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WEDNESDAY, AUGUST 11, 2021

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RUPERT ROBERTS

Super Value chief seeking to avoid ‘perfect storm’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s president yesterday said he was hoping to avoid the perfect storm of an earlier COVID curfew and potential hurricane if tropical depression ‘six’ becomes a major threat later this week. Rupert Roberts told Tribune Business he did not want to have to seek an extension to shopping hours to allow Bahamians to prepare for a major hurricane so soon after the government extended the curfews on New Providence and Grand Bahama by one hour to a 9pm start. “We’re having to watch the storm very carefully,” he said. “I hope we don’t come up with a hurricane threat by this Thursday and people haven’t shopped. We might have to go back to the Competent Authority and say: ‘Can we go back to 10pm because we’re being rushed and we’re not able to enforce social distancing. “We’re trying to head off a pandemic. We don’t want a hurricane and the pandemic. We don’t want them to combine. The competent authority [Prime Minister’s Office] has made their decision, and we hate to go back to them begging because of some unexpected incident.” While tropical depression six is ultimately forecast to become a storm, current weather models have it failing to gain hurricane strength when it moves south of The Bahamas between Thursday and Saturday. It is presently projected not to be a major threat to this nation. Mr Roberts, meanwhile, said Super Value will now close one hour earlier at 7pm in response to the earlier curfew so that staff have sufficient time to clean, stock up and get home by 9pm. He projected that the company would lose no sales despite the loss of six shopping hours per week, and added that the 13-store supermarket chain would open one hour earlier at 6pm if needed. “If it’s going to help kill the virus, anything to oblige to help the medical people,” Mr Roberts said of the earlier curfew. “We could have expected more measures, but we couldn’t figure out how we could have more without compromising social distancing. “Last time we had shorter hours we were really contributing to what we were trying to avoid. Now this wouldn’t be a problem. It was not surprising at all. Previously it was a 7pm curfew, and we had to close at 5pm. We’re glad it didn’t go to 7pm.” Describing travel warnings from the likes of the US and UK as “the big danger” if The Bahamas does not get its latest COVID outbreak under control, Mr Roberts said: “We have two problems. We get sick, and then of course we don’t have money to buy medicine or don’t have money to buy food. It destroys the economy. We have to behave now. We have no choice.” Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business he saw “no

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Watchdog kept at bay on COVID contract owners

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE government has failed to meet the auditor general’s demand to provide ownership details on all the companies awarded COVID-related contracts despite this being deemed “pivotal” to good governance. The revelation, contained in the Office of the Auditor General’s report on how the government used the proceeds from last June’s emergency $250m International Monetary Fund (IMF) loan that kept the country and government afloat during the pandemic’s peak, reveals its request for information on who beneficially owns these entities remains “pending”. The June 25, 2021, report tabled by speaker Halson Moultrie in the House of Assembly yesterday, confirmed that the auditor

AUDITOR GENERAL TERRANCE BASTIAN general and his staff were provided by the Minnis administration with a list of companies “that received payments for the delivery of goods and services related to COVID-19”. That list was not disclosed in the report, which suggested that the information made available by the

AN aviation industry executive yesterday warned the Nassau Airport Development Company’s (NAD) plan to levy a $28 fee on all arriving international private plane passengers was “a slippery slope”. Rick Gardner, director of CST Flight Services, which provides flight coordination and trip support services to the private aviation industry throughout the Caribbean and Latin America, told Tribune Business that the airport operator’s proposal was akin to “death by a thousand cuts”. A member of The Bahamas Civil Aviation Council as well as a Bahamas Flying Ambassador, he argued that general aviation or private plane traffic was often “singled out as easy prey” for fee increases whenever airports needed to

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• Flying Ambassador says $28 fee proposal ‘flawed’ • Warns charge ‘certainly won’t be well received’ • Others slam move as ‘discriminatory, drastic’

LYNDEN PINDLING INTERNATIONAL AIRPORT raise money. While conceding that he was still assessing NAD’s proposals, Mr Gardner said he feared the benchmarking exercise employed by the Lynden Pindling International Airport (LPIA) operator to justify the $28 (VAT inclusive) fee was “flawed for a number of reasons” including the aircraft chosen, although he

declined to go into further details. While NAD has justified the fee on the basis that private aviation passengers need to contribute their fair share to LPIA’s upgrades, and that it is needed to help finance $30m in improvements to pavements, lighting and other infrastructure, Mr Gardner said these persons typically used

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Odyssey and Jet Aviation’s facilities rather than the airport’s commercial passenger terminals. And he pointed out that the greater amount of “wear and tear” inflicted on the LPIA’s runways was likely to come from heavier, faster commercial airlines rather than private jets. Mr Gardner said he planned to share his views on the proposed fee increase with the US Aviation Owners and Pilots Association, the largest grouping of its kind, for which he acts as their Bahamas representative. And he is not alone. Another prominent figure in Bahamian aviation, speaking on condition of anonymity, described the

law enforcement; and mitigating the risks associated with abuse of public funds, corruption and financial fraud.” The implication of all this is that The Bahamas still does not have complete transparency over the awarding of contracts to supply goods and services to the government despite the enactment of the Public Procurement Act, set to take effect on September 1, and accompanying reforms such as the Public Financial Management Act. While the names of winning bidders, and the reasons why they were selected, will be made public, it is still possible for politically-connected persons, family members/ relatives and others to set up

NAD’s private aviation levy ‘a slippery slope’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Catastrophe collision’: No COVID mitigation without IMF’s $250m

