business@tribunemedia.net
FRIDAY, AUGUST 13, 2021
$5.10
$5.24
$5.13
$5.28
Luna owner’s ‘nightmare’ on $734k debt deadline
Bahamas at pre-COVID airlift by fourth quarter By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
BAHAMIAN businessman yesterday said he is facing the “nightmare” prospect of losing his near 40-year investment in just 45 days’ time if he cannot pay a $734,222 tax debt owed to the Government Al Collie, developer of Club Luna and the Zoo before it, told Tribune Business he faces “losing it all” and is exploring every option possible to meet the Supreme Courtimposed September 28, 2021, deadline to settle the outstanding liability or see that West Bay Street
$35m Glass Window upgrade to be ‘world famous attraction’
• Collie faces ‘losing it all’ on 40-year investment • $808k tax payment should ‘give me more time’ • Hopes appeal will provide ‘breathing room’ property seized and sold. Disclosing that he and his attorneys will likely seek to appeal Justice Ian Winder’s ruling, so that he gains “some breathing room” to work out his next move, Mr Collie argued it was virtually impossible to raise the sum required within the timeline set by the Supreme Court as banks and other commercial lenders typically required six months to make that sort of sum available. Justice Winder, on July 29, dismissed the bid by
Mr Collie and his Alco Holdings entity to stay/suspend enforcement of the $1.357m judgment that the government had obtained against him for real property tax debts owed on both the Club Luna property and another located at Elizabeth Avenue in downtown Nassau. But the businessman yesterday argued he had been given no credit for paying some $807,651 more than half or 59.45 percent of the outstanding taxes and penalties due - to
DESMOND BANNISTER successive budgets. Affirming that the bridge has needed to be replaced “for many, many years”, he added that of the three options presented to the government it had chosen one that will locate the
Bahamas’ ‘first class fills before economy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ tourism rebound is seeing “first class fill up before economy class”, a Cabinet minister said yesterday, estimating that as much as 80 percent of the industry’s economic impact has returned. Dionisio D’Aguilar, minister of tourism and aviation, used the aircraft analogy to illustrate to the Eleuthera Business Outlook conference that the higher-end segment of the tourism market had rebounded faster
from COVID-19 than the likes of the mass market destination resorts. With visitors staying longer and spending more, he suggested that while arrivals figures for June had rebounded to 70 percent of pre-COVID levels, the economic impact of that spend was somewhat greater. “In the first six months of 2021, just over 400,000 stopover visitors came to The Bahamas,” Mr D’Aguilar said. “That was 38 percent of the stopover visitors that
SEE PAGE 5
Disney: ‘We’ve struck right tone’ on Eleuthera project By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DISNEY Cruise Line’s president yesterday asserted the cruise line had “really struck the right tone” in balancing economic development with conservation at a Lighthouse Point project it hopes to start this year. Thomas Mazloum told the Eleuthera Business Outlook conference that the company’s commitment to the island and its $250m-$400m development at the southern tip “has never wavered” during the COVID-19 pandemic
SEE PAGE 2
• DPM: ‘Most ambitious bridge build’ yet • Says construction to start in early 2022 • Water battle a ‘national embarrassment’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE government’s $30m$35m Glass Window Bridge replacement will combine “the most ambitious bridge building project” with “a world-famous tourist attraction”, the deputy prime minister revealed yesterday. Desmond Bannister, the deputy prime minister, told the Eleuthera Business Outlook conference that construction on the vital transportation artery would begin in early 2022 with financing phased over a period of three years in
the Department of Inland Revenue on May 18, 2021, which was some two-and-ahalf weeks before the July 6 hearing before Justice Winder. Suggesting that he was being “singled out” and unfairly targeted by the government, Mr Collie asserted that a payment of this magnitude should have persuaded the Supreme Court to give him more time to settle the outstanding arrears balance.
despite the inability of its ships to sail for almost a year-and-a-half. “We know there is a delicate balance between economic development and the environment, and we believe wen have really struck the right tone with this one,” he said. “We always said we would only move forward at Lighthouse Point if we were convinced it was complementary to our long-standing commitment to the environment.” Dionisio D’Aguilar, minister of tourism and aviation, had earlier confirmed
SEE PAGE 5
replacement some 60 feet west of the current version. Revealing plans to ensure it was more than just a mere bridge, Mr Bannister said the government is also aiming to create “a world-renowned tourist
destination” at the site with the Glass Window Bridge Park. Besides allowing visitors to see and contrast the normally rougher Atlantic waters with the calm Caribbean side, he added that it would also provide a focal point for Bahamian entrepreneurs to sell their wares to tourists. The deputy prime minister said the $2.803m completion of the bridge between Spanish Wells and Russell Island, as well as new bridges and repairs in Long Island, Andros and Abaco, had “led to considerable reflection on my part” as to how the government can maintain and develop such vital infrastructure to “the highest
SEE PAGE 4
A CABINET minister yesterday predicted incoming airlift to The Bahamas will return to pre-pandemic capacity of 4,000 seats daily by the 2021 fourth quarter with airline confidence “going through the roof”. Dionisio D’Aguilar, minister of tourism and aviation, made the projection prior to giving an impassioned plea for North Eleuthera’s 3,000 “common” land owners to reach a compromise with the government so that the $60m-$70m redevelopment of the area’s airport can proceed in earnest. Addressing the Eleuthera Business Outlook conference, he warned that the compensation demands and legal action initiated by the Harbour Island Commonage Committee would make “the hurdle for its start and completion “that much higher” just as tourism and air travel into the destination were ramping up post-COVID. “Airlift into Eleuthera will grow as demand improves,” Mr D’Aguilar said. “We are encouraged that investor confidence in The Bahamas and the Family Islands by the airlines has gone through the roof when it comes to airlift. Pointing to Virgin Airlines’ plans to begin twice-weekly service to Nassau from London’s Heathrow airport this November, and Frontier Airlines’ “ramping up” of service from key US markets, Mr D’Aguilar said: “What great news for brand Bahamas as we move to aggressively secure pre-pandemic airlift levels. “We are projecting that by the fourth quarter of this year The Bahamas will be back to pre-pandemic airlift capacity of 4,000 seats daily.” He added that this now needed to be
DIONISIO D’AGUILAR matched by the quality of airport gateways into The Bahamas, including North Eleuthera’s airport. “There is no doubt that North Eleuthera needs a new airport,” Mr D’Aguilar asserted. “You have completely outgrown your existing facility given the robust growth in visitor arrivals. The North Eleuthera airport is woefully inadequate.” New aircraft taxiways and runways were required, the minister added, while the existing terminal building needed to be demolished and replaced with an expanded version. However, North Eleuthera’s commoners have already made good on their threat to pursue multimillion dollar Supreme Court redress over the government seeking more of their land for its airport expansion. They are seeking to repossess the land upon which the airport, Water & Sewerage Corporation water fields (now a reverse osmosis plant) and North Eleuthera Garbage Dump now sit on the basis that the government has violated their constitutional and property rights in taking these assets without paying a single cent for it. The writ and statement of claim, filed on behalf of the Harbour Island Commonage Committee as representative of the commoners, is also seeking an injunction to bar the
SEE PAGE 4
PAGE 2, Friday, August 13, 2021
A
PROMINENT realtor has been honoured with the Bahamas Real Estate Association’s (BREA) second Good Neighbour Award for aiding thousands with the Pasta Fridays feeding initiative last year. Mario Carey, founder of Better Homes & Gardens Real Estate MCR Bahamas Group, and businessman, Paolo Garzaroli, whose family owns and operates Graycliff, transformed the latter’s restaurant into a feeding centre in a densely populated part of town. Around 40,000 meals were served over the sixweek period, which were all cooked and served by Graycliff’s staff and a host of volunteers, including Better Homes and Gardens agents and employees who dedicated their Fridays to feeding the hungry.
