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MONDAY, AUGUST 16, 2021

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Activists in new court filing over oil drilling By FARRAH JOHNSON Tribune Staff Reporter fjohnson@tribunemedia.net

WO leading environmental groups have filed a Supreme Court application to discontinue a judicial review of the government’s approvals concerning Bahamas Petroleum Company’s exploratory drilling in Bahamian waters. Earlier this year, Save the Bays (STB) and Waterkeeper Bahamas (WKB) jointly launched the challenge to confirm whether BPC had received all of the necessary approvals and permits required to carry out exploratory offshore drilling. The action also sought to have the courts establish the “proper and lawful” procedure for projects of a similar nature going forward. The recently filed consent order seeks for the judicial review action to be discontinued and for each party to bear its own costs. The environmental groups said despite the government’s

FRED SMITH QC and developer’s efforts to “price advocates out of justice”, their legal challenge has proven to be a “huge success”. In a statement, STB and WKB said oil companies could “consider themselves warned” since their judicial review challenge not only “sparked global awareness,” but also relayed a “strong warning” to those that would seek to pursue a similar venture in the future. STB legal director, Fred Smith, QC, said he lamented the fact environmentalists continued to be priced out of justice by the

Governance reformer: Secure procurement process, integrity By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SECURING procurement integrity must be two-fold with a specific process for resolution as well as any legislation having strong technical systems in place, says a governance reformer. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that securing the integrity of the Public Financial Management Act (PFMA) by creating a provision that allows public servants to have an “objection to direction” needs to have a two-fold approach,

MATT AUBRY providing for a “specific process for resolution” in addition to “content” to the legislation. Mr Aubry said: “There needs to be a very specific process for resolution and it has to be very clearly advertised and promoted, systems

SEE PAGE 3

Eleuthera calls bridge upgrade ‘waste of time’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SOME Eleuthera businesses say it is a waste of money to repair or rebuild the Glass Window Bridge and it would be better to build a causeway on the Bahama-bank side instead. Tony Bethel, owner/ operator of Big Rock Bar and Restaurant, told Tribune Business: “I feel like repairing what’s there now is a waste of time. I think we need to try concentrate on doing a causeway on the

lower side. “They have spent millions of dollars on repairing that bridge in the past. “It would be better to build a causeway because the Glass Window is dangerous to go past if you have a rage on, then it has to be closed. But if you have a causeway you don’t have to close it. A lot of tourists come down from North Eleuthera and they can’t come because the bridge is closed, or they have to go out and its difficult for them to go out.”

SEE PAGE 3

government and developers who “ganged up” on environmentalists and small business owners. “Whether you are Bahamas Petroleum Company (BPC) or any other entity, consider yourself duly warned: The Bahamas has a strong, outspoken environmental activist community that will aggressively challenge any project if it appears that the procedures mandated by law might not have been followed,” Mr Smith’s statement read. “...Sadly, the drill went ahead before these questions could be determined by the court. With that ship

having already sailed, so to speak, we then offered to streamline the matter, as it had become impossible because of KYC challenges to set up the security ordered by the court, to focus on the all-important second question of proper procedure and which laws apply to oil drilling. “However, BPC were unwilling to cooperate and so we had no choice but to accept their counter-offer that all parties mutually agree to bring the case to an end. But make no mistake, this challenge was a huge success. BPC and any other company that may be seeking oil drilling licensces in Bahamian territory now know that they will be carefully scrutinised every step of the way.” In their joint statement, Rashema Ingraham, executive director of Waterkeeper Bahamas, also noted the “enormous attention” the legal case drew to issues surrounding oil drilling in The Bahamas both

SEE PAGE 3

$5.28 CHESTER COOPER

Cooper: AG suggestion of change to beneficial ownership act ‘laughable’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PLP deputy leader Chester Cooper has called the attorney general’s explanation of how money was spent from a $250m International Monetary Fund loan “laughable” as well as a possible “violation” of the terms of the loan. Mr Cooper, the Exuma and Ragged Island MP and shadow Finance Minister, said in statement to the media: “The suggestion by the AG that the only way to supply the auditor general with the names of the beneficial owners of companies that received pandemic contracts funded by the $250m IMF loan is to change the Register of Beneficial

Ownership Act is laughable. “In his own statement, he acknowledges his office could have provided the names, and surely the minister of finance and the minister of state for finance, who were both present when the act was being debated, know that.” Mr Cooper’s comments come after AG Carl Bethel made comments in the senate saying the request for information under the Register Beneficial Ownership Act limits the Ministry of Finance from asking for information on beneficial owners. Mr Cooper also said: “The Register of Beneficial Ownership Act was set up to ameliorate concerns

SEE PAGE 3

PAGE 2, Monday, August 16, 2021

THE TRIBUNE

BAKER’S BAY TO TEST CHARGE FOR UNVACCINATED STAFF By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAKER’S Bay will today begin charging unvaccinated staff for mandatory COVID-19 testing while inoculatted employees will be given test frees of charge until the Club hits its target of 70 percen of the workforce having received a jab. In a letter to staff seen by The Tribune Baker’s Bay Golf & Ocean Club’s human resources director, Anne Lightbourn said the Club will close on August 23 to October 6.