THE Bahamas would not have been able to finance the health, unemployment and business support measures to mitigate COVID-19’s fall-out without the IMF’s “emergency” $250m loan. The Office of the Auditor General, in a report tabled in the House of Assembly yesterday, revealed that the financial support from the International Monetary Fund (IMF) was critical to providing the government with sufficient cash to make it to the end of the 20192020 fiscal year following what it termed “a collision of catastrophes”. “The collision of both catastrophes, Dorian and COVID-19, put the Budget in a crisis, tax receipts going down and government payments increasing,” the report said. “The required $250m funding assisted in addressing the supply and demand shock, and having provision for the economic downturn. “Most importantly, the funding was vital in facilitating the urgent measures taken by The Bahamas with respect to socio-economic impact and public health resiliency..... The $250m was essential in providing budgetary support and sustaining the healthcare and mitigation measures in response to COVID-19.” The Office of the Auditor General’s report gives an insight into how close The Bahamas came to fiscal and economic calamity after the bulk of its tourism-led economy was shutdown in the early months of the COVID-19 pandemic by lockdowns and other associated restrictions. The report said the full effects of the fiscal impact on the government’s revenue took a while to show through, but peaked in June 2020 when VAT revenue collections plummeted by 77 percent year-over-year from $122.66m in 2019 to just $27.898m. That followed declines of 34 percent for April, when VAT revenues dropped year-over-year from $110.591m to $72.918m, and 52 percent in May 2020, when they fell from $74.436m to $35.847m.

• No govt response to auditor general request • Issue ‘pivotal’ to good use of public’s monies • Promise to IMF for $250m loan unfulfilled government fell some way short of the full transparency its internal financial watchdog was seeking. “Request was made for the beneficial ownership of these business entities. However, the same is pending,” the Office of the Auditor General said. However, it immediately referenced an IMF quote that stated: “Knowing who ultimately owns companies (their beneficial owners) is a key piece of data that allows governments and citizens to check that money is going where intended.” Drawing on this, the Office of the Auditor General said: “We note that beneficial ownership full disclosure plays a pivotal role in the good governance in governmental financial affairs with respect to transparency and accountability; integrity and

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Nearly $70m of IMF’s $250m went to SOEs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GOVERNANCE reformers yesterday renewed demands for more transparency around state-owned enterprises (SOEs) after they collectively consumed $70m of last year’s $250m IMF loan to The Bahamas. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the government needed to provide Bahamians with greater understanding of how it will move the likes of Bahamasair and Water & Sewerage to a sustainable “cost recovery” position given that $423m annual drain they impose on taxpayers. He spoke out after the Office of the Auditor General, in a report on how the government used the $250m “emergency loan” proceeds received from the International Monetary Fund (IMF) in June 2020, revealed that the greatest percentage - some 28 percent - was allocated to supporting SOEs. The greatest percentage

• $38m allocated to COVID healthcare • But also to prop up WSC, Bahamasair • Some SOEs breaking law on disclosure

MATT AUBRY of that sum, some $37.977 or 54 percent, went to a combination of the Public Hospitals Authority ($34.31m) and National Health Insurance Authority to help them cope with the demands imposed by the COVID-19 pandemic. However, much of the balance went to propping up loss-making SOEs. Some $7.925m of the IMF loan proceeds was disbursed to the Water & Sewerage Corporation, while another

$5.367m went to Bahamasair. With aviation all but shut down, the Airport Authority received $2.894m and the Bahamas Civil Aviation Authority a further $2.531m. Even Nassau Flight Services was the recipient of $669,000. The University of the Bahamas was issued some $6.35m, and the Bahamas Technical and Vocational Institute a further $1.277m. The Office of the Auditor General, though, pointed out that not all SOEs were complying with the legally mandated requirements of the Financial Administration and Audit (Amendment) Act 2020 to submit quarterly and financial reports to the government within 30 days of period end. “With respect to SOEs governance, we noted that improvement was warranted relative to timely submission of audited financial statements and

reporting to Parliament,” it said. “The SOEs are noncompliant with reporting in a timely fashion. “Non-compliance is a risk, and the implications include inadequate governance and accountability for efficiency; unavailability of pertinent financial data for decision-making; and the inability to rationalise, thus more funding could be provided than needed..... “Notably, within the Ministry of Finance, a ‘unit’ has been established to review the monthly and quarterly financial reporting of the SOEs. The reporting process has begun; however, all of the SOEs are not complying with the legislation. Compliance with this process is mandatory for effective decision-making and management of scarce resources.” Disclosing that the SOEs were reporting their financial data using manual means, the Office of the

Auditor General called for this to be converted to electronic with accounting and reporting management information software. Calling for the use of ‘Big Data Analytics’ and “reconciliation checks”, it called for such reports to be published on the government’s website once they are tabled in Parliament. Mr Aubry, meanwhile, said the amount of IMF loan funds that went to the non-health SOEs represented “a big red flag”. He added: “That’s not anything new in terms of having to prop those entities up, but they continue to under-perform and continue to suck up a lot of resources. “The government made a dictate that it will be pushing to achieve their sustainability and cost recovery but, unfortunately again, we’ve taken out a loan that we need to repay where a substantial amount has been used to pay other bills and prop these entities that are still not producing like they need to. “This process of getting

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THE TRIBUNE

BAMSI TARGETS EGG PRODUCTION THE Bahamas Agriculture & Marine Science Institute (BAMSI) is adding another item to this fall’s menu through eggs produced by chickens grown at the school. Dr Raveenia Roberts-Hanna, BASMSI’s executive director with oversight of its academic portfolio, said the latest addition to the farm’s animal division will permit an expansion of the syllabus and further enhance student knowledge and training in poultry science, as well bringing a nutritious twist to the school’s cafeteria offerings. BAMSI received 115 ISA brown chicks from the Ministry of Agriculture and Marine Resource’s layer programme in May. ISA Brown chicks are the commercial variation of the Rhode Island Red, and produce a brown shell egg. “The addition of the layers will support the diversification of BAMSI’s syllabus and training,” Dr Hanna said. “We currently teach animal science and production, so it’s now good to have all animals on the farm to support the practicals and hands-on training.” The eggs will be incorporated into the student meal plan for healthier and more economical meals. “They won’t have to purchase eggs for the cafeteria, plus the eggs provide students with an important niche for education, research and training,” Dr Hanna added. She said the eggs laid by the chicks will provide a sustainable supply of freerange organic produce, and allow students to witness the full growth cycle from

