08312020 BUSINESS

business@tribunemedia.net

MONDAY, AUGUST 31, 2020

$3.98

$3.98

National debt reaches $8.24bn

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

T

HE Ministry of Finance has revealed that the national debt has ballooned to $8.24bn for the fiscal year 2019/2020 in its fourth quarter fiscal snapshot.

This places government debt at 68.4 percent of GDP, up from $7.527bn in fiscal year 2018/2019.

The Ministry of Finance has further shared that public debt interest payments grew by $10.6m or 3.2 percent to $339.1m for the year representing some 90 percent of the revised budget.

Approximately $199.2m or 58.7 percent was directed to domestic creditors, and the balance to foreign lenders. Debt repayment totaled $826.9m of which 94.7 percent was facilitated in Bahamian dollars.

As a result, the government’s net borrowings stood at $714.4m, which resulted in the direct charge (exclusive of exchange rate adjustments) growing from $7.527bn at end-June 2019 to $8.242bn at end of June 2020 taking debt-to-GDP to an estimated 68.4 percent from 60 percent a year earlier.

Vowing to curb this high debt to GDP ratio the Ministry of Finance says it is currently in the process of advancing both the Public Debt Management Bill (PDMB) and the Public Finance Management Bill (PFMB) for public consultation in early September.

The PDMB seeks to consolidate and amend existing laws for public debt management as well as implement a governance framework oversight of government debt activities which are to be guided by defined objectives. The Bill will also establish a debt

Hayward family vow commitment THE family of the late Sir Jack Hayward insist a new legal fight over fees owed to them from their father’s estate will not impact their commitment to the Grand Bahama Port Authority.

Tribune Business reported last week that two of Sir Jack’s children - Rick Hayward and Susan Heath - are seeking a court order over the alleged failure of Sir Jack’s estate to live up to its undertaking to pay 2.8m pounds sterling for the maintenance and upkeep of two of the Hayward family’s UK estates.

In a statement yesterday, the Hayward family insisted the company and the looming legal battle are completely separate issues.

“The Hayward family wishes to clearly state that the current litigation over the late Sir Jack’s estate has no bearing or effect on the Grand Bahama Port Authority, or its related companies (“The Group”). The article is unfortunately misleading when it states that the Hayward family’s request for information from Sir Jack’s

SEE PAGE 4

Jitney’s to resume today following protest

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A PUBLIC transportation stakeholder is excited to be “back in swing” as jitneys will be allowed to operate with limited capacity today after the second COVID19 related shutdown in six months.

In accordance with the latest emergency orders, the competent authority (the Prime Minister’s Office) announced it would reopen the economy with many businesses slated to

resume operations following a series of lockdowns.

However, initially this prohibited bus drivers. All of which culminated with Friday’s motorcade and protest organised by the United Public Transportation Company (UPTC), where scores of jitneys drove from Arawak Cay to then be lined off on RM Bailey Park as a sign of protest and solidarity.

Harrison Moxey, the UPTC president, told Tribune Business yesterday, “yeah, they are allowing us

SEE PAGE 4

management unit and a debt management committee and require the production of an annual debt management strategy report. The debt management report will be presented to Parliament at the time of the fiscal strategy report.

On the other hand, the PFMB seeks to replace the existing Financial Administration and Audit Act 2010. It is expected to clearly specify the roles and responsibilities of financial officers, enhance reporting requirements and accountability expectations across the public service, and solidify criminal penalties for malfeasance in public financial matters.

Further, the lingering effects of Dorian, the category five hurricane which struck Abaco and Grand Bahama last September, combined with the current state of things during COVID-19, pushed recurrent and capital

expenditures by a combined $231.7m or 8.8 percent to $2.877bn. In the final quarter of the fiscal year, the government spent over $57.3m directly on COVID19 related recurrent and capital expenditures. These items included $1.7m to support the COVID-19 response in the Family Islands; $1.2m to cover rental charges associated with government-funded quarantine sites, and over $4m to purchase medical supplies, including PPE, between the Ministry of Health and the Public Hospitals Authority. It also included $39m to support business continuity programmes for Bahamian small businesses.

