09142020 BUSINESS

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MONDAY, SEPTEMBER 14, 2020

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‘Major wrinkle’: Sandals re-open to January 28

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE deputy prime minister yesterday admitted the delayed re-opening by top hotels has thrown “a major wrinkle” into the government’s plans with Sandals’ flagship property not returning until January 28.

K Peter Turnquest told Tribune Business the government will make “adjustments as necessary” once the Ministry of Finance assesses the likely economic and fiscal impact, with the fall-out potentially affecting the already cash-strapped Public Treasury’s ability to fund the individual and business COVID-19 assistance initiatives beyond their planned end-September close.

He spoke out after Sandals Royal Bahamian seemingly joined its Cable Beach neighbours, the Baha Mar mega resort complex and Melia Nassau Beach property, in electing not to re-open on the October 15 date recommended by the

• DPM: Will adjust forecasts ‘as necessary’ • Union boss: No use opening if no revenue

SANDALS Royal Bahamian Resort.

K PETER TURNQUEST

OBIE FERGUSON

Ministry of Tourism for the resort industry’s return.

This newspaper’s check of Sandals’ group website shows the all-inclusive resort chain, which is controlled by Gordon “Butch” Stewart

and his family, advertising a January 28, 2021, re-opening date for the Sandals Royal Bahamian property.

This date, while enabling the resort to catch the peak February-April winter

Tourism ‘dress rehearsal’ key to avoiding disaster

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must get its COVID-19 “dress rehearsal” right otherwise it will “sacrifice” next year’s peak winter season and create a tourism “disaster”, a top executive has warned.

Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, told Tribune Business that the tourism industry needed to use the remainder of 2020 wisely to resolve any obstacles that emerged to COVID-19 health and safety protocols.

While acknowledging that the requirement for visitors to produce a negative COVID-19 PCR result within five days of travelling to The Bahamas was “a challenge” for the tourism industry, Mr Fountain added that the sector had “no choice but to live with it”.

Baha Mar’s decision to delay its re-opening beyond November will likely cut the volume of airline seats into Nassau during the initial months of tourism’s second re-opening attempt, potentially impacting connectivity and the ability of

SEE PAGE 8

Aliv boosts data capacity by 35%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV’S top executive says it has increased the data capacity of its network by 35 percent compared to preCOVID-19 levels to meet the increased demand for home learning and working.

Damian Blackburn told Tribune Business that the mobile operator was monitoring the issue “every day and week”, with engineers

looking at each of its 246 sites to ensure there was sufficient bandwidth throughout The Bahamas.

“We have deployed about 35 percent more data capacity in the network than previously,” he said. “We’re still continuing to invest in the network, but the investment compared to what we were doing is now in the millions as opposed to the tens of millions. We can make

SEE PAGE 8

season, is more than four months’ away and represents a further endurance challenge for hundreds of Sandals Royal Bahamian staff who have gone without work and regular income ever since the Bahamian resort industry’s March/ April 2020 shutdown.

The property’s re-opening date is also much later than those for all other Sandals properties throughout the Caribbean and The Bahamas, with the website showing November 1 as the latest return date for any other resort - including Sandals Emerald Bay in Exuma.

No explanation was given for why Sandals Royal Bahamian’s re-opening has been delayed longer than all other Sandals-branded properties and pushed into the New Year, and Tribune Business was unable to reach anyone connected with the resort chain for comment.

SEE PAGE 4

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Tourism’s ‘competitive disadvantage’: Rivals eliminate quarantines

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN tourism is facing “a competitive disadvantage” because it will not “be so bold” as Caribbean rivals in eliminating COVID testing and quarantine requirements, a Cabinet minister said yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the Dominican Republic - which already has no quarantine requirements for incoming travellers - will eliminate the need to present a negative COVID-19 PCR test upon arrival as of tomorrow.

And, with Mexico already allowing Americans to visit tourist hot spots such as Cancun, Cozumel and Cabo San Lucas without quarantining or producing a negative COVID-19 PCR test, Mr D’Aguilar said The Bahamas’ continued insistence on these stipulations meant it faced a tough fight for market share upon its return to the tourism marketplace.

The minister added that Bahamians had already

DIONISIO D’AGUILAR shown they would not accept a separate two-tiered COVID-19 testing regime, where foreigners did not have to be tested or quarantined but they do, meaning that this route to addressing the problem was cut-off.

And, noting that it was unlikely that the Ministry of Health would accept an end to testing/quarantining for visitors, Mr D’Aguilar said nevertheless “robust discussions” were being held between health officials and the Ministry of Tourism on how the effects of these requirements can be “managed and mitigated” to facilitate the rebound of the country’s largest industry.

SEE PAGE 9

PAGE 2, Monday, September 14, 2020

THE TRIBUNE

Tourism to refresh 15k BISX adds two more on COVID-19 training mutual fund listings

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Ministry of Tourism is aiming to train some 15,000 persons in COVID19 health and safety ahead of the industry’s planned re-opening on October 15.

Joy Jibrilu, the ministry’s director-general, told a webinar: “One of the things we focused on was public-private sector, the Ministry of Tourism, the Bahamas Hotel and Tourism Association (BHTA) and all of our Promotion Boards, all of our hotels and over 100 businesses in The Bahamas, coming together in April and working on a plan for reopening and what would the reopening look like.

“That was based on cleanliness, and these protocols will continue to be of paramount importance, obviously not just for the visitor coming in but also for Bahamians who are engaged in this industry at whatever level.”

Mrs Jibrilu added: “So to that point, the cruise port and the airport were also a part of this group, and it is the tourism Readiness and Recovery Plan committee that came up with a plan that was very comprehensive.

“Every single sector at the touch-point of the tourism industry, and it started with the international airlines. We got all of their protocols so we would know what they were doing from when you arrive at the Lynden Pindling

JOY JIBRILU International Airport and our Family Island airports.

From when you get into a taxi and are checking into a hotel, what are the health and safety protocols in place?”

She continued: “So it is not just the mask wearing and the PPE (personal protective equipment) and the extra sanitisation, but what are the other hotels doing?

Things that certainly, when you visit a hotel, you don’t think of. From room service to the laundry service, all of those touch points at the back of the house.

“But we touched on the vendors and we touched on the excursion operators and hair braiders, you

name it. So it’s one thing having a plan in place, but how did you implement it?

