09032020 BUSINESS by tribune242

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THURSDAY, SEPTEMBER 3, 2020

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PHA chief appealing tender ‘abuse’ order By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Public Hospitals Authority’s (PHA) procurement chief is appealing the dismissal of his defamation lawsuit against an auditor’s findings that alleged he “abused” his employer’s tendering process. Dr Marvin Smith, who heads the PHA’s Supplies Management Agency, and his attorney last night confirmed an appeal had been filed after the action against John Bain and his accounting firm, UHY Bain & Associates, was struck out after being deemed “frivolous, vexatious and an abuse of process”. Both Dr Smith and his attorney, Clinton Clarke, declined to comment further because the appeal against the July 14, 2020, Order by the Carol Misiewicz, the Supreme Court deputy registrar, is now live before a Supreme Court judge. However, the latest ruling

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DR MARVIN SMITH effectively revives the controversy surrounding Mr Bain’s six year-old forensic investigation and report into the PHA’s supply chain management and procurement practices, with the findings remaining a contention that will seemingly not go away. Dr Smith, in his October 16, 2014, claim had sought “exemplary and aggravated damages” from Mr Bain and his firm after they reported that he allegedly “circumvented the tendering

Retailer expands on to Bay Street By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN retail entrepreneur yesterday revealed he is expanding to Bay Street through a $700,000 investment that will create 20 jobs, adding: “There’s always opportunity in the midst of crisis.” Andrew Wilson, the Quality Business Centre (QBC) and Fashion on Broadway principal, told Tribune Business he has secured a 5,000 square foot site opposite the Straw Market that will

target tourists via a “new concept” that will “return me to my manufacturing roots”. Suggesting that his move had been made possible by the exodus of “foreignowned retailers” from downtown Nassau due to the COVID-19 pandemic, and continued cruise industry shutdown, he added that the venture planned to showcase leather goods, jewellery and clothing products from “select designers” in The Bahamas and abroad.

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Stem cell provider’s $7.5m insolvency By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PIONEERING Freeport-based stem cell therapy provider had just $335,218 in cash to cover more than $13m in liabilities when it was placed into Supreme Court-supervised liquidation. The full extent of the Okyanos Centre for Regenerative Medicine’s financial quagmire was revealed in Justice Indra Charles’ August 31, 2020, decision

explaining her rationale for granting the winding-up of a company that was seen as a key player in The Bahamas’ efforts to kickstart medical tourism. Despite Cheryl Simms, the Kikivarakis & Co accountant now confirmed as Okyanos’ full liquidator, showing the company had just $5.667m worth of assets (including that modest cash sum) to cover $13.22m in liabilities, thereby creating a $7.553m solvency

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process” at the PHA by ordering “urgent” pharmaceutical supplies from what appeared to be “a shell company” that received its Pharmacy Council registration just three days before the deal occurred. The then-acting Bahamas National Drug Agency (BNDA) vehemently denied the allegations, alleging that the report - which asserted that the PHA was “defrauded out of over $11,500” in the transaction - had damaged his personal and professional reputation, and brought him into “public scandal”. Mr Bain, in his report that was submitted to the then-PHA board, headed by former PLP Senator Frank Smith, wrote: “Our investigations uncovered details of at least one abuse of the tendering system when Dr Marvin Smith, deputy

director of BNDA, circumvented the tendering process by ordering “urgent” supplies that apparently were not in demand, that benefited a supplier, National Supply Inc, who was not at the time the approved supplier for the oncology drugs ordered.” Suggesting that the transaction was carried out in “questionable circumstances”, Mr Bain added: “The amount of drugs ordered were not supplied, and the receipt of the drugs was certified by the same person ordering, Dr Marvin Smith. “Additionally, the internal auditors found evidence that the receiving documents may have been altered from the original invoices from 200-Docetaxel 40 mg and 200-Oxaliplatin 200 mg to

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Governor eyes ‘savings bonds’ to aid resiliency By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor yesterday said “savings bonds” are being eyed to boost financial resiliency after it was revealed less than four in ten Bahamian households had sufficient reserves when COVID hit. John Rolle told Tribune Business that the creation and roll-out of such a vehicle, which would allow Bahamians to build up savings through investments in government debt securities, would likely “get some attention in 2021” as part of the Central Bank’s strategy to boost the national savings rate. He spoke after an InterAmerican Development Bank (IDB) survey of 910 Bahamian households revealed that just 37.9 percent, or less than four out of every ten, confirmed they had “enough savings to cover an unexpected expense” when COVID-19 struck in mid-March.

JOHN ROLLE Defining an “unexpected expense” as being equivalent to one month’s Bahamian minimum wage, which is $840 or $210 per week, the IDB assessment said: “Households’ preparedness varied by pre-pandemic income level. Households that reported higher total household income in January 2020 were more prepared to cover immediate expenses. “Only 1.9 percent of low income households (those earning below the minimum wage) reported having enough savings for an emergency expense, whilst 29.9

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Making a graphic impact in social media marketing on social media, competing for customers’ attention and constantly updating content feeds. If you own a small business, there is no

LEADER

question that you may be conducting business there, as being active on social platforms is key to your survival. It secures commercial

WANTED

OCIAL media has always been visually-led, and the rise of platforms such as Facebook, Twitter and Instagram suggests the trend is continuing. It is well-documented that posts across virtually all social networks perform better if they contain great imagery, and many have asked why social media and marketing have become inseparable. Businesses of all sizes are

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Chief Executive Officer

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is a dynamic member-led organization, working to support local businesses and to represent their interests. We provide a strong voice for the private sector. The BCCEC is seeking a visionary leader to serve as Chief Executive Officer. This important role requires energy and enthusiasm as well as considerable commitment, commercial acumen, diplomacy and operational efficiency. The role is varied and demanding, but offers a unique opportunity to work with a wide range of businesses and stakeholders towards the overall goal of helping to grow a more prosperous and successful local economy. The successful candidate should possess the following: • • • • • • • • • • • •