Additionally on the recurrent expenditure side, subsidies to public non-financial corporations increased by $52.0m or 14.9 percent, as the government

SEE PAGE 4

$4.03

$3.95

Fiscal deficit soars 259%

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE government’s deficit widened by 259 percent from last year’s $788m, the Ministry of Finance has revealed.

The Ministry of Finance, in its released fourth quarter fiscal snapshot report for fiscal year 2019/2020, said that the government’s deficit position stood at $788.1m, up from $219.3m in fiscal year 2018/2019, representing a 259.4 percent increase year over year.

K Peter Turnquest, deputy prime minister, said about the deficit: “Despite the strain on government finances, we continue to meet our obligations while playing an important role to sustain domestic economic activity. Consistent with our budgeted plans, we are disbursing millions in unemployment assistance, maintaining public service salaries, and engaging in targeted capital expenditures to support the COVID-19 response and the broader effort to restore the economy.”

K PETER TURNQUEST This $788.1m is a minor decrease from the overall $800m forecasted by Mr Turnquest in April of this year as he spoke during a Rotary Zoom meeting, when he also expected the COVID-19 crisis to last for three to four months.

To finance this deficit, which the government said was heavily impacted by the recovery efforts of Hurricane Dorian and COVID-19, the government has borrowed a total of $1.54bn. Particular financing activities that supplemented the government’s operational requirements for 2019/2020 resulted in a net increase in liabilities of $714.4m.

SEE PAGE 4

PAGE 2, Monday, August 31, 2020

THE TRIBUNE

POTTER’S CAY VENDORS IN LACKLUSTER RETURN

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TWO thirds of the Potter’s Cay vendors are not coming back to work today, citing serious financial challenges.

Wendi Constantine, president of the Bahamas Dock and Allied Venues Vendors Association (BDAVVA), told Tribune Business: “Some of the vendors won’t be coming back due to financial difficulties. A lot of them are disappointed that the government didn’t offer any form of mortgage

relief, because you have to understand with a lot of banks a lot of persons did not qualify for the deferred option as some vendors had difficulties prior to COVID-19. There was the hurricane and then there was the reversal of the parking, so they have had their challenges for over a year or so. That is one of their main concerns.

“The vendors are just upset that the government didn’t make better preparations for self-employed persons as a lot of them are behind on their mortgages and utilities and a lot

of them did not qualify for the deferred payment programme with the banks.

“With some banks you did not qualify if you were not current or you were having challenges prior.”

Ms Constantine went on to say some 30 percent of the vendors are coming back to Potter’s Cay today.

“The food vendors, we have 42 of them and we are not talking about the fish and the conch persons, but the actual vendors themselves, the food vendors with the stalls. I’m looking at 30 percent of those that are able to

open on Monday.

“A lot of them applied for the rapid food programme and didn’t get that either. So they are really having their challenges.”

Ms Constantine, mentioned the efforts to sanitize and clean the Montague ramp, which she also represents. “We are hoping that we can undertake an exercise on Saturday where we can pressure clean and put some markings down.

We all are complying and hopefully things will work out. We only can do takeout, curbside and delivery.”

“We had initiated a credit

card programme prior to the lockdown and a lot of them are saying now that they won’t be able to go cashless anymore because they won’t be able to afford the fee to purchase the credit card machines anymore.

“We had done a programme with Fidelity Bank where persons had applied for the credit card machines and most of them had gotten approved and then we closed down.”

She said Fidelity Bank had followed up with her on the initiative but she does not expect any vendors to

move forward with this at the moment because the “money is too tight”, and this is something that has to go on the “back-burner”.

“It’s a challenge,” she added. “All we can do is hope for the best and just hope things are going to work out because you know with the parking is an issue and people used to be able to pull up, if they have to park all the way in the parking lot then that can pose another problem, but Commissioner of Police Paul Rolle has been more than sympathetic to what’s happening out there.”