How did you give it to a jitney driver and say here is the plan, how are you going to implement it? We had given you the training that was key to the processes.

“So the ministry undertook to carry out the training for all of the tourism stakeholders in the industry before we shut down for the second time at the end of July. We had trained over 15,000 people.

We have had a period where people had not been working and we will refresh their memory, so we will be starting training again,” said Ms Jibrilu.

THE Bahamas International Securities Exchange (BISX) has expanded its mutual fund listings roster by two.

The exchange, in a statement, said the Victorem Global Performance Fund and Harpenden Strategy Fund were added after completing its listing process. Both funds are incorporated as Bahamian International Business Companies (IBCs) and licensed under the Investment Funds Act 2019.

Ivan Hooper, The Winterbotham Trust Company’s chief executive, said: “As the pandemic continues to provide uncertainty, we are extremely pleased with the listing of these funds, particularly as we continue working through curfews and a continuation of the work-from-home environment.

“Again, as we continue developing our fund services business, working with the responsive BISX team supports a smooth and timely listing process, which

KEITH DAVIES generates big confidence for all stakeholders.

“As the administrator with most funds under administration in The Bahamas, and the main sponsor of listed funds with close to 50 percent of fund-related listings - partnering with BISX has become a key component of our offering and a key enhancer in our ability to attract funds to The Bahamas. Being able to continue our services and ability to list during these times is key to the success

of the industry.

Keith Davies, BISX’s chief executive, added: “As we face this global pandemic, we will continue to focus on new business development because it is very important for us to find new ways to add value to sectors of the Bahamian economy.

“Indeed, the financial services sector is one of those areas that requires focus, and we are doing our part to enable its growth and development. We are pleased to add these new listings to our mutual fund listing facility and to be partnering with The Winterbotham Trust Company in offering value added services.”

The Winterbotham Trust Company served as the BISX sponsor member that brought the latest two funds to the exchange. Exmer Partners is the investment manager, and The Winterbotham Trust Company has been appointed to serve as administrator for both funds.

Small business group confirms its launching A NEWLY-FORMED small business advocacy group says it aims to rapidly grow to “over 1,000 members” during 2021 once it is formally incorporated and launched on December 1 this year.

The 242 Small Business Association and Resource Centre added in a statement that the inspiration and impetus for its creation comes from the Survival March, held on September 4, to protest against the COVID-19 related lockdown of non-essential companies and the failure to develop a national plan to grow this segment of the Bahamian economy.

“The march was a result of over 15 years of micro, small and medium-sized business (MSMEs) owners’ frustration because of past and present governments’ failure to develop a sustainable National Plan for Small Business Development,” the Association said.

“Subsequently, consecutive governments failed to have the ‘political will’ to legislate a Small Business Act of The Bahamas.

“March organisers collectively decided that the march was an inspiring moment in time, and the 242 Small Business Association and Resource Centre must be established, which will be a positive movement in the future to develop MSMEs in The Bahamas.”

Mark A Turnquest, pictured, a small business consultant, will be the Association’s first president, with Philip Curry, of Cyber Tech Career College, its vicepresident. Besides legislating a Small Business Act and creating a national plan for small business development, the association added that it has three other goals.

These are “the strategic reopening of non-essential businesses in a safe manner that aligns with medical and economic competing factors”; more participation by small business owners in crafting the policies that govern their sector; and the relaxation of regulatory barriers that prevent MSMEs from accessing international financing.

Mr Turnquest previously said the 242 Small Business Association and Resource Centre will be formally incorporated, complete with a board of directors, a management team of seven, and an eight-strong committee structure, by November 30. It also aims to have six trustees and six strategic advisors.

He had described the Ministry of Finance, Small Business Development Centre and Chamber of Commerce as all “out of touch” with the sector’s needs, adding that many of those present on September 4 were deterred from marching because the police did not formally issue the permit giving the demonstration clearance to proceed.

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THE TRIBUNE

Monday, September 14, 2020, PAGE 3

Bahamas insurers in ‘negative’ outlook cut

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TWO BISX-listed life and health insurers have seen their prospects cut to “negative” by the global insurance industry’s main rating agency due to COVID’s impact on the wider Bahamian economy.

AM Best said it had cut the so-called “outlooks” for Colina Insurance Company and Family Guardian Insurance Company, and their BISX-listed parents, Colina Holdings (Bahamas) and FamGuard Corporation, from “stable” to “negative” due to how “global

financial strength ratings of A- (Excellent) and the long-term issuer credit ratings (Long-Term ICR) of “a-”. The ratings were also confirmed for the parent companies.

“The revised outlooks to negative reflect AM Best’s concerns regarding global economic conditions’ negative impact to territories in the Caribbean,” the rating agency explained.

“Regional territories in the Caribbean are impacted materially by tourism, energy and agricultural factors, which are being impacted in the short-term by global conditions.

“The driver of the negative outlooks is centered in AM Best’s concerns about volatility in the operating performance metrics of these insurers in the shortterm. AM Best will continue to monitor the conditions in the Caribbean region and make appropriate rating changes as conditions change.”

However, AM Best remained encouraged about the Bahamian insurers’ individual company prospects.

“The ratings of Colina Insurance reflect its balance sheet strength, which AM Best categorises as very

strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

“The ratings of Family Guardian Insurance Company reflect its balance sheet strength, which AM Best categorises as strong, as well as its strong operating performance, neutral business profile and appropriate ERM.” Both life and health insurers have already felt COVID-19’s impact and the effects of economic lockdowns/restrictions imposed by the government. Colina Holdings (Bahamas) revealed that 2020 firsthalf profits were down $3m year-over-year after its investment income plummeted 96 percent due to COVID-19’s impact.

It disclosed that net income attributable to ordinary shareholders dropped by 45.5 percent during the six months to end-June 2020 as the pandemic’s effects took hold.

Net income dropped to $3.6m or $0.15 per ordinary share, compared to $6.6m and $0.27 per ordinary share for the same period in 2019.

Colina Holdings blamed this on mark-to-market

price adjustments on its investment securities, which means revaluations of these assets’ value.

The losses resulting from these revaluations were reflected in the insurer’s net investment income, which decreased to $0.9m compared to $21.5m in the prior year - a 96 percent fall.

Additional fair value losses were recognised through the revaluation reserve on investment securities classified as “available for sale” totalling $7.8m.

