08172020 BUSINESS

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MONDAY, AUGUST 17, 2020

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COVID alters Grand Lucayan agreement

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister is still “optimistic” the Grand Lucayan’s sale and redevelopment will proceed even though COVID-19 may make the deal look much different to its original version.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that Royal Caribbean - despite the multi-billion stresses imposed by the pandemic and its ITM Group partner “still seem to be interested” in closing the resort’s acquisition and redevelopment of Freeport’s harbour.

However, he indicated that the Holistica joint venture partners are seeking to restructure the terms of what was initially billed as a $300m investment to revive Freeport’s tourism industry and wider economy because of the uncertainty surrounding the timing and strength of the cruise

Civil servants fight civil war

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Public Services Union’s (BPSU) president and treasurer have won another skirmish in their legal battle with rival executives and trustees over how the union’s funds are being used.

Kimsley Ferguson, pictured, and Philip Greenslade successfully persuaded Supreme Court Justice Ian Winder, in an August 4, 2020, ruling not to grant an injunction that would have halted repairs to the union’s Freeport

• Minister ‘optimistic’ deal can be reached • But Royal Caribbean/ITM revise numbers • Acknowledges GB residents’ deal fatigue

DIONISIO D’AGUILAR industry’s rebound.

In particular, Mr D’Aguilar said the previously-anticipated 2.5m extra annual cruise passengers brought to Freeport as a result of the Royal Caribbean/ITM project may not materialise to that extent, with the partners “not as certain as they once were” over demand due to the property until the trustees had inspected the construction work and obtained quotes/estimates for its costs.

The injunction, which had been sought by BPSU trustees Peter Outten; Terrance Dorsett; and Theophilus Dean, plus Cindira Bain, the union’s secretary-general; Leotha Coleby, its assistant secretary; and Tasha Bullard-Hamilton, its northern region vice-president, would also have frozen the duo’s ability to conduct the union’s day-to-day financial business had it been successful.

Justice Winder’s ruling thus exposes the power struggle occurring at the heart of the BPSU, the trade

SEE PAGE 4

‘Not too concerned’ on GB power’s new extra charge date

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama’s Chamber of Commerce president is “not overly concerned” about the island’s energy monopoly adding an extra charge to customer bills on October 1 because the date is not fixed.

Greg Laroda told Tribune Business that his conversations with Dave McGregor, Grand Bahama Power Company’s president and chief executive, had encouraged him to believe the utility will further defer its plans

to recover up to $15m in Hurricane Dorian restoration costs from consumers if the COVID-19 situation requires it.

He spoke out after the 2020 first half and second quarter results for GB Power’s 100 percent Canadian owner, Emera, revealed that its Bahamian subsidiary plans to implement the additional charge on consumer bills in less than two months’ time.

Mr McGregor did not respond to Tribune Business phone and e-mail messages

SEE PAGE 6

pandemic’s fall-out which saw numerous outbreaks on vessels.

Acknowledging that Grand Bahama residents “have heard this story 1,000 times” from politicians, and will likely only be interested in hearing from politicians once “we’ve got” a completed agreement, the minister told this newspaper: “As far as I can tell the talks are very robust, very focused and we’re making progress.

“It may not be the deal we had prior to March 3, but to say it’s not going anywhere would be an incorrect conclusion. They [the Holistica partners] still seem very interested, and you have a wiling seller and a willing buyer negotiating terms. The willingness is still there.”

Mr D’Aguilar declined to give details on what remains

outstanding in the negotiations, with numerous suggested closing timelines having arrived with no conclusion. He indicated, though, that Royal Caribbean and ITM may be adjusting their valuation and projections given COVID-19’s continued devastating impact on the cruise business and tourism in general.

“You’ve got a situation where the world has changed,” Mr D’Aguilar told Tribune Business. “You’re not as certain of your passenger loads that you would have assumed prior to March 2020 or the shut down of the cruise industry.

“Obviously you do not have the same certainty that was once there in terms of visitors. You are actively

SEE PAGE 6

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Govt puts ‘roadblocks’ on 50% of construction

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government’s tightening of restrictions on hardware stores has created “roadblocks” preventing more than 50 percent of the construction industry from functioning properly, a top engineer is warning.

Quentin Knowles, The Bahamas’ Society of Engineers (BSE) president, told Tribune Business that limiting the hardware stores that can open for curbside service three times’ a week to just those supplying lumber and hardware has deprived specialist contractors such as his firm from accessing all the supplies it needs.

The Flameless Electrical Contracting chief, revealing that it took his firm some six hours on Friday to find all the electrical components staff required and deliver them to job sites, warned that construction projects would face increased costs and time as a result.

Construction is one of the few industries currently allowed to operate under conditions close to normal, making it a vital source of jobs, income and spending during the bleak COVID-19 lockdown. Mr Knowles, though, in calling

for the restrictions unveiled on Thursday, August 13, to be reviewed and eased, argued that they were counter-productive.

Expressing regret at having to go to the media, he said: “As an electrical contractor, the decision to only allow hardware stores that sell lumber and concrete supplies to operate during the lockdown has obviously been informed by those who know nothing about the construction industry.

“If the advisors to the prime minister understood the construction industry, they would know that over 50 percent of construction work consists of trades that uses supplies other than concrete and lumber.

“Additionally, the suppliers that sell these supplies in most cases, if not all, do not carry the necessary parts and pieces that, for example electrical contractors need.

The same applies to HVAC, plumbing, fire protection and other specialty trades,” Mr Knowles continued.

“This, therefore, must be amended to allow stores that sell other building materials, such as electrical supplies, [to open] in order to allow upwards of 50 percent of the construction

SEE PAGE 5

PAGE 2, Monday, August 17, 2020

THE TRIBUNE

WATER CORP’S DEBTS TO TOP SUPPLIER NEAR $20M

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Water & Sewerage Corporation’s debt to its main BISX-listed supplier hit almost $20m at the 2020 mid-point as its customers found it increasingly difficult to pay their bills amid the COVID-19 crisis.