THE TRIBUNE
Association honours realtor as second Good Neighbour THE BAHAMAS Real Estate Association (BREA) has recognised Mario Carey, founder of Better Homes & Gardens Real Estate MCR Bahamas Group, with the Good Neighbour Award for successfully organising a feeding programme known as Pasta Fridays during the pandemic. Pictured from left: June Fife, registrar; Mario Carey; and Christine Wallace-Whitfield, president.
Luna owner’s ‘nightmare’ on $734k debt deadline FROM PAGE ONE
“It’s a nightmare,” Mr Collie told Tribune Business of his predicament. “It keeps me up at night. I could lose it all. I’m still trying to figure it out. I’m very frustrated. It was 60 days, and now it’s down to 40-something. I don’t come from a wealthy family. I worked my butt off as a musician. I’ve done everything right in this country. I don’t understand what is going on.” The businessman produced various documents to support his argument that there are discrepancies in the real property tax sums claimed by the government, along with inconsistencies that he is still disputing and challenging. Mr Collie alleged his real property tax woes started as a result of successive governments failing to honour the Hotels Encouragement Act agreement he signed in 1989 for the Zoo nightclub and its
accompanying rooms component. Construction work on the Zoo began in 1990, he added, and the nightclub and associated accommodation opened in 1992. The Hotels Encouragement Act document, which has been seen by Tribune Business, gave Mr Collie and his business a ten-year real property tax waiver but it only took effect once operations began. And, if the business was still operating after that time, the waiver was to be extended for another ten years to make 20 in total. Thus, based on the agreement’s language, the tax waiver should have started running in 1992. However, Mr Collie said it was only after he sought to obtain an extension to the Hotels Encouragement Act agreement when it expired in 2009 - and he was in the throes of constructing Club Luna to replace the Zoo, which had burned down in 2004 under a tenant’s management that he discovered he had
been charged $21,222 in real property tax every year from 1994 onwards. A 2011 valuation printout from the Ministry of Finance showed that real property taxes owed on the Club Luna property amounted to a collective $442,792 by that year, with a further $403,116 in “costs” taking the total bill to $845,909. Asked whether he challenged this at the time, Mr Collie said his arguments got nowhere. “Everything seemed to have been: ‘If you had a problem with that you should have raised it within 30 days’,” he added. “That was impossible as I didn’t know I had to pay any taxes.” He explained that the real property tax only came to light after inquiries on a new Hotels Encouragement Act agreement were made relating to plans to convert the site to a “courtyard” style hotel in 2009. “All of the stuff I showed you I gave to the lawyers at the time,” Mr Collie said.
The Better Homes & Gardens commitment was so strong that its offices closed on Fridays for the programme’s duration so that everyone had an opportunity to participate - either in the master chef’s kitchen, which was converted for mass feeding, or in running boxed hot lunches to cars and vans. The programme, funded largely by private partners and local businesses, helped ease hunger at the height of the COVID-19 pandemic when unemployment approached 50 percent.
“I saw the struggle and wanted to do something, anything to help. So many people had lost their jobs and were hurting, and we were blessed by their gratitude,” Mr Carey said. BREA’s president, Christine Wallace-Whitfield, adopted the award from the National Association of Realtors (USA) to annually honour local members who sacrifice time, money and resources to make a difference in their communities. BREA presented its first Good Neighbour Award in 2020 to Ashley Brown,
a broker with Damianos Sotheby’s, who answered the need for housing after Hurricane Dorian by creating a group that used every resource -- social media, phone calls, public appeals - to locate secure homes and housing in New Providence for displaced families from Abaco and Grand Bahama. “We plan to recognise outstanding BREA members every year who demonstrate a true blend of compassion and professionalism to help improve the lives of others in our community,” said Mrs Wallace-Whitfield.
“The lawyers felt I had a good case because we had the Hotels Encouragement Act agreement and all that.” With the situation unresolved, Mr Collie proceeded to open Club Luna in 2010 only to close in 2015. Real property tax debts, in the meantime, had continued to mount at the rate of $21,222 per year plus penalties until that latter year. Club Luna’s real property tax bill jumped more than three-fold in 2015, increasing by 242 percent to $72,684. This was based on the valuation of the West Bay Street land and associated “improvements” also jumping three-fold to $3.884m, which provided the foundation on which the tax was levied. Mr Collie said no rationale was provided for the sudden and explosive real property tax bill hike, but one explanation is simply that it took the Government and its Valuation Unit some 23 years to reassess the worth of the Club Luna property since it was first valued in 1992. “I’ve tried to settle the matter out-of-court, yes,” he reiterated, and pointed
to his recent payment of more than $700,000. “That’s a lot of money. I don’t understand it. You could have a bank, and if you pay half of what’s owed or more than one-half, they’ll give you a chance to get the full amount, but the judge said I have to do it in 60 days or the building’s gone. “I’d like to know who this judge thinks I will get that sum from in 60 days. You put in for a loan like that, it takes six months to get it. We intend to appeal, and that will give me some breathing room.” Some observers, though, will simply argue that taxes are owing and Mr Collie needs to settle his longstanding debt to the Public Treasury. When this was put to him, he replied: “It started off where I never thought I had to pay property taxes because I thought I was under the Hotels Encouragement Act. I tried many, many times, after I found out they were not honouring that, to come to an agreement.” He added that he knew “tons of people” who had reached agreements with the Department of Inland Revenue and Ministry of Finance over there real
property tax debts, and pointed to the success enjoyed by world-famous magician/illusionist, David Copperfield, in defeating the government’s bid to obtain a summary judgment over their $2m-plus real property tax dispute involving his private Exuma resort destination. “I was singled out. No question about it,” Mr Collie said. “I was singled out. In every country you have two to three percent who want to be entrepreneurs, and you support those people. When you try to break one after the other, break one after the other, it’s going to be a serious economic problem for the life of the country. This is not the country I know. Whatever reason they have for doing what they’re doing to me, I don’t understand.”