The letter stated: “Vaccinated Personnel will pod-test once a week, at no charge. Our Human Resources Team will conduct the notification process;” and “Unvaccinated Personnel are mandated to test weekly, at a charge of $15 (payroll deducted on the current pay cycle). This will continue until a significant amount of Club personnel are vaccinated (i.e. 70 percent).” Also beginning today, “Vaccinated and Unvaccinated personnel will ride separate ferries. This programme will continue until

a significant number of Club personnel are vaccinated.” Last year the Club was a hotspot for COVID-19 infections when it was hit with 30 cases in July, causing widespread panic and a halt to Hurricane Dorian reconstruction efforts as many of the construction workers at the Club had to enter quarantine for fear of island wide spread. The letter also said: “The COVAX Authority will continue their scheduled return to Guana Cay in the next few weeks. Human Resources will continue to communicate the process

and schedule. The Club will continue regular updates to all personnel aggressively urging vaccination as the way forward to a safer work and home environment. In addition Bakers’ Bay is also offering an extra day’s pay for fully vaccinated personnel and also will offer a second additional day of pay for vaccinated personnel if their department reaches the 70 percent target vaccination rate. “Personnel who would have worked between August 23 and the original planned closure date of September 8 will be paid

straight time. After September 8, all departments had planned personnel to take holiday leave or voluntary unpaid leave. Essential Service personnel will be paid a premium rate,” the letter read. The Club also wishes to let staff members know that the “will accelerate the planned Limited Club closure that was originally scheduled for September 8 and now close the Club Operations (limited closure) on August 23. As of now, the Club will plan to reopen all operations on Wednesday, October 6.

Further revisions are possible to operating schedules depending on Covid case counts. “As the COVID-19 case counts continue to rise in the Abaco’s, on Guana Cay, and most alarming with Baker’s Bay personnel, we must increase our efforts to reduce potential exposure in the workplace. To that end, the combined actions below have been carefully considered and determined to be the way forward to a safer and healthier work environment now and over the next several weeks.”

WATER SUPPLIER CHALLENGED BY 400% RAW MATERIAL INCREASE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN bottled water supplier says sourcing raw materials is the “challenge of the day” sparked by freight charges ballooning by over 400 percent. Christian Knowles, Aquapure’s senior manager, told Tribune Business that while sales at the company was “going pretty crazy and fairly good,” sourcing raw materials for water was a challenge. “One of the issues that we’re facing now is just our raw materials have been

insane,” he said. “The stuff that we get from around the world, the lead time has gone from, in some cases, on some of my raw materials, from one to two weeks to 10 to 12 weeks and planning around that and making sure that you have enough stuff to run production has been the challenge of the day.” There are a lot of items that go into a finished bottle of water for example, plastic resin, boxes, bottle caps, labels and stretch film. “We manufacture everything. We are a fairly vertically integrated

here,” said Mr Knowles. “Just for an example, our bottles, I blow them in some cases from the resin, the actual plastic, raw material of high density polyethylene resin, and melt them down and I form my bottles and on the smaller packaged bottles and the five gallon, I buy the preform, so they already have the mouth and the threads and they just look like test tubes. I then put them through my machine like little balls into various different sizes.” Further warning of a suspected “cartel of

shipping companies” that are unfairly hiking freight rates around the world, putting pressure on businesses, Mr Knowles said: “This time last year a 40 foot container out of China would have cost you between I would say $3,500 and $4,800, depending on which company you went with and if you had to contract them, and so on and so forth. Okay. “From the same companies shipping out of China, the last report I got from one of my suppliers was $18,000. I had another supplier that I met with just the other day, who said he just got quoted $20,000 for a 40 foot container out of China, just for the container. That is just the freight rate.” Aquapure joins a list of other companies in the country that have been hit with shipping woes, the construction industry is one of them as containers hauling hardware and lumber

have been experiencing challenges for the better half of this year especially if they are routed out of China through Los Angeles, US and then on to the east coast of the US to the Caribbean. Mr Knowles said prices for bottled water will remain reasonable and are not expected to rise in the short term as a result as he will just have to “eat the cost”. Mr Knowles also noted, “One of the big problems that we’re seeing is that Chinese companies and Chinese firms and other Asian companies, is that they are paying to get empty containers shipped back to them. So when I need to get my pre-forms out of Turkey, for an example, there’s no equipment available. “When I want to get my boxes out of the Midwest in the United States, I get my boxes and my caps out

