08142020 BUSINESS

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FRIDAY, AUGUST 14, 2020

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‘Economic implosion’ fear if lockdown not relaxed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas faces “an economic implosion” within weeks unless the government relaxes the COVID-19 lockdown for domestic industries, an ex-Contractors Association chief warned yesterday.

Stephen Wrinkle told Tribune Business that The Bahamas “doesn’t have the luxury” to remain under current pandemic conditions much longer given that the private sector, employees and households are “in dire straits”.

Speaking before it was last night revealed that New Providence produced a daily

• Ex-Contractors chief worries ‘collapse in weeks’ • Says curbside restrictions ‘untenable’ for suppliers • ‘Several million dollar’ projects pushed to Xmas

record of 51 new COVID-19 cases, the former Bahamian Contractors Association (BCA) president urged the government to re-open all

that remains of the domestic economy between 9am to 5pm daily otherwise “we won’t get it back”.

Pointing out that The Bahamas is likely approaching an unprecedented 50 percent unemployment rate, and with more than one in four Bahamians now requiring food assistance, Mr Wrinkle argued that the country can ill-afford to shut down for much longer as he called for the development of health and safety protocols that will allow all businesses to function safely with COVID-19.

While construction has been permitted to operate largely as normal, he said the supply chain disruption created by the restrictions imposed on hardware stores was impacting the cost and completion of his firm’s “several million dollars” joint venture with New Providence Development Company near the island’s western end.

The project, which involves construction of a storage warehouse and commerce park targeted at

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‘Airbnbs of ocean’ face satellite tracking plans

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT realtor yesterday disclosed he is working on a “nano satellite” tracking app that would aid The Bahamas in regulating and taxing “the Airbnbs of the ocean”.

Mario Carey, the Better Homes and Gardens Real Estate MCR Group Bahamas principal, told Tribune Business he has spent months developing a system that would help ensure this nation gains its “fair share” from the boating/yachting industry while also protecting its ocean resources and creating jobs.

He added that his proposal would use mini satellites to track the presence and movement of all vessels in Bahamian waters, allowing the authorities to both

• Realtor unveils boat monitoring scheme • Says will help Bahamas ‘get fair share’ • Nation ‘extension of Florida with no zip’

MARIO CAREY monitor their activities and develop a better mechanism for earning fees from the sector.

Arguing that The Bahamas currently lacked the means to monitor the sector, Mr Carey described this nation’s waters as “an

GB Shipyard cuts further 65 workers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GRAND Bahama Shipyard was last said to have laid-off a further 65 workers in what sources described as a third round of cuts as Tribune Business went to press.

The company was not available for comment last night, but a well-placed source - speaking on condition of anonymity confirmed the developments and described them as “a bit devastating” for the Shipyard as well as Grand Bahama’s economy amid

the struggles with the latest COVID-19 lockdown.

“I don’t think it’s going to get any better until the cruise industry starts,” they said. “They [the Shipyard] were the ones that kept us together through the hurricane.” The latest cuts come after Tribune Business reported in May that the Shipyard had terminated 27 workers, including several long-serving managerial staff, due to a further slump in business caused by the COVID-19 pandemic.

SEE PAGE 7

Govt urged: Speed up GB airport acquisition

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

GRAND Bahama’s Chamber of Commerce yesterday urged the government to speed-up its nationalisation of the island’s airport “in the best interests of the Bahamian people”.

Gregory Laroda told a webinar organised by the Government-appointed Economic Recovery Committee that Grand Bahama International Airport’s (GBIA) post-Dorian state will continue to impede the

island’s development.

He said: “On Grand Bahama, we have a lot of issues other than Dorian and COVID-19 that we need to be addressing because we were not doing that good even prior to those two events.

“When we look at keys to recovery, there are a number of recommendations that would have come forward from both islands and, on Grand Bahama, I believe to residents of the island, the ones that I will speak to tonight are pretty

SEE PAGE 5

extension of Florida without the zip code” that visitors are able to enjoy with insufficient benefits accruing to this nation and its citizens.

He said weekly yacht charter fees ranged from $50,000 up to as high as $600,000, with crews often lacking work permits and the vessels able to travel and do as they please. The well-known realtor said the revenues gleaned from cruising permits and the four percent yacht charter fee were minimal when set aside what boat owners made, especially since the government has admitted it is an area of significant tax/ revenue leakage.

