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MONDAY, SEPTEMBER 7, 2020

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Code violations: Tip-offs wanted

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NDER-STAFFED regulators cannot catch all building code and planning violators without tip-offs from law-abiding Bahamians, a Cabinet minister has revealed to Tribune Business. Desmond Bannister, minister of works, told this newspaper in a recent interview that even if some enforcement and building inspections were outsourced to private sector professionals such as engineers there would still be insufficient manpower to police the entire Bahamas. With the Inter-American Development Bank’s (IDB) Hurricane Dorian review revealing that non-compliance with the Bahamas Building Code has resulted in “significant damage” to buildings during every major hurricane to strike this nation since 2015, Mr

Super Value plans inventory slash to pre-COVID levels By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value will shortly reduce its warehouse inventory to pre-COVID-19 levels with the threat of food shortages and “embargoes” having eased, its president told this newspaper. Rupert Roberts said the 13-store group will shortly “pull back” by 50 percent, reverting from 12 weeks’ supply to the “normal” six weeks, to ease pressure to add extra space at the company’s warehouse. “I don’t see any danger of the food shortages or an embargo on food exports from any country,” added

Mr Roberts, referring to fears during the early part of the COVID-19 pandemic. “So we’re going to take our stocks back to normal. “The warehouse was full. They were telling me I had to put in another bay. I said that we would go back from 12 weeks to six weeks worth of inventory. I’m going to pull back. When I promised the government we were going to carry three months’ inventory I had no idea the warehouse could not hold it. “Between the warehouse and the dock we’ve always had 30 containers pending. I asked today why we had

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BPL worker gets token $6,000 for ‘lewd’ dismissal A 25-YEAR veteran Bahamas Power & Light (BPL) employee has been awarded a token $6,068 for unfair dismissal after she was terminated for “lewd sexual activity” in the company’s cashier’s cage. Simone Fitzcharles, the Industrial Tribunal’s vicepresident, in a recent ruling cut the sum that Sherry Jennifer Brown would normally receive for unfair dismissal by 90 percent from the maximum $60,678 on the grounds that her actions “significantly contributed to her firing”. Despite security camera evidence from the BPL pay

station at the former Post Office building proving she was guilty of the conduct cited by BPL, Ms Fitzcharles found in Ms Brown’s favour on a technicality - the stateowned utility breached “procedural fairness” by failing to give her a chance to argue against her dismissal. “No matter how slender her chances may have been to redeem herself or argue to keep her position, she ought to have had the opportunity to say why she should not be dismissed before the dismissal was carried out,” the

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“All of these things are going on,” Mr Bannister continued. “If you look at Abaco, the reality is that any of those Family Islands - not just Abaco - it’s a challenge to put officers on those islands to enforce the building code. “The ministry does not have the personnel, and until we collaborate as suggested we would with the professionals, we’re going to have this challenge. When you have an island like Abaco or the east end of Grand Bahama, the ministry has a limited number of officers. There’s no way to get around everywhere and know what people are doing until someone comes and alerts them to it. “The public service does not have the necessary number of people, and even when we collaborate with the

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‘Everything spins’ on founder finding for $400m project DESMOND BANNISTER

• If building, planning laws to be enforced • Minister admits govt lacks the manpower • And still ‘challenge’ if using private sector Bannister said the government simply does “not have the necessary number of people” to properly enforce this critical mandate. “Enforcement is going to be critical. You and I know that,” the minister added. “Even in New Providence we have serious problems with code enforcement and persons who have been evading the law. “What has been helpful to us is many, many neighbourhoods have been calling in and bringing things to our attention that should be brought to our attention. People have been doing all sorts of things. They’ve been building without permits, they’ve been doing structures that should not go up, building too close to boundaries and putting up commercial structures in residential areas.

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professionals it’s going to be a challenge. We have to get kind of tip-offs from informants about people doing things they ought not to be doing.” Mr Bannister’s admissions on building code enforcement woes come as the construction industry and its related professions await developments on its promised review and upgrade following the $3.4bn worth of damage and losses that Dorian inflicted 12 months ago on Abaco and Grand Bahama. The minister said Craig Delancey, former building control chief and now a deputy director at the Ministry of Works, has been tasked with leading the effort and reporting to him on the progress made before year-end 2020.

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SIR Franklyn Wilson says “everything spins” on how quickly the Jack’s Bay project can find 40 “founder” investors to kick-start its next expansion phase following Friday’s Heads of Agreement signing. Making an impassioned plea for “everyone in Eleuthera” to rally behind the investment, its chairman said the build-out pace for a development that has been 35 years in the making and counting now hinges on attracting a group of high net worth individuals prepared to part with a minimum $1.5m to acquire lots and build their own homes. “It all depends on what happens with getting these founders. Everything spins on this,” Sir Franklyn told Tribune Business after the signing. “It’s in the interests of everyone in the country to get these 40 founders. Everyone is invested in this. “The key is if everyone in Eleuthera pulls together and works with us, it can only go

SIR FRANKLYN WILSON faster. We’ve already had real estate agents approaching us with their clients. Real estate agents from Harbour Island have been down here. If we have to build 40 homes at Jack’s Bay in the near future, you know what that means in terms of employment? “If we can sell those 40 founder units in a very short period of time there could be a level of employment on Eleuthera of the kind that the island has never, ever seen. Everyone in Eleuthera has a stake in helping to attract those 40 founders to Jack’s Bay; everyone has a stake,” he continued.

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PAGE 2, Monday, September 7, 2020

THE TRIBUNE

Abaco businesses still face recovery obstacles By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TELECOMMUNICATIONS and financial services access remain difficulties delaying the rebound of Abaco’s private sector from the devastating blow inflicted by Hurricane Dorian one year ago. Lance Pinder, operations manager at Abaco Big Bird Poultry, told Tribune Business: “I don’t know if the central part of Abaco will ever have hard phone lines again. I don’t know when that will ever happen again. Everybody is having to use

cellular phones and cell data for Internet as that’s the only thing we’ve got. Telecommunications is in bad shape. “They have got a lot of the garbage out of Marsh Harbour. A lot of the debris is gone, but there are still a lot of buildings that are a shambles and a wreck, and the owners aren’t here. But some places are starting. You can see the folks starting to build their buildings back and stuff like that, but power is still a big issue for a lot of places. Water is also a big issue for a lot of places. “In a lot of ways we are still where we were. The

banking situation is still extremely problematic - it’s hard to get cash, it’s hard to make deposits. It’s hard to do anything, and then Commonwealth Bank, the one bank that did have services here, they have been closed now for two or three weeks because of COVID-19.” Commonwealth Bank was supposed to reopen last week Thursday in Maxwell’s supermarket in Marsh Harbour but this has yet to happen, with Mr Pinder adding: “From what I saw online they didn’t get permission from the Ministry of Health yet to reopen.

“Royal Bank’s here and they are down at the government clinic, but they are just a digital bank. They have a drop box that you can make deposits to if you have a key, but it’s hard to get a key and it’s hard to get cheques because they say there are no flights coming from Nassau. “They have an ATM machine in there, so if you have a debit card you can go in and get money out of their ATM machine if it’s working. But if you need to go and open a new account, who knows when you will get it? It is nowhere near a full-service bank and

they are working out of a shipping container.,” he continued. “With the cellular phones down and the Internet down and the power down, what is internet banking going to do for you? If your cellular phone or computer has been washed out to sea, what are you going to do with cashless banking?” However, Faron Sawyer, president of Cherokee Air, a fixed-base operator (FBO) operating out of Marsh Harbour, said: “The redevelopment is going good if this government would ease up on this pandemic thing.... The thing

with reconstruction is that a lot of Abaco people are flying to the US to Home Depot to get their stuff, and they are having to order it without seeing it and it’s just slowing it down that way. “My facility took a good beating. I lost almost everything except one building; what we call the FBO building. That building is keeping us up and running. Where we used to house our planes in a building we lost, and we have to get somebody to come and do that for us, so we haven’t been able to put it all together yet.”

Bahamian firm claims first Bahamas shortlisted for as cloud-based ID provider financial services award A BAHAMIAN information technology (IT) company yesterday said it had become the first cloudbased identification (ID) card provider to offer such services in this nation and the wider Caribbean. Sure Badge, in a statement, added that its online card designers can provide professional identification badges and accessories for businesses and other entities ranging in size from five to 500,000 employees. Joann Hilton, Sure Badge’s chief executive,

said the company’s creation had come in response to the increased need for security and personal identification. “We have a singleminded focus on providing fast, efficient, low-cost ID badge printing services,” she added. “We know the hassle associated with in-house ID card printing because we have been there. “Sure Badge was created by local business professionals, who were aware of the trouble related to

identity management. We knew there had to be a better way. So, Sure Badge was born. We are thoroughly convinced that outsourcing ID badge production is far more efficient and cost-effective than inhouse printing.” The Bahamian-owned and operated company said it offers clients security and technological features that include holographic overlays, ghosted images, watermarks, micro-printing, magstripe, barcode, smartcards and QR codes.

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THE Bahamas has been nominated for the 2020 International Financial Centre honour at the Wealth Briefing Europe Awards, with winners set to be announced on October 14. The shortlist’s unveiling coincided with the publication of WealthBriefing’s Acclaim magazine, which featured those organisations nominated for awards. The Bahamas’ feature focused on the resilience of the financial services sector in this nation. Tanya McCartney, the Bahamas Financial Services Board’s BFSB’s chief executive and executive director, said: “We are honoured to have been shortlisted. It is a recognition of the hard work that goes into telling our story as an international financial services centre and our efforts to change the narrative on The Bahamas. “It is also a testament to the strong public–private sector partnership that exists in The Bahamas for the promotion of financial services. It reflects the combined contributions and support of our member firms, The Bahamas’ government, regulators and

TANYA MCCARTNEY professional bodies in the promotion of The Bahamas as the clear choice for financial services.” The Wealth Briefing Europe awards programme focuses on three main

categories - experts (individuals and teams); products and services for wealth managers and clients; and institutions of all sizes and types in the European market.