of the Midwest, US they not only have no containers available, no equipment available, because they’re all over the place. They also have no truckers available. So that’s why we’re seeing from one to two weeks or two to three week delivery times balloon into 10 to 12 weeks.” This is going to be a “huge detriment” to our economy Mr Knowles believes. “There is no way that anything like that can be sustainable in any shape or form. These shipping companies are realizing that the market is absorbing these price increases, and when they realise there is market absorption they will not drop the price no matter what happens,” he said. He added: “Someone with sense in power needs to see what’s going on on the world stage in terms of logistics and, and goods and say stop, you can’t do this anymore.”

Manufacturers: Sales returning but not close to 2019 levels By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SOFT drink manufacturers have reported soft sales numbers despite the recent hot weather. Karla Wells, marketing manager for Coca Cola, told Tribune Business that sales at the company, while

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better than last year, are in “no way close to 2019.” “We still have some ways to go, but things are encouraging,” she said. “Obviously our economy is still recovering from COVID-19, so until we see a return to normalcy between a coupling of visitors and people returning to dining who have been

scared away by the possibility of the Delta variant, we won’t see a return to good sales. “Along with the curfew, people are dining for shorter periods of time so all of that is going to have a trickle-down affect on sales. So we are still to 2019, but

SEE PAGE 6

THE TRIBUNE

Monday, August 16, 2021, PAGE 3

Activists in new court filing over oil drilling FROM PAGE ONE locally and internationally. “The judicial review made instant headlines and raised a tremendous amount of awareness about the threat these projects could pose to the marine and terrestrial environment of The Bahamas, especially if they are undertaken without regard to the full legal framework designed to regulate developments and protect both the natural ecology and local communities,” Mrs Ingraham said. Mr Smith added that

it was important for the public to understand why environmental groups were “forced to agree to end the case”. He explained that a judicial review is simply meant to be an inspection of a decision-making process undertaken by the government, and in this case, the decision to allow BPC to drill. “It is not intended to take a long time or be particularly costly for any of the parties involved,” he explained. “Unfortunately, over the past several years in The Bahamas, collusion between the government

Governance reformer: Secure procurement process, integrity FROM PAGE ONE that can receive these things. They need to be confidential, they need to be understood to be insulated.” The objection to direction clause is a provision in the PFMA that if a public officer feels as though they were given a direction that goes against the Act or any other legislation, there is now a legal process that empowers public servants to formally object. Signalling that insulating checks and balances in a small country like The Bahamas can become “problematic”, Mr Aubry said: “Everyone knows everyone is in a small country, so that means we need to work on a culture within our civil service of openness or accountability and transparency. “With that being the case you have to work on people’s historic training of being closed and that each job and each entity has to be handled quietly within each department. That ability to bring things across systems and into the open is a cultural change and that’s going to take some time.” The government of The Bahamas passed the Freedom of Information Act in 2017, however some critics have said that the legislation lacks teeth as several critical ingredients for making it a credible and enforceable piece of legislation is missing. For example, the Act lacks the selection process of the information commissioner, the scope of public authorities subject to the Act, and the long time limits for making information accessible. Mr Aubry said, however: “You need the capacity to also be supported from the very top. We saw just recently that in parliament that somebody who was

bringing forward concerns related to procurement at the highest levels was named in parliament and their potential past job history was questioned. That deteriorates that type of culture. That goes exactly against what the point of objection to direction in the legislation is established for.” The system must be “trusted” and “consistent” to treat all individuals fairly, said Mr Aubry adding: “People need reassurance that this is the way to go. I think its twofold. I think it’s setting up the technical systems, appropriately relying upon technology to receive information, being confidential, setting up independent, trusted apolitical places to be able to receive the information, but then consistently and fairly applying these going forward, which will start to build a stronger culture of comfortability.” Understanding that the PFMA will be a continual work in progress that needs consistent updating as the months and years go by, Mr Aubry insisted that while the legislation is currently “in the works” and that the Ministry of Finance is “preparing and encouraging local firms to get involved and get registered on the public procurement platform,” he understands the government is in the process of determining specific regulations and processes. He added: “Once they are established, how they are going to be promoted is going to be key. There has to be widespread promotion that is user friendly and accessible. This will go a long way.” “There needs to be a reporting that something did happen and came to a successful resolution. That builds trust.”