Consolidated Water, in Friday’s 10-Q filing with the US Securities and Exchange Commission (SEC), revealed that Bahamian taxpayers are being relied upon ever-more to fill the financial gaps left by the corporation and its customers as the sum owed to it was cut by some $2.1m during July.

However, the owner/ operator of New Providence’s Blue Hills and Windsor reverse osmosis plants also disclosed that nearly 80 percent of the debt - or four out of every five dollars owed to it for supplying the Water & Sewerage Corporation and its customers - is delinquent, meaning it is more than 90 days past due.

Neither Desmond Bannister, minister of works, nor Adrian Gibson, the Water & Sewerage

Corporation’s executive chairman, returned Tribune Business calls and messages yesterday seeking comment on the evidence of further deterioration in the stateowned water supplier’s financial sustainability.

“Consolidated Water (Bahamas) accounts receivable balances due from the Water and Sewerage Corporation of The Bahamas amounted to $19.9m as of June 30, 2020 and $18.4m as of December 31, 2019,” Consolidated Water said in its SEC filing.

“Approximately 79 percent of the June 30, 2020, accounts receivable balance was delinquent as of that date. The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary. As of July 31, 2020, Consolidated Water (Bahamas) accounts receivable from the Water and Sewerage Corporation totalled approximately $17.8m.”

That indicates that the Bahamian taxpayer, via the government, has again been active in cutting the Water and Sewerage Corporation’s receivables balance to a more manageable level. And Consolidated

FOOD RETAILER: CUSTOMERS GET INCREASINGLY FRUSTRATED

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN food retailer says “the money is not adding up” as customers get increasingly frustrated at the length of time it is taking to enter and check-out of stores amid the COVID-19 restrictions.

Travarus Barrow, the Phoenix Supermarket’s general manager told Tribune Business: “A lot of people are complaining and saying that the lines are extra-long and the lanes are limited.

There is just too much congestion; it should be better.

“This is very difficult, especially for the poor.

They have to wait one or two hours to get into the store, and when they get into the store they have to get stuck for 45 minutes waiting to get meats and then on another line waiting for a cashier. That is a lot of pressure on people. There are so many people, you really can’t turn them away.

“You can’t turn them away because they come for service, they come to spend

their money. This is a lot of pressure because there are only three days they have to shop, and everybody is all over the place from the banks to the food stores trying to get everything one time. This is a lot of pressure; we have to do something.”

Asked how revenues compare to previous Augusts, Mr Barrow replied: “The money isn’t even adding up when you look at some of the people’s faces. They are not happy. They are not pleased, so the money is not adding up.

“It doesn’t feel right and it is not about the money.

People are coming in here and they are upset with all of the hectic things they have to deal with around this time.

The money doesn’t add up, my brother.

“Customer service is everything,” Mr Barrow continued, “and how the people are unhappy. I know you can’t please everybody, but everybody is disgruntled. Everybody has to tow the line at the bank and then come to the food store.

“That’s a lot of pressure and you only have a short

Water acknowledged that the Public Treasury has always come through to pay what is owed by its sole client, enabling it to avoid taking provisions for doubtful accounts.

However, at $19.9m, the Water and Sewerage Corporation’s debts to its main supplier are as high as they have ever been due to COVID-19’s impact on its own customers’ ability to pay their bills as well as the loss of its second highestproducing island, Abaco, to Hurricane Dorian.

“We believe the delays we have experienced in collecting Consolidated Water (Bahamas) receivables were extended due to the impact of Hurricane Dorian, which devastated the northern Bahamas in September 2019, and the severe economic impact of the COVID-19 pandemic on The Bahamas government’s revenue sources,” Consolidated Water added.

The knock-on, or cascading, impact to Consolidated Water’s financials comes as little surprise given that Mr Gibson told the House of Assembly during the June Budget debate that between 60 percent to 70 percent of Water and

Sewerage Corporation customers will not be able to pay their bills in the next six months.

“COVID-19 has had a devastating blow to the Water and Sewerage Corporation’s cash flow which, quite honestly, was already in a downward spiral due to the impact of Hurricane Dorian and the loss of our second largest revenue base (Abaco),” Mr Gibson said then.

“Year-to-date, cash collections has decreased from $29.8m in June 2019 to $22.5m in 2020. This represents a 25 percent decrease. The executive chairman also noted that the Water and Sewerage Corporation’s revenue loss stood at $3.8m per month as a result of their policy position to not disconnect water from customers amid the COVID-19 pandemic.

“It is anticipated that 60 percent to 70 percent of WSC customers (due to the increase in the unemployment rate) will not pay their water bill. This will amount to $2.28m to $2.66m per month or $11.4m over the next six months,” Mr Gibson added.

All this implies increased taxpayer support to keep

window. With the long lines, before you know it’s 7pm, and then places close and you have to be home.

Gas stations, the banks and the food stores, Good Lord. They need to do something.”

Mr Barrow said that if the government extends the present lockdown for another two weeks there is “nothing I can do about it.

This is out of control and it never should have gotten this far because they should have closed the borders.

“I still hear we have flights coming in and out of the country. Come on, man.

With flights still coming in and out of the country how are we supposed to get control of this? It’s almost like this is intentional. It looks like it is almost intentional; let them get it. With a bunch of people bunged up all over the place, how can you deal with this? It’s like it’s intentional.”

Atwell Ferguson, Golden Gates Supermarket’s general manager, added: “Things are real busy. Compared to last year, definitely it [sales] is way better than last year because of the pandemic.” He added that last Friday had made up for the “couple of days” he missed last week.

Port Authority partners on digital food vouchers THE Grand Bahama Port Authority (GBPA) has teamed with the Kanoo Pays app to launch a digital food voucher initiative targeted at helping the island’s most vulnerable families.

The tie-up will aid the Grand Bahama Food Distribution Task Force, upon whose steering committee the GBPA sits. The latter has donated $25,000 to help the programme’s recipients shop at local grocery stores.