chick to mature layer to egg production. This is also in line with BAMSI’s objective of “we eat what we grow”. Where there is an excess of eggs, Dr Hanna added, they will be sold in the community. As a result of the layer programme, BAMSI said it is now in a position to offer additional short courses and training in poultry farming and care. The farm further plans to diversify its animal division in the coming months to include pigs and rabbits. Dr Ashton Stanley, an animal scientist with BAMSI, will lead care of the chicks. Andrew Pinder, assistant director of agriculture, Ministry of Agriculture and Marine Resources, said the layer programme is part of the ministry’s food and emergency response to COVID 19. This initiative, which includes a Backyard Gardening programme, a hydroponics programme and a land clearance project, aims to increase the availability of locally-produced foods. “One of the reasons we selected table eggs is because we wanted to expand a protein source that can be sustained. The ministry is looking at bringing in roosters so you can incubate eggs and complete the cycle,” he said. “Some farmers are already doing that – breeding eggs and hatching out those eggs. “So we hope that BAMSI will familiarise students with that process - purchase an incubator, breed hens and be a supplier of chicks to farmers in Andros and other islands. We want to see it get to the point

where it is sustainable and see the full cycle, so we are also looking at bringing in hatchable eggs and putting them in a hatchery. “Table egg production can be expanded to include breeding and producing fertile eggs. The fertile eggs are incubated to produce chicks. Some participants in the programme have developed a vertical operation producing a variety of poultry chicks. This is a sustainable model.” Mr Pinder said the ministry’s role is to facilitate the distribution of baby chicks (layers) to persons who are currently in table egg production, as well as persons interested in getting involved. The ministry provides, at no cost to the participant, chicks, feed for birds up to 26 weeks of age, bedding, vitamins and electrolytes. A number of schools, including BAMSI, are currently participating in the programme, and have also received feeders and special water jugs. The ministry has provided technical assistance. Among those targeted for the programme were farmers, backyard gardeners and schools. The ministry sought to expose students, in general, and those on the Family Islands and in rural communities, to layer production. “The idea was to assist the growth of the birds through providing feed and technical assistance. Everyone is in a chat and it allows participants to gain support from others,” Mr Pinder said. “Individuals are also required to fill out a weekly report which feeds into a database with the results

reflecting the impact of the birds on the community.” Phase one of the layer programme began in June 2020 with some 12,000 chicks delivered to farmers and other participants across The Bahamas, including on New Providence, Grand Bahama, the Berry Islands, North Andros, Eleuthera, Cat Island, Mayaguana, San Salvador, Ragged Island and Crooked Island. Phase two of the programme began in March 2021 and features some 20,000 birds. The programme has so far yielded some success, with one farmer in Grand Bahama providing eggs to a large food store on the island and also shipping eggs to major hotel chains in New Providence and Exuma. “At the outset [of the programme] persons complained that they couldn’t sell the eggs because they felt like they couldn’t compete with the price of eggs in the food store, but some persons appreciate fresh eggs,” Mr Pinder said. “We hope that they will come together as an association or cooperative and market their eggs, and try to take advantage of government’s policy of purchasing 70 percent of inputs from local suppliers.” He encouraged farmers to target agencies such as the Princess Margaret Hospital (PMH), Sandilands and the Department of Corrections for customers for the eggs, noting that some farmers have had success with local food stores where persons have indicated a willingness to purchase fresh, locally produced eggs

LAYER chickens at BAMSI facilities. – which can range in price from $3.50 to $6 per dozen. Lennie McDonald, BAMSI’s farm administrator, has been preparing for the arrival of the chicks. “A 60 x 20 chicken house has been constructed, and we are in the process of building some laying trays and getting ready to install the water bins for them to drink water. The free-flowing system will use five-gallon water bottles. We have also purchased four feeder boxes,” he said. “We had a lot of materials on hand, but we got a few more things to protect them from the rain, including a plastic ground covering that is used in the aquaponics centre.” Mr McDonald said the chicks will likely only use about a quarter of the large

building at first, before an increase in numbers fills out the space. He added that while some feed came with the birds, BAMSI has already sourced more to supplement and support the chicks as they grow. “We are on our way. By the end of the week they can be moved from the present holding location to the actual house we constructed, which is near the aquaponics centre, and makes it easy to access and operate because they will need to be provided with lights and a permanent water source,” Mr McDonald said. “We’re excited to move into poultry production and to see how we can produce these chicken eggs. Going forward, this is going to be something bigger for BAMSI.”

BTC’S FIBRE ROLL-OUT TO LANDFILL OPERATOR SUPPORTS BLOCKCHAIN FOR STUDENTS BENEFIT 700 FAMILIES THE Bahamas Telecommunications Company (BTC) says 700 families in Flamingo Gardens will enjoy an enhanced Internet experience when it completes its fiber-to-the-home roll out in the area later this month. André Foster, pictured, BTC’s chief executive, said: “We are committed to keeping our customers and our communities connected, and that’s why we’re continuing to invest in the best technology for our customers - one neighbourhood at a time. Our goal is to deploy fibre to a minimum of 25,000 homes this year. By providing unmatched speeds, we are truly transforming our customers’ lives with tremendous value and convenience. “Flamingo Gardens residents will enjoy an elevated Internet experience, with the ability to combine their landline, Internet, mobile and television services at one low, flat monthly rate and on one bill. The reaction from the public has been fantastic thus far, and we have a lot of families wanting to get connected.” BTC said it anticipates the Flamingo Gardens rollout will be fully completed

in the coming weeks. Its sales team has already started to upgrade customers in the community. “BTC is the only provider, giving you a true fibre-tothe-home experience. Every fibre customer benefits from a minimum of 100Mbps (megabits per second) and up to 600Mbps,” Mr Foster added. “Our fibre product provides all the speed our customers need, and there is no need for customers to purchase additional equipment to enhance their Internet speeds. Overall, our bundles provide unmatched value which far surpasses any broadband bundled package offered anywhere in the country.” BTC said customers can receive 50 percent off their existing broadband plan for a limited time, while enjoying unlimited talk, text, data and roaming when signing up for a so-called ‘Plus Bundle’. Customers will also receive a free tablet or up to two free mobile devices. BTC’s Neighbourhood Connect sales activities continue in several communities, including Tropical Gardens, Elizabeth Estates and Eight Mile Rock.