“We’re broke. We have no money,” Mr Carey told Tribune Business. “Our oceans are our most valuable asset, and what are we doing about it. People are making money off this country with the Airbnbs of the ocean, and we’re not getting our share.

That’s how I see it. It’s fine if someone disagrees with me, but that’s very real.

“I’m trying to do a monitoring system to monitor every vessel that comes into our waters using tracking apps and nano satellites.

Every vessel has to activate their GPS (global

SEE PAGE 7

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‘Substantial appetite’ anticipated for visa despite Barbados lag

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Economic Recovery Committee’s co-chair yesterday predicted there will be “substantial appetite” for The Bahamas’ proposed annual work/study visa even though it lags rivals such as Barbados.

Marlon Johnson, who is also the Ministry of Finance’s acting financial secretary, argued that while its southern Caribbean competitor had the advantage of being first into this space The Bahamas’ traditional advantages of US proximity and Internet access would leave it well-positioned to attract its target market.

He spoke out after the committee, in a statement, said the Minnis Cabinet had given approval to the concept of The Bahamas’ Extended Stay Visa Programme for persons wishing to work or study from this nation for a year as part of wider COVID-19 economic recovery strategy.

The initiative, though, mirrors the Barbados Welcome Stamp proposal that was unveiled by that Caribbean nation in early July amid much global media publicity and interest. That product was designed to allow tourists to stay in Barbados for 12 months, working remotely from hotels, condos, rental villas and other accommodations. Work spaces would also be made available.

The move represented Barbados’ response to the loss of its traditional leisure tourism market due to the COVID-19 pandemic, and it has gained several months’ head-start on The Bahamas as the committee’s release made clear that this nation’s product will only be launched once the borders

MARLON JOHNSON re-open to international commerce - a date that has yet to be determined amid the latest lockdown.

Mr Johnson told Tribune Business that the committee’s proposed visa effectively represented an extension of The Bahamas’ existing annual residency permit, with the aim being to make the application and approval process much simpler, quicker and efficient.

Acknowledging that it effectively represented lowhanging fruit, or a “ready opportunity”, he added that foreign workers and students who qualify for the permit will NOT be allowed to participate in the domestic economy as a condition of its granting.

Students must be registered with, and studying online, at a foreign university, while workers must be employed - and paid by - an overseas company.

Such restrictions are designed to reassure Bahamians that local jobs will be protected, especially with an unemployment rate approaching 50 percent due to COVID-19. The visa is effectively aiming to attract a different type of visitor, with the hope that ultimately these persons - and their employers - re-domicile to The Bahamas permanently rather

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PAGE 2, Friday, August 14, 2020

THE TRIBUNE

‘LOW HANGING FRUIT’ FOR BUSINESS IDEAS

T

HE years 2020 ,and perhaps 2021, will prove to be seasons where entrepreneurship, innovation and creativity will thrive. With thousands of well-established businesses failing under the COVID-19 cloud, and literally millions being laid off the world over, people are being forced into survival mode. The lay-offs, and reduced pay and hours, will serve as the inspiration some need to wake up and get moving.

Thousands of Bahamians are literally sitting at home and asking the question: How do I start a business that sustains my family with little to no capital? Most successful business persons who began as a small startup will encourage budding entrepreneurs to remain on jobs that they have, and

to begin trading as a side pursuit. A detailed business plan, a strong marketing game and a thorough analysis of your customer base will go a long way in ensuring future success.

This week, we begin a two-part series sharing ten great business ideas that are “low hanging fruit” for the recently unemployed or those seeking to seize a new opportunity.

Here are the first five: 1. Cleaning Service Everyone has a new found appreciation for a clean environment. We all want clean and sanitised homes, office spaces, businesses, public spaces and personal spaces. If you like to clean, you can easily turn it into a business. With a few staff members, a host of cleaning supplies and transportation, you can offer cleaning services to

homeowners, apartment complexes and commercial properties. Cleaning services are straightforward businesses that require relatively little overhead; you simply need planning, dedication and marketing to get your business noticed.