The revaluation adjustments affecting net investment income were also the primary driver for the reduction in total revenues, which totalled $63.5m for the six months ended June 30, 2020 compared to $90.9m in the prior year.

That represented a decline of 30.1 percent.

Gross premium revenues through June 30, 2020, were down $4.2m as new business and renewal premiums were challenged by COVID19. Net premium revenues through June 30, 2020, totalled $53.5m compared to $58.5m for the same period in 2019, which was a fall of 8.5 percent.

As for FamGuard Corporation, its 2020 first-half

profits fell by $1m or 18.2 percent year-over-year.

Norbert Boissiere, its chairman, told shareholders: “For the six months of 2020, the economy has been subjugated by the impact of the COVID-19 pandemic which significantly impacted economic activity within the country, this coming on the heels of Hurricane Dorian in the last quarter of 2019.

“Despite these challenging economic conditions for which the pandemic has subjected our economy, FamGuard continues to weather the storms, with reported profits of $4.5m for the period ending 30 June 2020 compared to $5.5m in the comparative period for 2019.”

He added: “The company recorded revenues totaling $63m for the six months ended June 2020, which trailed the $65.6m recorded in June 2019.

“Investment income declined by 27.2 percent over the corresponding prior period. Net fair value losses from fluctuations in market prices in the equity and bond market continue to be the main contributor to the negative variance, reflective of the impacts of the pandemic.”

into debt to rehire staff.

Some of the corporateowned places might be able to start back up again because they run at a loss all of the time anyway. Many of the properties in The Bahamas do this because their corporate owners can use the tax break, but those of us who are independent have no such resources.”

Ms Andrews added: “It’s a shame because I, along with several others on Eleuthera, maintain a really high standard for guests as far as safety and security.

With the new government regulations regarding opening, we are in a very tight spot.

“We can’t afford to rehire staff and open, but we can’t get the place ready for potential guests unless we have some staff. Most of us rely heavily on our revenues from Christmas to take us through the leaner

times and through hurricane season, when most of us close anyway. Now, we have no reservations at all for that time and very few prospects since the travel from the US has been greatly diminished.

“My inn, in particular, caters to the middle class person who can afford a basic place to stay. We provide a really nice accommodation for them with lots of extras, but from what I am hearing from my regular guests, who come down quite a bit, there is very little money to be spent on travel from the American middle class consumer,” she continued.

“The government thinks that it can open up on October 15 and everything will go right back to the way it was. That’s not going to happen. People take months to plan and pay for vacations, so for us, this entire year is lost. All of us who have lost businesses and work and livelihoods are suffering, and unfortunately simply re-opening won’t change that anytime soon. I wish that it would. “

Ms Andrews continued: “As a business owner, I am also dismayed at the NIB (National Insurance Board) situation that has befallen my employees. I have a Bahamian employee that was given about $4,400 in compensation from NIB over the past five months.

When I added up the contributions that I made for her over the past 12 years, it came to around $35,000.

“For my Haitian employees, who have valid, legal work permits, I have paid in $25,000 and $10,000, respectively. My Haitian employees got a total of zero from NIB because they are Haitian. Yet they are required to maintain work permits and pay into the system. Why? Where is all of that money?”

“If you do some basic math and add up average contributions from just the island of Eleuthera, you get around $200m for the past ten years. Just from our island. And since no Haitian can ever get any money back out, their money is completely lost to them forever. It would make a

lot more sense for me to save that NIB money from now on, if we can reopen, and simply give it to them themselves at the end of a certain number of years.”

Voicing concern over the condition of Eleuthera’s infrastructure, Ms Andrews added: “When will we wake up and start to understand that we cannot rely on infrastructure that has been here since the British left, and when can we expect to see some money spent on this country?

“On Eleuthera, we still have dial-up Internet and constant water and power shortages and outages. We like to believe that we are a ‘second world’ country, but that is really only in Nassau.

In the Family Islands, we are decidedly ‘third world’ and it’s heart-breaking. We are better than this, aren’t we?”

Frank Wolff, Shana’s Cove Resort’s general manager, said: “We’re fine with October 15 as the reopening, but our plan is for November 1 as our reopening day. We always close the resort from middle of

August to November 1, but because of the news that Baha Mar and, maybe Atlantis, are not open, doesn’t make it easier.

“Are the international airlines flying in to Nassau if the two major hotels are not open? How do we get the tourists to Nassau, and what about the domestic flights?”

As for the hotel itself, Mr Wolff added: “To get ready is not an issue at all. We had already in July our test run with guests until the borders were closed again, and everything worked out very smooth.

“There are, of course, more costs with all the sanitising items, the machine on the walls. There are plenty more costs and it’s difficult to ask for more money these days.”

“It is much easier to handle the situation for small resorts then the big ones. Tourists want to come to the Family Islands and want to stay in the small resorts because they feel safer, but everything is too much focused on the big ones.”

regulation have been highlighted by The Bahamas’ 19-spot improvement in the just-released Economic Freedom of the World rankings.

The report, produced by the Canada-based Fraser Institute, saw The Bahamas move from 58th to 39th place, with its overall score jumping from 7.25 out of ten to 7.62, placing it the world’s top 40 countries for economic freedom.

Rick Lowe, of the Nassau

Institute, the think-tank that acts as a Bahamian partner for the Fraser Institute on the report’s production, pointed out that its rankings and findings were based on two year-old data from 2018 for all nations.

And some observers will likely treat the rankings and findings with suspicion.

For example, The Bahamas was ranked as the world’s second-best nation for “size of government” with a

near-perfect score of 9.1 out of ten, even though many believe the public sector has become too big relative to the size of the economy and population given the increasing difficulties in funding its $2.6bn recurrent budget.; The Bahamas was also the world’s 15th best on regulation, according to the Fraser Institute, with a score of 8.46 even though many local and foreign investors view most

approval processes as overly bureaucratic, timeconsuming and frustrating with, in many instances, suffocating red tape.

This nation ranked 40th for its legal system and property rights, but trailed on “sound money” and the “freedom to trade internationally”, where it ranked 103rd and 108th, respectively. Exchange controls, in particular, will likely have been responsible for the latter ranking.

Compared to the previous report, The Bahamas saw improvements in five categories with its scores.

On “size of government” it improved to 9.1 from 8.1, while on “access to money” it jumped from 6.88 to 8.11 and on “regulation of credit, labour and business” to 8.46 from 8.22.

