08122020 BUSINESS

business@tribunemedia.net

WEDNESDAY, AUGUST 12, 2020

$3.98 Jobless Bahamians fume at thirdparty benefits provider

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net IRATE jobless Bahamians have blasted a third-party digital payments provider for its failure to provide them with muchneeded benefits and income support amid the COVID19 crisis.

Island Pay’s Facebook page has been inundated with postings by angry Bahamians claiming they have yet to receive benefits from the government-financed extension to the 13-week unemployment benefit initiative in their bank accounts.

These payments were supposed to have been facilitated by Island Pay’s digital wallet, in an effort to speed up the payment process and avoid the National Insurance Board (NIB) becoming overwhelmed by the volume of claimants as a result of COVID-19’s economic fall-out.

However, the evidence suggests that the possibility of a second nationwide lockdown was not considered by Island Pay. Two of its three kiosks are located at entities which have been forced to close by the government, while the third is not working, meaning Bahamians cannot access their benefits there.

Island Pay promised on its Facebook page that it was trying to install more kiosks at “essential services” businesses this week, so NIB claimants can have ready access to their funds.

However, it also appears that the provider had failed to establish the necessary relationships with Bahamian commercial banks so funds could be transferred to persons’ accounts, as it admitted in one posting it was still working to tie down an arrangement with Scotiabank (Bahamas).

None of this sat well with jobless Bahamians eager to gain income support for themselves and their families. One person posted on Facebook: “I sent some of my funds to my acc (account) and en (I haven’t) seen it yet....

“All y’all machines we have no access to...We are being charged for every transfer but yet still can’t send all at once. ..This is awful service really....”

Island Pay responded to this customer by saying: “Good day. We are working hard to add more kiosks that will stay open during the lockdown.”

Island Pay also said on their Facebook page: “The lockdown required us to close our locations temporarily.” Island Pay has kiosks at Colina, Village Road; Crew Pub, East Street North; and Superwash, Carmichael Road West.

Another customer, however, said: “I need to be able to send all of my money one time and not separately.

Y’all done charging $2.24 for each transaction so that means I gotta break up the

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$3.98

$4.03

Bahamas confronts ‘Sir Stafford Sands moment’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

C

OVID-19 has created “a Sir Stafford Sands moment” for The Bahamas to transform its economy and “leap” into the 21st century, an exCabinet minister argued yesterday.

Alfred Sears QC, a former attorney general, told Tribune Business that the country needed to seize a once-in-50-years opportunity to overhaul its economic “architecture” for the new global realities it will face in a post-pandemic world.

Suggesting that The Bahamas has “a fantastic opportunity to develop a number of niche industries” using its proximity to the US, including the creation of an aviation hub, farming, seafood harvesting and light manufacturing.

Mr Sears, who represents

• Ex-AG: COVID hands once-in-50-years chance • Calls for web shops to export services, games • Brands nation’s energy woes as ‘a disgrace’

SIR STAFFORD SANDS

ALFRED SEARS QC

a number of web shop operators, also argued that the government could “with a stroke of a pen” boost the country’s export earnings and its own tax revenues by allowing local gaming providers to accept foreign providers while licensing their games to third parties overseas.

While advocating a full embrace of the digital economy, the former attorney general acknowledged that the economic transformation he envisages will be impossible without reliable, lower cost energy and the greater penetration of renewable sources.

He also called for a “unity

government” to lead The Bahamas’ recovery from COVID-19, adding that neither of the two main political parties has a monopoly on the experience, expertise and ideas required for the task of rebuilding an economy and jobs where unemployment is presently at least 40 percent.

“It is imperative that we use this pandemic as an opportunity to realign our economy and our governance, and to build greater resilience and sustainability,” Mr Sears told Tribune Business. “In a nutshell, this is a fantastic moment for the Commonwealth of The Bahamas; an opportunity to do what Sir Stafford Sands did in the 1950s.

KEY government agencies that form The Bahamas’ commercial hub were yesterday urged by an exattorney general to rapidly “step up their game” in adapting to COVID-19’s digital business demands.

John Delaney, now principal at the Delaney Partners law firm, told Tribune Business that The Bahamas’ competitiveness and reputation as an international business centre could ultimately be undermined if the likes of the Registrar General’s Department did not significantly “fortify” their ability to facilitate commerce in a remote electronic environment.

While acknowledging that there would be minimal impact if the present COVID-19 lockdown lasted only a fortnight, Mr Delaney said it would become “quite concerning” if the

JOHN DELANEY present shutdown lasted for longer - as many persons expect - with the Registrar General’s Department only providing an online ability to incorporate companies, International Business Companies (IBCs) and other vehicles.

With international investors expecting The Bahamas to have long adjusted to

Business payroll relief gets $19.5m IDB funding boost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

return filings and payments of the necessary fees, the Registrar General’s Department also deals with the lodging and recording of real estate title deeds and associated lender mortgage security via its registry of records.