LENO EXCITED TO RESUME OFFICE OPERATIONS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A LOCAL financial services provider reopens today with social distancing and COVID-19 protocols in place.

Leno Corporate Services in a release said: “After

nearly five months of Zoom meetings and no necktieremote operations, financial services leader Leno will re-open its Pineapple Place offices, Bernard Road, Nassau, Monday, August 31, in accordance with the revised emergency orders, the company announced.”

“We are extremely

grateful to the government and the competent authority for the amendment permitting offices to open,” said Brian Jones, Leno’s managing director of wealth solutions. “Our staff of nearly 40 has been working remotely since the first lockdown was announced and we are eager to get

back to a greater sense of normalcy while continuing to practice all safety protocols.”

According to Mr Jones, clients who wish to appear in person are asked to call to schedule a time to avoid the possibility of a wait as the number of persons permitted in at any one time will be limited.

The first of the lockdowns shut much of the economy down on March 17, less than five weeks after the fast-growing company broke ground on its new $25m corporate headquarters and prime office space complex. During the ceremony, the prime minister and members of Cabinet were on hand to celebrate the milestone of

the all-Bahamian owned and operated company. The headquarters is slated to be a five storey contemporary glass and steel structure atop Collins Avenue with panoramic views of Nassau Harbour and Paradise Island.

In recent weeks, the financial services provider has applauded the government for its “no new taxes” promise and its increased use of digitalisation in social services and inland revenue.

Sean K Longley, Leno’s founder and chief executive officer, has recommended that companies spend this year looking seriously at where they want to be in the future, strengthening their vision and drilling

down into long-term strategic planning. According to Longley, the company is expected to make an announcement of a major initiative this week.

Leno provides trust and fiduciary services, asset management, group & individual retirement plans, investment funds, brokerage & trading, college savings, accounting, payroll and financial planning services.

SCOTIABANK BRANCH TO REOPEN

closed for “deep cleaning and sanitisation”, and will reopen today.

Roger Archer, the bank’s managing director, said about the closure: “While we do not have a confirmed case at this location, we have decided to close the branch for further deep sanitization as a precaution. Our top priority remains the health and safety of our customers and employees.

“We continue to monitor all our branches and stand ready to take the necessary action should any health risks be detected or suspected.”

Mr Archer also said: “We thank our customers for their patience and

continued loyalty and encourage them to continue to take the necessary measure to stay safe. We also take this opportunity to thank our committed team members across all branches who continue to provide service of the highest standard, despite the health crisis being faced by The Bahamas.”

Customers who required in-branch services on Friday were directed to Cable Beach. Customers are also reminded that they are able to use the various electronic banking services that Scotiabank has to offer including the Scotia online banking and Scotia’s mobile app to conduct business.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SCOTIABANK’S Thompson Boulevard branch reopens today after being closed on Friday for precautionary deep cleaning exercises.

In a press statement, Scotiabank wishes to advise the public that on Friday, 28 August, the Thompson Boulevard branch was

SEAN LONGLEY

THE TRIBUNE

Monday, August 31, 2020, PAGE 3

UAE formally ends Israel boycott amid US-brokered deal DUBAI Associated Press THE ruler of the United Arab Emirates issued a decree on Saturday formally ending the country’s boycott of Israel amid a USbrokered deal to normalise relations between the two countries.

The announcement now allows trade and commerce between the UAE, home to oil-rich Abu Dhabi and skyscraper-studded Dubai, and Israel, home to a thriving diamond trade, pharmaceutical companies and tech start-ups.

The announcement further cements the Aug 13 deal opening up relations between the two nations, which required Israel to halt its contentious plan to annex occupied West Bank land sought by the Palestinians. But Palestinians so far have criticised the accord as undercutting one of its few bargaining chips with Israelis in moribund peace negotiations.

The state-run WAM news agency said the decree formally ending the boycott came on the orders of Sheikh Khalifa bin Zayed Al Nahyan, the ruler of Abu Dhabi and the Emirates’ leader.

WAM said the new decree allows Israelis and Israeli firms to do business in the UAE, a US-allied federation of seven sheikhdoms on the Arabian Peninsula. It also allows for the purchase and trade of Israeli goods.