Proven experience in a leadership position in chamber of commerce, public administration, government, business, non-profit, or trade association. Strong leadership and management skills with evidence of delivery and achievement. In depth understanding of current national and local business needs, commercial awareness and business acumen. Successful experience with strategic planning, fundraising, sustainable financial development, and financial management. Ability to demonstrate a creative and innovative approach to building strategic partnerships, improving the quality of in-house data and statistics and business development. Excellent time management skills. Professional credibility, being highly motivated and goal oriented. Keen understanding of standard accounting reports. Experience in planning and hands-on management of programs and events. Excellent written and verbal communication skills. Experience with community engagement and outreach. A Bachelor's degree from an accredited college or university.

growth and, above all, generates profit. However, getting the most out of social media marketing is easier said than done. Both a science and an art, social media requires a creative and meticulous strategy. In addition to the strategy, a company’s social media reputation is only as good as its public profile content. Investing in social media marketing, therefore, means investing to some degree in graphic design. Social media is visually driven and well thoughtout, and graphic design is something that can give your business an edge in this competitive arena. Here are some more reasons why social media marketing and graphic design are strategic tools for businesses today. Essential for building brand awareness Social media channels are great spaces for businesses to build brand awareness among both existing and new audiences. There are many different conduits businesses can choose for their social media marketing strategy, and you would likely want your business to be present on many platforms simultaneously to achieve maximum reach. If this is the case for your business, your social media profiles must be consistent in their branding and design. Think of them as different shop windows. You want your customers to know it is your business they are looking at, even if

they are in a different town. Consistency Social media is the same whether your audience is on Facebook, Instagram or Twitter. They should be able to see that they are on your company’s page immediately. As such, standardise your logo design, typography and content templates across all social media channels to ensure consistency and that it makes sense. It streamlines your brand and makes it recognisable to your social media customer base. A consistent look across all channels lends authority to your brand, giving your profile that all-important professional polish. Social media marketing and graphic design are crucial components to your brand’s overall identity, as the type of graphics your brand shares over social media is largely dictated by your audience and the kind of image you want to portray. Moreover, the challenge for many brands is having a graphic designer on-hand to create engaging, timely brand images to share on social media. If you do not have the luxury of an inhouse graphic design team, you are missing out on great exposure when relevant trending topics occur. Do not get too hung up on graphics alone. Think about the product that you are actually selling by ensuring it is making someone’s life easier. It cannot be understated how great an impact both graphics and product can have

THE ART OF GRAPHIX BY DEIDRE M BASTIAN together, increasing your sales through strategic advertising campaigns. When educating your audience or inspiring them to take action, competent graphic design services is an added recommendation. On most social media platforms your display of professionalism can attract an elite audience to your business page through the presentation of your graphics. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Bastian is a professionally-trained graphic designer/brand marketing analyst/certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas. NASSAU WTTC Stamp.

Persons applying for the position should do so by sending their curriculum vitae to: E: bccechire@gmail.com

Cruise port unveils ‘Safe Travels’ boost NASSAU Cruise Port yesterday said its designation as a “Safe Travels” partner should give cruise passengers and tourism industry stakeholders a major confidence boost amid COVID-19. The Prince George Wharf developer/operator said the internationallyrecognised accreditation, provided by the World Travel & Tourism Council (WTTC), signals it has adopted health and hygiene protocols that meet global best practices to ensure the safety of its workforce and visitors. The accreditation programme was designed by the WTTC in collaboration with its members, governments, health experts and other industry associations in a bid to help drive tourism recovery from the pandemic. The Safe Travels stamp helps travellers recognise companies and destinations that uphold WTTC health and safety standards within their own protocols, reassuring them and giving them the peace of mind to enjoy their visit. Mike Maura, Nassau Cruise Port’s chief executive, said: “We’ve put an extensive amount of thought and consideration into how we can return to business in the safest manner possible for all concerned. “The WTTC Safe Travels stamp verifies that our enhanced health and safety protocols meet the highest international standards, which our cruise partners, cruise passengers and the

Bahamian community can feel confident about.” He added: “Our priority is everyone’s safety. We want to reassure travellers that Nassau Cruise Port is one of the safest ports that you can visit, and our Safe Travels stamp helps us to communicate this. We are doing everything in our power to ensure that we are the destination of choice when sailing resumes.” Mr Maura encouraged tourism industry stakeholders to continue preparing for the cruise industry’s return by regularly evaluating and modifying their own COVID-19 health and safety procedures, making them as stringent as possible. “Keeping COVID-19 at bay while maintaining our livelihoods is a two-way street. Of course, we wish for cruise passengers to adhere to the highest safety protocols during every stage of their cruise, but when they are here, we also have to demonstrate that properly protecting everyone’s health – theirs and ours – is a part of the new Bahamian tourist experience,” Mr Maura said. “Once we can give them that confidence, they will share their experiences and help us promote Nassau, and The Bahamas, as a responsible, safe destination. We have to be ready.” The World Travel & Tourism Council is a nonprofit organisation that spearheads the sustainable and inclusive growth of the private travel and tourism sector.

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Thursday, September 3, 2020, PAGE 3

Activist urges ban on new cruise line private islands By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN environmental activist yesterday called for “a ban” on any further cruise line private islands in this nation, and demanded that the industry “clean up its act”. Sam Duncombe, president of reEarth, used the Global Cruise Activist Network’s launch to urge that an environmental impact assessment (EIA) be conducted to assess the cruise industry’s activities and effects on The Bahamas in their entirety. Speaking on a webinar, she said: “There have been a number of incidents where cruise ships have dumped in our waters and we’ve done absolutely