Without the recording of conveyances and mortgage loans, purchasers and lenders lack complete security over their investments. Yet Mr Delaney revealed that the registry of records is “closed for the period of lockdown”, thereby bringing any real estate deals that are still occurring to a potential halt or delay.

And, while the Companies Registry’s online portal is still open for incorporations,

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• Urges online ‘fortifying’ of key commerce hubs • Brands Registrar General ‘most challenging’ • Inland Revenue confirms operating remotely COVID-19’s fall-out, given that the country is now in its sixth month under the prime minister’s emergency powers, the former Senator argued that investments in the digital capabilities of all agencies would be “money well spent” as he warned: “The future is now.”

Based on his own experience, and that of his attorney team at Delaney Partners, Mr Delaney said the Registrar General’s Department - which has been the subject of several computer hacking and “intrusion” attempts since last year - was the “most challenging” government agency to deal with in the present lockdown.

Besides its Companies Registry, which handles company incorporations, name reservations, annual

K PETER TURNQUEST

SOME $19.5m in InterAmerican Development Bank (IDB) funding has been reallocated to payroll support for Bahamian businesses amid COVID-19, the deputy prime minister confirmed last night.

K Peter Turnquest told Tribune Business that the multilateral lender had approved switching funds previously earmarked for improving Bahamian workforce skills to the government’s expanded tax credit and deferral initiative.

“We decided we don’t need to proceed with that at this time,” Mr Turnquest said of the skills initiative, “given all the other needs so we requested those funds be reallocated and the IDB agreed, so we repurposed the funds.”

The move was confirmed by the IDB, which said in an August 6, 2020, document that $19.513m was being switched “to finance the support to vulnerable populations through the tax credit and tax deferral employment retention programme in industries affected by the coronavirus”.

Mr Turnquest added that the initiative had been “well taken up” by the Bahamian private sector during its first three-month run to end-June and the close of the 2019-2020 fiscal year.

“We believe it is having an impact in terms of helping to maintain some level of employment,” he said. “We will continue as long as we can. Right now we’ve extended it for a further three months.”

The government previously said the first round of the initiative saved 7,000 Bahamian jobs through providing businesses with $18m worth of COVID-19 relief via tax credits and deferrals.

Ex-AG: Govt agencies must ‘raise their game’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.00

Digital payments provider eyes 50k year-end users

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN digital payments provider yesterday said the COVID19 pandemic has helped it exceed first-year expectations “by almost 100 percent” as it targets 50,000 active users by 2020 year-end.

Keith Davies, Kanoo’s chairman and chief executive, told Tribune Business that while he “would never have wished COVID-19 on anybody” the circumstances created by the pandemic had produced an “exponential increase in demand” for the electronic payment services facilitated by the company’s app-based product.

• Beats first-year targets ‘by almost 100%’ • Kanoo chief: ‘Move faster’ on digitisation • Pandemic ‘accelerates’ transformation

KEITH DAVIES

Yet while the virus has accelerated The Bahamas’ transition towards the 21st century digital economy, Mr Davies warned that this nation must “move faster” and be more “aggressive in our approach to implementing digital solutions” for a wide range of consumers needs and problems - especially when it comes to accessing government services.

The Kanoo chief, who is also the Bahamas International Securities Exchange’s

(BISX) chief executive, said the company had already shown how it can assist in this area by providing “seamless” digital vouchers to persons enrolled in the Department of Social Services’ food assistance programme.

He added that it was fulfilling a similar service for non-profits and non-governmental organisations (NGOs), having issued 650 cards simultaneously through “the push of a button” to beneficiaries of

Hands for Hunger’s aid via their mobile phones.

Kanoo, Mr Davies, said had also “signed up a number of new merchants” seeking to use its digital platform to participate in the government’s National Food Distribution Task Force initiative, which according to the prime minister is now feeding 110,000 Bahamians - more than one quarter, or one out of every four, of the population.

Conceding that he did not have exact figures available, Mr Davies told this newspaper that Kanoo had “crossed over” in terms of both active user and merchant numbers, and now expected to

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PAGE 2, Wednesday, August 12, 2020

THE TRIBUNE

Ex-AG: Govt agencies must ‘raise their game’ FROM PAGE ONE he added that his firm’s “experience” is that the e-mail facility put in place during the first COVID-19 lockdown to facilitate private sector inquiries and the agency’s response was “nonexistent” this time around.

Instead, it appeared that a “drop box” service was being provided, which Mr Delaney said was problematic in itself given the restrictions imposed on movement by the government to fight the virus’ spread.

Describing most of the business dealt with by the Registrar General’s Department as being “on pause” as a result, then ex-attorney general argued that making its digital functions “more robust and safe” was critical

given that COVID-19 was likely to be with the world for some time.