However, The Bahamas’ score on “legal system and property rights” fell to 6.17

economic conditions are negatively negative impacting territories in the Caribbean” such as this nation.

The deterioration in the two Bahamian life and health insurers’ “outlooks” means there is an increased risk their “financial strength” and creditworthiness ratings could be cut by AM Best over the near to medium-term as COVID19 inflicts a worsening toll on the companies and individuals that form their client base.

However, the good news for Colina and Family Guardian is that AM Best maintained their existing

SMALL RESORT LAMENTS COVID’S ‘DEATH BLOW’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FAMILY Island resort owner says COVID-19 has been a “death blow” for small hotels who were already losing business to vacation rentals, adding that their property has “zero reservations”.

Adelaide Andrews, owner of the Hut Point Inn, told Tribune Business: “I can’t hire back any staff unless and until we get paid reservations in order to start back up. I am a small, independent in, so much of our business over the past five years has been usurped by the people renting out homes and not paying hotel taxes. For us, this COVID mess is really a death blow to our business.

“I am not sure if we can really recover, because we don’t have a bunch of extra money or the ability to go

THE BAHAMAS JUMPS TO 38TH ON ECONOMIC FREEDOM INDEX

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE “ripe opportunities” for cutting unnecessarily burdensome

SEE PAGE 4

PAGE 4, Monday, September 14, 2020

THE BAHAMAS JUMPS TO 38TH ON ECONOMIC FREEDOM INDEX FROM PAGE THREE

from 6.52, and on “freedom to trade internationally” to 6.25 from 6.54.

Mr Lowe conceded that COVID-19 and Hurricane Dorian will likely change much when it comes to The Bahamas’ future rankings.

Yet he added that the country’s improvement suggested “some of the low hanging fruit are being hit” when it come to the ease of doing business, even though the report did not identify any of the improvements or rationale for the enhanced overall ranking.

Many in the private sector would likely argue they have seen little to no upgrades in this area. However, while The Bahamas came in just three spots below Jamaica in 36th, Mr Lowe said he was “intrigued” that it finished well ahead of Barbados in 122nd position given that the latter was often held up as a model to emulate.

“It seems we were headed in the right direction in 2018, and if we keep pecking away at the low hanging fruit maybe we’ll see some dividends,” he added. “The opportunity is ripe for cutting regulation and we’ll see how that goes. The Bahamas has made progress over 2017’s data and we hope this trend continues.

“From the aspect of creating wealth, it’s proven that the more economic freedom

THE TRIBUNE

we have the better off the majority of people are or can be. Without it you’re like Venezuela, Cuba and those countries. Of course, a higher ranking makes people want to invest more or feel better about investing, foreign direct investment as well as local investors.”

Hong Kong and Singapore topped the Fraser Institute index, continuing their streak as first and second, respectively, although the former will likely soon drop due to recent political events there.

New Zealand, Switzerland, the US, Australia, Mauritius, Georgia, Canada and Ireland round out the top ten.

“Intrusion on the rule of law, the foundation of economic freedom, by the Chinese Communist Party is negatively affecting economic freedom in Hong Kong,” said Fred McMahon, Dr Michael A Walker Research Chair in Economic Freedom with the Fraser Institute.

The report was prepared

by James Gwartney, Florida State University; Robert Lawson and Ryan Murphy of Southern Methodist University; and Joshua Hall, West Virginia University.

It measures the economic freedom (levels of personal choice, ability to enter markets, security of privately owned property, rule of law) by analysing the policies and institutions of 162 countries and territories.

The ten lowest-rated countries are African Republic; Democratic Republic of Congo; Zimbabwe; Republic of Congo; Algeria; Iran; Angola; Libya; Sudan; and Venezuela. Despotic countries such as North Korea and Cuba cannot be ranked due to the lack of data.

‘Major wrinkle’: Sandals re-open to January 28 FROM PAGE ONE

However, the situation is not dissimilar to that in July 2020, when Sandals Royal Bahamian was shown as opening in November 2020 - again much later than others. Sandals is likely assessing multiple factors to determine when to re-open its resorts, not least of which will be anticipated booking/business volumes and COVID-19 infections in its major source markets and hotel locations.

Both Baha Mar’s and Sandals’ decisions to delay their re-openings beyond the mid-October/early November tourism rebound target dates further exposes the difficulties and uncertainties involved in restarting the industry that is pivotal to The Bahamas’ economic rebound because of all the jobs and foreign exchange earnings it brings.

It also means that arguably two of New Providence’s three major properties will not re-open on the timeline envisaged by the Ministry of Tourism’s re-opening strategy, with all eyes now turning to Atlantis and the decision it makes given that this will be key to determining nearterm airlift supply for all hotels in the capital.

And the fall-out is not

just confined to the private sector, for the hotels’ moves also threaten the government’s fiscal and economic projections for 2020-2021 since these were based on tourism starting to ramp back up in late October and early November.

Asked by Tribune Business how likely it was that Baha Mar’s delayed return will force the Ministry of Finance to revise its forecasts, Mr Turnquest replied via What’s App: “Too early to say, but obviously this is a major wrinkle in our plans. In collaboration with the Ministry of Tourism we will assess the impact over the next week and propose adjustments as necessary.”

During his House of Assembly presentation last week, Mr Turnquest warned that the Ministry of Finance’s planners would face “a more troublesome scenario” come year-end if the tourism industry’s re-opening from October 15 onwards fails to produce the “jump start” that the industry and wider economy so badly need.

He had also voiced hope, in a subsequent press conference, that the hotel and tourism industry’s reopening would reduce the number of unemployed persons seeking assistance from the government and National Insurance Board (NIB) and thus lower social security pressures.

This, the deputy prime minister added, would hopefully provide some leftover

ACH Business Manager Position Description Bahamas Automated Clearing House Limited (B.A.C.H Ltd) ACH BUSINESS M ANAGER

Location:

Bahamas Automated Clearing House Office Prince Charles Shopping Centre Nassau, Bahamas

Team Members

The B.A.C.H Team will be comprised of up to five (5) team members. The ACH Business Manager manages the team and the business. The ACH Business Manager reports to the Chair, B.A.C.H. Ltd.

Management Responsibilities

Recruit and lead the B.A.C.H. Team.

Organise training for Participants and for B.A.C.H. staff.