“The decree of the new law comes within the UAE’s efforts to expand diplomatic and commercial cooperation with Israel,” WAM said. It lays out “a road map toward launching joint co-operation, leading to bilateral relations by stimulating economic growth and promoting technological innovation.”

Israeli Prime Minister Benjamin Netanyahu welcomed the decree. “This is an important step toward advancing peace and prosperity in the region,” he said.

Israeli Foreign Minister Gabi Ashkenazi said in a statement the UAE decision “is an important step towards peace, which will yield substantial economic and commercial achievements for both people while strengthening the stability in the region.”

Already, some Israeli firms had signed deals with Emirati counterparts. But the repeal of the law widens the likelihood of other joint ventures, such as in aviation or in banking and finance.

Dubai International

Airport, home to the longhaul carrier Emirates, has been the world’s busiest for international travel for years. The Dubai International Financial Center also hosts major firms who trade in the hours between Asian and European markets.

Dubai already has a major gold market and growing diamond trade.

Emirati firms likely also want to access Israeli technological know-how. Some already had even before the deal — with the cybersecurity firm DarkMatter reportedly hiring Israeli military-trained hackers.

Today, the first direct commercial flight by Israel’s flagship carrier El Al is expected in Abu Dhabi, carrying US and Israeli officials including President Donald Trump’s son-in-law, Jared Kushner. Telephone calls already can be made between the nations.

The decree formally eliminates a 1972 law on the UAE’s books since just after the country’s formation. That law mirrored the widely held stance by Arab nations at that time that recognition of Israel would only come after the Palestinians had an independent

The Bahamas Public Services Union

PUBLIC ANNOUNCEMENT In accordance with Article 21, Paragraph 1 of the Bahamas Public Services Union Constitution (Revised 1995).

The Bahamas Public Services Union is welcoming Nominations for the Election of Officers 2020 for the following positions: • President • Executive Vice President • Vice President • Vice President, Northern Region • Secretary General • Assistant Secretary General • Treasurer • Trustees Due to the Covid-19 Pandemic and the Emergency Power Orders, the BPSU’s Office is being operated remotely. Therefore, Nomination Forms will be issued via email; cindiranbain@gmail.com commencing Monday, August 25th, 2020.

The deadline for the submission of Nomination Forms via email is Sunday, September 6th, 2020 at 4:00 pm.

Should you require any additional information, the Office of the Secretary General can be contacted at (242) 424-1999.

state of their own.

Hanan Ashrawi, a senior Palestinian official, criticised the UAE’s decree on Saturday as undercutting the efforts of the Boycott, Divest and Sanctions movement targeting Israel. Israel has accused BDS activists of seeking to delegitimise its existence.

“While (hashtag)BDS is proving to be an effective tool of peaceful resistance & responsible, ethical investment & consumer responsibility to hold Israel to account, this happens!” Ashrawi wrote on Twitter.

Hamas, the Islamic militant group governing the

Gaza Strip since seizing it in 2007, has reiterated its rejection of the UAE-Israel deal and the ending of the boycott.

The decree “boosts the normalisation with the Israeli occupation and legitimises it on the Palestinian land,” Hamas official Bassem Naim said.

The decree shows the UAE’s eagerness to advance ties and maximise its potential benefits such as trade amid an economic slowdown, said Elham Fakhro, the senior Gulf analyst at the International Crisis Group.

“The decision sends a clear message that the

UAE is committed to its decision to normalise relations with Israel,” Fakhro said. “It does also raise questions about possible repercussions for anyone in the country calling for the boycott of Israeli goods, now that doing so contradicts the state policy.”

The UAE is becoming the third Arab nation after Egypt and Jordan to currently have diplomatic relations with Israel. However, while widespread public distrust of Israel persists in those nations, the UAE never fought a war against Israel, nor did it have a historic Jewish population.