THE New Providence landfill’s operator is sponsoring the Bahamas Blockchain Business School, a virtual educational experience for students interested in emerging technologies and artificial intelligence. “We are committed to helping build science, technology, engineering, and math (STEM) skills in The Bahamas’ future innovators, and are proud to support Bahamas Blockchain Business School and the tangible ways they are providing opportunities for learning and advancement in this field,” said Felix Stubbs, the New Providence Ecology Park’s (NPEP) chairman. Bahamas Blockchain Business School was launched in 2019, with the aim of bringing virtual learning – webinars and e-learning courses - within

THE NEW Providence Ecology Park (NPEP) donated $2,500 to the Bahamas Blockchain Business School to support its mission of providing virtual education for digital learners. Pictured from left: Jaime Strachan, human resources and administration manager, NPEP; and Darius Ferguson, mentor, Bahamas Blockchain Business School. Photo: Fusion IMC reach of students in underserved communities. Event creator, Rhonda Eldridge, said the organisation wants to “put a dent in the widening digital divide invariably impacting low income families in The

Bahamas and globally”. The Bahamas Blockchain Business School has launched in five countries – The Bahamas, the US, the Cayman Islands, Jamaica, and the Turks & Caicos – and has donated

more than 300 data-enabled devices to students and families in low-income communities. The 2021 programme, which runs from August 1 to August 13, includes numerous digital events and workshops centered around four pillars: • Plug-in to local coding academies in our participating countries • Future of Work workshops • Blockchain Hodl – online courses and interactive educational sessions • A three-day conference on blockchain and other emerging and innovative technologies More than 150 students have registered for Bahamas Blockchain Business School’s 2021 courses and events, accessible digitally throughout the five participating countries.

Tourism in second virtual Junkanoo summer festival THE Ministry of Tourism yesterday said it is preparing to host its second Virtual Junkanoo Summer Festival (JSF) over three consecutive Saturdays

on August 14, 21 and 28. The virtual festival will air on TourismTodayBahamas’ Facebook page, and will feature all things Bahamian in a bid to share

generational knowledge on customs, traditions and local delicacies as well as enlightening viewers on the art and history of Junkanoo. The Ministry said the virtual event will help to keep Bahamians safe while preserving the country’s cultural heritage. Since its inception in 2015, Junkanoo Summer Festival has grown significantly and gained popularity. It has been expanded to include additional authentically Bahamian talents. This year’s talent lineup features Ira Storr and the Spank Band; Geno D; Lady E; and Veronica Bishop. The event will also be hosted by Bahamian singers and songwriters,

Dyson and Wendy Knight, and will end with a live Junkanoo performance. “We’re extremely proud and excited to bring this unique cultural event to residents and visitors,” said Charity Armbrister, director of cultural and authentic events at the Ministry of Tourism and Aviation. “We love showcasing the many talented Junkanoo groups here in The Bahamas, and those who have made it their life’s commitment to preserve our culture. The Ministry is pleased to bring more attention to the wonders of The Bahamas, especially since the unexpected invasion of the COVID-19 pandemic.”

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Wednesday, August 11, 2021, PAGE 3

Restaurants frustrated Morton Salt redundancies over curfew extension vital to sustaining Inagua By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RESTAURANTS yesterday voiced frustration that the government’s curfew extension has slashed trading time by another hour as they blamed the latest COVID-19 case surge on persons breaching health protocols. Peter Maury, owner of the Green Parrot and Margaritaville restaurants, told Tribune Business the government’s latest curfew extension - in addition to the one previously - will collectively cut opening times by two hours during evening trading that is critical for businesses such as his. He said: “I just don’t know what to say any more. I mean, if you look at the people going into the hospital and everything else, it is just ridiculous. It’s just insane that people aren’t taking precautions and putting the rest of us all at risk.” “The additional hour on the curfew doesn’t help, but I can understand that the medical community and law enforcement must be disappointed, because it’s a year later and they are all tired. “There is just no winning. You have people who are exasperated with the lack of concern for the safety

Software provider sees Customs crash boost By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN software company yesterday said business activity in Freeport has picked up ever since Customs’ electronic system for clearing goods was rendered inoperable. Clyde Symonette, managing director of Information Specialists Ltd (ISL), told Tribune Business: “Business has been going really well for us despite a number of commitments that backed out due to COVID-19 because their business was impacted. But, of course, some seeing the opportunity to automate, which would reduce their overall operational costs, decided to proceed.” Referring to the crash of the Electronic Customs Automated Services (eCAS) system in Freeport, Mr Symonette said he has been acquiring numerous Freeport customers even though there is no longer an electronic portal to work with until Customs Electronic Single Window (ESW) or Click2Clear launches on September 1. Mr Symonette said he pioneered the Single Window Management (SWIM) software in 2019

protocols, because why would you purposely have a mass gathering knowing that it is basically large events that’s causing all of this. For them it’s like managing a bunch of children.” Michael Carey, owner/ operator of Conch Hill, added: “I don’t think removing an hour from the curfew will do anything. The biggest problem is the people who are breaking the rules, because there are a lot of places that are closed halfway and are allowing people inside.” Speaking of a restaurant and bar not far from his establishment, he said: “On Sundays they operate like there are no restrictions or curfew. The cars are lined off outside and everyone is inside just partying away, so I don’t think moving the curfew to 9pm from 10pm will make a difference.” They spoke out after Dr Hubert Minnis announced on Monday that curfew hours for New Providence, Paradise Island and Grand Bahama will extend from 9pm to 5am as of today, meaning they will start one hour earlier. As for mainland Exuma, mainland Abaco, and North and South Eleuthera, including Harbour Island, the curfew last from 10pm to 5am. The Bahamas Chamber

of Commerce’s chairman yesterday said she is working with nightlife businesses and entrepreneurs during the COVID-19 curfew restrictions. Krystelle Rutherford-Ferguson told Tribune Business: “My members would love to operate their businesses without restrictions. However, we acknowledge this recent surge in new COVID-19 cases, which must be brought under control. “We further acknowledge that current restrictions call for a balance of protecting health, safety and livelihoods while allowing commerce. Without a doubt we look forward to the full resumption and operational capacity of businesses as they navigate the most recently-announced temporary restrictions.” Mrs Rutherford-Ferguson, responding to a question from this newspaper on the restaurants and nightlife businesses that have been negatively impacted since last March, said: “There will be pressure on them because it does impede their ability to operate, and we continue to have conversations behind the scenes to advocate for all of the business community because we represent everyone.”