2. Home Care Health professionals have indicated that seniors are at great risk of contracting and succumbing to COVID-19. A business venture that focuses attention on the specific needs of seniors, the disabled or those shut-in has become quite attractive. You do not need a background in healthcare to help seniors and grow a successful business at the same time, although those skills are certain to be in demand as well. Many seniors need help with everything from errands to repairs around

EXUMA FEARS ‘ESTABLISHED’ BUSINESSES FACING CLOSURE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

EXUMA’S Chamber of Commerce president yesterday said there are “rumblings” that some “established” businesses on the island may permanently close once the COVID-19 lockdown is lifted.

Pedro Rolle, pictured, while not naming any specific companies, told Tribune Business: “We are in the same position as in Nassau.

We are on the same boat so nothing is happening really’ it’s a veritable holiday in Exuma yesterday.

“We are not one of those fortunate islands. You have to go further south. You can go from Long Island, which is right next to us, and go all the way down, but we are not in that category.”

Mr Rolle added: “It’s very, very slow. People are not working.

Businesses rely on the generation of revenues, so the stores are opened up on the three days that are permitted - Monday, Wednesday and Friday - and there is construction going on, but honestly, like yesterday, when we look out there are very few activities that’s going on in the community.

It is very, very slow.

“Honestly, I think we are going to have one or two established businesses that are going to close, just based on the conversations that I have had. It’s tough.”

Tavares Thompson, the central Andros Chamber of Commerce president, said: “Things are slow, as it has been for the last week and a half now. This is the off day so nothing is happening. The subsistence fishing for persons to feed themselves has been slowed down, and the flyfishing guides have stopped because there are no tourists here for them to take out on guides.”

the house.

3. Digital marketing The importance of the Internet grows with every passing day, making it harder all the time for businesses to cut through the clutter and properly market themselves. Digital marketing services are always in demand, and many small and mid-size companies would rather outsource it than establish a costly in-house team. Digital marketing is an important part of a brand, so it is critical that you respond to developments in your clients’ marketing strategies. Social media management entails watching for comments and messages around the clock, not just scheduling posts in a “set-it-and-forget-it” mindset. If you enjoy strategising and implementing plans meticulously, digital marketing could be

the right business for you.

Start by servicing well halfa-dozen clients and grow from there.

4. Online Tutor-academic programme Every parent has grave concerns for their students’ academic progress. With so many months already lost, educators fear many students have fallen behind in their grade level designation for most subject areas.

Grade level online specialists will provide the support that students and their parents need in this difficult time.

5. Delivery Services Perhaps this is the obvious one that many have looked at exploring. With the government’s executive order stressing the need to remain indoors and stay at home, many persons and businesses are looking for reliable delivery services

to transport goods and services.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

LONG ISLAND SLOWS DESPITE RE-OPENING

everything packed up and hopefully things can get better soon. I really depend on the tourists, but right now not very much is happening.”

Ms Cartwright-Butler added: “My upholstery business caters to the locals, but I guess everyone is holding on to their money and they don’t want to spend. What I did during the [first] lockdown was I started making masks. That was the only income I had and it went well. I made some masks for Nassau, but mostly it was for the locals on the island.”

She said all other Long Island retailers are experiencing the same business conditions, and added: “My brother and sister-in-law, they have a bar in Salt Pond and business is slow also. I guess things will pick back up when we have international flights coming back in because a lot of their business is from tourists, too.”

Kevin Burrows, KMB Construction’s general

manager, said: “Well, right now if you were in construction and you had previous work before the virus, things are still going on. But other than that it’s slow right now with construction.”

Speaking to the lack of significant construction projects on Long Island, he added: “We don’t have a high or a low, but we have a steady pace. We don’t just depend on one thing. We sponge and fish, and then we do construction when it’s around, and whenever tourists come we cater to them also, but we don’t always have a boom like that. We have like a steady pace.

“Everybody is excited now that we could go about our daily lives without the fear of being locked down.

I don’t do much of the tourism side, but I know it has to be slow because there are no flights coming in, only private charters and people who probably have second homes and stuff like that.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net LONG Island businesses yesterday said the economy remains slow due to the absence of international visitors even though it has been released from the latest COVID-19 lockdown.

Jennifer Cartwright-Butler, owner/operator of Jen C Collection, told Tribune Business: “I’m not even in my shop because there are no tourists, so it doesn’t make any sense for me to open up. What happened is that after the lockdown I opened up, but nothing was happening.

