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MONDAY, AUGUST 9, 2021

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‘Perfect storm’ triggers COVID like ‘bad nightmare that forensic accounting rise won’t go away’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN accountants have revealed a significant increase in demand for forensic services to detect potential financial crime, and trace assets, arising out of the economy’s post-COVID emergence. Craig A “Tony” Gomez, the Baker Tilly Gomez managing partner, told Tribune Business that the noticeable “uptick” likely resulted from companies returning to the office environment and discovering financial transactions that stood out as suspicious or requiring answers as to the destination of funds/assets. Besides the “change in business format” enforced by the pandemic, Mr Gomez said another explanation for the increase in forensic accounting requests was that some private sector firms had been delayed by the pandemic in summoning outside specialists to come in and provide scrutiny. And he warned that he “wouldn’t be surprised” if

• Accountants see uptick amid COVID emergence • Return to offices discovers suspect transactions • Predictions of more work on govt benefit fraud

CRAIG A “TONY” GOMEZ forensic accountants were soon hired to examine the multi-million COVID19 benefits and assistance payouts made by the Government, given that the need to rapidly pay-out this $300m-plus sum due to the nature of the emergency would undoubtedly see unscrupulous persons seek to exploit the lack of controls by perpetrating benefits fraud. Mr Gomez, responding to a question from this

Top hotelier: COVID cases ‘unacceptable’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ top hotelier last night branded soaring COVID-19 case numbers as “unacceptable” and backed the government imposing “prudent” measures and conditions to control the outbreak. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, did not specify what those measures to bring infection rates “currently going in the wrong direction” should be although the inference is that they

ROBERT SANDS need to balance health and the economy without disrupting tourism’s recovery. Speaking after another 118 new COVID-19 cases were detected on Friday, to follow the record 228

SEE PAGE 9

Law change to open building inspections By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government is planning to reform construction-related laws so that licensed architects and engineers can approve building works performed by their counterparts, the deputy prime minister has revealed. Desmond Bannister, in a recent interview with Tribune Business, said the legal amendments permitting third-party inspections

DESMOND BANNISTER that are outsourced to the private sector would alleviate the present burden faced by the Building Control Department’s own

SEE PAGE 8

newspaper on corporate insolvencies, said “what we expected during the pandemic has not happened” in that area of work. He attributed this to the fact that many clients of The Bahamas financial services industry were invested in the capital markets, which had held up reasonably well to the COVID pressures. “We’re not seeing any uptick in that kind of business,” he added. “What we are seeing is an uptick in the need for forensic accounting, maybe because of the pandemic and change in business format. We all know one of the best ways to discover improprieties in the workplace is to have all the employees on vacation. We’re always cautious of one employee that can’t take a vacation. “Unfortunately, because of the pandemic all employees were forced to break the

cycle and work from home. As a result, a number of issues have come to light with employee improprieties and the need to bring in forensic accountants.... “If I were to put it in context, where we might have seen one [forensic accounting] case every second or third year of practice, we seeing maybe four to five over the last 12 months.” Mr Gomez was quick to point out that not all these cases may have occurred during COVID-19, and the pandemic was simply when they were discovered “due to the change in the workplace”. Forensic accounting involves the tracing of monies and assets, and uncovering a transaction “paper trail” that is usually concealed by perpetrators to determine where they have ultimately ended up.

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN businesses were last night bracing for the imposition of additional restrictions to combat “out of control” COVID-19 infection rates, with one saying: “It cannot be business as usual.” Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business the pandemic “is just like a bad nightmare that won’t go away” while revealing that himself and others are readying for tougher measures such as extended curfews, curb-side sales and weekend lockdowns ahead of the prime minister’s address tonight. Arguing that these restrictions were “very justifiable” given The Bahamas’ soaring COVID case numbers, with another 118 new infections discovered on Friday following a record 228 detected on Thursday, he added that “the

health of the nation must come first and said: “It’s no use making money if you are not alive to enjoy it.” However, the Prime Minister’s Office, in a statement last night, indicated that no wide-ranging or long-lasting lockdown is being considered as Dr Hubert Minnis seeks to balance livelihoods and the economy’s recovery with public health and saving lives. “The prime minister has fought throughout the pandemic to get vaccines for Bahamians. He will provide an update on additional vaccine supplies. He continues to work to save lives and livelihoods,” the statement said. “The Bahamian economy has shown remarkable growth in recent months. Bahamians are getting back to work. “The prime minister wants to protect our economic growth and job creation, ensuring Bahamian businesses can operate

SEE PAGE 8

PAGE 2, Monday, August 9, 2021

Govt must talk less, show more over procurement transparency BY DANIEL S FERGUSON

T was really not my intention to write another article before September, but so much has been happening on the public procurement front lately that I believe I am duty bound to respond to these issues. On July 21, 2021, the US State Department released its annual Investment Climate Statement on The Bahamas. The report said of The Bahamas’ investment regime: “Negative aspects include a lack of transparency in government procurement, labour shortages in certain sectors, high labour costs, a bureaucratic and inefficient investment approvals process, time consuming resolution of legal disputes, internet connectivity issues, and high energy costs.” It added: “The Bahamian government does not have

modern procurement legislation, and companies have complained the tender process for public contracts is not consistent, and that it is difficult to obtain information on the status of bids. “In response, the current government passed a Public Procurement Bill and launched an e-procurement and suppliers registry system to increase levels of accountability and transparency. The Public Procurement Bill was passed in March 2021, but has not yet been

THE TRIBUNE fully enacted. “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.” While addressing the opening session of the National Conclave of Chambers of Commerce in The Bahamas on June 17, 2017, Dr Hubert Minnis said: “Corruption has cost The Bahamas untold hundreds of millions of dollars or more over the decades. “Under the previous administration, there were constant complaints about having to see certain people in order to get a proposal reviewed or approved. My administration is committed to transparency, openness and accountability.” I hate to be the one to say that sometimes annoying phrase: “I told you so”, but in my first two articles I questioned the government’s reasons for delaying the enactment of the Public Procurement Bill as the halt was totally unnecessary. I questioned whether this was done to facilitate the awarding of contracts to political supporters before an election. On June 21, 2021, while on the floor of the House of Assembly, the prime minister attacked me personally, referring to me as “an angry man”, and explained the reason for the Bill’s delay. “The Ministry