“The GBPA is pleased to participate in the public-private partnership of the GB Food Distribution Task Force through the launch of a digital food voucher programme,” said GBPA president, Ian Rolle.

“On our island, we are experiencing many longlasting effects brought on

by Hurricane Dorian and, now, the global pandemic COVID-19.

“This programme is important to the GBPA

the Water & Sewerage Corporation functioning and its debt to Consolidated Water at manageable levels. The latter reiterated that its inability to “collect a significant portion of its delinquent accounts receivable” would impact its Bahamian subsidiary’s liquidity and cash flow, and force it to take provisions for doubtful accounts.

Nevertheless, Consolidated Water said its Bahamian operation has yet to be impacted by any reduction in water demand due to the economic fallout from COVID-19.

“Under the terms of each of its water supply agreements with the Water & Sewerage Corporation, Consolidated Water (Bahamas) charges the Water & Sewerage Corporation a fixed monthly amount, an amount each month that is based upon the amount of water supplied during the month, and pass-through energy charges,” it added in its SEC filing.

“Therefore, Consolidated Water (Bahamas) revenue is impacted by changes in water demand and energy prices. To date, the volume of water Consolidated

because we are very concerned about families in need of food assistance at this time. We are also happy that, through this collaborative effort, we can help to support local businesses that remain committed to serving our community.

“During this lockdown period, it is important to remain safe in everything that we do, and especially during our interactions with essential businesses, including shopping at grocery stores.”

The digital food vouchers are being offered through Kanoo Pays, a GBPA licensee that is supporting merchants and consumers by providing convenient, contactless ways to conduct payments transactions.

“The easy-to-use Kanoo app offers many benefits to the user,” said Keith Davies, chief executive of Kanoo’s parent, CaribPay (Bahamas). “We are delighted to assist the GBPA and, by extension, the GB Food Distribution Task Force, with our mobile app.”

“There are so many benefits to recipients of the digital food voucher which are all especially helpful and safe during this time of COVID-19,” Mr Davies added. “Recipients will not have to visit a distribution centre to receive their voucher because you can easily access the voucher by phone once you download the app from Google Play or the App Store.

“The QR Code in the app can be used for contactless payment from the digital voucher at the point

Water (Bahamas) sells to the Water & Sewerage Corporation has not been adversely impacted by the COVID-19, pandemic despite the downturn in economic activity on New Providence that began in April 2020 stemming from the preventative measures taken by the government in March 2020.

“However, we believe that at some point in the coming months, if the current economic conditions in The Bahamas do not improve, Consolidated Water (Bahamas) could experience a decrease in the demand for its water, with a resulting decline in its revenue,” the company continued.

“In addition, the adverse impact of the COVID-19 pandemic on The Bahamas government’s revenue sources may further delay the collection of Consolidated Water (Bahamas) delinquent accounts receivable from the Water & Sewerage Corporation... We believe Consolidated Water (Bahamas) has sufficient spare parts and consumables inventories to continue normal operations for the remainder of 2020.”

of sale. The voucher balance is also easy to view, and the app can be used to re-load future awards right to your phone.”

The National Food Distribution Task Force was established by the Government to provide emergency food assistance for vulnerable Bahamians and residents affected by the COVID19 pandemic. The Prime Minister’s Office (OPM) leads the partnership, which includes the GBPA, Grand Bahama Christian Council, Grand Bahama Chamber of Commerce, Salvation Army and Bahamas Red Cross.

“I wish to commend the Dr Hubert Minnis, Prime Minister of the Commonwealth of The Bahamas, for launching such a meaningful national programme, and minister of state for Grand Bahama, Senator Kwasi Thompson, for leading the local partnership here on Grand Bahama,” added Mr Rolle.

The 12-week feeding programme, which began on June 1, kicked-off with the distribution of 735 vouchers to families in need. A national database was established through the programme’s website, www. feedgrandbahama.com.

To-date, the initiative has distributed more than 6,500 vouchers throughout Grand Bahama. Individuals or organisations that are interested in donating may visit the ‘Donate’ page on the website to send an email to the programme’s organisers.

THE TRIBUNE

Monday, August 17, 2020, PAGE 3

Oil explorer hails govt in granting licence ‘certainty’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN oil explorer has pledged to complete its first exploratory well in Bahamian waters “well within the timeframe” provided by the initial three-and-a-half month licence extension granted by the government.

Simon Potter, the Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business that the COVID-19-related extension to its licence and associated drilling obligations would likely be even longer given that the emergency sparked by the pandemic was continuing.

He added that the government’s “formal notification” of the extension, unveiled to the markets last week, had provided BPC with critical “assurance” surrounding what he described as a “core asset” for both the company and, potentially, The Bahamas, should commercial quantities of extractable oil be confirmed.

BPC, which now bills itself as a “full cycle” exploration and production business following its recently-completed merger with Columbus Energy Resources, said the extension of its Bahamian licence had given it “sufficient certainty” to confirm that drilling of its exploratory Perseverance One well will start between December 15, 2020, and February 1, 2021.

“The company has received formal notification from the Government of The Bahamas that, on an interim basis, a 3.5 months force majeure extension to the second exploration period of the company’s southern licences in The

No curbside privacy for pharmacy clients

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN pharmacist says the present COVID-19 restriction limiting pharmacies to curbside service is inconveniencing customers as there is “no privacy” and it is too “hectic”.

Johnathan Frazer, head pharmacist at the People’s Pharmacy on Prince Charles Drive, told Tribune Business that despite the inconvenience for patients he has not lost any sales as a result.

“This is an inconvenience to the customer because they don’t have that privacy any more. There is no privacy, but we try to give them as much privacy when we go outside to them, but everybody is listening to what is being said,”

Bahamas has been granted such that the current term of those licences will now extend to at least mid-April 2021, and by which time BPC must have commenced well activities,” BPC said.

“Given that the relevant force majeure event is presently continuing (namely, the impact of the COVID-19 pandemic, currently ongoing in both The Bahamas and in relevant international jurisdictions), BPC remains in constructive dialogue with The government as to the ultimate full extent of the force majeure extension.

