business@tribunemedia.net
THURSDAY, SEPTEMBER 17, 2020
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Med closure Activists voice fears over Club a ‘unique situation’ developer EIA ‘loopholes’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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CTIVISTS yesterday voiced “shock” that newly-tabled regulations to safeguard the Bahamian environment contain multiple “loopholes” that will allow “inappropriate development projects to slip through”. Sam Duncombe, reEarth’s president, told Tribune Business that yesterday’s House of Assembly tabling of regulations governing Environmental Impact Assessment (EIA) conduct and practices was both “a shock and a slap in the face” as it appeared that much of the environmental community’s recommendations
• Slam regulations tabling as ‘slap in the face’ • Tabled version ‘horrid mistake’ • Bonds cut from 50% to 5% of project value
SAM DUNCOMBE
ROMAULD FERREIRA
never made it into the final version. The EIA regulations’ tabling brings them into effect, but Ms Duncombe said she was hoping they are
“a horrible mistake” that will be “yanked” and ultimately revised. She added that, in the aftermath of Hurricane Dorian’s devastation and the ongoing
COVID-19 pandemic, it was vital that the EIA regulations be “as robust as possible” to ensure all developers “dot the ‘i’s’ and cross the ‘t’s’”. Mrs Duncombe was backed by fellow environmentalist, Casuarina McKinney-Lambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, who told this newspaper it was “incredibly frustrating that this important piece
SEE PAGE 4
QC says ‘pay to play’ undercuts rule of law By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC yesterday charged “there’s no sense in having the rule of law if you have to pay to play” as he seeks the Privy Council’s go-ahead for an appeal involving an Abaco marina project. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business the outcome of his approach to the highest court in the Bahamian judicial system was “pivotal” for the ability of Family Island activists to challenge “deeppocketed developers” and the government. Speaking out as his client, Responsible Development for Abaco (RDA), seeks the Privy Council’s permission to appeal a Court of Appeal verdict requiring it
• Activists seek Privy Council ‘go’ to fight $250k security • Smith: ‘Pivotal’ to battle ‘deep pocketed developers’ • Filings say constitutional rights to courts being denied
FRED SMITH QC to pay $250,000 as “security for costs” to the government and the Abaco Club, Mr Smith said success was critical to enabling “grassroots organisations to have their day in court”.
Bahamians told: Be more scam ‘savvy and sceptical’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIANS were yesterday urged to become “more savvy and sceptical” to prevent themselves becoming victims of an “uptick” in financial scams as criminals seek to exploit the COVID19 pandemic. Kendrick Christie, pictured, the Crowe Bahamas accountant and partner, and a past president of the local Association of Certified Fraud Examiners (ACFE) chapter, told Tribune Business that too
many persons “tend to just put our guard down” when get-rich-quick schemes are presented to them. He warned Bahamians to be especially cautious if something appears too good to be true, and said alarm bells should be triggered by any investment-related scheme offering huge rates of return; requiring them to find other persons to invest in it; or levying penalty fees for the withdrawal of their funds. Mr Christie said these were classic signs of a
SEE PAGE 6
Out Island resorts eye COVID testing savings
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
FAMILY Island hotels are exploring how they can “pool resources” to substantially lower the costs associated with testing staff, vendors and suppliers regularly for COVID-19. Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, told Tribune Business that it was working out how its 30-plus member properties can exploit “economies of scale” by buying the rapid COVID-19
testing kits in bulk from the supplier. Revealing that the Board has identified the BinaxNOW test produced by the healthcare firm, Abbott, as a potential candidate, Mr Fountain said The Bahamas’ safe tourism re-opening from October 15 onwards depends on creating a “safe bubble” for the entire guest experience - not just the “Vacation in Place” in the hotels. This, he explained, meant it was critical to also test staff at dive, scuba and
SEE PAGE 6
Arguing that the future conduct of such public interest litigation in The Bahamas was at stake, he added of the case: “This is of pivotal importance to grassroots organisations that are simply insisting on being consulted before Cabinet secretly enters into agreements with foreign developers at the expense of local communities. “I wish I could drill it into the heads of the people in Nassau that the Family Islands are not colonies of Nassau, and that we must respect the locals. Every island is different, and it is disrespectful for Cabinet and the National Economic
Council (NEC) to continue to impose development on Family Island communities without consultation. “This is important because if we’re successful it will prevent the deep financial pockets of the developer from denying Family Island grassroots organisations their day in court. There’s no sense in having rule of law if you have to pay to play. It’s far too expensive for Family Island communities to fight both the government and the rich foreign developer.” RDA’s submissions seeking the Privy Council’s
SEE PAGE 7
DIONISIO D’AGUILAR
DARRIN WOODS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
However, Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told this newspaper he was seeking an urgent meeting with the prime minister to call on the government to do whatever is necessary to prevent San Salvador’s economy from “imploding”. Arguing that at least two members of every household on the island either worked at Club Med or in companies that provided supplies/ services to it, Mr Woods urged the government to establish “makeshift” medical facilities on the island of sufficient size and quality to allay the resort chain’s fears about an inability to cope with a COVID-19 outbreak among guests, staff and residents. The union chief, when asked whether Club Med will pay the resort’s 160-180 staff their due severance and termination pay, said the BHCAWU was in the process of beginning those discussions with the operator after being informed of its decision on Monday. “It’s devastating for the economy of San Salvador for it to be that long,” Mr D’Aguilar told Tribune Business yesterday of Club Med’s move. “December 2021 is, as you can imagine, an exceptionally long time. It’s 15 months, and Club Med is the single
A CABINET minister yesterday said Club Med’s decision to close its San Salvador property until December 2021 is not indicative of the COVID19 re-opening prospects for other Family Island resorts. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the Columbus Isle property represented a “special situation” that was not reflective of other Out Island hotels due to its reliance on longhaul European visitors for the vast majority of its customer base. Acknowledging that Club Med’s decision will be “devastating” for San Salvador, given that its major employer and source of economic activity will have been closed for 21 months since the pandemic started, Mr D’Aguilar pledged that the government is “exploring all its options” for mitigating the inevitable fall-out for the island’s residents. He provided no details, but argued that there was little the Minnis administration could have done to “remove the significant obstacles” that resulted in Club Med ranking its Columbus Isle property “low” when it came to determining which locations it can re-open safely amid COVID-19.