Retailer: ‘Too many COVID unknowns’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RETAILERS yesterday said uncertainties over the government’s COVID-19 strategy are creating “too many unknowns” and inhibiting their ability to plan effectively for the future. Egan Kemp, president of Eunison Company, the Shoe Depot parent, told Tribune Business: “It’s amazing that we have been allowed to legally operate again. Unfortunately, every day you scratch your head and wonder if we will be open today, or next week. “It’s hard to plan, so why bring in school shoes when there is no school and tie-up all of that money, which means our landlord is going to charge full rent and your bank account just keeps getting lower and lower and lower.” Mr Kemp added: “This is just a whole complicated world out there, and unfortunately I don’t think the

nothing about it in terms of getting them to pay for it. “In The Bahamas we have seven different private cruise ports and, according to the Ministry of Tourism’s statistics, 75 percent of our tourists are cruise ship passengers, but they only account for 11 percent of the tourism revenue.” “With private cruise ports, the earnings for the host country is even less. So we would also like a ban on any more private cruise ports and, absolutely, in terms of their general function moving forward, they [the cruise lines] really need to clean up their act and do better.” The Global Cruise Activist Network, which was launched at yesterday’s webinar, is using the industry’s sailing pause government bureaucrats and the politicians truly understand the burden that they have placed on the business community by these complete shutdowns. “I have no problem with the government putting in standards that we all, as citizens and as businesses, equally, have to abide by. In other words, one customer per 30 square feet of space, great. What’s good for one is good for all. “Maybe you may want to differentiate if you are dealing with food, so there is a slight difference if you are dealing with persons in that business, but unfortunately when you shut down the entire thing, you can’t understand the economic impact of these things. It is just hard for my team to wrap our heads around and forecast around all of those dominoes. Mr Kemp continued: “There are too many unknowns that you have thrown into the way we have always operated for eternity. This is the first time ever that governments have forced full closure of businesses or segments of businesses for months. “The government needs to stop shutting down the country, but unfortunately it is a virus. I’m no doctor but the influenza virus that we have had for eternity,

SAM DUNCOMBE

JOE DARVILLE

to “demand the cruise industry doesn’t return to business as usual as ships start sailing again after the COVID-19 pandemic”. Said to be drawn from port communities frequented and impacted by the cruise industry, the Network said in its launch mission statement that it also intends to take up labour-related issues impacting the sector’s employees as well as environmental concerns. With Mrs Duncombe and Save the Bays’ Joe Darville representing The Bahamas, other Network members were said to come from the Cayman Islands, Belize, and port communities in the US, UK, Europe, Canada and Australia. Despite the promise of significant cruise line

investment in The Bahamas pre-COVID-19, there was increasing concern among many Bahamians that the economic benefits from the sector were tilted in favour of the sector due to its use of private islands and ability to keep onboard attractions/amenities open when in port in Nassau and Freeport. Reports to the US courts by an environmental monitor also exposed numerous pollution incidents in Bahamian waters involving Carnival Cruise Lines and its affiliates. The government, though, said the proposed Carnival and RoyalCaribbean/ ITM Group investments in Freeport were an attempt to switch the cruise lines’ investments from remote

have they ever been able to cure it? No. So it comes and goes. But everything I have heard about this coronavirus, for the vast majority of people it is a non-event. “Fortunately the bureaucrats are coming to understand that without us they don’t exist because we don’t need the government; the government needs us because we pay the taxes. In other words, the people. So when you shut us down, who are you taxing? There is no one to tax. “I don’t know how much longer we will be able to weather the storm and, unfortunately, there are so many dominoes that tie into that statement, because without tourist dollars coming into this country our reserves will soon deplete and sadly our government leaders should have been looking at countries that were allowed to stay open and learn from them and what are they doing and how they are doing what they are doing.”

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private islands to projects closer to major cities. However, Mrs Duncombe said she and other activists are maintaining their opposition to Disney Cruise Line’s project at Lighthouse Point on the southern tip of Eleuthera. “For the last two yearswe have been actually working to try to get Disney Cruise Lines to go away from a beautiful spot in Eleuthera, The Bahamas, which has been proposed as a marine protected area,” she said. “Disney submitted their EIA over eight months ago, though the public has not seen a word of it. We continue to remain in the dark over it. We would really like, going forward, that the Government of The Bahamas undertake an EIA on the entire cruise industry in the country to determine whether or not we should move forward, if at all.” Describing itself as being inspired by the 2002 Cape Town Declaration on Responsible Tourism, the Future of Tourism Coalition’s Guiding Principles, and the principles of free, prior and informed consent, the Global Cruise Activist Network urged the cruise lines to delay their return to operations until they address the so-called

Principles of responsible cruise tourism. “For decades the cruise industry’s business practices have put the social fabric, economic integrity, public health and environment of host communities - as well as passengers, crew, coastal and marine ecosystems, and the climate - at risk,” the Network said. “The latest example of this - the industry’s mishandling of the COVID-19 pandemic - shows that the industry is unwilling to protect the public interest without legally binding regulations.” Jane da Mosto of Venice, Italy, added: ““The Global Cruise Activist Network is calling for an equitable and responsible system of leisure travel that optimises economic benefits to all stakeholders, while eliminating the negative social, public health and environmental impacts of cruising on port communities, workers and passengers. “We oppose the return of a ‘business-as-usual’ cruise ship industry. Until these common sense policies are collectively adopted, effectively implemented and consistently monitored, the cruise industry will remain complicit in putting passengers, crew, communities and the planet at risk.”

JOB VACANCY Receptionist for law firm Small law firm seeking full time Receptionist. You will also assist the wider office with general administration, providing an efficient and flexible service to our lawyers and support staff. The successful candidate must be adaptable, reliable and self-motived individual with some Receptionist experience, ideally gained within a law firm, or accountancy practice, and competent in the use of Microsoft Office software. Applicants must be confident, well-presented and a team player with a positive and energetic approach to work and can thrive in a busy environment. You must have good time management skills, excellent attention to detail and strong communication skills. Please apply by email attaching current resume and cover letter outlining your suitability and salary expectations to

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PAGE 4, Thursday, September 3, 2020

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CLOUD SERVICES PROVIDER TOPS REGIONAL RANKINGS A BAHAMAS-based cloud services manager has been ranked by an international survey as the top provider of its kind in the Caribbean and Latin American region. Cloud Carib was placed 33rd on the annual Channel Futures MSP 501 list, improving from 160th position last year. It was the only Caribbean and Latin American provider to make it into the top 50. “We’re honoured to be awarded number 33 worldwide on the top 501 MSP list, and to be the highest rated in both the Caribbean and Latin American regions,” said Scott MacKenzie, Cloud Carib’s chief executive. “Last year we were awarded number 160 on the list. This huge jump is something we’re really proud of. We’re proud to be recognised on such a global scale, and our improvement is further evidence that we’re helping transform this region and focused on continuous improvement. “Every year, more MSPs enter the market and the competition gets fiercer.