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and developers has been used to delay, complicate and stymie proceedings, then the developers apply to the court for a huge financial guarantee from the applicants in order to move forward with what is now an unnecessarily complicated and drawn-out case. The clear intent is to price NGOs and regular people out of justice and that is exactly what we faced in this challenge. “Our offer to streamline proceedings would have significantly simplified matters, cut costs for all involved and allowed for

a prompt and straightforward hearing on questions of the law. BPC’s decision not to accept it meant we were faced yet again with a mind-bogglingly complicated and potentially hugely costly procedural case, over a drill that had already happened and therefore could not be prevented or stopped, even if we had won. It was impossible to continue in those circumstances.” Mr Smith said despite this fact, BPC along with other oil companies and developers should remember that environmentalists will not hesitate to take “strong and forceful action, including through the courts, in the name of environmental protection and the rule of law in The Bahamas” regardless of the hurdles they continue to face.

Cooper: AG suggestion of change to beneficial ownership act ‘laughable’ FROM PAGE ONE by the FATF (Financial Action Task Force) that no person is able to hide their identity through the use of a Bahamian entity and possibly use that entity to shield their assets or for illicit activity. “That the auditor general requests the names of the owners of the companies

that received pandemic funds to comply with IMF standards is a separate issue. Nothing in law prevents the Ministry of Finance from obtaining this information directly from the companies and providing it to the auditor general and the IMF. “Hiding behind a technical legal point on beneficial ownership is nonsense under the

Eleuthera calls bridge upgrade ‘waste of time’ FROM PAGE ONE

“Then when that happens you have to get on a boat and be ferried around the bridge and that is a huge inconvenience.” Mr Bethel was responding to news that the government is about to spend $35m in repairing the bridge. Works Minister Desmond Bannister 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 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 a new bridge some 60 feet west of the current location. Mr Bannister said the government is also aiming to create “a world-renowned tourist destination” at the site. Besides allowing visitors to see and contrast the normally rougher Atlantic waters with the calm Caribbean side, he added it would also provide a focal point for Bahamian entrepreneurs to sell their wares to tourists. Gerald Stuart, owner/ operator of Freedom Tours in Eleuthera, said: “They need to

clarify if they are repairing the old bridge or building a new bridge. That needs to be made clear. Because if they are repairing the old bridge that is a waste of time and money and anything you build there is going to be destroyed by the

Earlier this year, BPC announced it had ceased its drilling operations after having failed to find commercial volumes of oil. BPC - which in May changed its name to Challenger Energy Group PLC - welcomed the move to stand down. In a statement Chief Executive Officer Eytan Uliel said: “Our company has been committed to The Bahamas for over a decade, and has spent over $150 million on its Bahamian operations to date. Despite the fear mongering engaged in by the applicants during the course of their action, the Perseverance-1 exploration well was ultimately drilled safely, responsibly and without any environmental or operating incident. “We have always complied with all relevant laws

and regulations, and we have never had any issue with government decisions pertaining to our business being subjected to proper scrutiny and review. However, in the instant case, the timing and manner in which the applicant groups brought their action was entirely cynical – at the last minute, and with the clear intent of not seeking any genuine process of judicial review, but rather to derail a legitimate business project that does not agree with their political agenda. “We are glad that the Bahamian Court did not reward this conduct, thereby reinforcing our confidence in The Bahamas as a reliable investment location, and we are pleased that the judicial review application has now been definitively discontinued.”

circumstances and secondary if they signed terms to the contrary. “What the Minnis administration must say is whether they violated the terms of the loan,” said Mr Cooper. He added: “The question now is will this prejudice future relationships with international multilateral institutions and adversely impact our standing in the world. “We have requested over and repeatedly for the terms of the IMF loan as taxpayer funds will be used to satisfy it. This appears to be the tip of the iceberg of what is clearly a culture of defiance in this

administration when it comes to transparency and accountability.” Calling into question the integrity of the leadership at the Ministry of Finance, Mr Cooper said: “Little wonder that Transparency International says we are perceived as having become more corrupt over the past few years. The Minister of Finance must make public which companies received pandemic funds through an opaque procurement process, how much each company received and who owns those companies. Anything less flies in the face of transparency and public disclosure of spending of government funds.”

water. They would be better off if they put a bridge or a causeway on the bank-side, the Bahama-bank side. “If you’re going to spend $35m put in the work for a permanent structure, which is going to be our low level bridge on the bank and it will be destroyed. So why waste the taxpayer’s money?” Mr Stuart added: “The bridge is good for a walking path when the weather is

good, but when the weather is bad you can also be on the bank side and watch the water go over that bridge, but it has to be a decent distance of about 300 feet from the existing bridge across the water. He said at least twice a year the bridge is a “no man’s land” and impassable and unsafe. Despite the danger some tourists continue to try their luck at climbing the rocks by the bridge.

