09162020 BUSINESS

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WEDNESDAY, SEPTEMBER 16, 2020

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Miller: Govt, BOB ‘acted in bad faith’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Supreme Court has blasted the government and Bank of The Bahamas for “acting in bad faith” and working together against an ex-Cabinet minister in breaching five multi-million lease agreements.

Justice Cheryl GrantThompson, in a July 24, 2020, verdict, ruled that the pair had gone “hand in hand with each other” after the Minnis administration decided not to follow through with its predecessor’s plans to rent space in Leslie Miller’s Summerwinds Plaza property for multiple public sector agencies.

In finding that the government had committed “an abuse of the court process” by providing “no reasonable defence” to the claim from Mr Miller and his eight companies, Justice GrantThompson said the only matter to be determined is the amount of damages the former MP is entitled to.

While she awarded him an initial $9.846m for “breach of contract”,

• Knew ex-MP was ‘asset rich/cash poor’ • QC: Damages could ‘go to about $80m’ • Says govt, BOB were ‘drivers’ of leases

LESLIE MILLER

DAMIAN GOMEZ QC

representing the government’s $8.476m in rental arrears from December 1, 2016, to the date Mr Miller’s action was filed, together with a further $1.371m, the judge’s ruling left the door open to further liability for Bahamian taxpayers.

For, having declared that the five leases “are valid and binding upon the parties”, Justice Grant-Thompson said the former Cabinet minister would be entitled to further compensation should the government elect not to now proceed with

renting space at the Tonique Williams Highway property.

The judgment makes clear that Mr Miller is also seeking special damages of a further $9.118m, representing some seven years worth of rental income, plus the recovery of $425,000 that was spent on renovating the Summerwinds Plaza to make it fit for the government’s requirements.

Damian Gomez OC, Mr Miller’s lead attorney, yesterday suggested that damages to his client could “go to about $80m”. He

Proposed work visa not a ‘needle mover’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN economist yesterday warned the Economic Recovery Committee’s proposed work visa is not a sufficient “needle mover” to replace $1.7bn to $2bn in tourism earnings lost to COVID-19.

Rupert Pinder, who lectures at the University of The Bahamas, told a webinar organised by TCL Group that the committee’s estimates to-date suggested the planned visa will come nowhere near to compensating for the “huge

economic hit” delivered by the pandemic.

The committee, in unveiling its annual work/study visa, suggested that attracting 1,000 successful applicants to The Bahamas would result in a $30m annual boost for the economy assuming each spent an average of $30,000.

However, Mr Pinder said such an injection - however welcome - paled when set against the hundreds of millions of dollars lost to the Bahamian economy and its workers as a result of the COVID-19 lockdowns and other restrictions.

SEE PAGE 6

Family Islands ‘can’t survive’ with COVID travel requirements

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net EXUMA’S Chamber of Commerce president yesterday warned that Family Island economies “cannot survive” if inter-island air travel remains almost shutdown due to COVID-19 restrictions.

Pedro Rolle told Tribune Business that the requirements for persons travelling from New Providence to pay for, and obtain, a negative COVID-19 PCR test as well as quarantine for 14 days had deterred both commercial

and leisure travel between the capital and Exuma.

While acknowledging that health and safety, and efforts to fight the spread of the virus, were uppermost in the government’s mind, he added that the indefinite continuation of such protocols would not only impact tourism but businesses that frequently needed to travel to New Providence to meet with vendors and conduct other transactions.

Arguing that the present COVID-19 inter-island travel restrictions cannot

SEE PAGE 2

explained: “If you look at the specific provisions of the lease, the government was advancing a loan payment [to Mr Miller] to build a mezzanine, which effectively doubled the space of the rental area.

“Not having completed it, Leslie can claim for loss of rental income that would have come from that rental space, which effectively doubles his claim.” Arguing that all Bahamians should be concerned about the government’s willingness to renege on its obligations, and not follow through on binding legal agreements, Mr Gomez said he had no concerns about the government’s planned appeal.

“I’m not worried about it.

I’ve seen what they’re trying to do. We will prevail ultimately,” he added. “This is a big fight. Leslie’s got to be patient but we’re going to win ultimately, so I am not concerned about it.”

Pointing out that binding

SEE PAGE 4

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‘Fifth division Bahamas’ faces uphill struggle to hit Singapore ambition

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas “is as far from becoming the Singapore of the Americas as a fifth division soccer team is from the UK’s Premier League”, a prominent banker warned yesterday.

Gregory Pepin, Deltec Bank & Trust’s chief executive, told a webinar organised by the TCL Group that while this nation has the potential to achieve such status it has much work to do before realising such lofty ambitions.

Arguing that it remains “a struggle” to gain approvals for any form of investment and business outside tourism, Mr Pepin said he had personally experienced such challenges over the past six months “to bring new business” to The Bahamas.

While COVID-19 has presented an opportunity to “reinvent” the Bahamian economy by reducing its dependency on tourism, the Deltec chief said this can only be seized if the government “stops thinking like a lawyer and thinks like a businessman”.

He also warned that The Bahamas’ digital economy and “technology hub” aspirations were currently built on extremely shaky foundations, describing all three of Bahamas Power & Light

(BPL), Cable Bahamas and Bahamas Telecommunications Company (BTC) as “a joke” for offering services that were either unreliable or too costly compared to regional and global rivals.

While The Bahamas’ proximity to major consumer markets in the US and Canada, and connectivity to other key jurisdictions such as the UK, remained critical strengths, Mr Pepin said this nation lacked “the right policies to take advantage” of this.