SEE PAGE 5
PAGE 2, Thursday, September 17, 2020
DESIGNS MUST FOCUS ON TARGET AUDIENCE
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CRITICAL concern in graphic design is identifying who the target audience is as early on in the process as possible. Why? Every decision the designer must make about how to communicate the client’s message, clearly and directly, will hinge on the target audience. Age, sex, occupation, education, layout scheme, colour usage, typographical choices, imagery, special platform considerations, and other products/services they have purchased, will all factor into the mix. Learning everything possible about the company’s target market before starting the process of developing promotional materials gives you the best possible chance to attract the attention of prospective customers, and lure them
to make a purchase. If the design does not appeal to your target market, your prospective customers or clients may move on to your competitors. A target audience is a specific group of people to whom a product, service or brand is marketed in a variety of ways. In most aspects of a company or business, knowing your target audience is essential to delivering an appropriate message or solution. The first thing you have to figure out about your target audience is who they are. What kind of things do they do? What kind of music do they listen to? What products do they use? How old are they? The answers to these questions, and many more, will help you better understand the people you are designing for. Understanding these individuals
helps you to create something they can relate to and communicate well. Research Finding out more about your audience does not have to be rocket science. It is not about how you have gathered your information, but the questions you have asked and what is done with the answers that aids your design. Design basics After you have gathered all information, and you feel like you understand your purpose and your audience, then it is time to design. Just because you are designing with great intentions does not mean you forget any of your fundamentals. You must continue to incorporate all theories of design so that you can make an effective end product Audience is king. Ultimately you must understand
the target audience inside out. Any successful creative campaign should be informed by research, as this has the best chance of achieving the desired results. Quick tips to help you focus your efforts on a particular target audience Ask your audience the right questions and conduct research on the answers. Tailor your design to appeal to their interests. Remove any personal bias. Some designers tend to design with feelings, but be mindful that what works for you may not work for your audience. Your audience should be able to connect and relate to your product. Therefore, design something that not only you will understand but the audience will as well. If you see that there are clearly two different audiences, then find a
commonality between both, formulating one clear idea. Now that you are ready with all the information to move forward with designing, you must continue to incorporate all theories of design so you can make an effective piece. By designing for your target audience, you can establish clear goals and devise a winning strategy accordingly. You will be able to create memorable designs that both you and your audience will truly appreciate. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Bastian is a professionally-trained Graphic Designer/Brand Marketing
THE TRIBUNE
The Art of Graphix BY DEIDRE M BASTIAN
Analyst and Certified Life Coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Entrepreneurs get $20k seed funding FIVE aspiring Eleuthera entrepreneurs have been awarded a combined $20,000 in grants following the successful presentation of their business plans at a
Seed to Succeed event. The initiative, hosted by the One Eleuthera Foundation on August 31, saw eight participants bid to obtain funding for their
business ideas before a panel of judges. Mark Palmer, the One Eleuthera Foundation’s social enterprise accelerator, said: “The newly-minted
entrepreneurs represented a plethora of industries including esthetician services and waxing, mobile car detailing, landscaping, painting and construction”.
GRANT recipient, Randall Tynes, presenting his business plan during the inaugural Seed to Succeed event hosted by the One Eleuthera Foundation.
RANDALL TYNES, Breandra Whylly, Lashawn McPhee and Insworth Wallace, all grant recipients, pose after successfully presenting their business ideas following the inaugural Seed to Succeed event hosted by One Eleuthera Foundation. The Seed to Succeed initiative assisted participants with perfecting their business plans, and sharpening their creativity and technological skills. Once they completed their ideas, the participants pitched their business ideas to the judges. One Eleuthera Foundation’s chief executive and president, Shaun Ingraham, added: “The participants showcased the wealth of knowledge and expertise of Eleutherans. “We are incredibly thankful to our esteemed judges – Christian Sawyer, owner of Sunryse Information Management; Anya Ferguson, finance manager at The One Eleuthera Foundation Cooperative Credit Union; Travis Miller, founder at Shift The Culture, Venture Coworking and Arrowlynk Adventures; Sameer Bhatti, board member, One Eleuthera Foundation, US; and Avis Munroe, senior accounts and reporting officer at One Eleuthera Foundation.” Mr Ingraham added: “One Eleuthera Foundation is concerned with the economic development of Eleuthera, particularly since COVID-19, and we are doing what we can to strengthen entrepreneurship and financial inclusion
in our community. “We started Seed To Succeed to assist our own staff to become entrepreneurs, as well as the many graduates from our Learn to Earn programmes. We hope to roll it out to the rest of Eleuthera soon. Finally, thank you to the Cotton Bay Foundation for programme funding.” The Seed to Succeed winners are: 1. Landscaping hopeful Lashawn McPhee, who received a grant for $6,500 to assist with tool purchases and a deposit for a company vehicle. 2. Painter Breandra Whylly received a grant for $4,240 that would be used to purchase tools and a deposit for a company vehicle. 3. Randall Tynes received a grant for $3,750 that would be used to purchase tools and a deposit for a company vehicle. 4. Kendy Thompson received a grant for $3,060 that would be used for courses, tools and marketing. 5. Insworth Wallace received a grant for $2,450 that would be used for tools and marketing. Another cohort of business plans will be presented for funding in the coming year.