THE TRIBUNE

Monday, September 7, 2020, PAGE 3

NIGHTCLUB HITS UNEVEN COVID ENFORCEMENT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN nightclub owner says he is losing $125,000 a month due to the COVID-19 enforced shutdown as he blasted the authorities for failing to apply the rules evenly to all operators. Vernal Major, owner/ operator of XScape Lounge, told Tribune Business: “If you make $1.5m in a year, you can divide that up into months and

you can see what we are losing during this shutdown. We have about 18 people employed and, by extension, we have another 25 people that depend on the business model.” He hit out, though, at what he described as an uneven COVID-19 enforcement playing field. He cited one entertainment spot that had violated the curfew three times, yet has still to be charged before the courts, while alleging that other night spots popular with law enforcement

officers had been allowed to remain open without any sanctions being applied. “If I would bring that up that would be something that would haunt me forever,” Mr Major said. “Bottom line, this is an unfair situation. It is killing everybody. We are one who went the extra mile in putting in a digital safescan temperature check and sanitisation at the entrance, and yet we are still picked on. “When you look and compare what we have

Environmental alarm on cruise anchorings By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters ENVIRONMENTALISTS last night voiced alarm after a “limited” inspection by government dive teams detected “significant damage to marine assets” caused by cruise ships anchoring in the Berry Islands. Eric Carey, The Bahamas National Trust’s (BNT) executive director, who told Tribune Business he alerted the government to the fears being expressed by those islands’ fishermen, said he had not seen the government’s release but described its findings as “concerning”. “I cannot comment on what they have found,” he said of the government’s dive team, “but with so many cruise ships in an area for so long with anchors the size of small buses and chains dragging all around, it is likely there is significant damage.” The government has allowed numerous cruise ships, many of whom fly the Bahamian flag, to anchor in this nation’s waters since the onset of the COVID-19 pandemic because their home ports simply do not have the capacity to accommodate all vessels due to the sector’s global shutdown. Around 14 cruise ships are thought to be anchored in the Berry Islands close to several of the industry’s private islands, including Royal Caribbean’s Coco Cay and Norwegian Cruise Lines’ Great Stirrup Cay. However, Berry Islands fishermen, in the social media voice notes referred to by Mr Carey, are raising the alarm that the cruise vessels’ anchors and chains are inflicting serious damage on coral reefs and marine life as they drag along the ocean floor. Praising the government’s

A CRUISE ship anchored out at sea. prompt response, the BNT chief said the organisation planned to send its own dive team to the Berry Islands to assess the fishermen’s claims and the extent of any environmental damage to the seabed and marine resources. Mr Carey added that the Trust would also work with international environmental groups if the situation demanded it, and will assist government to determine which ships and cruise lines are responsible for any damage by using tracking devices to pinpoint which vessels were present when. The BNT executive director added that the recent passage of the Environmental Planning and Protection Act into law has given The Bahamas “fairly robust legislation” with “the legal teeth to be able to address issues like this” in terms of levying sanctions/obtaining financial compensation from the cruise lines involved. He spoke after the government, in a statement last night, said it dispatched divers from the Royal Bahamas Defence Force and the Department of the Environment to the Berry Islands to carry out anchorage site inspections in response to the concerns. “The initial dive, which was limited in scope, clearly showed significant damage to marine assets allegedly caused by anchors of vessels anchoring in the area,” the government said. “These

initial findings necessitate a comprehensive assessment of much of the area between the Berry Islands and Bimini. “While safeguarding our people and our resources, we have been a responsible partner to the cruise industry and vessels in distress. However, our first priority is to be great stewards of the essential and valuable marine resources that helped make The Bahamas such a special place in the global community.” The added that a reminder had been sent to all vessels anchoring in Bahamian waters that they must comply with all environmental and other laws/ regulations mandated by The Bahamas. The government said it would seek to quantify the value of any damage, revenue losses to Bahamian stakeholders such as fishermen and associated remediation costs. It also promised to determine if any gaps exist in Bahamian law and policies that permit such events to occur, and to then “engage those responsible so that they would, in the shortest possible time, take corrective actions”. Meanwhile, Casuarina McKinney–Lambert, the Bahamas Reef Environment Education Foundation (BREEF) executive director, said cruise ships should be given designated

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done, and what the church proposed to do, there is no comparison with the two. We far exceed that. This is just a bunch of nonsense. On one hand you understand, and on the next hand you wish that somebody would have the courage to actually sit down and have a conversation with us.... When you have connections, you don’t get charged, so the police can do whatever they want. It is the legal system is what is

the problem.” Bars, clubs, cinemas and other forms of night-time entertainment remain closed under the government’s COVID-19 emergency powers Orders with no indication yet as to when they will be allowed to re-open. The authorities remain concerned that these type of businesses, with many persons packed into enclosed spaces, could further worsen the virus’ spread. Mr Major said November

is the earliest he sees his business re-opening. “That’s what I’m seeing,” he added. “It’s one thing to take a risk if you are on Bay Street, and the next thing the government says is that we will allow indoor dining and move from there. “But my advisor told me that unless you have somebody white on your committee and who can speak for you, it doesn’t look like the prime minister would take you on.”

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THE TRIBUNE

Environmental alarm on cruise anchorings

BPL worker gets token $6,000 for ‘lewd’ dismissal

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Industrial Tribunal’s vicepresident ruled...... “The Tribunal finds the applicant has made out her claim of unfair dismissal for this single reason.” The verdict carries an important warning for Bahamian employers in that, no matter how bad a worker’s conduct or obvious the termination-related offence, due process must always be followed if they are to avoid ending up on the wrong side of such cases. Ms Brown’s downfall came after she allowed a male Post Office employee to enter the cashier’s cage, which BPL treated as a “restricted area” that could not be accessed by outsiders or certain employees in order to protect its revenues, on four separate times over a 12-day period during April 2016. While Ms Brown claimed her interaction with Kim Ferguson was “romantic”, the Industrial Tribunal agreed with BPL that it amounted to “lewd” conduct that at one point extended to her “bending over, spreading her legs and lifting her dress, thereby exposing private areas of her body to Mr Ferguson and also in the presence of her work colleagues”. The ruling added: “The Tribunal cannot find it unfair that BPL considered this to be unacceptably lewd, surpassing mere unprofessional behaviour,” Ms Fitzcharles wrote in her verdict. “Additionally, it would not have

anchor-zones in an attempt to stop any reef damage. She told Tribune Business: “Since February and March the cruise ships haven’t been operating, but we have dozens in Bahamian waters just hovering and waiting until they are able to operate again. “We’re very concerned, and the fishermen in the Berry Islands have been sending voice notes around expressing their concerns as well. Albeit many of these are anchored in our waters and these anchors are the size of a bus. They are huge, and they have massive chains and, as they are swinging in the breeze, these chains just slice the coral heads off and do damage to the bottom of the ocean. This is something that we are very concerned about. I have seen these anchors dropped in the

water personally and what they do to the reefs. It is horrible.” Ms McKinney-Lambert said BREEF and other environmental organisations are investigating, and added: “Nobody is addressing this issue of damage to the sea floor. So I don’t know what they are allowed to be doing, if there has been designated anchoring zones where the sea floor has been surveyed and there are no coral heads in that area. In other countries they have designated anchor zones and the government would say you are allowed to anchor here, but not anchor there because this is a sensitive habitat. “In the Cayman Islands and the Turks and Caicos, there has been some highly publicised events where ships were anchoring in marine protected areas or in other areas where they are not supposed to be anchoring. They do a lot

of damage and they are fined for it. We don’t seem to have those designated zones in The Bahamas and we need to. She continued: “There are some new provisions in the Environmental Planning and Protection Act that referred to ship groundings and similar anchor damage. This is something BREEF has been working on for a long time in collaboration with the Ministry of Environment to say that this type of damage, people have been getting away with it for way too long in The Bahamas and they wold never be able to get away with this type of damage in other countries in the region and around the world. “We need to put our foot down and say the new normal going forward cannot be allowing this type of damage that destroys the marine environment for decades and hundreds of years.”

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been unfair to say that the other acts Ms and Mr Ferguson performed as were recorded (intimate touching and kissing, for example) were inappropriate in the workplace..... “Based on the camera footage, Mr Ferguson’s main reason for visiting the cage was to find Ms Brown for the purposes of chatting closely, groping, touching intimate parts of the body and Ms Brown exposed private areas of her body. Ms Brown’s witness statement mentioned she performed similar acts.” These acts, according to the verdict, took place while Ms Brown’s colleagues worked at their desks. Mr Ferguson was said to have gained access when Ms Brown opened the door, or when it was left unlocked by others. Besides being “offensive to the employer”, the Industrial Tribunal added that other BPL staff may also have been “demoralised” by it. However, it also found that the industrial agreement between BPL and the Bahamas Electrical Workers Union (BEWU), which governed Ms Brown’s employment terms and working relationship, stipulated that no employee could be dismissed unless given a chance to respond to the allegations against her. Four factors were offered as mitigation against dismissal, or for lesser punishment, with the Industrial Tribunal finding that just one - here status as a long-standing employee of BPL with 24 years, seven months’ service - was a

factor that should come into play. However, it added that there was “no early and complete frankness or admission of guilt” by Ms Brown, and she gave no apologies despite knowing her actions breached BPL’s policies and the industrial agreement with the union. “Ms Brown was not given the chance to say why she should not be dismissed before the decision was made,” Ms Fitzcharles added. “If she had been given that chance there is, based on an assessment of the case she presented, a single point in mitigation that she could have advanced - that of her long service of over 24 years. “Having heard BPL’s argument and presentation, I have some doubt the employer would have been much convinced by that point in mitigation. BPL felt that Ms Brown’s status as a long-standing employee made her conduct more egregious as BPL expected someone of her years of experience not to breach its trust and confidence in that manner. Yet, on balance, I cannot say her plea would have failed.” This led to the Industrial Tribunal’s conclusion that Ms Brown had been wrongfully dismissed because she was denied “procedural fairness’, although the award was ultimately shaved to just over $6,000. BPL’s subsequent investigation also resulted in disciplinary action against other staff in the cashier’s cage for either failing to prevent Ms Brown’s actions or allowing other unauthorised persons to enter the facility, with the utility ultimately dismissing the former for gross misconduct.

Super Value plans inventory slash to pre-COVID levels FROM PAGE ONE nine containers outside the warehouse and they were looking for shelving, and that I needed to build another bay. We’re going to cut back.” Mr Roberts added that he had initially been “shocked” that sales were down by 15 percent for the last week of August until he realised the figures were up against preHurricane Dorian shopping from the prior year.