“Then the hurricane [Isaias] came and I had to end up packing up everything because where my store is it has flooded there. Right now I have

IAN FERGUSON BY

THE TRIBUNE

Friday, August 14, 2020, PAGE 3

Govt promises shared economy funding boost

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TOP Ministry of Finance official yesterday said “direct funding” is being provided for Bahamians wishing to pool resources and enter the vacation rental market.

Marlon Johnson, acting

financial secretary, told an Economic Recovery Committee webinar: “The Cabinet has been mulling over, through the Small Business Development Centre, setting aside monies for persons who want to become involved in the shared economy.

“That is with regard to providing capital support,

but if you have the idea and you have the wherewithal, you would be able to get it into the build of a potential vacation home for rental and that is especially valuable in the Family Islands.”

Mr Johnson added: “The second thing I want to encourage is that as that rolls out, is to think about who you could work with,

meaning who you could partner with within your family and within your associates because a part of the challenge for all of us is coming up with sufficient deposits or the wherewithal to do it on our own.

“We really have to think about the shared economy, and not only in the sense of me building something

for a vacation home, but how could we get four or five like-minded persons together to invest in a single property and, as that develops, we can build on that.

“You will see some direct funding support to allow more Bahamians to participate in the shared economy, and I think even as that

rolls out I encourage all of the persons, especially persons in the Family Islands, to start to think about how we could partner together and we could leverage our contacts. In other words, how do we incorporate ourselves, pool our resources and build in a way where we can start with one and end up with ten.”

Family Island set out CAN MAKE A infrastructure challenge DIFFERENCE IN

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FAMILY Island Chamber of Commerce heads are arguing that infrastructure and communications development concerns are a major obstacle hindering their islands’ economic development.

Speaking at an Economic Recovery Committee (ERC) Town Hall meeting yesterday, Gregory Laroda, the Grand Bahama Chamber of Commerce president, said of his island: “There is the situation with the hospital. I know it is undergoing a lot of repairs as it is now, and it’s being said that those repairs would be completed next month. Obviously we need to see whatever can be done to fast track those repairs.”

Mr Laroda said the Rand Memorial Hospital was in a similar situation as the Grand Bahama International Airport, where repairs would be a “short-term solution”, Longer-term, the island needed the construction of a new hospital.

He added: “Again, this would help in the recovery in terms of having an upto-standard medical facility for persons who want to have second homes, or to just invest in the island, to know that if something happens, some emergency or some regular ailment, that they have a facility that they can have confidence in

that would be able to assist them.”

Mr Laroda also called for a reduction in the cost of electricity, and said recommendations being sent to the government on introducing renewable energy.

Thomas Sands, the Eleuthera Chamber of Commerce president, said: “The reality that we all face in these Family Islands revolves around our infrastructure. Currently, the infrastructure has been in poor condition going back a number of years.

“Yes, there have been improvements in particular areas with some investment in one location or the other, but it really comes down to how we look for foreign direct investment or even Bahamian investment. The challenge is that the infrastructure generally is inconsistent and it generally is not up to world standard.”

Mr Sands said there was a need to improve airlift and concessions for Bahamians at the airports. There also needed to be greater investment in the roads because it “negatively impacts” economic expansion, since it increases the cost for rental cars. Many subdivisions have remained stagnant as a result of the poor roads.

Mr Sands added: “Improving communications. This is a major one.

We have seen investments in, over the last years, of BTC and Cable Bahamas improving infrastructure,

but the challenge is in most instances this infrastructure is focused on immediate sectors where there is large concentration. The challenge is, as we talk about communications, and the need for everyone to have access to high speed internet and fibre to do what they are doing today.”

Ramona Ritchie-Taylor, executive director of the Long Island Chamber of Commerce, said a modern international airport will help boost tourism as well as create a “hub” for the other southern islands.

She added: “We have both of the telecoms providers here, and I may be mashing on people’s toes, but I worked for BTC for 25 years and I do not appreciate the level of service I am getting these days and I hate it when I’m on a call and the call drops and I can’t get it back on.

We have been having too much of that lately and I don’t know if it is because of a lack of maintenance of what we have, or upgrades in what we need.”

Mr Ritchie-Taylor said the private sector must come forward with “competing solutions” that will support the economic expansion and educational opportunities on the southern islands. Cable Bahamas and BTC, she added, should be accessible to all residents as high speed Internet is a requirement for schools, banks, government offices and businesses.