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THE TRIBUNE
Thursday, September 17, 2020, PAGE 3
Bank hails top global honour A BANK that launched an online trading platform accessible to locals has won International Investor magazine’s award for Best Private Banking Services in The Bahamas. Cornèr Bank (Overseas), which hailed the Cornèrtrader platform’s 2018 launch as a first for The Bahamas, given that it gave Bahamians real time access to the New York Stock Exchange (NYSE) and Nasdaq markets, said the award recognised its strong performance and “excellence”. Christine Russell, Cornèr
TOP: Four Walls lounge area. RIGHT: Club Patron Mieko Smith and Four Walls Vice President Noelle NIcolls.
Investor group ‘squash-es’ post-COVID-19 pessimism BAHAMIAN investor group has expressed confidence in the fitness industry’s post COVID-19 return through the 7,000 square foot revamp of the former Squash Club facility on Village Road. Renamed as the Four Walls Squash and Social Club, renovations to the property that has been a 45-year landmark in the area were completed this week. “Today is a bittersweet day. It signifies a brandnew beginning for this landmark property, having mounted our new sign on the building after months of costly renovations,” said Noelle Nicolls, Four Walls vice-president. “At the same time, the continuation of COVID19 restrictions on fitness and entertainment facilities means we cannot open our doors to the public as yet. Nonetheless, we passionately believe in our vision and remain optimistic.” The property was purchased earlier this year by the investor group. It is the oldest squash club in The
Bahamas and will soon be a location for professionals to enjoy squash, fitness, food and spirits. The group said the property is now fully Bahamian-owned for the first time in its history. “People will be surprised to see what has been hidden in plain sight for so long. It is a huge facility with three squash courts and boutique fitness studios, full-service locker rooms and our signature bar. Squash is a niche sport, but it offers something everyone can relate to: A social culture for grown folks who value the wine down as much as the work out,” said Ms Nicolls. The building, which sits next to Montague Village, was for much of its history a private club that catered to a niche community. Four Walls will instead be fully open to the public with no membership requirements, although squash and social packages will be available. The squash courts will double as boutique fitness studios for instructors to offer gymnastics classes, yoga, karate, aerobics, table tennis and almost any form
of boutique fitness. “COVID-19 took a wrecking ball through our summer launch plans, so all we can say at this point is that we are opening soonish,” said Michael Fields, Four Walls’ president and chief executive. “Obviously, the financial strain is intensifying with each day we are closed. We are scouting an independent operator to run a bistro-style restaurant on the property, and will soon start hiring staff for our wine and cocktail bar. We plan to make full use of our outdoor patio, and to provide curbside and drivethrough service where applicable. “We have a remarkable facility that deserves to be known and enjoyed by the public. We plan to start very lean and grow as quickly as we can. With our four service offerings – squash, fitness, food and spirits – we plan to make Four Walls Squash & Social Club the cosiest hangout for hardworking professionals to escape the daily grind and live healthier and happier.”
Doctors Hospital
AGM
ANNUAL GENERAL MEETING
*NEW DATE*
The Board of Directors of Doctors Hospital Health System Limited advises the shareholders of the 2020 Annual General Meeting. The meeting will be held virtually via Zoom. To register for the AGM we invite shareholders to complete our online registration form by visiting www.doctorshosp.com/shareholders and clicking the "Register for AGM" button. Vetted shareholders will receive the meeting information in advance of the meeting. You can read the annual report on our website www.DoctorsHosp.com or obtain a copy from our corporate office on #11 Collins Avenue.
Date September 24th, 2020 Time 11:00am w w w.doc torshosp.com
I (242) 302-4600
Bank (Overseas) chief executive, said: “I would like to thank the International Investor Awards, and the subscribers of International Investor magazine, for recognizing Cornèr Bank’s continued leadership and excellence.” The awards honour businesses that consistently deliver first-rate service. “It’s an honour and a privilege to accept this award on behalf of my organisation,” Ms Russell continued. “But the true reward comes from knowing that we are making a real difference in the quality of our clients’
investment options. “With a click of a mouse, Bahamians could easily purchase anything they wanted on Amazon, but until Cornèrtrader they could not say the same for a share of Amazon itself. No longer are we just consumers; now we can be owners, too.” Cornèr Bank Group is an internationally-recognised financial services provider. The Banker magazine has consistently recognised it as the most stable and efficient financial services provider in Switzerland.
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ANNUAL GENERAL MEETING NOTICE Notice is hereby given that the Annual General Meeting of Benchmark (Bahamas) Ltd. will be held via teleconference on September 30th, 2020 at 6:30pm. To join the AGM, you would be required to dial (242) 603-0000 and input Participant Code/Pin 426473.