of Finance is busy putting in place procedures, rules and training to ensure that the September timeline is met comfortably”, he said. If that was the case, as a procurement specialist I would have supported the delay. Is the State Department analysis of the public procurement system of The Bahamas correct, or are they just angry men and women as well? First fact is that The Bahamas does not have modern procurement legislation because the Public Procurement Bill has not been enacted. In other words, it is not law. With regard to US companies’ complaints that the tender process for public contracts is not consistent, and that it is difficult to obtain information on the status of bids, again they have a valid complaint. The e-Procurement Supplier Registry was to eliminate such issues because registration is free for all companies to have access to view bid opportunities, and to take part if they are eligible to do so. However, as I have said on numerous occasions, the government’s mandate for all ministries and agencies to place all procurement opportunities on the e-Procurement Supplier Registry is not being adhered to. They are not uploading or advertising their bids and, most importantly, the Tender Award portal - which is to be used to show all contract awards - has been used by only one agency, the Department of Environmental Health. I was also not surprised when I read the “plenty to nothing” response to the US Investment Climate report from the Ministry of Finance. They failed to address a number of issues

such as the selective bidding process presently being engaged in by larger ministries, including the Department of Public Works and Department of Education. This means they are actually sending bids to a chosen few, and then there is the total disregard for competitive tendering by the Ministry of Financial Services, Trade Industry and Immigration, which recently made a direct award of a $300,000 contract to a caterer to provide meals for detainees at the Department of Immigration’s Detention Centre. One does not have to wait for September to address these issues, as the activities described above are contravening the existing tender policy and circumventing best procurement practices. The US State Department is simply saying that a blind man can see these abuses. Further, the Ministry of Finance could not outline one initiative they had undertaken to support the enactment of the Act scheduled for September 1. In fact, the Ministry is still lacking an experienced and qualified procurement officer to assist with its capacity building efforts. This scenario reminds me of Billy Preston’s song: “Will It Go Round in Circles?” In his debut address on July 5, 2017, at a CARICOM meeting held in St Georges, Grenada, during the 39th regular meeting of the Conference of Heads of Government of the Caribbean, Dr Hubert Minnis said: “Corruption remains a formidable challenge to small and developing countries such as my own, and we are determined to brutally confront this challenge. In this regard, my government

has implemented a policy of zero tolerance for corruption. Upon taking the oath of office, all ministers have been told that they would be immediately dismissed if they are found out to be soliciting or accepting payments. We will implement strong anti-corruption laws and measures.” Had the government heeded the warning and enacted the Public Procurement Bill immediately, the use of the e-Procurement Supplier Registry would have been legislated five months ago which would have enhanced transparency in the bidding process. The early appointment of a Public Procurement Board and Tribunal would have had a significant impact as well, and there would have been no doubt in anyone’s mind that the government was serious about combating corruption. Be that as it may, this administration must now talk less about transparency but rather strive to be transparent. NB: Daniel Ferguson, a retired chief petty officer with the Royal Bahamas Defence Force (RBDF), is a former procurement officer in the Ministry Health and Ministry of Finance, and former component co-ordinator for the Inter-American Development Bank (IDB) sponsored public financial management reform project, in particular the public procurement reform. He led the drafting team for the development of the Public Procurement Bill 2021, and public procurement regulations. He is a chartered member of the Chartered Institute of Procurement and Supply, with over 25 years of experience in public procurement.

‘UNPRECEDENTED INTEREST’ FOR $100M DEVELOPMENT THE developer behind a $100m, 11-storey Cable Beach condominium project says it has been receiving “unprecedented interest” in its latest development. Jason Kinsale, Aristo’s president, and Matthew Marco, director of sales and marketing, met for a site inspection and review with Island Site Design’s (ISD) infrastructure field manager, Maria Guiterriz, the engineer supervising auger drilling of 168 pilings. These are being sunk 42 feet below ground to give the Aqualina project structural strength. “We are four months away from coming out of the ground for vertical construction, and interest in the development has been incredible,” said Mr Kinsale, who strolled the three-acre parcel that runs from West Bay Street to the ocean. The ONE Cable Beach development is adjacent to the west, and the Baha Mar resort campus is within a few minutes’ walk. Residences range in size from 2,600 square feet to more than 7,500 square feet, with pre-construction prices starting at $2.6m. Mr Marco said the level of interest shown so early in the development is “unprecedented,” adding that 11 of the 27 units - including the 8,000 square foot, five-bedroom penthouse that features a sweeping 1,900 square foot balcony - have been sold. “The Bahamas has never been hotter,” said Mr Marco. “Some of the interest in high-end real estate is driven by COVID with The Bahamas being recognised as one of the safest places on the planet to live. But there is more to it than that. The pandemic has made people stop and think about the quality of their lives, and I think a lot of the relocation we are seeing is the result of a re-awakening desire to live the best

ARISTO’s president, Jason Kinsale, left, reviews plans for the $100m condominium tower, Aqualina, with Maria Guiterriz, ISD’s underground infrastructure project field manager, and Matthew Marco, Aristo’s director of sales and marketing. Aristo reported that pre-construction interest in what it called its “most luxurious development yet” has been unprecedented with nearly half the residences sold.

11TH floor near-8,000 sq ft penthouse balcony. life possible. “For the first time, the majority of our market is North American. In past developments we have seen a lot of interest from Europe and the UK, but this time there is strong demand from the US and Canada. “These are extraordinary times and we are really excited to be bringing this development to reality. We think it will become one of the iconic buildings along the Cable Beach strip and representative of the good life in The Bahamas, right in Nassau, close to airport, shopping, dining, worldfamous resorts but in a world of your own with all the amenities and views you have ever imagined.” Aqualina’s design includes an infinity pool; beach club; cabana and resident lounge; covered parking with electric car charging station; yoga

and fitness centre; tennis court; lobby with 24-hour concierge service; and a boat club. “Aqualina will have the first boat club that we have offered. It’s a really unique opportunity, exclusively for residents who will be picked up right here at a dock on their doorstep on whatever day they choose, and enjoy the day on the water aboard a beautiful boat and zip to a beach of their choice or even go to Exuma or the Berry Islands if they wish,” Mr Marco said. “Every residence will feature the finest craftsmanship with expansive glass overlooking ocean vistas, sunrises and sunsets that take your breath away, and remind you every day of why you chose to live in The Bahamas.” All the units feature hurricane-rated floor to ceiling patio doors and windows.

THE TRIBUNE

Monday, August 9, 2021, PAGE 3

Farmer gains Cable adds 40 part-timers 2,500 clients for customer service boost over backyard consultancy By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ONE farm has pivoted to providing backyard farming consultancy services to more than 2,500 persons as a result of the COVID19 pandemic’s impact on incomes and food security. Sidney Sinclair, principal of Down too Earth Adventure Farms, told Tribune Business that the business has received multiple visits and inquiries from persons seeking to start their own backyard farming initiative. Over the past 24 months, the number of persons who he either monitors a backyard farm for, or purchase seedlings and fertilizer to keep it maintained properly, has grown to 2,500 people “I always keep a good selection of seeds. It was never difficult for me during the COVID-19, because once the soil is good and the season is right, you will always be able to make it,” Mr Sinclair said. He does not just sell seedlings but teaches people proper grow techniques. “April has seen me make 19 years in this business, so I know what I’m doing. I make myself available to the people and then I teach them how to grow stuff. I don’t have any problems with getting fertilizer, seedlings or feed or anything like that. Things have been steady for me,” Mr Sinclair added.