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Friday, August 13, 2021, PAGE 3
DOCTORS CHIEF: NON-COVID PATIENT CARE ‘UNDER THREAT’
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
DOCTOR’S Hospital’s top executive yesterday warned that care for non-COVID patients is “under threat” as pandemic sufferers drive bed occupancy levels at its main hospital to near 80 percent. Dr Charles Diggiss, pictured, Doctors Hospital’s president and largest shareholder, told the Eleuthera Business Outlook conference that “the space is very narrow” with regard to the hospital having sufficient capacity to take care of patients’ COVID and nonCOVID needs.
that the capacity and space that’s left is very narrow, and some would argue that we have extended our safe capacity within the Doctor’s Hospital Health System.” Dr Diggiss explained that the care demands created by the latest COVID-19 case surge, with increasing numbers of Bahamians requiring hospital treatment and ventilators, is that it is sucking resources away from treatments for individuals with other illnesses and noncommunicable diseases. He said: “We are in a surge. We are in a summer wave. We are most definitely in a ramp-up. All indicators are that this particular episode is
showing high transmissibility, increased virulence and is carrying a greater sickness and death toll. “Our hospital care resources are continually at or beyond capacity, both the public and private hospital. COVID care remains the reason for hospital care for most of our patients. You will see from the earlier numbers that we’re currently running around 80 percent occupancy for COVID. That means the provision of safe care for our non-COVID patients continue to be under threat.” Warning that vaccination is the only way to ensure persons have a
strong chance of surviving COVID-19, Dr Diggiss warned against fake news and scepticism about the efficacy of the various vaccines. He is encouraging persons to continue social distancing and mask wearing. “So, what has happened to non-COVID care if it’s been so marginalised by this overwhelming utilisation and this overwhelming application of our capacity for COVID?” Dr Diggiss asked. “What we anticipate is that there will be more advanced stages of other diseases and their complications to manage between the surges. “The end organ diseases,
especially when you think about the heart, heart attacks, the brain strokes, kidneys, chronic kidney failure requiring dialysis, eyes, blindness and circulation; whether it’s the threat of loss of limb from uncontrolled chronic, non communicable diseases, hypertension, obesity, diabetes, etc. “They continue in the background with or without COVID, and delayed care simply means that we can anticipate that patients would access important care to control these diseases later. We will start to see more and more complications, resulting in more and more and organ dysfunction, damage or failure.”
e-mails with attachments that human resource managers and departments may receive on a daily basis from prospective job applicants. These attachments may carry malware, and leave recipients susceptible to phishing attacks that can compromise a security network, and Mr MacKenzie said: “This is where training and education can come into play here. “So it’s education, awareness, things like the security operations project that the government is doing in conjunction with the IDB (Inter-American Development Bank) and things like that. Security, at the end of the day, is about all of us.” The government entered into a partnership with the
Inter-American Development Bank (IDB) in February this year to develop and implement the National Cyber Security Emergency Response Team, in a bid to combat the numerous hacks into public sector entities over the last several years. Mr MacKenzie added: “So when people get e-mails, for example, one of the biggest things right now is phishing. That’s the attack that most hackers are using as they’re sending out e-mails. So a good example is with a human resources department. Their job is to open resumes and review them, and if someone attaches a piece of malware to a PDF, your job as the human resources person accepting those resumes is to review it. “So now you’ve infected the human resources desktop or your laptop with a piece of malware. So it’s
an always ongoing, ever evolving practice that has to always stay up with whatever the hackers are doing. Education is not just for the government, it is for all of us. We all have to do more. We have to take ownership for everything.” Pointing to a recent $600m cryptocurrency theft, where hackers penetrated the Poly Network platform that is used to connect different blockchains together so they can communicate with one another, Mr MacKenzie added: “The hackers did it just to prove that the network was vulnerable and insecure. They ended up giving back $260m but kept the rest. “Cyber security is really something we have to work hard to maintain, and I think in education we all have to do a better job of it, but right now the challenge with cyber security is that I have seen a lot of
online events. Even if they are being forced on us due to COVID-19, there are a lot of these practices that can be managed a little better. “Some of these events may be better off being held in person as they are more tactile, and it’s easier to show people and help them understand and remember things over something like a Zoom meeting. Everybody is getting tired of these Zoom meetings now.” Pointing to the future, Mr MacKenzie noted the “fourth industrial revolution” being discussed at venues such as the World Economic Forum and the Organisation for Economic Development and Cooperation (OECD). He said: “They are saying the fourth industrial revolution is digitisation, and now they’re saying that digitisation is going to be followed with - or be in parallel
with - the fifth industrial revolution, and that is with personalisation. “All of these things are being driven by the World Bank, World Economic Forum and OECD. It’s just that COVID-19 accelerated everything. So what would have taken ten years will probably be 2025 or before 2030, and all of the things that would have taken until 2040 would have already happened.” Applauding the government on its digitisation agenda, Mr MacKenzie added: “The Bahamas is working really hard as a country to digitise everything, which to me is at the forefront as well as beautiful and amazing. Then another thing is we’ve got the Central Bank that is working with the digital currency, so The Bahamas is taking a real leadership role and that is beautiful to see.”
those accounts are settled.” Cyber security has become an increasing concern for the digital payments sector. The blockchain exchange, Poly Network, was recently attacked by hackers who stole $600m in cryptocurrency from the platform. The Sand Dollar, however, is not a cryptocurrency but a digital representation of the Bahamian dollar. It cannot be traded on any international platform, and its value is determined by the Central Bank and its security mechanisms. And Mr Mott said: “Sand Dollar being digital allows for a fully auditable transaction trail that’s available 24 hours a day.” The Sand Dollar also has offline functionality as well. Mr Mott said: “For our offline functionality we have offline nodes, and the way these nodes operate is that
if we were over in Eleuthera and, for some reason, Eleuthera became disconnected from the mainland New Providence, any transactions that take place in Eleuthera between individual wallets will be restored in that offline node. “Once our offline node is now connected back to the main hub here in New Providence, all of those transactions will be transferred over and be concluded. If an individual in Eleuthera still tried to send funds to an individual in New Providence that transaction would not be concluded because that individual will not be on the same node. “So only those individuals that reside near that node would be able to transact in an offline fashion.”
Cable targets push on ‘hospitality TV’
She said: “I want to talk about hospitality TV. This is big for our country and the islands. Tourism is big, and so we want to talk about the advanced technology we have for hotels and our resorts. “Cable Bahamas has been providing IPTV services to the hotel market for several years, but the service has been limited to delivering TV services only. If a hotel did not have the resources to roll out and support their own hospitality platform, they weren’t able to take full advantage of what their hospitality TV is all about.” Internet Protocol Television (IPTV) is the delivery of television content over the Internet, which allows users to stream content through the source continuously rather than just
downloading content to watch at a later time. “In addition, the IPTV functionality of our platform makes enhanced hospitality features accessible to all hotels,” Ms Sands said. “It eliminates the huge costs associated with upfront purchase of the middleware and the maintenance associated with wanting the hospitality platform.” This, she added, will allow hotels to customise features for their guests by adding certain features relating to the property or any specific activities or venues they want to highlight. It will also allow for an “express checkout”, said Ms Sands, in addition to features such as room service and housekeeping service co-ordination.