CLOUD Carib has been named to the 2020 MSP 501.

SCOTT MACKENZIE, Cloud Carib's chief executive, addresses a group of students at a youth technology event the company sponsored. Our rise in ranking demonstrates our dedication to our client’s business needs, our thirst for innovation and forward thinking as well as our ability to compete on a global scale.” The rankings, now in their 13th year, were determined after managed cloud services providers from

around the globe completed a survey and application that self-reported product offerings; annual total and recurring revenues; profits; revenue mix; growth opportunities; and company and customer demographic information. The ranking methodology weighs revenue figures according

to long-term health and viability; commitment to recurring revenue; and operational efficiency. “These benchmarks are what local businesses should examine when choosing a managed service provider with the experience, skill set, business knowledge and defined

strategy to help them succeed in this fast-changing digital landscape,” said Kris Blackmon, senior content director, Channel Partners and Channel Futures. “In all of the managed service providers that the region has to offer, Cloud Carib stands as a shining example of excellence.”

Ten MSP 501 special award winners will be recognised at the awards gala at Channel Partners Virtual: Digital Events for the Modern Channel on September 8-10. Nominations for these awards, including Digital Innovator of the Year; Executive of the Year; and the Newcomer Award, were included in the MSP 501 application. The complete 2020 MSP 501 list is available at Channel Futures website. Data was collected online from March 1 through June 30, 2020.

Minister denies weak fishing enforcement By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A Cabinet minister yesterday denied the government has been soft on illegal poaching and foreign fishermen approvals, citing the refusal to grant more compressor permits as a tightening of its stance. Michael Pintard, minister of agriculture and fisheries, told Tribune Business: “When I came in the chair I met with the commercial fishers, and I indicated to them that compressor permits that were being signed were only being signed by virtue of the fact that I wanted to determine whether or not the claims that there aren’t sufficient Bahamians in this sector, and it necessitated the survival of their business that they hire non-Bahamians to dive, whether or not that was accurate. “We were on the eve of that particular season, and obviously their business model, they had expected to proceed as they had normally been proceeding. I said clearly that one year from now I do not intend to go down this road, and I fundamentally did not believe that it was appropriate and toward that end.” Mr Pintard was

MICHAEL PINTARD responding to a voice note created by a Spanish Wells fisherman, Chuck Pinder, who said the government had taken little to no action when it came to poaching and the number of Dominicans and other foreigners being permitted to fish legally in Bahamian waters. “My second point: We sought to establish a dive programme to increase the number of Bahamians who would be available as potential divers on different vessels,” Mr Pintard added. “They may certainly use their certifications to do other things, but that was one option - that they can become commercial divers on the lobster boats. That programme was instituted and over-subscribed.” Mr Pintard said when permits came up for renewal the following year, he “followed through on

what was said” and, of the more than 600 compressor permits given out every year, the vast majority now go to Bahamians. “I think less than 45 applications are submitted on behalf of nonBahamians,” he added, “so clearly Bahamians are available in the dive industry. “In terms of finding the workforce that you want, of course this is not just true in the fisheries sector but this is true in other sectors as well. We have some work to do. However, I was not prepared to compromise on that issue and neither was the Cabinet of The Bahamas. “Out of the abundance of caution I had discussions with the minister of immigration and the former minister of immigration, and the current one as well as the minister of labour took the matter to Cabinet and got the concurrence of Cabinet that our position would be that provisions would not be made for nonBahamians to work in the fisheries sector, only on the processing side but not on the fishing side. We have maintained that.” Mr Pintard said his ministry’s partnership with the Royal Bahamas Defence Force and the Royal

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Minister denies weak fishing enforcement FROM PAGE FOUR Bahamas Police Force has been “strong”, and enforcement has focused not only on Dominican poachers but US sports fishermen thar have been “equally depleting Bahamian resources”. “We have worked with national and international law enforcement to protect the Bahamian borders,” the minister added. “That has resulted in prosecutions, not just in The Bahamas, and we believe that this is a record number of prosecutions we have had in the last two years, at least on the number of vessels that have been interdicted by the RBDF and the number of persons who have been charged, convicted and incarcerated. “The level of fines have been heftier in this period than anyone can recall, and so we have broken new grounds in terms of sending a strong message to the international community about not illegally fishing in Bahamian waters. We have also been diligent in seeking to educate Bahamians and, unfortunately, where it is necessary they have also been brought before the courts for illegal, unregulated, unreported fishing. Mr Pintard added: “You are aware they have taken us to court, the Dominicans? We are now before the courts because they have sued us for rights to participate in diving in Bahamian waters, and that is Dominicans who now live in The Bahamas have also taken us to court, them and their commercial boat owners. On the petition it says Dominicans, but we believe there are others behind the scene. “I should also mention this. With respect to the poachers, we are now going after the beneficial owners of these vessels. So towards that end we have been having conversations with regional partners, including the United States as well. The minister of foreign affairs has been in discussions with the ministry of foreign affairs in the Dominican Republic, and we have also been deepening our relationship with the Cuban government on this issue as well. “So the regional cooperation, we see it as being extremely important. The minister of foreign affairs has also had conversations with his counterpart in the Turks and Caicos Islands, so we believe that part of the issue is having a regional approach to addressing this. The RBDF has also spent millions of dollars on drone technology, and using that drone technology to help with the patrols when they are out to sea. Mr Pintard continued: “We have also responded to the call to sink these vessels, because when you sell the vessels to Bahamians one of the things that happens is the RBDF has to then chase these vessels when a report is given because they have a distinct look, only to find out that there is a Bahamian on it.”