Organise appropriate additional expertise from Montran, World Bank, the Central Bank, and other consultants if and as required.

Manage ACH project activities, liaising with all stakeholders, to ensure that all objectives are completed successfully on time, within budget and project goals are met.

Participate in CBA committee meetings as required to gather and/or disseminate ACH related information.

With the Assistant Business Manager, prepare monthly reports for the Board of Directors and Audit Committee.

Produce revenue and expense budget for Board approval Perform detailed review of quarterly management reports and publish financial recap and forecast for the BACH Chair.

Ensure all Financial Audits, IT Audits, Penetration Tests, and internal control reviews are passed with no High or significant findings.

With the Assistant Business Manager, maintain corporate documents such as the System Rules and CBA Agreement.

Develop functional/service options and additions, which the Automated Clearing House could provide.

Manage ACH systems and services to meet regulatory, legal, and shareholder expectations with respect to confidentiality, availability, and integrity.

Meet service level agreements with users and shareholders.

ACH Daily Management & Housekeeping Responsibilities

Daily running of the ACH service: 

Start of day/End of day procedures



Cut offs



Participant support



Error and exception handling

Housekeeping functions such as: 

Calendar and timetable maintenance



Managing participant access, accounts and parameters



Business continuity arrangements



Liaison between ACH and RTGS, ACH and participants

Management of the ACH team including setting performance targets, conducting performance and salary reviews.

In all matters and at all times, comply with Bahamas confidentiality laws, Central Bank of the Bahamas regulations applicable to BACH, and BACH Information Security Policies.

Presentations

Presentations to the shareholders at the AGM on performance v. key indicators, and future business plans.

Ideal Experience & Skills

Familiarity with good Payment Systems development and management policy and issues.

Broad banking experience with a particular focus in Operations.

Strong policy & procedure development experience.

Excellent client liaison skills.

Excellent analytical skills.

Excellent organisational & time management skills.

Excellent budgeting, forecasting, financial modelling and reporting skills.

Strong experience in proactively managing teams to achieve high performance.

Solid understanding of banking technology (so as to be able manage ACH technical staff as well as to ensure the robustness and continuity of ACH systems).

IT Service Management skills and experience in meeting SLAs for Availability, Reliability, Confidentiality, IT Security, and Data Integrity.

Application Details

can be used to ensure all the workers are trained, and become the ambassadors,” he said, “making it safe for themselves, the guests and their co-workers because they interact with each other and the Bahamian community. I am certain they are remaining closed because the volume of business is not there.

“If the business is not there, it’s very difficult to ask a businessman to open their business and there’s no revenue. You need revenue for a business to function, and once revenue comes in you need to have a reasonable level of security for your guests to feel safe that all reasonable steps have been taken to make sure we have the COVID-19 situation under control.”

Mr Ferguson said the union was due to meet today, having already held discussions, on “the appropriate steps we should now take to begin the process of with the operator of the hotel [Sandals Royal Bahamian] to see how we can hammer out some sort of agreement that will be to the benefit of the employer and employee”.

He indicated that the union would be prepared to settle for something less than an industrial agreement, and was ready to accept some kind of “working relationship”, while avoiding the “fanfare” and heated rhetoric/action that often accompanied such talks in The Bahamas.

Boris Johnson defends Brexit change to avoid UK ‘carve-up’ LONDON Associated Press

TEAM MEMBER:

funds for the government to continue its COVID-19 individual and business assistance programmes beyond end-September when they are due to expire, although no decision on an extension has yet been taken by the Minnis administration.

Asked whether Baha Mar and Sandals’ moves had added to the pressure and urgency to continue these assistance schemes, Mr Turnquest replied: “We will have to determine how to proceed with the assistance programmes given the prolonged impact on revenue any tourism adjustment may bring.” The government is already projecting a record $1.3bn deficit for the 20202021 fiscal year.

However, Obie Ferguson, the trade union leader who acts as the attorney for the Bahamas Hotel, Maintenance and Allied Workers Union, which is the bargaining agent for Sandals Royal Bahamian’s line staff, told Tribune Business he was understanding of why the resort may have elected not to re-open in line with the Ministry of Tourism’s re-opening date.

Although unaware of the January 28 target, Mr Ferguson said there was little point in returning if insufficient business volumes meant the resort would incur further losses in addition to what has already been sustained due to the COVID-19 lockdown and associated restrictions.

“Even if we delay in opening the hotel, that period

Successful Applicants can submit their cover letters and resumes to HRManagerinfo36@gmail.com. Only short listed candidates will be contacted. No telephone calls will be accepted. Deadline to submit applications is Friday, September 25, 2020.

BRITISH Prime Minister Boris Johnson has strongly defended his government’s plan to override sections of the Brexit deal he negotiated with the European Union, arguing that the EU has an “extreme” interpretation of the treaty that could jeopardise the UK’s future.

In a column published on Saturday in The Daily Telegraph, Johnson said the government’s Internal Market Bill is needed to end EU threats to impose a “blockade” in the Irish Sea that the prime minister asserted could “carve up our country”.

The legislation, which the British government has conceded violates international

law in places, has prompted a furious outcry within the EU and Johnson’s Conservative Party. British lawmakers are expected to debate it next week.

With the government showing no sign of changing course, there are real concerns that ongoing talks on a future trade deal between the UK and the EU could collapse within weeks. If that happens, tariffs and other impediments to trade will be imposed by both sides at the start of 2021.

The furor is largely based on the fact that the bill would diminish the EU’s previously agreed oversight of trade between mainland Britain and Northern Ireland in the event a trade agreement isn’t secured.

Michael Gove, a senior member of Johnson’s

Cabinet, told Sky News on Saturday that the government needs to take out an “insurance policy”.

The UK left the EU on Jan 31, but it is in a transition period that effectively sees it benefit from the bloc’s tariff-free trade until the end of the year while a future relationship is negotiated. Even before the latest standoff, discussions between the EU’s chief negotiator, Michel Barnier, and his UK counterpart, David Frost, had made very little progress.

One major element of the Brexit withdrawal agreement, which allowed for the UK’s smooth departure from the EU, is the section related to ensuring an open border on the island of Ireland to protect the peace process in Northern Ireland.

THE TRIBUNE

Monday, September 14, 2020, PAGE 5

Tech shares rally – Is it a massive bubble about to burst?