in response to companies that were having difficulties adjusting to Customs’ Click2Clear document upload features. He added: “You don’t need an electronic Customs portal to use SWIM. SWIM is designed be compatible with the C-14, where you can submit to the eCAS - assuming that eCAS is available - and, if not, you can submit to the single window. So SWIM is a tool that bridges that gap between all of them. SWIM is just a sample report you can print out manually or submit it straight to an electronic portal.” Importers in Freeport have been lamenting the loss of the eCAS system because they now have to submit manual declaration forms to clear shipments, which is proving to be time consuming and costly. Orders have been held up for three days or more as Customs works through the transition from the eCAS to the Click2Clear, which was supposed to have been completed in July but is now scheduled for September 2021. Mr Symonette said: “We’ve gotten a few calls from prospective clients regarding the SWIM in Freeport because the eCAS has fallen apart, and they need to submit the information. So we have a number of prospective clients as well as we had a few installations as a result.”

Nearly $70m of IMF’s $250m went to SOEs FROM PAGE ONE the SOEs in line will be one of the biggest the country will face in the coming years. We cannot push them off. With the amount of debt they are carrying, I don’t think many are an attractive proposition to be privatised. The government wants to make them financially sustainable, but that process has to be above board.” Describing the Office of the Auditor General as “right on target”, given that SOEs financial information has historically not been available or there has been “a more opaque approach to disclosure”, Mr Aubry added: “We need more transparency to understand how we will make these entities more sustainable or revenue-generating. “They have to generate their own revenues, and with everything the government has to deal with post-COVID, it’s harder to make the argument to prop them up. We’re taking future resources and propping them up even though they are not generating sufficient revenue.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MORTON Salt yesterday said the imminent 24 redundancies were necessary to sustain the commercial viability of its Inagua-based facility. The salt harvester, in a brief statement to Tribune Business, said: “This is not a decision we took lightly, but after a comprehensive evaluation of our facility’s recent operating efficiency and production levels, the staff reduction was necessary to sustain the long-term viability of our Inagua facility, where we have operated since 1954.” Morton Salt informed Dion Foulkes, minister of labour, of the imminent redundancies in an August 6, 2021, letter that has been obtained by Tribune Business. Vivian Moultrie, the Inagua-based salt harvester’s operations manager, confirmed that 18 line staff and six managerial staff will be impacted, eight of whom have been with the company for 40 years or more. Another five have been employed for between 35-39 years, with the longest serving racking up 46 years. The redundancies were justified on the basis that available work had “diminished” while there were no

MORTON Salt plant on Inagua. other roles the impacted employees were capable of performing. Mr Moultrie, revealing that the redundancies are set to take effect from August 23, 2021, said: “As a result of the prevailing circumstances, particularly those associated with the current plant efficiencies, it is necessary to make the employees redundant as the requirements of Morton Bahamas for employees to carry out the work done by the employees have diminished and are not expected to return for the foreseeable future. “Further, we are able to confirm that efforts towards reassignment have been made to the greatest extent possible, and that there are currently no other positions within Morton Bahamas which require filling or to which the employees’ experience and skill set would be relevant. “Outside of the employees, Morton Bahamas does not intend to make any

other employees redundant at this time. In accordance with the Employment Act, should Morton Bahamas have cause to recruit employees in roles relevant to the employees within the ensuing 12 months, the employees will enjoy priority in this selection process.” Those impacted range from maintenance and production supervisors to equipment operators, mechanics, technicians and plant operators. Morton Salt had signed a fiveyear industrial sgreement with the Bahamas Industrial Manufacturers & Allied Workers Union (BIMAWU) in 2019, following months of union unrest and mass sickouts. Operations in Inagua, even in the face of the COVID-19 pandemic and the plant operating under curfew restrictions for a brief period, never closed down at any time despite those restricted hours.

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Watchdog kept at bay on COVID contract owners FROM PAGE ONE

a “shell” company or special purpose vehicle (SPV) to compete for government contracts without anyone being aware as the beneficial ownership details remain concealed. Although annual company returns filed at the Registrar General’s Office can disclose the names of shareholders and/ or directors, they are frequently concealed by the use of nominee entities or persons such as attorneys. The Office of the Auditor General’s report is likely to trigger fresh scrutiny and political controversy.

The opposition Progressive Liberal Party (PLP) has claimed that the government is in breach of the Emergency Powers (COVID-19 Pandemic) Regulations because it has failed to submit a report to Parliament on the “expenditures, suppliers for the goods and services procured, and the reasons those suppliers were chosen”. The disclosure requirement is in Section 11.2 of the regulations. Philip Davis, PLP leader, said at the time: “Twice the proclamation of emergency has expired – at the end of June and in November - and neither time did you comply

with that requirement,” he said. “Neither time. You are in breach of the law, sir. Why? What do you not want the Bahamian people to know about how you are operating behind closed doors? “Which expenditures and which suppliers are so controversial that he cannot disclose them to the public, as he is so required? Perhaps we shouldn’t be surprised. Every promise ever made to the Bahamian people about accountability is sitting in the dustbin.” Meanwhile, the Office of the auditor general said Bahamian law also restricts the disclosure of beneficial ownership