Thursday, September 3, 2020, PAGE 5

ATTORNEY LAUNCHES AVIATION LEGAL FIRST A BAHAMIAN attorney yesterday said he has launched the first Caribbean law firm dedicated to the aviation industry. Llewellyn BoyerCartwright, the former Callenders & Co attorney and partner, who has more than 25 years’ legal experience and a passion for flying, has formed HarleyJames which will be based at Sandyport. A leading advocate for developing a Bahamian aircraft registry, he suggested the move signals a future trend of specialised legal services and gives himself “the landing I had been searching for my entire life”. A former commercial airline pilot, Mr BoyerCartwright was the first Bahamian named to the Lawyer Pilots Bar Association. He holds a Masters in Aviation Science as well as a Bachelors of Law from the University of Buckingham, and completed his legal qualification at the University of Westminister (Inner Temple), England. Before opening his own firm, Mr Boyer-Cartwright specialised in aviation, real estate and the administration of estates at Callender’s & Co. He argued that while The Bahamas has continued to look at aviation as a means to an end, bringing visitors to the country’s shores, it has largely ignored the greater potential of the aircraft industry as a whole – registration, maintenance,

LLEWELLYN BOYER-CARTWRIGHT leasing, insurance, financing and attracting those who register private aircraft here to expand their footprint in The Bahamas with residential and commercial investment. “It is time to view aircraft not simply as vehicles that deliver visitors to our shores, but as the key to unlocking The Bahamas as a soon-to-be emerging player in the aviation industry,” Mr Boyer-Cartwright said. “The sky is the limit, literally, for The Bahamas, once we fully proceed with the aircraft registry, which meets ICAO (International Civil Aviation Organisation) and other industry standards. I see aircraft hubs for all sorts of services in places like Andros or Grand Bahama, or one of the islands in the southern Bahamas where it may be possible to service flights transiting to the Caribbean, Central

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.

and South America.” One obstacle standing in the way of a registry now, said Mr Boyer-Cartwright, is 12 percent VAT. He explained that while the ten percent customs duty on the import of aircraft was eliminated, the issue of VAT was never addressed, a matter he believes was an oversight. “The registration of aircraft in most other jurisdictions is based upon on an annual fee, not a percentage of the value of an aircraft, usually calculated using a

class and weight formula,” he added. “If VAT is not addressed The Bahamas will be unable to compete with other jurisdictions.” “Despite the COVID19 pandemic, the industry is poised to soar as there will be greater reliance on private aircraft travel,” Mr Boyer-Cartwright said. “As we look toward serving that market, whether from a regulatory, legal or financial aspect, the taxiway is wide open for a well-regulated and first-class civil aviation sector, especially at a time

when we have seen the need for economic diversity.” The aviation attorney is also convinced that a new era is dawning in the legal sector, providing young attorneys with new and diverse opportunities. “Jurisprudence is one of the oldest professions in the world, and while technology (as well as aviation) changes at breakneck speed, law, in many ways, does so with less forward motion than many would like,” said Mr Boyer-Cartwright. “I am excited to be part of the new wave of the future.” He has authored numerous articles in legal and trade publications, is a former director of the Bahamas Financial Services Board (BFSB), and has been a panelist in international aviation conferences. He is a member of The Bahamas’ Air Transport Advisory Board, which reviews and considers various applications by air operators both domestic and international.

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Thursday, September 3, 2020, PAGE6

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PHA chief appealing tender ‘abuse’ order FROM PAGE ONE reflect a receipt of 400-Docetaxel 20 mg and 400-Oxaliplatin 100 mg.” National Supply Inc, according to Mr Bain, was not a listed BNDA supplier when the deal was approved in May 2011, and obtained its Pharmacy Council registration on an “emergency” basis just three days before the transaction. “The total orders of the drugs were not delivered, yet no documentation for the back order was prepared. Instead, the original invoice was modified to reflect a different quantity received,” Mr Bain wrote. “Yet the internal financial controls at PHA allowed a check to be issued for $86,557 payable to a vendor not on the approved list...... In this case, the PHA was defrauded out of over $11,500.” The accountant, who was hired by the PHA to conduct the forensic examination, added that National Supply Inc “appears to be a shell company, quickly established for the purpose of transacting with the BNDA”. He added that it seemingly had no physical presence, and used the ‘All My Children’s’ Plaza’ on Soldier Road as its address.

Stem cell provider’s $7.5m insolvency FROM PAGE ONE deficiency, the judgment reveals Justice Charles queried whether it should remain in provisional liquidation to

THE TRIBUNE

A second address provided for National Supply Inc at Sandyport turned out to be the offices of a now-defunct Bahamian broker/dealer, Gibraltar Global Securities, whose principal, Warren Davis, held the newlyincorporated drug supplier’s business license. Gibraltar ultimately ceased trading after being hit with numerous legal actions and fines by US and Canadian securities regulators, with the Securities & Exchange Commission (SEC) ultimately obtaining a near-$25m summary judgment against the company and Mr Davis. There is nothing, though, to suggest they did anything wrong in relation to the National Supply Inc deal. Since filing his defamation action against Mr Bain’s findings, Dr Smith has been promoted to head the PHA’s Supplies Management Agency - which combines the BNDA’s drug pharmaceutical purchasing with the ordering of medical and surgical supplies. The agency will now have responsibility for sourcing the necessary COVID-19 drug and other supplies, including personal protective equipment (PPE). Dr Smith, who is also listed as a PHA deputy director and chief pharmacist, is also

president of the Caribbean Association of Pharmacists. The Supreme Court’s dismissal of his defamation claim appears to be rooted in its acceptance of Mr Bain’s argument that Dr Smith and his attorneys were failing to progress the matter to trial, and that the case was merely designed to gag or muzzle further discussion of his report. It makes no mention of the documents findings and conclusions. Mr Bain, in a January 13, 2020, affidavit, alleged: “Despite being served with the application for the matter to be struck out, the plaintiff [Dr Smith] has failed, refused or was unwilling to advance this matter to case management. “Despite multiple appearances before the court, counsel for the plaintiff has appeared on one occasion and, since 2015, when pleadings were closed following the filing of the defence of the third party [PHA], there has been no case management hearing or any application to advance this matter to trial. “The instant matter has lingered for the last five years, and has resulted in several losses of opportunity. I am eager to move on with my professional and personal activities as the instant action has also affected insurance premiums and risk assessments.” However, Dr Smith, responding in a February 12, 2020, affidavit alleged that the case’s progress had been delayed due to