He described this as being akin to “a bad house in a rich neighbourhood”, where the investment climate and regulatory framework were not sufficiently efficient, robust and business friendly to attract major foreign direct investment (FDI) and capital flows.

“The biggest problem with The Bahamas is not position,” Mr Pepin said.

“You can be the Singapore of the north, the Singapore of the Americas, but knowing how Singapore works we’re as far from Singapore as a fifth division team is from the Premier League.

“The challenges you have to go through to get there are discouraging. The reality is if you want to do business here other than tourism it’s challenging.... anything else is a struggle.

SEE PAGE 5

PAGE 2, Wednesday, September 16, 2020

THE TRIBUNE

BAHAMIANS ‘TOO OFTEN’ SEE LITTLE VALUE FROM TAXES PAID

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIANS are “too often left wondering where their tax dollars are going” because there is little to no improvement in the government’s delivery of public services, an entrepreneur charged yesterday.

Robbyn Thompson, who launched her hair and beauty business in 2012 to finance a college education, told a webinar organised by

the TCL Group that many Bahamians feel they receive little to no value from the taxes they pay because they are “still toeing the same lines their grandparents towed” despite the world’s embrace of digitisation.

“The purpose of paying taxes is supposed to be to our benefit, enabling the government to offer public goods and services,” she said. “The issue with many Bahamians’ perception of our tax system is that we are left to wonder too often

where are tax monies are going.

“We are toeing the same lines are grandparents towed. We feel burdened with very little benefit.” Ms Thompson, who was the national youth delegate for the 2018 Commonwealth Heads of Government meeting, added that Bahamians did not want to see “accountability and responsibility” written “on paper” when it came to the management of their tax dollars

but, instead, translated into action.

Acknowledging the regressive nature of The Bahamas’ consumptionbased taxation system (VAT and import tariffs), she agreed that it imposes a disproportionate burden on poorer Bahamians who end up paying a greater portion of their incomes in taxes compared to their wealthier counterparts.

“We have to explore other forms of taxation to reduce disparities in our country,” she said. “Every time the discussion on income tax comes up it quickly goes away.”

Gregory Pepin, Deltec Bank & Trust’s deputy chief executive, cautioned against tax reform being used to simply increase the government’s revenue intake. He warned this could create a scenario where politicians “throw money in the gutter and throw it in the toilet” rather than use it wisely to improve The Bahamas’ social and economic prospects.

“It’s not going to go back to the people,” he warned. “When you had so

much tourism, record tourism, infrastructure did not improve.”

Instead, Mr Pepin argued that The Bahamas needs to focus on building an “incentive economy” where entrepreneurs - Bahamian and foreign - are stimulated to create businesses and jobs via a system of tax deductions involving the likes of VAT, business licences, National Insurance Board (NIB) contributions and real property tax.

He suggested this would create more value and economic growth benefit, dollar-for-dollar, as opposed to paying the government taxes, and encourage “foreign capital to invest in small and medium-sized enterprises and entrepreneurs to create more value for the country”.

“It’s good to have taxation, but make the government accountable,” Mr Pepin added. Meanwhile, Rupert Pinder, a University of The Bahamas (UoB) economics lecturer, said the increased government deficits and debt produced

by COVID-19 and Hurricane Dorian will likely “put

Family Islands ‘can’t survive’ with COVID travel requirements FROM PAGE ONE remain in place “for any extended period of time” due to the negative economic impact, Mr Rolle said nonhealth effects will have to be “taken into account”.

He told this newspaper: “I’m not saying ignore the health concerns. Whatever it is we need to give consideration to, maybe more random testing, the existing things put in place continue to hamper

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and kill the local economy.

We cannot survive with these protocols in place.

“What has happened is that folks, because of that restriction, it costs more to get the PCR testing done to come to Exuma from Nassau than it actually costs to come [on the ticket]. I spoke to three different folks who want to return to Exuma and have not done so because they’re hoping something will happen to reduce the cost of testing.

“Even with the airports opened up I don’t think we’re having travel between the islands because people cannot afford the test. It’s impacting us in a negative way. I know the authorities have to bear a lot of things in mind, but the

greater pressure on the discussions for tax reform”.

He added: “We’re in urgent need of tax reform.

We’ve heard over and over it’s [the current system] highly regressive. A lot of tax revenue comes by way of consumption, so it places a disproportionate burden on persons at the lower end of the spectrum....

“It’s really been a hindrance to growth in a way.

Let’s look at the construction trade. A lot of the inputs that go into that trade are taxed because so much is placed on consumption. There’s a need to look at direct taxation; maybe income tax as well as payroll tax.”

Mr Pinder said such direct taxation could also benefit the Bahamian financial services industry by helping to market the jurisdiction as a “low tax”, rather than a “no tax”, platform. This, he added, could reduce scrutiny by the G-7 nations and international agencies while also helping The Bahamas to enter the realm of double taxation treaties. financial impact is great. The restrictions placed on travel are rendering the decision to open up the airport negligible. Not a lot is happening,” Mr Rolle continued.

“It’s hindering tourism big time. What’s the point of coming to Exuma if you have to quarantine? No one’s coming here. Very few flights are coming. You have the right to come, but it doesn’t make sense to come. We are feeling, seeing the impact on our economy with domestic travel.”

With Exuma awaiting Sandals Emerald Bay’s planned November 1 re-opening, Mr Rolle said economic activity “appears to be very, very slow”. He added of Sandals: “That’s probably how we will be able to see and feel a difference, but for now it appears kind of flat.”

