including cataloging and storing physical files, plus scanning and imaging documents for digital access. One of the Governmentsponsored venture capital fund’s first big successes in terms of companies that it financed, Sunryse’s name changed in 2016 from Sunryse Shredding to Sunryse Information Management to reflect its new and expanded capabilities. Just last year it celebrated its 20th anniversary by moving into its 38,000 square foot Fire Trail Road headquarters. In a 2018 interview with Tribune Business, Mr Sawyer explained: “We have our roots in shredding. We have been running shredding and document destruction for 17 years. Over the last five to six years, we’ve pretty much expanded into the information space. Document shredding is one component, one business to what we have. We’re managing people’s information, conducting database

management for clients and document imaging. “We have a few other solutions we provide for them, but that’s where we’ve been going. That’s what we intend to be: A one-stop shop to meet customers’ needs, and provide great service for whatever it is they require.” Document storage and records management are other aspects of Sunryse’s business, and its services are sought by the likes of banks, accounting firms and other financial services providers who need to protect and maintain client confidentiality. Sunryse’s website at that time touted that its business grew by an average of 32 per cent per year during its first decade in existence, as the demand for document shredding from corporate Bahamas enabled it to expand from one mobile destruction truck to three. It also spoke of Caribbean expansion possibilities. “We have a very simple formula for success: We meet the customer’s needs, listen to their ‘pain points’, and provide solutions,” Mr Sawyer added at the time. “We adjust and adapt, and

find solutions that are very palatable to them, and they receive benefits in cost savings and efficiencies. These factors have combined into the success we’ve had over the last several years.” VRC, which boasts a 30-year history, appears to be a good fit for Sunryse Information Management. Founded in 1988 as a security lockbox business, it has expanded to include protecting, storing and providing secure access to to critical business documents, sensitive digital data, historical artifacts, medical records and specialty assets. “Whether they’re in the healthcare, government or financial sector, most of our clients consider their information one of their most valuable assets,” said Mr Palo. “There is a strong need for business continuity in any market condition. The pandemic reminded us of the importance of having secure access to our critical information and providing our clients with exceptional service when they need it the most.”

NOTICE NOTICE is hereby given that WELTON CHERISME, of Elbow Cay, Hope Town, 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 6th 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 GANIE, 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 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE OF DISSOLUTION International Business Companies Act (No. 45 of 2000) In Voluntary Liquidation

MARKET REPORT BISX ALL SHARE INDEX:

CHANGE

1977.18

-0.42

%CHANGE

YTD

YTD%

-0.02 -115.28

-5.51

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

BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.67 6.00 7.00 3.60 6.01 3.80 6.16 12.00 2.71 7.76 10.71 9.55 14.31 4.10 8.85 16.00

52WK LOW 3.40 22.65 1.46 1.62 1.35 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

Notice is hereby given in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution NIMBY Corporation Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 26th day of July, 2021

www.bisxbahamas.com

THURSDAY, 5 AUGUST 2021

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 1.35 6.00 6.97 3.25 5.99 2.74 5.95 9.80 2.54 7.75 11.45 9.55 14.00 3.99 8.35 15.50

CHANGE 0.00 0.00 0.00 0.00 (0.07) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.06 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 1.42 6.00 6.97 3.25 5.99 2.74 5.95 9.80 2.52 7.75 11.39 9.55 14.00 3.99 8.35 15.50

VOLUME 2,000

3,500 2,000

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 42.8 14.9 13.3 13.6 24.9 16.6 17.7 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% 17.09% 0.77% 2.86% 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

LEGAL NOTICE International Business Companies Act (No. 45 of 2000) RFA Business Investment Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of RFA Business Investment Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 26th July, 2021. Luciane Ribeiro Moreno Liquidator

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

PAGE 10, Friday, August 6, 2021

THE TRIBUNE

Ex-Luciano’s managers get $74k compensation FROM PAGE ONE business and its 72 employees. Ash Henderson, marketing director for George Myers’ Restaurant Services Ltd, told Tribune Business via e-mailed replies at the time that maintaining profitability will be “extremely challenging” for the industry due to the COVID-19 health protocols that have reduced business volumes and revenues for an industry that traditionally operates on thin margins.

the sector whenever it emerges from the COVID19 restrictions it is currently labouring under. Luciano’s, which opened in 2004 and could accommodate a maximum 200 guests, had been suffering “mounting losses” for the past “couple of years”. Declining to comment on the extent of these losses, Mr Henderson added: “The restaurant industry is known to be extremely difficult. It’s challenging to manage food costs, labour costs and service quality, particularly with the notoriously slim margins that restaurants operate under. “It’s a tough industry at the best of times, and these are certainly not the best of times. Considering the weekend lockdowns, and