PAGE 4, Monday, August 16, 2021

THE TRIBUNE

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THE TRIBUNE

Monday, August 16, 2021, PAGE 5

THE WORLD LEADING SAND DOLLAR ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs

SNAPSHOT of the dedicated Sand Dollar website.

AST year The Bahamas became a global leader in e-money, after launching its own Central Bank Digital Currency (CBDC), the Sand Dollar, ranked number one in the PwC Global CBDC Index. A remarkable achievement for the nation, that captured headlines around the world. But what is a CBDC? Should other nations follow the example of The Bahamas? Why not instead adopt an existing cryptocurrency, like bitcoin, for example, like El Salvador did? One of the most important instruments available to sovereign states is its currency, which allows the deployment of monetary policies that can provide both a boost or a break on growth and inflation. With the growing popularity of blockchain-based assets,

many countries’ central banks started working on plans to launch their own digital currencies, as part of a strategy to embrace the current trend while still maintaining control of their economies - through monetary policy - and potentially even gain an advantage over states that neglect the field. Despite the common digital lineage, there is a fundamental difference between Central Bank Digital Currencies and cryptos, such as Ethereum, Bitcoin or Doge. The supply of a CBDC, like the Sand Dollar, is controlled by

the central bank, instead of the decentralised and private peer-to-peer structure behind the so-called cryptos. This means the value of CBDCs will, to a large extent, be determined by the institution, unlike decentralised cryptocurrencies, whose value tends to vary according to speculative fevers and even manipulation of news in the media and social networks. The lower volatility of a CBDC makes it more suitable for everyday transactions, as those accepting it will not fear the wild fluctuations in value experienced by decentralised

cryptos. Also, there is the issue of scale; with bitcoin, for example, it is possible to process only five transactions per second (compare that with the Visa network, which allows 1700 transactions over the same amount of time). Clearly, CBDCs will be more relevant as a means of payment than cryptocurrencies, whose role has been mainly the storing of value and speculation. Across the world, in Africa, Europe, Asia and the Americas, nations are investing in the creation of CBDCs. However, some are considerably more advanced than others. A narrow group, led by The Bahamas, have

already launched their own digital currencies. These are followed by a dozen other countries, among which China stands out due to the ambition and dimension of its project, while South Korea and Sweden also appear well positioned to soon complete the launch of their own digital currency. Strangely, among the world’s major central banks, the United States Federal Reserve is the one that

appears to be trailing behind in the development of a digital currency, with its chairman, Jerome Powell, recently stating there is no reason to rush. Some observers think he may be wrong, citing China’s digital currency, the e-CNY, which could soon threaten the role of the dollar in Asia, and perhaps elsewhere, too. A scenario that illustrates well the importance of this new form of money.

PAGE 6, Monday, August 16, 2021

THE TRIBUNE

Manufacturers: Sales returning but not close to 2019 levels FROM PAGE 2

hopefully things continue to get better.” Joshua Miller, owner/ operator of Limeade, said:

“We’re trying to get by the 2019 numbers. COVID-19 really did some damage to a lot of restaurants and stuff like that as a lot of them either would have closed

waiting for the schools to reopen. We want people to get back to school and back to work. Hopefully we can see a sales bump in September of 30 percent, but I don’t think officials are sure as yet if school will return to in person learning. So I have to wait and see.” Christian Knowles, senior

down or things haven’t fully rebounded. Not only restaurant sales are a part of Limeade’s model, but also schools as Mr Miller said: “We are

MARKET REPORT www.bisxbahamas.com

FRIDAY, 13 AUGUST 2021

BISX ALL SHARE INDEX:

CHANGE

1981.42

3.25

%CHANGE

YTD

YTD%

0.16 -111.04

-5.31

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.67 6.00 7.50 3.60 6.01 3.80 6.16 12.00 2.71 8.25 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 5.50 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

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 7.50 3.24 5.40 2.74 5.95 9.80 2.49 8.25 11.57 10.08 14.09 3.98 8.93 15.50

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.53 0.00 0.00 0.00 0.00 0.00 0.01 0.50 0.07 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS810375 BSBGR1211386 BSBGRS810375 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.05 100.00 100.05 100.27 100.05 100.62 100.72

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL 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 1.37 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

VOLUME

1,000 500

2,000

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

4,300

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 20.3 -7.4 38.6 14.9 13.3 13.6 24.4 17.7 17.9 13.8 17.3 19.6 9.5 24.6

YIELD 2.62% 3.15% 1.25% 1.26% 0.00% 0.00% 3.47% 0.00% 0.00% 4.38% 3.70% 7.35% 17.43% 0.73% 2.83% 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