its transfer between judges and the passing of two of his attorneys. “I still desire to have this matter set down for case management and thereafter to proceed to trial as I do believe that the report produced by [Mr Bain and his firm] is erroneous and very defamatory in nature,” he argued. Mr Bain, when contacted by Tribune Business, said Dr Smith would have to pay his attorneys, Davis & Co, “five years’ worth” of legal fees if he wanted to appeal the deputy registrar’s Order. “I don’t know if he has. I don’t care if he does. As far as I’m concerned the matter is resolved,” Mr Bain said of an appeal by Dr Smith. “He had the right to go and pursue it, and seek legal redress if he felt he was wronged. Our system works, and the court has thrown out the case as being frivolous, vexatious and an abuse of process.” Tribune Business’ efforts to discover whether the PHA and the government acted on any of the findings, recommendations and calls for follow-up investigations in Mr Bain’s report suggest that it was effectively shelved, or buried, given the significant push back it received from the health authority’s management including the BNDA that was headed by Dr Smith. Besides detailing the fraud, wastage, inefficiency and lack of accountability common to many state-owned Bahamian entities, Mr Bain also noted possible conflicts of

interest involving employees accepting gifts from suppliers in breach of the PHA’s ethical code. He added that the PHA’s internal auditors “indicated that staff had ‘requested and received’ contributions from vendors during the Christmas holidays that created a conflict of interest. The staff received $7,660 cash donation for a Christmas party....The auditors understood other gifts of cash and non-monetary forms were received”. However, some of Mr Bain’s other findings, such as the $10m difference between the pharmaceutical inventory’s physical count and what was reflected in the Princess Margaret Hospital’s computer system, were vigorously refuted and dismissed by PHA management. PHA executives blamed the discrepancy on a clerical error, with Daniel Knowles, the finance director, saying at the time he found it “difficult to believe” that the internal auditors, on whose work Mr Bain’s auditing partly relied, did not recognise the errors in their report given that PHA’s total yearly inventory never exceeded $4m. He added that the errors existed because the unit values for two drugs were incorrectly entered into the PHA’s inventory system, and that the pharmacy inventory for PMH had not exceeded $1.5m for 2012 or 2013. As to the fate of Mr Bain’s report, Dr Duane Sands,

former minister of health, said the document and its findings were never brought to his attention during his three years as minister of health. Julian Rolle, the PHA’s chairman, referred Tribune Business to Lyrone Burrows, the PHA’s deputy managing director, who referred to the clerical error described at the time Mr Bain’s report was completed and released. Neither man was present then. However, a PHA insider, speaking on condition of anonymity, downplayed the “shell company” allegations and other concerns relating to Mr Bain’s findings on the transaction involving Dr Smith. “The system at the time only required for you to have the pharmacy licence,” they said. “It didn’t say you needed to have a licence for one year before or three years before.” They confirmed that Mr Bain was hired to review the PHA’s materials management, including both pharmaceutical management and the procurement of medical and surgical supplies, in a bid to maximise efficiencies, value for money and accountability. The source suggested that Mr Bain’s work was overtaken by a Pan American Health Organisation (PAHO) consultant, Dr Valerie Kerr, who oversaw the consolidation of the BNDA and its medical/surgical supplies counterpart into the existing PHA Supplies Management Agency based on Shirley Street.

give it a chance to recover. “The court inquired of [John] Delaney QC, appearing for the petitioner, whether ‘soft touch’ provisional liquidation might be an alternative to a full-blown liquidation leading to the ultimate dissolution of the

company,” Justice Charles recorded. “‘Soft touch’ liquidation would leave provisional liquidation in place, thereby offering protection against individual creditor actions, and enabling breathing space for a restructuring of debts.”

Retailer expands on to Bay Street

who have been laid-off or seen their incomes cut due to COVID-19, his move also offers some hope that there are still entrepreneurs with the risk appetite and financing who can create employment. Mr Wilson, meanwhile, said the venture will distribute wares from “selective designers, locally and abroad”, in the categories of leather goods, jewellery and clothing. “A lot of those products will be made in established factories in west Africa, where I expect to be purchasing a lot,” he added. “I’m looking forward to it. It’s just a question of taking advantage of the opportunities the pandemic has created and continue to grow the business.... The opportunities that are now available through the fact so many of the foreign retailers have pretty much fled, and if not fled then pretty much abandoned, their spaces downtown. “Eventually tourism will be back, and bigger than it was before, so to the extent we’re able to seize some of these opportunities now they are available is going to be critical going forward. I’m going to keep my shoulder to the wheel.”

FROM PAGE ONE Disclosing that much of the new store’s products will be manufactured in west Africa, principally Ghana, Mr Wilson said he had not finalised a name for his expansion as he was still “test marketing” the brand and overall proposition. “My biggest project in the post-COVID era is that we have secured 5,000 square feet of retail space downtown on Bay Street opposite the Straw Market,” he revealed to this newspaper, “so I’m looking forward to entering and generating more sales from visitors upon their return. “It’s a new concept that I’m really excited about. It’s still being formulated but that project will also be returning me to my manufacturing roots, and we will be introducing new lines of products in the area of leather goods, apparel, souvenirs and jewellery. There’s always opportunity in the midst of crisis.”