PAGE 4, Monday, August 31, 2020

THE TRIBUNE

Fiscal deficit Jitney’s to resume soars 259% today following protest FROM PAGE ONE

The ministry said, “To finance the deficit, which was heavily impacted by elevated spending and revenue losses associated with Hurricane Dorian and the initial impact of COVID19, the government’s gross borrowings totaled $1.54bn through a mix of short and long term facilities. Of this total, $1.09bn was sourced in Bahamian dollars, with the remaining $445.7m in foreign currency.”

“By instrument, $562.6m was raised via bond issuances, with proceeds mainly used to refinance maturities.

Loan financing aggregated $690.7m, of which $295m was borrowed from domestic sources: $245m in Bahamian dollars and the

remaining $50m in foreign currency. The balance of $395.7m comprised loans from international development agencies to assist with hurricane and COVID-19 recovery efforts. These included an aggregate $80m via the IDB (InterAmerican Development Bank) Contingent Credit Line—which featured its last disbursement in March 2020; $50m from the CDB (Caribbean Development Bank) in March 2020, and the $252m loan from the IMF in June 2020 via the Rapid Financing Instrument facility. Borrowings under short-term authorisations included $228m in Treasury bill taps, and another $60m in advances from the Central Bank—the latter being repaid within the fiscal year.”

FROM PAGE ONE to operate at 50 percent.

We are back in swing, so we will take it at one step at a time.

“Everyone is ready to go back on the road, but we will have to see who all decides to go out with 50 percent. We have to give back the public’s confidence that busses will be there again. I really can’t say what the demand would be like, but we know that at the first time we reopened in July, demand was pretty weak. So we would have to see what that is going to mean.”

This comes as Prime Minister Dr Hubert Minnis announced, during

Hayward family vow commitment

To advertise in The Tribune, contact 502-2394

FROM PAGE ONE mistress, Mrs. Patricia Bloom, is affecting The Group’s commitment to the residents of Freeport or the Grand Bahama community. It is not,” said the statement.

yesterday’s press conference, that public busses are allowed to resume starting today at 50 percent of their capacity.

Mr Moxey estimates that it is going to be “rough” starting off but he and his members are happy for the opportunity to, “go back and build momentum again because at any point we start we have to gain momentum and the public trust.”

Busses were shut down completely for the second time in six months, with the first happening in March when the first COVID19 emergency lockdown orders were announced.

They were allowed to resume operations on July 1 to carry 50 percent of

their bus capacity before another shut down at the beginning of August by the competent authority during COVID related lockdowns.

Mr Moxey said about the motorcade and protest: “This is good. The fight was well worth it and we are thankful for that opportunity to go out and at least the guys can be able to make a hustle for survival.”

“We wrote the prime minister’s office and we took the protest to the street, expressing our concerns and when we took to the motorcade we wrote to the police commissioner for the approval for the motorcade, it was granted, well it was a rocky start because we didn’t make the

approval but he allowed us to go forward.”

Mr Moxey further stated that nobody informed him busses were going to be allowed to resume operations tomorrow as he heard it for the first time during the prime minister’s press conference yesterday.

“This is how they operate, we had to listen for the announcement yesterday.

We didn’t know beforehand, we got word through the backdoor that we were going to be a go but we had to wait for the prime minister to say we are going to open up and so as we speak to everyone in general and then the news would come.

I don’t know why and how they do what they do.”

“The Hayward shares in The Group are totally controlled by trustees appointed by the Court (Judicial Trustees) and the Hayward shareholding in The Group has nothing to do with the estate of Sir Jack, which is subject to the request for information in the US courts.

“They would like to further stress that the Hayward family never supported

the litigation instigated by Sir Jack and his then advisors against the St George estate.

“The Hayward family are proud Bahamians and fully focused on the long term future of Freeport, Grand Bahama, and The Bahamas. They believe that with proper planning, vision and determination that Grand Bahama has a vibrant, inclusive, and prosperous future. The

Hayward family feels that it is important that the GBPA work hand in hand with the Government of The Bahamas to attract substantial investment, from serious investment groups to carry through these plans. The Hayward family feel that it is vital that we get this right and put all our energies into creating a vision which can be supported by the people of Grand Bahama.”