“An investment by the companies registry to fix these things would be money well spent in fortifying the ability of this jurisdiction to operate,” Mr Delaney told Tribune Business. “If it’s a situation of two weeks we can live with that. If it’s a situation of months on end it becomes very concerning.

“We happen to be in the sixth month of our emergency period, so at this point it’s very concerning. Five months ago it would be less concerning. We have to get past that. At this point we need to have our game on and overcome this.”

While international investors may be forgiving to some extent in the shortterm, Mr Delaney added: “It’s expected that as a

jurisdiction we will adapt.

Let me put it this way. In the commercial sense it is not credible for a commercial firm to say in relation to their own activity that they are not functioning well because of COVID-19.

“You could have said that in March, but cannot say that now. The whole world has to function with COVID-19, and you’re supposed to have done what is necessary to manage by now. If that’s true of a private entity, the same is also true of a government agency.”

Mr Delaney added that The Bahamas’ competitiveness as an international financial and business centre depended on its ability to adjust to the pandemic reality, and said: “I know it’s not easy, but these are all challenges we have to manage

and get over. We’re not going back to the way it was, the world is not going back to the way it was. The future is now.”

Carl Bethel QC, the current attorney general who has ministerial responsibility for the Registrar General’s Department, did not respond to Tribune Business calls and messages seeking confirmation of its lockdown status.

However, feedback from the legal profession indicated confusion over the status of several government agencies critical to facilitating the conduct of what little business activity there is during the present lockdown.

Wayne Munroe QC said he thought the Registrar General’s Department was using a “drop box” service for conveyances and their

recording. Another attorney, speaking on condition of anonymity, said the use of such a facility during the first lockdown had created some concerns.

They revealed that the Registrar General’s Department was ultimately forced to change procedures and staff that box, providing signed receipts to deal with attorney fears that original copies of title deeds might be lost and never recovered.

Meanwhile, Gaynell Rolle, the Department of Inland Revenue’s acting controller, confirmed that the agency was fully functional online and processing VAT, business licence, real property tax and VAT payments on real estate transactions.

Describing the agency as “up to speed”, she added that conveyances requiring stamping and the payment

of due VAT could still be dropped off at the Department.

Once stamped, attorneys will be contacted to make payment and pick the documents.

Ms Rolle said calls to the Department of Inland Revenue will be fielded by customer service staff working from home, but one attorney grumbled that they had not been informed of the agency’s plans for the second lockdown.

“We got our information from the messenger service that we use, which drove by and did not see any activity,” they said, speaking on condition of anonymity. “We had a conveyance due for stamping yesterday, and are concerned we’re going to have to fight with the registry to avoid a late fee as it’s coming up to three months [after the sale].

We’ll see how that goes.”

Digital payments provider eyes 50k year-end users FROM PAGE ONE

“eclipse” projections for an inaugural year that began with the December 9, 2019, launch.

“We’re counting users in the thousands, and not the hundreds any more,” he disclosed. “We are well on our way to 9,000 active users just as a result of the activity going on. We crossed over the 8,000 mark just at the end of last month.

“Our goal is to get 50,000 users into the platform this year. We’ll be well on our way by the end of this month with approximately 10,000, or sliding into next month.

We expect to increase demand with the satisfaction we’re providing.

“We’re getting merchants calling, saying they’d like to be part of this. We’re getting the referrals from satisfied customers and merchants that see the value in this.

That’s the difference. Digital

is obviously the way to go.”

Hitting the 50,000 usertarget set by Mr Davies for 2020 year-end will still take some doing for Kanoo, whose user and merchant apps contain multiple payments solutions including digital wallets, mobile shopping malls, and the ability to benefit from exclusive deals, discounts and coupons/gift cards issued by vendors.

However, the lockdowns and numerous restrictions imposed by the Government to fight COVID-19 have increasingly driven Bahamians to digital providers due to the increased convenience and efficiency associated with conducting financial transactions electronically - especially since face-to-face payments have become difficult, if not impossible.

“I would say we have exceeded our expectations by almost 100 percent,” Mr Davies told Tribune

Business of Kanoo’s first year. “We’re still not even at the end of the first year and have exceeded our projected growth for the user and merchant population. We’re in the process of re-doing our projections and plans in terms of our expanding reach and impact we’ve had helping individuals and bringing people into the Kanoo ecosystem.”

While the financial technology (Fintech) start-up has clearly been aided by the pandemic, he added: “I would never have wished COVID-19 on any country, I would never wish this on anybody. In response to COVID-19 and the need for services like Kanoo, this has accelerated the adoption by users and merchants and, because of that we have seen an exponential increase in the demand for our services.

“We didn’t choose the circumstances we are in.

We are responding to that, and providing solutions

to the problems it has created.” Mr Davies added that Kanoo now has more than 100 active merchants using its solution, with several hundred more seeking demonstrations of its services and “several dozen” in the process of being added.