THE TRIBUNE

Wednesday, September 16, 2020, PAGE 3

Policyholders in ‘huge effort’ to keep insurance coverage

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A MAJOR Bahamian insurer yesterday credited the “Dorian effect” for sparking “a huge effort” by companies and individuals to maintain coverage despite COVID-19’s devastating financial impact.

Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business that home, vehicle and marine insurance policy renewals continued to be “a high priority” with Bahamian consumers given that the category five storm’s impact on Abaco and Grand Bahama was still fresh in many memories.

While policy lapses had occurred as a result of the pandemic’s fall-out, Mr Ward said the numbers were “not too much” at this stage as evidenced by Bahamas First’s half-year results. The property and casualty insurer’s gross written premiums for the six months to end-June 2020 were down just 1.7 percent year-over-year at $83.093m as opposed to $84.529m the year before.

“There seems to be a huge effort on the part of the buying public to maintain their insurance coverage,” the Bahamas

Experts worry as US virus restrictions are eased or violated PROVIDENCE Associated Press STATE and local officials around the US are rolling back social-distancing rules again after an abortive effort over the summer, allowing bars, restaurants and gyms to open. Fans are gathering mask-free at football games.

President Donald Trump is holding crowded indoor rallies.

While some Americans may see such things as a welcome step closer to normal, public health experts warn the US is setting itself up for failure — again.

“Folks are becoming very cavalier about the pandemic,” said Mark Rupp, professor and chief of infectious diseases at the University of Nebraska Medical Center. Nebraska’s governor ended nearly all of his state’s restrictions on Monday, even with new cases of the coronavirus on the rise.

“I think it is setting us up

First chief told this newspaper. “In the case of property coverage I can understand that because we’re in a very active hurricane season.

You can so why it would be a high priority to maintain coverage.

“I’m surprised to some extent but not entirely so because of the Dorian impact. Anyone who has seen the devastation and impact that Dorian caused will be well advised to take that into account when they look at their own insurance requirements.

“If we were further removed from a major catastrophic loss there would be less impetus on the part of the public, but the Dorian effect reminds everyone why it’s so important to buy insurance.” Mr Ward conceded there had been cases where policyholders elected to drop or take

lesser coverage, but not as many as expected, and he described this as “not surprising given the scenario we are in”.

He added that the uncertainties surrounding the government’s COVID-19 emergency powers orders, and their impact on the property and casualty insurance sector, were unlikely to produce “a major issue” for underwriters.

The orders mandated that Bahamian general insurers defer premium payments by clients who lost their jobs due to COVID-19 and, within 60 days of the emergency period’s end, those persons must either pay the amount due in full or work out a payment plan acceptable to all parties.

Coverage has to be maintained by underwriters for the deferral’s duration, and any claims that occur are to be paid.

Several insurers have voiced concern about the deferral’s impact on their cash flows, especially since the 2020 hurricane season’s peak has been reached. Mr Ward acknowledged the uncertainties over when the emergency orders will end, and the 60-day period “kicks in”, plus “whether or not the property and casualty sector will be held to that in the strictest sense”.

for further transmission and more people getting ill and, unfortunately, more people dying,” Rupp said.

The virus is blamed for more than 6.5 million confirmed infections and 195,000 deaths in the US, by far the highest totals of any country, according to the count kept

by Johns Hopkins University.

While case numbers have fallen from a peak average of 67,000 new infections per day in late July to about 36,000 now, the numbers remain staggeringly high. Deaths are running at about 750 a day, down from a peak of over 2,200 in late April.

PATRICK WARD

“There is a little bit of uncertainty around because of how the programme unfolded, and some of the uncertainty was never clarified,” he added. “There are some unanswered questions around that, but I don’t think it’s going to be a major factor for the property and casualty industry.”

Bahamas First continues, meanwhile, to reap the benefits of its diversification strategy created when it expanded to the Cayman Islands via acquisition. Its Cayman operation more than offset the Bahamian equivalent’s $339,735 first half loss for 2020, producing net income of $1.881m.

“I think it’s fundamental to your business, particularly if you are domiciled in an area that is prone to catastrophic loss on a fairly frequent basis,” Mr Ward said. “A strategy to diversify into other lines of business or geographical locations to spread the concentration of risk is a fundamental that will

ultimately determine how successful you are in the long-term.”

Bahamas First’s total comprehensive income for the six months to end-June 2020 was down year-overyear by 12.85 percent, coming in at $1.788m compared to $2.051m in 2019.

This was largely driven by the decline in the value of its investment holdings, which increased by 4,900 percent from a $31,664 fall in 2019 to $1.583m this time around.

“Apart from that we’d have been ahead of last year by quite a bit,” Mr Ward said, attributing much of the fall to the decline in Commonwealth Bank’s share price, in which Bahamas First is heavily invested.

With “maybe less than 1 percent” of Dorian claims left to be settled, the Bahamas First chief said the company’s balance sheet was starting to “normalise” again. “Barring a hurricane I would say I’m reasonably

optimistic the second half of the year is not going to be too disappointing,” Mr Ward added.

“Typically the second half of the year tends to be better than the first, but that’s going to be determined by events that we have no control over.”

However, Alison Treco, Bahamas First’s chair, warned shareholders that the COVID-19 pandemic means “the months ahead will be some of the most uncertain the group has ever encountered”.

She added: “Until a longterm solution is determined for the virus, the economies in which we operate will struggle to rebound to normal levels. We expect the impact of high unemployment and closure of businesses to ultimately present challenges in premium collection, and adversely impacting equity investments. The group will make adjustments as necessary to minimise these potentially adverse effects.”