“At Doctor’s Hospital East, our main facility, which can take up to 47 patients, we have 34. Twenty-four of those patients are admitted for COVID, and 13 patients are currently on the ventilator at Doctor’s Hospital East,” he added. “I think it’s hugely important for us to appreciate
PROVIDER: CYBER SECURITY MUST BE NATIONAL EFFORT
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A BAHAMAS information technology provider yesterday said the government is taking the “right steps” towards improved cyber security, but added: ‘It’s about all of us.” Scott MacKenzie, Cloud Carib’s chief executive, told Tribune Business: “We have to remember that security is just not one thing. It’s just not one thing that you do and you’re secure. It’s an evolving practice that has to happen every single day.” Referring to the different ways that software and computer systems can be compromised, Mr MacKenzie pointed to speculative
SAND DOLLAR SET TO ENJOY ‘MULTIPLE SECURITY LEVELS’
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A CENTRAL Bank official yesterday said there are “multiple levels of security” to protect transactions involving the Bahamian digital currency, the Sand Dollar. Kimwood Mott, the regulator’s Sand Dollar project manager, told the Eleuthera Business Outlook conference: “As transactions take place, persons who are accustomed to using electronic payments, you recognise that there are multiple levels of communication and security channels that those transactions go through before
FINANCING FOR PROJECTS International sources of funds willing to finance Bahamian projects in the Resort, Housing, Energy, Tourism, Maritime, and Agriculture Sectors. $2 million and above. Must provide Executive Summary, with three years financials, management and marketing capabilities, and collateral offered. Infrastructure projects based on PPP’s also wanted. Serious inquiries only.
Bahamas Business Network Ltd Suite #2, Nassau Court, Marlborough St. DownTown Telephone (242) 698-0634 / (242) 815-9118 Email: inquiries@bahamasbusinessnetwork.com Website: www.bahamasbusinessnetwork.com
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABLE Bahamas executive yesterday predicted that “hospitality TV” will be “big” for the tourism industry as it seeks to build momentum for greater nationwide penetration. Chantelle Sands, the BISX-listed communications provider’s head of Family island business accounts, told the Eleuthera Business Outlook conference that it plans to increasingly engage the tourism industry in rolling out its ‘Hospitality Television’ service.
SEE PAGE 4
PAGE 4, Friday, August 13, 2021
Cable targets push on ‘hospitality TV’ FROM PAGE THREE “Guest carried content is proving to be the most important content in a guest room. Streaming media apps such as Netflix, HBO, Disney and YouTube mean more to guests than any other content,” said Ms Sands. “This service is available in Eleuthera, Abaco, Grand Bahama and New Providence. The only requirements are that you have Cable fibre services in place and that the infrastructure is throughout every room. Definitely you will need to have hospitality TVs in each room to be able to access this hospitality TV product.” Speaking to businesses engaging new technology in a COVID-19 environment, Ms Sands said: “There are many solutions available and they vary for company models and sizes. “We see that less mature companies held back and experienced challenges, while more mature companies are able to focus on technology investments that improve the digital experience and create revenue for their business. “So in today’s world in 2021, businesses must be willing to step out of their comfort zones, push the boundaries on new digital experiences and technologies, which is a difficult thing to do given the shake up that occurred last year, but it’s more important now than ever.”
To advertise in The Tribune, contact 502-2394
Bahamas at pre-COVID airlift by fourth quarter FROM PAGE ONE
government and its agencies from accessing the land while claiming multi-million dollar damages over both the airport and Water & Sewerage facilities. Mr D’Aguilar yesterday called for a compromise that avoids a long-running legal battle. “Your land situation at North Eleuthera airport is a challenge with the airport sitting on land owned by the commonage,” he admitted. “One would think that the contribution of land to a new airport project for the good of all the citizens and residents of North Eleuthera would make sense. “The demand for compensation for the land just makes the hurdle for
$35m Glass Window upgrade to be ‘world famous attraction’ FROM PAGE ONE standards of safety”. Admitting that many Family Island bridges have been “poorly maintained”, Mr Bannister said the government was now poised to take on “the most ambitious bridge building project in The Bahamas” yet with the $30m-$35m replacement of Eleuthera’s Glass Window Bridge. “The Glass Window Bridge is in poor condition. It’s needed replacing for many, many years, but it’s been a challenge getting funds in the budget.... When the weather’s bad it’s a challenge to get across that bridge,” he added, with single land traffic reducing capacity. The government had commissioned “detailed engineering studies” on the options available to it, with Mr Bannister disclosing that it had been keen not to “lose the characteristics” that made the Glass Window Bridge unique. Future traffic studies and economic viability assessments, as well as an evaluation of climate change impacts/ mitigation and environmental and social issues was also performed. Placing the new bridge
its start and completion that much higher. With the need for the lawyers to go back and forth on this matter, delays are inevitable.” With redevelopment/construction costs pegged at $65m-$70m pre-COVID, Mr D’Aguilar added: “Adding another bill on top for the land makes this project harder to get going, but I’m sure a solution will be found soon.” The minister also warned it was “inevitable” that user fees will be levied on passengers moving through Family Island airports to generate a revenue stream that will finance - and maintain - the planned upgrades. “I don’t think there’s any airport in the world that does not charge a user fee apart from the Family Islands,” Mr D’Aguilar said. on “the same alignment” as the existing one, which is currently elevated 40 feet above sea level, was ruled out due to the disruption construction would cause to traffic flows. Instead, the government examined three options - a new bridge that was either places 25 feet west; 60 feet west; or 110 feet west of the existing structure. “After careful analysis by our technical officers along with the Department of Environmental Planning and Protection (DEPP), the preferred option was number two - 60 feet west of the existing bridge,” Mr Bannister said. He added that the impact of sea waves would be “completely mitigated” with the new structure, while only land-based piers are needed to support it, meaning no marine-based construction is required. While constructing “a safe durable, bridge” that “protects the beautiful scenery of Eleuthera”, the deputy prime minister promised that the entire area would become “an awesome site for Eleuthera”. He explained: “We want to benefit the people of The Bahamas and make it a tourist attraction; create a world-famous tourist attraction..... It’s important to develop that site into a world-renowned tourist destination by itself. Eleuthera is the fourth biggest contributor to the economy with 60,000 arrivals every year. We have to do something very special there. “The development of the Glass Window Bridge is going to convert that
THE TRIBUNE “It’s only starved the airports of funds, so in many instances our Family Island airports are in an unacceptable state.” He indicated that it was unlikely that these user fees will be implemented before the next general election, projecting that it would occur “probably in the latter part” of 2022 when consultations had completed with industry stakeholders and airlines included the cost in their tickets. While forecasting that such user fees were likely to be around 50 percent of the $48 per passenger charged at Lynden Pindling International Airport (LPIA), Mr D’Aguilar said they would also vary between Family Island airports based on the extent of the investment required. “The fee for North Eleuthera will not be the same as the fee for Mayaguana,” he added. Algernon Cargill, the government’s director of aviation, yesterday seemed
to take a more sanguine view of the North Eleuthera land airport when addressing the same conference yesterday. He said the government was “in the final stages” of compulsorily acquiring the hundreds of acres needed to bring the airport up to 800 acres using existing powers provided by Bahamian statute law. With North Eleuthera’s 15,000-plus airport visitors for the 2021 first half already exceeding figures for the whole of 2020, Mr Cargill argued that it “behooves us” to focus on developing airport infrastructure in North Eleuthera given that existing facilities “no longer meet the demand and traffic flow to the island”. Mr Cargill yesterday branded the existing North Eleuthera airport terminal as “unattractive” and “unsafe”, and failing to match the quality of the island’s hotel and tourism product. “It’s not a good environment,” he said.