Suggesting that they would have been “up a little bit” without the Dorianeffect, the Super Value chief added that the supermarket chain’s focus through the end of this week will be on perishable goods with many persons having stocked up in anticipation of the nowaborted New Providence lockdown. “Sales are up, but expenses are up too,” Mr Roberts added. “Two months ago payroll overtime was up over three percent,

and last month it was up over eight percent on the previous year...” However, he also disclosed that electricity costs had fallen by 22 percent year-over-year in August, although he did not clarify whether that was the result of the fall in global oil prices or Bahamas Power & Light’s new hedging strategy. “I hope for better,” Mr Roberts said. “We put solar on the warehouse and cut our $45,000 bill per month to probably $3,000.”

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THE TRIBUNE

Monday, September 7, 2020, PAGE 5

HE financial markets have been the outstanding performers during the pandemic, seemingly benefiting from conditions that otherwise brought entire sectors of the economy to their knees. After the pronounced dips of February and March, during which the S&P500 lost more than 20 percent, the recovery ensued in April and what came next surprised even the most optimistic investors. Between April and August, the main American stock index gained almost 27 percent. The volatility in itself is extraordinary, but even more bewildering is that such gains have been recorded during what is perhaps the most serious economic downturn within living memory; during the second quarter of 2020 the American economy contracted by nearly 33 percent, the worst ever quarterly performance since such statistics are available and one that contrasts vividly with the dynamics experienced in stock exchanges all around the world. So why such discrepancy, between the state of the underlying economy and the performance of the financial markets? There are several reasons for it: On an initial moment, the decisive intervention of the Fed, buying corporate debt and creating a safety net of sorts, that reassured spooked investors. Then, the conditions generated by the lockdowns dictated that large segments of the population were confined at home, forced to rely on online service providers for their basic shopping needs, entertainment and communication. Such constraints were extremely beneficial for tech companies, who ended up propelling the generalised rise of stocks, as their business grew and valuations increased, with many

“Never let a good crisis go to waste.” Sir Winston Churchill

THE STATUE of Sir Winston Churchill in London, UK.

The great markets melt-up ACTIVTRADES WEEKLY | BY RICARDO EVANGELISTA | WWW.ACTIVTRADES.BS of the newly acquired consumer behaviours expected to continue even once there is a return to normality. Finally, there was an unprecedented number of new retail traders that, finding themselves confined at home, decided to dabble in trading and, using online trading platforms, flocked into the financial markets. These new inexperienced traders contributed enormously to the increase in trading volumes and

price inflation of household names, such as Apple, Amazon, Tesla and several others. For the tech sector it was the moment when all the stars aligned; Apple became the first $2tn company in terms of market cap. The iPhone maker market capitalisation is today worth more than that of the top UK 100 (FTSE) companies put together. Tesla, strictly speaking not a tech firm, is also one

Code violations: Tip-offs wanted FROM PAGE ONE “He’s doing his research and consulting,” Mr Bannister told Tribune Business. “He’s now fulltime pulling together the research that’s going to be required to put this Building Code together. Whatever has to be done, he’s doing that full-time. “It’s a huge priority but it has to be done properly. It doesn’t make sense just to try and pull something together. We have to do it properly.” His comments came after the IDB’s recently-released Dorian report affirmed that building code enforcement and compliance, rather than its content and strength, remain The Bahamas’ primary weakness. “In the evaluation of the

information gathered from housing sector authorities, it was observed that The Bahamas has improved, updated and published a reasonably integrated, comprehensive and rigorous building code that is aligned with the goal of protecting the population and the physical assets of the country,” the IDB said. “However, the magnitude of Hurricane Dorian and subsequent observed damage exposed gaps in the enforcement of existing regulations and the potential need to undertake an extensive building code review. “Most of the houses assessed with significant signs of damage were not complying with the building code, especially in remote areas. It is worth noting

that this situation repeats itself in every assessment conducted since 2015,” the multilateral lender added. “During the assessment mission, government representatives conveyed the challenge of establishing a management/supervisory programme to assure the correct application of the code due the geographical spread of the houses and lack of financial and human resources. “Correct application of the norms requires appropriate compliance and enforcement mechanisms, which includes training for public officials responsible for approving construction permits, establishment of accountability measures and sensitisation of the population.” The IDB report added

of the great winners of the moment: its stock market value surpasses that of Volkswagen, Daimler-Benz, Honda, General Motors, Ferrari and Fiat-Chrysler, all added together. Even more impressive is the combined market value of the so-called FANGMAN (Facebook, Apple, Netflix, Google, Microsoft, Amazon and Nvidia), at $8.4tn it is worth as much as the combined annual GDP of Japan and Germany,

respectively the world’s 3rd and 4th economies. The behaviour of the stock market over the last few months may be the first glimpse of a new era, one which will be dominated by technology and, hopefully, a

shift towards a more sustainable way of living. The next few years will determine if that is indeed to be the case. As Winston Churchill once famously said, “Never let a good crisis go to waste”.

that “houses in Treasure Cay and other areas constructed with specific standards, materials and methods presented a significantly more robust and resilient structure” whereas most of the homes destroyed in Marsh Harbour suffered “a total collapse of the wooden roof structure”. “As a rule of thumb less populated, low-income and isolated communities (very common in archipelago countries such as The Bahamas) have challenges in the application of the building code due to lack of quality or quantity of construction contractors, construction supervision and appropriate inspection to guarantee the enforcement of the building code,” it said. Gustavus Ferguson, the Institute of Bahamian Architects (IBA) president, backed by the IDB report by telling this newspaper that enforcement rather than the Building Code itself was the main challenge facing this nation. Arguing against reviewing the code simply for the

sake of it, he added: “The lack of enforcement creates a lot of the issues we saw in the hurricane. If I were to describe things, I would be generous in saying the agency responsible for enforcement has been under-performing. That’s

the real issue relating to the building code.” Branding the current code as “stringent”, Mr Ferguson said any review needed to focus on ensuring building materials and practices are current rather than be focused on making changes.

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‘Everything spins’ on founder finding for $400m project FROM PAGE ONE “In fact, everyone in The Bahamas has a stake. If we’re successful in building those homes very quickly we will need people from Nassau to build. That will be a wonderful problem for The Bahamas to have.” The “founder” strategy is one typically employed by

new-build private members’ clubs and mixed-use resort communities to attract high net worth owners to invest in buying/constructing residences, thereby providing them with the critical mass and credibility to grow and gain further homeowners. Albany, the high-end south-west New Providence community, whose investors include Bahamas-based

THE TRIBUNE billionaire Joe Lewis and his Tavistock Group, which led the development of similar projects in Florida such as Lake Nona and Isleworth, as well as world-famous golfers Ernie Els and Tiger Woods. Albany’s managing partner told this newspaper at the time that the project knew the identity of its founders before any construction activity started. And Baker’s Bay, the Abaco-based mixed-use resort and residential community that Jack’s Bay is also modelling itself on, enjoyed significant success in selling real estate prior to Hurricane Dorian. The South Eleuthera project used the platform provided by Friday’s Heads of Agreement signing, and completion of the Tiger Woods-designed ten-hole

golf course, to launch its marketing campaign to attract these founders via a glossy promotional brochure seen by this newspaper which seeks to sell the lifestyle concept offered by Jack’s Bay. Sir Franklyn replied “in God’s time” when asked how rapidly he expected Jack’s Bay to rein in the necessary 40 investors, who can spend up to $3.66m on their home sites, and take the project to its next phase which includes development of another Tiger Woods-designed golf course - this one for 18 holes. Suggesting that the $100m already invested by himself and his fellow investor group on developing a clubhouse, together with dining and accommodation options on the 1,200-acre property, had created sufficient amenities to appeal to high-end real estate buyers, Sir Franklyn said the investment in developing Jack’s Bay moving forward will likely be “a lot more” than the $400m given by the government. Although the uncertainty and economic fall-out created by the COVID-19 pandemic appears likely to impact the “founder” search, Sir Franklyn told Tribune Business yesterday that within 48 hours of the Heads of Agreement signing he had been contacted by “a very senior partner in a substantial law firm” in The Bahamas seeking details and sales information on Jack’s Bay to pass to a major client. “The fact we’re trying to get 40 founders is a way of saying to the super wealthy this is really exclusive,” he added. “We’re not trying to get 400. We’re only trying to get 40.” Given that Jack’s Bay is following the same business model employed by the likes of Lyford Cay, Albany, Baker’s Bay and the Abaco Club, the project’s build-out will likely take many years. For these reasons, Sir Franklyn said the developers were not imposing any timelines on themselves, or providing figures for total investment and the number of jobs created. “Lyford Cay has been here 70 years and is still growing and reinventing itself by putting in millions of dollars more [at the Lyford Cay Club] to make sure it stays current and relevant, and that the standards are maintained,” he added.

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FRIDAY, 4 SEPTEMBER 2020

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ALL SHARE INDEX: CLOSE: 2,093.17 | CHG: -0.69 | %CHG: -0.03 | YTD: -138.43 | YTD%: -6.20 BISX LISTED & TRADED SECURITIES 52WK HI 4.10 22.65 2.00 1.79 2.46 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 1.75 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

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0307 BG0330 BG0403 BG0407

LAST CLOSE 3.51 17.43 1.62 1.75 1.67 6.00 6.75 2.99 5.10 3.77 6.10 11.26 2.34 5.30 9.96 8.44 14.30 3.99 8.97 15.20

CLOSE 3.51 17.43 1.62 1.75 1.67 5.40 6.75 2.99 5.10 3.77 6.10 11.26 2.31 5.30 9.96 8.44 14.30 3.99 8.97 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 -0.60 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.00 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

210 4,300

100

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 22.6 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% 18.79% 1.13% 3.29% 2.84% 3.78% 3.01% 2.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