PAGE 4, Wednesday, September 16, 2020

Miller: Govt, BOB ‘acted in bad faith’ FROM PAGE ONE

contracts should transcend politics and changes in administration, Mr Gomez said: “You ought to be able to rely on a government contract. The promise of the government ought to be sacrosanct. The fact it doesn’t ought to be something we’re all concerned about. There’s no real reason for reneging on your obligations.”

However, the ex-minister of state for legal affairs

described the government and the Bank of The Bahamas - rather than Mr Miller - as the “drivers” of the lease arrangement. He said this was designed to address the BISX-listed institution’s exposure to Mr Miller and the plaza, which was around $25m-$28m.

“Bear in mind that the government and Bank of the Bahamas were essentially the drivers of this deal, not Leslie. The government was essentially propping up Bank of The Bahamas in relation to a

NOTICE

RAYAK COMPANY LTD. N O T I C E IS HEREBY GIVEN as follows: (a)

RAYAK COMPANY LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 11th September, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 16th day of September, A. D. 2020 _________________________________

CST Administration (Bahamas) Limited Liquidator

loan arrangement they were involved in,” Mr Gomez said, noting that the former owns 82 percent of the bank through the Treasury and National Insurance Board.

“They were faced with a problem with the Central Bank, as it had essentially taken the position with respect to Bank of The Bahamas that given the debt ratio of Leslie’s group of companies to the bank’s total portfolio, the bank could not do any further loans to Leslie or his group.

It was so large that the bank had to save him to save itself.”

The government agreed to the lease to sort the situation out, thereby enabling Mr Miller to meet his obligations to Bank of The Bahamas through the rental income while also increasing and repurposing the space at Summerwinds Plaza to suit its purposes.

While this may raise eyebrows with some observers, Mr Gomez said: “This is a situation where the Government was seeking to mess up somebody using technical means to do it.

The government changes, and all of a sudden he’s a pariah, and no one says why.”

Justice Grant-Thompson, in her judgment, noted that the PLP-controlled House of Assembly passed a resolution in 2014 permitting Mr Miller and his companies to enter into rental

THE TRIBUNE contracts to lease space to government agencies.

Two leases were entered into for the Summerwinds complex in May and June 2013, but “significant renovations and structural work” were required to make the property ready for the government agencies.

Financing for the upgrades was obtained from Bank of The Bahamas via a $2.5m “upstamping” of the mortgage it held on Summerwinds, and $185,000 was received by Mr Miller and his companies. However, nothing further was received, and the former MP alleged the bank breached the contract to finance the renovations.

The 2013 leases were replaced by fresh ones agreed between Mr Miller and the former Christie administration in 2016.

However, the ex-Cabinet minister argued that the government now “set them up to fail” by only providing a partial $344,802 advance on a $4.787m rental payment to finance the renovations.

Justice Grant-Thompson said the attorney general and treasurer, the two government defendants, both “accepted the veracity” of the 2013 leases and 2016 deal to provide new ones.

However, they denied - and did not accept - that there was any commitment for the government to finance the the renovations.

The judge, though, said it was well aware that Mr Miller and his companies could “ill afford” to finance the renovations themselves. And Bank of The Bahamas, which was government majority-owned and controlled, knew that the lease agreements were “the principal security” for the loan sums that had been advanced.

“It was submitted to me that proof of this is shown in that when the government sought to rescind the arrangements and provide what I view as technical reasons to end the contractual arrangement, the bank correspondingly sought to liquidate the loan arrangement,” Justice Grant-Thompson wrote.

“Both of these parties, the government and the bank, appeared - if I were to adopt a Bahamian phrase - ‘to go hand in hand with each other’.” She added that the two sides knew Mr Miller would be placed in “the unenviable position of being unable to fulfill his obligations” if the upgrade funds and rental payments were not made, bringing the contract to an end.

“In my view they did not act in good faith in deliberately withholding the agreed rental advances and, having failed to do so, should not benefit from the consequential breach of contract,” Justice GrantThompson ruled. “This is one government, and I do not accept that ‘the right hand did not know what the left hand was doing’. In my view they were all acting together.

“The government had to have known that the plaintiff [Mr Miller and his companies] was ‘asset rich/cash poor’ when they entered into these arrangements whereby an important part of the contractual triangle was the delivery up of properlyappointed premises, and that Bank of The Bahamas was to provide the necessary funds for the renovation, further bolstered by the anticipated rent.”

While Justice GrantThompson declined to rule that the government and bank had concocted

“an unlawful conspiracy to deliberately injure” Mr Miller and his interests, she noted that the BISX-listed institution issued him a “notice of default” within five days of the May 10, 2017, general election and demanded he repay the total sum owed.

The judge also dismissed the government’s claim that the lease was invalid because Mr Miller and his companies had failed to provide Tax Compliance Certificates (TCCs) for the Summerwinds Plaza as mandated by the Financial Administration and Audit Act. But, she noted that these requirements - which businesses must comply with to do business with the government - are subject to “ministerial discretion”.

And, with the annual rent payments to Mr Miller amounting to some $4.5m, Justice Grant-Thompson suggested the government could simply have deducted any taxes owing from this sum and paid them to the relevant agency.

The government also argued that Mr Miller and his companies had no standing to bring the claim because Summerwinds Plaza is currently in the care of the Deloitte & Touche accounting firm, acting as receiver-managers on behalf of Bahamas Resolve, the Bank of The Bahamas bail-out figure.

But Justice GrantThompson dismissed this on the basis that there would have been no loan default, requiring that the debt be transferred to Bahamas Resolve, had the government followed through on the lease deals and paid the rent. However, she has invited submissions on whether the monies should be paid to the receivers.