GN-2584

manager at Aquapure, who also produce the Tampico Juices, was more upbeat. “We have seen an uptick in our Tampico Juices sales, which has been doing pretty well over the summer,” said Mr Knowles. “We put a lot of news out there about our product being less sugar than all of our competitors and I think that’s starting to catch on even though that, in some places, depending on who you who you ask or who has an opinion, they think Tampico is the poster-child for sugary drinks and it’s just not the case. “Our formulation that we’ve had for some time

now has less sugar than all of our other competitors and we’re actually going through another formulation that we’re probably going to start in the Fall, or maybe early next year, that has even less sugar. “But we still maintain Tampico is a 100 percent dose of vitamin C and we’ve given that information out to the public and we believe that’s what’s helped us grow the business a little bit in these last few months.” Comparing sales with 2019 the Tampico brand is doing “pretty good and stable” in terms of unit sales.

PELOSI FACES NEW THREAT FROM MODERATE DEMOCRATS OVER BUDGET WASHINGTON Associated Press HOUSE Speaker Nancy Pelosi, pictured, faced a fresh hurdle Friday to passing President Joe Biden’s multitrillion-dollar domestic policy aspirations, as nine moderate Democrats threatened to derail a budget blueprint crucial to opening the door to much of that spending. In a letter to Pelosi, D-Calif, the nine said they “will not consider voting” for a budget resolution mapping Democrats’ ambitious fiscal plans until the House approves a separate, Senate-passed package of road, broadband and other infrastructure projects and sends it to Biden. “We simply can’t afford months of unnecessary delays and risk squandering this oncein-a-century, bipartisan infrastructure package,” the centrists wrote. That’s the opposite of Pelosi’s current strategy as party leaders plot how to steer Biden’s agenda through a Congress the divided party runs by paper-thin margins. She’s repeatedly said her chamber won’t vote on the bipartisan, $1tn infrastructure measure that moderates covet until the Senate sends the House a companion, $3.5tn bundle of social safety net and environmental initiatives favored by progressives. Progressives have applied their own pressure, saying many would vote against the infrastructure measure until the Senate approves the $3.5tn social and environment bill. That larger measure is unlikely to be ready until autumn. Democrats have too much at stake to let internal turmoil sink their domestic ambitions, but it was initially unclear how leaders would untie the knot. With Senate Majority Leader Chuck Schumer, D-NY, facing a similar moderates-vs.-progressives balancing act in his chamber, Biden may eventually need to play a more forceful role and prod rankand-file lawmakers into line. Seeming to take middle ground, White House press secretary Jen Psaki said on Friday that officials believe House Democrats will

approve “both key elements of the President’s economic agenda”, as the Senate has. “Both are essential, and we are working closely with Speaker Pelosi and the leadership to get both to the President’s desk,” Psaki said in a written statement. Biden consulted with his legislative affairs team about his economic plan’s pathway in the House, the White House said. Together, the infrastructure and social and environment bills make up the heart of Biden’s governing goals, and their enactment would likely stand as one of his legacy achievements as president. But neither wing of his party in Congress fully trusts the other to back both packages, so leaders want to sequence votes in a way that gives neither faction an edge. In a measured statement, Rep Pramila Jayapal, D-Wash., said anyone opposing the $3.5tn measure “is voting against the President’s and the Democrats’ agenda”. Jayapal chairs the Congressional Progressive Caucus, which has nearly 100 House members. Democrats control the House by just three votes, giving virtually all 220 of the party’s lawmakers tremendous leverage. They run the 50-50 Senate only with Vice President Kamala Harris’ tie-breaking vote. The House returns to Washington from its summer recess on Aug 23 to vote on the budget resolution and perhaps other legislation, giving Biden, Pelosi and other leaders time to decide their next move. Pelosi, first elected to Congress in 1987 and her party’s House leader since 2003, is a seasoned crisis manager and vote counter who on Friday was showing no signs of backing down.

NOTICE

NOTICE is hereby given that JESULA DESHOMMES, of #18 Ferguson Drive, South Beach, P.O. Box GT2557 Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that REMILUS PHILIPPE, of Marsh Harbour, Abaco, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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Monday, August 16, 2021, PAGE 7