“This is not the first impression that we want visitors to see and the last impression when they leave.” Pre-qualification for the government’s Request for Proposal (RFP), seeking an operating partner for North Eleuthera and five other Family Island airports, is due to commence next month after the initial “market read” garnered responses from 22 companies in five different countries. However, not waiting for reconstruction to begin, Mr Cargill said Cabinet had approved - and made $400,000 in funding available for - the acquisition of a 1,400 square foot modular trailer that can seat 50 passengers in a temporary departure lounge once they have gone through check-in. It will be attached to the existing terminal, and also contain seating for Customs and airport staff. Mr Cargill said the project will begin in two weeks’ time.
THE GLASS WINDOW BRIDGE existing site into a special tourist destination that makes a difference. It will create new businesses, new jobs and new opportunities for entrepreneurs in Eleuthera. “We will create the Glass Window Bridge Park at the site and develop a park facility that attracts tourists for the scenic views, authentic local products and local foods and local foods. That site, when completed, is going to increase tourist expenditure among local Eleutherans and the local economy; it won’t go straight into hotels”. Mr Bannister, meanwhile, branded Aqua Design (Bahamas) decision to cut-off the water supply to Central Eleuthera residents as “a national embarrassment” although he did not comment directly on the Supreme Court verdict the company won last week against the Water & Sewerage Corporation. Referring to the government and Corporation’s Supreme Court battles with
Aqua Design, he added: “At times they turned the water off. For me, it was a national embarrassment to see that happen.” However, he said the two sides had since “come to terms” where the corporation will develop and manage a “brand new reverse osmosis plant” for the area. The Supreme Court last week blasted the Water & Sewerage Corporation as “the author of its own demise” over $644,000 in unpaid bills that resulted in water supply to Central Eleuthera residents being cut-off for several days last October. Justice Indra Charles, in a scathing August 6, 2021, verdict found that the state-owned water supplier’s “silence and/ or evasiveness” on how it planned to pay these debts gave Aqua Design little choice but to cease supplying the Water & Sewerage Corporation’s customers from its reverse osmosis plant at the former US naval base.
Suggesting that the Water & Sewerage Corporation’s inaction had “broken the camel’s back”, Justice Charles said the sums owed to Aqua Design would likely have continued to soar if the latter had not taken “such a drastic step” of shutting off water supply. She added that the utility “continues to be delinquent”, requiring the Supreme Court to order that it pay a further $454,195 to Aqua Design while the parties awaited her ruling. Justice Charles dismissed the Water & Sewerage Corporation’s case in its entirety and found completely in favour of Aqua Design’s contention that it had “properly executed” the termination of the water supply agreement between the two parties for Central Eleuthera. She also awarded costs to Aqua Design, which has potentially saddled corporation customers (and Bahamian taxpayers) with a $221,265 legal bill.
Legal Notice
JEWELRY STORE
looking to hire sales professionals
Please email photo and resume (both required) to: jewelryluxurybrand@gmail.com
NOTICE
NOTICE IS HEREBY GIVEN as follows: (a) ALTO SERVICES LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The Dissolution of said Company commenced on August 12, 2021 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before September 12, 2021 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. August 12, 2021
ZAKRIT SERVICES LTD.
LIQUIDATOR OF THE ABOVE-NAMED COMPANY
THE TRIBUNE
Friday, August 13, 2021, PAGE 5
Bahamas’ ‘first class fills before economy’ FROM PAGE ONE came to The Bahamas in the record year of 2019. While that number may seem low, the number of arrivals is increasing every month.” Pointing out that June’s 135,000 arrivals were equal to 70 percent of 2019 numbers, he added: “Every month, more and more visitors are coming to The Bahamas. The difference between 2019 arrivals and 2021 arrivals is decreasing with each passing month.” Asserting that The Bahamas was benefiting from high US COVID-19 vaccination rates, which were giving Americans confidence to travel once again
to nearby countries such as this nation, Mr D’Aguilar said: “What we are finding is the economic impact of tourism’s rebound is greater that the numbers may initially indicate. “The number of arrivals in June 2021 may represent 70 percent of the arrivals in 2019, but what we are finding is visitors are staying longer and spending more. The more exclusive component of the tourism product is rebounding more quickly, and the spending is probably closer to 80 percent of what it was.” The minister said the Family Islands, with their emphasis on high-end, boutique and exclusive hotels and tourism product, was a major beneficiary of this
Disney: ‘We’ve struck right tone’ on Eleuthera project
FROM PAGE ONE
to the same conference that Disney was seeking to begin construction at Lighthouse Point in earnest in early 2022 once all the necessary approvals and certificate of Environmental Clearance were in place. He added that the cruise line had satisfied all the concerns raised at the recent Town Hall meeting that was called over its Environmental Impact Assessment (EIA), and it had been given clearance by the Department of Environmental and Physical Planning (DEPP) to proceed to working on
its Environmental Management Plan (EMP). This was later confirmed by Kim Prunty, Disney Cruise Line’s vice-president of public affairs, who said it was hoping to begin operations at Lighthouse Point in the first half of 2024. She added that while Disney had committed in its Heads of Agreement to supplying 30 percent of the project’s energy needs from renewable sources, it was now targeting a 90 percent threshold as well as “zero waste to the landfill”. Ms Prunty also said the $355m in extra tax revenue that the development is projected to generate over
trend. While the Family Islands had accounted for just 20 percent of tourist arrivals in the 2019 first half, they enjoyed a 35 percent share during the same period in 2021. The best performing Family Island destination was Eleuthera, with a 27 percent share of the latter percentage, followed by Bimini at 20 percent and Abaco at 19 percent. Mr D’Aguilar attributed Bimini’s status to the boating traffic that comes across from Florida, and Abaco’s to the loyalty of its second homeowners post-Dorian. “If you want to think of The Bahamas as an aircraft, first class is filling up before economy class,” he added. Mr D’Aguilar also launched a lengthy defence of The Bahamas’ health travel visa, which has come under sustained attack as an extra tax and unnecessary red tape from the opposition Progressive Liberal Party a 25-year period exceeds that value of the concessions it has received from the government, although it has provided no figure for the latter. The project is forecast to generate 120 construction jobs, with a minimum 80 percent going to Bahamians, and 150 fulltime operational posts Disney has frequently touted the $250m-$400m investment in Lighthouse Point, along with an $800m increase in Bahamian GDP, but the majority of the former will be invested in the cruise ship pier’s construction while the latter will be spread out over 25 years. Ms Prunty revealed that American Bridge has been selected as the project’s main contractor for the project.