To advertise in The Tribune, contact 502-2394

Cameron Jones, owner/ operator of Harvest Fresh Organic Farms, said he makes his own feed and fertilizer, and COVID-19 has not slowed him down either. “I make my own feed most of the time, and I have some organic feed coming in some time next week. I’m just trying to make it happen even though COVID-19 has changed a lot of things,” he added. Mr Jones has livestock ranging from chickens, pigs and ducks, as well as fruit bearing trees. The droppings from livestock are used for fertilizer for the fruit trees and vegetables. Pivoting to backyard farming consultancy is not something Mr Jones is very keen, adding: “You tell people to do something and they go and do something else. I have to I will, but then you have people who don’t know about farming telling people about backyard farming, and then when things go wrong they want to come and run to the farmer to fix it for them.” Anna Edgard, owner/ operator of Edgars Seedtime & Harvest Farm, added: “I usually get my feed right from the vendors on Potter’s Cay Dock. Because of what’s happening with the COVID-19 things are not as good as they should be, but it’s average.” Backyard farming consultancy is not something Ms Edgar is concerned about, adding: “People come in and ask about it, and get seedlings when I have them, but it isn’t something I would consider long-term. I know people just want to have something for themselves instead of going to the store all the time. They can have their fresh produce right in their own yard.”

CABLE Bahamas has added 40 part-time employees to its customer service/ contact division to deal with increased call volumes stemming from the transition to home work sparked by the COVID-19 pandemic. The BISX-listed communications provider, in a statement, said the customer experience department covers two key brands within the group - REV and Aliv. Allyson Levarity, Cable Bahamas’ vice-president of customer experience, added: “The decision was made to hire an additional 40 persons as part of our strategic customer experience plan, to maintain effective operations and

meet business objectives. “When a customer is faced with a choice between two competing products, they will always opt for the product which not only meets their needs, but also comes with the added benefit of a great experience.” Mrs Levarity credited Cable Bahamas’ work from home policy with enabling it to extend its reach by hiring individuals in Nassau, Grand Bahama and Bimini to work within the contact centre on a part-time basis. The company’s customer experience division has grown as a result of demand for staff within the contact centre increasing due to the premium placed on connectivity last year, which resulted from thousands

of Bahamians transitioning to working from home. “There were no lay-offs in our contact centre due to the pandemic. In fact, call volume increased, hence the additional staffing,” Mrs Levarity said. “Our business is all about serving customers with professionalism and care, particularly during these challenging times, and we have found that customers are getting more demanding as technology becomes increasingly necessary to work from home. “Our call centre is the heart of our business, and we were very pleased

with the individuals who interviewed with us, so pleased, in fact, that we hired 40 part-time call centre roles, provided further training, and equipped them to work safely and effectively from home offices,” she added. “We believe that the acquisition of these new team members will have a positive impact to our already challenged economy. We are providing essential skills in preparation for careers across industries, and especially in the Information and Communications Technology (ICT) sector.”

BUSINESSES SUPPORT GOVT OVER EXTENDING COVID EMERGENCY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEVERAL Bahamian businesses are backing the government’s move to extend its COVID-19 emergency powers beyond August 13 on the basis that Bahamians need to be protected from themselves. Anthony Green, general manager at A&A Wholesale Snacks, told Tribune Business his main concern is that while the economy is trying to recover people still have to take precautions and keep away from mass gatherings and so-called COVID ‘super spreader’ events as much as possible. He said: “It will be a tough balancing act. We have to take precautions and, at the same time, we need the economy going. I don’t mind the restrictions coming to an end once everyone keeps up with the protocols.” COVID-19 cases have steadily been increasing over the last several weeks, averaging about 100

new infections per day. The government has so far responded to this through extending the curfew by one hour from 11pm to 10pm, while restricting restaurants to takeout and curbside service only. Tougher testing and travel requirements have also been implemented. Rick Butler, a supervisor at Complete Auto Air Conditioning, added: “People need to be protected from themselves because they are practicing some reckless behaviour. “I’m looking at it from this perspective. The persons who try to play it safe, they still have to cohabit with the people who are reckless. I’m saying some people need to be protected from themselves and the only way that could happen is if you force them to stay inside. I’m just concerned about the amount of people

SEE PAGE 4

An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. Fidelity Bank invites applications for the position of:

GRAPHIC DESIGNER Duties & Responsibilities: Reporting to the Marketing manager, this person will provide support to the Marketing Department, by assisting with all aspects of graphic communications. including print production, video shoots and conference event support.

Qualifications: • • • • • • • • • • • •

Associate degree in Graphic Design Proficient in Adobe suite of products Proficient in both Mac/PC platform Working knowledge of Java Script, PHP, HTML, Flash and web design Strong artistic and technical skills in design and layout Ability to handle multiple projects in a fast pace environment Strong print production skills Social media skills Organized and disciplined Knowledge of video production/video editing Excellent oral and written communication skills Personable and team player

Requirements: • • • • • • •

Assisting the marketing team with various projects and special assignments Researching, designing, and maintaining promotional materials and tools to support the company’s image, design standards, brand and marketing initiatives Graphic log upkeep Management of promotional inventory Website maintenance Marketing event assistance Social media content

PLEASE SUBMIT BEFORE August 20th, 2021 to:

HUMAN RESOURCES Re: Graphic Designer careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

PAGE 4, Monday, August 9, 2021

BUSINESSES SUPPORT GOVT OVER EXTENDING COVID EMERGENCY

FROM PAGE THREE

dying, and we need to do what ever it takes to protect people.”

Monique Cash, general manager of Consumer Choice Auto, said she did not mind if an extension to the Emergency Orders is granted. She added: “What they could do is just end the curfew and restrict businesses from operating so it wouldn’t give young people a place to go and hang out. That would help the situation. “People don’t respect the curfew now because you can see people driving around all hours of the night, but if you restrict the places where they could go it would limit the exposure to the virus.”