THE TRIBUNE information based on an opinion it received from the Ministry of Finance’s legal unit. This opinion, which was attached to the report, said it was “suitable” to publish the name of a company awarded a government contract and details such as its shareholder register - but only if the latter is “publicly available”. The Register of Beneficial Ownership Act gives the government no authority to disclose “beneficial ownership information in relation to the tendering process”, while the Data Protection Act is another barrier to its release. “There is no law which imposes mandatory disclosure of beneficial ownership information on the government,” the Office of the Auditor General added. The Act restricts access to beneficial ownership details to law enforcement agencies and financial services regulators for purposes of responding to overseas legal requests, and any unauthorised disclosure is treated as a breach of privacy/confidentiality. Nevertheless, the Office of the Auditor General recommended “addressing the beneficial ownership disclosure in terms of advancing and strengthening good governance”. It also called for “harnessing accountability in public procurement and financial affairs”, and “further strengthening good corporate governance of all legal entities doing business in the country”. Research by Tribune Business reveals the beneficial ownership nondisclosure potentially places The Bahamas in non-compliance with one

of the promises/commitments it made to the IMF in return for receiving the $250m low-cost loan based on the special drawing rights (SDRs) it had available with the Washington DC based organisation. The letter submitted by The Bahamas to the IMF, which was co-signed by then-finance minister, K Peter Turnquest, and Central Bank governor, John Rolle, pledged: “We will publish procurement contracts of crisis mitigation spending, including beneficial ownership information of companies awarded procurement contracts, report quarterly on COVID-19 mitigation spending, and such spending will be audited by the auditor general in accordance with international best practice within nine months of the end of the fiscal year, and auditing results will be published on the government’s website.” The IMF, in response, noted the same legal difficulties involved in accomplishing this.”Although The Bahamas has a beneficial ownership definition and mandates registered entities to provide such information, it is not clear that such information is required in the bidding process. As such, beneficial ownership information of companies awarded COVID-related contracts is not published,” it added. “The authorities are collecting the relevant information and developing the website for publishing crisis-related procurement contracts. The authorities want to publish all fiscal year 2019-2020 contracts at once and thus are

waiting until all information is collected. They are also working on the web design.” Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, yesterday told Tribune Business it was “critical” that Bahamians know who was awarded contracts to provide goods and services to the government during a “disaster” such as COVID or Hurricane Dorian. Suggesting that it would be “a huge statement” for accountability and transparency in The Bahamas, he added that the Office of the Auditor General’s report again indicated that this nation was “not aligned with modern expectations” on the issue. Noting that Bahamian companies and non-profits “have had to jump through hoops” to comply with the Register of Beneficial Ownership Act, Mr Aubry said: “The fact locals want to know who has been given these contracts, and who the recipients are, particularly during a disaster such as Dorian and COVID-19 is critical. “Citizens not only have a right but an expectation of that. Government monies are being utilised in a more significant way to prop up the country and being as transparent as we can possibly be is where we should aspire to. It makes a huge statement that allows for the kind of transparency that underpins public procurement laws, which is something the Integrity Commission Bill speaks to in terms of more modern openness and accountability.”

Super Value chief seeking to avoid ‘perfect storm’ FROM PAGE ONE scientific basis” for extending the New Providence curfew by one hour to a 9pm start and called for a greater enforcement crackdown on those not following the COVID-19 health protocols. “In my opinion I would have hoped by now we would have learnt that curfews, lockdowns, things of that nature are not the answer,” he argued. “I think enforcing the protocols is very important. I drive around town every day and see they are not being enforced. We should focus on enforcing the existing protocols and making sure people live safe lives.”

BEN ALBURY Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour director, said the prime minister was trying to balance health and saving lives with reopening the economy and preserving livelihoods. “I think he’s being very honest with us,” he added of Dr Hubert Minnis.

“In fairness he’s trying to keep the economy open, so he’s walking down two lanes in trying to protect people’s health but, on the other hand, keep the economy open. I was concerned he might shut some things down, but he said let’s be responsible, keep people employed and get vaccinated.”

THE TRIBUNE

Wednesday, August 11, 2021, PAGE 7

NAD’s private aviation levy ‘a slippery slope’

‘Catastrophe collision’: No COVID mitigation without IMF’s $250m

FROM PAGE ONE

“In June 2020, VAT revenue is down by $94.76m, an equivalent to a 77 percent decline over the prior year, same month,” the Office of the Auditor General

NAD proposal as “discriminatory against smaller planes and general aviation”. They also branded it as “drastic and baseless”. Mr Gardner, meanwhile, told Tribune Business: “I saw that last night. I think the analysis is flawed for a number of reasons. I saw a few things in there that are fundamentally incorrect, in my opinion, and I was going to prepare a response to that pointing out where I see the discrepancies in what was presented. “It’s death by 1,000 cuts. Any time you raise fees, nobody is happy. I need more time to review it in detail. Will it affect general aviation? Any time you raise fees it has an effect. Whether it’s a fraction of one percent, one hundredth of one percent or ten percent, I can’t tell you, but it certainly won’t be well received. Any time you raise fees, it’s not good. “I’m sure they’re [NAD] hurting for money because of COVID. They don’t have the same commercial passenger revenue. General aviation is always an attractive target. It is always an easy prey. When you need money you go after them.” Private aviation and pilots are one of the tourism niches that rebounded most swiftly from the COVID-19 pandemic. With a customer base consisting largely of higher net worth individuals who spend more money in The Bahamas, the ability of private planes to visit Family Islands where there are no commercial aviation facilities also helps to spread the wealth. While some observers will likely argue that such passengers will easily be able to afford and absorb such a fee, Mr Gardner said: “What people fail to realise, and I’ve seen this process in many, many states, is the economic impact of general aviation passengers is orders of magnitude greater than commercial airline passengers. “If you are interested in the economic impact of tourism you have to look at things differently as opposed to trying to make the numbers work for a private airport operator. If you make it less appealing for them to come, the economic downside is disproportionate. “The country is an archipelago. The airlines cannot