Speaking after the East Bay Street location’s permanent closure was confirmed, Mr Henderson said: “With the slim margins that the industry operates under, restaurants only survive by filling as many of their seats and tables as possible. If the reality of post-COVID-19 life is increased social distancing then it’s going to become extremely challenging to maintain profitability. I sadly expect to see more casualties in the industry.” His comments provide an ominous warning of what may be to come for

the fact people cannot dine in, operating a dine-in restaurant became a little more challenging.” Restaurant Services, in announcing the closure, said: “After more than a decade serving the Bahamian community and visitors, the restaurant will be permanently closing its doors. Due to the current economic climate, the restaurant’s reliance on the tourist market and the economic uncertainty in the coming months, it is unable to continue as a viable business. “Despite increased competition in the industry, and a shift in the customer base, Luciano’s management had remained committed to its staff despite mounting losses each month.

The economic impact of COVID-19 was the final nail in the coffin, leaving no choice but to close and make its team redundant. “The sad reality is that the restaurant industry operates on very slim margins, and Luciano’s was no exception. The owners and management team have been struggling to make ends meet for the last couple of years, and have exhausted every avenue to keep the restaurant open and to keep the team employed. Nobody could have predicted the effects from COVID- 19 on the economy and, sadly, the fall-out has necessitated the permanent closure of the restaurant.” However, some former Luciano’s staff complained

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 93° F/34° C Low: 76° F/24° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

A t‑storm; breezy in the morning

Mainly clear

Mostly sunny

Partly sunny and nice

Partly sunny, an afternoon shower

A passing shower in the morning

High: 90°

Low: 79°

High: 90° Low: 79°

High: 90° Low: 80°

High: 89° Low: 79°

AccuWeather RealFeel

100° F

88° F

101°-88° F

101°-85° F

100°-87° F

99°-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

WEST PALM BEACH High: 90° F/32° C Low: 79° F/26° C

7‑14 knots

FT. LAUDERDALE E

FREEPORT

High: 89° F/32° C Low: 80° F/27° C

High: 88° F/31° C Low: 78° F/26° C

MIAMI

High: 90° F/32° C Low: 80° F/27° C

4‑8 knots

KEY WEST

High: 89° F/32° C Low: 82° F/28° C

High: 90° F/32° C Low: 79° F/26° C

High: 88° F/31° C Low: 81° F/27° C

High: 87° F/31° C Low: 80° F/27° C

W S

7‑14 knots

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

2.4 3.2

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

Wednesday 10:31 a.m. 10:49 p.m.

3.1 3.3

4:31 a.m. 4:40 p.m.

0.3 0.4

Thursday

3.1 3.2

5:12 a.m. 5:29 p.m.

0.3 0.5

11:18 a.m. 11:34 p.m.

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

sun anD moon Sunrise Sunset

6:40 a.m. 7:51 p.m.

Moonrise Moonset

4:38 a.m. 6:48 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: 80° F/27° C

High: 87° F/31° C Low: 81° F/27° C

High: 89° F/32° C Low: 81° F/27° C

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 80° F/27° C

7‑14 knots

MAYAGUANA High: 88° F/31° C Low: 78° F/26° C

Shown is today’s weather. Temperatures

uV inDex toDay

CAT ISLAND

6‑12 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 ................................................... 90° F/32° C Low .................................................... 74° F/23° C Normal high ....................................... 89° F/31° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 81° F/27° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 12.19” Normal year to date ................................... 20.50”

ELEUTHERA

NASSAU

To advertise in The Tribune, contact 502-2394

| Go to AccuWeather.com

TONIGHT

High: 91° F/33° C Low: 79° F/26° C

almost a year ago today about not receiving their due severance pay and other benefits amid threats of legal action. However, the sub-contractor that supplied Luciano’s labour needs described it as “a non-issue” that was to be dealt with in the coming weeks. Luciano’s operated from property owned by the family of former Cabinet minister Brent Symonette, and was based in his childhood home.

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 87° F/31° C Low: 80° F/27° C

High: 87° F/31° C Low: 80° F/27° C

GREAT INAGUA High: 89° F/32° 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 SE at 7‑14 Knots ESE at 6‑12 Knots SE at 6‑12 Knots ESE at 6‑12 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots ESE at 7‑14 Knots E at 7‑14 Knots SE at 6‑12 Knots ESE at 6‑12 Knots SE at 7‑14 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots ESE at 7‑14 Knots SE at 7‑14 Knots ESE at 7‑14 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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