THE TRIBUNE

ROYAL CARIBBEAN BEATS BAHAMIAN JOBS TARGET ROYAL Caribbean says it has exceeded its target of hiring more than 200 Bahamians for onboard cruise ship positions, and is now increasingly using locals to fill management posts on the Coco Cay private island. The cruise line hired 300 Bahamians for onboard ship positions less than a year after its president and chief executive, Michael Bayley, announced in late 2018 that the cruise line’s goal was to fill 200 posts. This was achieved through job fairs, and the signing of a contract with the National Training Agency (NTA) to assist with screening and conducting

soft skills training. And on Coco Cay, the cruise line’s private island destination in the Berry Islands known as Perfect Day, Bahamians are filling increasing numbers of management posts. Among the most recent hires is Marsha Lightbourne, pictured, a ten-year veteran of the hotel industry who is now responsible for human resources (HR) and a staff complement of more than 600 team members. Even at the COVID-19 pandemic’s peak, the number of employees on Coco Cay stood at more than 200. “This is the most amazing job,” said Ms Lightbourne. “Working on Coco Cay is a very different experience from working all day enclosed in a hotel. I have an incredible team in human resources that works to the highest standards, and where we live on the cay, no

matter how hard you work, you wake up every morning with the most amazing view in a beautiful pristine environment with lots of nature around you.” Ms Lightbourne joined Royal Caribbean as a human resources manager, leaving her family for weeks at a time in Nassau and moving to Coco Cay in October 2020. Less than three months later, in the midst of the COVID-19 pandemic, she was asked if she would take over as human resources head. Despite the suspension of cruising, some 200 staff members remained on Coco Cay to perform maintenance, landscaping, upgrades, security and other tasks. Kitchen crew were still preparing 600 meals per day, and anyone travelling to Coco Cay - even with a negative PCR test result - had to quarantine in a hotel at nearby Great Harbour Cay, and be retested when quarantine ended. Almost all staff members were vaccinated as vaccines became available. Being on an island in the middle of a pandemic generated a different kind of stress, and Ms Lightbourne found herself and her department

creating team-building exercises, encouraging staff to talk more, to open up, share and befriend one another. “We realised we would forever be changed by this pandemic crisis, which we could either allow to drive us apart or choose to let it bring us together through the collective spirit of endurance. We chose the latter,” she said. With the re-opening of Coco Cay and cruise guests returning, staff levels have rebounded to 442. Ms Lightbourne, who is calling it a “dream job”, will again soon be responsible for 600, more than half of whom will be Bahamian. “Guests love our Bahamian culture, which is what we sell,” she said, “and we Bahamians are able to make guests’ experiences more culturally relevant with our warmth, music and food, right down to the way we talk.” Royal Caribbean’s Adventure of the Seas has been calling on Coco Cay once a week since it started home porting in Nassau in June. It is the top-ranked destination out of more than 125 ports of call in Royal Caribbean’s itinerary.

Shore excursion group seeks leadership team THE newly-formed Bahamas Association of Shore Experiences (BASE) is hoping several individuals will be nominated for leadership positions in its upcoming August 2021 elections. BASE, whose creation was aided by the Tourism Development Corporation (TDC), will act as a lobbying group to ensure its members interests are accounted for in government policies and legislative amendments that impact shore experiences. Elections will be held to establish a board of directors that will include a chairman, deputy chairman, secretary, treasurer and three directors. To apply for a leadership position, persons must be a member of BASE. Self-nominations are accepted, and the nominees will need three tourism

professionals to endorse the nomination. Online nominations will be closed on August 19. Membership is also open to individuals who provide tourism-based customer services. This includes entrepreneurs and vendors of Airbnb’s, and members of organisations such as the Bahamas Excursions Operators Association, the Bahamas Diving Association, Bahamas Bridal Association, Association of Bahamas Marinas, tour operators, hair braiders, boutique resorts, taxi and surrey drivers, jet ski operators and more. To join BASE, there is a one-time membership fee of $200 and annual dues of $100 thereafter. Applications and payments must be made on or before August 19, 2021, to

have voting rights in the board member elections. They will be based on one Member, one vote. An annual general membership meeting was held on July 19 via Zoom to discuss the benefits of BASE. Those benefits include discounted services from the Tourism Development Corporation (TDC); the World Travel & Tourism Council’s (WTTC) Safe Travel Stamp inspection and decal; access to industry research; business development support; and group rates for liability insurance through the Bahamas Tours Alliance (BTA). The group liability insurance covers up to $2m, which is a requirement of most international cruise lines. Interested persons can visit the website at www.tdcbahamas.com or contact the TDC at 603-4850.

Passionate, Results Oriented, Ability to Work in a High Pressure Environment, Driven to Succeed If you possess these qualities, we invite you to apply for the position of

OPERATIONS SUPERVISOR Job Summary: The successful candidate will be responsible for assisting the Financial Centre Manager with customer service, operations and logistics, as well as providing non-credit banking services to clients of the Financial Centre. The primary role will be cash management, training and supervision of tellers, maintenance of premises and equipment, security administration and of special assignments as required.

Duties and Responsibilities: • Cash management (treasury & ATMs) and supervision of tellers • Management of premises security (liaising with Security Service Providers, Financial Centre Managers and Security Administrator) • Unit AML/CFT Compliance Ofﬁcer in the absence of the Unit Compliance Ofﬁcer • Implement and maintain Guiding Principles, Paradigm and Minimum Service Standards • Training, coaching and assessment of Tellers and Sales Support Staff • Referral of products and services: • Savings Accounts • Fixed Deposits • VISA and MASTERCARD Prepaid Cards, Debit Cards and Credit Cards • Loans • Online Banking • Banking App • Merchant Services

Requirements/Qualifications: • • • • • •

High school diploma or equivalent vocational training Minimum 5 years’ experience in the Financial Services Industry Must have excellent communication skills (verbal and written) Proﬁcient at Microsoft Ofﬁce Suite programs Ability to work in a self-motivated environment with little supervision Ability to manage the administration of multiple tasks at one time.

PLEASE SUBMIT BEFORE August 20th, 2021 to: Only persons shortlisted will be contacted

HUMAN RESOURCES Re: Operations Supervisor 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification.

THE TRIBUNE

Monday, August 9, 2021, PAGE 5

INFLATION, STRUCTURAL OR TRANSITORY?

ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs

UCH has been said about the recent escalation in consumer prices, which some see as the result of the economic boom and logistical issues arising in the aftermath of the pandemic, likely to soon start fizzling out. However, others view the situation as something more serious that is likely to linger on for years. Defenders of the transitory nature of the current inflationary pressures insist it results from temporary problems in the global supply chains, caused by the pandemic, as well as by pent up demand, as lockdowns come to an end. It has also been said the rise in prices of agricultural raw materials is the consequence of an unusual combination of the aforementioned logistical

LIFE returns to normal in aftermath of lockdowns. issues, plus spells of freak weather which damaged harvests of products such as wheat, sugar and coffee. Technology is also used to defend the transient nature of the current inflation, given the sector’s drive for innovation, which normally leads to a reduction in production and distribution costs. One final argument points at the current high

levels of sovereign and corporate debt; normally such scenario leads to a drop in inflation, due to the diversion of capital from investment and consumption into servicing the debt. Curiously, debt levels, which indeed are extremely high, with several countries facing ratios exceeding 100 percent of GDP, are also used by those who argue

BAIC executive gets small business consultant award A BAHAMAS Agricultural and Industrial Corporation (BAIC) executive has passed the certification exam to become an accredited Small and Medium-Size Enterprise (SME) consultant. In receiving the ASMEC designation,The Association of Accredited Small Business Consultants said Lester Stuart, pictured, has demonstrated the knowledge required in all core competencies of small business and SME consulting to effectively assist clients in improving operations and achieving higher profits. “By hiring an ASMEC, small businesses and SMEs are assured they are

working with a professional who has the knowledge and expertise to help them reach their operational goals and maximise profits,” said Richard L Weinberger, PhD, chief executive of the Association of Accredited Small Business Consultants, and a member of its board of advisors. “By offering advice on increasing efficiency and profitability ASMEC, provides an extremely

valuable service to small business and SME (small and medium-sized enterprise) owners and managers striving for success.” Headquartered in Austin, Texas, and with offices in Washington, DC, the Association of Accredited Small Business Consultants provides certifications to individuals who demonstrate proficiency in the specialised consulting area of small business and SMEs.

that inflation is more than just a transitory issue. Their point is high inflation may be used to mitigate debt burdens, because it leads to the devaluation of currency, helping to shrink the size of liabilities. This, some say, provides extra motivation for governments and central banks to maintain high levels of stimulus running for as long as possible.

Another poignant argument is that globalisation, as we’ve known it since the 1990s, is over. China is increasingly seen as a threat by the west, leading to efforts to repatriate supply chains, which will translate into higher production outlays. One final point is linked to rising energy costs: the fall in demand for fuel during the first few months of the pandemic, which drove a dramatic drop in prices, is having a perverse effect on the current cost of oil. As demand returned to pre-pandemic levels, production didn’t keep up due to the closing down of explorations that were rendered economically unviable by the pandemic. It is also pointed out stimulus

programmes designed to kick-start the economy will, to a large extent, rely on infrastructure projects, which will drive demand for fossil fuels, keeping them expensive over the next few years. There are valid reasons presented by both camps in the defence of their stance. Overall, one can say inflation has probably already peaked in the US, at 5.4 percent; it may soon reach similar levels in Europe and elsewhere but shouldn’t rise much higher. It may also be reasonable to assume the spike in prices is unlikely to be followed, in the short-tomedium term, by a return to pre-pandemic levels; would such scenario even be desirable? Probably not.

PAGE 6, Monday, August 9, 2021

How compliance can increase your profits BY DEREK SMITH

HERE is no doubt that being compliant with what seems to be a never-ending cycle of regulatory reengineering comes at a cost. More than $200bn is expected to be paid by financial services companies around the world in annual compliance costs by year-end 2021, according to LexisNexis research. The aforementioned statistic may surprise some, infuriate others and,

conversely, refocus many boards of directors depending on their perspectives and

THE TRIBUNE experiences with compliance professionals. However, what is not up for debate or based on perspective is that, when properly implemented, compliance and those responsible for it can greatly contribute to the oversight of strategic governance within a company. It is against this backdrop that I ask boards of directors, executive management and fellow professionals to consider whether your compliance function is helping or hindering progress. I submit that compliance can provide exponential results while ensuring regulatory compliance. In this article, we will talk about three major ways that compliance can help your institution. Compliance is a profit booster A failure to meet regulatory requirements can be costly. By penalising the bottom line through fines,

Analytical, Self-Motivated, Team Player, Results Driven If you possess these qualities, we invite you to apply for the position of:

SENIOR INTERNAL AUDITOR Job Summary: In this highly visible position, the successful candidate will be responsible for performing internal audits and fraud investigations for Fidelity Bank & Trust International Limited and its subsidiaries, Fidelity Bank (Bahamas) Limited and Fidelity Bank (Cayman) Limited, (collectively referred to as the Bank).

Duties and Responsibilities: • Act as lead auditor for the team. • Successfully plan, coordinate and lead meetings and interviews with all levels of management and employees. • Conduct and document thorough analysis of business processes for areas under audit. • Develop specific audit procedures that are designed to achieve audit objectives. • Ensure all specific audit test work is properly performed and adequately documented. • Summarize, draw conclusions and effectively report testing results. In addition, understand, assess and track deficiencies or exceptions noted during testing. • Provide cost effective solutions and recommendations to problems encountered during the audit. • Prepare and review detailed audit work papers to substantiate the fieldwork performed, testing results, and audit conclusions reached. • Prepare audit reports detailing the audit results and findings inclusive of recommendations. • Ensure audit findings are properly communicated with management and appropriately tracked through remediation.

Requirements/Qualifications: • Bachelor’s degree in Accounting, Finance or Business Administration with advanced knowledge of accounting principles. • Professional designation, e.g. Certified Public Accountant (CPA) or Certified Internal Auditor (CIA), is preferred. • At least five (5) years of progressive audit experience in public accounting or a minimum of ten (10) years of experience in retail banking, including at least three (3) years of supervisory or managerial experience. • Extensive knowledge of financial, operational and system audits, as well as business process control reviews. • Proficiency in Microsoft Excel and Word programs. • Knowledge of TeamMate is preferred. • Exceptional communication and interpersonal skills are required with strong attention to detail and accuracy. • Exceptional organizational skills with the ability to prioritize, meet tight deadlines and work well under pressure. • Highly confidential. • Ability to work flexible hours and travel.

PLEASE SUBMIT BEFORE August 20th, 2021 to:

HUMAN RESOURCES Re: Senior Internal Audit 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

regulators are conveying that it is not worth the risk to be non-compliant. Just ask H&M, the fashion magnate. They were fined north of 35 million euros for breaking data privacy laws in Europe. These penalties, which flow from the General Data Protection Regulation (GDPR), have no bias among industries. The above penalties and others are absolutely avoidable, and your compliance function can help. Highly-trained compliance professionals coupled with technology solutions, together with a robust regulatory compliance regime, help alert the relevant stakeholders to risks and how they can be avoided. Compliance makes your company attractive A compliance programme with a greater degree of visibility in all its core functions will operate more efficiently, consistentl, and with greater simplicity. The value earned and learnt can be used to assist executive management with strategic decisions. These decisions can yield positive results, such as an enhanced competitive advantage and a better understanding of

how macroeconomic factors are impacting previous business strategies. This ultimately makes a company, at a minimum, more attractive to potential investors and stakeholders. Compliance provides the playground The above sub-heading sounds playful at first glance for a business article. But I argue that it aptly describes the environment. Instead of having the “I got you” temperament or the “your actions are in breach of law” attitude with a condescending spirit, the new, agile and enabling compliance professionally can calmly, rationally and strategically provide guidance before decisions are made that equates to the “playground”. The playground here represents the parameters and options available to a company to be creative yet compliant. Conclusion The time has come for companies to be proactive about compliance if they wish to innovate and grow. By intricately involving your compliance function, companies can hugely benefit through managing reputational risks and broadening

their competitive advantage and attractiveness. Additionally, even the most complex regulatory environments can be navigated with the right support and careful planning, as well as collaboration with adequate partners. Profits can be realised and enjoyed by running a compliant ship. NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vicepresident, compliance and money laundering reporting officer (MLRO), at a local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned more than 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Monday, August 9, 2021, PAGE 7