NOTICE NOTICE is hereby given that ATAIN TAKOTOTA, Coral Harbour, Nassau, New Providence, The Bahamas is 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 24th day of August 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

www.bisxbahamas.com

(242) 323-2330

FRIDAY, 28 AUGUST 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,094.55 | CHG: 0.04 | %CHG: 0.00 | YTD: -137.05 | YTD%: -6.14 BISX LISTED & TRADED SECURITIES 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

FROM PAGE ONE

facilitated repatriation flights with the national airline, repairs to water mains, outlays to the Public Hospital Authority and the National Health Insurance Authority to assist with Hurricane Dorian relief and recovery efforts.

Compensation of employees expanded by $47.6m, including a growth in

allowances of $17.0m or 28.7 percent primarily associated with increased outlays for staff that were either displaced by Hurricane Dorian or relocated to assist with recovery efforts.

Spending on goods and services decreased by $40.3m or 6.8 percent, largely due to the reduction in tourism related outlays such as several marketing subventions.

NOTICE

MARKET REPORT 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

National debt reaches $8.24bn

LAST CLOSE 3.50 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.77 6.10 11.26 2.39 5.30 9.96 8.44 14.30 3.99 8.97 15.20

CLOSE 3.51 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.77 6.10 11.26 2.39 5.30 9.95 8.44 14.30 3.99 8.97 15.20

CHANGE 0.01 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 -0.01 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 3,000

132

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 14.7 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.5 13.6 15.6 23.4 11.3 15.4 11.6 17.5 19.7 9.6 24.1

YIELD 4.84% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.18% 3.61% 6.39% 18.16% 1.13% 3.30% 2.84% 3.78% 3.01% 2.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

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

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

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act ,2000 of the Commonwealth of The Bahamas, notice is hereby given that:- BITVO GLOBAL Inc has been dissolved and struck off the Register as of 31st, August 2020

Vincent L. King - Liquidator

MATURITY

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 1.79 1.73 1.06 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 1.68 1.81 1.76 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% 1.10% 2.34% -2.43% 1.49% 0.34% 2.43% -11.07% -9.92% -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

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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

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NAV Date

30-Jun-2020 30-Jun-2020 26-Jun-2020 30-Jun-2020 30-Jun-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-Jul-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

NOTICE

Kles PTC Ltd.

________________ 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 11th day of August, 2020.

Delano Aranha Liquidator

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

of Kles PTC Ltd.

THE TRIBUNE

Monday, August 31, 2020, PAGE 5

WORLD currencies.

INDIA’S TALLY SURGES AS RESTRICTIONS ARE EASED

NEW DELHI Associated Press

The end of the road for the dollar?

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

THE economic and political concept of monetary hegemony was coined by the economist Michael Hudson in 1972, when he published Super Imperialism. In the book, the author analysed the conditions that made it possible for one single country to dominate the international monetary system, focusing on the United States path to establishing itself as the global monetary tune-setter after the end of World War II. However, the US wasn’t the first modern era country to enjoy such status; Great Britain was the precursor in using monetary supremacy to dominate international trade and, to a large extent, dictate the global geo-political agenda.

The United Kingdom was the leading global power during the whole of the 19th century and beginning of the 20th. Supported by the strength of the Royal Navy, the undisputed ruler of the seas in those days, and a vast empire that stretched to the four corners of the planet, the British were able to set the pace of global monetary policy. London became the world’s financial hub and the sterling, thanks to the adoption of the gold standard, grew into being the prevailing currency in international transactions.

World War I triggered the

end of this reign, as a heavily battered Britain started to lose international power and new financial capitals, such as New York and Paris, emerged to cast a shadow over London’s previous preponderance.

But it wasn’t until the 1940’s that a new global economic giant emerged.

I am of course referring to the United States of America. The new superpower based its supremacy in principles of altruism and multilateralism, illustrated by the Marshal plan and the crucial role it played in the reconstruction of post war Europe. The Bretton Woods monetary system was implemented but eventually the gold standard was abandoned, and central banks started accumulating large swaths of dollar denominated assets in order to maintain stability for their own free-floating fiat currencies.