NOTICE

NOTICE

CHUNG YUAN INVESTMENTS LIMITED

DIDA LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a)

CHUNG YUAN INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

DIDA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 11th September, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 11th September, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 16th day of September, A. D. 2020

Dated this 16th day of September, A. D. 2020

_________________________________ CST Administration (Bahamas) Limited Liquidator

_________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

AFRICAN SAHARA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

AFRICAN SAHARA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 11th September, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 16th day of September, A. D. 2020 _________________________________

Leeward Nominees Limited Liquidator

NOTICE

NOTICE

ELTORITO LIMITED N O T I C E IS HEREBY GIVEN as follows:

BEST LEGACY LIMITED N O T I C E IS HEREBY GIVEN as follows:

(a)

ELTORITO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

BEST LEGACY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 11th September, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 11th September, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 16th day of September, A. D. 2020

Dated this 16th day of September, A. D. 2020

_________________________________

_________________________________

Liquidator

Liquidator

CST Administration (Bahamas) Limited

Bukit Merah Limited

THE TRIBUNE

‘Fifth division Bahamas’ faces uphill struggle to hit Singapore ambition FROM PAGE ONE That’s a fact. Whoever the Government of The Bahamas is I don’t care. Invest in the population, invest outside tourism.

“I’ve been trying to do some things for the last six months to bring new business here, and it’s a challenge, it’s an effort.

That shouldn’t be the case.

Hopefully the government will take away their lawyer brain, and thinking like a lawyer, and think like a businessman. Stop thinking like a lawyer and take decisions to make things work.”

Urging The Bahamas to break away from dogmatic thinking, and the bureaucracy and red tape that continues to strangle private sector-led growth and job creation, Mr Pepin also called for initiatives to “inspire” young entrepreneurs who he described as the country’s future.

With The Bahamas’ relatively young population providing hope for postCOVID-19 prospects, the banker said incentives to encourage Bahamian and foreign investment in small and medium-size enterprises (SMEs) were sorely lacking.

One such entrepreneur, Robbyn Thompson, who started her hair and beauty business in 2012 to finance a college education, told the webinar that successive governments had not been effective in meeting the Bahamian people’s needs or providing “a conducive environment for business to thrive”.

With politicians tending to cater to the interests of the elite from which they are drawn, she said policies lacked input from younger persons while often also widening the gap between

Wednesday, September 16, 2020, PAGE 5 rich and poor in Bahamian society.

“As a young person and entrepreneur I feel the government has failed in its mandate to provide opportunities for young entrepreneurs and people,” Ms Thompson said. “They want seats at the table, they want to have a role in policies. They’re tired of having other people speak for them. How can you design a policy for young people but have never asked us” for input?

She criticised the composition of the government-appointed Economic Recovery Committee, whose role it is to generate a road map for The Bahamas’ short and longer-term recovery post COVID-19, arguing that its members all came from “elitist positions” while the interests of start-ups, entrepreneurs and persons under 30 years-old were not represented.

“Until young people are given an opportunity to have a piece of the pie, there will always be a gap in our country in terms of economic growth,” Ms Thompson said. She argued that small and mediumsized enterprises (SMEs)

were already “under-appreciated and under-assisted” prior to COVID-19, with the sector’s two main weaknesses involving access to resources and networking.

Recalling a speech she gave in London, where she “bragged” that The Bahamas is investing $25m over five years in SMEs, Ms Thompson said: “Somebody came up to me after the speech and said that number was a joke.

“Twenty-five million dollars is a lot, but we’re only now beginning to take SMEs seriously and pay attention to them when other countries recognised long ago that SMEs were the backbone of the economy and key to driving growth.”

Recalling how she had applied for an initiative under the Small Business Development Centre (SBDC), Ms Thompson continued: “Many of these organisations sound wonderful in theory but

bureaucracy and red tape makes it difficult to access resources.

“We need more accountability and transparency in these resources, and make sure people in these organisations realise what it means to have $1 and a dream.....

It honestly seems that when you knock on doors in this country, and they ask who’s there, if you call a name they don’t recognise the door doesn’t open.

“Our government has to do a better job of making sure no one gets left behind, and that every entrepreneur regardless of background, name and colour of skin is given equal opportunity access to resources in this country.”

This prompted Mr Pepin to exclaim “great read out of the situation”, adding that “if you don’t know someone” who is able to facilitate the necessary permits and approvals then someone who does invariably jumps ahead.

“That’s not how you build an economy, that’s how you destroy an economy,” he added. The Deltec banker also warned that the Bahamas Bar Association’s effective closed shop, and restrictions on international and regional law firms setting up affiliates here, was further undermining the country’s competitiveness as business was directed to other jurisdictions.

He added that a “big trading firm” had approached him about the conditions for setting up in The Bahamas during the webinar, but were already questioning the feasibility after being told they had to use a local law firm, along with BPL’s unreliability/pricing and the costs of internet access.

“BPL is a joke. That’s a fact, sorry. Cable Bahamas is a joke. BTC is a joke,” Mr Pepin added, when it came to The Bahamas’ digital economy and technology hub prospects.

PAGE 6, Wednesday, September 16, 2020

THE TRIBUNE

Proposed work visa not a ‘needle mover’ FROM PAGE ONE

“When I look at it in the context of the Economic Recovery Committee, where I have a challenge with that is we’re going to lose roughly between $1.7bn and $2bn in tourism receipts because of the COVID-19 pandemic.

That’s a huge hit with respect to the economy,” he argued.