‘Perfect storm’ triggers forensic accounting rise FROM PAGE ONE Accountants are typically called on to perform these tasks when such transactions cannot be explained, and there is suspicion that fraud, embezzlement or some other ‘white collar’ financial crime is occurring. Such services are also required to analyse financial information that forms part of legal proceedings before the court system, although Mr Gomez was quick to point out that not all forensic accounting assignments end up before a judge. He added that in the US, just 30-40 percent of forensic accounting assignments come before the courts. This was because the companies involved did not want to attract negative publicity or felt that the costs involved meant it was just not worthwhile to initiate legal proceedings. In The Bahamas, most such cases involved employee-related fraud. “The other significant statistic that plays into the pandemic scenario is fraud in the workplace probably takes 15 months to discover. Fraud is not something that happens today and is discovered tomorrow,” Mr Gomez said. ‘The pandemic has lasted 15 months. What you see now is that as businesses begin to ramp up they are discovering transactions on which questions arise. “We see a bit of that occurring here in The Bahamas, where questions are occurring or arising. To get a handle on what is going on, firms are reaching out to forensic experts to have their queries addressed and answered.” The Baker Tilly Gomez chief said the reversion to home working during the pandemic may have given unscrupulous employees the possibility to exploit the lack of oversight or internal controls that would normally be present in the office. “A person operating by themselves or with a skeleton staff may find themselves in position to take advantage of less internal controls,” he added.

“Not all of that will have happened in the last 12 months. It could have happened earlier, and a number of these cases may have been going on for a while, but with the change in workplace they have come to light.” Mr Gomez predicted that Bahamian accountants will see increased demands for forensic services moving forward as a result of a recent court ruling that found assets held by a party prior to their marriage - either husband or wife - could be included in the matrimonial estate to be divided between both in the event of divorce, thereby increasing the motive for disguising or hiding assets. And then there is the likelihood of COVID-19 benefits fraud. “In the US, because of unemployment benefits paid out, certain government agencies are estimating they will lose to fraud an estimated $31bn$32bn,” Mr Gomez told Tribune Business. “We don’t have any indication of anything like that in The Bahamas, but remember we have paid out $90m in government-funded unemployment benefits, which is not a small amount in a country of our size and does not include monies paid out by NIB as part of the 13-week programme. “We know that when money is given out like this, there are perpetrators acting either individually or collectively who seek to benefit from such a system. I wouldn’t be surprised if, moving forward, forensics are applied to a process like that in The Bahamas. It’s not unusual when massive amounts of funds are disbursed that people seek to unfairly take advantage of the process. I expect more will come.” As at end-May 2021, the government had itself provided $118m in unemployment assistance, including direct cash for unemployed and selfemployed Bahamians. NIB, meanwhile, was said to have paid out $263.6m in employment benefit and assistance

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

between August 25, 2019, and May 18, 2021. Elsewhere, $25.9m was spent on COVID-19 public health and safety measures to ensure the healthcare system and healthcare workers had what they needed to function. Another $32.5m was spent in social assistance, mostly through the food assistance programme. Some $44.5m was spent as part of a payroll support programme, which allowed private businesses to use tax credits to pay their employees, and $53.3m was spent in business continuity support to entrepreneurs and small businesses. John Bain, managing partner at UHY Bain & Associates, yesterday backed Mr Gomez’s prediction that forensic accountants will be called upon to probe benefit fraud.

JOHN BAIN

KENDRICK CHRISTIE

While he had experienced no increase in demand for such services yet, he said: “I see a need for it. “I see that there’s going to be a lot under the current situation, with no need for Parliamentary approval with a lot of things, but a lot of spending. I see in the future that there will be a need to answer for certain things. It hasn’t happened yet because the emergency orders are still in effect. “But I think after that there will be a lot of

questions asked as to how the money was spent, and to account for the money. I expect to see an uptick in times ahead with government-related stuff, especially if there are little controls on spending money and accountability for spending money.” Kendrick Christie, another Bahamian forensic accounting specialist, confirmed to Tribune Business that he, too, had seen an uptick in such assignments which he attributed to “the

perfect storm” of persons being out of office and also unable to travel and properly supervise/check on operations in satellite offices in the Family Islands. “It’s certainly above what we’ve seen in pre-pandemic years,” he added. “There’s a change in the culture of some companies to pursue these matters rather than sweep them under the rug. There are a number of companies seeking to investigate properly, spend money, have it on record and learn from the experience.” Mr Christie, though, said many companies seeking to pursue forensic accounting probes and trace/recover assets often became “frustrated” by the wait for cases to move through the court system. “I have two cases and it’s been two years on both of them,” he added.

PAGE 8, Monday, August 9, 2021

COVID like ‘bad nightmare that won’t go away’ FROM PAGE ONE responsibly while also protecting public health. The prime minister advises Bahamians to keep abiding by the public health rules: Continue to wear masks properly; remain physically distant when out; and to wash or sanitise your hands frequently.” Mr Albury said he will be

watching closely to see what Dr Minnis unveils, and told this newspaper: “Everybody’s expecting there’s going to be some sort of restrictions with extended curfews, weekend lockdowns or a full lockdown. This situation we face is out of control. It cannot be business as usual. “Most of the young people are not taking this