International trade and commodity prices became predominantly denominated in dollars, with greenbacks, as the American bank notes are known, gaining an aura of instant recognisability as the world’s most iconic symbol of money. The US dollar became the world’s

reserve currency, especially for the many emerging economies keeping a peg to international exchange rates as the foundation of their monetary policies.

The globalisation and multilateralism that emerged in the aftermath of World War II appear increasingly threatened by the growing tensions between the US and China, as well as by populist movements based on nationalistic ideals. Meanwhile, the American share of global trade has been declining, while that of countries’ such as China has boomed, resulting in several countries now receiving more export linked payments in Euros than dollars. Many observers believe the days of the greenback’s monetary hegemony may be counted, however, at least for the moment, no other currency, including the euro and the yuan, seems close to taking over. In any case, should the dollar lose its global reserve currency status, it is unlikely that the fact itself will be capturing headlines, just like the dominant narrative during the 1940’s was not about the sterling’s decline.

INDIA has registered 78,761 new coronavirus cases in the past 24 hours, the worst single-day spike in the world, as the government continues to further ease pandemic restrictions nationwide.

The Health Ministry on Sunday also reported 948 deaths in the past 24 hours, taking total fatalities to 63,498.

India has now reported

more than 75,000 infections for four straight days.

Yesterday’s surge has raised the country’s total virus tally to over 3.5 million and comes at a time when India is reopening its subway networks and allowing sports and religious events in a limited manner from next month as part of efforts to revive the economy.

The crowded subway, a lifeline for millions of people in New Delhi, the capital, will be reopened in a phased manner from Sept 7. Schools

and colleges, however, will remain closed until the end of September.

India has the thirdhighest caseload after the United States and Brazil, and its fatalities are the fourth-highest.

Even as eight Indian states remain among the worst-hit regions and contribute nearly 73% of the total infections, the virus is now spreading fast in the vast hinterlands, with experts warning that the month of September could be the most challenging.

THE TRIBUNE

Monday, August 31, 2020, PAGE 7

By DAVID KOENIG Associated Press

United says it will drop widely scorned ticketchange fees

will extend a broad waiver of change fees — including for international travel — through Dec 31. Customers who pay the lowest fares, called “basic economy”, can also change tickets free because of the extended waiver announced yesterday.

And starting in January, it will let customers fly standby for free on other flights the same day as their booked flight.

The moves come as United and other airlines try desperately to lure people back to flying despite the ongoing coronavirus pandemic. US air travel has recovered modestly since April, but passenger traffic remains down about 70% from a year ago.

Consumer groups have long complained about the array of fees that airlines

UNITED Airlines says it listened to customers and is dropping an unpopular $200 fee for most people who change a ticket for travel within the United States.

“When we hear from customers about where we can improve, getting rid of fees is often the top request,” United CEO Scott Kirby said in a video posted yesterday.

United’s move will put pressure on American Airlines and Delta Air Lines to drop their change fees, also $200 on domestic travel.

United said that it eliminated change fees for people who buy a standard or premium economy ticket for US travel.

United also said that it

impose for things that were once part of the fare. Change fees draw particular scorn because, critics say, they far exceed airlines’ costs of changing or canceling tickets with a few keystrokes.

Fees on checked bags and ticket changes gained widespread use during an industry downturn in 2008. Since then, airlines have added fees on seats with more legroom, priority boarding and other amenities.

They contributed to a highly profitable run that lasted for a decade, broken only by the pandemic. Now airlines are slashing flights and shrinking workforces to cope with the travel slump.