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

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

MATURITY

MUTUAL FUNDS 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

JACK’s Bay Club Lodge

JACK’s Bay Entrance

JACK’s Bay Playground

“I can assure you that everything that has happened in south-west New Providence, EP Taylor didn’t see all of that. That wasn’t the plan. The fact of the matter is that when you do this type of thing, the owners take over.” Asked whether predictions that Jack’s Bay will have a Lyford-Cay type effect on Eleuthera’s economy, as touted during the Heads of Agreement signing, were realistic, Sir Franklyn responded: “Just think about it. Why should it not? It’s inevitable. “I will give you an example. Look at Governor’s Harbour today. Look at the restaurant activity, the amount of activity in Governor’s Harbour. A lot of that is due, and credit is given to a developer called Bob Coleman. “Bob has built dozens of homes in Governor’s Harbour. The people who bought those homes helped to sustain the restaurants and other activity there. The work of Bob Coleman and other developers has had a significant effect on all spinoffs happening at Governor’s Harbour.” Arguing that resort communities had been proven as a “viable” development model for The Bahamas, Sir Franklyn added: “Baker’s Bay, despite the recession in 2008-2009, based on our research sold $688m of real estate in ten years after that. Think about the power of that, think about the power of that... “There was a time at Albany, shortly past the point where we are at, where 50 percent of the truck drivers on this island were working at Albany once they had got the founders. That is where we are at.” Asked by this newspaper whether Jack’s Bay was largely a real estate play, Sir Franklyn said the proceeds from founder lot sales would be used to further develop amenities and attractions at the community. “It’s not a question of a real estate play in the sense we are selling real estate and taking money out to put in our own pocket. We use that to put in more amenities and more people will come,” he added, denying the project was reliant on such sales for the bulk of its financing. Bahamians have in recent years become increasingly sceptical about Heads of Agreement signings involving the government and

major tourism-based investment projects given that the country is littered with unfinished developments that have been abandoned by investors who never delivered on their promises. When asked why he was confident that Jack’s Bay will not follow this trend, Sir Franklyn pointed to the fact he and his fellow investors have stuck with the project for 35 years and already sunk some $100m into developing its existing amenities. Suggesting this was why they will not walk away, he said: “The difference is that over 35 years we have learnt a great deal. It is not like this is the first Heads of Agreement we’ve signed. The first one was in 2004. This agreement is defined as a restated and updated Heads of Agreement. “We were in that category of false starts; that was where we were in 2004. The difference from then to now is that we’ve learnt so much and have spent millions and millions of dollars. We are not saying we are going to build a Tiger Woods Playground golf course, we have built it. You can come today and enjoy it. That’s the big difference; that’s the big change.” Friday’s signing appears to represent the first efforts by the Minnis administration to deliver on its post-COVID-19 pandemic promise of fast-tracking all “viable” investment projects in the pipeline. While Sir Franklyn’s Sunshine Holdings group is Eleuthera Properties’ largest shareholder, its other investors include the likes of Colina, BAF Financial, the John Bull Group of Companies and Royal Bank of Canada (RBC). Besides the corporate investors, the Anglican Church has been “gifted” shares in Eleuthera Properties Ltd, while the estates of the late John Morley and Billy Lowe were also among the shareholders. Eleuthera links to the investors are through the estates of the late Albert Sands and Whitfield Kemp. Another Eleuthera shareholder is businessman Lawrence Griffin from Governor’s Harbour, while Sir Orville Turnquest, the former governor-general, and his family - long-time investment and business partners of Sir Franklyn - are also invested.

NOTICE NOTICE is hereby given that JACQUELINE DORESTANT of Colony Village, Nassau,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 7th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, September 7, 2020, PAGE 7

Pandemic turns summer into European tourism’s leanest season BRUGES, BELGIUM Associated Press BRUGES mayor Dirk De fauw first realised something was desperately wrong with European tourism when on a brisk March morning he crossed the Burg square in front of the Gothic city hall and there was nothing but silence. “There are always people. Always,” De fauw said. That morning? “Nothing. Nobody is on that large square” at the heart of one of Europe’s most picturesque cities, he said. Six months later, as Europe’s leanest tourist summer season in recent history is starting to draw to a close, COVID-19 is yet to loosen its suffocating grip on the continent. If anything the pandemic might tighten it over the coming months, with losses piling up in the tens of billions of euros across the 27-nation European Union, and the continent’s vaunted government support and social security system under increasing strain to prop up the sector. The upheaval so far, the bloc’s executive European Commission said, shows that “revenue losses during the first half of 2020 for hotels, restaurants, tour operators, long distance train operators and airlines were roughly 85-90%”. No country has been exempt in an area spanning from Greece’s beaches to the trattorias in Rome and the museums of Paris. And even now, the European Commission told The Associated Press, “bookings for September and October remain abnormally low”, as dire as 10% of capacity in Bruges. It dents hopes that a brief uptick in business in July would be a harbinger of something more permanent. Over the summer, though, came fresh spikes in COVID-19 contamination, especially in Spain and France, new restrictive measures and regional color codes that spelled disaster for local tourism when they turn red. It left the European tourism industry relying on hope more than anything else. That was evident on a late summer’s day in Bruges, when usually throngs of American, Asian and European tourists stroll along the cobblestone streets below the city’s gabled houses, bringing annual visits to over eight million in the city of 110,000. “The swans have it all to themselves,” muttered

Michiel Michielsens as he slowed his boat behind a bank of swans on a city canal. On a normal day — not like the one when he had 114 customers instead of 1,200 — tourists instead of birds would rule the waters. Now a boat could be seen showing a single couple around instead of its normal load of 40 people. For tourists who can live with wearing masks for hours, there are some advantages. In Bruges, it extends to the city’s famed museums, where the medieval Flemish Primitives take center stage. Instead of craning over other tourists flashing smartphones, any visitor could now be alone for minutes on end to study in detail one of Jan Van Eyck’s most famous pictures “Our Lady with the Child Jesus, St George, St Donaas and canon van der Paele”. All this is bittersweet to museum officials though. Across Europe, just about all have had to close for months early this year, and the outlook is bleak. Attendance has now slumped to a quarter of what it was in 2019 at Bruges museums. But during the uptick in July “we had 50%”. “So it’s declining gradually. Every month we see the numbers declining,” said Jonathan Nowakowski, the business director of Bruges Museums. “I can tell you that we’re looking at losses of 3.4 to 4 million euros this year,” despite expectations being high in a Van Eyck memorial year with special exhibits. “We had we thought we would have had huge numbers of visitors,” he said. It all quickly trickles down to hotels, restaurants, shops and the survival of families. For those who own the building it is more manageable than for those who rent a building. With reservations down for the next months, some hotels will just close down, knowing the costs will never match the puny revenue. Others are using the low winter rates in summer. A great many put staff on temporary unemployment, and they acknowledge government aid has been a help. But they fear that will whittle down soon, despite the 750-billion-euro ($888bn) recovery fund that EU recently agreed to. “In the next few months, we will see a lot of places that will go bankrupt. A lot of people will be unemployed,” said Luc Broes, co-owner of the hotel-restaurant Duc de Bourgogne, which overlooks a canal.

Social protection, he said, only goes so far. “We also have to pay our rent for the building. We also have to pay all the staff. We have to pay the insurances. We have to — we are not protected. In the moment we can’t pay anymore, we will go bankrupt as well,” Broes said. Despite the 19th-century novel “Bruges-La-Morte” (“Bruges, the Dead City”) that turned the city into a metaphor of melancholy and decay, there is a steadfast conviction that people can turn this around — that tourism will survive. A special EU summit is October will examine how to reinvigorate and reform tourism. Unsure how long the pandemic will last, Bruges has decided to forego any blockbuster exhibits. Instead, it will center on local artists, including a photographer tasked with showing the solitude that COVID-19 has brought to the city. The question of whether there will be more lockdowns, nationwide restrictions or limits on international travel still haunts everyone. The European Union has seen nearly 141,000 confirmed virus-related deaths in the pandemic, and Europe as a whole, including Britain and Russia, has seen over 212,000, according to a tally by Johns Hopkins University. Renowned chocolatier Dominique Persoone was lucky to survive on a big local fan base so he could do without the big cruise ship crowds that come and buy his chocolates from his shop by the cathedral. “The hardest thing is that you don’t know what the future will bring. We don’t know how it’s gonna be in September, October, when the real chocolate season starts. Then it’s Halloween, Santa Claus, Christmas.” Now, winter and more uncertainty beckons. “We thought we were safe and we had a wonderful life. And, now, this is happening,” Persoone said.

To advertise in The Tribune, contact 502-2394

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

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.

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

PAGE 8, Monday, September 7, 2020

THE TRIBUNE

Suppliers reluctant to ship goods without credit insurance NEW YORK Associated Press GOLD Medal International is sitting on millions of dollars worth of socks at its North Carolina warehouse that it can’t ship to stores. The reason? The 66-yearold family-owned sock maker can’t get enough credit insurance to cover potential losses if the stores can’t pay for the goods they’ve ordered. Without that insurance, Gold Medal — and thousands of other suppliers facing a similar dilemma — would be on the hook for unpaid bills. But not shipping the goods to retailers means losing sales and big write-downs on inventory. The problem will only get worse if retailers can’t stock their shelves and shoppers can’t find what they want heading into the critical holiday season. “I got the goods, I made them. I don’t have a liquidity problem,” said Paul Rotstein, who’s been president of New York-based Gold Medal for 30 years. “But if I can’t ship $12m worth of orders, guess what? I have a big liquidity problem.” Before COVID-19,

ELF on the Shelf figures are piled in a box at the company’s studio in Atlanta. Thousands of suppliers routinely rely on credit insurance to cover potential losses if any of the retailers they work with can’t pay for the goods they’ve ordered. But now insurers are scaling back on coverage because they are unwilling to take a chance on retailers that are struggling to survive during the pandemic. Christa Pitts, founder and co-CEO of The Lumistella Company, which produces toys, books and other products under the Elf on the Shelf and Elf Pets brands, says her retail orders were covered 100% before the pandemic. Now, only 50% are covered, forcing her to rethink who she will sell to. Photo: John Bazemore/AP suppliers routinely relied on so-called trade credit

insurance to get the reassurance they needed to

design products, receive orders, and ship to retailers. Now, with the pandemic creating so much economic uncertainty, many retailers are struggling and credit insurers are unwilling to take on the risk. In fact, many insurers will only provide protection on orders to big box stores and others that have been able to withstand the pandemic, leaving in the lurch a huge swath of non-essential small and medium retailers that are still trying to claw their way out of months of lockdowns that decimated their businesses. Trade credit insurance provides a financial backstop for at least $600bn in annual US sales, according to Robert Litan, an economist and attorney, who published a report in early July on the issue for Econ One, an economic consulting firm. That doesn’t include the estimated $50bn loss in orders that suppliers will be too reluctant to ship, Litan estimates. Without the safety net, these suppliers — 60% of which have revenues of $20m or less, according to Litan — are starting to make hard choices about whether to maintain their current production level or cut back on orders to minimise the risk, experts say. Rotstein says his credit insurer hasn’t pulled back coverage on his accounts with big retailers like Amazon or Dollar General but it’s cut back or eliminated coverage for mom-and-pop stores and many non-essential chains he declined to name. “Credit insurance lubricates