He said a number had signed up to facilitate their participation in the government’s national food initiative, especially smaller ‘Mom and Pop’ type food stores. Kanoo has also developed a ‘Pay with Kanoo’ feature, similar to how PayPal operates, with Bahamian companies able to install it as a link on their website and receive instant payment from customers through that mechanism.

“It’s accelerated it exponentially,” Mr Davies said of COVID-19’s impact on The Bahamas’ digital transformation, “and I think we need to move faster. You use opportunities when they exist. People need

services, access and answers to problems. The solutions are there.

“With the digitisation of the country we need to be aggressive in our approach to implementing digital solutions in terms of accessing information, making and receiving payments and providing solutions to individuals.

“We have a solution every government agency should accept without question.

There is no impediment to it happening. Government accepts Visa and Mastercard. We are no different.

Today, Kanoo considers itself an essential service. We are an essential service for the country, and are going to act accordingly. We are a Bahamian payment rail, so the money stops here.”

Mr Davies said the solutions that Kanoo is already providing on the Department of Social Services’ behalf are enabling food assistance beneficiaries to

avoid queues and maintain COVID-19 health protocols.

“We’re providing facilitation and support to that programme with the issuance of digital food vouchers through the phone,” he added. “It’s a seamless process. We’re provided with a name and number, the beneficiary signs up to Kanoo and they instantly get their benefit.

“We literally had someone standing in the store. They reached out to the department and we were able to confirm their number, and they were able to shop right there on the spot. For us we have perfected the process.

We have an entire platform designed for benefits.

Right now we’re just doing the food assistance, but we could do the cash benefits.

“We are working with Hands for Hunger, and just yesterday [Monday] morning with the push of a button we issued 650 cards to beneficiaries. It was seamless.”

THE TRIBUNE

Wednesday, August 12, 2020, PAGE 3

BAHAMIANS TOLD: BRACE FOR 100% LUMBER HIKE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A NASSAU-based building supplier yesterday warned consumers to brace for at least a 100 percent increase in lumber prices during this hurricane season due to the COVID19 pandemic.

Raymond Collins, Tops Lumber and Plumbing’s general manager, told Tribune Business: “Because of the pandemic there has been a shortage of lumber right now, and it’s driving the prices up. Like plywood,

you used to buy it at $300 for a 1,000 feet board, but now it’s like $600.

“With lumber there is a shortage, and the dealer I deal with has actually sold out of lumber. There is like a six-week wait on lumber, so it is driving the price up.

Some of the prices have already gone up 26 percent to 30 percent.

“That’s affecting The Bahamas, so people here will see that prices are going up and they are probably wondering what’s going on, but it is beyond our control. Mills in the US, some of them are shut

Bahamas in southern boating ‘travel bubble’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas is promoting its COVID-19 free southern islands as a “travel bubble” for visiting boaters in a bid to retain at least some tourism business, a top official said yesterday.

Joy Jibrulu, pictured, the Ministry of Tourism’s director general, told this segment that they would be able to travel between these islands without having to endure a 14-day quarantine, thereby ensuring an uninterrupted experience.

She told potential travellers via a webinar: “Within the archipelago of The Bahamas, the government has created travel bubbles.

So the southern Bahamas, where there have been no cases of quarantine, the government has said if you are in any of those islands in the south and you want to travel within the other islands, you are able to without quarantining.

“If you come from a hotspot like Grand Bahama, which is closed for travel for

Regulator probes meat, rubbing alcohol ‘gouging’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PRICE regulators yesterday said they were probing potential cases of meat and rubbing alcohol gouging by pharmacies and food stores.

Danny Sumner, the Price Control Commissions (PCC) chairman, told Tribune Business: “I have gotten a few complaints this morning from different people. They were complaining about the prices on alcohol from one of the pharmacies; I won’t call the name of the pharmacy.

“There are some issues coming from one particular pharmacy on [rubbing] alcohol pricing, but I have visited the food stores and they have alcohol now in stock. The

anybody at this time; if you are coming from New Providence, Abaco or any of the other islands where we have seen an uptick in cases, and you move to another island, then you will be required to go through the quarantine process once again.

“So, depending where you are in the archipelago and where you move to, I guess the recommendation during this period is to make your way down south and you can go from one southern island to another much more easily without being concerned about quarantining rather than moving from the more populated islands into another island that is not within the travel bubble.”

The prime minister, in his national address on Sunday, listed Long Island, Inagua, Mayaguana, Rum Cay, Acklins, Crooked Island and Long Cay as being among the COVID19 free islands where all restrictions on commercial activity have been lifted and normal life can resume.

However, one case was subsequently detected on Inagua yesterday. prices are now down to a reasonable price. The price in the food store I saw was $3.80 or thereabouts, which isn’t bad.”