“This work visa, with respect to the preliminary numbers put up, with 1,000 people spending $30,000m each for $30m, that is not

a needle mover in terms of what we’re dealing with in disruption to the economy.

It’s not a needle mover.

“For me, the short to medium-term is how we reopen the economy in a safe and responsible manner.

Diversification is medium to long-term. The problem I have with the work visa is this is not a needle mover with respect to then share of the economy we’ve lost to lockdowns and the pandemic. It’s not a needle mover in terms of where we’re at, and what sort of revenue we need to

make up for.”

It is quite possible the Economic Recovery Committee never intended the proposed work/study visa, which has been approved in principle by Cabinet, to be an economic difference maker that will compensate for the tourism industry’s near total shutdown.

The proposed visa effectively represents an extension of The Bahamas’ existing annual residency permit, with the aim being to make the application and approval process much simpler, quicker and efficient.

The idea, which lags Barbados, represents lowhanging fruit, with foreign workers and students who qualify not allowed to participate in the domestic

economy as a condition of its granting. Students must be registered with, and studying online, at a foreign university, while workers must be employed - and paid by - an overseas company.

Still, Gregory Pepin, Deltec Bank & Trust’s chief executive, told the same webinar that the work/ study visa initiative was “not innovation; that’s just remarketing” of The Bahamas’ existing residency products.

He acknowledged that the initiative would provide a short-term boost from consumption spending in the economy, but said long-term economic growth will only benefit if successful applicants elect to put down roots in The Bahamas by starting new businesses or investing in existing ones.

The webinar’s third panellist, Bahamian entrepreneur Robbyn Thompson, said anything that made accessing The Bahamas easier and quicker was a positive. However, she urged the Economic Recovery Committee not to simply follow the lead of Caribbean rivals.

“I do encourage the Economic Recovery Committee to do more research and find more unique ways to recover the economy, and staying relevant as a country and destination, not just doing what the rest of the Caribbean is doing, particularly Barbados,” she added. “We need to invest more time, energy and effort figuring out what works for The Bahamas rather than the Caribbean collectively.”

Marlon Johnson, the

Economic Recovery Committee’s co-chair, previously told this newspaper on the work/study visa: “The key thing is we think it opens opportunities for boutique firms to move their entire operation to The Bahamas, and that will be an element of marketing to see if firms, or units of firms, want to live in The Bahamas and do work remotely.

“We have the Internet infrastructure people expect, and all the infrastructure amenities people would expect to have. We have the Family Islands for people wanting to get off the beaten path. We believe we have a very interesting proposition to present to the global marketplace so it will be interesting to see how it plays out.

“The approach is how do we maximise and leverage what we have in The Bahamas to get persons here, and add value for them and add value for The Bahamas.”

The committee made clear the visa’s specifics, and details of the application process, are still being determined. It said responses to applications will be provided “in a matter of days”, which is likely to raise scepticism among some observers, with persons able to apply online.

Mr Johnson said the government-appointed committee will also seek to “refine” the projected economic impact from the visa, which is designed to inject spending by successful applicants into the domestic economy via landlords (rent); car rentals; retailers; restaurants and a host of other sectors.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

To advertise in The Tribune, contact 502-2394

The Public is hereby advised that I, INDIANNA SANTESE CARTWRIGHT and ROBERTO CLEMENTE LEWIS of Malcolm Road West, New Providence, Bahamas, parents of ROBERTO CLEMENTE CARTWRIGHT intend to change his name to ROBERTO CLEMENTE LEWIS JR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LATESE MCPHEE AND LESLIE RAHMING of Sunglow Drive Nassau, The Bahamas, Parents of LESLIE ASIA MCPHEE A minor intend to change my child’s name to LESLIE ASIA RAHMING 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.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 15 SEPTEMBER 2020

(242) 323-2320

LEGAL NOTICE

ALL SHARE INDEX: CLOSE: 2,090.17 | CHG: 1.11 | %CHG: 0.05 | YTD: -140.43 | YTD%: -6.29

NOTICE

BISX LISTED & TRADED SECURITIES 52WK HI 4.10 22.65 2.00 1.79 2.46 6.00 6.75 5.00 8.59 4.50 6.16 12.77 3.64 5.50 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 2.70 5.05 3.62 5.60 11.05 2.71 3.19 9.60 7.50 13.04 3.20 8.00 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

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

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

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

SYMBOL FBB22 BFHB

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

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

LAST CLOSE 3.54 17.43 1.62 1.75 1.67 5.40 6.75 2.99 5.10 3.75 6.10 11.26 2.26 5.30 10.04 8.44 14.30 3.97 8.97 15.20

CLOSE 3.54 17.43 1.62 1.75 1.67 5.40 6.75 3.00 5.10 3.75 6.10 11.26 2.23 5.50 10.13 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 0.01 0.00 0.00 0.00 0.00 (0.03) 0.20 0.09 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.95

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 11,200

9,050

4,800 9,500

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 14.8 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.4 13.6 15.6 21.9 11.8 15.7 11.6 17.5 19.6 9.6 24.1

YIELD 4.80% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.20% 3.61% 6.39% 19.46% 1.09% 3.24% 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

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

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, PEBBLE GLOBAL ADVISORS LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 20th day of July A.D., 2020.

Dated the 15th day of September, 2020 Beatus Limited Liquidator

NOTICE Canopus II International Inc. 165035B

NAV Date

NOTICE OF DISSOLUTION

30-Jun-2020

Notice is hereby given that the in accordance with Section 138(4) of the International Business Companies Act, 2000 that the above Company commenced dissolution procedures on the 7th date of September, 2020 and that Mr. Craig A. (Tony) Gomez, of The Deanery, 28 Cumberland Street, P.O. Box N-1991, Nassau, Bahamas has been appointed the Liquidator thereof.