small businesses—it is the lifeblood,” Litan said, noting that credit insurance is a prerequisite for companies to maintain credit lines with banks in order to continue operations and avoid further disruption in their supply networks. Linda Wolff, owner of CPW, a women’s clothing store that has been in business for 30 years on Manhattan’s Upper West Side, said her fashion suppliers want her and other store clients to prepay or pay with a certified check, instead of paying them upon receiving her orders. With business down more than 60% since she reopened her store in June, she is worried that she won’t be able to keep up with payments and also stock her store with enough merchandise. “You have to hope that you are making some money to be able to pay for them,” said Wolff, who is worried about the survival of her business. She said that she’s only received a few fall items and is waiting to see what shipments will come over the next few weeks. James Daly, CEO of credit insurer Euler Hermes North American, said his company has had to scale back coverage across all industries by 15%, including retail. He noted the retail industry is in the “eye of the storm”, though he wouldn’t name companies he’s declined coverage. He says his company will stay cautious for at least six to nine months. Litan estimates the USbased trade credit insurers already have cut back their

coverage by almost 14% across all types of industries this year, based on his report. That figure could increase this fall due to the increasing uncertainty stemming from the recent spiking of COVID-19 infection rates. Industry executives say that the squeeze on trade credit is far more acute than what happened during the Great Recession. “It was an economic downturn but it wasn’t a downturn that had the same levels of uncertainty and triggered this trade (credit) crisis,” said Steve Lamar, CEO and president of the trade group American Apparel & Footwear Association Lamar said that he had heard rumblings in May from members that credit insurers were pulling back, prompting the trade group, along with several other industry trade organisations, to send a series of letters to the Treasury Department and the Federal Reserve to advocate for a backstop for the credit insurance companies. That’s similar to what several European countries like the United Kingdom and Germany have done. In the meantime, suppliers are left to fend for themselves. Jay Foreman, CEO of Basic Fun, a toy maker in Boca Raton, Florida, says that he has $1.5m in unpaid bills from retailers that his credit insurer won’t cover. Many bills are 90 to 100 days late. That’s about 1% of his annual sales. The company, known for Uncle Milton toys and Care Bears, has been doing well during the pandemic, allowing Foreman to bring back 14 of the 22 workers who were furloughed. He also plans to restore the salaries of his employees whose pay was cut as much as 25%. But now, the pullback in credit insurance is thwarting his growth. Before the pandemic, he’d been diversifying his store clients, but now he will likely focus on the big players. Christa Pitts, founder and co-CEO of The Lumistella Company, which produces toys, books and other products under the Elf on the Shelf and Elf Pets brands, says her retail orders were covered 100% before the pandemic. Now, only 50% are covered, forcing her to rethink who she will sell to. “How much can I spread around to enough retailers across the board, mixing in what I know is somewhat of a sure thing, and recognising not everyone is going to make it?” she said. “We are putting our economy in terms of retail in a losing situation.”

THE TRIBUNE

CHINESE CHIPMAKER DENIES MILITARY TIES AS US STEPS UP FEUD BEIJING Associated Press CHINA’S leading maker of semiconductors has denied it has any links to the military following reports Washington is considering stepping up its feud with Beijing over technology and security by imposing export controls that could disrupt manufacturing for a national industrial champion. US regulators are considering adding Semiconductor Manufacturing International Corp to a list of foreign buyers that need government permission to acquire technology or components, according to The Wall Street Journal and other outlets. They said officials are looking at whether SMIC plays a role in Chinese military development. “We have no relationship with the Chinese military,” the company said in

a statement. It said SMIC products are “solely for civilian and commercial end-users and end-uses”. The company said it is “open to sincere and transparent communication” with Washington to resolve “potential misunderstandings”. SMIC is a leader in a semiconductor industry built up by the ruling Communist Party in an effort to reduce China’s reliance on foreign technology. The Trump administration is trying block Chinese access to US technology it

worries might be used to make weapons or develop competitors to American industry. The US-Chinese tariff war that erupted in 2018 was sparked in part by Washington’s complaints about Beijing’s technology ambitions. The United States and other governments complain Chinese development plans are based on stealing or pressuring foreign companies to hand over technology. Washington also worries about China’s development of long-range

LEADER

missiles, supercomputers that can be used in nuclear warhead development and other high-tech weapons. That comes amid tension over control of the South China Sea and other territorial disputes. Washington has imposed similar curbs on access to US process chips and other components for China’s first global tech competitor, Huawei Technologies Ltd, one of the biggest makers of smartphones and network equipment. That threatens to cripple Huawei’s business.

WANTED

To advertise in The Tribune, contact 502-2394

Monday, September 7, 2020, PAGE 9

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.

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

THE iSeTRIBUNE W 1 CK

➔

There are six answers be entered clockwise clock face. Each has four each begins with the last two previous one, until we come answer six ending with the firs answer one. Here are t 1 Dodgy dealer 2 Russian tsar 3 Agin 4 Yugoslav leade 5 Roman garme 6 Pant

➔

In the following passage, the numbers 12345 represent different letters: 4532 2345152 was a wood 123453 from 21132 who lived in a 1245 and rode a 3215 horse called 545. 545 would 3523 up when 5453 4532 approached but her 3235 and dangerous 45345 on the track often caused her to 4553 off wildly. “1245!” people would call. “Take 1235! 4532 is letting 545 533 again!”

CL o

WorDS

PAGE 10, Monday, September 7, 2020

Solution in Monday’s puzzle pull-out

SuMTHing 4

Daily Express Friday, July 3, 2020

Puzzles

DX1ST

Fit the missing numbers into the grid below so that all the sums are correct – reading left to right or on single lines top to bottom. There are 11 squares to fill, with one digit in each, and the 11 digits you must use are listed beneath the grid. But where do they all go? Solution in Monday’s puzzle pull-out

+ ?

CRUSADER PRIZE CROSSWORD = We’ve given you one digit – the 5 on the top row.

acrOss 1 Deadline for small belly ruined appointment (4-2,4) 6 Dandy has left, a failure (4) 10 Annoying reassessment of risk round this writer (7) 11 Hat conceals large fish (7) 12 Hardy heroine captivating fellow liberal is unappreciated (9) 13 Fool gets caught inside hill (5) 14 Pale, like a layer (5) 15 Air freshener not adored when in use (9) 17 Unresponsive pet gets a pick-me-up (9) 20 Accommodating fellow without honour (5) 21 Record one key deduction (5) 23 Slip into unusual site for bully (9) 25 A Catholic lyric about resin (7) 26 Lacking young woman at home – good (7) 27 Very early, having time (4) 28 Youngster finds a benefit with perfume (10)

Here are the missing 1 digits to fit 2 in: 3 4 5 DOWN 1, 2, 2, 3, 3, 3, 4, 6, 7, 9 ? x 1 Good man isn’t0,commonly following society (5) 2 Enjoy a drink 10 1 immediately The (4,1,4) Daily Express Puzzled Mentathlon is in five parts, each consist 3 Impede – also deal with Take – of our puzzles. the last letters of the answers to DITLOIDS, QUIZ OF (5,3,6) THE WEEK and the last letter of the first answer in CL lifting mechanism sections. 4 Rely on including energy in 12Now rearrange those into a five letter wo testing situation (4,3) 5 Volunteers firm about graduates – that’s hot stuff (7) 14 15 7 Reveal sign about timeSuDoKu – SAMurAi WorDSeArCH noon (3,2) 7 9 3 for 6 8 every 1 4 5 6 2 5 3 8 9 7 4 1 8 In an ideal2 way F X A Y E K S I H W O 5 1 8 2 4 9 6 7 3 7 9 4 1 2 6 8 5 3 insect getting 3 4 6 shocking 7 5 1 8 2 9 1 817 3 4 7 5 6 9 2 G E O V R N 18 X Q B C 1 X 8 5 4 6 2 3 7 9 1 3 1 8 9 5 2 4 7 6 treatment 6(9) T G V R N E H R O O M 3 1 4 9 7 2 5 8 5 6 7 8 4 1 2 3 9 2 7 8 the 1 5 4 3 6 9 4 2 7 6 3 1 8 5 9 Hang on – 91keep X Z U K P W T S T L M 6 5 9 7 2 3 8 4 6 5 9 2 7 1 5 9 4 3 6 8 animals you 4 8 have 2 5 3 6(4,4,6) 9 1 7 2 8 3 4 5 6 2 3 8 9 1 7 G R E G A L N A I A O 3 1 8 4 5 6 2 1 4 7 8 321 9 6 1 7 5 2 22 4 23 14 Supporting7 9sick canary P J C I D E R L W N C 2 4 1 8 7 6 5 9 3 7 5 8 9 3 4 1 6 2 U W X N S G H B E H U flying round (9) 6 3 9 5 1 2 7 4 8 H C A Z W Q E S O M S 2 3 1beginning 4 9 6 8 7 5 3 6 1 9 2 4 3 1 6 7 8 5 16 Native sailor 9 7 5 8 3 1 4 2 6 7 9 8 3 1 5 7 8 9 4 6 2 V N V I P E U C P P O with English 4 6 (9) 8 7 2 5 1 9 3 4 2 5 6 825 7 5 4 2 9 1 3 2 5 9 3 2 chilled 8 7 6 1 4 (7) 4 3 8 1 9 5 2 7 6 O W N U F C O A V Y F 18 Spotted, hardly 1 4 2 5 6 9 3 8 7 2 9 1 8 6 7 3 5 4 D E S F M L A S S W X 7 8 6with 3 1 4 a2 ladle, 5 9 5 7 6 4 2 3 8 9 1 19 Mixing cream 8 5 4 1 7 3 9 6 2 1 6 9 2 3 8 5 4 7 K R O P A S T A P H T initially, and 3 1some 9 6 5 2sugar 7 4 8 (7) 8 5 3 6 7 4 1 2 9 6 2 7 9 4 8 5 3 1 7 4 2 9 5 1 6 3 8 A C U T R A W R P E R 22 A nuisance, coming back 27 28 O R E M B N T T E D U for police SMALL (5) CroSSWorD J G F J O Q S B R A N 24 Rowers show muscle when topless (5)Across: 1 Retrieves, 7 Ending, 9 Chaotic, 10 Coin, 12 RCN, THe ALPHAbeAT 13 Cheroot, 14 Ore, 15 Rear, 17 Freesia, 19 Severe, black squares: 2, 5, 8, 10, 13, 20 Oppresses. 23, 24, 25, 31, 35, 38. Down: 1 Raccoons, 2 Echo, 3 Tea, Across: Water, Buffalo, Table, 4 Interfere, 5 Editor, 6 Enact, Make, Grin, Quetzal, Chou, Wo3 8 Generals, 11 Nearer, 13 Creep, ● The Aural, cAn you crack the Alphabeater? Each gridWaltzed, Sweet. Extra Hoax lette 16 Aide, 18 SAS. Target Madcap, Agama, number represents a letter – or blackDown: square. uses Rhea, Dome, Screw, Rural,181 Zip 0907 TArgeT As in Alphapuzzle, every letter of theAfterglow, alphabetBloc, Leave, words in (DeductYanked three m the main isoVerDrAFT used. But you have to complete the grid too! each extra clue l body of afore daftletters dafter and deaf black defat squares CroSS use theafter given below DoubT full solu Chambers deft draft fade fader fare fared faro the grid to start. the grid is ‘rotationally Across: CLIFF 0907 181 21st fate fated fear feat fedora feta ford Down: CHUMP *Calls cost 80p pe Century symmetrical’ in other fore fort forte– fovea fret words, it looks the your telephone Dictionary same if you turn the page OVERDRAFT raft rafted rafterupside down. network acces SuMMiT uP