Mr Wilson’s current retail formats employ around 30 persons, and he disclosed that the Bay Street venture will “create at least an additional 20 jobs”. Asked about the scale of his investment, he replied: “All in, it’s in the region of $700,000. “We are working diligently to have our project ready for December 1 or the appearance of the cruise ships in the harbour of Nassau. I am still test marketing the concept, so have not finalised the name yet. There are a few options, but at this point I have not finalised the brand.” While some observers may argue that Mr Wilson is somewhat optimistic over the timing of the cruise industry’s return, his investment and expansion plans represent a badly-needed vote of confidence in the tourism industry’s prospects and those of the wider Bahamian economy. While the promise of 20 jobs may appear modest when set alongside the thousands of Bahamians

THE TRIBUNE

Thursday, September 3, 2020, PAGE 9

Governor eyes ‘savings bonds’ to aid resiliency FROM PAGE ONE percent reported having enough savings to cover one week or more of basic expenses. “Comparatively, 92.8 percent of households earning 11 times or more the minimum wage reported having enough savings to cover an emergency expense, and 94.4 percent reported having enough savings to cover one week or more of basic expenses.” Mr Rolle, acknowledging that the absence of savings on a national, household and individual level has been sharply exposed by COVID19, said improvements in this area were “very high on the list” among the top five to ten economic priorities for the Central Bank and policymakers. “From our end, we want to make sure that beyond financial literacy we continue to address financial inclusion to that people are able to participate in mechanisms that allow them to save,” the Central Bank governor told Tribune Business. “Over time we see that evolving into a savings bond for Bahamians, or some type of mechanism that allows them to save. That is

something being explored externally, and is an example of the inclusion we expect to see for The Bahamas. “There are many other types of vehicle, but certainly the equivalent of a mechanism that allows people to pool their savings with the purchase of government bonds, that is certainly something that will help in The Bahamas. While investments in government debt securities worldwide have traditionally been viewed as the safest, most secure opportunities, some observers will likely argue that placing funds into Bahamian government bonds is becoming increasingly risky as the national debt heads towards the $10bn mark post-Dorian and COVID-19. And Mr Rolle was quick to point out that the “savings bond” vehicle was geared to benefit investors/savers first, not generate money for the government, as the amounts invested would be relatively small. “We’ve discussed it with the Ministry of Finance officials, so it’s only a matter of time before we move ahead with it,” the governor added of the “savings bond”. “Not necessarily as a means to provide substantial resources to the government... It’s primary focus would be giving individuals a safe, good-yielding form of investment similar to the way those with larger amounts of money are able

to invest in government securities,” he continued. “I think when we get to 2021 we should be able to give this some more attention. One of the early deliverables was to get some of the other developments in the government securities market out the way; the creation of the government securities depository, the listing of government debt on BISX. “Once we have those foundational issues addressed we can begin to look at the idea of savings bonds and push it forward.” Mr Rolle, though, said he did not want to downplay other forms of savings and investments available to Bahamians, adding that persons should be “enabled and encouraged” to make equity investments in the shares of companies and investment funds. He added that increased focus on financial education and literacy would also help Bahamians to adopt savings habits as

“lifelong behaviour”, as well as better understand and exploit available investment opportunities. Besides giving Bahamian households “more cushion” against financial shocks such as COVID-19 and hurricanes, and “greater control over their affairs”, Mr Rolle said development of a savings “culture” will also translate into reduced consumption and foreign exchange-earning investments at the national level that boost the external reserves. However, the IDB survey’s findings also revealed the extent to which COVID19 has strained the fabric of Bahamian society at all income levels. Women have born the brunt of the pandemic’s fall-out, with the survey of 910 households revealing an 11.3 percent increase in domestic violence compared to pre-pandemic levels - with the greatest rise in this scourge experienced by high income families.

“The pandemic has negatively impacted Bahamians’ quality of life, particularly that of women. The distribution of domestic chores has been significantly disproportionate. As the figure below shows, women bore a significantly higher burden of domestic chores since the restrictions were implemented in mid-March,” the IDB survey found. Women assumed the bulk of duties when it came to caring for the elderly, children and babies, home schooling, cleaning and cooking, and worse was to follow. “In addition to this, 11.3 percent indicated an increase in domestic violence within their household since the beginning of the pandemic,” the IDB report said, “with a higher prevalence in high income households (13.9 percent) compared to low- and middle-income households (10.3 percent and 10.1 percent respectively).” The IDB acknowledged that the increase in domestic

violence since the COVID19 pandemic started was likely higher than allowed for by the survey findings, as it added: “In April 2020, 49.1 percent of households reported eating less healthy meals than usual, and 5.5 percent went to bed hungry.” More than one in every five Bahamian households reported requesting loans, transfers or remittances from family and friends to aid their financial survival since the COVID-19 lockdowns and restrictions began in mid-March. “During the pandemic, 22.2 percent of Bahamian households requested loans, transfers, or remittances from family or friends,” the IDB survey noted. “The incidence was higher in low income households: 37.7 percent of households earning less than the minimum wage requested a loan compared to 13.3 percent of households earning more than four times’ the minimum wage.”

LEGAL NOTICE

Tinni Holding Inc. Company No. 251284 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that Tinni Holding Inc. is in voluntary liquidation. The voluntary liquidation commenced on 10th October, 2017 and DR. VLADIMIR GOOD of Auring 18, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

Dated this 2nd day of September, 2020 Sgd. DR. VLADIMIR GOOD Voluntary Liquidato

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 2 SEPTEMBER 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,094.66 | CHG: 0.23 | %CHG: 0.01 | YTD: -136.94 | YTD%: -6.14 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

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

LAST 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 2.31 5.30 9.89 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 10.09 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 0.08 0.00 0.20 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

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

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

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

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

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 15.6 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% 3.25% 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%

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) + Bahamas First Holdings Limited

SYMBOL FBB22 BFHB

VOLUME

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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

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

MUTUAL FUNDS 52WK HI 2.34 4.41 2.12 198.39 168.29 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 2.12 196.40 163.60 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% 2.54% 4.13% 1.12% 2.44% 1.38% 2.55% 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

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 31-Jul-2020 31-Jul-2020 31-Jul-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

PAGE 10, Thursday, September 3, 2020

THE TRIBUNE

20 22

t i G i Yr nAD

HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”. TODAY’S TARGET Good 18; very good 27; excellent 35 (or more). Solution tomorrow

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

targEt hoNEycoMb bench bonce bone chyme come cone coney coombe cyme ebony echo economy home homey hone honey HONEYCOMB hooey hymen money obey oboe oche omen once