Mr Sumner added: “There were other complaints from a food store with the meat pricing. I just finished talking to one of my chief inspectors.

When we get these complaints and we investigate, what has been happening right now is that the meat processing companies in the US, as I speak a lot of them are closing and a lot of them are cutting staff.

“Because of that certain meats would be hard to obtain, on and what can be obtained, the prices will go up. Bahamian consumers need to realise and pay attention to this. We look at price gouging seriously, and what we try to determine first is where is the gouging emanating from?

“Is it emanating from the

down and some of them are not putting on second crews to keep up with the demand because of COVID-19. So there is a big, big shortage.”

Mr Collins said prices have already increased in The Bahamas as a result, and could rise further. “I had put prices up on some of my two by four’s last week and two by six’s,” he added. “I don’t know what the other companies are doing, but I know there is soon to be a shortage because they are only going to start allowing so many trucks into the country, or out of the country, to the

US because they have to keep themselves supplied over there.”

The Tops chief said the present COVID-19 lockdown means “everybody is home now, and they are taking money and putting it into home improvements”, further exacerbating the supply shortage and putting pressure on prices to rise.

He added, though: “Right now, I’m OK. I have a lot of lumber coming in.

I’m okay on plywood and I’m supposed to have some coming in, but plywood is in short supply and it maybe is that you have to wait two

or three weeks to get a load in. Plywood is the biggest thing here in The Bahamas in terms of hurricanes and battening up and stuff.

“For shingles, when I placed an order for shingles, they told me I couldn’t get my order in until the end of October. That was in September, so even shingles are becoming in short supply. It’s a domino effect out of the US now in terms of the lumber.

“Consumers need to see that prices will go up, and it is not really anything to do with the local suppliers trying to price gouge

them. There is nothing to do with that; it is just that prices in the US have gone up so much,” Mr Collins continued.

“Four by four’s, for some odd and unknown reason, is a regular lumber that you used to buy for $600 a board foot. Now you have to pay somewhere upwards of $800 a board foot. That’s just one item, and then decking is what people in the US have been buying a lot of. You can’t even get that now as it is so far out of reach. It’s a month or two months before people can get that kind of stuff right now.”

The boating/yachting market is one of the few tourism niches still available to The Bahamas, and which can readily access this nation, due to its ability to effectively self-quarantine for 14 days on the vessel.

This can be done in a marina or by anchoring offshore, thus enabling visitors to still enjoy some of what this nation has to offer while they isolate.

Ms Jibrilu, meanwhile, reminded boaters of the health requirements they must meet. “Everybody ought to apply online and submit a health visa application, together with a COVID-19 PCR negative test,” she said. “Once they are in receipt of the health visa they may travel to The Bahamas, and they must register at a public dock facility with the Immigration, Customs and health officials.

“There details will be given on where they are intending to anchor for the 14-day quarantine period, whether at a marina or whether offshore, if it is an island or a cay. Once they have done that they can remain on their boat. If they are at a marina, they can use the facilities at the marina. But once they come on board they must adhere to the protocols in place - mask wearing, social distancing and no congregation of people.”

Kerry Fountain, the Bahamas Out Island Promotions Board’s executive director, talked up efforts to reduce the bureaucracy and red tape facing private pilots trying to enter this nation.

He said: “There is an initiative afoot, even though approvals have not been granted as yet, to provide Bahamas pre-clearance

out of the two Fort Lauderdale airports, the Shelter FBO (fixed base operator) and also the Banyan FBO out of the Fort Lauderdale executive airport.

“What does that mean?

That means we would have Bahamas immigration and Bahamas customs working out of those two airports, so a seaplane operated by Tropic Ocean

Airways would be able to takeoff from the Shelter FBO and, because they would have already cleared Bahamas Customs and Immigration in Florida, they would be able to land in the ocean right at your boat. The folks would be able to get right off of that plane and walk right on those steps to your boat.”

wholesale suppliers in the States, or is it emanating once it lands through Customs in New Providence?

Those are the kinds of issues we are looking at right now, so it is not easy for us to say this person is gouging, because they may not be,” he continued.

“I know for a fact that a lot of the meat processing plants in the US are having problems. Some of the plants have closed and some of them are working on reduced staff. I have also understood that some of their workers in some of those meat plants in the US have come down with COVID-19, so that has been an issue.”

PAGE 6, Wednesday, August 12, 2020

THE TRIBUNE

Bahamas confronts ‘Sir Stafford Sands moment’

FROM PAGE ONE

“That kind of transformed the architecture from seasonal tourism, fishing and subsistence farming to year-round tourism and financial services. We have that opportunity to affect the same kind of leap, and also to reform our political process to be more inclusive, transparent and fair.”

Despite widely being viewed as a chief architect of The Bahamas’ present economic system, Sir Stafford has always been a controversial figure for many because

of his politics and perceived beliefs.