THE ALPHABEATER

TARGET

Dru t i A G E t

(1999 edition)

Solution on Monday

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 22; very good 33; excellent 44 (or more). Solution on Monday

call 0907 181 2585 for today’s target solution *Calls cost 80p per minute plus your telephone company’s network access charge.

BATTLESHIPS FIND where the fleet of ships shown is hidden in the grid. The numbers to the right of and below the grid indicate how many of the squares in that row are filled in with ships or parts of ships. The ships do not touch each other, even diagonally. Some squares have been filled in to start you off. Solution on Monday 1

9 10

3 2

1 x Battleship

3 x Destroyer

2 x cruiser

4 x submarine

84 and 87

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

30 31

12 32

■

34 35

■

● Alternatively, for six Extra Letter clues to your mobile text DXBEAT to 84901. Texts cost £1 plus your usual operato

KEIJO 1 1

Place th the gri four d number differen appear in and c

Solut Mo

THE TRIBUNE

Monday, September 7, 2020, PAGE 11

JOHNSON SAYS UK WILL QUIT BREXIT TALKS IF NO DEAL BY OCT 15 LONDON Associated Press BRITISH Prime Minister Boris Johnson talked tough yesterday ahead of a crucial round of postBrexit trade talks with the European Union, saying Britain could walk away from the talks within weeks and insisting that a no-deal exit would be a “good outcome for the UK”. With talks deadlocked, Johnson said an agreement would only be possible if EU negotiators are prepared to “rethink their current positions”.

The EU, in turn, accuses Britain of failing to negotiate seriously. Britain left the now 27-nation EU on Jan 31, three-and-a-half years after the country narrowly voted to end more than four decades of membership. That political departure will be followed by an economic break when an 11-month transition period ends on Dec 31 and the UK leaves the EU’s single market and customs union. Without a deal, the New Year will bring tariffs and other economic barriers between the UK and the bloc, its biggest trading

partner. Johnson said the country would “prosper mightily” even if Britain had “a trading arrangement with the EU like Australia’s” — the UK government’s preferred description of a no-deal Brexit. British chief negotiator David Frost and his counterpart Michel Barnier are due to meet in London starting tomorrow for the eighth round of negotiations. The key sticking points are European boats’ access to UK fishing waters and state aid to industries. The EU is determined to

ensure a “level playing field” for competition so British firms can’t undercut the bloc’s environmental or workplace standards or pump public money into UK industries. Britain accuses the bloc of making demands that it has not imposed on other countries it has free trade deals with, such as Canada. Frost told the Mail on Sunday newspaper that Britain was “not going to compromise on the fundamentals of having control over our own laws”. “We are not going to accept level playing field provisions that lock us in to

the way the EU do things,” he said. The EU says a deal has to be struck before November to allow time for parliamentary approval and legal vetting before the transition period expires. Johnson gave an even shorter deadline, saying an agreement needed to be sealed by an EU summit scheduled for Oct 15. “If we can’t agree by then, then I do not see that there will be a free trade agreement between us, and we should both accept that and move on,” he said. Barnier said last week he was “worried and

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 74° F/23° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny with a thunderstorm

Cloudy with a couple of t‑storms

A t‑storm in spots in the afternoon

Some sun with a couple of showers

Partly sunny with a shower or two

Mainly cloudy with a few showers

High: 88°

Low: 78°

High: 88° Low: 79°

High: 89° Low: 80°

High: 90° Low: 79°

High: 89° Low: 78°

AccuWeather RealFeel

100° F

85° F

97°-87° F

100°-88° F

101°-88° F

100°-84° F

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

almanac

ABACO

High: 86° F/30° C Low: 82° F/28° C

7‑14 knots

High: 88° F/31° C Low: 78° F/26° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 80° F/27° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 76° F/24° C

High: 89° F/32° C Low: 78° F/26° C

MIAMI

High: 89° F/32° C Low: 79° F/26° C

6‑12 knots

KEY WEST

High: 89° F/32° C Low: 82° F/28° C

High: 88° F/31° C Low: 78° F/26° C

High: 86° F/30° C Low: 82° F/28° C

High: 86° F/30° C Low: 81° F/27° C

W S

7‑14 knots

tiDes For nassau Low

Ht.(ft.)

Today

11:52 a.m. ‑‑‑‑‑

High

Ht.(ft.) 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

Thursday

1:38 a.m. 2:19 p.m.

2.4 2.9

7:48 a.m. 8:51 p.m.

1.1 1.4

Friday

2:36 a.m. 3:19 p.m.

2.4 2.9

8:45 a.m. 9:53 p.m.

1.1 1.4

Saturday

3:39 a.m. 4:19 p.m.

2.4 3.1

9:47 a.m. 1.1 10:52 p.m. 1.2

Sunday

4:40 a.m. 5:16 p.m.

2.6 3.3

10:48 a.m. 0.9 11:46 p.m. 1.0

sun anD moon Sunrise Sunset

6:53 a.m. 7:22 p.m.

Moonrise Moonset

10:46 p.m. 11:20 a.m.

Last

New

First

Full

Sep. 10

Sep. 17

Sep. 23

Oct. 1

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 81° F/27° C

High: 85° F/29° C Low: 81° F/27° C

High: 87° F/31° C Low: 81° F/27° C

W S

LONG ISLAND

tracking map H

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

CAT ISLAND

6‑12 knots

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 94° F/34° C Last year’s low ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.44” Year to date ............................................... 39.19” Normal year to date ................................... 25.97”

ELEUTHERA

NASSAU

disappointed” by the lack of progress and said the UK had not “engaged constructively”. Without a deal, British freight firms have warned there could be logjams at ports and supplies of key goods in Britain could be “severely disrupted” starting Jan 1. French Foreign Minister Jean-Yves Le Drian said Sunday that talks were “not going well” and dismissed British attempts to drive a wedge between EU nations on issues such as fishing. Le Drian said the 27 nations remained united.

High: 86° F/30° C Low: 81° F/27° C

6‑12 knots

MAYAGUANA High: 87° F/31° C Low: 81° F/27° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 85° F/29° C Low: 81° F/27° C

High: 86° F/30° C Low: 81° F/27° C

GREAT INAGUA High: 88° F/31° 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: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 6‑12 Knots ESE at 6‑12 Knots SE at 6‑12 Knots SE at 7‑14 Knots ESE at 6‑12 Knots SE at 7‑14 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots SE at 7‑14 Knots ENE at 6‑12 Knots ESE at 7‑14 Knots SE at 7‑14 Knots SE at 7‑14 Knots SE at 8‑16 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots SE at 7‑14 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots SE at 7‑14 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SE at 6‑12 Knots SE at 7‑14 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet

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

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

PAGE 12, Monday, September 7, 2020

THE TRIBUNE

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e n u b i r T e h RibTunSe T SPThOe Tr B1BUSINESS

A1M AIN

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d 1903

Establishe

Y AY DA SD EN TUO M McCombo McChicken i’m lovin’ it! $5.00

HIGH 88ºF LOW 78ºF

NE 9TH,

.134, JU

E:117 No

VOLUM

ON T N E tW S G .ne I N dia K me E Ane R bu B tri @ 7 ess / sin 4 bu 2

E242 RIBUN

est! B d n A t s e Bigg $3.27 SECTION E

2020

NE 9, 2020

TUESDAY, JU

.COM

$3.27

$3.28 R: $1

PAGE 15

Revenue unit makes $39m ‘fiscal impact’

Thursday, June 4, 2020

g in ok lo er nd Pi in st Ju s t e g r a t r yalSta d to graduation Rofo ar rw s r e l g g u r t s D I V O

Insurers: ‘Long battle’ over VAT is U T LO C A L O B A L L ed lv A reso us a call L I T Y - I T ’S ed’ firms: Givecushion ges ‘destabilis S TA I N A B I