SUPPORT THE BLOOD BANK
SAVE A LIFE GIVE THE GIFT OF
BLOOD
BECOME A REGULAR DONOR
1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE
SOME HELPFUL TIPS BEFORE YOU DONATE:
4 You must have eaten at least once for the day.
4 You need at least 30 minutes between your last meal and donating blood. 4 You will need at least 10 minutes rest after donating blood. 4 You can donate blood every 8 weeks.
4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.
BECOME A REGULAR DONOR
PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES
(PLP) and others, in what was a repeat of his House of Assembly performance from the previous night. “I have heard the PLP say that this is unnecessary,” Mr D’Aguilar told Parliament on the health travel visa. “Let the airlines do the checking, they say. Really? You want some airline check-in person, resident in a part of the world who probably does not give a hoot about our entry protocols and how important we consider them, cast a cursory glance over a test and then clear them to enter The Bahamas? “Mr Speaker, I don’t know what you think but that is scary to me. I feel so much more comfortable that our people, including doctors from the Ministry
of Health, are checking the documents to ensure that they are the right test, with the right result, within the right time period, from an accredited laboratory. Can you imagine an airline check-in person doing all of that? Really?” Mr D’Aguilar argued that the health travel visa has “proven an important component in our arsenal of measures deployed to navigate this ever-evolving pandemic”. He added: “As the virus evolves, changing the rules for entry into The Bahamas, as we have been doing, via the health visa is the most efficient way to make it happen. “If you wish to change your entry rules using the way that the PLP proposes can you imagine the
complexities - one would also say the impossibilities - of making that happen. Think about how you would roll out those changes to the hundreds of thousands of airline check-in personnel. A formula for disaster. Never happen. Never work. “I had reason to have lunch with senior Carnival Cruise Line personnel Thursday past. Their senior executives, who are constantly moving from destination to destination in the Caribbean, resoundingly reported that the Bahamas Health Visa is the best - the best - and the easiest to use health visa in the Caribbean and they commended the Ministry of Tourism for a job well done.”
PAGE 6, Friday, August 13, 2021
THE TRIBUNE
AIRBNB CUTS 2Q LOSS TO $68M, COVID CLOUDS FORECAST Associated Press
AIRBNB said yesterday that it narrowed its secondquarter loss to $68m and gave a bullish forecast for revenue, but the company warned that new variants of COVID-19 will make future bookings
and cancellations harder to predict. Airbnb said vaccinations, the containment of COVID19 variants and restrictions on global travel will affect bookings for the rest of the year. “We do not yet know how willing people will be to travel
NOTICE NOTICE is hereby given that JANALDO RAHEIM ELKINO PIERRE, of Marsh Harbour, Abaco, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE IN THE ESTATE OF FREDAMAE FORBES, late of Sunset Park Subdivision in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 30th day of September, A.D. 2021 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late FREDAMAE FORBES will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated this 13th day of August, A.D., 2021. c/o PYFROM & CO Attorneys for the Executors, No.259 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.
in the fall as compared to summer,” the company told shareholders. The San Francisco-based home-sharing company’s stock fell nearly 5% in extended trading. Airbnb’s business has picked up along with the
recovery in travel that, at least in the US, began early this year as Americans began to get vaccinated against the coronavirus. Many vacationers have looked to avoid crowds and steer clear of hotels, creating an advantage for Airbnb and rival Vrbo.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KEON KENDRICK ORELUS of Freeport, Grand Bahama intend to change my name to KEON KENDRICK JOSEPH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
The home-sharing companies are less reliant than hotels on business travelers, who have been much slower to get back on the road. However, like airlines, the home-rental companies face new uncertainty because of the recent surge in COVID19 infections. Last week, Expedia Inc, which owns Vrbo, reported that travel dipped and cancellation rates rose in July, and that the outlook for travel remains uncertain. Despite the precarious state of the pandemic, Airbnb expects to post record revenue in the third quarter, “well above” the 2019 peak of $1.65bn. That is based on a sharp rise in unearned fees, or revenue that — based on
bookings — the company expects to receive after customers check in. The company is spending heavily to recruit new hosts. CEO Brian Chesky said it is tweaking its product to appeal to people who are increasingly flexible about when and where they travel and who combine work and leisure for long trips. Airbnb said that stays of at least 28 days are its fastestgrowing category. “Flexibility is now a permanent part of travel,” Chesky said on a call with analysts. “We are going to continue to see more and more longerterm stays, and I think this is going to help us smooth out our seasonality over the coming years.”
NOTICE
NOTICE
NOTICE is hereby given that ROSELINE GANIE, of East Street, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that WELTON CHERISME, of Elbow Cay, Hope Town, Abaco, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that SMITH ALEXIS, of Man-O-War Cay,Abaco,The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that MELESHA LUBIN, of Carmichael Road, Opulent Drive, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Friday, August 13, 2021, PAGE 7
Stocks end higher on Wall Street as Big Tech climbs Associated Press STOCKS capped another wobbly day of trading on Wall Street with more gains yesterday, as strength in technology and health care companies outweighed a pullback elsewhere in the market. The S&P 500 eked out a 0.3% gain, good enough for its third straight all-time high. The benchmark index managed to end higher despite a majority of its companies closing lower. Gains for several big technology stocks, including Apple, countered weakness in chipmakers, industrial firms and energy companies. Treasury yields rose and crude oil prices fell. Stocks wobbled between small gains and losses for much of the day in quiet trading as investors weighed a mix of new economic data showing jobless claims fell last week and inflation at the wholesale level jumped more than expected last month. “The market is a little sleepy today,” said Greg Bassuk, CEO of Axs Investments. “Investors are looking to hang their hat on some outsized economic data that can give more certainty around the extent to which the economy is
PEDESTRIANS walk past the New York Stock Exchange in New York’s Financial District. Stocks are opening slightly lower on Wall Street yesterday as weakness in chipmakers and other tech companies offsets gains in other sectors including health care. Photo: Mary Altaffer/AP opening up.” The S&P 500 rose 13.13 points to 4,460.83. The Dow Jones Industrial Average also recovered from an early slide to gain 14.88 points, or less than 0.1%, to 35,499.85. The bluechip index also set its third record high in three days. The tech-heavy Nasdaq added 51.13 points, or
0.3%, to 14,816.26. Smallcompany stocks fell, dragging the Russell 2000 index down 6.27 points, or 0.3%, to 2,244.07. Investors worked through a mixed picture of economic data Thursday. The Labor Department said that jobless claims fell to 375,000 from 387,000 the previous week, another sign
that the job market is healing from the pandemic. At the same time, inflation at the wholesale level jumped a higher-than-expected 1% in July, matching the rise from the previous month, and dimming hopes that the upward trajectory of prices would begin to slow. The producer price index has
risen a record 7.8% over the last 12 months. That’s the largest one-year increase in a series going back to 2010. Much of the increase is coming from services, such as airline travel. Airline ticket prices are especially high as the industry tries to recover from the pandemicforced slump in travel. Other areas are starting to ease up, though, with food costs falling for the time since December. Investors have been particularly concerned about inflation for several months, despite assurances from the Federal Reserve and other officials that any inflation would be temporary and a result of the economy recovering. Bond yields have risen sharply the last week on those concerns, with the ten-year Treasury note trading at 1.37% versus 1.34% the day before. The hopes for a continued recovery in the jobs market and concerns about inflation are hovering over the market as investors try to gauge the pace of economic growth after a sharp increase earlier in the year. Analysts expect the economy to grow at a slower pace as the economy moves past the pandemic and the sharp comparisons between
2021 and 2020. “We don’t have a different economy than what we had going into the pandemic,” said Kimberly Woody, senior portfolio manager at Globalt. “Once you get rid of the comparisons and you cross the anniversary of the fourth quarter, you’re right back at the same economy you had before.” Big Tech companies helped add to the S&P 500’s gains Thursday. Apple rose 2.1% and Adobe gained 1.3%, while chipmakers Micron Technology fell 6.4% and Lam Research slid 4.1% for some of the biggest declines in the index. Investors also bid up shares in companies that reported better-thanexpected quarterly results. Organon & Co jumped 11.9% for the biggest gain in the S&P 500 after the company’s earnings and revenue topped Wall Street’s forecasts. Dillard’s also got a boost from its latest quarterly report card and rose 5.1%. The Walt Disney Co. rose 5.1% in after-hours trading after the media giant returned to profitability in its most recent quarter as reopened theme parks sent its revenue higher.