THE TRIBUNE seriously. I was out last Saturday, and there’s a club between Arawak Cay and Saunders Beach and the place was full. We’ve got to stop the gatherings out there to get this thing to slow down. Whether we like it or not, there’s no use making money if you’re not alive to enjoy it. The health of the nation has got to come first. “In the back of my mind, I feel that’s what has to happen. A lot of people feel the same way, and the statistics are so bad on new case numbers coming out

of the Ministry of Health. We’ve got to do what we’ve got to do. Other places have locked down. This thing is just like a bad nightmare; it won’t go away. The best we can hope for is a bit of tightening and more people getting vaccinated.” The Prime Minister’s Office yesterday indicated that the government plans to shift away from the current COVID-19 Emergency Orders “to a new legislative approach”, which would require the passage of laws to fulfill essentially the same function that they are

providing now. The House of Assembly is being recalled early from its summer recess, which was supposed to last until September 22, to meet tomorrow to table a resolution to extend the existing emergency powers orders beyond their August 13 expiry. The House will then meet on Wednesday to debate and to pass the Resolution. The Senate will meet the same day, August 10, to table the same resolution and will meet on Thursday to pass it. Mr Albury, meanwhile, said he was trying “to push” all staff at his Auto Mall business to become vaccinated against COVID19 without mandating or forcing them to do so. “Every week someone in the office is being tested positive,” he added. “One of our sales ladies is just coming off a serious bout with this. She had to go to the South Beach clinic and be put on a respirator, but is thankfully doing better now. “We’ve got to do what we’ve got to do, and people are willing to accept that. For at least three weeks, if we’ve got to go back to curb-side sales or take the curfew to 8pm at night and weekends with a lockdown, I think it’s justified; very justified in light of the circumstances. “When you start to feel like something positive is happening, another COVID variant comes out and we have to deal with it. I go in my office, stay clear of people and after that I go home. I don’t go out anywhere or go socialising.” Leonard Sands, a former Bahamian Contractors Association (BCA)

president, told Tribune Business that resorting to lockdowns of the type experienced in 2020 would “be really disastrous” for a surging construction industry that was “pretty much shouldering the economy”. With much depending on the nature and type of restrictions that the government may announce, Mr Sands said: “Right now the sector is doing incredibly well. It’s pretty much shouldering the entire economy, construction, so one hopes there is no disruption to its activities at all.” While contractors and building materials suppliers presently able to engage in business “pretty freely”, he expressed hope that no further restrictions will be imposed despite acknowledging the severity of present COVID-19 case numbers and the potential threat that the health system will be overwhelmed. “Right now I think it would be really disastrous for the sector if they did that,” he added. “It’s taking everything it could right now. Everyone’s working and we don’t want to see any disruption right now. I think it would be really terrible. I wouldn’t want us to return to locking down or more restrictive measures. “The economy is just starting to rebound. Let’s not instantly retard business and interrupt the economy.” Mr Sands urged the government to “step up enforcement”, arguing that this was “weak” and that there was “a lot of relaxation on construction sites” when it came to mask wearing, social distancing and hand sanitisation.

Law change to open building inspections

greater expertise and speed up the process, thereby enabling investment projects and others to proceed much more quickly. Gustavus Ferguson, the Institute of Bahamian Architects (IBA) president, confirmed to this newspaper: “This is one step we’ve been asking for. We can have expedited approvals and different stages of construction being done. If a contractor has finished the foundation stage of a house, a third party inspector can go and do that assessment to ensure compliance with the code.” The pair spoke after the deputy prime minister pledged to slash building permit turnaround times by up to 80 percent with the implementation of Building Control’s long-awaited digital approval system. Addressing a conference to unveil the Ministry of Works’ Electronic Permit Review and Inspection System (EPRIS), Mr Bannister said he would hold US-based contractor, Tyler Technologies, to a public launch date in six months’ time. With ministry and Building Control officials going so far as to describe digitisation’s arrival as “tear-jerking”, momentous” and “historic”, Mr Bannister promised between a 60-80 percent reduction in turnaround time for building permit applications once the system goes live.

FROM PAGE ONE

inspectors but needed to be balanced with ensuring the consumer is protected at all times. “When we go back to Parliament we’re looking at amending the Building Regulations Act, which is the legislation that controls that specific aspect,” he said. “I mentioned our plan in terms of amending the legislation, which means that we can allow engineers and architects to approve works and plans of others, so our inspectors don’t have to approve anything. “We’re going to see how that works, but there has to be some stringent regulation of it. There is the safety of the customer, and we have the professional reputation of those persons. We have to look, as we amend the building code, how we consider matters like that. It’s been a challenge for many, many years, but by the same token it’s something we have to approach very carefully. We cannot afford a slip up at the ministry.” Bahamian architects and engineers have urged the government over many years to outsource a portion of building and code inspections to licensed, certified professionals in the private sector as a means to access

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHAMIDO LEVAR FOWLER aka SHIMADO LEVAR INGRAHAM of #3520 Broward Boulevard, Fort Lauderdale intends to change my name to SHIMADO LEVAR FOWLER INGRAHAM. 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, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KEITH SOLOMON BRICE of Apartment Unit #214, Harbour House II, Freeport, Grand Bahama intend to change my name to KEITH KIKIVARAKIS BRICE . 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.

THE TRIBUNE

Monday, August 9, 2021, PAGE 9

Top hotelier: COVID cases ‘unacceptable’ FROM PAGE ONE

recorded on Thursday, Mr Sands told Tribune Business: “There’s no question in my mind that something needs to be put in place that allows the government to manage the process of COVID-19, which is currently going in the wrong direction. “I believe certainly that the government will be prudent in whatever concrete action needs to be put in place. I do support the government acting to manage and put in place certain conditions that help to manage this whole COVID-19 outbreak.” While pointing out that Thursday’s record case numbers had dropped by around half, or 110, the following day, Mr Sands added: “Even at those numbers it’s unacceptable and it’s important that the government gets it under control.” The BHTA chief said he was encouraged by last week’s arrival of more COVID-19 vaccines in The Bahamas, and the fact the government will open more vaccination sites to the public this week. Also enthused by the “significant demand” for vaccination slots, which were being rapidly taken up when they became available, Mr Sands reiterated: “Vaccination is the solution for The Bahamas at this point in time. “The sooner The Bahamas received the other

additional vaccines that will be good news, and hopefully that announcement will be forthcoming some time this month. Vaccines and vaccinations are the positive signs for getting us out of this present position... We just have to do the things that are right, protect our people and mitigate against getting into the position of a runaway situation.” Mr Sands said The Bahamas’ soaring COVID-19 infection rates had yet to have any impact on the pace of the tourism industry’s rebound from the pandemic. However, ass of Friday some 120 patients were hospitalised with COVID-19, and of those ten were requiring intensive care unit (ICU) treatment. On Thursday, the Ministry of Health said nearly 500 new cases were reported between August 1 and August 5. The week before, July 25 to July 29, there were nearly 560 new cases confirmed. Officials further noted that due to the Emancipation Day holiday on Monday, it was likely that people may delay getting tested for COVID-19. As a result, in the coming days, numbers will probably be higher than usual. “The Ministry of Health reports today (Thursday) that there were 228 cases,” it added. “This number is an historical one as it is the highest number ever reported in The Bahamas in one day.

“The numbers seen today demonstrate that the virus that causes COVID-19 is ever-present and continues to be transmitted in the country. It should be noted that a total of 499 cases were reported between August 1 to August 5, 2021. For the same time last week, July 25th to July 29,

2021, 558 confirmed cases were reported. It continued: “On August 2, 2021, The Bahamas celebrated Emancipation Day as a public holiday. It is noteworthy to mention that when we experience a holiday, members of the public may delay getting tested for COVID-19.