“However, the interim extension to mid-April 2021, as now confirmed, is sufficient to provide certainty for the purposes of the drilling of Perseverance One, which is scheduled to commence in the window of 15 December, 2020, to 1 February, 2021.”

BPC previously invoked the “force majeure” contract in its licence agreement, which deals with “unforeseeable circumstances” preventing one party from fulfilling the terms of a contract, after COVID-19 halted its plans to complete Perseverance One before the 2020 hurricane season. It had been seeking an extension until at least June next year, but is

content with April 2021.

Referring to the Columbus merger’s completion, Mr Potter told Tribune Business: “One of the pieces of that announcement was declaring to the market that the government had written to us with formal notification that, on an interim basis, they had granted us a three-and-a-half month extension to force majeure that takes the licence through to mid-April 2021.”

Suggesting that the extension will ultimately be longer, given that the pandemic continues to rage, he added: “With the state of emergency ongoing, time is accumulating to that force majeure. The time of the force majeure adds to the licence. This is the government saying we will give you three-and-a-half months, but to the extent it is still going on, we will do the tallying up in the future.”

With a confirmed contract for the oil rig in place with Stena Drilling, Mr Potter said BPC believed drilling in waters southwest of Andros, close to the maritime border with Cuba, would begin in the early part of the December 15-February 1 timeframe.

This, he suggested, would place completion of BPC’s first exploratory well towards end-January or mid-February 2021, thus ensuring “the licence obligation will be fulfilled well in time for April” and the revised deadline. Based on a 45-60 day completion cycle, he added that Perseverance One would be finished by early April at latest assuming a February 1 start, still inside its obligations.

Describing The Bahamas’ well as being “at the heart” of BPC’s strategy, Mr Potter

Mr Frazer said.

“The Bahamas Pharmaceutical Association (BPA) was trying to get the emergency powers that be to make some amendment to that, and find some other way, some other option to deal with our customers on the outside. But they said that the competent authority is still toying with the idea and they are still thinking about it.

“There are some disadvantages to the curbside service that all of the pharmacies are concerned about, but we just have to work along with the government until they give us a better option or until they lift this lockdown. I can work with it, it is really hectic and stressful for us, and the customer has no privacy. This is something that we are not used to, but it isn’t easy and, as I said, it is really hectic and stressful.”

Shantia McBride, the The Bahamas Pharmaceutical Association (BPA) president, last week told Tribune Business she had approached the competent authority on allowing only

prescription customers into the pharmacies and leaving over-the-counter (OTC) sales to other customers as a way to strike a balance. This, she explained, would enable prescription customers to avoid waiting outside to have their prescriptions filled.

Mr Frazer said, however: “I haven’t had any word with her (Ms McBride) and I haven’t even discussed the matter with any of the other pharmacies. What I suspect is that the reason the emergency powers are disallowing customers to come in with prescriptions is that they are the ones who are going to contaminate, and cause the staff and other customers who are in the store to get the infection.

“They are the ones who have the prescription, but we don’t know which person would have the virus. So the people who really should come in are the ones who don’t have a prescription, but then I understand her reasoning that if you allow for only prescription customers to come in then you would have more privacy and they are the ones who are really sick.

SIMON POTTER

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said: “It’s a core asset of the company, and it remains our ambition to bring that to fruition. It [the licence extension] does give us that kind of assurance that we will get our obligations done well within the timeframe granted to us by our licence.

“We are absolutely single-minded in our desire to deliver the well in The Bahamas and evaluate the significant potential resource that sits there in the southern ocean adjacent to the Cuban border. People should be assured we’re trying to make it happen, and make it happen as soon as possible rather than leave it to the last moment by having the rig contract making the rig available early.”

Mr Potter reiterated that any commercial oil discovery would be “a significant asset” for The Bahamas at a time when its economy needed a major boost due to the COVID19 fall-out. However, it is not just the Dorian-related spill at Statoil in Grand Bahama that has made many uneasy about permitting oil exploration in this nation’s pristine waters and environment.

For Mauritius, another tourism-dependent economy possessing pristine beaches and abundant marine wildlife, is now grappling with the consequences of a major oil spill and environmental disaster after the Japanese-owned bulk tanker, MV Wakashio,

ran aground on a coral reef three weeks ago.

BPC’s exploration activities also come against the background of a report by climate finance thinktank, Carbon Tracker, which found that the world’s largest oil and gas companies have wiped $90bn off the value of their assets in the past nine months as COVID-19 accelerates a move towards non-fossil fuels and renewable energies.

However, in response, Mr Potter told Tribune Business that BPC’s exploration activities will be unaffected, since its activities “will come to fruition in the event of success in the middle of the decade”, meaning that oil prices and demand in the mid-2020s - not now - will be key.

He added in a statement: “We are pleased to have received confirmation from The Government of The Bahamas of an interim force majeure extension to our southern licences, sufficient to ensure drilling can be completed consistent with the timelines contained in the rig contract with Stena Drilling, and in full compliance with the term and obligations of the licences.

“We are especially grateful to the Office of the Attorney General in The Bahamas for their collaborative approach to working with BPC, even whilst a state of emergency remains in force in The

Bahamas.”

However, BPC’s oil exploration activities remain controversial with Bahamian public opinion split on the issue.

Many observers continue to question whether the company is for real, while environmental activists and others fret about the impact any spill or pollution could have on the country’s environment and tourism industry when it re-opens following COVID-19.

Environmentalists recently celebrated what they saw as a major victory as multiple Florida congressmen and women, including some close to the Trump administration, wrote to US secretary of state, Mike Pompeo, urging that he oppose BPC’s oil exploration plans.

Others, though, argue that the economic crisis created by COVID-19 means that The Bahamas cannot afford to spurn the opportunity to discover whether commercial quantities of oil exist within its territorial waters given the potential positive impact this would have for the government’s fiscal position and country overall.

However, “if” remains they key word regarding any prospect of discovery for the time being, with any prospect of economic diversification from BPC’s activities still some way off regardless of whether oil is found.