However, Mr Sears said the construction of the current economy involved significant “collaboration” between Sir Stafford and Henry Milton Taylor, the then-Progressive Liberal Party (PLP) leader and chairman. He added that the duo “travelled together on at least four occasions promoting the new paradigm” due to political consensus on the way forward - something lacking today.

“We have a precedent where there was bi-partisan co-operation during a period

of massive transformational change,” the ex-attorney general said. “I think the Bahamian people are looking for that kind of collaboration on a vision and a new architecture for this new global economy we have to find our way in.”

Mr Sears argued that The Bahamas has little choice but to transform its economy given that its traditional tourism market, which has relied heavily on upper-end and middle class Americans to provide 82 percent of its visitors, will be “depressed for at least another two years” due to COVID-19’s

“profoundly disruptive” effects on jobs and incomes in that key source market.

“I think the uniqueness of our country offers us the opportunity to pivot in some way where we do not have to completely invent architecture. The foundation is already here; we just need to have the strategic vision,” he added.

The former attorney general pointed to the creation of a Bahamian aviation hub as one such example, noting that the country was already blessed with multiple airports and international gateways plus its proximity

to the US. Advocating that it will help create jobs for aviation mechanics, engineers and administrators, Mr Sears said the development of such skills and competencies must be directly “tied” to The Bahamas’ ambitions to manage and control its own airspace. He added that such a hub would not only be based on logistics, but “training and capacity building”.

Mr Sears also urged the Government to allow web shop operators to export their services to other jurisdictions rather than just restrict them to The Bahamas, arguing that this would boost the foreign reserves by generating vital foreign currency earnings while also increasing tax revenues.

Arguing that the industry be allowed to benefit from its intellectual property, and coding and development of games, he told Tribune Business: “The Government, simply with a stroke of the pen, can multiply the revenue streams from gaming house operators by authorising them to license their games and offer their platforms to parties outside The Bahamas where gaming is legal.

“An example of a territory that did that is Malta.

The gross gaming revenue (GGR) of gaming house operators in Malta increased exponentially. Here there is no free enterprise. Operators can only game or offer

their services to Bahamians and legal Bahamian residents.

“We have a well-regulated domestic gaming industry with entrepreneurs who are... hand cuffed. I’ve not seen anything like it. Most jurisdictions want their entrepreneurs to be engaged globally as revenue comes back to their country or home base.”

Mr Sears then acknowledged that any Bahamian economic transformation would be impossible without lower-cost, more reliable and environmentally-friendly energy as he described the electricity industry’s current state as “literally a disgrace”.

“We’re one of the few countries in this region without any major investment in renewable energy,” he blasted. “Whereas in the past we said we can’t do this, now we must do this. To be competitive and enable people in the digital world to move to The Bahamas, and transfer knowledge to Bahamians, we need to have affordable and reliable power because the digital economy is 24 hours.

“We cannot be load shedding, load shedding. We’ve become accustomed to that inefficiency, but to be competitive in the future we need to address this issue of power. It’s a matter of the building code. In Barbados, every heater in every home is powered by solar.”

Jobless Bahamians fume at thirdparty benefits provider

with Island Pay, said: “Good day. For the past week I have been getting run around from NIB and Island Pay.....but to the Lord open the heart of a wonderful person from Island Pay. I didn’t got her name but for two hours we were back and forth texting trying to find out why my account was not allowing me to transfer my money. ‘“After trying for the tenth time she got me straight with transferring the money and I should get it by Friday....Thanks again.

If we had more people at NIB and other businesses take the time out and just help the Bahamian people.

So if you having problems just leave a message. They are really working hard to get us straight.”

Frank Svatousek, Island Pay’s general manager, could not be reached for comment despite many attempts. Mr Svatousek is described on the company’s website as a business development and corporate strategist and a “thought leader” in financial technology (Fintech). It also says he is a co-founder of a company called Mint Technologies, a programme manager and marketer of pre-paid card solutions.

Dr Nicola Virgil-Rolle, executive director of NIB, also could not be reached for comment despite many attempts.

FROM PAGE ONE

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 11 AUGUST 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,096.76 | CHG: 0.15 | %CHG: 0.01 | YTD: -134.83 | YTD%: -6.04 BISX LISTED & TRADED SECURITIES 52WK HI 4.10 22.65 2.00 1.79 2.50 6.00 6.75 5.47 8.59 4.50 6.16 12.77 3.64 5.49 10.88 8.44 16.99 4.25 9.40 15.21

52WK LOW 3.13 20.91 0.67 1.79 1.67 5.40 5.39 2.00 5.05 3.62 5.60 11.05 2.71 2.64 9.60 7.10 13.04 3.20 8.00 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

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 Fidelity Bank 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 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0307 BG0330 BG0403 BG0407