PAGE 4, Thursday, September 17, 2020
Activists voice fears over developer EIA ‘loopholes’ FROM PAGE ONE of legislation was passed with major loopholes”. Joining the reEarth president in calling for the EIA regulations to be further reviewed and changed, she said: “This is an essential
piece of legislation that has the potential to improve the way that we develop as a country for the benefit of current and future generations. “It’s unfortunate that the regulations were rushed to be tabled without incorporating a lot of good work from
numerous organisations and experts who submitted recommendations. These recommendations included guidelines on the types of projects that should require EIAs, particularly ones likely to impact sensitive ecosystems, [and] the need for
meaningful environmental bonds.” Romauld Ferreira, minister of the environment and housing, could not be reached for comment before press time despite Tribune Business placing phone calls and messages to him. This newspaper’s review of then initial EIA regulations draft, and the final version tabled yesterday, showed some provisions have been watered down to make them less financially onerous for developers. The first version stipulated that the Department of Environmental Planning and Protection’s director, currently Rochelle Newbold, will “fix” the size of the performance bond that a developer has to lodge or deposit as security to cover the costs of remediating any environmental damage their project may cause. The sum required was to be based on “the probable cost” of any environmental issues or infractions that were likely to arise, with the initial draft setting both a “floor” and “ceiling” for the size of the performance bond. This was to be “no less than five percent, and no more than 50 percent, of the value of the project”. However, the EIA regulations tabled in the House of Assembly yesterday drastically reduce the performance bond obligation imposed on developers “to a sum no more than five percent of the value of the project”. The change is likely due to fears that requiring developers to post a bond equivalent to 50 percent of their project’s value is simply too financially onerous, and will deter both foreign direct investment (FDI) and Bahamian investment at a time when the Bahamian economy needs every cent it can get to create jobs and earn foreign currency amid the COVID-19 pandemic. Taking the $400m figure given by the government for the next stage of Sir Franklyn Wilson’s Jack’s bay development as an example, a performance bond equivalent to 50 percent would equal $200m - immediately
THE TRIBUNE making the project non-viable. A security equal to five percent would be a much more manageable $20m. However, environmental activists will likely argue that the new five percent “ceiling” is too small given the potential damage some projects could cause. The tabled EIA regulations, meanwhile, also introduced the new requirement that the performance bond must be lodged, and will not be available to the developer, from the start of construction to after three years of full operations. Mrs Duncombe yesterday said consultation on the EIA regulations had been fraught from the start, with the government ultimately extending the initial feedback period which was just five days. However, she suggested this had been in vain as it appeared none of the environmental community’s recommendations had been incorporated in the final version. “We’re just a little bit in shock,” she told Tribune Business. “The minister [Mr Ferreira] had reached out to us in July, and we asked them for an extension because the time period was absolutely insane; less than five days to comment on important regulations.” Activists had initially sought a further 30 days, but then realised even more time was required to consult environmental experts and “look at legislation in other jurisdictions. Instead of reinventing the wheel, incorporate what other jurisdictions have done” “We heard today that the regulations have been tabled, and from the looks of things I don’t think they’ve included any of the work we’ve submitted,” Mrs Duncombe said. “We all worked on those regulations for the last couple of weeks so we could submit some robust comments on what was happening, but it looks like our comments were not considered and didn’t make the final resolution. “It’s pretty much what they sent out. We had a great conversation with the director [Mrs Newbold] on Monday, and felt very positive that a lot of our comments were taken in a good way by the way by the department. To have this now, to say it’s a shock and a slap in the face is an under-statement. “First of all, they didn’t bring us to the table when they should have, and when we give them a response they don’t take them into consideration. Why bother when
you may as well go ahead and do what you want. I just hope this is a horrible mistake at this point, and they’re going to yank those out and be redone,” she continued. “We spent weeks of work and consulting other people to make those regulations as robust as they can possibly be, especially in these times we’re in where we have to be careful how we move forward, and make sure developers ‘dot all the ‘i’s’ and cross all the ‘t’s’. These are the regulations that enforce that.” BREEF’s Mrs McKinneyLambert added that the decision to cap performance bonds at five percent of a project’s value “is a joke, quite frankly, and disappointing because a lot of people put a lot of effort into making those regulations watertight and effective for the protection of current and future generations of Bahamians”. “What we’re left with is something that misses the point,” she said. “They’re [the government] supposed to be a strong proponent of public consultation. We recommended that there be a website set up where information on proposed projects be shared, and these have gone back to publishing newspaper notices. It’s not an efficient way of sharing information and garnering public support. “We want to make sure our development is sustainable socially, environmentally and economically, and the way these regulations are written misses that. We’re concerned about having guidelines to determine which projects require EIAs, and there are loopholes in letting inappropriate projects get through. “It just seems like these regulations were rushed through, and it’s going to cause problems down the road. They’re absolutely essential to all of our well-being. It’s not just the environment at stake. We want to have clearly written regulations that provide a useful framework for everyone.” Mrs McKinney-Lambert added that the EIA regulations appeared not to support the government’s compliance with freedom of information and “good governance”, and she said: “If you don’t have access to information it’s hard to make good decisions. We hope there will be an opportunity to make amendments to this and improve on them going forward.”
THE TRIBUNE
Thursday, September 17, 2020, PAGE 5
ENVIRONMENTALISTS HAIL DISNEY ‘B-’ DOWNGRADE BAHAMIAN environmentalists yesterday hailed an international group’s decision to downgrade Disney Cruise Lines in its annual report card over the planned Lighthouse Point project in Eleuthera. Friends of the Earth (FoE), a US and international group, which issues a Cruise Ship Report Card on the sector’s environmental compliance and practices, said Disney Cruise Lines’ decision to forge ahead with Lighthouse Point had cost it its “A-” rating. While Disney again led the industry on environmental practices, Friends of the Earth has now dropped its overall grade to “B-”. Explaining the move, the group said: “Despite being at the top of our report card, Disney was downgraded a letter grade this year for its push to build a massive cruise ship port at Lighthouse Point in The Bahamas, which is opposed by community groups in The Bahamas for the destruction it would cause to this ecologically rich area that has been proposed for Marine Protected Area status. “Friends of the Earth’s decision was warmly welcomed by Bahamian
environmentalists. “We appreciate the attention Friends of the Earth has drawn to Disney’s plans that will degrade not only a proposed Marine Protected Area, but also a unique natural site at the southernmost tip of the island of Eleuthera that is treasured by generations of Bahamians and visitors around the world,” said Sam Duncombe, reEarth’s president. Her group and others are partners in the Stop DisneyLast Chance for Lighthouse Point campaign that has gathered more than 318,000 supporters. “In light of climate change-charged Hurricane Dorian, and now COVID-19, Disney needs to rethink all of its activities in The Bahamas,” said Joseph Darville of Save the Bays, another Last Chance partner group. “We hope that Disney would support the call for an Environmental Impact Assessment on the restart of the cruise ship industry after COVID-19 so we can make smart decisions about building The Bahamas back better.” “There is an opportunity for Disney to do something transformative at Lighthouse Point. Now, more than ever, Disney
needs to abandon its current plans and work with local groups on land-based, low-impact tourism that provides climate-resilient jobs and economic opportunities to Bahamians, while protecting the natural environment,” said Marc Yaggi, executive director of the Waterkeeper Alliance. Friends of the Earth said Disney and other cruise lines have taken some environmental measures, but added that the larger question of whether “clean cruising is possible” remains. Its report card finds that “in most cases the answer is still a resounding ‘no’” It added: “For decades, the cruise industry’s business practices have put the environment, climate and public health of coastal communities, passengers, crew, and coastal and marine ecosystems at risk. “In addition, most governments have refused to enact strong regulations for the cruise industry, ignoring the ongoing damage the industry does to communities and the environment, or have caved to industry pressure to develop their pristine resources for industry profit.” “There is still a chance to make Lighthouse Point a beacon of hope that The Bahamas can build back better from the current crisis and choose a new path to a more sustainable future for Eleuthera and The Bahamas,” said Mrs Duncombe.