To advertise in The Tribune, contact 502-2394

PAGE 4, Friday, August 14, 2020

‘Economic implosion’ fear if lockdown not relaxed FROM PAGE ONE

small and medium-sized businesses, has seen its completion date pushed back from summer 2020 to Christmas due to the delays caused by the COVID-19 lockdowns and associated restrictions.

Speaking from personal experience, Mr Wrinkle said “it can take several hours to get a couple of two by four’s

(lumber) and some screws” from hardware stores as they are currently limited by the government’s emergency powers order to curb side and pick-up service.

Besides the inefficiency and delay that contractors endure in obtaining building materials, he added that “more and more” hardware stores were likely to simply close down for the lockdown’s duration because

the costs and logistical difficulties associated with providing such services outweighed the much-reduced revenue coming in.

Mr Wrinkle also revealed that the international supply chain has not been spared, as the time taken for building materials to be shipped directly from the US had increased at least four-fold, with product that usually took two to three weeks to

arrive now taking eight to 16 weeks.

“Personally I would suggest that they open everything up from 9am to 5pm, and lockdown at 7pm at night,” he told this newspaper of the present COVID-19 restrictions.

“This economy has got to be restarted. If we let this go on much longer there will be catastrophic repercussions in the private sector, make no mistake about it.

“We’re at a question of weeks before this economy collapses, implodes, and once that happens we cannot get it back. The sacrifice we’re making is minimal for the benefit. You cannot penalise a whole country for the problems a few have caused.

“We’re just not in that position. We don’t have that luxury. We certainly don’t have it any longer. We may have had it a few months ago, but people are now in dire straits.” Mr Wrinkle’s comment of “a few” refers to the Bahamians who travelled abroad to COVID-19 hot spots once the borders opened on July 1 and, aided by ill thoughtout government restrictions, triggered the latest surge by bringing the virus home.

The government, though, has always prioritised saving lives amid this pandemic.

Its actions have always been driven by the underlying twin fears that the Bahamian population, with its prevalence of underlying non-communicable diseases, is especially vulnerable to COVID-19 while the already-weak public healthcare sector is simply unable to cope with a major surge in cases.

THE TRIBUNE However, Mr Wrinkle argued: “I cannot fathom that the government can’t comprehend the severity of this lockdown and the lag on economic impetus. It’s a high-risk game they’re playing.....

“It’s going to be a slow haul climbing out, and the longer you’ve locked down the local economy the longer it will take to rebuild.

That’s the foundation we need for export growth.

We need to get the local economy moving, because they’re talking about one in four people receiving food assistance and unemployment potentially being at 50 percent.

“I don’t see where the government is cognisant of this in implementing protocols for the local economy.

I don’t know where they’re getting their advice and information from. I just think the protocols could be put in place where the local economy could be reopened,” he continued.

“That’s a very important measure progress for the government and the private sector. People go to work, don’t stay at home, get a pay cheque and the wheels begin to turn. That’s the start of recovery. Nobody’s going to come through and dump $100m in our lap.

We have to stand on our own two feet. I hope they consider that very carefully before they extend the lockdown.”

Mr Wrinkle then backed Brent Burrows, CBS Bahamas general manager, in confirming the difficulties all retailers face in performing curb side and pick up services for clients. The ex-BCA chief said staff were constantly scurrying between customer vehicles and store, and having to take products back if they were incorrect.

“If the screws are the wrong size and they [staff] have to go back, they have 20 to 30 cars behind you to deal with,” he explained. “If they have written it up, they have to change it and do a credit. It’s not workable.

The competent authority should be made aware by the large suppliers that it’s not workable.

“When you have 50,000 SKUs (stock keeping units) and are holding up 30 cars for $50 of stuff, it’s a big problem. It’s untenable.

Realistically, it’s untenable.

I think they really need to have another look at this lockdown situation they’ve put in place because I think it might be doing more harm than good on COVID containment. You’re backing people up and making them run around to get things.”

Turning to the impact on his firm’s current project, which is located near Mount Pleasant Village, Mr Wrinkle added: “We have trucks on the road every day getting a minimal amount of materials, and it’s unproductive time. We’ve suffered setbacks, and that’s going to have cost implications for the project.