ACTIVTRADES WEEKLY

By CARLO ALBERTO DE CASA www.activtrades.bs

G

IVEN the economic fallout reeked by COVID-19, it is little surprise to see the macroeconomic figures of a large majority of countries falling sharply, while many companies have reduced their target profit for this year and for 2021. Yet despite all this, US indices just reached new all-time records, with the Nasdaq in particular showing the most dramatic rally.

The contrasting fortunes of the stock markets versus the fundamental backdrop raises the inevitable question… is the rally sustainable or is it a bubble about to burst?

How much of these supercharged gains is the result of central banks’ pumping seemingly unlimited amounts of capital into the system, distorting the true value of stock markets as a result?

Let’s go back a few months in order to watch the movie from the beginning.

US BUDGET DEFICIT HITS RECORD $3TN THROUGH 11 MONTHS WASHINGTON Associated Press

THE US budget deficit hit an all-time high of $3tn for the first 11 months of this budget year, the Treasury Department said on Friday.

The ocean of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession that has cost millions of jobs.

The deficit from October through August is more

Earlier in January, analysts were discussing the possibility of a tech bubble, with the Nasdaq index climbing above 9,000 points and even threatening 10,000. However, once the COVID-19 panic was in full swing, from the second half of February the Nasdaq saw as much as 30% wiped off its value, plunging down to 6,800 points in the middle of March. From that point, we have seen a massive recovery, with the tech index gaining an astonishing 80% in just five months.

The intervention by central banks generated fresh optimism on stock markets with investors beginning to expect a “V-shaped” economic recovery. As a result, they started to buy back stocks, particularly those of the tech sectors as demand for their products surged with large swathes of the global population working from home.

The so called “FANG” stocks, an abbreviation referring to Facebook, Amazon, Netflix and Google (or Alphabet as it is listed on Nasdaq), were leading the recovery, than double the previous 11-month record of $1.37tn set in 2009. At that time the government was spending large sums to get out of the Great Recession triggered by the 2008 financial crisis.

With one month to go in the 2020 budget year, which ends Sept 30, the deficit could go even higher.

The Congressional Budget Office is forecasting the deficit this year will hit a record $3.3tn.

While the government has sometimes run surpluses in September, Nancy Vanden Houten, an economist at Oxford Economist, predicted the September deficit would hit $200bn, giving the country a deficit for this

Audi, Volkswagen, General Motors (Ford), Ferrari, Fiat Chrysler, BMW and Honda.

In the last few days, we have seen a significant market correction across the tech sector, which pulled down price by around 10%. It almost seems like markets suddenly realised that many stocks were priced way higher than their real value.

For some analysts this is the first signal of an upcoming inversion, for others is just a healthy and psychological break in an unstoppable rally.

During this pause for breath, investors have the chance to reflect on how sustainable the rally is.

Given the fact the majority of tech stocks don’t pay

any dividends, the share price is the key factor in deciding whether to buy or sell them. Yet despite their rocket-high valuations and skyscraper P/E ratios, investors keep on buying them.

The demand for the technologies certainly looks set to continue for the foreseeable future but investors will surely soon be wanting to see more bottom-line profit to justify their continued faith in FANG and Tesla. But then again, the same question was true back in June and that didn’t derail the rally. 2020 is certainly proving a year in which the trading rulebook has been thrown out the window. A time for cool heads and brave hearts.

driving the index to a record high in June. Tesla, the headline-grabbing manufacturer of electric cars and batteries, jumped by 400% in just a few months.

Surely that must be it?

Nope. The Nasdaq smashed through 10,000 points, continuing its rally up to 12,500 with the FANG stocks leading this triumphal march and Tesla achieving a market cap of $400bn and a scarcely believable price/earnings (P/E) ratio of 1,000. To put that valuation into context, Tesla’s market cap was more than double the valuation of Toyota, the second largest car producer in the world.

In fact, Tesla’s became more valuable than the sum of budget year of $3.2tn.

That would be well above last year’s imbalance of $984bn. The previous record deficit for a fiscal year was $1.4tn in 2009 in the aftermath of the financial crisis.

Congress has passed a series of relief bills totaling nearly $3tn that provided support such as a $600-aweek boost in unemployment benefits, up to $1,200 in payments to individuals and aid for small businesses trying to retain their workers.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 11 SEPTEMBER 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,087.22 | CHG: -0.06 | %CHG: 0.00 | YTD: -144.38 | YTD%: -6.47 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

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)

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARVIN SELENTO STUBBS also known as MARVIN SELENTO RHODRIQUEZ of Carmichael Road, P.O. Box N-33056 Nassau, Bahamas intend to change my name to MARVIN SALENTO RODRIGUEZ. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

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.

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 5.40 6.75 2.99 5.10 3.73 6.10 11.26 2.23 5.30 10.04 8.44 14.30 3.97 8.97 15.20

CLOSE 3.51 17.43 1.62 1.75 1.67 5.40 6.75 2.99 5.10 3.73 6.10 11.26 2.22 5.30 9.98 8.44 14.30 3.97 8.97 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.06 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.95

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME 2,500

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05

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 20.3 13.6 15.6 21.8 11.3 15.4 11.6 17.5 19.6 9.6 24.1

YIELD 4.84% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.22% 3.61% 6.39% 19.55% 1.13% 3.29% 2.84% 3.78% 3.02% 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

MATURITY

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

MUTUAL FUNDS 52WK HI 2.34 4.41 2.12 198.39 168.29 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.64 1.79 1.73 1.06 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.34 4.41 2.12 196.40 163.60 1.68 1.81 1.76 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.93 11.27

YTD% 12 MTH% 2.54% 4.13% 1.12% 2.44% 1.38% 2.55% 0.65% 2.50% -1.88% 3.33% 1.10% 2.34% -2.43% 1.49% 0.34% 2.43% -11.07% -9.92% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -4.20% 0.20% -8.60% -2.90%

MARKET TERMS

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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

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

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

NAV Date

31-Jul-2020 31-Jul-2020 31-Jul-2020 30-Jun-2020 30-Jun-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 30-Jun-2020 30-Jun-2020 30-Jun-2020

PAGE 8, Monday, September 14, 2020

Aliv boosts data capacity by 35% FROM PAGE ONE quite large capacity improvements spending millions as opposed to tens of millions.”