DISNEY SWINGS TO PROFIT AS REOPENED PARKS BOLSTER REVENUE
Associated Press
THE Walt Disney Co swung to a profit in its most recent quarter as reopened parks provided a revenue bounce. Revenue in the parks and products division surged to $4.3bn from $1.1bn a year ago, as theme parks closed last year were open for part or all of this year’s quarter. Disney World in Florida has been open since last summer; California’s Disneyland only came back at the end of April. The effect of the pandemic lingers at the parks, many of which are operating at reduced capacities, the company says. Disney is among the country’s largest employers to require worker vaccinations. It also announced in July that visitors to its US theme parks must again wear masks indoors. Asked about concerns about the infectious delta variant affecting the park business, Disney CEO Bob Chapek said on a call with analysts that the company sees “strong demand” at the parks continuing, although there have been group and convention cancellations. Disney’s ability to keep its parks and resorts open “is clearly of the utmost importance to their bottom line,” said Third Bridge analyst Joe McCormack. Disney on Thursday reported that its net income was $918m in the three months through July 3, compared with a loss of $4.72bn in its fiscal third quarter a year ago.
Earnings per share came to 50 cents, or 80 cents excluding one-time items, while revenue climbed 45% to $17.02bn. Analysts polled by FactSet predicted earnings of 55 cents per share on revenue of $16.76bn. Disney shares jumped more than 5% to $188.72 in afterhours trading. As the traditional TV networks business shrinks, entertainment companies like Disney are hoping it can win the viewers of the future with streaming services. “Our direct-toconsumer business is the company’s top priority,” Chapek said. The company expects 230 to 260 million Disney+ subscribers by 2024. Disney ended the quarter with 116 million Disney+ subscribers, about double the number from a year ago, and nearly 174 million streaming subscribers including Disney+, ESPN+ and Hulu. Disney’s kid-friendly back catalog and original hit series like Marvel’s “WandaVision” and the Star Wars spinoff “The Mandalorian” have helped drive sign-ups as people stuck at home during the pandemic needed something to do. While subscribers are growing, the company is making less from each one as it expands its significantly cheaper Disney+ Hotstar service in countries like Indonesia, Malaysia and Thailand. The average amount of money it pulled from each customer
fell 10% in the quarter, to $4.16; without Hotstar, which makes up about 40% of the subscriber base, it would have been $6.12. The streaming industry leader, Netflix, has had some growing pains this year after 2020’s record-setting subscriber gains and as competition increases. Revenue at Disney’s media and entertainment distribution division, which
includes the streaming services, the TV networks and the company’s huge movie business, rose 18% to $12.68bn. During the pandemic, with many theaters closed and even when reopened, attendance down, Disney has sent some movies to theaters, others to streaming services, and sometimes a mix, like it did with Marvel’s “Black Widow”. That came
out in July and brought in the biggest domestic boxoffice haul this year, but Disney’s pandemic strategy of releasing it simultaneously on Disney+, for $30 a pop, led to Hollywood drama. Its star, Scarlett Johansson, sued Disney, saying it deprived her of potential earnings from the theater screenings. Her pay is based in part on the film’s box office.
Chapek defended how Disney had delivered films to the public and said the company will use all available options going forward. He alluded to the Johansson suit, saying the company has “figured out ways to fairly compensate our talent, so that no matter what the business model is that we have to go to market with, everybody feels satisfied.”
MARKET REPORT www.bisxbahamas.com
THURSDAY, 12 AUGUST 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1978.17
-0.04
%CHANGE
YTD
YTD%
0.00 -114.29
-5.46
(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 11.06 10.08 14.31 4.10 9.00 16.00
52WK LOW 3.50 22.65 1.46 1.62 1.35 5.00 6.00 2.80 4.25 2.47 5.00 9.75 2.10 5.30 9.50 8.35 13.00 3.42 8.00 15.20
PREFERENCE SHARES 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 RF Bank & Trust (Bahamas) Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.31 100.00 100.31 100.53 100.30 100.62 100.70
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.04 93.68 100.04 100.29 100.05 100.62 100.46
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
CLOSE 6.49 39.95 1.60 2.39 1.37 6.00 6.97 3.24 5.40 2.74 5.95 9.80 2.48 7.75 11.50 10.08 14.09 3.98 8.93 15.50
CHANGE 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.05) 0.00 (0.09) 0.00 0.00 0.00 0.00 0.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS810375 BSBGR1211386 BSBGRS810375 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.05 93.68 100.05 100.27 100.05 100.62 100.72
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.05 100.00 100.05 100.27 100.05 100.62 100.72
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.32 0.00 0.00 0.00 0.00 0.00
BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS81037 BGRS FX BGR121138 BGRS FL BGRS81037 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026
LAST CLOSE 6.49 39.95 1.60 2.39 1.36 6.00 6.97 3.24 5.40 2.74 5.95 9.80 2.53 7.75 11.59 10.08 14.09 3.98 8.93 15.50
VOLUME 3,250
6,940 200
4,000 182
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
2,500
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 24.3 16.6 17.8 13.8 17.3 19.6 9.5 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% 17.50% 0.77% 2.85% 2.38% 3.83% 3.02% 2.24% 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% 5.24% 4.87% 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 23-Feb-2038 26-Jul-2037 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026
MUTUAL FUNDS 52WK HI 2.43 4.47 2.17 202.18 190.86 1.70 1.81 1.78 1.07 8.75 10.46 7.40 15.99 12.72 10.39 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.43 4.47 2.17 202.18 190.86 1.70 1.76 1.77 1.04 8.75 10.46 7.40 15.99 12.72 10.39 N/A 10.43 14.89
YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.37% 1.52% -2.05% -2.21% 0.36% 0.76% -1.28% -2.30% 3.13% 5.76% 4.29% 7.07% 1.70% 3.85% 14.99% 38.64% -1.20% -0.36% 3.43% 0.76% N/A N/A 3.00% 25.60% 7.90% 48.70%