PAGE 4, Monday, August 17, 2020

THE TRIBUNE

Lumber provider ‘busted open at maximum throttle’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A HARDWARE and lumber provider says it is “busted open at full throttle” after the government determined that only lumber and concrete providers can remain open during the COVID-19 lockdown.

Anthony Roberts, general manager of City Lumber Yard, told Tribune Business on Friday: “At the moment we are busted open at full throttle.

If there are more customers coming our way I am not sure when we can even handle any more people today. It’s been steady and quite of a line all day,

Civil servants fight civil war FROM PAGE ONE union that represents the majority of the country’s roughly 20,000 civil servants.

He has also refused a previous injunction bid that would have prevented Messrs Ferguson and Greenslade from holding January 15’s special general meeting of union members.

Mr Ferguson declined to comment, when contacted

by Tribune Business yesterday, over a dispute that has its substantive roots in

and we met it here Friday morning.

“We almost had an altercation Friday. With people, it’s hot and the line is long, and you have to wait.

Patience runs thin and tempers flare, but luckily it was sorted out, nothing other than just people arguing over their place in the line.”

The government’s revised August 13, 2020, COVID-19 emergency powers orders only permit hardware stores that sell lumber and concrete to remain open, requiring all others to close.

Mr Roberts added: “To be honest, I’m not sure that with this reclassification that we are allowed to, but for City Lumber hardware is the smaller part of our business anyway. When

they first opened in the first lockdown and they said hardware could open, they did not include lumber. We chose not to open because we didn’t do enough business to warrant us opening without the lumber.

“I have spoken with my colleague at JBR and we’re trying to get clarification. I know when AID was open to sell hardware, I’m sure they sold everything in the store from towels to automotive and what have you.

“Tops Lumber is in a similar situation where you can go over to Tops and buy sheets, so that is a good question. Are we opened out to sell hardwares? It’s not an issue for us so far because we don’t really do that much, and most of what we do is the big

stuff - lumber, plywood and we sell the bags of cement.”

Mr Roberts added: “It’s really something that they have done in the tail-end of the two weeks to have reclassified it. We are doing the best we can to keep our staff safe, our customers safe and we’re trying to do right by whatever the law says. If our understanding is that we cannot sell tools then I will not sell a tool.

“But in the way of hardware and tools, if a man buys a door, he usually needs a hinge and a lock. If a man buys lumber and plywood, he normally needs roofing nails. With certain classifications it does get tricky, but most of the people I am aware of that sell lumber also sell paint.

Well, is paint considered

hardware or a building material? This is all open for interpretation.”

Mr Roberts stressed he is not trying to be a rule breaker and just wants to work within the guidance given to him by the competent authority. Other hardware stores contacted by Tribune Business, speaking on condition of anonymity, also said they were unsure what the instruction to sell only lumber and concrete meant, and whether tools and small hardware sales were prohibited.

Mr Roberts added: “For the most part, the people know what we are all up against, and people are civil and they know that when they get in the line they are going to be here a while.

It makes no difference whether it was you who went to the food store.

“If you meet a long line then you know you are going to be outside waiting for about an hour or so just to get in, so for the most part people are patient.

We’re trying to get them through as fast as we can.”

Mr Roberts also said: “Other than that the markets are crazy. Somebody at The Tribune had an interview with my colleague over at Tops Lumber, where he said the market continues to rise in price on the cost of lumber. The markets continue to rage.

Prices are going up every week. It is not hurricane threat-related, it is all to do with this whole COVID-19 pandemic and lockdowns.”

allegations that himself and Mr Greenslade violated the BPSU’s constitution by transferring monies obtained from member union dues to the National Congress of Trade Unions of The Bahamas (NCTUB) during October and December 2019.

The NCTUB is the umbrella union body that includes the BPSU as one of its members, and the latest injunction bid by the rival union executives and trustees also sought to prevent Messrs Ferguson and Greenslade from dealing with the union’s funds, bank accounts and other assets and property without first obtaining

executive board or trustee approval.

Mr Outten, in a July 23, 2020, affidavit, alleged that the trustees “are not taking any more chances” with Mr Ferguson over what he claimed was a “lack of accountability and transparency” relating to the BPSU’s finances and money management.

He argued that the trustees control how union monies are spent, and alleged that they were unaware construction repairs were about to begin on the BPSU’s Freeport building as they were excluded from Zoom meetings on the project by Mr Ferguson.

Mr Outten further claimed that Mr Ferguson failed to provide satisfactory replies when he questioned him on the matter, and efforts by himself and other trustees to close down the Freeport building were blocked by Mr Ferguson and the Royal Bahamas Police Force (RBPF).

“Since we commenced this action against Mr Ferguson, president, and the treasurer, Mr Greenslade, there have been no executive meetings nor were the trustees given the opportunity to address the real priorities of the BPSU, namely, how the BPSU membership monies are being spent and allocated,” Mr Outten alleged.

“Presently, Mr Ferguson has full control of the union’s bank accounts. This matter needs to be immediately addressed as the president has no authority, nor has he received any approval, to control the union’s funds and the real and personal properties of the union......

“We have yet to receive the financial statements from the defendant [Mr Ferguson] that were requested from over a year, and we are now aware of operations that are going on within the union.”

Mr Outten said Mr Ferguson had told the trustees they were not entitled to receive any information on the BPSU since they are not part of the Board, but he countered that the Industrial Relations Act’s articles 25 and 27 state trustees are responsible for union property.

He was supported by an affidavit from fellow plaintiff, Ms Coleby, who alleged that Mr Ferguson “continues to make isolated decisions as it relates to the expenditure of union funds without the board’s authorisation, approval and many times without their knowledge of such expenditures until after the act”.

She claimed it was “common practice” for Mr Ferguson to make decisions without gaining approval from either the union’s

executive board and/or trustees, and that she was unaware how the contractor is being paid for repairing Hurricane Dorian damage to the BPSU’s Freeport building.