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

PEBBLE GLOBAL ADVISORS LTD.

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

Notice is also hereby given that that the Creditors of the above named Company are required within 14 days of the date of this notice to send their names, address and the particulars of their debts or claims to the attention of Craig A. (Tony) Gomez, Liquidator of Company, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.

Craig A. (Tony) Gomez Liquidator

THE TRIBUNE

Wednesday, September 16, 2020, PAGE 7

Stocks give up part of an early gain but still end higher

By STAN CHOE AND ALEX VEIGA Associated Press STOCKS overcame a late-afternoon burst of selling and closed higher yesterday, as gains in big technology companies outweighed losses in banks and elsewhere in the market.

The S&P 500 rose 0.5% after being up 1.1% earlier.

It’s the second straight sizable gains for the benchmark index following its worst week since June.

High-flying technology stocks, which have been driving the market higher throughout the pandemic,

abruptly lost altitude earlier this month amid worries that their prices had simply climbed too high, even after taking into account their tremendous growth.

But the past two days has marked a reversal of that trend, with shares in technology companies and others that play a key role in online access and commerce climbing again. Microsoft rose 1.6% yesterday, while Amazon gained 1.7% and Zoom Video climbed 1.8%.

A key reason tech stocks are climbing again is that investors’ expectations that the companies’ profits will boom as even more of daily

life shifts online haven’t changed.

“The things that are doing well or are beneficiaries or are working in this environment, for good reason, are the things that are going up,” said Tom Martin, senior portfolio manager with Globalt Investments.

“That isn’t going to change until we get a notable change in one of the things that are uncertain: The virus itself and the effect that’s having on the economy, and whether we get anything new on the fiscal stimulus front.”

The S&P 500 rose 17.66 points to 3,401.20. The Dow

Jones Industrial Average inched up 2.27 points, or less than 0.1%, to 27,995.60.

The index swung between a gain of 237 points and loss of 61. The Nasdaq, which is heavily weighted with tech stocks, climbed 133.67 points, or 1.2%, to 11,190.32.

Stocks of smaller companies eked out a tiny gain.

The Russell 2000 index of small-caps picked up 1.18 points, or 0.1%, to 1,538.15.

Because tech companies have grown so massive, their movements alone can dictate the market’s performance more than ever. Tech stocks as a group account for nearly 28% of the S&P 500, and they’re up 3.1% this week after slumping more than 4% in each of the prior two weeks.

Analysts expect more volatility for stocks in the months ahead as the market navigates uncertainty over the outcome of the election, pessimism that Democrats and Republicans in Washington will be able to reach a deal to send more aid to unemployed workers and an economy still struggling amid the pandemic.

Investors weighed a batch of mixed global economic data yesterday.

Stocks in Europe and much of Asia ticked higher

following reports showing retail sales in China were higher last month than a year earlier for the first such growth this year, after the pandemic pancaked the world’s second-largest economy. In Europe’s largest economy, a reading on German economic confidence rose more than expected.

In the United States, a report showed that industrial production also strengthened last month.

But the growth wasn’t as strong as economists were expecting. Other reports showed that manufacturing in New York State is expanding more than economists expected, as are import and export prices.

Treasury yields were relatively steady. The yield on the ten-year Treasury was at 0.67%, unchanged from late on Monday. The 30-year yield ticked up to 1.44% from 1.41%.

Shorter-term rates remain pinned at lower levels on expectations that the Federal Reserve will keep its benchmark rate at nearly zero for some time to help the economy recover. The central bank is beginning its latest meeting on interestrate policy yesterday, and it will announce its decision today. Economists say

it could change some of the language around its existing pledge to buy bonds to support markets, but they expect no major news.

On the losing side was Carnival, which dropped 10.8%, making it the biggest decliner in the S&P 500. The cruise ship operator said it may sell up to $1bn in stock to raise cash, and it reported a preliminary $2.9bn loss for its latest quarter. More encouragingly, it also said its advance bookings for the second half of 2021 are similar to where booking positions were in 2018 for the second half of 2019, before the coronavirus pummeled the industry.

Financial stocks were also laggards. JPMorgan Chase fell 3.1%, losing an earlier modest gain. It trimmed its forecast for this year’s net interest income, which measures how much profit it makes from interest payments for loans and other products after subtracting the interest it pays out on deposits.

In European stock markets, Germany’s DAX returned 0.2%, and the French CAC 40 rose 0.3%.

The FTSE 100 in London climbed 1.3%. Markets in Asia ended mostly higher.

PAGE 8, Wednesday, September 16, 2020

THE TRIBUNE

US DROPS TAX ON CANADA ALUMINUM, HEADING OFF RETALIATION WASHINGTON Associated Press THE Trump administration said yesterday that it is dropping taxes on Canadian aluminum, easing tensions with a close ally just hours before Canada was prepared to impose retaliatory sanctions.

The Office of the US Trade Representative said the US is ending the 10% tariffs a month after imposing them. The US had charged last month that an influx of Canadian aluminum justified the levy.

But the office said yesterday that shipments of

Canadian aluminum are returning to normal levels.

It said it could re-impose the tariffs if the imports surged again.

Canada was preparing to impose retaliatory tariffs on US products yesterday.

Mary Ng, Canada’s minister of international trade, welcomed the change in the US position.

“Canada has not conceded anything,” Ng said.

Deputy Prime Minister Chrystia Freeland said Canada is prepared to impose retaliatory measures if the tariff is reimposed. She said it was not a negotiated deal with the United States.