PAGE 8, Monday, August 16, 2021

THE TRIBUNE

Monday, August 16, 2021, PAGE 9

US STOCKS EKE OUT GAINS, LEAVING S&P 500 HIGHER FOR THE WEEK

Associated Press ANOTHER wobbly day of trading on Wall Street gave way on Friday to small gains and new highs for the S&P 500 and Dow Jones Industrial Average. The two indexes wavered for much of the day before eking out their fourth straight gains. The benchmark S&P 500 rose 0.2% and notched its secondstraight weekly increase. The Dow and the Nasdaq edged up less than 0.1%. Stocks in the S&P 500 were nearly evenly split between winners and losers. Gains in technology, health care and household goods companies outweighed losses by banks, energy stocks and other sectors. Small-company stocks fell more than the

broader market. An economic report showing a big drop in consumer confidence last month due to the spreading delta variant of the coronavirus didn’t keep the market from managing more records. “The reality is the market is holding up pretty well,” said Rob Haworth, senior portfolio manager at US Bank Wealth Management. He noted that the consumer sentiment report is “something the market is looking through as temporary.” The S&P 500 rose 7.17 points to 4,468. The Dow added 15.53 points to 35,515.38, and the Nasdaq picked up 6.64 points to 14,822.90. The University of Michigan consumer sentiment index fell to 70.2 from its

previous level of 81.2 in July. That was the largest drop in sentiment since April 2020, when the pandemic took its initial grip on the country. The unexpectedly bad drop in the survey’s reading was almost entirely due to the spread of the delta variant of the coronavirus, which has caused hospitals to fill up with unvaccinated patients across the US. While the broader market indexes notched slight gains, concerns about the resurgent virus prompted some investors to shift money away from companies that could take a hit from people pulling back on spending for travel and other in-person services, said Jay Hatfield, CEO of Infrastructure Capital Advisors.

American Airlines fell 2.9%, while Las Vegas Sands slid 2%. And the Russell 2000 index of small companies fell 20.96 points, or 0.9%, to 2,223.11, another sign traders were worried about future economic growth. Technology companies made some of the broadest gains. Chipmaker Advanced Micro Devices rose 3.8%, while eBay climbed 7.4% for the biggest gain in the S&P 500. Healthcare companies also gained ground. Pfizer rose 2.6% and Regeneron Pharmaceuticals gained 2.8%. Moderna slipped 0.4% after US regulators authorized a booster shot of their COVID-19 vaccines for people with weakened immune systems. Disney rose 1.% after

the company returned to a profit last quarter, helped by the reopening of its theme parks and more subscribers to its Disney+ service. Bond yields fell, which weighed on banks. The yield on the ten-year Treasury dropped to 1.29% from 1.34% late Thursday. JPMorgan Chase lost 1.1%.

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GN-2577

LEGAL NOTICE

N O T I C E EXXONMOBIL KAZAKHSTAN GAS VENTURES LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 14th day of June, A.D. 2021 Dated the 16th day of August A.D., 2021 Hilary Walsh Liquidator of EXXONMOBIL KAZAKHSTAN GAS VENTURES LIMITED LEGAL NOTICE

N O T I C E EXXONMOBIL THE GAMBIA (OFFSHORE) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 14th day of June, A.D. 2021 Dated the 16th day of August A.D., 2021 Rebecca Wittrock Liquidator of EXXONMOBIL THE GAMBIA (OFFSHORE) LIMITED

JEWELRY STORE

looking to hire sales professionals

Please email photo and resume (both required) to: jewelryluxurybrand@gmail.com

PAGE 10, Monday, August 16, 2021

THE TRIBUNE

NEW MEXICO SETS RULES TO LAUNCH PANDEMIC DEBT COLLECTION SANTA FE Associated Press

credit are linked to credit card spending and medical expenses. Lindsay Cutler, an attorney on economic equity issues for the New Mexico Center on Law and Poverty, said on Tuesday that thousands of debt collection cases are likely on hold under the state moratorium — protecting crucial federal pandemic relief efforts aimed at shoring household income and spending. Cutler said that money from standard and supplemental unemployment benefit payments should remain exempt from commercial debt collections — though it’s up to unemployment recipients to

NEW Mexico’s court system is taking steps to ease financial upheaval as the state braces for a wave of foreclosures on delinquent mortgage loans and the state phases out a moratorium on commercial debt collection orders often tied to credit cards or health care. The Administrative Office of the Courts on Monday announced staggered deadlines for a return to debt collection orders that can be used to garnish wages or seize property to pay off commercial debts. Common forms of overdue

identify those funds as exempt in an isolated bank account. However, loopholes in state law make exemptions unlikely. At the same time, the state judiciary said mortgage lenders won’t be allowed to foreclose on properties without first providing homeowners with information about various ways to avoid foreclosure — including forbearance agreements that reduce or suspend loan payments temporarily. Supreme Court Chief Justice Michael E Vigil acknowledged that an increase is expected in foreclosure and consumer debt cases as pandemic

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 78° F/26° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