Club Med closure a ‘unique situation’ FROM PAGE ONE largest employer on that island, the only major employer. It’s naturally devastating for the residents of that island.” However, he argued that the resort chain’s move was not a signal of what was likely to occur on October 15, the date recommended by the Ministry of Tourism for the hotel industry’s reopening, with a wider sector comeback planned for November 1. “Not at all,” Mr D’Aguilar replied. “That’s a very special situation given the fact the whole property’s focus is on the European market. It’s a bit different. Most of our Family Island properties are very American-centric, and it’s so much easier and closer to come up with a ‘Plan B’. “If you’re an American in the Out Islands it’s much easier to get home if you fall sick even though it has to be by private plane. Most people if they’re ill want to go back home, but if you’re coming from France and Italy, which is the greatest source of visitors to Club Med, it’s a long way away. You can’t put them on a commercial plane, and you can’t put them in our healthcare system as challenged as it is.”
Mr D’Aguilar confirmed that the main fears behind Club Med’s decision were the inability of San Salvador’s healthcare facilities to cope with a major COVID19 outbreak, which was “compounded with the lack of international airlift” given that the resort operated just one flight per week in and out of the island from France. “That was not considered sufficient,” he added. “They’re working their way through all the resorts in terms of what are the safest locations to open, given that there are not sufficient healthcare facilities on the island, given that there was no robust trans-Atlantic or international airlift, it reached that point where it ranked low in all their resorts in terms of opening. “There wasn’t much the Government of The Bahamas could have done in terms of removing those significant obstacles. They [Club Med] would wish for a scenario where COVID19 is mitigated substantially, receded substantially or a vaccine is in place, would be my guess, before they go to a small remote location.” However, the union’s Mr Woods said he was seeking an urgent meeting with Dr Hubert Minnis over Club Med given the
circumstances, adding: “You’ve got to go straight to the head. “We said there’s no way those employees can sit around for another 15 months waiting for Club Med to be open. We’re waiting on him. In the meantime the company and union have agreed to commence discussions about the terms of what the future is for the employees down there. Every household has two members working for Club Med or their spin-offs.” Such dependency on the resort, Mr Woods argued, meant the government has little choice but to intervene. “It’s going to implode if nothing is done,” he told Tribune Business. “If there’s no intervention I don’t see the economy surviving. “The government is going to have to find a way to put a makeshift [medical facility] or anything, but something needs to happen. Our heart goes out to the persons affected. Our hope is that this is an isolated case based on where Club Med is.”
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ACH Business Manager Position Description Bahamas Automated Clearing House Limited (B.A.C.H Ltd) TEAM MEMBER:
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
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.
PAGE 6, Thursday, September 17, 2020
Bahamians told: Be more scam ‘savvy and sceptical’ FROM PAGE ONE
pyramid or Ponzi-type fraud, which typically promise or guarantee investors a high return, claiming they can turn a small investment into a much larger sum of money within a short period of time - but without saying how. They use “new investor” monies to meet the promised payments to investors who entered the scheme earlier, relying on attracting a high number of new participants on a daily basis to stay afloat. Eventually, when they are unable to attract enough money to meet the promised payouts, the scheme collapses. The Crowe Bahamas accountant, adding that some persons participated in such schemes while suspecting they were scams, but believing they could withdraw their money and profit before it failed, said the ACFE globally had seen a 90 percent increase in scams and frauds, including cyber crime, as a result of the COVID-19 pandemic. “There’s a lot of desperation, a lot of persons out of a job or who have lost income,” Mr Christie said, adding that this made Bahamians and others more
vulnerable to “falling for them”. He added: “I think people have to slow it down and ask themselves if it’s really believable, and why do I have to bring other people in. We are already seeing an increase.” Mr Christie said COVID19 had increasingly driven financial frauds and scams online due to the restrictions imposed on “bricks and mortar” operations, which often made it easier for those behind them to cover their tracks once such schemes collapsed and avoid detection/prosecution. It also makes it harder to recover the money taken. In a close-knit society, with interlocking family relationships and where everyone knows everyone else, social media and “word of mouth” have often proven effective tools for sucking hundreds of Bahamians into unregulated investment schemes. “What we’re lacking is research,” Mr Christie argued yesterday. “When persons approach us, question them more and be more sceptical. Go online. The Bahamas is one of the most online countries. Type in the name of the company and person, get a feel for what it’s about and what people are saying. If you are getting too much for too little you’ve got to think it’s a scam.” Craig A “Tony” Gomez, the Baker Tilly Gomez accountant and partner, told Tribune Business that those seeking “short-term monetary satisfaction” - especially among the unemployment and loss of income caused
THE TRIBUNE by COVID-19 - were likely to be particular targets for criminals operating such schemes. “Those schemes are very attractive for those looking for significant gains in a short period,” he added. “We are likely to see more of them as time goes by. Why? People are financially frustrated. Financially frustrated people are looking for returns. People are looking for financial relief. The Bahamas, because of its apparent per capita wealth, will always be a target for these kind of schemes.” Both accountants spoke out after the Securities Commission, the capital markets and investment funds regulator, warned this week that there was an increase in social media and websites calling on Bahamians to joins schemes where an individual pays a certain sum of money to join, and then in turn must solicit and encourage others to join to receive a large cash pay-out. The regulator added that a group calling itself ‘Foundation Family Sou Sou’, based in the US, has launched a financial scheme they claim is linked to traditional African sou sous, similar to Bahamian asues. This has been deployed in The Bahamas under the names “Fire Starter”, “Magnolias Jr”, “The Winning Team”, “Ujamma Family & Friends Share Plan”, “242 Financial Partners” and “Everybody Eats”. This programme, in its various forms, carries the same characteristics of fraudulent Ponzi and/or pyramid schemes.