THE TRIBUNE

Thursday, September 3, 2020, PAGE 11

WALL STREET HAS BIGGEST GAIN SINCE JULY, SETS MORE RECORDS By ALEX VEIGA and DAMIAN J TROISE Associated Press THE Dow Jones Industrial Average surged more than 450 points yesterday as the stock market notched its best day in nearly two months. The S&P 500 rose 1.5%, it’s best day since July 6. The benchmark index and the Nasdaq composite each hit new highs, extending Wall Street’s milestone-setting run in recent weeks. Health care, technology and communications companies drove the rally. Technology stocks, which have led the market’s rebound this year, briefly

stumbled in the early going, but gained strength into the afternoon. Energy companies fell as oil prices closed lower. Treasury yields were mixed. Speculation that negotiators in Congress and the White House will reach an agreement on a coronavirus relief package and optimism that a COVID-19 vaccine will become available this year helped put traders in a buying mood yesterday, said JJ Kinahan, chief strategist with TD Ameritrade. “That, along with the fact that people continue to want to buy the stocks that have performed so well,” he said. “You look around

for alternatives to put your money in right now and there really aren’t many great places to say ‘this is where I want to have my money.’” “There’s a desire on both sides and they’re recognising they are going to have to come to a deal some time soon,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management. The S&P 500 gained 54.19 points to 3,580.84, it’s best say since July 6. The Dow Jones Industrial Average rose 454.84 points, or 1.6%, to 29,100.50. The Nasdaq composite recovered from an early slide, adding 116.78

points, or 1%, to 12,056.44. The benchmark S&P 500 index is up 10.8% so far this year following a five month streak of gains, while the Nasdaq is up 34.4%, driven by huge gains for technology giants like Apple. Low interest rates and massive amounts of bond purchases by the Federal Reserve have helped prop up the economy, and they’re a central reason the S&P 500 has been able to recover from its nearly 34% plunge earlier this year. Wall Street’s push higher has been powered by gains in technology stocks that investors expect will remain safe bets throughout

the pandemic and beyond, reflecting how reliant people have become on internet-connected devices and online services while spending more time at home. Improving data on business reopenings, recent company earnings reports that have been less worse than feared and encouraging signs as drugmakers race to develop a vaccine for COVID-19 by the end of the year have fueled investor optimism that the economy will bounce back from a deep recession. DraftKings was among the big gainers, vaulting 8% after announcing that

THE WEATHER REPORT

5-DAY FORECAST

TODAY

FRIDAY

SATURDAY

SUNDAY

MONDAY

Clouds and sun, a t-storm in spots

Mainly clear

Sunshine

Periods of sun with a stray t-storm

Sunshine and some clouds

Partly sunny with a thunderstorm

High: 92°

Low: 81°

High: 92° Low: 81°

High: 90° Low: 79°

High: 89° Low: 78°

TAMPA

AccuWeather RealFeel

High: 92° F/33° C Low: 78° F/26° C

103° F

89° F

102°-89° F

101°-85° F

100°-86° F

98°-85° F

ORLANDO

ALMANAC E

ABACO

High: 88° F/31° C Low: 84° F/29° C

7-14 knots

N E

WEST PALM BEACH

High: 92° F/33° C Low: 81° F/27° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 92° F/33° C Low: 83° F/28° C

High: 93° F/34° C Low: 82° F/28° C

E S

MIAMI

6-12 knots

High: 93° F/34° C Low: 83° F/28° C

High: 92° F/33° C Low: 81° F/27° C

High

Ht.(ft.) 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

Monday

11:52 a.m. -----

3.0 -----

5:38 a.m. 6:11 p.m.

0.9 1.1

Tuesday

12:05 a.m. 12:35 p.m.

2.6 2.9

6:16 a.m. 6:58 p.m.

1.0 1.3

Wednesday 12:48 a.m. 1:24 p.m.

2.5 2.9

6:58 a.m. 7:52 p.m.

1.1 1.4

Sunrise Sunset

6:52 a.m. 7:26 p.m.

Moonrise Moonset

8:38 p.m. 7:57 a.m.

Last

New

First

Full

Sep. 10

Sep. 17

Sep. 23

Oct. 1

High: 88° F/31° C Low: 82° F/28° C

7-14 knots

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Ht.(ft.)

9:19 a.m. 9:37 p.m.

CAT ISLAND

Low

Today

High: 88° F/31° C Low: 83° F/28° C

KEY WEST High: 91° F/33° C Low: 85° F/29° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 91° F/33° C Low .................................................... 82° F/28° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 38.43” Normal year to date ................................... 25.48”

ELEUTHERA NASSAU

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

TIDES FOR NASSAU

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.

UV INDEX TODAY

TONIGHT

High: 93° F/34° C Low: 77° F/25° C

basketball legend Michael Jordan would take an ownership stake in the company in exchange for becoming a special adviser to the sports betting site. Macy’s rose 0.6% after reporting a quarterly loss that was much smaller than analysts were anticipating. The department store chain said its digital sales rose more than 50% in the latest quarter. Treasury yields were mixed. The yield on the 10-year Treasury note fell to 0.65% from 0.67% late Tuesday, while the yield on the 2-year note rose to 0.14% from 0.12%.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 88° F/31° C Low: 82° F/28° C

High: 87° F/31° C Low: 82° F/28° C

High: 89° F/32° C Low: 83° F/28° C

W S

LONG ISLAND

TRACKING MAP

High: 87° F/31° C Low: 82° F/28° C

7-14 knots

MAYAGUANA High: 88° F/31° C Low: 82° F/28° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND

High: 87° F/31° C Low: 82° F/28° C

GREAT INAGUA H

High: 89° F/32° C Low: 81° F/27° C

N E

8-16 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 6-12 Knots ESE at 6-12 Knots E at 7-14 Knots E at 8-16 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 10-20 Knots ESE at 7-14 Knots E at 8-16 Knots ESE at 6-12 Knots ESE at 6-12 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 7-14 Knots E at 7-14 Knots E at 8-16 Knots E at 10-20 Knots SE at 7-14 Knots E at 8-16 Knots

WAVES 3-5 Feet 3-5 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 3-6 Feet 3-6 Feet 3-5 Feet 3-5 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet 4-8 Feet 4-8 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 1-3 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 10 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 10 Miles 10 Miles 10 Miles

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

PAGE 12, Thursday, September 3, 2020

THE TRIBUNE