“My issue with Mr Ferguson’s actions is that every time Mr Ferguson wants to spend the BPSU’s money without the Board’s approval, he will usually enter into contractual arrangements,” Ms Coleby alleged. “When Mr Ferguson becomes aware that some of the executive board members and the trustees are aware of his actions, he will call a meeting to ratify his illegal actions.”

However, Mr Ferguson’s July 9, 2020, rebuttal was also executed by two BPSU vicepresidents, Ernest Burrows and O’Neil Thurston, as well as Mr Greenslade as proof that the president is supported by the majority of the executive board.

Rejecting claims that he was conducting union business without executive board approval, Mr Ferguson pointed to the resolution of BPSU members at the union’s general meeting which his opponents had tried to block - determining that trustees are not part of the executive board.

“I resist and reject the premise of the plaintiff’s application,” Mr Ferguson alleged, “as it seeks to impose unconstitutional restrictions on myself as president of the BPSU charged with superintending its affairs and the executive board...

“Contrary to the plaintiffs’ assertions, the trustees are not in charge of authorising any funds that are spent by the BPSU. That would make a nonsense of the executive board, and indeed my role as president and chairman of the board. It is this issue which is at the heart of the plaintiffs’ allegation and desire to embroil the members of the BPSU Board in seemingly endless litigation.”

Mr Ferguson said the decision to board-up the BPSU’s Freeport building,

amid another hurricane season, was taken at the executive board’s June 24, 2020, Zoom meeting that was attended by three of the plaintiffs. And he alleged that the trustees had also submitted repair quotes for the executive board’s consideration.

Justice Winder, in rejecting the injunction bid, said the issue of repairing the BPSU’s Freeport property had little to no link with the underlying substantive action. He added that legal actions cannot evolve as new disagreements arise, and that a fresh set of proceedings was required.

“In January, I dismissed the plaintiffs’ application for injunction on the basis that the restraint sought then, restraining the holding of a special general meeting of the members, had nothing to do with the substantive complaint of improperly paying monies to the NCTUB,” Justice Winder wrote.

“Regrettably, it appears that the same situation is occurring here. Whilst there is the hint of concern about the defendants acting unilaterally, there is nothing in the substantive action, however, which relates to or concerns the decision to repair the Grand Bahama property of the union.”

Khalil Parker, the Bahamas Bar Association chair acting for Mr Ferguson, also pointed out that the BPSU’s members - at the January special general meeting that the other side had sought to block - had ratified the NCTUB payments at the heart of the complaint.

As a result, and with the members also voting that the trustees are not part of the executive board, Justice Winder questioned whether the matter was “academic” and if a serious issue remained to be tried. In declining the injunction, he added that the recent passage of Hurricane Isaias showed the need to secure the BPSU’s Freeport property.

THE TRIBUNE

Monday, August 17, 2020, PAGE 5

Govt puts ‘roadblocks’ on 50% of construction FROM PAGE ONE

industry to operate effectively. If not, the construction industry may as well be closed down as well.

“We have over 40 people in our employ and we are trying our best to keep them employed. But when our business is disrupted in this manner, the loss of productivity as a result of not having access to the necessary material when we need it calls into question whether it is feasible to remain operational. In this time of economic crisis, The Bahamas can ill afford for any business to close its operations.”

Detailing the specific impact on his business, Mr Knowles told Tribune Business: “I got into the office on Friday morning, and one of my project managers was complaining about supplies.

I looked into it, and all the

electrical supply houses were closed.

“We had to send our delivery guy searching supply houses for parts that we needed that day. It took them six hours. They tried every place we could think of. They’re going to have to amend that order to allow at least the major suppliers of specialist materials, especially construction trade suppliers, to open up on the same schedule as hardware stores.”

He explained that the likes of electricians, plumbers, air conditioning, fire protection and HVAC contractors all relied upon specialist supply stores that the government has ordered to close for critical parts that they themselves do not carry, and which are not normally found in general hardware stores.

“Somebody sent me that [August 13] order and I was surprised. I was like: ‘Man,

we’re trying to get some construction going and put people to work’, and they’re putting roadblocks in front of us,” Mr Knowles said.

“It clearly demonstrates they’re [the government] not consulting with everyone they should be consulting with. It’s obvious when you’re frustrating half of your construction industry. Not everyone pours concrete.

“There are many trades that make construction.

There’s a whole slew of subcontractors. Without those other contractors having ample access to supplies at the very least it creates a big potential issue,” he continued.

“I’m working on a project now where we need to do electrical work in the walls and what have you, and until we have done the wall electrical work the general contractor cannot do

the sheet rock work and the ceiling. It holds up all construction if they have to wait around for us to get supplies to rough in a wall and put in wiring. They need to address that.”

Mr Knowles said the private sector needed to have a better way to communicate with the Prime Minister’s Office (Competent Authority) and the Government over any COVID-19 lockdown concerns, as he revealed that none of the e-mails, Facebook messages and other communications sent since March 2020 have received a reply.

Suggesting that such messages were likely “getting lost in the sea” of other communications, Mr Knowles said of the latest hardware store restrictions: “It will have a detrimental impact on construction, no question.

“I’m frantically trying to keep my people employed.

You spend years developing the good ones, and don’t want to lose them. They [the government] cannot rely on NIB for everything. The more roadblocks you put in our way makes it more difficult to operate in an environment where we face all these other things. Something has to give.”

Mr Knowles was backed

by Leonard Sands, the former Bahamian Contractors Association (BCA) president, who said the inability of specialist contractors such as electricians to obtain all the supplies they need would have “a cascading effect” across a construction project.

Delays in completing their work, he explained, could hinder the main contractor from progressing work sufficiently to obtain a “stage payment” from the client and be able to pay all his sub-contractors for work rendered.

PAGE 6, Monday, August 17, 2020

COVID alters Grand Lucayan agreement FROM PAGE ONE

building or trying to construct a deal that takes into

THE TRIBUNE

consideration that takes into account that the passenger loads may not be as robust as they once were, and not as

certain as they once were.