D L O T E R E W ‘! YOU ’ D A E H Join Us XAMS GO A E OOD SU H E A LT H : F

$3.23

TUESDAY, JUNE 9, 2020

LE’S PAPE

THE PEOP

SIR FRANKLYN

WILSON

KLAY’S STATUS UNCLEAR UNTIL THE WARRIORS ARE BACK TOGETHER

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Sec- was off A al. walk around the street is worth g eyoare although in the andfirs Virginia provided Hurricane Dor knational choice “W while its posther the development $39.2m team By TANY ARTWRIGHT forcin all.”. to t ur of gs, al is 4 Ac yo ldin fisc T 0 GE Ho is an VA t not 100 per cent of an NBA a 6sea-fur s the a-ains alStar He also -clocked the biggest That31 of in is 9-2 $3.143m the 201 SE Bahag Sir EFrPAar where of Olympics 32.2 the the examed s Norfolk s. in The SMITH -C ht to nth Still g and ams.tion ut of mo pro ed ex yo mof rc wth Co tion compar ue ofand gro t foan express basketball player playing s was time ven 400m no re ims pa said RoyalSt acquisi Thihe confident Re he’s son-best elwe’ e all, cla of Vision ude at the at Fid stage ar The working incl wh ts-cartwrig edia.net r. in e nt in t’s yea W tme resat fourth-placemas, and tha trea rently ilson rther t inte generated curtraining m the basketball. So until we kind W .” fu cen is ne u3m in per ne n for it right bu 49.42 ed $5.2 ng the ly that an) Un yo with m on ei tri that ym company a - resulted fro an visi sed that settlements, @ (Ca Works pliance s s is ey sons, Insura from on e ofstres of test him and see him and ce d long year, and achieve atncethe JDL DMR canper Holding t opportunitieic insuran n est-eye-ity finish in Norfolk, prescriptio posed ofhe35 H ce priorsells ha ws insu pushback istry com gs’ inv ran ildin ls en TE add em ia Ho ed PI r in stm he’s starting one-on-one fic nd e ninth allo rov Sta in y hold th ng was app DES inve Royal goal. e pa ich onl have“Everythi thatwe while completing Invitational; was th , the M firm cationwhof glasses lers l and sett ll by re te m cia sti mo ar d claithey 12college and then two-on-two — and toying finan formy d to with create fing also the 400m at the MEAC good 19 panies, sa was some qu ion remained te plannecom going staf Pinder 20 studies, al his tax a g tion ut inp arouts as an s. obviously the pandemic has ships and id ian is ye llowing it avoided bein Champion am everything thnt fo am Indoor pay before OlymBah of Educat on the July da it examsme 2020 coach d the for ed T lifie training onmant isic, qua a VA m stpclai due tea when po 4 it e d” not allowed him that opporthird-plac ar aud re said. en NSU’s on Pinder d ye the ran e em now be down,” fiel has yesterday l exams, saying en th shut pic Games, which pand “The v“into an na sts had wh VID -1.9 Thi s will clear tunity to do those type of assessed for pushed ty holdings in se and waiting for natio ys known the te t the CO from July x 400m and DMR (distance “We’re registrant been postponedLL erntified just ide gen ui of . has t no d. es t eq wa , Par le the e ni tha at things.” th the start back RTNE9, 2020 in medley relay) teams to its ncel to m. en on was al HA a matter everything compa stponed t caup IL nal $9.9 August be d to 24 NE itio po no te ys in By add g ia ure wa in fil itor al ch confusi enscan Ed July 23 conference indoor meet. Thompson tore the ACL is towe ry to eral af hadd mu s that siness so were be t again ist ces Bu up until “I in Japan ate pro une Tokyo, m ir SS Trib e the ff NE th d. ofy.” BUSIcompared in his left knee on June 13 outdoor tand the media.net the E s if ers une ionustr During training.” SE und our am trib cancelle ion Minister Jeto intentind resume 2021. ll@ 8, ex Y ers easy, August rtne pro al rs said the that nhato taxpay STORwere to s at tern established personal LL Game 6 of the NBA he e nge ran ex during also FU th cha Educat the decision nde t Pinder did he Sau season, the uc ,” like athletic at And edThe reasons for ed Although Shis must he experienc deputy in the to what th cond Mr id permitt risks for there intend by the Finals against the Toronto thejunior g any “This “as HAMIAN on NSU’s winning sprint best times of 22.36 rpathe ition withtop Lloyd sa exams next mon - condpos atinand als outplline Spartans BA the for“xe versa, vice ign eligibility nerd.was SAC hobic aiiste their filings, the currency CARIFTA fine in rt cre in nop and counte 200m ly Raptors and had surgery forecourses n,e theiryear, al 47.28 will be abl er eexmin medley relay and fourth- inte hold the e after Prime M s minist amas’ tion was ndon last theycompetitio Pinder that regional peated rna Bah t prim aba re is e US tha ended some nt were tud e s ken 1:52 tion me :on atti with ni bro ng wa along end to go nic” at NSU place 4 x 400 relay team 400m to re July 2. He was reevalucan he goi y g itas theexam s andat one be truly izophre thattely s weagr was mad Hubert Min d is wh rve hopes schable accura d to train amwas lon NSU. nee still harder eed and were rs if the rese before to report r 800m the at the ocating that Pinder e of investo ransointha he n ated over the All-Star , adv t som pegto led. ” to tow d th at the Colonial Relays; dow ister D d the country haof statebas larhad edat on twh Kenneth it carry ards fore thathed coach headign realise d. Bahamian colunder cancel forwarthe survive ties be slas e passing dol“Idisc no the college. to par , wer entered rate he is lars t 400m break and the team detered the y in a dol as oun eighth ults on and n nom of announce to stage three 400m placed res the inese eco noted. ions he cen betwee postp er- theGiles. bill“When t to ours was college,” “Th d by uallyI the here, I came nningREdiff inflicte er ann two perbecome mined around that time tionget 4 xng E ost the “I the hiri f to moved in ing plan. theh men’s and ninth in the 200m thro of wit tominfinish devasta ugh the17latt in hal resolve lonEg-ru THk alm didn’t really for member ed to had s in “I iev ent GE ef I 18. on ach ain reli en s PA am going bac pro rem about itor op ex e ent was that Stephen Curry’s Splash a campus, so (PR, 21.62) at the VirSEt dat aud e urg le. It wasn’t 400 relay He admits ian its re -19, on team. chance to vidresponsib es tha am a ke the VID pro e enc Bah ta classes CO my hav ane n 12 more d s. ers. rric said. ca of ay. oy ent Pinder row young,” terdonline,” ginia Grand Prix (48.32); was so ion have yes Brother wouldn’t play at ed bor investm “You WepresMr Ll ned of ress via lot 9. years to Hu 6. a be d-p war ,” will r 201 got there I har them nat t tor t to do fou to Once had gus tha doc I this problem. nt LL was a dgers, in Au t there NEadded r the gov Rohow adjustmen tober 201 “Thema staffRTrs 400m all this season without the tha dge the han in nal 10th ng against Ro nat HA if you wa itio finished ndi he competing Joh Dr IL add sure ito about professors Matthew in Oc negotiations Dr Pinder De rough because my said Eds alone approved that tory BytoNEknow ss ulu ula doctor” are stim reg ne e pretty o in team being in the mix for si e Outdoor “ey wh icy s, MEAC Steven and pol wer the the Bu t e at itor alethe American the champion nt “W fisc ured, to deal witheco un managed drag world ernmeyear, ib tostyle l by Trand med ing of four aud ienia.t ne the e Hurricane pict rded the playoffs following five the bulhad buneffic boathe ize school betriinsu l-known on-on spot ld@ for welus. s “se ell “So far,toldit Championships in a sea- first wou to abe t- Gardiner with them sinc ify the situ- and ncie everything tn coronavir ed pos age teaching, ar of ect its n the nh suspensio exp a ise off to from come straight trips to the NBA rns amas menta retuwide Bah like son-best time of 47.50 and just an feeline ns”, otherwso eve“I bus ss it’s because was team. s The jobtor, hor It ic com Matthew to claryalStar chief nom my me. for said ed out affected the worked ne en will and the and wh ast”, the NCAA that “ru nomy House Finals. -19 eco ham ic e open also ran legs on the 4 x by VID Busines on the track. ind thisOutCO om“us ours stored and ation,” the Ro spaper yes- Trib E Ba closed easier.” theyune Bahamian much econto for especially normal. I rem new, it was also sug- soTH needed rything nee x 4 aud rs The Warriors finished ry new and ntry place) dge ent t na ian Shaunae (sixth and this Ro cou urg 100m di am ee Stevie when of on ’s Dr side the or m college, Bah , told still waiting currency ra to going an cou I’mntry sinkthose to Prior osal” got in.ntry “ext that this of us m”todisp our e finatelly the cou ng the 15-50 for the NBA’s worst ive ls womt coming y (Miller-U thelaci foreignagain. on rep theat ar 400m (fourth place) at the for tha ibo arary rnat all tivereopen in won Bahamas terday. “Wfo the M will l be rna they onet ges ion Pinder ot too n wsus, alte r al wee until ans alled sh rism conference outdoor meet. team wilwho think so-c don’toffe touNor“Ited itors record with Thompson out annalexp io ringit was most ngat need ent bet are n aud id the at udi nchas eigthe nteem amtraining -e en’s side), inflo incl tern agr na for Independ isit of was In n nd “I ows -fi of rev urge ch e Associatio cy infl Inla s”, ex m things whi th en ant that of ship tea year s, rr icy, me nt indusmy junior et citizen wn coach ernment and with Curry nursing a ary there’s partmeism targpol Pinder also performed LL le said ignDecu mo college Schools y shu mer gov ’sSecondary the my tdo rseas “investor lle, recognisab with fornames, ithn Ro folkustr ndnet fore orneey ind Fu ur the Att Joh to click that the HARTNE r permit ove started mind- for d bySm sports,forto ent ed Olymduringa- finally mes ose e to and oftely broken left hand for most lotolu rain thue Ja oppships ner tape”theandSpartans of room for ying nomic pasto nt thtwo the withaabs ply-ing id ven for By NEIL Business Edito sa400, inlik or. a lot deeready to get ern amRe egov or eco mea inist the make mbee chase Bah k’sthe able almost ney, the esto had engagedwho ividuals champion t wn pur I was wor ce t’s mo Ban me. ind e to r and train of the season. ne do ur “I Offi rs tral th 20-16-17 you lt un ia. ut . haven’t and t yo 2017-18, al’s Cen ib ed ay sh Bo wan switch ner athletes ruit inv 4 to the nt m net the Tr rd andatboth “we I have ted high adjustmen tryGe in the pics, warned, ourno plan to rec e wa set ofnow omina Usain yeste1,500 t. There he return 800, that isyo @ tribune regard Two-time NBA Finals out- the and dollar-den and .” e reached that s pinnacle erw uise, indoor ago“w t you”But Oth my 2015-16 ks’ of yo ir families in but dset rgivup nted. u” mian nhar tnell relay if and the wee for the jobyet ’t wanplans. 