A morning thunderstorm in spots

Cloudy, a couple of showers; warm

Breezy; a passing morning shower

Showers/storms from Grace

Showers and thunderstorms

A couple of thunderstorms

High: 89°

Low: 80°

High: 89° Low: 80°

High: 88° Low: 80°

High: 89° Low: 79°

High: 88° Low: 78°

AccuWeather RealFeel

100° F

87° F

100°-84° F

95°-85° F

95°-84° F

96°-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.

almanac

ABACO

High: 87° F/31° C Low: 82° F/28° C

8-16 knots

High: 89° F/32° C Low: 79° F/26° C

8-16 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 80° F/27° C

E S

WEST PALM BEACH

uV inDex toDay

TUESDAY

| Go to AccuWeather.com

TONIGHT

High: 90° F/32° C Low: 79° F/26° C

High: 88° F/31° C Low: 79° F/26° C

MIAMI

High: 90° F/32° C Low: 80° F/27° C

7-14 knots

KEY WEST

High: 89° F/32° C Low: 83° F/28° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 75° F/24° 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 ................................... 80° F/27° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ............................................... 15.88” Normal year to date ................................... 22.19”

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 80° F/27° C

High: 88° F/31° C Low: 81° F/27° C

tiDes For nassau High

7-14 knots

8-16 knots

Low

Ht.(ft.) 0.4 0.9

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

2.7 3.3

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

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

5:36 a.m. 6:16 p.m.

2.7 3.5

11:45 a.m. 0.3 ---------

Friday

6:36 a.m. 7:10 p.m.

2.8 3.6

12:46 a.m. 0.5 12:44 p.m. 0.2

Saturday

7:30 a.m. 8:00 p.m.

3.0 3.6

1:38 a.m. 1:38 p.m.

0.4 0.1

Sunday

8:20 a.m. 8:47 p.m.

3.1 3.6

2:26 a.m. 2:29 p.m.

0.3 0.1

sun anD moon Sunrise Sunset

6:44 a.m. 7:44 p.m.

Moonrise Moonset

2:41 p.m. 12:47 a.m.

Full

Last

New

First

Aug. 22

Aug. 30

Sep. 6

Sep. 13

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 88° F/31° C Low: 81° F/27° C

High: 88° F/31° C Low: 82° F/28° C

W S

LONG ISLAND

tracking map

High: 88° F/31° C Low: 81° F/27° C

Ht.(ft.)

Today

High: 88° F/31° C Low: 81° F/27° C

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

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

CAT ISLAND

protections begin to expire — but he noted that the situation is unlikely to be overwhelming. “We have reached a point in the COVID-19 pandemic where courts can normally process consumer debt cases and foreclosures in a fair and orderly manner,” Vigil said in a statement. A statewide moratorium remains in effect on evictions indefinitely for people unable to pay their rent and a new nationwide moratorium on most evictions was issued on Tuesday by the Centers for Disease Control and Prevention. It is scheduled to last until Oct 3.

8-16 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 87° F/31° C Low: 81° F/27° C

High: 87° F/31° C Low: 80° F/27° C

GREAT INAGUA High: 89° F/32° C Low: 80° F/27° C

10-20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

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

WINDS SE at 8-16 Knots SE at 8-16 Knots SE at 7-14 Knots ESE at 10-20 Knots ESE at 10-20 Knots ESE at 12-25 Knots E at 10-20 Knots ESE at 25-35 Knots ESE at 8-16 Knots ESE at 12-25 Knots SE at 7-14 Knots SE at 7-14 Knots SE at 8-16 Knots ESE at 12-25 Knots E at 10-20 Knots E at 25-35 Knots E at 10-20 Knots E at 15-30 Knots E at 10-20 Knots ESE at 25-35 Knots SE at 8-16 Knots ESE at 10-20 Knots E at 10-20 Knots E at 15-25 Knots SE at 8-16 Knots ESE at 12-25 Knots

WAVES 3-5 Feet 2-4 Feet 0-1 Feet 1-3 Feet 3-5 Feet 4-7 Feet 3-5 Feet 6-10 Feet 3-5 Feet 3-6 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 5-9 Feet 2-4 Feet 4-8 Feet 3-6 Feet 8-12 Feet 1-2 Feet 1-3 Feet 2-4 Feet 4-8 Feet 1-3 Feet 2-4 Feet

VISIBILITY 5 Miles 10 Miles 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 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 85° F 85° F 86° F 87° F 84° F 85° F 85° F 84° F 85° F 85° F 86° F 86° F 85° F 86° F 85° F 84° F 85° F 84° F 83° F 83° F 85° F 85° F 85° F 84° F 85° F 85° F

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Monday, August 16, 2021, PAGE 11

PAGE 12, Monday, August 16, 2021

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