“It doesn’t take a rocket scientist to figure out that the situation on the ground has completely changed, so you are trying to build in safety valves or trying to build in components of the deal that mitigate or take into consideration that your load factors are not as certain as the once

were,” he continued.

“Obviously August 2020 is not the same as February 2020, so obviously you are going to change some terms to take into consideration the facts have changed. It’s very unfortunate, but it is what it is.”

Together with the one million brought by Carnival, the

Royal Caribbean/ITM project and redevelopment was expected to bring an extra 2.5m passengers and arrivals to Freeport/Grand Bahama pre-COVID-19, bringing the total to some 3.5m.

Besides the near six-fold increase in visitor arrivals, it was forecast to create 3,000 new jobs and increased economic activity via the addition of new cruise berths at Freeport Harbour and the creation of a water-based adventure theme park and other activities/attractions between that location and a remodelled Grand Lucayan.

The $300m investment was also designed to relieve the Government of the atleast $100m in costs it has incurred from owning the resort since its September 2018 acquisition from Hutchison Whampoa. Mr D’Aguilar, though, said he remains hopeful that the ITM/Royal Caribbean negotiations will successfully conclude despite the recent $1.6bn loss suffered by the cruise line.

“I remain optimistic the deal will close,” he told Tribune Business. “I wouldn’t say overly, but I remain optimistic. Certainly the willingness from the other side; they’re very interested in concluding or reaching a deal.

“The loss you noted with Royal Caribbean, obviously it has had some impact on the negotiations, but they still seem to be interested in concluding one.”

Mr D’Aguilar, though,

declined to give a timeline for when talks will end as he acknowledged that many Freeport residents are likely suffering from deal fatigue.

“We have predicted the successful conclusion of this agreement on many occasions,” he added. “The time now is to stop predicting and when we get it done, we get it done, and we will release it at that time.....

“The people of Grand Bahama have heard this story 1,000 times. The only thing we can advise them is we’re working very diligently and very hard to conclude a deal, and we’re very sensitive to the fact that Grand Bahama needs this transaction.

“Actions speak louder than words. I’m sure the people in Grand Bahama do not want to hear politicians speak on this any more.

They will say: ‘Once you’ve got something, bring it’.”

Mr D’Aguilar also conceded that talks on the Freeport Harbour component of the deal, which are taking place between IBM/ Royal Caribbean and the Hutchison Whampoa-controlled Freeport Harbour Company, “need to be concluded”, although he added: “I’m advised it’s moving in the right direction.”

With the Bahamian economy shut down for four to five of the past six months, the minister said Royal Caribbean/ITM’s construction start still remains delayed by around six months.

‘Not too concerned’ on GB power’s new extra charge date FROM PAGE ONE

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

seeking comment yesterday, but Emera’s results said: “GB Power’s [2020] earnings are expected to be consistent with 2019 earnings, which were lower than normal as a result of Hurricane Dorian.

The impact of COVID-19 on GB Power is expected to be partially offset by recovery of load following Hurricane Dorian.

“On September 1, 2019, Hurricane Dorian struck Grand Bahama causing significant damage across the island. In January 2020, the Grand Bahama Port Authority approved the recovery of approximately $15m of restoration costs related to GB Power’s self-insured assets.

“As of June 30, 2020, $14m of these costs were incurred, and recorded as a regulatory asset. Recovery of the regulatory asset, due to start on April 1, 2020, has been temporarily suspended as a result of the economic impacts of COVID19 on Grand Bahama. This recovery is now expected to start on October 1, 2020.”

Mr Laroda, though, urged Grand Bahama businesses and residents not to panic because, based on his discussions with Mr McGregor, the October 1 date was flexible and not set in stone. “They would have initially said it was August they were going to implement it after the first postponement, and then, of course, we have this situation that caused them to move it to October.

“They’re maintaining that at some point they have to

start recovering that money.

I’ve spoken to the president and chief executive, Dave McGregor, and I feel they’re trying their best to work with us. I think that when October comes, and a lot of people are not back to work - it’s my understanding the Shipyard let go 65 people - if these things continue to happen on the island I’m sure we’ll have discussions with them and it will be pushed off even further until next year. I’m not overly concerned.”

GB Power’s Storm Recovery and Stabilisation Charge was due to be added to all light bills from April 1, 2020, as “the fairest way for customers to pay” for the damage inflicted on its transmission and distribution network by Hurricane Dorian’s category five winds.

Acknowledging that many GB Power customers were still facing “tough times” rebuilding businesses and lives shattered by Dorian, and that an increase in electricity costs will be the last thing they want, Mr McGregor said at the time it was introduced that the extra charge was “unfortunate” but necessary to rebuild essential energy infrastructure.

Pointing out that GB Power had delivered predictable energy costs through its fuel hedging initiative, and that tariffs had not increased for eight years, he added that such reliability “needs to be paid for” after the utility incurred almost $45m worth of uninsured restoration costs in four years when Hurricane Matthew’s 2016 damage is factored in.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DIFFON ASPREY SWANN of Southern District of New Providence, The Bahamas, intend to change my name to GIFFON ASPREY SWAN. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than Thirty (30) days after the date of the publication of this notice.

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

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.64 1.77 1.72 1.07 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.34 4.41 2.11 196.40 163.60 1.69 1.81 1.77 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.93 11.27

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

MARKET TERMS

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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

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

NAV Date

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

LEGAL NOTICE

FINAL LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 ERIDANUS GLOBAL STRATEGY FUND LTD. Voluntary Liquidation NOTICE IS HEREBY GIVEN in accordance with section 138 (8) of the International Business Companies Act, 2000, the dissolution of Eridanus Global Strategy Fund Ltd.(the “Company”)has completed, a Certificate of dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 16 June, 2020.

Israel Borba Lyford Financial Centre, Building 2, Western Road, P.O. Box CB-10988, Lyford Cay, New Providence, The Bahamas.

PAGE 8, Monday, August 17, 2020

THE TRIBUNE

INDIA TO INVEST $1.46 TRILLION TO LIFT VIRUS-HIT ECONOMY NEW DELHI Associated Press

INDIA’S prime minister said on Saturday his country has done well in containing the coronavirus pandemic and announced $1.46tn in infrastructure projects to boost the sagging economy.