NAV Date 31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 10, Friday, August 13, 2021
THE TRIBUNE
CANADIAN JUSTICE LAWYER SAYS HUAWEI CFO WAS DISHONEST VANCOUVER Associated Press
THE dishonesty of a senior executive for Chinese communications giant Huawei Technologies put a bank at risk of violating US sanctions against Iran, a Canadian justice department lawyer told an extradition hearing yesterday. Canada arrested Meng Wanzhou, pictured, the daughter of Huawei’s founder and the company’s chief financial officer, at Vancouver’s airport in late 2018. The US wants her extradited to face fraud
fraud by misleading the HSBC bank about the company’s business dealings in Iran. The lengthy extradition proceeding is entering a phase which involves arguments over the US government’s request to extradite Meng. Justice department lawyer Robert Frater said Meng was dishonest about Huawei’s relationship with Skycom during a meeting with a HSBC executive. “By not being honest and withholding information, HSBC was deprived of the opportunity to protect itself,” said Frater. After the meeting, HSBC
charges. Her arrest infuriated Beijing, which sees her case as a political move designed to prevent China’s rise. The US accuses Huawei of using a Hong Kong shell company called Skycom to sell equipment to Iran in violation of US sanctions. It says Meng, 49, committed
made money transfers involving Skycom which could have caused the bank a liability, Frater said. “Given that Huawei was Skycom, the activities of Skycom and Huawei posed an actual real risk to HSBC of violating US sanctions on Iran,” he said. Frater presented case law that says even if there is not a financial loss, fraud can still occur when an institution like HSBC is persuaded to continue to provide services it might have refused had it known all the facts. In wrapping up his submission, Frater said he disagreed with Meng’s
defense team that the case against her was unique, unprecedented and a legal stretch. The defense will begin its arguments against the extradition today. Meng, who attended court wearing an electronic monitoring device on her ankle, followed the proceedings through a translator. The judge isn’t expected to rule on Meng’s extradition until later in the year. Whatever her decision, it will likely be appealed. Meng’s lawyers have denied any dishonestly on her part. They also argue HSBC was not placed at
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 89° F/32° C Low: 77° F/25° C
TAMPA
SATURDAY
SUNDAY
MONDAY
TUESDAY
Rain from Tropical Storm Fred
Rain from Tropical Storm Fred
A gusty thunderstorm in the morning
Partly sunny with a few showers
A couple of morning thunderstorms
A passing morning shower
High: 86°
Low: 79°
High: 89° Low: 80°
High: 91° Low: 80°
High: 90° Low: 80°
High: 91° Low: 79°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
93° F
81° F
96°-87° F
101°-89° F
102°-89° F
102°-86° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 87° F/31° C Low: 81° F/27° C
8-16 knots
S
High: 90° F/32° C Low: 79° F/26° C
8-16 knots
FT. LAUDERDALE
FREEPORT
High: 89° F/32° C Low: 79° F/26° C
E
W S
E
W
WEST PALM BEACH
N
| Go to AccuWeather.com
TONIGHT
High: 91° F/33° C Low: 77° F/25° C
High: 89° F/32° C Low: 78° F/26° C
MIAMI
High: 90° F/32° C Low: 79° F/26° C
7-14 knots
KEY WEST
High: 89° F/32° C Low: 81° F/27° C
ELEUTHERA
NASSAU
High: 86° F/30° C Low: 79° F/26° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
N
uV inDex toDay
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
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
Wednesday 4:31 a.m. 5:16 p.m.
2.6 3.4
10:42 a.m. 0.3 11:49 p.m. 0.7
Thursday
2.7 3.5
11:45 a.m. 0.3 ---------
5:36 a.m. 6:16 p.m.
sun anD moon Sunrise Sunset
6:43 a.m. 7:46 p.m.
Moonrise Moonset
11:31 a.m. 11:24 p.m.
First
Full
Last
New
Aug. 15
Aug. 22
Aug. 30
Sep. 6
CAT ISLAND
E
W
High: 84° F/29° C Low: 81° F/27° C
N
S
E
W
12-25 knots
S
15-25 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 ................................................... 84° F/29° C Low .................................................... 70° F/21° C Normal high ....................................... 89° F/32° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 82° F/28° C Precipitation As of 2 p.m. yesterday ................................. 0.79” Year to date ............................................... 14.21” Normal year to date ................................... 21.75”
High: 86° F/30° C Low: 81° F/27° C
any risk and the charges against her are politically motivated. On Tuesday a Chinese court sentenced Canadian entrepreneur Michael Spavor to 11 years in prison for spying. Spavor and fellow Canadian Michael Kovrig were arrested in December of 2018 in apparent retaliation to Meng’s arrest. The Chinese government has released few details other than to accuse Spavor of passing along sensitive information to Kovrig, beginning in 2017. Both have been held in isolation and have little contact with Canadian diplomats.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 84° F/29° C Low: 80° F/27° C
High: 84° F/29° C Low: 80° F/27° C
N
High: 85° F/29° C Low: 79° F/26° C
E
W S
LONG ISLAND
tracking map
High: 84° F/29° C Low: 80° F/27° C
12-25 knots
MAYAGUANA High: 87° F/31° C Low: 81° F/27° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 84° F/29° C Low: 81° F/27° C
High: 84° F/29° C Low: 80° F/27° C
GREAT INAGUA High: 87° F/31° C Low: 80° F/27° C
N
E
W
E
W
N
S
S
15-25 knots
7-14 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:
WINDS E at 8-16 Knots ESE at 10-20 Knots NE at 12-25 Knots SE at 15-25 Knots ESE at 10-20 Knots ESE at 8-16 Knots ESE at 8-16 Knots ENE at 8-16 Knots ESE at 10-20 Knots ESE at 8-16 Knots E at 8-16 Knots SE at 12-25 Knots SE at 15-25 Knots ESE at 8-16 Knots E at 7-14 Knots E at 8-16 Knots SE at 10-20 Knots E at 8-16 Knots ESE at 8-16 Knots E at 8-16 Knots ESE at 10-20 Knots SE at 12-25 Knots SE at 15-25 Knots E at 8-16 Knots SE at 12-25 Knots ESE at 8-16 Knots
WAVES 3-5 Feet 3-5 Feet 1-3 Feet 1-3 Feet 4-7 Feet 3-5 Feet 3-5 Feet 3-5 Feet 4-7 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-6 Feet 2-4 Feet 4-7 Feet 3-6 Feet 2-4 Feet 1-3 Feet 3-6 Feet 2-4 Feet 2-4 Feet 1-3 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 2 Miles 10 Miles 4 Miles 10 Miles
WATER TEMPS. 85° F 85° F 87° F 85° F 86° F 85° F 85° F 85° F 86° F 86° F 86° F 86° F 87° F 85° F 85° F 85° F 85° F 85° F 84° F 84° F 86° F 86° F 85° F 85° F 86° F 86° F