The Aliv chief added that August’s lockdown and associated COVID-19 restrictions had caused a 10 percent month-on-month drop in the operator’s pre-paid plan sales as the

closure of top-up points made it more difficult for consumers to acquire them.

“Demand has been considerable enough and relatively strong,” Mr Blackburn added. “It did have an impact, as it does on all businesses, when there is a lockdown because there are more stores that are closed that sell our plans and top-up. There’s less opportunity for people to

buy our products.

“The main impact is on our pre-paid business. In August we were around 10 percent down month-onmonth, but it was less than we experienced in April.

When we counted it up, sales in April were down around 15-20 percent. That was on the pre-paid side.

But we are seeing normal levels of demand from the market in September.”

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The position is open to candidates who possess the following qualifications:

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Correct equipment deficiencies.

THE TRIBUNE

Tourism ‘dress rehearsal’ key to avoiding disaster FROM PAGE ONE visitors to reach the Family Islands via the Bahamian capital.

However, Mr Fountain said it also provided opportunities for commercial airlines and “non-legacy carriers” to fill the void by offering direct service to the Family Islands from traditional gateways and hubs in South Florida, Charlotte and Atlanta.

“In terms of the five-day window, it is a challenge, let me acknowledge that,” the Out Island Promotion Board chief said of the COVID-19 PCR test deadline, “but it’s the best practice. Until such time as we get a vaccine we cannot be taking short cuts.”

As for the decision to recommend the re-opening of all hotels and beach amenities on October 15, followed by tour, excursion and attraction providers on November 1, Mr Fountain said that - notwithstanding the Thanksgiving, Christmas and New Year holidays - it would give the industry time to prepare and ready its product in time for the winter season peak.

“The business we get in October, November and December, that’s not high season for us,” he told Tribune Business. “The high season for us, the hotels don’t really start to make money until February, March and April.

“The dress rehearsal we are going through, whether we open on October 15 or November 1, and excluding

Thanksgiving and Christmas and the New Year holidays, the business we get for October, November and December is dress rehearsal.

“We have to get it right.

If we don’t get it right we sacrifice February, March and April, and that would be a disaster. With the five day test it’s a challenge, but that number is not plucked out of a hat. It’s data driven.

It’s a challenge we have to live with. It’s not ideal, but these are not ideal times.”

As for Baha Mar’s effect on airlift, Mr Fountain added: “It is simply this.

Airlines that fly into Nassau and provide seats to visitors that are connecting to Cat Island, Long Island and Eleuthera or wherever, the number of seats that would now be available coming into Nassau until such time as Baha Mar opens would be less.

“That is the impact. On the other hand, it presents an opportunity for partners like Delta, American Airlines and Silver Airways that are providing non-stop service from gates in south Florida, Charlotte and Atlanta, and opportunities for non-legacy carriers like Tropic Airways, to generate more demand.

“It means less people are travelling via Nassau and more people are travelling to the Out Islands directly from some of those gateways. To say just because Baha Mar is not opening on October 15 or November 1, I’m not going to open my hotel, I don’t see that.”

Make adjustments and alignments.

Perform record keeping.

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Personal Attributes

LEGAL NOTICE

AMALUR LTD.

Must have ability to identify priorities, meet deadlines in a timely manner.

(In Voluntary Liquidation)

Able to collaborate with other team members.

TAKE NOTICE is hereby given that by a resolution passed on the 16th day of July, 2020 the above-named Company was put into voluntary liquidation.

Must possess good communication skills.

Must be able to multi-task.

Qualified Applicant may send resume to nassaurecruitment@gmail.com

AND FURTHER TAKE NOTICE that Raynard Rigby of BCS Corporate Group Ltd., Cumberland House, 15 Cumberland & Duke Streets, P.O. Box SS-6836, Nassau, Bahamas was appointed voluntary liquidator of the Company.

AND TAKE NOTICE that any creditors having debts or claims against the Company are required to send particulars to the Liquidator of the said Company and in default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated this 8th day of September, 2020 Raynard Rigby BCS Corporate Group Ltd. Liquidator INTERNATIONAL BUSINESS COMPANIES ACT, CH, 309, SEC 138(4) AND THE INTERNATIONAL BUSINESS COMPANIES (WINDING UP AMENDMENT) ACT, 2011

Notice of Voluntary Winding Up

Oakhouse Holding Ltd. (In Voluntary Liquidation) Registration No. 86962 B

TAKE NOTICE that the above-named Company was put into liquidation on 17 August 2020, by a Resolution of Members passed on the same day.

AND FURTHER TAKE NOTICE THAT Edmund L. Rahming of Intelisys Ltd, Caves Village, Unit 2, Blake Road and West Bay Street, P. O. Box SP-6404, Nassau, Bahamas has been appointed Liquidator of the Company.

Dated this 10th day of September 2020

Edmund L Rahming Liquidator

16th July, 2020

16th July, 2020

THE TRIBUNE

Monday, September 14, 2020, PAGE 9

Tourism’s ‘competitive disadvantage’: Rivals eliminate quarantines FROM PAGE ONE Confirming that he personally backed the need for such anti-COVID-19 measures, Mr D’Aguilar said The Bahamas was not going to follow the lead set by the likes of Dominican Republic and Mexico given the health risks.

“We’re not going to be so bold,” he told this newspaper. “I don’t think the citizens would support that. That puts us at a competitive disadvantage, but I don’t think the Bahamian people are willing to create two separate systems. We have to live with the system that operates for all.

“I don’t think the health professionals are willing and I agree with them - I don’t think they’re in a position to do it; to revise the requirements for the testing and quarantine. It’s required to stop what happened last time.

“I hear everybody running on about this, the taxi drivers, and I get it, but unfortunately if a person comes into the country infected with COVID-19 even if they have a negative test, the generally accepted way to address that concern is to put someone in quarantine for 14 days.”

The Bahamas currently requires all visitors to present a negative COVID-19 PCR test taken within five days of travelling to The Bahamas, together with accompanying health visa.

But, to guard against the infection occurring within days of a person’s arrival to this nation, the country requires all travellers to quarantine for 14 days - be it in a hotel, on a yacht or some other form of accommodation.

While many see this as an acceptable risk mitigation practice, many independent tourism operators view it as having turned the industry into an all-inclusive model where visitors stay on-property all the time and there is no trickle down or ‘valueadded’ impact beyond the resort.