400m fo 4bexarwill my wa up min donwhole ke at and ian 100m t to x n we th am n’ “wa illio ct Durant injuries, ed sign t. Bah do some Kevin dire lti-m ng were deb t he ct ep where ntry nquest MVP level of to get to that spotlightTur , we ment s of bei ign direMat- plan is to fore pr cou mus ign ey ernseasons ces esting mu the forfind behis nd train to qual-st door gov year pro inv on still senior ki ’ll m in ign for S teams and I ’s re we N ing fore sports. are at Mr ane fo with for IA htm Th for that comes g Hurricase. .Machine. a name lections departed in free agency to d ing Pinder this locally. btnig . rsthat they’re “Th on,” (FDI) ” mu s col establishe o call rdinhen id de from Als sum e Olympics. sa BAHAM eir “xenophobic rega“W ent the lar for ce the dge Red ur ify in Big t dol he estm the t Ro get us re was the inv and tha yo survive toced le,”Dr added: smdi t mthe i- join the Brooklyn Nets. ies based was ablevoi ibl”. e imi th hel add en pan ss opt in ud n NSU. ed at ly. hit by com po re d himself tit ate stm do one w ed we’ being ed at im ge said. edi r, while ve the an as’ Virginia year, own plifi ur that was With he ht heed ne He it year ar same t The BahamSS c” ab That am se imm mkot cea year.” permit- through s by gee,rs and team, it’s r Bah if inlega mig As eager as everyone is thathe Bahamas zophreni th hiBan as to bePinder issu othe amtenure, t thefor During all saidlastandyear, ball representi ued ng witral SINEmed When itsa- The Bahhis Dr cyRod known g tha sket areas oveCen and ing E aBUstem and schi foreign investors e whoat of the the Arguin purary arg STary yeeresd ab ingalbaMo back to academic net mm Y - SE tional hirings for As em a US produced confirmcie ir ac play achieveiv onnk r rna pictu lifetime theAb s “tuct tion ral d Ba tehis ge 7 net ORdile oplo y needs pay States, af ntuse mo LL done, Pinder is hoping that 4 to see Thompson United foc nom Inte in the me Pinder towards omy is to surv by Ce rt - Pa ted to ld agento ded m seconds hothe edd suits, mian eco re frolars add or wed gestionat FUthe 2015 CARIFTA 4 ” . racism GE his dominant All-Star self, lladmitted lke in , ashe Fu ht now”, 16 r-o of the F)po sugthat E PA ta,pe of 49.27 one “rigsituated ments eaUS he wa werseectallo (IM dol SE dlved name will be blic St -y his , he’s sion we GE re said d’s Basseterre in the econstation inflicted t pu Pinder and infu PA e ist in Fun Games a E lar th nor m” because T, dol SE hard ot“wa itio it was just aswas “some roo h n reso invesugbee in the that will come in due time. am PR 1:59.83 theATCen-sio and lls” trad th 400m N has ed the called. t ro wi ones Norfolk, re urg t th as TO next in Pinder n rs the south the se cuTha Nevis, t the are the deva 9, a prominen NG t in and dge er tha Kitts LI tha re n RoWEL courses Dr colli it ovard the lic 800m s without , c there were somerate -1 in apub the domesti indoors. Outdoors g forw perm ZIONBan othder hamia are d vin conditions mo thekg and COVID rned yesterday. g- an ios” involve se Ba ally separating y from its to cut interest hant scenargo tral rcere v- where diff after bein s “to cut e pu ustr rs to thre doctor wa hnathan Rod d to ated perty and sector agencie cratic red banking ind ominpro the r-den llang Dr Jo ye doctor” an faci bureau do the . ugh bt thro de “e m t 4 GE ers, the n economic co e ernmen NESS BUSI SEEE PA well-know told Tribun ’s FULL STORY - SE e of the r, ng his sid st mentato that the country daily, givi icly for this fir n s es bl Busin story pu ce his resignatio m time sin . “I have no co er state forces. Two civilians, th and coaches, “UNITY” on the front. last mon that,” Mr Culm th “As athletes rang- one a French journalist, to by one small child, the T TANYA O DORSET RENALD who believe in freedom Others carried signs RIGHT By By ments on’m finished wi we ARTW LIVES were killed during the night, in us, their -C “BLACK others of from H belief ing e IT euphoria Reporter the Th on Sports “I SM Tribune ad. cannot rest people were said. NELL right support of us, and their love story is de y history making seasons MATTER” to “SILENCE and over 300 ia.net tribunemed t ts-cartw By NEIL HARTess Editor rdorsett@ 2002 Ole Miss that. Thatinister has alreadof media.ne for us makes a huge differis even championships. IS NOT OK” to “I AM injured. In @ tribune Tribune Busin media.net Prime Md that and that or honoured the 40th anniune ovein the scoreboards that nwhile GEORGE FLOYD.” rings, co se and nhartnell@ trib YOLETTE NatMcPheees Banners ional M lmence am dr Meredith’s I of ad EEone of Ca In her two years at the versary push us to be great. We are e as far as th rl Cu er l, do not keep was ed yin at2m wonderfu ishpan an several as needs anMcCuinFR g its finom oking$25 a Rebels’ admission with numerous airm here today, realising that THE Baham economicleaders Rebels -w Miss ho . I’m lo se s “moved Ole oft ch athletes or coaches, helm leading the men VID black CO , Dorian acc rnedenc eing statue of him was rty ha ons ce A r events. d essi pa ary y” only D underand rec has e an rdin minds, cCuin of erg two th of w n trao handful McPhee-M e ia families or our friends, “em dget no lead “ex wer ue a as, saidathleticsthto iss our ham in his ” to meetstudent Baam E The -19.” m thee Oxford, a handr theBah than s 19buloa n to a rebuilding project. installed on campus ndng PAGE NIN a nlittle COVID taken ” froon is fo shot in the arm and more resignatio Walk Unityon safe from the fear ofSEErace anjust tryi te Sa ernment good ittha al Monetary R: Dutha ted ad of He Sands’as prohave honour. TEcannot time steful our INISges nedle. t the gov eard-obased the Internation targets, an -Msug Duainecampus f discrimination. They At 16-45, the Rebels Mississipp and is in ug projectionsup war peoprun h a EX The Ole Miss campus is binetbrutality IMF’s an unh McPhee13 nationop,” against ro the photo up be gone th m Ca hit E keep st not Fund’s (IMF) ister said to g do police RE fro of mu ng in certainly against t tests most inTH bes ad beg getti leand in PAs GE es the ic. black squads, 12 of also home to a Confederate eve “We, sed on SEEplu McCuin. uld stan,nc “cocir the-1globe. ex-finance min ing them m durin r- g $500m fiscal sur focu across cu continue us safe from the threat of ally ranked n ove 9 pandem co budget hitt n- are , end natioup ies ces come in SEC monument that has recently stan resig COVID Bahama s white local ning in the 2024-2025 s beneficiar circtoumthe yesterday, as comparable The theGrand hi race-based emotional and which have y”,a and th lmer wa Saof wi reducbecome the source of coneco ndsthe black w nom for be struggle r Cu tinginthe Mthe first Black play. hit a key debt r tervie heaan school’s would to a D violence. r is native physical yea like r which lt”. this ost te Bo e of in af th added: s alm born estruggle - a “It’ the end Headed into next season, troversy. The statue,campus wom-outfreedom tacted head to “beating Usa also an exblack female sporting achievement, and tion target by ess som length ab generation atcoach. have the has been on the thatbyunlblack ago will s e g Rebels the nin ok Her James Smith, ernor, told achievewar l sp s . coaching basketbal en’s black happen decade 1906, was vandalised tial gov since gov the in nation k stan a the class loved t sub who Ban recruiting tha people No.1 g tral d first athletic thin Cen whether as the programme joined ment, It reveale y in that its ss it would be in the on May 30 with the words d them the econom with considere tors, coaches and that long Tribune Busine the formadministra F] ernment will only achieve best, regularly but point SEC and No.13 class er citi- IM ing class [the 2020-2021 “spiritual genocide” spray second , they’re cent debt-to period akin to defeat student athletes from vari- at best, to scoreboards across the nation for the y’ll be down goal of a 50 per 2030-2031 painted on each side. int champion whether . you thethrough And zens. campaign ing said. the she tell world,” by Jamaican spr and disports. o ous nation hit con e GDP rati According to the Assoas was to ose somthe imptilling achieves The state of Mississippi of solidar- generation here sto of we gather here, if The Baham al year if it surplu“Today e primaryIt was a show ciated Press, “the state fisc rag . s campus through or Miss ave you state, Ole this the of on 3m soil and s as tion the $47 budget ityd for Ole Miss to tput a point on the scoreES SMITH JAMathletics annualcCuin of like saying MCPHEE-M of College Board has delayed that the fun century s kind boycotts, t an ivalent to four percen for justice. Today has been a flashpoint fiscal surplus tha their unity walk coincided mid-20th“It’ board r sixa inte r on a recommenspr acting ove n, tre equ during the registratio oravoter r to sit-ins, 100-me or gro across the et ove a we putin says is needed bring with wess gather here to honour racial tension the protests track ic out university the blaze by nom in Bolt in when and dation Missismeet that oftarg to t Usa of eco black s ofbea ith if you P). the Smgeneration seekers past in Civil Rights movement rssummer in the wake year period globe to ,” Mr student too.” t two yea c product (GD freedom the eframe administrators, nexown esti tim their ratio down to tha the t dom r P sacrificed sippians beyond. ove -GD gov e justice Arbery, wth those rac t-to the of Ahmaud deb was solidarity with 031 cCuin to forgive faculty leaders uld mean 0-2deaths average grofreedoms not and McPhee-M ed wo ur leaders 203 s par Free“O for Meredith the Thi just pre James ed. by 1962, t In be add an most and ten erateseekers present. Today, we of 50 percen Breonna Taylor, years has we’ll several has to gento last fort’sthekindone of ern student to move the statue from a t. Tha ment speakers for theFloyd. domt Summer, rate your debbut George here to say unapolo- was the first black cen recently fiscal year. gather per to alongcampus rally eco on 0.5 the spot .” n address our central at weecoaches freedoms 3 ossiblewhen we enjoy Lives admitted to a then segPAGE been betand Black “If we look the last ten out athletic director “As athletes getically, SEE P, and near imp Keith cemetery that spoke side coaches, cent of itGD for Smith regated Ole Miss. Riots a Civil War is as spaperhead coach Matter.” 0.8 per Mr and tohow important wer-know nomic history bersathletes aadrep gortNewfootball in Carter, is still on campus but in a ent numwe e extrao F,s’ in seggridiron dec IM white the som ly t onto between run the Le ensued fair hou r wore t’s Whether wit in. afte Island tha Participants to be believed years, there fall, a we hit the Lane Kiffin and Oxford federal and secluded location.” ic shot in theare cheered amwhen in that period in&the t-shirts with the word regationists and dinary econom imposswe u Bah ible because on by aNsold Robyn Tannehill. as upsa hardwood in the spring, and Mayor out stadium or looked arm it’s almost

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