LAST CLOSE 3.35 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.79 6.10 11.26 2.56 5.30 9.99 8.44 14.30 3.99 8.97 15.20

CLOSE 3.40 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.79 6.10 11.26 2.50 5.30 9.95 8.44 14.30 3.99 8.97 15.20

CHANGE 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 -0.04 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME 1,500

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.000 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 0.000 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 14.2 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.6 13.6 15.6 24.5 11.3 15.4 11.6 17.5 19.7 9.6 24.1

YIELD 5.00% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.17% 3.61% 6.39% 17.36% 1.13% 3.30% 2.84% 3.78% 3.01% 2.23% 4.01%

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%

19-Oct-2022 30-Sep-2025

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.50% 6.25% 3.50% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2022

MATURITY

transfer to get all my money while y’all charging for each transaction. Island Pay responded: “We send funds to the banks every night. They might take one to three days to post it to your account, as long as you entered the account number information correctly.”

Other Facebook users said their money transfers have been successful using lower amounts. Island Pay added: “Transfers to RBC are enabled. Please remember to use your branch code and account number so that there are not errors sending funds.”

Another Facebook user said: “Okay everybody saying you’ll have to transfer your money but they do not have Scotiabank.

This is crazy.” Island Pay responded: “We are adding Scotiabank very soon.”

One Facebook user, who had a good experience

To advertise in The Tribune, contact 502-2394

MUTUAL FUNDS 52WK HI 2.34 4.41 2.11 198.39 168.29 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.64 1.77 1.72 1.07 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 Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD 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 2.34 4.41 2.11 196.40 163.60 1.69 1.81 1.77 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.93 11.27

YTD% 12 MTH% 2.13% 4.00% 0.91% 2.59% 1.04% 2.39% 0.65% 2.50% -1.88% 3.33% 1.88% 3.90% -2.26% 2.49% 0.76% 3.56% -11.03% -8.03% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -4.20% 0.20% -8.60% -2.90%

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

NAV Date

30-Jun-2020 30-Jun-2020 26-Jun-2020 30-Jun-2020 30-Jun-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 30-Jun-2020 30-Jun-2020 30-Jun-2020

EMERA INCORPORATED (“Emera”)

Notice to Holders of Depositary Receipts

DIVIDEND NOTICE UPDATE The custodian of Emera’s depositary receipts has advised Emera that due to logistical challenges related to Covid-19, the payment of the dividend of CAD $0.153125 per Emera depositary receipt (CAD $0.6125 per common share of Emera) payable to depositary receipt holders of record as at July 31, 2020 will be delayed until on or before August 28, 2020.

PAGE 8, Wednesday, August 12, 2020

THE TRIBUNE

Business payroll relief gets $19.5m IDB funding boost FROM PAGE ONE The second phase, which the IDB funds will help finance, is being expanded to include all qualifying VAT registrants with a turnover of $100,000 or greater plus the hotel industry. The first phase was targeted only at firms with annual turnovers exceeding $3m and a minimum of 25 employees.

Qualifying businesses were able to withhold due VAT or outstanding business licence fees between April and June to enable them to meet payroll expenses. The tax deferrals and credits were split 50/50,

meaning that the $9m worth of deferred tax payments in the first phase will have to be paid back by those companies in 2021 via a 12-month payment plan to be agreed with the government.

Companies that may have received assistance under phase one can also apply for further assistance in phase two. “It is important to note that tax relief approvals will be based on staff complement rather than the turnover of businesses as previously granted under phase one,” the Department of Inland Revenue said previously.

“Additionally, there are certain categories of

economy, coupled with worries over the coronavirus pandemic and tensions between the US and China, have prompted investors to sell and lock in profits from recent gains, analysts said.

“When you walk back the market’s expectations of an imminent fiscal deal, it is like poking the balloon with a straight pin as all semblance of near-term optimism gets immediately deflated,” Stephen Innes of AxiCorp said in a commentary.

The Nikkei 225 gained 0.4% to 22,848.24, while Hong Kong’s Hang Seng edged 0.2% lower to 24,845.57. In South Korea, the Kospi was flat, at 2,418.32. The Shanghai Composite index lost 66 points to 3,273.75. Australia’s S&P/ASX 200 declined 0.5% to 6,107.20.

Shares fell in Taiwan, India

Shares mostly lower in Asia after retreat on Wall Street

businesses that will not be eligible to receive assistance under this programme, including: food stores and food wholesalers; pharmacies and related wholesalers; gaming houses; banks and financial entities; insurance companies and the regulated telecommunications sector.”

“We want to assist as many businesses as we possibly can to retain as many of their employees that they are able to and encourage them to apply online at (http://atlas.revenue.gov. bs),” said Gaynell Rolle, Inland Revenue’s acting controller.

Associated Press

SHARES were mostly lower in Asia today after Wall Street pumped the brakes on its recent rally.