Most laboratory facilities would be closed. The Ministry has observed that this often results in an uptick in the number of confirmed cases reported days following a holiday. The Ministry continues its monitoring to ensure timely responses to this evolving pandemic.” Mike Lightbourn,

president of realtor Coldwell Banker Lightbourn Realty, said last night: “I think we have to persist and keep things the way they are. It’s [COVID] not going to end any time soon. I don’t know what the alternative is. We’re in it for the long haul. Nobody knows what the right answer is.”

GN-2577

MARKET REPORT www.bisxbahamas.com

FRIDAY, 6 AUGUST 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

1979.69

2.51

0.13

112.77

5.39

(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

NOTICE is hereby given that REMILUS PHILIPPE, 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 9th 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 JESULA DESHOMMES, of #18 Ferguson Drive, South Beach, P.O. Box GT2557 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 9th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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 2.61 1.35 6.00 6.97 3.25 5.99 2.74 5.95 9.80 2.51 7.75 11.38 9.55 14.00 3.99 8.35 15.50

CHANGE 0.00 0.00 0.00 0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.03) 0.00 (0.07) 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 1.35 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

VOLUME

1,000

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 24.6 16.6 17.6 13.1 17.2 19.7 8.9 24.6

YIELD 2.62% 3.15% 1.25% 1.15% 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

PAGE 12, Monday, August 9, 2021

THE TRIBUNE

ONCE-GLOOMY SCIENTIST SAYS FUTURE UK LOCKDOWNS UNLIKELY LONDON Associated Press

A BRITISH scientist who gained prominence for issuing dire warnings about the spread of COVID-19 said on Saturday the UK is unlikely to need future lockdowns, although new infections may rise significantly as social interactions increase. Professor Neil Ferguson, an infectious disease expert at Imperial College London, told The Times of London that Britain is likely to move to a situation where the disease can be managed by vaccinations rather than “crisis measures” such as lockdowns.

“I wouldn’t rule it out altogether, but I think it’s unlikely we will need a new lockdown or even social-distancing measures of the type we’ve had so far,’’ he said. “The caveat to that is, of course, if the virus changes substantially.” Data released on Friday showed the latest virus surge in the UK has eased, with the number of people testing positive for COVID-19 falling in most parts of the country. Based on its weekly survey of infection levels, the Office for National Statistics said infection rates appeared to be falling in England, Scotland and Wales, though not in Northern Ireland, with the biggest

declines in younger age groups. Public health experts credit the UK’s successful nationwide vaccination programme for slowing the spread of COVID-19 even in the face of the more infectious delta variant, which was first discovered in India and is now the dominant form of the disease in Britain. With almost 74% of adults now fully vaccinated, the government plans to expand the programme to teenagers. The government reported 31,808 new infections across the UK on Friday, down 42% from the peak of the third wave in mid-July. But many scientists warn

that infection levels are still too high for complacency and that the reported figures may be inaccurate due to a drop in testing. Over the past week, the UK has reported an average of 26,513 new cases a day, up from fewer than 2,000 cases a day in late April. It still has the second-worst pandemic death toll in Europe after Russia, with over 130,000 confirmed deaths. The sensitivity of the issue can be seen in the latest controversy surrounding Prime Minister Boris Johnson. The Guardian newspaper reported on Friday that Johnson had been in close contact with a staff member who later tested positive for

COVID-19, which should require Johnson to selfisolate for ten days under rules designed to combat the disease. But Johnson’s refusal to self-isolate has sparked criticism from the opposition Labour Party, which says it’s another example of “one rule for them and another for everyone else”. The drop in UK infection rates has surprised some scientists. Many had predicted a sharp rise this summer after the government lifted most remaining lockdown restrictions on July 19. Ferguson urged caution. “We’re at a stage where we’ve got a huge amount of immunity in the population,

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 76° F/24° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Showers around; breezy early

Partly cloudy, a shower; warm

A morning shower; mostly sunny

A morning shower; clouds and sun

A brief afternoon shower or two

Breezy with considerable cloudiness

High: 90°

Low: 80°

High: 90° Low: 79°

High: 90° Low: 80°

High: 90° Low: 79°

High: 89° Low: 78°

AccuWeather RealFeel

100° F

87° F

100°-86° F

100°-84° F

97°-83° 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: 90° F/32° C Low: 79° F/26° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 81° F/27° C

E S

WEST PALM BEACH

uV inDex toDay

TUESDAY

| Go to AccuWeather.com

TONIGHT

High: 91° F/33° C Low: 78° F/26° C

High: 89° F/32° C Low: 79° 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: 83° F/28° C

High: 90° F/32° C Low: 80° F/27° C

High: 87° F/31° C Low: 81° F/27° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

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

3.1 3.2

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

0.3 0.5

Friday

12:08 p.m. -----

3.2 -----

5:55 a.m. 6:23 p.m.

0.3 0.6

Saturday

12:23 a.m. 1:02 p.m.

3.0 3.2

6:42 a.m. 7:23 p.m.

0.3 0.7

Sunday

1:17 a.m. 2:02 p.m.

2.8 3.3

7:35 a.m. 8:28 p.m.

0.3 0.8

sun anD moon Sunrise Sunset

6:41 a.m. 7:49 p.m.

Moonrise Moonset

7:34 a.m. 8:59 p.m.

First

Full

Last

New

Aug. 15

Aug. 22

Aug. 30

Sep. 6

CAT ISLAND

High: 87° F/31° C Low: 80° F/27° C

7-14 knots

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 81° F/27° C Normal high ....................................... 89° F/32° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 78° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 12.47” Normal year to date ................................... 21.12”

ELEUTHERA

NASSAU

but the virus is more transmissible than it’s ever been, so we have this complicated trade-off,” Ferguson said. “If we increase contacts, then we may well reach another point where we start seeing increasing case numbers again.” After successfully vaccinating most people over 50, Britain is now focusing on younger people. One university is even offering cash prizes to students who have been fully vaccinated. All students at Sussex University are being entered into a drawing, with ten winners receiving 5,000 pounds ($6,937) if they can prove they are doublejabbed or exempt.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 80° F/27° C

High: 88° F/31° C Low: 81° F/27° C

LONG ISLAND

tracking map

High: 88° F/31° C Low: 79° F/26° C

7-14 knots

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

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 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

10-20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

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

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

VISIBILITY 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 87° F 86° F 88° F 88° F 86° F 85° F 85° F 85° F 87° F 86° F 88° F 88° F 87° F 87° F 85° F 85° F 85° F 85° F 84° F 84° F 87° F 86° F 85° F 85° F 86° F 86° F