“We also have materials backed up from US delays.

When we used to have as two-three week delivery wait, we’re now up to an eight to 16-week wait. It’s a trickle down effect that is having serious repercussions on us because we’re low on the totem pole.

“We’re working the numbers now. We were going to be open in early summer and now we’re looking at Christmas.” Mr Wrinkle explained that the delay meant the project would be unable to lease storage space in the warehouse to business tenants this summer as planned, impacting both himself and potential clients.

The 100,000 square feet of buildings, which are set in several acres, are designed to meet demand for office and storage space in western New Providence as business and commerce expands in that area. The project, which has been underway for a year, employs around 40-50 during construction, but Mr Wrinkle said he was unsure how COVID-19 will impact its prospects once completed.

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THE TRIBUNE

Friday, August 14, 2020, PAGE 5

‘Substantial appetite’ anticipated for visa despite Barbados lag FROM PAGE ONE than just providing a shortterm post-COVID boost.

Asked whether The Bahamas had taken too long, and will now have to play catch-up to Barbados, Mr Johnson replied: “The important thing to remember is we have always had a residency visa. That’s something we have, and which people apply for from time to time. We’re now extending it and looking to simplify it. This is really a revamp of that.

“As far as timing is concerned, there’s substantial appetite. We’re next to the US and Canada, and a destination in demand with multiple islands. It will be interesting to see the appetite generated, and people working and studying overseas. We think there will be substantial appetite. The advantages that The Bahamas has today remain.

“The first mover always has an advantage, but you’re dealing with a vast market of 300m individuals in North America and that does not include Europe.

There’s room for several players, and the attraction

of The Bahamas is its proximity, level of infrastructure development, quality of Internet service. Those things augur well for the type of businesses and jobs we want to attract.”

Mr Johnson told Tribune Business that “more marketing” resources will be placed behind the proposed visa to promote it and ensure its target market is made aware. He added that meetings were planned with the Ministry of Tourism, private sector stakeholders and other government agencies on this issue once the product was “more clearly defined”.

The committee’s release made clear the visa’s specifics, and details of the application process, are still being determined. It said responses to applications will be provided “in a matter of days”, which is likely to raise scepticism among some observers, with persons able to apply online.

Mr Johnson said the covernment-appointed committee will also seek to “refine” the projected economic impact from the visa, which is designed to inject spending by successful

applicants into the domestic economy via landlords (rent); car rentals; retailers; restaurants and a host of other sectors.

Kenwood Kerr, Mr Johnson’s fellow committee co-chair, said: “If we get to 1,000 successful applicants and they spend $30,000 on average within the economy on rent, food, and entertainment, that is equal to a much needed $30m injection into the economy.

“Moreover, our marketing will showcase our Family Islands where the potential impact on those smaller island economies will be even more pronounced.” Mr Johnson said Mr Kerr’s estimates are “conservative”, with the committee expecting the visa will be “a net add” for a depressed Bahamian economy that needs all the help

it can get.

“We think it will be an excellent value-added to our existing range of products,” Mr Johnson told Tribune Business. “The key thing is we think it opens opportunities for boutique firms to move their entire operation to The Bahamas, and that will be an element of marketing to see if firms, or units of firms, want to live in The Bahamas and do work remotely.

“We have the Internet infrastructure people expect, and all the infrastructure amenities people would expect to have. We have the Family Islands for people wanting to get off the beaten path. We believe we have a very interesting proposition to present to the global marketplace so it will be interesting to see how it plays out.

“The approach is how do we maximise and leverage what we have in The Bahamas to get persons here, and add value for them and add value for The Bahamas.”

He added that the ommittee had not directly linked the visa to the Commercial Enterprises Act, which was intended to liberalise the immigration regime by allowing high-level executives and managers of firms relocating to The Bahamas in targeted industries to enter the country without first obtaining approved work permits.

And the visa’s emphasis on remote working could also tie into efforts to revive the government’s Grand Bahama “technology hub” initiative, which appeared to have stalled even prior to COVID-19.

“Given the move to

remote work and study from home protocols in response to COVID-19, the ommittee saw an opportunity to recast the programme - and to expand it to accommodate university students whose schools will be offering remote learning for the upcoming academic year,” said Mr Kerr.