Tokyo’s Nikkei 225 index edged higher while the Shanghai Composite sank 2%.

Overnight, a late slide in big technology companies left indexes broadly lower on Wall Street, breaking a sevenday winning streak for the S&P 500.

A discouraging lack of progress on talks over more economic aid for the US

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 77° F/25° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Mostly sunny, a stray t‑shower

Patchy clouds, a t‑storm in spots

Sun and clouds, a t‑storm in spots

Partly sunny

Partly sunny

Mostly sunny

High: 89°

Low: 78°

High: 90° Low: 79°

High: 90° Low: 79°

High: 90° Low: 78°

High: 90° Low: 77°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

100° F

88° F

100°-88° F

101°-87° F

102°-87° F

103°-86° F

almanac

E

W

ABACO

S

N

High: 87° F/31° C Low: 82° F/28° C

6‑12 knots

S

High: 91° F/33° C Low: 80° F/27° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 81° F/27° C

E S

E

W

WEST PALM BEACH

W

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

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.

N

N

uV inDex toDay

TONIGHT

High: 91° F/33° C Low: 78° F/26° C

High: 90° F/32° C Low: 81° F/27° C

MIAMI

High: 93° F/34° C Low: 80° F/27° C

4‑8 knots

KEY WEST

High: 92° F/33° C Low: 82° F/28° C

High: 89° F/32° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 87° F/31° C Low: 82° F/28° C

N

tiDes For nassau Low

Ht.(ft.)

Today

2:21 a.m.

3:06 p.m.

High

Ht.(ft.)

2.3 2.7

8:37 a.m.

9:33 p.m.

0.9 1.3

Thursday

3:17 a.m.

4:02 p.m.

2.3 2.8

9:29 a.m. 0.9 10:32 p.m. 1.2

Friday

4:14 a.m.

4:57 p.m.

2.3 3.0

10:24 a.m. 0.8 11:28 p.m. 1.1

Saturday

5:11 a.m.

5:50 p.m.

2.4 3.2

11:18 a.m. 0.7 ‑‑‑‑‑ ‑‑‑‑‑

Sunday

6:04 a.m.

6:39 p.m.

2.6 3.4

12:20 a.m. 0.9 12:11 p.m. 0.5

Monday

6:55 a.m.

7:27 p.m.

2.8 3.5

1:08 a.m.

1:02 p.m.

0.7 0.3

Tuesday

7:44 a.m.

8:13 p.m.

3.0 3.7

1:54 a.m.

1:52 p.m.

0.4 0.1

sun anD moon Sunrise Sunset

6:43 a.m.

7:47 p.m.

Moonrise Moonset

12:49 a.m.

2:21 p.m.

New

First

Full

Last

Aug. 18

Aug. 25

Sep. 2

Sep. 10

CAT ISLAND

E

W

High: 87° F/31° C Low: 82° F/28° C

N

S

E

W

6‑12 knots

S

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 ................................................... 86° F/30° C Low .................................................... 79° F/26° C Normal high ....................................... 89° F/32° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 95° F/35° C Last year’s low ................................... 78° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.43” Year to date ............................................... 35.48” Normal year to date ................................... 21.66”

ELEUTHERA

NASSAU

and most of Southeast Asia.

Overnight’s reversal left the S&P 500 with a 0.8% loss, at 3,333.69. Drops for big-name technology stocks like Apple and Microsoft, plus losses in health care and communications stocks, outweighed gains in financial, industrial and energy companies.

Tech stocks have far outpaced the rest of the market this year as investors bet they could still thrive in a stay-athome economy.

The pullback ended the S&P 500’s seven-day winning streak. Despite the sell-off, the benchmark index remains within 2% of the all-time high it reached in February, reflecting a stunning turnaround from a nearly 34% tumble in March when the coronavirus pandemic sent stocks into a nosedive.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 81° F/27° C

High: 87° F/31° C Low: 82° F/28° C

N

High: 89° F/32° C Low: 82° F/28° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 81° F/27° C

7‑14 knots

MAYAGUANA High: 87° F/31° C Low: 82° F/28° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

H

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

GREAT INAGUA High: 89° F/32° C Low: 81° F/27° C

N

N E

W

E

W

H

High: 86° F/30° C Low: 81° F/27° C

S

S

8‑16 knots

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 SE at 6‑12 Knots ESE at 6‑12 Knots E at 6‑12 Knots E at 6‑12 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 ESE at 7‑14 Knots SE at 4‑8 Knots ESE at 6‑12 Knots E at 7‑14 Knots E at 7‑14 Knots NE at 8‑16 Knots ENE 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 6‑12 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots ESE at 7‑14 Knots

WAVES 1‑3 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑6 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑6 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 5 Miles 5 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 5 Miles 5 Miles 10 Miles 10 Miles 5 Miles

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