The United CEO acknowledged that airlines facing tough times have often “made difficult

THE WEATHER REPORT

5-Day Forecast

TODAY

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny

Clear

Partly sunny

Partly sunny

A couple of showers and a t‑storm

Partly sunny, a shower; breezy

High: 90°

Low: 79°

High: 91° Low: 80°

High: 91° Low: 80°

High: 91° Low: 80°

High: 90° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

102° F

89° F

102°-88° F

101°-86° F

101°-87° F

100°-86° F

ORLANDO

TAMPA

High: 88° F/31° C Low: 78° F/26° C

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: 83° F/28° C

4‑8 knots

S

High: 91° F/33° C Low: 78° F/26° C

7‑14 knots

FT. LAUDERDALE

N

FREEPORT

High: 91° F/33° C Low: 80° F/27° C

E

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 74° F/23° C

High: 90° F/32° C Low: 82° F/28° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 79° F/26° C Normal high ....................................... 89° F/31° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 38.43” Normal year to date ................................... 24.82”

S

MIAMI

High: 92° F/33° C Low: 79° F/26° C

3‑6 knots

ELEUTHERA

NASSAU

High: 90° F/32° C Low: 79° F/27° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 87° F/31° C Low: 83° F/28° C

N

KEY WEST

High: 90° F/32° C Low: 84° F/29° C

High: 87° F/31° C Low: 82° F/28° C

N

S

E

W

4‑8 knots

S

7‑14 knots

ANDROS

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

tiDes For nassau Low

Ht.(ft.)

Today

7:16 a.m.

7:42 p.m.

High

Ht.(ft.)

2.8 3.4

1:24 a.m.

1:23 p.m.

0.7 0.5

Tuesday

8:00 a.m.

8:22 p.m.

2.9 3.4

2:06 a.m.

2:08 p.m.

0.6 0.5

Wednesday 8:41 a.m.

9:00 p.m.

3.0 3.3

2:44 a.m.

2:49 p.m.

0.6 0.5

Thursday

9:19 a.m.

9:37 p.m.

3.1 3.2

3:20 a.m.

3:29 p.m.

0.6 0.6

Friday

9:57 a.m.

10:13 p.m.

3.1 3.1

3:55 a.m.

4:08 p.m.

0.6 0.7

Saturday

10:34 a.m.

10:48 p.m.

3.0 3.0

4:29 a.m.

4:47 p.m.

0.7 0.8

Sunday

11:12 a.m.

11:25 p.m.

3.0 2.8

5:03 a.m.

5:28 p.m.

0.8 0.9

sun anD moon Sunrise Sunset

6:50 a.m.

7:29 p.m.

Moonrise Moonset

6:54 p.m.

5:15 a.m.

Full

Last

New

First

Sep. 2

Sep. 10

Sep. 17

Sep. 23

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 82° F/28° C

High: 87° F/31° C Low: 82° F/28° C

N

High: 89° F/32° C Low: 82° F/28° C

E

W S

LONG ISLAND

tracking map

High: 88° F/31° C Low: 82° F/28° C

7‑14 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.

L

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

CAT ISLAND

E

W

decisions to survive, sometimes at the expense of customer service”. Kirby said United is looking to serve customers better this time.

Since 2010, Chicagobased United has scooped up nearly $6.5bn in change fees. Last year, it took in $625m, third behind Delta and American, according to Transportation Department figures.

In Washington, several lawmakers have launched periodic campaigns to outlaw change fees. In 2018, the Senate approved a bill to prohibit “unreasonable” fees for changing or canceling tickets, but the measure was scuttled in negotiations with the House.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 82° F/28° C

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

N

N E

W

E

W

H

High: 87° F/31° C Low: 82° F/28° C

S

S

8‑16 knots

10‑20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT

L

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 7‑14 Knots S at 6‑12 Knots SE at 4‑8 Knots ESE at 6‑12 Knots SE at 7‑14 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots SSE at 7‑14 Knots ESE at 7‑14 Knots SW at 7‑14 Knots S at 6‑12 Knots SE at 7‑14 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots ESE at 8‑16 Knots E at 10‑20 Knots ESE at 8‑16 Knots E at 10‑20 Knots SSE at 6‑12 Knots ESE at 7‑14 Knots SE at 8‑16 Knots E at 10‑20 Knots SE at 7‑14 Knots E at 8‑16 Knots

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

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

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

PAGE 8, Monday, August 31, 2020

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115