Mr D’Aguilar said such descriptions of The Bahamas’ post-COVID-19 tourism product were “100 percent correct in that regard”, but he added: “If we want visitors to move about we have to allow them to come out of quarantine, and our citizens are going to want to to the same. I’ve got letters from people saying we just need to social distance and wear masks. Been there, done that and the results we have.

“We have to figure out how to mitigate this 14-day quarantine. We have to manage that, and think of a way to make that work....

The public health officials say you have to quarantine.

How do you have a tourism sector without quarantine?

“We tried as best as possible through the VIP (Vacation in Place) that allows persons to come to the hotel and enjoy hotel facilities. The bigger the hotel, the better it is. For it to trickle down the hotels have to allow vendors on to their property to sell goods to tourists, but they will have to test them,” Mr D’Aguilar continued.

“It’s not going to help Bay Street. It’s not going to help the major centres where tourists go, which is predominantly Bay Street, but we have to figure out how to manage quarantine. and discussions are ongoing between the Ministry

of Tourism and Ministry of Health.

“This discussions about quarantine are very much front and centre, and there are very robust talks between the health sector and the tourism sector on how to mitigate that. Quarantine is very tourism unfriendly but we understand the necessity.

Tourism is trying to work within the confines of the health requirements. It’s not open the borders and let everyone in. We understand we can’t do that.”

Mr D’Aguilar said Baha Mar had informed him that it would not meet its previously targeted October 2020 reopening prior to his national address last Monday, and had instead said it was “tentatively” looking at a November return prior to the Thanksgiving holiday.

“Any time you go to open up a property of that size you have to be comfortable there’s substantial demand to allow the opening of the hotel to be economically feasible,” he told Tribune Business. “There’s a lot of factors to take into consideration. It’s a lot more complex to open a property of that size than it is a boutique hotel. There’s a heck of a lot of moving parts in a property that size.

“We’d love them back to get going, get people back to work and come back to the destination.” Mr D’Aguilar acknowledged that the Ministry of Tourism had picked the second slowest month in the industry’s calendar for the re-opening as this would allow resort properties to “walk before you run”, and get all staff trained and the necessary health protocols in place ahead of the peak winter season.

“We had to pick a day and we have to start the process,” he added. “We cannot wallow in the end is nigh. It won’t go from zero to 100 on October 15. It will ramp up.

It’s not going to be as robust as it was in the past by any means.”

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PAGE 10, Monday, September 14, 2020

THE TRIBUNE

Former UK leaders unite to slam Boris Johnson on Brexit plan

FORMER British Prime Ministers Tony Blair, left and John Major attend the Remembrance Sunday ceremony at the Cenotaph in Whitehall in London last year. Remembrance Sunday is held each year to commemorate the service men and women who fought in past military conflicts. The two former British prime ministers who played crucial roles in bringing peace to Northern Ireland joined forces yesterday to urge lawmakers to reject government plans to over-ride the Brexit deal with the European Union, arguing that it imperils that peace as well as damaging the UK’s reputation.

Photo: Matt Dunham/AP LONDON Associated Press TWO former British prime ministers who played crucial roles in bringing peace to Northern Ireland joined forces yesterday to urge lawmakers to reject government plans to override the Brexit deal with the European Union, arguing that it imperils that peace and damages the UK’s reputation.

In an article in The Sunday Times, John Major and Tony Blair slammed the current British government for “shaming” the country with legislation that, in places, goes against the very deal it signed to allow for the UK’s smooth departure from the EU earlier this year.

Major, a Conservative prime minister from 1990 to 1997, and Blair, his Labour successor for a decade, said Prime Minister Boris Johnson’s Internal Market Bill “questions the very integrity” of the UK. “This government’s action is shaming itself and embarrassing our nation,” they said.

The planned legislation, which will be debated

by British lawmakers this week, has led to a furious outcry within the EU as it would diminish the bloc’s previously agreed oversight of trade between mainland Britain and Northern Ireland if a UK-EU trade agreement isn’t secured.

The British government has admitted that the legislation would break international law, but argues that it’s an insurance policy for that potential “no-deal” scenario. Johnson has said the legislation is needed to end EU threats to impose a “blockade” in the Irish Sea that the prime minister asserted could “carve up our country”.

Britain’s Justice Secretary Robert Buckland told the BBC yesterday that the legislation was a “break the glass in emergency provision”, if needed, and that he would resign if he believed the rule of law was broken in an “unacceptable” way.

“I don’t believe we’re going to get to that stage,” he said.

EU leaders have furiously rejected Johnson’s charge that the bloc is planning a major disruption to normal trade between mainland

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Britain and Northern Ireland.

Irish Foreign Minister Simon Coveney told the BBC that the “kind of inflammatory language” coming from the British government was “spin and not the truth”.

Still, with the British government showing no sign of changing course, there are real concerns that the talks on a future trade deal between the UK and the EU could collapse within weeks.

If that happens, tariffs and other impediments to trade will be imposed by both sides at the start of 2021.

The UK left the EU on Jan 31, but it is in a transition period that effectively sees it benefit from the bloc’s tariff-free trade until the end of the year while a future relationship is negotiated. Even before the latest standoff, discussions between the EU’s chief negotiator, Michel Barnier, and his UK counterpart, David Frost, had made very little progress.

One major element of the Brexit withdrawal agreement is the section related to ensuring an open border on the island of Ireland to protect the peace process in Northern Ireland.

The issue proved thorny during the more than two years of discussions it took to get a Brexit deal done, as the border between Northern Ireland and Ireland is the only land link between the UK and the EU. The EU wanted assurances the border would not be used as a back route for unlicensed goods arriving in Ireland from the rest of the UK — England, Scotland and Wales. As a result, the two sides agreed there would be some kind of regulatory border between mainland Britain and Northern Ireland.

Major and Blair, who both vociferously opposed Brexit, said the planned legislation puts the 1998 Good Friday agreement that ended decades of violence in Northern Ireland at risk.

The pair said the bill “negates the predictability, political stability and legal clarity that are integral to the delicate balance between the north and south of Ireland that is at the core of the peace process.”

It’s unclear whether the planned legislation will get through the British Parliament, with a number of Johnson’s fellow Conservatives uneasy at the prospect of the government breaching international law.

Tobias Ellwood is one lawmaker who has said he could not accept the legislation, arguing that the bill diminishes “our role-model status as defender of global standards”.