“At a time when we all focused on recovering from the COVID recession and keeping the virus under the control we all know that the last thing we need is tariffs,” Freeland said.

“Common sense has prevailed.”

A senior Canadian government official, who spoke on condition of anonymity, also said that Canada had made no concessions.

“Their statement has all sorts of language about what they expect from Canada, but it’s important to note Canada has agreed to none of that,” said the official said, who was not

authorised to speak publicly on the matter.

The official added that, “We’re glad the US lifted tariffs — that’s a victory for Canada and the US.” Trump originally imposed the tariffs on aluminum imports from most countries in 2018. He then lifted them last year on Canadian and Mexican metals to smooth the way for the US-Mexico-Canada Agreement, which replaced the North American Free Trade Agreement. The USMCA took effect July 1 and was expected to bring stability to North American trade.

Instead, Trump declared in August that he would reimpose the tariffs on Canada. The reinstated tariffs took effect, temporarily as it turned out, on Aug 16.

The tariffs drew widespread criticism.

US business groups said the taxes raised costs for manufacturers that depend on imported aluminum, while not addressing the real threat to American aluminum producers: massive overproduction by China that drives prices down.

The US Chamber of Commerce’s head of international affairs, Myron Brilliant, yesterday

THE WEATHER REPORT

5-Day Forecast

TODAY

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Cloudy

A shower early; otherwise, cloudy

Partly sunny and pleasant

Turning out cloudy

Partly sunny, a t‑storm possible

Sunshine with a t‑storm possible

High: 89°

Low: 78°

High: 88° Low: 79°

High: 89° Low: 79°

High: 88° Low: 78°

High: 89° Low: 77°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

97° F

87° F

99°-89° F

100°-87° F

101°-89° F

102°-87° F

ORLANDO

TAMPA

High: 88° F/31° C Low: 78° F/26° C

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

N

almanac

E

W

ABACO

S

N

High: 87° F/31° C Low: 82° F/28° C

7‑14 knots

S

WEST PALM BEACH High: 89° F/32° C Low: 77° F/25° C

6‑12 knots

FT. LAUDERDALE E

W

FREEPORT

High: 89° F/32° C Low: 79° F/26° C

N

S

E

W

High: 89° F/32° C Low: 79° F/26° C

MIAMI

High: 89° F/32° C Low: 78° F/26° C

7‑14 knots

KEY WEST

High: 89° F/32° C Low: 82° F/28° C

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

N

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

tiDes For nassau Low

Ht.(ft.)

Today

7:21 a.m.

7:47 p.m.

High

Ht.(ft.)

3.3 3.7

1:22 a.m.

1:34 p.m.

0.4 0.1

Thursday

8:11 a.m.

8:35 p.m.

3.6 3.8

2:08 a.m.

2:26 p.m.

0.1 0.0

Friday

9:00 a.m.

9:23 p.m.

3.8 3.7

2:53 a.m. 0.0 3:18 p.m. ‑0.1

Saturday

9:51 a.m.

10:12 p.m.

3.8 3.6

3:40 a.m. ‑0.1 4:11 p.m. 0.0

Sunday

10:42 a.m.

11:03 p.m.

3.8 3.4

4:27 a.m. ‑0.1 5:05 p.m. 0.1

Monday

11:36 a.m.

11:58 p.m.

3.8 3.1

5:17 a.m.

6:02 p.m.

0.0 0.3

Tuesday

12:34 p.m. ‑‑‑‑‑

3.6 ‑‑‑‑‑

6:10 a.m.

7:03 p.m.

0.2 0.6

sun anD moon Sunrise Sunset

6:56 a.m.

7:12 p.m.

Moonrise Moonset

5:53 a.m.

7:03 p.m.

New

First

Full

Last

Sep. 17

Sep. 23

Oct. 1

Oct. 9

CAT ISLAND

E

W

High: 86° F/30° C Low: 81° F/27° C

N

S

E

W

6‑12 knots

S

7‑14 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 ................................................... 88° F/31° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 93° F/34° C Last year’s low ................................... 82° F/28° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ............................................... 45.06” Normal year to date ................................... 26.98”

High: 87° F/31° C Low: 82° F/28° C

To advertise in The Tribune, contact 502-2394

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 74° F/23° C

welcomed the news that the tariffs were being dropped.

“What American manufacturers need now is certainty that these tariffs won’t make another reappearance,” Brilliant said. “Setting aside these threats once and for all will allow American job creators to focus on economic recovery.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 81° F/27° C

High: 86° F/30° C Low: 81° F/27° C

N

High: 88° F/31° C Low: 80° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 81° F/27° C

7‑14 knots

MAYAGUANA High: 87° F/31° C Low: 82° F/28° C

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

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

N

E

W

E

W

N

S

S

7‑14 knots

7‑14 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 6‑12 Knots SSE at 6‑12 Knots SE at 6‑12 Knots SE at 6‑12 Knots E at 7‑14 Knots SE at 7‑14 Knots E at 7‑14 Knots SE at 8‑16 Knots E at 7‑14 Knots SE at 7‑14 Knots SSE at 7‑14 Knots S at 7‑14 Knots E at 7‑14 Knots SE at 6‑12 Knots E at 7‑14 Knots ESE at 8‑16 Knots E at 7‑14 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots SE at 6‑12 Knots E at 7‑14 Knots ESE at 7‑14 Knots SE at 7‑14 Knots SE at 7‑14 Knots

WAVES 3‑6 Feet 3‑6 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 3‑6 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 7 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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