Out Island resorts eye COVID testing savings FROM PAGE ONE snorkel providers; fishing guides; excursion and transportation firms; and regular suppliers if the tourism re-opening benefits are to extend beyond the hotels and visitors enjoy the activities they “came to the destination for”. “The gold standard [PCR] test for COVID-19 is very expensive,” Mr Fountain said. “But the minister said you are allowed to use the rapid test for hotel staff
members. I want to, if I’m a hotel, to test staff members when they come back to create a safe bubble. “Maybe not test every day, but you should do it randomly throughout the week. We’ve done our homework, and identified the Abbott rapid test, encouraging and informing our members that this is what we want to use to test staff members randomly, and any vendors such as the dive operator, fishing guide and tour operator. That will allow guests to participate in some of the activities they
came to the destination for in the first place.” Mr Fountain continued: “How can we now pool our buying power to take advantage of any economies of scale? The whole idea is to get the unit cost as low as possible. How can we all buy from the same place to take advantage of economies of scale. These are the things we are talking about in terms of preparation. “The trick is not just providing a safe bubble at your hotel, but a safe bubble throughout the entire stay.”
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Thursday, September 17, 2020, PAGE 7
QC says ‘pay to play’ undercuts rule of law FROM PAGE ONE permission to bring its appeal, which have been seen by Tribune Business, argue that the $250,000 it must find to cover the Abaco Club and government’s legal costs are “of such magnitude they would stifle its claim and, thereby, breach the appellant’s constitutional rights of access to the court, to a fair trial and to fair and equal access to the courts”. It added that its financial resources were “very modest”, and its Privy Council papers argue that “there was simply no basis for the Court of Appeal purporting to find that the claim was ‘...being funded by the persons who claim that they would be adversely affected by the proposed development and could be expected to provide the security required to pursue the claim’”. RDA is also alleging that the costs demand was made late, and it is “readily apparent that the combined security for costs orders would stifle the claim. Two hundred and fifty thousand dollars was
five times the total fundraising that the appellant had hoped to raise - but by December 2016 still had not yet realised - to run the entire case from start to finish”. “The Court of Appeal’s orders disproportionately impede its right of access to the courts,” RDA’s papers argue. “In the Bahamas there is no legal aid and conditional fee agreements are unlawful.... Nevertheless, the Bahamian courts appear to deny the constitutional right of access to the court”. It is aiming to overturn a Court of Appeal judgment written earlier this year by its president, Sir Michael Barnett, who declined to grant “leave to appeal” to the Privy Council on the basis that the case raised no issues of legal or general public importance. While “security for costs” is often demanded in legal actions alleged to be frivolous, or have a small chance of success, the government has increasingly employed this tactic when facing Judicial Review challenges to permits
and approvals granted to developers. Some, including Mr Smith, view it as a tactic designed to knock-out such litigation at an early stage, and avoid a trial on the substantive issue, given expectations that those bringing Judicial Review actions lack the financial means to sustain them. In the present proceedings, RDA is currently required to pay $150,000 to the Abaco Club, and $100,000 to the government. RDA had previously launched Judicial Review proceedings opposing The Abaco Club’s plans to construct a 44-slip dock at Little Harbour, along with a supplies shop, private restaurant, 6,000 square foot covered car park, generator, desalination plant and waste treatment facility. The proposed development will measure 320 feet across the outside piers, 210 feet between the two parallel main piers, and will extend 270 feet into Little Harbour, with the intent for it to accommodate boats up to 60 feet. However, RDA fears if the project goes ahead it will completely change the environment and character of Little Harbour, a 50-home community that runs entirely off solar power. Besides its environmental concerns, RDA is
alleging that the government decided not to carry out any proper consultation with local residents and affected stakeholders before making decisions concerning the grants, permits and approvals required before the development can be constructed. It is also claiming that the government has withheld information so as to deprive the group of its statutory rights and/or legitimate expectations to contribute to any consultation process. RDA, in its Privy Council submissions, said the Winding Bay-based Abaco Club, which is owned by
Southworth Developments and a group of its homeowners, view the Little Harbour project as critical to ending the absence of a marina that would prove a further attraction to attract new home and lot buyers. “Little Harbour is a small, shallow harbour approximately three miles from the club. It is rugged and unspoilt. It is a unique solar-only residential community of 60 homes which collect their own rainwater, private docks, moorings for guest boaters, a pub and art gallery,” RDA added. “Access to Little Harbour is through a narrow, and shallow channel.
“If, as is proposed, a commercial marina for the accommodation of boats up to 60 feet is constructed in Little Harbour, regular dredging of the existing channel will be required and to a greater depth than the current channel. The environment and ecological costs will be very significant indeed. There is much local concern about the development.” The Abaco Club, though, told the Court of Appeal in May 2020 that it has not moved to progress the project in line with previous undertakings that no work will be done until the court challenge is resolved.
PAGE 10, Thursday, September 17, 2020
THE TRIBUNE
EU CHIEF SAYS UK CANNOT CHANGE EU-UK WITHDRAWAL AGREEMENT BRUSSELS Associated Press THE president of the European Union’s executive arm said yesterday that the United Kingdom cannot unilaterally change the bilateral Brexit agreement without destroying global trust in the country. Insisting that chances for a future trade deal were slipping away by the day, European Commission President Ursula von der Leyen told EU lawmakers that plans by British Prime Minister Boris Johnson to renege on parts of the UK-EU withdrawal agreement dimmed those hopes even further. What’s more, von der Leyen asserted, Britain is throwing its good name to the wind by not respecting a deal it signed in December. “It cannot be unilaterally changed, disregarded,” she said in her State of the Union address. “This is a
EUROPEAN Commission President Ursula von der Leyen addresses the plenary during her first State of the Union speech at the European Parliament in Brussels yesterday. European Commission President Ursula von der Leyen will set out her vision of the future in her first State of the European Union address to the EU legislators. Weakened by the COVID-19 pandemic and the departure of the United Kingdom, she will centre her speech on how the bloc should adapt to the challenges of the future, including global warming, the switch to a digital economy and immigration. Photo: Francisco Seco/AP matter of law and trust and good faith.” Von der Leyen drove home the point by quoting from a 1975 speech by former British prime minister and conservative icon Margaret Thatcher.
“Britain does not break treaties. It would be bad for Britain, bad for our relations with the rest of the world and bad for any future treaty on trade,” von der Leyen quoted Thatcher’s speech as saying.
Johnson has called his plan to unilaterally rewrite Britain’s divorce deal with the EU an insurance policy against any unreasonable behaviour by the bloc. The prime minister said his proposed law gives the
UK government the power to override portions of the withdrawal agreement because the EU might “go to extreme and unreasonable lengths” in its treatment of former member Britain. Under persistent questioning by Labour lawmaker Hilary Benn during a parliamentary committee hearing yesterday, Johnson was asked whether the EU was “negotiating in good faith”. “I don’t believe they are,” he said. Johnson added later in the hearing: “It is always possible that I am mistaken, and perhaps they will prove my suspicions wrong.” Five former British prime ministers have criticised Johnson’s willingness to break international law. The government’s top law officer for Scotland resigned yesterday because of concerns about Johnson’s legislation. Johnson later secured support for an amendment
meant to assuage the discomfort among members of his Conservative Party. The compromise would allow lawmakers to vote before the government took any actions that broke international law. Von der Leyen said the EU would always respect the agreements that get its signature and “we will never backtrack on that”. The UK withdrew from the EU’s political institutions on Jan 31 but remains in a tariff-free transition period until the end of the year while negotiators work out the terms of a future trade relationship. The European Parliament would need to approve any trade deal, and the leader of the biggest group of the legislature, said that any deal would stand no chance with EU lawmakers if the UK disrespected even the slightest paragraph of the Brexit agreement.
THE TRIBUNE
Thursday, September 17, 2020, PAGE 11
To advertise in The Tribune, contact 502-2394 YOUR LEGAL NOTICE
WWW.FACEBOOK.COM/JOYFM1019
The Public is hereby advised that I, YVETTE IONIE WHYTE of Nassau, The Bahamas, Parent of LE ANDRE KHAVARI PLAYDLE A minor intend to change my child’s name to LE ANDRE PLAYDLE-STRACHAN 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 is hereby given that JELIANIE TOUSSAINT, Queen’s Highway, Palmetto Point, Eleuthera, 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 10th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that KRINSNY TANIS, #35 Union Village P.O.Box NP-336, 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that CHAMANAL LOUIDOR, Market Street , 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Sparnweg Holdings Limited NOTICE IS HEREBY GIVEN as follows: (a)
Sparnweg Holdings 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 29thday of July, A. D., 2020, when the Articles of Dissolution were submitted and registered by the Registrar General.
(c)
The Liquidator of the said company is Robbert Alexander Maas of Valeriusstraat 214H, 1075 GK Amsterdam, the Netherlands.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
Dated this 15th day of September, A. D., 2020. Robbert Alexander Maas Liquidato
NOTICE NOTICE is hereby given that RITCHIE D’ANGELO, Palm Breeze Road, off Carmichael Road, 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that ROSANDRA JOSEPH, Boat Zain Hill East, off Carmichael, 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that NATASHA TELSON, East Street, P.O.Box N-10326 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 10th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that ENRICO DARSHAN JOSEPH. Marsh Harbour, Abaco 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 9th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
CHOICE FOR THE FAMILY
MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 16 SEPTEMBER 2020
BISX ALL SHARE INDEX:
CLOSE
CHANGE
%CHANGE
YTD
YTD%
2091.930
0.76
0.04
-139.7
-6.26
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 4.08 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
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
SECURITY Fidelity Bank Note 22 (Series B) + Bahamas First Holdings Limited
SYMBOL FBB22 BFHB
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
MUTUAL FUNDS
MARKET TERMS
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 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
CLOSE 3.70 17.43 1.62 1.75 1.67 5.50 6.75 3.00 5.10 3.75 6.10 11.26 2.25 5.50 10.02 8.44 14.30 3.97 8.97 15.20
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
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
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
CHANGE 0.16 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 (0.11) 0.00 0.00 0.00 0.00 0.00
VOLUME 7,000
1,370
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
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
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 15.5 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.4 13.6 15.6 22.1 11.8 15.5 11.6 17.5 19.6 9.6 24.1
YIELD 4.59% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.20% 3.61% 6.39% 19.29% 1.09% 3.27% 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
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
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%
MATURITY
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
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 16, Thursday, September 17, 2020
THE TRIBUNE
US stocks close lower after Fed rate decision Associated Press
STOCKS closed lower on Wall Street yesterday after a rally following the Federal Reserve’s latest interest rate policy update faded in the final hour of trading. The S&P 500 fell 0.5% after having been up 0.6% following the 2pm Eastern time Fed announcement. The central bank signaled it will keep interest rates near zero into 2023 and issued a slightly less dire outlook for economic growth and unemployment this year. The Fed’s decision to leave rates unchanged had been widely expected by Wall Street and continues the central bank’s policy of unprecedented support for financial markets since the pandemic knocked the economy into a recession. “The Fed confirmed what we all thought, rates at 0% are here to stay, probably for years,” said Ryan Detrick, chief market strategist for LPL Financial. “A better economy and a dovish Fed, that is a nice combo.” The S&P 500 lost 15.71 points to 3,385.49. The Dow Jones Industrial average rose 36.78 points, or 0.1%, to 28,032.38. It had earlier been up by 369 points. The Nasdaq composite lost 139.85 points, or 1.3%, to 11,050.47. Smaller stocks rose more than the rest of the market, and the Russell 2000 index of small-caps gained 14.17 points, or 0.9%, to 1,552.33. The market’s pullback snapped a three-day winning streak for the S&P 500, which is down 3.3% so far this month after fivestraight monthly gains. One of the primary reasons Wall Street has roared
back to record heights this year despite the still-raging pandemic is the immense aid from the Federal Reserve. The central bank has cut short-term rates to nearly zero and is buying all kinds of bonds to support markets. Last month, Fed chair Jay Powell outlined a new strategy of providing support even if inflation rises above its target level. “Don’t fear the Federal Reserve, and don’t fear them making a policy mistake that hurts economic expansion any time in the next three years,” said Mike Zigmont, director of trading and research at Harvest Volatility Management. “The Fed’s statement today is an affirmation to market participants that a risk-on strategy will continue to be supported by the Fed,” said Lindsey Bell, chief investment strategist at Ally Invest. “This is apparent in their signaling that rates could stay low through 2023 and a reiteration of their shift in focus to inflation and long-term inflation.” Powell said yesterday that the economy has recovered more quickly than the Fed had expected. The Fed updated its forecast for GDP to a decline of 3.7% this year compared to a June forecast of a 6.5%
drop. On employment, the Fed projected an unemployment rate at the end of the year of 7.6% instead of the 9.3% it projected in June. Still, Powell acknowledged the economic outlook remains highly uncertain, and heavily dependent on the US getting control of the pandemic. “A full economic recovery is unlikely until people are confident that it is safe to re-engage in a wide variety of activities,” Powell said. The economy has improved fitfully since the worst of the lockdowns in the spring. Investors say the economy and markets still crucially need all the support they can get from the Federal Reserve and Congress. Federal unemployment benefits and other Congressional aid for the economy approved earlier this year have expired, and partisan disagreements on Capitol Hill have prevented their renewal. A report yesterday showed that US retail sales strengthened less than economists expected last month. Part of the shortfall is likely because unemployed workers are no longer getting the $600 boost to their weekly checks that had been
coming from the federal government. Technology stocks led the slide yesterday, outweighing gains in financial, industrial and energy companies. The pullback in tech stocks marks a reversal from the first two days of this week, when the sector rebounded from a tumultuous two-week sell-off. Gains by big tech stocks have helped drive the market’s stunning rebound this year, most recently carrying the S&P 500 to a record high on Sept 2. FedEx rose 5.8% after reporting stronger profit growth for the latest quarter than analysts expected. The boom in online shopping caused by the coronavirus pandemic has helped lift its revenue. The company said that the growth it expected to see over the next three to five years has happened in just three to five months. Treasury yields dipped following the retail sales report, but inched higher after the Fed statement. The yield on the ten-year Treasury rose to 0.69% from 0.68% late Tuesday. Earlier, a separate report from the Organization for Economic Cooperation and Development had said the global economy is not doing as badly as previously expected, especially in the United States and China. It projected the world’s economy will shrink by 4.5% this year, less than the 6% plunge it had predicted in June. Stock markets in Europe finished mostly higher. The German DAX rose 0.3% and the French CAC 40 rose 0.1%. The FTSE 100 in London fell 0.4%. Markets in Asia ended mixed.
Cyprus: EU sanctions an option to halt Turkey’s gas search NICOSIA Associated Press THE European Union shouldn’t discard imposing tougher sanctions to get Turkey to give up an “unlawful” hydrocarbons search in the eastern Mediterranean that has ratcheted up tensions, the president of Cyprus said yesterday. President Nicos Anastasiades said the EU should weigh using “all means at our disposal” while responding to Turkey to avoid setting “a double standard” in how the 27-member bloc chooses to deal with improper activity inside and outside its borders. “As long as unlawful actions are being taken against European Union member states, the European Union’s reaction must be immediate,” Anastasiades said after talks with European Council President Charles Michel in Nicosia, the capital of Cyprus. Anastasiades was alluding to the 27-nation bloc’s consensus to put sanctions on up to 20 Belarusian officials for alleged election fraud and violence against protesters while being split on whether to impose tougher sanctions on Turkey. A Greek-Turkish naval
standoff began last month when Turkish research and drill ships began searching for energy reserves in waters where Greece and ethnically divided Cyprus claim exclusive rights. The crisis prompted Greece to announce a major new arms shopping spree, including French fighter jets and new frigates. Greek Defense Minister Nikos Panagiotopoulos said Wednesday that the armaments program is expected to cost about 10 billion euros ($11.8bn). Greek Prime Minister Kyriakos Mitsotakis also said yesterday that Athens is prepared to enter talks with Ankara over marine zone limits and, if these prove futile, to seek arbitration from an international court. But he said Turkey must take action to reduce regional tension before the negotiations can start. Turkey, which doesn’t recognize Cyprus as a state, says it has every right to prospect for oil and gas in those waters and won’t accept being “hemmed in” by Greek and Cypriot claims. The EU’s Michel made no reference to sanctions, but said it’s essential for the EU to forge a common position in talks aimed at defusing a potential armed conflict in the Mediterranean Sea.
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