Mr Johnson added: “In addition to the visa initiative, the committee will be providing recommendations to the government regarding the next phase of the reopening of the economy.

“It will also submit an interim report by the ‘Orange Economy’ sub-committee, with recommendations on how the government can boost the viability of the creative and cultural arts as a direct contributor to the economy.”

Govt urged: Speed up GB airport acquisition FROM PAGE ONE much obvious and a lot of folks have been in discussions around those.”

He added: “First on that list is to resolve the situation with the international and domestic airport. The terminal received major damages during Dorian and has not really seen any significant repairs since then.

“Repairs were done to one of the small terminals to facilitate some form of travel, but we are still a long way off. That’s one of the key issues to address if we are looking for the economy of Grand Bahama to start to recover.”

Mr Laroda added that the recommendations for the airport have been “mainly that it’s time that the government take control of that airport, but the feeling is that the government should not pay any significant amount of money for that airport.

“I have heard it said that

some persons don’t feel the government should pay more than maybe $1 for it, considering it is in a bad state of affairs,” he said. “The current owners would have collected or started to collect insurance money from the infrastructure itself. The government would be taking over a major operational expense of the airport, and currently the airport is not making any money.”

Mr Laroda said negotiations with current owners, the Grand Bahama Port Authority/Hutchison Group, should not be allowed to drag on. He added that the government needs to be “firm”, and if the current owners cannot voluntarily relinquish control then it should just “walk away” and “mandate that the current owners live up to their obligations and repair the airport to a standard that is acceptable internationally and would allow the return of pre-clearance by the US”.

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.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 13 AUGUST 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,096.70 | CHG: -0.09 | %CHG: 0.00 | YTD: -134.90 | 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 3.40 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.79 6.10 11.26 2.48 5.30 10.01 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 2.51 5.30 9.87 8.44 14.30 3.99 8.97 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 -0.14 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

400 250

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 24.6 11.3 15.3 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% 17.29% 1.13% 3.32% 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

MUTUAL FUNDS

LEGAL NOTICE

NOTICE IN THE MATTER OF TAR BAY REAL ESTATE INC. NOTICE IS HEREBY GIVEN in accordance with Section 228 of the Companies Act Ch.308 THAT: 1.

2.

3.

At an Extraordinary Meeting of the Members of Tar Bay Real Estate Inc., held on the 1st day of December, 2019 it was RESOLVED that the Company be wound-up voluntarily.

TAR BAY REAL ESTATE INC. (In Voluntary Liquidation) is in dissolution Proceedings to wind-up and dissolve the Company were commenced on the 1st day of December, 2019.

4.

Any person having any claim against the Company is required to send their name, address and particulars of debts to the Liquidator at P.O. Box SP-63126, Nassau before 31st August, 2020.

5.

Ms. Debi Williams, whose address is Suites 203 & 205, Katherina Court, Olde Towne at Sandyport, West Bay Street, Nassau, Bahamas is the Liquidator of the Company for the purpose of winding up the affairs of the Company and distributing its property.

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

THE TRIBUNE

Friday, August 14, 2020, PAGE 7

‘Airbnbs of ocean’ face satellite tracking plans FROM PAGE ONE positioning system) when they come in so we can track them.”

Mr Carey urged that the Government adjust the fee structure so that all incoming vessels were charged a “substantial” levy based on boat size and number of crew. His monitoring system would then track how many days they spent in Bahamian waters, and how many nautical miles they travelled, with a final levy based on those benchmarks.

He argued that the extra revenues raised would help finance his monitoring system, with no initial capital contribution required from the Government as it would all be financed by the

GB Shipyard cuts further 65 workers

FROM PAGE ONE

Another round of lay-offs was said to have occurred before that, although the company was said to be doing everything it can to keep as many Bahamians employed as possible.

Another well-placed source, also speaking on condition of anonymity, said of the Shipyard: “They’re doing everything they can to keep as many people employed as they possibly can, and I think they’ll continue to do that.

“The government has been working with them to keep the ships in. I’m sure they’ll have to do more rightsizing at some point in time until they get the two new docks to come in. They lost

private sector via a privatepublic partnership (PPP) arrangement.

“The nano satellites are an affordable way to do this,” Mr Carey said. “The technology doesn’t cost that much. Each satellite lats five years, and it costs $3m for five years.”