The key lesson India learned from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said.

“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic

progress,’’ Modi said in a speech from New Delhi’s 17th century Mughal-era Red Fort to mark the 73rd anniversary of India’s independence from British rule.

He wore an orange and white turban with a long scarf around his neck.

He also said that three vaccines are in different phases of testing in India and mass production will begin as soon as scientists give the green light. Modi said that “detailed plans are in place for large-scale production” of a vaccine that will be made “available to every Indian”.

India has confirmed more than 2.5 million virus cases, third behind the US

INDIAN Prime Minister Narendra Modi speaks from the ramparts of the historic Red Fort monument on Independence Day in New Delhi, India on Saturday.

Photo: Manish Swarup/AP

and Brazil. Its death toll of over 49,000 is fourth in the world.

Modi also announced a national digital heath plan under which every Indian will get an identity card containing all healthrelated information.

The celebrations were curtailed on Saturday because of the pandemic, with invitations going only to 4,000 guests instead of the usual 20,000, media reports said.

The International Monetary Fund projected a contraction of 4.5% for the Indian economy in 2020, a “historic low”, but said the country is expected to bounce back in 2021.

Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.

“Infrastructure will not be created in silos anymore.

All infrastructure has to be comprehensive, integrated and linked to each other.

Multi-modal connectivity infrastructure is the way forward,” he said.

He said that India saw a record 18% jump in foreign direct investment in the past year, a sign that international companies are looking at the country.

Modi didn’t refer to China directly, but India is trying to capitalise on its rival’s rising production costs and

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 76° F/24° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Sun and some clouds

Patchy clouds with a t‑storm late

Periods of sun with a thunderstorm

Clouds and sun with a thunderstorm

A thunderstorm in the afternoon

Partly sunny with a thunderstorm

High: 88°

Low: 78°

High: 88° Low: 78°

High: 88° Low: 79°

High: 89° Low: 79°

High: 90° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

97° F

87° F

97°-85° F

97°-87° F

97°-87° F

99°-86° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 87° F/31° C Low: 82° F/28° C

4‑8 knots

S

High: 92° F/33° C Low: 77° F/25° C

4‑8 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 79° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 76° F/24° C

High: 90° F/32° C Low: 81° F/27° C

MIAMI

High: 92° F/33° C Low: 80° F/27° C

3‑6 knots

KEY WEST

High: 92° F/33° C Low: 81° F/27° C

High: 88° F/31° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 86° F/30° C Low: 82° F/28° C

N

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

tiDes For nassau Low

Ht.(ft.)

Today

6:55 a.m.

7:27 p.m.

High

Ht.(ft.)

2.8 3.5

1:08 a.m.

1:02 p.m.

0.7 0.3

Tuesday

7:44 a.m.

8:13 p.m.

3.0 3.7

1:54 a.m.

1:52 p.m.

0.4 0.1

Wednesday 8:33 a.m.

9:00 p.m.

3.2 3.7

2:38 a.m.

2:42 p.m.

0.2 0.0

Thursday

9:22 a.m.

9:46 p.m.

3.3 3.7

3:23 a.m.

3:33 p.m.

0.1 0.0

Friday

10:12 a.m.

10:34 p.m.

3.5 3.6

4:08 a.m.

4:25 p.m.

0.0 0.0

Saturday

11:04 a.m.

11:24 p.m.

3.5 3.4

4:55 a.m.

5:20 p.m.

0.0 0.2

Sunday

11:58 a.m. ‑‑‑‑‑

3.5 ‑‑‑‑‑

5:43 a.m.

6:17 p.m.

0.0 0.3

sun anD moon Sunrise Sunset

6:45 a.m.

7:43 p.m.

Moonrise Moonset

5:00 a.m.

6:57 p.m.

New

First

Full

Last

Aug. 18

Aug. 25

Sep. 2

Sep. 10

CAT ISLAND

E

W

High: 87° F/31° C Low: 80° F/27° C

N

S

E

W

4‑8 knots

S

4‑8 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 80° F/27° C Normal high ....................................... 89° F/32° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 93° F/34° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 36.53” Normal year to date ................................... 22.51”

ELEUTHERA

NASSAU

deteriorating ties with the United States and European nations to become a replacement home for large multinationals.

Referring to border tensions with China, he said Indian forces had given a befitting response in the mountainous Ladakh region where thousands of soldiers from the two countries have been in a tense standoff since May. India said 20 of its troops died in hand combat with Chinese troops on June 15.

“Whether it’s terrorism or expansionism, India is fighting the challenges bravely,” Modi said in apparent references to threats from neighboring Pakistan and China.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 80° F/27° C

High: 87° F/31° C Low: 80° F/27° C

N

High: 88° F/31° C Low: 81° F/27° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 81° F/27° C

4‑8 knots

MAYAGUANA High: 88° F/31° C Low: 81° F/27° C

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

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

L

High: 87° F/31° C Low: 80° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 82° F/28° C

N E

W

N E

W

S

S

6‑12 knots

6‑12 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 SW at 4‑8 Knots S at 4‑8 Knots NE at 4‑8 Knots SSE at 4‑8 Knots ESE at 4‑8 Knots ESE at 4‑8 Knots E at 6‑12 Knots ESE at 6‑12 Knots E at 4‑8 Knots SE at 4‑8 Knots SSW at 4‑8 Knots S at 4‑8 Knots SE at 4‑8 Knots ESE at 4‑8 Knots E at 6‑12 Knots E at 6‑12 Knots E at 6‑12 Knots ESE at 4‑8 Knots E at 6‑12 Knots SE at 6‑12 Knots E at 4‑8 Knots SE at 4‑8 Knots SE at 6‑12 Knots ESE at 6‑12 Knots SE at 4‑8 Knots ESE at 4‑8 Knots

WAVES 3‑5 Feet 3‑5 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 4‑7 Feet 3‑5 Feet 0‑1 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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