service all the airports. General aviation is a perfect fit for The Bahamas,” Mr Gardner added, “because it brings its own transportation. It’s not dependent on the commercial airlines to provide lift to Deadman’s Cay, Sandyport and New Bight, all the destinations that don’t have a commercial airport. “All they need is a nice runway. They don’t care about a nice terminal, duty free shopping and retail. All they [private plane passengers] want to do is get from the plane to the seat of the taxi in the quickest and most expedient manner possible.” And Mr Gardner, citing the example of Costa Rica, said: “When you try to single out general aviation as a means of subsidising, whatever you want to call it, you have to be careful because I have previously seen general aviation traffic to destinations where they raised fees drop-off. It’s a slippery slope. “I am worried about the country. As a Bahamian flying ambassador I worry about driving tourism to The Bahamas so the restaurant owner, the taxi driver and the fishing boat captain.... the people that live off this tourism enjoy the economic benefits. I’ve seen this approach in too many countries and I’m worried.” NAD, in justifying the new fee, said: “LPIA typically has a mix of both commercial traffic (approximately 60 percent of landings) and general aviation or private aircraft traffic (approximately 40 percent of landings) operating from the airport. “Notwithstanding the significant percentage of general aviation landings, revenue attributable to all general aviation operations at the airport accounted for an average of only 11 percent of total aeronautical revenue respectively in financial year 2018, 2019 and 2020 (excluding NAD’s passenger facilities charge). “General aviation’s average contribution inclusive of the passenger facility charge was 3.29 percent for financial year 2018, 2019 and 2020,” the airport operator added. “The majority of aeronautical revenue comes from commercial passenger fees (61 percent) and commercial landing fees (24 percent).

“Presently, no passenger fees are assessed to general aviation (non-commercial) passengers. Passenger fees typically go toward capital and other airport improvements and to support the airport’s debt service obligations. “With the implementation of a general aviation airport improvement fee, general aviation operations will begin to contribute a fairer share of the revenue required for the capital improvements, maintenance and debt servicing of the airport.” Turning to how the fee income generated will be used, NAD added: “The proposed AIF fee will be used to assist the funding of planned investments at the airport. At this time, it is anticipated that some $30mwill need to be invested in airside infrastructure improvements inclusive of pavement surfaces and lighting among other needs. “Asphalt has a life of 20 years and as such fees implemented should cover these capital costs in part over that period. The increase in general aviation revenues is meant to fund needed major construction projects to better serve general aviation passengers and reduce their delay impact on commercial flights and passengers.”

FROM PAGE ONE

NOTICE International Business Companies Act No.45 of 2000

Astaris Wealth Management Co. Ltd. (the “Company”)

NOTICE is hereby given that SAINTCYR JEAN OSTAIS, of Ocean Street, Golden Gates #1, P.O. Box SB-52944, 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 11th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

www.bisxbahamas.com

BISX ALL SHARE INDEX:

CHANGE

1956.99

-21.10

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Silver Solutions Corp. is in dissolution as of August 6. 2021. International Liquidator Services Ltd. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

%CHANGE

YTD

YTD%

-1.07 -135.47

-6.47

(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

1.00

1000.00 1000.00 1000.00 1000.00

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

52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.31 100.49 100.95 100.53 100.30 100.62 100.70

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.04 100.00 100.95 100.29 100.05 100.62 100.46

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited 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 BGRS81037 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 2.51 1.35 6.00 6.97 3.25 5.99 2.74 5.95 9.80 2.51 7.75 11.41 9.55 14.00 3.99 8.35 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

CLOSE 6.50 39.95 1.60 2.39 1.36 6.00 6.97 3.25 5.40 2.74 5.95 9.80 2.54 7.75 11.45 9.55 13.10 3.99 8.35 15.50

CHANGE 0.00 0.00 0.00 (0.12) 0.01 0.00 0.00 0.00 (0.59) 0.00 0.00 0.00 0.03 0.00 0.04 0.00 (0.90) 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 BSBGRS810375 BSBGRS880378 BSBGRS630211 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.58 100.03 100.19 100.27 100.05 100.62 100.72

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.53) 0.00 0.00 0.00 0.00 0.00 0.00

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

In Voluntary Liquidation

Deepak Kumar Gupta Liquidator

TUESDAY, 10 AUGUST 2021

CORPORATE DEBT - (percentage pricing)

SILVER SOLUTIONS CORP.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Astaris Wealth Management Co. Ltd. (IBC No. 133940 B) 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 22nd day of July 2021.

MARKET REPORT

1.00 10.00 1.00

NOTICE

the increased fiscal needs and addressing the $250.9m recurrent budget deficit in June 2020. Accordingly, the additional financing was needed.” With almost $2m provided to the National Food Distribution Task Force before the 2019-2020 fiscal year ended, the Office of the Auditor General called for the “food debit management card” to be digitised.

To advertise in The Tribune, contact 502-2394

NOTICE

PREFERENCE SHARES

LEGAL NOTICE

found. “Hence the $250m IMF borrowing support for COVID-19 related transactions is noted. “In comparison to the $307.68m VAT revenue generated in the fourth quarter of 2018-2019, the $136.66m collected in 2019-2020 resulted in a substantial decline of $171m.... The debt financing of the $250m IMF loan assisted the government in addressing

VOLUME

43,520 2,700

1,000

1,500 900

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

3,317

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 38.6 14.9 13.3 13.6 24.9 16.6 17.7 13.1 16.1 19.7 8.9 24.6

YIELD 2.62% 3.15% 1.25% 1.26% 0.00% 0.00% 3.73% 0.00% 0.00% 4.38% 3.70% 7.35% 17.09% 0.77% 2.86% 2.51% 4.12% 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% 4.87% 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 26-Jul-2037 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

LIQUIDATOR ______________________ 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, Wednesday, August 11, 2021

THE TRIBUNE

CHINA RECALLS LITHUANIA AMBASSADOR IN ROW OVER TAIWAN OFFICE BEIJING Associated Press

CHINA yesterday recalled its ambassador to Lithuania and expelled the Baltic nation’s top representative to Beijing over the country’s decision to allow self-governing Taiwan to open an office in Lithuania under its own name. Beijing claims Taiwan as its territory without the right to diplomatic recognition, although the island maintains informal ties with all major nations through trade offices that act as de facto embassies, including in the United States and Japan. Chinese pressure has

reduced Taiwan’s formal diplomatic allies to just 15. Taiwan, meanwhile, protested yesterday to the administration of the Venice Film Festival after its entries were credited as coming from “Chinese Taipei”, under what it said was pressure from China. The term is often used in other countries in order not to offend Beijing. Taiwan and Lithuania agreed last month that the office in the capital Vilnius — set to open this fall — will bear the name Taiwan rather than Chinese Taipei. The Chinese Foreign Ministry statement called on Lithuania to “immediately rectify its wrong decision,

take concrete measures to undo the damage, and not to move further down the wrong path.” The statement referred to “potential consequences” for Lithuania if it allowed the office to open, but gave no details. “We also warn the Taiwan authorities that ‘Taiwan independence’ is a dead end and any attempt at separatist activities in the international arena is doomed to fail,” the statement said. The Lithuanian Foreign Ministry expressed regret over China’s actions, and stressed that while respecting the “one China” principle, it stands ready to

develop mutually beneficial ties with Taiwan, just as many other countries in the world do. Taiwanese Foreign Ministry spokesperson Joanne Ou saluted what she called Lithuania’s “firm will to defend the concept of national dignity and freedom”. “The two sides will continue to strengthen exchanges in various fields on the basis of universal values such as democracy, freedom and human rights,” Ou said. In Washington, US State Department spokesman Ned Price condemned what he called China’s “coercion” and said all countries

should be free to determine how to handle relations with Taiwan without Beijing’s interference. “We do stand in solidarity with our NATO ally Lithuania and we condemn the PRC’s recent retaliatory actions, including the recall of Beijing’s ambassador to Vilnius and demanding Lithuania recall its ambassador to Beijing,” Price told reporters. “Each country should be able to determine the contours of its own ‘One-China’ policy without outside coercion.” Separately, organisers of the Venice Film Festival were urged to to designate the island’s submissions as coming from Taiwan, said

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 76° F/24° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

A shower or two; breezy in the a.m.

Partly cloudy with a few showers

Breezy; afternoon showers

A little rain from tropical storm

A gusty t‑storm in the a.m.; breezy

Sunny intervals, t‑storms possible

High: 90°

Low: 80°

High: 90° Low: 79°

High: 89° Low: 79°

High: 89° Low: 80°

High: 90° Low: 79°

AccuWeather RealFeel

99° F

86° F

100°-82° F

96°-82° F

98°-88° F

100°-87° 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: 82° F/28° C

6‑12 knots

High: 90° F/32° C Low: 80° F/27° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 81° F/27° C

E S

WEST PALM BEACH

uV inDex toDay

THURSDAY

| Go to AccuWeather.com

TONIGHT

High: 92° F/33° C Low: 78° F/26° C

High: 89° F/32° C Low: 79° F/26° C

MIAMI

High: 91° F/33° C Low: 81° F/27° C

6‑12 knots

KEY WEST

High: 90° F/32° C Low: 83° F/28° C

High: 90° F/32° C Low: 80° F/27° C

High: 88° 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

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

Monday

2:17 a.m. 3:06 p.m.

2.7 3.3

8:34 a.m. 9:37 p.m.

0.4 0.9

Tuesday

3:23 a.m. 4:12 p.m.

2.6 3.3

9:37 a.m. 0.4 10:45 p.m. 0.8

sun anD moon Sunrise Sunset

6:42 a.m. 7:48 p.m.

Moonrise Moonset

9:32 a.m. 10:11 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

8‑16 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/26° C Precipitation As of 2 p.m. yesterday ................................. 0.79” Year to date ............................................... 13.26” Normal year to date ................................... 21.34”

ELEUTHERA

NASSAU

Kendra Chen, deputy director of the Foreign Ministry’s Department of European Affairs. They appear as Chinese Taipei on the festival’s website. Taiwan’s diplomats will maintain contact with organisers and use multiple channels to “continue to fight to ensure our submissions do not come under attack and that our sovereignty is not compromised,” Chen told reporters at a news conference. Along with intensifying diplomatic pressure, China has stepped up threats to bring Taiwan under its control by dispatching fighter jets and warships around the island.

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: 88° F/31° C Low: 82° F/28° C

LONG ISLAND

tracking map

High: 87° F/31° C Low: 80° F/27° C

8‑16 knots

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

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 86° F/30° C Low: 80° F/27° C

High: 87° F/31° C Low: 81° F/27° C

GREAT INAGUA High: 89° F/32° C Low: 79° F/26° 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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS E at 7‑14 Knots ENE at 8‑16 Knots NE at 7‑14 Knots ENE at 7‑14 Knots ENE at 8‑16 Knots ENE at 8‑16 Knots NE at 8‑16 Knots ENE at 15‑25 Knots ENE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots ENE at 7‑14 Knots NE at 8‑16 Knots ENE at 8‑16 Knots NE at 8‑16 Knots NNW at 8‑16 Knots ENE at 8‑16 Knots ENE at 10‑20 Knots ENE at 8‑16 Knots ESE at 12‑25 Knots ENE at 7‑14 Knots ENE at 7‑14 Knots NE at 8‑16 Knots NE at 8‑16 Knots NE at 8‑16 Knots E at 8‑16 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 2‑4 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑6 Feet 4‑8 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 10 Miles 9 Miles 10 Miles 9 Miles 10 Miles 7 Miles 9 Miles 9 Miles 10 Miles 9 Miles 8 Miles 7 Miles 10 Miles 7 Miles 9 Miles 9 Miles 10 Miles 8 Miles 9 Miles 9 Miles 8 Miles 10 Miles 10 Miles 9 Miles 10 Miles 10 Miles

WATER TEMPS. 86° F 86° F 87° F 87° F 86° F 86° F 85° F 85° F 86° F 86° F 89° F 89° F 87° F 87° F 85° F 85° F 85° F 85° F 84° F 84° F 87° F 87° F 85° F 85° F 86° F 86° F