Disclosing that he has been working on the initiative since April, he added that “very encouraging” discussions had already taken place with government officials and the likes of Save the Bays, the Bahamas National Trust, divers, charter companies and “the people from the blue economy”.

Mr Carey continued: “I’ve put a lot of time into this space since April. What I see happening in our oceans is deplorable and is

not done by Bahamians. We are an extension of Florida, our oceans, without the zip code and have been taken advantage of for too long.

It is foreign vessels who are doing the damage and making the money. The system is faulty and need to be changed.

“We can build a business model easily and monetise it. We can use it to build a workforce to protect our marine resources.”

He said that upon entering The Bahamas, visiting yachts and boaters would be informed of the laws and rules, agree to comply and apply for the necessary permits while also switching on their boat’s tracking devices.

The Government itself has readily agreed that the boating/yachting industry

is a substantial source of revenue leakage. K Peter Turnquest, deputy prime minister, told last year’s Eleuthera Business Outlook conference that the government would target untapped existing revenue sources such as the four percent yacht charter fee in the upcoming budget.

“We are looking at new revenue sources,” he confirmed. “One of the big ones we anticipate is in the yacht registry and chartering industry. We know there are vessels that come here and stay for six months conducting charter business during that time and not registering as commercial entities.

“As a result, The Bahamas gets no revenue. There is a four percent charter fee we are supposed to collect

two docks, one in the accident involving the Royal Caribbean ship, and Dorian did another one.”

A key player in Freeport’s industrial sector, the Shipyard lost its largest dry docking facility when it collapsed in summer 2019 during repairs. Its major shareholders, Carnival and Royal Caribbean, which each hold a 40 percent equity stake, had been planning to invest up to $100m in a replacement dock that was billed as the “largest” such floating facility to be built anywhere in the world over the past decade.

However, the cruise industry’s COVID-19 enforced shutdown, which has forced Carnival and Royal Caribbean to each raise billions of dollars in additional financing to help them ride out a period in which they are

earning zero revenue, is likely to mean fresh investment will be placed on the backburner for a while.

That is likely to include the Shipyard’s new dry dock, which faces being added to a list of planned Bahamian investments - the Grand Lucayan and Freeport Harbour; Carnival’s Grand Port; and other private island destinations - by the cruise lines that will likely be subject to delays once the pandemic is over.

The Grand Bahama Port Authority’s (GBPA) affiliate, Port Group Ltd, owns the remaining 20 percent of the Shipyard. But, with the cruise lines’ balance sheets and financing likely to be strained for some time to come, it is likely that the Shipyard will have to find alternative means of financing a new dry dock.

Giora Israel, Carnival’s senior vice-president of global ports and destination development, told Bahamian media in February 2020 that the accident had reduced the Shipyard to just 25 percent operating capacity. He said the investment in a replacement, which had not been finalised and was in the beginning stages of discussions, would also feature infrastructure development to expand the Shipyard’s capacity.

“We are determined to make this yard again a great yard, possibly bringing it back to the number one cruise ship repair facility in the world,” Mr Israel said. “(The dry dock) will be the biggest floating dock to be built in the last decade anywhere in the world, and it’s likely to be built in China.”

but, if they don’t register, then we are not collecting our four percent. It’s estimated that it could be as high as $50m a year.”

He then moved to make good on his word, for in unveiling the 2019-2020 budget he said “government will increase cruising permit fees from $150 on boats up to 34 feet, and $300 on boats 35 feet and over, to a set of rates based on size and length of stay ranging from $150 per three months to $4,000 per year. These rates will become effective January 1, 2020, so as to allow a transition period for the boating industry”.

However, the Government modified some of the fee increases following feedback from the Association of Bahamas Marinas (ABM). However,

the 2020-2021 budget introduced further change through the Customs Management (Amendment) Regulations 2020 that imposed the requirement to obtain a “certificate of clearance”.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told this newspaper that the “certificate of clearance” was designed to ensure all pleasure craft entering The Bahamas’ waters paid due cruising permit fees.

Given that these are based on the time a vessel remains here, he argued that the procedure - passed by the House of Assembly as part of the recent budget debate - would enable the government to accurately determine and levy the appropriate fee.

LEGAL NOTICE

NOTICE CHURCHILL MANAGEMENT LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of August, 2020. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.

Dated this 14th day of August, 2020 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR